# EDGAR Filing Document

**Accession Number:** 0001068663
**File Stem:** 0001752724-23-041269
**Filing Date:** 2023-2
**Character Count:** 43993
**Document Hash:** 22ca534e284fc825b2549ea3443ec5ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041269.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041269

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY VARIABLE INSURANCE FUNDS
- **CENTRAL INDEX KEY:** 0001068663
- **IRS NUMBER:** 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:** 23671064

**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 Sophus Emerging Markets VIP Series (Series ID: S000053587)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168423 | 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 Sophus Emerging Markets VIP Series

- **b. EDGAR series identifier (if any):** S000053587

- **c. LEI of Series:** 549300P7ZTDPRWS36649

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $26197919.86

**Total Liabilities:** $135245.85

**Net Assets:** $26062674.01

**Cash Not Reported:** $47098.10

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168423 | -0.93%               | 12.79%               | -3.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-276283.01              | $122478.52                                 |
| Month 2  | $-287611.29              | $3393332.68                                |
| Month 3  | $91536.19                | $-1060534.50                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WIWYNN CORP                                          | WIWYNN CORP                                     | CUSIP: Y9673D101<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     11000 | NS      | $284552.05    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Wanhua Chemical Group Co., Ltd.                      | WANHUA CHEMICAL GROUP CO A                      | CUSIP: N/A<br>LEI: 3003002H0G2KDG6CR124       | Long             | EC               | CORP              | CN        |     14300 | NS      | $190141.02    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotus Pharmaceutical Co.,Ltd.                        | LOTUS PHARMACEUTICAL CO LTD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     17000 | NS      | $135661.01    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| SHINSEGAE Inc.                                       | SHINSEGAE INC                                   | CUSIP: N/A<br>LEI: 9884005BGBN4CVNXZ186       | Long             | EC               | CORP              | KR        |      1320 | NS      | $230791.38    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING LIMITED                        | ALIBABA GROUP HOLDING LTD                       | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |     74848 | NS      | $821347.98    | 3.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Indorama Ventures Public Company Limited             | INDORAMA VENTURES PCL                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | TH        |    161500 | NS      | $189658.00    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| LARSEN AND TOUBRO LIMITED                            | LARSEN TOUBRO LTD                               | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |     18347 | NS      | $461167.45    | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| AP (THAILAND) PUBLIC COMPANY LIMITED                 | AP THAILAND PCL NVDR                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | TH        |    440200 | NS      | $147348.44    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Bank Mandiri (Persero) Tbk                        | PT BANK MANDIRI PERSERO TBK                     | CUSIP: N/A<br>LEI: 549300RSKQN4Z5ZSGH94       | Long             | EC               | CORP              | ID        |    486800 | NS      | $310479.62    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| POWER GRID CORPORATION OF INDIA LIMITED              | POWER GRID CORP OF INDIA LTD                    | CUSIP: N/A<br>LEI: 3358009SHWZ3DZEQ4Z56       | Long             | EC               |  | IN        |     71508 | NS      | $184373.49    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Hygeia Healthcare Holdings Co., Ltd.                 | HYGEIA HEALTHCARE HOLDINGS CO LTD               | CUSIP: N/A<br>LEI: 2549001Z9KHQTRR29237       | Long             | EC               | CORP              | KY        |     27000 | NS      | $192649.59    | 0.74%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Luxshare Precision Industry Co., Ltd.                | LUXSHARE PRECISION INDUSTRY CO LTD              | CUSIP: N/A<br>LEI: 300300QLLDUELXN16530       | Long             | EC               | CORP              | CN        |     37800 | NS      | $172240.48    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLD CIRCUIT ELECTRONICS LTD.                        | GOLD CIRCUIT ELECTRONICS LTD                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     71600 | NS      | $201193.84    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CHACHA FOOD COMPANY, LIMITED                         | CHACHA FOOD CO LTD                              | CUSIP: N/A<br>LEI: 300300AJZ9YPIRBJZN87       | Long             | EC               | CORP              | CN        |     26500 | NS      | $190202.90    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| JK PAPER LIMITED                                     | JK PAPER LTD                                    | CUSIP: N/A<br>LEI: 335800JW9BQEHI6ASI59       | Long             | EC               | CORP              | IN        |     28973 | NS      | $142923.73    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| MEITUAN                                              | MEITUAN                                         | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | KY        |     21400 | NS      | $474162.21    | 1.82%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MTN GROUP LIMITED                                    | MTN GROUP LTD                                   | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |     34543 | NS      | $258153.29    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP LTD.                                       | CREDICORP LIMITED                               | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      1731 | NS      | $234827.46    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| VARUN BEVERAGES LIMITED                              | VARUN BEVERAGES LTD                             | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |     14135 | NS      | $225590.84    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| MANAPPURAM FINANCE LIMITED                           | MANAPPURAM FINANCE LTD                          | CUSIP: N/A<br>LEI: 335800JL5WTUSKOSPN77       | Long             | EC               | CORP              | IN        |    145637 | NS      | $204267.94    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.         | TAIWAN SEMICONDUCTOR MANUFACTU                  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |    126259 | NS      | $1833926.79   | 7.04%             |  |  |  | No            |                  2 | On Loan: No      |
| PETRONAS CHEMICALS GROUP BERHAD                      | PETRONAS CHEMICALS GROUP BHD                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |     78800 | NS      | $154109.96    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG SECURITIES CO.,LTD                           | SAMSUNG SECURITIES CO LTD                       | CUSIP: N/A<br>LEI: 988400RBTJTHNUOHE716       | Long             | EC               | CORP              | KR        |      6905 | NS      | $172348.80    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Hana Financial Group Inc.                            | HANA FINANCIAL GROUP INC                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      8141 | NS      | $271109.53    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| KT CORPORATION                                       | KT CORP                                         | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               | CORP              | KR        |      7553 | NS      | $202174.25    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Multiplan Empreendimentos Imobiliarios S.A.          | MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS SA       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     22900 | NS      | $94895.10     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| WNS (HOLDINGS) LIMITED                               | WNS HOLDINGS LTD                                | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             |  | CORP              | JE        |      1314 | NS      | $105106.86    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSONITE INTERNATIONAL S.A.                         | SAMSONITE INTERNATIONAL SA                      | CUSIP: N/A<br>LEI: 549300UULS5HYFJSEL12       | Long             | EC               | CORP              | LU        |     53700 | NS      | $141008.59    | 0.54%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CSPC PHARMACEUTICAL GROUP LIMITED                    | CSPC PHARMACEUTICAL GROUP LTD                   | CUSIP: N/A<br>LEI: 529900M3XQCW234H8O91       | Long             | EC               | CORP              | HK        |    224000 | NS      | $233213.94    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD COMPANY LIMITED                                  | BYD CO LTD                                      | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |     10500 | NS      | $257621.82    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGNIT PAO                                           | MAGNIT PJSC                                     | CUSIP: N/A<br>LEI: 2534009KKPTVL99W2Y12       | Long             | EC               | CORP              | RU        |      2805 | NS      | $34.57        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MONDI PLC                                            | MONDI PLC                                       | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | GB        |      9569 | NS      | $161786.06    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| PAREX RESOURCES INC.                                 | PAREX RESOURCES INC                             | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |      8431 | NS      | $125487.26    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED      | INDUSTRIAL COMMERCIAL BANK OF CHINA LTD         | CUSIP: N/A<br>LEI: 5493002ERZU2K9PZDL40       | Long             | EC               | CORP              | CN        |    655000 | NS      | $335962.10    | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                 | PETROLEO BRASILEIRO S A ADR                     | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             |  | CORP              | BR        |     13823 | NS      | $147214.95    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hypera S.A.                                          | HYPERA SA                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     20000 | NS      | $171513.28    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Company Limited                           | PETROCHINA CO LTD                               | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |    680000 | NS      | $310637.53    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Limited                                    | AXIS BANK LTD                                   | CUSIP: N/A<br>LEI: 549300HVNWMJPOFVNI41       | Long             | EC               | CORP              | IN        |     18335 | NS      | $206348.02    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO SBF S.A.                                       | GRUPO SBF SA                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     27713 | NS      | $67110.38     | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co., Ltd.                       | CHINA MERCHANTS BANK CO LTD                     | CUSIP: N/A<br>LEI: 549300MKO5B60FFIHF58       | Long             | EC               | CORP              | CN        |     39500 | NS      | $218599.94    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| FULGENT SUN INTERNATIONAL (HOLDING) CO., LTD.        | FULGENT SUN INTERNATIONAL HOLDING CO LTD        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     39000 | NS      | $192264.59    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte, S.A.B. de C.V.             | GRUPO FINANCIERO BANORTE SAB DE CV              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     52207 | NS      | $374922.69    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HON HAI PRECISION INDUSTRY CO., LTD.                 | HON HAI PRECISION INDUSTRY CO LTD               | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |     81000 | NS      | $262569.70    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF GREECE S.A.                         | NATIONAL BANK OF GREECE SA                      | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     46204 | NS      | $185256.08    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| BGF Retail Co Ltd                                    | BGF RETAIL CO LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       512 | NS      | $85690.72     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| APOLLO HOSPITALS ENTERPRISE LIMITED                  | APOLLO HOSPITALS ENTERPRISE LTD                 | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |      4735 | NS      | $255886.02    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| ABSA GROUP LIMITED                                   | ABSA GROUP LTD                                  | CUSIP: N/A<br>LEI: 2138006IPPRD4N6XLT30       | Long             | EC               | CORP              | ZA        |     23174 | NS      | $263318.57    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alsea, S.A.B. de C.V.                                | ALSEA SAB DE CV                                 | CUSIP: N/A<br>LEI: 4469000001BJLPKNUN21       | Long             | EC               | CORP              | MX        |     68364 | NS      | $129344.22    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOX Advanced Materials Co., Ltd.                   | INNOX ADVANCED MATERIALS CO LTD                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      5468 | NS      | $131720.01    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| China Railway Group Limited                          | CHINA RAILWAY GROUP LTD                         | CUSIP: N/A<br>LEI: 529900TFRLG8UDJ7QA89       | Long             | EC               | CORP              | CN        |    323000 | NS      | $169612.12    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Chenguang Biotech Group Co., Ltd.                    | CHENGUANG BIOTECH GROUP CO LTD                  | CUSIP: N/A<br>LEI: 655600XIK27S3214IO50       | Long             | EC               | CORP              | CN        |     58000 | NS      | $147611.51    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA RESOURCES LAND LIMITED                         | CHINA RESOURCES LAND LIMITED                    | CUSIP: N/A<br>LEI: 5299001HL0TU7X15HK51       | Long             | EC               | CORP              | KY        |     50000 | NS      | $227481.53    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| GERDAU S.A.                                          | GERDAU SA PREF                                  | CUSIP: N/A<br>LEI: 254900YDV6SEQQPZVG24       | Long             | EC               | CORP              | BR        |     21900 | NS      | $120391.68    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Sao Martinho S.A.                                    | SAO MARTINHO SA                                 | CUSIP: N/A<br>LEI: 549300R3Z74BNJBF4161       | Long             | EC               | CORP              | BR        |     24200 | NS      | $121598.34    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Industries Qatar Q.P.S.C                             | INDUSTRIES QATAR QSC                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | QA        |     43447 | NS      | $153367.60    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| LONGFOR GROUP HOLDINGS LIMITED                       | LONGFOR GROUP HOLDINGS LTD                      | CUSIP: N/A<br>LEI: 254900UJX27B2F1JYR13       | Long             | EC               | CORP              | KY        |     56500 | NS      | $173870.07    | 0.67%             |  |  |  | Yes           |                  2 | On Loan: No      |
| The Saudi National Bank SJSC                         | SAUDI NATIONAL BANK                             | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               | CORP              | SA        |     22530 | NS      | $303324.09    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC Property and Casualty Company Limited           | PICC PROPERTY CASUALTY CO LTD                   | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |    170000 | NS      | $160743.56    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| CJ Corporation                                       | CJ CORP                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      2065 | NS      | $137951.95    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Yadea Group Holdings Ltd                             | YADEA GROUP HOLDINGS LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     74000 | NS      | $123215.63    | 0.47%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Inner Mongolia Yili Industrial Group Co., Ltd.       | INNER MONGOLIA YILI INDUSTRIAL GROUP CO LTD     | CUSIP: N/A<br>LEI: 3003002Q2A863JPQFH06       | Long             | EC               | CORP              | CN        |     34100 | NS      | $151641.25    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC BANK BHD                                      | PUBLIC BANK BERHAD                              | CUSIP: N/A<br>LEI: 549300L2RSQCVMOHGM20       | Long             | EC               | CORP              | MY        |    233600 | NS      | $229317.59    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| INFOSYS LIMITED                                      | INFOSYS TECHNOLOGIES ADR                        | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             |  | CORP              | IN        |     16476 | NS      | $296732.76    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI MOBIS CO.,LTD                                | HYUNDAI MOBIS                                   | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |       979 | NS      | $155299.64    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| TIANQI LITHIUM CORP                                  | TIANQI LITHIUM CORP                             | CUSIP: Y79327105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     11400 | NS      | $129298.28    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Wus Printed Circuit Kunshan Co Ltd                   | WUS PRINTED CIRCUIT KUNSHAN CO LTD              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     68320 | NS      | $116827.16    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| PINDUODUO INC.                                       | PINDUODUO INC                                   | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             |  | CORP              | KY        |      4782 | NS      | $389972.10    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                        | SAMSUNG ELECTRONICS CO LTD                      | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     21767 | NS      | $955499.79    | 3.67%             |  |  |  | No            |                  2 | On Loan: No      |
| LOJAS RENNER S.A.                                    | LOJAS RENNER S A                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     24800 | NS      | $96130.87     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND LIMITED                                      | RAYMOND LTD                                     | CUSIP: N/A<br>LEI: 335800B168I54HROR215       | Long             | EC               | CORP              | IN        |      6459 | NS      | $114634.76    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Credito e Inversiones                       | BANCO DE CREDITO E INVERSIONES                  | CUSIP: N/A<br>LEI: 549300E9E5Y3PKW24142       | Long             | EC               | CORP              | CL        |         1 | NS      | $28.75        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG ELECTRO-MECHANICS CO.,LTD                    | SAMSUNG ELECTRO MECHANICS CO LTD                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      1706 | NS      | $177186.87    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| THE BIDVEST GROUP LIMITED                            | BIDVEST GROUP LTD                               | CUSIP: N/A<br>LEI: 5299002ARE4TRMIRGM72       | Long             | EC               | CORP              | ZA        |     10253 | NS      | $128774.56    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| NEPI ROCKCASTLE N.V.                                 | NEPI ROCKCASTLE N V                             | CUSIP: N/A<br>LEI: 549300FMWM53K9ULYT15       | Long             | EC               | CORP              | NL        |         1 | NS      | $6.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DABUR INDIA LIMITED                                  | DABUR INDIA LTD                                 | CUSIP: N/A<br>LEI: 335800MJPUA2E1FSFL38       | Long             | EC               | CORP              | IN        |     24804 | NS      | $168060.41    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIVERSAL VISION BIOTECHNOLOGY CO., LTD.             | UNIVERSAL VISION BIOTECHNOLO                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     10200 | NS      | $99019.37     | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIMICRON TECHNOLOGY CORP.                           | UNIMICRON TECHNOLOGY CORP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     24000 | NS      | $93183.06     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SEAZEN GROUP LIMITED                                 | SEAZEN GROUP LTD                                | CUSIP: N/A<br>LEI: 5493006M8GRAQRCSCD67       | Long             | EC               | CORP              | KY        |    288000 | NS      | $105415.37    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| SABIC AGRI NUTRIENTS CO                              | SABIC AGRI NUTRIENTS CO                         | CUSIP: M8T36M107<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      6981 | NS      | $272562.55    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Mining Company SJSC                    | SAUDI ARABIAN MINING CO                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SA        |      8658 | NS      | $148680.27    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| PT Adaro Energy Indonesia Tbk                        | ADARO ENERGY INDONESIA TBK PT                   | CUSIP: N/A<br>LEI: 529900P2WAH7XA87OI24       | Long             | EC               | CORP              | ID        |    631800 | NS      | $156530.13    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| MYTILINEOS S.A.                                      | MYTILINEOS HOLDINGS SA                          | CUSIP: N/A<br>LEI: 213800KT8MEUJEJ2KW41       | Long             | EC               | CORP              | GR        |     12882 | NS      | $279830.10    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                             | TENCENT HOLDINGS LTD                            | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     23530 | NS      | $997738.08    | 3.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd      | SHENZHEN MINDRAY BIO MEDICAL ELECTRONICS CO LTD | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |      4400 | NS      | $199544.56    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Formosa Plastics Corporation                         | FORMOSA PLASTICS CORP                           | CUSIP: N/A<br>LEI: 254900KM6G17UTG1QN82       | Long             | EC               | CORP              | TW        |     37000 | NS      | $104352.62    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| HISENSE HOME APPLIANCES GROUP CO., LTD.              | HISENSE HOME APPLIANCES GROUP CO LTD            | CUSIP: N/A<br>LEI: 529900PRGESPUBUBN103       | Long             | EC               | CORP              | CN        |     72500 | NS      | $137095.23    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding S.A.                           | ITAU UNIBANCO HOLDING SA                        | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             |  | CORP              | BR        |     53537 | NS      | $252159.27    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NK ROSNEFT' PAO                                      | ROSNEFT PJSC                                    | CUSIP: 67812M207<br>LEI: 253400JT3MQWNDKMJE44 | Long             |  | CORP              | RU        |     48095 | NS      | $2253.73      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Xinte Energy Co., Ltd.                               | XINTE ENERGY CO LTD                             | CUSIP: N/A<br>LEI: 300300HSY4IIZWSPSY09       | Long             | EC               | CORP              | CN        |     75600 | NS      | $139340.72    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| BAIDU, INC.                                          | BAIDU INC                                       | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | KY        |     15784 | NS      | $225104.48    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Aeroportuario del Pacifico, S.A.B. de C.V.     | GRUPO AEROPORT DEL PACIFIC B                    | CUSIP: N/A<br>LEI: 4469000001BZ368XFI90       | Long             | EC               | CORP              | MX        |     11591 | NS      | $166082.08    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIC Securities Company Limited                     | CITIC SECURITIES CO LTD                         | CUSIP: N/A<br>LEI: 300300E1006744000068       | Long             | EC               | CORP              | CN        |     45200 | NS      | $129164.34    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Pharmaron Beijing Co., Ltd.                          | PHARMARON BEIJING CO LTD H                      | CUSIP: N/A<br>LEI: 300300JYXHGVS5SNGG54       | Long             | EC               | CORP              | CN        |     17700 | NS      | $121629.68    | 0.47%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CHINA LONGYUAN POWER GROUP CORPORATION LIMITED       | CHINA LONGYUAN POWER GROUP CORP LTD             | CUSIP: N/A<br>LEI: 5299008UYLF3O6V9T464       | Long             | EC               | CORP              | CN        |    129000 | NS      | $156820.05    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| BOSIDENG INTERNATIONAL HOLDINGS LIMITED              | BOSIDENG INTERNATIONAL HOLDINGS LTD             | CUSIP: N/A<br>LEI: 254900G7F1RDM4B3S169       | Long             | EC               | CORP              | KY        |    362000 | NS      | $171551.30    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Woori Financial Group Inc.                           | WOORI FINANCIAL GROUP INC                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     26713 | NS      | $244051.40    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Glodon Company Limited                               | GLODON CO LTD                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     21700 | NS      | $186766.62    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZPROM PAO                                          | GAZPROM PJSC                                    | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |    117150 | NS      | $3845.75      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| JD.COM, INC.                                         | JD COM INC                                      | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | KY        |     21306 | NS      | $594826.25    | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SIMPAR S.A.                                          | SIMPAR SA                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     45972 | NS      | $58889.86     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                   | ANGLO AMERICAN PLC                              | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |      6028 | NS      | $236005.61    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG BIOLOGICS CO.,LTD.                           | SAMSUNG BIOLOGICS CO LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       341 | NS      | $221740.96    | 0.85%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED | CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY    | CUSIP: N/A<br>LEI: 3358008DNPV45O4EII52       | Long             | EC               | CORP              | IN        |     35108 | NS      | $306203.53    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano, S.A.B. de C.V.           | FOMENTO ECONOMICO MEXICANO SAB DE CV            | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             |  | CORP              | MX        |      2756 | NS      | $215298.72    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| FUYAO GLASS INDUSTRY GROUP CO., LTD.                 | FUYAO GLASS INDUSTRY GROUP CO LTD               | CUSIP: N/A<br>LEI: 549300AS5CSLWETN0P64       | Long             | EC               | CORP              | CN        |     27400 | NS      | $137975.77    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc.                                        | SK HYNIX INC                                    | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      4552 | NS      | $271612.24    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SBERBANK OF RUSSIA ADR                               | SBERBANK OF RUSSIA ADR                          | CUSIP: 80585Y308<br>LEI: N/A                  | Long             |  | CORP              | RU        |     31735 | NS      | $212.31       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ICICI BANK LIMITED                                   | ICICI BANK LTD                                  | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             |  | CORP              | IN        |     33224 | NS      | $727273.36    | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JYP Entertainment Corporation                        | JYP ENTERTAINMENT CORP                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      5774 | NS      | $310210.91    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| TONGWEI CO LTD                                       | TONGWEI CO LTD                                  | CUSIP: Y8884V108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     27700 | NS      | $153320.00    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Shandong Nanshan Aluminium Co., Ltd.                 | SHANDONG NANSHAN ALUMINUM CO LTD                | CUSIP: N/A<br>LEI: 836800YU5J3RT2VPUO65       | Long             | EC               | CORP              | CN        |    316600 | NS      | $148482.06    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| MAHINDRA AND MAHINDRA LIMITED                        | MAHINDRA MAHINDRA LTD                           | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |     24622 | NS      | $370700.17    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Yatas Yatak ve Yorgan Sanayi Ticaret AS              | YATAS YATAK VE YORGAN SANAYI VE TICARET AS      | CUSIP: N/A<br>LEI: 7890009UETPSMO8P0E42       | Long             | EC               | CORP              | TR        |         0 | NS      | $0.90         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KIA CORPORATION                                      | KIA CORP                                        | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |      3477 | NS      | $163607.56    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| SENDAS DISTRIBUIDORA S/A                             | SENDAS DISTRIBUIDORA SA                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     39072 | NS      | $144400.43    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| VIBRA ENERGIA S/A                                    | VIBRA ENERGIA SA                                | CUSIP: N/A<br>LEI: 549300U7VLJ3SYVNY689       | Long             | EC               | CORP              | BR        |     42181 | NS      | $123687.89    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

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

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer