Schedule of Investments
July 31, 2025 (Unaudited)
| LSV Small Cap Value Fund | ||||||||
| Shares | Value (000) | |||||||
| Common Stock (98.8%)†† | ||||||||
| Communication Services (2.3%) | ||||||||
| Nexstar Media Group, Cl A | 22,300 | $ | 4,173 | |||||
| Playtika Holding | 212,358 | 946 | ||||||
| Shutterstock | 28,200 | 540 | ||||||
| TEGNA | 125,800 | 2,101 | ||||||
| Yelp, Cl A* | 73,600 | 2,535 | ||||||
| Ziff Davis* | 34,300 | 1,067 | ||||||
| ZoomInfo Technologies, Cl A* | 161,800 | 1,752 | ||||||
| 13,114 | ||||||||
| Consumer Discretionary (13.7%) | ||||||||
| Academy Sports & Outdoors | 74,400 | 3,779 | ||||||
| ADT | 553,400 | 4,621 | ||||||
| Adtalem Global Education* | 27,200 | 3,108 | ||||||
| AutoNation* | 12,000 | 2,312 | ||||||
| Bloomin' Brands | 115,000 | 1,048 | ||||||
| BorgWarner | 72,400 | 2,664 | ||||||
| Boyd Gaming | 39,000 | 3,311 | ||||||
| Carriage Services, Cl A | 66,950 | 3,007 | ||||||
| Carter's | 27,200 | 659 | ||||||
| Crocs* | 24,800 | 2,473 | ||||||
| Dine Brands Global | 24,400 | 552 | ||||||
| El Pollo Loco Holdings* | 112,000 | 1,153 | ||||||
| Ethan Allen Interiors | 68,900 | 2,051 | ||||||
| G-III Apparel Group* | 83,800 | 1,978 | ||||||
| Goodyear Tire & Rubber* | 137,500 | 1,414 | ||||||
| Group 1 Automotive | 6,100 | 2,514 | ||||||
| Guess? | 83,500 | 1,085 | ||||||
| H&R Block | 42,900 | 2,331 | ||||||
| Harley-Davidson | 82,300 | 2,002 | ||||||
| Haverty Furniture | 33,600 | 693 | ||||||
| JAKKS Pacific | 20,080 | 356 | ||||||
| KB Home | 65,800 | 3,637 | ||||||
| Marriott Vacations Worldwide | 8,150 | 607 | ||||||
| Mattel* | 212,900 | 3,621 | ||||||
| Meritage Homes | 31,800 | 2,141 | ||||||
| ODP* | 59,249 | 1,057 | ||||||
| Penske Automotive Group | 5,600 | 937 | ||||||
| Perdoceo Education | 93,600 | 2,694 | ||||||
| Phinia | 60,200 | 3,052 | ||||||
| PVH | 33,300 | 2,445 | ||||||
| Sally Beauty Holdings* | 114,500 | 1,115 | ||||||
| Shoe Carnival | 45,300 | 927 | ||||||
| Signet Jewelers | 21,500 | 1,701 | ||||||
| Toll Brothers | 17,100 | 2,024 | ||||||
| Travel + Leisure | 64,300 | 3,810 | ||||||
| Tri Pointe Homes* | 108,100 | 3,329 | ||||||
| Visteon* | 15,800 | 1,756 | ||||||
| Winnebago Industries | 22,000 | 654 | ||||||
| 78,618 | ||||||||
| LSV Small Cap Value Fund | ||||||||
| Shares | Value (000) | |||||||
| Consumer Staples (5.3%) | ||||||||
| Central Garden & Pet, Cl A* | 68,100 | $ | 2,419 | |||||
| Edgewell Personal Care | 71,100 | 1,794 | ||||||
| Energizer Holdings | 143,500 | 3,231 | ||||||
| Fresh Del Monte Produce | 119,400 | 4,488 | ||||||
| Herbalife* | 185,900 | 1,710 | ||||||
| Ingles Markets, Cl A | 16,264 | 1,023 | ||||||
| Ingredion | 35,800 | 4,709 | ||||||
| PriceSmart | 21,400 | 2,301 | ||||||
| SpartanNash | 116,300 | 3,087 | ||||||
| Spectrum Brands Holdings | 29,600 | 1,584 | ||||||
| WK Kellogg | 179,800 | 4,144 | ||||||
| 30,490 | ||||||||
| Energy (6.9%) | ||||||||
| Berry | 224,200 | 677 | ||||||
| Civitas Resources | 69,900 | 2,122 | ||||||
| CNX Resources* | 89,100 | 2,701 | ||||||
| CONSOL Energy | 17,500 | 1,292 | ||||||
| DHT Holdings | 157,204 | 1,743 | ||||||
| Gulfport Energy* | 14,200 | 2,473 | ||||||
| Helmerich & Payne | 106,600 | 1,728 | ||||||
| HF Sinclair | 81,700 | 3,590 | ||||||
| Liberty Energy, Cl A | 150,300 | 1,855 | ||||||
| Matador Resources | 103,900 | 5,183 | ||||||
| Murphy Oil | 123,400 | 3,062 | ||||||
| NOV | 253,300 | 3,186 | ||||||
| Patterson-UTI Energy | 97,300 | 575 | ||||||
| Peabody Energy | 138,200 | 2,232 | ||||||
| Scorpio Tankers | 46,100 | 2,085 | ||||||
| SM Energy | 60,500 | 1,669 | ||||||
| World Kinect | 140,300 | 3,826 | ||||||
| 39,999 | ||||||||
| Financials (31.1%) | ||||||||
| Affiliated Managers Group | 15,600 | 3,274 | ||||||
| Amalgamated Financial | 59,313 | 1,719 | ||||||
| Apollo Commercial Real Estate Finance‡ | 85,482 | 822 | ||||||
| Associated Banc-Corp | 222,100 | 5,494 | ||||||
| Axis Capital Holdings | 39,400 | 3,697 | ||||||
| Banco Latinoamericano de Comercio Exterior, Cl E | 99,600 | 3,980 | ||||||
| Bank of NT Butterfield & Son | 108,800 | 4,950 | ||||||
| Bank OZK | 98,600 | 4,862 | ||||||
| BankUnited | 60,800 | 2,217 | ||||||
| Berkshire Hills Bancorp | 53,600 | 1,321 | ||||||
| Blue Owl Capital | 156,700 | 2,238 | ||||||
| Camden National | 48,500 | 1,829 | ||||||
| Capitol Federal Financial | 376,300 | 2,265 | ||||||
| Carlyle Secured Lending | 95,900 | 1,322 | ||||||
| Cathay General Bancorp | 43,603 | 1,972 | ||||||
| Central Pacific Financial | 95,300 | 2,541 | ||||||
| Chimera Investment‡ | 261,100 | 3,491 | ||||||
1
Schedule of Investments
July 31, 2025 (Unaudited)
| LSV Small Cap Value Fund | ||||||||
| Shares | Value (000) | |||||||
| Financials (continued) | ||||||||
| CNO Financial Group | 186,300 | $ | 6,864 | |||||
| Columbia Banking System | 169,900 | 4,044 | ||||||
| Community Trust Bancorp | 17,000 | 918 | ||||||
| Employers Holdings | 72,800 | 3,005 | ||||||
| Enact Holdings | 45,000 | 1,564 | ||||||
| Federated Hermes, Cl B | 75,800 | 3,758 | ||||||
| Fidelis Insurance Holdings | 116,280 | 1,757 | ||||||
| Financial Institutions | 34,400 | 877 | ||||||
| First BanCorp | 167,700 | 3,493 | ||||||
| First Busey | 103,900 | 2,319 | ||||||
| First Commonwealth Financial | 75,200 | 1,242 | ||||||
| First Financial | 43,900 | 2,351 | ||||||
| First Financial Bancorp | 61,925 | 1,501 | ||||||
| First Horizon | 183,400 | 4,000 | ||||||
| FNB | 111,400 | 1,707 | ||||||
| FS KKR Capital | 76,915 | 1,608 | ||||||
| Fulton Financial | 139,800 | 2,509 | ||||||
| Genworth Financial, Cl A* | 231,200 | 1,817 | ||||||
| Golub Capital BDC | 187,200 | 2,801 | ||||||
| Great Southern Bancorp | 27,200 | 1,549 | ||||||
| Hancock Whitney | 74,700 | 4,461 | ||||||
| Hanmi Financial | 140,400 | 3,203 | ||||||
| Hope Bancorp | 181,300 | 1,811 | ||||||
| Horizon Bancorp | 136,500 | 2,114 | ||||||
| International Money Express* | 134,500 | 1,209 | ||||||
| Jackson Financial, Cl A | 47,000 | 4,115 | ||||||
| Lincoln National | 59,800 | 2,279 | ||||||
| Mercantile Bank | 48,657 | 2,223 | ||||||
| MFA Financial‡ | 149,300 | 1,357 | ||||||
| MGIC Investment | 231,200 | 5,988 | ||||||
| Mr Cooper Group* | 26,400 | 4,111 | ||||||
| Navient | 78,800 | 1,020 | ||||||
| New Mountain Finance | 253,300 | 2,665 | ||||||
| OceanFirst Financial | 161,600 | 2,712 | ||||||
| OFG Bancorp | 90,500 | 3,857 | ||||||
| Old Second Bancorp | 148,026 | 2,512 | ||||||
| PennantPark Investment | 195,900 | 1,416 | ||||||
| Peoples Bancorp | 53,582 | 1,535 | ||||||
| Popular | 42,000 | 4,812 | ||||||
| Radian Group | 113,000 | 3,685 | ||||||
| Redwood Trust‡ | 218,620 | 1,194 | ||||||
| Regional Management | 48,400 | 1,609 | ||||||
| Rithm Capital‡ | 216,400 | 2,603 | ||||||
| Sixth Street Specialty Lending | 90,000 | 2,185 | ||||||
| Synovus Financial | 60,900 | 2,877 | ||||||
| Universal Insurance Holdings | 47,900 | 1,132 | ||||||
| Valley National Bancorp | 171,700 | 1,592 | ||||||
| Veritex Holdings | 85,131 | 2,700 | ||||||
| WaFd | 57,900 | 1,685 | ||||||
LSV Small Cap Value Fund | ||||||||
| Shares | Value (000) | |||||||
| Financials (continued) | ||||||||
| Zions Bancorp | 75,100 | $ | 4,027 | |||||
| 176,367 | ||||||||
| Health Care (6.2%) | ||||||||
| Catalyst Pharmaceuticals* | 87,900 | 1,875 | ||||||
| Collegium Pharmaceutical* | 48,200 | 1,439 | ||||||
| Exelixis* | 156,300 | 5,661 | ||||||
| Halozyme Therapeutics* | 70,000 | 4,198 | ||||||
| Harmony Biosciences Holdings* | 113,700 | 4,000 | ||||||
| Inmode* | 71,700 | 979 | ||||||
| Integra LifeSciences Holdings* | 89,600 | 1,177 | ||||||
| Jazz Pharmaceuticals* | 47,600 | 5,457 | ||||||
| LivaNova* | 65,600 | 2,768 | ||||||
| Organon | 262,400 | 2,545 | ||||||
| Premier, Cl A | 110,600 | 2,376 | ||||||
| United Therapeutics* | 9,600 | 2,637 | ||||||
| 35,112 | ||||||||
| Industrials (13.2%) | ||||||||
| ABM Industries | 69,595 | 3,210 | ||||||
| ACCO Brands | 298,000 | 1,118 | ||||||
| AGCO | 21,200 | 2,501 | ||||||
| American Woodmark* | 30,100 | 1,584 | ||||||
| Apogee Enterprises | 35,900 | 1,507 | ||||||
| ArcBest | 12,300 | 899 | ||||||
| Atkore | 44,600 | 3,435 | ||||||
| Brink's | 31,400 | 2,742 | ||||||
| Covenant Logistics Group, Cl A | 20,200 | 488 | ||||||
| CSG Systems International | 46,900 | 2,930 | ||||||
| Deluxe | 146,194 | 2,354 | ||||||
| DNOW* | 111,000 | 1,727 | ||||||
| Ennis | 60,900 | 1,084 | ||||||
| Gates Industrial* | 163,700 | 4,060 | ||||||
| Greenbrier | 48,000 | 2,184 | ||||||
| Griffon | 40,800 | 3,316 | ||||||
| Kelly Services, Cl A | 126,500 | 1,550 | ||||||
| Mueller Industries | 32,000 | 2,732 | ||||||
| Oshkosh | 41,800 | 5,288 | ||||||
| Park-Ohio Holdings | 16,500 | 271 | ||||||
| Primoris Services | 39,000 | 3,673 | ||||||
| Quad | 265,501 | 1,415 | ||||||
| Rush Enterprises, Cl A | 37,000 | 2,003 | ||||||
| Ryder System | 38,700 | 6,877 | ||||||
| Safe Bulkers | 373,972 | 1,470 | ||||||
| Science Applications International | 25,100 | 2,798 | ||||||
| SkyWest* | 26,600 | 3,085 | ||||||
| Sun Country Airlines Holdings* | 180,600 | 2,093 | ||||||
| Timken | 19,300 | 1,469 | ||||||
| Upwork* | 111,200 | 1,330 | ||||||
| Wabash National | 104,800 | 1,044 | ||||||
2
Schedule of Investments
July 31, 2025 (Unaudited)
| LSV Small Cap Value Fund | ||||||||
| Shares | Value (000) | |||||||
| Industrials (continued) | ||||||||
| WESCO International | 8,300 | $ | 1,718 | |||||
| 73,955 | ||||||||
| Information Technology (7.2%) | ||||||||
| Adeia | 118,800 | 1,538 | ||||||
| Amkor Technology | 152,100 | 3,431 | ||||||
| Avnet | 68,200 | 3,611 | ||||||
| Belden | 14,710 | 1,819 | ||||||
| Cirrus Logic* | 42,600 | 4,290 | ||||||
| DXC Technology* | 120,600 | 1,641 | ||||||
| NetScout Systems* | 81,800 | 1,752 | ||||||
| Photronics* | 134,400 | 2,736 | ||||||
| Qorvo* | 39,950 | 3,340 | ||||||
| Sanmina* | 57,600 | 6,685 | ||||||
| ScanSource* | 58,000 | 2,253 | ||||||
| TD SYNNEX | 20,600 | 2,974 | ||||||
| Teradata* | 108,900 | 2,280 | ||||||
| Vontier | 68,000 | 2,820 | ||||||
| 41,170 | ||||||||
| Materials (3.4%) | ||||||||
| AdvanSix | 79,200 | 1,594 | ||||||
| Commercial Metals | 38,300 | 1,986 | ||||||
| Constellium, Cl A* | 149,300 | 2,047 | ||||||
| Greif, Cl A | 16,300 | 1,034 | ||||||
| Koppers Holdings | 90,881 | 2,986 | ||||||
| NewMarket | 5,305 | 3,645 | ||||||
| O-I Glass, Cl I* | 88,300 | 1,149 | ||||||
| SunCoke Energy | 385,500 | 2,849 | ||||||
| Sylvamo | 54,100 | 2,492 | ||||||
| 19,782 | ||||||||
| Real Estate (6.6%) | ||||||||
| American Assets Trust‡ | 128,400 | 2,443 | ||||||
| Apple Hospitality REIT‡ | 156,600 | 1,839 | ||||||
| Brandywine Realty Trust‡ | 193,600 | 774 | ||||||
| Broadstone Net Lease, Cl A‡ | 211,200 | 3,430 | ||||||
| City Office REIT‡ | 201,000 | 1,395 | ||||||
| Cousins Properties | 100,900 | 2,734 | ||||||
| CTO Realty Growth‡ | 94,350 | 1,558 | ||||||
| EPR Properties‡ | 67,100 | 3,693 | ||||||
| Gladstone Commercial‡ | 45,800 | 602 | ||||||
| Global Medical REIT‡ | 186,100 | 1,243 | ||||||
| Highwoods Properties‡ | 113,900 | 3,304 | ||||||
| Industrial Logistics Properties Trust‡ | 85,200 | 453 | ||||||
| Kilroy Realty‡ | 58,700 | 2,164 | ||||||
| Kite Realty Group Trust‡ | 90,600 | 1,991 | ||||||
| Outfront Media | 156,802 | 2,749 | ||||||
| Park Hotels & Resorts‡ | 123,600 | 1,318 | ||||||
| Sabra Health Care REIT‡ | 161,700 | 2,916 | ||||||
| Service Properties Trust‡ | 150,500 | 396 | ||||||
| Uniti Group‡ | 274,400 | 1,460 | ||||||
| LSV Small Cap Value Fund | ||||||||
| Shares | Value (000) | |||||||
| Real Estate (continued) | ||||||||
| Xenia Hotels & Resorts | 144,300 | $ | 1,834 | |||||
| 38,296 | ||||||||
| Utilities (2.9%) | ||||||||
| National Fuel Gas | 57,500 | 4,990 | ||||||
| Northwest Natural Holding | 42,700 | 1,705 | ||||||
| Portland General Electric | 73,500 | 3,022 | ||||||
| UGI | 192,200 | 6,954 | ||||||
| 16,671 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $521,228) | 563,574 | |||||||
Face Amount (000) | ||||||||
| Repurchase Agreement (1.2%) | ||||||||
| South Street Securities 4.000%, dated 07/31/2025, to be repurchased on 08/01/2025, repurchase price $6,714 (collateralized by various U.S. Treasury obligations, ranging in par value $0 - $1,859, 0.625% - 4.625%, 07/31/2026 – 01/31/2032; total market value $6,847) | $ | 6,713 | 6,713 | |||||
| TOTAL REPURCHASE AGREEMENT | ||||||||
| (Cost $6,713) | 6,713 | |||||||
| Total Investments – 100.0% | ||||||||
| (Cost $527,941) | $ | 570,287 | ||||||
Percentages are based on Net Assets of $570,286 (000).
| †† | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust. |
Cl — Class
REIT — Real Estate Investment Trust
LSV-QH-004-2500
3