# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-23-041256
**Filing Date:** 2023-2
**Character Count:** 43818
**Document Hash:** 9beb26fc7cb3b2ec1aa4af8c612ae573
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-041256.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001752724-23-041256

**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 PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716
- **IRS NUMBER:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 23671055

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory Sophus Emerging Markets Fund (Series ID: S000053566)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168352 | Class A      | GBEMX           |
| C000168353 | Class C      | REMGX           |
| C000168354 | Class R      | REMKX           |
| C000168355 | Class Y      | RSENX           |
| C000172968 | Class R6     | RSERX           |

## 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 Portfolios

- **b. Investment Company Act file number:** 811-04852

- **c. CIK number of Registrant:** 0000802716

- **d. LEI of Registrant:** 549300V07N3HJP1EW330

- **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 Fund

- **b. EDGAR series identifier (if any):** S000053566

- **c. LEI of Series:** 549300HXVYDTV51KW285

**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:** $402318884.52

**Total Liabilities:** $1290537.13

**Net Assets:** $401028347.39

**Cash Not Reported:** $4413046.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168355 | -0.85%               | 12.84%               | -3.25%               |
| Class ID C000168352 | -0.92%               | 12.90%               | -3.32%               |
| Class ID C000168354 | -0.92%               | 12.84%               | -3.32%               |
| Class ID C000172968 | -0.84%               | 12.87%               | -3.23%               |
| Class ID C000168353 | -1.01%               | 12.81%               | -3.39%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4389500.04             | $2043746.47                                |
| Month 2  | $-3956422.14             | $51755198.68                               |
| Month 3  | $797618.47               | $-15963637.51                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Xinte Energy Co., Ltd.                               | XINTE ENERGY CO LTD                             | CUSIP: N/A<br>LEI: 300300HSY4IIZWSPSY09       | Long             | EC               | CORP              | CN        |   1140400 | NS      | $2101906.84   | 0.52%             |  |  |  | No            |                  2 | 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        |    418600 | NS      | $2107907.17   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Company Limited                           | PETROCHINA CO LTD                               | CUSIP: N/A<br>LEI: 529900RPY4YG47TRSV05       | Long             | EC               | CORP              | CN        |  10434000 | NS      | $4766458.81   | 1.19%             |  |  |  | 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        |    179296 | NS      | $2569049.46   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG SECURITIES CO.,LTD                           | SAMSUNG SECURITIES CO LTD                       | CUSIP: N/A<br>LEI: 988400RBTJTHNUOHE716       | Long             | EC               | CORP              | KR        |    105817 | NS      | $2641192.32   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSUNG BIOLOGICS CO.,LTD.                           | SAMSUNG BIOLOGICS CO LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      5205 | NS      | $3384638.37   | 0.84%             |  |  |  | Yes           |                  2 | On Loan: No      |
| THE BIDVEST GROUP LIMITED                            | BIDVEST GROUP LTD                               | CUSIP: N/A<br>LEI: 5299002ARE4TRMIRGM72       | Long             | EC               | CORP              | ZA        |    161826 | NS      | $2032485.35   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co., Ltd.                        | SAMSUNG ELECTRONICS CO LTD                      | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    329421 | NS      | $14460499.71  | 3.61%             |  |  |  | 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        |   1102800 | NS      | $2085360.27   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Limited                                    | AXIS BANK LTD                                   | CUSIP: N/A<br>LEI: 549300HVNWMJPOFVNI41       | Long             | EC               | CORP              | IN        |    281628 | NS      | $3169532.67   | 0.79%             |  |  |  | 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        |    418800 | NS      | $2988209.14   | 0.75%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Indorama Ventures Public Company Limited             | INDORAMA VENTURES PCL                           | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | TH        |   2535800 | NS      | $2977924.20   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGNIT PAO                                           | MAGNIT PJSC                                     | CUSIP: N/A<br>LEI: 2534009KKPTVL99W2Y12       | Long             | EC               | CORP              | RU        |     41301 | NS      | $509.03       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Hana Financial Group Inc.                            | HANA FINANCIAL GROUP INC                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    124835 | NS      | $4157223.66   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotus Pharmaceutical Co.,Ltd.                        | LOTUS PHARMACEUTICAL CO LTD                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    254000 | NS      | $2026935.05   | 0.51%             |  |  |  | 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        |    670668 | NS      | $2367453.18   | 0.59%             |  |  |  | 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        |    608500 | NS      | $3367545.94   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIVERSAL VISION BIOTECHNOLOGY CO., LTD.             | UNIVERSAL VISION BIOTECHNOLO                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    156350 | NS      | $1517811.56   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SAMSONITE INTERNATIONAL S.A.                         | SAMSONITE INTERNATIONAL SA                      | CUSIP: N/A<br>LEI: 549300UULS5HYFJSEL12       | Long             | EC               | CORP              | LU        |    817800 | NS      | $2147426.84   | 0.54%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BOSIDENG INTERNATIONAL HOLDINGS LIMITED              | BOSIDENG INTERNATIONAL HOLDINGS LTD             | CUSIP: N/A<br>LEI: 254900G7F1RDM4B3S169       | Long             | EC               | CORP              | KY        |   5542000 | NS      | $2626346.15   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| MAHINDRA AND MAHINDRA LIMITED                        | MAHINDRA MAHINDRA LTD                           | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |    377306 | NS      | $5680586.45   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| UNIMICRON TECHNOLOGY CORP.                           | UNIMICRON TECHNOLOGY CORP                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    340000 | NS      | $1320093.35   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                 | PETROLEO BRASILEIRO S A ADR                     | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             |  | CORP              | BR        |    212372 | NS      | $2261761.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Shandong Nanshan Aluminium Co., Ltd.                 | SHANDONG NANSHAN ALUMINUM CO LTD                | CUSIP: N/A<br>LEI: 836800YU5J3RT2VPUO65       | Long             | EC               | CORP              | CN        |   4842000 | NS      | $2270847.00   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| CSPC PHARMACEUTICAL GROUP LIMITED                    | CSPC PHARMACEUTICAL GROUP LTD                   | CUSIP: N/A<br>LEI: 529900M3XQCW234H8O91       | Long             | EC               | CORP              | HK        |   3452000 | NS      | $3593993.43   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| SABIC AGRI NUTRIENTS CO                              | SABIC AGRI NUTRIENTS CO                         | CUSIP: M8T36M107<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |    107255 | NS      | $4187608.71   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SHINSEGAE Inc.                                       | SHINSEGAE INC                                   | CUSIP: N/A<br>LEI: 9884005BGBN4CVNXZ186       | Long             | EC               | CORP              | KR        |     20193 | NS      | $3530583.60   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD COMPANY LIMITED                                  | BYD CO LTD                                      | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |    162500 | NS      | $3987004.36   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| SBERBANK OF RUSSIA ADR                               | SBERBANK OF RUSSIA ADR                          | CUSIP: 80585Y308<br>LEI: N/A                  | Long             |  | CORP              | RU        |    446943 | NS      | $2990.05      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MEITUAN                                              | MEITUAN                                         | CUSIP: N/A<br>LEI: 21380033K525E5JLIA77       | Long             | EC               | CORP              | KY        |    323700 | NS      | $7172257.34   | 1.79%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Pharmaron Beijing Co., Ltd.                          | PHARMARON BEIJING CO LTD H                      | CUSIP: N/A<br>LEI: 300300JYXHGVS5SNGG54       | Long             | EC               | CORP              | CN        |    271050 | NS      | $1862583.37   | 0.46%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TONGWEI CO LTD                                       | TONGWEI CO LTD                                  | CUSIP: Y8884V108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    420000 | NS      | $2324707.50   | 0.58%             |  |  |  | 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        |    753264 | NS      | $5409538.31   | 1.35%             |  |  |  | No            |                  1 | 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        |    518700 | NS      | $2306636.81   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| LOJAS RENNER S.A.                                    | LOJAS RENNER S A                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    381200 | NS      | $1477624.45   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| WNS (HOLDINGS) LIMITED                               | WNS HOLDINGS LTD                                | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             |  | CORP              | JE        |     20092 | NS      | $1607159.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hypera S.A.                                          | HYPERA SA                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    305600 | NS      | $2620722.92   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| MYTILINEOS S.A.                                      | MYTILINEOS HOLDINGS SA                          | CUSIP: N/A<br>LEI: 213800KT8MEUJEJ2KW41       | Long             | EC               | CORP              | GR        |    176657 | NS      | $3837443.43   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| VIBRA ENERGIA S/A                                    | VIBRA ENERGIA SA                                | CUSIP: N/A<br>LEI: 549300U7VLJ3SYVNY689       | Long             | EC               | CORP              | BR        |    633285 | NS      | $1856989.75   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| China Railway Group Limited                          | CHINA RAILWAY GROUP LTD                         | CUSIP: N/A<br>LEI: 529900TFRLG8UDJ7QA89       | Long             | EC               | CORP              | CN        |   4523000 | NS      | $2375094.82   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Glodon Company Limited                               | GLODON CO LTD                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    323000 | NS      | $2779982.47   | 0.69%             |  |  |  | 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        |   1100902 | NS      | $2838523.59   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| CHACHA FOOD COMPANY, LIMITED                         | CHACHA FOOD CO LTD                              | CUSIP: N/A<br>LEI: 300300AJZ9YPIRBJZN87       | Long             | EC               | CORP              | CN        |    413078 | NS      | $2964854.09   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| CJ Corporation                                       | CJ CORP                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     30101 | NS      | $2010891.86   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| KIA CORPORATION                                      | KIA CORP                                        | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     55596 | NS      | $2616027.03   | 0.65%             |  |  |  | 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        |   1025050 | NS      | $1752834.95   | 0.44%             |  |  |  | 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        |    255400 | NS      | $3395945.14   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| LONGFOR GROUP HOLDINGS LIMITED                       | LONGFOR GROUP HOLDINGS LTD                      | CUSIP: N/A<br>LEI: 254900UJX27B2F1JYR13       | Long             | EC               | CORP              | KY        |    867500 | NS      | $2669598.00   | 0.67%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SEAZEN GROUP LIMITED                                 | SEAZEN GROUP LTD                                | CUSIP: N/A<br>LEI: 5493006M8GRAQRCSCD67       | Long             | EC               | CORP              | KY        |   4412000 | NS      | $1614904.90   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| GAZPROM PAO                                          | GAZPROM PJSC                                    | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               | CORP              | RU        |   1511910 | NS      | $49632.36     | 0.01%             |  |  |  | Yes           |                  3 | 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        |     41921 | NS      | $3274868.52   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LIMITED                                   | ICICI BANK LTD                                  | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             |  | CORP              | IN        |    524614 | NS      | $11483800.46  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORPORATION                                       | KT CORP                                         | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               | CORP              | KR        |    115783 | NS      | $3099211.11   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| INFOSYS LIMITED                                      | INFOSYS TECHNOLOGIES ADR                        | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             |  | CORP              | IN        |    269959 | NS      | $4861961.59   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Adaro Energy Indonesia Tbk                        | ADARO ENERGY INDONESIA TBK PT                   | CUSIP: N/A<br>LEI: 529900P2WAH7XA87OI24       | Long             | EC               | CORP              | ID        |   9764700 | NS      | $2419230.37   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| MONDI PLC                                            | MONDI PLC                                       | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | GB        |    142705 | NS      | $2412757.89   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| JYP Entertainment Corporation                        | JYP ENTERTAINMENT CORP                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     85788 | NS      | $4609001.33   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| INNOX Advanced Materials Co., Ltd.                   | INNOX ADVANCED MATERIALS CO LTD                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     79449 | NS      | $1913866.64   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN GROUP LIMITED                                    | MTN GROUP LTD                                   | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |    530702 | NS      | $3966142.72   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| NK ROSNEFT' PAO                                      | ROSNEFT PJSC                                    | CUSIP: 67812M207<br>LEI: 253400JT3MQWNDKMJE44 | Long             |  | CORP              | RU        |    677591 | NS      | $31751.91     | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PICC Property and Casualty Company Limited           | PICC PROPERTY CASUALTY CO LTD                   | CUSIP: N/A<br>LEI: 300300F1000311000017       | Long             | EC               | CORP              | CN        |   2822000 | NS      | $2668343.14   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Luxshare Precision Industry Co., Ltd.                | LUXSHARE PRECISION INDUSTRY CO LTD              | CUSIP: N/A<br>LEI: 300300QLLDUELXN16530       | Long             | EC               | CORP              | CN        |    590000 | NS      | $2688409.65   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| LARSEN AND TOUBRO LIMITED                            | LARSEN TOUBRO LTD                               | CUSIP: N/A<br>LEI: 3358003FR3JIC5FRXA90       | Long             | EC               | CORP              | IN        |    278565 | NS      | $7001968.16   | 1.75%             |  |  |  | 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        |    996448 | NS      | $1885272.80   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PETRONAS CHEMICALS GROUP BERHAD                      | PETRONAS CHEMICALS GROUP BHD                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   1218100 | NS      | $2382250.56   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Formosa Plastics Corporation                         | FORMOSA PLASTICS CORP                           | CUSIP: N/A<br>LEI: 254900KM6G17UTG1QN82       | Long             | EC               | CORP              | TW        |    573000 | NS      | $1616055.43   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIC Securities Company Limited                     | CITIC SECURITIES CO LTD                         | CUSIP: N/A<br>LEI: 300300E1006744000068       | Long             | EC               | CORP              | CN        |    672200 | NS      | $1920890.84   | 0.48%             |  |  |  | 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        |   7155300 | NS      | $4563629.44   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| SENDAS DISTRIBUIDORA S/A                             | SENDAS DISTRIBUIDORA SA                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    594073 | NS      | $2195546.53   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA RESOURCES LAND LIMITED                         | CHINA RESOURCES LAND LIMITED                    | CUSIP: N/A<br>LEI: 5299001HL0TU7X15HK51       | Long             | EC               | CORP              | KY        |    796000 | NS      | $3621506.00   | 0.90%             |  |  |  | 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        |    133015 | NS      | $2284211.92   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| BGF Retail Co Ltd                                    | BGF RETAIL CO LTD                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      7795 | NS      | $1304607.69   | 0.33%             |  |  |  | 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        |    889000 | NS      | $2262528.16   | 0.56%             |  |  |  | No            |                  2 | 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        |   9772000 | NS      | $5012246.83   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| PAREX RESOURCES INC.                                 | PAREX RESOURCES INC                             | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |    120413 | NS      | $1792230.72   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED | CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY    | CUSIP: N/A<br>LEI: 3358008DNPV45O4EII52       | Long             | EC               | CORP              | IN        |    443165 | NS      | $3865178.52   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                   | ANGLO AMERICAN PLC                              | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |     87075 | NS      | $3409122.19   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Woori Financial Group Inc.                           | WOORI FINANCIAL GROUP INC                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    394046 | NS      | $3600025.40   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| ABSA GROUP LIMITED                                   | ABSA GROUP LTD                                  | CUSIP: N/A<br>LEI: 2138006IPPRD4N6XLT30       | Long             | EC               | CORP              | ZA        |    372878 | NS      | $4236890.50   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| APOLLO HOSPITALS ENTERPRISE LIMITED                  | APOLLO HOSPITALS ENTERPRISE LTD                 | CUSIP: N/A<br>LEI: 3358005YT7JQCWYLTG43       | Long             | EC               | CORP              | IN        |     71977 | NS      | $3889737.70   | 0.97%             |  |  |  | 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      |
| Itau Unibanco Holding S.A.                           | ITAU UNIBANCO HOLDING SA                        | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             |  | CORP              | BR        |    911645 | NS      | $4293847.95   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.COM, INC.                                         | JD COM INC                                      | CUSIP: N/A<br>LEI: 549300HVTWB0GJZ16V92       | Long             | EC               | CORP              | KY        |    326226 | NS      | $9107659.34   | 2.27%             |  |  |  | No            |                  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        |   1972000 | NS      | $2397280.10   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING LIMITED                        | ALIBABA GROUP HOLDING LTD                       | CUSIP: N/A<br>LEI: 5493001NTNQJDH60PM02       | Long             | EC               | CORP              | KY        |   1143972 | NS      | $12553429.43  | 3.13%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOBIS CO.,LTD                                | HYUNDAI MOBIS                                   | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |     15029 | NS      | $2384063.70   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| MANAPPURAM FINANCE LIMITED                           | MANAPPURAM FINANCE LTD                          | CUSIP: N/A<br>LEI: 335800JL5WTUSKOSPN77       | Long             | EC               | CORP              | IN        |   2231759 | NS      | $3130226.68   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| CREDICORP LTD.                                       | CREDICORP LIMITED                               | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     28449 | NS      | $3859391.34   | 0.96%             |  |  |  | No            |                  1 | 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        |    599000 | NS      | $2952986.87   | 0.74%             |  |  |  | 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        |     26137 | NS      | $2714614.99   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPO SBF S.A.                                       | GRUPO SBF SA                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    426655 | NS      | $1033196.68   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| SIMPAR S.A.                                          | SIMPAR SA                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    703764 | NS      | $901517.46    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.         | TAIWAN SEMICONDUCTOR MANUFACTU                  | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |   1942998 | NS      | $28222273.91  | 7.04%             |  |  |  | No            |                  2 | On Loan: No      |
| GERDAU S.A.                                          | GERDAU SA PREF                                  | CUSIP: N/A<br>LEI: 254900YDV6SEQQPZVG24       | Long             | EC               | CORP              | BR        |    337300 | NS      | $1854251.84   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND LIMITED                                      | RAYMOND LTD                                     | CUSIP: N/A<br>LEI: 335800B168I54HROR215       | Long             | EC               | CORP              | IN        |     98715 | NS      | $1752000.36   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| BAIDU, INC.                                          | BAIDU INC                                       | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | KY        |    245896 | NS      | $3506860.85   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| WIWYNN CORP                                          | WIWYNN CORP                                     | CUSIP: Y9673D101<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    162000 | NS      | $4190675.68   | 1.04%             |  |  |  | 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        |    746353 | NS      | $2992520.72   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| JK PAPER LIMITED                                     | JK PAPER LTD                                    | CUSIP: N/A<br>LEI: 335800JW9BQEHI6ASI59       | Long             | EC               | CORP              | IN        |    439905 | NS      | $2170050.17   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| VARUN BEVERAGES LIMITED                              | VARUN BEVERAGES LTD                             | CUSIP: N/A<br>LEI: 33580058NWEMWBDNMD48       | Long             | EC               | CORP              | IN        |    200726 | NS      | $3203533.57   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| The Saudi National Bank SJSC                         | SAUDI NATIONAL BANK                             | CUSIP: N/A<br>LEI: 5586006ZEFQ542K7CY16       | Long             | EC               | CORP              | SA        |    335170 | NS      | $4512433.89   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| DABUR INDIA LIMITED                                  | DABUR INDIA LTD                                 | CUSIP: N/A<br>LEI: 335800MJPUA2E1FSFL38       | Long             | EC               | CORP              | IN        |    383359 | NS      | $2597462.91   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| TIANQI LITHIUM CORP                                  | TIANQI LITHIUM CORP                             | CUSIP: Y79327105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    175100 | NS      | $1985976.27   | 0.50%             |  |  |  | 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        |    352000 | NS      | $1458649.61   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| AP (THAILAND) PUBLIC COMPANY LIMITED                 | AP THAILAND PCL NVDR                            | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | TH        |   7070700 | NS      | $2366780.10   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| PINDUODUO INC.                                       | PINDUODUO INC                                   | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             |  | CORP              | KY        |     76034 | NS      | $6200572.70   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Yadea Group Holdings Ltd                             | YADEA GROUP HOLDINGS LTD                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |   1120000 | NS      | $1864885.16   | 0.47%             |  |  |  | Yes           |                  2 | On Loan: No      |
| PUBLIC BANK BHD                                      | PUBLIC BANK BERHAD                              | CUSIP: N/A<br>LEI: 549300L2RSQCVMOHGM20       | Long             | EC               | CORP              | MY        |   4023400 | NS      | $3949642.09   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| SK hynix Inc.                                        | SK HYNIX INC                                    | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |     70271 | NS      | $4192984.12   | 1.05%             |  |  |  | No            |                  2 | 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        |   1230000 | NS      | $3987169.53   | 0.99%             |  |  |  | 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        |     67300 | NS      | $3052124.73   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| TENCENT HOLDINGS LIMITED                             | TENCENT HOLDINGS LTD                            | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |    355715 | NS      | $15083315.01  | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Sao Martinho S.A.                                    | SAO MARTINHO SA                                 | CUSIP: N/A<br>LEI: 549300R3Z74BNJBF4161       | Long             | EC               | CORP              | BR        |    368100 | NS      | $1849601.16   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLD CIRCUIT ELECTRONICS LTD.                        | GOLD CIRCUIT ELECTRONICS LTD                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |   1142100 | NS      | $3209266.51   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios

**Signature:** Allan Shaer

**Name of Signer:** Allan Shaer

**Title:** Treasurer