UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number:            811-08979
 
 
Victory Variable Insurance Funds
(Exact name of registrant as specified in charter)
 
15935 La Cantera Parkway Building Two, San Antonio, Texas                         78256
(Address of principal executive offices)                                        (Zip code)
 
Jay G. Baris, Matthew Kutner, Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019
(Name and address of agent for service)
 
Registrant’s telephone number, including area code: (800) 539 3863
 
Date of fiscal year end: December 31
 
Date of reporting period: June 30, 2025
 
Explanatory Note
 
This Registrant is filing this amendment (“Amendment”) to its Form N-CSRS for the period ended June 30, 2025, originally filed with the Securities and Exchange Commission on August 25, 2025 (Accession Number 0001004726-25-000123). No changes to the original filing, the filing date on the form was not formatted correctly.
 
 
 
 
 
Item 1. Reports to Stockholders.
 
          (a)
0001068663trueAmendment to Form N-CSRS for the period ended June 30, 2025.N-CSRS/AVictory Variable Insurance FundsN-1A2025-06-30truetruetruetrue0001068663vcm:C000168427Member2025-01-012025-06-3000010686632025-01-012025-06-300001068663vcm:C000168427Member2025-06-300001068663vcm:C000168427Memberus-gaap:RealEstateSectorMember2025-06-300001068663vcm:C000168427Memberoef:UtilitiesSectorMember2025-06-300001068663vcm:C000168427Memberus-gaap:EnergySectorMember2025-06-300001068663vcm:C000168427Memberoef:ConsumerStaplesSectorMember2025-06-300001068663vcm:C000168427Membervcm:IndustrialsSectorMember2025-06-300001068663vcm:C000168427Memberus-gaap:HealthcareSectorMember2025-06-300001068663vcm:C000168427Memberoef:ConsumerDiscretionarySectorMember2025-06-300001068663vcm:C000168427Membervcm:CommunicationServicesSectorMember2025-06-300001068663vcm:C000168427Membervcm:FinancialsSectorMember2025-06-300001068663vcm:C000168427Memberoef:InformationTechnologySectorMember2025-06-300001068663vcm:C000168427Membervcm:NVIDIACorpCTIMember2025-06-300001068663vcm:C000168427Membervcm:MicrosoftCorpCTIMember2025-06-300001068663vcm:C000168427Membervcm:AppleIncCTIMember2025-06-300001068663vcm:C000168427Membervcm:AmazoncomIncCTIMember2025-06-300001068663vcm:C000168427Membervcm:MetaPlatformsIncClassACTIMember2025-06-300001068663vcm:C000168427Membervcm:BroadcomIncCTIMember2025-06-300001068663vcm:C000168427Membervcm:AlphabetIncClassACTIMember2025-06-300001068663vcm:C000168427Membervcm:AlphabetIncClassCCTIMember2025-06-300001068663vcm:C000168427Membervcm:TeslaIncCTIMember2025-06-300001068663vcm:C000168427Membervcm:JPMorganChaseCoCTIMember2025-06-300001068663vcm:C000168426Member2025-01-012025-06-300001068663vcm:C000168426Member2025-06-300001068663vcm:C000168426Membervcm:CorporateBondCTIMember2025-06-300001068663vcm:C000168426Membervcm:YankeeDollarCTIMember2025-06-300001068663vcm:C000168426Membervcm:SeniorSecuredLoanCTIMember2025-06-300001068663vcm:C000168426Membervcm:SectorOtherCTIMember2025-06-300001068663vcm:C000168422Member2025-01-012025-06-300001068663vcm:C000168422Member2025-06-300001068663vcm:C000168422Memberus-gaap:EnergySectorMember2025-06-300001068663vcm:C000168422Memberoef:UtilitiesSectorMember2025-06-300001068663vcm:C000168422Memberoef:MaterialsSectorMember2025-06-300001068663vcm:C000168422Membervcm:CommunicationServicesSectorMember2025-06-300001068663vcm:C000168422Memberoef:ConsumerStaplesSectorMember2025-06-300001068663vcm:C000168422Memberoef:ConsumerDiscretionarySectorMember2025-06-300001068663vcm:C000168422Memberoef:InformationTechnologySectorMember2025-06-300001068663vcm:C000168422Memberus-gaap:HealthcareSectorMember2025-06-300001068663vcm:C000168422Membervcm:IndustrialsSectorMember2025-06-300001068663vcm:C000168422Membervcm:FinancialsSectorMember2025-06-300001068663vcm:C000168422Membervcm:AllianzSERegisteredSharesCTIMember2025-06-300001068663vcm:C000168422Membervcm:SAPSECTIMember2025-06-300001068663vcm:C000168422Membervcm:NovartisAGRegisteredSharesCTIMember2025-06-300001068663vcm:C000168422Membervcm:RocheHoldingAGCTIMember2025-06-300001068663vcm:C000168422Membervcm:HSBCHoldingsPLCCTIMember2025-06-300001068663vcm:C000168422Membervcm:BarclaysPLCCTIMember2025-06-300001068663vcm:C000168422Membervcm:BancoBilbaoVizcayaArgentariaSACTIMember2025-06-300001068663vcm:C000168422Membervcm:SiemensAGRegisteredSharesCTIMember2025-06-300001068663vcm:C000168422Membervcm:NestleSARegisteredSharesCTIMember2025-06-300001068663vcm:C000168422Membervcm:SafranSACTIMember2025-06-300001068663vcm:C000168421Member2025-01-012025-06-300001068663vcm:C000168421Member2025-06-300001068663vcm:C000168421Memberus-gaap:RealEstateSectorMember2025-06-300001068663vcm:C000168421Memberoef:MaterialsSectorMember2025-06-300001068663vcm:C000168421Memberus-gaap:EnergySectorMember2025-06-300001068663vcm:C000168421Memberoef:ConsumerStaplesSectorMember2025-06-300001068663vcm:C000168421Memberoef:ConsumerDiscretionarySectorMember2025-06-300001068663vcm:C000168421Membervcm:FinancialsSectorMember2025-06-300001068663vcm:C000168421Membervcm:IndustrialsSectorMember2025-06-300001068663vcm:C000168421Memberus-gaap:HealthcareSectorMember2025-06-300001068663vcm:C000168421Memberoef:InformationTechnologySectorMember2025-06-300001068663vcm:C000168421Membervcm:FabrinetCTIMember2025-06-300001068663vcm:C000168421Membervcm:AppliedIndustrialTechnologiesIncCTIMember2025-06-300001068663vcm:C000168421Membervcm:VaronisSystemsIncCTIMember2025-06-300001068663vcm:C000168421Membervcm:WintrustFinancialCorpCTIMember2025-06-300001068663vcm:C000168421Membervcm:SPXTechnologiesIncCTIMember2025-06-300001068663vcm:C000168421Membervcm:PrimorisServicesCorpCTIMember2025-06-300001068663vcm:C000168421Membervcm:Q2HoldingsIncCTIMember2025-06-300001068663vcm:C000168421Membervcm:MACOMTechnologySolutionsHoldingsIncCTIMember2025-06-300001068663vcm:C000168421Membervcm:WisdomTreeIncCTIMember2025-06-300001068663vcm:C000168421Membervcm:MirionTechnologiesIncCTIMember2025-06-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dvcm:Holding

Victory 500 Index VIP Series 

Image

Class I  

 

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory 500 Index VIP Series (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 Investment
Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Class I
$14
0.28%
FootnoteDescription
Footnote*
Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets
$88,989
Number of Holdings
514
Portfolio Turnover
1%
An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

(as of June 30, 2025)

Group By Sector Chart
Value
Value
Real Estate
2.0%
Utilities
2.3%
Energy
3.0%
Consumer Staples
5.4%
Industrials
8.7%
Health Care
9.2%
Consumer Discretionary
10.1%
Communication Services
10.1%
Financials
13.9%
Information TechnologyFootnote Reference**
33.1%

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

(as of June 30, 2025)

NVIDIA Corp.
6.9%
Microsoft Corp.
6.8%
Apple, Inc.
5.7%
Amazon.com, Inc.
3.9%
Meta Platforms, Inc., Class A
3.0%
Broadcom, Inc.
2.4%
Alphabet, Inc., Class A
1.9%
Alphabet, Inc., Class C
1.7%
Tesla, Inc.
1.7%
JPMorgan Chase & Co.
1.5%
*
Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**
In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses

VVIF-RS-SPVIP — SAR (6/25)

Victory High Yield VIP Series 

Image

Class I  

 

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Yield VIP Series (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.   

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 Investment
Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Class I
$45
0.89%
FootnoteDescription
Footnote*
Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets
$17,599
Number of Holdings
287
Portfolio Turnover
50%
An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses

Asset AllocationFootnote Reference* ^ (% of Net Assets)

(as of June 30, 2025)

Group By Asset Type Chart
Value
Value
Corporate Bonds
63.3%
Yankee Dollars
20.4%
Senior Secured Loans
7.2%
OtherFootnote Reference**
0.9%
*
Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**
Other includes the remaining asset classes which are each under 2% of the net assets of the Fund.
^
Percentages are of the net assets of the Fund and may not equal 100%.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses

VVIF-RS-HYVIP — SAR (6/25)

Victory RS International VIP Series 

Image

Class I  

 

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS International VIP Series (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 Investment
Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Class I
$51
0.93%
FootnoteDescription
Footnote*
Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets
$114,316
Number of Holdings
84
Portfolio Turnover
13%
An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

(as of June 30, 2025)

Group By Sector Chart
Value
Value
Energy
3.2%
Utilities
3.2%
Materials
5.0%
Communication Services
5.2%
Consumer Staples
8.7%
Consumer Discretionary
9.1%
Information Technology
10.0%
Health Care
10.8%
Industrials
16.4%
Financials
23.7%

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

(as of June 30, 2025)

Allianz SE, Registered Shares
2.7%
SAP SE
2.7%
Novartis AG, Registered Shares
2.7%
Roche Holding AG
2.6%
HSBC Holdings PLC
2.4%
Barclays PLC
2.3%
Banco Bilbao Vizcaya Argentaria SA
2.3%
Siemens AG, Registered Shares
2.2%
Nestle SA, Registered Shares
2.2%
Safran SA
2.1%
*
Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses

VVIF-RS-IVIP — SAR (6/25)

Victory RS Small Cap Growth Equity VIP Series 

Image

Class I  

 

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Small Cap Growth Equity VIP Series (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.    

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 Investment
Costs paid as a percentage of a $10,000 InvestmentFootnote Reference*
Class I
$42
0.88%
FootnoteDescription
Footnote*
Annualized

FUND STATISTICS

($ amounts in 000s)

(as of June 30, 2025)

Net Assets
$53,497
Number of Holdings
109
Portfolio Turnover
59%
An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses

Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference

(as of June 30, 2025)

Group By Sector Chart
Value
Value
Real Estate
0.5%
Materials
2.3%
Energy
2.4%
Consumer Staples
3.6%
Consumer Discretionary
8.2%
Financials
8.9%
Industrials
19.6%
Health Care
24.3%
Information TechnologyFootnote Reference**
28.0%

Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference

(as of June 30, 2025)

Fabrinet
2.9%
Applied Industrial Technologies, Inc.
1.9%
Varonis Systems, Inc.
1.9%
Wintrust Financial Corp.
1.8%
SPX Technologies, Inc.
1.8%
Primoris Services Corp.
1.7%
Q2 Holdings, Inc.
1.7%
MACOM Technology Solutions Holdings, Inc.
1.7%
WisdomTree, Inc.
1.6%
Mirion Technologies, Inc.
1.5%
*
Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
**
In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.

Additional Shareholder Information

Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings 

Proxy Voting 

 

Contact us at 800-539-3863 or visit vcm.com/contact-us.

An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses

VVIF-RS-SCGEVIP — SAR (6/25)

 
 
(b)  Not applicable.
 
Item 2. Code of Ethics.
 
Not applicable— only for annual reports.
 
Item 3. Audit Committee Financial Expert.
 
Not applicable— only for annual reports.
 
Item 4. Principal Accountant Fees and Services.
         
Not applicable— only for annual reports.
 
Item 5.    Audit Committee of Listed Registrants.
 
Not applicable. 
 
Item 6.   Investments.
 
(a)  Not applicable.
 
(b)  Not applicable.
 
Item 7. Financial Statements and Other Information.
 
(a)
 
 
June
30,
2025
Semi-Annual:
Full
Financials
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
vcm.com
News,
Information
And
Education
24
Hours
A
Day,
7
Days
A
Week
The
Victory
Capital
website
gives
fund
shareholders,
prospective
shareholders,
and
investment
professionals
a
convenient
way
to
access
fund
information,
get
guidance,
and
track
fund
performance
anywhere
they
can
access
the
Internet.
The
site
includes:
Detailed
performance
records
Daily
share
prices
The
latest
fund
news
Investment
resources
to
help
you
become
a
better
investor
A
section
dedicated
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investment
professionals
Whether
you’re
a
potential
investor
searching
for
the
fund
that
matches
your
investment
philosophy,
a
seasoned
investor
interest-
ed
in
planning
tools,
or
an
investment
professional,
vcm.com
has
what
you
seek.
Visit
us
anytime.
We’re
always
open.
TABLE
OF
CONTENTS
Victory
Variable
Insurance
Funds
1
Schedule
of
Portfolio
Investments
(Form
N-CSR
Item
6)
3
Financial
Statements
(Form
N-CSR
Item
7)
Statement
of
Assets
and
Liabilities
13
Statement
of
Operations
14
Statements
of
Changes
in
Net
Assets
15
Financial
Highlights
16
Notes
to
Financial
Statements
(Form
N-CSR
Item
7)
17
2
Call
Victory
at:
800-539-FUND
(800-539-3863)
Visit
our
website
at:
vcm.com
The
Fund
is
distributed
by
Victory
Capital
Services,
Inc.
Victory
Capital
Management
Inc.
is
the
investment
adviser
to
the
Fund
and
receives
fees
from
the
Fund
for
performing
services
for
the
Fund.
This
report
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
a
current
prospectus
of
the
Fund.
For
additional
information
about
any
Victory
Fund,
including
fees,
expenses,
and
risks,
view
our
prospectus
online
at
vcm.com
or
call
800-539-3863.
Read
it
carefully
before
you
invest
or
send
money.
The
information
in
this
report
is
based
on
data
obtained
from
recognized
services
and
sources
and
is
believed
to
be
reliable.
Any
opinions,
projections,
or
recommendations
in
this
report
are
subject
to
change
without
notice
and
are
not
intended
as
individual
investment
advice.
Past
investment
performance
of
the
Fund,
markets
or
securities
mentioned
herein
should
not
be
considered
to
be
indicative
of
future
results.
NOT
FDIC
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
Schedule
of
Portfolio
Investments
June
30,
2025
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
3
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
Common
Stocks
(99.6%)
Communication
Services
(10.1%):
Alphabet,
Inc.,
Class
A
...................................................
9,646
$
1,700
Alphabet,
Inc.,
Class
C
...................................................
8,428
1,495
AT&T,
Inc.
...........................................................
11,890
344
Charter
Communications,
Inc.,
Class
A(a)
.....................................
156
64
Comcast
Corp.,
Class
A
..................................................
6,097
218
Electronic
Arts,
Inc.
.....................................................
372
59
Fox
Corp.,
Class
A
......................................................
349
20
Fox
Corp.,
Class
B
......................................................
216
11
Liberty
Media
Corp.-Liberty
Formula
One,
Series
A(a)
............................
37
3
Liberty
Media
Corp.-Liberty
Formula
One,
Series
C(a)
............................
359
37
Live
Nation
Entertainment,
Inc.(a)
...........................................
255
39
Meta
Platforms,
Inc.,
Class
A
..............................................
3,606
2,662
Netflix,
Inc.(a)
.........................................................
702
940
News
Corp.,
Class
A
.....................................................
620
18
News
Corp.,
Class
B
....................................................
167
6
Omnicom
Group,
Inc.
....................................................
317
23
Pinterest,
Inc.,
Class
A(a)
.................................................
963
34
Ralliant
Corp.(a)
.......................................................
186
9
ROBLOX
Corp.,
Class
A(a)
...............................................
953
100
Spotify
Technology
SA(a)
.................................................
251
193
Take-Two
Interactive
Software,
Inc.(a)
........................................
268
65
The
Trade
Desk,
Inc.,
Class
A(a)
............................................
733
53
The
Walt
Disney
Co.
....................................................
2,972
369
T-Mobile
US,
Inc.
......................................................
758
181
Verizon
Communications,
Inc.
..............................................
6,965
301
Warner
Bros
Discovery,
Inc.(a)
.............................................
3,672
42
8,986
Communications
Equipment
(0.9%):
Arista
Networks,
Inc.(a)
..................................................
1,697
174
Cisco
Systems,
Inc.
.....................................................
6,543
454
F5,
Inc.(a)
............................................................
93
27
Motorola
Solutions,
Inc.
..................................................
273
115
770
Consumer
Discretionary
(10.1%):
Airbnb,
Inc.,
Class
A(a)
..................................................
681
90
Amazon.com,
Inc.(a)
....................................................
15,792
3,465
AutoZone,
Inc.(a)
.......................................................
27
100
Best
Buy
Co.,
Inc.
......................................................
320
21
Booking
Holdings,
Inc.
...................................................
53
307
Burlington
Stores,
Inc.(a)
.................................................
103
24
Carnival
Corp.(a)
.......................................................
1,774
50
Carvana
Co.(a)
.........................................................
202
68
Chipotle
Mexican
Grill,
Inc.(a)
.............................................
2,201
124
D.R.
Horton,
Inc.
.......................................................
446
57
Darden
Restaurants,
Inc.
..................................................
192
42
Deckers
Outdoor
Corp.(a)
.................................................
241
25
Domino's
Pizza,
Inc.
.....................................................
56
25
DoorDash,
Inc.,
Class
A(a)
................................................
558
137
DraftKings,
Inc.(a)
......................................................
786
34
Duolingo,
Inc.(a)
.......................................................
61
25
eBay,
Inc.
............................................................
756
56
Expedia
Group,
Inc.
.....................................................
198
33
Ford
Motor
Co.
........................................................
6,411
70
Garmin
Ltd.
...........................................................
267
56
General
Motors
Co.
.....................................................
1,579
78
Genuine
Parts
Co.
......................................................
227
27
Hilton
Worldwide
Holdings,
Inc.
............................................
387
103
Las
Vegas
Sands
Corp.
...................................................
604
26
Lennar
Corp.,
Class
A
....................................................
376
42
Lennar
Corp.,
Class
B
...................................................
16
2
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
Lowe's
Cos.,
Inc.
.......................................................
923
$
205
Lululemon
Athletica,
Inc.(a)
...............................................
172
41
Marriott
International,
Inc.,
Class
A
..........................................
372
102
McDonald's
Corp.
......................................................
1,183
346
NIKE,
Inc.,
Class
B
.....................................................
1,906
135
NVR,
Inc.(a)
..........................................................
4
29
O'Reilly
Automotive,
Inc.(a)
...............................................
1,396
126
PulteGroup,
Inc.
........................................................
327
34
Rivian
Automotive,
Inc.,
Class
A(a)(b)
........................................
1,262
17
Ross
Stores,
Inc.
.......................................................
526
67
Royal
Caribbean
Cruises
Ltd.
..............................................
406
127
Starbucks
Corp.
........................................................
1,867
171
Tesla,
Inc.(a)
..........................................................
4,655
1,479
The
Home
Depot,
Inc.
...................................................
1,649
605
The
TJX
Cos.,
Inc.
......................................................
1,839
227
Tractor
Supply
Co.
......................................................
870
46
Ulta
Beauty,
Inc.(a)
.....................................................
73
34
Williams-Sonoma,
Inc.
...................................................
194
32
Yum!
Brands,
Inc.
......................................................
457
68
8,978
Consumer
Staples
(5.4%):
Altria
Group,
Inc.
.......................................................
2,770
162
Archer-Daniels-Midland
Co.
...............................................
785
41
Brown-Forman
Corp.,
Class
A
..............................................
72
2
Brown-Forman
Corp.,
Class
B
.............................................
476
13
Church
&
Dwight
Co.,
Inc.
................................................
404
39
Colgate-Palmolive
Co.
...................................................
1,332
121
Constellation
Brands,
Inc.,
Class
A
..........................................
255
42
Costco
Wholesale
Corp.
..................................................
735
728
Dollar
General
Corp.
....................................................
361
41
Dollar
Tree,
Inc.(a)
......................................................
342
34
General
Mills,
Inc.
......................................................
898
47
Hormel
Foods
Corp.
.....................................................
477
14
Kellanova
............................................................
489
39
Kenvue,
Inc.
..........................................................
3,159
66
Keurig
Dr.
Pepper,
Inc.
...................................................
2,116
70
Kimberly-Clark
Corp.
....................................................
545
70
McCormick
&
Co.,
Inc.
..................................................
435
33
Mondelez
International,
Inc.,
Class
A
.........................................
2,128
144
Monster
Beverage
Corp.(a)
................................................
1,140
71
PepsiCo,
Inc.
..........................................................
2,259
298
Philip
Morris
International,
Inc.
.............................................
2,575
469
Sprouts
Farmers
Market,
Inc.(a)
............................................
160
26
Sysco
Corp.
...........................................................
795
60
Target
Corp.
..........................................................
746
74
The
Clorox
Co.
........................................................
202
24
The
Coca-Cola
Co.
......................................................
7,079
501
The
Estee
Lauder
Cos.,
Inc.
...............................................
383
31
The
Hershey
Co.
.......................................................
242
40
The
Kraft
Heinz
Co.
.....................................................
1,940
50
The
Kroger
Co.
........................................................
1,087
78
The
Procter
&
Gamble
Co.
................................................
3,886
619
Tyson
Foods,
Inc.,
Class
A
................................................
458
26
U.S.
Foods
Holding
Corp.(a)
...............................................
378
29
Walmart,
Inc.
..........................................................
7,208
705
4,807
Electronic
Equipment,
Instruments
&
Components
(0.6%):
Amphenol
Corp.,
Class
A
.................................................
1,980
195
CDW
Corp.
...........................................................
215
38
Corning,
Inc.
..........................................................
1,289
68
Jabil,
Inc.
............................................................
171
37
Keysight
Technologies,
Inc.(a)
.............................................
281
46
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
TE
Connectivity
PLC
....................................................
487
$
82
Teledyne
Technologies,
Inc.(a)
.............................................
76
39
Trimble,
Inc.(a)
........................................................
391
30
Zebra
Technologies
Corp.(a)
...............................................
83
26
561
Energy
(3.0%):
Baker
Hughes
Co.
......................................................
1,627
62
Cheniere
Energy,
Inc.
....................................................
361
88
Chevron
Corp.
.........................................................
2,892
414
ConocoPhillips
Co.
.....................................................
2,079
187
Coterra
Energy,
Inc.
.....................................................
1,236
31
Devon
Energy
Corp.
.....................................................
1,003
32
Diamondback
Energy,
Inc.
................................................
308
42
EOG
Resources,
Inc.
....................................................
896
107
EQT
Corp.
............................................................
976
57
Expand
Energy
Corp.
....................................................
364
43
Exxon
Mobil
Corp.
.....................................................
7,146
770
Halliburton
Co.
........................................................
1,408
29
Hess
Corp.
............................................................
472
65
Kinder
Morgan,
Inc.
.....................................................
3,191
94
Marathon
Petroleum
Corp.
................................................
504
84
Occidental
Petroleum
Corp.
...............................................
1,614
68
ONEOK,
Inc.
..........................................................
1,026
84
Phillips
66
Co.
.........................................................
670
80
Schlumberger
NV
......................................................
2,235
75
Targa
Resources
Corp.
...................................................
351
61
Texas
Pacific
Land
Corp.
.................................................
37
39
The
Williams
Cos.,
Inc.
..................................................
2,000
126
Valero
Energy
Corp.
.....................................................
513
69
2,707
Financials
(13.9%):
Affirm
Holdings,
Inc.(a)
..................................................
441
30
Aflac,
Inc.
............................................................
798
84
American
Express
Co.
...................................................
1,158
369
American
International
Group,
Inc.
..........................................
945
81
Ameriprise
Financial,
Inc.
.................................................
156
83
Aon
PLC,
Class
A
......................................................
344
123
Apollo
Global
Management,
Inc.
............................................
664
94
Arch
Capital
Group
Ltd.
..................................................
595
54
Ares
Management
Corp.,
Class
A
...........................................
333
58
Arthur
J.
Gallagher
&
Co.
.................................................
417
133
Bank
of
America
Corp.
...................................................
12,466
590
Berkshire
Hathaway,
Inc.,
Class
B(a)
.........................................
2,222
1,079
Blackrock,
Inc.
........................................................
238
250
Blackstone,
Inc.
........................................................
1,188
178
Block,
Inc.(a)
..........................................................
882
60
Brown
&
Brown,
Inc.
....................................................
391
43
Capital
One
Financial
Corp.
...............................................
1,041
221
Cboe
Global
Markets,
Inc.
................................................
171
40
Chubb
Ltd.
...........................................................
656
190
Cincinnati
Financial
Corp.
................................................
252
38
Citigroup,
Inc.
.........................................................
3,075
262
Citizens
Financial
Group,
Inc.
..............................................
707
32
CME
Group,
Inc.
.......................................................
591
163
Coinbase
Global,
Inc.,
Class
A(a)
...........................................
332
116
Corebridge
Financial,
Inc.
.................................................
615
22
Erie
Indemnity
Co.,
Class
A
...............................................
41
14
Everest
Group
Ltd.
......................................................
53
18
FactSet
Research
Systems,
Inc.
.............................................
62
28
Fidelity
National
Information
Services,
Inc.
....................................
864
70
Fifth
Third
Bancorp
.....................................................
1,093
45
First
Citizens
Bancshares,
Inc.,
Class
A
.......................................
15
29
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
Fiserv,
Inc.(a)
..........................................................
905
$
156
Global
Payments,
Inc.
....................................................
397
32
Huntington
Bancshares,
Inc.
...............................................
2,370
40
Interactive
Brokers
Group,
Inc.
.............................................
680
38
Intercontinental
Exchange,
Inc.
.............................................
937
172
JPMorgan
Chase
&
Co.
..................................................
4,599
1,333
KeyCorp
.............................................................
1,798
31
KKR
&
Co.,
Inc.
.......................................................
1,117
149
Loews
Corp.
..........................................................
285
26
LPL
Financial
Holdings,
Inc.
...............................................
130
49
M&T
Bank
Corp.
.......................................................
263
51
Markel
Group,
Inc.(a)
....................................................
20
40
Marsh
&
McLennan
Cos.,
Inc.
.............................................
810
177
Mastercard,
Inc.,
Class
A
.................................................
1,362
765
MetLife,
Inc.
..........................................................
924
74
Moody's
Corp.
.........................................................
295
148
Morgan
Stanley
........................................................
2,026
285
MSCI,
Inc.
...........................................................
123
71
Nasdaq,
Inc.
..........................................................
705
63
Northern
Trust
Corp.
....................................................
314
40
PayPal
Holdings,
Inc.(a)
..................................................
1,594
118
Principal
Financial
Group,
Inc.
.............................................
366
29
Prudential
Financial,
Inc.
.................................................
581
62
Raymond
James
Financial,
Inc.
.............................................
298
46
Regions
Financial
Corp.
..................................................
1,475
35
Robinhood
Markets,
Inc.,
Class
A(a)
.........................................
1,213
114
S&P
Global,
Inc.
.......................................................
506
267
SoFi
Technologies,
Inc.(a)
.................................................
1,781
32
State
Street
Corp.
.......................................................
466
50
Synchrony
Financial
.....................................................
624
42
T.
Rowe
Price
Group,
Inc.
.................................................
356
34
The
Allstate
Corp.
......................................................
433
87
The
Bank
of
New
York
Mellon
Corp.
.........................................
1,174
107
The
Carlyle
Group,
Inc.
..................................................
420
22
The
Charles
Schwab
Corp.
................................................
2,826
258
The
Goldman
Sachs
Group,
Inc.
............................................
505
357
The
Hartford
Insurance
Group,
Inc.
..........................................
466
59
The
PNC
Financial
Services
Group,
Inc.
......................................
648
121
The
Progressive
Corp.
...................................................
966
258
The
Travelers
Cos.,
Inc.
..................................................
371
99
Toast,
Inc.,
Class
A(a)
....................................................
739
33
Tradeweb
Markets,
Inc.,
Class
A
............................................
190
28
Truist
Financial
Corp.
....................................................
2,152
92
U.S.
Bancorp
..........................................................
2,559
116
Visa,
Inc.,
Class
A
......................................................
2,833
1,006
W.R.
Berkley
Corp.
.....................................................
489
36
Wells
Fargo
&
Co.
......................................................
5,379
431
Willis
Towers
Watson
PLC
................................................
162
50
12,326
Health
Care
(9.2%):
Abbott
Laboratories
.....................................................
2,863
389
AbbVie,
Inc.
..........................................................
2,926
543
Agilent
Technologies,
Inc.
.................................................
465
55
Align
Technology,
Inc.(a)
.................................................
111
21
Alnylam
Pharmaceuticals,
Inc.(a)
...........................................
205
67
Amgen,
Inc.
...........................................................
887
248
Baxter
International,
Inc.
.................................................
837
25
Becton
Dickinson
&
Co.
..................................................
471
81
Biogen,
Inc.(a)
.........................................................
240
30
Boston
Scientific
Corp.(a)
.................................................
2,434
261
Bristol-Myers
Squibb
Co.
.................................................
3,348
155
Cardinal
Health,
Inc.
....................................................
391
66
Cencora,
Inc.
..........................................................
300
90
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
Centene
Corp.(a)
.......................................................
809
$
44
CVS
Health
Corp.
......................................................
2,080
143
Danaher
Corp.
.........................................................
1,076
212
Dexcom,
Inc.(a)
........................................................
636
55
Edwards
Lifesciences
Corp.(a)
.............................................
946
74
Elevance
Health,
Inc.
....................................................
371
144
Eli
Lilly
&
Co.
.........................................................
1,412
1,101
GE
HealthCare
Technologies,
Inc.
...........................................
751
56
Gilead
Sciences,
Inc.
....................................................
2,050
227
HCA
Healthcare,
Inc.
....................................................
280
107
Hologic,
Inc.(a)
........................................................
363
24
Humana,
Inc.
..........................................................
198
48
IDEXX
Laboratories,
Inc.(a)
...............................................
131
70
Illumina,
Inc.(a)
........................................................
253
24
Incyte
Corp.(a)
.........................................................
314
21
Insulet
Corp.(a)
........................................................
115
36
Intuitive
Surgical,
Inc.(a)
.................................................
590
321
IQVIA
Holdings,
Inc.(a)
..................................................
282
44
Johnson
&
Johnson
.....................................................
3,985
609
Labcorp
Holdings,
Inc.
...................................................
137
36
McKesson
Corp.
.......................................................
205
150
Medtronic
PLC
........................................................
2,108
184
Merck
&
Co.,
Inc.
......................................................
4,152
329
Mettler-Toledo
International,
Inc.(a)
.........................................
34
40
Molina
Healthcare,
Inc.(a)
................................................
88
26
Natera,
Inc.(a)
.........................................................
212
36
Pfizer,
Inc.
............................................................
9,364
227
Quest
Diagnostics,
Inc.
...................................................
182
33
Regeneron
Pharmaceuticals,
Inc.
............................................
171
90
ResMed,
Inc.
..........................................................
239
62
STERIS
PLC
..........................................................
161
39
Stryker
Corp.
..........................................................
590
233
The
Cigna
Group
.......................................................
432
143
The
Cooper
Cos.,
Inc.(a)
..................................................
326
23
Thermo
Fisher
Scientific,
Inc.
..............................................
623
253
UnitedHealth
Group,
Inc.
.................................................
1,499
468
Veeva
Systems,
Inc.,
Class
A(a)
.............................................
245
71
Vertex
Pharmaceuticals,
Inc.(a)
.............................................
421
187
Waters
Corp.(a)
........................................................
97
34
West
Pharmaceutical
Services,
Inc.
..........................................
117
26
Zimmer
Biomet
Holdings,
Inc.
.............................................
325
30
Zoetis,
Inc.
...........................................................
732
114
8,225
Industrials
(8.7%):
3M
Co.
..............................................................
885
135
AMETEK,
Inc.
........................................................
378
68
Automatic
Data
Processing,
Inc.
............................................
669
206
Axon
Enterprise,
Inc.(a)
..................................................
121
100
Booz
Allen
Hamilton
Holding
Corp.
.........................................
202
21
Broadridge
Financial
Solutions,
Inc.
.........................................
192
47
Carlisle
Cos.,
Inc.
.......................................................
70
26
Carrier
Global
Corp.
.....................................................
1,313
96
Caterpillar,
Inc.
........................................................
776
301
Cintas
Corp.
..........................................................
565
126
Comfort
Systems
USA,
Inc.
...............................................
57
31
Copart,
Inc.(a)
.........................................................
1,456
71
CSX
Corp.
............................................................
3,087
101
Cummins,
Inc.
.........................................................
223
73
Curtiss-Wright
Corp.
....................................................
61
30
Deere
&
Co.
..........................................................
414
210
Delta
Air
Lines,
Inc.
.....................................................
1,070
53
Dover
Corp.
...........................................................
224
41
Eaton
Corp.
PLC
.......................................................
644
230
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
EMCOR
Group,
Inc.
....................................................
72
$
38
Emerson
Electric
Co.
....................................................
924
123
Equifax,
Inc.
..........................................................
203
53
Expeditors
International
of
Washington,
Inc.
....................................
224
26
Fastenal
Co.
...........................................................
1,887
79
FedEx
Corp.
..........................................................
361
82
Ferguson
Enterprises,
Inc.
.................................................
321
70
Fortive
Corp.
..........................................................
557
29
GE
Vernova,
Inc.
.......................................................
449
238
General
Dynamics
Corp.
..................................................
438
128
General
Electric
Co.
.....................................................
1,762
453
Graco,
Inc.
...........................................................
272
23
HEICO
Corp.
..........................................................
69
23
HEICO
Corp.,
Class
A
...................................................
125
32
Honeywell
International,
Inc.
..............................................
1,060
247
Howmet
Aerospace,
Inc.
..................................................
658
122
Hubbell,
Inc.
..........................................................
87
36
IDEX
Corp.
...........................................................
124
22
Illinois
Tool
Works,
Inc.
..................................................
480
119
Ingersoll
Rand,
Inc.
.....................................................
662
55
J.B.
Hunt
Transport
Services,
Inc.
...........................................
129
19
Jacobs
Solutions,
Inc.
....................................................
195
26
Johnson
Controls
International
PLC
..........................................
1,080
114
L3Harris
Technologies,
Inc.
...............................................
306
77
Leidos
Holdings,
Inc.
....................................................
208
33
Lennox
International,
Inc.
.................................................
52
30
Lockheed
Martin
Corp.
...................................................
385
178
Norfolk
Southern
Corp.
..................................................
371
95
Northrop
Grumman
Corp.
.................................................
236
118
Old
Dominion
Freight
Line,
Inc.
............................................
300
49
Otis
Worldwide
Corp.
....................................................
649
64
PACCAR,
Inc.
.........................................................
848
81
Parker-Hannifin
Corp.
...................................................
209
146
Paychex,
Inc.
..........................................................
530
77
Pentair
PLC
...........................................................
269
28
Quanta
Services,
Inc.
....................................................
241
91
Republic
Services,
Inc.
...................................................
332
82
Rockwell
Automation,
Inc.
................................................
185
61
Rollins,
Inc.
...........................................................
478
27
RTX
Corp.
............................................................
2,208
322
Snap-on,
Inc.
..........................................................
84
26
Southwest
Airlines
Co.
...................................................
927
30
SS&C
Technologies
Holdings,
Inc.
..........................................
352
29
Textron,
Inc.
..........................................................
295
24
The
Boeing
Co.(a)
......................................................
1,244
261
Trane
Technologies
PLC
..................................................
366
160
TransDigm
Group,
Inc.
...................................................
90
137
TransUnion
...........................................................
318
28
Uber
Technologies,
Inc.(a)
................................................
3,321
310
Union
Pacific
Corp.
.....................................................
983
226
United
Airlines
Holdings,
Inc.(a)
............................................
534
43
United
Parcel
Service,
Inc.,
Class
B
..........................................
1,208
122
United
Rentals,
Inc.
.....................................................
106
80
Veralto
Corp.
..........................................................
391
39
Verisk
Analytics,
Inc.
....................................................
229
71
Vertiv
Holdings
Co.,
Class
A
...............................................
614
79
W.W.
Grainger,
Inc.
.....................................................
74
77
Waste
Management,
Inc.
..................................................
661
151
Watsco,
Inc.
...........................................................
57
25
Westinghouse
Air
Brake
Technologies
Corp.
....................................
278
58
XPO,
Inc.(a)
..........................................................
188
24
Xylem,
Inc.
...........................................................
398
51
7,733
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
IT
Services
(1.5%):
Accenture
PLC,
Class
A
..................................................
1,120
$
335
Cloudflare,
Inc.,
Class
A(a)
................................................
501
98
Cognizant
Technology
Solutions
Corp.,
Class
A
.................................
807
63
CoreWeave,
Inc.(a)(b)
...................................................
438
71
Gartner,
Inc.(a)
........................................................
123
50
GoDaddy,
Inc.,
Class
A(a)
.................................................
232
42
International
Business
Machines
Corp.
........................................
1,538
453
MongoDB,
Inc.(a)
......................................................
129
27
Okta,
Inc.(a)
..........................................................
273
27
Snowflake,
Inc.,
Class
A(a)
................................................
522
117
Twilio,
Inc.,
Class
A(a)
...................................................
238
30
VeriSign,
Inc.
..........................................................
153
44
1,357
Materials
(1.8%):
Air
Products
and
Chemicals,
Inc.
............................................
363
102
Amcor
PLC
...........................................................
3,785
35
Avery
Dennison
Corp.
...................................................
126
22
Ball
Corp.
............................................................
455
26
CF
Industries
Holdings,
Inc.
...............................................
264
24
Corteva,
Inc.
..........................................................
1,121
84
Dow,
Inc.
............................................................
1,159
31
DuPont
de
Nemours,
Inc.
.................................................
687
47
Ecolab,
Inc.
...........................................................
417
112
Freeport-McMoRan,
Inc.
.................................................
2,351
102
International
Flavors
&
Fragrances,
Inc.
.......................................
414
30
International
Paper
Co.
...................................................
860
40
Linde
PLC
............................................................
774
363
LyondellBasell
Industries
NV,
Class
A
........................................
421
24
Martin
Marietta
Materials,
Inc.
.............................................
98
54
Newmont
Corp.
........................................................
1,829
107
Nucor
Corp.
...........................................................
377
49
Packaging
Corp.
of
America
...............................................
144
27
PPG
Industries,
Inc.
.....................................................
371
42
Reliance,
Inc.
..........................................................
85
27
RPM
International,
Inc.
..................................................
208
23
Smurfit
WestRock
PLC
...................................................
840
36
Steel
Dynamics,
Inc.
.....................................................
228
29
The
Sherwin-Williams
Co.
................................................
383
131
Vulcan
Materials
Co.
....................................................
217
57
1,624
Real
Estate
(2.0%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
281
20
American
Tower
Corp.
...................................................
768
170
AvalonBay
Communities,
Inc.
..............................................
233
47
CBRE
Group,
Inc.,
Class
A(a)
..............................................
487
68
CoStar
Group,
Inc.(a)
....................................................
684
55
Crown
Castle,
Inc.
......................................................
714
73
Digital
Realty
Trust,
Inc.
..................................................
553
96
Equinix,
Inc.
..........................................................
160
127
Equity
Residential
......................................................
620
42
Essex
Property
Trust,
Inc.
.................................................
105
30
Extra
Space
Storage,
Inc.
.................................................
344
51
Gaming
and
Leisure
Properties,
Inc.
.........................................
432
20
Invitation
Homes,
Inc.
...................................................
1,005
33
Iron
Mountain,
Inc.
.....................................................
482
49
Mid-America
Apartment
Communities,
Inc.
....................................
191
28
Prologis,
Inc.
..........................................................
1,521
160
Public
Storage
.........................................................
259
76
Realty
Income
Corp.
....................................................
1,484
86
SBA
Communications
Corp.
...............................................
174
41
Simon
Property
Group,
Inc.
...............................................
532
86
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
Sun
Communities,
Inc.
...................................................
207
$
26
UDR,
Inc.
............................................................
542
22
Ventas,
Inc.
...........................................................
739
47
VICI
Properties,
Inc.
....................................................
1,735
57
Welltower,
Inc.
.........................................................
1,076
165
Weyerhaeuser
Co.
......................................................
1,189
31
Zillow
Group,
Inc.,
Class
A(a)
..............................................
82
6
Zillow
Group,
Inc.,
Class
C(a)
..............................................
268
19
1,731
Semiconductors
&
Semiconductor
Equipment
(12.1%):
Advanced
Micro
Devices,
Inc.(a)
............................................
2,667
378
Analog
Devices,
Inc.
....................................................
816
194
Applied
Materials,
Inc.
...................................................
1,321
242
Broadcom,
Inc.
........................................................
7,668
2,114
First
Solar,
Inc.(a)
......................................................
166
28
Intel
Corp.
............................................................
7,164
160
KLA
Corp.
...........................................................
217
194
Lam
Research
Corp.
.....................................................
2,098
204
Marvell
Technology,
Inc.
.................................................
1,412
109
Microchip
Technology,
Inc.
................................................
869
61
Micron
Technology,
Inc.
..................................................
1,836
226
Monolithic
Power
Systems,
Inc.
............................................
75
55
NVIDIA
Corp.
.........................................................
38,930
6,151
ON
Semiconductor
Corp.(a)
...............................................
682
36
QUALCOMM,
Inc.
.....................................................
1,813
289
Teradyne,
Inc.
.........................................................
263
24
Texas
Instruments,
Inc.
...................................................
1,500
311
10,776
Software
(11.9%):
Adobe,
Inc.(a)
.........................................................
702
272
ANSYS,
Inc.(a)
........................................................
144
50
AppLovin
Corp.,
Class
A(a)
...............................................
348
122
Atlassian
Corp.,
Class
A(a)
................................................
259
53
Autodesk,
Inc.(a)
.......................................................
351
109
Bentley
Systems,
Inc.,
Class
B
.............................................
208
11
Cadence
Design
Systems,
Inc.(a)
............................................
447
138
Corpay,
Inc.(a)
.........................................................
111
37
Crowdstrike
Holdings,
Inc.,
Class
A(a)
.......................................
393
200
Datadog,
Inc.,
Class
A(a)
.................................................
505
68
DocuSign,
Inc.(a)
.......................................................
329
26
Dynatrace,
Inc.(a)
......................................................
486
27
Fair
Isaac
Corp.(a)
......................................................
38
69
Fortinet,
Inc.(a)
........................................................
1,047
111
Gen
Digital,
Inc.
.......................................................
923
27
Guidewire
Software,
Inc.(a)
...............................................
137
32
HubSpot,
Inc.(a)
.......................................................
83
46
Intuit,
Inc.
............................................................
450
354
Microsoft
Corp.
........................................................
12,182
6,059
MicroStrategy,
Inc.(a)
....................................................
415
168
Nutanix,
Inc.,
Class
A(a)
..................................................
421
32
Oracle
Corp.
..........................................................
2,737
598
Palantir
Technologies,
Inc.,
Class
A(a)
........................................
3,543
483
Palo
Alto
Networks,
Inc.(a)
................................................
1,090
223
PTC,
Inc.(a)
...........................................................
195
34
Roper
Technologies,
Inc.
..................................................
176
100
Salesforce,
Inc.
........................................................
1,543
421
ServiceNow,
Inc.(a)
.....................................................
342
352
Synopsys,
Inc.(a)
.......................................................
253
130
Tyler
Technologies,
Inc.(a)
................................................
70
41
Workday,
Inc.,
Class
A(a)
.................................................
352
84
Zoom
Communications,
Inc.(a)
.............................................
425
33
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
Zscaler,
Inc.(a)
.........................................................
159
$
50
10,560
Technology
Hardware,
Storage
&
Peripherals
(6.1%):
Apple,
Inc.
...........................................................
24,825
5,093
Dell
Technologies,
Inc.,
Class
C
............................................
496
61
Hewlett
Packard
Enterprise
Co.
.............................................
2,150
44
HP,
Inc.
..............................................................
1,542
38
NetApp,
Inc.
..........................................................
328
35
Pure
Storage,
Inc.,
Class
A(a)
..............................................
508
29
Seagate
Technology
Holdings
PLC
..........................................
347
50
Super
Micro
Computer,
Inc.(a)
.............................................
843
41
Western
Digital
Corp.
....................................................
568
37
5,428
Utilities
(2.3%):
Alliant
Energy
Corp.
....................................................
422
26
Ameren
Corp.
.........................................................
452
43
American
Electric
Power
Co.,
Inc.
...........................................
876
91
American
Water
Works
Co.,
Inc.
............................................
320
45
Atmos
Energy
Corp.
.....................................................
260
40
CenterPoint
Energy,
Inc.
..................................................
1,069
39
CMS
Energy
Corp.
......................................................
489
34
Consolidated
Edison,
Inc.
.................................................
592
59
Constellation
Energy
Corp.
................................................
515
166
Dominion
Energy,
Inc.
...................................................
1,402
79
DTE
Energy
Co.
.......................................................
340
45
Duke
Energy
Corp.
......................................................
1,278
151
Edison
International
.....................................................
632
33
Entergy
Corp.
.........................................................
707
59
Evergy,
Inc.
...........................................................
373
26
Eversource
Energy
......................................................
603
38
Exelon
Corp.
..........................................................
1,661
72
FirstEnergy
Corp.
.......................................................
947
38
NextEra
Energy,
Inc.
....................................................
3,396
236
NiSource,
Inc.
.........................................................
772
31
NRG
Energy,
Inc.
.......................................................
318
51
PG&E
Corp.
..........................................................
3,598
50
PPL
Corp.
............................................................
1,215
41
Public
Service
Enterprise
Group,
Inc.
.........................................
820
69
Sempra
..............................................................
1,073
81
The
Southern
Co.
.......................................................
1,807
166
Vistra
Corp.
...........................................................
553
107
WEC
Energy
Group,
Inc.
.................................................
524
55
Xcel
Energy,
Inc.
.......................................................
947
65
2,036
Total
Common
Stocks
(Cost
$17,823)
a
a
a
88,605
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.23%(c)
........
20,697
20
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.27%(c)
............
20,697
21
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.29%(c)
...............
20,697
21
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.24%(c)
.
20,697
21
Total
Collateral
for
Securities
Loaned
(Cost
$83)
a
a
a
83
Total
Investments
(Cost
$17,906)
—
99.7%
88,688
Other
assets
in
excess
of
liabilities
—  0.3%
301
NET
ASSETS
-
100.00%
$
88,989
^
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
June
30,
2025.
Victory
Variable
Insurance
Funds
Victory
500
Index
VIP
Series
12
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
PLC
—
Public
Limited
Company
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
2
9/19/25
$
603,273
$
625,375
$
22,102
Total
unrealized
appreciation
$
22,102
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
22,102
Statement
of
Assets
and
Liabilities
June
30,
2025
13
See
notes
to
financial
statements.
Victory
Variable
Insurance
Funds
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
500
Index
VIP
Series
Assets:
Investments,
at
value
(Cost
$17,906)
$
88,688‌
(a)
Cash
311‌
Deposit
with
broker
for
futures
contracts
191‌
Receivables:
Dividends,
interest,
and
securities
lending
income
46‌
From
Adviser
20‌
Variation
margin
on
open
futures
contracts
3‌
Prepaid
expenses
—‌
(b)
Total
Assets
89,259‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
83‌
Capital
shares
redeemed
142‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
18‌
Administration
fees
4‌
Custodian
fees
1‌
Sub-Transfer
agent
fees
2‌
Compliance
fees
—‌
(b)
Other
accrued
expenses
20‌
Total
Liabilities
270‌
Commitments
and
contingencies
(Note
4
)
Net
Assets:
Capital
(
3,814‌
)
Total
accumulated
earnings
(loss)
92,803‌
Net
Assets
$
88,989‌
Shares
(unlimited
shares
authorized
with
a
par
value
of
$0.001
per
share):
4,682‌
Net
asset
value:
$
19
.01‌
(a)
Includes
$82
thousand
of
securities
on
loan.
(b)
Rounds
to
less
than
$1
thousand.
Statement
of
Operations
For
the
Six
Months
Ended
June
30,
2025
14
See
notes
to
financial
statements.
Victory
Variable
Insurance
Funds
(Amounts
in
Thousands)
(Unaudited)
Victory
500
Index
VIP
Series
Investment
Income:
Dividends
$
561‌
Interest
13‌
Securities
lending
(net
of
fees)
1‌
Foreign
tax
withholding
—‌
(a)
Total
Income
575‌
Expenses:
Investment
advisory
fees
107‌
Administration
fees
23‌
Sub-Administration
fees
10‌
Custodian
fees
3‌
Transfer
agent
fees
—‌
(a)
Sub-Transfer
agent
fees
3‌
Trustees'
fees
3‌
Compliance
fees
—‌
(a)
Legal
and
audit
fees
11‌
Other
expenses
14‌
Total
Expenses
174‌
Expenses
waived/reimbursed
by
Adviser
(
55‌
)
Net
Expenses
119‌
Net
Investment
Income
(Loss)
456‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
4,820‌
Net
realized
gains
(losses)
from
futures
contracts
—‌
(a)
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
(
71‌
)
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
32‌
Net
realized/unrealized
gains
(losses)
on
investments
4,781‌
Change
in
net
assets
resulting
from
operations
$
5,237‌
(a)
Rounds
to
less
than
$1
thousand.
15
(Amounts
in
Thousands)
Victory
Variable
Insurance
Funds
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
500
Index
VIP
Series
Six
Months
Ended
June
30,
2025
(Unaudited)
Year
Ended
December
31,
2024
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
456‌
$
1,011‌
Net
realized
gains
(losses)
4,820‌
17,587‌
Net
change
in
unrealized
appreciation/depreciation
(
39‌
)
2,362‌
Change
in
net
assets
resulting
from
operations
5,237‌
20,960‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
—‌
(
8,674‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
6,520‌
)
(
14,448‌
)
Change
in
net
assets
(
1,283‌
)
(
2,162‌
)
Net
Assets:
Beginning
of
period
90,272‌
92,434‌
End
of
period
$
88,989‌
$
90,272‌
Capital
Transactions:
Proceeds
from
shares
issued
$
2,838‌
$
5,104‌
Distributions
reinvested
—‌
8,674‌
Cost
of
shares
redeemed
(
9,358‌
)
(
28,226‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
6,520‌
)
$
(
14,448‌
)
Share
Transactions:
Issued
160‌
290‌
Reinvested
—‌
468‌
Redeemed
(
529‌
)
(
1,576‌
)
Change
in
Shares
(
369‌
)
(
818‌
)
Victory
Variable
Insurance
Funds
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
16
See
notes
to
financial
statements.
Victory
500
Index
VIP
Series
Six
Months
Ended
June
30,
2025
(Unaudited)
Year
Ended
December
31,
2024
Year
Ended
December
31,
2023
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Year
Ended
December
31,
2020
Net
Asset
Value,
Beginning
of
Period
$17.87
$15.75
$13.62
$19.79
$17.71
$19.35
Investment
Activities:
Net
investment
income
(loss)(a)
0.09
0.19
0.20
0.21
0.21
0.28
Net
realized
and
unrealized
gains
(losses)
1.05
3.79
3.45
(3.95)
4.59
3.53
Total
from
Investment
Activities
1.14
3.98
3.65
(3.74)
4.80
3.81
Distributions
to
Shareholders
from:
Net
investment
income
—
(0.24)
(0.20)
(0.19)
(0.23)
(0.32)
Net
realized
gains
—
(1.62)
(1.32)
(2.24)
(2.49)
(5.13)
Total
Distributions
—
(1.86)
(1.52)
(2.43)
(2.72)
(5.45)
Net
Asset
Value,
End
of
Period
$19.01
$17.87
$15.75
$13.62
$19.79
$17.71
Total
Return(b)(c)(d)
6.38%
24.96%
26.94%
(19.36)%
27.43%
20.13%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.28%
0.28%
0.28%
0.28%
0.28%
0.28%
Net
Investment
Income
(Loss)(e)
1.07%
1.08%
1.33%
1.26%
1.04%
1.46%
Gross
Expenses(e)(f)
0.41%
0.41%
0.41%
0.41%
0.48%
0.58%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$88,989
$90,272
$92,434
$83,617
$116,044
$103,571
Portfolio
Turnover(b)
1%
3%
8%
7%
9%
13%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Total
returns
do
not
reflect
the
effects
of
charges
deducted
pursuant
to
the
terms
of
The
Guardian
Insurance
&
Annuity
Company,
Inc.'s
variable
contracts.
Inclusion
of
such
charges
would
reduce
the
total
returns
for
all
periods
shown.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
Notes
to
Financial
Statements
June
30,
2025
Victory
Variable
Insurance
Funds
17
(Unaudited)
1.
Organization:
Victory
Variable
Insurance
Funds
(the
“Trust”)
is
organized
as
a
Delaware
statutory
trust
and the
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company.
The
Trust
is
comprised
of
four
funds
and
is
authorized
to
issue
an
unlimited
number
of
shares,
which
are
units
of
beneficial
interest
with
a
par
value
of
$0.001
per
share.
The
accompanying
financial
statements
are
those
of Victory
500
Index
VIP
Series
(the
“Fund”),
a
series
of
the
Trust.
The
Fund offers
a
single
class
of
shares:
Class
I.
The
Fund’s
shares
are
only
available
for
purchase
by
certain
separate
accounts
of
insurance
companies
as
investments
for
certain
variable
annuity
plans
and
variable
life
insurance
contracts
issued
by
those
insurance
companies.
The
Fund
is
classified
as
diversified
under
the
1940
Act.
Victory
Capital
Management
Inc.
(“VCM”
or
the
“Adviser”)
is
an
indirect
wholly
owned
subsidiary
of
Victory
Capital
Holdings,
Inc.,
a
publicly
traded
Delaware
corporation,
and
a
wholly
owned
direct
subsidiary
of
Victory
Capital
Operating,
LLC.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
In
addition,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
its
vendors
and
others
that
provide
for
general
indemnifications.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund.
However,
based
on
experience,
the
Fund
expects
that
risk
of
loss
to
be
remote.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the Fund
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
the
Adviser
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
follows
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies
under
Accounting
Standards
Codification
Topic
946.
Investment
Valuation: 
The
Fund
records
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to sell
an asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Fund’s
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
(unadjusted)
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risks
associated
with
entering
into
those
investments.
The Adviser,
appointed
as
the
valuation
designee
by the
Trust's
Board
of
Trustees
(the
“Board”), has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to
Board
oversight,
the
Committee
administers
and
oversees
the
Fund’s
valuation
policies
and
procedures,
which
are
approved
by
the
Board.
Portfolio
securities
listed
or
traded
on
securities
exchanges,
including
Exchange-Traded
Funds
(“ETFs”),
are
valued
at
the
last
sale
price
on
the
exchange
or
system
where
the
security
is
principally
traded,
if
available,
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
for
that
day
on
the
exchange
or
system,
then
a
security
is
valued
at
the
closing bid
quotation
on
the
exchange
or
system
where
the
security
is
principally
traded.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
net
asset
value
(“NAV”).
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
Futures
contracts
are
valued
at
the
settlement
price
established
each
day
by
the
board
of
trade
or
an
exchange
on
which
they
are
traded.
These
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Fund’s
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
June
30,
2025, based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
on
the
Schedule
of
Portfolio
Investments
(amounts
in
thousands):
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
18
(Unaudited)
As
of June
30,
2025,
there
were
no
significant
transfers
into/out
of
Level
3.
Investment
Companies:
Open-End
Funds:
The
Fund
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Derivative
Instruments:
Futures
Contracts:
The
Fund
may
enter
into
contracts
for
the
future
delivery
of
securities
or
foreign
currencies
and
futures
contracts
based
on
a
specific
security,
class
of
securities,
foreign
currency
or
an
index,
and
purchase
or
sell
options
on
any
such
futures
contracts.
A
futures
contract
on
a
securities
index
is
an
agreement
obligating
either
party
to
pay,
and
entitling
the
other
party
to
receive,
while
the
contract
is
outstanding,
cash
payments
based
on
the
level
of
a
specified
securities
index.
No
physical
delivery
of
the
underlying
asset
is
made.
The
Fund
may
enter
into
futures
contracts
in
an
effort
to
hedge
against
market
risks.
The
acquisition
of
put
and
call
options
on
futures
contracts
will
give
the
Fund
the
right
(but
not
the
obligation),
for
a
specified
price,
to
sell
or
to
purchase
the
underlying
futures
contract,
upon
exercise
of
the
option,
at
any
time
during
the
option
period.
Futures
transactions
involve
brokerage
costs
and a
good
faith
margin
deposit,
known
as
initial
margin,
of
cash
or
government
securities
with
a
broker
or
custodian
is
required
to
initiate
and
maintain
open
positions
in
futures
contracts.
Subsequent
payments,
known
as
variation
margin,
are
made
or
received
by
the
Fund
based
on
the
change
in
the
market
value
of
the
position
and
are
recorded
as
unrealized
appreciation
or
depreciation
until
the
contract
is
closed
out,
at
which
time
the
gain
or
loss
is
realized.
The
Fund
may
lose
the
expected
benefit
of
futures
transactions
if
interest
rates,
exchange
rates
or
securities
prices
change
in
an
unanticipated
manner.
Such
unanticipated
changes
may
also
result
in
lower
overall
performance
than
if
the
Fund
had
not
entered
into
any
futures
transactions.
In
addition,
the
value
of
the
Fund’s
futures
positions
may
not
prove
to
be
perfectly
or
even
highly
correlated
with
the
value
of
its
portfolio
securities
or
foreign
currencies,
limiting
the
Fund’s
ability
to
hedge
effectively
against
interest
rate,
exchange
rate
and/or
market
risk
and
giving
rise
to
additional
risks.
There
is
no
assurance
of
liquidity
in
the
secondary
market
for
purposes
of
closing
out
futures
positions.
The
collateral
held
by
the
Fund
is
reflected
on
the
Statement
of
Assets
and
Liabilities
under
Deposit
with
broker
for
futures
contracts.
Management
has
determined
that
no
offsetting
requirements
exist
as
a
result
of
their
conclusion
that
the
Fund
is
not
subject
to
master
netting
agreements
for
futures
contracts. During
the six
months ended
June
30,
2025,
the
Fund
entered
into
futures
contracts
primarily
for
the
strategy
of
gaining
exposure
to
a
particular
asset
class
or
securities
market.
Summary
of
Derivative
Instruments:
The
following
table
summarizes
the
fair
values
of
derivative
instruments
on
the
Statement
of
Assets
and
Liabilities,
categorized
by
risk
exposure,
as
of
June
30,
2025 (amounts
in
thousands):
Level
1
Level
2
Level
3
Total
Victory
500
Index
VIP
Series
Common
Stocks
...............................................
$
88,605
$
—
$
—
$
88,605
Collateral
for
Securities
Loaned
...................................
83
—
—
83
Total
.......................................................
$
88,688
$
—
$
—
$
88,688
Other
Financial
Investments:*
Assets:
Futures
Contracts
..............................................
22
—
—
22
Total
.......................................................
$
22
$
—
$
—
$
22
*
Futures
Contracts
are
presented
at
the
unrealized
appreciation
(depreciation)
on
the
investment.
Assets
Variation
Margin
Receivable
on
Open
Futures
Contracts*
Equity
Risk
Exposure:
22,000
Victory
500
Index
VIP
Series
...........................................................................
$
22
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
19
(Unaudited)
The
following
table
presents the
effect
of
derivative
instruments
on
the
Statement
of
Operations,
categorized
by
risk
exposure,
for
the period
ended
June
30,
2025 (amounts
in
thousands):
(a)    
Rounds
to
less
than
$1
thousand.
All
open
derivative
positions
at
period end
are
reflected
on
the
Fund’s
Schedule
of
Portfolio
Investments.
The
underlying
face
value
of
open
derivative
positions
relative
to the
Fund’s
net
assets
at period
end
is
representative
of
the
notional
amount
of
open
positions
to
net
assets
throughout
the
period.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
on
the
basis
of
coupon
interest
accrued
and recorded
daily
using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Withholding
taxes
on
interest,
dividends,
and
gains
as
a
result
of
certain
investments
by
the
Fund
have
been
provided
for
in
accordance
with
each
investment’s
applicable
country’s
tax
rules
and
rates.
Securities
Lending:
The
Fund,
through
a
Securities
Lending
Agreement
with
Citibank,
N.A.
(“Citibank”),
may
lend
its
securities
to
qualified
financial
institutions,
such
as
certain
broker-dealers
and
banks,
to
earn
additional
income,
net
of
income
retained
by
Citibank.
Borrowers
are
required
to
initially
secure
their
loans
for
collateral
in
the
amount
of
at
least
102%
of
the
value
of
U.S.
securities
loaned
or
at
least
105%
of
the
value
of
non-U.S.
securities
loaned,
marked-to-market
daily.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
loaned
are
generally
cured
the
next
business
day.
The
collateral
can
be
received
in
the
form
of
cash
collateral
and/or
non-cash
collateral.
Non-cash
collateral
can
include
U.S.
Government
Securities
and
other
securities
as
permitted
by Securities
and
Exchange
Commission
(“SEC”)
guidelines.
The
cash
collateral
is
invested
in
short-term
instruments
or
cash
equivalents,
primarily
open-end
investment
companies,
as
noted
on
the
Fund’s
Schedule
of
Portfolio
Investments.
The
Fund
effectively
does
not
have
control
of
the
non-cash
collateral
and
therefore
it
is
not
disclosed
on
the
Fund’s
Schedule
of
Portfolio
Investments.
Collateral
requirements
are
determined
daily
based
on
the
value
of
the
Fund’s
securities
on
loan
as
of
the
end
of
the
prior
business
day.
During
the
time
portfolio
securities
are
on
loan,
the
borrower
will
pay
the
Fund
any
dividends
or
interest
paid
on
such
securities
plus
any
fee
negotiated
between
the
parties
to
the
lending
agreement.
The
Fund
also
earns
a
return
from
the
collateral.
The
Fund
pays
Citibank
various
fees
in
connection
with
the
investment
of
cash
collateral
and
fees
based
on
the
investment
income
received
from
securities
lending
activities.
Securities
lending
income
(net
of
these
fees)
is
disclosed
on
the
Statement
of
Operations.
Loans
are
terminable
upon
demand
and
the
borrower
must
return
the
loaned
securities
within
the
lesser
of
one
standard
settlement
period
or
five
business
days.
Although
risk
is
mitigated
by
the
collateral,
the
Fund
could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
In
addition,
there
is
a
risk
that
the
value
of
the
short-term
investments
will
be
less
than
the
amount
of
cash
collateral
required
to
be
returned
to
the
borrower.
The
Fund’s
agreement
with
Citibank
does
not
include
master
netting
provisions.
Non-cash
collateral
received
by
the
Fund
may
not
be
sold
or
repledged,
except
to
satisfy
borrower
default.
The
following
table
is
a
summary
of
the
Fund’s
securities
lending
transactions
as
of
June
30,
2025
(amounts
in
thousands): 
Federal
Income
Taxes:
The
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
*
Includes
cumulative
unrealized
appreciation
(depreciation)
of
futures
contracts
as
reported
on
the
Schedule
of
Portfolio
Investments.
Only
current
day’s
variation
margin
for
futures
contracts
is
reported
within
the
Statement
of
Assets
and
Liabilities.
Net
Realized
Gains
(Losses)
from
Futures
Contracts
Net
Change
in
Unrealized
Appreciation/
Depreciation
on
Futures
Contracts
Equity
Risk
Exposure:
0
32,000
Victory
500
Index
VIP
Series
.........................................................
$
—
(a)
$
32
Value
of
Securities
on
Loan
Non-Cash
Collateral
Cash
Collateral
Victory
500
Index
VIP
Series
........................................
$
82
$
—
$
83
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
20
(Unaudited)
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Fund
has
a
tax
year
end
of December
31.
For
the
six
months
ended
June
30,
2025,
the
Fund
did
not
incur
any
income
tax,
interest,
or
penalties,
and
has
recorded
no
liability
for
net
unrecognized
tax
benefits
relating
to
uncertain
tax
positions.
Management
of
the
Fund
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
all
major
tax
jurisdictions,
including
federal
(i.e.,
the
last
four
tax
years,
which
includes
the
current
fiscal
tax
year
end).
Management
believes
that
there
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
taken.
Allocations:
Expenses
directly
attributable
to the
Fund
are
charged
to the
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
Fees
Paid
Indirectly:
Expense
offsets
to
custody
fees
that
arise
from
credits
on
cash
balances
maintained
on
deposit
are
reflected
on
the
Statement
of
Operations,
as
applicable,
as
Fees
paid
indirectly.
3.
Purchases
and
Sales:
Purchases
and sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
for
the
six
months
ended
June
30,
2025,
were
as
follows  (amounts
in
thousands):
4.
Fees
and
Transactions
with
Affiliates
and
Related
Parties:
Investment
Advisory
Fees: 
Investment
advisory
services
are
provided
to
the
Fund
by
the
Adviser,
which
is
a
New
York
corporation
registered
as
an
investment
adviser
with
the
SEC.
Under
the
terms
of
the
Investment
Advisory
Agreement,
the
Adviser
is
entitled
to
receive
fees
accrued
daily
and
paid
monthly
at
an
annualized
rate
of
0.25%
of
the
Fund’s
average
daily
net
assets.
Amounts
incurred
and
paid
to
VCM
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Investment
advisory
fees.
Administration
and
Servicing
Fees:
VCM
also
serves
as
the
Fund’s
administrator
and
fund
accountant.
Under
the Administration
and
Fund
Accounting
Agreement,
VCM
is
paid
an
administration
fee
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Trust,
Victory
Portfolios
and
Victory
Portfolios
II.
The
tiered
rates
at
which
VCM
is
paid
by
the
Funds
are
shown
in
the
table
below:
Amounts
incurred
for
the
six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Administration
fees.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
acts
as
sub-administrator
and
sub-fund
accountant
to
the
Fund
pursuant
to
the
Sub-Administration
and
Sub-Fund
Accounting
Services
Agreement
between
VCM
and
Citi.
VCM
pays
Citi
a
fee
for
providing
these
services.
The Fund
reimburses
VCM
and
Citi
for
out-of-pocket
expenses
incurred
in
providing
these
services
and
certain
other
expenses
specifically
allocated
to
the
Fund.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Sub-Administration
fees.
The
Fund
(as
part
of
the
Trust)
has
entered
into
an
agreement
with
the
Adviser
to
provide
compliance
services,
pursuant
to
which
the
Adviser
furnishes
its
compliance
personnel,
including
the
services
of
the
Chief
Compliance
Officer
(“CCO”),
and
other
resources
reasonably
necessary
to
provide
the
Trust
with
compliance
oversight
services
related
to
the
design,
administration,
and
oversight
of
a
compliance
program
for
the
Trust
in
accordance
with
Rule
38a-1
under
the
1940
Act.
The
CCO
is
an
employee
of
the
Adviser,
which
pays
the
compensation
of
the
CCO
and
support
staff.
The
funds
in
the
Trust,
Victory
Portfolios,
and
Victory
Portfolios
II,
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Compliance
fees.
Excluding
U.S.
Government
Securities
Purchases
Sales
Victory
500
Index
VIP
Series
.................................................................
$
1,279
$
7,171
Net
Assets
Up
to
$15
billion
$15
billion
—
$30
billion
Over
$30
billion
0.08%,
plus
0.05%,
plus
0.04%
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
21
(Unaudited)
Transfer
Agency
Fees:
FIS
Investor
Services,
LLC
(“FIS”)
serves
as
the
Fund’s
transfer
agent.
Under
the
Transfer
Agent
Agreement,
the
Trust
pays
FIS
a
fee
for
its
services
and
reimburses
FIS
for
all
of
their
reasonable
out-of-pocket
expenses
incurred
in
providing
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Transfer
agent
fees.
Sub-Transfer
Agency
Fees: 
The
Fund
has
entered
into
Sub-Transfer
Agency
Agreements
with
financial
intermediaries
that
provide
recordkeeping,
processing,
shareholder
communications
and
other
services
to
customers
of
the
intermediaries
that
hold
positions
in
the
Fund
and
has
agreed
to
compensate
the
intermediaries
for
providing
those
services.
Intermediaries
transact
with
the
Fund
primarily
through
the
use
of
omnibus
accounts
on
behalf
of
their
customers
who
hold
positions
in
the
Fund.
These
services
would
have
been
provided
by
the
Fund’s
transfer
agent
and
other
service
providers
if
the
shareholders’
accounts
were
maintained
directly
at
the
Fund’s
transfer
agent.
Amounts
incurred
for
the
six
months ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Sub-Transfer
agent
fees.
Distributor/Underwriting
Services:
Victory
Capital
Services,
Inc.
(the
“Distributor”),
an
affiliate
of
the
Adviser,
serves
as
Distributor
for
the
continuous
offering
of
the
shares
of
the
Fund
pursuant
to
a
Distribution
Agreement
between
the
Distributor
and
the
Trust,
and
receives
no
fee
or
other
compensation
for
these
services.
Other
Fees:
Citibank
serves
as
the
Fund’s
custodian.
The
Fund
pays
Citibank
a
fee
for
providing
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Custodian
fees.
Sidley
Austin
LLP
provides
legal
services
to
the
Trust.
The
Adviser
has
entered
into
an
expense
limitation
agreement
with the Trust.
Under
the
terms
of
the
agreement,
the
Adviser
has
agreed
to
waive
fees
or
reimburse
certain
expenses
to
the
extent
that
ordinary
operating
expenses
incurred
in
any
fiscal
year
exceed
the
expense limit
of the
Fund.
Such
excess
amounts
will
be
the
liability
of
the
Adviser. Acquired
fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
are
excluded
from
the
expense
limit.
As
of
June
30,
2025,
the
expense
limit (excluding
voluntary
waivers) was:
Under
the
terms
of
the
expense
limitation
agreement,
the
Fund
has
agreed
to
repay
fees
and
expenses
that
were
waived
or
reimbursed
by
the
Adviser
for
a
period
of
up
to
three
years
(thirty-six
(36)
months)
after
the
waiver
or
reimbursement
took
place,
subject
to
the
lesser
of
any
operating
expense limits
in
effect
at
the
time
of:
(a)
the
original
waiver
or
expense
reimbursement;
or
(b)
the
recoupment,
after
giving
effect
to
the
recoupment
amount.
The
Fund
has
not
recorded
any
amounts
available
to
be
repaid
to
the
Adviser
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
June
30,
2025.
As
of June
30,
2025,
the
following amounts
are
available
to
be
repaid
to
the
Adviser
(amounts
in
thousands):
The
Adviser
may
voluntarily
waive
or
reimburse
additional
fees
to
assist
the
Fund
in
maintaining
competitive
expense
ratios.
Voluntary
waivers
and
reimbursements
applicable
to
the
Fund
are
not
available
to
be
recouped
at
a
future
time.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
June
30,
2025.
Certain
officers
and/or
interested
trustees
of
the
Fund
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
legal
counsel,
and
Distributor.
5.
Risks:
The
Fund
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Equity
Securities
Risk
—
The
value
of
the
equity
securities
in
which
the
Fund
invests
may
decline
in
response
to
developments
affecting
individual
companies
and/or
general
economic
conditions
in
the
United
States
or
abroad.
A
company’s
earnings
or
dividends
may
not
increase
as
expected
(or
may
decline)
because
of
poor
management,
competitive
pressures,
reliance
on
particular
suppliers
or
geographical
regions,
labor
problems
or
shortages,
corporate
restructurings,
fraudulent
disclosures,
man-made
or
natural
disasters,
military
confrontations
or
wars,
terrorism,
public
health
crises,
or
other
events,
conditions,
and
factors.
Price
changes
may
be
temporary
or
last
for
extended
periods.
Large-Capitalization
Stock
Risk
—
The
securities
of
large-sized
companies
may
underperform
the
securities
of
smaller-sized
companies
or
the
market
as
a
whole.
The
growth
rate
of
larger,
more
established
companies
may
lag
those
of
smaller
companies,
especially
during
periods
of
economic
expansion.
In
effect
until
April
30,
2026
Victory
500
Index
VIP
Series
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.28%
Expires
2025
Expires
2026
Expires
2027
Expires
2028
Total
Victory
500
Index
VIP
Series
................................
$
63
$
120
$
122
$
55
$
360
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
22
(Unaudited)
Passive
Investment
Risk/Index
Risk
—
The
Fund
is
designed
to
track
the
Index
and
is
not
actively
managed.
The
Fund
will
not
buy
or
sell
shares
of
an
equity
security
due
to
current
or
projected
performance
of
a
security,
industry,
or
sector,
unless
that
security
is
added
to
or
removed,
respectively,
from
the
Index.
The
Fund
does
not,
therefore,
seek
returns
in
excess
of
the
Index,
and
does
not
attempt
to
take
defensive
positions
or
hedge
against
potential
risks
unless
such
defensive
positions
are
also
taken
by
the
Index.
Sector Focus
Risk
— 
While
the
Fund
reserves
the
right
to
dynamically
allocate
its
assets
across
economic
sectors,
listed
below
are
some
of
the
risks
associated
with
the
sectors
in
which
the
Fund
may
make
significant
investments. 
Market
or
economic
factors
impacting
those
sectors
could
have
a
significant
effect
on
the
value
of
the
Fund's
investments
and
could
make
the
Fund's
performance
more
volatile.
Information
Technology
Sector Risk
— Companies
in
the
information
technology
sector
face
intense
competition,
both
domestically
and
internationally.
These
companies
may
be
smaller
or
newer
and
may
have
limited
product
lines,
markets,
financial
resources,
or
personnel.
The
products
of
companies
in
the
information
technology
sector
may
face
product
obsolescence
due
to
rapid
technological
developments
and
frequent
new
product
introduction,
unpredictable
changes
in
growth
rates,
and
competition
for
the
services
of
qualified
personnel.
These
com-
panies
may
be
developing
or
marketing
new
products
or
services
for
which
markets
are
not
yet
established
and
may
never
become
established.
General
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Fund.
Domestic
and
international
factors
such
as
political
events,
war,
terrorism,
trade
disputes,
inflation
rates,
interest
rate
levels,
and
other
fiscal
and
monetary
policy
changes,
cybersecurity
incidents,
pandemics,
and
other
public
health
crises,
imposition
of
tariffs,
sanctions
against
a
particular
foreign
country,
its
nationals,
businesses
or
industries;
and
related
geopolitical
events,
as
well
as
environmental
disasters
such
as
earthquakes,
fires,
and
floods,
or
other
catastrophes,
may
add
to
instability
in
global
economies
and
markets
generally,
and
may
lead
to
increased
market
volatility.
Global
economies
and
financial
markets
are
highly
interconnected,
which
increases
the
possibility
that
conditions
in
one
country
or
region
might
adversely
affect
issuers
in
another
country
or
region.
The
impact
of
these
and
other
factors
may
be
short-term
or
may
last
for
extended
periods.
6.
Borrowing
and
Interfund
Lending:
Line
of
Credit:
The
Victory
Funds
Complex
participates
in
a
short-term
demand
note
“Line
of
Credit”
agreement
with
Citibank.
Under
the
agreement
with
Citibank,
the
funds
in
the
Trust,
Victory
Portfolios,
Victory
Portfolios
II,
and
Victory
Portfolios
III
(collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
 may
borrow
up
to
$600
million,
of
which
$300
million
is
committed
and
$300
million
is
uncommitted.
$40
million
of
the
Line
of
Credit
is
reserved
for
use
by
the
Victory
Floating
Rate
Fund,
another
series
of
the
Victory
Funds
Complex,
with
Victory
Floating
Rate
Fund
paying
the
related
commitment
fees
for
that
amount.
The
purpose
of
the
Line
of
Credit
is
to
meet
temporary
or
emergency
cash
needs.
For
the six
months
ended
June
30,
2025,
Citibank
received
an
annual
commitment
fee
of
0.15%
on
$300
million
for
providing
the
Line
of
Credit.
Each
fund
in
the
Victory
Funds
Complex
paid
a
pro-rata
portion
of
the
commitment
fees
plus
any
interest
on
amounts
borrowed.
Interest
is
based
on
the
one-month Secured
Overnight
Financing
Rate
plus
1.10
percent.
Effective
June
24,
2025,
the
agreement
was
renewed
with
a
termination
date
of
June
22,
2026,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged.
Dedicated
portions
to
the
Victory
Floating
Rate
Fund
have
been
removed,
making
the
entire
Line
of
Credit
(committed
and
uncommitted)
available
to
all
funds.
Interest
charged
to
the
Fund
during
the
period,
if
applicable,
is
reflected
on
the
Statement
of
Operations
under
Line
of
credit
fees.
The
Fund
had
no
borrowings
under the
Line
of
Credit
agreement
during
the
six
months
ended
June
30,
2025.
Interfund
Lending:
The
Trust
and
the
Adviser
rely
on
an
exemptive
order
granted
by
the
SEC
in
March
2017
(the
“Order”),
permitting
the
establishment
and
operation
of
an
Interfund
Lending
Facility
(the
“Facility”).
The
Facility
allows
the
Fund
to
directly
lend
and
borrow
money
to
or
from
any
other
fund
in
the
Victory
Funds
Complex
that
is
permitted
to
participate
in
the
Facility,
relying
upon
the
Order
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Advances
under
the
Facility
are
allowed
for
temporary
or
emergency
purposes,
including
the
meeting
of
redemption
requests
that
otherwise
might
require
the
untimely
disposition
of
securities,
and
are
subject
to
each
Fund’s
borrowing
restrictions.
The
interfund
loan
rate
is
determined,
as
specified
in
the
Order,
by
averaging
the
current
repurchase
agreement
rate
and
the
current
bank
loan
rate.
As
a
Borrower
(as
defined
in
the
Order),
interest
charged
to
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending
fees.
As
a
Lender
(as
defined
in
the
Order),
interest
earned
by
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending.
The
Fund
did
not
utilize
or
participate
in
the
Facility
during
the
six
months
ended
June
30,
2025.
7.
Federal
Income
Tax
Information:
The
Fund
intends
to
distribute
any
net
investment
income
annually.
Distributable
net
realized
gains,
if
any,
are
declared
and
paid
at
least
annually.
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Fund
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
23
(Unaudited)
The
tax
character
of
current
year
distributions
paid
and
the
tax
basis
of
the
current
components
of
accumulated
earnings
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
At
the
tax year
ended December
31,
2024,
the
Fund
had
no
capital
loss
carryforwards
for
federal
income
tax
purposes.
8.
Segment
Reporting:
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280):
Improvements
to
Reportable
Segment
Disclosures.
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
the
results
of
its
operations.
The
Adviser's
Management
Committee
acts
as
the
Fund’s
Chief
Operating
Decision
Maker
(“CODM”).
The
Fund
represents
a
single
operating
segment,
as
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-
determined
in
accordance
with
the
Fund's
single
investment
objective.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios,
and
changes
in
net
assets,
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
as
“total
assets”
and
significant
segment
expenses
are
listed
on
the
accompanying
Statement
of
Operations.
9.
Subsequent
Event:
On
May
20,
2025,
the
Board,
upon
recommendation
of
the
Adviser,
approved
a
Plan
of
Liquidation
for
each
individual
fund
within
the
Trust.
On
August
29,
2025,
the
Fund
will
redeem
all
of
its
outstanding
shares
at
the
net
asset
value
of
such
shares.
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
800-539-FUND
(800-539-3863)
VVIF-RS-SPIVIP-SAR
(6/25)
June
30,
2025
Semi-Annual:
Full
Financials
Victory
Variable
Insurance
Funds
Victory
High
Yield
VIP
Series
vcm.com
News,
Information
And
Education
24
Hours
A
Day,
7
Days
A
Week
The
Victory
Capital
website
gives
fund
shareholders,
prospective
shareholders,
and
investment
professionals
a
convenient
way
to
access
fund
information,
get
guidance,
and
track
fund
performance
anywhere
they
can
access
the
Internet.
The
site
includes:
Detailed
performance
records
Daily
share
prices
The
latest
fund
news
Investment
resources
to
help
you
become
a
better
investor
A
section
dedicated
to
investment
professionals
Whether
you’re
a
potential
investor
searching
for
the
fund
that
matches
your
investment
philosophy,
a
seasoned
investor
interest-
ed
in
planning
tools,
or
an
investment
professional,
vcm.com
has
what
you
seek.
Visit
us
anytime.
We’re
always
open.
TABLE
OF
CONTENTS
Victory
Variable
Insurance
Funds
1
Schedule
of
Portfolio
Investments
(Form
N-CSR
Item
6)
3
Financial
Statements
(Form
N-CSR
Item
7)
Statement
of
Assets
and
Liabilities
11
Statement
of
Operations
12
Statements
of
Changes
in
Net
Assets
13
Financial
Highlights
14
Notes
to
Financial
Statements
(Form
N-CSR
Item
7)
15
2
Call
Victory
at:
800-539-FUND
(800-539-3863)
Visit
our
website
at:
vcm.com
The
Fund
is
distributed
by
Victory
Capital
Services,
Inc.
Victory
Capital
Management
Inc.
is
the
investment
adviser
to
the
Fund
and
receives
fees
from
the
Fund
for
performing
services
for
the
Fund.
This
report
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
a
current
prospectus
of
the
Fund.
For
additional
information
about
any
Victory
Fund,
including
fees,
expenses,
and
risks,
view
our
prospectus
online
at
vcm.com
or
call
800-539-3863.
Read
it
carefully
before
you
invest
or
send
money.
The
information
in
this
report
is
based
on
data
obtained
from
recognized
services
and
sources
and
is
believed
to
be
reliable.
Any
opinions,
projections,
or
recommendations
in
this
report
are
subject
to
change
without
notice
and
are
not
intended
as
individual
investment
advice.
Past
investment
performance
of
the
Fund,
markets
or
securities
mentioned
herein
should
not
be
considered
to
be
indicative
of
future
results.
NOT
FDIC
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
Schedule
of
Portfolio
Investments
June
30,
2025
Victory
Variable
Insurance
Funds
Victory
High
Yield
VIP
Series
3
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Asset-Backed
Securities
(0.2%)
ABS
Other
(0.2%):
Frontier
Issuer
LLC,
Series
2023-1,
Class
C,
11.50%,
8/20/53,
Callable
7/20/26
@
100(a)
...
$
40
$
42
Total
Asset-Backed
Securities
(Cost
$42)
a
a
a
42
Shares
Common
Stocks
(0.0%)(b)
Consumer
Discretionary
(0.0%):(b)
Jo-Ann
Stores
LLC(c)(d)
.................................................
562
—(e)
Health
Care
(0.0%):
Covis
Parent
SCA,
Class
A
Shares(c)(f)
.......................................
147
—
Covis
Parent
SCA,
Class
B
Shares(c)(f)
.......................................
147
—
Covis
Parent
SCA,
Class
C
Shares(c)(f)
.......................................
147
—
Covis
Parent
SCA,
Class
D
Shares(c)(f)
.......................................
147
—
Covis
Parent
SCA,
Class
E
Shares(c)(f)
.......................................
147
—
—
Total
Common
Stocks
(Cost
$2)
a
a
a
—(e)
Principal
Amount
(000)
Senior
Secured
Loans
(7.2%)
Communication
Services
(0.5%):
AMC
Entertainment
Holdings,
Inc.,
Initial
Exchange
Term
Loans,
First
Lien,
11.32%
(SOFR01M+700bps),
1/4/29(g)
.........................................
35
35
Zayo
Group
Holdings,
Inc.,
2022
Incremental
Term
Loans,
First
Lien,
8.58%
(SOFR01M+425bps),
3/9/27(g)
.........................................
50
48
83
Consumer
Discretionary
(1.6%):
Getty
Images,
Inc.,
Dollar
Fixed
Rate
Term
B-1
Loans,
First
Lien,
2/14/30(h)
............
15
15
Great
Outdoors
Group
LLC,
Term
Loan
B,
First
Lien,
7.58%
(SOFR01M+325bps),
3/5/32(g)
25
25
Men's
Wearhouse,
Inc.,
Term
Loans,
First
Lien,
10.76%
(SOFR03M+650bps),
2/21/29(g)
...
53
53
Ontario
Gaming
GTA
LP,
Term
B
Loans,
First
Lien,
8.55%
(SOFR03M+425bps),
8/1/30(g)
..
15
15
Petco
Health
and
Wellness
Co.,
Inc.,
Initial
Term
Loans,
First
Lien,
7.81%
(SOFR03M+325bps),
2/25/28(g)
........................................
170
157
PetSmart,
Inc.,
Initial
Term
Loans,
First
Lien,
2/14/28(h)
...........................
20
20
285
Financials
(2.5%):
1261229
BC
Ltd.,
Initial
Term
Loans,
First
Lien,
10.56%
(SOFR01M+625bps),
10/8/30(g)
..
25
24
Central
Parent
LLC,
2024
Refinancing
Term
Loan,
First
Lien,
7.55%
(SOFR03M+325bps),
7/6/29(g)
.........................................................
30
25
Chariot
Buyer
LLC,
Initial
Term
Loans,
First
Lien,
7.68%
(SOFR01M+325bps),
11/3/28(g)
..
193
193
CP
Atlas
Buyer,
Inc.,
Term
Loan,
First
Lien,
11/23/27(h)
...........................
50
50
Level
3
Financing,
Inc.,
Term
B-3
Commitment,
First
Lien,
3/22/32(h)
.................
75
76
Pcf
Insurance
Services
of
The
West
LLC,
7.56%
(SOFR01M+325bps),
6/17/32(g)
........
15
15
Polaris
Newco
LLC,
Dollar
Term
Loan,
First
Lien,
8.03%
(SOFR03M+375bps),
6/4/28(g)
..
25
24
Voyager
Parent
LLC,
Term
Loan
B,
First
Lien,
5/10/32(h)
..........................
50
49
456
Health
Care
(1.4%):
Bausch
+
Lomb
Corp.,
Third
Amendment
Term
Loan,
First
Lien,
12/18/30(h)
............
50
50
Covis
Pharma
Holdings
SARL,
Dollar
Term
B
Loans,
First
Lien,
2/18/27(h)
.............
136
51
LifeScan
Global
Corporation,
Initial
Term
Loan,
First
Lien,
10.92%
(SOFR03M+650bps),
12/31/26(g)
.......................................................
209
133
234
Industrials
(1.2%):
Cotiviti,
Inc.,
Initial
Fixed
Rate
Term
Loans,
First
Lien,
4/30/31(h)
...................
75
75
The
GEO
Group,
Inc.,
Term
Loan,
First
Lien,
9.58%
(SOFR01M+525bps),
4/14/29(g)
.....
40
40
TKC
Holdings,
Inc.,
Closing
Date
Initial
Term
Loan,
First
Lien,
9.32%
(SOFR01M+500bps),
5/15/28(g)
........................................................
49
49
Victory
Variable
Insurance
Funds
Victory
High
Yield
VIP
Series
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Twitter,
Inc.,
Tranche
B-1
Loan,
First
Lien,
10.80%
(SOFR03M+650bps),
10/26/29(g)
.....
$
50
$
48
212
Total
Senior
Secured
Loans
(Cost
$1,436)
a
a
a
1,270
Corporate
Bonds
(63.3%)
Communication
Services
(12.2%):
AMC
Networks,
Inc.
10.25%,
1/15/29,
Callable
1/15/26
@
105.13(a)
.............................
25
26
10.50%,
7/15/32,
Callable
7/15/28
@
105.25(a)
.............................
30
30
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.,
4.25%,
1/15/34,
Callable
1/15/28
@
102.13(a)
.........................................................
315
280
Central
Parent
LLC/CDK
Global
II
LLC/CDK
Financing
Co.,
Inc.,
8.00%,
6/15/29,
Callable
8/2/25
@
104(a)
....................................................
250
207
Clear
Channel
Outdoor
Holdings,
Inc.
7.50%,
6/1/29,
Callable
8/2/25
@
101.88(a)(i)
..............................
50
46
7.88%,
4/1/30,
Callable
10/1/26
@
103.94(a)
...............................
242
250
Cogent
Communications
Group
LLC/Cogent
Finance,
Inc.,
6.50%,
7/1/32,
Callable
7/1/28
@
103.25(a)
.........................................................
45
44
Consolidated
Communications,
Inc.,
6.50%,
10/1/28,
Callable
7/13/25
@
103.25(a)
.......
58
59
CSC
Holdings
LLC,
11.75%,
1/31/29,
Callable
1/31/26
@
105.88(a)
..................
100
95
Cumulus
Media
New
Holdings,
Inc.,
8.00%,
7/1/29,
Callable
8/2/25
@
100(a)
...........
181
51
Directv
Financing
LLC/Directv
Financing
Co.-Obligor,
Inc.
5.88%,
8/15/27,
Callable
8/2/25
@
102.94(a)
...............................
16
16
10.00%,
2/15/31,
Callable
2/15/27
@
105(a)
...............................
78
76
DISH
Network
Corp.,
11.75%,
11/15/27,
Callable
8/2/25
@
105.88(a)
.................
81
83
Dotdash
Meredith,
Inc.,
7.63%,
6/15/32,
Callable
6/15/28
@
103.81(a)
.................
30
29
Echostar
Corp.,
10.75%,
11/30/29,
Callable
11/30/26
@
105.38
......................
64
66
Frontier
Communications
Holdings
LLC
5.88%,
10/15/27,
Callable
8/2/25
@
101.47(a)
..............................
230
230
6.75%,
5/1/29,
Callable
8/2/25
@
101.69(a)
................................
43
44
Gray
Media,
Inc.
10.50%,
7/15/29,
Callable
7/15/26
@
105.25(a)
.............................
10
11
5.38%,
11/15/31,
Callable
11/15/26
@
102.69(a)
............................
27
20
Lamar
Media
Corp.,
3.63%,
1/15/31,
Callable
1/15/26
@
101.81
.....................
24
22
Match
Group
Holdings
II
LLC,
4.63%,
6/1/28,
Callable
7/13/25
@
100(a)
..............
60
59
News
Corp.,
5.13%,
2/15/32,
Callable
2/15/27
@
102.56(a)
.........................
30
29
Scripps
Escrow
II,
Inc.,
3.88%,
1/15/29,
Callable
8/2/25
@
100.97(a)(i)
................
100
87
Sinclair
Television
Group,
Inc.
5.50%,
3/1/30,
Callable
8/2/25
@
102.75(a)
................................
129
105
8.13%,
2/15/33,
Callable
2/15/28
@
104.06(a)
..............................
39
40
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC,
8.63%,
6/15/32,
Callable
6/15/28
@
104.31(a)
......................................................
15
15
Univision
Communications,
Inc.,
7.38%,
6/30/30,
Callable
8/2/25
@
103.69(a)
...........
100
98
Warnermedia
Holdings,
Inc.,
5.05%,
3/15/42,
Callable
9/15/41
@
100
.................
55
32
2,150
Consumer
Discretionary
(10.1%):
Amsted
Industries,
Inc.,
6.38%,
3/15/33,
Callable
3/15/28
@
103.19(a)
................
78
79
Asbury
Automotive
Group,
Inc.,
5.00%,
2/15/32,
Callable
11/15/26
@
102.5(a)
..........
150
143
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.,
4.63%,
4/1/30,
Callable
8/2/25
@
102.31(a)
.........................................................
109
104
Beazer
Homes
USA,
Inc.,
7.50%,
3/15/31,
Callable
3/15/27
@
103.75(a)
...............
100
101
Boyd
Gaming
Corp.,
4.75%,
6/15/31,
Callable
6/15/26
@
102.38(a)
...................
30
29
Boyne
USA,
Inc.,
4.75%,
5/15/29,
Callable
8/2/25
@
101.19(a)
......................
46
45
Caesars
Entertainment,
Inc.
8.13%,
7/1/27,
Callable
7/8/25
@
100(a)
..................................
136
136
6.50%,
2/15/32,
Callable
2/15/27
@
103.25(a)
..............................
50
51
CEC
Entertainment
LLC,
6.75%,
5/1/26,
Callable
8/2/25
@
100(a)
...................
16
16
Century
Communities,
Inc.,
3.88%,
8/15/29,
Callable
2/15/29
@
100(a)
................
50
46
Churchill
Downs,
Inc.,
6.75%,
5/1/31,
Callable
5/1/26
@
103.38(a)
...................
20
21
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.,
6.75%,
1/15/30,
Callable
8/2/25
@
103.38(a)
.................................................
41
38
Victory
Variable
Insurance
Funds
Victory
High
Yield
VIP
Series
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Group
1
Automotive,
Inc.,
6.38%,
1/15/30,
Callable
7/15/26
@
103.19(a)
...............
$
35
$
36
Hanesbrands,
Inc.,
9.00%,
2/15/31,
Callable
2/15/26
@
104.5(a)
.....................
30
32
Hilton
Domestic
Operating
Co.,
Inc.,
4.00%,
5/1/31,
Callable
5/1/26
@
102(a)
...........
60
56
Las
Vegas
Sands
Corp.,
6.20%,
8/15/34,
Callable
5/15/34
@
100
.....................
15
15
Lithia
Motors,
Inc.,
4.38%,
1/15/31,
Callable
10/15/25
@
102.19(a)(i)
.................
352
335
M/I
Homes,
Inc.,
4.95%,
2/1/28,
Callable
7/18/25
@
101.24
........................
65
65
Newell
Brands,
Inc.,
6.88%,
4/1/36,
Callable
10/1/35
@
100
........................
16
15
Nordstrom,
Inc.,
4.38%,
4/1/30,
Callable
1/1/30
@
100
............................
30
28
PetSmart,
Inc./PetSmart
Finance
Corp.
4.75%,
2/15/28,
Callable
8/2/25
@
101.19(a)
...............................
125
122
7.75%,
2/15/29,
Callable
8/2/25
@
101.94(a)
...............................
15
15
Resorts
World
Las
Vegas
LLC/RWLV
Capital,
Inc.,
4.63%,
4/6/31,
Callable
1/6/31
@
100(a)
.
30
24
Saks
Global
Enterprises
LLC,
11.00%,
12/15/29,
Callable
12/15/26
@
105.5(a)(i)
.........
51
19
Sotheby's,
7.38%,
10/15/27,
Callable
7/13/25
@
100(a)
............................
80
79
Taylor
Morrison
Communities,
Inc.
5.75%,
1/15/28,
Callable
10/15/27
@
100(a)
...............................
35
35
5.13%,
8/1/30,
Callable
2/1/30
@
100(a)
..................................
26
26
Vail
Resorts,
Inc.,
6.50%,
5/15/32,
Callable
5/15/27
@
103.25(a)
.....................
10
10
ZF
North
America
Capital,
Inc.,
6.88%,
4/23/32,
Callable
2/23/32
@
100(a)
.............
58
53
1,774
Consumer
Staples
(4.7%):
Albertsons
Cos.,
Inc./Safeway,
Inc./New
Albertsons
LP/Albertsons
LLC,
6.50%,
2/15/28,
Callable
8/2/25
@
103.25(a)
...........................................
200
205
Edgewell
Personal
Care
Co.,
4.13%,
4/1/29,
Callable
7/13/25
@
101.03(a)
..............
56
53
Goat
Holdco
LLC,
6.75%,
2/1/32,
Callable
2/1/28
@
103.38(a)
......................
33
34
Performance
Food
Group,
Inc.,
6.13%,
9/15/32,
Callable
9/15/27
@
103.06(a)
...........
150
154
Post
Holdings,
Inc.
6.25%,
2/15/32,
Callable
2/15/27
@
103.13(a)
..............................
122
125
6.38%,
3/1/33,
Callable
9/1/27
@
103.19(a)
................................
80
81
Quikrete
Holdings,
Inc.,
6.38%,
3/1/32,
Callable
3/1/28
@
103.19(a)
..................
78
80
U.S.
Foods,
Inc.,
5.75%,
4/15/33,
Callable
10/15/27
@
102.88(a)
.....................
98
98
830
Energy
(4.1%):
CITGO
Petroleum
Corp.,
8.38%,
1/15/29,
Callable
10/15/25
@
104.19(a)
...............
81
84
Civitas
Resources,
Inc.,
9.63%,
6/15/33,
Callable
6/15/28
@
104.81(a)
.................
45
46
Harvest
Midstream
I
LP,
7.50%,
5/15/32,
Callable
5/15/27
@
103.75(a)
................
40
42
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
7.25%,
2/15/35,
Callable
2/15/30
@
103.63(a)
...
23
23
Moss
Creek
Resources
Holdings,
Inc.,
8.25%,
9/1/31,
Callable
9/1/27
@
104.13(a)
........
58
56
Murphy
Oil
USA,
Inc.,
3.75%,
2/15/31,
Callable
2/15/26
@
101.88(a)
.................
55
51
Permian
Resources
Operating
LLC
5.88%,
7/1/29,
Callable
8/2/25
@
101.47(a)
................................
120
121
6.25%,
2/1/33,
Callable
8/1/27
@
103.13(a)
................................
41
41
Sunoco
LP
7.25%,
5/1/32,
Callable
5/1/27
@
103.63(a)
................................
52
55
6.25%,
7/1/33,
Callable
7/1/28
@
103.13(a)
................................
50
51
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.,
7.38%,
2/15/29,
Callable
2/15/26
@
103.69(a)
................................................
20
21
Venture
Global
LNG,
Inc.,
9.88%,
2/1/32,
Callable
2/1/27
@
104.94(a)
................
40
43
Venture
Global
Plaquemines
LNG
LLC,
7.75%,
5/1/35,
Callable
12/1/34
@
100(a)
........
50
54
Viper
Energy,
Inc.,
7.38%,
11/1/31,
Callable
11/1/26
@
103.69(a)
....................
6
6
Vital
Energy,
Inc.,
7.88%,
4/15/32,
Callable
4/15/27
@
103.94(a)(i)
...................
33
28
722
Financials
(4.4%):
Acrisure
LLC/Acrisure
Finance,
Inc.,
7.50%,
11/6/30,
Callable
5/15/26
@
103.75(a)
.......
27
28
Arsenal
AIC
Parent
LLC,
8.00%,
10/1/30,
Callable
10/1/26
@
104(a)
..................
125
133
BCPE
Flavor
Debt
Merger
Sub
LLC
and
BCPE
Flavor
Issuer,
Inc.,
9.50%,
7/1/32,
Callable
7/1/28
@
104.75(a)
.................................................
50
51
Beach
Acquisition
Bidco
LLC,
10.00%,
7/15/33,
Callable
7/15/28
@
103(a)
.............
22
23
Boost
Newco
Borrower
LLC,
7.50%,
1/15/31,
Callable
1/15/27
@
103.75(a)
............
100
106
Credit
Acceptance
Corp.,
6.63%,
3/15/30,
Callable
3/15/27
@
103.31(a)
................
16
16
Enstar
Finance
LLC,
5.75%
(H15T5Y+547bps),
9/1/40,
Callable
9/1/25
@
100(g)
........
10
10
EZCORP,
Inc.,
7.38%,
4/1/32,
Callable
4/1/28
@
103.69(a)
.........................
25
26
Victory
Variable
Insurance
Funds
Victory
High
Yield
VIP
Series
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ford
Motor
Credit
Co.
LLC,
6.13%,
3/8/34,
Callable
12/8/33
@
100
..................
$
70
$
68
Level
3
Financing,
Inc.
3.75%,
7/15/29,
Callable
8/2/25
@
100.94(a)(i)
.............................
45
38
3.88%,
10/15/30,
Callable
7/13/25
@
101.81(a)(i)
............................
49
43
6.88%,
6/30/33,
Callable
6/30/28
@
103.44(a)
..............................
15
15
Mobius
Merger
Sub,
Inc.,
9.00%,
6/1/30,
Callable
6/1/26
@
104.5(a)
..................
40
36
NCR
Atleos
Corp.,
9.50%,
4/1/29,
Callable
10/1/26
@
104.75(a)
.....................
16
18
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co.-Issuer,
4.88%,
5/15/29,
Callable
8/2/25
@
101.22(a)(i)
...................................
16
15
PRA
Group,
Inc.,
8.88%,
1/31/30,
Callable
6/1/26
@
104.44(a)
......................
40
42
Shift4
Payments
LLC/Shift4
Payments
Finance
Sub,
Inc.,
6.75%,
8/15/32,
Callable
8/15/27
@
103.38(a)
.........................................................
20
21
Starwood
Property
Trust,
Inc.,
7.25%,
4/1/29,
Callable
10/1/28
@
100(a)
...............
35
37
Voyager
Parent
LLC,
9.25%,
7/1/32,
Callable
7/1/28
@
104.63(a)
....................
45
47
773
Health
Care
(3.5%):
CHS/Community
Health
Systems,
Inc.
5.25%,
5/15/30,
Callable
8/2/25
@
102.63(a)
...............................
25
22
10.88%,
1/15/32,
Callable
2/15/27
@
105.44(a)
.............................
54
57
DENTSPLY
SIRONA,
Inc.,
8.37%
(H15T5Y+438bps),
9/12/55,
Callable
6/12/30
@
100(g)
.
23
23
Embecta
Corp.,
5.00%,
2/15/30,
Callable
2/15/27
@
101.25(a)
......................
15
14
Encompass
Health
Corp.,
4.63%,
4/1/31,
Callable
4/1/26
@
102.31
...................
16
15
Medline
Borrower
LP,
3.88%,
4/1/29,
Callable
8/2/25
@
101.94(a)
...................
46
44
Medline
Borrower
LP/Medline
Co.-Issuer,
Inc.,
6.25%,
4/1/29,
Callable
4/1/26
@
103.13(a)
.
35
36
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV,
5.13%,
4/30/31,
Callable
4/30/26
@
102.56(a)
.........................................................
50
43
Pediatrix
Medical
Group,
Inc.,
5.38%,
2/15/30,
Callable
8/2/25
@
102.69(a)
.............
60
59
Prestige
Brands,
Inc.,
3.75%,
4/1/31,
Callable
4/1/26
@
101.88(a)
....................
120
111
Prime
Healthcare
Services,
Inc.,
9.38%,
9/1/29,
Callable
9/1/26
@
104.69(a)
............
55
55
Tenet
Healthcare
Corp.
5.13%,
11/1/27,
Callable
7/18/25
@
100
..................................
78
78
6.13%,
10/1/28,
Callable
8/2/25
@
101.53
.................................
39
39
U.S.
Acute
Care
Solutions
LLC,
9.75%,
5/15/29,
Callable
5/15/26
@
104.88(a)
..........
16
17
613
Industrials
(10.7%):
Alta
Equipment
Group,
Inc.,
9.00%,
6/1/29,
Callable
6/1/26
@
104.5(a)(i)
..............
24
22
American
Airlines,
Inc.
7.25%,
2/15/28,
Callable
8/2/25
@
103.63(a)(i)
.............................
25
25
8.50%,
5/15/29,
Callable
11/15/25
@
104.25(a)
.............................
100
105
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75%,
4/20/29(a)
................
63
63
Axon
Enterprise,
Inc.,
6.25%,
3/15/33,
Callable
3/15/28
@
103.13(a)
..................
23
24
Beacon
Mobility
Corp.,
7.25%,
8/1/30,
Callable
8/1/27
@
103.63(a)
..................
15
15
BlueLinx
Holdings,
Inc.,
6.00%,
11/15/29,
Callable
8/2/25
@
103(a)
..................
10
10
Brightline
East
LLC,
11.00%,
1/31/30,
Callable
5/9/27
@
105.5(a)(i)
..................
20
15
Brundage-Bone
Concrete
Pumping
Holdings,
Inc.,
7.50%,
2/1/32,
Callable
2/1/28
@
103.75(a)
21
21
Builders
FirstSource,
Inc.,
6.38%,
3/1/34,
Callable
3/1/29
@
103.19(a)
.................
75
76
BWX
Technologies,
Inc.,
4.13%,
4/15/29,
Callable
7/18/25
@
101.03(a)
...............
30
29
Cornerstone
Building
Brands,
Inc.,
9.50%,
8/15/29,
Callable
8/15/26
@
104.75(a)
.........
84
77
EMRLD
Borrower
LP/Emerald
Co-Issuer,
Inc.,
6.75%,
7/15/31,
Callable
7/15/27
@
103.38(a)
80
83
Enpro,
Inc.,
6.13%,
6/1/33,
Callable
6/1/28
@
103.06(a)
...........................
25
26
Esab
Corp.,
6.25%,
4/15/29,
Callable
4/15/26
@
103.13(a)
.........................
16
16
Genesee
&
Wyoming,
Inc.,
6.25%,
4/15/32,
Callable
4/15/27
@
103.13(a)
..............
29
30
Herc
Holdings,
Inc.,
7.25%,
6/15/33,
Callable
6/15/28
@
103.63(a)
...................
23
24
JetBlue
Airways
Corp./JetBlue
Loyalty
LP,
9.88%,
9/20/31,
Callable
8/27/27
@
104.94(a)
...
25
24
Masterbrand,
Inc.,
7.00%,
7/15/32,
Callable
7/15/27
@
103.5(a)
.....................
28
29
OneSky
Flight
LLC,
8.88%,
12/15/29,
Callable
12/15/26
@
104.44(a)
.................
51
53
QXO
Building
Products,
Inc.,
6.75%,
4/30/32,
Callable
4/30/28
@
103.38(a)
............
8
8
Rand
Parent
LLC,
8.50%,
2/15/30,
Callable
2/15/26
@
104.25(a)
.....................
45
45
Resideo
Funding,
Inc.,
6.50%,
7/15/32,
Callable
7/15/27
@
103.25(a)
.................
45
46
Sensata
Technologies,
Inc.,
6.63%,
7/15/32,
Callable
7/15/27
@
103.31(a)
..............
35
36
Victory
Variable
Insurance
Funds
Victory
High
Yield
VIP
Series
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Spirit
AeroSystems,
Inc.
9.38%,
11/30/29,
Callable
11/30/25
@
104.69(a)
............................
$
75
$
80
9.75%,
11/15/30,
Callable
11/15/26
@
104.88(a)
............................
140
155
Standard
Industries,
Inc.
4.38%,
7/15/30,
Callable
8/2/25
@
102.19(a)
...............................
175
166
3.38%,
1/15/31,
Callable
8/2/25
@
101.69(a)
...............................
150
135
Star
Leasing
Co.
LLC,
7.63%,
2/15/30,
Callable
2/15/27
@
103.81(a)
.................
23
23
The
GEO
Group,
Inc.,
8.63%,
4/15/29,
Callable
4/15/26
@
104.31
....................
7
7
The
Hertz
Corp.,
12.63%,
7/15/29,
Callable
7/15/27
@
106.31(a)
.....................
50
52
TKC
Holdings,
Inc.,
10.50%,
5/15/29,
Callable
8/2/25
@
102.63(a)
...................
72
74
TransDigm,
Inc.,
6.00%,
1/15/33,
Callable
9/15/27
@
103(a)
........................
65
65
TriNet
Group,
Inc.,
7.13%,
8/15/31,
Callable
8/15/26
@
103.56(a)
....................
30
31
United
Rentals
North
America,
Inc.,
6.13%,
3/15/34,
Callable
3/15/29
@
103.06(a)
........
40
41
Waste
Pro
USA,
Inc.,
7.00%,
2/1/33,
Callable
2/1/28
@
103.5(a)
.....................
20
21
WESCO
Distribution,
Inc.,
7.25%,
6/15/28,
Callable
8/2/25
@
101.21(a)
...............
125
126
XPO,
Inc.,
7.13%,
6/1/31,
Callable
6/1/26
@
103.56(a)
............................
12
13
1,891
Information
Technology
(3.7%):
Block,
Inc.,
6.50%,
5/15/32,
Callable
5/15/27
@
103.25
...........................
127
131
Cloud
Software
Group,
Inc.
6.50%,
3/31/29,
Callable
9/30/25
@
103.25(a)
..............................
66
67
9.00%,
9/30/29,
Callable
9/30/25
@
104.5(a)
...............................
5
5
CoreWeave,
Inc.,
9.25%,
6/1/30,
Callable
6/1/27
@
104.63(a)
.......................
8
8
Diebold
Nixdorf,
Inc.,
7.75%,
3/31/30,
Callable
12/18/26
@
103.88(a)
.................
20
21
Ellucian
Holdings,
Inc.,
6.50%,
12/1/29,
Callable
12/1/26
@
103.25(a)
.................
40
41
EquipmentShare.com,
Inc.,
8.00%,
3/15/33,
Callable
9/15/27
@
104(a)
................
75
79
Gen
Digital,
Inc.
7.13%,
9/30/30,
Callable
9/30/25
@
103.56(a)
..............................
16
17
6.25%,
4/1/33,
Callable
4/1/28
@
103.13(a)
................................
16
16
Neptune
Bidco
US,
Inc.,
9.29%,
4/15/29,
Callable
10/15/25
@
104.65(a)
...............
31
30
Open
Text
Holdings,
Inc.,
4.13%,
12/1/31,
Callable
12/1/26
@
102.06(a)
...............
58
53
Rocket
Software,
Inc.,
9.00%,
11/28/28,
Callable
7/13/25
@
103(a)
...................
40
41
S&S
Holdings
LLC,
8.38%,
10/1/31,
Callable
10/1/27
@
104.19(a)
...................
50
49
Sabre
GLBL,
Inc.,
11.13%,
7/15/30,
Callable
7/15/27
@
105.56(a)
....................
15
16
UKG,
Inc.,
6.88%,
2/1/31,
Callable
2/1/27
@
103.44(a)
............................
50
52
Zebra
Technologies
Corp.,
6.50%,
6/1/32,
Callable
6/1/27
@
103.25(a)
................
28
29
655
Materials
(5.8%):
AAR
Escrow
Issuer
LLC,
6.75%,
3/15/29,
Callable
3/15/26
@
103.38(a)
...............
75
78
AmeriTex
HoldCo
Intermediate
LLC,
10.25%,
10/15/28,
Callable
10/15/25
@
105.13(a)(i)
..
121
128
ATI,
Inc.,
5.13%,
10/1/31,
Callable
10/1/26
@
102.56
.............................
50
49
Avient
Corp.,
6.25%,
11/1/31,
Callable
9/15/27
@
103.13(a)
........................
16
16
Axalta
Coating
Systems
LLC,
3.38%,
2/15/29,
Callable
8/2/25
@
100.84(a)
.............
60
57
Cleveland-Cliffs,
Inc.,
7.00%,
3/15/32,
Callable
3/15/27
@
103.5(a)
...................
50
47
Clydesdale
Acquisition
Holdings,
Inc.,
6.75%,
4/15/32,
Callable
4/15/28
@
103.38(a)
......
25
26
Compass
Minerals
International,
Inc.,
8.00%,
7/1/30,
Callable
7/1/27
@
104(a)
...........
15
16
Dcli
Bidco
LLC,
7.75%,
11/15/29,
Callable
11/15/26
@
103.88(a)
....................
37
37
Knife
River
Corp.,
7.75%,
5/1/31,
Callable
5/1/26
@
103.88(a)
......................
75
79
LABL,
Inc.
9.50%,
11/1/28,
Callable
11/1/25
@
104.75(a)
..............................
35
32
8.63%,
10/1/31,
Callable
10/1/27
@
104.31(a)
..............................
35
30
Louisiana-Pacific
Corp.,
3.63%,
3/15/29,
Callable
8/2/25
@
100.91(a)
.................
30
29
Novelis
Corp.,
6.88%,
1/30/30,
Callable
1/30/27
@
103.44(a)
.......................
24
25
Sasol
Financing
USA
LLC,
8.75%,
5/3/29,
Callable
3/3/29
@
100(a)
..................
50
49
Sealed
Air
Corp.,
6.50%,
7/15/32,
Callable
7/15/27
@
103.25(a)
.....................
55
57
Smyrna
Ready
Mix
Concrete
LLC,
8.88%,
11/15/31,
Callable
11/15/26
@
104.44(a)
.......
76
80
The
Chemours
Co.,
8.00%,
1/15/33,
Callable
1/15/28
@
104(a)
......................
196
183
1,018
Real
Estate
(2.5%):
Anywhere
Real
Estate
Group
LLC
/
Realogy
Co-Issuer
Corp.,
9.75%,
4/15/30,
Callable
4/15/27
@
104.88(a)
................................................
35
36
Cushman
&
Wakefield
U.S.
Borrower
LLC,
8.88%,
9/1/31,
Callable
9/1/26
@
104.44(a)
....
40
43
Victory
Variable
Insurance
Funds
Victory
High
Yield
VIP
Series
8
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Forestar
Group,
Inc.,
6.50%,
3/15/33,
Callable
3/15/28
@
103.25(a)
...................
$
30
$
30
GLP
Capital
LP/GLP
Financing
II,
Inc.,
5.63%,
9/15/34,
Callable
6/15/34
@
100
.........
34
34
RHP
Hotel
Properties
LP/RHP
Finance
Corp.,
4.50%,
2/15/29,
Callable
8/2/25
@
101.5(a)
..
5
5
Service
Properties
Trust
8.63%,
11/15/31,
Callable
11/15/26
@
104.31(a)
............................
20
21
8.88%,
6/15/32,
Callable
6/15/27
@
104.44
................................
44
45
The
Howard
Hughes
Corp.,
4.38%,
2/1/31,
Callable
2/1/26
@
102.19(a)
................
183
169
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC,
10.50%,
2/15/28,
Callable
9/15/25
@
105.25(a)
................................................
53
56
439
Utilities
(1.6%):
Calpine
Corp.
5.13%,
3/15/28,
Callable
8/2/25
@
100.85(a)
...............................
125
125
4.63%,
2/1/29,
Callable
8/2/25
@
101.16(a)
................................
95
94
NRG
Energy,
Inc.,
5.75%,
7/15/29,
Callable
7/13/25
@
102.88(a)
....................
40
40
Vistra
Operations
Co.
LLC,
6.88%,
4/15/32,
Callable
4/15/27
@
103.44(a)
..............
15
15
274
Total
Corporate
Bonds
(Cost
$11,168)
a
a
a
11,139
Yankee
Dollars
(20.4%)
Communication
Services
(0.6%):
Bell
Telephone
Co.
of
Canada
or
Bell
Canada,
6.87%
(H15T5Y+239bps),
9/15/55,
Callable
6/15/30
@
100(g)
...................................................
7
7
Rogers
Communications,
Inc.,
7.00%
(H15T5Y+265bps),
4/15/55,
Callable
2/14/30
@
100(g)
16
17
Telecom
Italia
Capital
SA,
7.20%,
7/18/36
.....................................
25
27
Virgin
Media
Finance
PLC,
5.00%,
7/15/30,
Callable
8/2/25
@
102.5(a)
................
10
9
Vmed
O2
UK
Financing
I
PLC,
4.75%,
7/15/31,
Callable
7/15/26
@
102.38(a)
...........
56
51
111
Consumer
Discretionary
(6.7%):
Carnival
Corp.
6.00%,
5/1/29,
Callable
8/2/25
@
103(a)
..................................
150
151
6.13%,
2/15/33,
Callable
2/15/28
@
103.06(a)(i)
............................
10
10
Flutter
Treasury
DAC,
5.88%,
6/4/31,
Callable
4/15/27
@
102.94(a)
..................
4
4
Global
Auto
Holdings
Ltd./AAG
FH
UK
Ltd.
11.50%,
8/15/29,
Callable
11/15/26
@
105.75(a)
............................
53
52
8.75%,
1/15/32,
Callable
1/15/27
@
104.38(a)
..............................
60
51
Great
Canadian
Gaming
Corp./Raptor
LLC,
8.75%,
11/15/29,
Callable
11/15/26
@
104.38(a)
21
21
IHO
Verwaltungs
GmbH,
8.00%,
11/15/32,
Callable
11/15/27
@
104(a)(i)(j)
............
105
107
International
Game
Technology
PLC
6.25%,
1/15/27,
Callable
7/15/26
@
100(a)
................................
50
50
5.25%,
1/15/29,
Callable
8/2/25
@
101.31(a)
...............................
25
25
Mattamy
Group
Corp.,
4.63%,
3/1/30,
Callable
8/2/25
@
102.31(a)
...................
36
35
Melco
Resorts
Finance
Ltd.,
5.38%,
12/4/29,
Callable
8/2/25
@
102.69(a)
..............
30
28
NCL
Corp.
Ltd.
5.88%,
3/15/26,
Callable
12/15/25
@
100(a)
...............................
40
40
6.75%,
2/1/32,
Callable
2/1/28
@
103.38(a)
................................
120
123
Royal
Caribbean
Cruises
Ltd.
5.63%,
9/30/31,
Callable
9/30/27
@
102.81(a)
..............................
18
18
6.25%,
3/15/32,
Callable
3/15/27
@
103.13(a)
..............................
13
13
6.00%,
2/1/33,
Callable
8/1/27
@
103(a)
..................................
190
194
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/29,
Callable
8/2/25
@
101.41(a)
........
250
250
1,172
Energy
(1.5%):
Baytex
Energy
Corp.,
7.38%,
3/15/32,
Callable
3/15/27
@
103.69(a)(i)
................
38
36
TechnipFMC
PLC,
6.50%,
2/1/26,
Callable
8/2/25
@
100(a)
........................
200
200
Vallourec
SACA,
7.50%,
4/15/32,
Callable
4/15/27
@
103.75(a)
.....................
10
10
Vermilion
Energy,
Inc.,
7.25%,
2/15/33,
Callable
2/28/28
@
103.63(a)
.................
20
19
265
Financials
(3.4%):
1261229
BC
Ltd.,
10.00%,
4/15/32,
Callable
4/15/28
@
105(a)
......................
30
31
Victory
Variable
Insurance
Funds
Victory
High
Yield
VIP
Series
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
a
Value
(000)
Ardonagh
Finco
Ltd.,
7.75%,
2/15/31,
Callable
2/15/27
@
103.88(a)
..................
$
70
$
73
Belron
UK
Finance
PLC,
5.75%,
10/15/29,
Callable
10/15/26
@
102.88(a)
..............
35
35
GGAM
Finance
Ltd.,
5.88%,
3/15/30,
Callable
9/15/26
@
102.94(a)
..................
40
40
Opal
Bidco
SAS,
6.50%,
3/31/32,
Callable
3/31/28
@
103.25(a)
.....................
300
306
UniCredit
SpA,
5.86%
(USISOA05+370bps),
6/19/32,
Callable
6/19/27
@
100(a)(g)
......
110
111
596
Health
Care
(0.1%):
Perrigo
Finance
Unlimited
Co.,
6.13%,
9/30/32,
Callable
9/30/27
@
103.06
.............
25
25
Industrials
(4.5%):
ATS
Corp.,
4.13%,
12/15/28,
Callable
8/2/25
@
101.03(a)
..........................
30
29
Avianca
Midco
2
PLC,
9.63%,
2/14/30,
Callable
2/14/27
@
104.81(a)
.................
56
52
Azorra
Finance
Ltd.,
7.75%,
4/15/30,
Callable
10/15/26
@
103.88(a)
..................
140
146
Bombardier,
Inc.
7.88%,
4/15/27,
Callable
8/2/25
@
100(a)
.................................
16
16
8.75%,
11/15/30,
Callable
11/15/26
@
104.38(a)
............................
125
135
7.25%,
7/1/31,
Callable
7/1/27
@
103.63(a)
................................
30
31
Cimpress
PLC,
7.38%,
9/15/32,
Callable
9/15/27
@
103.69(a)
.......................
20
19
Fibercop
SpA,
7.20%,
7/18/36,
Callable
4/18/36
@
100(a)
.........................
55
54
Grupo
Aeromexico
SAB
de
CV,
8.63%,
11/15/31,
Callable
11/15/27
@
104.31(a)
.........
90
86
Latam
Airlines
Group
SA,
7.88%,
4/15/30,
Callable
10/15/26
@
103.94(a)
..............
41
41
Seaspan
Corp.,
5.50%,
8/1/29,
Callable
8/4/25
@
101.38(a)
.........................
45
43
VistaJet
Malta
Finance
PLC/Vista
Management
Holding,
Inc.,
6.38%,
2/1/30,
Callable
8/2/25
@
103.19(a)(i)
.....................................................
147
137
789
Information
Technology
(0.5%):
Seagate
HDD
Cayman
8.50%,
7/15/31,
Callable
7/15/26
@
104.25
................................
30
32
9.63%,
12/1/32
....................................................
55
62
94
Materials
(3.1%):
Alcoa
Nederland
Holding
BV,
7.13%,
3/15/31,
Callable
3/15/27
@
103.56(a)
............
10
11
Aris
Mining
Corp.,
8.00%,
10/31/29,
Callable
10/31/26
@
104(a)
....................
15
15
Endeavour
Mining
PLC,
7.00%,
5/28/30,
Callable
5/28/27
@
103.5(a)
.................
50
50
Ivanhoe
Mines
Ltd.,
7.88%,
1/23/30,
Callable
1/23/27
@
103.94(a)
...................
193
193
Mineral
Resources
Ltd.,
9.25%,
10/1/28,
Callable
10/1/25
@
104.63(a)
................
40
41
NOVA
Chemicals
Corp.
9.00%,
2/15/30,
Callable
8/15/26
@
104.5(a)
...............................
200
216
7.00%,
12/1/31,
Callable
12/1/27
@
103.5(a)
...............................
10
10
536
Total
Yankee
Dollars
(Cost
$3,493)
a
a
a
3,588
Shares
Exchange-Traded
Funds
(0.7%)
iShares
BB
Rated
Corporate
Bond
ETF
.......................................
2,500
118
Total
Exchange-Traded
Funds
(Cost
$111)
a
a
a
118
Collateral
for
Securities
Loaned
(5.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.23%(k)
........
258,074
258
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.27%(k)
............
258,074
258
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.29%(k)
...............
258,074
258
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.24%(k)
.
258,074
258
Total
Collateral
for
Securities
Loaned
(Cost
$1,032)
a
a
a
1,032
Total
Investments
(Cost
$17,284)
—
97.7%
17,189
Other
assets
in
excess
of
liabilities
—  2.3%
410
NET
ASSETS
-
100.00%
$
17,599
At
June
30,
2025,
the
Fund's
investments
in
foreign
securities
were
20.9%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
Victory
Variable
Insurance
Funds
Victory
High
Yield
VIP
Series
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
June
30,
2025,
the
fair
value
of
these
securities
was
$13,857
(thousands)
and
amounted
to
78.7%
of
net
assets.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Non-income
producing
security.
(d)
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy
based
on
significant
unobservable
inputs.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(e)
Rounds
to
less
than
$1
thousand.
(f)
Security
was
fair
valued
based
upon
procedures
approved
by
the
Board
of
Trustees
and
represents
0.0%
of
net
assets
as
of
June
30,
2025.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy
based
on
significant
unobservable
inputs.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(g)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
June
30,
2025.
(h)
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.
(i)
All
or
a
portion
of
this
security
is
on
loan.
(j)
Up
to
8.75%
of
the
coupon
may
be
PIK.
(k)
Rate
disclosed
is
the
daily
yield
on
June
30,
2025.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
ETF
—
Exchange-Traded
Fund
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
June
30,
2025.
ICE
—
Intercontinental
Exchange,
Inc.
IBA
—
ICE
Benchmark
Administration
Limited
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PIK
—
Payment-in-Kind
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFR01M
—
1
Month
SOFR,
rate
disclosed
as
of
June
30,
2025.
SOFR03M
—
3
Month
SOFR,
rate
disclosed
as
of
June
30,
2025.
USISOA05
—
ICE
IBA
-
USD
SOFR
Spread-Adjusted
ICE
5
Year
Swap
Rate,
rate
disclosed
as
of
June
30,
2025.
Statement
of
Assets
and
Liabilities
June
30,
2025
11
See
notes
to
financial
statements
(Form
N-CSR
Item
7)
Victory
Variable
Insurance
Funds
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
High
Yield
VIP
Series
Assets:
Investments,
at
value
(Cost
$17,284)
$
17,189‌
(a)
Cash
903‌
Receivables:
Dividends,
interest,
and
securities
lending
income
302‌
Capital
shares
issued
34‌
Investments
sold
612‌
From
Adviser
8‌
Prepaid
expenses
—‌
(b)
Total
Assets
19,048‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
1,032‌
Investments
purchased
383‌
Capital
shares
redeemed
—‌
(b)
Accrued
expenses
and
other
payables:
Investment
advisory
fees
9‌
Administration
fees
1‌
Custodian
fees
2‌
Sub-Transfer
agent
fees
8‌
Compliance
fees
—‌
(b)
Other
accrued
expenses
14‌
Total
Liabilities
1,449‌
Commitments
and
contingencies
(Note
4
)
Net
Assets:
Capital
22,389‌
Total
accumulated
earnings
(loss)
(
4,790‌
)
Net
Assets
$
17,599‌
Shares
(unlimited
shares
authorized
with
a
par
value
of
$0.001
per
share):
2,799‌
Net
asset
value:
$
6
.29‌
(a)
Includes
$991
thousand
of
securities
on
loan.
(b)
Rounds
to
less
than
$1
thousand.
Statement
of
Operations
For
the
Six
Months
Ended
June
30,
2025
12
See
notes
to
financial
statements.
Victory
Variable
Insurance
Funds
(Amounts
in
Thousands)
(Unaudited)
Victory
High
Yield
VIP
Series
Investment
Income:
Dividends
$
16‌
Interest
652‌
Securities
lending
(net
of
fees)
4‌
Total
Income
672‌
Expenses:
Investment
advisory
fees
54‌
Administration
fees
5‌
Sub-Administration
fees
9‌
Custodian
fees
2‌
Transfer
agent
fees
—‌
(a)
Sub-Transfer
agent
fees
11‌
Trustees'
fees
2‌
Compliance
fees
—‌
(a)
Legal
and
audit
fees
6‌
Printing
fees
5‌
Other
expenses
4‌
Total
Expenses
98‌
Expenses
waived/reimbursed
by
Adviser
(
18‌
)
Net
Expenses
80‌
Net
Investment
Income
(Loss)
592‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
(
89‌
)
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
409‌
Net
realized/unrealized
gains
(losses)
on
investments
320‌
Change
in
net
assets
resulting
from
operations
$
912‌
(a)
Rounds
to
less
than
$1
thousand.
13
(Amounts
in
Thousands)
Victory
Variable
Insurance
Funds
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
High
Yield
VIP
Series
Six
Months
Ended
June
30,
2025
(Unaudited)
Year
Ended
December
31,
2024
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
592‌
$
1,567‌
Net
realized
gains
(losses)
(
89‌
)
(
918‌
)
Net
change
in
unrealized
appreciation/depreciation
409‌
980‌
Change
in
net
assets
resulting
from
operations
912‌
1,629‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
—‌
(
1,773‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
2,343‌
)
(
2,160‌
)
Change
in
net
assets
(
1,431‌
)
(
2,304‌
)
Net
Assets:
Beginning
of
period
19,030‌
21,334‌
End
of
period
$
17,599‌
$
19,030‌
Capital
Transactions:
Proceeds
from
shares
issued
$
272‌
$
1,807‌
Distributions
reinvested
—‌
1,773‌
Cost
of
shares
redeemed
(
2,615‌
)
(
5,740‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
2,343‌
)
$
(
2,160‌
)
Share
Transactions:
Issued
45‌
288‌
Reinvested
—‌
296‌
Redeemed
(
431‌
)
(
906‌
)
Change
in
Shares
(
386‌
)
(
322‌
)
Victory
Variable
Insurance
Funds
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
14
See
notes
to
financial
statements.
Victory
High
Yield
VIP
Series
Six
Months
Ended
June
30,
2025
(Unaudited)
Year
Ended
December
31,
2024
Year
Ended
December
31,
2023
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Year
Ended
December
31,
2020
Net
Asset
Value,
Beginning
of
Period
$5.98
$6.08
$5.92
$7.40
$7.42
$7.36
Investment
Activities:
Net
investment
income
(loss)(a)
0.20
0.49
0.49
0.44
0.40
0.44
Net
realized
and
unrealized
gains
(losses)
0.11
0.02
0.18
(1.44)
0.03
0.14
Total
from
Investment
Activities
0.31
0.51
0.67
(1.00)
0.43
0.58
Distributions
to
Shareholders
from:
Net
investment
income
—
(0.61)
(0.51)
(0.48)
(0.45)
(0.52)
Total
Distributions
—
(0.61)
(0.51)
(0.48)
(0.45)
(0.52)
Net
Asset
Value,
End
of
Period
$6.29
$5.98
$6.08
$5.92
$7.40
$7.42
Total
Return(b)(c)(d)
5.18%
8.42%
11.41%
(13.55)%
5.85%
7.92%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.89%
0.89%
0.89%
0.89%
0.89%
0.89%
Net
Investment
Income
(Loss)(e)
6.62%
7.70%
7.88%
6.55%
5.21%
6.10%
Gross
Expenses(e)(f)
1.09%
1.05%
1.02%
1.01%
0.99%
1.04%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$17,599
$19,030
$21,334
$22,139
$30,016
$30,119
Portfolio
Turnover(b)
50%
109%(g)
52%
42%
75%
91%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Total
returns
do
not
reflect
the
effects
of
charges
deducted
pursuant
to
the
terms
of
The
Guardian
Insurance
&
Annuity
Company,
Inc.'s
variable
contracts.
Inclusion
of
such
charges
would
reduce
the
total
returns
for
all
periods
shown.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Reflects
increased
trading
activity
due
to
a
sub-adviser
termination.
Notes
to
Financial
Statements
June
30,
2025
Victory
Variable
Insurance
Funds
15
(Unaudited)
1.
Organization:
Victory
Variable
Insurance
Funds
(the
“Trust”)
is
organized
as
a
Delaware
statutory
trust
and the
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company.
The
Trust
is
comprised
of
four
funds
and
is
authorized
to
issue
an
unlimited
number
of
shares,
which
are
units
of
beneficial
interest
with
a
par
value
of
$0.001
per
share.
The
accompanying
financial
statements
are
those
of Victory
High
Yield
VIP
Series
(the
“Fund”),
a
series
of
the
Trust.
The
Fund offers
a
single
class
of
shares:
Class
I.
The
Fund’s
shares
are
only
available
for
purchase
by
certain
separate
accounts
of
insurance
companies
as
investments
for
certain
variable
annuity
plans
and
variable
life
insurance
contracts
issued
by
those
insurance
companies.
The
Fund
is
classified
as
diversified
under
the
1940
Act.
Victory
Capital
Management
Inc.
(“VCM”
or
the
“Adviser”)
is
an
indirect
wholly
owned
subsidiary
of
Victory
Capital
Holdings,
Inc.,
a
publicly
traded
Delaware
corporation,
and
a
wholly
owned
direct
subsidiary
of
Victory
Capital
Operating,
LLC.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
In
addition,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
its
vendors
and
others
that
provide
for
general
indemnifications.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund.
However,
based
on
experience,
the
Fund
expects
that
risk
of
loss
to
be
remote.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the Fund
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
the
Adviser
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
follows
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies
under
Accounting
Standards
Codification
Topic
946.
Investment
Valuation: 
The
Fund
records
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to sell
an asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Fund’s
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
(unadjusted)
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risks
associated
with
entering
into
those
investments.
The Adviser,
appointed
as
the
valuation
designee
by the
Trust's
Board
of
Trustees
(the
“Board”), has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to
Board
oversight,
the
Committee
administers
and
oversees
the
Fund’s
valuation
policies
and
procedures,
which
are
approved
by
the
Board.
Portfolio
securities
listed
or
traded
on
securities
exchanges,
including
Exchange-Traded
Funds
(“ETFs”),
are
valued
at
the
last
sale
price
on
the
exchange
or
system
where
the
security
is
principally
traded,
if
available,
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
for
that
day
on
the
exchange
or
system,
then
a
security
is
valued
at
the
closing bid
quotation
on
the
exchange
or
system
where
the
security
is
principally
traded.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
net
asset
value
(“NAV”).
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
Debt
securities
are
valued
each
business
day
by
a
pricing
service
approved
by
the
valuation
designee
and
subject
to
the
oversight
of
the
Board.
The
pricing
service
uses
the
evaluated
bid
or market
quotes to
value
securities.
Debt
obligations
maturing
within
60
days
may
be
valued
at
amortized
cost,
provided
that
the
amortized
cost
represents
the
fair
value
of
such
securities.
These
valuations
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Fund’s
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
June
30,
2025, based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
on
the
Schedule
of
Portfolio
Investments
(amounts
in
thousands).
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
16
(Unaudited)
(a)    
Zero
market
value
securities.
As
of June
30,
2025,
there
were
no
significant
transfers
into/out
of
Level
3.
Investment
Companies:
Exchange-Traded
Funds:
The
Fund
may
invest
in
ETFs,
the
shares
of
which
are
bought
and
sold
on
a
securities
exchange.
An
ETF
trades
like
common
stock
and
represents
a
fixed
portfolio
of
securities
often
designed
to
track
the
performance
and
dividend
yield
of
a
particular
domestic
or
foreign
market
index. Among
other
purposes,
the
Fund
may
purchase
shares
of
an
ETF
to
temporarily
gain
exposure
to
a
portion
of
the
U.S.
or
a
foreign
market
while
awaiting
purchase
of
underlying
securities.
The
risks
of
owning
an
ETF
generally
reflect
the
risks
of
owning
the
underlying
securities
the
ETF
is
designed
to
track,
although
the
lack
of
liquidity
of
an
ETF
could
result
in
it
being
more
volatile.
Additionally,
ETFs
have
fees
and
expenses
that
reduce
their
value.
Open-End
Funds:
The
Fund
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Loans:
Floating
rate
loans
in
which
the
Fund
invests
are
primarily
“senior”
loans.
Senior
floating
rate
loans
typically
hold
a
senior
position
in
the
capital
structure
of
the
borrower,
are
typically
secured
by
specific
collateral,
and
have
a
claim
on
the
assets
and/or
stock
of
the
borrower
that
is
senior
to
that
held
by
subordinated
debtholders
and
stockholders
of
the
borrower.
While
these
protections
may
reduce
risk,
these
investments
still
present
significant
credit
risk.
A
significant
portion
of
the
Fund’s
floating
rate
investments
may
be
issued
in
connection
with
highly
leveraged
transactions
such
as
leveraged
buyouts,
leveraged
recapitalization
loans,
and
other
types
of
acquisition
financing.
Obligations
in
these
types
of
transactions
are
subject
to
greater
credit
risk
(including
default
and
bankruptcy)
than
many
other
investments
and
may
be,
or
become,
illiquid.
See
note
regarding
below-investment-grade
securities.
The
Fund
may
purchase
second
lien
loans
(secured
loans
with
a
claim
on
collateral
subordinate
to
a
senior
lender’s
claim
on
such
collateral),
fixed
rate
loans,
unsecured
loans,
and
other
debt
obligations.
Transactions
in
loans
often
settle
on
a
delayed
basis,
and
the
Fund
may
not
receive
the
proceeds
from
the
sale
of
a
loan
or
pay
for
a
loan
purchase
for
a
substantial
period
of
time
after
entering
into
the
transactions.
Below-Investment-Grade
Securities:
The
Fund
may
invest in
below-investment-grade
securities
(i.e.,
lower-quality,
“junk”
debt),
which
are
subject
to
various
risks.
Lower-quality
debt
is
considered
to
be
speculative
because
it
is
less
certain
that
the
issuer
will
be
able
to
pay
interest
or
repay
the
principal
than
in
the
case
of
investment-grade
debt.
These
securities
can
involve
a
substantially
greater
risk
of
default
than
higher-rated
securities,
and
their
values
can
decline
significantly
over
short
periods
of
time.
Lower-quality
debt
securities
tend
to
be
more
sensitive
to
adverse
news
about
their
issuers,
the
market
and
the
economy
in
general,
than
higher-quality
debt
securities.
The
market
for
these
securities
can
be
less
liquid,
especially
during
periods
of
recession
or
general
market
decline.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
on
the
basis
of
coupon
interest
accrued
and recorded
daily
using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis. Paydown
gains
or
losses
on
applicable
securities,
if
any,
are
recorded
as
components
of
Interest
income
on
the
Statement
of
Operations.
Level
1
Level
2
Level
3
Total
Victory
High
Yield
VIP
Series
Asset-Backed
Securities
.........................................
$
—
$
42
$
—
$
42
Common
Stocks
...............................................
—
—
—(a)
—(a)
Senior
Secured
Loans
...........................................
—
1,270
—
1,270
Corporate
Bonds
..............................................
—
11,139
—
11,139
Yankee
Dollars
...............................................
—
3,588
—
3,588
Exchange-Traded
Funds
.........................................
118
—
—
118
Collateral
for
Securities
Loaned
...................................
1,032
—
—
1,032
Total
.......................................................
$
1,150
$
16,039
$
—(a)
$
17,189
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
17
(Unaudited)
The Fund
may
receive
other
income
from
investments
in
loan
assignments
and/or
unfunded
commitments,
including
amendment
fees,
consent
fees,
and
commitment
fees.
These
fees
are
recorded
as
income
when
received.
These
amounts,
if
received,
are
included
in
Interest
income
on
the
Statement
of
Operations. 
Securities
Lending:
The
Fund,
through
a
Securities
Lending
Agreement
with
Citibank,
N.A.
(“Citibank”),
may
lend
its
securities
to
qualified
financial
institutions,
such
as
certain
broker-dealers
and
banks,
to
earn
additional
income,
net
of
income
retained
by
Citibank.
Borrowers
are
required
to
initially
secure
their
loans
for
collateral
in
the
amount
of
at
least
102%
of
the
value
of
U.S.
securities
loaned
or
at
least
105%
of
the
value
of
non-U.S.
securities
loaned,
marked-to-market
daily.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
loaned
are
generally
cured
the
next
business
day.
The
collateral
can
be
received
in
the
form
of
cash
collateral
and/or
non-cash
collateral.
Non-cash
collateral
can
include
U.S.
Government
Securities
and
other
securities
as
permitted
by Securities
and
Exchange
Commission
(“SEC”)
guidelines.
The
cash
collateral
is
invested
in
short-term
instruments
or
cash
equivalents,
primarily
open-end
investment
companies,
as
noted
on
the
Fund’s
Schedule
of
Portfolio
Investments.
The
Fund
effectively
does
not
have
control
of
the
non-cash
collateral
and
therefore
it
is
not
disclosed
on
the
Fund’s
Schedule
of
Portfolio
Investments.
Collateral
requirements
are
determined
daily
based
on
the
value
of
the
Fund’s
securities
on
loan
as
of
the
end
of
the
prior
business
day.
During
the
time
portfolio
securities
are
on
loan,
the
borrower
will
pay
the
Fund
any
dividends
or
interest
paid
on
such
securities
plus
any
fee
negotiated
between
the
parties
to
the
lending
agreement.
The
Fund
also
earns
a
return
from
the
collateral.
The
Fund
pays
Citibank
various
fees
in
connection
with
the
investment
of
cash
collateral
and
fees
based
on
the
investment
income
received
from
securities
lending
activities.
Securities
lending
income
(net
of
these
fees)
is
disclosed
on
the
Statement
of
Operations.
Loans
are
terminable
upon
demand
and
the
borrower
must
return
the
loaned
securities
within
the
lesser
of
one
standard
settlement
period
or
five
business
days.
Although
risk
is
mitigated
by
the
collateral,
the
Fund
could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
In
addition,
there
is
a
risk
that
the
value
of
the
short-term
investments
will
be
less
than
the
amount
of
cash
collateral
required
to
be
returned
to
the
borrower.
The
Fund’s
agreement
with
Citibank
does
not
include
master
netting
provisions.
Non-cash
collateral
received
by
the
Fund
may
not
be
sold
or
repledged,
except
to
satisfy
borrower
default.
The
following
table
is
a
summary
of
the
Fund’s
securities
lending
transactions
as
of
June
30,
2025
(amounts
in
thousands): 
Federal
Income
Taxes:
The
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Fund
has
a
tax
year
end
of December
31.
For
the
six
months
ended
June
30,
2025,
the
Fund
did
not
incur
any
income
tax,
interest,
or
penalties,
and
has
recorded
no
liability
for
net
unrecognized
tax
benefits
relating
to
uncertain
tax
positions.
Management
of
the
Fund
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
all
major
tax
jurisdictions,
including
federal
(i.e.,
the
last
four
tax
years,
which
includes
the
current
fiscal
tax
year
end).
Management
believes
that
there
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
taken.
Allocations:
Expenses
directly
attributable
to the
Fund
are
charged
to the
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
Fees
Paid
Indirectly:
Expense
offsets
to
custody
fees
that
arise
from
credits
on
cash
balances
maintained
on
deposit
are
reflected
on
the
Statement
of
Operations,
as
applicable,
as
Fees
paid
indirectly.
3.
Purchases
and
Sales:
Purchases
and sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
for
the
six
months
ended
June
30,
2025,
were
as
follows  (amounts
in
thousands):
Value
of
Securities
on
Loan
Non-Cash
Collateral
Cash
Collateral
Victory
High
Yield
VIP
Series
........................................
$
991
$
—
$
1,032
Excluding
U.S.
Government
Securities
Purchases
Sales
Victory
High
Yield
VIP
Series
.................................................................
$
8,148
$
9,159
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
18
(Unaudited)
4.
Fees
and
Transactions
with
Affiliates
and
Related
Parties:
Investment
Advisory
Fees: 
Investment
advisory
services
are
provided
to
the
Fund
by
the
Adviser,
which
is
a
New
York
corporation
registered
as
an
investment
adviser
with
the
SEC.
Under
the
terms
of
the
Investment
Advisory
Agreement,
the
Adviser
is
entitled
to
receive
fees
accrued
daily
and
paid
monthly
at
an
annualized
rate
of
0.60%
of
the
Fund’s
average
daily
net
assets.
Amounts
incurred
and
paid
to
VCM
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Investment
advisory
fees.
Administration
and
Servicing
Fees:
VCM
also
serves
as
the
Fund’s
administrator
and
fund
accountant.
Under
the Administration
and
Fund
Accounting
Agreement,
VCM
is
paid
an
administration
fee
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Trust,
Victory
Portfolios
and
Victory
Portfolios
II.
The
tiered
rates
at
which
VCM
is
paid
by
the
Funds
are
shown
in
the
table
below:
Amounts
incurred
for
the
six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Administration
fees.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
acts
as
sub-administrator
and
sub-fund
accountant
to
the
Fund
pursuant
to
the
Sub-Administration
and
Sub-Fund
Accounting
Services
Agreement
between
VCM
and
Citi.
VCM
pays
Citi
a
fee
for
providing
these
services.
The Fund
reimburses
VCM
and
Citi
for
out-of-pocket
expenses
incurred
in
providing
these
services
and
certain
other
expenses
specifically
allocated
to
the
Fund.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Sub-Administration
fees.
The
Fund
(as
part
of
the
Trust)
has
entered
into
an
agreement
with
the
Adviser
to
provide
compliance
services,
pursuant
to
which
the
Adviser
furnishes
its
compliance
personnel,
including
the
services
of
the
Chief
Compliance
Officer
(“CCO”),
and
other
resources
reasonably
necessary
to
provide
the
Trust
with
compliance
oversight
services
related
to
the
design,
administration,
and
oversight
of
a
compliance
program
for
the
Trust
in
accordance
with
Rule
38a-1
under
the
1940
Act.
The
CCO
is
an
employee
of
the
Adviser,
which
pays
the
compensation
of
the
CCO
and
support
staff.
The
funds
in
the
Trust,
Victory
Portfolios,
and
Victory
Portfolios
II,
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Compliance
fees.
Transfer
Agency
Fees:
FIS
Investor
Services,
LLC
(“FIS”)
serves
as
the
Fund’s
transfer
agent.
Under
the
Transfer
Agent
Agreement,
the
Trust
pays
FIS
a
fee
for
its
services
and
reimburses
FIS
for
all
of
their
reasonable
out-of-pocket
expenses
incurred
in
providing
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Transfer
agent
fees.
Sub-Transfer
Agency
Fees: 
The
Fund
has
entered
into
Sub-Transfer
Agency
Agreements
with
financial
intermediaries
that
provide
recordkeeping,
processing,
shareholder
communications
and
other
services
to
customers
of
the
intermediaries
that
hold
positions
in
the
Fund
and
has
agreed
to
compensate
the
intermediaries
for
providing
those
services.
Intermediaries
transact
with
the
Fund
primarily
through
the
use
of
omnibus
accounts
on
behalf
of
their
customers
who
hold
positions
in
the
Fund.
These
services
would
have
been
provided
by
the
Fund’s
transfer
agent
and
other
service
providers
if
the
shareholders’
accounts
were
maintained
directly
at
the
Fund’s
transfer
agent.
Amounts
incurred
for
the
six
months ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Sub-Transfer
agent
fees.
Distributor/Underwriting
Services:
Victory
Capital
Services,
Inc.
(the
“Distributor”),
an
affiliate
of
the
Adviser,
serves
as
Distributor
for
the
continuous
offering
of
the
shares
of
the
Fund
pursuant
to
a
Distribution
Agreement
between
the
Distributor
and
the
Trust,
and
receives
no
fee
or
other
compensation
for
these
services.
Other
Fees:
Citibank
serves
as
the
Fund’s
custodian.
The
Fund
pays
Citibank
a
fee
for
providing
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Custodian
fees.
Sidley
Austin
LLP
provides
legal
services
to
the
Trust.
The
Adviser
has
entered
into
an
expense
limitation
agreement
with the Trust.
Under
the
terms
of
the
agreement,
the
Adviser
has
agreed
to
waive
fees
or
reimburse
certain
expenses
to
the
extent
that
ordinary
operating
expenses
incurred
in
any
fiscal
year
exceed
the
expense limit
of the
Fund.
Such
excess
amounts
will
be
the
liability
of
the
Adviser. Acquired
fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
are
excluded
from
the
expense
limit.
As
of
June
30,
2025,
the
expense
limit (excluding
voluntary
waivers) was:
Net
Assets
Up
to
$15
billion
$15
billion
—
$30
billion
Over
$30
billion
0.08%,
plus
0.05%,
plus
0.04%
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
19
(Unaudited)
Under
the
terms
of
the
expense
limitation
agreement,
the
Fund
has
agreed
to
repay
fees
and
expenses
that
were
waived
or
reimbursed
by
the
Adviser
for
a
period
of
up
to
three
years
(thirty-six
(36)
months)
after
the
waiver
or
reimbursement
took
place,
subject
to
the
lesser
of
any
operating
expense limits
in
effect
at
the
time
of:
(a)
the
original
waiver
or
expense
reimbursement;
or
(b)
the
recoupment,
after
giving
effect
to
the
recoupment
amount.
The
Fund
has
not
recorded
any
amounts
available
to
be
repaid
to
the
Adviser
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
June
30,
2025.
As
of June
30,
2025,
the
following amounts
are
available
to
be
repaid
to
the
Adviser
(amounts
in
thousands):
The
Adviser
may
voluntarily
waive
or
reimburse
additional
fees
to
assist
the
Fund
in
maintaining
competitive
expense
ratios.
Voluntary
waivers
and
reimbursements
applicable
to
the
Fund are
not
available
to
be
recouped
at
a
future
time.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
June
30,
2025.
Certain
officers
and/or
interested
trustees
of
the
Fund
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
legal
counsel,
and
Distributor.
5.
Risks:
The
Fund
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Debt
Securities
Risk
—
The
value
of
a
debt
security
or
other
income-producing
security
changes
in
response
to
various
factors,
including,
for
example,
market-related
factors
(such
as
changes
in
interest
rates
or
changes
in
the
risk
appetite
of
investors
generally)
and
changes
in
the
actual
or
perceived
ability
of
the
issuer
(or
of
issuers
generally)
to
meet
its
(or
their)
obligations.
Other
factors
that
may
affect
the
value
of
debt
securities
include,
among
others,
economic
conditions,
market
events
and public
health
crises
and
responses
by
governments
and
companies
to
such
developments.
These
and
other
events
may
affect
the
creditworthiness
of
the
issuer
of
a
debt
security
and
may
impair
an
issuer’s
ability
to
timely
meet
its
debt
obligations
as
they
come
due.
General
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Fund.
Domestic
and
international
factors
such
as
political
events,
war,
terrorism,
trade
disputes,
inflation
rates,
interest
rate
levels,
and
other
fiscal
and
monetary
policy
changes,
cybersecurity
incidents,
pandemics,
and
other
public
health
crises,
imposition
of
tariffs,
sanctions
against
a
particular
foreign
country,
its
nationals,
businesses
or
industries;
and
related
geopolitical
events,
as
well
as
environmental
disasters
such
as
earthquakes,
fires,
and
floods,
or
other
catastrophes,
may
add
to
instability
in
global
economies
and
markets
generally,
and
may
lead
to
increased
market
volatility.
Global
economies
and
financial
markets
are
highly
interconnected,
which
increases
the
possibility
that
conditions
in
one
country
or
region
might
adversely
affect
issuers
in
another
country
or
region.
The
impact
of
these
and
other
factors
may
be
short-term
or
may
last
for
extended
periods.
High-Yield/Junk
Bond
Risk
—
Lower-quality
debt
securities
can
involve
a
substantially
greater
risk
of
default
than
higher
quality
debt
securities,
and
their
values
can
decline
significantly
over
short
and
longer
periods
of
time.
Lower-quality
debt
securities
tend
to
be
more
sensitive
to
adverse
news
about
the
issuer,
or
the
market
or
economy
in
general.
Floating
Rate
Loan
Risk
—
Investments
in
floating
rate
loans
are
generally
subject
to
the
same
risks
as
investments
in
other
types
of
debt
securities,
including,
in
many
cases,
investments
in
high-yield/junk
bonds.
There
may
be
limited
public
information
available
regarding
the
loan.
They
may
be
difficult
to
value
and
may
be
illiquid.
The
receipt
of
principal
and
interest
on
some
loans
may
be
subject
to
the
credit
risk
of
a
financial
institution
that
issues
or
administers
the
loan.
In
certain
circumstances,
the
Fund
may
not
have
the
same
protections
available
to
investors
under
the
federal
securities
laws.
In
times
of
unusual
or
adverse
market,
economic
or
political
conditions,
floating
rate
loans
may
experience
higher
than
normal
default
rates.
In
the
event
of
a
recession
or
serious
credit
event,
among
other
eventualities,
the
value
of
the
Fund’s
investments
in
floating
rate
loans
are
more
likely
to
decline.
Transactions
in
loans
often
settle
on
a
delayed
basis,
and
the
Fund
may
not
receive
the
proceeds
from
the
sale
of
a
loan
for
a
substantial
period
of
time
after
the
sale.
The
secondary
market
for
floating
rate
loans
is
limited
and,
thus,
the
Fund’s
ability
to
sell
or
realize
the
full
value
of
its
investment
in
these
loans
to
reinvest
sale
proceeds
or
to
meet
redemption
obligations
may
be
impaired.
6.
Borrowing
and
Interfund
Lending:
Line
of
Credit:
The
Victory
Funds
Complex
participates
in
a
short-term
demand
note
“Line
of
Credit”
agreement
with
Citibank.
Under
the
agreement
with
Citibank,
the
funds
in
the
Trust,
Victory
Portfolios,
Victory
Portfolios
II,
and
Victory
Portfolios
III
(collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
 may
borrow
up
to
$600
million,
of
which
$300
million
is
committed
and
$300
million
is
uncommitted.
$40
million
of
the
Line
of
Credit
is
reserved
for
use
by
the
Victory
Floating
Rate
Fund,
another
series
of
the
Victory
Funds
Complex,
with
Victory
Floating
Rate
Fund
In
effect
until
April
30,
2026
Victory
High
Yield
VIP
Series
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.89%
Expires
2025
Expires
2026
Expires
2027
Expires
2028
Total
Victory
High
Yield
VIP
Series
................................
$
17
$
28
$
33
$
18
$
96
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
20
(Unaudited)
paying
the
related
commitment
fees
for
that
amount.
The
purpose
of
the
Line
of
Credit
is
to
meet
temporary
or
emergency
cash
needs.
For
the six
months
ended
June
30,
2025,
Citibank
received
an
annual
commitment
fee
of
0.15%
on
$300
million
for
providing
the
Line
of
Credit.
Each
fund
in
the
Victory
Funds
Complex
paid
a
pro-rata
portion
of
the
commitment
fees
plus
any
interest
on
amounts
borrowed.
Interest
is
based
on
the
one-month Secured
Overnight
Financing
Rate
plus
1.10
percent.
Effective
June
24,
2025,
the
agreement
was
renewed
with
a
termination
date
of
June
22,
2026,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged.
Dedicated
portions
to
the
Victory
Floating
Rate
Fund
have
been
removed,
making
the
entire
Line
of
Credit
(committed
and
uncommitted)
available
to
all
funds.
Interest
charged
to
the
Fund
during
the
period,
if
applicable,
is
reflected
on
the
Statement
of
Operations
under
Line
of
credit
fees.
The
Fund
had
no
borrowings
under the
Line
of
Credit
agreement
during
the
six
months
ended
June
30,
2025.
Interfund
Lending:
The
Trust
and
the
Adviser
rely
on
an
exemptive
order
granted
by
the
SEC
in
March
2017
(the
“Order”),
permitting
the
establishment
and
operation
of
an
Interfund
Lending
Facility
(the
“Facility”).
The
Facility
allows
the
Fund
to
directly
lend
and
borrow
money
to
or
from
any
other
fund
in
the
Victory
Funds
Complex
that
is
permitted
to
participate
in
the
Facility,
relying
upon
the
Order
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Advances
under
the
Facility
are
allowed
for
temporary
or
emergency
purposes,
including
the
meeting
of
redemption
requests
that
otherwise
might
require
the
untimely
disposition
of
securities,
and
are
subject
to
each
Fund’s
borrowing
restrictions.
The
interfund
loan
rate
is
determined,
as
specified
in
the
Order,
by
averaging
the
current
repurchase
agreement
rate
and
the
current
bank
loan
rate.
As
a
Borrower
(as
defined
in
the
Order),
interest
charged
to
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending
fees.
As
a
Lender
(as
defined
in
the
Order),
interest
earned
by
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending.
The
Fund
did
not
utilize
or
participate
in
the
Facility
during
the
six
months
ended
June
30,
2025.
7.
Federal
Income
Tax
Information:
The
Fund
intends
to
distribute
any
net
investment
income
annually.
Distributable
net
realized
gains,
if
any,
are
declared
and
paid
at
least
annually.
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Fund
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statement
of
Assets
and
Liabilities.
The
tax
character
of
current
year
distributions
paid
and
the
tax
basis
of
the
current
components
of
accumulated
earnings
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
As
of
the
tax
year
ended December
31,
2024,
the
Fund
had
net
capital
loss
carryforwards as shown
in
the
table
below.
It
is
unlikely
that
the
Board
will
authorize
a
distribution
of
capital
gains
realized
in
the
future
until
the
capital
loss
carryforwards
have
been
used
(amounts
in
thousands):
8.
Segment
Reporting:
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280):
Improvements
to
Reportable
Segment
Disclosures.
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
the
results
of
its
operations.
The
Adviser's
Management
Committee
acts
as
the
Fund’s
Chief
Operating
Decision
Maker
(“CODM”).
The
Fund
represents
a
single
operating
segment,
as
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-
determined
in
accordance
with
the
Fund's
single
investment
objective.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios,
and
changes
in
net
assets,
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
as
“total
assets”
and
significant
segment
expenses
are
listed
on
the
accompanying
Statement
of
Operations.
9.
Subsequent
Event:
On
May
20,
2025,
the
Board,
upon
recommendation
of
the
Adviser,
approved
a
Plan
of
Liquidation
for
each
individual
fund
within
the
Trust.
On
August
29,
2025,
the
Fund
will
redeem
all
of
its
outstanding
shares
at
the
net
asset
value
of
such
shares.
Short-Term
Amount
Long-Term
Amount
Total
Victory
High
Yield
VIP
Series
.............................................
$
(431)
$
(6,324)
$
(6,755)
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
800-539-FUND
(800-539-3863)
VVIF-RS-HYVIP-SAR
(6/25)
June
30,
2025
Semi-Annual:
Full
Financials
Victory
Variable
Insurance
Funds
Victory
RS
International
VIP
Series
vcm.com
News,
Information
And
Education
24
Hours
A
Day,
7
Days
A
Week
The
Victory
Capital
website
gives
fund
shareholders,
prospective
shareholders,
and
investment
professionals
a
convenient
way
to
access
fund
information,
get
guidance,
and
track
fund
performance
anywhere
they
can
access
the
Internet.
The
site
includes:
Detailed
performance
records
Daily
share
prices
The
latest
fund
news
Investment
resources
to
help
you
become
a
better
investor
A
section
dedicated
to
investment
professionals
Whether
you’re
a
potential
investor
searching
for
the
fund
that
matches
your
investment
philosophy,
a
seasoned
investor
interest-
ed
in
planning
tools,
or
an
investment
professional,
vcm.com
has
what
you
seek.
Visit
us
anytime.
We’re
always
open.
TABLE
OF
CONTENTS
Victory
Variable
Insurance
Funds
1
Schedule
of
Portfolio
Investments
(Form
N-CSR
Item
6)
3
Financial
Statements
(Form
N-CSR
Item
7)
Statement
of
Assets
and
Liabilities
7
Statement
of
Operations
8
Statements
of
Changes
in
Net
Assets
9
Financial
Highlights
10
Notes
to
Financial
Statements
(Form
N-CSR
Item
7)
11
2
Call
Victory
at:
800-539-FUND
(800-539-3863)
Visit
our
website
at:
vcm.com
The
Fund
is
distributed
by
Victory
Capital
Services,
Inc.
Victory
Capital
Management
Inc.
is
the
investment
adviser
to
the
Fund
and
receives
fees
from
the
Fund
for
performing
services
for
the
Fund.
This
report
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
a
current
prospectus
of
the
Fund.
For
additional
information
about
any
Victory
Fund,
including
fees,
expenses,
and
risks,
view
our
prospectus
online
at
vcm.com
or
call
800-539-3863.
Read
it
carefully
before
you
invest
or
send
money.
The
information
in
this
report
is
based
on
data
obtained
from
recognized
services
and
sources
and
is
believed
to
be
reliable.
Any
opinions,
projections,
or
recommendations
in
this
report
are
subject
to
change
without
notice
and
are
not
intended
as
individual
investment
advice.
Past
investment
performance
of
the
Fund,
markets
or
securities
mentioned
herein
should
not
be
considered
to
be
indicative
of
future
results.
NOT
FDIC
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
Schedule
of
Portfolio
Investments
June
30,
2025
Victory
Variable
Insurance
Funds
Victory
RS
International
VIP
Series
3
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(98.2%)
Australia
(6.0%):
Consumer
Discretionary
(1.3%):
Aristocrat
Leisure
Ltd.
...................................................
34,471
$
1,477
Financials
(1.1%):
Macquarie
Group
Ltd.
...................................................
8,343
1,254
Health
Care
(0.8%):
CSL
Ltd.
.............................................................
5,432
858
Materials
(1.8%):
BHP
Group
Ltd.
........................................................
85,644
2,060
Real
Estate
(1.0%):
Scentre
Group
.........................................................
496,412
1,166
6,815
Austria
(1.1%):
Financials
(1.1%):
BAWAG
Group
AG
(a)
...................................................
9,709
1,241
Belgium
(1.2%):
Information
Technology
(0.6%):
Melexis
NV
(b)
.........................................................
7,686
655
Materials
(0.6%):
Solvay
SA
,
Class
A
.....................................................
19,924
690
1,345
Denmark
(2.6%):
Consumer
Discretionary
(0.9%):
Pandora
A/S
..........................................................
5,585
984
Health
Care
(1.7%):
Novo
Nordisk
A/S
,
Class
B
................................................
29,004
2,010
2,994
Finland
(1.2%):
Financials
(1.2%):
Nordea
Bank
Abp
.......................................................
93,471
1,387
France
(8.1%):
Consumer
Discretionary
(1.7%):
FDJ
UNITED
(a)
.......................................................
23,999
942
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
1,956
1,023
1,965
Consumer
Staples
(1.3%):
L'Oreal
SA
...........................................................
3,476
1,489
Energy
(0.6%):
Gaztransport
Et
Technigaz
SA
..............................................
3,326
658
Industrials
(3.2%):
Rexel
SA
.............................................................
40,507
1,249
Safran
SA
............................................................
7,253
2,365
3,614
Information
Technology
(0.5%):
Capgemini
SE
.........................................................
3,578
613
Materials
(0.8%):
Arkema
SA
...........................................................
12,857
949
9,288
Germany
(10.3%):
Communication
Services
(0.9%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
8,231
1,024
Consumer
Discretionary
(0.9%):
Volkswagen
AG
,
Preference
Shares
..........................................
9,215
974
Victory
Variable
Insurance
Funds
Victory
RS
International
VIP
Series
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Financials
(2.7%):
Allianz
SE
,
Registered
Shares
..............................................
7,684
$
3,118
Industrials
(2.2%):
Siemens
AG
,
Registered
Shares
.............................................
9,878
2,537
Information
Technology
(2.7%):
SAP
SE
..............................................................
10,170
3,109
Utilities
(0.9%):
RWE
AG
.............................................................
25,450
1,063
11,825
Hong
Kong
(2.8%):
Financials
(1.8%):
AIA
Group
Ltd.
........................................................
223,000
2,020
Real
Estate
(1.0%):
CK
Asset
Holdings
Ltd.
..................................................
273,500
1,209
3,229
Ireland
(0.6%):
Materials
(0.6%):
James
Hardie
Industries
PLC
(c)
............................................
26,597
714
Italy
(2.3%):
Financials
(1.0%):
Banco
BPM
SpA
.......................................................
100,745
1,176
Utilities
(1.3%):
Enel
SpA
.............................................................
152,754
1,449
2,625
Japan
(20.9%):
Communication
Services
(2.2%):
Capcom
Co.
Ltd.
.......................................................
41,900
1,431
Kakaku.com,
Inc.
.......................................................
59,800
1,109
2,540
Consumer
Discretionary
(2.6%):
Toyota
Motor
Corp.
.....................................................
119,000
2,050
ZOZO,
Inc.
...........................................................
84,400
912
2,962
Consumer
Staples
(0.6%):
Toyo
Suisan
Kaisha
Ltd.
..................................................
10,200
678
Financials
(3.2%):
Mizuho
Financial
Group,
Inc.
..............................................
64,600
1,794
Tokio
Marine
Holdings,
Inc.
...............................................
44,600
1,890
3,684
Health
Care
(2.3%):
Hoya
Corp.
...........................................................
11,900
1,414
Shionogi
&
Co.
Ltd.
.....................................................
68,600
1,235
2,649
Industrials
(5.5%):
Fuji
Electric
Co.
Ltd.
....................................................
22,800
1,050
MISUMI
Group,
Inc.
....................................................
35,400
473
Mitsubishi
Heavy
Industries
Ltd.
............................................
89,200
2,232
Nippon
Yusen
KK
......................................................
23,800
856
Sanwa
Holdings
Corp.
...................................................
48,500
1,609
6,220
Information
Technology
(3.6%):
Disco
Corp.
...........................................................
4,700
1,392
Fujitsu
Ltd.
...........................................................
60,900
1,478
Oracle
Corp.
..........................................................
10,500
1,252
4,122
Victory
Variable
Insurance
Funds
Victory
RS
International
VIP
Series
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Real
Estate
(0.9%):
Sumitomo
Realty
&
Development
Co.
Ltd.
....................................
27,300
$
1,054
23,909
Netherlands
(6.5%):
Communication
Services
(1.2%):
Koninklijke
KPN
NV
....................................................
269,626
1,315
Financials
(2.0%):
ING
Groep
NV
........................................................
105,813
2,319
Industrials
(1.4%):
Wolters
Kluwer
NV
.....................................................
9,312
1,557
Information
Technology
(1.9%):
ASM
International
NV
...................................................
1,922
1,233
ASML
Holding
NV
.....................................................
1,222
979
2,212
7,403
New
Zealand
(0.7%):
Health
Care
(0.7%):
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
........................................
34,954
767
Norway
(1.5%):
Industrials
(1.5%):
Kongsberg
Gruppen
ASA
.................................................
43,845
1,701
Singapore
(0.9%):
Financials
(0.9%):
Singapore
Exchange
Ltd.
.................................................
91,800
1,075
Spain
(3.5%):
Communication
Services
(0.0%):(d)
Telefonica
SA
.........................................................
1
—
(e)
Financials
(2.3%):
Banco
Bilbao
Vizcaya
Argentaria
SA
.........................................
167,601
2,581
Industrials
(1.2%):
Aena
SME
SA
(a)
.......................................................
51,110
1,364
3,945
Sweden
(1.6%):
Consumer
Staples
(0.2%):
Essity
AB
,
Class
B
......................................................
9,030
250
Industrials
(1.4%):
Atlas
Copco
AB
,
Class
B
.................................................
113,023
1,609
1,859
Switzerland
(11.3%):
Consumer
Staples
(3.6%):
Coca-Cola
HBC
AG
.....................................................
30,233
1,579
Nestle
SA
,
Registered
Shares
..............................................
25,045
2,491
4,070
Financials
(1.7%):
Partners
Group
Holding
AG
...............................................
581
761
UBS
Group
AG
........................................................
35,327
1,200
1,961
Health
Care
(5.3%):
Novartis
AG
,
Registered
Shares
.............................................
25,222
3,063
Roche
Holding
AG
......................................................
9,121
2,979
6,042
Information
Technology
(0.7%):
Logitech
International
SA
,
Class
R
..........................................
9,047
821
12,894
Victory
Variable
Insurance
Funds
Victory
RS
International
VIP
Series
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
United
Kingdom
(15.1%):
Communication
Services
(0.9%):
Auto
Trader
Group
PLC
(a)
................................................
91,828
$
1,040
Consumer
Discretionary
(1.7%):
Greggs
PLC
...........................................................
29,869
788
Next
PLC
............................................................
6,467
1,104
1,892
Consumer
Staples
(3.0%):
Imperial
Brands
PLC
....................................................
48,781
1,927
Unilever
PLC
.........................................................
25,003
1,526
3,453
Energy
(2.6%):
BP
PLC
..............................................................
119,406
595
Shell
PLC
............................................................
66,118
2,306
2,901
Financials
(4.7%):
Barclays
PLC
.........................................................
574,528
2,654
HSBC
Holdings
PLC
....................................................
224,638
2,717
5,371
Materials
(1.2%):
Rio
Tinto
PLC
.........................................................
24,237
1,410
Utilities
(1.0%):
Centrica
PLC
..........................................................
510,587
1,133
17,200
Total
Common
Stocks
(Cost
$72,888)
112,216
Exchange-Traded
Funds
(0.1%)
United
States
(0.1%):
iShares
MSCI
EAFE
ETF
.................................................
653
58
Total
Exchange-Traded
Funds
(Cost
$39)
58
Collateral
for
Securities
Loaned
(0.0%)^(d)
United
States
(0.0%):(d)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
4
.23
%
(f)
........
2,419
3
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
4
.27
%
(f)
............
2,419
2
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
4
.29
%
(f)
................
2,419
3
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
4
.24
%
(f)
.
2,419
2
Total
Collateral
for
Securities
Loaned
(Cost
$10)
10
Total
Investments
(Cost
$72,937)
—
98.3%
112,284
Other
assets
in
excess
of
liabilities
—
1.7%
2,032
NET
ASSETS
-
100.00%
$
114,316
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
June
30,
2025,
the
fair
value
of
these
securities
was
$4,587
(thousands)
and
amounted
to
4.0%
of
net
assets.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Non-income
producing
security.
(d)
Amount
represents
less
than
0.05%
of
net
assets.
(e)
Rounds
to
less
than
$1
thousand.
(f)
Rate
disclosed
is
the
daily
yield
on
June
30,
2025.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Statement
of
Assets
and
Liabilities
June
30,
2025
7
See
notes
to
financial
statements.
Victory
Variable
Insurance
Funds
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
RS
International
VIP
Series
Assets:
Investments,
at
value
(Cost
$72,937)
$
112,284‌
(a)
Foreign
currency,
at
value
(Cost
$71)
72‌
Cash
1,552‌
Receivables:
Dividends,
interest,
and
securities
lending
income
51‌
From
Adviser
44‌
Reclaims
856‌
Prepaid
expenses
1‌
Total
Assets
114,860‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
10‌
Capital
shares
redeemed
354‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
74‌
Administration
fees
5‌
Custodian
fees
15‌
Sub-Transfer
agent
fees
63‌
Compliance
fees
—‌
(b)
Other
accrued
expenses
23‌
Total
Liabilities
544‌
Commitments
and
contingencies
(Note
4
)
Net
Assets:
Capital
63,634‌
Total
accumulated
earnings
(loss)
50,682‌
Net
Assets
$
114,316‌
Shares
(unlimited
shares
authorized
with
a
par
value
of
$0.001
per
share):
5,487‌
Net
asset
value:
$
20
.83‌
(a)
Includes
$9
thousand
of
securities
on
loan.
(b)
Rounds
to
less
than
$1
thousand.
Statement
of
Operations
For
the
Six
Months
Ended
June
30,
2025
8
See
notes
to
financial
statements.
Victory
Variable
Insurance
Funds
(Amounts
in
Thousands)
(Unaudited)
Victory
RS
International
VIP
Series
Investment
Income:
Dividends
$
2,591‌
Interest
30‌
Securities
lending
(net
of
fees)
5‌
Foreign
tax
withholding
(
284‌
)
Total
Income
2,342‌
Expenses:
Investment
advisory
fees
434‌
Administration
fees
29‌
Sub-Administration
fees
8‌
Custodian
fees
21‌
Transfer
agent
fees
—‌
(a)
Sub-Transfer
agent
fees
85‌
Trustees'
fees
4‌
Compliance
fees
—‌
(a)
Legal
and
audit
fees
13‌
Interfund
lending
fees
—‌
(a)
Other
expenses
24‌
Total
Expenses
618‌
Expenses
waived/reimbursed
by
Adviser
(
113‌
)
Net
Expenses
505‌
Net
Investment
Income
(Loss)
1,837‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
4,707‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
and
foreign
currency
translations
12,579‌
Net
realized/unrealized
gains
(losses)
on
investments
17,286‌
Change
in
net
assets
resulting
from
operations
$
19,123‌
(a)
Rounds
to
less
than
$1
thousand.
9
(Amounts
in
Thousands)
Victory
Variable
Insurance
Funds
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
RS
International
VIP
Series
Six
Months
Ended
June
30,
2025
(Unaudited)
Year
Ended
December
31,
2024
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
1,837‌
$
2,426‌
Net
realized
gains
(losses)
4,707‌
7,440‌
Net
change
in
unrealized
appreciation/depreciation
12,579‌
(
2,972‌
)
Change
in
net
assets
resulting
from
operations
19,123‌
6,894‌
Change
in
net
assets
resulting
from
distributions
to
shareholders
—‌
(
3,217‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
10,316‌
)
(
17,612‌
)
Change
in
net
assets
8,807‌
(
13,935‌
)
Net
Assets:
Beginning
of
period
105,509‌
119,444‌
End
of
period
$
114,316‌
$
105,509‌
Capital
Transactions:
Proceeds
from
shares
issued
$
7,038‌
$
5,285‌
Distributions
reinvested
—‌
3,217‌
Cost
of
shares
redeemed
(
17,354‌
)
(
26,114‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
10,316‌
)
$
(
17,612‌
)
Share
Transactions:
Issued
361‌
292‌
Reinvested
—‌
184‌
Redeemed
(
922‌
)
(
1,435‌
)
Change
in
Shares
(
561‌
)
(
959‌
)
Victory
Variable
Insurance
Funds
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
10
See
notes
to
financial
statements.
Victory
RS
International
VIP
Series
Six
Months
Ended
June
30,
2025
(Unaudited)
Year
Ended
December
31,
2024
Year
Ended
December
31,
2023
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Year
Ended
December
31,
2020
Net
Asset
Value,
Beginning
of
Period
$17.44
$17.05
$14.59
$19.33
$17.60
$17.48
Investment
Activities:
Net
investment
income
(loss)(a)
0.32
0.38
0.32
0.44
0.39
0.32
Net
realized
and
unrealized
gains
(losses)
3.07
0.56
2.60
(3.46)
2.13
0.75
Total
from
Investment
Activities
3.39
0.94
2.92
(3.02)
2.52
1.07
Distributions
to
Shareholders
from:
Net
investment
income
—
(0.55)
(0.46)
(0.42)
(0.37)
(0.45)
Net
realized
gains
—
—
—
(1.30)
(0.42)
(0.50)
Total
Distributions
—
(0.55)
(0.46)
(1.72)
(0.79)
(0.95)
Net
Asset
Value,
End
of
Period
$20.83
$17.44
$17.05
$14.59
$19.33
$17.60
Total
Return(b)(c)(d)
19.44%
5.50%
20.02%
(15.81)%
14.37%
6.24%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.93%
0.93%
0.93%
0.93%
0.93%
0.93%
Net
Investment
Income
(Loss)(e)
3.38%
2.09%
2.01%
2.71%
2.02%
2.02%
Gross
Expenses(e)(f)
1.14%
1.09%
1.10%
1.10%
1.01%
0.98%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$114,316
$105,509
$119,444
$114,272
$150,255
$147,783
Portfolio
Turnover(b)
13%
20%
23%
27%
35%
54%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Total
returns
do
not
reflect
the
effects
of
charges
deducted
pursuant
to
the
terms
of
The
Guardian
Insurance
&
Annuity
Company,
Inc.'s
variable
contracts.
Inclusion
of
such
charges
would
reduce
the
total
returns
for
all
periods
shown.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
Notes
to
Financial
Statements
June
30,
2025
Victory
Variable
Insurance
Funds
11
(Unaudited)
1.
Organization:
Victory
Variable
Insurance
Funds
(the
“Trust”)
is
organized
as
a
Delaware
statutory
trust
and the
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company.
The
Trust
is
comprised
of
four
funds
and
is
authorized
to
issue
an
unlimited
number
of
shares,
which
are
units
of
beneficial
interest
with
a
par
value
of
$0.001
per
share.
The
accompanying
financial
statements
are
those
of Victory
RS
International
VIP
Series
(the
“Fund”),
a
series
of
the
Trust.
The
Fund offers
a
single
class
of
shares:
Class
I.
The
Fund’s
shares
are
only
available
for
purchase
by
certain
separate
accounts
of
insurance
companies
as
investments
for
certain
variable
annuity
plans
and
variable
life
insurance
contracts
issued
by
those
insurance
companies.
The
Fund
is
classified
as
diversified
under
the
1940
Act.
Victory
Capital
Management
Inc.
(“VCM”
or
the
“Adviser”)
is
an
indirect
wholly
owned
subsidiary
of
Victory
Capital
Holdings,
Inc.,
a
publicly
traded
Delaware
corporation,
and
a
wholly
owned
direct
subsidiary
of
Victory
Capital
Operating,
LLC.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
In
addition,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
its
vendors
and
others
that
provide
for
general
indemnifications.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund.
However,
based
on
experience,
the
Fund
expects
that
risk
of
loss
to
be
remote.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the Fund
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
the
Adviser
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
follows
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies
under
Accounting
Standards
Codification
Topic
946.
Investment
Valuation: 
The
Fund
records
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to sell
an asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Fund’s
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
(unadjusted)
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risks
associated
with
entering
into
those
investments.
The Adviser,
appointed
as
the
valuation
designee
by the
Trust's
Board
of
Trustees
(the
“Board”), has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to
Board
oversight,
the
Committee
administers
and
oversees
the
Fund’s
valuation
policies
and
procedures,
which
are
approved
by
the
Board.
Portfolio
securities
listed
or
traded
on
securities
exchanges,
including
Exchange-Traded
Funds
(“ETFs”),
are
valued
at
the
last
sale
price
on
the
exchange
or
system
where
the
security
is
principally
traded,
if
available,
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
for
that
day
on
the
exchange
or
system,
then
a
security
is
valued
at
the
closing bid
quotation
on
the
exchange
or
system
where
the
security
is
principally
traded.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
net
asset
value
(“NAV”).
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Fund’s
NAV to
be
more
reliable
than
it
otherwise
would
be.
In
accordance
with
procedures
adopted
by
the
Board,
fair
value
pricing
may
be
used
if
events
materially
affecting
the
value
of
foreign
securities
occur
between
the
time
the
exchange
on
which
they
are
traded
closes
and
the
time
the
Fund’s
NAV
is
calculated.
The
Fund
uses
a
systematic
valuation
model,
provided
daily
by
an
independent
third
party
to
fair
value its
international
equity
securities.
The
valuations
are categorized
as
Level
2
in
the
fair
value
hierarchy.
A
summary
of
the
valuations
as
of
June
30,
2025, based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
on
the
Schedule
of
Portfolio
Investments
(amounts
in
thousands).
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
12
(Unaudited)
As
of June
30,
2025,
there
were
no
significant
transfers
into/out
of
Level
3.
Investment
Companies:
Exchange-Traded
Funds:
The
Fund
may
invest
in
ETFs,
the
shares
of
which
are
bought
and
sold
on
a
securities
exchange.
An
ETF
trades
like
common
stock
and
represents
a
fixed
portfolio
of
securities
often
designed
to
track
the
performance
and
dividend
yield
of
a
particular
domestic
or
foreign
market
index. Among
other
purposes,
the
Fund
may
purchase
shares
of
an
ETF
to
temporarily
gain
exposure
to
a
portion
of
the
U.S.
or
a
foreign
market
while
awaiting
purchase
of
underlying
securities.
The
risks
of
owning
an
ETF
generally
reflect
the
risks
of
owning
the
underlying
securities
the
ETF
is
designed
to
track,
although
the
lack
of
liquidity
of
an
ETF
could
result
in
it
being
more
volatile.
Additionally,
ETFs
have
fees
and
expenses
that
reduce
their
value.
Open-End
Funds:
The
Fund
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Derivative
Instruments:
Foreign
Exchange
Currency
Contracts:
The
Fund
may
enter
into
foreign
exchange
currency
contracts
to
convert
U.S.
dollars
to
and
from
various
foreign
currencies.
A
foreign
exchange
currency
contract
is
an
obligation
by the
Fund
to
purchase
or
sell
a
specific
currency
at
a
future
date
at
a
price
(in
U.S.
dollars)
set
at
the
time
of
the
contract.
The
Fund
does
not
engage
in
“cross-currency”
foreign
exchange
contracts
(i.e.,
contracts
to
purchase
or
sell
one
foreign
currency
in
exchange
for
another
foreign
currency).
The
Fund’s
foreign
exchange
currency
contracts
might
be
considered
spot
contracts
(typically
a
contract
of
one
week
or
less)
or
forward
contracts
(typically
a
contract
term
over
one
week).
A
spot
contract
is
entered
into
for
purposes
of
hedging
against
foreign
currency
fluctuations
relating
to
a
specific
portfolio
transaction,
such
as
the
delay
between
a
security
transaction
trade
date
and
settlement
date.
Forward
contracts
are
entered
into
for
purposes
of
hedging
portfolio
holdings
or
concentrations
of
such
holdings. Each
foreign
exchange
currency
contract
is
adjusted
daily
by
the
prevailing
spot
or
forward
rate
of
the
underlying
currency,
and
any
appreciation
or
depreciation
is
recorded
for
financial
statement
purposes
as
unrealized
until
the
contract
settlement
date,
at
which
time
the
Fund
records
realized
gains
or
losses
equal
to
the
difference
between
the
value
of
a
contract
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed.
The Fund
could
be
exposed
to
risk
if
a
counterparty
is
unable
to
meet
the
terms
of
a
foreign
exchange
currency
contract
or
if
the
value
of
the
foreign
currency
changes
unfavorably.
In
addition,
the
use
of
foreign
exchange
currency
contracts
does
not
eliminate
fluctuations
in
the
underlying
prices
of
the
securities.
The
Fund
enters
into
foreign
exchange
currency
contracts
solely
for
spot
or
forward
hedging
purposes,
and
not
for
speculative
purposes
(i.e.,
the
Fund
does
not
enter
into
such
contracts
solely
for
the
purpose
of
earning
foreign
currency
gains). As
of June
30,
2025,
the
Fund
had
no
open
forward
foreign
exchange
currency
contracts.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
on
the
basis
of
coupon
interest
accrued
and recorded
daily
using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Withholding
taxes
on
interest,
dividends,
and
gains
as
a
result
of
certain
investments
by
the
Fund
have
been
provided
for
in
accordance
with
each
investment’s
applicable
country’s
tax
rules
and
rates.
Securities
Lending:
The
Fund,
through
a
Securities
Lending
Agreement
with
Citibank,
N.A.
(“Citibank”),
may
lend
its
securities
to
qualified
financial
institutions,
such
as
certain
broker-dealers
and
banks,
to
earn
additional
income,
net
of
income
retained
by
Citibank.
Borrowers
are
required
to
initially
secure
their
loans
for
collateral
in
the
amount
of
at
least
102%
of
the
value
of
U.S.
securities
loaned
or
at
least
105%
of
the
value
of
non-U.S.
securities
loaned,
marked-to-market
daily.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
loaned
are
generally
cured
the
next
business
day.
The
collateral
can
be
received
in
the
form
of
cash
collateral
and/or
non-cash
collateral.
Non-cash
collateral
can
include
Level
1
Level
2
Level
3
Total
Victory
RS
International
VIP
Series
Common
Stocks
...............................................
$
—
$
112,216
$
—
$
112,216
Exchange-Traded
Funds
.........................................
58
—
—
58
Collateral
for
Securities
Loaned
...................................
10
—
—
10
Total
.......................................................
$
68
$
112,216
$
—
$
112,284
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
13
(Unaudited)
U.S.
Government
Securities
and
other
securities
as
permitted
by Securities
and
Exchange
Commission
(“SEC”)
guidelines.
The
cash
collateral
is
invested
in
short-term
instruments
or
cash
equivalents,
primarily
open-end
investment
companies,
as
noted
on
the
Fund’s
Schedule
of
Portfolio
Investments.
The
Fund
effectively
does
not
have
control
of
the
non-cash
collateral
and
therefore
it
is
not
disclosed
on
the
Fund’s
Schedule
of
Portfolio
Investments.
Collateral
requirements
are
determined
daily
based
on
the
value
of
the
Fund’s
securities
on
loan
as
of
the
end
of
the
prior
business
day.
During
the
time
portfolio
securities
are
on
loan,
the
borrower
will
pay
the
Fund
any
dividends
or
interest
paid
on
such
securities
plus
any
fee
negotiated
between
the
parties
to
the
lending
agreement.
The
Fund
also
earns
a
return
from
the
collateral.
The
Fund
pays
Citibank
various
fees
in
connection
with
the
investment
of
cash
collateral
and
fees
based
on
the
investment
income
received
from
securities
lending
activities.
Securities
lending
income
(net
of
these
fees)
is
disclosed
on
the
Statement
of
Operations.
Loans
are
terminable
upon
demand
and
the
borrower
must
return
the
loaned
securities
within
the
lesser
of
one
standard
settlement
period
or
five
business
days.
Although
risk
is
mitigated
by
the
collateral,
the
Fund
could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
In
addition,
there
is
a
risk
that
the
value
of
the
short-term
investments
will
be
less
than
the
amount
of
cash
collateral
required
to
be
returned
to
the
borrower.
The
Fund’s
agreement
with
Citibank
does
not
include
master
netting
provisions.
Non-cash
collateral
received
by
the
Fund
may
not
be
sold
or
repledged,
except
to
satisfy
borrower
default.
The
following
table
is
a
summary
of
the
Fund’s
securities
lending
transactions
as
of
June
30,
2025
(amounts
in
thousands): 
Foreign
Currency
Translations:
The
accounting
records
of
the
Fund
are
maintained
in
U.S.
dollars.
Investment
securities
and
other
assets
and
liabilities
of the
Fund
denominated
in
a
foreign
currency
are
translated
into
U.S.
dollars
at
current
exchange
rates.
Purchases
and
sales
of
securities,
income
receipts,
and
expense
payments
are
translated
into
U.S.
dollars
at
the
exchange
rates
on
the
date
of
the
transactions.
The
Fund
does
not
isolate
the
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations,
if
any,
are
disclosed
as
Net
change
in
unrealized
appreciation/depreciation
on investment
securities
and
foreign
currency
translations
on
the
Statement
of
Operations.
Realized
gains
or
losses
from
these
fluctuations,
if
any,
are
disclosed
as
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
on
the
Statement
of
Operations.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
related
to
foreign
income
received
(a
portion
of
which
may
be
reclaimable),
capital
gains
on
the
sale
of
securities,
and
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
Federal
Income
Taxes:
The
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Fund
has
a
tax
year
end
of December
31.
For
the
six
months
ended
June
30,
2025,
the
Fund
did
not
incur
any
income
tax,
interest,
or
penalties,
and
has
recorded
no
liability
for
net
unrecognized
tax
benefits
relating
to
uncertain
tax
positions.
Management
of
the
Fund
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
all
major
tax
jurisdictions,
including
federal
(i.e.,
the
last
four
tax
years,
which
includes
the
current
fiscal
tax
year
end).
Management
believes
that
there
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
taken.
Allocations:
Expenses
directly
attributable
to the
Fund
are
charged
to the
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
Fees
Paid
Indirectly:
Expense
offsets
to
custody
fees
that
arise
from
credits
on
cash
balances
maintained
on
deposit
are
reflected
on
the
Statement
of
Operations,
as
applicable,
as
Fees
paid
indirectly.
3.
Purchases
and
Sales:
Purchases
and sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
for
the
six
months
ended
June
30,
2025,
were
as
follows  (amounts
in
thousands):
Value
of
Securities
on
Loan
Non-Cash
Collateral
Cash
Collateral
Victory
RS
International
VIP
Series
....................................
$
9
$
—
$
10
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
14
(Unaudited)
4.
Fees
and
Transactions
with
Affiliates
and
Related
Parties:
Investment
Advisory
Fees: 
Investment
advisory
services
are
provided
to
the
Fund
by
the
Adviser,
which
is
a
New
York
corporation
registered
as
an
investment
adviser
with
the
SEC.
Under
the
terms
of
the
Investment
Advisory
Agreement,
the
Adviser
is
entitled
to
receive
fees
accrued
daily
and
paid
monthly
at
an
annualized
rate
of
0.80%
of
the
Fund’s
average
daily
net
assets.
Amounts
incurred
and
paid
to
VCM
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Investment
advisory
fees.
Administration
and
Servicing
Fees:
VCM
also
serves
as
the
Fund’s
administrator
and
fund
accountant.
Under
the Administration
and
Fund
Accounting
Agreement,
VCM
is
paid
an
administration
fee
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Trust,
Victory
Portfolios
and
Victory
Portfolios
II.
The
tiered
rates
at
which
VCM
is
paid
by
the
Funds
are
shown
in
the
table
below:
Amounts
incurred
for
the
six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Administration
fees.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
acts
as
sub-administrator
and
sub-fund
accountant
to
the
Fund
pursuant
to
the
Sub-Administration
and
Sub-Fund
Accounting
Services
Agreement
between
VCM
and
Citi.
VCM
pays
Citi
a
fee
for
providing
these
services.
The Fund
reimburses
VCM
and
Citi
for
out-of-pocket
expenses
incurred
in
providing
these
services
and
certain
other
expenses
specifically
allocated
to
the
Fund.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Sub-Administration
fees.
The
Fund
(as
part
of
the
Trust)
has
entered
into
an
agreement
with
the
Adviser
to
provide
compliance
services,
pursuant
to
which
the
Adviser
furnishes
its
compliance
personnel,
including
the
services
of
the
Chief
Compliance
Officer
(“CCO”),
and
other
resources
reasonably
necessary
to
provide
the
Trust
with
compliance
oversight
services
related
to
the
design,
administration,
and
oversight
of
a
compliance
program
for
the
Trust
in
accordance
with
Rule
38a-1
under
the
1940
Act.
The
CCO
is
an
employee
of
the
Adviser,
which
pays
the
compensation
of
the
CCO
and
support
staff.
The
funds
in
the
Trust,
Victory
Portfolios,
and
Victory
Portfolios
II,
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Compliance
fees.
Transfer
Agency
Fees:
FIS
Investor
Services,
LLC
(“FIS”)
serves
as
the
Fund’s
transfer
agent.
Under
the
Transfer
Agent
Agreement,
the
Trust
pays
FIS
a
fee
for
its
services
and
reimburses
FIS
for
all
of
their
reasonable
out-of-pocket
expenses
incurred
in
providing
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Transfer
agent
fees.
Sub-Transfer
Agency
Fees: 
The
Fund
has
entered
into
Sub-Transfer
Agency
Agreements
with
financial
intermediaries
that
provide
recordkeeping,
processing,
shareholder
communications
and
other
services
to
customers
of
the
intermediaries
that
hold
positions
in
the
Fund
and
has
agreed
to
compensate
the
intermediaries
for
providing
those
services.
Intermediaries
transact
with
the
Fund
primarily
through
the
use
of
omnibus
accounts
on
behalf
of
their
customers
who
hold
positions
in
the
Fund.
These
services
would
have
been
provided
by
the
Fund’s
transfer
agent
and
other
service
providers
if
the
shareholders’
accounts
were
maintained
directly
at
the
Fund’s
transfer
agent.
Amounts
incurred
for
the
six
months ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Sub-Transfer
agent
fees.
Distributor/Underwriting
Services:
Victory
Capital
Services,
Inc.
(the
“Distributor”),
an
affiliate
of
the
Adviser,
serves
as
Distributor
for
the
continuous
offering
of
the
shares
of
the
Fund
pursuant
to
a
Distribution
Agreement
between
the
Distributor
and
the
Trust,
and
receives
no
fee
or
other
compensation
for
these
services.
Other
Fees:
Citibank
serves
as
the
Fund’s
custodian.
The
Fund
pays
Citibank
a
fee
for
providing
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Custodian
fees.
Sidley
Austin
LLP
provides
legal
services
to
the
Trust.
Excluding
U.S.
Government
Securities
Purchases
Sales
Victory
RS
International
VIP
Series
.............................................................
$
14,376
$
21,998
Net
Assets
Up
to
$15
billion
$15
billion
—
$30
billion
Over
$30
billion
0.08%,
plus
0.05%,
plus
0.04%
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
15
(Unaudited)
The
Adviser
has
entered
into
an
expense
limitation
agreement
with the Trust.
Under
the
terms
of
the
agreement,
the
Adviser
has
agreed
to
waive
fees
or
reimburse
certain
expenses
to
the
extent
that
ordinary
operating
expenses
incurred
in
any
fiscal
year
exceed
the
expense limit
of the
Fund.
Such
excess
amounts
will
be
the
liability
of
the
Adviser. Acquired
fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
are
excluded
from
the
expense
limit.
As
of
June
30,
2025,
the
expense
limit (excluding
voluntary
waivers) was:
Under
the
terms
of
the
expense
limitation
agreement,
the
Fund
has
agreed
to
repay
fees
and
expenses
that
were
waived
or
reimbursed
by
the
Adviser
for
a
period
of
up
to
three
years
(thirty-six
(36)
months)
after
the
waiver
or
reimbursement
took
place,
subject
to
the
lesser
of
any
operating
expense limits
in
effect
at
the
time
of:
(a)
the
original
waiver
or
expense
reimbursement;
or
(b)
the
recoupment,
after
giving
effect
to
the
recoupment
amount.
The
Fund
has
not
recorded
any
amounts
available
to
be
repaid
to
the
Adviser
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
June
30,
2025.
As
of June
30,
2025,
the
following amounts
are
available
to
be
repaid
to
the
Adviser
(amounts
in
thousands):
The
Adviser
may
voluntarily
waive
or
reimburse
additional
fees
to
assist
the
Fund
in
maintaining
competitive
expense
ratios.
Voluntary
waivers
and
reimbursements
applicable
to
the
Fund are
not
available
to
be
recouped
at
a
future
time.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
June
30,
2025.
Certain
officers
and/or
interested
trustees
of
the
Fund
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
legal
counsel,
and
Distributor.
5.
Risks:
The
Fund
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Equity
Securities
Risk
—
The
value
of
the
equity
securities
in
which
the
Fund
invests
may
decline
in
response
to
developments
affecting
individual
companies
and/or
general
economic
conditions
in
the
United
States
or
abroad.
A
company’s
earnings
or
dividends
may
not
increase
as
expected
(or
may
decline)
because
of
poor
management,
competitive
pressures,
reliance
on
particular
suppliers
or
geographical
regions,
labor
problems
or
shortages,
corporate
restructurings,
fraudulent
disclosures,
man-made
or
natural
disasters,
military
confrontations
or
wars,
terrorism,
public
health
crises,
or
other
events,
conditions,
and
factors.
Price
changes
may
be
temporary
or
last
for
extended
periods.
General
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Fund.
Domestic
and
international
factors
such
as
political
events,
war,
terrorism,
trade
disputes,
inflation
rates,
interest
rate
levels,
and
other
fiscal
and
monetary
policy
changes,
cybersecurity
incidents,
pandemics,
and
other
public
health
crises,
imposition
of
tariffs,
sanctions
against
a
particular
foreign
country,
its
nationals,
businesses
or
industries;
and
related
geopolitical
events,
as
well
as
environmental
disasters
such
as
earthquakes,
fires,
and
floods,
or
other
catastrophes,
may
add
to
instability
in
global
economies
and
markets
generally,
and
may
lead
to
increased
market
volatility.
Global
economies
and
financial
markets
are
highly
interconnected,
which
increases
the
possibility
that
conditions
in
one
country
or
region
might
adversely
affect
issuers
in
another
country
or
region.
The
impact
of
these
and
other
factors
may
be
short-term
or
may
last
for
extended
periods.
Foreign
Securities
Risk
—
Foreign
securities
(including
depositary
receipts)
are
subject
to
political,
regulatory,
and
economic
risks
not
present
in
domestic
investments.
Foreign
securities
could
be
affected
by
factors
not
present
in
the
United
States,
including
expropriation,
confiscation
of
property,
and
difficulties
in
enforcing
contracts.
Compared
to
U.S.
companies,
there
generally
is
less
publicly
available
information
about
foreign
companies
and
there
may
be
less
governmental
regulation
and
supervision
of
foreign
companies.
Foreign
securities
generally
experience
more
volatility
than
their
domestic
counterparts.
Depositary
receipts
may
have
additional
risks,
including
creditworthiness
of
the
depositary
bank
and
the
risk
of
an
illiquid
market.
In
addition,
to
the
extent
investments
are
made
in
a
limited
number
of
countries,
events
in
those
countries
will
have
a
more
significant
impact
on
the
Fund.
Fluctuations
in
the
exchange
rates
between
the
U.S.
dollar
and
foreign
currencies,
currency
exchange
control
regulations,
and
restrictions
or
prohibitions
on
the
repatriation
of
foreign
currencies
may
negatively
affect
an
investment.
Geographic
Focus Risk
—
To
the
extent
the
Fund
focuses
its
investments
in
issuers
located
in
a
particular
country
or
region,
the
Fund
is
subject
to
greater
risks
of
volatile
economic
cycles
and/or
conditions
and
developments
that
may
be
particular
to
that
country
or
region.
For
example,
the
Fund
may
be
subject
to
greater
risk
of
adverse
securities
markets,
exchange
rates,
social,
political,
regulatory,
economic,
business,
environmental
or
other
developments,
or
natural
disasters.
In
effect
until
April
30,
2026
Victory
RS
International
VIP
Series
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.93%
Expires
2025
Expires
2026
Expires
2027
Expires
2028
Total
Victory
RS
International
VIP
Series
............................
$
85
$
199
$
184
$
113
$
581
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
16
(Unaudited)
6.
Borrowing
and
Interfund
Lending:
Line
of
Credit:
The
Victory
Funds
Complex
participates
in
a
short-term
demand
note
“Line
of
Credit”
agreement
with
Citibank.
Under
the
agreement
with
Citibank,
the
funds
in
the
Trust,
Victory
Portfolios,
Victory
Portfolios
II,
and
Victory
Portfolios
III
(collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
 may
borrow
up
to
$600
million,
of
which
$300
million
is
committed
and
$300
million
is
uncommitted.
$40
million
of
the
Line
of
Credit
is
reserved
for
use
by
the
Victory
Floating
Rate
Fund,
another
series
of
the
Victory
Funds
Complex,
with
Victory
Floating
Rate
Fund
paying
the
related
commitment
fees
for
that
amount.
The
purpose
of
the
Line
of
Credit
is
to
meet
temporary
or
emergency
cash
needs.
For
the six
months
ended
June
30,
2025,
Citibank
received
an
annual
commitment
fee
of
0.15%
on
$300
million
for
providing
the
Line
of
Credit.
Each
fund
in
the
Victory
Funds
Complex
paid
a
pro-rata
portion
of
the
commitment
fees
plus
any
interest
on
amounts
borrowed.
Interest
is
based
on
the
one-month Secured
Overnight
Financing
Rate
plus
1.10
percent.
Effective
June
24,
2025,
the
agreement
was
renewed
with
a
termination
date
of
June
22,
2026,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged.
Dedicated
portions
to
the
Victory
Floating
Rate
Fund
have
been
removed,
making
the
entire
Line
of
Credit
(committed
and
uncommitted)
available
to
all
funds.
Interest
charged
to
the
Fund
during
the
period,
if
applicable,
is
reflected
on
the
Statement
of
Operations
under
Line
of
credit
fees.
The
Fund
had
no
borrowings
under the
Line
of
Credit
agreement
during
the
six
months
ended
June
30,
2025.
Interfund
Lending:
The
Trust
and
the
Adviser
rely
on
an
exemptive
order
granted
by
the
SEC
in
March
2017
(the
“Order”),
permitting
the
establishment
and
operation
of
an
Interfund
Lending
Facility
(the
“Facility”).
The
Facility
allows
the
Fund
to
directly
lend
and
borrow
money
to
or
from
any
other
fund
in
the
Victory
Funds
Complex
that
is
permitted
to
participate
in
the
Facility,
relying
upon
the
Order
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Advances
under
the
Facility
are
allowed
for
temporary
or
emergency
purposes,
including
the
meeting
of
redemption
requests
that
otherwise
might
require
the
untimely
disposition
of
securities,
and
are
subject
to
each
Fund’s
borrowing
restrictions.
The
interfund
loan
rate
is
determined,
as
specified
in
the
Order,
by
averaging
the
current
repurchase
agreement
rate
and
the
current
bank
loan
rate.
As
a
Borrower
(as
defined
in
the
Order),
interest
charged
to
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending
fees.
As
a
Lender
(as
defined
in
the
Order),
interest
earned
by
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending.
The
average
borrowing
or
lending
for
the
days
outstanding
and
average
interest
rate
for
the
Fund during
the
six
months
ended
June
30,
2025,
were
as
follows
(amounts
in
thousands):
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
six
months
ended
June
30,
2025.
7.
Federal
Income
Tax
Information:
The
Fund
intends
to
distribute
any
net
investment
income
annually.
Distributable
net
realized
gains,
if
any,
are
declared
and
paid
at
least
annually.
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Fund
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statement
of
Assets
and
Liabilities.
The
tax
character
of
current
year
distributions
paid
and
the
tax
basis
of
the
current
components
of
accumulated
earnings
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
At
the
tax year
ended December
31,
2024,
the
Fund
had
no
capital
loss
carryforwards
for
federal
income
tax
purposes.
8.
Segment
Reporting:
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280):
Improvements
to
Reportable
Segment
Disclosures.
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
the
results
of
its
operations.
The
Adviser's
Management
Committee
acts
as
the
Fund’s
Chief
Operating
Decision
Maker
(“CODM”).
The
Fund
represents
a
single
operating
segment,
as
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-
determined
in
accordance
with
the
Fund's
single
investment
objective.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios,
and
changes
in
net
assets,
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
Borrower
or
Lender
Amount
Outstanding
at
June
30,
2025
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
Victory
RS
International
VIP
Series
...................
Borrower
$
—
$
848
4.90%
$
893
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
17
(Unaudited)
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
as
“total
assets”
and
significant
segment
expenses
are
listed
on
the
accompanying
Statement
of
Operations.
9.
Subsequent
Event:
On
May
20,
2025,
the
Board,
upon
recommendation
of
the
Adviser,
approved
a
Plan
of
Liquidation
for
each
individual
fund
within
the
Trust.
On
August
29,
2025,
the
Fund
will
redeem
all
of
its
outstanding
shares
at
the
net
asset
value
of
such
shares.
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
800-539-FUND
(800-539-3863)
VVIF-RS-IVIP-SAR
(6/25)
June
30,
2025
Semi-Annual:
Full
Financials
Victory
Variable
Insurance
Funds
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
vcm.com
News,
Information
And
Education
24
Hours
A
Day,
7
Days
A
Week
The
Victory
Capital
website
gives
fund
shareholders,
prospective
shareholders,
and
investment
professionals
a
convenient
way
to
access
fund
information,
get
guidance,
and
track
fund
performance
anywhere
they
can
access
the
Internet.
The
site
includes:
Detailed
performance
records
Daily
share
prices
The
latest
fund
news
Investment
resources
to
help
you
become
a
better
investor
A
section
dedicated
to
investment
professionals
Whether
you’re
a
potential
investor
searching
for
the
fund
that
matches
your
investment
philosophy,
a
seasoned
investor
interest-
ed
in
planning
tools,
or
an
investment
professional,
vcm.com
has
what
you
seek.
Visit
us
anytime.
We’re
always
open.
TABLE
OF
CONTENTS
Victory
Variable
Insurance
Funds
1
Schedule
of
Portfolio
Investments
(Form
N-CSR
Item
6)
3
Financial
Statements
(Form
N-CSR
Item
7)
Statement
of
Assets
and
Liabilities
6
Statement
of
Operations
7
Statements
of
Changes
in
Net
Assets
8
Financial
Highlights
9
Notes
to
Financial
Statements
(Form
N-CSR
Item
7)
10
2
Call
Victory
at:
800-539-FUND
(800-539-3863)
Visit
our
website
at:
vcm.com
The
Fund
is
distributed
by
Victory
Capital
Services,
Inc.
Victory
Capital
Management
Inc.
is
the
investment
adviser
to
the
Fund
and
receives
fees
from
the
Fund
for
performing
services
for
the
Fund.
This
report
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
a
current
prospectus
of
the
Fund.
For
additional
information
about
any
Victory
Fund,
including
fees,
expenses,
and
risks,
view
our
prospectus
online
at
vcm.com
or
call
800-539-3863.
Read
it
carefully
before
you
invest
or
send
money.
The
information
in
this
report
is
based
on
data
obtained
from
recognized
services
and
sources
and
is
believed
to
be
reliable.
Any
opinions,
projections,
or
recommendations
in
this
report
are
subject
to
change
without
notice
and
are
not
intended
as
individual
investment
advice.
Past
investment
performance
of
the
Fund,
markets
or
securities
mentioned
herein
should
not
be
considered
to
be
indicative
of
future
results.
NOT
FDIC
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
Schedule
of
Portfolio
Investments
June
30,
2025
Victory
Variable
Insurance
Funds
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
3
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
Common
Stocks
(97.8%)
Consumer
Discretionary
(8.2%):
Champion
Homes,
Inc.(a)
.................................................
6,750
$
423
Five
Below,
Inc.(a)
......................................................
5,240
687
Ollie's
Bargain
Outlet
Holdings,
Inc.(a)
.......................................
2,440
322
OneSpaWorld
Holdings
Ltd.
...............................................
35,690
728
The
Cheesecake
Factory,
Inc.(b)
............................................
7,185
450
Universal
Technical
Institute,
Inc.(a)
.........................................
17,030
577
Warby
Parker,
Inc.,
Class
A(a)
..............................................
23,640
518
Wingstop,
Inc.
.........................................................
2,100
707
4,412
Consumer
Staples
(3.6%):
Natural
Grocers
by
Vitamin
Cottage,
Inc.
......................................
14,462
568
The
Honest
Co.,
Inc.(a)
...................................................
136,350
694
The
Simply
Good
Foods
Co.(a)
.............................................
10,200
322
The
Vita
Coco
Co.,
Inc.(a)
................................................
10,160
367
1,951
Electronic
Equipment,
Instruments
&
Components
(6.9%):
Badger
Meter,
Inc.
......................................................
1,180
289
Fabrinet(a)
............................................................
5,210
1,535
Itron,
Inc.(a)
..........................................................
3,250
428
Mirion
Technologies,
Inc.(a)
...............................................
37,150
800
Novanta,
Inc.(a)
........................................................
4,980
642
3,694
Energy
(2.4%):
Archrock,
Inc.
.........................................................
17,980
447
Matador
Resources
Co.
...................................................
11,700
558
Permian
Resources
Corp.
.................................................
21,370
291
1,296
Financials
(8.9%):
Euronet
Worldwide,
Inc.(a)
................................................
6,270
636
FirstCash
Holdings,
Inc.
..................................................
5,260
711
Palomar
Holdings,
Inc.(a)
.................................................
2,636
407
Payoneer
Global,
Inc.(a)
..................................................
109,560
750
TWFG,
Inc.(a)
.........................................................
9,310
326
Walker
&
Dunlop,
Inc.
...................................................
1,590
112
Wintrust
Financial
Corp.
..................................................
7,800
967
WisdomTree,
Inc.
.......................................................
73,790
849
4,758
Health
Care
(24.3%):
Adaptive
Biotechnologies
Corp.(a)
..........................................
67,140
782
AnaptysBio,
Inc.(a)(b)
...................................................
18,040
401
Apogee
Therapeutics,
Inc.(a)
...............................................
8,400
365
Arcellx,
Inc.(a)
........................................................
6,730
443
Ascendis
Pharma
A/S,
ADR(a)
.............................................
3,450
596
Bridgebio
Pharma,
Inc.(a)
.................................................
10,700
462
Crinetics
Pharmaceuticals,
Inc.(a)
...........................................
7,520
216
Disc
Medicine,
Inc.(a)
...................................................
6,950
368
Glaukos
Corp.(a)
.......................................................
3,710
383
Guardant
Health,
Inc.(a)
..................................................
15,250
794
Halozyme
Therapeutics,
Inc.(a)
.............................................
6,730
350
HealthEquity,
Inc.(a)
....................................................
4,610
483
Hims
&
Hers
Health,
Inc.(a)
...............................................
5,410
270
Hinge
Health,
Inc.,
Class
A(a)
..............................................
11,936
618
Inspire
Medical
Systems,
Inc.(a)
............................................
920
119
iRhythm
Technologies,
Inc.(a)
..............................................
2,340
360
Janux
Therapeutics,
Inc.(a)
................................................
6,624
153
Krystal
Biotech,
Inc.(a)
...................................................
1,900
261
Lantheus
Holdings,
Inc.(a)
................................................
3,030
248
Merit
Medical
Systems,
Inc.(a)
.............................................
2,320
217
Merus
NV(a)
..........................................................
4,050
213
Victory
Variable
Insurance
Funds
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
4
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
MoonLake
Immunotherapeutics(a)
..........................................
4,460
$
211
Phreesia,
Inc.(a)
........................................................
18,300
521
PROCEPT
BioRobotics
Corp.(a)
............................................
5,980
344
RadNet,
Inc.(a)
........................................................
10,530
599
Revolution
Medicines,
Inc.(a)
..............................................
11,000
405
SI-BONE,
Inc.(a)
.......................................................
18,080
340
Spyre
Therapeutics,
Inc.(a)
................................................
13,695
205
Twist
Bioscience
Corp.(a)
.................................................
11,820
435
Ultragenyx
Pharmaceutical,
Inc.(a)
..........................................
11,480
417
Vaxcyte,
Inc.(a)
........................................................
6,650
216
Vericel
Corp.(a)
........................................................
11,942
508
Viridian
Therapeutics,
Inc.(a)
..............................................
20,040
280
Waystar
Holding
Corp.(a)
.................................................
9,615
393
12,976
Industrials
(19.6%):
AAON,
Inc.
...........................................................
3,910
288
AeroVironment,
Inc.(a)
...................................................
1,380
393
Applied
Industrial
Technologies,
Inc.
.........................................
4,480
1,041
Casella
Waste
Systems,
Inc.(a)
.............................................
3,940
455
Chart
Industries,
Inc.(a)
..................................................
3,550
584
ESCO
Technologies,
Inc.
.................................................
3,590
689
FTAI
Aviation
Ltd.
......................................................
6,290
724
Korn
Ferry
...........................................................
4,820
353
Moog,
Inc.,
Class
A
.....................................................
2,800
507
Mueller
Water
Products,
Inc.,
Class
A
........................................
30,900
743
NEXTracker,
Inc.,
Class
A(a)
..............................................
12,980
706
Paylocity
Holding
Corp.(a)
................................................
1,170
212
Powell
Industries,
Inc.
...................................................
2,970
625
Primoris
Services
Corp.
..................................................
11,760
917
SPX
Technologies,
Inc.(a)
.................................................
5,720
959
Tecnoglass,
Inc.
........................................................
8,060
624
Watts
Water
Technologies,
Inc.,
Class
A
.......................................
1,110
273
Zurn
Elkay
Water
Solutions
Corp.
...........................................
10,180
372
10,465
Materials
(2.3%):
Avient
Corp.
..........................................................
9,250
299
Balchem
Corp.
.........................................................
4,620
736
Titan
America
SA(b)
....................................................
15,773
197
1,232
Real
Estate
(0.5%):
National
Storage
Affiliates
Trust
............................................
8,450
270
Semiconductors
&
Semiconductor
Equipment
(3.9%):
Credo
Technology
Group
Holding
Ltd.(a)
.....................................
6,230
577
MACOM
Technology
Solutions
Holdings,
Inc.(a)
................................
6,220
891
Semtech
Corp.(a)
.......................................................
13,950
630
2,098
Software
(16.1%):
ACI
Worldwide,
Inc.(a)
..................................................
14,610
671
Appfolio,
Inc.,
Class
A(a)
.................................................
1,232
284
AvePoint,
Inc.(a)
.......................................................
20,480
395
Bitdeer
Technologies
Group(a)(b)
...........................................
27,570
317
Box,
Inc.,
Class
A(a)
....................................................
18,350
627
Braze,
Inc.,
Class
A(a)
...................................................
12,810
360
Clearwater
Analytics
Holdings,
Inc.,
Class
A(a)
.................................
22,960
504
Commvault
Systems,
Inc.(a)
...............................................
2,090
364
Confluent,
Inc.,
Class
A(a)
................................................
17,820
444
CyberArk
Software
Ltd.(a)
................................................
530
216
Freshworks,
Inc.,
Class
A(a)
...............................................
42,300
631
Gitlab,
Inc.,
Class
A(a)
...................................................
8,480
383
Klaviyo,
Inc.,
Class
A(a)
..................................................
12,190
409
Life360,
Inc.(a)(b)
......................................................
7,300
476
Victory
Variable
Insurance
Funds
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
5
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
June
30,
2025
See
notes
to
financial
statements.
Security
Description
Shares
a
Value
(000)
Q2
Holdings,
Inc.(a)
.....................................................
9,650
$
903
ServiceTitan,
Inc.(a)
.....................................................
5,770
618
Varonis
Systems,
Inc.(a)
..................................................
19,970
1,013
8,615
Technology
Hardware,
Storage
&
Peripherals
(1.1%):
IonQ,
Inc.(a)(b)
........................................................
13,670
587
Total
Common
Stocks
(Cost
$47,097)
a
a
a
52,354
Collateral
for
Securities
Loaned
(3.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares,
4.23%(c)
........
412,018
412
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares,
4.27%(c)
............
412,018
412
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares,
4.29%(c)
...............
412,018
412
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares,
4.24%(c)
.
412,018
412
Total
Collateral
for
Securities
Loaned
(Cost
$1,648)
a
a
a
1,648
Total
Investments
(Cost
$48,745)
—
100.9%
54,002
Liabilities
in
excess
of
other
assets
—  (0.9)%
(505)
NET
ASSETS
-
100.00%
$
53,497
At
June
30,
2025,
the
Fund's
investments
in
foreign
securities
were
7.5%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Rate
disclosed
is
the
daily
yield
on
June
30,
2025.
ADR
—
American
Depositary
Receipt
Statement
of
Assets
and
Liabilities
June
30,
2025
6
See
notes
to
financial
statements.
Victory
Variable
Insurance
Funds
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
Assets:
Investments,
at
value
(Cost
$48,745)
$
54,002‌
(a)
Cash
1,640‌
Receivables:
Dividends,
interest,
and
securities
lending
income
10‌
Capital
shares
issued
—‌
(b)
Investments
sold
356‌
From
Adviser
25‌
Prepaid
expenses
—‌
(b)
Total
Assets
56,033‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
1,648‌
Investments
purchased
567‌
Capital
shares
redeemed
237‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
34‌
Administration
fees
2‌
Custodian
fees
1‌
Sub-Transfer
agent
fees
34‌
Compliance
fees
—‌
(b)
Other
accrued
expenses
13‌
Total
Liabilities
2,536‌
Commitments
and
contingencies
(Note
4
)
Net
Assets:
Capital
64,269‌
Total
accumulated
earnings
(loss)
(
10,772‌
)
Net
Assets
$
53,497‌
Shares
(unlimited
shares
authorized
with
a
par
value
of
$0.001
per
share):
5,430‌
Net
asset
value:
$
9
.85‌
(a)
Includes
$1,655
thousand
of
securities
on
loan.
(b)
Rounds
to
less
than
$1
thousand.
Statement
of
Operations
For
the
Six
Months
Ended
June
30,
2025
7
See
notes
to
financial
statements.
Victory
Variable
Insurance
Funds
(Amounts
in
Thousands)
(Unaudited)
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
Investment
Income:
Dividends
$
123
Interest
29
Securities
lending
(net
of
fees)
7
Total
Income
159
Expenses:
Investment
advisory
fees
225
Administration
fees
16
Sub-Administration
fees
9
Custodian
fees
2
Transfer
agent
fees
—
(a)
Sub-Transfer
agent
fees
53
Trustees'
fees
3
Compliance
fees
—
(a)
Legal
and
audit
fees
9
Interfund
lending
fees
1
Other
expenses
6
Total
Expenses
324
Expenses
waived/reimbursed
by
Adviser
(
60
)
Net
Expenses
264
Net
Investment
Income
(Loss)
(
105
)
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
(
2,567
)
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
(
2,707
)
Net
realized/unrealized
gains
(losses)
on
investments
(
5,274
)
Change
in
net
assets
resulting
from
operations
$
(
5,379
)
(a)
Rounds
to
less
than
$1
thousand.
8
(Amounts
in
Thousands)
Victory
Variable
Insurance
Funds
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
Six
Months
Ended
June
30,
2025
(Unaudited)
Year
Ended
December
31,
2024
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
(
105
)
$
(
365
)
Net
realized
gains
(losses)
(
2,567
)
10,650
Net
change
in
unrealized
appreciation/depreciation
(
2,707
)
(
2,159
)
Change
in
net
assets
resulting
from
operations
(
5,379
)
8,126
Change
in
net
assets
resulting
from
capital
transactions
(
11,306
)
(
12,288
)
Change
in
net
assets
(
16,685
)
(
4,162
)
Net
Assets:
Beginning
of
period
70,182
74,344
End
of
period
$
53,497
$
70,182
Capital
Transactions:
Proceeds
from
shares
issued
$
3,988
$
8,882
Cost
of
shares
redeemed
(
15,294
)
(
21,170
)
Change
in
net
assets
resulting
from
capital
transactions
$
(
11,306
)
$
(
12,288
)
Share
Transactions:
Issued
426
868
Redeemed
(
1,559
)
(
2,084
)
Change
in
Shares
(
1,133
)
(
1,216
)
Victory
Variable
Insurance
Funds
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
9
See
notes
to
financial
statements.
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
Six
Months
Ended
June
30,
2025
(Unaudited)
Year
Ended
December
31,
2024
Year
Ended
December
31,
2023
Year
Ended
December
31,
2022
Year
Ended
December
31,
2021
Year
Ended
December
31,
2020
Net
Asset
Value,
Beginning
of
Period
$10.69
$9.56
$7.94
$16.38
$19.91
$16.76
Investment
Activities:
Net
investment
income
(loss)(a)
(0.02)
(0.05)
(0.04)
(0.06)
(0.15)
(0.12)
Net
realized
and
unrealized
gains
(losses)
(0.82)
1.18
1.66
(5.78)
(1.99)
6.45
Total
from
Investment
Activities
(0.84)
1.13
1.62
(5.84)
(2.14)
6.33
Distributions
to
Shareholders
from:
Net
realized
gains
—
—
—
(2.60)
(1.39)
(3.18)
Total
Distributions
—
—
—
(2.60)
(1.39)
(3.18)
Net
Asset
Value,
End
of
Period
$9.85
$10.69
$9.56
$7.94
$16.38
$19.91
Total
Return(b)(c)(d)
(7.86)%
11.82%
20.40%
(36.36)%
(10.43)%
38.06%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.88%
0.88%
0.88%
0.88%
0.88%
0.88%
Net
Investment
Income
(Loss)(e)
(0.35)%
(0.50)%
(0.51)%
(0.54)%
(0.75)%
(0.69)%
Gross
Expenses(e)(f)
1.08%
0.97%
0.98%
1.00%
0.99%
1.01%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$53,497
$70,182
$74,344
$70,891
$113,234
$142,620
Portfolio
Turnover(b)
59%
124%
151%
151%(g)
92%
74%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Total
returns
do
not
reflect
the
effects
of
charges
deducted
pursuant
to
the
terms
of
The
Guardian
Insurance
&
Annuity
Company,
Inc.'s
variable
contracts.
Inclusion
of
such
charges
would
reduce
the
total
returns
for
all
periods
shown.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Reflects
an
increase
in
trading
activity
due
to
asset
allocation
shifts.
Notes
to
Financial
Statements
June
30,
2025
Victory
Variable
Insurance
Funds
10
(Unaudited)
1.
Organization:
Victory
Variable
Insurance
Funds
(the
“Trust”)
is
organized
as
a
Delaware
statutory
trust
and the
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company.
The
Trust
is
comprised
of
four
funds
and
is
authorized
to
issue
an
unlimited
number
of
shares,
which
are
units
of
beneficial
interest
with
a
par
value
of
$0.001
per
share.
The
accompanying
financial
statements
are
those
of Victory
RS
Small
Cap
Growth
Equity
VIP
Series
(the
“Fund”),
a
series
of
the
Trust.
The
Fund offers
a
single
class
of
shares:
Class
I.
The
Fund’s
shares
are
only
available
for
purchase
by
certain
separate
accounts
of
insurance
companies
as
investments
for
certain
variable
annuity
plans
and
variable
life
insurance
contracts
issued
by
those
insurance
companies.
The
Fund
is
classified
as
diversified
under
the
1940
Act.
Victory
Capital
Management
Inc.
(“VCM”
or
the
“Adviser”)
is
an
indirect
wholly
owned
subsidiary
of
Victory
Capital
Holdings,
Inc.,
a
publicly
traded
Delaware
corporation,
and
a
wholly
owned
direct
subsidiary
of
Victory
Capital
Operating,
LLC.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
In
addition,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
its
vendors
and
others
that
provide
for
general
indemnifications.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund.
However,
based
on
experience,
the
Fund
expects
that
risk
of
loss
to
be
remote.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the Fund
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
the
Adviser
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
follows
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies
under
Accounting
Standards
Codification
Topic
946.
Investment
Valuation: 
The
Fund
records
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to sell
an asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Fund’s
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
(unadjusted)
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risks
associated
with
entering
into
those
investments.
The Adviser,
appointed
as
the
valuation
designee
by the
Trust's
Board
of
Trustees
(the
“Board”), has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to
Board
oversight,
the
Committee
administers
and
oversees
the
Fund’s
valuation
policies
and
procedures,
which
are
approved
by
the
Board.
Portfolio
securities
listed
or
traded
on
securities
exchanges,
including
Exchange-Traded
Funds
(“ETFs”)
and
American
Depositary
Receipts,
are
valued
at
the
last
sale
price
on
the
exchange
or
system
where
the
security
is
principally
traded,
if
available,
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
for
that
day
on
the
exchange
or
system,
then
a
security
is
valued
at
the
closing bid
quotation
on
the
exchange
or
system
where
the
security
is
principally
traded.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
net
asset
value
(“NAV”).
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Fund’s
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
June
30,
2025, based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
on
the
Schedule
of
Portfolio
Investments
(amounts
in
thousands):
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
11
(Unaudited)
As
of June
30,
2025,
there
were
no
significant
transfers
into/out
of
Level
3.
Investment
Companies:
Open-End
Funds:
The
Fund
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
on
the
basis
of
coupon
interest
accrued
and recorded
daily
using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Securities
Lending:
The
Fund,
through
a
Securities
Lending
Agreement
with
Citibank,
N.A.
(“Citibank”),
may
lend
its
securities
to
qualified
financial
institutions,
such
as
certain
broker-dealers
and
banks,
to
earn
additional
income,
net
of
income
retained
by
Citibank.
Borrowers
are
required
to
initially
secure
their
loans
for
collateral
in
the
amount
of
at
least
102%
of
the
value
of
U.S.
securities
loaned
or
at
least
105%
of
the
value
of
non-U.S.
securities
loaned,
marked-to-market
daily.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
loaned
are
generally
cured
the
next
business
day.
The
collateral
can
be
received
in
the
form
of
cash
collateral
and/or
non-cash
collateral.
Non-cash
collateral
can
include
U.S.
Government
Securities
and
other
securities
as
permitted
by Securities
and
Exchange
Commission
(“SEC”)
guidelines.
The
cash
collateral
is
invested
in
short-term
instruments
or
cash
equivalents,
primarily
open-end
investment
companies,
as
noted
on
the
Fund’s
Schedule
of
Portfolio
Investments.
The
Fund
effectively
does
not
have
control
of
the
non-cash
collateral
and
therefore
it
is
not
disclosed
on
the
Fund’s
Schedule
of
Portfolio
Investments.
Collateral
requirements
are
determined
daily
based
on
the
value
of
the
Fund’s
securities
on
loan
as
of
the
end
of
the
prior
business
day.
During
the
time
portfolio
securities
are
on
loan,
the
borrower
will
pay
the
Fund
any
dividends
or
interest
paid
on
such
securities
plus
any
fee
negotiated
between
the
parties
to
the
lending
agreement.
The
Fund
also
earns
a
return
from
the
collateral.
The
Fund
pays
Citibank
various
fees
in
connection
with
the
investment
of
cash
collateral
and
fees
based
on
the
investment
income
received
from
securities
lending
activities.
Securities
lending
income
(net
of
these
fees)
is
disclosed
on
the
Statement
of
Operations.
Loans
are
terminable
upon
demand
and
the
borrower
must
return
the
loaned
securities
within
the
lesser
of
one
standard
settlement
period
or
five
business
days.
Although
risk
is
mitigated
by
the
collateral,
the
Fund
could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
In
addition,
there
is
a
risk
that
the
value
of
the
short-term
investments
will
be
less
than
the
amount
of
cash
collateral
required
to
be
returned
to
the
borrower.
The
Fund’s
agreement
with
Citibank
does
not
include
master
netting
provisions.
Non-cash
collateral
received
by
the
Fund
may
not
be
sold
or
repledged,
except
to
satisfy
borrower
default.
The
following
table
is
a
summary
of
the
Fund’s
securities
lending
transactions
as
of
June
30,
2025
(amounts
in
thousands): 
Federal
Income
Taxes:
The
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Fund
has
a
tax
year
end
of December
31.
For
the
six
months
ended
June
30,
2025,
the
Fund
did
not
incur
any
income
tax,
interest,
or
penalties,
and
has
recorded
no
liability
for
net
unrecognized
tax
benefits
relating
to
uncertain
tax
positions.
Level
1
Level
2
Level
3
Total
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
Common
Stocks
...............................................
$
52,354
$
—
$
—
$
52,354
Collateral
for
Securities
Loaned
...................................
1,648
—
—
1,648
Total
.......................................................
$
54,002
$
—
$
—
$
54,002
Value
of
Securities
on
Loan
Non-Cash
Collateral
Cash
Collateral
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
..........................
$
1,655
$
—
$
1,648
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
12
(Unaudited)
Management
of
the
Fund
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
all
major
tax
jurisdictions,
including
federal
(i.e.,
the
last
four
tax
years,
which
includes
the
current
fiscal
tax
year
end).
Management
believes
that
there
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
taken.
Allocations:
Expenses
directly
attributable
to the
Fund
are
charged
to the
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
Fees
Paid
Indirectly:
Expense
offsets
to
custody
fees
that
arise
from
credits
on
cash
balances
maintained
on
deposit
are
reflected
on
the
Statement
of
Operations,
as
applicable,
as
Fees
paid
indirectly.
3.
Purchases
and
Sales:
Purchases
and sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
for
the
six
months
ended
June
30,
2025,
were
as
follows  (amounts
in
thousands):
4.
Fees
and
Transactions
with
Affiliates
and
Related
Parties:
Investment
Advisory
Fees: 
Investment
advisory
services
are
provided
to
the
Fund
by
the
Adviser,
which
is
a
New
York
corporation
registered
as
an
investment
adviser
with
the
SEC.
Under
the
terms
of
the
Investment
Advisory
Agreement,
the
Adviser
is
entitled
to
receive
fees
accrued
daily
and
paid
monthly
at
an
annualized
rate
of
0.75%
of
the
Fund’s
average
daily
net
assets.
Amounts
incurred
and
paid
to
VCM
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Investment
advisory
fees.
Administration
and
Servicing
Fees:
VCM
also
serves
as
the
Fund’s
administrator
and
fund
accountant.
Under
the Administration
and
Fund
Accounting
Agreement,
VCM
is
paid
an
administration
fee
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Trust,
Victory
Portfolios
and
Victory
Portfolios
II.
The
tiered
rates
at
which
VCM
is
paid
by
the
Funds
are
shown
in
the
table
below:
Amounts
incurred
for
the
six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Administration
fees.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
acts
as
sub-administrator
and
sub-fund
accountant
to
the
Fund
pursuant
to
the
Sub-Administration
and
Sub-Fund
Accounting
Services
Agreement
between
VCM
and
Citi.
VCM
pays
Citi
a
fee
for
providing
these
services.
The Fund
reimburses
VCM
and
Citi
for
out-of-pocket
expenses
incurred
in
providing
these
services
and
certain
other
expenses
specifically
allocated
to
the
Fund.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Sub-Administration
fees.
The
Fund
(as
part
of
the
Trust)
has
entered
into
an
agreement
with
the
Adviser
to
provide
compliance
services,
pursuant
to
which
the
Adviser
furnishes
its
compliance
personnel,
including
the
services
of
the
Chief
Compliance
Officer
(“CCO”),
and
other
resources
reasonably
necessary
to
provide
the
Trust
with
compliance
oversight
services
related
to
the
design,
administration,
and
oversight
of
a
compliance
program
for
the
Trust
in
accordance
with
Rule
38a-1
under
the
1940
Act.
The
CCO
is
an
employee
of
the
Adviser,
which
pays
the
compensation
of
the
CCO
and
support
staff.
The
funds
in
the
Trust,
Victory
Portfolios,
and
Victory
Portfolios
II,
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Compliance
fees.
Transfer
Agency
Fees:
FIS
Investor
Services,
LLC
(“FIS”)
serves
as
the
Fund’s
transfer
agent.
Under
the
Transfer
Agent
Agreement,
the
Trust
pays
FIS
a
fee
for
its
services
and
reimburses
FIS
for
all
of
their
reasonable
out-of-pocket
expenses
incurred
in
providing
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Transfer
agent
fees.
Excluding
U.S.
Government
Securities
Purchases
Sales
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
...................................................
$
35,148
$
46,653
Net
Assets
Up
to
$15
billion
$15
billion
—
$30
billion
Over
$30
billion
0.08%,
plus
0.05%,
plus
0.04%
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
13
(Unaudited)
Sub-Transfer
Agency
Fees: 
The
Fund
has
entered
into
Sub-Transfer
Agency
Agreements
with
financial
intermediaries
that
provide
recordkeeping,
processing,
shareholder
communications
and
other
services
to
customers
of
the
intermediaries
that
hold
positions
in
the
Fund
and
has
agreed
to
compensate
the
intermediaries
for
providing
those
services.
Intermediaries
transact
with
the
Fund
primarily
through
the
use
of
omnibus
accounts
on
behalf
of
their
customers
who
hold
positions
in
the
Fund.
These
services
would
have
been
provided
by
the
Fund’s
transfer
agent
and
other
service
providers
if
the
shareholders’
accounts
were
maintained
directly
at
the
Fund’s
transfer
agent.
Amounts
incurred
for
the
six
months ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Sub-Transfer
agent
fees.
Distributor/Underwriting
Services:
Victory
Capital
Services,
Inc.
(the
“Distributor”),
an
affiliate
of
the
Adviser,
serves
as
Distributor
for
the
continuous
offering
of
the
shares
of
the
Fund
pursuant
to
a
Distribution
Agreement
between
the
Distributor
and
the
Trust,
and
receives
no
fee
or
other
compensation
for
these
services.
Other
Fees:
Citibank
serves
as
the
Fund’s
custodian.
The
Fund
pays
Citibank
a
fee
for
providing
these
services.
Amounts
incurred
for
the six
months
ended
June
30,
2025,
are
reflected
on
the
Statement
of
Operations
as
Custodian
fees.
Sidley
Austin
LLP
provides
legal
services
to
the
Trust.
The
Adviser
has
entered
into
an
expense
limitation
agreement
with the Trust.
Under
the
terms
of
the
agreement,
the
Adviser
has
agreed
to
waive
fees
or
reimburse
certain
expenses
to
the
extent
that
ordinary
operating
expenses
incurred
in
any
fiscal
year
exceed
the
expense limit
of the
Fund.
Such
excess
amounts
will
be
the
liability
of
the
Adviser. Acquired
fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
are
excluded
from
the
expense
limit.
As
of
June
30,
2025,
the
expense
limit (excluding
voluntary
waivers) was:
Under
the
terms
of
the
expense
limitation
agreement,
the
Fund
has
agreed
to
repay
fees
and
expenses
that
were
waived
or
reimbursed
by
the
Adviser
for
a
period
of
up
to
three
years
(thirty-six
(36)
months)
after
the
waiver
or
reimbursement
took
place,
subject
to
the
lesser
of
any
operating
expense limits
in
effect
at
the
time
of:
(a)
the
original
waiver
or
expense
reimbursement;
or
(b)
the
recoupment,
after
giving
effect
to
the
recoupment
amount.
The
Fund
has
not
recorded
any
amounts
available
to
be
repaid
to
the
Adviser
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
June
30,
2025.
As
of June
30,
2025,
the
following amounts
are
available
to
be
repaid
to
the
Adviser
(amounts
in
thousands):
The
Adviser
may
voluntarily
waive
or
reimburse
additional
fees
to
assist
the
Fund
in
maintaining
competitive
expense
ratios.
Voluntary
waivers
and
reimbursements
applicable
to
the
Fund are
not
available
to
be
recouped
at
a
future
time.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
June
30,
2025.
Certain
officers
and/or
interested
trustees
of
the
Fund
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
legal
counsel,
and
Distributor.
5.
Risks:
The
Fund
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Equity
Securities
Risk
—
The
value
of
the
equity
securities
in
which
the
Fund
invests
may
decline
in
response
to
developments
affecting
individual
companies
and/or
general
economic
conditions
in
the
United
States
or
abroad.
A
company’s
earnings
or
dividends
may
not
increase
as
expected
(or
may
decline)
because
of
poor
management,
competitive
pressures,
reliance
on
particular
suppliers
or
geographical
regions,
labor
problems
or
shortages,
corporate
restructurings,
fraudulent
disclosures,
man-made
or
natural
disasters,
military
confrontations
or
wars,
terrorism,
public
health
crises,
or
other
events,
conditions,
and
factors.
Price
changes
may
be
temporary
or
last
for
extended
periods.
General
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Fund.
Domestic
and
international
factors
such
as
political
events,
war,
terrorism,
trade
disputes,
inflation
rates,
interest
rate
levels,
and
other
fiscal
and
monetary
policy
changes,
cybersecurity
incidents,
pandemics,
and
other
public
health
crises,
imposition
of
tariffs,
sanctions
against
a
particular
foreign
country,
its
nationals,
businesses
or
industries;
and
related
geopolitical
events,
as
well
as
environmental
disasters
such
as
earthquakes,
fires,
and
floods,
or
other
catastrophes,
may
add
to
instability
in
global
economies
and
markets
generally,
and
may
lead
to
increased
market
volatility.
Global
economies
and
financial
markets
are
highly
interconnected,
which
increases
the
possibility
that
conditions
in
one
country
or
region
might
adversely
affect
issuers
in
another
country
or
region.
The
impact
of
these
and
other
factors
may
be
short-term
or
may
last
for
extended
periods.
In
effect
until
April
30,
2026
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.88%
Expires
2025
Expires
2026
Expires
2027
Expires
2028
Total
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
..................
$
32
$
70
$
64
$
60
$
226
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
14
(Unaudited)
Small-Capitalization
Stock
Risk
—
Small-sized
companies
are
subject
to
a
number
of
risks
not
associated
with
larger,
more
established
companies,
potentially
making
their
stock
prices
more
volatile
and
increasing
the
risk
of
loss.
Smaller
companies
may
have
limited
markets,
product
lines,
or
financial
resources
and
lack
management
experience
and
may
experience
higher
failure
rates
than
larger
companies.
Sector Focus
Risk
— 
While
the
Fund
reserves
the
right
to
dynamically
allocate
its
assets
across
economic
sectors,
listed
below
are
some
of
the
risks
associated
with
the
sectors
in
which
the
Fund
may
make
significant
investments. 
Market
or
economic
factors
impacting
those
sectors
could
have
a
significant
effect
on
the
value
of
the
Fund's
investments
and
could
make
the
Fund's
performance
more
volatile.
Health
Care
Sector Risk
— 
Companies
in
the
health
care
sector
may
be
adversely
affected
by
extensive
government
regulation,
restrictions
on
government
reimbursement
for
medical
expenses,
rising
or
falling
costs
of
medical
products
and
services,
pricing
pressure,
an
increased
emphasis
on
outpatient
services,
limited
number
of
products,
product
obsolescence,
industry
innovation,
changes
in
technologies,
and
other
market
developments.
Companies
in
the
health
care
sector
are
heavily
dependent
on
patent
protection
and
the
expiration
of
patents
may
adversely
affect
these
companies.
Many
of
these
companies
are
subject
to
extensive
litigation
based
on
product
liability
and
similar
claims.
These
companies
are
subject
to
competitive
forces
that
may
make
it
difficult
to
raise
prices.
Information
Technology
Sector Risk
— Companies
in
the
information
technology
sector
face
intense
competition,
both
domestically
and
internationally.
These
companies
may
be
smaller
or
newer
and
may
have
limited
product
lines,
markets,
financial
resources,
or
personnel.
The
products
of
companies
in
the
information
technology
sector
may
face
product
obsolescence
due
to
rapid
technological
developments
and
frequent
new
product
introduction,
unpredictable
changes
in
growth
rates,
and
competition
for
the
services
of
qualified
personnel.
These
companies
may
be
developing
or
marketing
new
products
or
services
for
which
markets
are
not
yet
established
and
may
never
become
established.
6.
Borrowing
and
Interfund
Lending:
Line
of
Credit:
The
Victory
Funds
Complex
participates
in
a
short-term
demand
note
“Line
of
Credit”
agreement
with
Citibank.
Under
the
agreement
with
Citibank,
the
funds
in
the
Trust,
Victory
Portfolios,
Victory
Portfolios
II,
and
Victory
Portfolios
III
(collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
 may
borrow
up
to
$600
million,
of
which
$300
million
is
committed
and
$300
million
is
uncommitted.
$40
million
of
the
Line
of
Credit
is
reserved
for
use
by
the
Victory
Floating
Rate
Fund,
another
series
of
the
Victory
Funds
Complex,
with
Victory
Floating
Rate
Fund
paying
the
related
commitment
fees
for
that
amount.
The
purpose
of
the
Line
of
Credit
is
to
meet
temporary
or
emergency
cash
needs.
For
the six
months
ended
June
30,
2025,
Citibank
received
an
annual
commitment
fee
of
0.15%
on
$300
million
for
providing
the
Line
of
Credit.
Each
fund
in
the
Victory
Funds
Complex
paid
a
pro-rata
portion
of
the
commitment
fees
plus
any
interest
on
amounts
borrowed.
Interest
is
based
on
the
one-month Secured
Overnight
Financing
Rate
plus
1.10
percent.
Effective
June
24,
2025,
the
agreement
was
renewed
with
a
termination
date
of
June
22,
2026,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged.
Dedicated
portions
to
the
Victory
Floating
Rate
Fund
have
been
removed,
making
the
entire
Line
of
Credit
(committed
and
uncommitted)
available
to
all
funds.
Interest
charged
to
the
Fund
during
the
period,
if
applicable,
is
reflected
on
the
Statement
of
Operations
under
Line
of
credit
fees.
The
Fund
had
no
borrowings
under the
Line
of
Credit
agreement
during
the
six
months
ended
June
30,
2025.
Interfund
Lending:
The
Trust
and
the
Adviser
rely
on
an
exemptive
order
granted
by
the
SEC
in
March
2017
(the
“Order”),
permitting
the
establishment
and
operation
of
an
Interfund
Lending
Facility
(the
“Facility”).
The
Facility
allows
the
Fund
to
directly
lend
and
borrow
money
to
or
from
any
other
fund
in
the
Victory
Funds
Complex
that
is
permitted
to
participate
in
the
Facility,
relying
upon
the
Order
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Advances
under
the
Facility
are
allowed
for
temporary
or
emergency
purposes,
including
the
meeting
of
redemption
requests
that
otherwise
might
require
the
untimely
disposition
of
securities,
and
are
subject
to
each
Fund’s
borrowing
restrictions.
The
interfund
loan
rate
is
determined,
as
specified
in
the
Order,
by
averaging
the
current
repurchase
agreement
rate
and
the
current
bank
loan
rate.
As
a
Borrower
(as
defined
in
the
Order),
interest
charged
to
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending
fees.
As
a
Lender
(as
defined
in
the
Order),
interest
earned
by
the
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statement
of
Operations
under
Interfund
lending.
The
average
borrowing
or
lending
for
the
days
outstanding
and
average
interest
rate
for
the
Fund during
the
six
months
ended
June
30,
2025,
were
as
follows
(amounts
in
thousands):
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
six
months
ended
June
30,
2025.
7.
Federal
Income
Tax
Information:
The
Fund
intends
to
distribute
any
net
investment
income
annually.
Distributable
net
realized
gains,
if
any,
are
declared
and
paid
at
least
annually.
Borrower
or
Lender
Amount
Outstanding
at
June
30,
2025
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
.........
Borrower
$
—
$
3,049
4.83%
$
3,237
Notes
to
Financial
Statements
—
continued
June
30,
2025
Victory
Variable
Insurance
Funds
15
(Unaudited)
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Fund
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statement
of
Assets
and
Liabilities.
The
tax
character
of
current
year
distributions
paid
and
the
tax
basis
of
the
current
components
of
accumulated
earnings
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
As
of
the
tax
year
ended December
31,
2024,
the
Fund
had
net
capital
loss
carryforwards as shown
in
the
table
below.
It
is
unlikely
that
the
Board
will
authorize
a
distribution
of
capital
gains
realized
in
the
future
until
the
capital
loss
carryforwards
have
been
used
(amounts
in
thousands):
8.
Segment
Reporting:
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280):
Improvements
to
Reportable
Segment
Disclosures.
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
the
results
of
its
operations.
The
Adviser's
Management
Committee
acts
as
the
Fund’s
Chief
Operating
Decision
Maker
(“CODM”).
The
Fund
represents
a
single
operating
segment,
as
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-
determined
in
accordance
with
the
Fund's
single
investment
objective.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios,
and
changes
in
net
assets,
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
as
“total
assets”
and
significant
segment
expenses
are
listed
on
the
accompanying
Statement
of
Operations.
9.
Subsequent
Event:
On
May
20,
2025,
the
Board,
upon
recommendation
of
the
Adviser,
approved
a
Plan
of
Liquidation
for
each
individual
fund
within
the
Trust.
On
August
29,
2025,
the
Fund
will
redeem
all
of
its
outstanding
shares
at
the
net
asset
value
of
such
shares.
Short-Term
Amount
Long-Term
Amount
Total
Victory
RS
Small
Cap
Growth
Equity
VIP
Series
...............................
$
(11,621)
$
—
$
(11,621)
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
800-539-FUND
(800-539-3863)
VVIF-RS-SCGEVIP-SAR
(6/25)
 
(b)  The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.
 
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
 
Not applicable. 
 
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
 
Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.
 
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
 
Not applicable. 
 
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
 
Not applicable. 
 
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable. 
 
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable. 
 
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
Not applicable. 
 
Item 15. Submission of Matters to a Vote of Security Holders.
 
Not applicable. 
 
Item 16. Controls and Procedures.
 
(a)  The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. 
 
(b)  There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. 
 
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
Not applicable. 
 
Item 18. Recovery of Erroneously Awarded Compensation.
 
Not applicable. 
 
Item 19. Exhibits.
 
(a)(1)  Not applicable.
 
(a)(2)  Not applicable. 
 
(a)(3)  The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.
 
(b)  The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant) Victory Variable Insurance Funds                                                                                                                                                  
 
 
By (Signature and Title)     /s/ Carol D. Trevino                                                                                           
                                            Carol D. Trevino, Treasurer and Principal Financial Officer
Date:      August 25, 2025 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By (Signature and Title)     /s/ Thomas Dusenberry                                                                     
                                                Thomas Dusenberry, President and Principal Executive Officer
Date:      August 25, 2025
 
 
By (Signature and Title)     /s/ Carol D. Trevino                                                                                           
                                            Carol D. Trevino, Treasurer and Principal Financial Officer
Date:      August 25, 2025
 
 
 
 
 
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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