# EDGAR Filing Document

**Accession Number:** 0001068663
**File Stem:** 0001752724-23-041264
**Filing Date:** 2023-2
**Character Count:** 45397
**Document Hash:** 42c83b5a6114ca0686c5899dcdcb92d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041264.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041264

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY VARIABLE INSURANCE FUNDS
- **CENTRAL INDEX KEY:** 0001068663
- **IRS NUMBER:** 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:** 23671061

**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 High Yield VIP Series (Series ID: S000053590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168426 | 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 High Yield VIP Series

- **b. EDGAR series identifier (if any):** S000053590

- **c. LEI of Series:** 5493006EXFOI9V1GPY03

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $25007779.12

**Total Liabilities:** $2870101.84

**Net Assets:** $22137677.28

**Cash Not Reported:** $527146.49

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -2.51468581 | **1-Year:** -37.60766810 | **5-Year:** -84.15758894 | **10-Year:** -25.19156349 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -36.39973690 | **1-Year:** -1308.02180032 | **5-Year:** -3975.27695255 | **10-Year:** -1185.03593736 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168426 | 2.07%                | 1.40%                | -1.73%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $21246.72                | $295774.97                                 |
| Month 2  | $-109177.53              | $245311.30                                 |
| Month 3  | $-31824.24               | $-511832.68                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GRAY TELEVISION, INC.                          | GRAY ESCROW INC                           | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222050.00    | 1.00%             | 2027-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| AUDACY CAPITAL CORP.                           | ENTERCOM MEDIA CORP                       | CUSIP: 29365DAB5<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |    200000 | PA      | $35384.00     | 0.16%             | 2029-03-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST                  | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    698199 | NS      | $698198.88    | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| IHEARTCOMMUNICATIONS, INC.                     | IHEARTCOMMUNICATIONS INC                  | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    350000 | PA      | $298095.00    | 1.35%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: —       |
| COMPASS GROUP DIVERSIFIED HOLDINGS LLC         | COMPASS GROUP DIVERSIFIE                  | CUSIP: 20451RAB8<br>LEI: 549300I6PTUQPX21TE93 | Long             | DBT              | CORP              | US        |    200000 | PA      | $171510.00    | 0.77%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC.                                 | TRANSDIGM INC                             | CUSIP: 893647BP1<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    325000 | PA      | $285571.00    | 1.29%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS, INC.                       | RADIOLOGY PARTNERS INC                    | CUSIP: 75041EAB8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $209062.50    | 0.94%             | 2025-07-09      | Floating      | 8.64%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PARTNERS LP                   | ANTERO MIDSTREAM PARTNERS LP              | CUSIP: 03690AAH9<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45736.50     | 0.21%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| SWF HOLDINGS I CORP.                           | SWF HOLDINGS I CORP                       | CUSIP: 78489HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    398000 | PA      | $324171.00    | 1.46%             | 2028-10-06      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING COMPANY LLC                        | PBF HOLDING CO LLC PBF FINANCE CORP       | CUSIP: 69318FAJ7<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |    250000 | PA      | $221255.00    | 1.00%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC.           | CLEAR CHANNEL OUTDOOR HOLDINGS INC        | CUSIP: 18452RAD7<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    250000 | PA      | $227232.50    | 1.03%             | 2026-08-21      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES, INC.                         | CHART INDUSTRIES INC                      | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125518.75    | 0.57%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| LIFEPOINT HEALTH, INC.                         | LIFEPOINT HEALTH INC                      | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    350000 | PA      | $198145.50    | 0.90%             | 2029-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| DIAMOND SPORTS GROUP, LLC                      | DIAMOND SPORTS GROUP LLC                  | CUSIP: 25277BAE8<br>LEI: 5493002K6DHWNZH8YA34 | Long             | DBT              | CORP              | US        |     37754 | PA      | $35646.15     | 0.16%             | 2026-05-25      | Floating      | 12.63%                | No            |                  2 | On Loan: No      |
| TIBCO SOFTWARE INC.                            | PICARD MIDCO INC                          | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    250000 | PA      | $211687.50    | 0.96%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| DIAMOND SPORTS GROUP, LLC                      | DIAMOND SPORTS GROUP LLC                  | CUSIP: 25277BAG3<br>LEI: 5493002K6DHWNZH8YA34 | Long             | DBT              | CORP              | US        |    421812 | PA      | $50617.50     | 0.23%             | 2026-08-24      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE P.L.C.                  | VISTAJET MALTA XO MGMT                    | CUSIP: 92840JAB5<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |    100000 | PA      | $80330.00     | 0.36%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| IHEARTMEDIA, INC.                              | IHEARTMEDIA INC                           | CUSIP: 45174J509<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3500 | NS      | $21455.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TELESAT CANADA                                 | TELESAT CANADA TELESAT LLC                | CUSIP: 87952VAR7<br>LEI: 5493004V5GLBY6SO5Y34 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $186948.00    | 0.84%             | 2026-12-06      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| NEXSTAR ESCROW, INC.                           | NEXSTAR ESCROW INC                        | CUSIP: 65343HAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $459225.00    | 2.07%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| COMSTOCK RESOURCES, INC.                       | COMSTOCK RESOURCES INC                    | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    250000 | PA      | $225712.50    | 1.02%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| WHITE CAP PARENT, LLC                          | WHITE CAP PARENT LLC                      | CUSIP: 96351CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $129601.50    | 0.59%             | 2026-03-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| LIFESCAN GLOBAL CORPORATION                    | LIFESCAN GLOBAL CORP                      | CUSIP: 53227PAC4<br>LEI: 549300VL0F83S4LR4105 | Long             | DBT              | CORP              | US        |    368750 | PA      | $264371.63    | 1.19%             | 2024-10-01      | Floating      | 10.75%                | No            |                  2 | On Loan: No      |
| CSC HOLDINGS, LLC                              | CSC HOLDINGS LLC                          | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $141355.00    | 0.64%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| WABASH NATIONAL CORPORATION                    | WABASH NATIONAL CORP                      | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84795.00     | 0.38%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ARAMARK SERVICES, INC.                         | ARAMARK SERVICES INC                      | CUSIP: 038522AR9<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247540.00    | 1.12%             | 2025-05-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                     | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    683079 | NS      | $683078.86    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TEAM HEALTH HOLDINGS, INC.                     | TENNESSEE MERGER SUB INC                  | CUSIP: 88047PAA2<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |    350000 | PA      | $202226.50    | 0.91%             | 2025-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: —       |
| TRIUMPH GROUP, INC.                            | TRIUMPH GROUP INC                         | CUSIP: 896818AQ4<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |    175000 | PA      | $165425.75    | 0.75%             | 2024-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: —       |
| CITGO HOLDING, INC.                            | CITGO HOLDING INC                         | CUSIP: 17302WAB4<br>LEI: 549300NYHOALWZ2BSL72 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501485.00    | 2.27%             | 2024-08-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC.                                | BOMBARDIER INC                            | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $389428.00    | 1.76%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| TEGNA INC.                                     | TEGNA INC                                 | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473340.00    | 2.14%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE MICHAELS COMPANIES, INC.                   | MICHAELS COS INC THE                      | CUSIP: 59408UAB3<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    296250 | PA      | $254940.90    | 1.15%             | 2028-04-15      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS II, INC.                        | NESCO HOLDINGS II INC                     | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88175.00     | 0.40%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                             | FORD MOTOR CO                             | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    500000 | PA      | $463230.00    | 2.09%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| THE HERTZ CORPORATION                          | HERTZ CORP THE                            | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    500000 | PA      | $379225.00    | 1.71%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ADAMS HOMES, INC.                              | ADAMS HOMES INC                           | CUSIP: 00623PAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $169750.00    | 0.77%             | 2025-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Covis Finco S.a r.l.                           | COVIS FINCO SARL                          | CUSIP: L3680LAH4<br>LEI: 549300NNIZ3SBBEUQM24 | Long             | DBT              | CORP              | LU        |    243750 | PA      | $131625.00    | 0.59%             | 2027-02-14      | Floating      | 11.08%                | No            |                  2 | On Loan: No      |
| Clarios Global LP                              | PANTHER BF AGGREGATOR 2                   | CUSIP: 69867DAC2<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $489160.00    | 2.21%             | 2027-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS (NORTH AMERICA), INC.           | UNITED RENTALS NORTH AMERICA INC          | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248750.00    | 1.12%             | 2029-12-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PETCO HEALTH AND WELLNESS COMPANY, INC.        | PETCO ANIMAL SUPPLIES INC                 | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |    394000 | PA      | $381975.12    | 1.73%             | 2028-02-25      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Pike Corporation                               | PIKE CORP                                 | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    500000 | PA      | $437050.00    | 1.97%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC.                          | NEPTUNE BIDCO US INC                      | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    125000 | PA      | $111328.75    | 0.50%             | 2029-04-11      | Floating      | 9.64%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                        | MIDAS OPCO HOLDINGS LLC                   | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $206097.50    | 0.93%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| TECHNIPFMC PLC                                 | TECHNIPFMC PLC                            | CUSIP: 87854XAE1<br>LEI: 549300D5I93QWCJTCK36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $195402.00    | 0.88%             | 2026-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MIWD HOLDCO II LLC                             | MIWD HOLDCO II LLC MIWD FINANCE CORP      | CUSIP: 55337PAA0<br>LEI: 254900X3SPV5RVFJEY72 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80353.00     | 0.36%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BLACK KNIGHT INFOSERV, LLC                     | BLACK KNIGHT INFOSERV LL                  | CUSIP: 092174AA9<br>LEI: 549300H5PS5C68DAUX66 | Long             | DBT              | CORP              | US        |    150000 | PA      | $130800.00    | 0.59%             | 2028-09-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| HUSKY INJECTION MOLDING SYSTEMS LTD.           | TITAN ACQ CO BORROWER                     | CUSIP: 88827AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    250000 | PA      | $225752.50    | 1.02%             | 2026-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| GRAY ESCROW II, INC.                           | GRAY ESCROW II INC                        | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $90468.75     | 0.41%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS, INC.                       | RADIOLOGY PARTNERS INC                    | CUSIP: 75041VAA2<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |    300000 | PA      | $168708.00    | 0.76%             | 2028-02-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: —       |
| AMWINS GROUP, INC.                             | AMWINS GROUP INC                          | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $128785.50    | 0.58%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CALLON PETROLEUM COMPANY                       | CALLON PETROLEUM CO                       | CUSIP: 13123XBF8<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229505.00    | 1.04%             | 2030-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: —       |
| UNITED AIRLINES, INC.                          | UNITED AIRLINES INC                       | CUSIP: 90932RAJ3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    172375 | PA      | $169885.91    | 0.77%             | 2028-04-21      | Floating      | 8.11%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES, INC.                        | AMERICAN AIRLINES INC                     | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    250000 | PA      | $268960.00    | 1.21%             | 2025-07-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| SRS DISTRIBUTION INC.                          | SRS DISTRIBUTION INC                      | CUSIP: 78471RAD8<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |    150000 | PA      | $119967.00    | 0.54%             | 2029-12-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP LTD.                     | AMERICAN AIRLINES INC AADVAN              | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    150000 | PA      | $137229.00    | 0.62%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET CAR RENTAL, LLC                    | AVIS BUDGET CAR FINANCE                   | CUSIP: 053773BF3<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | DBT              | CORP              | US        |    500000 | PA      | $429300.00    | 1.94%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: —       |
| DELTA AIR LINES, INC.                          | SKYMILES IP LTD                           | CUSIP: 24736CBS2<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | KY        |    375000 | PA      | $381750.00    | 1.72%             | 2027-10-20      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| AIR METHODS CORPORATION                        | ASP AMC MERGER SUB                        | CUSIP: 00215JAA7<br>LEI: 54930081QGNZXVDOZF63 | Long             | DBT              | CORP              | US        |    350000 | PA      | $20006.00     | 0.09%             | 2025-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| JO-ANN STORES, LLC                             | JO ANN STORES LLC                         | CUSIP: 47759DAE5<br>LEI: 549300GM65RR2EMGLI48 | Long             | DBT              | CORP              | US        |    246875 | PA      | $165818.53    | 0.75%             | 2028-06-30      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SUB, LLC                 | PREMIER ENTERTAINMENT SUB LLC             | CUSIP: 74052HAB0<br>LEI: 549300KRDMIL2NJVZ267 | Long             | DBT              | CORP              | US        |    400000 | PA      | $282188.00    | 1.27%             | 2031-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CITGO PETROLEUM CORPORATION                    | CITGO PETROLEUM CORP                      | CUSIP: 17302XAK2<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244377.50    | 1.10%             | 2025-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BEAZER HOMES USA, INC.                         | BEAZER HOMES USA                          | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    400000 | PA      | $352756.00    | 1.59%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MANUFACTURING, INC.            | AMERICAN AXLE MANUFACTURING INC           | CUSIP: 02406PBB5<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    500000 | PA      | $401040.00    | 1.81%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALTICE USA, INC.                               | ALTICE USA INC                            | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |      4380 | NS      | $20148.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BAUSCH HEALTH COMPANIES INC.                   | BAUSCH HEALTH COS INC                     | CUSIP: C9413PBD4<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    246875 | PA      | $186802.91    | 0.84%             | 2027-02-01      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| ENVISION HEALTHCARE CORPORATION                | ENVISION HEALTHCARE CORP                  | CUSIP: 29373UAG6<br>LEI: 549300OL60X0LPKY8N60 | Long             | DBT              | CORP              | US        |     69445 | PA      | $17361.28     | 0.08%             | 2027-03-31      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| BCPE CYCLE MERGER SUB II, INC.                 | BCPE CYCLE MERGER SUB II                  | CUSIP: 07335BAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $63051.00     | 0.28%             | 2027-07-15      | Fixed         | 10.62%                | Yes           |                  2 | On Loan: No      |
| ENVISION HEALTHCARE CORPORATION                | ENVISION HEALTHCARE CORP                  | CUSIP: 29373UAE1<br>LEI: 549300OL60X0LPKY8N60 | Long             | DBT              | CORP              | US        |     24957 | PA      | $22117.72     | 0.10%             | 2027-07-22      | Floating      | 12.46%                | No            |                  2 | On Loan: No      |
| CAESARS RESORT COLLECTION, LLC                 | CAESARS RESORT COLLECTION LLC             | CUSIP: 12769LAD1<br>LEI: 549300V3UCT773B1KR38 | Long             | DBT              | CORP              | US        |    140139 | PA      | $139661.02    | 0.63%             | 2025-06-19      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HOLDINGS INC.                | CUMULUS MEDIA NEW HLDGS                   | CUSIP: 23110AAA4<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |    452000 | PA      | $379612.20    | 1.71%             | 2026-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: —       |
| GLOBAL MEDICAL RESPONSE, INC.                  | AIR MEDICAL GROUP HOLDINGS INC            | CUSIP: 00169QAD1<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    494855 | PA      | $348254.15    | 1.57%             | 2025-03-14      | Floating      | 8.63%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HOLDINGS, LLC                     | MILEAGE PLUS HLDINGS LLC                  | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225014 | PA      | $224193.20    | 1.01%             | 2027-06-20      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| SURGERY PARTNERS, INC.                         | SURGERY PARTNERS INC                      | CUSIP: 86881A100<br>LEI: 549300LC82HG33S19I03 | Long             | EC               | CORP              | US        |       939 | NS      | $26160.54     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| INTELSAT JACKSON HOLDINGS S.A.                 | INTELSAT JACKSON HOLDINGS SA              | CUSIP: L5137LAQ8<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | DBT              | CORP              | LU        |    286465 | PA      | $276029.06    | 1.25%             | 2029-02-01      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA, INC.                             | CINEMARK USA INC                          | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    250000 | PA      | $185695.00    | 0.84%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ACADEMY, LTD.                                  | ACADEMY LTD                               | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192110.00    | 0.87%             | 2027-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                   | TENET HEALTHCARE CORP                     | CUSIP: 88033GDJ6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    300000 | PA      | $269211.00    | 1.22%             | 2028-10-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| VICTORS MERGER CORPORATION                     | VICTORS MERGER CORP                       | CUSIP: 92641PAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $110590.00    | 0.50%             | 2029-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: —       |
| SIMMONS FOODS, INC.                            | SIMMONS FOODS INC SIMMONS                 | CUSIP: 82873MAA1<br>LEI: 5493002Z1TVWRIL6NM97 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40911.50     | 0.18%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| WESCO DISTRIBUTION, INC.                       | WESCO DISTRIBUTION INC                    | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253462.50    | 1.14%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROUP, INC.                | SINCLAIR TELEVISION GROU                  | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    250000 | PA      | $175002.50    | 0.79%             | 2030-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: —       |
| SCIENTIFIC GAMES HOLDINGS LP                   | SCIENTIFIC GAMES HOLDINGS LP              | CUSIP: 80874DAA4<br>LEI: 549300W5GPFXXB6TQ330 | Long             | DBT              | CORP              | US        |    250000 | PA      | $211102.50    | 0.95%             | 2030-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| MADISON IAQ LLC                                | MADISON IAQ LLC                           | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    200000 | PA      | $137568.00    | 0.62%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| KNIGHT HEALTH HOLDINGS LLC                     | KNIGHT HEALTH HOLDINGS LLC                | CUSIP: 49902TAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    496250 | PA      | $289065.63    | 1.31%             | 2028-12-17      | Floating      | 9.63%                 | No            |                  2 | On Loan: No      |
| AHERN RENTALS, INC.                            | AHERN RENTALS INC                         | CUSIP: 008674AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $425000.00    | 1.92%             | 2023-05-15      | Fixed         | 7.38%                 | Yes           |                  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        |    693159 | NS      | $693158.88    | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                       | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    698199 | NS      | $698198.88    | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTERO RESOURCES CORPORATION                   | ANTERO RESOURCES CORP                     | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50649.00     | 0.23%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| SRS DISTRIBUTION INC.                          | SRS DISTRIBUTION INC                      | CUSIP: 78471RAC0<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |    125000 | PA      | $101456.25    | 0.46%             | 2029-07-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| THE MICHAELS COMPANIES, INC.                   | MAGIC MERGERCO INC                        | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    200000 | PA      | $134978.00    | 0.61%             | 2029-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: —       |
| ATI Inc.                                       | ALLEGHENY TECHNOLOGIES INC                | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    250000 | PA      | $219352.50    | 0.99%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Life Time Inc.                                 | LIFE TIME INC                             | CUSIP: 53190FAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $233035.00    | 1.05%             | 2026-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| PETSMART LLC                                   | PETSMART INC                              | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     74062 | PA      | $72326.48     | 0.33%             | 2028-02-12      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| GRAY TELEVISION, INC.                          | GRAY TELEVISION INC                       | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    250000 | PA      | $180887.50    | 0.82%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| LBM ACQUISITION, LLC                           | LBM ACQUISITION LLC                       | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    200000 | PA      | $129712.00    | 0.59%             | 2029-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES S.a r.l.              | ION TRADING TECHNOLOGIES SARL             | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $166944.00    | 0.75%             | 2028-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TALOS PRODUCTION INC.                          | TALOS PRODUCTION INC                      | CUSIP: 87485LAC8<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $263730.00    | 1.19%             | 2026-01-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| MGM RESORTS INTERNATIONAL                      | MGM RESORTS INTL                          | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    250000 | PA      | $232370.00    | 1.05%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT, INC.                    | COLT MERGER SUB INC                       | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245865.00    | 1.11%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| VIKING CRUISES LTD                             | VIKING CRUISES LTD                        | CUSIP: 92676XAE7<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    300000 | PA      | $318006.00    | 1.44%             | 2025-05-15      | Fixed         | 13.00%                | Yes           |                  2 | On Loan: No      |
| CVR PARTNERS, LP                               | CVR PARTNERS LP CVR NITROGEN FINANCE CORP | CUSIP: 12663QAC9<br>LEI: 529900LE0OS06MYQRP11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $179734.00    | 0.81%             | 2028-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SUB, LLC                 | PREMIER ENTERTAINMENT SUB LLC             | CUSIP: 74052HAA2<br>LEI: 549300KRDMIL2NJVZ267 | Long             | DBT              | CORP              | US        |    200000 | PA      | $147158.00    | 0.66%             | 2029-09-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| GREAT OUTDOORS GROUP, LLC                      | GREAT OUTDOORS GROUP LLC                  | CUSIP: 07014QAN1<br>LEI: 549300IYLDI2E8I2AU46 | Long             | DBT              | CORP              | US        |    245644 | PA      | $235510.95    | 1.06%             | 2028-03-05      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| Trinseo Materials Operating S.C.A.             | TRINSEO MATERIALS OPERATING SCA           | CUSIP: 89668QAF5<br>LEI: 549300WNMXD3KV7LO256 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $64840.00     | 0.29%             | 2029-04-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR BROADCAST GROUP, INC.                 | SINCLAIR BROADCAST GROUP A                | CUSIP: 829226109<br>LEI: 529900879GWQV880PQ28 | Long             | EC               | CORP              | US        |      1800 | NS      | $27918.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARIOT BUYER LLC                              | CHARIOT BUYER LLC                         | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | DBT              | CORP              | US        |    198500 | PA      | $186754.76    | 0.84%             | 2028-11-03      | Floating      | 7.63%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYSTEMS, INC.             | CHS COMMUNITY HEALTH SYSTEMS INC          | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    300000 | PA      | $151056.00    | 0.68%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

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

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer