Victory Variable Insurance Funds NPORT-P Victory RS Small Cap Growth Equity VIP Series (Mar 2024 report)

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

1

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(99.5%)

Communication

Services

(9.0%):

Alphabet,

Inc.,

Class

C(a)

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

11,421

$

1,738,961

Alphabet,

Inc.,

Class

A(a)

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

12,714

1,918,924

AT&T,

Inc.

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

15,473

272,325

Charter

Communications,

Inc.,

Class

A(a)

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

214

62,195

Comcast

Corp.,

Class

A

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

8,516

369,169

Electronic

Arts,

Inc.

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

523

69,386

Fox

Corp.,

Class

A

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

514

16,073

Fox

Corp.,

Class

B

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

286

8,185

Liberty

Broadband

Corp.,

Class

A(a)

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

36

2,056

Liberty

Broadband

Corp.,

Class

C(a)

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

245

14,021

Liberty

Media

Corp.-Liberty

Formula

One(a)

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

438

28,733

Liberty

Media

Corp.-Liberty

Formula

One(a)

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

48

2,820

Live

Nation

Entertainment,

Inc.(a)

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

311

32,895

Meta

Platforms,

Inc.,

Class

A

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

4,750

2,306,505

Netflix,

Inc.(a)

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

928

563,602

Omnicom

Group,

Inc.

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

424

41,026

Pinterest,

Inc.,

Class

A(a)

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

1,269

43,996

ROBLOX

Corp.,

Class

A(a)

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

1,053

40,204

Snap,

Inc.,

Class

A(a)

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

2,256

25,899

Take-Two

Interactive

Software,

Inc.(a)

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

339

50,338

The

Interpublic

Group

of

Cos.,

Inc.

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

817

26,659

The

Trade

Desk,

Inc.,

Class

A(a)

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

954

83,399

The

Walt

Disney

Co.

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

3,970

485,769

T-Mobile

US,

Inc.

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

1,029

167,953

Verizon

Communications,

Inc.

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

9,101

381,878

Warner

Bros

Discovery,

Inc.(a)

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

4,781

41,738

8,794,709

Communications

Equipment

(0.8%):

Arista

Networks,

Inc.(a)

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

552

160,069

Cisco

Systems,

Inc.

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

9,871

492,661

Motorola

Solutions,

Inc.

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

358

127,083

779,813

Consumer

Discretionary

(10.0%):

Airbnb,

Inc.,

Class

A(a)

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

900

148,464

Amazon.com,

Inc.(a)

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

19,996

3,606,878

Aptiv

PLC(a)

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

600

47,790

AutoZone,

Inc.(a)

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

37

116,611

Best

Buy

Co.,

Inc.

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

417

34,207

Booking

Holdings,

Inc.

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

73

264,835

Carnival

Corp.(a)

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

2,119

34,624

Chipotle

Mexican

Grill,

Inc.(a)

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

59

171,499

D.R.

Horton,

Inc.

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

633

104,160

Darden

Restaurants,

Inc.

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

258

43,125

Deckers

Outdoor

Corp.(a)

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

55

51,769

Domino's

Pizza,

Inc.

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

75

37,266

DoorDash,

Inc.,

Class

A(a)

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

624

85,937

DraftKings,

Inc.(a)

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

982

44,593

eBay,

Inc.

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

1,119

59,061

Expedia

Group,

Inc.(a)

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

281

38,708

Ford

Motor

Co.

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

8,437

112,043

Garmin

Ltd.

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

332

49,425

General

Motors

Co.

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

2,958

134,145

Genuine

Parts

Co.

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

301

46,634

Hilton

Worldwide

Holdings,

Inc.

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

573

122,227

Las

Vegas

Sands

Corp.

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

889

45,961

Lennar

Corp.,

Class

B

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

21

3,238

Lennar

Corp.,

Class

A

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

519

89,258

LKQ

Corp.

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

573

30,604

Lowe's

Cos.,

Inc.

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

1,244

316,884

Lululemon

Athletica,

Inc.(a)

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

238

92,975

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Marriott

International,

Inc.,

Class

A

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

525

$

132,463

McDonald's

Corp.

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

1,563

440,688

MGM

Resorts

International(a)

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

547

25,824

NIKE,

Inc.,

Class

B

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

2,547

239,367

NVR,

Inc.(a)

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

7

56,700

O'Reilly

Automotive,

Inc.(a)

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

127

143,368

Pool

Corp.

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

81

32,684

PulteGroup,

Inc.

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

456

55,003

Rivian

Automotive,

Inc.,

Class

A(a)

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

1,505

16,480

Ross

Stores,

Inc.

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

715

104,933

Royal

Caribbean

Cruises

Ltd.(a)

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

510

70,895

Starbucks

Corp.

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

2,388

218,239

Tesla,

Inc.(a)

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

5,999

1,054,564

The

Home

Depot,

Inc.

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

2,150

824,740

The

TJX

Cos.,

Inc.

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

2,465

250,000

Tractor

Supply

Co.

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

233

60,981

Ulta

Beauty,

Inc.(a)

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

105

54,902

Yum!

Brands,

Inc.

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

608

84,299

9,799,051

Consumer

Staples

(5.9%):

Albertsons

Cos.,

Inc.,

Class

A

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

721

15,458

Altria

Group,

Inc.

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

3,814

166,367

Archer-Daniels-Midland

Co.

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

1,146

71,980

Brown-Forman

Corp.,

Class

B

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

653

33,708

Brown-Forman

Corp.,

Class

A

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

105

5,560

Campbell

Soup

Co.

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

426

18,936

Church

&

Dwight

Co.,

Inc.

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

527

54,971

Colgate-Palmolive

Co.

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

1,780

160,289

Conagra

Brands,

Inc.

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

1,030

30,529

Constellation

Brands,

Inc.,

Class

A

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

365

99,192

Costco

Wholesale

Corp.

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

956

700,394

Dollar

General

Corp.

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

474

73,973

Dollar

Tree,

Inc.(a)

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

471

62,714

General

Mills,

Inc.

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

1,226

85,783

Hormel

Foods

Corp.

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

627

21,876

Kellanova

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

617

35,348

Kenvue,

Inc.

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

3,353

71,955

Keurig

Dr

Pepper,

Inc.

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

2,129

65,297

Kimberly-Clark

Corp.

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

727

94,038

Lamb

Weston

Holdings,

Inc.

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

306

32,598

McCormick

&

Co.,

Inc.

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

572

43,935

Mondelez

International,

Inc.,

Class

A

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

2,911

203,770

Monster

Beverage

Corp.(a)

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

1,625

96,330

PepsiCo,

Inc.

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

2,966

519,080

Philip

Morris

International,

Inc.

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

3,355

307,385

Sysco

Corp.

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

1,076

87,350

Target

Corp.

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

997

176,678

The

Clorox

Co.

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

268

41,034

The

Coca-Cola

Co.

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

9,279

567,689

The

Estee

Lauder

Cos.,

Inc.

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

502

77,383

The

Hershey

Co.

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

322

62,629

The

J.M.

Smucker

Co.

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

224

28,195

The

Kraft

Heinz

Co.

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

2,615

96,494

The

Kroger

Co.

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

1,546

88,323

The

Procter

&

Gamble

Co.

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

5,093

826,339

Tyson

Foods,

Inc.,

Class

A

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

604

35,473

Walgreens

Boots

Alliance,

Inc.

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

1,541

33,424

Walmart,

Inc.

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

9,307

560,002

5,752,479

Electronic

Equipment,

Instruments

&

Components

(0.6%):

Amphenol

Corp.,

Class

A

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

1,291

148,917

CDW

Corp.

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

290

74,176

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

3

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Corning,

Inc.

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

1,669

$

55,010

Jabil,

Inc.

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

267

35,765

Keysight

Technologies,

Inc.(a)

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

375

58,643

TE

Connectivity

Ltd.

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

667

96,875

Teledyne

Technologies,

Inc.(a)

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

101

43,361

Trimble,

Inc.(a)

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

529

34,047

Zebra

Technologies

Corp.(a)

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

110

33,158

579,952

Energy

(4.0%):

Baker

Hughes

Co.

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

2,164

72,494

Cheniere

Energy,

Inc.

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

501

80,801

Chevron

Corp.

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

4,021

634,273

ConocoPhillips

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

2,545

323,928

Coterra

Energy,

Inc.

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

1,598

44,552

Devon

Energy

Corp.

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

1,365

68,496

Diamondback

Energy,

Inc.

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

385

76,295

EOG

Resources,

Inc.

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

1,251

159,928

EQT

Corp.

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

894

33,141

Exxon

Mobil

Corp.

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

8,579

997,223

Halliburton

Co.

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

1,917

75,568

Hess

Corp.

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

601

91,737

Kinder

Morgan,

Inc.

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

4,190

76,845

Marathon

Oil

Corp.

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

1,245

35,283

Marathon

Petroleum

Corp.

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

781

157,371

Occidental

Petroleum

Corp.

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

1,898

123,351

ONEOK,

Inc.

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

1,260

101,014

Phillips

66

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

925

151,089

Pioneer

Natural

Resources

Co.

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

502

131,775

Schlumberger

NV

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

3,096

169,692

Targa

Resources

Corp.

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

474

53,083

Texas

Pacific

Land

Corp.

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

51

29,504

The

Williams

Cos.,

Inc.

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

2,624

102,257

Valero

Energy

Corp.

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

716

122,214

3,911,914

Financials

(12.9%):

Aflac,

Inc.

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

1,127

96,764

American

Express

Co.

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

1,565

356,335

American

International

Group,

Inc.

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

1,471

114,988

Ameriprise

Financial,

Inc.

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

217

95,142

Aon

PLC,

Class

A

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

424

141,497

Apollo

Global

Management,

Inc.

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

861

96,820

Arch

Capital

Group

Ltd.(a)

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

785

72,565

Ares

Management

Corp.,

Class

A

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

342

45,479

Arthur

J.

Gallagher

&

Co.

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

464

116,019

Bank

of

America

Corp.

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

17,020

645,398

Berkshire

Hathaway,

Inc.,

Class

B(a)

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

2,823

1,187,128

BlackRock,

Inc.

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

317

264,283

Blackstone,

Inc.

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

1,532

201,259

Block,

Inc.(a)

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

1,173

99,212

Brown

&

Brown,

Inc.

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

513

44,908

Capital

One

Financial

Corp.

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

812

120,899

Cboe

Global

Markets,

Inc.

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

228

41,890

Chubb

Ltd.

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

873

226,221

Cincinnati

Financial

Corp.

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

332

41,224

Citigroup,

Inc.

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

4,127

260,992

Citizens

Financial

Group,

Inc.

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

986

35,782

CME

Group,

Inc.

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

777

167,280

Coinbase

Global,

Inc.,

Class

A(a)

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

367

97,299

Discover

Financial

Services

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

539

70,658

Everest

Group

Ltd.

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

72

28,620

FactSet

Research

Systems,

Inc.

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

82

37,260

Fidelity

National

Information

Services,

Inc.

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

1,245

92,354

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Fifth

Third

Bancorp

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

1,465

$

54,513

First

Citizens

BancShares,

Inc.,

Class

A

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

23

37,605

Fiserv,

Inc.(a)

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

1,269

202,812

Franklin

Resources,

Inc.

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

618

17,372

Global

Payments,

Inc.

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

553

73,914

Huntington

Bancshares,

Inc.

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

3,099

43,231

Intercontinental

Exchange,

Inc.

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

1,230

169,039

Jack

Henry

&

Associates,

Inc.

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

157

27,276

JPMorgan

Chase

&

Co.

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

6,178

1,237,453

KKR

&

Co.,

Inc.

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

1,447

145,539

Loews

Corp.

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

398

31,159

LPL

Financial

Holdings,

Inc.

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

160

42,272

M&T

Bank

Corp.

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

359

52,213

Markel

Group,

Inc.(a)

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

28

42,601

Marsh

&

McLennan

Cos.,

Inc.

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

1,063

218,957

Mastercard,

Inc.,

Class

A

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

1,790

862,010

MetLife,

Inc.

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

1,308

96,936

Moody's

Corp.

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

395

155,247

Morgan

Stanley

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

2,714

255,550

MSCI,

Inc.

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

166

93,035

Nasdaq,

Inc.

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

762

48,082

Northern

Trust

Corp.

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

434

38,591

PayPal

Holdings,

Inc.(a)

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

2,300

154,077

Principal

Financial

Group,

Inc.

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

507

43,759

Prudential

Financial,

Inc.

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

776

91,102

Raymond

James

Financial,

Inc.

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

408

52,395

Regions

Financial

Corp.

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

1,985

41,764

S&P

Global,

Inc.

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

679

288,881

State

Street

Corp.

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

649

50,181

Synchrony

Financial

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

874

37,687

T.

Rowe

Price

Group,

Inc.

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

473

57,668

The

Allstate

Corp.

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

566

97,924

The

Bank

of

New

York

Mellon

Corp.

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

1,629

93,863

The

Charles

Schwab

Corp.

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

3,613

261,364

The

Goldman

Sachs

Group,

Inc.

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

701

292,801

The

Hartford

Financial

Services

Group,

Inc.

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

641

66,055

The

PNC

Financial

Services

Group,

Inc.

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

858

138,653

The

Progressive

Corp.

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

1,265

261,627

The

Travelers

Cos.,

Inc.

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

494

113,689

Truist

Financial

Corp.

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

2,881

112,301

U.S.

Bancorp

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

3,365

150,416

Visa,

Inc.,

Class

A

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

3,415

953,058

W.R.

Berkley

Corp.

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

434

38,383

Wells

Fargo

&

Co.

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

7,737

448,437

Willis

Towers

Watson

PLC

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

221

60,775

12,650,543

Health

Care

(12.2%):

Abbott

Laboratories

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

3,730

423,952

AbbVie,

Inc.

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

3,821

695,804

Agilent

Technologies,

Inc.

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

632

91,962

Align

Technology,

Inc.(a)

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

152

49,844

Alnylam

Pharmaceuticals,

Inc.(a)

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

271

40,501

Amgen,

Inc.

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

1,158

329,243

Avantor,

Inc.(a)

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

1,431

36,591

Baxter

International,

Inc.

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

1,093

46,715

Becton

Dickinson

&

Co.

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

625

154,656

Biogen,

Inc.(a)

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

312

67,277

BioMarin

Pharmaceutical,

Inc.(a)

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

400

34,936

Boston

Scientific

Corp.(a)

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

3,163

216,634

Bristol-Myers

Squibb

Co.

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

4,376

237,310

Cardinal

Health,

Inc.

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

523

58,524

Cencora,

Inc.

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

374

90,878

Centene

Corp.(a)

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

1,146

89,938

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

CVS

Health

Corp.

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

2,720

$

216,947

Danaher

Corp.

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

1,460

364,591

Dexcom,

Inc.(a)

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

817

113,318

Edwards

Lifesciences

Corp.(a)

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

1,282

122,508

Elevance

Health,

Inc.

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

501

259,789

Eli

Lilly

&

Co.

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

1,839

1,430,668

Exact

Sciences

Corp.(a)

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

389

26,864

GE

HealthCare

Technologies,

Inc.

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

882

80,183

Gilead

Sciences,

Inc.

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

2,695

197,409

HCA

Healthcare,

Inc.

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

415

138,415

Hologic,

Inc.(a)

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

501

39,058

Humana,

Inc.

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

260

90,147

IDEXX

Laboratories,

Inc.(a)

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

178

96,108

Illumina,

Inc.(a)

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

343

47,101

Incyte

Corp.(a)

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

480

27,346

Insulet

Corp.(a)

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

150

25,710

Intuitive

Surgical,

Inc.(a)

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

758

302,510

IQVIA

Holdings,

Inc.(a)

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

390

98,627

Johnson

&

Johnson

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

5,208

823,854

Laboratory

Corp.

of

America

Holdings

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

182

39,760

McKesson

Corp.

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

284

152,465

Medtronic

PLC

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

2,873

250,382

Merck

&

Co.,

Inc.

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

5,476

722,558

Mettler-Toledo

International,

Inc.(a)

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

46

61,239

Moderna,

Inc.(a)

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

726

77,363

Molina

Healthcare,

Inc.(a)

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

125

51,354

Pfizer,

Inc.

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

12,223

339,188

Quest

Diagnostics,

Inc.

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

238

31,680

Regeneron

Pharmaceuticals,

Inc.(a)

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

228

219,448

ResMed,

Inc.

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

316

62,577

Revvity,

Inc.

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

266

27,930

Royalty

Pharma

PLC,

Class

A

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

820

24,903

STERIS

PLC

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

213

47,887

Stryker

Corp.

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

773

276,633

The

Cigna

Group

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

622

225,904

The

Cooper

Cos.,

Inc.(a)

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

430

43,628

Thermo

Fisher

Scientific,

Inc.

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

824

478,917

UnitedHealth

Group,

Inc.

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

1,993

985,937

Veeva

Systems,

Inc.,

Class

A(a)

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

317

73,446

Vertex

Pharmaceuticals,

Inc.(a)

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

558

233,250

Viatris,

Inc.

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

2,575

30,745

Waters

Corp.(a)

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

128

44,061

West

Pharmaceutical

Services,

Inc.

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

158

62,522

Zimmer

Biomet

Holdings,

Inc.

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

444

58,599

Zoetis,

Inc.

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

991

167,687

11,955,981

Industrials

(8.8%):

3M

Co.

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

1,196

126,860

AMETEK,

Inc.

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

498

91,084

Automatic

Data

Processing,

Inc.

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

885

221,020

Axon

Enterprise,

Inc.(a)

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

153

47,871

Booz

Allen

Hamilton

Holding

Corp.

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

276

40,969

Broadridge

Financial

Solutions,

Inc.

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

253

51,830

Builders

FirstSource,

Inc.(a)

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

258

53,806

Carlisle

Cos.,

Inc.

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

102

39,969

Carrier

Global

Corp.

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

1,816

105,564

Caterpillar,

Inc.

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

1,079

395,378

Cintas

Corp.

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

187

128,475

Copart,

Inc.(a)

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

1,890

109,469

CSX

Corp.

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

4,232

156,880

Cummins,

Inc.

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

302

88,984

Deere

&

Co.

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

559

229,604

Delta

Air

Lines,

Inc.

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

1,387

66,396

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

6

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Dover

Corp.

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

301

$

53,334

Eaton

Corp.

PLC

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

862

269,530

Emerson

Electric

Co.

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

1,231

139,620

Equifax,

Inc.

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

267

71,428

Expeditors

International

of

Washington,

Inc.

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

309

37,565

Fastenal

Co.

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

1,237

95,422

FedEx

Corp.

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

496

143,711

Fortive

Corp.

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

758

65,203

General

Dynamics

Corp.

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

590

166,669

General

Electric

Co.

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

2,349

412,320

Graco,

Inc.

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

361

33,739

HEICO

Corp.,

Class

A

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

164

25,246

HEICO

Corp.

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

91

17,381

Honeywell

International,

Inc.

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

1,411

289,608

Howmet

Aerospace,

Inc.

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

885

60,561

Hubbell,

Inc.

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

116

48,146

IDEX

Corp.

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

163

39,775

Illinois

Tool

Works,

Inc.

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

645

173,073

Ingersoll

Rand,

Inc.

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

872

82,796

J.B.

Hunt

Transport

Services,

Inc.

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

177

35,267

Jacobs

Solutions,

Inc.

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

269

41,353

Johnson

Controls

International

PLC

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

1,463

95,563

L3Harris

Technologies,

Inc.

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

409

87,158

Leidos

Holdings,

Inc.

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

290

38,016

Lennox

International,

Inc.

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

69

33,724

Lockheed

Martin

Corp.

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

523

237,897

Nordson

Corp.

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

111

30,474

Norfolk

Southern

Corp.

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

489

124,631

Northrop

Grumman

Corp.

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

324

155,086

Old

Dominion

Freight

Line,

Inc.

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

406

89,040

Otis

Worldwide

Corp.

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

876

86,960

PACCAR,

Inc.

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

1,114

138,013

Parker-Hannifin

Corp.

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

277

153,954

Paychex,

Inc.

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

695

85,346

Paycom

Software,

Inc.

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

109

21,692

Quanta

Services,

Inc.

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

312

81,058

Republic

Services,

Inc.

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

680

130,179

Rockwell

Automation,

Inc.

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

248

72,250

Rollins,

Inc.

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

614

28,410

RTX

Corp.

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

2,870

279,911

Snap-on,

Inc.

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

112

33,177

Southwest

Airlines

Co.

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

1,286

37,538

SS&C

Technologies

Holdings,

Inc.

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

465

29,932

Stanley

Black

&

Decker,

Inc.

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

327

32,023

Textron,

Inc.

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

415

39,811

The

Boeing

Co.(a)

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

1,319

254,554

Trane

Technologies

PLC

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

490

147,098

TransDigm

Group,

Inc.

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

117

144,097

TransUnion

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

418

33,356

Uber

Technologies,

Inc.(a)

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

4,321

332,674

Union

Pacific

Corp.

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

1,316

323,644

United

Airlines

Holdings,

Inc.(a)

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

707

33,851

United

Parcel

Service,

Inc.,

Class

B

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

1,574

233,944

United

Rentals,

Inc.

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

145

104,561

Veralto

Corp.

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

512

45,394

Verisk

Analytics,

Inc.

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

308

72,605

Vertiv

Holdings

Co.,

Class

A

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

774

63,213

W.W.

Grainger,

Inc.

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

96

97,661

Waste

Management,

Inc.

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

868

185,014

Watsco,

Inc.

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

73

31,534

Westinghouse

Air

Brake

Technologies

Corp.

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

379

55,213

Xylem,

Inc.

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

522

67,463

8,623,625

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

7

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

IT

Services

(1.4%):

Accenture

PLC,

Class

A

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

1,354

$

469,310

Akamai

Technologies,

Inc.(a)

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

322

35,021

Cloudflare,

Inc.,

Class

A(a)

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

633

61,293

Cognizant

Technology

Solutions

Corp.,

Class

A

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

1,076

78,860

EPAM

Systems,

Inc.(a)

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

122

33,691

Gartner,

Inc.(a)

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

164

78,174

International

Business

Machines

Corp.

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

1,983

378,674

MongoDB,

Inc.(a)

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

151

54,155

Okta,

Inc.(a)

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

341

35,675

Snowflake,

Inc.,

Class

A(a)

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

656

106,010

VeriSign,

Inc.(a)

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

216

40,934

1,371,797

Materials

(2.3%):

Air

Products

and

Chemicals,

Inc.

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

474

114,836

Albemarle

Corp.

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

253

33,330

Amcor

PLC

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

3,120

29,671

Avery

Dennison

Corp.

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

172

38,399

Ball

Corp.

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

679

45,738

Celanese

Corp.

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

235

40,387

CF

Industries

Holdings,

Inc.

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

405

33,700

Corteva,

Inc.

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

1,517

87,486

Dow,

Inc.

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

1,518

87,938

DuPont

de

Nemours,

Inc.

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

902

69,156

Ecolab,

Inc.

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

550

126,995

Freeport-McMoRan,

Inc.

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

3,055

143,646

International

Flavors

&

Fragrances,

Inc.

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

497

42,737

International

Paper

Co.

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

740

28,875

Linde

PLC

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

1,025

475,928

Lyondellbasell

Industries

NV,

Class

A

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

559

57,175

Martin

Marietta

Materials,

Inc.

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

133

81,654

Newmont

Corp.

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

2,492

89,313

Nucor

Corp.

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

518

102,512

Packaging

Corp.

of

America

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

190

36,058

PPG

Industries,

Inc.

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

507

73,464

Reliance,

Inc.

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

123

41,104

Steel

Dynamics,

Inc.

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

320

47,434

The

Mosaic

Co.

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

692

22,462

The

Sherwin-Williams

Co.

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

507

176,096

Vulcan

Materials

Co.

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

286

78,055

Westlake

Corp.

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

71

10,849

2,214,998

Real

Estate

(2.2%):

Alexandria

Real

Estate

Equities,

Inc.

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

374

48,212

American

Tower

Corp.

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

1,004

198,380

AvalonBay

Communities,

Inc.

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

306

56,781

CBRE

Group,

Inc.,

Class

A(a)

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

656

63,790

CoStar

Group,

Inc.(a)

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

873

84,332

Crown

Castle,

Inc.

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

936

99,057

Digital

Realty

Trust,

Inc.

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

675

97,227

Equinix,

Inc.

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

204

168,367

Equity

Residential

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

807

50,930

Essex

Property

Trust,

Inc.

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

138

33,784

Extra

Space

Storage,

Inc.

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

453

66,591

Gaming

and

Leisure

Properties,

Inc.

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

552

25,431

Invitation

Homes,

Inc.

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

1,320

47,005

Iron

Mountain,

Inc.

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

628

50,372

Mid-America

Apartment

Communities,

Inc.

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

251

33,027

Prologis,

Inc.

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

1,993

259,529

Public

Storage

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

342

99,201

Realty

Income

Corp.

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

1,862

100,734

SBA

Communications

Corp.

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

232

50,274

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

8

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Simon

Property

Group,

Inc.

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

700

$

109,543

Sun

Communities,

Inc.

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

266

34,202

UDR,

Inc.

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

710

26,561

Ventas,

Inc.

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

867

37,749

VICI

Properties,

Inc.

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

2,251

67,057

Welltower,

Inc.

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

1,231

115,025

Weyerhaeuser

Co.

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

1,574

56,522

WP

Carey,

Inc.

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

468

26,414

2,106,097

Semiconductors

&

Semiconductor

Equipment

(9.9%):

Advanced

Micro

Devices,

Inc.(a)

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

3,461

624,676

Analog

Devices,

Inc.

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

1,070

211,635

Applied

Materials,

Inc.

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

1,793

369,770

Broadcom,

Inc.

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

983

1,302,878

Enphase

Energy,

Inc.(a)

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

282

34,116

Entegris,

Inc.

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

324

45,535

First

Solar,

Inc.(a)

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

217

36,630

Intel

Corp.

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

9,151

404,200

KLA

Corp.

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

292

203,982

Lam

Research

Corp.

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

282

273,983

Marvell

Technology,

Inc.

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

1,850

131,128

Microchip

Technology,

Inc.

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

1,145

102,718

Micron

Technology,

Inc.

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

2,375

279,989

Monolithic

Power

Systems,

Inc.

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

100

67,742

NVIDIA

Corp.

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

5,199

4,697,608

ON

Semiconductor

Corp.(a)

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

919

67,592

QUALCOMM,

Inc.

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

2,412

408,352

Skyworks

Solutions,

Inc.

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

346

37,479

Teradyne,

Inc.

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

330

37,234

Texas

Instruments,

Inc.

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

1,966

342,497

9,679,744

Software

(11.1%):

Adobe,

Inc.(a)

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

972

490,471

ANSYS,

Inc.(a)

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

188

65,266

Atlassian

Corp.,

Class

A(a)

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

318

62,045

Autodesk,

Inc.(a)

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

462

120,314

Bentley

Systems,

Inc.,

Class

B

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

454

23,708

Cadence

Design

Systems,

Inc.(a)

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

584

181,787

Corpay,

Inc.(a)

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

146

45,047

Crowdstrike

Holdings,

Inc.,

Class

A(a)

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

481

154,204

Datadog,

Inc.,

Class

A(a)

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

594

73,418

Dynatrace,

Inc.(a)

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

595

27,632

Fair

Isaac

Corp.(a)

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

52

64,980

Fortinet,

Inc.(a)

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

1,363

93,107

Gen

Digital,

Inc.

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

1,253

28,067

HubSpot,

Inc.(a)

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

105

65,789

Intuit,

Inc.

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

589

382,850

Microsoft

Corp.

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

15,849

6,667,991

Oracle

Corp.

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

3,457

434,234

Palantir

Technologies,

Inc.,

Class

A(a)

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

4,011

92,293

Palo

Alto

Networks,

Inc.(a)

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

690

196,050

PTC,

Inc.(a)

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

256

48,369

Roper

Technologies,

Inc.

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

231

129,554

Salesforce,

Inc.

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

2,035

612,901

ServiceNow,

Inc.(a)

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

442

336,981

Synopsys,

Inc.(a)

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

329

188,023

Tyler

Technologies,

Inc.(a)

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

91

38,676

Unity

Software,

Inc.(a)

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

548

14,632

Workday,

Inc.,

Class

A(a)

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

446

121,646

Zoom

Video

Communications,

Inc.,

Class

A(a)

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

504

32,946

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

9

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Zscaler,

Inc.(a)

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

192

$

36,985

10,829,966

Technology

Hardware,

Storage

&

Peripherals

(6.3%):

Apple,

Inc.

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

33,410

5,729,147

Dell

Technologies,

Inc.,

Class

C

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

512

58,424

Hewlett

Packard

Enterprise

Co.

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

2,804

49,715

HP,

Inc.

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

2,114

63,885

NetApp,

Inc.

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

445

46,712

Seagate

Technology

Holdings

PLC

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

451

41,965

Super

Micro

Computer,

Inc.(a)

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

103

104,033

Western

Digital

Corp.(a)

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

695

47,427

6,141,308

Utilities

(2.1%):

Alliant

Energy

Corp.

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

553

27,871

Ameren

Corp.

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

574

42,453

American

Electric

Power

Co.,

Inc.

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

1,138

97,982

American

Water

Works

Co.,

Inc.

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

421

51,450

Atmos

Energy

Corp.

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

326

38,752

CenterPoint

Energy,

Inc.

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

1,364

38,860

CMS

Energy

Corp.

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

634

38,256

Consolidated

Edison,

Inc.

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

747

67,835

Constellation

Energy

Corp.

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

685

126,622

Dominion

Energy,

Inc.

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

1,811

89,083

DTE

Energy

Co.

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

446

50,015

Duke

Energy

Corp.

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

1,666

161,119

Edison

International

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

832

58,847

Entergy

Corp.

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

459

48,507

Evergy,

Inc.

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

490

26,156

Eversource

Energy

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

753

45,007

Exelon

Corp.

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

2,161

81,189

FirstEnergy

Corp.

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

1,242

47,966

NextEra

Energy,

Inc.

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

4,423

282,674

PG&E

Corp.

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

4,349

72,889

PPL

Corp.

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

1,593

43,855

Public

Service

Enterprise

Group,

Inc.

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

1,078

71,989

Sempra

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

1,368

98,264

The

AES

Corp.

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

1,531

27,451

The

Southern

Co.

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

2,357

169,091

WEC

Energy

Group,

Inc.

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

682

56,006

Xcel

Energy,

Inc.

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

1,200

64,500

2,024,689

Total

Common

Stocks

(Cost

$22,647,571)

97,216,666

Total

Investments

(Cost

$22,647,571)

—

99.5%

97,216,666

Other

assets

in

excess

of

liabilities

—

0.5%

524,445

NET

ASSETS

-

100.00%

$

97,741,111

(a)

Non-income

producing

security.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

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

2

6/21/24

$

520,893

$

530,850

$

9,957

Total

unrealized

appreciation

$

9,957

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

9,957

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

1

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(0.0%)

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

$–)

—

Principal

Amount

Senior

Secured

Loans

(15.1%)

Communication

Services

(0.5%):

Cengage

Learning,

Inc.,

Term

B

Loans,

First

Lien,

9.58%

(SOFR01M+425bps),

3/18/31(c)

..

$

110,000

109,759

Consumer

Discretionary

(3.7%):

Bally's

Corp.,

Term

B

Facility

Loans,

First

Lien,

10/2/28(d)

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

250,000

234,453

Carnival

Corp.,

Initial

Advance,

First

Lien,

8.32%

(SOFR01M+300bps),

8/9/27(c)

........

124,063

124,141

Jo-Ann

Stores

LLC,

Term

B-1

Loan,

First

Lien,

10.07%

(SOFR03M+475bps),

6/30/28(c)

...

143,750

898

Petco

Health

&

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien,

8.56%

(SOFR03M+325bps),

3/6/28(c)

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

170,353

157,278

The

Michaels

Cos.,

Inc.,

Term

B

Loans,

First

Lien,

9.56%

(SOFR03M+425bps),

4/15/28(c)

..

291,750

261,116

WestJet

Airlines

Ltd.,

Initial

Term

Loan,

First

Lien,

8.33%

(SOFR01M+300bps),

12/11/26(c)

11,580

11,567

789,453

Financials

(5.3%):

Chariot

Buyer

LLC,

Initial

Term

Loans,

First

Lien,

8.58%

(SOFR01M+325bps),

11/3/28(c)

..

195,500

195,086

Covis

Pharma

Holdings

S.a.r.l,

Dollar

Term

B

Loans,

First

Lien,

11.85%

(SOFR03M+650bps),

2/18/27(c)

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

181,456

67,819

Fertitta

Entertainment

LLC,

Initial

B

Term

Loan,

First

Lien,

9.08%

(SOFR01M+375bps),

1/27/29(c)

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

247,475

247,940

Hunter

Douglas,

Inc.,

Tranche

B-1

Term

Loans,

First

Lien,

8.82%

(SOFR03M+350bps),

2/26/29(c)

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

100,000

98,672

Knight

Health

Holdings

LLC,

Term

B

Loans,

First

Lien,

10.58%

(SOFR01M+525bps),

12/23/28(c)

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

488,750

208,535

Men's

Wearhouse,

Inc.Term

Loans,

First

Lien,

11.82%

(SOFR03M+650bps),

2/21/29(c)

....

100,000

99,000

WestJet

Loyalty

LP,

Initial

Term

Loan,

First

Lien,

9.07%

(SOFR01M+375bps),

2/1/31(c)

...

200,000

199,834

1,116,886

Health

Care

(4.5%):

Amneal

Pharmaceuticals

LLC,

Term

Loan,

First

Lien,

10.83%

(SOFR01M+550bps),

3/23/25(c)

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

248,438

247,739

Global

Medical

Response,

Inc.,

2020

Term

Loan,

First

Lien,

9.58%

(SOFR03M+425bps),

10/2/25(c)

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

249,356

232,058

Global

Medical

Response,

Inc.,

Incremental

Term

Loan

B,

First

Lien,

9.56%

(SOFR03M+425bps),

3/14/25(c)

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

116,057

107,957

LifeScan

Global

Corporation,

Term

Loan,

First

Lien,

11.88%

(SOFR06M+650bps),

12/31/26(c)

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

309,447

185,668

Radiology

Partners,

Inc.,

Term

B,

First

Lien,

8.83%

(SOFR03M+350bps),

7/9/25(c)

.......

195,776

188,715

962,137

Industrials

(1.1%):

Air

Canada,

Term

Loans,

First

Lien,

7.83%

(SOFR03M+250bps),

3/21/31(c)

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

150,000

150,094

Cotiviti

Corporation,

Term

Loan,

First

Lien,

2/24/31(d)

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

75,000

75,094

225,188

Total

Senior

Secured

Loans

(Cost

$3,859,793)

3,203,423

Corporate

Bonds

(62.7%)

Communication

Services

(8.7%):

AMC

Networks,

Inc.,

10.25%,

1/15/29,

Callable

1/15/26

@

105.13(e)

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

125,000

125,908

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

6/15/25

@

104(e)

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

250,000

258,957

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Clear

Channel

Outdoor

Holdings,

Inc.,

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(e)

.......

$

200,000

$

198,795

CSC

Holdings

LLC

11.75%,

1/31/29,

Callable

1/31/26

@

105.88(e)

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

100,000

100,027

6.50%,

2/1/29,

Callable

4/15/24

@

103.25(e)

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

200,000

170,000

Cumulus

Media

New

Holdings,

Inc.,

6.75%,

7/1/26,

Callable

5/6/24

@

101.69(e)

.........

191,000

112,120

Frontier

Communications

Holdings

LLC,

5.88%,

10/15/27,

Callable

5/6/24

@

102.94(e)

....

125,000

120,990

Gray

Television,

Inc.

7.00%,

5/15/27,

Callable

4/15/24

@

103.5(e)(f)

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

250,000

232,761

5.38%,

11/15/31,

Callable

11/15/26

@

102.69(e)

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

125,000

82,052

Sinclair

Television

Group,

Inc.,

5.50%,

3/1/30,

Callable

12/1/24

@

102.75(e)(f)

..........

250,000

180,125

Univision

Communications,

Inc.,

7.38%,

6/30/30,

Callable

6/30/25

@

103.69(e)

..........

250,000

247,378

1,829,113

Consumer

Discretionary

(19.9%):

Academy

Ltd.,

6.00%,

11/15/27,

Callable

4/15/24

@

103(e)

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

200,000

197,042

Avis

Budget

Car

Rental

LLC/Avis

Budget

Finance,

Inc.,

5.38%,

3/1/29,

Callable

5/6/24

@

102.69(e)

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

375,000

349,609

Caesars

Entertainment,

Inc.

8.13%,

7/1/27,

Callable

4/15/24

@

104.06(e)

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

400,000

409,645

6.50%,

2/15/32,

Callable

2/15/27

@

103.25(e)

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

250,000

252,452

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

5/1/28,

Callable

5/1/25

@

105.19(e)

..........

150,000

163,667

Cinemark

USA,

Inc.,

5.25%,

7/15/28,

Callable

7/15/24

@

102.63(e)(f)

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

250,000

236,710

Hanesbrands,

Inc.

4.88%,

5/15/26,

Callable

2/15/26

@

100(e)

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

250,000

243,641

9.00%,

2/15/31,

Callable

2/15/26

@

104.5(e)(f)

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

250,000

256,794

Hilton

Grand

Vacations

Borrower

Escrow

LLC/Hilton

Grand

Vacations

Borrower

Esc,

6.63%,

1/15/32,

Callable

1/15/27

@

103.31(e)

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

250,000

250,741

Light

&

Wonder

International,

Inc.,

7.00%,

5/15/28,

Callable

4/22/24

@

103.5(e)

.........

475,000

478,996

PetSmart,

Inc./PetSmart

Finance

Corp.

4.75%,

2/15/28,

Callable

5/6/24

@

102.38(e)

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

125,000

116,727

7.75%,

2/15/29,

Callable

5/6/24

@

103.88(e)

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

75,000

73,035

Premier

Entertainment

Sub

LLC/Premier

Entertainment

Finance

Corp.,

5.88%,

9/1/31,

Callable

9/1/26

@

102.98(e)

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

250,000

183,212

Scientific

Games

Holdings

LP/Scientific

Games

US

FinCo,

Inc.,

6.63%,

3/1/30,

Callable

3/1/25

@

103.31(e)

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

250,000

241,757

The

Hertz

Corp.,

5.00%,

12/1/29,

Callable

12/1/24

@

102.5(e)(f)

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

375,000

289,972

The

Michaels

Cos.,

Inc.,

7.88%,

5/1/29,

Callable

5/1/24

@

103.94(e)

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

125,000

93,743

Wynn

Resorts

Finance

LLC/Wynn

Resorts

Capital

Corp.,

7.13%,

2/15/31,

Callable

11/15/30

@

100(e)

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

350,000

362,316

4,200,059

Consumer

Staples

(1.1%):

B&G

Foods,

Inc.,

5.25%,

9/15/27,

Callable

5/6/24

@

101.31

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

250,000

233,769

Energy

(11.6%):

Antero

Resources

Corp.,

7.63%,

2/1/29,

Callable

5/6/24

@

103.81(e)

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

50,000

51,392

Callon

Petroleum

Co.,

7.50%,

6/15/30,

Callable

6/15/25

@

103.75(e)

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

375,000

397,040

CITGO

Petroleum

Corp.

7.00%,

6/15/25,

Callable

5/6/24

@

101.75(e)

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

250,000

249,741

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(e)

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

500,000

523,906

Comstock

Resources,

Inc.,

6.75%,

3/1/29,

Callable

4/22/24

@

103.38(e)

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

375,000

357,606

Delek

Logistics

Partners

LP/Delek

Logistics

Finance

Corp.,

8.63%,

3/15/29,

Callable

3/15/26

@

104.31(e)

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

125,000

127,659

New

Fortress

Energy,

Inc.,

6.50%,

9/30/26,

Callable

5/6/24

@

101.63(e)

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

250,000

240,776

Permian

Resources

Operating

LLC,

5.88%,

7/1/29,

Callable

7/1/24

@

102.94(e)

..........

350,000

344,190

Talos

Production,

Inc.

9.00%,

2/1/29,

Callable

2/1/26

@

104.5(e)

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

100,000

106,275

9.38%,

2/1/31,

Callable

2/1/27

@

104.69(e)

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

50,000

53,222

2,451,807

Financials

(3.6%):

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(e)

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

125,000

131,215

Boost

Newco

Borrower

LLC,

7.50%,

1/15/31,

Callable

1/15/27

@

103.75(e)

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

100,000

104,713

Compass

Group

Diversified

Holdings

LLC,

5.25%,

4/15/29,

Callable

5/6/24

@

102.63(e)

...

100,000

94,983

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

3

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

McGraw-Hill

Education,

Inc.,

8.00%,

8/1/29,

Callable

8/1/24

@

104(e)

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

$

125,000

$

117,678

NESCO

Holdings

II,

Inc.,

5.50%,

4/15/29,

Callable

5/6/24

@

102.75(e)

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

100,000

94,674

Stagwell

Global

LLC,

5.63%,

8/15/29,

Callable

8/15/24

@

102.81(e)

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

250,000

227,250

770,513

Health

Care

(4.6%):

CHS/Community

Health

Systems,

Inc.

6.13%,

4/1/30,

Callable

4/1/25

@

103.06(e)

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

200,000

144,005

5.25%,

5/15/30,

Callable

5/15/25

@

102.63(e)

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

25,000

20,394

LifePoint

Health,

Inc.

5.38%,

1/15/29,

Callable

5/6/24

@

102.69(e)

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

100,000

82,181

11.00%,

10/15/30,

Callable

10/15/26

@

105.5(e)

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

150,000

160,343

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

BV,

5.13%,

4/30/31,

Callable

4/30/26

@

102.56(e)

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

150,000

132,842

Radiology

Partners,

Inc.,

9.78%,

2/15/30,

Callable

5/6/24

@

100(e)(f)(g)

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

315,494

255,110

Team

Health

Holdings,

Inc.,

6.38%,

2/1/25,

Callable

4/22/24

@

100(e)

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

200,000

184,484

979,359

Industrials

(7.0%):

American

Airlines,

Inc.

7.25%,

2/15/28,

Callable

2/15/25

@

103.63(e)

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

125,000

126,871

8.50%,

5/15/29,

Callable

11/15/25

@

104.25(e)

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

100,000

105,606

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.,

5.75%,

4/20/29(e)

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

150,000

147,555

Chart

Industries,

Inc.,

7.50%,

1/1/30,

Callable

1/1/26

@

103.75(e)

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

100,000

103,863

ITT

Holdings

LLC,

6.50%,

8/1/29,

Callable

8/1/24

@

103.25(e)

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

250,000

228,281

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.,

6.50%,

6/20/27,

Callable

5/6/24

@

103.25(e)

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

162,500

163,670

Pike

Corp.,

5.50%,

9/1/28,

Callable

5/6/24

@

102.75(e)

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

400,000

382,521

Wabash

National

Corp.,

4.50%,

10/15/28,

Callable

10/15/24

@

102.25(e)

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

100,000

91,693

WESCO

Distribution,

Inc.,

7.25%,

6/15/28,

Callable

5/6/24

@

103.63(e)

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

125,000

127,628

1,477,688

Information

Technology

(3.2%):

Cloud

Software

Group,

Inc.

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(e)

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

250,000

237,398

9.00%,

9/30/29,

Callable

9/30/25

@

104.5(e)

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

200,000

191,900

Neptune

Bidco

U.S.,

Inc.,

9.29%,

4/15/29,

Callable

10/15/25

@

104.65(e)

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

250,000

236,532

665,830

Materials

(3.0%):

Ardagh

Packaging

Finance

PLC/Ardagh

Holdings

USA,

Inc.,

5.25%,

8/15/27,

Callable

5/6/24

@

101.31(e)(f)

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

190,000

119,998

ATI,

Inc.,

5.13%,

10/1/31,

Callable

10/1/26

@

102.56

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

250,000

231,690

CVR

Partners

LP/CVR

Nitrogen

Finance

Corp.,

6.13%,

6/15/28,

Callable

6/15/24

@

103.06(e)

300,000

288,450

640,138

Total

Corporate

Bonds

(Cost

$13,479,213)

13,248,276

Yankee

Dollars

(16.1%)

Communication

Services

(2.8%):

Intelsat

Jackson

Holdings

SA,

6.50%,

3/15/30,

Callable

3/15/25

@

102(e)

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

375,000

349,361

Telesat

Canada/Telesat

LLC,

5.63%,

12/6/26,

Callable

4/22/24

@

102.81(e)

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

400,000

238,641

588,002

Consumer

Discretionary

(4.8%):

Carnival

Corp.,

6.00%,

5/1/29,

Callable

11/1/24

@

103(e)

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

275,000

271,540

Royal

Caribbean

Cruises

Ltd.,

7.25%,

1/15/30,

Callable

12/15/25

@

103.63(e)

...........

250,000

259,508

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/29,

Callable

5/6/24

@

102.81(e)

........

500,000

486,415

1,017,463

Energy

(4.2%):

Northriver

Midstream

Finance

LP,

5.63%,

2/15/26,

Callable

5/6/24

@

101.41(e)

..........

100,000

99,000

Seadrill

Finance

Ltd.,

8.38%,

8/1/30,

Callable

8/1/26

@

104.19(e)

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

250,000

262,383

TechnipFMC

PLC,

6.50%,

2/1/26,

Callable

5/7/24

@

101.63(e)

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

200,000

199,332

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Principal

Amount

Value

Transocean,

Inc.

8.00%,

2/1/27,

Callable

4/15/24

@

102(e)

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

$

225,000

$

223,416

7.50%,

4/15/31

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

100,000

92,926

877,057

Financials

(1.2%):

Diamond

Foreign

Asset

Co./Diamond

Finance

LLC,

8.50%,

10/1/30,

Callable

10/1/26

@

104.25(e)

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

250,000

263,418

Health

Care

(0.7%):

Bausch

Health

Cos.,

Inc.,

6.13%,

2/1/27,

Callable

5/6/24

@

103.06(e)

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

250,000

155,949

Industrials

(1.1%):

Bombardier,

Inc.,

7.88%,

4/15/27,

Callable

5/6/24

@

100(e)

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

148,000

148,227

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

2/1/25

@

103.19(e)(f)

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

100,000

73,785

222,012

Materials

(1.3%):

INEOS

Finance

PLC,

6.75%,

5/15/28,

Callable

2/15/25

@

103.38(e)(f)

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

75,000

73,667

NOVA

Chemicals

Corp.,

9.00%,

2/15/30,

Callable

8/15/26

@

104.5(e)

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

200,000

206,667

280,334

Total

Yankee

Dollars

(Cost

$3,440,925)

3,404,235

U.S.

Government

Agency

Mortgages

(2.4%)

Federal

Home

Loan

Bank

5.15%,

4/1/24(h)

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

500,000

499,926

Total

U.S.

Government

Agency

Mortgages

(Cost

$500,000)

499,926

Shares

Exchange-Traded

Funds

(1.0%)

SPDR

Blackstone

Senior

Loan

ETF

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

5,000

210,550

Total

Exchange-Traded

Funds

(Cost

$210,100)

210,550

Collateral

for

Securities

Loaned

(8.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

5.21%(i)

........

428,343

428,343

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

5.24%(i)

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

428,343

428,343

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

5.24%(i)

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

428,343

428,343

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

5.22%(i)

.

428,343

428,343

Total

Collateral

for

Securities

Loaned

(Cost

$1,713,372)

1,713,372

Total

Investments

(Cost

$23,203,403)

—

105.4%

22,279,782

Liabilities

in

excess

of

other

assets

—

(5.4)%

(1,136,677)

NET

ASSETS

-

100.00%

$

21,143,105

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

16.7%

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

March

31,

2024.

(c)

Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

March

31,

2024.

(d)

The

rates

for

this

senior

secured

loan

will

be

known

on

settlement

date

of

the

loan,

subsequent

to

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

in

line

with

prevailing

interest

rates.

(e)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$16,094,126

and

amounted

to

76.1%

of

net

assets.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

All

of

the

coupon

is

PIK.

(h)

Rate

represents

the

effective

yield

at

March

31,

2024.

(i)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

bps

—

Basis

points

ETF

—

Exchange-Traded

Fund

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

1

Month

SOFR,

rate

disclosed

as

of

March

31,

2024.

SOFR03M

—

3

Month

SOFR,

rate

disclosed

as

of

March

31,

2024.

SOFR06M

—

6

Month

SOFR,

rate

disclosed

as

of

March

31,

2024.

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

1

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(97.5%)

Australia

(6.3%):

Consumer

Discretionary

(1.0%):

Aristocrat

Leisure

Ltd.

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

43,179

$

1,208,773

Financials

(1.2%):

Macquarie

Group

Ltd.

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

10,701

1,391,639

Health

Care

(1.0%):

CSL

Ltd.

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

6,667

1,250,625

Materials

(2.0%):

BHP

Group

Ltd.

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

84,621

2,446,163

Real

Estate

(1.1%):

Scentre

Group

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

619,373

1,367,585

7,664,785

Belgium

(0.7%):

Information

Technology

(0.7%):

Melexis

NV

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

10,310

834,797

China

(0.4%):

Communication

Services

(0.4%):

Tencent

Holdings

Ltd.

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

13,700

533,628

Denmark

(5.1%):

Consumer

Discretionary

(1.2%):

Pandora

A/S

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

9,209

1,486,657

Health

Care

(3.9%):

Novo

Nordisk

A/S

,

Class

B

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

36,653

4,702,456

6,189,113

France

(11.0%):

Consumer

Discretionary

(3.6%):

La

Francaise

des

Jeux

SAEM

(a)

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

29,625

1,207,281

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

3,496

3,145,258

4,352,539

Consumer

Staples

(2.3%):

L'Oreal

SA

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

5,859

2,774,276

Energy

(0.7%):

Gaztransport

Et

Technigaz

SA

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

5,779

863,912

Industrials

(2.6%):

Rexel

SA

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

41,637

1,124,579

Safran

SA

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

8,936

2,023,474

3,148,053

Information

Technology

(0.4%):

Capgemini

SE

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

2,361

543,217

Materials

(1.4%):

Arkema

SA

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

16,301

1,715,930

13,397,927

Germany

(8.2%):

Consumer

Discretionary

(1.1%):

Volkswagen

AG

,

Preference

Shares

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

9,879

1,310,014

Financials

(2.0%):

Allianz

SE

,

Registered

Shares

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

7,887

2,363,546

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Industrials

(2.2%):

Siemens

AG

,

Registered

Shares

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

14,264

$

2,723,179

Information

Technology

(2.2%):

SAP

SE

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

13,662

2,659,886

Utilities

(0.7%):

RWE

AG

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

25,974

882,663

9,939,288

Hong

Kong

(1.9%):

Financials

(1.2%):

AIA

Group

Ltd.

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

205,600

1,383,019

Real

Estate

(0.7%):

CK

Asset

Holdings

Ltd.

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

214,000

881,847

2,264,866

Ireland

(2.0%):

Industrials

(1.0%):

Ryanair

Holdings

PLC

,

ADR

(b)

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

7,968

1,160,061

Materials

(1.0%):

James

Hardie

Industries

PLC

(b)

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

30,724

1,234,618

2,394,679

Italy

(0.9%):

Utilities

(0.9%):

Snam

SpA

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

226,417

1,068,927

Japan

(23.5%):

Communication

Services

(1.8%):

Capcom

Co.

Ltd.

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

58,000

1,086,722

Kakaku.com,

Inc.

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

88,100

1,068,916

2,155,638

Consumer

Discretionary

(3.9%):

Toyota

Motor

Corp.

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

143,100

3,617,326

ZOZO,

Inc.

(c)

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

45,600

1,131,934

4,749,260

Consumer

Staples

(1.1%):

Toyo

Suisan

Kaisha

Ltd.

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

21,000

1,284,232

Financials

(2.9%):

Mizuho

Financial

Group,

Inc.

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

84,000

1,661,346

Tokio

Marine

Holdings,

Inc.

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

61,500

1,928,050

3,589,396

Health

Care

(2.7%):

Hoya

Corp.

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

15,700

1,963,872

Shionogi

&

Co.

Ltd.

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

25,400

1,298,156

3,262,028

Industrials

(6.3%):

Fuji

Electric

Co.

Ltd.

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

27,100

1,818,773

MISUMI

Group,

Inc.

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

48,100

670,170

Mitsubishi

Heavy

Industries

Ltd.

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

206,000

1,867,294

Nippon

Yusen

KK

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

46,100

1,265,801

OKUMA

Corp.

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

8,900

423,355

Sanwa

Holdings

Corp.

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

93,500

1,635,024

7,680,417

Information

Technology

(3.1%):

Disco

Corp.

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

3,900

1,425,769

Fujitsu

Ltd.

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

73,000

1,168,446

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

3

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Oracle

Corp.

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

15,600

$

1,173,293

3,767,508

Real

Estate

(1.0%):

Sumitomo

Realty

&

Development

Co.

Ltd.

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

31,600

1,177,557

Utilities

(0.7%):

Tokyo

Gas

Co.

Ltd.

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

38,000

863,961

28,529,997

Netherlands

(6.7%):

Communication

Services

(1.1%):

Koninklijke

KPN

NV

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

362,792

1,356,804

Financials

(1.7%):

ING

Groep

NV

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

129,979

2,139,588

Industrials

(1.2%):

Wolters

Kluwer

NV

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

9,016

1,411,621

Information

Technology

(2.7%):

ASM

International

NV

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

3,109

1,903,699

ASML

Holding

NV

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

1,402

1,358,999

3,262,698

8,170,711

New

Zealand

(0.5%):

Health

Care

(0.5%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

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

43,803

670,810

Norway

(1.0%):

Energy

(0.3%):

Aker

BP

ASA

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

15,074

378,229

Financials

(0.7%):

SpareBank

1

SMN

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

68,119

867,444

1,245,673

Spain

(2.6%):

Communication

Services

(0.0%):(d)

Telefonica

SA

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

1

4

Financials

(2.6%):

Banco

Bilbao

Vizcaya

Argentaria

SA

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

265,463

3,160,833

3,160,837

Sweden

(1.7%):

Industrials

(1.7%):

Atlas

Copco

AB

,

Class

B

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

137,669

2,033,802

Switzerland

(11.8%):

Consumer

Staples

(3.6%):

Coca-Cola

HBC

AG

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

45,266

1,430,128

Nestle

SA

,

Registered

Shares

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

28,335

3,011,093

4,441,221

Financials

(3.2%):

Partners

Group

Holding

AG

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

1,297

1,853,054

UBS

Group

AG

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

66,015

2,033,002

3,886,056

Health

Care

(5.0%):

Novartis

AG

,

Registered

Shares

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

31,041

3,007,083

Roche

Holding

AG

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

10,071

2,571,746

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Sandoz

Group

AG

(b)

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

16,727

$

505,001

6,083,830

14,411,107

United

Kingdom

(13.2%):

Consumer

Discretionary

(2.1%):

Greggs

PLC

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

34,076

1,235,795

Next

PLC

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

10,731

1,250,599

2,486,394

Consumer

Staples

(2.2%):

Diageo

PLC

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

36,050

1,333,659

Imperial

Brands

PLC

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

58,291

1,302,807

2,636,466

Energy

(3.0%):

BP

PLC

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

179,300

1,124,597

Shell

PLC

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

76,918

2,551,582

3,676,179

Financials

(3.2%):

Barclays

PLC

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

657,663

1,523,922

HSBC

Holdings

PLC

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

247,218

1,932,067

Legal

&

General

Group

PLC

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

134,178

430,983

3,886,972

Industrials

(0.7%):

Ashtead

Group

PLC

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

12,687

903,501

Materials

(1.5%):

Rio

Tinto

PLC

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

28,737

1,816,525

Utilities

(0.5%):

Centrica

PLC

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

406,147

654,600

16,060,637

Total

Common

Stocks

(Cost

$83,822,564)

118,571,584

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

MSCI

EAFE

ETF

(c)

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

1,564

124,901

Total

Exchange-Traded

Funds

(Cost

$102,181)

124,901

Collateral

for

Securities

Loaned

(0.7%)^

United

States

(0.7%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(e)

........

169,000

169,000

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(e)

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

169,000

169,000

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(e)

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

295,936

295,936

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(e)

.

169,000

169,000

Total

Collateral

for

Securities

Loaned

(Cost

$802,936)

802,936

Total

Investments

(Cost

$84,727,681)

—

98.3%

119,499,421

Other

assets

in

excess

of

liabilities

—

1.7%

2,076,753

NET

ASSETS

-

100.00%

$

121,576,174

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$1,207,281

and

amounted

to

1.0%

of

net

assets.

(b)

Non-income

producing

security.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Amount

represents

less

than

0.05%

of

net

assets.

(e)

Rate

disclosed

is

the

daily

yield

on

March

31,

2024.

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Variable

Insurance

Funds

Victory

RS

Large

Cap

Alpha

VIP

Series

1

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(98.7%)

Communication

Services

(6.4%):

Alphabet,

Inc.

,

Class

A

(a)

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

191,170

$

28,853,288

Take-Two

Interactive

Software,

Inc.

(a)

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

58,750

8,723,787

TKO

Group

Holdings,

Inc.

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

197,260

17,045,237

54,622,312

Consumer

Discretionary

(3.1%):

LKQ

Corp.

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

319,220

17,049,540

Mattel,

Inc.

(a)

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

460,570

9,123,892

26,173,432

Consumer

Staples

(7.1%):

Keurig

Dr

Pepper,

Inc.

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

775,120

23,772,930

Mondelez

International,

Inc.

,

Class

A

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

243,160

17,021,200

U.S.

Foods

Holding

Corp.

(a)

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

372,740

20,116,778

60,910,908

Energy

(7.9%):

Chevron

Corp.

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

78,180

12,332,113

Enterprise

Products

Partners

LP

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

572,860

16,716,055

Exxon

Mobil

Corp.

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

167,750

19,499,260

Marathon

Oil

Corp.

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

675,080

19,131,767

67,679,195

Financials

(21.1%):

Cboe

Global

Markets,

Inc.

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

65,120

11,964,498

Citigroup,

Inc.

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

456,960

28,898,150

Everest

Group

Ltd.

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

43,670

17,358,825

Fairfax

Financial

Holdings

Ltd.

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

28,070

30,260,637

JPMorgan

Chase

&

Co.

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

115,800

23,194,740

The

Goldman

Sachs

Group,

Inc.

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

62,350

26,042,972

The

PNC

Financial

Services

Group,

Inc.

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

106,920

17,278,272

The

Progressive

Corp.

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

122,940

25,426,451

180,424,545

Health

Care

(17.5%):

AbbVie,

Inc.

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

108,040

19,674,084

GE

HealthCare

Technologies,

Inc.

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

94,670

8,606,450

Humana,

Inc.

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

16,510

5,724,347

Johnson

&

Johnson

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

77,910

12,324,583

McKesson

Corp.

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

23,060

12,379,761

Medtronic

PLC

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

196,130

17,092,729

Merck

&

Co.,

Inc.

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

199,620

26,339,859

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(a)

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

607,210

8,567,733

The

Cigna

Group

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

66,250

24,061,338

UnitedHealth

Group,

Inc.

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

30,435

15,056,194

149,827,078

Industrials

(15.5%):

FedEx

Corp.

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

50,830

14,727,484

General

Dynamics

Corp.

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

54,520

15,401,355

Johnson

Controls

International

PLC

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

195,030

12,739,360

Leidos

Holdings,

Inc.

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

147,060

19,278,095

PACCAR,

Inc.

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

105,145

13,026,414

Parker-Hannifin

Corp.

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

21,470

11,932,811

RTX

Corp.

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

148,231

14,456,970

Sensata

Technologies

Holding

PLC

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

368,820

13,550,447

SS&C

Technologies

Holdings,

Inc.

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

272,620

17,548,549

132,661,485

Information

Technology

(10.5%):

Amphenol

Corp.

,

Class

A

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

139,370

16,076,330

Analog

Devices,

Inc.

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

70,560

13,956,062

Applied

Materials,

Inc.

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

87,980

18,144,115

Victory

Variable

Insurance

Funds

Victory

RS

Large

Cap

Alpha

VIP

Series

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Corpay,

Inc.

(a)

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

49,880

$

15,389,975

Salesforce,

Inc.

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

41,560

12,517,041

Zebra

Technologies

Corp.

(a)

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

44,990

13,561,786

89,645,309

Materials

(3.3%):

PPG

Industries,

Inc.

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

89,310

12,941,019

Sealed

Air

Corp.

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

412,660

15,350,952

28,291,971

Real

Estate

(2.9%):

Equity

LifeStyle

Properties,

Inc.

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

189,480

12,202,512

Invitation

Homes,

Inc.

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

341,110

12,146,927

24,349,439

Utilities

(3.4%):

Exelon

Corp.

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

388,910

14,611,349

Vistra

Corp.

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

208,019

14,488,523

29,099,872

Total

Common

Stocks

(Cost

$631,614,866)

843,685,546

Total

Investments

(Cost

$631,614,866)

—

98.7%

843,685,546

Other

assets

in

excess

of

liabilities

—

1.3%

11,533,613

NET

ASSETS

-

100.00%

$

855,219,159

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

10.1%

of

net

assets.

(a)

Non-income

producing

security.

ADR

—

American

Depositary

Receipt

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Variable

Insurance

Funds

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

1

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(98.9%)

Consumer

Discretionary

(11.4%):

American

Eagle

Outfitters,

Inc.

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

45,100

$

1,163,129

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

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

13,630

1,084,539

PVH

Corp.

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

4,430

622,902

RH

(a)

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

2,250

783,585

Shake

Shack,

Inc.

,

Class

A

(a)

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

7,700

801,031

Skyline

Champion

Corp.

(a)

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

14,220

1,208,842

Sonos,

Inc.

(a)

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

47,890

912,783

Sweetgreen,

Inc.

,

Class

A

(a)

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

16,210

409,465

Under

Armour,

Inc.

,

Class

C

(a)

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

155,520

1,110,413

Wayfair,

Inc.

,

Class

A

(a)

(b)

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

7,730

524,712

YETI

Holdings,

Inc.

(a)

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

6,070

233,999

8,855,400

Consumer

Staples

(3.4%):

BellRing

Brands,

Inc.

(a)

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

6,040

356,541

Freshpet,

Inc.

(a)

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

12,250

1,419,285

Utz

Brands,

Inc.

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

45,020

830,169

2,605,995

Electronic

Equipment,

Instruments

&

Components

(1.8%):

Badger

Meter,

Inc.

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

3,380

546,918

Fabrinet

(a)

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

4,530

856,260

1,403,178

Energy

(3.9%):

Matador

Resources

Co.

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

13,380

893,383

Tidewater,

Inc.

(a)

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

9,890

909,880

Weatherford

International

PLC

(a)

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

10,760

1,241,919

3,045,182

Financials

(8.3%):

Euronet

Worldwide,

Inc.

(a)

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

4,920

540,855

FirstCash

Holdings,

Inc.

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

10,680

1,362,127

Flywire

Corp.

(a)

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

31,750

787,717

Payoneer

Global,

Inc.

(a)

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

117,310

570,127

Remitly

Global,

Inc.

(a)

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

30,820

639,207

Shift4

Payments,

Inc.

,

Class

A

(a)

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

9,070

599,255

Walker

&

Dunlop,

Inc.

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

7,930

801,406

Wintrust

Financial

Corp.

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

7,200

751,608

WisdomTree,

Inc.

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

44,500

408,955

6,461,257

Health

Care

(21.8%):

Acadia

Healthcare

Co.,

Inc.

(a)

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

9,060

717,733

Amicus

Therapeutics,

Inc.

(a)

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

50,760

597,953

Apellis

Pharmaceuticals,

Inc.

(a)

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

13,030

765,903

Apogee

Therapeutics,

Inc.

(a)

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

3,900

259,155

Arcellx,

Inc.

(a)

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

7,160

497,978

Biohaven

Ltd.

(a)

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

7,710

421,660

Blueprint

Medicines

Corp.

(a)

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

7,760

736,113

Bridgebio

Pharma,

Inc.

(a)

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

11,790

364,547

Cabaletta

Bio,

Inc.

(a)

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

14,480

247,029

Crinetics

Pharmaceuticals,

Inc.

(a)

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

9,590

448,908

Disc

Medicine,

Inc.

(a)

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

7,770

483,760

Evolent

Health,

Inc.

,

Class

A

(a)

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

14,560

477,422

HealthEquity,

Inc.

(a)

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

12,270

1,001,600

Ideaya

Biosciences,

Inc.

(a)

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

10,320

452,842

Immunome,

Inc.

(a)

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

14,590

360,081

Immunovant,

Inc.

(a)

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

12,100

390,951

Inspire

Medical

Systems,

Inc.

(a)

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

3,440

738,878

Krystal

Biotech,

Inc.

(a)

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

3,850

685,030

MoonLake

Immunotherapeutics

(a)

(b)

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

5,490

275,763

Nuvalent,

Inc.

,

Class

A

(a)

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

6,420

482,078

Victory

Variable

Insurance

Funds

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Olema

Pharmaceuticals,

Inc.

(a)

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

23,400

$

264,888

Opthea

Ltd.

,

ADR

(a)

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

35,890

147,508

PROCEPT

BioRobotics

Corp.

(a)

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

9,380

463,560

Pulmonx

Corp.

(a)

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

38,020

352,445

RadNet,

Inc.

(a)

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

16,330

794,618

REVOLUTION

Medicines,

Inc.

(a)

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

22,490

724,853

RxSight,

Inc.

(a)

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

6,630

341,975

SI-BONE,

Inc.

(a)

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

26,750

437,897

SpringWorks

Therapeutics,

Inc.

(a)

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

13,440

661,517

Surgery

Partners,

Inc.

(a)

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

30,070

896,988

Vaxcyte,

Inc.

(a)

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

9,480

647,579

Vericel

Corp.

(a)

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

6,780

352,696

Viking

Therapeutics,

Inc.

(a)

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

5,990

491,180

16,983,088

Industrials

(22.8%):

AAR

Corp.

(a)

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

13,160

787,889

AeroVironment,

Inc.

(a)

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

5,300

812,384

Applied

Industrial

Technologies,

Inc.

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

4,780

944,289

Chart

Industries,

Inc.

(a)

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

5,430

894,430

Clean

Harbors,

Inc.

(a)

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

4,890

984,406

Comfort

Systems

USA,

Inc.

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

2,100

667,191

Hexcel

Corp.

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

9,470

689,889

Leonardo

DRS,

Inc.

(a)

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

11,010

243,211

Maximus,

Inc.

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

7,000

587,300

Moog,

Inc.

,

Class

A

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

6,300

1,005,795

MYR

Group,

Inc.

(a)

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

5,960

1,053,430

NEXTracker,

Inc.

,

Class

A

(a)

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

18,100

1,018,487

Paycor

HCM,

Inc.

(a)

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

24,970

485,417

Simpson

Manufacturing

Co.,

Inc.

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

4,200

861,756

Tecnoglass,

Inc.

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

23,840

1,240,395

Terex

Corp.

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

12,050

776,020

The

AZEK

Co.,

Inc.

(a)

...................................................

25,060

1,258,513

Vertiv

Holdings

Co.

,

Class

A

...............................................

13,500

1,102,545

Watts

Water

Technologies,

Inc.

,

Class

A

.......................................

4,350

924,593

WNS

Holdings

Ltd.

(a)

...................................................

10,456

528,342

Zurn

Elkay

Water

Solutions

Corp.

...........................................

27,000

903,690

17,769,972

IT

Services

(0.6%):

Globant

SA

(a)

.........................................................

2,280

460,332

Materials

(1.6%):

Materion

Corp.

........................................................

4,230

557,303

Summit

Materials,

Inc.

,

Class

A

(a)

..........................................

16,100

717,577

1,274,880

Semiconductors

&

Semiconductor

Equipment

(6.3%):

Camtek

Ltd.

(a)

.........................................................

7,030

588,903

Credo

Technology

Group

Holding

Ltd.

(a)

.....................................

23,540

498,813

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

................................

16,610

1,588,580

Onto

Innovation,

Inc.

(a)

..................................................

2,010

363,971

Rambus,

Inc.

(a)

........................................................

8,420

520,440

Semtech

Corp.

(a)

.......................................................

48,620

1,336,564

4,897,271

Software

(14.6%):

Altair

Engineering,

Inc.

,

Class

A

(a)

..........................................

8,370

721,076

Appfolio,

Inc.

,

Class

A

(a)

.................................................

3,520

868,525

Box,

Inc.

,

Class

A

(a)

....................................................

22,210

628,987

Braze,

Inc.

,

Class

A

(a)

...................................................

15,770

698,611

Confluent,

Inc.

,

Class

A

(a)

................................................

17,970

548,444

CyberArk

Software

Ltd.

(a)

................................................

4,690

1,245,805

Five9,

Inc.

(a)

..........................................................

7,520

467,067

Gitlab,

Inc.

,

Class

A

(a)

...................................................

9,640

562,205

Victory

Variable

Insurance

Funds

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

3

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

MicroStrategy,

Inc.

(a)

....................................................

910

$

1,551,150

Q2

Holdings,

Inc.

(a)

.....................................................

18,840

990,230

Sprout

Social,

Inc.

,

Class

A

(a)

..............................................

29,830

1,781,149

Varonis

Systems,

Inc.

(a)

..................................................

27,000

1,273,590

11,336,839

Technology

Hardware,

Storage

&

Peripherals

(2.4%):

Super

Micro

Computer,

Inc.

(a)

.............................................

1,880

1,898,856

Total

Common

Stocks

(Cost

$61,953,546)

76,992,250

Collateral

for

Securities

Loaned

(0.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

5

.21

%

(c)

........

177,379

177,379

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

5

.24

%

(c)

............

177,379

177,379

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

5

.24

%

(c)

...............

177,379

177,379

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

5

.22

%

(c)

.

177,379

177,379

Total

Collateral

for

Securities

Loaned

(Cost

$709,516)

709,516

Total

Investments

(Cost

$62,663,062)

—

99.8%

77,701,766

Other

assets

in

excess

of

liabilities

—

0.2%

165,713

NET

ASSETS

-

100.00%

$

77,867,479

At

March

31,

2024,

the

Fund's

investments

in

foreign

securities

were

5.3%

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

March

31,

2024.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

March

31,

2024

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

1

(Unaudited)

Security

Description

Shares

Value

Common

Stocks

(98.8%)

Brazil

(7.2%):

Communication

Services

(0.7%):

TIM

SA

.............................................................

49,600

$

176,058

Consumer

Discretionary

(1.0%):

Smartfit

Escola

de

Ginastica

e

Danca

SA

......................................

15,100

78,290

Vibra

Energia

SA

.......................................................

35,259

175,848

254,138

Energy

(0.9%):

Petroleo

Brasileiro

SA,

ADR

...............................................

16,040

243,969

Financials

(1.1%):

Itau

Unibanco

Holding

SA,

ADR

............................................

42,492

294,470

Industrials

(1.2%):

Marcopolo

SA,

Preference

Shares

...........................................

55,920

84,080

Santos

Brasil

Participacoes

SA

.............................................

53,400

141,841

SIMPAR

SA

..........................................................

48,772

72,263

298,184

Information

Technology

(0.5%):

TOTVS

SA

...........................................................

22,900

129,599

Materials

(0.9%):

Vale

SA

..............................................................

19,000

230,476

Real

Estate

(0.5%):

Multiplan

Empreendimentos

Imobiliarios

SA

...................................

24,400

124,513

Utilities

(0.4%):

CPFL

Energia

SA

.......................................................

14,600

101,347

1,852,754

Chile

(0.3%):

Financials

(0.0%):(a)

Banco

de

Credito

e

Inversiones

SA

..........................................

1

29

Utilities

(0.3%):

Enel

Chile

SA

.........................................................

1,416,252

85,173

85,202

China

(21.8%):

Communication

Services

(6.4%):

NetEase,

Inc.

..........................................................

16,900

350,205

Tencent

Holdings

Ltd.

...................................................

28,830

1,122,955

Tencent

Music

Entertainment

Group,

ADR(b)

...................................

15,883

177,731

1,650,891

Consumer

Discretionary

(5.5%):

Alibaba

Group

Holding

Ltd.

...............................................

49,148

444,449

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

..................................

33,300

197,910

H

World

Group

Ltd.,

ADR

................................................

7,737

299,422

MINISO

Group

Holding

Ltd.,

ADR

..........................................

9,189

188,375

New

Oriental

Education

&

Technology

Group,

Inc.,

ADR(b)

........................

1,684

146,205

Vipshop

Holdings

Ltd.,

ADR

..............................................

8,642

143,025

1,419,386

Consumer

Staples

(0.8%):

Tsingtao

Brewery

Co.

Ltd.,

Class

H

..........................................

30,000

206,471

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

2

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Energy

(1.2%):

PetroChina

Co.

Ltd.,

Class

H

..............................................

368,000

$

315,613

Financials

(2.9%):

China

Merchants

Bank

Co.

Ltd.,

Class

H

......................................

39,000

154,581

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

.............................

820,000

412,170

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

...................................

136,000

179,490

746,241

Health

Care

(0.8%):

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

.......................

5,200

201,522

Industrials

(2.1%):

Anhui

Heli

Co.

Ltd.,

Class

A

...............................................

56,400

151,641

Weichai

Power

Co.

Ltd.,

Class

H

............................................

74,000

141,204

ZTO

Express

Cayman,

Inc.,

ADR

...........................................

11,028

230,926

523,771

Materials

(2.1%):

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

.................................

528,900

246,771

Western

Mining

Co.

Ltd.,

Class

A

...........................................

113,800

292,216

538,987

5,602,882

Greece

(1.9%):

Energy

(0.5%):

Motor

Oil

Hellas

Corinth

Refineries

SA

.......................................

4,671

139,072

Financials

(0.8%):

National

Bank

of

Greece

SA(b)

.............................................

26,081

203,984

Industrials

(0.6%):

Mytilineos

SA

.........................................................

3,909

150,728

493,784

Hong

Kong

(1.1%):

Consumer

Discretionary

(0.3%):

Man

Wah

Holdings

Ltd.

..................................................

117,600

83,112

Industrials

(0.8%):

Techtronic

Industries

Co.

Ltd.

..............................................

15,000

203,823

286,935

Hungary

(0.8%):

Financials

(0.8%):

OTP

Bank

Nyrt

........................................................

4,485

206,643

India

(14.4%):

Consumer

Discretionary

(2.8%):

Hero

MotoCorp

Ltd.

.....................................................

4,398

249,720

Mahindra

&

Mahindra

Ltd.

................................................

11,949

276,055

Tata

Motors

Ltd.

.......................................................

16,363

195,360

721,135

Financials

(4.9%):

ICICI

Bank

Ltd.,

ADR

...................................................

28,863

762,272

LIC

Housing

Finance

Ltd.

.................................................

29,488

216,824

Manappuram

Finance

Ltd.

................................................

135,511

282,191

1,261,287

Health

Care

(1.0%):

Dr

Reddy's

Laboratories

Ltd.

...............................................

3,367

248,850

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

3

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Industrials

(1.2%):

Larsen

&

Toubro

Ltd.

....................................................

6,895

$

311,875

Information

Technology

(1.2%):

Cyient

Ltd.

...........................................................

3,341

80,119

HCL

Technologies

Ltd.

...................................................

12,333

229,316

309,435

Materials

(2.1%):

JK

Paper

Ltd.

..........................................................

4,572

17,693

Tata

Steel

Ltd.

.........................................................

144,765

271,472

UltraTech

Cement

Ltd.

...................................................

2,095

245,346

534,511

Utilities

(1.2%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

96,801

321,342

3,708,435

Indonesia

(1.7%):

Financials

(1.7%):

PT

Bank

Mandiri

Persero

Tbk

..............................................

940,700

428,147

Ireland

(1.8%):

Consumer

Discretionary

(1.8%):

PDD

Holdings,

Inc.,

ADR(b)

...............................................

3,862

448,958

Jordan

(0.3%):

Health

Care

(0.3%):

Hikma

Pharmaceuticals

PLC

...............................................

3,485

84,289

Luxembourg

(0.7%):

Materials

(0.7%):

Ternium

SA,

ADR

......................................................

4,389

182,670

Mexico

(3.8%):

Consumer

Staples

(1.6%):

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

...............................

1,569

204,394

Gruma

SAB

de

CV,

Class

B

...............................................

5,832

109,070

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

.................................

45,500

105,925

419,389

Financials

(1.7%):

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

.................................

28,449

302,199

Qualitas

Controladora

SAB

de

CV

...........................................

10,821

126,028

428,227

Real

Estate

(0.5%):

Corp

Inmobiliaria

Vesta

SAB

de

CV

.........................................

31,267

122,441

970,057

Panama

(0.7%):

Industrials

(0.7%):

Copa

Holdings

SA,

Class

A

...............................................

1,633

170,093

Poland

(1.1%):

Consumer

Discretionary

(0.5%):

LPP

SA

..............................................................

36

137,869

Financials

(0.6%):

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

................................

10,025

148,834

286,703

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

4

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Russian

Federation

(0.0%):(a)

Energy

(0.0%):(a)

Gazprom

PJSC(b)(c)(d)

..................................................

117,150

$

3,036

Rosneft

Oil

Co.

PJSC,

GDR(b)(c)(d)

.........................................

48,095

2,254

5,290

Financials

(0.0%):

Sberbank

of

Russia

PJSC,

ADR(b)(c)(d)

......................................

31,735

—

5,290

Saudi

Arabia

(3.1%):

Communication

Services

(1.1%):

Saudi

Telecom

Co.

......................................................

26,941

284,415

Financials

(1.4%):

Alinma

Bank

..........................................................

15,200

177,596

Saudi

Awwal

Bank

......................................................

16,301

180,418

358,014

Information

Technology

(0.6%):

Arabian

Internet

&

Communications

Services

Co.

................................

1,631

164,436

806,865

South

Africa

(1.3%):

Consumer

Discretionary

(0.3%):

The

Foschini

Group

Ltd.

..................................................

15,211

80,113

Financials

(1.0%):

Nedbank

Group

Ltd.

.....................................................

20,167

243,377

323,490

South

Korea

(15.5%):

Consumer

Discretionary

(0.9%):

Kia

Corp.

............................................................

2,890

240,212

Energy

(0.6%):

S-Oil

Corp.

...........................................................

2,537

146,955

Financials

(3.0%):

DB

Insurance

Co.

Ltd.

...................................................

3,524

252,104

KakaoBank

Corp.

.......................................................

12,591

263,001

KIWOOM

Securities

Co.

Ltd.

..............................................

879

80,534

Samsung

Securities

Co.

Ltd.

...............................................

6,208

187,743

783,382

Health

Care

(0.3%):

Classys,

Inc.

..........................................................

2,503

66,073

Industrials

(3.7%):

Doosan

Bobcat,

Inc.

.....................................................

2,737

109,826

Hanwha

Aerospace

Co.

Ltd.

...............................................

1,365

210,574

HD

Hyundai

Electric

Co.

Ltd.

..............................................

1,295

172,316

Hyundai

Rotem

Co.

Ltd.

..................................................

5,545

141,779

Samsung

C&T

Corp.

....................................................

1,520

180,777

Samsung

Engineering

Co.

Ltd.(b)

...........................................

7,051

132,089

947,361

Information

Technology

(6.0%):

HAESUNG

DS

Co.

Ltd.

..................................................

2,182

82,681

Innox

Advanced

Materials

Co.

Ltd.

..........................................

3,387

73,843

Samsung

Electronics

Co.

Ltd.

..............................................

22,978

1,381,075

1,537,599

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

5

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Description

Shares

Value

Materials

(1.0%):

LG

Chem

Ltd.

.........................................................

787

$

257,618

3,979,200

Taiwan

(15.9%):

Consumer

Discretionary

(0.9%):

Makalot

Industrial

Co.

Ltd.

................................................

11,000

125,645

Poya

International

Co.

Ltd.

................................................

6,070

94,419

220,064

Health

Care

(0.5%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

6,000

121,178

Industrials

(1.3%):

Fortune

Electric

Co.

Ltd.

.................................................

8,000

167,479

Sunonwealth

Electric

Machine

Industry

Co.

Ltd.

.................................

39,000

160,355

327,834

Information

Technology

(13.2%):

Compeq

Manufacturing

Co.

Ltd.

............................................

55,000

134,384

Elite

Material

Co.

Ltd.

...................................................

9,000

113,419

Gold

Circuit

Electronics

Ltd.

...............................................

17,600

134,562

King

Yuan

Electronics

Co.

Ltd.

.............................................

39,000

129,262

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

102,259

2,450,160

Unimicron

Technology

Corp.

..............................................

29,000

172,440

United

Microelectronics

Corp.

.............................................

81,000

131,570

Wiwynn

Corp.

.........................................................

2,000

136,976

3,402,773

4,071,849

Thailand

(1.5%):

Energy

(0.8%):

PTT

Exploration

&

Production

PCL-NVDR

....................................

50,900

208,741

Health

Care

(0.7%):

Bangkok

Dusit

Medical

Services

PCL-NVDR

..................................

217,200

168,380

377,121

Turkey

(1.2%):

Consumer

Discretionary

(0.2%):

Teknosa

Ic

Ve

Dis

Ticaret

AS(b)

............................................

39,086

47,963

Financials

(0.6%):

Yapi

ve

Kredi

Bankasi

AS

.................................................

193,540

164,603

Industrials

(0.4%):

Pegasus

Hava

Tasimaciligi

AS(b)

...........................................

4,269

107,745

320,311

United

Arab

Emirates

(1.8%):

Financials

(0.8%):

Emirates

NBD

Bank

PJSC

................................................

42,989

202,573

Real

Estate

(1.0%):

Emaar

Properties

PJSC

...................................................

122,310

271,451

474,024

Victory

Variable

Insurance

Funds

Victory

Sophus

Emerging

Markets

VIP

Series

6

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

March

31,

2024

Security

Name

Acquisition

Date

Cost

Gazprom

PJSC

.............................................

7/28/2021

$

464,042

Rosneft

Oil

Co.

PJSC,

GDR

....................................

3/6/2020

298,051

Sberbank

of

Russia

PJSC,

ADR

..................................

11/11/2020

416,883

Security

Description

Shares

Value

United

States

(0.9%):

Consumer

Discretionary

(0.9%):

Samsonite

International

SA(b)(e)

............................................

58,200

$

220,518

Total

Common

Stocks

(Cost

$20,570,872)

25,386,220

Total

Investments

(Cost

$20,570,872)

—

98.8%

25,386,220

Other

assets

in

excess

of

liabilities

—

1.2%

297,331

NET

ASSETS

-

100.00%

$

25,683,551

(a)

Amount

represents

less

than

0.05%

of

net

assets.

(b)

Non-income

producing

security.

(c)

The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

March

31,

2024.

(d)

Security

was

fair

valued

using

significant

unobservable

inputs

as

of

March

31,

2024.

(e)

Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

March

31,

2024,

the

fair

value

of

these

securities

was

$220,518

and

amounted

to

0.9%

of

net

assets.

ADR

—

American

Depositary

Receipt

GDR

—

Global

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company