NPORT-EX 2 AAPI630AMU063025.htm
Victory Pioneer Global Growth Fund
(Successor to Pioneer Global Sustainable Growth Fund)
Schedule of Investments | June 30, 2025
Schedule of Investments  |  6/30/25
(unaudited) 
Shares           Value
  UNAFFILIATED ISSUERS — 98.8%  
  Common Stocks — 98.8% of Net Assets  
  Aerospace & Defense — 3.2%  
901 Hensoldt AG $  103,466
  Total Aerospace & Defense   $103,466
  Banks — 2.9%  
4,219 FinecoBank Banca Fineco S.p.A. $   93,645
  Total Banks    $93,645
  Beverages — 2.0%  
221 Anheuser-Busch InBev S.A. (A.D.R.) $   15,187
1,200 Asahi Group Holdings, Ltd.    16,060
964 Keurig Dr Pepper, Inc.    31,870
  Total Beverages    $63,117
  Biotechnology — 1.6%  
113(a) Vertex Pharmaceuticals, Inc. $   50,308
  Total Biotechnology    $50,308
  Broadline Retail — 7.1%  
2,700 Alibaba Group Holding, Ltd. $   38,317
869(a) Amazon.com, Inc.   190,650
  Total Broadline Retail   $228,967
  Capital Markets — 4.1%  
320 Euronext NV (144A) $   54,757
422 Intercontinental Exchange, Inc.    77,425
  Total Capital Markets   $132,182
  Consumer Staples Distribution & Retail — 1.9%  
570(a) BJ’s Wholesale Club Holdings, Inc. $   61,463
  Total Consumer Staples Distribution & Retail    $61,463
  Electrical Equipment — 4.5%  
193(a) Generac Holdings, Inc. $   27,640
242 Rockwell Automation, Inc.    80,385
291 Vertiv Holdings Co., Class A    37,367
  Total Electrical Equipment   $145,392
  Electronic Equipment, Instruments & Components — 0.7%  
128 CDW Corp. $   22,860
  Total Electronic Equipment, Instruments & Components    $22,860
  Energy Equipment & Services — 1.0%  
803 Baker Hughes Co. $   30,787
  Total Energy Equipment & Services    $30,787
1Victory Pioneer Global Growth Fund | 6/30/25
Shares           Value
  Entertainment — 3.0%  
1,000 Nintendo Co., Ltd. $   95,917
  Total Entertainment    $95,917
  Financial Services — 6.2%  
1,339 Edenred SE $   41,530
201 Mastercard, Inc., Class A   112,950
610(a) PayPal Holdings, Inc.    45,335
  Total Financial Services   $199,815
  Ground Transportation — 3.5%  
1,192(a) Uber Technologies, Inc. $  111,214
  Total Ground Transportation   $111,214
  Health Care Equipment & Supplies — 4.0%  
600 Hoya Corp. $   71,229
4,700 Olympus Corp.    55,768
  Total Health Care Equipment & Supplies   $126,997
  Health Care Providers & Services — 2.3%  
434 Cardinal Health, Inc. $   72,912
  Total Health Care Providers & Services    $72,912
  Hotels, Restaurants & Leisure — 3.0%  
702 Amadeus IT Group S.A. $   59,388
138 Hilton Worldwide Holdings, Inc.    36,755
  Total Hotels, Restaurants & Leisure    $96,143
  Household Durables — 2.4%  
3,000 Sony Group Corp. $   78,209
  Total Household Durables    $78,209
  Insurance — 3.1%  
375 Progressive Corp. $  100,072
  Total Insurance   $100,072
  Interactive Media & Services — 4.8%  
865 Alphabet, Inc., Class C $  153,442
  Total Interactive Media & Services   $153,442
  IT Services — 2.6%  
287 International Business Machines Corp. $   84,602
  Total IT Services    $84,602
Victory Pioneer Global Growth Fund | 6/30/252
Schedule of Investments  |  6/30/25
(unaudited) (continued)
Shares           Value
  Life Sciences Tools & Services — 3.5%  
108 Lonza Group AG $   77,167
84 Thermo Fisher Scientific, Inc.    34,058
  Total Life Sciences Tools & Services   $111,225
  Pharmaceuticals — 2.1%  
15 Eli Lilly & Co. $   11,693
451 Novo Nordisk A/S (A.D.R.)    31,128
353 Novo Nordisk A/S, Class B    24,632
  Total Pharmaceuticals    $67,453
  Professional Services — 0.5%  
290 RELX Plc $   15,731
  Total Professional Services    $15,731
  Semiconductors & Semiconductor Equipment — 12.3%  
570(a) Advanced Micro Devices, Inc. $   80,883
76 ASML Holding NV    60,849
920 NVIDIA Corp.   145,351
216 QUALCOMM, Inc.    34,400
2,000 Taiwan Semiconductor Manufacturing Co., Ltd.    72,212
  Total Semiconductors & Semiconductor Equipment   $393,695
  Software — 7.7%  
106(a) Autodesk, Inc. $   32,815
313 Microsoft Corp.   155,689
222 Salesforce, Inc.    60,537
  Total Software   $249,041
  Specialty Retail — 1.9%  
498 TJX Cos., Inc. $   61,498
  Total Specialty Retail    $61,498
  Technology Hardware, Storage & Peripherals — 5.7%  
415 Apple, Inc. $   85,145
2,238 Samsung Electronics Co., Ltd.    99,221
  Total Technology Hardware, Storage & Peripherals   $184,366
  Textiles, Apparel & Luxury Goods — 1.2%  
76 LVMH Moet Hennessy Louis Vuitton SE $   39,858
  Total Textiles, Apparel & Luxury Goods    $39,858
  Total Common Stocks
(Cost $2,288,406) 		$3,174,377
  TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.8%
(Cost $2,288,406) 		$3,174,377
3Victory Pioneer Global Growth Fund | 6/30/25
Number of
Contracts 		Description Counterparty Amount Strike
Price 		Expiration
Date 		Value
  Over The Counter (OTC) Call Option Written — (1.2)%  
(800) NVIDIA Corp. Citibank N.A. USD 15,118 USD 120.51 4/17/26 $(38,889)
  Total Over The Counter (OTC) Call Option Written
(Premiums received $15,118) 		$(38,889)
  OTHER ASSETS AND LIABILITIES — 2.4% $77,174
  net assets — 100.0% $3,212,662
             
(A.D.R.) American Depositary Receipts.
(144A) The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $54,757, or 1.7% of net assets.
(a) Non-income producing security.
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).
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        
Aerospace & Defense $— $103,466 $— $103,466
Banks — 93,645 — 93,645
Beverages 47,057 16,060 — 63,117
Broadline Retail 190,650 38,317 — 228,967
Capital Markets 77,425 54,757 — 132,182
Entertainment — 95,917 — 95,917
Financial Services 158,285 41,530 — 199,815
Health Care Equipment & Supplies — 126,997 — 126,997
Hotels, Restaurants & Leisure 36,755 59,388 — 96,143
Household Durables — 78,209 — 78,209
Life Sciences Tools & Services 34,058 77,167 — 111,225
Pharmaceuticals 42,821 24,632 — 67,453
Professional Services — 15,731 — 15,731
Semiconductors & Semiconductor Equipment 260,634 133,061 — 393,695
Victory Pioneer Global Growth Fund | 6/30/254
Schedule of Investments  |  6/30/25
(unaudited) (continued)
  Level 1 Level 2 Level 3 Total
Technology Hardware, Storage & Peripherals $85,145 $99,221 $— $184,366
Textiles, Apparel & Luxury Goods — 39,858 — 39,858
All Other Common Stocks 1,143,591 — — 1,143,591
Total Investments in Securities $2,076,421 $1,097,956 $— $3,174,377
Other Financial Instruments        
Over The Counter (OTC) Call Option Written $— $(38,889) $— $(38,889)
Total Other Financial Instruments $— $(38,889) $— $(38,889)
During the period ended June 30, 2025, there were no transfers in or out of Level 3.
5Victory Pioneer Global Growth Fund | 6/30/25