# EDGAR Filing Document

**Accession Number:** 0002042317
**File Stem:** 0000940400-25-010173
**Filing Date:** 2025-11
**Character Count:** 42009
**Document Hash:** fff4a74d1a81c20734b752480d431aa2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010173.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010173

**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:** 251516227

**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 Mid Cap Value VCT Portfolio (Series ID: S000089716)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256349 | Class I      |  |
| C000256350 | Class II     |  |

## Nport-Ex

## Victory Variable Insurance Funds II

## Victory Pioneer Mid Cap Value

------

## VCT Portfolio
(successor to Pioneer Mid Cap Value VCT Portfolio)

Schedule of Investments \| September 30, 2025

------

---

| | |
|:---|:---|
| **Victory Pioneer Mid Cap Value 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 — 99.2% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobile Components — 0.7%** |  |
| 6723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | $676401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automobile Components** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $676401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 1.0%** |  |
| 91395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | $1093084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automobiles** | &nbsp;&nbsp;&nbsp;&nbsp; $1093084 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 10.5%** |  |
| 43350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | $2304486 |
| 14604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp; 2886043 |
| 121647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp; 3207831 |
| 55374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp; 2531699 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | &nbsp;&nbsp; $10930059 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 2.3%** |  |
| 25934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | $2358697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Broadline Retail** | &nbsp;&nbsp;&nbsp;&nbsp; $2358697 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 1.6%** |  |
| 4,846(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | $587578 |
| 20850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 1113181 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Products** | &nbsp;&nbsp;&nbsp;&nbsp; $1700759 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 10.3%** |  |
| 21909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | $2948951 |
| 18944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp; 3269735 |
| 39112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp; 4537383 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp; $10756069 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 2.4%** |  |
| 20578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | $1009145 |
| 13854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp; 1456194 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp;&nbsp;&nbsp; $2465339 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial Services & Supplies — 1.1%** |  |
| 9879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brink's Co. | $1154460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Services & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp; $1154460 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 1.7%** |  |
| 3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | $1820471 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $1820471 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 3.6%** |  |
| 23,631(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maplebear, Inc. | $868676 |
| 24068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp; 1981759 |
| 9705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp; 870538 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Staples Distribution & Retail** | &nbsp;&nbsp;&nbsp;&nbsp; $3720973 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers & Packaging — 1.6%** |  |
| 50881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | $995741 |
| 13854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp; 642826 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers & Packaging** | &nbsp;&nbsp;&nbsp;&nbsp; $1638567 |

---

------

---

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

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distributors — 1.8%** |  |
| 13270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | $1839222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Distributors** | &nbsp;&nbsp;&nbsp;&nbsp; $1839222 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 3.7%** |  |
| 33353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | $2372733 |
| 32913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp; 1481414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; $3854147 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 4.3%** |  |
| 8852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | $1161205 |
| 3,682(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | &nbsp;&nbsp; 616367 |
| 4666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp; 669291 |
| 5883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp; 2056285 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp;&nbsp;&nbsp; $4503148 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.0%** |  |
| 6863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | $1093139 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electronic Equipment, Instruments & Components** | &nbsp;&nbsp;&nbsp;&nbsp; $1093139 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy Equipment & Services — 1.7%** |  |
| 37400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | $1822128 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy Equipment & Services** | &nbsp;&nbsp;&nbsp;&nbsp; $1822128 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 0.9%** |  |
| 47,595(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. | $929530 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $929530 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 1.3%** |  |
| 4189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | $783552 |
| 19544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Campbell's Co. | &nbsp;&nbsp; 617200 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food Products** | &nbsp;&nbsp;&nbsp;&nbsp; $1400752 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 1.2%** |  |
| 9649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | $1294606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ground Transportation** | &nbsp;&nbsp;&nbsp;&nbsp; $1294606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 4.5%** |  |
| 29827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | $2240008 |
| 24948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 2457378 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Equipment & Supplies** | &nbsp;&nbsp;&nbsp;&nbsp; $4697386 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Providers & Services — 0.5%** |  |
| 2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | $531007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Providers & Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $531007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care REITs — 0.5%** |  |
| 29749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | $569693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care REITs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $569693 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotel & Resort REITs — 0.8%** |  |
| 47731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | $812382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotel & Resort REITs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $812382 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.1%** |  |
| 10122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | $2163577 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp; $2163577 |

---

------

---

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

---

------

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Durables — 1.9%** |  |
| 11902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DR Horton, Inc. | $2017032 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Durables** | &nbsp;&nbsp;&nbsp;&nbsp; $2017032 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial REITs — 0.9%** |  |
| 17653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | $908600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Industrial REITs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $908600 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 3.4%** |  |
| 26339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | $2068665 |
| 33530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp; 1424019 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp;&nbsp;&nbsp; $3492684 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 3.1%** |  |
| 20429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | $2187333 |
| 6112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp; 1019665 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery** | &nbsp;&nbsp;&nbsp;&nbsp; $3206998 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 2.4%** |  |
| 39287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class A | $2477438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp;&nbsp;&nbsp; $2477438 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 4.4%** |  |
| 65536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | $2542797 |
| 24737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 2064550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; $4607347 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 6.5%** |  |
| 17540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp. | $1742950 |
| 118411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp; 2800420 |
| 42033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp; 1582122 |
| 3807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp; 648180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp;&nbsp;&nbsp; $6773672 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Passenger Airlines — 0.9%** |  |
| 16502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | $936489 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Passenger Airlines** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $936489 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Personal Care Products — 1.7%** |  |
| 107529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | $1745196 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Personal Care Products** | &nbsp;&nbsp;&nbsp;&nbsp; $1745196 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Residential REITs — 1.5%** |  |
| 7995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | $1544394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Residential REITs** | &nbsp;&nbsp;&nbsp;&nbsp; $1544394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail REITs — 1.1%** |  |
| 52222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. | $1141051 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail REITs** | &nbsp;&nbsp;&nbsp;&nbsp; $1141051 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software — 0.8%** |  |
| 9,924(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Communications, Inc. | $818730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Software** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $818730 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialized REITs — 2.3%** |  |
| 8112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | $1143305 |
| 27790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 1295292 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialized REITs** | &nbsp;&nbsp;&nbsp;&nbsp; $2438597 |

---

------

---

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

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 4.5%** |  |
| 47253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | $1286699 |
| 13877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp; 1643870 |
| 14438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp; 1733426 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp; $4663995 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Trading Companies & Distributors — 2.7%** |  |
| 14878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings NV | $1800238 |
| 4566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp; 965709 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Trading Companies & Distributors** | &nbsp;&nbsp;&nbsp;&nbsp; $2765947 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $82,510,809)** | $103363766 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.8% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.8%** |  |
| 859,100(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.04% | $859100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $859100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $859,100)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $859100 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 100.0%<br> (Cost $83,369,909)** | $104222866 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.0)%†** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5331) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$104217535** |

---

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.

† Amount rounds to less than 0.1%.

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 | $103363766 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$103363766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$104222866** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$104222866** |

---

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 Mid Cap Value VCT Portfolio

- **b. EDGAR series identifier (if any):** S000089716

- **c. LEI of Series:** 549300ECR7V7XG98BF58

**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:** $104354513.41

**Total Liabilities:** $122332.49

**Net Assets:** $104232180.92

**Cash Not Reported:** $30617.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256350 | 3.04%                | 3.71%                | -0.28%               |
| Class ID C000256349 | 3.09%                | 3.75%                | -0.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $517605.73               | $2561754.79                                |
| Month 2  | $785263.97               | $2751533.98                                |
| Month 3  | $239502.59               | $-656498.88                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Fortune Brands Innovations Inc     | Fortune Brands Innovations Inc      | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |     20850 | NS      | $1113181.50   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor     | Old Republic International Corp     | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     33530 | NS      | $1424019.10   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Grou     | Public Service Enterprise Group Inc | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     24737 | NS      | $2064550.02   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                      | Ford Motor Co                       | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     91395 | NS      | $1093084.20   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                | Northern Trust Corp                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     21909 | NS      | $2948951.40   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                         | Humana Inc                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      2041 | NS      | $531006.97    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                           | Fox Corp                            | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     39287 | NS      | $2477438.22   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc            | Zoom Communications Inc             | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      9924 | NS      | $818730.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co             | International Paper Co              | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     13854 | NS      | $642825.60    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc     | JB Hunt Transport Services Inc      | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      9649 | NS      | $1294606.33   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust      | First Industrial Realty Trust Inc   | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17653 | NS      | $908599.91    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc     | GE HealthCare Technologies Inc      | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     29827 | NS      | $2240007.70   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management  | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    828512 | NS      | $828511.84    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                         | NetApp Inc                          | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     13877 | NS      | $1643869.42   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties      | Gaming and Leisure Properties Inc   | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     27790 | NS      | $1295291.90   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                      | M&T Bank Corp                       | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     14604 | NS      | $2886042.48   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                 | Valero Energy Corp                  | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3807 | NS      | $648179.82    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc               | Generac Holdings Inc                | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      3682 | NS      | $616366.80    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                          | AGCO Corp                           | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     20429 | NS      | $2187333.03   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                   | Genuine Parts Co                    | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     13270 | NS      | $1839222.00   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I     | American International Group Inc    | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     26339 | NS      | $2068665.06   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc            | Extra Space Storage Inc             | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8112 | NS      | $1143305.28   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV       | LyondellBasell Industries NV        | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |     20578 | NS      | $1009145.12   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                             | HP Inc                              | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     47253 | NS      | $1286699.19   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc         | Zimmer Biomet Holdings Inc          | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     24948 | NS      | $2457378.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc          | Healthpeak Properties Inc           | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     29749 | NS      | $569693.35    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc                | Delta Air Lines Inc                 | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     16502 | NS      | $936488.50    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy                  | Eversource Energy                   | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |     33353 | NS      | $2372732.42   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                        | Target Corp                         | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |      9705 | NS      | $870538.50    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc       | Citizens Financial Group Inc        | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     43350 | NS      | $2304486.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell's Company/The             | Campbell's Company/The              | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |     19544 | NS      | $617199.52    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                          | Lear Corp                           | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      6723 | NS      | $676401.03    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                      | Maplebear Inc                       | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23631 | NS      | $868675.56    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc           | Builders FirstSource Inc            | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      4846 | NS      | $587577.50    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                        | CDW Corp/DE                         | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |      6863 | NS      | $1093138.64   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                           | eBay Inc                            | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     25934 | NS      | $2358697.30   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc          | Host Hotels & Resorts Inc           | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     47731 | NS      | $812381.62    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp               | Western Digital Corp                | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |     14438 | NS      | $1733426.28   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                    | Baker Hughes Co                     | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37400 | NS      | $1822128.00   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc          | Warner Bros Discovery Inc           | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     47595 | NS      | $929530.35    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc        | Raymond James Financial Inc         | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     18944 | NS      | $3269734.40   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc             | CenterPoint Energy Inc              | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |     65536 | NS      | $2542796.80   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                      | DR Horton Inc                       | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     11902 | NS      | $2017031.94   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp               | Range Resources Corp                | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     42033 | NS      | $1582122.12   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc            | WESCO International Inc             | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      4566 | NS      | $965709.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                 | Coterra Energy Inc                  | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    118411 | NS      | $2800420.15   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                     | Brink's Co/The                      | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |      9879 | NS      | $1154459.94   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                 | Regal Rexnord Corp                  | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |      4666 | NS      | $669291.04    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp             | Regions Financial Corp              | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |    121647 | NS      | $3207831.39   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp                         | Dover Corp                          | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |      6112 | NS      | $1019664.96   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                         | Kenvue Inc                          | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    107529 | NS      | $1745195.67   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc            | Rockwell Automation Inc             | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      5883 | NS      | $2056284.99   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                  | Expedia Group Inc                   | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10122 | NS      | $2163577.50   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp              | Truist Financial Corp               | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     55374 | NS      | $2531699.28   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                 | PPG Industries Inc                  | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     13854 | NS      | $1456193.94   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co       | Graphic Packaging Holding Co        | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50881 | NS      | $995741.17    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                  | State Street Corp                   | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     39112 | NS      | $4537383.12   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                 | AerCap Holdings NV                  | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | IE        |     14878 | NS      | $1800238.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc             | Motorola Solutions Inc              | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      3981 | NS      | $1820471.49   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                | Emerson Electric Co                 | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      8852 | NS      | $1161205.36   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                  | Kimco Realty Corp                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     52222 | NS      | $1141050.70   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                        | Exelon Corp                         | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     32913 | NS      | $1481414.13   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc          | AvalonBay Communities Inc           | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      7995 | NS      | $1544394.15   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                  | Chord Energy Corp                   | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     17540 | NS      | $1742949.80   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                         | Sysco Corp                          | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     24068 | NS      | $1981759.12   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                     | Hershey Co/The                      | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      4189 | NS      | $783552.45    | 0.75%             |  |  |  | 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