# EDGAR Filing Document

**Accession Number:** 0001068663
**File Stem:** 0001004726-25-000139
**Filing Date:** 2025-8
**Character Count:** 329040
**Document Hash:** 21d7dd79bb50af39265790ca6fd6ed93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-25-000139.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001004726-25-000139

**CONFORMED SUBMISSION TYPE**: N-CSRS/A

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08979
- **FILM NUMBER:** 251262069

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

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

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

## Series and Classes Contracts Data

### Victory RS Small Cap Growth Equity VIP Series (Series ID: S000053585)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168421 | Class I      |  |

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

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

### Victory High Yield VIP Series (Series ID: S000053590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168426 | Class I      |  |

### Victory 500 Index VIP Series (Series ID: S000053591)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168427 | Class I      |  |

?xml version='1.0' encoding='ASCII'?

### UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM N-CSR
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-08979

Victory Variable Insurance Funds

(Exact name of registrant as specified in charter)

15935 La Cantera Parkway Building Two, San Antonio, Texas&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 78256

(Address of principal executive offices)&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Jay G. Baris, Matthew Kutner, Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 539 3863</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>June 30, 2025</u>

**Explanatory Note**

This Registrant is filing this amendment ("Amendment") to its Form N-CSRS for the period ended June 30, 2025, originally filed with the Securities and Exchange Commission on August 25, 2025 (Accession Number 0001004726-25-000123). No changes to the original filing, the filing date on the form was not formatted correctly.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

#### Victory 500 Index VIP Series
![Image](i216a10ee35adbb759414da9f.jpg)

Class I

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory 500 Index VIP Series (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class I | $14 | 0.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $88989 |
| Number of Holdings | 514 |
| Portfolio Turnover | 1% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ie7257505fffda4fb38be7dc5.jpg)

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of June 30, 2025)
![Group By Sector Chart](ida609886414525f224051253.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0% |
| Utilities | 2.3% |
| Energy | 3.0% |
| Consumer Staples | 5.4% |
| Industrials | 8.7% |
| Health Care | 9.2% |
| Consumer Discretionary | 10.1% |
| Communication Services | 10.1% |
| Financials | 13.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 33.1% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.9% |
| Microsoft Corp. | 6.8% |
| Apple, Inc. | 5.7% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.0% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 1.9% |
| Alphabet, Inc., Class C | 1.7% |
| Tesla, Inc. | 1.7% |
| JPMorgan Chase & Co. | 1.5% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ie7257505fffda4fb38be7dc5.jpg)

VVIF-RS-SPVIP — SAR (6/25)

#### Victory High Yield VIP Series
![Image](i216a10ee35adbb759414da9f.jpg)

Class I

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory High Yield VIP Series (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class I | $45 | 0.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $17599 |
| Number of Holdings | 287 |
| Portfolio Turnover | 50% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ie7257505fffda4fb38be7dc5.jpg)

# Asset Allocation<sup>**Footnote Reference \***</sup>^ (% of Net Assets)

# (as of June 30, 2025)
![Group By Asset Type Chart](ia642ad60f017d29b1420f7b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds | 63.3% |
| Yankee Dollars | 20.4% |
| Senior Secured Loans | 7.2% |
| Other<sup>Footnote Reference\*\*</sup> | 0.9% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ie7257505fffda4fb38be7dc5.jpg)

VVIF-RS-HYVIP — SAR (6/25)

#### Victory RS International VIP Series
![Image](i216a10ee35adbb759414da9f.jpg)

Class I

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS International VIP Series (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class I | $51 | 0.93% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $114316 |
| Number of Holdings | 84 |
| Portfolio Turnover | 13% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ie7257505fffda4fb38be7dc5.jpg)

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of June 30, 2025)
![Group By Sector Chart](i32c6b3d7d938f997d2901457.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.2% |
| Utilities | 3.2% |
| Materials | 5.0% |
| Communication Services | 5.2% |
| Consumer Staples | 8.7% |
| Consumer Discretionary | 9.1% |
| Information Technology | 10.0% |
| Health Care | 10.8% |
| Industrials | 16.4% |
| Financials | 23.7% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Allianz SE, Registered Shares | 2.7% |
| SAP SE | 2.7% |
| Novartis AG, Registered Shares | 2.7% |
| Roche Holding AG | 2.6% |
| HSBC Holdings PLC | 2.4% |
| Barclays PLC | 2.3% |
| Banco Bilbao Vizcaya Argentaria SA | 2.3% |
| Siemens AG, Registered Shares | 2.2% |
| Nestle SA, Registered Shares | 2.2% |
| Safran SA | 2.1% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ie7257505fffda4fb38be7dc5.jpg)

VVIF-RS-IVIP — SAR (6/25)

#### Victory RS Small Cap Growth Equity VIP Series
![Image](i216a10ee35adbb759414da9f.jpg)

Class I

Semi-Annual Shareholder Report — June 30, 2025

The semi-annual shareholder report contains important information about Victory RS Small Cap Growth Equity VIP Series (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| Class I | $42 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $53497 |
| Number of Holdings | 109 |
| Portfolio Turnover | 59% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ie7257505fffda4fb38be7dc5.jpg)

# Top Sectors<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of June 30, 2025)
![Group By Sector Chart](i62ce03b5b6f23597ad4c915b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Materials | 2.3% |
| Energy | 2.4% |
| Consumer Staples | 3.6% |
| Consumer Discretionary | 8.2% |
| Financials | 8.9% |
| Industrials | 19.6% |
| Health Care | 24.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 28.0% |

---

# Top 10 Holdings<sup>**Footnote Reference \***</sup> (% of Net Assets)<sup>**Footnote Reference**</sup>

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Fabrinet | 2.9% |
| Applied Industrial Technologies, Inc. | 1.9% |
| Varonis Systems, Inc. | 1.9% |
| Wintrust Financial Corp. | 1.8% |
| SPX Technologies, Inc. | 1.8% |
| Primoris Services Corp. | 1.7% |
| Q2 Holdings, Inc. | 1.7% |
| MACOM Technology Solutions Holdings, Inc. | 1.7% |
| WisdomTree, Inc. | 1.6% |
| Mirion Technologies, Inc. | 1.5% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | In the Schedule of Portfolio Investments, if a sector comprises more than 25% of the net assets of the Fund, the securities in that sector are displayed at the industry classification level. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

# Additional Shareholder Information
Additional information about the Fund is available on vcm.com and the adjacent QR code including:

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-539-3863 or visit vcm.com/contact-us.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](ie7257505fffda4fb38be7dc5.jpg)

VVIF-RS-SCGEVIP — SAR (6/25)

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable— only for annual reports.

**Item 3. Audit Committee Financial Expert.**

Not applicable— only for annual reports.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable— only for annual reports.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Financial Statements and Other Information.**

(a) June

30,

2025

Semi-Annual:

Full

Financials

Victory

Variable

Insurance

Funds

Victory

500

Index

VIP

Series

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Variable* 

*Insurance* 

*Funds*

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 3

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 13
Statement

of

Operations

#### 14
Statements

of

Changes

in

Net

Assets

#### 15
Financial

Highlights

#### 16

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 17

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

*The* 

*Fund* 

*is* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Fund* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Fund* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Fund.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Fund.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863.* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Fund,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.6%)

Communication

Services

(10.1%):

Alphabet,

Inc.,

Class

A

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

9,646

$

1,700

Alphabet,

Inc.,

Class

C

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

8,428

1,495

AT&T,

Inc.

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

11,890

Charter

Communications,

Inc.,

Class

A(a)

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

Comcast

Corp.,

Class

A

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

6,097

Electronic

Arts,

Inc.

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

Fox

Corp.,

Class

A

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

Fox

Corp.,

Class

B

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

Liberty

Media

Corp.-Liberty

Formula

One,

Series

A(a)

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

Liberty

Media

Corp.-Liberty

Formula

One,

Series

C(a)

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

Live

Nation

Entertainment,

Inc.(a)

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

Meta

Platforms,

Inc.,

Class

A

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

3,606

2,662

Netflix,

Inc.(a)

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

702

940

News

Corp.,

Class

A

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

620

News

Corp.,

Class

B

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

Omnicom

Group,

Inc.

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

Pinterest,

Inc.,

Class

A(a)

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

963

Ralliant

Corp.(a)

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

ROBLOX

Corp.,

Class

A(a)

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

953

Spotify

Technology

SA(a)

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

Take-Two

Interactive

Software,

Inc.(a)

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

The

Trade

Desk,

Inc.,

Class

A(a)

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

733

The

Walt

Disney

Co.

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

2,972

T-Mobile

US,

Inc.

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

758

Verizon

Communications,

Inc.

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

6,965

Warner

Bros

Discovery,

Inc.(a)

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

3,672

8,986

Communications

Equipment

(0.9%):

Arista

Networks,

Inc.(a)

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

1,697

Cisco

Systems,

Inc.

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

6,543

F5,

Inc.(a)

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

Motorola

Solutions,

Inc.

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

770

Consumer

Discretionary

(10.1%):

Airbnb,

Inc.,

Class

A(a)

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

681

Amazon.com,

Inc.(a)

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

15,792

3,465

AutoZone,

Inc.(a)

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

Best

Buy

Co.,

Inc.

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

Booking

Holdings,

Inc.

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

Burlington

Stores,

Inc.(a)

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

Carnival

Corp.(a)

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

1,774

Carvana

Co.(a)

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

Chipotle

Mexican

Grill,

Inc.(a)

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

2,201

D.R.

Horton,

Inc.

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

Darden

Restaurants,

Inc.

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

Deckers

Outdoor

Corp.(a)

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

Domino's

Pizza,

Inc.

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

DoorDash,

Inc.,

Class

A(a)

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

558

DraftKings,

Inc.(a)

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

786

Duolingo,

Inc.(a)

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

eBay,

Inc.

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

756

Expedia

Group,

Inc.

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

Ford

Motor

Co.

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

6,411

Garmin

Ltd.

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

General

Motors

Co.

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

1,579

Genuine

Parts

Co.

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

Hilton

Worldwide

Holdings,

Inc.

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

Las

Vegas

Sands

Corp.

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

604

Lennar

Corp.,

Class

A

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

Lennar

Corp.,

Class

B

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

Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Lowe's

Cos.,

Inc.

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

923

$

Lululemon

Athletica,

Inc.(a)

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

Marriott

International,

Inc.,

Class

A

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

McDonald's

Corp.

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

1,183

NIKE,

Inc.,

Class

B

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

1,906

NVR,

Inc.(a)

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

O'Reilly

Automotive,

Inc.(a)

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

1,396

PulteGroup,

Inc.

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

Rivian

Automotive,

Inc.,

Class

A(a)(b)

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

1,262

Ross

Stores,

Inc.

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

526

Royal

Caribbean

Cruises

Ltd.

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

Starbucks

Corp.

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

1,867

Tesla,

Inc.(a)

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

4,655

1,479

The

Home

Depot,

Inc.

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

1,649

605

The

TJX

Cos.,

Inc.

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

1,839

Tractor

Supply

Co.

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

870

Ulta

Beauty,

Inc.(a)

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

Williams-Sonoma,

Inc.

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

Yum!

Brands,

Inc.

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

8,978

Consumer

Staples

(5.4%):

Altria

Group,

Inc.

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

2,770

Archer-Daniels-Midland

Co.

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

785

Brown-Forman

Corp.,

Class

A

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

Brown-Forman

Corp.,

Class

B

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

Church

&

Dwight

Co.,

Inc.

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

Colgate-Palmolive

Co.

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

1,332

Constellation

Brands,

Inc.,

Class

A

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

Costco

Wholesale

Corp.

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

735

728

Dollar

General

Corp.

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

Dollar

Tree,

Inc.(a)

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

General

Mills,

Inc.

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

898

Hormel

Foods

Corp.

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

Kellanova

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

Kenvue,

Inc.

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

3,159

Keurig

Dr.

Pepper,

Inc.

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

2,116

Kimberly-Clark

Corp.

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

545

McCormick

&

Co.,

Inc.

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

Mondelez

International,

Inc.,

Class

A

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

2,128

Monster

Beverage

Corp.(a)

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

1,140

PepsiCo,

Inc.

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

2,259

Philip

Morris

International,

Inc.

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

2,575

Sprouts

Farmers

Market,

Inc.(a)

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

Sysco

Corp.

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

795

Target

Corp.

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

746

The

Clorox

Co.

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

The

Coca-Cola

Co.

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

7,079

501

The

Estee

Lauder

Cos.,

Inc.

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

The

Hershey

Co.

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

The

Kraft

Heinz

Co.

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

1,940

The

Kroger

Co.

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

1,087

The

Procter

&

Gamble

Co.

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

3,886

619

Tyson

Foods,

Inc.,

Class

A

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

U.S.

Foods

Holding

Corp.(a)

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

Walmart,

Inc.

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

7,208

705

4,807

Electronic

Equipment,

Instruments

&

Components

(0.6%):

Amphenol

Corp.,

Class

A

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

1,980

CDW

Corp.

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

Corning,

Inc.

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

1,289

Jabil,

Inc.

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

Keysight

Technologies,

Inc.(a)

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

Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) TE

Connectivity

PLC

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

$

Teledyne

Technologies,

Inc.(a)

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

Trimble,

Inc.(a)

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

Zebra

Technologies

Corp.(a)

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

561

Energy

(3.0%):

Baker

Hughes

Co.

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

1,627

Cheniere

Energy,

Inc.

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

Chevron

Corp.

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

2,892

ConocoPhillips

Co.

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

2,079

Coterra

Energy,

Inc.

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

1,236

Devon

Energy

Corp.

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

1,003

Diamondback

Energy,

Inc.

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

EOG

Resources,

Inc.

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

896

EQT

Corp.

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

976

Expand

Energy

Corp.

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

Exxon

Mobil

Corp.

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

7,146

770

Halliburton

Co.

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

1,408

Hess

Corp.

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

Kinder

Morgan,

Inc.

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

3,191

Marathon

Petroleum

Corp.

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

504

Occidental

Petroleum

Corp.

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

1,614

ONEOK,

Inc.

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

1,026

Phillips

Co.

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

670

Schlumberger

NV

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

2,235

Targa

Resources

Corp.

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

Texas

Pacific

Land

Corp.

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

The

Williams

Cos.,

Inc.

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

2,000

Valero

Energy

Corp.

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

513

2,707

Financials

(13.9%):

Affirm

Holdings,

Inc.(a)

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

Aflac,

Inc.

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

798

American

Express

Co.

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

1,158

American

International

Group,

Inc.

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

945

Ameriprise

Financial,

Inc.

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

Aon

PLC,

Class

A

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

Apollo

Global

Management,

Inc.

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

664

Arch

Capital

Group

Ltd.

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

595

Ares

Management

Corp.,

Class

A

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

Arthur

J. Gallagher

&

Co.

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

Bank

of

America

Corp.

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

12,466

590

Berkshire

Hathaway,

Inc.,

Class

B(a)

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

2,222

1,079

Blackrock,

Inc.

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

Blackstone,

Inc.

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

1,188

Block,

Inc.(a)

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

882

Brown

&

Brown,

Inc.

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

Capital

One

Financial

Corp.

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

1,041

Cboe

Global

Markets,

Inc.

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

Chubb

Ltd.

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

656

Cincinnati

Financial

Corp.

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

Citigroup,

Inc.

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

3,075

Citizens

Financial

Group,

Inc.

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

707

CME

Group,

Inc.

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

591

Coinbase

Global,

Inc.,

Class

A(a)

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

Corebridge

Financial,

Inc.

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

615

Erie

Indemnity

Co.,

Class

A

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

Everest

Group

Ltd.

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

FactSet

Research

Systems,

Inc.

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

Fidelity

National

Information

Services,

Inc.

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

864

Fifth

Third

Bancorp

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

1,093

First

Citizens

Bancshares,

Inc.,

Class

A

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

Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Fiserv,

Inc.(a)

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

905

$

Global

Payments,

Inc.

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

Huntington

Bancshares,

Inc.

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

2,370

Interactive

Brokers

Group,

Inc.

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

680

Intercontinental

Exchange,

Inc.

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

937

JPMorgan

Chase

&

Co.

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

4,599

1,333

KeyCorp

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

1,798

KKR

&

Co.,

Inc.

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

1,117

Loews

Corp.

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

LPL

Financial

Holdings,

Inc.

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

M&T

Bank

Corp.

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

Markel

Group,

Inc.(a)

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

Marsh

&

McLennan

Cos.,

Inc.

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

810

Mastercard,

Inc.,

Class

A

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

1,362

765

MetLife,

Inc.

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

924

Moody's

Corp.

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

Morgan

Stanley

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

2,026

MSCI,

Inc.

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

Nasdaq,

Inc.

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

705

Northern

Trust

Corp.

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

PayPal

Holdings,

Inc.(a)

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

1,594

Principal

Financial

Group,

Inc.

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

Prudential

Financial,

Inc.

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

581

Raymond

James

Financial,

Inc.

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

Regions

Financial

Corp.

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

1,475

Robinhood

Markets,

Inc.,

Class

A(a)

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

1,213

S&P

Global,

Inc.

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

506

SoFi

Technologies,

Inc.(a)

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

1,781

State

Street

Corp.

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

Synchrony

Financial

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

624

T. Rowe

Price

Group,

Inc.

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

The

Allstate

Corp.

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

The

Bank

of

New

York

Mellon

Corp.

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

1,174

The

Carlyle

Group,

Inc.

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

The

Charles

Schwab

Corp.

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

2,826

The

Goldman

Sachs

Group,

Inc.

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

505

The

Hartford

Insurance

Group,

Inc.

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

The

PNC

Financial

Services

Group,

Inc.

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

648

The

Progressive

Corp.

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

966

The

Travelers

Cos.,

Inc.

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

Toast,

Inc.,

Class

A(a)

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

739

Tradeweb

Markets,

Inc.,

Class

A

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

Truist

Financial

Corp.

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

2,152

U.S.

Bancorp

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

2,559

Visa,

Inc.,

Class

A

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

2,833

1,006

W.R.

Berkley

Corp.

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

Wells

Fargo

&

Co.

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

5,379

Willis

Towers

Watson

PLC

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

12,326

Health

Care

(9.2%):

Abbott

Laboratories

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

2,863

AbbVie,

Inc.

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

2,926

543

Agilent

Technologies,

Inc.

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

Align

Technology,

Inc.(a)

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

Alnylam

Pharmaceuticals,

Inc.(a)

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

Amgen,

Inc.

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

887

Baxter

International,

Inc.

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

837

Becton

Dickinson

&

Co.

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

Biogen,

Inc.(a)

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

Boston

Scientific

Corp.(a)

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

2,434

Bristol-Myers

Squibb

Co.

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

3,348

Cardinal

Health,

Inc.

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

Cencora,

Inc.

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

Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Centene

Corp.(a)

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

809

$

CVS

Health

Corp.

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

2,080

Danaher

Corp.

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

1,076

Dexcom,

Inc.(a)

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

636

Edwards

Lifesciences

Corp.(a)

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

946

Elevance

Health,

Inc.

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

Eli

Lilly

&

Co.

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

1,412

1,101

GE

HealthCare

Technologies,

Inc.

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

751

Gilead

Sciences,

Inc.

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

2,050

HCA

Healthcare,

Inc.

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

Hologic,

Inc.(a)

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

Humana,

Inc.

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

IDEXX

Laboratories,

Inc.(a)

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

Illumina,

Inc.(a)

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

Incyte

Corp.(a)

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

Insulet

Corp.(a)

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

Intuitive

Surgical,

Inc.(a)

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

590

IQVIA

Holdings,

Inc.(a)

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

Johnson

&

Johnson

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

3,985

609

Labcorp

Holdings,

Inc.

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

McKesson

Corp.

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

Medtronic

PLC

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

2,108

Merck

&

Co.,

Inc.

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

4,152

Mettler-Toledo

International,

Inc.(a)

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

Molina

Healthcare,

Inc.(a)

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

Natera,

Inc.(a)

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

Pfizer,

Inc.

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

9,364

Quest

Diagnostics,

Inc.

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

Regeneron

Pharmaceuticals,

Inc.

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

ResMed,

Inc.

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

STERIS

PLC

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

Stryker

Corp.

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

590

The

Cigna

Group

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

The

Cooper

Cos.,

Inc.(a)

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

Thermo

Fisher

Scientific,

Inc.

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

623

UnitedHealth

Group,

Inc.

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

1,499

Veeva

Systems,

Inc.,

Class

A(a)

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

Vertex

Pharmaceuticals,

Inc.(a)

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

Waters

Corp.(a)

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

West

Pharmaceutical

Services,

Inc.

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

Zimmer

Biomet

Holdings,

Inc.

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

Zoetis,

Inc.

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

732

8,225

Industrials

(8.7%):

3M

Co.

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

885

AMETEK,

Inc.

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

Automatic

Data

Processing,

Inc.

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

669

Axon

Enterprise,

Inc.(a)

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

Booz

Allen

Hamilton

Holding

Corp.

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

Broadridge

Financial

Solutions,

Inc.

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

Carlisle

Cos.,

Inc.

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

Carrier

Global

Corp.

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

1,313

Caterpillar,

Inc.

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

776

Cintas

Corp.

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

565

Comfort

Systems

USA,

Inc.

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

Copart,

Inc.(a)

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

1,456

CSX

Corp.

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

3,087

Cummins,

Inc.

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

Curtiss-Wright

Corp.

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

Deere

&

Co.

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

Delta

Air

Lines,

Inc.

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

1,070

Dover

Corp.

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

Eaton

Corp.

PLC

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

644

Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) EMCOR

Group,

Inc.

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

$

Emerson

Electric

Co.

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

924

Equifax,

Inc.

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

Expeditors

International

of

Washington,

Inc.

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

Fastenal

Co.

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

1,887

FedEx

Corp.

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

Ferguson

Enterprises,

Inc.

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

Fortive

Corp.

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

557

GE

Vernova,

Inc.

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

General

Dynamics

Corp.

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

General

Electric

Co.

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

1,762

Graco,

Inc.

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

HEICO

Corp.

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

HEICO

Corp.,

Class

A

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

Honeywell

International,

Inc.

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

1,060

Howmet

Aerospace,

Inc.

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

658

Hubbell,

Inc.

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

IDEX

Corp.

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

Illinois

Tool

Works,

Inc.

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

Ingersoll

Rand,

Inc.

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

662

J.B.

Hunt

Transport

Services,

Inc.

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

Jacobs

Solutions,

Inc.

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

Johnson

Controls

International

PLC

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

1,080

L3Harris

Technologies,

Inc.

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

Leidos

Holdings,

Inc.

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

Lennox

International,

Inc.

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

Lockheed

Martin

Corp.

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

Norfolk

Southern

Corp.

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

Northrop

Grumman

Corp.

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

Old

Dominion

Freight

Line,

Inc.

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

Otis

Worldwide

Corp.

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

649

PACCAR,

Inc.

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

848

Parker-Hannifin

Corp.

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

Paychex,

Inc.

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

530

Pentair

PLC

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

Quanta

Services,

Inc.

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

Republic

Services,

Inc.

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

Rockwell

Automation,

Inc.

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

Rollins,

Inc.

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

RTX

Corp.

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

2,208

Snap-on,

Inc.

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

Southwest

Airlines

Co.

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

927

SS&C

Technologies

Holdings,

Inc.

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

Textron,

Inc.

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

The

Boeing

Co.(a)

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

1,244

Trane

Technologies

PLC

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

TransDigm

Group,

Inc.

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

TransUnion

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

Uber

Technologies,

Inc.(a)

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

3,321

Union

Pacific

Corp.

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

983

United

Airlines

Holdings,

Inc.(a)

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

534

United

Parcel

Service,

Inc.,

Class

B

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

1,208

United

Rentals,

Inc.

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

Veralto

Corp.

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

Verisk

Analytics,

Inc.

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

Vertiv

Holdings

Co.,

Class

A

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

614

W.W.

Grainger,

Inc.

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

Waste

Management,

Inc.

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

661

Watsco,

Inc.

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

Westinghouse

Air

Brake

Technologies

Corp.

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

XPO,

Inc.(a)

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

Xylem,

Inc.

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

7,733

Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) IT

Services

(1.5%):

Accenture

PLC,

Class

A

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

1,120

$

Cloudflare,

Inc.,

Class

A(a)

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

501

Cognizant

Technology

Solutions

Corp.,

Class

A

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

807

CoreWeave,

Inc.(a)(b)

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

Gartner,

Inc.(a)

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

GoDaddy,

Inc.,

Class

A(a)

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

International

Business

Machines

Corp.

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

1,538

MongoDB,

Inc.(a)

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

Okta,

Inc.(a)

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

Snowflake,

Inc.,

Class

A(a)

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

522

Twilio,

Inc.,

Class

A(a)

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

VeriSign,

Inc.

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

1,357

Materials

(1.8%):

Air

Products

and

Chemicals,

Inc.

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

Amcor

PLC

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

3,785

Avery

Dennison

Corp.

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

Ball

Corp.

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

CF

Industries

Holdings,

Inc.

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

Corteva,

Inc.

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

1,121

Dow,

Inc.

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

1,159

DuPont

de

Nemours,

Inc.

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

687

Ecolab,

Inc.

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

Freeport-McMoRan,

Inc.

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

2,351

International

Flavors

&

Fragrances,

Inc.

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

International

Paper

Co.

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

860

Linde

PLC

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

774

LyondellBasell

Industries

NV,

Class

A

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

Martin

Marietta

Materials,

Inc.

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

Newmont

Corp.

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

1,829

Nucor

Corp.

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

Packaging

Corp.

of

America

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

PPG

Industries,

Inc.

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

Reliance,

Inc.

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

RPM

International,

Inc.

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

Smurfit

WestRock

PLC

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

840

Steel

Dynamics,

Inc.

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

The

Sherwin-Williams

Co.

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

Vulcan

Materials

Co.

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

1,624

Real

Estate

(2.0%):

Alexandria

Real

Estate

Equities,

Inc.

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

American

Tower

Corp.

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

768

AvalonBay

Communities,

Inc.

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

CBRE

Group,

Inc.,

Class

A(a)

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

CoStar

Group,

Inc.(a)

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

684

Crown

Castle,

Inc.

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

714

Digital

Realty

Trust,

Inc.

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

553

Equinix,

Inc.

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

Equity

Residential

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

620

Essex

Property

Trust,

Inc.

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

Extra

Space

Storage,

Inc.

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

Gaming

and

Leisure

Properties,

Inc.

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

Invitation

Homes,

Inc.

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

1,005

Iron

Mountain,

Inc.

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

Mid-America

Apartment

Communities,

Inc.

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

Prologis,

Inc.

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

1,521

Public

Storage

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

Realty

Income

Corp.

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

1,484

SBA

Communications

Corp.

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

Simon

Property

Group,

Inc.

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

532

Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Sun

Communities,

Inc.

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

$

UDR,

Inc.

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

542

Ventas,

Inc.

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

739

VICI

Properties,

Inc.

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

1,735

Welltower,

Inc.

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

1,076

Weyerhaeuser

Co.

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

1,189

Zillow

Group,

Inc.,

Class

A(a)

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

Zillow

Group,

Inc.,

Class

C(a)

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

1,731

Semiconductors

&

Semiconductor

Equipment

(12.1%):

Advanced

Micro

Devices,

Inc.(a)

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

2,667

Analog

Devices,

Inc.

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

816

Applied

Materials,

Inc.

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

1,321

Broadcom,

Inc.

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

7,668

2,114

First

Solar,

Inc.(a)

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

Intel

Corp.

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

7,164

KLA

Corp.

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

Lam

Research

Corp.

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

2,098

Marvell

Technology,

Inc.

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

1,412

Microchip

Technology,

Inc.

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

869

Micron

Technology,

Inc.

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

1,836

Monolithic

Power

Systems,

Inc.

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

NVIDIA

Corp.

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

38,930

6,151

ON

Semiconductor

Corp.(a)

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

682

QUALCOMM,

Inc.

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

1,813

Teradyne,

Inc.

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

Texas

Instruments,

Inc.

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

1,500

10,776

Software

(11.9%):

Adobe,

Inc.(a)

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

702

ANSYS,

Inc.(a)

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

AppLovin

Corp.,

Class

A(a)

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

Atlassian

Corp.,

Class

A(a)

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

Autodesk,

Inc.(a)

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

Bentley

Systems,

Inc.,

Class

B

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

Cadence

Design

Systems,

Inc.(a)

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

Corpay,

Inc.(a)

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

Crowdstrike

Holdings,

Inc.,

Class

A(a)

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

Datadog,

Inc.,

Class

A(a)

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

505

DocuSign,

Inc.(a)

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

Dynatrace,

Inc.(a)

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

Fair

Isaac

Corp.(a)

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

Fortinet,

Inc.(a)

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

1,047

Gen

Digital,

Inc.

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

923

Guidewire

Software,

Inc.(a)

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

HubSpot,

Inc.(a)

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

Intuit,

Inc.

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

Microsoft

Corp.

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

12,182

6,059

MicroStrategy,

Inc.(a)

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

Nutanix,

Inc.,

Class

A(a)

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

Oracle

Corp.

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

2,737

598

Palantir

Technologies,

Inc.,

Class

A(a)

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

3,543

Palo

Alto

Networks,

Inc.(a)

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

1,090

PTC,

Inc.(a)

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

Roper

Technologies,

Inc.

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

Salesforce,

Inc.

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

1,543

ServiceNow,

Inc.(a)

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

Synopsys,

Inc.(a)

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

Tyler

Technologies,

Inc.(a)

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

Workday,

Inc.,

Class

A(a)

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

Zoom

Communications,

Inc.(a)

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

Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Zscaler,

Inc.(a)

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

$

10,560

Technology

Hardware,

Storage

&

Peripherals

(6.1%):

Apple,

Inc.

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

24,825

5,093

Dell

Technologies,

Inc.,

Class

C

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

Hewlett

Packard

Enterprise

Co.

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

2,150

HP,

Inc.

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

1,542

NetApp,

Inc.

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

Pure

Storage,

Inc.,

Class

A(a)

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

508

Seagate

Technology

Holdings

PLC

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

Super

Micro

Computer,

Inc.(a)

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

843

Western

Digital

Corp.

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

568

5,428

Utilities

(2.3%):

Alliant

Energy

Corp.

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

Ameren

Corp.

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

American

Electric

Power

Co.,

Inc.

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

876

American

Water

Works

Co.,

Inc.

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

Atmos

Energy

Corp.

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

CenterPoint

Energy,

Inc.

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

1,069

CMS

Energy

Corp.

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

Consolidated

Edison,

Inc.

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

592

Constellation

Energy

Corp.

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

515

Dominion

Energy,

Inc.

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

1,402

DTE

Energy

Co.

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

Duke

Energy

Corp.

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

1,278

Edison

International

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

632

Entergy

Corp.

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

707

Evergy,

Inc.

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

Eversource

Energy

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

603

Exelon

Corp.

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

1,661

FirstEnergy

Corp.

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

947

NextEra

Energy,

Inc.

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

3,396

NiSource,

Inc.

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

772

NRG

Energy,

Inc.

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

PG&E

Corp.

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

3,598

PPL

Corp.

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

1,215

Public

Service

Enterprise

Group,

Inc.

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

820

Sempra

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

1,073

The

Southern

Co.

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

1,807

Vistra

Corp.

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

553

WEC

Energy

Group,

Inc.

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

524

Xcel

Energy,

Inc.

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

947

2,036

Total

Common

Stocks

(Cost

$17,823)

a

a

a

88,605

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.23%(c)

........

20,697

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.27%(c)

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

20,697

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.29%(c)

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

20,697

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.24%(c)

.

20,697

Total

Collateral

for

Securities

Loaned

(Cost

$83)

a

a

a

Total

Investments

(Cost

$17,906)

—

99.7%

88,688

Other

assets

in

excess

of

liabilities

— 0.3%

NET

ASSETS

-

100.00%

$

88,989

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. Victory

Variable

Insurance

Funds

#### Victory

#### 500

#### Index

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

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

9/19/25

$

603,273

$

625,375

$

22,102

Total

unrealized

appreciation

$

22,102

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

22,102

Statement

of

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Variable

Insurance

Funds

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

500

Index

VIP

Series

Assets:

Investments,

at

value

(Cost

$17,906)

$

88,688

(a) Cash

Deposit

with

broker

for

futures

contracts

Receivables:

Dividends,

interest,

and

securities

lending

income

From

Adviser

Variation

margin

on

open

futures

contracts

Prepaid

expenses

—

(b) Total

Assets

89,259

Liabilities:

Payables:

Collateral

received

on

loaned

securities

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) Other

accrued

expenses

Total

Liabilities

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

(3,814)

Total

accumulated

earnings

(loss)

92,803

Net

Assets

$

88,989

Shares

(unlimited

shares

authorized

with

a

par

value

of

$0.001

per

share):

4,682

Net

asset

value:

$

.01

(a) Includes

$82

thousand

of

securities

on

loan.

(b) Rounds

to

less

than

$1

thousand.

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Variable

Insurance

Funds

(Amounts

in

Thousands)

(Unaudited)

Victory

500

Index

VIP

Series

Investment

Income:

Dividends

$

561

Interest

Securities

lending

(net

of

fees)

Foreign

tax

withholding

—

(a) Total

Income

575

Expenses:

Investment

advisory

fees

Administration

fees

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

—

(a) Sub-Transfer

agent

fees

Trustees'

fees

Compliance

fees

—

(a) Legal

and

audit

fees

Other

expenses

Total

Expenses

Expenses

waived/reimbursed

by

Adviser

(55)

Net

Expenses

Net

Investment

Income

(Loss)

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

4,820

Net

realized

gains

(losses)

from

futures

contracts

—

(a) Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(71)

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

Net

realized/unrealized

gains

(losses)

on

investments

4,781

Change

in

net

assets

resulting

from

operations

$

5,237

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Variable

Insurance

Funds

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

500

Index

VIP

Series

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

$

1,011

Net

realized

gains

(losses)

4,820

17,587

Net

change

in

unrealized

appreciation/depreciation

(39)

2,362

Change

in

net

assets

resulting

from

operations

5,237

20,960

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(8,674)

Change

in

net

assets

resulting

from

capital

transactions

(6,520)

(14,448)

Change

in

net

assets

(1,283)

(2,162)

Net

Assets:

Beginning

of

period

90,272

92,434

End

of

period

$

88,989

$

90,272

Capital

Transactions:

Proceeds

from

shares

issued

$

2,838

$

5,104

Distributions

reinvested

—

8,674

Cost

of

shares

redeemed

(9,358)

(28,226)

Change

in

net

assets

resulting

from

capital

transactions

$

(6,520)

$

(14,448)

Share

Transactions:

Issued

Reinvested

—

Redeemed

(529)

(1,576)

Change

in

Shares

(369)

(818)

Victory

Variable

Insurance

Funds

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

500

Index

VIP

Series

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$17.87

$15.75

$13.62

$19.79

$17.71

$19.35

Investment

Activities:

Net

investment

income

(loss)(a)

0.09 0.19 0.20 0.21 0.21 0.28 Net

realized

and

unrealized

gains

(losses)

1.05 3.79 3.45 (3.95)

4.59 3.53 Total

from

Investment

Activities

1.14 3.98 3.65 (3.74)

4.80 3.81 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.24)

(0.20)

(0.19)

(0.23)

(0.32)

Net

realized

gains

—

(1.62)

(1.32)

(2.24)

(2.49)

(5.13)

Total

Distributions

—

(1.86)

(1.52)

(2.43)

(2.72)

(5.45)

Net

Asset

Value,

End

of

Period

$19.01

$17.87

$15.75

$13.62

$19.79

$17.71

Total

Return(b)(c)(d)

6.38%

24.96%

26.94%

(19.36)%

27.43%

20.13%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.28%

0.28%

0.28%

0.28%

0.28%

0.28%

Net

Investment

Income

(Loss)(e)

1.07%

1.08%

1.33%

1.26%

1.04%

1.46%

Gross

Expenses(e)(f)

0.41%

0.41%

0.41%

0.41%

0.48%

0.58%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$88,989

$90,272

$92,434

$83,617

$116,044

$103,571

Portfolio

Turnover(b)

1%

3%

8%

7%

9%

13%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Total

returns

do

not

reflect

the

effects

of

charges

deducted

pursuant

to

the

terms

of

The

Guardian

Insurance

&

Annuity

Company,

Inc.'s

variable

contracts.

Inclusion

of

such

charges

would

reduce

the

total

returns

for

all

periods

shown.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Notes

to

Financial

Statements

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

1. #### Organization:
Victory

Variable

Insurance

Funds

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and the

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

four

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of Victory

500

Index

VIP

Series

(the

"Fund"),

a

series

of

the

Trust.

The

Fund offers

a

single

class

of

shares:

Class

I. The

Fund's

shares

are

only

available

for

purchase

by

certain

separate

accounts

of

insurance

companies

as

investments

for

certain

variable

annuity

plans

and

variable

life

insurance

contracts

issued

by

those

insurance

companies.

The

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"), has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs"),

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Futures

contracts

are

valued

at

the

settlement

price

established

each

day

by

the

board

of

trade

or

an

exchange

on

which

they

are

traded.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

June

30,

2025, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

As

of June

30,

2025,

there

were

no

significant

transfers

into/out

of

Level

3. Investment

Companies:

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Derivative

Instruments:

Futures

Contracts:

The

Fund

may

enter

into

contracts

for

the

future

delivery

of

securities

or

foreign

currencies

and

futures

contracts

based

on

a

specific

security,

class

of

securities,

foreign

currency

or

an

index,

and

purchase

or

sell

options

on

any

such

futures

contracts.

A

futures

contract

on

a

securities

index

is

an

agreement

obligating

either

party

to

pay,

and

entitling

the

other

party

to

receive,

while

the

contract

is

outstanding,

cash

payments

based

on

the

level

of

a

specified

securities

index.

No

physical

delivery

of

the

underlying

asset

is

made.

The

Fund

may

enter

into

futures

contracts

in

an

effort

to

hedge

against

market

risks.

The

acquisition

of

put

and

call

options

on

futures

contracts

will

give

the

Fund

the

right

(but

not

the

obligation),

for

a

specified

price,

to

sell

or

to

purchase

the

underlying

futures

contract,

upon

exercise

of

the

option,

at

any

time

during

the

option

period.

Futures

transactions

involve

brokerage

costs

and a

good

faith

margin

deposit,

known

as

initial

margin,

of

cash

or

government

securities

with

a

broker

or

custodian

is

required

to

initiate

and

maintain

open

positions

in

futures

contracts.

Subsequent

payments,

known

as

variation

margin,

are

made

or

received

by

the

Fund

based

on

the

change

in

the

market

value

of

the

position

and

are

recorded

as

unrealized

appreciation

or

depreciation

until

the

contract

is

closed

out,

at

which

time

the

gain

or

loss

is

realized.

The

Fund

may

lose

the

expected

benefit

of

futures

transactions

if

interest

rates,

exchange

rates

or

securities

prices

change

in

an

unanticipated

manner.

Such

unanticipated

changes

may

also

result

in

lower

overall

performance

than

if

the

Fund

had

not

entered

into

any

futures

transactions.

In

addition,

the

value

of

the

Fund's

futures

positions

may

not

prove

to

be

perfectly

or

even

highly

correlated

with

the

value

of

its

portfolio

securities

or

foreign

currencies,

limiting

the

Fund's

ability

to

hedge

effectively

against

interest

rate,

exchange

rate

and/or

market

risk

and

giving

rise

to

additional

risks.

There

is

no

assurance

of

liquidity

in

the

secondary

market

for

purposes

of

closing

out

futures

positions.

The

collateral

held

by

the

Fund

is

reflected

on

the

Statement

of

Assets

and

Liabilities

under

Deposit

with

broker

for

futures

contracts.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Fund

is

not

subject

to

master

netting

agreements

for

futures

contracts. During

the six

months ended

June

30,

2025,

the

Fund

entered

into

futures

contracts

primarily

for

the

strategy

of

gaining

exposure

to

a

particular

asset

class

or

securities

market.

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statement

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025 (amounts

in

thousands):

Level

Level

Level

Total

Victory

500

Index

VIP

Series

Common

Stocks

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

$

88,605

$

—

$

—

$

88,605

Collateral

for

Securities

Loaned

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

—

—

Total

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

$

88,688

$

—

$

—

$

88,688

Other

Financial

Investments:\*

Assets:

Futures

Contracts

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

—

—

Total

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

$

$

—

$

—

$

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

Assets

Variation

Margin

Receivable

on

Open

Futures

Contracts\*

Equity

Risk

Exposure:

22,000

Victory

500

Index

VIP

Series

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

$

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statement

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

June

30,

2025 (amounts

in

thousands):

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Rounds

to

less

than

$1

thousand.

All

open

derivative

positions

at

period end

are

reflected

on

the

Fund's

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to the

Fund's

net

assets

at period

end

is

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Fund

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Securities

Lending:

The

Fund,

through

a

Securities

Lending

Agreement

with

Citibank,

N.A.

("Citibank"),

may

lend

its

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans

for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured

the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-cash

collateral

can

include

U.S.

Government

Securities

and

other

securities

as

permitted

by Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Fund's

Schedule

of

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Fund's

Schedule

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Fund's

securities

on

loan

as

of

the

end

of

the

prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Fund

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Fund

also

earns

a

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statement

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days.

Although

risk

is

mitigated

by

the

collateral,

the

Fund

could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk

that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Fund's

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Fund

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Fund's

securities

lending

transactions

as

of

June

30,

2025

(amounts

in

thousands):

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

\*

Includes

cumulative

unrealized

appreciation

(depreciation)

of

futures

contracts

as

reported

on

the

Schedule

of

Portfolio

Investments.

Only

current

day's

variation

margin

for

futures

contracts

is

reported

within

the

Statement

of

Assets

and

Liabilities.

Net

Realized

Gains

(Losses)

from

Futures

Contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Futures

Contracts

Equity

Risk

Exposure:

32,000

Victory

500

Index

VIP

Series

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

$

—

(a) $

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Victory

500

Index

VIP

Series

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

$

$

—

$

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of December

31. For

the

six

months

ended

June

30,

2025,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

June

30,

2025,

were

as

follows (amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.25%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust,

Victory

Portfolios

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Fund.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-Administration

fees.

The

Fund

(as

part

of

the

Trust)

has

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II,

in

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Compliance

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

Victory

500

Index

VIP

Series

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

$

1,279

$

7,171

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

has

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund's

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund's

transfer

agent.

Amounts

incurred

for

the

six

months ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust,

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Trust.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense limit

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund's

business

are

excluded

from

the

expense

limit.

As

of

June

30,

2025,

the

expense

limit (excluding

voluntary

waivers) was:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

June

30,

2025. As

of June

30,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Fund

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

June

30,

2025. Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

5. #### Risks:
The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Equity

Securities

Risk

—

The

value

of

the

equity

securities

in

which

the

Fund

invests

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

economic

conditions

in

the

United

States

or

abroad.

A

company's

earnings

or

dividends

may

not

increase

as

expected

(or

may

decline)

because

of

poor

management,

competitive

pressures,

reliance

on

particular

suppliers

or

geographical

regions,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

man-made

or

natural

disasters,

military

confrontations

or

wars,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

last

for

extended

periods.

Large-Capitalization

Stock

Risk

—

The

securities

of

large-sized

companies

may

underperform

the

securities

of

smaller-sized

companies

or

the

market

as

a

whole.

The

growth

rate

of

larger,

more

established

companies

may

lag

those

of

smaller

companies,

especially

during

periods

of

economic

expansion.

In

effect

until

April

30,

2026

Victory

500

Index

VIP

Series

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.28%

Expires

2025

Expires

2026

Expires

2027

Expires

2028

Total

Victory

500

Index

VIP

Series

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

$

$

$

$

$

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

Passive

Investment

Risk/Index

Risk

—

The

Fund

is

designed

to

track

the

Index

and

is

not

actively

managed.

The

Fund

will

not

buy

or

sell

shares

of

an

equity

security

due

to

current

or

projected

performance

of

a

security,

industry,

or

sector,

unless

that

security

is

added

to

or

removed,

respectively,

from

the

Index.

The

Fund

does

not,

therefore,

seek

returns

in

excess

of

the

Index,

and

does

not

attempt

to

take

defensive

positions

or

hedge

against

potential

risks

unless

such

defensive

positions

are

also

taken

by

the

Index.

Sector Focus

Risk

—

While

the

Fund

reserves

the

right

to

dynamically

allocate

its

assets

across

economic

sectors,

listed

below

are

some

of

the

risks

associated

with

the

sectors

in

which

the

Fund

may

make

significant

investments.

Market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's

investments

and

could

make

the

Fund's

performance

more

volatile.

Information

Technology

Sector Risk

— Companies

in

the

information

technology

sector

face

intense

competition,

both

domestically

and

internationally.

These

companies

may

be

smaller

or

newer

and

may

have

limited

product

lines,

markets,

financial

resources,

or

personnel.

The

products

of

companies

in

the

information

technology

sector

may

face

product

obsolescence

due

to

rapid

technological

developments

and

frequent

new

product

introduction,

unpredictable

changes

in

growth

rates,

and

competition

for

the

services

of

qualified

personnel.

These

com-

panies

may

be

developing

or

marketing

new

products

or

services

for

which

markets

are

not

yet

established

and

may

never

become

established.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund.

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes,

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

funds

in

the

Trust,

Victory

Portfolios,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate,

may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

June

30,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

June

30,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

June

30,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
The

Fund

intends

to

distribute

any

net

investment

income

annually.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(loss)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax year

ended December

31,

2024,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

8. #### Segment

#### Reporting:
In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

the

results

of

its

operations.

The

Adviser's

Management

Committee

acts

as

the

Fund's

Chief

Operating

Decision

Maker

("CODM").

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-

determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

9. #### Subsequent

#### Event:
On

May

20,

2025,

the

Board,

upon

recommendation

of

the

Adviser,

approved

a

Plan

of

Liquidation

for

each

individual

fund

within

the

Trust.

On

August

29,

2025,

the

Fund

will

redeem

all

of

its

outstanding

shares

at

the

net

asset

value

of

such

shares.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

VVIF-RS-SPIVIP-SAR

(6/25)

June

30,

2025

Semi-Annual:

Full

Financials

Victory

Variable

Insurance

Funds

Victory

High

Yield

VIP

Series

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

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prices

The

latest

fund

news

Investment

resources

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help

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become

a

better

investor

A

section

dedicated

to

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professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Variable* 

*Insurance* 

*Funds*

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 3

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 11
Statement

of

Operations

#### 12
Statements

of

Changes

in

Net

Assets

#### 13
Financial

Highlights

#### 14

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 15

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

*The* 

*Fund* 

*is* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Fund* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Fund* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Fund.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Fund.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863.* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Fund,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Variable

Insurance

Funds

#### Victory

#### High

#### Yield

#### VIP

#### Series

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(0.2%)

ABS

Other

(0.2%):

Frontier

Issuer

LLC,

Series

2023-1,

Class

C,

11.50%,

8/20/53,

Callable

7/20/26

@

100(a)

...

$

$

Total

Asset-Backed

Securities

(Cost

$42)

a

a

a

Shares

Common

Stocks

(0.0%)(b)

Consumer

Discretionary

(0.0%):(b)

Jo-Ann

Stores

LLC(c)(d)

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

562

—(e)

Health

Care

(0.0%):

Covis

Parent

SCA,

Class

A

Shares(c)(f)

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

—

Covis

Parent

SCA,

Class

B

Shares(c)(f)

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

—

Covis

Parent

SCA,

Class

C

Shares(c)(f)

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

—

Covis

Parent

SCA,

Class

D

Shares(c)(f)

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

—

Covis

Parent

SCA,

Class

E

Shares(c)(f)

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

—

—

Total

Common

Stocks

(Cost

$2)

a

a

a

—(e)

Principal

Amount

(000) Senior

Secured

Loans

(7.2%)

Communication

Services

(0.5%):

AMC

Entertainment

Holdings,

Inc.,

Initial

Exchange

Term

Loans,

First

Lien,

11.32%

(SOFR01M+700bps),

1/4/29(g)

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

Zayo

Group

Holdings,

Inc.,

2022

Incremental

Term

Loans,

First

Lien,

8.58%

(SOFR01M+425bps),

3/9/27(g)

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

Consumer

Discretionary

(1.6%):

Getty

Images,

Inc.,

Dollar

Fixed

Rate

Term

Loans,

First

Lien,

2/14/30(h)

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

Great

Outdoors

Group

LLC,

Term

Loan

B,

First

Lien,

7.58%

(SOFR01M+325bps),

3/5/32(g)

Men's

Wearhouse,

Inc.,

Term

Loans,

First

Lien,

10.76%

(SOFR03M+650bps),

2/21/29(g)

...

Ontario

Gaming

GTA

LP,

Term

B

Loans,

First

Lien,

8.55%

(SOFR03M+425bps),

8/1/30(g)

..

Petco

Health

and

Wellness

Co.,

Inc.,

Initial

Term

Loans,

First

Lien,

7.81%

(SOFR03M+325bps),

2/25/28(g)

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

PetSmart,

Inc.,

Initial

Term

Loans,

First

Lien,

2/14/28(h)

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

Financials

(2.5%):

1261229

BC

Ltd.,

Initial

Term

Loans,

First

Lien,

10.56%

(SOFR01M+625bps),

10/8/30(g)

..

Central

Parent

LLC,

2024

Refinancing

Term

Loan,

First

Lien,

7.55%

(SOFR03M+325bps),

7/6/29(g)

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

Chariot

Buyer

LLC,

Initial

Term

Loans,

First

Lien,

7.68%

(SOFR01M+325bps),

11/3/28(g)

..

CP

Atlas

Buyer,

Inc.,

Term

Loan,

First

Lien,

11/23/27(h)

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

Level

Financing,

Inc.,

Term

Commitment,

First

Lien,

3/22/32(h)

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

Pcf

Insurance

Services

of

The

West

LLC,

7.56%

(SOFR01M+325bps),

6/17/32(g)

........

Polaris

Newco

LLC,

Dollar

Term

Loan,

First

Lien,

8.03%

(SOFR03M+375bps),

6/4/28(g)

..

Voyager

Parent

LLC,

Term

Loan

B,

First

Lien,

5/10/32(h)

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

Health

Care

(1.4%):

Bausch

+

Lomb

Corp.,

Third

Amendment

Term

Loan,

First

Lien,

12/18/30(h)

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

Covis

Pharma

Holdings

SARL,

Dollar

Term

B

Loans,

First

Lien,

2/18/27(h)

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

LifeScan

Global

Corporation,

Initial

Term

Loan,

First

Lien,

10.92%

(SOFR03M+650bps),

12/31/26(g)

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

Industrials

(1.2%):

Cotiviti,

Inc.,

Initial

Fixed

Rate

Term

Loans,

First

Lien,

4/30/31(h)

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

The

GEO

Group,

Inc.,

Term

Loan,

First

Lien,

9.58%

(SOFR01M+525bps),

4/14/29(g)

.....

TKC

Holdings,

Inc.,

Closing

Date

Initial

Term

Loan,

First

Lien,

9.32%

(SOFR01M+500bps),

5/15/28(g)

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

Victory

Variable

Insurance

Funds

#### Victory

#### High

#### Yield

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Twitter,

Inc.,

Tranche

Loan,

First

Lien,

10.80%

(SOFR03M+650bps),

10/26/29(g)

.....

$

$

Total

Senior

Secured

Loans

(Cost

$1,436)

a

a

a

1,270

Corporate

Bonds

(63.3%)

Communication

Services

(12.2%):

AMC

Networks,

Inc.

10.25%,

1/15/29,

Callable

1/15/26

@

105.13(a)

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

10.50%,

7/15/32,

Callable

7/15/28

@

105.25(a)

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

CCO

Holdings

LLC/CCO

Holdings

Capital

Corp.,

4.25%,

1/15/34,

Callable

1/15/28

@

102.13(a)

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

Central

Parent

LLC/CDK

Global

II

LLC/CDK

Financing

Co.,

Inc.,

8.00%,

6/15/29,

Callable

8/2/25

@

104(a)

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

Clear

Channel

Outdoor

Holdings,

Inc.

7.50%,

6/1/29,

Callable

8/2/25

@

101.88(a)(i)

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

7.88%,

4/1/30,

Callable

10/1/26

@

103.94(a)

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

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.,

6.50%,

7/1/32,

Callable

7/1/28

@

103.25(a)

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

Consolidated

Communications,

Inc.,

6.50%,

10/1/28,

Callable

7/13/25

@

103.25(a)

.......

CSC

Holdings

LLC,

11.75%,

1/31/29,

Callable

1/31/26

@

105.88(a)

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

Cumulus

Media

New

Holdings,

Inc.,

8.00%,

7/1/29,

Callable

8/2/25

@

100(a)

...........

Directv

Financing

LLC/Directv

Financing

Co.-Obligor,

Inc.

5.88%,

8/15/27,

Callable

8/2/25

@

102.94(a)

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

10.00%,

2/15/31,

Callable

2/15/27

@

105(a)

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

DISH

Network

Corp.,

11.75%,

11/15/27,

Callable

8/2/25

@

105.88(a)

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

Dotdash

Meredith,

Inc.,

7.63%,

6/15/32,

Callable

6/15/28

@

103.81(a)

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

Echostar

Corp.,

10.75%,

11/30/29,

Callable

11/30/26

@

105.38 ......................

Frontier

Communications

Holdings

LLC

5.88%,

10/15/27,

Callable

8/2/25

@

101.47(a)

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

6.75%,

5/1/29,

Callable

8/2/25

@

101.69(a)

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

Gray

Media,

Inc.

10.50%,

7/15/29,

Callable

7/15/26

@

105.25(a)

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

5.38%,

11/15/31,

Callable

11/15/26

@

102.69(a)

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

Lamar

Media

Corp.,

3.63%,

1/15/31,

Callable

1/15/26

@

101.81 .....................

Match

Group

Holdings

II

LLC,

4.63%,

6/1/28,

Callable

7/13/25

@

100(a)

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

News

Corp.,

5.13%,

2/15/32,

Callable

2/15/27

@

102.56(a)

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

Scripps

Escrow

II,

Inc.,

3.88%,

1/15/29,

Callable

8/2/25

@

100.97(a)(i)

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

Sinclair

Television

Group,

Inc.

5.50%,

3/1/30,

Callable

8/2/25

@

102.75(a)

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

8.13%,

2/15/33,

Callable

2/15/28

@

104.06(a)

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

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

8.63%,

6/15/32,

Callable

6/15/28

@

104.31(a)

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

Univision

Communications,

Inc.,

7.38%,

6/30/30,

Callable

8/2/25

@

103.69(a)

...........

Warnermedia

Holdings,

Inc.,

5.05%,

3/15/42,

Callable

9/15/41

@

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

2,150

Consumer

Discretionary

(10.1%):

Amsted

Industries,

Inc.,

6.38%,

3/15/33,

Callable

3/15/28

@

103.19(a)

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

Asbury

Automotive

Group,

Inc.,

5.00%,

2/15/32,

Callable

11/15/26

@

102.5(a)

..........

Ashton

Woods

USA

LLC/Ashton

Woods

Finance

Co.,

4.63%,

4/1/30,

Callable

8/2/25

@

102.31(a)

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

Beazer

Homes

USA,

Inc.,

7.50%,

3/15/31,

Callable

3/15/27

@

103.75(a)

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

Boyd

Gaming

Corp.,

4.75%,

6/15/31,

Callable

6/15/26

@

102.38(a)

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

Boyne

USA,

Inc.,

4.75%,

5/15/29,

Callable

8/2/25

@

101.19(a)

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

Caesars

Entertainment,

Inc.

8.13%,

7/1/27,

Callable

7/8/25

@

100(a)

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

6.50%,

2/15/32,

Callable

2/15/27

@

103.25(a)

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

CEC

Entertainment

LLC,

6.75%,

5/1/26,

Callable

8/2/25

@

100(a)

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

Century

Communities,

Inc.,

3.88%,

8/15/29,

Callable

2/15/29

@

100(a)

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

Churchill

Downs,

Inc.,

6.75%,

5/1/31,

Callable

5/1/26

@

103.38(a)

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

Fertitta

Entertainment

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.,

6.75%,

1/15/30,

Callable

8/2/25

@

103.38(a)

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

Victory

Variable

Insurance

Funds

#### Victory

#### High

#### Yield

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Group

Automotive,

Inc.,

6.38%,

1/15/30,

Callable

7/15/26

@

103.19(a)

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

$

$

Hanesbrands,

Inc.,

9.00%,

2/15/31,

Callable

2/15/26

@

104.5(a)

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

Hilton

Domestic

Operating

Co.,

Inc.,

4.00%,

5/1/31,

Callable

5/1/26

@

102(a)

...........

Las

Vegas

Sands

Corp.,

6.20%,

8/15/34,

Callable

5/15/34

@

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

Lithia

Motors,

Inc.,

4.38%,

1/15/31,

Callable

10/15/25

@

102.19(a)(i)

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

M/I

Homes,

Inc.,

4.95%,

2/1/28,

Callable

7/18/25

@

101.24 ........................

Newell

Brands,

Inc.,

6.88%,

4/1/36,

Callable

10/1/35

@

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

Nordstrom,

Inc.,

4.38%,

4/1/30,

Callable

1/1/30

@

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

PetSmart,

Inc./PetSmart

Finance

Corp.

4.75%,

2/15/28,

Callable

8/2/25

@

101.19(a)

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

7.75%,

2/15/29,

Callable

8/2/25

@

101.94(a)

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

Resorts

World

Las

Vegas

LLC/RWLV

Capital,

Inc.,

4.63%,

4/6/31,

Callable

1/6/31

@

100(a)

.

Saks

Global

Enterprises

LLC,

11.00%,

12/15/29,

Callable

12/15/26

@

105.5(a)(i)

.........

Sotheby's,

7.38%,

10/15/27,

Callable

7/13/25

@

100(a)

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

Taylor

Morrison

Communities,

Inc.

5.75%,

1/15/28,

Callable

10/15/27

@

100(a)

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

5.13%,

8/1/30,

Callable

2/1/30

@

100(a)

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

Vail

Resorts,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25(a)

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

ZF

North

America

Capital,

Inc.,

6.88%,

4/23/32,

Callable

2/23/32

@

100(a)

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

1,774

Consumer

Staples

(4.7%):

Albertsons

Cos.,

Inc./Safeway,

Inc./New

Albertsons

LP/Albertsons

LLC,

6.50%,

2/15/28,

Callable

8/2/25

@

103.25(a)

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

Edgewell

Personal

Care

Co.,

4.13%,

4/1/29,

Callable

7/13/25

@

101.03(a)

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

Goat

Holdco

LLC,

6.75%,

2/1/32,

Callable

2/1/28

@

103.38(a)

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

Performance

Food

Group,

Inc.,

6.13%,

9/15/32,

Callable

9/15/27

@

103.06(a)

...........

Post

Holdings,

Inc.

6.25%,

2/15/32,

Callable

2/15/27

@

103.13(a)

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

6.38%,

3/1/33,

Callable

9/1/27

@

103.19(a)

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

Quikrete

Holdings,

Inc.,

6.38%,

3/1/32,

Callable

3/1/28

@

103.19(a)

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

U.S.

Foods,

Inc.,

5.75%,

4/15/33,

Callable

10/15/27

@

102.88(a)

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

830

Energy

(4.1%):

CITGO

Petroleum

Corp.,

8.38%,

1/15/29,

Callable

10/15/25

@

104.19(a)

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

Civitas

Resources,

Inc.,

9.63%,

6/15/33,

Callable

6/15/28

@

104.81(a)

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

Harvest

Midstream

I

LP,

7.50%,

5/15/32,

Callable

5/15/27

@

103.75(a)

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

Hilcorp

Energy

I

LP/Hilcorp

Finance

Co.,

7.25%,

2/15/35,

Callable

2/15/30

@

103.63(a)

...

Moss

Creek

Resources

Holdings,

Inc.,

8.25%,

9/1/31,

Callable

9/1/27

@

104.13(a)

........

Murphy

Oil

USA,

Inc.,

3.75%,

2/15/31,

Callable

2/15/26

@

101.88(a)

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

Permian

Resources

Operating

LLC

5.88%,

7/1/29,

Callable

8/2/25

@

101.47(a)

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

6.25%,

2/1/33,

Callable

8/1/27

@

103.13(a)

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

Sunoco

LP

7.25%,

5/1/32,

Callable

5/1/27

@

103.63(a)

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

6.25%,

7/1/33,

Callable

7/1/28

@

103.13(a)

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

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp.,

7.38%,

2/15/29,

Callable

2/15/26

@

103.69(a)

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

Venture

Global

LNG,

Inc.,

9.88%,

2/1/32,

Callable

2/1/27

@

104.94(a)

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

Venture

Global

Plaquemines

LNG

LLC,

7.75%,

5/1/35,

Callable

12/1/34

@

100(a)

........

Viper

Energy,

Inc.,

7.38%,

11/1/31,

Callable

11/1/26

@

103.69(a)

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

Vital

Energy,

Inc.,

7.88%,

4/15/32,

Callable

4/15/27

@

103.94(a)(i)

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

722

Financials

(4.4%):

Acrisure

LLC/Acrisure

Finance,

Inc.,

7.50%,

11/6/30,

Callable

5/15/26

@

103.75(a)

.......

Arsenal

AIC

Parent

LLC,

8.00%,

10/1/30,

Callable

10/1/26

@

104(a)

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

BCPE

Flavor

Debt

Merger

Sub

LLC

and

BCPE

Flavor

Issuer,

Inc.,

9.50%,

7/1/32,

Callable

7/1/28

@

104.75(a)

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

Beach

Acquisition

Bidco

LLC,

10.00%,

7/15/33,

Callable

7/15/28

@

103(a)

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

Boost

Newco

Borrower

LLC,

7.50%,

1/15/31,

Callable

1/15/27

@

103.75(a)

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

Credit

Acceptance

Corp.,

6.63%,

3/15/30,

Callable

3/15/27

@

103.31(a)

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

Enstar

Finance

LLC,

5.75%

(H15T5Y+547bps),

9/1/40,

Callable

9/1/25

@

100(g)

........

EZCORP,

Inc.,

7.38%,

4/1/32,

Callable

4/1/28

@

103.69(a)

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

Victory

Variable

Insurance

Funds

#### Victory

#### High

#### Yield

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ford

Motor

Credit

Co.

LLC,

6.13%,

3/8/34,

Callable

12/8/33

@

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

$

$

Level

Financing,

Inc.

3.75%,

7/15/29,

Callable

8/2/25

@

100.94(a)(i)

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

3.88%,

10/15/30,

Callable

7/13/25

@

101.81(a)(i)

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

6.88%,

6/30/33,

Callable

6/30/28

@

103.44(a)

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

Mobius

Merger

Sub,

Inc.,

9.00%,

6/1/30,

Callable

6/1/26

@

104.5(a)

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

NCR

Atleos

Corp.,

9.50%,

4/1/29,

Callable

10/1/26

@

104.75(a)

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

Park

Intermediate

Holdings

LLC/PK

Domestic

Property

LLC/PK

Finance

Co.-Issuer,

4.88%,

5/15/29,

Callable

8/2/25

@

101.22(a)(i)

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

PRA

Group,

Inc.,

8.88%,

1/31/30,

Callable

6/1/26

@

104.44(a)

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

Shift4

Payments

LLC/Shift4

Payments

Finance

Sub,

Inc.,

6.75%,

8/15/32,

Callable

8/15/27

@

103.38(a)

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

Starwood

Property

Trust,

Inc.,

7.25%,

4/1/29,

Callable

10/1/28

@

100(a)

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

Voyager

Parent

LLC,

9.25%,

7/1/32,

Callable

7/1/28

@

104.63(a)

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

773

Health

Care

(3.5%):

CHS/Community

Health

Systems,

Inc.

5.25%,

5/15/30,

Callable

8/2/25

@

102.63(a)

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

10.88%,

1/15/32,

Callable

2/15/27

@

105.44(a)

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

DENTSPLY

SIRONA,

Inc.,

8.37%

(H15T5Y+438bps),

9/12/55,

Callable

6/12/30

@

100(g)

.

Embecta

Corp.,

5.00%,

2/15/30,

Callable

2/15/27

@

101.25(a)

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

Encompass

Health

Corp.,

4.63%,

4/1/31,

Callable

4/1/26

@

102.31 ...................

Medline

Borrower

LP,

3.88%,

4/1/29,

Callable

8/2/25

@

101.94(a)

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

Medline

Borrower

LP/Medline

Co.-Issuer,

Inc.,

6.25%,

4/1/29,

Callable

4/1/26

@

103.13(a)

.

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

BV,

5.13%,

4/30/31,

Callable

4/30/26

@

102.56(a)

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

Pediatrix

Medical

Group,

Inc.,

5.38%,

2/15/30,

Callable

8/2/25

@

102.69(a)

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

Prestige

Brands,

Inc.,

3.75%,

4/1/31,

Callable

4/1/26

@

101.88(a)

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

Prime

Healthcare

Services,

Inc.,

9.38%,

9/1/29,

Callable

9/1/26

@

104.69(a)

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

Tenet

Healthcare

Corp.

5.13%,

11/1/27,

Callable

7/18/25

@

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

6.13%,

10/1/28,

Callable

8/2/25

@

101.53 .................................

U.S.

Acute

Care

Solutions

LLC,

9.75%,

5/15/29,

Callable

5/15/26

@

104.88(a)

..........

613

Industrials

(10.7%):

Alta

Equipment

Group,

Inc.,

9.00%,

6/1/29,

Callable

6/1/26

@

104.5(a)(i)

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

American

Airlines,

Inc.

7.25%,

2/15/28,

Callable

8/2/25

@

103.63(a)(i)

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

8.50%,

5/15/29,

Callable

11/15/25

@

104.25(a)

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

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.,

5.75%,

4/20/29(a)

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

Axon

Enterprise,

Inc.,

6.25%,

3/15/33,

Callable

3/15/28

@

103.13(a)

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

Beacon

Mobility

Corp.,

7.25%,

8/1/30,

Callable

8/1/27

@

103.63(a)

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

BlueLinx

Holdings,

Inc.,

6.00%,

11/15/29,

Callable

8/2/25

@

103(a)

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

Brightline

East

LLC,

11.00%,

1/31/30,

Callable

5/9/27

@

105.5(a)(i)

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

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.,

7.50%,

2/1/32,

Callable

2/1/28

@

103.75(a)

Builders

FirstSource,

Inc.,

6.38%,

3/1/34,

Callable

3/1/29

@

103.19(a)

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

BWX

Technologies,

Inc.,

4.13%,

4/15/29,

Callable

7/18/25

@

101.03(a)

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

Cornerstone

Building

Brands,

Inc.,

9.50%,

8/15/29,

Callable

8/15/26

@

104.75(a)

.........

EMRLD

Borrower

LP/Emerald

Co-Issuer,

Inc.,

6.75%,

7/15/31,

Callable

7/15/27

@

103.38(a)

Enpro,

Inc.,

6.13%,

6/1/33,

Callable

6/1/28

@

103.06(a)

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

Esab

Corp.,

6.25%,

4/15/29,

Callable

4/15/26

@

103.13(a)

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

Genesee

&

Wyoming,

Inc.,

6.25%,

4/15/32,

Callable

4/15/27

@

103.13(a)

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

Herc

Holdings,

Inc.,

7.25%,

6/15/33,

Callable

6/15/28

@

103.63(a)

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

JetBlue

Airways

Corp./JetBlue

Loyalty

LP,

9.88%,

9/20/31,

Callable

8/27/27

@

104.94(a)

...

Masterbrand,

Inc.,

7.00%,

7/15/32,

Callable

7/15/27

@

103.5(a)

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

OneSky

Flight

LLC,

8.88%,

12/15/29,

Callable

12/15/26

@

104.44(a)

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

QXO

Building

Products,

Inc.,

6.75%,

4/30/32,

Callable

4/30/28

@

103.38(a)

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

Rand

Parent

LLC,

8.50%,

2/15/30,

Callable

2/15/26

@

104.25(a)

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

Resideo

Funding,

Inc.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25(a)

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

Sensata

Technologies,

Inc.,

6.63%,

7/15/32,

Callable

7/15/27

@

103.31(a)

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

Victory

Variable

Insurance

Funds

#### Victory

#### High

#### Yield

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Spirit

AeroSystems,

Inc.

9.38%,

11/30/29,

Callable

11/30/25

@

104.69(a)

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

$

$

9.75%,

11/15/30,

Callable

11/15/26

@

104.88(a)

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

Standard

Industries,

Inc.

4.38%,

7/15/30,

Callable

8/2/25

@

102.19(a)

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

3.38%,

1/15/31,

Callable

8/2/25

@

101.69(a)

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

Star

Leasing

Co.

LLC,

7.63%,

2/15/30,

Callable

2/15/27

@

103.81(a)

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

The

GEO

Group,

Inc.,

8.63%,

4/15/29,

Callable

4/15/26

@

104.31 ....................

The

Hertz

Corp.,

12.63%,

7/15/29,

Callable

7/15/27

@

106.31(a)

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

TKC

Holdings,

Inc.,

10.50%,

5/15/29,

Callable

8/2/25

@

102.63(a)

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

TransDigm,

Inc.,

6.00%,

1/15/33,

Callable

9/15/27

@

103(a)

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

TriNet

Group,

Inc.,

7.13%,

8/15/31,

Callable

8/15/26

@

103.56(a)

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

United

Rentals

North

America,

Inc.,

6.13%,

3/15/34,

Callable

3/15/29

@

103.06(a)

........

Waste

Pro

USA,

Inc.,

7.00%,

2/1/33,

Callable

2/1/28

@

103.5(a)

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

WESCO

Distribution,

Inc.,

7.25%,

6/15/28,

Callable

8/2/25

@

101.21(a)

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

XPO,

Inc.,

7.13%,

6/1/31,

Callable

6/1/26

@

103.56(a)

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

1,891

Information

Technology

(3.7%):

Block,

Inc.,

6.50%,

5/15/32,

Callable

5/15/27

@

103.25 ...........................

Cloud

Software

Group,

Inc.

6.50%,

3/31/29,

Callable

9/30/25

@

103.25(a)

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

9.00%,

9/30/29,

Callable

9/30/25

@

104.5(a)

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

CoreWeave,

Inc.,

9.25%,

6/1/30,

Callable

6/1/27

@

104.63(a)

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

Diebold

Nixdorf,

Inc.,

7.75%,

3/31/30,

Callable

12/18/26

@

103.88(a)

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

Ellucian

Holdings,

Inc.,

6.50%,

12/1/29,

Callable

12/1/26

@

103.25(a)

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

EquipmentShare.com,

Inc.,

8.00%,

3/15/33,

Callable

9/15/27

@

104(a)

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

Gen

Digital,

Inc.

7.13%,

9/30/30,

Callable

9/30/25

@

103.56(a)

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

6.25%,

4/1/33,

Callable

4/1/28

@

103.13(a)

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

Neptune

Bidco

US,

Inc.,

9.29%,

4/15/29,

Callable

10/15/25

@

104.65(a)

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

Open

Text

Holdings,

Inc.,

4.13%,

12/1/31,

Callable

12/1/26

@

102.06(a)

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

Rocket

Software,

Inc.,

9.00%,

11/28/28,

Callable

7/13/25

@

103(a)

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

S&S

Holdings

LLC,

8.38%,

10/1/31,

Callable

10/1/27

@

104.19(a)

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

Sabre

GLBL,

Inc.,

11.13%,

7/15/30,

Callable

7/15/27

@

105.56(a)

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

UKG,

Inc.,

6.88%,

2/1/31,

Callable

2/1/27

@

103.44(a)

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

Zebra

Technologies

Corp.,

6.50%,

6/1/32,

Callable

6/1/27

@

103.25(a)

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

655

Materials

(5.8%):

AAR

Escrow

Issuer

LLC,

6.75%,

3/15/29,

Callable

3/15/26

@

103.38(a)

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

AmeriTex

HoldCo

Intermediate

LLC,

10.25%,

10/15/28,

Callable

10/15/25

@

105.13(a)(i)

..

ATI,

Inc.,

5.13%,

10/1/31,

Callable

10/1/26

@

102.56 .............................

Avient

Corp.,

6.25%,

11/1/31,

Callable

9/15/27

@

103.13(a)

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

Axalta

Coating

Systems

LLC,

3.38%,

2/15/29,

Callable

8/2/25

@

100.84(a)

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

Cleveland-Cliffs,

Inc.,

7.00%,

3/15/32,

Callable

3/15/27

@

103.5(a)

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

Clydesdale

Acquisition

Holdings,

Inc.,

6.75%,

4/15/32,

Callable

4/15/28

@

103.38(a)

......

Compass

Minerals

International,

Inc.,

8.00%,

7/1/30,

Callable

7/1/27

@

104(a)

...........

Dcli

Bidco

LLC,

7.75%,

11/15/29,

Callable

11/15/26

@

103.88(a)

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

Knife

River

Corp.,

7.75%,

5/1/31,

Callable

5/1/26

@

103.88(a)

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

LABL,

Inc.

9.50%,

11/1/28,

Callable

11/1/25

@

104.75(a)

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

8.63%,

10/1/31,

Callable

10/1/27

@

104.31(a)

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

Louisiana-Pacific

Corp.,

3.63%,

3/15/29,

Callable

8/2/25

@

100.91(a)

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

Novelis

Corp.,

6.88%,

1/30/30,

Callable

1/30/27

@

103.44(a)

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

Sasol

Financing

USA

LLC,

8.75%,

5/3/29,

Callable

3/3/29

@

100(a)

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

Sealed

Air

Corp.,

6.50%,

7/15/32,

Callable

7/15/27

@

103.25(a)

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

Smyrna

Ready

Mix

Concrete

LLC,

8.88%,

11/15/31,

Callable

11/15/26

@

104.44(a)

.......

The

Chemours

Co.,

8.00%,

1/15/33,

Callable

1/15/28

@

104(a)

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

1,018

Real

Estate

(2.5%):

Anywhere

Real

Estate

Group

LLC

/

Realogy

Co-Issuer

Corp.,

9.75%,

4/15/30,

Callable

4/15/27

@

104.88(a)

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

Cushman

&

Wakefield

U.S.

Borrower

LLC,

8.88%,

9/1/31,

Callable

9/1/26

@

104.44(a)

....

Victory

Variable

Insurance

Funds

#### Victory

#### High

#### Yield

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Forestar

Group,

Inc.,

6.50%,

3/15/33,

Callable

3/15/28

@

103.25(a)

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

$

$

GLP

Capital

LP/GLP

Financing

II,

Inc.,

5.63%,

9/15/34,

Callable

6/15/34

@

.........

RHP

Hotel

Properties

LP/RHP

Finance

Corp.,

4.50%,

2/15/29,

Callable

8/2/25

@

101.5(a)

..

Service

Properties

Trust

8.63%,

11/15/31,

Callable

11/15/26

@

104.31(a)

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

8.88%,

6/15/32,

Callable

6/15/27

@

104.44 ................................

The

Howard

Hughes

Corp.,

4.38%,

2/1/31,

Callable

2/1/26

@

102.19(a)

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

Uniti

Group

LP/Uniti

Group

Finance,

Inc./CSL

Capital

LLC,

10.50%,

2/15/28,

Callable

9/15/25

@

105.25(a)

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

Utilities

(1.6%):

Calpine

Corp.

5.13%,

3/15/28,

Callable

8/2/25

@

100.85(a)

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

4.63%,

2/1/29,

Callable

8/2/25

@

101.16(a)

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

NRG

Energy,

Inc.,

5.75%,

7/15/29,

Callable

7/13/25

@

102.88(a)

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

Vistra

Operations

Co.

LLC,

6.88%,

4/15/32,

Callable

4/15/27

@

103.44(a)

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

Total

Corporate

Bonds

(Cost

$11,168)

a

a

a

11,139

Yankee

Dollars

(20.4%)

Communication

Services

(0.6%):

Bell

Telephone

Co.

of

Canada

or

Bell

Canada,

6.87%

(H15T5Y+239bps),

9/15/55,

Callable

6/15/30

@

100(g)

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

Rogers

Communications,

Inc.,

7.00%

(H15T5Y+265bps),

4/15/55,

Callable

2/14/30

@

100(g)

Telecom

Italia

Capital

SA,

7.20%,

7/18/36

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

Virgin

Media

Finance

PLC,

5.00%,

7/15/30,

Callable

8/2/25

@

102.5(a)

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

Vmed

O2

UK

Financing

I

PLC,

4.75%,

7/15/31,

Callable

7/15/26

@

102.38(a)

...........

Consumer

Discretionary

(6.7%):

Carnival

Corp.

6.00%,

5/1/29,

Callable

8/2/25

@

103(a)

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

6.13%,

2/15/33,

Callable

2/15/28

@

103.06(a)(i)

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

Flutter

Treasury

DAC,

5.88%,

6/4/31,

Callable

4/15/27

@

102.94(a)

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

Global

Auto

Holdings

Ltd./AAG

FH

UK

Ltd.

11.50%,

8/15/29,

Callable

11/15/26

@

105.75(a)

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

8.75%,

1/15/32,

Callable

1/15/27

@

104.38(a)

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

Great

Canadian

Gaming

Corp./Raptor

LLC,

8.75%,

11/15/29,

Callable

11/15/26

@

104.38(a)

IHO

Verwaltungs

GmbH,

8.00%,

11/15/32,

Callable

11/15/27

@

104(a)(i)(j)

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

International

Game

Technology

PLC

6.25%,

1/15/27,

Callable

7/15/26

@

100(a)

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

5.25%,

1/15/29,

Callable

8/2/25

@

101.31(a)

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

Mattamy

Group

Corp.,

4.63%,

3/1/30,

Callable

8/2/25

@

102.31(a)

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

Melco

Resorts

Finance

Ltd.,

5.38%,

12/4/29,

Callable

8/2/25

@

102.69(a)

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

NCL

Corp.

Ltd.

5.88%,

3/15/26,

Callable

12/15/25

@

100(a)

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

6.75%,

2/1/32,

Callable

2/1/28

@

103.38(a)

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

Royal

Caribbean

Cruises

Ltd.

5.63%,

9/30/31,

Callable

9/30/27

@

102.81(a)

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

6.25%,

3/15/32,

Callable

3/15/27

@

103.13(a)

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

6.00%,

2/1/33,

Callable

8/1/27

@

103(a)

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

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

2/15/29,

Callable

8/2/25

@

101.41(a)

........

1,172

Energy

(1.5%):

Baytex

Energy

Corp.,

7.38%,

3/15/32,

Callable

3/15/27

@

103.69(a)(i)

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

TechnipFMC

PLC,

6.50%,

2/1/26,

Callable

8/2/25

@

100(a)

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

Vallourec

SACA,

7.50%,

4/15/32,

Callable

4/15/27

@

103.75(a)

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

Vermilion

Energy,

Inc.,

7.25%,

2/15/33,

Callable

2/28/28

@

103.63(a)

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

Financials

(3.4%):

1261229

BC

Ltd.,

10.00%,

4/15/32,

Callable

4/15/28

@

105(a)

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

Victory

Variable

Insurance

Funds

#### Victory

#### High

#### Yield

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Ardonagh

Finco

Ltd.,

7.75%,

2/15/31,

Callable

2/15/27

@

103.88(a)

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

$

$

Belron

UK

Finance

PLC,

5.75%,

10/15/29,

Callable

10/15/26

@

102.88(a)

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

GGAM

Finance

Ltd.,

5.88%,

3/15/30,

Callable

9/15/26

@

102.94(a)

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

Opal

Bidco

SAS,

6.50%,

3/31/32,

Callable

3/31/28

@

103.25(a)

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

UniCredit

SpA,

5.86%

(USISOA05+370bps),

6/19/32,

Callable

6/19/27

@

100(a)(g)

......

596

Health

Care

(0.1%):

Perrigo

Finance

Unlimited

Co.,

6.13%,

9/30/32,

Callable

9/30/27

@

103.06 .............

Industrials

(4.5%):

ATS

Corp.,

4.13%,

12/15/28,

Callable

8/2/25

@

101.03(a)

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

Avianca

Midco

PLC,

9.63%,

2/14/30,

Callable

2/14/27

@

104.81(a)

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

Azorra

Finance

Ltd.,

7.75%,

4/15/30,

Callable

10/15/26

@

103.88(a)

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

Bombardier,

Inc.

7.88%,

4/15/27,

Callable

8/2/25

@

100(a)

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

8.75%,

11/15/30,

Callable

11/15/26

@

104.38(a)

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

7.25%,

7/1/31,

Callable

7/1/27

@

103.63(a)

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

Cimpress

PLC,

7.38%,

9/15/32,

Callable

9/15/27

@

103.69(a)

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

Fibercop

SpA,

7.20%,

7/18/36,

Callable

4/18/36

@

100(a)

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

Grupo

Aeromexico

SAB

de

CV,

8.63%,

11/15/31,

Callable

11/15/27

@

104.31(a)

.........

Latam

Airlines

Group

SA,

7.88%,

4/15/30,

Callable

10/15/26

@

103.94(a)

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

Seaspan

Corp.,

5.50%,

8/1/29,

Callable

8/4/25

@

101.38(a)

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

VistaJet

Malta

Finance

PLC/Vista

Management

Holding,

Inc.,

6.38%,

2/1/30,

Callable

8/2/25

@

103.19(a)(i)

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

789

Information

Technology

(0.5%):

Seagate

HDD

Cayman

8.50%,

7/15/31,

Callable

7/15/26

@

104.25 ................................

9.63%,

12/1/32

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

Materials

(3.1%):

Alcoa

Nederland

Holding

BV,

7.13%,

3/15/31,

Callable

3/15/27

@

103.56(a)

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

Aris

Mining

Corp.,

8.00%,

10/31/29,

Callable

10/31/26

@

104(a)

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

Endeavour

Mining

PLC,

7.00%,

5/28/30,

Callable

5/28/27

@

103.5(a)

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

Ivanhoe

Mines

Ltd.,

7.88%,

1/23/30,

Callable

1/23/27

@

103.94(a)

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

Mineral

Resources

Ltd.,

9.25%,

10/1/28,

Callable

10/1/25

@

104.63(a)

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

NOVA

Chemicals

Corp.

9.00%,

2/15/30,

Callable

8/15/26

@

104.5(a)

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

7.00%,

12/1/31,

Callable

12/1/27

@

103.5(a)

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

536

Total

Yankee

Dollars

(Cost

$3,493)

a

a

a

3,588

Shares

Exchange-Traded

Funds

(0.7%)

iShares

BB

Rated

Corporate

Bond

ETF

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

2,500

Total

Exchange-Traded

Funds

(Cost

$111)

a

a

a

Collateral

for

Securities

Loaned

(5.9%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.23%(k)

........

258,074

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.27%(k)

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

258,074

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.29%(k)

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

258,074

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.24%(k)

.

258,074

Total

Collateral

for

Securities

Loaned

(Cost

$1,032)

a

a

a

1,032

Total

Investments

(Cost

$17,284)

—

97.7%

17,189

Other

assets

in

excess

of

liabilities

— 2.3%

NET

ASSETS

-

100.00%

$

17,599

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

20.9%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

Victory

Variable

Insurance

Funds

#### Victory

#### High

#### Yield

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2025,

the

fair

value

of

these

securities

was

$13,857

(thousands)

and

amounted

to

78.7%

of

net

assets.

(b) Amount

represents

less

than

0.05%

of

net

assets.

(c) Non-income

producing

security.

(d) This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(e) Rounds

to

less

than

$1

thousand.

(f) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

June

30,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

(g) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

June

30,

2025. (h) The

rates

for

this

senior

secured

loan

will

be

known

on

settlement

date

of

the

loan,

subsequent

to

this

report

date.

Senior

secured

loans

have

rates

that

will

fluctuate

over

time

in

line

with

prevailing

interest

rates.

(i) All

or

a

portion

of

this

security

is

on

loan.

(j) Up

to

8.75%

of

the

coupon

may

be

PIK.

(k) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. ABS

—

Asset-Backed

Securities

bps

—

Basis

points

ETF

—

Exchange-Traded

Fund

H15T5Y

—

Year

Treasury

Constant

Maturity

Rate,

rate

disclosed

as

of

June

30,

2025. ICE

—

Intercontinental

Exchange,

Inc.

IBA

—

ICE

Benchmark

Administration

Limited

LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

PIK

—

Payment-in-Kind

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFR01M

—

Month

SOFR,

rate

disclosed

as

of

June

30,

2025. SOFR03M

—

Month

SOFR,

rate

disclosed

as

of

June

30,

2025. USISOA05

—

ICE

IBA

-

USD

SOFR

Spread-Adjusted

ICE

Year

Swap

Rate,

rate

disclosed

as

of

June

30,

2025. Statement

of

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements* 

*(Form* 

*N-CSR* 

*Item* 

*7)*

Victory

Variable

Insurance

Funds

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

High

Yield

VIP

Series

Assets:

Investments,

at

value

(Cost

$17,284)

$

17,189

(a) Cash

903

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

Investments

sold

612

From

Adviser

Prepaid

expenses

—

(b) Total

Assets

19,048

Liabilities:

Payables:

Collateral

received

on

loaned

securities

1,032

Investments

purchased

Capital

shares

redeemed

—

(b) Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) Other

accrued

expenses

Total

Liabilities

1,449

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

22,389

Total

accumulated

earnings

(loss)

(4,790)

Net

Assets

$

17,599

Shares

(unlimited

shares

authorized

with

a

par

value

of

$0.001

per

share):

2,799

Net

asset

value:

$

.29

(a) Includes

$991

thousand

of

securities

on

loan.

(b) Rounds

to

less

than

$1

thousand.

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Variable

Insurance

Funds

(Amounts

in

Thousands)

(Unaudited)

Victory

High

Yield

VIP

Series

Investment

Income:

Dividends

$

Interest

652

Securities

lending

(net

of

fees)

Total

Income

672

Expenses:

Investment

advisory

fees

Administration

fees

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

—

(a) Sub-Transfer

agent

fees

Trustees'

fees

Compliance

fees

—

(a) Legal

and

audit

fees

Printing

fees

Other

expenses

Total

Expenses

Expenses

waived/reimbursed

by

Adviser

(18)

Net

Expenses

Net

Investment

Income

(Loss)

592

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(89)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

Net

realized/unrealized

gains

(losses)

on

investments

Change

in

net

assets

resulting

from

operations

$

912

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Variable

Insurance

Funds

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Yield

VIP

Series

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

592

$

1,567

Net

realized

gains

(losses)

(89)

(918)

Net

change

in

unrealized

appreciation/depreciation

980

Change

in

net

assets

resulting

from

operations

912

1,629

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(1,773)

Change

in

net

assets

resulting

from

capital

transactions

(2,343)

(2,160)

Change

in

net

assets

(1,431)

(2,304)

Net

Assets:

Beginning

of

period

19,030

21,334

End

of

period

$

17,599

$

19,030

Capital

Transactions:

Proceeds

from

shares

issued

$

$

1,807

Distributions

reinvested

—

1,773

Cost

of

shares

redeemed

(2,615)

(5,740)

Change

in

net

assets

resulting

from

capital

transactions

$

(2,343)

$

(2,160)

Share

Transactions:

Issued

Reinvested

—

Redeemed

(431)

(906)

Change

in

Shares

(386)

(322)

Victory

Variable

Insurance

Funds

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

High

Yield

VIP

Series

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$5.98

$6.08

$5.92

$7.40

$7.42

$7.36

Investment

Activities:

Net

investment

income

(loss)(a)

0.20 0.49 0.49 0.44 0.40 0.44 Net

realized

and

unrealized

gains

(losses)

0.11 0.02 0.18 (1.44)

0.03 0.14 Total

from

Investment

Activities

0.31 0.51 0.67 (1.00)

0.43 0.58 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.61)

(0.51)

(0.48)

(0.45)

(0.52)

Total

Distributions

—

(0.61)

(0.51)

(0.48)

(0.45)

(0.52)

Net

Asset

Value,

End

of

Period

$6.29

$5.98

$6.08

$5.92

$7.40

$7.42

Total

Return(b)(c)(d)

5.18%

8.42%

11.41%

(13.55)%

5.85%

7.92%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.89%

0.89%

0.89%

0.89%

0.89%

0.89%

Net

Investment

Income

(Loss)(e)

6.62%

7.70%

7.88%

6.55%

5.21%

6.10%

Gross

Expenses(e)(f)

1.09%

1.05%

1.02%

1.01%

0.99%

1.04%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$17,599

$19,030

$21,334

$22,139

$30,016

$30,119

Portfolio

Turnover(b)

50%

109%(g)

52%

42%

75%

91%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Total

returns

do

not

reflect

the

effects

of

charges

deducted

pursuant

to

the

terms

of

The

Guardian

Insurance

&

Annuity

Company,

Inc.'s

variable

contracts.

Inclusion

of

such

charges

would

reduce

the

total

returns

for

all

periods

shown.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

increased

trading

activity

due

to

a

sub-adviser

termination.

Notes

to

Financial

Statements

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

1. #### Organization:
Victory

Variable

Insurance

Funds

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and the

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

four

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of Victory

High

Yield

VIP

Series

(the

"Fund"),

a

series

of

the

Trust.

The

Fund offers

a

single

class

of

shares:

Class

I. The

Fund's

shares

are

only

available

for

purchase

by

certain

separate

accounts

of

insurance

companies

as

investments

for

certain

variable

annuity

plans

and

variable

life

insurance

contracts

issued

by

those

insurance

companies.

The

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"), has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs"),

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

June

30,

2025, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands).

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Zero

market

value

securities.

As

of June

30,

2025,

there

were

no

significant

transfers

into/out

of

Level

3. Investment

Companies:

Exchange-Traded

Funds:

The

Fund

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index. Among

other

purposes,

the

Fund

may

purchase

shares

of

an

ETF

to

temporarily

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Loans:

Floating

rate

loans

in

which

the

Fund

invests

are

primarily

"senior"

loans.

Senior

floating

rate

loans

typically

hold

a

senior

position

in

the

capital

structure

of

the

borrower,

are

typically

secured

by

specific

collateral,

and

have

a

claim

on

the

assets

and/or

stock

of

the

borrower

that

is

senior

to

that

held

by

subordinated

debtholders

and

stockholders

of

the

borrower.

While

these

protections

may

reduce

risk,

these

investments

still

present

significant

credit

risk.

A

significant

portion

of

the

Fund's

floating

rate

investments

may

be

issued

in

connection

with

highly

leveraged

transactions

such

as

leveraged

buyouts,

leveraged

recapitalization

loans,

and

other

types

of

acquisition

financing.

Obligations

in

these

types

of

transactions

are

subject

to

greater

credit

risk

(including

default

and

bankruptcy)

than

many

other

investments

and

may

be,

or

become,

illiquid.

See

note

regarding

below-investment-grade

securities.

The

Fund

may

purchase

second

lien

loans

(secured

loans

with

a

claim

on

collateral

subordinate

to

a

senior

lender's

claim

on

such

collateral),

fixed

rate

loans,

unsecured

loans,

and

other

debt

obligations.

Transactions

in

loans

often

settle

on

a

delayed

basis,

and

the

Fund

may

not

receive

the

proceeds

from

the

sale

of

a

loan

or

pay

for

a

loan

purchase

for

a

substantial

period

of

time

after

entering

into

the

transactions.

Below-Investment-Grade

Securities:

The

Fund

may

invest in

below-investment-grade

securities

(i.e.,

lower-quality,

"junk"

debt),

which

are

subject

to

various

risks.

Lower-quality

debt

is

considered

to

be

speculative

because

it

is

less

certain

that

the

issuer

will

be

able

to

pay

interest

or

repay

the

principal

than

in

the

case

of

investment-grade

debt.

These

securities

can

involve

a

substantially

greater

risk

of

default

than

higher-rated

securities,

and

their

values

can

decline

significantly

over

short

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

their

issuers,

the

market

and

the

economy

in

general,

than

higher-quality

debt

securities.

The

market

for

these

securities

can

be

less

liquid,

especially

during

periods

of

recession

or

general

market

decline.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis. Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statement

of

Operations.

Level

Level

Level

Total

Victory

High

Yield

VIP

Series

Asset-Backed

Securities

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

$

—

$

$

—

$

Common

Stocks

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

—

—

—(a)

—(a)

Senior

Secured

Loans

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

—

1,270

—

1,270

Corporate

Bonds

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

—

11,139

—

11,139

Yankee

Dollars

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

—

3,588

—

3,588

Exchange-Traded

Funds

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

—

—

Collateral

for

Securities

Loaned

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

1,032

—

—

1,032

Total

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

$

1,150

$

16,039

$

—(a)

$

17,189

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

The Fund

may

receive

other

income

from

investments

in

loan

assignments

and/or

unfunded

commitments,

including

amendment

fees,

consent

fees,

and

commitment

fees.

These

fees

are

recorded

as

income

when

received.

These

amounts,

if

received,

are

included

in

Interest

income

on

the

Statement

of

Operations.

Securities

Lending:

The

Fund,

through

a

Securities

Lending

Agreement

with

Citibank,

N.A.

("Citibank"),

may

lend

its

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans

for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured

the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-cash

collateral

can

include

U.S.

Government

Securities

and

other

securities

as

permitted

by Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Fund's

Schedule

of

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Fund's

Schedule

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Fund's

securities

on

loan

as

of

the

end

of

the

prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Fund

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Fund

also

earns

a

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statement

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days.

Although

risk

is

mitigated

by

the

collateral,

the

Fund

could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk

that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Fund's

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Fund

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Fund's

securities

lending

transactions

as

of

June

30,

2025

(amounts

in

thousands):

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of December

31. For

the

six

months

ended

June

30,

2025,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

June

30,

2025,

were

as

follows (amounts

in

thousands):

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Victory

High

Yield

VIP

Series

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

$

991

$

—

$

1,032

Excluding

U.S.

Government

Securities

Purchases

Sales

Victory

High

Yield

VIP

Series

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

$

8,148

$

9,159

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.60%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust,

Victory

Portfolios

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Fund.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-Administration

fees.

The

Fund

(as

part

of

the

Trust)

has

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II,

in

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

has

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund's

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund's

transfer

agent.

Amounts

incurred

for

the

six

months ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust,

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Trust.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense limit

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund's

business

are

excluded

from

the

expense

limit.

As

of

June

30,

2025,

the

expense

limit (excluding

voluntary

waivers) was:

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

June

30,

2025. As

of June

30,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Fund are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

June

30,

2025. Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

5. #### Risks:
The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Debt

Securities

Risk

—

The

value

of

a

debt

security

or

other

income-producing

security

changes

in

response

to

various

factors,

including,

for

example,

market-related

factors

(such

as

changes

in

interest

rates

or

changes

in

the

risk

appetite

of

investors

generally)

and

changes

in

the

actual

or

perceived

ability

of

the

issuer

(or

of

issuers

generally)

to

meet

its

(or

their)

obligations.

Other

factors

that

may

affect

the

value

of

debt

securities

include,

among

others,

economic

conditions,

market

events

and public

health

crises

and

responses

by

governments

and

companies

to

such

developments.

These

and

other

events

may

affect

the

creditworthiness

of

the

issuer

of

a

debt

security

and

may

impair

an

issuer's

ability

to

timely

meet

its

debt

obligations

as

they

come

due.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund.

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes,

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

High-Yield/Junk

Bond

Risk

—

Lower-quality

debt

securities

can

involve

a

substantially

greater

risk

of

default

than

higher

quality

debt

securities,

and

their

values

can

decline

significantly

over

short

and

longer

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

the

issuer,

or

the

market

or

economy

in

general.

Floating

Rate

Loan

Risk

—

Investments

in

floating

rate

loans

are

generally

subject

to

the

same

risks

as

investments

in

other

types

of

debt

securities,

including,

in

many

cases,

investments

in

high-yield/junk

bonds.

There

may

be

limited

public

information

available

regarding

the

loan.

They

may

be

difficult

to

value

and

may

be

illiquid.

The

receipt

of

principal

and

interest

on

some

loans

may

be

subject

to

the

credit

risk

of

a

financial

institution

that

issues

or

administers

the

loan.

In

certain

circumstances,

the

Fund

may

not

have

the

same

protections

available

to

investors

under

the

federal

securities

laws.

In

times

of

unusual

or

adverse

market,

economic

or

political

conditions,

floating

rate

loans

may

experience

higher

than

normal

default

rates.

In

the

event

of

a

recession

or

serious

credit

event,

among

other

eventualities,

the

value

of

the

Fund's

investments

in

floating

rate

loans

are

more

likely

to

decline.

Transactions

in

loans

often

settle

on

a

delayed

basis,

and

the

Fund

may

not

receive

the

proceeds

from

the

sale

of

a

loan

for

a

substantial

period

of

time

after

the

sale.

The

secondary

market

for

floating

rate

loans

is

limited

and,

thus,

the

Fund's

ability

to

sell

or

realize

the

full

value

of

its

investment

in

these

loans

to

reinvest

sale

proceeds

or

to

meet

redemption

obligations

may

be

impaired.

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

funds

in

the

Trust,

Victory

Portfolios,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate,

may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

In

effect

until

April

30,

2026

Victory

High

Yield

VIP

Series

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.89%

Expires

2025

Expires

2026

Expires

2027

Expires

2028

Total

Victory

High

Yield

VIP

Series

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

$

$

$

$

$

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

June

30,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

June

30,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

Fund

did

not

utilize

or

participate

in

the

Facility

during

the

six

months

ended

June

30,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
The

Fund

intends

to

distribute

any

net

investment

income

annually.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(loss)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended December

31,

2024,

the

Fund

had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

8. #### Segment

#### Reporting:
In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

the

results

of

its

operations.

The

Adviser's

Management

Committee

acts

as

the

Fund's

Chief

Operating

Decision

Maker

("CODM").

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-

determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

9. #### Subsequent

#### Event:
On

May

20,

2025,

the

Board,

upon

recommendation

of

the

Adviser,

approved

a

Plan

of

Liquidation

for

each

individual

fund

within

the

Trust.

On

August

29,

2025,

the

Fund

will

redeem

all

of

its

outstanding

shares

at

the

net

asset

value

of

such

shares.

Short-Term

Amount

Long-Term

Amount

Total

Victory

High

Yield

VIP

Series

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

$

(431) $

(6,324)

$

(6,755)

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

VVIF-RS-HYVIP-SAR

(6/25)

June

30,

2025

Semi-Annual:

Full

Financials

Victory

Variable

Insurance

Funds

Victory

RS

International

VIP

Series

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

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resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

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philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Variable* 

*Insurance* 

*Funds*

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 3

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 7
Statement

of

Operations

#### 8
Statements

of

Changes

in

Net

Assets

#### 9
Financial

Highlights

#### 10

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 11

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

*The* 

*Fund* 

*is* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Fund* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Fund* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Fund.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Fund.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863.* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Fund,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Variable

Insurance

Funds

#### Victory

#### RS

#### International

#### VIP

#### Series

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.2%)

Australia

(6.0%):

Consumer

Discretionary

(1.3%):

Aristocrat

Leisure

Ltd.

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

34,471

$

1,477

Financials

(1.1%):

Macquarie

Group

Ltd.

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

8,343

1,254

Health

Care

(0.8%):

CSL

Ltd.

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

5,432

858

Materials

(1.8%):

BHP

Group

Ltd.

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

85,644

2,060

Real

Estate

(1.0%):

Scentre

Group

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

496,412

1,166

6,815

Austria

(1.1%):

Financials

(1.1%):

BAWAG

Group

AG

(a) ...................................................

9,709

1,241

Belgium

(1.2%):

Information

Technology

(0.6%):

Melexis

NV

(b) .........................................................

7,686

655

Materials

(0.6%):

Solvay

SA

,

Class

A

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

19,924

690

1,345

Denmark

(2.6%):

Consumer

Discretionary

(0.9%):

Pandora

A/S

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

5,585

984

Health

Care

(1.7%):

Novo

Nordisk

A/S

,

Class

B

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

29,004

2,010

2,994

Finland

(1.2%):

Financials

(1.2%):

Nordea

Bank

Abp

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

93,471

1,387

France

(8.1%):

Consumer

Discretionary

(1.7%):

FDJ

UNITED

(a) .......................................................

23,999

942

LVMH

Moet

Hennessy

Louis

Vuitton

SE

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

1,956

1,023

1,965

Consumer

Staples

(1.3%):

L'Oreal

SA

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

3,476

1,489

Energy

(0.6%):

Gaztransport

Et

Technigaz

SA

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

3,326

658

Industrials

(3.2%):

Rexel

SA

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

40,507

1,249

Safran

SA

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

7,253

2,365

3,614

Information

Technology

(0.5%):

Capgemini

SE

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

3,578

613

Materials

(0.8%):

Arkema

SA

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

12,857

949

9,288

Germany

(10.3%):

Communication

Services

(0.9%):

CTS

Eventim

AG

&

Co.

KGaA

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

8,231

1,024

Consumer

Discretionary

(0.9%):

Volkswagen

AG

,

Preference

Shares

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

9,215

974

Victory

Variable

Insurance

Funds

#### Victory

#### RS

#### International

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Financials

(2.7%):

Allianz

SE

,

Registered

Shares

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

7,684

$

3,118

Industrials

(2.2%):

Siemens

AG

,

Registered

Shares

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

9,878

2,537

Information

Technology

(2.7%):

SAP

SE

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

10,170

3,109

Utilities

(0.9%):

RWE

AG

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

25,450

1,063

11,825

Hong

Kong

(2.8%):

Financials

(1.8%):

AIA

Group

Ltd.

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

223,000

2,020

Real

Estate

(1.0%):

CK

Asset

Holdings

Ltd.

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

273,500

1,209

3,229

Ireland

(0.6%):

Materials

(0.6%):

James

Hardie

Industries

PLC

(c) ............................................

26,597

714

Italy

(2.3%):

Financials

(1.0%):

Banco

BPM

SpA

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

100,745

1,176

Utilities

(1.3%):

Enel

SpA

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

152,754

1,449

2,625

Japan

(20.9%):

Communication

Services

(2.2%):

Capcom

Co.

Ltd.

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

41,900

1,431

Kakaku.com,

Inc.

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

59,800

1,109

2,540

Consumer

Discretionary

(2.6%):

Toyota

Motor

Corp.

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

119,000

2,050

ZOZO,

Inc.

...........................................................

84,400

912

2,962

Consumer

Staples

(0.6%):

Toyo

Suisan

Kaisha

Ltd.

..................................................

10,200

678

Financials

(3.2%):

Mizuho

Financial

Group,

Inc.

..............................................

64,600

1,794

Tokio

Marine

Holdings,

Inc.

...............................................

44,600

1,890

3,684

Health

Care

(2.3%):

Hoya

Corp.

...........................................................

11,900

1,414

Shionogi

&

Co.

Ltd.

.....................................................

68,600

1,235

2,649

Industrials

(5.5%):

Fuji

Electric

Co.

Ltd.

....................................................

22,800

1,050

MISUMI

Group,

Inc.

....................................................

35,400

Mitsubishi

Heavy

Industries

Ltd.

............................................

89,200

2,232

Nippon

Yusen

KK

......................................................

23,800

856

Sanwa

Holdings

Corp.

...................................................

48,500

1,609

6,220

Information

Technology

(3.6%):

Disco

Corp.

...........................................................

4,700

1,392

Fujitsu

Ltd.

...........................................................

60,900

1,478

Oracle

Corp.

..........................................................

10,500

1,252

4,122

Victory

Variable

Insurance

Funds

#### Victory

#### RS

#### International

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Real

Estate

(0.9%):

Sumitomo

Realty

&

Development

Co.

Ltd.

....................................

27,300

$

1,054

23,909

Netherlands

(6.5%):

Communication

Services

(1.2%):

Koninklijke

KPN

NV

....................................................

269,626

1,315

Financials

(2.0%):

ING

Groep

NV

........................................................

105,813

2,319

Industrials

(1.4%):

Wolters

Kluwer

NV

.....................................................

9,312

1,557

Information

Technology

(1.9%):

ASM

International

NV

...................................................

1,922

1,233

ASML

Holding

NV

.....................................................

1,222

979

2,212

7,403

New

Zealand

(0.7%):

Health

Care

(0.7%):

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

........................................

34,954

767

Norway

(1.5%):

Industrials

(1.5%):

Kongsberg

Gruppen

ASA

.................................................

43,845

1,701

Singapore

(0.9%):

Financials

(0.9%):

Singapore

Exchange

Ltd.

.................................................

91,800

1,075

Spain

(3.5%):

Communication

Services

(0.0%):(d)

Telefonica

SA

.........................................................

—

(e) Financials

(2.3%):

Banco

Bilbao

Vizcaya

Argentaria

SA

.........................................

167,601

2,581

Industrials

(1.2%):

Aena

SME

SA

(a) .......................................................

51,110

1,364

3,945

Sweden

(1.6%):

Consumer

Staples

(0.2%):

Essity

AB

,

Class

B

......................................................

9,030

Industrials

(1.4%):

Atlas

Copco

AB

,

Class

B

.................................................

113,023

1,609

1,859

Switzerland

(11.3%):

Consumer

Staples

(3.6%):

Coca-Cola

HBC

AG

.....................................................

30,233

1,579

Nestle

SA

,

Registered

Shares

..............................................

25,045

2,491

4,070

Financials

(1.7%):

Partners

Group

Holding

AG

...............................................

581

761

UBS

Group

AG

........................................................

35,327

1,200

1,961

Health

Care

(5.3%):

Novartis

AG

,

Registered

Shares

.............................................

25,222

3,063

Roche

Holding

AG

......................................................

9,121

2,979

6,042

Information

Technology

(0.7%):

Logitech

International

SA

,

Class

R

..........................................

9,047

821

12,894

Victory

Variable

Insurance

Funds

#### Victory

#### RS

#### International

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) United

Kingdom

(15.1%):

Communication

Services

(0.9%):

Auto

Trader

Group

PLC

(a) ................................................

91,828

$

1,040

Consumer

Discretionary

(1.7%):

Greggs

PLC

...........................................................

29,869

788

Next

PLC

............................................................

6,467

1,104

1,892

Consumer

Staples

(3.0%):

Imperial

Brands

PLC

....................................................

48,781

1,927

Unilever

PLC

.........................................................

25,003

1,526

3,453

Energy

(2.6%):

BP

PLC

..............................................................

119,406

595

Shell

PLC

............................................................

66,118

2,306

2,901

Financials

(4.7%):

Barclays

PLC

.........................................................

574,528

2,654

HSBC

Holdings

PLC

....................................................

224,638

2,717

5,371

Materials

(1.2%):

Rio

Tinto

PLC

.........................................................

24,237

1,410

Utilities

(1.0%):

Centrica

PLC

..........................................................

510,587

1,133

17,200

Total

Common

Stocks

(Cost

$72,888)

112,216

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

iShares

MSCI

EAFE

ETF

.................................................

653

Total

Exchange-Traded

Funds

(Cost

$39)

Collateral

for

Securities

Loaned

(0.0%)^(d)

United

States

(0.0%):(d)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(f) ........

2,419

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(f) ............

2,419

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(f) ................

2,419

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(f) .

2,419

Total

Collateral

for

Securities

Loaned

(Cost

$10)

Total

Investments

(Cost

$72,937)

—

98.3%

112,284

Other

assets

in

excess

of

liabilities

—

1.7%

2,032

NET

ASSETS

-

100.00%

$

114,316

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

June

30,

2025,

the

fair

value

of

these

securities

was

$4,587

(thousands)

and

amounted

to

4.0%

of

net

assets.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Non-income

producing

security.

(d) Amount

represents

less

than

0.05%

of

net

assets.

(e) Rounds

to

less

than

$1

thousand.

(f) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Statement

of

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Variable

Insurance

Funds

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

RS

International

VIP

Series

Assets:

Investments,

at

value

(Cost

$72,937)

$

112,284

(a) Foreign

currency,

at

value

(Cost

$71)

Cash

1,552

Receivables:

Dividends,

interest,

and

securities

lending

income

From

Adviser

Reclaims

856

Prepaid

expenses

Total

Assets

114,860

Liabilities:

Payables:

Collateral

received

on

loaned

securities

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) Other

accrued

expenses

Total

Liabilities

544

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

63,634

Total

accumulated

earnings

(loss)

50,682

Net

Assets

$

114,316

Shares

(unlimited

shares

authorized

with

a

par

value

of

$0.001

per

share):

5,487

Net

asset

value:

$

.83

(a) Includes

$9

thousand

of

securities

on

loan.

(b) Rounds

to

less

than

$1

thousand.

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Variable

Insurance

Funds

(Amounts

in

Thousands)

(Unaudited)

Victory

RS

International

VIP

Series

Investment

Income:

Dividends

$

2,591

Interest

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(284)

Total

Income

2,342

Expenses:

Investment

advisory

fees

Administration

fees

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

—

(a) Sub-Transfer

agent

fees

Trustees'

fees

Compliance

fees

—

(a) Legal

and

audit

fees

Interfund

lending

fees

—

(a) Other

expenses

Total

Expenses

618

Expenses

waived/reimbursed

by

Adviser

(113)

Net

Expenses

505

Net

Investment

Income

(Loss)

1,837

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

4,707

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

12,579

Net

realized/unrealized

gains

(losses)

on

investments

17,286

Change

in

net

assets

resulting

from

operations

$

19,123

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Variable

Insurance

Funds

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

VIP

Series

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

1,837

$

2,426

Net

realized

gains

(losses)

4,707

7,440

Net

change

in

unrealized

appreciation/depreciation

12,579

(2,972)

Change

in

net

assets

resulting

from

operations

19,123

6,894

Change

in

net

assets

resulting

from

distributions

to

shareholders

—

(3,217)

Change

in

net

assets

resulting

from

capital

transactions

(10,316)

(17,612)

Change

in

net

assets

8,807

(13,935)

Net

Assets:

Beginning

of

period

105,509

119,444

End

of

period

$

114,316

$

105,509

Capital

Transactions:

Proceeds

from

shares

issued

$

7,038

$

5,285

Distributions

reinvested

—

3,217

Cost

of

shares

redeemed

(17,354)

(26,114)

Change

in

net

assets

resulting

from

capital

transactions

$

(10,316)

$

(17,612)

Share

Transactions:

Issued

Reinvested

—

Redeemed

(922)

(1,435)

Change

in

Shares

(561)

(959)

Victory

Variable

Insurance

Funds

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

International

VIP

Series

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$17.44

$17.05

$14.59

$19.33

$17.60

$17.48

Investment

Activities:

Net

investment

income

(loss)(a)

0.32 0.38 0.32 0.44 0.39 0.32 Net

realized

and

unrealized

gains

(losses)

3.07 0.56 2.60 (3.46)

2.13 0.75 Total

from

Investment

Activities

3.39 0.94 2.92 (3.02)

2.52 1.07 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.55)

(0.46)

(0.42)

(0.37)

(0.45)

Net

realized

gains

—

—

—

(1.30)

(0.42)

(0.50)

Total

Distributions

—

(0.55)

(0.46)

(1.72)

(0.79)

(0.95)

Net

Asset

Value,

End

of

Period

$20.83

$17.44

$17.05

$14.59

$19.33

$17.60

Total

Return(b)(c)(d)

19.44%

5.50%

20.02%

(15.81)%

14.37%

6.24%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.93%

0.93%

0.93%

0.93%

0.93%

0.93%

Net

Investment

Income

(Loss)(e)

3.38%

2.09%

2.01%

2.71%

2.02%

2.02%

Gross

Expenses(e)(f)

1.14%

1.09%

1.10%

1.10%

1.01%

0.98%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$114,316

$105,509

$119,444

$114,272

$150,255

$147,783

Portfolio

Turnover(b)

13%

20%

23%

27%

35%

54%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Total

returns

do

not

reflect

the

effects

of

charges

deducted

pursuant

to

the

terms

of

The

Guardian

Insurance

&

Annuity

Company,

Inc.'s

variable

contracts.

Inclusion

of

such

charges

would

reduce

the

total

returns

for

all

periods

shown.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

Notes

to

Financial

Statements

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

1. #### Organization:
Victory

Variable

Insurance

Funds

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and the

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

four

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of Victory

RS

International

VIP

Series

(the

"Fund"),

a

series

of

the

Trust.

The

Fund offers

a

single

class

of

shares:

Class

I. The

Fund's

shares

are

only

available

for

purchase

by

certain

separate

accounts

of

insurance

companies

as

investments

for

certain

variable

annuity

plans

and

variable

life

insurance

contracts

issued

by

those

insurance

companies.

The

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"), has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs"),

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

In

accordance

with

procedures

adopted

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

the

exchange

on

which

they

are

traded

closes

and

the

time

the

Fund's

NAV

is

calculated.

The

Fund

uses

a

systematic

valuation

model,

provided

daily

by

an

independent

third

party

to

fair

value its

international

equity

securities.

The

valuations

are categorized

as

Level

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

June

30,

2025, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands).

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

As

of June

30,

2025,

there

were

no

significant

transfers

into/out

of

Level

3. Investment

Companies:

Exchange-Traded

Funds:

The

Fund

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index. Among

other

purposes,

the

Fund

may

purchase

shares

of

an

ETF

to

temporarily

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Derivative

Instruments:

Foreign

Exchange

Currency

Contracts:

The

Fund

may

enter

into

foreign

exchange

currency

contracts

to

convert

U.S.

dollars

to

and

from

various

foreign

currencies.

A

foreign

exchange

currency

contract

is

an

obligation

by the

Fund

to

purchase

or

sell

a

specific

currency

at

a

future

date

at

a

price

(in

U.S.

dollars)

set

at

the

time

of

the

contract.

The

Fund

does

not

engage

in

"cross-currency"

foreign

exchange

contracts

(i.e.,

contracts

to

purchase

or

sell

one

foreign

currency

in

exchange

for

another

foreign

currency).

The

Fund's

foreign

exchange

currency

contracts

might

be

considered

spot

contracts

(typically

a

contract

of

one

week

or

less)

or

forward

contracts

(typically

a

contract

term

over

one

week).

A

spot

contract

is

entered

into

for

purposes

of

hedging

against

foreign

currency

fluctuations

relating

to

a

specific

portfolio

transaction,

such

as

the

delay

between

a

security

transaction

trade

date

and

settlement

date.

Forward

contracts

are

entered

into

for

purposes

of

hedging

portfolio

holdings

or

concentrations

of

such

holdings. Each

foreign

exchange

currency

contract

is

adjusted

daily

by

the

prevailing

spot

or

forward

rate

of

the

underlying

currency,

and

any

appreciation

or

depreciation

is

recorded

for

financial

statement

purposes

as

unrealized

until

the

contract

settlement

date,

at

which

time

the

Fund

records

realized

gains

or

losses

equal

to

the

difference

between

the

value

of

a

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

The Fund

could

be

exposed

to

risk

if

a

counterparty

is

unable

to

meet

the

terms

of

a

foreign

exchange

currency

contract

or

if

the

value

of

the

foreign

currency

changes

unfavorably.

In

addition,

the

use

of

foreign

exchange

currency

contracts

does

not

eliminate

fluctuations

in

the

underlying

prices

of

the

securities.

The

Fund

enters

into

foreign

exchange

currency

contracts

solely

for

spot

or

forward

hedging

purposes,

and

not

for

speculative

purposes

(i.e.,

the

Fund

does

not

enter

into

such

contracts

solely

for

the

purpose

of

earning

foreign

currency

gains). As

of June

30,

2025,

the

Fund

had

no

open

forward

foreign

exchange

currency

contracts.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Fund

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Securities

Lending:

The

Fund,

through

a

Securities

Lending

Agreement

with

Citibank,

N.A.

("Citibank"),

may

lend

its

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans

for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured

the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-cash

collateral

can

include

Level

Level

Level

Total

Victory

RS

International

VIP

Series

Common

Stocks

...............................................

$

—

$

112,216

$

—

$

112,216

Exchange-Traded

Funds

.........................................

—

—

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

$

112,216

$

—

$

112,284

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

U.S.

Government

Securities

and

other

securities

as

permitted

by Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Fund's

Schedule

of

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Fund's

Schedule

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Fund's

securities

on

loan

as

of

the

end

of

the

prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Fund

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Fund

also

earns

a

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statement

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days.

Although

risk

is

mitigated

by

the

collateral,

the

Fund

could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk

that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Fund's

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Fund

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Fund's

securities

lending

transactions

as

of

June

30,

2025

(amounts

in

thousands):

Foreign

Currency

Translations:

The

accounting

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Fund

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Fund

does

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statement

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statement

of

Operations.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

related

to

foreign

income

received

(a

portion

of

which

may

be

reclaimable),

capital

gains

on

the

sale

of

securities,

and

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of December

31. For

the

six

months

ended

June

30,

2025,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

June

30,

2025,

were

as

follows (amounts

in

thousands):

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Victory

RS

International

VIP

Series

....................................

$

$

—

$

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.80%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust,

Victory

Portfolios

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Fund.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-Administration

fees.

The

Fund

(as

part

of

the

Trust)

has

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II,

in

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

has

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund's

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund's

transfer

agent.

Amounts

incurred

for

the

six

months ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust,

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

Excluding

U.S.

Government

Securities

Purchases

Sales

Victory

RS

International

VIP

Series

.............................................................

$

14,376

$

21,998

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Trust.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense limit

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund's

business

are

excluded

from

the

expense

limit.

As

of

June

30,

2025,

the

expense

limit (excluding

voluntary

waivers) was:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

June

30,

2025. As

of June

30,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Fund are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

June

30,

2025. Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

5. #### Risks:
The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Equity

Securities

Risk

—

The

value

of

the

equity

securities

in

which

the

Fund

invests

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

economic

conditions

in

the

United

States

or

abroad.

A

company's

earnings

or

dividends

may

not

increase

as

expected

(or

may

decline)

because

of

poor

management,

competitive

pressures,

reliance

on

particular

suppliers

or

geographical

regions,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

man-made

or

natural

disasters,

military

confrontations

or

wars,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

last

for

extended

periods.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund.

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes,

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Foreign

Securities

Risk

—

Foreign

securities

(including

depositary

receipts)

are

subject

to

political,

regulatory,

and

economic

risks

not

present

in

domestic

investments.

Foreign

securities

could

be

affected

by

factors

not

present

in

the

United

States,

including

expropriation,

confiscation

of

property,

and

difficulties

in

enforcing

contracts.

Compared

to

U.S.

companies,

there

generally

is

less

publicly

available

information

about

foreign

companies

and

there

may

be

less

governmental

regulation

and

supervision

of

foreign

companies.

Foreign

securities

generally

experience

more

volatility

than

their

domestic

counterparts.

Depositary

receipts

may

have

additional

risks,

including

creditworthiness

of

the

depositary

bank

and

the

risk

of

an

illiquid

market.

In

addition,

to

the

extent

investments

are

made

in

a

limited

number

of

countries,

events

in

those

countries

will

have

a

more

significant

impact

on

the

Fund.

Fluctuations

in

the

exchange

rates

between

the

U.S.

dollar

and

foreign

currencies,

currency

exchange

control

regulations,

and

restrictions

or

prohibitions

on

the

repatriation

of

foreign

currencies

may

negatively

affect

an

investment.

Geographic

Focus Risk

—

To

the

extent

the

Fund

focuses

its

investments

in

issuers

located

in

a

particular

country

or

region,

the

Fund

is

subject

to

greater

risks

of

volatile

economic

cycles

and/or

conditions

and

developments

that

may

be

particular

to

that

country

or

region.

For

example,

the

Fund

may

be

subject

to

greater

risk

of

adverse

securities

markets,

exchange

rates,

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments,

or

natural

disasters.

In

effect

until

April

30,

2026

Victory

RS

International

VIP

Series

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.93%

Expires

2025

Expires

2026

Expires

2027

Expires

2028

Total

Victory

RS

International

VIP

Series

............................

$

$

$

$

$

581

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

funds

in

the

Trust,

Victory

Portfolios,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate,

may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

June

30,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

June

30,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Fund during

the

six

months

ended

June

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

June

30,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
The

Fund

intends

to

distribute

any

net

investment

income

annually.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(loss)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax year

ended December

31,

2024,

the

Fund

had

no

capital

loss

carryforwards

for

federal

income

tax

purposes.

8. #### Segment

#### Reporting:
In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

the

results

of

its

operations.

The

Adviser's

Management

Committee

acts

as

the

Fund's

Chief

Operating

Decision

Maker

("CODM").

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-

determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

Borrower

or

Lender

Amount

Outstanding

at

June

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Victory

RS

International

VIP

Series

...................

Borrower

$

—

$

848

4.90%

$

893

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

9. #### Subsequent

#### Event:
On

May

20,

2025,

the

Board,

upon

recommendation

of

the

Adviser,

approved

a

Plan

of

Liquidation

for

each

individual

fund

within

the

Trust.

On

August

29,

2025,

the

Fund

will

redeem

all

of

its

outstanding

shares

at

the

net

asset

value

of

such

shares.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

VVIF-RS-IVIP-SAR

(6/25)

June

30,

2025

Semi-Annual:

Full

Financials

Victory

Variable

Insurance

Funds

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Variable* 

*Insurance* 

*Funds*

#### Schedule

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)

#### 3

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statement

of

Assets

and

Liabilities

#### 6
Statement

of

Operations

#### 7
Statements

of

Changes

in

Net

Assets

#### 8
Financial

Highlights

#### 9

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 10

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

*The* 

*Fund* 

*is* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Fund* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Fund* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Fund.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Fund.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863.* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Fund,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Variable

Insurance

Funds

#### Victory

#### RS

#### Small

#### Cap

#### Growth

#### Equity

#### VIP

#### Series

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.8%)

Consumer

Discretionary

(8.2%):

Champion

Homes,

Inc.(a)

.................................................

6,750

$

Five

Below,

Inc.(a)

......................................................

5,240

687

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

.......................................

2,440

OneSpaWorld

Holdings

Ltd.

...............................................

35,690

728

The

Cheesecake

Factory,

Inc.(b)

............................................

7,185

Universal

Technical

Institute,

Inc.(a)

.........................................

17,030

577

Warby

Parker,

Inc.,

Class

A(a)

..............................................

23,640

518

Wingstop,

Inc.

.........................................................

2,100

707

4,412

Consumer

Staples

(3.6%):

Natural

Grocers

by

Vitamin

Cottage,

Inc.

......................................

14,462

568

The

Honest

Co.,

Inc.(a)

...................................................

136,350

694

The

Simply

Good

Foods

Co.(a)

.............................................

10,200

The

Vita

Coco

Co.,

Inc.(a)

................................................

10,160

1,951

Electronic

Equipment,

Instruments

&

Components

(6.9%):

Badger

Meter,

Inc.

......................................................

1,180

Fabrinet(a)

............................................................

5,210

1,535

Itron,

Inc.(a)

..........................................................

3,250

Mirion

Technologies,

Inc.(a)

...............................................

37,150

800

Novanta,

Inc.(a)

........................................................

4,980

642

3,694

Energy

(2.4%):

Archrock,

Inc.

.........................................................

17,980

Matador

Resources

Co.

...................................................

11,700

558

Permian

Resources

Corp.

.................................................

21,370

1,296

Financials

(8.9%):

Euronet

Worldwide,

Inc.(a)

................................................

6,270

636

FirstCash

Holdings,

Inc.

..................................................

5,260

711

Palomar

Holdings,

Inc.(a)

.................................................

2,636

Payoneer

Global,

Inc.(a)

..................................................

109,560

750

TWFG,

Inc.(a)

.........................................................

9,310

Walker

&

Dunlop,

Inc.

...................................................

1,590

Wintrust

Financial

Corp.

..................................................

7,800

967

WisdomTree,

Inc.

.......................................................

73,790

849

4,758

Health

Care

(24.3%):

Adaptive

Biotechnologies

Corp.(a)

..........................................

67,140

782

AnaptysBio,

Inc.(a)(b)

...................................................

18,040

Apogee

Therapeutics,

Inc.(a)

...............................................

8,400

Arcellx,

Inc.(a)

........................................................

6,730

Ascendis

Pharma

A/S,

ADR(a)

.............................................

3,450

596

Bridgebio

Pharma,

Inc.(a)

.................................................

10,700

Crinetics

Pharmaceuticals,

Inc.(a)

...........................................

7,520

Disc

Medicine,

Inc.(a)

...................................................

6,950

Glaukos

Corp.(a)

.......................................................

3,710

Guardant

Health,

Inc.(a)

..................................................

15,250

794

Halozyme

Therapeutics,

Inc.(a)

.............................................

6,730

HealthEquity,

Inc.(a)

....................................................

4,610

Hims

&

Hers

Health,

Inc.(a)

...............................................

5,410

Hinge

Health,

Inc.,

Class

A(a)

..............................................

11,936

618

Inspire

Medical

Systems,

Inc.(a)

............................................

920

iRhythm

Technologies,

Inc.(a)

..............................................

2,340

Janux

Therapeutics,

Inc.(a)

................................................

6,624

Krystal

Biotech,

Inc.(a)

...................................................

1,900

Lantheus

Holdings,

Inc.(a)

................................................

3,030

Merit

Medical

Systems,

Inc.(a)

.............................................

2,320

Merus

NV(a)

..........................................................

4,050

Victory

Variable

Insurance

Funds

#### Victory

#### RS

#### Small

#### Cap

#### Growth

#### Equity

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) MoonLake

Immunotherapeutics(a)

..........................................

4,460

$

Phreesia,

Inc.(a)

........................................................

18,300

521

PROCEPT

BioRobotics

Corp.(a)

............................................

5,980

RadNet,

Inc.(a)

........................................................

10,530

599

Revolution

Medicines,

Inc.(a)

..............................................

11,000

SI-BONE,

Inc.(a)

.......................................................

18,080

Spyre

Therapeutics,

Inc.(a)

................................................

13,695

Twist

Bioscience

Corp.(a)

.................................................

11,820

Ultragenyx

Pharmaceutical,

Inc.(a)

..........................................

11,480

Vaxcyte,

Inc.(a)

........................................................

6,650

Vericel

Corp.(a)

........................................................

11,942

508

Viridian

Therapeutics,

Inc.(a)

..............................................

20,040

Waystar

Holding

Corp.(a)

.................................................

9,615

12,976

Industrials

(19.6%):

AAON,

Inc.

...........................................................

3,910

AeroVironment,

Inc.(a)

...................................................

1,380

Applied

Industrial

Technologies,

Inc.

.........................................

4,480

1,041

Casella

Waste

Systems,

Inc.(a)

.............................................

3,940

Chart

Industries,

Inc.(a)

..................................................

3,550

584

ESCO

Technologies,

Inc.

.................................................

3,590

689

FTAI

Aviation

Ltd.

......................................................

6,290

724

Korn

Ferry

...........................................................

4,820

Moog,

Inc.,

Class

A

.....................................................

2,800

507

Mueller

Water

Products,

Inc.,

Class

A

........................................

30,900

743

NEXTracker,

Inc.,

Class

A(a)

..............................................

12,980

706

Paylocity

Holding

Corp.(a)

................................................

1,170

Powell

Industries,

Inc.

...................................................

2,970

625

Primoris

Services

Corp.

..................................................

11,760

917

SPX

Technologies,

Inc.(a)

.................................................

5,720

959

Tecnoglass,

Inc.

........................................................

8,060

624

Watts

Water

Technologies,

Inc.,

Class

A

.......................................

1,110

Zurn

Elkay

Water

Solutions

Corp.

...........................................

10,180

10,465

Materials

(2.3%):

Avient

Corp.

..........................................................

9,250

Balchem

Corp.

.........................................................

4,620

736

Titan

America

SA(b)

....................................................

15,773

1,232

Real

Estate

(0.5%):

National

Storage

Affiliates

Trust

............................................

8,450

Semiconductors

&

Semiconductor

Equipment

(3.9%):

Credo

Technology

Group

Holding

Ltd.(a)

.....................................

6,230

577

MACOM

Technology

Solutions

Holdings,

Inc.(a)

................................

6,220

891

Semtech

Corp.(a)

.......................................................

13,950

630

2,098

Software

(16.1%):

ACI

Worldwide,

Inc.(a)

..................................................

14,610

671

Appfolio,

Inc.,

Class

A(a)

.................................................

1,232

AvePoint,

Inc.(a)

.......................................................

20,480

Bitdeer

Technologies

Group(a)(b)

...........................................

27,570

Box,

Inc.,

Class

A(a)

....................................................

18,350

627

Braze,

Inc.,

Class

A(a)

...................................................

12,810

Clearwater

Analytics

Holdings,

Inc.,

Class

A(a)

.................................

22,960

504

Commvault

Systems,

Inc.(a)

...............................................

2,090

Confluent,

Inc.,

Class

A(a)

................................................

17,820

CyberArk

Software

Ltd.(a)

................................................

530

Freshworks,

Inc.,

Class

A(a)

...............................................

42,300

631

Gitlab,

Inc.,

Class

A(a)

...................................................

8,480

Klaviyo,

Inc.,

Class

A(a)

..................................................

12,190

Life360,

Inc.(a)(b)

......................................................

7,300

Victory

Variable

Insurance

Funds

#### Victory

#### RS

#### Small

#### Cap

#### Growth

#### Equity

#### VIP

#### Series

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Q2

Holdings,

Inc.(a)

.....................................................

9,650

$

903

ServiceTitan,

Inc.(a)

.....................................................

5,770

618

Varonis

Systems,

Inc.(a)

..................................................

19,970

1,013

8,615

Technology

Hardware,

Storage

&

Peripherals

(1.1%):

IonQ,

Inc.(a)(b)

........................................................

13,670

587

Total

Common

Stocks

(Cost

$47,097)

a

a

a

52,354

Collateral

for

Securities

Loaned

(3.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.23%(c)

........

412,018

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.27%(c)

............

412,018

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.29%(c)

...............

412,018

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.24%(c)

.

412,018

Total

Collateral

for

Securities

Loaned

(Cost

$1,648)

a

a

a

1,648

Total

Investments

(Cost

$48,745)

—

100.9%

54,002

Liabilities

in

excess

of

other

assets

— (0.9)%

(505) NET

ASSETS

-

100.00%

$

53,497

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

7.5%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. ADR

—

American

Depositary

Receipt

Statement

of

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Variable

Insurance

Funds

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

Assets:

Investments,

at

value

(Cost

$48,745)

$

54,002

(a) Cash

1,640

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

—

(b) Investments

sold

From

Adviser

Prepaid

expenses

—

(b) Total

Assets

56,033

Liabilities:

Payables:

Collateral

received

on

loaned

securities

1,648

Investments

purchased

567

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) Other

accrued

expenses

Total

Liabilities

2,536

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

64,269

Total

accumulated

earnings

(loss)

(10,772)

Net

Assets

$

53,497

Shares

(unlimited

shares

authorized

with

a

par

value

of

$0.001

per

share):

5,430

Net

asset

value:

$

.85

(a) Includes

$1,655

thousand

of

securities

on

loan.

(b) Rounds

to

less

than

$1

thousand.

Statement

of

Operations

For

the

Six

Months

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Variable

Insurance

Funds

(Amounts

in

Thousands)

(Unaudited)

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

Investment

Income:

Dividends

$

Interest

Securities

lending

(net

of

fees)

Total

Income

Expenses:

Investment

advisory

fees

Administration

fees

Sub-Administration

fees

Custodian

fees

Transfer

agent

fees

—

(a) Sub-Transfer

agent

fees

Trustees'

fees

Compliance

fees

—

(a) Legal

and

audit

fees

Interfund

lending

fees

Other

expenses

Total

Expenses

Expenses

waived/reimbursed

by

Adviser

(60)

Net

Expenses

Net

Investment

Income

(Loss)

(105)

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(2,567)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(2,707)

Net

realized/unrealized

gains

(losses)

on

investments

(5,274)

Change

in

net

assets

resulting

from

operations

$

(5,379)

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Variable

Insurance

Funds

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(105)

$

(365)

Net

realized

gains

(losses)

(2,567)

10,650

Net

change

in

unrealized

appreciation/depreciation

(2,707)

(2,159)

Change

in

net

assets

resulting

from

operations

(5,379)

8,126

Change

in

net

assets

resulting

from

capital

transactions

(11,306)

(12,288)

Change

in

net

assets

(16,685)

(4,162)

Net

Assets:

Beginning

of

period

70,182

74,344

End

of

period

$

53,497

$

70,182

Capital

Transactions:

Proceeds

from

shares

issued

$

3,988

$

8,882

Cost

of

shares

redeemed

(15,294)

(21,170)

Change

in

net

assets

resulting

from

capital

transactions

$

(11,306)

$

(12,288)

Share

Transactions:

Issued

868

Redeemed

(1,559)

(2,084)

Change

in

Shares

(1,133)

(1,216)

Victory

Variable

Insurance

Funds

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

Six

Months

Ended

June

30,

2025

(Unaudited)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2021

Year

Ended

December

31,

2020

Net

Asset

Value,

Beginning

of

Period

$10.69

$9.56

$7.94

$16.38

$19.91

$16.76

Investment

Activities:

Net

investment

income

(loss)(a)

(0.02)

(0.05)

(0.04)

(0.06)

(0.15)

(0.12)

Net

realized

and

unrealized

gains

(losses)

(0.82)

1.18 1.66 (5.78)

(1.99)

6.45 Total

from

Investment

Activities

(0.84)

1.13 1.62 (5.84)

(2.14)

6.33 Distributions

to

Shareholders

from:

Net

realized

gains

—

—

—

(2.60)

(1.39)

(3.18)

Total

Distributions

—

—

—

(2.60)

(1.39)

(3.18)

Net

Asset

Value,

End

of

Period

$9.85

$10.69

$9.56

$7.94

$16.38

$19.91

Total

Return(b)(c)(d)

(7.86)%

11.82%

20.40%

(36.36)%

(10.43)%

38.06%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.88%

0.88%

0.88%

0.88%

0.88%

0.88%

Net

Investment

Income

(Loss)(e)

(0.35)%

(0.50)%

(0.51)%

(0.54)%

(0.75)%

(0.69)%

Gross

Expenses(e)(f)

1.08%

0.97%

0.98%

1.00%

0.99%

1.01%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$53,497

$70,182

$74,344

$70,891

$113,234

$142,620

Portfolio

Turnover(b)

59%

124%

151%

151%(g)

92%

74%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Total

returns

do

not

reflect

the

effects

of

charges

deducted

pursuant

to

the

terms

of

The

Guardian

Insurance

&

Annuity

Company,

Inc.'s

variable

contracts.

Inclusion

of

such

charges

would

reduce

the

total

returns

for

all

periods

shown.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Reflects

an

increase

in

trading

activity

due

to

asset

allocation

shifts.

Notes

to

Financial

Statements

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

1. #### Organization:
Victory

Variable

Insurance

Funds

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust

and the

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of

four

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with

a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of Victory

RS

Small

Cap

Growth

Equity

VIP

Series

(the

"Fund"),

a

series

of

the

Trust.

The

Fund offers

a

single

class

of

shares:

Class

I. The

Fund's

shares

are

only

available

for

purchase

by

certain

separate

accounts

of

insurance

companies

as

investments

for

certain

variable

annuity

plans

and

variable

life

insurance

contracts

issued

by

those

insurance

companies.

The

Fund

is

classified

as

diversified

under

the

1940

Act.

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

is

an

indirect

wholly

owned

subsidiary

of

Victory

Capital

Holdings,

Inc.,

a

publicly

traded

Delaware

corporation,

and

a

wholly

owned

direct

subsidiary

of

Victory

Capital

Operating,

LLC. Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

In

addition,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund.

However,

based

on

experience,

the

Fund

expects

that

risk

of

loss

to

be

remote.

2. #### Significant

#### Accounting

#### Policies:
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the Fund

in

the

preparation

of

its

financial

statements.

The

policies

are

in

conformity

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP").

The

preparation

of

financial

statements

in

accordance

with

GAAP

requires

the

Adviser

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

for

the

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

follows

the

specialized

accounting

and

reporting

requirements

under

GAAP

that

are

applicable

to

investment

companies

under

Accounting

Standards

Codification

Topic

946. Investment

Valuation:

The

Fund

records

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to sell

an asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Fund's

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The Adviser,

appointed

as

the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"), has

established

the

Pricing

and

Liquidity

Committee

(the

"Committee"),

and

subject

to

Board

oversight,

the

Committee

administers

and

oversees

the

Fund's

valuation

policies

and

procedures,

which

are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

the

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

June

30,

2025, based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedule

of

Portfolio

Investments

(amounts

in

thousands):

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

As

of June

30,

2025,

there

were

no

significant

transfers

into/out

of

Level

3. Investment

Companies:

Open-End

Funds:

The

Fund

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Securities

Lending:

The

Fund,

through

a

Securities

Lending

Agreement

with

Citibank,

N.A.

("Citibank"),

may

lend

its

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans

for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured

the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-cash

collateral

can

include

U.S.

Government

Securities

and

other

securities

as

permitted

by Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Fund's

Schedule

of

Portfolio

Investments.

The

Fund

effectively

does

not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Fund's

Schedule

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Fund's

securities

on

loan

as

of

the

end

of

the

prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Fund

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Fund

also

earns

a

return

from

the

collateral.

The

Fund

pays

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statement

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days.

Although

risk

is

mitigated

by

the

collateral,

the

Fund

could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk

that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Fund's

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Fund

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Fund's

securities

lending

transactions

as

of

June

30,

2025

(amounts

in

thousands):

Federal

Income

Taxes:

The

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Fund

has

a

tax

year

end

of December

31. For

the

six

months

ended

June

30,

2025,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties,

and

has

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Level

Level

Level

Total

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

Common

Stocks

...............................................

$

52,354

$

—

$

—

$

52,354

Collateral

for

Securities

Loaned

...................................

1,648

—

—

1,648

Total

.......................................................

$

54,002

$

—

$

—

$

54,002

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

..........................

$

1,655

$

—

$

1,648

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

Management

of

the

Fund

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to the

Fund

are

charged

to the

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statement

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

June

30,

2025,

were

as

follows (amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Fund

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

of

0.75%

of

the

Fund's

average

daily

net

assets.

Amounts

incurred

and

paid

to

VCM

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Fund's

administrator

and

fund

accountant.

Under

the Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust,

Victory

Portfolios

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Fund

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Fund

reimburses

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Fund.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-Administration

fees.

The

Fund

(as

part

of

the

Trust)

has

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust,

Victory

Portfolios,

and

Victory

Portfolios

II,

in

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Fund's

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Transfer

agent

fees.

Excluding

U.S.

Government

Securities

Purchases

Sales

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

...................................................

$

35,148

$

46,653

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

Sub-Transfer

Agency

Fees:

The

Fund

has

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Fund

and

has

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Fund

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Fund.

These

services

would

have

been

provided

by

the

Fund's

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Fund's

transfer

agent.

Amounts

incurred

for

the

six

months ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Fund

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust,

and

receives

no

fee

or

other

compensation

for

these

services.

Other

Fees:

Citibank

serves

as

the

Fund's

custodian.

The

Fund

pays

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

June

30,

2025,

are

reflected

on

the

Statement

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with the Trust.

Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

in

any

fiscal

year

exceed

the

expense limit

of the

Fund.

Such

excess

amounts

will

be

the

liability

of

the

Adviser. Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Fund's

business

are

excluded

from

the

expense

limit.

As

of

June

30,

2025,

the

expense

limit (excluding

voluntary

waivers) was:

Under

the

terms

of

the

expense

limitation

agreement,

the

Fund

has

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Fund

has

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

June

30,

2025. As

of June

30,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees

to

assist

the

Fund

in

maintaining

competitive

expense

ratios.

Voluntary

waivers

and

reimbursements

applicable

to

the

Fund are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

June

30,

2025. Certain

officers

and/or

interested

trustees

of

the

Fund

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

5. #### Risks:
The

Fund

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Equity

Securities

Risk

—

The

value

of

the

equity

securities

in

which

the

Fund

invests

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

economic

conditions

in

the

United

States

or

abroad.

A

company's

earnings

or

dividends

may

not

increase

as

expected

(or

may

decline)

because

of

poor

management,

competitive

pressures,

reliance

on

particular

suppliers

or

geographical

regions,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

man-made

or

natural

disasters,

military

confrontations

or

wars,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

last

for

extended

periods.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund.

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes,

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

In

effect

until

April

30,

2026

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.88%

Expires

2025

Expires

2026

Expires

2027

Expires

2028

Total

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

..................

$

$

$

$

$

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

Small-Capitalization

Stock

Risk

—

Small-sized

companies

are

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Smaller

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

Sector Focus

Risk

—

While

the

Fund

reserves

the

right

to

dynamically

allocate

its

assets

across

economic

sectors,

listed

below

are

some

of

the

risks

associated

with

the

sectors

in

which

the

Fund

may

make

significant

investments.

Market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's

investments

and

could

make

the

Fund's

performance

more

volatile.

Health

Care

Sector Risk

—

Companies

in

the

health

care

sector

may

be

adversely

affected

by

extensive

government

regulation,

restrictions

on

government

reimbursement

for

medical

expenses,

rising

or

falling

costs

of

medical

products

and

services,

pricing

pressure,

an

increased

emphasis

on

outpatient

services,

limited

number

of

products,

product

obsolescence,

industry

innovation,

changes

in

technologies,

and

other

market

developments.

Companies

in

the

health

care

sector

are

heavily

dependent

on

patent

protection

and

the

expiration

of

patents

may

adversely

affect

these

companies.

Many

of

these

companies

are

subject

to

extensive

litigation

based

on

product

liability

and

similar

claims.

These

companies

are

subject

to

competitive

forces

that

may

make

it

difficult

to

raise

prices.

Information

Technology

Sector Risk

— Companies

in

the

information

technology

sector

face

intense

competition,

both

domestically

and

internationally.

These

companies

may

be

smaller

or

newer

and

may

have

limited

product

lines,

markets,

financial

resources,

or

personnel.

The

products

of

companies

in

the

information

technology

sector

may

face

product

obsolescence

due

to

rapid

technological

developments

and

frequent

new

product

introduction,

unpredictable

changes

in

growth

rates,

and

competition

for

the

services

of

qualified

personnel.

These

companies

may

be

developing

or

marketing

new

products

or

services

for

which

markets

are

not

yet

established

and

may

never

become

established.

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the

funds

in

the

Trust,

Victory

Portfolios,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the

"Victory

Funds

Complex"),

in

aggregate,

may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

June

30,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to

the

Fund

during

the

period,

if

applicable,

is

reflected

on

the

Statement

of

Operations

under

Line

of

credit

fees.

The

Fund

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

June

30,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

the

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

the

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statement

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Fund during

the

six

months

ended

June

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

June

30,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
The

Fund

intends

to

distribute

any

net

investment

income

annually.

Distributable

net

realized

gains,

if

any,

are

declared

and

paid

at

least

annually.

Borrower

or

Lender

Amount

Outstanding

at

June

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

.........

Borrower

$

—

$

3,049

4.83%

$

3,237

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Variable

Insurance

Funds

(Unaudited)

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Fund

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(loss)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended December

31,

2024,

the

Fund

had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

8. #### Segment

#### Reporting:
In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

the

results

of

its

operations.

The

Adviser's

Management

Committee

acts

as

the

Fund's

Chief

Operating

Decision

Maker

("CODM").

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-

determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

9. #### Subsequent

#### Event:
On

May

20,

2025,

the

Board,

upon

recommendation

of

the

Adviser,

approved

a

Plan

of

Liquidation

for

each

individual

fund

within

the

Trust.

On

August

29,

2025,

the

Fund

will

redeem

all

of

its

outstanding

shares

at

the

net

asset

value

of

such

shares.

Short-Term

Amount

Long-Term

Amount

Total

Victory

RS

Small

Cap

Growth

Equity

VIP

Series

...............................

$

(11,621)

$

—

$

(11,621)

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

VVIF-RS-SCGEVIP-SAR

(6/25)

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

(b) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Victory Variable Insurance Funds&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Carol D. Trevino&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&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;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino, Treasurer and Principal Financial Officer

Date:<u>&nbsp;&nbsp;&nbsp;&nbsp; August 25, 2025</u> 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Thomas Dusenberry&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry, President and Principal Executive Officer

Date:<u>&nbsp;&nbsp;&nbsp;&nbsp; August 25, 2025</u>

By (Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Carol D. Trevino&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&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;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino, Treasurer and Principal Financial Officer

Date:<u>&nbsp;&nbsp;&nbsp;&nbsp; August 25, 2025</u>

## Ex-99.Cert

<u>Section 302 – CERTIFICATIONS</u>

I, Thomas Dusenberry, certify that:

1. I have reviewed this report on Form N-CSR of Victory Variable Insurance Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>August 25, 2025&nbsp;&nbsp;&nbsp;&nbsp; _______</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry________________</u>

Date&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;&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; Thomas Dusenberry

&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;&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;&nbsp;&nbsp;&nbsp;&nbsp; President and Principal Executive Officer

<u>Section 302 – CERTIFICATIONS</u>

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Victory Variable Insurance Funds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>_ August 25, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D. Trevino_____________________</u>

Date&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025, of Victory Variable Insurance Funds (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>August 25, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date

<u>/s/ Thomas Dusenberry &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Thomas Dusenberry

President and Principal Executive Officer

<u>/s/ Carol D. Trevino&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;&nbsp;&nbsp;</u> 

Carol D. Trevino

Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.