NPORT-P
    false
    
      
      
        
          0001075065
          XXXXXXXX
        
      
      
      
      
        S000008778
        C000023893
        C000179970
      
      
      
    
  
  
    
      SA FUNDS INVESTMENT TRUST
      811-09195
      0001075065
      549300JT43J3I1034E48
      10 Almaden Blvd
      15th Floor
      San Jose
      
      95113
      8443660905
      SA U.S. Value Fund
      S000008778
      5493000NRYHBSFVPGI82
      2022-06-30
      2022-03-31
      N
    
    
      600749726.090000000000
      466077.830000000000
      600283648.260000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      
        
        
        
      
      
        
          
            UST
          
        
      
      
        
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Lumen Technologies Inc
        8M3THTGWLTYZVE6BBY25
        Lumen Technologies Inc COM
        550241103
        
          
          
          
        
        125601.0000000000
        NS
        USD
        1415523.2700000000
        0.2358090669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Paramount Global
        5KYC8KF17ROCY24M3H09
        Paramount Global CLASS A COM
        92556H107
        
          
          
          
        
        900.0000000000
        NS
        USD
        36369.0000000000
        0.0060586358
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Paramount Global
        5KYC8KF17ROCY24M3H09
        Paramount Global CLASS B COM
        92556H206
        
          
          
          
        
        44427.0000000000
        NS
        USD
        1679784.8700000000
        0.2798318553
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Aflac Incorporated
        549300N0B7DOGLXWPP39
        Aflac Incorporated COM USD0.10
        001055102
        
          
          
          
        
        32730.0000000000
        NS
        USD
        2107484.7000000000
        0.3510814772
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agco Corporation
        LYOM0B2GCF1JWXK5ZG04
        Agco Corporation COM USD0.01
        001084102
        
          
          
          
        
        8548.0000000000
        NS
        USD
        1248264.4400000000
        0.2079457676
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AT&T Inc
        549300Z40J86GGSTL398
        AT&T Inc COM USD1
        00206R102
        
          
          
          
        
        468558.0000000000
        NS
        USD
        11072025.5400000000
        1.8444656242
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Abbott Laboratories
        HQD377W2YR662HK5JX27
        Abbott Laboratories COM NPV
        002824100
        
          
          
          
        
        2886.0000000000
        NS
        USD
        341586.9600000000
        0.0569042587
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AbbVie Inc.
        FR5LCKFTG8054YNNRU85
        AbbVie Inc. COM USD0.01
        00287Y109
        
          
          
          
        
        738.0000000000
        NS
        USD
        119637.1800000000
        0.0199301081
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Activision Blizzard Inc
        549300TPQQDBP9GNOF40
        Activision Blizzard Inc COM USD0.000001
        00507V109
        
          
          
          
        
        21184.0000000000
        NS
        USD
        1697050.2400000000
        0.2827080573
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advance Auto Parts Inc.
        529900UCNQ5H9FSL0Y70
        Advance Auto Parts Inc. COM USD0.0001
        00751Y106
        
          
          
          
        
        4932.0000000000
        NS
        USD
        1020726.7200000000
        0.1700407337
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AECOM
        0EEB8GF0W0NPCIHZX097
        AECOM COM STK USD0.01
        00766T100
        
          
          
          
        
        11462.0000000000
        NS
        USD
        880396.2200000000
        0.1466633687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Air Products & Chemicals, Inc.
        7QEON6Y1RL5XR3R1W237
        Air Products & Chemicals, Inc. COM USD1
        009158106
        
          
          
          
        
        7452.0000000000
        NS
        USD
        1862329.3200000000
        0.3102415542
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Akamai Technologies, Inc.
        OC1LZNN2LF5WTJ5RIL89
        Akamai Technologies, Inc. COM USD0.01
        00971T101
        
          
          
          
        
        3310.0000000000
        NS
        USD
        395180.9000000000
        0.0658323613
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alaska Air Group Incorporation
        529900G48RT4KWLC6C27
        Alaska Air Group Incorporation COM USD0.01
        011659109
        
          
          
          
        
        964.0000000000
        NS
        USD
        55921.6400000000
        0.0093158693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Albemarle Corp
        HDBLS2Q6GV1LSKQPBS54
        Albemarle Corp COM USD0.01
        012653101
        
          
          
          
        
        9985.0000000000
        NS
        USD
        2208182.7500000000
        0.3678565552
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alcoa Corporation
        549300T12EZ1F6PWWU29
        Alcoa Corporation COM USD0.01
        013872106
        
          
          
          
        
        2284.0000000000
        NS
        USD
        205628.5200000000
        0.0342552259
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alleghany Corp
        549300DCJE6AYX159479
        Alleghany Corp COM USD1
        017175100
        
          
          
          
        
        654.0000000000
        NS
        USD
        553938.0000000000
        0.0922793752
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Allstate Corporation
        OBT0W1ED8G0NWVOLOJ77
        The Allstate Corporation COM USD0.01
        020002101
        
          
          
          
        
        17397.0000000000
        NS
        USD
        2409658.4700000000
        0.4014199749
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ally Financial Inc.
        549300JBN1OSM8YNAI90
        Ally Financial Inc. COM USD0.01
        02005N100
        
          
          
          
        
        66748.0000000000
        NS
        USD
        2902203.0400000000
        0.4834719467
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERCO
        5493003WIDMLDHYC6Y24
        AMERCO COM USD0.25
        023586100
        
          
          
          
        
        2003.0000000000
        NS
        USD
        1195670.8200000000
        0.1991843062
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Financial Group, Inc.
        549300AFOM7IVKIU1G39
        American Financial Group, Inc. COM NPV
        025932104
        
          
          
          
        
        6623.0000000000
        NS
        USD
        964441.2600000000
        0.1606642564
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American International Group, Inc.
        ODVCVCQG2BP6VHV36M30
        American International Group, Inc. COM USD2.50
        026874784
        
          
          
          
        
        29118.0000000000
        NS
        USD
        1827736.8600000000
        0.3044788685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ametek, Inc.
        549300WZDEF9KKE40E98
        Ametek, Inc. COM USD0.01
        031100100
        
          
          
          
        
        5351.0000000000
        NS
        USD
        712646.1800000000
        0.1187182396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Analog Devices Inc.
        GYVOE5EZ4GDAVTU4CQ61
        Analog Devices Inc. COM USD0.16 2/3
        032654105
        
          
          
          
        
        10368.0000000000
        NS
        USD
        1712586.2400000000
        0.2852961671
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Anthem Inc
        8MYN82XMYQH89CTMTH67
        Anthem Inc COM USD0.01
        036752103
        
          
          
          
        
        16810.0000000000
        NS
        USD
        8257408.2000000000
        1.3755843965
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apollo Global Management Inc
        N/A
        Apollo Global Management Inc COM
        03769M106
        
          
          
          
        
        2277.0000000000
        NS
        USD
        141151.2300000000
        0.0235140888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aramark
        549300MR6PG2DWZUIL39
        Aramark COM USD0.01
        03852U106
        
          
          
          
        
        16117.0000000000
        NS
        USD
        605999.2000000000
        0.1009521418
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Archer-Daniels-Midland Company
        549300LO13MQ9HYSTR83
        Archer-Daniels-Midland Company COM NPV
        039483102
        
          
          
          
        
        24965.0000000000
        NS
        USD
        2253340.9000000000
        0.3753793572
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arconic Corporation
        549300B4YFWH3U74B152
        Arconic Corporation COM
        03966V107
        
          
          
          
        
        1634.0000000000
        NS
        USD
        41863.0800000000
        0.0069738831
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arrow Electronics, Inc.
        549300YNNLBXT8N8R512
        Arrow Electronics, Inc. COM USD1
        042735100
        
          
          
          
        
        7332.0000000000
        NS
        USD
        869795.1600000000
        0.1448973602
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Assurant Inc.
        H3F39CAXWQRVWURFXL38
        Assurant Inc. COM USD0.01
        04621X108
        
          
          
          
        
        4786.0000000000
        NS
        USD
        870238.3800000000
        0.1449711953
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Autoliv, Inc.
        A23RUXWKASG834LTMK28
        Autoliv, Inc. COM USD1.00
        052800109
        
          
          
          
        
        9173.0000000000
        NS
        USD
        701184.1200000000
        0.1168087990
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Baker Hughes Company
        N/A
        Baker Hughes Company COM USD0.0001 CL A
        05722G100
        
          
          
          
        
        20187.0000000000
        NS
        USD
        735008.6700000000
        0.1224435602
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of America Corporation
        9DJT3UXIJIZJI4WXO774
        Bank of America Corporation COM USD0.01
        060505104
        
          
          
          
        
        175839.0000000000
        NS
        USD
        7248083.5800000000
        1.2074431148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Bank of New York Mellon Corporation
        WFLLPEPC7FZXENRZV188
        The Bank of New York Mellon Corporation COM USD0.01
        064058100
        
          
          
          
        
        52444.0000000000
        NS
        USD
        2602795.7200000000
        0.4335943062
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Baxter International, Inc.
        J5OIVXX3P24RJRW5CK77
        Baxter International, Inc. COM USD1.00
        071813109
        
          
          
          
        
        14838.0000000000
        NS
        USD
        1150538.5200000000
        0.1916658105
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Becton, Dickinson and Company
        ICE2EP6D98PQUILVRZ91
        Becton, Dickinson and Company COM USD1.00
        075887109
        
          
          
          
        
        4016.0000000000
        NS
        USD
        1068256.0000000000
        0.1779585373
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bellring Brands Inc.
        N/A
        Bellring Brands Inc. COMMON STOCK
        07831C103
        
          
          
          
        
        1233.0000000000
        NS
        USD
        28457.6400000000
        0.0047406988
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        W.R. Berkley Corporation
        SQOAGCLKBDWNVYV1OV80
        W.R. Berkley Corporation COM USD0.20
        084423102
        
          
          
          
        
        5743.5000000000
        NS
        USD
        382459.6700000000
        0.0637131581
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc.
        5493000C01ZX7D35SD85
        Berkshire Hathaway Inc. COM USD0.0033 CLASS'B'
        084670702
        
          
          
          
        
        39025.0000000000
        NS
        USD
        13772312.7500000000
        2.2943008343
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bio-Rad Laboratories, Inc.
        549300ZC1GPV35XYDK53
        Bio-Rad Laboratories, Inc. CLASS'A'COM USD0.0001
        090572207
        
          
          
          
        
        172.0000000000
        NS
        USD
        96875.5600000000
        0.0161382973
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Biogen Inc
        W8J5WZB5IY3K0NDQT671
        Biogen Inc COM USD0.0005
        09062X103
        
          
          
          
        
        9479.0000000000
        NS
        USD
        1996277.4000000000
        0.3325556853
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BorgWarner Inc.
        549300DSFX2IE88NSX47
        BorgWarner Inc. COM USD0.01
        099724106
        
          
          
          
        
        24241.0000000000
        NS
        USD
        942974.9000000000
        0.1570882203
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boston Scientific Corporation
        Y6ZDD9FP4P8JSSJMW954
        Boston Scientific Corporation COM USD0.01
        101137107
        
          
          
          
        
        7514.0000000000
        NS
        USD
        332795.0600000000
        0.0554396344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bristol-Myers Squibb Company
        HLYYNH7UQUORYSJQCN42
        Bristol-Myers Squibb Company COM USD0.10
        110122108
        
          
          
          
        
        93266.0000000000
        NS
        USD
        6811215.9800000000
        1.1346662532
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Builders Firstsource, Inc.
        549300W0SKP6L3H7DP63
        Builders Firstsource, Inc. COM USD0.01
        12008R107
        
          
          
          
        
        7125.0000000000
        NS
        USD
        459847.5000000000
        0.0766050352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CBRE Group
        52990016II9MJ2OSWA10
        CBRE Group COM USD0.01 CLASS A
        12504L109
        
          
          
          
        
        19100.0000000000
        NS
        USD
        1748032.0000000000
        0.2912010022
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CF Industries Holdings, Inc.
        529900CG8YAQFZ2JMV97
        CF Industries Holdings, Inc. COM USD0.01
        125269100
        
          
          
          
        
        12904.0000000000
        NS
        USD
        1329886.2400000000
        0.2215429729
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cigna Corporation
        549300VIWYMSIGT1U456
        Cigna Corporation COM USD0.01
        125523100
        
          
          
          
        
        19065.0000000000
        NS
        USD
        4568164.6500000000
        0.7610010140
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNA Financial Corporation
        549300YX2GSZD7YG1R84
        CNA Financial Corporation COM USD2.50
        126117100
        
          
          
          
        
        4467.0000000000
        NS
        USD
        217185.5400000000
        0.0361804858
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CSX Corporation
        549300JVQR4N1MMP3Q88
        CSX Corporation COM USD1
        126408103
        
          
          
          
        
        42793.0000000000
        NS
        USD
        1602597.8500000000
        0.2669734308
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        CVS Health Corp COM USD0.01
        126650100
        
          
          
          
        
        90196.0000000000
        NS
        USD
        9128737.1600000000
        1.5207372692
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Campbell Soup Company
        5493007JDSMX8Z5Z1902
        Campbell Soup Company CAP USD0.0375
        134429109
        
          
          
          
        
        3702.0000000000
        NS
        USD
        164998.1400000000
        0.0274866957
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Capital One Financial Corporation
        ZUE8T73ROZOF6FLBAR73
        Capital One Financial Corporation COM USD0.01
        14040H105
        
          
          
          
        
        34312.0000000000
        NS
        USD
        4504822.4800000000
        0.7504489741
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carlisle Companies Incorporated
        XR64VGX1ZPX6G7ZN7Z11
        Carlisle Companies Incorporated COM USD1
        142339100
        
          
          
          
        
        6915.0000000000
        NS
        USD
        1700536.8000000000
        0.2832888760
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carmax Inc
        529900F60CID3NCZM330
        Carmax Inc COM USD0.50
        143130102
        
          
          
          
        
        8119.0000000000
        NS
        USD
        783321.1200000000
        0.1304918304
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carnival Corporation
        F1OF2ZSX47CR0BCWA982
        Carnival Corporation UNITS (COMPR 1 COM & 1 TR
        143658300
        
          
          
          
        
        27865.0000000000
        NS
        USD
        563430.3000000000
        0.0938606776
        Long
        EC
        CORP
        PA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Carrier Global Corporation
        549300JE3W6CWY2NAN77
        Carrier Global Corporation COM
        14448C104
        
          
          
          
        
        41203.0000000000
        NS
        USD
        1889981.6100000000
        0.3148480915
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Celanese Corporation
        549300FHJQTDPPN41627
        Celanese Corporation COM USD0.0001
        150870103
        
          
          
          
        
        4202.0000000000
        NS
        USD
        600339.7400000000
        0.1000093442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Centene Corporation
        549300Z7JJ4TQSQGT333
        Centene Corporation COM USD0.001
        15135B101
        
          
          
          
        
        19196.0000000000
        NS
        USD
        1616111.2400000000
        0.2692245982
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cerner Corp
        549300L4UJ40IEVVI304
        Cerner Corp COM USD0.01
        156782104
        
          
          
          
        
        6747.0000000000
        NS
        USD
        631249.3200000000
        0.1051585066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corporation
        N/A
        Chevron Corporation COM USD0.75
        166764100
        
          
          
          
        
        66076.0000000000
        NS
        USD
        10759155.0800000000
        1.7923451873
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cincinnati Financial Corporation
        254900Q4WEDMZBOZ0002
        Cincinnati Financial Corporation COM USD2.00
        172062101
        
          
          
          
        
        370.0000000000
        NS
        USD
        50305.2000000000
        0.0083802383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        549300LKFJ962MZ46593
        Cisco Systems, Inc. COM USD0.001
        17275R102
        
          
          
          
        
        4155.0000000000
        NS
        USD
        231682.8000000000
        0.0385955541
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citigroup Inc.
        6SHGI4ZSSLCXXQSBB395
        Citigroup Inc. COM USD0.01
        172967424
        
          
          
          
        
        101397.0000000000
        NS
        USD
        5414599.8000000000
        0.9020068789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citizens Financial Group Inc
        2138004JDDA4ZQUPFW65
        Citizens Financial Group Inc COM USD0.01
        174610105
        
          
          
          
        
        18613.0000000000
        NS
        USD
        843727.2900000000
        0.1405547681
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        Cleveland-Cliffs Inc COM USD0.125
        185899101
        
          
          
          
        
        9779.0000000000
        NS
        USD
        314981.5900000000
        0.0524721256
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cognizant Technology Solutions Corp.
        5493006IEVQEFQO40L83
        Cognizant Technology Solutions Corp. COM CL A USD0.01
        192446102
        
          
          
          
        
        34305.0000000000
        NS
        USD
        3076129.3500000000
        0.5124459677
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corporation
        51M0QTTNCGUN7KFCFZ59
        Comcast Corporation COM USD0.01 CL A
        20030N101
        
          
          
          
        
        291971.0000000000
        NS
        USD
        13670082.2200000000
        2.2772704637
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Conagra Brands Inc
        54930035UDEIH090K650
        Conagra Brands Inc COM USD5.00
        205887102
        
          
          
          
        
        19827.0000000000
        NS
        USD
        665592.3900000000
        0.1108796470
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Concentrix Corporation
        N/A
        Concentrix Corporation COM
        20602D101
        
          
          
          
        
        1605.0000000000
        NS
        USD
        267328.8000000000
        0.0445337468
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ConocoPhillips
        WPTL2Z3FIYTHSP5V2253
        ConocoPhillips COM USD0.01
        20825C104
        
          
          
          
        
        106289.0000000000
        NS
        USD
        10628900.0000000000
        1.7706462654
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Constellation Brands, Inc.
        5493005GKEG8QCVY7037
        Constellation Brands, Inc. COM USD0.01 CLASS A
        21036P108
        
          
          
          
        
        6196.0000000000
        NS
        USD
        1427062.7200000000
        0.2377313998
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Continental Resources, Inc.
        XXRTID9RYWOZ0UPIVR53
        Continental Resources, Inc. COM USD0.01
        212015101
        
          
          
          
        
        1401.0000000000
        NS
        USD
        85923.3300000000
        0.0143137882
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Cooper Companies, Inc.
        QJKMVPIGLH7530PCUE20
        The Cooper Companies, Inc. COM USD0.10
        216648402
        
          
          
          
        
        137.0000000000
        NS
        USD
        57209.8300000000
        0.0095304662
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Corning Incorporated
        549300X2937PB0CJ7I56
        Corning Incorporated COM USD0.50
        219350105
        
          
          
          
        
        84494.0000000000
        NS
        USD
        3118673.5400000000
        0.5195333155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Corteva Inc
        549300WZN9I2QKLS0O94
        Corteva Inc COM USD0.01
        22052L104
        
          
          
          
        
        18513.0000000000
        NS
        USD
        1064127.2400000000
        0.1772707358
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cummins Inc.
        ZUNI8PYC725B6H8JU438
        Cummins Inc. COM USD2.50
        231021106
        
          
          
          
        
        10946.0000000000
        NS
        USD
        2245134.0600000000
        0.3740121968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        D.R. Horton, Inc.
        529900ZIUEYVSB8QDD25
        D.R. Horton, Inc. COM USD0.01
        23331A109
        
          
          
          
        
        52707.0000000000
        NS
        USD
        3927198.5700000000
        0.6542238126
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DXC Technology Company
        549300DOVZ3EDJB7O259
        DXC Technology Company COM USD0.01
        23355L106
        
          
          
          
        
        20249.0000000000
        NS
        USD
        660724.8700000000
        0.1100687770
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Danaher Corporation
        S4BKK9OTCEWQ3YHPFM11
        Danaher Corporation COM USD0.01
        235851102
        
          
          
          
        
        20418.0000000000
        NS
        USD
        5989211.9400000000
        0.9977303159
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Darling Ingredients, Inc
        L1N0SPPKS7EXZYUMZ898
        Darling Ingredients, Inc COM USD0.01
        237266101
        
          
          
          
        
        5424.0000000000
        NS
        USD
        435981.1200000000
        0.0726291848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dell Technologies Inc
        549300TJB5YBRUPOG437
        Dell Technologies Inc COM USD0.01 CL C
        24703L202
        
          
          
          
        
        861.0000000000
        NS
        USD
        43213.5900000000
        0.0071988618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Devon Energy Corporation
        54930042348RKR3ZPN35
        Devon Energy Corporation COM USD0.10
        25179M103
        
          
          
          
        
        23608.0000000000
        NS
        USD
        1395941.0400000000
        0.2325469041
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mondelez International, Inc.
        549300DV9GIB88LZ5P30
        Mondelez International, Inc. COM NPV
        609207105
        
          
          
          
        
        68798.0000000000
        NS
        USD
        4319138.4400000000
        0.7195162574
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley COM USD0.01
        617446448
        
          
          
          
        
        70255.0000000000
        NS
        USD
        6140287.0000000000
        1.0228975948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walt Disney Company
        549300GZKULIZ0WOW665
        Walt Disney Company COM DISNEY USD0.01
        254687106
        
          
          
          
        
        43240.0000000000
        NS
        USD
        5930798.4000000000
        0.9879993262
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Discovery Inc
        5493006ZCRFWKF6B1K26
        Discovery Inc COM USD0.01 SER A
        25470F104
        
          
          
          
        
        21200.0000000000
        NS
        USD
        528304.0000000000
        0.0880090606
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Mosaic Company
        2YD5STGSJNMUB7H76907
        The Mosaic Company COM USD0.01
        61945C103
        
          
          
          
        
        5998.0000000000
        NS
        USD
        398867.0000000000
        0.0664464210
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NRG Energy, Inc.
        5E2UPK5SW04M13XY7I38
        NRG Energy, Inc. COM USD0.01
        629377508
        
          
          
          
        
        22148.0000000000
        NS
        USD
        849597.2800000000
        0.1415326375
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Discovery Inc
        5493006ZCRFWKF6B1K26
        Discovery Inc COM USD0.01 SER C
        25470F302
        
          
          
          
        
        35235.0000000000
        NS
        USD
        879817.9500000000
        0.1465670359
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DISH Network Corporation
        529900U350CWHH15G169
        DISH Network Corporation COM USD0.01 CLASS A
        25470M109
        
          
          
          
        
        12654.0000000000
        NS
        USD
        400499.1000000000
        0.0667183091
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newell Brands Inc.
        549300LWGYFM1TVO1Z12
        Newell Brands Inc. COM USD1
        651229106
        
          
          
          
        
        11135.0000000000
        NS
        USD
        238400.3500000000
        0.0397146167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newmont Corporation
        549300VSP3RIX7FGDZ51
        Newmont Corporation COM USD1.60
        651639106
        
          
          
          
        
        46812.0000000000
        NS
        USD
        3719213.4000000000
        0.6195759972
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dollar Tree Inc
        549300PMSTQITB1WHR43
        Dollar Tree Inc COM USD0.01
        256746108
        
          
          
          
        
        12596.0000000000
        NS
        USD
        2017249.4000000000
        0.3360493670
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dover Corporation
        549300FMC2ALGA7N9E80
        Dover Corporation COM USD1.00
        260003108
        
          
          
          
        
        7963.0000000000
        NS
        USD
        1249394.7000000000
        0.2081340552
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dow Inc
        5493003S21INSLK2IP73
        Dow Inc COM USD0.01
        260557103
        
          
          
          
        
        54231.0000000000
        NS
        USD
        3455599.3200000000
        0.5756610779
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dupont De Nemours Inc
        5493004JF0SDFLM8GD76
        Dupont De Nemours Inc COM USD0.01
        26614N102
        
          
          
          
        
        13259.0000000000
        NS
        USD
        975597.2200000000
        0.1625227045
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        News Corporation
        549300ITS31QK8VRBQ14
        News Corporation COM USD0.01 CL'A'
        65249B109
        
          
          
          
        
        8320.0000000000
        NS
        USD
        184288.0000000000
        0.0307001533
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        News Corporation
        549300ITS31QK8VRBQ14
        News Corporation COM USD0.01 CL'B'
        65249B208
        
          
          
          
        
        1734.0000000000
        NS
        USD
        39049.6800000000
        0.0065052047
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Norfolk Southern Corporation
        54930036C8MWP850MI84
        Norfolk Southern Corporation COM USD1
        655844108
        
          
          
          
        
        16650.0000000000
        NS
        USD
        4748913.0000000000
        0.7911115043
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northern Trust Corporation
        549300GLF98S992BC502
        Northern Trust Corporation COM USD1.666
        665859104
        
          
          
          
        
        370.0000000000
        NS
        USD
        43086.5000000000
        0.0071776901
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrop Grumman Corporation
        RIMU48P07456QXSO0R61
        Northrop Grumman Corporation COM USD1
        666807102
        
          
          
          
        
        3018.0000000000
        NS
        USD
        1349709.9600000000
        0.2248453650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NortonLifeLock Inc.
        YF6ZV0M6AU4FY94MK914
        NortonLifeLock Inc. COM
        668771108
        
          
          
          
        
        3129.0000000000
        NS
        USD
        82981.0800000000
        0.0138236449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EOG Resources, Inc.
        XWTZDRYZPBUHIQBKDB46
        EOG Resources, Inc. COM USD0.01
        26875P101
        
          
          
          
        
        23992.0000000000
        NS
        USD
        2860566.1600000000
        0.4765357458
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        East West Bancorp Inc
        N/A
        East West Bancorp Inc COM USD0.001
        27579R104
        
          
          
          
        
        2390.0000000000
        NS
        USD
        188857.8000000000
        0.0314614267
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nucor Corporation
        549300GGJCRSI2TIEJ46
        Nucor Corporation COM USD0.40
        670346105
        
          
          
          
        
        41998.0000000000
        NS
        USD
        6243002.7000000000
        1.0400087889
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corporation COM USD0.20
        674599105
        
          
          
          
        
        78020.0000000000
        NS
        USD
        4426854.8000000000
        0.7374605010
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eastman Chemical Company
        FDPVHDGJ1IQZFK9KH630
        Eastman Chemical Company COM USD0.01
        277432100
        
          
          
          
        
        17799.0000000000
        NS
        USD
        1994555.9400000000
        0.3322689108
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        eBay Inc.
        OML71K8X303XQONU6T67
        eBay Inc. COM USD0.001
        278642103
        
          
          
          
        
        33504.0000000000
        NS
        USD
        1918439.0400000000
        0.3195887553
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Electronic Arts Inc.
        549300O7A67PUEYKDL45
        Electronic Arts Inc. COM USD0.01
        285512109
        
          
          
          
        
        1911.0000000000
        NS
        USD
        241760.6100000000
        0.0402743954
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Emerson Electric Co.
        FGLT0EWZSUIRRITFOA30
        Emerson Electric Co. COM USD0.50
        291011104
        
          
          
          
        
        8842.0000000000
        NS
        USD
        866958.1000000000
        0.1444247403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Exxon Mobil Corporation
        J3WHBG0MTS7O8ZVMDC91
        Exxon Mobil Corporation COM NPV
        30231G102
        
          
          
          
        
        138682.0000000000
        NS
        USD
        11453746.3800000000
        1.9080557022
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FMC Corporation
        CKDHZ2X64EEBQCSP7013
        FMC Corporation COM USD0.10
        302491303
        
          
          
          
        
        500.0000000000
        NS
        USD
        65785.0000000000
        0.0109589858
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FedEx Corporation
        549300E707U7WNPZN687
        FedEx Corporation COM USD0.10
        31428X106
        
          
          
          
        
        19292.0000000000
        NS
        USD
        4463975.8800000000
        0.7436444243
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Information Services Inc
        6WQI0GK1PRFVBA061U48
        Fidelity National Information Services Inc COM USD0.01
        31620M106
        
          
          
          
        
        17462.0000000000
        NS
        USD
        1753534.0400000000
        0.2921175756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Financial, Inc.
        549300CAZYIH39SYQ287
        Fidelity National Financial, Inc. FNF GROUP COM USD0.0001
        31620R303
        
          
          
          
        
        1515.0000000000
        NS
        USD
        73992.6000000000
        0.0123262728
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fifth Third Bancorp
        THRNG6BD57P9QWTQLG42
        Fifth Third Bancorp COM NPV
        316773100
        
          
          
          
        
        86881.0000000000
        NS
        USD
        3739358.2400000000
        0.6229318841
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Republic International Corporation
        549300IV6O2YY2A1KH37
        Old Republic International Corporation COM USD1
        680223104
        
          
          
          
        
        14636.0000000000
        NS
        USD
        378633.3200000000
        0.0630757345
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Omnicom Group Inc
        HKUPACFHSSASQK8HLS17
        Omnicom Group Inc COM USD0.15
        681919106
        
          
          
          
        
        1501.0000000000
        NS
        USD
        127404.8800000000
        0.0212241130
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fiserv Inc.
        GI7UBEJLXYLGR2C7GV83
        Fiserv Inc. COM USD0.01
        337738108
        
          
          
          
        
        12529.0000000000
        NS
        USD
        1270440.6000000000
        0.2116400478
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fleetcor Technologies Inc
        549300DG6RR0NQSFLN74
        Fleetcor Technologies Inc COM USD0.001
        339041105
        
          
          
          
        
        483.0000000000
        NS
        USD
        120295.9800000000
        0.0200398562
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ford Motor Company
        20S05OYHG0MQM4VUIC57
        Ford Motor Company COM USD0.01
        345370860
        
          
          
          
        
        150516.0000000000
        NS
        USD
        2545225.5600000000
        0.4240038134
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortive Corporation
        549300MU9YQJYHDQEF63
        Fortive Corporation COM USD0.01
        34959J108
        
          
          
          
        
        7311.0000000000
        NS
        USD
        445459.2300000000
        0.0742081233
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ON Semiconductor Corp.
        ZV20P4CNJVT8V1ZGJ064
        ON Semiconductor Corp. COM USD0.01
        682189105
        
          
          
          
        
        29385.0000000000
        NS
        USD
        1839794.8500000000
        0.3064875839
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oneok Inc.
        2T3D6M0JSY48PSZI1Q41
        Oneok Inc. COM USD0.01
        682680103
        
          
          
          
        
        22165.0000000000
        NS
        USD
        1565513.9500000000
        0.2607957013
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oshkosh Corporation
        549300FEKNPCFSA2B506
        Oshkosh Corporation COM USD0.01
        688239201
        
          
          
          
        
        984.0000000000
        NS
        USD
        99039.6000000000
        0.0164988002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Otis Worldwide Corporation
        549300ZLBKR8VSU25153
        Otis Worldwide Corporation COM
        68902V107
        
          
          
          
        
        25885.0000000000
        NS
        USD
        1991850.7500000000
        0.3318182589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortune Brands Home & Security Inc
        54930032LHW54PQUJD44
        Fortune Brands Home & Security Inc USD0.01
        34964C106
        
          
          
          
        
        11027.0000000000
        NS
        USD
        819085.5600000000
        0.1364497538
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fox Corporation
        549300DDU6FDRBIELS05
        Fox Corporation COM USD0.01 CL A
        35137L105
        
          
          
          
        
        24883.0000000000
        NS
        USD
        981634.3500000000
        0.1635284174
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Owens Corning
        JO5M6676RDJIZ2U8X907
        Owens Corning COM USD0.01
        690742101
        
          
          
          
        
        12209.0000000000
        NS
        USD
        1117123.5000000000
        0.1860992721
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PNC Financial Services Group Inc
        CFGNEKW0P8842LEUIA51
        PNC Financial Services Group Inc COM USD5
        693475105
        
          
          
          
        
        21157.0000000000
        NS
        USD
        3902408.6500000000
        0.6500941116
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PPG Industries, Inc.
        549300BKPEP01R3V6C59
        PPG Industries, Inc. COM USD1.666
        693506107
        
          
          
          
        
        775.0000000000
        NS
        USD
        101579.2500000000
        0.0169218752
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Paccar Inc
        KDTEY8BWE486IKZ3CC07
        Paccar Inc COM USD1.00
        693718108
        
          
          
          
        
        20694.0000000000
        NS
        USD
        1822520.5800000000
        0.3036098993
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fox Corporation
        549300DDU6FDRBIELS05
        Fox Corporation COM USD0.01 CL B
        35137L204
        
          
          
          
        
        14510.0000000000
        NS
        USD
        526422.8000000000
        0.0876956755
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freeport-McMoRan Inc.
        549300IRDTHJQ1PVET45
        Freeport-McMoRan Inc. COM USD0.10
        35671D857
        
          
          
          
        
        116560.0000000000
        NS
        USD
        5797694.4000000000
        0.9658258086
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Packaging Corporation of America
        549300XZP8MFZFY8TJ84
        Packaging Corporation of America COM USD0.01
        695156109
        
          
          
          
        
        2898.0000000000
        NS
        USD
        452406.7800000000
        0.0753655012
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Parker-Hannifin Corporation
        5493002CONDB4N2HKI23
        Parker-Hannifin Corporation COM USD0.50
        701094104
        
          
          
          
        
        8468.0000000000
        NS
        USD
        2402879.6800000000
        0.4002907104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GXO Logistics Inc.
        5493007CNWMXN78JRN66
        GXO Logistics Inc. COMMON STOCK
        36262G101
        
          
          
          
        
        15841.0000000000
        NS
        USD
        1130096.9400000000
        0.1882604904
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Gap, Inc.
        T2ZG1WRWZ4BUCMQL9224
        The Gap, Inc. COM USD0.05
        364760108
        
          
          
          
        
        2266.0000000000
        NS
        USD
        31905.2800000000
        0.0053150340
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Dynamics Corporation
        9C1X8XOOTYY2FNYTVH06
        General Dynamics Corporation COM USD1.00
        369550108
        
          
          
          
        
        7826.0000000000
        NS
        USD
        1887474.6800000000
        0.3144304672
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Electric Company
        3C7474T6CDKPR9K6YT90
        General Electric Company COM NEW
        369604301
        
          
          
          
        
        11962.0000000000
        NS
        USD
        1094523.0000000000
        0.1823343020
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Peoples United Financial, Inc.
        ROPY7PEPIPIDJNF0BO69
        Peoples United Financial, Inc. COM USD0.01
        712704105
        
          
          
          
        
        5834.0000000000
        NS
        USD
        116621.6600000000
        0.0194277589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Perkinelmer, Inc.
        549300IKL1SDPFI7N655
        Perkinelmer, Inc. COM USD1.00
        714046109
        
          
          
          
        
        3201.0000000000
        NS
        USD
        558446.4600000000
        0.0930304301
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pfizer Inc.
        765LHXWGK1KXCLTFYQ30
        Pfizer Inc. COM USD0.05
        717081103
        
          
          
          
        
        340714.0000000000
        NS
        USD
        17638763.7800000000
        2.9384048410
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phillips 66
        5493005JBO5YSIGK1814
        Phillips 66 COM USD0.01
        718546104
        
          
          
          
        
        20636.0000000000
        NS
        USD
        1782744.0400000000
        0.2969836085
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Company
        FY8JBF7CCL2VE4F1B628
        Pioneer Natural Resources Company COM USD0.01
        723787107
        
          
          
          
        
        10352.0000000000
        NS
        USD
        2588310.5600000000
        0.4311812536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Post Holdings Inc.
        JM1I5YUAURL6DC8N1468
        Post Holdings Inc. COM USD0.01
        737446104
        
          
          
          
        
        973.0000000000
        NS
        USD
        67389.9800000000
        0.0112263561
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Mills, Inc.
        2TGYMUGI08PO8X8L6150
        General Mills, Inc. COM USD0.10
        370334104
        
          
          
          
        
        38095.0000000000
        NS
        USD
        2579793.4000000000
        0.4297623977
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Motors Company
        54930070NSV60J38I987
        General Motors Company COM USD0.01
        37045V100
        
          
          
          
        
        103473.0000000000
        NS
        USD
        4525909.0200000000
        0.7539617368
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gentex Corp
        549300S3UD8XV1MN0287
        Gentex Corp COM USD0.06
        371901109
        
          
          
          
        
        863.0000000000
        NS
        USD
        25173.7100000000
        0.0041936358
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Genuine Parts Co
        549300D46DQVEU651W04
        Genuine Parts Co COM USD1.00
        372460105
        
          
          
          
        
        2168.0000000000
        NS
        USD
        273211.3600000000
        0.0455137102
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Principal Financial Group
        CUMYEZJOAF02RYZ1JJ85
        Principal Financial Group COM USD0.01
        74251V102
        
          
          
          
        
        32419.0000000000
        NS
        USD
        2379878.7900000000
        0.3964590401
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prudential Financial, Inc.
        5PRBRS5FEH7NREC8OR45
        Prudential Financial, Inc. COM USD0.01
        744320102
        
          
          
          
        
        12032.0000000000
        NS
        USD
        1421821.4400000000
        0.2368582659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pulte Group Inc
        N/A
        Pulte Group Inc COM USD0.01
        745867101
        
          
          
          
        
        48918.0000000000
        NS
        USD
        2049664.2000000000
        0.3414492808
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Qorvo Inc
        254900YAUJV2EUEVBR11
        Qorvo Inc COM USD0.0001
        74736K101
        
          
          
          
        
        11125.0000000000
        NS
        USD
        1380612.5000000000
        0.2299933546
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanta Services, Inc.
        SHVRXXEACT60MMH07S24
        Quanta Services, Inc. COM USD0.00001
        74762E102
        
          
          
          
        
        13887.0000000000
        NS
        USD
        1827668.0700000000
        0.3044674089
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quest Diagnostics Incorporated
        8MCWUBXQ0WE04KMXBX50
        Quest Diagnostics Incorporated COM USD0.01
        74834L100
        
          
          
          
        
        19764.0000000000
        NS
        USD
        2704901.0400000000
        0.4506038184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gilead Sciences, Inc.
        549300WTZWR07K8MNV44
        Gilead Sciences, Inc. COM USD0.001
        375558103
        
          
          
          
        
        43881.0000000000
        NS
        USD
        2608725.4500000000
        0.4345821276
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Global Payments Inc
        549300NOMHGVQBX6S778
        Global Payments Inc COM NPV
        37940X102
        
          
          
          
        
        3897.0000000000
        NS
        USD
        533265.4800000000
        0.0888355832
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Group, Inc.
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc. COM USD0.01
        38141G104
        
          
          
          
        
        23008.0000000000
        NS
        USD
        7594940.8000000000
        1.2652253351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Goodyear Tire & Rubber Company
        5493002BI0S2ZQUY3437
        The Goodyear Tire & Rubber Company COM NPV
        382550101
        
          
          
          
        
        2391.0000000000
        NS
        USD
        34167.3900000000
        0.0056918742
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ralph Lauren Corporation
        HO1QNWM0IXBZ0QSMMO20
        Ralph Lauren Corporation COM USD0.01 CLASS 'A'
        751212101
        
          
          
          
        
        4113.0000000000
        NS
        USD
        466578.7200000000
        0.0777263751
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Raytheon Technologies Corporation
        I07WOS4YJ0N7YRFE7309
        Raytheon Technologies Corporation COM
        75513E101
        
          
          
          
        
        41277.0000000000
        NS
        USD
        4089312.3900000000
        0.6812300155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HF Sinclair Corporation
        549300J3U2WK73C9ZK26
        HF Sinclair Corporation COM
        403949100
        
          
          
          
        
        471.0000000000
        NS
        USD
        18769.3500000000
        0.0031267468
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HP Inc
        WHKXQACZ14C5XRO8LW03
        HP Inc COM USD0.01
        40434L105
        
          
          
          
        
        176918.0000000000
        NS
        USD
        6422123.4000000000
        1.0698481324
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regeneron Pharmaceuticals, Inc.
        549300RCBFWIRX3HYQ56
        Regeneron Pharmaceuticals, Inc. COM USD0.001
        75886F107
        
          
          
          
        
        3232.0000000000
        NS
        USD
        2257293.4400000000
        0.3760378026
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regions Financial Corporation
        CW05CS5KW59QTC0DG824
        Regions Financial Corporation COM STK USD0.01
        7591EP100
        
          
          
          
        
        127643.0000000000
        NS
        USD
        2841333.1800000000
        0.4733317638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Halliburton Company
        ENYF8GB5SMQZ25S06U51
        Halliburton Company COM USD2.50
        406216101
        
          
          
          
        
        37471.0000000000
        NS
        USD
        1419026.7700000000
        0.2363927077
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Hartford Financial Services Group, Inc.
        IU7C3FTM7Y3BQM112U94
        The Hartford Financial Services Group, Inc. COM USD0.01
        416515104
        
          
          
          
        
        49258.0000000000
        NS
        USD
        3537216.9800000000
        0.5892575935
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Reinsurance Group of America, Incorporated
        LORM1GNEU1DKEW527V90
        Reinsurance Group of America, Incorporated COM USD0.01
        759351604
        
          
          
          
        
        595.0000000000
        NS
        USD
        65128.7000000000
        0.0108496542
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Reliance Steel & Aluminum Co.
        549300E287ZOFT3C5Z56
        Reliance Steel & Aluminum Co. COM NPV
        759509102
        
          
          
          
        
        9348.0000000000
        NS
        USD
        1713955.8000000000
        0.2855243192
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hess Corporation
        UASVRYNXNK17ULIGK870
        Hess Corporation COM USD1.00
        42809H107
        
          
          
          
        
        22619.0000000000
        NS
        USD
        2421137.7600000000
        0.4033322858
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hewlett Packard Enterprise Company
        549300BX44RGX6ANDV88
        Hewlett Packard Enterprise Company COM USD0.01
        42824C109
        
          
          
          
        
        168468.0000000000
        NS
        USD
        2815100.2800000000
        0.4689616797
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hologic Inc
        549300DYP6F5ZJL0LB74
        Hologic Inc COM USD0.01
        436440101
        
          
          
          
        
        2895.0000000000
        NS
        USD
        222393.9000000000
        0.0370481356
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hormel Foods Corp
        MSD54751OJP1FS2ND863
        Hormel Foods Corp COM USD0.0586
        440452100
        
          
          
          
        
        5728.0000000000
        NS
        USD
        295221.1200000000
        0.0491802702
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Republic Services, Inc.
        NKNQHM6BLECKVOQP7O46
        Republic Services, Inc. COM USD0.01
        760759100
        
          
          
          
        
        35532.0000000000
        NS
        USD
        4707990.0000000000
        0.7842942272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Roper Technologies Inc
        54930003T4SXCIWVXY35
        Roper Technologies Inc COM USD0.01
        776696106
        
          
          
          
        
        366.0000000000
        NS
        USD
        172836.1800000000
        0.0287924185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Howmet Aerospace Inc
        549300HO5WFZUT5N2T22
        Howmet Aerospace Inc COM
        443201108
        
          
          
          
        
        33495.0000000000
        NS
        USD
        1203810.3000000000
        0.2005402452
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hubbell Incorporated
        54930088VDQ6840Y6597
        Hubbell Incorporated COM USD0.001
        443510607
        
          
          
          
        
        630.0000000000
        NS
        USD
        115775.1000000000
        0.0192867323
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Humana Inc.
        529900YLDW34GJAO4J06
        Humana Inc. COM USD0.166
        444859102
        
          
          
          
        
        8345.0000000000
        NS
        USD
        3631493.6500000000
        0.6049629472
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Huntington Bancshares Incorporated
        549300XTVCVV9I7B5T19
        Huntington Bancshares Incorporated COM USD0.01
        446150104
        
          
          
          
        
        72900.0000000000
        NS
        USD
        1065798.0000000000
        0.1775490642
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hyatt Hotels Corporation
        T27JQIMTYSH41TCD5186
        Hyatt Hotels Corporation COM USD0.01 CLASS 'A'
        448579102
        
          
          
          
        
        3174.0000000000
        NS
        USD
        302958.3000000000
        0.0504691908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingersoll Rand Inc
        5299004C02FMZCUOIR50
        Ingersoll Rand Inc COM
        45687V106
        
          
          
          
        
        14939.0000000000
        NS
        USD
        752178.6500000000
        0.1253038713
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intel Corporation
        KNX4USFCNGPY45LOCE31
        Intel Corporation COM USD0.001
        458140100
        
          
          
          
        
        266567.0000000000
        NS
        USD
        13211060.5200000000
        2.2008029968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Business Machines Corporation
        VGRQXHF3J8VDLUA7XE92
        International Business Machines Corporation COM USD0.20
        459200101
        
          
          
          
        
        252.0000000000
        NS
        USD
        32765.0400000000
        0.0054582596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Flavors & Fragrances Inc.
        BZLRL03D3GPGMOGFO832
        International Flavors & Fragrances Inc. COM USD0.125
        459506101
        
          
          
          
        
        9315.0000000000
        NS
        USD
        1223338.9500000000
        0.2037934822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Paper Company
        824LMFJDH41EY779Q875
        International Paper Company COM USD1.00
        460146103
        
          
          
          
        
        44343.0000000000
        NS
        USD
        2046429.4500000000
        0.3409104106
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Interpublic Group of Companies, Inc.
        5493008IUOJ5VWTRC333
        The Interpublic Group of Companies, Inc. COM USD0.10
        460690100
        
          
          
          
        
        17681.0000000000
        NS
        USD
        626791.4500000000
        0.1044158794
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co.
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co. COM USD1.00
        46625H100
        
          
          
          
        
        103183.0000000000
        NS
        USD
        14065906.5600000000
        2.3432100143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Royal Gold, Inc.
        5493001NGRU6SFL04184
        Royal Gold, Inc. COM USD0.01
        780287108
        
          
          
          
        
        725.0000000000
        NS
        USD
        102428.0000000000
        0.0170632667
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ss&C Tech Hldgs
        529900POY8H7NPPNKK71
        Ss&C Tech Hldgs COM USD0.01
        78467J100
        
          
          
          
        
        7467.0000000000
        NS
        USD
        560174.3400000000
        0.0933182741
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Salesforce.com, Inc.
        RCGZFPDMRW58VJ54VR07
        Salesforce.com, Inc. COM USD0.001
        79466L302
        
          
          
          
        
        3464.0000000000
        NS
        USD
        735476.4800000000
        0.1225214917
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Henry Schein, Inc.
        VGO3WGL8H45T73F4RR92
        Henry Schein, Inc. COM USD0.01
        806407102
        
          
          
          
        
        3777.0000000000
        NS
        USD
        329316.6300000000
        0.0548601700
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jabil Inc
        5493000CGCQY2OQU7669
        Jabil Inc COM USD0.001
        466313103
        
          
          
          
        
        496.0000000000
        NS
        USD
        30618.0800000000
        0.0051006020
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jacobs Engineering Group Inc.
        549300CZ8QS1GE53O776
        Jacobs Engineering Group Inc. COM USD1.00
        469814107
        
          
          
          
        
        6136.0000000000
        NS
        USD
        845602.1600000000
        0.1408670988
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jefferies Financial Group Inc
        549300HOF34RGOJ5YL07
        Jefferies Financial Group Inc COM USD1.00
        47233W109
        
          
          
          
        
        6993.0000000000
        NS
        USD
        229720.0500000000
        0.0382685836
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JetBlue Airways Corporation
        54930070J9H97ZO93T57
        JetBlue Airways Corporation COM USD0.01
        477143101
        
          
          
          
        
        716.0000000000
        NS
        USD
        10704.2000000000
        0.0017831903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Schlumberger Limited
        213800ZUA17OK3QLGM62
        Schlumberger Limited COM USD0.01
        806857108
        
          
          
          
        
        102176.0000000000
        NS
        USD
        4220890.5600000000
        0.7031493482
        Long
        EC
        CORP
        CW
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Seaboard Corp Del
        87Q3KOXT29OW9W9YPT70
        Seaboard Corp Del COM USD1
        811543107
        
          
          
          
        
        22.0000000000
        NS
        USD
        92520.7800000000
        0.0154128436
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jones Lang LaSalle Incorporated
        6SYKCME112RT8TQUO411
        Jones Lang LaSalle Incorporated COM USD0.01
        48020Q107
        
          
          
          
        
        5491.0000000000
        NS
        USD
        1314874.8600000000
        0.2190422584
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Juniper Networks, Inc.
        AUHIXNGG7U2U7JEHM527
        Juniper Networks, Inc. COM USD0.00001
        48203R104
        
          
          
          
        
        23184.0000000000
        NS
        USD
        861517.4400000000
        0.1435183921
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Service Corporation International
        549300RKVM2ME20JHZ15
        Service Corporation International COM USD1.00
        817565104
        
          
          
          
        
        2896.0000000000
        NS
        USD
        190614.7200000000
        0.0317541083
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Skyworks Solutions, Inc.
        549300WZ3ORQ2BVKBD96
        Skyworks Solutions, Inc. COM USD0.25
        83088M102
        
          
          
          
        
        7090.0000000000
        NS
        USD
        944955.2000000000
        0.1574181144
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        J.M. Smucker Company
        5493000WDH6A0LHDJD55
        J.M. Smucker Company COM NPV
        832696405
        
          
          
          
        
        14255.0000000000
        NS
        USD
        1930269.5500000000
        0.3215595753
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Snap-On Incorporated
        HHWAT5TDOYZMM26KKQ73
        Snap-On Incorporated COM USD1
        833034101
        
          
          
          
        
        6351.0000000000
        NS
        USD
        1305003.4800000000
        0.2173978058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Keurig Dr Pepper Inc
        DYTQ8KRTKO7Y2BVU5K74
        Keurig Dr Pepper Inc COM USD0.01
        49271V100
        
          
          
          
        
        2705.0000000000
        NS
        USD
        102519.5000000000
        0.0170785095
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KeyCorp
        RKPI3RZGV1V1FJTH5T61
        KeyCorp COM USD1.00
        493267108
        
          
          
          
        
        66158.0000000000
        NS
        USD
        1480616.0400000000
        0.2466527356
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinder Morgan, Inc.
        549300WR7IX8XE0TBO16
        Kinder Morgan, Inc. COM USD0.01
        49456B101
        
          
          
          
        
        99639.0000000000
        NS
        USD
        1884173.4900000000
        0.3138805289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kohl's Corp.
        549300JF6LPRTRJ0FH50
        Kohl's Corp. COM USD0.01
        500255104
        
          
          
          
        
        344.0000000000
        NS
        USD
        20798.2400000000
        0.0034647354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Kraft Heinz Company
        N/A
        The Kraft Heinz Company COM USD0.01
        500754106
        
          
          
          
        
        20920.0000000000
        NS
        USD
        824038.8000000000
        0.1372749037
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Kroger Co.
        6CPEOKI6OYJ13Q6O7870
        The Kroger Co. COM USD1.00
        501044101
        
          
          
          
        
        62007.0000000000
        NS
        USD
        3557341.5900000000
        0.5926101103
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sonoco Products Company
        GKOMIK4RDJGHEF0VNP11
        Sonoco Products Company COM NPV
        835495102
        
          
          
          
        
        611.0000000000
        NS
        USD
        38224.1600000000
        0.0063676830
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southwest Airlines Co.
        UDTZ87G0STFETI6HGH41
        Southwest Airlines Co. COM USD1
        844741108
        
          
          
          
        
        27340.0000000000
        NS
        USD
        1252172.0000000000
        0.2085967198
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kyndryl Holdings Inc
        549300LQ4LWX2R8ZV130
        Kyndryl Holdings Inc COMMON STOCK
        50155Q100
        
          
          
          
        
        1933.0000000000
        NS
        USD
        25360.9600000000
        0.0042248294
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LKQ Corporation
        DS830JTTZQN6GK0I2E41
        LKQ Corporation COM USD0.01
        501889208
        
          
          
          
        
        37512.0000000000
        NS
        USD
        1703419.9200000000
        0.2837691689
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        L3 Harris Technologies Inc
        549300UTE50ZMDBG8A20
        L3 Harris Technologies Inc COM USD1.00
        502431109
        
          
          
          
        
        4688.0000000000
        NS
        USD
        1164827.3600000000
        0.1940461586
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Laboratory Corp of America Holdings
        OZ7UA8IXAIFILY2VZH07
        Laboratory Corp of America Holdings COM USD0.1
        50540R409
        
          
          
          
        
        14583.0000000000
        NS
        USD
        3844953.7800000000
        0.6405228247
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lam Research Corporation
        549300I4GMO6D34U1T02
        Lam Research Corporation COM USD0.001
        512807108
        
          
          
          
        
        109.0000000000
        NS
        USD
        58599.4900000000
        0.0097619667
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lear Corporation
        549300UPNBTXA1SYTQ33
        Lear Corporation COM USD0.01
        521865204
        
          
          
          
        
        6743.0000000000
        NS
        USD
        961484.3700000000
        0.1601716743
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stanley Black & Decker, Inc.
        549300DJ09SMTO561131
        Stanley Black & Decker, Inc. COM USD2.50
        854502101
        
          
          
          
        
        14985.0000000000
        NS
        USD
        2094753.1500000000
        0.3489605549
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Corporation
        549300ZFEEJ2IP5VME73
        State Street Corporation COM STK USD1
        857477103
        
          
          
          
        
        10112.0000000000
        NS
        USD
        880957.4400000000
        0.1467568611
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Leidos Holdings Inc
        549300IUTGTP6EJP8124
        Leidos Holdings Inc COM USD0.0001
        525327102
        
          
          
          
        
        16200.0000000000
        NS
        USD
        1749924.0000000000
        0.2915161866
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lennar Corporation
        529900G61XVRLX5TJX09
        Lennar Corporation COM USD0.10 CLASS A
        526057104
        
          
          
          
        
        23116.0000000000
        NS
        USD
        1876325.7200000000
        0.3125731853
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Steel Dynamics, Inc.
        549300HGGKEL4FYTTQ83
        Steel Dynamics, Inc. COM STK USD0.01
        858119100
        
          
          
          
        
        33820.0000000000
        NS
        USD
        2821602.6000000000
        0.4700448876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SYLVAMO CORPORATION
        5493001AOYU1ZOWOC971
        SYLVAMO CORPORATION COMMON STOCK
        871332102
        
          
          
          
        
        1413.0000000000
        NS
        USD
        47024.6400000000
        0.0078337366
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lennar Corporation
        529900G61XVRLX5TJX09
        Lennar Corporation COM USD0.10 CLASS B
        526057302
        
          
          
          
        
        573.0000000000
        NS
        USD
        39164.5500000000
        0.0065243406
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Broadband Corporation
        549300MIX43II8JLN536
        Liberty Broadband Corporation COM USD0.01 CLASS C
        530307305
        
          
          
          
        
        3887.0000000000
        NS
        USD
        525988.8400000000
        0.0876233830
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TD Synnex Corp
        5493004HI6PFLF46NS53
        TD Synnex Corp COM USD0.001
        87162W100
        
          
          
          
        
        1605.0000000000
        NS
        USD
        165652.0500000000
        0.0275956292
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Synchrony Financial
        549300RS7EWPM9MA6C78
        Synchrony Financial COM USD0.001
        87165B103
        
          
          
          
        
        25544.0000000000
        NS
        USD
        889186.6400000000
        0.1481277464
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp Del
        549300ZKUTPIBZLWLL89
        Liberty Media Corp Del COM USD0.01 SERIES A
        531229409
        
          
          
          
        
        4389.0000000000
        NS
        USD
        200621.1900000000
        0.0334210653
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp Del
        549300ZKUTPIBZLWLL89
        Liberty Media Corp Del COM USD0.01 SERIES C
        531229607
        
          
          
          
        
        8778.0000000000
        NS
        USD
        401417.9400000000
        0.0668713768
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        T-Mobile US Inc
        549300QHIJYOHPACPG31
        T-Mobile US Inc COM USD0.00001
        872590104
        
          
          
          
        
        29534.0000000000
        NS
        USD
        3790688.9000000000
        0.6314829516
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Take-Two Interactive Software Inc.
        BOMSTHHJK882EWYX3334
        Take-Two Interactive Software Inc. COM USD0.01
        874054109
        
          
          
          
        
        725.0000000000
        NS
        USD
        111461.5000000000
        0.0185681386
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tapestry Inc
        549300LJNVY5SW3VTN33
        Tapestry Inc COM USD0.01
        876030107
        
          
          
          
        
        12722.0000000000
        NS
        USD
        472622.3000000000
        0.0787331625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Target Corporation
        8WDDFXB5T1Z6J0XC1L66
        Target Corporation COM STK USD0.0833
        87612E106
        
          
          
          
        
        361.0000000000
        NS
        USD
        76611.4200000000
        0.0127625365
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp Del
        549300ZKUTPIBZLWLL89
        Liberty Media Corp Del COM USD0.01 SERIES C
        531229854
        
          
          
          
        
        2194.0000000000
        NS
        USD
        153228.9600000000
        0.0255260926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Media Corp Del
        549300ZKUTPIBZLWLL89
        Liberty Media Corp Del COM USD0.01 SER A FORMULA
        531229870
        
          
          
          
        
        1097.0000000000
        NS
        USD
        69253.6100000000
        0.0115368143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Targa Resources Co
        5493003QENHHS261UR94
        Targa Resources Co COM USD0.001
        87612G101
        
          
          
          
        
        3005.0000000000
        NS
        USD
        226787.3500000000
        0.0377800313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Textron Inc.
        3PPKBHUG1HD6BO7RNR87
        Textron Inc. COM STK USD0.125
        883203101
        
          
          
          
        
        29452.0000000000
        NS
        USD
        2190639.7600000000
        0.3649341051
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lincoln National Corporation
        EFQMQROEDSNBRIP7LE47
        Lincoln National Corporation COM NPV
        534187109
        
          
          
          
        
        9516.0000000000
        NS
        USD
        621965.7600000000
        0.1036119777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithia Motors Incorporated
        SE8N1EZEHPZQBCBVKD53
        Lithia Motors Incorporated CL'A'COM NPV
        536797103
        
          
          
          
        
        400.0000000000
        NS
        USD
        120048.0000000000
        0.0199985457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Thermo Fisher Scientific Inc
        HCHV7422L5HDJZCRFL38
        Thermo Fisher Scientific Inc COM USD1
        883556102
        
          
          
          
        
        16006.0000000000
        NS
        USD
        9453943.9000000000
        1.5749127812
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Toll Brothers, Inc.
        529900JB6IS9MSZGVR44
        Toll Brothers, Inc. COM USD0.01
        889478103
        
          
          
          
        
        116.0000000000
        NS
        USD
        5454.3200000000
        0.0009086238
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Loews Corporation
        R8V1FN4M5ITGZOG7BS19
        Loews Corporation COM USD0.01
        540424108
        
          
          
          
        
        18402.0000000000
        NS
        USD
        1192817.6400000000
        0.1987090009
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T Bank Corporation
        549300WYXDDBYRASEG81
        M&T Bank Corporation COM USD0.50
        55261F104
        
          
          
          
        
        3071.0000000000
        NS
        USD
        520534.5000000000
        0.0867147559
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Travelers Companies, Inc.
        549300Y650407RU8B149
        Travelers Companies, Inc. COM NPV
        89417E109
        
          
          
          
        
        23169.0000000000
        NS
        USD
        4233671.3700000000
        0.7052784766
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corporation
        549300DRQQI75D2JP341
        Truist Financial Corporation COM
        89832Q109
        
          
          
          
        
        64730.0000000000
        NS
        USD
        3670191.0000000000
        0.6114094580
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tyson Foods, Inc.
        WD6L6041MNRW1JE49D58
        Tyson Foods, Inc. CLASS'A'COM USD0.10
        902494103
        
          
          
          
        
        41844.0000000000
        NS
        USD
        3750477.7200000000
        0.6247842551
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        U.S. Bancorp
        N1GZ7BBF3NP8GI976H15
        U.S. Bancorp COM USD0.01
        902973304
        
          
          
          
        
        29194.0000000000
        NS
        USD
        1551661.1000000000
        0.2584879839
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGM Resorts International
        54930066VBP7DZEGGJ87
        MGM Resorts International COM USD0.01
        552953101
        
          
          
          
        
        30154.0000000000
        NS
        USD
        1264658.7600000000
        0.2106768631
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Madison Square Garden Entertainment Corporation
        N/A
        Madison Square Garden Entertainment Corporation CL A
        55826T102
        
          
          
          
        
        443.0000000000
        NS
        USD
        36906.3300000000
        0.0061481485
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Airlines Holdings Inc
        98450079DA0B78DD6764
        United Airlines Holdings Inc COM USD0.01
        910047109
        
          
          
          
        
        15471.0000000000
        NS
        USD
        717235.5600000000
        0.1194827749
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Rentals, Inc.
        5323X5O7RN0NKFCDRY08
        United Rentals, Inc. COM USD0.01
        911363109
        
          
          
          
        
        5460.0000000000
        NS
        USD
        1939446.6000000000
        0.3230883609
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ManpowerGroup Inc.
        ERO1WSFOSR0JJ6CRQ987
        ManpowerGroup Inc. COM USD0.01
        56418H100
        
          
          
          
        
        632.0000000000
        NS
        USD
        59357.4400000000
        0.0098882320
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marathon Petroleum Company
        3BNYRYQHD39K4LCKQF12
        Marathon Petroleum Company COM USD0.01
        56585A102
        
          
          
          
        
        30104.0000000000
        NS
        USD
        2573892.0000000000
        0.4287792958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Markel Corporation
        549300SCNO12JLWIK605
        Markel Corporation COM NPV
        570535104
        
          
          
          
        
        116.0000000000
        NS
        USD
        171127.8400000000
        0.0285078297
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        Martin Marietta Materials Inc COM USD0.01
        573284106
        
          
          
          
        
        4433.0000000000
        NS
        USD
        1706217.3700000000
        0.2842351903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marvell Technology Inc
        N/A
        Marvell Technology Inc COM
        573874104
        
          
          
          
        
        18929.0000000000
        NS
        USD
        1357398.5900000000
        0.2261261978
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McCormick & Company, Incorporated
        549300JQQA6MQ4OJP259
        McCormick & Company, Incorporated COM NPV
        579780206
        
          
          
          
        
        1921.0000000000
        NS
        USD
        191715.8000000000
        0.0319375350
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McKesson Corporation
        549300WZWOM80UCFSF54
        McKesson Corporation COM USD0.01
        58155Q103
        
          
          
          
        
        1984.0000000000
        NS
        USD
        607361.9200000000
        0.1011791545
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merck & Co., Inc
        4YV9Y5M8S0BRK1RP0397
        Merck & Co., Inc COM USD0.50
        58933Y105
        
          
          
          
        
        7780.0000000000
        NS
        USD
        638349.0000000000
        0.1063412275
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US Foods Holding Corp
        549300UGOZSO64CFPR97
        US Foods Holding Corp COM USD0.01
        912008109
        
          
          
          
        
        9124.0000000000
        NS
        USD
        343336.1200000000
        0.0571956476
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Therapeutics Corporation
        5299005C4HZL4UWROC14
        United Therapeutics Corporation COM USD0.01
        91307C102
        
          
          
          
        
        683.0000000000
        NS
        USD
        122537.0300000000
        0.0204131881
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MetLife Inc.
        C4BXATY60WC6XEOZDX54
        MetLife Inc. COM USD0.01
        59156R108
        
          
          
          
        
        20221.0000000000
        NS
        USD
        1421131.8800000000
        0.2367433936
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Micron Technology Inc.
        B3DXGBC8GAIYWI2Z0172
        Micron Technology Inc. COM USD0.10
        595112103
        
          
          
          
        
        87164.0000000000
        NS
        USD
        6789203.9600000000
        1.1309993167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Health Group Incorporated
        549300GHBMY8T5GXDE41
        United Health Group Incorporated COM USD0.01
        91324P102
        
          
          
          
        
        1004.0000000000
        NS
        USD
        512009.8800000000
        0.0852946572
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Health Services, Inc.
        549300YGMGQDO0NMJD09
        Universal Health Services, Inc. CLASS'B'COM USD0.01
        913903100
        
          
          
          
        
        10322.0000000000
        NS
        USD
        1496173.9000000000
        0.2492444871
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Valero Energy Corporation
        549300XTO5VR8SKV1V74
        Valero Energy Corporation COM USD0.01
        91913Y100
        
          
          
          
        
        19826.0000000000
        NS
        USD
        2013132.0400000000
        0.3353634646
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veoneer Inc
        54930082R4LTC7PERT23
        Veoneer Inc COM USD1
        92336X109
        
          
          
          
        
        334.0000000000
        NS
        USD
        12341.3000000000
        0.0020559114
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Mohawk Industries, Inc.
        549300JI1115MG3Q6322
        Mohawk Industries, Inc. COM USD0.01
        608190104
        
          
          
          
        
        2654.0000000000
        NS
        USD
        329626.8000000000
        0.0549118406
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Molson Coors Beverage Company
        54930073LBBH6ZCBE225
        Molson Coors Beverage Company COM USD0.01 CLASS B
        60871R209
        
          
          
          
        
        10592.0000000000
        NS
        USD
        565400.9600000000
        0.0941889658
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verizon Communications Inc.
        2S72QS2UO2OESLG6Y829
        Verizon Communications Inc. COM USD0.10
        92343V104
        
          
          
          
        
        156014.0000000000
        NS
        USD
        7947353.1600000000
        1.3239329745
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vertex Pharmaceuticals Incorporated
        54930015RAQRRZ5ZGJ91
        Vertex Pharmaceuticals Incorporated COM USD0.01
        92532F100
        
          
          
          
        
        4366.0000000000
        NS
        USD
        1139395.0200000000
        0.1898094381
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SS INST US GOV MM ADMIN SALXX SS INST US GOV MM ADMIN CLASS
        N/A
        SS INST US GOV MM ADMIN SALXX SS INST US GOV MM ADMIN CLASS
        930LXCII9
        
          
          
        
        787174.5900000000
        NS
        USD
        787174.5900000000
        0.1311337719
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viatris Inc
        254900ZZTSW7NL773X71
        Viatris Inc COM
        92556V106
        
          
          
          
        
        69023.0000000000
        NS
        USD
        750970.2400000000
        0.1251025648
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vistra Energy Corporation
        549300KP43CPCUJOOG15
        Vistra Energy Corporation COM USD0.01
        92840M102
        
          
          
          
        
        25467.0000000000
        NS
        USD
        592107.7500000000
        0.0986379942
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vontier Corporation
        549300VVSQLG4P5K4639
        Vontier Corporation COM
        928881101
        
          
          
          
        
        1095.0000000000
        NS
        USD
        27802.0500000000
        0.0046314855
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Voya Financial Inc
        549300T065Z4KJ686G75
        Voya Financial Inc COM USD0.01
        929089100
        
          
          
          
        
        1332.0000000000
        NS
        USD
        88378.2000000000
        0.0147227399
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vulcan Materials Company
        549300Q8LSNHAVWBNI21
        Vulcan Materials Company COM STK USD1
        929160109
        
          
          
          
        
        9294.0000000000
        NS
        USD
        1707307.8000000000
        0.2844168428
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wabtec Corp
        06BTX5UWZD0GQ5N5Y745
        Wabtec Corp COM USD0.01
        929740108
        
          
          
          
        
        5333.0000000000
        NS
        USD
        512874.6100000000
        0.0854387108
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        Walmart Inc COM USD0.10
        931142103
        
          
          
          
        
        72326.0000000000
        NS
        USD
        10770787.9200000000
        1.7942830779
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walgreens Boots Alliance, Inc.
        549300RPTUOIXG4LIH86
        Walgreens Boots Alliance, Inc. COM USD0.01
        931427108
        
          
          
          
        
        47173.0000000000
        NS
        USD
        2111935.2100000000
        0.3518228784
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wells Fargo & Company
        PBLD0EJDB5FWOLXP3B76
        Wells Fargo & Company COM USD1.666
        949746101
        
          
          
          
        
        126013.0000000000
        NS
        USD
        6106589.9800000000
        1.0172840786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Digital Corp.
        549300QQXOOYEF89IC56
        Western Digital Corp. COM USD0.01
        958102105
        
          
          
          
        
        23295.0000000000
        NS
        USD
        1156596.7500000000
        0.1926750384
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Westlake Corporation
        GOXNEVUM0LL78B1OS344
        Westlake Corporation COM USD0.01
        960413102
        
          
          
          
        
        7968.0000000000
        NS
        USD
        983251.2000000000
        0.1637977651
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WestRock Company
        N/A
        WestRock Company COM USD0.01
        96145D105
        
          
          
          
        
        13537.0000000000
        NS
        USD
        636645.1100000000
        0.1060573800
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Whirlpool Corporation
        WHENKOULSSK7WUM60H03
        Whirlpool Corporation COM USD1
        963320106
        
          
          
          
        
        11339.0000000000
        NS
        USD
        1959152.4200000000
        0.3263711123
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Williams Companies, Inc.
        D71FAKCBLFS2O0RBPG08
        The Williams Companies, Inc. COM USD1.00
        969457100
        
          
          
          
        
        70657.0000000000
        NS
        USD
        2360650.3700000000
        0.3932558178
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xerox Holdings Corporation
        5493000Y33XDVO2CXC18
        Xerox Holdings Corporation COM USD1.00
        98421M106
        
          
          
          
        
        2019.0000000000
        NS
        USD
        40723.2300000000
        0.0067839979
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimvie Inc
        549300GFKURT1J6XR665
        Zimvie Inc COM
        98888T107
        
          
          
          
        
        815.0000000000
        NS
        USD
        18614.6000000000
        0.0031009674
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        Zimmer Biomet Holdings Inc COM USD0.01
        98956P102
        
          
          
          
        
        8154.0000000000
        NS
        USD
        1042896.6000000000
        0.1737339678
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zions Bancorporation Natl Assn Global Bank
        8WH0EE09O9V05QJZ3V89
        Zions Bancorporation Natl Assn Global Bank COM USD0.001
        989701107
        
          
          
          
        
        20193.0000000000
        NS
        USD
        1323853.0800000000
        0.2205379213
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amcor PLC
        549300GSODGFCDQ3DI89
        Amcor PLC COM USD0.01
        G0250X107
        
          
          
          
        
        20769.0000000000
        NS
        USD
        235312.7700000000
        0.0392002632
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Amdocs Limited
        549300HQV672RJ7RQV66
        Amdocs Limited ORD GBP0.01
        G02602103
        
          
          
          
        
        15213.0000000000
        NS
        USD
        1250660.7300000000
        0.2083449605
        Long
        EC
        CORP
        GG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Arch Capital Group Ltd.
        549300AYR4P8AFKDCE43
        Arch Capital Group Ltd. COM USD0.01
        G0450A105
        
          
          
          
        
        11691.0000000000
        NS
        USD
        566078.2200000000
        0.0943017891
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Bunge Limited
        5493007M0RIN8HY3MM77
        Bunge Limited COM USD0.01
        G16962105
        
          
          
          
        
        12845.0000000000
        NS
        USD
        1423354.4500000000
        0.2371136469
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Eaton Corporation PLC
        549300VDIGTMXUNT7H71
        Eaton Corporation PLC COM USD0.01
        G29183103
        
          
          
          
        
        21065.0000000000
        NS
        USD
        3196824.4000000000
        0.5325523041
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Everest Re Group Ltd.
        549300N24XF2VV0B3570
        Everest Re Group Ltd. COM USD0.01
        G3223R108
        
          
          
          
        
        1938.0000000000
        NS
        USD
        584074.4400000000
        0.0972997418
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Jazz Pharmaceuticals PLC
        635400GAUMJCLEZRRV50
        Jazz Pharmaceuticals PLC COM USD0.0001
        G50871105
        
          
          
          
        
        4730.0000000000
        NS
        USD
        736319.1000000000
        0.1226618620
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson Controls International PLC
        549300XQ6S1GYKGBL205
        Johnson Controls International PLC COM USD1.00
        G51502105
        
          
          
          
        
        34370.0000000000
        NS
        USD
        2253640.9000000000
        0.3754293335
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        Linde PLC COM EUR0.001
        G5494J103
        
          
          
          
        
        19179.0000000000
        NS
        USD
        6126347.9700000000
        1.0205755209
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        Medtronic PLC USD0.0001
        G5960L103
        
          
          
          
        
        37706.0000000000
        NS
        USD
        4183480.7000000000
        0.6969173177
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Aptiv PLC
        N/A
        Aptiv PLC COM USD0.01
        G6095L109
        
          
          
          
        
        4329.0000000000
        NS
        USD
        518224.5900000000
        0.0863299528
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nielsen Holdings PLC
        549300ZVCBHQE0XHG367
        Nielsen Holdings PLC COM EUR0.07
        G6518L108
        
          
          
          
        
        3273.0000000000
        NS
        USD
        89156.5200000000
        0.0148523986
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Renaissancere Holdings Ltd.
        EK6GB9U3U58PDI411C94
        Renaissancere Holdings Ltd. COM USD1
        G7496G103
        
          
          
          
        
        469.0000000000
        NS
        USD
        74341.1900000000
        0.0123843437
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pentair PLC
        549300EVR9D56WPSRP15
        Pentair PLC COM USD0.01
        G7S00T104
        
          
          
          
        
        20400.0000000000
        NS
        USD
        1105884.0000000000
        0.1842269073
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Sensata Technologies Holding PLC
        529900MS7KFYCY9MS037
        Sensata Technologies Holding PLC COM EUR0.01
        G8060N102
        
          
          
          
        
        14040.0000000000
        NS
        USD
        713934.0000000000
        0.1189327749
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        STERIS PLC
        N/A
        STERIS PLC ORD USD0.001
        G8473T100
        
          
          
          
        
        3637.0000000000
        NS
        USD
        879317.4900000000
        0.1464836653
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Trane Technologies PLC
        549300BURLR9SLYY2705
        Trane Technologies PLC COM USD1
        G8994E103
        
          
          
          
        
        9516.0000000000
        NS
        USD
        1453093.2000000000
        0.2420677632
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Perrigo Company PLC
        549300IFOQS6R1QLY196
        Perrigo Company PLC COM EUR0.001
        G97822103
        
          
          
          
        
        1356.0000000000
        NS
        USD
        52111.0800000000
        0.0086810760
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Limited
        E0JAN6VLUDI1HITHT809
        Chubb Limited ORD CHF24.15
        H1467J104
        
          
          
          
        
        11440.0000000000
        NS
        USD
        2447016.0000000000
        0.4076432878
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Garmin Ltd
        2549001E0HIPIJQ0W046
        Garmin Ltd COM CHF10.00
        H2906T109
        
          
          
          
        
        12982.0000000000
        NS
        USD
        1539795.0200000000
        0.2565112384
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TE Connectivity Ltd
        894500ZRIX9K13RHXR17
        TE Connectivity Ltd COM CHF0.57
        H84989104
        
          
          
          
        
        20879.0000000000
        NS
        USD
        2734731.4200000000
        0.4555731991
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        LyondellBasell Industries NV
        BN6WCCZ8OVP3ITUUVN49
        LyondellBasell Industries NV COM EUR0.04 CLASS 'A'
        N53745100
        
          
          
          
        
        21390.0000000000
        NS
        USD
        2199319.8000000000
        0.3663800949
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Royal Caribbean Group
        K2NEH8QNVW44JIWK7Z55
        Royal Caribbean Group COM USD0.01
        V7780T103
        
          
          
          
        
        12273.0000000000
        NS
        USD
        1028231.9400000000
        0.1712910127
        Long
        EC
        CORP
        LR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Flex Limited
        549300EAQH74YHD07T53
        Flex Limited COM USD0.01
        Y2573F102
        
          
          
          
        
        31420.0000000000
        NS
        USD
        582841.0000000000
        0.0970942656
        Long
        EC
        CORP
        SG
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-26
      SA FUNDS INVESTMENT TRUST
      Marcy Tsagarakis
      Marcy Tsagarakis
      SA Funds - Investment Trust, Secretary
    
  
  XXXX




HTML

 

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)

 

     FACE
AMOUNT
     VALUE†  

YANKEE CORPORATE BONDS AND NOTES — 12.0%

 

Communication — 0.7%

 

NTT Finance Corp., 0.583%, 3/01/24 ±

   $ 3,500,000      $ 3,359,703  
     

 

 

 

Financial — 8.3%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.875%, 8/14/24

     3,000,000        2,921,931  

Aircastle Ltd., 4.125%, 5/01/24

     1,990,000        1,989,639  

Canadian Imperial Bank of Commerce, 3.100%, 4/02/24

     4,500,000        4,524,477  

Cooperatieve Rabobank UA, 2.625%, 7/22/24 ±

     2,000,000        1,986,630  

Mitsubishi UFJ Financial Group, Inc., 3.407%, 3/07/24

     3,946,000        3,991,624  

NatWest Markets PLC, 0.800%, 8/12/24 ±

     4,250,000        4,007,737  

Skandinaviska Enskilda Banken AB, 0.650%, 9/09/24 ±

     1,000,000        945,805  

Societe Generale SA, 2.625%, 10/16/24 ±

     750,000        730,622  

Sumitomo Mitsui Banking Corp., 3.400%, 7/11/24

     1,000,000        1,011,333  

Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/24

     1,966,000        1,950,077  

Sumitomo Mitsui Trust Bank Ltd., 0.850%, 3/25/24 ±

     5,000,000        4,797,984  

Westpac Banking Corp., 1.019%, 11/18/24

     11,800,000        11,317,890  
     

 

 

 
        40,175,749  
     

 

 

 

Government — 3.0%

 

European Investment Bank, 0.375%, 7/24/24

     10,000,000        9,551,642  

Nordic Investment Bank, 0.375%, 9/20/24

     2,250,000        2,139,335  

Svensk Exportkredit AB, 0.625%, 10/07/24

     3,000,000        2,863,025  
     

 

 

 
        14,554,002  
     

 

 

 

TOTAL YANKEE CORPORATE BONDS AND NOTES

(Identified Cost $60,681,221)

 

 

     58,089,454  

CORPORATE BONDS AND NOTES — 18.3%

 

Basic Material — 0.4%

 

Georgia-Pacific LLC, 3.600%, 3/01/25 ±

     2,000,000        2,021,859  
     

 

 

 

Communication — 0.2%

 

Omnicom Group, Inc./Omnicom Capital, Inc., 3.650%, 11/01/24

     1,004,000        1,017,048  
     

 

 

 

Consumer, Cyclical — 1.8%

 

Daimler Finance North America LLC, 2.700%, 6/14/24 ±

     2,000,000        1,987,591  

Marriott International, Inc., 3.600%, 4/15/24

     2,750,000        2,782,091  

Volkswagen Group of America Finance LLC, 2.850%, 9/26/24 ±

     2,000,000        1,981,834  

Walgreens Boots Alliance, Inc., 3.800%, 11/18/24

     2,001,000        2,029,352  
     

 

 

 
        8,780,868  
     

 

 

 

Consumer, Non-cyclical — 2.6%

 

Anthem, Inc., 2.375%, 1/15/25

     500,000        493,871  

Bayer US Finance LLC, 3.375%, 10/08/24 ±

     3,000,000        3,000,418  
     FACE
AMOUNT
     VALUE†  

Cardinal Health, Inc., 3.079%, 6/15/24

   $ 3,165,000      $ 3,171,049  

Cigna Corp., 3.500%, 6/15/24

     3,000,000        3,038,282  

Gilead Sciences, Inc., 3.700%, 4/01/24

     1,001,000        1,019,096  

Laboratory Corp. of America Holdings, 3.600%, 2/01/25

     2,000,000        2,023,716  
     

 

 

 
        12,746,432  
     

 

 

 

Energy — 0.9%

 

Marathon Petroleum Corp., 3.625%, 9/15/24

     3,000,000        3,026,759  

Schlumberger Holdings Corp., 3.750%, 5/01/24 ±

     1,000,000        1,020,471  
     

 

 

 
        4,047,230  
     

 

 

 

Financial — 10.9%

 

Ally Financial, Inc., 3.875%, 5/21/24

     2,483,000        2,515,243  

Ares Capital Corp., 4.200%, 6/10/24

     2,500,000        2,521,884  

Bank of Montreal, 0.625%, 7/09/24

     2,000,000        1,903,761  

Charles Schwab Corp. (The), 3.000%, 3/10/25

     3,000,000        3,007,200  

Citigroup, Inc., 3.750%, 6/16/24

     3,000,000        3,056,312  

Cooperatieve Rabobank UA, 1.375%, 1/10/25

     7,762,000        7,439,073  

Goldman Sachs Group, Inc. (The), 3.500%, 1/23/25

     668,000        674,653  

Goldman Sachs Group, Inc. (The), 3.850%, 7/08/24

     2,000,000        2,039,048  

Morgan Stanley, 3.875%, 4/29/24

     4,800,000        4,901,616  

National Australia Bank Ltd., 1.388%, 1/12/25 ±

     11,000,000        10,550,918  

Nuveen Finance LLC, 4.125%, 11/01/24 ±

     4,000,000        4,081,481  

Truist Financial Corp., 2.850%, 10/26/24

     3,500,000        3,502,809  

Vornado Realty LP, 3.500%, 1/15/25

     1,760,000        1,755,448  

Wells Fargo & Co., 3.300%, 9/09/24

     4,500,000        4,549,631  
     

 

 

 
        52,499,077  
     

 

 

 

Industrial — 0.9%

 

Penske Truck Leasing Co. LP/PTL Finance Corp., 3.450%, 7/01/24 ±

     1,750,000        1,756,353  

Raytheon Technologies Corp., 3.200%, 3/15/24

     2,695,000        2,727,758  
     

 

 

 
        4,484,111  
     

 

 

 

Utility — 0.6%

 

Edison International, 3.550%, 11/15/24

     3,000,000        3,014,749  
     

 

 

 

TOTAL CORPORATE BONDS AND NOTES (Identified Cost $91,395,944)

 

     88,611,374  
     

 

 

 

U.S. GOVERNMENT & AGENCY OBLIGATIONS — 69.1%

 

U.S. Treasury Securities — 69.1%

 

U.S. Treasury Note, 0.375%, 8/15/24

     43,700,000        41,656,684  

U.S. Treasury Note, 0.375%, 9/15/24

     50,750,000        48,268,008  

U.S. Treasury Note, 0.625%, 10/15/24

     48,000,000        45,868,125  

 

 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     FACE
AMOUNT
     VALUE†  

U.S. GOVERNMENT & AGENCY OBLIGATIONS (Continued)

 

U.S. Treasury Securities (Continued)

 

U.S. Treasury Note, 0.750%, 11/15/24

   $ 51,000,000      $ 48,795,644  

U.S. Treasury Note, 1.000%, 12/15/24

     48,600,000        46,757,566  

U.S. Treasury Note, 1.125%, 1/15/25

     26,500,000        25,545,586  

U.S. Treasury Note, 1.250%, 8/31/24

     5,000,000        4,863,086  

U.S. Treasury Note, 1.500%, 9/30/24

     25,000,000        24,436,523  

U.S. Treasury Note, 1.500%, 11/30/24

     49,000,000        47,787,442  
     

 

 

 
        333,978,664  
     

 

 

 

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Identified Cost $348,340,536)

 

     333,978,664  
     

 

 

 

SHORT-TERM INVESTMENTS — 0.3%

 

     SHARES         

Investment Company — 0.3%

 

State Street Institutional U.S. Government Money Market Fund 0.250%

     1,233,816        1,233,816  
     

 

 

 

TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,233,816)

        1,233,816  
     

 

 

 

Total Investments — 99.7%

(Identified Cost $501,651,517)

 

 

     481,913,308  

Cash and Other Assets, Less Liabilities — 0.3%

 

     1,460,247  
     

 

 

 

Net Assets — 100.0%

      $ 483,373,555  
     

 

 

 

 

See Note 1

±

144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at March 31, 2022 amounted to $16,637,578 or 3.17% of the net assets of the Fund.

 

 

The accompanying notes are an integral part of these portfolio of investments.


Portfolio Sectors as of March 31, 2022

(As a percentage of total investments (excluding short-term money market investment)) (Unaudited)

 

Sector

   Percentage  

Government

     72.6

Financial

     19.3

Consumer, Non-cyclical

     2.7

Consumer, Cyclical

     1.8

Industrial

     0.9

Communications

     0.9

Energy

     0.8

Utilities

     0.6

Basic Materials

     0.4
  

 

 

 
     100.0


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited)

 

     SHARES      VALUE†  

COMMON STOCKS — 98.1%

 

Belgium — 0.0%

 

Titan Cement International SA

     2,164      $ 32,079  
     

 

 

 

Brazil — 4.2%

 

Atacadao SA

     18,062        85,434  

Banco Bradesco SA

     50,485        193,731  

Banco Bradesco SA, ADR

     123,982        575,276  

Banco do Brasil SA

     38,199        278,406  

Banco Santander Brasil SA

     15,497        120,043  

BrasilAgro—Co. Brasileira de Propriedades Agricolas

     4,100        27,436  

Camil Alimentos SA

     8,900        18,039  

Cia Brasileira de Distribuicao

     8,955        45,423  

Cia Siderurgica Nacional SA

     11,264        61,583  

Cia Siderurgica Nacional SA, ADR @

     17,252        93,506  

Cielo SA

     94,852        61,959  

Construtora Tenda SA

     4,433        7,989  

Cyrela Brazil Realty SA Empreendimentos e Participacoes

     22,413        82,336  

Direcional Engenharia SA

     8,900        22,731  

Embraer SA, ADR *

     8,625        108,761  

Enauta Participacoes SA

     13,118        57,144  

Ez Tec Empreendimentos e Participacoes SA

     5,200        20,479  

Gerdau SA, ADR

     73,328        471,499  

Getnet Adquirencia e Servicos para Meios de Pagamento SA

     3,874        2,970  

Guararapes Confeccoes SA

     6,900        16,710  

Hypera SA

     4,610        37,482  

International Meal Co. Alimentacao SA *

     16,347        10,266  

Iochpe Maxion SA

     12,197        32,920  

JBS SA

     49,951        390,602  

JHSF Participacoes SA

     20,831        28,746  

M Dias Branco SA

     4,368        22,587  

MRV Engenharia e Participacoes SA

     16,100        43,454  

Natura & Co. Holding SA *

     30,256        165,545  

Petroleo Brasileiro SA

     294,300        2,178,329  

Positivo Tecnologia SA

     9,100        17,680  

TIM SA

     52,297        151,474  

Tupy SA

     4,847        18,172  

Ultrapar Participacoes SA

     26,011        77,306  

Usinas Siderurgicas de Minas Gerais SA

     9,100        24,924  

Vale SA

     156,726        3,146,996  

Vibra Energia SA

     32,735        160,751  
     

 

 

 
        8,858,689  
     

 

 

 

British Virgin Islands — 0.0%

 

AsiaInfo Technologies Ltd. ±

     7,600        13,389  
     

 

 

 

Canada — 0.0%

 

China Gold International Resources Corp. Ltd.

     3,500        12,444  
     

 

 

 

Cayman Islands — 0.2%

 

Baozun, Inc., Class A *

     3,900        11,352  

Bizlink Holding, Inc.

     2,000        20,697  

China Conch Environment Protection Holdings Ltd. *

     80,500        100,711  

Chindata Group Holdings Ltd. *

     4,540        28,693  

CNFinance Holdings Ltd. *

     2,708        8,720  

DouYu International Holdings Ltd., ADR *

     2,931        6,096  

Edvantage Group Holdings Ltd.

     30,000        10,877  

Fulgent Sun International Holding Co. Ltd.

     8,000        34,483  

Gourmet Master Co. Ltd.

     5,000        16,334  

Hello Group, Inc., ADR

     12,916        74,655  

HUYA, Inc. *

     1,730        7,733  
     SHARES      VALUE†  

Yeahka Ltd. *@

     6,400      $ 19,690  

Zepp Health Corp. ADR

     1,264        3,640  
     

 

 

 
        343,681  
     

 

 

 

Chile — 0.5%

 

Banco de Credito e Inversiones

     359        12,933  

CAP SA

     4,662        72,288  

Cencosud SA

     120,649        237,679  

Empresa Nacional de Telecomunicaciones SA

     13,467        58,862  

Empresas CMPC SA

     54,329        100,607  

Empresas COPEC SA

     24,403        201,601  

Enel Americas SA, ADR @

     22,652        135,232  

Enel Chile SA, ADR

     4,332        6,845  

Grupo Security SA

     123,808        19,937  

Hortifrut SA

     6,080        6,208  

Inversiones Aguas Metropolitanas SA

     40,036        20,252  

PAZ Corp. SA <>

     9,073        3,863  

Salfacorp SA

     43,600        14,796  

Sigdo Koppers SA

     27,803        27,934  

SMU SA

     147,411        16,862  

Sociedad Matriz SAAM SA

     550,961        38,514  

SONDA SA

     25,953        10,357  
     

 

 

 
        984,770  
     

 

 

 

China — 29.2%

 

360 Security Technology, Inc., Class A *

     20,500        32,254  

361 Degrees International Ltd. *

     71,000        36,346  

3SBio, Inc. *±

     106,000        86,605  

A-Living Smart City Services Co. Ltd. ±

     17,000        23,786  

AAC Technologies Holdings, Inc. @

     60,500        146,591  

Accelink Technologies Co. Ltd. Class A

     9,200        26,223  

Agile Group Holdings Ltd. @

     131,091        66,438  

Agricultural Bank of China Ltd., H Shares

     1,613,000        619,806  

Air China Ltd., Class H @*

     104,000        72,889  

Alibaba Group Holding Ltd. *

     181,200        2,593,099  

Aluminum Corp. of China Ltd., H Shares *

     290,000        170,299  

Angang Steel Co. Ltd., H Shares

     142,999        65,902  

Anhui Conch Cement Co. Ltd., H Shares

     117,500        604,503  

Anhui Guangxin Agrochemical Co. Ltd., Class A

     2,200        11,064  

Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A

     13,800        20,255  

Anhui Zhongding Sealing Parts Co. Ltd., Class A

     13,300        31,472  

Anton Oilfield Services
Group @*

     226,000        12,695  

Asia Cement China Holdings Corp.

     40,000        25,685  

Avary Holding Shenzhen Co. Ltd., Class A

     1,600        7,270  

AviChina Industry & Technology Co. Ltd., H Shares

     254,000        141,052  

BAIC Motor Corp. Ltd., H Shares ±

     145,000        48,683  

Baidu, Inc., ADR *

     12,143        1,606,519  

Bank of Beijing Co. Ltd., Class A

     98,400        71,049  

Bank of Changsha Co. Ltd., Class A

     25,500        30,754  

Bank of Chengdu Co. Ltd., Class A

     26,000        61,566  

Bank of China Ltd., H Shares

     4,829,902        1,942,245  

Bank of Chongqing Co. Ltd., H Shares

     46,500        28,672  

Bank of Communications Co. Ltd., H Shares

     565,400        405,646  

Bank of Hangzhou Co. Ltd., Class A

     21,100        46,870  

Bank of Nanjing Co. Ltd., Class A

     61,300        103,115  

Bank of Ningbo Co. Ltd., Class A

     18,480        108,932  

Bank of Shanghai Co. Ltd., Class A

     68,500        71,706  

Bank of Suzhou Co. Ltd., Class A

     20,200        23,566  

Baoshan Iron & Steel Co. Ltd., Class A

     124,500        132,486  

BBMG Corp., H Shares

     184,000        29,832  

Beijing Capital Co. Ltd., Class A

     48,000        23,837  
 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     SHARES      VALUE†  

COMMON STOCKS (Continued)

 

China (Continued)

 

Beijing Capital Development Co. Ltd., Class A

     12,200      $ 12,694  

Beijing Capital International Airport Co. Ltd., H Shares *

     190,000        111,332  

Beijing Dabeinong Technology Group Co. Ltd., Class A

     18,000        24,688  

Beijing Energy International Holding Co. Ltd. *

     310,000        9,894  

Beijing Enlight Media Co. Ltd., Class A

     11,300        14,608  

Beijing Enterprises Holdings Ltd.

     46,000        145,928  

Beijing Enterprises Water Group Ltd.

     448,000        137,832  

Beijing GeoEnviron Engineering & Technology, Inc., Class A

     9,360        22,946  

Beijing North Star Co. Ltd., Class H

     100,000        14,936  

Beijing Orient Landscape & Environment Co. Ltd., Class A *

     20,000        8,166  

Beijing Orient National Communication Science & Technology Co. Ltd., Class A *

     8,200        14,634  

Beijing Originwater Technology Co. Ltd., Class A

     18,000        17,026  

Beijing Shiji Information Technology Co. Ltd., Class A

     3,220        10,102  

Beijing Shougang Co. Ltd.

     27,500        22,544  

Beijing Shunxin Agriculture Co. Ltd.

     6,100        22,465  

Beijing Sinnet Technology Co. Ltd., Class A

     12,200        25,504  

Beijing SL Pharmaceutical Co. Ltd., Class A

     8,900        15,013  

Beijing Thunisoft Corp. Ltd., Class A

     4,400        6,715  

Beijing Yanjing Brewery Co. Ltd., Class A

     9,600        11,003  

Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A

     16,790        32,955  

Beijing-Shanghai High Speed Railway Co. Ltd.

     81,200        61,190  

Blue Sail Medical Co. Ltd., Class A

     12,900        26,845  

Bluefocus Intelligent Communications Group Co. Ltd., Class A

     23,100        30,481  

BOE Technology Group Co. Ltd., Class A

     220,300        149,689  

Bohai Leasing Co. Ltd., Class A *

     64,900        23,533  

Bright Dairy & Food Co. Ltd., Class A

     7,700        13,887  

Brilliance China Automotive Holdings Ltd. *§

     178,000        83,395  

BTG Hotels Group Co. Ltd., Class A *

     5,700        20,596  

BYD Electronic International Co. Ltd. @

     64,000        129,090  

C C Land Holdings Ltd.

     106,500        25,696  

C&D International Investment Group Ltd.

     19,620        42,830  

Caitong Securities Co. Ltd., Class A

     11,900        15,909  

CECEP Solar Energy Co. Ltd., Class A

     30,100        41,569  

CECEP Wind-Power Corp., Class A

     37,700        27,281  

Central China Management Co. Ltd.

     81,000        12,822  

Central China Real Estate Ltd. @

     81,000        7,859  

CGN New Energy Holdings Co. Ltd. @

     130,000        57,090  

Changjiang Securities Co. Ltd., Class A

     39,900        39,189  

Chaowei Power Holdings Ltd.

     71,000        14,593  

Chengdu Wintrue Holding Co. Ltd., Class A

     8,900        18,970  

Chengtun Mining Group Co. Ltd., Class A

     19,700        26,585  

China Aircraft Leasing Group Holdings Ltd.

     16,000        11,132  

China Baoan Group Co. Ltd., Class A

     9,000        15,877  

China BlueChemical Ltd., H Shares

     192,000        65,934  

China Bohai Bank Co. Ltd. ±

     132,000        21,906  
     SHARES      VALUE†  

China Cinda Asset Management Co. Ltd., Class H

     561,000      $ 95,967  

China Citic Bank Corp. Ltd., H Shares

     613,000        310,675  

China Coal Energy Co. Ltd., H Shares

     158,000        118,803  

China Communication Services Corp. Ltd., H Shares

     231,600        104,960  

China Conch Venture Holdings Ltd.

     80,500        235,335  

China Construction Bank Corp., H Shares

     6,986,810        5,253,509  

China Development Bank Financial Leasing Co. Ltd., H Shares ±

     128,000        18,792  

China Dongxiang Group Co. Ltd.

     389,000        24,830  

China Eastern Airlines Corp. Ltd., ADR *

     403        6,835  

China Eastern Airlines Corp. Ltd., H Shares @*

     86,000        28,984  

China Education Group Holdings Ltd.

     30,000        26,196  

China Energy Engineering Corp. *

     88,674        34,110  

China Energy Engineering Corp. Ltd., H Shares @

     152,000        21,539  

China Everbright Bank Co. Ltd., H Shares

     241,000        91,375  

China Everbright Greentech Ltd. @±

     65,000        18,836  

China Everbright Ltd.

     88,000        87,177  

China Foods Ltd.

     86,000        29,752  

China Galaxy Securities Co. Ltd., H Shares

     194,500        109,003  

China Gas Holdings Ltd.

     211,800        271,466  

China Great Wall Securities Co. Ltd., Class A

     8,500        12,757  

China Harmony Auto Holding Ltd.

     62,000        31,581  

China High Speed Transmission Equipment Group Co. Ltd. *

     44,000        26,681  

China Hongqiao Group Ltd.

     162,500        216,990  

China International Marine Containers Group Co. Ltd., Class H @

     49,640        81,241  

China Jinmao Holdings Group Ltd.

     440,000        130,877  

China Jushi Co. Ltd., Class A

     22,631        54,373  

China Kepei Education Group Ltd.

     36,000        10,157  

China Lesso Group Holdings Ltd.

     100,000        121,532  

China Life Insurance Co. Ltd., Class H

     277,000        425,757  

China Lilang Ltd.

     31,000        15,038  

China Lumena New Materials Corp. *§

     5,599        —    

China Medical System Holdings Ltd.

     97,000        152,807  

China Meheco Co. Ltd., Class A

     9,900        56,749  

China Merchants Bank Co. Ltd., H Shares

     233,000        1,830,793  

China Merchants Energy Shipping Co. Ltd., Class A

     56,880        42,325  

China Merchants Land Ltd.

     118,000        10,997  

China Merchants Port Holdings Co. Ltd.

     66,891        121,258  

China Merchants Securities Co. Ltd., H Shares ±

     19,660        23,191  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

     22,000        52,580  

China Minsheng Banking Corp. Ltd., H Shares @

     395,880        149,087  

China Modern Dairy Holdings Ltd. @

     290,000        47,017  

China Molybdenum Co. Ltd., H Shares

     135,000        70,488  

China National Accord Medicines Corp. Ltd., Class A

     5,200        27,774  

China National Building Material Co. Ltd., H Shares

     418,850        520,802  

China National Medicines Corp. Ltd., Class A

     2,900        13,409  

China New Higher Education Group Ltd. ±

     74,000        23,617  
 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     SHARES      VALUE†  

COMMON STOCKS (Continued)

 

China (Continued)

 

China Oil & Gas Group Ltd. *

     200,000      $ 9,319  

China Oilfield Services Ltd., H Shares

     180,000        184,520  

China Oriental Group Co. Ltd.

     122,000        34,731  

China Overseas Grand Oceans Group Ltd.

     131,500        77,222  

China Overseas Land & Investment Ltd.

     376,500        1,127,102  

China Pacific Insurance Group Co. Ltd., H Shares

     203,200        495,983  

China Petroleum & Chemical Corp., H Shares

     1,784,400        895,241  

China Railway Group Ltd., H Shares

     326,000        182,699  

China Railway Signal & Communication Corp. Ltd. H Shares ±

     77,000        24,476  

China Reinsurance Group Corp., H Shares

     323,000        29,689  

China Resources Cement Holdings Ltd.

     238,000        198,402  

China Resources Double Crane Pharmaceutical Co. Ltd., Class A

     6,300        16,884  

China Resources Gas Group Ltd.

     70,000        297,129  

China Resources Land Ltd.

     338,000        1,574,943  

China Resources Medical Holdings Co. Ltd.

     71,500        42,900  

China Resources Pharmaceutical Group Ltd. ±

     134,500        70,055  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

     7,900        56,494  

China Risun Group Ltd.

     16,000        8,477  

China Sanjiang Fine Chemicals Co. Ltd. @

     44,000        9,942  

China SCE Group Holdings
Ltd. @

     170,000        30,817  

China Shanshui Cement Group Ltd. *

     53,000        15,900  

China Shenhua Energy Co. Ltd., H Shares

     293,000        938,851  

China Shineway Pharmaceutical Group Ltd.

     36,000        28,815  

China South City Holdings Ltd.

     508,000        44,747  

China South Publishing & Media Group Co. Ltd., Class A

     11,600        17,337  

China Southern Airlines Co. Ltd., H Shares @*

     120,000        69,856  

China Taiping Insurance Holdings Co. Ltd.

     137,800        168,703  

China Tianrui Group Cement Co. Ltd. *

     11,000        9,549  

China Tower Corp. Ltd., Class H ±

     3,174,000        356,570  

China Traditional Chinese Medicine Holdings Co. Ltd.

     260,000        136,086  

China TransInfo Technology Co. Ltd., Class A

     6,900        11,639  

China Travel International Investment Hong Kong
Ltd. *

     180,000        34,238  

China Vanke Co. Ltd., Class H

     158,172        358,211  

China Yongda Automobiles Services Holdings Ltd.

     84,000        91,471  

China Zhongwang Holdings Ltd. @*§

     154,000        12,386  

Chinese Universe Publishing and Media Group Co. Ltd., Class A @

     9,200        16,404  

Chongqing Changan Automobile Co. Ltd., Class A

     17,500        31,258  

Chongqing Department Store Co. Ltd., Class A

     2,400        9,883  

Chongqing Rural Commercial Bank Co. Ltd., H Shares

     226,000        88,862  

CIFI Holdings Group Co. Ltd.

     299,632        176,337  

CIMC Enric Holdings Ltd. @

     74,000        92,107  

CITIC Ltd.

     375,000        416,970  

CITIC Securities Co. Ltd., Class H

     83,950        193,765  

Citychamp Watch & Jewellery Group Ltd. *

     62,000        7,994  

CNHTC Jinan Truck Co. Ltd., Class A

     2,800        5,421  

CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A

     14,800        22,842  
     SHARES      VALUE†  

COFCO Biotechnology Co. Ltd., Class A

     15,100      $ 22,734  

Cogobuy Group @*±

     40,000        10,213  

Concord New Energy Group Ltd.

     420,000        39,141  

Consun Pharmaceutical Group Ltd.

     23,000        11,216  

COSCO SHIPPING Development Co. Ltd., H Shares @

     324,200        65,806  

COSCO SHIPPING Energy Transportation Co. Ltd., H Shares @

     136,000        63,023  

COSCO SHIPPING Holdings Co. Ltd., H Shares *

     89,699        156,420  

COSCO SHIPPING Ports Ltd.

     152,431        118,702  

Country Garden Holdings Co.
Ltd. @

     847,376        652,302  

CPMC Holdings Ltd.

     53,000        28,079  

CSG Holding Co. Ltd., Class A

     19,500        22,811  

CTS International Logistics Corp. Ltd., Class A

     11,000        20,290  

DaFa Properties Group Ltd. @

     16,000        7,925  

Dali Foods Group Co. Ltd. ±

     116,500        61,126  

Daqin Railway Co. Ltd., Class A

     85,800        92,927  

DBG Technology Co. Ltd.,Class A

     7,000        12,062  

Dexin China Holdings Co. Ltd. *

     76,000        29,107  

DHC Software Co. Ltd., Class A

     28,100        31,453  

Digital China Holdings Ltd.

     62,000        30,156  

Digital China Information Service Co. Ltd., Class A

     10,000        19,770  

Dong-E-E-Jiao Co. Ltd., Class A

     3,300        17,636  

Dongfang Electric Corp. Ltd. H Shares

     29,800        33,363  

Dongfeng Motor Group Co. Ltd., H Shares

     150,000        112,788  

Dongxing Securities Co. Ltd., Class A

     12,000        18,464  

Dongyue Group Ltd.

     44,000        60,552  

Dynagreen Environmental Protection Group Co. Ltd., Class H

     52,000        23,898  

Essex Bio-technology Ltd.

     37,000        20,500  

Everbright Securities Co. Ltd., Class H @±

     16,000        10,969  

Fangda Carbon New Material Co. Ltd., Class A

     15,700        20,915  

Fangda Special Steel Technology Co. Ltd., Class A

     19,000        25,820  

Far East Horizon Ltd.

     200,000        178,724  

FAW Jiefang Group Co. Ltd., Class A

     24,100        32,827  

Fiberhome Telecommunication Technologies Co. Ltd., Class A

     5,800        13,835  

FIH Mobile Ltd. *

     203,000        27,988  

Financial Street Holdings Co. Ltd., Class A

     23,300        22,517  

FinVolution Group, ADR

     11,439        45,413  

Fosun International Ltd.

     195,500        212,888  

Founder Securities Co. Ltd., Class A

     23,800        25,289  

Foxconn Industrial Internet Co. Ltd.

     13,900        22,242  

Fu Shou Yuan International Group Ltd.

     65,000        47,962  

Fufeng Group Ltd.

     153,000        60,744  

Fujian Funeng Co. Ltd., Class A

     14,100        24,652  

Fujian Star-net Communication Co. Ltd., Class A

     6,100        19,580  

Fujian Sunner Development Co. Ltd., Class A *

     9,000        28,122  

Gansu Shangfeng Cement Co. Ltd., Class A

     5,200        17,912  

GCL-Poly Energy Holdings
Ltd. @*

     1,016,000        348,900  

GDS Holdings Ltd., Class A *

     34,800        177,481  

Geely Automobile Holdings Ltd.

     493,000        777,894  

GEM Co. Ltd., Class A

     33,500        44,258  

Gemdale Corp., Class A

     19,200        43,224  

Gemdale Properties & Investment Corp. Ltd.

     442,000        47,398  

Genertec Universal Medical Group Co. Ltd. ±

     75,500        49,734  
 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     SHARES      VALUE†  

COMMON STOCKS (Continued)

 

China (Continued)

 

GF Securities Co. Ltd., Class H

     64,200      $ 91,137  

Giant Network Group Co. Ltd., Class A

     9,400        14,938  

Ginko International Co. Ltd.

     5,000        48,514  

Glory Sun Financial Group
Ltd. @*

     356,000        5,681  

Golden Eagle Retail Group Ltd.

     15,000        11,279  

Grand Pharmaceutical Group Ltd.

     68,000        48,266  

Grandjoy Holdings Group Co. Ltd., Class A *

     30,000        22,182  

Greattown Holdings Ltd., Class A

     34,100        22,794  

Greatview Aseptic Packaging Co. Ltd.

     88,000        24,940  

Gree Electric Appliances, Inc., Class A

     9,700        49,394  

Greenland Hong Kong Holdings Ltd.

     112,000        25,307  

Greentown China Holdings Ltd.

     78,500        143,505  

GRG Banking Equipment Co. Ltd., Class A

     12,500        20,948  

Guangdong HEC Technology Holding Co. Ltd., Class A *

     28,100        32,516  

Guangdong Huatie Tongda High-speed Railway Equipment Corp., Class A

     22,300        16,488  

Guangdong Tapai Group Co. Ltd., Class A

     9,300        16,128  

Guanghui Energy Co. Ltd.,
Class A *

     26,800        34,646  

Guangshen Railway Co. Ltd. *

     82,000        13,923  

Guangxi Liugong Machinery Co. Ltd., Class A

     14,900        15,245  

Guangxi Wuzhou Zhongheng Group Co. Ltd., Class A

     24,500        13,403  

Guangzhou Automobile Group Co. Ltd., H Shares

     188,000        156,961  

Guangzhou Baiyun International Airport Co. Ltd., Class A

     11,000        21,244  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H

     16,000        42,383  

Guangzhou Haige Communications Group, Inc. Co., Class A

     22,300        35,965  

Guangzhou R&F Properties Co. Ltd., H Shares @

     202,800        71,973  

Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A

     13,365        16,814  

Guizhou Panjiang Refined Coal Co. Ltd., Class A

     9,269        12,582  

Guosen Securities Co. Ltd., Class A

     22,400        35,102  

Guosheng Financial Holding, Inc., Class A *

     14,131        20,250  

Guotai Junan Securities Co. Ltd., H Shares *±

     29,000        39,169  

Haier Smart Home Co. Ltd., Class A

     20,500        74,656  

Haier Smart Home Co. Ltd., H Shares

     50,800        165,047  

Haitian International Holdings Ltd.

     44,000        114,307  

Haitong Securities Co. Ltd., Class H

     169,600        129,474  

Hang Zhou Great Star Industrial Co. Ltd., Class A *

     4,400        11,418  

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A

     22,900        24,766  

Health & Happiness H&H International Holdings Ltd.

     18,500        26,026  

Heilongjiang Agriculture Co. Ltd., Class A

     8,000        19,095  

Hengan International Group Co. Ltd.

     55,500        256,482  

Hengdeli Holdings Ltd. *

     184,000        6,225  

Hengdian Group DMEGC Magnetics Co. Ltd., Class A

     9,300        19,837  

Hengli Petrochemical Co. Ltd., Class A

     19,900        65,224  
     SHARES      VALUE†  

Hengtong Optic-electric Co. Ltd., Class A

     9,680      $ 19,793  

Hengyi Petrochemical Co. Ltd., Class A

     25,000        33,501  

Hesteel Co. Ltd., Class A

     65,500        24,576  

Hi Sun Technology China
Ltd. *

     138,000        17,441  

Hisense Home Appliances Group Co. Ltd., Class H

     34,000        32,380  

Holitech Technology Co. Ltd., Class A *

     35,900        18,451  

Hongda Xingye Co. Ltd., Class A

     21,200        16,310  

Hope Education Group Co.
Ltd. @±

     120,000        11,336  

Hopson Development Holdings Ltd. @

     63,800        121,356  

Huaan Securities Co. Ltd., Class A

     23,372        18,239  

Huadong Medicine Co. Ltd., Class A

     8,421        44,368  

Huafon Chemical Co. Ltd., Class A

     16,200        23,267  

Huafon Microfibre Shanghai Technology Co. Ltd.,
Class T *

     25,700        19,975  

Huagong Tech Co. Ltd., Class A

     6,200        19,715  

Huapont Life Sciences Co. Ltd., Class A

     27,600        26,673  

Huatai Securities Co. Ltd., Class H ±

     58,600        90,219  

Huaxi Securities Co. Ltd., Class A

     12,600        16,666  

Huaxia Bank Co. Ltd., Class A

     43,300        37,954  

Huaxin Cement Co. Ltd., Class A

     7,000        21,806  

Huayu Automotive Systems Co. Ltd., Class A

     17,500        55,040  

Hubei Biocause Pharmaceutical Co. Ltd., Class A

     17,600        8,796  

Hubei Jumpcan Pharmaceutical Co. Ltd., Class A

     4,400        18,264  

Hubei Xingfa Chemicals Group Co. Ltd., Class A

     9,400        49,244  

Hunan Gold Corp. Ltd.,
Class A *

     15,800        26,453  

Hunan Valin Steel Co. Ltd., Class A

     47,300        41,013  

Hytera Communications Corp. Ltd., Class A

     23,400        19,736  

IMAX China Holding, Inc. @±

     6,300        7,560  

Industrial & Commercial Bank of China Ltd., H Shares

     3,427,000        2,104,333  

Industrial Bank Co. Ltd. Class A

     122,900        400,489  

Industrial Securities Co. Ltd., Class A

     40,700        49,278  

Infore Environment Technology Group Co. Ltd., Class A

     12,400        10,009  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *

     169,960        59,752  

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A

     12,000        32,804  

Inner Mongolia ERDOS Resources Co. Ltd. Class A

     6,000        24,177  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

     55,300        40,016  

Inner Mongolia Yuan Xing Energy Co. Ltd., Class A *

     34,700        53,556  

JD.com, Inc., Class A *

     11,000        328,597  

Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A

     20,200        24,649  

Jiangsu Eastern Shenghong Co. Ltd., Class A

     5,100        11,417  

Jiangsu Guotai International Group Co. Ltd., Class A

     10,400        16,035  

Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A

     34,700        23,523  

Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A

     6,700        13,256  
 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     SHARES      VALUE†  

COMMON STOCKS (Continued)

 

China (Continued)

 

Jiangsu Provincial Agricultural Reclamation and Development Corp.

     11,200      $ 24,790  

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A

     5,600        24,570  

Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A

     23,200        22,823  

Jiangsu Zhongnan Construction Group Co. Ltd., Class A

     13,900        9,598  

Jiangsu Zhongtian Technology Co. Ltd., Class A

     18,600        49,849  

Jiangxi Copper Co. Ltd., H Shares

     82,000        137,551  

Jiangxi Zhengbang Technology Co. Ltd., Class A

     25,000        30,387  

Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A

     17,100        16,876  

Jiayuan International Group Ltd.

     135,695        27,197  

Jilin Aodong Pharmaceutical Group Co. Ltd., Class A

     7,300        20,382  

Jingrui Holdings Ltd.

     43,000        9,112  

JinkoSolar Holding Co. Ltd.,
ADR @*

     4,223        203,929  

Jinneng Science&Technology Co. Ltd., Class A

     10,600        20,772  

Jizhong Energy Resources Co. Ltd.

     21,200        23,563  

JNBY Design Ltd.

     16,500        19,737  

Joincare Pharmaceutical Group Industry Co. Ltd., Class A

     18,700        36,085  

Jointown Pharmaceutical Group Co. Ltd., Class A

     10,700        22,402  

Joy City Property Ltd.

     226,000        9,232  

JOYY, Inc., ADR

     4,334        159,188  

Ju Teng International Holdings Ltd.

     56,000        9,365  

Juneyao Airlines Co. Ltd., Class A

     9,700        20,920  

Kaisa Prosperity Holdings Ltd. *

     3,750        3,930  

Kehua Data Co. Ltd., Class A

     3,500        14,131  

Kingboard Holdings Ltd.

     71,500        347,765  

Kingboard Laminates Holdings Ltd.

     96,000        158,094  

Kingfa Sci & Tech Co. Ltd.

     13,400        20,576  

Kingsoft Corp. Ltd.

     56,400        182,881  

Kunlun Energy Co. Ltd.

     354,000        308,659  

Kunlun Tech Co. Ltd., Class A

     5,800        15,398  

KWG Group Holdings Ltd. @

     130,000        53,770  

KWG Living Group Holdings Ltd.

     65,000        24,230  

Lao Feng Xiang Co. Ltd., Class A

     2,700        18,078  

Lee & Man Paper Manufacturing Ltd.

     122,000        63,700  

Lee’s Pharmaceutical Holdings Ltd.

     34,500        10,658  

Legend Holdings Corp., H Shares ±

     38,400        48,335  

Lenovo Group Ltd.

     194,000        211,007  

Lens Technology Co. Ltd., Class A

     24,140        44,413  

Leo Group Co. Ltd., Class A

     48,000        15,816  

LexinFintech Holdings Ltd.,
ADR *

     6,213        16,278  

Leyard Optoelectronic Co. Ltd., Class A

     20,300        22,818  

Liaoning Cheng Da Co. Ltd., Class A

     5,800        14,657  

Livzon Pharmaceutical Group, Inc., H Shares

     14,100        50,670  

Logan Group Co. Ltd. @

     96,000        27,329  

Longfor Group Holdings Ltd. ±

     139,000        715,114  

Lonking Holdings Ltd.

     158,000        43,164  

Luenmei Quantum Co. Ltd., Class A

     13,300        14,992  

Luolai Lifestyle Technology Co. Ltd., Class A

     5,300        10,829  

Luoniushan Co. Ltd., Class A *

     16,000        16,724  

Luxi Chemical Group Co. Ltd., Class A

     8,600        24,296  

Luye Pharma Group Ltd. @*±

     161,500        61,851  
     SHARES      VALUE†  

LVGEM China Real Estate Investment Co. Ltd. *

     72,000      $ 7,997  

Maanshan Iron & Steel Co. Ltd., H Shares

     38,000        15,281  

Maoyan Entertainment ±@*

     6,200        5,161  

Metallurgical Corp. of China Ltd., H Shares @

     225,000        60,894  

Mingfa Group International Co. Ltd. *

     91,000        3,020  

Minth Group Ltd.

     60,000        147,984  

MLS Co. Ltd., Class A

     20,000        36,449  

MMG Ltd. *

     192,000        77,454  

Nanjing Iron & Steel Co. Ltd., Class A

     36,600        20,830  

Nanjing Xinjiekou Department Store Co. Ltd., Class A

     6,900        11,607  

NARI Technology Co. Ltd., Class A

     4,506        22,370  

NavInfo Co. Ltd., Class A *

     10,200        22,464  

NetDragon Websoft Holdings Ltd.

     25,500        53,387  

New China Life Insurance Co. Ltd., H Shares

     57,900        161,874  

New Hope Liuhe Co. Ltd., Class A *

     20,215        54,114  

Newland Digital Technology Co. Ltd., Class A

     10,000        26,549  

Nexteer Automotive Group Ltd.

     69,000        44,043  

Nine Dragons Paper Holdings Ltd.

     173,000        151,063  

Ningbo Huaxiang Electronic Co. Ltd., Class A

     8,950        22,928  

Ningbo Joyson Electronic Corp., Class A

     5,200        11,584  

Ningbo Zhoushan Port Co. Ltd., Class A

     33,200        20,570  

Northeast Securities Co. Ltd., Class A

     8,500        10,372  

OFILM Group Co. Ltd., Class A *

     20,800        23,348  

ORG Technology Co. Ltd., Class A

     26,800        20,956  

Orient Securities Co. Ltd., Class H ±

     52,400        34,317  

Oriental Pearl Group Co. Ltd., Class A

     10,700        13,124  

Ourpalm Co. Ltd., Class A *

     27,500        15,781  

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A *

     61,900        36,497  

PAX Global Technology Ltd.

     75,000        61,756  

PCI Technology Group Co. Ltd., Class A

     15,600        18,322  

People’s Insurance Co. Group of China Ltd. (The), H Shares

     305,000        100,066  

Perfect World Co. Ltd., Class A

     6,700        13,584  

PetroChina Co. Ltd., H Shares

     2,014,000        1,043,856  

PICC Property & Casualty Co. Ltd., H Shares

     494,000        505,774  

Ping An Bank Co. Ltd., Class A

     108,500        263,078  

Ping An Insurance Group Co. of China Ltd., Class H

     436,500        3,101,021  

Pingdingshan Tianan Coal Mining Co. Ltd., Class A

     15,900        42,914  

Poly Property Group Co. Ltd.

     186,000        47,015  

Postal Savings Bank of China Co. Ltd., Class H ±

     472,000        382,623  

Pou Sheng International Holdings Ltd. *

     252,000        28,953  

Power Construction Corp. of China Ltd.

     19,800        22,756  

Powerlong Real Estate Holdings Ltd. @

     143,000        37,789  

Q Technology Group Co. Ltd. @

     31,000        23,982  

Qingdao Hanhe Cable Co. Ltd., Class A

     35,800        24,720  

Qingling Motors Co. Ltd., Class H

     84,000        15,871  

Red Star Macalline Group Corp. Ltd., H Shares ±*

     35,700        16,042  

Redco Properties Group Ltd. @±

     80,000        24,817  

Redsun Properties Group Ltd. @

     82,000        27,322  

Renhe Pharmacy Co. Ltd., Class A

     19,700        24,380  

RiseSun Real Estate Development Co. Ltd., Class A

     35,400        24,891  

Ronshine China Holdings Ltd. *

     43,500        12,939  
 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     SHARES      VALUE†  

COMMON STOCKS (Continued)

 

China (Continued)

 

SAIC Motor Corp. Ltd., Class A

     29,700      $ 79,598  

Sailun Group Co. Ltd., Class A

     13,900        21,607  

Sansteel Minguang Co. Ltd., Class A

     13,700        15,464  

Sany Heavy Equipment International Holdings Co. Ltd.

     83,000        86,674  

Sany Heavy Industry Co. Ltd. Class A

     29,400        81,204  

Satellite Chemical Co. Ltd., Class A

     6,048        37,567  

Sealand Securities Co. Ltd., Class A

     24,800        14,622  

Seazen Group Ltd.

     188,571        101,588  

Seazen Holdings Co. Ltd., Class A

     13,800        69,989  

Shaanxi Coal Industry Co. Ltd., Class A

     50,037        129,764  

Shan Xi Hua Yang Group New Energy Co. Ltd., Class A

     20,800        39,579  

Shandong Buchang Pharmaceuticals Co. Ltd., Class A

     9,200        34,476  

Shandong Chenming Paper Holdings Ltd., H Shares @

     35,250        13,995  

Shandong Himile Mechanical Science & Technology Co. Ltd., Class A

     2,700        8,228  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

     11,310        58,074  

Shandong Humon Smelting Co. Ltd., Class A

     10,800        18,235  

Shandong Linglong Tyre Co. Ltd., Class A

     7,700        26,791  

Shandong Longda Meishi Co. Ltd., Class A

     8,100        12,208  

Shandong Nanshan Aluminum Co. Ltd., Class A

     37,900        24,318  

Shandong Sun Paper Industry JSC Ltd., Class A

     16,800        30,193  

Shandong Weigao Group Medical Polymer Co. Ltd., H Shares

     188,000        201,361  

Shandong Yisheng Livestock & Poultry Breeding Co. Ltd., Class A *

     7,471        10,695  

Shanghai AJ Group Co. Ltd., Class A

     16,900        17,558  

Shanghai Electric Group Co. Ltd., H Shares

     166,000        43,655  

Shanghai Environment Group Co. Ltd., Class A

     11,600        19,421  

Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares

     26,000        127,124  

Shanghai Industrial Holdings Ltd.

     45,000        67,558  

Shanghai Industrial Urban Development Group Ltd.

     274,000        24,835  

Shanghai International Airport Co. Ltd., Class A *

     2,300        17,840  

Shanghai International Port Group Co. Ltd., Class A

     48,600        41,910  

Shanghai Jahwa United Co. Ltd., Class A

     2,600        14,133  

Shanghai Jin Jiang Capital Co. Ltd., Class H

     148,000        57,626  

Shanghai Jinjiang International Hotels Co. Ltd., Class A

     1,300        10,194  

Shanghai Lingang Holdings Corp. Ltd., Class A

     8,760        19,472  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A

     13,500        24,795  

Shanghai Mechanical and Electrical Industry Co. Ltd., Class A

     7,100        14,562  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

     63,600        122,600  
     SHARES      VALUE†  

Shanghai Pudong Development Bank Co. Ltd., Class A

     118,900      $ 149,958  

Shanghai RAAS Blood Products Co. Ltd., Class A

     37,200        35,129  

Shanghai Shimao Co. Ltd., Class A

     23,100        13,657  

Shanghai Sinyang Semiconductor Materials Co. Ltd., Class A

     3,000        16,974  

Shanghai Tunnel Engineering Co. Ltd., Class A

     25,600        21,390  

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A

     18,000        28,860  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

     7,800        16,847  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

     50,000        97,902  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

     22,000        57,574  

Shanxi Meijin Energy Co. Ltd., Class A *

     31,400        63,413  

Shanxi Securities Co. Ltd., Class A

     24,700        22,040  

Shanxi Taigang Stainless Steel Co. Ltd., Class A

     34,300        36,230  

Shanying International Holding Co. Ltd., Class A

     37,500        17,854  

Shenwan Hongyuan Group Co. Ltd., H Shares ±@

     43,200        9,651  

Shenzhen Agricultural Products Group Co. Ltd., Class A

     15,600        15,223  

Shenzhen Airport Co. Ltd., Class A *

     16,200        17,699  

Shenzhen Aisidi Co. Ltd., Class A

     14,200        19,252  

Shenzhen Hepalink Pharmaceutical Group Co. Ltd. ±

     9,500        6,986  

Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A

     4,900        11,363  

Shenzhen International Holdings Ltd.

     107,733        113,877  

Shenzhen Investment Ltd.

     323,060        72,173  

Shenzhen Kinwong Electronic Co. Ltd., Class A

     2,300        8,528  

Shenzhen MTC Co. Ltd., Class A *

     42,300        24,341  

Shenzhen Neptunus Bioengineering Co. Ltd., Class A *

     28,200        17,116  

Shenzhen Overseas Chinese Town Co. Ltd., Class A

     43,200        50,126  

Shenzhen Tagen Group Co. Ltd., Class A

     25,000        27,195  

Shenzhen World Union Group, Inc., Class A

     33,300        25,304  

Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A

     31,900        22,279  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

     11,200        59,151  

Shimao Group Holdings Ltd. @

     131,000        73,918  

Shoucheng Holdings Ltd.

     134,400        19,903  

Shougang Fushan Resources Group Ltd.

     219,790        86,420  

Shui On Land Ltd.

     280,000        42,894  

Sichuan Hebang Biotechnology Co. Ltd., Class A *

     84,300        46,648  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

     12,500        34,151  

Sichuan Languang Development Co. Ltd., Class A *

     32,900        11,878  

Sieyuan Electric Co. Ltd., Class A

     4,300        22,235  

Sihuan Pharmaceutical Holdings Group Ltd. @

     328,000        65,740  
 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     SHARES      VALUE†  

COMMON STOCKS (Continued)

 

China (Continued)

 

Sino-Ocean Group Holding Ltd.

     293,712      $ 62,617  

Sinofert Holdings Ltd. @

     244,000        41,428  

Sinolink Securities Co. Ltd., Class A

     11,700        17,707  

Sinoma International Engineering Co., Class A

     14,600        22,050  

Sinoma Science & Technology Co. Ltd., Class A

     11,000        42,106  

Sinopec Engineering Group Co. Ltd., H Shares

     111,000        56,681  

Sinopec Kantons Holdings Ltd.

     90,000        31,251  

Sinopec Shanghai Petrochemical Co. Ltd., Class H

     248,000        51,605  

Sinopharm Group Co. Ltd., H Shares

     140,400        320,472  

Sinotrans Ltd., H Shares

     145,000        45,351  

Sinotruk Hong Kong Ltd.

     67,000        102,639  

Skyfame Realty Holdings Ltd.

     158,000        14,119  

Skyworth Group Ltd. *

     156,114        80,117  

SOHO China Ltd. @*

     153,500        29,786  

SooChow Securities Co. Ltd., Class A

     20,280        23,947  

SSY Group Ltd. @

     124,000        56,038  

Sun Art Retail Group Ltd. @

     30,500        11,097  

Suning Universal Co. Ltd.,
Class A *

     32,100        22,570  

Suning.com Co. Ltd., Class A *

     37,200        20,233  

Sunward Intelligent Equipment Co. Ltd., Class A

     10,800        12,531  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

     10,800        31,805  

Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A

     15,000        12,935  

Tangshan Jidong Cement Co. Ltd., Class A

     10,000        18,871  

TangShan Port Group Co. Ltd., Class A

     55,900        26,262  

Tangshan Sanyou Chemical Industries Co. Ltd., Class A

     11,600        14,703  

TBEA Co. Ltd., Class A

     13,000        41,768  

TCL Electronics Holdings Ltd.

     99,667        42,624  

TCL Technology Group Corp., Class A

     41,800        32,356  

Tech-Bank Food Co. Ltd., Class A

     23,240        32,095  

Tencent Music Entertainment Group, ADR *

     29,336        142,866  

Tian Di Science & Technology Co. Ltd., Class A

     40,500        31,350  

Tiangong International Co. Ltd. @

     76,000        31,047  

Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A

     30,700        38,429  

Tianjin Port Development Holdings Ltd.

     180,000        14,477  

Tianneng Power International Ltd. @

     74,000        63,672  

Tianshui Huatian Technology Co. Ltd., Class A

     10,300        17,066  

Times China Holdings Ltd.

     10,000        3,332  

Tingyi Cayman Islands Holding Corp.

     18,000        30,332  

Titan Wind Energy Suzhou Co. Ltd., Class A

     8,800        18,424  

Tomson Group Ltd.

     24,000        5,883  

Tong Ren Tang Technologies Co. Ltd., Class H

     41,000        35,016  

Tongcheng Travel Holdings Ltd. *

     49,200        87,932  

Tongda Group Holdings Ltd. *

     510,000        10,743  

Tongkun Group Co. Ltd., Class A

     11,100        30,589  

Tongling Nonferrous Metals Group Co. Ltd., Class A

     49,000        28,737  

Tongyu Heavy Industry Co. Ltd., Class A

     40,800        18,975  

Topsec Technologies Group, Inc., Class A

     7,000        12,481  

Transfar Zhilian Co. Ltd., Class A

     27,553        27,409  
     SHARES      VALUE†  

TravelSky Technology Ltd., H Shares

     53,000      $ 76,456  

Trip.com Group Ltd., ADR *

     28,782        665,440  

Truly International Holdings Ltd.

     120,000        34,162  

Tus Environmental Science And Technology Development Co. Ltd., Class A *

     23,000        12,909  

Uni-President China Holdings Ltd.

     92,000        80,216  

Unisplendour Corp. Ltd., Class A

     13,940        42,964  

United Energy Group Ltd. @

     558,000        64,111  

Universal Scientific Industrial Shanghai Co. Ltd., Class A

     10,000        19,107  

Untrade Hua Han Health §

     504,000        —    

Untrade Huiyuan Juice §

     84,500        —    

Vinda International Holdings Ltd. @

     26,000        58,816  

Vipshop Holdings Ltd., ADR *

     30,726        276,534  

Wangsu Science & Technology Co. Ltd., Class A

     20,900        19,671  

Want Want China Holdings Ltd.

     52,000        48,061  

Wanxiang Qianchao Co. Ltd., Class A

     42,900        36,724  

Wasion Holdings Ltd.

     48,000        17,280  

Weibo Corp., ADR *

     1,188        29,118  

Weichai Power Co. Ltd., H Shares

     151,000        238,645  

Weifu High-Technology Group Co. Ltd., Class A

     5,600        17,533  

Wellhope Foods Co. Ltd., Class A

     7,700        11,629  

Wens Foodstuffs Group Co. Ltd., Class A *

     19,100        66,396  

West China Cement Ltd.

     198,000        31,596  

Wharf Holdings Ltd. (The)

     70,000        213,575  

Wingtech Technology Co. Ltd., Class A

     3,900        49,987  

Wolong Electric Group Co. Ltd., Class A

     11,600        23,993  

Wuchan Zhongda Group Co. Ltd., Class A

     29,100        24,498  

Wuhan Department Store Group Co. Ltd., Class A

     12,600        20,321  

Wuhu Token Science Co. Ltd., Class A

     16,000        20,583  

Wuxi Taiji Industry Co. Ltd., Class A

     14,900        16,889  

XCMG Construction Machinery Co. Ltd., Class A

     47,400        38,484  

Xiabuxiabu Catering Management China Holdings Co. Ltd. ±

     28,000        14,155  

Xiamen C & D, Inc., Class A

     17,600        35,294  

Xiamen Comfort Science & Technology Group Co. Ltd., Class A

     8,700        13,112  

Xiamen International Port Co. Ltd., Class H

     94,000        10,080  

Xiamen ITG Group Corp. Ltd., Class A

     17,300        21,110  

Xiamen Tungsten Co. Ltd., Class A

     7,300        21,302  

Xiamen Xiangyu Co. Ltd., Class A

     22,200        30,799  

Xinfengming Group Co. Ltd., Class A

     4,000        7,283  

Xingda International Holdings Ltd.

     95,633        17,336  

Xinhu Zhongbao Co. Ltd., Class A

     44,900        21,590  

Xinhua Winshare Publishing and Media Co. Ltd., Class H

     36,000        26,150  

Xinjiang Goldwind Science & Technology Co. Ltd., H Shares

     47,800        72,127  

Xinjiang Tianshan Cement Co. Ltd., Class A

     4,500        9,350  

Xinjiang Zhongtai Chemical Co. Ltd., Class A

     14,500        20,642  

Xinxing Ductile Iron Pipes Co. Ltd., Class A

     18,100        14,267  

Xinyangfeng Agricultural Technology Co. Ltd., Class A

     6,900        18,677  

Xinyu Iron & Steel Co. Ltd., Class A

     27,300        24,317  

Xuji Electric Co. Ltd., Class A

     9,300        27,960  

YaGuang Technology Group Co. Ltd., Class A *

     8,000        8,450  

Yantai Changyu Pioneer Wine Co. Ltd., Class A

     3,700        16,129  
 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     SHARES      VALUE†  

COMMON STOCKS (Continued)

 

China (Continued)

 

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

     7,300      $ 48,509  

Yanzhou Coal Mining Co. Ltd., H Shares

     136,000        403,661  

YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H
Shares *±@

     25,600        15,818  

Yifan Pharmaceutical Co. Ltd., Class A

     7,200        16,913  

Yintai Gold Co. Ltd., Class A

     31,600        46,380  

Yiren Digital Ltd., ADR *

     6,796        17,262  

Yixintang Pharmaceutical Group Co. Ltd., Class A

     2,800        10,497  

Yonghui Superstores Co. Ltd., Class A

     58,500        38,919  

Youngor Group Co. Ltd., Class A

     11,500        12,292  

Youzu Interactive Co. Ltd., Class A *

     8,100        14,085  

Yum China Holdings, Inc.

     2,380        98,865  

Yunda Holding Co. Ltd., Class A

     16,500        45,678  

Yunnan Aluminium Co. Ltd.,
Class A *

     18,200        39,251  

Yunnan Baiyao Group Co. Ltd., Class A

     2,000        25,798  

Yunnan Copper Co. Ltd., Class A

     8,100        14,353  

Yunnan Tin Co. Ltd., Class A *

     14,600        48,198  

Yutong Bus Co. Ltd., Class A

     13,300        17,634  

Yuzhou Group Holdings Co. Ltd. @

     207,126        10,709  

Zhaojin Mining Industry Co. Ltd., Class H

     120,000        105,856  

Zhefu Holding Group Co. Ltd., Class A

     16,400        13,729  

Zhejiang Century Huatong Group Co. Ltd., Class A *

     39,280        38,827  

Zhejiang Chint Electrics Co. Ltd., Class A

     13,100        81,742  

Zhejiang Crystal-Optech Co. Ltd., Class A

     12,400        21,816  

Zhejiang Dahua Technology Co. Ltd., Class A

     19,700        51,400  

Zhejiang Hailiang Co. Ltd., Class A

     19,700        32,672  

Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A

     12,700        14,456  

Zhejiang Jiahua Energy Chemical Industry Co. Ltd.

     9,000        14,260  

Zhejiang Juhua Co. Ltd., Class A

     7,900        16,266  

Zhejiang Longsheng Group Co. Ltd., Class A

     19,300        33,165  

Zhejiang Medicine Co. Ltd., Class A

     10,400        25,610  

Zhejiang Narada Power Source Co. Ltd., Class A

     9,800        19,420  

Zhejiang NHU Co. Ltd., Class A

     10,200        50,943  

Zhejiang Orient Financial Holdings Group Co. Ltd., Class A

     17,420        11,672  

Zhejiang Semir Garment Co. Ltd., Class A

     21,700        23,263  

Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A

     24,800        16,695  

Zhejiang Wanliyang Co. Ltd., Class A

     11,400        13,641  

Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A

     10,700        44,230  

Zhejiang Yasha Decoration Co. Ltd., Class A

     16,000        14,554  

Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares @

     21,400        23,740  

Zhongji Innolight Co. Ltd., Class A

     3,700        18,438  

Zhongjin Gold Corp. Ltd., Class A

     32,000        39,804  

Zhongshan Broad Ocean Motor Co. Ltd., Class A

     22,200        21,244  

Zhongtian Financial Group Co. Ltd., Class A *

     38,300        15,337  
     SHARES      VALUE†  

Zhou Hei Ya International Holdings Co. Ltd. *±@

     57,000      $ 31,435  

Zhuhai Huafa Properties Co. Ltd.

     11,600        13,222  

Zhuzhou CRRC Times Electric Co. Ltd., Class H

     29,300        115,019  

Zhuzhou Kibing Group Co. Ltd., Class A

     10,500        21,966  

Zibo Qixiang Tengda Chemical Co. Ltd., Class A

     22,120        29,711  

Zoomlion Heavy Industry Science & Technology Co. Ltd., H Shares @

     85,800        54,657  

ZTE Corp., H Shares

     55,800        114,117  

ZTO Express Cayman, Inc.

     1,700        43,318  

ZTO Express Cayman, Inc., ADR

     11,133        278,325  
     

 

 

 
        61,971,999  
     

 

 

 

Colombia — 0.1%

 

Bancolombia SA, ADR

     755        32,208  

Cementos Argos SA

     31,937        52,735  

CEMEX Latam Holdings SA *

     13,000        9,372  

Corp. Financiera Colombiana
SA *

     2,308        17,177  

Grupo Argos SA

     29,921        110,072  

Grupo Aval Acciones y Valores SA

     7,483        34,048  
     

 

 

 
        255,612  
     

 

 

 

Czech Republic — 0.1%

 

CEZ, AS

     849        35,628  

Komercni Banka, AS

     4,212        163,582  
     

 

 

 
        199,210  
     

 

 

 

Greece — 0.3%

 

Alpha Services & Holdings SA *

     98,742        121,904  

Autohellas Tourist and Trading SA

     1,184        12,391  

Bank of Greece

     859        16,991  

Eurobank Ergasias Services & Holdings SA *

     150,057        176,376  

Fourlis Holdings SA *

     3,046        12,417  

Hellenic Petroleum Holdings SA

     3,804        31,056  

Motor Oil Hellas Corinth Refineries SA

     2,176        33,893  

National Bank of Greece SA *

     33,402        123,933  

Piraeus Financial Holdings SA *

     10,411        16,297  
     

 

 

 
        545,258  
     

 

 

 

Hong Kong — 0.1%

 

Jinmao Property Services Co.
Ltd. *

     6,646        4,208  

Untrade CTEG @§

     98,000        —    

Vnet Group, Inc.,ADR *

     5,989        34,916  

Yuexiu Property Co. Ltd.

     135,006        134,260  
     

 

 

 
        173,384  
     

 

 

 

Hungary — 0.2%

 

MOL Hungarian Oil & Gas PLC

     44,543        392,998  
     

 

 

 
        392,998  
     

 

 

 

India — 14.9%

 

ACC Ltd.

     5,835        165,752  

Adani Enterprises Ltd.

     1,614        42,962  

Adani Ports & Special Economic Zone Ltd.

     15,271        155,713  

Adani Transmission Ltd. *

     664        20,745  

Aditya Birla Capital Ltd. *

     44,000        62,364  

Alembic Pharmaceuticals Ltd.

     5,197        50,859  

Allcargo Logistics Ltd.

     4,985        23,394  

Amara Raja Batteries Ltd.

     5,077        35,923  

Ambuja Cements Ltd.

     41,841        165,238  

Apollo Tyres Ltd.

     31,532        79,563  
 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     SHARES      VALUE†  

COMMON STOCKS (Continued)

 

India (Continued)

 

Arvind Fashions Ltd. *

     5,200      $ 19,602  

Arvind Ltd. *

     13,452        20,540  

Aster DM Healthcare Ltd.* ±

     9,764        25,391  

Aurobindo Pharma Ltd.

     25,561        225,672  

Axis Bank Ltd. *

     106,251        1,068,399  

Axis Bank Ltd., GDR *

     6,937        345,463  

Bajaj Holdings & Investment Ltd.

     3,057        206,153  

Balrampur Chini Mills Ltd.

     14,783        95,273  

Bandhan Bank Ltd. ±

     42,966        173,480  

Bank of Baroda *

     66,538        98,040  

Bank of India *

     26,524        16,049  

Bharat Electronics Ltd.

     88,362        246,108  

Bharat Heavy Electricals Ltd. *

     96,730        62,934  

Birla Corp. Ltd.

     3,237        50,410  

Birlasoft Ltd.

     2,054        12,333  

Bombay Burmah Trading Co.

     684        7,763  

Brigade Enterprises Ltd.

     1,061        7,176  

Camlin Fine Sciences Ltd. *

     4,352        7,983  

Canara Bank *

     25,002        75,196  

Ceat Ltd.

     3,536        43,678  

Central Bank of India Ltd. *

     45,284        10,936  

Century Textiles & Industries Ltd.

     3,788        42,444  

Chambal Fertilizers and Chemicals Ltd.

     14,403        79,908  

Cholamandalam Financial Holdings Ltd.

     6,641        54,018  

Cipla Ltd.

     32,099        431,933  

City Union Bank Ltd.

     30,829        52,728  

Cochin Shipyard Ltd. ±

     3,997        15,495  

Container Corp. Of India Ltd.

     7,508        66,485  

Cosmo Films Ltd.

     829        18,881  

CreditAccess Grameen Ltd. *

     1,344        14,934  

CSB Bank Ltd. *

     3,753        10,458  

Cyient Ltd.

     6,750        82,594  

Dalmia Bharat Ltd.

     5,315        104,862  

DCB Bank Ltd. *

     19,962        18,243  

DCM Shriram Ltd.

     2,904        43,302  

Deepak Fertilisers & Petrochemicals Corp. Ltd.

     1,839        13,623  

Dhampur Sugar Mills Ltd.

     2,664        18,774  

Dilip Buildcon Ltd. ±

     2,860        9,083  

Dishman Carbogen Amcis Ltd. *

     5,292        12,920  

DLF Ltd.

     37,826        189,692  

eClerx Services Ltd.

     1,015        31,853  

Edelweiss Financial Services Ltd.

     37,825        29,052  

EID Parry India Ltd.

     7,288        43,762  

Engineers India Ltd.

     18,093        15,234  

Equitas Small Finance Bank Ltd.* ±

     16,074        10,882  

Escorts Ltd.

     6,126        136,223  

Exide Industries Ltd.

     26,178        52,201  

Federal Bank Ltd.

     161,831        208,442  

Finolex Cables Ltd.

     3,726        18,489  

Finolex Industries Ltd.

     15,431        31,178  

Firstsource Solutions Ltd.

     20,730        34,210  

Fortis Healthcare Ltd. *

     22,623        86,432  

GAIL India Ltd.

     175,583        361,361  

Gateway Distriparks Ltd. *

     25,136        22,524  

General Insurance Corp. of
India *±

     7,543        11,323  

GHCL Ltd.

     4,240        30,344  

Glenmark Pharmaceuticals Ltd.

     12,966        75,495  

Godawari Power and Ispat Ltd.

     2,480        12,679  

Godfrey Phillips India Ltd.

     794        10,583  

Granules India Ltd.

     17,305        70,042  

Grasim Industries Ltd.

     22,682        499,707  

Great Eastern Shipping Co. Ltd. (The)

     8,516        38,885  
     SHARES      VALUE†  

Gujarat Alkalies & Chemicals Ltd.

     2,551      $ 30,114  

Gujarat Ambuja Exports Ltd.

     4,383        14,958  

Gujarat Fluorochemicals Ltd.

     3,596        131,217  

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.

     8,633        96,020  

Gujarat Pipavav Port Ltd.

     19,498        19,633  

Gujarat State Fertilizers & Chemicals Ltd.

     11,602        24,842  

Gujarat State Petronet Ltd.

     23,082        78,438  

Hero MotoCorp Ltd.

     8,660        261,943  

HIL Ltd.

     334        17,406  

Himatsingka Seide Ltd.

     2,618        5,229  

Hindalco Industries Ltd.

     170,691        1,286,912  

Hinduja Global Solutions Ltd.

     1,226        16,552  

Hindustan Aeronautics Ltd.

     2,011        39,596  

Housing Development Finance Corp. Ltd.

     23,682        745,354  

ICICI Bank Ltd.

     5,036        48,562  

ICICI Bank Ltd., ADR

     89,109        1,687,724  

IDFC First Bank Ltd. *

     114,324        59,670  

IDFC Ltd. *

     76,058        62,232  

IIFL Finance Ltd.

     5,565        20,986  

IIFL Securities Ltd.

     25,376        30,006  

IIFL Wealth Management Ltd.

     665        14,735  

India Cements Ltd. (The)

     18,543        50,924  

Indiabulls Housing Finance Ltd.

     31,451        65,164  

Indian Bank

     2,394        4,859  

Indian Overseas Bank *

     76,991        18,390  

Indus Towers Ltd. *

     51,298        150,391  

IndusInd Bank Ltd.

     20,564        253,987  

Infibeam Avenues Ltd.

     77,058        19,678  

Info Edge India Ltd.

     1,546        91,932  

IRCON International Ltd. ±

     18,858        9,892  

Jindal Poly Films Ltd.

     769        11,265  

Jindal Saw Ltd.

     14,261        16,938  

Jindal Stainless Hisar Ltd. *

     10,916        56,039  

Jindal Stainless Ltd. *

     17,881        47,643  

Jindal Steel & Power Ltd.

     46,366        324,485  

JK Lakshmi Cement Ltd.

     2,815        17,572  

JK Paper Ltd.

     10,798        43,363  

JK Tyre & Industries Ltd.

     10,161        15,796  

JM Financial Ltd.

     26,872        24,008  

JSW Energy Ltd.

     32,770        130,388  

JSW Steel Ltd.

     89,380        865,314  

Jubilant Pharmova Ltd.

     9,690        49,572  

Kalpataru Power Transmission Ltd.

     5,415        26,173  

Karnataka Bank Ltd. (The)

     41,191        30,115  

Karur Vysya Bank Ltd. (The)

     36,209        22,268  

Kaveri Seed Co. Ltd.

     2,043        14,749  

KEC International Ltd.

     2,756        13,785  

KEI Industries Ltd.

     1,528        25,327  

KPR Mill Ltd.

     6,160        50,812  

KRBL Ltd.

     2,340        6,207  

L&T Finance Holdings Ltd. *

     78,972        83,636  

Larsen & Toubro Ltd.

     9,327        217,601  

Larsen & Toubro Ltd., GDR

     32,082        747,511  

LIC Housing Finance Ltd.

     20,180        95,554  

Lupin Ltd.

     22,898        226,774  

Mahindra & Mahindra Financial Services Ltd.

     54,856        114,671  

Mahindra & Mahindra Ltd.

     65,830        703,692  

Mahindra CIE Automotive Ltd. *

     6,907        15,523  

Manappuram Finance Ltd.

     34,315        51,489  

Motilal Oswal Financial Services Ltd.

     1,768        20,287  

Mphasis Ltd.

     1,705        76,053  

MRF Ltd.

     148        126,939  

National Aluminium Co. Ltd.

     68,435        110,498  
 

 

The accompanying notes are an integral part of these portfolio of investments.


 

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2022 (Unaudited) (Continued)

 

     SHARES      VALUE†  

COMMON STOCKS (Continued)

 

India (Continued)

 

NCC Ltd.

     30,074      $ 23,218  

NESCO Ltd.

     965        7,017  

Nilkamal Ltd.

     322        8,558  

NMDC Ltd.

     47,585        101,921  

NOCIL Ltd.

     7,374        24,426  

Oberoi Realty Ltd. *

     7,850        97,432  

Orient Cement Ltd.

     6,133        11,493  

PCBL Ltd.

     5,693        17,160  

Persistent Systems Ltd.

     4,032        253,227  

Petronet LNG Ltd.

     59,924        153,260  

Phoenix Mills Ltd. (The)

     4,600        66,774  

Piramal Enterprises Ltd.

     6,545        188,814  

PNB Housing Finance Ltd. ±*

     4,224        20,929  

PNC Infratech Ltd.

     4,201        14,470  

Polyplex Corp. Ltd.

     1,545        49,220  

Power Finance Corp. Ltd.

     83,351        123,693  

Prestige Estates Projects Ltd.

     14,610        94,591  

PTC India Ltd.

     17,788        19,273  

Punjab National Bank *

     115,447        53,477  

Quess Corp. Ltd. ±

     2,433        21,097  

Rain Industries Ltd.

     17,328        44,226  

Rajesh Exports Ltd.

     7,411        67,058  

Rallis India Ltd.

     3,389        10,622  

Ramco Cements Ltd. (The)

     5,904        60,072  

Rashtriya Chemicals & Fertilizers Ltd.

     16,695        19,642  

Raymond Ltd. *

     3,276        37,051  

RBL Bank Ltd. *±

     23,980        41,140  

REC Ltd.

     93,608        152,132  

Redington India Ltd.

     57,900        110,719  

Reliance Industries Ltd.

     206,554        7,185,435  

Reliance Power Ltd. *

     223,846        40,028  

RITES Ltd.

     2,755        9,426  

Shilpa Medicare Ltd.

     2,237        11,661  

Shipping Corp. of India Ltd.

     14,166        21,686  

Shriram City Union Finance Ltd.

     2,635        56,209  

Shriram Transport Finance Co. Ltd.

     15,545        232,636  

Sobha Ltd.

     6,105        56,800  

Star Cement Ltd. *

     7,280        8,575  

State Bank of India

     69,305        451,180  

State Bank of India, GDR

     7,560        486,108  

Steel Authority of India Ltd.

     89,762        116,800  

Strides Pharma Science Ltd.

     5,470        24,955  

Sun Pharmaceutical Industries Ltd.

     38,050        458,960  

Sun TV Network Ltd.

     5,489        35,422  

Sundaram Finance Ltd.

     865        22,146  

Sundaram-Clayton Ltd.

     221        10,383  

Sunteck Realty Ltd.

     5,951        33,770  

Surya Roshni Ltd.

     773        4,193  

Tata Chemicals Ltd.

     13,719        176,867  

Tata Coffee Ltd.

     1,997        5,714  

Tata Consumer Products Ltd.

     32,805        336,514  

Tata Motors Ltd. *

     178,887        1,024,572  

Tata Motors Ltd., ADR @*

     2,406        67,248  

Tata Steel Ltd.

     43,014        742,208  

Tata Steel Ltd., GDR

     6,923        116,999  

Techno Electric & Engineering Co. Ltd.

     2,836        9,248  

Thirumalai Chemicals Ltd.

     4,154        14,555