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Schedule of Investments

July 31, 2020 (Unaudited)

Schedule of Investments

LSV Emerging Markets Equity Fund


	Shares		Value (000)
Foreign Common Stock (92.3%)
Brazil (2.6%)
Banco do Brasil		4,800	$	31
Camil Alimentos		22,500		53
EDP - Energias do Brasil		9,200		32
JBS		8,600		36
Qualicorp Consultoria e Corretora de Seguros		3,000		16

				168


Chile (0.9%)
AES Gener		117,000		20
Enel Americas		232,118		36

				56


China (3.7%)
Baidu ADR*		300		36
China CITIC Bank, Cl H		108,000		47
Great Wall Motor, Cl H		63,500		62
Kunlun Energy		46,000		38
Powerlong Real Estate Holdings		54,000		33
Shanghai Pharmaceuticals Holding, Cl H		15,600		28

				244


Colombia (0.5%)
Interconexion Electrica ESP		6,100		31


Czech Republic (0.4%)
Philip Morris CR		40		24


Egypt (0.7%)
Eastern SAE		42,000		31
ElSewedy Electric		37,200		16

				47


Greece (0.3%)
Motor Oil Hellas Corinth Refineries		1,400		19


Hong Kong (29.7%)
Agile Group Holdings		22,000		28
Air China, Cl H		38,000		24
Anhui Conch Cement, Cl H		7,500		57
Asia Cement China Holdings		33,500		38
BAIC Motor, Cl H		101,000		49

LSV Emerging Markets Equity Fund


	Shares		Value (000)
Hong Kong (continued)
Bank of Communications, Cl H		79,000	$	44
Beijing Enterprises Holdings		9,000		32
China BlueChemical		90,000		13
China Communications Construction, Cl H		23,000		13
China Everbright		32,000		51
China Everbright Bank, Cl H		127,000		48
China Hongqiao Group		63,000		36
China Lesso Group Holdings		31,000		60
China Maple Leaf Educational Systems		90,000		31
China Medical System Holdings		44,000		53
China Minsheng Banking, Cl H		88,500		56
China Mobile		19,500		134
China Pacific Insurance Group, Cl H		12,800		37
China Petroleum & Chemical, Cl H		98,000		42
China Railway Group, Cl H		42,000		21
China Reinsurance Group, Cl H		160,000		18
China Suntien Green Energy, Cl H		173,000		50
China Telecom, Cl H		144,000		43
China Traditional Chinese Medicine Holdings		46,000		24
China Yongda Automobiles Services Holdings		33,500		35
Chinasoft International		70,000		53
CNOOC		29,000		31
Country Garden Holdings		36,000		46
Dongfeng Motor Group, Cl H		42,000		30
Far East Horizon		38,000		31
FIT Hon Teng		63,000		30
Geely Automobile Holdings		15,000		32
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl H		10,000		30
Guangzhou R&F Properties		17,600		20
IGG		51,000		50
Jiangsu Expressway, Cl H		30,000		32
Kingboard Laminates Holdings		36,000		41
Lonking Holdings		107,000		35
Luye Pharma Group		60,500		38
Nine Dragons Paper Holdings		43,000		45
People’s Insurance Group of China, Cl H		161,000		52
PICC Property & Casualty, Cl H		58,000		46
Shougang Fushan Resources Group		114,000		26

Schedule of Investments

July 31, 2020 (Unaudited)

LSV Emerging Markets Equity Fund


	Shares		Value (000)
Hong Kong (continued)
Sinopec Engineering Group, Cl H		30,000	$	13
Sinopharm Group, Cl H		9,600		23
Sinotruk Hong Kong		19,000		59
SITC International Holdings		29,000		29
SSY Group		34,000		22
Want Want China Holdings		38,000		28
YiChang HEC ChangJiang Pharmaceutical, Cl H		19,600		29
Yuexiu Transport Infrastructure		40,000		25
Zhejiang Expressway, Cl H		40,000		30

				1,963


Hungary (0.5%)
Magyar Telekom Telecommunications		26,200		33


India (8.8%)
Aurobindo Pharma		4,600		54
Cyient		2,900		13
Gujarat State Fertilizers & Chemicals		15,900		13
HCL Technologies		9,000		85
Hexaware Technologies		3,400		17
Indiabulls Housing Finance		3,100		8
JK Paper		9,500		12
Jubilant Life Sciences		4,400		47
KPIT Technologies		10,100		9
Mphasis		3,700		57
NMDC		25,000		28
Oil & Natural Gas		24,100		25
Persistent Systems		5,200		64
Power Finance		19,900		21
Power Grid Corp of India		15,500		37
REC		19,400		26
Sonata Software		7,500		26
Torrent Power		8,700		38

				580


Indonesia (1.3%)
Bank Negara Indonesia Persero		67,200		21
Bukit Asam		81,200		11
Matahari Department Store		142,600		13
United Tractors		19,600		29
Waskita Beton Precast		814,500		11

				85


Malaysia (1.2%)
AMMB Holdings		41,300		28
Bermaz Auto		49,200		17

LSV Emerging Markets Equity Fund


	Shares		Value (000)
Malaysia (continued)
RHB Bank		30,600	$	36

				81


Mexico (1.5%)
Fibra Uno Administracion		20,400		16
Grupo Financiero Banorte, Cl O*		10,000		36
Grupo Mexico		17,400		44

				96


Philippines (1.8%)
Globe Telecom		1,400		59
Metro Pacific Investments		388,200		25
PLDT		1,200		32

				116


Poland (1.7%)
Cyfrowy Polsat*		8,120		60
Polskie Gornictwo Naftowe i Gazownictwo		15,700		22
Powszechny Zaklad Ubezpieczen		4,300		31

				113


Qatar (0.4%)
Ooredoo QPSC		15,900		29


Russia (2.4%)
Gazprom PJSC ADR		11,300		55
LUKOIL PJSC ADR		800		55
Mobile TeleSystems PJSC ADR		5,800		51

				161


Singapore (0.4%)
Yangzijiang Shipbuilding Holdings		42,100		28


South Africa (2.5%)
Absa Group		5,600		26
African Rainbow Minerals		2,800		32
Aspen Pharmacare Holdings		2,400		19
Astral Foods		1,500		12
Exxaro Resources		3,700		29
Imperial Logistics		5,300		10
MTN Group		7,200		25

Schedule of Investments

July 31, 2020 (Unaudited)

LSV Emerging Markets Equity Fund


	Shares		Value (000)
South Africa (continued)
Telkom SOC		7,500	$	13

				166


South Korea (15.6%)
Daelim Industrial		300		21
DB Insurance		400		16
DongKook Pharmaceutical		500		62
Hana Pharm		1,100		20
Huons		900		46
Hyundai Glovis		240		22
Hyundai Greenfood		2,800		19
Hyundai Home Shopping Network		500		25
Hyundai Marine & Fire Insurance		800		16
Kginicis		1,700		34
Kia Motors		1,300		44
Korea United Pharm		1,300		27
KT&G		500		34
LG		700		43
Maeil Dairies		400		25
S&T Motiv		900		34
Samjin Pharmaceutical		800		19
Samsung Electronics		6,500		316
SFA Engineering		700		21
Shinhan Financial Group		1,600		40
Silicon Works		800		32
SK Telecom		200		37
Value Added Technology		1,400		28
Vieworks		1,700		51

				1,032


Taiwan (11.4%)
Cathay Financial Holding		25,859		35
China Life Insurance		56,664		39
Chipbond Technology		15,000		31
FLEXium Interconnect		9,000		43
Fubon Financial Holding		42,000		60
Globalwafers		4,000		57
Hon Hai Precision Industry		11,000		29
Pou Chen		36,000		33
Primax Electronics		14,000		20
Radiant Opto-Electronics		10,000		43
Simplo Technology		4,000		44
Sino-American Silicon Products		13,000		43
Topco Scientific		10,000		40
Tripod Technology		11,000		48
Wistron		50,000		59
Yuanta Financial Holding		120,000		74

LSV Emerging Markets Equity Fund


	Shares		Value (000)
Taiwan (continued)
Zhen Ding Technology Holding		11,000	$	51

				749


Thailand (1.4%)
Krung Thai Bank		96,200		31
Quality Houses		394,900		27
Vinythai		45,000		34

				92


Turkey (1.3%)
Coca-Cola Icecek		9,000		58
KOC Holding		456		1
Turkiye Sise ve Cam Fabrikalari		35,400		29

				88


United Arab Emirates (0.5%)
Aldar Properties PJSC		70,700		33


United Kingdom (0.8%)
MMC Norilsk Nickel PJSC ADR		2,000		53


TOTAL FOREIGN COMMON STOCK (Cost $6,744)				6,087


Foreign Preferred Stock (2.5%)
Brazil (2.3%)^**
Banco do Estado do Rio Grande do Sul		7,900		22
Cia Paranaense de Energia		4,600		59
Itausa		15,000		31
Telefonica Brasil		3,900		40

				152


Colombia (0.2%)^**
Banco Davivienda		1,700		12


TOTAL FOREIGN PREFERRED STOCK (Cost $203)				164

Schedule of Investments

July 31, 2020 (Unaudited)

LSV Emerging Markets Equity Fund


	Face Amount (000)		Value (000)
Repurchase Agreement (2.2%)
South Street Securities 0.040%, dated 07/31/20, to be repurchased on 08/03/20, repurchase price $145 (collateralized by various U.S. Treasury obligations, ranging in par value $0 - $75, 0% - 1.500%, 10/08/20 - 06/30/25; total market value $148)	$	145	$	145


TOTAL REPURCHASE AGREEMENT (Cost $145)				145


Total Investments – 97.0% (Cost $7,092)			$	6,396

Percentages are based on Net Assets of $6,597 (000).

*	Non-income producing security.

**	No rate available.

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint Stock Company

The following is a list of the level of inputs used as of July 31, 2020, in valuing the Fund’s investments carried at value ($ 000):


Investments in Securities	Level 1		Level 2†		Level 3		Total
Foreign Common Stock
Brazil		$ 168		$ –		$ —		$ 168
Chile		56		—		—		56
China		244		—		—		244
Colombia		31		—		—		31
Czech Republic		24		—		—		24
Egypt		47		—		—		47
Greece		19		—		—		19
Hong Kong		1,963		—		—		1,963
Hungary		33		—		—		33
India		580		—		—		580
Indonesia		85		—		—		85
Malaysia		81		—		—		81
Mexico		96		—		—		96
Philippines		116		—		—		116
Poland		113		—		—		113
Qatar		29		—		—		29
Russia		161		—		—		161
Singapore		28		—		—		28
South Africa		166		—		—		166
South Korea		1,032		—		—		1,032
Taiwan		716		33		—		749
Thailand		92		—		—		92
Turkey		88		—		—		88
United Arab Emirates		33		—		—		33
United Kingdom		53		—		—		53

Total Foreign Common Stock		6,054		33		—		6,087

Foreign Preferred Stock
Brazil		152		—		—		152
Colombia		12		—		—		12

Total Foreign Preferred Stock		164		—		—		164

Total Repurchase Agreement		—		145		—		145

Total Investments in Securities		$ 6,218		$ 178		$ —		$ 6,396

† Represents securities trading primarily outside the United States, the values of which were adjusted as a result of significant market changes subsequent to the closing of the exchanges on which these securities trade. As of July 31, 2020, securities with a total value $33(000) were classified as Level 2 due to the application of the fair value provided by Market.

For the period ended July 31, 2020, there were no transfers in or out of Level 3.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels, and other significant accounting policies, please refer to the Fund’s most recent semiannual or annual financial statements.

Amounts designated as “—“ are $0 or have been rounded to $0.

LSV-QH-008-0400