Schedule of Investments

July 31, 2021 (Unaudited)

Schedule of Investments

LSV Emerging Markets Equity Fund

	Shares		Value (000)
Foreign Common Stock  (94.8%)
Brazil  (4.6%)
Banco do Brasil		10,700	$	65
Camil Alimentos		37,100		64
EDP - Energias do Brasil		16,200		53
JBS		13,700		84
Petrobras Distribuidora		27,600		151
Qualicorp Consultoria e Corretora de Seguros		3,000		15
Telefonica Brasil		10,300		81
Vale		4,200		89
				602
Chile  (1.0%)
AES Andes		210,700		27
Enel Americas		215,216		30
Vina Concha y Toro		44,300		77
				134
China  (5.1%)
Baidu ADR*		780		128
China CITIC Bank, Cl H		229,000		103
Haier Smart Home, Cl H		22,400		77
Kunlun Energy		82,000		71
Powerlong Real Estate Holdings		92,000		62
Shanghai Pharmaceuticals Holding, Cl H		36,000		77
Shenzhen Expressway, Cl H		64,000		60
Sinotrans, Cl H		215,000		79
Vipshop Holdings ADR*		500		8
				665
Czech Republic  (0.4%)
Philip Morris CR		70		47
Egypt  (0.5%)
Eastern SAE		62,000		46
ElSewedy Electric*		37,200		21
				67
Greece  (0.2%)
Motor Oil Hellas Corinth Refineries		1,400		23
Hong Kong  (25.6%)
3SBio(A)*		34,000		28
Agile Group Holdings		48,000		53
Anhui Conch Cement, Cl H		7,500		36

LSV Emerging Markets Equity Fund

	Shares		Value (000)
Hong Kong (continued)
Asia Cement China Holdings		85,000	$	58
BAIC Motor, Cl H(A)		101,000		36
Bank of Communications, Cl H		119,000		69
Beijing Enterprises Holdings		9,000		28
China BlueChemical		244,000		77
China Everbright		32,000		35
China Everbright Bank, Cl H		127,000		43
China Hongqiao Group		63,000		84
China Lesso Group Holdings		31,000		65
China Longyuan Power Group, Cl H		79,000		147
China Medical System Holdings		44,000		89
China Minsheng Banking, Cl H		88,500		36
China Pacific Insurance Group, Cl H		12,800		36
China Petroleum & Chemical, Cl H		312,000		143
China Railway Group, Cl H		104,000		48
China Reinsurance Group, Cl H		740,000		71
China Suntien Green Energy, Cl H		215,000		111
China Traditional Chinese Medicine Holdings		46,000		29
China Yongda Automobiles Services Holdings		45,000		84
CIMC Enric Holdings		90,000		87
Country Garden Holdings		54,000		53
Dali Foods Group(A)		178,500		97
Dongfang Electric, Cl H		76,200		64
Dongfeng Motor Group, Cl H		80,000		71
Far East Horizon		75,000		80
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl H		30,000		81
Guangzhou R&F Properties		17,600		15
Hengan International Group		13,000		77
IGG		51,000		58
Jiangsu Expressway, Cl H		30,000		32
Kingboard Laminates Holdings		36,000		72
Lenovo Group		88,000		82
Lonking Holdings		152,000		47
Maanshan Iron & Steel, Cl H		242,000		124
NetDragon Websoft Holdings		28,000		65
New China Life Insurance, Cl H		19,700		54
Nine Dragons Paper Holdings		57,000		72

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Schedule of Investments

July 31, 2021 (Unaudited)

LSV Emerging Markets Equity Fund

	Shares		Value (000)
Hong Kong (continued)
People’s Insurance Group of China, Cl H		212,000	$	66
PICC Property & Casualty, Cl H		94,000		76
Shougang Fushan Resources Group		85,364		22
Sinopec Engineering Group, Cl H		124,000		71
Sinopharm Group, Cl H		37,600		99
Sinotruk Hong Kong		37,500		64
SSY Group		94,000		60
TCL Electronics Holdings		95,000		48
Vinda International Holdings		19,000		54
Want Want China Holdings		155,000		105
YiChang HEC ChangJiang Pharmaceutical, Cl H(A)		19,600		15
Yuexiu Transport Infrastructure		40,000		21
Zhejiang Expressway, Cl H		48,000		41
				3,379
Hungary  (0.3%)
Magyar Telekom Telecommunications		26,200		37
India  (11.3%)
Aurobindo Pharma		4,600		57
Cyient		7,900		105
Firstsource Solutions		51,200		134
GAIL India		50,100		94
Gujarat State Fertilizers & Chemicals		50,600		83
HCL Technologies		6,700		92
Indiabulls Housing Finance		3,100		11
JK Paper		20,300		71
Jubilant Life Sciences		4,400		41
Jubilant Pharmova*		4,400		35
Kalpataru Power Transmission		23,800		151
NMDC		32,600		79
Oil & Natural Gas		47,100		73
Power Finance		45,200		79
Power Grid Corp of India		20,667		48
REC		19,400		39
Redington India		33,800		149
Sonata Software		5,600		58
UPL		8,200		89
				1,488
Indonesia  (1.9%)
Astra International		247,300		81
Bank Negara Indonesia Persero		67,200		22
Bukit Asam		81,200		13

LSV Emerging Markets Equity Fund

	Shares		Value (000)
Indonesia (continued)
Matahari Department Store*		142,600	$	18
Telekomunikasi Indonesia Persero		404,800		90
United Tractors		19,600		26
				250
Malaysia  (2.4%)
AMMB Holdings		72,900		49
Bermaz Auto		49,200		18
RHB Bank		61,300		74
Scientex		112,600		112
Tenaga Nasional		28,900		66
				319
Mexico  (1.4%)
Fibra Uno Administracion		39,100		43
Grupo Financiero Banorte, Cl O		10,000		65
Grupo Mexico		17,400		79
				187
Philippines  (1.4%)
DMCI Holdings		402,100		48
Globe Telecom		1,400		52
Metro Pacific Investments		536,200		38
PLDT		2,100		51
				189
Poland  (1.6%)
Cyfrowy Polsat		9,800		86
Polskie Gornictwo Naftowe i Gazownictwo		46,300		76
Powszechny Zaklad Ubezpieczen		4,300		42
				204
Russia  (1.9%)
Gazprom PJSC ADR		11,300		88
LUKOIL PJSC ADR		1,300		111
Mobile TeleSystems PJSC ADR		5,800		50
				249
Singapore  (0.3%)
Yangzijiang Shipbuilding Holdings		42,100		43
South Africa  (4.1%)
Absa Group		7,400		69

2

Schedule of Investments

July 31, 2021 (Unaudited)

LSV Emerging Markets Equity Fund

	Shares		Value (000)
South Africa (continued)
African Rainbow Minerals		4,300	$	87
Aspen Pharmacare Holdings		2,400		30
Astral Foods		3,800		40
Exxaro Resources		3,700		46
Impala Platinum Holdings		4,400		79
Imperial Logistics		5,300		22
MTN Group		10,300		74
Oceana Group		16,600		71
Telkom SOC		7,500		22
				540
South Korea  (13.0%)
DB HiTek		1,200		64
DB Insurance		1,800		89
DL E&C*		166		21
DL Holdings		133		9
DongKook Pharmaceutical		2,500		55
Hana Pharm		1,210		23
Hankook & Co		6,900		107
Huons		990		52
Hyundai Glovis		240		41
Hyundai Greenfood		4,100		36
Hyundai Home Shopping Network		1,000		71
Hyundai Marine & Fire Insurance		800		18
Kginicis		1,700		32
Kia Motors		1,300		94
KT&G		500		36
LG		638		52
LX Holdings*		309		3
LX Semicon		800		83
Maeil Dairies		400		27
S&T Motiv		900		48
Samsung Electronics		6,500		443
SFA Engineering		700		25
Shinhan Financial Group		2,100		71
SK Telecom		400		105
Value Added Technology		1,400		44
Vieworks		1,700		54
				1,703
Taiwan  (14.6%)
ASE Technology Holding		33,000		146
Asia Cement		44,000		82
Asustek Computer		6,000		75
Cathay Financial Holding		40,859		79
China Life Insurance		90,063		85
Chipbond Technology		15,000		40
Fubon Financial Holding		42,000		113
Ginko International		6,000		48
Global Mixed Mode Technology		10,000		97

LSV Emerging Markets Equity Fund

	Shares		Value (000)
Taiwan (continued)
Hon Hai Precision Industry		20,000	$	79
Novatek Microelectronics		1,000		18
Pou Chen		62,000		78
Powertech Technology		14,000		55
Primax Electronics		25,000		55
Radiant Opto-Electronics		13,000		49
Shin Kong Financial Holding		229,000		75
Sigurd Microelectronics		58,000		133
Simplo Technology		4,000		53
Sino-American Silicon Products		13,000		88
SinoPac Financial Holdings		163,000		82
Synnex Technology International		36,000		68
Topco Scientific		16,000		74
Tripod Technology		11,000		47
Wistron		50,000		50
Yuanta Financial Holding		124,800		113
Zhen Ding Technology Holding		11,000		41
				1,923
Thailand  (1.0%)
Krung Thai Bank		96,200		30
Quality Houses		394,900		26
Thaifoods Group		526,500		74
				130
Turkey  (1.1%)
Coca-Cola Icecek		6,400		64
Haci Omer Sabanci Holding		40,700		46
Turkiye Sise ve Cam Fabrikalari		35,400		32
				142
United Arab Emirates  (0.6%)
Aldar Properties PJSC		70,700		76
United Kingdom  (0.5%)
MMC Norilsk Nickel PJSC ADR		2,000		69
TOTAL FOREIGN COMMON STOCK (Cost $11,422)				12,466
Foreign Preferred Stock  (1.4%)
Brazil** (1.3%)
Banco do Estado do Rio Grande do Sul		36,000		83

3

Schedule of Investments

July 31, 2021 (Unaudited)

LSV Emerging Markets Equity Fund
	Shares		Value (000)
Brazil** (continued)
Cia Paranaense de Energia		46,000	$	54
Itausa		15,000		32
				169
Colombia** (0.1%)
Banco Davivienda		1,700		13
TOTAL FOREIGN PREFERRED STOCK (Cost $211)				182
Right  (0.0%)
Taiwan  (0.0%)
SHIN KONG FINANCIAL HOLDING 08/20/2021		12,897		—
TOTAL RIGHT (Cost $–)				0
Warrants  (0.0%)*
Thailand  (0.0%*)
THAIFOODS GROUP 12/31/2024*		43,110		—
TOTAL WARRANTS (Cost $–)				–
	Face Amount (000)
Repurchase Agreement  (1.5%)
South Street Securities 0.010%, dated 07/30/21, to be repurchased on 08/02/21, repurchase price $199 (collateralized by various U.S. Treasury obligations, ranging in par value $0 - $113, 0.125% - 2.125%, 05/15/22 - 07/15/29; total market value $203)	$	199		199
TOTAL REPURCHASE AGREEMENT (Cost $199)				199
Total Investments – 97.7% (Cost $11,832)			$	12,847

Percentages are based on Net Assets of $13,152 (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, 2021, in valuing the Fund’s investments carried at value ($ 000):

Investments in     Securities	Level 1		Level 2		Level 3			Total
Foreign Common Stock
Brazil	$	602	$	–	$	–		$	602
Chile		134		–		–			134
China		586		79		–			665
Czech Republic		47		–		–			47
Egypt		67		–		–			67
Greece		23		–		–			23
Hong Kong		3,255		124		–			3,379
Hungary		37		–		–			37
India		1,488		–		–			1,488
Indonesia		250		–		–			250
Malaysia		319		–		–			319
Mexico		187		–		–			187
Philippines		189		–		–			189
Poland		204		–		–			204
Russia		249		–		–			249
Singapore		43		–		–			43
South Africa		540		–		–			540
South Korea		1,703		–		–			1,703
Taiwan		1,923		–		–			1,923
Thailand		130		–		–			130
Turkey		142		–		–			142
United Arab Emirates		76		–		–			76
United Kingdom		69		–		–			69
Total Foreign Common Stock		12,263		203		–			12,466
Foreign Preferred Stock
Brazil		169		–		–			169
Colombia		13		–		–			13
Total Foreign Preferred Stock		182		–		–			182
Total Repurchase Agreement		–		199		–			199
Total Right		–		–		–			–
Total Warrants		–		–		–			–
Total Investments in Securities	$	12,445	$	402	$		–	$	12,847

For the period ended July 31, 2021, 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-008-0600

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