Victory Variable Insurance Funds NPORT-P Victory RS Small Cap Growth Equity VIP Series (Mar 2023 report)

Victory Variable Insurance Funds	Schedule of Portfolio Investments
Victory High Yield VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Common Stocks (0.4%)
Communication Services (0.3%):
Altice USA, Inc., Class A (a)		4,380	$	14,980
iHeartMedia, Inc., Class A (a)		3,500		13,650
Sinclair Broadcast Group, Inc., Class A		1,800		30,888
				59,518
Health Care (0.1%):
Surgery Partners, Inc. (a)		939		32,367
Total Common Stocks (Cost $194,694)				91,885
	Principal Amount
Senior Secured Loans (18.9%)
Air Medical Group Holdings, Inc., Incremental Term Loan B, First Lien, 9.20%  (LIBOR03M+425bps), 3/14/25 (b)	$	492,282		343,367
Bausch Health Cos., Inc., Second Amendment Term Loan, First Lien, 9.99%  (SOFR01M+525bps), 2/1/27 (b)		240,625		178,171
Chariot Buyer LLC, Initial Term Loans, First Lien, 7.88%  (LIBOR01M+325bps), 11/3/28 (b)		197,500		189,452
Clear Channel Outdoor Holdings, Inc., Term B Loan, First Lien, 8.33%  (LIBOR03M+350bps), 8/21/26 (b)		248,711		231,095
Covis Pharma Holdings S.a.r.l., Dollar Term B Loans, First Lien, 11.08%  (SOFR03M+650bps), 2/14/27 (b)		237,500		136,563
Delta Air Lines, Inc. and SkyMiles IP Ltd., Initial Term Loan, First Lien, 8.56%  (LIBOR03M+375bps), 10/20/27 (b)		356,250		368,676
Diamond Sports Group LLC, Term Loan, First Lien, 12.78%  (SOFR03M+815bps), 5/25/26 (b)		37,659		35,247
Diamond Sports Group LLC, Term Loan, Second Lien, 8.03%  (SOFR03M+340bps), 8/24/26 (b)(c)		420,750		21,740
Envision Healthcare Corp., 12.46%  (SOFR03M+788bps), 3/31/27 (b)		24,831		20,610
Envision Healthcare Corp., Third Out term Loans, First Lien, 8.33%  (SOFR03M+375bps), 3/31/27 (b)		68,657		10,298
Great Outdoors Group LLC, Term B1, First Lien, 8.38%  (LIBOR01M+375bps), 3/5/28 (b)		244,403		240,891
Intelsat Jackson Holdings SA, Term B loan, First Lien, 8.93%  (SOFR03M+425bps), 2/1/29 (b)		275,504		272,060
Jo-Ann Stores LLC, Term B-1 Loan, First Lien, 9.57%  (LIBOR03M+475bps), 6/30/28 (b)		246,250		134,329
Knight Health Holdings LLC, Term B Loans, First Lien, 9.88%  (LIBOR01M+525bps), 12/17/28 (b)		493,750		246,875
LifeScan Global Corp., Initial Term Loan, First Lien, 10.75%  (LIBOR03M+600bps), 10/1/24 (b)		351,250		262,268
Neptune Bidco US, Inc., Dollar Term B Loan, First Lien, 9.64%  (SOFR03M+500bps), 4/11/29 (b)		125,000		112,188
Petco Health & Wellness Co., Inc., Initial Term Loans, First Lien, 7.83%  (SOFR03M+325bps), 2/25/28 (b)		384,765		377,550
PetSmart, Inc., Initial Term Loans, First Lien, 8.37%  (SOFR01M+375bps), 2/12/28 (b)		73,875		73,260
Radiology Partners, Inc., Term Loan New, First Lien, 8.88%  (LIBOR01M+425bps), 7/9/25 (b)		250,000		200,702
SWF Holdings Corp. I, Initial Term Loans, First Lien, 8.75%  (LIBOR01M+400bps), 10/6/28 (b)		396,000		331,979
The Michaels Cos., Inc., Term B Loans, First Lien, 8.98%  (LIBOR03M+425bps), 4/15/28 (b)		294,750		269,864
United Airlines, Inc., Class B Term Loans, First Lien, 8.57%  (LIBOR03M+375bps), 4/21/28 (b)		171,500		169,999
Total Senior Secured Loans (Cost $5,280,731)				4,227,184
Corporate Bonds (68.7%)
Communication Services (9.9%):
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(d)		250,000		126,436
Cumulus Media New Holdings, Inc., 6.75%, 7/1/26, Callable 5/22/23 @ 103.38(d)(e)		452,000		345,779
Entercom Media Corp., 6.75%, 3/31/29, Callable 3/31/24 @ 103.38(d)		200,000		14,670
Gray Television, Inc.
7.00%, 5/15/27, Callable 5/1/23 @ 105.25 (d)		250,000		209,382
4.75%, 10/15/30, Callable 10/15/25 @ 102.38 (d)		250,000		166,010
iHeartCommunications, Inc., 8.38%, 5/1/27, Callable 5/8/23 @ 102.09(e)		350,000		254,371
Nexstar Media, Inc., 5.63%, 7/15/27, Callable 5/1/23 @ 104.22(d)		500,000		463,147
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(d)(e)		250,000		198,801
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.5		500,000		432,484
				2,211,080
Consumer Discretionary (23.9%):
Academy Ltd., 6.00%, 11/15/27, Callable 11/15/23 @ 103(d)		200,000		195,800
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 3/1/29, Callable 3/1/24 @ 102.69(d)(e)		500,000		464,322

Victory Variable Insurance Funds	Schedule of Portfolio Investments - continued
Victory High Yield VIP Series	March 31, 2023
	(Unaudited)

Security Description	Principal Amount		Value
Beazer Homes USA, Inc., 5.88%, 10/15/27, Callable 5/8/23 @ 102.94	$	400,000	$	364,087
Caesars Entertainment, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(d)		500,000		510,211
Carnival Holdings Bermuda Ltd., 10.38%, 5/1/28, Callable 5/1/25 @ 105.19(d)		150,000		161,293
Cinemark USA, Inc., 5.25%, 7/15/28, Callable 7/15/24 @ 102.63(d)(e)		425,000		368,860
Ford Motor Co., 6.10%, 8/19/32, Callable 5/19/32 @ 100		500,000		483,054
LBM Acquisition LLC, 6.25%, 1/15/29, Callable 1/15/24 @ 103.13(d)		200,000		153,732
Life Time, Inc., 5.75%, 1/15/26, Callable 5/22/23 @ 102.88(d)		250,000		242,955
MGM Resorts International, 5.50%, 4/15/27, Callable 1/15/27 @ 100		250,000		242,245
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30, Callable 2/1/25 @ 102.75(d)		100,000		84,362
NCL Corp. Ltd., 8.38%, 2/1/28, Callable 2/1/25 @ 104.19(d)		150,000		150,612
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 9/1/29, Callable 9/1/24 @ 102.81 (d)		200,000		147,960
5.88%, 9/1/31, Callable 9/1/26 @ 102.98 (d)		400,000		287,438
Royal Caribbean Cruises Ltd., 7.25%, 1/15/30, Callable 12/15/25 @ 103.63(d)(e)		250,000		251,554
Scientific Games Holdings LP/Scientific Games US FinCo., Inc., 6.63%, 3/1/30, Callable 3/1/25 @ 103.31(d)		250,000		222,087
The Hertz Corp., 5.00%, 12/1/29, Callable 12/1/24 @ 102.5(d)		500,000		413,844
The Michaels Cos., Inc., 7.88%, 5/1/29, Callable 5/1/24 @ 103.94(d)		200,000		139,954
Wynn Resorts Finance LLC, 7.13%, 2/15/31, Callable 11/15/30 @ 100(d)(e)		450,000		456,364
				5,340,734
Energy (8.6%):
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 6/15/29, Callable 6/15/24 @ 102.69(d)		50,000		47,090
Antero Resources Corp., 7.63%, 2/1/29, Callable 2/1/24 @ 103.81(d)		50,000		51,149
Callon Petroleum Co., 7.50%, 6/15/30, Callable 6/15/25 @ 103.75(d)(e)		375,000		352,301
CITGO Holding, Inc., 9.25%, 8/1/24, Callable 5/22/23 @ 102.31(d)		500,000		501,158
CITGO Petroleum Corp., 7.00%, 6/15/25, Callable 5/22/23 @ 103.5(d)		250,000		247,236
Comstock Resources, Inc., 6.75%, 3/1/29, Callable 3/1/24 @ 103.38(d)		250,000		227,614
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28, Callable 5/22/23 @ 103		250,000		240,377
Talos Production, Inc., 12.00%, 1/15/26, Callable 5/8/23 @ 106		250,000		266,691
				1,933,616
Financials (7.0%):
Adient Global Holdings Ltd., 4.88%, 8/15/26, Callable 5/22/23 @ 101.63(d)		250,000		240,824
AmWINS Group, Inc., 4.88%, 6/30/29, Callable 6/30/24 @ 102.44(d)		150,000		132,820
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29, Callable 4/15/24 @ 102.63(d)		200,000		176,924
Gray Escrow II, Inc., 5.38%, 11/15/31, Callable 11/15/26 @ 102.69(d)		125,000		81,998
Midas OpCo Holdings LLC, 5.63%, 8/15/29, Callable 8/15/24 @ 102.81(d)		250,000		219,408
Neptune Bidco US, Inc., 9.29%, 4/15/29, Callable 10/15/25 @ 104.65(d)		250,000		231,695
PetSmart, Inc. PetSmart Finance Corp., 4.75%, 2/15/28, Callable 2/15/24 @ 102.38(d)		250,000		234,719
Victors Merger Corp., 6.38%, 5/15/29, Callable 5/15/24 @ 103.19(d)		200,000		119,867
White Capital Parent LLC, 8.25%, 3/15/26, Callable 5/22/23 @ 101(d)		150,000		136,922
				1,575,177
Health Care (3.6%):
Air Methods Corp., 8.00%, 5/15/25, Callable 5/22/23 @ 100(d)		350,000		21,899
CHS/Community Health Systems, Inc., 6.13%, 4/1/30, Callable 4/1/25 @ 103.06(d)		200,000		120,502
LifePoint Health, Inc., 5.38%, 1/15/29, Callable 1/15/24 @ 102.69(d)		350,000		213,981
Radiology Partners, Inc., 9.25%, 2/1/28, Callable 5/22/23 @ 104.63(d)(e)		300,000		165,781
Team Health Holdings, Inc., 6.38%, 2/1/25, Callable 5/8/23 @ 100(d)(e)		350,000		210,285
U.S. Renal Care, Inc., 10.63%, 7/15/27, Callable 5/22/23 @ 105.31(d)		300,000		80,147
				812,595
Industrials (11.5%):
American Airlines, Inc., 11.75%, 7/15/25(d)		250,000		273,115
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(d)		150,000		143,966
Aramark Services, Inc., 6.38%, 5/1/25, Callable 5/22/23 @ 101.59(d)		250,000		251,574
Chart Industries, Inc., 7.50%, 1/1/30, Callable 1/1/26 @ 103.75(d)		125,000		129,152
Madison IAQ LLC, 5.88%, 6/30/29, Callable 6/30/24 @ 102.94(d)		200,000		153,694
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(d)		212,500		211,993
NESCO Holdings II, Inc., 5.50%, 4/15/29, Callable 4/15/24 @ 102.75(d)		100,000		90,329
Pike Corp., 5.50%, 9/1/28, Callable 9/1/23 @ 102.75(d)		400,000		348,846
SRS Distribution, Inc., 6.00%, 12/1/29, Callable 12/1/24 @ 103(d)		100,000		82,627
TransDigm, Inc., 4.63%, 1/15/29, Callable 1/15/24 @ 102.31		325,000		288,702
United Rentals North America, Inc., 6.00%, 12/15/29, Callable 12/15/25 @ 103(d)		250,000		253,375
Wabash National Corp., 4.50%, 10/15/28, Callable 10/15/24 @ 102.25(d)		100,000		87,079

Victory Variable Insurance Funds	Schedule of Portfolio Investments - continued
Victory High Yield VIP Series	March 31, 2023
	(Unaudited)

Security Description	Principal Amount		Value
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63(d)	$	250,000	$	256,913
				2,571,365
Information Technology (0.6%):
Black Knight InfoServ LLC, 3.63%, 9/1/28, Callable 9/1/23 @ 101.81(d)		150,000		136,382
Materials (1.8%):
Allegheny Technologies, Inc., 5.13%, 10/1/31, Callable 10/1/26 @ 102.56		250,000		227,485
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 6/15/28, Callable 6/15/24 @ 103.06(d)		200,000		177,416
				404,901
Real Estate (0.8%):
Adams Homes, Inc., 7.50%, 2/15/25, Callable 5/8/23 @ 101.88(d)		200,000		177,649
Technology (1.0%):
Cloud Software Group Holdings, Inc., 6.50%, 3/31/29, Callable 9/30/25 @ 103.25(d)		250,000		218,290
Total Corporate Bonds (Cost $17,845,538)				15,381,789
Yankee Dollars (6.2%)
Communication Services (0.9%):
Telesat Canada/Telesat LLC, 5.63%, 12/6/26, Callable 12/6/23 @ 102.81(d)		400,000		209,806
Energy (0.9%):
TechnipFMC PLC, 6.50%, 2/1/26, Callable 5/22/23 @ 103.25(d)		200,000		198,863
Industrials (3.2%):
Bombardier, Inc., 7.88%, 4/15/27, Callable 5/23/23 @ 101.97(d)		400,000		405,593
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 4/15/26, Callable 5/22/23 @ 100(d)		250,000		208,631
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 2/1/30, Callable 2/1/25 @ 103.19(d)		100,000		89,404
				703,628
Information Technology (0.7%):
ION Trading Technologies Sarl, 5.75%, 5/15/28, Callable 5/15/24 @ 102.88(d)		200,000		160,606
Materials (0.5%):
INEOS Finance PLC, 6.75%, 5/15/28, Callable 2/15/25 @ 103.38(d)		75,000		72,901
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 5.13%, 4/1/29, Callable 4/1/24 @ 102.56(d)		65,000		38,745
				111,646
Total Yankee Dollars (Cost $1,644,870)				1,384,549
Security Description	Shares		Value
Collateral for Securities Loaned (13.9%)^
Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.72% (f)		775,906		775,906
HSBC U.S. Government Money Market Fund, Institutional Shares, 4.70% (f)		775,906		775,906
Invesco Government & Agency Portfolio, Institutional Shares, 4.73% (f)		775,906		775,906
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.75% (f)		775,906		775,906
Total Collateral for Securities Loaned (Cost $3,103,624)				3,103,624
Total Investments (Cost $28,069,457) — 108.1%				24,189,031
Liabilities in excess of other assets — (8.1)%				(1,821,331	)
NET ASSETS - 100.00%			$	22,367,700

^	Purchased with cash collateral from securities on loan.
(a)	Non-income producing security.
(b)	Variable or Floating-Rate Security. Rate disclosed is as of March 31, 2023.
(c)	Currently the issuer is in default with respect to interest and/or principal payments.
(d)	Rule 144A security or other security that is restricted as to resale to institutional investors. As of March 31, 2023, the fair value of these securities was $13,966,842 and amounted to 62.4% of net assets.
(e)	All or a portion of this security is on loan.
(f)	Rate disclosed is the daily yield on March 31, 2023.

Victory Variable Insurance Funds	Schedule of Portfolio Investments - continued
Victory High Yield VIP Series	March 31, 2023
	(Unaudited)

bps—Basis points

LIBOR—London Interbank Offered Rate

LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of March 31, 2023, based on the last reset date of the security

LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of March 31, 2023, 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 March 31, 2023.

SOFR03M—3 Month SOFR, rate disclosed as of March 31, 2023.

Victory Variable Insurance Funds	Schedule of Portfolio Investments
Victory RS International VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Common Stocks (97.4%)
Australia (7.6%):
Consumer Discretionary (1.0%):
Aristocrat Leisure Ltd.		47,535	$	1,188,231
Financials (1.5%):
Macquarie Group Ltd.		14,943		1,768,854
Health Care (1.6%):
CSL Ltd.		9,549		1,848,949
Materials (2.4%):
BHP Group Ltd.		88,082		2,784,000
Real Estate (1.1%):
Scentre Group		689,246		1,275,569
				8,865,603
Belgium (1.2%):
Information Technology (1.2%):
Melexis NV		11,839		1,370,967
China (1.1%):
Communication Services (1.1%):
Tencent Holdings Ltd.		25,700		1,255,974
Denmark (4.9%):
Consumer Discretionary (1.1%):
Pandora A/S		13,780		1,322,862
Health Care (3.8%):
Novo Nordisk A/S, Class B		28,039		4,453,679
				5,776,541
France (9.6%):
Consumer Discretionary (5.1%):
La Francaise des Jeux SAEM  (a)		36,607		1,525,551
LVMH Moet Hennessy Louis Vuitton SE		4,829		4,432,167
				5,957,718
Energy (0.6%):
Gaztransport Et Technigaz SA		6,293		643,886
Industrials (1.7%):
Safran SA		13,520		2,001,269
Information Technology (0.8%):
Capgemini SE		5,137		954,548
Materials (1.4%):
Arkema SA		16,669		1,645,691
				11,203,112
Germany (8.1%):
Consumer Discretionary (1.0%):
Volkswagen AG, Preference Shares		8,618		1,176,009
Financials (2.1%):
Allianz SE, Registered Shares		10,431		2,407,627
Industrials (2.4%):
Siemens AG, Registered Shares		17,360		2,812,125
Information Technology (1.4%):
SAP SE		13,268		1,675,201
Utilities (1.2%):
RWE AG		31,929		1,373,725
				9,444,687
Hong Kong (2.4%):
Financials (1.5%):
AIA Group Ltd.		169,200		1,774,506
Real Estate (0.9%):
CK Asset Holdings Ltd.		163,000		988,241
				2,762,747
Italy (1.3%):
Utilities (1.3%):
Snam SpA		289,498		1,534,787

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory RS International VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Japan (20.1%):
Communication Services (1.6%):
Capcom Co. Ltd.		32,500	$	1,163,326
Kakaku.com, Inc.		54,200		744,104
				1,907,430
Consumer Discretionary (3.0%):
Toyota Motor Corp.		175,200		2,494,326
ZOZO, Inc.		46,700		1,068,240
				3,562,566
Consumer Staples (0.9%):
Toyo Suisan Kaisha Ltd.		26,100		1,090,869
Financials (2.5%):
Mitsubishi UFJ Financial Group, Inc.		227,100		1,455,573
Tokio Marine Holdings, Inc.		74,000		1,424,288
				2,879,861
Health Care (2.6%):
Hoya Corp.		17,700		1,956,290
Shionogi & Co. Ltd.		23,300		1,051,077
				3,007,367
Industrials (5.6%):
Fuji Electric Co. Ltd.		33,400		1,319,127
MISUMI Group, Inc.		40,600		1,020,325
Mitsubishi Heavy Industries Ltd.		32,700		1,204,837
Nippon Yusen KK  (b)		33,500		782,593
OKUMA Corp.		17,900		801,753
Sanwa Holdings Corp.		128,100		1,374,441
				6,503,076
Information Technology (2.8%):
Fujitsu Ltd.		8,200		1,108,193
Oracle Corp.		17,600		1,271,231
Ulvac, Inc.		21,800		952,454
				3,331,878
Real Estate (0.6%):
Sumitomo Realty & Development Co. Ltd.		30,300		684,295
Utilities (0.5%):
Tokyo Gas Co. Ltd.		31,300		588,294
				23,555,636
Netherlands (5.8%):
Communication Services (1.3%):
Koninklijke KPN NV		428,959		1,515,615
Financials (1.5%):
ING Groep NV		144,411		1,714,770
Industrials (1.3%):
Wolters Kluwer NV		12,099		1,527,194
Information Technology (1.7%):
ASM International NV		4,912		1,993,599
				6,751,178
New Zealand (0.8%):
Health Care (0.8%):
Fisher & Paykel Healthcare Corp. Ltd.		58,284		974,018
Norway (1.1%):
Energy (0.4%):
Aker BP ASA		16,563		406,398
Financials (0.7%):
SpareBank 1 SMN		73,468		868,326
				1,274,724
Spain (1.9%):
Communication Services (0.0%):(c)
Telefonica SA		1		4

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory RS International VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Financials (1.9%):
Banco Bilbao Vizcaya Argentaria SA  (b)		304,427	$	2,176,256
				2,176,260
Sweden (2.8%):
Industrials (2.8%):
Atlas Copco AB, Class B		203,913		2,346,418
Nibe Industrier AB, Class B		86,685		988,495
				3,334,913
Switzerland (12.8%):
Consumer Staples (5.0%):
Coca-Cola HBC AG		41,948		1,148,145
Nestle SA, Registered Shares		38,627		4,711,099
				5,859,244
Financials (2.5%):
Partners Group Holding AG		1,450		1,365,871
UBS Group AG		77,042		1,630,716
				2,996,587
Health Care (5.3%):
Novartis AG, Registered Shares		30,286		2,781,576
Roche Holding AG		11,820		3,378,401
				6,159,977
				15,015,808
United Kingdom (15.9%):
Consumer Discretionary (1.7%):
Greggs PLC		28,426		976,012
Next PLC		12,692		1,031,433
				2,007,445
Consumer Staples (3.7%):
Diageo PLC		54,465		2,430,352
Imperial Brands PLC		79,877		1,836,522
				4,266,874
Energy (3.5%):
BP PLC		235,963		1,491,163
Shell PLC		90,587		2,581,174
				4,072,337
Financials (2.9%):
Barclays PLC		487,605		877,498
HSBC Holdings PLC		306,103		2,080,085
Legal & General Group PLC		151,247		447,255
				3,404,838
Industrials (1.2%):
Ashtead Group PLC		23,523		1,444,189
Materials (2.9%):
Croda International PLC		16,245		1,305,451
Rio Tinto PLC		31,132		2,112,827
				3,418,278
				18,613,961
Total Common Stocks (Cost $93,734,718)				113,910,916
Exchange-Traded Funds (0.1%)
United States (0.1%):
iShares MSCI EAFE ETF		1,653		118,223
Total Exchange-Traded Funds (Cost $99,717)				118,223
Collateral for Securities Loaned (2.7%)^
United States (2.7%):
Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.72% (d)		773,786		773,786
HSBC U.S. Government Money Market Fund, Institutional Shares, 4.70% (d)		773,786		773,786
Invesco Government & Agency Portfolio, Institutional Shares, 4.73% (d)		773,786		773,786
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.75% (d)		773,786		773,786
Total Collateral for Securities Loaned (Cost $3,095,144)				3,095,144

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory RS International VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares	Value
Total Investments (Cost $96,929,579) — 100.2%		$	117,124,283
Liabilities in excess of other assets — (0.2)%			(233,520	)
NET ASSETS - 100.00%		$	116,890,763

^	Purchased with cash collateral from securities on loan.
(a)	Rule 144A security or other security that is restricted as to resale to institutional investors. As of March 31, 2023, the fair value of these securities was $1,525,551 and amounted to 1.3% 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 March 31, 2023.

ETF—Exchange-Traded Fund

PLC—Public Limited Company

Victory Variable Insurance Funds	Schedule of Portfolio Investments
Victory RS Large Cap Alpha VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Common Stocks (96.1%)
Communication Services (2.7%):
Alphabet, Inc., Class A (a)		197,890	$	20,527,130
Consumer Discretionary (4.1%):
Darden Restaurants, Inc.		61,710		9,574,923
LKQ Corp.		242,720		13,776,787
Mattel, Inc. (a)		437,560		8,055,480
				31,407,190
Consumer Staples (8.7%):
Diageo PLC, ADR		42,330		7,669,349
Keurig Dr Pepper, Inc.		687,270		24,246,886
Mondelez International, Inc., Class A		289,670		20,195,792
U.S. Foods Holding Corp. (a)		407,420		15,050,095
				67,162,122
Energy (7.7%):
Enterprise Products Partners LP		674,220		17,462,298
Hess Corp.		107,290		14,198,759
Marathon Oil Corp.		705,800		16,910,968
Ovintiv, Inc.		298,240		10,760,499
				59,332,524
Financials (23.0%):
Brown & Brown, Inc.		354,000		20,326,680
Cboe Global Markets, Inc.		161,130		21,630,091
Fairfax Financial Holdings Ltd.		60,510		40,248,800
Interactive Brokers Group, Inc.		216,300		17,857,728
JPMorgan Chase & Co.		88,390		11,518,101
Markel Corp. (a)		26,810		34,247,362
The Progressive Corp.		222,610		31,846,587
				177,675,349
Health Care (18.1%):
AbbVie, Inc.		138,650		22,096,650
GE HealthCare Technologies, Inc. (a)		124,310		10,197,149
Humana, Inc.		21,660		10,515,064
Johnson & Johnson		80,550		12,485,250
McKesson Corp.		23,730		8,449,066
Medtronic PLC		201,110		16,213,488
Merck & Co., Inc.		226,530		24,100,527
The Cigna Group		67,520		17,253,386
UnitedHealth Group, Inc.		38,135		18,022,220
				139,332,800
Industrials (12.7%):
Eaton Corp. PLC		62,960		10,787,567
FedEx Corp.		50,830		11,614,147
Johnson Controls International PLC		237,460		14,299,841
Leidos Holdings, Inc.		139,330		12,826,720
PACCAR, Inc.		102,195		7,480,674
Parker-Hannifin Corp.		40,330		13,555,316
Raytheon Technologies Corp.		99,441		9,738,257
Sensata Technologies Holding PLC		348,660		17,439,973
				97,742,495
Information Technology (4.4%):
Applied Materials, Inc.		60,570		7,439,813
Fidelity National Information Services, Inc.		148,850		8,087,020
FleetCor Technologies, Inc. (a)		49,640		10,466,594
Salesforce, Inc. (a)		41,560		8,302,857
				34,296,284
Materials (4.4%):
PPG Industries, Inc.		109,450		14,620,331
Sealed Air Corp.		418,480		19,212,417
				33,832,748
Real Estate (3.8%):
Alexandria Real Estate Equities, Inc.		88,190		11,075,782
Equity LifeStyle Properties, Inc.		123,570		8,295,254

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory RS Large Cap Alpha VIP Series	March 31, 2023

(Unaudited)

Security Description	Shares		Value
Invitation Homes, Inc.		315,990	$	9,868,368
				29,239,404
Utilities (6.5%):
Constellation Energy Corp.		111,859		8,780,931
Exelon Corp.		320,600		13,429,934
Vistra Corp.		1,150,309		27,607,416
				49,818,281
Total Common Stocks (Cost $629,761,793)				740,366,327
Total Investments (Cost $629,761,793) — 96.1%				740,366,327
Other assets in excess of liabilities — 3.9%				30,104,950
NET ASSETS - 100.00% 1			$	770,471,277

(a) Non-income producing security.

ADR—American Depositary Receipt

LP—Limited Partnership

PLC—Public Limited Company

Victory Variable Insurance Funds	Schedule of Portfolio Investments
Victory RS Small Cap Growth Equity VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Common Stocks (96.9%)
Communication Services (1.9%):
World Wrestling Entertainment, Inc., Class A		10,050	$	917,163
ZipRecruiter, Inc. (a)		27,750		442,335
				1,359,498
Communications Equipment (0.7%):
Digi International, Inc. (a)		15,630		526,418
Consumer Discretionary (10.0%):
Acushnet Holdings Corp.		11,380		579,697
Columbia Sportswear Co.		6,360		573,927
Fox Factory Holding Corp. (a)		7,750		940,618
Ollie's Bargain Outlet Holdings, Inc. (a)		10,820		626,911
Ralph Lauren Corp.		9,780		1,141,033
Skyline Champion Corp. (a)		12,940		973,476
Texas Roadhouse, Inc.		6,040		652,682
Under Armour, Inc., Class C (a)		96,780		825,533
Wingstop, Inc.		4,630		849,975
				7,163,852
Consumer Staples (5.7%):
BellRing Brands, Inc. (a)		52,410		1,781,940
Celsius Holdings, Inc. (a)		8,460		786,273
Grocery Outlet Holding Corp. (a)		31,520		890,755
The Simply Good Foods Co. (a)		15,530		617,628
				4,076,596
Electronic Equipment, Instruments & Components (2.7%):
Advanced Energy Industries, Inc.		11,280		1,105,440
Badger Meter, Inc.		3,620		440,988
Belden, Inc.		4,270		370,508
				1,916,936
Energy (5.1%):
Denbury, Inc. (a)		12,420		1,088,364
Matador Resources Co.		14,840		707,126
Permian Resources Corp.		108,760		1,141,980
Ranger Oil Corp.		17,920		731,853
				3,669,323
Financials (5.4%):
FirstCash Holdings, Inc.		11,100		1,058,607
Focus Financial Partners, Inc., Class A (a)		11,050		573,163
Kinsale Capital Group, Inc.		2,840		852,426
PRA Group, Inc. (a)		21,110		822,446
Wintrust Financial Corp.		7,740		564,633
				3,871,275
Health Care (22.2%):
Acadia Healthcare Co., Inc. (a)		13,550		978,987
Akero Therapeutics, Inc. (a)		6,320		241,803
Amicus Therapeutics, Inc. (a)		37,910		420,422
Apellis Pharmaceuticals, Inc. (a)		13,350		880,566
Axonics, Inc. (a)		12,610		688,002
Chinook Therapeutics, Inc. (a)		31,020		718,113
Evolent Health, Inc., Class A (a)		33,420		1,084,479
HealthEquity, Inc. (a)		12,700		745,617
Immunocore Holdings PLC, ADR (a)		5,770		285,269
Immunovant, Inc. (a)		21,100		327,261
Inspire Medical Systems, Inc. (a)		6,450		1,509,752
iRhythm Technologies, Inc. (a)		5,430		673,483
Krystal Biotech, Inc. (a)		6,390		511,583
LivaNova PLC (a)		7,410		322,928
Morphic Holding, Inc. (a)		9,490		357,204
Opthea Ltd., ADR (a)		36,830		145,847
Pacific Biosciences of California, Inc. (a)		50,860		588,959
Pliant Therapeutics, Inc. (a)		12,920		343,672

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory RS Small Cap Growth Equity VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
PROCEPT BioRobotics Corp. (a)		7,430	$	211,012
Prometheus Biosciences, Inc. (a)		5,150		552,698
Reata Pharmaceuticals, Inc., Class A (a)		4,860		441,871
Replimune Group, Inc. (a)		20,150		355,849
Revance Therapeutics, Inc. (a)		18,020		580,424
Shockwave Medical, Inc. (a)		3,520		763,242
SpringWorks Therapeutics, Inc. (a)		16,610		427,541
Surgery Partners, Inc. (a)		26,820		924,485
Vaxcyte, Inc. (a)		11,650		436,642
Ventyx Biosciences, Inc. (a)		10,050		336,675
Viking Therapeutics, Inc. (a)		7,280		121,212
				15,975,598
Industrials (17.5%):
AAON, Inc.		13,650		1,319,819
AAR Corp. (a)		15,790		861,345
Applied Industrial Technologies, Inc.		6,340		901,104
Atkore, Inc. (a)		3,030		425,654
Bloom Energy Corp., Class A (a)		42,040		837,857
Chart Industries, Inc. (a)		4,140		519,156
Clean Harbors, Inc. (a)		7,920		1,129,075
Comfort Systems USA, Inc.		6,170		900,573
Evoqua Water Technologies Corp. (a)		20,100		999,372
Herc Holdings, Inc.		5,860		667,454
McGrath RentCorp		8,950		835,125
Saia, Inc. (a)		4,030		1,096,482
Shoals Technologies Group, Inc., Class A (a)		27,350		623,307
Simpson Manufacturing Co., Inc.		5,910		647,972
Tecnoglass, Inc.		11,750		493,030
Valmont Industries, Inc.		1,110		354,401
				12,611,726
IT Services (7.6%):
DigitalOcean Holdings, Inc. (a)(b)		22,830		894,251
Euronet Worldwide, Inc. (a)		6,390		715,041
Flywire Corp. (a)		21,670		636,231
Maximus, Inc.		10,060		791,722
Payoneer Global, Inc. (a)		130,700		820,796
Shift4 Payments, Inc., Class A (a)		7,470		566,226
WNS Holdings Ltd., ADR (a)		11,046		1,029,156
				5,453,423
Materials (2.9%):
Avient Corp.		15,600		642,096
Livent Corp. (a)		40,570		881,181
Silgan Holdings, Inc.		10,560		566,755
				2,090,032
Semiconductors & Semiconductor Equipment (5.7%):
Axcelis Technologies, Inc. (a)		3,640		485,030
Impinj, Inc. (a)		8,400		1,138,368
MACOM Technology Solutions Holdings, Inc. (a)		29,210		2,069,237
SiTime Corp. (a)		2,970		422,423
				4,115,058
Software (9.5%):
Box, Inc., Class A (a)		21,510		576,253
Braze, Inc., Class A (a)(b)		8,550		295,573
CyberArk Software Ltd. (a)		7,210		1,066,936
Gitlab, Inc., Class A (a)		9,730		333,642
Paycor HCM, Inc. (a)		39,030		1,035,076
Procore Technologies, Inc. (a)		6,640		415,863
Samsara, Inc., Class A (a)		24,950		492,014
Smartsheet, Inc., Class A (a)		10,570		505,246
Sprout Social, Inc., Class A (a)		27,040		1,646,195
Varonis Systems, Inc. (a)		19,350		503,293
				6,870,091
Total Common Stocks (Cost $65,080,450)				69,699,826

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory RS Small Cap Growth Equity VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned (1.0%)^
Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.72% (c)		184,646	$	184,646
HSBC U.S. Government Money Market Fund, Institutional Shares, 4.70% (c)		184,646		184,646
Invesco Government & Agency Portfolio, Institutional Shares, 4.73% (c)		184,646		184,646
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.75% (c)		184,646		184,646
Total Collateral for Securities Loaned (Cost $738,584)				738,584
Total Investments (Cost $65,819,034) — 97.9%				70,438,410
Other assets in excess of liabilities — 2.1%				1,508,065
NET ASSETS - 100.00%			$	71,946,475

^	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 March 31, 2023.

ADR—American Depositary Receipt

PLC—Public Limited Company

Victory Variable Insurance Funds	Schedule of Portfolio Investments
Victory 500 Index VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Common Stocks (99.5%)
Communication Services (8.1%):
Activision Blizzard, Inc.		1,833	$	156,886
Alphabet, Inc., Class C (a)		12,939		1,345,656
Alphabet, Inc., Class A (a)		14,842		1,539,561
AT&T, Inc.		17,767		342,015
Charter Communications, Inc., Class A (a)		262		93,694
Comcast Corp., Class A		10,378		393,430
Electronic Arts, Inc.		642		77,329
Fox Corp., Class A		725		24,686
Fox Corp., Class B		332		10,395
Liberty Broadband Corp., Class C (a)		285		23,284
Liberty Media Corp.-Liberty Formula One, Class C (a)		482		36,068
Live Nation Entertainment, Inc. (a)		357		24,990
Meta Platforms, Inc., Class A (a)		5,546		1,175,419
Netflix, Inc. (a)		1,088		375,882
Omnicom Group, Inc.		500		47,170
Paramount Global, Class B		1,444		32,216
Pinterest, Inc., Class A (a)		1,452		39,596
ROBLOX Corp., Class A (a)		1,067		47,994
Sirius XM Holdings, Inc. (b)		1,648		6,542
Snap, Inc., Class A (a)		2,414		27,061
Take-Two Interactive Software, Inc. (a)		387		46,169
The Interpublic Group of Cos., Inc.		935		34,819
The Trade Desk, Inc., Class A (a)		1,102		67,123
The Walt Disney Co. (a)		4,552		455,792
T-Mobile U.S., Inc. (a)		1,307		189,306
Verizon Communications, Inc.		10,466		407,023
Warner Bros Discovery, Inc. (a)		5,507		83,156
				7,103,262
Communications Equipment (0.9%):
Arista Networks, Inc. (a)		588		98,702
Cisco Systems, Inc.		10,237		535,139
Motorola Solutions, Inc.		417		119,316
				753,157
Consumer Discretionary (10.3%):
Airbnb, Inc., Class A (a)		958		119,175
Amazon.com, Inc. (a)		22,471		2,321,030
AutoZone, Inc. (a)		47		115,533
Best Buy Co., Inc.		491		38,431
Booking Holdings, Inc. (a)		93		246,674
Burlington Stores, Inc. (a)		158		31,932
Chipotle Mexican Grill, Inc. (a)		68		116,164
Coupang, Inc. (a)		2,753		44,048
D.R. Horton, Inc.		753		73,561
Darden Restaurants, Inc.		303		47,013
Dollar General Corp.		557		117,226
Dollar Tree, Inc. (a)		551		79,096
DoorDash, Inc., Class A (a)		592		37,628
eBay, Inc.		1,338		59,367
Etsy, Inc. (a)		310		34,512
Expedia Group, Inc. (a)		365		35,416
Ford Motor Co.		9,757		122,938
General Motors Co.		3,475		127,463
Genuine Parts Co.		345		57,722
Hilton Worldwide Holdings, Inc.		651		91,706
Las Vegas Sands Corp. (a)		819		47,052
Lennar Corp., Class A		619		65,063
LKQ Corp.		659		37,405
Lowe's Cos., Inc.		1,507		301,355
Lucid Group, Inc. (a)(b)		1,277		10,267
Lululemon Athletica, Inc. (a)		271		98,695
Marriott International, Inc., Class A		653		108,424
McDonald's Corp.		1,823		509,729
MGM Resorts International		794		35,269
NIKE, Inc., Class B		3,073		376,873
NVR, Inc. (a)		7		39,005

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory 500 Index VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
O'Reilly Automotive, Inc. (a)		153	$	129,894
Pool Corp.		94		32,189
PulteGroup, Inc.		543		31,646
Rivian Automotive, Inc., Class A (a)		1,474		22,818
Ross Stores, Inc.		841		89,255
Royal Caribbean Cruises Ltd. (a)		540		35,262
Starbucks Corp.		2,778		289,273
Target Corp.		1,147		189,978
Tesla, Inc. (a)		6,699		1,389,775
The Home Depot, Inc.		2,540		749,605
The TJX Cos., Inc.		2,879		225,598
Tractor Supply Co.		274		64,401
Ulta Beauty, Inc. (a)		126		68,754
Yum China Holdings, Inc.		986		62,503
Yum! Brands, Inc.		702		92,720
				9,019,443
Consumer Staples (6.7%):
Altria Group, Inc.		4,466		199,273
Archer-Daniels-Midland Co.		1,352		107,700
Brown-Forman Corp., Class B		757		48,652
Bunge Ltd.		370		35,342
Campbell Soup Co.		493		27,105
Church & Dwight Co., Inc.		608		53,753
Colgate-Palmolive Co.		2,069		155,485
Conagra Brands, Inc.		1,176		44,171
Constellation Brands, Inc., Class A		414		93,519
Costco Wholesale Corp.		1,106		549,538
General Mills, Inc.		1,469		125,541
Hormel Foods Corp.		722		28,793
Kellogg Co.		843		56,447
Keurig Dr Pepper, Inc.		2,256		79,592
Kimberly-Clark Corp.		841		112,879
Lamb Weston Holdings, Inc.		343		35,850
McCormick & Co., Inc.		625		52,006
Mondelez International, Inc., Class A		3,397		236,839
Monster Beverage Corp. (a)		1,846		99,702
PepsiCo, Inc.		3,432		625,654
Philip Morris International, Inc.		3,863		375,677
Sysco Corp.		1,265		97,696
The Clorox Co.		308		48,738
The Coca-Cola Co.		10,669		661,798
The Estee Lauder Cos., Inc.		577		142,207
The Hershey Co.		366		93,114
The J.M. Smucker Co.		258		40,602
The Kraft Heinz Co.		2,747		106,227
The Kroger Co.		1,766		87,187
The Procter & Gamble Co.		5,879		874,149
Tyson Foods, Inc., Class A		698		41,405
Walgreens Boots Alliance, Inc.		1,784		61,691
Walmart, Inc.		3,495		515,338
				5,913,670
Electronic Equipment, Instruments & Components (0.5%):
Amphenol Corp., Class A		1,467		119,883
CDW Corp.		337		65,678
Corning, Inc.		1,899		66,997
Keysight Technologies, Inc. (a)		440		71,051
Teledyne Technologies, Inc. (a)		116		51,894
Trimble, Inc. (a)		615		32,238
Zebra Technologies Corp. (a)		127		40,386
				448,127
Energy (4.6%):
Baker Hughes Co.		2,495		72,006
Cheniere Energy, Inc.		601		94,718
Chevron Corp.		4,751		775,173
ConocoPhillips		3,037		301,301
Coterra Energy, Inc.		1,876		46,037
Devon Energy Corp.		1,613		81,634

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory 500 Index VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Diamondback Energy, Inc.		435	$	58,799
EOG Resources, Inc.		1,464		167,818
Exxon Mobil Corp.		10,263		1,125,441
Halliburton Co.		2,253		71,285
Hess Corp.		691		91,447
Kinder Morgan, Inc.		4,874		85,344
Marathon Oil Corp.		1,569		37,593
Marathon Petroleum Corp.		1,110		149,661
Occidental Petroleum Corp.		2,265		141,404
ONEOK, Inc.		1,103		70,085
Phillips 66		1,178		119,426
Pioneer Natural Resources Co.		580		118,459
Schlumberger NV		3,534		173,519
Targa Resources Corp.		553		40,341
Texas Pacific Land Corp.		19		32,319
The Williams Cos., Inc.		3,036		90,655
Valero Energy Corp.		925		129,130
				4,073,595
Financials (10.3%):
Aflac, Inc.		1,373		88,586
American Express Co.		1,854		305,817
American International Group, Inc.		1,837		92,511
Ameriprise Financial, Inc.		262		80,303
Aon PLC, Class A		494		155,753
Apollo Global Management, Inc.		984		62,149
Arch Capital Group Ltd. (a)		894		60,676
Ares Management Corp., Class A		346		28,870
Arthur J. Gallagher & Co.		523		100,055
Bank of America Corp.		19,945		570,427
Berkshire Hathaway, Inc., Class B (a)		3,244		1,001,650
Berkshire Hathaway, Inc., Class A (a)		1		465,600
BlackRock, Inc.		367		245,567
Blackstone, Inc.		1,731		152,051
Brown & Brown, Inc.		593		34,050
Capital One Financial Corp.		940		90,390
Cboe Global Markets, Inc.		257		34,500
Cincinnati Financial Corp.		384		43,039
Citigroup, Inc.		4,844		227,135
Citizens Financial Group, Inc.		1,194		36,262
CME Group, Inc.		887		169,878
Discover Financial Services		646		63,851
Everest Re Group Ltd.		70		25,061
FactSet Research Systems, Inc.		95		39,434
Fifth Third Bancorp		1,693		45,102
First Horizon Corp.		1,279		22,741
First Republic Bank (b)		451		6,309
Franklin Resources, Inc.		723		19,478
Huntington Bancshares, Inc.		3,544		39,693
Intercontinental Exchange, Inc.		1,379		143,816
JPMorgan Chase & Co.		7,261		946,181
KeyCorp		2,325		29,109
KKR & Co., Inc.		1,570		82,456
Loews Corp.		486		28,198
LPL Financial Holdings, Inc.		194		39,266
M&T Bank Corp.		414		49,502
Markel Corp. (a)		33		42,155
MarketAxess Holdings, Inc.		90		35,216
Marsh & McLennan Cos., Inc.		1,232		205,190
MetLife, Inc.		1,621		93,921
Moody's Corp.		457		139,851
Morgan Stanley		3,243		284,735
MSCI, Inc.		193		108,020
Nasdaq, Inc.		841		45,977
Northern Trust Corp.		509		44,858
NU Holdings Ltd., Class A (a)		4,915		23,395
Principal Financial Group, Inc.		600		44,592
Prudential Financial, Inc.		917		75,873
Raymond James Financial, Inc.		483		45,049

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory 500 Index VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Regions Financial Corp.		2,329	$	43,226
S&P Global, Inc.		802		276,506
State Street Corp.		850		64,337
Synchrony Financial		1,078		31,348
T Rowe Price Group, Inc.		548		61,869
The Allstate Corp.		650		72,026
The Bank of New York Mellon Corp.		2,004		91,062
The Carlyle Group, Inc.		487		15,126
The Charles Schwab Corp.		4,196		219,786
The Goldman Sachs Group, Inc.		827		270,520
The Hartford Financial Services Group, Inc.		780		54,358
The PNC Financial Services Group, Inc.		999		126,973
The Progressive Corp.		1,459		208,725
The Travelers Cos., Inc.		578		99,075
Truist Financial Corp.		3,306		112,735
U.S. Bancorp		3,814		137,495
W.R. Berkley Corp.		521		32,437
Wells Fargo & Co.		9,454		353,391
				9,085,293
Health Care (14.1%):
Abbott Laboratories		4,288		434,203
AbbVie, Inc.		4,409		702,662
Agilent Technologies, Inc.		738		102,095
Align Technology, Inc. (a)		179		59,811
Alnylam Pharmaceuticals, Inc. (a)		306		61,298
AmerisourceBergen Corp.		418		66,926
Amgen, Inc.		1,331		321,769
Avantor, Inc. (a)		1,630		34,458
Baxter International, Inc.		1,258		51,024
Becton Dickinson and Co.		707		175,011
Biogen, Inc. (a)		360		100,091
BioMarin Pharmaceutical, Inc. (a)		454		44,147
Bio-Rad Laboratories, Inc., Class A (a)		52		24,909
Boston Scientific Corp. (a)		3,534		176,806
Bristol-Myers Squibb Co.		5,230		362,491
Cardinal Health, Inc.		636		48,018
Catalent, Inc. (a)		431		28,321
Centene Corp. (a)		1,360		85,966
CVS Health Corp.		3,200		237,792
Danaher Corp.		1,652		416,370
Dexcom, Inc. (a)		944		109,674
Edwards Lifesciences Corp. (a)		1,501		124,178
Elevance Health, Inc.		592		272,208
Eli Lilly & Co.		2,108		723,929
GE HealthCare Technologies, Inc. (a)		905		74,237
Gilead Sciences, Inc.		3,108		257,871
HCA Healthcare, Inc.		511		134,740
Hologic, Inc. (a)		608		49,066
Horizon Therapeutics PLC (a)		563		61,446
Humana, Inc.		311		150,978
ICON PLC (a)		198		42,291
IDEXX Laboratories, Inc. (a)		205		102,516
Illumina, Inc. (a)		394		91,625
Incyte Corp. (a)		550		39,749
Insulet Corp. (a)		171		54,542
Intuitive Surgical, Inc. (a)		864		220,726
IQVIA Holdings, Inc. (a)		458		91,092
Johnson & Johnson		6,490		1,005,950
Laboratory Corp. of America Holdings		220		50,472
McKesson Corp.		341		121,413
Medtronic PLC		3,233		260,644
Merck & Co., Inc.		6,318		672,172
Mettler-Toledo International, Inc. (a)		54		82,631
Moderna, Inc. (a)		833		127,932
Molina Healthcare, Inc. (a)		144		38,519
PerkinElmer, Inc.		315		41,977
Pfizer, Inc.		13,988		570,710
Quest Diagnostics, Inc.		275		38,907
Regeneron Pharmaceuticals, Inc. (a)		256		210,348

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory 500 Index VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
ResMed, Inc.		362	$	79,274
Royalty Pharma PLC, Class A		927		33,400
Seagen, Inc. (a)		456		92,326
STERIS PLC (b)		239		45,716
Stryker Corp.		878		250,643
The Cigna Group		725		185,259
The Cooper Cos., Inc.		122		45,550
Thermo Fisher Scientific, Inc.		960		553,315
UnitedHealth Group, Inc.		2,325		1,098,772
Veeva Systems, Inc., Class A (a)		348		63,959
Vertex Pharmaceuticals, Inc. (a)		641		201,960
Viatris, Inc.		2,909		27,985
Waters Corp. (a)		148		45,825
West Pharmaceutical Services, Inc.		185		64,097
Zimmer Biomet Holdings, Inc.		523		67,572
Zoetis, Inc.		1,155		192,238
				12,404,602
Industrials (8.3%):
3M Co.		1,372		144,211
AMETEK, Inc.		573		83,274
Axon Enterprise, Inc. (a)		166		37,325
Booz Allen Hamilton Holding Corp.		323		29,939
Carlisle Cos., Inc.		126		28,485
Carrier Global Corp.		2,079		95,114
Caterpillar, Inc.		1,287		294,517
Cintas Corp.		215		99,476
Copart, Inc. (a)		1,068		80,324
CoStar Group, Inc. (a)		1,003		69,056
CSX Corp.		5,140		153,891
Cummins, Inc.		345		82,414
Deere & Co.		738		304,705
Delta Air Lines, Inc. (a)		1,598		55,802
Dover Corp.		345		52,419
Eaton Corp. PLC		992		169,969
Emerson Electric Co.		1,424		124,087
Equifax, Inc.		305		61,866
Expeditors International of Washington, Inc.		381		41,956
Fastenal Co.		1,422		76,703
FedEx Corp.		579		132,296
Fortive Corp.		879		59,921
General Dynamics Corp.		677		154,498
General Electric Co.		2,687		256,877
HEICO Corp.		105		17,959
HEICO Corp., Class A		184		25,006
Honeywell International, Inc.		1,665		318,215
Howmet Aerospace, Inc.		1,017		43,090
Hubbell, Inc.		130		31,630
IDEX Corp.		188		43,434
Illinois Tool Works, Inc.		760		185,022
Ingersoll Rand, Inc.		1,009		58,704
J.B. Hunt Transport Services, Inc.		204		35,794
Jacobs Solutions, Inc.		313		36,781
Johnson Controls International PLC		1,695		102,073
L3Harris Technologies, Inc.		474		93,018
Leidos Holdings, Inc.		321		29,551
Lockheed Martin Corp.		636		300,656
Nordson Corp.		127		28,227
Norfolk Southern Corp.		568		120,416
Northrop Grumman Corp.		381		175,915
Old Dominion Freight Line, Inc.		237		80,779
Otis Worldwide Corp.		1,034		87,270
PACCAR, Inc.		1,274		93,257
Parker-Hannifin Corp.		316		106,211
Quanta Services, Inc.		355		59,157
Raytheon Technologies Corp.		3,651		357,542
Republic Services, Inc.		512		69,233
Rockwell Automation, Inc.		286		83,927
Rollins, Inc.		613		23,006

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory 500 Index VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Snap-on, Inc.		126	$	31,108
Southwest Airlines Co.		1,481		48,192
Stanley Black & Decker, Inc.		377		30,379
Textron, Inc.		506		35,739
The Boeing Co. (a)		1,491		316,733
Trane Technologies PLC		557		102,477
TransDigm Group, Inc.		132		97,291
TransUnion		476		29,579
Uber Technologies, Inc. (a)		4,721		149,656
Union Pacific Corp.		1,525		306,921
United Airlines Holdings, Inc. (a)		787		34,825
United Parcel Service, Inc., Class B		1,819		352,868
United Rentals, Inc.		171		67,675
Verisk Analytics, Inc.		382		73,290
Waste Management, Inc.		976		159,254
Westinghouse Air Brake Technologies Corp.		449		45,376
WW Grainger, Inc.		112		77,147
Xylem, Inc.		449		47,010
				7,300,518
IT Services (4.4%):
Accenture PLC, Class A		1,600		457,296
Automatic Data Processing, Inc.		1,022		227,528
Block, Inc. (a)		1,326		91,030
Broadridge Financial Solutions, Inc.		290		42,505
Cloudflare, Inc., Class A (a)		695		42,854
Cognizant Technology Solutions Corp., Class A		1,269		77,320
EPAM Systems, Inc. (a)		139		41,561
Fidelity National Information Services, Inc.		1,464		79,539
Fiserv, Inc. (a)		1,549		175,083
FleetCor Technologies, Inc. (a)		173		36,477
Gartner, Inc. (a)		177		57,661
Global Payments, Inc.		649		68,301
International Business Machines Corp.		2,253		295,346
Mastercard, Inc., Class A		2,097		762,071
MongoDB, Inc. (a)		166		38,698
Paychex, Inc.		799		91,557
PayPal Holdings, Inc. (a)		2,791		211,949
Snowflake, Inc., Class A (a)		689		106,306
SS&C Technologies Holdings, Inc.		546		30,833
VeriSign, Inc. (a)		259		54,734
Visa, Inc., Class A		4,057		914,691
				3,903,340
Materials (2.5%):
Air Products and Chemicals, Inc.		542		155,668
Albemarle Corp.		292		64,544
Avery Dennison Corp.		197		35,249
Ball Corp.		776		42,765
Celanese Corp.		264		28,747
CF Industries Holdings, Inc.		483		35,013
Corteva, Inc.		1,776		107,111
Dow, Inc.		1,757		96,319
DuPont de Nemours, Inc.		1,238		88,851
Ecolab, Inc.		631		104,449
FMC Corp.		309		37,738
Freeport-McMoRan, Inc.		3,494		142,940
International Flavors & Fragrances, Inc.		635		58,395
International Paper Co.		864		31,156
Linde PLC		1,181		419,775
Lyondellbasell Industries NV, Class A		625		58,681
Martin Marietta Materials, Inc.		153		54,324
Newmont Corp.		1,978		96,962
Nucor Corp.		624		96,389
PPG Industries, Inc.		586		78,278
Reliance Steel & Aluminum Co.		141		36,200
Southern Copper Corp.		212		16,165
Steel Dynamics, Inc.		402		45,450
The Mosaic Co.		839		38,493
The Sherwin-Williams Co.		593		133,289

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory 500 Index VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Vulcan Materials Co.		331	$	56,786
Westlake Corp.		83		9,626
				2,169,363
Real Estate (2.5%):
Alexandria Real Estate Equities, Inc.		427		53,627
American Tower Corp.		1,149		234,787
AvalonBay Communities, Inc.		349		58,653
CBRE Group, Inc., Class A (a)		765		55,700
Crown Castle, Inc.		1,068		142,941
Digital Realty Trust, Inc.		726		71,373
Equinix, Inc.		231		166,560
Equity LifeStyle Properties, Inc.		441		29,604
Equity Residential		923		55,380
Essex Property Trust, Inc.		160		33,462
Extra Space Storage, Inc.		327		53,278
Gaming and Leisure Properties, Inc.		606		31,548
Healthpeak Properties, Inc.		1,363		29,945
Invitation Homes, Inc.		1,524		47,595
Iron Mountain, Inc.		717		37,936
Kimco Realty Corp.		1,510		29,490
Mid-America Apartment Communities, Inc.		288		43,500
Prologis, Inc.		2,301		287,096
Public Storage		385		116,324
Realty Income Corp.		1,644		104,098
SBA Communications Corp.		266		69,445
Simon Property Group, Inc.		807		90,360
Sun Communities, Inc.		303		42,687
UDR, Inc.		812		33,341
Ventas, Inc.		987		42,786
VICI Properties, Inc.		2,500		81,550
Welltower, Inc.		1,221		87,533
Weyerhaeuser Co.		1,825		54,987
WP Carey, Inc.		519		40,197
				2,225,783
Semiconductors & Semiconductor Equipment (6.1%):
Advanced Micro Devices, Inc. (a)		3,978		389,884
Analog Devices, Inc.		1,261		248,694
Applied Materials, Inc.		2,101		258,066
Broadcom, Inc.		1,020		654,371
Enphase Energy, Inc. (a)		330		69,392
Entegris, Inc.		369		30,262
First Solar, Inc. (a)		250		54,375
GLOBALFOUNDRIES, Inc. (a)		190		13,714
Intel Corp.		10,309		336,795
KLA Corp.		345		137,714
Lam Research Corp.		333		176,530
Marvell Technology, Inc.		2,126		92,056
Microchip Technology, Inc.		1,338		112,098
Micron Technology, Inc.		2,719		164,064
Monolithic Power Systems, Inc.		110		55,059
NVIDIA Corp.		5,885		1,634,676
ON Semiconductor Corp. (a)		1,066		87,753
QUALCOMM, Inc.		2,779		354,545
Skyworks Solutions, Inc.		396		46,720
Teradyne, Inc.		388		41,714
Texas Instruments, Inc.		2,258		420,011
				5,378,493
Software (9.9%):
Adobe, Inc. (a)		1,129		435,083
ANSYS, Inc. (a)		215		71,552
Aspen Technology, Inc. (a)		71		16,250
Atlassian Corp., Class A (a)		361		61,792
Autodesk, Inc. (a)		538		111,990
Cadence Design Systems, Inc. (a)		673		141,391
Crowdstrike Holdings, Inc., Class A (a)		528		72,473
Datadog, Inc., Class A (a)		640		46,502

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory 500 Index VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
DocuSign, Inc. (a)		484	$	28,217
Dynatrace, Inc. (a)		520		21,996
Fair Isaac Corp. (a)		59		41,459
Fortinet, Inc. (a)		1,769		117,568
Gen Digital, Inc.		1,449		24,865
HubSpot, Inc. (a)		117		50,164
Intuit, Inc.		679		302,718
Microsoft Corp.		18,179		5,241,006
Oracle Corp.		3,830		355,884
Palantir Technologies, Inc., Class A (a)		4,291		36,259
Palo Alto Networks, Inc. (a)		739		147,608
Paycom Software, Inc. (a)		128		38,913
PTC, Inc. (a)		274		35,135
Roper Technologies, Inc.		264		116,342
Salesforce, Inc. (a)		2,417		482,868
ServiceNow, Inc. (a)		501		232,825
Splunk, Inc. (a)		371		35,571
Synopsys, Inc. (a)		376		145,230
Tyler Technologies, Inc. (a)		103		36,528
VMware, Inc., Class A (a)		530		66,170
Workday, Inc., Class A (a)		498		102,857
Zoom Video Communications, Inc., Class A (a)		538		39,726
Zscaler, Inc. (a)		212		24,768
				8,681,710
Technology Hardware, Storage & Peripherals (7.6%):
Apple, Inc.		39,427		6,501,512
Hewlett Packard Enterprise Co.		3,194		50,880
HP, Inc.		2,447		71,819
NetApp, Inc.		537		34,288
Seagate Technology Holdings PLC		497		32,862
Western Digital Corp. (a)		780		29,383
				6,720,744
Utilities (2.7%):
Alliant Energy Corp.		626		33,428
Ameren Corp.		646		55,808
American Electric Power Co., Inc.		1,281		116,558
American Water Works Co., Inc.		453		66,360
Atmos Energy Corp.		357		40,113
Avangrid, Inc.		173		6,899
CenterPoint Energy, Inc.		1,569		46,223
CMS Energy Corp.		719		44,132
Consolidated Edison, Inc.		885		84,668
Constellation Energy Corp.		815		63,977
Dominion Energy, Inc.		2,081		116,349
DTE Energy Co.		507		55,537
Duke Energy Corp.		1,919		185,126
Edison International		952		67,202
Entergy Corp.		526		56,671
Evergy, Inc.		566		34,594
Eversource Energy		868		67,930
Exelon Corp.		2,477		103,762
FirstEnergy Corp.		1,426		57,126
NextEra Energy, Inc.		4,903		377,923
PG&E Corp. (a)		4,348		70,307
PPL Corp.		1,836		51,022
Public Service Enterprise Group, Inc.		1,243		77,625
Sempra Energy		783		118,358
The AES Corp.		1,664		40,069
The Southern Co.		2,713		188,771
WEC Energy Group, Inc.		786		74,505
Xcel Energy, Inc.		1,364		91,988
				2,393,031
Total Common Stocks (Cost $26,593,485)				87,574,131

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory 500 Index VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Collateral for Securities Loaned (0.0%)^(c)
Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.72% (d)		8,308		8,308
HSBC U.S. Government Money Market Fund, Institutional Shares, 4.70% (d)		8,308		8,308
Invesco Government & Agency Portfolio, Institutional Shares, 4.73% (d)		8,308	$	8,308
Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.75% (d)		8,308		8,308
Total Collateral for Securities Loaned (Cost $33,232)				33,232
Total Investments (Cost $26,626,717) — 99.5%				87,607,363
Other assets in excess of liabilities — 0.5%				432,920
NET ASSETS - 100.00% 1			$	88,040,283

^	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)	Amount represents less than 0.05% of net assets.
(d)	Rate disclosed is the daily yield on March 31, 2023.

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	6/16/23	$	584,208	$	620,663	$	36,455
	Total unrealized appreciation						$	36,455
	Total unrealized depreciation							–
	Total net unrealized appreciation (depreciation)						$	36,455

Victory Variable Insurance Funds	Schedule of Portfolio Investments
Victory Sophus Emerging Markets VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Common Stocks (97.6%)
Brazil (6.6%):
Consumer Discretionary (0.7%):
Lojas Renner SA		21,500	$	70,296
Vibra Energia SA		42,181		119,937
				190,233
Consumer Staples (0.5%):
Sao Martinho SA		24,200		129,025
Energy (0.5%):
Petroleo Brasileiro SA, ADR		13,823		144,174
Financials (1.0%):
Itau Unibanco Holding SA, ADR		53,537		260,725
Health Care (0.5%):
Hypera SA		20,000		148,780
Industrials (0.8%):
Santos Brasil Participacoes SA		74,200		118,886
SIMPAR SA		67,372		99,438
				218,324
Information Technology (0.6%):
TOTVS SA		28,700		159,473
Materials (2.0%):
Gerdau SA, Preference Shares		31,395		156,668
Vale SA		24,000		380,229
				536,897
				1,787,631
Canada (0.6%):
Energy (0.6%):
Parex Resources, Inc.		8,431		156,853
Chile (0.0%):(a)
Financials (0.0%):
Banco de Credito e Inversiones SA		1		29
China (32.4%):
Communication Services (6.8%):
Baidu, Inc., Class A (b)		19,784		372,766
Tencent Holdings Ltd.		30,030		1,467,583
				1,840,349
Consumer Discretionary (9.5%):
Alibaba Group Holding Ltd.  (b)		78,648		996,141
BYD Co. Ltd., Class H		10,500		308,877
Fuyao Glass Industry Group Co. Ltd., Class A		27,400		138,661
Hisense Home Appliances Group Co. Ltd., Class A		49,500		150,820
Meituan, Class B (b)(c)		16,753		303,944
MINISO Group Holding Ltd., ADR		8,500		150,790
PDD Holdings, Inc., ADR (b)		4,154		315,289
Yadea Group Holdings Ltd.  (c)		74,000		190,623
				2,555,145
Consumer Staples (1.8%):
Chenguang Biotech Group Co. Ltd., Class A		58,000		155,689
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		34,100		144,271
Tsingtao Brewery Co. Ltd., Class H		16,000		174,888
				474,848
Energy (1.5%):
PetroChina Co. Ltd., Class H		680,000		401,710
Financials (3.8%):
China Merchants Bank Co. Ltd., Class H		64,500		327,541
CITIC Securities Co. Ltd., Class A		85,600		255,512
Industrial & Commercial Bank of China Ltd., Class H		419,000		222,679
Ping An Insurance Group Co. of China Ltd., Class H		35,000		226,428
				1,032,160
Health Care (3.6%):
CSPC Pharmaceutical Group Ltd.		224,000		219,597
Hygeia Healthcare Holdings Co. Ltd.  (b)(c)		27,000		192,528
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		92,000		147,012
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		4,400		199,668
Wuxi Biologics Cayman, Inc.  (b)(c)		33,000		203,350
				962,155

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory Sophus Emerging Markets VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Industrials (1.3%):
China Railway Group Ltd., Class H		323,000	$	197,112
ZTO Express Cayman, Inc., ADR		4,927		141,208
				338,320
Information Technology (2.0%):
Glodon Co. Ltd., Class A		21,700		234,670
Luxshare Precision Industry Co. Ltd., Class A		37,800		167,003
WUS Printed Circuit Kunshan Co. Ltd., Class A		43,520		136,242
				537,915
Materials (1.0%):
Shandong Nanshan Aluminum Co. Ltd., Class A		316,600		156,260
Tianqi Lithium Corp., Class A (b)		11,400		125,522
				281,782
Real Estate (0.6%):
Longfor Group Holdings Ltd.  (c)		56,500		159,355
Utilities (0.5%):
China Longyuan Power Group Corp. Ltd., Class H		129,000		147,169
				8,730,908
Greece (2.0%):
Energy (0.5%):
Motor Oil Hellas Corinth Refineries SA		5,361		137,591
Financials (0.7%):
National Bank of Greece SA (b)		34,658		168,734
Industrials (0.8%):
Mytilineos SA		7,701		219,522
				525,847
Hong Kong (2.1%):
Consumer Discretionary (1.1%):
Bosideng International Holdings Ltd.		362,000		202,006
Man Wah Holdings Ltd.		117,600		96,905
				298,911
Real Estate (1.0%):
China Resources Land Ltd.		58,000		264,129
				563,040
India (14.9%):
Consumer Discretionary (1.7%):
Mahindra & Mahindra Ltd.		24,622		347,965
Raymond Ltd.		6,459		96,398
				444,363
Consumer Staples (0.9%):
Varun Beverages Ltd.		14,135		239,178
Financials (5.5%):
Axis Bank Ltd.		23,440		245,590
Cholamandalam Investment & Finance Co. Ltd.		35,108		326,231
ICICI Bank Ltd., ADR		32,270		696,387
Manappuram Finance Ltd.		145,637		220,000
				1,488,208
Health Care (0.6%):
Apollo Hospitals Enterprise Ltd.		3,229		169,826
Industrials (2.4%):
Ashok Leyland Ltd.		92,686		157,766
Larsen & Toubro Ltd.		18,347		484,323
				642,089
Information Technology (1.8%):
Infosys Ltd., ADR		19,199		334,830
WNS Holdings Ltd., ADR (b)		1,621		151,029
				485,859
Materials (1.3%):
JK Paper Ltd.		28,973		135,013
Tata Steel Ltd.		163,723		209,164
				344,177
Utilities (0.7%):
Power Grid Corp. of India Ltd.		71,508		196,879
				4,010,579

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory Sophus Emerging Markets VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares		Value
Indonesia (1.8%):
Energy (0.4%):
PT Adaro Energy Indonesia Tbk		631,800	$	122,511
Financials (1.4%):
PT Bank Mandiri Persero Tbk		533,400		367,434
				489,945
Luxembourg (0.6%):
Materials (0.6%):
Ternium SA, ADR		3,539		146,019
Malaysia (0.8%):
Financials (0.8%):
Public Bank Bhd		233,600		212,114
Mexico (4.4%):
Consumer Discretionary (0.6%):
Alsea SAB de CV (b)		68,364		163,773
Consumer Staples (1.0%):
Fomento Economico Mexicano SAB de CV, ADR		2,756		262,344
Financials (1.5%):
Grupo Financiero Banorte SAB de CV, Class O		48,865		411,993
Industrials (0.9%):
Grupo Aeroportuario del Pacifico SAB de CV, Class B		11,591		225,569
Real Estate (0.4%):
Corp Inmobiliaria Vesta SAB de CV		36,629		115,135
				1,178,814
Netherlands (0.0%):(a)
Real Estate (0.0%):
NEPI Rockcastle NV		1		6
Qatar (0.7%):
Industrials (0.7%):
Industries Qatar QSC		51,005		182,846
Russian Federation (0.0%):(a)
Consumer Staples (0.0%):
Magnit PJSC (b)(d)(e)		2,805		33
Energy (0.0%):
Gazprom PJSC (d)(e)		117,150		3,625
Rosneft Oil Co. PJSC, GDR (b)(d)(e)		48,095		2,254
				5,879
Financials (0.0%):
Sberbank of Russia PJSC, ADR (b)(d)(e)		31,735		212
				6,124
Saudi Arabia (1.4%):
Information Technology (0.5%):
Arabian Internet & Communications Services Co.		2,191		145,629
Materials (0.9%):
SABIC Agri-Nutrients Co.		6,981		238,010
				383,639
South Korea (13.0%):
Communication Services (1.3%):
JYP Entertainment Corp.		5,774		345,115
Consumer Discretionary (1.9%):
Hyundai Mobis Co. Ltd.		979		162,620
Kia Corp.		5,377		335,607
				498,227
Consumer Staples (0.3%):
BGF retail Co. Ltd.		512		71,333
Financials (2.3%):
DB Insurance Co. Ltd.		3,321		191,087
Hana Financial Group, Inc.		8,141		254,997
Samsung Securities Co. Ltd.		6,905		168,799
				614,883

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory Sophus Emerging Markets VIP Series	March 31, 2023
	(Unaudited)

Security Description	Shares			Value
Health Care (1.0%):
Hugel, Inc.  (b)		1,224		$	121,041
Samsung Biologics Co. Ltd.  (b)(c)		265			160,652
					281,693
Industrials (0.6%):
CJ Corp.		2,065			165,548
Information Technology (5.6%):
Innox Advanced Materials Co. Ltd.		5,468			170,886
Samsung Electronics Co. Ltd.		27,276			1,348,980
					1,519,866
					3,496,665
Taiwan (12.6%):
Consumer Discretionary (0.4%):
Poya International Co. Ltd.		6,000			112,734
Health Care (1.0%):
Lotus Pharmaceutical Co. Ltd.		17,000			140,793
Universal Vision Biotechnology Co. Ltd.		10,200			133,133
					273,926
Information Technology (11.2%):
Gold Circuit Electronics Ltd.		71,600			229,807
King Yuan Electronics Co. Ltd.		103,000			164,702
Taiwan Semiconductor Manufacturing Co. Ltd.		124,259			2,177,771
Unimicron Technology Corp.		36,000			175,596
Wiwynn Corp.		7,000			259,731
					3,007,607
					3,394,267
Thailand (1.2%):
Materials (0.6%):
Indorama Ventures PCL		161,500			163,203
Real Estate (0.6%):
AP Thailand PCL		440,200			154,755
					317,958
Turkey (0.0%):(a)
Consumer Discretionary (0.0%):
Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S		–	(f)		1
United Arab Emirates (1.1%):
Consumer Discretionary (0.5%):
Americana Restaurants International PLC (b)		135,512			145,859
Financials (0.6%):
Emirates NBD Bank PJSC		43,147			154,423
					300,282
United Kingdom (0.8%):
Materials (0.8%):
Anglo American PLC		6,788			225,742
United States (0.6%):
Consumer Discretionary (0.6%):
Samsonite International SA (b)(c)		53,700			166,515
Total Common Stocks (Cost $24,348,506)					26,275,824
Total Investments (Cost $24,348,506) — 97.6%					26,275,824
Other assets in excess of liabilities — 2.4%					636,156
NET ASSETS - 100.00%				$	26,911,980

(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. As of March 31, 2023, the fair value of these securities was $1,376,967 and amounted to 5.1% of net assets.

Victory Variable Insurance Funds	Schedule of Portfolio Investments - Continued
Victory Sophus Emerging Markets VIP Series	March 31, 2023
	(Unaudited)

(d) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at March 31, 2023.

Security Name	Acquisition Date	Cost
Gazprom PJSC	7/28/2021	$	464,042
Magnit PJSC	9/16/2021		219,033
Rosneft Oil Co. PJSC, GDR	3/6/2020		298,051
Sberbank of Russia PJSC, ADR	11/11/2020		416,883

(e)	Security was fair valued using significant unobservable inputs as of March 31, 2023.
(f)	Rounds to less than 1.

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

PCL—Public Company Limited

PLC—Public Limited Company