NPORT-EX 2 AAPI640AMU063025.htm
Victory Pioneer Global Value Fund
(Successor to Pioneer Global Sustainable Value Fund)
Schedule of Investments | June 30, 2025
Schedule of Investments  |  6/30/25
(unaudited) 
Shares           Value
  UNAFFILIATED ISSUERS — 96.9%  
  Common Stocks — 96.9% of Net Assets  
  Automobile Components — 1.0%  
900 Bridgestone Corp. $   36,752
  Total Automobile Components    $36,752
  Automobiles — 0.9%  
1,800 Subaru Corp. $   31,274
  Total Automobiles    $31,274
  Banks — 26.7%  
4,813 ABN AMRO Bank NV (C.V.A.) (144A) $  131,780
3,615 Bank of America Corp.   171,062
5,325 Bank of Ireland Group Plc    75,988
913 Citizens Financial Group, Inc.    40,857
1,396 Danske Bank A/S    56,916
1,285 Hana Financial Group, Inc.    81,992
1,330 KB Financial Group, Inc. (A.D.R.)   109,845
3,244 Standard Chartered Plc    53,761
2,500 Sumitomo Mitsui Financial Group, Inc.    62,675
1,774 US Bancorp    80,274
970 Wells Fargo & Co.    77,716
  Total Banks   $942,866
  Beverages — 2.4%  
861 Anheuser-Busch InBev S.A. (A.D.R.) $   59,168
4,000 Tsingtao Brewery Co., Ltd., Class H    26,142
  Total Beverages    $85,310
  Biotechnology — 1.8%  
334 AbbVie, Inc. $   61,997
  Total Biotechnology    $61,997
  Broadline Retail — 1.5%  
1,300 Alibaba Group Holding, Ltd. $   18,449
475 eBay, Inc.    35,368
  Total Broadline Retail    $53,817
  Capital Markets — 4.1%  
770 State Street Corp. $   81,882
1,861 UBS Group AG    63,233
  Total Capital Markets   $145,115
  Communications Equipment — 1.7%  
872 Cisco Systems, Inc. $   60,499
  Total Communications Equipment    $60,499
1Victory Pioneer Global Value Fund | 6/30/25
Shares           Value
  Construction Materials — 4.1%  
656 Buzzi S.p.A. $   36,382
747 CRH Plc    69,035
517 Holcim AG    38,536
  Total Construction Materials   $143,953
  Consumer Staples Distribution & Retail — 0.0%  
268+# Magnit PJSC $       —
  Total Consumer Staples Distribution & Retail        $—
  Electric Utilities — 7.9%  
622 American Electric Power Co., Inc. $   64,539
1,345 Eversource Energy    85,569
1,541 Exelon Corp.    66,910
1,546 FirstEnergy Corp.    62,242
  Total Electric Utilities   $279,260
  Electrical Equipment — 2.8%  
800 Fuji Electric Co., Ltd. $   36,730
2,900 Mitsubishi Electric Corp.    62,631
  Total Electrical Equipment    $99,361
  Financial Services — 3.3%  
448 Edenred SE $   13,895
5,445 Nexi S.p.A. (144A)    32,558
957(a) PayPal Holdings, Inc.    71,124
  Total Financial Services   $117,577
  Food Products — 1.1%  
382 J M Smucker Co. $   37,512
  Total Food Products    $37,512
  Health Care Equipment & Supplies — 1.2%  
467 Medtronic Plc $   40,708
  Total Health Care Equipment & Supplies    $40,708
  Health Care Providers & Services — 4.1%  
659 Cardinal Health, Inc. $  110,712
89 Elevance Health, Inc.    34,617
  Total Health Care Providers & Services   $145,329
  Hotels, Restaurants & Leisure — 0.7%  
12,400 Sands China, Ltd. $   25,875
  Total Hotels, Restaurants & Leisure    $25,875
Victory Pioneer Global Value Fund | 6/30/252
Schedule of Investments  |  6/30/25
(unaudited) (continued)
Shares           Value
  Household Durables — 1.8%  
3,632 Persimmon Plc $   64,677
  Total Household Durables    $64,677
  Insurance — 2.9%  
259 Chubb, Ltd. $   75,038
4,500 Ping An Insurance Group Co. of China, Ltd., Class H    28,649
  Total Insurance   $103,687
  IT Services — 1.1%  
128 International Business Machines Corp. $   37,732
  Total IT Services    $37,732
  Metals & Mining — 6.1%  
2,530 Barrick Mining Corp. $   52,675
1,017 Newmont Corp.    59,251
595 Rio Tinto Plc    34,672
793 Teck Resources, Ltd., Class B    32,021
3,419 thyssenkrupp AG    36,715
  Total Metals & Mining   $215,334
  Oil, Gas & Consumable Fuels — 7.9%  
607 Expand Energy Corp. $   70,983
628 Exxon Mobil Corp.    67,698
938 HF Sinclair Corp.    38,533
885 Ovintiv, Inc.    33,674
4,480+# Rosneft Oil Co. PJSC         —
972 Shell Plc (A.D.R.)    68,439
  Total Oil, Gas & Consumable Fuels   $279,327
  Pharmaceuticals — 5.0%  
2,401 GSK Plc $   45,770
260 Johnson & Johnson    39,715
2,007 Pfizer, Inc.    48,649
422 Sanofi S.A.    40,832
  Total Pharmaceuticals   $174,966
  Semiconductors & Semiconductor Equipment — 1.0%  
227 QUALCOMM, Inc. $   36,152
  Total Semiconductors & Semiconductor Equipment    $36,152
  Technology Hardware, Storage & Peripherals — 2.7%  
1,100 FUJIFILM Holdings Corp. $   23,903
1,638 Samsung Electronics Co., Ltd.    72,620
  Total Technology Hardware, Storage & Peripherals    $96,523
3Victory Pioneer Global Value Fund | 6/30/25
Shares           Value
  Trading Companies & Distributors — 3.1%  
504 Brenntag SE $   33,380
1,800 Mitsui & Co., Ltd.    36,674
52(a) United Rentals, Inc.    39,177
  Total Trading Companies & Distributors   $109,231
  Total Common Stocks
(Cost $2,835,721) 		$3,424,834
  TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 96.9%
(Cost $2,835,721) 		$3,424,834
  OTHER ASSETS AND LIABILITIES — 3.1%   $110,089
  net assets — 100.0% $3,534,923
             
(A.D.R.) American Depositary Receipts.
(C.V.A.) Certificaaten van aandelen (Share Certificates).
(144A) The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such security may be resold normally to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $164,338, or 4.6% of net assets.
(a) Non-income producing security.
+ Security is valued using significant unobservable inputs (Level 3).
# Securities are restricted as to resale.
Restricted Securities Acquisition date Cost Value
Magnit PJSC 5/10/2021 $19,543 $—
Rosneft Oil Co. PJSC 6/23/2021 37,564 —
Total Restricted Securities     $—
% of Net assets     0.0%
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below.
Level 1 – unadjusted quoted prices in active markets for identical securities.
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 – significant unobservable inputs (including the Adviser’s own assumptions in determining fair value of investments).
Victory Pioneer Global Value Fund | 6/30/254
Schedule of Investments  |  6/30/25
(unaudited) (continued)
The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund’s investments:
  Level 1 Level 2 Level 3 Total
Common Stocks        
Automobile Components $— $36,752 $— $36,752
Automobiles — 31,274 — 31,274
Banks 479,754 463,112 — 942,866
Beverages 59,168 26,142 — 85,310
Broadline Retail 35,368 18,449 — 53,817
Capital Markets 81,882 63,233 — 145,115
Construction Materials — 143,953 — 143,953
Consumer Staples Distribution & Retail — — —* —
Electrical Equipment — 99,361 — 99,361
Financial Services 71,124 46,453 — 117,577
Hotels, Restaurants & Leisure — 25,875 — 25,875
Household Durables — 64,677 — 64,677
Insurance 75,038 28,649 — 103,687
Metals & Mining 143,947 71,387 — 215,334
Oil, Gas & Consumable Fuels 279,327 — —* 279,327
Pharmaceuticals 88,364 86,602 — 174,966
Technology Hardware, Storage & Peripherals — 96,523 — 96,523
Trading Companies & Distributors 39,177 70,054 — 109,231
All Other Common Stocks 699,189 — — 699,189
Total Investments in Securities $2,052,338 $1,372,496 $— $3,424,834
* Securities valued at $0.        
During the period ended June 30, 2025, there were no transfers in or out of Level 3.
5Victory Pioneer Global Value Fund | 6/30/25