Form NPORT-P VICTORY VARIABLE INSURAN For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0001068663
          XXXXXXXX
        
      
      
      
      
        S000053586
        C000168422
      
      
    
  
  
    
      Victory Variable Insurance Funds
      811-08979
      0001068663
      549300PUY11D0HHITF56
      4900 Tiedeman Road 4th Floor
      Brooklyn
      
      44144
      800-539-3863
      Victory RS International VIP Series
      S000053586
      549300QS2OFQ88TJU634
      2022-12-31
      2022-03-31
      N
    
    
      140486991.85
      5555819.53
      134931172.32
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      1725900.60
      
        
          AUD
          
          
        
        
          CHF
          
          
        
        
          DKK
          
          
        
        
          EUR
          
          
        
        
          GBP
          
          
        
        
          HKD
          
          
        
        
          JPY
          
          
        
        
          NOK
          
          
        
        
          NZD
          
          
        
        
          RUB
          
          
        
        
          SEK
          
          
        
        
          USD
          
          
        
      
      
      
      
        
        
        
        
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        TENCENT HOLDINGS LIMITED
        254900N4SLUMW4XUYY11
        
        N/A
        
          
        
        21700.00000000
        NS
        
        1000285.56000000
        0.741330222513
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokio Marine Holdings, Inc.
        5299009QN2NZ191KLS29
        
        N/A
        
          
        
        20300.00000000
        NS
        
        1181517.12000000
        0.875644300486
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sanwa Holdings Corporation
        5299003X6BCA4ROO5A70
        
        N/A
        
          
        
        120700.00000000
        NS
        
        1221774.17000000
        0.905479548567
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ORACLE CORPORATION JAPAN
        529900MIMKY9RU60Z323
        
        N/A
        
          
        
        17500.00000000
        NS
        
        1212897.38000000
        0.898900794490
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Melexis NV
        549300QRPSGOJRPUFO80
        
        N/A
        
          
        
        12986.00000000
        NS
        
        1195357.56000000
        0.885901707846
        Long
        EC
        CORP
        BE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        LVMH MOET HENNESSY LOUIS VUITTON SE
        IOG4E947OATN0KJYSD45
        
        N/A
        
          
        
        5408.00000000
        NS
        
        3859691.91000000
        2.860489421114
        Long
        EC
        CORP
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Wolters Kluwer N.V.
        724500TEM53I0U077B74
        
        N/A
        
          
        
        17766.00000000
        NS
        
        1893707.64000000
        1.403461933547
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        GAZTRANSPORT ET TECHNIGAZ SA
        969500BVOHVZUUFWDT54
        
        N/A
        
          
        
        8464.00000000
        NS
        
        945554.08000000
        0.700767705299
        Long
        EC
        CORP
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        BARCLAYS PLC
        213800LBQA1Y9L22JB70
        
        N/A
        
          
        
        606401.00000000
        NS
        
        1175274.48000000
        0.871017763940
        Long
        EC
        RF
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        
        N/A
        
          
        
        25295.00000000
        NS
        
        2803009.86000000
        2.077362711525
        Long
        EC
        CORP
        DE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Chubu Electric Power Company, Incorporated
        529900A76GOP0PGNHT63
        
        N/A
        
          
        
        75800.00000000
        NS
        
        784646.54000000
        0.581516136344
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Novartis AG
        5493007HIVTX6SY6XD66
        
        N/A
        
          
        
        33415.00000000
        NS
        
        2934031.09000000
        2.174464980591
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Partners Group Holding AG
        549300I3IVVWZWDHI788
        
        N/A
        
          
        
        785.00000000
        NS
        
        972146.88000000
        0.720476123704
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Pandora A/S
        5299007OWYZ6I1E46843
        
        N/A
        
          
        
        8272.00000000
        NS
        
        788167.58000000
        0.584125644540
        Long
        EC
        CORP
        DK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        en Japan Inc.
        N/A
        
        N/A
        
          
        
        25100.00000000
        NS
        
        601915.75000000
        0.446090951149
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Coca-Cola HBC AG
        549300EFP3TNG7JGVE49
        
        N/A
        
          
        
        27985.00000000
        NS
        
        583543.95000000
        0.432475268662
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        iShares MSCI EAFE ETF
        N/A
        
        464287465
        
          
        
        1927.00000000
        NS
        USD
        141827.20000000
        0.105110774301
        Long
        
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED
        N/A
        
        N/A
        
          
        
        46461.00000000
        NS
        
        779342.10000000
        0.577584917258
        Long
        EC
        CORP
        NZ
        
        N
        
        2
        
          N
          N
          N
        
      
      
        IMPERIAL BRANDS PLC
        549300DFVPOB67JL3A42
        
        N/A
        
          
        
        77448.00000000
        NS
        
        1631117.64000000
        1.208851603343
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        
        N/A
        
          
        
        12986.00000000
        NS
        
        5138899.11000000
        3.808533655820
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        LEGAL & GENERAL GROUP PLC
        213800JH9QQWHLO99821
        
        N/A
        
          
        
        284975.00000000
        NS
        
        1010159.13000000
        0.748647708777
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        NIBE Industrier AB
        549300ZQH0FIF1P0MX67
        
        N/A
        
          
        
        121130.00000000
        NS
        
        1343315.31000000
        0.995555946712
        Long
        EC
        CORP
        SE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SNAM S.P.A.
        8156002278562044AF79
        
        N/A
        
          
        
        271345.00000000
        NS
        
        1564508.34000000
        1.159486212933
        Long
        EC
        CORP
        IT
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi UFJ Financial Group, Inc.
        353800V2V8PUY9TK3E06
        
        N/A
        
          
        
        429100.00000000
        NS
        
        2652763.12000000
        1.966012059621
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens Aktiengesellschaft
        W38RGI023J3WT1HWRP32
        
        N/A
        
          
        
        22991.00000000
        NS
        
        3183061.76000000
        2.359026239282
        Long
        EC
        CORP
        DE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        CAPGEMINI SE
        96950077L0TN7BAROX36
        
        N/A
        
          
        
        8835.00000000
        NS
        
        1960242.71000000
        1.452772310723
        Long
        EC
        CORP
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        MACQUARIE GROUP LIMITED
        ACMHD8HWFMFUIQQ8Y590
        
        N/A
        
          
        
        11333.00000000
        NS
        
        1713477.98000000
        1.269890382287
        Long
        EC
        CORP
        AU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        RIO TINTO PLC
        213800YOEO5OQ72G2R82
        
        N/A
        
          
        
        34430.00000000
        NS
        
        2752046.00000000
        2.039592447528
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ARKEMA SA
        9695000EHMS84KKP2785
        
        N/A
        
          
        
        17492.00000000
        NS
        
        2090706.13000000
        1.549461176429
        Long
        EC
        CORP
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        CRODA INTERNATIONAL PUBLIC LIMITED COMPANY
        2138004WCNBFJEEOXV26
        
        N/A
        
          
        
        16169.00000000
        NS
        
        1663022.33000000
        1.232496762168
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        RASPADSKAYA PAO
        N/A
        
        N/A
        
          
        
        35300.89210000
        NS
        
        5742.06000000
        0.004255547403
        Long
        EC
        CORP
        RU
        
        N
        
        3
        
          N
          N
          N
        
      
      
        Kakaku.com Inc
        353800KA15Y0DCPWYY65
        
        N/A
        
          
        
        51000.00000000
        NS
        
        1139158.01000000
        0.844251176665
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        HOYA CORPORATION
        353800X4VR3BHEUCJB42
        
        N/A
        
          
        
        18700.00000000
        NS
        
        2131362.61000000
        1.579592449508
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke KPN N.V.
        549300YO0JZHAL7FVP81
        
        N/A
        
          
        
        639094.00000000
        NS
        
        2217337.92000000
        1.643310349917
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          
        
      
      
        ASHTEAD GROUP PUBLIC LIMITED COMPANY
        2138007UTBN8X9K1A235
        
        N/A
        
          
        
        26286.00000000
        NS
        
        1654773.44000000
        1.226383356453
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Telefonica S.A.
        549300EEJH4FEPDBBR25
        
        879382109
        
          
        
        1.00000000
        NS
        
        4.84000000
        0.000003587013
        Long
        EC
        CORP
        ES
        
        N
        
        2
        
          N
          N
          N
        
      
      
        JPMORGAN PRIME MONEY MARKET FUND
        N/A
        
        4812A0367
        
          
        
        306154.89000000
        NS
        USD
        306154.88999999
        0.226897079997
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        BP P.L.C.
        213800LH1BZH3DI6G760
        
        N/A
        
          
        
        437170.00000000
        NS
        
        2142773.98000000
        1.588049627937
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ITV PLC
        ZLECI7ED2QMWFGYCXZ59
        
        N/A
        
          
        
        787666.00000000
        NS
        
        842822.39000000
        0.624631340192
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Yusen Kabushiki Kaisha
        353800YPW4XM0ZN5I149
        
        N/A
        
          
        
        14300.00000000
        NS
        
        1251089.94000000
        0.927206010656
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          
        
      
      
        AKER BP ASA
        549300NFTY73920OYK69
        
        N/A
        
          
        
        31835.00000000
        NS
        
        1187955.36000000
        0.880415799829
        Long
        EC
        CORP
        NO
        
        N
        
        2
        
          N
          N
          
        
      
      
        ZOZO, Inc.
        549300GC7XPQMZA0OW13
        
        N/A
        
          
        
        53200.00000000
        NS
        
        1420955.19000000
        1.053096305003
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        FUJI ELECTRIC CO., LTD.
        5299000HVNGZZTYYM906
        
        N/A
        
          
        
        43900.00000000
        NS
        
        2188372.01000000
        1.621843175578
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC HOLDINGS PLC
        MLU0ZO3ML4LN2LL2TL39
        
        N/A
        
          
        
        232402.00000000
        NS
        
        1587140.77000000
        1.176259527513
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        CAPCOM CO., LTD.
        529900JJWQKXS3TC8744
        
        N/A
        
          
        
        54600.00000000
        NS
        
        1323957.80000000
        0.981209736220
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Adecco Group AG
        NI14Y5UMU60O7JE9P611
        
        N/A
        
          
        
        26648.00000000
        NS
        
        1208991.16000000
        0.896005822237
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        INTERMEDIATE CAPITAL GROUP PLC
        549300OGASR5WRKJ8R68
        
        N/A
        
          
        
        27757.00000000
        NS
        
        644316.11000000
        0.477514646113
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Allianz SE
        529900K9B0N5BT694847
        
        N/A
        
          
        
        11501.00000000
        NS
        
        2746152.35000000
        2.035224553957
        Long
        EC
        CORP
        DE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ENEL - SPA
        WOCMU6HCI0OJWNPRZS33
        
        N/A
        
          
        
        237247.00000000
        NS
        
        1583820.70000000
        1.173798961921
        Long
        EC
        CORP
        IT
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SHELL PLC
        21380068P1DRHMJ8KU70
        
        N/A
        
          
        
        116975.00000000
        NS
        
        3205535.97000000
        2.375682294079
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        UBS Group AG
        549300SZJ9VS8SGXAN81
        
        N/A
        
          
        
        101801.00000000
        NS
        
        1989647.66000000
        1.474564865768
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        TOYOTA MOTOR CORPORATION
        5493006W3QUS5LMH6R84
        
        N/A
        
          
        
        232400.00000000
        NS
        
        4192721.07000000
        3.107303522166
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Volkswagen Aktiengesellschaft
        529900NNUPAGGOMPXZ31
        
        N/A
        
          
        
        6570.00000000
        NS
        
        1128906.98000000
        0.836653947779
        Long
        EC
        CORP
        DE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SCENTRE GROUP
        N/A
        
        N/A
        
          
        
        675847.00000000
        NS
        
        1536233.69000000
        1.138531344229
        Long
        
        RF
        AU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        OKUMA Corporation
        N/A
        
        N/A
        
          
        
        18300.00000000
        NS
        
        757963.51000000
        0.561740846809
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Limited
        ZP5ILWVSYE4LJGMMVD57
        
        N/A
        
          
        
        185200.00000000
        NS
        
        1933911.30000000
        1.433257613306
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ROYAL UNIBREW A/S
        529900D69KFL8IAP8Q63
        
        N/A
        
          
        
        12553.00000000
        NS
        
        1172981.60000000
        0.869318467950
        Long
        EC
        CORP
        DK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        CSL LIMITED
        529900ECSECK5ZDQTE14
        
        N/A
        
          
        
        11767.00000000
        NS
        
        2348565.19000000
        1.740565319057
        Long
        EC
        CORP
        AU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SAFRAN SA
        969500UIC89GT3UL7L24
        
        N/A
        
          
        
        9400.00000000
        NS
        
        1106560.61000000
        0.820092637582
        Long
        EC
        CORP
        FR
        
        N
        
        2
        
          N
          N
          N
        
      
      
        NEXT PLC
        213800WQD8ECPZP9PH98
        
        N/A
        
          
        
        13399.00000000
        NS
        
        1053643.00000000
        0.780874413142
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ULVAC,Inc.
        N/A
        
        N/A
        
          
        
        25600.00000000
        NS
        
        1302191.71000000
        0.965078482318
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SPAREBANK 1 SMN
        7V6Z97IO7R1SEAO84Q32
        
        N/A
        
          
        
        103320.00000000
        NS
        
        1651225.28000000
        1.223753749121
        Long
        EC
        CORP
        NO
        
        N
        
        2
        
          N
          N
          N
        
      
      
        DIAGEO PLC
        213800ZVIELEA55JMJ32
        
        N/A
        
          
        
        52669.00000000
        NS
        
        2671113.74000000
        1.979612045217
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Atlas Copco Aktiebolag
        213800T8PC8Q4FYJZR07
        
        N/A
        
          
        
        51927.00000000
        NS
        
        2355993.06000000
        1.746070251589
        Long
        EC
        CORP
        SE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        LA FRANCAISE DES JEUX SA
        969500R4CLSQFTYYI535
        
        N/A
        
          
        
        38192.00000000
        NS
        
        1514967.26000000
        1.122770397641
        Long
        EC
        CORP
        FR
        
        Y
        
        2
        
          N
          N
          N
        
      
      
        CVS GROUP PLC
        213800J41XDQ2NX48O05
        
        N/A
        
          
        
        32992.00000000
        NS
        
        773321.35000000
        0.573122827515
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Shionogi & Co., Ltd.
        35380049VXDTHZI3DY35
        
        N/A
        
          
        
        24300.00000000
        NS
        
        1493318.80000000
        1.106726321519
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        FUJITSU LIMITED
        3538000246DHJLRTUZ24
        
        N/A
        
          
        
        13600.00000000
        NS
        
        2037964.80000000
        1.510373596374
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ING Groep N.V.
        549300NYKK9MWM7GGW15
        
        N/A
        
          
        
        146207.00000000
        NS
        
        1526326.40000000
        1.131188867447
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nestle S.A.
        KY37LUS27QQX7BB93L28
        
        N/A
        
          
        
        45096.00000000
        NS
        
        5864273.61000000
        4.346122181531
        Long
        EC
        CORP
        CH
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Banco Bilbao Vizcaya Argentaria, S.A.
        K8MS7FD7N5Z2WQ51AZ71
        
        N/A
        
          
        
        377276.00000000
        NS
        
        2153921.54000000
        1.596311291872
        Long
        EC
        CORP
        ES
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ASM International N.V.
        7245001I22ND6ZFHX623
        
        N/A
        
          
        
        3801.00000000
        NS
        
        1383873.16000000
        1.025614123264
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        MSILF PRIME PORTFOLIO
        N/A
        
        61747C715
        
          
        
        1376532.14000000
        NS
        USD
        1376532.14000000
        1.020173556882
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        CK ASSET HOLDINGS LIMITED
        5299006GJZSGP78B8S35
        
        N/A
        
          
        
        350000.00000000
        NS
        
        2392492.41000000
        1.773120598349
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS FINANCIAL SQUARE PRIME OBLIGATIONS FUND
        N/A
        
        38141W364
        
          
        
        38395.64000000
        NS
        USD
        38395.64000000
        0.028455722528
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        China Merchants Bank Co., Ltd.
        549300MKO5B60FFIHF58
        
        N/A
        
          
        
        54000.00000000
        NS
        
        420375.15000000
        0.311547837888
        Long
        EC
        CORP
        CN
        
        N
        
        2
        
          N
          N
          N
        
      
      
        JD.COM, INC.
        549300HVTWB0GJZ16V92
        
        N/A
        
          
        
        938.00000000
        NS
        
        26654.19000000
        0.019753915675
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Realty & Development Co., Ltd.
        N/A
        
        N/A
        
          
        
        25200.00000000
        NS
        
        697533.26000000
        0.516954865215
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
        815600FBF92FD3531704
        
        N/A
        
          
        
        27577.00000000
        NS
        
        1382502.20000000
        1.024598079323
        Long
        EC
        CORP
        IT
        
        N
        
        2
        
          N
          N
          N
        
      
      
        TOYO SUISAN KAISHA, LTD.
        N/A
        
        892306101
        
          
        
        39600.00000000
        NS
        
        1417205.88000000
        1.050317621667
        Long
        EC
        CORP
        JP
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ARISTOCRAT LEISURE LIMITED
        529900TE2HO3OZKYKC27
        
        N/A
        
          
        
        47373.00000000
        NS
        
        1285454.68000000
        0.952674358265
        Long
        EC
        CORP
        AU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        TEMPFUND
        N/A
        
        09248U619
        
          
        
        76937.55000000
        NS
        USD
        76937.55000000
        0.057019848473
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
      
        BHP GROUP LIMITED
        WZE1WSENV6JSZFK0JC28
        
        N/A
        
          
        
        80843.00000000
        NS
        
        3115460.64000000
        2.308925792634
        Long
        EC
        CORP
        AU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        FIDELITY GOVERNMENT PORTFOLIO
        N/A
        
        1849969A6
        
          
        
        2158090.87000000
        NS
        USD
        2158090.87000000
        1.599401259837
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          
          N
          N
        
      
    
    
      2022-05-02
      Victory Variable Insurance Funds
      Allan Shaer
      Allan Shaer
      Treasurer
    
  
  XXXX

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

bps—Basis points

LIBOR—London InterBank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security

LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security

LIBOR06M—6 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security

LLC—Limited Liability Company

LP—Limited Partnership

PIK—Payment-in-Kind

PLC—Public Limited Company

SOFR—Secured Overnight Financing Rate

 

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

 

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

 

 

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

(Unaudited)

 

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

 

 

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

(Unaudited)

 

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

 

 

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

(Unaudited)

 

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

 

 

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

(Unaudited)

 

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

 

 

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

(Unaudited)

 

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

 

 

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

(Unaudited)

 

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

 

 

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

(Unaudited)

 

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

 

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

 

bps—Basis points

LIBOR—London InterBank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security

LIBOR12M—12 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security

LLC—Limited Liability Company

LP—Limited Partnership

MTN—Medium Term Note

PLC—Public Limited Company

SOFR—Secured Overnight Financing Rate

 

 

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

(Unaudited)

 

Futures Contracts Purchased    

 

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

 

Futures Contracts Sold    

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

bps—Basis points

LIBOR—London InterBank Offered Rate

LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2022, based on the last reset date of the security

LLC—Limited Liability Company

LP—Limited Partnership

MTN—Medium Term Note

PLC—Public Limited Company

SOFR—Secured Overnight Financing Rate

 

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

 

Futures Contracts Purchased  

 

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

 

Futures Contracts Sold  

 

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

 

Centrally Cleared

 

Credit Default Swap Agreements - Sell Protection(a)

 

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

 

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

  

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

 

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

 

  

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

  

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

 

 

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

 

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

 

 

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

 

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

 

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

 

ETF—Exchange-Traded Fund

PLC—Public Limited Company

 

 

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

 

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

 

 

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

 

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

 

(a)	Non-income producing security.

 

LP—Limited Partnership

PLC—Public Limited Company

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ADR—American Depositary Receipt

PLC—Public Limited Company

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

PLC—Public Limited Company

 

Futures Contracts Purchased    

 

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

 

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

 

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

 

 

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

 

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

 

 

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

 

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

 

 

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

 

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

 

 

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

 

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

 

 

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

 

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

 

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

 

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

PCL—Public Company Limited

PLC—Public Limited Company