Victory Variable Insurance Funds NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08979

Victory Variable Insurance Funds

(Exact name of registrant as specified in charter)

4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio	44144
(Address of principal executive offices)	(Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, Ohio 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-539-3863

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

Item 1. Reports to Stockholders.

June 30, 2022

Semi Annual Report

Victory Variable Insurance Funds

Victory Sophus Emerging Markets VIP Series

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

Victory Variable Insurance Funds

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					3
Schedule of Portfolio Investments					4
Financial Statements
Statement of Assets and Liabilities					11
Statement of Operations					12
Statements of Changes in Net Assets					13
Financial Highlights					14
Notes to Financial Statements					16
Supplemental Information					23
Proxy Voting and Portfolio Holdings Information					23
Expense Example					23
Liquidity Risk Management Program					24
Privacy Policy (inside back cover)

The Fund is distributed by Victory Capital Services, Inc. Victory Capital Management Inc. is the investment adviser to the Fund and receives fees from the Fund for performing services for the Fund.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Fund.

For additional information about any Victory Fund, including fees, expenses, and risks, view our prospectus online at vcm.com or call 800-539-3863. Read it carefully before you invest or send money.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Fund markets or securities mentioned herein should not be considered to be indicative of future results.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

800-539-FUND (800-539-3863)

Visit our website at:

www.vcm.com

Victory Variable Insurance Funds
Victory Sophus Emerging Markets VIP Series

June 30, 2022

(Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide long-term capital appreciation.

Top 10 Holdings*:

June 30, 2022

(% of Net Assets)

Taiwan Semiconductor Manufacturing Co. Ltd.	6.9	%
Samsung Electronics Co. Ltd.	4.1	%
Alibaba Group Holding Ltd.	3.6	%
Tencent Holdings Ltd.	3.5	%
JD.com, Inc., Class A	2.0	%
ICICI Bank Ltd.	1.9	%
Postal Savings Bank of China Co. Ltd., Class H	1.7	%
Meituan, Class B	1.6	%
Infosys Ltd.	1.5	%
Mahindra & Mahindra Ltd.	1.5	%

Sector Allocation*:

June 30, 2022

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

Victory Variable Insurance Funds
Victory Sophus Emerging Markets VIP Series

Schedule of Portfolio Investments
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Common Stocks (98.6%)
Brazil (6.3%):
Consumer Discretionary (0.5%):
Vibra Energia SA		42,181	$	134,695
Consumer Staples (1.4%):
Sao Martinho SA		17,500		121,496
Sendas Distribuidora SA		66,453		181,216
SLC Agricola SA		14,150		119,329
				422,041
Energy (1.2%):
Petroleo Brasileiro SA, ADR		29,951		349,828
Financials (0.9%):
Itau Unibanco Holding SA, ADR		58,165		248,946
Health Care (0.7%):
Hypera SA		27,300		198,454
Industrials (0.8%):
Randon SA Implementos e Participacoes, Preference Shares		77,800		139,457
SIMPAR SA		60,172		106,709
				246,166
Materials (0.8%):
Dexco SA		51,602		97,329
Gerdau SA, Preference Shares		32,900		140,517
				237,846
				1,837,976
Canada (0.5%):
Energy (0.5%):
Parex Resources, Inc.		8,431		142,809
Chile (0.0%): (a)
Financials (0.0%):
Banco de Credito e Inversiones SA		1		29
China (32.8%):
Communication Services (5.7%):
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		35,500		113,039
Baidu, Inc., Class A (b)		15,784		299,007
NetEase, Inc.		11,415		215,058
Tencent Holdings Ltd.		22,330		1,010,797
				1,637,901
Consumer Discretionary (10.7%):
Alibaba Group Holding Ltd. (b)		73,348		1,046,365
BYD Co. Ltd., Class H		8,500		342,639
China Meidong Auto Holdings Ltd.		34,000		108,044
Fuyao Glass Industry Group Co. Ltd., Class H (c)		44,400		224,622
JD.com, Inc., Class A		18,506		596,335

See notes to financial statements.

Victory Variable Insurance Funds
Victory Sophus Emerging Markets VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Jiumaojiu International Holdings Ltd. (c)		66,000	$	175,801
Meituan, Class B (b) (c)		18,200		454,180
Yadea Group Holdings Ltd. (c)		74,000		145,134
				3,093,120
Consumer Staples (2.2%):
Chacha Food Co. Ltd., Class A		26,500		225,662
Chenguang Biotech Group Co. Ltd., Class A		80,500		187,644
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		36,800		214,402
				627,708
Energy (1.3%):
PetroChina Co. Ltd., Class H		830,000		389,285
Financials (4.0%):
Industrial & Commercial Bank of China Ltd., Class H		481,000		286,996
PICC Property & Casualty Co. Ltd., Class H		362,000		377,505
Postal Savings Bank of China Co. Ltd., Class H (c) (d)		619,000		493,305
				1,157,806
Health Care (1.8%):
Hygeia Healthcare Holdings Co. Ltd. (b) (c)		27,000		180,053
Pharmaron Beijing Co. Ltd., Class H (c)		16,800		168,750
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,700		173,513
				522,316
Industrials (2.1%):
China Railway Group Ltd., Class H		569,000		352,242
Xinte Energy Co. Ltd., Class H		83,600		250,841
				603,083
Information Technology (1.9%):
Glodon Co. Ltd., Class A		21,700		176,701
Luxshare Precision Industry Co. Ltd., Class A		42,300		213,947
WUS Printed Circuit Kunshan Co. Ltd., Class A		68,320		151,057
				541,705
Materials (2.2%):
China Hongqiao Group Ltd. (d)		206,500		232,637
Shandong Nanshan Aluminum Co. Ltd., Class A		259,000		142,997
Wanhua Chemical Group Co. Ltd., Class A		18,600		270,108
				645,742
Utilities (0.9%):
China Longyuan Power Group Corp. Ltd., Class H		140,000		271,322
				9,489,988
Greece (1.0%):
Financials (0.5%):
National Bank of Greece SA (b)		46,204		138,203
Industrials (0.5%):
Mytilineos SA		10,918		161,586
				299,789

See notes to financial statements.

Victory Variable Insurance Funds
Victory Sophus Emerging Markets VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Hong Kong (2.9%):
Consumer Discretionary (0.8%):
Bosideng International Holdings Ltd.		362,000	$	224,905
Financials (0.5%):
BOC Hong Kong Holdings Ltd.		36,500		144,945
Industrials (0.6%):
Pacific Basin Shipping Ltd.		408,000		156,862
Real Estate (1.0%):
China Resources Land Ltd.		64,000		300,122
				826,834
India (11.8%):
Communication Services (0.3%):
Sun TV Network Ltd.		15,722		82,370
Consumer Discretionary (2.8%):
Balkrishna Industries Ltd.		9,877		270,077
Mahindra & Mahindra Ltd.		30,719		427,266
Raymond Ltd.		11,057		123,219
				820,562
Consumer Staples (0.4%):
Dabur India Ltd.		20,176		126,935
Financials (3.0%):
Cholamandalam Investment & Finance Co. Ltd.		35,108		276,575
ICICI Bank Ltd., ADR		30,131		534,524
UTI Asset Management Co. Ltd.		5,035		41,352
				852,451
Health Care (0.8%):
Apollo Hospitals Enterprise Ltd.		4,735		221,550
Industrials (1.0%):
Larsen & Toubro Ltd.		14,173		280,982
Information Technology (2.4%):
Infosys Ltd., ADR		23,979		443,851
WNS Holdings Ltd., ADR (b)		3,515		262,360
				706,211
Materials (0.7%):
Tata Steel Ltd.		17,774		195,987
Utilities (0.4%):
GAIL India Ltd.		74,059		127,118
				3,414,166
Indonesia (0.8%):
Financials (0.8%):
PT Bank Mandiri Persero Tbk		436,900		233,351

See notes to financial statements.

Victory Variable Insurance Funds
Victory Sophus Emerging Markets VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Korea, Republic Of (12.5%):
Communication Services (1.6%):
JYP Entertainment Corp.		5,774	$	214,923
LG Uplus Corp.		26,415		260,013
				474,936
Consumer Discretionary (0.7%):
Shinsegae, Inc.		1,124		189,260
Financials (2.3%):
Hana Financial Group, Inc.		8,874		269,776
Samsung Securities Co. Ltd.		5,809		150,196
Woori Financial Group, Inc.		26,713		250,111
				670,083
Health Care (1.1%):
InBody Co. Ltd.		5,489		101,176
Samsung Biologics Co. Ltd. (b) (c)		337		206,078
				307,254
Industrials (0.4%):
CJ Corp.		2,065		124,020
Information Technology (6.2%):
Innox Advanced Materials Co. Ltd.		5,468		140,348
Samsung Electro-Mechanics Co. Ltd.		1,522		154,022
Samsung Electronics Co. Ltd.		26,672		1,176,703
SK Hynix, Inc.		4,763		336,413
				1,807,486
Materials (0.2%):
PI Advanced Materials Co. Ltd.		1,734		42,694
				3,615,733
Malaysia (2.3%):
Consumer Discretionary (0.4%):
MR DIY Group M Bhd (c)		245,400		115,339
Consumer Staples (0.5%):
Kuala Lumpur Kepong Bhd		27,000		134,389
Financials (0.9%):
Public Bank Bhd		274,900		272,784
Materials (0.5%):
Petronas Chemicals Group Bhd		69,500		141,968
				664,480
Mexico (1.7%):
Consumer Discretionary (0.4%):
Alsea SAB de CV (b)		68,364		129,489
Financials (1.1%):
Grupo Financiero Banorte SAB de CV, Class O		55,441		309,326

See notes to financial statements.

Victory Variable Insurance Funds
Victory Sophus Emerging Markets VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Real Estate (0.2%):
Corp Inmobiliaria Vesta SAB de CV		23,241	$	43,235
				482,050
Peru (0.8%):
Financials (0.8%):
Credicorp Ltd.		1,898		227,589
Philippines (0.7%):
Financials (0.7%):
BDO Unibank, Inc.		94,620		190,416
Qatar (0.6%):
Industrials (0.6%):
Industries Qatar QSC		40,796		179,003
Romania (0.0%): (a)
Real Estate (0.0%):
NEPI Rockcastle S.A.		1		5
Russian Federation (0.0%): (a)
Consumer Staples (0.0%):
Magnit PJSC (e) (f)		2,805		47
Energy (0.0%):
Gazprom PJSC (e) (f) (g) (h)		117,150		5,163
Rosneft Oil Co. PJSC, GDR (e) (f) (g) (h)		48,095		2,254
				7,417
Financials (0.0%):
Sberbank of Russia PJSC, ADR (b) (e) (f) (g) (h)		31,735		212
				7,676
Saudi Arabia (4.0%):
Consumer Discretionary (0.4%):
Leejam Sports Co. JSC		5,050		120,768
Financials (2.4%):
Alinma Bank		31,585		282,277
The Saudi National Bank		23,636		416,073
				698,350
Health Care (0.5%):
Mouwasat Medical Services Co.		2,560		145,397
Materials (0.7%):
Saudi Arabian Mining Co. (b)		14,666		195,752
				1,160,267
South Africa (4.1%):
Communication Services (0.7%):
MTN Group Ltd.		25,993		211,619

See notes to financial statements.

Victory Variable Insurance Funds
Victory Sophus Emerging Markets VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Consumer Discretionary (0.5%):
Woolworths Holdings Ltd.		43,651	$	145,969
Financials (1.6%):
Absa Group Ltd. (d)		23,174		221,375
Capitec Bank Holdings Ltd.		2,038		249,894
				471,269
Industrials (0.5%):
The Bidvest Group Ltd.		11,334		146,455
Materials (0.8%):
Impala Platinum Holdings Ltd.		19,591		217,452
				1,192,764
Taiwan (11.0%):
Financials (1.1%):
CTBC Financial Holding Co. Ltd.		388,000		328,207
Information Technology (9.1%):
Gold Circuit Electronics Ltd.		84,000		215,662
Hon Hai Precision Industry Co. Ltd.		81,000		297,378
Taiwan Semiconductor Manufacturing Co. Ltd.		125,259		2,007,546
Unimicron Technology Corp.		24,000		128,451
				2,649,037
Materials (0.8%):
Formosa Plastics Corp.		61,000		222,749
				3,199,993
Thailand (3.5%):
Energy (0.8%):
PTT PCL		244,400		235,344
Financials (0.9%):
SCB X PCL (b)		89,200		262,434
Health Care (0.5%):
Mega Lifesciences PCL		106,300		152,054
Materials (0.8%):
Indorama Ventures PCL		161,500		215,254
Real Estate (0.5%):
AP Thailand PCL		495,100		140,242
				1,005,328
United Kingdom (1.3%):
Materials (1.3%):
Anglo American PLC		6,526		233,256
Mondi PLC		8,434		149,679
				382,935
Total Common Stocks (Cost $28,513,036)				28,553,181

See notes to financial statements.

Victory Variable Insurance Funds
Victory Sophus Emerging Markets VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned (3.0%)^
United States (3.0%):
BlackRock Liquidity Funds TempFund, Institutional Shares, 1.47% (i)		26,937	$	26,937
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 1.42% (i)		13,443		13,443
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (i)		167,663		167,663
JPMorgan Prime Money Market Fund, Capital Shares, 1.50% (i)		107,191		107,191
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 1.39% (i)		71,484		71,484
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 1.53% (i)		481,953		481,953
Total Collateral for Securities Loaned (Cost $868,671)				868,671
Total Investments (Cost $29,381,707) — 101.6%				29,421,852
Liabilities in excess of other assets — (1.6)%				(468,581	)
NET ASSETS — 100.00%			$	28,953,271

^ Purchased with cash collateral from securities on loan.

(a) Amount represents less than 0.05% of net assets.

(b) Non-income producing security.

(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of June 30, 2022, the fair value of these securities was $2,163,262 and amounted to 7.5% of net assets.

(d) All or a portion of this security is on loan.

(e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of June 30, 2022, illiquid securities were less than 0.05% of net assets.

(f) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of June 30, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)

(g) Restricted security that is not registered under the Securities Act of 1933

(h) The following table details the acquisition date and cost of the Fund's restricted securities at June 30, 2022:

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

(i) Rate disclosed is the daily yield on June 30, 2022.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

PCL — Public Company Limited

PLC — Public Limited Company

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Assets and Liabilities
June 30, 2022

(Unaudited)

	Victory Sophus Emerging Markets VIP Series
Assets:
Investments, at value (Cost $29,381,707)	$	29,421,852	(a)
Foreign currency, at value (Cost $344,866)		344,823
Receivables:
Interest and dividends		169,340
Capital shares issued		78,976
Investments sold		454,161
Reclaims		486
From Adviser		16,184
Prepaid expenses		235
Total Assets		30,486,057
Liabilities:
Payables:
Collateral received on loaned securities		868,671
Payable to custodian		136,489
Investments purchased		397,733
Capital shares redeemed		4,282
Accrued foreign capital gains taxes		18,718
Accrued expenses and other payables:
Investment advisory fees		24,977
Administration fees		1,663
Custodian fees		12,299
Transfer agent fees		19,044
Compliance fees		18
Other accrued expenses		48,892
Total Liabilities		1,532,786
Net Assets:
Capital		22,898,393
Total accumulated earnings/(loss)		6,054,878
Net Assets	$	28,953,271
Shares (unlimited shares authorized with a par value of $0.001 per share):		2,163,950
Net asset value:	$	13.38

(a) Includes $823,027 of securities on loan.

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Operations
For the Six Months Ended June 30, 2022

(Unaudited)

	Victory Sophus Emerging Markets VIP Series
Investment Income:
Dividends	$	530,239
Non-cash dividends		50,080
Securities lending (net of fees)		420
Foreign tax withholding		(64,969	)
Total Income		515,770
Expenses:
Investment advisory fees		169,088
Administration fees		9,136
Sub-Administration fees		8,430
Custodian fees		26,014
Transfer agent fees		26,668
Trustees' fees		1,557
Compliance fees		123
Legal and audit fees		17,578
Interest fees		47
Other expenses		15,999
Total Expenses		274,640
Expenses waived/reimbursed by Adviser		(46,648	)
Net Expenses		227,992
Net Investment Income (Loss)		287,778
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency transactions		(469,922	)
Foreign taxes on realized gains		(4,912	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		(6,812,196	)
Net change in accrued foreign taxes on unrealized gains		38,986
Net realized/unrealized gains (losses) on investments		(7,248,044	)
Change in net assets resulting from operations	$	(6,960,266	)

See notes to financial statements.

Victory Variable Insurance Funds

Statements of Changes in Net Assets

	Victory Sophus Emerging Markets VIP Series
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	287,778		$	301,435
Net realized gains (losses)		(474,834	)		6,044,584
Net change in unrealized appreciation/depreciation		(6,773,210	)		(7,912,136	)
Change in net assets resulting from operations		(6,960,266	)		(1,566,117	)
Change in net assets resulting from distributions to shareholders		—			(1,038,915	)
Change in net assets resulting from capital transactions		(2,100,717	)		(4,400,240	)
Change in net assets		(9,060,983	)		(7,005,272	)
Net Assets:
Beginning of period		38,014,254			45,019,526
End of period	$	28,953,271		$	38,014,254
Capital Transactions:
Proceeds from shares issued	$	423,741		$	2,584,480
Distributions reinvested		—			1,038,915
Cost of shares redeemed		(2,524,458	)		(8,023,635	)
Change in net assets resulting from capital transactions	$	(2,100,717	)	$	(4,400,240	)
Share Transactions:
Issued		28,332			139,367
Reinvested		—			63,135
Redeemed		(166,072	)		(435,096	)
Change in Shares		(137,740	)		(232,594	)

See notes to financial statements.

Victory Variable Insurance Funds

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory Sophus Emerging Markets VIP Series
Six Months Ended June 30, 2022 (Unaudited)	$	16.52		0.13		(3.27	)		(3.14	)		—			—
Year Ended December 31: 2021	$	17.76		0.13		(0.91	)		(0.78	)		(0.16	)		(0.30	)
2020	$	15.73		0.07		2.42			2.49			(0.32	)		(0.14	)
2019	$	13.59		0.29		2.85			3.14			(0.16	)		(0.84	)
2018	$	18.79		0.20		(3.79	)		(3.59	)		(0.14	)		(1.47	)
2017	$	13.26		0.17		5.51			5.68			(0.15	)		—

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(c) Total returns do not reflect the effects of charges deducted pursuant to the terms of The Guardian Insurance & Annuity Company, Inc.'s variable contracts. Inclusion of such charges would reduce the total returns for all periods shown.

(d) Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

See notes to financial statements.

Victory Variable Insurance Funds

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)(d)			Net Expenses(e)(f)			Net Investment Income (Loss)(e)			Gross Expenses(e)(f)			Net Assets, End of Period (000's)		Portfolio Turnover(b)
Victory Sophus Emerging Markets VIP Series
Six Months Ended June 30, 2022 (Unaudited)		—		$	13.38		(19.01	)%		1.35	%		1.70	%		1.63	%	$	28,953		25	%
Year Ended December 31: 2021		(0.46	)	$	16.52		(4.42	)%		1.35	%		0.68	%		1.53	%	$	38,014		85	%
2020		(0.46	)	$	17.76		16.02	%		1.35	%		0.49	%		1.48	%	$	45,020		96	%
2019		(1.00	)	$	15.73		23.28	%		1.35	%		1.93	%		1.40	%	$	44,571		91	%
2018		(1.61	)	$	13.59		(18.97	)%		1.34	%		1.12	%		1.34	%	$	42,385		105	%
2017		(0.15	)	$	18.79		42.88	%		1.33	%		1.03	%		1.33	%	$	62,550		99	%

See notes to financial statements.

Victory Variable Insurance Funds

Notes to Financial Statements
June 30, 2022

(Unaudited)

1. Organization:

Victory Variable Insurance Funds (the "Trust") is organized as a Delaware statutory trust and the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of six funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with a par value of $0.001 per share.

The accompanying financial statements are those of the Sophus Emerging Markets VIP Series (the "Fund"), a series of the Trust. The Fund offers a single class of shares: Class I. The Fund's shares are only available for purchase by certain separate accounts of insurance companies as investments for certain variable annuity plans and variable life insurance contracts issued by those insurance companies. The Fund is classified as diversified under the 1940 Act.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

Investment Valuation:

The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments.

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees' (the "Board") oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), and American Depositary Receipts ("ADRs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Fund's NAV is calculated. The Fund uses a systematic valuation model, provided daily by an independent third party to fair value its international equity securities. The valuations are categorized as Level 2 in the fair value hierarchy.

A summary of the valuations as of June 30, 2022, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	4,193,622	$	24,351,883	$	7,676	$	28,553,181
Collateral for Securities Loaned		868,671		—		—		868,671
Total	$	5,062,293	$	24,351,883	$	7,676	$	29,421,852

For the six months ended June 30, 2022, there were no significant changes into/out of Level 3. The transfers into Level 3 investments for the Fund were immaterial, although the change in unrealized appreciation/(depreciation) on these investments was $(1,638,238). These securities were impacted by the invasion of Ukraine and sanctions on market conditions in Russia. From the start of the conflict in Ukraine until June 30, 2022, Russian-held investments were valued at an approximately 99 percent discount from their last traded prices.

Investment Companies:

Open-End Funds:

The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

Derivative Instruments:

Foreign Exchange Currency Contracts:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Fund does not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. For the year ended June 30, 2022, the Fund had no open forward foreign exchange currency contracts.

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Withholding taxes on interest, dividends, and gains as a result of certain investments by the Fund have been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

The Fund, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Fund's securities lending transactions as of June 30, 2022.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	823,027			$	—			$	868,671

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Foreign Currency Translations:

The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities of the Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statement of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statement of Operations.

Foreign Taxes:

The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

Federal Income Taxes:

The Fund intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.

For the six months ended June 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Allocations:

Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or an affiliated trust based upon net assets or another appropriate basis.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows:

Excluding U.S. Government Securities
Purchases		Sales
$	8,623,728	$	10,450,083

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 1.00% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended June 30, 2022, are reflected on the Statement of Operations as Investment advisory fees.

Administration and Servicing Fees:

VCM also serves as the Fund's administrator and fund accountant. Under the Administration and Fund Accounting Agreement, VCM is entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Portfolios and Victory Portfolios II. The tiered rates at which VCM is paid by the Funds are shown in the table below:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to the Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Trust reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Portfolios, Victory Portfolios II and USAA Mutual Funds (collectively, the "Victory Funds Complex"), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

FIS Investor Services, LLC ("FIS") serves as the Fund's transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Transfer agent fees.

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as Distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust, and receives no fee or other compensation for these services.

Other Fees:

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Custodian fees.

Sidley Austin LLP provides legal services to the Trust.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a Fund's business are excluded from the expense limits. As of June 30, 2022, the expense limit (excluding voluntary waivers) is 1.35%.

Under the terms of the expense limitation agreement, as amended May 1, 2022, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

As of June 30, 2022, the following amounts are available to be repaid to the Adviser. The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at June 30, 2022.

Expires 2022				Expires 2023				Expires 2024				Expires 2025				Total
$	22,632			$	50,693			$	78,687			$	46,648			$	198,660

The Adviser may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund is not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended June 30, 2022.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and Distributor.

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions and factors. Price changes may be temporary or last for extended periods.

Emerging Markets Risk — The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller market capitalizations, less government regulation, less extensive and less frequent accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, substantial economic and political disruptions and the nationalization of foreign deposits or assets.

Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

6. Borrowing and Interfund Lending:

Line of Credit:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund. another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.

Interfund Lending:

The Trust and the Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund in the Victory Funds Complex that is permitted to participate in the Facility, relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period, is reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six months ended June 30, 2022.

7. Federal Income Tax Information:

The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively, distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year ending December 31, 2022.

At the tax year ended December 31, 2021, the Fund had no capital loss carryforward for federal income tax purposes.

Victory Variable Insurance Funds

Supplemental Information
June 30, 2022

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information regarding the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Fund's Statement of Additional Information, which is available on the SEC's website at www.sec.gov.

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's website at www.sec.gov.

Expense Example

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022, through June 30, 2022.

The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning Account Value 1/1/22				Actual Ending Account Value 6/30/22				Hypothetical Ending Account Value 6/30/22				Actual Expenses Paid During Period 1/1/22-6/30/22*				Hypothetical Expenses Paid During Period 1/1/22-6/30/22*				Annualized Expense Ratio During Period 1/1/22-6/30/22
$	1,000.00			$	809.90			$	1,018.10			$	6.06			$	6.76				1.35	%

* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Victory Variable Insurance Funds

Supplemental Information — continued
June 30, 2022

(Unaudited)

Liquidity Risk Management Program:

The Victory Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short- and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The Victory Funds' Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every Fund investment as either highly liquid, moderately liquid, less liquid, or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

At a meeting held on February 24, 2022, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year. The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments that the Fund reasonably expects to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a highly liquid investment minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

* You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				800-539-FUND (800-539-3863)

VVIF-RS-SEMVIP-SAR (6/22)

June 30, 2022

Semi Annual Report

Victory Variable Insurance Funds

Victory High Yield VIP Series

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Victory Variable Insurance Funds

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					3
Schedule of Portfolio Investments					4
Financial Statements
Statement of Assets and Liabilities					9
Statement of Operations					10
Statements of Changes in Net Assets					11
Financial Highlights					12
Notes to Financial Statements					14
Supplemental Information					22
Proxy Voting and Portfolio Holdings Information					22
Expense Example					22
Liquidity Risk Management Program					23
Privacy Policy (inside back cover)

The Fund is distributed by Victory Capital Services, Inc. Victory Capital Management Inc. is the investment adviser to the Fund and receives fees from the Fund for performing services for the Fund.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Fund.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Fund, markets or securities mentioned herein should not be considered to be indicative of future results.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

800-539-FUND (800-539-3863)

Visit our website at:

www.vcm.com

Victory Variable Insurance Funds
Victory High Yield VIP Series

June 30, 2022

(Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide current income. Capital appreciation is a secondary objective.

Asset Allocation*:

June 30, 2022

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

Victory Variable Insurance Funds
Victory High Yield VIP Series

Schedule of Portfolio Investments
June 30, 2022

(Unaudited)

Security Description	Shares or Principal Amount		Value
Common Stocks (0.7%)
Communication Services (0.6%):
Altice USA, Inc., Class A (a)		4,380	$	40,515
iHeartMedia, Inc., Class A (a)		3,500		27,615
Nexstar Media Group, Inc., Class A		167		27,201
Sinclair Broadcast Group, Inc., Class A		1,800		36,720
				132,051
Health Care (0.1%):
Surgery Partners, Inc. (a)		939		27,156
Total Common Stocks (Cost $183,979)				159,207
Senior Secured Loans (24.0%)
19th Holdings Golf LLC, Initial Term Loans, First Lien, 4.49% (SOFR01M+325bps), 1/27/29 (b)	$	250,000		236,250
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 5.31% (LIBOR01M+425bps), 3/14/25 (b)		496,141		460,483
Bausch Health Cos., Inc., Term B, First Lien, 6.45% (SOFR01M+525bps), 1/27/27 (b)		250,000		213,722
Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 4.56% (LIBOR01M+350bps), 6/19/25 (b)		245,625		236,230
Chariot Buyer LLC, Initial Term Loans, First Lien, 4.51% (LIBOR03M+350bps), 11/3/28 (b)		199,000		179,265
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 7.30% (SOFR03M+650bps), 2/14/27 (b)		246,875		204,906
Dayco Products LLC, Term Loans, First Lien, 5.82% (LIBOR03M+425bps), 5/19/24 (b)		475,000		429,704
Diamond Sports Group LLC, Term Loan, Second Lien, 4.43% (SOFR01M+325bps), 8/24/26 (b)		422,875		98,669
Diamond Sports Group LLC, Term Loan, First Lien, 9.18% (SOFR01M+800bps), 5/25/26 (b)		37,849		37,596
Envision Healthcare Corp., Initial Term Loans, First Lien, 4.81% (LIBOR01M+375bps), 10/10/25 (b)		248,443		81,738
Great Outdoors Group LLC, Term B1, First Lien, 4.81% (LIBOR01M+375bps), 3/5/28 (b)		246,264		223,854
Intelsat Jackson Holdings SA, Term B Loan, First Lien, 4.67% (SOFR06M+425bps), 2/1/29 (b)		308,848		282,541
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 5.96% (LIBOR03M+475bps), 6/30/28 (b)		248,125		172,447
Knight Health Holdings LLC, Term B Loans, First Lien, 6.31% (LIBOR01M+525bps), 12/17/28 (b)		497,500		407,950
Life Time, Inc., 2021 Refinancing Term Loan, First Lien, 6.32% (LIBOR03M+475bps), 12/15/24 (b)		80,478		79,271
LifeScan Global Corp., Initial Term Loan, First Lien, 6.96% (LIBOR03M+600bps), 10/1/24 (b)		377,500		327,795
Lucid Energy Group II Borrower LLC, Term Loan, First Lien, 5.87% (LIBOR01M+425bps), 11/24/28 (b)		497,500		490,217
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 4.26% (LIBOR03M+325bps), 2/25/28 (b)		395,000		371,486

See notes to financial statements.

Victory Variable Insurance Funds
Victory High Yield VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Principal Amount		Value
PetSmart, Inc., Initial Term Loans, First Lien, 4.50% (LIBOR06M+375bps), 2/12/28 (b)	$	74,438	$	69,860
Radiology Partners, Inc., Term Loan New, First Lien, 5.89% (LIBOR01M+425bps), 7/9/25 (b)		250,000		223,375
SWF Holdings Corp., Initial Term Loans, First Lien, 5.60% (LIBOR01M+400bps), 10/6/28 (b)		399,000		326,681
The Michaels Cos., Inc., Term B Loans, First Lien, 5.26% (LIBOR03M+425bps), 4/15/28 (b)		297,000		243,870
United Airlines, Inc., Class B Term Loans, First Lien, 5.39% (LIBOR01M+375bps), 4/21/28 (b)		172,813		160,176
Total Senior Secured Loans (Cost $6,325,693)				5,558,086
Corporate Bonds (62.3%)
Communication Services (9.9%):
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88 (c)		250,000		181,880
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 8/8/22 @ 103.38 (c) (d)		452,000		416,572
Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38 (c)		200,000		106,924
Gray Television, Inc., 4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (c)		250,000		195,698
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 7/22/22 @ 104.19 (d)		350,000		279,685
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 7/18/22 @ 104.22 (c)		500,000		461,625
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75 (c) (d)		250,000		185,017
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5 (d)		500,000		472,855
				2,300,256
Consumer Discretionary (15.0%):
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103 (c)		200,000		182,666
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44 (c)		250,000		210,202
American Axle & Manufacturing, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5 (d)		500,000		400,450
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/15/22 @ 102.94		400,000		316,040
Ford Motor Co., 9.00%, 4/22/25, Callable 3/22/25 @ 100		250,000		268,062
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13 (c)		200,000		127,880
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88 (c)		250,000		224,668
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100		250,000		225,625
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75 (c)		100,000		82,798
Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 8.50%, 5/15/27, Callable 8/8/22 @ 104.25 (c)		500,000		483,655
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (c)		200,000		142,724
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (c)		400,000		277,468
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31 (c)		250,000		212,618
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 7/22/22 @ 109.75 (c)		300,000		307,782
				3,462,638
Consumer Staples (0.8%):
Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31 (c)		50,000		42,260
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13 (c)		200,000		142,144
				184,404

See notes to financial statements.

Victory Variable Insurance Funds
Victory High Yield VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Principal Amount		Value
Energy (7.7%):
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69 (c)	$	50,000	$	44,840
Antero Resources Corp. 8.38%, 7/15/26, Callable 1/15/24 @ 104.19 (c)		162,000		171,245
7.63%, 2/1/29, Callable 2/1/24 @ 103.81 (c)		84,000		85,749
CITGO Holding, Inc., 9.25%, 8/1/24, Callable 8/8/22 @ 102.31 (c) (d)		500,000		486,595
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 8/8/22 @ 103.5 (c)		250,000		241,888
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38 (c)		250,000		224,488
PBF Holding Co. LLC/PBF Finance Corp. 9.25%, 5/15/25, Callable 7/11/22 @ 104.63 (c)		200,000		209,470
6.00%, 2/15/28, Callable 2/15/23 @ 103		250,000		211,877
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100		100,000		99,255
				1,775,407
Financials (4.6%):
AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44 (c)		150,000		123,866
BCPE Ulysses Intermediate, Inc., 7.75%, 4/1/27, Callable 4/1/23 @ 102 (c)		50,000		30,755
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63 (c)		200,000		165,676
Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69 (c) (d)		125,000		100,131
Gray Television, Inc., 7.00%, 5/15/27, Callable 7/18/22 @ 105.25 (c) (d)		250,000		240,915
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25 (c)		50,000		34,923
U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 8/8/22 @ 105.31 (c)		300,000		116,250
Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19 (c) (d)		200,000		125,810
White Capital Parent LLC, 8.25%, 3/15/26, Callable 8/8/22 @ 102 (c)		150,000		126,207
				1,064,533
Health Care (6.1%):
Air Methods Corp., 8.00%, 5/15/25, Callable 8/8/22 @ 100 (c) (d)		350,000		229,050
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06 (c) (d)		300,000		183,237
LifePoint Health, Inc., 5.38%, 1/15/29, Callable 1/15/24 @ 102.69 (c)		350,000		257,026
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63 (c)		300,000		225,456
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 7/22/22 @ 100 (c)		350,000		246,603
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06 (c)		300,000		258,147
				1,399,519
Industrials (13.3%):
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 8/8/22 @ 100 (c)		425,000		328,159
American Airlines, Inc., 11.75%, 7/15/25 (c)		250,000		258,748
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29 (c)		150,000		128,070
Aramark Services, Inc., 6.38%, 5/1/25, Callable 8/8/22 @ 103.19 (c)		250,000		244,850
Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94 (c)		200,000		152,546
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25 (c)		250,000		245,527
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75 (c)		100,000		84,084
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75 (c)		500,000		400,080
SRS Distribution, Inc., 6.13%, 7/1/29, Callable 7/1/24 @ 103.06 (c)		125,000		98,508
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5 (c)		500,000		385,120
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31		325,000		261,648

See notes to financial statements.

Victory Variable Insurance Funds
Victory High Yield VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares or Principal Amount		Value
Triumph Group, Inc., 6.25%, 9/15/24, Callable 8/8/22 @ 101.56 (c)	$	175,000	$	156,361
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25 (c)		100,000		77,944
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63 (c)		250,000		247,182
				3,068,827
Information Technology (1.6%):
Black Knight Infoserv LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81 (c)		150,000		130,269
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06 (c)		250,000		241,065
				371,334
Materials (2.5%):
Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56		250,000		196,035
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06 (c)		200,000		183,174
Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81 (c)		250,000		200,530
				579,739
Real Estate (0.8%):
Adams Homes, Inc., 7.50%, 2/15/25, Callable 7/22/22 @ 103.75 (c)		200,000		188,986
Total Corporate Bonds (Cost $17,140,234)				14,395,643
Yankee Dollars (5.7%)
Communication Services (1.1%):
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81 (c)		400,000		249,064
Energy (0.8%):
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25 (c) (d)		200,000		199,002
Industrials (1.8%):
Bombardier, Inc., 7.88%, 4/15/27, Callable 8/8/22 @ 103.94 (c) (d)		400,000		332,928
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19 (c) (d)		100,000		80,043
				412,971
Information Technology (0.7%):
ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88 (c)		200,000		159,108
Materials (1.3%):
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 8/8/22 @ 101.94 (c)		250,000		230,842
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56 (c)		100,000		72,178
				303,020
Total Yankee Dollars (Cost $1,597,293)				1,323,165
Collateral for Securities Loaned (11.2%)^
BlackRock Liquidity Funds TempFund, Institutional Shares, 1.47% (e)		80,499		80,499
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 1.42% (e)		40,173		40,173
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (e)		501,037		501,037
JPMorgan Prime Money Market Fund, Capital Shares, 1.50% (e)		320,326		320,326

See notes to financial statements.

Victory Variable Insurance Funds
Victory High Yield VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 1.39% (e)		213,621	$	213,621
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 1.53% (e)		1,440,249		1,440,249
Total Collateral for Securities Loaned (Cost $2,595,905)				2,595,905
Total Investments (Cost $27,843,104) — 103.9%				24,032,006
Liabilities in excess of other assets — (3.9)%				(911,553	)
NET ASSETS — 100.00%			$	23,120,453

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) Variable or Floating-Rate Security. Rate disclosed is as of June 30, 2022.

(d) All or a portion of this security is on loan.

(e) Rate disclosed is the daily yield on June 30, 2022.

bps — Basis points

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of June 30, 2022, based on the last reset date of the security

LIBOR03M — 3 Month US Dollar LIBOR, rate disclosed as of June 30, 2022, based on the last reset date of the security

LIBOR06M — 6 Month US Dollar LIBOR, rate disclosed as of June 30, 2022, based on the last reset date of the security

LLC — Limited Liability Company

LP — Limited Partnership

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

SOFR01M — 1 Month SOFR, rate disclosed as of June 30, 2022

SOFR03M — 3 Month SOFR, rate disclosed as of June 30, 2022

SOFR06M — 6 Month SOFR, rate disclosed as of June 30, 2022

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Assets and Liabilities
June 30, 2022

(Unaudited)

	Victory High Yield VIP Series
Assets:
Investments, at value (Cost $27,843,104)	$	24,032,006	(a)
Cash		1,330,510
Receivables:
Interest and dividends		375,500
Investments sold		57,950
From Adviser		4,708
Prepaid expenses		177
Total Assets		25,800,851
Liabilities:
Payables:
Collateral received on loaned securities		2,595,905
Investments purchased		50,000
Capital shares redeemed		1,924
Accrued expenses and other payables:
Investment advisory fees		11,951
Administration fees		1,277
Custodian fees		1,426
Transfer agent fees		7,823
Compliance fees		15
Other accrued expenses		10,077
Total Liabilities		2,680,398
Net Assets:
Capital		27,836,257
Total accumulated earnings/(loss)		(4,715,804	)
Net Assets	$	23,120,453
Shares (unlimited shares authorized with a par value of $0.001 per share):		3,638,195
Net asset value:	$	6.35

(a) Includes $2,464,704 of securities on loan.

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Operations
For the Six Months Ended June 30, 2022

(Unaudited)

	Victory High Yield VIP Series
Investment Income:
Dividends	$	2,793
Interest		902,648
Securities lending (net of fees)		10,657
Total Income		916,098
Expenses:
Investment advisory fees		80,397
Administration fees		7,240
Sub-Administration fees		8,430
Custodian fees		4,432
Transfer agent fees		15,926
Trustees' fees		1,331
Compliance fees		97
Legal and audit fees		6,708
Other expenses		7,883
Total Expenses		132,444
Expenses waived/reimbursed by Adviser		(13,353	)
Net Expenses		119,091
Net Investment Income (Loss)		797,007
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(430,865	)
Net change in unrealized appreciation/depreciation on investment securities		(4,304,848	)
Net realized/unrealized gains (losses) on investments		(4,735,713	)
Change in net assets resulting from operations	$	(3,938,706	)

See notes to financial statements.

Victory Variable Insurance Funds

Statements of Changes in Net Assets

	Victory High Yield VIP Series
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	797,007		$	1,622,349
Net realized gains (losses)		(430,865	)		719,581
Net change in unrealized appreciation/depreciation		(4,304,848	)		(602,913	)
Change in net assets resulting from operations		(3,938,706	)		1,739,017
Change in net assets resulting from distributions to shareholders		—			(1,738,466	)
Change in net assets resulting from capital transactions		(2,956,872	)		(103,585	)
Change in net assets		(6,895,578	)		(103,034	)
Net Assets:
Beginning of period		30,016,031			30,119,065
End of period	$	23,120,453		$	30,016,031
Capital Transactions:
Proceeds from shares issued		213,384			3,641,373
Distributions reinvested		—			1,738,466
Cost of shares redeemed		(3,170,256	)		(5,483,424	)
Change in net assets resulting from capital transactions		(2,956,872	)		(103,585	)
Share Transactions:
Issued		29,915			473,954
Reinvested		—			235,884
Redeemed		(450,580	)		(711,051	)
Change in Shares		(420,665	)		(1,213	)

See notes to financial statements.

Victory Variable Insurance Funds

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
Victory High Yield VIP Series
Six Months Ended June 30, 2022 (Unaudited)	$	7.40		0.21		(1.26	)		(1.05	)		—			—
Year Ended December 31: 2021	$	7.42		0.40		0.03			0.43			(0.45	)		(0.45	)
2020	$	7.36		0.44		0.14			0.58			(0.52	)		(0.52	)
2019	$	6.84		0.47		0.62			1.09			(0.57	)		(0.57	)
2018	$	6.86		0.45		(0.43	)		0.02			(0.04	)		(0.04	)
2017	$	6.63		0.42		0.24			0.66			(0.43	)		(0.43	)

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Does not include acquired fund fees and expenses, if any.

See notes to financial statements.

Victory Variable Insurance Funds

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return(b)(c)			Net Expenses(d)(e)			Net Investment Income (Loss)(d)			Gross Expenses(d)(e)			Net Assets, End of Period (000's)		Portfolio Turnover(b)
Victory High Yield VIP Series
Six Months Ended June 30, 2022 (Unaudited)	$	6.35		(14.19	)%		0.89	%		5.96	%		0.99	%	$	23,120		22	%
Year Ended December 31: 2021	$	7.40		5.85	%		0.89	%		5.21	%		0.99	%	$	30,016		75	%
2020	$	7.42		7.92	%		0.89	%		6.10	%		1.04	%	$	30,119		91	%
2019	$	7.36		15.89	%		0.89	%		6.22	%		0.99	%	$	30,739		60	%
2018	$	6.84		0.29	%		0.83	%		6.38	%		0.83	%	$	30,918		94	%
2017	$	6.86		9.94	%		0.79	%		6.02	%		0.79	%	$	37,411		173	%

See notes to financial statements.

Victory Variable Insurance Funds

Notes to Financial Statements
June 30, 2022

(Unaudited)

1. Organization:

The accompanying financial statements are those of the High Yield VIP Series (the "Fund"), a series of the Trust. The Fund offers a single class of shares: Class I. The Fund's shares are only available for purchase by certain separate accounts of insurance companies as investments for certain variable annuity plans and variable life insurance contracts issued by those insurance companies. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities are valued each business day by a pricing service approved by the Board. The approved pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy.

A summary of the valuations as of June 30, 2022, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	159,207	$	—	$	—	$	159,207
Senior Secured Loans		—		5,558,086		—		5,558,086
Corporate Bonds		—		14,395,643		—		14,395,643
Yankee Dollars		—		1,323,165		—		1,323,165
Collateral for Securities Loaned		2,595,905		—		—		2,595,905
Total	$	2,755,112	$	21,276,894	$	—	$	24,032,006

For the six months ended June 30, 2022, there were no transfers in or out of Level 3 in the fair value hierarchy.

Investment Companies:

Open-End Funds:

Loans:

Floating rate loans in which the Fund invests are primarily "senior" loans. Senior floating rate loans typically hold a senior position in the capital structure of the borrower, are typically secured by specific collateral, and have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debtholders and stockholders of the borrower. While these protections may reduce risk, these investments still present significant credit risk. A significant portion of the Fund's floating rate investments may be issued in connection with highly leveraged transactions such as leveraged buyouts, leveraged recapitalization loans, and other types of acquisition financing. Obligations in these types of transactions are subject to greater credit risk (including default and bankruptcy) than many other investments and may be, or become, illiquid. See note regarding below-investment-grade securities. The Fund may purchase second lien loans (secured loans with a claim on collateral subordinate to a senior lender's claim on such collateral), fixed rate loans, unsecured loans, and other debt obligations.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Transactions in loans often settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan or pay for a loan purchase for a substantial period of time after entering into the transactions.

Below-Investment-Grade Securities:

The Fund may invest in below-investment-grade securities (i.e., lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment-grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

Investment Transactions and Related Income:

The Fund may receive other income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees, and commitment fees. These fees are recorded as income when received. These amounts, if received, are included in Interest income on the Statement of Operations.

Securities Lending:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Fund's securities lending transactions as of June 30, 2022.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	2,464,704			$	—			$	2,595,905

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows:

Excluding U.S. Government Securities
Purchases		Sales
$	5,784,021	$	8,722,810

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.60% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended June 30, 2022, are reflected on the Statement of Operations as Investment advisory fees.

VCM has entered into a Sub-Advisory Agreement with Park Avenue Institutional Advisers LLC ("Park Avenue") with respect to the Fund. Park Avenue is responsible for providing day-to-day investment advisory services to the Fund, subject to the oversight of the Board. Sub-investment advisory fees, which are paid by VCM to Park Avenue, do not represent a separate or additional expense to the Fund.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Administration and Servicing Fees:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Distributor/Underwriting Services:

Other Fees:

Sidley Austin LLP provides legal services to the Trust.

The Adviser has entered into an expense limitation agreement with the Fund until at least April 30, 2023. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred in any fiscal year exceed the expense limit for the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of a

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Fund's business are excluded from the expense limits. As of June 30, 2022, the expense limit (excluding voluntary waivers) is 0.89%.

Expires 2022				Expires 2023				Expires 2024				Expires 2025				Total
$	22,090			$	43,362			$	30,244			$	13,353			$	109,049

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

High-Yield/Junk Bond Risk — Lower-quality debt securities can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short and longer periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.

Debt Securities Risk — The value of a debt security or other income-producing security changes in response to various factors including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.

Other factors that may affect the value of debt securities include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

Floating Rate Loan Risk — Investments in floating rate loans are generally subject to the same risks as investments in other types of debt securities, including, in many cases, investments in high-yield/junk bonds. There may be limited public information available regarding the loan. They may be difficult to value and may be illiquid. The receipt of principal and interest on some loans may be subject to the credit risk of a financial institution that issues or administers the loan. In certain circumstances, the Fund may not have the same protections available to investors under the federal securities laws. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates. In the event of a recession or serious credit event, among other eventualities, the value of the Fund's investments in floating rate loans are more likely to decline. Transactions in loans often settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. The secondary market for floating rate loans is limited and, thus, the Fund's ability to sell or realize the full value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may be impaired. The terms of many floating rate loans and other instruments are tied to the London Interbank Offered Rate ("LIBOR"),

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

which functions as a reference rate or benchmark. LIBOR has been discontinued at the end of 2021, which may cause increased volatility and illiquidity in the markets for instruments with terms tied to LIBOR or other adverse consequences for these instruments. These events may adversely affect the Fund and its investments in such instruments.

LIBOR Discontinuation Risk — The London Interbank Offered Rate ("LIBOR") discontinuation may adversely affect the financial markets generally and the Fund's operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear.

Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels.

Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Fund and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component.

It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Fund and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR.

6. Borrowing and Interfund Lending:

Line of Credit:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

the Line of Credit is reserved for use by the Victory Floating Rate Fund. another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month LIBOR plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month SOFR plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended June 30, 2022.

7. Federal Income Tax Information:

The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

At the tax year ended December 31, 2021, the Fund had net capital loss carryforwards as summarized in the table below, which is not subject to expiration. It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

Short-Term				Long-Term				Total
$	406,846			$	2,510,210			$	2,917,056

Victory Variable Insurance Funds

Supplemental Information
June 30, 2022

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022, through June 30, 2022.

Beginning Account Value 1/1/22				Actual Ending Account Value 6/30/22				Hypothetical Ending Account Value 6/30/22				Actual Expenses Paid During Period 1/1/22-6/30/22*				Hypothetical Expenses Paid During Period 1/1/22-6/30/22*				Annualized Expense Ratio During Period 1/1/22-6/30/22
$	1,000.00			$	858.10			$	1,020.38			$	4.10			$	4.46				0.89	%

Victory Variable Insurance Funds

Supplemental Information — continued
June 30, 2022

(Unaudited)

Liquidity Risk Management Program:

Privacy Policy

Protecting the Privacy of Information

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				800-539-FUND (800-539-3863)

VVIF-RS-HYVIP-SAR (6/22)

June 30, 2022

Semi Annual Report

Victory Variable Insurance Funds

Victory RS International VIP Series

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Victory Variable Insurance Funds

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					3
Schedule of Portfolio Investments					4
Financial Statements
Statement of Assets and Liabilities					9
Statement of Operations					10
Statements of Changes in Net Assets					11
Financial Highlights					12
Notes to Financial Statements					14
Supplemental Information					22
Proxy Voting and Portfolio Holdings Information					22
Expense Example					22
Liquidity Risk Management Program					23
Privacy Policy (inside back cover)

The Fund is distributed by Victory Capital Services, Inc. Victory Capital Management Inc. is the investment adviser to the Fund and receives fees from the Fund for performing services for the Fund.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Fund.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Fund, markets or securities mentioned herein should not be considered to be indicative of future results.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

800-539-FUND (800-539-3863)

Visit our website at:

www.vcm.com

Victory Variable Insurance Funds
Victory RS International VIP Series

June 30, 2022

(Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide long-term capital appreciation.

Top 10 Holdings*:

June 30, 2022

(% of Net Assets)

Nestle SA	4.5	%
Roche Holding AG	3.8	%
Toyota Motor Corp.	3.2	%
LVMH Moet Hennessy Louis Vuitton SE	2.8	%
Novartis AG	2.5	%
Novo Nordisk A/S, Class B	2.4	%
Shell PLC	2.4	%
HSBC Holdings PLC	2.1	%
BHP Group Ltd.	2.1	%
Diageo PLC	2.0	%

Sector Allocation*:

June 30, 2022

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

Victory Variable Insurance Funds
Victory RS International VIP Series

Schedule of Portfolio Investments
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Common Stocks (97.3%)
Australia (7.3%):
Consumer Discretionary (1.1%):
Aristocrat Leisure Ltd.		53,547	$	1,273,390
Financials (1.1%):
Macquarie Group Ltd.		11,333		1,290,045
Health Care (2.0%):
CSL Ltd.		12,158		2,256,937
Materials (2.1%):
BHP Group Ltd.		84,228		2,411,220
Real Estate (1.0%):
Scentre Group		675,847		1,213,249
				8,444,841
Belgium (0.7%):
Information Technology (0.7%):
Melexis NV		11,008		791,585
China (0.9%):
Communication Services (0.9%):
Tencent Holdings Ltd.		23,900		1,081,865
Denmark (4.1%):
Consumer Discretionary (0.6%):
Pandora A/S		9,770		620,813
Consumer Staples (1.1%):
Royal Unibrew A/S		13,983		1,244,659
Health Care (2.4%):
Novo Nordisk A/S, Class B		25,197		2,794,860
				4,660,332
France (8.4%):
Consumer Discretionary (4.0%):
La Francaise des Jeux SAEM (a)		38,192		1,326,001
LVMH Moet Hennessy Louis Vuitton SE		5,298		3,246,565
				4,572,566
Energy (0.9%):
Gaztransport Et Technigaz SA		8,464		1,062,965
Industrials (1.1%):
Safran SA		13,037		1,297,851
Information Technology (1.0%):
Capgemini SE		7,048		1,215,326
Materials (1.4%):
Arkema SA		17,492		1,564,480
				9,713,188

See notes to financial statements.

Victory Variable Insurance Funds
Victory RS International VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Germany (6.2%):
Consumer Discretionary (0.9%):
Volkswagen AG, Preference Shares		8,099	$	1,090,292
Financials (1.7%):
Allianz SE, Registered Shares		10,424		1,998,103
Industrials (1.9%):
Siemens AG, Registered Shares		20,740		2,131,696
Information Technology (1.7%):
SAP SE		21,587		1,967,385
				7,187,476
Hong Kong (3.6%):
Financials (1.7%):
AIA Group Ltd.		177,600		1,940,608
Real Estate (1.9%):
CK Asset Holdings Ltd.		316,000		2,245,338
				4,185,946
Italy (2.6%):
Utilities (2.6%):
Enel SpA		256,726		1,407,742
Snam SpA		296,090		1,553,176
				2,960,918
Japan (21.2%):
Communication Services (2.0%):
Capcom Co. Ltd.		54,600		1,328,393
Kakaku.com, Inc.		58,100		965,129
				2,293,522
Consumer Discretionary (4.0%):
Toyota Motor Corp.		236,000		3,641,853
ZOZO, Inc.		53,200		962,674
				4,604,527
Consumer Staples (1.3%):
Toyo Suisan Kaisha Ltd.		38,200		1,491,672
Financials (3.1%):
Mitsubishi UFJ Financial Group, Inc.		344,400		1,842,830
Tokio Marine Holdings, Inc.		30,100		1,755,448
				3,598,278
Health Care (2.5%):
Hoya Corp.		18,700		1,600,637
Shionogi & Co. Ltd.		24,300		1,240,417
				2,841,054

See notes to financial statements.

Victory Variable Insurance Funds
Victory RS International VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Industrials (3.9%):
Fuji Electric Co. Ltd.		43,900	$	1,815,262
Nippon Yusen KK		12,400		850,331
OKUMA Corp.		14,300		537,143
Sanwa Holdings Corp.		135,000		1,292,986
				4,495,722
Information Technology (3.1%):
Fujitsu Ltd.		13,600		1,701,992
Oracle Corp.		17,400		1,013,441
Ulvac, Inc.		25,600		872,079
				3,587,512
Real Estate (0.6%):
Sumitomo Realty & Development Co. Ltd.		27,900		736,632
Utilities (0.7%):
Chubu Electric Power Co., Inc.		75,800		763,374
				24,412,293
Netherlands (5.3%):
Communication Services (1.9%):
Koninklijke KPN NV		604,620		2,151,010
Financials (1.2%):
ING Groep NV		139,230		1,371,444
Industrials (1.4%):
Wolters Kluwer NV		16,467		1,595,721
Information Technology (0.8%):
ASM International NV		3,801		945,581
				6,063,756
New Zealand (0.5%):
Health Care (0.5%):
Fisher & Paykel Healthcare Corp. Ltd.		46,461		578,567
Norway (1.6%):
Energy (0.6%):
Aker BP ASA		20,314		703,847
Financials (1.0%):
SpareBank 1 SMN		97,807		1,155,488
				1,859,335
Spain (1.4%):
Communication Services (0.0%): (b)
Telefonica SA		1		5
Financials (1.4%):
Banco Bilbao Vizcaya Argentaria SA		352,346		1,600,332
				1,600,337

See notes to financial statements.

Victory Variable Insurance Funds
Victory RS International VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Sweden (2.1%):
Industrials (2.1%):
Atlas Copco AB, Class B (c)		203,276	$	1,704,159
Nibe Industrier AB, Class B		100,242		756,059
				2,460,218
Switzerland (14.3%):
Consumer Staples (5.4%):
Coca-Cola HBC AG		46,697		1,040,311
Nestle SA, Registered Shares		44,127		5,158,055
				6,198,366
Financials (2.1%):
Partners Group Holding AG		676		610,589
UBS Group AG		110,650		1,789,130
				2,399,719
Health Care (6.3%):
Novartis AG, Registered Shares		33,463		2,837,460
Roche Holding AG		13,166		4,402,083
				7,239,543
Industrials (0.5%):
Adecco Group AG		17,084		582,397
				16,420,025
United Kingdom (17.1%):
Communication Services (0.2%):
ITV PLC		254,003		202,803
Consumer Discretionary (0.8%):
Next PLC		13,399		957,066
Consumer Staples (3.6%):
Diageo PLC		52,669		2,274,530
Imperial Brands PLC		83,834		1,876,534
				4,151,064
Energy (3.8%):
BP PLC		340,536		1,598,713
Shell PLC		107,182		2,790,842
				4,389,555
Financials (4.3%):
Barclays PLC		721,038		1,348,081
HSBC Holdings PLC		370,967		2,422,938
Intermediate Capital Group PLC		27,757		443,691
Legal & General Group PLC		246,161		719,548
				4,934,258
Health Care (0.4%):
CVS Group PLC		21,504		434,617

See notes to financial statements.

Victory Variable Insurance Funds
Victory RS International VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Industrials (1.1%):
Ashtead Group PLC		28,592	$	1,202,619
Materials (2.9%):
Croda International PLC		16,169		1,277,813
Rio Tinto PLC		34,966		2,090,144
				3,367,957
				19,639,939
Total Common Stocks (Cost $108,710,235)				112,060,621
Exchange-Traded Funds (0.4%)
United States (0.4%):
iShares MSCI EAFE ETF		6,772		423,182
Total Exchange-Traded Funds (Cost $447,561)				423,182
Total Investments (Cost $109,157,796) — 97.7%				112,483,803
Other assets in excess of liabilities — 2.3%				2,657,539
NET ASSETS — 100.00%			$	115,141,342

(a) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of June 30, 2022, the fair value of these securities was $1,326,001 and amounted to 1.2% of net assets.

(b) Amount represents less than 0.05% of net assets.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Assets and Liabilities
June 30, 2022

(Unaudited)

	Victory RS International VIP Series
Assets:
Investments, at value (Cost $109,157,796)	$	112,483,803
Foreign currency, at value (Cost $92,382)		92,657
Cash		1,748,878
Receivables:
Interest and dividends		104,542
Capital shares issued		13,582
Investments sold		472,464
Reclaims		830,993
From Adviser		34,191
Prepaid expenses		881
Total Assets		115,781,991
Liabilities:
Payables:
Investments purchased		476,481
Capital shares redeemed		3,699
Accrued expenses and other payables:
Investment advisory fees		78,591
Administration fees		6,322
Custodian fees		7,910
Transfer agent fees		50,487
Compliance fees		71
Other accrued expenses		17,088
Total Liabilities		640,649
Net Assets:
Capital		100,175,688
Total accumulated earnings/(loss)		14,965,654
Net Assets	$	115,141,342
Shares (unlimited shares authorized with a par value of $0.001 per share):		7,538,886
Net asset value:	$	15.27

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Operations
For the Six Months Ended June 30, 2022

(Unaudited)

	Victory RS International VIP Series
Investment Income:
Dividends	$	3,128,243
Non-cash dividends		347,602
Interest		675
Securities lending (net of fees)		7,280
Foreign tax withholding		(395,569	)
Total Income		3,088,231
Expenses:
Investment advisory fees		525,721
Administration fees		35,506
Sub-Administration fees		8,430
Custodian fees		22,337
Transfer agent fees		102,589
Trustees' fees		4,452
Compliance fees		477
Legal and audit fees		8,818
Other expenses		20,006
Total Expenses		728,336
Expenses waived/reimbursed by Adviser		(118,055	)
Net Expenses		610,281
Net Investment Income (Loss)		2,477,950
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency transactions		302,543
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		(33,659,998	)
Net realized/unrealized gains (losses) on investments		(33,357,455	)
Change in net assets resulting from operations	$	(30,879,505	)

See notes to financial statements.

Victory Variable Insurance Funds

Statements of Changes in Net Assets

	Victory RS International VIP Series
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	2,477,950		$	3,088,110
Net realized gains (losses)		302,543			10,725,308
Net change in unrealized appreciation/depreciation		(33,659,998	)		6,751,760
Change in net assets resulting from operations		(30,879,505	)		20,565,178
Change in net assets resulting from distributions to shareholders		—			(5,959,356	)
Change in net assets resulting from capital transactions		(4,234,327	)		(12,133,257	)
Change in net assets		(35,113,832	)		2,472,565
Net Assets:
Beginning of period		150,255,174			147,782,609
End of period	$	115,141,342		$	150,255,174
Capital Transactions:
Proceeds from shares issued	$	4,095,026		$	3,983,473
Distributions reinvested		—			5,959,356
Cost of shares redeemed		(8,329,353	)		(22,076,086	)
Change in net assets resulting from capital transactions	$	(4,234,327	)	$	(12,133,257	)
Share Transactions:
Issued		249,081			203,842
Reinvested		—			309,776
Redeemed		(484,513	)		(1,136,496	)
Change in Shares		(235,432	)		(622,878	)

See notes to financial statements.

Victory Variable Insurance Funds

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory RS International VIP Series
Six Months Ended June 30, 2022 (Unaudited)	$	19.33		0.32		(4.38	)		(4.06	)		—			—
Year Ended December 31: 2021	$	17.60		0.39		2.13			2.52			(0.37	)		(0.42	)
2020	$	17.48		0.32		0.75			1.07			(0.45	)		(0.50	)
2019	$	15.47		0.43		3.09			3.52			(0.39	)		(1.12	)
2018	$	17.64		0.38		(2.26	)		(1.88	)		(0.15	)		(0.14	)
2017	$	14.31		0.31		3.36			3.67			(0.34	)		—

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Does not include acquired fund fees and expenses, if any.

See notes to financial statements.

Victory Variable Insurance Funds

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Net Expenses(d)(e)			Net Investment Income (Loss)(d)			Gross Expenses(d)(e)			Net Assets, End of Period (000's)		Portfolio Turnover(b)
Victory RS International VIP Series
Six Months Ended June 30, 2022 (Unaudited)		—		$	15.27		(21.00	)%		0.93	%		3.78	%		1.11	%	$	115,141		17	%
Year Ended December 31: 2021		(0.79	)	$	19.33		14.37	%		0.93	%		2.02	%		1.01	%	$	150,255		35	%
2020		(0.95	)	$	17.60		6.24	%		0.93	%		2.02	%		0.98	%	$	147,783		54	%
2019		(1.51	)	$	17.48		22.79	%		0.93	%		2.49	%		0.96	%	$	149,034		32	%
2018		(0.29	)	$	15.47		(10.66	)%		0.93	%		2.20	%		0.94	%	$	142,524		44	%
2017		(0.34	)	$	17.64		25.68	%		0.93	%		1.93	%		0.95	%	$	181,518		57	%

See notes to financial statements.

Victory Variable Insurance Funds

Notes to Financial Statements
June 30, 2022

(Unaudited)

1. Organization:

The accompanying financial statements are those of the RS International VIP Series (the "Fund"), a series of the Trust. The Fund offers a single class of shares: Class I. The Fund's shares are only available for purchase by certain separate accounts of insurance companies as investments for certain variable annuity plans and variable life insurance contracts issued by those insurance companies. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), are valued at the closing price on the exchange or system where the security is principally traded, if

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

A summary of the valuations as of June 30, 2022, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	—	$	112,060,621	$	—	$	112,060,621
Exchange-Traded Funds		423,182		—		—		423,182
Total	$	423,182	$	112,060,621	$	—	$	112,483,803

For the six months ended June 30, 2022, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income-producing real estate or real-estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.

Investment Companies:

Exchange-Traded Funds:

The Fund may invest in ETFs, the shares of which are bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities often designed to track the performance and dividend yield of a particular domestic or foreign market index. The Fund may purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Open-End Funds:

Derivative Instruments:

Foreign Exchange Currency Contracts:

The Fund may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Fund does not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Fund's foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. The Fund enters into foreign exchange currency contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Fund does not enter into such contracts solely for the purpose of earning foreign currency gains). Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. For the year ended June 30, 2022, the Fund had no open forward foreign exchange currency contracts.

Investment Transactions and Related Income:

Withholding taxes on interest, dividends, and gains as a result of certain investments by the Funds have been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

As of June 30, 2022, the Fund did not have any securities on loan.

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows:

Excluding U.S. Government Securities
Purchases		Sales
$	22,787,621	$	24,835,595

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.80% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended June 30, 2022, are reflected on the Statement of Operations as Investment advisory fees.

Administration and Servicing Fees:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Distributor/Underwriting Services:

Other Fees:

Sidley Austin LLP provides legal services to the Trust.

Expires 2022				Expires 2023				Expires 2024				Expires 2025				Total
$	27,744			$	67,482			$	115,399			$	118,055			$	328,680

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

Foreign Securities Risk — The RS International VIP Series invest in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments including the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments, which could affect the value of a Fund's investments in certain foreign countries. Governments of many countries have exercised, and continue to exercise, substantial influence over many aspects of the private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government supervision and regulation of stock exchanges, brokers and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Schedule of Portfolio Investments includes information on the Fund's holdings, including industry and/or geographic composition, as relevant.

6. Borrowing and Interfund Lending:

Line of Credit:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended June 30, 2022.

7. Federal Income Tax Information:

The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

At the tax year ended December 31, 2021, the Fund had no capital loss carryforward for federal income tax purposes.

Victory Variable Insurance Funds

Supplemental Information
June 30, 2022

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022, through June 30, 2022.

Beginning Account Value 1/1/22				Actual Ending Account Value 6/30/22				Hypothetical Ending Account Value 6/30/22				Actual Expenses Paid During Period 1/1/22-6/30/22*				Hypothetical Expenses Paid During Period 1/1/22-6/30/22*				Annualized Expense Ratio During Period 1/1/22-6/30/22
$	1,000.00			$	790.00			$	1,020.18			$	4.13			$	4.66				0.93	%

Victory Variable Insurance Funds

Supplemental Information — continued
June 30, 2022

(Unaudited)

Liquidity Risk Management Program:

Privacy Policy

Protecting the Privacy of Information

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				800-539-FUND (800-539-3863)

VVIF-RS-IVIP-SAR (6/22)

June 30, 2022

Semi Annual Report

Victory Variable Insurance Funds

Victory RS Large Cap Alpha VIP Series

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Victory Variable Insurance Funds

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					3
Schedule of Portfolio Investments					4
Financial Statements
Statement of Assets and Liabilities					6
Statement of Operations					7
Statements of Changes in Net Assets					8
Financial Highlights					10
Notes to Financial Statements					12
Supplemental Information					19
Proxy Voting and Portfolio Holdings Information					19
Expense Example					19
Liquidity Risk Management Program					20
Privacy Policy (inside back cover)

The Fund is distributed by Victory Capital Services, Inc. Victory Capital Management Inc. is the investment adviser to the Fund and receives fees from the Fund for performing services for the Fund.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Fund.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Fund, markets or securities mentioned herein should not be considered to be indicative of future results.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

800-539-FUND (800-539-3863)

Visit our website at:

www.vcm.com

Victory Variable Insurance Funds
Victory RS Large Cap Alpha VIP Series

June 30, 2022

(Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to provide long-term capital appreciation.

Top 10 Holdings*:

June 30, 2022

(% of Net Assets)

The Progressive Corp.	4.7	%
Fairfax Financial Holdings Ltd.	4.6	%
Humana, Inc.	4.2	%
Vistra Corp.	3.6	%
Cigna Corp.	3.5	%
Cboe Global Markets, Inc.	3.1	%
AbbVie, Inc.	2.8	%
Medtronic PLC	2.8	%
Willis Towers Watson PLC	2.8	%
LKQ Corp.	2.8	%

Sector Allocation*:

June 30, 2022

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

Victory Variable Insurance Funds
Victory RS Large Cap Alpha VIP Series

Schedule of Portfolio Investments
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Common Stocks (96.4%)
Communication Services (2.5%):
Alphabet, Inc., Class A (a)		3,325	$	7,246,039
Meta Platforms, Inc., Class A (a)		79,760		12,861,300
				20,107,339
Consumer Discretionary (3.7%):
LKQ Corp.		450,370		22,108,663
Target Corp.		51,120		7,219,678
				29,328,341
Consumer Staples (7.9%):
Keurig Dr Pepper, Inc.		527,920		18,683,089
Lamb Weston Holdings, Inc.		171,380		12,246,815
Mondelez International, Inc., Class A		295,470		18,345,732
U.S. Foods Holding Corp. (a)		429,220		13,168,470
				62,444,106
Energy (7.0%):
Enterprise Products Partners LP		662,330		16,140,982
Hess Corp.		79,350		8,406,339
Marathon Oil Corp.		525,350		11,809,868
Ovintiv, Inc.		266,330		11,769,123
Valero Energy Corp.		72,820		7,739,309
				55,865,621
Financials (20.8%):
Cboe Global Markets, Inc.		218,560		24,738,806
Comerica, Inc.		299,050		21,944,289
Fairfax Financial Holdings Ltd.		69,630		36,903,359
Interactive Brokers Group, Inc.		267,520		14,716,275
KeyCorp		237,500		4,092,125
State Street Corp.		53,460		3,295,809
The Progressive Corp.		323,340		37,594,742
Willis Towers Watson PLC		113,720		22,447,191
				165,732,596
Health Care (22.4%):
AbbVie, Inc.		147,380		22,572,721
Cigna Corp.		104,960		27,659,059
Humana, Inc.		71,360		33,401,475
Johnson & Johnson		83,510		14,823,860
Medtronic PLC		250,340		22,468,015
Merck & Co., Inc.		238,400		21,734,928
Sotera Health Co. (a)		804,130		15,752,907
UnitedHealth Group, Inc.		39,145		20,106,046
				178,519,011

See notes to financial statements.

Victory Variable Insurance Funds
Victory RS Large Cap Alpha VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Industrials (9.8%):
FedEx Corp.		35,310	$	8,005,130
Johnson Controls International PLC		165,390		7,918,873
L3Harris Technologies, Inc.		42,210		10,202,157
Leidos Holdings, Inc.		164,490		16,565,788
PACCAR, Inc.		49,000		4,034,660
Raytheon Technologies Corp.		104,071		10,002,264
Sensata Technologies Holding PLC		312,730		12,918,876
Union Pacific Corp.		37,430		7,983,071
				77,630,819
Information Technology (6.5%):
Euronet Worldwide, Inc. (a)		108,680		10,932,121
Fidelity National Information Services, Inc.		208,310		19,095,778
FleetCor Technologies, Inc. (a)		51,930		10,911,012
Global Payments, Inc.		100,730		11,144,767
				52,083,678
Materials (5.1%):
Newmont Corp.		244,380		14,582,155
PPG Industries, Inc.		46,650		5,333,961
Sealed Air Corp.		357,470		20,633,168
				40,549,284
Real Estate (2.5%):
Host Hotels & Resorts, Inc.		337,450		5,291,216
Invitation Homes, Inc.		398,270		14,170,447
				19,461,663
Utilities (8.2%):
Constellation Energy Corp.		186,149		10,658,892
Exelon Corp.		339,850		15,402,002
FirstEnergy Corp.		292,030		11,211,032
Vistra Corp.		1,237,179		28,269,540
				65,541,466
Total Common Stocks (Cost $695,721,807)				767,263,924
Total Investments (Cost $695,721,807) — 96.4%				767,263,924
Other assets in excess of liabilities — 3.6%				28,829,464
NET ASSETS — 100.00%			$	796,093,388

(a) Non-income producing security.

LP — Limited Partnership

PLC — Public Limited Company

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Assets and Liabilities
June 30, 2022

(Unaudited)

	Victory RS Large Cap Alpha VIP Series
Assets:
Investments, at value (Cost $695,721,807)	$	767,263,924
Cash		28,546,412
Receivables:
Interest and dividends		1,011,844
Capital shares issued		208
From Adviser		230,902
Prepaid expenses		5,727
Total Assets		797,059,017
Liabilities:
Payables:
Capital shares redeemed		233,950
Accrued expenses and other payables:
Investment advisory fees		336,861
Administration fees		42,603
Custodian fees		7,051
Transfer agent fees		308,081
Compliance fees		496
Trustees' fees		36
Other accrued expenses		36,551
Total Liabilities		965,629
Net Assets:
Capital		491,702,621
Total accumulated earnings/(loss)		304,390,767
Net Assets	$	796,093,388
Shares (unlimited shares authorized with a par value of $0.001 per share):		15,742,965
Net asset value:	$	50.57

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Operations
For the Six Months Ended June 30, 2022

(Unaudited)

	Victory RS Large Cap Alpha VIP Series
Investment Income:
Dividends	$	8,037,961
Interest		14,094
Securities lending (net of fees)		1,083
Total Income		8,053,138
Expenses:
Investment advisory fees		2,207,740
Administration fees		238,572
Sub-Administration fees		7,859
Custodian fees		20,705
Transfer agent fees		675,448
Trustees' fees		26,136
Compliance fees		3,160
Legal and audit fees		32,704
Other expenses		11,390
Total Expenses		3,223,714
Expenses waived/reimbursed by Adviser		(797,467	)
Net Expenses		2,426,247
Net Investment Income (Loss)		5,626,891
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency transactions		67,817,765
Net change in unrealized appreciation/depreciation on investment securities		(133,865,370	)
Net realized/unrealized gains (losses) on investments		(66,047,605	)
Change in net assets resulting from operations	$	(60,420,714	)

See notes to financial statements.

Victory Variable Insurance Funds

Statements of Changes in Net Assets

	Victory RS Large Cap Alpha VIP Series
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	5,626,891		$	13,945,148
Net realized gains (losses) from investments		67,817,765			152,682,981
Net change in unrealized appreciation/depreciation on investments		(133,865,370	)		33,763,008
Change in net assets resulting from operations		(60,420,714	)		200,391,137
Change in net assets resulting from distributions to shareholders		—			(10,232,918	)
Change in net assets resulting from capital transactions		(95,453,398	)		(139,380,567	)
Change in net assets		(155,874,112	)		50,777,652
Net Assets:
Beginning of period		951,967,500			901,189,848
End of period	$	796,093,388		$	951,967,500
Capital Transactions:
Proceeds from shares issued		2,944,427			15,969,173
Distributions reinvested		—			10,232,918
Cost of shares redeemed		(98,397,825	)		(165,582,658	)
Change in net assets resulting from capital transactions		(95,453,398	)		(139,380,567	)
Share Transactions:
Issued		55,167			308,380
Reinvested		—			192,493
Redeemed		(1,831,257	)		(3,239,565	)
Change in Shares		(1,776,090	)		(2,738,692	)

See notes to financial statements.

This page is intentionally left blank.

Victory Variable Insurance Funds

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory RS Large Cap Alpha VIP Series
Six Months Ended June 30, 2022 (Unaudited)	$	54.34		0.34		(4.11	)		(3.77	)		—			—
Year Ended December 31: 2021	$	44.49		0.75		9.69			10.44			(0.59	)		—
2020	$	48.27		0.62		(0.90	)		(0.28	)		(0.56	)		(2.94	)
2019	$	43.45		0.70		12.75			13.45			(0.48	)		(8.15	)
2018	$	54.01		0.60		(5.44	)		(4.84	)		(0.02	)		(5.70	)
2017	$	45.98		0.51		8.07			8.58			(0.55	)		—

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Does not include acquire fund fees and expenses, if any.

(f) Reflects a return to normal trading levels after a prior-year strategy or allocation shift.

(g) Reflects an increase in trading activity due to asset allocation shifts.

See notes to financial statements.

Victory Variable Insurance Funds

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Net Expenses(d)(e)			Net Investment Income (Loss)(d)			Gross Expenses(d)(e)			Net Assets, End of Period (000's)		Portfolio Turnover(b)
Victory RS Large Cap Alpha VIP Series
Six Months Ended June 30, 2022 (Unaudited)		—		$	50.57		(6.94	)%		0.55	%		1.28	%		0.73	%	$	796,093		29	%
Year Ended December 31: 2021		(0.59	)	$	54.34		23.49	%		0.55	%		1.47	%		0.73	%	$	951,968		51	%(f)
2020		(3.50	)	$	44.49		(0.44	)%		0.55	%		1.47	%		0.74	%	$	901,190		101	%(g)
2019		(8.63	)	$	48.27		31.16	%		0.55	%		1.37	%		0.73	%	$	958,695		50	%
2018		(5.72	)	$	43.45		(9.00	)%		0.55	%		1.10	%		0.62	%	$	846,990		60	%
2017		(0.55	)	$	54.01		18.67	%		0.55	%		1.02	%		0.60	%	$	1,060,740		56	%

See notes to financial statements.

Victory Variable Insurance Funds

Notes to Financial Statements
June 30, 2022

(Unaudited)

1. Organization:

The accompanying financial statements are those of the RS Large Cap Alpha VIP Series (the "Fund"), a series of the Trust. The Fund offers a single class of shares: Class I. The Fund's shares are only available for purchase by certain separate accounts of insurance companies as investments for certain variable annuity plans and variable life insurance contracts issued by those insurance companies. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

A summary of the valuations as of June 30, 2022, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	767,263,924	$	—	$	—	$	767,263,924
Total	$	767,263,924	$	—	$	—	$	767,263,924

For the six months ended June 30, 2022, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Open-End Funds:

Investment Transactions and Related Income:

Securities Lending:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

increases in the valuation of the securities loaned are generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

As of June 30, 2022, the Fund did not have any securities on loan.

Foreign Currency Translations:

Federal Income Taxes:

Allocations:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows:

Excluding U.S. Government Securities
Purchases		Sales
$	248,542,707	$	339,158,783

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. The Adviser is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.50% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended June 30, 2022, are reflected on the Statement of Operations as Investment advisory fees.

Administration and Servicing Fees:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Distributor/Underwriting Services:

Other Fees:

Sidley Austin LLP provides legal services to the Trust.

Expires 2022				Expires 2023				Expires 2024				Expires 2025				Total
$	850,328			$	1,542,248			$	1,660,693			$	797,466			$	4,850,735

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

Limited Portfolio Risk — To the extent the Fund invests its assets in a more limited number of issuers than many other mutual funds, a decline in the market value of a particular security may affect the Fund's value more than if the Fund invested in a larger number of issuers.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

6. Borrowing and Interfund Lending:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended June 30, 2022.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

7. Federal Income Tax Information:

The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

At the tax year ended December 31, 2021, the Fund had no capital loss carryforward for federal income tax purposes.

Victory Variable Insurance Funds

Supplemental Information
June 30, 2022

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022, through June 30, 2022.

Beginning Account Value 1/1/22				Actual Ending Account Value 6/30/22				Hypothetical Ending Account Value 6/30/22				Actual Expenses Paid During Period 1/1/22-6/30/22*				Hypothetical Expenses Paid During Period 1/1/22-6/30/22*				Annualized Expense Ratio During Period 1/1/22-6/30/22
$	1,000.00			$	930.60			$	1,022.07			$	2.63			$	2.76				0.55	%

Victory Variable Insurance Funds

Supplemental Information — continued
June 30, 2022

(Unaudited)

Liquidity Risk Management Program:

Privacy Policy

Protecting the Privacy of Information

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				800-539-FUND (800-539-3863)

VVIF-RS-LCAVIP-SAR (6/22)

June 30, 2022

Semi Annual Report

Victory Variable Insurance Funds

Victory 500 Index VIP Series

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Victory Variable Insurance Funds

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					3
Schedule of Portfolio Investments					4
Financial Statements
Statement of Assets and Liabilities					16
Statement of Operations					17
Statements of Changes in Net Assets					18
Financial Highlights					20
Notes to Financial Statements					22
Supplemental Information					30
Proxy Voting and Portfolio Holdings Information					30
Expense Example					30
Liquidity Risk Management Program					31
Privacy Policy (inside back cover)

The Fund is distributed by Victory Capital Services, Inc. Victory Capital Management Inc. is the investment adviser to the Fund and receives fees from the Fund for performing services for the Fund.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Fund.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Fund, markets or securities mentioned herein should not be considered to be indicative of future results.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

800-539-FUND (800-539-3863)

Visit our website at:

www.vcm.com

Victory Variable Insurance Funds
Victory 500 Index VIP Series

June 30, 2022

(Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to match, before fees and expenses, the performance of the stocks composing the Victory US Large Cap 500 Index.

Top 10 Holdings*:

June 30, 2022

(% of Net Assets)

Apple, Inc.	7.0	%
Microsoft Corp.	5.9	%
Amazon.com, Inc.	3.2	%
Alphabet, Inc., Class C	2.2	%
Alphabet, Inc., Class A	2.0	%
Tesla, Inc.	2.0	%
UnitedHealth Group, Inc.	1.5	%
Johnson & Johnson	1.4	%
NVIDIA Corp.	1.2	%
Berkshire Hathaway, Inc., Class B	1.2	%

Sector Allocation*:

June 30, 2022

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Common Stocks (99.4%)
Communication Services (9.0%):
Activision Blizzard, Inc.		1,999	$	155,642
Alphabet, Inc., Class C (a)		853		1,865,895
Alphabet, Inc., Class A (a)		794		1,730,332
AT&T, Inc.		19,316		404,863
Charter Communications, Inc., Class A (a)		343		160,706
Comcast Corp., Class A		11,794		462,796
DISH Network Corp., Class A (a)		602		10,794
Electronic Arts, Inc.		715		86,980
Endeavor Group Holdings, Inc., Class A (a)		59		1,213
Live Nation Entertainment, Inc. (a)		414		34,188
Match Group, Inc. (a)		762		53,104
Meta Platforms, Inc., Class A (a)		5,935		957,019
Netflix, Inc. (a)		1,186		207,396
Omnicom Group, Inc.		549		34,922
Paramount Global, Class A		27		736
Paramount Global, Class B		1,381		34,083
Pinterest, Inc., Class A (a)		263		4,776
ROBLOX Corp., Class A (a)		572		18,796
Roku, Inc. (a) (b)		58		4,764
Sirius XM Holdings, Inc. (c)		2,124		13,020
Snap, Inc., Class A (a)		3,336		43,802
Take-Two Interactive Software, Inc. (a)		432		52,933
The Interpublic Group of Cos., Inc.		950		26,153
The Walt Disney Co. (a)		4,395		414,888
T-Mobile U.S., Inc. (a)		1,816		244,324
Twitter, Inc. (a)		1,953		73,023
Verizon Communications, Inc.		11,093		562,970
Warner Music Group Corp., Class A		219		5,335
ZoomInfo Technologies, Inc. (a)		721		23,966
				7,689,419
Communications Equipment (0.8%):
Arista Networks, Inc. (a)		744		69,743
Cisco Systems, Inc.		11,209		477,952
Motorola Solutions, Inc.		418		87,613
Ubiquiti, Inc. (c)		12		2,978
				638,286
Consumer Discretionary (10.6%):
Airbnb, Inc., Class A (a)		165		14,698
Amazon.com, Inc. (a)		26,015		2,763,053
AutoZone, Inc. (a)		47		101,009
Bath & Body Works, Inc.		559		15,048
Best Buy Co., Inc.		537		35,007
Booking Holdings, Inc. (a)		110		192,389
Burlington Stores, Inc. (a)		163		22,205
Caesars Entertainment, Inc. (a)		487		18,652
CarMax, Inc. (a)		429		38,816

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Carnival Corp. (a) (c)		2,417	$	20,907
Carvana Co. (a)		29		655
Chewy, Inc., Class A (a) (c)		143		4,965
Chipotle Mexican Grill, Inc. (a)		73		95,430
D.R. Horton, Inc.		880		58,247
Darden Restaurants, Inc.		266		30,090
Dollar General Corp.		548		134,501
Dollar Tree, Inc. (a)		580		90,393
Domino's Pizza, Inc.		96		37,412
DoorDash, Inc., Class A (a)		100		6,417
DraftKings, Inc. (a)		2,001		23,352
eBay, Inc.		1,495		62,297
Etsy, Inc. (a) (b)		339		24,818
Expedia Group, Inc. (a)		433		41,061
Ford Motor Co.		10,508		116,954
General Motors Co. (a)		3,644		115,733
Genuine Parts Co.		378		50,274
Hilton Worldwide Holdings, Inc.		688		76,671
Las Vegas Sands Corp. (a) (b)		933		31,339
Lennar Corp., Class A		654		46,153
Lennar Corp., Class B		41		2,407
Lowe's Cos., Inc.		1,670		291,699
Lucid Group, Inc. (a) (c)		1,800		30,888
Marriott International, Inc., Class A		827		112,480
McDonald's Corp.		1,828		451,297
MGM Resorts International		1,029		29,790
NIKE, Inc., Class B		3,447		352,283
NVR, Inc. (a)		8		32,033
O'Reilly Automotive, Inc. (a)		177		111,821
Pool Corp.		107		37,582
Rivian Automotive, Inc., Class A (a)		435		11,197
Ross Stores, Inc.		848		59,555
Royal Caribbean Cruises Ltd. (a) (c)		514		17,944
Starbucks Corp.		3,030		231,462
Target Corp. (b)		1,238		174,843
Tesla, Inc. (a)		2,471		1,664,021
The Home Depot, Inc.		2,773		760,551
The TJX Cos., Inc.		3,161		176,542
Tractor Supply Co.		299		57,961
Ulta Beauty, Inc. (a)		138		53,196
VF Corp.		816		36,043
Wayfair, Inc., Class A (a) (c)		128		5,576
Yum! Brands, Inc.		712		80,819
				9,050,536
Consumer Staples (7.0%):
Altria Group, Inc.		4,834		201,916
Archer-Daniels-Midland Co.		1,358		105,381
Brown-Forman Corp., Class B		707		49,603
Bunge Ltd.		360		32,648
Church & Dwight Co., Inc.		648		60,044

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Colgate-Palmolive Co.		2,190	$	175,507
Conagra Brands, Inc.		1,131		38,725
Constellation Brands, Inc., Class A		453		105,576
Costco Wholesale Corp.		1,158		555,006
General Mills, Inc.		1,522		114,835
Hormel Foods Corp. (c)		820		38,835
Kellogg Co.		627		44,730
Keurig Dr Pepper, Inc.		2,458		86,989
Kimberly-Clark Corp.		900		121,635
McCormick & Co., Inc.		533		44,372
Mondelez International, Inc., Class A		3,656		227,001
Monster Beverage Corp. (a)		1,068		99,004
PepsiCo, Inc.		3,731		621,808
Philip Morris International, Inc.		4,182		412,931
Sysco Corp.		1,346		114,020
The Clorox Co.		329		46,382
The Coca-Cola Co.		11,204		704,844
The Estee Lauder Cos., Inc.		539		137,267
The Hershey Co.		374		80,470
The J.M. Smucker Co.		290		37,123
The Kraft Heinz Co.		2,016		76,890
The Kroger Co.		1,744		82,544
The Procter & Gamble Co.		6,337		911,197
Tyson Foods, Inc., Class A		658		56,627
Walgreens Boots Alliance, Inc.		2,036		77,164
Walmart, Inc.		4,144		503,828
				5,964,902
Electronic Equipment, Instruments & Components (0.5%):
Amphenol Corp., Class A		1,476		95,025
CDW Corp.		365		57,509
Corning, Inc.		2,183		68,786
Keysight Technologies, Inc. (a)		475		65,479
Teledyne Technologies, Inc. (a)		116		43,513
Trimble, Inc. (a)		668		38,898
Zebra Technologies Corp. (a)		140		41,153
				410,363
Energy (4.4%):
Baker Hughes Co.		1,836		53,005
Cheniere Energy, Inc.		686		91,259
Chevron Corp.		5,245		759,371
ConocoPhillips		3,490		313,437
Continental Resources, Inc.		31		2,026
Coterra Energy, Inc.		1,808		46,628
Devon Energy Corp.		1,762		97,104
Diamondback Energy, Inc.		474		57,425
EOG Resources, Inc.		1,364		150,640
Exxon Mobil Corp.		11,008		942,725
Halliburton Co.		2,254		70,686
Hess Corp.		690		73,099

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Kinder Morgan, Inc.		5,732	$	96,068
Marathon Oil Corp.		1,749		39,318
Marathon Petroleum Corp.		1,429		117,478
Occidental Petroleum Corp.		2,263		133,245
ONEOK, Inc.		1,180		65,490
Phillips 66		1,189		97,486
Pioneer Natural Resources Co.		612		136,525
Schlumberger NV		3,814		136,389
Targa Resources Corp.		596		35,563
The Williams Cos., Inc.		3,286		102,556
Valero Energy Corp.		1,090		115,845
				3,733,368
Financials (10.8%):
Aflac, Inc.		1,683		93,120
Ally Financial, Inc.		835		27,981
American Express Co.		1,711		237,179
American International Group, Inc.		2,025		103,538
Ameriprise Financial, Inc.		297		70,591
Apollo Global Management, Inc.		1,126		54,589
Arch Capital Group Ltd. (a)		907		41,259
Ares Management Corp., Class A		542		30,818
Arthur J. Gallagher & Co.		565		92,118
Bank of America Corp.		19,909		619,767
Berkshire Hathaway, Inc., Class B (a)		3,652		997,069
Berkshire Hathaway, Inc., Class A (a)		1		408,950
BlackRock, Inc.		408		248,488
Blackstone, Inc.		1,891		172,516
Brown & Brown, Inc.		657		38,329
Capital One Financial Corp.		1,049		109,295
Cincinnati Financial Corp.		405		48,187
Citigroup, Inc.		5,130		235,929
Citizens Financial Group, Inc.		1,252		44,684
CME Group, Inc.		766		156,800
Coinbase Global, Inc., Class A (a) (c)		541		25,438
Discover Financial Services		702		66,395
FactSet Research Systems, Inc.		101		38,842
Fifth Third Bancorp		1,695		56,952
First Republic Bank		477		68,783
Franklin Resources, Inc.		838		19,534
Huntington Bancshares, Inc.		3,802		45,738
Intercontinental Exchange, Inc.		1,506		141,624
JPMorgan Chase & Co.		7,758		873,628
KeyCorp		2,251		38,785
Loews Corp.		510		30,223
LPL Financial Holdings, Inc.		202		37,265
M&T Bank Corp.		459		73,160
Markel Corp. (a)		35		45,264
MarketAxess Holdings, Inc.		90		23,041
Marsh & McLennan Cos., Inc.		1,354		210,209

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
MetLife, Inc.		1,940	$	121,813
Moody's Corp.		456		124,018
Morgan Stanley		3,890		295,873
MSCI, Inc.		219		90,261
Nasdaq, Inc.		304		46,372
Northern Trust Corp.		562		54,222
Principal Financial Group, Inc.		574		38,338
Prudential Financial, Inc.		1,001		95,776
Raymond James Financial, Inc.		523		46,761
Regions Financial Corp.		2,468		46,275
Rocket Cos., Inc., Class A (c)		280		2,061
S&P Global, Inc.		907		305,713
Signature Bank		142		25,448
State Street Corp.		980		60,417
SVB Financial Group (a)		157		62,013
Synchrony Financial		1,125		31,073
T. Rowe Price Group, Inc.		607		68,961
The Allstate Corp.		742		94,034
The Bank of New York Mellon Corp.		2,088		87,091
The Carlyle Group, Inc.		698		22,099
The Charles Schwab Corp.		4,785		302,316
The Goldman Sachs Group, Inc.		917		272,367
The Hartford Financial Services Group, Inc.		821		53,718
The PNC Financial Services Group, Inc.		1,104		174,178
The Progressive Corp.		1,578		183,474
The Travelers Cos., Inc.		634		107,228
Tradeweb Markets, Inc., Class A		120		8,190
Truist Financial Corp.		3,554		168,566
U.S. Bancorp		3,840		176,717
W.R. Berkley Corp.		595		40,615
Wells Fargo & Co.		10,120		396,400
				9,228,476
Health Care (14.9%):
Abbott Laboratories		4,725		513,371
AbbVie, Inc.		4,718		722,609
ABIOMED, Inc. (a)		111		27,474
Agilent Technologies, Inc.		742		88,127
Align Technology, Inc. (a)		210		49,701
Alnylam Pharmaceuticals, Inc. (a)		247		36,025
AmerisourceBergen Corp.		446		63,100
Amgen, Inc.		1,426		346,946
Avantor, Inc. (a)		1,680		52,248
Baxter International, Inc.		1,287		82,664
Becton Dickinson & Co.		752		185,391
Biogen, Inc. (a)		349		71,175
BioMarin Pharmaceutical, Inc. (a)		410		33,977
Bio-Rad Laboratories, Inc., Class A (a)		52		25,740
Bio-Techne Corp.		105		36,397
Boston Scientific Corp. (a)		3,809		141,961

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Bristol-Myers Squibb Co.		5,745	$	442,365
Cardinal Health, Inc.		689		36,014
Catalent, Inc. (a)		402		43,131
Centene Corp. (a)		1,445		122,261
Charles River Laboratories International, Inc. (a)		128		27,388
Cigna Corp.		847		223,201
CVS Health Corp.		3,352		310,596
Danaher Corp.		1,941		492,082
Dexcom, Inc. (a)		1,048		78,107
Edwards Lifesciences Corp. (a)		1,678		159,561
Elevance Health, Inc.		651		314,160
Eli Lilly & Co.		2,240		726,275
Gilead Sciences, Inc. (b)		3,028		187,161
HCA Healthcare, Inc.		587		98,651
Hologic, Inc. (a)		552		38,254
Horizon Therapeutics PLC (a)		613		48,893
Humana, Inc.		330		154,463
IDEXX Laboratories, Inc. (a)		210		73,653
Illumina, Inc. (a)		388		71,532
Incyte Corp. (a)		591		44,898
Insulet Corp. (a)		128		27,896
Intuitive Surgical, Inc. (a)		948		190,273
IQVIA Holdings, Inc. (a)		511		110,882
Johnson & Johnson (b)		6,876		1,220,559
Laboratory Corp. of America Holdings		251		58,824
McKesson Corp.		392		127,874
Merck & Co., Inc.		6,823		622,053
Mettler-Toledo International, Inc. (a)		57		65,480
Moderna, Inc. (a)		949		135,565
Molina Healthcare, Inc. (a)		132		36,908
PerkinElmer, Inc.		279		39,679
Pfizer, Inc.		15,140		793,790
Quest Diagnostics, Inc.		313		41,623
Regeneron Pharmaceuticals, Inc. (a)		183		108,177
ResMed, Inc.		366		76,725
Royalty Pharma PLC, Class A		224		9,417
Seagen, Inc. (a)		491		86,878
Stryker Corp.		956		190,177
Teleflex, Inc.		108		26,552
The Cooper Cos., Inc.		123		38,514
Thermo Fisher Scientific, Inc.		1,056		573,704
UnitedHealth Group, Inc.		2,531		1,299,998
Veeva Systems, Inc., Class A (a)		281		55,649
Vertex Pharmaceuticals, Inc. (a)		683		192,463
Waters Corp. (a)		147		48,654
West Pharmaceutical Services, Inc.		179		54,124
Zimmer Biomet Holdings, Inc.		530		55,682
Zoetis, Inc.		1,270		218,300
				12,675,972

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Industrials (7.8%):
3M Co.		1,536	$	198,774
AMETEK, Inc.		584		64,176
Builders FirstSource, Inc. (a)		417		22,393
Carrier Global Corp.		1,807		64,438
Caterpillar, Inc.		1,394		249,191
Cintas Corp.		250		93,383
Copart, Inc. (a)		635		68,999
CoStar Group, Inc. (a) (b)		1,047		63,249
CSX Corp.		5,311		154,338
Cummins, Inc.		381		73,735
Deere & Co.		797		238,678
Delta Air Lines, Inc. (a)		1,620		46,931
Dover Corp.		385		46,708
Eaton Corp. PLC		1,077		135,691
Emerson Electric Co.		1,624		129,173
Equifax, Inc.		330		60,317
Expeditors International of Washington, Inc.		438		42,688
Fastenal Co.		1,553		77,526
FedEx Corp.		640		145,094
Fortive Corp.		957		52,042
Generac Holdings, Inc. (a)		170		35,799
General Dynamics Corp.		663		146,689
General Electric Co.		2,626		167,197
Honeywell International, Inc.		1,798		312,510
Howmet Aerospace, Inc.		1,128		35,476
IDEX Corp.		205		37,234
Illinois Tool Works, Inc.		752		137,052
Ingersoll Rand, Inc. (b)		922		38,798
J.B. Hunt Transport Services, Inc.		223		35,116
Jacobs Engineering Group, Inc.		325		41,317
Johnson Controls International PLC		1,877		89,871
L3Harris Technologies, Inc.		504		121,817
Leidos Holdings, Inc.		342		34,443
Lockheed Martin Corp.		680		292,373
Norfolk Southern Corp.		643		146,147
Northrop Grumman Corp.		406		194,299
Old Dominion Freight Line, Inc.		267		68,427
Otis Worldwide Corp.		1,117		78,938
PACCAR, Inc.		938		77,235
Parker-Hannifin Corp.		343		84,395
Plug Power, Inc. (a) (c)		1,396		23,132
Quanta Services, Inc.		388		48,632
Raytheon Technologies Corp.		3,971		381,653
Republic Services, Inc. (b)		583		76,297
Rockwell Automation, Inc.		314		62,583
Rollins, Inc.		769		26,853
Roper Technologies, Inc.		271		106,950
Southwest Airlines Co. (a)		1,533		55,372
Stanley Black & Decker, Inc.		407		42,678

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Textron, Inc.		477	$	29,130
The Boeing Co. (a)		1,596		218,205
TransDigm Group, Inc. (a)		127		68,157
TransUnion		481		38,475
Uber Technologies, Inc. (a)		5,186		106,106
Union Pacific Corp.		1,641		349,992
United Airlines Holdings, Inc. (a)		854		30,249
United Parcel Service, Inc., Class B		1,836		335,143
United Rentals, Inc. (a)		193		46,882
Verisk Analytics, Inc.		426		73,736
W.W. Grainger, Inc.		132		59,985
Waste Management, Inc.		1,120		171,338
Westinghouse Air Brake Technologies Corp.		493		40,465
Xylem, Inc.		455		35,572
				6,630,242
IT Services (4.0%):
Akamai Technologies, Inc. (a)		428		39,089
Automatic Data Processing, Inc.		1,127		236,715
Block, Inc. (a) (b)		971		59,678
Broadridge Financial Solutions, Inc.		313		44,618
Cognizant Technology Solutions Corp., Class A		1,377		92,934
Fidelity National Information Services, Inc.		1,631		149,514
Fiserv, Inc. (a)		1,597		142,085
FleetCor Technologies, Inc. (a)		200		42,022
Gartner, Inc. (a)		215		51,993
Global Payments, Inc.		752		83,201
International Business Machines Corp.		2,426		342,527
Mastercard, Inc., Class A		2,354		742,640
MongoDB, Inc. (a)		137		35,552
Okta, Inc. (a)		102		9,221
Paychex, Inc.		861		98,042
PayPal Holdings, Inc. (a)		3,092		215,945
Snowflake, Inc., Class A (a)		89		12,376
Twilio, Inc., Class A (a)		201		16,846
VeriSign, Inc. (a)		258		43,171
Visa, Inc., Class A		4,810		947,041
				3,405,210
Materials (1.9%):
Air Products and Chemicals, Inc.		592		142,364
Albemarle Corp.		316		66,038
Avery Dennison Corp.		204		33,021
Ball Corp.		790		54,328
Celanese Corp.		292		34,342
CF Industries Holdings, Inc.		468		40,122
Corteva, Inc.		1,953		105,735
Crown Holdings, Inc.		332		30,600
Dow, Inc.		1,944		100,330
DuPont de Nemours, Inc.		1,358		75,478
Eastman Chemical Co.		300		26,931

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Ecolab, Inc.		722	$	111,015
FMC Corp.		300		32,103
Freeport-McMoRan, Inc.		3,622		105,980
International Flavors & Fragrances, Inc.		651		77,547
International Paper Co.		905		37,856
Martin Marietta Materials, Inc.		156		46,681
Newmont Corp.		2,119		126,441
Nucor Corp.		597		62,333
PPG Industries, Inc.		637		72,835
Southern Copper Corp.		242		12,054
The Mosaic Co.		895		42,271
The Sherwin-Williams Co.		680		152,259
Vulcan Materials Co.		351		49,877
				1,638,541
Real Estate (3.1%):
Alexandria Real Estate Equities, Inc.		426		61,783
American Tower Corp.		1,231		314,631
AvalonBay Communities, Inc.		397		77,117
Boston Properties, Inc.		405		36,037
Camden Property Trust		302		40,613
CBRE Group, Inc., Class A (a)		883		64,998
Crown Castle International Corp.		1,168		196,668
Digital Realty Trust, Inc.		808		104,903
Duke Realty Corp.		1,092		60,005
Equinix, Inc.		259		170,168
Equity Residential		972		70,198
Essex Property Trust, Inc.		186		48,641
Extra Space Storage, Inc.		381		64,816
Healthpeak Properties, Inc.		1,532		39,694
Invitation Homes, Inc.		1,733		61,660
Iron Mountain, Inc.		685		33,353
Kimco Realty Corp.		1,755		34,696
Mid-America Apartment Communities, Inc.		328		57,292
Prologis, Inc.		2,103		247,418
Public Storage		444		138,825
Realty Income Corp.		1,606		109,626
SBA Communications Corp.		306		97,935
Simon Property Group, Inc.		868		82,391
Sun Communities, Inc.		345		54,979
UDR, Inc.		904		41,620
Ventas, Inc.		1,135		58,373
VICI Properties, Inc.		2,562		76,322
Welltower, Inc.		1,289		106,149
Weyerhaeuser Co.		1,861		61,636
WP Carey, Inc.		548		45,407
				2,657,954

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment (5.0%):
Advanced Micro Devices, Inc. (a)		4,373	$	334,403
Analog Devices, Inc.		1,373		200,582
Applied Materials, Inc.		2,347		213,530
Broadcom, Inc.		883		428,970
Enphase Energy, Inc. (a)		357		69,701
Entegris, Inc.		324		29,850
GLOBALFOUNDRIES, Inc. (a) (c)		166		6,696
Intel Corp.		10,917		408,405
KLA Corp.		381		121,570
Lam Research Corp.		374		159,380
Marvell Technology, Inc.		2,071		90,151
Microchip Technology, Inc.		1,480		85,958
Micron Technology, Inc.		3,013		166,559
Monolithic Power Systems, Inc.		125		48,005
NVIDIA Corp.		6,685		1,013,379
ON Semiconductor Corp. (a)		1,074		54,033
Qorvo, Inc. (a)		268		25,278
QUALCOMM, Inc.		3,022		386,030
Skyworks Solutions, Inc.		425		39,372
Teradyne, Inc.		400		35,820
Texas Instruments, Inc.		2,488		382,281
				4,299,953
Software (9.3%):
Adobe, Inc. (a)		1,275		466,727
ANSYS, Inc. (a)		222		53,122
AppLovin Corp., Class A (a) (c)		75		2,583
Autodesk, Inc. (a)		575		98,877
Bill.com Holdings, Inc. (a)		249		27,375
Cadence Design Systems, Inc. (a)		736		110,422
Cloudflare, Inc., Class A (a)		111		4,856
Crowdstrike Holdings, Inc., Class A (a)		589		99,282
Datadog, Inc., Class A (a)		72		6,857
DocuSign, Inc. (a)		539		30,928
Fortinet, Inc. (a)		1,710		96,752
HubSpot, Inc. (a)		122		36,679
Intuit, Inc.		715		275,590
Microsoft Corp. (b)		19,544		5,019,486
NortonLifeLock, Inc.		1,400		30,744
Oracle Corp.		4,320		301,838
Palantir Technologies, Inc., Class A (a)		813		7,374
Palo Alto Networks, Inc. (a) (b)		260		128,424
Paycom Software, Inc. (a)		147		41,178
Qualtrics International, Inc., Class A (a)		149		1,864
Salesforce, Inc. (a)		2,625		433,230
ServiceNow, Inc. (a) (b)		529		251,550
Splunk, Inc. (a)		424		37,507
SS&C Technologies Holdings, Inc.		637		36,991
Synopsys, Inc. (a)		382		116,013
The Trade Desk, Inc., Class A (a)		828		34,685

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Tyler Technologies, Inc. (a)		110	$	36,573
UiPath, Inc., Class A (a)		77		1,401
Unity Software, Inc. (a)		570		20,987
VMware, Inc., Class A		478		54,482
Workday, Inc., Class A (a)		267		37,268
Zendesk, Inc. (a)		306		22,665
Zoom Video Communications, Inc., Class A (a)		68		7,342
Zscaler, Inc. (a)		248		37,079
				7,968,731
Technology Hardware, Storage & Peripherals (7.3%):
Apple, Inc.		43,673		5,970,973
Dell Technologies, Inc., Class C		587		27,125
Hewlett Packard Enterprise Co.		3,471		46,026
HP, Inc.		2,812		92,177
NetApp, Inc.		493		32,163
Western Digital Corp. (a)		845		37,881
				6,206,345
Utilities (3.0%):
Alliant Energy Corp.		648		37,979
Ameren Corp.		623		56,294
American Electric Power Co., Inc. (b)		1,385		132,877
American Water Works Co., Inc.		490		72,897
Atmos Energy Corp.		367		41,141
Avangrid, Inc.		198		9,132
CenterPoint Energy, Inc.		1,555		45,997
CMS Energy Corp.		717		48,398
Consolidated Edison, Inc. (b)		936		89,014
Constellation Energy Corp.		826		47,297
Dominion Energy, Inc.		2,240		178,774
DTE Energy Co.		473		59,953
Duke Energy Corp. (b)		2,077		222,675
Edison International		953		60,268
Entergy Corp.		508		57,221
Evergy, Inc. (b)		619		40,390
Eversource Energy (b)		911		76,952
Exelon Corp.		2,478		112,303
FirstEnergy Corp.		1,524		58,506
NextEra Energy, Inc. (b)		5,301		410,616
PG&E Corp. (a)		4,390		43,812
PPL Corp.		1,965		53,310
Public Service Enterprise Group, Inc.		1,333		84,352
Sempra Energy		732		109,998
The AES Corp.		1,536		32,271
The Southern Co. (b)		2,867		204,446
WEC Energy Group, Inc. (b)		833		83,833
Xcel Energy, Inc. (b)		1,454		102,885
				2,573,591
Total Common Stocks (Cost $27,612,835)				84,771,889

See notes to financial statements.

Victory Variable Insurance Funds
Victory 500 Index VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned (0.2%)^
BlackRock Liquidity Funds TempFund, Institutional Shares, 1.47% (d)		5,583	$	5,583
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 1.42% (d)		2,786		2,786
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (d)		34,746		34,746
JPMorgan Prime Money Market Fund, Capital Shares, 1.50% (d)		22,214		22,214
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 1.39% (d)		14,814		14,814
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 1.53% (d)		99,880		99,880
Total Collateral for Securities Loaned (Cost $180,023)				180,023
Total Investments (Cost $27,792,858) — 99.6%				84,951,912
Other assets in excess of liabilities — 0.4%				318,337
NET ASSETS — 100.00%			$	85,270,249

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security has been segregated as collateral for derivative instruments.

(d) Rate disclosed is the daily yield on June 30, 2022.

PLC — Public Limited Company

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		3	9/16/22	$	617,325	$	568,425	$	(48,900	)
Total unrealized appreciation								$	—
Total unrealized depreciation									(48,900	)
Total net unrealized appreciation (depreciation)								$	(48,900	)

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Assets and Liabilities
June 30, 2022

(Unaudited)

	Victory 500 Index VIP Series
Assets:
Investments, at value (Cost $27,792,858)	$	84,951,912	(a)
Cash		368,630
Deposit with broker for futures contracts		126,440
Receivables:
Interest and dividends		63,184
Capital shares issued		3,571
From Adviser		20,053
Prepaid expenses		657
Total Assets		85,534,447
Liabilities:
Payables:
Collateral received on loaned securities		180,023
Capital shares redeemed		26,366
Variation margin on open futures contracts		4,762
Accrued expenses and other payables:
Investment advisory fees		18,151
Administration fees		4,614
Custodian fees		1,039
Transfer agent fees		1,559
Compliance fees		53
Other accrued expenses		27,631
Total Liabilities		264,198
Net Assets:
Capital		11,633,596
Total accumulated earnings/(loss)		73,636,653
Net Assets	$	85,270,249
Shares (unlimited shares authorized with a par value of $0.001 per share):		5,448,681
Net asset value:	$	15.65

(a) Includes $170,945 of securities on loan.

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Operations
For the Six Months Ended June 30, 2022

(Unaudited)

	Victory 500 Index VIP Series
Investment Income:
Dividends	$	737,599
Interest		218
Securities lending (net of fees)		2,276
Total Income		740,093
Expenses:
Investment advisory fees		124,256
Administration fees		26,853
Sub-Administration fees		8,836
Custodian fees		2,949
Transfer agent fees		3,416
Trustees' fees		3,511
Compliance fees		363
Legal and audit fees		6,964
Licensing fees		16,875
Other expenses		6,123
Total Expenses		200,146
Expenses waived/reimbursed by Adviser		(61,209	)
Net Expenses		138,937
Net Investment Income (Loss)		601,156
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		5,386,861
Net realized gains (losses) from futures contracts		(119,144	)
Net change in unrealized appreciation/depreciation on investment securities		(29,204,807	)
Net change in unrealized appreciation/depreciation on futures contracts		(65,800	)
Net realized/unrealized gains (losses) on investments		(24,002,890	)
Change in net assets resulting from operations	$	(23,401,734	)

See notes to financial statements.

Victory Variable Insurance Funds

Statements of Changes in Net Assets

	Victory 500 Index VIP Series
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	601,156		$	1,151,816
Net realized gains (losses) from investments		5,267,717			12,072,376
Net change in unrealized appreciation/depreciation on investments		(29,270,607	)		13,641,209
Change in net assets resulting from operations		(23,401,734	)		26,865,401
Change in net assets resulting from distributions to shareholders		—			(14,222,411	)
Change in net assets resulting from capital transactions		(7,372,256	)		(170,219	)
Change in net assets		(30,773,990	)		12,472,771
Net Assets:
Beginning of period		116,044,239			103,571,468
End of period	$	85,270,249		$	116,044,239
Capital Transactions:
Proceeds from shares issued		2,208,570			7,352,188
Distributions reinvested		—			14,222,411
Cost of shares redeemed		(9,580,826	)		(21,744,818	)
Change in net assets resulting from capital transactions		(7,372,256	)		(170,219	)
Share Transactions:
Issued		123,196			358,747
Reinvested		—			725,547
Redeemed		(537,248	)		(1,070,115	)
Change in Shares		(414,052	)		14,179

See notes to financial statements.

This page is intentionally left blank.

Victory Variable Insurance Funds

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
Victory 500 Index VIP Series
Six Months Ended June 30, 2022 (Unaudited)	$	19.79		0.11		(4.25	)		(4.14	)		—			—
Year Ended December 31: 2021	$	17.71		0.21		4.59			4.80			(0.23	)		(2.49	)
2020	$	19.35		0.28		3.53			3.81			(0.32	)		(5.13	)
2019	$	16.92		0.34		4.88			5.22			(0.37	)		(2.42	)
2018	$	19.06		0.32		(1.21	)		(0.89	)		(0.02	)		(1.23	)
2017	$	15.98		0.30		3.15			3.45			(0.33	)		(0.04	)

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Does not include acquire fund fees and expenses, if any.

See notes to financial statements.

Victory Variable Insurance Funds

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Net Expenses(d)(e)			Net Investment Income (Loss)(d)			Gross Expenses(d)(e)			Net Assets, End of Period (000's)		Portfolio Turnover(b)
Victory 500 Index VIP Series
Six Months Ended June 30, 2022 (Unaudited)		—		$	15.65		(20.92	)%		0.28	%		1.21	%		0.40	%	$	85,270		3	%
Year Ended December 31: 2021		(2.72	)	$	19.79		27.43	%		0.28	%		1.04	%		0.48	%	$	116,044		9	%
2020		(5.45	)	$	17.71		20.13	%		0.28	%		1.46	%		0.58	%	$	103,571		13	%
2019		(2.79	)	$	19.35		31.04	%		0.28	%		1.71	%		0.52	%	$	100,139		3	%
2018		(1.25	)	$	16.92		(4.65	)%		0.28	%		1.65	%		0.38	%	$	106,432		3	%
2017		(0.37	)	$	19.06		21.60	%		0.28	%		1.70	%		0.41	%	$	129,081		3	%

See notes to financial statements.

Victory Variable Insurance Funds

Notes to Financial Statements
June 30, 2022

(Unaudited)

1. Organization:

The accompanying financial statements are those of the 500 Index VIP Series (the "Fund"), a series of the Trust. The Fund offers a single class of shares: Class I. The Fund's shares are only available for purchase by certain separate accounts of insurance companies as investments for certain variable annuity plans and variable life insurance contracts issued by those insurance companies. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

A summary of the valuations as of June 30, 2022, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments:

	Level 1			Level 2		Level 3		Total
Common Stocks	$	84,771,889		$	—	$	—	$	84,771,889
Collateral for Securities Loaned		180,023			—		—		180,023
Total	$	84,951,912		$	—	$	—	$	84,951,912
*Other Financial Investments:**
Liabilities:
Futures Contracts	$	(48,900	)	$	—	$	—	$	(48,900	)
Total	$	(48,900	)	$	—	$	—	$	(48,900	)

* Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.

For the six months ended June 30, 2022, there were no transfers in or out of Level 3 in the fair value hierarchy.

Investment Companies:

Open-End Funds:

Derivative Instruments:

Futures Contracts:

The Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Fund may enter into futures contracts in an effort to hedge against market risks.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for futures contracts. During the six months ended June 30, 2022, the Fund entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2022:

	Liabilities
	Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure	$	48,900

* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedule of Portfolio Investments. Only current day's variation margin for futures contracts is reported within the Statement of Assets and Liabilities.

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended June 30, 2022:

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of Operations			Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts			Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure	$	(119,144	)	$	(65,800	)

All open derivative positions at period end are reflected on the Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to the Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period.

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Securities Lending:

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Fund's securities lending transactions as of June 30, 2022.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	170,945			$	—			$	180,023

Federal Income Taxes:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows:

Excluding U.S. Government Securities
Purchases		Sales
$	2,616,094	$	9,401,477

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.25% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended June 30, 2022, are reflected on the Statement of Operations as Investment advisory fees.

Administration and Servicing Fees:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Distributor/Underwriting Services:

Other Fees:

Sidley Austin LLP provides legal services to the Trust.

Expires 2022				Expires 2023				Expires 2024				Expires 2025				Total
$	128,160			$	277,986			$	220,169			$	61,209			$	687,524

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

Large-Capitalization Stock Risk — The securities of large-capitalization companies may underperform the securities of smaller-capitalization companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.

Passive Investment Risk/Index Risk — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the Index.

Derivatives Risk — The use of derivative instruments, such as futures contracts and credit default swaps, exposes the Fund to additional risks and transaction costs. Risks of derivative instruments include: (1) the risk that interest rates, securities prices, asset values, and currency markets will not move in the direction that a portfolio manager anticipates; (2) imperfect correlation between the price of derivative instruments and movements in the prices of the securities, assets, interest rates or currencies being hedged; (3) the fact that skills needed to use these strategies are different than those needed to select portfolio securities; (4) the possible absence of a liquid secondary market for any particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; (5) the risk that adverse price movements in an instrument can result in a loss substantially greater than the Fund's initial investment in that instrument (in some cases, the potential loss is unlimited); (6) particularly in the case of privately-negotiated instruments, the risk that the counterparty will not perform its obligations, which could leave the Fund worse off than if it had not entered into the position; and (7) the inability to close out certain hedged positions to avoid adverse tax consequences.

6. Borrowing and Interfund Lending:

Line of Credit:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

the Line of Credit is reserved for use by the Victory Floating Rate Fund. another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended June 30, 2022, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from January 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through June 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended June 30, 2022.

7. Federal Income Tax Information:

The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

At the tax year ended December 31, 2021, the Fund had no capital loss carryforward for federal income tax purposes.

Victory Variable Insurance Funds

Supplemental Information
June 30, 2022

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022, through June 30, 2022.

Beginning Account Value 1/1/22				Actual Ending Account Value 6/30/22				Hypothetical Ending Account Value 6/30/22				Actual Expenses Paid During Period 1/1/22-6/30/22*				Hypothetical Expenses Paid During Period 1/1/22-6/30/22*				Annualized Expense Ratio During Period 1/1/22-6/30/22
$	1,000.00			$	790.80			$	1,023.41			$	1.24			$	1.40				0.28	%

Victory Variable Insurance Funds

Supplemental Information — continued
June 30, 2022

(Unaudited)

Liquidity Risk Management Program:

Privacy Policy

Protecting the Privacy of Information

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				800-539-FUND (800-539-3863)

VVIF-RS-SPIVIP-SAR (6/22)

June 30, 2022

Semi Annual Report

Victory Variable Insurance Funds

Victory RS Small Cap Growth Equity VIP Series

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

• Detailed performance records

• Daily share prices

• The latest fund news

• Investment resources to help you become a better investor

• A section dedicated to investment professionals

Victory Variable Insurance Funds

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					3
Schedule of Portfolio Investments					4
Financial Statements
Statement of Assets and Liabilities					8
Statement of Operations					9
Statements of Changes in Net Assets					10
Financial Highlights					12
Notes to Financial Statements					14
Supplemental Information					21
Proxy Voting and Portfolio Holdings Information					21
Expense Example					21
Liquidity Risk Management Program					22
Privacy Policy (inside back cover)

The Fund is distributed by Victory Capital Services, Inc. Victory Capital Management Inc. is the investment adviser to the Fund and receives fees from the Fund for performing services for the Fund.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus of the Fund.

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Past investment performance of the Fund, markets or securities mentioned herein should not be considered to be indicative of future results.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Call Victory at:

800-539-FUND (800-539-3863)

Visit our website at:

www.vcm.com

Victory Variable Insurance Funds
Victory RS Small Cap Growth Equity VIP Series

June 30, 2022

(Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks long-term capital growth.

Top 10 Holdings*:

June 30, 2022

(% of Net Assets)

MACOM Technology Solutions Holdings, Inc.	3.0	%
Evoqua Water Technologies Corp.	2.7	%
Advanced Energy Industries, Inc.	2.5	%
WNS Holdings Ltd.	2.5	%
Acushnet Holdings Corp.	2.1	%
Inspire Medical Systems, Inc.	2.1	%
Chart Industries, Inc.	2.0	%
HealthEquity, Inc.	1.9	%
Matador Resources Co.	1.9	%
Varonis Systems, Inc.	1.8	%

Sector Allocation*:

June 30, 2022

(% of Net Assets)

* Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

Victory Variable Insurance Funds
Victory RS Small Cap Growth Equity VIP Series

Schedule of Portfolio Investments
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Common Stocks (96.7%)
Biotechnology (10.2%):
Alkermes PLC (a)		29,680	$	884,167
Apellis Pharmaceuticals, Inc. (a)		17,380		785,924
BioCryst Pharmaceuticals, Inc. (a) (b)		92,050		973,889
DermTech, Inc. (a) (b)		28,460		157,668
Equillium, Inc. (a)		81,017		165,275
Fate Therapeutics, Inc. (a)		28,140		697,309
Halozyme Therapeutics, Inc. (a)		22,200		976,800
Karuna Therapeutics, Inc. (a)		5,750		727,433
Kezar Life Sciences, Inc. (a)		70,970		586,922
Kura Oncology, Inc. (a)		20,180		369,899
Opthea Ltd., ADR (a) (c)		37,920		238,896
SpringWorks Therapeutics, Inc. (a)		25,660		631,749
				7,195,931
Communication Services (2.6%):
World Wrestling Entertainment, Inc., Class A		18,410		1,150,441
ZipRecruiter, Inc. (a)		48,150		713,583
				1,864,024
Consumer Discretionary (9.2%):
Acushnet Holdings Corp. (b)		36,460		1,519,653
Boot Barn Holdings, Inc. (a)		11,860		817,272
Funko, Inc., Class A (a)		22,140		494,165
Gentherm, Inc. (a)		11,980		747,672
Ollie's Bargain Outlet Holdings, Inc. (a)		9,420		553,425
Papa John's International, Inc.		6,950		580,464
Wingstop, Inc.		8,540		638,536
YETI Holdings, Inc. (a)		27,430		1,186,896
				6,538,083
Consumer Staples (8.0%):
BellRing Brands, Inc. (a)		45,560		1,133,988
e.l.f. Beauty, Inc. (a)		33,750		1,035,450
Freshpet, Inc. (a)		9,760		506,446
Grocery Outlet Holding Corp. (a)		22,450		957,044
Hostess Brands, Inc. (a)		16,740		355,055
The Beauty Health Co. (a) (b)		50,360		647,630
The Simply Good Foods Co. (a)		27,390		1,034,520
				5,670,133
Energy (3.9%):
Callon Petroleum Co. (a)		14,140		554,288
Matador Resources Co.		28,550		1,330,145
Ranger Oil Corp. (a)		26,060		856,592
				2,741,025
Financials (6.1%):
Customers Bancorp, Inc. (a)		19,160		649,524
Focus Financial Partners, Inc., Class A (a)		25,220		858,993
PRA Group, Inc. (a)		24,530		891,911

See notes to financial statements.

Victory Variable Insurance Funds
Victory RS Small Cap Growth Equity VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Walker & Dunlop, Inc.		6,900	$	664,746
Wintrust Financial Corp.		15,430		1,236,714
				4,301,888
Health Care Equipment & Supplies (5.5%):
Axonics, Inc. (a)		11,320		641,504
CONMED Corp.		420		40,219
CryoPort, Inc. (a)		29,530		914,839
LivaNova PLC (a)		12,130		757,761
Nevro Corp. (a)		13,680		599,595
Shockwave Medical, Inc. (a)		4,850		927,175
				3,881,093
Health Care Providers & Services (5.9%):
Acadia Healthcare Co., Inc. (a)		18,040		1,220,045
HealthEquity, Inc. (a)		22,230		1,364,700
Option Care Health, Inc. (a)		27,290		758,389
Surgery Partners, Inc. (a)		29,950		866,154
				4,209,288
Health Care Technology (3.1%):
Evolent Health, Inc., Class A (a)		12,290		377,426
Health Catalyst, Inc. (a)		24,886		360,598
Inspire Medical Systems, Inc. (a)		7,960		1,454,053
				2,192,077
Industrials (10.2%):
AAON, Inc.		1,620		88,711
AAR Corp. (a)		14,780		618,395
Applied Industrial Technologies, Inc.		7,250		697,233
Chart Industries, Inc. (a)		8,530		1,427,751
Evoqua Water Technologies Corp. (a)		59,060		1,920,041
Mercury Systems, Inc. (a)		7,200		463,176
Simpson Manufacturing Co., Inc.		8,120		816,953
Trex Co., Inc. (a)		6,510		354,274
Zurn Water Solutions Corp.		31,000		844,440
				7,230,974
IT Services (6.4%):
DigitalOcean Holdings, Inc. (a) (b)		24,550		1,015,388
Evo Payments, Inc., Class A (a)		13,080		307,642
Flywire Corp. (a)		24,350		429,290
Marqeta, Inc., Class A (a)		44,450		360,489
Paya Holdings, Inc. (a)		54,540		358,328
Paymentus Holdings, Inc., Class A (a) (b)		22,870		305,772
WNS Holdings Ltd., ADR (a)		23,326		1,741,053
				4,517,962
Materials (2.8%):
Avient Corp.		18,120		726,250
Silgan Holdings, Inc.		8,710		360,158
Summit Materials, Inc., Class A (a)		38,130		888,048
				1,974,456

See notes to financial statements.

Victory Variable Insurance Funds
Victory RS Small Cap Growth Equity VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

Security Description	Shares		Value
Pharmaceuticals (1.8%):
Intra-Cellular Therapies, Inc. (a)		21,950	$	1,252,906
Real Estate (1.1%):
National Storage Affiliates Trust		16,240		813,137
Semiconductors & Semiconductor Equipment (9.2%):
Advanced Energy Industries, Inc.		24,530		1,790,199
Impinj, Inc. (a) (b)		15,580		914,079
Lattice Semiconductor Corp. (a)		14,280		692,580
MACOM Technology Solutions Holdings, Inc. (a)		46,460		2,141,806
Silicon Laboratories, Inc. (a)		4,410		618,370
SiTime Corp. (a)		2,160		352,145
				6,509,179
Software (10.7%):
ACI Worldwide, Inc. (a)		39,170		1,014,111
Avaya Holdings Corp. (a)		41,260		92,422
Box, Inc., Class A (a)		27,090		681,043
Gitlab, Inc., Class A (a) (b)		8,630		458,598
Jamf Holding Corp. (a) (b)		38,470		952,902
Smartsheet, Inc., Class A (a)		18,050		567,312
Sprout Social, Inc., Class A (a)		17,640		1,024,355
Telos Corp. (a)		50,710		409,737
Tenable Holdings, Inc. (a)		24,280		1,102,555
Varonis Systems, Inc. (a)		44,370		1,300,928
				7,603,963
Total Common Stocks (Cost $79,981,153)				68,496,119
Collateral for Securities Loaned (4.7%)^
BlackRock Liquidity Funds TempFund, Institutional Shares, 1.47% (d)		102,483		102,483
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 1.42% (d)		51,144		51,144
HSBC U.S. Government Money Market Fund, I Shares, 1.46% (d)		637,871		637,871
JPMorgan Prime Money Market Fund, Capital Shares, 1.50% (d)		407,808		407,808
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 1.39% (d)		271,962		271,962
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 1.53% (d)		1,833,584		1,833,584
Total Collateral for Securities Loaned (Cost $3,304,852)				3,304,852
Total Investments (Cost $83,286,005) — 101.4%				71,800,971
Liabilities in excess of other assets — (1.4%)				(1,004,762	)
NET ASSETS — 100.00%			$	70,796,209

^ Purchased with cash collateral from securities on loan.

(a) Non-income producing security.

(b) All or a portion of this security is on loan.

See notes to financial statements.

Victory Variable Insurance Funds
Victory RS Small Cap Growth Equity VIP Series

Schedule of Portfolio Investments — continued
June 30, 2022

(Unaudited)

(c) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of June 30, 2022, illiquid securities were 0.3% of net assets.

(d) Rate disclosed is the daily yield on June 30, 2022.

ADR — American Depositary Receipt

PLC — Public Limited Company

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Assets and Liabilities
June 30, 2022

(Unaudited)

	Victory RS Small Cap Growth Equity VIP Series
Assets:
Investments, at value (Cost $83,286,005)	$	71,800,971	(a)
Cash		2,188,041
Receivables:
Interest and dividends		6,023
Capital shares issued		317,500
Investments sold		1,523,423
From Adviser		15,278
Prepaid expenses		588
Total Assets		75,851,824
Liabilities:
Payables:
Collateral received on loaned securities		3,304,852
Investments purchased		1,649,604
Capital shares redeemed		4,114
Accrued expenses and other payables:
Investment advisory fees		44,671
Administration fees		4,187
Custodian fees		1,311
Transfer agent fees		37,694
Compliance fees		36
Other accrued expenses		9,146
Total Liabilities		5,055,615
Net Assets:
Capital		80,062,584
Total accumulated earnings/(loss)		(9,266,375	)
Net Assets	$	70,796,209
Shares (unlimited shares authorized with a par value of $0.001 per share):		6,822,375
Net asset value:	$	10.38

(a) Includes $3,124,906 of securities on loan.

See notes to financial statements.

Victory Variable Insurance Funds

Statement of Operations
For the Six Months Ended June 30, 2022

(Unaudited)

	Victory RS Small Cap Growth Equity VIP Series
Investment Income:
Dividends	$	146,676
Interest		927
Securities lending (net of fees)		2,648
Total Income		150,251
Expenses:
Investment advisory fees		322,027
Administration fees		23,197
Sub-Administration fees		8,430
Custodian fees		4,106
Transfer agent fees		67,303
Trustees' fees		3,288
Compliance fees		323
Legal and audit fees		6,390
Other expenses		5,685
Total Expenses		440,749
Expenses waived/reimbursed by Adviser		(63,913	)
Net Expenses		376,836
Net Investment Income (Loss)		(226,585	)
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(15,154,720	)
Net change in unrealized appreciation/depreciation on investment securities		(25,590,918	)
Net realized/unrealized gains (losses) on investments		(40,745,638	)
Change in net assets resulting from operations	$	(40,972,223	)

See notes to financial statements.

Victory Variable Insurance Funds

Statements of Changes in Net Assets

	Victory RS Small Cap Growth Equity VIP Series
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
From Investment Activities:
Operations:
Net investment income (loss)	$	(226,585	)	$	(997,483	)
Net realized gains (losses) from investments		(15,154,720	)		18,931,340
Net change in unrealized appreciation/depreciation on investments		(25,590,918	)		(31,860,727	)
Change in net assets resulting from operations		(40,972,223	)		(13,926,870	)
Change in net assets resulting from distributions to shareholders		—			(8,854,544	)
Change in net assets resulting from capital transactions		(1,465,319	)		(6,604,640	)
Change in net assets		(42,437,542	)		(29,386,054	)
Net Assets:
Beginning of period		113,233,751			142,619,805
End of period	$	70,796,209		$	113,233,751
Capital Transactions:
Proceeds from shares issued	$	6,773,836		$	17,744,088
Distributions reinvested		—			8,854,544
Cost of shares redeemed		(8,239,155	)		(33,203,272	)
Change in net assets resulting from capital transactions	$	(1,465,319	)	$	(6,604,640	)
Share Transactions:
Issued		547,367			899,924
Reinvested		—			565,424
Redeemed		(635,888	)		(1,719,218	)
Change in Shares		(88,521	)		(253,870	)

See notes to financial statements.

This page is intentionally left blank.

Victory Variable Insurance Funds

Financial Highlights

For a Share Outstanding Throughout Each Period

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Realized Gains from Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)
Victory RS Small Cap Growth Equity VIP Series
Six Months Ended June 30, 2022 (Unaudited)	$	16.38		(0.03	)		(5.97	)		(6.00	)		—			—		$	10.38		(36.63	)%
Year Ended December 31: 2021	$	19.91		(0.15	)		(1.99	)		(2.14	)		(1.39	)		(1.39	)	$	16.38		(10.43	)%
2020	$	16.76		(0.12	)		6.45			6.33			(3.18	)		(3.18	)	$	19.91		38.06	%
2019	$	15.29		(0.10	)		5.95			5.85			(4.38	)		(4.38	)	$	16.76		38.78	%
2018	$	20.48		(0.10	)		(1.62	)		(1.72	)		(3.47	)		(3.47	)	$	15.29		(8.25	)%
2017	$	14.82		(0.05	)		5.71			5.66			—			—		$	20.48		38.19	%

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Does not include acquire fund fees and expenses, if any.

See notes to financial statements.

Victory Variable Insurance Funds

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

	Ratios to Average Net Assets									Supplemental Data
	Net Expenses(d)(e)			Net Investment Income (Loss)(d)			Gross Expenses(d)(e)			Net Assets, End of Period (000's)		Portfolio Turnover(b)
Victory RS Small Cap Growth Equity VIP Series
Six Months Ended June 30, 2022 (Unaudited)		0.88	%		(0.53	)%		1.03	%	$	70,796		73	%
Year Ended December 31: 2021		0.88	%		(0.75	)%		0.99	%	$	113,234		92	%
2020		0.88	%		(0.69	)%		1.01	%	$	142,620		74	%
2019		0.88	%		(0.54	)%		1.01	%	$	105,112		90	%
2018		0.88	%		(0.44	)%		0.89	%	$	89,056		76	%
2017		0.87	%		(0.30	)%		0.87	%	$	111,470		71	%

See notes to financial statements.

Victory Variable Insurance Funds

Notes to Financial Statements
June 30, 2022

(Unaudited)

1. Organization:

The accompanying financial statements are those of the RS Small Cap Growth Equity VIP Series (the "Fund"), a series of the Trust. The Fund offers a single class of shares: Class I. The Fund's shares are only available for purchase by certain separate accounts of insurance companies as investments for certain variable annuity plans and variable life insurance contracts issued by those insurance companies. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

A summary of the valuations as of June 30, 2022, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	68,496,119	$	—	$	—	$	68,496,119
Collateral for Securities Loaned		3,304,852		—		—		3,304,852
Total	$	71,800,971	$	—	$	—	$	71,800,971

For the six months ended June 30, 2022, there were no transfers in or out of Level 3 in the fair value hierarchy.

Real Estate Investment Trusts ("REITs):

Investment Companies:

Open-End Funds:

Investment Transactions and Related Income:

Securities Lending:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

The Fund's agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Fund may not be sold or repledged, except to satisfy borrower default.

The following table is a summary of the Fund's securities lending transactions as of June 30, 2022.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	3,124,906			$	—			$	3,304,852

Federal Income Taxes:

The Fund intends policy to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of December 31.

Allocations:

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended June 30, 2022, were as follows:

Excluding U.S. Government Securities
Purchases		Sales
$	62,716,062	$	64,906,380

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. The Adviser is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly owned direct subsidiary of Victory Capital Operating, LLC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annualized rate of 0.75% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended June 30, 2022, are reflected on the Statement of Operations as Investment advisory fees.

Administration and Servicing Fees:

Net Assets
Up to $15 billion			$15 billion – $30 billion			Over $30 billion
	0.08	%, plus		0.05	%, plus		0.04	%

Amounts incurred for the six months ended June 30, 2022, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Distributor/Underwriting Services:

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

Other Fees:

Sidley Austin LLP provides legal services to the Trust.

Expires 2022				Expires 2023				Expires 2024				Expires 2025				Total
$	73,437			$	140,421			$	147,496			$	63,913			$	425,267

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

Small-Capitalization Stock Risk — Small-capitalization companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

6. Borrowing and Interfund Lending:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended June 30, 2022.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended June 30, 2022.

7. Federal Income Tax Information:

The Fund intends to distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

Victory Variable Insurance Funds

Notes to Financial Statements — continued
June 30, 2022

(Unaudited)

investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

At the tax year ended December 31, 2021, the Fund had no capital loss carryforward for federal income tax purposes.

Victory Variable Insurance Funds

Supplemental Information
June 30, 2022

(Unaudited)

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022, through June 30, 2022.

Beginning Account Value 1/1/22				Actual Ending Account Value 6/30/22				Hypothetical Ending Account Value 6/30/22				Actual Expenses Paid During Period 1/1/22-6/30/22*				Hypothetical Expenses Paid During Period 1/1/22-6/30/22*				Annualized Expense Ratio During Period 1/1/22-6/30/22
$	1,000.00			$	633.70			$	1,020.43			$	3.56			$	4.41				0.88	%

Victory Variable Insurance Funds

Supplemental Information — continued
June 30, 2022

(Unaudited)

Liquidity Risk Management Program:

Privacy Policy

Protecting the Privacy of Information

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

Victory Funds
P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:				Call Victory at:
www.vcm.com				800-539-FUND (800-539-3863)

VVIF-RS-SCGEVIP-SAR (6/22)

Item 2. Code of Ethics.

Not applicable — only for annual reports.

Item 3. Audit Committee Financial Experts.

Not applicable — only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable — only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b)      Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b)      Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

Victory Variable Insurance Funds

By (Signature and Title)*	/s/ Allan Shaer
	Allan Shaer, Principal Financial Officer


Date	August 26, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Christopher K. Dyer
	Christopher K. Dyer, Principal Executive Officer


Date	August 24, 2022


By (Signature and Title)*	/s/ Allan Shaer
	Allan Shaer, Principal Financial Officer


Date	August 26, 2022

Victory Variable Insurance Funds N-CSRSCertified semi-annual shareholder report (management investment company)