Victory Variable Insurance Funds NPORTP Victory Sophus Emerging Markets VIP Series (Sep 2024 report)

Schedule

Portfolio

Investments

September

30,

2024

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Security

Description

Value

Common

Stocks

(99.6%)

Communication

Services

(9.0%):

Alphabet,

Inc.,

Class

...................................................

9,839

1,644,982

Alphabet,

Inc.,

Class

...................................................

11,080

1,837,618

AT&T,

Inc.

...........................................................

13,555

298,210

Charter

Communications,

Inc.,

Class

A(a)

.....................................

183

59,307

Comcast

Corp.,

Class

..................................................

7,271

303,710

Electronic

Arts,

Inc.

.....................................................

453

64,978

Fox

Corp.,

Class

......................................................

422

17,863

Fox

Corp.,

Class

......................................................

250

9,700

Liberty

Media

Corp.-Liberty

Formula

One,

Series

C(a)

............................

388

30,043

Liberty

Media

Corp.-Liberty

Formula

One,

Series

A(a)

............................

3,076

Live

Nation

Entertainment,

Inc.(a)

...........................................

292

31,971

Meta

Platforms,

Inc.,

Class

..............................................

4,135

2,367,039

Netflix,

Inc.(a)

.........................................................

808

573,090

Omnicom

Group,

Inc.

....................................................

367

37,944

Pinterest,

Inc.,

Class

A(a)

.................................................

1,126

36,449

ROBLOX

Corp.,

Class

A(a)

...............................................

953

42,180

Snap,

Inc.,

Class

A(a)

....................................................

1,960

20,972

Take-Two

Interactive

Software,

Inc.(a)

........................................

306

47,035

The

Interpublic

Group

Cos.,

Inc.

..........................................

709

22,426

The

Trade

Desk,

Inc.,

Class

A(a)

............................................

837

91,777

The

Walt

Disney

Co.

....................................................

3,436

330,509

T-Mobile

US,

Inc.

......................................................

929

191,709

Verizon

Communications,

Inc.

..............................................

7,977

358,247

Warner

Bros

Discovery,

Inc.(a)

.............................................

4,205

34,691

8,455,526

Communications

Equipment

(0.8%):

Arista

Networks,

Inc.(a)

..................................................

487

186,920

Cisco

Systems,

Inc.

.....................................................

7,549

401,758

Motorola

Solutions,

Inc.

..................................................

315

141,634

730,312

Consumer

Discretionary

(9.9%):

Airbnb,

Inc.,

Class

A(a)

..................................................

800

101,448

Amazon.com,

Inc.(a)

....................................................

17,721

3,301,954

Aptiv

PLC(a)

..........................................................

501

36,077

AutoZone,

Inc.(a)

.......................................................

100,801

Best

Buy

Co.,

Inc.

......................................................

375

38,737

Booking

Holdings,

Inc.

...................................................

265,363

Carnival

Corp.(a)

.......................................................

1,892

34,964

Chipotle

Mexican

Grill,

Inc.(a)

.............................................

2,579

148,602

D.R.

Horton,

Inc.

.......................................................

545

103,970

Darden

Restaurants,

Inc.

..................................................

224

36,765

Deckers

Outdoor

Corp.(a)

.................................................

287

45,762

Domino's

Pizza,

Inc.

.....................................................

28,389

DoorDash,

Inc.,

Class

A(a)

................................................

581

82,926

DraftKings,

Inc.(a)

......................................................

885

34,692

eBay,

Inc.

............................................................

924

60,162

Expedia

Group,

Inc.(a)

...................................................

234

34,637

Ford

Motor

Co.

........................................................

7,383

77,964

Garmin

Ltd.

...........................................................

294

51,753

General

Motors

Co.

.....................................................

2,127

95,375

Genuine

Parts

Co.

......................................................

263

36,736

Hilton

Worldwide

Holdings,

Inc.

............................................

502

115,711

Las

Vegas

Sands

Corp.

...................................................

732

36,849

Lennar

Corp.,

Class

....................................................

447

83,803

Lennar

Corp.,

Class

...................................................

3,113

Lowe's

Cos.,

Inc.

.......................................................

1,074

290,893

Lululemon

Athletica,

Inc.(a)

...............................................

203

55,084

Marriott

International,

Inc.,

Class

..........................................

446

110,876

McDonald's

Corp.

......................................................

1,359

413,829

MGM

Resorts

International(a)

..............................................

452

17,669

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

NIKE,

Inc.,

Class

.....................................................

2,240

198,016

NVR,

Inc.(a)

..........................................................

58,871

O'Reilly

Automotive,

Inc.(a)

...............................................

109

125,524

Pool

Corp.

............................................................

26,376

PulteGroup,

Inc.

........................................................

390

55,977

Ross

Stores,

Inc.

.......................................................

616

92,714

Royal

Caribbean

Cruises

Ltd.

..............................................

449

79,635

Starbucks

Corp.

........................................................

2,104

205,119

Tesla,

Inc.(a)

..........................................................

5,270

1,378,790

The

Home

Depot,

Inc.

...................................................

1,882

762,586

The

TJX

Cos.,

Inc.

......................................................

2,135

250,948

Tractor

Supply

Co.

......................................................

204

59,350

Ulta

Beauty,

Inc.(a)

.....................................................

34,632

Williams-Sonoma,

Inc.

...................................................

231

35,786

Yum!

Brands,

Inc.

......................................................

532

74,326

9,283,554

Consumer

Staples

(5.9%):

Albertsons

Cos.,

Inc.,

Class

..............................................

771

14,248

Altria

Group,

Inc.

.......................................................

3,230

164,859

Archer-Daniels-Midland

Co.

...............................................

900

53,766

Brown-Forman

Corp.,

Class

.............................................

547

26,912

Brown-Forman

Corp.,

Class

..............................................

3,991

Campbell

Soup

Co.

.....................................................

374

18,296

Celsius

Holdings,

Inc.(a)

..................................................

315

9,878

Church

Dwight

Co.,

Inc.

................................................

463

48,485

Colgate-Palmolive

Co.

...................................................

1,547

160,594

Conagra

Brands,

Inc.

....................................................

903

29,366

Constellation

Brands,

Inc.,

Class

..........................................

289

74,472

Costco

Wholesale

Corp.

..................................................

839

743,790

Dollar

General

Corp.

....................................................

416

35,181

Dollar

Tree,

Inc.(a)

......................................................

407

28,620

General

Mills,

Inc.

......................................................

1,054

77,838

Hormel

Foods

Corp.

.....................................................

551

17,467

Kellanova

............................................................

549

44,310

Kenvue,

Inc.

..........................................................

3,630

83,962

Keurig

Dr.

Pepper,

Inc.

...................................................

2,001

74,998

Kimberly-Clark

Corp.

....................................................

638

90,775

Lamb

Weston

Holdings,

Inc.

...............................................

265

17,156

McCormick

Co.,

Inc.

..................................................

507

41,726

Mondelez

International,

Inc.,

Class

.........................................

2,524

185,943

Monster

Beverage

Corp.(a)

................................................

1,352

70,534

PepsiCo,

Inc.

..........................................................

2,595

441,280

Philip

Morris

International,

Inc.

.............................................

2,943

357,280

Sysco

Corp.

...........................................................

930

72,596

Target

Corp.

..........................................................

871

135,754

The

Clorox

Co.

........................................................

234

38,121

The

Coca-Cola

Co.

......................................................

8,108

582,641

The

Estee

Lauder

Cos.,

Inc.

...............................................

440

43,864

The

Hershey

Co.

.......................................................

279

53,507

The

J.M.

Smucker

Co.

...................................................

197

23,857

The

Kraft

Heinz

Co.

.....................................................

2,283

80,156

The

Kroger

Co.

........................................................

1,357

77,756

The

Procter

Gamble

Co.

................................................

4,452

771,086

Tyson

Foods,

Inc.,

Class

................................................

529

31,507

Walgreens

Boots

Alliance,

Inc.

.............................................

1,349

12,087

Walmart,

Inc.

..........................................................

8,172

659,889

5,498,548

Electronic

Equipment,

Instruments

Components

(0.6%):

Amphenol

Corp.,

Class

.................................................

2,270

147,913

CDW

Corp.

...........................................................

252

57,028

Corning,

Inc.

..........................................................

1,471

66,416

Jabil,

Inc.

............................................................

207

24,805

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Keysight

Technologies,

Inc.(a)

.............................................

326

51,811

Connectivity

PLC(a)

..................................................

575

86,819

Teledyne

Technologies,

Inc.(a)

.............................................

38,514

Trimble,

Inc.(a)

........................................................

461

28,623

Zebra

Technologies

Corp.(a)

...............................................

35,921

537,850

Energy

(3.5%):

Baker

Hughes

Co.

......................................................

1,881

67,998

Cheniere

Energy,

Inc.

....................................................

424

76,252

Chevron

Corp.

.........................................................

3,466

510,438

ConocoPhillips

Co.

.....................................................

2,200

231,616

Coterra

Energy,

Inc.

.....................................................

1,376

32,955

Devon

Energy

Corp.

.....................................................

1,178

46,083

Diamondback

Energy,

Inc.

................................................

557

96,027

EOG

Resources,

Inc.

....................................................

1,075

132,150

EQT

Corp.

............................................................

1,074

39,351

Exxon

Mobil

Corp.

.....................................................

8,411

985,938

Halliburton

Co.

........................................................

1,666

48,397

Hess

Corp.

............................................................

528

71,702

Kinder

Morgan,

Inc.

.....................................................

3,675

81,181

Marathon

Oil

Corp.

.....................................................

1,057

28,148

Marathon

Petroleum

Corp.

................................................

633

103,122

Occidental

Petroleum

Corp.

...............................................

1,768

91,123

ONEOK,

Inc.

..........................................................

1,105

100,699

Phillips

Co.

.........................................................

792

104,108

Schlumberger

......................................................

2,686

112,678

Targa

Resources

Corp.

...................................................

408

60,388

Texas

Pacific

Land

Corp.

.................................................

38,044

The

Williams

Cos.,

Inc.

..................................................

2,302

105,086

Valero

Energy

Corp.

.....................................................

604

81,558

3,245,042

Financials

(12.7%):

Aflac,

Inc.

............................................................

956

106,881

American

Express

Co.

...................................................

1,346

365,035

American

International

Group,

Inc.

..........................................

1,217

89,121

Ameriprise

Financial,

Inc.

.................................................

186

87,385

Aon

PLC,

Class

......................................................

397

137,358

Apollo

Global

Management,

Inc.

............................................

760

94,932

Arch

Capital

Group

Ltd.(a)

................................................

689

77,085

Ares

Management

Corp.,

Class

...........................................

350

54,544

Arthur

Gallagher

Co.

.................................................

411

115,643

Bank

America

Corp.

...................................................

14,685

582,701

Berkshire

Hathaway,

Inc.,

Class

B(a)

.........................................

2,476

1,139,604

BlackRock,

Inc.

........................................................

278

263,964

Blackstone,

Inc.

........................................................

1,351

206,879

Block,

Inc.(a)

..........................................................

1,034

69,412

Brown

Brown,

Inc.

....................................................

446

46,206

Capital

One

Financial

Corp.

...............................................

714

106,907

Cboe

Global

Markets,

Inc.

................................................

198

40,564

Chubb

Ltd.

...........................................................

762

219,753

Cincinnati

Financial

Corp.

................................................

291

39,611

Citigroup,

Inc.

.........................................................

3,605

225,673

Citizens

Financial

Group,

Inc.

..............................................

843

34,622

CME

Group,

Inc.

.......................................................

680

150,042

Coinbase

Global,

Inc.,

Class

A(a)

...........................................

362

64,497

Corebridge

Financial,

Inc.

.................................................

466

13,588

Discover

Financial

Services

...............................................

474

66,497

Everest

Group

Ltd.

......................................................

24,685

FactSet

Research

Systems,

Inc.

.............................................

33,109

Fidelity

National

Information

Services,

Inc.

....................................

1,034

86,597

Fifth

Third

Bancorp

.....................................................

1,275

54,621

First

Citizens

Bancshares,

Inc.,

Class

.......................................

34,978

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Fiserv,

Inc.(a)

..........................................................

1,083

194,561

Franklin

Resources,

Inc.

..................................................

532

10,720

Global

Payments,

Inc.

....................................................

478

48,957

Huntington

Bancshares,

Inc.

...............................................

2,718

39,955

Intercontinental

Exchange,

Inc.

.............................................

1,080

173,491

Jack

Henry

Associates,

Inc.

..............................................

137

24,186

JPMorgan

Chase

Co.

..................................................

5,373

1,132,951

KKR

Co.,

Inc.

.......................................................

1,273

166,228

Loews

Corp.

..........................................................

344

27,193

LPL

Financial

Holdings,

Inc.

...............................................

141

32,801

M&T

Bank

Corp.

.......................................................

315

56,108

Markel

Group,

Inc.(a)

....................................................

37,646

Marsh

McLennan

Cos.,

Inc.

.............................................

931

207,697

Mastercard,

Inc.,

Class

.................................................

1,562

771,316

MetLife,

Inc.

..........................................................

1,110

91,553

Moody's

Corp.

.........................................................

344

163,259

Morgan

Stanley

........................................................

2,348

244,755

MSCI,

Inc.

...........................................................

144

83,942

Nasdaq,

Inc.

..........................................................

619

45,193

Northern

Trust

Corp.

....................................................

377

33,941

PayPal

Holdings,

Inc.(a)

..................................................

1,932

150,754

Principal

Financial

Group,

Inc.

.............................................

436

37,452

Prudential

Financial,

Inc.

.................................................

676

81,864

Raymond

James

Financial,

Inc.

.............................................

352

43,106

Regions

Financial

Corp.

..................................................

1,729

40,338

S&P

Global,

Inc.

.......................................................

593

306,356

State

Street

Corp.

.......................................................

563

49,809

Synchrony

Financial

.....................................................

744

37,111

Rowe

Price

Group,

Inc.

.................................................

412

44,879

The

Allstate

Corp.

......................................................

498

94,446

The

Bank

New

York

Mellon

Corp.

.........................................

1,395

100,245

The

Charles

Schwab

Corp.

................................................

3,174

205,707

The

Goldman

Sachs

Group,

Inc.

............................................

596

295,085

The

Hartford

Financial

Services

Group,

Inc.

....................................

553

65,038

The

PNC

Financial

Services

Group,

Inc.

......................................

751

138,822

The

Progressive

Corp.

...................................................

1,107

280,912

The

Travelers

Cos.,

Inc.

..................................................

430

100,672

Truist

Financial

Corp.

....................................................

2,531

108,251

U.S.

Bancorp

..........................................................

2,952

134,995

Visa,

Inc.,

Class

......................................................

3,158

868,292

W.R.

Berkley

Corp.

.....................................................

567

32,166

Wells

Fargo

Co.

......................................................

6,443

363,965

Willis

Towers

Watson

PLC

................................................

192

56,550

11,855,762

Health

Care

(11.6%):

Abbott

Laboratories

.....................................................

3,275

373,383

AbbVie,

Inc.

..........................................................

3,345

660,571

Agilent

Technologies,

Inc.

.................................................

543

80,625

Align

Technology,

Inc.(a)

.................................................

132

33,570

Alnylam

Pharmaceuticals,

Inc.(a)

...........................................

241

66,282

Amgen,

Inc.

...........................................................

1,016

327,365

Avantor,

Inc.(a)

........................................................

1,256

32,493

Baxter

International,

Inc.

.................................................

960

36,451

Becton

Dickinson

Co.

..................................................

547

131,882

Biogen,

Inc.(a)

.........................................................

274

53,112

BioMarin

Pharmaceutical,

Inc.(a)

...........................................

356

25,023

Boston

Scientific

Corp.(a)

.................................................

2,780

232,964

Bristol-Myers

Squibb

Co.

.................................................

3,841

198,733

Cardinal

Health,

Inc.

....................................................

459

50,729

Cencora,

Inc.

..........................................................

327

73,601

Centene

Corp.(a)

.......................................................

987

74,301

CVS

Health

Corp.

......................................................

2,380

149,654

Danaher

Corp.

.........................................................

1,246

346,413

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Dexcom,

Inc.(a)

........................................................

749

50,213

Edwards

Lifesciences

Corp.(a)

.............................................

1,122

74,041

Elevance

Health,

Inc.

....................................................

438

227,760

Eli

Lilly

Co.

.........................................................

1,614

1,429,907

HealthCare

Technologies,

Inc.

...........................................

805

75,549

Gilead

Sciences,

Inc.

....................................................

2,355

197,443

HCA

Healthcare,

Inc.

....................................................

352

143,063

Hologic,

Inc.(a)

........................................................

435

35,435

Humana,

Inc.

..........................................................

228

72,217

IDEXX

Laboratories,

Inc.(a)

...............................................

154

77,804

Illumina,

Inc.(a)

........................................................

300

39,123

Incyte

Corp.(a)

.........................................................

361

23,862

Insulet

Corp.(a)

........................................................

132

30,723

Intuitive

Surgical,

Inc.(a)

.................................................

669

328,660

IQVIA

Holdings,

Inc.(a)

..................................................

343

81,281

Johnson

.....................................................

4,558

738,669

Labcorp

Holdings,

Inc.

...................................................

159

35,533

McKesson

Corp.

.......................................................

246

121,627

Medtronic

PLC

........................................................

2,429

218,683

Merck

Co.,

Inc.

......................................................

4,801

545,202

Mettler-Toledo

International,

Inc.(a)

.........................................

59,988

Moderna,

Inc.(a)

.......................................................

650

43,440

Molina

Healthcare,

Inc.(a)

................................................

110

37,902

Pfizer,

Inc.

............................................................

10,739

310,787

Quest

Diagnostics,

Inc.

...................................................

210

32,602

Regeneron

Pharmaceuticals,

Inc.(a)

..........................................

202

212,350

ResMed,

Inc.

..........................................................

276

67,377

Revvity,

Inc.

..........................................................

233

29,766

Royalty

Pharma

PLC,

Class

..............................................

726

20,539

STERIS

PLC

..........................................................

186

45,112

Stryker

Corp.

..........................................................

678

244,934

The

Cigna

Group

.......................................................

520

180,149

The

Cooper

Cos.,

Inc.(a)

..................................................

376

41,488

Thermo

Fisher

Scientific,

Inc.

..............................................

723

447,226

UnitedHealth

Group,

Inc.

.................................................

1,747

1,021,436

Veeva

Systems,

Inc.,

Class

A(a)

.............................................

280

58,764

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

488

226,959

Viatris,

Inc.

...........................................................

2,251

26,134

Waters

Corp.(a)

........................................................

112

40,308

West

Pharmaceutical

Services,

Inc.

..........................................

137

41,122

Zimmer

Biomet

Holdings,

Inc.

.............................................

386

41,669

Zoetis,

Inc.

...........................................................

858

167,636

10,891,635

Industrials

(8.7%):

Co.

..............................................................

1,041

142,305

Amentum

Holdings,

Inc.(a)

................................................

233

7,514

AMETEK,

Inc.

........................................................

437

75,037

Automatic

Data

Processing,

Inc.

............................................

772

213,636

Axon

Enterprise,

Inc.(a)

..................................................

136

54,346

Booz

Allen

Hamilton

Holding

Corp.

.........................................

241

39,225

Broadridge

Financial

Solutions,

Inc.

.........................................

220

47,307

Builders

FirstSource,

Inc.(a)

...............................................

216

41,874

Carlisle

Cos.,

Inc.

.......................................................

39,128

Carrier

Global

Corp.

.....................................................

1,598

128,623

Caterpillar,

Inc.

........................................................

918

359,048

Cintas

Corp.

..........................................................

649

133,616

Copart,

Inc.(a)

.........................................................

1,657

86,827

CSX

Corp.

............................................................

3,670

126,725

Cummins,

Inc.

.........................................................

256

82,890

Deere

Co.

..........................................................

481

200,736

Delta

Air

Lines,

Inc.

.....................................................

1,219

61,913

Dover

Corp.

...........................................................

259

49,661

Eaton

Corp.

PLC

.......................................................

753

249,574

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

EMCOR

Group,

Inc.

....................................................

37,456

Emerson

Electric

Co.

....................................................

1,082

118,338

Equifax,

Inc.

..........................................................

233

68,469

Expeditors

International

Washington,

Inc.

....................................

266

34,952

Fastenal

Co.

...........................................................

1,083

77,348

FedEx

Corp.

..........................................................

425

116,314

Fortive

Corp.

..........................................................

662

52,252

Vernova,

Inc.(a)

.....................................................

520

132,590

General

Dynamics

Corp.

..................................................

518

156,540

General

Electric

Co.

.....................................................

2,048

386,212

Graco,

Inc.

...........................................................

317

27,741

HEICO

Corp.

..........................................................

20,918

HEICO

Corp.,

Class

...................................................

144

29,341

Honeywell

International,

Inc.

..............................................

1,231

254,460

Howmet

Aerospace,

Inc.

..................................................

775

77,694

Hubbell,

Inc.

..........................................................

101

43,263

IDEX

Corp.

...........................................................

143

30,673

Illinois

Tool

Works,

Inc.

..................................................

561

147,021

Ingersoll

Rand,

Inc.

.....................................................

763

74,896

J.B.

Hunt

Transport

Services,

Inc.

...........................................

154

26,539

Jacobs

Solutions,

Inc.

....................................................

233

30,500

Johnson

Controls

International

PLC

..........................................

1,262

97,944

L3Harris

Technologies,

Inc.

...............................................

358

85,157

Leidos

Holdings,

Inc.

....................................................

252

41,076

Lennox

International,

Inc.

.................................................

36,862

Lockheed

Martin

Corp.

...................................................

452

264,221

Nordson

Corp.

.........................................................

103

27,051

Norfolk

Southern

Corp.

..................................................

428

106,358

Northrop

Grumman

Corp.

.................................................

276

145,747

Old

Dominion

Freight

Line,

Inc.

............................................

352

69,921

Otis

Worldwide

Corp.

....................................................

759

78,890

PACCAR,

Inc.

.........................................................

976

96,312

Parker-Hannifin

Corp.

...................................................

242

152,900

Paychex,

Inc.

..........................................................

609

81,722

Quanta

Services,

Inc.

....................................................

276

82,289

Republic

Services,

Inc.

...................................................

386

77,524

Rockwell

Automation,

Inc.

................................................

215

57,719

Rollins,

Inc.

...........................................................

550

27,819

RTX

Corp.

............................................................

2,520

305,323

Snap-on,

Inc.

..........................................................

28,392

Southwest

Airlines

Co.

...................................................

1,131

33,512

SS&C

Technologies

Holdings,

Inc.

..........................................

404

29,981

Stanley

Black

Decker,

Inc.

..............................................

291

32,048

Textron,

Inc.

..........................................................

353

31,269

The

Boeing

Co.(a)

......................................................

1,166

177,279

Trane

Technologies

PLC

..................................................

426

165,599

TransDigm

Group,

Inc.

...................................................

104

148,422

TransUnion

...........................................................

367

38,425

Uber

Technologies,

Inc.(a)

................................................

3,827

287,637

Union

Pacific

Corp.

.....................................................

1,152

283,945

United

Airlines

Holdings,

Inc.(a)

............................................

620

35,377

United

Parcel

Service,

Inc.,

Class

..........................................

1,388

189,240

United

Rentals,

Inc.

.....................................................

125

101,216

Veralto

Corp.

..........................................................

449

50,225

Verisk

Analytics,

Inc.

....................................................

269

72,081

Vertiv

Holdings

Co.,

Class

...............................................

693

68,947

W.W.

Grainger,

Inc.

.....................................................

87,260

Waste

Management,

Inc.

..................................................

759

157,568

Watsco,

Inc.

...........................................................

32,464

Westinghouse

Air

Brake

Technologies

Corp.

....................................

329

59,802

Xylem,

Inc.

...........................................................

457

61,709

8,090,735

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Services

(1.3%):

Accenture

PLC,

Class

..................................................

1,185

418,874

Akamai

Technologies,

Inc.(a)

..............................................

282

28,468

Cloudflare,

Inc.,

Class

A(a)

................................................

565

45,703

Cognizant

Technology

Solutions

Corp.,

Class

.................................

938

72,395

Gartner,

Inc.(a)

........................................................

142

71,960

GoDaddy,

Inc.,

Class

A(a)

.................................................

266

41,703

International

Business

Machines

Corp.

........................................

1,745

385,784

MongoDB,

Inc.(a)

......................................................

135

36,497

Okta,

Inc.(a)

..........................................................

303

22,525

Snowflake,

Inc.,

Class

A(a)

................................................

586

67,308

VeriSign,

Inc.(a)

........................................................

183

34,763

1,225,980

Materials

(2.1%):

Air

Products

and

Chemicals,

Inc.

............................................

418

124,455

Albemarle

Corp.

.......................................................

222

21,026

Amcor

PLC

...........................................................

2,730

30,931

Avery

Dennison

Corp.

...................................................

150

33,114

Ball

Corp.

............................................................

572

38,845

Celanese

Corp.

.........................................................

206

28,008

Industries

Holdings,

Inc.

...............................................

340

29,172

Corteva,

Inc.

..........................................................

1,310

77,015

Dow,

Inc.

............................................................

1,326

72,439

DuPont

Nemours,

Inc.

.................................................

789

70,308

Ecolab,

Inc.

...........................................................

480

122,558

Freeport-McMoRan,

Inc.

.................................................

2,703

134,934

International

Flavors

Fragrances,

Inc.

.......................................

436

45,749

International

Paper

Co.

...................................................

648

31,655

Linde

PLC

............................................................

889

423,929

LyondellBasell

Industries

NV,

Class

........................................

491

47,087

Martin

Marietta

Materials,

Inc.

.............................................

115

61,899

Newmont

Corp.

........................................................

2,172

116,093

Nucor

Corp.

...........................................................

447

67,202

Packaging

Corp.

America

...............................................

167

35,972

PPG

Industries,

Inc.

.....................................................

440

58,282

Reliance,

Inc.

..........................................................

104

30,078

Steel

Dynamics,

Inc.

.....................................................

273

34,420

The

Sherwin-Williams

Co.

................................................

439

167,553

Vulcan

Materials

Co.

....................................................

250

62,607

Westlake

Corp.

........................................................

9,468

1,974,799

Real

Estate

(2.2%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

328

38,950

American

Tower

Corp.

...................................................

883

205,351

AvalonBay

Communities,

Inc.

..............................................

269

60,592

CBRE

Group,

Inc.,

Class

A(a)

..............................................

577

71,825

CoStar

Group,

Inc.(a)

....................................................

767

57,862

Crown

Castle,

Inc.

......................................................

821

97,395

Digital

Realty

Trust,

Inc.

..................................................

620

100,335

Equinix,

Inc.

..........................................................

179

158,886

Equity

Residential

......................................................

705

52,494

Essex

Property

Trust,

Inc.

.................................................

121

35,746

Extra

Space

Storage,

Inc.

.................................................

396

71,355

Gaming

and

Leisure

Properties,

Inc.

.........................................

497

25,571

Invitation

Homes,

Inc.

...................................................

1,157

40,796

Iron

Mountain,

Inc.

.....................................................

551

65,475

Mid-America

Apartment

Communities,

Inc.

....................................

220

34,958

Prologis,

Inc.

..........................................................

1,748

220,737

Public

Storage

.........................................................

298

108,433

Realty

Income

Corp.

....................................................

1,649

104,580

SBA

Communications

Corp.

...............................................

201

48,381

Simon

Property

Group,

Inc.

...............................................

613

103,609

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Sun

Communities,

Inc.

...................................................

233

31,490

UDR,

Inc.

............................................................

622

28,202

Ventas,

Inc.

...........................................................

780

50,021

VICI

Properties,

Inc.

....................................................

1,978

65,887

Welltower,

Inc.

.........................................................

1,154

147,747

Weyerhaeuser

Co.

......................................................

1,374

46,524

Carey,

Inc.

.........................................................

410

25,543

2,098,745

Semiconductors

Semiconductor

Equipment

(10.7%):

Advanced

Micro

Devices,

Inc.(a)

............................................

3,052

500,772

Analog

Devices,

Inc.

....................................................

937

215,669

Applied

Materials,

Inc.

...................................................

1,558

314,794

Broadcom,

Inc.

........................................................

8,674

1,496,265

Enphase

Energy,

Inc.(a)

..................................................

247

27,916

Entegris,

Inc.

..........................................................

285

32,071

First

Solar,

Inc.(a)

......................................................

192

47,892

Intel

Corp.

............................................................

8,102

190,073

KLA

Corp.

...........................................................

254

196,700

Lam

Research

Corp.

.....................................................

245

199,940

Marvell

Technology,

Inc.

.................................................

1,621

116,906

Microchip

Technology,

Inc.

................................................

996

79,969

Micron

Technology,

Inc.

..................................................

2,094

217,169

Monolithic

Power

Systems,

Inc.

............................................

81,356

NVIDIA

Corp.

.........................................................

44,648

5,422,053

Semiconductor

Corp.(a)

...............................................

808

58,669

QUALCOMM,

Inc.

.....................................................

2,109

358,635

Skyworks

Solutions,

Inc.

.................................................

302

29,829

Teradyne,

Inc.

.........................................................

304

40,715

Texas

Instruments,

Inc.

...................................................

1,728

356,953

9,984,346

Software

(10.6%):

Adobe,

Inc.(a)

.........................................................

837

433,382

ANSYS,

Inc.(a)

........................................................

165

52,574

AppLovin

Corp.,

Class

A(a)

...............................................

352

45,954

Atlassian

Corp.,

Class

A(a)

................................................

273

43,355

Autodesk,

Inc.(a)

.......................................................

406

111,845

Bentley

Systems,

Inc.,

Class

.............................................

255

12,957

Cadence

Design

Systems,

Inc.(a)

............................................

514

139,309

Corpay,

Inc.(a)

.........................................................

127

39,721

Crowdstrike

Holdings,

Inc.,

Class

A(a)

.......................................

432

121,163

Datadog,

Inc.,

Class

A(a)

.................................................

557

64,088

Dynatrace,

Inc.(a)

......................................................

554

29,622

Fair

Isaac

Corp.(a)

......................................................

87,458

Fortinet,

Inc.(a)

........................................................

1,196

92,750

Gen

Digital,

Inc.

.......................................................

1,056

28,966

HubSpot,

Inc.(a)

.......................................................

49,439

Intuit,

Inc.

............................................................

518

321,678

Microsoft

Corp.

........................................................

13,885

5,974,715

MicroStrategy,

Inc.(a)

....................................................

331

55,807

Oracle

Corp.

..........................................................

3,057

520,913

Palantir

Technologies,

Inc.,

Class

A(a)

........................................

3,733

138,868

Palo

Alto

Networks,

Inc.(a)

................................................

610

208,498

PTC,

Inc.(a)

...........................................................

225

40,648

Roper

Technologies,

Inc.

..................................................

202

112,401

Salesforce,

Inc.

........................................................

1,765

483,098

ServiceNow,

Inc.(a)

.....................................................

389

347,918

Synopsys,

Inc.(a)

.......................................................

290

146,853

Tyler

Technologies,

Inc.(a)

................................................

46,698

Workday,

Inc.,

Class

A(a)

.................................................

398

97,275

Zoom

Video

Communications,

Inc.,

Class

A(a)

..................................

496

34,591

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Zscaler,

Inc.(a)

.........................................................

176

30,085

9,912,629

Technology

Hardware,

Storage

Peripherals

(7.6%):

Apple,

Inc.

...........................................................

28,798

6,709,934

Dell

Technologies,

Inc.,

Class

............................................

528

62,589

Hewlett

Packard

Enterprise

Co.

.............................................

2,450

50,127

HP,

Inc.

..............................................................

1,823

65,391

NetApp,

Inc.

..........................................................

386

47,675

Pure

Storage,

Inc.,

Class

A(a)

..............................................

586

29,441

Seagate

Technology

Holdings

PLC

..........................................

397

43,483

Super

Micro

Computer,

Inc.(a)

.............................................

39,558

Western

Digital

Corp.(a)

..................................................

641

43,774

7,091,972

Utilities

(2.4%):

Alliant

Energy

Corp.

....................................................

485

29,435

Ameren

Corp.

.........................................................

504

44,080

American

Electric

Power

Co.,

Inc.

...........................................

1,008

103,421

American

Water

Works

Co.,

Inc.

............................................

369

53,962

Atmos

Energy

Corp.

.....................................................

293

40,642

CenterPoint

Energy,

Inc.

..................................................

1,230

36,187

CMS

Energy

Corp.

......................................................

563

39,765

Consolidated

Edison,

Inc.

.................................................

655

68,205

Constellation

Energy

Corp.

................................................

592

153,932

Dominion

Energy,

Inc.

...................................................

1,588

91,770

DTE

Energy

Co.

.......................................................

391

50,208

Duke

Energy

Corp.

......................................................

1,462

168,569

Edison

International

.....................................................

731

63,663

Entergy

Corp.

.........................................................

404

53,170

Evergy,

Inc.

...........................................................

429

26,602

Eversource

Energy

......................................................

676

46,002

Exelon

Corp.

..........................................................

1,894

76,802

FirstEnergy

Corp.

.......................................................

1,090

48,341

NextEra

Energy,

Inc.

....................................................

3,893

329,075

NRG

Energy,

Inc.

.......................................................

382

34,800

PG&E

Corp.

..........................................................

3,955

78,190

PPL

Corp.

............................................................

1,396

46,180

Public

Service

Enterprise

Group,

Inc.

.........................................

943

84,125

Sempra

..............................................................

1,199

100,272

The

AES

Corp.

........................................................

1,345

26,981

The

Southern

Co.

.......................................................

2,071

186,763

Vistra

Corp.

...........................................................

646

76,577

WEC

Energy

Group,

Inc.

.................................................

598

57,516

Xcel

Energy,

Inc.

.......................................................

1,053

68,761

2,283,996

Total

Common

Stocks

(Cost

$20,469,850)

93,161,431

Total

Investments

(Cost

$20,469,850)

—

99.6%

93,161,431

Other

assets

excess

liabilities

0.4%

401,234

NET

ASSETS

100.00%

93,562,665

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Futures

Contracts

Purchased

Number

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

..............

12/20/24

569,053

581,425

12,372

Total

unrealized

appreciation

12,372

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

12,372

Schedule

Portfolio

Investments

September

30,

2024

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

(Unaudited)

Security

Description

Value

Common

Stocks

(0.0%)(a)

Consumer

Discretionary

(0.0%):(a)

Jo-Ann

Stores

LLC

(b)

...................................................

562

Health

Care

(0.0%):

Covis

Parent

SCA,

Class

(b)

(c)

.......................................

147

—

Covis

Parent

SCA,

Class

(b)

(c)

.......................................

147

—

Covis

Parent

SCA,

Class

(b)

(c)

.......................................

147

—

Covis

Parent

SCA,

Class

(b)

(c)

......................................

147

—

Covis

Parent

SCA,

Class

(b)

(c)

.......................................

147

—

Total

Common

Stocks

(Cost

$1,581)

562

Principal

Amount

Senior

Secured

Loans

(17.8%)

Consumer

Discretionary

(6.1%):

Bally's

Corp.,

Term

Facility

Loans,

First

Lien

.53

(

SOFR03M

325

bps

)

10/2/28

(d)

...

123,407

117,391

Carnival

Corp.,

2027

Term

Loan,

First

Lien

.00

(

SOFR01M

275

bps

)

8/9/27

(d)

.......

66,793

66,897

Cengage

Learning,

Inc.,

Term

Loans,

First

Lien

.54

(

SOFR06M

425

bps

)

3/24/31

(d)

109,450

109,623

Fertitta

Entertainment

LLC,

Initial

Term

Loan,

First

Lien

.85

(

SOFR01M

375

bps

)

1/29/29

(d)

........................................................

246,212

245,409

Houghton

Mifflin

Harcourt

Co.,

Term

Loans,

First

Lien

.50

(

SOFR01M

525

bps

)

4/9/29

(d)

.........................................................

248,731

241,314

Men's

Wearhouse,

Inc.,

Term

Loans,

First

Lien

.74

(

SOFR03M

650

bps

)

2/26/29

(d)

...

85,277

84,567

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien

.58

(

SOFR03M

325

bps

)

3/3/28

(d)

.........................................

170,353

161,753

The

Michaels

Cos.,

Inc.,

Term

Loans,

First

Lien

.58

(

SOFR03M

425

bps

)

4/17/28

(d)

290,250

228,282

1,255,236

Financials

(3.8%):

Chariot

Buyer

LLC,

Initial

Term

Loans,

First

Lien

.50

(

SOFR01M

325

bps

)

11/3/28

(d)

194,500

193,333

Hunter

Douglas,

Inc.,

Tranche

B-1

Term

Loans,

First

Lien

.57

(

SOFR03M

350

bps

)

2/25/29

(d)

........................................................

99,239

98,246

Knight

Health

Holdings

LLC,

Term

Loans,

First

Lien

.50

(

SOFR01M

525

bps

)

12/15/28

(d)

.......................................................

486,250

270,681

WestJet

Loyalty

LP,

Initial

Term

Loan,

First

Lien

.08

(

SOFR03M

375

bps

)

2/14/31

(d)

199,000

196,678

758,938

Health

Care

(6.2%):

Amneal

Pharmaceuticals

LLC,

Term

Loan,

First

Lien

.75

(

SOFR01M

550

bps

)

5/4/28

(d)

245,313

247,869

Covis

Pharma

Holdings

SARL,

Dollar

Term

Loans,

First

Lien

.83

(

SOFR03M

650

bps

)

2/4/27

(d)

.........................................................

177,661

69,288

Covis

Pharma

Holdings

SARL,

Dollar

Term

Loans,

First

Lien

.83

(

SOFR03M

850

bps

)

2/4/27

(d)

.........................................

3,795

1,480

Embecta

Corp.,

Initial

Term

Loan,

First

Lien

.25

(

SOFR01M

300

bps

)

3/30/29

(d)

.....

250,000

243,332

Global

Medical

Response,

Inc.,

2024

Extented

Term

Loan,

First

Lien

.46

(

SOFR01M

550

bps

)

10/31/28

(d)

.......................................

368,188

365,540

LifeScan

Global

Corp.,

Term

Loan,

First

Lien

.63

(

SOFR03M

650

bps

)

12/31/26

(d)

...

295,073

118,029

Radiology

Partners,

Inc.,

Term

First

Lien

.62

(

SOFR03M

350

bps

)

1/31/29

(d)

......

196,282

191,744

1,237,282

Industrials

(1.1%):

Air

Canada,

Term

Loans,

First

Lien

.25

(

SOFR03M

250

bps

)

3/21/31

(d)

............

149,250

149,437

Cotiviti

Corp.,

Initial

Fixed

Rate

Term

Loans,

First

Lien

.63

(

SOFR01M

763

bps

)

5/1/31

(d)

.........................................................

75,000

75,281

224,718

Information

Technology

(0.6%):

McAfee

Corp.,

Tranche

B-1

Term

Loan,

First

Lien

.45

(

SOFR01M

325

bps

)

3/1/29

(d)

124,688

124,103

Total

Senior

Secured

Loans

(Cost

$4,101,983)

3,600,277

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Corporate

Bonds

(58.2%)

Communication

Services

(8.1%):

AMC

Networks,

Inc.

.25

1/15/29

Callable

1/15/26

105.13

(e)

.................

125,000

128,718

Central

Parent

LLC/CDK

Global

LLC/CDK

Financing

Co.,

Inc.

.00

6/15/29

Callable

6/15/25

104

(e)

...................................................

250,000

260,109

Clear

Channel

Outdoor

Holdings,

Inc.

.88

4/1/30

Callable

10/1/26

103.94

(e)

.......

200,000

209,312

CSC

Holdings

LLC

.75

1/31/29

Callable

1/31/26

105.88

(e)

..................

100,000

96,519

Cumulus

Media

New

Holdings,

Inc.

.00

7/1/29

Callable

11/4/24

100

(e)

..........

181,000

72,003

Frontier

Communications

Holdings

LLC

.88

10/15/27

Callable

11/4/24

101.47

(e)

...

125,000

125,502

Gray

Television,

Inc.

.00

5/15/27

Callable

10/15/24

101.75

(e)

(f)

...........................

250,000

245,673

.38

11/15/31

Callable

11/15/26

102.69

(e)

............................

125,000

78,054

Sinclair

Television

Group,

Inc.

.50

3/1/30

Callable

12/1/24

102.75

(e)

(f)

..........

250,000

180,597

Univision

Communications,

Inc.

.38

6/30/30

Callable

6/30/25

103.69

(e)

..........

250,000

241,727

1,638,214

Consumer

Discretionary

(17.5%):

American

Axle

Manufacturing,

Inc.

.88

7/1/28

Callable

10/15/24

101.72

........

250,000

249,361

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.

.38

3/1/29

Callable

11/4/24

102.69

(e)

.........................................................

375,000

350,591

Beazer

Homes

USA,

Inc.

.50

3/15/31

Callable

3/15/27

103.75

(e)

...............

250,000

259,740

Caesars

Entertainment,

Inc.

.13

7/1/27

Callable

10/15/24

102.03

(e)

.............

400,000

408,458

Cinemark

USA,

Inc.

.25

7/15/28

Callable

11/4/24

102.63

(e)

...................

250,000

245,788

Hanesbrands,

Inc.

.88

5/15/26

Callable

2/15/26

100

(e)

................................

200,000

198,184

.00

2/15/31

Callable

2/15/26

104.5

(e)

(f)

.............................

250,000

269,895

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Esc

.63

1/15/32

Callable

1/15/27

103.31

(e)

....................................

250,000

253,285

Light

Wonder

International,

Inc.

.00

5/15/28

Callable

10/21/24

101.75

(e)

.......

475,000

478,648

PetSmart,

Inc./PetSmart

Finance

Corp.

.75

2/15/28

Callable

11/4/24

102.38

(e)

..............................

125,000

119,834

.75

2/15/29

Callable

11/4/24

103.88

(e)

..............................

75,000

73,982

Scientific

Games

Holdings

LP/Scientific

Games

FinCo,

Inc.

.63

3/1/30

Callable

3/1/25

103.31

(e)

.................................................

250,000

248,227

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.

.13

2/15/31

Callable

11/15/30

100

(e)

...........................................................

350,000

378,859

3,534,852

Consumer

Staples

(1.7%):

B&G

Foods,

Inc.

.25

9/15/27

Callable

11/4/24

101.31

(f)

.....................

350,000

335,825

Energy

(4.9%):

Comstock

Resources,

Inc.

.75

3/1/29

Callable

10/21/24

103.38

(e)

..............

375,000

366,569

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.

.63

3/15/29

Callable

3/15/26

104.31

(e)

......................................................

125,000

131,603

New

Fortress

Energy,

Inc.

.50

9/30/26

Callable

11/4/24

101.63

(e)

(f)

.............

250,000

210,497

Permian

Resources

Operating

LLC

.88

7/1/29

Callable

11/4/24

102.94

(e)

.........

120,000

120,149

Talos

Production,

Inc.

.00

2/1/29

Callable

2/1/26

104.5

(e)

.................................

100,000

102,981

.38

2/1/31

Callable

2/1/27

104.69

(e)

................................

50,000

51,390

983,189

Financials

(4.3%):

Acrisure

LLC/Acrisure

Finance,

Inc.

.50

11/6/30

Callable

5/15/26

103.75

(e)

.......

200,000

205,977

Arsenal

AIC

Parent

LLC

.00

10/1/30

Callable

10/1/26

104

(e)

..................

125,000

134,166

Boost

Newco

Borrower

LLC

.50

1/15/31

Callable

1/15/27

103.75

(e)

............

100,000

107,271

McGraw-Hill

Education,

Inc.

.00

8/1/29

Callable

11/4/24

104

(e)

...............

125,000

125,527

NESCO

Holdings

II,

Inc.

.50

4/15/29

Callable

11/4/24

102.75

(e)

...............

100,000

92,148

Stagwell

Global

LLC

.63

8/15/29

Callable

11/4/24

102.81

(e)

..................

200,000

193,668

858,757

Health

Care

(6.8%):

CHS/Community

Health

Systems,

Inc.

.13

4/1/30

Callable

4/1/25

103.06

(e)

................................

200,000

170,558

.25

5/15/30

Callable

5/15/25

102.63

(e)

..............................

25,000

23,000

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

DaVita,

Inc.

.88

9/1/32

Callable

9/1/27

103.44

(e)

..........................

250,000

258,288

LifePoint

Health,

Inc.

.38

1/15/29

Callable

11/4/24

102.69

(e)

..............................

225,000

211,887

.00

10/15/30

Callable

10/15/26

105.5

(e)

............................

150,000

169,609

Organon

Co./Organon

Foreign

Debt

Co.-Issuer

.13

4/30/31

Callable

4/30/26

102.56

(e)

.........................................................

250,000

235,268

Radiology

Partners,

Inc.

.78

2/15/30

Continuously

Callable

@100

(e)

(f)

(g)

..........

329,285

311,155

1,379,765

Industrials

(6.9%):

American

Airlines,

Inc.

.25

2/15/28

Callable

2/15/25

103.63

(e)

..............................

125,000

127,916

.50

5/15/29

Callable

11/15/25

104.25

(e)

.............................

100,000

106,031

American

Airlines,

Inc./AAdvantage

Loyalty

Ltd.

.75

4/20/29

(e)

................

150,000

149,806

Chart

Industries,

Inc.

.50

1/1/30

Callable

1/1/26

103.75

(e)

....................

100,000

105,438

ITT

Holdings

LLC

.50

8/1/29

Callable

11/4/24

103.25

(e)

.....................

250,000

237,157

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.

.50

6/20/27

Callable

11/4/24

101.63

(e)

..........................................

150,000

151,870

Pike

Corp.

.50

9/1/28

Callable

11/4/24

101.38

(e)

...........................

400,000

391,569

WESCO

Distribution,

Inc.

.25

6/15/28

Callable

11/4/24

102.42

(e)

..............

125,000

127,980

1,397,767

Information

Technology

(4.1%):

Cloud

Software

Group,

Inc.

.50

3/31/29

Callable

9/30/25

103.25

(e)

..............................

250,000

248,815

.00

9/30/29

Callable

9/30/25

104.5

(e)

...............................

200,000

203,553

Neptune

BidCo

US,

Inc.

.29

4/15/29

Callable

10/15/25

104.65

(e)

...............

375,000

367,115

819,483

Materials

(3.9%):

AmeriTex

HoldCo

Intermediate

LLC

.25

10/15/28

Callable

10/15/25

105.13

(e)

(f)

250,000

261,403

Ardagh

Packaging

Finance

PLC/Ardagh

Holdings

USA,

Inc.

.25

8/15/27

Callable

11/4/24

100

(e)

(f)

.......................................................

225,000

169,841

ATI,

Inc.

.13

10/1/31

Callable

10/1/26

102.56

.............................

125,000

121,563

CVR

Partners

LP/CVR

Nitrogen

Finance

Corp.

.13

6/15/28

Callable

11/4/24

103.06

(e)

250,000

244,933

797,740

Total

Corporate

Bonds

(Cost

$11,676,982)

11,745,592

Yankee

Dollars

(14.6%)

Communication

Services

(2.7%):

Intelsat

Jackson

Holdings

.50

3/15/30

Callable

3/15/25

102

(e)

..............

375,000

360,334

Telesat

Canada/Telesat

LLC

.63

12/6/26

Callable

10/21/24

102.81

(e)

............

400,000

190,582

550,916

Consumer

Discretionary

(2.0%):

Carnival

Corp.

.00

5/1/29

Callable

11/6/24

103

(e)

(f)

........................

150,000

151,802

Viking

Ocean

Cruises

Ship

VII

Ltd.

.63

2/15/29

Callable

11/4/24

102.81

(e)

.......

250,000

249,355

401,157

Energy

(4.2%):

Seadrill

Finance

Ltd.

.38

8/1/30

Callable

8/1/26

104.19

(e)

....................

250,000

261,408

TechnipFMC

PLC

.50

2/1/26

Callable

11/4/24

101.63

(e)

.....................

200,000

200,619

Transocean,

Inc.

.00

2/1/27

Callable

10/15/24

102

(e)

................................

193,000

192,915

.50

4/15/31

....................................................

200,000

184,169

839,111

Financials

(1.3%):

Diamond

Foreign

Asset

Co./Diamond

Finance

LLC

.50

10/1/30

Callable

10/1/26

104.25

(e)

.........................................................

250,000

261,188

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Principal

Amount

Value

Health

Care

(1.1%):

Bausch

Health

Cos.,

Inc.

.13

2/1/27

Callable

11/4/24

103.06

(e)

................

250,000

225,595

Industrials

(1.9%):

Bombardier,

Inc.

.88

4/15/27

Callable

11/4/24

100

(e)

................................

82,000

82,226

.75

11/15/30

Callable

11/15/26

104.38

(e)

............................

125,000

137,259

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.

.38

2/1/30

Callable

2/1/25

103.19

(e)

(f)

.....................................................

200,000

171,705

391,190

Materials

(1.4%):

INEOS

Finance

PLC

.75

5/15/28

Callable

2/15/25

103.38

(e)

..................

75,000

75,848

NOVA

Chemicals

Corp.

.00

2/15/30

Callable

8/15/26

104.5

(e)

.................

200,000

216,630

292,478

Total

Yankee

Dollars

(Cost

$2,996,379)

2,961,635

U.S.

Government

Agency

Mortgages

(2.5%)

Federal

Home

Loan

Bank

.64

10/1/24

(h)

..................................................

500,000

499,936

Total

U.S.

Government

Agency

Mortgages

(Cost

$500,000)

499,936

Exchange-Traded

Funds

(3.0%)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

(f)

..............................

2,520

202,356

SPDR

Blackstone

Senior

Loan

ETF

..........................................

4,795

200,239

SPDR

Bloomberg

High

Yield

Bond

ETF

(f)

....................................

2,015

197,047

Total

Exchange-Traded

Funds

(Cost

$595,369)

599,642

Collateral

for

Securities

Loaned

(12.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

.83

(i)

........

650,773

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

.85

(i)

............

650,773

Invesco

Government

Agency

Portfolio,

Institutional

.84

(i)

................

650,773

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

.82

(i)

650,773

Total

Collateral

for

Securities

Loaned

(Cost

$2,603,092)

2,603,092

Total

Investments

(Cost

$22,475,386)

—

109.0%

22,010,736

Liabilities

excess

other

assets

—

(9.0)%

(1,818,644)

NET

ASSETS

100.00%

20,192,092

September

30,

2024,

the

Fund's

investments

foreign

securities

were

16.7%

net

assets.

Purchased

with

cash

collateral

from

securities

loan.

(a)

Amount

represents

less

than

0.05%

net

assets.

(b)

Non-income

producing

security.

(c)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2024.

(d)

Variable

Floating-Rate

Security.

Rate

disclosed

September

30,

2024.

(e)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$13,816,309

and

amounted

68.4%

net

assets.

(f)

All

portion

this

security

loan.

(g)

All

the

coupon

PIK.

(h)

Rate

represents

the

effective

yield

September

30,

2024.

(i)

Rate

disclosed

the

daily

yield

September

30,

2024.

bps

—

Basis

points

Continuously

callable

—

Investment

continuously

callable

will

continuously

callable

any

date

after

the

first

call

date

until

its

maturity.

ETF

—

Exchange-Traded

Fund

LLC

—

Limited

Liability

Company

—

Limited

Partnership

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

September

30,

2024.

SOFR03M

—

Month

SOFR,

rate

disclosed

September

30,

2024.

SOFR06M

—

Month

SOFR,

rate

disclosed

September

30,

2024.

Schedule

Portfolio

Investments

September

30,

2024

Victory

Variable

Insurance

Funds

Victory

International

VIP

Series

(Unaudited)

Security

Description

Value

Common

Stocks

(97.8%)

Australia

(6.9%):

Consumer

Discretionary

(1.3%):

Aristocrat

Leisure

Ltd.

...................................................

39,094

1,578,058

Financials

(1.3%):

Macquarie

Group

Ltd.

...................................................

9,851

1,575,933

Health

Care

(1.0%):

CSL

Ltd.

.............................................................

6,113

1,207,260

Materials

(2.1%):

BHP

Group

Ltd.

........................................................

80,564

2,500,659

Real

Estate

(1.2%):

Scentre

Group

.........................................................

559,066

1,405,128

8,267,038

Austria

(0.8%):

Financials

(0.8%):

BAWAG

Group

(a)

...................................................

12,491

967,637

Belgium

(1.5%):

Information

Technology

(0.7%):

Melexis

...........................................................

10,631

879,496

Materials

(0.8%):

Solvay

Class

.....................................................

22,457

879,642

1,759,138

China

(0.8%):

Communication

Services

(0.8%):

Tencent

Holdings

Ltd.

...................................................

16,800

934,192

Denmark

(4.0%):

Consumer

Discretionary

(1.2%):

Pandora

A/S

..........................................................

8,379

1,381,227

Health

Care

(2.8%):

Novo

Nordisk

A/S

Class

................................................

28,288

3,355,809

4,737,036

France

(9.9%):

Consumer

Discretionary

(2.7%):

Francaise

des

Jeux

SAEM

(a)

............................................

26,529

1,091,513

LVMH

Moet

Hennessy

Louis

Vuitton

......................................

2,724

2,088,695

3,180,208

Consumer

Staples

(2.0%):

L'Oreal

...........................................................

5,320

2,385,902

Energy

(0.4%):

Gaztransport

Technigaz

..............................................

3,638

514,335

Industrials

(2.8%):

Rexel

.............................................................

46,091

1,335,850

Safran

............................................................

8,599

2,023,275

3,359,125

Information

Technology

(0.9%):

Capgemini

.........................................................

4,933

1,064,897

Materials

(1.1%):

Arkema

...........................................................

14,421

1,373,401

11,877,868

Victory

Variable

Insurance

Funds

Victory

International

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Germany

(9.0%):

Communication

Services

(0.8%):

CTS

Eventim

Co.

KGaA

.............................................

8,918

928,470

Consumer

Discretionary

(0.6%):

Volkswagen

Preference

..........................................

6,987

742,009

Financials

(2.4%):

Allianz

Registered

..............................................

8,649

2,844,447

Industrials

(1.7%):

Siemens

Registered

.............................................

10,453

2,114,446

Information

Technology

(2.3%):

SAP

..............................................................

12,028

2,750,833

Utilities

(1.2%):

RWE

.............................................................

39,276

1,430,747

10,810,952

Hong

Kong

(2.7%):

Financials

(1.8%):

AIA

Group

Ltd.

........................................................

249,000

2,174,552

Real

Estate

(0.9%):

Asset

Holdings

Ltd.

..................................................

254,000

1,105,846

3,280,398

Ireland

(1.2%):

Materials

(1.2%):

James

Hardie

Industries

PLC

(b)

............................................

34,841

1,384,198

Italy

(0.7%):

Utilities

(0.7%):

Snam

SpA

............................................................

164,870

839,695

Japan

(22.6%):

Communication

Services

(2.1%):

Capcom

Co.

Ltd.

.......................................................

52,800

1,231,643

Kakaku.com,

Inc.

.......................................................

73,500

1,279,564

2,511,207

Consumer

Discretionary

(3.1%):

Toyota

Motor

Corp.

.....................................................

130,400

2,344,056

ZOZO,

Inc.

...........................................................

38,900

1,413,369

3,757,425

Consumer

Staples

(1.0%):

Toyo

Suisan

Kaisha

Ltd.

..................................................

19,100

1,254,142

Financials

(3.1%):

Mizuho

Financial

Group,

Inc.

..............................................

76,900

1,589,753

Tokio

Marine

Holdings,

Inc.

...............................................

55,900

2,061,497

3,651,250

Health

Care

(2.6%):

Hoya

Corp.

...........................................................

14,300

1,980,807

Shionogi

Co.

Ltd.

.....................................................

77,700

1,113,883

3,094,690

Industrials

(6.0%):

Fuji

Electric

Co.

Ltd.

....................................................

22,800

1,381,670

MISUMI

Group,

Inc.

....................................................

50,400

914,300

Mitsubishi

Heavy

Industries

Ltd.

............................................

132,000

1,972,813

Nippon

Yusen

......................................................

37,200

1,366,557

Victory

Variable

Insurance

Funds

Victory

International

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Sanwa

Holdings

Corp.

...................................................

58,100

1,546,931

7,182,271

Information

Technology

(3.4%):

Disco

Corp.

...........................................................

3,900

1,027,475

Fujitsu

Ltd.

...........................................................

74,800

1,538,006

Oracle

Corp.

..........................................................

14,200

1,466,212

4,031,693

Real

Estate

(0.9%):

Sumitomo

Realty

Development

Co.

Ltd.

....................................

31,500

1,066,404

Utilities

(0.4%):

Tokyo

Gas

Co.

Ltd.

.....................................................

20,400

475,229

27,024,311

Netherlands

(6.7%):

Communication

Services

(1.3%):

Koninklijke

KPN

....................................................

390,364

1,594,148

Financials

(1.7%):

ING

Groep

........................................................

112,807

2,046,390

Industrials

(1.5%):

Wolters

Kluwer

.....................................................

10,389

1,752,100

Information

Technology

(2.2%):

ASM

International

...................................................

2,400

1,583,215

ASML

Holding

.....................................................

1,258

1,046,342

2,629,557

8,022,195

New

Zealand

(0.7%):

Health

Care

(0.7%):

Fisher

Paykel

Healthcare

Corp.

Ltd.

........................................

38,054

843,242

Norway

(0.6%):

Energy

(0.3%):

Aker

ASA

.........................................................

18,935

405,407

Financials

(0.3%):

SpareBank

SMN

......................................................

20,979

305,287

710,694

Spain

(2.1%):

Communication

Services

(0.0%):(c)

Telefonica

.........................................................

Financials

(2.1%):

Banco

Bilbao

Vizcaya

Argentaria

.........................................

232,613

2,512,418

2,512,423

Sweden

(1.8%):

Industrials

(1.8%):

Atlas

Copco

Class

.................................................

122,917

2,109,875

Switzerland

(11.7%):

Consumer

Staples

(3.5%):

Coca-Cola

HBC

.....................................................

41,633

1,484,035

Nestle

Registered

..............................................

26,867

2,700,409

4,184,444

Financials

(2.7%):

Partners

Group

Holding

...............................................

854

1,287,784

Victory

Variable

Insurance

Funds

Victory

International

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

UBS

Group

........................................................

63,553

1,966,936

3,254,720

Health

Care

(5.5%):

Novartis

Registered

.............................................

28,467

3,278,339

Roche

Holding

......................................................

10,302

3,297,402

6,575,741

14,014,905

United

Kingdom

(14.1%):

Consumer

Discretionary

(2.1%):

Greggs

PLC

...........................................................

28,627

1,197,423

PLC

............................................................

9,829

1,287,325

2,484,748

Consumer

Staples

(2.6%):

Diageo

PLC

...........................................................

36,415

1,271,736

Imperial

Brands

PLC

....................................................

64,204

1,867,288

3,139,024

Energy

(2.7%):

PLC

..............................................................

183,034

954,444

Shell

PLC

(b)

..........................................................

69,769

2,263,007

3,217,451

Financials

(3.6%):

Barclays

PLC

.........................................................

638,416

1,917,817

HSBC

Holdings

PLC

....................................................

226,314

2,029,892

Legal

General

Group

PLC

...............................................

122,714

371,851

4,319,560

Industrials

(0.7%):

Ashtead

Group

PLC

.....................................................

11,261

872,350

Materials

(1.7%):

Rio

Tinto

PLC

.........................................................

27,929

1,982,245

Utilities

(0.7%):

Centrica

PLC

..........................................................

578,581

904,815

16,920,193

Total

Common

Stocks

(Cost

$78,022,126)

117,015,990

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

MSCI

EAFE

ETF

.................................................

1,564

130,797

Total

Exchange-Traded

Funds

(Cost

$102,181)

130,797

Total

Investments

(Cost

$78,124,307)

—

97.9%

117,146,787

Other

assets

excess

liabilities

—

2.1%

2,501,534

NET

ASSETS

100.00%

119,648,321

(a)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$2,059,150

and

amounted

1.7%

net

assets.

(b)

Non-income

producing

security.

(c)

Amount

represents

less

than

0.05%

net

assets.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Variable

Insurance

Funds

Victory

Large

Cap

Alpha

VIP

Series

(Unaudited)

Security

Description

Value

Common

Stocks

(98.3%)

Communication

Services

(6.1%):

Alphabet,

Inc.

Class

...................................................

101,570

16,845,385

Take-Two

Interactive

Software,

Inc.

(a)

........................................

77,990

11,987,843

TKO

Group

Holdings,

Inc.

(a)

..............................................

178,830

22,123,059

50,956,287

Consumer

Discretionary

(3.2%):

LKQ

Corp.

...........................................................

428,230

17,094,941

Mattel,

Inc.

(a)

.........................................................

507,540

9,668,637

26,763,578

Consumer

Staples

(7.9%):

Keurig

Dr.

Pepper,

Inc.

...................................................

729,110

27,327,043

Mondelez

International,

Inc.

Class

.........................................

228,140

16,807,074

U.S.

Foods

Holding

Corp.

(a)

...............................................

355,130

21,840,495

65,974,612

Energy

(7.5%):

Chevron

Corp.

.........................................................

73,250

10,787,528

Enterprise

Products

Partners

.............................................

553,720

16,118,789

Exxon

Mobil

Corp.

.....................................................

162,370

19,033,011

Marathon

Oil

Corp.

.....................................................

638,060

16,991,538

62,930,866

Financials

(21.2%):

Cboe

Global

Markets,

Inc.

................................................

62,430

12,790,034

Citigroup,

Inc.

.........................................................

437,140

27,364,964

Everest

Group

Ltd.

......................................................

25,910

10,152,315

Fairfax

Financial

Holdings

Ltd.

.............................................

20,180

25,483,089

JPMorgan

Chase

Co.

..................................................

90,700

19,125,002

KeyCorp

.............................................................

990,450

16,590,037

The

Goldman

Sachs

Group,

Inc.

............................................

57,720

28,577,749

The

PNC

Financial

Services

Group,

Inc.

......................................

91,510

16,915,624

The

Progressive

Corp.

...................................................

82,340

20,894,598

177,893,412

Health

Care

(17.3%):

AbbVie,

Inc.

..........................................................

98,460

19,443,881

HealthCare

Technologies,

Inc.

...........................................

94,670

8,884,780

Humana,

Inc.

..........................................................

16,510

5,229,377

Johnson

.....................................................

75,880

12,297,113

McKesson

Corp.

.......................................................

21,910

10,832,742

Medtronic

PLC

........................................................

183,690

16,537,611

Merck

Co.,

Inc.

......................................................

202,670

23,015,205

Teva

Pharmaceutical

Industries

Ltd.

ADR

(a)

...................................

607,210

10,941,924

The

Cigna

Group

.......................................................

61,310

21,240,236

UnitedHealth

Group,

Inc.

.................................................

28,495

16,660,457

145,083,326

Industrials

(15.1%):

FedEx

Corp.

..........................................................

47,570

13,018,958

General

Dynamics

Corp.

..................................................

50,450

15,245,990

Johnson

Controls

International

PLC

..........................................

137,300

10,655,853

Leidos

Holdings,

Inc.

....................................................

97,720

15,928,360

PACCAR,

Inc.

.........................................................

97,735

9,644,490

Parker-Hannifin

Corp.

...................................................

15,270

9,647,891

RTX

Corp.

............................................................

141,871

17,189,090

Sensata

Technologies

Holding

PLC

..........................................

427,220

15,320,109

SS&C

Technologies

Holdings,

Inc.

..........................................

273,590

20,303,114

126,953,855

Information

Technology

(9.7%):

Amphenol

Corp.

Class

.................................................

172,460

11,237,494

Analog

Devices,

Inc.

....................................................

71,050

16,353,578

Victory

Variable

Insurance

Funds

Victory

Large

Cap

Alpha

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Applied

Materials,

Inc.

...................................................

59,670

12,056,323

Corpay,

Inc.

(a)

.........................................................

48,430

15,146,967

Salesforce,

Inc.

........................................................

37,770

10,338,027

Zebra

Technologies

Corp.

(a)

...............................................

43,590

16,142,249

81,274,638

Materials

(3.1%):

PPG

Industries,

Inc.

.....................................................

104,240

13,807,630

Sealed

Air

Corp.

.......................................................

328,510

11,924,913

25,732,543

Real

Estate

(3.0%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

104,170

12,370,187

Equity

LifeStyle

Properties,

Inc.

............................................

178,440

12,729,910

25,100,097

Utilities

(4.2%):

Exelon

Corp.

..........................................................

425,640

17,259,702

Vistra

Corp.

...........................................................

153,379

18,181,547

35,441,249

Total

Common

Stocks

(Cost

$591,903,856)

824,104,463

Total

Investments

(Cost

$591,903,856)

—

98.3%

824,104,463

Other

assets

excess

liabilities

—

1.7%

14,428,045

NET

ASSETS

100.00%

838,532,508

September

30,

2024,

the

Fund's

investments

foreign

securities

were

7.5%

net

assets.

(a)

Non-income

producing

security.

ADR

—

American

Depositary

Receipt

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Variable

Insurance

Funds

Victory

Small

Cap

Growth

Equity

VIP

Series

(Unaudited)

Security

Description

Value

Common

Stocks

(97.4%)

Biotechnology

(17.4%):

Amicus

Therapeutics,

Inc.(a)

...............................................

28,760

307,157

AnaptysBio

Inc.(a)

.....................................................

8,550

286,425

Apellis

Pharmaceuticals,

Inc.(a)

............................................

8,700

250,908

Apogee

Therapeutics,

Inc.(a)

...............................................

13,310

781,829

Arcellx

Inc.(a)

........................................................

7,330

612,128

Biohaven

Ltd.(a)

.......................................................

13,660

682,590

Blueprint

Medicines

Corp.(a)

..............................................

4,970

459,725

Bridgebio

Pharma,

Inc.(a)

.................................................

12,870

327,670

Cabaletta

Bio,

Inc.(a)

....................................................

24,170

114,082

Crinetics

Pharmaceuticals,

Inc.(a)

...........................................

12,030

614,733

Disc

Medicine,

Inc.(a)

...................................................

8,400

412,776

Halozyme

Therapeutics,

Inc.(a)

.............................................

7,000

400,680

Ideaya

Biosciences,

Inc.(a)

................................................

11,520

364,954

Immunome

Inc.(a)(b)

...................................................

29,410

429,974

Immunovant

Inc.(a)

.....................................................

12,480

355,805

Insmed

Inc.(a)

.........................................................

12,930

943,890

Krystal

Biotech,

Inc.(a)

...................................................

2,880

524,247

MoonLake

Immunotherapeutics

(a)

..........................................

8,190

412,940

Nuvalent

Inc.,

Class

A(a)

.................................................

5,620

574,926

Olema

Pharmaceuticals,

Inc.(a)

.............................................

32,510

388,169

Protagonist

Therapeutics,

Inc.(a)

............................................

4,680

210,600

REVOLUTION

Medicines,

Inc.(a)

..........................................

15,380

697,483

SpringWorks

Therapeutics,

Inc.(a)

...........................................

14,820

474,833

Twist

Bioscience

Corp.(a)

.................................................

12,860

581,015

Vaxcyte

Inc.(a)

........................................................

8,390

958,725

Vericel

Corp.(a)

........................................................

13,280

561,080

12,729,344

Communication

Services

(1.5%):

Inc.,

Class

A(a)

...................................................

16,090

1,060,653

Consumer

Discretionary

(10.4%):

American

Eagle

Outfitters,

Inc.

.............................................

60,720

1,359,521

Atmus

Filtration

Technologies,

Inc.

..........................................

15,420

578,713

Champion

Homes,

Inc.(a)

.................................................

10,340

980,749

Modine

Manufacturing

Co.(a)

..............................................

6,470

859,151

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

.......................................

9,990

971,028

RH(a)

...............................................................

1,500

501,645

Sweetgreen

Inc.,

Class

A(a)

...............................................

12,170

431,426

Under

Armour

Inc.,

Class

C(a)

.............................................

172,760

1,444,274

Wayfair,

Inc.,

Class

A(a)

..................................................

8,410

472,474

7,598,981

Consumer

Staples

(3.5%):

Freshpet

Inc.(a)

........................................................

2,660

363,808

The

Vita

Coco

Co.,

Inc.(a)

................................................

37,810

1,070,401

Utz

Brands,

Inc.

........................................................

62,660

1,109,082

2,543,291

Energy

(2.4%):

Matador

Resources

Co.

...................................................

12,390

612,314

Tidewater,

Inc.(a)

.......................................................

7,930

569,295

Weatherford

International

PLC

.............................................

7,100

602,932

1,784,541

Financials

(9.8%):

Euronet

Worldwide,

Inc.(a)

................................................

9,240

916,885

FirstCash

Holdings,

Inc.

..................................................

8,650

993,020

Flywire

Corp.(a)

.......................................................

17,580

288,136

Palomar

Holdings,

Inc.(a)

.................................................

7,134

675,376

Payoneer

Global,

Inc.(a)

..................................................

122,590

923,103

Shift4

Payments,

Inc.,

Class

A(a)

............................................

5,820

515,652

Walker

Dunlop,

Inc.

...................................................

8,640

981,418

Victory

Variable

Insurance

Funds

Victory

Small

Cap

Growth

Equity

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Wintrust

Financial

Corp.

..................................................

8,870

962,661

WisdomTree

Inc.

.......................................................

94,090

939,959

7,196,210

Health

Care

Equipment

Supplies

(4.6%):

Glaukos

Corp.(a)(b)

.....................................................

2,850

371,298

Inspire

Medical

Systems,

Inc.(a)

............................................

2,610

550,841

Lantheus

Holdings,

Inc.(a)

................................................

2,020

221,695

PROCEPT

BioRobotics

Corp.(a)

............................................

7,800

624,936

RxSight

Inc.(a)

........................................................

10,370

512,589

SI-BONE,

Inc.(a)

.......................................................

20,500

286,590

Tandem

Diabetes

Care,

Inc.(a)

..............................................

18,940

803,245

3,371,194

Health

Care

Providers

Services

(4.1%):

Acadia

Healthcare

Co.,

Inc.(a)

..............................................

8,820

559,276

HealthEquity

Inc.(a)

....................................................

8,940

731,739

RadNet

Inc.(a)

........................................................

14,680

1,018,645

Surgery

Partners,

Inc.(a)

..................................................

21,620

697,029

3,006,689

Industrials

(22.2%):

AAON,

Inc.

...........................................................

8,110

874,582

AeroVironment

Inc.(a)

...................................................

5,380

1,078,690

Applied

Industrial

Technologies,

Inc.

.........................................

4,840

1,079,949

Chart

Industries,

Inc.(a)

..................................................

5,880

729,943

FTAI

Aviation

Ltd.

......................................................

12,250

1,628,025

Kirby

Corp.(a)

.........................................................

5,930

726,010

Maximus,

Inc.

.........................................................

3,390

315,812

Montrose

Environmental

Group,

Inc.(a)

.......................................

10,110

265,893

Moog,

Inc.,

Class

.....................................................

3,270

660,605

MSA

Safety,

Inc.

.......................................................

3,540

627,784

NEXTracker

Inc.,

Class

A(a)

..............................................

24,130

904,392

Paylocity

Holding

Corp.(a)

................................................

4,040

666,479

Powell

Industries,

Inc.

...................................................

1,930

428,441

Primoris

Services

Corp.

..................................................

11,320

657,466

RXO,

Inc.(a)

..........................................................

31,800

890,400

Simpson

Manufacturing

Co.,

Inc.

...........................................

4,870

931,485

SPX

Technologies,

Inc.(a)

.................................................

7,130

1,136,950

Tecnoglass

Inc.

........................................................

9,260

635,792

The

AZEK

Co.,

Inc.(a)

...................................................

19,160

896,688

Watts

Water

Technologies,

Inc.,

Class

.......................................

1,760

364,654

Zurn

Elkay

Water

Solutions

Corp.

...........................................

20,080

721,675

16,221,715

Information

Technology

(18.9%):

Altair

Engineering,

Inc.,

Class

A(a)

..........................................

13,700

1,308,487

Appfolio

Inc.,

Class

A(a)

.................................................

2,670

628,518

Badger

Meter,

Inc.

......................................................

1,730

377,849

Box,

Inc.,

Class

A(a)

....................................................

20,190

660,819

Braze,

Inc.,

Class

A(a)

...................................................

17,890

578,563

Confluent,

Inc.,

Class

A(a)

................................................

7,020

143,068

Credo

Technology

Group

Holding

Ltd.(a)

.....................................

23,380

720,104

CyberArk

Software

Ltd.(a)

................................................

1,620

472,408

Fabrinet

(a)

............................................................

4,450

1,052,158

Gitlab

Inc.,

Class

A(a)

...................................................

13,980

720,529

Globant

SA(a)

.........................................................

2,800

554,792

Itron

Inc.(a)

..........................................................

10,900

1,164,229

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

6,800

756,568

Onto

Innovation,

Inc.(a)

..................................................

3,360

697,402

Holdings,

Inc.(a)

.....................................................

9,580

764,197

Semtech

Corp.(a)

.......................................................

24,940

1,138,760

Smartsheet

Inc.,

Class

A(a)

...............................................

8,470

468,899

Sprout

Social,

Inc.,

Class

A(a)

..............................................

11,508

334,537

Victory

Variable

Insurance

Funds

Victory

Small

Cap

Growth

Equity

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Varonis

Systems,

Inc.(a)

..................................................

22,780

1,287,070

13,828,957

Materials

(1.9%):

Balchem

Corp.

.........................................................

2,500

440,000

Summit

Materials,

Inc.,

Class

A(a)

..........................................

25,250

985,507

1,425,507

Real

Estate

(0.7%):

National

Storage

Affiliates

Trust

............................................

10,190

491,158

Total

Common

Stocks

(Cost

$60,709,478)

71,258,240

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.83%(c)

........

137,403

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.85%(c)

............

137,403

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

4.84%(c)

...............

137,403

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.82%(c)

137,403

Total

Collateral

for

Securities

Loaned

(Cost

$549,612)

549,612

Total

Investments

(Cost

$61,259,090)

—

98.2%

71,807,852

Other

assets

excess

liabilities

—

1.8%

1,305,121

NET

ASSETS

100.00%

73,112,973

Purchased

with

cash

collateral

from

securities

loan.

(a)

Non-income

producing

security.

(b)

All

portion

this

security

loan.

(c)

Rate

disclosed

the

daily

yield

September

30,

2024.

PLC

—

Public

Limited

Company

Schedule

Portfolio

Investments

September

30,

2024

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

(Unaudited)

Security

Description

Value

Common

Stocks

(98.2%)

Brazil

(5.2%):

Communication

Services

(0.7%):

TIM

.............................................................

49,600

170,563

Consumer

Discretionary

(0.8%):

Smartfit

Escola

Ginastica

Danca

......................................

19,700

77,546

Vibra

Energia

.......................................................

31,525

135,437

212,983

Energy

(1.2%):

Petroleo

Brasileiro

SA,

ADR

...............................................

21,673

312,308

Financials

(1.1%):

Itau

Unibanco

Holding

SA,

ADR

............................................

42,464

282,385

Industrials

(0.7%):

Marcopolo

SA,

Preference

...........................................

55,920

81,621

Santos

Brasil

Participacoes

.............................................

37,600

101,892

183,513

Real

Estate

(0.4%):

Multiplan

Empreendimentos

Imobiliarios

...................................

23,400

110,197

Utilities

(0.3%):

CPFL

Energia

.......................................................

11,800

73,508

1,345,457

Chile

(0.0%):(a)

Financials

(0.0%):(a)

Banco

Credito

Inversiones

..........................................

China

(25.0%):

Communication

Services

(7.0%):

China

Tower

Corp.

Ltd.,

Class

H(b)

..........................................

904,000

118,786

Tencent

Holdings

Ltd.

...................................................

28,030

1,558,655

Tencent

Music

Entertainment

Group,

ADR

.....................................

11,422

137,635

1,815,076

Consumer

Discretionary

(7.0%):

Alibaba

Group

Holding

Ltd.,

Class

........................................

41,648

553,469

BYD

Co.

Ltd.

.........................................................

7,000

249,754

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

..................................

24,900

206,264

Meituan,

Class

W(b)(c)

...................................................

27,000

573,374

MotoMotion

China

Corp.

.................................................

10,300

83,998

New

Oriental

Education

Technology

Group,

Inc.,

ADR

..........................

1,963

148,874

1,815,733

Energy

(0.6%):

PetroChina

Co.

Ltd.,

Class

..............................................

206,000

166,180

Financials

(3.0%):

Agricultural

Bank

China

Ltd.,

Class

......................................

216,000

100,783

China

Construction

Bank

Corp.,

Class

......................................

577,000

430,283

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

................................

67,200

237,968

769,034

Health

Care

(1.1%):

Pacific

Shuanglin

Bio-pharmacy

Co.

Ltd.,

Class

...............................

35,600

124,916

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

.......................

4,100

169,095

294,011

Industrials

(0.8%):

Anhui

Heli

Co.

Ltd.,

Class

...............................................

45,100

139,258

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Yutong

Bus

Co.

Ltd.,

Class

..............................................

22,200

82,874

222,132

Information

Technology

(2.1%):

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

...................................

111,700

398,024

Luxshare

Precision

Industry

Co.

Ltd.,

Class

..................................

24,500

150,438

548,462

Materials

(3.4%):

China

Hongqiao

Group

Ltd.

...............................................

95,000

155,844

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

.................................

493,800

306,281

Shanjin

International

Gold

Co.

Ltd.,

Class

....................................

31,000

81,744

Western

Mining

Co.

Ltd.,

Class

...........................................

56,900

151,568

Zijin

Mining

Group

Co.

Ltd.,

Class

........................................

84,000

187,548

882,985

6,513,613

Greece

(0.4%):

Energy

(0.4%):

Motor

Oil

Hellas

Corinth

Refineries

.......................................

4,671

110,665

Hong

Kong

(1.0%):

Consumer

Discretionary

(0.3%):

Bosideng

International

Holdings

Ltd.

.........................................

144,000

81,915

Industrials

(0.3%):

Techtronic

Industries

Co.

Ltd.

..............................................

5,000

74,644

Utilities

(0.4%):

Kunlun

Energy

Co.

Ltd.

..................................................

102,000

104,816

261,375

Hungary

(1.3%):

Financials

(1.0%):

OTP

Bank

Nyrt

........................................................

4,830

252,860

Health

Care

(0.3%):

Richter

Gedeon

Nyrt

....................................................

2,523

77,794

330,654

India

(19.3%):

Consumer

Discretionary

(4.0%):

Crompton

Greaves

Consumer

Electricals

Ltd.

...................................

24,501

121,594

Hero

MotoCorp

Ltd.

.....................................................

5,025

342,668

Mahindra

Ltd.(c)

..............................................

8,672

320,090

Maruti

Suzuki

India

Ltd.

..................................................

1,641

259,128

1,043,480

Consumer

Staples

(0.7%):

Britannia

Industries

Ltd.

..................................................

2,395

181,242

Financials

(4.7%):

ICICI

Bank

Ltd.,

ADR

...................................................

24,798

740,220

LIC

Housing

Finance

Ltd.

.................................................

22,616

178,634

Manappuram

Finance

Ltd.

................................................

51,039

122,676

Shriram

Finance

Ltd.

....................................................

4,226

180,703

1,222,233

Health

Care

(1.7%):

Dr.

Reddy's

Laboratories

Ltd.

..............................................

2,318

186,605

Sun

Pharmaceutical

Industries

Ltd.

..........................................

11,407

262,268

448,873

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Industrials

(0.8%):

Larsen

Toubro

Ltd.

....................................................

4,641

203,537

Information

Technology

(2.5%):

Infosys

Ltd.,

ADR

(d)

....................................................

29,228

650,908

Materials

(3.1%):

MOIL

Ltd.

............................................................

23,105

112,353

UltraTech

Cement

Ltd.

...................................................

2,138

301,057

Vedanta

Ltd.

..........................................................

42,184

257,802

Welspun

Corp.

Ltd.

.....................................................

15,563

142,478

813,690

Real

Estate

(0.8%):

Oberoi

Realty

Ltd.

......................................................

8,645

195,088

Utilities

(1.0%):

Power

Grid

Corp.

India

Ltd.

.............................................

60,929

256,989

5,016,040

Indonesia

(1.2%):

Energy

(0.5%):

United

Tractors

Tbk

..................................................

74,200

133,311

Financials

(0.7%):

Bank

Mandiri

Persero

Tbk

..............................................

375,000

172,555

305,866

Jordan

(0.3%):

Health

Care

(0.3%):

Hikma

Pharmaceuticals

PLC

...............................................

3,236

82,793

Luxembourg

(0.6%):

Materials

(0.6%):

Ternium

SA,

ADR

......................................................

4,110

151,700

Malaysia

(0.5%):

Utilities

(0.5%):

YTL

Power

International

Bhd

..............................................

138,500

123,623

Mexico

(1.9%):

Consumer

Staples

(0.7%):

Gruma

SAB

CV,

Class

...............................................

5,427

100,795

Kimberly-Clark

Mexico

SAB

CV,

Class

.................................

45,500

73,591

174,386

Financials

(0.8%):

Grupo

Financiero

Banorte

SAB

CV,

Class

.................................

30,740

217,829

Real

Estate

(0.4%):

Corp

Inmobiliaria

Vesta

SAB

.........................................

36,233

97,824

490,039

Netherlands

(0.4%):

Real

Estate

(0.4%):

NEPI

Rockcastle

....................................................

13,282

112,632

Panama

(0.5%):

Industrials

(0.5%):

Copa

Holdings

SA,

Class

...............................................

1,313

123,212

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Poland

(1.8%):

Consumer

Discretionary

(0.6%):

LPP

..............................................................

139,414

Financials

(1.2%):

Powszechna

Kasa

Oszczednosci

Bank

Polski

................................

21,967

320,224

459,638

Russian

Federation

(0.0%):(a)

Energy

(0.0%):(a)

Gazprom

PJSC(c)(e)(f)

...................................................

117,150

3,064

Rosneft

Oil

Co.

PJSC,

GDR(c)(e)(f)

.........................................

48,095

—

3,064

Financials

(0.0%):

Sberbank

Russia

PJSC,

ADR(c)(e)(f)

.......................................

31,735

—

3,064

Saudi

Arabia

(3.1%):

Communication

Services

(1.1%):

Saudi

Telecom

Co.

......................................................

24,440

284,815

Consumer

Discretionary

(0.3%):

United

Electronics

Co.

...................................................

2,924

74,120

Financials

(1.4%):

Alinma

Bank

..........................................................

27,180

206,840

Saudi

Awwal

Bank

......................................................

18,553

171,719

378,559

Industrials

(0.3%):

Riyadh

Cables

Group

Co.

.................................................

2,795

73,909

811,403

South

Africa

(1.8%):

Consumer

Discretionary

(0.5%):

The

Foschini

Group

Ltd.

..................................................

13,484

121,649

Financials

(1.3%):

Nedbank

Group

Ltd.

.....................................................

20,118

347,623

469,272

South

Korea

(11.0%):

Consumer

Discretionary

(0.7%):

Kia

Corp.

............................................................

2,527

192,450

Financials

(1.5%):

Insurance

Co.

Ltd.

...................................................

1,231

105,801

KIWOOM

Securities

Co.

Ltd.

..............................................

879

87,187

Samsung

Securities

Co.

Ltd.

...............................................

6,208

206,364

399,352

Health

Care

(0.6%):

Classys,

Inc.

..........................................................

2,112

87,310

T&L

Co.

Ltd.

..........................................................

1,133

64,268

151,578

Industrials

(3.2%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

616

140,340

Hanwha

Industrial

Solutions

Co.

Ltd.(c)

.......................................

682

17,372

Hyundai

Electric

Co.

Ltd.

..............................................

631

158,784

Korea

Shipbuilding

Offshore

Engineering

Co.

Ltd.(c)

........................

951

135,859

Hyundai

Rotem

Co.

Ltd.

..................................................

3,118

127,610

Samsung

C&T

Corp.

....................................................

1,365

142,992

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Description

Value

Samsung

E&A

Co.

Ltd.(c)

................................................

6,273

105,277

828,234

Information

Technology

(5.0%):

Innox

Advanced

Materials

Co.

Ltd.

..........................................

3,184

66,374

Innotek

Co.

Ltd.

.....................................................

1,040

173,194

Samsung

Electronics

Co.

Ltd.

..............................................

11,641

544,170

Hynix,

Inc.

.........................................................

3,833

513,075

1,296,813

2,868,427

Taiwan

(15.5%):

Health

Care

(0.5%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

5,000

118,349

Industrials

(0.3%):

Fortune

Electric

Co.

Ltd.

.................................................

4,600

91,227

Information

Technology

(14.4%):

Chroma

ATE,

Inc.

......................................................

19,000

223,173

Compeq

Manufacturing

Co.

Ltd.

............................................

54,000

116,057

Elite

Material

Co.

Ltd.

...................................................

17,000

240,119

Gold

Circuit

Electronics

Ltd.

...............................................

16,600

103,488

Insyde

Software

Corp.

...................................................

5,000

81,949

King

Yuan

Electronics

Co.

Ltd.

.............................................

34,000

120,643

Lotes

Co.

Ltd.

.........................................................

3,000

130,935

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

87,259

2,632,344

Wiwynn

Corp.

.........................................................

2,000

108,447

3,757,155

Materials

(0.3%):

Gloria

Material

Technology

Corp.

...........................................

53,000

80,814

4,047,545

Thailand

(2.9%):

Consumer

Staples

(1.3%):

ALL

PCL-NVDR

....................................................

164,300

333,042

Energy

(0.7%):

PTT

Exploration

Production

PCL-NVDR

....................................

45,200

184,383

Health

Care

(0.9%):

Bangkok

Dusit

Medical

Services

PCL-NVDR

..................................

249,300

231,582

749,007

Turkey

(1.7%):

Consumer

Discretionary

(0.2%):

Mavi

Giyim

Sanayi

Ticaret

A/S,

Class

B(b)

..................................

23,952

63,171

Consumer

Staples

(0.5%):

BIM

Birlesik

Magazalar

A/S

...............................................

8,917

129,237

Financials

(0.5%):

Yapi

Kredi

Bankasi

A/S

................................................

159,861

144,296

Industrials

(0.5%):

Pegasus

Hava

Tasimaciligi

A/S(c)

...........................................

17,185

119,857

456,561

United

Arab

Emirates

(2.3%):

Financials

(1.3%):

Dubai

Islamic

Bank

PJSC

.................................................

50,951

87,417

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

(Unaudited)

Schedule

Portfolio

Investments

—

continued

September

30,

2024

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

.............................................

7/28/2021

464,042

Rosneft

Oil

Co.

PJSC,

GDR

....................................

3/6/2020

298,050

Sberbank

Russia

PJSC,

ADR

..................................

11/11/2020

416,883

Security

Description

Value

Emirates

NBD

Bank

PJSC

................................................

46,494

257,018

344,435

Real

Estate

(1.0%):

Emaar

Properties

PJSC

...................................................

110,326

261,776

606,211

United

States

(0.5%):

Consumer

Discretionary

(0.5%):

Samsonite

International

SA(b)

..............................................

44,700

120,988

Total

Common

Stocks

(Cost

$20,215,527)

25,559,816

Collateral

for

Securities

Loaned

(2.5%)^

United

States

(2.5%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.83%(g)

........

165,653

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.85%(g)

............

165,653

Invesco

Government

Agency

Portfolio,

Institutional

Shares,

4.84%(g)

...............

165,653

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.82%(g)

165,653

Total

Collateral

for

Securities

Loaned

(Cost

$662,612)

662,612

Total

Investments

(Cost

$20,878,139)

—

100.7%

26,222,428

Liabilities

excess

other

assets

—

(0.7)%

(185,469)

NET

ASSETS

100.00%

26,036,959

Purchased

with

cash

collateral

from

securities

loan.

(a)

Amount

represents

less

than

0.05%

net

assets.

(b)

Rule

144A

security

other

security

that

restricted

resale

institutional

investors.

September

30,

2024,

the

fair

value

these

securities

was

$876,319

and

amounted

3.4%

net

assets.

(c)

Non-income

producing

security.

(d)

All

portion

this

security

loan.

(e)

The

following

table

details

the

earliest

acquisition

date

and

cost

the

Fund's

restricted

securities

due

trading

restrictions

September

30,

2024.

(f)

Security

was

fair

valued

using

significant

unobservable

inputs

September

30,

2024.

(g)

Rate

disclosed

the

daily

yield

September

30,

2024.

ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Victory Variable Insurance Funds NPORT-PVictory Sophus Emerging Markets VIP Series (Sep 2024 report)