Victory Variable Insurance Funds NPORT-P Victory Sophus Emerging Markets VIP Series (Sep 2023 report)

Schedule

of

Portfolio

Investments

September

30,

2023

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

1

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(99.2%)

Communication

Services

(8.7%):

Activision

Blizzard,

Inc.

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

1,737

$

162,635

Alphabet,

Inc.,

Class

C(a)

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

11,686

1,540,799

Alphabet,

Inc.,

Class

A(a)

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

13,897

1,818,561

AT&T,

Inc.

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

16,745

251,510

Charter

Communications,

Inc.,

Class

A(a)

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

243

106,876

Comcast

Corp.,

Class

A

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

9,544

423,181

Electronic

Arts,

Inc.

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

582

70,073

Endeavor

Group

Holdings,

Inc.,

Class

A

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

467

9,293

Fox

Corp.,

Class

A

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

587

18,314

Fox

Corp.,

Class

B

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

313

9,040

Liberty

Broadband

Corp.,

Class

A(a)

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

39

3,546

Liberty

Broadband

Corp.,

Class

C(a)

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

276

25,204

Liberty

Media

Corp.-Liberty

Formula

One(a)

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

477

29,717

Live

Nation

Entertainment,

Inc.(a)

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

339

28,151

Meta

Platforms,

Inc.,

Class

A(a)

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

5,208

1,563,494

Netflix,

Inc.(a)

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

1,032

389,683

Omnicom

Group,

Inc.

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

462

34,410

Pinterest,

Inc.,

Class

A(a)

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

1,353

36,572

ROBLOX

Corp.,

Class

A(a)

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

1,092

31,624

Snap,

Inc.,

Class

A(a)

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

2,344

20,885

Take-Two

Interactive

Software,

Inc.(a)

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

370

51,944

The

Trade

Desk,

Inc.,

Class

A(a)

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

1,039

81,198

The

Walt

Disney

Co.(a)

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

4,283

347,137

T-Mobile

U.S.,

Inc.

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

1,106

154,895

Verizon

Communications,

Inc.

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

9,848

319,174

Warner

Bros

Discovery,

Inc.(a)

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

5,198

56,450

Warner

Music

Group

Corp.,

Class

A

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

312

9,797

7,594,163

Communications

Equipment

(0.8%):

Arista

Networks,

Inc.(a)

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

593

109,070

Cisco

Systems,

Inc.

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

9,546

513,193

Motorola

Solutions,

Inc.

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

396

107,807

730,070

Consumer

Discretionary

(10.3%):

Airbnb,

Inc.,

Class

A(a)

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

944

129,526

Amazon.com,

Inc.(a)

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

21,146

2,688,080

AutoZone,

Inc.(a)

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

48

121,920

Best

Buy

Co.,

Inc.

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

460

31,956

Booking

Holdings,

Inc.(a)

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

87

268,304

Carnival

Corp.(a)

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

2,311

31,707

Chipotle

Mexican

Grill,

Inc.(a)

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

68

124,564

Coupang,

Inc.(a)

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

2,679

45,543

Darden

Restaurants,

Inc.

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

288

41,247

Deckers

Outdoor

Corp.(a)

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

65

33,416

Domino's

Pizza,

Inc.

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

86

32,576

DoorDash,

Inc.,

Class

A(a)

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

613

48,715

DR

Horton,

Inc.

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

694

74,584

DraftKings,

Inc.(a)

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

1,004

29,558

eBay,

Inc.

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

1,250

55,113

Expedia

Group,

Inc.(a)

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

335

34,528

Ford

Motor

Co.

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

9,209

114,376

General

Motors

Co.

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

3,226

106,361

Genuine

Parts

Co.

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

333

48,079

Hilton

Worldwide

Holdings,

Inc.

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

605

90,859

Las

Vegas

Sands

Corp.

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

774

35,480

Lennar

Corp.,

Class

A

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

584

65,542

LKQ

Corp.

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

625

30,944

Lowe's

Cos.,

Inc.

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

1,356

281,831

Lucid

Group,

Inc.(a)(b)

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

1,982

11,079

Lululemon

Athletica,

Inc.(a)

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

263

101,415

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Marriott

International,

Inc.,

Class

A

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

591

$

116,167

McDonald's

Corp.

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

1,711

450,746

MGM

Resorts

International

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

670

24,629

NIKE,

Inc.,

Class

B

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

2,758

263,720

NVR,

Inc.(a)

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

12

71,560

O'Reilly

Automotive,

Inc.(a)

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

144

130,876

Pool

Corp.

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

93

33,117

PulteGroup,

Inc.

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

513

37,988

Rivian

Automotive,

Inc.,

Class

A(a)

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

1,546

37,537

Ross

Stores,

Inc.

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

786

88,779

Royal

Caribbean

Cruises

Ltd.(a)

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

550

50,677

Starbucks

Corp.

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

2,606

237,850

Tesla,

Inc.(a)

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

6,470

1,618,923

The

Home

Depot,

Inc.

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

2,346

708,867

The

TJX

Cos.,

Inc.

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

2,683

238,465

Tractor

Supply

Co.

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

259

52,590

Ulta

Beauty,

Inc.(a)

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

120

47,934

Yum!

Brands,

Inc.

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

661

82,585

8,970,313

Consumer

Staples

(6.5%):

Altria

Group,

Inc.

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

4,161

174,970

Archer-Daniels-Midland

Co.

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

1,248

94,124

Brown-Forman

Corp.,

Class

B

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

709

40,902

Bunge

Ltd.

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

354

38,321

Celsius

Holdings,

Inc.(a)

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

104

17,846

Church

&

Dwight

Co.,

Inc.

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

581

53,237

Colgate-Palmolive

Co.

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

1,940

137,953

Conagra

Brands,

Inc.

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

1,112

30,491

Constellation

Brands,

Inc.,

Class

A

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

399

100,281

Costco

Wholesale

Corp.

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

1,042

588,688

Dollar

General

Corp.

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

518

54,804

Dollar

Tree,

Inc.(a)

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

520

55,354

General

Mills,

Inc.

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

1,365

87,346

Hormel

Foods

Corp.

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

683

25,975

Kellanova

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

670

39,872

Kenvue,

Inc.

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

4,040

81,123

Keurig

Dr

Pepper,

Inc.

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

2,327

73,463

Kimberly-Clark

Corp.

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

796

96,197

Lamb

Weston

Holdings,

Inc.

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

339

31,344

McCormick

&

Co.,

Inc.

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

592

44,779

Molson

Coors

Beverage

Co.,

Class

B

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

456

28,997

Mondelez

International,

Inc.,

Class

A

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

3,190

221,386

Monster

Beverage

Corp.(a)

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

1,770

93,722

PepsiCo,

Inc.

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

3,228

546,952

Philip

Morris

International,

Inc.

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

3,639

336,899

Sysco

Corp.

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

1,187

78,401

Target

Corp.

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

1,085

119,969

The

Clorox

Co.

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

294

38,532

The

Coca-Cola

Co.

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

10,028

561,367

The

Estee

Lauder

Cos.,

Inc.

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

542

78,346

The

Hershey

Co.

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

355

71,028

The

J.M.

Smucker

Co.

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

236

29,007

The

Kraft

Heinz

Co.

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

2,593

87,229

The

Kroger

Co.

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

1,668

74,643

The

Procter

&

Gamble

Co.

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

5,523

805,585

Tyson

Foods,

Inc.,

Class

A

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

660

33,323

Walgreens

Boots

Alliance,

Inc.

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

1,682

37,408

Walmart,

Inc.

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

3,346

535,126

5,644,990

Electronic

Equipment,

Instruments

&

Components

(0.5%):

Amphenol

Corp.,

Class

A

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

1,388

116,578

CDW

Corp.

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

318

64,160

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

3

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Corning,

Inc.

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

1,802

$

54,907

Jabil,

Inc.

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

299

37,940

Keysight

Technologies,

Inc.(a)

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

416

55,041

Teledyne

Technologies,

Inc.(a)

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

114

46,578

Trimble,

Inc.(a)

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

586

31,562

Zebra

Technologies

Corp.(a)

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

123

29,093

435,859

Energy

(4.8%):

APA

Corp.

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

725

29,797

Baker

Hughes

Co.

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

2,369

83,673

Cheniere

Energy,

Inc.

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

557

92,440

Chevron

Corp.

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

4,569

770,425

ConocoPhillips

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

2,808

336,398

Coterra

Energy,

Inc.

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

1,737

46,986

Devon

Energy

Corp.

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

1,490

71,073

Diamondback

Energy,

Inc.

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

402

62,262

EOG

Resources,

Inc.

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

1,368

173,408

EQT

Corp.

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

852

34,574

Exxon

Mobil

Corp.

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

9,377

1,102,548

Halliburton

Co.

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

2,108

85,374

Hess

Corp.

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

652

99,756

Kinder

Morgan,

Inc.

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

4,543

75,323

Marathon

Oil

Corp.

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

1,423

38,065

Marathon

Petroleum

Corp.

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

941

142,411

Occidental

Petroleum

Corp.

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

2,076

134,691

ONEOK,

Inc.

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

1,042

66,094

Phillips

66

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

1,047

125,797

Pioneer

Natural

Resources

Co.

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

545

125,105

Schlumberger

NV

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

3,332

194,256

Targa

Resources

Corp.

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

518

44,403

Texas

Pacific

Land

Corp.

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

22

40,118

The

Williams

Cos.,

Inc.

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

2,853

96,117

Valero

Energy

Corp.

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

831

117,761

4,188,855

Financials

(12.3%):

Aflac,

Inc.

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

1,257

96,475

American

Express

Co.

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

1,730

258,099

American

International

Group,

Inc.

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

1,672

101,323

Ameriprise

Financial,

Inc.

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

246

81,101

Aon

PLC,

Class

A

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

476

154,329

Apollo

Global

Management,

Inc.

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

935

83,926

Arch

Capital

Group

Ltd.(a)

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

853

67,993

Ares

Management

Corp.,

Class

A

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

349

35,902

Arthur

J.

Gallagher

&

Co.

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

504

114,877

Bank

of

America

Corp.

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

18,611

509,569

Berkshire

Hathaway,

Inc.,

Class

B(a)

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

3,068

1,074,720

BlackRock,

Inc.

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

348

224,978

Blackstone,

Inc.

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

1,651

176,888

Block,

Inc.(a)

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

1,266

56,033

Blue

Owl

Capital,

Inc.

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

1,048

13,582

Brown

&

Brown,

Inc.

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

556

38,831

Capital

One

Financial

Corp.

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

880

85,404

Cboe

Global

Markets,

Inc.

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

252

39,365

Cincinnati

Financial

Corp.

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

364

37,234

Citigroup,

Inc.

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

4,513

185,620

Citizens

Financial

Group,

Inc.

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

1,099

29,453

CME

Group,

Inc.

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

847

169,586

Coinbase

Global,

Inc.,

Class

A(a)(b)

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

414

31,083

Discover

Financial

Services

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

584

50,592

Everest

Group

Ltd.

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

82

30,477

FactSet

Research

Systems,

Inc.

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

94

41,102

Fidelity

National

Information

Services,

Inc.

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

1,392

76,936

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Fifth

Third

Bancorp

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

1,583

$

40,097

First

Citizens

BancShares,

Inc.,

Class

A

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

28

38,643

Fiserv,

Inc.(a)

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

1,418

160,177

FleetCor

Technologies,

Inc.(a)

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

167

42,642

Franklin

Resources,

Inc.

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

682

16,764

Global

Payments,

Inc.

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

607

70,042

Huntington

Bancshares,

Inc.

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

3,361

34,954

Interactive

Brokers

Group,

Inc.

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

242

20,948

Intercontinental

Exchange,

Inc.

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

1,303

143,356

JPMorgan

Chase

&

Co.

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

6,741

977,580

KKR

&

Co.,

Inc.

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

1,511

93,078

Loews

Corp.

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

437

27,666

LPL

Financial

Holdings,

Inc.

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

181

43,015

M&T

Bank

Corp.

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

389

49,189

Markel

Group,

Inc.(a)

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

35

51,537

Marsh

&

McLennan

Cos.,

Inc.

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

1,161

220,938

Mastercard,

Inc.,

Class

A

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

1,953

773,212

MetLife,

Inc.

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

1,484

93,358

Moody's

Corp.

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

434

137,218

Morgan

Stanley

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

2,992

244,357

MSCI,

Inc.

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

184

94,407

Nasdaq,

Inc.

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

798

38,775

Northern

Trust

Corp.

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

479

33,281

NU

Holdings

Ltd.,

Class

A(a)

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

4,981

36,112

PayPal

Holdings,

Inc.(a)

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

2,550

149,073

Principal

Financial

Group,

Inc.

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

565

40,720

Prudential

Financial,

Inc.

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

854

81,036

Raymond

James

Financial,

Inc.

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

445

44,691

Regions

Financial

Corp.

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

2,202

37,874

S&P

Global,

Inc.

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

750

274,057

State

Street

Corp.

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

743

49,751

Synchrony

Financial

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

974

29,775

T.

Rowe

Price

Group,

Inc.

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

519

54,428

The

Allstate

Corp.

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

612

68,183

The

Bank

of

New

York

Mellon

Corp.

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

1,829

78,007

The

Charles

Schwab

Corp.

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

3,901

214,165

The

Goldman

Sachs

Group,

Inc.

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

769

248,825

The

Hartford

Financial

Services

Group,

Inc.

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

721

51,126

The

PNC

Financial

Services

Group,

Inc.

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

937

115,035

The

Progressive

Corp.

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

1,375

191,537

The

Travelers

Cos.,

Inc.

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

541

88,351

Tradeweb

Markets,

Inc.,

Class

A

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

270

21,654

Truist

Financial

Corp.

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

3,123

89,349

U.S.

Bancorp

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

3,594

118,818

Visa,

Inc.,

Class

A

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

3,767

866,448

W.

R.

Berkley

Corp.

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

476

30,221

Wells

Fargo

&

Co.

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

8,571

350,211

10,640,159

Health

Care

(13.4%):

Abbott

Laboratories

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

4,028

390,112

AbbVie,

Inc.

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

4,138

616,810

Agilent

Technologies,

Inc.

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

691

77,268

Align

Technology,

Inc.(a)

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

174

53,126

Alnylam

Pharmaceuticals,

Inc.(a)

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

298

52,776

Amgen,

Inc.

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

1,258

338,100

Avantor,

Inc.(a)

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

1,541

32,484

Baxter

International,

Inc.

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

1,179

44,495

Becton

Dickinson

&

Co.

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

685

177,093

Biogen,

Inc.(a)

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

341

87,640

BioMarin

Pharmaceutical,

Inc.(a)

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

437

38,666

Boston

Scientific

Corp.(a)

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

3,398

179,414

Bristol-Myers

Squibb

Co.

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

4,896

284,164

Cardinal

Health,

Inc.

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

586

50,877

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Cencora,

Inc.

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

400

$

71,988

Centene

Corp.(a)

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

1,260

86,789

CVS

Health

Corp.

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

3,012

210,298

Danaher

Corp.

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

1,578

391,502

Dexcom,

Inc.(a)

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

894

83,410

Edwards

Lifesciences

Corp.(a)

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

1,414

97,962

Elevance

Health,

Inc.

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

556

242,094

Eli

Lilly

&

Co.

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

1,983

1,065,129

Exact

Sciences

Corp.(a)

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

423

28,857

GE

HealthCare

Technologies,

Inc.

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

920

62,597

Gilead

Sciences,

Inc.

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

2,922

218,975

HCA

Healthcare,

Inc.

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

469

115,365

Hologic,

Inc.(a)

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

572

39,697

Horizon

Therapeutics

PLC(a)

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

535

61,894

Humana,

Inc.

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

295

143,523

ICON

PLC(a)

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

196

48,265

IDEXX

Laboratories,

Inc.(a)

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

197

86,142

Illumina,

Inc.(a)

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

375

51,480

Incyte

Corp.(a)

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

524

30,271

Insulet

Corp.(a)

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

168

26,794

Intuitive

Surgical,

Inc.(a)

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

819

239,385

IQVIA

Holdings,

Inc.(a)

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

429

84,406

Johnson

&

Johnson

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

5,642

878,741

Laboratory

Corp.

of

America

Holdings

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

212

42,623

McKesson

Corp.

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

320

139,152

Medtronic

PLC

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

3,120

244,483

Merck

&

Co.,

Inc.

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

5,946

612,141

Mettler-Toledo

International,

Inc.(a)

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

55

60,944

Moderna,

Inc.(a)

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

780

80,566

Molina

Healthcare,

Inc.(a)

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

140

45,905

Pfizer,

Inc.

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

13,224

438,640

Quest

Diagnostics,

Inc.

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

265

32,293

Regeneron

Pharmaceuticals,

Inc.(a)

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

247

203,271

ResMed,

Inc.

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

345

51,015

Revvity,

Inc.

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

295

32,656

Royalty

Pharma

PLC,

Class

A

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

887

24,073

Seagen,

Inc.(a)

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

440

93,346

STERIS

PLC

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

236

51,783

Stryker

Corp.

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

840

229,547

The

Cigna

Group

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

684

195,672

The

Cooper

Cos.,

Inc.

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

119

37,843

Thermo

Fisher

Scientific,

Inc.

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

908

459,602

UnitedHealth

Group,

Inc.

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

2,173

1,095,605

Veeva

Systems,

Inc.,

Class

A(a)

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

342

69,580

Vertex

Pharmaceuticals,

Inc.(a)

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

609

211,774

Waters

Corp.(a)

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

143

39,212

West

Pharmaceutical

Services,

Inc.

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

176

66,037

Zimmer

Biomet

Holdings,

Inc.

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

494

55,437

Zoetis,

Inc.

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

1,082

188,246

11,590,035

Industrials

(8.7%):

3M

Co.

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

1,298

121,519

AMETEK,

Inc.

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

546

80,677

Automatic

Data

Processing,

Inc.

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

960

230,957

Axon

Enterprise,

Inc.(a)

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

170

33,828

Booz

Allen

Hamilton

Holding

Corp.

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

305

33,327

Broadridge

Financial

Solutions,

Inc.

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

278

49,776

Builders

FirstSource,

Inc.(a)

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

291

36,227

Carrier

Global

Corp.

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

1,966

108,523

Caterpillar,

Inc.

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

1,199

327,327

Cintas

Corp.

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

207

99,569

Copart,

Inc.(a)

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

2,050

88,334

CoStar

Group,

Inc.(a)

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

951

73,122

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

6

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

CSX

Corp.

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

4,702

$

144,586

Cummins,

Inc.

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

330

75,392

Deere

&

Co.

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

632

238,504

Delta

Air

Lines,

Inc.

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

1,496

55,352

Dover

Corp.

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

329

45,899

Eaton

Corp.

PLC

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

939

200,270

Emerson

Electric

Co.

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

1,343

129,694

Equifax,

Inc.

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

292

53,489

Expeditors

International

of

Washington,

Inc.

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

347

39,777

Fastenal

Co.

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

1,342

73,327

FedEx

Corp.

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

546

144,646

Fortive

Corp.

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

829

61,479

General

Dynamics

Corp.

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

637

140,758

General

Electric

Co.

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

2,553

282,234

Graco,

Inc.

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

396

28,860

HEICO

Corp.,

Class

A

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

180

23,260

HEICO

Corp.

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

103

16,679

Honeywell

International,

Inc.

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

1,559

288,010

Howmet

Aerospace,

Inc.

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

960

44,400

Hubbell,

Inc.

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

130

40,743

IDEX

Corp.

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

182

37,860

Illinois

Tool

Works,

Inc.

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

713

164,211

Ingersoll

Rand,

Inc.

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

951

60,598

J.B.

Hunt

Transport

Services,

Inc.

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

196

36,950

Jacobs

Solutions,

Inc.

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

296

40,404

Johnson

Controls

International

PLC

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

1,581

84,125

L3Harris

Technologies,

Inc.

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

443

77,135

Leidos

Holdings,

Inc.

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

323

29,768

Lennox

International,

Inc.

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

79

29,581

Lockheed

Martin

Corp.

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

594

242,922

Nordson

Corp.

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

125

27,896

Norfolk

Southern

Corp.

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

536

105,554

Northrop

Grumman

Corp.

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

359

158,028

Old

Dominion

Freight

Line,

Inc.

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

225

92,056

Otis

Worldwide

Corp.

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

969

77,820

PACCAR,

Inc.

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

1,204

102,364

Parker-Hannifin

Corp.

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

302

117,635

Paychex,

Inc.

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

756

87,189

Paycom

Software,

Inc.

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

125

32,409

Quanta

Services,

Inc.

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

341

63,791

Republic

Services,

Inc.

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

486

69,260

Rockwell

Automation,

Inc.

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

273

78,043

Rollins,

Inc.

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

605

22,585

RTX

Corp.

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

3,412

245,562

Snap-on,

Inc.

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

126

32,138

Southwest

Airlines

Co.

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

1,399

37,871

SS&C

Technologies

Holdings,

Inc.

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

510

26,795

Stanley

Black

&

Decker,

Inc.

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

356

29,754

Textron,

Inc.

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

464

36,257

The

Boeing

Co.(a)

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

1,417

271,611

Trane

Technologies

PLC

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

539

109,368

TransDigm

Group,

Inc.(a)

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

132

111,293

TransUnion

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

457

32,808

Uber

Technologies,

Inc.(a)

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

4,550

209,255

Union

Pacific

Corp.

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

1,431

291,395

United

Airlines

Holdings,

Inc.(a)

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

765

32,360

United

Parcel

Service,

Inc.,

Class

B

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

1,698

264,667

United

Rentals,

Inc.

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

163

72,465

Verisk

Analytics,

Inc.

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

341

80,558

Vertiv

Holdings

Co.

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

797

29,648

W.W.

Grainger,

Inc.

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

111

76,794

Waste

Management,

Inc.

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

953

145,275

Watsco,

Inc.

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

82

30,973

Westinghouse

Air

Brake

Technologies

Corp.

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

420

44,633

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

7

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Xylem,

Inc.

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

568

$

51,705

7,511,914

IT

Services

(1.5%):

Accenture

PLC,

Class

A

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

1,561

479,399

Akamai

Technologies,

Inc.(a)

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

354

37,715

Cloudflare,

Inc.,

Class

A(a)

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

683

43,056

Cognizant

Technology

Solutions

Corp.,

Class

A

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

1,187

80,407

EPAM

Systems,

Inc.(a)

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

137

35,030

Gartner,

Inc.(a)

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

184

63,224

International

Business

Machines

Corp.

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

2,137

299,821

MongoDB,

Inc.(a)

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

163

56,375

Okta,

Inc.(a)

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

361

29,425

Snowflake,

Inc.,

Class

A(a)

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

707

108,009

VeriSign,

Inc.(a)

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

244

49,417

1,281,878

Materials

(2.3%):

Air

Products

and

Chemicals,

Inc.

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

515

145,951

Albemarle

Corp.

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

280

47,611

Avery

Dennison

Corp.

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

190

34,707

Ball

Corp.

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

736

36,638

Celanese

Corp.

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

259

32,510

CF

Industries

Holdings,

Inc.

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

456

39,098

Corteva,

Inc.

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

1,666

85,233

Dow,

Inc.

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

1,651

85,126

DuPont

de

Nemours,

Inc.

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

1,079

80,483

Ecolab,

Inc.

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

598

101,301

Freeport-McMoRan,

Inc.

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

3,328

124,101

International

Flavors

&

Fragrances,

Inc.

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

602

41,038

Linde

PLC

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

1,136

422,990

Lyondellbasell

Industries

NV,

Class

A

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

612

57,956

Martin

Marietta

Materials,

Inc.

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

148

60,751

Newmont

Corp.

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

1,865

68,912

Nucor

Corp.

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

581

90,839

Packaging

Corp.

of

America

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

211

32,399

PPG

Industries,

Inc.

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

556

72,169

Reliance

Steel

&

Aluminum

Co.

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

140

36,712

Southern

Copper

Corp.

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

204

15,359

Steel

Dynamics,

Inc.

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

369

39,564

The

Sherwin-Williams

Co.

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

558

142,318

Vulcan

Materials

Co.

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

316

63,838

Westlake

Corp.

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

79

9,849

1,967,453

Real

Estate

(2.1%):

Alexandria

Real

Estate

Equities,

Inc.

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

407

40,741

American

Tower

Corp.

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

1,086

178,593

AvalonBay

Communities,

Inc.

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

338

58,048

CBRE

Group,

Inc.,

Class

A(a)

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

723

53,401

Crown

Castle,

Inc.

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

1,020

93,871

Digital

Realty

Trust,

Inc.

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

713

86,287

Equinix,

Inc.

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

224

162,682

Equity

Residential

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

874

51,313

Essex

Property

Trust,

Inc.

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

153

32,450

Extra

Space

Storage,

Inc.

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

494

60,060

Invitation

Homes,

Inc.

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

1,437

45,539

Iron

Mountain,

Inc.

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

681

40,485

Mid-America

Apartment

Communities,

Inc.

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

275

35,379

Prologis,

Inc.

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

2,168

243,271

Public

Storage

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

375

98,820

Realty

Income

Corp.

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

1,664

83,100

SBA

Communications

Corp.

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

256

51,243

Simon

Property

Group,

Inc.

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

763

82,427

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

8

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Sun

Communities,

Inc.

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

290

$

34,319

Ventas,

Inc.

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

947

39,897

VICI

Properties,

Inc.

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

2,377

69,171

Welltower,

Inc.

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

1,219

99,860

Weyerhaeuser

Co.

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

1,715

52,582

WP

Carey,

Inc.

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

500

27,040

1,820,579

Semiconductors

&

Semiconductor

Equipment

(7.1%):

Advanced

Micro

Devices,

Inc.(a)

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

3,751

385,678

Analog

Devices,

Inc.

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

1,190

208,357

Applied

Materials,

Inc.

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

1,964

271,916

Broadcom,

Inc.

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

951

789,882

Enphase

Energy,

Inc.(a)

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

311

37,367

Entegris,

Inc.

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

352

33,056

First

Solar,

Inc.(a)

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

242

39,105

GLOBALFOUNDRIES,

Inc.(a)(b)

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

184

10,707

Intel

Corp.

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

9,810

348,745

KLA

Corp.

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

325

149,064

Lam

Research

Corp.

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

312

195,552

Lattice

Semiconductor

Corp.(a)

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

324

27,841

Marvell

Technology,

Inc.

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

2,004

108,477

Microchip

Technology,

Inc.

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

1,253

97,797

Micron

Technology,

Inc.

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

2,543

173,000

Monolithic

Power

Systems,

Inc.

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

111

51,282

NVIDIA

Corp.

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

5,556

2,416,804

ON

Semiconductor

Corp.(a)

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

1,005

93,415

QUALCOMM,

Inc.

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

2,617

290,644

Skyworks

Solutions,

Inc.

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

378

37,267

Teradyne,

Inc.

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

365

36,668

Texas

Instruments,

Inc.

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

2,130

338,691

6,141,315

Software

(10.5%):

Adobe,

Inc.(a)

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

1,062

541,514

ANSYS,

Inc.(a)

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

209

62,188

AppLovin

Corp.,

Class

A(a)

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

375

14,985

Atlassian

Corp.,

Class

A(a)

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

358

72,141

Autodesk,

Inc.(a)

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

506

104,696

Bentley

Systems,

Inc.,

Class

B

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

483

24,227

Cadence

Design

Systems,

Inc.(a)

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

634

148,546

Crowdstrike

Holdings,

Inc.,

Class

A(a)

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

513

85,866

Datadog,

Inc.,

Class

A(a)

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

628

57,205

Dynatrace,

Inc.(a)

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

561

26,216

Fair

Isaac

Corp.(a)

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

61

52,980

Fortinet,

Inc.(a)

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

1,531

89,839

HubSpot,

Inc.(a)

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

117

57,623

Intuit,

Inc.

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

641

327,513

Microsoft

Corp.

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

17,052

5,384,169

Oracle

Corp.

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

3,690

390,845

Palantir

Technologies,

Inc.,

Class

A(a)

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

4,223

67,568

Palo

Alto

Networks,

Inc.(a)

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

706

165,515

PTC,

Inc.(a)

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

280

39,670

Roper

Technologies,

Inc.

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

254

123,007

Salesforce,

Inc.(a)

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

2,214

448,955

Samsara,

Inc.,

Class

A(a)

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

347

8,748

ServiceNow,

Inc.(a)

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

478

267,183

Splunk,

Inc.(a)

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

362

52,942

Synopsys,

Inc.(a)

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

357

163,852

Tyler

Technologies,

Inc.(a)

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

102

39,386

Unity

Software,

Inc.(a)

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

552

17,327

VMware,

Inc.,

Class

A(a)

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

518

86,237

Workday,

Inc.,

Class

A(a)

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

484

103,987

Zoom

Video

Communications,

Inc.,

Class

A(a)

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

527

36,858

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

9

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Zscaler,

Inc.(a)

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

203

$

31,585

9,093,373

Technology

Hardware,

Storage

&

Peripherals

(7.5%):

Apple,

Inc.

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

36,611

6,268,169

Dell

Technologies,

Inc.,

Class

C

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

574

39,549

Hewlett

Packard

Enterprise

Co.

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

3,028

52,596

HP,

Inc.

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

2,313

59,444

NetApp,

Inc.

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

493

37,409

Seagate

Technology

Holdings

PLC

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

485

31,986

Super

Micro

Computer,

Inc.(a)

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

112

30,713

Western

Digital

Corp.(a)

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

743

33,903

6,553,769

Utilities

(2.2%):

Ameren

Corp.

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

615

46,020

American

Electric

Power

Co.,

Inc.

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

1,212

91,167

American

Water

Works

Co.,

Inc.

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

461

57,086

Atmos

Energy

Corp.

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

353

37,393

CenterPoint

Energy,

Inc.

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

1,482

39,792

CMS

Energy

Corp.

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

681

36,168

Consolidated

Edison,

Inc.

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

812

69,450

Constellation

Energy

Corp.

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

757

82,574

Dominion

Energy,

Inc.

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

1,964

87,732

DTE

Energy

Co.

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

487

48,349

Duke

Energy

Corp.

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

1,809

159,662

Edison

International

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

902

57,088

Entergy

Corp.

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

500

46,250

Eversource

Energy

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

822

47,799

Exelon

Corp.

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

2,335

88,240

FirstEnergy

Corp.

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

1,347

46,040

NextEra

Energy,

Inc.

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

4,807

275,393

PG&E

Corp.(a)

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

4,607

74,311

PPL

Corp.

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

1,730

40,759

Public

Service

Enterprise

Group,

Inc.

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

1,173

66,755

Sempra

Energy

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

1,478

100,548

The

Southern

Co.

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

2,558

165,554

WEC

Energy

Group,

Inc.

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

743

59,849

Xcel

Energy,

Inc.

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

1,296

74,157

1,898,136

Total

Common

Stocks

(Cost

$24,642,133)

86,062,861

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(c)

........

13,415

13,415

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(c)

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

13,415

13,415

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.26%(c)

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

13,415

13,415

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(c)

.

13,415

13,415

Total

Collateral

for

Securities

Loaned

(Cost

$53,660)

53,660

Total

Investments

(Cost

$24,695,793)

—

99.3%

86,116,521

Other

assets

in

excess

of

liabilities

—

0.7%

648,502

NET

ASSETS

-

100.00%

$

86,765,023

^

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,

2023.

PLC

—

Public

Limited

Company

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

10

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

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

3

12/15/23

$

676,573

$

648,825

$

(27,748)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(27,748)

Total

net

unrealized

appreciation

(depreciation)

$

(27,748)

Schedule

of

Portfolio

Investments

September

30,

2023

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

11

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(0.1%)

Communication

Services

(0.1%):

Altice

USA,

Inc.,

Class

A(a)

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

4,380

$

14,323

iHeartMedia,

Inc.,

Class

A(a)

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

3,500

11,060

25,383

Health

Care

(0.0%):

Covis

Parent

SCA,

Class

A

Shares(a)(b)

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

147

—

Covis

Parent

SCA,

Class

B

Shares(a)(b)

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

147

—

Covis

Parent

SCA,

Class

C

Shares(a)(b)

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

147

—

Covis

Parent

SCA,

Class

D

Shares(a)(b)

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

147

—

Covis

Parent

SCA,

Class

E

Shares(a)(b)

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

147

—

—

Total

Common

Stocks

(Cost

$79,013)

25,383

Principal

Amount

Senior

Secured

Loans

(15.6%)

Communication

Services

(1.2%):

Intelsat

Jackson

Holdings

SA,

Term

B

loan,

First

Lien,

9.62%

(SOFR03M+425bps),

2/1/29(c)

$

264,283

263,442

Consumer

Discretionary

(8.8%):

Carnival

Corp.,

Initial

Advance,

First

Lien,

8.33%

(SOFR01M+300bps),

8/8/27(c)

........

124,688

124,220

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

B

Loan,

First

Lien,

8.87%

(SOFR03M+350bps),

8/21/26(c)

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

162,320

157,383

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

B

Loan,

First

Lien,

8.83%

(SOFR01M+350bps),

8/21/26(c)

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

423

410

Delta

Air

Lines,

Inc.

and

SkyMiles

IP

Ltd.,

Initial

Term

Loan,

First

Lien,

9.08%

(SOFR03M+375bps),

10/20/27(c)

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

436,806

451,932

Jo-Ann

Stores

LLC,

Term

B-1

Loan,

First

Lien,

10.10%

(SOFR03M+475bps),

6/30/28(c)

...

245,000

77,175

Petco

Health

&

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien,

8.49%

(SOFR03M+325bps),

2/25/28(c)

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

375,353

370,661

PetSmart,

Inc.,

Initial

Term

Loans,

First

Lien,

9.08%

(SOFR01M+375bps),

2/12/28(c)

.....

73,500

73,198

The

Michaels

Cos.,

Inc.,

Term

B

Loans,

First

Lien,

9.49%

(SOFR03M+425bps),

4/15/28(c)

..

293,250

266,989

Uber

Technologies,

Inc.,

2023

Refinancing

Term

Loan,

First

Lien,

8.16%

(SOFR03M+275bps),

3/3/30(c)

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

125,000

124,886

United

Airlines,

Inc.,

Class

B

Term

Loans,

First

Lien,

9.07%

(SOFR01M+375bps),

4/21/28(c)

135,804

135,835

WestJet

Airlines

Ltd.,

Initial

Term

Loan,

First

Lien,

8.32%

(SOFR01M+300bps),

12/11/26(c)

124,348

121,602

1,904,291

Financials

(3.3%):

Chariot  Buyer

LLC,

Initial

Term

Loans,

First

Lien,

8.58%

(SOFR01M+325bps),

11/3/28(c)

.

196,500

193,275

Covis

Pharma

Holdings

S.a.r.l.,

Dollar

Term

B

Loans,

First

Lien,

11.74%

(SOFR03M+650bps),

2/14/27(c)

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

181,456

128,834

Diamond

Sports

Group

LLC,

Term

Loan

Second

Lien,

Second

Lien,

10.58%

(SOFR01M+525bps),

8/24/26(c)(d)

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

420,750

8,205

Diamond

Sports

Group

LLC,

Term

Loan,

First

Lien,

15.33%

(SOFR01M+1000bps),

5/25/26(c)

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

37,659

18,955

Fertitta

Entertainment

LLC,

Initial

B

Term

Loan,

First

Lien,

9.33%

(SOFR01M+400bps),

1/27/29(c)

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

248,737

245,939

Knight

Health

Holdings

LLC,

Term

B

Loans,

First

Lien,

10.58%

(SOFR01M+525bps),

12/17/28(c)

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

492,500

114,915

710,123

Health

Care

(2.3%):

Air

Medical

Group

Holdings,

Inc.,

Incremental

Term

Loan

B,

First

Lien,

9.62%

(SOFR03M+425bps),

3/14/25(c)

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

116,670

80,988

Envision

Healthcare

Corp.,

Third

Out

Term

Loans,

First

Lien,

8.99%

(SOFR03M+375bps),

3/31/27(c)(d)

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

68,657

103

LifeScan

Global

Corp.,

Term

Loan,

First

Lien,

11.65%

(SOFR06M+650bps),

12/31/26(c)

...

323,820

255,277

Radiology

Partners,

Inc.,

Term

Loan

New,

First

Lien,

9.75%

(SOFR06M+425bps),

7/9/25(c)

.

219,536

164,503

500,871

Total

Senior

Secured

Loans

(Cost

$4,379,224)

3,378,727

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

12

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Corporate

Bonds

(69.8%)

Communication

Services

(9.7%):

AMC

Networks,

Inc.,

4.75%,

8/1/25,

Callable

11/6/23

@

100

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

$

250,000

$

230,535

Audacy

Capital

Corp.,

6.75%,

3/31/29,

Callable

3/31/24

@

103.38(e)

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

200,000

3,762

CSC

Holdings

LLC,

6.50%,

2/1/29,

Callable

2/1/24

@

103.25(e)

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

200,000

165,744

Cumulus

Media

New

Holdings,

Inc.,

6.75%,

7/1/26,

Callable

11/6/23

@

101.69(e)(f)

......

281,000

212,894

Gray

Television,

Inc.,

7.00%,

5/15/27,

Callable

10/16/23

@

103.5(e)

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

250,000

214,470

iHeartCommunications,

Inc.,

8.38%,

5/1/27,

Callable

10/23/23

@

102.09(f)

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

225,000

161,299

Nexstar

Media,

Inc.,

5.63%,

7/15/27,

Callable

10/16/23

@

102.81(e)

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

250,000

222,546

Outfront

Media

Capital

LLC/Outfront

Media

Capital

Corp.,

4.25%,

1/15/29,

Callable

1/15/24

@

102.13(e)

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

375,000

297,078

Sinclair

Television

Group,

Inc.,

5.50%,

3/1/30,

Callable

12/1/24

@

102.75(e)(f)

..........

250,000

134,133

Sirius

XM

Radio,

Inc.,

3.88%,

9/1/31,

Callable

9/1/26

@

101.94(e)

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

475,000

359,760

TEGNA,

Inc.,

5.00%,

9/15/29,

Callable

9/15/24

@

102.5

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

125,000

104,968

2,107,189

Consumer

Discretionary

(19.5%):

Academy

Ltd.,

6.00%,

11/15/27,

Callable

11/15/23

@

103(e)

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

200,000

188,422

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

5.38%,

3/1/29,

Callable

3/1/24

@

102.69(e)(f)

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

500,000

444,793

Beazer

Homes

USA,

Inc.,

5.88%,

10/15/27,

Callable

10/23/23

@

101.96

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

400,000

365,512

Caesars

Entertainment,

Inc.,

8.13%,

7/1/27,

Callable

11/6/23

@

104.06(e)

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

500,000

502,394

Carnival

Corp.,

6.00%,

5/1/29,

Callable

11/1/24

@

103(e)

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

275,000

234,837

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

5/1/28,

Callable

5/1/25

@

105.19(e)

..........

150,000

160,777

Cinemark

USA,

Inc.,

5.25%,

7/15/28,

Callable

7/15/24

@

102.63(e)(f)

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

550,000

488,326

Hanesbrands,

Inc.,

4.88%,

5/15/26,

Callable

2/15/26

@

100(e)(f)

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

250,000

229,645

Life

Time,

Inc.,

5.75%,

1/15/26,

Callable

11/6/23

@

102.88(e)

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

250,000

241,979

Royal

Caribbean

Cruises

Ltd.,

7.25%,

1/15/30,

Callable

12/15/25

@

103.63(e)

...........

250,000

247,792

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo.,

Inc.,

6.63%,

3/1/30,

Callable

3/1/25

@

103.31(e)

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

250,000

215,743

Scientific

Games

International,

Inc,

7.00%,

5/15/28,

Callable

11/6/23

@

103.5(e)

.........

475,000

467,050

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.,

7.13%,

2/15/31,

Callable

11/15/30

@

100(e)

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

450,000

427,445

4,214,715

Energy

(11.8%):

Antero

Resources

Corp.,

7.63%,

2/1/29,

Callable

2/1/24

@

103.81(e)

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

50,000

50,643

Callon

Petroleum

Co.,

7.50%,

6/15/30,

Callable

6/15/25

@

103.75(e)(f)

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

375,000

363,596

CITGO

Petroleum

Corp.

7.00%,

6/15/25,

Callable

11/6/23

@

101.75(e)

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

250,000

246,308

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(e)

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

500,000

499,375

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

3/1/24

@

103.38(e)

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

375,000

345,050

New

Fortress

Energy,

Inc.,

6.50%,

9/30/26,

Callable

11/6/23

@

103.25(e)

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

250,000

229,953

PBF

Holding

Co.

LLC/PBF

Finance

Corp.,

6.00%,

2/15/28,

Callable

11/6/23

@

103

.......

250,000

235,588

Permian

Resources

Operating

LLC,

5.88%,

7/1/29,

Callable

7/1/24

@

102.94(e)

..........

350,000

329,518

Talos

Production,

Inc.,

12.00%,

1/15/26,

Callable

10/23/23

@

106

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

250,000

260,584

2,560,615

Financials

(5.3%):

Compass

Group

Diversified

Holdings

LLC,

5.25%,

4/15/29,

Callable

4/15/24

@

102.63(e)

..

100,000

87,433

Gray

Escrow

II,

Inc.,

5.38%,

11/15/31,

Callable

11/15/26

@

102.69(e)

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

125,000

81,586

GTCR

W-2

Merger

Sub

LLC,

7.50%,

1/15/31,

Callable

1/15/27

@

103.75(e)

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

100,000

100,126

Neptune

Bidco

US,

Inc.,

9.29%,

4/15/29,

Callable

10/15/25

@

104.65(e)

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

125,000

113,289

PetSmart,

Inc./PetSmart

Finance

Corp.,

4.75%,

2/15/28,

Callable

2/15/24

@

102.38(e)

.....

125,000

109,550

Premier

Entertainment

Sub

LLC/Premier

Entertainment

Finance

Corp.

5.63%,

9/1/29,

Callable

9/1/24

@

102.81(e)(f)

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

200,000

153,785

5.88%,

9/1/31,

Callable

9/1/26

@

102.98(e)

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

400,000

296,115

Stagwell

Global

LLC,

5.63%,

8/15/29,

Callable

8/15/24

@

102.81(e)

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

250,000

201,983

1,143,867

Health

Care

(2.4%):

Bausch

Health

Cos.,

Inc.,

6.13%,

2/1/27,

Callable

2/1/24

@

103.06(e)

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

250,000

156,496

CHS/Community

Health

Systems,

Inc.,

6.13%,

4/1/30,

Callable

4/1/25

@

103.06(e)

.......

200,000

102,529

LifePoint

Health,

Inc.,

5.38%,

1/15/29,

Callable

1/15/24

@

102.69(e)

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

100,000

69,981

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

13

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Radiology

Partners,

Inc.,

9.25%,

2/1/28,

Callable

11/6/23

@

104.63(e)

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

$

300,000

$

120,966

Team

Health

Holdings,

Inc.,

6.38%,

2/1/25,

Callable

10/23/23

@

100(e)

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

100,000

77,606

527,578

Industrials

(13.6%):

American

Airlines,

Inc.,

11.75%,

7/15/25(e)

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

250,000

268,750

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.,

5.75%,

4/20/29(e)

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

150,000

139,465

Aramark

Services,

Inc.,

6.38%,

5/1/25(e)

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

250,000

253,985

Chart

Industries,

Inc.,

7.50%,

1/1/30,

Callable

1/1/26

@

103.75(e)

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

125,000

125,642

ITT

Holdings

LLC,

6.50%,

8/1/29,

Callable

8/1/24

@

103.25(e)

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

250,000

213,751

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.,

6.50%,

6/20/27,

Callable

11/6/23

@

103.25(e)

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

187,250

185,854

NESCO

Holdings

II,

Inc.,

5.50%,

4/15/29,

Callable

4/15/24

@

102.75(e)

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

100,000

88,115

Pike

Corp.,

5.50%,

9/1/28,

Callable

11/6/23

@

102.75(e)

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

400,000

350,819

SRS

Distribution,

Inc.,

6.00%,

12/1/29,

Callable

12/1/24

@

103(e)

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

100,000

84,354

The

Hertz

Corp.,

5.00%,

12/1/29,

Callable

12/1/24

@

102.5(e)

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

625,000

489,990

TransDigm,

Inc.,

4.63%,

1/15/29,

Callable

1/15/24

@

102.31

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

450,000

392,472

Wabash

National

Corp.,

4.50%,

10/15/28,

Callable

10/15/24

@

102.25(e)

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

100,000

84,423

WESCO

Distribution,

Inc.,

7.25%,

6/15/28,

Callable

11/6/23

@

103.63(e)

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

250,000

251,718

2,929,338

Information

Technology

(3.0%):

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

6/15/25

@

104(e)

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

250,000

249,828

Cloud

Software

Group,

Inc.

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(e)

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

250,000

219,794

9.00%,

9/30/29,

Callable

9/30/25

@

104.5(e)

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

200,000

174,294

643,916

Materials

(3.6%):

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(e)

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

125,000

124,349

ATI,

Inc.,

5.13%,

10/1/31,

Callable

10/1/26

@

102.56

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

250,000

215,501

CVR

Partners

LP/CVR

Nitrogen

Finance

Corp.,

6.13%,

6/15/28,

Callable

6/15/24

@

103.06(e)

300,000

270,024

Glatfelter

Corp.,

4.75%,

11/15/29,

Callable

11/1/24

@

102.38(e)(f)

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

250,000

164,377

774,251

Real

Estate

(0.9%):

Adams

Homes,

Inc.,

7.50%,

2/15/25,

Callable

10/23/23

@

101.88(e)

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

200,000

198,572

Total

Corporate

Bonds

(Cost

$16,616,893)

15,100,041

Yankee

Dollars

(9.1%)

Communication

Services

(1.3%):

Telesat

Canada/Telesat

LLC,

5.63%,

12/6/26,

Callable

12/6/23

@

102.81(e)

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

400,000

275,909

Consumer

Discretionary

(2.6%):

Ontario

Gaming

GTA

LP,

8.00%,

8/1/30,

Callable

8/1/25

@

104(e)

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

100,000

99,680

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/29,

Callable

2/15/24

@

102.81(e)

.......

500,000

456,773

556,453

Energy

(1.9%):

Northriver

Midstream

Finance

LP,

5.63%,

2/15/26,

Callable

11/6/23

@

101.41(e)

.........

100,000

95,288

Seadrill

Finance

Ltd.,

8.38%,

8/1/30,

Callable

8/1/26

@

104.19(e)

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

125,000

127,148

TechnipFMC

PLC,

6.50%,

2/1/26,

Callable

11/6/23

@

103.25(e)

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

200,000

196,885

419,321

Industrials

(2.2%):

Bombardier,

Inc.,

7.88%,

4/15/27,

Callable

11/6/23

@

101.97(e)

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

400,000

390,232

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

2/1/25

@

103.19(e)

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

100,000

77,258

467,490

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

14

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Principal

Amount

Value

Information

Technology

(0.8%):

ION

Trading

Technologies

Sarl,

5.75%,

5/15/28,

Callable

5/15/24

@

102.88(e)

...........

$

200,000

$

174,032

Materials

(0.3%):

INEOS

Finance

PLC,

6.75%,

5/15/28,

Callable

2/15/25

@

103.38(e)(f)

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

75,000

70,182

Total

Yankee

Dollars

(Cost

$2,102,075)

1,963,387

Shares

Collateral

for

Securities

Loaned

(10.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.24%(g)

........

549,710

549,710

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.28%(g)

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

549,710

549,710

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.26%(g)

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

549,710

549,710

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.27%(g)

.

549,710

549,710

Total

Collateral

for

Securities

Loaned

(Cost

$2,198,840)

2,198,840

Total

Investments

(Cost

$25,376,045)

—

104.8%

22,666,378

Liabilities

in

excess

of

other

assets

—

(4.8)%

(1,043,991)

NET

ASSETS

-

100.00%

$

21,622,387

At

September

30,

2023,

the

Fund's

investments

in

foreign

securities

were

12.6%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Non-income

producing

security.

(b)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

(c)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

September

30,

2023.

(d)

Currently

the

issuer

is

in

default

with

respect

to

interest

and/or

principal

payments.

(e)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

September

30,

2023,

the

fair

value

of

these

securities

was

$15,096,969

and

amounted

to

69.8%

of

net

assets.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

Rate

disclosed

is

the

daily

yield

on

September

30,

2023.

bps

—

Basis

points

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

1

Month

SOFR,

rate

disclosed

as

of

September

30,

2023.

SOFR03M

—

3

Month

SOFR,

rate

disclosed

as

of

September

30,

2023.

SOFR06M

—

6

Month

SOFR,

rate

disclosed

as

of

September

30,

2023.

Schedule

of

Portfolio

Investments

September

30,

2023

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

15

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(97.5%)

Australia

(6.5%):

Consumer

Discretionary

(1.0%):

Aristocrat

Leisure

Ltd.

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

42,338

$

1,105,886

Financials

(1.2%):

Macquarie

Group

Ltd.

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

12,724

1,362,275

Health

Care

(1.1%):

CSL

Ltd.

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

7,839

1,262,595

Materials

(2.3%):

BHP

Group

Ltd.

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

89,485

2,513,128

Real

Estate

(0.9%):

Scentre

Group

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

665,451

1,045,425

7,289,309

Belgium

(0.9%):

Information

Technology

(0.9%):

Melexis

NV

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

11,534

992,534

China

(0.9%):

Communication

Services

(0.9%):

Tencent

Holdings

Ltd.

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

25,300

980,760

Denmark

(5.1%):

Consumer

Discretionary

(1.3%):

Pandora

A/S

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

13,458

1,388,995

Health

Care

(3.8%):

Novo

Nordisk

A/S

,

Class

B

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

46,546

4,238,823

5,627,818

France

(12.1%):

Consumer

Discretionary

(4.1%):

La

Francaise

des

Jeux

SAEM

(a)

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

32,536

1,056,613

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

4,744

3,580,425

4,637,038

Consumer

Staples

(2.5%):

L'Oreal

SA

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

6,632

2,748,004

Energy

(0.7%):

Gaztransport

Et

Technigaz

SA

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

6,068

745,708

Industrials

(2.4%):

Rexel

SA

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

44,600

999,169

Safran

SA

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

11,006

1,724,505

2,723,674

Information

Technology

(0.8%):

Capgemini

SE

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

5,087

887,528

Materials

(1.6%):

Arkema

SA

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

17,759

1,747,968

13,489,920

Germany

(7.6%):

Consumer

Discretionary

(0.7%):

Volkswagen

AG

,

Preference

Shares

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

6,598

758,002

Financials

(1.9%):

Allianz

SE

,

Registered

Shares

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

8,904

2,118,649

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

16

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Industrials

(2.2%):

Siemens

AG

,

Registered

Shares

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

17,191

$

2,456,407

Information

Technology

(1.8%):

SAP

SE

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

15,521

2,008,794

Utilities

(1.0%):

RWE

AG

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

28,638

1,062,891

8,404,743

Hong

Kong

(2.1%):

Financials

(1.3%):

AIA

Group

Ltd.

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

175,400

1,418,531

Real

Estate

(0.8%):

CK

Asset

Holdings

Ltd.

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

181,500

953,376

2,371,907

Italy

(1.0%):

Utilities

(1.0%):

Snam

SpA

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

239,936

1,125,691

Japan

(22.3%):

Communication

Services

(1.8%):

Capcom

Co.

Ltd.

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

34,200

1,231,082

Kakaku.com,

Inc.

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

70,100

709,971

1,941,053

Consumer

Discretionary

(3.4%):

Toyota

Motor

Corp.

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

162,900

2,922,871

ZOZO,

Inc.

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

45,700

836,933

3,759,804

Consumer

Staples

(1.0%):

Toyo

Suisan

Kaisha

Ltd.

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

28,800

1,129,598

Financials

(2.9%):

Mizuho

Financial

Group,

Inc.

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

98,600

1,674,251

Tokio

Marine

Holdings,

Inc.

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

67,100

1,553,821

3,228,072

Health

Care

(2.5%):

Hoya

Corp.

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

17,400

1,782,303

Shionogi

&

Co.

Ltd.

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

22,400

999,273

2,781,576

Industrials

(6.7%):

Fuji

Electric

Co.

Ltd.

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

32,500

1,463,855

MISUMI

Group,

Inc.

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

20,700

322,393

Mitsubishi

Heavy

Industries

Ltd.

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

32,600

1,818,571

Nippon

Yusen

KK

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

49,600

1,288,028

OKUMA

Corp.

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

20,100

882,854

Sanwa

Holdings

Corp.

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

125,000

1,659,235

7,434,936

Information

Technology

(2.4%):

Fujitsu

Ltd.

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

7,900

929,252

Oracle

Corp.

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

19,000

1,407,617

Ulvac,

Inc.

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

9,600

345,944

2,682,813

Real

Estate

(0.8%):

Sumitomo

Realty

&

Development

Co.

Ltd.

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

34,500

895,793

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

17

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Utilities

(0.8%):

Tokyo

Gas

Co.

Ltd.

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

40,900

$

927,436

24,781,081

Netherlands

(5.2%):

Communication

Services

(0.6%):

Koninklijke

KPN

NV

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

197,324

650,027

Financials

(1.7%):

ING

Groep

NV

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

141,741

1,867,899

Industrials

(1.5%):

Wolters

Kluwer

NV

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

13,837

1,675,092

Information

Technology

(1.4%):

ASM

International

NV

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

3,791

1,582,877

5,775,895

New

Zealand

(0.7%):

Health

Care

(0.7%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

63,414

817,261

Norway

(1.3%):

Energy

(0.4%):

Aker

BP

ASA

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

16,357

451,775

Financials

(0.9%):

SpareBank

1

SMN

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

81,267

1,039,787

1,491,562

Spain

(2.2%):

Communication

Services

(0.0%):(b)

Telefonica

SA

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

1

4

Financials

(2.2%):

Banco

Bilbao

Vizcaya

Argentaria

SA

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

300,224

2,429,358

2,429,362

Sweden

(2.0%):

Industrials

(2.0%):

Atlas

Copco

AB

,

Class

B

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

192,554

2,252,661

Switzerland

(12.5%):

Consumer

Staples

(3.7%):

Coca-Cola

HBC

AG

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

48,697

1,331,340

Nestle

SA

,

Registered

Shares

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

24,746

2,801,914

4,133,254

Financials

(3.1%):

Partners

Group

Holding

AG

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

1,414

1,587,784

UBS

Group

AG

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

73,803

1,818,426

3,406,210

Health

Care

(5.7%):

Novartis

AG

,

Registered

Shares

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

34,351

3,509,179

Roche

Holding

AG

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

10,434

2,849,272

6,358,451

13,897,915

United

Kingdom

(15.1%):

Consumer

Discretionary

(1.8%):

Greggs

PLC

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

35,041

1,043,023

Next

PLC

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

10,987

974,294

2,017,317

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

18

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Consumer

Staples

(2.5%):

Diageo

PLC

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

40,026

$

1,475,440

Imperial

Brands

PLC

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

63,475

1,287,469

2,762,909

Energy

(3.6%):

BP

PLC

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

210,351

1,355,686

Shell

PLC

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

83,790

2,655,221

4,010,907

Financials

(3.0%):

Barclays

PLC

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

268,461

517,354

HSBC

Holdings

PLC

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

305,320

2,388,854

Legal

&

General

Group

PLC

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

144,114

388,804

3,295,012

Industrials

(1.1%):

Ashtead

Group

PLC

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

19,586

1,187,551

Materials

(2.4%):

Croda

International

PLC

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

12,872

768,739

Rio

Tinto

PLC

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

30,391

1,908,012

2,676,751

Utilities

(0.7%):

Centrica

PLC

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

449,124

844,623

16,795,070

Total

Common

Stocks

(Cost

$90,780,811)

108,523,489

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

MSCI

EAFE

ETF

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

1,653

113,925

Total

Exchange-Traded

Funds

(Cost

$99,717)

113,925

Total

Investments

(Cost

$90,880,528)

—

97.6%

108,637,414

Other

assets

in

excess

of

liabilities

—

2.4%

2,693,945

NET

ASSETS

-

100.00%

$

111,331,359

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

September

30,

2023,

the

fair

value

of

these

securities

was

$1,056,613

and

amounted

to

0.9%

of

net

assets.

(b)

Amount

represents

less

than

0.05%

of

net

assets.

ETF—Exchange-Traded

Fund

PLC—Public

Limited

Company

Schedule

of

Portfolio

Investments

September

30,

2023

Victory

Variable

Insurance

Funds

Victory

RS

Large

Cap

Alpha

VIP

Series

19

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(98.5%)

Communication

Services

(3.6%):

Alphabet,

Inc.

,

Class

A

(a)

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

194,250

$

25,419,555

TKO

Group

Holdings,

Inc.

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

31,020

2,607,541

28,027,096

Consumer

Discretionary

(3.4%):

Amazon.com,

Inc.

(a)

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

26,660

3,389,019

LKQ

Corp.

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

247,880

12,272,539

Mattel,

Inc.

(a)

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

460,570

10,146,357

25,807,915

Consumer

Staples

(8.0%):

Diageo

PLC

,

ADR

(b)

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

36,020

5,373,464

Keurig

Dr

Pepper,

Inc.

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

714,320

22,551,082

Mondelez

International,

Inc.

,

Class

A

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

250,160

17,361,104

U.S.

Foods

Holding

Corp.

(a)

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

399,360

15,854,592

61,140,242

Energy

(8.9%):

Chevron

Corp.

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

80,600

13,590,772

Enterprise

Products

Partners

LP

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

585,330

16,020,482

Exxon

Mobil

Corp.

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

171,350

20,147,333

Hess

Corp.

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

119,080

18,219,240

67,977,827

Financials

(24.5%):

Brown

&

Brown,

Inc.

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

271,720

18,976,925

Cboe

Global

Markets,

Inc.

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

155,180

24,240,668

Fairfax

Financial

Holdings

Ltd.

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

54,670

44,633,279

FleetCor

Technologies,

Inc.

(a)

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

51,370

13,116,816

JPMorgan

Chase

&

Co.

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

88,390

12,818,318

Markel

Group,

Inc.

(a)

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

24,930

36,709,175

The

Goldman

Sachs

Group,

Inc.

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

13,170

4,261,417

The

Progressive

Corp.

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

234,630

32,683,959

187,440,557

Health

Care

(18.1%):

AbbVie,

Inc.

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

136,120

20,290,047

GE

HealthCare

Technologies,

Inc.

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

112,150

7,630,686

Humana,

Inc.

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

21,660

10,538,023

Johnson

&

Johnson

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

77,910

12,134,483

McKesson

Corp.

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

23,730

10,318,991

Medtronic

PLC

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

201,110

15,758,980

Merck

&

Co.,

Inc.

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

226,530

23,321,263

The

Cigna

Group

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

67,520

19,315,446

UnitedHealth

Group,

Inc.

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

38,135

19,227,286

138,535,205

Industrials

(13.3%):

Eaton

Corp.

PLC

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

48,310

10,303,557

FedEx

Corp.

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

50,830

13,465,883

General

Dynamics

Corp.

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

43,970

9,716,051

Johnson

Controls

International

PLC

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

155,370

8,267,238

Leidos

Holdings,

Inc.

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

193,420

17,825,587

PACCAR,

Inc.

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

108,905

9,259,103

Parker-Hannifin

Corp.

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

25,700

10,010,664

RTX

Corp.

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

130,341

9,380,642

Sensata

Technologies

Holding

PLC

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

368,820

13,948,772

102,177,497

Information

Technology

(6.4%):

Amphenol

Corp.

,

Class

A

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

142,760

11,990,412

Analog

Devices,

Inc.

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

48,620

8,512,876

Applied

Materials,

Inc.

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

93,770

12,982,456

Victory

Variable

Insurance

Funds

Victory

RS

Large

Cap

Alpha

VIP

Series

20

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Salesforce,

Inc.

(a)

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

41,560

$

8,427,537

Zebra

Technologies

Corp.

(a)

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

30,460

7,204,704

49,117,985

Materials

(3.6%):

PPG

Industries,

Inc.

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

105,590

13,705,582

Sealed

Air

Corp.

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

412,660

13,560,008

27,265,590

Real

Estate

(2.9%):

Equity

LifeStyle

Properties,

Inc.

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

195,690

12,467,410

Invitation

Homes,

Inc.

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

318,850

10,104,356

22,571,766

Utilities

(5.8%):

Constellation

Energy

Corp.

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

70,669

7,708,575

Exelon

Corp.

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

361,760

13,670,910

Vistra

Corp.

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

688,859

22,856,342

44,235,827

Total

Common

Stocks

(Cost

$616,620,719)

754,297,507

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.24

%

(c)

........

168,080

168,080

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.28

%

(c)

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

168,080

168,080

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.26

%

(c)

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

168,080

168,080

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.27

%

(c)

.

168,080

168,080

Total

Collateral

for

Securities

Loaned

(Cost

$672,320)

672,320

Total

Investments

(Cost

$617,293,039)

—

98.6%

754,969,827

Other

assets

in

excess

of

liabilities

—

1.4%

11,056,582

NET

ASSETS

-

100.00%

$

766,026,409

At

September

30,

2023,

the

Fund's

investments

in

foreign

securities

were

8.6%

of

net

assets.

^

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,

2023.

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

September

30,

2023

Victory

Variable

Insurance

Funds

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

21

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(97.9%)

Consumer

Discretionary

(8.2%):

Abercrombie

&

Fitch

Co.

(a)

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

12,630

$

711,953

Ralph

Lauren

Corp.

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

5,640

654,748

RH

(a)

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

2,330

615,959

Shake

Shack,

Inc.

,

Class

A

(a)

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

4,670

271,187

Skyline

Champion

Corp.

(a)

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

14,610

930,949

Sweetgreen,

Inc.

,

Class

A

(a)

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

18,470

217,022

Texas

Roadhouse,

Inc.

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

2,080

199,888

Under

Armour,

Inc.

,

Class

C

(a)

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

135,670

865,575

Wingstop,

Inc.

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

2,060

370,470

YETI

Holdings,

Inc.

(a)

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

13,560

653,863

5,491,614

Consumer

Staples

(4.5%):

BellRing

Brands,

Inc.

(a)

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

34,560

1,424,909

Celsius

Holdings,

Inc.

(a)

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

2,110

362,076

elf

Beauty,

Inc.

(a)

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

1,610

176,826

Grocery

Outlet

Holding

Corp.

(a)

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

35,840

1,033,984

2,997,795

Energy

(5.0%):

Callon

Petroleum

Co.

(a)

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

10,790

422,105

Matador

Resources

Co.

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

15,880

944,542

Permian

Resources

Corp.

(b)

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

36,240

505,910

Tidewater,

Inc.

(a)

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

11,180

794,563

Weatherford

International

PLC

(a)

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

8,000

722,640

3,389,760

Financials

(8.6%):

Euronet

Worldwide,

Inc.

(a)

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

5,940

471,517

FirstCash

Holdings,

Inc.

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

15,440

1,549,867

Flywire

Corp.

(a)

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

35,520

1,132,733

Kinsale

Capital

Group,

Inc.

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

330

136,663

Payoneer

Global,

Inc.

(a)

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

157,700

965,124

Shift4

Payments,

Inc.

,

Class

A

(a)

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

16,090

890,903

Upstart

Holdings,

Inc.

(a)

(b)

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

4,600

131,284

Wintrust

Financial

Corp.

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

6,300

475,650

5,753,741

Health

Care

(22.4%):

89bio,

Inc.

(a)

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

19,490

300,926

Acadia

Healthcare

Co.,

Inc.

(a)

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

11,660

819,814

Akero

Therapeutics,

Inc.

(a)

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

6,750

341,415

Amicus

Therapeutics,

Inc.

(a)

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

85,560

1,040,410

Apellis

Pharmaceuticals,

Inc.

(a)

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

22,200

844,488

Bridgebio

Pharma,

Inc.

(a)

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

15,910

419,547

Cymabay

Therapeutics,

Inc.

(a)

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

35,370

527,367

Disc

Medicine,

Inc.

(a)

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

5,410

254,162

Evolent

Health,

Inc.

,

Class

A

(a)

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

28,770

783,407

Haemonetics

Corp.

(a)

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

5,040

451,483

HealthEquity,

Inc.

(a)

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

10,440

762,642

Immunovant,

Inc.

(a)

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

13,350

512,506

Inspire

Medical

Systems,

Inc.

(a)

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

5,420

1,075,545

Krystal

Biotech,

Inc.

(a)

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

5,900

684,400

Lantheus

Holdings,

Inc.

(a)

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

7,240

503,035

LivaNova

PLC

(a)

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

7,420

392,370

MoonLake

Immunotherapeutics

(a)

(b)

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

6,740

384,180

Nuvalent,

Inc.

,

Class

A

(a)

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

7,340

337,420

Opthea

Ltd.

,

ADR

(a)

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

36,830

62,611

Pacific

Biosciences

of

California,

Inc.

(a)

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

18,020

150,467

PROCEPT

BioRobotics

Corp.

(a)

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

12,280

402,907

Pulmonx

Corp.

(a)

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

43,550

449,871

REVOLUTION

Medicines,

Inc.

(a)

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

11,620

321,642

Victory

Variable

Insurance

Funds

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

22

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Roivant

Sciences

Ltd.

(a)

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

35,690

$

416,859

RxSight,

Inc.

(a)

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

5,010

139,729

Shockwave

Medical,

Inc.

(a)

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

2,540

505,714

Structure

Therapeutics,

Inc.

,

ADR

(a)

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

5,910

297,982

Surgery

Partners,

Inc.

(a)

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

25,660

750,555

Vaxcyte,

Inc.

(a)

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

15,230

776,425

Ventyx

Biosciences,

Inc.

(a)

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

9,930

344,869

15,054,748

Industrials

(23.3%):

AAR

Corp.

(a)

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

17,300

1,029,869

Applied

Industrial

Technologies,

Inc.

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

5,020

776,142

Atkore,

Inc.

(a)

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

3,790

565,430

Bloom

Energy

Corp.

,

Class

A

(a)

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

32,650

432,939

Chart

Industries,

Inc.

(a)

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

5,710

965,675

Clean

Harbors,

Inc.

(a)

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

8,910

1,491,178

Comfort

Systems

USA,

Inc.

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

2,430

414,096

Herc

Holdings,

Inc.

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

3,190

379,419

Hexcel

Corp.

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

8,000

521,120

Kornit

Digital

Ltd.

(a)

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

21,580

408,078

Maximus,

Inc.

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

8,330

622,084

McGrath

RentCorp

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

8,480

850,035

Moog,

Inc.

,

Class

A

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

8,120

917,235

Paycor

HCM,

Inc.

(a)

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

24,150

551,345

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

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

46,780

853,735

Simpson

Manufacturing

Co.,

Inc.

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

5,110

765,529

Tecnoglass,

Inc.

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

17,940

591,302

The

AZEK

Co.,

Inc.

(a)

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

25,240

750,638

Vertiv

Holdings

Co.

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

18,390

684,108

Watts

Water

Technologies,

Inc.

,

Class

A

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

2,750

475,255

WNS

Holdings

Ltd.

,

ADR

(a)

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

8,966

613,812

XPO,

Inc.

(a)

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

13,660

1,019,856

15,678,880

Information

Technology

(24.1%):

Advanced

Energy

Industries,

Inc.

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

6,640

684,717

Altair

Engineering,

Inc.

,

Class

A

(a)

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

12,650

791,384

Axcelis

Technologies,

Inc.

(a)

..............................................

4,040

658,722

Badger

Meter,

Inc.

......................................................

6,940

998,458

Belden,

Inc.

...........................................................

5,950

574,472

Box,

Inc.

,

Class

A

(a)

....................................................

28,060

679,333

Braze,

Inc.

,

Class

A

(a)

...................................................

18,410

860,299

Confluent,

Inc.

,

Class

A

(a)

................................................

15,640

463,100

CyberArk

Software

Ltd.

(a)

................................................

6,490

1,062,867

Fabrinet

(a)

............................................................

4,540

756,455

Five9,

Inc.

(a)

..........................................................

7,340

471,962

Globant

SA

(a)

.........................................................

5,210

1,030,798

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

................................

21,610

1,762,944

PagerDuty,

Inc.

(a)

......................................................

16,130

362,764

Procore

Technologies,

Inc.

(a)

..............................................

9,980

651,894

Semtech

Corp.

(a)

.......................................................

28,440

732,330

SiTime

Corp.

(a)

........................................................

8,050

919,713

Sprout

Social,

Inc.

,

Class

A

(a)

..............................................

28,170

1,405,120

Super

Micro

Computer,

Inc.

(a)

.............................................

1,640

449,721

Varonis

Systems,

Inc.

(a)

..................................................

28,060

856,952

16,174,005

Materials

(1.8%):

Avient

Corp.

..........................................................

14,680

518,498

Livent

Corp.

(a)

........................................................

23,360

430,058

Summit

Materials,

Inc.

,

Class

A

(a)

..........................................

9,460

294,584

1,243,140

Total

Common

Stocks

(Cost

$64,048,172)

65,783,683

Victory

Variable

Insurance

Funds

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

23

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Collateral

for

Securities

Loaned

(1.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.24

%

(c)

........

238,034

$

238,034

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.28

%

(c)

............

238,034

238,034

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.26

%

(c)

...............

238,034

238,034

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.27

%

(c)

.

238,034

238,034

Total

Collateral

for

Securities

Loaned

(Cost

$952,136)

952,136

Total

Investments

(Cost

$65,000,308)

—

99.3%

66,735,819

Other

assets

in

excess

of

liabilities

—

0.7%

499,784

NET

ASSETS

-

100.00%

$

67,235,603

At

September

30,

2023,

the

Fund's

investments

in

foreign

securities

were

7.9%

of

net

assets.

^

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,

2023.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

September

30,

2023

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

24

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(99.3%)

Brazil

(7.9%):

Communication

Services

(0.6%):

TIM

SA

.............................................................

54,300

$

160,904

Consumer

Discretionary

(0.6%):

Vibra

Energia

SA

.......................................................

37,411

140,862

Consumer

Staples

(0.5%):

Sao

Martinho

SA

.......................................................

16,000

125,009

Energy

(1.4%):

Petroleo

Brasileiro

SA,

ADR

...............................................

23,992

359,640

Financials

(1.1%):

Itau

Unibanco

Holding

SA,

ADR

............................................

53,765

288,718

Industrials

(0.8%):

Santos

Brasil

Participacoes

SA

.............................................

65,900

112,393

SIMPAR

SA

..........................................................

52,472

92,311

204,704

Information

Technology

(0.6%):

TOTVS

SA

...........................................................

28,700

154,212

Materials

(1.8%):

Gerdau

SA,

Preference

Shares

..............................................

31,395

150,761

Vale

SA

..............................................................

22,600

303,948

454,709

Real

Estate

(0.5%):

Multiplan

Empreendimentos

Imobiliarios

SA

...................................

25,800

126,153

2,014,911

Chile

(0.3%):

Financials

(0.0%):(a)

Banco

de

Credito

e

Inversiones

SA

..........................................

1

25

Utilities

(0.3%):

Enel

Chile

SA

.........................................................

1,416,252

86,071

86,096

China

(25.9%):

Communication

Services

(8.3%):

Baidu,

Inc.,

Class

A(b)

...................................................

26,984

454,173

NetEase,

Inc.

..........................................................

23,800

477,235

Tencent

Holdings

Ltd.

...................................................

30,230

1,171,872

2,103,280

Consumer

Discretionary

(7.8%):

Alibaba

Group

Holding

Ltd.(b)

.............................................

83,948

910,209

BYD

Co.

Ltd.,

Class

H

...................................................

10,500

323,518

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

..................................

23,800

120,649

H

World

Group,

Ltd.,

ADR(b)

..............................................

6,729

265,324

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

A

...............................

34,200

110,311

MINISO

Group

Holding

Ltd.,

ADR

..........................................

5,906

152,965

Yadea

Group

Holdings

Ltd.(c)

..............................................

60,000

111,111

1,994,087

Consumer

Staples

(1.1%):

Chenguang

Biotech

Group

Co.

Ltd.,

Class

A

...................................

58,000

119,304

Tsingtao

Brewery

Co.

Ltd.,

Class

H

..........................................

20,000

162,865

282,169

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

25

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Energy

(0.8%):

PetroChina

Co.

Ltd.,

Class

H

..............................................

268,000

$

200,854

Financials

(3.6%):

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

.............................

845,000

405,310

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

...................................

196,000

250,984

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

..............................

45,500

258,068

914,362

Health

Care

(0.8%):

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

.......................

3,500

130,065

WuXi

AppTec

Co.

Ltd.,

Class

A

............................................

7,100

84,385

214,450

Industrials

(2.1%):

China

Railway

Group

Ltd.,

Class

H

..........................................

442,000

227,318

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

............................

5,200

145,263

ZTO

Express

Cayman,

Inc.,

ADR

...........................................

6,708

162,132

534,713

Information

Technology

(0.5%):

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

..................................

31,600

129,620

Materials

(0.9%):

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

.................................

316,600

136,456

Tianqi

Lithium

Corp.,

Class

A

..............................................

13,100

98,966

235,422

6,608,957

Greece

(2.2%):

Energy

(0.7%):

Motor

Oil

Hellas

Corinth

Refineries

SA

.......................................

6,554

165,518

Financials

(0.9%):

National

Bank

of

Greece

SA(b)

.............................................

41,649

234,444

Industrials

(0.6%):

Mytilineos

SA

.........................................................

4,327

159,245

559,207

Hong

Kong

(1.0%):

Consumer

Discretionary

(0.3%):

Man

Wah

Holdings

Ltd.

..................................................

117,600

82,198

Real

Estate

(0.7%):

China

Resources

Land

Ltd.

................................................

44,000

174,736

256,934

India

(15.0%):

Consumer

Discretionary

(2.7%):

Mahindra

&

Mahindra

Ltd.

................................................

18,100

338,017

Raymond

Ltd.

.........................................................

7,357

159,879

Tata

Motors

Ltd.

.......................................................

26,543

200,781

698,677

Financials

(5.1%):

Cholamandalam

Investment

and

Finance

Co.

Ltd.

................................

9,951

145,566

ICICI

Bank

Ltd.,

ADR

...................................................

31,473

727,656

LIC

Housing

Finance

Ltd.

.................................................

30,673

171,106

Manappuram

Finance

Ltd.

................................................

145,637

262,153

1,306,481

Health

Care

(1.4%):

Apollo

Hospitals

Enterprise

Ltd.

............................................

3,079

190,135

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

26

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Dr.

Reddy's

Laboratories

Ltd.

..............................................

2,365

$

158,725

348,860

Industrials

(2.5%):

Ashok

Leyland

Ltd.

.....................................................

92,686

197,127

Larsen

&

Toubro

Ltd.

....................................................

8,894

323,164

WNS

Holdings

Ltd.,

ADR(b)

..............................................

1,621

110,974

631,265

Materials

(2.3%):

JK

Paper

Ltd.

..........................................................

25,809

121,792

Tata

Steel

Ltd.

.........................................................

154,652

239,216

UltraTech

Cement

Ltd.

...................................................

2,232

221,354

582,362

Utilities

(1.0%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

105,774

253,904

3,821,549

Indonesia

(2.0%):

Energy

(0.5%):

PT

Adaro

Energy

Indonesia

Tbk

............................................

631,800

116,253

Financials

(1.5%):

PT

Bank

Mandiri

Persero

Tbk

..............................................

1,003,600

390,755

507,008

Ireland

(1.5%):

Consumer

Discretionary

(1.5%):

PDD

Holdings,

Inc.,

ADR(b)

...............................................

3,957

388,063

Luxembourg

(1.1%):

Materials

(1.1%):

Ternium

SA,

ADR

......................................................

6,944

277,066

Mexico

(4.7%):

Consumer

Discretionary

(0.4%):

Alsea

SAB

de

CV(b)

....................................................

30,448

110,804

Consumer

Staples

(1.5%):

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

...............................

2,657

290,011

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

.................................

45,500

90,611

380,622

Financials

(1.6%):

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

.................................

47,106

394,999

Industrials

(0.7%):

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

............................

11,591

190,544

Real

Estate

(0.5%):

Corp

Inmobiliaria

Vesta

SAB

de

CV

.........................................

36,629

120,853

1,197,822

Panama

(0.5%):

Industrials

(0.5%):

Copa

Holdings

SA,

Class

A

...............................................

1,365

121,649

Qatar

(0.7%):

Industrials

(0.7%):

Industries

Qatar

QSC

....................................................

47,176

177,843

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

27

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Russian

Federation

(0.0%):(a)

Consumer

Staples

(0.0%):(a)

Magnit

PJSC(b)(d)(e)

....................................................

2,805

$

26

Energy

(0.0%):(a)

Gazprom

PJSC(d)(e)

....................................................

117,150

2,912

Rosneft

Oil

Co.

PJSC,

GDR(b)(d)(e)

.........................................

48,095

2,254

5,166

Financials

(0.0%):

Sberbank

of

Russia

PJSC,

ADR(b)(d)(e)

......................................

31,735

—

5,192

Saudi

Arabia

(3.1%):

Communication

Services

(0.8%):

Saudi

Telecom

Co.

......................................................

21,219

212,811

Information

Technology

(0.6%):

Arabian

Internet

&

Communications

Services

Co.

................................

1,798

153,427

Materials

(1.7%):

SABIC

Agri-Nutrients

Co.

................................................

6,537

232,005

Sahara

International

Petrochemical

Co.

.......................................

19,045

192,326

424,331

790,569

South

Korea

(13.1%):

Communication

Services

(0.4%):

JYP

Entertainment

Corp.

.................................................

1,320

109,625

Consumer

Discretionary

(2.3%):

Hyundai

Mobis

Co.

Ltd.

..................................................

1,285

228,736

Kia

Corp.

............................................................

5,786

348,313

577,049

Consumer

Staples

(0.2%):

BGF

retail

Co.

Ltd.

.....................................................

512

53,533

Financials

(1.9%):

DB

Insurance

Co.

Ltd.

...................................................

3,866

256,198

Samsung

Securities

Co.

Ltd.

...............................................

8,459

230,180

486,378

Health

Care

(0.9%):

Samsung

Biologics

Co.

Ltd.(b)(c)

...........................................

448

226,178

Industrials

(1.2%):

Hyundai

Rotem

Co.

Ltd.(b)

................................................

5,996

123,152

Samsung

Engineering

Co.

Ltd.(b)

...........................................

7,724

172,866

296,018

Information

Technology

(6.2%):

HAESUNG

DS

Co.

Ltd.

..................................................

2,182

90,571

Innox

Advanced

Materials

Co.

Ltd.

..........................................

6,666

157,150

Samsung

Electronics

Co.

Ltd.

..............................................

26,344

1,331,995

1,579,716

3,328,497

Taiwan

(13.4%):

Consumer

Discretionary

(0.4%):

Poya

International

Co.

Ltd.

................................................

7,070

105,643

Health

Care

(0.9%):

Lotus

Pharmaceutical

Co.

Ltd.

.............................................

14,000

103,449

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

28

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

2023

Security

Description

Shares

Value

Universal

Vision

Biotechnology

Co.

Ltd.

......................................

10,812

$

112,657

216,106

Industrials

(0.7%):

Fortune

Electric

Co.

Ltd.

.................................................

21,000

176,661

Information

Technology

(11.4%):

Gold

Circuit

Electronics

Ltd.

...............................................

35,600

242,607

King

Yuan

Electronics

Co.

Ltd.

.............................................

71,000

167,462

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

115,259

1,879,704

Unimicron

Technology

Corp.

..............................................

48,000

259,009

United

Microelectronics

Corp.

.............................................

158,000

221,889

Wiwynn

Corp.

.........................................................

3,000

139,911

2,910,582

3,408,992

Thailand

(2.4%):

Energy

(1.0%):

PTT

Exploration

&

Production

PCL

.........................................

55,900

260,880

Financials

(0.9%):

SCB

X

PCL

...........................................................

81,400

228,702

Real

Estate

(0.5%):

AP

Thailand

PCL

.......................................................

339,400

109,863

599,445

Turkey

(0.5%):

Industrials

(0.5%):

Pegasus

Hava

Tasimaciligi

A/S(b)

...........................................

4,269

128,138

United

Arab

Emirates

(2.9%):

Consumer

Discretionary

(0.7%):

Americana

Restaurants

International

PLC

.....................................

172,887

193,108

Financials

(1.1%):

Emirates

NBD

Bank

PJSC

................................................

56,206

272,392

Real

Estate

(1.1%):

Emaar

Properties

PJSC

...................................................

130,428

285,445

750,945

United

Kingdom

(0.3%):

Health

Care

(0.3%):

Hikma

Pharmaceuticals

PLC

...............................................

3,485

88,481

United

States

(0.8%):

Consumer

Discretionary

(0.8%):

Samsonite

International

SA(b)(c)

............................................

61,200

209,294

Total

Common

Stocks

(Cost

$23,663,699)

25,326,658

Total

Investments

(Cost

$23,663,699)

—

99.3%

25,326,658

Other

assets

in

excess

of

liabilities

—

0.7%

172,990

NET

ASSETS

-

100.00%

$

25,499,648

(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

September

30,

2023,

the

fair

value

of

these

securities

was

$546,583

and

amounted

to

2.1%

of

net

assets.

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

29

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

September

30,

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

(d)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

September

30,

2023.

(e)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

September

30,

2023.

ADR—American

Depositary

Receipt

GDR—Global

Depositary

Receipt

PCL—Public

Company

Limited

PLC—Public

Limited

Company