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LSV Funds Plc

Unaudited Condensed Semi-Annual Financial Statements

For the six month period ended 30 June 2015

LSV Funds Plc

TABLE OF CONTENTS

Page

DIRECTORY 1

INVESTMENT MANAGER’S REPORT 2

SCHEDULE OF INVESTMENTS 3

STATEMENT OF FINANCIAL POSITION 7

STATEMENT OF COMPREHENSIVE INCOME 8

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS

OF PARTICIPATING SHARES 9

STATEMENT OF CASH FLOWS 10

NOTES TO THE FINANCIAL STATEMENTS 11

SCHEDULE OF SIGNIFICANT CHANGES IN THE PORTFOLIO 17

LSV Funds Plc

1

DIRECTORY

Directors of the Company Registered Office

Yvonne Connolly (1) (2)

70 Sir John Rogerson's Quay

Joshua O’Donnell (1)

Dublin 2

James Owens (1)

Ireland

Kevin Phelan (1)

Victoria Parry (1) (2)

Investment Manager, Distributor and Promoter Company Secretary

LSV Asset Management Matsack Trust Limited

155 N. Wacker Drive 70 Sir John Rogerson's Quay

Suite 4600 Dublin 2

Chicago, IL 60606 Ireland

United States of America

Administrator Custodian

SEI Investments - Global Fund Services Limited SEI Investments Trustee and Custodial Services

Styne House (Ireland) Limited

Upper Hatch Street Styne House

Dublin 2 Upper Hatch Street

Ireland Dublin 2

Ireland

Independent Auditors Legal Advisers to the Company Deloitte & Touche Matheson

Chartered Accountants and Statutory Audit Firm 70 Sir John Rogerson's Quay

Deloitte & Touche House Dublin 2

Earlsfort Terrace Ireland

Dublin 2

Ireland

(1) The directors are non-executive directors

(2) The directors are independent directors

LSV Funds Plc

2

INVESTMENT MANAGER’S REPORT


Portfolio Commentary:

Stocks were essentially flat during the 2nd quarter 2015 as the S&P 500 rose just 0.3%. However, concerns

over Greece and China saw the S&P 500 increase in volatility at the end of the quarter and the index fell

2.8% in just the last five trading sessions. Once again, the possibilities of future rate hikes by the Federal

Reserve have been pushed back in time. Large cap stocks fared better than small and mid-cap stocks during

the period and value stocks lagged a bit in the smaller cap segment of the market. For the quarter, LSV’s

portfolios were impacted by having a slightly smaller cap bias which detracted from results. For the year-

to-date, however, portfolios are beating the value benchmarks.

The best performing sector in the Russell 1000 Value this quarter was Telecom with a return of around 7%

while the worst performing sector was Utilities which fell 6%. Sector selection is controlled in the

investment process to be within 5% of the benchmark weight. For the quarter, LSV’s sector positioning was

not a contributing factor. Overall, stock selection helped results during the period relative to the value

indices.

We remain focused on ensuring strict adherence to our value discipline and working on research that will

improve the process. Portfolios carry a nice valuation discount to the benchmarks and the portfolio yield

remains near that of a 10-year treasury bond.

Key Drivers for returns: 2nd

Qtr

1) Style Bias (deep value) neutral

2) Size Bias (smaller) negative

3) Stock Selection slightly positive

4) Sector Selection neutral

Investment Performance:

LSV U.S. Value Equity Fund (UCITS) Russell 1000 Value S&P 500

Year Month

Monthly

Return

Quarterly

Return

Year to

Date

Return

Since

Inception

Monthly

Return

Quarterly

Return

Year to

Date

Return

Since

Inception

Monthly

Return

Quarterly

Return

Year to

Date

Return

Since

Inception

2015 Jan -4.48 -4.48 0.56 -4.00 -4.00 0.94 -3.00 -3.00 2.00Feb 5.53 0.80 6.12 4.84 0.65 5.83 5.75 2.57 7.86Mar -1.52 -0.73 -0.73 4.50 -1.36 -0.72 -0.72 4.39 -1.58 0.95 0.95 6.15Apr 0.54 -0.19 5.07 0.93 0.21 5.36 0.96 1.92 7.17May 1.38 1.18 6.52 1.20 1.41 6.63 1.29 3.23 8.55Jun -2.30 -0.42 -1.14 4.07 -2.00 0.11 -0.61 4.50 -1.94 0.28 1.23 6.45

Since Inception 4.07 4.50 6.45

All returns are in USDNet of Fees

LSV Funds Plc

3

SCHEDULE OF INVESTMENTS

As at 30 June 2015

LSV US Value Equity Fund

Shares US$ Value % NAV

Equities

Bermuda

XI Group 16,900 628,680 0.77%

Total Bermuda 628,680 0.77%

Canada

Domtar Inc 8,200 339,480 0.41%

Total Canada 339,480 0.41%

Ireland

Seagate Technology 8,700 413,250 0.50%

Total Ireland 413,250 0.50%

United States

Aetna Inc 11,900 1,516,774 1.85%

Aflac Inc 10,800 671,760 0.82%

Aircastle Ltd 16,100 364,987 0.44%

Alaska Air Group Inc 6,400 412,352 0.50%

Allstate Corp 11,800 765,466 0.93%

American Electric Power 21,200 1,122,964 1.37%

Ameriprise Financial Inc 4,700 587,171 0.72%

Amdocs Ltd 14,100 769,719 0.94%

Amgen Inc 5,500 844,360 1.03%

Amkor 25,400 151,892 0.19%

Anthem Inc 8,600 1,411,604 1.72%

Apache Corp 3,500 201,705 0.25%

Archer Daniels Midland Co 18,100 872,782 1.06%

Arrow Electronics Inc 5,600 312,480 0.38%

Assurant Inc 6,900 462,300 0.56%

Atwood Oceanics 8,400 222,096 0.27%

Avery Dennison Corp 7,400 450,956 0.55%

Axis Capital Holdings Ltd 9,300 496,341 0.60%

Bank Of America Corp 30,800 524,216 0.64%

Baxter International Inc 15,500 1,083,915 1.32%

Boeing Company 7,000 971,040 1.18%

Brinker International Inc 9,200 530,380 0.65%

Brocade Communications 50,800 603,504 0.74%

Bunge Ltd 12,000 1,053,600 1.28%

The accompanying notes form an integral part of these financial statements.

LSV Funds Plc

4


As at 30 June 2015

LSV US Value Equity Fund - continued

United States - Continued

CF Industries 9,500 610,660 0.74%

CIT Group Inc 17,500 813,575 0.99%

Cabot Corp 7,300 272,217 0.33%

Capital One 9,800 862,106 1.05%

Caterpillar Inc 5,600 474,992 0.58%

Celanese Corporation 10,100 725,988 0.88%

Chevron Corp 13,500 1,302,345 1.59%

Chubb Corp 7,800 742,092 0.90%

Cisco Systems Inc 46,500 1,276,890 1.56%

Citigroup Inc 29,100 1,607,484 1.96%

Conagra Foods Inc 11,700 511,524 0.62%

Conocophillips 9,800 601,818 0.73%

Corning Incorporated 21,500 424,195 0.52%

Cummins Inc 3,100 406,689 0.50%

Deere & Co 10,600 1,028,730 1.25%

Discover Financial 9,900 570,438 0.70%

Directv 10,300 955,737 1.16%

R R Donnelley & Sons Co 15,200 264,936 0.32%

EMC Corp 35,300 931,567 1.14%

Eastman Chemical 9,100 744,562 0.91%

Edison International 10,500 583,590 0.71%

Ensco Plc 13,800 307,326 0.37%

Entergy Corp 7,400 521,700 0.64%

Everest 5,400 982,854 1.20%

Exelon Corp 32,800 1,030,576 1.26%

Exxon Mobil Corp 22,000 1,830,400 2.23%

Fedex Corp 3,800 647,520 0.79%

Fifth Third Bancorp 42,500 884,850 1.08%

Firstenergy Corp 26,400 859,320 1.05%

Flextronics Intl Ltd 40,100 453,531 0.55%

Ford Motor Co 55,200 828,552 1.01%

Freeport-Mcmoran Inc 12,800 238,336 0.29%

Gap Inc/The 12,600 480,942 0.59%

General Motors Co 18,200 606,606 0.74%

Goldman Sachs Group Inc 6,400 1,336,256 1.63%

Goodyear Tire & Rubber 20,800 627,120 0.76%


LSV Funds Plc

5


As at 30 June 2015



Harley-Davidson Inc 10,400 586,040 0.71%

Hartford Financial 13,500 561,195 0.68%

Hewlett-Packard Co 27,200 816,272 0.99%

Hollyfrontier Corp 1,600 68,304 0.08%

Home Loan Servicing Solut 16,100 11,109 0.01%

Huntington Bancshares Inc 81,400 920,634 1.12%

Huntsman Corp 9,300 205,251 0.25%

Ingredion Inc 6,200 494,822 0.60%

Intel Corp 45,600 1,386,924 1.69%

Intl Business Machines Co 4,600 748,236 0.91%

International Paper Co 16,600 789,994 0.96%

Jpmorgan Chase & Co 34,300 2,324,168 2.83%

Johnson & Johnson 11,000 1,072,060 1.31%

Kohls Corp 12,000 751,320 0.92%

Kroger Co 9,000 652,590 0.80%

Kulicke & Soffa Indus 17,900 209,609 0.26%

L-3 Communications Holdin 2,700 306,126 0.37%

Lear Corp 5,800 651,108 0.79%

Lincoln National Corp 10,400 615,888 0.75%

Macy's Inc 10,600 715,182 0.87%

Marathon Oil Corp 11,000 291,940 0.36%

Marathon Petroleum Corp 22,600 1,182,206 1.44%

Meritor Inc 25,700 337,184 0.41%

Metlife Inc 16,100 901,439 1.10%

Murphy Oil Corp 4,700 195,379 0.24%

National Oilwell Varco In 12,600 608,328 0.74%

Netapp Inc 10,600 334,536 0.41%

Noble Corp Plc 29,500 454,005 0.55%

Northrop Grumman Corp 6,100 967,643 1.18%

Oracle Corp 14,900 600,470 0.73%

Partnerre Ltd 2,800 359,800 0.44%

Pfizer Inc 98,200 3,292,646 4.01%

Phillips 66 7,700 620,312 0.76%

PNC Financial Services GR 10,400 994,760 1.21%

Prudential Financial Inc 9,200 805,184 0.98%

Public Service Enterprise 31,700 1,245,176 1.52%


LSV Funds Plc

6


As at 30 June 2015



Qualcomm Inc 12,900 807,927 0.98%

Quest Diagnostics Inc 7,200 522,144 0.64%

Raytheon Company 6,900 660,192 0.80%

Regions Financial Corp 69,800 723,128 0.88%

Rock-Tenn Company 10,800 650,160 0.79%

Sanderson Farms Inc 3,800 285,608 0.35%

Scana Corp 9,800 496,370 0.60%

Select Medical Holdings 30,300 490,860 0.60%

Starz Liberty Capital 8,400 375,648 0.46%

Suntrust Banks Inc 20,300 873,306 1.06%

Symantec Corp 22,000 511,500 0.62%

Tal International 6,700 211,720 0.26%

Travelers Cos Inc 9,200 889,272 1.08%

Trinity Industries Inc 7,200 190,296 0.23%

United Therapeutics Corp 2,800 487,060 0.59%

Unum Group 14,500 518,375 0.63%

Valero Energy Corp 14,100 882,660 1.08%

Verizon Communications 23,300 1,086,013 1.32%

Viacom Inc 8,200 530,048 0.65%

Wal-Mart Stores 10,800 766,044 0.93%

Wells Fargo 29,600 1,664,704 2.03%

Western Digital 8,100 635,202 0.77%

Whirlpool 4,200 726,810 0.89%

World Acceptance Corp 3,900 239,889 0.29%

Xerox Corp 40,400 429,856 0.52%

Total United States 86,485,020 105.35%

Financial Assets At Fair Value Through Profit Or Loss 87,866,430 107.03%

Cash And Bank Balances 1,447,541 1.76%

Other Net Assets (7,242,568) (8.82%)

Adjustment to Write Back Prepaid Organisational Costs - -

Net Assets Attributable To Holders Of Participating

Shares 82,071,403 100.0%


LSV Funds Plc

7

STATEMENT OF FINANCIAL POSITION

As at 30 June 2015

30 June 2015 31 December 2014

Note US$ US$

Assets

Financial assets at fair value through profit or loss 2, 11 87,866,430 89,544,603

Cash and cash equivalents 1,447,541 520,751

Securities sold receivable 17,583 -

Dividends receivable 68,398 63,422

Other assets 28,782 27,476

Total Assets 89,428,734 90,156,252

Liabilities

Securities purchased payable 2, 11 201,202 -

Redemptions payable 6,900,000 -

Investment management fee payable 6 85,757 104,138

Audit fee payable 9,983 3,241

Administration fee payable 6 7,364 18,745

Trustee and Custodian fees payable 6 26,260 12,496

Directors' fee payable 18,749 9,629

Legal fee payable 4,636 1,505

Other accrued expenses 103,380 33,893

Total Liabilities 7,357,331 183,647

Net assets attributable to holders of participating shares 82,071,403 89,972,605

Number of outstanding shares

Class A 7,885,509 8,546,004

Net Asset Value

Class A 10.41 10.53


LSV Funds Plc

8

STATEMENT OF COMPREHENSIVE INCOME


30/06/2015*

Note US$

Income

Net gain from financial assets at fair value

through profit or loss (1,639,136)

Dividend income 790,984

Total income (848,152)

Expenses

Investments management fee 6 164,381

Administration fee 6 39,974

Custody fee 6 8,981

Sub custody fee 6 17,668

Directors fee 8 20,033

Legal fee 3,131

Audit fee 6 6,742

Other expenses 72,140

Total expenses 333,050

Increase in net assets attributable to holders of

participating shares (1,181,202)

* Compatative information is not included as the Sub-Fund commenced trading on 6 October 2014.


LSV Funds Plc

9

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF

PARTICIPATING SHARES


30 June 2015 31 December 2014

US$ US$

Net assets attributable to holders of redeemable participating

shares at the beginning of the year 89,972,605 -

Proceeds from redeemable participating shares issued 3,180,000 85,460,037

Cost of redeemable participating shares redeemed (9,900,000) -

Net (decrease)/increase in net assets resulting from operations (1,181,202) 4,512,568

Net assets attributable to holders of participating

shares at the end of the period 82,071,403 89,972,605


LSV Funds Plc

10

STATEMENT OF CASH FLOWS


30/06/2015*

US$

Cash flows from operating activities :

Decrease in net assets resulting from operations (1,181,202)

Operating profit before working capital charges (1,181,202)

Changes in operating assets and liabilities:

Net decrease in financial assets at fair value through profit or loss 1,678,173

Net increase in securities purchased payable 201,202

Net decrease in securities sold receivable (17,583)

Net increase in fees payable and accrued expenses 6,972,482

Net decrease in receivables and prepaid fees (6,282)

Cash used in operations 8,827,992

Net cash used in operating activities 7,646,790

Cash flows from financing activities

Proceeds from issue of participating shares 3,180,000

Redemptions of participating shares (9,900,000)

Net cash from financing activities (6,720,000)

Net increase in cash and cash equivalents 926,790

Cash and cash equivalents at start of the period 520,751

Cash and cash equivalents at end of the period 1,447,541

* Compatative information is not included as the Sub-Fund commenced trading on 6 October 2014.


LSV Funds Plc

11

NOTES TO THE FINANCIAL STATEMENTS


1. Organisation

LSV Funds Plc (the “Company”) established on 1 May 2014 in the form of an investment company is an

open-ended umbrella fund with variable capital and segregated liability between its sub-funds under the

laws of Ireland as a public limited company pursuant to the Companies Acts, 2014 and has on 25 June 2014

been authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in

Transferable Securities in accordance with the provision of the European Communities (Undertakings for

Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS

Regulations”) and has been authorised by the Central Bank of Ireland as a UCITS. Notwithstanding the

segregation of assets and liabilities between the sub-funds, the Company is a single legal entity and no sub-

fund constitutes a legal entity separate from the Company itself.

The Company currently has one active sub-fund, the LSV U.S. Value Equity Fund (the “Sub-Fund”). The

Sub-Fund was launched on 25 June 2014 and commenced trading on 6 October 2014.

Additional sub-funds may be added to the Company by the Directors from time to time with the prior

approval of the Central Bank of Ireland, each with a separate investment objective and policies. The

Company may issue shares of more than one class in each sub-fund.

The Company has appointed LSV Asset Management as the Investment Manager.

The investment objective of the Fund is to seek long-term growth of capital by structuring and maintaining

for the Fund a well-diversified portfolio of U.S. stocks.

The Fund will invest primarily in equity securities listed or traded on Recognised markets in the U.S. In

selecting securities for the Fund, the Investment Manager focuses on medium to large U.S. companies (i.e.,

those with market capitalisation of US$1 billion or more at the time of purchase) whose securities, in the

Investment Manager’s opinion, are out-of-favour (undervalued) in the marketplace at the time of purchase

and have potential for near-term appreciation. The Fund may also invest, to a lesser extent, in common

stocks of such undervalued companies with small market capitalisations (between US$500 million and

US$1 billion). The Investment Manager believes that these out-of-favour securities will produce superior

future returns if their future growth exceeds the market’s low expectations. The Fund expects to remain as

fully invested in the above securities as practicable.

2. Accounting Policies

Statement of compliance

The Company’s unaudited condensed semi-annual financial statements have been prepared in accordance

with International Financial Reporting Standards, as adopted by the European Union (“IFRS”). The

unaudited condensed semi-annual financial statements have been prepared in accordance with IAS 34:

Interim Financial Reporting.

(a) Basis of Preparation

The preparation of financial statements in conformity with IFRS requires management to make estimates

and assumptions that affect the amounts reported in the financial statements and accompanying notes.

Management believes that the estimates utilised in preparing its financial statements are reasonable and

prudent.

The financial statements are prepared in U.S. Dollars (“US$”), the functional currency of the Company.

(b) Significant Accounting Policies

The accounting policies applied by the Company in these unaudited condensed semi-annual financial

statements are the same as those applied by the Company in its annual financial statements as at and for the

year ended 31 December 2014.

LSV Funds Plc

12



3. Net gains on financial assets at fair value through profit or loss

30 June 2015

US$

360,894

(2,000,029)

(1,639,136)Total Net gain on financial assets at fair value through profit or loss

Net movement in unrealised gains on financial assets at fair value through profit or

loss

Net movement in realised gains on financial assets at fair value through profit or loss

4. Taxation

Under current law and practice, the Company qualifies as an investment undertaking as defined in Section

739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on

its income or gains.

However, Irish tax may arise on the happening of a "chargeable event". A chargeable event includes any

distribution payments to shareholders, any encashment, redemption, cancellation or transfer of shares and

the holding of shares at the end of each eight year period beginning with the acquisition of such shares.

No Irish tax will arise on the Company in respect of chargeable events in respect of:

(a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time

of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the

Taxes Consolidation Act, 1997, as amended, are held by the Company or the Company has been authorised

by the Irish Revenue to make gross payments in the absence of appropriate declarations; and

(b) certain exempted Irish tax resident shareholders who have provided the Company with the necessary

signed statutory declarations.

The Finance Act 2010 provides that the Revenue Commissioners may grant approval for investment funds

marketed outside of Ireland to make payments to non-resident investors without deduction of Irish tax

where no relevant declaration is in place, subject to meeting the “equivalent measures”. A fund wishing to

receive approval must apply in writing to the Revenue Commissioners, confirming compliance with the

relevant conditions.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject

to taxes imposed by the country from which the investment income/gains are received and such taxes may

not be recoverable by the Company or its shareholders.

5. Share Capital

Authorised

The share capital of the Company will at all times equal the NAV. The authorised share capital of the

Company is €300,002 represented by 300,002 Subscriber Shares of no par value issued at €1.00 each and

500,000,000,000 Shares of no par value. The Directors are empowered to issue up to 500 billion Shares of

no par value in the Company at the NAV per Share (or the relevant initial subscription price in the case of

new Funds) on such terms as they may think fit.

LSV Funds Plc

13



5. Share Capital (continued)

Non-participating shares

There are two non-participating shares currently in issue, held by individual nominees in trust for the

Investment Manager. The subscriber shares do not form part of the net asset value of the Company and are

thus disclosed in the financial statements by way of this note only. In the opinion of the Directors, this

disclosure reflects the nature of the Company’s business as an investment company.

Participating shares

The issued participating share capital is at all times equal to the net asset value of the Company. The

movement in the number of participating shares for the period ended 30 June 2015 are as follows:

Issued and Fully Paid Redeemable Class A

Participating Shares

Opening Balances 8,546,004

Redeemable participating shares issued 298,004

Redeemable participating shares redeemed (958,499)

Closing Balances 7,885,509

Net asset value per share 10.41

The relevant movements in share capital are shown in the Statements of Changes in Net Assets Attributable

to Holders of Participating Shares. The Company invests the proceeds from the issue of shares in

investments while maintaining sufficient liquidity to meet redemptions when necessary. 6. Fees and Expenses

Investment Management Fee The Investment Manager will receive a management fee in respect of each class for management services

to the Fund, equal to an annualised rate of up to 0.50% of the NAV attributable to each class. The

Management Fee is accrued daily and paid monthly, in arrears.

During the period, the Investment Manager earned Investment management fee of US$164,381. During the

period, there was a Management fee waiver of US$57,694 in respect of the Expense Cap detailed below. As

at 30 June 2015 US$28,782 remained receivable (31 December 2014: US$ 27,476). It was netted against

the Investment management fee.

Expense Cap

The Investment Manager has agreed to limit the Capped Expenses to no more than 0.25% per annum of the

NAV of the Fund (the “Expense Cap”), determined as of the end of each calendar month, and the

Investment Manager will absorb any Capped Expenses in excess of the Expense Cap by reimbursing the

Fund after the end of each calendar month (or, more frequently, if applicable) for such Capped Expenses.

For the avoidance of doubt, the Fund will pay all of the Uncapped Expenses and the Uncapped Expenses

will not be subject to the Expense Cap. Both the Capped and Uncapped Expenses are defined in

Supplement No. 1 to the Prospectus.

Administration fee

SEI Investments - Global Fund Services Limited, the Administrator, is entitled to receive out of the net

assets of the Sub-Fund an annual fee.

The Administrator will also be entitled to receive certain other fees, including for financial reporting

services in respect of the Company and for each Fund in respect of transfer agency services in respect of

the relevant class of Shares.

LSV Funds Plc

14



6. Fees and Expenses (continued)

Administration fee (continued)

During the period, the Administrator earned administration fees of US$39,974 and at 30 June 2015

US$7,364 remained payable to the Administrator (31 December 2014: US$18,745).

Trustee and Custodian fee

SEI Investments Trustee and Custodial Services (Ireland) Limited, the Custodian, is entitled to receive out

of the net assets of the Sub-Fund an annual trustee fee. SEI Investments Trustee and Custodial Services

(Ireland) Limited appointed BNP Paribas as Sub-Custodian.

The Custodian will also be paid by the Company out of the assets of the relevant Fund for transaction fees

(which will not exceed normal commercial rates) and fees and reasonable out-of-pocket expenses of any

sub-custodian appointed by the Custodian.

During the period, the Custodian earned fees of US$8,981 and at 30 June 2015, US$1,272 remained

payable to the Custodian (31 December 2014: US$1,272). During the period, the Sub-Custodian earned

fees of US$17,668 and at 30 June 2015 US$24,988 (31 December 2014: US$11,224) remained payable to

the Sub-Custodian.

Transaction fee

The Company incurred transaction fees throughout the period. Transaction costs include all incremental

costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial

liability. All transaction costs are recognised in the profit and loss account and are included in Net Gains

and Losses on Financial Instruments at Fair Value.

During the period, the Sub-Fund incurred transaction fees of US$28.

Auditors’ remuneration

The Auditors’ remuneration was estimated during the period. The actual amount was informed after post

year ending and details are as follows:

30 June 2015

Deloitte & Touche

Audit of individual company accounts 6,742

7. Other Expenses

30 June 2015

Bank Charges 389

Shareholder Servicing Fees 30

Financial Regulator Fee 1,245

Company secretarial and registered office fees 15,410

Out of pocket fees 2,480

Irish stock exchange fees 1,253

Organisational costs 46,982

FSA fee 555

KIID* 3,768

72,112

*Key Investor Information Document

LSV Funds Plc

15



8. Directors’ Remuneration

For the period ended 30 June 2015 the total Directors’ remuneration was US$20,033 and at 30 June 2015

US$18,749 (31 December 2014: US$9,629) remained payable to the Directors.

9. Related and Connected Party Transactions

The Investment Manager has earned investment management fees, the specific details of which are

contained in Note 6.

SEI Investments - Global Fund Services Limited acts as Administrator and Transfer Agent to the Company.

SEI Investments Trustee and Custodial Services (Ireland) Limited acts as Custodian to the Company.

Details of the fees earned by the Administrator and Custodian to the Company are contained in Note 6.

Connected parties

In accordance with the Central Bank of Ireland’s Alternative Investment Funds Rulebook (“AIF

Rulebook”) paragraph 1 of section 1.viii, any transaction carried out with the Company by its distributor,

manager, depositary, investment adviser and/or associated or group companies of these entities (“connected

parties”) must be carried out as if negotiated at arm’s length. Such transactions must be in the best interests

of the Shareholders.

The Board of Directors of the Company is satisfied that:

(i) there are arrangements (evidenced by written procedures) in place to ensure that the obligations

described above are applied to all transactions with connected parties; and

(ii) transactions with connected parties entered into during the period complied with these obligations.

10. Distributions

The Directors did not declare any dividends for the period ended 30 June 2015.

11. Fair Value Estimation

For fair value measurements recognised in the statement of financial position, IFRS 7 requires certain fair

value disclosures for each class of financial instruments. For this purpose, IFRS 7 requires an entity to

classify fair value measurements into a fair value hierarchy, with the following levels, by reference to the

observability and significance of the inputs used in the making the measurement.

For a fair value measurement of a financial instrument to be classified in Level 1 of the hierarchy, it should

be observable directly in an active market for the same instrument.

Fair value measurement in Levels 2 and 3 of the hierarchy are determined using valuation techniques. The

level in the hierarchy, into which a financial instrument’s fair value measurement is classified in its

entirety, is determined by reference to the observability and significance of the inputs used in the valuation

model. Valuation techniques often incorporate both observable inputs and unobservable inputs.

LSV Funds Plc

16


For the six month period ended 30 June 2015 11. Fair Value Estimation (continued) Fair value measurements determined using valuation techniques are classified in their entirety in either

Level 2 or 3 based on the lowest level input that is significant to the measurement. That is, if the model

uses both observable and unobservable inputs, the fair value measurement is classified in Level 3 if the

unobservable inputs are significant to their fair value measurement in its entirety. This assessment is made

independently of the number or the quality of the Level 2 inputs used in the model. Differentiating between Level 2 and Level 3 fair value measurements, i.e., assessing whether inputs are

observable and whether the unobservable inputs are significant, may require judgement and a careful

analysis of the inputs used to measure fair value, including consideration of factors specific to the asset or

liability.

The following tables provide an analysis within the fair value hierarchy of the Company’s financial assets

and liabilities, measured at fair value at 30 June 2015:

Level 1 Level 2 Level 3 Total Fair

Quoted Prices Significant Other Significant Other Value

In Active Observable Unobservable 30 June

Markets Inputs Inputs 2015

US$ US$ US$ US$

Financial Assets at Fair Value

Through Profit and Loss

Equities 87,866,430 - - 87,866,430

There were no transfers between levels for securities held during the period ended 30 June 2015. Policies regarding fair value measurement are included in Note 2 to the Financial Statements.

12. Soft Commissions

The Fund did not enter into any soft commission arrangements for the period ended 30 June 2015. The

underlying managers of the investments held by the Fund may have soft commission arrangements with

their brokers.

13. Subsequent Events

As at the date of approval of the financial statements there have been no subsequent events which would

require additional disclosure.

14. Foreign Exchange rates

As of 30 June 2015 there were no exchange rates used in the preparation of these financial statements.

15. Approval of Financial Statements

The unaudited condensed semi-annual financial statements were approved and authorised for issue by the

Directors on 12 August 2015.

LSV Funds Plc

17

SCHEDULE OF SIGNIFICANT CHANGES IN THE PORTFOLIO


30 June 2015

Major Purchases US$ Value

Johnson & Johnson 1,100,774

General Motors Co 689,234

Edison International 681,450

Fedex Corp 647,760

Harley-Davidson 627,362

Viacom 579,067

Bank Of America Corp 479,679

CIT Group Inc 379,250

Archer-Daniels-Midland Co 317,526

World Acceptance Corp 317,304

Qualcomm Inc 312,399

Western Digital Corp 307,864

Exxon Mobil Corp 261,880

Lear Corp 165,690

Gap Inc 161,200

Citigroup Inc 88,570

Suntrust Banks Inc 70,244

Hollyfrontier Corp 66,996

Xerox Corp 21,936

Major Sales US$ Value

Chevron Corp 1,154,333

Kellogg Co 641,035

Conagra Foods Inc 624,423

Conocophillips 574,977

Kroger Co 539,513

Wells Fargo & Co 531,016

Ensign Group Inc/The 342,974

Exxon Mobil Corp 296,670

Anthem Inc 287,849

Ameriprise Financial Inc 280,954

Wal-Mart Stores Inc 274,234

L-3 Communications Holdin 236,393

Scana Corp 215,453

American Electric Power 201,756

Emc Corp/Ma 200,788

Northrop Grumman Corp 143,259

Brinker International Inc 138,501

Amgen Inc 137,238

Murphy Oil Corp 134,222

Allstate Corp 92,168

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