# EDGAR Filing Document

**Accession Number:** 0002042317
**File Stem:** 0000940400-25-010169
**Filing Date:** 2025-11
**Character Count:** 35172
**Document Hash:** cc364fca98dd4b10f98f162f474ad582
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010169.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000940400-25-010169

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24018
- **FILM NUMBER:** 251516223

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

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

## Series and Classes Contracts Data

### Victory Pioneer Equity Income VCT Portfolio (Series ID: S000089719)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000256355 | Class I      |  |
| C000256356 | Class II     |  |

## Nport-Ex

## Victory Variable Insurance Funds II

## Victory Pioneer Equity Income

------

## VCT Portfolio
(successor to Pioneer Equity Income VCT Portfolio)

Schedule of Investments \| September 30, 2025

------

---

| | |
|:---|:---|
| **Victory Pioneer Equity Income VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

Schedule of Investments 9/30/25 (unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED ISSUERS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks — 99.9% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Air Freight & Logistics — 2.3%** |  |
| 21042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | $1757638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Air Freight & Logistics** | &nbsp;&nbsp; $1757638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles — 1.4%** |  |
| 84786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | $1014040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automobiles** | &nbsp;&nbsp; $1014040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banks — 14.4%** |  |
| 48955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | $2525588 |
| 9306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp; 2935392 |
| 25122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp; 1148578 |
| 12368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp; 597745 |
| 41980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp; 3518764 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banks** | $10726067 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Broadline Retail — 1.8%** |  |
| 14814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | $1347333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Broadline Retail** | &nbsp;&nbsp; $1347333 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Building Products — 0.5%** |  |
| 2437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | $344738 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Building Products** | &nbsp;&nbsp;&nbsp;&nbsp; $344738 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Markets — 11.3%** |  |
| 15110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | $2401886 |
| 14670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp; 1974582 |
| 9272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp; 1600347 |
| 21115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp; 2449551 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Markets** | &nbsp;&nbsp; $8426366 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals — 3.4%** |  |
| 2396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | $653437 |
| 15033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 737219 |
| 11175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp; 1174604 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals** | &nbsp;&nbsp; $2565260 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Communications Equipment — 3.5%** |  |
| 37780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | $2584907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Communications Equipment** | &nbsp;&nbsp; $2584907 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.0%** |  |
| 16441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | $1474758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Staples Distribution & Retail** | &nbsp;&nbsp; $1474758 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services — 1.4%** |  |
| 23648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | $1039330 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified Telecommunication Services** | &nbsp;&nbsp; $1039330 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electric Utilities — 1.1%** |  |
| 6448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | $797940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electric Utilities** | &nbsp;&nbsp;&nbsp;&nbsp; $797940 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer Equity Income VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Electrical Equipment — 1.6%** |  |
| 3506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | $1225452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Electrical Equipment** | &nbsp;&nbsp; $1225452 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Entertainment — 2.8%** |  |
| 18464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | $2114128 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Entertainment** | &nbsp;&nbsp; $2114128 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food Products — 3.5%** |  |
| 4905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | $917480 |
| 5870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | &nbsp;&nbsp; 377324 |
| 21726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp; 565745 |
| 12279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp; 767069 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Food Products** | &nbsp;&nbsp; $2627618 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ground Transportation — 1.5%** |  |
| 4810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | $1136940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ground Transportation** | &nbsp;&nbsp; $1136940 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies — 3.6%** |  |
| 19691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic Plc | $1875371 |
| 8210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 808685 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Health Care Equipment & Supplies** | &nbsp;&nbsp; $2684056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure — 0.5%** |  |
| 4144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | $350582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotels, Restaurants & Leisure** | &nbsp;&nbsp;&nbsp;&nbsp; $350582 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household Products — 2.2%** |  |
| 13380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | $1663669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Household Products** | &nbsp;&nbsp; $1663669 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Conglomerates — 5.6%** |  |
| 14957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Co. | $2321027 |
| 8729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp; 1837455 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Industrial Conglomerates** | &nbsp;&nbsp; $4158482 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance — 2.4%** |  |
| 23044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | $1809876 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Insurance** | &nbsp;&nbsp; $1809876 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services — 2.2%** |  |
| 5815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | $1640760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total IT Services** | &nbsp;&nbsp; $1640760 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Machinery — 1.7%** |  |
| 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | $445658 |
| 1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp; 793346 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Machinery** | &nbsp;&nbsp; $1239004 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media — 2.9%** |  |
| 55138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A | $1732436 |
| 7002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp; 441546 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media** | &nbsp;&nbsp; $2173982 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multi-Utilities — 1.9%** |  |
| 19904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | $1458167 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Multi-Utilities** | &nbsp;&nbsp; $1458167 |

---

------

---

| | |
|:---|:---|
| **Victory Pioneer Equity Income VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 8.7%** |  |
| 16910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | $1599517 |
| 53583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp; 1267238 |
| 32491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp; 3663360 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Oil, Gas & Consumable Fuels** | &nbsp;&nbsp; $6530115 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals — 7.2%** |  |
| 25907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | $1168406 |
| 14864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp; 2756083 |
| 31006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. (A.D.R.) | &nbsp;&nbsp; 1463483 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Pharmaceuticals** | &nbsp;&nbsp; $5387972 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Residential REITs — 1.0%** |  |
| 7292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust | $778640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Residential REITs** | &nbsp;&nbsp;&nbsp;&nbsp; $778640 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.8%** |  |
| 3097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | $515217 |
| 4345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp; 798307 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Semiconductors & Semiconductor Equipment** | &nbsp;&nbsp; $1313524 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Retail — 4.0%** |  |
| 6583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | $1654374 |
| 9104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp; 1315892 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Specialty Retail** | &nbsp;&nbsp; $2970266 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.8%** |  |
| 5028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | $595617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Technology Hardware, Storage & Peripherals** | &nbsp;&nbsp;&nbsp;&nbsp; $595617 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.9%** |  |
| 9344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | $651557 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Textiles, Apparel & Luxury Goods** | &nbsp;&nbsp;&nbsp;&nbsp; $651557 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (Cost $59,790,487)** | $74588784 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS — 0.1% of Net Assets** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Open-End Fund — 0.1%** |  |
| 58,341(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management,<br> Institutional Shares, 4.04% | $58341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS<br> (Cost $58,341)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 100.0%<br> (Cost $59,848,828)** | $74647125 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS AND LIABILITIES — (0.0)%†** | &nbsp;&nbsp;&nbsp;&nbsp; $(20805) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**net assets — 100.0%** | **$74626320** |

---

(A.D.R.) American Depositary Receipts. <br> REIT Real Estate Investment Trust.

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

† Amount rounds to less than 0.1%.

------

---

| | |
|:---|:---|
| **Victory Pioneer Equity Income VCT Portfolio** | **Victory Variable Insurance Funds II** |

---

------

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $74588784 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$74588784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open-End Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** | **$74647125** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$74647125** |

---

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Victory Variable insurance Funds II

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

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

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

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

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

  - **City:** SAN ANTONIO

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78256

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

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

- **a. Name of Series:** Victory Pioneer Equity Income VCT Portfolio

- **b. EDGAR series identifier (if any):** S000089719

- **c. LEI of Series:** SNPT7MC5TJJQQQ6I2O39

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $74744061.39

**Total Liabilities:** $96141.05

**Net Assets:** $74647920.34

**Cash Not Reported:** $17048.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256356 | -0.09%               | 3.15%                | -0.49%               |
| Class ID C000256355 | 0.00%                | 3.17%                | -0.43%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-114090.08              | $-13844.88                                 |
| Month 2  | $355966.52               | $1771062.06                                |
| Month 3  | $-11714.79               | $-397059.26                                |

### Schedule of Portfolio Investments

| Name                               | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Deere & Co                         | Deere & Co                           | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      1735 | NS      | $793346.10    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                | Kimberly-Clark Corp                  | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     13380 | NS      | $1663669.20   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc         | Zimmer Biomet Holdings Inc           | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      8210 | NS      | $808685.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                     | Lowe's Cos Inc                       | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      6583 | NS      | $1654373.73   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                     | Morgan Stanley                       | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     15110 | NS      | $2401885.60   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc         | Mondelez International Inc           | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     12279 | NS      | $767069.13    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                       | QUALCOMM Inc                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3097 | NS      | $515216.92    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                      | Owens Corning                        | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      2437 | NS      | $344738.02    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                          | Sanofi SA                            | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     31006 | NS      | $1463483.20   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                           | Fox Corp                             | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      7002 | NS      | $441546.12    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                         | NetApp Inc                           | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      5028 | NS      | $595616.88    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                        | Target Corp                          | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     16441 | NS      | $1474757.70   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                 | Union Pacific Corp                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      4810 | NS      | $1136939.70   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV       | LyondellBasell Industries NV         | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |     15033 | NS      | $737218.32    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc         | Verizon Communications Inc           | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     23648 | NS      | $1039329.60   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                    | Caterpillar Inc                      | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       934 | NS      | $445658.10    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                | Northern Trust Corp                  | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     14670 | NS      | $1974582.00   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                  | Cisco Systems Inc                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     37780 | NS      | $2584907.60   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I     | American International Group Inc     | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     23044 | NS      | $1809875.76   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc     | Air Products and Chemicals Inc       | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      2396 | NS      | $653437.12    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                    | TJX Cos Inc/The                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      9104 | NS      | $1315892.16   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management   | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |     46394 | NS      | $46393.65     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                 | Kraft Heinz Co/The                   | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     21726 | NS      | $565745.04    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                              | 3M Co                                | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     14957 | NS      | $2321027.26   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc            | Rockwell Automation Inc              | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      3506 | NS      | $1225452.18   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                         | US Bancorp                           | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     12368 | NS      | $597745.44    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                   | Duke Energy Corp                     | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      6448 | NS      | $797940.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                  | Johnson & Johnson                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     14864 | NS      | $2756082.88   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                     | ConocoPhillips                       | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     16910 | NS      | $1599516.90   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co            | Bristol-Myers Squibb Co              | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     25907 | NS      | $1168405.70   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                  | State Street Corp                    | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     21115 | NS      | $2449551.15   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc        | Honeywell International Inc          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      8729 | NS      | $1837454.50   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                       | Comcast Corp                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     55138 | NS      | $1732435.96   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc        | John B Sanfilippo & Son Inc          | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |      5870 | NS      | $377323.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                      | Ford Motor Co                        | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     84786 | NS      | $1014040.56   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                 | PPG Industries Inc                   | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     11175 | NS      | $1174604.25   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                   | Wells Fargo & Co                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     41980 | NS      | $3518763.60   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                           | NIKE Inc                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      9344 | NS      | $651557.12    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp              | Truist Financial Corp                | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     25122 | NS      | $1148577.84   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                 | Coterra Energy Inc                   | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     53583 | NS      | $1267237.95   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                     | Hershey Co/The                       | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      4905 | NS      | $917480.25    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc        | Raymond James Financial Inc          | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |      9272 | NS      | $1600347.20   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                           | eBay Inc                             | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     14814 | NS      | $1347333.30   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc          | United Parcel Service Inc            | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     21042 | NS      | $1757638.26   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc              | Texas Instruments Inc                | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      4345 | NS      | $798306.85    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp               | Bank of America Corp                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     48955 | NS      | $2525588.45   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                                | International Business Machines Corp | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5815 | NS      | $1640760.40   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                 | Walt Disney Co/The                   | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     18464 | NS      | $2114128.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                   | Exxon Mobil Corp                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     32491 | NS      | $3663360.25   | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust              | Camden Property Trust                | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      7292 | NS      | $778639.76    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                | JPMorgan Chase & Co                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      9306 | NS      | $2935391.58   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                     | Starbucks Corp                       | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      4144 | NS      | $350582.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                      | Medtronic PLC                        | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     19691 | NS      | $1875370.84   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                    | CMS Energy Corp                      | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     19904 | NS      | $1458167.04   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer