# EDGAR Filing Document

**Accession Number:** 0001068663
**File Stem:** 0001752724-25-210062
**Filing Date:** 2025-8
**Character Count:** 31484
**Document Hash:** b96bf355068c4d287469be32fd9d5132
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210062.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210062

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY VARIABLE INSURANCE FUNDS
- **CENTRAL INDEX KEY:** 0001068663

**ORGANIZATION NAME:**
- **EIN:** 311620154
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08979
- **FILM NUMBER:** 251268231

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 8005393863

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VICTORY VARIABLE FUNDS
- **DATE OF NAME CHANGE:** 19980819

## Series and Classes Contracts Data

### Victory RS International VIP Series (Series ID: S000053586)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168422 | Class I      |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Victory Variable Insurance Funds

- **b. Investment Company Act file number:** 811-08979

- **c. CIK number of Registrant:** 0001068663

- **d. LEI of Registrant:** 549300PUY11D0HHITF56

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

  - **Telephone number:** 800-539-3863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Victory RS International VIP Series

- **b. EDGAR series identifier (if any):** S000053586

- **c. LEI of Series:** 549300QS2OFQ88TJU634

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $114859225.79

**Total Liabilities:** $189832.19

**Net Assets:** $114669393.60

**Cash Not Reported:** $1624325.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168422 | 4.45%                | 3.95%                | 2.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $476312.01               | $3559538.68                                |
| Month 2  | $1137881.24              | $2349013.35                                |
| Month 3  | $1215111.38              | $2103700.22                                |

### Schedule of Portfolio Investments

| Name                                           | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AENA SME SA                                    | AENA SME SA                         | CUSIP: E526LK101<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |     51110 | NS      | $1364145.36   | 1.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BANCO BPM SOCIETA PER AZIONI                   | BANCO BPM SPA                       | CUSIP: N/A<br>LEI: 815600E4E6DCD2D25E30       | Long             | EC               | CORP              | IT        |    100745 | NS      | $1175799.54   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings, Inc.                    | TOKIO MARINE HOLDINGS INC           | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |     44600 | NS      | $1890390.82   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanwa Holdings Corporation                     | SANWA HOLDINGS CORP                 | CUSIP: N/A<br>LEI: 5299003X6BCA4ROO5A70       | Long             | EC               | CORP              | JP        |     48500 | NS      | $1608700.78   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION JAPAN                       | ORACLE CORP JAPAN                   | CUSIP: N/A<br>LEI: 529900MIMKY9RU60Z323       | Long             | EC               | CORP              | JP        |     10500 | NS      | $1251631.09   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Melexis NV                                     | MELEXIS NV                          | CUSIP: N/A<br>LEI: 549300QRPSGOJRPUFO80       | Long             | EC               | CORP              | BE        |      7686 | NS      | $655071.52    | 0.57%             |  |  |  | No            |                  2 | On Loan: —       |
| LVMH MOET HENNESSY LOUIS VUITTON SE            | LVMH MOET HENNESSY LOUIS VUITTON SA | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      1956 | NS      | $1023601.27   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer N.V.                            | WOLTERS KLUWER NV                   | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |      9312 | NS      | $1557123.89   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZTRANSPORT ET TECHNIGAZ SA                   | GAZTRANSPORT ET TECHNIGAZ SA        | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54       | Long             | EC               | CORP              | FR        |      3326 | NS      | $657876.28    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco Aktiebolag                         | ATLAS COPCO AB                      | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |    113023 | NS      | $1609272.31   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                   | BARCLAYS PLC                        | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | RF                | GB        |    574528 | NS      | $2654278.62   | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                         | SAP SE                              | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |     10170 | NS      | $3109382.97   | 2.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                    | NOVARTIS AG                         | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     25222 | NS      | $3062724.15   | 2.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                      | PARTNERS GROUP HOLDING AG           | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |       581 | NS      | $760473.07    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                              | ASML HOLDING N V                    | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |      1222 | NS      | $979109.21    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                    | PANDORA A S                         | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |      5585 | NS      | $984197.96    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| KONGSBERG GRUPPEN ASA                          | KONGSBERG GRUPPEN ASA               | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ9HK73       | Long             | EC               | CORP              | NO        |     43845 | NS      | $1701152.69   | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                               | COCA COLA HBC AG                    | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               | CORP              | CH        |     30233 | NS      | $1579164.07   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI EAFE ETF                          | ISHARES MSCI EAFE ETF               | CUSIP: 464287465<br>LEI: N/A                  | Long             |  | RF                | US        |       653 | NS      | $58371.67     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK                        | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     29004 | NS      | $2010104.91   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE Aktiengesellschaft                         | RWE AG                              | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |     25450 | NS      | $1063374.72   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED | FISHER PAYKEL HEALTHCARE CORP LTD   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |     34954 | NS      | $767438.79    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS PLC                            | IMPERIAL BRANDS PLC                 | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |     48781 | NS      | $1926994.33   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG                    | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |      9121 | NS      | $2978587.61   | 2.60%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |      2419 | NS      | $2419.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity Aktiebolag (publ)                       | ESSITY AKTIEBOLAG B                 | CUSIP: N/A<br>LEI: 549300G8E6YUVJ1DA153       | Long             | EC               | CORP              | SE        |      9030 | NS      | $250133.47    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |      2419 | NS      | $2419.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Aktiengesellschaft                     | SIEMENS AG                          | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |      9878 | NS      | $2536923.94   | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPGEMINI SE                                   | CAPGEMINI SA                        | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |      3578 | NS      | $612606.05    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LIMITED.                       | MACQUARIE GROUP LTD                 | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |      8343 | NS      | $1254545.10   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO PLC                                  | RIO TINTO PLC                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     24237 | NS      | $1410436.42   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ARKEMA SA                                      | ARKEMA SA                           | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               | CORP              | FR        |     12857 | NS      | $949286.06    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                                 | KAKAKU COM INC                      | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |     59800 | NS      | $1109054.75   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG Group AG                                 | BAWAG GROUP AG                      | CUSIP: N/A<br>LEI: 529900S9YO2JHTIIDG38       | Long             | EC               | CORP              | AT        |      9709 | NS      | $1241442.43   | 1.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HOYA CORPORATION                               | HOYA CORP                           | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     11900 | NS      | $1413416.05   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN N.V.                           | KONINKLIJKE KPN NV                  | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |    269626 | NS      | $1315119.91   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica S.A.                                | TELEFONICA S A                      | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |         1 | NS      | $5.26         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND | GLDMN SCHS FIN SQ GV-FST            | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |      2419 | NS      | $2419.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group, Inc.                   | MIZUHO FINANCIAL GROUP INC          | CUSIP: N/A<br>LEI: 353800CI5L6DDAN5XZ33       | Long             | EC               | CORP              | JP        |     64600 | NS      | $1793477.97   | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| BP P.L.C.                                      | BP PLC                              | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |    119406 | NS      | $594807.81    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries, Ltd.              | MITSUBISHI HEAVY INDUSTRIES LT      | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |     89200 | NS      | $2232407.06   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Yusen Kabushiki Kaisha                  | NIPPON YUSEN KK                     | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149       | Long             | EC               | CORP              | JP        |     23800 | NS      | $856292.69    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOZO, Inc.                                     | ZOZO INC                            | CUSIP: N/A<br>LEI: 549300GC7XPQMZA0OW13       | Long             | EC               | CORP              | JP        |     84400 | NS      | $912011.40    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJI ELECTRIC CO., LTD.                        | FUJI ELECTRIC CO LTD                | CUSIP: N/A<br>LEI: 5299000HVNGZZTYYM906       | Long             | EC               | CORP              | JP        |     22800 | NS      | $1050092.48   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| L'OREAL SA                                     | L OREAL SA                          | CUSIP: N/A<br>LEI: 529900JI1GG6F7RKVI53       | Long             | EC               | CORP              | FR        |      3476 | NS      | $1488768.20   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC HOLDINGS PLC                   | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    224638 | NS      | $2716769.77   | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPCOM CO., LTD.                               | CAPCOM CO LTD                       | CUSIP: N/A<br>LEI: 529900JJWQKXS3TC8744       | Long             | EC               | CORP              | JP        |     41900 | NS      | $1431096.10   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| REXEL SA                                       | REXEL SA                            | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |     40507 | NS      | $1249185.62   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                     | SINGAPORE EXCHANGE LTD              | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |     91800 | NS      | $1075160.08   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                     | ALLIANZ SE                          | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      7684 | NS      | $3118027.21   | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| DISCO CORPORATION                              | DISCO CORP                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      4700 | NS      | $1392488.77   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                | NORDEA BANK ABP                     | CUSIP: N/A<br>LEI: 529900ODI3047E2LIV03       | Long             | EC               | CORP              | FI        |     93471 | NS      | $1386718.94   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEL - SPA                                     | ENEL SPA                            | CUSIP: N/A<br>LEI: WOCMU6HCI0OJWNPRZS33       | Long             | EC               | CORP              | IT        |    152754 | NS      | $1449559.37   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                                      | SHELL PLC                           | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     66118 | NS      | $2306407.19   | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                   | UBS GROUP AG                        | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     35327 | NS      | $1199942.42   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CORPORATION                       | TOYOTA MOTOR CORP                   | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |    119000 | NS      | $2049748.72   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| VOLKSWAGEN AKTIENGESELLSCHAFT                  | VOLKSWAGEN AG                       | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EC               | CORP              | DE        |      9215 | NS      | $974026.12    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| SCENTRE GROUP                                  | SCENTRE GROUP                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | RF                | AU        |    496412 | NS      | $1165661.93   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                 | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |      2419 | NS      | $2419.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JAMES HARDIE INDUSTRIES PUBLIC LIMITED COMPANY | JAMES HARDIE INDUSTRIES PLC         | CUSIP: N/A<br>LEI: 635400NSGXKTVOO7JU45       | Long             |  | CORP              | IE        |     26597 | NS      | $714053.19    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Limited                              | AIA GROUP LTD                       | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    223000 | NS      | $2020096.26   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS Eventim AG & Co. KGaA                      | CTS EVENTIM AG CO KGAA              | CUSIP: N/A<br>LEI: 529900FDHSN08UBJII80       | Long             | EC               | CORP              | DE        |      8231 | NS      | $1023400.20   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL LIMITED                                    | CSL LTD                             | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |      5432 | NS      | $857844.16    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFRAN SA                                      | SAFRAN SA                           | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |      7253 | NS      | $2365078.83   | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXT PLC                                       | NEXT PLC                            | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |      6467 | NS      | $1104323.54   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| FDJ UNITED                                     | FDJ UNITED                          | CUSIP: N/A<br>LEI: 969500R4CLSQFTYYI535       | Long             | EC               | CORP              | FR        |     23999 | NS      | $941609.34    | 0.82%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MISUMI GROUP INC                               | MISUMI GROUP INC                    | CUSIP: J43293109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     35400 | NS      | $472939.31    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| UNILEVER PLC                                   | UNILEVER PLC                        | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |     25003 | NS      | $1525561.59   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co., Ltd.                           | SHIONOGI CO LTD                     | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |     68600 | NS      | $1235084.74   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AUTO TRADER GROUP PLC                          | AUTO TRADER GROUP PLC               | CUSIP: N/A<br>LEI: 213800QLK9BZILB1DI86       | Long             | EC               | CORP              | GB        |     91828 | NS      | $1039927.47   | 0.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CENTRICA PLC                                   | CENTRICA PLC                        | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | EC               | CORP              | GB        |    510587 | NS      | $1132671.36   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitsu Limited                                | FUJITSU LTD                         | CUSIP: N/A<br>LEI: 3538000246DHJLRTUZ24       | Long             | EC               | CORP              | JP        |     60900 | NS      | $1477549.56   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                 | ING GROEP NV                        | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |    105813 | NS      | $2318881.60   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle S.A.                                    | NESTLE SA                           | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     25045 | NS      | $2491231.67   | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.          | BANCO BILBAO VIZCAYA ARGENTARIA SA  | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    167601 | NS      | $2580438.13   | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International N.V.                         | ASM INTERNATIONAL NV                | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |      1922 | NS      | $1232763.49   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CK ASSET HOLDINGS LIMITED                      | CK ASSET HOLDINGS LIMITED           | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | KY        |    273500 | NS      | $1208586.52   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GREGGS PLC                                     | GREGGS PLC                          | CUSIP: N/A<br>LEI: 213800I71QMUFJ64IW20       | Long             | EC               | CORP              | GB        |     29869 | NS      | $787475.04    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Realty & Development Co., Ltd.        | SUMITOMO REALTY DEVELOPMENT         | CUSIP: N/A<br>LEI: 353800SO2DCLOI3LNZ64       | Long             | EC               | CORP              | JP        |     27300 | NS      | $1054417.68   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYO SUISAN KAISHA, LTD.                       | TOYO SUISAN KAISHA LTD              | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     10200 | NS      | $678034.75    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| ARISTOCRAT LEISURE LIMITED                     | ARISTOCRAT LEISURE LTD              | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |     34471 | NS      | $1476561.87   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP GROUP LIMITED                              | BHP GROUP LIMITED                   | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |     85644 | NS      | $2059914.18   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech international S.A.                    | LOGITECH INTERNATIONAL SA           | CUSIP: N/A<br>LEI: 549300SN6PRK6IJJC215       | Long             | EC               | CORP              | CH        |      9047 | NS      | $820784.34    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| SOLVAY SA                                      | SOLVAY SA                           | CUSIP: N/A<br>LEI: 549300MMVL80RTBP3O28       | Long             | EC               | CORP              | BE        |     19924 | NS      | $690017.10    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Victory Variable Insurance Funds

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer