What were the Fund's costs for the last year?
(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 |
|---|---|---|
Class I | $ | |
What affected the Fund’s performance during the period?
The Fund generally seeks to track the returns of the Index before fees and expenses by employing a replication strategy that seeks to hold all the stocks in the Index.
During the reporting period, the Fund saw positive absolute returns in 10 sectors, with the information technology sector contributing the most to absolute performance. The Fund saw a negative absolute return in only the materials sector as it lagged all other sectors.
The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory 500 Index VIP Series Class I - $ | S&P 500® Index (regulatory broad based index) - $ | ||
|---|---|---|---|
12/14 | $ | $ | $ |
12/15 | $ | $ | $ |
12/16 | $ | $ | $ |
12/17 | $ | $ | $ |
12/18 | $ | $ | $ |
12/19 | $ | $ | $ |
12/20 | $ | $ | $ |
12/21 | $ | $ | $ |
12/22 | $ | $ | $ |
12/23 | $ | $ | $ |
12/24 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
| Footnote | Description |
Footnote | High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The unmanaged Victory US Large Cap 500 Index is a market-cap weighted index that consists of the largest 500 companies within the VettaFi US Equity 3000 Index℠ (“Parent Index”). The Parent Index measures the performance of the largest 3000 U.S. equity securities with readily available price data. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost.
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Real Estate | |
Utilities | |
Energy | |
Consumer Staples | |
Industrials | |
Communication Services | |
Health Care | |
Consumer Discretionary | |
Financials | |
Information Technology |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
Apple, Inc. | |
NVIDIA Corp. | |
Microsoft Corp. | |
Amazon.com, Inc. | |
Meta Platforms, Inc., Class A | |
Tesla, Inc. | |
Alphabet, Inc., Class A | |
Broadcom, Inc. | |
Alphabet, Inc., Class C | |
JPMorgan Chase & Co. |
* | 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. |
Material Fund Changes
There were no material fund changes during the year ended December 31, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
VVIF-RS-SPVIP — AR (12/24)
What were the Fund's costs for the last year?
(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 |
|---|---|---|
Class I | $ | |
What affected the Fund’s performance during the period?
Top contributors to performance:
The Fund’s allocations to pharma, wireless, and independent industries.
Security selection in health care, consumer products, and airlines industries.
The Fund’s allocation to debt securities rated BB & CCC rated contributed to positive performance.
Top detractors from performance:
The Fund’s allocations to media, wirelines, and oil field services industries.
Security selection of certain debt securities of issuers in media, retail, and pharma industries.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory High Yield VIP Series Class I - $ | |||
|---|---|---|---|
12/14 | $ | $ | $ |
12/15 | $ | $ | $ |
12/16 | $ | $ | $ |
12/17 | $ | $ | $ |
12/18 | $ | $ | $ |
12/19 | $ | $ | $ |
12/20 | $ | $ | $ |
12/21 | $ | $ | $ |
12/22 | $ | $ | $ |
12/23 | $ | $ | $ |
12/24 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
| Footnote | Description |
Footnote1 | The unmanaged Bloomberg U.S. Universal Index is an index that represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD denominated, taxable bonds that are rated either investment-grade or below investment-grade |
Footnote2 | The unmanaged Bloomberg U.S. Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the Bloomberg EM country definition, are excluded. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Asset AllocationFootnote Reference* (% of Net Assets)
Value | Value |
|---|---|
Corporate Bonds | |
Yankee Dollars | |
Senior Secured Loans | |
Exchange-Traded Funds |
* | 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. |
|---|---|
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. |
Material Fund Changes
Effective
For more complete information, you may review the Fund's prospectus, issued May 1, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
VVIF-RS-HYVIP — AR (12/24)
What were the Fund's costs for the last year?
(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 |
|---|---|---|
Class I | $ | |
What affected the Fund’s performance during the period?
Top contributors to performance:
Positive stock selection in the industrials, consumer discretionary, and information technology sectors supported the Fund’s performance relative to the Index for the period.
From a regional perspective, positive stock selection in Japan and the United Kingdom contributed to relative performance.
Country-level contributors included Netherlands, Denmark, and New Zealand.
Top detractors from performance:
Negative stock selection in the materials sector hurt relative performance.
By region, stock selection was negative in Europe.
Country-level detractors included France, Switzerland, and Belgium.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory RS International VIP Series Class I - $ | ||
|---|---|---|
12/14 | $ | $ |
12/15 | $ | $ |
12/16 | $ | $ |
12/17 | $ | $ |
12/18 | $ | $ |
12/19 | $ | $ |
12/20 | $ | $ |
12/21 | $ | $ |
12/22 | $ | $ |
12/23 | $ | $ |
12/24 | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
| Footnote | Description |
Footnote1 | The unmanaged MSCI EAFE Index measures the performance of large- and mid-cap stocks in the developed markets, excluding the U.S. and Canada. The index covers approximately 85% of the free-float-adjusted market capitalization in each country. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Real Estate | |
Energy | |
Communication Services | |
Materials | |
Information Technology | |
Consumer Staples | |
Consumer Discretionary | |
Health Care | |
Industrials | |
Financials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
Novo Nordisk A/S, Class B | |
SAP SE | |
Roche Holding AG | |
Novartis AG, Registered Shares | |
Allianz SE, Registered Shares | |
Toyota Motor Corp. | |
Barclays PLC | |
Unilever PLC | |
Banco Bilbao Vizcaya Argentaria SA | |
Shell PLC |
* | 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. |
Material Fund Changes
There were no material fund changes during the year ended December 31, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
VVIF-RS-IVIP — AR (12/24)
What were the Fund's costs for the last year?
(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 |
|---|---|---|
Class I | $ | |
What affected the Fund’s performance during the period?
In 2024, the Fund’s focus on investing in businesses with improving return on invested capital continued to generate strong results.
Top contributors to performance:
The Fund’s performance was led by strong stock selection in the utilities, communication services, and financial services sectors.
Within the utilities sector, Vistra Corp. generated strong results benefiting from a business shift as well as increasing electricity demand as the world shifts to artificial intelligence.
In the communication services sector, TKO Group Holdings, Inc. was also a positive contributor, benefiting from growing demand for both its Ultimate Fighting Championship and World Wrestling Entertainment franchises.
Within the financial services sector, performance was strong across the large money center banks, as increased capital markets activity propelled the stocks.
Top detractors from performance:
The Fund was negatively impacted during the year by some of its consumer holdings.
LKQ Corp., a distributor of after-market auto parts, was negatively impacted by higher insurance costs and rising inflation. While we were disappointed to see a slowdown in the business in 2024, which negatively impacted the stock, our investment outlook for this investment remains unchanged.
Cash flows and earnings for Mondelez International, Inc., Class A, one of the largest chocolate and snack product companies, were negatively impacted by a dramatic rise in cocoa prices.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory RS Large Cap Alpha VIP Series Class I - $ | S&P 500® Index (regulatory broad based index) - $ | Russell 1000® Value Index - $ | |
|---|---|---|---|
12/14 | $ | $ | $ |
12/15 | $ | $ | $ |
12/16 | $ | $ | $ |
12/17 | $ | $ | $ |
12/18 | $ | $ | $ |
12/19 | $ | $ | $ |
12/20 | $ | $ | $ |
12/21 | $ | $ | $ |
12/22 | $ | $ | $ |
12/23 | $ | $ | $ |
12/24 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
| Footnote | Description |
Footnote | High double-digit returns are attributable, in part, to unusually favorable market conditions and may not be repeated or consistently achieved in the future. |
Footnote1 | The unmanaged S&P 500® Index is a market-capitalization-weighted index that measures the performance of the common stocks of 500 leading U.S. companies. |
Footnote2 | The unmanaged Russell 1000® Value Index is a market-capitalization-weighted index that measures the performance of Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth rates. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Utilities | |
Materials | |
Consumer Discretionary | |
Communication Services | |
Energy | |
Consumer Staples | |
Information Technology | |
Industrials | |
Health Care | |
Financials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
Citigroup, Inc. | |
KeyCorp | |
Exxon Mobil Corp. | |
Keurig Dr. Pepper, Inc. | |
U.S. Foods Holding Corp. | |
TKO Group Holdings, Inc. | |
Teva Pharmaceutical Industries Ltd., ADR | |
Cboe Global Markets, Inc. | |
The Goldman Sachs Group, Inc. | |
SS&C Technologies Holdings, Inc. |
* | 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. |
Material Fund Changes
There were no material fund changes during the year ended December 31, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
VVIF-RS-LCAVIP — AR (12/24)
What were the Fund's costs for the last year?
(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 |
|---|---|---|
Class I | $ | |
What affected the Fund’s performance during the period?
The Fund’s absolute performance during the period was hindered in part by the relative performance of secular small-cap growth stocks as small growth, as defined by the Russell 2000®Growth Index (the "Index"), significantly underperformed large growth, as defined by the Russell 1000® Growth Index. A "secular small-cap stock" refers to a small-cap company that is positioned to benefit from long-term, sustained industry trends that are not closely tied to short-term economic cycles. In other words, the company is likely to experience growth even during market turndowns.
We believe the multi-year underperformance of innovative smaller-cap growth stocks has created an outsized opportunity for smaller-cap growth stocks, as current valuations (defined as the forward price-to-earnings ratio, excluding non-earners) of the Index are the cheapest since the 1979 inception of the Index relative to the Russell 1000® Growth Index (per FactSet).
Top contributors to performance:
Fund performance relative to the Index was positively impacted during the year by stock selection in the information technology, consumer staples, and financials sectors.
Top detractors from performance:
The largest detractor from performance relative to the Index was the Fund’s holdings of securities in the health care sector.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory RS Small Cap Growth Equity VIP Series Class I - $ | Russell 3000® Index (regulatory broad based index) - $ | Russell 2000® Growth Index - $ | Russell 2000® Index - $ | |
|---|---|---|---|---|
12/14 | $ | $ | $ | $ |
12/15 | $ | $ | $ | $ |
12/16 | $ | $ | $ | $ |
12/17 | $ | $ | $ | $ |
12/18 | $ | $ | $ | $ |
12/19 | $ | $ | $ | $ |
12/20 | $ | $ | $ | $ |
12/21 | $ | $ | $ | $ |
12/22 | $ | $ | $ | $ |
12/23 | $ | $ | $ | $ |
12/24 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
| Footnote | Description |
Footnote1 | The unmanaged Russell 3000® Index is a market-capitalization-weighted index that measures the performance of the 3,000 largest U.S. stocks by market capitalization and covers 98% of the investable U.S. equity universe. |
Footnote2 | The unmanaged Russell 2000® Growth Index is a market-capitalization-weighted index that measures the performance of Russell 2000® Index companies with higher price-to-book ratios and forecasted growth values. |
Footnote3 | The unmanaged Russell 2000® Index is a market-capitalization-weighted index that measures the performance of the 2,000 smallest U.S. stocks by market capitalization in the Russell 3000® Index. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Real Estate | |
Communication Services | |
Energy | |
Materials | |
Consumer Staples | |
Financials | |
Consumer Discretionary | |
Information Technology | |
Industrials | |
Health Care |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
FTAI Aviation Ltd. | |
Semtech Corp. | |
Under Armour, Inc., Class C | |
Applied Industrial Technologies, Inc. | |
Varonis Systems, Inc. | |
Utz Brands, Inc. | |
Champion Homes, Inc. | |
Gitlab, Inc., Class A | |
Modine Manufacturing Co. | |
Paylocity Holding Corp. |
* | 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. |
Material Fund Changes
There were no material fund changes during the year ended December 31, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
VVIF-RS-SCGEVIP — AR (12/24)
What were the Fund's costs for the last year?
(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 |
|---|---|---|
Class I | $ | |
What affected the Fund’s performance during the period?
Top contributors to performance:
Stock selection in industrials served as the most significant contributor to performance in the period. We were moderately overweight this sector.
Taiwan was another significant contributor to relative performance, driven by positive stock selection within the technology sector. Within industrials, Fortune Electric Co. Ltd outperformed due to the previously mentioned power investments. We were moderately underweight this country.
The materials sector also significantly contributed to relative performance, due to positive stock selection, as evidenced by holdings including Shandong Nanshan Aluminum, Western Mining, and Welspun Corp. Ltd. The Fund benefited from our underweight allocation in poor performer POSCO. The Fund was effectively neutrally positioned in this sector.
Top detractors from performance:
The third quarter was flooded by conflicting signals and periods of sharp reversals, which resulted in elevated market volatility, with sentiment changing sometimes on a weekly basis. This proved a challenging environment for the Fund’s quantitative models to perform. As such, the impact of market volatility was one of the most significant detractors from performance in 2024.
The consumer discretionary sector was the most significant detractor from relative performance, due to negative stock selection concentrated largely amongst a handful of underperforming investments that the Fund held over the course of the year. The Fund was moderately overweight the consumer discretionary sector during the period.
China-based investments were most significant detractor from relative performance, driven by both stock-specific blow-ups and the Fund’s defensive positioning within that market amidst the sharp rally in the final week of the third quarter. Four consumer discretionary stocks alone accounted for roughly half of this China-centric negative attribution: Alibaba Group Holdings Ltd., Class W, PDD, Miniso, and JD.com, Inc., Class SW. The Fund was virtually neutral China.
Holdings in the information technology sector significantly detracted from relative performance, due to negative stock selection, driven by a combination of strong performers the Fund did not own (or held at underweight positions on average), like Hon Hai Precision Industry, Xiaomi Corp., Class W, and MediaTek; in addition to poor performers like SK Hynix, Inc., LG Innotek Co. Ltd, and Haesung DS, which the Fund held during the period. The Fund was virtually neutral positioned in this sector.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Sophus Emerging Markets VIP Series Class I - $ | |||
|---|---|---|---|
12/14 | $ | $ | $ |
12/15 | $ | $ | $ |
12/16 | $ | $ | $ |
12/17 | $ | $ | $ |
12/18 | $ | $ | $ |
12/19 | $ | $ | $ |
12/20 | $ | $ | $ |
12/21 | $ | $ | $ |
12/22 | $ | $ | $ |
12/23 | $ | $ | $ |
12/24 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
| Footnote | Description |
Footnote1 | The unmanaged MSCI All Country World Index is a free float-adjusted, market-capitalization-weighted index designed to measure the performance of large- and mid-cap stocks across developed and emerging markets. |
Footnote2 | The unmanaged MSCI Emerging Markets Index is a free-float-adjusted market-capitalization-weighted index designed to measure equity market performance in the global emerging markets. |
FUND STATISTICS
($ amounts in 000s)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
Value | Value |
|---|---|
Consumer Staples | |
Energy | |
Real Estate | |
Materials | |
Health Care | |
Industrials | |
Communication Services | |
Consumer Discretionary | |
Financials | |
Information Technology |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
Taiwan Semiconductor Manufacturing Co. Ltd. | |
Tencent Holdings Ltd. | |
ICICI Bank Ltd., ADR | |
Infosys Ltd., ADR | |
Alibaba Group Holding Ltd., Class W | |
SK Hynix, Inc. | |
Meituan, Class W | |
China Construction Bank Corp., Class H | |
Xiaomi Corp., Class W | |
Sun Pharmaceutical Industries Ltd. |
* | 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. |
Material Fund Changes
There were no material fund changes during the year ended December 31, 2024.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financial Statements
Prospectus
Fund Holdings
Proxy Voting
Contact us at
VVIF-RS-SEMVIP — AR (12/24)