Victory Variable Insurance Funds | Schedule of Portfolio Investments |
Victory High Yield VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
Common Stocks (0.5%) | ||||||||
Communication Services (0.4%): | ||||||||
Altice USA, Inc., Class A (a) | 4,380 | $ | 25,535 | |||||
iHeartMedia, Inc., Class A (a)(b) | 3,500 | 25,655 | ||||||
Sinclair Broadcast Group, Inc., Class A (b) | 1,800 | 32,562 | ||||||
83,752 | ||||||||
Health Care (0.1%): | ||||||||
Surgery Partners, Inc. (a)(b) | 939 | 21,973 | ||||||
Total Common Stocks (Cost $194,694) | 105,725 | |||||||
Senior Secured Loans (22.4%) | ||||||||
19th Holdings Golf LLC, Initial Term Loans, First Lien, 5.70% (SOFR01M+300bps), 1/27/29 (c) | $ | 249,375 | 230,672 | |||||
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 6.77% (LIBOR01M+425bps), 3/14/25 (c) | 494,855 | 427,342 | ||||||
Bausch Health Cos., Inc., Second Amended Term Loan, First Lien, 8.00% (SOFR01M+525bps), 2/1/27 (c) | 246,875 | 188,975 | ||||||
Caesars Resort Collection LLC, Term B-1 Loans, First Lien, 6.02% (LIBOR01M+350bps), 6/19/25 (c) | 140,139 | 137,876 | ||||||
Chariot Buyer LLC, Initial Term Loans, First Lien, 6.02% (LIBOR01M+350bps), 11/3/28 (c) | 199,000 | 180,344 | ||||||
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 8.55% (SOFR03M+650bps), 2/14/27 (c) | 243,750 | 191,344 | ||||||
Delta Air Lines, Inc. and Skymiles IP Ltd., Initial Term Loan, First Lien, 6.46% (LIBOR03M+375bps), 10/20/27 (c) | 375,000 | 375,292 | ||||||
Diamond Sports Group LLC, Term Loan, First Lien, 10.60% (SOFR01M+800bps), 5/25/26 (c) | 37,754 | 36,102 | ||||||
Diamond Sports Group LLC, Term Loan, Second Lien, 5.95% (SOFR01M+335bps), 8/24/26 (c) | 421,813 | 80,444 | ||||||
Envision Healthcare Corp., First Out Term Loan, First Lien, 10.38% (SOFR03M+788bps), 7/22/27 (c) | 24,957 | 23,896 | ||||||
Envision Healthcare Corp., Second Out Term Loan, First Lien, 6.83% (SOFR03M+425bps), 3/31/27 (c)(d) | 147,663 | 64,233 | ||||||
Envision Healthcare Corp., Third Out term Loans, First Lien, 6.33% (SOFR03M+375bps), 3/31/27 (c) | 69,445 | 17,824 | ||||||
Great Outdoors Group LLC, Term B1, First Lien, 6.27% (LIBOR01M+375bps), 3/5/28 (c) | 245,644 | 226,361 | ||||||
Intelsat Jackson Holdings SA, Term B loan, First Lien, 7.19% (SOFR06M+425bps), 2/1/29 (c) | 291,708 | 273,112 | ||||||
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 7.52% (LIBOR03M+475bps), 6/30/28 (c) | 247,500 | 160,180 | ||||||
Knight Health Holdings LLC, Term B Loans, First Lien, 7.77% (LIBOR01M+525bps), 12/17/28 (c) | 496,250 | 359,161 | ||||||
LifeScan Global Corp., Initial Term Loan, First Lien, 8.29% (LIBOR03M+600bps), 10/1/24 (c) | 368,750 | 295,737 | ||||||
Petco Health and Wellness Co., Inc., Initial Term Loans, First Lien, 5.50% (LIBOR03M+325bps), 2/25/28 (c) | 395,000 | 372,165 | ||||||
PetSmart, Inc., Initial Term Loans, First Lien, 6.27% (LIBOR01M+375bps), 2/12/28 (c) | 74,250 | 70,105 | ||||||
Radiology Partners, Inc., Term Loan New, First Lien, 7.33% (LIBOR01M+425bps), 7/9/25 (c) | 250,000 | 208,750 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory High Yield VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
SWF Holdings Corp. I, Initial Term Loans, First Lien, 7.60% (LIBOR03M+400bps), 10/6/28 (c) | $ | 398,000 | $ | 309,644 | ||||
The Michaels Cos., Inc., Term B Loans, First Lien, 6.50% (LIBOR03M+425bps), 4/15/28 (c) | 296,250 | 237,593 | ||||||
TIBCO Software, Inc., Dollar Term B Loan, First Lien, 3/20/29 (d) | 500,000 | 448,035 | ||||||
United Airlines, Inc., Class B Term Loans, First Lien, 6.53% (LIBOR03M+375bps), 4/21/28 (c) | 172,375 | 164,211 | ||||||
Total Senior Secured Loans (Cost $5,910,367) | 5,079,398 | |||||||
Corporate Bonds (63.7%) | ||||||||
Communication Services (10.7%): | ||||||||
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(e) | 250,000 | 177,780 | ||||||
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 11/14/22 @ 103.38(b)(e) | 452,000 | 382,604 | ||||||
Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38(e) | 200,000 | 48,702 | ||||||
Gray Television, Inc. | ||||||||
7.00%, 5/15/27, Callable 10/24/22 @ 105.25 (b)(e) | 250,000 | 234,805 | ||||||
4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (e) | 250,000 | 187,550 | ||||||
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 10/27/22 @ 104.19(b) | 350,000 | 294,753 | ||||||
Nexstar Broadcasting, Inc., 5.63%, 7/15/27, Callable 10/24/22 @ 104.22(e) | 500,000 | 460,390 | ||||||
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(b)(e) | 250,000 | 180,000 | ||||||
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5 | 500,000 | 461,490 | ||||||
2,428,074 | ||||||||
Consumer Discretionary (17.7%): | ||||||||
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103(e) | 200,000 | 182,392 | ||||||
Affinity Gaming, 6.88%, 12/15/27, Callable 12/1/23 @ 103.44(e) | 200,000 | 162,928 | ||||||
American Axle & Manufacturing, Inc., 5.00%, 10/1/29, Callable 10/1/24 @ 102.5(b) | 500,000 | 378,900 | ||||||
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 10/27/22 @ 102.94 | 400,000 | 309,340 | ||||||
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(b)(e) | 250,000 | 239,115 | ||||||
Cinemark USA, Inc., 5.25%, 7/15/28, Callable 7/15/24 @ 102.63(b)(e) | 250,000 | 192,135 | ||||||
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(e) | 200,000 | 135,436 | ||||||
Life Time, Inc., 5.75%, 1/15/26, Callable 1/15/23 @ 102.88(e) | 250,000 | 228,477 | ||||||
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100 | 250,000 | 224,087 | ||||||
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(e) | 100,000 | 74,459 | ||||||
Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 8.50%, 5/15/27, Callable 11/14/22 @ 104.25(e) | 500,000 | 477,870 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | ||||||||
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (e) | 200,000 | 138,404 | ||||||
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (e) | 400,000 | 269,908 | ||||||
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31(e) | 250,000 | 200,283 | ||||||
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5(e) | 500,000 | 371,930 | ||||||
The Michaels Cos., Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(b)(e) | 200,000 | 115,372 | ||||||
Viking Cruises Ltd., 13.00%, 5/15/25, Callable 10/27/22 @ 109.75(e) | 300,000 | 311,523 | ||||||
4,012,559 | ||||||||
Consumer Staples (0.8%): | ||||||||
Simmons Foods, Inc./Simmons prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed, 4.63%, 3/1/29, Callable 3/1/24 @ 102.31(e) | 50,000 | 40,859 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory High Yield VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Principal Amount | Value | ||||||
Triton Water Holdings, Inc., 6.25%, 4/1/29, Callable 4/1/24 @ 103.13(e) | $ | 200,000 | $ | 153,100 | ||||
193,959 | ||||||||
Energy (8.2%): | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(e) | 50,000 | 44,028 | ||||||
Antero Resources Corp., 7.63%, 2/1/29, Callable 2/1/24 @ 103.81(e) | 50,000 | 50,005 | ||||||
Callon Petroleum Co., 7.50%, 6/15/30, Callable 6/15/25 @ 103.75(b)(e) | 250,000 | 219,040 | ||||||
CITGO Holding, Inc., 9.25%, 8/1/24, Callable 11/14/22 @ 102.31(e) | 500,000 | 496,350 | ||||||
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 11/14/22 @ 103.5(e) | 250,000 | 238,805 | ||||||
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(e) | 250,000 | 231,365 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103 | 250,000 | 215,770 | ||||||
Range Resources Corp., 5.00%, 3/15/23, Callable 12/15/22 @ 100 | 100,000 | 99,665 | ||||||
Talos Production, Inc., 12.00%, 1/15/26, Callable 1/15/23 @ 106 | 250,000 | 260,745 | ||||||
1,855,773 | ||||||||
Financials (3.8%): | ||||||||
AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(e) | 150,000 | 125,484 | ||||||
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63(e) | 200,000 | 157,270 | ||||||
Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69(b)(e) | 125,000 | 98,001 | ||||||
Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(e) | 250,000 | 205,695 | ||||||
SWF Escrow Issuer Corp., 6.50%, 10/1/29, Callable 10/1/24 @ 103.25(e) | 50,000 | 29,632 | ||||||
Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(b)(e) | 200,000 | 121,276 | ||||||
White Capital Parent LLC, 8.25%, 3/15/26, Callable 11/14/22 @ 102(e) | 150,000 | 127,618 | ||||||
864,976 | ||||||||
Health Care (6.3%): | ||||||||
Air Methods Corp., 8.00%, 5/15/25, Callable 11/14/22 @ 100(e) | 350,000 | 177,401 | ||||||
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(e) | 300,000 | 141,432 | ||||||
LifePoint Health, Inc., 5.38%, 1/15/29, Callable 1/15/24 @ 102.69(e) | 350,000 | 246,341 | ||||||
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 2/1/23 @ 104.63(e) | 300,000 | 196,305 | ||||||
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 10/27/22 @ 100(e) | 350,000 | 260,284 | ||||||
Tenet Healthcare Corp., 6.13%, 10/1/28, Callable 10/1/23 @ 103.06(e) | 300,000 | 264,663 | ||||||
U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 11/14/22 @ 105.31(e) | 300,000 | 136,683 | ||||||
1,423,109 | ||||||||
Industrials (12.2%): | ||||||||
Ahern Rentals, Inc., 7.38%, 5/15/23, Callable 11/14/22 @ 100(e) | 425,000 | 289,357 | ||||||
American Airlines, Inc., 11.75%, 7/15/25(e) | 250,000 | 261,335 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(e) | 150,000 | 130,907 | ||||||
Aramark Services, Inc., 6.38%, 5/1/25, Callable 11/14/22 @ 103.19(e) | 250,000 | 244,932 | ||||||
Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(e) | 200,000 | 139,458 | ||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(e) | 250,000 | 244,862 | ||||||
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75(e) | 100,000 | 83,340 | ||||||
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(e) | 500,000 | 405,050 | ||||||
SRS Distribution, Inc. | ||||||||
6.13%, 7/1/29, Callable 7/1/24 @ 103.06 (e) | 125,000 | 100,509 | ||||||
6.00%, 12/1/29, Callable 12/1/24 @ 103 (e) | 150,000 | 119,510 | ||||||
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31 | 325,000 | 262,412 | ||||||
Triumph Group, Inc., 6.25%, 9/15/24, Callable 11/14/22 @ 100(e) | 175,000 | 159,411 | ||||||
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25(e) | 100,000 | 78,046 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory High Yield VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares or Principal Amount | Value | ||||||
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63(e) | $ | 250,000 | $ | 246,052 | ||||
2,765,181 | ||||||||
Information Technology (1.6%): | ||||||||
Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(e) | 150,000 | 127,770 | ||||||
Nielsen Finance LLC/Nielsen Finance Co., 4.50%, 7/15/29, Callable 7/15/24 @ 102.25(e) | 250,000 | 249,800 | ||||||
377,570 | ||||||||
Materials (1.7%): | ||||||||
Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56 | 250,000 | 205,333 | ||||||
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06(e) | 200,000 | 175,142 | ||||||
380,475 | ||||||||
Real Estate (0.7%): | ||||||||
Adams Homes, Inc., 7.50%, 2/15/25, Callable 10/27/22 @ 103.75(e) | 200,000 | 165,030 | ||||||
Total Corporate Bonds (Cost $17,588,696) | 14,466,706 | |||||||
Yankee Dollars (5.5%) | ||||||||
Communication Services (0.8%): | ||||||||
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81(e) | 400,000 | 192,176 | ||||||
Energy (0.8%): | ||||||||
TechnipFMC PLC, 6.50%, 2/1/26, Callable 2/1/23 @ 103.25(e) | 200,000 | 191,944 | ||||||
Industrials (2.9%): | ||||||||
Bombardier, Inc., 7.88%, 4/15/27, Callable 11/14/22 @ 103.94(b)(e) | 400,000 | 368,040 | ||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 11/11/22 @ 101.94(e) | 250,000 | 199,410 | ||||||
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(b)(e) | 100,000 | 80,670 | ||||||
648,120 | ||||||||
Information Technology (0.7%): | ||||||||
ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88(e) | 200,000 | 162,562 | ||||||
Materials (0.3%): | ||||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56(e) | 100,000 | 59,003 | ||||||
Total Yankee Dollars (Cost $1,599,793) | 1,253,805 | |||||||
Collateral for Securities Loaned (12.1%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (f) | 58,873 | 58,873 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (f) | 39,627 | 39,627 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (f) | 29,381 | 29,381 | ||||||
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (f) | 1,337,687 | 1,337,687 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (f) | 58,661 | 58,661 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory High Yield VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (f) | 159,284 | $ | 159,284 | |||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (f) | 1,053,333 | 1,053,333 | ||||||
Total Collateral for Securities Loaned (Cost $2,736,846) | 2,736,846 | |||||||
Total Investments (Cost $28,030,396) — 104.2% | 23,642,480 | |||||||
Liabilities in excess of other assets — (4.2)% | (945,082 | ) | ||||||
NET ASSETS - 100.00% | $ | 22,697,398 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022. |
(d) | The rates for this senior secured loan will be known on settlement date of the loan, subsequent to this report date. Senior secured loans have rates that will fluctuate over time in line with prevailing interest rates. |
(e) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $13,008,016 and amounted to 57.3% of net assets. |
(f) | Rate disclosed is the daily yield on September 30, 2022. |
bps—Basis points CVR—Contingent Value Right |
LIBOR—London Interbank Offered Rate |
LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security |
LLC—Limited Liability Company |
LP—Limited Partnership |
PLC—Public Limited Company |
SOFR—Secured Overnight Financing Rate |
Victory Variable Insurance Funds | Schedule of Portfolio Investments | |
Victory RS International VIP Series | September 30, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (96.9%) | ||||||||
Australia (7.7%): | ||||||||
Consumer Discretionary (1.1%): | ||||||||
Aristocrat Leisure Ltd. | 52,601 | $ | 1,108,917 | |||||
Financials (1.3%): | ||||||||
Macquarie Group Ltd. | 14,346 | 1,399,272 | ||||||
Health Care (2.1%): | ||||||||
CSL Ltd. | 11,882 | 2,160,441 | ||||||
Materials (2.2%): | ||||||||
BHP Group Ltd. | 93,939 | 2,334,603 | ||||||
Real Estate (1.0%): | ||||||||
Scentre Group | 626,995 | 1,024,196 | ||||||
8,027,429 | ||||||||
Belgium (0.7%): | ||||||||
Information Technology (0.7%): | ||||||||
Melexis NV | 11,008 | 744,605 | ||||||
China (0.8%): | ||||||||
Communication Services (0.8%): | ||||||||
Tencent Holdings Ltd. | 23,900 | 807,280 | ||||||
Denmark (3.6%): | ||||||||
Consumer Discretionary (0.5%): | ||||||||
Pandora A/S | 9,770 | 456,991 | ||||||
Consumer Staples (0.5%): | ||||||||
Royal Unibrew A/S | 8,124 | 526,499 | ||||||
Health Care (2.6%): | ||||||||
Novo Nordisk A/S, Class B | 27,478 | 2,737,803 | ||||||
3,721,293 | ||||||||
France (8.4%): | ||||||||
Consumer Discretionary (4.1%): | ||||||||
La Francaise des Jeux SAEM (a) | 38,978 | 1,156,066 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 5,323 | 3,137,834 | ||||||
4,293,900 | ||||||||
Energy (0.7%): | ||||||||
Gaztransport Et Technigaz SA | 6,603 | 727,960 | ||||||
Industrials (1.2%): | ||||||||
Safran SA | 14,296 | 1,300,593 | ||||||
Information Technology (1.2%): | ||||||||
Capgemini SE | 7,616 | 1,219,142 | ||||||
Materials (1.2%): | ||||||||
Arkema SA | 17,492 | 1,274,606 | ||||||
8,816,201 | ||||||||
Germany (6.9%): | ||||||||
Consumer Discretionary (1.0%): | ||||||||
Volkswagen AG, Preference Shares | 8,099 | 989,484 | ||||||
Financials (1.5%): | ||||||||
Allianz SE, Registered Shares | 10,083 | 1,588,180 | ||||||
Industrials (1.5%): | ||||||||
Siemens AG, Registered Shares | 16,448 | 1,607,432 | ||||||
Information Technology (1.7%): | ||||||||
SAP SE | 21,587 | 1,758,971 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued | |
Victory RS International VIP Series | September 30, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Utilities (1.2%): | ||||||||
RWE AG | 33,212 | $ | 1,220,556 | |||||
7,164,623 | ||||||||
Hong Kong (3.1%): | ||||||||
Financials (1.4%): | ||||||||
AIA Group Ltd. | 177,600 | 1,478,728 | ||||||
Real Estate (1.7%): | ||||||||
CK Asset Holdings Ltd. | 286,000 | 1,717,024 | ||||||
3,195,752 | ||||||||
Italy (1.0%): | ||||||||
Utilities (1.0%): | ||||||||
Snam SpA | 262,721 | 1,061,741 | ||||||
Japan (22.4%): | ||||||||
Communication Services (2.0%): | ||||||||
Capcom Co. Ltd. | 42,500 | 1,070,189 | ||||||
Kakaku.com, Inc. | 58,100 | 984,709 | ||||||
2,054,898 | ||||||||
Consumer Discretionary (3.5%): | ||||||||
Toyota Motor Corp. | 203,500 | 2,660,205 | ||||||
ZOZO, Inc. | 49,100 | 983,002 | ||||||
3,643,207 | ||||||||
Consumer Staples (1.4%): | ||||||||
Toyo Suisan Kaisha Ltd. | 35,700 | 1,472,407 | ||||||
Financials (2.9%): | ||||||||
Mitsubishi UFJ Financial Group, Inc. | 324,100 | 1,468,417 | ||||||
Tokio Marine Holdings, Inc. | 85,500 | 1,519,813 | ||||||
2,988,230 | ||||||||
Health Care (2.9%): | ||||||||
Hoya Corp. | 19,100 | 1,840,704 | ||||||
Shionogi & Co. Ltd. | 24,300 | 1,173,710 | ||||||
3,014,414 | ||||||||
Industrials (5.5%): | ||||||||
Fuji Electric Co. Ltd. | 38,900 | 1,425,917 | ||||||
Misumi Group, Inc. | 38,200 | 822,652 | ||||||
Mitsubishi Heavy Industries Ltd. | 35,200 | 1,170,888 | ||||||
Nippon Yusen KK (b) | 38,100 | 646,794 | ||||||
OKUMA Corp. | 14,300 | 491,136 | ||||||
Sanwa Holdings Corp. | 137,700 | 1,182,824 | ||||||
5,740,211 | ||||||||
Information Technology (2.9%): | ||||||||
Fujitsu Ltd. | 11,300 | 1,239,239 | ||||||
Oracle Corp. | 17,400 | 922,416 | ||||||
Ulvac, Inc. | 25,600 | 904,724 | ||||||
3,066,379 | ||||||||
Real Estate (0.7%): | ||||||||
Sumitomo Realty & Development Co. Ltd. | 32,200 | 732,395 | ||||||
Utilities (0.6%): | ||||||||
Chubu Electric Power Co., Inc. | 75,800 | 681,808 | ||||||
23,393,949 | ||||||||
Netherlands (5.4%): | ||||||||
Communication Services (1.6%): | ||||||||
Koninklijke KPN NV | 619,808 | 1,677,174 | ||||||
Financials (1.2%): | ||||||||
ING Groep NV | 145,129 | 1,243,340 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued | |
Victory RS International VIP Series | September 30, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
Industrials (1.7%): | ||||||||
Wolters Kluwer NV | 17,991 | $ | 1,751,585 | |||||
Information Technology (0.9%): | ||||||||
ASM International NV | 4,315 | 966,013 | ||||||
5,638,112 | ||||||||
New Zealand (0.5%): | ||||||||
Health Care (0.5%): | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. (b) | 55,750 | 577,584 | ||||||
Norway (1.4%): | ||||||||
Energy (0.5%): | ||||||||
Aker BP ASA | 17,101 | 491,138 | ||||||
Financials (0.9%): | ||||||||
SpareBank 1 SMN | 97,807 | 998,590 | ||||||
1,489,728 | ||||||||
Spain (1.5%): | ||||||||
Communication Services (0.0%):(c) | ||||||||
Telefonica SA | 1 | 3 | ||||||
Financials (1.5%): | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 352,346 | 1,580,332 | ||||||
1,580,335 | ||||||||
Sweden (2.6%): | ||||||||
Industrials (2.6%): | ||||||||
Atlas Copco AB, Class B | 203,995 | 1,691,794 | ||||||
Nibe Industrier AB, Class B | 118,863 | 1,060,834 | ||||||
2,752,628 | ||||||||
Switzerland (14.4%): | ||||||||
Consumer Staples (5.5%): | ||||||||
Coca-Cola HBC AG | 46,697 | 975,506 | ||||||
Nestle SA, Registered Shares | 44,220 | 4,783,686 | ||||||
5,759,192 | ||||||||
Financials (2.1%): | ||||||||
Partners Group Holding AG | 1,032 | 830,706 | ||||||
UBS Group AG | 95,879 | 1,391,291 | ||||||
2,221,997 | ||||||||
Health Care (6.8%): | ||||||||
Novartis AG, Registered Shares | 36,343 | 2,771,243 | ||||||
Roche Holding AG | 13,250 | 4,314,184 | ||||||
7,085,427 | ||||||||
15,066,616 | ||||||||
United Kingdom (16.5%): | ||||||||
Consumer Discretionary (0.6%): | ||||||||
Next PLC | 11,944 | 633,794 | ||||||
Consumer Staples (3.9%): | ||||||||
Diageo PLC | 55,914 | 2,353,082 | ||||||
Imperial Brands PLC | 84,762 | 1,742,553 | ||||||
4,095,635 | ||||||||
Energy (3.7%): | ||||||||
BP PLC | 266,442 | 1,272,874 | ||||||
Shell PLC | 103,559 | 2,568,499 | ||||||
3,841,373 | ||||||||
Financials (3.7%): | ||||||||
Barclays PLC | 790,808 | 1,257,996 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued | |
Victory RS International VIP Series | September 30, 2022 | |
(Unaudited) |
Security Description | Shares | Value | ||||||
HSBC Holdings PLC | 336,768 | $ | 1,743,340 | |||||
Intermediate Capital Group PLC | 27,757 | 299,361 | ||||||
Legal & General Group PLC | 246,161 | 587,448 | ||||||
3,888,145 | ||||||||
Health Care (0.4%): | ||||||||
CVS Group PLC | 21,504 | 409,628 | ||||||
Industrials (1.2%): | ||||||||
Ashtead Group PLC | 28,592 | 1,283,769 | ||||||
Materials (3.0%): | ||||||||
Croda International PLC | 16,511 | 1,179,014 | ||||||
Rio Tinto PLC | 34,966 | 1,891,435 | ||||||
3,070,449 | ||||||||
17,222,793 | ||||||||
Total Common Stocks (Cost $107,984,543) | 101,260,669 | |||||||
Exchange-Traded Funds (0.2%) | ||||||||
United States (0.2%): | ||||||||
iShares MSCI EAFE ETF | 3,731 | 208,973 | ||||||
Total Exchange-Traded Funds (Cost $235,669) | 208,973 | |||||||
Collateral for Securities Loaned (1.1%)^ | ||||||||
United States (1.1%): | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d) | 25,134 | 25,134 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d) | 16,917 | 16,917 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d) | 12,543 | 12,543 | ||||||
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (d) | 571,078 | 571,078 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d) | 25,043 | 25,043 | ||||||
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d) | 68,001 | 68,001 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d) | 449,683 | 449,683 | ||||||
Total Collateral for Securities Loaned (Cost $1,168,399) | 1,168,399 | |||||||
Total Investments (Cost $109,388,611) — 98.2% | 102,638,041 | |||||||
Other assets in excess of liabilities — 1.8% | 1,894,887 | |||||||
NET ASSETS - 100.00% | $ | 104,532,928 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $1,156,066 and amounted to 1.1% of net assets. |
(b) | All or a portion of this security is on loan. |
(c) | Amount represents less than 0.05% of net assets. |
(d) | Rate disclosed is the daily yield on September 30, 2022. |
ETF—Exchange-Traded Fund |
PLC—Public Limited Company |
Victory Variable Insurance Funds | Schedule of Portfolio Investments |
Victory RS Large Cap Alpha VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (95.5%) | ||||||||
Communication Services (2.4%): | ||||||||
Alphabet, Inc., Class A (a) | 75,900 | $ | 7,259,835 | |||||
Meta Platforms, Inc., Class A (a) | 77,340 | 10,493,491 | ||||||
17,753,326 | ||||||||
Consumer Discretionary (4.5%): | ||||||||
Darden Restaurants, Inc. | 66,040 | 8,342,173 | ||||||
LKQ Corp. | 360,320 | 16,989,088 | ||||||
Target Corp. | 51,120 | 7,585,697 | ||||||
32,916,958 | ||||||||
Consumer Staples (7.1%): | ||||||||
Keurig Dr Pepper, Inc. | 448,380 | 16,060,972 | ||||||
Lamb Weston Holdings, Inc. | 101,560 | 7,858,713 | ||||||
Mondelez International, Inc., Class A | 295,470 | 16,200,620 | ||||||
U.S. Foods Holding Corp. (a) | 457,130 | 12,086,517 | ||||||
52,206,822 | ||||||||
Energy (6.7%): | ||||||||
Enterprise Products Partners LP | 674,220 | 16,032,951 | ||||||
Hess Corp. | 88,830 | 9,681,582 | ||||||
Marathon Oil Corp. | 627,510 | 14,169,176 | ||||||
Ovintiv, Inc. | 193,050 | 8,880,300 | ||||||
48,764,009 | ||||||||
Financials (24.7%): | ||||||||
Cboe Global Markets, Inc. | 203,990 | 23,942,306 | ||||||
Comerica, Inc. | 402,100 | 28,589,310 | ||||||
Fairfax Financial Holdings Ltd. | 69,630 | 31,804,859 | ||||||
Interactive Brokers Group, Inc. | 297,220 | 18,995,330 | ||||||
JPMorgan Chase & Co. | 105,650 | 11,040,425 | ||||||
Markel Corp. (a) | 19,360 | 20,990,499 | ||||||
State Street Corp. | 221,090 | 13,444,483 | ||||||
The Progressive Corp. | 280,220 | 32,564,366 | ||||||
181,371,578 | ||||||||
Health Care (18.9%): | ||||||||
AbbVie, Inc. | 142,700 | 19,151,767 | ||||||
Cigna Corp. | 57,270 | 15,890,707 | ||||||
Humana, Inc. | 46,010 | 22,323,592 | ||||||
Johnson & Johnson | 83,510 | 13,642,194 | ||||||
McKesson Corp. | 23,730 | 8,065,115 | ||||||
Medtronic PLC | 250,340 | 20,214,955 | ||||||
Merck & Co., Inc. | 230,520 | 19,852,382 | ||||||
UnitedHealth Group, Inc. | 39,145 | 19,769,791 | ||||||
138,910,503 | ||||||||
Industrials (11.2%): | ||||||||
Eaton Corp. PLC | 62,960 | 8,396,346 | ||||||
FedEx Corp. | 40,960 | 6,081,331 | ||||||
Johnson Controls International PLC | 236,110 | 11,621,334 | ||||||
L3Harris Technologies, Inc. | 42,210 | 8,772,504 | ||||||
Leidos Holdings, Inc. | 142,540 | 12,467,974 | ||||||
PACCAR, Inc. | 68,130 | 5,701,800 | ||||||
Raytheon Technologies Corp. | 104,071 | 8,519,252 | ||||||
Sensata Technologies Holding PLC | 348,660 | 12,998,045 | ||||||
Union Pacific Corp. | 37,430 | 7,292,112 | ||||||
81,850,698 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory RS Large Cap Alpha VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Information Technology (6.4%): | ||||||||
Euronet Worldwide, Inc. (a) | 96,990 | $ | 7,347,962 | |||||
Fidelity National Information Services, Inc. | 266,440 | 20,134,871 | ||||||
FleetCor Technologies, Inc. (a) | 51,930 | 9,148,508 | ||||||
Global Payments, Inc. | 95,790 | 10,350,110 | ||||||
46,981,451 | ||||||||
Materials (3.5%): | ||||||||
PPG Industries, Inc. | 89,410 | 9,896,793 | ||||||
Sealed Air Corp. | 357,470 | 15,910,990 | ||||||
25,807,783 | ||||||||
Real Estate (3.8%): | ||||||||
Equity LifeStyle Properties, Inc. | 174,560 | 10,969,350 | ||||||
Invitation Homes, Inc. | 491,450 | 16,596,267 | ||||||
27,565,617 | ||||||||
Utilities (6.3%): | ||||||||
Constellation Energy Corp. | 97,549 | 8,115,101 | ||||||
Exelon Corp. | 331,920 | 12,433,723 | ||||||
Vistra Corp. | 1,237,179 | 25,980,759 | ||||||
46,529,583 | ||||||||
Total Common Stocks (Cost $676,258,398) | 700,658,328 | |||||||
Total Investments (Cost $676,258,398) — 95.5% | 700,658,328 | |||||||
Other assets in excess of liabilities — 4.5% | 32,731,818 | |||||||
NET ASSETS - 100.00% | $ | 733,390,146 |
(a) | Non-income producing security. |
LP—Limited Partnership |
PLC—Public Limited Company |
Victory Variable Insurance Funds | Schedule of Portfolio Investments |
Victory RS Small Cap Growth Equity VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (95.0%) | ||||||||
Biotechnology (12.1%): | ||||||||
Agios Pharmaceuticals, Inc. (a)(b) | 22,570 | $ | 638,280 | |||||
Apellis Pharmaceuticals, Inc. (a)(b) | 18,670 | 1,275,161 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 71,500 | 900,900 | ||||||
Chinook Therapeutics, Inc. (a)(b) | 30,130 | 592,356 | ||||||
Cytokinetics, Inc. (a)(b) | 15,970 | 773,747 | ||||||
Equillium, Inc. (a) | 82,237 | 182,566 | ||||||
Fate Therapeutics, Inc. (a) | 27,610 | 618,740 | ||||||
Halozyme Therapeutics, Inc. (a) | 16,560 | 654,782 | ||||||
Kezar Life Sciences, Inc. (a)(b) | 63,930 | 550,437 | ||||||
Krystal Biotech, Inc. (a) | 8,700 | 606,390 | ||||||
Kura Oncology, Inc. (a) | 37,550 | 512,933 | ||||||
Mirum Pharmaceuticals, Inc. (a)(b) | 19,840 | 416,838 | ||||||
Opthea Ltd., ADR (a)(c) | 38,140 | 236,087 | ||||||
SpringWorks Therapeutics, Inc. (a)(b) | 26,780 | 764,033 | ||||||
Twist Bioscience Corp. (a) | 8,670 | 305,531 | ||||||
9,028,781 | ||||||||
Communication Services (2.6%): | ||||||||
World Wrestling Entertainment, Inc., Class A (b) | 16,730 | 1,173,944 | ||||||
ZipRecruiter, Inc. (a) | 47,140 | 777,810 | ||||||
1,951,754 | ||||||||
Consumer Discretionary (6.3%): | ||||||||
Acushnet Holdings Corp. (b) | 42,040 | 1,828,319 | ||||||
Funko, Inc., Class A (a)(b) | 38,940 | 787,367 | ||||||
Ollie's Bargain Outlet Holdings, Inc. (a) | 17,970 | 927,252 | ||||||
Texas Roadhouse, Inc. | 4,900 | 427,574 | ||||||
Wingstop, Inc. | 6,050 | 758,791 | ||||||
4,729,303 | ||||||||
Consumer Staples (6.9%): | ||||||||
BellRing Brands, Inc. (a) | 61,480 | 1,267,103 | ||||||
Celsius Holdings, Inc. (a) | 7,250 | 657,430 | ||||||
e.l.f. Beauty, Inc. (a) | 18,730 | 704,623 | ||||||
Grocery Outlet Holding Corp. (a) | 30,890 | 1,028,328 | ||||||
Hostess Brands, Inc. (a) | 20,300 | 471,772 | ||||||
The Beauty Health Co. (a)(b) | 40,690 | 479,735 | ||||||
The Simply Good Foods Co. (a) | 18,660 | 596,933 | ||||||
5,205,924 | ||||||||
Energy (5.1%): | ||||||||
Callon Petroleum Co. (a)(b) | 12,810 | 448,478 | ||||||
Denbury, Inc. (a) | 10,430 | 899,692 | ||||||
Matador Resources Co. | 26,050 | 1,274,366 | ||||||
Range Resources Corp. | 9,920 | 250,579 | ||||||
Ranger Oil Corp. | 29,970 | 942,557 | ||||||
3,815,672 | ||||||||
Financials (6.9%): | ||||||||
Customers Bancorp, Inc. (a) | 23,230 | 684,821 | ||||||
Focus Financial Partners, Inc., Class A (a) | 18,620 | 586,716 | ||||||
Kinsale Capital Group, Inc. | 3,610 | 922,066 | ||||||
PRA Group, Inc. (a) | 31,050 | 1,020,303 | ||||||
Walker & Dunlop, Inc. | 7,290 | 610,392 | ||||||
Wintrust Financial Corp. | 16,880 | 1,376,564 | ||||||
5,200,862 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory RS Small Cap Growth Equity VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Health Care Equipment & Supplies (6.4%): | ||||||||
Axonics, Inc. (a) | 17,470 | $ | 1,230,587 | |||||
Inspire Medical Systems, Inc. (a) | 8,510 | 1,509,419 | ||||||
LivaNova PLC (a) | 11,660 | 591,978 | ||||||
Shockwave Medical, Inc. (a) | 5,260 | 1,462,648 | ||||||
4,794,632 | ||||||||
Health Care Providers & Services (6.8%): | ||||||||
Acadia Healthcare Co., Inc. (a) | 17,210 | 1,345,478 | ||||||
HealthEquity, Inc. (a) | 26,910 | 1,807,545 | ||||||
Option Care Health, Inc. (a) | 33,060 | 1,040,398 | ||||||
Privia Health Group, Inc. (a) | 7,080 | 241,145 | ||||||
Surgery Partners, Inc. (a)(b) | 28,350 | 663,390 | ||||||
5,097,956 | ||||||||
Health Care Technology (1.5%): | ||||||||
Evolent Health, Inc., Class A (a) | 30,360 | 1,090,835 | ||||||
Industrials (11.7%): | ||||||||
AAON, Inc. (b) | 16,040 | 864,235 | ||||||
AAR Corp. (a) | 23,040 | 825,293 | ||||||
Applied Industrial Technologies, Inc. | 11,650 | 1,197,387 | ||||||
Bloom Energy Corp., Class A (a)(b) | 35,920 | 718,041 | ||||||
Chart Industries, Inc. (a) | 7,240 | 1,334,694 | ||||||
Clean Harbors, Inc. (a) | 4,130 | 454,217 | ||||||
Evoqua Water Technologies Corp. (a) | 61,000 | 2,017,270 | ||||||
Mercury Systems, Inc. (a) | 8,360 | 339,416 | ||||||
Simpson Manufacturing Co., Inc. | 6,960 | 545,664 | ||||||
Zurn Elkay Water Solutions Corp. | 20,150 | 493,675 | ||||||
8,789,892 | ||||||||
Information Technology (24.2%): | ||||||||
ACI Worldwide, Inc. (a) | 42,750 | 893,475 | ||||||
Advanced Energy Industries, Inc. (b) | 29,240 | 2,263,468 | ||||||
Box, Inc., Class A (a) | 39,470 | 962,673 | ||||||
Braze, Inc., Class A (a)(b) | 18,870 | 657,242 | ||||||
CyberArk Software Ltd. (a) | 4,720 | 707,717 | ||||||
Digi International, Inc. (a)(b) | 12,270 | 424,174 | ||||||
DigitalOcean Holdings, Inc. (a)(b) | 19,610 | 709,294 | ||||||
Flywire Corp. (a) | 21,510 | 493,870 | ||||||
Gitlab, Inc., Class A (a)(b) | 11,300 | 578,786 | ||||||
Impinj, Inc. (a)(b) | 13,350 | 1,068,400 | ||||||
Jamf Holding Corp. (a) | 15,990 | 354,338 | ||||||
Lattice Semiconductor Corp. (a) | 5,990 | 294,768 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) | 45,040 | 2,332,622 | ||||||
Marqeta, Inc., Class A (a) | 50,360 | 358,563 | ||||||
Paya Holdings, Inc. (a)(b) | 30,760 | 187,944 | ||||||
Paycor HCM, Inc. (a)(b) | 23,570 | 696,729 | ||||||
Smartsheet, Inc., Class A (a) | 17,760 | 610,234 | ||||||
Sprout Social, Inc., Class A (a)(b) | 25,000 | 1,517,000 | ||||||
Telos Corp. (a)(b) | 44,260 | 393,471 | ||||||
Varonis Systems, Inc. (a) | 25,380 | 673,078 | ||||||
WNS Holdings Ltd., ADR (a) | 23,516 | 1,924,549 | ||||||
18,102,395 | ||||||||
Life Sciences Tools & Services (0.7%): | ||||||||
CryoPort, Inc. (a) | 20,870 | 508,393 | ||||||
Materials (3.1%): | ||||||||
Avient Corp. | 14,050 | 425,715 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory RS Small Cap Growth Equity VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Silgan Holdings, Inc. | 30,970 | $ | 1,301,979 | |||||
Summit Materials, Inc., Class A (a) | 23,470 | 562,341 | ||||||
2,290,035 | ||||||||
Real Estate (0.7%): | ||||||||
National Storage Affiliates Trust | 12,290 | 511,018 | ||||||
Total Common Stocks (Cost $76,737,957) | 71,117,452 | |||||||
Collateral for Securities Loaned (14.6%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (d) | 235,965 | 235,965 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (d) | 158,825 | 158,825 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (d) | 117,758 | 117,758 | ||||||
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (d) | 5,361,469 | 5,361,469 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (d) | 235,115 | 235,115 | ||||||
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (d) | 638,414 | 638,414 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (d) | 4,221,774 | 4,221,774 | ||||||
Total Collateral for Securities Loaned (Cost $10,969,320) | 10,969,320 | |||||||
Total Investments (Cost $87,707,277) — 109.6% | 82,086,772 | |||||||
Liabilities in excess of other assets — (9.6)% | (7,188,736 | ) | ||||||
NET ASSETS - 100.00% | $ | 74,898,036 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were 0.3% of net assets. |
(d) | Rate disclosed is the daily yield on September 30, 2022. |
ADR—American Depositary Receipt |
PLC—Public Limited Company |
Victory Variable Insurance Funds | Schedule of Portfolio Investments |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (99.2%) | ||||||||
Communication Services (8.1%): | ||||||||
Activision Blizzard, Inc. | 1,922 | $ | 142,881 | |||||
Alphabet, Inc., Class C (a) | 14,014 | 1,347,446 | ||||||
Alphabet, Inc., Class A (a) | 15,671 | 1,498,931 | ||||||
AT&T, Inc. | 18,624 | 285,692 | ||||||
Charter Communications, Inc., Class A (a) | 290 | 87,972 | ||||||
Comcast Corp., Class A | 11,395 | 334,215 | ||||||
Electronic Arts, Inc. | 683 | 79,030 | ||||||
Endeavor Group Holdings, Inc., Class A (a) | 467 | 9,461 | ||||||
Fox Corp., Class A | 777 | 23,838 | ||||||
Fox Corp., Class B | 358 | 10,203 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A (a) | 244 | 9,289 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 510 | 19,232 | ||||||
Live Nation Entertainment, Inc. (a) | 373 | 28,363 | ||||||
Match Group, Inc. (a) | 740 | 35,335 | ||||||
Meta Platforms, Inc., Class A (a) | 5,901 | 800,648 | ||||||
Netflix, Inc. (a) | 1,139 | 268,166 | ||||||
Omnicom Group, Inc. | 530 | 33,438 | ||||||
Paramount Global, Class B (b) | 1,509 | 28,731 | ||||||
Paramount Global, Class A | 24 | 517 | ||||||
Pinterest, Inc., Class A (a) | 1,496 | 34,857 | ||||||
ROBLOX Corp., Class A (a) | 980 | 35,123 | ||||||
Sirius XM Holdings, Inc. (b) | 1,730 | 9,878 | ||||||
Snap, Inc., Class A (a) | 2,697 | 26,485 | ||||||
Take-Two Interactive Software, Inc. (a) | 401 | 43,709 | ||||||
The Trade Desk, Inc., Class A (a) | 1,146 | 68,474 | ||||||
The Walt Disney Co. (a) | 4,760 | 449,011 | ||||||
T-Mobile U.S., Inc. (a) | 1,442 | 193,473 | ||||||
Twitter, Inc. (a) | 1,660 | 72,774 | ||||||
Verizon Communications, Inc. | 10,976 | 416,759 | ||||||
Warner Bros Discovery, Inc. (a) | 5,717 | 65,746 | ||||||
Warner Music Group Corp., Class A | 300 | 6,963 | ||||||
ZoomInfo Technologies, Inc. (a) | 769 | 32,037 | ||||||
6,498,677 | ||||||||
Communications Equipment (0.8%): | ||||||||
Arista Networks, Inc. (a) | 612 | 69,089 | ||||||
Cisco Systems, Inc. | 10,823 | 432,920 | ||||||
Motorola Solutions, Inc. | 436 | 97,651 | ||||||
Ubiquiti, Inc. (b) | 11 | 3,229 | ||||||
602,889 | ||||||||
Consumer Discretionary (11.3%): | ||||||||
Airbnb, Inc., Class A (a) | 983 | 103,254 | ||||||
Amazon.com, Inc. (a) | 23,165 | 2,617,645 | ||||||
AutoZone, Inc. (a) | 51 | 109,238 | ||||||
Best Buy Co., Inc. | 524 | 33,190 | ||||||
Booking Holdings, Inc. (a) | 105 | 172,537 | ||||||
CarMax, Inc. (a) | 416 | 27,464 | ||||||
Chewy, Inc., Class A (a)(b) | 241 | 7,404 | ||||||
Chipotle Mexican Grill, Inc. (a) | 72 | 108,199 | ||||||
D.R. Horton, Inc. | 808 | 54,419 | ||||||
Darden Restaurants, Inc. | 325 | 41,054 | ||||||
Dollar General Corp. | 589 | 141,278 | ||||||
Dollar Tree, Inc. (a) | 579 | 78,802 | ||||||
Domino's Pizza, Inc. | 93 | 28,849 | ||||||
DoorDash, Inc., Class A (a) | 659 | 32,588 | ||||||
DraftKings, Inc. (a)(b) | 996 | 15,080 | ||||||
eBay, Inc. | 1,436 | 52,859 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Etsy, Inc. (a) | 328 | $ | 32,843 | |||||
Expedia Group, Inc. (a) | 393 | 36,820 | ||||||
Ford Motor Co. | 10,322 | 115,606 | ||||||
General Motors Co. | 3,809 | 122,231 | ||||||
Genuine Parts Co. | 362 | 54,054 | ||||||
Hilton Worldwide Holdings, Inc. | 702 | 84,675 | ||||||
Las Vegas Sands Corp. (a) | 859 | 32,230 | ||||||
Lennar Corp., Class A | 653 | 48,681 | ||||||
Lennar Corp., Class B | 38 | 2,261 | ||||||
LKQ Corp. | 703 | 33,147 | ||||||
Lowe's Cos., Inc. | 1,622 | 304,628 | ||||||
Lucid Group, Inc. (a) | 1,399 | 19,544 | ||||||
Marriott International, Inc., Class A | 729 | 102,162 | ||||||
McDonald's Corp. | 1,922 | 443,482 | ||||||
MGM Resorts International | 853 | 25,351 | ||||||
NIKE, Inc., Class B | 3,270 | 271,802 | ||||||
NVR, Inc. (a) | 8 | 31,897 | ||||||
O'Reilly Automotive, Inc. (a) | 164 | 115,349 | ||||||
Pool Corp. | 100 | 31,821 | ||||||
Rivian Automotive, Inc., Class A (a)(b) | 1,321 | 43,474 | ||||||
Ross Stores, Inc. | 879 | 74,073 | ||||||
Starbucks Corp. | 2,909 | 245,112 | ||||||
Target Corp. | 1,203 | 178,513 | ||||||
Tesla, Inc. (a) | 6,797 | 1,802,904 | ||||||
The Home Depot, Inc. | 2,676 | 738,416 | ||||||
The TJX Cos., Inc. | 3,035 | 188,534 | ||||||
Tractor Supply Co. | 287 | 53,348 | ||||||
Ulta Beauty, Inc. (a) | 133 | 53,358 | ||||||
VF Corp. | 963 | 28,803 | ||||||
Yum! Brands, Inc. | 743 | 79,011 | ||||||
9,017,990 | ||||||||
Consumer Staples (6.9%): | ||||||||
Albertsons Cos., Inc., Class A (b) | 399 | 9,919 | ||||||
Altria Group, Inc. | 4,707 | 190,069 | ||||||
Archer-Daniels-Midland Co. | 1,449 | 116,572 | ||||||
Brown-Forman Corp., Class B | 793 | 52,790 | ||||||
Bunge Ltd. | 393 | 32,450 | ||||||
Campbell Soup Co. | 513 | 24,173 | ||||||
Church & Dwight Co., Inc. | 635 | 45,364 | ||||||
Colgate-Palmolive Co. | 2,190 | 153,847 | ||||||
Conagra Brands, Inc. | 1,242 | 40,526 | ||||||
Constellation Brands, Inc., Class A | 400 | 91,872 | ||||||
Costco Wholesale Corp. | 1,158 | 546,889 | ||||||
General Mills, Inc. | 1,560 | 119,512 | ||||||
Hormel Foods Corp. | 757 | 34,398 | ||||||
Kellogg Co. | 877 | 61,092 | ||||||
Keurig Dr Pepper, Inc. | 2,221 | 79,556 | ||||||
Kimberly-Clark Corp. | 882 | 99,260 | ||||||
McCormick & Co., Inc. (b) | 653 | 46,539 | ||||||
Mondelez International, Inc., Class A | 3,582 | 196,401 | ||||||
Monster Beverage Corp. (a) | 964 | 83,829 | ||||||
PepsiCo, Inc. | 3,607 | 588,879 | ||||||
Philip Morris International, Inc. | 4,051 | 336,274 | ||||||
Sysco Corp. | 1,323 | 93,549 | ||||||
The Clorox Co. | 322 | 41,342 | ||||||
The Coca-Cola Co. | 11,188 | 626,752 | ||||||
The Estee Lauder Cos., Inc. | 604 | 130,404 | ||||||
The Hershey Co. | 384 | 84,660 | ||||||
The J.M. Smucker Co. | 270 | 37,101 | ||||||
The Kraft Heinz Co. | 2,874 | 95,848 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
The Kroger Co. | 1,850 | $ | 80,938 | |||||
The Procter & Gamble Co. | 6,245 | 788,431 | ||||||
Tyson Foods, Inc., Class A | 733 | 48,327 | ||||||
Walgreens Boots Alliance, Inc. | 1,875 | 58,875 | ||||||
Walmart, Inc. | 3,689 | 478,463 | ||||||
5,514,901 | ||||||||
Electronic Equipment, Instruments & Components (0.5%): | ||||||||
Amphenol Corp., Class A | 1,538 | 102,984 | ||||||
CDW Corp. | 353 | 55,096 | ||||||
Corning, Inc. | 1,988 | 57,692 | ||||||
Keysight Technologies, Inc. (a) | 463 | 72,858 | ||||||
Teledyne Technologies, Inc. (a) | 121 | 40,834 | ||||||
Trimble, Inc. (a) | 647 | 35,113 | ||||||
Zebra Technologies Corp. (a) | 134 | 35,109 | ||||||
399,686 | ||||||||
Energy (4.9%): | ||||||||
APA Corp. | 845 | 28,891 | ||||||
Baker Hughes Co. | 2,610 | 54,706 | ||||||
Cheniere Energy, Inc. | 646 | 107,178 | ||||||
Chesapeake Energy Corp. | 256 | 24,118 | ||||||
Chevron Corp. | 5,116 | 735,016 | ||||||
ConocoPhillips | 3,327 | 340,485 | ||||||
Continental Resources, Inc. | 357 | 23,851 | ||||||
Coterra Energy, Inc. | 2,035 | 53,154 | ||||||
Devon Energy Corp. | 1,694 | 101,860 | ||||||
Diamondback Energy, Inc. | 442 | 53,243 | ||||||
EOG Resources, Inc. | 1,530 | 170,947 | ||||||
EQT Corp. | 910 | 37,082 | ||||||
Exxon Mobil Corp. | 10,892 | 950,980 | ||||||
Halliburton Co. | 2,369 | 58,325 | ||||||
Hess Corp. | 728 | 79,345 | ||||||
Kinder Morgan, Inc. | 5,123 | 85,247 | ||||||
Marathon Oil Corp. | 1,770 | 39,967 | ||||||
Marathon Petroleum Corp. | 1,303 | 129,427 | ||||||
Occidental Petroleum Corp. | 2,432 | 149,446 | ||||||
ONEOK, Inc. | 1,156 | 59,233 | ||||||
Ovintiv, Inc. | 652 | 29,992 | ||||||
Phillips 66 | 1,256 | 101,384 | ||||||
Pioneer Natural Resources Co. | 605 | 131,001 | ||||||
Schlumberger NV | 3,697 | 132,722 | ||||||
Targa Resources Corp. | 580 | 34,997 | ||||||
Texas Pacific Land Corp. | 20 | 35,545 | ||||||
The Williams Cos., Inc. | 3,185 | 91,187 | ||||||
Valero Energy Corp. | 1,030 | 110,055 | ||||||
3,949,384 | ||||||||
Financials (10.9%): | ||||||||
Aflac, Inc. | 1,503 | 84,469 | ||||||
American Express Co. | 1,957 | 264,019 | ||||||
American International Group, Inc. | 1,987 | 94,343 | ||||||
Ameriprise Financial, Inc. | 283 | 71,302 | ||||||
Apollo Global Management, Inc. | 1,119 | 52,033 | ||||||
Arch Capital Group Ltd. (a) | 935 | 42,580 | ||||||
Ares Management Corp., Class A | 355 | 21,992 | ||||||
Arthur J. Gallagher & Co. | 544 | 93,144 | ||||||
Bank of America Corp. | 20,987 | 633,807 | ||||||
Berkshire Hathaway, Inc., Class B (a) | 3,401 | 908,135 | ||||||
Berkshire Hathaway, Inc., Class A (a) | 1 | 406,470 | ||||||
BlackRock, Inc. | 388 | 213,509 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Blackstone, Inc. | 1,816 | $ | 151,999 | |||||
Brown & Brown, Inc. | 613 | 37,074 | ||||||
Capital One Financial Corp. | 993 | 91,525 | ||||||
Cincinnati Financial Corp. | 408 | 36,545 | ||||||
Citigroup, Inc. | 5,075 | 211,475 | ||||||
Citizens Financial Group, Inc. | 1,282 | 44,049 | ||||||
CME Group, Inc. | 938 | 166,148 | ||||||
Coinbase Global, Inc., Class A (a)(b) | 397 | 25,603 | ||||||
Discover Financial Services | 714 | 64,917 | ||||||
FactSet Research Systems, Inc. | 99 | 39,611 | ||||||
Fifth Third Bancorp | 1,774 | 56,697 | ||||||
First Citizens BancShares, Inc., Class A | 30 | 23,923 | ||||||
First Republic Bank | 469 | 61,228 | ||||||
Franklin Resources, Inc. (b) | 742 | 15,968 | ||||||
Huntington Bancshares, Inc. | 3,732 | 49,188 | ||||||
Intercontinental Exchange, Inc. | 1,445 | 130,556 | ||||||
JPMorgan Chase & Co. | 7,588 | 792,946 | ||||||
KeyCorp | 2,435 | 39,009 | ||||||
Loews Corp. | 522 | 26,016 | ||||||
LPL Financial Holdings, Inc. | 206 | 45,007 | ||||||
M&T Bank Corp. | 454 | 80,049 | ||||||
Markel Corp. (a) | 35 | 37,948 | ||||||
Marsh & McLennan Cos., Inc. | 1,304 | 194,674 | ||||||
MetLife, Inc. | 1,751 | 106,426 | ||||||
Moody's Corp. | 479 | 116,450 | ||||||
Morgan Stanley | 3,500 | 276,535 | ||||||
MSCI, Inc. | 204 | 86,045 | ||||||
Nasdaq, Inc. | 886 | 50,218 | ||||||
Northern Trust Corp. | 534 | 45,689 | ||||||
Principal Financial Group, Inc. | 644 | 46,465 | ||||||
Prudential Financial, Inc. | 972 | 83,378 | ||||||
Raymond James Financial, Inc. | 508 | 50,201 | ||||||
Regions Financial Corp. | 2,442 | 49,011 | ||||||
Rocket Cos., Inc., Class A | 269 | 1,700 | ||||||
S&P Global, Inc. | 872 | 266,265 | ||||||
State Street Corp. | 961 | 58,438 | ||||||
SVB Financial Group (a) | 153 | 51,374 | ||||||
Synchrony Financial | 1,245 | 35,097 | ||||||
T. Rowe Price Group, Inc. (b) | 582 | 61,116 | ||||||
The Allstate Corp. | 699 | 87,046 | ||||||
The Bank of New York Mellon Corp. | 2,111 | 81,316 | ||||||
The Charles Schwab Corp. | 4,418 | 317,522 | ||||||
The Goldman Sachs Group, Inc. | 889 | 260,521 | ||||||
The Hartford Financial Services Group, Inc. | 844 | 52,277 | ||||||
The PNC Financial Services Group, Inc. | 1,072 | 160,178 | ||||||
The Progressive Corp. | 1,529 | 177,685 | ||||||
The Travelers Cos., Inc. | 620 | 94,984 | ||||||
Tradeweb Markets, Inc., Class A | 277 | 15,628 | ||||||
Truist Financial Corp. | 3,467 | 150,953 | ||||||
U.S. Bancorp | 3,882 | 156,522 | ||||||
W.R. Berkley Corp. | 548 | 35,390 | ||||||
Wells Fargo & Co. | 9,913 | 398,701 | ||||||
8,681,089 | ||||||||
Health Care (14.7%): | ||||||||
Abbott Laboratories | 4,531 | 438,420 | ||||||
AbbVie, Inc. | 4,621 | 620,184 | ||||||
Agilent Technologies, Inc. | 773 | 93,958 | ||||||
Align Technology, Inc. (a) | 192 | 39,765 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 310 | 62,050 | ||||||
AmerisourceBergen Corp. | 401 | 54,267 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Amgen, Inc. | 1,398 | $ | 315,109 | |||||
Avantor, Inc. (a) | 1,708 | 33,477 | ||||||
Baxter International, Inc. | 1,316 | 70,880 | ||||||
Becton Dickinson & Co. | 745 | 166,008 | ||||||
Biogen, Inc. (a) | 379 | 101,193 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 474 | 40,181 | ||||||
Bio-Rad Laboratories, Inc., Class A (a) | 56 | 23,360 | ||||||
Bio-Techne Corp. | 101 | 28,684 | ||||||
Boston Scientific Corp. (a) | 3,704 | 143,456 | ||||||
Bristol-Myers Squibb Co. | 5,581 | 396,753 | ||||||
Cardinal Health, Inc. | 705 | 47,009 | ||||||
Catalent, Inc. (a) | 442 | 31,983 | ||||||
Centene Corp. (a) | 1,464 | 113,914 | ||||||
Cigna Corp. | 781 | 216,704 | ||||||
CVS Health Corp. | 3,430 | 327,119 | ||||||
Danaher Corp. | 1,711 | 441,934 | ||||||
Dexcom, Inc. (a) | 1,016 | 81,829 | ||||||
Edwards Lifesciences Corp. (a) | 1,604 | 132,538 | ||||||
Elevance Health, Inc. | 627 | 284,808 | ||||||
Eli Lilly & Co. | 2,061 | 666,424 | ||||||
Gilead Sciences, Inc. | 3,273 | 201,911 | ||||||
HCA Healthcare, Inc. | 563 | 103,474 | ||||||
Hologic, Inc. (a) | 645 | 41,615 | ||||||
Horizon Therapeutics PLC (a) | 590 | 36,515 | ||||||
Humana, Inc. | 327 | 158,657 | ||||||
IDEXX Laboratories, Inc. (a) | 215 | 70,047 | ||||||
Illumina, Inc. (a) | 411 | 78,415 | ||||||
Incyte Corp. (a) | 576 | 38,385 | ||||||
Insulet Corp. (a) | 179 | 41,063 | ||||||
Intuitive Surgical, Inc. (a) | 924 | 173,195 | ||||||
IQVIA Holdings, Inc. (a) | 483 | 87,491 | ||||||
Johnson & Johnson | 6,871 | 1,122,447 | ||||||
Laboratory Corp. of America Holdings | 236 | 48,335 | ||||||
McKesson Corp. | 376 | 127,791 | ||||||
Merck & Co., Inc. | 6,621 | 570,200 | ||||||
Mettler-Toledo International, Inc. (a) | 58 | 62,879 | ||||||
Moderna, Inc. (a) | 879 | 103,942 | ||||||
Molina Healthcare, Inc. (a) | 150 | 49,476 | ||||||
PerkinElmer, Inc. | 329 | 39,589 | ||||||
Pfizer, Inc. | 14,668 | 641,872 | ||||||
Quest Diagnostics, Inc. | 302 | 37,052 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 268 | 184,617 | ||||||
ResMed, Inc. | 379 | 82,736 | ||||||
Royalty Pharma PLC, Class A | 926 | 37,207 | ||||||
Seagen, Inc. (a) | 477 | 65,268 | ||||||
Stryker Corp. | 920 | 186,337 | ||||||
The Cooper Cos., Inc. | 128 | 33,779 | ||||||
Thermo Fisher Scientific, Inc. | 1,024 | 519,363 | ||||||
UnitedHealth Group, Inc. | 2,445 | 1,234,823 | ||||||
Veeva Systems, Inc., Class A (a) | 363 | 59,851 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 670 | 193,992 | ||||||
Waters Corp. (a) | 156 | 42,047 | ||||||
West Pharmaceutical Services, Inc. | 191 | 47,001 | ||||||
Zimmer Biomet Holdings, Inc. | 548 | 57,293 | ||||||
Zoetis, Inc. | 1,224 | 181,507 | ||||||
11,732,179 | ||||||||
Industrials (7.8%): | ||||||||
3M Co. | 1,488 | 164,424 | ||||||
AMETEK, Inc. | 594 | 67,366 | ||||||
Booz Allen Hamilton Holding Corp. | 336 | 31,030 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
C.H. Robinson Worldwide, Inc. | 317 | $ | 30,530 | |||||
Carlisle Cos., Inc. | 133 | 37,295 | ||||||
Carrier Global Corp. | 2,195 | 78,054 | ||||||
Caterpillar, Inc. | 1,380 | 226,430 | ||||||
Cintas Corp. | 225 | 87,343 | ||||||
Copart, Inc. (a) | 559 | 59,478 | ||||||
CoStar Group, Inc. (a) | 1,024 | 71,322 | ||||||
CSX Corp. | 5,593 | 148,998 | ||||||
Cummins, Inc. | 361 | 73,467 | ||||||
Deere & Co. | 734 | 245,075 | ||||||
Delta Air Lines, Inc. (a) | 1,675 | 47,001 | ||||||
Dover Corp. | 371 | 43,251 | ||||||
Eaton Corp. PLC | 1,041 | 138,828 | ||||||
Emerson Electric Co. | 1,530 | 112,027 | ||||||
Equifax, Inc. | 320 | 54,858 | ||||||
Expeditors International of Washington, Inc. | 423 | 37,355 | ||||||
Fastenal Co. | 1,502 | 69,152 | ||||||
FedEx Corp. | 625 | 92,794 | ||||||
Fortive Corp. | 920 | 53,636 | ||||||
Generac Holdings, Inc. (a) | 163 | 29,037 | ||||||
General Dynamics Corp. | 709 | 150,429 | ||||||
General Electric Co. | 2,835 | 175,515 | ||||||
HEICO Corp. | 95 | 13,678 | ||||||
HEICO Corp., Class A | 191 | 21,892 | ||||||
Honeywell International, Inc. | 1,761 | 294,034 | ||||||
Howmet Aerospace, Inc. | 1,075 | 33,250 | ||||||
IDEX Corp. | 197 | 39,370 | ||||||
Illinois Tool Works, Inc. | 809 | 146,146 | ||||||
Ingersoll Rand, Inc. | 1,052 | 45,510 | ||||||
J.B. Hunt Transport Services, Inc. | 214 | 33,474 | ||||||
Jacobs Solutions, Inc. | 330 | 35,802 | ||||||
Johnson Controls International PLC | 1,782 | 87,710 | ||||||
L3Harris Technologies, Inc. | 500 | 103,915 | ||||||
Leidos Holdings, Inc. | 335 | 29,302 | ||||||
Lockheed Martin Corp. | 693 | 267,699 | ||||||
Nordson Corp. | 136 | 28,869 | ||||||
Norfolk Southern Corp. | 614 | 128,725 | ||||||
Northrop Grumman Corp. | 404 | 190,009 | ||||||
Old Dominion Freight Line, Inc. | 251 | 62,441 | ||||||
Otis Worldwide Corp. | 1,105 | 70,499 | ||||||
PACCAR, Inc. | 891 | 74,568 | ||||||
Parker-Hannifin Corp. | 332 | 80,447 | ||||||
Plug Power, Inc. (a)(b) | 1,346 | 28,279 | ||||||
Quanta Services, Inc. | 370 | 47,134 | ||||||
Raytheon Technologies Corp. | 3,859 | 315,898 | ||||||
Republic Services, Inc. | 537 | 73,053 | ||||||
Rockwell Automation, Inc. | 302 | 64,963 | ||||||
Rollins, Inc. | 618 | 21,432 | ||||||
Southwest Airlines Co. (a) | 1,550 | 47,802 | ||||||
Stanley Black & Decker, Inc. | 382 | 28,730 | ||||||
Textron, Inc. | 547 | 31,868 | ||||||
The Boeing Co. (a) | 1,552 | 187,916 | ||||||
TransDigm Group, Inc. | 137 | 71,900 | ||||||
TransUnion | 503 | 29,923 | ||||||
Uber Technologies, Inc. (a) | 4,916 | 130,274 | ||||||
Union Pacific Corp. | 1,632 | 317,946 | ||||||
United Parcel Service, Inc., Class B | 1,912 | 308,864 | ||||||
United Rentals, Inc. (a) | 181 | 48,892 | ||||||
Verisk Analytics, Inc. | 406 | 69,235 | ||||||
W.W. Grainger, Inc. | 118 | 57,724 | ||||||
Waste Management, Inc. | 1,037 | 166,138 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Westinghouse Air Brake Technologies Corp. | 458 | $ | 37,258 | |||||
Xylem, Inc. | 471 | 41,147 | ||||||
6,238,411 | ||||||||
IT Services (4.1%): | ||||||||
Akamai Technologies, Inc. (a) | 407 | 32,690 | ||||||
Automatic Data Processing, Inc. | 1,075 | 243,154 | ||||||
Block, Inc. (a) | 1,366 | 75,116 | ||||||
Broadridge Financial Solutions, Inc. | 304 | 43,873 | ||||||
Cloudflare, Inc., Class A (a) | 719 | 39,768 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,353 | 77,716 | ||||||
EPAM Systems, Inc. (a) | 144 | 52,155 | ||||||
Fidelity National Information Services, Inc. | 1,573 | 118,872 | ||||||
Fiserv, Inc. (a) | 1,571 | 146,999 | ||||||
FleetCor Technologies, Inc. (a) | 190 | 33,472 | ||||||
Gartner, Inc. (a) | 186 | 51,464 | ||||||
Global Payments, Inc. | 728 | 78,660 | ||||||
International Business Machines Corp. | 2,361 | 280,510 | ||||||
Jack Henry & Associates, Inc. | 187 | 34,085 | ||||||
Mastercard, Inc., Class A | 2,230 | 634,078 | ||||||
MongoDB, Inc. (a)(b) | 172 | 34,152 | ||||||
Okta, Inc. (a) | 382 | 21,724 | ||||||
Paychex, Inc. | 837 | 93,920 | ||||||
PayPal Holdings, Inc. (a) | 2,992 | 257,522 | ||||||
Snowflake, Inc., Class A (a) | 713 | 121,182 | ||||||
SS&C Technologies Holdings, Inc. | 580 | 27,695 | ||||||
VeriSign, Inc. (a) | 277 | 48,115 | ||||||
Visa, Inc., Class A | 4,273 | 759,099 | ||||||
3,306,021 | ||||||||
Materials (1.9%): | ||||||||
Air Products and Chemicals, Inc. | 568 | 132,191 | ||||||
Albemarle Corp. | 306 | 80,919 | ||||||
Avery Dennison Corp. | 208 | 33,841 | ||||||
Ball Corp. | 813 | 39,284 | ||||||
CF Industries Holdings, Inc. | 515 | 49,569 | ||||||
Corteva, Inc. | 1,878 | 107,328 | ||||||
Dow, Inc. | 1,877 | 82,457 | ||||||
DuPont de Nemours, Inc. | 1,309 | 65,974 | ||||||
Ecolab, Inc. | 663 | 95,750 | ||||||
FMC Corp. | 326 | 34,458 | ||||||
Freeport-McMoRan, Inc. | 3,697 | 101,039 | ||||||
International Flavors & Fragrances, Inc. | 666 | 60,493 | ||||||
International Paper Co. | 936 | 29,671 | ||||||
Martin Marietta Materials, Inc. | 161 | 51,856 | ||||||
Newmont Corp. | 2,074 | 87,170 | ||||||
Nucor Corp. | 676 | 72,325 | ||||||
Packaging Corp. of America | 238 | 26,725 | ||||||
PPG Industries, Inc. | 614 | 67,964 | ||||||
Southern Copper Corp. | 222 | 9,954 | ||||||
Steel Dynamics, Inc. | 444 | 31,502 | ||||||
The Mosaic Co. | 902 | 43,594 | ||||||
The Sherwin-Williams Co. | 623 | 127,559 | ||||||
Vulcan Materials Co. | 347 | 54,725 | ||||||
Westlake Corp. | 86 | 7,472 | ||||||
1,493,820 | ||||||||
Real Estate (2.8%): | ||||||||
Alexandria Real Estate Equities, Inc. | 422 | 59,160 | ||||||
American Tower Corp. | 1,205 | 258,714 | ||||||
AvalonBay Communities, Inc. | 365 | 67,229 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Camden Property Trust | 273 | $ | 32,610 | |||||
CBRE Group, Inc., Class A (a) | 831 | 56,101 | ||||||
Crown Castle, Inc. | 1,120 | 161,896 | ||||||
Digital Realty Trust, Inc. | 751 | 74,484 | ||||||
Duke Realty Corp. | 1,006 | 48,489 | ||||||
Equinix, Inc. | 238 | 135,384 | ||||||
Equity LifeStyle Properties, Inc. | 458 | 28,781 | ||||||
Equity Residential | 963 | 64,733 | ||||||
Essex Property Trust, Inc. | 169 | 40,937 | ||||||
Extra Space Storage, Inc. | 343 | 59,240 | ||||||
Healthpeak Properties, Inc. | 1,410 | 32,317 | ||||||
Host Hotels & Resorts, Inc. | 1,832 | 29,092 | ||||||
Invitation Homes, Inc. | 1,595 | 53,863 | ||||||
Iron Mountain, Inc. | 751 | 33,022 | ||||||
Kimco Realty Corp. | 1,584 | 29,161 | ||||||
Mid-America Apartment Communities, Inc. | 299 | 46,366 | ||||||
Prologis, Inc. | 1,916 | 194,666 | ||||||
Public Storage | 404 | 118,295 | ||||||
Realty Income Corp. | 1,614 | 93,935 | ||||||
SBA Communications Corp. | 279 | 79,417 | ||||||
Simon Property Group, Inc. | 847 | 76,018 | ||||||
Sun Communities, Inc. | 316 | 42,764 | ||||||
UDR, Inc. | 841 | 35,078 | ||||||
Ventas, Inc. | 1,034 | 41,536 | ||||||
VICI Properties, Inc. | 2,517 | 75,132 | ||||||
Welltower, Inc. | 1,211 | 77,892 | ||||||
Weyerhaeuser Co. | 1,934 | 55,235 | ||||||
WP Carey, Inc. | 499 | 34,830 | ||||||
2,236,377 | ||||||||
Semiconductors & Semiconductor Equipment (4.7%): | ||||||||
Advanced Micro Devices, Inc. (a) | 4,177 | 264,655 | ||||||
Analog Devices, Inc. | 1,344 | 187,273 | ||||||
Applied Materials, Inc. | 2,248 | 184,179 | ||||||
Broadcom, Inc. | 1,036 | 459,994 | ||||||
Enphase Energy, Inc. (a) | 343 | 95,172 | ||||||
Entegris, Inc. | 385 | 31,963 | ||||||
First Solar, Inc. (a) | 259 | 34,258 | ||||||
GLOBALFOUNDRIES, Inc. (a)(b) | 183 | 8,848 | ||||||
Intel Corp. | 10,731 | 276,538 | ||||||
KLA Corp. | 371 | 112,276 | ||||||
Lam Research Corp. | 354 | 129,564 | ||||||
Marvell Technology, Inc. | 2,204 | 94,574 | ||||||
Microchip Technology, Inc. | 1,415 | 86,357 | ||||||
Micron Technology, Inc. | 2,883 | 144,438 | ||||||
Monolithic Power Systems, Inc. | 115 | 41,791 | ||||||
NVIDIA Corp. | 6,248 | 758,445 | ||||||
ON Semiconductor Corp. (a) | 1,120 | 69,810 | ||||||
QUALCOMM, Inc. | 2,935 | 331,596 | ||||||
Skyworks Solutions, Inc. | 419 | 35,728 | ||||||
Teradyne, Inc. | 410 | 30,811 | ||||||
Texas Instruments, Inc. | 2,388 | 369,615 | ||||||
Wolfspeed, Inc. (a) | 318 | 32,868 | ||||||
3,780,753 | ||||||||
Software (9.2%): | ||||||||
Adobe, Inc. (a) | 1,211 | 333,267 | ||||||
ANSYS, Inc. (a) | 227 | 50,326 | ||||||
Aspen Technology, Inc. (a) | 171 | 40,732 | ||||||
Autodesk, Inc. (a) | 564 | 105,355 | ||||||
Bill.com Holdings, Inc. (a)(b) | 257 | 34,019 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Cadence Design Systems, Inc. (a) | 709 | $ | 115,872 | |||||
Citrix Systems, Inc. | 325 | 33,800 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 550 | 90,646 | ||||||
Datadog, Inc., Class A (a) | 663 | 58,861 | ||||||
Fortinet, Inc. (a) | 1,710 | 84,012 | ||||||
HubSpot, Inc. (a) | 119 | 32,144 | ||||||
Intuit, Inc. | 714 | 276,547 | ||||||
Microsoft Corp. | 19,102 | 4,448,856 | ||||||
NortonLifeLock, Inc. | 1,719 | 34,621 | ||||||
Oracle Corp. | 4,016 | 245,257 | ||||||
Palantir Technologies, Inc., Class A (a)(b) | 4,430 | 36,016 | ||||||
Palo Alto Networks, Inc. (a) | 766 | 125,463 | ||||||
Paycom Software, Inc. (a) | 133 | 43,889 | ||||||
Paylocity Holding Corp. (a) | 104 | 25,124 | ||||||
PTC, Inc. (a) | 277 | 28,974 | ||||||
Roper Technologies, Inc. | 277 | 99,620 | ||||||
Salesforce, Inc. (a) | 2,535 | 364,634 | ||||||
ServiceNow, Inc. (a) | 523 | 197,490 | ||||||
Splunk, Inc. (a) | 387 | 29,102 | ||||||
Synopsys, Inc. (a) | 395 | 120,677 | ||||||
Tyler Technologies, Inc. (a) | 108 | 37,530 | ||||||
Unity Software, Inc. (a)(b) | 495 | 15,771 | ||||||
VMware, Inc., Class A | 585 | 62,279 | ||||||
Workday, Inc., Class A (a) | 518 | 78,850 | ||||||
Zoom Video Communications, Inc., Class A (a) | 540 | 39,739 | ||||||
Zscaler, Inc. (a) | 219 | 35,997 | ||||||
7,325,470 | ||||||||
Technology Hardware, Storage & Peripherals (7.5%): | ||||||||
Apple, Inc. | 42,002 | 5,804,676 | ||||||
Dell Technologies, Inc., Class C | 656 | 22,415 | ||||||
Hewlett Packard Enterprise Co. | 3,363 | 40,289 | ||||||
HP, Inc. | 2,629 | 65,515 | ||||||
NetApp, Inc. | 567 | 35,069 | ||||||
Western Digital Corp. (a) | 806 | 26,235 | ||||||
5,994,199 | ||||||||
Utilities (3.1%): | ||||||||
Alliant Energy Corp. | 656 | 34,761 | ||||||
Ameren Corp. | 668 | 53,807 | ||||||
American Electric Power Co., Inc. | 1,343 | 116,102 | ||||||
American Water Works Co., Inc. | 475 | 61,826 | ||||||
Atmos Energy Corp. | 362 | 36,870 | ||||||
Avangrid, Inc. | 182 | 7,589 | ||||||
CenterPoint Energy, Inc. | 1,644 | 46,328 | ||||||
CMS Energy Corp. | 758 | 44,146 | ||||||
Consolidated Edison, Inc. | 927 | 79,499 | ||||||
Constellation Energy Corp. | 845 | 70,296 | ||||||
Dominion Energy, Inc. | 2,171 | 150,038 | ||||||
DTE Energy Co. | 501 | 57,640 | ||||||
Duke Energy Corp. | 2,012 | 187,156 | ||||||
Edison International | 996 | 56,354 | ||||||
Entergy Corp. | 531 | 53,435 | ||||||
Essential Utilities, Inc. | 679 | 28,097 | ||||||
Evergy, Inc. | 594 | 35,284 | ||||||
Eversource Energy | 905 | 70,554 | ||||||
Exelon Corp. | 2,591 | 97,059 | ||||||
FirstEnergy Corp. | 1,493 | 55,241 | ||||||
NextEra Energy, Inc. | 5,192 | 407,105 | ||||||
PG&E Corp. (a) | 4,052 | 50,650 | ||||||
PPL Corp. | 1,924 | 48,773 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory 500 Index VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Public Service Enterprise Group, Inc. | 1,304 | $ | 73,324 | |||||
Sempra Energy | 820 | 122,951 | ||||||
The AES Corp. | 1,743 | 39,392 | ||||||
The Southern Co. | 2,844 | 193,392 | ||||||
WEC Energy Group, Inc. | 824 | 73,690 | ||||||
Xcel Energy, Inc. | 1,430 | 91,520 | ||||||
2,442,879 | ||||||||
Total Common Stocks (Cost $28,179,503) | 79,214,725 | |||||||
Collateral for Securities Loaned (0.5%)^ | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (c) | 7,757 | 7,757 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (c) | 5,221 | 5,221 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (c) | 3,871 | 3,871 | ||||||
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (c) | 176,257 | 176,257 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (c) | 7,729 | 7,729 | ||||||
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (c) | 20,988 | 20,988 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (c) | 138,789 | 138,789 | ||||||
Total Collateral for Securities Loaned (Cost $360,612) | 360,612 | |||||||
Total Investments (Cost $28,540,115) — 99.7% | 79,575,337 | |||||||
Other assets in excess of liabilities — 0.3% | 237,258 | |||||||
NET ASSETS - 100.00% | $ | 79,812,595 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Rate disclosed is the daily yield on September 30, 2022. |
PLC—Public Limited Company
Futures Contracts Purchased | ||||||||||||||||
Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
E-Mini S&P 500 Futures | 3 | 12/19/22 | $ | 612,965 | $ | 540,225 | $ | (72,740 | ) | |||||||
Total unrealized appreciation | $ | – | ||||||||||||||
Total unrealized depreciation | (72,740 | ) | ||||||||||||||
Total net unrealized appreciation (depreciation) | $ | (72,740 | ) |
Victory Variable Insurance Funds | Schedule of Portfolio Investments |
Victory Sophus Emerging Markets VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Common Stocks (98.7%) | ||||||||
Brazil (7.9%): | ||||||||
Consumer Discretionary (1.7%): | ||||||||
Grupo SBF SA | 27,713 | $ | 103,322 | |||||
Lojas Renner SA | 34,500 | 178,132 | ||||||
Vibra Energia SA | 42,181 | 134,897 | ||||||
416,351 | ||||||||
Consumer Staples (1.0%): | ||||||||
Sao Martinho SA | 24,200 | 114,497 | ||||||
Sendas Distribuidora SA | 39,072 | 127,127 | ||||||
241,624 | ||||||||
Energy (1.6%): | ||||||||
Petroleo Brasileiro SA, ADR | 31,672 | 390,833 | ||||||
Financials (1.1%): | ||||||||
Itau Unibanco Holding SA, ADR | 53,537 | 276,786 | ||||||
Health Care (0.9%): | ||||||||
Hypera SA | 27,300 | 223,961 | ||||||
Industrials (0.3%): | ||||||||
SIMPAR SA | 45,972 | 82,332 | ||||||
Materials (0.7%): | ||||||||
Dexco SA | 16,819 | 29,155 | ||||||
Gerdau SA, Preference Shares | 32,900 | 149,071 | ||||||
178,226 | ||||||||
Real Estate (0.6%): | ||||||||
Multiplan Empreendimentos Imobiliarios SA | 35,000 | 156,835 | ||||||
1,966,948 | ||||||||
Canada (0.5%): | ||||||||
Energy (0.5%): | ||||||||
Parex Resources, Inc. | 8,431 | 123,120 | ||||||
Chile (0.0%):(a) | ||||||||
Financials (0.0%): | ||||||||
Banco de Credito e Inversiones SA | 1 | 25 | ||||||
China (28.2%): | ||||||||
Communication Services (4.5%): | ||||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 58,400 | 142,906 | ||||||
Baidu, Inc., Class A (b) | 15,784 | 232,367 | ||||||
Tencent Holdings Ltd. | 21,830 | 737,360 | ||||||
1,112,633 | ||||||||
Consumer Discretionary (8.5%): | ||||||||
Alibaba Group Holding Ltd. (b) | 64,148 | 640,175 | ||||||
BYD Co. Ltd., Class H | 8,500 | 209,409 | ||||||
JD.com, Inc., Class A | 16,406 | 413,907 | ||||||
Meituan, Class B (b)(c) | 18,200 | 382,512 | ||||||
Pinduoduo, Inc., ADR (b) | 5,007 | 313,338 | ||||||
Yadea Group Holdings Ltd. (c) | 98,000 | 156,636 | ||||||
2,115,977 | ||||||||
Consumer Staples (2.8%): | ||||||||
Chacha Food Co. Ltd., Class A | 26,500 | 172,282 | ||||||
Chenguang Biotech Group Co. Ltd., Class A | 80,500 | 178,561 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 34,100 | 158,240 | ||||||
Tongwei Co. Ltd., Class A | 27,700 | 182,417 | ||||||
691,500 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Energy (1.4%): | ||||||||
PetroChina Co. Ltd., Class H | 830,000 | $ | 339,307 | |||||
Financials (3.5%): | ||||||||
CITIC Securities Co. Ltd., Class A | 45,200 | 110,658 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 481,000 | 225,647 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 332,000 | 343,327 | ||||||
Postal Savings Bank of China Co. Ltd., Class H (c)(d) | 310,000 | 182,213 | ||||||
861,845 | ||||||||
Health Care (1.7%): | ||||||||
Hygeia Healthcare Holdings Co. Ltd. (b)(c) | 27,000 | 151,037 | ||||||
Pharmaron Beijing Co. Ltd., Class H (c) | 17,700 | 85,630 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 4,400 | 185,103 | ||||||
421,770 | ||||||||
Industrials (1.5%): | ||||||||
China Railway Group Ltd., Class H | 442,000 | 217,076 | ||||||
Xinte Energy Co. Ltd., Class H | 75,600 | 159,094 | ||||||
376,170 | ||||||||
Information Technology (1.6%): | ||||||||
Glodon Co. Ltd., Class A | 21,700 | 139,360 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 42,300 | 174,502 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 68,320 | 95,561 | ||||||
409,423 | ||||||||
Materials (2.0%): | ||||||||
China Hongqiao Group Ltd. | 206,500 | 169,049 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 259,000 | 109,447 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 16,500 | 213,458 | ||||||
491,954 | ||||||||
Utilities (0.7%): | ||||||||
China Longyuan Power Group Corp. Ltd., Class H | 140,000 | 174,949 | ||||||
6,995,528 | ||||||||
Greece (1.3%): | ||||||||
Financials (0.6%): | ||||||||
National Bank of Greece SA (b) | 46,204 | 136,019 | ||||||
Industrials (0.7%): | ||||||||
Mytilineos SA | 12,882 | 175,910 | ||||||
311,929 | ||||||||
Hong Kong (2.8%): | ||||||||
Consumer Discretionary (0.7%): | ||||||||
Bosideng International Holdings Ltd. | 362,000 | 178,523 | ||||||
Financials (0.5%): | ||||||||
BOC Hong Kong Holdings Ltd. | 36,500 | 121,392 | ||||||
Health Care (0.8%): | ||||||||
CSPC Pharmaceutical Group Ltd. | 190,000 | 188,329 | ||||||
Real Estate (0.8%): | ||||||||
China Resources Land Ltd. | 54,000 | 211,519 | ||||||
699,763 | ||||||||
India (14.5%): | ||||||||
Communication Services (0.6%): | ||||||||
Sun TV Network Ltd. | 25,080 | 155,835 | ||||||
Consumer Discretionary (2.5%): | ||||||||
Mahindra & Mahindra Ltd. | 30,719 | 475,309 | ||||||
Raymond Ltd. | 11,057 | 138,353 | ||||||
613,662 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Consumer Staples (1.3%): | ||||||||
Dabur India Ltd. | 20,176 | $ | 141,398 | |||||
Varun Beverages Ltd. | 14,135 | 180,680 | ||||||
322,078 | ||||||||
Financials (4.2%): | ||||||||
Cholamandalam Investment & Finance Co. Ltd. | 35,108 | 313,746 | ||||||
ICICI Bank Ltd., ADR | 34,552 | 724,555 | ||||||
1,038,301 | ||||||||
Health Care (1.0%): | ||||||||
Apollo Hospitals Enterprise Ltd. | 4,735 | 253,354 | ||||||
Industrials (1.7%): | ||||||||
Larsen & Toubro Ltd. | 18,347 | 414,215 | ||||||
Information Technology (2.0%): | ||||||||
Infosys Ltd., ADR | 14,526 | 246,506 | ||||||
WNS Holdings Ltd., ADR (b) | 3,072 | 251,413 | ||||||
497,919 | ||||||||
Materials (0.5%): | ||||||||
JK Paper Ltd. | 28,973 | 133,685 | ||||||
Utilities (0.7%): | ||||||||
Power Grid Corp. of India Ltd. | 71,508 | 185,683 | ||||||
3,614,732 | ||||||||
Indonesia (1.9%): | ||||||||
Consumer Staples (0.5%): | ||||||||
PT Sumber Alfaria Trijaya Tbk | 862,300 | 135,346 | ||||||
Energy (0.3%): | ||||||||
PT Adaro Energy Indonesia Tbk | 240,100 | 61,928 | ||||||
Financials (1.1%): | ||||||||
PT Bank Mandiri Persero Tbk | 436,900 | 268,318 | ||||||
465,592 | ||||||||
Korea, Republic Of (12.7%): | ||||||||
Communication Services (1.7%): | ||||||||
JYP Entertainment Corp. | 5,774 | 234,598 | ||||||
KT Corp. | 7,553 | 189,877 | ||||||
424,475 | ||||||||
Consumer Discretionary (1.9%): | ||||||||
Hyundai Mobis Co. Ltd. | 979 | 129,241 | ||||||
Kia Corp. | 3,477 | 173,069 | ||||||
Shinsegae, Inc. | 1,124 | 179,617 | ||||||
481,927 | ||||||||
Consumer Staples (0.2%): | ||||||||
BGF retail Co. Ltd. | 467 | 53,738 | ||||||
Financials (2.2%): | ||||||||
Hana Financial Group, Inc. | 8,874 | 217,916 | ||||||
Samsung Securities Co. Ltd. | 5,809 | 123,669 | ||||||
Woori Financial Group, Inc. | 26,713 | 198,256 | ||||||
539,841 | ||||||||
Health Care (1.0%): | ||||||||
InBody Co. Ltd. | 3,798 | 50,752 | ||||||
Samsung Biologics Co. Ltd. (b)(c) | 337 | 188,656 | ||||||
239,408 | ||||||||
Industrials (0.4%): | ||||||||
CJ Corp. | 2,065 | 99,573 | ||||||
Information Technology (5.3%): | ||||||||
Innox Advanced Materials Co. Ltd. | 5,468 | 100,366 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 1,522 | 117,437 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Samsung Electronics Co. Ltd. | 22,277 | $ | 818,052 | |||||
SK Hynix, Inc. | 4,763 | 272,464 | ||||||
1,308,319 | ||||||||
3,147,281 | ||||||||
Malaysia (1.5%): | ||||||||
Financials (1.0%): | ||||||||
Public Bank Bhd | 274,900 | 250,299 | ||||||
Materials (0.5%): | ||||||||
Petronas Chemicals Group Bhd | 69,500 | 125,041 | ||||||
375,340 | ||||||||
Mexico (2.0%): | ||||||||
Consumer Discretionary (0.5%): | ||||||||
Alsea SAB de CV (b) | 68,364 | 123,213 | ||||||
Financials (1.3%): | ||||||||
Grupo Financiero Banorte SAB de CV, Class O | 52,207 | 335,304 | ||||||
Industrials (0.2%): | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3,056 | 38,634 | ||||||
497,151 | ||||||||
Netherlands (0.0%):(a) | ||||||||
Real Estate (0.0%): | ||||||||
NEPI Rockcastle NV | 1 | 4 | ||||||
Peru (0.9%): | ||||||||
Financials (0.9%): | ||||||||
Credicorp Ltd. | 1,898 | 233,074 | ||||||
Philippines (0.6%): | ||||||||
Financials (0.6%): | ||||||||
BDO Unibank, Inc. | 81,000 | 153,476 | ||||||
Qatar (0.9%): | ||||||||
Industrials (0.9%): | ||||||||
Industries Qatar QSC | 46,096 | 212,807 | ||||||
Russian Federation (0.0%):(a) | ||||||||
Consumer Staples (0.0%): | ||||||||
Magnit PJSC (e)(f) | 2,805 | 42 | ||||||
Energy (0.0%): | ||||||||
Gazprom PJSC (e)(f)(g)(h) | 117,150 | 4,690 | ||||||
Rosneft Oil Co. PJSC, GDR (e)(f)(g)(h) | 48,095 | 2,254 | ||||||
6,944 | ||||||||
Financials (0.0%): | ||||||||
Sberbank of Russia PJSC, ADR (b)(e)(f)(g)(h) | 31,735 | 212 | ||||||
7,198 | ||||||||
Saudi Arabia (4.9%): | ||||||||
Financials (2.7%): | ||||||||
Alinma Bank | 31,585 | 302,212 | ||||||
The Saudi National Bank | 22,530 | 376,024 | ||||||
678,236 | ||||||||
Health Care (0.5%): | ||||||||
Mouwasat Medical Services Co. | 2,560 | 134,235 | ||||||
Materials (1.7%): | ||||||||
SABIC Agri-Nutrients Co. | 4,785 | 198,820 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
Saudi Arabian Mining Co. (b) | 11,857 | $ | 216,848 | |||||
415,668 | ||||||||
1,228,139 | ||||||||
South Africa (3.3%): | ||||||||
Communication Services (0.7%): | ||||||||
MTN Group Ltd. | 24,318 | 160,527 | ||||||
Consumer Discretionary (0.5%): | ||||||||
Woolworths Holdings Ltd. | 37,396 | 125,719 | ||||||
Financials (1.6%): | ||||||||
Absa Group Ltd. | 23,174 | 225,220 | ||||||
Capitec Bank Holdings Ltd. | 2,038 | 174,689 | ||||||
399,909 | ||||||||
Industrials (0.5%): | ||||||||
The Bidvest Group Ltd. | 11,334 | 122,828 | ||||||
808,983 | ||||||||
Taiwan (10.4%): | ||||||||
Consumer Discretionary (0.5%): | ||||||||
Fulgent Sun International Holding Co. Ltd. | 25,000 | 124,678 | ||||||
Health Care (0.3%): | ||||||||
Universal Vision Biotechnology Co. Ltd. | 10,200 | 90,260 | ||||||
Information Technology (8.9%): | ||||||||
Gold Circuit Electronics Ltd. | 75,600 | 220,000 | ||||||
Hon Hai Precision Industry Co. Ltd. | 81,000 | 259,388 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 114,259 | 1,514,643 | ||||||
Unimicron Technology Corp. | 24,000 | 87,863 | ||||||
Wiwynn Corp. | 5,000 | 126,359 | ||||||
2,208,253 | ||||||||
Materials (0.7%): | ||||||||
Formosa Plastics Corp. | 61,000 | 166,051 | ||||||
2,589,242 | ||||||||
Thailand (2.5%): | ||||||||
Energy (0.9%): | ||||||||
PTT PCL | 244,400 | 219,818 | ||||||
Health Care (0.5%): | ||||||||
Mega Lifesciences PCL | 106,300 | 129,756 | ||||||
Materials (0.7%): | ||||||||
Indorama Ventures PCL | 161,500 | 165,735 | ||||||
Real Estate (0.4%): | ||||||||
AP Thailand PCL | 440,200 | 110,622 | ||||||
625,931 | ||||||||
Turkey (0.0%):(a) | ||||||||
Consumer Discretionary (0.0%): | ||||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S | – | (i) | 1 | |||||
United Kingdom (1.4%): | ||||||||
Materials (1.4%): | ||||||||
Anglo American PLC | 6,526 | 195,904 | ||||||
Mondi PLC | 9,569 | 146,970 | ||||||
342,874 |
Victory Variable Insurance Funds | Schedule of Portfolio Investments — continued |
Victory Sophus Emerging Markets VIP Series | September 30, 2022 |
(Unaudited) |
Security Description | Shares | Value | ||||||
United States (0.5%): | ||||||||
Consumer Discretionary (0.5%): | ||||||||
Samsonite International SA (b)(c) | 53,700 | $ | 128,798 | |||||
Total Common Stocks (Cost $27,069,673) | 24,527,936 | |||||||
Collateral for Securities Loaned (0.5%)^ | ||||||||
United States (0.5%): | ||||||||
BlackRock Liquidity Funds TempFund, Institutional Shares, 3.00% (j) | 2,681 | 2,681 | ||||||
Fidelity Investments Money Market Government Portfolio, Institutional Shares, 2.77% (j) | 1,805 | 1,805 | ||||||
Goldman Sachs Financial Square Prime Obligations Fund, Institutional Shares, 2.99% (j) | 1,338 | 1,338 | ||||||
HSBC U.S. Government Money Market Fund, I Shares, 2.91% (j) | 60,927 | 60,927 | ||||||
JPMorgan Prime Money Market Fund, Capital Shares, 2.98% (j) | 2,672 | 2,672 | ||||||
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 2.81% (j) | 7,255 | 7,255 | ||||||
Morgan Stanley Institutional Liquidity Prime Portfolio, Institutional Shares, 3.06% (j) | 47,975 | 47,975 | ||||||
Total Collateral for Securities Loaned (Cost $124,653) | 124,653 | |||||||
Total Investments (Cost $27,194,326) — 99.2% | 24,652,589 | |||||||
Other assets in excess of liabilities — 0.8% | 198,083 | |||||||
NET ASSETS - 100.00% | $ | 24,850,672 |
^ | Purchased with cash collateral from securities on loan. |
(a) | Amount represents less than 0.05% of net assets. |
(b) | Non-income producing security. |
(c) | Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $1,275,482 and amounted to 5.1% of net assets. |
(d) | All or a portion of this security is on loan. |
(e) | Security was fair valued using significant unobservable inputs as of September 30, 2022. |
(f) | The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2022, illiquid securities were less than 0.05% of net assets. |
(g) | Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. |
(h) | The following table details the acquisition date and cost of the Fund's restricted securities at September 30, 2022. |
Security Name | Acquisition Date | Cost | ||||
Gazprom PJSC | 7/28/2021 | $ | 464,042 | |||
Rosneft Oil Co. PJSC, GDR | 3/6/2020 | 298,051 | ||||
Sberbank of Russia PJSC, ADR | 11/11/2020 | 416,883 | ||||
(i) | Rounds to less than 1. |
(j) | Rate disclosed is the daily yield on September 30, 2022. |
ADR—American Depositary Receipt |
GDR—Global Depositary Receipt |
PCL—Public Company Limited |
PLC—Public Limited Company |