# EDGAR Filing Document

**Accession Number:** 0001068663
**File Stem:** 0001752724-23-041263
**Filing Date:** 2023-2
**Character Count:** 29168
**Document Hash:** 41b4356b24ee0b64c52c73a0fff7e696
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041263.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041263

**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:** 23671071

**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 International VIP Series (Series ID: S000053586)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168422 | 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 International VIP Series

- **b. EDGAR series identifier (if any):** S000053586

- **c. LEI of Series:** 549300QS2OFQ88TJU634

**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:** $114501377.66

**Total Liabilities:** $236121.65

**Net Assets:** $114265256.01

**Cash Not Reported:** $1766379.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168422 | 4.96%                | 13.84%               | -2.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-622958.10              | $5731923.48                                |
| Month 2  | $-162655.94              | $15113732.15                               |
| Month 3  | $-580011.01              | $-2000593.60                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TENCENT HOLDINGS LIMITED                       | TENCENT HOLDINGS LTD                | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |     22700 | NS      | $962543.75    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings, Inc.                    | TOKIO MARINE HOLDINGS INC           | CUSIP: N/A<br>LEI: 5299009QN2NZ191KLS29       | Long             | EC               | CORP              | JP        |     81300 | NS      | $1737027.32   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanwa Holdings Corporation                     | SANWA HOLDINGS CORP                 | CUSIP: N/A<br>LEI: 5299003X6BCA4ROO5A70       | Long             | EC               | CORP              | JP        |    131100 | NS      | $1207217.23   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION JAPAN                       | ORACLE CORP JAPAN                   | CUSIP: N/A<br>LEI: 529900MIMKY9RU60Z323       | Long             | EC               | CORP              | JP        |     16700 | NS      | $1086024.86   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Melexis NV                                     | MELEXIS NV                          | CUSIP: N/A<br>LEI: 549300QRPSGOJRPUFO80       | Long             | EC               | CORP              | BE        |     10490 | NS      | $912981.95    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH MOET HENNESSY LOUIS VUITTON SE            | LVMH MOET HENNESSY LOUIS VUITTON SA | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      5099 | NS      | $3709978.08   | 3.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer N.V.                            | WOLTERS KLUWER NV                   | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |     17144 | NS      | $1793611.62   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZTRANSPORT ET TECHNIGAZ SA                   | GAZTRANSPORT ET TECHNIGAZ SA        | CUSIP: N/A<br>LEI: 969500BVOHVZUUFWDT54       | Long             | EC               | CORP              | FR        |      6293 | NS      | $672446.26    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco Aktiebolag                         | ATLAS COPCO AB                      | CUSIP: N/A<br>LEI: 213800T8PC8Q4FYJZR07       | Long             | EC               | CORP              | SE        |    197476 | NS      | $2108161.50   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                   | BARCLAYS PLC                        | CUSIP: N/A<br>LEI: 213800LBQA1Y9L22JB70       | Long             | EC               | RF                | GB        |    753547 | NS      | $1433553.86   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                         | SAP SE                              | CUSIP: N/A<br>LEI: 529900D6BF99LW9R2E68       | Long             | EC               | CORP              | DE        |     17140 | NS      | $1769293.50   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubu Electric Power Company, Incorporated     | CHUBU ELECTRIC POWER CO INC         | CUSIP: N/A<br>LEI: 529900A76GOP0PGNHT63       | Long             | EC               | CORP              | JP        |     72100 | NS      | $745662.89    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                    | NOVARTIS AG                         | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     32100 | NS      | $2905753.94   | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                      | PARTNERS GROUP HOLDING AG           | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |      1479 | NS      | $1309984.75   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                    | PANDORA A S                         | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |     13455 | NS      | $951183.80    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                               | COCA COLA HBC AG                    | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               | CORP              | CH        |     44498 | NS      | $1051655.75   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI EAFE ETF                          | ISHARES MSCI EAFE ETF               | CUSIP: 464287465<br>LEI: N/A                  | Long             |  | RF                | US        |      3556 | NS      | $233415.84    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| RWE Aktiengesellschaft                         | RWE AG                              | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |     31649 | NS      | $1398930.61   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED | FISHER PAYKEL HEALTHCARE CORP LTD   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | NZ        |     61583 | NS      | $880856.15    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS PLC                            | IMPERIAL BRANDS PLC                 | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |     80770 | NS      | $2011644.81   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                               | ROCHE HOLDING AG                    | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |     12114 | NS      | $3807703.25   | 3.33%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVO NORDISK A/S                               | NOVO NORDISK A S                    | CUSIP: N/A<br>LEI: 549300DAQ1CVT6CXN342       | Long             | EC               | CORP              | DK        |     28456 | NS      | $3865435.36   | 3.38%             |  |  |  | No            |                  2 | On Loan: No      |
| LEGAL & GENERAL GROUP PLC                      | LEGAL GENERAL GROUP PLC             | CUSIP: N/A<br>LEI: 213800JH9QQWHLO99821       | Long             | EC               | CORP              | GB        |    193231 | NS      | $579209.35    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO          | INVESCO GVT & AGNCY-INST            | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     12260 | NS      | $12260.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF GOVERNMENT-INST               | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     12260 | NS      | $12260.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NIBE Industrier AB                             | NIBE INDUSTRIER AB                  | CUSIP: N/A<br>LEI: 549300ZQH0FIF1P0MX67       | Long             | EC               | CORP              | SE        |    101345 | NS      | $946453.63    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| SNAM S.P.A.                                    | SNAM SPA                            | CUSIP: N/A<br>LEI: 8156002278562044AF79       | Long             | EC               | CORP              | IT        |    275665 | NS      | $1336464.58   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.           | MITSUBISHI UFJ FINANCIAL GROUP INC  | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |    267200 | NS      | $1794098.31   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Aktiengesellschaft                     | SIEMENS AG                          | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     17258 | NS      | $2378698.36   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPGEMINI SE                                   | CAPGEMINI SA                        | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |      7984 | NS      | $1334544.14   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LIMITED                        | MACQUARIE GROUP LTD                 | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |     13671 | NS      | $1542953.60   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| RIO TINTO PLC                                  | RIO TINTO PLC                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     33319 | NS      | $2344627.19   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ARKEMA SA                                      | ARKEMA SA                           | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               | CORP              | FR        |     16669 | NS      | $1499077.65   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| CRODA INTERNATIONAL PUBLIC LIMITED COMPANY     | CRODA INTERNATIONAL PLC             | CUSIP: N/A<br>LEI: 2138004WCNBFJEEOXV26       | Long             | EC               | CORP              | GB        |     15734 | NS      | $1251823.17   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                                 | KAKAKU COM INC                      | CUSIP: N/A<br>LEI: 353800KA15Y0DCPWYY65       | Long             | EC               | CORP              | JP        |     55400 | NS      | $889064.83    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| HOYA CORPORATION                               | HOYA CORP                           | CUSIP: N/A<br>LEI: 353800X4VR3BHEUCJB42       | Long             | EC               | CORP              | JP        |     18300 | NS      | $1753015.24   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN N.V.                           | KONINKLIJKE KPN NV                  | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |    590604 | NS      | $1827809.96   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ASHTEAD GROUP PUBLIC LIMITED COMPANY           | ASHTEAD GROUP PLC                   | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |     27246 | NS      | $1547374.24   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica S.A.                                | TELEFONICA S A                      | CUSIP: 879382109<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |         1 | NS      | $3.62         | 0.00%             |  |  |  | No            |                  2 | 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        |     12260 | NS      | $12260.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BP P.L.C.                                      | BP PLC                              | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |    253889 | NS      | $1464613.23   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries, Ltd.              | MITSUBISHI HEAVY INDUSTRIES LT      | CUSIP: N/A<br>LEI: 353800TJ98PCAZROVE69       | Long             | EC               | CORP              | JP        |     33500 | NS      | $1324006.28   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Yusen Kabushiki Kaisha                  | NIPPON YUSEN KK                     | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149       | Long             | EC               | CORP              | JP        |     30700 | NS      | $724036.17    | 0.63%             |  |  |  | No            |                  2 | On Loan: —       |
| AKER BP ASA                                    | AKER BP ASA                         | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               | CORP              | NO        |     13142 | NS      | $409000.57    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOZO, Inc.                                     | ZOZO INC                            | CUSIP: N/A<br>LEI: 549300GC7XPQMZA0OW13       | Long             | EC               | CORP              | JP        |     46700 | NS      | $1153467.63   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJI ELECTRIC CO., LTD.                        | FUJI ELECTRIC CO LTD                | CUSIP: N/A<br>LEI: 5299000HVNGZZTYYM906       | Long             | EC               | CORP              | JP        |     37000 | NS      | $1396566.21   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC                              | HSBC HOLDINGS PLC                   | CUSIP: N/A<br>LEI: MLU0ZO3ML4LN2LL2TL39       | Long             | EC               | CORP              | GB        |    319829 | NS      | $1981730.91   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPCOM CO., LTD.                               | CAPCOM CO LTD                       | CUSIP: N/A<br>LEI: 529900JJWQKXS3TC8744       | Long             | EC               | CORP              | JP        |     36500 | NS      | $1165275.70   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                     | ALLIANZ SE                          | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      9609 | NS      | $2051783.97   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                                      | SHELL PLC                           | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     98680 | NS      | $2781278.33   | 2.43%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                   | UBS GROUP AG                        | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     91363 | NS      | $1698552.67   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CORPORATION                       | TOYOTA MOTOR CORP                   | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |    185800 | NS      | $2535171.30   | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen Aktiengesellschaft                  | VOLKSWAGEN AG                       | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EC               | CORP              | DE        |      7691 | NS      | $953929.98    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| SCENTRE GROUP                                  | SCENTRE GROUP                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | RF                | AU        |    597453 | NS      | $1162718.97   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| OKUMA Corporation                              | OKUMA CORP                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     19400 | NS      | $687288.60    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND           | HSBC US GOVT MMKT-I                 | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     12260 | NS      | $12260.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Limited                              | AIA GROUP LTD                       | CUSIP: N/A<br>LEI: ZP5ILWVSYE4LJGMMVD57       | Long             | EC               | CORP              | HK        |    169000 | NS      | $1866440.78   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL LIMITED                                    | CSL LTD                             | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |     11433 | NS      | $2228870.25   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| SAFRAN SA                                      | SAFRAN SA                           | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |     14635 | NS      | $1832830.45   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXT PLC                                       | NEXT PLC                            | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |     11383 | NS      | $797445.85    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| ULVAC,Inc.                                     | ULVAC INC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     24400 | NS      | $1017020.34   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| SPAREBANK 1 SMN                                | SPAREBANK 1 SMN                     | CUSIP: N/A<br>LEI: 7V6Z97IO7R1SEAO84Q32       | Long             | EC               | CORP              | NO        |     66807 | NS      | $868930.82    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAGEO PLC                                     | DIAGEO PLC                          | CUSIP: N/A<br>LEI: 213800ZVIELEA55JMJ32       | Long             | EC               | CORP              | GB        |     53280 | NS      | $2331669.54   | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LA FRANCAISE DES JEUX SA                       | LA FRANCAISE DES JEUX SAEM          | CUSIP: N/A<br>LEI: 969500R4CLSQFTYYI535       | Long             | EC               | CORP              | FR        |     37142 | NS      | $1494326.30   | 1.31%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CVS GROUP PLC                                  | CVS GROUP PLC                       | CUSIP: N/A<br>LEI: 213800J41XDQ2NX48O05       | Long             | EC               | CORP              | GB        |     13747 | NS      | $320588.97    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI GROUP INC                               | MISUMI GROUP INC                    | CUSIP: J43293109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     40600 | NS      | $882547.62    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co., Ltd.                           | SHIONOGI CO LTD                     | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |     21000 | NS      | $1047915.64   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitsu Limited                                | FUJITSU LTD                         | CUSIP: N/A<br>LEI: 3538000246DHJLRTUZ24       | Long             | EC               | CORP              | JP        |      9100 | NS      | $1213375.49   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                 | ING GROEP NV                        | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |    150681 | NS      | $1835207.98   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle S.A.                                    | NESTLE SA                           | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     41077 | NS      | $4746064.23   | 4.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria, S.A.          | BANCO BILBAO VIZCAYA ARGENTARIA SA  | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    341799 | NS      | $2058453.19   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International N.V.                         | ASM INTERNATIONAL NV                | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |      4114 | NS      | $1043715.49   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| CK ASSET HOLDINGS LIMITED                      | CK ASSET HOLDINGS LIMITED           | CUSIP: N/A<br>LEI: 5299006GJZSGP78B8S35       | Long             | EC               | CORP              | KY        |    216000 | NS      | $1324842.05   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Realty & Development Co., Ltd.        | SUMITOMO REALTY DEVELOPMENT         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     30500 | NS      | $718931.80    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| TOYO SUISAN KAISHA, LTD.                       | TOYO SUISAN KAISHA LTD              | CUSIP: 892306101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31300 | NS      | $1206046.62   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ARISTOCRAT LEISURE LIMITED                     | ARISTOCRAT LEISURE LTD              | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |     50124 | NS      | $1032615.04   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP GROUP LIMITED                              | BHP GROUP LIMITED                   | CUSIP: N/A<br>LEI: WZE1WSENV6JSZFK0JC28       | Long             | EC               | CORP              | AU        |     89513 | NS      | $2772220.72   | 2.43%             |  |  |  | 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