# EDGAR Filing Document

**Accession Number:** 0001075065
**File Stem:** 0001206774-23-000332
**Filing Date:** 2023-3
**Character Count:** 1023321
**Document Hash:** a90dd497359f5897fa06c4876e5a6b5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-23-000332.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001206774-23-000332

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**EFFECTIVENESS DATE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SA FUNDS INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001075065
- **IRS NUMBER:** 770216379
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09195
- **FILM NUMBER:** 23712271

**BUSINESS ADDRESS:**
- **STREET 1:** 10 ALMADEN BLVD, 15TH FLOOR
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95113
- **BUSINESS PHONE:** (800) 366-7266

**MAIL ADDRESS:**
- **STREET 1:** 10 ALMADEN BLVD, 15TH FLOOR
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RWB FUNDS INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19981211

## Series and Classes Contracts Data

### SA Global Fixed Income Fund (Series ID: S000008776)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000023891 | SA Global Fixed Income Fund |  |

### SA U.S. Core Market Fund (Series ID: S000008777)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000023892 | SA U.S. Core Market Fund |  |

### SA U.S. Value Fund (Series ID: S000008778)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000023893 | SA U.S. Value Fund |  |

### SA U.S. Small Company Fund (Series ID: S000008779)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000023894 | SA U.S. Small Company Fund |  |

### SA International Value Fund (Series ID: S000008780)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000023895 | SA International Value Fund |  |

### SA International Small Company Fund (Series ID: S000008781)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000023896 | SA International Small Company Fund |  |

### SA Emerging Markets Value Fund (Series ID: S000015873)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000043578 | SA Emerging Markets Value Fund |  |

### SA Real Estate Securities Fund (Series ID: S000015874)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000043579 | SA Real Estate Securities Fund |  |

### SA U.S. Fixed Income Fund (Series ID: S000015875)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000043580 | SA U.S. Fixed Income Fund |  |

### SA Worldwide Moderate Growth Fund (Series ID: S000047149)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000147796 | SA Worldwide Moderate Growth Fund | SAWMX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09195

SA FUNDS – INVESTMENT TRUST

(Exact name of registrant as specified in charter)<br>

8182 Maryland Avenue, Suite 500, St. Louis, MO 63105

(Address of principal executive offices) (zip code)<br>

Jeff Yorg, Esq.<br> Chief Compliance Officer<br> SA Funds – Investment Trust<br> 8182 Maryland Avenue, Suite 500,<br> St. Louis, MO 63105<br> (Name and Address of Agent for Service)

Copies to:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Brian F. Link, Esq.<br> Vice President and Managing Counsel<br> State Street Bank and Trust Company<br> One Lincoln Street, 8<sup>th</sup> Floor<br> Boston, Massachusetts 02111 | &nbsp;&nbsp;Mark D. Perlow, Esq.<br> Counsel to the Trust<br> Dechert LLP<br> One Bush Street, Suite 1600<br> San Francisco, California 94104-4446 |

---

Registrant's telephone number, including area code: (844) 366-0905

Date of fiscal year end: June 30<br> Date of reporting period: December 31, 2022

------

**<u>Item 1. Report to Shareholders.</u>**

![](safunds4160391-ncsrsx1x1.jpg)

**SEMI-ANNUAL REPORT**

December 31, 2022

**PORTFOLIOS OF INVESTMENTS**

SA U.S. Fixed Income Fund

SA Global Fixed Income Fund

SA U.S. Core Market Fund

SA U.S. Value Fund

SA U.S. Small Company Fund

SA International Value Fund

SA International Small Company Fund

SA Emerging Markets Value Fund

SA Real Estate Securities Fund

SA Worldwide Moderate Growth Fund

SAR2022

------

**TABLE OF CONTENTS**

------

---

| | |
|:---|:---|
|  | Page |
| **Portfolios of Investments** |  |
| &nbsp;&nbsp;&nbsp;[SA U.S. Fixed Income Fund](#safunds4160391a001) | [1](#safunds4160391a001) |
| &nbsp;&nbsp;&nbsp;[SA Global Fixed Income Fund](#safunds4160391a002) | [3](#safunds4160391a002) |
| &nbsp;&nbsp;&nbsp;[SA U.S. Core Market Fund](#safunds4160391a003) | [11](#safunds4160391a003) |
| &nbsp;&nbsp;&nbsp;[SA U.S. Value Fund](#safunds4160391a004) | [14](#safunds4160391a004) |
| &nbsp;&nbsp;&nbsp;[SA U.S. Small Company Fund](#safunds4160391a005) | [17](#safunds4160391a005) |
| &nbsp;&nbsp;&nbsp;[SA International Value Fund](#safunds4160391a006) | [21](#safunds4160391a006) |
| &nbsp;&nbsp;&nbsp;[SA International Small Company Fund](#safunds4160391a007) | [24](#safunds4160391a007) |
| &nbsp;&nbsp;&nbsp;[SA Emerging Markets Value Fund](#safunds4160391a008) | [25](#safunds4160391a008) |
| &nbsp;&nbsp;&nbsp;[SA Real Estate Securities Fund](#safunds4160391a009) | [28](#safunds4160391a009) |
| &nbsp;&nbsp;&nbsp;[SA Worldwide Moderate Growth Fund](#safunds4160391a010) | [30](#safunds4160391a010) |
| [**Statements of Assets and Liabilities**](#safunds4160391a011) | [32](#safunds4160391a011) |
| [**Statements of Operations**](#safunds4160391a012) | [38](#safunds4160391a012) |
| [**Statements of Changes in Net Assets**](#safunds4160391a013) | [44](#safunds4160391a013) |
| [**Financial Highlights**](#safunds4160391a014) | [57](#safunds4160391a014) |
| [**Notes to Financial Statements**](#safunds4160391a015) | [67](#safunds4160391a015) |
| [**Proxy Voting Policies and Procedures**](#safunds4160391a016) | [86](#safunds4160391a016) |
| [**Additional Information**](#safunds4160391a017) | [86](#safunds4160391a017) |
| [**Understanding Your Fund's Expenses**](#safunds4160391a018) | [87](#safunds4160391a018) |
| [**Selected Financial Statements of DFA Investment Dimensions Group Inc.**<br> **& The DFA Investment Trust Company**](#safunds4160391a019) | [90](#safunds4160391a019) |
| [**Report of Independent Registered Public Accounting Firm**](#safunds4160391a020) | [161](#safunds4160391a020) |

---

Any information in this shareholder report regarding market or economic trends or the factors influencing the performance of SA Funds – Investment Trust (the "Trust") are statements of the opinion of Trust management as of the date of this report. Any such opinion is subject to change at any time based upon market or other conditions and we disclaim responsibility to update such opinions. These statements should not be relied upon as investment advice. Past performance is no guarantee of future results, and there is no guarantee that stated investment objectives will be achieved.

------

SA U.S. Fixed Income Fund

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

---

| | | |
|:---|:---|:---|
|  | **FACE<br> AMOUNT** | **VALUE†** |
| **YANKEE CORPORATE BONDS AND NOTES — 15.6%** |  |  |
| ***Communication — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;NTT Finance Corp., 0.583%,<br> 3/01/24 ± | $3500000 | $3320472 |
| ***Financial — 14.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/<br> AerCap Global Aviation Trust,<br> 2.875%, 8/14/24 | 3000000 | 2843373 |
| &nbsp;&nbsp;&nbsp;Aircastle Ltd.,<br> 4.125%, 5/01/24 | 1595000 | 1542941 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal, 0.625%,<br> 7/09/24 | 2000000 | 1871004 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial<br> Bank of Commerce,<br> 3.100%, 4/02/24 | 4500000 | 4394877 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA,<br> 1.375%, 1/10/25 | 7762000 | 7256319 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA,<br> 2.625%, 7/22/24 ± | 2000000 | 1920287 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group,<br> Inc., 3.407%, 3/07/24 | 3946000 | 3866425 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd.,<br> 1.388%, 1/12/25 ± | 11000000 | 10271932 |
| &nbsp;&nbsp;&nbsp;NatWest Markets PLC,<br> 0.800%, 8/12/24 ± | 4250000 | 3941803 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken<br> AB, 0.650%, 9/09/24 ± | 1000000 | 926069 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA, 2.625%,<br> 10/16/24 ± | 750000 | 710569 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Banking Corp.,<br> 3.400%, 7/11/24 | 1000000 | 970625 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui<br> Financial Group, Inc.,<br> 2.696%, 7/16/24 | 1966000 | 1887319 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Bank Ltd.,<br> 0.850%, 3/25/24 ± | 5000000 | 4732952 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB,<br> 0.625%, 6/30/23 ± | 5000000 | 4891697 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> 1.019%, 11/18/24 | 11800000 | 10993158 |
|  |  | 63021350 |
| &nbsp;&nbsp;&nbsp;TOTAL YANKEE<br> CORPORATE BONDS<br> AND NOTES (Identified<br> Cost $70,280,278) |  | 66341822 |
| **CORPORATE BONDS AND NOTES — 21.6%** |  |  |
| ***Basic Material — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC, 3.600%,<br> 3/01/25 ± | 4000000 | 3878741 |
| ***Communications — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.,<br> 2.730%, 4/13/24 | 5000000 | 4875492 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.,<br> 3.650%, 3/15/25 | 2000000 | 1952224 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC,<br> 3.900%, 11/15/24 | 3000000 | 2906940 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc./<br> Omnicom Capital, Inc.,<br> 3.650%, 11/01/24 | 1004000 | 984501 |
|  |  | 10719157 |
| ***Consumer, Cyclical — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc.,<br> 3.600%, 4/15/24 | 2750000 | 2697247 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Finance<br> North America LLC,<br> 2.700%, 6/14/24 ± | 2000000 | 1932954 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of<br> America Finance LLC,<br> 2.850%, 9/26/24 ± | 2000000 | 1916343 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc.,<br> 3.800%, 11/18/24 | 2001000 | 1952358 |
|  |  | 8498902 |
| ***Consumer, Non-cyclical — 3.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Bayer US Finance LLC, 3.375%,<br> 10/08/24 ± | 3000000 | 2902334 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc.,<br> 3.079%, 6/15/24 | 3165000 | 3075259 |
| &nbsp;&nbsp;&nbsp;Cigna Corp.,<br> 3.500%, 6/15/24 | 3000000 | 2936317 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc.,<br> 2.375%, 1/15/25 | 2500000 | 2376846 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc.,<br> 3.500%, 8/15/24 | 1500000 | 1464705 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc.,<br> 3.700%, 4/01/24 | 1001000 | 984835 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of<br> America Holdings,<br> 3.600%, 2/01/25 | 2000000 | 1938656 |
|  |  | 15678952 |
| ***Energy — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP,<br> 4.050%, 3/15/25 | 2500000 | 2425570 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp.,<br> 3.625%, 9/15/24 | 3000000 | 2922665 |
|  |  | 5348235 |
| ***Financial — 7.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc.,<br> 3.875%, 5/21/24 | 2483000 | 2419180 |
| &nbsp;&nbsp;&nbsp;American Express Co.,<br> 3.375%, 5/03/24 | 4500000 | 4412505 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp.<br> (The), 1.600%, 4/24/25 | 4000000 | 3722667 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp.,<br> 3.200%, 2/05/25 | 1000000 | 962763 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., 3.750%, 6/16/24 | 3000000 | 2949198 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.<br> (The), 3.850%, 7/08/24 | 2000000 | 1959238 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.<br> (The), 4.000%, 3/03/24 | 1000000 | 987324 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Fixed Income Fund

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

---

| | | |
|:---|:---|:---|
|  | **FACE<br> AMOUNT** | **VALUE†** |
| **CORPORATE BONDS AND NOTES (Continued)** |  |  |
| ***Financial (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley,<br> 3.875%, 4/29/24 | $4800000 | $4729619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuveen Finance LLC,<br> 4.125%, 11/01/24 ± | 4000000 | 3898462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty LP,<br> 3.500%, 1/15/25 | 3260000 | 3050696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co.,<br> 3.300%, 9/09/24 | 4500000 | 4369384 |
|  |  | 33461036 |
| ***Industrial — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/<br> PTL Finance Corp.,<br> 3.450%, 7/01/24 ± | 1750000 | 1691576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corp.,<br> 3.200%, 3/15/24 | 2695000 | 2644681 |
|  |  | 4336257 |
| ***Technology — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp.,<br> 2.500%, 4/01/25 | 3250000 | 3065637 |
| ***Utilities — 1.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Capital Corp.,<br> 3.400%, 3/01/25 | 4000000 | 3880534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edison International,<br> 3.550%, 11/15/24 | 3000000 | 2900021 |
|  |  | 6780555 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS<br> AND NOTES (Identified<br> Cost $95,773,769) |  | 91767472 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 62.7%** |  |  |
| ***U.S. Treasury Securities — 62.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.125%, 10/15/23 | 41750000 | 40278869 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.125%, 12/15/23 | 16000000 | 15327585 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.250%, 9/30/23 | 41750000 | 40363594 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.250%, 11/15/23 | 44000000 | 42310535 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.375%, 10/31/23 | 42500000 | 40985924 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.375%, 4/15/24 | 1500000 | 1420195 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.500%, 11/30/23 | 44250000 | 42575222 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.750%, 12/31/23 | 43750000 | 42065266 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 2.250%, 3/31/24 | 2000000 | 1941328 |
|  |  | 267268518 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT<br> & AGENCY OBLIGATIONS<br> (Identified<br> Cost $271,222,925) |  | 267268518 |
| **SHORT-TERM INVESTMENTS — 0.0%** |  |  |
| ***Investment Company — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S.<br> Government Money Market<br> Fund 3.860% | 129824 | 129824 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM<br> INVESTMENTS (Identified<br> Cost $129,824) |  | 129824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments — 99.9%<br> (Identified Cost<br> $437,406,796)**  |  | **425507636** |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets, Less<br> Liabilities — 0.1% |  | 470019 |
| **Net Assets — 100.0%** |  | $**425977655** |

---

---

| | |
|:---|:---|
| † | 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 December 31, 2022 amounted to $46,936,190 or 11.02% of the net assets of the Fund. |

---

**Portfolio Sectors as of December 31, 2022**<br> **(As a percentage of total long-term investments) (Unaudited)**

*The accompanying notes are an integral part of these financial statements.*

------

SA Global Fixed Income Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **FACE<br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES — 100.7%** |  |  |  |
| ***Australia — 9.5%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand<br> Banking Group Ltd.,<br> 3.700%, 11/16/25 | USD | 1000000 | $972631 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand<br> Banking Group Ltd.,<br> 4.050%, 5/12/25 | AUD | 1000000 | 671176 |
| &nbsp;&nbsp;&nbsp;Commonwealth<br> Bank of Australia,<br> 1.125%, 6/15/26 ± | USD | 10855000 | 9561893 |
| &nbsp;&nbsp;&nbsp;Commonwealth<br> Bank of Australia,<br> 4.200%, 8/18/25 | AUD | 1700000 | 1143600 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd.,<br> 0.250%, 5/20/24 | EUR | 500000 | 515326 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd.,<br> 1.388%, 1/12/25 ± | USD | 600000 | 560287 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd.,<br> 2.900%, 2/25/27 | AUD | 1000000 | 628256 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd.,<br> 3.375%, 1/14/26 | USD | 8500000 | 8146379 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd.,<br> 3.900%, 5/30/25 | AUD | 2400000 | 1605103 |
| &nbsp;&nbsp;&nbsp;New South Wales Treasury<br> Corp., 4.000%, 5/20/26 | AUD | 12700000 | 8652178 |
| &nbsp;&nbsp;&nbsp;Queensland Treasury Corp.,<br> 3.250%, 7/21/26 ± | AUD | 8500000 | 5645532 |
| &nbsp;&nbsp;&nbsp;South Australian Government<br> Financing Authority,<br> 3.000%, 7/20/26 | AUD | 4300000 | 2829330 |
| &nbsp;&nbsp;&nbsp;Treasury Corp. of Victoria,<br> 0.500%, 11/20/25 | AUD | 7900000 | 4878039 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> 0.000%, 10/17/23 # | EUR | 1200000 | 1264759 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> 0.375%, 3/05/23 | EUR | 3000000 | 3201730 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> 1.019%, 11/18/24 | USD | 2000000 | 1863247 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> 1.150%, 6/03/26 | USD | 6375000 | 5643350 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> 2.350%, 2/19/25 | USD | 1196000 | 1136587 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> 2.700%, 3/17/25 | AUD | 1400000 | 914867 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> 2.850%, 5/13/26 | USD | 4300000 | 4043860 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> (3-mo. Swap + 0.950%),<br> 4.000%, 11/16/23 ‡ | AUD | 100000 | 68358 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp.,<br> 4.125%, 6/04/26 | AUD | 2300000 | 1529042 |
|  |  |  | 65475530 |
| ***Austria — 2.2%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria Treasury Bill,<br> 0.000%, 4/27/23 # | EUR | 1100000 | 1169571 |
| &nbsp;&nbsp;&nbsp;Oesterreichische Kontrollbank<br> AG, 1.250%, 12/15/23 | GBP | 1400000 | 1651725 |
| &nbsp;&nbsp;&nbsp;Oesterreichische Kontrollbank<br> AG, 0.000%, 4/06/23 # | EUR | 4500000 | 4791695 |
| &nbsp;&nbsp;&nbsp;Oesterreichische Kontrollbank<br> AG, 0.500%, 9/16/24 | USD | 3012000 | 2808606 |
| &nbsp;&nbsp;&nbsp;Republic of Austria Government<br> Bond, 1.650%, 10/21/24 ± | EUR | 3200000 | 3360307 |
| &nbsp;&nbsp;&nbsp;Republic of Austria Government<br> Bond, 1.750%, 10/20/23 ± | EUR | 1200000 | 1275851 |
|  |  |  | 15057755 |
| ***Belgium — 1.5%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Euroclear Bank SA,<br> 0.125%, 7/07/25 | EUR | 150000 | 148080 |
| &nbsp;&nbsp;&nbsp;Euroclear Bank SA,<br> 0.500%, 7/10/23 | EUR | 1250000 | 1323845 |
| &nbsp;&nbsp;&nbsp;Kingdom of Belgium Government<br> Bond, 0.200%, 10/22/23 ± | EUR | 2900000 | 3046897 |
| &nbsp;&nbsp;&nbsp;Kingdom of Belgium Government<br> Bond, 0.500%, 10/22/24 ± | EUR | 2600000 | 2677397 |
| &nbsp;&nbsp;&nbsp;Kingdom of Belgium Government<br> Bond, 0.800%, 6/22/25 ± | EUR | 400000 | 409458 |
| &nbsp;&nbsp;&nbsp;Kingdom of Belgium Government<br> Bond, 2.600%, 6/22/24 ± | EUR | 2900000 | 3098172 |
|  |  |  | 10703849 |
| ***Canada — 11.4%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Montreal,<br> 2.700%, 9/11/24 | CAD | 600000 | 427119 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal,<br> 2.890%, 6/20/23 | CAD | 7500000 | 5488665 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of<br> Commerce,<br> 2.970%, 7/11/23 | CAD | 7100000 | 5190121 |
| &nbsp;&nbsp;&nbsp;CPPIB Capital, Inc.,<br> 0.375%, 7/25/23 | GBP | 1300000 | 1542488 |
| &nbsp;&nbsp;&nbsp;CPPIB Capital, Inc.,<br> 0.375%, 6/20/24 | EUR | 2950000 | 3027973 |
| &nbsp;&nbsp;&nbsp;CPPIB Capital, Inc.,<br> 0.875%, 12/17/24 | GBP | 1100000 | 1241424 |
| &nbsp;&nbsp;&nbsp;Export Development Canada,<br> 0.000%, 1/27/25 # | EUR | 700000 | 701603 |
| &nbsp;&nbsp;&nbsp;Export Development Canada,<br> 1.375%, 12/08/23 | GBP | 1366000 | 1615653 |
| &nbsp;&nbsp;&nbsp;Export Development Canada,<br> 2.625%, 2/21/24 | USD | 4085000 | 3993305 |
| &nbsp;&nbsp;&nbsp;OMERS Finance Trust,<br> 0.450%, 5/13/25 | EUR | 2450000 | 2448101 |
| &nbsp;&nbsp;&nbsp;Ontario Teachers' Finance Trust,<br> 0.500%, 5/06/25 | EUR | 1350000 | 1350321 |
| &nbsp;&nbsp;&nbsp;Province of Alberta Canada,<br> 0.500%, 4/16/25 | EUR | 1900000 | 1913177 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA Global Fixed Income Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **FACE<br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES (Continued)** |  |  |  |
| ***Canada (Continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Province of Alberta Canada,<br> 0.625%, 4/18/25 | EUR | 2300000 | $2320748 |
| &nbsp;&nbsp;&nbsp;Province of Alberta Canada,<br> 2.950%, 1/23/24 | USD | 1300000 | 1273263 |
| &nbsp;&nbsp;&nbsp;Province of Manitoba Canada,<br> 2.600%, 4/16/24 | USD | 3000000 | 2921973 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada,<br> 0.375%, 6/14/24 | EUR | 2000000 | 2053582 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada,<br> 0.500%, 12/15/23 | GBP | 650000 | 761087 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada,<br> 0.875%, 1/21/25 | EUR | 200000 | 203840 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada,<br> 3.050%, 1/29/24 | USD | 4500000 | 4416071 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada,<br> 3.100%, 8/26/25 | AUD | 2000000 | 1317999 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada,<br> 3.400%, 10/17/23 | USD | 1000000 | 987834 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada,<br> 0.875%, 1/15/25 | EUR | 2400000 | 2447407 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada,<br> 2.500%, 4/09/24 | USD | 8158000 | 7919777 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada,<br> 3.700%, 5/20/26 | AUD | 4500000 | 2991624 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada,<br> 0.750%, 12/13/24 | GBP | 600000 | 677324 |
| &nbsp;&nbsp;&nbsp;PSP Capital, Inc.,<br> 0.500%, 9/15/24 | USD | 1219000 | 1135349 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada,<br> 2.333%, 12/05/23 | CAD | 3100000 | 2235182 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada,<br> 4.200%, 6/22/26 | AUD | 500000 | 331109 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The),<br> 0.750%, 9/11/25 | USD | 421000 | 376530 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The),<br> 0.750%, 1/06/26 | USD | 1707000 | 1512836 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The),<br> 1.200%, 6/03/26 | USD | 2328000 | 2058074 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The),<br> 1.909%, 7/18/23 | CAD | 5900000 | 4286341 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The),<br> 0.625%, 7/20/23 | EUR | 400000 | 423672 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The),<br> 3.005%, 5/30/23 | CAD | 7500000 | 5495301 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The),<br> 3.226%, 7/24/24 | CAD | 2500000 | 1798512 |
|  |  |  | 78885385 |
| ***Denmark — 3.7%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Denmark Government Bond,<br> 0.000%, 11/15/24 # | DKK | 154000000 | 21065266 |
| &nbsp;&nbsp;&nbsp;Kommunekredit, 0.000%,<br> 11/15/24 # | GBP | 250000 | 280742 |
| &nbsp;&nbsp;&nbsp;Kommunekredit,<br> 1.000%, 12/15/23 | USD | 2600000 | 2507534 |
| &nbsp;&nbsp;&nbsp;Kommunekredit,<br> 2.000%, 6/25/24 | GBP | 1300000 | 1521088 |
|  |  |  | 25374630 |
| ***Finland — 2.2%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Finland Government Bond,<br> 0.000%, 9/15/24 ±# | EUR | 7400000 | 7576051 |
| &nbsp;&nbsp;&nbsp;Finland Government Bond,<br> 0.875%, 9/15/25 ± | EUR | 1600000 | 1632761 |
| &nbsp;&nbsp;&nbsp;Finland Government Bond,<br> 2.000%, 4/15/24 ± | EUR | 800000 | 849435 |
| &nbsp;&nbsp;&nbsp;Kuntarahoitus Oyj,<br> 0.880%, 12/16/24 | GBP | 2900000 | 3280729 |
| &nbsp;&nbsp;&nbsp;Kuntarahoitus Oyj,<br> 0.000%, 11/15/24 # | EUR | 500000 | 504855 |
| &nbsp;&nbsp;&nbsp;Kuntarahoitus Oyj,<br> 0.125%, 3/07/24 | EUR | 250000 | 258606 |
| &nbsp;&nbsp;&nbsp;OP Corporate Bank plc,<br> 1.000%, 5/22/25 @ | EUR | 1000000 | 1009069 |
|  |  |  | 15111506 |
| ***France — 8.2%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Agence Francaise de<br> Developpement EPIC,<br> 4.000%, 3/14/23 | EUR | 1600000 | 1716648 |
| &nbsp;&nbsp;&nbsp;Agence Francaise de<br> Developpement EPIC,<br> 0.000%, 3/25/25 # | EUR | 2800000 | 2795786 |
| &nbsp;&nbsp;&nbsp;Agence Francaise de<br> Developpement EPIC,<br> 0.625%, 1/22/26 | USD | 5800000 | 5164153 |
| &nbsp;&nbsp;&nbsp;Agence Francaise de<br> Developpement EPIC,<br> 3.125%, 1/04/24 | EUR | 5000000 | 5352515 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA,<br> 2.875%, 9/26/23 @ | EUR | 175000 | 187527 |
| &nbsp;&nbsp;&nbsp;Bpifrance SACA,<br> 0.500%, 5/25/25 | EUR | 1000000 | 1005066 |
| &nbsp;&nbsp;&nbsp;Caisse d'Amortissement de la<br> Dette Sociale,<br> 0.375%, 5/27/24 | USD | 2500000 | 2348821 |
| &nbsp;&nbsp;&nbsp;Caisse d'Amortissement<br> de la Dette Sociale,<br> 1.375%, 11/25/24 | EUR | 800000 | 827163 |
| &nbsp;&nbsp;&nbsp;Caisse d'Amortissement<br> de la Dette Sociale,<br> 3.375%, 3/20/24 | USD | 371000 | 364368 |
| &nbsp;&nbsp;&nbsp;Dexia Credit Local SA,<br> 0.000%, 5/29/24 # | EUR | 200000 | 204697 |
| &nbsp;&nbsp;&nbsp;Dexia Credit Local SA,<br> 0.500%, 7/22/23 | GBP | 1200000 | 1423276 |
| &nbsp;&nbsp;&nbsp;Dexia Credit Local SA,<br> 0.500%, 7/16/24 | USD | 6800000 | 6364655 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA Global Fixed Income Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **FACE <br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES (Continued)** |  |  |  |
| ***France (Continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dexia Credit Local SA,<br> 0.500%, 1/17/25 | EUR | 500000 | $506301 |
| &nbsp;&nbsp;&nbsp;Dexia Credit Local SA, <br>1.250%, 11/26/24 | EUR | 3300000 | 3404109 |
| &nbsp;&nbsp;&nbsp;Dexia Credit Local SA,<br> 1.625%, 12/08/23 | GBP | 600000 | 709543 |
| &nbsp;&nbsp;&nbsp;French Republic <br> Government Bond OAT,<br> 0.000%, 3/25/24 # | EUR | 2000000 | 2068811 |
| &nbsp;&nbsp;&nbsp;French Republic <br> Government Bond OAT,<br> 0.000%, 2/25/25 # | EUR | 4100000 | 4133425 |
| &nbsp;&nbsp;&nbsp;French Republic <br> Government Bond OAT,<br> 2.250%, 5/25/24 | EUR | 1000000 | 1062987 |
| &nbsp;&nbsp;&nbsp;Sanofi Senior Unsecured RegS, <br> 0.875%, 4/06/25 @\* | EUR | 300000 | 307175 |
| &nbsp;&nbsp;&nbsp;SFIL SA, 0.000%, 5/24/24 # | EUR | 500000 | 511946 |
| &nbsp;&nbsp;&nbsp;SFIL SA, 0.625%, 2/09/26 | USD | 8400000 | 7453692 |
| &nbsp;&nbsp;&nbsp;SNCF Reseau, <br> 4.500%, 1/30/24 | EUR | 200000 | 217134 |
| &nbsp;&nbsp;&nbsp;Societe Nationale SNCF SA, <br> 4.125%, 2/19/25 | EUR | 1500000 | 1632441 |
| &nbsp;&nbsp;&nbsp;Societe Nationale SNCF SA, <br> 4.625%, 2/02/24 | EUR | 1350000 | 1466213 |
| &nbsp;&nbsp;&nbsp;Societe Nationale SNCF SA, <br> 4.875%, 6/12/23 | EUR | 3150000 | 3400324 |
| &nbsp;&nbsp;&nbsp;UNEDIC ASSEO, <br> 0.125%, 11/25/24 | EUR | 800000 | 807991 |
| &nbsp;&nbsp;&nbsp;UNEDIC ASSEO, <br> 0.625%, 2/17/25 | EUR | 300000 | 304736 |
| &nbsp;&nbsp;&nbsp;UNEDIC ASSEO, <br> 2.375%, 5/25/24 | EUR | 1100000 | 1164827 |
|  |  |  | 56906330 |
| ***Germany — 7.1%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Erste Abwicklungsanstalt,<br> 0.250%, 3/01/24 | USD | 9000000 | 8537812 |
| &nbsp;&nbsp;&nbsp;Erste Abwicklungsanstalt,<br> 0.875%, 10/30/24 | USD | 3400000 | 3174966 |
| &nbsp;&nbsp;&nbsp;FMS Wertmanagement,<br> 0.375%, 5/06/24 | USD | 2000000 | 1886791 |
| &nbsp;&nbsp;&nbsp;FMS Wertmanagement,<br> 1.375%, 3/07/25 | GBP | 300000 | 340063 |
| &nbsp;&nbsp;&nbsp;Free State of Bavaria,<br> 0.010%, 1/17/25 | EUR | 150000 | 150882 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 0.000%, 11/15/24 # | EUR | 300000 | 304622 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 0.000%, 2/18/25 @# | EUR | 4150000 | 4179671 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 0.010%, 3/31/25 | EUR | 412000 | 413520 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 0.125%, 10/04/24 | EUR | 1000000 | 1021216 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 0.250%, 3/08/24 | USD | 4733000 | 4488430 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 0.375%, 4/23/25 | EUR | 638000 | 644839 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 0.875%, 7/18/24 | GBP | 400000 | 459801 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 1.250%, 12/29/23 | GBP | 833000 | 982679 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 1.625%, 5/10/24 | USD | 1000000 | 958851 |
| &nbsp;&nbsp;&nbsp;Kreditanstalt fuer Wiederaufbau,<br> 3.200%, 9/11/26 | AUD | 500000 | 329134 |
| &nbsp;&nbsp;&nbsp;Landeskreditbank Baden-<br> Wuerttemberg Foerderbank,<br> 0.375%, 12/09/24 | GBP | 2408000 | 2697989 |
| &nbsp;&nbsp;&nbsp;Landeskreditbank Baden-<br> Wuerttemberg Foerderbank,<br> 1.375%, 12/15/23 | GBP | 1100000 | 1299279 |
| &nbsp;&nbsp;&nbsp;Landeskreditbank Baden-<br> Wuerttemberg Foerderbank,<br> 2.000%, 7/23/24 | USD | 7562000 | 7255021 |
| &nbsp;&nbsp;&nbsp;Landwirtschaftliche Rentenbank,<br> 3.125%, 11/14/23 | USD | 1000000 | 985282 |
| &nbsp;&nbsp;&nbsp;Landwirtschaftliche Rentenbank,<br> 4.250%, 1/09/25 | AUD | 3780000 | 2583855 |
| &nbsp;&nbsp;&nbsp;Landwirtschaftliche Rentenbank,<br> 4.750%, 5/06/26 | AUD | 1100000 | 762116 |
| &nbsp;&nbsp;&nbsp;Landwirtschaftliche Rentenbank,<br> 5.375%, 4/23/24 | NZD | 1000000 | 633246 |
| &nbsp;&nbsp;&nbsp;NRW Bank, 1.380%, 12/15/23 | GBP | 600000 | 708817 |
| &nbsp;&nbsp;&nbsp;NRW Bank, 0.375%, 12/16/24 | GBP | 1600000 | 1790082 |
| &nbsp;&nbsp;&nbsp;NRW Bank, 1.050%, 3/31/26 | AUD | 2350000 | 1433413 |
| &nbsp;&nbsp;&nbsp;State of North Rhine-Westphalia <br> Germany, 0.000%,<br> 12/16/24 # | GBP | 1300000 | 1462393 |
|  |  |  | 49484770 |
| ***Luxembourg — 0.6%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;European Financial Stability<br> Facility, 0.000%, 4/19/24 # | EUR | 2900000 | 2991440 |
| &nbsp;&nbsp;&nbsp;European Financial Stability<br> Facility, 0.000%, 10/15/25 # | EUR | 1000000 | 987786 |
| &nbsp;&nbsp;&nbsp;European Financial Stability<br> Facility, 0.500%, 7/11/25 | EUR | 240000 | 241821 |
|  |  |  | 4221047 |
| ***Netherlands — 5.9%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNG Bank NV,<br> 3.500%, 8/26/24 ± | USD | 1700000 | 1667393 |
| &nbsp;&nbsp;&nbsp;BNG Bank NV, 0.050%, 7/11/23 | EUR | 400000 | 422486 |
| &nbsp;&nbsp;&nbsp;BNG Bank NV, 0.500%, 4/16/25 | EUR | 1600000 | 1615627 |
| &nbsp;&nbsp;&nbsp;BNG Bank NV, 2.000%, 4/12/24 | GBP | 2400000 | 2816951 |
| &nbsp;&nbsp;&nbsp;BNG Bank NV, 3.250%, 7/15/25 | AUD | 2400000 | 1590972 |
| &nbsp;&nbsp;&nbsp;BNG Bank NV, 3.875%, 5/26/23 | EUR | 2000000 | 2153098 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA,<br> 1.375%, 1/10/25 | USD | 444000 | 415074 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA Global Fixed Income Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **FACE <br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES (Continued)** |  |  |  |
| ***Netherlands (Continued)*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Nederlandse Waterschapsbank<br> NV, 2.000%, 12/16/24 | GBP | 1950000 | $2250886 |
| &nbsp;&nbsp;&nbsp;Nederlandse Waterschapsbank<br> NV, 1.125%, 3/15/24 | USD | 2150000 | 2056790 |
| &nbsp;&nbsp;&nbsp;Nederlandse Waterschapsbank<br> NV, 3.000%, 11/16/23 | EUR | 1000000 | 1070224 |
| &nbsp;&nbsp;&nbsp;Netherlands Government Bond,<br> 0.000%, 1/15/24 ±# | EUR | 3050000 | 3178910 |
| &nbsp;&nbsp;&nbsp;Netherlands Government Bond,<br> 0.250%, 7/15/25 ± | EUR | 1300000 | 1311155 |
| &nbsp;&nbsp;&nbsp;Netherlands Government Bond,<br> 2.000%, 7/15/24 ± | EUR | 16300000 | 17277919 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk Finance <br> Netherlands BV,<br> 0.750%, 3/31/25 @ | EUR | 200000 | 202326 |
| &nbsp;&nbsp;&nbsp;Roche Finance Europe BV,<br> 0.875%, 2/25/25 | EUR | 1000000 | 1035630 |
| &nbsp;&nbsp;&nbsp;Shell International Finance BV,<br> 0.750%, 5/12/24 | EUR | 600000 | 622416 |
| &nbsp;&nbsp;&nbsp;Shell International Finance BV,<br> 1.125%, 4/07/24 | EUR | 1130000 | 1181294 |
|  |  |  | 40869151 |
| ***New Zealand — 0.9%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;New Zealand Government Bond,<br> 0.500%, 5/15/24 | NZD | 3500000 | 2088520 |
| &nbsp;&nbsp;&nbsp;New Zealand Local Government <br> Funding Agency Bond,<br> 2.250%, 4/15/24 | NZD | 6800000 | 4144015 |
| &nbsp;&nbsp;&nbsp;New Zealand Local Government <br> Funding Agency Bond,<br> 2.750%, 4/15/25 | NZD | 500000 | 299206 |
|  |  |  | 6531741 |
| ***Norway — 2.7%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA,<br> 0.050%, 11/14/23 | EUR | 675000 | 704783 |
| &nbsp;&nbsp;&nbsp;Equinor ASA, 1.750%, 1/22/26 | USD | 1900000 | 1740459 |
| &nbsp;&nbsp;&nbsp;Kommunalbanken AS, <br>0.250%, 12/08/23 | USD | 2600000 | 2490889 |
| &nbsp;&nbsp;&nbsp;Kommunalbanken AS,<br> 1.000%, 12/12/24 | GBP | 750000 | 850227 |
| &nbsp;&nbsp;&nbsp;Kommunalbanken AS,<br> 0.600%, 6/01/26 | AUD | 2000000 | 1199017 |
| &nbsp;&nbsp;&nbsp;Kommunalbanken AS,<br> 1.500%, 12/15/23 | GBP | 400000 | 472929 |
| &nbsp;&nbsp;&nbsp;Kommunalbanken AS,<br> 2.000%, 6/19/24 | USD | 2700000 | 2594874 |
| &nbsp;&nbsp;&nbsp;Kommunalbanken AS,<br> 2.750%, 2/05/24 | USD | 600000 | 586752 |
| &nbsp;&nbsp;&nbsp;Kommunalbanken AS,<br> 4.250%, 7/16/25 | AUD | 1490000 | 1013258 |
| &nbsp;&nbsp;&nbsp;Norway Government Bond,<br> 1.750%, 3/13/25 ± | NOK | 19800000 | 1964984 |
| &nbsp;&nbsp;&nbsp;Norway Government Bond,<br> 3.000%, 3/14/24 ± | NOK | 48000000 | 4891869 |
|  |  |  | 18510041 |
| ***Supranational — 17.5%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;African Development Bank,<br> 0.240%, 4/14/23 | SEK | 59000000 | 5614907 |
| &nbsp;&nbsp;&nbsp;African Development Bank,<br> 4.500%, 6/02/26 | AUD | 1500000 | 1026075 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank,<br> 0.375%, 6/11/24 | USD | 800000 | 752012 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank,<br> 0.500%, 5/05/26 | AUD | 6000000 | 3623612 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank,<br> 1.375%, 12/15/23 | GBP | 6990000 | 8261299 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank,<br> 1.625%, 3/15/24 | USD | 7989000 | 7693490 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank,<br> 2.500%, 12/19/24 | GBP | 750000 | 875866 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank,<br> 3.750%, 3/12/25 | AUD | 1000000 | 675637 |
| &nbsp;&nbsp;&nbsp;Asian Infrastructure Investment <br> Bank (The), 1.000%, 5/06/26 | AUD | 2400000 | 1461494 |
| &nbsp;&nbsp;&nbsp;Asian Infrastructure Investment <br> Bank (The), 2.250%, 5/16/24 | USD | 844000 | 815477 |
| &nbsp;&nbsp;&nbsp;Council of Europe Development <br> Bank, 0.125%, 5/25/23 | EUR | 219000 | 232446 |
| &nbsp;&nbsp;&nbsp;Council of Europe Development <br> Bank, 0.375%, 3/27/25 | EUR | 787000 | 792376 |
| &nbsp;&nbsp;&nbsp;Eurofima Europaeische <br> Gesellschaft fuer die <br> Finanzierung von <br> Eisenbahnmaterial,<br> 0.250%, 2/09/24 | EUR | 191000 | 197924 |
| &nbsp;&nbsp;&nbsp;European Financial Stability <br> Facility, 0.125%, 10/17/23 | EUR | 756000 | 793219 |
| &nbsp;&nbsp;&nbsp;European Financial Stability <br> Facility, 0.400%, 2/17/25 | EUR | 400000 | 405666 |
| &nbsp;&nbsp;&nbsp;European Financial Stability <br> Facility, 1.750%, 6/27/24 | EUR | 598000 | 628914 |
| &nbsp;&nbsp;&nbsp;European Financial Stability <br> Facility, 2.125%, 2/19/24 | EUR | 2550000 | 2706209 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 0.000%, 10/16/23 # | EUR | 1600000 | 1677865 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 0.000%, 3/25/25 # | EUR | 140000 | 140345 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 0.050%, 12/15/23 | EUR | 500000 | 521621 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 0.500%, 11/15/23 | EUR | 210000 | 220586 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 0.750%, 11/15/24 | GBP | 1100000 | 1249112 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 0.875%, 12/15/23 | GBP | 2590000 | 3046986 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 0.875%, 9/13/24 @ | EUR | 450000 | 465008 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA Global Fixed Income Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **FACE <br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES (Continued)** |  |  |  |
| **Supranational (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 1.250%, 5/12/25 | SEK | 5000000 | $456279 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 1.375%, 3/07/25 | GBP | 2397000 | 2723294 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 2.625%, 3/15/24 | USD | 3800000 | 3704681 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 2.900%, 10/17/25 | AUD | 2200000 | 1449462 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 3.250%, 1/29/24 | USD | 1623000 | 1596918 |
| &nbsp;&nbsp;&nbsp;European Investment Bank,<br> 4.750%, 8/07/24 | AUD | 700000 | 481987 |
| &nbsp;&nbsp;&nbsp;European Stability Mechanism,<br> 0.000%, 12/16/24 # | EUR | 1600000 | 1617626 |
| &nbsp;&nbsp;&nbsp;European Stability Mechanism,<br> 0.000%, 3/14/25 # | EUR | 1566000 | 1571998 |
| &nbsp;&nbsp;&nbsp;European Stability Mechanism,<br> 0.100%, 7/31/23 | EUR | 900000 | 950265 |
| &nbsp;&nbsp;&nbsp;European Stability Mechanism,<br> 0.125%, 4/22/24 @ | EUR | 800000 | 825985 |
| &nbsp;&nbsp;&nbsp;European Union,<br> 0.000%, 7/06/26 # | EUR | 600000 | 579482 |
| &nbsp;&nbsp;&nbsp;European Union,<br> 0.500%, 4/04/25 | EUR | 1000000 | 1015563 |
| &nbsp;&nbsp;&nbsp;European Union,<br> 0.800%, 7/04/25 | EUR | 14020000 | 14248760 |
| &nbsp;&nbsp;&nbsp;European Union,<br> 1.875%, 4/04/24 | EUR | 500000 | 528837 |
| &nbsp;&nbsp;&nbsp;Inter-American Development <br> Bank, 1.250%, 12/15/23 | GBP | 8180000 | 9660771 |
| &nbsp;&nbsp;&nbsp;Inter-American Development <br> Bank, 1.375%, 12/15/24 | GBP | 1350000 | 1543208 |
| &nbsp;&nbsp;&nbsp;Inter-American Development <br> Bank, 2.750%, 10/30/25 | AUD | 300000 | 196564 |
| &nbsp;&nbsp;&nbsp;Inter-American Development <br> Bank, 3.000%, 2/21/24 | USD | 963000 | 943721 |
| &nbsp;&nbsp;&nbsp;Inter-American Development <br> Bank, 3.250%, 7/01/24 | USD | 2493000 | 2439884 |
| &nbsp;&nbsp;&nbsp;Inter-American Development <br> Bank, 4.250%, 6/11/26 | AUD | 6000000 | 4086171 |
| &nbsp;&nbsp;&nbsp;Inter-American Development <br> Bank, 4.750%, 8/27/24 | AUD | 5500000 | 3783724 |
| &nbsp;&nbsp;&nbsp;Inter-American Investment Corp.,<br> 1.750%, 10/02/24 | USD | 648000 | 615999 |
| &nbsp;&nbsp;&nbsp;International Bank for <br> Reconstruction & <br> Development, <br> 0.500%, 5/18/26 | AUD | 2800000 | 1685669 |
| &nbsp;&nbsp;&nbsp;International Bank for <br> Reconstruction & <br> Development,<br> 2.500%, 8/03/23 | CAD | 800000 | 583573 |
| &nbsp;&nbsp;&nbsp;International Bank for <br> Reconstruction & <br> Development, 2.500%,<br> 3/19/24 | USD | 12500000 | 12156870 |
| &nbsp;&nbsp;&nbsp;International Development<br> Association,<br> 0.750%, 12/12/24 | GBP | 637000 | 719983 |
| &nbsp;&nbsp;&nbsp;International Finance Corp.,<br> 3.200%, 7/22/26 | AUD | 5000000 | 3289296 |
| &nbsp;&nbsp;&nbsp;International Finance Corp.,<br> 4.000%, 4/03/25 | AUD | 4900000 | 3330466 |
| &nbsp;&nbsp;&nbsp;Nordic Investment Bank,<br> 1.500%, 3/13/25 | NOK | 6000000 | 589798 |
|  |  |  | 121254980 |
| **Sweden — 9.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Kommuninvest I Sverige AB,<br> 3.250%, 1/16/24 | USD | 3343000 | 3288290 |
| &nbsp;&nbsp;&nbsp;Kommuninvest I Sverige AB,<br> 0.375%, 2/16/24 | USD | 1500000 | 1427212 |
| &nbsp;&nbsp;&nbsp;Kommuninvest I Sverige AB,<br> 1.000%, 11/13/23 | SEK | 24000000 | 2261426 |
| &nbsp;&nbsp;&nbsp;Kommuninvest I Sverige AB,<br> 1.000%, 10/02/24 | SEK | 40670000 | 3733647 |
| &nbsp;&nbsp;&nbsp;Kommuninvest I Sverige AB,<br> 1.000%, 5/12/25 | SEK | 19000000 | 1717749 |
| &nbsp;&nbsp;&nbsp;Kommuninvest I Sverige AB,<br> 1.375%, 5/08/24 | USD | 4200000 | 4013860 |
| &nbsp;&nbsp;&nbsp;Kommuninvest I Sverige AB,<br> 1.375%, 5/08/24 ± | USD | 750000 | 716761 |
| &nbsp;&nbsp;&nbsp;Kommuninvest I Sverige AB,<br> 2.875%, 7/03/24 ± | USD | 2971000 | 2889671 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB,<br> 0.850%, 9/02/25 ± | USD | 7500000 | 6699825 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB,<br> 1.200%, 9/09/26 ± | USD | 10645000 | 9292432 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB,<br> 1.400%, 11/19/25 ±@ | USD | 5000000 | 4499556 |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB,<br> 0.625%, 10/07/24 | USD | 1718000 | 1600197 |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB,<br> 3.625%, 9/03/24 | USD | 4375000 | 4294181 |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB,<br> 0.375%, 3/11/24 | USD | 3000000 | 2846254 |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB,<br> 0.375%, 7/30/24 | USD | 6363000 | 5943422 |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB,<br> 0.500%, 11/10/23 | USD | 2000000 | 1926366 |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB,<br> 1.375%, 12/15/23 | GBP | 1900000 | 2242934 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB,<br> 0.125%, 6/18/24 | EUR | 1700000 | 1737320 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB,<br> 0.550%, 6/11/24 ± | USD | 250000 | 234642 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB,<br> 1.000%, 4/15/25 | EUR | 300000 | 304948 |
| &nbsp;&nbsp;&nbsp;Sweden Government Bond,<br> 1.500%, 11/13/23 ± | SEK | 20500000 | 1941852 |
| &nbsp;&nbsp;&nbsp;Sweden Government Bond,<br> 2.500%, 5/12/25 ± | SEK | 53000000 | 5047139 |
|  |  |  | 68659684 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA Global Fixed Income Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | | **FACE<br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES (Continued)** |  |  |  |
| ***Switzerland — 0.1%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Novartis Finance SA,<br> 0.125%, 9/20/23 | EUR | 1000000 | $1055489 |
| ***United Kingdom — 0.2%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Network Rail Infrastructure<br> Finance PLC,<br> 4.750%, 1/22/24 | GBP | 955000 | 1161047 |
| ***United States — 17.1%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Ireland Financing DAC,<br> 0.100%, 11/19/24 | EUR | 250000 | 252463 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.,<br> 0.450%, 5/12/24 | USD | 2000000 | 1885537 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.,<br> 1.000%, 5/12/26 | USD | 4976000 | 4418536 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.,<br> 2.730%, 4/13/24 | USD | 7000000 | 6825689 |
| &nbsp;&nbsp;&nbsp;Apple, Inc.,<br> 0.700%, 2/08/26 | USD | 2140000 | 1903797 |
| &nbsp;&nbsp;&nbsp;Apple, Inc.,<br> 1.125%, 5/11/25 | USD | 500000 | 461133 |
| &nbsp;&nbsp;&nbsp;Apple, Inc.,<br> 2.513%, 8/19/24 | CAD | 5000000 | 3567836 |
| &nbsp;&nbsp;&nbsp;Apple, Inc.,<br> 3.600%, 6/10/26 | AUD | 500000 | 328735 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc.,<br> 0.000%, 3/12/25 # | EUR | 420000 | 417302 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc.,<br> 3.125%, 3/15/26 | USD | 4761000 | 4573126 |
| &nbsp;&nbsp;&nbsp;Chevron Corp.,<br> 1.554%, 5/11/25 | USD | 200000 | 186401 |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc.,<br> 0.687%, 8/12/25 | USD | 1507000 | 1364570 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp.,<br> 0.142%, 6/26/24 @ | EUR | 617000 | 631370 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc.,<br> 0.750%, 2/24/26 | USD | 1037000 | 920379 |
| &nbsp;&nbsp;&nbsp;National Securities<br> Clearing Corp.,<br> 0.750%, 12/07/25 ±@ | USD | 1378000 | 1223665 |
| &nbsp;&nbsp;&nbsp;Nestle Holdings, Inc.,<br> 0.625%, 1/15/26 ± | USD | 2277000 | 2024468 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp.,<br> 3.400%, 5/06/24 | USD | 1500000 | 1470834 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The),<br> 0.625%, 10/30/24 | EUR | 400000 | 410265 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The),<br> 1.000%, 4/23/26 | USD | 3565000 | 3200823 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The),<br> 1.125%, 11/02/23 | EUR | 100000 | 105841 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc.,<br> 0.991%, 3/05/26 ± | USD | 820000 | 731856 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc.,<br> 3.350%, 9/30/24 ± | USD | 5000000 | 4874842 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.125%, 12/15/23 | USD | 4000000 | 3831896 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.750%, 12/31/23 | USD | 15471400 | 14875624 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 0.875%, 1/31/24 | USD | 11000000 | 10557852 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note,<br> 2.500%, 1/31/24 | USD | 7000000 | 6838398 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes,<br> 0.125%, 8/15/23 | USD | 36250000 | 35247107 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., 3.150%, 12/14/25 | USD | 3185000 | 3074498 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc., 1.050%, 9/17/26 | USD | 2595000 | 2304293 |
|  |  |  | 118509136 |
| &nbsp;&nbsp;&nbsp;TOTAL BONDS AND NOTES<br> (Identified Cost $718,042,854) |  |  | 697772071 |
|  |  | **SHARES** |  |
| **SHORT-TERM INVESTMENTS — 3.0%** |  |  |  |
| ***Investment Company — 1.8%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S.<br> Government Money Market<br> Fund 3.860% |  | 12282406 | 12282406 |
| ***Collateral For Securities On Loan — 1.2%*** |  |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities<br> Lending Government Money<br> Market Portfolio 4.280% |  | 8330098 | 8330098 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $20,612,504) |  |  | 20612504 |
| **Total Investments — 103.7%<br> (Identified Cost $738,655,358)** |  |  | **718384575** |
| &nbsp;&nbsp;&nbsp;Liabilities, Less Cash and<br> Other Assets — (3.7%) |  |  | (25763835) |
| **Net Assets — 100.0%** |  |  | $**692620740** |

---

---

| | |
|:---|:---|
| † | 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 December 31, 2022 amounted to 113,021,031 or 16.32% of the net assets of the Fund. |
| ‡ | Floating rate or variable rate note. Rate shown is as of December 31, 2022. |
| # | Zero coupon bond |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $8,169,478. |
| \* | Securities offered and sold outside the U.S. that do not need to be registered. |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA Global Fixed Income Fund

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

------

Key to abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro Currency

GBP — British Pound

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

USD — U.S. Dollar

**Country weightings as of December 31, 2022**<br> **(As a percentage of long-term investments) (Unaudited)**

*The accompanying notes are an integral part of these financial statements.*

------

SA Global Fixed Income Fund

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

**Forward Foreign Currency Exchange Contracts sold outstanding as of December 31, 2022**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement**<br> **Date** | | **Currency**<br> **Purchased** | | **Currency**<br> **Sold** | **Counterparty** | **Total**<br> **Value** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
| 01/03/23 | USD | 6281215 | DKK | 46672660 | Morgan Stanley & Co., Inc. | $6718584 | $— | $(437369) |
| 01/03/23 | USD | 29794842 | EUR | 29817963 | Bank of America N.A. | 31918623 |  | (2123781) |
| 01/05/23 | USD | 9541906 | NOK | 100694393 | Morgan Stanley & Co., Inc. | 10278741 |  | (736835) |
| 01/05/23 | USD | 82418 | NOK | 804585 | State Street Bank and Trust Co. | 82131 | 287 |  |
| 01/05/23 | USD | 2156062 | NZD | 3332401 | State Street Bank and Trust Co. | 2115742 | 40320 |  |
| 01/05/23 | USD | 4621560 | NZD | 8092455 | State Street Bank and Trust Co. | 5137900 |  | (516341) |
| 01/06/23 | USD | 5088062 | AUD | 7960010 | Citibank N.A. London | 5420020 |  | (331957) |
| 01/06/23 | USD | 400783 | AUD | 625684 | State Street Bank and Trust Co. | 426032 |  | (25249) |
| 01/06/23 | USD | 7402143 | DKK | 51836549 | Morgan Stanley & Co., Inc. | 7463099 |  | (60956) |
| 01/10/23 | USD | 1941907 | SEK | 21802581 | Bank of America N.A. | 2090164 |  | (148258) |
| 01/10/23 | USD | 5670955 | SEK | 58713168 | HSBC Bank USA | 5628699 | 42256 |  |
| 01/11/23 | USD | 1674065 | SEK | 18846779 | Citibank N.A. London | 1806908 |  | (132843) |
| 01/11/23 | USD | 1554108 | SEK | 16282913 | HSBC Bank USA | 1561101 |  | (6993) |
| 01/12/23 | USD | 30040127 | CAD | 41881413 | State Street Bank and Trust Co. | 30932987 |  | (892860) |
| 01/17/23 | USD | 3569896 | AUD | 5619718 | Morgan Stanley & Co., Inc. | 3828198 |  | (258303) |
| 01/17/23 | USD | 837156 | AUD | 1252057 | State Street Bank and Trust Co. | 852912 |  | (15756) |
| 01/17/23 | USD | 1874536 | SEK | 19453003 | Bank of America N.A. | 1865641 | 8896 |  |
| 01/17/23 | USD | 1939269 | SEK | 19950997 | Bank of New York Mellon | 1913401 | 25868 |  |
| 01/17/23 | USD | 758862 | SEK | 7884943 | State Street Bank and Trust Co. | 756206 | 2656 |  |
| 01/18/23 | USD | 20257307 | EUR | 20576772 | Bank of America N.A. | 22047324 |  | (1790016) |
| 01/18/23 | USD | 2129271 | EUR | 1986998 | State Street Bank and Trust Co. | 2129002 | 269 |  |
| 01/18/23 | USD | 9424593 | EUR | 9053365 | State Street Bank and Trust Co. | 9700379 |  | (275785) |
| 01/19/23 | USD | 6892886 | DKK | 49182332 | Citibank N.A. London | 7087916 |  | (195030) |
| 01/19/23 | USD | 31467682 | EUR | 30088118 | State Street Bank and Trust Co. | 32240502 |  | (772818) |
| 01/20/23 | USD | 64519802 | GBP | 58104800 | UBS | 70275325 |  | (5755522) |
| 01/23/23 | USD | 5288114 | SEK | 56311420 | Bank of America N.A. | 5402318 |  | (114204) |
| 01/24/23 | USD | 33300403 | EUR | 31324521 | State Street Bank and Trust Co. | 33576213 |  | (275810) |
| 01/25/23 | USD | 56889427 | AUD | 88154944 | State Street Bank and Trust Co. | 60070938 |  | (3181511) |
| 01/25/23 | USD | 32410016 | EUR | 31982538 | State Street Bank and Trust Co. | 34283750 |  | (1873734) |
| 01/25/23 | USD | 697389 | GBP | 620770 | State Street Bank and Trust Co. | 750893 |  | (53504) |
| 01/30/23 | USD | 6502961 | DKK | 45284122 | HSBC Bank USA | 6531431 |  | (28470) |
| 01/30/23 | USD | 31920049 | EUR | 29897232 | State Street Bank and Trust Co. | 32058778 |  | (138729) |
| 01/31/23 | USD | 7205328 | NZD | 11347641 | HSBC Bank USA | 7207289 |  | (1961) |
|  |  |  |  |  |  |  | $**120552** | $**(20144595)** |

---

**Forward Foreign Currency Exchange Contracts purchased outstanding as of December 31, 2022**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | | **Currency<br> Purchased** | | **Currency<br> Sold** | **Counterparty** | **Total<br> Value** | **Unrealized <br> Appreciation** | **Unrealized<br> Depreciation** |
| 01/03/23 | DKK | 46672660 | USD | 6688237 | HSBC Bank USA | $6718584 | $30347 | $— |
| 01/03/23 | EUR | 29817963 | USD | 31774916 | State Street Bank and Trust Co. | 31918623 | 143707 |  |
| 01/05/23 | NOK | 14807834 | USD | 1415665 | HSBC Bank USA | 1511562 | 95898 |  |
| 01/05/23 | NOK | 12031275 | USD | 1160837 | State Street Bank and Trust Co. | 1228135 | 67299 |  |
| 01/05/23 | NZD | 11335734 | USD | 7195357 | HSBC Bank USA | 7197058 | 1701 |  |
| 01/05/23 | NZD | 89122 | USD | 50717 | State Street Bank and Trust Co. | 56584 | 5866 |  |
| 01/12/23 | CAD | 2460134 | USD | 1783786 | State Street Bank and Trust Co. | 1817018 | 33232 |  |
| 01/20/23 | GBP | 6098616 | USD | 7057663 | State Street Bank and Trust Co. | 7376021 | 318358 |  |
| 01/20/23 | GBP | 922264 | USD | 1127078 | State Street Bank and Trust Co. | 1115440 |  | (11638) |
| 01/25/23 | AUD | 1074557 | USD | 729229 | State Street Bank and Trust Co. | 732229 | 3000 |  |
| 01/25/23 | AUD | 2868633 | USD | 1972279 | State Street Bank and Trust Co. | 1954757 |  | (17522) |
|  |  |  |  |  |  |  | $**699408** | $**(29160)** |
| **Total** |  |  |  |  |  |  | $**819960** | $**(20173755)** |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 95.2%** |  |  |
| ***Aerospace & Defense — 1.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 6309 | $3069265 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 46948 | 7830437 |
|  |  | 10899702 |
| ***Air Freight & Logistics — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 14911 | 2592128 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 13055 | 1535916 |
|  |  | 4128044 |
| ***Airlines — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 20772 | 644875 |
| ***Auto Components — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 18578 | 886726 |
| ***Automobiles — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. \* | 31938 | 3934123 |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 49594 | 884830 |
|  |  | 4818953 |
| ***Beverages — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 76728 | 4880668 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 32018 | 5784372 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 19528 | 1736499 |
|  |  | 12401539 |
| ***Biotechnology — 2.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 37978 | 6137625 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 12097 | 3177156 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 52309 | 6604910 |
|  |  | 15919691 |
| ***Building Products — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 49012 | 3347872 |
| ***Capital Markets — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 122762 | 14450233 |
| ***Chemicals — 1.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 83945 | 8929327 |
| ***Commercial Banks — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 66036 | 2187112 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 38234 | 5127179 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 169510 | 7226813 |
|  |  | 14541104 |
| ***Commercial Services & Supplies — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 35230 | 4140600 |
| ***Communications Equipment — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 63490 | 3024663 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 15396 | 1549828 |
|  |  | 4574491 |
| ***Computers & Peripherals — 7.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 316451 | 41116478 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 45365 | 1461630 |
|  |  | 42578108 |
| ***Construction & Engineering — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 16463 | 1245934 |
| ***Construction Materials — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 4146 | 611828 |
| ***Consumer Finance — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 37569 | 3472369 |
| ***Containers & Packaging — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 52717 | 2558442 |
| ***Distributors — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 7508 | 918092 |
| ***Diversified Consumer Services — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 13640 | 574934 |
| ***Diversified Financial Services — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B \* | 16977 | 5244195 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 8942 | 356833 |
|  |  | 5601028 |
| ***Diversified Telecommunication Services — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 99340 | 3913996 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 83412 | 1487809 |
|  |  | 5401805 |
| ***Electric Utilities — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 36253 | 3030751 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 132675 | 8482926 |
|  |  | 11513677 |
| ***Electrical Equipment — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 34276 | 3819657 |
| ***Electronic Equipment, Instruments & Components — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 55610 | 4404092 |
| ***Energy Equipment & Services — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 42745 | 1552400 |
| ***Entertainment — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 61073 | 4952671 |
| ***Food & Staples Retailing — 1.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 8735 | 3987527 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 25166 | 3568287 |
| &nbsp;&nbsp;&nbsp;Other Securities^<> | 42575 | 2266474 |
|  |  | 9822288 |
| ***Food Products — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 79141 | 5879608 |
| ***Gas Utilities — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 10738 | 688033 |
| ***Health Care Equipment & Supplies — 1.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 98229 | 10321732 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Core Market Fund

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Health Care Providers & Services — 3.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 15685 | $8315873 |
| &nbsp;&nbsp;&nbsp;Other Securities^<> | 69343 | 11554104 |
|  |  | 19869977 |
| ***Health Care Technology — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 1334 | 215281 |
| ***Hotels, Restaurants & Leisure — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 12813 | 3376610 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 70671 | 8028646 |
|  |  | 11405256 |
| ***Household Durables — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 28096 | 2219520 |
| ***Household Products — 1.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 45612 | 6912955 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 28086 | 2584877 |
|  |  | 9497832 |
| ***Independent Power Producers & Energy Traders — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 19272 | 586393 |
| ***Industrial Conglomerates — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 12821 | 2747540 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 15880 | 1805731 |
|  |  | 4553271 |
| ***Insurance — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 101389 | 11635796 |
| ***Interactive Media & Services — 3.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A \* | 91160 | 8043047 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C \* | 89820 | 7969729 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A \* | 40998 | 4933699 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 12494 | 373777 |
|  |  | 21320252 |
| ***Internet & Catalog Retail — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. \* | 156162 | 13117608 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 11867 | 674900 |
|  |  | 13792508 |
| ***IT Services — 5.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 12877 | 3436099 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 9817 | 2344889 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 20148 | 2838652 |
| &nbsp;&nbsp;&nbsp;MasterCard, Inc., Class A | 21634 | 7522791 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 34029 | 7069865 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 84765 | 7456026 |
|  |  | 30668322 |
| ***Leisure Equipment & Products — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 14988 | 596600 |
| ***Life Sciences Tools & Services — 1.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 5401 | 2974277 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 34410 | 5930502 |
|  |  | 8904779 |
| ***Machinery — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 12856 | 3079783 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 6599 | 2829387 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 69392 | 8156012 |
|  |  | 14065182 |
| ***Marine — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 322 | 20721 |
| ***Media — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 65506 | 2290745 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 52128 | 2617605 |
|  |  | 4908350 |
| ***Metals & Mining — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 53667 | 3075909 |
| ***Multi-Utilities — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 62157 | 4476820 |
| ***Multiline Retail — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 25557 | 3690227 |
| ***Oil, Gas & Consumable Fuels — 3.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 20184 | 3622826 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 51529 | 5683649 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 189064 | 12721132 |
|  |  | 22027607 |
| ***Paper & Forest Products — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 1880 | 111296 |
| ***Personal Products — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 7385 | 1229585 |
| ***Pharmaceuticals — 5.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 33566 | 2415074 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 19445 | 7113759 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 48383 | 8546857 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 47673 | 5289319 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 79600 | 4078704 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 38809 | 2404087 |
|  |  | 29847800 |
| ***Professional Services — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 33183 | 3107983 |
| ***Real Estate Management & Development — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 6592 | 597971 |
| ***Road & Rail — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 15597 | 3229671 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 76732 | 4449740 |
|  |  | 7679411 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Core Market Fund

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Semiconductors & Semiconductor Equipment — 5.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 8068 | $4511061 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 34050 | 4976067 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 25043 | 2753227 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 21009 | 3471107 |
| &nbsp;&nbsp;&nbsp;Other Securities^\*@ | 167196 | 12949433 |
|  |  | 28660895 |
| ***Software — 7.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. \* | 9085 | 3057375 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 120417 | 28878405 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 127455 | 12521471 |
|  |  | 44457251 |
| ***Specialty Retail — 2.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 16895 | 5336455 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 11397 | 2270738 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 63684 | 8636241 |
|  |  | 16243434 |
| ***Textiles, Apparel & Luxury Goods — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 23472 | 2746459 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 27768 | 1748865 |
|  |  | 4495324 |
| ***Thrifts & Mortgage Finance — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 15769 | 176849 |
| ***Tobacco — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 48948 | 3424947 |
| ***Trading Companies & Distributors — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 25105 | 2665471 |
| ***Water Utilities — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 8143 | 785426 |
| ***Wireless Telecommunication Services — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 8733 | 1222620 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Identified Cost $130,233,201) |  | 547836721 |
| **MUTUAL FUNDS — 4.3%** |  |  |
| ***Others — 4.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;DFA U.S. Micro Cap Portfolio | 1095830 | 25083544 |
| &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUNDS<br> (Identified Cost $14,459,379) |  | 25083544 |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| ***Collateral For Securities On Loan — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities <br> Lending Government Money Market <br> Portfolio, 4.280% | 336711 | 336711 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $336,711) |  | 336711 |
| **Total Investments — 99.6%<br> (Identified Cost $145,029,291)** |  | **573256976** |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets, Less Liabilities — 0.4% |  | 2131543 |
| **Net Assets — 100.0%** |  | $**575388519** |

---

---

| | |
|:---|:---|
| † | See Note 1 |
| ^ | The Summary Portfolio of Investments does not reflect the Fund's complete portfolio holdings. "Other Securities" are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. |
| \* | Non-income producing security |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $1,538,138. |
| <> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |

---

**Portfolio Sectors as of December 31, 2022<br> (As a percentage of long-term investments) (Unaudited)**

![](safunds4160391-ncsrsx15x1.jpg)

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 99.8%** |  |  |
| ***Aerospace & Defense — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 36091 | $3642304 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 75689 | 7723250 |
|  |  | 11365554 |
| ***Air Freight & Logistics — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 16968 | 2938857 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 6449 | 275308 |
|  |  | 3214165 |
| ***Airlines — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 29020 | 966572 |
| ***Auto Components — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 35895 | 1931548 |
| ***Automobiles — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 98964 | 3329149 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 150516 | 1750501 |
|  |  | 5079650 |
| ***Beverages — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 18957 | 1953865 |
| ***Biotechnology — 2.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 44490 | 3819467 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 27436 | 8153063 |
|  |  | 11972530 |
| ***Building Products — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 99966 | 6326836 |
| ***Capital Markets — 2.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 18862 | 6476834 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 58923 | 5009633 |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 75129 | 3581540 |
|  |  | 15068007 |
| ***Chemicals — 3.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Linde plc | 14100 | 4599138 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 175826 | 13569690 |
|  |  | 18168828 |
| ***Commercial Banks — 9.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 199928 | 6621615 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 79030 | 3574527 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 138592 | 18585187 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 126013 | 5203077 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 480041 | 15396103 |
|  |  | 49380509 |
| ***Commercial Services & Supplies — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 35532 | 4583273 |
| ***Communications Equipment — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 23520 | 816850 |
| ***Computers & Peripherals — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 176918 | 4753787 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 168022 | 3062942 |
|  |  | 7816729 |
| ***Construction & Engineering — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 25349 | 2952365 |
| ***Construction Materials — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 12730 | 2902739 |
| ***Consumer Finance — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 107046 | 4787307 |
| ***Containers & Packaging — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 82158 | 2666695 |
| ***Distributors — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 39680 | 2379686 |
| ***Diversified Financial Services — 2.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B \* | 38388 | 11858053 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 2277 | 145250 |
|  |  | 12003303 |
| ***Diversified Telecommunication Services — 3.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 455881 | 8392769 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 192903 | 7600378 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 125601 | 655638 |
|  |  | 16648785 |
| ***Electric Utilities — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 22148 | 704749 |
| ***Electrical Equipment — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 19988 | 3137116 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 7762 | 967407 |
|  |  | 4104523 |
| ***Electronic Equipment, Instruments & Components — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 143977 | 6308715 |
| ***Energy Equipment & Services — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 72735 | 3316103 |
| ***Entertainment — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) \* | 41483 | 3604043 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 140093 | 3207177 |
|  |  | 6811220 |
| ***Food & Staples Retailing — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 64415 | 2871621 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 57079 | 8093231 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 53893 | 1982968 |
|  |  | 12947820 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Value Fund

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Food Products — 3.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 38095 | $3194266 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 51728 | 3447671 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 151258 | 11037655 |
|  |  | 17679592 |
| ***Health Care Equipment & Supplies — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 37706 | 2930510 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 43134 | 4162066 |
|  |  | 7092576 |
| ***Health Care Providers & Services — 6.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;CIGNA Corp. | 19065 | 6316997 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 58448 | 5446769 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 13010 | 6673740 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 7918 | 4055520 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | 13769 | 3242324 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 18783 | 2938413 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 26178 | 2792198 |
|  |  | 31465961 |
| ***Hotels, Restaurants & Leisure — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\*@ | 74924 | 2121754 |
| ***Household Durables — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 50225 | 4477056 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 94303 | 6319025 |
|  |  | 10796081 |
| ***Independent Power Producers & Energy Traders — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 25467 | 590834 |
| ***Industrial Conglomerates — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 11962 | 1002296 |
| ***Insurance — 4.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 47472 | 3599802 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. (The) | 21374 | 4007411 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 204727 | 16544758 |
|  |  | 24151971 |
| ***Interactive Media & Services — 1.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A \* | 46973 | 5652731 |
| ***Internet & Catalog Retail — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 4559 | 189062 |
| ***IT Services — 1.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 109284 | 7495858 |
| ***Life Sciences Tools & Services — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 19132 | 5078016 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 14696 | 8092940 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 2104 | 343229 |
|  |  | 13514185 |
| ***Machinery — 3.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 155118 | 17047711 |
| ***Media — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 285775 | 9993552 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 146315 | 3836877 |
|  |  | 13830429 |
| ***Metals & Mining — 3.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 106539 | 4048482 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 41998 | 5535756 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 33820 | 3304214 |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 70582 | 4479626 |
|  |  | 17368078 |
| ***Multiline Retail — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 12940 | 1790264 |
| ***Oil, Gas & Consumable Fuels — 14.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 96299 | 17284708 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 102632 | 12110576 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 23992 | 3107444 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 222398 | 24530499 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 30104 | 3503805 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 265237 | 15042605 |
|  |  | 75579637 |
| ***Personal Products — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 1233 | 31614 |
| ***Pharmaceuticals — 4.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 73422 | 5282713 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 340714 | 17458185 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 77356 | 1921515 |
|  |  | 24662413 |
| ***Professional Services — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 22968 | 2493416 |
| ***Real Estate Management & Development — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 23853 | 2227422 |
| ***Road & Rail — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 16359 | 4031185 |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 20030 | 1111685 |
|  |  | 5142870 |
| ***Semiconductors & Semiconductor Equipment — 2.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 250177 | 6612178 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 75683 | 3782637 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 50731 | 4191014 |
|  |  | 14585829 |
| ***Software — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 12398 | 1405648 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Value Fund

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Specialty Retail — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 13451 | $1301414 |
| ***Textiles, Apparel & Luxury Goods — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 8655 | 442863 |
| ***Trading Companies & Distributors — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 5460 | 1940593 |
| ***Wireless Telecommunication Services — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. \* | 29534 | 4134760 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Identified Cost $324,365,913) |  | 522916788 |
| **SHORT-TERM INVESTMENTS — 0.0%** |  |  |
| ***Collateral For Securities On Loan — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities <br> Lending Government Money Market <br> Portfolio, 4.280% | 143275 | 143275 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $143,275) |  | 143275 |
| **Total Investments — 99.8%<br> (Identified Cost $324,509,188)** |  | **523060063** |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets, <br> Less Liabilities — 0.2% |  | 1248012 |
| **Net Assets — 100.0%** |  | $**524308075** |

---

---

| | |
|:---|:---|
| † | See Note 1 |
| ^ | The Summary Portfolio of Investments does not reflect the Fund's complete portfolio holdings. "Other Securities" are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. |
| \* | Non-income producing security |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $1,142,356. |

---

**Portfolio Sectors as of December 31, 2022<br> (As a percentage of long-term investments) (Unaudited)**

![](safunds4160391-ncsrsx18x1.jpg)

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 99.7%** |  |  |
| ***Aerospace & Defense — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Aerojet Rocketdyne Holdings, Inc. \* | 13783 | $770883 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. \* | 4947 | 820856 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 57758 | 2775797 |
|  |  | 4367536 |
| ***Air Freight & Logistics — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 25296 | 1265401 |
| ***Airlines — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 30842 | 720506 |
| ***Auto Components — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 98762 | 4457514 |
| ***Automobiles — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 15188 | 748475 |
| ***Beverages — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 12855 | 662290 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 19608 | 1359737 |
|  |  | 2022027 |
| ***Biotechnology — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. \* | 7426 | 886961 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. \* | 2710 | 753624 |
| &nbsp;&nbsp;&nbsp;Other Securities^\*§ | 304408 | 5861655 |
|  |  | 7502240 |
| ***Building Products — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. \* | 16974 | 1101273 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 103455 | 6023652 |
|  |  | 7124925 |
| ***Capital Markets — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 21621 | 741168 |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 177339 | 6994709 |
|  |  | 7735877 |
| ***Chemicals — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 173313 | 7260915 |
| ***Commercial Banks — 9.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 34954 | 856373 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 817682 | 28426019 |
|  |  | 29282392 |
| ***Commercial Services & Supplies — 1.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 6444 | 935604 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 117647 | 4478076 |
|  |  | 5413680 |
| ***Communications Equipment — 1.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Ciena Corp. \* | 15659 | 798296 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 135311 | 3391548 |
|  |  | 4189844 |
| ***Computers & Peripherals — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 43207 | 1122978 |
| ***Construction & Engineering — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 8493 | 721311 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 5995 | 887920 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 2069 | 684156 |
| &nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings Corp. \* | 18811 | 849693 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 75097 | 3446410 |
|  |  | 6589490 |
| ***Construction Materials — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 7892 | 481011 |
| ***Consumer Finance — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\*@ | 92903 | 2915822 |
| ***Containers & Packaging — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 94775 | 4337806 |
| ***Distributors — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 2960 | 42984 |
| ***Diversified Consumer Services — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 58061 | 2609809 |
| ***Diversified Financial Services — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 20261 | 841876 |
| ***Diversified Telecommunication Services — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 44015 | 955888 |
| ***Electric Utilities — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 74382 | 3676426 |
| ***Electrical Equipment — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 7570 | 908248 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 53387 | 3419693 |
|  |  | 4327941 |
| ***Electronic Equipment, Instruments & Components — 3.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. \* | 7096 | 742029 |
| &nbsp;&nbsp;&nbsp;Other Securities^¶ | 199406 | 8811824 |
|  |  | 9553853 |
| ***Energy Equipment & Services — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 239311 | 3611312 |
| ***Entertainment — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 44711 | 783147 |
| ***Food & Staples Retailing — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^<> | 80423 | 3429253 |
| ***Food Products — 1.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. \* | 13438 | 841084 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 89711 | 4323792 |
|  |  | 5164876 |
| ***Gas Utilities — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 54173 | 2861927 |
| ***Health Care — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\*¶§ | 237 | 481 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Small Company Fund

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

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** | | |
| ***Health Care Equipment & Supplies — 2.6%*** | | |
| &nbsp;&nbsp;&nbsp;Other Securities^¶ | 185486 | $7603972 |
| ***Health Care Providers & Services — 3.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc. \* | 8805 | 724828 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 1565 | 798823 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc. \* | 10880 | 868986 |
| &nbsp;&nbsp;&nbsp;Other Securities^¶ | 159438 | 7378291 |
|  |  | 9770928 |
| ***Health Care Technology — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 60216 | 1080471 |
| ***Hotels, Restaurants & Leisure — 3.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Aramark | 20945 | 865866 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 6024 | 678543 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 3811 | 805760 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 5154 | 693677 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. Class A \* | 8887 | 700296 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 152448 | 6131542 |
|  |  | 9875684 |
| ***Household Durables — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. | 19486 | 668954 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 155066 | 5377971 |
|  |  | 6046925 |
| ***Household Products — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^@<> | 13894 | 724807 |
| ***Independent Power Producers & Energy Traders — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 59393 | 1799576 |
| ***Insurance — 4.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 5598 | 674839 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 5024 | 659500 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 222114 | 10846129 |
|  |  | 12180468 |
| ***Interactive Media & Services — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\*@ | 39978 | 1012738 |
| ***Internet & Catalog Retail — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\*@ | 15139 | 178588 |
| ***IT Services — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. \* | 3892 | 659422 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 171372 | 5788148 |
|  |  | 6447570 |
| ***Leisure Equipment & Products — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 51608 | 1655460 |
| ***Life Sciences Tools & Services — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 10230 | 699220 |
| &nbsp;&nbsp;&nbsp;Repligen Corp. \* | 4248 | 719229 |
| &nbsp;&nbsp;&nbsp;Other Securities^\*<> | 44003 | 1106215 |
|  |  | 2524664 |
| ***Machinery — 4.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 5729 | 794555 |
| &nbsp;&nbsp;&nbsp;Toro Co. (The) | 7421 | 840057 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 224263 | 12643273 |
|  |  | 14277885 |
| ***Marine — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 15823 | 686751 |
| ***Media — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. Class A | 4189 | 733201 |
| &nbsp;&nbsp;&nbsp;Other Securities^\*@ | 118444 | 2856176 |
|  |  | 3589377 |
| ***Metals & Mining — 1.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 16066 | 730521 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 203908 | 4800430 |
|  |  | 5530951 |
| ***Multi-Utilities — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 37679 | 1586786 |
| ***Multiline Retail — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 30959 | 1073283 |
| ***Oil, Gas & Consumable Fuels — 3.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 477234 | 9953153 |
| ***Paper & Forest Products — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 35260 | 1097928 |
| ***Personal Products — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 80202 | 1835361 |
| ***Pharmaceuticals — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 4329 | 689653 |
| &nbsp;&nbsp;&nbsp;Other Securities^\*¶ | 85254 | 2187474 |
|  |  | 2877127 |
| ***Professional Services — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A \* | 2530 | 760493 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | 14771 | 779909 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 85187 | 5717044 |
|  |  | 7257446 |
| ***Real Estate Investment Trusts (REITs) — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\*¶§ | 6699 |  |
| ***Real Estate Management & Development — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 73380 | 1629838 |
| ***Road & Rail — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Saia, Inc. \* | 3397 | 712283 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 64828 | 2793403 |
|  |  | 3505686 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Small Company Fund

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

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Semiconductors & Semiconductor Equipment — 3.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. \* | 8994 | $1347211 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. \* | 15739 | 1021146 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. \*@ | 10030 | 692471 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 166950 | 6895393 |
|  |  | 9956221 |
| ***Software — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 218045 | 7728366 |
| ***Specialty Retail — 3.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 4669 | 686483 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 6038 | 726311 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc. \* | 5505 | 973669 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 3347 | 685265 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3083 | 861822 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 178567 | 6598243 |
|  |  | 10531793 |
| ***Textiles, Apparel & Luxury Goods — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. \* | 2964 | 1183110 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 18072 | 688182 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 62167 | 2455369 |
|  |  | 4326661 |
| ***Thrifts & Mortgage Finance — 1.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 160010 | 3359091 |
| ***Tobacco — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 16168 | 311219 |
| ***Trading Companies & Distributors — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. \* | 5493 | 687723 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 94726 | 5492302 |
|  |  | 6180025 |
| ***Water Utilities — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 27271 | 1642221 |
| ***Wireless Telecommunication Services — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 10803 | 157428 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br>(Identified Cost $171,416,692) |  | 295394660 |
| **PREFERRED STOCKS — 0.1%** |  |  |
| ***Media — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. 7.000% | 1225 | 28542 |
| ***Trading Companies & Distributors — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. 10.625%,<br>5 year CMT + 10.325% | 4390 | 115106 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS<br>(Identified Cost $114,396) |  | 143648 |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| ***Collateral For Securities On Loan — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities<br>Lending Government Money<br>Market Portfolio, 4.280% | 1318939 | 1318939 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br>(Identified Cost $1,318,939) |  | 1318939 |
| **Total Investments — 100.2%<br>(Identified Cost $172,850,027)** |  | 296857247 |
| &nbsp;&nbsp;&nbsp;Liabilities, Less Cash and<br>Other Assets — (0.2%) |  | (645900) |
| **Net Assets — 100.0%** |  | $296211347 |

---

---

| | |
|:---|:---|
| † | See Note 1 |
| ^ | The Summary Portfolio of Investments does not reflect the Fund's complete portfolio holdings. "Other Securities" are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. |
| \* | Non-income producing security |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $7,252,904. |
| ¶ | Contingent value rights based on future performance. |
| <> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |
| § | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |

---

Key to abbreviations:

CMT — Constant Maturity Treasury

*The accompanying notes are an integral part of these financial statements.*

------

SA U.S. Small Company Fund

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

------

**Portfolio Sectors as of December 31, 2022<br> (As a percentage of long-term investments) (Unaudited)**

![](safunds4160391-ncsrsx22x1.jpg)

*The accompanying notes are an integral part of these financial statements.*

------

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 98.2%** |  |  |
| ***Australia — 7.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 367220 | $5915515 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 258849 | 5297696 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 340274 | 5409625 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | 151540 | 3656558 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 4147933 | 19774137 |
|  |  | 40053531 |
| ***Austria — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 7953 | 254547 |
| ***Belgium — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 57086 | 3602467 |
| ***Bermuda — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 18503 | 162313 |
| ***Canada — 8.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Montreal @ | 57895 | 5245287 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal @ | 3107 | 281466 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) @ | 95362 | 4670831 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) @ | 22104 | 1082998 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce @ | 16359 | 661721 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 77080 | 3117926 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 4452 | 2637235 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 49556 | 3619075 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. ¥ | 109045 | 3458998 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 41675 | 1322348 |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd., Class B | 84647 | 3201349 |
| &nbsp;&nbsp;&nbsp;Other Securities^@ | 938176 | 16977753 |
|  |  | 46276987 |
| ***China — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 53397 | 226838 |
| ***Denmark — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;DSV A/S | 16777 | 2648123 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 173109 | 7915512 |
|  |  | 10563635 |
| ***Finland — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 674051 | 6312621 |
| ***France — 11.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;AXA SA | 96903 | 2702679 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | 92085 | 5248977 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain | 92022 | 4496749 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michelin SCA | 119912 | 3335428 |
| &nbsp;&nbsp;&nbsp;Orange SA | 322578 | 3204761 |
| &nbsp;&nbsp;&nbsp;Sanofi | 32364 | 3112419 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE @ | 332966 | 20904226 |
| &nbsp;&nbsp;&nbsp;Other Securities^\*±= | 857047 | 17144176 |
|  |  | 60149415 |
| ***Germany — 6.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;BASF SE | 75282 | 3738365 |
| &nbsp;&nbsp;&nbsp;Bayer AG | 49665 | 2569144 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 47883 | 4273753 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 135985 | 8937696 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 810471 | 13495934 |
|  |  | 33014892 |
| ***Hong Kong — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^± | 4037293 | 12005937 |
| ***Ireland — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 131044 | 2687356 |
| ***Israel — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 323900 | 2317067 |
| ***Italy — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 1360009 | 6688855 |
| ***Japan — 20.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 185900 | 4294794 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | 105400 | 3439715 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Group, Inc., ADR @ | 464844 | 3100509 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | 71100 | 2869137 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 141973 | 4447204 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 533350 | 7365871 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 7634135 | 85023161 |
|  |  | 110540391 |
| ***Netherlands — 4.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;ING Groep NV \* | 253754 | 3093332 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | 197453 | 5672995 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | 191757 | 2722651 |
| &nbsp;&nbsp;&nbsp;Stellantis NV @ | 56317 | 799702 |
| &nbsp;&nbsp;&nbsp;Other Securities^@¢ | 657998 | 11655991 |
|  |  | 23944671 |
| ***New Zealand — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 279251 | 1577002 |
| ***Norway — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 427987 | 5251938 |
| ***Portugal — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 43457 | 819926 |
| ***Singapore — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 1188916 | 5291103 |
| ***Spain — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | 1686570 | 5059600 |
| &nbsp;&nbsp;&nbsp;Repsol SA | 203118 | 3228799 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 771179 | 3742809 |
|  |  | 12031208 |
| ***Sweden — 2.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 1297725 | 14415285 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA International Value Fund

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

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Switzerland — 9.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | 42798 | $5549646 |
| &nbsp;&nbsp;&nbsp;Holcim AG \* | 72351 | 3746462 |
| &nbsp;&nbsp;&nbsp;Novartis AG | 122351 | 11060747 |
| &nbsp;&nbsp;&nbsp;Novartis AG, ADR @ | 32730 | 2969266 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 343153 | 6385062 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 17812 | 8520248 |
| &nbsp;&nbsp;&nbsp;Other Securities^ µ | 252839 | 14736877 |
|  |  | 52968308 |
| ***United Kingdom — 14.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | 74919 | 2931406 |
| &nbsp;&nbsp;&nbsp;Barclays PLC, ADR | 330258 | 2576012 |
| &nbsp;&nbsp;&nbsp;BP PLC, ADR | 101824 | 3556712 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 183504 | 7279915 |
| &nbsp;&nbsp;&nbsp;Glencore PLC \* | 1128556 | 7536768 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, ADR @ | 194676 | 6066104 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 8264877 | 4537287 |
| &nbsp;&nbsp;&nbsp;Shell PLC, ADR | 437830 | 24934418 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 3758387 | 3827615 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 4840369 | 15791352 |
|  |  | 79037589 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Identified Cost $482,263,281) |  | 530193882 |
| **PREFERRED STOCKS — 1.1%** |  |  |
| ***Germany — 1.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Volkswagen AG, 22.881% | 30282 | 3773795 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 29184 | 1927625 |
|  |  | 5701420 |
| ***Italy — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 711381 | 158620 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS<br>(Identified Cost $9,269,086) |  | 5860040 |
| **SHORT-TERM INVESTMENTS — 7.5%** |  |  |
| ***Collateral For Securities On Loan — 7.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities<br>Lending Government Money Market<br>Portfolio, 4.280% | 40763968 | 40763968 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $40,763,968) |  | 40763968 |
| **Total Investments — 106.8%<br>(Identified Cost $532,296,335)** |  | **576817890** |
| &nbsp;&nbsp;&nbsp;Liabilities, Less Cash and<br>Other Assets — (6.8%) |  | (36679017) |
| **Net Assets — 100.0%** |  | $**540138873** |

---

---

| |
|:---|
| See Note 1 |
| The Summary Portfolio of Investments does not reflect the Fund's complete portfolio holdings. "Other Securities" are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. |
| Non-income producing security |
| A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $71,828,075. |
| 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 December 31, 2022 amounted to $3,429,221 or 0.63% of the net assets of the Fund. |
| ¥Traded on the Canada, Toronto Stock Exchange. |
| Traded on the France, Euronext Paris Exchange. |
| Traded on the Netherlands, Euronext Amsterdam Stock Market. |
| Traded on the Switzerland, Swiss Exchange. |

---

Key to abbreviations:

ADR — American Depository Receipt

*The accompanying notes are an integral part of these financial statements.*

------

SA International Value Fund

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

------

**Ten largest industry holdings as of December 31, 2022<br> (As a percentage of net assets) (Unaudited)**

---

| | |
|:---|:---|
| Industry | Percentage |
| Commercial Banks | 19.3% |
| Oil, Gas & Consumable Fuels | 14.0% |
| Automobiles | 7.5% |
| Insurance | 7.1% |
| Metals & Mining | 7.1% |
| Chemicals | 5.0% |
| Pharmaceuticals | 4.7% |
| Capital Markets | 2.4% |
| Machinery | 2.3% |
| Real Estate Management & Development | 2.2% |

---

**Country Weightings as of December 31, 2022<br> (As a percentage of long-term investments) (Unaudited)**

*The accompanying notes are an integral part of these financial statements.*

------

SA International Small Company Fund

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

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Others — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DFA International Small <br> Company Portfolio £| 14009613 | $244047455 |
| &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUNDS <br> (Identified Cost $153,473,348) |  | 244047455 |
| **Total Investments — 100.0% <br> (Identified Cost $153,473,348)** |  | **244047455** |
| &nbsp;&nbsp;&nbsp;Liabilities, Less Cash and <br> Other Assets — (0.0)% |  | (111920) |
| **Net Assets — 100.0%** |  | $**243935535** |

---

---

| |
|:---|
| See Note 1 |
| £Please refer to the Portfolio of Investments of the DFA International Small Company Portfolio included elsewhere in this report. |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 98.5%** |  |  |
| ***Belgium — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 2956 | $38161 |
| ***Brazil — 3.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | 333873 | 1773152 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 1625549 | 3763639 |
|  |  | 5536791 |
| ***British Virgin Islands — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^± | 10000 | 17629 |
| ***Canada — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 13700 | 40194 |
| ***Cayman Islands — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 52446 | 108248 |
| ***Chile — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 12765215 | 1124418 |
| ***China — 30.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd., <br> H Shares | 2017000 | 692537 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. \* | 202200 | 2234304 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., ADR \* | 12143 | 1388916 |
| &nbsp;&nbsp;&nbsp;Bank of China Ltd., H Shares | 5655902 | 2057891 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp., <br> H Shares | 7203810 | 4513081 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd., <br> H Shares | 259500 | 1451188 |
| &nbsp;&nbsp;&nbsp;China Overseas Land & Investment Ltd. | 325000 | 857734 |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp., <br> H Shares | 1946400 | 940103 |
| &nbsp;&nbsp;&nbsp;China Resources Land Ltd. | 338000 | 1548085 |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy Co. Ltd., <br> H Shares | 293000 | 846479 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China <br> Ltd., H Shares | 4364000 | 2247568 |
| &nbsp;&nbsp;&nbsp;PetroChina Co. Ltd., H Shares | 2014000 | 921149 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China <br> Ltd., Class H | 364500 | 2411959 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd., ADR \* | 28782 | 990101 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B \*± | 647800 | 907947 |
| &nbsp;&nbsp;&nbsp;Other Securities^§ | 46388596 | 30946975 |
|  |  | 54956017 |
| ***Colombia — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^<> | 82068 | 167383 |
| ***Czech Republic — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^± | 23348 | 226299 |
| ***Greece — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 353497 | 639313 |
| ***Hong Kong — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^§ | 1343880 | 414493 |
| ***Hungary — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 61375 | 365826 |
| ***India — 18.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 133355 | 1506994 |
| &nbsp;&nbsp;&nbsp;Axis Bank Ltd., GDR | 12180 | 691824 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries Ltd. | 162157 | 928586 |
| &nbsp;&nbsp;&nbsp;Housing Development Finance Corp.<br> Ltd. | 67577 | 2158086 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd., ADR | 89109 | 1950596 |
| &nbsp;&nbsp;&nbsp;JSW Steel Ltd. | 80442 | 749288 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd., GDR | 33937 | 858606 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 65830 | 995447 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 206554 | 6359157 |
| &nbsp;&nbsp;&nbsp;State Bank of India, GDR | 8728 | 647618 |
| &nbsp;&nbsp;&nbsp;Other Securities^<> | 5728192 | 16632253 |
|  |  | 33478455 |
| ***Indonesia — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^§ | 30149892 | 3776576 |
|  |  | 3776576 |
| ***Korea — 12.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | 22264 | 740373 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 7395 | 883072 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc., ADR @ | 28731 | 1110740 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | 20750 | 973092 |
| &nbsp;&nbsp;&nbsp;LG Electronics, Inc. | 10656 | 728940 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc., ADR | 17853 | 972453 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | 1132 | 1250860 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | 23813 | 662885 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 42579 | 2525445 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 771797 | 12596220 |
|  |  | 22444080 |
| ***Malaysia — 1.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd | 502873 | 662126 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 4777317 | 2849587 |
|  |  | 3511713 |
| ***Mexico — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte <br> SAB de CV, Class O | 107375 | 772754 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 2214729 | 3698361 |
|  |  | 4471115 |
| ***Philippines — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 5135018 | 1443437 |
| ***Poland — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 274800 | 1532862 |
| ***Russia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\*§ | 332081 |  |
| ***Singapore — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 44000 | 22887 |
| ***South Africa — 3.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group Ltd. | 55331 | 631424 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. | 65423 | 820673 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group Ltd. | 66138 | 653118 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 1539431 | 4530013 |
|  |  | 6635228 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA Emerging Markets Value Fund

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

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Taiwan — 16.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 233000 | $711838 |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding Co. Ltd. | 689170 | 896904 |
| &nbsp;&nbsp;&nbsp;China Steel Corp. | 913800 | 885987 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co. Ltd. | 1475280 | 1060783 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding Co. Ltd. | 620731 | 1137029 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 703068 | 2285191 |
| &nbsp;&nbsp;&nbsp;Nan Ya Plastics Corp. | 346000 | 799271 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. \* | 614513 | 813739 |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 22647702 | 21850122 |
|  |  | 30440864 |
| ***Tanzania, United Republic Of — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 4067 | 78804 |
| ***Thailand — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;PTT PCL | 883900 | 848554 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 13295113 | 3729998 |
|  |  | 4578552 |
| ***Turkey — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 1401387 | 1879818 |
| ***United Arab Emirates — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 2515997 | 2318440 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS <br> (Identified Cost $183,351,963) |  | 180247603 |
| **PREFERRED STOCKS — 1.4%** |  |  |
| ***Brazil — 1.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA, 42.902% | 436245 | 2024339 |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 203932 | 423789 |
|  |  | 2448128 |
| ***Colombia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 12517 | 16395 |
| ***Philippines — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^ | 12909 | 8918 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS <br> (Identified Cost $2,373,707) |  | 2473441 |
| **RIGHTS AND WARRANTS — 0.0%** |  |  |
| ***Indonesia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 131919 | 1212 |
| ***Korea — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\*<> | 249 | 5924 |
| ***Malaysia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 11862 | 1239 |
| ***Thailand — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Other Securities^\* | 74800 | 561 |
| &nbsp;&nbsp;&nbsp;TOTAL RIGHTS AND WARRANTS <br> (Identified Cost $0) |  | 8936 |
| **SHORT-TERM INVESTMENTS — 2.4%** |  |  |
| ***Investment Company — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. <br> Government Money<br> Market Fund 3.860% | 763204 | 763204 |
| ***Collateral For Securities On Loan — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities<br> Lending Government Money Market <br> Portfolio, 4.280% | 3643880 | 3643880 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS <br> (Identified Cost $4,407,084) |  | 4407084 |
| **Total Investments — 102.3% <br> (Identified Cost $190,132,754)** |  | **187137064** |
| &nbsp;&nbsp;&nbsp;Liabilities, Less Cash and Other<br> Assets — (2.3%) |  | (4176252) |
| **Net Assets — 100.0%** |  | $**182960812** |

---

---

| | |
|:---|:---|
| † | See Note 1 |
| \* | Non-income producing security |
| ^ | The Summary Portfolio of Investments does not reflect the Fund's complete portfolio holdings. "Other Securities" are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non- income producing securities, bankrupt/delisted, and/or fair valued securities. |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $5,126,054. |
| ± | 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 December 31, 2022 amounted to $4,279,150 or 2.34% of the net assets of the Fund. |
| <> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |
| § | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |

---

Key to abbreviations:

ADR — American Depository Receipt

GDR — Global Depository Receipt

*The accompanying notes are an integral part of these financial statements.*

------

SA Emerging Markets Value Fund

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

**Ten largest industry holdings as of December 31, 2022<br> (As a percentage of net assets) (Unaudited)**

---

| | |
|:---|:---|
| Industry | Percentage |
| Commercial Banks | 21.6% |
| Oil, Gas & Consumable Fuels | 10.6% |
| Metals & Mining | 7.0% |
| Insurance | 4.4% |
| Real Estate Management & Development | 4.4% |
| Electronic Equipment, Instruments & Components | 4.2% |
| Chemicals | 4.1% |
| Semiconductors & Semiconductor Equipment | 3.7% |
| Computers & Peripherals | 3.4% |
| Automobiles | 3.1% |

---

**Country Weightings as of December 31, 2022<br> (As a percentage of long-term investments) (Unaudited)**

*The accompanying notes are an integral part of these financial statements.*

------

SA Real Estate Securities Fund

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

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 99.2%** |  |  |
| ***Real Estate Investment Trusts (REITs) — 99.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust. | 9876 | $141721 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 9186 | 651563 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. | 303 | 66678 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 16966 | 2471437 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | 6032 | 159848 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent., Class A | 35207 | 1061139 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 51282 | 10864604 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 28809 | 815583 |
| &nbsp;&nbsp;&nbsp;Apartment Income REIT Corp. | 16970 | 582241 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management<br> Co., Class A | 2272 | 16177 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 24154 | 381150 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 15280 | 2468026 |
| &nbsp;&nbsp;&nbsp;Bluerock Homes Trust, Inc. \*. | 412 | 8780 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 16596 | 1121558 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. | 5308 | 21816 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 21014 | 129236 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 32966 | 747339 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | 15012 | 243345 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. | 400 | 7856 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 11255 | 1259209 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 10972 | 203860 |
| &nbsp;&nbsp;&nbsp;Centerspace | 1825 | 107073 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | 5496 | 67436 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 5176 | 43375 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. | 1167 | 7469 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | 2728 | 97662 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | 12496 | 324146 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 17110 | 432712 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 43891 | 5953375 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. | 2292 | 41898 |
| &nbsp;&nbsp;&nbsp;CubeSmart | 24636 | 991599 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 25390 | 207944 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 31819 | 3190491 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | 20310 | 318461 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | 9677 | 138091 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 4697 | 695438 |
| &nbsp;&nbsp;&nbsp;Elme Communities | 10445 | 185921 |
| &nbsp;&nbsp;&nbsp;EPR Properties | 8542 | 322204 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 10156 | 6652485 |
| &nbsp;&nbsp;&nbsp;Equity Commonwealth | 11816 | 295046 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 19792 | 1278563 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 39592 | 2335928 |
| &nbsp;&nbsp;&nbsp;Esc War Ind \*§ | 9141 |  |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 16250 | 381387 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 7189 | 1523493 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 14824 | 2181796 |
| &nbsp;&nbsp;&nbsp;Federal Realty OP LP | 8228 | 831357 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 14902 | 719171 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | 9280 | 240630 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 28508 | 1484982 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 3812 | 129036 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | 3518 | 65083 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 5127 | 48604 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | 7330 | 92138 |
| &nbsp;&nbsp;&nbsp;Global Self Storage, Inc. | 2195 | 10712 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc., Class A | 42457 | 818146 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 59836 | 1500088 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 11797 | 330080 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 79197 | 1271112 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. | 10420 | 101387 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | 24425 | 411805 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | 6885 | 162968 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 66487 | 1970675 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 32203 | 1605320 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties | 11344 | 215309 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 11902 | 460250 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 67962 | 1439435 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 25026 | 526797 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | 9671 | 912942 |
| &nbsp;&nbsp;&nbsp;Life Storage, Inc. | 9348 | 920778 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | 3972 | 141125 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 29881 | 299408 |
| &nbsp;&nbsp;&nbsp;Macerich Co. (The) | 23874 | 268821 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc.@ | 67245 | 749109 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment <br> Communities, Inc. | 12796 | 2008844 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | 5063 | 264390 |
| &nbsp;&nbsp;&nbsp;National Retail Properties, Inc. | 19799 | 906002 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 9562 | 345379 |
| &nbsp;&nbsp;&nbsp;Necessity Retail REIT, Inc. | 17263 | 102370 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | 6691 | 122646 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | 2547 | 110845 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 26209 | 732542 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. | 1802 | 40040 |
| &nbsp;&nbsp;&nbsp;Orion Office REIT, Inc. | 6753 | 57671 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 16965 | 281280 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. | 17848 | 106017 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 20486 | 241530 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | 15554 | 208268 |
| &nbsp;&nbsp;&nbsp;Physicians Realty Trust | 25667 | 371401 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., <br> Class A | 7179 | 65831 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 4574 | 87729 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 101668 | 11461034 |
| &nbsp;&nbsp;&nbsp;Public Storage | 17490 | 4900523 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 69205 | 4389673 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 17214 | 1075875 |
| &nbsp;&nbsp;&nbsp;Retail Opportunity Investments <br> Corp. | 13420 | 201703 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 18199 | 994393 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | 16642 | 176239 |
| &nbsp;&nbsp;&nbsp;RPT Realty | 8058 | 80902 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 6010 | 491498 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 25586 | 318034 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | 1636 | 66552 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 11943 | 3347742 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 17100 | 124659 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 36252 | 4258885 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | 20691 | 282639 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp.@ | 7066 | 238266 |
| &nbsp;&nbsp;&nbsp;Sotherly Hotels, Inc. \* | 3111 | 5631 |
| &nbsp;&nbsp;&nbsp;Spirit Realty Capital, Inc. | 14821 | 591803 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 20335 | 657024 |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA Real Estate Securities Fund

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

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Real Estate Investment Trusts (REITs) (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;STORE Capital Corp. | 5861 | $187904 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | 10209 | 73709 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 13657 | 1952951 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 25032 | 241809 |
| &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 11559 | 207368 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 8376 | 476343 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 36146 | 1399935 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | 5369 | 86441 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | 6604 | 36520 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | 1452 | 69304 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 13009 | 183297 |
| &nbsp;&nbsp;&nbsp;Urstadt Biddle Properties, Inc. | 1000 | 18210 |
| &nbsp;&nbsp;&nbsp;Urstadt Biddle Properties, Inc., Class A | 2206 | 41804 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 44395 | 1999995 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc.\* | 8319 | 132522 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 106623 | 3454585 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 18129 | 377264 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 52290 | 3427609 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | 6078 | 58592 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | 21294 | 1664126 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | 13264 | 174820 |
|  |  | 124905395 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS <br> (Identified Cost $71,366,656) |  | 124905395 |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| ***Collateral For Securities On Loan — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending<br> Government Money Market <br> Portfolio 4.280% | 780781 | 780781 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS <br> (Identified Cost $780,781) |  | 780781 |
| **Total Investments — 99.8% <br> (Identified Cost $72,147,437)** |  | **125686176** |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets, <br> Less Liabilities — 0.2% |  | 246648 |
| &nbsp;&nbsp;&nbsp;**Net Assets — 100.0%** |  | $**125932824** |

---

---

| | |
|:---|:---|
| † | See Note 1 |
| \* | Non-income producing security |
| § | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $988,013. |

---

Key to abbreviations:

REIT — Real Estate Investment Trust

**Portfolio Sectors as of December 31, 2022<br> (As a percentage of long-term investments) (Unaudited)**

![](safunds4160391-ncsrsx31x1.jpg)

*The accompanying notes are an integral part of these financial statements.*

------

SA Worldwide Moderate Growth Fund

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

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| ***Others — 100.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;SA Emerging Markets Value Fund € | 168310 | $1492909 |
| &nbsp;&nbsp;&nbsp;SA Global Fixed Income Fund € | 560185 | 4683144 |
| &nbsp;&nbsp;&nbsp;SA International Value Fund € | 402271 | 4493360 |
| &nbsp;&nbsp;&nbsp;SA Real Estate Securities Fund € | 65004 | 670844 |
| &nbsp;&nbsp;&nbsp;SA U.S. Core Market Fund € | 158215 | 3749698 |
| &nbsp;&nbsp;&nbsp;SA U.S. Fixed Income Fund € | 213635 | 2006033 |
| &nbsp;&nbsp;&nbsp;SA U.S. Small Company Fund € | 64105 | 1501985 |
| &nbsp;&nbsp;&nbsp;SA U.S. Value Fund € | 207065 | 3768582 |
|  |  | 22366555 |
| &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUNDS <br> (Identified Cost $22,513,485) |  | 22366555 |
| **Total Investments — 100.0% <br> (Identified Cost $22,513,485)** |  | **22366555** |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets, <br> Less Liabilities — 0.0% |  | 3989 |
| **Net Assets — 100.0%** |  | $**22370544** |

---

† See Note 1

€ SA Worldwide Moderate Growth Fund invests substantially all of its assets in the Select Class shares of the affiliated Underlying
 SA Funds.

*The accompanying notes are an integral part of these financial statements.*

------

(This page has been left blank intentionally.)

------

STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | **SA<br> U.S. Fixed<br> Income Fund** | **SA<br> Global Fixed<br> Income Fund** | **SA<br> U.S. Core<br> Market Fund** |
| **ASSETS** | | | |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value<sup>(1)</sup> | $425507636 | $718384575 | $573256976 |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 2382536 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 557087 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 1401279 | 3886246 | 411184 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 187706 | 666117 | 321204 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency<br> exchange contracts (Note 1) |  | 819960 |  |
| &nbsp;&nbsp;&nbsp;Receivable from the Adviser (Note 2) | 4344 |  | 1236 |
| &nbsp;&nbsp;&nbsp;Receivable for tax reclaims |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 31022 | 43787 | 39704 |
| &nbsp;&nbsp;&nbsp;Other assets |  |  | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 427131987 | 724357772 | 576413488 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  | 2058508 |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 922575 | 757186 | 271227 |
| &nbsp;&nbsp;&nbsp;Due to custodian bank |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities on loan (Note 1) |  | 8330098 | 336711 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign<br> currency exchange contracts (Note 1) |  | 20173755 |  |
| &nbsp;&nbsp;&nbsp;Advisory fee payable (Note 2) | 55018 | 149448 | 202151 |
| &nbsp;&nbsp;&nbsp;Sub-Advisory fee payable (Note 2) | 11004 | 17934 | 15161 |
| &nbsp;&nbsp;&nbsp;Sub-Administration fee payable (Note 2) | 82267 | 133408 | 113045 |
| &nbsp;&nbsp;&nbsp;Custody and accounting fees payable | 15091 | 20674 | 6243 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable (Note 2) | 150 | 150 | 150 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee payable (Note 2) | 55018 | 89669 | 75807 |
| &nbsp;&nbsp;&nbsp;Transfer agent fee payable | (2539) | (5922) | (7089) |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 10672 | 11429 | 9050 |
| &nbsp;&nbsp;&nbsp;Accrued foreign capital gains tax |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 5076 | 695 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1154332 | 31737032 | 1024969 |
| **NET ASSETS** | $425977655 | $692620740 | $575388519 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $465570956 | $787241573 | $135282362 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<sup>(2)</sup> | (39593301) | (94620833) | 440106157 |
| **NET ASSETS** | $425977655 | $692620740 | $575388519 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<br> ($0.01 par value, unlimited shares authorized) | 45347141 | 82849748 | 24279084 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $9.39 | $8.36 | $23.70 |

---

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SA<br> U.S. Value<br> Fund** | **SA<br> U.S. Small<br> Company Fund** | **SA<br> International<br> Value Fund** | **SA International<br> Small Company<br> Fund** | **SA Emerging<br> Markets<br> Value Fund** | **SA<br> Real Estate<br> Securities Fund** |
| $523060063 | $296857247 | $576817890 | $244047455 | $187137064 | $125686176 |
| 1013353 | 648288 |  |  |  | 503438 |
|  |  | 600174 |  | 266416 |  |
|  | 4946 | 759512 | 108000 | 13226 |  |
| 609435 | 232078 | 1244542 |  | 273753 | 573388 |
| 533150 | 316982 | 267724 | 158044 | 151728 | 121781 |
|  |  |  |  | 44263 | 5291 |
|  |  | 2389781 |  | 4944 |  |
| 38296 | 36305 | 47151 | 34461 | 29062 | 28096 |
| 525254297 | 298095846 | 582126774 | 244347960 | 187920456 | 126918170 |
| 392156 | 290663 | 485568 | 155194 | 69635 | 96459 |
|  |  | 234926 | 107657 |  |  |
| 143275 | 1318939 | 40763968 |  | 3643880 | 780781 |
| 182136 | 103438 | 208564 | 51902 | 70775 | 38571 |
| 45534 | 51719 | 92627 |  | 56620 | 11020 |
| 100449 | 55626 | 102845 | 45996 | 35291 | 27582 |
| 7955 | 16780 | 23648 | 751 | 80901 | 3241 |
| 150 | 150 | 150 | 150 | 150 | 150 |
| 68301 | 38789 | 69471 | 31140 | 23592 | 16531 |
| (6801) | (6549) | (6710) | (6512) | (6195) | (5906) |
| 9050 | 8852 | 10421 | 9050 | 15433 | 10310 |
|  |  |  |  | 967779 |  |
| 4017 | 6092 | 2423 | 17097 | 1783 | 6607 |
| 946222 | 1884499 | 41987901 | 412425 | 4959644 | 985346 |
| $524308075 | $296211347 | $540138873 | $243935535 | $182960812 | $125932824 |
| $316213538 | $167122352 | $513511096 | $175857959 | $199975885 | $73165672 |
| 208094537 | 129088995 | 26627777 | 68077576 | (17015073) | 52767152 |
| $524308075 | $296211347 | $540138873 | $243935535 | $182960812 | $125932824 |
| 28811219 | 12643260 | 48366054 | 13414772 | 20637294 | 12204452 |
| $18.20 | $23.43 | $11.17 | $18.18 | $8.87 | $10.32 |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2022 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
| | **SA<br> U.S. Fixed<br> Income Fund** | **SA<br> Global Fixed<br> Income Fund** | **SA<br> U.S. Core<br> Market Fund** |
| **Identified cost of unaffiliated investments** | $437406796 | $738655358 | $145029291 |
| **Cost of foreign currency** | $— | $567666 | $— |
| &nbsp;&nbsp;&nbsp;<sup>(1)</sup> Including securities on loan, at value (see Note 1) | $— | $8169478 | $1538138 |
| &nbsp;&nbsp;&nbsp;<sup>(2)</sup> Net of deferred capital gain country tax of: | $— | $— | $— |

---

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SA<br> U.S. Value<br> Fund** | **SA<br> U.S. Small<br> Company Fund** | **SA<br> International<br> Value Fund** | **SA International<br> Small Company<br> Fund** | **SA Emerging<br> Markets<br> Value Fund** | **SA<br> Real Estate<br> Securities Fund** |
| $324509188 | $172850027 | $532296335 | $153473348 | $190132754 | $72147437 |
| $— | $— | $591106 | $— | $265343 | $— |
| $1142356 | $7252904 | $71828075 | $— | $5126054 | $988013 |
| $— | $— | $— | $— | $967779 | $— |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2022 (Unaudited) (Continued)

---

| | |
|:---|:---|
|  | **SA Worldwide<br> Moderate<br> Growth Fund** |
| **ASSETS** | |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value | $22366555 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 18900 |
| &nbsp;&nbsp;&nbsp;Receivable from the Adviser (Note 2) | 10401 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 22941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 22418797 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 17715 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 1185 |
| &nbsp;&nbsp;&nbsp;Sub-Administration fee payable (Note 2) | 4333 |
| &nbsp;&nbsp;&nbsp;Custody and accounting fees payable | 9322 |
| &nbsp;&nbsp;&nbsp;Trustees' fees payable (Note 2) | 150 |
| &nbsp;&nbsp;&nbsp;Transfer agent fee payable | 261 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 8909 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 6378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 48253 |
| **NET ASSETS** | $22370544 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $22027562 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 342982 |
| **NET ASSETS** | $22370544 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding<br> ($0.01 par value, unlimited shares authorized) | 2217087 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $10.09 |
| **Identified cost of affiliated investments** | $22513485 |

---

*The accompanying notes are an integral part of these financial statements.*

------

(This page has been left blank intentionally.)

------

STATEMENTS OF OPERATIONS — SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SA U.S.<br> Fixed Income<br> Fund** | **SA Global<br> Fixed Income<br> Fund** | **SA U.S.<br> Core Market<br> Fund** |
| **INVESTMENT INCOME** | | | |
| &nbsp;&nbsp;&nbsp;**Income:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated dividends | $— | $— | $4876448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest<sup>(1)</sup> | 5918616 | 8157037 | 27329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income |  |  | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes withheld |  |  | (341) |
| &nbsp;&nbsp;&nbsp;**Total Income** | 5918616 | 8157037 | 4904575 |
| &nbsp;&nbsp;&nbsp;**Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory and Administration fees (Note 2) | 337459 | 914043 | 1211722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing fees (Note 2) | 225531 | 363852 | 311834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees (Note 2) | 145136 | 235469 | 193578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Advisory fees (Note 2) | 67492 | 109685 | 87094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Administration fees (Note 2) | 33588 | 55341 | 44089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 2) | 18440 | 18440 | 18440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody and accounting fees | 36590 | 74719 | 67983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 32595 | 28465 | 32581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees\* | 28759 | 29514 | 28635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 20463 | 24264 | 23405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders report printing expenses | 13916 | 22968 | 18466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses\*\* | 16127 | 17424 | 20877 |
| &nbsp;&nbsp;&nbsp;**Total expenses before waivers and reimbursements:** | 976096 | 1894184 | 2058704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fee waiver by the Adviser (Note 2) | (12485) |  | (5684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 963611 | 1894184 | 2053020 |
| &nbsp;&nbsp;&nbsp;**Net investment income** | 4955005 | 6262853 | 2851555 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Realized gain (loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(2)</sup> ^ | (2022639) | (28966762) | 12622792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | 19073228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 31814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying funds |  |  | 979678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in unrealized appreciation (depreciation) on:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in unrealized appreciation (depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | (4458340) | 24216293 | (2331572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | (26199779) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 80656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments and foreign currency transactions and translation** | (6480979) | (11764550) | 11270898 |

---

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SA U.S.<br> Value<br> Fund** | **SA U.S.<br> Small Company<br> Fund** | **SA International<br> Value<br> Fund** | **SA International<br> Small Company<br> Fund** | **SA Emerging<br> Markets Value<br> Fund** | **SA Real Estate<br> Securities<br> Fund** |
| $6711267 | $2395088 | $9383701 | $4117208 | $5321901 | $2871895 |
| 15883 | 15805 | 98691 |  | 34576 | 6589 |
|  | 13236 | 154 |  | 84 |  |
|  | (1860) | (717823) |  | (587650) |  |
| 6727150 | 2422269 | 8764723 | 4117208 | 4768911 | 2878484 |
| 1068820 | 614986 | 1182286 | 296791 | 409237 | 239173 |
| 271293 | 156371 | 264651 | 119988 | 89190 | 67625 |
| 167953 | 97467 | 164514 | 74777 | 57966 | 44629 |
| 267205 | 307493 | 525461 |  | 327390 | 68335 |
| 40452 | 21326 | 40828 | 17508 | 14077 | 10854 |
| 18440 | 18440 | 18440 | 18440 | 18440 | 18440 |
| 49717 | 50561 | 101692 | 17809 | 168307 | 26863 |
| 31168 | 30804 | 31274 | 30135 | 27301 | 27709 |
| 28635 | 28802 | 28507 | 28635 | 46449 | 29896 |
| 22674 | 20130 | 21731 | 18784 | 18997 | 17442 |
| 16866 | 9198 | 17215 | 7542 | 5821 | 4404 |
| 25548 | 18605 | 42203 | 12734 | 58061 | 14579 |
| 2008771 | 1374183 | 2438802 | 643143 | 1241236 | 569949 |
|  | (1459) | (3531) | (2405) | (284701) | (46829) |
| 2008771 | 1372724 | 2435271 | 640738 | 956535 | 523120 |
| 4718379 | 1049545 | 6329452 | 3476470 | 3812376 | 2355364 |
| 17987666 | 5041349 | 1828809 | (484837) | (597263) | (16951) |
|  |  | 19799 |  | (119935) |  |
|  |  |  | 2901400 |  |  |
| 14846647 | 13481127 | 28312440 | 5942279 | (3381361) | (12396154) |
|  |  | 77161 |  | 32498 |  |
| 32834313 | 18522476 | 30238209 | 8358842 | (4066061) | (12413105) |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF OPERATIONS — SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited) (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **SA U.S.<br> Fixed Income<br> Fund** | **SA Global<br> Fixed Income<br> Fund** | **SA U.S.<br> Core Market<br> Fund** |
| **Net increase (decrease) in net assets resulting from operations** | $(1525974) | $(5501697) | $14122453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup><br> Interest income includes security lending income of: | $— | $11008 | $4378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup><br> Net of capital gain country tax of: | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup><br> Net of increase of deferred capital gain country tax accrual of: | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*<br>Professional fees include, but are not limited to, fees associated with legal, audit and tax services. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*\*<br>Other expenses include, but are not limited to, fees associated with insurance, redemption liquidity and printing services. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;^<br>For the six months ended December 31, 2022, the SA U.S. Core Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, and SA Real Estate Securities Fund had redemptions-in-kind of securities in the amount of $10,594,349, $12,247,889, $5,331,136, $6,034,134 and $1,684,868, respectively. Net realized gains (losses) on investments includes the realized gain on the transactions of $10,006,043, $6,946,460, $3,092,782, $2,913,679 and $564,330, respectively, which will not be realized by the Fund for tax purposes. |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SA U.S.<br> Value<br> Fund** | **SA U.S.<br> Small Company<br> Fund** | **SA International<br> Value<br> Fund** | **SA International<br> Small Company<br> Fund** | **SA Emerging<br> Markets Value<br> Fund** | **SA Real Estate<br> Securities<br> Fund** |
| $37552692 | $19572021 | $36567661 | $11835312 | $(253685) | $(10057741) |
| $1330 | $9155 | $93253 | $— | $29573 | $465 |
| $— | $— | $— | $— | $44457 | $— |
| $— | $— | $— | $— | $487997 | $— |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF OPERATIONS — SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited) (Continued)

---

| | |
|:---|:---|
| | **SA Worldwide<br> Moderate<br>Growth Fund** |
| **INVESTMENT INCOME** | |
| &nbsp;&nbsp;&nbsp;**Income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated dividends | $532549 |
| &nbsp;&nbsp;&nbsp;**Total Income** | 532549 |
| &nbsp;&nbsp;&nbsp;**Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Administration fees (Note 2) | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 2) | 18440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody and accounting fees | 8780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees\* | 26994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 11204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders report printing expenses | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance expenses | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses | 8523 |
| &nbsp;&nbsp;&nbsp;**Total expenses before waivers and reimbursements:** | 82689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fee waiver by the Adviser (Note 2) | (82689) |
| &nbsp;&nbsp;&nbsp;**Net investment income** | 532549 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Realized loss on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates | 670235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying funds | 450834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Increase (decrease) in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates | (898096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain on investments and foreign<br> currency transactions and translation** | 222973 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | $755522 |

---

\* Professional fees include, but are not limited to, fees associated with legal, audit and tax services.

*The accompanying notes are an integral part of these financial statements.*

------

(This page has been left blank intentionally.)

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **SA U.S. Fixed Income Fund** | **SA U.S. Fixed Income Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $4955005 | $1518885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (2022639) | (22778233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation (depreciation) | (4458340) | (6788887) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | (1525974) | (28048235) |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2753801) | (56146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | (2529260) | (1018043) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (5283061) | (1074189) |
| &nbsp;&nbsp;&nbsp;**Capital share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Proceeds from sale of shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 398639005 <sup>(b)</sup> | 7329042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 9346480 | 63433581 |
|  | 407985485 | 70762623 |
| &nbsp;&nbsp;&nbsp;**Value of distributions reinvested** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2723049 | 55475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 2503640 | 1007504 |
|  | 5226689 | 1062979 |
| &nbsp;&nbsp;&nbsp;**Cost of shares redeemed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (28163199) | (12383679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | (414094652)<sup>(b)</sup> | (118709833) |
|  | (442257851) | (131093512) |
| &nbsp;&nbsp;&nbsp;**Tax-free interclass conversion** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (47203) | (7640160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 47203 | 7640160 |
| &nbsp;&nbsp;&nbsp;**Total capital share transactions** | (29045677) | (59267910) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (35854712) | (88390334) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | $461832367 | $550222701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $425977655 | $461832367 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| **Shares sold by subscription** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 42529299 <sup>(b)</sup> | 734005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 984016 | 6369809 |

---

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | |
|:---|:---|:---|:---|
| **SA Global Fixed Income Fund** | **SA Global Fixed Income Fund** | **SA U.S. Core Market Fund** | **SA U.S. Core Market Fund** |
| **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended**<br> **June 30, 2022** | **Six Months Ended<br>December 31,<br>2022 (Unaudited)** | **Year Ended**<br> **June 30, 2022** |
| $6262853 | $4501295 | $2851555 | $4673402 |
| (9861720) | (18128681) | 13602470 | 37986631 |
| (1902830) | (46976847) | (2331572) | (122191294) |
| (5501697) | (60604233) | 14122453 | (79531261) |
| (18787117) | (205761) | (31997503) | (7761606) |
| (3999164) | (3320824) |  | (48734730) |
| (22786281) | (3526585) | (31997503) | (56496336) |
| 657771823 <sup>(c)</sup> | 24022227 | 538107857 <sup>(d)</sup> | 10359708 |
| 19545558 | 195368079 | 16838788 | 118551161 |
| 677317381 | 219390306 | 554946645 | 128910869 |
| 18613725 | 203470 | 31305591 | 7492066 |
| 3964077 | 3290379 |  | 47960700 |
| 22577802 | 3493849 | 31305591 | 55452766 |
| (49042221) | (12263989) | (43062869) | (16882446) |
| (678883998)<sup>(C)</sup> | (134188050) | (534028957)<sup>(d)</sup> | (124009602) |
| (727926219) | (146452039) | (577091826) | (140892048) |
| (63682) | (12596442) | (82452) | (11224342) |
| 63682 | 12596442 | 82452 | 11224342 |
| (28031036) | 76432116 | 9160410 | 43471587 |
| (56319014) | 12301298 | (8714640) | (92556010) |
| $748939754 | $736638456 | $584103159 | $676659169 |
| $692620740 | $748939754 | $575388519 | $584103159 |
| 77118029 <sup>(c)</sup> | 2577623 | 21510359 <sup>(d)</sup> | 344182 |
| 2263738 | 21073279 | 663858 | 4005720 |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

---

| | | |
|:---|:---|:---|
|  | **SA U.S. Fixed Income Fund** | **SA U.S. Fixed Income Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| **Shares issued for distributions reinvested** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 289455 | 5797 |
| &nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 264097 | 104240 |
| **Shares redeemed** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2993273) | (1244974) |
| &nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | (44079131)<sup>(b)</sup> | (11941746) |
| **Tax-free interclass conversion** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (5011) | (767215) |
| &nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 5000 | 766048 |
| **Net increase (decrease) in fund shares** | (3005548) | (5974036) |

---

(a) Effective October 26, 2022, each Fund converted its Select Class shares into its
 Investor Class shares and all the Investor Class shares were redesignated as shares of the Fund with no name.

(b) Includes automatic conversion from Select Class shares of $388,870,466 representing 41,420,313
 shares into Investor Class shares.

(c) Includes automatic conversion from Select Class shares of $636,280,968 representing 74,708,925
 shares into Investor Class shares.

(d) Includes automatic conversion from Select Class shares of $510,617,519 representing 20,507,057
 shares into Investor Class shares.

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | |
|:---|:---|:---|:---|
| **SA Global Fixed Income Fund** | **SA Global Fixed Income Fund** | **SA U.S. Core Market Fund** | **SA U.S. Core Market Fund** |
| **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** | **Six Months Ended<br> December 31,<br> 2022 (Unaudited)** | **Year Ended<br> June 30, 2022** |
| 2222202 | 23334 | 1327070 | 248246 |
| 460939 | 378205 |  | 1599223 |
| (5748675) | (1343234) | (1717644) | (568365) |
| (79652877)<sup>(c)</sup> | (14718276) | (21433395)<sup>(d)</sup> | (4183330) |
| (7400) | (1357999) | (3250) | (372787) |
| 7412 | 1359516 | 3265 | 374579 |
| (3336632) | 7992448 | 350263 | 1447468 |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

---

| | | |
|:---|:---|:---|
|  | **SA U.S. Value Fund** | **SA U.S. Value Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $4718379 | $8684569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 17987666 | 38687383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation (depreciation) | 14846647 | (88891972) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 37552692 | (41520020) |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (37682984) | (3097342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> |  | (23772127) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (37682984) | (26869469) |
| &nbsp;&nbsp;&nbsp;**Capital share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Proceeds from sale of shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 496686787 <sup>(b)</sup> | 6195059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 13362520 | 67410410 |
|  | 510049307 | 73605469 |
| &nbsp;&nbsp;&nbsp;**Value of distributions reinvested** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 37067906 | 3028641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> |  | 23502957 |
|  | 37067906 | 26531598 |
| &nbsp;&nbsp;&nbsp;**Cost of shares redeemed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (47551069) | (12430535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | (491721644)<sup>(b)</sup> | (109924641) |
|  | (539272713) | (122355176) |
| &nbsp;&nbsp;&nbsp;**Tax-free interclass conversion** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (103118) | (9903669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 103118 | 9903669 |
| &nbsp;&nbsp;&nbsp;**Total capital share transactions** | 7844500 | (22218109) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 7714208 | (90607598) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | $516593867 | $607201465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $524308075 | $516593867 |

---

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | |
|:---|:---|:---|:---|
| **SA U.S. Small Company Fund** | **SA U.S. Small Company Fund** | **SA International Value Fund** | **SA International Value Fund** |
| **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| $1049545 | $1794068 | $6329452 | $22281128 |
| 5041349 | 44369692 | 1848608 | 31104267 |
| 13481127 | (97596716) | 28389601 | (100244262) |
| 19572021 | (51432956) | 36567661 | (46858867) |
| (9248061) | (9826552) | (21242831) | (2102149) |
|  | (68069736) |  | (17859233) |
| (9248061) | (77896288) | (21242831) | (19961382) |
| 277853409 <sup>(c)</sup> | 3320503 | 471726310 <sup>(d)</sup> | 5029522 |
| 7168836 | 39784901 | 15295136 | 61305963 |
| 285022245 | 43105404 | 487021446 | 66335485 |
| 9099972 | 9578225 | 20986104 | 2061319 |
|  | 67289785 |  | 17683774 |
| 9099972 | 76868010 | 20986104 | 19745093 |
| (21564932) | (15181548) | (38354494) | (13473045) |
| (278607332)<sup>(c)</sup> | (115328413) | (471759098)<sup>(d)</sup> | (129317851) |
| (300172264) | (130509961) | (510113592) | (142790896) |
| (14643) | (6172452) | (77915) | (10125688) |
| 14643 | 6172452 | 77915 | 10125688 |
| (6050047) | (10536547) | (2106042) | (56710318) |
| 4273913 | (139865791) | 13218788 | (123530567) |
| $291937434 | $431803225 | $526920085 | $650450652 |
| $296211347 | $291937434 | $540138873 | $526920085 |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

---

| | | |
|:---|:---|:---|
|  | **SA U.S. Value Fund** | **SA U.S. Value Fund** |
| | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**Shares sold by subscription** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 25954121 <sup>(b)</sup> | 298775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 717407 | 3279221 |
| &nbsp;&nbsp;&nbsp;**Shares issued for distributions reinvested** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2067368 | 148390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> |  | 1158352 |
| &nbsp;&nbsp;&nbsp;**Shares redeemed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2464083) | (602545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | (25832120)<sup>(b)</sup> | (5338058) |
| &nbsp;&nbsp;&nbsp;**Tax-free interclass conversion** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (5660) | (477749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 5683 | 479735 |
| **Net increase (decrease) in fund shares** | 442716 | (1053879) |

---

<sup>(a)</sup> Effective October 26, 2022, each Fund converted its Select Class shares into its Investor Class shares and the Investor Class shares were redesignated as shares of the Fund with no name.

<sup>(b)</sup> Includes automatic conversion from Select Class shares of $469,351,404 representing 24,627,398 shares into Investor Class shares.

<sup>(c)</sup> Includes automatic conversion from Select Class shares of $265,166,445 representing 11,100,822 shares into Investor Class shares.

<sup>(d)</sup> Includes automatic conversion from Select Class shares of $452,121,916 representing 43,049,800 shares into Investor Class shares.

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | |
|:---|:---|:---|:---|
| **SA U.S. Small Company Fund** | **SA U.S. Small Company Fund** | **SA International Value Fund** | **SA International Value Fund** |
| **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| 11597653 <sup>(c)</sup> | 110551 | 44657532 <sup>(d)</sup> | 412840 |
| 301658 | 1382409 | 1447657 | 5049471 |
| 392918 | 350594 | 1900915 | 175282 |
|  | 2472981 |  | 1511434 |
| (887429) | (489110) | (3417151) | (1102481) |
| (11667416)<sup>(c)</sup> | (3737136) | (44917844)<sup>(d)</sup> | (10617507) |
| (561) | (198289) | (7590) | (825371) |
| 563 | 198678 | 7620 | 828395 |
| (262614) | 90678 | (328861) | (4567937) |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

---

| | | |
|:---|:---|:---|
|  | **SA International Small Company Fund** | **SA International Small Company Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $3476470 | $6455492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 2416563 | 21978183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation (depreciation) | 5942279 | (88709234) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 11835312 | (60275559) |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (13986010) | (2017354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> |  | (15545446) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (13986010) | (17562800) |
| &nbsp;&nbsp;&nbsp;**Capital share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;**Proceeds from sale of shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class<sup>(a)</sup> | 207657890 <sup>(b)</sup> | 2585459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 8677472 | 30708162 |
|  | 216335362 | 33293621 |
| &nbsp;&nbsp;&nbsp;**Value of distributions reinvested** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 13809504 | 1968082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> |  | 15389047 |
|  | 13809504 | 17357129 |
| &nbsp;&nbsp;&nbsp;**Cost of shares redeemed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (11642622) | (6938558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | (209704012)<sup>(b)</sup> | (63100951) |
|  | (221346634) | (70039509) |
| &nbsp;&nbsp;&nbsp;**Tax-free interclass conversion** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (50325) | (5254108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 50325 | 5254108 |
| &nbsp;&nbsp;&nbsp;**Total capital share transactions** | 8798232 | (19388759) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 6647534 | (97227118) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | $237288001 | $334515119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $243935535 | $237288001 |

---

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | |
|:---|:---|:---|:---|
| **SA Emerging Markets Value Fund** | **SA Emerging Markets Value Fund** | **SA Real Estate Securities Fund** | **SA Real Estate Securities Fund** |
| **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| $3812376 | $6852856 | $2355364 | $2112730 |
| (717198) | 6857148 | (16951) | 18435584 |
| (3348863) | (46844981) | (12396154) | (28655541) |
| (253685) | (33134977) | (10057741) | (8107227) |
| (6277522) | (597981) | (9006101) | (1660952) |
|  | (5768774) |  | (13171496) |
| (6277522) | (6366755) | (9006101) | (14832448) |
| 157481119 <sup>(c)</sup> | 3118419 | 116740618 <sup>(d)</sup> | 1386664 |
| 6640752 | 32936267 | 3286284 | 14794291 |
| 164121871 | 36054686 | 120026902 | 16180955 |
| 6211004 | 588176 | 8870430 | 1632976 |
|  | 5711449 |  | 13043699 |
| 6211004 | 6299625 | 8870430 | 14676675 |
| (9036025) | (3508739) | (8653676) | (5982293) |
| (158372192)<sup>(c)</sup> | (39800917) | (116259928)<sup>(d)</sup> | (53446356) |
| (167408217) | (43309656) | (124913604) | (59428649) |
| (20108) | (3065158) | (19896) | (2839875) |
| 20108 | 3065158 | 19896 | 2839875 |
| 2924658 | (955345) | 3983728 | (28571019) |
| (3606549) | (40457077) | (15080114) | (51510694) |
| $186567361 | $227024438 | $141012938 | $192523632 |
| $182960812 | $186567361 | $125932824 | $141012938 |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

---

| | | |
|:---|:---|:---|
|  | **SA International Small Company Fund** | **SA International Small Company Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**Shares sold by subscription** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 11826601 <sup>(b)</sup> | 111503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 486385 | 1365813 |
| &nbsp;&nbsp;&nbsp;**Shares issued for distributions reinvested** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 771481 | 86891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> |  | 684262 |
| &nbsp;&nbsp;&nbsp;**Shares redeemed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (635832) | (300029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | (12003743)<sup>(b)</sup> | (2723548) |
| &nbsp;&nbsp;&nbsp;**Tax-free interclass conversion** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2939) | (219455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Class<sup>(a)</sup> | 2954 | 220479 |
| **Net increase (decrease) in fund shares** | 444907 | (774084) |

---

<sup>(a)</sup> Effective October 26, 2022, each Fund converted its Select Class shares into its Investor Class shares and the Investor Class shares were redesignated as shares of the Fund with no name.

<sup>(b)</sup> Includes automatic conversion from Select Class shares of $200,767,508 representing 11,501,742 shares into Investor Class shares.

<sup>(c)</sup> Includes automatic conversion from Select Class shares of $151,197,447 representing 18,337,410 shares into Investor Class shares.

<sup>(d)</sup> Includes automatic conversion from Select Class shares of $110,697,978 representing 10,313,893 shares into Investor Class shares.

*The accompanying notes are an integral part of these financial statements.*

------

---

| | | | |
|:---|:---|:---|:---|
| **SA Emerging Markets Value Fund** | **SA Emerging Markets Value Fund** | **SA Real Estate Securities Fund** | **SA Real Estate Securities Fund** |
| **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended<br> June 30, 2022** |
| 19064428 <sup>(c)</sup> | 294891 | 10828640 <sup>(d)</sup> | 97174 |
| 744798 | 3154411 | 280610 | 1061174 |
| 704195 | 57834 | 868798 | 114194 |
|  | 562704 |  | 917278 |
| (1025601) | (335852) | (785379) | (425337) |
| (19148297)<sup>(c)</sup> | (3798621) | (10786475)<sup>(d)</sup> | (3814937) |
| (2249) | (292199) | (1766) | (200378) |
| 2249 | 292456 | 1772 | 201063 |
| 339523 | (64376) | 406200 | (2049769) |

---

*The accompanying notes are an integral part of these financial statements.*

------

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

---

| | | |
|:---|:---|:---|
|  | **SA Worldwide Moderate Growth Fund** | **SA Worldwide Moderate Growth Fund** |
| | **Six Months Ended<br> December 31, 2022<br>(Unaudited)** | **Year Ended<br> June 30, 2022** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $532549 | $360412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments and foreign currency transactions | 1121069 | 2038472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation (depreciation) | (898096) | (4677179) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 755522 | (2278295) |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders** | (1732292) | (1168884) |
| &nbsp;&nbsp;&nbsp;**Capital share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 990672 | 2954114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of distributions reinvested | 1725778 | 1164151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2540786) | (4667944) |
| &nbsp;&nbsp;&nbsp;**Total capital share transactions** | 175664 | (549679) |
| &nbsp;&nbsp;&nbsp;**Total decrease in net assets** | (801106) | (3996858) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | $23171650 | $27168508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $22370544 | $23171650 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold by subscription | 93058 | 248004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for distributions reinvested | 172233 | 96932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (235244) | (391603) |
| **Net increase in fund shares** | 30047 | (46667) |

---

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SA U.S. Fixed Income Fund** | **SA U.S. Fixed Income Fund** | **SA U.S. Fixed Income Fund** | **SA U.S. Fixed Income Fund** | **SA U.S. Fixed Income Fund** | **SA U.S. Fixed Income Fund** |
| | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
| <br>&nbsp;&nbsp;&nbsp; | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**9.54** | $**10.12** | $**10.17** | $**10.16** | $**10.11** | $**10.18** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.10<sup>(1)</sup> | 0.01<sup>(1)</sup> | (0.02)<sup>(1)(2)</sup> | 0.13<sup>(1)</sup> | (0.20) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.14) | (0.58) | (0.03)<sup>(2)</sup> | 0.01 | 0.46 | 0.07 |
| Total from investment operations | (0.04) | (0.57) | (0.05) | 0.14 | 0.26 | 0.02 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.01) | (0.00)<sup>(3)</sup> | (0.13) | (0.21) | (0.09) |
| **Net asset value, end of period** | $**9.39** | $**9.54** | $**10.12** | $**10.17** | $**10.16** | $**10.11** |
| Total return | (0.44)%<sup>(4)</sup> | (5.63)% | (0.48)% | 1.42% | 2.58% | 0.17% |
| Net assets, end of period (000s) | $425978 | $52715 | $68818 | $80440 | $113430 | $147431 |
| Ratio of net expenses to average net assets | 0.43%<sup>(5)</sup> | 0.63% | 0.64% | 0.63% | 0.64% | 0.64% |
| Ratio of gross expenses to average net assets | 0.44%<sup>(5)(6)</sup> | 0.63% | 0.64% | 0.63% | 0.64% | 0.64% |
| Ratio of net investment income (loss) to average net assets | 2.20%<sup>(5)</sup> | 0.10% | (0.15)% | 1.28% | 1.92% | 0.94% |
| Portfolio turnover rate | 5% | 203% | 113% | 49% | 88% | 107% |

---

<sup>(1)</sup> Calculated based on average shares outstanding during the period.

<sup>(2)</sup> Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(3)</sup> Amount rounds to less than $(0.005) per share.

<sup>(4)</sup> Periods less than one year are not annualized.

<sup>(5)</sup> Annualized for periods less than one year.

<sup>(6)</sup> Gross expenses before waivers of expenses.

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Global Fixed Income Fund** | **SA Global Fixed Income Fund** | **SA Global Fixed Income Fund** | **SA Global Fixed Income Fund** | **SA Global Fixed Income Fund** | **SA Global Fixed Income Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**8.71** | $**9.44** | $**9.42** | $**9.63** | $**9.59** | $**9.63** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.07<sup>(1)</sup> | 0.03<sup>(1)</sup> | (0.03)<sup>(1)</sup> | 0.00<sup>(1)</sup> | (0.09) | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.14) | (0.74) | 0.05 | 0.14 | 0.46 | (0.20) |
| Total from investment operations | (0.07) | (0.71) | 0.02 | 0.14 | 0.37 |  |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.02) |  | (0.35) | (0.33) | (0.04) |
| &nbsp;&nbsp;&nbsp;Capital gains |  |  |  |  |  | (0.00)<sup>(2)</sup> |
| Total distributions | (0.28) | (0.02) |  | (0.35) | (0.33) | (0.04) |
| **Net asset value, end of period** | $**8.36** | $**8.71** | $**9.44** | $**9.42** | $**9.63** | $**9.59** |
| Total return | (0.84)%<sup>(3)</sup> | (7.50)% | 0.21% | 1.46% | 3.90% | 0.04% |
| Net assets, end of period (000s) | $692621 | $80670 | $88378 | $100567 | $133954 | $170558 |
| Ratio of net expenses to average net assets | 0.52%<sup>(4)</sup> | 0.71% | 0.73% | 0.73% | 0.73% | 0.73% |
| Ratio of gross expenses to average net assets | 0.52%<sup>(4)</sup> | 0.71% | 0.73% | 0.73% | 0.73% | 0.73% |
| Ratio of net investment income (loss) to average net assets | 1.71%<sup>(4)</sup> | 0.37% | (0.30)% | 0.01% | 0.53% | 1.02% |
| Portfolio turnover rate | 64% | 103% | 111% | 58% | 75% | 46% |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Calculated based on average shares outstanding during the period. |
| <sup>(2)</sup> | Amount rounds to less than $(0.005) per share. |
| <sup>(3)</sup> | Periods less than one year are not annualized. |
| <sup>(4)</sup> | Annualized for periods less than one year. |

---

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA U.S. Core Market Fund** | **SA U.S. Core Market Fund** | **SA U.S. Core Market Fund** | **SA U.S. Core Market Fund** | **SA U.S. Core Market Fund** | **SA U.S. Core Market Fund** |
|  | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**24.52** | $**30.22** | $**23.37** | $**24.79** | $**24.18** | $**21.71** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.12<sup>(1)</sup> | 0.14<sup>(1)</sup> | 0.14<sup>(1)</sup> | 0.23<sup>(1)</sup> | 0.01 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.44 | (3.46) | 8.87 | 1.43 | 1.95 | 3.45 |
| Total from investment operations | 0.56 | (3.32) | 9.01 | 1.66 | 1.96 | 3.43 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.11) | (0.22) | (0.26) | (0.17) | (0.22) |
| &nbsp;&nbsp;&nbsp;Capital gains | (1.16) | (2.27) | (1.94) | (2.82) | (1.18) | (0.74) |
| Total distributions | (1.38) | (2.38) | (2.16) | (3.08) | (1.35) | (0.96) |
| **Net asset value, end of period** | $**23.70** | $**24.52** | $**30.22** | $**23.37** | $**24.79** | $**24.18** |
| Total return | 2.31%<sup>(2)</sup> | (12.44)% | 39.94% | 6.31% | 9.30% | 15.91% |
| Net assets, end of period (000s) | $575389 | $77555 | $106102 | $112429 | $165849 | $205989 |
| Ratio of net expenses to average net assets | 0.68%<sup>(3)(5)</sup> | 0.86% | 0.87% | 0.88% | 0.88% | 0.90% |
| Ratio of gross expenses to average net assets | 0.68%<sup>(3)(4)(5)</sup> | 0.86% | 0.87% | 0.88% | 0.88% | 0.90%<sup>(4)</sup> |
| Ratio of net investment income to average net assets | 0.94%<sup>(3)</sup> | 0.48% | 0.53% | 0.98% | 1.02% | 0.90% |
| Portfolio turnover rate | 1% | 9% | 1% | 3% | 4% | 6% |

---

<sup>(1)</sup> Calculated based on average shares outstanding during the period.

<sup>(2)</sup> Periods less than one year are not annualized.

<sup>(3)</sup> Annualized for periods less than one year.

<sup>(4)</sup> Gross expenses before waivers of expenses.

<sup>(5)</sup> The ratio of net expenses and gross expenses to average net assets excluding ReFlow liquidity program fee were 0.68% and 0.68%, respectively, for the six months ended December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA U.S. Value Fund** | **SA U.S. Value Fund** | **SA U.S. Value Fund** | **SA U.S. Value Fund** | **SA U.S. Value Fund** | **SA U.S. Value Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**18.28** | $**20.71** | $**14.10** | $**17.13** | $**18.39** | $**18.51** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.17<sup>(2)</sup> | 0.26<sup>(2)</sup> | 0.21<sup>(2)</sup> | 0.28<sup>(2)</sup> | (0.03) | (0.00)<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.15 | (1.80) | 6.66 | (2.39) | 0.24 | 1.83 |
| Total from investment operations | 1.32 | (1.54) | 6.87 | (2.11) | 0.21 | 1.83 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.22) | (0.26) | (0.26) | (0.19) | (0.24) |
| &nbsp;&nbsp;&nbsp;Capital gains | (1.06) | (0.67) |  | (0.66) | (1.28) | (1.71) |
| Total distributions | (1.40) | (0.89) | (0.26) | (0.92) | (1.47) | (1.95) |
| **Net asset value, end of period** | $**18.20** | $**18.28** | $**20.71** | $**14.10** | $**17.13** | $**18.39** |
| Total return | 7.30%<sup>(3)</sup> | (7.88)% | 49.17% | (13.42)% | 2.43% | 9.59% |
| Net assets, end of period (000s) | $524308 | $59594 | $80613 | $74571 | $117485 | $152688 |
| Ratio of net expenses to average net assets | 0.75%<sup>(4)(5)</sup> | 0.94% | 0.95% | 0.95% | 0.96% | 0.97% |
| Ratio of gross expenses to average net assets | 0.75%<sup>(4)(5)</sup> | 0.94% | 0.95% | 0.95% | 0.96% | 0.97% |
| Ratio of net investment income to average net assets | 1.77%<sup>(4)</sup> | 1.26% | 1.24% | 1.71% | 1.53% | 1.41% |
| Portfolio turnover rate | 4% | 10% | 5% | 10% | 11% | 19% |

---

<sup>(1)</sup> Amount rounds to less than $(0.005) per share.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Periods less than one year are not annualized.

<sup>(4)</sup> Annualized for periods less than one year.

<sup>(5)</sup> The ratio of net expenses and gross expenses to average net assets excluding ReFlow liquidity program fee were 0.75% and 0.75%, respectively, for the six months ended December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA U.S. Small Company Fund** | **SA U.S. Small Company Fund** | **SA U.S. Small Company Fund** | **SA U.S. Small Company Fund** | **SA U.S. Small Company Fund** | **SA U.S. Small Company Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**22.68** | $**33.74** | $**21.77** | $**25.46** | $**27.37** | $**25.76** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.08<sup>(1)</sup> | 0.09<sup>(1)</sup> | 0.06<sup>(1)</sup> | 0.09<sup>(1)</sup> | 0.07 | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.42 | (4.02) | 12.60 | (2.62) | (1.27) | 3.75 |
| Total from investment operations | 1.50 | (3.93) | 12.66 | (2.53) | (1.20) | 3.69 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.07) | (0.06) | (0.07) |  | (0.05) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.63) | (7.06) | (0.63) | (1.09) | (0.71) | (2.03) |
| Total distributions | (0.75) | (7.13) | (0.69) | (1.16) | (0.71) | (2.08) |
| **Net asset value, end of period** | $**23.43** | $**22.68** | $**33.74** | $**21.77** | $**25.46** | $**27.37** |
| Total return | 6.64%<sup>(2)</sup> | (15.24)% | 58.84% | (10.66)% | (3.94)% | 14.64% |
| Net assets, end of period (000s) | $296211 | $34945 | $59623 | $55701 | $81679 | $113007 |
| Ratio of net expenses to average net assets | 0.89%<sup>(3)(5)</sup> | 1.09% | 1.14% | 1.14% | 1.15% | 1.17% |
| Ratio of gross expenses to average net assets | 0.89%<sup>(3)(4)(5)</sup> | 1.09% | 1.14% | 1.14% | 1.15% | 1.21%<sup>(4)</sup> |
| Ratio of net investment income to average net assets | 0.68%<sup>(3)</sup> | 0.31% | 0.20% | 0.38% | 0.31% | 0.26% |
| Portfolio turnover rate | 7% | 7% | 7% | 14% | 12% | 16% |

---

<sup>(1)</sup> Calculated based on average shares outstanding during the period.

<sup>(2)</sup> Periods less than one year are not annualized.

<sup>(3)</sup> Annualized for periods less than one year.

<sup>(4)</sup> Gross expenses before waivers of expenses.

<sup>(5)</sup> The ratio of net expenses and gross expenses to average net assets excluding ReFlow liquidity program fee were 0.89% and 0.89%, respectively, for the six months ended December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA International Value Fund** | **SA International Value Fund** | **SA International Value Fund** | **SA International Value Fund** | **SA International Value Fund** | **SA International Value Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**10.86** | $**12.25** | $**8.71** | $**10.96** | $**11.87** | $**11.20** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.13<sup>(1)</sup> | 0.41<sup>(1)</sup> | 0.28<sup>(1)</sup> | 0.19<sup>(1)</sup> | 0.13 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.63 | (1.43) | 3.48 | (2.03) | (0.85) | 0.83 |
| Total from investment operations | 0.76 | (1.02) | 3.76 | (1.84) | (0.72) | 0.98 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.37) | (0.22) | (0.41) | (0.19) | (0.31) |
| **Net asset value, end of period** | $**11.17** | $**10.86** | $**12.25** | $**8.71** | $**10.96** | $**11.87** |
| Total return | 7.08%<sup>(2)</sup> | (8.57)% | 43.64% | (17.62)% | (5.88)% | 8.61% |
| Net assets, end of period (000s) | $540139 | $56827 | $80507 | $80664 | $124822 | $174610 |
| Ratio of net expenses to average net assets | 0.93%<sup>(3)(5)</sup> | 1.11% | 1.11% | 1.11% | 1.12% | 1.12% |
| Ratio of gross expenses to average net assets | 0.93%<sup>(3)(4)(5)</sup> | 1.11% | 1.11% | 1.11% | 1.12% | 1.12% |
| Ratio of net investment income to average net assets | 2.41%<sup>(3)</sup> | 3.36% | 2.64% | 1.92% | 2.67% | 1.86% |
| Portfolio turnover rate | 5% | 12% | 9% | 13% | 19% | 21% |

---

<sup>(1)</sup> Calculated based on average shares outstanding during the period.

<sup>(2)</sup> Periods less than one year are not annualized.

<sup>(3)</sup> Annualized for periods less than one year.

<sup>(4)</sup> Gross expenses before waivers of expenses.

<sup>(5)</sup> The ratio of net expenses and gross expenses to average net assets excluding ReFlow liquidity program fee were 0.93% and 0.92%, respectively, for the six months ended December 31, 2022.

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA International Small Company Fund** | **SA International Small Company Fund** | **SA International Small Company Fund** | **SA International Small Company Fund** | **SA International Small Company Fund** | **SA International Small Company Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**18.39** | $**24.44** | $**17.32** | $**19.75** | $**22.94** | $**22.09** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.27<sup>(1)</sup> | 0.44<sup>(1)</sup> | 0.24<sup>(1)</sup> | 0.31<sup>(1)</sup> | (0.21) | (0.60) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.62 | (5.16) | 7.31 | (1.57) | (1.80) | 2.46 |
| Total from investment operations | 0.89 | (4.72) | 7.55 | (1.26) | (2.01) | 1.86 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.57) | (0.24) | (0.35) | (0.29) | (0.43) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.77) | (0.76) | (0.19) | (0.82) | (0.89) | (0.58) |
| Total distributions | (1.10) | (1.33) | (0.43) | (1.17) | (1.18) | (1.01) |
| **Net asset value, end of period** | $**18.18** | $**18.39** | $**24.44** | $**17.32** | $**19.75** | $**22.94** |
| Total return | 4.93%<sup>(2)</sup> | (20.33)% | 43.94% | (7.26)% | (8.05)% | 8.35% |
| Net assets, end of period (000s) | $243936 | $26761 | $43416 | $41203 | $62905 | $90584 |
| Ratio of net expenses to average net assets<sup>†</sup> | 0.54%<sup>(3)</sup> | 0.74% | 0.75% | 0.75% | 0.75% | 0.86% |
| Ratio of gross expenses to average net assets<sup>†</sup> | 0.54%<sup>(3)(4)</sup> | 0.74% | 0.75%<sup>(4)</sup> | 0.75% | 0.76%<sup>(4)</sup> | 0.86% |
| Ratio of net investment income to average net assets<sup>†(5)</sup> | 2.93%<sup>(3)</sup> | 1.92% | 1.11% | 1.63% | 1.58% | 1.27% |
| Ratio of expenses to average net assets for the DFA Portfolio (unaudited)<sup>†(6)</sup> | 0.42% | 0.42% | 0.49% | 0.53% | 0.54% | 0.53% |
| Ratio of expenses to average net assets for the DFA Portfolio<sup>†(7)</sup> | 0.41% | 0.46% | 0.53% | 0.54% | 0.53% | 0.53% |
| Portfolio turnover rate<sup>(8)</sup> | 5% | 8% | 2% | 6% | 6% | 6% |

---

---

| | |
|:---|:---|
| |  |
| <sup>†</sup> | The DFA Portfolio expenses are not included in the stated expense information of the SA International Small Company Fund. The financial statements of the DFA Portfolio are included elsewhere in this report. |
| <sup>(1)</sup> | Calculated based on average shares outstanding during the period. |
| <sup>(2)</sup> | Periods less than one year are not annualized. |
| <sup>(3)</sup> | Annualized for periods less than one year. |
| <sup>(4)</sup> | Gross expenses before waivers of expenses. |
| <sup>(5)</sup> | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |
| <sup>(6)</sup> | The DFA Portfolio expense ratios are as of April 30, 2022, 2021, 2020, 2019 and 2018 respectively and are unaudited. |
| <sup>(7)</sup> | The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2022, 2021, 2020, 2019 and 2018 respectively. |
| <sup>(8)</sup> | The SA International Small Company Fund invests substantially all of its assets in the DFA Portfolio. Please refer to the financial statements of the DFA Portfolio included elsewhere in this report. |

---

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Emerging Markets Value Fund** | **SA Emerging Markets Value Fund** | **SA Emerging Markets Value Fund** | **SA Emerging Markets Value Fund** | **SA Emerging Markets Value Fund** | **SA Emerging Markets Value Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**9.20** | $**11.15** | $**7.75** | $**9.85** | $**9.93** | $**9.56** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.19<sup>(1)</sup> | 0.32<sup>(1)</sup> | 0.17<sup>(1)</sup> | 0.18<sup>(1)</sup> | (0.12) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.21) | (1.97) | 3.40 | (2.07) | 0.20 | 0.62 |
| Total from investment operations | (0.02) | (1.65) | 3.57 | (1.89) | 0.08 | 0.51 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.31) | (0.30) | (0.17) | (0.21) | (0.16) | (0.14) |
| **Net asset value, end of period** | $**8.87** | $**9.20** | $**11.15** | $**7.75** | $**9.85** | $**9.93** |
| Total return | (0.16)%<sup>(2)</sup> | (15.07)% | 46.51% | (19.60)% | 0.97% | 5.23% |
| Net assets, end of period (000s) | $182961 | $17439 | $24222 | $22078 | $37001 | $49384 |
| Ratio of net expenses to average net assets | 1.05%<sup>(3)</sup> | 1.24% | 1.32% | 1.35% | 1.35% | 1.38% |
| Ratio of gross expenses to average net assets<sup>(4)</sup> | 1.36%<sup>(3)</sup> | 1.54% | 1.61% | 1.61% | 1.62% | 1.61% |
| Ratio of net investment income to average net assets | 4.19%<sup>(3)</sup> | 3.05% | 1.83% | 2.06% | 1.78% | 1.26% |
| Portfolio turnover rate | 7% | 19% | 22% | 22% | 12% | 18% |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Calculated based on average shares outstanding during the period. |
| <sup>(2)</sup> | Periods less than one year are not annualized. |
| <sup>(3)</sup> | Annualized for periods less than one year. |
| <sup>(4)</sup> | Gross expenses before waivers of expenses. |

---

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Real Estate Securities Fund** | **SA Real Estate Securities Fund** | **SA Real Estate Securities Fund** | **SA Real Estate Securities Fund** | **SA Real Estate Securities Fund** | **SA Real Estate Securities Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**12.00** | $**13.95** | $**11.02** | $**12.43** | $**11.40** | $**11.38** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.20<sup>(1)</sup> | 0.15<sup>(1)</sup> | 0.17<sup>(1)</sup> | 0.22<sup>(1)</sup> | (0.34) | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.09) | (0.85) | 3.20 | (1.08) | 1.79 | 0.21 |
| Total from investment operations | (0.89) | (0.70) | 3.37 | (0.86) | 1.45 | 0.35 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.13) | (0.29) | (0.15) | (0.35) | (0.14) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.60) | (1.12) | (0.15) | (0.40) | (0.07) | (0.19) |
| Total distributions | (0.79) | (1.25) | (0.44) | (0.55) | (0.42) | (0.33) |
| **Net asset value, end of period** | $**10.32** | $**12.00** | $**13.95** | $**11.02** | $**12.43** | $**11.40** |
| Total return | (7.37)%<sup>(2)</sup> | (6.51)% | 31.57% | (7.47)% | 13.32% | 3.14% |
| Net assets, end of period (000s) | $125933 | $15527 | $23828 | $24097 | $36944 | $44916 |
| Ratio of net expenses to average net assets | 0.77%<sup>(3)(5)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.98% |
| Ratio of gross expenses to average net assets<sup>(4)</sup> | 0.83%<sup>(3)(5)</sup> | 1.02% | 1.05% | 1.02% | 1.04% | 1.04% |
| Ratio of net investment income to average net assets | 3.45%<sup>(3)</sup> | 1.04% | 1.44% | 1.82% | 2.28% | 2.27% |
| Portfolio turnover rate | 2% | 2% | 4% | 3% | 6% | 6% |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Calculated based on average shares outstanding during the period. |
| <sup>(2)</sup> | Periods less than one year are not annualized. |
| <sup>(3)</sup> | Annualized for periods less than one year. |
| <sup>(4)</sup> | Gross expenses before waivers of expenses. |
| <sup>(5)</sup> | The ratio of net expenses and gross expenses to average net assets excluding ReFlow liquidity program fee were 0.76% and 0.83%, respectively, for the six months ended December 31, 2022. |

---

*The accompanying notes are an integral part of these financial statements.*

------

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Worldwide Moderate Growth Fund** | **SA Worldwide Moderate Growth Fund** | **SA Worldwide Moderate Growth Fund** | **SA Worldwide Moderate Growth Fund** | **SA Worldwide Moderate Growth Fund** | **SA Worldwide Moderate Growth Fund** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **Six Months Ended<br> December 31, 2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $**10.59** | $**12.16** | $**9.54** | $**10.83** | $**11.29** | $**10.73** |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.25<sup>(1)</sup> | 0.16<sup>(1)</sup> | 0.14<sup>(1)</sup> | 0.24<sup>(1)</sup> | (0.18) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.09 | (1.19) | 3.01 | (0.97) | 0.39 | 1.03 |
| Total from investment operations | 0.34 | (1.03) | 3.15 | (0.73) | 0.21 | 0.88 |
| **Less distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.16) | (0.20) | (0.25) | (0.21) | (0.15) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.57) | (0.38) | (0.33) | (0.31) | (0.46) | (0.17) |
| Total distributions | (0.84) | (0.54) | (0.53) | (0.56) | (0.67) | (0.32) |
| **Net asset value, end of period** | $**10.09** | $**10.59** | $**12.16** | $**9.54** | $**10.83** | $**11.29** |
| Total return | 3.30%<sup>(2)</sup> | (8.97)% | 33.71% | (7.33)% | 2.53% | 8.11% |
| Net assets, end of period (000s) | $22371 | $23172 | $27169 | $30464 | $38210 | $35745 |
| Ratio of net expenses to average net assets<sup>(3)</sup> | 0.00%<sup>(4)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Ratio of gross expenses to average net assets<sup>(3)(5)</sup> | 0.71%<sup>(4)</sup> | 0.67% | 0.69% | 0.54% | 0.51% | 0.60% |
| Ratio of net investment income to average net assets<sup>(3)(6)</sup> | 4.60%<sup>(4)</sup> | 1.38% | 1.24% | 2.36% | 2.07% | 1.09% |
| Portfolio turnover rate | 110% | 25% | 11% | 23% | 14% | 20% |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Calculated based on average shares outstanding during six months ended December 31, 2022. |
| <sup>(2)</sup> | Periods less than one year are not annualized. |
| <sup>(3)</sup> | These ratios exclude the impact of the underlying affiliated funds as represented in the Portfolio of Investments. |
| <sup>(4)</sup> | Annualized for periods less than one year. |
| <sup>(5)</sup> | Gross expenses before waivers of expenses. |
| <sup>(6)</sup> | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. |

---

*The accompanying notes are an integral part of these financial statements.*

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited)

**1. Organization and Significant Accounting Policies**

**SA Funds — Investment Trust** (the "Trust") is a Delaware statutory trust that was organized on June 16, 1998. The Agreement and Declaration of Trust permits the Trust to offer separate portfolios ("Funds") of shares of beneficial interest and different classes of shares of each Fund. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), and currently offers the following ten Funds, each of which (with the exception of the SA Worldwide Moderate Growth Fund) is a diversified mutual fund as defined in the 1940 Act. Each Fund represents a distinct portfolio with its own investment objective. Refer to the Prospectus for each Fund's investment objective:

SA U.S. Fixed Income Fund

SA Global Fixed Income Fund

SA U.S. Core Market Fund

SA U.S. Value Fund

SA U.S. Small Company Fund

SA International Value Fund

SA International Small Company Fund

SA Emerging Markets Value Fund

SA Real Estate Securities Fund

SA Worldwide Moderate Growth Fund

The SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, and SA International Small Company Fund commenced investment operations on August 5, 1999, the SA Global Fixed Income Fund, commenced operations on July 29, 1999, the SA U.S. Fixed Income Fund, SA Emerging Markets Value Fund, and SA Real Estate Securities Fund commenced operations on April 2, 2007, and the SA Worldwide Moderate Growth Fund commenced operations on July 1, 2015.

Prior to October 26, 2022, each Fund with the exception of the SA Worldwide Moderate Growth Fund, offered Investor Class shares and Select Class shares. Effective October 26, 2022, each Fund converted its Select Class shares into its Investor Class and the Investor Class shares were redesignated as shares of the Fund with no name. The SA Worldwide Moderate Growth Fund continues to offer only a single share class.

Prior to October 26, 2022, Select Class shares were available to investors that invest through the Strategist Program of Buckingham Strategic Partners, LLC (the "Adviser" or "Buckingham") and certain registered investment companies at the discretion of the Adviser.

The SA International Small Company Fund invests substantially all of its assets in the International Small Company Portfolio (the "DFA Portfolio"), a series of DFA Investment Dimensions Group Inc., a separate registered investment company. The DFA Portfolio has the same investment objective as SA International Small Company Fund and invests its assets in The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series, each a series of The DFA Investment Trust Company (each a "Series"), an open-end management investment company. As of December 31, 2022, the SA International Small Company Fund held approximately 2.40% of the DFA Portfolio. The SA International Small Company Fund adheres closely to the accounting for a fund-of-funds investments under the AICPA Audit and Accounting Guide for Investment Companies. The performance of the SA International Small Company Fund is directly affected by the performance of the DFA Portfolio. The financial statements of the DFA Portfolio and the Series in which it invests are included elsewhere in this report and should be read in conjunction with the financial statements of the SA International Small Company Fund.

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

Prior to October 26, 2022, the SA Worldwide Moderate Growth Fund invested substantially all of its assets in the Select Class shares of the Underlying SA Funds. Effective October 26, 2022, purchases by the SA Worldwide Moderate Growth Fund in Underlying SA Funds receive shares of the Underlying SA Funds, which have no designation effective October 26, 2022. The Underlying SA Funds managed by the Adviser comprise various asset categories and strategies. The Adviser has established an asset allocation target for the Fund. This target is the approximate percentage of the Fund's assets that will be invested in equity investments and fixed income investments. Under normal market conditions, the SA Worldwide Moderate Growth Fund invests approximately 70% of its assets in equity investments and approximately 30% of its assets in fixed income investments as represented by the holdings of the Underlying SA Funds. The performance of the SA Worldwide Moderate Growth Fund is directly affected by the performance of the Underlying SA Funds. The financial statements of the Underlying SA Funds are included elsewhere in the report and should be read in conjunction with the financial statements of the SA Worldwide Moderate Growth Fund.

**Use of Estimates** — The Funds are investment companies that follow the investment company accounting and reporting guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 *Financial Services – Investment Companies*.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The following summarizes the significant accounting policies of the Funds:

**Security Valuation** — Domestic equity securities listed on an exchange or stock market for which market quotations are readily available are valued according to the official closing price, if any, or at their last reported sale price on the exchange or stock market where the security is primarily traded, or in the absence of such reported prices, at the mean between the most recent quoted bid and asked prices. Domestic equity securities traded on the over-the-counter markets are valued at the mean between the most recent quoted bid and asked prices in the absence of an official closing price or last reported sale price.

Foreign equity securities traded on a foreign exchange or over-the-counter markets are generally valued at the most recent quoted bid price in the absence of an official closing price or last reported sale price. Foreign securities quoted in foreign currencies are translated into U.S. dollars using prevailing exchange rates.

Fixed income investments are generally valued based on prices received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.

Shares of registered open-end investment companies are valued at the investment company's net asset value. Forward currency contracts are valued based on prices received from independent pricing services. Securities for which market quotations are not readily available, or for which available quotations appear not to accurately reflect the current value of an investment, are valued at fair value as determined in good faith by the valuation designee ("Valuation Designee") appointed by the Board of Trustees pursuant to procedures approved by the Board of Trustees. The Board of Trustees has designated the Adviser as the Valuation Designee for the Funds.

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

Certain Funds hold securities traded in foreign markets. Foreign securities are valued at the latest market price in the foreign market. However, if events occurring after the close of the foreign market (but before the close of regular trading on the New York Stock Exchange) are believed to materially affect the value of those securities, such securities may be valued at fair value as determined in good faith by the Valuation Designee.

Valuation of securities by the DFA Portfolio and the Series in which it invests is discussed in the "Selected Financial Statements of DFA Investment Dimensions Group Inc. – Notes to Financial Statements," and "Selected Financial Statements of the DFA Investment Trust Company – Notes to Financial Statements," which are included elsewhere in this report.

**Fair Value Measurement** — The Board has approved procedures to fair value securities and other assets of each Fund when market prices are not readily available or do not accurately reflect their current market value. The Board has designated the responsibility for applying these fair valuation methods to the Valuation Designee. For example, a Fund may fair value an asset when it is delisted or trading is halted or suspended; when it has not been traded for an extended period of time; when its primary pricing source is unavailable or other data calls the primary source's reliability into question; or when its primary trading market is closed during regular U.S. market hours. Each Fund makes fair valuation determinations in accordance with the Trust's Procedures for Valuing Securities and Assets, as amended. The Valuation Designee may consider various factors, including unobservable market inputs when arriving at fair value. The Valuation Designee may use, but is not limited to, techniques such as review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book value, and other relevant information when determining fair value. The Valuation Designee regularly reviews these inputs and assumptions when reviewing fair valuations of investments held by the Funds. Fair value pricing involves subjective judgement and it is possible that the fair value determined for an asset is materially different than the value that could be realized upon the sale of that asset. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds value their investments based on a three-level hierarchy of inputs that establishes classification of fair value measurements for disclosure purposes. If inputs used to measure a financial instrument fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. The three-level hierarchy of inputs is summarized in the three broad levels below.

Level 1 – unadjusted quoted prices in active markets for identical investments.

Level 2 – significant observable inputs other than quoted prices within Level 1 (including quoted prices for similar investments, interest rates, yield curves, foreign exchange rates, put or call provisions, credit risk and default rates for similar securities).

Level 3 – significant unobservable inputs to the extent that observable inputs are not available (including the Pricing Committee's own assumptions used to determine the fair value of investments).

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

The tables below provide a summary of the inputs as of December 31, 2022, in valuing each Fund's investments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | |
| **Description** | **Unadjusted <br> Quoted Prices in <br> Active Markets <br> for Identical <br> Investments <br> (Level 1)** | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)** | **Significant <br> Unobservable <br> Inputs <br> (Level 3)** |  |<br>**Total Fair Value <br> as of <br> December 31, 2022** |
| **SA U.S. Fixed Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Yankee Corporate<br> Bonds And Notes | $— | $66341822 | $— |  | $66341822 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes |  | 91767472 |  |  | 91767472 |
| &nbsp;&nbsp;&nbsp;U.S. Government and<br> Agency Obligations |  | 267268518 |  |  | 267268518 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 129824 |  |  |  | 129824 |
| &nbsp;&nbsp;&nbsp;Total Investments | $129824 | $425377812 | $— |  | $425507636 |
| **SA Global Fixed Income Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds and Notes | $— | $697772071 | $— |  | $697772071 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 20612504 |  |  |  | 20612504 |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<br> Forward Foreign Currency<br> Exchange Contracts |  | 819960 |  |  | 819960 |
| &nbsp;&nbsp;&nbsp;Total Investments | $20612504 | $698592031 | $— |  | $719204535 |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other Financial Instruments<br> Forward Foreign Currency<br> Exchange Contracts | $— | $(20173755 | $— |  | $(20173755) |
| **SA U.S. Core Market Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $547836364 | $357 | $— |  | $547836721 |
| &nbsp;&nbsp;&nbsp;Mutual Funds | 25083544 |  |  |  | 25083544 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 336711 |  |  |  | 336711 |
| &nbsp;&nbsp;&nbsp;Total Investments | $573256619 | $357 | $— |  | $573256619 |
| **SA U.S. Value Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $522916788 | $— | $— |  | $522916788 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 143275 |  |  |  | 143275 |
| &nbsp;&nbsp;&nbsp;Total Investments | $523060063 | $— | $— |  | $523060063 |
| **SA U.S. Small Company Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $295322914 | $92 | $71654 | <sup>†</sup> | $295394660 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 143648 |  |  |  | 143648 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1318939 |  |  |  | 1318939 |
| &nbsp;&nbsp;&nbsp;Total Investments | $296785501 | $92 | $71654 |  | $296857247 |

---

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |  | |
| **Description** | **Unadjusted** <br> **Quoted Prices in** <br> **Active Markets** <br> **for Identical** <br> **Investments** <br> **(Level 1)** | **Significant** <br> **Other** <br> **Observable** <br> **Inputs** <br> **(Level 2)** | **Significant** <br> **Unobservable** <br> **Inputs** <br> **(Level 3)** |  |<br>**Total Fair Value** <br> **as of** <br> **December 31, 2022** |
| **SA International Value Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $530193882 | $— | $— |  | $530193882 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 5860040 |  |  |  | 5860040 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 40763968 |  |  |  | 40763968 |
| &nbsp;&nbsp;&nbsp;Total Investments | $576817890 | $— | $— |  | $576817890 |
| **SA International Small Company Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mutual Funds | $244047455 | $— | $— |  | $244047455 |
| &nbsp;&nbsp;&nbsp;Total Investments | $244047455 | $— | $— |  | $244047455 |
| **SA Emerging Markets Value Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $180195582 | $36893 | $15128 | <sup>†</sup> | $180247603 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 2473441 |  |  |  | 2473441 |
| &nbsp;&nbsp;&nbsp;Rights and Warrants | 3012 | 5924 |  |  | 8936 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4407084 |  |  |  | 4407084 |
| &nbsp;&nbsp;&nbsp;Total Investments | $187079119 | $42817 | $15128 |  | $187137064 |
| **SA Real Estate Securities Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $124905395 | $— | $0 | <sup>†</sup> | $124905395 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 780781 |  |  |  | 780781 |
| &nbsp;&nbsp;&nbsp;Total Investments | $125686176 | $— | $0 |  | $125686176 |
| **SA Worldwide Moderate Growth Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mutual Funds | $22366555 | $— | $— |  | $22366555 |
| &nbsp;&nbsp;&nbsp;Total Investments | $22366555 | $— | $— |  | $22366555 |

---

<br> *<sup>†</sup>* *Contains securities with a market value of zero.*

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

A reconciliation in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 assets and/or liabilities at the beginning and/or end of the period. No significant Level 3 assets and/or liabilities held at the beginning or end of the period.

**Securities Lending —** The Funds may lend any of their securities held by State Street Bank and Trust Company ("State Street") as custodian to certain qualified broker-dealers, banks and other institutions, except those securities which the Adviser or Dimensional Fund Advisor LP (the "Sub-Adviser") specifically identifies as not being available. Any gain or loss in the fair price of the securities loaned that might occur and any interest or dividends declared during the term of the loan would accrue to the account of the Funds. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the collateral decreases below the value of the securities loaned.

Upon entering into a securities lending transaction, a Fund maintains cash or other securities as collateral in an amount equal to or exceeding 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies or instrumentalities, a loan of sovereign debt issued by non-U.S. governments, or a loan of non-U.S. corporate debt, 102% of the current fair value of the loaned securities with respect to other U.S. securities and 105% of the current fair value of the loaned securities with respect to foreign equity securities. The fair value of the loaned security is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral is returned by the Fund, on the next business day. Any cash received as collateral is generally invested by State Street, acting in its capacity as securities lending agent (the "Agent"), in the State Street Navigator Securities Lending Government Money Market Portfolio, which is a money market fund registered under the 1940 Act. A portion of the income received on the collateral is rebated to the borrower of the securities, and the remainder is split between the Agent and each respective Fund.

As of December 31, 2022, the following Funds had securities on loan, which were collateralized by short-term investments. The value of securities on loan and the value of the related collateral were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value <br> of Securities** | **Value of Cash<br> Collateral** | **Value of <br> Non-Cash <br> Collateral\*** | **Total <br> Collateral** |
| SA Global Fixed Income Fund | $8169478 | $8330098 | $— | $8330098 |
| SA U.S. Core Market Fund | 1538138 | 336711 | 1243167 | 1579878 |
| SA U.S. Value Fund | 1142356 | 143275 | 1026830 | 1170105 |
| SA U.S. Small Company Fund | 7252904 | 1318939 | 6142429 | 7461368 |
| SA International Value Fund | 71828075 | 40763968 | 34483404 | 75247372 |
| SA Emerging Markets Value Fund | 5126054 | 3643880 | 1784315 | 5428195 |
| SA Real Estate Securities Fund | 988013 | 780781 | 237111 | 1017892 |

---

<br> *\** *The Funds cannot repledge or resell this collateral. The non-cash collateral is comprised of U.S. government securities.*

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing. Non-cash collateral is not reflected in the table because the Funds cannot repledge or resell this collateral.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements<br> As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br> As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br> As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br> As of December 31, 2022** | **Remaining Contractual Maturity of the Agreements<br> As of December 31, 2022** |
| **Securities Lending Transaction<sup>(1)</sup>** | **Overnight and<br> Continuous** | **<30 days** | **Between<br> 30 & 90 days** | **>90 days** | **Total** |
| **SA Global Fixed Income Fund** | | | | | |
| &nbsp;&nbsp;&nbsp;Government Money Market | $8330098 | $— | $— | $— | $8330098 |
| **Total Borrowings** | $**8330098** | $**—** | $**—** | $**—** | $**8330098** |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  |  | $8330098 |
| **SA U.S. Core Market Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $336711 | $— | $— | $— | $336711 |
| **Total Borrowings** | $**336711** | $**—** | $**—** | $**—** | $**336711** |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $336711 |
| **SA U.S. Value Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $143275 | $— | $— | $— | $143275 |
| **Total Borrowings** | $**143275** | $**—** | $**—** | $**—** | $**143275** |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $143275 |
| **SA U.S. Small Company Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $1318939 | $— | $— | $— | $1318939 |
| **Total Borrowings** | $**1318939** | $**—** | $**—** | $**—** | $**1318939** |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $1318939 |
| **SA International Value Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $40763968 | $— | $— | $— | $40763968 |
| **Total Borrowings** | $**40763968** | $**—** | $**—** | $**—** | $**40763968** |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $40763968 |
| **SA Emerging Markets Value Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $3643880 | $— | $— | $— | $3643880 |
| **Total Borrowings** | $**3643880** | $**—** | $**—** | $**—** | $**3643880** |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $3643880 |
| **SA Real Estate Securities Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Government Money Market | $780781 | $— | $— | $— | $780781 |
| **Total Borrowings** | $**780781** | $**—** | $**—** | $**—** | $**780781** |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $780781 |

---

*<sup>(1)</sup>* *Amounts represent the payable for cash collateral received on securities on loan. This will generally be in the "Overnight and Continuous" column as the securities are typically callable on demand. The payable will be allocated into categories of securities based on the market value of the securities on loan.*

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

**Foreign Currency Translation and Foreign Investments** — The books and records of the Funds are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign currency exchange rates prevailing at the end of the period. Purchases and sales of investment securities are translated at contractual currency exchange rates established at the time of the trade. Income and expenses are translated at prevailing exchange rates on the respective dates of such transactions.

The results of operations resulting from changes in foreign exchange rates on investments are not reported separately from fluctuations arising from changes in market prices of securities held. All such fluctuations are included with net realized and unrealized gain or loss on investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Investing in foreign securities may involve certain sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. Investments in foreign securities are subject to fluctuations in currency exchange rates, which may negatively affect the value of a Fund's portfolio. Additional risks may include exposure to less developed or less efficient trading markets; social, political or economic instability; nationalization of assets, currency controls or redenomination; changes in tax policy; high transaction costs; settlement, custodial or other operation risks; and less stringent accounting, auditing, financial reporting, and legal standards and practices. As a result, foreign securities can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities.

**Forward Foreign Currency Exchange Contracts** — Each Fund that may invest in foreign securities may enter into forward foreign currency exchange contracts. A forward foreign currency exchange contract is an agreement between two parties to buy or sell currency at a set price on a future date. By entering into a forward contract for the purchase or sale for a fixed amount of dollars of the amount of foreign currency involved in an underlying security transaction, a Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the applicable foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.

The market value of a contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the 4:00 PM Eastern Time pricing for the forward currency exchange rate, and the change in market value is recorded as unrealized appreciation (depreciation) on foreign currency and forward currency transactions in a fund's statement of assets and liabilities. When the contract is closed, a realized gain or loss is recognized, which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, and recorded as realized gain (loss) on foreign currency and forward currency transactions in a fund's statement of operations.

Forward foreign currency exchange contracts may involve risks from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

The Funds have adopted provisions surrounding disclosures regarding derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency risk-related contingent features in derivative agreements.

In order to better define its contractual rights and to secure rights that will help the SA Global Fixed Income Fund mitigate its counterparty risk, the SA Global Fixed Income Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the SA Global Fixed Income Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the SA Global Fixed Income Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the SA Global Fixed Income Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in its Statement of Assets and Liabilities.

The following tables, grouped into appropriate risk categories, disclose the amounts related to the Fund's use of derivative instruments and hedging activities at December 31, 2022, on a gross basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Gain or (Loss) on Derivatives<br> Recognized in Income** | **Gain or (Loss) on Derivatives<br> Recognized in Income** |
| <br>**Risk Type** |<br>**Asset Derivative<br> Fair Value<sup>(1)</sup>** |<br>**Liability Derivative<br> Fair Value<sup>(2)</sup>** | **Realized<br> Gain<sup>(3)</sup>** | **Change in<br> Depreciation<sup>(4)</sup>** |
| Foreign currency | $819960 | $20173755 | $19073228 | $26199779 |

---

*<sup>(1)</sup>* *Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.*

*<sup>(2)</sup>* *Statement of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.* 

*<sup>(3)</sup>* *Statement of Operations location: Realized gain (loss) on: forward foreign currency exchange contracts.*

*<sup>(4)</sup>* *Statement of Operations location: Increase (decrease) in unrealized appreciation (depreciation) on: forward foreign currency exchange contracts.*

Forward Currency Contracts Assets and Collateral Held by Counterparty as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount <br> of Assets <br> Presented in <br> Statements of <br> Assets & Liabilities** | **Financial <br> Instruments <br> Available for Offset** | **Collateral <br> Received** | **Net Amount** |
| Bank of America N.A. | $8896 | (8896) | – |  |
| Bank of New York Mellon | 25868 |  | – | 25868 |
| HSBC Bank USA. | 170202 | (37424) | – | 132778 |
| State Street Bank and Trust Co. | 614994 | (614994) | – |  |

---

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

Forward Currency Contracts Liabilities and Collateral Pledged as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts <br> of Liabilities<br> Presented in <br> Statements of <br> Assets & Liabilities** | **Financial <br> Instruments <br> Available for Offset** | **Collateral <br> Pledged** | **Net Amount** |
| Bank of America N.A. | $(4176259) | 8896 | – $| (4167363) |
| Citibank N.A. | (659830) |  | – | (659830) |
| HSBC Bank USA | (37424) | 37424 | – |  |
| Morgan Stanley & Co., Inc. | (1493463) |  | – | (1493463) |
| State Street Bank and Trust Co. | (8051257) | 614994 | – | (7436263) |
| UBS | (5755522) |  | – | (5755522) |

---

For the six months ended December 31, 2022, the average monthly principal amount of forward foreign currency exchange contracts was $314,625,393.

**Investment Transactions, Income and Expenses** — Investments in securities are accounted for as of trade date (the date the buy or sell is executed). Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis and includes amortization of discounts and premiums based on the effective interest method. Gains and losses are determined on the identified cost basis, which is the same for U.S. federal income tax purposes.

The Funds characterize distributions received from mutual fund investments on the Statements of Operations using the same characterization as the distribution received.

Investment income and realized and unrealized gains(losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.

Expenses directly attributable to a specific Fund are charged to the respective Fund. Class specific expenses are charged directly to that share class. Expenses that cannot be attributed to a particular Fund are apportioned among the Funds evenly or based on relative net assets. Expenses are allocated daily to each class of shares based on the relative proportion of net assets of each class.

**Indemnifications** — Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Trustees are also indemnified against certain liabilities pursuant to an Indemnity Agreement between the Trust and each Trustee. In addition, in the normal course of business the Trust enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposures under these arrangements are unknown as this would involve potential future claims against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

**Foreign Taxes** — Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, or capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by each Fund and are disclosed in its Statement of Operations. Foreign taxes payable as of December 31, 2022, if any, are reflected in each Fund's Statement of Assets and Liabilities. The Funds may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities. Any realized losses in excess of gains in India may be carried forward to offset future gains. Funds with exposure to Indian securities and potentially other foreign

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

jurisdictions accrue a deferred liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities. As of December 31, 2022, SA Emerging Markets Value Fund recorded a deferred liability for potential future India capital gains taxes of $892,856.

**Federal Income Tax** — Each Fund is treated as a separate entity for U.S. federal income tax purposes. Each Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of the Funds' taxable income and net capital gain to their shareholders. Therefore, no income tax provision is required.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained upon examination by the tax authorities based on the technical merits of the tax position. As of June 30, 2022, and for all open tax years, each Fund has determined that no liability for unrecognized tax benefits is required in each Fund's financial statements related to uncertain tax positions taken on a tax return (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction's statute of limitation. The Funds record interest and penalties, if any, on the Statements of Operations.

The Trust's management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded with respect to uncertain tax positions taken on returns filed for open tax years (2018-2020), or expected to be taken in the Funds' 2021 tax returns.

As of June 30, 2022, for U.S. federal income tax purposes, the Funds have realized capital losses which may be carried forward indefinitely to offset future net realized gains as follows:

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| | | |
|:---|:---|:---|
|  | **Unlimited<br> Short-Term Losses** | **Unlimited<br> Long-Term Losses** |
| SA U.S. Fixed Income Fund | $(25355003) | $(330191) |
| SA Global Fixed Income Fund | (20032562) | (6252967) |
| SA International Value Fund | (4236101) | (15112883) |
| SA Emerging Markets Value Fund |  | (10489043) |

---

At December 31, 2022, the aggregate cost of investment securities, aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, including forward foreign currency exchange contracts, as computed on a federal income tax basis for each fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** | **Net Unrealized <br> Appreciation <br> (Depreciation)** |
| SA U.S. Fixed Income Fund | $437406796 | $30070 | $(11929230) | $(11899160) |
| SA Global Fixed Income Fund | 738655358 | 10252934 | (49877512) | (39624578) |
| SA U.S. Core Market Fund | 145029291 | 430022823 | (1795138) | 428227685 |
| SA U.S. Value Fund | 324509188 | 220735743 | (22184868) | 198550875 |
| SA U.S. Small Company Fund | 172850027 | 133763978 | (9756758) | 124007220 |
| SA International Value Fund | 532296335 | 100977501 | (56455946) | 44521555 |
| SA International Small Company Fund | 153473348 | 90574107 |  | 90574107 |
| SA Emerging Markets Value Fund | 190132754 | 32244029 | (35239719) | (2995690) |
| SA Real Estate Securities Fund | 72147437 | 56706955 | (3168216) | 53538739 |
| SA Worldwide Moderate Growth Funds | 22513485 | 351872 | (498802) | (146930) |

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

**Distributions to Shareholders** — Each Fund, excluding the SA Global Fixed Income Fund and the SA U.S. Fixed Income Fund, declares and pays dividends from its net investment income, if any, annually. The SA Global Fixed Income Fund and the SA U.S. Fixed Income Fund declare and pay dividends from net investment income, if any, quarterly. All of the Funds declare and pay distributions from net realized capital gains, if any, at least annually.

The SA Real Estate Securities Fund characterizes distributions received from REIT investments based on information provided by the REITs into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REITs in which the Fund invests, the characterization will be estimated based on available information, which may include the previous year's allocation. If new or additional information becomes available from one or more of those REITs at a later date, a recharacterization will be made in the following year. The Fund records any amount recharacterized as dividend income as ordinary income, any amount recharacterized as long-term capital gain as realized gain in the Statement of Operations, and any amount recharacterized as a return of capital as a reduction to the cost of investments in the Statement of Assets and Liabilities and in the Portfolio of Investments. These recharacterizations are reflected in the accompanying financial statements.

Dividends to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles in the U.S. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterizations of distributions made by the Funds. To the extent that distributions exceed the sum of net investment income and net capital gains for federal income tax purposes, they are reported as distributions of paid-in capital. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary book and tax differences such as wash sales, passive foreign investment companies, non-REIT return of capital, and foreign currency transactions that will reverse in a subsequent period. During any particular year, a Fund's net realized gains from investment transactions in excess of available capital loss carry forwards will be taxable to a Fund if not distributed and, therefore, will be distributed to shareholders annually.

**2. Agreements and Transactions with Affiliates**

The Trust has an Investment Advisory and Administrative Services Agreement with the Adviser (the "Investment Advisory Agreement") under which the Adviser manages the investments of, and provides administrative services to, each Fund.

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

Prior to October 26, 2022, for the advisory and administrative services provided to the Funds under the Investment Advisory Agreement, the Adviser was entitled to receive from each SA Fund separate advisory fees and administrative fees computed daily and payable monthly at the annual rates set forth below:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Advisory Fee** | **Advisory Fee** | **Administrative Fee** |
| SA U.S. Fixed Income Fund | 0.15 | % | 0.10% |
| SA Global Fixed Income Fund | 0.25 | % | 0.10% |
| SA U.S. Core Market Fund | 0.40 | % | 0.10% |
| SA U.S. Value Fund | 0.40 | % | 0.10% |
| SA U.S. Small Company Fund | 0.40 | % | 0.10% |
| SA International Value Fund | 0.45 | % | 0.10% |
| SA International Small Company Fund | 0.25 | % | 0.10% |
| SA Emerging Markets Value Fund | 0.45 | % | 0.10% |
| SA Real Estate Securities Fund | 0.35 | % | 0.10% |
| SA Worldwide Moderate Growth Fund | 0.00 | %\* | 0.10% |

---

*\* The advisory fee for the SA Worldwide Moderate Growth Fund has two components. There is no advisory fee on assets invested in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, money market funds or held in cash or cash equivalents. The Fund is subject to an advisory fee of 0.25%on assets invested in any other investments. Prior to October 26, 2022, the Fund did not make investments that would be subject to the advisory fee.*

Effective October 26, 2022, the advisory fees and administrative fees payable to the Adviser were combined into a single fee computed daily and payable monthly at the annual rate set forth below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Advisory and <br> Administrative Fee** | **Advisory and <br> Administrative Fee** |
| SA U.S. Fixed Income Fund | 0.15 | % |
| SA Global Fixed Income Fund | 0.25 | % |
| SA U.S. Core Market Fund | 0.40 | % |
| SA U.S. Value Fund | 0.40 | % |
| SA U.S. Small Company Fund | 0.40 | % |
| SA International Value Fund | 0.45 | % |
| SA International Small Company Fund | 0.25 | % |
| SA Emerging Markets Value Fund | 0.45 | % |
| SA Real Estate Securities Fund | 0.35 | % |
| SA Worldwide Moderate Growth Fund | 0.10 | %\* |

---

*\* This figure reflects a 0.10% administrative fee for administrative services provided by the Adviser to the SA Worldwide Moderate Growth Fund. The Fund is also subject to an advisory fee that has two components. There is no advisory fee on assets invested in the Underlying SA Funds, any other investment companies advised or subadvised by the Adviser, money market funds or held in cash or cash equivalents. The Fund is subject to an advisory fee of 0.25% on assets invested in any other investments. The Fund does not currently intend to make investments that would be subject to an advisory fee.*

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

The Trust and the Adviser have jointly entered into an Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement") with the Sub-Adviser. For the sub-advisory services provided to the Funds under the Sub-Advisory Agreement, the Sub-Adviser is entitled to a fee from each Fund computed daily and payable monthly at an annual rate based on each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
|  | **Sub-Advisory** <br> **Fees** |
| SA U.S. Fixed Income Fund | 0.03% |
| SA Global Fixed Income Fund | 0.03% |
| SA U.S. Core Market Fund | 0.03%\* |
| SA U.S. Value Fund | 0.10% |
| SA U.S. Small Company Fund | 0.25% |
| SA International Value Fund | 0.20% |
| SA Emerging Markets Value Fund | 0.47% |
| SA Real Estate Securities Fund | 0.10% |

---

*\* The Sub-Adviser will not receive any sub-advisory fee for its sub-advisory services to the SA U.S. Core Market Fund with respect to any assets of the SA U.S. Core Market Fund invested in the U.S. Micro Cap Portfolio of the DFA Investment Dimensions Group Inc. For its management services, the Sub-Adviser receives an investment advisory fee from the U.S. Micro Cap Portfolio.*

The Trust has a Shareholder Servicing Agreement with the Adviser. For the shareholder services provided to the Funds, the Adviser is entitled to a fee from each Fund computed daily and payable monthly at the annual rate of 0.15% of the average daily net assets of each Fund. Prior to October 26, 2022, for these services, the Adviser was paid a service fee that was calculated daily and paid monthly at the annual rate of 0.25% and 0.05% of the average daily net assets of each Fund's former Investor Class and Select Class shares, respectively. There is no shareholder servicing fee on assets of the SA Worldwide Moderate Growth Fund that are invested in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, money market funds or held in cash or cash equivalents. The SA Worldwide Moderate Growth Fund is subject to a shareholder servicing fee of 0.25% on assets invested in any other investment. The SA Worldwide Moderate Growth Fund does not currently intend to make investments that would be subject to a shareholder servicing fee.

The Adviser has contractually agreed, pursuant to a Fee Waiver and Expense Reimbursement Letter Agreement (the "SA Funds Fee Waiver Agreement"), to waive the fees payable to it under the Investment Advisory Agreement and/or to reimburse the operating expenses allocated to an SA Fund to the extent each SA Fund's shares' total annual operating expenses (excluding interest, taxes, brokerage commissions, redemption liquidity service expenses, acquired fund fees and expenses, and extraordinary expenses) exceed, in the aggregate, the rate per annum, as set forth below. The SA Funds Fee Waiver Agreement will remain in effect until October 28, 2025, at which time it may be continued, modified or eliminated and net expenses will be adjusted as necessary.

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

---

| | |
|:---|:---|
| **Fund Expense Limitation** <br> **(Shown is the resulting ratio of total annual fund operating expenses expressed as a percentage)\*** | **Expense Limitation** |
| SA U.S. Fixed Income Fund | 0.40% |
| SA Global Fixed Income Fund | 0.55% |
| SA U.S. Core Market Fund | 0.65% |
| SA U.S. Value Fund | 0.75% |
| SA U.S. Small Company Fund | 0.90% |
| SA International Value Fund | 0.90% |
| SA International Small Company Fund | 0.55% |
| SA Emerging Markets Value Fund | 1.04% |
| SA Real Estate Securities Fund | 0.75% |

---

*\* Effective October 26, 2022, the SA Funds Fee Waiver Agreement was amended, in connection with the conversion of the Funds' former Select Class shares into the former Investor Class shares, to reduce the expense cap for the SA U.S. Fixed Income Fund, the SA Global Fixed Income Fund, the SA U.S. Core Market Fund, the SA U.S. Value Fund, the SA U.S. Small Company Fund, the SA International Value Fund, the SA International Small Company Fund, the SA Emerging Markets Value Fund and the SA Real Estate Securities Fund from 0.65%, 0.75%, 0.90%, 1.00%, 1.10%, 1.15%, 0.75%, 1.24% and 0.95%, respectively.*

**Trustees' Fees and Expenses —** For their services as Trustees, the Trustees of the Trust received an annual retainer fee of $118,000, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. The Chairman of the Board receives an annual supplemental compensation of $118,000 per year.

Effective January 1, 2023, the Trustees of the Trust receive an annual retainer fee of $122,000, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. Also effective January 1, 2023, the Chairman of the Board receives an annual supplemental compensation of $12,200 per year.

**Sub-Administration Fees —** State Street serves as sub-administrator for the Trust, pursuant to a Sub-Administration Agreement with the Trust and the Adviser. State Street receives a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust as follows: 0.017% of the first $1.5 billion of net assets and 0.014% of net assets over $1.5 billion. The fee is then allocated to each Fund based on the relative net assets of each Fund, subject to a minimum fee of $54,000 annually per Fund.

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

**3. Purchases and Sales of Securities**

Excluding short-term investments, each Fund's purchases and sales of securities for the six months ended December 31, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  | **U.S. <br> Government** | **Other** | **U.S. <br> Government** | **Other** |
| SA U.S. Fixed Income Fund | $18681784 | $4816560 | $25462480 | $34940636 |
| SA Global Fixed Income Fund | 180400793 | 255568559 | 282271786 | 258483968 |
| SA U.S. Core Market Fund |  | 7083747 |  | 23210844 |
| SA U.S. Value Fund |  | 20719941 |  | 40670753 |
| SA U.S. Small Company Fund |  | 19788797 |  | 27322290 |
| SA International Value Fund |  | 25559369 |  | 39798971 |
| SA International Small Company Fund |  | 12301608 |  | 11375000 |
| SA Emerging Markets Value Fund |  | 14036820 |  | 12374406 |
| SA Real Estate Securities Fund |  | 2777586 |  | 4101152 |
| SA Worldwide Moderate Growth Fund |  | 25239065 |  | 25830208 |

---

**4. Liquidity**

Certain Funds are permitted to participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. Following purchases of fund shares, ReFlow then generally redeems those shares when the fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 14 days) or at other times at ReFlow's discretion. While ReFlow holds fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a fund pays a fee to ReFlow each time it purchases fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. This fee is allocated among a fund's share classes based on relative net assets. ReFlow's purchases of fund shares through the liquidity program are made on an investment-blind basis without regard to the fund's objective, policies or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a fund. ReFlow will periodically redeem its entire share position in participating Funds and request that such redemption be met in kind in accordance with the Funds' redemption in-kind policies

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

During the six months ended December 31, 2022, the following Funds utilized ReFlow. The shares and amounts ReFlow subscribed to and redemptions-in-kind were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Shares ReFlow <br> Subscribed to** | **Amount ReFlow <br> Subscribed to** | **Redemptions- <br> in-kind Shares** | **Redemptions- <br> in-kind Amount** |
| SA U.S. Core Market Fund | 473054 | $11873034 | (473054) | ($11704670) |
| SA U.S. Value Fund | 743643 | $14381670 | (733753) | ($14107326) |
| SA U.S. Small Company Fund | 255603 | $6229163 | (249787) | ($6068930) |
| SA International Value Fund | 711795 | $8223495 | (711495) | ($8252149) |
| SA Real Estate Securities Fund | 211822 | $2316783 | (211250) | ($2285857) |

---

**5. Affiliated Ownership**

The SA Worldwide Moderate Growth Fund invests in Underlying Securities and other Investment Companies, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the "Affiliated Underlying Funds"). A summary of the transactions with each Affiliated Underlying Fund during the six months ended December 31, 2022 follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Affiliated<br> Investment<br> Companies** | **Beginning<br> Value<br> as of<br> June 30, 2022** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net<br> Realized<br> Gain (Loss)<br> on Sales of<br> Affiliated<br> Investment<br> Companies** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Ending<br> Value<br> as of<br> December 31,<br> 2022** | **Shares<br> as of<br> December 31,<br> 2022** | **Dividend<br> Income<br> from<br> Affiliated<br> Investment<br> Companies** | **Capital Gain<br> Distributions<br> from Affiliated<br> Investment<br> Companies** |
| SA U.S. Fixed Income Fund | $2182837 | $2190358 | $(2335043) | $(160962) | $128843 | $2006033 | 213635 | $25157 | $— |
| SA Global Fixed Income Fund | 5099654 | 5200557 | (5422726) | (542262) | 347921 | 4683144 | 560185 | 155937 |  |
| SA U.S. Core Market Fund | 3807077 | 4223659 | (4186327) | 182231 | (276942) | 3749698 | 158215 | 33193 | 171026 |
| SA U.S. Value Fund | 3813020 | 4365986 | (4422831) | 649436 | (637029) | 3768582 | 207065 | 65592 | 205058 |
| SA U.S. Small Company Fund | 1520559 | 1657099 | (1735731) | 68179 | (8121) | 1501985 | 64105 | 7471 | 39200 |
| SA International Value Fund | 4525785 | 5151417 | (5340606) | 366117 | (209353) | 4493360 | 402271 | 181118 |  |
| SA Emerging Markets Value Fund | 1548867 | 1663624 | (1674471) | 111190 | (156301) | 1492909 | 168310 | 52653 |  |
| SA Real Estate Securities Fund | 687761 | 786364 | (712473) | (3694) | (87114) | 670844 | 65004 | 11428 | 35550 |
| Totals | $23185560 | $25239064 | $(25830208) | $670235 | $(898096) | $22366555 |  | $532549 | $450834 |

---

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

**6. Recent Accounting Pronouncements**

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the Funds financial statements.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 (the "Derivatives Rule") imposes limits on the amount of derivatives contracts the Funds could enter, eliminates the asset segregation framework previously used by the Funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. The Derivatives Rule became effective February 19, 2021 and the Funds began complying with the Derivatives Rule on August 19, 2022.

On December 3, 2020, the SEC adopted new Rule 2a-5 (the "Valuation Rule") under the 1940 Act, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund's investment adviser. Further, the SEC rescinded previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021 and the Funds began complying with the Valuation Rule on August 1, 2022.

**7. Consideration related to COVID-19 Pandemic**

Global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of COVID-19. The COVID-19 pandemic has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19, including new variants of the underlying virus, have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds' performance.

**8. Executive Order on Addressing the Threat from Securities Investments that Finance Certain Companies of the People's Republic of China**

On June 3, 2021, President Biden expanded upon the previously issued executive order that prohibited U.S. persons from transacting in publicly traded securities designated by the U.S. Department of Defense as "Communist Chinese Military Companies" or "CCMCs" or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. President Biden's Executive Order retains the structure of the investment-based CCMC sanctions program introduced in late 2020 but expands the prohibitions to address threats from the use of Chinese surveillance technology outside the People's Republic of China and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse (the "Executive Order").

------

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2022 (Unaudited) (Continued)

Under the Executive Order, U.S. persons will be prohibited from engaging in the purchase or sale of publicly traded securities, as well as securities derivative of, or designed to provide investment exposure to, such securities. This prohibition took effect on August 2, 2021 for entities listed in the Appendix to the Executive Order the ("Appendix") (and 60 days after designation, with respect to subsequently designated entities). In addition, U.S. persons will be required to divest of targeted securities of entities listed in the Appendix by June 3, 2022 (or 365 days from designation, with respect to subsequently designated entities). Only the SA Emerging Markets Value Fund held securities of entities listed in the Appendix during the period covered by this report and the Fund divested of those securities prior to June 3, 2022.

The Executive Order replaces the previous list of CCMCs with a new Non-SDN Chinese Military Industrial Complex Companies List. The U.S. Department of the Treasury, rather than the U.S. Department of Defense, will drive designations going forward.

Companies included on the list of Non-SDN Chinese Military Industrial Complex Companies could prevent the SA Emerging Markets Value Fund from acquiring securities previously deemed suitable or may have resulted in a forced sale of a security in the portfolio at an inopportune time or price which may have resulted in losses to the Fund. To the extent the Fund invests in securities of Chinese companies listed in the U.S., delisting could impact the Fund's ability to transact in such securities and could significantly impact their liquidity and market price. The SA Emerging Markets Value Fund has divested of all publicly traded securities identified as CCMC listed in the order.

**9. Additional Executive Order in Response to Continued Russian Federation Aggression**

On April 15, 2021, President Biden issued an executive order authorizing blocking sanctions against persons operating in the technology, defense and any related materials sectors of the Russian economy. This list was expanded on February 22, 2022 and March 31, 2022 to include the financial services, aerospace, electronics and marine sectors. On April 6, 2022, President Biden further expanded upon these previously issued executive orders and announced Executive Order 14071, which prohibited new investment in and certain services to the Russian Federation in response to continued Russian Federation aggression (the "Executive Order"). Under the Executive Order, all U.S. persons are prohibited from new investment in the Russian Federation.

On February 28, 2022, Russia authorities restricted foreign investors' ability to sell Russian securities locally on the Moscow stock exchange. On April 16, 2022, Russia enacted a law that prohibits the placement and circulation of depositary receipts (DRs) where underlying assets are Russian local shares. These events and actions by the U.S. and Russia have materially impacted the investability of Russian securities. Management has undertaken certain actions related to the Executive Order, and will continue to evaluate and determine what, if any additional actions are required to comply with the Executive Order.

**10. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events that require recognition or disclosure in the financial statements.

------

SA FUNDS

ADDITIONAL INFORMATION (Unaudited)

**Proxy Voting Policies and Procedures**

The Sub-Adviser is responsible for exercising the voting rights associated with the securities purchased and/or held by the Funds. A description of the policies and procedures that are used by the Sub-Adviser to vote proxies relating to the Funds' portfolio securities is available without charge, upon request, by calling (844) 366-0905 and on the Securities and Exchange Commission's website ("SEC") at http://www.sec.gov. Information regarding how the Sub-Adviser voted these proxies during the most recent 12-month period ended June 30th is listed in the Trust's Form N-PX, which is available after August 31st without charge, upon request, by calling the same number or visiting the SEC's website at http://www.sec.gov.

**Schedules of Portfolio Holdings**

The Trust files the complete schedules of portfolio holdings for each Fund monthly on Form N-PORT with every third month made available to the public on the SEC's website at www.sec.gov no later than 60 days after the relevant period. The Trust's Form N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust's most recent Form N-PORT is also available without charge, upon request, by calling 1-844-366-0905.

**Additional Information**

This report is prepared for the general information of shareholders and is not an offer of shares of the SA Funds. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.

More information about the SA Funds is available without charge, upon request, please mail, visit the Funds' website or call:

SA Funds – Investment Trust<br> c/o Buckingham Strategic Partners, LLC<br> 8182 Maryland Ave.<br> Suite 500<br> Saint Louis, MO 63105

Toll-free: 1-844-366-0905<br> Website: http://www.sa-funds.com

------

SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

**Understanding Your Fund's Expense**<br> **Shareholder Expense Example**

As a mutual fund shareholder you incur ongoing costs including management fees, shareholder services fees, fees for administrative services and other Fund expenses. These costs are described in more detail in the Funds' prospectus. The examples below are intended to help you understand your ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds. The following examples are based on an investment of $1,000 made at the beginning of the period, July 1, 2022 through December 31, 2022. Expenses paid during the period in the table below are equal to the annualized net expense ratio of the Funds' each class of shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half-year period). Such expenses are limited by an agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances. You can find additional information about the Fund's expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund's current prospectus.

**Actual Expenses**

The table below shows the actual account values and actual Fund expenses, based on the actual performance of the Funds' each class of shares during the period. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example $8,600 account value divided by $1,000 = 8.6) then multiply the result by the number in the first line of the table for your Fund under the heading "Expenses Paid During Period" to estimate the expenses you paid over the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Actual Expenses** | **Actual Expenses** | **Actual Expenses** | **Actual Expenses** |
|  | **Beginning <br> Account <br> Value** | **Ending <br> Account <br> Value** | **Annual <br> Expense <br> Ratio** | **Expenses <br> Paid During <br> Period** |
| SA U.S. Fixed Income Fund | $1000 | $995.60 | 0.43% | $2.16 |
| SA Global Fixed Income Fund | 1000 | 991.60 | 0.52 | 2.61 |
| SA U.S. Core Market Fund | 1000 | 1023.10 | 0.68 | 3.47 |
| SA U.S. Value Fund | 1000 | 1073.00 | 0.75 | 3.92 |
| SA U.S. Small Company Fund | 1000 | 1066.40 | 0.89 | 4.64 |
| SA International Value Fund | 1000 | 1070.80 | 0.93 | 4.85 |
| SA International Small Company Fund | 1000 | 1049.30 | 0.54 | 2.79 |
| SA Emerging Markets Value Fund | 1000 | 998.40 | 1.05 | 5.29 |
| SA Real Estate Securities Fund | 1000 | 926.30 | 0.77 | 3.74 |
| SA Worldwide Moderate Growth Fund | 1000 | 1033.00 | 0.00 | 0.00 |

---

*See notes to financial statements.*

------

SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

**Hypothetical Example for Comparison Purposes**

The table below provides information about hypothetical account values and hypothetical expenses based on actual expense ratio of the Funds' each class of shares and an assumed rate of return of 5% per year before expenses, which is not actual return of the Funds' each class of shares. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hypothetical Expenses** | **Hypothetical Expenses** | **Hypothetical Expenses** | **Hypothetical Expenses** |
|  | **Beginning <br> Account <br> Value** | **Ending <br> Account <br> Value** | **Annual <br> Expense <br> Ratio** | **Expenses <br> Paid During <br> Period** |
| SA U.S. Fixed Income Fund | $1000 | $1023.04 | 0.43% | $2.19 |
| SA Global Fixed Income Fund | 1000 | 1022.58 | 0.52 | 2.65 |
| SA U.S. Core Market Fund | 1000 | 1021.78 | 0.68 | 3.47 |
| SA U.S. Value Fund | 1000 | 1021.42 | 0.75 | 3.82 |
| SA U.S. Small Company Fund | 1000 | 1020.72 | 0.89 | 4.53 |
| SA International Value Fund | 1000 | 1020.52 | 0.93 | 4.74 |
| SA International Small Company Fund | 1000 | 1022.48 | 0.54 | 2.75 |
| SA Emerging Markets Value Fund | 1000 | 1019.91 | 1.05 | 5.35 |
| SA Real Estate Securities Fund | 1000 | 1021.32 | 0.77 | 3.92 |
| SA Worldwide Moderate Growth Fund | 1000 | 1025.21 | 0.00 | 0.00 |

---

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of investing in different funds. In addition, if these transaction costs were included, your costs would have been higher.

*See notes to financial statements.*

------

**Selected Financial Statements of DFA Investment Dimensions Group Inc.**

***International Small Company Portfolio***

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Definitions of Abbreviations and Footnotes](#safunds4160391b001) | [90](#safunds4160391b001) |
| [Disclosure of Fund Expenses — October 31, 2022 (Unaudited)](#safunds4160391b002) | [91](#safunds4160391b002) |
| [Disclosure of Portfolio Holdings — October 31, 2022 (Unaudited)](#safunds4160391b003) | [92](#safunds4160391b003) |
| [Schedule of Investments — December 31, 2022 (Unaudited)](#safunds4160391b004) | [93](#safunds4160391b004) |
| [Schedule of Investments — October 31, 2022](#safunds4160391b005) | [94](#safunds4160391b005) |
| [Statement of Assets and Liabilities — December 31, 2022 (Unaudited)](#safunds4160391b006) | [95](#safunds4160391b006) |
| [Statement of Assets and Liabilities — October 31, 2022](#safunds4160391b007) | [96](#safunds4160391b007) |
| [Statement of Operations — October 31, 2022](#safunds4160391b008) | [97](#safunds4160391b008) |
| [Statements of Changes in Net Assets](#safunds4160391b009) | [98](#safunds4160391b009) |
| [Financial Highlights](#safunds4160391b010) | [99](#safunds4160391b010) |
| [Notes to Financial Statements — October 31, 2022](#safunds4160391b011) | [100](#safunds4160391b011) |
| [Report of Independent Registered Public Accounting Firm](#safunds4160391b012) | [108](#safunds4160391b012) |

---

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**DFA INVESTMENT DIMENSIONS GROUP INC.**

**THE DFA INVESTMENT TRUST COMPANY**

**DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES**

**<u>Schedules of Investments/Summary Schedules of Portfolio Holdings</u>**

Investment Abbreviations

---

| | |
|:---|:---|
| P.L.C. | Public Limited Company |
| SA | Special Assessment |
| ST | Special Tax |
| Investment Footnotes | Investment Footnotes |
| » | Securities that have generally been fair value factored. See Note B to Financial Statements. |
| ‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. |
| # | Total or Partial Securities on Loan. |
| \* | Non-Income Producing Securities. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |
| † | See Note B to Financial Statements. |
| Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund's Liquidity Guidelines. The liquidity determination is unaudited. |
| †† | Security valued using significant unobservable inputs (Level 3). |
| **<u>Financial Highlights</u>** | **<u>Financial Highlights</u>** |
| (A) | Computed using average shares outstanding. |
| (B) | Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund(s) and/or Underlying Fund(s). |
| **<u>All Statements, Schedules and Notes to Financial Statements</u>** | **<u>All Statements, Schedules and Notes to Financial Statements</u>** |
|  | Amounts designated as — are either zero or rounded to zero. |
| SEC | Securities and Exchange Commission |

---

------

**DFA INVESTMENT DIMENSIONS GROUP INC.**

**INTERNATIONAL SMALL COMPANY PORTFOLIO**

**DISCLOSURE OF FUND EXPENSES<br> (Unaudited)**

The following Expense Table is shown so that you can understand the impact of fees on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses and legal and audit services, which are deducted from a fund's gross income, directly reduce the investment return of the fund. A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrate your fund's costs in two ways.

**Actual Fund Return**

This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return and "Expenses Paid During Period" reflect the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

**Hypothetical Example for Comparison Purposes**

This section is intended to help you compare your fund's costs with those of other mutual funds. The hypothetical "Ending Account Value" and "Expenses Paid During Period" are derived from the fund's actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% annual return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, if applicable. The "Annualized Expense Ratio" represents the actual expenses for the six-month period indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **EXPENSE TABLE** | **Six Months Ended October 31, 2022** | **Six Months Ended October 31, 2022** | **Six Months Ended October 31, 2022** | **Six Months Ended October 31, 2022** |
|  | **Beginning<br> Account<br> Value<br> 05/01/22** | **Ending<br> Account<br> Value<br> 10/31/22** | **Annualized<br> Expense<br> Ratio<sup>(1)</sup>** | **Expenses<br> Paid<br> During<br> Period <sup>(1)</sup>** |
| **International Small Company Portfolio<sup>(2)</sup>** |  |  |  |  |
| Actual Fund Return | $1000.00 | $854.20 | 0.41% | $1.92 |
| Hypothetical 5% Annual Return | $1000.00 | $1023.14 | 0.41% | $2.09 |

---

<sup>(1)</sup> Expenses are equal to the fund's annualized expense ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by the number of days in the year (365) to reflect the six-month period.

<sup>(2)</sup> The Portfolio is a Fund of Funds. The expenses shown reflect the direct expenses of the Fund of Funds and the Fund of Funds' portion of the expenses of its Underlying Funds (Affiliated Investment Companies).

------

**DFA INVESTMENT DIMENSIONS GROUP INC.**

**INTERNATIONAL SMALL COMPANY PORTFOLIO**

**DISCLOSURE OF PORTFOLIO HOLDINGS<br> (Unaudited)**

The SEC requires that all funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters as an exhibit to their reports on Form N-PORT. For DFA Investment Dimensions Group Inc., this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent Form N-PORT with the SEC on September 28, 2022. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC's website at http://www.sec.gov.

SEC regulations permit a fund to include in its reports to shareholders a "Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50 largest holdings in unaffiliated issuers and any investments that exceed one percent of the fund's net assets at the end of the reporting period. The regulations also require that the Summary Schedule of Portfolio Holdings identify each category of investments that are held.

A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC's website at http://www.sec.gov.

**PORTFOLIO HOLDINGS**

The SEC requires that all funds present their categories of portfolio holdings in a table, chart or graph format in their annual and semi-annual shareholder reports, whether or not a Schedule of Investments is used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

The categories of industry classification for the Affiliated Investment Companies are represented in their Disclosures of Portfolio Holdings, which are included elsewhere in the report. Refer to the Schedule of Investments/Summary Schedule of Portfolio Holdings for each of the underlying Affiliated Investment Company's holdings, which reflect the investments by category or country.

---

| | |
|:---|:---|
| **FUND OF FUNDS** | **Affiliated Investment Companies** |
| International Small Company Portfolio | 100.0% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**DFA INVESTMENT DIMENSIONS GROUP INC.**

**INTERNATIONAL SMALL COMPANY PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**December 31, 2022 <br> (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | | **Value†** |
| AFFILIATED INVESTMENT COMPANIES — (99.1%) |  |  |
| &nbsp;&nbsp;&nbsp;Investment in The Continental Small Company Series of <br> The DFA Investment Trust Company |  | $4081767784 |
| &nbsp;&nbsp;&nbsp;Investment in The Japanese Small Company Series of <br> The DFA Investment Trust Company |  | 2541318663 |
| &nbsp;&nbsp;&nbsp;Investment in The United Kingdom Small Company Series of <br> The DFA Investment Trust Company |  | 1274603695 |
| &nbsp;&nbsp;&nbsp;Investment in The Canadian Small Company Series of <br> The DFA Investment Trust Company |  | 1191982016 |
| &nbsp;&nbsp;&nbsp;Investment in The Asia Pacific Small Company Series of <br> The DFA Investment Trust Company |  | 1072195415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |  | $10161867573 |
|  | **Shares** |  |
| TEMPORARY CASH INVESTMENTS — (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, 4.120%<br> (Cost $90,924,879) | 90924879 | 90924879 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — (100.0%)<br> (Cost $9,929,794,686) |  | $10252792452 |

---

† See Note B to Financial Statements.

As of December 31, 2022, International Small Company Portfolio had entered into the following outstanding futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Value** | **Market<br> Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Position Contracts:** | | | | | |
| S&P 500<sup>®</sup> Emini Index | 427 | 03/17/23 | $82211130 | $82432350 | $221220 |
| **Total Futures Contracts** |  |  | $**82211130** | $**82432350** | $**221220** |

---

Summary of the Portfolio's investments as of March 31, 2019, based on their valuation inputs, is as follows (See Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Affiliated Investment Companies | $10161867573 |  |  | $10161867573 |
| Temporary Cash Investments | 90924879 |  |  | 90924879 |
| Futures Contracts\*\* | 221220 |  |  | 221220 |
| TOTAL | $10253013672 |  |  | $10253013672 |

---

\*\* Valued at the unrealized appreciation/(depreciation) on the investment.

See accompanying Notes to Financial Statements.

------

**DFA INVESTMENT DIMENSIONS GROUP INC.**

**INTERNATIONAL SMALL COMPANY PORTFOLIO**

**SCHEDULE OF INVESTMENTS**

**October 31, 2022**

---

| | | |
|:---|:---|:---|
|  | | **Value†** |
| AFFILIATED INVESTMENT COMPANIES — (99.3%) |  |  |
| &nbsp;&nbsp;&nbsp;Investment in The Continental Small Company Series of <br> The DFA Investment Trust Company |  | $3721052938 |
| &nbsp;&nbsp;&nbsp;Investment in The Japanese Small Company Series of <br> The DFA Investment Trust Company |  | 2247239833 |
| &nbsp;&nbsp;&nbsp;Investment in The Canadian Small Company Series of <br> The DFA Investment Trust Company |  | 1173860681 |
| &nbsp;&nbsp;&nbsp;Investment in The United Kingdom Small Company Series of <br> The DFA Investment Trust Company |  | 1146678426 |
| &nbsp;&nbsp;&nbsp;Investment in The Asia Pacific Small Company Series of <br> The DFA Investment Trust Company |  | 961398453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES |  | $9250230331 |
|  | **Shares** |  |
| TEMPORARY CASH INVESTMENTS — (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, 3.010%<br> (Cost $60,673,803) | 60673803 | 60673803 |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS — (100.0%)<br> (Cost $10,083,101,056) |  | $9310904134 |

---

As of October 31, 2022, International Small Company Portfolio had entered into the following outstanding futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Value** | **Market<br> Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Position Contracts:** | | | | | |
| S&P 500<sup>®</sup> Emini Index | 282 | 12/16/22 | $52337807 | $54750300 | $2412493 |
| **Total Futures Contracts** |  |  | $**52337807** | $**54750300** | $**2412493** |

---

Summary of the Portfolio's Master Fund's investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Affiliated Investment Companies | $9250230331 |  |  | $9250230331 |
| Temporary Cash Investments | 60673803 |  |  | 60673803 |
| Futures Contracts\*\* | 2412493 |  |  | 2412493 |
| TOTAL | $9313316627 |  |  | $9313316627 |

---

\*\* Valued at the unrealized appreciation/(depreciation) on the investment.

See accompanying Notes to Financial Statements.

------

**DFA INVESTMENT DIMENSIONS GROUP INC.**

**INTERNATIONAL SMALL COMPANY PORTFOLIO**

**STATEMENT OF ASSETS AND LIABILITIES**

**December 31, 2022<br> (Unaudited)**

**(Amounts in thousands, except share and per share amounts)**

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in Affiliated Investment Companies at Value | $10161868 |
| Temporary Cash Investments at Value & Cost | 90925 |
| Cash | 4508 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 247 |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold | 6814 |
| &nbsp;&nbsp;&nbsp;Futures Margin Variation | 222 |
| Prepaid Expenses and Other Assets | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 10264681 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed | 25022 |
| &nbsp;&nbsp;&nbsp;Due to Advisor | 2179 |
| Accrued Expenses and Other Liabilities | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 27711 |
| **NET ASSETS** | $10236970 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:** |  |
| Institutional Class Shares — based on net assets of $10,236,970<br> and shares outstanding of 587,669,585 | $**17.42** |
| NUMBER OF SHARES AUTHORIZED | 3000000000 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-In Capital | $10070027 |
| Total Distributable Earnings (Loss) | 166943 |
| **NET ASSETS** | $10236970 |

---

See accompanying Notes to Financial Statements.

------

**DFA INVESTMENT DIMENSIONS GROUP INC.**

**INTERNATIONAL SMALL COMPANY PORTFOLIO**

**STATEMENT OF ASSETS AND LIABILITIES**

**OCTOBER 31, 2022**

**(Amounts in thousands, except share and per share amounts)**

---

| | |
|:---|:---|
| **ASSETS:** |  |
| Investments in Affiliated Investment Companies at Value | $9250230 |
| Temporary Cash Investments at Value & Cost | 60674 |
| Segregated Cash for Futures Contracts | 2820 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends, Interest and Tax Reclaims | 172 |
| &nbsp;&nbsp;&nbsp;Fund Shares Sold | 18258 |
| Prepaid Expenses and Other Assets | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 9332217 |
| **LIABILITIES:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Fund Shares Redeemed | 9425 |
| &nbsp;&nbsp;&nbsp;Due to Advisor | 1934 |
| &nbsp;&nbsp;&nbsp;Futures Margin Variation | 398 |
| Accrued Expenses and Other Liabilities | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 12122 |
| **NET ASSETS** | $9320095 |
| **NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:** |  |
| Institutional Class Shares — based on net assets of $9,320,095 <br> and shares outstanding of 585,184,804 | $**15.93** |
| NUMBER OF SHARES AUTHORIZED | 3000000000 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-In Capital | $10058928 |
| Total Distributable Earnings (Loss) | (738833) |
| **NET ASSETS** | $9320095 |

---

See accompanying Notes to Financial Statements.

------

**DFA INVESTMENT DIMENSIONS GROUP INC.**

**INTERNATIONAL SMALL COMPANY PORTFOLIO\***

**STATEMENT OF OPERATIONS**

**FOR THE YEAR ENDED OCTOBER 31, 2022**

**(Amounts in thousands)**

---

| | |
|:---|:---|
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income Allocated from Affiliated Investment Companies: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends (Net of Foreign Taxes Withheld of $32,864) | $351462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from Securities Lending | 11450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses Allocated from Affiliated Investment Companies | (13461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 349451 |
| **Fund Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment Management Fees | 30411 |
| &nbsp;&nbsp;&nbsp;Accounting & Transfer Agent Fees | 1604 |
| &nbsp;&nbsp;&nbsp;Filing Fees | 216 |
| &nbsp;&nbsp;&nbsp;Shareholders' Reports | 584 |
| &nbsp;&nbsp;&nbsp;Directors'/Trustees' Fees & Expenses | 46 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 100 |
| &nbsp;&nbsp;&nbsp;Other | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fund Expenses | 33164 |
| &nbsp;&nbsp;&nbsp;Net Expenses | 33164 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 316287 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions Allocated from Affiliated Investment Company\*\* | 164767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (19889) |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions Allocated from Affiliated Investment Company | (3930327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 271 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (3785178) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(3468891) |

---

\* Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolio's Underlying Funds (Affiliated Investment Companies).

\*\* Net of foreign capital gain taxes withheld of $0.

See accompanying Notes to Financial Statements.

------

**DFA INVESTMENT DIMENSIONS GROUP INC.**

**INTERNATIONAL SMALL COMPANY PORTFOLIO**

**STATEMENTS OF CHANGES IN NET ASSETS\*\*\***

**(Amounts in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Year<br> Ended<br> Oct. 31,<br> 2022** | **Year<br> Ended<br> Oct. 31,<br> 2021** |
| **Increase (Decrease) in Net Assets** | | |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $316287 | $238915 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions Allocated from Affiliated Investment Company\*,\*\* | 164767 | 837220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (19889) | 26350 |
| &nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions Allocated from Affiliated Investment Company | (3930327) | 2927439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 271 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | (3468891) | 4033340 |
| Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares | (851167) | (220133) |
| Capital Share Transactions (1): |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 2335205 | 2604837 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | 834024 | 214868 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (2994929) | (3315191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Capital<br> Share Transactions | 174300 | (495486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | (4145758) | 3317721 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 13465853 | 10148132 |
| &nbsp;&nbsp;&nbsp;End of Year | $9320095 | $13465853 |
| **(1) Shares Issued and Redeemed:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Issued | 123348 | 116406 |
| &nbsp;&nbsp;&nbsp;Shares Issued in Lieu of Cash Distributions | 41490 | 10453 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (157815) | (151391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Shares Issued and Redeemed | 7023 | (24532) |

---

\* Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2022 of $0.

\*\* Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0.

\*\*\* Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolio's Master Fund (Affiliated Investment Company).

See accompanying Notes to Financial Statements.

------

**DFA INVESTMENT DIMENSIONS GROUP INC.**

**INTERNATIONAL SMALL COMPANY PORTFOLIO**

**FINANCIAL HIGHLIGHTS**

**(for a share outstanding throughout each period)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year<br> Ended<br> Oct. 31,<br> 2022** | **Year<br> Ended<br> Oct. 31,<br> 2021** | **Year<br> Ended<br> Oct. 31,<br> 2020** | **Year<br> Ended<br> Oct. 31,<br> 2019** | **Year<br> Ended<br> Oct. 31,<br> 2018** |
| Net Asset Value, Beginning of Year | $23.29 | $16.84 | $18.21 | $18.46 | $21.52 |
| Income from Investment Operations |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) (A) | 0.54 | 0.41 | 0.33 | 0.43 | 0.46 |
| &nbsp;&nbsp;&nbsp;Net Gains (Losses) on Securities (Realized and Unrealized) | (6.44) | (6.42) | (0.93) | 0.58 | (2.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (5.90) | 6.83 | (0.60) | 1.01 | (1.95) |
| Less Distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.67) | (0.38) | (0.37) | (0.44) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | (0.79) |  | (0.40) | (0.82) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.46) | (0.38) | (0.77) | (1.26) | (1.11) |
| Net Asset Value, End of Year | $15.93 | $23.29 | $16.84 | $18.21 | $18.46 |
| Total Return | (26.55)% | 40.83% | (3.64)% | 6.44% | (9.54)% |
| Net Assets, End of Year (thousands) | $9320095 | $13465853 | $10148132 | $12750110 | $12656204 |
| Ratio of Expenses to Average Net Assets\*(B) | 0.41% | 0.46% | 0.53% | 0.54% | 0.53% |
| Ratio of Expenses to Average Net Assets (Excluding Fees (Waived), (Expenses Reimbursed), and/or Previously Waived Fees Recovered by Advisor)(B) | 0.41% | 0.46% | 0.53% | 0.54% | 0.53% |
| Ratio of Net Investment Income to Average Net Assets | 2.79% | 1.90% | 1.96% | 2.44% | 2.18% |
| \* The Ratio of Expenses to Average Net Assets is inclusive of acquired fund fees and expenses incurred by the Portfolio indirectly as a result of Portfolio's investment in Underlying Funds as follows | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |

---

See accompanying Notes to Financial Statements.

------

**DFA INVESTMENT DIMENSIONS GROUP INC.<br> NOTES TO FINANCIAL STATEMENTS**

**A. Organization:**

DFA Investment Dimensions Group Inc. (the "Fund") is an open-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act"), whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. At October 31, 2022, the Fund consisted of one hundred and two operational portfolios, of which one, the International Small Company Portfolio (the "Portfolio"), is included in this report.

The International Small Company Portfolio invests in five series ("Underlying Funds") within The DFA Investment Trust Company ("DFAITC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At October 31, 2022, the Portfolio was the owner of record of the following approximate percentages of the total outstanding shares of the following Underlying Funds as detailed below:

---

| | | |
|:---|:---|:---|
| **<u>Fund of Funds</u>** | **<u>Underlying Funds</u>** | **Percentage<br> Ownership<br> <u>at 10/31/22</u>** |
| International Small Company Portfolio | The Continental Small Company Series | 86% |
|  | The Japanese Small Company Series | 89% |
|  | The United Kingdom Small Company Series | 98% |
|  | The Asia Pacific Small Company Series | 81% |
|  | The Canadian Small Company Series | 97% |

---

The financial statements of the Portfolio's Underlying Funds are included elsewhere in this report and should be read in conjunction with the financial statements of the Portfolio.

**B. Significant Accounting Policies:**

The following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Such policies are consistently followed by the Fund in preparation of its financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be material.

&nbsp;&nbsp;&nbsp;&nbsp;1. *Security Valuation:* The Portfolio uses a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 - inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies, and futures contracts)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 - significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments)

Listed derivatives, such as futures, that are actively traded are valued based on quoted prices from the exchange and are categorized as Level 1 in the hierarchy.

Shares held by the International Small Company Portfolio in other investment companies (such as the Underlying Funds) are valued at their respective daily net asset values as reported by their administrator.

The Portfolio's investments in the Underlying Funds reflect its proportionate interest in the net assets of such corresponding Underlying Fund. These valuations are classified as Level 1 in the hierarchy.

Futures contracts held by the Portfolio are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy.

------

A summary of the inputs used to value the Portfolio's investments by each major security type, industry and/or country is disclosed previously in this note. A valuation hierarchy table has been included at the end of the Summary Schedule of Portfolio Holdings/Schedule of Investments. The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Deferred Compensation Plan:* Each eligible Director of the Fund may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such Directors may defer payment of all or a portion of their total fees earned as a Director. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: the U.S. Large Cap Value Portfolio, U.S. Core Equity 1 Portfolio, U.S. Large Company Portfolio, U.S. Vector Equity Portfolio, U.S. Micro Cap Portfolio, DFA International Value Portfolio, International Core Equity Portfolio, Emerging Markets Portfolio, Emerging Markets Core Equity Portfolio, DFA Inflation-Protected Securities Portfolio and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized appreciation (depreciation) and income are included in Directors'/ Trustees' Fees & Expenses.

The Directors may receive their distributions of proceeds by one of the following methods: lump sum, annual installments over a period of agreed-upon years, or quarterly installments over a period of agreed-upon years. Each Director shall have the right in a notice of election (the "Notice") to defer the receipt of the Director's deferred compensation until a date specified by such Director in the Notice. The date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Director ceases to be a member of the Board of Directors of the Fund; and (ii) five years following the effective date of the Director's first deferral election. If a Director who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Director's deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Director ceases to be a member of the Board (unless the Director files an amended Notice selecting a different distribution date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Other:* Security transactions are accounted for as of the trade date. Costs used in determining realized gains and losses on the sale of investment securities/affiliated investment companies and foreign currency are accounted for on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions received on securities and from the investment in affiliated investment companies that represent a return of capital or capital gains are recorded as a reduction of cost of investments or as a realized gain, respectively. The Portfolio estimates the character of received distributions that may be considered return of capital distributions. Interest income is recorded on an accrual basis. Discount and premium on debt securities purchased are amortized over the lives of the respective securities, using the effective interest method. Expenses directly attributable to a Portfolio are directly charged. Common expenses of the Fund or the Portfolio are allocated using methods approved by the Board, generally based on average net assets.

The Portfolio recognizes its pro-rata share of net investment income and realized and unrealized gains/losses on a daily basis from its Underlying Funds within DFAITC, which are treated as partnerships for federal income tax purposes.

The Portfolio may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Portfolio accrues such taxes when the related income or capital gains are earned or throughout the holding period. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. Additionally, if there is a deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

**C. Investment Advisor and Administrator:**

The Advisor, Dimensional Fund Advisors LP, provides investment management services to the Portfolio. For the year ended October 31, 2022, the Portfolio's investment management fees were accrued daily and paid monthly to the Advisor based on an effective annual rate of 0.27% of average daily net assets.

---

| | | |
|:---|:---|:---|
|  | **Management Fee Prior to<br> February 28, 2022** | **Management Fee Effective<br> February 28, 2022** |
| International Small Company Portfolio | 0.30% | 0.25% |

---

Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement (The "Fee Waiver Agreement"), the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the other direct expenses of a class of the Portfolio (excluding expenses incurred through its investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.45% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). The Fee Waiver Agreement will

------

remain in effect through February 28, 2023 and may only be terminated by the Fund's Board of Directors prior to that date and shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. At any time that the Portfolio Expenses of a class of the Portfolio are less than the applicable Expense Limitation Amount, the Advisor retains the right to recover fees previously waived and/or expenses previously assumed to the extent that the expense ratio following such recovery would be less than the Expense Limitation Amount that was in place when such prior year fees were waived and/ or expenses assumed, and less than the current Expense Limitation Amount in place for the Portfolio. The Fund, on behalf of the Portfolio, is also not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of recovery.

**Fees Paid to Officers and Directors/Trustees:**

Certain Officers and Directors of the Advisor are also Officers and Directors of the Fund; however, such Officers and Directors (with the exception of the Chief Compliance Officer ("CCO")) receive no compensation from the Fund. For the year ended October 31, 2022, the total related amounts paid by the Fund to the CCO was $166 (in thousands). The total related amounts paid the Portfolio are included in Other Expenses on the Statement of Operations.

**D. Deferred Compensation:**

At October 31, 2022, the total liability for deferred compensation to Directors was $96 and is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities (amounts in thousands).

**E. Federal Income Taxes:**

The Portfolio has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code for federal income tax purposes and to distribute substantially all of its taxable income and net capital gains to its shareholders. Accordingly, no provision has been made for federal income taxes.

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under GAAP. These book/tax differences are either temporary or permanent in nature. To the extent that these differences are permanent, they are charged or credited to paid-in capital or distributable earnings, undistributed net investment income, accumulated net realized gains or losses, or unrealized appreciation, as appropriate, in the period that the differences arise. Accordingly, the permanent differences as of October 31, 2022, can occur as a result of realized gains on securities considered to be "passive foreign investment companies", non-deductible expenses, realized foreign capital gains tax, the use of accumulated earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction for income tax purposes, net foreign currency gains/losses, distributions received from real estate investment trusts and distribution redesignations, and were reclassified to the accounts mentioned above. These reclassifications had no effect on net assets or net asset value per share.

------

The tax character of dividends and distributions declared and paid during the years ended October 31, 2021 and October 31, 2022 were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Investment<br> Income and<br> Short-Term<br> Capital Gain** | **Long-Term<br> Capital Gains** | **Tax Exempt<br> Income** | **Total** |
| International Small Company Portfolio |  |  |  |  |
| 2021 | $220133 |  |  | $220133 |
| 2022 | 483283 | $367884 |  | 851167 |

---

As of October 31, 2022, the following net investment income and short-term capital gains and long-term capital gains distributions designated for federal income tax purposes are due to the use of accumulated earnings and profits distributed to shareholders upon redemption of shares (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Investment<br> Income and<br> Short-Term<br> Capital Gains** | **Long-Term<br> Capital Gains** | **Total** |
| International Small Company Portfolio | $(27229) | (4799) | $(32028) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At October 31, 2022, the components of distributable earnings (accumulated losses) were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Net Investment<br> Income and<br> Short-Term<br> Capital Gains** | **Undistributed<br> Long-Term<br> Capital Gains** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total Net<br> Distributable<br> Earnings<br> (Accumulated<br> Losses)** |
| International Small Company Portfolio | $68133 | $121673 – | $(928518) | $(738712) |

---

For federal income tax purposes, the Fund measures its capital loss carryforwards annually at October 31, its fiscal year end. Capital loss carryforwards may be carried forward and applied against future capital gains. As of October 31, 2022, the Portfolio did not have any capital loss carryforwards available to offset future realized capital gains.

During the year ended October 31, 2022, the Portfolio did not use capital loss carryforwards to offset realized capital gains for federal income tax purposes.

As of October 31, 2022, the total cost and aggregate gross unrealized appreciation (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes, as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **<br> Federal<br> Tax Cost** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| International Small Company Portfolio | $10236196 – $(925265) | $(925265) |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) can occur as a result of wash sales and net mark-to-market gains (losses) on regulated futures contracts, net mark-to-market gain (losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments or other investments.

*ASC 740 Accounting for Uncertainty in Income Taxes* sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has analyzed the Portfolio's tax positions and has concluded that no additional provision for income tax is required in the Portfolio's financial statements. The Portfolio is not aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Portfolio's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

------

**F. Financial Instruments:**

In accordance with the Portfolio's investment objective and policies, the Portfolio may invest either directly or indirectly (through its investment in a corresponding Underlying Fund), in certain financial instruments that have off-balance sheet risk in excess of the amounts recognized in the financial statements and concentrations of credit and market risk. These instruments and their significant corresponding risks are described below:

&nbsp;&nbsp;&nbsp;&nbsp;1. *Foreign Market Risks:* Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States of America, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States of America. Consequently, acquisition and disposition of international securities held by the Portfolio may be inhibited.

Underlying Funds that have significant exposure to certain countries, such as the United Kingdom Small Company Series, an Underlying Fund that concentrates investments in the United Kingdom, can be expected to be impacted by the political and economic conditions within such countries. For example, there is continuing uncertainty around the future of the euro and the European Union (EU) following the United Kingdom's (UK) exit from the EU (referred to as "Brexit"). Brexit may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK. While it is not possible to determine the precise impact these events may have on the Portfolio, during this period and beyond, the impact on the UK, EU countries, other countries or parties that transact with the UK and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of the Underlying Fund's investments.

**Derivative Financial Instruments:**

Summarized below are the specific types of derivative instruments used by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Futures Contracts:* The Portfolio may purchase or sell futures contracts and options on futures contracts for equity securities and indices to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio. Upon entering into a futures contract, the Portfolio deposits cash or pledges U.S. Government securities to a broker, in an amount equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Portfolio as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Portfolio records a realized gain or loss, which is presented in the Statements of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks may arise upon entrance into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Portfolio could lose more than the initial margin requirements. The Portfolio entering into stock index futures is subject to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

Securities have been segregated as collateral for open futures contracts.

The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2022 was as follows (amounts in thousands):

---

| | |
|:---|:---|
|  | **Futures\*\*** |
| International Small Company Portfolio | $98398 |

---

\*\* Average Notional Value of futures contracts.

------

The following is a summary of the Portfolio's derivative instrument holdings categorized by primary risk exposure as of October 31, 2022 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Asset Derivatives Value** | **Asset Derivatives Value** |
|  | **Total Value at<br> October 31, 2022** | **Equity<br> Contracts\*<sup>,(1)</sup>** |
| International Small Company Portfolio | $2412 | $2412 |

---

<sup>(1)</sup> Presented on Statements of Assets and Liabilities as Receivables: Futures Margin Variation.

\* Includes cumulative appreciation (depreciation) of futures contracts. Only current day's margin variation is reported within the Statement of Assets and Liabilities.

The following is a summary of the realized and change in unrealized gains and losses from the Portfolio's derivative instrument holdings categorized by primary risk exposure for the year ended October 31, 2022 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Realized Gain (Loss) on<br> (Depreciation) on Derivatives** | **Realized Gain (Loss) on<br> (Depreciation) on Derivatives** |
|  | **Total** | **Equity<br> Contracts<sup>(1)</sup>** |
| International Small Company Portfolio | $(19889) | $(19889) |
|  | **Change in Unrealized Appreciation<br> (Depreciation) on Derivatives** | **Change in Unrealized Appreciation<br> (Depreciation) on Derivatives** |
|  | **Total** | **Equity<br> Contracts<sup>(2)</sup>** |
| International Small Company Portfolio | $271 | $271 |

---

<sup>(1)</sup> Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures. <br> <sup>(2)</sup> Presented on Statements of Operations as Change in Unrealized Appreciation (Depreciation) of: Futures.

**G. Line of Credit and Interfund Lending Program:**

The Fund, together with other Dimensional-advised portfolios, has entered into a $500 million uncommitted, unsecured discretionary line of credit effective April 6, 2022, with its domestic custodian bank. A line of credit with similar terms was in effect through April 6, 2022. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $250 million, as long as total borrowings under the line of credit do not exceed $500 million in the aggregate. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The agreement for the line of credit expires on April 5, 2023.

The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $700 million unsecured line of credit with its international custodian bank effective January 2, 2022. A line of credit with similar terms was in effect through January 1, 2022. Each portfolio is permitted to borrow, subject to its investment limitations, up to the lower of one-quarter of such portfolio's net assets or $500 million, as long as total borrowings under the line of credit do not exceed $700 million in the aggregate. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The line of credit agreement expires on January 1, 2023.

------

For the year ended October 31, 2022, borrowings by the following Portfolio under the lines of credit were as follows (amounts in thousands, except percentages and days):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Weighted<br> Average<br> Interest Rate** | **Weighted<br> Average<br> Loan Balance** | **Number of<br> Days<br> Outstanding\*** | **Interest<br> Expense<br> Incurred** | **Maximum Amount<br> Borrowed During<br> the Period** | **Outstanding<br> Borrowings as<br> of 10/31/2022** |
| International Small Company Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;23176 | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;27039 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

\* Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2022, that the Portfolio's available line of credit was used.

Pursuant to an exemptive order issued by the SEC (the "Order"), the Portfolio may participate in an interfund lending program among certain portfolios managed by the Advisor (portfolios that operate as feeder funds do not participate in the program). The program allows the participating portfolios to borrow money from and loan money to each other for temporary or emergency purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending portfolios as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a portfolio may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day's notice.

The Portfolio did not use the interfund lending program during the year ended October 31, 2022.

**H. Indemnitees; Contractual Obligations:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Fund's organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund.

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**I. Recently Issued Accounting Standards and Regulations:**

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the Portfolio's financial statements.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 (the "Derivatives Rule") imposes limits on the amount of derivatives contracts the Portfolio could enter, eliminates the asset segregation framework previously used by the Portfolio to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. The Derivatives Rule became effective February 19, 2021 and the Portfolio began complying with the Derivatives Rule on August 19, 2022.

------

On December 3, 2020, the SEC adopted new Rule 2a-5 (the "Valuation Rule") under the 1940 Act, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund's investment adviser. Further, the SEC rescinded previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021 and the Portfolio began complying with the Valuation Rule on August 1, 2022.

**J. Other:**

As of October 31, 2022, the following number of shareholders held the following approximate percentages of the Portfolio's outstanding shares. One or more of the shareholders may be omnibus accounts, which typically hold shares for the benefit of several other underlying investors.

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Shareholders** | **Approximate<br> Percentage of<br> Outstanding Shares** |
| International Small Company Portfolio – Institutional Class Shares | 4 | 79% |

---

**L. Subsequent Event Evaluations:**

Management has evaluated the impact of all subsequent events on the Portfolio through the date on which the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of DFA Investment Dimensions Group Inc. and Shareholders of International Small Company Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of International Small Company Portfolio (one of the portfolios constituting DFA Investment Dimensions Group Inc., hereafter referred to as the "Portfolio") as of October 31, 2022, the related statement of operations for the year ended October 31, 2022, the statement of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2022 and the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the broker and transfer agent of the investee funds. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> December 22, 2022

We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.

------

**Selected Financial Statements of The DFA Investment Trust Company**

***The Japanese Small Company Series***

***The Asia Pacific Small Company Series***

***The United Kingdom Small Company Series***

***The Continental Small Company Series***

***The Canadian Small Company Series***

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Pages** |
| [Disclosure of Fund Expenses — October 31, 2022 (Unaudited)](#safunds4160391-ncsrsb001) | 110 |
| [Disclosure of Portfolio Holdings — October 31, 2022 (Unaudited)](#safunds4160391-ncsrsb002) | 112 |
| Summary Schedule of Portfolio Holdings — December 31, 2022 (Unaudited) |  |
| &nbsp;&nbsp;&nbsp;[The Japanese Small Company Series](#safunds4160391-ncsrsb003) | 115 |
| &nbsp;&nbsp;&nbsp;[The Asia Pacific Small Company Series](#safunds4160391-ncsrsb004) | 117 |
| &nbsp;&nbsp;&nbsp;[The United Kingdom Small Company Series](#safunds4160391-ncsrsb005) | 119 |
| &nbsp;&nbsp;&nbsp;[The Continental Small Company Series](#safunds4160391-ncsrsb006) | 122 |
| &nbsp;&nbsp;&nbsp;[The Canadian Small Company Series](#safunds4160391-ncsrsb007) | 126 |
| Summary Schedule of Portfolio Holdings — October 31, 2022 |  |
| &nbsp;&nbsp;&nbsp;[The Japanese Small Company Series](#safunds4160391-ncsrsb008) | 129 |
| &nbsp;&nbsp;&nbsp;[The Asia Pacific Small Company Series](#safunds4160391-ncsrsb009) | 132 |
| &nbsp;&nbsp;&nbsp;[The United Kingdom Small Company Series](#safunds4160391-ncsrsb010) | 134 |
| &nbsp;&nbsp;&nbsp;[The Continental Small Company Series](#safunds4160391-ncsrsb011) | 137 |
| &nbsp;&nbsp;&nbsp;[The Canadian Small Company Series](#safunds4160391-ncsrsb012) | 140 |
| [Statements of Assets and Liabilities — December 31, 2022 (Unaudited)](#safunds4160391-ncsrsb013) | 143 |
| [Statements of Assets and Liabilities — October 31, 2022](#safunds4160391-ncsrsb014) | 144 |
| [Statements of Operations — October 31, 2022](#safunds4160391-ncsrsb015) | 145 |
| [Statements of Changes in Net Assets](#safunds4160391-ncsrsb016) | 146 |
| [Financial Highlights](#safunds4160391-ncsrsb017) | 149 |
| [Notes to Financial Statements](#safunds4160391-ncsrsb018) | 151 |
| [Report of Independent Registered Public Accounting Firm](#safunds4160391-ncsrsb019) | 161 |
| [Fund Management](#safunds4160391-ncsrsb020) | 162 |
| [Voting Proxies on Fund Portfolio Securities](#safunds4160391-ncsrsb021) | 174 |

---

------

**THE DFA INVESTMENT TRUST COMPANY**

**DISCLOSURE OF FUND EXPENSES**

**(Unaudited)**

The following Expense Tables are shown so that you can understand the impact of fees on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses and legal and audit services, which are deducted from a fund's gross income, directly reduce the investment return of the fund. A fund's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Tables below illustrate your fund's costs in two ways.

**Actual Fund Return**

This section helps you to estimate the actual expenses after fee waivers that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return and "Expenses Paid During Period" reflect the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, a $7,500 account value divided by $1,000 = 7.5), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

**Hypothetical Example for Comparison Purposes**

This section is intended to help you compare your fund's costs with those of other mutual funds. The hypothetical "Ending Account Value" and "Expenses Paid During Period" are derived from the fund's actual expense ratio and an assumed 5% annual return before expenses. In this case, because the return used is not the fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% annual return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs, if applicable. The "Annualized Expense Ratio" represents the actual expenses for the six-month period indicated.

------

---

| | |
|:---|:---|
|  | **Six Months Ended October 31, 2022** |
| **EXPENSE TABLES** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account<br> Value<br> 05/01/22** | **Ending<br> Account<br> Value<br> 10/31/22** | **Annualized<br> Expense<br> Ratio<sup>(1)</sup>** | **Expenses<br> Paid<br> During<br> Period<sup>(1)</sup>** |
| **<u>The Japanese Small Company Series</u>** |  |  |  |  |
| Actual Fund Return | $1000.00 | $926.50 | 0.12% | $0.58 |
| Hypothetical 5% Annual Return | $1000.00 | $1024.60 | 0.12% | $0.61 |
| **<u>The Asia Pacific Small Company Series</u>** |  |  |  |  |
| Actual Fund Return | $1000.00 | $805.00 | 0.12% | $0.55 |
| Hypothetical 5% Annual Return | $1000.00 | $1024.60 | 0.12% | $0.61 |
| **<u>The United Kingdom Small Company Series</u>** |  |  |  |  |
| Actual Fund Return | $1000.00 | $812.90 | 0.11% | $0.50 |
| Hypothetical 5% Annual Return | $1000.00 | $1024.65 | 0.11% | $0.56 |
| **<u>The Continental Small Company Series</u>** |  |  |  |  |
| Actual Fund Return | $1000.00 | $837.30 | 0.13% | $0.60 |
| Hypothetical 5% Annual Return | $1000.00 | $1024.55 | 0.13% | $0.66 |
| **<u>The Canadian Small Company Series</u>** |  |  |  |  |
| Actual Fund Return | $1000.00 | $876.80 | 0.11% | $0.52 |
| Hypothetical 5% Annual Return | $1000.00 | $1024.65 | 0.11% | $0.56 |

---

(1) Expenses are equal to the fund's annualized expense
 ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days
 in the most recent six-month period (184), then divided by the number of days in the year (365) to reflect the six-month period.

------

**THE DFA INVESTMENT TRUST COMPANY**

**DISCLOSURE OF PORTFOLIO HOLDINGS <br> (Unaudited)**

The SEC requires that all funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters as an exhibit to their reports on Form N-PORT. For The DFA Investment Trust Company, this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. The DFA Investment Trust Company filed its most recent Form N-PORT with the SEC on September 28, 2022. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746, or by visiting the SEC's website at http://www.sec.gov.

SEC regulations permit a fund to include in its reports to shareholders a "Summary Schedule of Portfolio Holdings" in lieu of a full Schedule of Investments. The Summary Schedule of Portfolio Holdings reports the fund's 50 largest holdings in unaffiliated issuers and any investments that exceed one percent of the fund's net assets at the end of the reporting period. The regulations also require that the Summary Schedule of Portfolio Holdings identify each category of investments that are held.

A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746, or by visiting the SEC's website at http://www.sec.gov.

**PORTFOLIO HOLDINGS**

The SEC requires that all funds present their categories of portfolio holdings in a table, chart or graph format in their annual and semi-annual shareholder reports, whether or not a Schedule of Investments is used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.

**SERIES**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **The Japanese Small Company Series** | **The Japanese Small Company Series** | **The Asia Pacific Small Company Series** | **The Asia Pacific Small Company Series** | **The United Kingdom Small Company Series** | **The United Kingdom Small Company Series** |
| Communication Services | 2.4% | Communication Services | 4.9% | Communication Services | 3.7% |
| Consumer Discretionary | 14.7% | Consumer Discretionary | 18.9% | Consumer Discretionary | 16.8% |
| Consumer Staples | 7.9% | Consumer Staples | 8.6% | Consumer Staples | 7.2% |
| Energy | 0.8% | Energy | 6.3% | Energy | 4.3% |
| Financials | 9.0% | Financials | 13.0% | Financials | 18.9% |
| Health Care | 5.1% | Health Care | 5.7% | Health Care | 5.0% |
| Industrials | 28.9% | Industrials | 11.8% | Industrials | 22.8% |
| Information Technology | 15.6% | Information Technology | 7.8% | Information Technology | 8.7% |
| Materials | 12.4% | Materials | 15.3% | Materials | 5.3% |
| Real Estate | 1.5% | Real Estate | 6.9% | Real Estate | 3.0% |
| Utilities | 1.7% | Utilities | 0.8% | Utilities | 4.3% |
|  | 100.0% |  | 100.0% |  | 100.0% |

---

------

**DISCLOSURE OF PORTFOLIO HOLDINGS <br> CONTINUED**

---

| | | | |
|:---|:---|:---|:---|
| **The Continental Small Company Series** | | **The Canadian Small Company Series** | **The Canadian Small Company Series** |
| Communication Services | 4.8% | Communication Services | 1.3% |
| Consumer Discretionary | 8.4% | Consumer Discretionary | 5.5% |
| Consumer Staples | 4.3% | Consumer Staples | 4.9% |
| Energy | 4.4% | Energy | 28.7% |
| Financials | 16.6% | Financials | 9.3% |
| Health Care | 6.0% | Health Care | 1.5% |
| Industrials | 27.0% | Industrials | 11.0% |
| Information Technology | 10.2% | Information Technology | 3.3% |
| Materials | 9.1% | Materials | 23.8% |
| Real Estate | 4.9% | Real Estate | 2.6% |
| Utilities | 4.3% | Utilities | 8.1% |
|  | 100.0% |  | 100.0% |

---

------

**THE JAPANESE SMALL COMPANY SERIES**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**December 31, 2022<br> (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value»** | **Percentage**<br> **of Net Assets‡** |
| COMMON STOCKS — (98.1%) |  |  |  |
| COMMUNICATION SERVICES — (2.3%) |  |  |  |
| Other Securities |  | $65450415 | 2.3% |
| CONSUMER DISCRETIONARY — (14.3%) |  |  |  |
| Resorttrust, Inc. | 514664 | 9159569 | 0.3% |
| Other Securities |  | 397497061 | 14.3% |
| TOTAL CONSUMER DISCRETIONARY |  | 406656630 | 14.6% |
| CONSUMER STAPLES — (8.0%) |  |  |  |
| Milbon Co. Ltd. | 165752 | 7170555 | 0.3% |
| Nissui Corp. | 1771500 | 7378320 | 0.3% |
| Pigeon Corp. | 582725 | 9550193 | 0.4% |
| Other Securities |  | 202380648 | 7.1% |
| TOTAL CONSUMER STAPLES |  | 226479716 | 8.1% |
| ENERGY — (0.7%) |  |  |  |
| Other Securities |  | 20145056 | 0.7% |
| FINANCIALS — (9.4%) |  |  |  |
| Fuyo General Lease Co. Ltd. | 113100 | 7372792 | 0.3% |
| Gunma Bank Ltd. | 2072540 | 7915679 | 0.3% |
| Hachijuni Bank Ltd. | 1994500 | 8285116 | 0.3% |
| Hirogin Holdings, Inc. | 1509400 | 7571606 | 0.3% |
| Iyogin Holdings, Inc. | 1256518 | 6804267 | 0.2% |
| JAFCO Group Co. Ltd. | 559900 | 9490859 | 0.3% |
| Kyushu Financial Group, Inc. | 1975137 | 6783494 | 0.2% |
| Yamaguchi Financial Group, Inc. | 1237672 | 8074796 | 0.3% |
| Other Securities |  | 204463137 | 7.4% |
| TOTAL FINANCIALS |  | 266761746 | 9.6% |
| HEALTH CARE — (5.1%) |  |  |  |
| H.U. Group Holdings, Inc. | 334600 | 7308147 | 0.3% |
| Nipro Corp. | 856500 | 6709186 | 0.2% |
| Ship Healthcare Holdings, Inc. | 338200 | 6877836 | 0.3% |
| Other Securities |  | 124408168 | 4.4% |
| TOTAL HEALTH CARE |  | 145303337 | 5.2% |
| INDUSTRIALS — (28.0%) |  |  |  |
| Daiseki Co. Ltd. | 286755 | 9842354 | 0.4% |
| DMG Mori Co. Ltd. | 731800 | 9691033 | 0.4% |
| Fujikura Ltd. | 1156300 | 8691937 | 0.3% |
| Furukawa Electric Co. Ltd. | 418600 | 7811668 | 0.3% |
| Hazama Ando Corp. | 1150400 | 7342274 | 0.3% |
| Mabuchi Motor Co. Ltd. | 252834 | 7147840 | 0.3% |
| Meitec Corp. | 478200 | 8674568 | 0.3% |
| Nagase & Co. Ltd. | 584600 | 8835262 | 0.3% |
| Nichias Corp. | 378700 | 6767020 | 0.3% |
| Nishimatsu Construction Co. Ltd. | 300400 | 8928988 | 0.3% |
| OSG Corp. | 526900 | 7214535 | 0.3% |

---

------

**T** **HE JAPANESE SMALL COMPANY SERIES<br> CONTINUED**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage**<br> **of Net Assets‡** |
| INDUSTRIALS — (Continued) | INDUSTRIALS — (Continued) |  |  |  |
|  | Penta-Ocean Construction Co. Ltd. | 1495300 | $6984419 | 0.3% |
|  | Sankyu, Inc. | 189600 | 6936698 | 0.3% |
|  | Ushio, Inc. | 600400 | 7361952 | 0.3% |
|  | Other Securities |  | 681011902 | 24.0% |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 793242450 | 28.4% |
| INFORMATION TECHNOLOGY — (14.9%) | INFORMATION TECHNOLOGY — (14.9%) |  |  |  |
|  | Anritsu Corp. | 851999 | 8296419 | 0.3% |
|  | Citizen Watch Co. Ltd. | 1550700 | 6962497 | 0.3% |
|  | Daiwabo Holdings Co. Ltd. | 574800 | 8426758 | 0.3% |
|  | Japan Material Co. Ltd. | 431700 | 6942803 | 0.3% |
|  | Konica Minolta, Inc. | 2014100 | 8024793 | 0.3% |
|  | Macnica Holdings, Inc. | 326750 | 7732358 | 0.3% |
|  | NET One Systems Co. Ltd. | 394300 | 10268266 | 0.4% |
|  | NSD Co. Ltd. | 482660 | 8341347 | 0.3% |
|  | Tokyo Seimitsu Co. Ltd. | 232600 | 7514908 | 0.3% |
|  | Topcon Corp. | 663300 | 7642519 | 0.3% |
|  | Ulvac, Inc. | 166200 | 6926351 | 0.3% |
|  | Other Securities |  | 334041747 | 11.7% |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY |  | 421120766 | 15.1% |
| MATERIALS — (12.3%) | MATERIALS — (12.3%) |  |  |  |
|  | ADEKA Corp. | 507000 | 8274430 | 0.3% |
|  | Asahi Holdings, Inc. | 472200 | 6898001 | 0.3% |
|  | Daicel Corp. | 1294500 | 9316007 | 0.3% |
|  | Kobe Steel Ltd. | 1623085 | 7872171 | 0.3% |
|  | Mitsui Mining & Smelting Co. Ltd. | 345600 | 8088705 | 0.3% |
|  | Rengo Co. Ltd. | 980600 | 6729298 | 0.2% |
|  | Taiheiyo Cement Corp. | 484400 | 7533394 | 0.3% |
| # | Tokai Carbon Co. Ltd. | 1037400 | 8372081 | 0.3% |
|  | UBE Corp. | 611100 | 8957256 | 0.3% |
|  | Other Securities |  | 276385539 | 9.9% |
| TOTAL MATERIALS | TOTAL MATERIALS |  | 348426882 | 12.5% |
| REAL ESTATE — (1.4%) | REAL ESTATE — (1.4%) |  |  |  |
|  | Other Securities |  | 38557093 | 1.4% |
| UTILITIES — (1.7%) | UTILITIES — (1.7%) |  |  |  |
|  | Nippon Gas Co. Ltd. | 676700 | 10589869 | 0.4% |
|  | Other Securities |  | 38702073 | 1.4% |
| TOTAL UTILITIES | TOTAL UTILITIES |  | 49291942 | 1.8% |
| TOTAL COMMON STOCKS <br> (Cost $2,804,428,255) | TOTAL COMMON STOCKS <br> (Cost $2,804,428,255) |  | 2781436033 | 99.7% |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (1.9%) | SECURITIES LENDING COLLATERAL — (1.9%) |  |  |  |
| @ | §The DFA Short Term Investment Fund | 4599824 | 53206159 | 1.9% |
| TOTAL INVESTMENTS—(100.0%) <br> (Cost $2,857,623,056) | TOTAL INVESTMENTS—(100.0%) <br> (Cost $2,857,623,056) |  | $2834642192 | 101.6% |

---

------

**T** **HE JAPANESE SMALL COMPANY SERIES <br> CONTINUED**

Summary of the Series' investments as of December 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in<br> Securities<br> (Market Value)** | **Investments in<br> Securities<br> (Market Value)** | **Investments in<br> Securities<br> (Market Value)** | **Investments in<br> Securities<br> (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services |  | $65450415 |  | $65450415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 406656630 |  | 406656630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples |  | 226479716 |  | 226479716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy |  | 20145056 |  | 20145056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | $3923207 | 262838539 |  | 266761746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care |  | 145303337 |  | 145303337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials |  | 793242450 |  | 793242450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 48412 | 421072354 |  | 421120766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials |  | 348426882 |  | 348426882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate |  | 38557093 |  | 38557093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 49291942 |  | 49291942 |
| Securities Lending Collateral |  | 53206159 |  | 53206159 |
| TOTAL | $3971619 | $2830670573 |  | $2834642192 |

---

See accompanying Notes to Financial Statements.

------

**THE ASIA PACIFIC SMALL COMPANY SERIES**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**December 31, 2022 <br> (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage**<br> **of Net Assets‡** |
| COMMON STOCKS — (98.4%) | COMMON STOCKS — (98.4%) |  |  |  |
| AUSTRALIA — (61.2%) | AUSTRALIA — (61.2%) |  |  |  |
| \* | AMP Ltd. | 10198438 | $9069935 | 0.7% |
| # | Ansell Ltd. | 705670 | 13554455 | 1.1% |
| # | ARB Corp. Ltd. | 515315 | 8943450 | 0.7% |
|  | AUB Group Ltd. | 762060 | 11609446 | 0.9% |
|  | Bapcor Ltd. | 2227045 | 9759196 | 0.8% |
|  | Beach Energy Ltd. | 7825248 | 8497092 | 0.7% |
| # | Breville Group Ltd. | 652020 | 8096378 | 0.6% |
|  | Brickworks Ltd. | 486407 | 7317581 | 0.6% |
| # | Champion Iron Ltd. | 1990929 | 9850043 | 0.8% |
| # | Corporate Travel Management Ltd. | 713869 | 7107604 | 0.6% |
|  | CSR Ltd. | 3176445 | 10157562 | 0.8% |
|  | Downer EDI Ltd. | 4211433 | 10583739 | 0.8% |
|  | Eagers Automotive Ltd. | 941185 | 6899324 | 0.5% |
|  | Elders Ltd. | 1009369 | 6928545 | 0.5% |
| # \* | Flight Centre Travel Group Ltd. | 859664 | 8413403 | 0.7% |
|  | Gold Road Resources Ltd. | 7605514 | 8803578 | 0.7% |
|  | GrainCorp Ltd., Class A | 1517016 | 7648083 | 0.6% |
|  | Healius Ltd. | 3665521 | 7637480 | 0.6% |
|  | HUB24 Ltd. | 473024 | 8454097 | 0.7% |
|  | Insignia Financial Ltd. | 4274608 | 9725784 | 0.8% |
|  | IPH Ltd. | 1331405 | 7825301 | 0.6% |
|  | IRESS Ltd. | 1215703 | 7858197 | 0.6% |
|  | Lifestyle Communities Ltd. | 597458 | 7670238 | 0.6% |
| # | New Hope Corp. Ltd. | 2141365 | 9196453 | 0.7% |
|  | nib holdings Ltd. | 2992914 | 15652439 | 1.2% |
|  | Nufarm Ltd. | 2238525 | 9332540 | 0.7% |
|  | Orora Ltd. | 5891609 | 11531838 | 0.9% |
| # \* | Paladin Energy Ltd. | 16033988 | 7565881 | 0.6% |
|  | Pendal Group Ltd. | 2058779 | 6976878 | 0.5% |
|  | Perseus Mining Ltd. | 8455260 | 12166825 | 0.9% |
| # | Regis Resources Ltd. | 5024922 | 7072073 | 0.6% |
|  | Reliance Worldwide Corp. Ltd. | 4341146 | 8679605 | 0.7% |
|  | Sandfire Resources Ltd. | 3243721 | 11996080 | 0.9% |
|  | Sims Ltd. | 1106977 | 9813700 | 0.8% |
| \* | Star Entertainment Group Ltd. | 5751661 | 6900660 | 0.5% |
|  | Super Retail Group Ltd. | 1057351 | 7674181 | 0.6% |
|  | Technology One Ltd. | 1114194 | 9897100 | 0.8% |
| # \* | Webjet Ltd. | 2329981 | 9697754 | 0.8% |
|  | Other Securities |  | 453967587 | 34.7% |
| TOTAL AUSTRALIA | TOTAL AUSTRALIA |  | 800532105 | 61.9% |
| CHINA — (0.1%) | CHINA — (0.1%) |  |  |  |
|  | Other Securities |  | 1245596 | 0.1% |
| HONG KONG — (21.8%) | HONG KONG — (21.8%) |  |  |  |
|  | ASMPT Ltd. | 1624800 | 11539641 | 0.9% |
|  | Hysan Development Co. Ltd | 2868000 | 9287791 | 0.7% |
|  | Kerry Logistics Network Ltd. | 4063500 | 7281147 | 0.6% |
|  | Luk Fook Holdings International Ltd. | 3509000 | 10409317 | 0.8% |
|  | Pacific Basin Shipping Ltd. | 26323000 | 8867810 | 0.7% |
|  | PCCW Ltd. | 15338545 | 6910474 | 0.5% |
| \* | SJM Holdings Ltd. | 12588750 | 7267056 | 0.6% |
| \* | Vitasoy International Holdings Ltd. | 3429000 | 7048231 | 0.6% |
|  | VTech Holdings Ltd. | 1276500 | 8209087 | 0.6% |

---

------

**T** **HE ASIA PACIFIC SMALL COMPANY SERIES <br> CONTINUED**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| HONG KONG — (Continued) |  |  |  |
| Other Securities |  | $208329783 | 16.0% |
| TOTAL HONG KONG |  | 285150337 | 22.0% |
| NEW ZEALAND — (4.3%) |  |  |  |
| Chorus Ltd. | 2327911 | 12055810 | 0.9% |
| Other Securities |  | 44345564 | 3.5% |
| TOTAL NEW ZEALAND |  | 56401374 | 4.4% |
| SINGAPORE — (10.9%) |  |  |  |
| ComfortDelGro Corp. Ltd. | 9355000 | 8591360 | 0.7% |
| Keppel Infrastructure Trust | 18468846 | 7449616 | 0.6% |
| Other Securities |  | 126952703 | 9.7% |
| TOTAL SINGAPORE |  | 142993679 | 11.0% |
| UNITED STATES — (0.1%) |  |  |  |
| Other Security |  | 1165055 | 0.1% |
| TOTAL COMMON STOCKS |  | 1287488146 | 99.5% |
| RIGHTS/WARRANTS — (0.0%) |  |  |  |
| AUSTRALIA — (0.0%) |  |  |  |
| Other Securities |  | 5274 | 0.0% |
| HONG KONG — (0.0%) |  |  |  |
| Other Security |  | 9959 | 0.0% |
| TOTAL RIGHTS/WARRANTS |  | 15233 | 0.0% |
| TOTAL INVESTMENT SECURITIES <br> (Cost $1,513,049,007) |  | 1287503379 |  |
|  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (1.6%) |  |  |  |
| §The DFA Short Term Investment Fund | 1755708 | 20308278 | 1.6% |
| TOTAL INVESTMENTS—(100.0%) <br> (Cost $1,533,352,947) |  | $1307811657 | 101.1% |

---

Summary of the Series' investments as of December 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | $12679 | $800137756 | $381670 |  | $800532105 |
| &nbsp;&nbsp;&nbsp;&nbsp;China | 391402 | 854194 |  |  | 1245596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 284742169 | 408168 |  | 285150337 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 56401374 |  |  | 56401374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 142310088 | 683591 |  | 142993679 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States |  | 1165055 |  |  | 1165055 |
| Rights/Warrants |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 5274 |  |  | 5274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 9959 |  |  | 9959 |
| Securities Lending Collateral |  | 20308278 |  |  | 20308278 |
| TOTAL | $404081 | $1305934147 | $1473429 | ^ | $1307811657 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**THE UNITED KINGDOM SMALL COMPANY SERIES**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**December 31, 2022<br> (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (98.7%) | COMMON STOCKS — (98.7%) |  |  |  |
| COMMUNICATION SERVICES — (3.1%) | COMMUNICATION SERVICES — (3.1%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | $40431648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| CONSUMER DISCRETIONARY — (16.5%) | CONSUMER DISCRETIONARY — (16.5%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellway PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bellway PLC | 442280 | 10114163 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza Group PLC | 3097499 | 11029718 | 0.9% |
| \* | Frasers Group PLC | 1070762 | 9179951 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Games Workshop Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Games Workshop Group PLC | 176068 | 18174375 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greggs PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greggs PLC | 601854 | 16910384 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inchcape PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inchcape PLC | 2330296 | 23007665 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pets at Home Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pets at Home Group PLC | 2837331 | 9672835 | 0.7% |
| \* | Playtech PLC | 1926086 | 11817988 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 106531135 | 8.2% |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY |  | 216438214 | 16.7% |
| CONSUMER STAPLES — (7.2%) | CONSUMER STAPLES — (7.2%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Britvic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Britvic PLC | 1626728 | 15155725 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cranswick PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cranswick PLC | 364144 | 13501638 | 1.0% |
| \* | Marks & Spencer Group PLC | 8169110 | 12051463 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tate & Lyle PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tate & Lyle PLC | 2051295 | 17573899 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 36394059 | 2.9% |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES |  | 94676784 | 7.3% |
| ENERGY — (4.0%) | ENERGY — (4.0%) |  |  |  |
| \* | Capricorn Energy PLC | 4040365 | 12777943 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 39727595 | 3.0% |
| TOTAL ENERGY | TOTAL ENERGY |  | 52505538 | 4.0% |
| FINANCIALS — (19.3%) | FINANCIALS — (19.3%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beazley PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beazley PLC | 2966424 | 24260648 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Close Brothers Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Close Brothers Group PLC | 874035 | 10991545 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct Line Insurance Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct Line Insurance Group PLC | 4463284 | 11896340 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hiscox Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hiscox Ltd. | 1222797 | 16121877 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancashire Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancashire Holdings Ltd. | 1661042 | 13060435 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Man Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Man Group PLC | 7662342 | 19714104 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSB Group PLC | 2156676 | 12469957 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paragon Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paragon Banking Group PLC | 1921607 | 13065069 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus500 Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus500 Ltd. | 519961 | 11288936 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Money UK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Money UK PLC | 6465048 | 14217573 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 105383048 | 8.2% |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 252469532 | 19.5% |
| HEALTH CARE — (5.0%) | HEALTH CARE — (5.0%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Group PLC | 411527 | 9599115 | 0.7% |
| \* | Indivior PLC | 759374 | 16993590 | 1.3% |
| # | Mediclinic International PLC | 2400508 | 14371366 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 24587824 | 2.0% |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE |  | 65551895 | 5.1% |

---

------

**The United Kingdom Small Company Series<br>continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br>of Net Assets‡** |
| INDUSTRIALS — (22.4%) | INDUSTRIALS — (22.4%) |  |  |  |
| \* | Babcock International Group PLC | 2860700 | $9783539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balfour Beatty PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balfour Beatty PLC | 3585302 | 14671281 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diploma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diploma PLC | 407720 | 13706585 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grafton Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grafton Group PLC | 1489341 | 14172213 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hays PLC | 9184503 | 12875153 | 1.0% |
| \* | JET2 PLC | 813756 | 9378308 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagegroup PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pagegroup PLC | 1947013 | 10840740 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QinetiQ Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QinetiQ Group PLC | 3241231 | 13937978 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotork PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rotork PLC | 4244485 | 15773402 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serco Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serco Group PLC | 5392112 | 10121823 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travis Perkins PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travis Perkins PLC | 1194868 | 12774546 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 155703847 | 11.9% |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 293739415 | 22.6% |
| INFORMATION TECHNOLOGY — (8.5%) | INFORMATION TECHNOLOGY — (8.5%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computacenter PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computacenter PLC | 497525 | 11553855 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micro Focus International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micro Focus International PLC | 1571570 | 10067406 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Instruments PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oxford Instruments PLC | 343024 | 9337930 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softcat PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Softcat PLC | 665854 | 9548264 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectris PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spectris PLC | 452047 | 16376139 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirent Communications PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirent Communications PLC | 4036030 | 12822643 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 40849498 | 3.1% |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY |  | 110555735 | 8.5% |
| MATERIALS — (5.4%) | MATERIALS — (5.4%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centamin PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centamin PLC | 8174090 | 11170095 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victrex PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victrex PLC | 540365 | 10401325 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 49037879 | 3.7% |
| TOTAL MATERIALS | TOTAL MATERIALS |  | 70609299 | 5.4% |
| REAL ESTATE — (3.1%) | REAL ESTATE — (3.1%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grainger PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grainger PLC | 4237552 | 12944333 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savills PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Savills PLC | 961872 | 9580132 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 17839508 | 1.4% |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE |  | 40363973 | 3.1% |
| UTILITIES — (4.2%) | UTILITIES — (4.2%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drax Group PLC | 2467126 | 20927224 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennon Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pennon Group PLC | 1331635 | 14317189 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Plus PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecom Plus PLC | 424957 | 11248874 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Security |  | 8432534 | 0.6% |
| TOTAL UTILITIES | TOTAL UTILITIES |  | 54925821 | 4.2% |
| TOTAL COMMON STOCKS <br> (Cost $1,358,766,370) | TOTAL COMMON STOCKS <br> (Cost $1,358,766,370) |  | 1292267854 | 99.5% |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (1.3%) | SECURITIES LENDING COLLATERAL — (1.3%) |  |  |  |
| @ | §The DFA Short Term Investment Fund | 1420547 | 16431464 | 1.3% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,375,193,424) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,375,193,424) |  | $1308699318 | 100.8% |

---

------

**The United Kingdom Small Company Series<br> continued**

Summary of the Series' investments as of December 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $18744 | $40412904 |  |  | $40431648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 216380697 | $57517 |  | 216438214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples |  | 94676784 |  |  | 94676784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  | 52505538 |  |  | 52505538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials |  | 252469252 | 280 |  | 252469532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  | 65548711 | 3184 |  | 65551895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 187224 | 293552191 |  |  | 293739415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  | 110555735 |  |  | 110555735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  | 70609299 |  |  | 70609299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate |  | 40363973 |  |  | 40363973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 54925821 |  |  | 54925821 |
| Securities Lending Collateral |  | 16431464 |  |  | 16431464 |
| TOTAL | $205968 | $1308432369 | $60981 | ^ | $1308699318 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**THE CONTINENTAL SMALL COMPANY SERIES** 

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**December 31, 2022<br> (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets\*** |
| COMMON STOCKS — (95.5%) | COMMON STOCKS — (95.5%) |  |  |  |
| AUSTRIA — (3.3%) | AUSTRIA — (3.3%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANDRITZ AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANDRITZ AG | 438579 | $25105178 | 0.5% |
| Ω | BAWAG Group AG | 424720 | 22633439 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 116591206 | 2.4% |
| TOTAL AUSTRIA | TOTAL AUSTRIA |  | 164329823 | 3.4% |
| BELGIUM — (4.5%) | BELGIUM — (4.5%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ackermans & van Haaren NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ackermans & van Haaren NV | 171688 | 29467322 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D'ieteren Group | 113278 | 21739497 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euronav NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euronav NV | 1303139 | 21922222 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 145828076 | 3.0% |
| TOTAL BELGIUM | TOTAL BELGIUM |  | 218957117 | 4.6% |
| CANADA — (0.1%) | CANADA — (0.1%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Security |  | 4739469 | 0.1% |
| DENMARK — (6.5%) | DENMARK — (6.5%) |  |  |  |
| \* | ISS AS | 927711 | 19636255 | 0.4% |
| \* | Jyske Bank AS | 438610 | 28440260 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank AS | 197625 | 26989303 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Unibrew AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Unibrew AS | 312981 | 22243672 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sydbank AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sydbank AS | 461164 | 19399514 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topdanmark AS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topdanmark AS | 363470 | 19127458 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 186366732 | 3.8% |
| TOTAL DENMARK | TOTAL DENMARK |  | 322203194 | 6.7% |
| FINLAND — (5.4%) | FINLAND — (5.4%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huhtamaki Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huhtamaki Oyj | 631957 | 21648921 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Oyj, Class B | 647459 | 35495651 | 0.7% |
| # | Valmet Oyj | 967485 | 26116938 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 183656267 | 3.8% |
| TOTAL FINLAND | TOTAL FINLAND |  | 266917777 | 5.6% |
| FRANCE — (10.8%) | FRANCE — (10.8%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elis SA | 1241664 | 18328302 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPSOS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPSOS | 294055 | 18416278 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexel SA | 1360843 | 26915389 | 0.6% |
| \* | SOITEC | 134780 | 22122203 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPIE SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPIE SA | 871653 | 22727944 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 422826059 | 8.7% |
| TOTAL FRANCE | TOTAL FRANCE |  | 531336175 | 11.1% |
| GERMANY — (13.8%) | GERMANY — (13.8%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurubis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurubis AG | 263712 | 21466452 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freenet AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freenet AG | 931981 | 20265255 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUGO BOSS AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUGO BOSS AG | 410708 | 23743063 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K&S AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K&S AG | 1101197 | 21708870 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lanxess AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lanxess AG | 577941 | 23190856 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | 143254 | 28518443 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 543264734 | 11.4% |
| TOTAL GERMANY | TOTAL GERMANY |  | 682157673 | 14.3% |

---

------

**The Continental Small Company Series<br>continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets\*** |
| IRELAND — (1.6%) | IRELAND — (1.6%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | 5362074 | $51096891 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 26686672 | 0.5% |
| TOTAL IRELAND | TOTAL IRELAND |  | 77783563 | 1.6% |
| ISRAEL — (3.0%) | ISRAEL — (3.0%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 145720292 | 3.1% |
| ITALY — (8.7%) | ITALY — (8.7%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco BPM SpA | 9876720 | 35210214 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brunello Cucinelli SpA | 248717 | 18402798 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italgas SpA | 3498389 | 19424452 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo SpA | 2852618 | 24603144 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 329264705 | 6.9% |
| TOTAL ITALY | TOTAL ITALY |  | 426905313 | 8.9% |
| NETHERLANDS — (5.4%) | NETHERLANDS — (5.4%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aalberts NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aalberts NV | 673240 | 26224240 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcadis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcadis NV | 526995 | 20748144 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASR Nederland NV | 586023 | 27844285 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | 392257 | 23904490 | 0.5% |
| Ω | Signify NV | 689279 | 23202869 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 143798911 | 3.0% |
| TOTAL NETHERLANDS | TOTAL NETHERLANDS |  | 265722939 | 5.6% |
| NORWAY — (2.3%) | NORWAY — (2.3%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 112913390 | 2.4% |
| PORTUGAL — (0.9%) | PORTUGAL — (0.9%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 44230621 | 0.9% |
| SOUTH AFRICA — (0.0%) | SOUTH AFRICA — (0.0%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Security |  | 1083090 | 0.0% |
| SPAIN — (5.8%) | SPAIN — (5.8%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco de Sabadell SA | 36362876 | 34179750 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bankinter SA | 4245482 | 28442744 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enagas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enagas SA | 1457648 | 24238499 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 200727470 | 4.2% |
| TOTAL SPAIN | TOTAL SPAIN |  | 287588463 | 6.0% |
| SWEDEN — (6.0%) | SWEDEN — (6.0%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 296741886 | 6.2% |
| SWITZERLAND — (17.1%) | SWITZERLAND — (17.1%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allreal Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allreal Holding AG | 123491 | 20078655 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belimo Holding AG | 65574 | 31283895 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BKW AG | 161471 | 22092950 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bucher Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bucher Industries AG | 54010 | 22539918 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clariant AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clariant AG | 1148306 | 18236741 | 0.4% |
| \* | Flughafen Zurich AG | 145858 | 22570098 | 0.5% |
| Ω | Galenica AG | 230164 | 18779155 | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georg Fischer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georg Fischer AG | 626442 | 38377239 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helvetia Holding AG | 262788 | 30578715 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSP Swiss Property AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSP Swiss Property AG | 337750 | 39676189 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siegfried Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siegfried Holding AG | 32647 | 21685792 | 0.5% |
| Ω | VAT Group AG | 101335 | 27818212 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 528120512 | 10.9% |

---

------

**The Continental Small Company Series<br>continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets\*** |
| TOTAL SWITZERLAND | TOTAL SWITZERLAND |  | $841838071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6% |
| UNITED ARAB EMIRATES — (0.0%) | UNITED ARAB EMIRATES — (0.0%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Security | &nbsp;&nbsp;&nbsp;&nbsp;Other Security |  | 879512 | 0.0% |
| UNITED KINGDOM — (0.1%) | UNITED KINGDOM — (0.1%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Security | &nbsp;&nbsp;&nbsp;&nbsp;Other Security |  | 5586382 | 0.1% |
| UNITED STATES — (0.2%) | UNITED STATES — (0.2%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 8976097 | 0.2% |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  | 4706610847 | 98.4% |
| PREFERRED STOCKS — (0.8%) | PREFERRED STOCKS — (0.8%) |  |  |  |
| GERMANY — (0.8%) | GERMANY — (0.8%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 38070147 | 0.8% |
| RIGHTS/WARRANTS — (0.0%) | RIGHTS/WARRANTS — (0.0%) |  |  |  |
| SWEDEN — (0.0%) | SWEDEN — (0.0%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Security | &nbsp;&nbsp;&nbsp;&nbsp;Other Security |  | 1714 | 0.0% |
| TOTAL INVESTMENT SECURITIES <br> (Cost $4,264,324,065) | TOTAL INVESTMENT SECURITIES <br> (Cost $4,264,324,065) |  | 4744682708 |  |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (3.7%) | SECURITIES LENDING COLLATERAL — (3.7%) | 15936752 | 184340415 | 3.9% |
| @ | §The DFA Short Term Investment Fund |  |  |  |
| TOTAL INVESTMENTS—(100.0%) <br> (Cost $4,448,622,466) | TOTAL INVESTMENTS—(100.0%) <br> (Cost $4,448,622,466) |  | $4929023123 | 103.1% |

---

SA Special Assessment

------

**The Continental Small Company Series <br>continued**

Summary of the Series' investments as of December 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | $164329823 |  | $164329823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | $757053 | 218200064 |  | 218957117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  | 4739469 |  | 4739469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 322203194 |  | 322203194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 266917777 |  | 266917777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 531336175 |  | 531336175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 682157673 |  | 682157673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 77783563 |  | 77783563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 602163 | 145118129 |  | 145720292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 426905313 |  | 426905313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 265722939 |  | 265722939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 242337 | 112671053 |  | 112913390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 44230621 |  | 44230621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 1083090 |  | 1083090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 287588463 |  | 287588463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 296741886 |  | 296741886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 841838071 |  | 841838071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 879512 |  | 879512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 5586382 |  | 5586382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  | 8976097 |  | 8976097 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 38070147 |  | 38070147 |
| Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1714 |  | 1714 |
| Securities Lending Collateral |  | 184340415 |  | 184340415 |
| TOTAL | $1601553 | $4927421570 |  | $4929023123 |

---

See accompanying Notes to Financial Statements.

------

**THE CANADIAN SMALL COMPANY SERIES** 

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**December 31, 2022<br> (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (86.9%) |  |  |  |
| COMMUNICATION SERVICES — (1.1%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | $14962350 | 1.2% |
| CONSUMER DISCRETIONARY — (4.8%) |  |  |  |
| Aritzia, Inc. | 470440 | 16451502 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Linamar Corp. | 247333 | 11197572 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 39605314 | 3.3% |
| TOTAL CONSUMER DISCRETIONARY |  | 67254388 | 5.5% |
| CONSUMER STAPLES — (4.3%) |  |  |  |
| Premium Brands Holdings Corp | 228866 | 13907751 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primo Water Corp. | 83625 | 1299532 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primo Water Corp. | 799922 | 12418287 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 32622876 | 2.7% |
| TOTAL CONSUMER STAPLES |  | 60248446 | 4.9% |
| ENERGY — (22.3%) |  |  |  |
| Advantage Energy Ltd. | 1137856 | 7958269 | 0.6% |
| Baytex Energy Corp. | 2599131 | 11671135 | 1.0% |
| Birchcliff Energy Ltd. | 1560817 | 10870387 | 0.9% |
| Crescent Point Energy Corp. | 2272473 | 16212769 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crescent Point Energy Corp. | 346792 | 2479563 | 0.2% |
| Enerplus Corp. | 1253055 | 22118179 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enerplus Corp. | 28353 | 500430 | 0.0% |
| Freehold Royalties Ltd | 671241 | 7847670 | 0.6% |
| Gibson Energy, Inc. | 899205 | 15699561 | 1.3% |
| MEG Energy Corp. | 1505204 | 20955019 | 1.7% |
| NuVista Energy Ltd. | 1032642 | 9518000 | 0.8% |
| Paramount Resources Ltd., Class A | 412121 | 8717246 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 727671 | 10829077 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parkland Corp. | 836660 | 18358323 | 1.5% |
| Peyto Exploration & Development Corp. | 965837 | 9893766 | 0.8% |
| PrairieSky Royalty Ltd. | 1182767 | 18955719 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Secure Energy Services, Inc. | 1829933 | 9501055 | 0.8% |
| Vermilion Energy, Inc. | 716524 | 12684697 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vermilion Energy, Inc. | 233451 | 4132083 | 0.3% |
| Whitecap Resources, Inc. | 2229597 | 17685284 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 77530795 | 6.3% |
| TOTAL ENERGY |  | 314119027 | 25.4% |
| FINANCIALS — (8.3%) |  |  |  |
| Canadian Western Bank | 441063 | 7837501 | 0.6% |
| CI Financial Corp. | 1010158 | 10079198 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp. | 2180348 | 29710059 | 2.4% |
| Home Capital Group, Inc. | 284804 | 8956392 | 0.7% |
| Laurentian Bank of Canada | 370975 | 8849699 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 51779109 | 4.3% |
| TOTAL FINANCIALS |  | 117211958 | 9.5% |
| HEALTH CARE — (1.3%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 18284632 | 1.5% |

---

------

**The Canadian Small Company Series <br>continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INDUSTRIALS — (10.5%) | INDUSTRIALS — (10.5%) |  |  |  |
| # \* | ATS Corp | 403736 | $12550405 | 1.0% |
| \* | Bombardier, Inc., Class A | 13989 | 546749 | 0.0% |
| # \* | Bombardier, Inc., Class B | 458760 | 17710030 | 1.4% |
| # | Boyd Group Services, Inc. | 101421 | 15667073 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Finning International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;Finning International, Inc. | 811389 | 20170867 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richelieu Hardware Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;Richelieu Hardware Ltd. | 316493 | 8463967 | 0.7% |
| # | SNC-Lavalin Group, Inc. | 893833 | 15751001 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 56557829 | 4.6% |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 147417921 | 11.9% |
| INFORMATION TECHNOLOGY — (2.8%) | INFORMATION TECHNOLOGY — (2.8%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 38721532 | 3.1% |
| MATERIALS — (22.3%) | MATERIALS — (22.3%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | 2141009 | 21647272 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | 23683 | 239435 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp | &nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp | 772373 | 2743807 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp | &nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corp | 4464724 | 15939065 | 1.3% |
| # \* | Capstone Mining Corp. | 2311783 | 8434422 | 0.7% |
| # | Labrador Iron Ore Royalty Corp. | 316969 | 7861018 | 0.6% |
| # | Methanex Corp. | 203098 | 7688924 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Methanex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;Methanex Corp. | 126782 | 4799966 | 0.4% |
| # | Osisko Gold Royalties Ltd | 645420 | 7779361 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 30283 | 494279 | 0.0% |
| # | Pan American Silver Corp. | 872788 | 14261356 | 1.2% |
| # | SSR Mining, Inc. | 847686 | 13266220 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SSR Mining, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;SSR Mining, Inc. | 264536 | 4145279 | 0.3% |
| # | Stelco Holdings, Inc. | 247737 | 8103598 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stella-Jones, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;Stella-Jones, Inc. | 302188 | 10828775 | 0.9% |
| # | Yamana Gold, Inc. | 3875378 | 21523517 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yamana Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;Yamana Gold, Inc. | 588814 | 3267918 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 161384850 | 13.0% |
| TOTAL MATERIALS | TOTAL MATERIALS |  | 314409062 | 25.5% |
| REAL ESTATE — (2.5%) | REAL ESTATE — (2.5%) |  |  |  |
| # | Altus Group Ltd | 244093 | 9742087 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tricon Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;Tricon Residential, Inc. | 1203306 | 9278076 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 15989515 | 1.2% |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE |  | 35009678 | 2.8% |
| UTILITIES — (6.7%) | UTILITIES — (6.7%) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Atco Ltd., Class I | &nbsp;&nbsp;&nbsp;&nbsp;Atco Ltd., Class I | 378351 | 11842330 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boralex, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;Boralex, Inc., Class A | 500730 | 14800011 | 1.2% |
| # | Capital Power Corp. | 687087 | 23510148 | 1.9% |
| # | Innergex Renewable Energy, Inc. | 748951 | 8960860 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransAlta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;TransAlta Corp. | 1716689 | 15353843 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Securities | &nbsp;&nbsp;&nbsp;&nbsp;Other Securities |  | 20379289 | 1.7% |
| TOTAL UTILITIES | TOTAL UTILITIES |  | 94846481 | 7.7% |
| TOTAL COMMON STOCKS<br> (Cost $1,099,897,573) | TOTAL COMMON STOCKS<br> (Cost $1,099,897,573) |  | 1222485475 | 99.0% |
| TOTAL INVESTMENT SECURITIES <br> (Cost $1,099,897,573) | TOTAL INVESTMENT SECURITIES <br> (Cost $1,099,897,573) |  | 1222485475 |  |

---

------

**The Canadian Small Company Series <br>continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| SECURITIES LENDING COLLATERAL — (13.1%) | SECURITIES LENDING COLLATERAL — (13.1%) |  |  |  |
| @ | §The DFA Short Term Investment Fund | 15980749 | $184849320 | 14.9% |
| TOTAL INVESTMENTS—(100.0%) <br> (Cost $1,284,713,379) | TOTAL INVESTMENTS—(100.0%) <br> (Cost $1,284,713,379) |  | $1407334795 | 113.9% |

---

As of December 31, 2022, The Canadian Small Company Series had entered into the following outstanding futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Description</u>** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Value** | **Market<br> Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Position Contracts:** |  |  |  |  |  |
| S&P 500® Emini Index | 37 | 03/17/23 | $7077759 | $7142850 | $65091 |
| **Total Futures Contracts** |  |  | **$7077759** | **$7142850** | **$65091** |

---

Summary of the Series' investments as of December 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $11607590 | $3354760 |  |  | $14962350 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 67226799 | 27589 |  |  | 67254388 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 60248446 |  |  |  | 60248446 |
| &nbsp;&nbsp;&nbsp;Energy | 314119027 |  |  |  | 314119027 |
| &nbsp;&nbsp;&nbsp;Financials | 117211958 |  |  |  | 117211958 |
| &nbsp;&nbsp;&nbsp;Health Care | 18269172 | 15460 |  |  | 18284632 |
| &nbsp;&nbsp;&nbsp;Industrials | 147417921 |  |  |  | 147417921 |
| &nbsp;&nbsp;&nbsp;Information Technology | 38721532 |  |  |  | 38721532 |
| &nbsp;&nbsp;&nbsp;Materials | 314379991 |  | $29071 |  | 314409062 |
| &nbsp;&nbsp;&nbsp;Real Estate | 35009678 |  |  |  | 35009678 |
| &nbsp;&nbsp;&nbsp;Utilities | 94846481 |  |  |  | 94846481 |
| Securities Lending Collateral |  | $184849320 |  |  | $184849320 |
| Futures Contracts\*\* | $65091 |  |  |  | 65091 |
| TOTAL | $1219123686 | $188247129 | $29071 | ^ | $1407399886 |

---

---

| | |
|:---|:---|
| \*\* | Valued at the unrealized appreciation/(depreciation) on the investment. |
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**THE JAPANESE SMALL COMPANY SERIES**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (97.8%) |  |  |  |
| COMMUNICATION SERVICES — (2.4%) |  |  |  |
| Other Securities |  | $60456006 | 2.4% |
| CONSUMER DISCRETIONARY — (14.4%) |  |  |  |
| Resorttrust, Inc. | 521964 | 8033803 | 0.3% |
| Other Securities |  | 358737144 | 14.2% |
| TOTAL CONSUMER DISCRETIONARY |  | 366770947 | 14.5% |
| CONSUMER STAPLES — (7.8%) |  |  |  |
| Milbon Co. Ltd. | 164552 | 6785094 | 0.3% |
| Nippon Suisan Kaisha Ltd. | 1893700 | 6745679 | 0.3% |
| Pigeon Corp. | 573125 | 7507397 | 0.3% |
| Sapporo Holdings Ltd. | 385720 | 8507745 | 0.3% |
| Other Securities |  | 168517053 | 6.6% |
| TOTAL CONSUMER STAPLES |  | 198062968 | 7.8% |
| ENERGY — (0.7%) |  |  |  |
| Other Securities |  | 19204938 | 0.8% |
| FINANCIALS — (8.8%) |  |  |  |
| Fuyo General Lease Co. Ltd. | 114800 | 6380157 | 0.3% |
| Hachijuni Bank Ltd. | 1994500 | 6360770 | 0.3% |
| Hirogin Holdings, Inc. | 1534800 | 6331737 | 0.3% |
| JAFCO Group Co. Ltd. | 588100 | 9023388 | 0.4% |
| Yamaguchi Financial Group, Inc. | 1237672 | 6517904 | 0.3% |
| Other Securities |  | 188749126 | 7.3% |
| TOTAL FINANCIALS |  | 223363082 | 8.9% |
| HEALTH CARE — (5.0%) |  |  |  |
| H.U. Group Holdings, Inc. | 348800 | 6492843 | 0.3% |
| Nipro Corp. | 839500 | 6328382 | 0.3% |
| Ship Healthcare Holdings, Inc. | 346200 | 6639723 | 0.3% |
| Other Securities |  | 108331555 | 4.2% |
| TOTAL HEALTH CARE |  | 127792503 | 5.1% |
| INDUSTRIALS — (28.2%) |  |  |  |
| Daiseki Co. Ltd. | 290755 | 8984172 | 0.4% |
| DMG Mori Co. Ltd. | 731800 | 8468845 | 0.3% |
| Fujikura Ltd. | 1559000 | 9230804 | 0.4% |
| Furukawa Electric Co. Ltd. | 424300 | 6546029 | 0.3% |
| Hazama Ando Corp. | 1162500 | 6737422 | 0.3% |
| Hitachi Zosen Corp. | 1041679 | 6005282 | 0.2% |
| Inaba Denki Sangyo Co. Ltd. | 322900 | 6027512 | 0.2% |
| Mabuchi Motor Co. Ltd. | 249034 | 6757392 | 0.3% |
| Meitec Corp. | 484000 | 8152392 | 0.3% |
| Nagase & Co. Ltd. | 584600 | 7964771 | 0.3% |
| Nishimatsu Construction Co. Ltd. | 313800 | 7640054 | 0.3% |
| Nisshinbo Holdings, Inc. | 911180 | 6316101 | 0.3% |
| OSG Corp. | 526900 | 6698620 | 0.3% |
| Penta-Ocean Construction Co. Ltd. | 1589800 | 7906395 | 0.3% |
| Ushio, Inc. | 622400 | 6463241 | 0.3% |
| Other Securities |  | 610194505 | 24.1% |
| TOTAL INDUSTRIALS |  | 720093537 | 28.6% |

---

------

**The Japanese Small Company Series** <br> **continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INFORMATION TECHNOLOGY — (15.3%) |  |  |  |
| Alps Alpine Co. Ltd. | 788800 | $6776241 | 0.3% |
| Anritsu Corp. | 849300 | 8548093 | 0.3% |
| Citizen Watch Co. Ltd. | 1669800 | 7012673 | 0.3% |
| Daiwabo Holdings Co. Ltd. | 581600 | 7504581 | 0.3% |
| Dexerials Corp. | 345400 | 8044653 | 0.3% |
| DTS Corp. | 254000 | 6038755 | 0.2% |
| Konica Minolta, Inc. | 2014100 | 6136873 | 0.3% |
| Macnica Holdings, Inc. | 335450 | 6709361 | 0.3% |
| Maruwa Co. Ltd. | 57700 | 6779271 | 0.3% |
| NET One Systems Co. Ltd. | 383900 | 7884792 | 0.3% |
| NSD Co. Ltd. | 489360 | 8362456 | 0.3% |
| Tokyo Seimitsu Co. Ltd. | 248700 | 7479548 | 0.3% |
| Topcon Corp. | 676700 | 7401971 | 0.3% |
| Ulvac, Inc. | 225700 | 8897322 | 0.4% |
| Other Securities |  | 285987560 | 11.2% |
| TOTAL INFORMATION TECHNOLOGY |  | 389564150 | 15.4% |
| MATERIALS — (12.1%) |  |  |  |
| ADEKA Corp. | 508800 | 7606774 | 0.3% |
| Asahi Holdings, Inc. | 472200 | 6022117 | 0.2% |
| Daicel Corp. | 1608100 | 9175525 | 0.4% |
| Kureha Corp. | 103950 | 6674583 | 0.3% |
| Mitsui Mining & Smelting Co. Ltd. | 366200 | 7396353 | 0.3% |
| Tokai Carbon Co. Ltd. | 1004500 | 6555281 | 0.3% |
| UBE Corp. | 611100 | 7881843 | 0.3% |
| Other Securities |  | 257679027 | 10.2% |
| TOTAL MATERIALS |  | 308991503 | 12.3% |
| REAL ESTATE — (1.4%) |  |  |  |
| Other Securities |  | 36414839 | 1.4% |
| UTILITIES — (1.7%) |  |  |  |
| Nippon Gas Co. Ltd. | 684000 | 9936468 | 0.4% |
| Other Securities |  | 32350517 | 1.3% |
| TOTAL UTILITIES |  | 42286985 | 1.7% |
| TOTAL COMMON STOCKS<br> (Cost $2,854,128,543) |  | 2493001458 | 98.9% |
|  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (2.2%) |  |  |  |
| §The DFA Short Term Investment Fund | 4804517 | 55545021 | 2.2% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $2,909,692,756) |  | $2548546479 | 101.1% |

---

------

**The Japanese Small Company Series** <br> **continued**

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services |  | $60456006 |  | $60456006 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 366770947 |  | 366770947 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  | 198062968 |  | 198062968 |
| &nbsp;&nbsp;&nbsp;Energy |  | 19204938 |  | 19204938 |
| &nbsp;&nbsp;&nbsp;Financials | $2856753 | 220506329 |  | 223363082 |
| &nbsp;&nbsp;&nbsp;Health Care |  | 127792503 |  | 127792503 |
| &nbsp;&nbsp;&nbsp;Industrials |  | 720093537 |  | 720093537 |
| &nbsp;&nbsp;&nbsp;Information Technology |  | 389564150 |  | 389564150 |
| &nbsp;&nbsp;&nbsp;Materials |  | 308991503 |  | 308991503 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 36414839 |  | 36414839 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 42286985 |  | 42286985 |
| Securities Lending Collateral |  | 55545021 |  | 55545021 |
| TOTAL | $2856753 | $2545689726 |  | $2548546479 |

---

See accompanying Notes to Financial Statements.

------

**THE ASIA PACIFIC SMALL COMPANY SERIES**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (98.6%) | COMMON STOCKS — (98.6%) |  |  |  |
| AUSTRALIA — (64.4%) | AUSTRALIA — (64.4%) |  |  |  |
| \* | AMP Ltd. | 12919775 | $10418866 | 0.9% |
| # | Ansell Ltd. | 667221 | 12045403 | 1.0% |
| # | ARB Corp. Ltd. | 515315 | 9567925 | 0.8% |
|  | AUB Group Ltd. | 762060 | 10083242 | 0.9% |
|  | Bapcor Ltd. | 2227045 | 9417379 | 0.8% |
|  | Beach Energy Ltd. | 8737409 | 8934529 | 0.8% |
| # | Breville Group Ltd. | 652020 | 8261901 | 0.7% |
|  | Brickworks Ltd. | 469394 | 6646000 | 0.6% |
| # | Corporate Travel Management Ltd. | 706149 | 7883899 | 0.7% |
|  | CSR Ltd. | 3109441 | 9211011 | 0.8% |
|  | Downer EDI Ltd. | 3274403 | 9410422 | 0.8% |
|  | Eagers Automotive Ltd. | 941185 | 7461464 | 0.6% |
|  | Elders Ltd. | 1009369 | 8415415 | 0.7% |
| # \* | Flight Centre Travel Group Ltd. | 718191 | 7643947 | 0.6% |
| # | Gold Road Resources Ltd. | 7605514 | 6572387 | 0.6% |
|  | GrainCorp Ltd., Class A | 1517016 | 8155207 | 0.7% |
|  | Healius Ltd. | 3665521 | 8029741 | 0.7% |
|  | HUB24 Ltd. | 461678 | 7485853 | 0.6% |
| # | Insignia Financial Ltd. | 4120661 | 8306842 | 0.7% |
|  | IPH Ltd. | 1331405 | 8467477 | 0.7% |
|  | IRESS Ltd. | 1215703 | 7890780 | 0.7% |
|  | Lifestyle Communities Ltd. | 578173 | 6490474 | 0.5% |
|  | Metcash Ltd. | 2899744 | 7612203 | 0.6% |
| # | New Hope Corp. Ltd. | 2341365 | 8505399 | 0.7% |
|  | nib holdings Ltd. | 2992914 | 12806819 | 1.1% |
|  | Nufarm Ltd. | 2098872 | 7480120 | 0.6% |
| # \* | Omni Bridgeway Ltd. | 2355720 | 6782068 | 0.6% |
|  | Orora Ltd. | 5992474 | 11628555 | 1.0% |
| # \* | Paladin Energy Ltd. | 16033988 | 8680653 | 0.7% |
| # | Pendal Group Ltd. | 2058779 | 6466738 | 0.5% |
| # | Perseus Mining Ltd. | 8114950 | 9451479 | 0.8% |
|  | Premier Investments Ltd. | 410666 | 6576580 | 0.6% |
|  | Reliance Worldwide Corp. Ltd. | 4255179 | 8742677 | 0.7% |
|  | Sims Ltd. | 1106977 | 8654727 | 0.7% |
| \* | Star Entertainment Group Ltd. | 5751661 | 10819618 | 0.9% |
| # | Super Retail Group Ltd. | 1057351 | 6952302 | 0.6% |
| # \* | Syrah Resources Ltd. | 4792786 | 7321076 | 0.6% |
|  | Technology One Ltd. | 1296361 | 9972913 | 0.8% |
| Ω | Viva Energy Group Ltd. | 3776327 | 6854919 | 0.6% |
| # \* | Webjet Ltd. | 2329981 | 7868307 | 0.7% |
|  | Whitehaven Coal Ltd. | 3623702 | 21049343 | 1.8% |
|  | Other Securities |  | 417169018 | 34.7% |
| TOTAL AUSTRALIA | TOTAL AUSTRALIA |  | 778195678 | 65.2% |
| CHINA — (0.1%) | CHINA — (0.1%) |  |  |  |
|  | Other Securities |  | 1050669 | 0.1% |
| HONG KONG — (18.7%) | HONG KONG — (18.7%) |  |  |  |
|  | ASMPT Ltd. | 1590200 | 8746899 | 0.7% |
|  | Kerry Logistics Network Ltd. | 4063500 | 6450213 | 0.6% |
|  | Luk Fook Holdings International Ltd. | 3509000 | 7622920 | 0.6% |
|  | VTech Holdings Ltd. | 1292000 | 6877585 | 0.6% |
|  | Other Securities |  | 195738785 | 16.4% |
| TOTAL HONG KONG | TOTAL HONG KONG |  | 225436402 | 18.9% |

---

------

**The Asia Pacific Small Company Series** <br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| NEW ZEALAND — (4.6%) | NEW ZEALAND — (4.6%) |  |  |  |
|  | Chorus Ltd. | 2451723 | $11836205 | 1.0% |
| \* | SKYCITY Entertainment Group Ltd. | 4246632 | 7159611 | 0.6% |
|  | Other Securities |  | 35984180 | 3.0% |
| TOTAL NEW ZEALAND | TOTAL NEW ZEALAND |  | 54979996 | 4.6% |
| SINGAPORE — (10.8%) | SINGAPORE — (10.8%) |  |  |  |
|  | ComfortDelGro Corp. Ltd. | 9120200 | 8187132 | 0.7% |
|  | Golden Agri-Resources Ltd. | 31541800 | 6467918 | 0.5% |
|  | Keppel Infrastructure Trust | 18468846 | 6911022 | 0.6% |
|  | Other Securities |  | 109293171 | 9.1% |
| TOTAL SINGAPORE | TOTAL SINGAPORE |  | 130859243 | 10.9% |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  | 1190521988 | 99.7% |
| RIGHTS/WARRANTS — (0.0%) | RIGHTS/WARRANTS — (0.0%) |  |  |  |
| AUSTRALIA — (0.0%) | AUSTRALIA — (0.0%) |  |  |  |
|  | Other Securities |  | 21319 | 0.0% |
| HONG KONG — (0.0%) | HONG KONG — (0.0%) |  |  |  |
|  | Other Security |  | 5255 | 0.0% |
| TOTAL RIGHTS/WARRANTS | TOTAL RIGHTS/WARRANTS |  | 26574 | 0.0% |
| TOTAL INVESTMENT SECURITIES<br> (Cost $1,539,796,503) | TOTAL INVESTMENT SECURITIES<br> (Cost $1,539,796,503) |  | 1190548562 |  |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (1.4%) | SECURITIES LENDING COLLATERAL — (1.4%) |  |  |  |
| @ | §The DFA Short Term Investment Fund | 1496806 | 17304573 | 1.5% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,557,108,416) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,557,108,416) |  | $1207853135 | 101.2% |

---

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in**<br> **Securities**<br> **(Market Value)** | **Investments in**<br> **Securities**<br> **(Market Value)** | **Investments in**<br> **Securities**<br> **(Market Value)** | **Investments in**<br> **Securities**<br> **(Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia | $8084 | $777796648 | $390946 | $778195678 |
| &nbsp;&nbsp;&nbsp;&nbsp;China |  | 1050669 |  | 1050669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 224321261 | 1115141 | 225436402 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Zealand |  | 54979996 |  | 54979996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore | 637539 | 129841227 | 380477 | 130859243 |
| Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 21319 |  | 21319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 5255 |  | 5255 |
| Securities Lending Collateral |  | 17304573 |  | 17304573 |
| TOTAL | $645623 | $1205320948 | $1,886,564^ | $1207853135 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**THE UNITED KINGDOM SMALL COMPANY SERIES**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (97.5%) | COMMON STOCKS — (97.5%) |  |  |  |
| COMMUNICATION SERVICES — (3.6%) | COMMUNICATION SERVICES — (3.6%) |  |  |  |
|  | Euromoney Institutional Investor PLC | 592842 | $9845186 | 0.8% |
|  | Other Securities |  | 33354764 | 2.9% |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES |  | 43199950 | 3.7% |
| CONSUMER DISCRETIONARY — (16.3%) | CONSUMER DISCRETIONARY — (16.3%) |  |  |  |
|  | Bellway PLC | 429828 | 9141218 | 0.8% |
| \* | Frasers Group PLC | 1220486 | 9056198 | 0.8% |
|  | Games Workshop Group PLC | 176198 | 12933595 | 1.1% |
|  | Greggs PLC | 604556 | 14014474 | 1.2% |
|  | Inchcape PLC | 2415336 | 20604988 | 1.8% |
|  | Pets at Home Group PLC | 3042980 | 10061388 | 0.9% |
| \* | Playtech PLC | 1947421 | 11571872 | 1.0% |
| # | Vistry Group PLC | 1228992 | 8503987 | 0.7% |
|  | Other Securities |  | 98610384 | 8.4% |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY |  | 194498104 | 16.7% |
| CONSUMER STAPLES — (7.0%) | CONSUMER STAPLES — (7.0%) |  |  |  |
|  | Britvic PLC | 1626728 | 13586475 | 1.2% |
|  | Cranswick PLC | 365093 | 12464969 | 1.1% |
| \* | Marks & Spencer Group PLC | 7566588 | 9163708 | 0.8% |
|  | Tate & Lyle PLC | 2060165 | 16553803 | 1.4% |
|  | Other Securities |  | 31665598 | 2.6% |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES |  | 83434553 | 7.1% |
| ENERGY — (4.2%) | ENERGY — (4.2%) |  |  |  |
| \* | Capricorn Energy PLC | 4040365 | 11477115 | 1.0% |
|  | Other Securities |  | 38574608 | 3.3% |
| TOTAL ENERGY | TOTAL ENERGY |  | 50051723 | 4.3% |
| FINANCIALS — (18.4%) | FINANCIALS — (18.4%) |  |  |  |
|  | Beazley PLC | 3081626 | 22100836 | 1.9% |
|  | Close Brothers Group PLC | 898617 | 10123897 | 0.9% |
|  | Hiscox Ltd. | 1420362 | 14632152 | 1.2% |
|  | Lancashire Holdings Ltd. | 1670143 | 9478286 | 0.8% |
|  | Man Group PLC | 7662342 | 19060892 | 1.6% |
|  | OSB Group PLC | 2135454 | 10176648 | 0.9% |
|  | Paragon Banking Group PLC | 1934045 | 9462355 | 0.8% |
|  | Plus500 Ltd. | 525338 | 10868092 | 0.9% |
| Ω | Quilter PLC | 8070566 | 8945685 | 0.8% |
|  | TP ICAP Group PLC | 4137686 | 8726393 | 0.7% |
|  | Virgin Money UK PLC | 6368888 | 9926426 | 0.8% |
|  | Other Securities |  | 86017639 | 7.5% |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 219519301 | 18.8% |
| HEALTH CARE — (4.9%) | HEALTH CARE — (4.9%) |  |  |  |
|  | CVS Group PLC | 413530 | 8938783 | 0.8% |
|  | Indivior PLC | 771895 | 14621023 | 1.2% |
| # | Mediclinic International PLC | 2400508 | 13655822 | 1.2% |
|  | Other Securities |  | 20957862 | 1.8% |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE |  | 58173490 | 5.0% |
| INDUSTRIALS — (22.3%) | INDUSTRIALS — (22.3%) |  |  |  |
| \* | Babcock International Group PLC | 2860700 | 9035971 | 0.8% |

---

------

**The United Kingdom Small Company Series** <br> **continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INDUSTRIALS — (Continued) |  |  |  |
| Balfour Beatty PLC | 3610310 | $12369652 | 1.1% |
| Diploma PLC | 427629 | 12162994 | 1.0% |
| Grafton Group PLC | 1499770 | 11874058 | 1.0% |
| Hays PLC | 9235636 | 11644369 | 1.0% |
| Pagegroup PLC | 1968311 | 9493890 | 0.8% |
| QinetiQ Group PLC | 3269929 | 13478205 | 1.2% |
| Rotork PLC | 4427553 | 12977500 | 1.1% |
| Serco Group PLC | 5072076 | 9486190 | 0.8% |
| Travis Perkins PLC | 1187192 | 11189269 | 1.0% |
| Other Securities |  | 151227680 | 12.9% |
| TOTAL INDUSTRIALS |  | 264939778 | 22.7% |
| INFORMATION TECHNOLOGY — (8.5%) |  |  |  |
| Computacenter PLC | 501179 | 10398774 | 0.9% |
| Micro Focus International PLC | 1571570 | 9370682 | 0.8% |
| Softcat PLC | 677739 | 8707891 | 0.7% |
| Spectris PLC | 462131 | 16016986 | 1.4% |
| Spirent Communications PLC | 4065908 | 12069222 | 1.0% |
| Other Securities |  | 44097451 | 3.8% |
| TOTAL INFORMATION TECHNOLOGY |  | 100661006 | 8.6% |
| MATERIALS — (5.1%) |  |  |  |
| Victrex PLC | 545312 | 10356993 | 0.9% |
| Other Securities |  | 50618342 | 4.3% |
| TOTAL MATERIALS |  | 60975335 | 5.2% |
| REAL ESTATE — (3.0%) |  |  |  |
| Grainger PLC | 4237552 | 11018013 | 0.9% |
| Savills PLC | 965499 | 9122034 | 0.8% |
| Other Securities |  | 15177252 | 1.3% |
| TOTAL REAL ESTATE |  | 35317299 | 3.0% |
| UTILITIES — (4.2%) |  |  |  |
| Centrica PLC | 12351821 | 10853682 | 0.9% |
| Drax Group PLC | 2494304 | 14895027 | 1.3% |
| Pennon Group PLC | 1360703 | 13075947 | 1.1% |
| Telecom Plus PLC | 427882 | 10401875 | 0.9% |
| Other Security |  | 539940 | 0.1% |
| TOTAL UTILITIES |  | 49766471 | 4.3% |
| TOTAL COMMON STOCKS<br> (Cost $1,400,292,665) |  | 1160537010 | 99.4% |
|  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (2.5%) |  |  |  |
| §The DFA Short Term Investment Fund | 2548908 | 29467920 | 2.5% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,429,768,069) |  | $1190004930 | 101.9% |

---

------

**The United Kingdom Small Company Series** <br> **continued**

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $23016 | $43176934 |  | $43199950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 194388958 | $109146 | 194498104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples |  | 83434553 |  | 83434553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy |  | 50051723 |  | 50051723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials |  | 219518781 | 520 | 219519301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care |  | 58167401 | 6089 | 58173490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 160252 | 264779526 |  | 264939778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  | 100661006 |  | 100661006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials |  | 60975335 |  | 60975335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate |  | 35317299 |  | 35317299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 49766471 |  | 49766471 |
| Securities Lending Collateral |  | 29467920 |  | 29467920 |
| TOTAL | $183268 | $1189705907 | $115,755^ | $1190004930 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**THE CONTINENTAL SMALL COMPANY SERIES**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (93.7%) | COMMON STOCKS — (93.7%) |  |  |  |
| AUSTRIA — (3.1%) | AUSTRIA — (3.1%) |  |  |  |
|  | ANDRITZ AG | 444373 | $20652912 | 0.5% |
| Ω | BAWAG Group AG | 344403 | 16626330 | 0.4% |
|  | Other Securities |  | 104285328 | 2.4% |
| TOTAL AUSTRIA | TOTAL AUSTRIA |  | 141564570 | 3.3% |
| BELGIUM — (4.4%) | BELGIUM — (4.4%) |  |  |  |
|  | Ackermans & van Haaren NV | 172739 | 24066242 | 0.6% |
|  | D'ieteren Group | 122666 | 20415062 | 0.5% |
|  | Euronav NV | 1306429 | 22776000 | 0.5% |
|  | Other Securities |  | 132956790 | 3.0% |
| TOTAL BELGIUM | TOTAL BELGIUM |  | 200214094 | 4.6% |
| DENMARK — (6.2%) | DENMARK — (6.2%) |  |  |  |
| #\* | ISS AS | 927711 | 17037438 | 0.4% |
| \* | Jyske Bank AS | 445581 | 24047629 | 0.6% |
|  | Ringkjoebing Landbobank AS | 197936 | 21527994 | 0.5% |
|  | Royal Unibrew AS | 312072 | 17826861 | 0.4% |
|  | Topdanmark AS | 367737 | 16972205 | 0.4% |
|  | Other Securities |  | 187427684 | 4.2% |
| TOTAL DENMARK | TOTAL DENMARK |  | 284839811 | 6.5% |
| FINLAND — (5.3%) | FINLAND — (5.3%) |  |  |  |
|  | Huhtamaki Oyj | 643085 | 23112067 | 0.5% |
|  | Orion Oyj, Class B | 676382 | 31125885 | 0.7% |
|  | Valmet Oyj | 1002259 | 22794608 | 0.5% |
|  | Other Securities |  | 164215005 | 3.8% |
| TOTAL FINLAND | TOTAL FINLAND |  | 241247565 | 5.5% |
| FRANCE — (10.4%) | FRANCE — (10.4%) |  |  |  |
|  | Gaztransport Et Technigaz SA | 161171 | 18750394 | 0.4% |
|  | Nexans SA | 198522 | 18537701 | 0.4% |
|  | Rexel SA | 1687054 | 30105974 | 0.7% |
| \* | SOITEC | 136660 | 17498496 | 0.4% |
|  | SPIE SA | 887677 | 20765906 | 0.5% |
|  | Other Securities |  | 368603169 | 8.5% |
| TOTAL FRANCE | TOTAL FRANCE |  | 474261640 | 10.9% |
| GERMANY — (13.4%) | GERMANY — (13.4%) |  |  |  |
| \* | Aareal Bank AG | 523741 | 16561936 | 0.4% |
|  | Aurubis AG | 287683 | 18152871 | 0.4% |
|  | Freenet AG | 962168 | 18912546 | 0.4% |
|  | Hugo Boss AG | 426713 | 19653270 | 0.5% |
|  | K&S AG | 1269799 | 28035878 | 0.7% |
|  | Lanxess AG | 577941 | 19544674 | 0.5% |
|  | Rheinmetall AG | 186043 | 30241593 | 0.7% |
|  | Other Securities |  | 460058281 | 10.5% |
| TOTAL GERMANY | TOTAL GERMANY |  | 611161049 | 14.1% |
| IRELAND — (1.5%) | IRELAND — (1.5%) |  |  |  |
|  | Bank of Ireland Group PLC | 5945531 | 42811519 | 1.0% |
|  | Other Securities |  | 24848912 | 0.6% |
| TOTAL IRELAND | TOTAL IRELAND |  | 67660431 | 1.6% |

---

------

**The Continental Small Company Series** <br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| ISRAEL — (3.6%) | ISRAEL — (3.6%) |  |  |  |
|  | Other Securities |  | $162740149 | 3.7% |
| ITALY — (8.4%) | ITALY — (8.4%) |  |  |  |
|  | Banco BPM SpA | 10252032 | 31017683 | 0.7% |
|  | Italgas SpA | 3535826 | 18217452 | 0.4% |
|  | Leonardo SpA | 2965480 | 23824938 | 0.6% |
|  | Other Securities |  | 310831433 | 7.1% |
| TOTAL ITALY | TOTAL ITALY |  | 383891506 | 8.8% |
| NETHERLANDS — (5.6%) | NETHERLANDS — (5.6%) |  |  |  |
|  | Aalberts NV | 686131 | 23803028 | 0.6% |
|  | Arcadis NV | 533103 | 18091946 | 0.4% |
|  | ASR Nederland NV | 672922 | 29630688 | 0.7% |
|  | BE Semiconductor Industries NV | 405420 | 20662135 | 0.5% |
| # | OCI NV | 554235 | 21198317 | 0.5% |
| Ω | Signify NV | 711679 | 19717182 | 0.5% |
|  | Other Securities |  | 123236655 | 2.7% |
| TOTAL NETHERLANDS | TOTAL NETHERLANDS |  | 256339951 | 5.9% |
| NORWAY — (2.4%) | NORWAY — (2.4%) |  |  |  |
|  | Other Securities |  | 111438926 | 2.6% |
| PORTUGAL — (1.0%) | PORTUGAL — (1.0%) |  |  |  |
|  | Other Securities |  | 43915237 | 1.0% |
| SPAIN — (5.7%) | SPAIN — (5.7%) |  |  |  |
|  | Banco de Sabadell SA | 36362876 | 28610453 | 0.7% |
|  | Bankinter SA | 4326671 | 26171851 | 0.6% |
| # | Enagas SA | 1457648 | 23663312 | 0.5% |
|  | Other Securities |  | 184347363 | 4.2% |
| TOTAL SPAIN | TOTAL SPAIN |  | 262792979 | 6.0% |
| SWEDEN — (5.9%) | SWEDEN — (5.9%) |  |  |  |
|  | Other Securities |  | 270528558 | 6.2% |
| SWITZERLAND — (16.5%) | SWITZERLAND — (16.5%) |  |  |  |
|  | Allreal Holding AG | 125251 | 17941765 | 0.4% |
|  | Belimo Holding AG | 65574 | 26708771 | 0.6% |
|  | BKW AG | 163805 | 19109935 | 0.4% |
|  | Bucher Industries AG | 54335 | 18319886 | 0.4% |
|  | Clariant AG | 1125574 | 18088884 | 0.4% |
|  | DKSH Holding AG | 235948 | 17021421 | 0.4% |
| \* | Flughafen Zurich AG | 147702 | 22913924 | 0.5% |
|  | Georg Fischer AG | 630511 | 34920705 | 0.8% |
|  | Helvetia Holding AG | 266750 | 26488894 | 0.6% |
|  | PSP Swiss Property AG | 340600 | 36386222 | 0.8% |
|  | Siegfried Holding AG | 32909 | 19590005 | 0.5% |
| Ω | VAT Group AG | 114674 | 26180212 | 0.6% |
|  | Other Securities |  | 470666378 | 11.0% |
| TOTAL SWITZERLAND | TOTAL SWITZERLAND |  | 754337002 | 17.4% |
| UNITED STATES — (0.3%) | UNITED STATES — (0.3%) |  |  |  |
|  | Other Securities |  | 12849060 | 0.3% |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  | 4279782528 | 98.4% |

---

------

**The Continental Small Company Series** <br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| PREFERRED STOCKS — (0.7%) | PREFERRED STOCKS — (0.7%) |  |  |  |
| GERMANY — (0.7%) | GERMANY — (0.7%) |  |  |  |
|  | Other Securities |  | $33294751 | 0.8% |
| TOTAL INVESTMENT SECURITIES<br> (Cost $4,398,989,975) | TOTAL INVESTMENT SECURITIES<br> (Cost $4,398,989,975) |  | 4313077279 |  |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (5.6%) | SECURITIES LENDING COLLATERAL — (5.6%) |  |  |  |
| @ | §The DFA Short Term Investment Fund | 22188427 | 256520399 | 5.9% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $4,655,611,905) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $4,655,611,905) |  | $4569597678 | 105.1% |

---

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Austria | $376173 | $141188397 |  |  | $141564570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Belgium | 792151 | 199421943 |  |  | 200214094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 284839811 |  |  | 284839811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 241247565 |  |  | 241247565 |
| &nbsp;&nbsp;&nbsp;&nbsp;France | 127704 | 474099006 | $34930 |  | 474261640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 611161049 |  |  | 611161049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 67660431 |  |  | 67660431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel | 585758 | 162154391 |  |  | 162740149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 383891506 |  |  | 383891506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 256339951 |  |  | 256339951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway | 239412 | 111199514 |  |  | 111438926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portugal |  | 43915237 |  |  | 43915237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 262792979 |  |  | 262792979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sweden | 704204 | 269824354 |  |  | 270528558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 754337002 |  |  | 754337002 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | 5487656 | 7361404 |  |  | 12849060 |
| Preferred Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 33294751 |  |  | 33294751 |
| Securities Lending Collateral |  | 256520399 |  |  | 256520399 |
| TOTAL | $8313058 | $4561249690 | $34930 | ^ | $4569597678 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**THE CANADIAN SMALL COMPANY SERIES**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (85.9%) | COMMON STOCKS — (85.9%) |  |  |  |
| COMMUNICATION SERVICES — (1.1%) | COMMUNICATION SERVICES — (1.1%) |  |  |  |
|  | Other Securities |  | $15273446 | 1.2% |
| CONSUMER DISCRETIONARY — (4.7%) | CONSUMER DISCRETIONARY — (4.7%) |  |  |  |
| #\* | Aritzia, Inc. | 461040 | 17881861 | 1.5% |
|  | Linamar Corp. | 255634 | 10941402 | 0.9% |
|  | Other Securities |  | 38001319 | 3.1% |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY |  | 66824582 | 5.5% |
| CONSUMER STAPLES — (4.2%) | CONSUMER STAPLES — (4.2%) |  |  |  |
| # | North West Co., Inc. | 291156 | 7576232 | 0.6% |
| # | Premium Brands Holdings Corp. | 227466 | 13419050 | 1.1% |
|  | Primo Water Corp. | 93425 | 1363071 | 0.1% |
|  | Primo Water Corp. | 799922 | 11661064 | 1.0% |
|  | Other Securities |  | 25055883 | 2.1% |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES |  | 59075300 | 4.9% |
| ENERGY — (24.7%) | ENERGY — (24.7%) |  |  |  |
| \* | Advantage Energy Ltd. | 1194867 | 9033751 | 0.7% |
| \* | Baytex Energy Corp. | 2341875 | 12720575 | 1.0% |
| # | Birchcliff Energy Ltd. | 1610417 | 12518307 | 1.0% |
| # | Crescent Point Energy Corp. | 2943000 | 23006533 | 1.9% |
| # | Crescent Point Energy Corp. | 346792 | 2715381 | 0.2% |
| # | Enerplus Corp. | 1294755 | 22448059 | 1.9% |
|  | Enerplus Corp. | 28353 | 490790 | 0.0% |
| # | Freehold Royalties Ltd. | 652441 | 8117499 | 0.7% |
| # | Gibson Energy, Inc. | 899205 | 15345922 | 1.3% |
| # \* | MEG Energy Corp. | 2167763 | 32412620 | 2.7% |
| \* | NuVista Energy Ltd. | 1111528 | 11022676 | 0.9% |
| # | Paramount Resources Ltd., Class A | 405621 | 8592673 | 0.7% |
|  | Parex Resources, Inc. | 774607 | 11815124 | 1.0% |
|  | Parkland Corp. | 836660 | 16913140 | 1.4% |
| # | Peyto Exploration & Development Corp. | 965837 | 9017834 | 0.7% |
| # | PrairieSky Royalty Ltd. | 1182767 | 18370720 | 1.5% |
|  | Secure Energy Services, Inc. | 1849956 | 9709094 | 0.8% |
| # | Vermilion Energy, Inc. | 716524 | 16719858 | 1.4% |
|  | Vermilion Energy, Inc. | 233451 | 5441743 | 0.5% |
| # | Whitecap Resources, Inc. | 2696209 | 20899159 | 1.7% |
|  | Other Securities |  | 81074025 | 6.7% |
| TOTAL ENERGY | TOTAL ENERGY |  | 348385483 | 28.7% |
| FINANCIALS — (8.0%) | FINANCIALS — (8.0%) |  |  |  |
| # | Canadian Western Bank | 498863 | 8678426 | 0.7% |
| # | CI Financial Corp. | 1010158 | 10113814 | 0.8% |
|  | Element Fleet Management Corp. | 2180348 | 29047834 | 2.4% |
| # | Laurentian Bank of Canada | 370975 | 8278078 | 0.7% |
|  | Other Securities |  | 56710772 | 4.7% |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 112828924 | 9.3% |
| HEALTH CARE — (1.3%) | HEALTH CARE — (1.3%) |  |  |  |
|  | Other Securities |  | 18737939 | 1.5% |
| INDUSTRIALS — (9.4%) | INDUSTRIALS — (9.4%) |  |  |  |
| \* | ATS Automation Tooling Systems, Inc. | 416536 | 13177745 | 1.1% |
| #\* | Bombardier, Inc., Class A | 13989 | 415455 | 0.0% |

---

------

**The Canadian Small Company Series** <br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INDUSTRIALS — (Continued) | INDUSTRIALS — (Continued) |  |  |  |
| #\* | Bombardier, Inc., Class B | 435248 | $12782522 | 1.1% |
| # | Boyd Group Services, Inc. | 87102 | 12394461 | 1.0% |
|  | Finning International, Inc. | 809489 | 17213562 | 1.4% |
|  | Richelieu Hardware Ltd. | 316493 | 8495724 | 0.7% |
| # | Russel Metals, Inc. | 345023 | 7146878 | 0.6% |
| # | SNC-Lavalin Group, Inc. | 888433 | 15383811 | 1.3% |
|  | Other Securities |  | 46315708 | 3.8% |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 133325866 | 11.0% |
| INFORMATION TECHNOLOGY — (2.8%) | INFORMATION TECHNOLOGY — (2.8%) |  |  |  |
|  | Other Securities |  | 39577541 | 3.2% |
| MATERIALS — (20.5%) | MATERIALS — (20.5%) |  |  |  |
|  | Alamos Gold, Inc., Class A | 2191494 | 17292586 | 1.4% |
|  | Alamos Gold, Inc., Class A | 23683 | 186859 | 0.0% |
|  | B2Gold Corp. | 523630 | 1598929 | 0.1% |
|  | B2Gold Corp. | 4206445 | 12913786 | 1.1% |
|  | Lundin Mining Corp. | 1333672 | 6989700 | 0.6% |
| # | Methanex Corp. | 214217 | 7476800 | 0.6% |
| # | Methanex Corp. | 126782 | 4423424 | 0.4% |
|  | Pan American Silver Corp. | 30283 | 483470 | 0.0% |
| # | Pan American Silver Corp. | 807720 | 12907366 | 1.1% |
| # | SSR Mining, Inc. | 847686 | 11672908 | 1.0% |
|  | SSR Mining, Inc. | 262936 | 3628517 | 0.3% |
| # | Stella-Jones, Inc. | 312231 | 9403485 | 0.8% |
|  | Turquoise Hill Resources Ltd. | 237010 | 6662351 | 0.6% |
| #\* | Turquoise Hill Resources Ltd. | 259936 | 7319089 | 0.6% |
| # | Yamana Gold, Inc. | 3875378 | 17010871 | 1.4% |
|  | Yamana Gold, Inc. | 588814 | 2579005 | 0.2% |
|  | Other Securities |  | 166659300 | 13.6% |
| TOTAL MATERIALS | TOTAL MATERIALS |  | 289208446 | 23.8% |
| REAL ESTATE — (2.3%) | REAL ESTATE — (2.3%) |  |  |  |
| # | Altus Group Ltd. | 244093 | 8673647 | 0.7% |
| # | Tricon Residential, Inc. | 1203306 | 10139797 | 0.8% |
|  | Tricon Residential, Inc. | 103827 | 875262 | 0.1% |
|  | Other Securities |  | 12011086 | 1.0% |
| TOTAL REAL ESTATE . | TOTAL REAL ESTATE . |  | 31699792 | 2.6% |
| UTILITIES — (6.9%) | UTILITIES — (6.9%) |  |  |  |
|  | Atco Ltd., Class I | 397742 | 12349607 | 1.0% |
|  | Boralex, Inc., Class A | 499461 | 14162424 | 1.2% |
| # | Brookfield Infrastructure Corp., Class A | 205538 | 8868171 | 0.7% |
|  | Capital Power Corp. | 724520 | 24250825 | 2.0% |
| # | Innergex Renewable Energy, Inc. | 748951 | 8246239 | 0.7% |
|  | TransAlta Corp. | 1758255 | 15487254 | 1.3% |
|  | Other Securities |  | 14633883 | 1.2% |
| TOTAL UTILITIES | TOTAL UTILITIES |  | 97998403 | 8.1% |
| TOTAL COMMON STOCKS<br> (Cost $1,129,103,652) | TOTAL COMMON STOCKS<br> (Cost $1,129,103,652) |  | 1212935722 | 99.8% |
| TOTAL INVESTMENT SECURITIES<br> (Cost $1,129,103,652) | TOTAL INVESTMENT SECURITIES<br> (Cost $1,129,103,652) |  | 1212935722 |  |

---

------

**The Canadian Small Company Series** <br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value†** | **Percentage<br> of Net Assets‡** |
| SECURITIES LENDING COLLATERAL — (14.1%) | SECURITIES LENDING COLLATERAL — (14.1%) |  |  |  |
| @ | §The DFA Short Term Investment Fund | 17275482 | $199721843 | 16.5% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,328,909,530) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,328,909,530) |  | $1412657565 | 116.3% |

---

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | $11643215 | $3630231 |  | $15273446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 66824582 |  |  | 66824582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 59075300 |  |  | 59075300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 348385483 |  |  | 348385483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 112828924 |  |  | 112828924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 18723050 | 14889 |  | 18737939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 133325866 |  |  | 133325866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 39577541 |  |  | 39577541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | 289169935 | 38511 |  | 289208446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 31699792 |  |  | 31699792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 97998403 |  |  | 97998403 |
| Securities Lending Collateral |  | 199721843 |  | 199721843 |
| TOTAL | $1209252091 | $203405474 |  | $1412657565 |

---

See accompanying Notes to Financial Statements.

------

**THE DFA INVESTMENT TRUST COMPANY**

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2022<br> (Unaudited)**

**(Amounts in thousands)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The<br> Japanese<br> Small<br> Company<br> Series\*** | **The Asia<br> Pacific Small<br> Company<br> Series\*** | **The<br> United<br> Kingdom<br> Small<br> Company<br> Series\*** | **The<br> Continental<br> Small<br> Company<br> Series\*** | **The<br> Canadian<br> Small<br> Company<br> Series\*** |
| **ASSETS:** |  |  |  |  |  |
| Investment Securities at Value (including $116,585, $86,562, $15,139, $166,998 and $179,167 of securities on loan, respectively) | $2781436 | $1287503 | $1292268 | $4744683 | $1222485 |
| Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $53,195, $20,304, $16,427, $184,298 and $184,816, respectively) | 53206 | 20308 | 16431 | 184340 | 184849 |
| Foreign Currencies at Value | 359 | 2088 | 1541 | 7431 | 15835 |
| Cash |  | 1159 |  |  |  |
| Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Securities Sold | 2544 | 3050 | 792 | 1993 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, Interest and Tax Reclaims | 6263 | 3560 | 3489 | 29086 | 3811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Income | 146 | 344 | 25 | 445 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Margin Variation |  |  |  |  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 2843954 | 1318012 | 1314546 | 4967978 | 1427181 |
| **LIABILITIES:** |  |  |  |  |  |
| Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Custodian | 43 |  | 257 | 4402 | 11128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upon Return of Securities Loaned | 52928 | 20321 | 16031 | 179903 | 180713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Securities Purchased |  | 3801 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor | 234 | 111 | 112 | 409 | 107 |
| Unrealized Loss on Foreign Currency Contracts | 15 | 5 |  |  |  |
| Accrued Expenses and Other Liabilities | 210 | 117 | 94 | 429 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 53430 | 24355 | 16494 | 185143 | 192010 |
| **NET ASSETS** | $2790524 | $1293657 | $1298052 | $4782835 | $1235171 |
| Investment Securities at Cost | $2804428 | $1513049 | $1358766 | $4264324 | $1099898 |
| Foreign Currencies at Cost | $357 | $2088 | $1534 | $7399 | $15790 |

---

\* See Note J in the Notes to Financial Statements for additional securities lending collateral.

See accompanying Notes to Financial Statements.

------

**THE DFA INVESTMENT TRUST COMPANY**

**STATEMENTS OF ASSETS AND LIABILITIES**

**October 31, 2022**

**(Amounts in thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The<br> Japanese<br> Small<br> Company<br> Series\*** | **The Asia<br> Pacific Small<br> Company<br> Series\*** | **The<br> United<br> Kingdom<br> Small<br> Company<br> Series\*** | **The<br> Continental<br> Small<br> Company<br> Series\*** | **The<br> Canadian<br> Small<br> Company<br> Series\*** |
| **ASSETS:** |  |  |  |  |  |
| Investment Securities at Value (including $134,496, $112,812, $27,667, $232,134 and $211,169 of securities on loan, respectively) | $2493001 | $1190549 | $1160537 | $4313078 | $1212936 |
| Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $55,564, $17,312, $29,475, $256,622 and $199,806) | 55545 | 17305 | 29468 | 256520 | 199722 |
| Foreign Currencies at Value | 174 | 1718 | 1035 | 1400 | 1520 |
| Cash | 975 | 210 | 8 | 526 |  |
| Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Securities Sold | 4450 | 126 | 1867 | 14246 | 22504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends, Interest and Tax Reclaims | 23051 | 1315 | 5013 | 28879 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Income | 164 | 337 | 20 | 375 | 166 |
| Unrealized Gain on Foreign Currency Contracts | 4 | 5 |  |  |  |
| Prepaid Expenses and Other Assets |  |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 2577364 | 1211565 | 1197948 | 4615024 | 1437568 |
| **LIABILITIES:** |  |  |  |  |  |
| Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Custodian |  |  |  |  | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upon Return of Securities Loaned | 56630 | 17192 | 29920 | 267759 | 222227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Securities Purchased |  | 148 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor | 215 | 102 | 96 | 354 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Margin Variation |  |  |  |  |  |
| Unrealized Loss on Foreign Currency Contracts |  |  |  |  |  |
| Accrued Expenses and Other Liabilities | 176 | 102 | 85 | 338 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 57021 | 17544 | 30101 | 268461 | 222508 |
| **NET ASSETS** | $2520343 | $1194021 | $1167847 | $4346563 | $1215060 |
| Investments Securities at Cost | $2854129 | $1539797 | $1400293 | $4398990 | $1129104 |
| Foreign Currencies at Cost | $175 | $1705 | $1040 | $1406 | $1516 |

---

\* See Note J in the Notes to Financial Statements for additional securities lending collateral.

See accompanying Notes to Financial Statements.

------

**THE DFA INVESTMENT TRUST COMPANY**

**STATEMENTS OF OPERATIONS**

**FOR THE YEAR ENDED OCTOBER 31, 2022**

**(Amounts in thousands)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The<br> Japanese<br> Small<br> Company<br> Series<sup>#</sup>** | **The<br> Asia Pacific<br> Small<br> Company<br> Series<sup>#</sup>** | **The<br> United<br> Kingdom<br> Small<br> Company<br> Series<sup>#</sup>** | **The<br> Continental<br> Small<br> Company<br> Series<sup>#</sup>** | **The<br> Canadian<br> Small<br> Company<br> Series<sup>#</sup>** |
| **Investment Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (Net of Foreign Taxes Withheld of $8,447, $724, $332, $22,430 and $5,523 respectively) | $76219 | $63499 | $63674 | $154725 | $39740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non Cash Income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from Securities Lending | 1562 | 4162 | 102 | 5905 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 77781 | 67661 | 63776 | 160630 | 41423 |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management Fees | 2900 | 1555 | 1523 | 5401 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounting & Transfer Agent Fees |  | 4 |  | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian Fees | 419 | 272 | 106 | 1013 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' Reports | 18 | 17 | 17 | 21 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Directors'/Trustees' Fees & Expenses | 13 | 7 | 6 | 21 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional Fees | 39 | 19 | 20 | 144 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 93 | 49 | 49 | 180 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 3482 | 1923 | 1721 | 6788 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note C) | 23 | 5 | 12 | 29 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 3459 | 1918 | 1721 | 6759 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 74322 | 65743 | 62067 | 153871 | 39942 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Securities Sold\*\* | 5574 | 33519 | (4763) | 53125 | 84639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investment Companies Shares Sold | (8) | (10) | (3) | (59) | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  | 349 |  |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (5554) | (731) | (1687) | (2690) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of: | &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Securities and Foreign Currency | (862888) | (565107) | (665322) | (2054707) | (295189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investment Companies Shares | (32) | (12) | (11) | (130) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of Foreign Currency Denominated Amounts | (284) | (8) | (66) | (3148) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (863192) | (532000) | (671852) | (2007609) | (210800) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(788870) | $(466257) | $(609785) | $(1853738) | $(170858) |

---

\*\* Net of foreign capital gain taxes withheld of $0, $0, $0, $0 and $0, respectively.

# Portion of income is from investment in affiliated fund.

See accompanying Notes to Financial Statements.

------

**THE DFA INVESTMENT TRUST COMPANY**

**STATEMENTS OF CHANGES IN NET ASSETS**

**(Amounts in thousands)**

---

| | | |
|:---|:---|:---|
|  | **The Japanese Small <br> Company Series** | **The Japanese Small <br> Company Series** |
|  | **Year<br> Ended<br> Oct. 31,<br> 2022** | **Year<br> Ended<br> Oct. 31,<br> 2021** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $74322 | $67580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Securities Sold\*,\*\* | 5574 | 106212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investment Companies Shares Sold | (8) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (5554) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Securities and Foreign Currency | (862888) | 204124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investment Companies Shares | (32) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of Foreign Currency-Denominated Amounts | (284) | (657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | (788870) | 377225 |
| Transactions in Interest: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 112114 | 441236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals | (219045) | (345470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Transactions in Interest | (106931) | 95766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | (895801) | 472991 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 3416144 | 2943153 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $2520343 | $3416144 |

---

\* Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2022 of $0.

\*\* Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0.

See accompanying Notes to Financial Statements.

------

**THE DFA INVESTMENT TRUST COMPANY**

**STATEMENTS OF CHANGES IN NET ASSETS**

**(Amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Asia Pacific Small <br> Company Series** | **The Asia Pacific Small <br> Company Series** | **The United Kingdom Small <br> Company Series** | **The United Kingdom Small <br> Company Series** |
|  | **Year<br> Ended<br> Oct. 31,<br> 2022** | **Year<br> Ended<br> Oct. 31,<br> 2021** | **Year<br> Ended<br> Oct. 31,<br> 2022** | **Year<br> Ended<br> Oct. 31,<br> 2021** |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $65743 | $62661 | $62067 | $43588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Securities Sold\*,\*\* | 33519 | 188465 | (4763) | 99258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investment Companies Shares Sold | (10) | (3) | (3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 349 |  |  | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (731) | (238) | (1687) | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Securities and Foreign Currency | (565107) | 322334 | (665322) | 602698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investment Companies Shares | (12) | (1) | (11) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of Foreign Currency-Denominated Amounts | (8) | 8 | (66) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | (466257) | 573226 | (609785) | 745738 |
| Transactions in Interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 49404 | 105831 | 38338 | 46399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals | (212093) | (383104) | (157982) | (370643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Transactions in Interest | (162689) | (277273) | (119644) | (324244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | (628946) | 295953) | (729429) | 421494 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 1822967 | 1527014 | 1897276 | 1475782 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $1194021 | $1822967 | $1167847 | $1897276 |

---

\* Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2022 of $0, $0, $0 and $0, respectively.

\*\* Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0, $0, $0 and $0, respectively.

See accompanying Notes to Financial Statements.

------

**THE DFA INVESTMENT TRUST COMPANY**

**STATEMENTS OF CHANGES IN NET ASSETS**

**(Amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **The Continental Small <br> Company Series** | **The Continental Small <br> Company Series** | **The Canadian Small <br> Company Series** | **The Canadian Small <br> Company Series** |
|  | **Year<br> Ended<br> Oct. 31,<br> 2022** | **Year<br> Ended<br> Oct. 31,<br> 2021** | **Year<br> Ended<br> Oct. 31,<br> 2022** | **Year<br> Ended<br> Oct. 31,<br> 2021** |
| **Increase (Decrease) in Net Assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $153871 | $125991 | $39942 | $24914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Securities Sold\*,\*\* | 53125 | 392015 | 84639 | 167819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investment Companies Shares Sold | (59) | 2 | (66) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  | 27 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (2690) | (1344) | (101) | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Securities and Foreign Currency | (2054707) | 1753296 | (295189) | 390372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Investment Companies Shares | (130) | (21) | (101) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of Foreign Currency-Denominated Amounts | (3148) | (445) | (9) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | (1853738) | 2269494 | (170858) | 583578 |
| Transactions in Interest: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions | 179167 | 513046 | 51681 | 164451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Withdrawals | (517971) | (845380) | (117171) | (267504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Transactions in Interest | (338804) | (332334) | (65490) | (103053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase (Decrease) in Net Assets | (2192542) | 1937160 | (236348) | 480525 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 6539105 | 4601945 | 1451408 | 970883 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Year | $4346563 | $6539105 | $1215060 | $1451408 |

---

\* Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2022 of $0, $0, $0 and $0, respectively.

\*\* Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2021 of $0, $0, $0 and $0, respectively.

See accompanying Notes to Financial Statements.

------

**THE DFA INVESTMENT TRUST COMPANY**

**FINANCIAL HIGHLIGHTS**

**(for a share outstanding throughout each period)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **The Japanese Small Company Series** | **The Japanese Small Company Series** | **The Japanese Small Company Series** | **The Japanese Small Company Series** | **The Japanese Small Company Series** | **The Asia Pacific Small Company Series** | **The Asia Pacific Small Company Series** | **The Asia Pacific Small Company Series** | **The Asia Pacific Small Company Series** | **The Asia Pacific Small Company Series** |
|  | **Year<br> Ended<br> Oct 31,<br> 2022** | **Year<br> Ended<br> Oct 31,<br> 2021** | **Year<br> Ended<br> Oct 31,<br> 2020** | **Year<br> Ended<br> Oct 31,<br> 2019** | **Year<br> Ended<br> Oct 31,<br> 2018** | **Year<br> Ended<br> Oct 31,<br> 2022** | **Year<br> Ended<br> Oct 31,<br> 2021** | **Year<br> Ended<br> Oct 31,<br> 2020** | **Year<br> Ended<br> Oct 31,<br> 2019** | **Year<br> Ended<br> Oct 31,<br> 2018** |
| Total Return | (23.60)% | 13.08% | (1.93)% | 4.47% | (7.46)% | (26.65)% | 38.31% | 0.14% | 5.27 | (8.14)% |
| Net Assets, End of Year (thousands) | $2520343 | $3416144 | $2943153 | $3748177 | $3834097 | $1194021 | $1822967 | $1527014 | $1641843 | $1730371 |
| Ratio of Expenses to Average Net Assets | 0.12% | 0.12% | 0.13% | 0.12% | 0.12% | 0.12% | 0.12% | 0.13% | 0.13% | 0.13% |
| Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) | 0.12% | 0.12% | 0.13% | 0.12% | 0.12% | 0.12% | 0.12% | 0.13% | 0.13% | 0.13% |
| Ratio of Net Investment Income to Average Net Assets | 2.56% | 2.11% | 2.13% | 2.32% | 1.90% | 4.23% | 3.42% | 4.21% | 4.11% | 3.96% |
| Portfolio Turnover Rate | 11% | 11% | 5% | 12% | 17% | 19% | 19% | 18% | 18% | 18% |
|  | **The United Kingdom Small Company Series** | **The United Kingdom Small Company Series** | **The United Kingdom Small Company Series** | **The United Kingdom Small Company Series** | **The United Kingdom Small Company Series** | **The Continental Small Company Series** | **The Continental Small Company Series** | **The Continental Small Company Series** | **The Continental Small Company Series** | **The Continental Small Company Series** |
|  | **Year<br> Ended<br> Oct 31,<br> 2022** | **Year<br> Ended<br> Oct 31,<br> 2021** | **Year<br> Ended<br> Oct 31,<br> 2020** | **Year<br> Ended<br> Oct 31,<br> 2019** | **Year<br> Ended<br> Oct 31,<br> 2018** | **Year<br> Ended<br> Oct 31,<br> 2022** | **Year<br> Ended<br> Oct 31,<br> 2021** | **Year<br> Ended<br> Oct 31,<br> 2020** | **Year<br> Ended<br> Oct 31,<br> 2019** | **Year<br> Ended<br> Oct 31,<br> 2018** |
| Total Return | (33.34)% | 51.93% | (14.87)% | 10.67% | (8.90)% | (29.07)% | 51.24% | (2.23)% | 8.43% | (10.78)% |
| Net Assets, End of Year (thousands) | $1167847 | $1897276 | $1475782 | $2277451 | $2188825 | $4346563 | $6539105 | $4601945 | $5607495 | $5422260 |
| Ratio of Expenses to Average Net Assets | 0.11% | 0.12% | 0.12% | 0.11% | 0.11% | 0.13% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) | 0.11% | 0.12% | 0.12% | 0.12% | 0.11% | 0.13% | 0.12% | 0.12% | 0.13% | 0.12% |
| Ratio of Net Investment Income to Average Net Assets | 4.07% | 2.27% | 2.38% | 3.43% | 3.23% | 2.85% | 2.11% | 2.15% | 2.74% | 2.51% |
| Portfolio Turnover Rate | 14% | 12% | 9% | 18% | 14% | 11% | 17% | 8% | 17% | 15% |

---

See accompanying Notes to Financial Statements.

------

**THE DFA INVESTMENT TRUST COMPANY**

**FINANCIAL HIGHLIGHTS**

**(for a share outstanding throughout each period)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **The Canadian Small Company Series** | **The Canadian Small Company Series** | **The Canadian Small Company Series** | **The Canadian Small Company Series** | **The Canadian Small Company Series** |
|  | **Year<br> Ended<br> Oct 31,<br> 2022** | **Year<br> Ended<br> Oct 31,<br> 2021** | **Year<br> Ended<br> Oct 31,<br> 2020** | **Year<br> Ended<br> Oct 31,<br> 2019** | **Year<br> Ended<br> Oct 31,<br> 2018** |
| Total Return | (12.52)% | 59.72% | 6.02% | 1.00% | (10.44)% |
| Net Assets, End of Year (thousands) | $1215060 | $1451408 | $970883 | $1148615 | $1146811 |
| Ratio of Expenses to Average Net Assets | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Expenses to Average Net Assets (Excluding Fees Paid Indirectly) | 0.11% | 0.12% | 0.12% | 0.12% | 0.12% |
| Ratio of Net Investment Income to Average Net Assets | 3.00% | 1.90% | 2.08% | 2.37% | 2.11% |
| Portfolio Turnover Rate | 15% | 27% | 18% | 12% | 14% |

---

See accompanying Notes to Financial Statements.

------

**THE DFA INVESTMENT TRUST COMPANY**

**NOTES TO FINANCIAL STATEMENTS**

**A. Organization:**

The DFA Investment Trust Company (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act"), The Trust consists of ten operational portfolios, five of which, The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series are included in this section of the report (collectively, the "Series"). The remaining operational portfolios are presented in separate reports. The Series are investment companies, and accordingly, follow the accounting and reporting guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"), Topic 946, "Financial Services-Investment Companies."

**B. Significant Accounting Policies:**

The following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Such policies are consistently followed by the Trust in preparation of its financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be material.

&nbsp;&nbsp;&nbsp;&nbsp;1. *Security Valuation:* The Series use a fair value hierarchy, which prioritizes the inputs-to- valuation techniques used to measure fair value into three broad levels described below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 - inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies, and futures contracts)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 - significant unobservable inputs (including the Series' own assumptions in determining the fair value of investments)

Securities held by the Series, including over-the-counter securities, are valued at the last quoted sale price of the day. International equity securities are subject to a fair value factor, as described later in this note. Securities held by the Series that are listed on Nasdaq are valued at the Nasdaq Official Closing Price ("NOCP"). If there is no last reported sale price or NOCP for the day, the Series value the securities within the range of the most recent quoted bid and ask prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management investment companies are valued using their respective net asset values or public offering prices, as appropriate, for purchase orders placed at the close of the New York Stock Exchange (NYSE). These securities are generally categorized as Level 1 in the hierarchy.

Securities for which no market quotations are readily available (including restricted securities), or for which market quotations have become unreliable, are valued in good faith at fair value in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures approved by the Board of Trustees of the Trust. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of Dimensional Fund Advisors LP) occur before the net asset value of the Series is calculated. When fair value pricing is used, the prices of securities used by the Series may differ from the quoted or published prices for the same securities on their primary markets or exchanges. These securities are generally categorized as Level 2 or Level 3 in the hierarchy.

The Series will also apply a fair value price in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the NYSE. For example, trading in the Japanese securities markets is completed each day at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset values of the Series are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the Series price their shares at the close of the NYSE, the Series will fair-value their foreign investments when it is determined that the market quotations for the foreign investments are either unreliable or not readily available. The fair

------

value prices will attempt to reflect the impact of the U.S. financial markets' perceptions and trading activities on the Series' foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, Dimensional Fund Advisors LP has determined that movements in relevant indices or other appropriate market indicators, after the close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate that market quotations may be unreliable. Fair valuation of portfolio securities may occur on a daily basis. The fair value pricing by the Series uses data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Series uses fair value pricing, the values assigned to the Series' foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.

Futures contracts held by the Series are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy.

Over-the-counter derivative contracts, which include forward currency contracts, do not require material subjectivity as pricing inputs are observed from quoted markets and are categorized as Level 2 in the hierarchy.

A summary of the inputs used to value the Series' investments by each major security type, industry and/or country is disclosed previously in this note. Valuation hierarchy tables have been included at the end of the Summary Schedules of Portfolio Holdings. The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Foreign Currency Translation:* Securities and other assets and liabilities of the Series, whose values are initially expressed in foreign currencies are translated to U.S. dollars using the mean between the most recent bid and ask prices for the U.S. dollar as quoted by generally recognized reliable sources. To facilitate the translation, the Series enter into foreign currency contracts. A foreign currency contract is a spot agreement between two parties to buy and sell currencies at current market exchange rates, for settlement generally within two business days. Dividend and interest income and certain expenses are translated to U.S. dollars at the rate of exchange on their respective accrual dates. Receivables and payables denominated in foreign currencies are marked-to-market daily based on daily exchange rates and exchange gains or losses are realized upon ultimate receipt or disbursement.

The Series do not isolate the effect of foreign currency rate fluctuations when determining the realized gain or loss upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. Federal income tax regulations; such amounts are categorized as foreign exchange gain or loss for income tax reporting purposes.

Realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from the disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the difference between amounts of interest, dividends and any foreign withholding taxes recorded on the books of the Series and the U.S. dollar equivalent amounts actually received or paid.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Deferred Compensation Plan:* Each eligible Trustee of the Trust may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the "Plan"). Under the Plan, effective January 1, 2002, such Trustees may defer payment of all or a portion of their total fees earned as a Trustee. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: the U.S. Large Cap Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Large Company Portfolio; U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio; Emerging Markets Core Equity Portfolio, DFA Inflation-Protected Securities Portfolio, and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized appreciation (depreciation) and income are included in Directors'/Trustees' Fees & Expenses.

The Trustees may receive their distributions of proceeds by one of the following methods: lump sum, annual installments over a period of agreed-upon years, or quarterly installments over a period of agreed-upon years. Each Trustee shall have the right in a notice of election (the "Notice") to defer the receipt of the Trustee's deferred compensation until a date specified by such Trustee in the Notice. The date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Trustee ceases to be a member of the Board of Trustees of the Trust; and (ii) five years following the effective date of the Trustee's first deferral election. If a Trustee who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Trustee's deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Trustee ceases to be a member of the Board (unless the Trustee files an amended Notice selecting a different distribution date).

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&nbsp;&nbsp;&nbsp;&nbsp;4. *Other:* Security transactions are accounted for as of the trade date. Costs used in determining realized gains and losses on the sale of investment securities and foreign currency are accounted for on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions received on securities and that represent a return of capital or capital gains are recorded as a reduction of cost of investments or as a realized gain, respectively. The Series estimate the character of received distributions that may be considered return of capital distributions. Interest income is recorded on an accrual basis. Discount and premium on securities purchased are amortized over the lives of the respective securities, using the effective interest method. Expenses directly attributable to a Series are directly charged. Common expenses of the Trust or Series are allocated using methods approved by the Board of Trustees, generally based on average net assets.

The Series may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Series accrue such taxes when the related income or capital gains are earned or throughout the holding period. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. Additionally, if there is a deterioration in a country's balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

**C. Investment Advisor:**

The Advisor, Dimensional Fund Advisors LP, provides investment management services to the Series. For the year ended October 31, 2022, investment management fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates of average daily net assets:

---

| | |
|:---|:---|
| The Japanese Small Company Series | 0.1% |
| The Asia Pacific Small Company Series | 0.1% |
| The United Kingdom Small Company Series | 0.1% |
| The Continental Small Company Series | 0.1% |
| The Canadian Small Company Series | 0.1% |

---

**Earned Income Credit:**

Additionally, the Series have entered into arrangements with their custodian whereby net interest earned on uninvested cash balances was used to reduce a portion of each Series' custody expenses. Custody expense in the accompanying financial statements is presented before reduction for credits. The impact of such credits is generally less than one basis point of each Series' net assets. During the year ended October 31, 2022, expenses reduced were as follows (amounts in thousands):

---

| | |
|:---|:---|
|  | **Fees Paid**<br> **Indirectly** |
| The Japanese Small Company Series | $23 |
| The Asia Pacific Small Company Series | 5 |
| The United Kingdom Small Company Series | 12 |
| The Continental Small Company Series | 29 |
| The Canadian Small Company Series | 9 |

---

**Fees Paid to Officers and Directors/Trustees:**

Certain Officers and Trustees of the Advisor are also Officers and Trustees of the Trust; however, such Officers and Trustees (with the exception of the Chief Compliance Officer ("CCO")) receive no compensation from the Trust. For the year ended October 31, 2022, the total related amounts paid by the Trust to the CCO were $28 (in thousands). The total related amounts paid by each of the Series are included in Other Expenses on the Statement of Operations.

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**D. Deferred Compensation:**

At October 31, 2022, the total liability for deferred compensation to Trustees is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities as follows (amounts in thousands):

---

| | |
|:---|:---|
| The Japanese Small Company Series | $35 |
| The Asia Pacific Small Company Series | 16 |
| The United Kingdom Small Company Series | 23 |
| The Continental Small Company Series | 25 |
| The Canadian Small Company Series | 7 |

---

**E. Purchases and Sales of Securities:**

For the year ended October 31, 2022, the Series' transactions related to investment securities, other than short-term securities, in-kind redemptions and U.S. government securities (amounts in thousands), were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| The Japanese Small Company Series | $321472 | $359611 |
| The Asia Pacific Small Company Series | 291315 | 329566 |
| The United Kingdom Small Company Series | 224491 | 206460 |
| The Continental Small Company Series | 577020 | 760337 |
| The Canadian Small Company Series | 206110 | 202538 |

---

There were no purchases or sales of long-term U.S. government securities.

------

For the year ended October 31, 2022, transactions related to Affiliated Investment Companies, excluding in-kind redemptions, are presented below.

The amounts presented below may differ from the respective amounts presented in the corresponding Summary Schedule of Portfolio Holdings, Statement of Assets and Liabilities or Statement of Operations due to rounding. The amounts are as follows(amounts in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at**<br> **October**<br> **31, 2021** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain/(Loss)**<br> **on Sales** | **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **Depreciation** | **Balance at**<br> **October** <br> **31, 2022** | **Shares**<br> **as of**<br> **October**<br> **31, 2022** | **Dividend**<br> **Income** | **Capital Gain**<br> **Distributions** |
| **The Japanese Small Company Series** | **The Japanese Small Company Series** | **The Japanese Small Company Series** |  |  |  |  |  |  |  |
| The DFA Short Term Investment Fund | $61490 | $427535 | $433440 | $(8) | $(32) | $55545 | 4805 | $583 |  |
| **Total** | $**61490** | $**427535** | $**433440** | $**(8)** | $**(32)** | $**55545** | **4805** | $**583** |  |
| **The Asia Pacific Small Company** | **The Asia Pacific Small Company** | **The Asia Pacific Small Company** |  |  |  |  |  |  |  |
| The DFA Short Term Investment Fund | $40607 | $119787 | $143067 | $(10) | $(12) | $17305 | 1497 | $213 |  |
| **Total** | $**40607** | $**119787** | $**143067** | $**(10)** | $**(12)** | $**17305** | **1497** | $**213** |  |
| **The United Kingdom small Company Series** | **The United Kingdom small Company Series** | **The United Kingdom small Company Series** | **The United Kingdom small Company Series** | **The United Kingdom small Company Series** | **The United Kingdom small Company Series** |  |  |  |  |
| The DFA Short Term Investment Fund | $15631 | $98187 | $84336 | $(3) | $(11) | $29468 | 2549 | $151 |  |
| **Total** | $**15631** | $**98187** | $**84336** | $**(3)** | $**(11)** | $**29468** | **2549** | $**151** |  |
| **The Continental Small Company Series** | **The Continental Small Company Series** | **The Continental Small Company Series** | **The Continental Small Company Series** | **The Continental Small Company Series** |  |  |  |  |  |
| The DFA Short Term Investment Fund | $297271 | $1289178 | $1329740 | $(59) | $(130) | $256520 | 22188 | $3144 |  |
| **Total** | $**297271** | $**1289178** | $**1329740** | $**(59)** | $**(130)** | $**256520** | **22188** | $**3144** |  |
| **The Canadian Small Company** | **The Canadian Small Company** | **The Canadian Small Company** | **The Canadian Small Company** | **The Canadian Small Company** |  |  |  |  |  |
| The DFA Short Term Investment Fund | $276415 | $770364 | $846890 | $(66) | $(101) | $199722 | 17275 | $2371 |  |
| **Total** | $**276415** | $**770364** | $**846890** | $**(66)** | $**(101)** | $**199722** | **17275** | $**2371** |  |

---

**F. Federal Income Taxes:**

No provision for federal income taxes is required since the Series are treated as partnerships for federal income tax purposes. Any net investment income and realized and unrealized gains and losses have been deemed to have been "passed down" to their respective partners.

At October 31, 2022, the total cost and aggregate gross unrealized appreciation (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes, as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal** **<br> Tax Cost** | **Unrealized** **<br> Appreciation** | **Unrealized** **<br> (Depreciation)** | **Net Unrealized** **<br> Appreciation<br> (Depreciation)** |
| The Japanese Small Company Series | $2969111 | $334789 | $(755354) | $(420565) |
| The Asia Pacific Small Company Series | 1584563 | 177560 | (554270) | (376710) |
| The United Kingdom Small Company Series | 1439003 | 187762 | (436759) | (248997) |
| The Continental Small Company Series | 4686399 | 958768 | (1075569) | (116801) |
| The Canadian Small Company Series | 1365752 | 287544 | (240639) | 46905 |

---

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The difference between GAAP-basis and tax basis unrealized gains (losses) can occur as a result of wash sales and net mark-to-market gains (losses) on regulated futures contracts, net mark-to-market gains (losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments or other investments.

*ASC 740 Accounting for Uncertainty in Income Taxes* sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. Management has analyzed the Series' tax positions and has concluded that no additional provision for income tax is required in any Series' financial statements. The Series are not aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Series' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**G. Financial Instruments:**

In accordance with the Series' investment objectives and policies, the Series may invest in certain financial instruments that have off-balance sheet risk in excess of the amounts recognized in the financial statements and concentrations of credit and market risk. These instruments and their significant corresponding risks are described below:

&nbsp;&nbsp;&nbsp;&nbsp;1. *Foreign Market Risks:* Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States of America, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States of America. Consequently, acquisition and disposition of international securities held by the Series may be inhibited.

Series that have significant exposure to certain countries, such as The United Kingdom Small Company Series that concentrates investments in the United Kingdom, can be expected to be impacted by the political and economic conditions within such countries. For example, there is continuing uncertainty around the future of the euro and the European Union (EU) following the United Kingdom's (UK) exit from the EU (referred to as "Brexit"). Brexit may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK. While it is not possible to determine the precise impact these events may have on the Series, during this period and beyond, the impact on the UK, EU countries, other countries or parties that transact with the UK and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of the Series' investments.

**Derivative Financial Instruments:**

Summarized below are the specific types of derivative instruments used by the Series.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Futures Contracts:* The Series listed below may purchase or sell futures contracts and options on futures contracts for equity securities and indices to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Series. Upon entering into a futures contract, a Series deposits cash or pledges U.S. Government securities to a broker in an amount equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as "variation margin" and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss, which is presented in the Statements of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks may arise upon entrance into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Series could lose more than the initial margin requirements. Entering into stock index futures subjects the Series to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

Securities have been segregated as collateral for open futures contracts.

------

The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2022 was as follows (amounts in thousands):

---

| | |
|:---|:---|
|  | **Futures\*** |
| The Asia Pacific Small Company Series | $1325 |
| The Canadian Small Company Series | 734 |

---

\* Average Notional Value of contracts.

The following is a summary of the realized and change in unrealized gains and losses from the Series' derivative instrument holdings categorized by primary risk exposure for the year ended October 31, 2022 (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Realized Gain (Loss)<br> on Derivatives** | **Realized Gain (Loss)<br> on Derivatives** |
|  | **Total** | **Equity<br> Contracts<sup>(1)</sup>** |
| The Asia Pacific Small Company Series | $349 | $349\* |
| The Canadian Small Company Series | 27 | 27\* |

---

<sup>(1)</sup> Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures. <br>\* As of October 31, 2022, there were no futures contracts outstanding. During the year ended October 31, 2022, the Series had limited activity in futures contracts.

**H. Line of Credit and Interfund Lending Program:**

The Trust, together with other Dimensional-advised portfolios, has entered into a $500 million uncommitted, unsecured discretionary line of credit effective April 6, 2022 with its domestic custodian bank. A line of credit with similar terms was in effect through April 6, 2022. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $250 million, as long as total borrowings under the line of credit do not exceed $500 million in the aggregate. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The agreement for the line of credit expires on April 5, 2023.

The Trust, together with other Dimensional-advised portfolios, has also entered into an additional $700 million unsecured line of credit with its international custodian bank effective January 2, 2022. A line of credit with similar terms was in effect through January 1, 2022. Each portfolio is permitted to borrow, subject to its investment limitations, up to the lower of one-quarter of such portfolio's net assets or $500 million, as long as total borrowings under the line of credit do not exceed $700 million in the aggregate. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The line of credit agreement expires on January 1, 2023.

For the year ended October 31, 2022, borrowings by the following Series under the lines of credit were as follows (amounts in thousands, except percentages and days):

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Weighted<br> Average<br> Interest Rate** | **Weighted<br> Average<br> Loan Balance** | **Number of<br> Days<br> Outstanding\*** | **Interest<br> Expense<br> Incurred** | **Maximum Amount<br> Borrowed During<br> the Period** | **Outstanding<br> Borrowings<br> as<br> of 10/31/2022** |
| The Japanese Small Company Series | 1.72% | $1701 | 18 | $2 | $11233 |  |
| The Asia Pacific Small Company Series | 2.09% | 862 | 48 | 3 | 15068 |  |
| The United Kingdom Small Company Series | 1.03% | 913 | 27 | 1 | 3521 |  |
| The Continental Small Company Series | 2.20% | 3006 | 30 | 7 | 11952 |  |
| The Canadian Small Company Series | 1.04% | 89 | 14 |  | 428 |  |

---

\* Number of Days Outstanding represents the total single or consecutive days during the year ended October 31, 2022, that each Series' available line of credit was used.

Pursuant to an exemptive order issued by the SEC (the "Order"), the Series may participate in an interfund lending program among certain portfolios managed by the Advisor (portfolios that operate as feeder funds do not participate in the program). The program allows the participating portfolios to borrow money from and loan money to each other for temporary or emergency purposes, subject to the conditions in the Order. A loan can only be made through the program if the interfund loan rate on that day is more favorable to both the borrowing and lending portfolios as compared to rates available through short-term bank loans or investments in overnight repurchase agreements and money market funds, respectively, as detailed in the Order. Further, a portfolio may participate in the program only if and to the extent that such participation is consistent with its investment objectives and limitations. Interfund loans have a maximum duration of seven days and may be called on one business day's notice.

The Series did not use the interfund lending program during the year ended October 31, 2022.

**I. Affiliated Trades:**

Cross trades for the year ended October 31, 2022, if any, were executed by the Series pursuant to procedures adopted by the Board of Trustees of the Trust to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between series of investment companies, or between a series of an investment company and another entity, that are or could be considered affiliates by virtue of a common investment advisor (or affiliated investment advisors), common Trustees and/or common Officers. At its regularly scheduled meetings, the CCO certifies to the Board that the 17a-7 transactions entered into by the Series complied with the Rule 17a-7 Procedures adopted by the Board of Trustees of the Trust.

For the year ended October 31, 2022, cross trades by the Series under Rule 17a-7 were as follows (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **<u>Series</u>** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** |
| The Japanese Small Company Series | $42494 | $31791 | $(2373) |
| The Asia Pacific Small Company Series | 14105 | 30116 | 2231 |
| The United Kingdom Small Company Series | 32010 | 19557 | 3055 |
| The Continental Small Company Series | 31836 | 62380 | 12864 |
| The Canadian Small Company Series | 24127 | 33685 | 10646 |

---

**J. Securities Lending:**

As of October 31, 2022, each Series had securities on loan to brokers/dealers, for which each such Series received cash collateral. The Series also received non-cash collateral consisting of short-and/or long-term U.S. Treasuries and U.S. government agency securities as follows (amounts in thousands):

------

---

| | |
|:---|:---|
|  | **Non-Cash<br> Collateral<br> Market Value** |
| The Japanese Small Company Series | $86329 |
| The Asia Pacific Small Company Series | 102694 |
| The Continental Small Company Series | 217 |
| The Canadian Small Company Series | 22524 |

---

Each Series invests the cash collateral, as described below, and records a liability for the return of the collateral, during the period the securities are on loan. Loans of securities are expected at all times to be secured by collateral in an amount (i) equal to at least 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, (ii) generally equal to 102% of the current market value of the loaned securities with respect to U.S. securities, and (iii) generally equal to 105% of the current market value of the loaned securities with respect to foreign securities. However, daily market fluctuations could cause the Series' collateral to be lower or higher than the expected thresholds. If this were to occur, the collateral would be adjusted the next business day to ensure adequate collateralization. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. If the borrower fails to return loaned securities, cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities and such collateral insufficiency is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the option of the lending agent, to replace the securities. In the event of the bankruptcy of the borrower, the Series could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

Subject to their stated investment policies, each Series will generally invest the cash collateral received for the loaned securities in The DFA Short Term Investment Fund (the "Money Market Series"), an affiliated registered money market fund advised by the Advisor for which the Advisor receives a management fee of 0.05% of the average daily net assets of the Money Market Series. Income received from the Money Market Series is netted with fees for securities lending and collateral investment expenses and with other payments to and from borrowers of securities. The Series also may invest the cash collateral received for the loaned securities in securities of the U.S. government or its agencies, repurchase agreements collateralized by securities of the U.S. government or its agencies, and affiliated or unaffiliated money market funds that are registered or unregistered. For purposes of this paragraph, agencies include both agency debentures and agency mortgage-backed securities. Additionally, each Series will be able to terminate the loan at any time and will receive reasonable interest on the loan, as well as amounts equal to any dividends, interest or, other distributions on the loaned securities. However, dividend income received from loaned securities may not be eligible for taxation at qualified dividend income rates.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2022 (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements <br> As of October 31, 2022** | **Remaining Contractual Maturity of the Agreements <br> As of October 31, 2022** | **Remaining Contractual Maturity of the Agreements <br> As of October 31, 2022** | **Remaining Contractual Maturity of the Agreements <br> As of October 31, 2022** | **Remaining Contractual Maturity of the Agreements <br> As of October 31, 2022** |
|  | **Overnight and<br> Continuous** | **<30 days** | **Between<br> 30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions** |  |  |  |  |  |
| **The Japanese Small Company Series** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $56630 |  |  |  | $56630 |
| **The Asia Pacific Small Company Series** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 17192 |  |  |  | 17192 |
| **The United Kingdom Small Company Series** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | 29920 |  |  |  | 29920 |
| **The Continental Small Company Series** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks, Rights/Warrants | 267759 |  |  |  | 267759 |
| **The Canadian Small Company Series** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks, Rights/Warrants | 222227 |  |  |  | 222227 |

---

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**K. Indemnitees; Contractual Obligations:**

Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust.

In the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties that provide general indemnification. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust and/or its affiliates that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

**L. Recently Issued Accounting Standards and Regulations:**

In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU No. 2021-01, with further amendments to Topic 848. The amendments in the ASUs provide optional temporary accounting recognition and financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021 and 2023. The ASUs are effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the Series' financial statements.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 (the "Derivatives Rule") imposes limits on the amount of derivatives contracts the Series could enter, eliminates the asset segregation framework previously used by the Series to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. The Derivatives Rule became effective February 19, 2021 and the Series began complying with the Derivatives Rule on August 19, 2022.

On December 3, 2020, the SEC adopted new Rule 2a-5 (the "Valuation Rule") under the 1940 Act, establishing an updated regulatory framework for fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designate fair value determinations to a fund's investment adviser. Further, the SEC rescinded previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021 and the Series began complying with the Valuation Rule on August 1, 2022.

**M. Other:**

The Series and the Trust are subject to claims and suits that arise from time to time in the ordinary course of business (for example, claw back litigation against former shareholders of portfolio companies that filed for bankruptcy, such as the now ended litigation involving The Tribune Company and the ongoing litigation involving Nine West). Although management currently believes that resolving claims against the Series and the Trust, individually or in aggregate, will not have a material adverse impact on the Series' and the Trust's financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management's view of these matters may change in the future.

**N. Subsequent Event Evaluations:**

Management has evaluated the impact of all subsequent events on the Series through the date on which the financial statements were issued and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of The DFA Investment Trust Company and Shareholders of The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the summary schedules of portfolio holdings, of The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series (five of the series constituting The DFA Investment Trust Company, hereafter collectively referred to as the "Series") as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Series as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022, and each of the financial highlights for each of the five years in the period ended October 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Series' management. Our responsibility is to express an opinion on the Series' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, brokers and transfer agent of the investee fund; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP<br> Philadelphia, Pennsylvania<br> December 22, 2022

We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.

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**FUND MANAGEMENT**

**(Unaudited)**

**Trustees/Directors**

Each Board of Trustees/Directors (each, the "Board" and collectively, the "Boards") of The DFA Investment Trust Company ("DFAITC"), DFA Investment Dimensions Group Inc. ("DFAIDG"), Dimensional Investment Group Inc. ("DIG"), Dimensional ETF Trust (!ETF Trust!), and Dimensional Emerging Markets Value Fund ("DEM") (each, the "Fund" and collectively, the "Funds") is responsible for establishing the Funds' policies and for overseeing the management of the Funds. The Trustees/ Directors of the Funds, including all of the disinterested Trustees/Directors, have adopted written procedures to monitor potential conflicts of interest that might develop between portfolios of the Funds (the "Feeder Portfolios") that invest in certain series of DFAITC or DEM (the "Master Funds").

Each Board has four standing committees, an Audit Committee, a Nominating and Governance Committee (the "Nominating Committee"), a Mutual Funds-ETF Relations committee and an Investment Strategy Committee (the "Strategy Committee"). The Audit Committee is composed of Reena Aggarwal, George M. Constantinides, Francis A. Longstaff, Abbie J. Smith and Ingrid M. Werner. Each member of the Audit Committee is a disinterested Trustee/Director. The Audit Committee oversees the Fund's accounting and financial reporting policies and practices the Fund's internal controls, the Fund's financial statements and the independent audits thereof and performs other oversight functions as requested by the Board. The Audit Committee recommends the appointment of each Fund's independent registered certified public accounting firm and acts as a liaison between the Fund's independent registered certified public accounting firm and the full Board. There were three Audit Committee meetings held during the fiscal year ended October 31, 2022.

Each Board's Nominating Committee is composed of Reena Aggarwal, George M. Constantinides, Douglas W. Diamond, Francis A. Longstaff, and Heather E. Tookes. Each member of the Nominating Committee is a disinterested Trustee/Director. The Nominating Committee for each Board makes recommendations for nominations of disinterested and interested members on the Board to the disinterested Board members and to the full Board. The Nominating Committee works closely with the other disinterested Trustees to evaluate a candidate's qualification for Board membership and the independence of such candidate from the Advisor and other principal service providers. The Nominating Committee also periodically reviews the Board governance practices, policies, procedures, and operations; reviews the membership of each committee of the Board; reviews and makes recommendations regarding the Independent Trustees' compensation; oversees the annual self-assessment of the Board and each committee; considers and recommends to the Board, the selection of "independent legal counsel" (as that term is defined in the 1940 Act); and monitors and considers corporate governance issues that may arise from time to time. There were three Nominating Committee meetings held during the fiscal year ended October 31, 2022.

Each Board's Strategy Committee is composed of Gerard K. O'Reilly, Douglas W. Diamond, Darrell Duffie, and Heather E. Tookes. The Strategy Committee assists the Board in carrying out its fiduciary duties with respect to the oversight of the Fund and its performance. At the request of the Board or the Advisor, the Strategy Committee (i) reviews the design of possible new series of the Fund, (ii) reviews performance of existing portfolios of the Funds and discusses and recommends possible enhancements to the portfolios' investment strategies, (iii) reviews proposals by the Advisor to modify or enhance the investment strategies or policies of each portfolio, and (iv) considers issues relating to investment services for each portfolio of the Fund. There were four Strategy Committee meetings held during the fiscal year ended October 31, 2022.

The Mutual Funds-ETF Relations Committee is comprised of George M. Constantinides, Darrell Duffie, and Ingrid M. Werner. At the request of the Board, the Mutual Funds-ETF Relations Committee (i) reviews any newly-proposed expenses to be borne by the ETFs in the Dimensional ETF Trust ("Dimensional ETFs"), portfolios in the DFA mutual fund complex ("Fund Complex") or changes to the existing expense allocations among the Dimensional ETFs, portfolios in the Fund Complex, and the Advisor, (ii) considers any conflicts of interest that may arise in the operations of the Dimensional ETFs and the portfolios in the Fund Complex, (iii) reviews and considers relevant information relating to the operations of the Dimensional ETFs, and (iv) considers asset flows and performance differences between the similarly managed mutual funds and ETFs of the Funds. There were two Mutual Funds-ETF Relations Committee meetings held for the Trust during the fiscal year ended October 31, 2022.

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Certain biographical information for each disinterested Trustee/Director and interested Trustee/Director of the Funds is set forth in the tables below, including a description of each Trustee/Director's experience as a Trustee/Director of the Funds and as a Director or Trustee of other funds, as well as other recent professional experience.

The statements of additional information (together, "SAI") of the Funds include additional information about each Trustee/Director. You may obtain copies of the SAI and prospectus of each Fund advised by Dimensional Fund Advisors LP by calling collect (512) 306-7400 or by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746. Prospectuses are also available at http://us.dimensional.com.

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**Disinterested Directors/Trustees**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and** <br> **Year of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup> and** <br> **Length of Service** | &nbsp;&nbsp;**Principal Occupation**<br> **During Past 5 Years** | &nbsp;&nbsp;**Portfolios**<br> **within the DFA** <br> **Fund Complex<sup>2</sup>** <br> **Overseen** | &nbsp;&nbsp;**Other Directorships**<br> **of Public Companies** <br> **Held During**<br> **Past 5 Years** |
| &nbsp;&nbsp;Reena Aggarwal c/o<br> Dimensional Fund Advisors LP 6300<br> Bee Cave Road,<br> Building One Austin,<br> TX 78746<br> 1957 | &nbsp;&nbsp;Director/Trustee | &nbsp;&nbsp;Since December 2021 | &nbsp;&nbsp;Robert E. McDonough Professor of Business Administration and Finance, McDonough School of Business, Georgetown University (since 2003); Director, Georgetown Center for Financial Markets and Policy (since 2010); and Vice Provost of Faculty (2016-2020), Georgetown University. | &nbsp;&nbsp;147 portfolios in 5<br> investment companies | &nbsp;&nbsp;Director, Cohen<br> & Steers (asset management firm) (since 2017) and Director, Nuveen Churchill Direct Lending (private business development company) (since 2019). Formerly, Director, New York Life Investment Management IndexIQ (2008-2021) (22 funds); Director, REAN Cloud (technology) (2015- 2018);<br> Director, FBR & Co. (investment banking) (2011-2017); and Director, Brightwood Capital Advisors, L.P. (private equity) (2013-2020). |
| &nbsp;&nbsp;George M.<br> Constantinides<br> University of Chicago<br> Booth School of<br> Business 5807 S.<br> Woodlawn Avenue<br> Chicago, IL 60637 1947 | &nbsp;&nbsp;Director/Trustee | &nbsp;&nbsp;DFAIDG – Since 1983;<br> DIG & DEM- Since<br> 1993;<br> DFAITC – Since 1992;<br> ETF Trust – Since 2020 | &nbsp;&nbsp;Leo Melamed Professor of Finance, University of Chicago Booth School of Business (since 1978). | &nbsp;&nbsp;147 portfolios in 5 investment companies |  |
| &nbsp;&nbsp;Douglas W. <br> Diamond <br> c/o Dimensional Fund <br> Advisors LP 6300 <br> Bee Cave Road,<br> Building One Austin,<br> TX 78746<br> 1953 | &nbsp;&nbsp;Director/Trustee | &nbsp;&nbsp;DFAIDG, DIG, DEM & DFAITC – Since 2017;<br> ETF Trust – Since 2020 | &nbsp;&nbsp;Merton H. Miller Distinguished Service Professor of Finance, University of Chicago Booth School of Business (since 1979). Formerly, Visiting Scholar, Federal Reserve Bank of Richmond (1990-2019). | &nbsp;&nbsp;147 portfolios in 5 investment companies |  |
| &nbsp;&nbsp;Darrell Duffie c/o<br> Dimensional <br> Fund Advisors LP<br> 6300 Bee Cave <br> Road, Building One<br> Austin, TX 78746 <br> 1954 | &nbsp;&nbsp;Director/Trustee | &nbsp;&nbsp;DFAIDG, DIG, DEM & DFAITC – Since 2019;<br> ETF Trust – Since 2020 | &nbsp;&nbsp;Adams Distinguished Professor<br> of Management and Professor of Finance, Stanford University (since 1984) and Director, TNB Inc. (bank) (since 2020). | &nbsp;&nbsp;147 portfolios in<br> 5 investment companies | &nbsp;&nbsp;Formerly, Director,<br> Moody's Corporation (financial information and information technology) (2008- 2018). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and<br> Year of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup> and<br> Length of Service** | &nbsp;&nbsp;**Principal Occupation<br> During Past 5 Years** | &nbsp;&nbsp;**Portfolios<br> within the DFA<br> Fund Complex<sup>2</sup> Overseen** | &nbsp;&nbsp;**Other Directorships<br> of Public Companies Held During<br> Past 5 Years** |
| &nbsp;&nbsp;Francis A. Longstaff c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 <br> 1956 | &nbsp;&nbsp;Director/Trustee | &nbsp;&nbsp;Since December 2021 | &nbsp;&nbsp;Allstate Professor of Insurance and Finance, UCLA, Anderson School of Management; Consultant, NERA Economic Consulting (since 2018); Consultant, Charles River Associates (economic consulting firm) (since 2013); Consultant, Simplex Holdings, Inc. (technology firm) (since 1998); and Expert Witness, Analysis Group (economic consulting firm) (since 2012). | &nbsp;&nbsp;147 portfolios in 5 investment companies |  |
| &nbsp;&nbsp;Abbie J. Smith University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 <br> 1953 | &nbsp;&nbsp;Director/Trustee | &nbsp;&nbsp;DFAIDG, DIG, DEM & DFAITC – Since 2000;<br> ETF Trust – Since 2020 | &nbsp;&nbsp;Boris and Irene Stern Distinguished Service Professor of Accounting and James S. Ely, III Faculty Fellow, University of Chicago Booth School of Business (since 1980). | &nbsp;&nbsp;147 portfolios in 5 investment companies | &nbsp;&nbsp;Director (since 2000) and formerly, Lead Director (2014-2017), HNI Corporation (office furniture); Director, Ryder System Inc. (transportation, logistics and supply- chain management) (since 2003); and Trustee, UBS Funds (2 investment companies within the fund complex) (13 portfolios) (since 2009). |
| &nbsp;&nbsp;Heather E. Tookes<br> Yale School of<br> Management <br> 165 Whitney Avenue<br> New Haven, CT <br> 06511 <br> 1974 | &nbsp;&nbsp;Director/Trustee | &nbsp;&nbsp;Since December 2021 | &nbsp;&nbsp;Professor of Finance, Yale School of Management (since 2004). | &nbsp;&nbsp;147 portfolios in 5 investment companies | &nbsp;&nbsp;Director, Payoneer Inc. (digital payments) (since 2021); Director, Ariel Investments LLC (since 2017); and Director, Community Foundation of Greater New Haven (community foundation and grant-making) (since 2022). Formerly, Director, KCG Holdings (trading company) (January 2017-July 2017). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and**<br> **Year of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup> and**<br> **Length of Service** | &nbsp;&nbsp;**Principal Occupation**<br> **During Past 5 Years** | &nbsp;&nbsp;**Portfolios**<br> **within the DFA**<br> **Fund Complex<sup>2</sup>**<br> **Overseen** | &nbsp;&nbsp;**Other Directorships**<br> **of Public Companies**<br> **Held During**<br> **Past 5 Year**s |
| &nbsp;&nbsp;Ingrid M. Werner c/o<br> Dimensional Fund<br> Advisors LP 6300 <br> Bee Cave Road,<br> Building One Austin,<br> TX 78746<br> 1961 | &nbsp;&nbsp;Director/Trustee | &nbsp;&nbsp;DFAIDG, DIG, DEM & DFAITC – Since 2019; <br> ETF Trust – Since 2020 | &nbsp;&nbsp;Martin and Andrew Murrer<br> Professor of Finance, Fisher College of Business, The Ohio State University (since 1998). Adjunct Member, the Prize Committee for the Swedish Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (annual award for significant scientific research contribution) (since 2018). Director, American Finance Association (global association of academic researchers and practitioners in finance) (since January 2019). Member, Scientific Board, Leibniz Institute for Financial Research (institute supporting academic research in finance) (since 2020). Chair, Economic Advisory Committee, FINRA (since 2017). Chairman, Scientific Advisory Board, Swedish House of Finance (institute supporting academic research in finance) (since 2014). Member, Scientific Board, Danish Finance Institute (institute supporting academic research in finance) (since 2017). Fellow, Center for Analytical Finance (academic research) (since 2015). Associate Editor, Journal of Finance (since 2016). Formerly, President, Western Finance Association (global association of academic researchers and practitioners in finance) (2018- 2019). Formerly, Member, Academic Board, Mistra Financial Systems (organization funding academic research on environment, governance and climate/sustainability in finance) (2016-2021). | &nbsp;&nbsp;147 portfolios in<br> 5 investment companies | &nbsp;&nbsp;Director, Fourth<br> Swedish AP Fund (pension fund asset management) (since 2017). |

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**Interested Directors/Trustees**

The following interested Directors are described as such because each is deemed to be an "interested person," as that term is defined under the 1940 Act, due to his position with the Advisor.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and**<br> **Year of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup> and**<br> **Length of Service** | &nbsp;&nbsp;**Principal Occupation**<br> **During Past 5 Years** | &nbsp;&nbsp;**Portfolios within**<br> **the DFA** <br> **Fund Complex<sup>2</sup>**<br> **Overseen** | &nbsp;&nbsp;**Other Directorships**<br> **of Public Companies**<br> **Held During**<br> **Past 5 Years** |
| &nbsp;&nbsp;David P. Butler c/o<br> Dimensional Fund<br> Advisors LP 6300 <br> Bee Cave Road, <br> Building One, <br> Austin, TX 78746 <br> 1964 | &nbsp;&nbsp;Director<br> Co-Chief Executive<br> Officer | &nbsp;&nbsp;Director since December 2021<br> Co-Chief Executive Officer since 2017 (DFAIDG, DIG, DEM & DFAITC); 2020 (ETF Trust) | &nbsp;&nbsp;Co-Chief Executive Officer of Dimensional Emerging Markets Value Fund ("DEM"), DFAIDG, Dimensional Investment Group Inc. ("DIG"), The DFA Investment Trust Company ("DFAITC"), Dimensional Holdings Inc., Dimensional Fund Advisors LP, Dimensional Investment LLC, and DFA Securities LLC (collectively with DEM, DFAIDG, DIG and DFAITC, the "DFA Entities") (since 2017), DFA Canada LLC (since 2018), Dimensional Holdings LLC (since 2017), and Dimensional ETF Trust (since 2020); Chief Executive Officer of Dimensional Fund Advisors Canada ULC (since 2018); Director (since 2017) of Dimensional Holdings Inc., Dimensional Fund Advisors Canada ULC, Dimensional Japan Ltd., Dimensional Advisors Ltd., Dimensional Fund Advisors Ltd., and DFA Australia Limited; Director and Co-Chief Executive Officer (since 2017) of Dimensional Cayman Commodity Fund I Ltd.; Chief Executive Officer of Dimensional Fund Advisors Canada ULC (since 2018); Head of Global Financial Advisor Services for Dimensional Fund Advisors LP (since 2007) and Dimensional Investment LLC (since 2017); Formerly, Vice President (2007 – 2017) of all the DFA Entities; Formerly, Head of Global Advisor Services for Dimensional Investment LLC (2011-2017). | &nbsp;&nbsp;147 portfolios<br> in 5 investment<br> companies |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and**<br> **Year of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup> and**<br> **Length of Service** | &nbsp;&nbsp;**Principal Occupation**<br> **During Past 5 Years** | &nbsp;&nbsp;**Portfolios within**<br> **the DFA**<br> **Fund Complex<sup>2</sup>**<br> **Overseen** | &nbsp;&nbsp;**Other Directorships**<br> **of Public Companies**<br> **Held During**<br> **Past 5 Years** |
| &nbsp;&nbsp;Gerard K. O'Reilly<br> c/o Dimensional Fund<br> Advisors LP 6300<br> Bee Cave Road,<br> Building One, <br> Austin, TX 78746 <br> 1976 | &nbsp;&nbsp;Chairman and<br> Director<br> Co-Chief Executive<br> Officer and Chief<br> Investment Officer | &nbsp;&nbsp;Chairman and Director since December 2021 Co-Chief Executive Officer and Chief Investment Officer since 2017 (DFAIDG, DIG, DEM & DFAITC); 2020 (ETF Trust) | &nbsp;&nbsp;Co-Chief Executive Officer and Chief Investment Officer of the DFA Entities (since 2017) and Dimensional ETF Trust (since 2020); Co-Chief Executive Officer of Dimensional Canada LLC (since 2018); Chief Investment Officer of Dimensional Fund Advisors Canada ULC (since 2017); Director, Chief Investment Officer (since 2017) and Vice President (since 2014) of DFA Australia Limited; Chief Investment Officer (since 2018) and Vice President (since 2016) of Dimensional Japan Ltd.; Director, Co-Chief Executive Officer and Chief Investment Officer (since 2017) of Dimensional Cayman Commodity Fund I Ltd.; Director of Dimensional Funds plc (since 2014), Dimensional Fund II plc (since 2014), Dimensional Holdings Inc. (since 2017), Dimensional Advisors Ltd. (since 2017), and Dimensional Ireland Limited (since 2018). Formerly, Executive Vice President (2017) and Co-Chief Investment Officer (2014 – 2017) of the DFA Entities; Formerly, Vice President (2007 – 2017) of the DFA Entities; Formerly, Vice President and Co-Chief Investment Officer (2014 – 2017) of Dimensional Fund Advisors Canada ULC. Formerly, Director of Dimensional Fund Advisors Pte. Ltd. (2017-2018) and Dimensional Fund Advisors Ltd. (2018-2021). | &nbsp;&nbsp;147 portfolios in 5 investment companies |  |

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| | |
|:---|:---|
| 1 | Each Director/Trustee holds office for an indefinite term until his or her successor is elected and qualified. |
| 2 | Each Director/Trustee is a director or trustee of each of the five registered investment companies within the DFA Fund Complex, which include: the Fund; DIG; DFAITC; DEM; and Dimensional ETF Trust. Each disinterested Director/Trustee also serves on the Independent Review Committee of the Dimensional Funds, mutual funds registered in the provinces of Canada and managed by the Advisor's affiliate, Dimensional Fund Advisors Canada ULC. |

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**Officers**

Below is the name, year of birth, information regarding positions with the Funds and the principal occupation for each officer of the Funds. The address of each officer is 6300 Bee Cave Road, Building One, Austin, TX 78746. Each of the officers listed below holds the same office (except as otherwise noted) in the DFA Entities.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of<br> Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup> and Length of<br> Service** | &nbsp;&nbsp;**Principal Occupation During Past 5 Years** |
| &nbsp;&nbsp;Valerie A. Brown<br> 1967 | &nbsp;&nbsp;Vice President and<br> Assistant Secretary | &nbsp;&nbsp;Since 2001 | &nbsp;&nbsp;Vice President and Assistant Secretary of<br> ● all the DFA Entities (since 2001)<br> ● DFA Australia Limited (since 2002)<br> ● Dimensional Fund Advisors Ltd. (since 2002)<br> ● Dimensional Cayman Commodity Fund I Ltd. (since 2010)<br> ● Dimensional Fund Advisors Pte. Ltd. (since 2012)<br> ● Dimensional Hong Kong Limited (since 2012)<br> ● Dimensional ETF Trust (since 2020)<br> Director, Vice President and Assistant Secretary (since 2003) of<br> ● Dimensional Fund Advisors Canada ULC |
| &nbsp;&nbsp;Ryan P. Buechner<br> 1982 | &nbsp;&nbsp;Vice President and<br> Assistant Secretary | &nbsp;&nbsp;Since 2019 | &nbsp;&nbsp;Vice President and Assistant Secretary of<br> ● DFAIDG, DIG, DFAITC and DEM (since 2019)<br> ● Dimensional ETF Trust (since 2020) <br> Vice President (since January 2018) of<br> ● Dimensional Holdings Inc.<br> ● Dimensional Fund Advisors LP<br> ● Dimensional Investment LLC<br> ● DFA Securities LLC |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of<br> Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup> and Length of<br> Service** | &nbsp;&nbsp;**Principal Occupation During Past 5 Years** |
| &nbsp;&nbsp;Stephen A. Clark<br> 1972 | &nbsp;&nbsp;Executive Vice<br> President | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Executive Vice President of<br> ● all the DFA Entities (since 2017)<br> ● Dimensional ETF Trust (since 2020)<br> Director and Vice President (since 2016) of<br> ● Dimensional Japan Ltd.<br> Chairman (since 2018) of<br> ● Dimensional Fund Advisors Canada ULC<br> President and Director (since 2016) of<br> ● Dimensional Fund Advisors Canada ULC<br> Vice President (since 2008) and Director (since 2016) of<br> ● DFA Australia Limited<br> Director (since 2016) of<br> ● Dimensional Advisors Ltd.<br> ● Dimensional Fund Advisors Pte. Ltd.<br> ● Dimensional Hong Kong Limited<br> Vice President of<br> ● Dimensional Advisors Ltd. (since 2016)<br> ● Dimensional Hong Kong Limited (since 2016)<br> ● Dimensional Fund Advisors Pte. Ltd. (since 2019)<br> Formerly, Director (2016-2021) of<br> ● Dimensional Fund Advisors Ltd.<br> Formerly, Vice President (2004 – 2017) of<br> ● all the DFA Entities<br> Formerly, Vice President (2010 – 2016) of<br> ● Dimensional Fund Advisors Canada ULC<br> Formerly, Vice President (2016-2019) of<br> ● Dimensional Fund Advisors Pte. Ltd.<br> Formerly, Interim Chief Executive Officer (2019-2020) of<br> ● Dimensional Fund Advisors Pte. Ltd.<br> Formerly, Head of Institutional, North America (2012 – 2013) and Head of Global Institutional Services (2014-2018) for<br> ● Dimensional Fund Advisors LP |
| &nbsp;&nbsp;Lisa M. Dallmer<br> 1972 | &nbsp;&nbsp;Chief Operating Officer | &nbsp;&nbsp;Since June 2021 | &nbsp;&nbsp;Chief Operating Officer (since June 2021) of<br> ● the DFA Fund Complex<br> Executive Vice President (since January 2020)<br> ● Dimensional Holdings Inc.<br> ● Dimensional Fund Advisors LP<br> ● Dimensional Investment LLC<br> ● DFA Securities LLC<br> Chief Operating Officer (since December 2019)<br> ● Dimensional Holdings Inc.<br> ● Dimensional Fund Advisors LP<br> ● Dimensional Investment LLC<br> ● DFA Securities LLC<br> Vice President (since 2020) of<br> ● DFA Australia Limited<br> ● Dimensional Advisors Ltd.<br> ● Dimensional Fund Advisors Canada ULC<br> ● Dimensional Fund Advisors Pte. Ltd.<br> ● Dimensional Ireland Limited<br> ● Dimensional Japan Ltd.<br> Formerly, Vice President, Chief Financial Officer, and Treasurer (June 2020-June 2021) of<br> ● the DFA Fund Complex<br> Formerly, Senior Vice President, Business Operations<br> (March 2019 – October 2019) at<br> ● Delphix Inc.<br> Formerly, Chief Operating Officer Global Technology & Operations, Managing<br> Director (2014 – 2018) of<br> ● BlackRock Inc. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup>**<br> **and Length of**<br> **Service** | &nbsp;&nbsp;**Principal Occupation During Past 5 Years** |
| &nbsp;&nbsp;Bernard J. Grzelak<br> 1971 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Since June 2021 | &nbsp;&nbsp;Vice President (since June 2021) of<br> ● the DFA Fund Complex<br> Vice President, Chief Financial Officer and Treasurer (since September 2020) of<br> ● DFA Australia Limited<br> ● Dimensional Fund Advisors Canada ULC<br> ● DFA Securities LLC<br> ● Dimensional Advisors Ltd.<br> ● Dimensional Fund Advisors LP<br> ● Dimensional Fund Advisors Ltd.<br> ● Dimensional Fund Advisors Pte. Ltd.<br> ● Dimensional Holdings Inc.<br> ● Dimensional Hong Kong Limited<br> ● Dimensional Investment LLC<br> Vice President (since March 2021) of<br> ● Dimensional Ireland Limited<br> Formerly, Partner (2008 – 2020), Chief Operating Officer, Global Funds and Risk (2018 – 2020), Chief Operations Officer (2016 – 2018), and Director of<br> Fund Administration (2003 – 2016) of<br> ● Lord Abbett & Co. LLC<br> Formerly, Chief Financial Officer (2017 – 2020), and Treasurer (2003 – 2017) of<br> ● Lord Abbett Family of Funds |
| &nbsp;&nbsp;Eric Hall 1978 | &nbsp;&nbsp;Vice President and<br> Assistant Treasurer  | &nbsp;&nbsp;Since June 2021 | &nbsp;&nbsp;Vice President and Assistant Treasurer (since June 2021) of<br> ● the DFA Fund Complex<br> Formerly, Data Integrity Team Lead (December 2019 – April 2021) of<br> ● Clearwater Analytics<br> Formerly, Assistant Vice President and Assistant Treasurer (March 2015 –<br> November 2019) at<br> ● INVESCO, U.S. (formerly, OppenheimerFunds, Inc.) |
| &nbsp;&nbsp;Jeff J. Jeon 1973<br>| &nbsp;&nbsp;Vice President<br>| &nbsp;&nbsp;Since 2004  | &nbsp;&nbsp;Vice President (since 2004) of<br> ● all the DFA Entities<br> Vice President (since 2020) of<br> ● Dimensional ETF Trust Vice President and Assistant Secretary (since 2010) of<br> ● Dimensional Cayman Commodity Fund I Ltd.<br> Formerly, Assistant Secretary (2017-2019) of<br> ● all the DFA Entities |
| &nbsp;&nbsp;Joy Lopez 1971 | &nbsp;&nbsp;Vice President and<br> Assistant Treasurer  | &nbsp;&nbsp;Vice President<br> since 2015 and<br> Assistant Treasurer<br> since 2017 | &nbsp;&nbsp;Vice President of<br> ● all the DFA Entities (since 2015)<br> ● Dimensional Fund Advisors Ltd. (since 2015)<br> ● Dimensional ETF Trust (since 2020)<br> ● DFA Australia Limited (since 2020)<br> ● Dimensional Fund Advisors Canada ULC (since 2020)<br> ● Dimensional Ireland Limited (since 2020) Assistant Treasurer of<br> ● DFAIDG, DIG, DFAITC and DEM (since 2017)<br> ● Dimensional ETF Trust (since 2020)<br> Assistant Treasurer of<br> ● DFAIDG, DIG, DFAITC and DEM (since 2017)<br> ● Dimensional ETF Trust (since 2020) |
| &nbsp;&nbsp;Kenneth M. Manell<br> 1972 | &nbsp;&nbsp;Vice President  | &nbsp;&nbsp;Since 2010 | &nbsp;&nbsp;Vice President of<br> ● all the DFA Entities (since 2010)<br> ● Dimensional Cayman Commodity Fund I Ltd. (since 2010)<br> ● Dimensional ETF Trust (since 2020) |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of <br> Birth** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup>**<br> **and Length of**<br> **Service** | &nbsp;&nbsp;**Principal Occupation During Past 5 Years** |
| &nbsp;&nbsp;Jan Miller 1963<br>| &nbsp;&nbsp;Vice President,<br> Chief Financial<br> Officer, and Treasurer | &nbsp;&nbsp;Since June 2021  | &nbsp;&nbsp;Vice President, Chief Financial Officer, and Treasurer (since June 2021) of<br> ● the DFA Fund Complex<br> Formerly, Director (May 2019 – January 2021) at<br> ● INVESCO, U.S. (formerly, OppenheimerFunds, Inc.)<br> Formerly, Vice President and Assistant Treasurer (September 2012 – May 2019) at<br> ● OppenheimerFunds, Inc. |
| &nbsp;&nbsp;Catherine L. Newell<br> 1964 | &nbsp;&nbsp;President and General Counsel | &nbsp;&nbsp;President since<br> 2017 and General<br> Counsel since 2001 | &nbsp;&nbsp;President of<br> ● DFAIDG, DIG, DFAITC and DEM (since 2017)<br> ● Dimensional ETF Trust (since 2020)<br> General Counsel of<br> ● all the DFA Entities (since 2001)<br> ● Dimensional Fund Advisors LP (since 2006)<br> ● Dimensional Holdings Inc (since 2006)<br> ● Dimensional Investment LLC (since 2009)<br> ● DFA Canada LLC (since 2009)<br> ● Dimensional ETF Trust (since 2020)<br> Executive Vice President (since 2017) of<br> ● Dimensional Fund Advisors LP<br> ● Dimensional Holdings Inc.<br> ● DFA Securities LLC<br> ● Dimensional Investment LLC<br> Secretary of<br> ● Dimensional Fund Advisors LP (since 2006)<br> ● Dimensional Holdings Inc. (since 2006)<br> ● DFA Securities LLC (since 2006)<br> ● Dimensional Investment LLC (since 2009)<br> Vice President (since 1997) and Secretary (since 2002) of<br> ● DFA Australia Limited<br> ● Dimensional Fund Advisors Ltd.<br> Vice President and Secretary of<br> ● Dimensional Fund Advisors Canada ULC (since 2003)<br> ● DFA Canada LLC (since 2009)<br> ● Dimensional Cayman Commodity Fund I Ltd. (since 2010)<br> ● Dimensional Japan Ltd. (since 2012)<br> ● Dimensional Advisors Ltd (since 2014)<br> ● Dimensional Fund Advisors Pte. Ltd. (since 2012)<br> Vice President and Assistant Secretary (since 2012) of<br> ● Dimensional Hong Kong<br> Limited Director of<br> ● Dimensional Australia Limited (since 2007)<br> ● Dimensional Funds plc (since 2002)<br> ● Dimensional Funds II plc (since 2006)<br> ● Director of Dimensional Japan Ltd. (since 2012)<br> ● Dimensional Advisors Ltd. (since 2012)<br> ● Dimensional Fund Advisors Pte. Ltd. (since 2012)<br> ● Dimensional Hong Kong Limited (since 2012)<br> ● Dimensional Ireland Limited (since 2018)<br> Formerly, Vice President and Secretary (2010 – 2014) of<br> ● Dimensional SmartNest (US) LLC<br> Formerly, Vice President (1997 – 2017) and Secretary (2000 – 2017) of<br> ● DFAIDG, DIG, DFAITC and DEM<br> Formerly, Vice President of<br> ● Dimensional Fund Advisors LP (1997 – 2017)<br> ● Dimensional Holdings Inc. (2006 – 2017)<br> ● DFA Securities LLC (1997 – 2017)<br> ● Dimensional Investment LLC (2009 – 2017)<br> Formerly, Director (2002 – 2021) of<br> ● Dimensional Fund Advisors Ltd. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | **Position** | &nbsp;&nbsp;**Term of Office<sup>1</sup> and Length of Service** | **Principal Occupation During Past 5 Years** |
| &nbsp;&nbsp;Selwyn J.<br> Notelovitz 1961<br>| &nbsp;&nbsp;Vice President  | &nbsp;&nbsp;Since September<br> 2021 | &nbsp;&nbsp;Vice President (since September 2021) of<br> ● the DFA Fund Complex<br> Vice President (since December 2012) and Chief Compliance Officer (since July 2020) of<br> ● DFA Securities LLC<br> ● Dimensional Fund Advisors LP<br> ● Dimensional Holdings Inc.<br> ● Dimensional Investment LLC<br> Chief Compliance Officer (since July 2020) of:<br> ● DFA Australia Limited<br> ● Dimensional Fund Advisors Ltd.<br> ● Dimensional Fund Advisors Canada ULC Formerly, Deputy Chief<br> Compliance Officer (2013-2020) of:<br> ● DFA Fund Complex<br> ● DFA Securities LLC<br> ● Dimensional Fund Advisors LP<br> ● Dimensional Holdings Inc.<br> ● Dimensional Investment LLC<br> Formerly, Vice President (2013-2020) of:<br> ● DFA Fund Complex Formerly, Director (2019-2021) of:<br> ● Dimensional Ireland Limited |
| &nbsp;&nbsp;Carolyn L. O 1974<br>| &nbsp;&nbsp;Vice President and<br> Secretary | &nbsp;&nbsp;Vice President<br> since 2010 and<br> Secretary since<br> 2017 | &nbsp;&nbsp;Vice President and Secretary of<br> ● DFAIDG, DIG, DFAITC and DEM (since 2010 and 2017, respectively)<br> ● Dimensional ETF Trust (since 2020)<br> Vice President (since 2010) and Assistant Secretary (since 2016) of<br> ● Dimensional Fund Advisors LP<br> ● Dimensional Holdings Inc.<br> ● Dimensional Investment LLC Vice President of<br> ● DFA Securities LLC (since 2010)<br> ● Dimensional Cayman Commodity Fund I Ltd. (since 2010)<br> ● Dimensional Fund Advisors Canada ULC (since 2016)<br> Assistant Secretary (since 2016) of<br> ● DFA Securities LLC |
| &nbsp;&nbsp;Randy C. Olson<br> 1980<br>| &nbsp;&nbsp;Chief Compliance<br> Officer<br>| &nbsp;&nbsp;Since 2020<br>| &nbsp;&nbsp;Chief Compliance Officer (since 2020)<br> ● the DFA Fund Complex<br> ● Vice President (since 2016) of<br> ● DFA Securities LLC<br> ● Dimensional Fund Advisors LP<br> ● Dimensional Holdings Inc.<br> ● Dimensional Investment LLC<br> Formerly, Vice President – Senior Compliance Officer<br> ● Dimensional Investment Advisors LP (January 2020 – August 2020 and July<br> 2014 – March 2017)<br> Formerly, Vice President – Head of Compliance & Operations Asia Ex-Japan<br> ● Dimensional Investment Advisors LP (April 2017 – January 2020) |
| &nbsp;&nbsp;James J. Taylor<br> 1983<br>| &nbsp;&nbsp;Vice President and<br> Assistant Treasurer | &nbsp;&nbsp;Since 2020 | &nbsp;&nbsp;Vice President and Assistant Treasurer (since 2020) of<br> ● the DFA Fund Complex<br> Vice President<br> ● Dimensional Holdings Inc. (since 2016)<br> ● Dimensional Fund Advisors LP (since 2016)<br> ● Dimensional Investment LLC (since 2016)<br> ● DFA Securities LLC (since 2016)<br> ● Dimensional Fund Advisors Canada ULC (since 2020) |

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<br> 1 Each officer holds office for an indefinite term at the pleasure of the Board of Directors and until his or her successor is elected and qualified.

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**VOTING PROXIES ON FUND PORTFOLIO SECURITIES**

A description of the policies and procedures that the Fund uses in voting proxies relating to securities held in the portfolio is available (1) without charge, upon request, by calling collect: (512) 306-7400; (2) from the Advisor's website at http://us.dimensional.com; and (3) on the SEC's website at http://www.sec.gov. Information regarding how the Advisor votes these proxies is available from the EDGAR database on the SEC's website at http://www.sec.gov and from the Advisor's website at https://www.dimensional.com/us-en/who-we-are/investment-stewardship and reflects the twelve-month period beginning July 1st and ending June 30th.

Distributor for the SA Funds:<br> Foreside Financial Services, LLC<br> Three Canal Plaza, Suite 100,<br> Portland, ME 04101<br> www.foreside.com

*This report is submitted for the general information of the shareholders of the SA Funds. It is not authorized for distribution to prospective investors in the SA Funds unless preceded or accompanied by an effective prospectus, which includes information regarding the SA Funds' objectives and policies, experience of its management, and other information.*

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**<u>Item 1 (b)</u>**

Not applicable.

------

**<u>Item 2. Code of Ethics.</u>**

Not applicable.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to the registrant.

**<u>Item 6. Schedule of Investments.</u>**

(a) **SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 95.2%** |  |  |
| ***Aerospace & Defense — 1.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerojet Rocketdyne Holdings, Inc. \* | 897 | $50169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. \* | 500 | 82965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The) \* | 8201 | 1562209 |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 2913 | 169187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 847 | 141441 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 3788 | 939841 |
| &nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp. | 574 | 88189 |
| &nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 625 | 74906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corp. | 778 | 45785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1946 | 76692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 827 | 190772 |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 2258 | 470138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 6309 | 3069265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 2833 | 1545713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parsons Corp. \* | 540 | 24975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 14657 | 1479185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | 2582 | 182806 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 928 | 584315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 1254 | 121149 |
|  |  | 10899702 |
| ***Air Freight & Logistics — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 2800 | 256368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3525 | 366318 |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 4796 | 830667 |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. \* | 1934 | 82563 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 14911 | 2592128 |
|  |  | 4128044 |
| ***Airlines — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. \* | 3201 | 137451 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group, Inc. \* | 4400 | 55968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. \* | 4487 | 147443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co. \* | 5800 | 195286 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. \* | 2884 | 108727 |
|  |  | 644875 |
| ***Auto Components — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adient PLC \* | 1020 | 35384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aptiv PLC \* | 2924 | 272312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Autoliv, Inc. | 1465 | 112190 |
| &nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 3685 | 148321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. \* | 500 | 45615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 4249 | 115870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) \* | 3778 | 38347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | 957 | 118687 |
|  |  | 886726 |
| ***Automobiles — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 38192 | 444173 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 9249 | 311136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 974 | 40518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. \* | 31938 | 3934123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc. @ | 1179 | 89003 |
|  |  | 4818953 |
| ***Beverages — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. (The), Class A \* | 216 | 71176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class A | 1202 | 79044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 5458 | 358481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. \*@ | 396 | 41200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 76728 | 4880668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 132 | 67632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 1757 | 407185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 3375 | 120352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 1400 | 72128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. \* | 4711 | 478308 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Beverage Corp. \* | 881 | 40993 |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 32018 | 5784372 |
|  |  | 12401539 |
| ***Biotechnology — 2.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 37978 | 6137625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC \* | 1447 | 37810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. \* | 1198 | 284705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 12097 | 3177156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. \* | 2404 | 665716 |
| &nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. \* | 1169 | 120980 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG \*@ | 655 | 26626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc. \* | 800 | 22248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp. \* | 1421 | 70354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. \* | 3578 | 57391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 23535 | 2020480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. \* | 3014 | 171497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Therapeutics PLC \* | 1910 | 217358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp. \* | 894 | 71806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. \* | 914 | 34522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karuna Therapeutics, Inc. \* | 193 | 37924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. \* | 1481 | 266017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. \* | 608 | 72619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. \* | 1543 | 1113259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. \* | 702 | 90965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagen, Inc. \* | 1042 | 133907 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. \* | 835 | 232205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. \* | 2966 | 856521 |
|  |  | 15919691 |
| ***Building Products — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 2378 | 136117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 200 | 16394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 3064 | 322517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 1390 | 95340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. \* | 2521 | 163562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 1113 | 262278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 15513 | 639911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 2330 | 133066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 580 | 37120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 835 | 199757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 4275 | 199514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masterbrand, Inc. \* | 2330 | 17592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 2802 | 239011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 1080 | 95753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 3350 | 563102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc. \* | 3239 | 137107 |
| &nbsp;&nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 812 | 64351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 1200 | 25380 |
|  |  | 3347872 |
| ***Capital Markets — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 600 | 95058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 2269 | 706498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 1606 | 109915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 4707 | 214263 |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc. | 1390 | 984996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | 6683 | 495812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. (The) | 1219 | 36375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 1317 | 165244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 14444 | 1202607 |
| &nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 2477 | 416532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 400 | 43632 |
| &nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 757 | 303716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. @ | 2732 | 72070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 3139 | 1077870 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Capital Markets (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. Class A | 723 | $46185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 1466 | 127776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 962 | 69601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 4781 | 490483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | 2611 | 46972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 1850 | 43512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 1620 | 55534 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 7268 | 337380 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 2186 | 472548 |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 800 | 223112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moelis & Co., Class A | 500 | 19185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 3822 | 1064886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 18298 | 1555696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morningstar, Inc. | 304 | 65843 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | 1501 | 698220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 4902 | 300738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 2859 | 252993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 3195 | 341386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A \* | 1886 | 15352 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 3924 | 1314304 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 3132 | 182596 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | 1628 | 126284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 2529 | 147618 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 4162 | 453908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 683 | 44347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 1430 | 29186 |
|  |  | 14450233 |
| ***Chemicals — 1.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 3262 | 1005544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. | 956 | 207318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashland, Inc. | 970 | 104304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avient Corp. | 700 | 23632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. \* | 1604 | 40854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balchem Corp. | 630 | 76929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cabot Corp. | 500 | 33420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Celanese Corp. | 1968 | 201208 |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 2192 | 186759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemours Co. (The) | 1100 | 33682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 5428 | 319058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | 12298 | 619696 |
| &nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 2632 | 180634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 1476 | 120206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 3437 | 500290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 2160 | 39290 |
| &nbsp;&nbsp;&nbsp;&nbsp;FMC Corp. | 1937 | 241738 |
| &nbsp;&nbsp;&nbsp;&nbsp;H.B. Fuller Co. | 339 | 24279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntsman Corp. | 4705 | 129294 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 2270 | 237987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 4857 | 1584256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Livent Corp. \* | 1666 | 33104 |
| &nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 6211 | 515699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 4606 | 202065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Olin Corp. | 1800 | 95292 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 3241 | 407523 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 2334 | 227448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sherwin Williams Co. (The) | 5981 | 1419471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. | 2246 | 73332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westlake Corp. | 439 | 45015 |
|  |  | 8929327 |
| ***Commercial Banks — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 1989 | 45926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancfirst Corp. | 426 | 37565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 66036 | 2187112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | 1661 | 66540 |
| &nbsp;&nbsp;&nbsp;&nbsp;BOK Financial Corp. | 300 | 31137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Bank | 3669 | 90478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 6473 | 292774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 454 | 17874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comerica, Inc. | 1832 | 122469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 2384 | 162279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Bank System, Inc. | 932 | 58669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 956 | 127817 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVB Financial Corp. | 1624 | 41818 |
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 2039 | 134370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 1906 | 32879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 7840 | 257230 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens Bancshares, Inc., Class A | 112 | 84936 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 3094 | 106434 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 1617 | 42107 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corp. | 7194 | 176253 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Interstate Bancsystem, Inc., Class A | 900 | 34785 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Republic Bank | 1441 | 175643 |
| &nbsp;&nbsp;&nbsp;&nbsp;FNB Corp. | 5930 | 77386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 1306 | 64543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 1078 | 52164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Bancshares, Inc. | 1840 | 41934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 7352 | 103663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Bank Corp. | 419 | 35376 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 38234 | 5127179 |
| &nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 7104 | 123752 |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | 522 | 75721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 636 | 20072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 1009 | 74061 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 3193 | 504302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Popular, Inc. | 2182 | 144710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 1026 | 74570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 9428 | 203268 |
| &nbsp;&nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 589 | 40588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Signature Bank | 385 | 44360 |
| &nbsp;&nbsp;&nbsp;&nbsp;South State Corp. | 400 | 30544 |
| &nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Group \* | 882 | 202983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 1811 | 68003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. \* | 661 | 39865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 7663 | 329739 |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corp. | 590 | 49277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Umpqua Holdings Corp. | 2800 | 49980 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 778 | 31501 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 1423 | 48097 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | 19610 | 855192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp | 1602 | 18119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 2013 | 95295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 31501 | 1300676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 2242 | 133534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 600 | 50712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp NA | 2092 | 102843 |
|  |  | 14541104 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Commercial Services & Supplies — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A \* | 549 | $43541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 1987 | 897369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. \* | 770 | 87872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. \* | 7064 | 430127 |
| &nbsp;&nbsp;&nbsp;&nbsp;IAA, Inc. \* | 3052 | 122080 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 600 | 86514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 4657 | 600706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 4629 | 169144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stericycle, Inc. \* | 1544 | 77030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 640 | 92922 |
| &nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp. | 155 | 29914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 9583 | 1503381 |
|  |  | 4140600 |
| ***Communications Equipment — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. \* | 2688 | 326189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. \* | 2569 | 130968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 63490 | 3024663 |
| &nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. \* | 769 | 110359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 4954 | 158330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. \* | 1528 | 79716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 2888 | 744266 |
|  |  | 4574491 |
| ***Computers & Peripherals — 7.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 316451 | 41116478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 3734 | 150181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 9599 | 153200 |
| &nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 17328 | 465603 |
| &nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 4285 | 257357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A \* | 2027 | 54243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 4998 | 262945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. \* | 218 | 17898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. \* | 3176 | 100203 |
|  |  | 42578108 |
| ***Construction & Engineering — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | 1355 | 115080 |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. \* | 1855 | 34893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 533 | 61338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. \* | 452 | 42307 |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 1400 | 207354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. \* | 831 | 28802 |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. \* | 1400 | 119462 |
| &nbsp;&nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 3960 | 120146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 2550 | 363375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 200 | 66134 |
| &nbsp;&nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings Corp. \* | 1927 | 87043 |
|  |  | 1245934 |
| ***Construction Materials — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 626 | 83164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 664 | 224412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Materials, Inc., Class A \* | 1335 | 37910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 1521 | 266342 |
|  |  | 611828 |
| ***Consumer Finance — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 1328 | 32470 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 12759 | 1885142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 4875 | 453180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Acceptance Corp. \*@ | 184 | 87290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Discover Financial Services | 6077 | 594513 |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 1032 | 89691 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 677 | 22551 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLM Corp. | 2583 | 42878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 8054 | 264654 |
|  |  | 3472369 |
| ***Containers & Packaging — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | 13861 | 165085 |
| &nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 1483 | 163100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 2232 | 403992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 6941 | 354963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | 3918 | 236765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 3506 | 288228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 6877 | 153013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greif, Inc., Class A | 641 | 42985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greif, Inc., Class B | 320 | 25034 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | 4336 | 150156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 1552 | 198516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp. | 3059 | 152583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 2057 | 106635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co. | 1933 | 117352 |
| &nbsp;&nbsp;&nbsp;&nbsp;WestRock Co. | 1 | 35 |
|  |  | 2558442 |
| ***Distributors — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | 2179 | 378078 |
| &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | 4303 | 229823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pool Corp. | 1026 | 310191 |
|  |  | 918092 |
| ***Diversified Consumer Services — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ADT, Inc. | 3988 | 36171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. \* | 639 | 40321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. \* | 200 | 21132 |
| &nbsp;&nbsp;&nbsp;&nbsp;H&R Block, Inc. | 4046 | 147720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | 4767 | 329590 |
|  |  | 574934 |
| ***Diversified Financial Services — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 1436 | 91603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B \* | 16977 | 5244195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 5987 | 171827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 1519 | 93403 |
|  |  | 5601028 |
| ***Diversified Telecommunication Services — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 66590 | 1225922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc. \* | 1656 | 42195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications, Inc. \* | 3043 | 156410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 12123 | 63282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 99340 | 3913996 |
|  |  | 5401805 |
| ***Electric Utilities — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allete, Inc. | 300 | 19353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 4621 | 255125 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 8417 | 799194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avangrid, Inc. @ | 1433 | 61590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 5321 | 458723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | 13107 | 1349890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edison International | 6635 | 422119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | 2869 | 322763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 3652 | 229820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 5876 | 492644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | 15965 | 690167 |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 8176 | 342902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. | 2245 | 93953 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 647 | 69779 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 36253 | 3030751 |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 6256 | 199066 |
| &nbsp;&nbsp;&nbsp;&nbsp;OGE Energy Corp. | 3314 | 131069 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Electric Utilities (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. \* | 2100 | $34146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 1978 | 150407 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNM Resources, Inc. | 2100 | 102459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Co. @ | 1411 | 69139 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | 9200 | 268824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The) | 17830 | 1273240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 9222 | 646554 |
|  |  | 11513677 |
| ***Electrical Equipment — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | 739 | 122386 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 3933 | 549519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc. \* | 743 | 84271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 5446 | 854750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 8689 | 834665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. \* | 967 | 97338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 1043 | 244771 |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 2290 | 88096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plug Power, Inc. \*@ | 670 | 8288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 1234 | 148055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 2306 | 593957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 2621 | 105836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A \* | 2112 | 52103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunrun, Inc. \* | 1483 | 35622 |
|  |  | 3819657 |
| ***Electronic Equipment, Instruments & Components — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 12045 | 917106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. \* | 830 | 86793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | 944 | 39252 |
| &nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | 2939 | 524847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 1711 | 80605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. \* | 900 | 31590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 8949 | 285831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet \* | 506 | 64879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. \* | 7316 | 157001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. \* | 300 | 30081 |
| &nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corp. \* | 471 | 44590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 3689 | 251590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. \* | 3226 | 551872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 380 | 83676 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Instruments Corp. | 1428 | 52693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. \* | 661 | 89810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. \* | 431 | 24692 |
| &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1139 | 107875 |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 3575 | 410410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. \* | 573 | 229148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. \* | 2830 | 143085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A \* | 767 | 196666 |
|  |  | 4404092 |
| ***Energy Equipment & Services — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | 3464 | 102292 |
| &nbsp;&nbsp;&nbsp;&nbsp;ChampionX Corp. | 3461 | 100334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | 10216 | 402000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 805 | 39904 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOV, Inc. | 4002 | 83602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 2191 | 36896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 12666 | 677124 |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC \* | 4963 | 60499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC \* | 977 | 49749 |
|  |  | 1552400 |
| ***Entertainment — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | 9560 | 731818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 2838 | 346747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Endeavor Group Holdings, Inc., Class A \* | 1972 | 44449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A \* | 315 | 16830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C \* | 1723 | 103001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. \* | 2466 | 171979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. | 279 | 51149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. \* | 4747 | 1399795 |
| &nbsp;&nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A \* | 2017 | 57404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA \* | 385 | 30396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. \* | 2052 | 213675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) \* | 18097 | 1572267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. \* | 12527 | 118756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | 1467 | 51374 |
| &nbsp;&nbsp;&nbsp;&nbsp;World Wrestling Entertainment, Inc., Class A | 628 | 43031 |
|  |  | 4952671 |
| ***Food & Staples Retailing — 1.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos., Inc. Class A | 714 | 14808 |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. \* | 2341 | 154881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 774 | 173647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 8735 | 3987527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh Market, Inc. @\*<> | 1100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | 17571 | 783315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. \* | 1336 | 78009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. \* | 1478 | 47843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 9579 | 732315 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. \* | 1600 | 54432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 6082 | 227224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 25166 | 3568287 |
|  |  | 9822288 |
| ***Food Products — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 4142 | 384585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. | 1401 | 139778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Campbell Soup Co. | 4243 | 240790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 3575 | 138353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. \* | 3101 | 194092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 3652 | 104958 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | 8511 | 713647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. (The) | 2946 | 682205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 4014 | 182838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hostess Brands, Inc. \* | 1697 | 38081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingredion, Inc. | 1590 | 155709 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. (The) | 1268 | 200927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kellogg Co. | 5208 | 371018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 5057 | 205870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 4603 | 411324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 522 | 102991 |
| &nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 405 | 33279 |
| &nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 3171 | 262844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 11759 | 783737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. \* | 1700 | 40341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc. \* | 1501 | 135480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seaboard Corp. | 11 | 41527 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Food Products (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 5064 | $315234 |
|  |  | 5879608 |
| ***Gas Utilities — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 2360 | 264485 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 1600 | 101280 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 954 | 47337 |
| &nbsp;&nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 249 | 18854 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Jersey Industries, Inc. | 884 | 31409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 1343 | 83105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc. | 549 | 37804 |
| &nbsp;&nbsp;&nbsp;&nbsp;UGI Corp. | 2799 | 103759 |
|  |  | 688033 |
| ***Health Care Equipment & Supplies — 1.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 19151 | 2102588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. \* | 833 | 175680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 7728 | 393896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 2001 | 508854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. \* | 10979 | 507998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) | 521 | 172279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 1213 | 38622 |
| &nbsp;&nbsp;&nbsp;&nbsp;DexCom, Inc. \* | 2749 | 311297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. \* | 8835 | 659179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Envista Holdings Corp. \* | 2222 | 74815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A \* | 1500 | 111405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corp. \* | 657 | 51673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. \* | 4904 | 366868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Idexx Laboratories, Inc. \* | 2000 | 815920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp. \* | 740 | 217849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. \* | 1168 | 65490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. \* | 1973 | 523536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. \* | 601 | 30627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masimo Corp. \* | 608 | 89954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 9595 | 745723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. \* | 769 | 54307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neogen Corp. \* | 7062 | 107554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novocure Ltd. \*@ | 300 | 22005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc. \* | 389 | 86537 |
| &nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc. | 2579 | 536767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shockwave Medical, Inc. \* | 212 | 43589 |
| &nbsp;&nbsp;&nbsp;&nbsp;STERIS plc | 889 | 164190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 4501 | 1100450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | 364 | 90865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 1186 | 151215 |
|  |  | 10321732 |
| ***Health Care Providers & Services — 3.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc. \* | 1169 | 96232 |
| &nbsp;&nbsp;&nbsp;&nbsp;agilon health, Inc. \* | 1131 | 18254 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 2652 | 439463 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc. \* | 799 | 82153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 3943 | 303099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. \* | 4920 | 403489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemed Corp. | 339 | 173036 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIGNA Corp. | 5306 | 1758090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contra Abiomed, Inc. \*<> | 350 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 14844 | 1383312 |
| &nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc. \* | 2100 | 156807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 3525 | 1808219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 2141 | 128053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enhabit, Inc. \* | 1070 | 14081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 687 | 64997 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 3366 | 807705 |
| &nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. \* | 331 | 20403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. \* | 3048 | 243444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 2029 | 1039234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | 1685 | 396784 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 2992 | 1122359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. \* | 1058 | 349373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. \* | 1563 | 47031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premier, Inc., Class A | 1383 | 48377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 2297 | 359343 |
| &nbsp;&nbsp;&nbsp;&nbsp;R1 RCM, Inc. \*@ | 1861 | 20378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. \* | 1281 | 62500 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 15685 | 8315873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 1473 | 207531 |
|  |  | 19869977 |
| ***Health Care Technology — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A \* | 1334 | 215281 |
| ***Hotels, Restaurants & Leisure — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aramark | 2445 | 101076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. \* | 578 | 1164832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 1142 | 62273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. \* | 423 | 586908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 1000 | 112640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 524 | 110789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 2002 | 276937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 716 | 248022 |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. Class A \*@ | 2512 | 28612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. \* | 1275 | 111690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 3388 | 428108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A \* | 300 | 27135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. \*@ | 3185 | 153103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 5910 | 879940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 750 | 100943 |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 12813 | 3376610 |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | 3426 | 114874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. \* | 1589 | 47193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. Class A \* | 1127 | 88808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. \*@ | 2550 | 126046 |
| &nbsp;&nbsp;&nbsp;&nbsp;SeaWorld Entertainment, Inc. \* | 920 | 49229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 19320 | 1916544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 1257 | 114324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 666 | 158741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wendy's Co. (The) | 5687 | 128697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wingstop, Inc. | 324 | 44589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 1765 | 125862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. \* | 738 | 60863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 5152 | 659868 |
|  |  | 11405256 |
| ***Household Durables — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DR Horton, Inc. | 5753 | 512823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Garmin Ltd. | 2389 | 220481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | 3378 | 108873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., B Shares | 72 | 5384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 3122 | 282541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. \* | 600 | 61332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 1165 | 15238 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc. \* | 68 | 313656 |
| &nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 4404 | 200514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. | 3440 | 118095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 1650 | 82368 |
| &nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp. \* | 500 | 78245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Whirlpool Corp. | 1555 | 219970 |
|  |  | 2219520 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Household Products — 1.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 4542 | $366130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. (The) | 2311 | 324303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 15714 | 1238106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 4641 | 630016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 45612 | 6912955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 878 | 26322 |
|  |  | 9497832 |
| ***Independent Power Producers & Energy Traders — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AES Corp. (The) | 11000 | 316360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC | 700 | 18130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | 1270 | 37998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | 2400 | 76488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 741 | 64082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 3161 | 73335 |
|  |  | 586393 |
| ***Industrial Conglomerates — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 13151 | 1577068 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 2729 | 228663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 12821 | 2747540 |
|  |  | 4553271 |
| ***Insurance — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 7013 | 504515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 2809 | 380900 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Equity Investment Life Holding Co. | 788 | 35949 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 527 | 72347 |
| &nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 4355 | 275410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aon PLC, Class A | 4982 | 1495297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. \* | 3373 | 211757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 2175 | 410074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 1143 | 142944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 900 | 56034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 1300 | 70421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc. \* | 674 | 34556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 4399 | 250611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 3276 | 722686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 1150 | 117749 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNA Financial Corp. | 943 | 39870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enstar Group Ltd. \* | 300 | 69312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 545 | 135552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 191 | 63273 |
| &nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. \* | 306 | 6123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 4510 | 169666 |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corp. | 2368 | 123941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | 1141 | 137548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 696 | 94050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 4796 | 363681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 257 | 67211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | 2031 | 62392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loews Corp. | 1471 | 85803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Corp. \* | 100 | 131749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 9000 | 1489320 |
| &nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 4850 | 350995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | 2863 | 69141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 919 | 130333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 2619 | 219786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 6873 | 891497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 2294 | 228161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 428 | 60815 |
| &nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 783 | 144252 |
| &nbsp;&nbsp;&nbsp;&nbsp;RLI Corp. | 700 | 91889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 829 | 73458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travelers Companies, Inc. (The) | 5274 | 988822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 1700 | 69751 |
| &nbsp;&nbsp;&nbsp;&nbsp;W. R. Berkley Corp. | 2655 | 192673 |
| &nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | 33 | 46673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 1050 | 256809 |
|  |  | 11635796 |
| ***Interactive Media & Services — 3.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A \* | 91160 | 8043047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C \* | 89820 | 7969729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bumble, Inc., Class A \* | 861 | 18124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. \* | 3467 | 143846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A \* | 40998 | 4933699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A \* | 810 | 19667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap, Inc., Class A \* | 3870 | 34636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ziff Davis, Inc. \* | 1013 | 80128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A \* | 436 | 13608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C \*@ | 1159 | 37331 |
| &nbsp;&nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. \* | 878 | 26437 |
|  |  | 21320252 |
| ***Internet & Catalog Retail — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. \* | 156162 | 13117608 |
| &nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | 9533 | 395333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc. \* | 2334 | 279567 |
|  |  | 13792508 |
| ***IT Services — 5.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 12877 | 3436099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. \* | 2286 | 192710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 2698 | 245248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 9817 | 2344889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Block, Inc., Class A \* | 2826 | 177586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 2485 | 333313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 8574 | 490347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corp. | 1139 | 151669 |
| &nbsp;&nbsp;&nbsp;&nbsp;DXC Technology Co. \* | 2810 | 74465 |
| &nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc. \* | 781 | 255965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. \* | 911 | 85980 |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. \* | 264 | 44729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 5983 | 405947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. \* | 5324 | 538097 |
| &nbsp;&nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc. \* | 1396 | 256417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. \* | 1713 | 575808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genpact Ltd. | 2839 | 131502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 3120 | 309878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globant SA \* | 394 | 66255 |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A \* | 2137 | 159890 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 20148 | 2838652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 1300 | 228228 |
| &nbsp;&nbsp;&nbsp;&nbsp;MasterCard, Inc., Class A | 21634 | 7522791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximus, Inc. | 1464 | 107355 |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. \* | 284 | 55903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Okta, Inc. \* | 1243 | 84934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 5938 | 686195 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***IT Services (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. \* | 12255 | $872801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A \* | 1051 | 150861 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 3246 | 168987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twilio, Inc., Class A \* | 1065 | 52142 |
| &nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. \* | 1702 | 349659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 34029 | 7069865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Union Co. (The) | 6874 | 94655 |
| &nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc. \* | 663 | 108500 |
|  |  | 30668322 |
| ***Leisure Equipment & Products — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 993 | 42163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brunswick Corp. | 1810 | 130465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 2087 | 127328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. \* | 6862 | 122418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc. | 1034 | 104434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. \* | 982 | 19394 |
| &nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. \* | 1220 | 50398 |
|  |  | 596600 |
| ***Life Sciences Tools & Services — 1.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 3928 | 587825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc. \* | 4257 | 89780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azenta, Inc. \* | 1100 | 64042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A \* | 223 | 93769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 1892 | 156809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bruker Corp. | 2044 | 139707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. \* | 640 | 139456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 6554 | 1739563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. \* | 1577 | 318870 |
| &nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. \* | 2790 | 571643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc., Class A \* | 2496 | 35718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. \* | 500 | 106205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. \* | 519 | 750189 |
| &nbsp;&nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | 2006 | 281281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp. \* | 355 | 60105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Syneos Health, Inc. \* | 927 | 34002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 5401 | 2974277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waters Corp. \* | 1391 | 476529 |
| &nbsp;&nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 1211 | 285009 |
|  |  | 8904779 |
| ***Machinery — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | 1297 | 179881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 1376 | 57242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 12856 | 3079783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc. \*@ | 200 | 23046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Holdings Co. | 1115 | 112002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | 2675 | 648126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 6599 | 2829387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 2651 | 156064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | 2615 | 354097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 564 | 26463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evoqua Water Technologies Corp. \* | 1408 | 55757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | 1775 | 54457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 3548 | 227959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 300 | 23925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 3370 | 226666 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | 1004 | 229243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 6946 | 1530204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 3972 | 207537 |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 1797 | 145737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 1491 | 215435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp. (The) \* | 1043 | 139658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 388 | 22892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 848 | 201587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 1700 | 149923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 5642 | 441825 |
| &nbsp;&nbsp;&nbsp;&nbsp;PACCAR, Inc. | 5660 | 560170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 2575 | 749325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 1393 | 62657 |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. \* | 421 | 88136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap-On, Inc. | 1046 | 239000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 2408 | 180889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Timken Co., (The) | 1644 | 116181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toro Co. (The) | 2683 | 303716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 400 | 58492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 1144 | 114183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | 2293 | 253537 |
|  |  | 14065182 |
| ***Marine — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. \* | 322 | 20721 |
| ***Media — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cable One, Inc. | 101 | 71898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A \* | 2672 | 906075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 65506 | 2290745 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corp., Class A \* | 43 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. Class A | 3686 | 111944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. Class B | 661 | 18805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 6061 | 201892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A \*@ | 315 | 23893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C \* | 1371 | 104566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Siriusxm, Class A \* | 1263 | 49648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Siriusxm, Class C \* | 1178 | 46095 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Times Co. (The), Class A | 1641 | 53267 |
| &nbsp;&nbsp;&nbsp;&nbsp;News Corp., Class A | 3913 | 71217 |
| &nbsp;&nbsp;&nbsp;&nbsp;News Corp., Class B | 1525 | 28121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. Class A | 900 | 157527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 4831 | 394065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Global, Class A | 616 | 12080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Global, Class B | 1143 | 19294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. @ | 12754 | 74483 |
| &nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | 2624 | 55602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc. (The), Class A \* | 4830 | 216529 |
|  |  | 4908350 |
| ***Metals & Mining — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp. | 2296 | 104399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. \*@ | 2915 | 46961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co. | 1475 | 71243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 23281 | 884678 |
| &nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. \* | 923 | 22410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 7854 | 370709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 5263 | 693716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | 1403 | 284023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 1115 | 125683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | 1769 | 106830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 3175 | 310197 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Steel Corp. | 2198 | 55060 |
|  |  | 3075909 |
| ***Multi-Utilities — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. | 3328 | 295926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp. | 1300 | 91442 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Multi-Utilities (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centerpoint Energy, Inc. | 6700 | $200933 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | 5199 | 329253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 5063 | 482555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 13388 | 820952 |
| &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | 3247 | 381620 |
| &nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | 5791 | 158789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 8415 | 515587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra Energy | 4736 | 731901 |
| &nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 4990 | 467862 |
|  |  | 4476820 |
| ***Multiline Retail — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 5246 | 1291828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. \* | 2486 | 351620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | 4200 | 86730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. \* | 691 | 32366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 12934 | 1927683 |
|  |  | 3690227 |
| ***Oil, Gas & Consumable Fuels — 3.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 3600 | 38844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp. \* | 3300 | 102267 |
| &nbsp;&nbsp;&nbsp;&nbsp;APA Corp. | 5617 | 262202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 4899 | 734654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp. @ | 918 | 86632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 20184 | 3622826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp. | 466 | 63753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 478 | 27691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comstock Resources, Inc. | 2670 | 36606 |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 18168 | 2143824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 8623 | 211867 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVR Energy, Inc. | 1186 | 37169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denbury, Inc. \* | 300 | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | 12088 | 743533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 2249 | 307618 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. \* | 1623 | 89687 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 9574 | 1240024 |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 3800 | 128554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitrans Midstream Corp. | 2500 | 16750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 51529 | 5683649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hess Corp. | 4415 | 626135 |
| &nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 2161 | 112134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 8265 | 149431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 1900 | 44555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Oil Corp. | 8798 | 238162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 5516 | 642007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co. | 1362 | 77961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 1330 | 57203 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. @ | 1001 | 42462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 18731 | 1179866 |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 6698 | 440059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 3582 | 181643 |
| &nbsp;&nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | 1038 | 42330 |
| &nbsp;&nbsp;&nbsp;&nbsp;PDC Energy, Inc. | 985 | 62528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy Corp. \* | 1941 | 51281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | 3291 | 342527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 3066 | 700244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | 3129 | 78288 |
| &nbsp;&nbsp;&nbsp;&nbsp;SM Energy Co. | 1784 | 62137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwestern Energy Co. \* | 8393 | 49099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1997 | 146779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 58 | 135965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 4073 | 516701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 13491 | 443854 |
|  |  | 22027607 |
| ***Paper & Forest Products — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 1880 | 111296 |
| ***Personal Products — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coty, Inc., Class A \* | 2516 | 21537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. (The), Class A | 4869 | 1208048 |
|  |  | 1229585 |
| ***Pharmaceuticals — 5.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 33566 | 2415074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalent, Inc. \* | 2337 | 105188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. \* | 4517 | 55198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 19445 | 7113759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 1092 | 173966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 48383 | 8546857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 47673 | 5289319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. | 4671 | 130461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. PLC | 1790 | 61021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 79600 | 4078704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 2744 | 108443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | 10369 | 115407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. | 11289 | 1654403 |
|  |  | 29847800 |
| ***Professional Services — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASGN, Inc. \* | 677 | 55162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 3549 | 370941 |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A \* | 656 | 197187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarivate PLC \*@ | 1732 | 14445 |
| &nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. \* | 2890 | 223339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dun & Bradstreet Holdings, Inc. | 2459 | 30147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | 1711 | 332550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | 799 | 79173 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting, Inc. \* | 662 | 105126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insperity, Inc. | 451 | 51234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 195 | 23414 |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | 2987 | 157713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 2174 | 228683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manpowergroup, Inc. | 1600 | 133136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Robert Half International, Inc. | 2642 | 195059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp. | 1371 | 152085 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 2647 | 150217 |
| &nbsp;&nbsp;&nbsp;&nbsp;TriNet Group, Inc. \* | 865 | 58647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 3116 | 549725 |
|  |  | 3107983 |
| ***Real Estate Management & Development — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A \* | 5492 | 422664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. \* | 1100 | 175307 |
|  |  | 597971 |
| ***Road & Rail — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avis Budget Group, Inc. \* | 673 | 110325 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | 47289 | 1465013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc. \* | 1191 | 18329 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 2271 | 395971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 2249 | 117870 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Road & Rail (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 1073 | $174792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 4620 | 1138460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 1937 | 549682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc. \* | 200 | 41936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | 1939 | 45373 |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 1368 | 75213 |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co. @ | 152 | 9149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. \* | 9836 | 243244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | 15597 | 3229671 |
| &nbsp;&nbsp;&nbsp;&nbsp;XPO Logistics, Inc. \* | 1934 | 64383 |
|  |  | 7679411 |
| ***Semiconductors & Semiconductor Equipment — 5.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. \* | 15994 | 1035931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 2141 | 51341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 4750 | 779143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 20575 | 2003593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 8068 | 4511061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. \* | 1237 | 92132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diodes, Inc. \* | 541 | 41192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy, Inc. \* | 1883 | 498920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 2634 | 172764 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. \* | 1023 | 153235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | 53037 | 1401768 |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 3591 | 1353915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 3492 | 1467688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. \* | 1742 | 113021 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. \* | 878 | 55296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 6428 | 238093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 8612 | 604993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 15518 | 775590 |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 1252 | 106082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 581 | 205447 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 34050 | 4976067 |
| &nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 400 | 63212 |
| &nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corp. \* | 8229 | 513243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc. \* | 307 | 20904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 846 | 60675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc. \* | 1637 | 148378 |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 25043 | 2753227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. \* | 600 | 81402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 3226 | 293985 |
| &nbsp;&nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc. \* | 455 | 128888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synaptics, Inc. \* | 1 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 3943 | 344421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 21009 | 3471107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Display Corp. | 786 | 84919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wolfspeed, Inc. \*@ | 857 | 59167 |
|  |  | 28660895 |
| ***Software — 7.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. \* | 9085 | 3057375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. \* | 692 | 34240 |
| &nbsp;&nbsp;&nbsp;&nbsp;ANSYS, Inc. \* | 813 | 196413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspen Technology, Inc. \* | 923 | 189584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corp. Ltd. Class A \* | 1245 | 160207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. \* | 2329 | 435220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 2343 | 86597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bill.com Holdings, Inc. \* | 791 | 86187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Knight, Inc. \* | 2102 | 129798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Box, Inc., Class A \* | 2773 | 86323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. \* | 5024 | 807055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc. \* | 995 | 63829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A \* | 825 | 86864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc., Class A \* | 1407 | 103414 |
| &nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Inc. \* | 500 | 27710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 938 | 66167 |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc. \* | 1981 | 43503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A \* | 2689 | 60180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. \* | 1205 | 46152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp. \* | 488 | 292107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. \* | 13129 | 641877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 5861 | 125601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. \* | 801 | 50111 |
| &nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc. \* | 406 | 117387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 3683 | 1433497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. \* | 2300 | 279220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 120417 | 28878405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A \* | 2523 | 65724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 26244 | 2145185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A \*@ | 13943 | 89514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. \* | 2385 | 332803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paycom Software, Inc. \* | 888 | 275555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp. \* | 668 | 129766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies, Inc. \* | 810 | 38216 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc. \* | 1031 | 123761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. \* | 503 | 56452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 1156 | 499496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. \* | 7199 | 954515 |
| &nbsp;&nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A \*@ | 2184 | 31865 |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. \* | 1610 | 625115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Splunk, Inc. \* | 1045 | 89964 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc. \* | 393 | 50473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. \* | 1737 | 554607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradata Corp. \* | 1256 | 42277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. \* | 424 | 136702 |
| &nbsp;&nbsp;&nbsp;&nbsp;VMware, Inc., Class A \* | 2695 | 330838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc., Class A \* | 981 | 164151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc., Class A \* | 832 | 56360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zscaler, Inc. \* | 705 | 78889 |
|  |  | 44457251 |
| ***Specialty Retail — 2.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 1110 | 58319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 1238 | 182023 |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. \* | 961 | 103115 |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc. \* | 433 | 1067856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 600 | 25284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 6478 | 519600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. \* | 571 | 115776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carmax, Inc. \*@ | 2905 | 176885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 1695 | 203892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc. \* | 1000 | 176870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A \*@ | 701 | 48811 |
| &nbsp;&nbsp;&nbsp;&nbsp;GameStop Corp., Class A \*@ | 1519 | 28041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 16895 | 5336455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 199 | 40743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 11397 | 2270738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 1116 | 311967 |
| &nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. \* | 1311 | 1106523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 658 | 75624 |
| &nbsp;&nbsp;&nbsp;&nbsp;RH \*@ | 330 | 88173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 6470 | 750973 |
| &nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 27206 | 2165598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 2732 | 614618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. \* | 984 | 461565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victoria's Secret & Co. \* | 1067 | 38177 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Core Market Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Specialty Retail (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 2400 | $275808 |
|  |  | 16243434 |
| ***Textiles, Apparel & Luxury Goods — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capri Holdings Ltd. \* | 1085 | 62192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 858 | 75144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. \* | 473 | 188803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Levi Strauss & Co., Class A @ | 2933 | 45520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. \* | 2254 | 722137 |
| &nbsp;&nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 23472 | 2746459 |
| &nbsp;&nbsp;&nbsp;&nbsp;PVH Corp. | 760 | 53648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 1100 | 116237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skechers U.S.A., Inc., Class A \* | 1800 | 75510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 5352 | 203804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A \* | 2760 | 28042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C \* | 2884 | 25725 |
| &nbsp;&nbsp;&nbsp;&nbsp;VF Corp. | 5509 | 152103 |
|  |  | 4495324 |
| ***Thrifts & Mortgage Finance — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Essent Group Ltd. | 700 | 27216 |
| &nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 4400 | 57200 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. | 6032 | 51875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Cos, Inc.Class A | 3544 | 24808 |
| &nbsp;&nbsp;&nbsp;&nbsp;TFS Financial Corp. | 1093 | 15750 |
|  |  | 176849 |
| ***Tobacco — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 27551 | 1259356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 21397 | 2165591 |
|  |  | 3424947 |
| ***Trading Companies & Distributors — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp. | 1296 | 49792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 374 | 47135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc. \* | 1400 | 73906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | 12697 | 600822 |
| &nbsp;&nbsp;&nbsp;&nbsp;GATX Corp. | 410 | 43600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 387 | 50918 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 1100 | 89870 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. \* | 654 | 76727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Triton International Ltd. | 400 | 27512 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. \* | 2064 | 733587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univar Solutions, Inc. \* | 2156 | 68561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 474 | 118216 |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. \* | 596 | 74619 |
| &nbsp;&nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 1097 | 610206 |
|  |  | 2665471 |
| ***Water Utilities — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American States Water Co. | 626 | 57936 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 3475 | 529660 |
| &nbsp;&nbsp;&nbsp;&nbsp;California Water Service Group | 380 | 23043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 3662 | 174787 |
|  |  | 785426 |
| ***Wireless Telecommunication Services — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. \* | 8733 | 1222620 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Identified Cost $130,233,201) |  | 547836721 |
| **MUTUAL FUNDS — 4.3%** |  |  |
| ***Others — 4.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DFA U.S. Micro Cap Portfolio | 1095830 | 25083544 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUNDS<br> (Identified Cost $14,459,379) |  | 25083544 |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| ***Collateral For Securities On Loan — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.280% | 336711 | 336711 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $336,711) |  | 336711 |
| **Total Investments — 99.6%<br> (Identified Cost $145,029,291)** |  | **573256976** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Other Assets, Less Liabilities — 0.4% |  | 2131543 |
| **Net Assets — 100.0%** |  | $**575388519** |

---

---

| | |
|:---|:---|
| † | See Note 1 |
| \* | Non-income producing security |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $1,538,138. |
| <> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 99.8%** |  |  |
| ***Aerospace & Defense — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 7826 | $1941709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 33495 | 1320038 |
| &nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 4688 | 976088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 2915 | 1590453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 36091 | 3642304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | 26765 | 1894962 |
|  |  | 11365554 |
| ***Air Freight & Logistics — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 16968 | 2938857 |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. \* | 6449 | 275308 |
|  |  | 3214165 |
| ***Airlines — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. \* | 964 | 41394 |
| &nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corp. \* | 716 | 4640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co. \* | 27340 | 920538 |
|  |  | 966572 |
| ***Auto Components — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aptiv PLC \* | 4329 | 403160 |
| &nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 24241 | 975700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 863 | 23534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) \* | 2391 | 24269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | 4071 | 504885 |
|  |  | 1931548 |
| ***Automobiles — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 150516 | 1750501 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 98964 | 3329149 |
|  |  | 5079650 |
| ***Beverages — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 5660 | 1311705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 2705 | 96460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 10592 | 545700 |
|  |  | 1953865 |
| ***Biotechnology — 2.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 738 | 119268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. \* | 9693 | 2684186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 44490 | 3819467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. \* | 8724 | 1567005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. \* | 3232 | 2331856 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. \* | 683 | 189935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. \* | 4366 | 1260813 |
|  |  | 11972530 |
| ***Building Products — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. \* | 7125 | 462270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 2854 | 672545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 18539 | 764734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 11027 | 629752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 34370 | 2199680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masterbrand, Inc. \* | 11027 | 83254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 12209 | 1041428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 2815 | 473173 |
|  |  | 6326836 |
| ***Capital Markets — 2.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 52444 | 2387251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. @ | 5210 | 137440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 18862 | 6476834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 6993 | 239720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 58923 | 5009633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 370 | 32741 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | 10112 | 784388 |
|  |  | 15068007 |
| ***Chemicals — 3.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 5579 | 1719782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. | 345 | 74817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Celanese Corp. | 4202 | 429612 |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 11835 | 1008342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 18513 | 1088194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | 51700 | 2605163 |
| &nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 13259 | 909965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 17799 | 1449551 |
| &nbsp;&nbsp;&nbsp;&nbsp;FMC Corp. | 500 | 62400 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 9315 | 976585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde plc | 14100 | 4599138 |
| &nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 21390 | 1776012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 12646 | 554780 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 775 | 97448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westlake Corp. | 7968 | 817039 |
|  |  | 18168828 |
| ***Commercial Banks — 9.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 199928 | 6621615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 79030 | 3574527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 18613 | 732794 |
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 2390 | 157501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 70601 | 2316419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 72900 | 1027890 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 138592 | 18585187 |
| &nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 66158 | 1152472 |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | 3759 | 545281 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 11566 | 1826734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 119937 | 2585842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 64730 | 2785332 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Bancorp | 29194 | 1273150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 126013 | 5203077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp NA | 20193 | 992688 |
|  |  | 49380509 |
| ***Commercial Services & Supplies — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 35532 | 4583273 |
| ***Communications Equipment — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 4155 | 197944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 19365 | 618906 |
|  |  | 816850 |
| ***Computers & Peripherals — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 861 | 34630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 141847 | 2263878 |
| &nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 176918 | 4753787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. \* | 23295 | 734957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 2019 | 29477 |
|  |  | 7816729 |
| ***Construction & Engineering — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | 11462 | 973468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 13887 | 1978897 |
|  |  | 2952365 |
| ***Construction Materials — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 4136 | 1397844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 8594 | 1504895 |
|  |  | 2902739 |
| ***Consumer Finance — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 52963 | 1294945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 28539 | 2652986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 25544 | 839376 |
|  |  | 4787307 |
| ***Containers & Packaging — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | 20769 | 247359 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Containers & Packaging (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | 44343 | $1535598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 2898 | 370683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co. | 611 | 37094 |
| &nbsp;&nbsp;&nbsp;&nbsp;WestRock Co. | 13537 | 475961 |
|  |  | 2666695 |
| ***Distributors — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | 2168 | 376170 |
| &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | 37512 | 2003516 |
|  |  | 2379686 |
| ***Diversified Financial Services — 2.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 2277 | 145250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B \* | 38388 | 11858053 |
|  |  | 12003303 |
| ***Diversified Telecommunication Services — 3.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 455881 | 8392769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 125601 | 655638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 192903 | 7600378 |
|  |  | 16648785 |
| ***Electric Utilities — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 22148 | 704749 |
| ***Electrical Equipment — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 5351 | 747642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 19988 | 3137116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 630 | 147848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 1781 | 71917 |
|  |  | 4104523 |
| ***Electronic Equipment, Instruments & Components — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. \* | 3551 | 371328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 84494 | 2698739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. \* | 31420 | 674273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 2421 | 165112 |
| &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1605 | 152010 |
| &nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 19391 | 2226087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 1095 | 21166 |
|  |  | 6308715 |
| ***Energy Equipment & Services — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | 23916 | 706239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 48819 | 2609864 |
|  |  | 3316103 |
| ***Entertainment — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | 21184 | 1621635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 1911 | 233486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A \* | 1097 | 58613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C \* | 2194 | 131157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp. \* | 443 | 19922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. \* | 725 | 75494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. (The) \* | 41483 | 3604043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. \* | 112539 | 1066870 |
|  |  | 6811220 |
| ***Food & Staples Retailing — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | 64415 | 2871621 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. \* | 9124 | 310398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 44769 | 1672570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 57079 | 8093231 |
|  |  | 12947820 |
| ***Food Products — 3.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 24965 | 2318000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bunge Ltd. | 12845 | 1281546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Campbell Soup Co. | 3702 | 210088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 19827 | 767305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. \* | 5424 | 339488 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | 38095 | 3194266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 5728 | 260910 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. (The) | 13087 | 2073766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 20920 | 851653 |
| &nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 1921 | 159232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 51728 | 3447671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc. \* | 973 | 87823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seaboard Corp. | 22 | 83055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 41844 | 2604789 |
|  |  | 17679592 |
| ***Health Care Equipment & Supplies — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories | 325 | 35682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 14838 | 756293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 4016 | 1021269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. \* | 7514 | 347673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) | 137 | 45302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embecta Corp. | 803 | 20308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. \* | 2895 | 216575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 37706 | 2930510 |
| &nbsp;&nbsp;&nbsp;&nbsp;STERIS plc | 3637 | 671717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 8154 | 1039635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zimvie, Inc. \* | 815 | 7612 |
|  |  | 7092576 |
| ***Health Care Providers & Services — 6.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. \* | 19196 | 1574264 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIGNA Corp. | 19065 | 6316997 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 58448 | 5446769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 13010 | 6673740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. \* | 3777 | 301669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 7918 | 4055520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | 13769 | 3242324 |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 1984 | 744238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 18783 | 2938413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 1221 | 172027 |
|  |  | 31465961 |
| ***Hotels, Restaurants & Leisure — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aramark | 16117 | 666277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. \*@ | 27865 | 224592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A \* | 3174 | 287088 |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | 26967 | 904204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. \* | 801 | 39593 |
|  |  | 2121754 |
| ***Household Durables — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DR Horton, Inc. | 50225 | 4477056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Garmin Ltd. | 12982 | 1198109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., B Shares | 573 | 42849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 23116 | 2091998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. \* | 2654 | 271292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 8086 | 105765 |
| &nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 41840 | 1904975 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Household Durables (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 116 | $5791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Whirlpool Corp. | 4936 | 698246 |
|  |  | 10796081 |
| ***Independent Power Producers & Energy Traders — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 25467 | 590834 |
| ***Industrial Conglomerates — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 11962 | 1002296 |
| ***Insurance — 4.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 32730 | 2354596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 1291 | 175060 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 3969 | 544864 |
| &nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 29118 | 1841422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. \* | 11691 | 733961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 4486 | 561019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 11440 | 2523664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 370 | 37884 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNA Financial Corp. | 4467 | 188865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 1938 | 642001 |
| &nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 103 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 1515 | 56994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 47472 | 3599802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | 9516 | 292332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loews Corp. | 15964 | 931180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Corp. \* | 116 | 152829 |
| &nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 20221 | 1463394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | 14636 | 353459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 28632 | 2402798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 12032 | 1196703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 23 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 469 | 86404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travelers Companies, Inc. (The) | 21374 | 4007411 |
|  |  | 24151971 |
| ***Interactive Media & Services — 1.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A \* | 46973 | 5652731 |
| ***Internet & Catalog Retail — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | 4559 | 189062 |
| ***IT Services — 1.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. \* | 3310 | 279033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 15213 | 1382862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 34305 | 1961903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corp. | 1605 | 213722 |
| &nbsp;&nbsp;&nbsp;&nbsp;DXC Technology Co. \* | 10285 | 272552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 17462 | 1184797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. \* | 12529 | 1266306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 4923 | 488952 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 252 | 35504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. \* | 1933 | 21495 |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 7467 | 388732 |
|  |  | 7495858 |
| ***Life Sciences Tools & Services — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A \* | 172 | 72324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 19132 | 5078016 |
| &nbsp;&nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | 1932 | 270905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 14696 | 8092940 |
|  |  | 13514185 |
| ***Machinery — 3.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | 8548 | 1185522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | 10946 | 2652106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | 7963 | 1078270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 7311 | 469732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 14939 | 780563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 984 | 86779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 25885 | 2027054 |
| &nbsp;&nbsp;&nbsp;&nbsp;PACCAR, Inc. | 23005 | 2276805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 8468 | 2464188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 20400 | 917592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap-On, Inc. | 6351 | 1451140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 14985 | 1125673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 5333 | 532287 |
|  |  | 17047711 |
| ***Media — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 285775 | 9993552 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corp., Class A \* | 12654 | 177662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. Class A | 24883 | 755697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. Class B | 14510 | 412809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 21833 | 727257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C \* | 3887 | 296461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Siriusxm, Class A \* | 4389 | 172532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Siriusxm, Class C \* | 8778 | 343483 |
| &nbsp;&nbsp;&nbsp;&nbsp;News Corp., Class A | 8320 | 151424 |
| &nbsp;&nbsp;&nbsp;&nbsp;News Corp., Class B | 1734 | 31975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Global, Class A | 900 | 17649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Global, Class B | 44427 | 749928 |
|  |  | 13830429 |
| ***Metals & Mining — 3.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp. | 2284 | 103854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arconic Corp. \* | 1634 | 34575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. \*@ | 9779 | 157540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 106539 | 4048482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 46812 | 2209526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 41998 | 5535756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | 9348 | 1892409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 725 | 81722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 33820 | 3304214 |
|  |  | 17368078 |
| ***Multiline Retail — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. \* | 12596 | 1781578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kohl's Corp. | 344 | 8686 |
|  |  | 1790264 |
| ***Oil, Gas & Consumable Fuels — 14.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 96299 | 17284708 |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 102632 | 12110576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 14312 | 351646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | 13044 | 802336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 1857 | 254000 |
| &nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 23992 | 3107444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 222398 | 24530499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hess Corp. | 4046 | 573804 |
| &nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 471 | 24440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 54102 | 978164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Oil Corp. | 18183 | 492214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 30104 | 3503805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 34021 | 2142983 |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 5866 | 385396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | 15495 | 1612720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 10352 | 2364293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 3005 | 220868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 19826 | 2515126 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Oil, Gas & Consumable Fuels (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 70657 | $2324615 |
|  |  | 75579637 |
| ***Personal Products — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc. \* | 1233 | 31614 |
| ***Pharmaceuticals — 4.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 73422 | 5282713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 4730 | 753536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 3603 | 399753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 340714 | 17458185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | 69023 | 768226 |
|  |  | 24662413 |
| ***Professional Services — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 6136 | 736749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 16200 | 1704078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manpowergroup, Inc. | 632 | 52589 |
|  |  | 2493416 |
| ***Real Estate Management & Development — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A \* | 19100 | 1469936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. \* | 4753 | 757486 |
|  |  | 2227422 |
| ***Road & Rail — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 16359 | 4031185 |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co. @ | 2003 | 120561 |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 18027 | 991124 |
|  |  | 5142870 |
| ***Semiconductors & Semiconductor Equipment — 2.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. \* | 6017 | 389721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 10368 | 1700663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | 250177 | 6612178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 18929 | 701130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 75683 | 3782637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc. \* | 11125 | 1008370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 4292 | 391130 |
|  |  | 14585829 |
| ***Software — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 3129 | 67054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 366 | 158145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. \* | 8903 | 1180449 |
|  |  | 1405648 |
| ***Specialty Retail — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 4932 | 725152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carmax, Inc. \*@ | 8119 | 494366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 400 | 81896 |
|  |  | 1301414 |
| ***Textiles, Apparel & Luxury Goods — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 1676 | 177103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 6979 | 265760 |
|  |  | 442863 |
| ***Trading Companies & Distributors — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. \* | 5460 | 1940593 |
| ***Wireless Telecommunication Services — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. \* | 29534 | 4134760 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS <br> (Identified Cost $324,365,913) |  | 522916788 |
| **SHORT-TERM INVESTMENTS — 0.0%** |  |  |
| ***Collateral For Securities On Loan — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.280% | 143275 | 143275 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS <br> (Identified Cost $143,275) |  | 143275 |
| **Total Investments — 99.8% <br> (Identified Cost $324,509,188)** |  | **523060063** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Other Assets, Less Liabilities — 0.2% |  | 1248012 |
| **Net Assets — 100.0%** |  | $**524308075** |

---

---

| | |
|:---|:---|
| † | See Note 1 |
| \* | Non-income producing security |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $1,142,356. |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 99.7%** |  |  |
| ***Aerospace & Defense — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AAR Corp. \* | 4010 | $180049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerojet Rocketdyne Holdings, Inc. \* | 13783 | 770883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aerovironment, Inc. \* | 2697 | 231025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astronics Corp. Class B \* | 693 | 6895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. \* | 4947 | 820856 |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 3927 | 228080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 2577 | 430333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ducommun, Inc. \* | 1489 | 74391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corp. | 5671 | 333738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovative Solutions & Support, Inc. \* | 3248 | 26699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaman Corp. | 3031 | 67591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. \* | 11721 | 120961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. \* | 4277 | 191353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc., Class A | 3044 | 267142 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 709 | 48538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 2501 | 33538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parsons Corp. \* | 1163 | 53789 |
| &nbsp;&nbsp;&nbsp;&nbsp;SIFCO Industries, Inc. \* | 1187 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp;V2X, Inc. \* | 1491 | 61563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 4322 | 417548 |
|  |  | 4367536 |
| ***Air Freight & Logistics — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Transport Services Group, Inc. \* | 8228 | 213763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlas Air Worldwide Holdings, Inc. \* | 3175 | 320040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Air Corp. | 3327 | 348969 |
| &nbsp;&nbsp;&nbsp;&nbsp;HUB Group, Inc., Class A \* | 4420 | 351346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radiant Logistics, Inc. \* | 6146 | 31283 |
|  |  | 1265401 |
| ***Airlines — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. \* | 9239 | 396723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel Co. \* | 441 | 29984 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group, Inc. \* | 6949 | 88391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Holdings, Inc. \* | 6255 | 64176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skywest, Inc. \* | 4643 | 76656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit Airlines, Inc. \* | 3315 | 64576 |
|  |  | 720506 |
| ***Auto Components — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adient PLC \* | 4024 | 139593 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc. \* | 3721 | 29098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Autoliv, Inc. | 6358 | 486896 |
| &nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 15123 | 608701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dana, Inc. | 9900 | 149787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorman Products, Inc. \* | 3535 | 285875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. \* | 4825 | 440185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 15377 | 419331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentherm, Inc. \* | 4234 | 276438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) \* | 4835 | 49075 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | 2757 | 254885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | 4020 | 498560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co. \* | 6449 | 128077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc. \* | 2267 | 26887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 2334 | 141440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 2639 | 91837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stoneridge, Inc. \* | 2727 | 58794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Strattec Security Corp. \* | 941 | 19337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visteon Corp. \* | 2696 | 352718 |
|  |  | 4457514 |
| ***Automobiles — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 9600 | 399360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc. @ | 2397 | 180949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 3191 | 168166 |
|  |  | 748475 |
| ***Beverages — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. (The), Class A \* | 69 | 22737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. \*@ | 675 | 70227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 1082 | 554373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duckhorn Portfolio, Inc. (The) \* | 7536 | 124872 |
| &nbsp;&nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. @ | 1851 | 196909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 12855 | 662290 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Beverage Corp. \* | 8395 | 390619 |
|  |  | 2022027 |
| ***Biotechnology — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adicet Bio, Inc. \* | 2222 | 19865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc. \* | 4111 | 115437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Albireo Pharma, Inc. \*@ | 1018 | 21999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc. \* | 3971 | 27638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC \* | 7251 | 189469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc. \*@ | 9669 | 60818 |
| &nbsp;&nbsp;&nbsp;&nbsp;AnaptysBio, Inc. \* | 2569 | 79613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc. \* | 1795 | 53132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc. \* | 2548 | 43214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc. \* | 2904 | 60055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avid Bioservices, Inc. \* | 5072 | 69841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc. \* | 4762 | 105669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc. \*@ | 497 | 19438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biomea Fusion, Inc. \* | 1472 | 12409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluebird Bio, Inc. \* | 5659 | 39160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blueprint Medicines Corp. \* | 1537 | 67336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. \* | 8570 | 159402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chinook Therapeutics, Inc. \* | 3978 | 104224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concert Pharmaceuticals, Inc. \* | 2527 | 14758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. \* | 551 | 10083 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG \*@ | 1927 | 78333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullinan Oncology, Inc. \* | 1139 | 12016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc. \* | 977 | 21025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deciphera Pharmaceuticals, Inc. \* | 4588 | 75197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Design Therapeutics, Inc. \* | 1007 | 10332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies Corp. \*@ | 7915 | 84216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc. \* | 1485 | 17211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Pharmaceuticals, Inc. \* | 488 | 14264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Editas Medicine, Inc. \* | 4524 | 40128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc. \* | 5055 | 59700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc. \* | 2226 | 103554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. \* | 22934 | 367861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc. \* | 2137 | 21562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation Bio Co. \* | 1523 | 5985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphite Bio, Inc. \* | 3123 | 10368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gritstone bio, Inc. \*@ | 6203 | 21400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. \* | 10812 | 615203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc. \* | 4393 | 79821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Immunovant, Inc. \* | 5637 | 100057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc. \* | 2590 | 90365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. \* | 2033 | 76786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc. \* | 6868 | 43887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. \* | 11743 | 145496 |
| &nbsp;&nbsp;&nbsp;&nbsp;IVERIC bio, Inc. \* | 3627 | 77654 |
| &nbsp;&nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc. \*@ | 767 | 5185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karuna Therapeutics, Inc. \* | 1267 | 248966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc. \* | 2149 | 15387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. \* | 1598 | 126594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kura Oncology, Inc. \* | 5384 | 66815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. \*@ | 3129 | 78100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. \* | 1727 | 115364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirati Therapeutics, Inc. \* | 1395 | 63207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Myriad Genetics, Inc. \* | 8130 | 117966 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Biotechnology (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. \* | 7426 | $886961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc. \* | 2828 | 31051 |
| &nbsp;&nbsp;&nbsp;&nbsp;PDL BioPharma, Inc. \*§ | 18262 | 44742 |
| &nbsp;&nbsp;&nbsp;&nbsp;PMV Pharmaceuticals, Inc. \*@ | 3331 | 28980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prothena Corp. PLC \* | 3247 | 195632 |
| &nbsp;&nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc. \* | 1843 | 36491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc. \*@ | 1754 | 13523 |
| &nbsp;&nbsp;&nbsp;&nbsp;REGENXBIO, Inc. \* | 2731 | 61939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc. \* | 7635 | 114067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Replimune Group, Inc. \* | 2517 | 68462 |
| &nbsp;&nbsp;&nbsp;&nbsp;REVOLUTION Medicines, Inc. \* | 5705 | 135893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc. \* | 4421 | 86519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc. \* | 3363 | 128265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sangamo Therapeutics, Inc. \* | 9669 | 30361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. \* | 465 | 60255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc. \* | 2970 | 27413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sutro Biopharma, Inc. \* | 908 | 7337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc. \* | 5678 | 144505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twist Bioscience Corp. \* | 3895 | 92740 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. \* | 2710 | 753624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vaxcyte, Inc. \* | 672 | 32222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veracyte, Inc. \* | 4340 | 102988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vericel Corp. \* | 713 | 18780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xencor, Inc. \* | 3940 | 102598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. \* | 338 | 13327 |
|  |  | 7502240 |
| ***Building Products — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 8970 | 513443 |
| &nbsp;&nbsp;&nbsp;&nbsp;AAON, Inc. | 7440 | 560381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 7559 | 619611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 575 | 60525 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Woodmark Corp. \* | 1353 | 66108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 2316 | 102969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 4794 | 328820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. \* | 16974 | 1101273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 1053 | 248139 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 1174 | 136102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc. \* | 3042 | 139567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Griffon Corp. | 5311 | 190081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 2278 | 62691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 1677 | 401189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 2284 | 106594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masonite International Corp. \* | 169 | 13623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 6683 | 570060 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGT Innovations, Inc. \* | 6135 | 110185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 3883 | 91949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resideo Technologies, Inc. \* | 681 | 11202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 4397 | 389838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc. \* | 10510 | 444888 |
| &nbsp;&nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 7021 | 556414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 14150 | 299273 |
|  |  | 7124925 |
| ***Capital Markets — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 4043 | 640532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | 7515 | 223195 |
| &nbsp;&nbsp;&nbsp;&nbsp;AssetMark Financial Holdings, Inc. \* | 3140 | 72220 |
| &nbsp;&nbsp;&nbsp;&nbsp;B Riley Financial, Inc. @ | 1204 | 41177 |
| &nbsp;&nbsp;&nbsp;&nbsp;BGC Partners, Inc., Class A | 30567 | 115237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blucora, Inc. \* | 7622 | 194590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brightsphere Investment Group, Inc. | 2826 | 58159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 197 | 24718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 5127 | 330999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cowen, Inc. Class A @ | 2940 | 113543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 289 | 53471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. \* | 4189 | 161905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 3659 | 399124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | 10797 | 392039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. Class A | 1792 | 114473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 1002 | 87334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | 24055 | 432749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 14636 | 344239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 21621 | 741168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazard Ltd., Class A | 6742 | 233745 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 805 | 174017 |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 630 | 175701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moelis & Co., Class A | 3960 | 151945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morningstar, Inc. | 2847 | 616632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open Lending Corp., Class A \* | 2793 | 18853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oppenheimer Holdings, Inc., Class A | 1244 | 52658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 2274 | 296052 |
| &nbsp;&nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 1422 | 104787 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 4732 | 275876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc., Class A | 759 | 14246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 9673 | 564613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stonex Group, Inc. \* | 2079 | 198129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 982 | 26347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 4501 | 91865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 853 | 163298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | 1157 | 12882 |
| &nbsp;&nbsp;&nbsp;&nbsp;WisdomTree, Inc. @ | 4286 | 23359 |
|  |  | 7735877 |
| ***Chemicals — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 3198 | 121588 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Vanguard Corp. | 3554 | 77157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashland, Inc. | 4043 | 434744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avient Corp. | 10014 | 338073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. \* | 16030 | 408284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balchem Corp. | 3741 | 456813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cabot Corp. | 5463 | 365147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chase Corp. | 1129 | 97388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemours Co. (The) | 8849 | 270956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc. \* | 1500 | 19485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 729 | 59370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecovyst, Inc. \* | 5086 | 45062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 21963 | 399507 |
| &nbsp;&nbsp;&nbsp;&nbsp;H.B. Fuller Co. | 6101 | 436954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawkins, Inc. | 2648 | 102213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntsman Corp. | 12047 | 331052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingevity Corp. \* | 2357 | 166027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innospec, Inc. | 2704 | 278133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intrepid Potash, Inc. \* | 1589 | 45874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 2308 | 65086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 2278 | 21413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Livent Corp. \* | 7893 | 156834 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSB Industries, Inc. \* | 3802 | 50567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 6136 | 128242 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Chemicals (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 3081 | $187078 |
| &nbsp;&nbsp;&nbsp;&nbsp;NewMarket Corp. | 504 | 156799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Olin Corp. | 3715 | 196672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orion Engineered Carbons SA | 3504 | 62406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 784 | 130850 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 3629 | 353646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 4568 | 333099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stepan Co. | 2418 | 257420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tredegar Corp. | 3412 | 34871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tronox Holdings PLC Class A | 1464 | 20071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. | 6915 | 225775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westlake Corp. | 4157 | 426259 |
|  |  | 7260915 |
| ***Commercial Banks — 9.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1st Source Corp. | 2546 | 135167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 477 | 10990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 661 | 17741 |
| &nbsp;&nbsp;&nbsp;&nbsp;American National Bankshares, Inc. | 1508 | 55690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 6744 | 317912 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmeriServ Financial, Inc. | 4400 | 17292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 2213 | 75021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 14942 | 345011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 6981 | 245312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banc of California, Inc. | 5994 | 95484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancfirst Corp. | 3303 | 291259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) \* | 6121 | 173714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 3456 | 268047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 1580 | 51950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | 4569 | 183034 |
| &nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. | 3310 | 112441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | 326 | 9594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banner Corp. | 3355 | 212036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 2089 | 66932 |
| &nbsp;&nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | 878 | 15795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 4455 | 133204 |
| &nbsp;&nbsp;&nbsp;&nbsp;BOK Financial Corp. | 5182 | 537840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 7431 | 105149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 553 | 12243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 1299 | 29838 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&F Financial Corp. | 466 | 27154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Bank | 15454 | 381096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camden National Corp. | 1756 | 73208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 1890 | 61425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carter Bankshares, Inc. \* | 711 | 11795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cathay General Bancorp | 7259 | 296095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 3116 | 63192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Valley Community Bancorp | 1638 | 34693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | 852 | 19477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Community Bancorp, Inc. | 400 | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp;City Holding Co. | 1686 | 156950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 270 | 5943 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNB Financial Corp. | 2264 | 53861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coastal Financial Corp. \* | 555 | 26374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 7605 | 229139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comerica, Inc. | 7707 | 515213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 8574 | 583632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Bank System, Inc. | 4718 | 296998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 2206 | 101322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Connectone Bancorp, Inc. | 4989 | 120784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 3828 | 511804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customers Bancorp, Inc. \* | 4720 | 133765 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVB Financial Corp. | 13166 | 339024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 4460 | 141962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 3436 | 151424 |
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 9740 | 641866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enterprise Bancorp, Inc. | 331 | 11684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 2901 | 142033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | 1470 | 48025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 569 | 24615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | 1205 | 32752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | 3991 | 56353 |
| &nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corp. | 3274 | 118322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | 1855 | 45188 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Bancorp | 22823 | 290309 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Bancorp, Inc. (The) | 1876 | 56167 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Bancorp/Southern Pines NC | 3381 | 144842 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Bancshares, Inc. (The) | 1367 | 43758 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Busey Corp. | 5571 | 137715 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 551 | 20139 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens Bancshares, Inc., Class A | 388 | 294244 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 9286 | 129725 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 1982 | 67190 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Financial Bancorp | 8992 | 217876 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 14820 | 509808 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Financial Corp. | 1395 | 64282 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Financial Northwest, Inc. | 2239 | 33540 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Foundation, Inc. | 4921 | 70518 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 1200 | 31248 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corp. | 34954 | 856373 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Internet Bancorp | 1284 | 31176 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Interstate Bancsystem, Inc., Class A | 5123 | 198004 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Merchants Corp. | 5621 | 231079 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 500 | 16040 |
| &nbsp;&nbsp;&nbsp;&nbsp;First of Long Island Corp. (The) | 2295 | 41310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 3899 | 75563 |
| &nbsp;&nbsp;&nbsp;&nbsp;FNB Corp. | 22576 | 294617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 15678 | 263861 |
| &nbsp;&nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 3217 | 119994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 11842 | 585232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 1501 | 89294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 6503 | 314680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 3586 | 88753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harborone Bancorp, Inc. | 6045 | 84025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heartland Financial USA, Inc. | 4558 | 212494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 6526 | 84838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 4162 | 127524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 6988 | 209710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Bancshares, Inc. | 13006 | 296407 |
| &nbsp;&nbsp;&nbsp;&nbsp;HomeStreet, Inc. | 2447 | 67488 |
| &nbsp;&nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 2255 | 54503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 11541 | 147840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 5096 | 76848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Bank Corp. | 5005 | 422572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Bank Corp. | 600 | 14352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Independent Bank Group, Inc. | 2187 | 131395 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Bancshares Corp. | 5903 | 270121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lakeland Bancorp, Inc. | 5547 | 97683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 3146 | 229564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 847 | 25579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Macatawa Bank Corp. | 5141 | 56705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 1601 | 53601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. \* | 321 | 18833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | 1086 | 28909 |
| &nbsp;&nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 613 | 19463 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | 3376 | 142028 |
| &nbsp;&nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 4206 | 182624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. \* | 1020 | 81386 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Commercial Banks (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast Bank | 896 | $37722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northrim Bancorp, Inc. | 836 | 45620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 12344 | 172569 |
| &nbsp;&nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 5639 | 119829 |
| &nbsp;&nbsp;&nbsp;&nbsp;OFG Bancorp | 5852 | 161281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | 28203 | 507090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 2244 | 35994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 1342 | 49251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 6941 | 219058 |
| &nbsp;&nbsp;&nbsp;&nbsp;PacWest Bancorp | 1008 | 23134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Park National Corp. | 1732 | 243779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 3897 | 167766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peapack Gladstone Financial Corp. | 1992 | 74142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penns Woods Bancorp, Inc. | 1138 | 30294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 3204 | 90513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 3365 | 246991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Popular, Inc. | 7138 | 473392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Bank | 1561 | 116482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premier Financial Corp. | 4193 | 113085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primis Financial Corp. | 2721 | 32244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 7853 | 570756 |
| &nbsp;&nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 1914 | 95011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renasant Corp. | 5355 | 201294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Bancorp, Inc., Class A | 1997 | 81717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Riverview Bancorp, Inc. | 2557 | 19638 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 3996 | 136583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandy Spring Bancorp, Inc. | 4282 | 150855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 5003 | 156044 |
| &nbsp;&nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 5630 | 387963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sierra Bancorp | 2000 | 42480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silvergate Capital Corp.,Class A \*@ | 413 | 7186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | 10791 | 232870 |
| &nbsp;&nbsp;&nbsp;&nbsp;South State Corp. | 7217 | 551090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc. \* | 923 | 42227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 3368 | 121214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 3386 | 99752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 2936 | 190781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Financial Group, Inc. | 392 | 9757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 9560 | 358978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. \* | 3132 | 188891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 1559 | 120947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Towne Bank | 5809 | 179150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trico Bancshares | 2959 | 150879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Triumph Bancorp, Inc. \* | 2441 | 119292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustmark Corp. | 5770 | 201431 |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corp. | 4960 | 414259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Umpqua Holdings Corp. | 8081 | 144246 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 12088 | 489443 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 8563 | 289429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univest Financial Corp | 3363 | 87875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp | 37407 | 423073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 3570 | 100246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Federal, Inc. | 6377 | 213948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 2001 | 94407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 11093 | 525143 |
| &nbsp;&nbsp;&nbsp;&nbsp;WesBanco, Inc. | 6661 | 246324 |
| &nbsp;&nbsp;&nbsp;&nbsp;West Bancorp, Inc. | 1763 | 45045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westamerica Bancorp | 2658 | 156849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 5446 | 324364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 4936 | 417191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp NA | 10151 | 499023 |
|  |  | 29282392 |
| ***Commercial Services & Supplies — 1.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 7749 | 344211 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 6694 | 37419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brady Corp., Class A | 5019 | 236395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brink's Co. (The) | 4837 | 259795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A \* | 6377 | 505760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceco Environmental Corp. \* | 4211 | 49184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cimpress PLC \* | 1426 | 39372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. \* | 5266 | 600956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deluxe Corp. | 4032 | 68463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc. \* | 1606 | 43860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ennis, Inc. | 3110 | 68918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heritage-Crystal Clean, Inc. \* | 2532 | 82239 |
| &nbsp;&nbsp;&nbsp;&nbsp;HNI Corp. | 3568 | 101438 |
| &nbsp;&nbsp;&nbsp;&nbsp;IAA, Inc. \* | 7400 | 296000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interface, Inc. | 5834 | 57582 |
| &nbsp;&nbsp;&nbsp;&nbsp;KAR Auction Services, Inc. \* | 2720 | 35496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimball International, Inc., Class B | 5056 | 32864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | 3451 | 105048 |
| &nbsp;&nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 3785 | 79523 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 4156 | 599254 |
| &nbsp;&nbsp;&nbsp;&nbsp;NL Industries, Inc. | 4571 | 31128 |
| &nbsp;&nbsp;&nbsp;&nbsp;SP Plus Corp. \* | 2555 | 88710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | 11344 | 80202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stericycle, Inc. \* | 4797 | 239322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 6444 | 935604 |
| &nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp. | 1645 | 317469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virco Manufacturing Corp. \* | 2494 | 11273 |
| &nbsp;&nbsp;&nbsp;&nbsp;VSE Corp. | 1412 | 66195 |
|  |  | 5413680 |
| ***Communications Equipment — 1.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc. | 7099 | 133390 |
| &nbsp;&nbsp;&nbsp;&nbsp;BK Technologies Corp. | 2000 | 6640 |
| &nbsp;&nbsp;&nbsp;&nbsp;CalAmp Corp. \* | 2187 | 9798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Calix, Inc. \* | 3366 | 230335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cambium Networks Corp. \* | 2226 | 48237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. \* | 15659 | 798296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearfield, Inc. \* | 2380 | 224053 |
| &nbsp;&nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc. \* | 11391 | 83724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comtech Telecommunications Corp. | 3207 | 38933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digi International, Inc. \* | 3397 | 124160 |
| &nbsp;&nbsp;&nbsp;&nbsp;DZS, Inc. \* | 2548 | 32309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extreme Networks, Inc. \* | 7358 | 134725 |
| &nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. \* | 3709 | 532279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmonic, Inc. \* | 10330 | 135323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Infinera Corp. \*@ | 5375 | 36227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 19819 | 633415 |
| &nbsp;&nbsp;&nbsp;&nbsp;KVH Industries, Inc. \* | 2387 | 24395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lantronix, Inc. \* | 1100 | 4752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. \* | 4956 | 258555 |
| &nbsp;&nbsp;&nbsp;&nbsp;NETGEAR, Inc. \* | 3539 | 64091 |
| &nbsp;&nbsp;&nbsp;&nbsp;NetScout Systems, Inc. \* | 8182 | 265997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Optical Cable Corp. \* | 374 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;PC-Tel, Inc. \* | 2629 | 11305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc. \* | 4101 | 129797 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Communications Equipment (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. \* | 21651 | $227552 |
|  |  | 4189844 |
| ***Computers & Peripherals — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AstroNova, Inc. \* | 1572 | 20153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avid Technology, Inc. \* | 7133 | 189666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A \* | 16030 | 428963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stratasys Ltd. \* | 3784 | 44878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. \* | 2778 | 228074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. \* | 2204 | 69536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 9706 | 141708 |
|  |  | 1122978 |
| ***Construction & Engineering — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | 8493 | 721311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A \* | 4050 | 231417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcosa, Inc. | 1853 | 100692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 4850 | 558138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. \* | 4084 | 382262 |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 5995 | 887920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. \* | 6585 | 228236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 4358 | 152835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp. \* | 7436 | 44244 |
| &nbsp;&nbsp;&nbsp;&nbsp;IES Holdings, Inc. \* | 2548 | 90632 |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. \* | 6602 | 563349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matrix Service Co. \* | 4086 | 25415 |
| &nbsp;&nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 11285 | 342387 |
| &nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. \* | 1935 | 178155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest Pipe Co. \* | 1211 | 40811 |
| &nbsp;&nbsp;&nbsp;&nbsp;NV5 Global, Inc. \* | 1843 | 243866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primoris Services Corp. | 5726 | 125628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. \* | 3492 | 114538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tutor Perini Corp. \* | 3153 | 23805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 2069 | 684156 |
| &nbsp;&nbsp;&nbsp;&nbsp;WillScot Mobile Mini Holdings Corp. \* | 18811 | 849693 |
|  |  | 6589490 |
| ***Construction Materials — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 1439 | 191171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Materials, Inc., Class A \* | 5504 | 156259 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 949 | 133581 |
|  |  | 481011 |
| ***Consumer Finance — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp. \* | 3144 | 82373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 856 | 32237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc. \* | 4988 | 44144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Acceptance Corp. \*@ | 760 | 360544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Encore Capital Group, Inc. \*@ | 3784 | 181405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. \* | 4283 | 164339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ezcorp, Inc., Class A \*@ | 5994 | 48851 |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 4847 | 421253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Dot Corp., Class A \* | 5205 | 82343 |
| &nbsp;&nbsp;&nbsp;&nbsp;LendingClub Corp. \* | 1512 | 13306 |
| &nbsp;&nbsp;&nbsp;&nbsp;LendingTree, Inc. \* | 900 | 19197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Navient Corp. | 17562 | 288895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | 3245 | 294484 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 7656 | 255021 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRA Group, Inc. \* | 5417 | 182986 |
| &nbsp;&nbsp;&nbsp;&nbsp;PROG Holdings, Inc. \* | 6028 | 101813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regional Management Corp. | 1467 | 41193 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLM Corp. | 14278 | 237015 |
| &nbsp;&nbsp;&nbsp;&nbsp;World Acceptance Corp. \*@ | 977 | 64423 |
|  |  | 2915822 |
| ***Containers & Packaging — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 5666 | 623147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | 9609 | 580672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 2141 | 176012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 8918 | 198425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greif, Inc., Class A | 2553 | 171204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greif, Inc., Class B | 1193 | 93328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 4361 | 96945 |
| &nbsp;&nbsp;&nbsp;&nbsp;O-I Glass, Inc. \* | 8143 | 134930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 1324 | 169353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pactiv Evergreen, Inc. | 8108 | 92107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp. | 10816 | 539502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 12267 | 635921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co. | 6744 | 409428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimas Corp. | 5102 | 141529 |
| &nbsp;&nbsp;&nbsp;&nbsp;WestRock Co. | 7830 | 275303 |
|  |  | 4337806 |
| ***Distributors — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Funko, Inc., Class A \*@ | 1917 | 20914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weyco Group, Inc. | 1043 | 22070 |
|  |  | 42984 |
| ***Diversified Consumer Services — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. \* | 5934 | 210657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. \* | 1895 | 119575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carriage Services, Inc. | 2984 | 82179 |
| &nbsp;&nbsp;&nbsp;&nbsp;European Wax Center, Inc., Class A | 583 | 7258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontdoor, Inc. \* | 4679 | 97323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | 462 | 279145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. \* | 3776 | 398972 |
| &nbsp;&nbsp;&nbsp;&nbsp;H&R Block, Inc. | 11646 | 425196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laureate Education, Inc., Class A | 2699 | 25964 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. \* | 2259 | 21077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education Corp. \* | 6976 | 96966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | 7334 | 507073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 2650 | 207548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. \* | 4184 | 130876 |
|  |  | 2609809 |
| ***Diversified Financial Services — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 2332 | 80990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acacia Research Corp. \* | 1995 | 8399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alerus Financial Corp. | 466 | 10881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. \* | 3828 | 79048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | 1992 | 69302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 9648 | 593256 |
|  |  | 841876 |
| ***Diversified Telecommunication Services — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anterix, Inc. \* | 1066 | 34293 |
| &nbsp;&nbsp;&nbsp;&nbsp;ATN International, Inc. | 2105 | 95378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 5536 | 315995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contra Costa Communications CVR @\*¶§ | 354 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;EchoStar Corp., Class A \* | 1286 | 21450 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDT Corp., Class B \* | 2980 | 83947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications, Inc. \* | 4335 | 222819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. Class A \* | 1600 | 12048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Latin America Ltd., Class C \* | 12050 | 91580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 11406 | 59539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ooma, Inc. \* | 1297 | 17665 |
|  |  | 955888 |
| ***Electric Utilities — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allete, Inc. | 6498 | 419186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genie Energy Ltd. Class B | 3300 | 34122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. | 7162 | 299730 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 2837 | 305971 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Electric Utilities (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 3771 | $265478 |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 14356 | 456808 |
| &nbsp;&nbsp;&nbsp;&nbsp;OGE Energy Corp. | 10049 | 397438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corp. | 4597 | 269890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 5960 | 453198 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNM Resources, Inc. | 10204 | 497853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Co. @ | 5648 | 276752 |
|  |  | 3676426 |
| ***Electrical Equipment — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | 2347 | 388687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allied Motion Technologies, Inc. | 1626 | 56601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc. \* | 5678 | 643999 |
| &nbsp;&nbsp;&nbsp;&nbsp;AZZ, Inc. | 2809 | 112922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Encore Wire Corp. | 2341 | 322028 |
| &nbsp;&nbsp;&nbsp;&nbsp;EnerSys | 4742 | 350149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc. | 2099 | 492593 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 3137 | 38397 |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 2150 | 82710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plug Power, Inc. \*@ | 1062 | 13137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 1380 | 48548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 668 | 55638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 7570 | 908248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 10094 | 407596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunrun, Inc. \* | 6232 | 149693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. \* | 3577 | 71826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vicor Corp. \* | 3445 | 185169 |
|  |  | 4327941 |
| ***Electronic Equipment, Instruments & Components — 3.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 4145 | 355558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies, Inc. \* | 10925 | 38347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. \* | 7096 | 742029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | 8026 | 333721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 3368 | 367213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class B | 1421 | 46779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | 4896 | 352022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 4604 | 122881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 315 | 9932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 4633 | 218261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. \* | 4854 | 170375 |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Corp. | 3954 | 155867 |
| &nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. \* | 3836 | 169858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet \* | 4275 | 548140 |
| &nbsp;&nbsp;&nbsp;&nbsp;FARO Technologies, Inc. \* | 2298 | 67584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. \* | 28069 | 602361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identiv, Inc. \* | 927 | 6711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. \* | 3841 | 385137 |
| &nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corp. \* | 1782 | 168702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. \* | 4157 | 210552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 5378 | 366780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Key Tronic Corp. \* | 1700 | 7361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimball Electronics, Inc. \* | 2987 | 67476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Knowles Corp. \* | 8278 | 135925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 1865 | 410673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 4122 | 182893 |
| &nbsp;&nbsp;&nbsp;&nbsp;NAPCO Security Technologies, Inc. \* | 5355 | 147155 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Instruments Corp. | 7611 | 280846 |
| &nbsp;&nbsp;&nbsp;&nbsp;nLight, Inc. \* | 1098 | 11134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. \* | 4244 | 576632 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc. \* | 1764 | 140273 |
| &nbsp;&nbsp;&nbsp;&nbsp;PC Connection, Inc. | 2926 | 137229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plexus Corp. \* | 3061 | 315069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Richardson Electronics Ltd. | 1505 | 32102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rogers Corp. \* | 2017 | 240709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. \* | 6551 | 375307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scansource, Inc. \* | 2807 | 82021 |
| &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 3515 | 332906 |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. \* | 10405 | 156907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 11850 | 255604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc. \* | 1694 | 65473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 8347 | 161348 |
|  |  | 9553853 |
| ***Energy Equipment & Services — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Archrock, Inc. | 12231 | 109834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristow Group, Inc. \* | 1579 | 42838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | 3486 | 175206 |
| &nbsp;&nbsp;&nbsp;&nbsp;ChampionX Corp. | 9876 | 286305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dril-Quip, Inc. \* | 2081 | 56541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expro Group Holdings NV \*@ | 837 | 15175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc. \* | 8345 | 61586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 6380 | 316257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy, Inc., Class A | 11763 | 188326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries Ltd. \* | 539 | 83475 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp. \* | 3193 | 22159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc. \* | 2179 | 24971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newpark Resources, Inc. \* | 5904 | 24502 |
| &nbsp;&nbsp;&nbsp;&nbsp;NexTier Oilfield Solutions, Inc. \* | 17336 | 160185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noble Corp. PLC \* | 2483 | 93634 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOV, Inc. | 23731 | 495741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil States International, Inc. \* | 3584 | 26737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 10229 | 172256 |
| &nbsp;&nbsp;&nbsp;&nbsp;ProPetro Holding Corp. \* | 4527 | 46945 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPC, Inc. | 11642 | 103497 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc. \* | 3233 | 29614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Select Energy Services, Inc., Class A | 3073 | 28395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Oilfield Infrastructure, Inc., Class A | 1000 | 9930 |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC \* | 23392 | 285148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tetra Technologies, Inc. \* | 8698 | 30095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tidewater, Inc. \* | 2915 | 107418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transocean Ltd. \* | 43549 | 198583 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Silica Holdings, Inc. \* | 5267 | 65838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valaris Ltd. \* | 1881 | 127193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC \* | 4378 | 222928 |
|  |  | 3611312 |
| ***Entertainment — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. \* | 7484 | 64812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Endeavor Group Holdings, Inc., Class A \* | 3669 | 82699 |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. \* | 4117 | 60355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Braves Group, Class C \* | 2620 | 84443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Braves, Class A \*@ | 934 | 30514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class A \* | 3637 | 20767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class B \* | 6300 | 34209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp. \* | 432 | 19427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. | 404 | 74065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marcus Corp. (The) | 3100 | 44609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Playtika Holding Corp. \* | 7992 | 68012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sciplay Corp., Class A \* | 1456 | 23413 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Entertainment (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;World Wrestling Entertainment, Inc., Class A | 2566 | $175822 |
|  |  | 783147 |
| ***Food & Staples Retailing — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 4055 | 141884 |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. \* | 4618 | 305527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2355 | 528344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse Inc. (The) \* | 4636 | 154286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh Market, Inc. @\*<> | 11040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp. \* | 2734 | 79805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingles Markets, Inc., Class A | 1973 | 190316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 2710 | 24769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. \* | 9263 | 540867 |
| &nbsp;&nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 3201 | 194557 |
| &nbsp;&nbsp;&nbsp;&nbsp;SpartanNash Co. | 4477 | 135385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. \* | 7149 | 231413 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. \* | 4219 | 163318 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. \* | 13615 | 463182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Village Super Market, Inc., Class A | 1435 | 33421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 2943 | 242179 |
|  |  | 3429253 |
| ***Food Products — 1.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alico, Inc. | 713 | 17019 |
| &nbsp;&nbsp;&nbsp;&nbsp;B&G Foods, Inc. | 8145 | 90817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 5021 | 273393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 2189 | 64357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. \* | 13438 | 841084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 10685 | 307087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 5010 | 131212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freshpet, Inc. \*@ | 278 | 14670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc. (The) \* | 1695 | 27425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hostess Brands, Inc. \* | 4664 | 104660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingredion, Inc. | 3754 | 367629 |
| &nbsp;&nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | 2148 | 321577 |
| &nbsp;&nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son, Inc. | 1112 | 90428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 5639 | 503901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 2908 | 573748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc. \* | 3872 | 25091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifeway Foods, Inc. \* | 1756 | 9746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limoneira Co. | 2072 | 25299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mission Produce, Inc. \* | 1256 | 14595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. \* | 5624 | 133458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc. \* | 4776 | 431082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seaboard Corp. | 42 | 158559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A \* | 800 | 48760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simply Good Foods Co. (The) \* | 4321 | 164328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | 4999 | 212807 |
| &nbsp;&nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc. \* | 3458 | 170756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Farms, Inc. \* | 2774 | 41388 |
|  |  | 5164876 |
| ***Gas Utilities — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 2106 | 248887 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 4000 | 253200 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 9687 | 480669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 3354 | 159617 |
| &nbsp;&nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 5011 | 379433 |
| &nbsp;&nbsp;&nbsp;&nbsp;RGC Resources, Inc. | 600 | 13230 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Jersey Industries, Inc. | 10442 | 371004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 4019 | 248696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc. | 4808 | 331079 |
| &nbsp;&nbsp;&nbsp;&nbsp;UGI Corp. | 10146 | 376112 |
|  |  | 2861927 |
| ***Health Care — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contra Aduro Biotech \*¶§ | 237 | 481 |
| ***Health Care Equipment & Supplies — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Achillion Pharmaceuticals, Inc. @\*¶§ | 23152 | 24830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Angiodynamics, Inc. \* | 4953 | 68203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. \* | 5028 | 60939 |
| &nbsp;&nbsp;&nbsp;&nbsp;AtriCure, Inc. \* | 3107 | 137889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atrion Corp. | 201 | 112449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avanos Medical, Inc. \* | 4019 | 108754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axonics, Inc. \* | 2988 | 186840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardiovascular Systems, Inc. \* | 4224 | 57531 |
| &nbsp;&nbsp;&nbsp;&nbsp;CONMED Corp. | 2255 | 199883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 8130 | 258859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electromed, Inc. \* | 2175 | 22816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embecta Corp. | 4112 | 103992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enovis Corp. \* | 3400 | 181968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Envista Holdings Corp. \* | 11739 | 395252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Figs, Inc., Class A \* | 2862 | 19261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fonar Corp. \* | 1282 | 21473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. \* | 3346 | 146153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A \* | 5734 | 425864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corp. \* | 5164 | 406149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heska Corp. \* | 880 | 54701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp. \* | 3152 | 215786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. \* | 6371 | 357222 |
| &nbsp;&nbsp;&nbsp;&nbsp;iRadimed Corp. | 704 | 19916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. \* | 7277 | 370836 |
| &nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 2735 | 125865 |
| &nbsp;&nbsp;&nbsp;&nbsp;LENSAR, Inc. \* | 1385 | 4100 |
| &nbsp;&nbsp;&nbsp;&nbsp;LivaNova PLC \* | 3953 | 219550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Masimo Corp. \* | 1950 | 288502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meridian Bioscience, Inc. \* | 4782 | 158810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. \* | 5761 | 406842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neogen Corp. \* | 10822 | 164819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novocure Ltd. \*@ | 829 | 60807 |
| &nbsp;&nbsp;&nbsp;&nbsp;NuVasive, Inc. \* | 5261 | 216964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnicell, Inc. \* | 4593 | 231579 |
| &nbsp;&nbsp;&nbsp;&nbsp;OraSure Technologies, Inc. \* | 9521 | 45891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orthofix Medical, Inc. \* | 558 | 11456 |
| &nbsp;&nbsp;&nbsp;&nbsp;OrthoPediatrics Corp. \* | 1252 | 49742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc. \* | 2652 | 589964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pulmonx Corp. \*@ | 667 | 5623 |
| &nbsp;&nbsp;&nbsp;&nbsp;QuidelOrtho Corp. \* | 446 | 38209 |
| &nbsp;&nbsp;&nbsp;&nbsp;SeaSpine Holdings Corp. \* | 2964 | 24749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semler Scientific, Inc. \* | 300 | 9900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shockwave Medical, Inc. \* | 2116 | 435071 |
| &nbsp;&nbsp;&nbsp;&nbsp;STAAR Surgical Co. \* | 1276 | 61937 |
| &nbsp;&nbsp;&nbsp;&nbsp;SurModics, Inc. \* | 1788 | 61007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | 723 | 180482 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. \* | 1354 | 83569 |
| &nbsp;&nbsp;&nbsp;&nbsp;UFP Technologies, Inc. \* | 913 | 107634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 630 | 63334 |
|  |  | 7603972 |
| ***Health Care Providers & Services — 3.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc. \* | 8805 | 724828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. \* | 1872 | 186245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agiliti, Inc. \*@ | 3373 | 55014 |
| &nbsp;&nbsp;&nbsp;&nbsp;agilon health, Inc. \* | 5282 | 85251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amedisys, Inc. \* | 3653 | 305172 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc. \* | 5001 | 514203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Medical Holdings, Inc. \*@ | 4323 | 127918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc. \* | 7211 | 19686 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** | | |
| ***Health Care Providers & Services (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Castle Biosciences, Inc. \* | 1302 | $30649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemed Corp. | 1565 | 798823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contra Abiomed, Inc. \*¶<> | 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corvel Corp. \* | 2837 | 412301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc. \* | 5512 | 146454 |
| &nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc. \* | 8508 | 635292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 6968 | 416756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enhabit, Inc. \* | 3708 | 48797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 6774 | 640888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enzo Biochem, Inc. \* | 6609 | 9451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc. \*@ | 2336 | 69566 |
| &nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. \* | 5161 | 318124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. \* | 10880 | 868986 |
| &nbsp;&nbsp;&nbsp;&nbsp;LHC Group, Inc. \* | 3259 | 526948 |
| &nbsp;&nbsp;&nbsp;&nbsp;ModivCare, Inc. \* | 1383 | 124097 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Healthcare Corp. | 1582 | 94129 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Research Corp. | 2987 | 111415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc. \* | 7998 | 240660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Owens & Minor, Inc. | 5414 | 105735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patterson Cos., Inc. | 6230 | 174627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. \* | 3540 | 52604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennant Group, Inc. (The) \* | 3997 | 43887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premier, Inc., Class A | 6565 | 229644 |
| &nbsp;&nbsp;&nbsp;&nbsp;RadNet, Inc. \* | 5402 | 101720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 12138 | 301386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surgery Partners, Inc. \* | 1984 | 55274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. \* | 11198 | 546350 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 1511 | 122436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 3730 | 525520 |
|  |  | 9770928 |
| ***Health Care Technology — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allscripts Healthcare Solutions, Inc. \* | 14834 | 261672 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Well Corp. \* | 12361 | 34982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certara, Inc. \* | 5718 | 91888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Computer Programs & Systems, Inc. \* | 1636 | 44532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc., Class A \*@ | 2443 | 81987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A \* | 5196 | 145904 |
| &nbsp;&nbsp;&nbsp;&nbsp;HealthStream, Inc. \* | 3803 | 94466 |
| &nbsp;&nbsp;&nbsp;&nbsp;NextGen Healthcare, Inc. \* | 6391 | 120023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phreesia, Inc. \* | 2105 | 68118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Schrodinger, Inc. \* | 4061 | 75900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | 1668 | 60999 |
|  |  | 1080471 |
| ***Hotels, Restaurants & Leisure — 3.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aramark | 20945 | 865866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class A \* | 7 | 4886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B \* | 74 | 10271 |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc. \* | 2751 | 72571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 8154 | 164058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluegreen Vacations Holding Corp. @ | 1017 | 25384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 2637 | 143796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. \* | 5679 | 181217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. \* | 531 | 22090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. \*@ | 4641 | 37406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) @ | 5035 | 159660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 6024 | 678543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 3811 | 805760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chuy's Holdings, Inc. \* | 1904 | 53883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. @ | 2324 | 220176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc. \* | 4530 | 160543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denny's Corp. \* | 4694 | 43232 |
| &nbsp;&nbsp;&nbsp;&nbsp;DineEquity, Inc. | 1002 | 64729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 197 | 68241 |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. Class A \*@ | 3043 | 34660 |
| &nbsp;&nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc. | 4284 | 42669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everi Holdings, Inc. \* | 4400 | 63140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiesta Restaurant Group, Inc. \* | 4058 | 29826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A \* | 811 | 73355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc. \* | 1305 | 16534 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Game Technology PLC | 969 | 21977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 3000 | 204690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder, Inc., Class A \* | 1500 | 87900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 5154 | 693677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. \* | 1490 | 114566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | 794 | 53365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. \*@ | 10049 | 123000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 4290 | 353110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. \* | 5194 | 154262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. Class A \* | 8887 | 700296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruth's Hospitality Group, Inc. | 2754 | 42632 |
| &nbsp;&nbsp;&nbsp;&nbsp;SeaWorld Entertainment, Inc. \* | 4795 | 256580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A \* | 2266 | 94107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. \* | 3483 | 80980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 6983 | 635104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 5666 | 206242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 2071 | 493623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wendy's Co. (The) | 22109 | 500327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wingstop, Inc. | 1665 | 229137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 5481 | 390850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. \* | 4811 | 396763 |
|  |  | 9875684 |
| ***Household Durables — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bassett Furniture Industries, Inc. | 1080 | 18770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc. \* | 1643 | 20965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries, Inc. \* | 986 | 223083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. | 3674 | 183737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 2598 | 68639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | 1069 | 16463 |
| &nbsp;&nbsp;&nbsp;&nbsp;GoPro, Inc., Class A \* | 6985 | 34785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Brick Partners, Inc. \* | 4024 | 97502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co., Class A | 2000 | 24780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helen of Troy Ltd. \* | 2629 | 291582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hooker Furnishings Corp. | 1742 | 32575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 3050 | 261080 |
| &nbsp;&nbsp;&nbsp;&nbsp;iRobot Corp. \* | 3109 | 149636 |
| &nbsp;&nbsp;&nbsp;&nbsp;KB Home | 7849 | 249991 |
| &nbsp;&nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 4321 | 98605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | 8008 | 258098 |
| &nbsp;&nbsp;&nbsp;&nbsp;LGI Homes, Inc. \* | 624 | 57782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifetime Brands, Inc. | 3200 | 24288 |
| &nbsp;&nbsp;&nbsp;&nbsp;M.D.C. Holdings, Inc. | 6276 | 198322 |
| &nbsp;&nbsp;&nbsp;&nbsp;M/I Homes, Inc. \* | 3074 | 141957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes Corp. \* | 3491 | 321870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. \* | 3847 | 393240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 27926 | 365272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orleans Homebuilders, Inc. \*@§ | 4953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyline Champion Corp. \* | 2566 | 132175 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** | | |
| ***Household Durables (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sonos, Inc. \* | 3418 | $57764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. \* | 9778 | 296762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. | 19486 | 668954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 10507 | 524510 |
| &nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp. \* | 3486 | 545524 |
| &nbsp;&nbsp;&nbsp;&nbsp;TRI Pointe Homes, Inc. \* | 12577 | 233807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Electronics, Inc. \* | 1292 | 26887 |
| &nbsp;&nbsp;&nbsp;&nbsp;VOXX International Corp. \* | 3284 | 27520 |
|  |  | 6046925 |
| ***Household Products — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Co. \* | 1247 | 46700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A \* | 4555 | 163069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 5016 | 168287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 1487 | 90588 |
| &nbsp;&nbsp;&nbsp;&nbsp;WD-40 Co. @ | 1589 | 256163 |
|  |  | 724807 |
| ***Independent Power Producers & Energy Traders — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlantica Sustainable Infrastructure PLC | 1800 | 46620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. Class A | 2097 | 57751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | 3716 | 111183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | 9495 | 302606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 5451 | 471402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunnova Energy International, Inc. \*@ | 8581 | 154544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 28253 | 655470 |
|  |  | 1799576 |
| ***Insurance — 4.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc. \* | 900 | 15696 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Equity Investment Life Holding Co. | 10429 | 475771 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 3696 | 507387 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 1961 | 101913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argo Group International Holdings Ltd. | 3856 | 99678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 4350 | 544011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 4657 | 289945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 4830 | 261641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc. \* | 5115 | 262246 |
| &nbsp;&nbsp;&nbsp;&nbsp;BRP Group, Inc., Class A \*@ | 3130 | 78688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens, Inc. \* | 6126 | 13048 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 10476 | 239377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crawford & Co., Class A | 5638 | 31347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crawford & Co., Class B | 3345 | 17762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Donegal Group, Inc., Class A | 3630 | 51546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 2665 | 114941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enstar Group Ltd. \* | 1195 | 276093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 1600 | 397952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 1825 | 604568 |
| &nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. \* | 877 | 17549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 12902 | 485373 |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corp. | 7508 | 392969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc., Class A \* | 14918 | 78916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Indemnity Group LLC Class A | 2160 | 50350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | 5598 | 674839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 2145 | 289854 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCI Group, Inc. @ | 1239 | 49052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 4392 | 164129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investors Title Co. | 279 | 41166 |
| &nbsp;&nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 829 | 17334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kemper Corp. | 5843 | 287476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 808 | 211308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | 8515 | 261581 |
| &nbsp;&nbsp;&nbsp;&nbsp;MBIA, Inc. \* | 6313 | 81122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury General Corp. | 3869 | 132320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | 20327 | 490897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A \* | 3732 | 9181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. \* | 1593 | 71940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 4105 | 582171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 3019 | 428970 |
| &nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 2896 | 533530 |
| &nbsp;&nbsp;&nbsp;&nbsp;RLI Corp. | 5024 | 659500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 1656 | 139535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 6118 | 542116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 3069 | 131138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trupanion, Inc. \*@ | 335 | 15922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unico American Corp. \* | 1700 | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 2400 | 65664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 4293 | 45463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 14680 | 602320 |
| &nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | 170 | 240436 |
|  |  | 12180468 |
| ***Interactive Media & Services — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bumble, Inc., Class A \* | 2172 | 45721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. \* | 1272 | 17821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cars.com, Inc. \* | 3931 | 54130 |
| &nbsp;&nbsp;&nbsp;&nbsp;DHI Group, Inc. \* | 8881 | 46980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shutterstock, Inc. | 2721 | 143451 |
| &nbsp;&nbsp;&nbsp;&nbsp;TripAdvisor, Inc. \* | 6168 | 110901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yelp, Inc. \* | 4724 | 129154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ziff Davis, Inc. \* | 2996 | 236983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A \* | 1513 | 47221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C \*@ | 5600 | 180376 |
|  |  | 1012738 |
| ***Internet & Catalog Retail — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc., Class A \* | 3880 | 37093 |
| &nbsp;&nbsp;&nbsp;&nbsp;CarParts.com, Inc. \* | 2801 | 17534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duluth Holdings, Inc., Class B \*@ | 1185 | 7323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity Services, Inc. \* | 4207 | 59150 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetMed Express, Inc. | 2360 | 41772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolve Group, Inc. \*@ | 706 | 15716 |
|  |  | 178588 |
| ***IT Services — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 5665 | 514948 |
| &nbsp;&nbsp;&nbsp;&nbsp;BM Technologies, Inc. \*@ | 823 | 4288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brightcove, Inc. \* | 3324 | 17385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cantaloupe, Inc. \* | 3505 | 15247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 1788 | 81926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Computer Task Group, Inc. \* | 4027 | 30444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corp. | 3341 | 444888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conduent, Inc. \* | 5702 | 23093 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 4225 | 241670 |
| &nbsp;&nbsp;&nbsp;&nbsp;DXC Technology Co. \* | 11187 | 296455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgio, Inc. \* | 15146 | 17115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. \* | 2511 | 236988 |
| &nbsp;&nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 4311 | 139590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evo Payments, Inc., Class A \* | 1928 | 65244 |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. \* | 3892 | 659422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flywire Corp. \* | 4301 | 105245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genpact Ltd. | 12745 | 590348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globant SA \* | 1874 | 315132 |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A \* | 8025 | 600430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc. \* | 4703 | 52768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hackett Group, Inc. (The) | 4098 | 83476 |
| &nbsp;&nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A \* | 1470 | 35780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Services Group, Inc. | 2180 | 10028 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Money Express, Inc. \* | 1977 | 48179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. \* | 2623 | 29168 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** | | |
| ***IT Services (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A \* | 3982 | $24330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximus, Inc. | 2874 | 210750 |
| &nbsp;&nbsp;&nbsp;&nbsp;MoneyGram International, Inc. \* | 131 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paya Holdings, Inc. \* | 6174 | 48589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perficient, Inc. \* | 4602 | 321358 |
| &nbsp;&nbsp;&nbsp;&nbsp;PFSweb, Inc. | 3727 | 22921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A \* | 2548 | 142510 |
| &nbsp;&nbsp;&nbsp;&nbsp;SolarWinds Corp. \* | 5202 | 48691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Squarespace, Inc. \* | 1126 | 24963 |
| &nbsp;&nbsp;&nbsp;&nbsp;TTEC Holdings, Inc. | 4929 | 217517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corp. \* | 10023 | 138618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Union Co. (The) | 12000 | 165240 |
| &nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc. \* | 2575 | 421399 |
|  |  | 6447570 |
| ***Leisure Equipment & Products — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 541 | 22971 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Outdoor Brands, Inc. \* | 1946 | 19499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brunswick Corp. | 4070 | 293366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Escalade, Inc. | 1950 | 19851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 3528 | 215243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc., Class A | 1000 | 66120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A \* | 2116 | 112783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marine Products Corp. | 3930 | 46256 |
| &nbsp;&nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc. \* | 2183 | 56474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. \* | 16916 | 301781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Polaris, Inc. | 3530 | 356530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | 4598 | 39911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. \* | 5300 | 104675 |
|  |  | 1655460 |
| ***Life Sciences Tools & Services — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. \* | 4578 | 34976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azenta, Inc. | 937 | 54552 |
| &nbsp;&nbsp;&nbsp;&nbsp;BioLife Solutions, Inc. \* | 1278 | 23260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bruker Corp. | 10230 | 699220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. \* | 527 | 114833 |
| &nbsp;&nbsp;&nbsp;&nbsp;CryoPort, Inc. \* | 3270 | 56735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvard Bioscience, Inc. \* | 5522 | 15296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. \* | 2141 | 454770 |
| &nbsp;&nbsp;&nbsp;&nbsp;NeoGenomics, Inc. \* | 5114 | 47253 |
| &nbsp;&nbsp;&nbsp;&nbsp;OmniAb, Inc. <> | 654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OmniAb, Inc. <> | 654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OmniAb, Inc. \* | 8462 | 30463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc. \*@ | 4368 | 35730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp. \* | 4248 | 719229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Syneos Health, Inc. \* | 6498 | 238347 |
|  |  | 2524664 |
| ***Machinery — 4.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | 5729 | 794555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 1320 | 186912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Albany International Corp., Class A | 3573 | 352262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 6647 | 276515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Altra Industrial Motion Corp. | 2666 | 159293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 1967 | 79978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barnes Group, Inc. | 4989 | 203801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corp. \*@ | 662 | 7090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc. \*@ | 3344 | 385329 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIRCOR International, Inc. \* | 2600 | 62296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 2642 | 85786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Vehicle Group, Inc. \* | 3758 | 25592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Holdings Co. | 3089 | 310290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 8206 | 483087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 2507 | 90653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastern Co. (The) | 1272 | 24524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 6499 | 165400 |
| &nbsp;&nbsp;&nbsp;&nbsp;EnPro Industries, Inc. | 2344 | 254769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 418 | 19613 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 2646 | 231631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 5985 | 278123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | 2564 | 78664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 5666 | 451863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gorman-Rupp Co. (The) | 3803 | 97433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 9590 | 645023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. (The) | 3984 | 133584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 3760 | 204694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hurco Cos., Inc. | 1000 | 26130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyster-Yale Materials Handling, Inc. | 165 | 4176 |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 5131 | 416124 |
| &nbsp;&nbsp;&nbsp;&nbsp;John Bean Technologies Corp. | 3520 | 321482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kadant, Inc. | 1660 | 294866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kennametal, Inc. | 6340 | 152540 |
| &nbsp;&nbsp;&nbsp;&nbsp;LB Foster Co., Class A \* | 2165 | 20957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 3365 | 486209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindsay Corp. | 1209 | 196886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manitex International, Inc. \* | 1300 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manitowoc Co., Inc. (The) \* | 3607 | 33040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp. (The) \* | 4055 | 542964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 1261 | 33618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 6958 | 410522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | 16726 | 179972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 1935 | 459988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Omega Flex, Inc. @ | 1002 | 93507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 4130 | 364225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | 2182 | 26686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 11013 | 495365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perma-Pipe International Holdings, Inc. \* | 1900 | 17955 |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. \* | 336 | 70342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shyft Group, Inc. (The) | 3913 | 97277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap-On, Inc. | 1600 | 365584 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. \* | 4956 | 325361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standex International Corp. | 1427 | 146139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tennant Co. | 2037 | 125418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terex Corp. | 6869 | 293444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Timken Co. (The) | 6902 | 487764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Titan International, Inc. \* | 4338 | 66458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toro Co. (The) | 7421 | 840057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 4908 | 145130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wabash National Corp. | 6446 | 145680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 3406 | 498059 |
|  |  | 14277885 |
| ***Marine — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costamare, Inc. | 5728 | 53156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Bulk Shipping, Inc. | 436 | 21774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. \* | 4368 | 281081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matson, Inc. | 5291 | 330740 |
|  |  | 686751 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** | | |
| ***Media — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Altice USA, Inc., Class A \* | 2984 | $13726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Omaha Corp., Class A \* | 1358 | 35987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cable One, Inc. | 397 | 282608 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISH Network Corp., Class A \* | 4087 | 57382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entravision Communications Corp., Class A | 5678 | 27254 |
| &nbsp;&nbsp;&nbsp;&nbsp;EW Scripps Co. (The), Class A \* | 7073 | 93293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gannett Co., Inc. \* | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc. | 8433 | 94365 |
| &nbsp;&nbsp;&nbsp;&nbsp;iHeartMedia, Inc., Class A \* | 2052 | 12579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 16227 | 540521 |
| &nbsp;&nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 3247 | 130075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnite, Inc. \* | 2291 | 24262 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Times Co. (The), Class A | 18114 | 587981 |
| &nbsp;&nbsp;&nbsp;&nbsp;News Corp., Class A | 19977 | 363581 |
| &nbsp;&nbsp;&nbsp;&nbsp;News Corp., Class B | 7188 | 132547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. Class A | 4189 | 733201 |
| &nbsp;&nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A \*@ | 3162 | 40505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saga Communications, Inc., Class A | 664 | 15670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scholastic Corp. | 3519 | 138860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinclair Broadcast Group, Inc., Class A | 2132 | 33067 |
| &nbsp;&nbsp;&nbsp;&nbsp;TechTarget, Inc. \* | 3517 | 154959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thryv Holdings, Inc. \* | 1938 | 36822 |
| &nbsp;&nbsp;&nbsp;&nbsp;WideOpenWest, Inc. \*@ | 4405 | 40130 |
|  |  | 3589377 |
| ***Metals & Mining — 1.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp. | 16066 | 730521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc. | 886 | 129702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arconic Corp. \* | 4728 | 100044 |
| &nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. \* | 14726 | 439718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 3912 | 144509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Century Aluminum Co. \* | 8912 | 72900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. \*@ | 21519 | 346671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining, Inc. \* | 9190 | 30878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co. | 13236 | 639299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferroglobe PLC \* | 10242 | 39432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferroglobe Representation & Warranty Insurance Trust § | 24025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortitude Gold Corp. | 4671 | 25737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Friedman Industries, Inc. | 700 | 6853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haynes International, Inc. | 1229 | 56153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hecla Mining Co. | 30869 | 171632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 2372 | 180177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materion Corp. | 2319 | 202936 |
| &nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. \* | 6046 | 146797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 1200 | 40296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | 3233 | 654489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 4388 | 494615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 5114 | 154750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Schnitzer Steel Industries, Inc., Class A | 2809 | 86096 |
| &nbsp;&nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 8204 | 70801 |
| &nbsp;&nbsp;&nbsp;&nbsp;TimkenSteel Corp. \* | 5303 | 96355 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Steel Corp. | 8879 | 222419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 738 | 25564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Worthington Industries, Inc. | 4458 | 221607 |
|  |  | 5530951 |
| ***Multi-Utilities — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Avista Corp. | 6896 | 305769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp. | 6023 | 423658 |
| &nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | 18689 | 512452 |
| &nbsp;&nbsp;&nbsp;&nbsp;NorthWestern Corp. | 4148 | 246142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unitil Corp. | 1923 | 98765 |
|  |  | 1586786 |
| ***Multiline Retail — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A @ | 1103 | 356490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchise Group, Inc. @ | 1459 | 34753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kohl's Corp. | 2281 | 57595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. | 19449 | 401622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordstrom, Inc. @ | 2914 | 47032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. \* | 3753 | 175791 |
|  |  | 1073283 |
| ***Oil, Gas & Consumable Fuels — 3.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adams Resources & Energy, Inc. | 536 | 20861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alto Ingredients, Inc. \* | 5761 | 16592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amplify Energy Corp. \* | 1867 | 16411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 30266 | 326570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp. \* | 5180 | 160528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arch Resources, Inc. | 1708 | 243885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. \* | 1612 | 23229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berry Corp. | 4166 | 33328 |
| &nbsp;&nbsp;&nbsp;&nbsp;California Resources Corp. | 3564 | 155070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Callon Petroleum Co. \* | 3677 | 136380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy Corp. Class A \*@ | 1074 | 34884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Energy Corp. @ | 4468 | 421645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp. | 804 | 109995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 2093 | 121248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp. \* | 20279 | 105451 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corp. \* | 16780 | 282575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comstock Resources, Inc. | 11934 | 163615 |
| &nbsp;&nbsp;&nbsp;&nbsp;CONSOL Energy, Inc. | 2376 | 154440 |
| &nbsp;&nbsp;&nbsp;&nbsp;CVR Energy, Inc. | 1556 | 48765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | 7082 | 191214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denbury, Inc. \* | 2643 | 229994 |
| &nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 11638 | 103345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 3332 | 63141 |
| &nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. \* | 1881 | 103944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earthstone Energy, Inc., Class A \* | 8401 | 119546 |
| &nbsp;&nbsp;&nbsp;&nbsp;EnLink Midstream LLC \* | 27038 | 332567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitrans Midstream Corp. | 22329 | 149604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 5356 | 40438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Plains, Inc. \* | 5096 | 155428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corp. \* | 944 | 69516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hallador Energy Co. \* | 3193 | 31898 |
| &nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 9611 | 498715 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Seaways, Inc. | 4383 | 162259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. \* | 25367 | 161334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laredo Petroleum, Inc. \* | 1191 | 61241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 7613 | 178525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co. | 10827 | 619737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 13521 | 581538 |
| &nbsp;&nbsp;&nbsp;&nbsp;NACCO Industries, Inc., Class A | 1000 | 38000 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. @ | 3932 | 166795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd. | 8255 | 25260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. @ | 1306 | 40251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overseas Shipholding Group, Inc., Class A \* | 11837 | 34209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 255 | 12931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc. \* | 4135 | 96139 |
| &nbsp;&nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | 10429 | 425295 |
| &nbsp;&nbsp;&nbsp;&nbsp;PDC Energy, Inc. | 8838 | 561036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy Corp. \* | 3580 | 94584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp., Class A | 16144 | 151754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | 10825 | 270842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rex American Resources Corp. \* | 2364 | 75317 |
| &nbsp;&nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. \* | 2175 | 37040 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** | | |
| ***Oil, Gas & Consumable Fuels (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 4277 | $229974 |
| &nbsp;&nbsp;&nbsp;&nbsp;SFL Corp. Ltd. | 4682 | 43168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sitio Royalties Corp. | 3566 | 102866 |
| &nbsp;&nbsp;&nbsp;&nbsp;SM Energy Co. | 2124 | 73979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwestern Energy Co. \* | 62679 | 366672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Talos Energy, Inc. \* | 3212 | 60643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teekay Corp. \* | 4339 | 19699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teekay Tankers Ltd., Class A \* | 1880 | 57923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 152 | 356323 |
| &nbsp;&nbsp;&nbsp;&nbsp;W&T Offshore, Inc. \* | 9305 | 51922 |
| &nbsp;&nbsp;&nbsp;&nbsp;World Fuel Services Corp. | 4796 | 131075 |
|  |  | 9953153 |
| ***Paper & Forest Products — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearwater Paper Corp. \* | 1838 | 69495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glatfelter Corp. | 4665 | 12969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 10788 | 638650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercer International, Inc. | 7857 | 91455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resolute Forest Products, Inc. \* | 7629 | 164710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sylvamo Corp. | 2483 | 120649 |
|  |  | 1097928 |
| ***Personal Products — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc. \* | 7482 | 191838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coty, Inc., Class A \* | 46457 | 397672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 3865 | 148957 |
| &nbsp;&nbsp;&nbsp;&nbsp;elf Beauty, Inc. \* | 4063 | 224684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Herbalife Nutrition Ltd. \* | 600 | 8928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Honest Co., Inc. (The) \*@ | 3035 | 9135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 3888 | 375270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medifast, Inc. | 1490 | 171872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Alternatives International, Inc. \* | 1000 | 8390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc. \* | 1700 | 14144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc., Class A | 3817 | 160925 |
| &nbsp;&nbsp;&nbsp;&nbsp;United-Guardian, Inc. | 600 | 6240 |
| &nbsp;&nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc. \* | 2205 | 117306 |
|  |  | 1835361 |
| ***Pharmaceuticals — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc. \* | 5670 | 158873 |
| &nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. \* | 1669 | 67144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cara Therapeutics, Inc. \* | 3972 | 42659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc. \* | 2590 | 60088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contra Zogenix, Inc. @\*¶§ | 3347 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. \* | 7842 | 159271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumberland Pharmaceuticals, Inc. \* | 5912 | 13302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cymabay Therapeutics, Inc. \* | 6353 | 39833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. \* | 1162 | 10388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. \* | 3561 | 196211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. \* | 5963 | 79010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 4329 | 689653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. | 8187 | 228663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. \* | 3025 | 116795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. PLC | 12427 | 423637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. \* | 6078 | 380483 |
| &nbsp;&nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | 1900 | 13984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. \* | 5158 | 183986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taro Pharmaceutical Industries Ltd. \* | 438 | 12720 |
|  |  | 2877127 |
| ***Professional Services — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASGN, Inc. \* | 5882 | 479265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 935 | 87217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 789 | 82466 |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A \* | 2530 | 760493 |
| &nbsp;&nbsp;&nbsp;&nbsp;CBIZ, Inc. \* | 6173 | 289205 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRA International, Inc. | 773 | 94638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | 5886 | 583244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forrester Research, Inc. \* | 2360 | 84394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Covey Co. \* | 2254 | 105420 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting, Inc. \* | 3703 | 588036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 1928 | 53926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc. \* | 2643 | 191882 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICF International, Inc. | 2012 | 199289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insperity, Inc. | 4545 | 516312 |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | 14771 | 779909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | 3132 | 52931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kforce, Inc. | 3397 | 186258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korn Ferry | 5760 | 291571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manpowergroup, Inc. | 3514 | 292400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastech Digital, Inc. \* | 2122 | 23363 |
| &nbsp;&nbsp;&nbsp;&nbsp;RCM Technologies, Inc. \* | 2995 | 36958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 3396 | 62418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Robert Half International, Inc. | 7950 | 586948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp. | 2559 | 283870 |
| &nbsp;&nbsp;&nbsp;&nbsp;TriNet Group, Inc. \* | 7048 | 477854 |
| &nbsp;&nbsp;&nbsp;&nbsp;TrueBlue, Inc. \* | 3431 | 67179 |
|  |  | 7257446 |
| ***Real Estate Investment Trusts (REITs) — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contra Zagg, Inc. \*¶§ | 6699 |  |
| ***Real Estate Management & Development — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC \*@ | 5956 | 74212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Douglas Elliman, Inc. | 7727 | 31449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forestar Group, Inc. \* | 3530 | 54397 |
| &nbsp;&nbsp;&nbsp;&nbsp;FRP Holdings, Inc. \* | 200 | 10772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Howard Hughes Corp. (The) \* | 1009 | 77108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. \* | 3879 | 618196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 13722 | 215847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 3263 | 112410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maui Land & Pineapple Co., Inc. \* | 2324 | 21892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | 24049 | 191671 |
| &nbsp;&nbsp;&nbsp;&nbsp;RMR Group, Inc. (The) Class A | 1159 | 32742 |
| &nbsp;&nbsp;&nbsp;&nbsp;St. Joe Co. (The) | 3300 | 127545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stratus Properties, Inc. | 313 | 6038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tejon Ranch Co. \* | 2949 | 55559 |
|  |  | 1629838 |
| ***Road & Rail — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corp. | 3093 | 216634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. | 1911 | 66063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 8017 | 122981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 10458 | 548104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 2867 | 467034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 7902 | 156302 |
| &nbsp;&nbsp;&nbsp;&nbsp;P.A.M. Transportation Services, Inc. \* | 6092 | 157783 |
| &nbsp;&nbsp;&nbsp;&nbsp;RXO, Inc. \* | 1530 | 26316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc. \* | 3397 | 712283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | 1500 | 35100 |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co. @ | 1058 | 63681 |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 9522 | 523519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | 2551 | 85305 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** | | |
| ***Road & Rail (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 6797 | $273647 |
| &nbsp;&nbsp;&nbsp;&nbsp;XPO Logistics, Inc. \* | 1530 | 50934 |
|  |  | 3505686 |
| ***Semiconductors & Semiconductor Equipment — 3.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. \* | 2886 | 82453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ambarella, Inc. \* | 2341 | 192500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 25678 | 615758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amtech Systems, Inc. \* | 2822 | 21447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. \* | 3944 | 312996 |
| &nbsp;&nbsp;&nbsp;&nbsp;AXT, Inc. \* | 5653 | 24760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceva, Inc. \* | 3095 | 79170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. \* | 5956 | 443603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cohu, Inc. \* | 5114 | 163904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diodes, Inc. \* | 5169 | 393568 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. \* | 8994 | 1347211 |
| &nbsp;&nbsp;&nbsp;&nbsp;FormFactor, Inc. \* | 9854 | 219054 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSI Technology, Inc. \* | 4641 | 8029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. \* | 400 | 10728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 5924 | 262196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. \* | 15739 | 1021146 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. \* | 2196 | 138304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnachip Semiconductor Corp. \* | 4588 | 43081 |
| &nbsp;&nbsp;&nbsp;&nbsp;MaxLinear, Inc. \* | 7715 | 261924 |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 1144 | 96931 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVE Corp. | 502 | 32505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc. \* | 4376 | 297962 |
| &nbsp;&nbsp;&nbsp;&nbsp;PDF Solutions, Inc. \* | 4938 | 140832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Photronics, Inc. \* | 7008 | 117945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 6542 | 469192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc. \* | 1876 | 170041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. \* | 14241 | 510113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. \* | 7337 | 210499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. \* | 3982 | 540238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synaptics, Inc. \* | 5027 | 478369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc. \* | 4298 | 142479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Display Corp. | 3037 | 328118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. \* | 4666 | 86694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wolfspeed, Inc. \*@ | 10030 | 692471 |
|  |  | 9956221 |
| ***Software — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 6016 | 100046 |
| &nbsp;&nbsp;&nbsp;&nbsp;ACI Worldwide, Inc. \* | 12870 | 296010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adeia, Inc. | 7577 | 71830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agilysys, Inc. \* | 2848 | 225391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. \* | 4263 | 210933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Altair Engineering, Inc., Class A \* | 3033 | 137911 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Software, Inc., Class A | 4461 | 65487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspen Technology, Inc. \* | 1995 | 409773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 545 | 20143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Knight, Inc. \* | 200 | 12350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackbaud, Inc. \* | 5719 | 336620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Box, Inc., Class A \* | 6867 | 213770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc. \* | 863 | 55361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commvault Systems, Inc. \* | 2675 | 168097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc. \* | 1449 | 77898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 2281 | 160902 |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc. \* | 6316 | 138699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A \* | 14286 | 319721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duck Creek Technologies, Inc. \* | 7101 | 85567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. \* | 7581 | 290352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ebix, Inc. @ | 2155 | 43014 |
| &nbsp;&nbsp;&nbsp;&nbsp;eGain Corp. \* | 4304 | 38865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Envestnet, Inc. \* | 3097 | 191085 |
| &nbsp;&nbsp;&nbsp;&nbsp;EverCommerce, Inc. \* | 921 | 6852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp. \* | 390 | 233446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. \* | 3773 | 236039 |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 3064 | 151607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jamf Holding Corp. \* | 4792 | 102070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liveramp Holdings, Inc. \* | 8339 | 195466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. \* | 3948 | 479287 |
| &nbsp;&nbsp;&nbsp;&nbsp;MeridianLink, Inc. \*@ | 2090 | 28696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitek Systems, Inc. \* | 1166 | 11299 |
| &nbsp;&nbsp;&nbsp;&nbsp;N-able, Inc. \* | 8171 | 83998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Olo, Inc., Class A \* | 2551 | 15944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp. \* | 2899 | 563160 |
| &nbsp;&nbsp;&nbsp;&nbsp;PowerSchool Holdings, Inc., Class A \* | 3215 | 74202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies, Inc. \* | 845 | 39867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Progress Software Corp. | 4772 | 240747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. \* | 4157 | 466540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rimini Street, Inc. \* | 4492 | 17115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | 2496 | 46126 |
| &nbsp;&nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A \*@ | 5750 | 83892 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc. \* | 2160 | 277409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumo Logic, Inc. \* | 5366 | 43465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telos Corp. \* | 4278 | 21775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradata Corp. \* | 6462 | 217511 |
| &nbsp;&nbsp;&nbsp;&nbsp;UiPath, Inc., Class A \* | 7523 | 95617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verint Systems, Inc. \* | 6847 | 248409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex, Inc., Class A \* | 1558 | 22607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xperi, Inc. | 3030 | 26088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yext, Inc. \* | 4488 | 29307 |
|  |  | 7728366 |
| ***Specialty Retail — 3.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aaron's Co. Inc. (The) | 4459 | 53285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A \* | 3004 | 68822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 2231 | 117217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 4669 | 686483 |
| &nbsp;&nbsp;&nbsp;&nbsp;America's Car-Mart, Inc. \* | 822 | 59398 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 19472 | 271829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. \* | 2143 | 384133 |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. \* | 4060 | 435638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 4874 | 205390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. \* | 3866 | 241702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | 5018 | 227566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. \* | 1640 | 39098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. \* | 420 | 85159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caleres, Inc. | 3874 | 86313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cato Corp. (The) Class A | 2638 | 24613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chico's FAS, Inc. \* | 8580 | 42214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Children's Place, Inc. (The) \* | 1314 | 47856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citi Trends, Inc. \* | 818 | 21661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conn's, Inc. \* | 3722 | 25607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Container Store Group, Inc. (The) \* | 2100 | 9051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Destination XL Group, Inc. \* | 3560 | 24030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 6038 | 726311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc. \* | 5505 | 973669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A \*@ | 4489 | 312569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foot Locker, Inc. | 5979 | 225946 |
| &nbsp;&nbsp;&nbsp;&nbsp;GameStop Corp., Class A \*@ | 8267 | 152609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genesco, Inc. \* | 1490 | 68570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 1940 | 349918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guess?, Inc. | 5086 | 105229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haverty Furniture Cos., Inc. | 1983 | 59292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hibbett, Inc. | 1600 | 109152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leslie's, Inc. \* | 9429 | 115128 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** | | |
| ***Specialty Retail (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 3347 | $685265 |
| &nbsp;&nbsp;&nbsp;&nbsp;MarineMax, Inc. \* | 2209 | 68965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monro, Inc. | 3090 | 139668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3083 | 861822 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. \* | 3794 | 147055 |
| &nbsp;&nbsp;&nbsp;&nbsp;ODP Corp. (The) \* | 3360 | 153014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 1742 | 200208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent-A-Center, Inc. | 6271 | 141411 |
| &nbsp;&nbsp;&nbsp;&nbsp;RH \*@ | 318 | 84966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc. \* | 4925 | 61661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 3062 | 73212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 5809 | 395012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sleep Number Corp. \* | 3221 | 83682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | 3080 | 151752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sportsman's Warehouse Holdings, Inc. \* | 3058 | 28776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tilly's, Inc., Class A \* | 1836 | 16616 |
| &nbsp;&nbsp;&nbsp;&nbsp;TravelCenters of America, Inc. \* | 1344 | 60184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. \* | 2086 | 49751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victoria's Secret & Co. \*@ | 3466 | 124014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 4058 | 466345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Winmark Corp. | 554 | 130650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zumiez, Inc. \* | 2406 | 52306 |
|  |  | 10531793 |
| ***Textiles, Apparel & Luxury Goods — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capri Holdings Ltd. \* | 8276 | 474380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carter's, Inc. @ | 1939 | 144669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 4507 | 394723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. \* | 2964 | 1183110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Apparel, Inc. \* | 1153 | 12233 |
| &nbsp;&nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. \* | 5008 | 68660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. @ | 2384 | 95336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lakeland Industries, Inc. \* | 1669 | 22198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Movado Group, Inc. | 2220 | 71595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 1665 | 155145 |
| &nbsp;&nbsp;&nbsp;&nbsp;PVH Corp. | 1035 | 73061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 2279 | 240822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | 1000 | 23620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skechers U.S.A., Inc., Class A \* | 6530 | 273933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 7918 | 253059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Superior Group of Cos., Inc. | 2200 | 22132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 18072 | 688182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unifi, Inc. \* | 2394 | 20612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 9990 | 109191 |
|  |  | 4326661 |
| ***Thrifts & Mortgage Finance — 1.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Axos Financial, Inc. \* | 7155 | 273464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc. \* | 700 | 12418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 9589 | 82945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Financial, Inc. \* | 2819 | 60947 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESSA Bancorp, Inc. | 1900 | 39653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essent Group Ltd. | 4642 | 180481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 1215 | 136943 |
| &nbsp;&nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | 962 | 32169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hingham Institution For Savings (The) | 236 | 65127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 994 | 39790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 7750 | 78662 |
| &nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 11104 | 144352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mr Cooper Group, Inc. \* | 4998 | 200570 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. @ | 49763 | 427962 |
| &nbsp;&nbsp;&nbsp;&nbsp;NMI Holdings, Inc., Class A \* | 7878 | 164650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 5020 | 78965 |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 1706 | 96662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provident Financial Holdings, Inc. | 1124 | 15477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 7592 | 162165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radian Group, Inc. | 7144 | 136236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 686 | 31439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Territorial Bancorp, Inc. | 1557 | 37384 |
| &nbsp;&nbsp;&nbsp;&nbsp;TFS Financial Corp. | 3750 | 54037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | 921 | 31434 |
| &nbsp;&nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | 2134 | 80217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 4099 | 321689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | 2966 | 51134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western New England Bancorp, Inc. | 3161 | 29903 |
| &nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 6445 | 292216 |
|  |  | 3359091 |
| ***Tobacco — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 1280 | 27686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Corp. | 2612 | 137940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vector Group Ltd. | 12276 | 145593 |
|  |  | 311219 |
| ***Trading Companies & Distributors — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp. | 5985 | 229944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 4375 | 551381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc. \* | 7687 | 405797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Co. | 4352 | 298852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A \* | 2355 | 45475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc. \* | 1071 | 39477 |
| &nbsp;&nbsp;&nbsp;&nbsp;DXP Enterprises, Inc. \* | 2323 | 63999 |
| &nbsp;&nbsp;&nbsp;&nbsp;GATX Corp. | 3909 | 415683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Industrial Co. | 4722 | 111109 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMS, Inc. \* | 2900 | 144420 |
| &nbsp;&nbsp;&nbsp;&nbsp;H&E Equipment Services, Inc. | 4346 | 197308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 4556 | 599433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mcgrath Rentcorp | 2655 | 262155 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRC Global, Inc. \* | 5657 | 65508 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 936 | 76471 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOW, Inc. \* | 8751 | 111138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | 5962 | 311693 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. \* | 413 | 48453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Textainer Group Holdings Ltd. | 4819 | 149437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Titan Machinery, Inc. \* | 2515 | 99921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Triton International Ltd. | 7398 | 508834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Univar Solutions, Inc. \* | 3220 | 102396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veritiv Corp. | 1000 | 121710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 1919 | 478599 |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. \* | 5493 | 687723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. \* | 900 | 53109 |
|  |  | 6180025 |
| ***Water Utilities — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American States Water Co. | 4082 | 377789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Artesian Resources Corp., Class A | 1177 | 68949 |
| &nbsp;&nbsp;&nbsp;&nbsp;California Water Service Group | 6097 | 369722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Water Co. Ltd. | 1751 | 25915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 6239 | 297787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Middlesex Water Co. | 2133 | 167803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Cycle Corp. \* | 1000 | 10480 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA U.S. Small Company Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** | | |
| ***Water Utilities (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SJW Group | 2989 | $242677 |
| &nbsp;&nbsp;&nbsp;&nbsp;York Water Co. (The) | 1803 | 81099 |
|  |  | 1642221 |
| ***Wireless Telecommunication Services — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 6413 | 101839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 2839 | 23251 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Cellular Corp. \* | 1551 | 32338 |
|  |  | 157428 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Identified Cost $171,416,692) |  | 295394660 |
| **PREFERRED STOCKS — 0.1%** |  |  |
| ***Media — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corp. 7.000% | 1225 | 28542 |
| ***Trading Companies & Distributors — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. 10.625%, 5 year CMT + 10.325% | 4390 | 115106 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS<br> (Identified Cost $114,396) |  | 143648 |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| ***Collateral For Securities On Loan — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.280% | 1318939 | 1318939 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $1,318,939) |  | 1318939 |
| **Total Investments — 100.2%<br> (Identified Cost $172,850,027)** |  | **296857247** |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities, Less Cash and Other Assets — (0.2%) |  | (645900) |
| **Net Assets — 100.0%** |  | $**296211347** |

---

---

| | |
|:---|:---|
| † | See Note 1 |
| \* | Non-income producing security |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $7,252,904. |
| ¶ | Contingent value rights based on future performance. |
| <> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |
| § | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |

---

Key to abbreviations:

CVR — Contingent Value Rights

CMT — Constant Maturity Treasury

*The accompanying notes are an integral part of these financial statements.*

------

**SA International Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 98.2%** |  |  |
| ***Australia — 7.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMP Ltd. \* | 59607 | $53367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ampol Ltd. | 12195 | 234808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ansell Ltd. | 2269 | 43627 |
| &nbsp;&nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 367220 | 5915515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd. | 247637 | 628892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Queensland Ltd. @ | 38836 | 182446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beach Energy Ltd. | 184392 | 200242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bendigo & Adelaide Bank Ltd. | 20967 | 140041 |
| &nbsp;&nbsp;&nbsp;&nbsp;BlueScope Steel Ltd. | 163249 | 1871734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Challenger Ltd. | 76679 | 397817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cleanaway Waste Management Ltd. | 162966 | 291813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Downer EDI Ltd. | 93253 | 235553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | 217587 | 441469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortescue Metals Group Ltd. | 17284 | 241358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harvey Norman Holdings Ltd. @ | 136089 | 382670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incitec Pivot Ltd. | 255280 | 653516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lendlease Corp. Ltd. @ | 43821 | 233911 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 258849 | 5297696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newcrest Mining Ltd. | 80215 | 1127241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nine Entertainment Co. Holdings Ltd. | 178284 | 223348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | 104349 | 775112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orica Ltd. | 35145 | 360363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Origin Energy Ltd. | 168307 | 884649 |
| &nbsp;&nbsp;&nbsp;&nbsp;OZ Minerals Ltd. | 30495 | 579274 |
| &nbsp;&nbsp;&nbsp;&nbsp;QBE Insurance Group Ltd. | 41216 | 376872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qube Holdings Ltd. | 60569 | 115880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto Ltd. | 21996 | 1743354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santos Ltd. | 447931 | 2177513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seven Group Holdings Ltd. @ | 3940 | 56253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | 12822 | 261634 |
| &nbsp;&nbsp;&nbsp;&nbsp;South32 Ltd. | 637438 | 1735999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncorp Group Ltd. | 186999 | 1532912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tabcorp Holdings Ltd. @ | 94616 | 69251 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG Telecom Ltd. @ | 26524 | 88308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Wine Estates Ltd. | 13295 | 123196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viva Energy Group Ltd. ± | 120061 | 223160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 340274 | 5409625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Whitehaven Coal Ltd. | 121581 | 779773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. | 151540 | 3656558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Worley Ltd. | 30039 | 306781 |
|  |  | 40053531 |
| ***Austria — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Erste Group Bank AG | 7953 | 254547 |
| ***Belgium — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ageas SA | 21755 | 964573 |
| &nbsp;&nbsp;&nbsp;&nbsp;KBC Group NV | 25395 | 1633219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvay SA @ | 9936 | 1004675 |
|  |  | 3602467 |
| ***Bermuda — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Golden Ocean Group Ltd. @ | 18503 | 162313 |
| ***Canada — 8.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 24874 | 1293199 |
| &nbsp;&nbsp;&nbsp;&nbsp;AltaGas Ltd. | 24518 | 423361 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARC Resources Ltd. @ | 31547 | 425209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal @ | 57895 | 5245287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal @ | 3107 | 281466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) @ | 95362 | 4670831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) @ | 22104 | 1082998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 101277 | 1739939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 13819 | 236883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce @ | 16359 | 661721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 77080 | 3117926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. @ | 41371 | 803011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 4452 | 2637235 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. | 84695 | 1769587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc. | 16930 | 391366 |
| &nbsp;&nbsp;&nbsp;&nbsp;iA Financial Corp., Inc. @ | 15555 | 910668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imperial Oil Ltd. | 9184 | 447628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. @ | 173331 | 706637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lundin Mining Corp. | 146222 | 897419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magna International, Inc. @ | 38867 | 2183548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manulife Financial Corp. @ | 112335 | 2004056 |
| &nbsp;&nbsp;&nbsp;&nbsp;MEG Energy Corp. \* | 14261 | 198538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nutrien Ltd. | 49556 | 3619075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saputo, Inc. | 6138 | 151954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. @ | 1077 | 49994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. ¥ | 109045 | 3458998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 41675 | 1322348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teck Resources Ltd., Class B | 84647 | 3201349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) @ | 6483 | 419839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | 11322 | 571284 |
| &nbsp;&nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. @ | 13116 | 947084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Whitecap Resources, Inc. @ | 51254 | 406549 |
|  |  | 46276987 |
| ***China — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ESR Group Ltd. ± | 28600 | 60018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus NV \* | 1797 | 123976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinyi Glass Holdings Ltd. | 23000 | 42844 |
|  |  | 226838 |
| ***Denmark — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AP Moller - Maersk A/S, Class A | 246 | 544282 |
| &nbsp;&nbsp;&nbsp;&nbsp;AP Moller - Maersk A/S, Class B | 372 | 836449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | 15826 | 2103208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chr Hansen Holding A/S | 7475 | 537695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Danske Bank A/S | 41578 | 821768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Demant A/S \* | 6785 | 188065 |
| &nbsp;&nbsp;&nbsp;&nbsp;DSV A/S | 16777 | 2648123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pandora A/S | 771 | 54172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tryg A/S | 15313 | 364485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | 84743 | 2465388 |
|  |  | 10563635 |
| ***Finland — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nokia Oyj, ADR | 338897 | 1572482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank Abp | 224183 | 2406965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stora Enso Oyj, R Shares | 77897 | 1096510 |
| &nbsp;&nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | 33074 | 1236664 |
|  |  | 6312621 |
| ***France — 11.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accor SA \* | 6035 | 150845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alstom SA | 7849 | 191733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amundi SA ± | 5568 | 315894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arkema SA | 12548 | 1126676 |
| &nbsp;&nbsp;&nbsp;&nbsp;AXA SA | 96903 | 2702679 |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA | 92085 | 5248977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bollore SE | 138791 | 775529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bouygues SA @ | 55128 | 1654689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carrefour SA | 128110 | 2144796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie de Saint-Gobain | 92022 | 4496749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 119912 | 3335428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Agricole SA | 62747 | 660324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eiffage SA | 10100 | 993797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electricite de France SA | 76035 | 976700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Engie SA | 170127 | 2438120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euroapi SA \* | 1502 | 22268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Faurecia SE \* | 4468 | 67581 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA International Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***France (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange SA | 322578 | $3204761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe SA \* | 29051 | 1847821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renault SA \* | 21069 | 705354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rexel SA \* | 15388 | 303745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi | 32364 | 3112419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Societe Generale SA | 88773 | 2231234 |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE @ | 332966 | 20904226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinci SA | 2407 | 240368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vivendi SE | 18206 | 173721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Worldline SA \*± | 3145 | 122981 |
|  |  | 60149415 |
| ***Germany — 6.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BASF SE | 75282 | 3738365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bayer AG | 49665 | 2569144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 47883 | 4273753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commerzbank AG \* | 168835 | 1596925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Continental AG | 11257 | 674562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Covestro AG ± | 24283 | 950071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Holding AG \* | 61594 | 1908438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG | 92725 | 1068192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG | 46122 | 522743 |
| &nbsp;&nbsp;&nbsp;&nbsp;E.ON SE | 75215 | 751516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evonik Industries AG | 12943 | 248486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG & Co. KGaA | 7008 | 229327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | 42320 | 1189162 |
| &nbsp;&nbsp;&nbsp;&nbsp;HeidelbergCement AG | 25898 | 1477055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 135985 | 8937696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1590 | 517413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG \* | 13742 | 258530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Talanx AG \* | 12026 | 570541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telefonica Deutschland Holding AG | 207880 | 512475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vitesco Technologies Group AG Class A \* | 911 | 52904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volkswagen AG | 6122 | 967594 |
|  |  | 33014892 |
| ***Hong Kong — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BOC Aviation Ltd. ± | 13200 | 110177 |
| &nbsp;&nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings Ltd. | 285000 | 971244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cathay Pacific Airways Ltd. \*@ | 230363 | 251452 |
| &nbsp;&nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | 200569 | 1234694 |
| &nbsp;&nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 336624 | 2020490 |
| &nbsp;&nbsp;&nbsp;&nbsp;CK Infrastructure Holdings Ltd. | 24000 | 125604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hang Lung Properties Ltd. | 239000 | 467255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hang Seng Bank Ltd. | 32600 | 542119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henderson Land Development Co. Ltd. | 133684 | 466711 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTR Corp. Ltd. | 126669 | 671039 |
| &nbsp;&nbsp;&nbsp;&nbsp;New World Development Co. Ltd. | 231859 | 653505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sino Land Co. Ltd. | 475682 | 594797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | 182177 | 2492682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swire Pacific Ltd., Class A | 49000 | 431276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swire Pacific Ltd., Class B | 127500 | 173475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tsim Sha Tsui Properties Ltd. | 6907 | 18583 |
| &nbsp;&nbsp;&nbsp;&nbsp;WH Group Ltd. ± | 1342459 | 780834 |
|  |  | 12005937 |
| ***Ireland — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AIB Group PLC | 31002 | 120001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | 56367 | 537008 |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC, ADR @ | 40650 | 1617463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment PLC \* | 3025 | 412884 |
|  |  | 2687356 |
| ***Israel — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Hapoalim B.M. | 96782 | 873353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harel Insurance Investments & Financial Services Ltd. | 13270 | 117067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Israel Discount Bank Ltd., Class A | 123630 | 649965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Migdal Insurance & Financial Holding Ltd. \* | 22264 | 25399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Holdings Ltd. (The) | 20373 | 217344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd., ADR \* | 47581 | 433939 |
|  |  | 2317067 |
| ***Italy — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eni SpA | 119068 | 1693384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | 1039975 | 2313314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | 37683 | 362394 |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA | 163283 | 2319763 |
|  |  | 6688855 |
| ***Japan — 20.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AGC, Inc. @ | 48500 | 1624181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Water, Inc. | 11200 | 130997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aisin Corp. | 22500 | 605189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alfresa Holdings Corp. | 7700 | 98333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alps Alpine Co. Ltd. | 27500 | 250819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amada Co. Ltd. | 37100 | 292300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aozora Bank Ltd. @ | 14700 | 290662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asahi Group Holdings Ltd. @ | 20700 | 649675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | 145500 | 1043689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Kyoto Ltd. (The) | 8000 | 357208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgestone Corp. @ | 30800 | 1100905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brother Industries Ltd. | 32400 | 495480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canon Marketing Japan, Inc. | 12000 | 273301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canon, Inc. @ | 33500 | 728888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chiba Bank Ltd. (The) | 79000 | 579077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Bottlers Japan Holdings, Inc. | 13975 | 153018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concordia Financial Group Ltd. | 111200 | 466016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cosmo Energy Holdings Co. Ltd. | 11900 | 316451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | 74000 | 1688174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daicel Corp. | 52000 | 378391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daiwa House Industry Co. Ltd. | 34600 | 801199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc. | 214000 | 950640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denka Co. Ltd. | 16200 | 373400 |
| &nbsp;&nbsp;&nbsp;&nbsp;DIC Corp. @ | 16000 | 283572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dowa Holdings Co. Ltd. | 9600 | 303566 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | 470600 | 1606437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ezaki Glico Co. Ltd. @ | 3000 | 82749 |
| &nbsp;&nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | 6200 | 312976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fujikura Ltd. | 10500 | 80326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fukuoka Financial Group, Inc. | 18000 | 412146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc. | 31900 | 952819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haseko Corp. | 22300 | 250289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hino Motors Ltd. \* | 37400 | 143342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Construction Machinery Co. Ltd. | 8000 | 180372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 10400 | 530223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 185900 | 4294794 |
| &nbsp;&nbsp;&nbsp;&nbsp;House Foods Group, Inc. | 2800 | 59269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Idemitsu Kosan Co. Ltd. | 29400 | 687732 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA International Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Japan (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IHI Corp. | 6000 | $175785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iida Group Holdings Co. Ltd. | 36900 | 562610 |
| &nbsp;&nbsp;&nbsp;&nbsp;INFRONEER Holdings, Inc. | 12800 | 97629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inpex Corp. | 144500 | 1537047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Isuzu Motors Ltd. | 67000 | 789767 |
| &nbsp;&nbsp;&nbsp;&nbsp;ITOCHU Corp. | 18000 | 568638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iwatani Corp. | 4900 | 216176 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. Front Retailing Co. Ltd. | 35100 | 321206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Post Holdings Co. Ltd. | 71600 | 605305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Post Insurance Co. Ltd. | 4500 | 79583 |
| &nbsp;&nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | 50400 | 589869 |
| &nbsp;&nbsp;&nbsp;&nbsp;JTEKT Corp. | 43200 | 305797 |
| &nbsp;&nbsp;&nbsp;&nbsp;K's Holdings Corp. | 32000 | 275038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kajima Corp. | 54000 | 632002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kamigumi Co. Ltd. | 15700 | 321441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaneka Corp. | 16000 | 401097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries Ltd. | 32800 | 772265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Komatsu Ltd. | 64600 | 1415648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kuraray Co. Ltd. @ | 76400 | 615904 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIXIL Corp. | 38200 | 582431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mabuchi Motor Co. Ltd. @ | 5100 | 145143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Makita Corp. @ | 7800 | 183054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marubeni Corp. | 109400 | 1262885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mazda Motor Corp. | 65100 | 498518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. | 83070 | 211409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medipal Holdings Corp. | 25300 | 335624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | 185800 | 969348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Corp. | 105400 | 3439715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | 129700 | 1298087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Gas Chemical Co., Inc. | 36300 | 504228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | 39200 | 1563340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Logistics Corp. | 2500 | 57719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Materials Corp. | 21600 | 342993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Motors Corp. \* | 41900 | 162824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 206400 | 1398123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc., ADR @ | 464844 | 3100509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Chemicals, Inc. | 47200 | 1069948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | 54100 | 996340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsui OSK Lines Ltd. @ | 30300 | 759578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | 107740 | 1523662 |
| &nbsp;&nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | 24728 | 795878 |
| &nbsp;&nbsp;&nbsp;&nbsp;NEC Corp. | 35800 | 1264348 |
| &nbsp;&nbsp;&nbsp;&nbsp;NGK Insulators Ltd. | 22300 | 285122 |
| &nbsp;&nbsp;&nbsp;&nbsp;NGK Spark Plug Co. Ltd. | 10600 | 196993 |
| &nbsp;&nbsp;&nbsp;&nbsp;NH Foods Ltd. | 15533 | 434957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Electric Glass Co. Ltd. @ | 11500 | 205395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Express Holdings, Inc. @ | 15900 | 913487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Shokubai Co. Ltd. | 4600 | 185066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Steel Corp. | 60327 | 1053562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Yusen KK @ | 30300 | 718020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd. | 222800 | 709789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nisshin Seifun Group, Inc. | 3900 | 49121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | 175700 | 654122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings, Inc. | 23700 | 511056 |
| &nbsp;&nbsp;&nbsp;&nbsp;NSK Ltd. | 59600 | 318345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Obayashi Corp. | 72500 | 551318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oji Holdings Corp. | 226000 | 914401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Otsuka Holdings Co. Ltd. | 13300 | 436273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. @ | 168500 | 1425779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | 246400 | 1357791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ricoh Co. Ltd. | 49300 | 378277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rohm Co. Ltd. | 4700 | 341291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santen Pharmaceutical Co. Ltd. | 30800 | 252051 |
| &nbsp;&nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | 20500 | 393161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seiko Epson Corp. | 29400 | 431457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seino Holdings Co. Ltd. | 20400 | 182176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sekisui Chemical Co. Ltd. | 16000 | 224931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sekisui House Ltd. | 81800 | 1454437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shimizu Corp. | 68400 | 366913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shizuoka Financial Group, Inc. | 58000 | 466245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Showa Denko KK @ | 14000 | 215483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sohgo Security Services Co., Ltd. | 2400 | 65742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sojitz Corp. | 35820 | 685886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | 33043 | 1475404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stanley Electric Co. Ltd. | 11500 | 221605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subaru Corp. | 78600 | 1214275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Chemical Co. Ltd. | 442500 | 1598179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Corp. | 74000 | 1238220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Electric Industries Ltd. | 164200 | 1882345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Forestry Co. Ltd. @ | 33800 | 600849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Heavy Industries Ltd. @ | 26000 | 523804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co. Ltd. | 35500 | 1263491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | 71100 | 2869137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Holdings, Inc. | 24900 | 870475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Pharma Co. Ltd. | 19400 | 147673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co. Ltd. | 25600 | 608790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Rubber Industries Ltd. @ | 42800 | 375690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suzuken Co. Ltd. | 1100 | 29922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | 27300 | 888436 |
| &nbsp;&nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | 53100 | 769554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiheiyo Cement Corp. | 25000 | 391839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taisei Corp. | 7200 | 233161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 141973 | 4447204 |
| &nbsp;&nbsp;&nbsp;&nbsp;TDK Corp. | 21400 | 706865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teijin Ltd. | 53199 | 522099 |
| &nbsp;&nbsp;&nbsp;&nbsp;THK Co. Ltd. @ | 3200 | 61323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toda Corp. | 28000 | 151478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokai Carbon Co. Ltd. @ | 21300 | 174146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Tatemono Co. Ltd. | 37600 | 458110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. | 132300 | 633072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toray Industries, Inc. | 166100 | 932256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tosoh Corp. | 58300 | 697432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyo Seikan Group Holdings Ltd. | 30500 | 376951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyo Tire Corp. @ | 3700 | 42204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyoda Gosei Co. Ltd. | 15300 | 239339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Boshoku Corp. | 3600 | 48443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 533350 | 7365871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | 32500 | 1209711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tsuruha Holdings, Inc. | 1000 | 77720 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBE Corp. | 1600 | 23627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yamada Holdings Co. Ltd. | 93100 | 331284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yamaha Motor Co. Ltd. @ | 37200 | 853185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yamazaki Baking Co. Ltd. @ | 11300 | 135524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yokohama Rubber Co. Ltd. (The) @ | 27600 | 432801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Z Holdings Corp. | 67600 | 171009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zeon Corp. | 28500 | 290125 |
|  |  | 110540391 |
| ***Netherlands — 4.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Group NV GDR ± | 42957 | 594334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aegon NV @ | 149418 | 757817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Akzo Nobel NV | 20561 | 1376915 |
| &nbsp;&nbsp;&nbsp;&nbsp;ArcelorMittal SA | 60669 | 1590741 |
| &nbsp;&nbsp;&nbsp;&nbsp;ArcelorMittal SA = | 1708 | 44931 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASR Nederland NV | 2953 | 140192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | 11100 | 611328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heineken NV | 3239 | 304696 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA International Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Netherlands (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ING Groep NV \* | 253754 | $3093332 |
| &nbsp;&nbsp;&nbsp;&nbsp;JDE Peet's NV | 9259 | 267803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | 197453 | 5672995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke DSM NV | 15922 | 1948095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 238229 | 736985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Philips NV | 13461 | 201780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Philips NV ¢ | 33065 | 495663 |
| &nbsp;&nbsp;&nbsp;&nbsp;NN Group NV | 35104 | 1433941 |
| &nbsp;&nbsp;&nbsp;&nbsp;OCI NV \* | 3580 | 128073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Randstad NV @ | 16773 | 1022697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stellantis NV | 191757 | 2722651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stellantis NV @ | 56317 | 799702 |
|  |  | 23944671 |
| ***New Zealand — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Auckland International Airport Ltd. \* | 143857 | 713325 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBOS Group Ltd. | 16635 | 463653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fletcher Building Ltd. | 87592 | 262489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryman Healthcare Ltd. @ | 16867 | 57185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Summerset Group Holdings Ltd. | 14300 | 80350 |
|  |  | 1577002 |
| ***Norway — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aker ASA, A Shares | 2155 | 158268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Austevoll Seafood ASA | 4118 | 37179 |
| &nbsp;&nbsp;&nbsp;&nbsp;DNB Bank ASA | 96212 | 1909646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elkem ASA ±\* | 36022 | 129428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 156773 | 1173301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Schibsted ASA, Class A | 1169 | 22135 |
| &nbsp;&nbsp;&nbsp;&nbsp;SpareBank 1 SR-Bank ASA | 18440 | 227187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Storebrand ASA | 56200 | 489903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subsea 7 SA | 28831 | 332695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wallenius Wilhelmsen ASA | 13553 | 134260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yara International ASA | 14514 | 637936 |
|  |  | 5251938 |
| ***Portugal — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EDP Renovaveis SA | 27349 | 602494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | 16108 | 217432 |
|  |  | 819926 |
| ***Singapore — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;City Developments Ltd. | 58800 | 361299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frasers Property Ltd. | 23300 | 16178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | 101200 | 465520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keppel Corp. Ltd. | 311700 | 1689519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Olam Group Ltd. @ | 94300 | 102791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | 83749 | 761582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore Airlines Ltd. @ | 195249 | 806127 |
| &nbsp;&nbsp;&nbsp;&nbsp;UOL Group Ltd. | 47218 | 236901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wilmar International Ltd. | 273400 | 851186 |
|  |  | 5291103 |
| ***Spain — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 228555 | 1378395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA, ADR @ | 210800 | 1266908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA | 1686570 | 5059600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander SA, ADR | 210864 | 622049 |
| &nbsp;&nbsp;&nbsp;&nbsp;CaixaBank SA | 120960 | 475457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repsol SA | 203118 | 3228799 |
|  |  | 12031208 |
| ***Sweden — 2.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Billerud AB | 26684 | 325020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boliden AB \* | 52582 | 1971539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dometic Group AB ± | 22074 | 142325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrolux AB, Class B @ | 23954 | 323171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essity AB, B Shares | 3803 | 99605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Getinge AB, B Shares | 2464 | 51075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Holmen AB, B Shares | 11612 | 460592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Husqvarna AB, B Shares @ | 30403 | 213043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loomis AB | 8247 | 226035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Millicom International Cellular SA, SDR \* | 14863 | 188229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peab AB Class B | 24592 | 139282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saab AB, Class B | 4192 | 164991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securitas AB, B Shares | 28869 | 240583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | 140768 | 1618147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skanska AB, B Shares | 40249 | 636433 |
| &nbsp;&nbsp;&nbsp;&nbsp;SKF AB, B Shares @ | 64782 | 988041 |
| &nbsp;&nbsp;&nbsp;&nbsp;SSAB AB, A Shares | 29362 | 160220 |
| &nbsp;&nbsp;&nbsp;&nbsp;SSAB AB, B Shares | 84454 | 438665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, A Shares | 244 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, B Shares | 33674 | 425812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, A Shares | 66999 | 674815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, B Shares @ | 1918 | 22461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swedbank AB, A Shares | 38879 | 660599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, B Shares | 81944 | 478243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telia Co. AB @ | 304898 | 778984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trelleborg AB, B Shares | 32833 | 757671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volvo AB, A Shares | 17414 | 330595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volvo AB, B Shares | 104968 | 1895990 |
|  |  | 14415285 |
| ***Switzerland — 9.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ABB Ltd. | 29520 | 895832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelleron Industries AG \* | 1476 | 30561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. µ | 30384 | 2076095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcon, Inc. | 1965 | 134701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baloise Holding AG | 6063 | 935695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | 42798 | 5549646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG @\* | 54844 | 163942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Suisse Group AG, ADR @ | 15888 | 48299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Holcim AG \* | 72351 | 3746462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. \* | 38000 | 2213464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 122351 | 11060747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG, ADR @ | 32730 | 2969266 |
| &nbsp;&nbsp;&nbsp;&nbsp;SIG Group AG @\* | 33586 | 733723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swatch Group AG (The) µ | 6226 | 323471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swatch Group AG (The) µ | 1834 | 521648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swiss Life Holding AG | 4035 | 2080666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swiss Prime Site AG \* | 1574 | 136437 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swiss Re AG | 23316 | 2180682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swisscom AG | 4128 | 2261661 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | 343153 | 6385062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 17812 | 8520248 |
|  |  | 52968308 |
| ***United Kingdom — 14.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | 74919 | 2931406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Associated British Foods PLC | 19275 | 367248 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA International Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***United Kingdom (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aviva PLC | 449065 | $2403949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC, ADR | 330258 | 2576012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barratt Developments PLC | 47310 | 226951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bellway PLC | 1481 | 34153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkeley Group Holdings PLC | 878 | 40049 |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC | 299981 | 1722282 |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC, ADR | 101824 | 3556712 |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 183504 | 7279915 |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC, ADR | 2004 | 80120 |
| &nbsp;&nbsp;&nbsp;&nbsp;BT Group PLC | 1231112 | 1667700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct Line Insurance Group PLC | 46142 | 123449 |
| &nbsp;&nbsp;&nbsp;&nbsp;DS Smith PLC | 127033 | 493749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Endeavour Mining PLC | 15498 | 331708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glencore PLC \* | 1128556 | 7536768 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC, ADR @ | 194676 | 6066104 |
| &nbsp;&nbsp;&nbsp;&nbsp;J Sainsbury PLC | 422622 | 1112292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Matthey PLC | 6038 | 155263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingfisher PLC | 420977 | 1201608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 8264877 | 4537287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR @ | 217015 | 477433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries PLC | 316251 | 514236 |
| &nbsp;&nbsp;&nbsp;&nbsp;NatWest Group PLC | 98002 | 314208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natwest Group PLC, ADR @ | 107133 | 692079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pearson PLC | 17918 | 203449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pearson PLC, ADR | 5700 | 64239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | 42251 | 310869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | 437830 | 24934418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | 186070 | 1400085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taylor Wimpey PLC | 139975 | 172015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesco PLC | 620638 | 1682218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC | 3758387 | 3827615 |
|  |  | 79037589 |
| TOTAL COMMON STOCKS<br> (Identified Cost $482,263,281) |  | 530193882 |
| **PREFERRED STOCKS — 1.1%** |  |  |
| ***Germany — 1.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG, 7.316% | 9731 | 828636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA, 2.840% | 2169 | 150964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE, 5.002% | 17284 | 948025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volkswagen AG, 22.881% | 30282 | 3773795 |
|  |  | 5701420 |
| ***Italy — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia SpA, 6.500% \* | 711381 | 158620 |
| TOTAL PREFERRED STOCKS<br> (Identified Cost $9,269,086) |  | 5860040 |
| **SHORT-TERM INVESTMENTS — 7.5%** |  |  |
| ***Collateral For Securities On Loan — 7.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.280% | 40763968 | 40763968 |
| TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $40,763,968) |  | 40763968 |
| **Total Investments — 106.8%<br> (Identified Cost $532,296,335)** |  | **576817890** |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities, Less Cash and Other Assets — (6.8%) |  | (36679017) |
| **Net Assets — 100.0%** |  | $540138873 |

---

---

| |
|:---|
| See Note 1 |
| Non-income producing security |
| A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $71,828,075. |
| 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 December 31, 2022 amounted to $3,429,221 or 0.63% of the net assets of the Fund. |
| ¥Traded on the Canada, Toronto Stock Exchange. |
| Traded on the France, Euronext Paris Exchange. |
| Traded on the Netherlands, Euronext Amsterdam Stock Market. |
| Traded on the Switzerland, Swiss Exchange. |
| Key to abbreviations: |
| ADR — American Depository Receipt |
| SDR — Swedish Depository Receipt |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 98.5%** |  |  |
| ***Belgium — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Titan Cement International SA \* | 2956 | $38161 |
| ***Brazil — 3.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americanas SA | 19397 | 35453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anima Holding SA \* | 29700 | 21714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atacadao SA | 18062 | 50562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA | 83233 | 212349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA, ADR | 136380 | 392774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil SA | 45599 | 299949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander Brasil SA | 19597 | 104634 |
| &nbsp;&nbsp;&nbsp;&nbsp;BRF SA \* | 45699 | 71668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camil Alimentos SA | 8900 | 13957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia Brasileira de Distribuicao | 13155 | 41161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia Siderurgica Nacional SA | 26464 | 72930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia Siderurgica Nacional SA, ADR | 17252 | 47616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cielo SA | 94852 | 94138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cogna Educacao \* | 137975 | 55402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cyrela Brazil Realty SA Empreendimentos e Participacoes | 22413 | 55483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dexco SA | 16054 | 20616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | 8900 | 26364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embraer SA \* | 7694 | 20854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embraer SA, ADR \* | 12729 | 139128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enauta Participacoes SA | 13118 | 33542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ez Tec Empreendimentos e Participacoes SA | 8100 | 20604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gerdau SA, ADR @ | 77928 | 431721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guararapes Confeccoes SA | 6900 | 8521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hapvida Participacoes e Investimentos SA \*± | 210570 | 202603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hypera SA | 4610 | 39466 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Meal Co. Alimentacao SA Class A \* | 16347 | 8669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iochpe Maxion SA | 12197 | 27190 |
| &nbsp;&nbsp;&nbsp;&nbsp;IRB Brasil Resseguros SA \* | 70386 | 11465 |
| &nbsp;&nbsp;&nbsp;&nbsp;JBS SA | 53345 | 222180 |
| &nbsp;&nbsp;&nbsp;&nbsp;JHSF Participacoes SA | 40831 | 38822 |
| &nbsp;&nbsp;&nbsp;&nbsp;M Dias Branco SA | 8468 | 57466 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRV Engenharia e Participacoes SA | 22336 | 32152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multilaser Industrial SA | 11334 | 8651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natura & Co. Holding SA | 51408 | 113045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA | 333873 | 1773152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA, ADR | 1600 | 17040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Positivo Tecnologia SA | 9100 | 16184 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIM SA | 52297 | 122825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tupy SA | 3847 | 19928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultrapar Participacoes SA | 45846 | 109497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Usinas Siderurgicas de Minas Gerais SA | 9100 | 12772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale SA | 20412 | 343618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Via S/A \* | 96044 | 43658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vibra Energia SA | 15370 | 45268 |
|  |  | 5536791 |
| ***British Virgin Islands — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AsiaInfo Technologies Ltd. ± | 10000 | 17629 |
| ***Canada — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China Gold International Resources Corp. Ltd. | 13700 | 40194 |
| ***Cayman Islands — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Baozun, Inc., Class A \*@ | 4600 | 7744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 2000 | 15389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edvantage Group Holdings Ltd. | 31116 | 14072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulgent Sun International Holding Co. Ltd. | 8000 | 39563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gourmet Master Co. Ltd. | 5000 | 24646 |
| &nbsp;&nbsp;&nbsp;&nbsp;HUYA, Inc., ADR \* | 1730 | 6834 |
|  |  | 108248 |
| ***Chile — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CAP SA | 4662 | 38197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencosud SA | 120649 | 198415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia Sud Americana de Vapores SA | 206953 | 16346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Empresa Nacional de Telecomunicaciones SA | 13467 | 46517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Empresas CMPC SA | 61213 | 102177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Empresas COPEC SA | 36102 | 269366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enel Americas SA | 1042835 | 139536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Falabella SA | 38983 | 75829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Security SA | 123808 | 25148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hortifrut SA | 6080 | 9253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inversiones Aguas Metropolitanas SA | 20304 | 11418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau CorpBanca Chile SA | 10190153 | 22465 |
| &nbsp;&nbsp;&nbsp;&nbsp;PAZ Corp. SA | 9073 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ripley Corp. SA | 81141 | 13210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sigdo Koppers SA | 27803 | 38021 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMU SA | 147411 | 20187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sociedad Matriz SAAM SA | 550961 | 62212 |
| &nbsp;&nbsp;&nbsp;&nbsp;SONDA SA | 83617 | 32131 |
|  |  | 1124418 |
| ***China — 30.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;360 DigiTech, Inc., ADR | 5298 | 107867 |
| &nbsp;&nbsp;&nbsp;&nbsp;360 Security Technology, Inc., Class A | 20500 | 19286 |
| &nbsp;&nbsp;&nbsp;&nbsp;361 Degrees International Ltd. \* | 71000 | 30290 |
| &nbsp;&nbsp;&nbsp;&nbsp;3SBio, Inc. ± | 106000 | 112716 |
| &nbsp;&nbsp;&nbsp;&nbsp;A-Living Smart City Services Co. Ltd. ±@ | 41000 | 49428 |
| &nbsp;&nbsp;&nbsp;&nbsp;AAC Technologies Holdings, Inc. \*@ | 60500 | 138278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelink Technologies Co. Ltd. Class A | 9200 | 20804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technology & Materials Co. Ltd. Class A \* | 13900 | 15496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agile Group Holdings Ltd. \*@ | 131091 | 38796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd., H Shares | 2017000 | 692537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. \* | 202200 | 2234304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aluminum Corp. of China Ltd., H Shares | 328000 | 139513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Angang Steel Co. Ltd., H Shares | 142999 | 39022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anhui Conch Cement Co. Ltd., H Shares | 117500 | 410963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anhui Guangxin Agrochemical Co. Ltd., Class A | 3080 | 13026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anhui Huilong Agricultural Means of Production Co. Ltd. Class A | 6500 | 8181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A | 13800 | 14591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anhui Zhongding Sealing Parts Co. Ltd., Class A | 13300 | 27684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anton Oilfield Services Group \* | 226000 | 10279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Cement China Holdings Corp. | 40000 | 18859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avary Holding Shenzhen Co. Ltd., Class A | 12300 | 48551 |
| &nbsp;&nbsp;&nbsp;&nbsp;AviChina Industry & Technology Co. Ltd., H Shares | 254000 | 114220 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAIC Motor Corp. Ltd., H Shares ± | 145000 | 38454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baidu, Inc., ADR \* | 12143 | 1388916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baidu, Inc., Class A \* | 5150 | 73699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Beijing Co. Ltd., Class A | 98400 | 61007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Changsha Co. Ltd., Class A | 25500 | 24797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Chengdu Co. Ltd., Class A | 26000 | 57223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd., H Shares | 5655902 | 2057891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Chongqing Co. Ltd., H Shares @ | 46500 | 24247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd., H Shares | 565400 | 325240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Guiyang Co. Ltd., Class A | 22500 | 17769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Hangzhou Co. Ltd., Class A | 32101 | 60400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Jiangsu Co. Ltd. Class A | 80100 | 83998 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***China (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Nanjing Co. Ltd., Class A | 61300 | $91883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Ningbo Co. Ltd., Class A | 38780 | 181022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Shanghai Co. Ltd., Class A | 68500 | 58235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Suzhou Co. Ltd., Class A | 22220 | 24868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baoshan Iron & Steel Co. Ltd., Class A | 124500 | 100113 |
| &nbsp;&nbsp;&nbsp;&nbsp;BBMG Corp., H Shares | 184000 | 23809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Capital Development Co. Ltd., Class A | 12200 | 9986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A | 48000 | 19541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Capital International Airport Co. Ltd., H Shares \* | 190000 | 138993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Dabeinong Technology Group Co. Ltd., Class A \* | 18000 | 23045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Energy International Holding Co. Ltd. \* | 310000 | 9492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Enlight Media Co. Ltd., Class A | 11300 | 14077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings Ltd. | 46000 | 147333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group Ltd. | 448000 | 114792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing GeoEnviron Engineering & Technology, Inc., Class A | 11232 | 15899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Haixin Energy Technology Co. Ltd. | 35800 | 22453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Jetsen Technology Co. Ltd. Class A \* | 28600 | 18390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing New Building Materials PLC Class A | 10000 | 37228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Orient Landscape & Environment Co. Ltd., Class A \* | 20000 | 6042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Orient National Communication Science & Technology Co. Ltd., Class A \* | 8200 | 9425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Originwater Technology Co. Ltd., Class A | 5558 | 3782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Roborock Technology Co. Ltd., Class A | 608 | 21668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Shiji Information Technology Co. Ltd., Class A | 4508 | 9721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Shougang Co. Ltd., Class A | 27500 | 14914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Shunxin Agriculture Co. Ltd., Class A | 1300 | 5576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Sinnet Technology Co. Ltd., Class A | 12200 | 14321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing SL Pharmaceutical Co. Ltd., Class A | 8900 | 10524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Thunisoft Corp. Ltd., Class A \* | 4400 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing Yanjing Brewery Co. Ltd., Class A | 9600 | 14666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 108000 | 76436 |
| &nbsp;&nbsp;&nbsp;&nbsp;BGI Genomics Co. Ltd. Class A | 1800 | 13384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Sail Medical Co. Ltd., Class A \* | 12900 | 14456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bluefocus Intelligent Communications Group Co. Ltd., Class A | 23100 | 16781 |
| &nbsp;&nbsp;&nbsp;&nbsp;BOE Technology Group Co. Ltd., Class A | 220300 | 107112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bohai Leasing Co. Ltd., Class A \* | 64900 | 20632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bright Dairy & Food Co. Ltd., Class A | 7700 | 11918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brilliance China Automotive Holdings Ltd. \* | 178000 | 99656 |
| &nbsp;&nbsp;&nbsp;&nbsp;BTG Hotels Group Co. Ltd., Class A | 5700 | 20335 |
| &nbsp;&nbsp;&nbsp;&nbsp;BYD Electronic International Co. Ltd. | 64000 | 205805 |
| &nbsp;&nbsp;&nbsp;&nbsp;C C Land Holdings Ltd. | 106500 | 25651 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&D International Investment Group Ltd. @ | 21187 | 61752 |
| &nbsp;&nbsp;&nbsp;&nbsp;C&S Paper Co. Ltd. Class A | 6700 | 13243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caitong Securities Co. Ltd., Class A | 15470 | 15845 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECEP Solar Energy Co. Ltd., Class A | 30100 | 31738 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECEP Wind-Power Corp., Class A | 49010 | 26861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Central China Management Co. Ltd. | 81000 | 6538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Central China Real Estate Ltd. @ | 84106 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp;CGN New Energy Holdings Co. Ltd. @ | 130000 | 44969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changjiang Securities Co. Ltd., Class A | 39900 | 30592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chaowei Power Holdings Ltd. | 71000 | 15373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chengdu Kanghong Pharmaceutical Group Co. Ltd. Class A | 4900 | 11059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chengdu Wintrue Holding Co. Ltd., Class A | 8900 | 14237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chengtun Mining Group Co. Ltd., Class A | 19700 | 16691 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Aircraft Leasing Group Holdings Ltd. | 16000 | 8876 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Baoan Group Co. Ltd., Class A | 9000 | 15652 |
| &nbsp;&nbsp;&nbsp;&nbsp;China BlueChemical Ltd., H Shares | 192000 | 45507 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Bohai Bank Co. Ltd., Class H ± | 141000 | 33419 |
| &nbsp;&nbsp;&nbsp;&nbsp;China CAMC Engineering Co. Ltd. Class A | 20600 | 23321 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Cinda Asset Management Co. Ltd., Class H | 664000 | 91874 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Citic Bank Corp. Ltd., H Shares | 613000 | 271731 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Coal Energy Co. Ltd., H Shares | 181000 | 147250 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Communication Services Corp. Ltd., H Shares | 231600 | 84564 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Conch Venture Holdings Ltd. | 91500 | 198815 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | 7203810 | 4513081 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Development Bank Financial Leasing Co. Ltd., H Shares ± | 128000 | 17383 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Education Group Holdings Ltd. | 30000 | 38819 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Energy Engineering Corp. | 88674 | 29211 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Energy Engineering Corp. Ltd., H Shares | 152000 | 17721 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Everbright Bank Co. Ltd., H Shares | 241000 | 73485 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Everbright Greentech Ltd. ±@ | 65000 | 17571 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Everbright Ltd. | 88000 | 65503 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Foods Ltd. | 86000 | 30850 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Galaxy Securities Co. Ltd., H Shares | 194500 | 94939 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Gas Holdings Ltd. | 228400 | 332412 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Great Wall Securities Co. Ltd., Class A | 8500 | 10124 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Greatwall Technology Group Co. Ltd. Class A | 15387 | 22577 |
| &nbsp;&nbsp;&nbsp;&nbsp;China High Speed Transmission Equipment Group Co. Ltd. \* | 44000 | 19786 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Hongqiao Group Ltd. | 189000 | 178456 |
| &nbsp;&nbsp;&nbsp;&nbsp;China International Marine Containers Group Co. Ltd., Class H | 74460 | 56474 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Jinmao Holdings Group Ltd. | 476464 | 102551 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Jushi Co. Ltd., Class A | 22631 | 44632 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Lesso Group Holdings Ltd. | 100000 | 104414 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Lilang Ltd. | 31000 | 14933 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Medical System Holdings Ltd. | 97000 | 152606 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Meheco Co. Ltd., Class A | 13860 | 34352 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd., H Shares | 259500 | 1451188 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Land Ltd. \* | 118000 | 8315 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Port Holdings Co. Ltd. | 94516 | 138527 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Property Operation & Service Co. Ltd. Class A | 5000 | 11062 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Securities Co. Ltd., H Shares ± | 19660 | 19268 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***China (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 22000 | $39970 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Minsheng Banking Corp. Ltd., H Shares @ | 395880 | 136940 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Modern Dairy Holdings Ltd. @ | 290000 | 36782 |
| &nbsp;&nbsp;&nbsp;&nbsp;China National Accord Medicines Corp. Ltd., Class A | 5200 | 24602 |
| &nbsp;&nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd., H Shares | 418850 | 343968 |
| &nbsp;&nbsp;&nbsp;&nbsp;China National Medicines Corp. Ltd., Class A | 2900 | 11639 |
| &nbsp;&nbsp;&nbsp;&nbsp;China New Higher Education Group Ltd. ± | 74000 | 36405 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd. Class A \* | 15100 | 10318 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Nonferrous Mining Corp. Ltd. | 27000 | 13871 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Oil & Gas Group Ltd. \* | 200000 | 7687 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Oilfield Services Ltd., H Shares | 134000 | 162919 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Oriental Group Co. Ltd. @ | 122000 | 22351 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Overseas Grand Oceans Group Ltd. | 141402 | 61413 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Overseas Land & Investment Ltd. | 325000 | 857734 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co. Ltd., H Shares | 182000 | 405250 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp., H Shares | 1946400 | 940103 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Railway Group Ltd., H Shares | 326000 | 172075 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Railway Signal & Communication Corp. Ltd. H Shares ± | 149000 | 48678 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Reinsurance Group Corp., H Shares | 323000 | 20484 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Renaissance Holdings Ltd. ±@\* | 11300 | 11755 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Cement Holdings Ltd. @ | 238000 | 126235 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 6300 | 16213 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Gas Group Ltd. | 70000 | 262765 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Land Ltd. | 338000 | 1548085 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Medical Holdings Co. Ltd. | 71500 | 52763 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group Ltd. ± | 134500 | 108903 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 5100 | 34341 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Risun Group Ltd. | 58000 | 22664 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Sanjiang Fine Chemicals Co. Ltd. | 44000 | 7892 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Shanshui Cement Group Ltd. \*@ | 53000 | 10932 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Shenhua Energy Co. Ltd., H Shares | 293000 | 846479 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Shineway Pharmaceutical Group Ltd. | 36000 | 35006 |
| &nbsp;&nbsp;&nbsp;&nbsp;China South City Holdings Ltd. \*@ | 508000 | 36446 |
| &nbsp;&nbsp;&nbsp;&nbsp;China South Publishing & Media Group Co. Ltd., Class A | 11600 | 16653 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Southern Airlines Co. Ltd., H Shares \*@ | 102000 | 66384 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Sunshine Paper Holdings Co. Ltd. | 26000 | 7162 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings Co. Ltd. | 137800 | 171600 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Tianrui Group Cement Co. Ltd. \*@ | 11000 | 9301 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Tower Corp. Ltd., Class H ± | 3372000 | 362885 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Traditional Chinese Medicine Holdings Co. Ltd. | 260000 | 118251 |
| &nbsp;&nbsp;&nbsp;&nbsp;China TransInfo Technology Co. Ltd., Class A \* | 6900 | 8854 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Travel International Investment Hong Kong Ltd. \* | 180000 | 40818 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Vanke Co. Ltd., Class H | 158172 | 320176 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Yongda Automobiles Services Holdings Ltd. | 84000 | 62418 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Zhongwang Holdings Ltd. \*@§ | 154000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chinasoft International Ltd. \* | 98000 | 85251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chinese Universe Publishing and Media Group Co. Ltd., Class A | 9200 | 12665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chongqing Changan Automobile Co. Ltd., Class A | 40430 | 71593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chongqing Department Store Co. Ltd., Class A | 2400 | 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank Co. Ltd., H Shares | 226000 | 77307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chow Tai Seng Jewellery Co. Ltd. Class A | 9125 | 18416 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIFI Ever Sunshine Services Group Ltd. | 18000 | 10124 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIMC Enric Holdings Ltd. | 74000 | 74802 |
| &nbsp;&nbsp;&nbsp;&nbsp;CITIC Ltd. | 375000 | 395877 |
| &nbsp;&nbsp;&nbsp;&nbsp;CITIC Securities Co. Ltd., Class H | 83950 | 169719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citychamp Watch & Jewellery Group Ltd. \* | 62000 | 9691 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMOC Group Ltd. Class H @ | 66000 | 30440 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNHTC Jinan Truck Co. Ltd., Class A | 2800 | 5977 |
| &nbsp;&nbsp;&nbsp;&nbsp;CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A | 21460 | 19016 |
| &nbsp;&nbsp;&nbsp;&nbsp;COFCO Biotechnology Co. Ltd., Class A | 15100 | 18159 |
| &nbsp;&nbsp;&nbsp;&nbsp;COFCO Joycome Foods Ltd. \* | 162000 | 46283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord New Energy Group Ltd. | 420000 | 37128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consun Pharmaceutical Group Ltd. | 23000 | 11934 |
| &nbsp;&nbsp;&nbsp;&nbsp;COSCO SHIPPING Development Co. Ltd., H Shares | 324200 | 43196 |
| &nbsp;&nbsp;&nbsp;&nbsp;COSCO SHIPPING Energy Transportation Co. Ltd., H Shares \*@ | 82000 | 62823 |
| &nbsp;&nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings Co. Ltd., H Shares @ | 244199 | 249034 |
| &nbsp;&nbsp;&nbsp;&nbsp;COSCO SHIPPING International Hong Kong Co. Ltd. | 34000 | 10977 |
| &nbsp;&nbsp;&nbsp;&nbsp;COSCO SHIPPING Ports Ltd. | 156998 | 124706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Country Garden Holdings Co. Ltd. @ | 847376 | 289861 |
| &nbsp;&nbsp;&nbsp;&nbsp;CPMC Holdings Ltd. | 53000 | 28654 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSG Holding Co. Ltd., Class A | 19500 | 18822 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSSC Hong Kong Shipping Co. Ltd. | 70000 | 10403 |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS International Logistics Corp. Ltd., Class A | 11000 | 16994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dali Foods Group Co. Ltd. ± | 38500 | 17560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daqin Railway Co. Ltd., Class A | 85800 | 82447 |
| &nbsp;&nbsp;&nbsp;&nbsp;DBG Technology Co. Ltd.,Class A | 7000 | 8942 |
| &nbsp;&nbsp;&nbsp;&nbsp;DHC Software Co. Ltd., Class A | 28100 | 22879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dian Diagnostics Group Co. Ltd. Class A | 4800 | 17352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital China Holdings Ltd. | 62000 | 30184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital China Information Service Co. Ltd., Class A | 10000 | 15493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dong-E-E-Jiao Co. Ltd., Class A | 3300 | 19320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dongfang Electric Corp. Ltd. H Shares | 29800 | 50701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dongfeng Motor Group Co. Ltd., H Shares | 150000 | 86094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dongxing Securities Co. Ltd., Class A | 12000 | 13326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dongyue Group Ltd. | 104000 | 114453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynagreen Environmental Protection Group Co. Ltd., Class H | 52000 | 16788 |
| &nbsp;&nbsp;&nbsp;&nbsp;E-Commodities Holdings Ltd. | 94000 | 19028 |
| &nbsp;&nbsp;&nbsp;&nbsp;EEKA Fashion Holdings Ltd. | 8000 | 11479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eoptolink Technology, Inc. Ltd. Class A | 4400 | 15032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Essex Bio-technology Ltd. | 37000 | 19909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eternal Asia Supply Chain Management Ltd. Class A | 24300 | 22476 |
| &nbsp;&nbsp;&nbsp;&nbsp;EVA Precision Industrial Holdings Ltd. @ | 92000 | 11669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everbright Securities Co. Ltd., Class H ± | 16000 | 10741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fangda Carbon New Material Co. Ltd., Class A \* | 15700 | 13822 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***China (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fangda Special Steel Technology Co. Ltd., Class A | 19000 | $16454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Far East Horizon Ltd. @ | 200000 | 156301 |
| &nbsp;&nbsp;&nbsp;&nbsp;FAW Jiefang Group Co. Ltd., Class A | 24100 | 26798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiberhome Telecommunication Technologies Co. Ltd., Class A | 5800 | 10963 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIH Mobile Ltd. \*@ | 203000 | 21846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Street Holdings Co. Ltd., Class A | 23300 | 17596 |
| &nbsp;&nbsp;&nbsp;&nbsp;FinVolution Group, ADR | 11439 | 56737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fosun International Ltd. | 195500 | 159296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Founder Securities Co. Ltd., Class A | 23800 | 21843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foxconn Industrial Internet Co. Ltd. Class A | 66600 | 87948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fu Shou Yuan International Group Ltd. | 65000 | 55794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fufeng Group Ltd. | 153000 | 93108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fujian Funeng Co. Ltd., Class A | 14100 | 21459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fujian Star-net Communication Co. Ltd., Class A | 8700 | 23979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fujian Sunner Development Co. Ltd., Class A | 9000 | 30670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gan & Lee Pharmaceuticals Co. Ltd., Class A | 3400 | 15935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gansu Shangfeng Cement Co. Ltd., Class A | 6240 | 9587 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCL Energy Technology Co. Ltd. | 4200 | 7927 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCL Technology Holdings Ltd. \* | 395000 | 100199 |
| &nbsp;&nbsp;&nbsp;&nbsp;GDS Holdings Ltd., Class A \* | 50000 | 131318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Geely Automobile Holdings Ltd. | 390000 | 569602 |
| &nbsp;&nbsp;&nbsp;&nbsp;GEM Co. Ltd., Class A | 33500 | 35805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gemdale Corp., Class A | 19200 | 28254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gemdale Properties & Investment Corp. Ltd. | 442000 | 36241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genertec Universal Medical Group Co. Ltd. ± | 75500 | 45849 |
| &nbsp;&nbsp;&nbsp;&nbsp;GF Securities Co. Ltd., Class H | 64200 | 92285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Giant Network Group Co. Ltd., Class A | 9400 | 10763 |
| &nbsp;&nbsp;&nbsp;&nbsp;GoerTek, Inc., Class A | 18300 | 44304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Golden Eagle Retail Group Ltd. \* | 15000 | 9032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gotion High-tech Co. Ltd., Class A | 5100 | 21151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Pharmaceutical Group Ltd. | 88500 | 52156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grandjoy Holdings Group Co. Ltd., Class A \* | 30000 | 16226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greattown Holdings Ltd., Class A \* | 34100 | 15353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greatview Aseptic Packaging Co. Ltd. \* | 88000 | 16460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gree Electric Appliances, Inc., Class A | 13800 | 64159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greenland Hong Kong Holdings Ltd. | 112000 | 10762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greentown China Holdings Ltd. | 78500 | 114651 |
| &nbsp;&nbsp;&nbsp;&nbsp;GRG Banking Equipment Co. Ltd., Class A | 12500 | 17873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangdong HEC Technology Holding Co. Ltd., Class A | 28100 | 35126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangdong Huatie Tongda High-speed Railway Equipment Corp., Class A \* | 22300 | 11773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangdong Provincial Expressway Development Co. Ltd. Class A | 12700 | 14286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangdong Tapai Group Co. Ltd., Class A | 9300 | 9498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guanghui Energy Co. Ltd., Class A | 26800 | 34774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangshen Railway Co. Ltd.,Class H \*@ | 82000 | 15128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangxi Liugong Machinery Co. Ltd., Class A | 14900 | 12603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangzhou Automobile Group Co. Ltd., H Shares | 188000 | 126691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 16000 | 47147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangzhou Haige Communications Group, Inc. Co., Class A | 22300 | 26048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | 18042 | 15546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guizhou Panjiang Refined Coal Co. Ltd., Class A | 9269 | 8960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guizhou Xinbang Pharmaceutical Co. Ltd. Class A | 32400 | 21905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guosen Securities Co. Ltd., Class A | 22400 | 28613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guosheng Financial Holding, Inc., Class A \* | 14131 | 15063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guotai Junan Securities Co. Ltd., H Shares ± | 29000 | 32658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd., Class A | 20500 | 72131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haitian International Holdings Ltd. | 44000 | 117815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haitong Securities Co. Ltd., Class H | 169600 | 104296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Han's Laser Technology Industry Group Co. Ltd., Class A | 8900 | 32839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hang Zhou Great Star Industrial Co. Ltd., Class A \* | 4400 | 12013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hangcha Group Co. Ltd. Class A | 8000 | 19345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 22900 | 29087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co. Ltd. Class A | 2900 | 11580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health & Happiness H&H International Holdings Ltd. | 18500 | 39486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Heilongjiang Agriculture Co. Ltd., Class A | 8000 | 15835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hengan International Group Co. Ltd. | 55500 | 294727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hengdeli Holdings Ltd. \* | 184000 | 5870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hengli Petrochemical Co. Ltd., Class A | 35500 | 79306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hengtong Optic-electric Co. Ltd., Class A | 9680 | 20971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hengyi Petrochemical Co. Ltd., Class A | 25000 | 25282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hesteel Co. Ltd., Class A | 65500 | 21294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hi Sun Technology China Ltd. \*@ | 138000 | 15028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hisense Home Appliances Group Co. Ltd., Class H | 34000 | 37505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Holitech Technology Co. Ltd., Class A \* | 35900 | 13169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hongda Xingye Co. Ltd., Class A \* | 21200 | 9881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hope Education Group Co. Ltd. ±@ | 120000 | 10762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hopson Development Holdings Ltd. @ | 77198 | 75957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hua Hong Semiconductor Ltd. \*±@ | 43000 | 150119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huafon Chemical Co. Ltd., Class A | 27754 | 27148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huafon Microfibre Shanghai Technology Co. Ltd., Class T \* | 25700 | 14270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huagong Tech Co. Ltd., Class A | 6200 | 14636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huaibei Mining Holdings Co. Ltd. Class A | 10400 | 19149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huapont Life Sciences Co. Ltd., Class A | 27600 | 20248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huatai Securities Co. Ltd., Class H ± | 58600 | 67043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huaxi Securities Co. Ltd., Class A | 12600 | 13648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huaxia Bank Co. Ltd., Class A | 43300 | 32327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huaxin Cement Co. Ltd., Class A | 7000 | 14923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huayu Automotive Systems Co. Ltd., Class A | 17500 | 43626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hubei Biocause Pharmaceutical Co. Ltd., Class A | 17600 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 4400 | 17229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hubei Xingfa Chemicals Group Co. Ltd., Class A | 9400 | 39213 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***China (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Humanwell Healthcare Group Co. Ltd., Class A | 9700 | $33335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hunan Valin Steel Co. Ltd., Class A | 47300 | 31979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hytera Communications Corp. Ltd., Class A \* | 23400 | 17201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., H Shares | 4364000 | 2247568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Bank Co. Ltd. Class A | 122900 | 310976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Securities Co. Ltd., Class A | 52910 | 43688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Infore Environment Technology Group Co. Ltd., Class A | 12400 | 8098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingdan, Inc. \*±@ | 40000 | 9122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 169960 | 46941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 12000 | 21301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inner Mongolia ERDOS Resources Co. Ltd. Class A | 8400 | 18355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 55300 | 31740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inner Mongolia Yitai Coal Co. Ltd. Class H | 9800 | 12631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | 34700 | 39134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspur Electronic Information Industry Co. Ltd., Class A | 5700 | 17645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intco Medical Technology Co. Ltd. Class A | 5700 | 17243 |
| &nbsp;&nbsp;&nbsp;&nbsp;JCET Group Co. Ltd., Class A | 17895 | 59335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 20200 | 21939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Eastern Shenghong Co. Ltd., Class A | 10600 | 19883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Guotai International Group Co. Ltd., Class A | 10400 | 12716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A | 34700 | 19817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | 6700 | 23661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Provincial Agricultural Reclamation and Development Corp. | 11200 | 19076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Shagang Co. Ltd. | 38000 | 21483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Shuangxing Color Plastic New Materials Co. Ltd., Class A | 10800 | 19808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 5600 | 25665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 27840 | 18462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Zhongtian Technology Co. Ltd., Class A | 11500 | 26716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangxi Copper Co. Ltd., H Shares | 82000 | 121023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A | 17100 | 12840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 7300 | 15741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jinchuan Group International Resources Co. Ltd. @ | 129000 | 9255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jingrui Holdings Ltd. \*§ | 43000 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jinneng Science&Technology Co. Ltd., Class A | 10600 | 13830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jizhong Energy Resources Co. Ltd., Class A | 21200 | 19396 |
| &nbsp;&nbsp;&nbsp;&nbsp;JNBY Design Ltd. | 16500 | 19723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 18700 | 30370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jointown Pharmaceutical Group Co. Ltd., Class A | 10700 | 20071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joyoung Co. Ltd. Class A | 9600 | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;JOYY, Inc., ADR | 2053 | 64854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ju Teng International Holdings Ltd. | 56000 | 9614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Juneyao Airlines Co. Ltd., Class A \* | 9700 | 22577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingboard Holdings Ltd. | 71500 | 227633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings Ltd. | 96000 | 105526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingfa Sci & Tech Co. Ltd. Class A | 13400 | 18678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsoft Corp. Ltd. | 70200 | 234736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kunlun Energy Co. Ltd. | 354000 | 252616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kunlun Tech Co. Ltd., Class A | 5800 | 12023 |
| &nbsp;&nbsp;&nbsp;&nbsp;KWG Living Group Holdings Ltd. | 65000 | 14407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lakala Payment Co. Ltd. Class A \* | 4300 | 10441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lao Feng Xiang Co. Ltd., Class A | 2700 | 16623 |
| &nbsp;&nbsp;&nbsp;&nbsp;LB Group Co. Ltd., Class A | 11200 | 30482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lee & Man Chemical Co. Ltd. | 16000 | 13324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lee & Man Paper Manufacturing Ltd. | 122000 | 53768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lee's Pharmaceutical Holdings Ltd. | 34500 | 7205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legend Holdings Corp., H Shares ± | 38400 | 41079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lenovo Group Ltd. | 40000 | 32849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lens Technology Co. Ltd., Class A | 24140 | 36566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leo Group Co. Ltd., Class A \* | 48000 | 12221 |
| &nbsp;&nbsp;&nbsp;&nbsp;LexinFintech Holdings Ltd., ADR \* | 16062 | 30518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leyard Optoelectronic Co. Ltd., Class A | 20300 | 16528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lianhe Chemical Technology Co. Ltd. | 6700 | 14939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liaoning Cheng Da Co. Ltd., Class A | 5800 | 10504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lingyi iTech Guangdong Co., Class A \* | 42800 | 27952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Livzon Pharmaceutical Group, Inc., H Shares | 6800 | 22869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd. ±@ | 154500 | 480991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonking Holdings Ltd. | 158000 | 27732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luenmei Quantum Co. Ltd., Class A | 13300 | 12091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luolai Lifestyle Technology Co. Ltd., Class A | 5300 | 8554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luoniushan Co. Ltd., Class A \* | 16000 | 16272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luxi Chemical Group Co. Ltd., Class A | 8600 | 15328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Luye Pharma Group Ltd. \*±@ | 161500 | 75728 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVGEM China Real Estate Investment Co. Ltd. \*@ | 72000 | 11899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maanshan Iron & Steel Co. Ltd., H Shares @ | 78000 | 18187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maccura Biotechnology Co. Ltd. Class A | 3800 | 9457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mango Excellent Media Co. Ltd. Class A | 11000 | 47502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maoyan Entertainment \*±@ | 21200 | 24472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meinian Onehealth Healthcare Holdings Co. Ltd., Class A \* | 29300 | 25837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metallurgical Corp. of China Ltd., H Shares | 225000 | 49869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Midea Real Estate Holding Ltd. ±@ | 14000 | 21595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ming Yang Smart Energy Group Ltd., Class A | 6800 | 24709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mingfa Group International Co. Ltd. \* | 91000 | 4663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minth Group Ltd. | 60000 | 162579 |
| &nbsp;&nbsp;&nbsp;&nbsp;MLS Co. Ltd., Class A | 20000 | 23332 |
| &nbsp;&nbsp;&nbsp;&nbsp;MMG Ltd. \* | 236000 | 60471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nanjing Iron & Steel Co. Ltd., Class A | 36600 | 16584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nanjing Xinjiekou Department Store Co. Ltd., Class A | 6900 | 9062 |
| &nbsp;&nbsp;&nbsp;&nbsp;NavInfo Co. Ltd., Class A | 10200 | 16169 |
| &nbsp;&nbsp;&nbsp;&nbsp;NetDragon Websoft Holdings Ltd. | 25500 | 54754 |
| &nbsp;&nbsp;&nbsp;&nbsp;New China Life Insurance Co. Ltd., H Shares | 57900 | 141682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newland Digital Technology Co. Ltd., Class A | 10000 | 18715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexteer Automotive Group Ltd. @ | 69000 | 45172 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***China (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nine Dragons Paper Holdings Ltd. \* | 173000 | $157808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ningbo Huaxiang Electronic Co. Ltd., Class A | 8950 | 17896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ningbo Joyson Electronic Corp., Class A \* | 5200 | 10510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ningbo Zhoushan Port Co. Ltd., Class A | 33200 | 17097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noah Holdings Ltd., ADR \* | 1172 | 18166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast Securities Co. Ltd., Class A | 8500 | 7948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offshore Oil Engineering Co. Ltd. Class A | 27400 | 23885 |
| &nbsp;&nbsp;&nbsp;&nbsp;ORG Technology Co. Ltd., Class A | 26800 | 19469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orient Securities Co. Ltd., Class H ±@ | 52400 | 25108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oriental Energy Co. Ltd. Class A | 11300 | 12403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oriental Pearl Group Co. Ltd., Class A | 10700 | 10236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ourpalm Co. Ltd., Class A \* | 27500 | 12698 |
| &nbsp;&nbsp;&nbsp;&nbsp;PAX Global Technology Ltd. | 75000 | 64859 |
| &nbsp;&nbsp;&nbsp;&nbsp;PCI Technology Group Co. Ltd., Class A | 15600 | 11849 |
| &nbsp;&nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China Ltd. (The), H Shares | 305000 | 101205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perfect World Co. Ltd., Class A | 6700 | 12259 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetroChina Co. Ltd., H Shares | 2014000 | 921149 |
| &nbsp;&nbsp;&nbsp;&nbsp;PICC Property & Casualty Co. Ltd., H Shares | 494000 | 468972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Bank Co. Ltd., Class A | 108500 | 205397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., Class H | 364500 | 2411959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pingdingshan Tianan Coal Mining Co. Ltd., Class A | 15900 | 24725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poly Property Group Co. Ltd. | 200431 | 44937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Postal Savings Bank of China Co. Ltd., Class H ±@ | 571000 | 354797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pou Sheng International Holdings Ltd. | 252000 | 24214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Construction Corp. of China Ltd. Class A | 56900 | 57950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Q Technology Group Co. Ltd. \*@ | 31000 | 16720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qingdao Hanhe Cable Co. Ltd., Class A | 35800 | 21526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qingling Motors Co. Ltd., Class H | 84000 | 10762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radiance Holdings Group Co. Ltd. @ | 37000 | 17966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Red Star Macalline Group Corp. Ltd., H Shares ±@ | 35700 | 11434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redco Properties Group Ltd. \*±@ | 80000 | 16501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renhe Pharmacy Co. Ltd., Class A | 19700 | 17541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rongsheng Petrochemical Co. Ltd. Class A | 61100 | 108107 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAIC Motor Corp. Ltd., Class A | 29700 | 61564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sailun Group Co. Ltd., Class A | 13900 | 20035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sansteel Minguang Co. Ltd., Class A | 13700 | 9262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sansure Biotech, Inc. Class A | 3333 | 10524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sany Heavy Equipment International Holdings Co. Ltd. | 83000 | 85281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sany Heavy Industry Co. Ltd. Class A | 28800 | 65457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Satellite Chemical Co. Ltd., Class A | 17026 | 37962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sealand Securities Co. Ltd., Class A | 24800 | 11880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seazen Group Ltd. \* | 188571 | 69819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seazen Holdings Co. Ltd., Class A \* | 13800 | 40695 |
| &nbsp;&nbsp;&nbsp;&nbsp;SF Holding Co. Ltd. Class A | 14100 | 117153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shaanxi Coal Industry Co. Ltd., Class A | 50037 | 133735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | 20800 | 42637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 9200 | 27805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Chenming Paper Holdings Ltd., H Shares \*@ | 35250 | 11155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Hi-Speed Road & Bridge Co. Ltd. | 20600 | 20358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 2700 | 8991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 11310 | 53933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Humon Smelting Co. Ltd., Class A | 10800 | 16375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Linglong Tyre Co. Ltd., Class A | 7700 | 22685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum Co. Ltd., Class A | 37900 | 17828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Sun Paper Industry JSC Ltd., Class A | 16800 | 27840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 130000 | 213517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai AJ Group Co. Ltd., Class A | 16900 | 13419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Construction Group Co. Ltd. Class A | 55900 | 20907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Electric Group Co. Ltd., H Shares \* | 166000 | 37430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Environment Group Co. Ltd., Class A | 11600 | 14901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Industrial Holdings Ltd. | 45000 | 55634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Industrial Urban Development Group Ltd. | 274000 | 23168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai International Port Group Co. Ltd., Class A | 48600 | 37332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Jinjiang International Hotels Co. Ltd., Class A | 1300 | 10912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Lingang Holdings Corp. Ltd., Class A | 8760 | 15021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 13500 | 18915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 7100 | 11459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 63600 | 105763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank Co. Ltd., Class A | 118900 | 124515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai RAAS Blood Products Co. Ltd., Class A | 37200 | 33927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Sinyang Semiconductor Materials Co. Ltd., Class A | 3000 | 11993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Tunnel Engineering Co. Ltd., Class A | 25600 | 19407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 18000 | 19705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 7800 | 12724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanxi Coking Coal Energy Group Co. Ltd., Class A | 37900 | 63515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 22000 | 53325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanxi Meijin Energy Co. Ltd., Class A | 31400 | 40742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanxi Securities Co. Ltd., Class A | 24700 | 18831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanxi Taigang Stainless Steel Co. Ltd., Class A | 34300 | 21315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanying International Holding Co. Ltd., Class A | 37500 | 13378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shengyi Technology Co. Ltd. Class A | 18346 | 38029 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***China (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenwan Hongyuan Group Co. Ltd., H Shares ± | 43200 | $8025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Agricultural Products Group Co. Ltd., Class A | 15600 | 12791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Airport Co. Ltd., Class A | 16200 | 18317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Aisidi Co. Ltd., Class A | 14200 | 19364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Huaqiang Industry Co. Ltd. Class A | 5900 | 10363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen International Holdings Ltd. | 107733 | 105725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Investment Ltd. | 323060 | 55461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Jinjia Group Co. Ltd., Class A | 10602 | 11026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Kaifa Technology Co. Ltd. Class A | 5900 | 9073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Kinwong Electronic Co. Ltd., Class A | 2300 | 6696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen MTC Co. Ltd., Class A \* | 42300 | 21236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Neptunus Bioengineering Co. Ltd., Class A \* | 28200 | 13468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Overseas Chinese Town Co. Ltd., Class A | 43200 | 33122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Sunway Communication Co. Ltd. Class A | 4700 | 11162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Tagen Group Co. Ltd., Class A | 25000 | 19635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen World Union Group, Inc., Class A \* | 33300 | 15760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Yan Tian Port Holding Co. Ltd. Class A | 28200 | 20567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen YUTO Packaging Technology Co. Ltd. Class A | 4900 | 23310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 31900 | 18814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A \* | 26700 | 21585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shimao Group Holdings Ltd. \*§ | 131000 | 13909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoucheng Holdings Ltd. | 208400 | 50729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shougang Fushan Resources Group Ltd. | 219790 | 70115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shui On Land Ltd. | 280000 | 35514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sichuan Hebang Biotechnology Co. Ltd., Class A | 84300 | 36865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 12500 | 47848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sichuan Road & Bridge Group Co. Ltd., Class A | 20600 | 32952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric Co. Ltd., Class A | 4300 | 23641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sihuan Pharmaceutical Holdings Group Ltd. | 328000 | 39921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sino-Ocean Group Holding Ltd. @ | 293712 | 41016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinofert Holdings Ltd. \* | 244000 | 29697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinolink Securities Co. Ltd., Class A | 11700 | 14642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinoma International Engineering Co., Class A | 14600 | 17894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinoma Science & Technology Co. Ltd., Class A | 11000 | 33910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinopec Engineering Group Co. Ltd., H Shares | 111000 | 48777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinopec Kantons Holdings Ltd. | 90000 | 34015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinopec Shanghai Petrochemical Co. Ltd., Class H | 248000 | 41940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinopharm Group Co. Ltd., H Shares | 140400 | 356871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinotrans Ltd., H Shares | 145000 | 47185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinotruk Hong Kong Ltd. | 67000 | 93391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyworth Group Ltd. | 156114 | 67002 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOHO China Ltd. \* | 153500 | 26942 |
| &nbsp;&nbsp;&nbsp;&nbsp;SooChow Securities Co. Ltd., Class A | 20280 | 19050 |
| &nbsp;&nbsp;&nbsp;&nbsp;SSY Group Ltd. | 124000 | 68470 |
| &nbsp;&nbsp;&nbsp;&nbsp;STO Express Co. Ltd. \* | 15900 | 23627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Art Retail Group Ltd. | 172500 | 56576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suning Universal Co. Ltd., Class A | 32100 | 15238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunward Intelligent Equipment Co. Ltd., Class A \* | 10800 | 9151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suzhou Anjie Technology Co. Ltd. | 10500 | 18654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 10800 | 38420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A \* | 15000 | 10465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangshan Jidong Cement Co. Ltd., Class A | 10000 | 11839 |
| &nbsp;&nbsp;&nbsp;&nbsp;TangShan Port Group Co. Ltd., Class A | 55900 | 22033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 11600 | 11030 |
| &nbsp;&nbsp;&nbsp;&nbsp;TBEA Co. Ltd., Class A | 21000 | 60659 |
| &nbsp;&nbsp;&nbsp;&nbsp;TCL Electronics Holdings Ltd. | 99667 | 39967 |
| &nbsp;&nbsp;&nbsp;&nbsp;TCL Technology Group Corp., Class A | 71400 | 38208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, ADR \* | 33714 | 279152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tian Di Science & Technology Co. Ltd., Class A | 40500 | 30295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiande Chemical Holdings Ltd. | 36000 | 10101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiangong International Co. Ltd. | 100000 | 36897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 30700 | 25084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tianneng Power International Ltd. @ | 74000 | 78120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tianshan Aluminum Group Co. Ltd. Class A | 18200 | 20211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tianshui Huatian Technology Co. Ltd., Class A | 10300 | 12283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Titan Wind Energy Suzhou Co. Ltd., Class A | 8800 | 19153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tomson Group Ltd. | 24000 | 4735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tong Ren Tang Technologies Co. Ltd., Class H | 41000 | 29678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tongda Group Holdings Ltd. \* | 330000 | 5454 |
| &nbsp;&nbsp;&nbsp;&nbsp;TongFu Microelectronics Co. Ltd., Class A \* | 10100 | 23943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tongkun Group Co. Ltd., Class A | 11100 | 23073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tongling Nonferrous Metals Group Co. Ltd., Class A | 49000 | 21992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tongyu Heavy Industry Co. Ltd., Class A | 40800 | 14086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Topsec Technologies Group, Inc., Class A | 7000 | 10059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfar Zhilian Co. Ltd., Class A | 27553 | 21165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd., ADR \* | 28782 | 990101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truly International Holdings Ltd. | 120000 | 18756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tus Environmental Science And Technology Development Co. Ltd., Class A \* | 23000 | 11679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uni-President China Holdings Ltd. | 92000 | 92054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unisplendour Corp. Ltd., Class A | 13940 | 39123 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Energy Group Ltd. | 692000 | 68265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Scientific Industrial Shanghai Co. Ltd., Class A | 10000 | 23347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Untrade Hua Han Health @§\* | 504000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Untrade Huiyuan Juice § | 84500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Victory Giant Technology Huizhou Co. Ltd. Class A | 9400 | 17497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinda International Holdings Ltd. | 26000 | 76613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vipshop Holdings Ltd., ADR \* | 32940 | 449302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viva Biotech Holdings \*±@ | 27000 | 6053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wangsu Science & Technology Co. Ltd., Class A | 20900 | 16776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wanxiang Qianchao Co. Ltd., Class A | 42900 | 30053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wasion Holdings Ltd. | 48000 | 15989 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***China (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wasu Media Holding Co. Ltd. | 20700 | $22303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weibo Corp., ADR \* | 3388 | 64779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd., H Shares | 151000 | 202740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weifu High-Technology Group Co. Ltd., Class A | 5600 | 14283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wellhope Foods Co. Ltd., Class A \* | 7700 | 13114 |
| &nbsp;&nbsp;&nbsp;&nbsp;West China Cement Ltd. | 198000 | 23338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Securities Co. Ltd. Class A | 22600 | 19799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wharf Holdings Ltd. (The) | 70000 | 205818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wingtech Technology Co. Ltd., Class A | 3900 | 29498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wolong Electric Group Co. Ltd., Class A | 11600 | 20791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wuchan Zhongda Group Co. Ltd., Class A | 29100 | 20135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wuhu Token Science Co. Ltd., Class A | 16000 | 13741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wushang Group Co. Ltd. Class A | 12600 | 20300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wuxi Taiji Industry Co. Ltd., Class A | 14900 | 11060 |
| &nbsp;&nbsp;&nbsp;&nbsp;XCMG Construction Machinery Co. Ltd., Class A | 47400 | 34570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiamen C & D, Inc., Class A | 17600 | 34558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiamen Comfort Science & Technology Group Co. Ltd., Class A | 8700 | 11676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiamen Intretech, Inc. Class A | 7479 | 17773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiamen ITG Group Corp. Ltd., Class A | 17300 | 17769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiamen Tungsten Co. Ltd., Class A | 7300 | 20529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiamen Xiangyu Co. Ltd., Class A | 22200 | 32797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B \*± | 647800 | 907947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinfengming Group Co. Ltd., Class A | 4000 | 6260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xingda International Holdings Ltd. | 95633 | 19236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinhu Zhongbao Co. Ltd., Class A \* | 44900 | 16405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co. Ltd., Class H | 36000 | 24306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 47800 | 42561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinjiang Tianshan Cement Co. Ltd., Class A | 4500 | 5515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinjiang Zhongtai Chemical Co. Ltd., Class A | 14500 | 15560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinte Energy Co. Ltd., Class H | 22800 | 42180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinxing Ductile Iron Pipes Co. Ltd., Class A | 18100 | 9503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinyangfeng Agricultural Technology Co. Ltd., Class A | 6900 | 11424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinyi Energy Holdings Ltd. | 72000 | 23891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinyu Iron & Steel Co. Ltd., Class A | 27300 | 16062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xuji Electric Co. Ltd., Class A | 9300 | 26716 |
| &nbsp;&nbsp;&nbsp;&nbsp;YaGuang Technology Group Co. Ltd., Class A \* | 8000 | 6801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yantai Changyu Pioneer Wine Co. Ltd., Class A | 3700 | 16095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 7300 | 29308 |
| &nbsp;&nbsp;&nbsp;&nbsp;YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares \*± | 25600 | 21318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yifan Pharmaceutical Co. Ltd., Class A \* | 7200 | 12688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yintai Gold Co. Ltd., Class A | 19400 | 30809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yixintang Pharmaceutical Group Co. Ltd., Class A | 2800 | 12692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Youngor Group Co. Ltd., Class A | 11500 | 10472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Youzu Interactive Co. Ltd., Class A \* | 8100 | 10790 |
| &nbsp;&nbsp;&nbsp;&nbsp;YTO Express Group Co. Ltd. Class A | 21200 | 61267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yunda Holding Co. Ltd., Class A | 16500 | 34131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yunnan Aluminium Co. Ltd., Class A | 18200 | 29113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yunnan Baiyao Group Co. Ltd., Class A | 5460 | 42695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yunnan Copper Co. Ltd., Class A | 8100 | 13691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yunnan Tin Co. Ltd., Class A | 14600 | 29613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhefu Holding Group Co. Ltd., Class A | 16400 | 9224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Century Huatong Group Co. Ltd., Class A \* | 39280 | 21528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang China Commodities City Group Co. Ltd. Class A | 30700 | 23141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics Co. Ltd., Class A | 13100 | 52199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Crystal-Optech Co. Ltd., Class A | 12400 | 21030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Dahua Technology Co. Ltd., Class A | 19700 | 32051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Hailiang Co. Ltd., Class A | 19700 | 32022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A | 12700 | 12806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Huace Film & Television Co. Ltd. | 30500 | 23385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Jiahua Energy Chemical Industry Co. Ltd. Class A | 9000 | 10836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang JIULI Hi-tech Metals Co. Ltd. Class A | 4400 | 10532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Juhua Co. Ltd., Class A | 7900 | 17626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Longsheng Group Co. Ltd., Class A | 19300 | 27485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Medicine Co. Ltd., Class A | 10400 | 17489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang NHU Co. Ltd., Class A | 12240 | 33013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Orient Financial Holdings Group Co. Ltd., Class A | 17420 | 8946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Runtu Co. Ltd. Class A | 19400 | 20232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Semir Garment Co. Ltd., Class A | 21700 | 16357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A \* | 24800 | 21226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Wanliyang Co. Ltd., Class A \* | 11400 | 13201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Wanma Co. Ltd. | 17700 | 21006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A | 14980 | 32625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhejiang Yasha Decoration Co. Ltd., Class A | 16000 | 10127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares | 21400 | 18808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhongji Innolight Co. Ltd., Class A | 3700 | 14387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhongjin Gold Corp. Ltd., Class A | 32000 | 37700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhongshan Broad Ocean Motor Co. Ltd., Class A | 22200 | 16351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhongtian Financial Group Co. Ltd., Class A \* | 38300 | 8319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhuhai Huafa Properties Co. Ltd., Class A | 11600 | 15118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric Co. Ltd., Class H | 13500 | 67020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhuzhou Kibing Group Co. Ltd., Class A | 10500 | 17204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zibo Qixiang Tengda Chemical Co. Ltd., Class A \* | 22120 | 22401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science & Technology Co. Ltd., H Shares | 85800 | 40562 |
| &nbsp;&nbsp;&nbsp;&nbsp;ZTE Corp., H Shares | 55800 | 122960 |
|  |  | 54956017 |
| ***Colombia — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancolombia SA | 2584 | 22653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bancolombia SA, ADR | 1030 | 29396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cementos Argos SA | 31937 | 23716 |
| &nbsp;&nbsp;&nbsp;&nbsp;CEMEX Latam Holdings SA \*<> | 13000 | 14748 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Colombia (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corp. Financiera Colombiana SA \* | 2308 | $7141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Argos SA | 29921 | 58571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo de Inversiones Suramericana SA | 1288 | 11158 |
|  |  | 167383 |
| ***Czech Republic — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Komercni Banka, A/S | 5768 | 167178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moneta Money Bank AS ± | 17580 | 59121 |
|  |  | 226299 |
| ***Greece — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alpha Services & Holdings SA \* | 127150 | 136108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Autohellas Tourist and Trading SA \* | 1184 | 13130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Greece | 859 | 15402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA Class A \* | 168065 | 189800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourlis Holdings SA | 3046 | 10597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helleniq Energy Holdings SA | 5260 | 42736 |
| &nbsp;&nbsp;&nbsp;&nbsp;LAMDA Development SA \* | 4332 | 27128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motor Oil Hellas Corinth Refineries SA | 2176 | 50825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mytilineos SA | 743 | 16145 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Greece SA \* | 30271 | 121416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA \* | 10411 | 16026 |
|  |  | 639313 |
| ***Hong Kong — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AAG Energy Holdings Ltd. ± | 64000 | 14185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Pictures Group Ltd. \* | 910000 | 66454 |
| &nbsp;&nbsp;&nbsp;&nbsp;BOC Aviation Ltd. ± | 7200 | 60097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comba Telecom Systems Holdings Ltd. | 88000 | 15107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glory Sun Financial Group Ltd. @\* | 17800 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jinmao Property Services Co. Ltd. \*@ | 6646 | 3482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orient Overseas International Ltd. | 2000 | 36129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Untrade CTEG @§ | 98000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Untrade.Lumena New Materials § | 5599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vnet Group, Inc., ADR \* | 9629 | 54596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yuexiu Property Co. Ltd. | 135006 | 163451 |
|  |  | 414493 |
| ***Hungary — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas PLC | 44543 | 310728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Opus Global Nyrt \* | 14974 | 4737 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 1858 | 50361 |
|  |  | 365826 |
| ***India — 18.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACC Ltd. | 6555 | 193675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adani Enterprises Ltd. | 1614 | 75111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adani Transmission Ltd. \* | 664 | 20627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aditya Birla Capital Ltd. \* | 44000 | 79671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Enzyme Technologies Ltd. | 3035 | 10301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alembic Pharmaceuticals Ltd. | 5197 | 35995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allcargo Logistics Ltd. | 4985 | 24344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amara Raja Batteries Ltd. | 8020 | 55354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ambuja Cements Ltd. | 46643 | 295430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apar Industries Ltd. | 1462 | 31739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Tyres Ltd. | 31532 | 123872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arvind Ltd. \* | 13452 | 14569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aster DM Healthcare Ltd. \*± | 9764 | 27228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurobindo Pharma Ltd. | 25561 | 135328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 133355 | 1506994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd., GDR | 12180 | 691824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bajaj Consumer Care Ltd. | 10520 | 21217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment Ltd. | 2792 | 192924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balrampur Chini Mills Ltd. | 14783 | 71261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bandhan Bank Ltd. \*± | 42966 | 121658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Baroda | 84475 | 189566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of India | 26524 | 28326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics Ltd. | 265086 | 320744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharat Heavy Electricals Ltd. | 96730 | 92427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Birla Corp. Ltd. | 3237 | 38341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Birlasoft Ltd. | 1959 | 7056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bombay Burmah Trading Co. | 684 | 7513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camlin Fine Sciences Ltd. \* | 4352 | 8448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Can Fin Homes Ltd. | 2104 | 13606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canara Bank | 32882 | 132375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceat Ltd. | 3536 | 70436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Bank of India Ltd. \* | 45284 | 17625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Century Textiles & Industries Ltd. | 3788 | 32784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chambal Fertilizers and Chemicals Ltd. | 14403 | 54031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cholamandalam Financial Holdings Ltd. | 8070 | 54041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cipla Ltd. | 32099 | 417873 |
| &nbsp;&nbsp;&nbsp;&nbsp;City Union Bank Ltd. | 30829 | 66778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cochin Shipyard Ltd. ± | 3997 | 25655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Container Corp. Of India Ltd. | 7508 | 67248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cosmo First Ltd. | 1243 | 11479 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSB Bank Ltd. \* | 3753 | 10756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cyient Ltd. | 6750 | 66227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dalmia Bharat Ltd. | 5315 | 119412 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCB Bank Ltd. | 19962 | 30620 |
| &nbsp;&nbsp;&nbsp;&nbsp;DCM Shriram Ltd. | 2904 | 31592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deepak Fertilisers & Petrochemicals Corp. Ltd. | 4535 | 39254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dhampur Bio Organics Ltd. \* | 2664 | 6542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dhampur Sugar Mills Ltd. | 2664 | 7959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilip Buildcon Ltd. ± | 2860 | 7533 |
| &nbsp;&nbsp;&nbsp;&nbsp;DLF Ltd. | 37826 | 171230 |
| &nbsp;&nbsp;&nbsp;&nbsp;eClerx Services Ltd. | 1522 | 23547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edelweiss Financial Services Ltd. | 37825 | 29261 |
| &nbsp;&nbsp;&nbsp;&nbsp;EID Parry India Ltd. | 7288 | 50143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Electrosteel Castings Ltd. | 23821 | 11042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Engineers India Ltd. | 18093 | 17277 |
| &nbsp;&nbsp;&nbsp;&nbsp;EPL Ltd. | 5342 | 10977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitas Small Finance Bank Ltd. \*± | 16074 | 11308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exide Industries Ltd. | 26178 | 57194 |
| &nbsp;&nbsp;&nbsp;&nbsp;FDC Ltd. \* | 3013 | 9797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank Ltd. | 161831 | 272881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finolex Cables Ltd. | 3726 | 24771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finolex Industries Ltd. | 15431 | 34703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Firstsource Solutions Ltd. | 20730 | 25684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortis Healthcare Ltd. \* | 26126 | 90634 |
| &nbsp;&nbsp;&nbsp;&nbsp;GAIL India Ltd. | 260433 | 302679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gateway Distriparks Ltd. | 25136 | 20615 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Insurance Corp. of India ± | 7543 | 16280 |
| &nbsp;&nbsp;&nbsp;&nbsp;GHCL Ltd. | 5527 | 34082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glenmark Pharmaceuticals Ltd. | 12966 | 66578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Godawari Power and Ispat Ltd. | 2480 | 11181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Godfrey Phillips India Ltd. | 794 | 18966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Godrej Industries Ltd. \* | 1769 | 9173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granules India Ltd. | 16905 | 65133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grasim Industries Ltd. | 18744 | 390151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Eastern Shipping Co. Ltd. (The) | 8516 | 68783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gujarat Alkalies & Chemicals Ltd. | 2551 | 23648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gujarat Ambuja Exports Ltd. | 4383 | 13555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gujarat Fluorochemicals Ltd. | 3596 | 134962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 8633 | 58124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gujarat Pipavav Port Ltd. | 19498 | 23863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gujarat State Fertilizers & Chemicals Ltd. | 11602 | 19549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gujarat State Petronet Ltd. | 23082 | 73643 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 6979 | 137505 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***India (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hero MotoCorp Ltd. | 9748 | $322263 |
| &nbsp;&nbsp;&nbsp;&nbsp;HIL Ltd. | 469 | 14768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Himadri Speciality Chemical Ltd. | 10592 | 12950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hindalco Industries Ltd. | 162157 | 928586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hinduja Global Solutions Ltd. | 1226 | 19765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hindustan Aeronautics Ltd. | 2011 | 61621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Housing Development Finance Corp. Ltd. | 67577 | 2158086 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 5036 | 54356 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd., ADR | 89109 | 1950596 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDFC First Bank Ltd. \* | 140953 | 100267 |
| &nbsp;&nbsp;&nbsp;&nbsp;IDFC Ltd. | 76058 | 74927 |
| &nbsp;&nbsp;&nbsp;&nbsp;IIFL Finance Ltd. | 5565 | 32490 |
| &nbsp;&nbsp;&nbsp;&nbsp;IIFL Securities Ltd. | 25376 | 19784 |
| &nbsp;&nbsp;&nbsp;&nbsp;India Cements Ltd. (The) | 18543 | 48918 |
| &nbsp;&nbsp;&nbsp;&nbsp;India Glycols Ltd. | 934 | 8581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indiabulls Housing Finance Ltd. \* | 31451 | 58811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indian Bank | 12211 | 42140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indian Overseas Bank \* | 76991 | 29873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indian Railway Finance Corp. Ltd. ± | 47733 | 18780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indus Towers Ltd. | 55203 | 127381 |
| &nbsp;&nbsp;&nbsp;&nbsp;IndusInd Bank Ltd. | 28574 | 421081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Infibeam Avenues Ltd. | 77058 | 15508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Info Edge India Ltd. | 2802 | 132527 |
| &nbsp;&nbsp;&nbsp;&nbsp;IRCON International Ltd. ± | 18858 | 13608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jindal Poly Films Ltd. | 769 | 7390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jindal Saw Ltd. | 14261 | 17884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jindal Stainless Hisar Ltd. \* | 10916 | 57898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jindal Stainless Ltd. \* | 17881 | 51873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jindal Steel & Power Ltd. | 46366 | 326994 |
| &nbsp;&nbsp;&nbsp;&nbsp;JK Lakshmi Cement Ltd. | 4751 | 47091 |
| &nbsp;&nbsp;&nbsp;&nbsp;JK Paper Ltd. | 10798 | 53644 |
| &nbsp;&nbsp;&nbsp;&nbsp;JK Tyre & Industries Ltd. | 10161 | 22654 |
| &nbsp;&nbsp;&nbsp;&nbsp;JM Financial Ltd. | 40467 | 35096 |
| &nbsp;&nbsp;&nbsp;&nbsp;JSW Energy Ltd. | 43852 | 153082 |
| &nbsp;&nbsp;&nbsp;&nbsp;JSW Steel Ltd. | 80442 | 749288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jubilant Pharmova Ltd. | 9690 | 43923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kalpataru Power Transmission Ltd. | 5415 | 36333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karnataka Bank Ltd. (The) | 41191 | 75879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karur Vysya Bank Ltd. (The) | 36209 | 49545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaveri Seed Co. Ltd. | 2043 | 12781 |
| &nbsp;&nbsp;&nbsp;&nbsp;KEC International Ltd. | 9194 | 54838 |
| &nbsp;&nbsp;&nbsp;&nbsp;KNR Constructions Ltd. | 3786 | 11715 |
| &nbsp;&nbsp;&nbsp;&nbsp;KPR Mill Ltd. | 1882 | 11802 |
| &nbsp;&nbsp;&nbsp;&nbsp;KRBL Ltd. | 6141 | 29024 |
| &nbsp;&nbsp;&nbsp;&nbsp;L&T Finance Holdings Ltd. | 78972 | 83334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd. | 18683 | 471117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd., GDR | 33937 | 858606 |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Balakrishnan & Bros Ltd. | 1438 | 11959 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIC Housing Finance Ltd. | 24147 | 120954 |
| &nbsp;&nbsp;&nbsp;&nbsp;LT Foods Ltd. | 16533 | 23122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lupin Ltd. | 15489 | 137038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maharashtra Seamless Ltd. | 3116 | 12166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Financial Services Ltd. | 54856 | 155391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 65830 | 995447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd., GDR | 4830 | 72692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra CIE Automotive Ltd. | 6907 | 28925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manappuram Finance Ltd. | 34315 | 48239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meghmani Organics Ltd. | 7232 | 9703 |
| &nbsp;&nbsp;&nbsp;&nbsp;MOIL Ltd. | 5661 | 11044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motilal Oswal Financial Services Ltd. | 1768 | 14682 |
| &nbsp;&nbsp;&nbsp;&nbsp;MRF Ltd. | 156 | 166840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Muthoot Finance Ltd. | 6474 | 83106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natco Pharma Ltd. | 1319 | 8929 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Aluminium Co. Ltd. | 68435 | 66714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nava Ltd. | 6116 | 18260 |
| &nbsp;&nbsp;&nbsp;&nbsp;NCC Ltd. | 30074 | 30427 |
| &nbsp;&nbsp;&nbsp;&nbsp;NESCO Ltd. | 965 | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp;NIIT Ltd. | 2427 | 9182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nilkamal Ltd. | 322 | 7384 |
| &nbsp;&nbsp;&nbsp;&nbsp;NMDC Ltd. | 47585 | 70920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nmdc Steel Ltd. <> | 47585 | 22145 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOCIL Ltd. | 7374 | 20857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oberoi Realty Ltd. | 9011 | 94216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orient Cement Ltd. | 6133 | 9148 |
| &nbsp;&nbsp;&nbsp;&nbsp;PCBL Ltd. | 11386 | 17802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Petronet LNG Ltd. | 67706 | 176365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Piramal Enterprises Ltd. | 6545 | 65664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Piramal Pharma Ltd. \* | 26180 | 36218 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNB Housing Finance Ltd. \*± | 4224 | 27007 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Infratech Ltd. | 4201 | 14518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Polyplex Corp. Ltd. | 1545 | 29824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Finance Corp. Ltd. | 97509 | 166955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prestige Estates Projects Ltd. | 14610 | 82030 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC India Ltd. | 17788 | 17491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Punjab National Bank | 115447 | 78844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quess Corp. Ltd. ± | 2433 | 12128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rain Industries Ltd. | 17328 | 35858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rajesh Exports Ltd. | 7411 | 65761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rallis India Ltd. | 3389 | 9952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ramco Cements Ltd. (The) | 8242 | 69738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rashtriya Chemicals & Fertilizers Ltd. | 16695 | 26971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond Ltd. | 3276 | 58172 |
| &nbsp;&nbsp;&nbsp;&nbsp;RBL Bank Ltd. \*± | 23414 | 51099 |
| &nbsp;&nbsp;&nbsp;&nbsp;REC Ltd. | 124810 | 175983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redington Ltd. | 57900 | 126326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 206554 | 6359157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Power Ltd. \* | 223846 | 38827 |
| &nbsp;&nbsp;&nbsp;&nbsp;RITES Ltd. | 2755 | 11239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shilpa Medicare Ltd. | 2237 | 7535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shipping Corp. of India Ltd. | 14166 | 23330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | 20316 | 339132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sobha Ltd. | 6105 | 42358 |
| &nbsp;&nbsp;&nbsp;&nbsp;South Indian Bank Ltd. (The) \* | 66795 | 15098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Star Cement Ltd. \* | 7280 | 9904 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Bank of India | 69305 | 514573 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Bank of India, GDR | 8728 | 647618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Authority of India Ltd. | 89762 | 89838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Strides Pharma Science Ltd. \* | 5470 | 23161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries Ltd. | 38050 | 459930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sun TV Network Ltd. | 5489 | 32378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sundaram Finance Ltd. | 1330 | 37040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sundaram-Clayton Ltd. | 221 | 13383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunteck Realty Ltd. | 5951 | 23637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surya Roshni Ltd. | 773 | 4606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Chemicals Ltd. | 12988 | 147565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Coffee Ltd. | 1997 | 5262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consumer Products Ltd. | 23685 | 221018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Motors Ltd. \* | 101744 | 477175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Steel Ltd. | 430140 | 586744 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***India (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Steel Ltd., GDR | 6923 | $93807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Techno Electric & Engineering Co. Ltd. | 2836 | 11415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thirumalai Chemicals Ltd. | 4154 | 10145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tube Investments of India Ltd. | 2032 | 67667 |
| &nbsp;&nbsp;&nbsp;&nbsp;TV18 Broadcast Ltd. \* | 55772 | 25078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uflex Ltd. | 3166 | 21469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Bank of India Ltd. | 36541 | 35689 |
| &nbsp;&nbsp;&nbsp;&nbsp;UPL Ltd. | 40601 | 351977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Usha Martin Ltd. | 14837 | 30847 |
| &nbsp;&nbsp;&nbsp;&nbsp;UTI Asset Management Co. Ltd. | 947 | 9844 |
| &nbsp;&nbsp;&nbsp;&nbsp;VA Tech Wabag Ltd. \* | 2558 | 10080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vardhman Textiles Ltd. | 8165 | 32471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Varroc Engineering Ltd. \*± | 3632 | 12988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vedanta Ltd. | 58464 | 218012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Venky's India Ltd. | 673 | 15481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voltamp Transformers Ltd. | 408 | 13681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welspun Corp. Ltd. | 11246 | 32040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welspun India Ltd. | 31063 | 29099 |
| &nbsp;&nbsp;&nbsp;&nbsp;West Coast Paper Mills Ltd. | 3247 | 20566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wipro Ltd. | 42908 | 203700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wipro Ltd., ADR | 35061 | 163384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wockhardt Ltd. \* | 5344 | 14431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yes Bank Ltd. \* | 193770 | 48484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zee Entertainment Enterprises Ltd. | 70032 | 203544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zensar Technologies Ltd. | 5610 | 14478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zydus Lifesciences Ltd. | 13699 | 69547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zydus Wellness Ltd. | 1266 | 22954 |
|  |  | 33478455 |
| ***Indonesia — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ace Hardware Indonesia Tbk PT | 312100 | 9944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adaro Energy Indonesia Tbk PT | 1752200 | 433337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aneka Tambang Tbk | 600600 | 76582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astra Agro Lestari Tbk PT | 61744 | 31829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astra International Tbk PT | 1370000 | 501622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astra Otoparts Tbk PT | 19600 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 678500 | 432575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Maybank Indonesia Tbk PT | 568800 | 8331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero Tbk PT | 458466 | 271678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank OCBC Nisp Tbk PT | 223000 | 10672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Pan Indonesia Tbk PT | 529200 | 52351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 173300 | 14973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Pembangunan Daerah Jawa Timur Tbk PT | 403000 | 18380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Tabungan Negara Persero Tbk PT | 405590 | 35172 |
| &nbsp;&nbsp;&nbsp;&nbsp;BISI International Tbk PT | 94000 | 9661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buana Lintas Lautan Tbk PT \* | 1041300 | 11906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bukit Asam Tbk PT | 339600 | 80496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bumi Serpong Damai Tbk PT \* | 435700 | 25749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciputra Development Tbk PT | 924577 | 55828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Dunia Makmur Tbk PT | 589400 | 11510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erajaya Swasembada Tbk PT | 1042500 | 26251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Mediacom Tbk PT \* | 1093100 | 19520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gudang Garam Tbk PT | 38200 | 44169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanson International Tbk PT \*§ | 5335700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper Tbk PT | 294700 | 165168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indika Energy Tbk PT | 180500 | 31653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indo Tambangraya Megah Tbk PT | 52800 | 132360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indocement Tunggal Prakarsa Tbk PT | 78800 | 50112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk PT | 407500 | 176036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japfa Comfeed Indonesia Tbk PT | 567600 | 47216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medco Energi Internasional Tbk PT | 1095352 | 71417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media Nusantara Citra Tbk PT \* | 629000 | 29899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pabrik Kertas Tjiwi Kimia Tbk PT | 133200 | 60322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Panin Financial Tbk PT | 1207600 | 27771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 296500 | 19332 |
| &nbsp;&nbsp;&nbsp;&nbsp;PP Persero Tbk PT \* | 442900 | 20342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ramayana Lestari Sentosa Tbk PT | 70400 | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samudera Indonesia Tbk PT | 134100 | 16625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sawit Sumbermas Sarana Tbk PT | 240200 | 22681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semen Indonesia Persero Tbk PT | 278124 | 117467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sri Rejeki Isman Tbk PT \*§ | 996900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Summarecon Agung Tbk PT | 932100 | 36224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surya Semesta Internusa Tbk PT \* | 393100 | 6919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Timah Tbk PT | 281100 | 21127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Triputra Agro Persada PT | 418500 | 17071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tunas Baru Lampung Tbk PT | 317700 | 14184 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Tractors Tbk PT | 182800 | 306183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale Indonesia Tbk PT \* | 184400 | 84101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waskita Karya Persero Tbk PT \* | 861673 | 19926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wijaya Karya Persero Tbk PT \* | 459200 | 23598 |
| &nbsp;&nbsp;&nbsp;&nbsp;XL Axiata Tbk PT | 522966 | 71890 |
|  |  | 3776576 |
| ***Korea — 12.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AMOREPACIFIC Group | 612 | 16891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Paper Manufacturing Co. Ltd. | 567 | 17667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Binggrae Co. Ltd. | 417 | 12944 |
| &nbsp;&nbsp;&nbsp;&nbsp;BNK Financial Group, Inc. | 20319 | 104447 |
| &nbsp;&nbsp;&nbsp;&nbsp;CJ CheilJedang Corp. | 860 | 258782 |
| &nbsp;&nbsp;&nbsp;&nbsp;CJ Corp. | 1381 | 91848 |
| &nbsp;&nbsp;&nbsp;&nbsp;CJ ENM Co. Ltd. | 531 | 43967 |
| &nbsp;&nbsp;&nbsp;&nbsp;CJ Logistics Corp. \* | 649 | 48091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Com2uSCorp | 128 | 6033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cuckoo Homesys Co. Ltd. | 408 | 9486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dae Han Flour Mills Co. Ltd. | 157 | 16451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daesang Corp. | 2426 | 42016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daewoo Engineering & Construction Co. Ltd. \* | 18960 | 62675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daihan Pharmaceutical Co. Ltd. | 296 | 7163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daishin Securities Co. Ltd. | 3671 | 37450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daou Technology, Inc. | 2149 | 32630 |
| &nbsp;&nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | 3046 | 157298 |
| &nbsp;&nbsp;&nbsp;&nbsp;DGB Financial Group, Inc. | 20001 | 110563 |
| &nbsp;&nbsp;&nbsp;&nbsp;DI Dong Il Corp. | 1505 | 17912 |
| &nbsp;&nbsp;&nbsp;&nbsp;DL E&C Co. Ltd. | 3846 | 102651 |
| &nbsp;&nbsp;&nbsp;&nbsp;DL Holdings Co. Ltd. | 1534 | 71817 |
| &nbsp;&nbsp;&nbsp;&nbsp;DN Automotive Corp. | 17 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dong-A Socio Holdings Co., Ltd. | 150 | 12040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dong-A ST Co. Ltd. | 237 | 11396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dongkuk Steel Mill Co. Ltd. | 6894 | 60789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dongwha Pharm Co. Ltd. | 736 | 5390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dongwon F&B Co. Ltd. | 128 | 15892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dongwon Industries Co. Ltd. | 715 | 27905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doosan Bobcat, Inc. | 4635 | 126826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doosan Co. Ltd. | 633 | 41599 |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleUGames Co. Ltd. | 504 | 18833 |
| &nbsp;&nbsp;&nbsp;&nbsp;E-MART, Inc. \* | 1350 | 104626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Easy Holdings Co. Ltd. \* | 5023 | 11162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eugene Corp. | 5295 | 15054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eugene Investment & Securities Co. Ltd. | 8694 | 16089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fila Holdings Corp. | 2627 | 69077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Green Cross Holdings Corp. | 1234 | 16590 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Engineering & Construction Corp. | 4411 | 73778 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Holdings Corp. \* | 4562 | 158019 |
| &nbsp;&nbsp;&nbsp;&nbsp;GS Retail Co. Ltd. | 2919 | 64982 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Korea (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | 22264 | $740373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Handok, Inc. | 492 | 6517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Handsome Co. Ltd. | 1312 | 28066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanil Holdings Co. Ltd. | 1021 | 8720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanjin Transportation Co. Ltd. | 1142 | 19011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hankook Tire & Technology Co. Ltd. | 5220 | 128591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Paper Co. Ltd. | 2232 | 23388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hansol Technics Co. Ltd. \* | 1664 | 6711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Corp. | 3458 | 70145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Investment & Securities Co. Ltd. | 13449 | 24994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Life Insurance Co. Ltd. \* | 20246 | 44351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Solutions Corp. \* | 4541 | 154419 |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Co. Ltd. | 3175 | 143371 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDC Holdings Co. Ltd. | 2781 | 12074 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDC Hyundai Development Co.-Engineering & Construction | 2554 | 20198 |
| &nbsp;&nbsp;&nbsp;&nbsp;HL Holdings Corp. | 1090 | 26507 |
| &nbsp;&nbsp;&nbsp;&nbsp;HL Mando Co. Ltd. | 1222 | 38946 |
| &nbsp;&nbsp;&nbsp;&nbsp;HMM Co. Ltd. | 20919 | 323421 |
| &nbsp;&nbsp;&nbsp;&nbsp;HS Industries Co. Ltd. | 3615 | 11007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hy-Lok Corp. | 918 | 14883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Corp. | 657 | 34863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. \* | 306 | 18875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung TNC Corp. | 190 | 52590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Construction Equipment Co. Ltd. | 1558 | 76637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Department Store Co. Ltd. | 1286 | 60003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Doosan Infracore Co. Ltd. \* | 10482 | 66316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Engineering & Construction Co. Ltd. | 4831 | 133335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Futurenet Co. Ltd. | 3997 | 7918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Glovis Co. Ltd. | 1232 | 159298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Greenfood Co. Ltd. | 5396 | 28719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Home Shopping Network Corp. | 716 | 30520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Livart Furniture Co. Ltd. | 1625 | 11039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Marine & Fire Insurance Co. Ltd. | 5420 | 126231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co. Ltd. | 3743 | 593493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 7395 | 883072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Securities Co. Ltd. | 1658 | 11919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Steel Co. | 5647 | 136653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Wia Corp. | 941 | 36799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Bank of Korea \* | 20136 | 156374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innocean Worldwide, Inc. | 407 | 13245 |
| &nbsp;&nbsp;&nbsp;&nbsp;INTOPS Co. Ltd. | 1491 | 32721 |
| &nbsp;&nbsp;&nbsp;&nbsp;IS Dongseo Co. Ltd. | 1027 | 22903 |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Financial Group Co. Ltd. | 11834 | 73840 |
| &nbsp;&nbsp;&nbsp;&nbsp;KB Financial Group, Inc., ADR @ | 28731 | 1110740 |
| &nbsp;&nbsp;&nbsp;&nbsp;KC Co. Ltd. | 887 | 11960 |
| &nbsp;&nbsp;&nbsp;&nbsp;KC Tech Co. Ltd. | 463 | 5419 |
| &nbsp;&nbsp;&nbsp;&nbsp;KCC Corp. | 293 | 47385 |
| &nbsp;&nbsp;&nbsp;&nbsp;KCC Glass Corp. | 444 | 12974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kia Corp. | 20750 | 973092 |
| &nbsp;&nbsp;&nbsp;&nbsp;KISWIRE Ltd. | 1165 | 17966 |
| &nbsp;&nbsp;&nbsp;&nbsp;KIWOOM Securities Co. Ltd. | 1398 | 92868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kolmar Korea Holdings Co. Ltd. | 830 | 10338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kolon Industries, Inc. | 1930 | 62807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Asset In Trust Co. Ltd. | 5452 | 12870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Electric Terminal Co. Ltd. | 682 | 27938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Investment Holdings Co. Ltd. | 3160 | 133197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Line Corp. \* | 16631 | 28606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Petrochemical Ind Co. Ltd. | 384 | 52081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Real Estate Investment & Trust Co. Ltd. | 13613 | 14103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Shipbuilding & Offshore Engineering Co. Ltd. \* | 2470 | 138101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korean Reinsurance Co. | 10794 | 58131 |
| &nbsp;&nbsp;&nbsp;&nbsp;KT Skylife Co. Ltd. | 3507 | 22576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kumho Petrochemical Co. Ltd. | 1118 | 111402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kumho Tire Co., Inc. \* | 7034 | 15464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kwang Dong Pharmaceutical Co. Ltd. | 5019 | 23656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kyobo Securities Co. Ltd. | 2156 | 8968 |
| &nbsp;&nbsp;&nbsp;&nbsp;LF Corp. | 1623 | 20408 |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Corp. | 5347 | 330250 |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Display Co. Ltd. | 12166 | 119784 |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Display Co. Ltd., ADR \*@ | 28889 | 143289 |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Electronics, Inc. | 10656 | 728940 |
| &nbsp;&nbsp;&nbsp;&nbsp;LG HelloVision Co. Ltd. | 4225 | 14701 |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Uplus Corp. | 15900 | 138944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotte Chemical Corp. | 1056 | 149068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotte Chilsung Beverage Co. Ltd. | 208 | 28951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotte Confectionery Co. Ltd. | 167 | 16178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotte Corp. | 1582 | 38534 |
| &nbsp;&nbsp;&nbsp;&nbsp;LOTTE Fine Chemical Co. Ltd. | 1517 | 68022 |
| &nbsp;&nbsp;&nbsp;&nbsp;LOTTE Himart Co. Ltd. | 1461 | 14154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotte Shopping Co. Ltd. | 641 | 46130 |
| &nbsp;&nbsp;&nbsp;&nbsp;LS Corp. | 1543 | 85051 |
| &nbsp;&nbsp;&nbsp;&nbsp;LS Electric Co. Ltd. | 596 | 26583 |
| &nbsp;&nbsp;&nbsp;&nbsp;LX Holdings Corp. \* | 2593 | 17348 |
| &nbsp;&nbsp;&nbsp;&nbsp;LX International Corp. | 3459 | 92869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maeil Dairies Co. Ltd. | 341 | 14239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meritz Securities Co. Ltd. | 26261 | 129592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirae Asset Securities Co. Ltd. | 23824 | 114551 |
| &nbsp;&nbsp;&nbsp;&nbsp;MK Electron Co. Ltd. | 1843 | 16324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Namyang Dairy Products Co. Ltd. | 41 | 15855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netmarble Corp. ± | 1028 | 49103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexen Corp. | 1612 | 5233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nexen Tire Corp. | 5151 | 24930 |
| &nbsp;&nbsp;&nbsp;&nbsp;NH Investment & Securities Co. Ltd. | 10116 | 70160 |
| &nbsp;&nbsp;&nbsp;&nbsp;NHN Corp. \* | 2376 | 46787 |
| &nbsp;&nbsp;&nbsp;&nbsp;NICE Holdings Co. Ltd. | 708 | 7223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nong Shim Holdings Co. Ltd. | 185 | 9729 |
| &nbsp;&nbsp;&nbsp;&nbsp;NongShim Co. Ltd. | 255 | 71993 |
| &nbsp;&nbsp;&nbsp;&nbsp;OCI Co. Ltd. \* | 1446 | 92398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orion Holdings Corp. | 2572 | 31222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ottogi Corp. | 38 | 14304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan Ocean Co. Ltd. | 22750 | 103090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partron Co. Ltd. | 1897 | 12152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Poongsan Corp. | 1950 | 51892 |
| &nbsp;&nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. | 1564 | 341990 |
| &nbsp;&nbsp;&nbsp;&nbsp;POSCO Holdings, Inc., ADR | 17853 | 972453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Posco International Corp. | 4654 | 83179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sajo Industries Co. Ltd. | 327 | 11637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung C&T Corp. | 3610 | 324029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Card Co. Ltd. | 2083 | 48677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 11336 | 495754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | 1132 | 1250860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co. Ltd. | 2859 | 452195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | 4141 | 232512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Securities Co. Ltd. | 4339 | 107917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samyang Holdings Corp. | 409 | 22221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sangsangin Co. Ltd. | 4957 | 24030 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Korea (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SeAH Steel Holdings Corp. | 235 | $27226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sebang Co. Ltd. | 1306 | 30778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sebang Global Battery Co. Ltd. | 697 | 23344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seohan Co. Ltd. | 5607 | 5011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seoul Semiconductor Co. Ltd. | 1842 | 14713 |
| &nbsp;&nbsp;&nbsp;&nbsp;SGC Energy Co. Ltd. | 395 | 9668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | 23813 | 662885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd., ADR @ | 5343 | 149230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinsegae, Inc. \* | 629 | 109435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinyoung Securities Co. Ltd. | 511 | 23075 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Chemicals Co. Ltd. | 256 | 14819 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Discovery Co. Ltd. | 1247 | 29831 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Gas Ltd. | 364 | 33248 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 42579 | 2525445 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Innovation Co. Ltd. \* | 4016 | 489098 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Networks Co. Ltd. | 12838 | 39291 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Securities Co. Ltd. | 36346 | 17763 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK, Inc. | 2700 | 403559 |
| &nbsp;&nbsp;&nbsp;&nbsp;SL Corp. | 1820 | 33032 |
| &nbsp;&nbsp;&nbsp;&nbsp;SNT Motiv Co. Ltd. | 1086 | 36071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Songwon Industrial Co. Ltd. | 1925 | 26184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Soulbrain Holdings Co. Ltd. | 523 | 9844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spigen Korea Co. Ltd. \* | 361 | 9450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Suheung Co. Ltd. | 475 | 12640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sungwoo Hitech Co. Ltd. | 3959 | 14637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunjin Co. Ltd. | 941 | 6921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taekwang Industrial Co. Ltd. | 36 | 21238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taeyoung Engineering & Construction Co. Ltd. | 2546 | 8114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Theragen Etex Co. Ltd. \* | 2386 | 8340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toptec Co. Ltd. \* | 1934 | 9987 |
| &nbsp;&nbsp;&nbsp;&nbsp;TY Holdings Co. Ltd. \* | 2455 | 20288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unid Co. Ltd. | 511 | 32895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unidbtplus Co. Ltd | 802 | 5328 |
| &nbsp;&nbsp;&nbsp;&nbsp;WiSoL Co. Ltd. | 914 | 4850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wonik Holdings Co. Ltd. \* | 5077 | 13631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. | 38312 | 349944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Young Poong Corp. | 46 | 22009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Youngone Corp. | 2083 | 77340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Youngone Holdings Co. Ltd. | 787 | 38214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yuanta Securities Korea Co. Ltd. | 11552 | 21880 |
|  |  | 22444080 |
| ***Malaysia — 1.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aeon Co. M Bhd | 64400 | 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliance Bank Malaysia Bhd | 118600 | 98811 |
| &nbsp;&nbsp;&nbsp;&nbsp;AMMB Holdings Bhd | 177687 | 166998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Islam Malaysia Bhd | 31600 | 19584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Batu Kawan Bhd | 16500 | 83530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boustead Plantations Bhd | 55720 | 8159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bumi Armada Bhd \* | 264700 | 28844 |
| &nbsp;&nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd | 502873 | 662126 |
| &nbsp;&nbsp;&nbsp;&nbsp;DRB-Hicom Bhd | 119100 | 43260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gamuda Bhd | 151397 | 128885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genting Bhd | 144900 | 147367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genting Malaysia Bhd | 182600 | 111508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genting Plantations Bhd | 6500 | 9444 |
| &nbsp;&nbsp;&nbsp;&nbsp;HAP Seng Consolidated Bhd | 12400 | 18016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hengyuan Refining Co. Bhd | 9900 | 7911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hibiscus Petroleum Bhd | 140200 | 34055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Leong Financial Group Bhd | 27121 | 114518 |
| &nbsp;&nbsp;&nbsp;&nbsp;IJM Corp. Bhd | 250560 | 91009 |
| &nbsp;&nbsp;&nbsp;&nbsp;IOI Properties Group Bhd | 50050 | 12044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotte Chemical Titan Holding Bhd ± | 36723 | 11838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnum Bhd | 86961 | 25466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mah Sing Group Bhd | 205885 | 26407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Malayan Banking Bhd | 283943 | 560795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Airports Holdings Bhd \* | 18300 | 27253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysia Building Society Bhd | 205001 | 28621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Malaysian Resources Corp. Bhd | 136329 | 9130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matrix Concepts Holdings Bhd | 64200 | 21424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega First Corp. Bhd | 12800 | 9647 |
| &nbsp;&nbsp;&nbsp;&nbsp;MISC Bhd | 80820 | 137605 |
| &nbsp;&nbsp;&nbsp;&nbsp;MKH Bhd | 36950 | 9982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oriental Holdings Bhd | 25760 | 39707 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSK Holdings Bhd | 74455 | 16311 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPB Group Bhd | 37500 | 148468 |
| &nbsp;&nbsp;&nbsp;&nbsp;RHB Bank Bhd | 172145 | 226270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sarawak Oil Palms Bhd | 30750 | 18150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sime Darby Bhd | 293600 | 153299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sime Darby Property Bhd | 308000 | 31464 |
| &nbsp;&nbsp;&nbsp;&nbsp;SP Setia Bhd Group | 143480 | 19543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunway Bhd | 96197 | 35378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ta Ann Holdings Bhd | 12260 | 10521 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Malacca Bhd | 14600 | 18229 |
| &nbsp;&nbsp;&nbsp;&nbsp;UOA Development Bhd | 14900 | 5446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yinson Holdings Bhd | 96880 | 53443 |
| &nbsp;&nbsp;&nbsp;&nbsp;YTL Corp. Bhd | 464943 | 61218 |
|  |  | 3511713 |
| ***Mexico — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ALEATICA SAB de CV \* | 17691 | 31221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alfa SAB de CV, Class A | 260453 | 166137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alpek SAB de CV | 27384 | 40050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | 21120 | 171288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco del Bajio SA ± | 52670 | 165904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cemex SAB de CV \* | 605139 | 245950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cemex SAB de CV, ADR \* | 2361 | 9562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV | 24353 | 164828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consorcio ARA SAB de CV | 72788 | 11953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corp. Actinver SAB de CV | 15700 | 10313 |
| &nbsp;&nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV, Series C1 | 8547 | 50572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV | 56916 | 444983 |
| &nbsp;&nbsp;&nbsp;&nbsp;GCC SAB de CV | 9847 | 65586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genomma Lab Internacional SAB de CV, Series B | 44530 | 38551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentera SAB de CV | 67054 | 75634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Carso SAB de CV, Series A1 | 24499 | 103118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Comercial Chedraui SA de CV | 22247 | 94781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Elektra SAB de CV | 182 | 10230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | 107375 | 772754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Inbursa SAB de CV, Class O \* | 100739 | 170599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Hotelero Santa Fe SAB de CV \* | 22600 | 5567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV, Series B | 158955 | 560399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Televisa SAB | 189926 | 172514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrias CH SAB de CV, Series B \* | 23916 | 276022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrias Penoles SAB de CV | 8090 | 98883 |
| &nbsp;&nbsp;&nbsp;&nbsp;La Comer SAB de CV | 31211 | 60639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Megacable Holdings SAB de CV | 33791 | 89946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Minera Frisco SAB de CV, Class A1 \* | 52254 | 6838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nemak SAB de CV \*± | 122975 | 35403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orbia Advance Corp. SAB de CV | 64269 | 113950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizacion Soriana SAB de CV, Class B | 57868 | 93009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV | 13054 | 106213 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Mexico (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV, Class L | 1600 | $7718 |
|  |  | 4471115 |
| ***Philippines — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACEN Corp. | 37650 | 5148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliance Global Group, Inc. | 253300 | 54089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ayala Corp. | 12550 | 156516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ayala Land, Inc. | 38300 | 21168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of the Philippine Islands | 26779 | 49015 |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | 113780 | 215810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Belle Corp. \* | 176000 | 3853 |
| &nbsp;&nbsp;&nbsp;&nbsp;CEMEX Holdings Philippines, Inc. \*± | 324537 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Banking Corp. | 74676 | 36784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cosco Capital, Inc. | 257000 | 21537 |
| &nbsp;&nbsp;&nbsp;&nbsp;DMCI Holdings, Inc. | 385900 | 83097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Filinvest Land, Inc. | 1435000 | 23175 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Philippine Holdings Corp. | 26510 | 28804 |
| &nbsp;&nbsp;&nbsp;&nbsp;GT Capital Holdings, Inc. | 3472 | 27102 |
| &nbsp;&nbsp;&nbsp;&nbsp;JG Summit Holdings, Inc. | 178383 | 161010 |
| &nbsp;&nbsp;&nbsp;&nbsp;LT Group, Inc. | 132300 | 21841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Megaworld Corp. | 1004700 | 36058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Bank & Trust Co. | 133237 | 129107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. | 55500 | 34758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rizal Commercial Banking Corp. | 47790 | 20324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinsons Land Corp. | 247455 | 66429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinsons Retail Holdings, Inc. | 43490 | 42025 |
| &nbsp;&nbsp;&nbsp;&nbsp;San Miguel Corp. | 41650 | 69470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Security Bank Corp. | 37690 | 58840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Top Frontier Investment Holdings, Inc. \* | 4630 | 7893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Bank of the Philippines | 42739 | 66032 |
|  |  | 1443437 |
| ***Poland — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AB SA | 845 | 9518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alior Bank SA \* | 8160 | 63826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amica SA | 306 | 5294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asseco Poland SA | 3717 | 61592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | 5127 | 101221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciech SA | 1973 | 18670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cyfrowy Polsat SA | 17146 | 68915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Develia SA | 16364 | 9169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Echo Investment SA | 1732 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enea SA \* | 23584 | 32297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupa Azoty SA \* | 5354 | 48244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jastrzebska Spolka Weglowa SA \* | 4372 | 58036 |
| &nbsp;&nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA | 9866 | 285418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lubelski Wegiel Bogdanka SA | 1684 | 19187 |
| &nbsp;&nbsp;&nbsp;&nbsp;mBank SA \* | 700 | 47291 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna SA \* | 69342 | 108951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Polski Koncern Naftowy Orlen SA | 37588 | 551121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santander Bank Polska SA | 177 | 10479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tauron Polska Energia SA \* | 66763 | 32289 |
|  |  | 1532862 |
| ***Russia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gazprom PJSC, ADR \*§ | 162760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lukoil PJSC, ADR § | 15271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RusHydro PJSC, ADR \*§ | 61905 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VTB Bank PJSC, GDR \*§ | 92145 |  |
| ***Singapore — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China XLX Fertiliser Ltd. | 44000 | 22887 |
| ***South Africa — 3.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Absa Group Ltd. | 55331 | 631424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aeci Ltd. | 11902 | 61362 |
| &nbsp;&nbsp;&nbsp;&nbsp;African Rainbow Minerals Ltd. | 9314 | 157871 |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Ltd., ADR | 21886 | 425026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aspen Pharmacare Holdings Ltd. | 21622 | 173485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astral Foods Ltd. | 5245 | 50239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barloworld Ltd. | 20449 | 101997 |
| &nbsp;&nbsp;&nbsp;&nbsp;DataTec Ltd. | 21933 | 40016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxaro Resources Ltd. | 19227 | 245904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grindrod Ltd. | 33342 | 19623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmony Gold Mining Co. Ltd. | 14397 | 49822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmony Gold Mining Co. Ltd., ADR @ | 25436 | 86482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. | 65423 | 820673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investec Ltd. | 21334 | 134976 |
| &nbsp;&nbsp;&nbsp;&nbsp;KAP Industrial Holdings Ltd. | 156089 | 40788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lewis Group Ltd. | 3337 | 9623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Healthcare Group Holdings Ltd. | 68005 | 67560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metair Investments Ltd. | 23331 | 37761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Momentum Metropolitan Holdings | 100980 | 102221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motus Holdings Ltd. | 14664 | 95520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mpact Ltd. | 15365 | 26396 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTN Group Ltd. | 27438 | 205568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nedbank Group Ltd. | 26249 | 328405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oceana Group Ltd. | 7336 | 27325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Old Mutual Ltd. | 313640 | 193080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Omnia Holdings Ltd. | 16030 | 59021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pepkor Holdings Ltd. ± | 100821 | 118674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raubex Group Ltd. | 16897 | 27497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reunert Ltd. | 14953 | 45859 |
| &nbsp;&nbsp;&nbsp;&nbsp;RFG Holdings Ltd. | 12062 | 8874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bafokeng Platinum Ltd. | 7872 | 76398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sappi Ltd. \*@ | 46866 | 135816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sasol Ltd. | 38852 | 616075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sasol Ltd., ADR | 3934 | 61803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sibanye Stillwater Ltd. | 202105 | 531929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sibanye Stillwater Ltd., ADR | 668 | 7121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Bank Group Ltd. | 66138 | 653118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Super Group Ltd. | 41508 | 64688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telkom SA SOC Ltd. \*@ | 28405 | 50186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wilson Bayly Holmes-Ovcon Ltd. \* | 5488 | 28630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zeda Ltd. \* | 20449 | 16392 |
|  |  | 6635228 |
| ***Taiwan — 16.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AcBel Polytech, Inc. | 11000 | 10683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acer, Inc. | 187884 | 143960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acter Group Corp. Ltd. | 4000 | 13209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced International Multitech Co. Ltd. | 8000 | 24701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Altek Corp. | 13000 | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ambassador Hotel (The) \* | 20000 | 21213 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmTRAN Technology Co. Ltd. | 74301 | 24174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex International Co. Ltd. | 15000 | 26012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcadyan Technology Corp. | 7000 | 21796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardentec Corp. | 39092 | 63085 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 233000 | 711838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Cement Corp. | 173269 | 231134 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Taiwan (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Optical Co., Inc. | 5000 | $9842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific Telecom Co. Ltd. \* | 125842 | 24976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Polymer Corp. | 31602 | 28995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Vital Components Co. Ltd. | 27000 | 98388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asustek Computer, Inc. | 56000 | 489206 |
| &nbsp;&nbsp;&nbsp;&nbsp;AUO Corp. \* | 502400 | 245189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Kaohsiung Co. Ltd. | 46350 | 18775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Basso Industry Corp. | 9000 | 11991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bioteque Corp. | 3000 | 10883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brighton-Best International Taiwan, Inc. | 17000 | 20963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Securities Corp. | 184437 | 65108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Career Technology MFG. Co. Ltd. \* | 20400 | 15664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catcher Technology Co. Ltd. | 47000 | 258431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cathay Financial Holding Co. Ltd. | 689170 | 896904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cathay Real Estate Development Co. Ltd. | 70000 | 34732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank Ltd. | 299460 | 167095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Channel Well Technology Co. Ltd. | 16000 | 14654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheng Loong Corp. | 82000 | 72968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheng Shin Rubber Industry Co. Ltd. | 121000 | 133458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheng Uei Precision Industry Co. Ltd. | 44543 | 53477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chia Hsin Cement Corp. | 22000 | 12455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chin-Poon Industrial Co. Ltd. | 36000 | 33674 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Airlines Ltd. | 278111 | 171922 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Bills Finance Corp. | 89000 | 41987 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Chemical & Pharmaceutical Co. Ltd. | 19000 | 20554 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Development Financial Holding Corp. | 1154559 | 473311 |
| &nbsp;&nbsp;&nbsp;&nbsp;China General Plastics Corp. | 28665 | 24622 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Man-Made Fiber Corp. \* | 115018 | 32220 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Metal Products | 31000 | 28947 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Motor Corp. | 22478 | 37664 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Petrochemical Development Corp. | 389871 | 125325 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Steel Corp. | 913800 | 885987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chipbond Technology Corp. | 42000 | 78437 |
| &nbsp;&nbsp;&nbsp;&nbsp;ChipMOS Technologies, Inc. | 28897 | 31496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chun Yuan Steel Industry Co. Ltd. | 30000 | 15568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chung-Hsin Electric & Machinery Manufacturing Corp. | 28000 | 61219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chunghwa Precision Test Tech Co. Ltd. | 2000 | 30291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clevo Co. | 43000 | 42810 |
| &nbsp;&nbsp;&nbsp;&nbsp;CMC Magnetics Corp. \* | 87979 | 20753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compal Electronics, Inc. | 318000 | 238483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compeq Manufacturing Co. Ltd. | 109000 | 157814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concord Securities Co. Ltd. | 37000 | 11653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Continental Holdings Corp. | 42000 | 38262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coretronic Corp. | 40800 | 75532 |
| &nbsp;&nbsp;&nbsp;&nbsp;CTBC Financial Holding Co. Ltd. | 1475280 | 1060783 |
| &nbsp;&nbsp;&nbsp;&nbsp;D-Link Corp. \* | 50640 | 24467 |
| &nbsp;&nbsp;&nbsp;&nbsp;DA CIN Construction Co. Ltd. | 9000 | 8829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Da-Li Development Co. Ltd. | 12000 | 11557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Darfon Electronics Corp. | 17000 | 20907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Darwin Precisions Corp. \* | 55000 | 15765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depo Auto Parts Ind Co. Ltd. | 12000 | 27994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dyaco International, Inc. | 7000 | 9269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynapack International Technology Corp. | 7000 | 16626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastern Media International Corp. \* | 24300 | 18461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edom Technology Co. Ltd. | 10000 | 8736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elite Advanced Laser Corp. | 8000 | 9565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elitegroup Computer Systems Co. Ltd. \* | 35877 | 24046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ennoconn Corp. | 3116 | 20631 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENNOSTAR, Inc. | 36414 | 53018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entie Commercial Bank Co. Ltd. | 68000 | 32633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eternal Materials Co., Ltd. \* | 32300 | 32841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eva Airways Corp. | 241478 | 221165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Textile Co. Ltd. \* | 56568 | 13049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evergreen International Storage & Transport Corp. | 54000 | 48843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evergreen Marine Corp. Taiwan Ltd. \* | 34583 | 183405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everlight Chemical Industrial Corp. | 56000 | 33707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everlight Electronics Co. Ltd. | 40000 | 48088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelsior Medical Co. Ltd. | 11550 | 25403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Far Eastern Department Stores Ltd. | 85220 | 59613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Far Eastern International Bank | 283151 | 101338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Far Eastern New Century Corp. | 266338 | 276429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Farglory Land Development Co. Ltd. | 26721 | 49381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Feng Hsin Steel Co. Ltd. | 14000 | 29015 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Financial Holding Co. Ltd. | 591369 | 509875 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Steamship Co. Ltd. \* | 103240 | 29358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fitipower Integrated Technology, Inc. | 4000 | 15031 |
| &nbsp;&nbsp;&nbsp;&nbsp;FLEXium Interconnect, Inc. \* | 24000 | 76524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Formosa Advanced Technologies Co. Ltd. | 20000 | 24922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Formosa Chemicals & Fibre Corp. | 176000 | 403703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Formosa Petrochemical Corp. | 41000 | 107117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Formosa Plastics Corp. | 204000 | 576116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Formosa Taffeta Co. Ltd. | 28000 | 24369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Formosan Rubber Group, Inc. | 20080 | 14210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Formosan Union Chemical | 48179 | 34878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foxconn Technology Co. Ltd. | 58127 | 98153 |
| &nbsp;&nbsp;&nbsp;&nbsp;FSP Technology, Inc. | 8000 | 9904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fubon Financial Holding Co. Ltd. | 620731 | 1137029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulltech Fiber Glass Corp. | 32249 | 12224 |
| &nbsp;&nbsp;&nbsp;&nbsp;G Shank Enterprise Co. Ltd. | 10000 | 14560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gamania Digital Entertainment Co. Ltd. | 6000 | 13645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gemtek Technology Corp. | 47000 | 41899 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Interface Solution Holding Ltd. | 24000 | 68715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Getac Holdings Corp. | 21000 | 30165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Giantplus Technology Co. Ltd. \* | 37000 | 14687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gigabyte Technology Co., Ltd. | 35000 | 121277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Brands Manufacture Ltd. | 10000 | 8964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global PMX Co. Ltd. | 2000 | 9696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gloria Material Technology Corp. | 50392 | 60909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldsun Building Materials Co. Ltd. | 82973 | 68164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Pacific Petrochemical | 102000 | 62556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Wall Enterprise Co. Ltd. | 31330 | 46431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greatek Electronics, Inc. | 16000 | 24987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hannstar Board Corp. | 38929 | 40087 |
| &nbsp;&nbsp;&nbsp;&nbsp;HannStar Display Corp. | 35000 | 12697 |
| &nbsp;&nbsp;&nbsp;&nbsp;HannsTouch Solution, Inc. | 32279 | 9546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hey Song Corp. | 18750 | 19887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highwealth Construction Corp. | 52697 | 69096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hiroca Holdings Ltd. | 8000 | 11166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ho Tung Chemical Corp. | 108688 | 30942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Holy Stone Enterprise Co., Ltd. | 10000 | 29607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 703068 | 2285191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Pu Real Estate Development Co. Ltd. \* | 20000 | 14641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong TAI Electric Industrial | 13000 | 6873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hsin Kuang Steel Co., Ltd. | 7000 | 9770 |
| &nbsp;&nbsp;&nbsp;&nbsp;HUA ENG Wire & Cable Co. Ltd. | 29000 | 12926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings Co. Ltd. | 473337 | 345738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hung Ching Development & Construction Co. Ltd. | 20000 | 13470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hung Sheng Construction Ltd. | 50688 | 37354 |
| &nbsp;&nbsp;&nbsp;&nbsp;IBF Financial Holdings Co. Ltd. | 311715 | 114603 |
| &nbsp;&nbsp;&nbsp;&nbsp;IEI Integration Corp. | 8000 | 18428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innolux Corp. \* | 595270 | 214011 |
| &nbsp;&nbsp;&nbsp;&nbsp;International CSRC Investment Holdings Co. | 58604 | 37086 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Taiwan (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventec Corp. | 158282 | $135183 |
| &nbsp;&nbsp;&nbsp;&nbsp;ITEQ Corp. | 15000 | 35431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kenda Rubber Industrial Co. Ltd. | 22000 | 21688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kindom Development Co. Ltd. | 46200 | 43892 |
| &nbsp;&nbsp;&nbsp;&nbsp;King Yuan Electronics Co. Ltd. | 127100 | 149697 |
| &nbsp;&nbsp;&nbsp;&nbsp;King's Town Bank Co. Ltd. | 90000 | 99266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinpo Electronics | 138000 | 60614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinsus Interconnect Technology Corp. | 28000 | 95199 |
| &nbsp;&nbsp;&nbsp;&nbsp;KS Terminals, Inc. | 14000 | 31976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kuo Yang Construction Co. Ltd. | 14000 | 8176 |
| &nbsp;&nbsp;&nbsp;&nbsp;L&K Engineering Co. Ltd. | 16000 | 19599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Largan Precision Co. Ltd. | 6000 | 398237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lealea Enterprise Co. Ltd. | 80000 | 26549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lelon Electronics Corp. | 10000 | 17439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lien Hwa Industrial Holdings Corp. | 46702 | 76126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lingsen Precision Industries Ltd. | 41000 | 17275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lite-On Technology Corp. | 183874 | 381681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Longchen Paper & Packaging Co. Ltd. | 92459 | 49184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lung Yen Life Service Corp. | 7000 | 8894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Macronix International Co. Ltd. | 119171 | 130859 |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2000 | 40670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Financial Holding Co. Ltd. | 513371 | 506932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercuries & Associates Holding Ltd. | 42767 | 21081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercuries Life Insurance Co. Ltd. \* | 213625 | 38436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Micro-Star International Co., Ltd. | 31000 | 120528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirle Automation Corp. | 6000 | 7389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitac Holdings Corp. | 27637 | 26526 |
| &nbsp;&nbsp;&nbsp;&nbsp;MOSA Industrial Corp. | 8000 | 6325 |
| &nbsp;&nbsp;&nbsp;&nbsp;MPI Corp. | 6000 | 21962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Namchow Holdings Co. Ltd. | 7000 | 10363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nan Ya Plastics Corp. | 346000 | 799271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nanya Technology Corp. | 117000 | 194902 |
| &nbsp;&nbsp;&nbsp;&nbsp;O-Bank Co. Ltd. | 91943 | 25098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orient Semiconductor Electronics Ltd. | 42485 | 24259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oriental Union Chemical Corp. | 16000 | 9683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan Jit International, Inc. | 8600 | 16201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan-International Industrial Corp. | 34380 | 41723 |
| &nbsp;&nbsp;&nbsp;&nbsp;PChome Online, Inc. | 4000 | 6924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pegatron Corp. | 187249 | 386859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phison Electronics Corp. | 6000 | 61492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pixart Imaging, Inc. | 8000 | 25092 |
| &nbsp;&nbsp;&nbsp;&nbsp;POU Chen Corp. | 169133 | 188198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Powerchip Semiconductor Manufacturing Corp. | 163000 | 168911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Powertech Technology, Inc. | 49000 | 126264 |
| &nbsp;&nbsp;&nbsp;&nbsp;President Securities Corp. | 86636 | 44114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Primax Electronics Ltd. | 25000 | 45143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prince Housing & Development Corp. | 77970 | 26636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosperity Dielectrics Co. Ltd. | 11000 | 12204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qisda Corp. | 139400 | 127674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Computer, Inc. | 151000 | 355202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Storage, Inc. | 13000 | 16982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radiant Opto-Electronics Corp. | 27000 | 92239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radium Life Tech Co. Ltd. | 101477 | 30144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rechi Precision Co. Ltd. | 16000 | 8381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rexon Industrial Corp. Ltd. | 13000 | 12647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rich Development Co. Ltd. | 19978 | 5596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ritek Corp. \* | 47211 | 11689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruentex Development Co. Ltd. | 34788 | 48953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ruentex Industries Ltd. | 37891 | 80133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sampo Corp. | 31600 | 27245 |
| &nbsp;&nbsp;&nbsp;&nbsp;San Fang Chemical Industry Co. Ltd. | 13000 | 8671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanyang Motor Co. Ltd. | 41573 | 45786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sesoda Corp. | 17193 | 22431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank Ltd. (The) | 82618 | 118408 |
| &nbsp;&nbsp;&nbsp;&nbsp;ShenMao Technology, Inc. | 10000 | 12900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shih Wei Navigation Co. Ltd. | 17554 | 14335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shihlin Electric & Engineering Corp. | 26000 | 51179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shin Kong Financial Holding Co. Ltd. | 715108 | 204047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shin Zu Shing Co. Ltd. | 16660 | 44231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinkong Insurance Co. Ltd. | 22000 | 34966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinkong Synthetic Fibers Corp. | 108151 | 61754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sigurd Microelectronics Corp. | 42694 | 67440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simplo Technology Co. Ltd. | 9000 | 83454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sincere Navigation Corp. | 27810 | 18096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinon Corp. | 37000 | 43879 |
| &nbsp;&nbsp;&nbsp;&nbsp;SinoPac Financial Holdings Co. Ltd. | 663494 | 361586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirtec International Co. Ltd. | 12000 | 8062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Soft-World International Corp. | 4000 | 10385 |
| &nbsp;&nbsp;&nbsp;&nbsp;St Shine Optical Co. Ltd. | 5000 | 40100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunonwealth Electric Machine Industry Co. Ltd. | 12000 | 16671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supreme Electronics Co. Ltd. | 43121 | 50226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Syncmold Enterprise Corp. | 5000 | 9598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synnex Technology International Corp. | 87300 | 168150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systex Corp. | 5000 | 11306 |
| &nbsp;&nbsp;&nbsp;&nbsp;TA Chen Stainless Pipe Co., Ltd. | 87870 | 121218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ta Ya Electric Wire & Cable | 54401 | 35930 |
| &nbsp;&nbsp;&nbsp;&nbsp;TA-I Technology Co. Ltd. | 6000 | 8287 |
| &nbsp;&nbsp;&nbsp;&nbsp;TAI-TECH Advanced Electronics Co. Ltd. | 3000 | 7896 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taichung Commercial Bank Co. Ltd. | 367060 | 152865 |
| &nbsp;&nbsp;&nbsp;&nbsp;TaiDoc Technology Corp. \* | 7000 | 42134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiflex Scientific Co. Ltd. | 25740 | 34504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tainan Spinning Co. Ltd. | 115427 | 63092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taishin Financial Holding Co. Ltd. | 744708 | 365867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Business Bank | 369300 | 155600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Cement Corp. | 380971 | 417097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding Co. Ltd. | 209706 | 177396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Fertilizer Co. Ltd. | 48000 | 83552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan FU Hsing Industrial Co. Ltd. | 21000 | 28013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Glass Industry Corp. | 81321 | 56224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Hon Chuan Enterprise Co. Ltd. | 30925 | 87536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Navigation Co. Ltd. | 18000 | 15754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Paiho Ltd. | 12000 | 22176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan PCB Techvest Co. Ltd. | 28000 | 32978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Sakura Corp. | 6000 | 12123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Shin Kong Security Co. Ltd. | 10100 | 12849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Styrene Monomer | 23000 | 10102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Surface Mounting Technology Corp. | 21518 | 62309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Union Technology Corp. | 19000 | 31774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tatung Co. Ltd. \* | 115000 | 129085 |
| &nbsp;&nbsp;&nbsp;&nbsp;TCI Co. Ltd. | 5000 | 27818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teco Electric & Machinery Co. Ltd. | 120000 | 107563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Test Research, Inc. | 11000 | 22798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thinking Electronic Industrial Co. Ltd. | 4000 | 16138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thye Ming Industrial Co. Ltd. | 8000 | 9813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ton Yi Industrial Corp. | 82000 | 45488 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Taiwan (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tong Hsing Electronic Industries Ltd. \* | 9900 | $61522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tong Yang Industry Co. Ltd. | 41921 | 58785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Topco Scientific Co. Ltd. | 4000 | 21343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Topkey Corp. | 3000 | 17862 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPK Holding Co. Ltd. | 34000 | 32578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transcend Information, Inc. | 10000 | 21474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tripod Technology Corp. | 25000 | 76459 |
| &nbsp;&nbsp;&nbsp;&nbsp;TSRC Corp. | 26000 | 22882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tung Ho Steel Enterprise Corp. | 58290 | 99946 |
| &nbsp;&nbsp;&nbsp;&nbsp;TXC Corp. | 16000 | 43051 |
| &nbsp;&nbsp;&nbsp;&nbsp;TYC Brother Industrial Co. Ltd. | 21000 | 19028 |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Ming Marine Transport Corp. | 27000 | 42693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Bank of Taiwan | 159404 | 82981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unitech Printed Circuit Board Corp. \* | 71667 | 40222 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Microelectronics Corp. \* | 614513 | 813739 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Microelectronics Corp., ADR @\* | 38376 | 250595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Cement Corp. | 46836 | 33829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unizyx Holding Corp. \* | 31438 | 35698 |
| &nbsp;&nbsp;&nbsp;&nbsp;UPC Technology Corp. | 80916 | 35804 |
| &nbsp;&nbsp;&nbsp;&nbsp;USI Corp. | 77130 | 55459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wah Lee Industrial Corp. | 21420 | 58401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walsin Lihwa Corp. | 156211 | 239891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walsin Technology Corp. | 28000 | 71969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walton Advanced Engineering, Inc. | 34000 | 12556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wan Hai Lines Ltd. | 47000 | 122487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wei Chuan Foods Corp. | 14000 | 8677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weikeng Industrial Co. Ltd. | 32945 | 28191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Winbond Electronics Corp. | 331893 | 211648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wisdom Marine Lines Co. Ltd. | 27019 | 53976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wistron Corp. | 287431 | 274942 |
| &nbsp;&nbsp;&nbsp;&nbsp;WPG Holdings Ltd. | 154400 | 241631 |
| &nbsp;&nbsp;&nbsp;&nbsp;WT Microelectronics Co. Ltd. | 31265 | 62153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yageo Corp. \* | 13067 | 191740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yang Ming Marine Transport Corp. | 118000 | 251468 |
| &nbsp;&nbsp;&nbsp;&nbsp;YC INOX Co. Ltd. | 27763 | 26150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yem Chio Co. Ltd. | 22666 | 10619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yeong Guan Energy Technology Group Co. Ltd. | 7000 | 12959 |
| &nbsp;&nbsp;&nbsp;&nbsp;YFY, Inc. | 114385 | 90993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yieh Phui Enterprise Co. Ltd. | 55151 | 28710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Youngtek Electronics Corp. | 12000 | 22293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yuanta Financial Holding Co. Ltd. | 686327 | 484563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yuen Foong Yu Consumer Products Co. Ltd. | 15000 | 17057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yulon Motor Co. Ltd. | 51371 | 103626 |
| &nbsp;&nbsp;&nbsp;&nbsp;YungShin Global Holding Corp. | 7000 | 10476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zeng Hsing Industrial Co. Ltd. | 2148 | 8317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zenitron Corp. | 18000 | 16954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding Ltd. | 62000 | 211807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zig Sheng Industrial Co. Ltd. | 28000 | 9429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinwell Corp. \* | 24000 | 13314 |
|  |  | 30440864 |
| ***Tanzania, United Republic Of — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Ltd. | 4067 | 78804 |
| ***Thailand — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AP Thailand PCL | 242500 | 81218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bangchak Corp. PCL | 112900 | 102681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bangkok Bank PCL | 48500 | 210048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bangkok Bank PCL, NVDR | 13300 | 56833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bangkok Insurance PCL | 2100 | 16916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bangkok Land PCL | 1039700 | 31220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banpu PCL | 429750 | 169989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berli Jucker PCL | 64800 | 65951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cal-Comp Electronics Thailand PCL | 286596 | 19197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charoen Pokphand Foods PCL | 322300 | 230779 |
| &nbsp;&nbsp;&nbsp;&nbsp;GFPT PCL | 33300 | 12307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indorama Ventures PCL | 93600 | 110126 |
| &nbsp;&nbsp;&nbsp;&nbsp;IRPC PCL | 633100 | 55203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian-Thai Development PCL \* | 563700 | 31086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kasikornbank PCL, NVDR | 32600 | 138834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Khon Kaen Sugar Industry PCL | 135600 | 14486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kiatnakin Phatra Bank PCL | 21900 | 46633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Krung Thai Bank PCL | 204575 | 104547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lanna Resources PCL | 2500 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;LH Financial Group PCL | 302400 | 10739 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPN Development PCL | 151700 | 20235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Polyplex Thailand PCL | 27000 | 19684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Solution Technologies PCL, Class F \* | 224400 | 11144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Precious Shipping PCL | 41900 | 19477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property Perfect PCL | 1000115 | 11839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pruksa Holding PCL | 88800 | 33843 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | 101100 | 515206 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTT Global Chemical PCL | 116228 | 158561 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTT PCL | 883900 | 848554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quality Houses PCL | 338800 | 22499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regional Container Lines PCL | 17100 | 15182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sansiri PCL | 1106700 | 56238 |
| &nbsp;&nbsp;&nbsp;&nbsp;SC Asset Corp. PCL | 188600 | 22979 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCB X PCL | 48100 | 148598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siam Cement PCL (The) | 33800 | 333755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siam City Cement PCL | 4100 | 18171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sino-Thai Engineering & Construction PCL | 70300 | 27605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Somboon Advance Technology PCL | 20300 | 12308 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPCG PCL | 37500 | 15699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sri Trang Agro-Industry PCL | 46400 | 28267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Star Petroleum Refining PCL | 80000 | 24715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supalai PCL | 139400 | 97803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Super Energy Corp. PCL | 759200 | 14467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thai Oil PCL | 78877 | 128103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thai Stanley Electric PCL, NVDR | 3100 | 16603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thai Union Group PCL, Class F | 210500 | 102713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thanachart Capital PCL | 33100 | 40616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thitikorn PCL | 10500 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thoresen Thai Agencies PCL | 37800 | 8949 |
| &nbsp;&nbsp;&nbsp;&nbsp;TMBThanachart Bank PCL | 1537072 | 63018 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPI Polene PCL | 676600 | 35554 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPI Polene Power PCL | 179000 | 17572 |
| &nbsp;&nbsp;&nbsp;&nbsp;True Corp. PCL | 993600 | 138849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unique Engineering & Construction PCL \* | 54500 | 7301 |
| &nbsp;&nbsp;&nbsp;&nbsp;WHA Corp. PCL | 253200 | 29827 |
|  |  | 4578552 |
| ***Turkey — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Akbank TAS | 340098 | 355514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anadolu Efes Biracilik Ve Malt Sanayii AS | 16612 | 60178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dogan Sirketler Grubu Holding AS | 84330 | 47706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enka Insaat ve Sanayi AS | 66291 | 117466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eregli Demir ve Celik Fabrikalari TAS | 61749 | 136228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 19514 | 18771 |
| &nbsp;&nbsp;&nbsp;&nbsp;KOC Holding AS | 57667 | 258083 |
| &nbsp;&nbsp;&nbsp;&nbsp;TAV Havalimanlari Holding AS \* | 7294 | 36466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turk Hava Yollari AO \* | 45492 | 342730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Halk Bankasi AS \* | 35220 | 25028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Is Bankasi, Class C | 152616 | 104207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Sinai Kalkinma Bankasi AS \* | 172186 | 40233 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**SA Emerging Markets Value Fund**

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Turkey (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Sise ve Cam Fabrikalari AS | 60858 | $139664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkiye Vakiflar Bankasi TAO, Class D \* | 80351 | 51083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vestel Elektronik Sanayi ve Ticaret AS | 6125 | 23334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi AS | 194984 | 123127 |
|  |  | 1879818 |
| ***United Arab Emirates — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 181939 | 445856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agthia Group PJSC | 33252 | 36035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Arabia PJSC | 177847 | 104115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ajman Bank PJSC \* | 85055 | 27328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 229175 | 276438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amanat Holdings PJSC | 112633 | 26068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dana Gas PJSC | 333486 | 83539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deyaar Development PJSC \* | 130763 | 18052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dubai Investments PJSC | 191176 | 112959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | 7056 | 10951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Development PJSC \* | 84901 | 101948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 323144 | 515608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | 128759 | 455772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Manazel PJSC \* | 139614 | 15016 |
| &nbsp;&nbsp;&nbsp;&nbsp;RAK Properties PJSC \* | 114134 | 21132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ras Al Khaimah Ceramics | 60539 | 46650 |
| &nbsp;&nbsp;&nbsp;&nbsp;SHUAA Capital PSC \* | 182524 | 20973 |
|  |  | 2318440 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Identified Cost $183,351,963) |  | 180247603 |
| **PREFERRED STOCKS — 1.4%** |  |  |
| ***Brazil — 1.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco ABC Brasil SA, 6.512% | 11102 | 41298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bradesco SA, 4.053% | 96947 | 278185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco do Estado do Rio Grande do Sul SA, Class B, 9.087% | 14808 | 27205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marcopolo SA, 5.018% | 42283 | 22664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA, 42.902% | 436245 | 2024339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Randon SA Implementos e Participacoes, 10.475% | 9200 | 14306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Usinas Siderurgicas de Minas Gerais SA, Class A, 8.787% | 29592 | 40131 |
|  |  | 2448128 |
| ***Colombia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Argos SA, 7.874% | 12517 | 16395 |
| ***Philippines — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cebu Air, Inc., 6.000% | 12909 | 8918 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS<br> (Identified Cost $2,373,707) |  | 2473441 |
| **RIGHTS AND WARRANTS — 0.0%** |  |  |
| ***Indonesia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Tabungan Negara Persero Tbk PT \* | 131919 | 1212 |
| ***Korea — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Solutions Corp. <>\* | 38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotte Chemical Corp. \*<> | 211 | 5924 |
|  |  | 5924 |
| ***Malaysia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Yinson Holdings Bhd \* | 11862 | 1239 |
| ***Thailand — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Solution Technologies PCL \* | 74800 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL RIGHTS AND WARRANTS<br> (Identified Cost $0) |  | 8936 |
| **SHORT-TERM INVESTMENTS — 2.4%** |  |  |
| ***Investment Company — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund 3.860% | 763204 | 763204 |
| ***Collateral For Securities On Loan — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio, 4.280% | 3643880 | 3643880 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $4,407,084) |  | 4407084 |
| **Total Investments — 102.3%<br> (Identified Cost $190,132,754)** |  | **187137064** |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities, Less Cash and Other Assets — (2.3%) |  | (4176252) |
| **Net Assets — 100.0%** |  | $**182960812** |

---

---

| | |
|:---|:---|
| † | See Note 1 |
| \* | Non-income producing security |
| @ | A portion or all of the security was held on loan. As of December 31, 2022, the fair value of the securities on loan was $5,126,054. |
| ± | 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 December 31, 2022 amounted to $4,279,150 or 2.34% of the net assets of the Fund. |
| <> | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |
| § | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 |

---

---

| |
|:---|
| Key to abbreviations: |
| ADR — American Depository Receipt |
| GDR — Global Depository Receipt |
| NVDR — Non-Voting Depository Receipt |

---

*The accompanying notes are an integral part of these financial statements.*

------

**DFA INVESTMENT DIMENSIONS GROUP INC.**

**THE DFA INVESTMENT TRUST COMPANY**

**DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES**

**<u>Schedules of Investments/Summary Schedules of Portfolio Holdings</u>**

---

| | |
|:---|:---|
| Investment Abbreviations | Investment Abbreviations |
| SA | Special Assessment |
| Investment Footnotes | Investment Footnotes |
| » | Securities that have generally been fair value factored. See Note B to Financial Statements. |
| ‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. |
| # | Total or Partial Securities on Loan. |
| \* | Non-Income Producing Securities. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |
| † | See Note B to Financial Statements. |
| Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund's Liquidity Guidelines. The liquidity determination is unaudited. |
| **<u>Financial Highlights</u>** | **<u>Financial Highlights</u>** |
| (A) | Computed using average shares outstanding. |
| (B) | Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund(s) and/or Underlying Fund(s). |
| **<u>All Statements, Schedules and Notes to Financial Statements</u>** | **<u>All Statements, Schedules and Notes to Financial Statements</u>** |
|  | Amounts designated as — are either zero or rounded to zero. |
| SEC | Securities and Exchange Commission |

---

------

**The Japanese Small Company Series**

**SCHEDULE OF INVESTMENTS**

**June 30, 2022**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (98.6%) |  |  |  |
| COMMUNICATION SERVICES — (2.6%) |  |  |  |
| Other Securities |  | $68723361 | 2.6% |
| CONSUMER DISCRETIONARY — (14.7%) |  |  |  |
| Resorttrust, Inc. | 523464 | 8572838 | 0.3% |
| Takashimaya Co. Ltd. | 914300 | 8947222 | 0.4% |
| Other Securities |  | 369028386 | 14.0% |
| TOTAL CONSUMER DISCRETIONARY |  | 386548446 | 14.7% |
| CONSUMER STAPLES — (8.0%) |  |  |  |
| Ain Holdings, Inc. | 147300 | 7887305 | 0.3% |
| Morinaga & Co. Ltd. | 204999 | 6568757 | 0.3% |
| Nippon Suisan Kaisha Ltd. | 1893700 | 8005690 | 0.3% |
| Sapporo Holdings Ltd. | 392620 | 8722485 | 0.3% |
| Other Securities |  | 180565384 | 6.9% |
| TOTAL CONSUMER STAPLES |  | 211749621 | 8.1% |
| ENERGY — (0.8%) |  |  |  |
| Other Securities |  | 21605544 | 0.8% |
| FINANCIALS — (9.1%) |  |  |  |
| Credit Saison Co. Ltd. | 678000 | 7780479 | 0.3% |
| Fuyo General Lease Co. Ltd. | 116200 | 6593762 | 0.3% |
| Hirogin Holdings, Inc. | 1534800 | 7153317 | 0.3% |
| JAFCO Group Co. Ltd. | 592800 | 7167761 | 0.3% |
| Yamaguchi Financial Group, Inc. | 1237672 | 6797703 | 0.3% |
| Other Securities |  | 203466122 | 7.6% |
| TOTAL FINANCIALS |  | 238959144 | 9.1% |
| HEALTH CARE — (4.7%) |  |  |  |
| H.U. Group Holdings, Inc. | 352600 | 7666937 | 0.3% |
| Nipro Corp. | 824900 | 6487758 | 0.3% |
| Other Securities |  | 108880171 | 4.1% |
| TOTAL HEALTH CARE |  | 123034866 | 4.7% |
| INDUSTRIALS — (28.6%) |  |  |  |
| Daiseki Co. Ltd. | 291355 | 9095211 | 0.4% |
| DMG Mori Co. Ltd. | 728000 | 9054192 | 0.4% |
| Fujikura Ltd. | 1693000 | 9589874 | 0.4% |
| Furukawa Electric Co. Ltd. | 424300 | 6961845 | 0.3% |
| Hazama Ando Corp. | 1168600 | 7253287 | 0.3% |
| Hitachi Zosen Corp. | 1034779 | 6522572 | 0.3% |
| Inaba Denki Sangyo Co. Ltd. | 323900 | 6355733 | 0.3% |
| Kintetsu World Express, Inc. | 240800 | 7383885 | 0.3% |
| Meitec Corp. | 487200 | 7854057 | 0.3% |
| Mirait Holdings Corp. | 595335 | 6996225 | 0.3% |
| Nagase & Co. Ltd. | 583700 | 8028927 | 0.3% |
| Nichias Corp. | 384200 | 6374260 | 0.3% |
| Nishimatsu Construction Co. Ltd. | 313800 | 9376193 | 0.4% |
| Nisshinbo Holdings, Inc. | 938880 | 7071288 | 0.3% |
| Penta-Ocean Construction Co. Ltd. | 1669600 | 9006247 | 0.4% |
| Ushio, Inc. | 622400 | 7708406 | 0.3% |

---

------

**The Japanese Small Company Series <br>CONTINUED**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INDUSTRIALS — (Continued) | INDUSTRIALS — (Continued) |  |  |  |
|  | Other Securities |  | $628790795 | 23.5% |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 753422997 | 28.8% |
| INFORMATION TECHNOLOGY — (14.9%) | INFORMATION TECHNOLOGY — (14.9%) |  |  |  |
|  | Alps Alpine Co. Ltd. | 643100 | 6534838 | 0.3% |
|  | Anritsu Corp. | 751500 | 8136172 | 0.3% |
|  | Citizen Watch Co. Ltd. | 1771000 | 7204611 | 0.3% |
|  | Daiwabo Holdings Co. Ltd. | 582700 | 7611148 | 0.3% |
|  | Dexerials Corp. | 338500 | 9034542 | 0.4% |
| # | Fuji Soft, Inc. | 111800 | 6421653 | 0.3% |
|  | Konica Minolta, Inc. | 1957800 | 6525117 | 0.3% |
|  | Macnica Fuji Electronics Holdings, Inc. | 338550 | 6530479 | 0.3% |
|  | Maruwa Co. Ltd. | 58500 | 6674639 | 0.3% |
|  | NET One Systems Co. Ltd. | 310300 | 6896139 | 0.3% |
|  | NSD Co. Ltd. | 493860 | 8626998 | 0.3% |
|  | Tokyo Seimitsu Co. Ltd. | 248700 | 8197761 | 0.3% |
|  | Topcon Corp. | 684300 | 8949151 | 0.4% |
|  | Other Securities |  | 296466926 | 10.9% |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY |  | 393810174 | 15.0% |
| MATERIALS — (12.2%) | MATERIALS — (12.2%) |  |  |  |
|  | ADEKA Corp. | 508800 | 8793200 | 0.3% |
|  | Asahi Holdings, Inc. | 464800 | 7292510 | 0.3% |
|  | Daicel Corp. | 1194200 | 7382534 | 0.3% |
|  | Kureha Corp. | 103950 | 7321506 | 0.3% |
|  | Mitsui Mining & Smelting Co. Ltd. | 372700 | 8692205 | 0.3% |
|  | Ube Industries Ltd. | 489100 | 7266072 | 0.3% |
|  | Yamato Kogyo Co. Ltd. | 202700 | 6698862 | 0.3% |
|  | Other Securities |  | 267985925 | 10.2% |
| TOTAL MATERIALS | TOTAL MATERIALS |  | 321432814 | 12.3% |
| REAL ESTATE — (1.5%) | REAL ESTATE — (1.5%) |  |  |  |
|  | Other Securities |  | 38452659 | 1.5% |
| UTILITIES — (1.5%) | UTILITIES — (1.5%) |  |  |  |
|  | Nippon Gas Co. Ltd. | 684000 | 9739042 | 0.4% |
|  | Other Securities |  | 31304446 | 1.2% |
| TOTAL UTILITIES | TOTAL UTILITIES |  | 41043488 | 1.6% |
| TOTAL COMMON STOCKS<br> (Cost $2,843,070,887) | TOTAL COMMON STOCKS<br> (Cost $2,843,070,887) |  | 2598783114 | 99.2% |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (1.4%) | SECURITIES LENDING COLLATERAL — (1.4%) |  |  |  |
| @ § | The DFA Short Term Investment Fund | 3266570 | 37784420 | 1.4% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $2,880,856,355) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $2,880,856,355) |  | $2636567534 | 100.6% |
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |

---

------

**The Japanese Small Company Series <br>CONTINUED**

---

| |
|:---|
| Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. |
| Total or Partial Securities on Loan. |
| See Note B to Financial Statements. |
| Security purchased with cash collateral received from Securities on Loan. |
| Affiliated Fund. |

---

Summary of the Series' investments as of June 30, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services |  | $68723361 |  | $68723361 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 386548446 |  | 386548446 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  | 211749621 |  | 211749621 |
| &nbsp;&nbsp;&nbsp;Energy |  | 21605544 |  | 21605544 |
| &nbsp;&nbsp;&nbsp;Financials | $3441480 | 235517664 |  | 238959144 |
| &nbsp;&nbsp;&nbsp;Health Care |  | 123034866 |  | 123034866 |
| &nbsp;&nbsp;&nbsp;Industrials |  | 753422997 |  | 753422997 |
| &nbsp;&nbsp;&nbsp;Information Technology |  | 393810174 |  | 393810174 |
| &nbsp;&nbsp;&nbsp;Materials |  | 321432814 |  | 321432814 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 38452659 |  | 38452659 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 41043488 |  | 41043488 |
| Securities Lending Collateral |  | 37784420 |  | 37784420 |
| TOTAL | $3441480 | $2633126054 |  | $2636567534 |

---

See accompanying Notes to Financial Statements.

------

**The Asia Pacific Small Company Series**

**SCHEDULE OF INVESTMENTS**

**June 30, 2022**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (98.9%) | COMMON STOCKS — (98.9%) |  |  |  |
| AUSTRALIA — (60.7%) | AUSTRALIA — (60.7%) |  |  |  |
| \* | AMP Ltd. | 17016907 | $11239898 | 0.8% |
| # | Ansell Ltd. | 582795 | 8958096 | 0.7% |
|  | ARB Corp. Ltd. | 521026 | 10178661 | 0.8% |
|  | AUB Group Ltd. | 770316 | 9440740 | 0.7% |
|  | Bapcor Ltd. | 2189248 | 9200975 | 0.7% |
|  | Beach Energy Ltd. | 10637240 | 12669538 | 0.9% |
| # | Breville Group Ltd. | 652020 | 8091763 | 0.6% |
|  | Challenger Ltd. | 1629863 | 7716305 | 0.6% |
| \* | Corporate Travel Management Ltd. | 678798 | 8719420 | 0.6% |
|  | CSR Ltd. | 3109441 | 8741265 | 0.7% |
|  | Deterra Royalties Ltd. | 2795041 | 8192587 | 0.6% |
|  | Downer EDI Ltd. | 3515757 | 12267193 | 0.9% |
|  | Elders Ltd. | 1009369 | 8787572 | 0.7% |
| # \* | Flight Centre Travel Group Ltd. | 670434 | 8062809 | 0.6% |
|  | GrainCorp Ltd., Class A | 1547172 | 10187644 | 0.8% |
|  | Healius Ltd. | 3973423 | 10073699 | 0.7% |
|  | Iluka Resources Ltd. | 2047759 | 13357369 | 1.0% |
|  | Insignia Financial Ltd. | 3939870 | 7341946 | 0.5% |
| # | InvoCare Ltd. | 945502 | 6823434 | 0.5% |
|  | IPH Ltd. | 1267863 | 7133165 | 0.5% |
|  | IRESS Ltd. | 1238548 | 9840581 | 0.7% |
|  | Metcash Ltd. | 5608804 | 16440790 | 1.2% |
| # | New Hope Corp. Ltd. | 3053402 | 7338109 | 0.5% |
|  | nib holdings Ltd. | 2928691 | 14929598 | 1.1% |
|  | Nufarm Ltd. | 1868539 | 6589296 | 0.5% |
|  | Orora Ltd. | 5931076 | 14966319 | 1.1% |
|  | Perpetual Ltd. | 376124 | 7507895 | 0.6% |
|  | Perseus Mining Ltd. | 8114950 | 8805019 | 0.7% |
|  | Reliance Worldwide Corp. Ltd. | 3624075 | 10127671 | 0.8% |
|  | Sandfire Resources Ltd. | 2964241 | 9138198 | 0.7% |
|  | Sims Ltd. | 1144275 | 10876060 | 0.8% |
| \* | Star Entertainment Grp Ltd. | 5123970 | 9892016 | 0.7% |
|  | Technology One Ltd. | 1701660 | 12618503 | 0.9% |
| \* | Uniti Group Ltd. | 2553497 | 8678779 | 0.6% |
| Ω | Viva Energy Group Ltd. | 5149577 | 10290328 | 0.8% |
| # \* | Webjet Ltd. | 2181629 | 8076823 | 0.6% |
|  | Whitehaven Coal Ltd. | 5290865 | 17778526 | 1.3% |
|  | Other Securities |  | 460569222 | 33.6% |
| TOTAL AUSTRALIA | TOTAL AUSTRALIA |  | 831647812 | 61.1% |
| CAYMAN ISLANDS — (0.0%) | CAYMAN ISLANDS — (0.0%) |  |  |  |
|  | Other Securities |  | 318872 | 0.0% |
| CHINA — (0.3%) | CHINA — (0.3%) |  |  |  |
|  | Other Securities |  | 3798887 | 0.3% |
| HONG KONG — (22.9%) | HONG KONG — (22.9%) |  |  |  |
|  | ASM Pacific Technology Ltd. | 1444600 | 12295356 | 0.9% |
|  | Hysan Development Co. Ltd. | 2550000 | 7693149 | 0.6% |
|  | Kerry Logistics Network Ltd. | 4063500 | 8740281 | 0.6% |
|  | Kerry Properties Ltd. | 2368000 | 6584928 | 0.5% |
|  | L'Occitane International SA | 2055000 | 6442848 | 0.5% |
|  | Luk Fook Holdings International Ltd. | 3577000 | 9231848 | 0.7% |
|  | Pacific Basin Shipping Ltd. | 32170000 | 12367936 | 0.9% |

---

------

**The Asia Pacific Small Company Series**<br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value** | **Percentage<br> of Net Assets‡** |
| HONG KONG — (Continued) | HONG KONG — (Continued) |  |  |  |
|  | PCCW Ltd. | 15297545 | $8087289 | 0.6% |
|  | VTech Holdings Ltd. | 1345100 | 10592703 | 0.8% |
|  | Other Securities |  | 231685311 | 16.9% |
| TOTAL HONG KONG | TOTAL HONG KONG |  | 313721649 | 23.0% |
| MACAU — (0.0%) | MACAU — (0.0%) |  |  |  |
|  | Other Security |  | 70072 | 0.0% |
| NEW ZEALAND — (4.2%) | NEW ZEALAND — (4.2%) |  |  |  |
|  | Chorus Ltd. | 2555962 | 11510766 | 0.8% |
|  | SKYCITY Entertainment Group Ltd. | 4337866 | 7882030 | 0.6% |
|  | Other Securities |  | 38536437 | 2.9% |
| TOTAL NEW ZEALAND | TOTAL NEW ZEALAND |  | 57929233 | 4.3% |
| SINGAPORE — (10.7%) | SINGAPORE — (10.7%) |  |  |  |
|  | ComfortDelGro Corp. Ltd. | 8299800 | 8367367 | 0.6% |
|  | Keppel Infrastructure Trust | 18059446 | 7417736 | 0.6% |
|  | Other Securities |  | 130300707 | 9.5% |
| TOTAL SINGAPORE | TOTAL SINGAPORE |  | 146085810 | 10.7% |
| UNITED STATES — (0.1%) | UNITED STATES — (0.1%) |  |  |  |
|  | Other Security |  | 1220755 | 0.1% |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  | 1354793090 | 99.5% |
| RIGHTS/WARRANTS — (0.0%) | RIGHTS/WARRANTS — (0.0%) |  |  |  |
| AUSTRALIA — (0.0%) | AUSTRALIA — (0.0%) |  |  |  |
|  | Other Securities |  | 3042 | 0.0% |
| HONG KONG — (0.0%) | HONG KONG — (0.0%) |  |  |  |
|  | Other Security |  | 20554 | 0.0% |
| TOTAL RIGHTS/WARRANTS | TOTAL RIGHTS/WARRANTS |  | 23596 | 0.0% |
| TOTAL INVESTMENT SECURITIES<br> (Cost $1,600,500,308) | TOTAL INVESTMENT SECURITIES<br> (Cost $1,600,500,308) |  | 1354816686 |  |
| TOTAL UNKNOWN ST<br> (Cost $0) | TOTAL UNKNOWN ST<br> (Cost $0) |  | 0 | 0.0% |
|  |  |  | **Value»** |  |
| SECURITIES LENDING COLLATERAL — (1.1%) | SECURITIES LENDING COLLATERAL — (1.1%) |  |  |  |
| @ § | The DFA Short Term Investment Fund | 1291472 | 14938456 | 1.1% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,615,439,683) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,615,439,683) |  | $1369755142 | 100.6% |
| SA | Special Assessment |  |  |  |
| ST | Special Tax |  |  |  |

---

------

**The Asia Pacific Small Company Series**<br> **continued**

---

| | |
|:---|:---|
| ‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. |
| \* | Non-Income Producing Securities. |
| # | Total or Partial Securities on Loan. |
| Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund's Liquidity Guidelines. The liquidity determination is unaudited. |
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |

---

Summary of the Series' investments as of June 30, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $1043389 | $830599937 | $4486 | $831647812 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | 280833 | 38039 |  | 318872 |
| &nbsp;&nbsp;&nbsp;China |  | 3798887 |  | 3798887 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 312852363 | 869286 | 313721649 |
| &nbsp;&nbsp;&nbsp;Macau |  | 70072 |  | 70072 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 57929233 |  | 57929233 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 145972581 | 113229 | 146085810 |
| &nbsp;&nbsp;&nbsp;United States |  | 1220755 |  | 1220755 |
| Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia |  | 3042 |  | 3042 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 20554 |  | 20554 |
| Securities Lending Collateral |  | 14938456 |  | 14938456 |
| TOTAL | $1324222 | $1367443919 | $987,001^ | $1369755142 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**The United Kingdom Small Company Series**

**SCHEDULE OF INVESTMENTS**

**June 30, 2022**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (99.2%) | COMMON STOCKS — (99.2%) |  |  |  |
| COMMUNICATION SERVICES — (3.1%) | COMMUNICATION SERVICES — (3.1%) |  |  |  |
|  | Euromoney Institutional Investor PLC | 716200 | $11735476 | 0.9% |
|  | Other Securities |  | 30527260 | 2.3% |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES |  | 42262736 | 3.2% |
| CONSUMER DISCRETIONARY — (16.2%) | CONSUMER DISCRETIONARY — (16.2%) |  |  |  |
|  | Domino's Pizza Group PLC | 3143313 | 10713268 | 0.8% |
| \* | Frasers Group PLC | 1450088 | 11798762 | 0.9% |
|  | Games Workshop Group PLC | 174108 | 14174342 | 1.1% |
|  | Greggs PLC | 607084 | 13443061 | 1.0% |
|  | Inchcape PLC | 2415336 | 20525555 | 1.5% |
|  | Pets at Home Group PLC | 3055257 | 11499893 | 0.9% |
| \* | Playtech PLC | 1947421 | 12882950 | 1.0% |
|  | Redrow PLC | 1622907 | 9689266 | 0.7% |
|  | Vistry Group PLC | 1180231 | 12021020 | 0.9% |
|  | Other Securities |  | 100112407 | 7.4% |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY |  | 216860524 | 16.2% |
| CONSUMER STAPLES — (7.6%) | CONSUMER STAPLES — (7.6%) |  |  |  |
|  | Britvic PLC | 1634172 | 16198319 | 1.2% |
|  | Cranswick PLC | 365843 | 13700094 | 1.0% |
| \* | Marks & Spencer Group PLC | 5720589 | 9490646 | 0.7% |
|  | Tate & Lyle PLC | 2185635 | 20029444 | 1.5% |
|  | Other Securities |  | 42425472 | 3.2% |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES |  | 101843975 | 7.6% |
| ENERGY — (3.7%) | ENERGY — (3.7%) |  |  |  |
| # \* | Capricorn Energy PLC | 4040365 | 10740824 | 0.8% |
|  | Other Securities |  | 38571105 | 2.9% |
| TOTAL ENERGY | TOTAL ENERGY |  | 49311929 | 3.7% |
| FINANCIALS — (18.1%) | FINANCIALS — (18.1%) |  |  |  |
|  | Beazley PLC | 3368938 | 20541918 | 1.5% |
|  | Brewin Dolphin Holdings PLC | 1616616 | 10084489 | 0.7% |
|  | Close Brothers Group PLC | 900632 | 11321424 | 0.8% |
|  | Hiscox Ltd. | 1605203 | 18486771 | 1.4% |
|  | IG Group Holdings PLC | 1288499 | 10875001 | 0.8% |
|  | Man Group PLC | 8516552 | 25998753 | 1.9% |
|  | OSB Group PLC | 1899227 | 11161746 | 0.8% |
|  | Paragon Banking Group PLC | 1934045 | 11542001 | 0.9% |
|  | Plus500 Ltd. | 512707 | 10448830 | 0.8% |
| Ω | Quilter PLC | 8103569 | 10156594 | 0.8% |
|  | Virgin Money UK PLC | 6071531 | 9728551 | 0.7% |
|  | Other Securities |  | 93183610 | 7.1% |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 243529688 | 18.2% |
| HEALTH CARE — (4.3%) | HEALTH CARE — (4.3%) |  |  |  |
| \* | Indivior PLC | 3807064 | 14352292 | 1.1% |
| \* | Mediclinic International PLC | 2400508 | 13433751 | 1.0% |
|  | Other Securities |  | 30303520 | 2.2% |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE |  | 58089563 | 4.3% |

---

------

**The United Kingdom Small Company Series <br>CONTINUED**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INDUSTRIALS — (24.8%) | INDUSTRIALS — (24.8%) |  |  |  |
| \* | Babcock International Group PLC | 2841630 | $10727289 | 0.8% |
|  | Balfour Beatty PLC | 3597022 | 11181016 | 0.8% |
|  | Diploma PLC | 557307 | 15178018 | 1.1% |
|  | Grafton Group PLC | 1508314 | 14327936 | 1.1% |
|  | Hays PLC | 9144979 | 12506498 | 0.9% |
| \* | Meggitt PLC | 2411365 | 23178108 | 1.7% |
|  | Pagegroup PLC | 1975881 | 9677889 | 0.7% |
|  | QinetiQ Group PLC | 3269929 | 14624698 | 1.1% |
|  | Rotork PLC | 4874552 | 14319508 | 1.1% |
|  | Travis Perkins PLC | 1187192 | 14072014 | 1.1% |
|  | Ultra Electronics Holdings PLC | 566936 | 23893995 | 1.8% |
|  | Other Securities |  | 169313158 | 12.6% |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 333000127 | 24.8% |
| INFORMATION TECHNOLOGY — (7.7%) | INFORMATION TECHNOLOGY — (7.7%) |  |  |  |
|  | Computacenter PLC | 502122 | 14379340 | 1.1% |
|  | Softcat PLC | 647137 | 10417066 | 0.8% |
|  | Spectris PLC | 432384 | 14324701 | 1.1% |
|  | Spirent Communications PLC | 4065908 | 12214611 | 0.9% |
|  | Other Securities |  | 52488909 | 3.8% |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY |  | 103824627 | 7.7% |
| MATERIALS — (5.6%) | MATERIALS — (5.6%) |  |  |  |
|  | Victrex PLC | 546789 | 11923292 | 0.9% |
|  | Other Securities |  | 63035941 | 4.7% |
| TOTAL MATERIALS | TOTAL MATERIALS |  | 74959233 | 5.6% |
| REAL ESTATE — (3.6%) | REAL ESTATE — (3.6%) |  |  |  |
|  | Grainger PLC | 4204662 | 14407640 | 1.1% |
|  | Savills PLC | 968045 | 11936167 | 0.9% |
|  | Other Securities |  | 22206671 | 1.6% |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE |  | 48550478 | 3.6% |
| UTILITIES — (4.5%) | UTILITIES — (4.5%) |  |  |  |
| \* | Centrica PLC | 19338945 | 18885210 | 1.4% |
|  | Drax Group PLC | 2508511 | 19690558 | 1.5% |
|  | Pennon Group PLC | 964237 | 11220000 | 0.8% |
|  | Telecom Plus PLC | 427882 | 10205898 | 0.8% |
|  | Other Security |  | 573432 | 0.0% |
| TOTAL UTILITIES | TOTAL UTILITIES |  | 60575098 | 4.5% |
| TOTAL COMMON STOCKS<br> (Cost $1,415,556,216) | TOTAL COMMON STOCKS<br> (Cost $1,415,556,216) |  | 1332807978 | 99.4% |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (0.8%) | SECURITIES LENDING COLLATERAL — (0.8%) |  |  |  |
| @ § | The DFA Short Term Investment Fund | 884157 | 10227045 | 0.8% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,425,783,516) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,425,783,516) |  | $1343035023 | 100.2% |
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |

---

------

**The United Kingdom Small Company Series <br>CONTINUED**

---

| | |
|:---|:---|
| ‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. |
| \* | Non-Income Producing Securities. |
| # | Total or Partial Securities on Loan. |
| Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund's Liquidity Guidelines. The liquidity determination is unaudited. |
| † | See Note B to Financial Statements. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |

---

Summary of the Series' investments as of June 30, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $25224 | $42237512 |  | $42262736 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 216628839 | $231685 | 216860524 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  | 101843975 |  | 101843975 |
| &nbsp;&nbsp;&nbsp;Energy |  | 49311929 |  | 49311929 |
| &nbsp;&nbsp;&nbsp;Financials |  | 243529688 |  | 243529688 |
| &nbsp;&nbsp;&nbsp;Health Care |  | 58089563 |  | 58089563 |
| &nbsp;&nbsp;&nbsp;Industrials | 189768 | 332810359 |  | 333000127 |
| &nbsp;&nbsp;&nbsp;Information Technology |  | 103824627 |  | 103824627 |
| &nbsp;&nbsp;&nbsp;Materials |  | 74959233 |  | 74959233 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 48550478 |  | 48550478 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 60575098 |  | 60575098 |
| Securities Lending Collateral |  | 10227045 |  | 10227045 |
| TOTAL | $214992 | $1342588346 | $231,685^ | $1343035023 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**The Continental Small Company Series**

**SCHEDULE OF INVESTMENTS**

**June 30, 2022**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (91.6%) | COMMON STOCKS — (91.6%) |  |  |  |
| AUSTRIA — (3.0%) | AUSTRIA — (3.0%) |  |  |  |
|  | ANDRITZ AG | 447133 | $18049105 | 0.4% |
|  | Other Securities |  | 136158639 | 2.8% |
| TOTAL AUSTRIA | TOTAL AUSTRIA |  | 154207744 | 3.2% |
| BELGIUM — (4.4%) | BELGIUM — (4.4%) |  |  |  |
|  | Ackermans & van Haaren NV | 173765 | 25996417 | 0.6% |
|  | D'ieteren Group | 169120 | 24851458 | 0.5% |
| # | Elia Group SA | 140558 | 19962113 | 0.4% |
|  | Other Securities |  | 156103649 | 3.3% |
| TOTAL BELGIUM | TOTAL BELGIUM |  | 226913637 | 4.8% |
| BERMUDA — (0.0%) | BERMUDA — (0.0%) |  |  |  |
|  | Other Security |  | 29950 | 0.0% |
| CANADA — (0.1%) | CANADA — (0.1%) |  |  |  |
|  | Other Security |  | 3705276 | 0.1% |
| CYPRUS — (0.0%) | CYPRUS — (0.0%) |  |  |  |
|  | Other Security |  | 51724 | 0.0% |
| DENMARK — (5.7%) | DENMARK — (5.7%) |  |  |  |
| \* | Jyske Bank AS | 453818 | 22368530 | 0.5% |
|  | Ringkjoebing Landbobank AS | 198893 | 21763074 | 0.5% |
|  | Royal Unibrew AS | 314940 | 28028971 | 0.6% |
| # | SimCorp AS | 259788 | 18991190 | 0.4% |
|  | Topdanmark AS | 428065 | 22288884 | 0.5% |
|  | Other Securities |  | 180259107 | 3.7% |
| TOTAL DENMARK | TOTAL DENMARK |  | 293699756 | 6.2% |
| FINLAND — (5.2%) | FINLAND — (5.2%) |  |  |  |
| # | Huhtamaki Oyj | 643085 | 25582756 | 0.5% |
|  | Orion Oyj, Class B | 818138 | 36615430 | 0.8% |
|  | Valmet Oyj | 1121391 | 27634799 | 0.6% |
|  | Other Securities |  | 177904004 | 3.7% |
| TOTAL FINLAND | TOTAL FINLAND |  | 267736989 | 5.6% |
| FRANCE — (10.0%) | FRANCE — (10.0%) |  |  |  |
| # | Gaztransport Et Technigaz SA | 161171 | 20243797 | 0.4% |
| # | Rexel SA | 1898141 | 29330058 | 0.6% |
| \* | SOITEC | 135169 | 19415588 | 0.4% |
|  | Sopra Steria Group SACA | 121046 | 18203479 | 0.4% |
|  | SPIE SA | 893962 | 19509245 | 0.4% |
|  | Other Securities |  | 406755903 | 8.6% |
| TOTAL FRANCE | TOTAL FRANCE |  | 513458070 | 10.8% |
| GERMANY — (14.0%) | GERMANY — (14.0%) |  |  |  |
| \* | Aareal Bank AG | 523741 | 17453569 | 0.4% |
|  | Aurubis AG | 293633 | 20036199 | 0.4% |
|  | Freenet AG | 1060798 | 26454423 | 0.6% |
|  | GEA Group AG | 626939 | 21734711 | 0.5% |
|  | Hugo Boss AG | 437223 | 23152469 | 0.5% |
|  | K+S AG | 1430163 | 34807098 | 0.7% |

---

------

**The Continental Small Company Series<br>CONTINUED**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| GERMANY — (Continued) | GERMANY — (Continued) |  |  |  |
|  | Lanxess AG | 588462 | $21239769 | 0.5% |
|  | Rheinmetall AG | 242260 | 55905082 | 1.2% |
|  | Other Securities |  | 494303136 | 10.2% |
| TOTAL GERMANY | TOTAL GERMANY |  | 715086456 | 15.0% |
| IRELAND — (1.2%) | IRELAND — (1.2%) |  |  |  |
|  | Bank of Ireland Group PLC | 6339548 | 40069636 | 0.8% |
|  | Other Securities |  | 23801706 | 0.5% |
| TOTAL IRELAND | TOTAL IRELAND |  | 63871342 | 1.3% |
| ISRAEL — (3.7%) | ISRAEL — (3.7%) |  |  |  |
|  | Other Securities |  | 189450329 | 4.0% |
| ITALY — (8.0%) | ITALY — (8.0%) |  |  |  |
| # | Banco BPM SpA | 10716768 | 30592963 | 0.6% |
|  | Italgas SpA | 3601793 | 21017705 | 0.4% |
|  | Leonardo SpA | 2965480 | 30087174 | 0.6% |
|  | Reply SpA | 149207 | 18151193 | 0.4% |
|  | Other Securities |  | 310533375 | 6.6% |
| TOTAL ITALY | TOTAL ITALY |  | 410382410 | 8.6% |
| NETHERLANDS — (5.7%) | NETHERLANDS — (5.7%) |  |  |  |
|  | Aalberts NV | 694377 | 26964657 | 0.6% |
|  | Arcadis NV | 537224 | 17992990 | 0.4% |
|  | ASR Nederland NV | 898464 | 36223345 | 0.8% |
|  | BE Semiconductor Industries NV | 405420 | 19372660 | 0.4% |
|  | OCI NV | 554235 | 18231935 | 0.4% |
| Ω | Signify NV | 711679 | 23478484 | 0.5% |
|  | Other Securities |  | 149489135 | 3.0% |
| TOTAL NETHERLANDS | TOTAL NETHERLANDS |  | 291753206 | 6.1% |
| NORWAY — (2.3%) | NORWAY — (2.3%) |  |  |  |
|  | Other Securities |  | 117163528 | 2.5% |
| PORTUGAL — (1.0%) | PORTUGAL — (1.0%) |  |  |  |
|  | Other Securities |  | 49038350 | 1.0% |
| SPAIN — (5.9%) | SPAIN — (5.9%) |  |  |  |
|  | Banco de Sabadell SA | 37317194 | 29921597 | 0.6% |
| # | Bankinter SA | 4387320 | 27442056 | 0.6% |
| # | Enagas SA | 1545449 | 34179984 | 0.7% |
|  | Other Securities |  | 211592541 | 4.4% |
| TOTAL SPAIN | TOTAL SPAIN |  | 303136178 | 6.3% |
| SWEDEN — (6.2%) | SWEDEN — (6.2%) |  |  |  |
|  | Other Securities |  | 319164661 | 6.7% |
| SWITZERLAND — (15.1%) | SWITZERLAND — (15.1%) |  |  |  |
|  | Allreal Holding AG | 125484 | 20763681 | 0.4% |
|  | Belimo Holding AG | 65844 | 23182290 | 0.5% |
|  | Bucher Industries AG | 54706 | 19094968 | 0.4% |
|  | Clariant AG | 904610 | 17249348 | 0.4% |
|  | DKSH Holding AG | 235948 | 19523185 | 0.4% |
| \* | Flughafen Zurich AG | 147702 | 22380486 | 0.5% |
|  | Georg Fischer AG | 635020 | 31362811 | 0.7% |
|  | Helvetia Holding AG | 269382 | 31637066 | 0.7% |

---

------

**The Continental Small Company Series<br>CONTINUED**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Value»** | **Percentage<br> of Net Assets‡** |
| SWITZERLAND — (Continued) | SWITZERLAND — (Continued) |  |  |  |  |
|  | PSP Swiss Property AG | 341777 | $| 38051385 | 0.8% |
|  | Siegfried Holding AG | 33011 |  | 21141004 | 0.4% |
| Ω | VAT Group AG | 114109 |  | 27289887 | 0.6% |
|  | Other Securities |  |  | 503660505 | 10.4% |
| TOTAL SWITZERLAND | TOTAL SWITZERLAND |  |  | 775336616 | 16.2% |
| UNITED ARAB EMIRATES — (0.0%) | UNITED ARAB EMIRATES — (0.0%) |  |  |  |  |
|  | Other Security |  |  | 372421 | 0.0% |
| UNITED KINGDOM — (0.1%) | UNITED KINGDOM — (0.1%) |  |  |  |  |
|  | Other Security |  |  | 2640098 | 0.1% |
| UNITED STATES — (0.0%) | UNITED STATES — (0.0%) |  |  |  |  |
|  | Other Security |  |  | 993275 | 0.0% |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |  | 4698192016 | 98.5% |
| PREFERRED STOCKS — (0.7%) | PREFERRED STOCKS — (0.7%) |  |  |  |  |
| GERMANY — (0.7%) | GERMANY — (0.7%) |  |  |  |  |
|  | Other Securities |  |  | 33498544 | 0.7% |
| RIGHTS/WARRANTS — (0.0%) | RIGHTS/WARRANTS — (0.0%) |  |  |  |  |
| ITALY — (0.0%) | ITALY — (0.0%) |  |  |  |  |
|  | Other Securities |  |  | 96961 | 0.0% |
| PORTUGAL — (0.0%) | PORTUGAL — (0.0%) |  |  |  |  |
|  | Other Security |  |  | 29163 | 0.0% |
| SPAIN — (0.0%) | SPAIN — (0.0%) |  |  |  |  |
|  | Other Securities |  |  | 133109 | 0.0% |
| TOTAL RIGHTS/WARRANTS | TOTAL RIGHTS/WARRANTS |  |  | 259233 | 0.0% |
| TOTAL INVESTMENT SECURITIES<br> (Cost $4,525,271,961) | TOTAL INVESTMENT SECURITIES<br> (Cost $4,525,271,961) |  |  | 4731949793 |  |
| SECURITIES LENDING COLLATERAL — (7.7%) | SECURITIES LENDING COLLATERAL — (7.7%) |  |  |  |  |
| @ § | The DFA Short Term Investment Fund | 34130267 |  | 394784793 | 8.3% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $4,920,062,887) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $4,920,062,887) |  | $| 5126734586 | 107.5% |
| SA | Special Assessment |  |  |  |  |
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
| ‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. |
| # | Total or Partial Securities on Loan. |  |  |  |  |

---

------

**The Continental Small Company Series<br>CONTINUED**

---

| | |
|:---|:---|
| \* | Non-Income Producing Securities. |
| Ω | Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund's Liquidity Guidelines. The liquidity determination is unaudited. |
| @ | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |

---

Summary of the Series' investments as of June 30, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria |  | $154207744 |  | $154207744 |
| &nbsp;&nbsp;&nbsp;Belgium | $6020540 | 220893097 |  | 226913637 |
| &nbsp;&nbsp;&nbsp;Bermuda |  | 29950 |  | 29950 |
| &nbsp;&nbsp;&nbsp;Canada |  | 3705276 |  | 3705276 |
| &nbsp;&nbsp;&nbsp;Cyprus |  | 51724 |  | 51724 |
| &nbsp;&nbsp;&nbsp;Denmark | 6689344 | 287010412 |  | 293699756 |
| &nbsp;&nbsp;&nbsp;Finland |  | 267736989 |  | 267736989 |
| &nbsp;&nbsp;&nbsp;France |  | 513421029 | $37041 | 513458070 |
| &nbsp;&nbsp;&nbsp;Germany | 17453569 | 697632887 |  | 715086456 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 63871342 |  | 63871342 |
| &nbsp;&nbsp;&nbsp;Israel | 803103 | 188647226 |  | 189450329 |
| &nbsp;&nbsp;&nbsp;Italy | 22945 | 410359465 |  | 410382410 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 291753206 |  | 291753206 |
| &nbsp;&nbsp;&nbsp;Norway | 202487 | 116961041 |  | 117163528 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 49038350 |  | 49038350 |
| &nbsp;&nbsp;&nbsp;Spain |  | 303136178 |  | 303136178 |
| &nbsp;&nbsp;&nbsp;Sweden | 805973 | 318358688 |  | 319164661 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 775336616 |  | 775336616 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 372421 |  | 372421 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 2640098 |  | 2640098 |
| &nbsp;&nbsp;&nbsp;United States | 993275 |  |  | 993275 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Germany |  | 33498544 |  | 33498544 |
| Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Italy |  | 96961 |  | 96961 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 29163 |  | 29163 |
| &nbsp;&nbsp;&nbsp;Spain |  | 133109 |  | 133109 |
| Securities Lending Collateral |  | 394784793 |  | 394784793 |
| TOTAL | $32991236 | $5093706309 | $37,041^ | $5126734586 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**The Canadian Small Company Series**

**SCHEDULE OF INVESTMENTS**

**June 30, 2022**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (85.6%) | COMMON STOCKS — (85.6%) |  |  |  |
| COMMUNICATION SERVICES — (1.1%) | COMMUNICATION SERVICES — (1.1%) |  |  |  |
|  | Other Securities |  | $15412552 | 1.3% |
| CONSUMER DISCRETIONARY — (4.8%) | CONSUMER DISCRETIONARY — (4.8%) |  |  |  |
| \* | Aritzia, Inc. | 461040 | 12482321 | 1.0% |
| # | Linamar Corp. | 255634 | 10831478 | 0.9% |
|  | Other Securities |  | 42545068 | 3.6% |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY |  | 65858867 | 5.5% |
| CONSUMER STAPLES — (4.4%) | CONSUMER STAPLES — (4.4%) |  |  |  |
| # | Maple Leaf Foods, Inc. | 439146 | 8634855 | 0.7% |
| # | North West Co., Inc. | 291156 | 7529975 | 0.6% |
| # | Premium Brands Holdings Corp. | 206019 | 14931256 | 1.3% |
|  | Primo Water Corp. | 84925 | 1136296 | 0.1% |
|  | Primo Water Corp. | 799922 | 10682613 | 0.9% |
|  | Other Securities |  | 17995853 | 1.5% |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES |  | 60910848 | 5.1% |
| ENERGY — (22.7%) | ENERGY — (22.7%) |  |  |  |
| # | Birchcliff Energy Ltd. | 1610417 | 10947132 | 0.9% |
| # | Crescent Point Energy Corp. | 2943000 | 20920176 | 1.8% |
|  | Crescent Point Energy Corp. | 346792 | 2469159 | 0.2% |
| # | Enerplus Corp. | 1294755 | 17109837 | 1.4% |
| # | Enerplus Corp. | 28353 | 375110 | 0.0% |
| # | Gibson Energy, Inc. | 899205 | 16654014 | 1.4% |
| # \* | MEG Energy Corp. | 2167763 | 30010516 | 2.5% |
| \* | NuVista Energy Ltd. | 1111528 | 8911567 | 0.7% |
|  | Paramount Resources Ltd., Class A | 402921 | 9622279 | 0.8% |
| # | Parex Resources, Inc. | 774607 | 13118733 | 1.1% |
| # | Parkland Corp. | 778764 | 21151017 | 1.8% |
| # | Peyto Exploration & Development Corp. | 965837 | 9034088 | 0.8% |
| # | PrairieSky Royalty Ltd. | 1124067 | 14155629 | 1.2% |
|  | Secure Energy Services, Inc. | 1714057 | 7989699 | 0.7% |
| # | Vermilion Energy, Inc. | 716524 | 13638003 | 1.1% |
|  | Vermilion Energy, Inc. | 233451 | 4449576 | 0.4% |
| # | Whitecap Resources, Inc. | 3102755 | 21549590 | 1.8% |
|  | Other Securities |  | 91707625 | 7.6% |
| TOTAL ENERGY | TOTAL ENERGY |  | 313813750 | 26.2% |
| FINANCIALS — (8.3%) | FINANCIALS — (8.3%) |  |  |  |
| # | Canadian Western Bank | 498863 | 10088101 | 0.8% |
|  | CI Financial Corp. | 1010158 | 10727828 | 0.9% |
| # | ECN Capital Corp. | 2458149 | 10522375 | 0.9% |
| # | Element Fleet Management Corp. | 2180348 | 22731720 | 1.9% |
| # | Laurentian Bank of Canada | 370975 | 11147695 | 0.9% |
|  | Other Securities |  | 50438394 | 4.2% |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 115656113 | 9.6% |
| HEALTH CARE — (1.3%) | HEALTH CARE — (1.3%) |  |  |  |
|  | Other Securities |  | 17697482 | 1.5% |
| INDUSTRIALS — (9.6%) | INDUSTRIALS — (9.6%) |  |  |  |
| \* | ATS Automation Tooling Systems, Inc. | 416536 | 11439207 | 1.0% |

---

------

**The Canadian Small Company Series<br> CONTINUED**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INDUSTRIALS — (Continued) | INDUSTRIALS — (Continued) |  |  |  |
| # | Boyd Group Services, Inc. | 70211 | $7563282 | 0.6% |
|  | Finning International, Inc. | 809489 | 17036247 | 1.4% |
| # | LifeWorks, Inc. | 389068 | 9333763 | 0.8% |
|  | Richelieu Hardware Ltd. | 316493 | 8281141 | 0.7% |
| # | SNC-Lavalin Group, Inc. | 824002 | 14172937 | 1.2% |
|  | Other Securities |  | 64772772 | 5.3% |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 132599349 | 11.0% |
| INFORMATION TECHNOLOGY — (2.3%) | INFORMATION TECHNOLOGY — (2.3%) |  |  |  |
| # \* | Kinaxis, Inc. | 88481 | 9551989 | 0.8% |
|  | Other Securities |  | 22647127 | 1.9% |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY |  | 32199116 | 2.7% |
| MATERIALS — (20.4%) | MATERIALS — (20.4%) |  |  |  |
|  | Alamos Gold, Inc., Class A | 2183640 | 15318726 | 1.3% |
|  | Alamos Gold, Inc., Class A | 23683 | 166255 | 0.0% |
|  | B2Gold Corp. | 523630 | 1773638 | 0.1% |
|  | B2Gold Corp. | 3133958 | 10624118 | 0.9% |
|  | Centerra Gold, Inc. | 1153585 | 7823803 | 0.7% |
|  | Methanex Corp. | 214217 | 8182916 | 0.7% |
|  | Methanex Corp. | 126782 | 4846876 | 0.4% |
| # | SSR Mining, Inc. | 847686 | 14158829 | 1.2% |
| # | SSR Mining, Inc. | 197205 | 3293323 | 0.3% |
| # | Stella-Jones, Inc. | 312231 | 7883396 | 0.7% |
| \* | Turquoise Hill Resources Ltd. | 237010 | 6347128 | 0.5% |
| \* | Turquoise Hill Resources Ltd. | 302769 | 8110231 | 0.7% |
| # | Yamana Gold, Inc. | 3875378 | 18034116 | 1.5% |
|  | Yamana Gold, Inc. | 588814 | 2737985 | 0.2% |
|  | Other Securities |  | 172748349 | 14.3% |
| TOTAL MATERIALS | TOTAL MATERIALS |  | 282049689 | 23.5% |
| REAL ESTATE — (2.5%) | REAL ESTATE — (2.5%) |  |  |  |
| # | Altus Group Ltd. | 244093 | 8455645 | 0.7% |
|  | Tricon Residential, Inc. | 1203306 | 12199459 | 1.0% |
|  | Other Securities |  | 13828553 | 1.2% |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE |  | 34483657 | 2.9% |
| UTILITIES — (8.2%) | UTILITIES — (8.2%) |  |  |  |
|  | Atco Ltd., Class I | 394442 | 13513745 | 1.1% |
| # | Boralex, Inc., Class A | 453304 | 15100742 | 1.3% |
| # | Brookfield Infrastructure Corp., Class A | 310942 | 13196697 | 1.1% |
| # | Capital Power Corp. | 724520 | 25334560 | 2.1% |
| # | Innergex Renewable Energy, Inc. | 735133 | 9880205 | 0.8% |
| # | Superior Plus Corp. | 870702 | 7684256 | 0.7% |
| # | TransAlta Corp. | 1758255 | 20065853 | 1.7% |
| # | TransAlta Renewables, Inc. | 588980 | 7526974 | 0.6% |
|  | Other Securities |  | 1915425 | 0.1% |
| TOTAL UTILITIES | TOTAL UTILITIES |  | 114218457 | 9.5% |
| TOTAL COMMON STOCKS<br> (Cost $1,080,763,324) | TOTAL COMMON STOCKS<br> (Cost $1,080,763,324) |  | 1184899880 | 98.8% |

---

------

**The Canadian Small Company Series<br>CONTINUED**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value†** | **Value†** | **Percentage<br> of Net Assets‡** |
| SECURITIES LENDING COLLATERAL — (14.4%) | SECURITIES LENDING COLLATERAL — (14.4%) |  |  |  |  |
| @ § | The DFA Short Term Investment Fund | 17222957 | $| 199217946 | 16.6% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,279,988,256) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,279,988,256) |  | $| 1384117826 | 115.4% |
| » | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. | Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments. |
| ‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. "Other Securities" are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. |
| \* | Non-Income Producing Securities. |  |  |  |  |
| # | Total or Partial Securities on Loan. |  |  |  |  |
| † | See Note B to Financial Statements. |  |  |  |  |
| @ | Security purchased with cash collateral received from Securities on Loan. | Security purchased with cash collateral received from Securities on Loan. | Security purchased with cash collateral received from Securities on Loan. | Security purchased with cash collateral received from Securities on Loan. | Security purchased with cash collateral received from Securities on Loan. |
| § | Affiliated Fund. |  |  |  |  |

---

Summary of the Series' investments as of June 30, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $15412552 |  |  | $15412552 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 65858867 |  |  | 65858867 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 60910848 |  |  | 60910848 |
| &nbsp;&nbsp;&nbsp;Energy | 313813750 |  |  | 313813750 |
| &nbsp;&nbsp;&nbsp;Financials | 115656113 |  |  | 115656113 |
| &nbsp;&nbsp;&nbsp;Health Care | 17687431 |  | $10051 | 17697482 |
| &nbsp;&nbsp;&nbsp;Industrials | 132599349 |  |  | 132599349 |
| &nbsp;&nbsp;&nbsp;Information Technology | 32199116 |  |  | 32199116 |
| &nbsp;&nbsp;&nbsp;Materials | 282049689 |  |  | 282049689 |
| &nbsp;&nbsp;&nbsp;Real Estate | 34483657 |  |  | 34483657 |
| &nbsp;&nbsp;&nbsp;Utilities | 114218457 |  |  | 114218457 |
| Securities Lending Collateral |  | $199217946 |  | 199217946 |
| TOTAL | $1184889829 | $199217946 | $10,051^ | $1384117826 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**The Japanese Small Company Series**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (97.8%) |  |  |  |
| COMMUNICATION SERVICES — (2.4%) |  |  |  |
| Other Securities |  | $60456006 | 2.4% |
| CONSUMER DISCRETIONARY — (14.4%) |  |  |  |
| Resorttrust, Inc. | 521964 | 8033803 | 0.3% |
| Other Securities |  | 358737144 | 14.2% |
| TOTAL CONSUMER DISCRETIONARY |  | 366770947 | 14.5% |
| CONSUMER STAPLES — (7.8%) |  |  |  |
| Milbon Co. Ltd. | 164552 | 6785094 | 0.3% |
| Nippon Suisan Kaisha Ltd. | 1893700 | 6745679 | 0.3% |
| Pigeon Corp. | 573125 | 7507397 | 0.3% |
| Sapporo Holdings Ltd. | 385720 | 8507745 | 0.3% |
| Other Securities |  | 168517053 | 6.6% |
| TOTAL CONSUMER STAPLES |  | 198062968 | 7.8% |
| ENERGY — (0.7%) |  |  |  |
| Other Securities |  | 19204938 | 0.8% |
| FINANCIALS — (8.8%) |  |  |  |
| Fuyo General Lease Co. Ltd. | 114800 | 6380157 | 0.3% |
| Hachijuni Bank Ltd. | 1994500 | 6360770 | 0.3% |
| Hirogin Holdings, Inc. | 1534800 | 6331737 | 0.3% |
| JAFCO Group Co. Ltd. | 588100 | 9023388 | 0.4% |
| Yamaguchi Financial Group, Inc. | 1237672 | 6517904 | 0.3% |
| Other Securities |  | 188749126 | 7.3% |
| TOTAL FINANCIALS |  | 223363082 | 8.9% |
| HEALTH CARE — (5.0%) |  |  |  |
| H.U. Group Holdings, Inc. | 348800 | 6492843 | 0.3% |
| Nipro Corp. | 839500 | 6328382 | 0.3% |
| Ship Healthcare Holdings, Inc. | 346200 | 6639723 | 0.3% |
| Other Securities |  | 108331555 | 4.2% |
| TOTAL HEALTH CARE |  | 127792503 | 5.1% |
| INDUSTRIALS — (28.2%) |  |  |  |
| Daiseki Co. Ltd. | 290755 | 8984172 | 0.4% |
| DMG Mori Co. Ltd. | 731800 | 8468845 | 0.3% |
| Fujikura Ltd. | 1559000 | 9230804 | 0.4% |
| Furukawa Electric Co. Ltd. | 424300 | 6546029 | 0.3% |
| Hazama Ando Corp. | 1162500 | 6737422 | 0.3% |
| Hitachi Zosen Corp. | 1041679 | 6005282 | 0.2% |
| Inaba Denki Sangyo Co. Ltd. | 322900 | 6027512 | 0.2% |
| Mabuchi Motor Co. Ltd. | 249034 | 6757392 | 0.3% |
| Meitec Corp. | 484000 | 8152392 | 0.3% |
| Nagase & Co. Ltd. | 584600 | 7964771 | 0.3% |
| Nishimatsu Construction Co. Ltd. | 313800 | 7640054 | 0.3% |
| Nisshinbo Holdings, Inc. | 911180 | 6316101 | 0.3% |
| OSG Corp. | 526900 | 6698620 | 0.3% |
| Penta-Ocean Construction Co. Ltd. | 1589800 | 7906395 | 0.3% |
| Ushio, Inc. | 622400 | 6463241 | 0.3% |

---

------

**The Japanese Small Company Series**<br> **continued**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INDUSTRIALS — (Continued) |  |  |  |
| Other Securities |  | $610194505 | 24.1% |
| TOTAL INDUSTRIALS |  | 720093537 | 28.6% |
| INFORMATION TECHNOLOGY — (15.3%) |  |  |  |
| Alps Alpine Co. Ltd. | 788800 | 6776241 | 0.3% |
| Anritsu Corp. | 849300 | 8548093 | 0.3% |
| Citizen Watch Co. Ltd. | 1669800 | 7012673 | 0.3% |
| Daiwabo Holdings Co. Ltd. | 581600 | 7504581 | 0.3% |
| Dexerials Corp. | 345400 | 8044653 | 0.3% |
| DTS Corp. | 254000 | 6038755 | 0.2% |
| Konica Minolta, Inc. | 2014100 | 6136873 | 0.3% |
| Macnica Holdings, Inc. | 335450 | 6709361 | 0.3% |
| Maruwa Co. Ltd. | 57700 | 6779271 | 0.3% |
| NET One Systems Co. Ltd. | 383900 | 7884792 | 0.3% |
| NSD Co. Ltd. | 489360 | 8362456 | 0.3% |
| Tokyo Seimitsu Co. Ltd. | 248700 | 7479548 | 0.3% |
| Topcon Corp. | 676700 | 7401971 | 0.3% |
| Ulvac, Inc. | 225700 | 8897322 | 0.4% |
| Other Securities |  | 285987560 | 11.2% |
| TOTAL INFORMATION TECHNOLOGY |  | 389564150 | 15.4% |
| MATERIALS — (12.1%) |  |  |  |
| ADEKA Corp. | 508800 | 7606774 | 0.3% |
| Asahi Holdings, Inc. | 472200 | 6022117 | 0.2% |
| Daicel Corp. | 1608100 | 9175525 | 0.4% |
| Kureha Corp. | 103950 | 6674583 | 0.3% |
| Mitsui Mining & Smelting Co. Ltd. | 366200 | 7396353 | 0.3% |
| Tokai Carbon Co. Ltd. | 1004500 | 6555281 | 0.3% |
| UBE Corp. | 611100 | 7881843 | 0.3% |
| Other Securities |  | 257679027 | 10.2% |
| TOTAL MATERIALS |  | 308991503 | 12.3% |
| REAL ESTATE — (1.4%) |  |  |  |
| Other Securities |  | 36414839 | 1.4% |
| UTILITIES — (1.7%) |  |  |  |
| Nippon Gas Co. Ltd. | 684000 | 9936468 | 0.4% |
| Other Securities |  | 32350517 | 1.3% |
| TOTAL UTILITIES |  | 42286985 | 1.7% |
| TOTAL COMMON STOCKS<br> (Cost $2,854,128,543) |  | 2493001458 | 98.9% |
|  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (2.2%) |  |  |  |
| The DFA Short Term Investment Fund | 4804517 | 55545021 | 2.2% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $2,909,692,756) |  | $2548546479 | 101.1% |

---

------

**The Japanese Small Company Series**<br> **continued**

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services |  | $60456006 |  | $60456006 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 366770947 |  | 366770947 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  | 198062968 |  | 198062968 |
| &nbsp;&nbsp;&nbsp;Energy |  | 19204938 |  | 19204938 |
| &nbsp;&nbsp;&nbsp;Financials | $2856753 | 220506329 |  | 223363082 |
| &nbsp;&nbsp;&nbsp;Health Care |  | 127792503 |  | 127792503 |
| &nbsp;&nbsp;&nbsp;Industrials |  | 720093537 |  | 720093537 |
| &nbsp;&nbsp;&nbsp;Information Technology |  | 389564150 |  | 389564150 |
| &nbsp;&nbsp;&nbsp;Materials |  | 308991503 |  | 308991503 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 36414839 |  | 36414839 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 42286985 |  | 42286985 |
| Securities Lending Collateral |  | 55545021 |  | 55545021 |
| TOTAL | $2856753 | $2545689726 |  | $2548546479 |

---

See accompanying Notes to Financial Statements.

------

**The Asia Pacific Small Company Series**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (98.6%) | COMMON STOCKS — (98.6%) |  |  |  |
| AUSTRALIA — (64.4%) | AUSTRALIA — (64.4%) |  |  |  |
| \* | AMP Ltd. | 12919775 | $10418866 | 0.9% |
| # | Ansell Ltd. | 667221 | 12045403 | 1.0% |
| # | ARB Corp. Ltd. | 515315 | 9567925 | 0.8% |
|  | AUB Group Ltd. | 762060 | 10083242 | 0.9% |
|  | Bapcor Ltd. | 2227045 | 9417379 | 0.8% |
|  | Beach Energy Ltd. | 8737409 | 8934529 | 0.8% |
| # | Breville Group Ltd. | 652020 | 8261901 | 0.7% |
|  | Brickworks Ltd. | 469394 | 6646000 | 0.6% |
| # | Corporate Travel Management Ltd. | 706149 | 7883899 | 0.7% |
|  | CSR Ltd. | 3109441 | 9211011 | 0.8% |
|  | Downer EDI Ltd. | 3274403 | 9410422 | 0.8% |
|  | Eagers Automotive Ltd. | 941185 | 7461464 | 0.6% |
|  | Elders Ltd. | 1009369 | 8415415 | 0.7% |
| #\* | Flight Centre Travel Group Ltd. | 718191 | 7643947 | 0.6% |
| # | Gold Road Resources Ltd. | 7605514 | 6572387 | 0.6% |
|  | GrainCorp Ltd., Class A | 1517016 | 8155207 | 0.7% |
|  | Healius Ltd. | 3665521 | 8029741 | 0.7% |
|  | HUB24 Ltd. | 461678 | 7485853 | 0.6% |
| # | Insignia Financial Ltd. | 4120661 | 8306842 | 0.7% |
|  | IPH Ltd. | 1331405 | 8467477 | 0.7% |
|  | IRESS Ltd. | 1215703 | 7890780 | 0.7% |
|  | Lifestyle Communities Ltd. | 578173 | 6490474 | 0.5% |
|  | Metcash Ltd. | 2899744 | 7612203 | 0.6% |
| # | New Hope Corp. Ltd. | 2341365 | 8505399 | 0.7% |
|  | nib holdings Ltd. | 2992914 | 12806819 | 1.1% |
|  | Nufarm Ltd. | 2098872 | 7480120 | 0.6% |
| #\* | Omni Bridgeway Ltd. | 2355720 | 6782068 | 0.6% |
|  | Orora Ltd. | 5992474 | 11628555 | 1.0% |
| #\* | Paladin Energy Ltd. | 16033988 | 8680653 | 0.7% |
| # | Pendal Group Ltd. | 2058779 | 6466738 | 0.5% |
| # | Perseus Mining Ltd. | 8114950 | 9451479 | 0.8% |
|  | Premier Investments Ltd. | 410666 | 6576580 | 0.6% |
|  | Reliance Worldwide Corp. Ltd. | 4255179 | 8742677 | 0.7% |
|  | Sims Ltd. | 1106977 | 8654727 | 0.7% |
| \* | Star Entertainment Group Ltd. | 5751661 | 10819618 | 0.9% |
| # | Super Retail Group Ltd. | 1057351 | 6952302 | 0.6% |
| #\* | Syrah Resources Ltd. | 4792786 | 7321076 | 0.6% |
|  | Technology One Ltd. | 1296361 | 9972913 | 0.8% |
| Ω | Viva Energy Group Ltd. | 3776327 | 6854919 | 0.6% |
| #\* | Webjet Ltd. | 2329981 | 7868307 | 0.7% |
|  | Whitehaven Coal Ltd. | 3623702 | 21049343 | 1.8% |
|  | Other Securities |  | 417169018 | 34.7% |
| TOTAL AUSTRALIA | TOTAL AUSTRALIA |  | 778195678 | 65.2% |
| CHINA — (0.1%) | CHINA — (0.1%) |  |  |  |
|  | Other Securities |  | 1050669 | 0.1% |
| HONG KONG — (18.7%) | HONG KONG — (18.7%) |  |  |  |
|  | ASMPT Ltd. | 1590200 | 8746899 | 0.7% |
|  | Kerry Logistics Network Ltd. | 4063500 | 6450213 | 0.6% |
|  | Luk Fook Holdings International Ltd. | 3509000 | 7622920 | 0.6% |
|  | VTech Holdings Ltd. | 1292000 | 6877585 | 0.6% |

---

------

**The Asia Pacific Small Company Series** <br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| HONG KONG — (Continued) | HONG KONG — (Continued) |  |  |  |
|  | Other Securities |  | $195738785 | 16.4% |
| TOTAL HONG KONG | TOTAL HONG KONG |  | 225436402 | 18.9% |
| NEW ZEALAND — (4.6%) | NEW ZEALAND — (4.6%) |  |  |  |
|  | Chorus Ltd. | 2451723 | 11836205 | 1.0% |
| \* | SKYCITY Entertainment Group Ltd. | 4246632 | 7159611 | 0.6% |
|  | Other Securities |  | 35984180 | 3.0% |
| TOTAL NEW ZEALAND | TOTAL NEW ZEALAND |  | 54979996 | 4.6% |
| SINGAPORE — (10.8%) | SINGAPORE — (10.8%) |  |  |  |
|  | ComfortDelGro Corp. Ltd. | 9120200 | 8187132 | 0.7% |
|  | Golden Agri-Resources Ltd. | 31541800 | 6467918 | 0.5% |
|  | Keppel Infrastructure Trust | 18468846 | 6911022 | 0.6% |
|  | Other Securities |  | 109293171 | 9.1% |
| TOTAL SINGAPORE | TOTAL SINGAPORE |  | 130859243 | 10.9% |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  | 1190521988 | 99.7% |
| RIGHTS/WARRANTS — (0.0%) | RIGHTS/WARRANTS — (0.0%) |  |  |  |
| AUSTRALIA — (0.0%) | AUSTRALIA — (0.0%) |  |  |  |
|  | Other Securities |  | 21319 | 0.0% |
| HONG KONG — (0.0%) | HONG KONG — (0.0%) |  |  |  |
|  | Other Security |  | 5255 | 0.0% |
| TOTAL RIGHTS/WARRANTS | TOTAL RIGHTS/WARRANTS |  | 26574 | 0.0% |
| TOTAL INVESTMENT SECURITIES<br> (Cost $1,539,796,503) | TOTAL INVESTMENT SECURITIES<br> (Cost $1,539,796,503) |  | 1190548562 |  |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (1.4%) | SECURITIES LENDING COLLATERAL — (1.4%) | SECURITIES LENDING COLLATERAL — (1.4%) | SECURITIES LENDING COLLATERAL — (1.4%) |  |
| @§ | The DFA Short Term Investment Fund | 1496806 | 17304573 | 1.5% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,557,108,416) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,557,108,416) |  | $1207853135 | 101.2% |

---

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $8084 | $777796648 | $390946 | $778195678 |
| &nbsp;&nbsp;&nbsp;China |  | 1050669 |  | 1050669 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 224321261 | 1115141 | 225436402 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 54979996 |  | 54979996 |
| &nbsp;&nbsp;&nbsp;Singapore | 637539 | 129841227 | 380477 | 130859243 |
| Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia |  | 21319 |  | 21319 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 5255 |  | 5255 |
| Securities Lending Collateral |  | 17304573 |  | 17304573 |
| TOTAL | $645623 | $1205320948 | $1,886,564^ | $1207853135 |

---

------

**The Asia Pacific Small Company Series**<br> **continued**

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**The United Kingdom Small Company Series**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (97.5%) | COMMON STOCKS — (97.5%) |  |  |  |
| COMMUNICATION SERVICES — (3.6%) | COMMUNICATION SERVICES — (3.6%) |  |  |  |
|  | Euromoney Institutional Investor PLC | 592842 | $9845186 | 0.8% |
|  | Other Securities |  | 33354764 | 2.9% |
| TOTAL COMMUNICATION SERVICES | TOTAL COMMUNICATION SERVICES |  | 43199950 | 3.7% |
| CONSUMER DISCRETIONARY — (16.3%) | CONSUMER DISCRETIONARY — (16.3%) |  |  |  |
|  | Bellway PLC | 429828 | 9141218 | 0.8% |
| \* | Frasers Group PLC | 1220486 | 9056198 | 0.8% |
|  | Games Workshop Group PLC | 176198 | 12933595 | 1.1% |
|  | Greggs PLC | 604556 | 14014474 | 1.2% |
|  | Inchcape PLC | 2415336 | 20604988 | 1.8% |
|  | Pets at Home Group PLC | 3042980 | 10061388 | 0.9% |
| \* | Playtech PLC | 1947421 | 11571872 | 1.0% |
| # | Vistry Group PLC | 1228992 | 8503987 | 0.7% |
|  | Other Securities |  | 98610384 | 8.4% |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY |  | 194498104 | 16.7% |
| CONSUMER STAPLES — (7.0%) | CONSUMER STAPLES — (7.0%) |  |  |  |
|  | Britvic PLC | 1626728 | 13586475 | 1.2% |
|  | Cranswick PLC | 365093 | 12464969 | 1.1% |
| \* | Marks & Spencer Group PLC | 7566588 | 9163708 | 0.8% |
|  | Tate & Lyle PLC | 2060165 | 16553803 | 1.4% |
|  | Other Securities |  | 31665598 | 2.6% |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES |  | 83434553 | 7.1% |
| ENERGY — (4.2%) | ENERGY — (4.2%) |  |  |  |
| \* | Capricorn Energy PLC | 4040365 | 11477115 | 1.0% |
|  | Other Securities |  | 38574608 | 3.3% |
| TOTAL ENERGY | TOTAL ENERGY |  | 50051723 | 4.3% |
| FINANCIALS — (18.4%) | FINANCIALS — (18.4%) |  |  |  |
|  | Beazley PLC | 3081626 | 22100836 | 1.9% |
|  | Close Brothers Group PLC | 898617 | 10123897 | 0.9% |
|  | Hiscox Ltd. | 1420362 | 14632152 | 1.2% |
|  | Lancashire Holdings Ltd. | 1670143 | 9478286 | 0.8% |
|  | Man Group PLC | 7662342 | 19060892 | 1.6% |
|  | OSB Group PLC | 2135454 | 10176648 | 0.9% |
|  | Paragon Banking Group PLC | 1934045 | 9462355 | 0.8% |
|  | Plus500 Ltd. | 525338 | 10868092 | 0.9% |
| Ω | Quilter PLC | 8070566 | 8945685 | 0.8% |
|  | TP ICAP Group PLC | 4137686 | 8726393 | 0.7% |
|  | Virgin Money UK PLC | 6368888 | 9926426 | 0.8% |
|  | Other Securities |  | 86017639 | 7.5% |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 219519301 | 18.8% |
| HEALTH CARE — (4.9%) | HEALTH CARE — (4.9%) |  |  |  |
|  | CVS Group PLC | 413530 | 8938783 | 0.8% |
|  | Indivior PLC | 771895 | 14621023 | 1.2% |
| # | Mediclinic International PLC | 2400508 | 13655822 | 1.2% |
|  | Other Securities |  | 20957862 | 1.8% |
| TOTAL HEALTH CARE | TOTAL HEALTH CARE |  | 58173490 | 5.0% |

---

------

**The United Kingdom Small Company Series**<br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INDUSTRIALS — (22.3%) | INDUSTRIALS — (22.3%) |  |  |  |
| \* | Babcock International Group PLC | 2860700 | $9035971 | 0.8% |
|  | Balfour Beatty PLC | 3610310 | 12369652 | 1.1% |
|  | Diploma PLC | 427629 | 12162994 | 1.0% |
|  | Grafton Group PLC | 1499770 | 11874058 | 1.0% |
|  | Hays PLC | 9235636 | 11644369 | 1.0% |
|  | Pagegroup PLC | 1968311 | 9493890 | 0.8% |
|  | QinetiQ Group PLC | 3269929 | 13478205 | 1.2% |
|  | Rotork PLC | 4427553 | 12977500 | 1.1% |
|  | Serco Group PLC | 5072076 | 9486190 | 0.8% |
|  | Travis Perkins PLC | 1187192 | 11189269 | 1.0% |
|  | Other Securities |  | 151227680 | 12.9% |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 264939778 | 22.7% |
| INFORMATION TECHNOLOGY — (8.5%) | INFORMATION TECHNOLOGY — (8.5%) |  |  |  |
|  | Computacenter PLC | 501179 | 10398774 | 0.9% |
|  | Micro Focus International PLC | 1571570 | 9370682 | 0.8% |
|  | Softcat PLC | 677739 | 8707891 | 0.7% |
|  | Spectris PLC | 462131 | 16016986 | 1.4% |
|  | Spirent Communications PLC | 4065908 | 12069222 | 1.0% |
|  | Other Securities |  | 44097451 | 3.8% |
| TOTAL INFORMATION TECHNOLOGY | TOTAL INFORMATION TECHNOLOGY |  | 100661006 | 8.6% |
| MATERIALS — (5.1%) | MATERIALS — (5.1%) |  |  |  |
|  | Victrex PLC | 545312 | 10356993 | 0.9% |
|  | Other Securities |  | 50618342 | 4.3% |
| TOTAL MATERIALS | TOTAL MATERIALS |  | 60975335 | 5.2% |
| REAL ESTATE — (3.0%) | REAL ESTATE — (3.0%) |  |  |  |
|  | Grainger PLC | 4237552 | 11018013 | 0.9% |
|  | Savills PLC | 965499 | 9122034 | 0.8% |
|  | Other Securities |  | 15177252 | 1.3% |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE |  | 35317299 | 3.0% |
| UTILITIES — (4.2%) | UTILITIES — (4.2%) |  |  |  |
|  | Centrica PLC | 12351821 | 10853682 | 0.9% |
|  | Drax Group PLC | 2494304 | 14895027 | 1.3% |
|  | Pennon Group PLC | 1360703 | 13075947 | 1.1% |
|  | Telecom Plus PLC | 427882 | 10401875 | 0.9% |
|  | Other Security |  | 539940 | 0.1% |
| TOTAL UTILITIES | TOTAL UTILITIES |  | 49766471 | 4.3% |
| TOTAL COMMON STOCKS<br> (Cost $1,400,292,665) | TOTAL COMMON STOCKS<br> (Cost $1,400,292,665) |  | 1160537010 | 99.4% |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (2.5%) | SECURITIES LENDING COLLATERAL — (2.5%) |  |  |  |
| @§ | The DFA Short Term Investment Fund | 2548908 | 29467920 | 2.5% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,429,768,069) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,429,768,069) |  | $1190004930 | 101.9% |

---

------

**The United Kingdom Small Company Series**<br> **continued**

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $23016 | $43176934 |  | $43199950 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary |  | 194388958 | $109146 | 194498104 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  | 83434553 |  | 83434553 |
| &nbsp;&nbsp;&nbsp;Energy |  | 50051723 |  | 50051723 |
| &nbsp;&nbsp;&nbsp;Financials |  | 219518781 | 520 | 219519301 |
| &nbsp;&nbsp;&nbsp;Health Care |  | 58167401 | 6089 | 58173490 |
| &nbsp;&nbsp;&nbsp;Industrials | 160252 | 264779526 |  | 264939778 |
| &nbsp;&nbsp;&nbsp;Information Technology |  | 100661006 |  | 100661006 |
| &nbsp;&nbsp;&nbsp;Materials |  | 60975335 |  | 60975335 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 35317299 |  | 35317299 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 49766471 |  | 49766471 |
| Securities Lending Collateral |  | 29467920 |  | 29467920 |
| TOTAL | $183268 | $1189705907 | $115,755^ | $1190004930 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**The Continental Small Company Series**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (93.7%) | COMMON STOCKS — (93.7%) |  |  |  |
| AUSTRIA — (3.1%) | AUSTRIA — (3.1%) |  |  |  |
|  | ANDRITZ AG | 444373 | $20652912 | 0.5% |
| Ω | BAWAG Group AG | 344403 | 16626330 | 0.4% |
|  | Other Securities |  | 104285328 | 2.4% |
| TOTAL AUSTRIA | TOTAL AUSTRIA |  | 141564570 | 3.3% |
| BELGIUM — (4.4%) | BELGIUM — (4.4%) |  |  |  |
|  | Ackermans & van Haaren NV | 172739 | 24066242 | 0.6% |
|  | D'ieteren Group | 122666 | 20415062 | 0.5% |
|  | Euronav NV | 1306429 | 22776000 | 0.5% |
|  | Other Securities |  | 132956790 | 3.0% |
| TOTAL BELGIUM | TOTAL BELGIUM |  | 200214094 | 4.6% |
| DENMARK — (6.2%) | DENMARK — (6.2%) |  |  |  |
| #\* | ISS AS | 927711 | 17037438 | 0.4% |
| \* | Jyske Bank AS | 445581 | 24047629 | 0.6% |
|  | Ringkjoebing Landbobank AS | 197936 | 21527994 | 0.5% |
|  | Royal Unibrew AS | 312072 | 17826861 | 0.4% |
|  | Topdanmark AS | 367737 | 16972205 | 0.4% |
|  | Other Securities |  | 187427684 | 4.2% |
| TOTAL DENMARK | TOTAL DENMARK |  | 284839811 | 6.5% |
| FINLAND — (5.3%) | FINLAND — (5.3%) |  |  |  |
|  | Huhtamaki Oyj | 643085 | 23112067 | 0.5% |
|  | Orion Oyj, Class B | 676382 | 31125885 | 0.7% |
|  | Valmet Oyj | 1002259 | 22794608 | 0.5% |
|  | Other Securities |  | 164215005 | 3.8% |
| TOTAL FINLAND | TOTAL FINLAND |  | 241247565 | 5.5% |
| FRANCE — (10.4%) | FRANCE — (10.4%) |  |  |  |
|  | Gaztransport Et Technigaz SA | 161171 | 18750394 | 0.4% |
|  | Nexans SA | 198522 | 18537701 | 0.4% |
|  | Rexel SA | 1687054 | 30105974 | 0.7% |
| \* | SOITEC | 136660 | 17498496 | 0.4% |
|  | SPIE SA | 887677 | 20765906 | 0.5% |
|  | Other Securities |  | 368603169 | 8.5% |
| TOTAL FRANCE | TOTAL FRANCE |  | 474261640 | 10.9% |
| GERMANY — (13.4%) | GERMANY — (13.4%) |  |  |  |
| \* | Aareal Bank AG | 523741 | 16561936 | 0.4% |
|  | Aurubis AG | 287683 | 18152871 | 0.4% |
|  | Freenet AG | 962168 | 18912546 | 0.4% |
|  | Hugo Boss AG | 426713 | 19653270 | 0.5% |
|  | K&S AG | 1269799 | 28035878 | 0.7% |
|  | Lanxess AG | 577941 | 19544674 | 0.5% |
|  | Rheinmetall AG | 186043 | 30241593 | 0.7% |
|  | Other Securities |  | 460058281 | 10.5% |
| TOTAL GERMANY | TOTAL GERMANY |  | 611161049 | 14.1% |
| IRELAND — (1.5%) | IRELAND — (1.5%) |  |  |  |
|  | Bank of Ireland Group PLC | 5945531 | 42811519 | 1.0% |

---

------

**The Continental Small Company Series**<br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| IRELAND — (Continued) | IRELAND — (Continued) |  |  |  |
|  | Other Securities |  | $24848912 | 0.6% |
| TOTAL IRELAND | TOTAL IRELAND |  | 67660431 | 1.6% |
| ISRAEL — (3.6%) | ISRAEL — (3.6%) |  |  |  |
|  | Other Securities |  | 162740149 | 3.7% |
| ITALY — (8.4%) | ITALY — (8.4%) |  |  |  |
|  | Banco BPM SpA | 10252032 | 31017683 | 0.7% |
|  | Italgas SpA | 3535826 | 18217452 | 0.4% |
|  | Leonardo SpA | 2965480 | 23824938 | 0.6% |
|  | Other Securities |  | 310831433 | 7.1% |
| TOTAL ITALY | TOTAL ITALY |  | 383891506 | 8.8% |
| NETHERLANDS — (5.6%) | NETHERLANDS — (5.6%) |  |  |  |
|  | Aalberts NV | 686131 | 23803028 | 0.6% |
|  | Arcadis NV | 533103 | 18091946 | 0.4% |
|  | ASR Nederland NV | 672922 | 29630688 | 0.7% |
|  | BE Semiconductor Industries NV | 405420 | 20662135 | 0.5% |
| # | OCI NV | 554235 | 21198317 | 0.5% |
| Ω | Signify NV | 711679 | 19717182 | 0.5% |
|  | Other Securities |  | 123236655 | 2.7% |
| TOTAL NETHERLANDS | TOTAL NETHERLANDS |  | 256339951 | 5.9% |
| NORWAY — (2.4%) | NORWAY — (2.4%) |  |  |  |
|  | Other Securities |  | 111438926 | 2.6% |
| PORTUGAL — (1.0%) | PORTUGAL — (1.0%) |  |  |  |
|  | Other Securities |  | 43915237 | 1.0% |
| SPAIN — (5.7%) | SPAIN — (5.7%) |  |  |  |
|  | Banco de Sabadell SA | 36362876 | 28610453 | 0.7% |
|  | Bankinter SA | 4326671 | 26171851 | 0.6% |
| # | Enagas SA | 1457648 | 23663312 | 0.5% |
|  | Other Securities |  | 184347363 | 4.2% |
| TOTAL SPAIN | TOTAL SPAIN |  | 262792979 | 6.0% |
| SWEDEN — (5.9%) | SWEDEN — (5.9%) |  |  |  |
|  | Other Securities |  | 270528558 | 6.2% |
| SWITZERLAND — (16.5%) | SWITZERLAND — (16.5%) |  |  |  |
|  | Allreal Holding AG | 125251 | 17941765 | 0.4% |
|  | Belimo Holding AG | 65574 | 26708771 | 0.6% |
|  | BKW AG | 163805 | 19109935 | 0.4% |
|  | Bucher Industries AG | 54335 | 18319886 | 0.4% |
|  | Clariant AG | 1125574 | 18088884 | 0.4% |
|  | DKSH Holding AG | 235948 | 17021421 | 0.4% |
| \* | Flughafen Zurich AG | 147702 | 22913924 | 0.5% |
|  | Georg Fischer AG | 630511 | 34920705 | 0.8% |
|  | Helvetia Holding AG | 266750 | 26488894 | 0.6% |
|  | PSP Swiss Property AG | 340600 | 36386222 | 0.8% |
|  | Siegfried Holding AG | 32909 | 19590005 | 0.5% |
| Ω | VAT Group AG | 114674 | 26180212 | 0.6% |
|  | Other Securities |  | 470666378 | 11.0% |
| TOTAL SWITZERLAND | TOTAL SWITZERLAND |  | 754337002 | 17.4% |

---

------

**The Continental Small Company Series**<br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| UNITED STATES — (0.3%) | UNITED STATES — (0.3%) |  |  |  |
|  | Other Securities |  | $12849060 | 0.3% |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  | 4279782528 | 98.4% |
| PREFERRED STOCKS — (0.7%) | PREFERRED STOCKS — (0.7%) |  |  |  |
| GERMANY — (0.7%) | GERMANY — (0.7%) |  |  |  |
|  | Other Securities |  | 33294751 | 0.8% |
| TOTAL INVESTMENT SECURITIES<br> (Cost $4,398,989,975) | TOTAL INVESTMENT SECURITIES<br> (Cost $4,398,989,975) |  | 4313077279 |  |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (5.6%) | SECURITIES LENDING COLLATERAL — (5.6%) |  |  |  |
| @§ | The DFA Short Term Investment Fund | 22188427 | 256520399 | 5.9% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $4,655,611,905) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $4,655,611,905) |  | $4569597678 | 105.1% |

---

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria | $376173 | $141188397 |  | $141564570 |
| &nbsp;&nbsp;&nbsp;Belgium | 792151 | 199421943 |  | 200214094 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 284839811 |  | 284839811 |
| &nbsp;&nbsp;&nbsp;Finland |  | 241247565 |  | 241247565 |
| &nbsp;&nbsp;&nbsp;France | 127704 | 474099006 | $34930 | 474261640 |
| &nbsp;&nbsp;&nbsp;Germany |  | 611161049 |  | 611161049 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 67660431 |  | 67660431 |
| &nbsp;&nbsp;&nbsp;Israel | 585758 | 162154391 |  | 162740149 |
| &nbsp;&nbsp;&nbsp;Italy |  | 383891506 |  | 383891506 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 256339951 |  | 256339951 |
| &nbsp;&nbsp;&nbsp;Norway | 239412 | 111199514 |  | 111438926 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 43915237 |  | 43915237 |
| &nbsp;&nbsp;&nbsp;Spain |  | 262792979 |  | 262792979 |
| &nbsp;&nbsp;&nbsp;Sweden | 704204 | 269824354 |  | 270528558 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 754337002 |  | 754337002 |
| &nbsp;&nbsp;&nbsp;United States | 5487656 | 7361404 |  | 12849060 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Germany |  | 33294751 |  | 33294751 |
| Securities Lending Collateral |  | 256520399 |  | 256520399 |
| TOTAL | $8313058 | $4561249690 | $34,930^ | $4569597678 |

---

---

| | |
|:---|:---|
| ^ | A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period in relation to net assets. |

---

See accompanying Notes to Financial Statements.

------

**The Canadian Small Company Series**

**SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS**

**October 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| COMMON STOCKS — (85.9%) | COMMON STOCKS — (85.9%) |  |  |  |
| COMMUNICATION SERVICES — (1.1%) | COMMUNICATION SERVICES — (1.1%) |  |  |  |
|  | Other Securities |  | $15273446 | 1.2% |
| CONSUMER DISCRETIONARY — (4.7%) | CONSUMER DISCRETIONARY — (4.7%) |  |  |  |
| #\* | Aritzia, Inc. | 461040 | 17881861 | 1.5% |
|  | Linamar Corp. | 255634 | 10941402 | 0.9% |
|  | Other Securities |  | 38001319 | 3.1% |
| TOTAL CONSUMER DISCRETIONARY | TOTAL CONSUMER DISCRETIONARY |  | 66824582 | 5.5% |
| CONSUMER STAPLES — (4.2%) | CONSUMER STAPLES — (4.2%) |  |  |  |
| # | North West Co., Inc. | 291156 | 7576232 | 0.6% |
| # | Premium Brands Holdings Corp. | 227466 | 13419050 | 1.1% |
|  | Primo Water Corp. | 93425 | 1363071 | 0.1% |
|  | Primo Water Corp. | 799922 | 11661064 | 1.0% |
|  | Other Securities |  | 25055883 | 2.1% |
| TOTAL CONSUMER STAPLES | TOTAL CONSUMER STAPLES |  | 59075300 | 4.9% |
| ENERGY — (24.7%) | ENERGY — (24.7%) |  |  |  |
| \* | Advantage Energy Ltd. | 1194867 | 9033751 | 0.7% |
| \* | Baytex Energy Corp. | 2341875 | 12720575 | 1.0% |
| # | Birchcliff Energy Ltd. | 1610417 | 12518307 | 1.0% |
| # | Crescent Point Energy Corp. | 2943000 | 23006533 | 1.9% |
| # | Crescent Point Energy Corp. | 346792 | 2715381 | 0.2% |
| # | Enerplus Corp. | 1294755 | 22448059 | 1.9% |
|  | Enerplus Corp. | 28353 | 490790 | 0.0% |
| # | Freehold Royalties Ltd. | 652441 | 8117499 | 0.7% |
| # | Gibson Energy, Inc. | 899205 | 15345922 | 1.3% |
| #\* | MEG Energy Corp. | 2167763 | 32412620 | 2.7% |
| \* | NuVista Energy Ltd. | 1111528 | 11022676 | 0.9% |
| # | Paramount Resources Ltd., Class A | 405621 | 8592673 | 0.7% |
|  | Parex Resources, Inc. | 774607 | 11815124 | 1.0% |
|  | Parkland Corp. | 836660 | 16913140 | 1.4% |
| # | Peyto Exploration & Development Corp. | 965837 | 9017834 | 0.7% |
| # | PrairieSky Royalty Ltd. | 1182767 | 18370720 | 1.5% |
|  | Secure Energy Services, Inc. | 1849956 | 9709094 | 0.8% |
| # | Vermilion Energy, Inc. | 716524 | 16719858 | 1.4% |
|  | Vermilion Energy, Inc. | 233451 | 5441743 | 0.5% |
| # | Whitecap Resources, Inc. | 2696209 | 20899159 | 1.7% |
|  | Other Securities |  | 81074025 | 6.7% |
| TOTAL ENERGY | TOTAL ENERGY |  | 348385483 | 28.7% |
| FINANCIALS — (8.0%) | FINANCIALS — (8.0%) |  |  |  |
| # | Canadian Western Bank | 498863 | 8678426 | 0.7% |
| # | CI Financial Corp. | 1010158 | 10113814 | 0.8% |
|  | Element Fleet Management Corp. | 2180348 | 29047834 | 2.4% |
| # | Laurentian Bank of Canada | 370975 | 8278078 | 0.7% |
|  | Other Securities |  | 56710772 | 4.7% |
| TOTAL FINANCIALS | TOTAL FINANCIALS |  | 112828924 | 9.3% |
| HEALTH CARE — (1.3%) | HEALTH CARE — (1.3%) |  |  |  |
|  | Other Securities |  | 18737939 | 1.5% |

---

------

**The Canadian Small Company Series<br> continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| INDUSTRIALS — (9.4%) | INDUSTRIALS — (9.4%) |  |  |  |
| \* | ATS Automation Tooling Systems, Inc. | 416536 | $13177745 | 1.1% |
| #\* | Bombardier, Inc., Class A | 13989 | 415455 | 0.0% |
| #\* | Bombardier, Inc., Class B | 435248 | 12782522 | 1.1% |
| # | Boyd Group Services, Inc. | 87102 | 12394461 | 1.0% |
|  | Finning International, Inc. | 809489 | 17213562 | 1.4% |
|  | Richelieu Hardware Ltd. | 316493 | 8495724 | 0.7% |
| # | Russel Metals, Inc. | 345023 | 7146878 | 0.6% |
| # | SNC-Lavalin Group, Inc. | 888433 | 15383811 | 1.3% |
|  | Other Securities |  | 46315708 | 3.8% |
| TOTAL INDUSTRIALS | TOTAL INDUSTRIALS |  | 133325866 | 11.0% |
| INFORMATION TECHNOLOGY — (2.8%) | INFORMATION TECHNOLOGY — (2.8%) |  |  |  |
|  | Other Securities |  | 39577541 | 3.2% |
| MATERIALS — (20.5%) | MATERIALS — (20.5%) |  |  |  |
|  | Alamos Gold, Inc., Class A | 2191494 | 17292586 | 1.4% |
|  | Alamos Gold, Inc., Class A | 23683 | 186859 | 0.0% |
|  | B2Gold Corp. | 523630 | 1598929 | 0.1% |
|  | B2Gold Corp. | 4206445 | 12913786 | 1.1% |
|  | Lundin Mining Corp. | 1333672 | 6989700 | 0.6% |
| # | Methanex Corp. | 214217 | 7476800 | 0.6% |
| # | Methanex Corp. | 126782 | 4423424 | 0.4% |
|  | Pan American Silver Corp. | 30283 | 483470 | 0.0% |
| # | Pan American Silver Corp. | 807720 | 12907366 | 1.1% |
| # | SSR Mining, Inc. | 847686 | 11672908 | 1.0% |
|  | SSR Mining, Inc. | 262936 | 3628517 | 0.3% |
| # | Stella-Jones, Inc. | 312231 | 9403485 | 0.8% |
|  | Turquoise Hill Resources Ltd. | 237010 | 6662351 | 0.6% |
| #\* | Turquoise Hill Resources Ltd. | 259936 | 7319089 | 0.6% |
| # | Yamana Gold, Inc. | 3875378 | 17010871 | 1.4% |
|  | Yamana Gold, Inc. | 588814 | 2579005 | 0.2% |
|  | Other Securities |  | 166659300 | 13.6% |
| TOTAL MATERIALS | TOTAL MATERIALS |  | 289208446 | 23.8% |
| REAL ESTATE — (2.3%) | REAL ESTATE — (2.3%) |  |  |  |
| # | Altus Group Ltd. | 244093 | 8673647 | 0.7% |
| # | Tricon Residential, Inc. | 1203306 | 10139797 | 0.8% |
|  | Tricon Residential, Inc. | 103827 | 875262 | 0.1% |
|  | Other Securities |  | 12011086 | 1.0% |
| TOTAL REAL ESTATE | TOTAL REAL ESTATE |  | 31699792 | 2.6% |
| UTILITIES — (6.9%) | UTILITIES — (6.9%) |  |  |  |
|  | Atco Ltd., Class I | 397742 | 12349607 | 1.0% |
|  | Boralex, Inc., Class A | 499461 | 14162424 | 1.2% |
| # | Brookfield Infrastructure Corp., Class A | 205538 | 8868171 | 0.7% |
|  | Capital Power Corp. | 724520 | 24250825 | 2.0% |
| # | Innergex Renewable Energy, Inc. | 748951 | 8246239 | 0.7% |
|  | TransAlta Corp. | 1758255 | 15487254 | 1.3% |

---

------

**The Canadian Small Company Series**<br> **continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value»** | **Percentage<br> of Net Assets‡** |
| UTILITIES — (Continued) | UTILITIES — (Continued) |  |  |  |
|  | Other Securities |  | $14633883 | 1.2% |
| TOTAL UTILITIES | TOTAL UTILITIES |  | 97998403 | 8.1% |
| TOTAL COMMON STOCKS<br> (Cost $1,129,103,652) | TOTAL COMMON STOCKS<br> (Cost $1,129,103,652) |  | 1212935722 | 99.8% |
| TOTAL RIGHTS/WARRANTS<br> (Cost $) | TOTAL RIGHTS/WARRANTS<br> (Cost $) |  | 0 | 0.0% |
| TOTAL INVESTMENT SECURITIES<br> (Cost $1,129,103,652) | TOTAL INVESTMENT SECURITIES<br> (Cost $1,129,103,652) |  | 1212935722 |  |
|  |  |  | **Value†** |  |
| SECURITIES LENDING COLLATERAL — (14.1%) | SECURITIES LENDING COLLATERAL — (14.1%) |  |  |  |
| @§ | The DFA Short Term Investment Fund | 17275482 | 199721843 | 16.5% |
| TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,328,909,530) | TOTAL INVESTMENTS—(100.0%)<br> (Cost $1,328,909,530) |  | $1412657565 | 116.3% |

---

Summary of the Series' investments as of October 31, 2022, based on their valuation inputs, is as follows (see Security Valuation Note):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** | **Investments in Securities (Market Value)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | $11643215 | $3630231 |  | $15273446 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 66824582 |  |  | 66824582 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 59075300 |  |  | 59075300 |
| &nbsp;&nbsp;&nbsp;Energy | 348385483 |  |  | 348385483 |
| &nbsp;&nbsp;&nbsp;Financials | 112828924 |  |  | 112828924 |
| &nbsp;&nbsp;&nbsp;Health Care | 18723050 | 14889 |  | 18737939 |
| &nbsp;&nbsp;&nbsp;Industrials | 133325866 |  |  | 133325866 |
| &nbsp;&nbsp;&nbsp;Information Technology | 39577541 |  |  | 39577541 |
| &nbsp;&nbsp;&nbsp;Materials | 289169935 | 38511 |  | 289208446 |
| &nbsp;&nbsp;&nbsp;Real Estate | 31699792 |  |  | 31699792 |
| &nbsp;&nbsp;&nbsp;Utilities | 97998403 |  |  | 97998403 |
| Securities Lending Collateral |  | 199721843 |  | 199721843 |
| TOTAL | $1209252091 | $203405474 |  | $1412657565 |

---

See accompanying Notes to Financial Statements.

------

(b) Not applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to the registrant.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 11. Controls and Procedures.</u>**

(a) Within 90 days of the filing date of this Form N-CSR, Alexander B. Potts, the registrant's President and Chief Executive Officer, and Michael Clinton, the registrant's Treasurer and Chief Financial and Accounting Officer, reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) and evaluated their effectiveness. Based on their review, Messrs. Potts and Clinton determined that the disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant is accumulated and communicated to the registrant's management to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to the registrant.

**<u>Item 13. Exhibits.</u>**

(a)(1) Not applicable.

[(a)(2) The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act") are filed herewith.](safunds4160391-ex99cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

[(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.](safunds4160391-ex99_906cert.htm)

The certifications provided pursuant to Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SA FUNDS – INVESTMENT TRUST

---

| | |
|:---|:---|
| By: | /s/ Alexander B. Potts |
|  | Alexander B. Potts |
|  | President and Chief Executive Officer |
| Date: | March 2, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Alexander B. Potts |
|  | Alexander B. Potts |
|  | President and Chief Executive Officer |
| Date: | March 2, 2023 |
| By: | /s/ Michael Clinton |
|  | Michael Clinton |
|  | Treasurer and Chief Financial and Accounting Officer |
| Date: | March 2, 2023 |

---

------

## Ex-99.Cert

Exhibit (a)(2)

**<u>CERTIFICATIONS</u>**

I, Alexander B. Potts, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of SA Funds – Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the second fiscal quarter of the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Alexander B. Potts |
|  | Alexander B. Potts |
|  | President and Chief Executive Officer |
| Date: | March 2, 2023 |

---

------

Exhibit (a)(2)

**<u>CERTIFICATIONS</u>**

I, Michael Clinton, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of SA Funds – Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the second fiscal quarter of the period covered by this report that
 has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Michael Clinton |
|  | Michael Clinton |
|  | Treasurer and Chief Financial and Accounting Officer |
| Date: | March 2, 2023 |

---

------

## Exhibit 99.906

Exhibit 99-906 CERT

Exhibit (b)

<u>Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>

Alexander B. Potts, President and Chief Executive Officer, and Michael Clinton, Treasurer and Chief Financial and Accounting Officer of SA Funds – Investment Trust (the "Trust"), each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Trust's periodic report on this Form N-CSR (the "Report") fully complies
 with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
 as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Alexander B. Potts |
|  | Alexander B. Potts |
|  | President and Chief Executive Officer |
| Date: | March 2, 2023 |
| By: | /s/ Michael Clinton |
|  | Michael Clinton |
|  | Treasurer and Chief Financial and Accounting Officer |
| Date: | March 2, 2023 |

---

A signed original of this written statement has been provided to the Trust and will be retained by the Trust and furnished to the Commission or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

------