# EDGAR Filing Document

**Accession Number:** 0002042317
**File Stem:** 0000940400-25-010171
**Filing Date:** 2025-11
**Character Count:** 47345
**Document Hash:** 201cb36ad4cd63be38232f560a388d7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010171.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010171

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Variable Insurance Funds II
- **CENTRAL INDEX KEY:** 0002042317

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24018
- **FILM NUMBER:** 251516225

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** (210) 697-3624

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

## Series and Classes Contracts Data

### Victory Pioneer Select Mid Cap Growth VCT Portfolio (Series ID: S000089715)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256347 | Class I      |  |

## Nport-Ex

## Victory Variable Insurance Funds II

## Victory Pioneer Select Mid Cap Growth

------

## VCT Portfolio
(successor to Pioneer Select Mid Cap Growth VCT Portfolio)

Schedule of Investments \| September 30, 2025

------

---

| | |
|:---|:---|
| **Victory Pioneer Select Mid Cap Growth VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

Schedule of Investments 9/30/25 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 99.9% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense — 3.4%** |  |
| 3,088(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | $2216072 |
| 7120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp; 1312715 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** | &nbsp;&nbsp;&nbsp;&nbsp; $3528787 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Biotechnology — 3.9%** |  |
| 2,485(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. | $1133160 |
| 4,991(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp; 718754 |
| 10,382(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | &nbsp;&nbsp; 1671191 |
| 16,862(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vaxcyte, Inc. | &nbsp;&nbsp; 607369 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Biotechnology** | &nbsp;&nbsp;&nbsp;&nbsp; $4130474 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 1.3%** |  |
| 9,371(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | $1136234 |
| 4,924(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc. | &nbsp;&nbsp; 254423 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Products** | &nbsp;&nbsp;&nbsp;&nbsp; $1390657 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 10.4%** |  |
| 7,470(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bullish | $475167 |
| 6376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp; 2150752 |
| 35945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marex Group Plc | &nbsp;&nbsp; 1208471 |
| 18,031(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami International Holdings, Inc. | &nbsp;&nbsp; 725928 |
| 2518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp; 1428738 |
| 23,367(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A | &nbsp;&nbsp; 3345687 |
| 11558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp; 754853 |
| 7858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp; 872081 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp; $10961677 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 0.8%** |  |
| 1907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | $872052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $872052 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Finance — 0.5%** |  |
| 15,118(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure Technology Solutions, Inc., Class A | $549842 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Finance** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $549842 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.9%** |  |
| 10,509(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | $979964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Staples Distribution & Retail** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $979964 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 2.3%** |  |
| 14710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | $2382284 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; $2382284 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 8.5%** |  |
| 9,613(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | $1609216 |
| 8143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp; 1168032 |
| 25,875(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG | &nbsp;&nbsp; 3020235 |
| 20911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp; 3154633 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $8952116 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer Select Mid Cap Growth VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.0%** |  |
| 13480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | $1668150 |
| 25,883(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flex, Ltd. | &nbsp;&nbsp; 1500438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Equipment, Instruments & Components** | &nbsp;&nbsp;&nbsp;&nbsp; $3168588 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 4.7%** |  |
| 20,110(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A | $2785637 |
| 3,130(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp; 2184740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp; $4970377 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 1.6%** |  |
| 36,326(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lyft, Inc., Class A | $799535 |
| 3,003(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc. | &nbsp;&nbsp; 898978 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ground Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; $1698513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 3.7%** |  |
| 3(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc. | $223 |
| 4,064(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp; 1254679 |
| 3,407(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc. | &nbsp;&nbsp; 863061 |
| 6629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp; 1814556 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Equipment & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp; $3932519 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 1.8%** |  |
| 2453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | $1895041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $1895041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Technology — 1.7%** |  |
| 5,891(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A | $1754988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Technology** | &nbsp;&nbsp;&nbsp;&nbsp; $1754988 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 12.0%** |  |
| 2,312(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A | $280722 |
| 18,785(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cava Group, Inc. | &nbsp;&nbsp; 1134802 |
| 24,250(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. | &nbsp;&nbsp; 950358 |
| 4,460(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A | &nbsp;&nbsp; 1213075 |
| 23,091(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A | &nbsp;&nbsp; 863603 |
| 61,703(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genius Sports, Ltd. | &nbsp;&nbsp; 763883 |
| 6309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp; 1643116 |
| 10,997(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A | &nbsp;&nbsp; 1141489 |
| 9053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp; 2929370 |
| 26,433(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Holdings, Ltd. | &nbsp;&nbsp; 1643075 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | &nbsp;&nbsp; $12563493 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 1.3%** |  |
| 3,421(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp. | $1337132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp; $1337132 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.9%** |  |
| 2,304(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corp. | $980076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Independent Power and Renewable Electricity Producers** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $980076 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interactive Media & Services — 0.8%** |  |
| 25,332(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A | $814930 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Interactive Media & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $814930 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer Select Mid Cap Growth VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

Schedule of Investments 9/30/25 (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services — 4.8%** |  |
| 18,986(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | $4074206 |
| 3,185(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp; 988560 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total IT Services** | &nbsp;&nbsp;&nbsp;&nbsp; $5062766 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services — 1.0%** |  |
| 4519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | $580014 |
| 3,481(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp. | &nbsp;&nbsp; 465305 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Life Sciences Tools & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $1045319 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 0.5%** |  |
| 9,570(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A | $469026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $469026 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining — 1.2%** |  |
| 88367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;thyssenkrupp AG | $1211249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** | &nbsp;&nbsp;&nbsp;&nbsp; $1211249 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.9%** |  |
| 45,554(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comstock Resources, Inc. | $903336 |
| 4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp; 450989 |
| 7355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp; 384961 |
| 19887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp; 1259841 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp; $2999127 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 0.5%** |  |
| 29,024(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. | $470769 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $470769 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Professional Services — 2.2%** |  |
| 5552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | $862392 |
| 5805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp; 1460016 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Professional Services** | &nbsp;&nbsp;&nbsp;&nbsp; $2322408 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.1%** |  |
| 14,269(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | $2308581 |
| 267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp; 160121 |
| 4,400(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs, Inc. | &nbsp;&nbsp; 861520 |
| 10,075(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd. | &nbsp;&nbsp; 1467021 |
| 6479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp; 544690 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $5341933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 8.1%** |  |
| 3,878(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | $2786498 |
| 17,018(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc., Class A | &nbsp;&nbsp; 2423363 |
| 2,028(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc. | &nbsp;&nbsp; 948698 |
| 2,459(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monday.com, Ltd. | &nbsp;&nbsp; 476284 |
| 11,227(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies, Inc. | &nbsp;&nbsp; 818673 |
| 23,090(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsara, Inc., Class A | &nbsp;&nbsp; 860103 |
| 455(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. | &nbsp;&nbsp; 224492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp; $8538111 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs — 0.8%** |  |
| 8486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | $865063 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialized REITs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $865063 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer Select Mid Cap Growth VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 3.2%** |  |
| 298(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. | $1278491 |
| 7729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp; 1177822 |
| 16549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp; 941142 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialty Retail** | &nbsp;&nbsp;&nbsp;&nbsp; $3397455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 4.3%** |  |
| 16,072(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | $1803278 |
| 7,405(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. | &nbsp;&nbsp; 354996 |
| 19981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp; 2398919 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp; $4557193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 1.8%** |  |
| 2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WW Grainger, Inc. | $1909732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp;&nbsp;&nbsp; $1909732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $60,804,608)** | $105053661 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.1% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.1%** |  |
| 73,740(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.04% | $73740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $73740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $73,740)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $73740 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 100.0%<br> (Cost $60,878,348)** | $105127401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.0)%†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5554) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$105121847** |

---

REIT Real Estate Investment Trust.

(a) Non-income producing security.

(b) Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2025.

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels below.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – unadjusted quoted prices in active markets for identical securities. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |

---

The following is a summary of the inputs used as of September 30, 2025 in valuing the Portfolio's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $105053661 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$105053661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$105127401** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$105127401** |

---

During the period ended September 30, 2025, there were no transfers in or out of Level 3.

## 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 II

- **b. Investment Company Act file number:** 811-24018

- **c. CIK number of Registrant:** 0002042317

- **d. LEI of Registrant:** 2549008Q8LHE6TN5VU40

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

  - **Street Address 1:** 15935 LA CANTERA PARKWAY

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

  - **Telephone number:** 210-697-3624

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

- **a. Name of Series:** Victory Pioneer Select Mid Cap Growth VCT Portfolio

- **b. EDGAR series identifier (if any):** S000089715

- **c. LEI of Series:** 549300Q40SDM5099QP25

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $105271788.62

**Total Liabilities:** $122764.86

**Net Assets:** $105149023.76

**Cash Not Reported:** $73773.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256347 | 1.67%                | -0.39%               | 4.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2367909.33              | $-628307.78                                |
| Month 2  | $1916673.89              | $-2322926.85                               |
| Month 3  | $1418673.98              | $3436364.67                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Iron Mountain Inc              | Iron Mountain Inc                  | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      8496 | NS      | $866082.24    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc       | Super Micro Computer Inc           | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      7414 | NS      | $355427.16    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone Inc                       | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       298 | NS      | $1278491.52   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International NV           | ASM International NV               | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |       267 | NS      | $160121.17    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb Inc                         | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      2314 | NS      | $280965.88    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc         | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24280 | NS      | $951533.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc       | Procore Technologies Inc           | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     11241 | NS      | $819693.72    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                       | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      4464 | NS      | $1214163.36   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources Inc         | Comstock Resources Inc             | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |     45611 | NS      | $904466.13    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I | BJ's Wholesale Club Holdings Inc   | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     10521 | NS      | $981083.25    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The               | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     19911 | NS      | $1261361.85   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc            | StepStone Group Inc                | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13206 | NS      | $862483.86    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                  | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      5898 | NS      | $1757073.18   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc    | Inspire Medical Systems Inc        | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |         3 | NS      | $222.60       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD      | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      6316 | NS      | $1644939.04   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                 | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     20936 | NS      | $3158404.96   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                  | Pinterest Inc                      | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25363 | NS      | $815927.71    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions In | Figure Technology Solutions Inc    | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15136 | NS      | $550496.32    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings Inc                     | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |     23120 | NS      | $864688.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                    | Vaxcyte Inc                        | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     16883 | NS      | $608125.66    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                  | TopBuild Corp                      | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      3424 | NS      | $1338304.64   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                   | Penumbra Inc                       | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      3410 | NS      | $863821.20    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot Inc                        | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      2766 | NS      | $1293934.80   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandisk Corp/DE                | Sandisk Corp/DE                    | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16550 | NS      | $1856910.00   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc             | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6487 | NS      | $545362.09    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                     | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     14728 | NS      | $2385199.60   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      1909 | NS      | $872966.61    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                    | MongoDB Inc                        | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      3188 | NS      | $989491.44    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc           | Generac Holdings Inc               | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      9624 | NS      | $1611057.60   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc       | Agilent Technologies Inc           | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      4523 | NS      | $580527.05    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc           | Tradeweb Markets Inc               | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7373 | NS      | $818255.54    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Marex Group PLC                | Marex Group PLC                    | CUSIP: 000000000<br>LEI: 549300DWX0SVICJAL507 | Long             | EC               | CORP              | GB        |     35990 | NS      | $1209983.80   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd              | Genius Sports Ltd                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     61781 | NS      | $764848.78    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                        | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     17039 | NS      | $2426353.60   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co                  | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     16570 | NS      | $942335.90    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                    | Samsara Inc                        | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23119 | NS      | $861182.75    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                     | ResMed Inc                         | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      6637 | NS      | $1816746.01   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                | Astera Labs Inc                    | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |      4404 | NS      | $862303.20    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp              | Talen Energy Corp                  | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2306 | NS      | $980926.28    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp                      | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      3484 | NS      | $465706.28    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp               | HF Sinclair Corp                   | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |      8389 | NS      | $439080.26    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp             | Expand Energy Corp                 | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      3733 | NS      | $396593.92    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                     | Insmed Inc                         | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      3134 | NS      | $451327.34    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                   | Evercore Inc                       | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      6672 | NS      | $2250599.04   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp             | Regal Rexnord Corp                 | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      8152 | NS      | $1169322.88   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp           | Western Digital Corp               | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |     20005 | NS      | $2401800.30   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                    | ROBLOX Corp                        | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17530 | NS      | $2428255.60   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                 | Cava Group Inc                     | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18808 | NS      | $1136191.28   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Reuters Corp           | Thomson Reuters Corp               | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |      5559 | NS      | $863479.47    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA              | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |      3133 | NS      | $2186834.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc         | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     14286 | NS      | $2311331.94   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10086 | NS      | $1468622.46   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                       | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       455 | NS      | $224492.45    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                  | AppLovin Corp                      | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      3882 | NS      | $2789372.28   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals Inc        | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      2487 | NS      | $1134072.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc               | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      5812 | NS      | $1461776.12   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc           | BWX Technologies Inc               | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      7128 | NS      | $1314189.36   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd        | CUSIP: 000000000<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |      9063 | NS      | $2932605.54   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk Inc/The                 | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |      9581 | NS      | $469564.81    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      3091 | NS      | $2218225.24   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                           | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |     25915 | NS      | $1502292.55   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bullish                        | Bullish                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      7479 | NS      | $475739.19    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| thyssenkrupp AG                | thyssenkrupp AG                    | CUSIP: 000000000<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |     88479 | NS      | $1212784.64   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                       | Lyft Inc                           | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |     34209 | NS      | $752940.09    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                    | Trex Co Inc                        | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6021 | NS      | $311105.07    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                | WW Grainger Inc                    | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      2006 | NS      | $1911637.76   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                       | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      4068 | NS      | $1255913.64   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                      | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     13496 | NS      | $1670130.00   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera Inc                         | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10394 | NS      | $1673122.18   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                 | Monday.com Ltd                     | CUSIP: 000000000<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      2461 | NS      | $476671.09    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                           | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      2520 | NS      | $1429873.20   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I | Miami International Holdings Inc   | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |     18053 | NS      | $726813.78    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource Inc           | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      9382 | NS      | $1137567.50   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                     | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |     19009 | NS      | $4079141.31   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG              | Siemens Energy AG                  | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     25907 | NS      | $3023969.99   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                      | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2455 | NS      | $1896585.70   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc          | Robinhood Markets Inc              | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     23786 | NS      | $3405679.48   | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                | Ross Stores Inc                    | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      7738 | NS      | $1179193.82   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewise Therapeutics Inc      | Edgewise Therapeutics Inc          | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29060 | NS      | $471353.20    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                       | Saia Inc                           | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      3006 | NS      | $899876.16    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc             | Planet Fitness Inc                 | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     11010 | NS      | $1142838.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd            | Viking Holdings Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     26465 | NS      | $1645064.40   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

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

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer