# EDGAR Filing Document

**Accession Number:** 0001068663
**File Stem:** 0001752724-25-210027
**Filing Date:** 2025-8
**Character Count:** 40115
**Document Hash:** 88db370190defddad0e34a484170d1e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210027.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210027

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08979
- **FILM NUMBER:** 251268196

**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      |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Victory Variable Insurance Funds

- **b. Investment Company Act file number:** 811-08979

- **c. CIK number of Registrant:** 0001068663

- **d. LEI of Registrant:** 549300PUY11D0HHITF56

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

  - **Street Address 1:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

  - **Telephone number:** 800-539-3863

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

- **a. Name of Series:** Victory RS Small Cap Growth Equity VIP Series

- **b. EDGAR series identifier (if any):** S000053585

- **c. LEI of Series:** 549300W3VTI4YP88CS26

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $55469675.53

**Total Liabilities:** $1732745.03

**Net Assets:** $53736930.50

**Cash Not Reported:** $1640174.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168421 | -0.67%               | 5.27%                | 5.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1417766.29             | $1270784.84                                |
| Month 2  | $-746430.84              | $3683317.64                                |
| Month 3  | $833090.48               | $2070874.34                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST                  | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    412018 | NS      | $412017.71    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TWFG Inc                                       | TWFG INC                               | CUSIP: 87318A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9310 | NS      | $325850.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                           | WAYSTAR HOLDING CORP                   | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9615 | NS      | $392965.05    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMPION HOMES, INC                            | CHAMPION HOMES INC                     | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6750 | NS      | $422617.50    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRION TECHNOLOGIES, INC.                      | MIRION TECHNOLOGIES INC                | CUSIP: 60471A101<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | EC               | CORP              | US        |     37150 | NS      | $799839.50    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BALCHEM CORPORATION                            | BALCHEM CORP                           | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      4620 | NS      | $735504.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMTECH CORPORATION                            | SEMTECH CORP                           | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     13950 | NS      | $629703.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| OLLIE'S BARGAIN OUTLET HOLDINGS, INC.          | OLLIE S BARGAIN OUTLET HOLDINGS INC    | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |      2440 | NS      | $321543.20    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EURONET WORLDWIDE, INC.                        | EURONET WORLDWIDE INC                  | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      6270 | NS      | $635652.60    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCHROCK INC.                                  | ARCHROCK INC                           | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     17980 | NS      | $446443.40    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CHART INDUSTRIES, INC.                         | CHART INDUSTRIES INC                   | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      3550 | NS      | $584507.50    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND | GLDMN SCHS FIN SQ GV-FST               | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    412018 | NS      | $412017.71    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan America SA                               | TITAN AMERICA SA                       | CUSIP: B9151N105<br>LEI: 9845007APCB6462D6C46 | Long             | EC               | CORP              | BE        |     15773 | NS      | $196847.04    | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Procept Biorobotics Corp                       | PROCEPT BIOROBOTICS CORP               | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5980 | NS      | $344448.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ITRON, INC.                                    | ITRON INC                              | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      3250 | NS      | $427797.50    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                    | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    412018 | NS      | $412017.72    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| WARBY PARKER INC                               | WARBY PARKER INC                       | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23640 | NS      | $518425.20    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                                    | SI BONE INC                            | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |     18080 | NS      | $340265.60    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CONFLUENT, INC.                                | CONFLUENT INC                          | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |     17820 | NS      | $444252.60    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| RADNET, INC.                                   | RADNET INC                             | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     10530 | NS      | $599262.30    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA, INC.                         | BRIDGEBIO PHARMA INC                   | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     10700 | NS      | $462026.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                    | MOONLAKE IMMUNOTHERAPEUTICS            | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      4460 | NS      | $210512.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LANTHEUS HOLDINGS, INC.                        | LANTHEUS HOLDINGS INC                  | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |      3030 | NS      | $248035.80    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp                          | TWIST BIOSCIENCE CORP                  | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |     11820 | NS      | $434857.80    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 HOLDINGS, INC.                              | Q2 HOLDINGS INC                        | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |      9650 | NS      | $903143.50    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MATADOR RESOURCES COMPANY                      | MATADOR RESOURCES CO                   | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     11700 | NS      | $558324.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Onespaworld Holdings Ltd                       | ONESPAWORLD HOLDINGS LTD               | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |     35690 | NS      | $727719.10    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc                            | KRYSTAL BIOTECH INC                    | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |      1900 | NS      | $261174.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc                            | PAYONEER GLOBAL INC                    | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |    109560 | NS      | $750486.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BOX, INC.                                      | BOX INC CLASS A                        | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |     18350 | NS      | $627019.50    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Honest Company Inc                             | HONEST CO INC THE                      | CUSIP: 438333106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    136350 | NS      | $694021.50    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICETITAN, INC.                             | SERVICETITAN INC                       | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5770 | NS      | $618428.60    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hinge Health Inc                               | HINGE HEALTH INC A                     | CUSIP: 433313103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11936 | NS      | $617688.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER ANALYTICS HOLDINGS, INC.            | CLEARWATER ANALYTICS HOLDINGS INC      | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22960 | NS      | $503512.80    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| PALOMAR HOLDINGS, INC.                         | PALOMAR HOLDINGS INC                   | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      2636 | NS      | $406603.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIENT CORPORATION                             | AVIENT CORP                            | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     12020 | NS      | $388366.20    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc.                                | TECNOGLASS INC                         | CUSIP: G87264100<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |      8060 | NS      | $623521.60    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMVAULT SYSTEMS, INC.                        | COMMVAULT SYSTEMS INC                  | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      2090 | NS      | $364349.70    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ZURN ELKAY WATER SOLUTIONS CORPORATION         | ZURN ELKAY WATER SOLUTIONS CORPORATION | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     10180 | NS      | $372282.60    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MERIT MEDICAL SYSTEMS, INC.                    | MERIT MEDICAL SYSTEMS INC              | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      2320 | NS      | $216873.60    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE360, INC.                                  | LIFE360 INC                            | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |      7300 | NS      | $476325.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: —       |
| NATIONAL STORAGE AFFILIATES TRUST              | NATIONAL STORAGE AFFILIATES TRUST      | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |      8450 | NS      | $270315.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HIMS & HERS HEALTH, INC.                       | HIMS HERS HEALTH INC                   | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |      5410 | NS      | $269688.50    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| VARONIS SYSTEMS, INC.                          | VARONIS SYSTEMS INC                    | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |     19970 | NS      | $1013477.50   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| VERICEL CORPORATION                            | VERICEL CORP                           | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |     11942 | NS      | $508132.10    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                  | ULTRAGENYX PHARMACEUTICAL INC          | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     11480 | NS      | $417412.80    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS, INC.                   | MUELLER WATER PRODUCTS INC             | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     30900 | NS      | $742836.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS, INC.                       | FIRSTCASH HOLDINGS INC                 | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5260 | NS      | $710836.40    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| IONQ Inc                                       | IONQ INC                               | CUSIP: 46222L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6790 | NS      | $291766.30    | 0.54%             |  |  |  | No            |                  1 | On Loan: —       |
| WATTS WATER TECHNOLOGIES, INC.                 | WATTS WATER TECHNOLOGIES INC A         | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      1110 | NS      | $272937.90    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| APPFOLIO, INC.                                 | APPFOLIO INC                           | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      1232 | NS      | $283704.96    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WALKER & DUNLOP, INC.                          | WALKER DUNLOP INC                      | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1590 | NS      | $112063.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                                    | ARCELLX INC                            | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6730 | NS      | $443170.50    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S                            | ASCENDIS PHARMA A S ADR                | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             |  | CORP              | DK        |      3450 | NS      | $595470.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AnaptysBio Inc                                 | ANAPTYSBIO INC                         | CUSIP: 032724106<br>LEI: 529900HH4WQT03IG1A12 | Long             | EC               | CORP              | US        |     18040 | NS      | $400488.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: —       |
| Braze Inc                                      | BRAZE INC                              | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               | CORP              | US        |     12810 | NS      | $359961.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                                   | AVEPOINT INC                           | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20480 | NS      | $395468.80    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHEESECAKE FACTORY INCORPORATED            | CHEESECAKE FACTORY INCORPORATED        | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |      7185 | NS      | $450212.10    | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| GUARDANT HEALTH, INC.                          | GUARDANT HEALTH INC                    | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     15250 | NS      | $793610.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| THE VITA COCO COMPANY, INC.                    | VITA COCO CO INC THE                   | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     10160 | NS      | $366776.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS, INC.                    | HALOZYME THERAPEUTICS INC              | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      6730 | NS      | $350094.60    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitdeer Technologies Group                     | BITDEER TECHNOLOGIES GROUP             | CUSIP: G11448100<br>LEI: 2549007M2KGWVJ9XFP20 | Long             | EC               | CORP              | KY        |     27570 | NS      | $316503.60    | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| Janux Therapeutics Inc                         | JANUX THERAPEUTICS INC                 | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6624 | NS      | $153014.40    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVANTA INC.                                   | NOVANTA INC                            | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      4270 | NS      | $550531.10    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIVE BELOW, INC.                               | FIVE BELOW                             | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      5240 | NS      | $687383.20    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc                      | VIRIDIAN THERAPEUTICS INC              | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |     20040 | NS      | $280159.20    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                    | INSPIRE MEDICAL SYSTEM INC             | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |       920 | NS      | $119388.40    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Grocers by Vitamin Cottage Inc         | NATURAL GROCERS BY VITAMIN COTTAGE INC | CUSIP: 63888U108<br>LEI: 529900P4OTXDGBUS3O87 | Long             | EC               | CORP              | US        |     14462 | NS      | $567633.50    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.      | MACOM TECHNOLOGY SOLUTIONS HOL         | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6220 | NS      | $891263.80    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                       | MERUS NV                               | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |      4050 | NS      | $213030.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY, INC.                             | HEALTHEQUITY INC                       | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      4610 | NS      | $482943.60    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES, INC.                         | SPX TECHNOLOGIES INC                   | CUSIP: 78473E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5720 | NS      | $959129.60    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| WINTRUST FINANCIAL CORPORATION                 | WINTRUST FINANCIAL CORP                | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |      7000 | NS      | $867860.00    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON, INC.                                     | AAON INC                               | CUSIP: 000360206<br>LEI: 549300ZHF0E5VM7PUD37 | Long             | EC               | CORP              | US        |      3910 | NS      | $288362.50    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL TECHNICAL INSTITUTE, INC.            | UNIVERSAL TECHNICAL INSTITUTE INC      | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     17030 | NS      | $577146.70    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMORIS SERVICES CORPORATION                  | PRIMORIS SERVICES CORP                 | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     11760 | NS      | $916574.40    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                                    | KLAVIYO INC                            | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12190 | NS      | $409340.20    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshworks Inc                                 | FRESHWORKS INC                         | CUSIP: 358054104<br>LEI: 254900ULRGCUEIK0K191 | Long             | EC               | CORP              | US        |     42300 | NS      | $630693.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| POWELL INDUSTRIES, INC.                        | POWELL INDUSTRIES INC                  | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      2970 | NS      | $625036.50    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AEROVIRONMENT, INC.                            | AEROVIRONMENT INC                      | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      1380 | NS      | $393231.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd             | CREDO TECHNOLOGY GROUP HOLDING LTD     | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      6230 | NS      | $576835.70    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Spyre Therapeutics Inc                         | SPYRE THERAPEUTICS INC                 | CUSIP: 00773J202<br>LEI: 52990017AIJPRH3HQH40 | Long             | EC               | CORP              | US        |     13695 | NS      | $205014.15    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GLAUKOS CORPORATION                            | GLAUKOS CORP                           | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |      3710 | NS      | $383205.90    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc                                 | NEXTRACKER INC                         | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12980 | NS      | $705722.60    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BADGER METER, INC.                             | BADGER METER INC                       | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      1180 | NS      | $289041.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                    | VAXCYTE INC                            | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      6650 | NS      | $216191.50    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| WISDOMTREE, INC.                               | WISDOMTREE INC                         | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |     73790 | NS      | $849322.90    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI WORLDWIDE, INC.                            | ACI WORLDWIDE INC                      | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     14610 | NS      | $670745.10    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                                       | FABRINET                               | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      5210 | NS      | $1535282.80   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                       | REVOLUTION MEDICINES INC               | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     11000 | NS      | $404690.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SIMPLY GOOD FOODS COMPANY                  | THE SIMPLY GOOD FOODS CO               | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11830 | NS      | $373709.70    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CYBERARK SOFTWARE LTD.                         | CYBERARK SOFTWARE LTD                  | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |       530 | NS      | $215646.40    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd,                             | FTAI AVIATION LTD                      | CUSIP: G3730V105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      6290 | NS      | $723601.60    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                  | ADAPTIVE BIOTECHNOLOGIES               | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |     67140 | NS      | $782181.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYLOCITY HOLDING CORPORATION                  | PAYLOCITY HOLDING CORP                 | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      1170 | NS      | $211992.30    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| GitLab Inc                                     | GITLAB INC                             | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |      8480 | NS      | $382532.80    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CASELLA WASTE SYSTEMS, INC.                    | CASELLA WASTE SYSTEMS INC              | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      3940 | NS      | $454597.20    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC.                                  | WINGSTOP INC                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      1870 | NS      | $629703.80    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST               | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    412018 | NS      | $412017.71    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MOOG INC.                                      | MOOG INC CLASS A                       | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |      2800 | NS      | $506716.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                                   | PHREESIA INC                           | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     18300 | NS      | $520818.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                              | DISC MEDICINE INC                      | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6950 | NS      | $368072.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| KORN FERRY                                     | KORN FERRY                             | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      4820 | NS      | $353450.60    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc                        | APOGEE THERAPEUTICS INC                | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8400 | NS      | $364812.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| IRHYTHM TECHNOLOGIES, INC.                     | IRHYTHM TECHNOLOGIES INC               | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |      2340 | NS      | $360266.40    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED INDUSTRIAL TECHNOLOGIES, INC.          | APPLIED INDUSTRIAL TECHNOLOGIES INC    | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      4480 | NS      | $1041376.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc                  | CRINETICS PHARMACEUTICALS INC          | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |      7520 | NS      | $216275.20    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PERMIAN RESOURCES CORPORATION                  | PERMIAN RESOURCES CORP COM             | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     21370 | NS      | $291059.40    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO TECHNOLOGIES INC.                         | ESCO TECHNOLOGIES INC                  | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |      3590 | NS      | $688813.30    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer