Schedule of Investments
January 31, 2024 (Unaudited)
LSV Emerging Markets Equity Fund | ||||||||
Shares | Value (000) | |||||||
Foreign Common Stock (97.3%) |
| |||||||
Brazil (3.9%) |
| |||||||
Banco do Brasil | 24,300 | $ | 277 | |||||
Camil Alimentos | 44,100 | 79 | ||||||
JBS SA | 35,400 | 168 | ||||||
Minerva | 40,600 | 56 | ||||||
Telefonica Brasil | 5,800 | 60 | ||||||
Vale | 16,500 | 226 | ||||||
Vibra Energia | 15,100 | 73 | ||||||
|
| |||||||
939 | ||||||||
|
| |||||||
Chile (0.8%) |
| |||||||
Cencosud | 83,100 | 144 | ||||||
Cia Cervecerias Unidas | 6,200 | 38 | ||||||
|
| |||||||
182 | ||||||||
|
| |||||||
China (23.7%) |
| |||||||
3SBio | 89,000 | 67 | ||||||
Alibaba Group Holding | 66,500 | 596 | ||||||
Anhui Conch Cement, Cl H | 12,500 | 25 | ||||||
AviChina Industry & Technology, Cl H | 195,000 | 72 | ||||||
BAIC Motor, Cl H | 305,500 | 81 | ||||||
Baidu, Cl A* | 6,240 | 81 | ||||||
Bank of China, Cl H | 762,000 | 286 | ||||||
Bank of Communications, Cl H | 208,000 | 123 | ||||||
Beijing Enterprises Holdings | 22,500 | 81 | ||||||
China BlueChemical | 302,000 | 83 | ||||||
China CITIC Bank, Cl H | 263,000 | 130 | ||||||
China Coal Energy, Cl H | 84,000 | 92 | ||||||
China Everbright | 44,000 | 23 | ||||||
China Everbright Bank, Cl H | 265,000 | 79 | ||||||
China Feihe | 115,000 | 53 | ||||||
China Hongqiao Group | 58,000 | 43 | ||||||
China Medical System Holdings | 44,000 | 63 | ||||||
China Merchants Port Holdings | 52,000 | 64 | ||||||
China Minsheng Banking, Cl H | 254,000 | 84 | ||||||
China Pacific Insurance Group, Cl H | 39,000 | 72 | ||||||
China Petroleum & Chemical, Cl H | 268,000 | 139 | ||||||
China Reinsurance Group, Cl H | 740,000 | 40 | ||||||
China Resources Medical Holdings | 121,000 | 62 | ||||||
China Suntien Green Energy, Cl H | 88,000 | 30 | ||||||
China Tower, Cl H | 554,000 | 62 | ||||||
China XLX Fertiliser | 128,000 | 54 | ||||||
China Yongda Automobiles Services Holdings | 98,000 | 25 |
LSV Emerging Markets Equity Fund | ||||||||
Shares | Value (000) | |||||||
China (continued) |
| |||||||
CSPC Pharmaceutical Group | 134,000 | $ | 99 | |||||
Far East Horizon | 91,000 | 67 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings, | 22,000 | 53 | ||||||
Hengan International Group | 15,000 | 46 | ||||||
Horizon Construction Development* | 3,370 | 1 | ||||||
Kangji Medical Holdings | 64,000 | 48 | ||||||
Kunlun Energy | 92,000 | 82 | ||||||
Lenovo Group | 224,000 | 235 | ||||||
Lonking Holdings | 152,000 | 25 | ||||||
NetDragon Websoft Holdings | 32,000 | 44 | ||||||
New China Life Insurance, Cl H | 34,700 | 62 | ||||||
People’s Insurance Group of China, Cl H | 310,000 | 96 | ||||||
PetroChina, Cl H | 454,000 | 328 | ||||||
PICC Property & Casualty, Cl H | 164,000 | 204 | ||||||
Ping An Insurance Group of China, Cl H | 12,000 | 50 | ||||||
Postal Savings Bank of China, Cl H | 146,000 | 70 | ||||||
SciClone Pharmaceuticals Holdings | 65,000 | 92 | ||||||
Shanghai Pharmaceuticals Holding, Cl H | 36,000 | 51 | ||||||
Shougang Fushan Resources Group | 210,000 | 83 | ||||||
Sinopec Engineering Group, | 124,000 | 62 | ||||||
Sinopharm Group, Cl H | 48,000 | 126 | ||||||
Sinotrans, Cl H | 215,000 | 90 | ||||||
Sinotruk Hong Kong | 56,000 | 127 | ||||||
SITC International Holdings | 38,000 | 58 | ||||||
TCL Electronics Holdings | 64,000 | 20 | ||||||
Tencent Music Entertainment Group ADR* | 13,500 | 127 | ||||||
Tianneng Power International | 72,000 | 56 | ||||||
Vipshop Holdings ADR* | 8,700 | 138 | ||||||
Want Want China Holdings | 83,000 | 46 | ||||||
Weichai Power, Cl H | 85,000 | 150 | ||||||
Yangzijiang Shipbuilding Holdings | 81,400 | 102 | ||||||
Yuexiu Transport Infrastructure | 98,000 | 54 | ||||||
Zhejiang Expressway, Cl H | 68,000 | 51 | ||||||
Zhengzhou Coal Mining Machinery Group, Cl H | 63,400 | 73 |
1
Schedule of Investments
January 31, 2024 (Unaudited)
LSV Emerging Markets Equity Fund |
| |||||||
Shares | Value (000) | |||||||
China (continued) |
| |||||||
Zhongsheng Group Holdings | 43,500 | $ | 73 | |||||
|
| |||||||
5,699 | ||||||||
|
| |||||||
Egypt (1.1%) |
| |||||||
Abou Kir Fertilizers & Chemical Industries | 43,900 | 137 | ||||||
Eastern SAE | 117,100 | 126 | ||||||
|
| |||||||
263 | ||||||||
|
| |||||||
Greece (0.4%) |
| |||||||
Motor Oil Hellas Corinth Refineries | 3,600 | 99 | ||||||
|
| |||||||
Hong Kong (1.3%) |
| |||||||
Grand Pharmaceutical Group | 124,500 | 54 | ||||||
Kingboard Laminates Holdings | 66,000 | 40 | ||||||
Orient Overseas International | 6,000 | 90 | ||||||
SSY Group | 224,000 | 121 | ||||||
|
| |||||||
305 | ||||||||
|
| |||||||
Hungary (1.1%) |
| |||||||
Magyar Telekom Telecommunications | 26,200 | 57 | ||||||
MOL Hungarian Oil & Gas | 10,900 | 89 | ||||||
OTP Bank Nyrt | 2,400 | 111 | ||||||
|
| |||||||
257 | ||||||||
|
| |||||||
India (17.4%) |
| |||||||
Amara Raja Energy & Mobility | 12,400 | 133 | ||||||
Aurobindo Pharma | 3,500 | 48 | ||||||
Bank of Baroda | 40,800 | 121 | ||||||
Canara Bank | 31,400 | 182 | ||||||
Chambal Fertilisers and Chemicals | 16,600 | 73 | ||||||
Coal India | 48,300 | 236 | ||||||
Cyient | 1,493 | 36 | ||||||
Firstsource Solutions | 57,100 | 141 | ||||||
GAIL India | 88,800 | 185 | ||||||
General Insurance Corp of India | 21,600 | 98 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals | 11,800 | 107 | ||||||
Gujarat State Fertilizers & Chemicals | 50,600 | 182 | ||||||
HCL Technologies | 5,400 | 102 | ||||||
Indian Bank | 29,300 | 176 | ||||||
Mahanagar Gas | 6,973 | 124 |
LSV Emerging Markets Equity Fund |
| |||||||
Shares | Value (000) | |||||||
India (continued) |
| |||||||
National Aluminium | 37,700 | $ | 68 | |||||
NMDC | 57,400 | 152 | ||||||
NMDC Steel Ltd* | 44,900 | 38 | ||||||
NTPC | 51,900 | 199 | ||||||
Oil & Natural Gas | 67,600 | 205 | ||||||
Oil India | 31,200 | 160 | ||||||
Oracle Financial Services Software | 1,000 | 79 | ||||||
Petronet LNG | 42,400 | 137 | ||||||
Power Finance | 53,500 | 286 | ||||||
Power Grid Corp of India | 50,266 | 157 | ||||||
REC | 60,600 | 364 | ||||||
Redington | 64,800 | 140 | ||||||
Union Bank of India | 74,100 | 125 | ||||||
UPL | 8,200 | 53 | ||||||
Vedanta | 24,400 | 81 | ||||||
|
| |||||||
4,188 | ||||||||
|
| |||||||
Indonesia (1.8%) |
| |||||||
Astra International | 208,300 | 67 | ||||||
Bank Negara Indonesia Persero | 295,400 | 108 | ||||||
Bukit Asam | 279,400 | 46 | ||||||
Matahari Department Store | 249,400 | 33 | ||||||
Telkom Indonesia Persero | 370,100 | 94 | ||||||
United Tractors | 58,800 | 85 | ||||||
|
| |||||||
433 | ||||||||
|
| |||||||
Malaysia (1.6%) |
| |||||||
AMMB Holdings | 88,000 | 79 | ||||||
CIMB Group Holdings | 61,600 | 81 | ||||||
RHB Bank | 62,800 | 74 | ||||||
Scientex | 64,200 | 54 | ||||||
Sime Darby | 199,000 | 103 | ||||||
|
| |||||||
391 | ||||||||
|
| |||||||
Mexico (3.3%) |
| |||||||
Cemex* | 208,200 | 173 | ||||||
Coca-Cola Femsa | 21,182 | 201 | ||||||
Fibra Uno Administracion‡ | 55,800 | 95 | ||||||
Grupo Financiero Banorte, Cl O | 11,500 | 117 | ||||||
Grupo Mexico | 22,000 | 113 | ||||||
Megacable Holdings | 32,700 | 84 | ||||||
|
| |||||||
783 | ||||||||
|
| |||||||
Philippines (0.4%) |
| |||||||
DMCI Holdings | 460,100 | 88 | ||||||
|
| |||||||
Poland (1.4%) |
| |||||||
Asseco Poland | 5,300 | 97 |
2
Schedule of Investments
January 31, 2024 (Unaudited)
LSV Emerging Markets Equity Fund |
| |||||||
Shares | Value (000) | |||||||
Poland (continued) |
| |||||||
ORLEN | 5,226 | $ | 81 | |||||
Powszechny Zaklad Ubezpieczen | 14,000 | 169 | ||||||
|
| |||||||
347 | ||||||||
|
| |||||||
Russia (–%) |
| |||||||
Gazprom PJSC(A),(B)* | 11,300 | — | ||||||
LUKOIL PJSC(A),(B) | 2,300 | — | ||||||
Magnit PJSC(A),(B) | 1,000 | — | ||||||
MMC Norilsk Nickel | 370 | — | ||||||
Mobile TeleSystems | 13,800 | — | ||||||
|
| |||||||
— | ||||||||
|
| |||||||
Saudi Arabia (3.1%) |
| |||||||
Arab National Bank | 23,500 | 156 | ||||||
Banque Saudi Fransi | 10,000 | 106 | ||||||
Etihad Etisalat | 12,100 | 168 | ||||||
Mobile Telecommunications Saudi Arabia | 26,600 | 95 | ||||||
Saudi Awwal Bank | 11,600 | 111 | ||||||
Saudi Investment Bank | 24,500 | 102 | ||||||
|
| |||||||
738 | ||||||||
|
| |||||||
South Africa (2.7%) |
| |||||||
Absa Group | 11,400 | 99 | ||||||
African Rainbow Minerals | 4,300 | 43 | ||||||
Astral Foods | 2,435 | 21 | ||||||
Exxaro Resources | 5,300 | 53 | ||||||
Foschini Group | 10,400 | 63 | ||||||
Impala Platinum Holdings | 7,400 | 29 | ||||||
MTN Group | 19,400 | 98 | ||||||
Nedbank Group | 5,600 | 65 | ||||||
Oceana Group | 16,600 | 64 | ||||||
Tiger Brands | 429 | 5 | ||||||
Vodacom Group | 19,800 | 98 | ||||||
|
| |||||||
638 | ||||||||
|
| |||||||
South Korea (12.7%) |
| |||||||
BGF retail | 800 | 85 | ||||||
DB HiTek | 1,900 | 70 | ||||||
DB Insurance | 2,100 | 139 | ||||||
DL E&C | 332 | 10 | ||||||
Doosan Bobcat | 3,200 | 122 | ||||||
Hana Financial Group | 2,900 | 104 | ||||||
Hankook & Co | 5,100 | 63 | ||||||
Hyundai GF Holdings | 4,572 | 14 | ||||||
Hyundai Glovis | 800 | 105 | ||||||
Hyundai Green Food* | 2,427 | 21 | ||||||
Hyundai Home Shopping Network | 1,000 | 33 |
LSV Emerging Markets Equity Fund |
| |||||||
Shares | Value (000) | |||||||
South Korea (continued) |
| |||||||
Hyundai Marine & Fire Insurance | 2,800 | $ | 71 | |||||
Kginicis | 1,700 | 16 | ||||||
Kia | 4,000 | 307 | ||||||
KT* | 4,800 | 127 | ||||||
KT&G | 1,300 | 88 | ||||||
LG | 2,100 | 129 | ||||||
Lotte Chilsung Beverage | 736 | 76 | ||||||
LX International | 2,700 | 57 | ||||||
LX Semicon | 1,000 | 58 | ||||||
Samsung Electronics | 10,400 | 565 | ||||||
Samsung Fire & Marine Insurance | 600 | 119 | ||||||
Samsung SDS | 1,000 | 114 | ||||||
Shinhan Financial Group | 5,300 | 162 | ||||||
Shinsegae* | 500 | 65 | ||||||
SK Telecom | 2,100 | 79 | ||||||
SNT Motiv | 2,000 | 66 | ||||||
Value Added Technology | 2,700 | 65 | ||||||
Vieworks | 2,300 | 47 | ||||||
Wonik QnC | 2,913 | 61 | ||||||
|
| |||||||
3,038 | ||||||||
|
| |||||||
Taiwan (15.1%) |
| |||||||
ASE Technology Holding | 51,000 | 221 | ||||||
Cathay Financial Holding | 43,000 | 60 | ||||||
Chicony Electronics | 20,000 | 105 | ||||||
Chipbond Technology | 22,000 | 51 | ||||||
ChipMOS Technologies | 58,000 | 79 | ||||||
Compeq Manufacturing | 58,000 | 129 | ||||||
CTBC Financial Holding | 92,000 | 83 | ||||||
Foxsemicon Integrated Technology | 12,000 | 83 | ||||||
Fubon Financial Holding | 34,650 | 71 | ||||||
Global Mixed Mode Technology | 8,000 | 63 | ||||||
Hon Hai Precision Industry | 62,000 | 203 | ||||||
King Yuan Electronics | 51,000 | 136 | ||||||
MediaTek | 10,000 | 309 | ||||||
Micro-Star International | 21,000 | 122 | ||||||
Novatek Microelectronics | 11,000 | 179 | ||||||
Pou Chen | 98,000 | 99 | ||||||
Powertech Technology | 34,000 | 158 | ||||||
Primax Electronics | 36,000 | 75 | ||||||
Radiant Opto-Electronics | 29,000 | 128 | ||||||
Sigurd Microelectronics | 41,000 | 88 | ||||||
Simplo Technology | 9,000 | 116 | ||||||
Sino-American Silicon Products | 16,000 | 98 | ||||||
SinoPac Financial Holdings | 46 | — | ||||||
Taiwan Semiconductor Manufacturing | 15,000 | 300 | ||||||
Topco Scientific | 10,288 | 62 | ||||||
Tripod Technology | 18,000 | 107 | ||||||
United Integrated Services | 14,000 | 124 |
3
Schedule of Investments
January 31, 2024 (Unaudited)
LSV Emerging Markets Equity Fund |
| |||||||
Shares | Value (000) | |||||||
Taiwan (continued) |
| |||||||
United Microelectronics | 126,000 | $ | 196 | |||||
Yuanta Financial Holding | 129,472 | 112 | ||||||
Zhen Ding Technology Holding | 28,000 | 90 | ||||||
Zyxel Group | 4,000 | 6 | ||||||
|
| |||||||
3,653 | ||||||||
|
| |||||||
Thailand (2.1%) |
| |||||||
Bangkok Bank | 17,700 | 70 | ||||||
Kasikornbank | 24,000 | 81 | ||||||
Kiatnakin Phatra Bank | 43,700 | 60 | ||||||
Krung Thai Bank | 286,900 | 129 | ||||||
Origin Property | 273,000 | 63 | ||||||
Quality Houses | 593,800 | 37 | ||||||
Supalai | 96,600 | 54 | ||||||
|
| |||||||
494 | ||||||||
|
| |||||||
Turkey (1.8%) |
| |||||||
BIM Birlesik Magazalar | 11,400 | 143 | ||||||
Coca-Cola Icecek | 6,400 | 113 | ||||||
Haci Omer Sabanci Holding | 52,200 | 125 | ||||||
Turkiye Sise ve Cam Fabrikalari | 29,600 | 48 | ||||||
|
| |||||||
429 | ||||||||
|
| |||||||
United Arab Emirates (1.6%) |
| |||||||
Air Arabia PJSC | 130,600 | 106 | ||||||
Emaar Properties PJSC | 59,100 | 119 | ||||||
Emirates NBD Bank PJSC | 31,300 | 151 | ||||||
|
| |||||||
376 | ||||||||
|
| |||||||
TOTAL FOREIGN COMMON STOCK |
| 23,340 | ||||||
|
| |||||||
Foreign Preferred Stock (1.9%) |
| |||||||
Brazil** (1.9%) |
| |||||||
Banco do Estado do Rio Grande do Sul | 36,000 | 107 | ||||||
Cia Energetica de Minas Gerais | 43,700 | 102 | ||||||
Itausa | 59,010 | 120 | ||||||
Petroleo Brasileiro | 16,500 | 135 | ||||||
|
| |||||||
464 | ||||||||
|
| |||||||
TOTAL FOREIGN PREFERRED STOCK |
| 464 | ||||||
|
| |||||||
Warrants (0.0%) |
| |||||||
Thailand (0.0%) |
| |||||||
Kiatnakin Phatra Bank 01/02/2025 * | 3,642 | — |
LSV Emerging Markets Equity Fund |
| |||||||
Shares | Value (000) | |||||||
Thailand (continued) |
| |||||||
Kiatnakin Phatra Bank 01/03/2027* | 3,642 | $ | — | |||||
|
| |||||||
— | ||||||||
|
| |||||||
TOTAL WARRANTS |
| — | ||||||
|
| |||||||
Face Amount (000) | ||||||||
Repurchase Agreement (1.4%) |
| |||||||
South Street Securities 4.950%, dated 01/31/2024, to be repurchased on 02/01/2024, repurchase price $331 (collateralized by various U.S. Treasury obligations, ranging in par value $0 - $135, 0.375% - 4.500%, 04/30/2025 – 11/15/2033; total market value $338) | $ | 331 | 331 | |||||
|
| |||||||
TOTAL REPURCHASE AGREEMENT |
| 331 | ||||||
|
| |||||||
Total Investments – 100.6% |
| $ | 24,135 | |||||
|
|
Percentages are based on Net Assets of $23,990 (000).
* | Non-income producing security. |
** | No rate available. |
‡ | Real Estate Investment Trust. |
(A) | Security is Fair Valued. |
(B) | Level 3 security in accordance with fair value hierarchy. |
ADR — American Depositary Receipt
Cl — Class
Ltd — Limited
PJSC — Public Joint Stock Company
Amounts designated as “—“ are $0 or have been rounded to $0.
LSV-QH-008-1100
4