# EDGAR Filing Document

**Accession Number:** 0001075065
**File Stem:** 0001206774-25-000653
**Filing Date:** 2025-9
**Character Count:** 626548
**Document Hash:** 96534263216f32c421ed5e05ca901d8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-25-000653.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001206774-25-000653

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SA FUNDS INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001075065

**ORGANIZATION NAME:**
- **EIN:** 770216379
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09195
- **FILM NUMBER:** 251294934

**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           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09195

______________________________________________

SA FUNDS – INVESTMENT TRUST

______________________________________________________________________________

(Exact name of registrant as specified in charter)

190 Carondelet Plaza, Suite 600, Clayton, Missouri 63105

______________________________________________________________________________

(Address of principal executive offices) (zip code)

---

| |
|:---|
| &nbsp;&nbsp;Jeff Yorg, Esq.<br> Chief Compliance Officer<br> SA Funds – Investment Trust<br> 190 Carondelet Plaza, Suite 600<br> Clayton, Missouri 63105 |
| &nbsp;&nbsp;(Name and address of agent for service) |
| &nbsp;&nbsp;Copy to: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Brian F. Link, Esq.<br> Managing Director and Managing Counsel<br> State Street Bank and Trust Company<br> One Congress Street, 15th Floor<br> Boston, Massachusetts 02114 | &nbsp;&nbsp;Mark D. Perlow, Esq.<br> Counsel to the Trust<br> Dechert LLP<br> 45 Fremont St., 26<sup>th</sup> Floor<br> San Francisco, California 94105 |

---

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

Date of fiscal year end: June 30

Date of reporting period: June 30, 2025

[**Table of Contents**](#toc)

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

(a) A
 copy of the reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the
 "1940 Act"), for the period July 1, 2024 through June 30, 2025, are filed herewith.

---

| | |
|:---|:---|
| **SA U.S. Fixed Income Fund**<br> **SAUFX**<br> **Annual Shareholder Report - June 30, 2025** | ![](safunds4511931-ncsr1x3x1.jpg) |

---

This annual shareholder report contains important information about SA U.S. Fixed Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

**What were the Fund costs for last year?**

***(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SAUFX | $41 | 0.40% |

---

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the "Primary Benchmark") known as the Morningstar<sup>®</sup> US Core Bond Index<sup>SM</sup>, which is composed of U.S. dollar-denominated investment grade bonds and is designed to be representative of the U.S. bond market overall. The Fund's performance is also compared to an additional index (the "Secondary Benchmark") known as the Morningstar<sup>®</sup> US 1-3 Year Composite Government and Corporate Bond Index<sup>SM</sup>, which is designed to measure the performance of U.S. dollardenominated government and corporate bonds with maturities between one and three years. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 6.01%, compared to a return of 5.89% for the Fund's Secondary Benchmark. The Fund outperformed the Secondary Benchmark by 0.12% for the fiscal year primarily due to the Fund's overweight position in corporate bonds relative to the Secondary Benchmark, particularly those corporate bonds rated A or BBB.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

![](safunds4511931-usfifi1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *10 Years* |
| SAUFX | 6.01% | 1.27% | 1.12% |
| Primary Benchmark | 6.01% | (0.76%) | 1.72% |
| Secondary Benchmark | 5.89% | 1.53% | 1.83% |

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Total Net Assets | $452531746 |
| # of Portfolio Holdings | 105 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $634671 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **(As a % of long-term investments)** | **Portfolio Composition**<br> **(As a % of long-term investments)** |
| Corporate Bonds and Notes | 48.2% |
| U.S. Government & Agency Obligations | 36.7 |
| Yankee Corporate Bonds and Notes | 15.1 |

---

**Additional Information**

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

---

| | | |
|:---|:---|:---|
| Toll-free: 1-844-366-0905<br>| ![](safunds4511931-usfifi1x2x1.jpg) | ![](safunds4511931-ncsr1x3x1.jpg)<br> **SA U.S. Fixed Income Fund**<br> **Annual Shareholder Report - June 30, 2025**<br> SAUFX |

---

[**Table of Contents**](#toc)

---

| |
|:---|
| **SA Global Fixed Income Fund** |
| **SAXIX** |
| **Annual Shareholder Report - June 30, 2025** |

---

This annual shareholder report contains important information about SA Global Fixed Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

**What were the Fund costs for last year?**

***(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SAXIX | $52 | 0.51% |

---

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the "Primary Benchmark") known as the Morningstar<sup>®</sup> Global Core Bond Hedged Index<sup>SM</sup>, which is composed of investment grade bonds and is designed to be representative of the global bond market overall. The Fund's performance is also compared to an additional index (the "Secondary Benchmark") known as the Morningstar<sup>®</sup> Global 1-5 Year Treasury Bond Hedged Index<sup>SM</sup>, which is designed to measure the performance of global investment grade government bonds with maturities between one and five years. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 5.67%, compared to a return of 6.11% for the Fund's Secondary Benchmark. The Fund underperformed the Secondary Benchmark for the fiscal year by 0.44% primarily due to the Fund's overweight exposure (relative to the benchmark) in higher grade bonds.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

![](safunds4511931-gfifi1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *10 Years* |
| SAXIX | 5.67% | 0.81% | 1.14% |
| Primary Benchmark | 5.96% | (0.22%) | 2.10% |
| Secondary Benchmark | 6.11% | 1.66% | 2.00% |

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Total Net Assets | $543289524 |
| # of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 77% |
| Total Advisory Fees Paid | $1445230 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **(As a % of long-term investments)** | **(As a % of long-term investments)** |
| Sovereign Bonds and Notes | 54.1% |
| Corporate Bonds and Notes | 25.7 |
| U.S. Government & Agency Obligations | 20.2 |

---

---

| | |
|:---|:---|
| **Top Ten Largest Countries** | **Top Ten Largest Countries** |
| **(As a % of long-term investments)** | **(As a % of long-term investments)** |
| United States | 29.7% |
| Canada | 17.6 |
| Supranational | 14.8 |
| Australia | 9.7 |
| France | 8.7 |
| New Zealand | 3.5 |
| Netherlands | 3.1 |
| Norway | 2.8 |
| Finland | 2.7 |
| Others | 7.4 |

---

**Additional Information**

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

---

| | | |
|:---|:---|:---|
| Toll-free: 1-844-366-0905 | ![](safunds4511931-gfifi1x2x1.jpg) | ![](safunds4511931-ncsr1x3x1.jpg) |
|  | ![](safunds4511931-gfifi1x2x1.jpg) |  |
|  | ![](safunds4511931-gfifi1x2x1.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SA Global Fixed Income Fund<br> Annual Shareholder Report - June 30, 2025**<br> SAXIX |

---

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **SA U.S. Core Market Fund**<br> **SAMKX**<br> **Annual Shareholder Report - June 30, 2025** | ![](safunds4511931-ncsr1x3x1.jpg) |

---

This annual shareholder report contains important information about SA U.S. Core Market Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

**What were the Fund costs for last year?**

***(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SAMKX | $71 | 0.67% |

---

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of a broad-based securities market index. For this Fund, performance is compared to the Morningstar<sup>®</sup> US Market Extended Index<sup>SM</sup> (the "Primary Benchmark"), which is composed of large, mid, and small cap U.S. stocks. The benchmark index is unmanaged and does not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 13.13% compared to a return of 15.15% for the Fund's Primary Benchmark. The Fund underperformed the Primary Benchmark during the fiscal year by 2.02%, after deducting the Fund's net operating expenses for the year. Across the fiscal year the Fund had more exposure to stocks of companies with higher levels of operating profitability ("high profitability stocks") and less exposure to stocks of companies with lower levels of operating profitability ("low profitability stocks") compared to the Primary Benchmark. However, during the fiscal year, the returns of low profitability stocks were stronger than the returns of higher profitability stocks, hence the Fund's lower exposure to low profitability stocks caused the underperformance of the Fund to its Primary Benchmark.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark.

![](safunds4511931-uscmfi1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *10 Years* |
| SAMKX | 13.13% | 15.29% | 12.59% |
| Primary Benchmark | 15.15% | 15.93% | 12.98% |

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Total Net Assets | $669637380 |
| # of Portfolio Holdings | 832 |
| Portfolio Turnover Rate | 1% |
| Total Advisory Fees Paid | $2691835 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Top Ten Largest Sectors** | **Top Ten Largest Sectors** |
| **(As a % of long-term investments)** | **(As a % of long-term investments)** |
| Information Technology | 29.1% |
| Financials | 16.8 |
| Consumer Discretionary | 10.7 |
| Communication Services | 10.7 |
| Health Care | 9.6 |
| Industrials | 9.3 |
| Consumer Staples | 6.5 |
| Utilities | 2.8 |
| Energy | 2.5 |
| Materials | 1.9 |

---

 

 

**Additional Information**

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

---

| | | |
|:---|:---|:---|
| Toll-free: 1-844-366-0905<br>| ![](safunds4511931-uscmfi1x2x1.jpg) | ![](safunds4511931-ncsr1x3x1.jpg)<br> **SA U.S. Core Market Fund**<br> **Annual Shareholder Report - June 30, 2025**<br> SAMKX |

---

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **SA U.S. Value Fund**<br> **SABTX**<br> **Annual Shareholder Report - June 30, 2025** | ![](safunds4511931-ncsr1x3x1.jpg) |

---

This annual shareholder report contains important information about SA U.S. Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

**What were the Fund costs for last year?**

***(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SABTX | $77 | 0.74% |

---

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the "Primary Benchmark") known as the Morningstar<sup>®</sup> US Market Extended Index<sup>SM</sup>, which is composed of large, mid, and small cap U.S. stocks. The Fund's performance is also compared to an additional index (the "Secondary Benchmark") known as the Morningstar<sup>®</sup> US Large-Mid Cap Broad Value Index<sup>SM</sup>, which is designed to measure the performance of value stocks within the large and mid-capitalization segment of the U.S. stock market. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 8.58%, compared to a return of 11.57% for the Fund's Secondary Benchmark. The Fund underperformed this Secondary Benchmark during the fiscal year by 2.99%, after deducting the Fund's net operating expenses for the year. Across the fiscal year the Fund held larger positions in the stocks of companies whose ratio of price-to-book-value was below the median price-to-book value of stocks ("deeper value stocks") found in the Secondary Benchmark. These deeper value stocks - particularly those selected to be held in the Fund - significantly underperformed the stocks in the Secondary Benchmark, leading to the Fund's underperformance relative to the Secondary Benchmark.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

![](safunds4511931-usvfi1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *10 Years* |
| SABTX | 8.58% | 14.00% | 8.34% |
| Primary Benchmark | 15.15% | 15.93% | 12.98% |
| Secondary Benchmark | 11.57% | 14.92% | 10.88% |

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Total Net Assets | $524067789 |
| # of Portfolio Holdings | 272 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $2183649 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Top Ten Largest Sectors**<br> **(As a % of long-term investments)** | **Top Ten Largest Sectors**<br> **(As a % of long-term investments)** |
| Financials | 26.1% |
| Health Care | 15.0 |
| Industrials | 12.5 |
| Energy | 11.2 |
| Information Technology | 9.7 |
| Communication Services | 7.7 |
| Materials | 7.6 |
| Consumer Discretionary | 5.0 |
| Consumer Staples | 4.6 |
| Real Estate | 0.6 |

---

**Additional Information**

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

---

| | | |
|:---|:---|:---|
| Toll-free: 1-844-366-0905 | ![](safunds4511931-usvfi1x2x1.jpg) | ![](safunds4511931-ncsr1x3x1.jpg)<br> **SA U.S. Value Fund**<br> **Annual Shareholder Report - June 30, 2025**<br> SABTX |

---

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **SA U.S. Small Company Fund**<br> **SAUMX**<br> **Annual Shareholder Report - June 30, 2025** | ![](safunds4511931-ncsr1x3x1.jpg) |

---

This annual shareholder report contains important information about SA U.S. Small Company Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

**What were the Fund costs for last year?**

***(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SAUMX | $93 | 0.89% |

---

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the "Primary Benchmark") known as the Morningstar<sup>®</sup> US Market Extended Index<sup>SM</sup>, which is composed of large, mid, and small cap U.S. stocks. The Fund's performance is also compared to an additional index (the "Secondary Benchmark") known as the Morningstar<sup>®</sup> US Small Cap Extended Index<sup>SM</sup>, which is designed to measure the performance of small cap stocks within the U.S. stock market. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 7.99%, compared to a return of 9.35% for the Fund's Secondary Benchmark. The Fund underperformed this benchmark during the fiscal year by 1.36% after deducting the Fund's net operating expenses for the year. The Fund's underperformance relative to its Secondary Benchmark over the fiscal year was the result of the Fund's tendency to avoid holding smaller cap stocks that exhibit both lower levels of profitability and also higher levels of price-to-book ratios ("growth-oriented low profit stocks"). However, these growth-oriented low profit stocks are found in the Secondary Benchmark, and during the fiscal year, these stocks performed well, leading to the returns of the Secondary Benchmark outperforming the returns of the Fund.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

![](safunds4511931-usscfi1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *10 Years* |
| SAUMX | 7.99% | 13.31% | 7.73% |
| Primary Benchmark | 15.15% | 15.93% | 12.98% |
| Secondary Benchmark | 9.35% | 11.30% | 7.41% |

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Total Net Assets | $295676287 |
| # of Portfolio Holdings | 1445 |
| Portfolio Turnover Rate | 3% |
| Total Advisory Fees Paid | $1240169 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

---

| | |
|:---|:---|
| **What did the Fund invest in?** | **What did the Fund invest in?** |
| **Top Ten Largest Sectors** | **Top Ten Largest Sectors** |
| **(As a % of long-term investments)** | **(As a % of long-term investments)** |
| Industrials | 22.4% |
| Financials | 21.4 |
| Consumer Discretionary | 15.0 |
| Information Technology | 11.8 |
| Health Care | 8.7 |
| Materials | 5.6 |
| Consumer Staples | 5.4 |
| Utilities | 3.7 |
| Energy | 3.2 |
| Communication Services | 2.2 |

---

 

 

**Additional Information**

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

---

| | | |
|:---|:---|:---|
| Toll-free: 1-844-366-0905 | ![](safunds4511931-usscfi1x2x1.jpg) | ![](safunds4511931-ncsr1x3x1.jpg)<br> **SA U.S. Small Company Fund**<br> **Annual Shareholder Report - June 30, 2025**<br> SAUMX |

---

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **SA International Value Fund**<br> **SAHMX**<br> **Annual Shareholder Report - June 30, 2025** | ![](safunds4511931-ncsr1x3x1.jpg) |

---

This annual shareholder report contains important information about SA International Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

**What were the Fund costs for last year?**

***(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SAHMX | $101 | 0.91% |

---

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the "Primary Benchmark") known as the Morningstar<sup>®</sup> Developed Markets ex-US All Cap Target Market Exposure Index<sup>SM</sup>, which is composed of large, mid, and small cap stocks trading in international developed markets. The Fund's performance is also compared to an additional index (the "Secondary Benchmark") known as the Morningstar<sup>®</sup> Developed Markets ex-US Value Target Market Exposure Index<sup>SM</sup>, which is designed to measure the performance of value stocks within the large and mid-capitalization segments of the international developed markets. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 22.47%, compared to a return of 22.95% for the Fund's Secondary Benchmark. The Fund underperformed the Secondary Benchmark during the fiscal year by 0.48% after deducting the Fund's net operating expenses for the year. The Fund's underperformance relative to the Secondary Benchmark during the fiscal year was primarily the result of the fact that the Fund charges net operating expenses while the Secondary Benchmark does not.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

![](safunds4511931-ivfi1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *10 Years* |
| SAHMX | 22.47% | 16.21% | 6.34% |
| Primary Benchmark | 19.04% | 11.15% | 6.60% |
| Secondary Benchmark | 22.95% | 14.61% | 6.49% |

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Total Net Assets | $577005303 |
| # of Portfolio Holdings | 433 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $2480531 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Top Ten Largest Sectors** | **Top Ten Largest Sectors** |
| **(As a % of long-term investments)** | **(As a % of long-term investments)** |
| Financials | 35.2% |
| Energy | 13.0 |
| Materials | 12.3 |
| Consumer Discretionary | 10.8 |
| Industrials | 9.4 |
| Health Care | 5.9 |
| Consumer Staples | 5.0 |
| Communication Services | 3.0 |
| Utilities | 2.1 |
| Real Estate | 2.0 |

---

---

| | |
|:---|:---|
| **Top Ten Largest Countries** | **Top Ten Largest Countries** |
| **(As a % of long-term investments)** | **(As a % of long-term investments)** |
| Japan | 20.4% |
| United Kingdom | 12.4 |
| France | 10.7 |
| Canada | 10.6 |
| Switzerland | 9.4 |
| Germany | 8.6 |
| Australia | 6.1 |
| Netherlands | 4.7 |
| Spain | 3.4 |
| Others | 13.7 |

---

 

 

**Additional Information**

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

---

| | | |
|:---|:---|:---|
| Toll-free: 1-844-366-0905<br>| ![](safunds4511931-ivfi1x2x1.jpg) | ![](safunds4511931-ncsr1x3x1.jpg)<br> **SA International Value Fund**<br> **Annual Shareholder Report - June 30, 2025**<br> SAHMX |

---

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **SA International Small Company Fund**<br> **SAISX**<br> **Annual Shareholder Report - June 30, 2025** | ![](safunds4511931-ncsr1x3x1.jpg) |

---

This annual shareholder report contains important information about SA International Small Company Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/safunds/documents. You can also request this information by contacting us at 1-844-366-0905.

**What were the Fund costs for last year?**

***(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SAISX | $59 | 0.53% |

---

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the "Primary Benchmark") known as the Morningstar<sup>®</sup> Developed Markets ex-US All Cap Target Market Exposure Index<sup>SM</sup>, which is composed of large, mid, and small cap stocks trading in international developed markets. The Fund's performance is also compared to an additional index (the "Secondary Benchmark") known as the Morningstar<sup>®</sup> Developed Markets ex-US Small Cap Target Market Exposure Index<sup>SM</sup>, which is designed to measure the performance of small cap stocks within the international developed markets. The Secondary Benchmark is more representative of the investment universe of the series of The DFA Investment Trust Company through which the Fund invests. Please see the following page for additional information about these series. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 23.19%, compared to a return of 23.04% for the Fund's Secondary Benchmark. The Fund outperformed the Secondary Benchmark during the fiscal year by 0.15% after deducting the Fund's net operating expenses for the year. The Fund's performance during the fiscal year was relatively similar to the performance of the Secondary Benchmark, as a result of positive returns in the Fund roughly offsetting the fees paid by the Fund. The Fund's performance relative to the Secondary Benchmark was primarily the result of the Fund's avoidance of REITs and growth-oriented low profitability stocks.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

![](safunds4511931-iscfi1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *10 Years* |
| SAISX | 23.19% | 11.66% | 6.49% |
| Primary Benchmark | 19.04% | 11.15% | 6.60% |
| Secondary Benchmark | 23.04% | 8.82% | 5.87% |

---

---

| | |
|:---|:---|
| **Key Fund Statistics** | **Key Fund Statistics** |
| Total Net Assets | $271544757 |
| # of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $631768 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Largest Holdings**<br> **(As a % of total investments)** | **Largest Holdings**<br> **(As a % of total investments)** |
| DFA International Small Company Portfolio, Class Institutional \* | 100.0 |

---

\* The Fund pursues its goal by investing substantially all its assets in the International Small Company Portfolio of DFA Investment Dimensions Group Inc. (the "DFA Portfolio"), a separate registered investment company with the same investment objective and investment policies as the Fund. The DFA Portfolio invests substantially all its assets in the following series of The DFA Investment Trust Company: The Japanese Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series, The Asia Pacific Small Company Series and The Canadian Small Company Series. Financial statements and other information about the DFA International Small Company Portfolio, including its portfolio holdings, are available at https://www.dimensional.com/usen/funds/dfisx/international-small-company-portfolio-i.

**Additional Information**

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

---

| | | |
|:---|:---|:---|
| Toll-free: 1-844-366-0905<br>| ![](safunds4511931-iscfi1x2x1.jpg) | ![](safunds4511931-ncsr1x3x1.jpg)<br> **SA International Small Company Fund**<br> **Annual Shareholder Report - June 30, 2025**<br> SAISX |

---

[**Table of Contents**](#toc)

---

| |
|:---|
| **SA Emerging Markets Value Fund**<br> **SAEMX** |
| **Annual Shareholder Report - June 30, 2025** |

---

This annual shareholder report contains important information about SA Emerging Markets Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/safunds/documents. You can also request this information by contacting us at 1-844-366-0905.

#### What were the Fund costs for last year?

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SAEMX | $109 | 1.04% |

---

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the "Primary Benchmark") known as the Morningstar<sup>®</sup> Emerging Markets All Cap Target Market Exposure Index<sup>SM</sup>, which is composed of large, mid, and small cap stocks trading in emerging markets. The Fund's performance is also compared to an additional index (the "Secondary Benchmark") known as the Morningstar<sup>®</sup> Emerging Markets Value Target Market Exposure Index<sup>SM</sup>, which is designed to measure the performance of value stocks within the large and mid-capitalization segment of the emerging markets. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 10.33%, compared to a return of 17.33% for the Fund's Secondary Benchmark. The Fund underperformed the Secondary Benchmark by 7.00% after deducting the Fund's net operating expenses for the year. Across the fiscal year the Fund maintained a larger position than that of the Secondary Benchmark in the stocks of companies whose ratio of price-to-book-value were among the lowest in the Secondary Benchmark (known as "deeper value stocks"), while also minimizing exposure to stocks of companies whose price-to-book-value ratio was above the median ratio of companies in the Secondary Benchmark. During the fiscal year, returns of companies with price-to-book-value ratios above the median of the Secondary Benchmark were particularly strong, contributing to the Fund's underperformance relative to the Secondary Benchmark.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

![](safunds4511931-emvi1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *10 Years* |
| SAEMX | 10.33% | 11.53% | 4.79% |
| Primary Benchmark | 13.40% | 7.86% | 5.31% |
| Secondary Benchmark | 17.33% | 11.37% | 6.30% |

---

---

| | |
|:---|:---|
|  **Key Fund Statistics** | **Key Fund Statistics** |
| Total Net Assets | $203591960 |
| # of Portfolio Holdings | 1806 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $308010 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Top Ten Largest Sectors<br> (As a % of long-term investments)** | **Top Ten Largest Sectors<br> (As a % of long-term investments)** |
| Financials | 30.5% |
| Information Technology | 14.0 |
| Consumer Discretionary | 12.4 |
| Materials | 11.2 |
| Energy | 9.4 |
| Industrials | 9.4 |
| Health Care | 3.5 |
| Communication Services | 2.8 |
| Real Estate | 2.8 |
| Consumer Staples | 2.4 |

---

---

| | |
|:---|:---|
| **Top Ten Largest Countries**<br> **(As a % of long-term investments)** | **Top Ten Largest Countries**<br> **(As a % of long-term investments)** |
| China | 28.4% |
| India | 21.7 |
| Taiwan | 19.8 |
| Korea | 11.2 |
| South Africa | 3.4 |
| Brazil | 3.1 |
| Mexico | 1.8 |
| United Arab Emirates | 1.5 |
| Indonesia | 1.5 |
| Others | 7.6 |

---

---

| | | |
|:---|:---|:---|
| **Additional Information** |  |  |
| If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary. | If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary. | If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary. |
| Toll-free: 1-844-366-0905 | ![](safunds4511931-emvi1x2x1.jpg) | <br>**SA Emerging Markets Value Fund**<br> **Annual Shareholder Report - June 30, 2025**<br>SAEMX |

---

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **SA Real Estate Securities Fund**<br> **SAREX**<br> **Annual Shareholder Report - June 30, 2025** | ![](safunds4511931-ncsr1x3x1.jpg) |

---

This annual shareholder report contains important information about SA Real Estate Securities Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/sa-funds/documents. You can also request this information by contacting us at 1-844-366-0905.

**What were the Fund costs for last year?**

***(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SAREX | $80 | 0.77% |

---

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the "Primary Benchmark") known as the Morningstar<sup>®</sup> US Market Extended Index<sup>SM</sup>, which is composed of large, mid, and small cap U.S. stocks. The Fund's performance is also compared to an additional index (the "Secondary Benchmark") known as the Morningstar<sup>®</sup> US REIT Index<sup>SM</sup>, which is designed to measure the performance of real estate stocks within the U.S. stock market. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 8.29%, compared to a return of 9.66% for the Fund's Secondary Benchmark. The Fund underperformed the Secondary Benchmark during the fiscal year by 1.37% after deducting the Fund's net operating expenses for the year. Part of the Fund's underperformance to the Secondary Benchmark during the fiscal year was due to the fact that the Fund pays operating expenses while the Secondary Benchmark does not. The remainder of the underperformance was due to the fact that the Fund held a small percentage of stocks that are not included in the Secondary Benchmark, and these stocks had significantly underperformed the Secondary Benchmark.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the past ten years. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

![](safunds4511931-resfi1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *10 Years* |
| SAREX | 8.29% | 5.98% | 5.66% |
| Primary Benchmark | 15.15% | 15.93% | 12.98% |
| Secondary Benchmark | 9.66% | 6.59% | 6.50% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Key Fund Statistics** | &nbsp;&nbsp;**Key Fund Statistics** |
| Total Net Assets | $118724719 |
| # of Portfolio Holdings | 133 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $335224 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Largest Industry Holdings**<br> **(As a % of long-term investments)** | **Largest Industry Holdings**<br> **(As a % of long-term investments)** |
| Specialized REITs | 39.5% |
| Retail REITs | 15.7 |
| Residential REITs | 14.3 |
| Health Care REITs | 11.7 |
| Industrial REITs | 10.7 |
| Office REITs | 3.5 |
| Diversified REITs | 2.3 |
| Hotel & Resort REITs | 2.3 |

---

**Additional Information**

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

---

| | | |
|:---|:---|:---|
| Toll-free: 1-844-366-0905<br>| ![](safunds4511931-resfi1x2x1.jpg) | ![](safunds4511931-ncsr1x3x1.jpg)<br> **SA Real Estate Securities Fund**<br> **Annual Shareholder Report - June 30, 2025**<br> SAREX |

---

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **SA Worldwide Moderate Growth Fund**<br> **SAWMX**<br> **Annual Shareholder Report - June 30, 2025** | ![](safunds4511931-ncsr1x3x1.jpg) |

---

This annual shareholder report contains important information about SA Worldwide Moderate Growth Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://advisor.focuspartners.com/safunds/documents. You can also request this information by contacting us at 1-844-366-0905.

**What were the Fund costs for last year?**

***(based on a hypothetical $10,000 investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SAWMX | $0\* | 0.00%\* |

---

\* Focus Partners Advisor Solutions, LLC, (the "Adviser") has contractually agreed to waive fees and/or reimburse expenses to the Fund's total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expense and extraordinary expenses). Shareholders would have paid $75, or 0.71% when considering the acquired fund fees.

**How did the Fund perform last year and what affected its performance?**

Investment performance of the Fund is judged against the performance of certain market indexes. For this Fund, performance is compared to a broad-based securities market index (the "Primary Benchmark") known as the Morningstar<sup>®</sup> Global Markets Index<sup>SM</sup>, which is composed of large, mid, and small cap stocks and is designed to be representative of the global stock market overall. The Fund's performance is also compared to an additional index (the "Secondary Benchmark") known as the Morningstar<sup>®</sup> US Moderate Target Allocation Index<sup>SM</sup>, which is designed to measure the performance of a portfolio holding 60% global stocks and 40% global bonds. The Secondary Benchmark is closer in scope to the universe of securities chosen within the Fund. The benchmark indexes are unmanaged and do not involve fees and expenses like the Fund.

For the fiscal year ended June 30, 2025, the Fund had a net return of 11.69%, compared to a return of 12.16% for the Fund's Secondary Benchmark. Since the Fund invests exclusively in shares of the SA Fund family (the "Underlying Funds"), the performance of the Fund relative to the Secondary Benchmark is driven primarily by the performance of each of the Underlying Funds against the relevant components of that Secondary Benchmark. For the fiscal year, two of the eight Underlying Funds contributed positively to relative performance, notably the SA International Value Fund. Six of the eight Underlying Funds contributed negatively to relative performance for the fiscal year, most notably the SA US Core Market Fund and the SA Global Fixed Income Fund.

**Fund Performance**

The following line chart and table are intended to help you understand the risks of investing in the Fund. The chart shows the growth of $10,000 over the period since the Fund's inception. The table shows the total return for the selected time periods for the SA Fund as well as for the Primary Benchmark and the Secondary Benchmark.

![](safunds4511931-wmgf1x1x1.jpg)

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** |
|  | *1 Year* | *5 Years* | *Since<br> Inception <br> 7/1/15* |
| SAWMX | 11.69% | 11.15% | 6.78% |
| Primary Benchmark | 15.76% | 13.28% | 9.67% |
| Secondary Benchmark | 12.16% | 8.98% | 7.97% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Key Fund Statistics** | &nbsp;&nbsp;**Key Fund Statistics** |
| Total Net Assets | $21148705 |
| # of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $0 |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Largest Holdings**<br> **(As a % of total investments)** | **Largest Holdings**<br> **(As a % of total investments)** |
| SA International Value Fund | 20.2 |
| SA U.S. Core Market Fund | 16.9 |
| SA U.S. Value Fund | 16.9 |
| SA U.S. Fixed Income Fund | 14.9 |
| SA Global Fixed Income Fund | 14.8 |
| SA Emerging Markets Value Fund | 6.7 |
| SA U.S. Small Company Fund | 6.7 |
| SA Real Estate Securities Fund | 2.9 |

---

**Additional Information**

If you wish to view additional information about the Fund; including but not limited to the Fund's prospectus, financial statements, holdings and proxy voting information, please visit https://advisor.focuspartners.com/sa-funds/documents. To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address, called "Householding". If you would prefer that your Fund documents not be householded, please contact us at 1-844-366-0905, or contact your financial intermediary.

---

| | | |
|:---|:---|:---|
| Toll-free: 1-844-366-0905 | ![](safunds4511931-wmgf1x2x1.jpg) | ![](safunds4511931-ncsr1x3x1.jpg)<br> **SA Worldwide Moderate Growth Fund**<br> **Annual Shareholder Report - June 30, 2025**<br> SAWMX |

---

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(b) Not applicable.

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

(a) As of the end of the period covered by this Form N-CSR, the registrant has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the registrant's chief executive officer and chief financial and accounting officer.

(c) During the period, the registrant's code of ethics was not revised.

(d) The registrant has not granted any waivers from any provisions of its code of ethics during the period covered by this Form N-CSR.

(e) Not applicable.

(f) A copy of the registrant's code of ethics is filed as Exhibit 19(a)(1) to this Form N-CSR.

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

(a)(1) The registrant's Board of Trustees (the "Board") has determined that the registrant has three members serving on the registrant's Audit Committee that possess the attributes identified in Form N-CSR to qualify as an "audit committee financial expert."

(a)(2) The audit committee financial experts are Bryan W. Brown, Harold M. Shefrin and Charles M. Roame. Each has been deemed to be "independent" as that term is defined in Form N-CSR.

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

For the fiscal year June 30, 2025, Cohen & Co. ("Cohen") serves as the independent registered public accounting firm for the registrant.

(a) Audit Fees.

For the fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed for professional services rendered by Cohen for the audit of the registrant's annual financial statements or for services that are normally provided by Cohen in connection with statutory and regulatory filings or engagements were $203,500 and $197,500 respectively.

(b) Audit-Related Fees.

For the fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed for assurance and related services rendered by Cohen that are reasonably related to the performance of the audit or review of the registrant's financial statements and that are not reported under Audit Fees above were $0 and $0, respectively. Services for which fees in the Audit-Related Fees category were billed include Cohen's reasonable out-of-pocket expenses and ticket charges for booking travel related to conducting the audit.

For the twelve month periods ended June 30, 2025 and June 30, 2024, aggregate Audit-Related Fees billed by Cohen that were required to be approved by the registrant's Audit Committee for audit-related services rendered to the registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant (the "Affiliated Service Providers") that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

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(c) Tax Fees.

For the fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed for tax compliance, tax advice and tax planning by Cohen were $42,000 and $42,000, respectively. Services for which fees in the Tax Fees category are billed include Cohen's review of the registrant's U.S. federal income tax returns and the required state corporate income tax returns, as well as Cohen's review of excise tax distribution calculations.

For the twelve month periods ended June 30, 2025 and June 30, 2024, the aggregate Tax Fees billed Cohen that were required to be approved by the registrant's Audit Committee for tax compliance, tax advice and tax planning services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

(d) All Other Fees.

For the fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed by Cohen to the registrant for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were $9,550 and $9,000, respectively.

For the twelve month periods ended June 30, 2025 and June 30, 2024, the aggregate fees in this category billed by Cohen that were required to be approved by the registrant's Audit Committee for services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.

(e)(1) Audit Committee's Pre-Approval Policies and Procedures.

The registrant's Audit Committee has the sole authority to pre-approve all audit and non-audit services to be provided by Cohen to the registrant, subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)B of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Pre-approval of audit and non-audit services is not required if the engagement to render the services is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. The Audit Committee has not established such policies and procedures.

(e)(2) Percentage of Services.

None of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) For the fiscal years ended June 30, 2025 and June 30, 2024, aggregate non-audit fees billed by Cohen for services rendered to the registrant were $0 and $0, respectively.

For the twelve month periods ended June 30, 2025 and June 30, 2024, aggregate non-audit fees billed by Cohen for services rendered to the Affiliated Service Providers were $0 and $0, respectively.

(h) Not applicable.

(i) Not applicable.

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(j) Not applicable.

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

Not applicable to the registrant.

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

(a) The Schedule of Investments is included in the financial statements filed under Item 7(a) of this Form.

(b) Not applicable to the registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's Financial Highlights are included as part of the Financial Statements
filed under Item 7(a) of this report.

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**ANNUAL FINANCIALS AND OTHER INFORMATION**

June 30, 2025

![](safunds4511931-ncsr1x1x1.jpg)

[**Table of Contents**](#toc)

<br> **TABLE OF CONTENTS** <br>  

---

| | |
|:---|:---|
|  | **Page** |
| [**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**](#a_001) |  |
| [**Portfolios of Investments**](#a_002) |  |
| &nbsp;&nbsp;&nbsp;[SA U.S. Fixed Income Fund](#a_003) | [1](#a_003) |
| &nbsp;&nbsp;&nbsp;[SA Global Fixed Income Fund](#a_004) | [4](#a_004) |
| &nbsp;&nbsp;&nbsp;[SA U.S. Core Market Fund](#a_005) | [9](#a_005) |
| &nbsp;&nbsp;&nbsp;[SA U.S. Value Fund](#a_006) | [20](#a_006) |
| &nbsp;&nbsp;&nbsp;[SA U.S. Small Company Fund](#a_007) | [24](#a_007) |
| &nbsp;&nbsp;&nbsp;[SA International Value Fund](#a_008) | [40](#a_008) |
| &nbsp;&nbsp;&nbsp;[SA International Small Company Fund](#a_009) | [46](#a_009) |
| &nbsp;&nbsp;&nbsp;[SA Emerging Markets Value Fund](#a_010) | [47](#a_010) |
| &nbsp;&nbsp;&nbsp;[SA Real Estate Securities Fund](#a_011) | [72](#a_011) |
| &nbsp;&nbsp;&nbsp;[SA Worldwide Moderate Growth Fund](#a_012) | [74](#a_012) |
| [**Statements of Assets and Liabilities**](#a_013) | [76](#a_013) |
| [**Statements of Operations**](#a_014) | [78](#a_014) |
| [**Statements of Changes in Net Assets**](#a_015) | [80](#a_015) |
| [**Financial Highlights**](#a_016) | [87](#a_016) |
| [**Notes to Financial Statements**](#a_017) | [97](#a_017) |
| [**Report of Independent Registered Public Accounting Firm**](#a_018) | [114](#a_018) |
| [**Additional Information**](#a_019) | [115](#a_019) |
| [**Item 8. Changes in and Disagreements with Accountants**](#a_020) | [115](#a_020) |
| [**Item 9. Proxy Disclosures**](#a_021) | [115](#a_021) |
| [**Item 10. Remuneration Paid to Directors, Officers, and Others**](#a_022) | [116](#a_022) |
| [**Item 11. Statement Regarding the Basis for the Board's Approval of Investment Advisory Contracts**](#a_023) | [116](#a_023) |
| [**Trustees and Officers' Information**](#a_025) | [121](#a_025) |
| [**Tax Information Notice**](#a_026) | [124](#a_026) |

---

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SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **FACE**<br>**AMOUNT** | <br>**VALUE†** |
| **YANKEE CORPORATE BONDS AND NOTES — 14.7%** |  |  |
| **Consumer, Cyclical — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Magna International, Inc., 5.500%, 3/21/33 | $400000 | $409871 |
| **Consumer, Non-cyclical — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc., 5.550%, 5/30/33 ± | 1480000 | 1497759 |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp., 6.000%, 2/20/34 | 3000000 | 3163728 |
|  |  | 4661487 |
| **Financial — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., SOFR + 0.560%, 4.973%, 3/18/26 ±‡ | 12803000 | 12819243 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, SOFR + 0.400%, 4.743%, 7/07/25 ±‡ | 1950000 | 1950106 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, SOFR + 0.700%, 5.048%, 7/18/25 ‡ | 1109000 | 1109241 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, SOFR + 0.710%, 5.100%, 3/05/27 ‡ | 9500000 | 9536681 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA, SOFR + 0.870%, 5.266%, 3/11/27 ±‡ | 572000 | 573105 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA, 5.514%, 7/05/33 ± | 400000 | 418249 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp, 0.750%, 8/28/25 ± | 680000 | 675948 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., SOFR + 0.420%, 4.769%, 4/16/26 ‡ | 2300000 | 2300690 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., SOFR + 0.720%, 5.096%, 11/17/25 ‡ | 5000000 | 5006502 |
|  |  | 34389765 |
| **Government — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;African Development Bank, 3.375%, 7/07/25 | 5974000 | 5972848 |
| &nbsp;&nbsp;&nbsp;European Investment Bank, SOFR + 0.320%, 4.682%, 8/14/29 ‡ | 5000000 | 5005692 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank, SOFR + 0.370%, 4.726%, 8/01/29 ‡ | 4000000 | 4004491 |
| &nbsp;&nbsp;&nbsp;Kommunalbanken AS, SOFR + 0.400%, 4.785%, 3/03/28 ±‡ | 5000000 | 5005150 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada, 4.200%, 1/18/29 | 3000000 | 3031642 |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB, SOFR + 1.000%, 5.358%, 8/03/26 ‡ | 1600000 | 1612835 |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB, SOFR + 1.000%, 5.359%, 5/05/27 ‡ | 2500000 | 2530518 |
|  |  | 27163176 |
| &nbsp;&nbsp;&nbsp;TOTAL YANKEE CORPORATE BONDS AND NOTES<br> (Identified Cost $66,305,896) |  | 66624299 |
| **CORPORATE BONDS AND NOTES — 47.0%** |  |  |
| **Basic Materials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;LYB International Finance III LLC, 5.500%, 3/01/34 | 2000000 | 1998022 |
| &nbsp;&nbsp;&nbsp;Nucor Corp., 3.125%, 4/01/32 | 1000000 | 911516 |
|  |  | 2909538 |
| **Communications — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 3.600%, 4/13/32 | 4719000 | 4519626 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., 4.250%, 1/15/33 | 3500000 | 3383467 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.550%, 8/15/31 | 400000 | 405592 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., 4.950%, 5/15/33 | 3000000 | 3077686 |
|  |  | 11386371 |
| **Consumer, Cyclical — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;American Honda Finance Corp., SOFR + 0.600%, 4.968%, 8/14/25 ‡ | 340000 | 340154 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp., 1.750%, 4/20/32 | 5000000 | 4280505 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., 5.375%, 12/15/31 | 2600000 | 2631404 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc., SOFR + 0.430%, 4.785%, 4/28/27 ‡ | 6213000 | 6233970 |
|  |  | 13486033 |
| **Consumer, Non-cyclical — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cargill, Inc., 4.000%, 6/22/32 ± | 2000000 | 1920360 |
| &nbsp;&nbsp;&nbsp;Cigna Group (The), 5.250%, 2/15/34 | 3000000 | 3049649 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc., 4.100%, 5/15/32 | 151000 | 145095 |
| &nbsp;&nbsp;&nbsp;Nestle Capital Corp., 4.875%, 3/12/34 ± | 9000000 | 9113697 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp., 4.000%, 9/18/31 | 5000000 | 4925046 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc., 5.250%, 2/13/34 | 3000000 | 3061264 |

---

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

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SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **FACE**<br>**AMOUNT** | <br>**VALUE†** |
| **CORPORATE BONDS AND NOTES (Continued)** |  |  |
| **Consumer, Non-cyclical (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The), 4.550%, 1/29/34 | $4000000 | $4015955 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc., 4.909%, 3/08/31 ± | 5400000 | 5535980 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc., SOFR + 0.740%, 5.106%, 11/13/26 ±‡ | 900000 | 906328 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc., 5.593%, 11/13/33 ± | 6000000 | 6364919 |
|  |  | 39038293 |
| **Energy — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 4.812%, 2/13/33 | 1000000 | 999300 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 4.893%, 9/11/33 | 2500000 | 2507612 |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc., SOFR + 0.360%, 4.739%, 2/26/27 ‡ | 459000 | 460226 |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc., SOFR + 0.470%, 4.849%, 2/26/28 ‡ | 6744000 | 6775429 |
| &nbsp;&nbsp;&nbsp;Phillips 66 Co., 5.300%, 6/30/33 | 110000 | 111189 |
|  |  | 10853756 |
| **Financial — 21.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The), 5.250%, 3/30/33 | 400000 | 410424 |
| &nbsp;&nbsp;&nbsp;American Express Co., SOFR + 0.650%, 5.009%, 11/04/26 ‡ | 1500000 | 1503096 |
| &nbsp;&nbsp;&nbsp;American National Group, Inc., 6.144%, 6/13/32 ± | 1100000 | 1128576 |
| &nbsp;&nbsp;&nbsp;Americold Realty Operating Partnership LP, 5.600%, 5/15/32 | 2000000 | 2010131 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc., 5.150%, 5/15/33 | 1000000 | 1027689 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc., 2.650%, 1/15/32 | 2000000 | 1705875 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty U.S. Holdings, Inc., 3.150%, 6/15/31 | 1900000 | 1756593 |
| &nbsp;&nbsp;&nbsp;Bank of America NA, SOFR + 1.020%, 5.390%, 8/18/26 ‡ | 2500000 | 2516146 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The), 2.050%, 1/26/27 | 5000000 | 4848924 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The), 2.500%, 1/26/32 | 400000 | 353056 |
| &nbsp;&nbsp;&nbsp;BlackRock Funding, Inc., 5.000%, 3/14/34 | 4000000 | 4088975 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc., 1.900%, 1/28/31 | 5800000 | 5102823 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust, 4.900%, 1/15/34 | 1500000 | 1504095 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The), 2.900%, 3/03/32 | 1000000 | 900614 |
| &nbsp;&nbsp;&nbsp;Citibank NA, SOFR + 1.060%, 5.449%, 12/04/26 ‡ | 2000000 | 2014998 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp., 5.125%, 2/15/34 | 3000000 | 3007105 |
| &nbsp;&nbsp;&nbsp;EPR Properties, 3.600%, 11/15/31 | 2700000 | 2453727 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc., 6.200%, 4/14/34 | 2000000 | 2093436 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank NA, SOFR + 1.000%, 5.391%, 12/08/26 ‡ | 13000000 | 13109255 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp., 5.852%, 3/15/34 | 2800000 | 2883118 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 2.000%, 11/18/31 | 771000 | 672202 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., 4.350%, 1/15/32 | 7600000 | 7571854 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartments LP, 5.000%, 3/15/34 | 2400000 | 2417985 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartments LP, 5.300%, 2/15/32 | 1000000 | 1033911 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, SOFR + 1.165%, 5.524%, 10/30/26 ‡ | 4000000 | 4027247 |
| &nbsp;&nbsp;&nbsp;National Securities Clearing Corp., 0.750%, 12/07/25 ± | 614000 | 604179 |
| &nbsp;&nbsp;&nbsp;National Securities Clearing Corp., SOFR + 0.570%, 4.943%, 5/20/27 ±‡ | 1000000 | 1002369 |
| &nbsp;&nbsp;&nbsp;Public Storage Operating Co., SOFR + 0.700%, 5.047%, 4/16/27 ‡ | 2000000 | 2007721 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp., 2.850%, 12/15/32 | 2900000 | 2541857 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp., 5.125%, 2/15/34 | 1000000 | 1011541 |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP, 5.500%, 3/08/33 | 1000000 | 1044721 |
| &nbsp;&nbsp;&nbsp;State Street Bank & Trust Co., SOFR + 0.460%, 4.837%, 11/25/26 ‡ | 450000 | 450477 |
| &nbsp;&nbsp;&nbsp;State Street Corp., SOFR + 0.640%, 4.990%, 10/22/27 ‡ | 520000 | 519476 |
| &nbsp;&nbsp;&nbsp;State Street Corp., SOFR + 0.845%, 5.205%, 8/03/26 ‡ | 4000000 | 4026479 |
| &nbsp;&nbsp;&nbsp;Store Capital LLC, 5.400%, 4/30/30 ± | 2000000 | 2026855 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, 5.254%, 12/11/26 | 4500000 | 4566219 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, SOFR + 1.060%, 5.421%, 8/07/26 ‡ | 2924000 | 2943648 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, 5.450%, 8/07/26 | 5000000 | 5064490 |
|  |  | 97951887 |
| **Industrial — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., 5.250%, 4/05/34 | 600000 | 618255 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc., 5.500%, 6/01/32 | 3000000 | 3029647 |

---

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

[**Table of Contents**](#toc)

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **FACE**<br>**AMOUNT** | <br>**VALUE†** |
| **CORPORATE BONDS AND NOTES (Continued)** |  |  |
| **Industrial (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp., SOFR + 0.520%, 4.908%, 3/03/28 ‡ | $3105000 | $3109387 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc., 3.000%, 5/15/32 | 1400000 | 1230998 |
|  |  | 7988287 |
| **Technology — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture Capital, Inc., 4.500%, 10/04/34 | 5000000 | 4868570 |
| &nbsp;&nbsp;&nbsp;IBM International Capital Pte. Ltd., 4.900%, 2/05/34 | 3000000 | 2996597 |
| &nbsp;&nbsp;&nbsp;Intel Corp., 5.150%, 2/21/34 | 2000000 | 1996502 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc., 1.900%, 9/15/31 | 8401000 | 7330419 |
|  |  | 17192088 |
| **Utilities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Eversource Energy, 5.500%, 1/01/34 | 2000000 | 2038121 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co., 5.250%, 3/15/34 | 2600000 | 2653382 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.250%, 3/15/34 | 3000000 | 3030272 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 5.300%, 3/15/32 | 1000000 | 1030920 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co., 5.000%, 1/15/34 | 3000000 | 3007431 |
|  |  | 11760126 |
| &nbsp;&nbsp;&nbsp;TOTAL CORPORATE BONDS AND NOTES<br> (Identified Cost $209,410,619) |  | 212566379 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 35.8%** |  |  |
| **Sovereign — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., SOFR + 0.220%, 4.610%, 5/23/28 ‡ | 2339000 | 2340906 |
| **U.S. Treasury Securities — 35.3%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.125%, 4.406%, 7/31/25 ‡ | 20000000 | 19998294 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.160%, 4.441%, 4/30/27 ‡ | 25000000 | 24999966 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.170%, 4.451%, 10/31/25 ‡ | 20000000 | 20007303 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Floating Rate Notes, 3 mo. Treasury Money Market Yield + 0.245%, 4.526%, 1/31/26 ‡ | 6750000 | 6757599 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/26 | 22748890 | 22553642 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/26 | 23476800 | 23208867 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125%, 4/15/27 | 23857260 | 23360884 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/27 | 19013415 | 18758654 |
|  |  | 159645209 |
| &nbsp;&nbsp;&nbsp;TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS<br> (Identified Cost $162,149,581) |  | 161986115 |
|  | **SHARES** |  |
| **SHORT-TERM INVESTMENTS — 1.6%** |  |  |
| **Investment Company — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund 4.020% | 7299859 | 7299859 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $7,299,859) |  | 7299859 |
| **Total Investments — 99.1%<br> (Identified Cost $445,165,955)** |  | **448476652** |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets, Less Liabilities — 0.9% |  | 4055094 |
| **Net Assets — 100.0%** |  | $**452531746** |

---

---

| |
|:---|
| &nbsp;&nbsp;See Note 1 |
| &nbsp;&nbsp;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 June 30, 2025 amounted to $51,542,824 or 11.39% of the net assets of the Fund. |
| &nbsp;&nbsp;Floating rate or variable rate note. Rate shown is as of June 30, 2025. |

---

Key to abbreviations: <br> SOFR — Secured Overnight Financing Rate

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

[**Table of Contents**](#toc)

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **FACE<br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES — 99.6%** |  |  |  |
| **Australia — 9.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.830%), 4.434%, 3/31/26 ‡ | AUD | 1500000 | $990918 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.920%), 4.770%, 11/04/25 ‡ | AUD | 2500000 | 1648995 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.970%), 4.770%, 5/12/27 ‡ | AUD | 500000 | 331737 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., (SOFR + 0.620%), 5.033%, 6/18/28 @±‡ | USD | 2000000 | 2002332 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 1.200%), 5.050%, 11/04/27 ‡ | AUD | 500000 | 333597 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., (SOFR + 0.650%), 5.074%, 9/30/27 ±‡ | USD | 713000 | 715374 |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group Ltd., (SOFR + 0.810%), 5.160%, 1/18/27 ±‡ | USD | 1900000 | 1909927 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, (3-mo. Swap + 0.750%), 4.558%, 8/17/26 ‡ | AUD | 500000 | 330530 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, (3-mo. Swap + 0.800%), 4.608%, 8/18/25 ‡ | AUD | 2000000 | 1317488 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, (SOFR + 0.400%), 4.743%, 7/07/25 ±‡ | USD | 3548000 | 3548193 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, (3-mo. Swap + 0.700%), 4.748%, 1/14/27 ‡ | AUD | 1000000 | 660493 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, (SOFR + 0.460%), 4.847%, 11/27/26 ±‡ | USD | 2750000 | 2754747 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, (3-mo. Swap + 0.900%), 4.948%, 1/13/26 ‡ | AUD | 6200000 | 4093589 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, (SOFR + 0.630%), 5.036%, 9/12/25 ±‡ | USD | 233000 | 233183 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, (SOFR + 0.640%), 5.048%, 3/14/28 ±‡ | USD | 2160000 | 2167626 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia, (3-mo. Swap + 1.150%), 5.198%, 1/13/28 ‡ | AUD | 1500000 | 1000247 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd., (3-mo. Swap + 0.780%), 4.580%, 5/12/26 ‡ | AUD | 1500000 | 991154 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd., (3-mo. Swap + 0.920%), 4.630%, 11/25/25 ‡ | AUD | 2500000 | 1649423 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd., (3-mo. Swap + 1.200%), 4.910%, 11/25/27 ‡ | AUD | 500000 | 333580 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd., (SOFR + 0.620%), 5.024%, 6/11/27 ±‡ | USD | 5969000 | 5991190 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd., (SOFR + 0.650%), 5.057%, 6/13/28 ±‡ | USD | 2200000 | 2204073 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd., (SOFR + 0.790%), 5.136%, 1/14/30 ±‡ | USD | 2000000 | 2012611 |
| &nbsp;&nbsp;&nbsp;New South Wales Treasury Corp., 1.750%, 3/20/34 | AUD | 4000000 | 2081124 |
| &nbsp;&nbsp;&nbsp;Queensland Treasury Corp., 1.750%, 7/20/34 | AUD | 4500000 | 2298764 |
| &nbsp;&nbsp;&nbsp;Treasury Corp. of Victoria, 2.250%, 9/15/33 | AUD | 6000000 | 3311588 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., (3-mo. Swap + 0.750%), 4.547%, 2/16/26 ‡ | AUD | 1000000 | 659875 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., (3-mo. Swap + 0.700%), 4.596%, 1/25/27 ‡ | AUD | 1000000 | 660566 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., (3-mo. Swap + 0.800%), 4.600%, 8/11/25 ‡ | AUD | 6000000 | 3951914 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., (3-mo. Swap + 0.950%), 4.750%, 11/11/25 ‡ | AUD | 1400000 | 923723 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., (3-mo. Swap + 0.980%), 4.777%, 2/16/28 ‡ | AUD | 500000 | 332010 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp., (3-mo. Swap + 1.230%), 5.030%, 11/11/27 ‡ | AUD | 1500000 | 1001816 |
|  |  |  | 52442387 |
| **Belgium — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Kingdom of Belgium Government Bonds, 2.850%, 10/22/34 | EUR | 2800000 | 3241708 |
| &nbsp;&nbsp;&nbsp;Ministeries Van de Vlaamse Gemeenschap, 3.125%, 6/22/34 | EUR | 7300000 | 8557539 |
|  |  |  | 11799247 |
| **Canada — 17.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPPIB Capital, Inc., 4.300%, 6/02/34 | CAD | 10000000 | 7664483 |
| &nbsp;&nbsp;&nbsp;CPPIB Capital, Inc., (SOFR + 1.250%), 5.641%, 3/11/26 ±‡ | USD | 250000 | 251706 |

---

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

[**Table of Contents**](#toc)

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **FACE<br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES (Continued)** |  |  |  |
| **Canada (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;OMERS Finance Trust, 3.250%, 1/28/35 | EUR | 2000000 | $2347067 |
| &nbsp;&nbsp;&nbsp;Province of Alberta Canada, 3.125%, 10/16/34 | EUR | 2500000 | 2935625 |
| &nbsp;&nbsp;&nbsp;Province of Alberta Canada, 4.150%, 6/01/33 | CAD | 12800000 | 9784154 |
| &nbsp;&nbsp;&nbsp;Province of British Columbia Canada, 4.150%, 6/18/34 | CAD | 18300000 | 13864620 |
| &nbsp;&nbsp;&nbsp;Province of Manitoba Canada, 3.800%, 6/02/33 | CAD | 9000000 | 6694857 |
| &nbsp;&nbsp;&nbsp;Province of Manitoba Canada, 4.250%, 6/02/34 | CAD | 11000000 | 8372658 |
| &nbsp;&nbsp;&nbsp;Province of Manitoba Canada, 4.850%, 8/28/34 | AUD | 2000000 | 1315734 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada, 3.650%, 6/02/33 | CAD | 14000000 | 10340055 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada, 4.150%, 6/02/34 | CAD | 6600000 | 5003597 |
| &nbsp;&nbsp;&nbsp;Province of Ontario Canada, 5.350%, 5/08/34 | AUD | 2000000 | 1368176 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada, 3.600%, 9/01/33 | CAD | 5000000 | 3668919 |
| &nbsp;&nbsp;&nbsp;Province of Quebec Canada, 4.450%, 9/01/34 | CAD | 10000000 | 7730252 |
| &nbsp;&nbsp;&nbsp;Province of Saskatchewan Canada, 3.300%, 5/08/34 | EUR | 6600000 | 7838052 |
| &nbsp;&nbsp;&nbsp;PSP Capital, Inc., 3.250%, 7/02/34 | EUR | 5000000 | 5913668 |
|  |  |  | 95093623 |
| **Denmark — 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Novo Nordisk Finance Netherlands BV, 3.375%, 5/21/34 | EUR | 9400000 | 11184878 |
| **Finland — 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Kuntarahoitus OYJ, 0.250%, 2/25/32 | EUR | 2000000 | 2006848 |
| &nbsp;&nbsp;&nbsp;Kuntarahoitus OYJ, (SOFR + 1.000%), 5.359%, 2/02/29 ‡ | USD | 7500000 | 7647309 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp, (SOFR + 0.740%), 5.145%, 3/19/27 ±‡ | USD | 5000000 | 5026401 |
|  |  |  | 14680558 |
| **France — 8.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Agence Francaise de Developpement EPIC, 3.000%, 1/17/34 | EUR | 5000000 | 5786035 |
| &nbsp;&nbsp;&nbsp;Agence France Locale, 3.125%, 3/20/34 | EUR | 14500000 | 16924132 |
| &nbsp;&nbsp;&nbsp;Bpifrance SACA, 3.375%, 5/25/34 | EUR | 7000000 | 8300735 |
| &nbsp;&nbsp;&nbsp;Caisse des Depots et Consignations, (SOFR + 0.340%), 4.699%, 5/03/26 ‡ | USD | 4800000 | 4797183 |
| &nbsp;&nbsp;&nbsp;Gestion Securite de Stocks Securite SA, 3.000%, 11/25/31 | EUR | 1000000 | 1178457 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE, 2.625%, 3/07/29 | EUR | 3000000 | 3533605 |
| &nbsp;&nbsp;&nbsp;Regie Autonome des Transports Parisiens EPIC, 3.250%, 4/11/33 | EUR | 1000000 | 1178318 |
| &nbsp;&nbsp;&nbsp;Societe Des Grands Projets EPIC, 1.125%, 5/25/34 | EUR | 2000000 | 1975214 |
| &nbsp;&nbsp;&nbsp;Societe Nationale SNCF SACA, 3.375%, 5/25/33 | EUR | 3000000 | 3585175 |
|  |  |  | 47258854 |
| **Germany — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG, 3.875%, 9/28/33 | EUR | 1300000 | 1600989 |
| **Netherlands — 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNG Bank NV, 2.750%, 8/28/34 | EUR | 5000000 | 5796730 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, (3-mo. Swap + 0.880%), 4.610%, 5/22/26 ‡ | AUD | 700000 | 462488 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, (SOFR + 0.710%), 5.100%, 3/05/27 ‡ | USD | 500000 | 501931 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, (SOFR + 0.900%), 5.242%, 10/05/26 ‡ | USD | 1110000 | 1116953 |
| &nbsp;&nbsp;&nbsp;Enexis Holding NV, 0.625%, 6/17/32 | EUR | 2250000 | 2249168 |
| &nbsp;&nbsp;&nbsp;Enexis Holding NV, 0.750%, 7/02/31 | EUR | 4000000 | 4146586 |
| &nbsp;&nbsp;&nbsp;Enexis Holding NV, 3.625%, 6/12/34 | EUR | 2000000 | 2415867 |
|  |  |  | 16689723 |
| **New Zealand — 3.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;New Zealand Government Bonds, 2.000%, 5/15/32 | NZD | 30000000 | 15888507 |
| &nbsp;&nbsp;&nbsp;New Zealand Local Government Funding Agency Bonds, 5.000%, 3/08/34 | AUD | 4500000 | 3010514 |
|  |  |  | 18899021 |
| **Norway — 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Kommunalbanken AS, (SOFR + 1.000%), 5.397%, 6/17/26 ‡ | USD | 15300000 | 15398436 |
| **Singapore — 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd., (SOFR + 0.600%), 5.010%, 3/21/28 ±‡ | USD | 3400000 | 3407249 |

---

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

[**Table of Contents**](#toc)

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **FACE<br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES (Continued)** |  |  |  |
| **Singapore (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd., (SOFR + 0.650%), 5.060%, 3/21/30 @‡ | USD | 5100000 | $5101075 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd., (3-mo. Swap + 0.590%), 4.486%, 10/27/25 ‡ | AUD | 3500000 | 2305622 |
|  |  |  | 10813946 |
| **Supranational — 14.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Asian Development Bank, (SOFR + 0.300%), 4.701%, 6/20/28 ‡ | USD | 2000000 | 1998407 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank, 4.800%, 1/17/33 | AUD | 5000000 | 3371473 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank, (SOFR + 1.000%), 5.340%, 4/06/27 ‡ | USD | 200000 | 202631 |
| &nbsp;&nbsp;&nbsp;Asian Development Bank, (SOFR + 1.000%), 5.376%, 8/27/26 ‡ | USD | 2896000 | 2923813 |
| &nbsp;&nbsp;&nbsp;Asian Infrastructure Investment Bank (The), (SOFR + 0.620%), 4.986%, 8/16/27 ‡ | USD | 5000000 | 5032859 |
| &nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development, (SOFR + 0.190%), 4.535%, 4/14/26 ‡ | USD | 3126000 | 3125165 |
| &nbsp;&nbsp;&nbsp;European Bank for Reconstruction & Development, (SOFR + 0.330%), 4.699%, 2/20/28 ‡ | USD | 10000000 | 10009253 |
| &nbsp;&nbsp;&nbsp;European Investment Bank, (SOFR + 0.320%), 4.682%, 8/14/29 ‡@ | USD | 2000000 | 2002277 |
| &nbsp;&nbsp;&nbsp;European Investment Bank, (SOFR + 1.000%), 5.375%, 5/21/28 ‡ | USD | 3800000 | 3871423 |
| &nbsp;&nbsp;&nbsp;European Union, 3.000%, 12/04/34 | EUR | 5000000 | 5901592 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank, (SOFR + 0.280%), 4.625%, 4/12/27 ‡ | USD | 1000000 | 1000291 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank, (SOFR + 0.270%), 4.671%, 3/20/28 ‡ | USD | 2000000 | 1997521 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank, (SOFR + 0.350%), 4.690%, 10/05/28 ‡ | USD | 3020000 | 3023658 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank, (SOFR + 0.350%), 4.692%, 10/04/27 ‡ | USD | 5483000 | 5486298 |
| &nbsp;&nbsp;&nbsp;Inter-American Development Bank, (SOFR + 0.370%), 4.726%, 8/01/29 ‡ | USD | 4000000 | 4004491 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, 4.200%, 4/21/33 | AUD | 2000000 | 1293384 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, (SOFR + 0.180%), 4.576%, 6/15/26 ‡ | USD | 1500000 | 1499497 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, (SOFR + 0.270%), 4.666%, 6/15/27 @‡ | USD | 8500000 | 8501551 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, (SOFR + 0.370%), 4.715%, 1/12/27 ‡ | USD | 1000000 | 1001896 |
| &nbsp;&nbsp;&nbsp;International Bank for Reconstruction & Development, (SOFR + 0.430%), 4.798%, 8/19/27 ‡ | USD | 3650000 | 3662758 |
| &nbsp;&nbsp;&nbsp;International Finance Corp., 3.635%, 8/26/33 | AUD | 500000 | 310091 |
| &nbsp;&nbsp;&nbsp;Nordic Investment Bank, (SOFR + 0.290%), 4.632%, 10/04/27 ±‡ | USD | 8325000 | 8326343 |
| &nbsp;&nbsp;&nbsp;Nordic Investment Bank, (SOFR + 1.000%), 5.361%, 5/12/26 ‡ | USD | 1050000 | 1057363 |
|  |  |  | 79604035 |
| **Sweden — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB, (SOFR + 1.000%), 5.358%, 8/03/26 ‡ | USD | 1835000 | 1849720 |
| &nbsp;&nbsp;&nbsp;Svensk Exportkredit AB, (SOFR + 1.000%), 5.359%, 5/05/27 ‡ | USD | 3000000 | 3036621 |
|  |  |  | 4886341 |
| **United States — 29.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp., 2.000%, 3/18/34 | EUR | 10000000 | 10613908 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc., 4.750%, 5/25/33 | USD | 5000000 | 5057001 |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc., (SOFR + 0.470%), 4.849%, 2/26/28 ‡ | USD | 2000000 | 2009321 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp., 0.835%, 6/26/32 | EUR | 6900000 | 6963696 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., (SOFR + 0.120%), 4.510%, 7/10/26 ‡ | USD | 2000000 | 2001515 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp., (SOFR + 0.130%), 4.520%, 8/12/26 ‡ | USD | 780000 | 780715 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank NA, (SOFR + 1.165%), 5.524%, 10/30/26 ‡ | USD | 5250000 | 5285762 |

---

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

[**Table of Contents**](#toc)

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2025 (Continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **FACE<br> AMOUNT** | **VALUE†** |
| **BONDS AND NOTES (Continued)** |  |  |  |
| **United States (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;National Securities Clearing Corp., (SOFR + 0.570%), 4.943%, 5/20/27 ±‡ | USD | 1500000 | $1503554 |
| &nbsp;&nbsp;&nbsp;Nestle Finance International Ltd., 2.875%, 1/14/32 | EUR | 102000 | 120063 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The), 3.200%, 4/29/34 | EUR | 4500000 | 5350294 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc., (SOFR + 0.740%), 5.106%, 11/13/26 ±‡ | USD | 1050000 | 1057383 |
| &nbsp;&nbsp;&nbsp;Sanofi SA, 2.750%, 3/11/31 | EUR | 5200000 | 6091711 |
| &nbsp;&nbsp;&nbsp;State Street Corp., (SOFR + 0.640%), 4.990%, 10/22/27 ‡ | USD | 3560000 | 3556412 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/26 | USD | 25237560 | 24949532 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/30 | USD | 12467200 | 11769777 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/30 | USD | 17514840 | 16459280 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/31 | USD | 13554200 | 12564343 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.250%, 7/15/29 | USD | 16301870 | 15659232 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/27 | USD | 25569765 | 25227155 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., 2.000%, 6/15/29 | EUR | 3000000 | 3458808 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Bank NA, (SOFR + 1.070%), 5.466%, 12/11/26 ‡ | USD | 385000 | 388079 |
|  |  |  | 160867541 |
| &nbsp;&nbsp;&nbsp;TOTAL BONDS AND NOTES<br> (Identified Cost $528,136,885) |  |  | 541219579 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | |
| **SHORT-TERM INVESTMENTS — 1.7%** |  |  |
| **Investment Company — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund 4.020% | 6650224 | 6650224 |
| **Collateral For Securities On Loan — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.350% | 2351750 | 2351750 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS <br> (Identified Cost $9,001,974) |  | 9001974 |
| **Total Investments — 101.3%<br> (Identified Cost $537,138,859)** |  | **550221553** |
| &nbsp;&nbsp;&nbsp;Liabilities in excess of Cash and Other Assets — (1.3%) |  | (6932029) |
| **Net Assets — 100.0%** |  | $**543289524** |

---

---

| |
|:---|
| &nbsp;&nbsp;See Note 1 |
| &nbsp;&nbsp;Floating rate or variable rate note. Rate shown is as of June 30, 2025. |
| &nbsp;&nbsp;A portion or all of the security was held on loan. As of June 30, 2025, the fair value of the securities on loan was $2,671,094. |
| &nbsp;&nbsp;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 June 30, 2025 amounted to $43,111,893 or 7.94% of the net assets of the Fund. |

---

---

| |
|:---|
| Key to abbreviations: |
| AUD — Australian Dollar |
| CAD — Canadian Dollar |
| EUR — Euro Currency |
| NOK — Norwegian Krone |
| NZD — New Zealand Dollar |
| SEK — Swedish Krona |
| SOFR — Secured Overnight Financing Rate |
| USD — U.S. Dollar |

---

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

[**Table of Contents**](#toc)

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF June 30, 2025 (Continued)

**Forward Foreign Currency Exchange Contracts sold outstanding as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | **Currency<br> Purchased** | **Currency<br> Purchased** | **Currency<br> Sold** | **Currency<br> Sold** | **Counterparty** | **Total<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| 07/02/25 | USD | 62889494 | EUR | 57249639 | State Street Bank & Trust Co. | $67437249 | $— | $(4547755) |
| 07/16/25 | USD | 22853052 | AUD | 35889731 | State Street Bank & Trust Co. | 23626173 |  | (773122) |
| 07/22/25 | USD | 6283580 | SEK | 60722105 | State Street Bank & Trust Co. | 6426500 |  | (142920) |
| 07/24/25 | USD | 48596807 | EUR | 42511064 | State Street Bank & Trust Co. | 50148678 |  | (1551871) |
| 07/25/25 | USD | 8039180 | NZD | 13400232 | State Street Bank & Trust Co. | 8174067 |  | (134887) |
| 07/28/25 | USD | 27478464 | AUD | 42993685 | State Street Bank & Trust Co. | 28309540 |  | (831076) |
| 08/01/25 | USD | 58162823 | EUR | 49484596 | State Street Bank & Trust Co. | 58405990 |  | (243167) |
| 08/07/25 | USD | 6748086 | NOK | 69357958 | State Street Bank & Trust Co. | 6882595 |  | (134508) |
| 08/15/25 | USD | 20471440 | EUR | 17735355 | State Street Bank & Trust Co. | 20952199 |  | (480759) |
| 08/26/25 | USD | 11759011 | CAD | 16097635 | State Street Bank & Trust Co. | 11854009 |  | (94998) |
| 08/26/25 | USD | 9018411 | NZD | 15079228 | State Street Bank & Trust Co. | 9208301 |  | (189890) |
| 08/29/25 | USD | 60810265 | CAD | 82976172 | State Street Bank & Trust Co. | 61111454 |  | (301189) |
| 08/29/25 | USD | 13010956 | EUR | 11320187 | State Street Bank & Trust Co. | 13385851 |  | (374895) |
|  |  |  |  |  |  |  | $**—** | $**(9801037)** |

---

**Forward Foreign Currency Exchange Contracts purchased outstanding as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement<br> Date** | **Currency<br> Purchased** | **Currency<br> Purchased** | **Currency<br> Sold** | **Currency<br> Sold** | **Counterparty** | **Total<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| 07/02/25 | EUR | 57249639 | USD | 66883302 | State Street Bank & Trust Co. | $67437249 | $553947 | $— |
| 07/22/25 | SEK | 60722105 | USD | 6203890 | State Street Bank & Trust Co. | 6426500 | 222610 |  |
| 07/28/25 | AUD | 14204931 | USD | 9235384 | State Street Bank & Trust Co. | 9353351 | 117968 |  |
| 08/07/25 | NOK | 69357958 | USD | 6975205 | State Street Bank & Trust Co. | 6882595 |  | (92610) |
| 08/26/25 | NZD | 2450083 | USD | 1460668 | State Street Bank & Trust Co. | 1496171 | 35502 |  |
|  |  |  |  |  |  |  | $**930027** | $**(92610)** |
| **Total** |  |  |  |  |  |  | $**930027** | $**(9893647)** |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 95.5%** |  |  |
| ***Aerospace & Defense — 1.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;ATI, Inc. \* | 1233 | $106457 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. \* | 500 | 413970 |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The) \* | 8201 | 1718356 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 1200 | 172872 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 374 | 182718 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 2545 | 742275 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 2729 | 702417 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | 574 | 188272 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 576 | 149040 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1946 | 362209 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 544 | 131354 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 1258 | 315557 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4139 | 1916936 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | 182 | 32937 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 1347 | 673473 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 13121 | 1915928 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 2582 | 207309 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 738 | 1122232 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 586 | 143623 |
|  |  | 11197935 |
| ***Air Freight & Logistics — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 2534 | 243138 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 2033 | 232270 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 4493 | 1021304 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 14446 | 1458179 |
|  |  | 2954891 |
| ***Automobile Components — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv PLC \* | 2924 | 199475 |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. | 1465 | 163934 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 3685 | 123374 |
|  |  | 486783 |
| ***Automobiles — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 8430 | 91466 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 6389 | 314403 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A \*@ | 3399 | 46702 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc. \* | 19044 | 6049517 |
|  |  | 6502088 |
| ***Beverages — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B @ | 4083 | 109874 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. \* | 1188 | 55111 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 57587 | 4074280 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 1320 | 147378 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 1757 | 285829 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 3375 | 111577 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 1400 | 67326 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp. \* | 8929 | 559313 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 26459 | 3493646 |
|  |  | 8904334 |
| ***Biotechnology — 2.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 34699 | 6440828 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. \* | 1198 | 390656 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 11547 | 3224038 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. \* | 1615 | 202828 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. \* | 1169 | 64260 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp. \* | 1421 | 75512 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc. \* | 3578 | 157700 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 20378 | 2259309 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc. \*@ | 262 | 13472 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. \* | 3014 | 156788 |
| &nbsp;&nbsp;&nbsp;Incyte Corp. \* | 894 | 60881 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc. \* | 516 | 51930 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc. \* | 1128 | 31122 |
| &nbsp;&nbsp;&nbsp;Natera, Inc. \* | 327 | 55243 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. \* | 608 | 76420 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 639 | 335475 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. \* | 544 | 156319 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. \* | 2429 | 1081391 |
|  |  | 14834172 |
| ***Broadline Retail — 4.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. \* | 125219 | 27471796 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc. \* | 6806 | 203908 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 6141 | 457259 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc. \* | 1250 | 62700 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. \* | 691 | 91060 |
|  |  | 28286723 |
| ***Building Products — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 1521 | 99732 |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 253 | 18659 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 200 | 22972 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 2478 | 357129 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 243 | 39473 |
| &nbsp;&nbsp;&nbsp;AZEK Co., Inc. (The) \* | 968 | 52611 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. \* | 2521 | 294176 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 646 | 241216 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 5139 | 376123 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 1834 | 94414 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 580 | 61260 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 638 | 365727 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 4275 | 275139 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 1257 | 172863 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 116 | 18016 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 3115 | 1362532 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc. \* | 2464 | 133992 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 812 | 80680 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 642 | 23478 |
|  |  | 4090192 |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Capital Markets — 2.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 600 | $118062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 1564 | 834754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 1606 | 278159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 4707 | 428855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 1265 | 1327301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | 6683 | 999643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. (The) | 1219 | 62657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 1028 | 239740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 14444 | 1317871 |
| &nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 2477 | 682711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A \* | 739 | 259012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 400 | 108008 |
| &nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 506 | 226324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 2732 | 65158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 2257 | 1597392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 723 | 102753 |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 916 | 164834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 3848 | 213218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 3821 | 701039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | 2611 | 41175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 1850 | 71854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 1620 | 88598 |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 5286 | 703197 |
| &nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 1322 | 495710 |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 627 | 140034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 2659 | 1333728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 13418 | 1890059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Morningstar, Inc. | 304 | 95435 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | 1016 | 585968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 3887 | 347576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 1618 | 205146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 1945 | 298305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A \* | 1886 | 176586 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2070 | 1091490 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 1932 | 173609 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | 1628 | 173121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 1678 | 174143 |
| &nbsp;&nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 3705 | 357532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 325 | 47580 |
|  |  | 18218337 |
| ***Chemicals — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 2422 | 683149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. | 956 | 59913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. \* | 1604 | 47623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balchem Corp. | 630 | 100296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cabot Corp. | 991 | 74325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Celanese Corp. | 1241 | 68665 |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 2192 | 201664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 5428 | 404549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | 4511 | 119451 |
| &nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 1434 | 98358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 1476 | 110198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 3375 | 909360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 3767 | 85323 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 2270 | 166958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 4857 | 2278807 |
| &nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 4468 | 258518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 3485 | 127133 |
| &nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 3241 | 368664 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 1681 | 184641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sherwin Williams Co. (The) | 4148 | 1424257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westlake Corp. | 439 | 33333 |
|  |  | 7805185 |
| ***Commercial Banks — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 51509 | 2437406 |
| &nbsp;&nbsp;&nbsp;&nbsp;BOK Financial Corp. | 300 | 29289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Bank | 2969 | 94949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 5386 | 458456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 454 | 20317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comerica, Inc. | 957 | 57085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 2628 | 163383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 699 | 89849 |
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 1781 | 179845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 7840 | 322459 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens Bancshares, Inc., Class A | 112 | 219125 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 1684 | 60590 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corp. | 3862 | 81874 |
| &nbsp;&nbsp;&nbsp;&nbsp;FNB Corp. | 5930 | 86459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 1840 | 52366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 7352 | 123220 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 27294 | 7912804 |
| &nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 4839 | 84295 |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | 522 | 101263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | 2043 | 43598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 731 | 80710 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 2775 | 517316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Popular, Inc. | 1642 | 180965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 1026 | 72066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 3661 | 86107 |
| &nbsp;&nbsp;&nbsp;&nbsp;SouthState Corp. | 400 | 36812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 1811 | 93719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 3912 | 168177 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | 16477 | 745584 |
| &nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corp. | 355 | 37332 |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Commercial Banks (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 377 | $20584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 31501 | 2523860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 1740 | 135685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 600 | 74388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp NA | 2092 | 108658 |
|  |  | 17500595 |
| ***Commercial Services & Supplies — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A \* | 549 | 63344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 5991 | 1335214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. \* | 770 | 178009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. \* | 8667 | 425290 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 600 | 100518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. | 2885 | 711470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 4629 | 261168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 3200 | 115072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | 2108 | 212802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 6609 | 1512271 |
|  |  | 4915158 |
| ***Communications Equipment — 0 .9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. \* | 10520 | 1076301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. \* | 2569 | 208937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 48649 | 3375268 |
| &nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. \* | 679 | 199843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 2888 | 1214288 |
|  |  | 6074637 |
| ***Computers & Peripherals — 5.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 156653 | 32140496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 3734 | 457788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 6204 | 126872 |
| &nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 17328 | 423843 |
| &nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 4285 | 456567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A \* | 2027 | 116715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. \* | 821 | 37232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 2827 | 408021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. @ | 2465 | 157735 |
|  |  | 34325269 |
| ***Construction & Engineering — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | 1355 | 152925 |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. \* | 1855 | 94698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 533 | 285800 |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 656 | 350888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. \* | 1 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. \* | 831 | 42605 |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. \* | 736 | 125436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 1481 | 559937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 200 | 65314 |
|  |  | 1677667 |
| ***Construction Materials — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 936 | 85925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 548 | 110756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 602 | 330474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 1521 | 396707 |
|  |  | 923862 |
| ***Consumer Finance — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 1983 | 77238 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 9168 | 2924409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 4202 | 894017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Acceptance Corp. \*@ | 86 | 43811 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 677 | 38589 |
| &nbsp;&nbsp;&nbsp;&nbsp;SLM Corp. | 800 | 26232 |
| &nbsp;&nbsp;&nbsp;&nbsp;SoFi Technologies, Inc. \* | 6056 | 110280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 2776 | 185270 |
|  |  | 4299846 |
| ***Consumer Staples Distribution & Retail — 2.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | 714 | 15358 |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. \* | 2341 | 252430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 442 | 225539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 6712 | 6644477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 4801 | 549138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. \* | 1472 | 145787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. (The) | 12248 | 878549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. \* | 1336 | 116860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. \* | 1478 | 243338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 9579 | 725514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 10492 | 1035036 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods Holding Corp. \* | 1600 | 123216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 59102 | 5778994 |
|  |  | 16734236 |
| ***Containers & Packaging — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | 32254 | 296414 |
| &nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 845 | 132183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 2232 | 391649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 3018 | 169280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 1714 | 176508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 4358 | 91823 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | 4336 | 203055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 1211 | 228213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 991 | 53692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 1 | 43 |
|  |  | 1742860 |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Distributors — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 2179 | $264335 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 4303 | 159254 |
| &nbsp;&nbsp;&nbsp;Pool Corp. @ | 665 | 193834 |
|  |  | 617423 |
| ***Diversified Consumer Services — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 3988 | 33778 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. \* | 639 | 78974 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. \* | 94 | 38542 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 2885 | 158358 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 2254 | 183476 |
|  |  | 493128 |
| ***Diversified Telecommunication Services — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 55778 | 1614215 |
| &nbsp;&nbsp;&nbsp;Sunrise Communications AG, Class A, ADR @\* | 408 | 23073 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 61775 | 2673004 |
|  |  | 4310292 |
| ***Electric Utilities — 1.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 4621 | 279432 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 8417 | 873348 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 4140 | 1336226 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 12780 | 1508040 |
| &nbsp;&nbsp;&nbsp;Edison International | 6635 | 342366 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 5738 | 476943 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 3652 | 251732 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 5876 | 373831 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 15965 | 693200 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 8176 | 329166 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 647 | 74696 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 26939 | 1870105 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 5256 | 844009 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 3314 | 147075 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 2100 | 29274 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 1978 | 176972 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 9200 | 311788 |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 17830 | 1637329 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 9222 | 628018 |
|  |  | 12183550 |
| ***Electrical Equipment — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 354 | 105612 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 2307 | 417475 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 4909 | 1752464 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 5965 | 795314 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 682 | 360880 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. \* | 762 | 109126 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 711 | 290380 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A \* | 947 | 51488 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 1736 | 127162 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. \* | 749 | 36335 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 1098 | 159166 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 1487 | 493937 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 1257 | 161411 |
|  |  | 4860750 |
| ***Electronic Equipment, Instruments & Components — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 15840 | 1564200 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. \* | 830 | 105767 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 331 | 81078 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 2939 | 524876 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. \* | 812 | 72438 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 8949 | 470628 |
| &nbsp;&nbsp;&nbsp;Fabrinet \* | 506 | 149108 |
| &nbsp;&nbsp;&nbsp;Flex Ltd. \* | 5442 | 271665 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 2109 | 459973 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. \* | 1745 | 285936 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 836 | 113445 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 3575 | 602995 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. \* | 315 | 161378 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. \* | 1892 | 143754 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | 3024 | 111586 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A \* | 374 | 115327 |
|  |  | 5234154 |
| ***Energy Equipment & Services — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 3464 | 132810 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 2470 | 50339 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | 9537 | 322350 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 4963 | 170926 |
|  |  | 676425 |
| ***Entertainment — 1.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class C \* | 58 | 2713 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 2343 | 374177 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A \* | 2 | 190 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C \* | 1723 | 180054 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class A \* | 328 | 26069 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class C \* | 367 | 29786 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. \* | 2466 | 373056 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. \* | 279 | 58297 |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Entertainment (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. \* | 4747 | $6356850 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A \* | 2017 | 212188 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA \* | 572 | 438918 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. \* | 2052 | 498328 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 628 | 114265 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | 14767 | 1831256 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. \* | 7497 | 85916 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | 1467 | 39961 |
|  |  | 10622024 |
| ***Financial Services — 4.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. \* | 1361 | 94100 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 5497 | 779859 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B \* | 12209 | 5930766 |
| &nbsp;&nbsp;&nbsp;Block, Inc. \* | 2239 | 152095 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 814 | 28897 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc. \* | 1396 | 463221 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 7584 | 425462 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 700 | 42511 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. \* | 39 | 3954 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 5177 | 421460 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. \* | 5324 | 917911 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 2160 | 172886 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 953 | 171702 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | 477 | 42353 |
| &nbsp;&nbsp;&nbsp;MasterCard, Inc., Class A | 15945 | 8960133 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 4400 | 122496 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. \* | 9049 | 672522 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A @ | 1367 | 19384 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A \*@ | 780 | 77306 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A \* | 2632 | 116571 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 28029 | 9951696 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 1206 | 85626 |
|  |  | 29652911 |
| ***Food Products — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 455 | 24015 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 836 | 67114 |
| &nbsp;&nbsp;&nbsp;Campbell's Co. (The) | 2104 | 64488 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 1972 | 40367 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 2 | 32 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 8511 | 440955 |
| &nbsp;&nbsp;&nbsp;Hershey Co. (The) | 2946 | 488889 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 3316 | 100309 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 866 | 117447 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. (The) | 1268 | 124517 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 3268 | 84380 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 3492 | 181060 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 2892 | 219271 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 11759 | 793027 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 940 | 42281 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. \* | 1136 | 123858 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 2688 | 150367 |
|  |  | 3062377 |
| ***Gas Utilities — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 2360 | 363700 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 1 | 17 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 1600 | 135536 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 300 | 22317 |
| &nbsp;&nbsp;&nbsp;UGI Corp. @ | 2799 | 101939 |
|  |  | 623509 |
| ***Ground Transportation — 0.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 30853 | 1006733 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 1094 | 157099 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 2249 | 99473 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 2236 | 572349 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 2534 | 411268 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 259 | 41181 |
| &nbsp;&nbsp;&nbsp;Saia, Inc. \* | 200 | 54798 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 1188 | 64592 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. \*@ | 152 | 9205 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. \* | 9836 | 917699 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 9813 | 2257775 |
| &nbsp;&nbsp;&nbsp;XPO, Inc. \* | 1934 | 244245 |
|  |  | 5836417 |
| ***Health Care Equipment & Supplies — 1.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 18506 | 2517001 |
| &nbsp;&nbsp;&nbsp;ABIOMED, Inc. CVR ¶\*§ | 350 |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. \* | 581 | 110001 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 5511 | 166873 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1681 | 289552 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. \* | 10979 | 1179254 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) \* | 1444 | 102755 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc. \* | 3076 | 268504 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. \* | 3957 | 309477 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp. \* | 1 | 20 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 909 | 67330 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A \* | 57 | 3364 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. \* | 2522 | 164333 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. \* | 1317 | 706360 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. \* | 740 | 232493 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. \* | 1973 | 1072148 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. \*@ | 438 | 35855 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 9595 | 836396 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. \* | 769 | 71886 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc. \* | 300 | 76989 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 1455 | 375390 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. \* | 3287 | 249286 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 889 | 213556 |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Health Care Equipment & Supplies (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 3389 | $1340790 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 364 | 43083 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 1186 | 108175 |
|  |  | 10540871 |
| ***Health Care Providers & Services — 1.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 3943 | 662424 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | 2652 | 795202 |
| &nbsp;&nbsp;&nbsp;Centene Corp. \* | 3666 | 198991 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 339 | 165069 |
| &nbsp;&nbsp;&nbsp;Cigna Group (The) | 2633 | 870417 |
| &nbsp;&nbsp;&nbsp;CorVel Corp. \* | 300 | 30834 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 4313 | 297511 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. \* | 544 | 77493 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 2219 | 863102 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 1356 | 166286 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 687 | 105977 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 2371 | 908330 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. \* | 331 | 34676 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc. \*@ | 1827 | 133462 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 1186 | 289953 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 579 | 151993 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 1644 | 1204690 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. \* | 831 | 247555 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 980 | 176038 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. \* | 1281 | 225456 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 8939 | 2788700 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 662 | 119921 |
|  |  | 10514080 |
| ***Health Care Technology — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A \* | 742 | 45514 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A \* | 1016 | 292588 |
|  |  | 338102 |
| ***Hotels, Restaurants & Leisure — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A \* | 1780 | 235565 |
| &nbsp;&nbsp;&nbsp;Aramark | 2445 | 102372 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 427 | 2472005 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. \* | 491 | 88542 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. \*@ | 1253 | 35573 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. \* | 2589 | 72803 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. \* | 21150 | 1187572 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. @ | 413 | 52401 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 1048 | 105848 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 1935 | 421772 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 426 | 191956 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A \* | 392 | 96632 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A \* | 2512 | 107740 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A \* | 691 | 47244 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 2025 | 341577 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 3388 | 902360 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A @ | 300 | 41895 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 3185 | 138579 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc. \* | 727 | 69981 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 3059 | 835749 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 9357 | 2733835 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. \* | 2479 | 50274 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A \* | 1127 | 122899 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 2550 | 798507 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 14871 | 1362630 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 971 | 181975 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. @ | 666 | 104649 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 324 | 109104 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 1412 | 114669 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. @ | 738 | 69128 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 3703 | 548711 |
|  |  | 13744547 |
| ***Household Durables — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 2791 | 359816 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 1512 | 315585 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 1950 | 215689 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class B @ | 72 | 7578 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. \* | 600 | 62904 |
| &nbsp;&nbsp;&nbsp;NVR, Inc. \* | 44 | 324969 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 2304 | 242980 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc. \* | 397 | 39299 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. @ | 3440 | 234092 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. \* | 1243 | 76345 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 1295 | 147798 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp. \* | 500 | 161870 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. @ | 1199 | 121603 |
|  |  | 2310528 |
| ***Household Products — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 1955 | 187895 |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 2311 | 277482 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 12032 | 1093709 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 4287 | 552680 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 38727 | 6169985 |
|  |  | 8281751 |
| ***Independent Power Producers & Energy Traders — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;AES Corp. (The) | 11000 | 115720 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | 2400 | 76800 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 300 | 25128 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 3161 | 612633 |
|  |  | 830281 |
| ***Industrial Conglomerates — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 5998 | 913135 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 9442 | 2198853 |
|  |  | 3111988 |
| ***Insurance — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 4376 | 461493 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 2506 | 504483 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 429 | 54144 |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Insurance (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 8089 | $692338 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 4021 | 1434532 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 3373 | 307112 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 1706 | 546125 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 793 | 156610 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 1300 | 134966 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 2460 | 272740 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 3276 | 949123 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 1150 | 171258 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 350 | 121376 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 191 | 64911 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 306 | 9786 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 2857 | 160163 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 2024 | 124253 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 959 | 119194 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 243 | 41278 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | 4796 | 608469 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 257 | 124362 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 1449 | 50135 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 1471 | 134832 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc. \* | 100 | 199736 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 7886 | 1724195 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 4850 | 390037 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 2863 | 110054 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 435 | 119046 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 2619 | 208027 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 6652 | 1775153 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 957 | 102820 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 649 | 128736 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 783 | 190191 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 1020 | 73664 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 829 | 71833 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 5041 | 1348669 |
| &nbsp;&nbsp;&nbsp;Unum Group | 1700 | 137292 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 3002 | 220557 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 1050 | 321825 |
|  |  | 14365518 |
| ***Interactive Media & Services — 7.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 70180 | 12367821 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 70345 | 12478500 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 2359 | 72870 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 34924 | 25777055 |
|  |  | 50696246 |
| ***IT Services — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 8280 | 2474809 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. \* | 1909 | 152262 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 2260 | 206202 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A \* | 1142 | 223638 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 4925 | 384298 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc. \* | 639 | 112988 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. \* | 1538 | 621690 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A \* | 2137 | 384788 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 16047 | 4730335 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. \* | 900 | 37764 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. \* | 284 | 59637 |
| &nbsp;&nbsp;&nbsp;Okta, Inc. \* | 1243 | 124263 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A \* | 834 | 186624 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A \* | 609 | 75735 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 1126 | 325189 |
|  |  | 10100222 |
| ***Leisure Equipment & Products — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 2087 | 154062 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. \* | 2404 | 47407 |
|  |  | 201469 |
| ***Life Sciences Tools & Services — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 2790 | 329248 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A \* | 223 | 53814 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 1750 | 90037 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 2044 | 84213 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. \* | 640 | 97107 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 5687 | 1123410 |
| &nbsp;&nbsp;&nbsp;ICON PLC \* | 70 | 10181 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. \* | 1155 | 110199 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. \* | 2227 | 350953 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. \* | 500 | 156930 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. \* | 306 | 359464 |
| &nbsp;&nbsp;&nbsp;Repligen Corp. \* | 355 | 44155 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 1223 | 118289 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 2491 | 1010001 |
| &nbsp;&nbsp;&nbsp;Waters Corp. \* | 991 | 345899 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 759 | 166069 |
|  |  | 4449969 |
| ***Machinery — 1.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 932 | 96145 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 1376 | 130706 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 7693 | 2986500 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. \* | 259 | 42644 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | 6879 | 89152 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 560 | 106338 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 1437 | 470618 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 3381 | 1719205 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 2651 | 183847 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 1494 | 273746 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | 564 | 67990 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 808 | 85987 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 1589 | 83184 |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Machinery (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 2248 | $117188 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 300 | 26922 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 1969 | 169275 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 881 | 154677 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 6432 | 1590312 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 2640 | 219595 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 917 | 143813 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 920 | 190734 |
| &nbsp;&nbsp;&nbsp;Middleby Corp. (The) \* | 1043 | 150192 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 776 | 61669 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 589 | 126264 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 1453 | 164974 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 5642 | 558671 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 5173 | 491745 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 1277 | 891946 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 1393 | 143005 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc. \* | 421 | 162001 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 632 | 196666 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc. \* | 182 | 30518 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 1936 | 131164 |
| &nbsp;&nbsp;&nbsp;Toro Co. (The) | 1330 | 94004 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 400 | 98356 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 1144 | 239497 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 1764 | 228191 |
|  |  | 12717441 |
| ***Marine Transportation — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Kirby Corp. \* | 322 | 36518 |
| ***Media — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A \*@ | 1915 | 782871 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 58373 | 2083332 |
| &nbsp;&nbsp;&nbsp;Fox Corp. Class A | 3686 | 206564 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 661 | 34128 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. \*§ | 1444 |  |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 6061 | 148373 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A \* | 39 | 3815 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C \* | 1043 | 102610 |
| &nbsp;&nbsp;&nbsp;New York Times Co. (The), Class A | 749 | 41929 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 3913 | 116294 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B @ | 1525 | 52323 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 4831 | 347542 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class A | 616 | 14137 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | 1143 | 14745 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 1275 | 29287 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. (The), Class A \* | 3136 | 225761 |
|  |  | 4203711 |
| ***Metals & Mining — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 2296 | 67755 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 592 | 163617 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 1475 | 72142 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 6585 | 285460 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 4649 | 270851 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 1511 | 195735 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 589 | 184887 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 1115 | 198291 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 1839 | 186052 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 1501 | 192143 |
|  |  | 1816933 |
| ***Multi-Utilities — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 3328 | 319621 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 6700 | 246158 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 5199 | 360187 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 5063 | 508072 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 13388 | 756690 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 3247 | 430097 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 5791 | 233609 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 8415 | 708375 |
| &nbsp;&nbsp;&nbsp;Sempra | 5686 | 430828 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 4251 | 442954 |
|  |  | 4436591 |
| ***Oil, Gas & Consumable Fuels — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 3600 | 68220 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp. \* | 3300 | 132924 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 3667 | 892988 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 14873 | 2129665 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 17157 | 1539669 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 8623 | 218852 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 4928 | 156760 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 1132 | 155537 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 1111 | 122110 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 6790 | 812152 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 3800 | 221616 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 2016 | 235751 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 44247 | 4769827 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 3997 | 553744 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 2161 | 88774 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 8265 | 242991 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 2105 | 349661 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 1362 | 64995 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 12838 | 539324 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 6204 | 506432 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 3035 | 115482 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 2402 | 286559 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 3129 | 127256 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1997 | 347638 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 174 | 183812 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 2058 | 276636 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | 190 | 4197 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 11984 | 752715 |
|  |  | 15896287 |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Paper & Forest Products — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 1020 | $87710 |
| ***Passenger Airlines — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. \* | 912 | 45126 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc. \*@ | 4400 | 49368 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 4487 | 220670 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. @ | 5800 | 188152 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. \* | 2884 | 229653 |
|  |  | 732969 |
| ***Personal Products — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc. \* | 2728 | 158033 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | 3525 | 284820 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 29296 | 613165 |
|  |  | 1056018 |
| ***Pharmaceuticals — 3.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 15925 | 737168 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. \*@ | 4517 | 64503 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 15842 | 12349314 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 1092 | 115883 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 34649 | 5292635 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 33114 | 2621304 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 42944 | 1040962 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 1519 | 54730 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 10369 | 92595 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 7283 | 1135784 |
|  |  | 23504878 |
| ***Professional Services — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. \*@ | 206 | 4864 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 7063 | 2178229 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 3549 | 369557 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 1956 | 475367 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A \* | 457 | 217852 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. @ | 144 | 7611 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc. \* | 995 | 55113 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 1224 | 317469 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. \* | 1320 | 57803 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc. \* | 662 | 106913 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | 2839 | 124944 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 195 | 25633 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | 2177 | 104365 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 1015 | 160126 |
| &nbsp;&nbsp;&nbsp;Parsons Corp. \* | 540 | 38756 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 5938 | 863742 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 888 | 205483 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. \* | 668 | 121035 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 3246 | 268769 |
| &nbsp;&nbsp;&nbsp;TransUnion | 2099 | 184712 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 2746 | 855379 |
|  |  | 6743722 |
| ***Real Estate Management & Development — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A \* | 2928 | 410271 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc. \* | 2760 | 221904 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. \* | 303 | 77501 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A \*@ | 436 | 29862 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C \* | 1159 | 81188 |
|  |  | 820726 |
| ***Semiconductors & Semiconductor Equipment — 11.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. \* | 11782 | 1671866 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 3247 | 772851 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 10509 | 1923883 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 47350 | 13052027 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. \* | 899 | 93725 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc. \* | 1883 | 74661 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 1569 | 126540 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. \*@ | 1023 | 169347 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 40658 | 910739 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 2606 | 2334298 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 21008 | 2044919 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. \* | 859 | 42082 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. \* | 654 | 93712 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 6331 | 490019 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 7490 | 527071 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 7907 | 974538 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. @ | 347 | 34478 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 470 | 343749 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 280061 | 44246837 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 1369 | 299113 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. \* | 5429 | 284534 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc. \* | 307 | 30985 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. \* | 1305 | 110808 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 16133 | 2569342 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 1474 | 109842 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 1789 | 160867 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 11896 | 2469848 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 786 | 121406 |
|  |  | 76084087 |
| ***Software — 9.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. \* | 6972 | 2697327 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A \* | 96 | 22107 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A \* | 1162 | 406793 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A \* | 1245 | 252847 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc. \* | 2329 | 720989 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 2343 | 126452 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc. \* | 2824 | 870216 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. \* | 3847 | 36200 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A \* | 825 | 420181 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A \* | 784 | 105315 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc. \* | 1359 | 105852 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 938 | 69656 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A \* | 3142 | 89861 |

---

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Software (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. \* | 1205 | $66528 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. \* | 324 | 592259 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc. \* | 10538 | 1114077 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 3818 | 112249 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc. \* | 488 | 114900 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. \* | 406 | 225992 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. @ | 105 | 23544 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 2742 | 2159681 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. \* | 1022 | 201814 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 75928 | 37767346 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A \* | 1172 | 89588 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 26244 | 5737726 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A \* | 13943 | 1900710 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. \* | 6022 | 1232342 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. @ | 1150 | 62249 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc. \* | 362 | 24768 |
| &nbsp;&nbsp;&nbsp;PTC, Inc. \* | 1031 | 177683 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc. \* | 503 | 71864 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 709 | 401890 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 6264 | 1708130 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A \* | 1046 | 41610 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A \* | 2184 | 39923 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. \* | 1553 | 1596608 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc. \* | 393 | 53483 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. \* | 1534 | 786451 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. \* | 290 | 171924 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A \* | 981 | 235440 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. \* | 832 | 64879 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. \* | 705 | 221328 |
|  |  | 62920782 |
| ***Specialty Retail — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. \* | 654 | 129917 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. \* | 220 | 816691 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 1486 | 44521 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 4769 | 320143 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc. \* | 571 | 132838 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. \* | 1900 | 127699 |
| &nbsp;&nbsp;&nbsp;Carvana Co. \* | 1078 | 363243 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A \* | 1711 | 72923 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 946 | 187128 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A \* | 701 | 53248 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A \* | 2483 | 60560 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 1878 | 40959 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 57 | 24893 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 18549 | 6800805 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 199 | 67226 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 7334 | 1627195 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 374 | 152143 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. \* | 11280 | 1016666 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 257 | 44155 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 5358 | 683574 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 18249 | 2253569 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 8708 | 459521 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. \* | 736 | 344316 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc. \* | 466 | 17647 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 2047 | 334418 |
|  |  | 16175998 |
| ***Textiles, Apparel & Luxury Goods — 0.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 600 | 36648 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc. \* | 468 | 47399 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. \* | 2200 | 226754 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. \* | 2254 | 535505 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 19778 | 1405029 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | 1 | 68 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 507 | 139060 |
| &nbsp;&nbsp;&nbsp;Skechers U.S.A., Inc., Class A \* | 1800 | 113580 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 2865 | 251576 |
| &nbsp;&nbsp;&nbsp;VF Corp. @ | 1109 | 13031 |
|  |  | 2768650 |
| ***Tobacco — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 23551 | 1380795 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 21340 | 3886654 |
|  |  | 5267449 |
| ***Trading Companies & Distributors — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | 1296 | 75803 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 374 | 86936 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A \* | 1729 | 104345 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 15131 | 635502 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 332 | 72293 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 961 | 110554 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 410 | 62960 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. \* | 454 | 54907 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 1075 | 809905 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. @ | 357 | 157658 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 596 | 110379 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 720 | 748973 |
|  |  | 3030215 |
| ***Water Utilities — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 3475 | 483407 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 3662 | 136007 |
|  |  | 619414 |
| ***Wireless Telecommunication Services — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 7083 | 1687596 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS <br> (Identified Cost $97,881,027) |  | 639740997 |
| **MUTUAL FUNDS — 4.2%** |  |  |
| ***Others — 4.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;DFA U.S. Micro Cap Portfolio | 1012194 | 28533744 |
| &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUNDS<br> (Identified Cost $12,139,355) |  | 28533744 |

---

 

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

[**Table of Contents**](#toc)

SA U.S. Core Market Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Investment Company — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund 4.020% | 898428 | $898428 |
| ***Collateral For Securities On Loan — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.350% | 127824 | 127824 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS <br> (Identified Cost $1,026,252) |  | 1026252 |
| **Total Investments — 99.9%<br> (Identified Cost $111,046,634)** |  | **669300993** |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets, Less Liabilities — 0.1% |  | 336387 |
| **Net Assets — 100.0%** |  | $**669637380** |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;See Note 1 |
| \* | &nbsp;&nbsp;Non-income producing security |
| @ | &nbsp;&nbsp;A portion or all of the security was held on loan. As of June 30, 2025, the fair value of the securities on loan was $3,112,949. |
| ¶ | &nbsp;&nbsp;Contingent value rights based on future performance. |
| § | &nbsp;&nbsp;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 | Key to abbreviations |
| CVR — Contingent Value Rights | CVR — Contingent Value Rights |

---

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

[**Table of Contents**](#toc)

SA U.S. Value Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 99.7%** |  |  |
| **Aerospace & Defense — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 7826 | $2282531 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 6055 | 1518836 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 4548 | 2273909 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 36091 | 5270008 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 6061 | 486638 |
|  |  | 11831922 |
| **Air Freight & Logistics — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 16968 | 3856996 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 4156 | 419507 |
|  |  | 4276503 |
| **Automobile Components — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 24241 | 811589 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 863 | 18977 |
|  |  | 830566 |
| **Automobiles — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 170891 | 1854167 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 98964 | 4870019 |
|  |  | 6724186 |
| **Beverages — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 10451 | 1700168 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 27263 | 901315 |
|  |  | 2601483 |
| **Biotechnology — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. \* | 4545 | 570807 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 24769 | 2746139 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 3232 | 1696800 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. \* | 683 | 196260 |
|  |  | 5210006 |
| **Broadline Retail — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 20328 | 1513623 |
| **Building Products — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. \* | 5259 | 613673 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 14950 | 1094191 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 11027 | 567670 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 34370 | 3630159 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 4150 | 570708 |
|  |  | 6476401 |
| **Capital Markets — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 49756 | 4533269 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 5210 | 124258 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 11884 | 8410901 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 3449 | 188626 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 52586 | 7407264 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 938 | 118929 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 4361 | 668847 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 10112 | 1075310 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 1285 | 124003 |
|  |  | 22651407 |
| **Chemicals — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 5579 | 1573613 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 9615 | 884580 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 18513 | 1379774 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 51700 | 1369016 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 10913 | 748523 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 11080 | 827233 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 6709 | 493447 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 12036 | 5647050 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 21390 | 1237625 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 8879 | 1009986 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 4853 | 368488 |
|  |  | 15539335 |
| **Commercial Banks — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 90136 | 4265236 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 42851 | 3647477 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 15595 | 697876 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 2390 | 241342 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 70601 | 2903819 |
| &nbsp;&nbsp;&nbsp;First Citizens Bancshares, Inc., Class A | 153 | 299340 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 72900 | 1221804 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 87889 | 25479900 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 33936 | 591165 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 3759 | 729208 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 11566 | 2156134 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 119937 | 2820918 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 45621 | 1961247 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 40031 | 1811403 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 109689 | 8788283 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 4933 | 256220 |
|  |  | 57871372 |
| **Commercial Services & Supplies — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 294 | 72503 |
| **Communications Equipment — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 139870 | 9704181 |
| &nbsp;&nbsp;&nbsp;F5, Inc. \* | 869 | 255764 |
|  |  | 9959945 |
| **Computers & Peripherals — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 861 | 105559 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 141847 | 2900771 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 4715 | 115329 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp. \* | 5006 | 227022 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. @ | 15020 | 961130 |
|  |  | 4309811 |
| **Construction Materials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;CRH PLC | 19422 | 1782940 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 4136 | 2270498 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 8594 | 2241487 |
|  |  | 6294925 |

---

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

[**Table of Contents**](#toc)

SA U.S. Value Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Consumer Finance — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 10944 | $426269 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 23386 | 4975605 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 25544 | 1704807 |
|  |  | 7106681 |
| ***Consumer Staples Distribution & Retail — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 1143 | 583239 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 4555 | 521001 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc. \* | 12596 | 1247508 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 41321 | 2963955 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 16536 | 1631276 |
| &nbsp;&nbsp;&nbsp;U.S. Foods Holding Corp. \* | 11078 | 853117 |
|  |  | 7800096 |
| ***Containers & Packaging — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 20769 | 190867 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 6731 | 377542 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 36643 | 1715992 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 2898 | 546128 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 611 | 26615 |
|  |  | 2857144 |
| ***Distributors — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 2990 | 362717 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 22668 | 838943 |
|  |  | 1201660 |
| ***Diversified Telecommunication Services — 2.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 287354 | 8316024 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 156451 | 6769635 |
|  |  | 15085659 |
| ***Electrical Equipment — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 6575 | 1189812 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2442 | 325592 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A \* | 695 | 37787 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. \* | 2437 | 118170 |
|  |  | 1671361 |
| ***Electronic Equipment, Instruments & Components — 1.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 84494 | 4443540 |
| &nbsp;&nbsp;&nbsp;Flex Ltd. \* | 23432 | 1169725 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. \* | 1802 | 295276 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1605 | 217799 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 19914 | 3358894 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. \* | 243 | 124491 |
|  |  | 9609725 |
| ***Energy Equipment & Services — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 54341 | 2083434 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 10538 | 214765 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | 33294 | 1125337 |
|  |  | 3423536 |
| ***Entertainment — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 9241 | 1475787 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A \* | 1097 | 104171 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C \* | 2194 | 229273 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | 18682 | 2316755 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc. \* | 74693 | 855982 |
|  |  | 4981968 |
| ***Financial Services — 3.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B \* | 25243 | 12262292 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 27979 | 2277770 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. \* | 11916 | 2054438 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 7128 | 570525 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. \* | 8539 | 634619 |
|  |  | 17799644 |
| ***Food Products — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 24965 | 1317653 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 7718 | 619601 |
| &nbsp;&nbsp;&nbsp;Campbell's Co. (The) | 3702 | 113466 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 8302 | 169942 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 38095 | 1973702 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 5728 | 173272 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. (The) | 880 | 86416 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 20920 | 540155 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 1921 | 145650 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 51728 | 3488536 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. \* | 973 | 106086 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 41844 | 2340753 |
|  |  | 11075232 |
| ***Ground Transportation — 1.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 74654 | 2435960 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 14303 | 3661139 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. \*@ | 1815 | 109916 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 11881 | 645970 |
|  |  | 6852985 |
| ***Health Care Equipment & Supplies — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 35000 | 4760350 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 8851 | 1524585 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) \* | 548 | 38996 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. \* | 7417 | 580084 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 24661 | 1826640 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. \* | 5323 | 346847 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 35985 | 3136812 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 3097 | 743961 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 8154 | 743726 |
|  |  | 13702001 |
| ***Health Care Providers & Services — 6.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Centene Corp. \* | 19196 | 1041959 |
| &nbsp;&nbsp;&nbsp;Cigna Group (The) | 18662 | 6169284 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 58448 | 4031743 |

---

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

[**Table of Contents**](#toc)

SA U.S. Value Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Health Care Providers & Services (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 9306 | $3619662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc. \*@ | 3777 | 275910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 6790 | 1660019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 12677 | 3327839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 18783 | 3373990 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 27077 | 8447212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 1221 | 221184 |
|  |  | 32168802 |
| ***Hotels, Restaurants & Leisure — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aramark | 16117 | 674819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. \* | 27865 | 783564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A @ | 900 | 125685 |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International \* | 2440 | 83911 |
|  |  | 1667979 |
| ***Household Durables — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DR Horton, Inc. | 32358 | 4171593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Garmin Ltd. | 11585 | 2418021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 21583 | 2387296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp., Class B @ | 573 | 60308 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc. \* | 15 | 110785 |
| &nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 41004 | 4324282 |
|  |  | 13472285 |
| ***Household Products — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 483 | 46421 |
| ***Insurance — 5.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 32730 | 3451706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 2943 | 592455 |
| &nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 29118 | 2492210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 18837 | 1715109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 11440 | 3314397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 370 | 55100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 711 | 241633 |
| &nbsp;&nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 103 | 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 1515 | 84931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | 44213 | 5609303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | 9516 | 329253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loews Corp. | 6640 | 608622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. \* | 116 | 231694 |
| &nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 16066 | 1292028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | 5321 | 204539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 26311 | 2089883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 22788 | 2448343 |
| &nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 60 | 14574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 20385 | 5453803 |
| &nbsp;&nbsp;&nbsp;&nbsp;W R Berkley Corp. | 6200 | 455514 |
|  |  | 30688391 |
| ***Interactive Media & Services — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 4717 | 831277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 4520 | 801803 |
|  |  | 1633080 |
| ***IT Services — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. \* | 1649 | 131524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 6785 | 619064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 34305 | 2676819 |
| &nbsp;&nbsp;&nbsp;&nbsp;DXC Technology Co. \* | 2868 | 43852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. \* | 990 | 41540 |
|  |  | 3512799 |
| ***Life Sciences Tools & Services — 1.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 19132 | 3779335 |
| &nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc. \* | 4432 | 698439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 7432 | 3013379 |
|  |  | 7491153 |
| ***Machinery — 4.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial NV | 12374 | 160367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | 10946 | 3584815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 6907 | 3512141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | 6916 | 1267219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 7311 | 381122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 14939 | 1242626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 984 | 111723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 23695 | 2346279 |
| &nbsp;&nbsp;&nbsp;&nbsp;PACCAR, Inc. | 35870 | 3409802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 3115 | 2175734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 20400 | 2094264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 6351 | 1976304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 14985 | 1015234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 5333 | 1116464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | 2684 | 347202 |
|  |  | 24741296 |
| ***Media — 2.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A \*@ | 2964 | 1211713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 223534 | 7977928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. Class A | 23101 | 1294580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class B | 14510 | 749151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 21833 | 534472 |
| &nbsp;&nbsp;&nbsp;&nbsp;News Corp., Class A | 8320 | 247270 |
| &nbsp;&nbsp;&nbsp;&nbsp;News Corp., Class B @ | 1734 | 59494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paramount Global, Class B | 25564 | 329776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 11026 | 253267 |
|  |  | 12657651 |
| ***Metals & Mining — 2.9%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 106539 | 4618466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 42413 | 2470981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 29785 | 3858349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance, Inc. | 8301 | 2605684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 725 | 128934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 12183 | 1559546 |
|  |  | 15241960 |

---

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

[**Table of Contents**](#toc)

SA U.S. Value Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Oil, Gas & Consumable Fuels — 10.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 61746 | $8841410 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 66450 | 5963223 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 19923 | 505646 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 27320 | 869049 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 8816 | 1211318 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 23992 | 2869683 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 3853 | 224707 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 180851 | 19495738 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 7744 | 1072854 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 471 | 19349 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 75243 | 2212144 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 24742 | 4109893 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 34021 | 1429222 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 11913 | 972458 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 11460 | 1367178 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 17571 | 2361894 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 24802 | 1557814 |
|  |  | 55083580 |
| ***Passenger Airlines — 0.7%*** |  |  |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 37883 | 1863086 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. @ | 18667 | 605557 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. \* | 17600 | 1401488 |
|  |  | 3870131 |
| ***Personal Products — 0.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 113017 | 2365446 |
| ***Pharmaceuticals — 3.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 51925 | 2403608 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 4730 | 501948 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 69271 | 10581145 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 13215 | 1046099 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 209620 | 5081189 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 3308 | 29541 |
|  |  | 19643530 |
| ***Professional Services — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. \*@ | 4068 | 96045 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 6136 | 806577 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 16200 | 2555712 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | 632 | 25533 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 7467 | 618268 |
|  |  | 4102135 |
| ***Real Estate Management & Development — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A \* | 19100 | 2676292 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. \* | 1249 | 319469 |
|  |  | 2995761 |
| ***Semiconductors & Semiconductor Equipment — 3.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. \* | 13752 | 1951409 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 16075 | 3826172 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. \*@ | 248 | 41054 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 93584 | 2096282 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 6371 | 493115 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 47662 | 5874342 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 4062 | 887506 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. \* | 10923 | 572474 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. \* | 11125 | 944624 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 2266 | 168862 |
|  |  | 16855840 |
| ***Software — 1.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 3129 | 91993 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 1163 | 659235 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 19631 | 5353177 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. \* | 1437 | 112057 |
|  |  | 6216462 |
| ***Specialty Retail — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. \* | 3334 | 224078 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 1230 | 243306 |
|  |  | 467384 |
| ***Textiles, Apparel & Luxury Goods — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 1676 | 459693 |
| ***Trading Companies & Distributors — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 2172 | 1636385 |
| ***Wireless Telecommunication Services — 1.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 24773 | 5902415 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS <br>(Identified Cost $298,893,371) |  | 522252259 |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| ***Investment Company — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund 4.020% | 929335 | 929335 |
| ***Collateral For Securities On Loan — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.350% | 112984 | 112984 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $1,042,319) |  | 1042319 |
| **Total Investments — 99.9%<br> (Identified Cost $299,935,690)** |  | **523294578** |
| &nbsp;&nbsp;&nbsp;Cash and Other Assets, Less Liabilities — 0.1% |  | 773211 |
| **Net Assets — 100.0%** |  | $**524067789** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;† | &nbsp;&nbsp;See Note 1 |
| &nbsp;&nbsp;\* | &nbsp;&nbsp;Non-income producing security |
| &nbsp;&nbsp;@ | &nbsp;&nbsp;A portion or all of the security was held on loan. As of June 30, 2025, the fair value of the securities on loan was $3,474,943. |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 99.9%** |  |  |
| ***Aerospace & Defense — 2.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;AAR Corp. \* | 3277 | $225425 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc. \* | 1825 | 520034 |
| &nbsp;&nbsp;&nbsp;Astronics Corp., Class B \* | 693 | 22663 |
| &nbsp;&nbsp;&nbsp;ATI, Inc. \* | 13573 | 1171893 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. \* | 11 | 9107 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 3927 | 565724 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 2577 | 1258993 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc. \* | 1489 | 123036 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 3842 | 217035 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 370 | 89340 |
| &nbsp;&nbsp;&nbsp;Innovative Solutions & Support, Inc. \* | 3248 | 45082 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. \*@ | 11721 | 544441 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc. \* | 4277 | 230359 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | 2730 | 494048 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 369 | 36147 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 1334 | 19703 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp. \* | 2861 | 102338 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 1666 | 133763 |
| &nbsp;&nbsp;&nbsp;V2X, Inc. \* | 1491 | 72388 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 4322 | 1059279 |
|  |  | 6940798 |
| ***Air Freight & Logistics — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 1457 | 139799 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 758 | 86601 |
| &nbsp;&nbsp;&nbsp;HUB Group, Inc., Class A | 5418 | 181124 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc. \* | 6146 | 37368 |
|  |  | 444892 |
| ***Automobile Components — 1.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;Adient PLC \* | 4024 | 78307 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc. \* | 3721 | 15182 |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. | 6598 | 738316 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 15123 | 506318 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc. \* | 1153 | 24789 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 8268 | 141796 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc. \* | 2730 | 334889 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp. \* | 4601 | 119350 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 10395 | 228586 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc. \* | 3773 | 106738 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The) \* | 6748 | 69977 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 2757 | 251411 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 2432 | 230991 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. \*@ | 4772 | 470042 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc. \* | 2267 | 25390 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. @ | 3117 | 287606 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 3024 | 134538 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 2639 | 81070 |
| &nbsp;&nbsp;&nbsp;Stoneridge, Inc. \* | 2727 | 19198 |
| &nbsp;&nbsp;&nbsp;Strattec Security Corp. \* | 941 | 58540 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. \* | 2696 | 251537 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc. \*@± | 305 | 10950 |
|  |  | 4185521 |
| ***Automobiles — 0.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. @ | 5205 | 122838 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A \*@ | 14455 | 198612 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. @ | 2397 | 212877 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 3191 | 92539 |
|  |  | 626866 |
| ***Beverages — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. (The), Class A \* | 69 | 13166 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class A @ | 337 | 9257 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B @ | 1383 | 37217 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. \* | 2162 | 100295 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 6784 | 757434 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 1851 | 55474 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 9730 | 467916 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. \* | 6380 | 275871 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | 699 | 20704 |
|  |  | 1737334 |
| ***Biotechnology — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc. \* | 1554 | 51686 |
| &nbsp;&nbsp;&nbsp;Albireo Pharma, Inc. CVR ¶\*§ | 1018 | 6261 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc. \*@ | 3971 | 15209 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC \* | 5522 | 157984 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc. \*@ | 3623 | 4094 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc. \* | 1795 | 18991 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc. \* | 2904 | 23639 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc. \*@ | 497 | 8454 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. \* | 572 | 71837 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. \* | 3496 | 192175 |
| &nbsp;&nbsp;&nbsp;Biomea Fusion, Inc. \* | 1472 | 2650 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. \* | 5207 | 112992 |
| &nbsp;&nbsp;&nbsp;Chinook Therapeutics, Inc. CVR ¶\*§ | 5000 | 10000 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG \*@ | 1927 | 93729 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc. \* | 1139 | 8577 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp. \* | 5793 | 57467 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc. \* | 1585 | 11983 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp. \* | 3133 | 166488 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc. \* | 19780 | 871803 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc. \* | 124 | 139 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. \* | 8219 | 427552 |
| &nbsp;&nbsp;&nbsp;Incyte Corp. \* | 4731 | 322181 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc. \* | 2821 | 283905 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. \* | 1598 | 219661 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc. \* | 5384 | 31066 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. \*@ | 2801 | 122236 |
| &nbsp;&nbsp;&nbsp;Mirati Therapeutics, Inc. CVR ¶\*§ | 1395 | 4283 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc. \* | 6730 | 35736 |
| &nbsp;&nbsp;&nbsp;Natera, Inc. \* | 2782 | 469991 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. \* | 7426 | 933374 |
| &nbsp;&nbsp;&nbsp;PDL BioPharma, Inc. \*@§ | 18262 | 7670 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc. \* | 2590 | 24061 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Biotechnology (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. \* | 2651 | $45332 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc. \*@ | 2970 | 33709 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp. \* | 1125 | 41389 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp. \* | 2637 | 757742 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc. \* | 4340 | 117310 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc. \* | 2792 | 21945 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. \* | 338 | 10579 |
|  |  | 5795880 |
| ***Broadline Retail — 0.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A @ | 780 | 325907 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc. \* | 418 | 20967 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 12269 | 143057 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. \* | 3753 | 494570 |
|  |  | 984501 |
| ***Building Products — 2.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 8970 | 588163 |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 4843 | 357171 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 7209 | 828026 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 1427 | 205659 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp. \* | 982 | 52409 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 1456 | 59114 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 4365 | 709051 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. @ | 2363 | 223256 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 609 | 227401 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 1174 | 336738 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 961 | 49472 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc. \* | 3042 | 179478 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 2278 | 84764 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 372 | 213245 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 5470 | 352049 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 6683 | 919046 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 3350 | 63315 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc. \* | 681 | 15023 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 3810 | 591731 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc. \* | 9543 | 518948 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 5404 | 536942 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 14150 | 517466 |
|  |  | 7628467 |
| ***Capital Markets — 3.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 2826 | 99588 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 3775 | 742807 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | 6206 | 275112 |
| &nbsp;&nbsp;&nbsp;B Riley Financial, Inc. @\* | 1204 | 3576 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | 30567 | 312700 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. (The) | 9519 | 489277 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 5127 | 386319 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 204 | 29643 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc. \* | 2776 | 171140 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 3400 | 918068 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. | 7863 | 348488 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 13466 | 321164 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 1792 | 254679 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 1002 | 180310 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 21232 | 334829 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 14636 | 568462 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 21621 | 1182452 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | 6742 | 323481 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 710 | 158571 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | 571 | 35585 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | 2847 | 893759 |
| &nbsp;&nbsp;&nbsp;Oppenheimer Holdings, Inc., Class A | 1244 | 81818 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 1880 | 522527 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 1422 | 234644 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 4732 | 425218 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc., Class A | 759 | 12038 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 6170 | 640323 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc. \* | 4677 | 426262 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 982 | 62524 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 3211 | 143821 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 608 | 110291 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | 1157 | 18049 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. @ | 4286 | 49332 |
|  |  | 10756857 |
| ***Chemicals — 2.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 1777 | 42204 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 750 | 47003 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp. \* | 3554 | 13932 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 2287 | 114990 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 10014 | 323552 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd. \* | 16030 | 475931 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 2871 | 457063 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 5463 | 409725 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | 1157 | 64017 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 824 | 75808 |
| &nbsp;&nbsp;&nbsp;Chemours Co. (The) | 3307 | 37865 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc. \* | 1500 | 24885 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 2675 | 70834 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 3373 | 251828 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc. \*@ | 5086 | 41858 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 21963 | 497462 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 2021 | 84377 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 1851 | 263027 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 5803 | 349050 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | 9262 | 96510 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp. \* | 1259 | 54250 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 2282 | 191893 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 1030 | 75757 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc. \* | 750 | 26798 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 2308 | 74202 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc. \*@ | 2602 | 20296 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 747 | 43221 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 3615 | 24654 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 3081 | 169671 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 9271 | 338206 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | 504 | 348193 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Chemicals (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 2544 | $51109 |
| &nbsp;&nbsp;&nbsp;Orion SA | 3504 | 36757 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. @ | 784 | 87761 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 4352 | 478024 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 4568 | 450039 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 2418 | 131974 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | 1464 | 7423 |
|  |  | 6352149 |
| ***Commercial Banks — 10.4%*** |  |  |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 2546 | 158030 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 477 | 14882 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 661 | 12050 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 7199 | 465775 |
| &nbsp;&nbsp;&nbsp;AmeriServ Financial, Inc. | 4400 | 13376 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. @ | 2279 | 60211 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 15176 | 370143 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 9016 | 282020 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc. \* | 3826 | 290929 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 3303 | 408317 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The) \* | 4353 | 247990 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 3456 | 233384 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 1580 | 36087 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 4569 | 215017 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 3310 | 117803 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | 326 | 11746 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 3355 | 215223 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 2089 | 62586 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | 878 | 7393 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 3188 | 79828 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 4648 | 453784 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc. \* | 700 | 11137 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 7431 | 78397 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | 197 | 11767 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 553 | 13631 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 1299 | 34722 |
| &nbsp;&nbsp;&nbsp;C&F Financial Corp. | 466 | 28766 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 15454 | 494219 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 1756 | 71258 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 1890 | 74372 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 5302 | 32342 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc. \* | 711 | 12329 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 7259 | 330502 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 3116 | 87341 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | 852 | 16137 |
| &nbsp;&nbsp;&nbsp;Citizens Community Bancorp, Inc. | 400 | 5520 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 9000 | 402750 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 1327 | 162451 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 270 | 6264 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 2264 | 51755 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp. \* | 555 | 53763 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc. \* | 2819 | 40904 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 7707 | 459723 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 9452 | 587631 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | 4718 | 268313 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 1552 | 82132 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 1638 | 31957 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 4545 | 105262 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 3828 | 492051 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc. \* | 3713 | 218102 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 13166 | 260555 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 3168 | 85346 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 1459 | 28421 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 9740 | 983545 |
| &nbsp;&nbsp;&nbsp;Enterprise Bancorp, Inc. | 331 | 13121 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 2901 | 159845 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | 1470 | 59976 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. @ | 569 | 53862 |
| &nbsp;&nbsp;&nbsp;ESSA Bancorp, Inc. | 1900 | 36860 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | 1205 | 30462 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | 3191 | 44004 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 2735 | 123895 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | 1855 | 47636 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 3381 | 149068 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 18672 | 388938 |
| &nbsp;&nbsp;&nbsp;First BanCorp, Inc. (The) | 1876 | 47669 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | 5571 | 127492 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 551 | 27914 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 9286 | 150712 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 1982 | 77635 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 8992 | 218146 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 14820 | 533224 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 1395 | 75595 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc. @\* | 1921 | 9797 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 1200 | 29952 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 28413 | 602356 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 1018 | 27384 |
| &nbsp;&nbsp;&nbsp;First Interstate Bancsystem, Inc., Class A | 4291 | 123667 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | 5621 | 215284 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 500 | 18745 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 1739 | 18433 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 3899 | 46320 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Commercial Banks (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 22576 | $329158 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | 962 | 37884 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 15678 | 282831 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 3217 | 123887 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 11842 | 510153 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 1275 | 74945 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 6503 | 373272 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 3586 | 88502 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | 6045 | 70606 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 3576 | 35510 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 4162 | 99222 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 4251 | 129018 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings (The) | 236 | 58611 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 994 | 51469 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 13006 | 370151 |
| &nbsp;&nbsp;&nbsp;HomeStreet, Inc. \* | 1747 | 22833 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 2255 | 84360 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 12794 | 137280 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 3103 | 47724 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 3858 | 242610 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 600 | 19446 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 5903 | 392904 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 4719 | 30485 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 26535 | 462240 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 2447 | 150368 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 847 | 25241 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 1601 | 74302 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. \*@ | 321 | 22470 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | 1086 | 18810 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 613 | 17636 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | 3376 | 126971 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 4206 | 174759 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 1020 | 125950 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 896 | 79735 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 5020 | 57630 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 836 | 77965 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 12344 | 157756 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 4432 | 78048 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 4058 | 173682 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 28203 | 601852 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 2244 | 39809 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 1342 | 47963 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 5173 | 109099 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 1732 | 289694 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 2146 | 169792 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 1992 | 56274 |
| &nbsp;&nbsp;&nbsp;Penns Woods Bancorp, Inc. | 1138 | 34550 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 3204 | 97850 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 3365 | 371530 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 7138 | 786679 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 1186 | 102642 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | 1858 | 20159 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 5491 | 385688 |
| &nbsp;&nbsp;&nbsp;Provident Financial Holdings, Inc. | 1124 | 17422 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 7308 | 128109 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 1658 | 112578 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 6722 | 241521 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc., Class A | 1997 | 146001 |
| &nbsp;&nbsp;&nbsp;Riverview Bancorp, Inc. | 2557 | 14064 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 3996 | 151129 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 5003 | 138183 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 5630 | 436381 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 1529 | 45396 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | 7315 | 138692 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc. \* | 923 | 35102 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 686 | 37579 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 3368 | 99120 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 8044 | 740289 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 2986 | 83548 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. @ | 2936 | 231885 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 7110 | 367942 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. \* | 3132 | 248681 |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp. @ | 3750 | 48563 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | 921 | 28735 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 1559 | 97796 |
| &nbsp;&nbsp;&nbsp;Towne Bank | 5809 | 198552 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 2959 | 119810 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc. \* | 2441 | 134524 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | 1746 | 58351 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 5770 | 210374 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 7466 | 785125 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 12088 | 440366 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 8563 | 255092 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 3363 | 101025 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 27653 | 246941 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 2791 | 72845 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 6377 | 186719 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 2001 | 56588 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 10588 | 578105 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 8472 | 267969 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | 1763 | 34608 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 2658 | 128754 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 5446 | 424679 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund <br> PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Commercial Banks (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp, Inc. | 3161 | $29176 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 5640 | 699247 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 6445 | 354475 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 10151 | 527243 |
|  |  | 30887220 |
| ***Commercial Services & Supplies — 2.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 6300 | 297423 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 6694 | 23965 |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | 4578 | 311167 |
| &nbsp;&nbsp;&nbsp;Brink's Co. (The) | 4524 | 403948 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A \* | 5560 | 641513 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp. \*@ | 4211 | 119213 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC \* | 1426 | 67022 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. \* | 4977 | 1150583 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 2134 | 33952 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc. \* | 912 | 16015 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 3110 | 56415 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 4225 | 207785 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | 5834 | 122106 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc. \* | 3228 | 76148 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 3785 | 73505 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 4031 | 675313 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 4571 | 29254 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc. \* | 2720 | 66504 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | 9338 | 97395 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 23452 | 843334 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 1530 | 287977 |
| &nbsp;&nbsp;&nbsp;Vestis Corp. @ | 6146 | 35217 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp. | 2494 | 19902 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 1412 | 184944 |
|  |  | 5840600 |
| ***Communications Equipment — 1.4%*** | **** | **** |
| &nbsp;&nbsp;&nbsp;BK Technologies Corp. \* | 400 | 18852 |
| &nbsp;&nbsp;&nbsp;Calix, Inc. \* | 2992 | 159145 |
| &nbsp;&nbsp;&nbsp;Ciena Corp. \* | 15659 | 1273546 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc. \* | 1417 | 61512 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc. \* | 3397 | 118419 |
| &nbsp;&nbsp;&nbsp;F5, Inc. \* | 3709 | 1091633 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc. \* | 10330 | 97825 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 15627 | 623986 |
| &nbsp;&nbsp;&nbsp;KVH Industries, Inc. \* | 2387 | 12723 |
| &nbsp;&nbsp;&nbsp;Lantronix, Inc. \* | 1100 | 3157 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. \*@ | 2897 | 275389 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc. \* | 3539 | 102879 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc. \* | 8182 | 202995 |
| &nbsp;&nbsp;&nbsp;Optical Cable Corp. \* | 374 | 1066 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc. \* | 1242 | 18133 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. \* | 21651 | 218026 |
|  |  | 4279286 |
| ***Computers & Peripherals — 0.2%*** | **** | **** |
| &nbsp;&nbsp;&nbsp;AstroNova, Inc. \* | 1572 | 18220 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 1432 | 152580 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A \* | 5192 | 298955 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. @ | 3166 | 202592 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. @ | 5031 | 26513 |
|  |  | 698860 |
| ***Construction & Engineering — 2.7%*** | **** | **** |
| &nbsp;&nbsp;&nbsp;AECOM | 4153 | 468707 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A \* | 3289 | 49960 |
| &nbsp;&nbsp;&nbsp;API Group Corp. \* | 1595 | 81425 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 1853 | 160674 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2209 | 1184488 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc. \* | 2574 | 629060 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 287 | 153513 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. \* | 2821 | 179218 |
| &nbsp;&nbsp;&nbsp;Fluor Corp. \* | 6585 | 337613 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. @ | 4358 | 407516 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp. \* | 7436 | 90645 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc. \*@ | 1933 | 572613 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. \* | 6602 | 1125179 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co. \* | 4086 | 55202 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc. \* | 1409 | 255663 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc. \* | 1211 | 49663 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 4901 | 381984 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. \*@ | 2663 | 614434 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp. \* | 3153 | 147497 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 1958 | 639424 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | 18315 | 501831 |
|  |  | 8086309 |
| ***Construction Materials — 0.3%*** | **** | **** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 1439 | 290836 |
| &nbsp;&nbsp;&nbsp;Knife River Corp. \* | 2821 | 230307 |
| &nbsp;&nbsp;&nbsp;U.S. Lime & Minerals, Inc. | 2599 | 259380 |
|  |  | 780523 |
| ***Consumer Finance — 1.2%*** | **** | **** |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 6410 | 249670 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp. \* | 1580 | 86505 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 856 | 48895 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc. \* | 3813 | 37482 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. \*@ | 760 | 387167 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc. \* | 2787 | 107885 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. \* | 2270 | 253150 |
| &nbsp;&nbsp;&nbsp;Ezcorp, Inc., Class A \* | 5994 | 83197 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 2667 | 360418 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp., Class A \* | 4505 | 48564 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp. \* | 1512 | 18189 |
| &nbsp;&nbsp;&nbsp;Navient Corp. @ | 8170 | 115197 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | 2441 | 295654 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 7656 | 436392 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc. \* | 4120 | 60770 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 4487 | 131693 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | 1467 | 42851 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 14278 | 468176 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc. \* | 12464 | 226969 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp. \* | 514 | 84872 |
|  |  | 3543696 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Consumer Staples Distribution & Retail — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | 2854 | $61390 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 4055 | 149021 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. \* | 4618 | 497959 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 2455 | 1252713 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. (The) \* | 4636 | 295823 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp. \* | 2734 | 33956 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc., Class A | 1973 | 125049 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc. \* | 479 | 21670 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 2710 | 106367 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co. \* | 9263 | 810235 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 2794 | 293482 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | 3686 | 97642 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. \* | 7149 | 1177011 |
| &nbsp;&nbsp;&nbsp;U.S. Foods Holding Corp. \* | 13615 | 1048491 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc. \* | 1873 | 43660 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc., Class A | 830 | 31955 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. @ | 2943 | 213338 |
|  |  | 6259762 |
| **Containers & Packaging — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 82137 | 754839 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 5666 | 886332 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 751 | 131778 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 1336 | 74936 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 3202 | 329742 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 8918 | 187902 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | 2553 | 165919 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class B | 715 | 49342 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 4361 | 63191 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc. \* | 8143 | 120028 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 762 | 143599 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 6808 | 211252 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 11743 | 636236 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 4592 | 200028 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. @ | 3690 | 105571 |
|  |  | 4060695 |
| **Distributors — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 2332 | 51724 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 1314 | 159401 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 3492 | 129239 |
| &nbsp;&nbsp;&nbsp;Pool Corp. @ | 660 | 192377 |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc. | 1043 | 34586 |
|  |  | 567327 |
| **Diversified Consumer Services — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. \* | 3867 | 491998 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc. \* | 1928 | 58727 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. \* | 1895 | 234203 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. | 1424 | 65134 |
| &nbsp;&nbsp;&nbsp;Chegg, Inc. \* | 3873 | 4686 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. \* | 500 | 205010 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc., Class A \* | 583 | 3282 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc. \* | 3031 | 178647 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | 388 | 367114 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. \* | 2575 | 486675 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 11646 | 639249 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. \* | 3916 | 91556 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A @ | 2051 | 49039 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 2259 | 46061 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 6976 | 228046 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 7334 | 596988 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 2650 | 225595 |
| &nbsp;&nbsp;&nbsp;Stride, Inc. \* | 4184 | 607475 |
|  |  | 4579485 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Anterix, Inc. \* | 1066 | 27343 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 1200 | 19500 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A \* | 766 | 12179 |
| &nbsp;&nbsp;&nbsp;Costa Communications, Inc. CVR @¶\*§ | 354 | 43 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B | 1342 | 91685 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 3745 | 112987 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd., Class A \* | 1600 | 9760 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd., Class C \* | 10810 | 67238 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 6413 | 87602 |
|  |  | 428337 |
| **Electric Utilities — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 4869 | 311957 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 8696 | 525847 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 7556 | 520835 |
| &nbsp;&nbsp;&nbsp;Genie Energy Ltd., Class B | 2213 | 59485 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. \* | 4122 | 43817 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 2837 | 327532 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 3771 | 333507 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 10049 | 445975 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 4597 | 354383 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 5960 | 533241 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 5648 | 229478 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 9280 | 522650 |
|  |  | 4208707 |
| **Electrical Equipment — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 2347 | 700204 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | 1626 | 59040 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | 3999 | 282129 |
| &nbsp;&nbsp;&nbsp;EnerSys | 3615 | 310059 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc. \* | 265 | 37951 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 34 | 13886 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Electrical Equipment (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 3137 | $53360 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A \* | 3948 | 214653 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 3043 | 222900 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. @ | 1101 | 231705 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 539 | 86138 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 6071 | 880052 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 6595 | 198575 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc. \*@ | 6232 | 50978 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. \* | 3577 | 100442 |
| &nbsp;&nbsp;&nbsp;Vicor Corp. \* | 3445 | 156265 |
|  |  | 3598337 |
| **Electronic Equipment, Instruments & Components — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 3308 | 438310 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. \* | 5952 | 758463 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 8026 | 426020 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 3103 | 760080 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class B @ | 1421 | 138818 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 4607 | 533491 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 3809 | 147903 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 315 | 33677 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 3708 | 117618 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co. @ | 3089 | 166497 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 3522 | 150072 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. \* | 1591 | 114711 |
| &nbsp;&nbsp;&nbsp;Fabrinet \* | 3148 | 927653 |
| &nbsp;&nbsp;&nbsp;Flex Ltd. \* | 22671 | 1131736 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. \* | 2809 | 387881 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp. \* | 1315 | 90275 |
| &nbsp;&nbsp;&nbsp;Itron, Inc. \* | 4157 | 547186 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 1644 | 358556 |
| &nbsp;&nbsp;&nbsp;Key Tronic Corp. \* | 1700 | 4862 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc. \* | 2987 | 57440 |
| &nbsp;&nbsp;&nbsp;Knowles Corp. \* | 3541 | 62392 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 1865 | 422851 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 4122 | 39200 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 3236 | 96077 |
| &nbsp;&nbsp;&nbsp;nLight, Inc. \* | 1098 | 21609 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc. \* | 3185 | 410642 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc. \*@ | 1524 | 342687 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 2305 | 151623 |
| &nbsp;&nbsp;&nbsp;Plexus Corp. \* | 2380 | 322038 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics Ltd. @ | 1505 | 14523 |
| &nbsp;&nbsp;&nbsp;Rogers Corp. \* | 2017 | 138124 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp. \* | 4853 | 474769 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc. \* | 2807 | 117361 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 3515 | 476986 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. \* | 7608 | 578056 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. \* | 8928 | 364441 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 11850 | 188178 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc. \*@ | 1694 | 47601 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | 8347 | 308004 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A \* | 953 | 293867 |
|  |  | 12162278 |
| **Energy Equipment & Services — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 12231 | 303696 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc. \* | 1579 | 52060 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | 3486 | 152408 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 6255 | 155374 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. @ | 998 | 11497 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV \* | 837 | 7190 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 6035 | 122993 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc. \* | 8345 | 52073 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 2724 | 41296 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc. \*@ | 2081 | 32505 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | 8201 | 94147 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd. \*@ | 539 | 15103 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc. \* | 2179 | 56240 |
| &nbsp;&nbsp;&nbsp;Newpark Resources, Inc. \* | 5904 | 50243 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | 2483 | 65924 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 16544 | 205642 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. \* | 1554 | 32199 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc. \* | 3584 | 19210 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. \* | 4527 | 27026 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 8542 | 40404 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc. \*@ | 3233 | 16488 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | 3073 | 26551 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | 1000 | 28290 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 23392 | 805620 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc. \* | 8698 | 29225 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc. \*@ | 2915 | 134469 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd. \* | 43549 | 112792 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd. \*@ | 1881 | 79209 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | 4378 | 220257 |
|  |  | 2990131 |
| **Entertainment — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class A \*@ | 934 | 45962 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc., Class C \* | 1523 | 71231 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. @ | 7484 | 225867 |
| &nbsp;&nbsp;&nbsp;IMAX Corp. \*@ | 2245 | 62770 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class A \* | 650 | 51662 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class C \* | 836 | 67850 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp. \* | 4178 | 24274 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp. \* | 432 | 17267 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Entertainment (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. \* | 404 | $84416 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. (The) | 3100 | 52266 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co. \*@ | 432 | 18058 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment Corp. \*@ | 278 | 4467 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp., Class A | 1140 | 31054 |
|  |  | 757144 |
| **Financial Services — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp. \*@ | 1995 | 7142 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | 466 | 10084 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc. \* | 1863 | 18239 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc. \*@ | 3505 | 38520 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 1499 | 65131 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 4600 | 258060 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 4642 | 281909 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. \* | 2053 | 208133 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 2063 | 74371 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 923 | 179320 |
| &nbsp;&nbsp;&nbsp;Flywire Corp. \* | 4301 | 50322 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc. \* | 1977 | 19948 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 2212 | 398536 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | 1992 | 176870 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A \*@ | 3982 | 23215 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 11104 | 309135 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc. \* | 4998 | 745751 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. \* | 7878 | 332373 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 1706 | 169986 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 7144 | 257327 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A \*@ | 2548 | 252532 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A \* | 1630 | 72193 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 9648 | 685008 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 3120 | 219898 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | 2966 | 40960 |
| &nbsp;&nbsp;&nbsp;Western Union Co. (The) | 8035 | 67655 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. \* | 1703 | 250154 |
|  |  | 5212772 |
| **Food Products — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | 713 | 23301 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. @ | 5620 | 23773 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 517 | 41505 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 3959 | 394435 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 2189 | 58206 |
| &nbsp;&nbsp;&nbsp;Campbell's Co. (The) | 10241 | 313887 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 4537 | 92872 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc. \* | 13438 | 509838 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 9365 | 149653 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 5010 | 162424 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc. \* | 870 | 59125 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 3194 | 96619 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 3754 | 509117 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | 1747 | 198127 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. (The) | 2567 | 252079 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 981 | 62038 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 456 | 23644 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 2908 | 502415 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc. \* | 1756 | 43285 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | 2072 | 32427 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 2384 | 180755 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc. \* | 1256 | 14720 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 5624 | 252968 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. \* | 4776 | 520727 |
| &nbsp;&nbsp;&nbsp;Seaboard Corp. | 42 | 120170 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A \* | 800 | 81144 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co. (The) \* | 4321 | 136500 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. @ | 5057 | 169157 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc. \* | 2393 | 46472 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 1240 | 69366 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | 1291 | 16202 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc. \* | 2774 | 106854 |
|  |  | 5263805 |
| **Gas Utilities — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 2106 | 253183 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 11285 | 188121 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 4000 | 338840 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 9687 | 434171 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 3354 | 133221 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 5011 | 360091 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | 600 | 13428 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 4019 | 298973 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 4808 | 350936 |
| &nbsp;&nbsp;&nbsp;UGI Corp. @ | 6235 | 227079 |
|  |  | 2598043 |
| **Ground Transportation — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 2227 | 171501 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc. \* | 279 | 47165 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. | 1720 | 41469 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 5239 | 45265 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 221 | 31736 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 10458 | 462557 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 2867 | 398570 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 7902 | 102647 |
| &nbsp;&nbsp;&nbsp;PAMT Corp. \* | 2517 | 32394 |
| &nbsp;&nbsp;&nbsp;RXO, Inc. \* | 1530 | 24052 |
| &nbsp;&nbsp;&nbsp;Saia, Inc. \* | 1087 | 297827 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | 1500 | 36225 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. \*@ | 1058 | 64072 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Ground Transportation (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. | 9522 | $517711 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. @ | 2139 | 54288 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. @ | 6118 | 167389 |
| &nbsp;&nbsp;&nbsp;XPO, Inc. \* | 2025 | 255737 |
|  |  | 2750605 |
| **Health Care — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aduro Biotech, Inc. CVR ¶\*§ | 237 |  |
| **Health Care Equipment & Supplies — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ABIOMED, Inc. CVR ¶\*§ | 90 |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc. \* | 275 | 52066 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc. \* | 2110 | 20931 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc. \* | 5028 | 156371 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc. \* | 1614 | 52891 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc. \* | 2452 | 30012 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc. \* | 2643 | 28677 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 1410 | 42695 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. @ | 2255 | 117440 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) \* | 1049 | 74647 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 4402 | 69904 |
| &nbsp;&nbsp;&nbsp;Electromed, Inc. \* | 2175 | 47828 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 2452 | 23760 |
| &nbsp;&nbsp;&nbsp;Enovis Corp. \* | 2582 | 80972 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp. \* | 7727 | 150986 |
| &nbsp;&nbsp;&nbsp;FONAR Corp. \* | 1282 | 19179 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A \* | 8354 | 493053 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp. \* | 5164 | 385286 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. \* | 1593 | 103800 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. \* | 999 | 313866 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp. \* | 3152 | 387601 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp. \*@ | 6371 | 78172 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 704 | 42092 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. \*@ | 3768 | 308448 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 1935 | 160702 |
| &nbsp;&nbsp;&nbsp;LENSAR, Inc. \*@ | 1385 | 18240 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC \* | 2251 | 101340 |
| &nbsp;&nbsp;&nbsp;Masimo Corp. \* | 1157 | 194631 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. \* | 3513 | 328395 |
| &nbsp;&nbsp;&nbsp;Neogen Corp. \* | 10822 | 51729 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc. \* | 4593 | 135034 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc. \* | 6967 | 20901 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp. \* | 1252 | 26893 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc. \* | 1722 | 441917 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp. \* | 446 | 12854 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc. \*@ | 300 | 11622 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc. \* | 1788 | 53121 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc. \* | 1239 | 12563 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 992 | 117413 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc. \* | 700 | 170912 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 630 | 35860 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp. \* | 578 | 5011 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 666 | 60746 |
|  |  | 5040561 |
| **Health Care Providers & Services — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc. \* | 3752 | 85133 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp. \* | 1872 | 215636 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc. \* | 336 | 33059 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc. \* | 3754 | 77595 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc. \* | 2532 | 62996 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc. \* | 7211 | 50188 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc. \* | 1302 | 26587 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 896 | 436289 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 9795 | 201483 |
| &nbsp;&nbsp;&nbsp;CorVel Corp. \* | 3061 | 314610 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc. \* | 3321 | 43339 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. \* | 8508 | 1211965 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 6968 | 854486 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc. \* | 1307 | 12599 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 3414 | 526644 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc. \* | 2336 | 46440 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. \* | 4526 | 474144 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc. \*@ | 7338 | 536041 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. \* | 379 | 18893 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. \* | 361 | 107542 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | 1582 | 169290 |
| &nbsp;&nbsp;&nbsp;National Research Corp. | 2987 | 50182 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc. \* | 4322 | 31594 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc. \* | 7998 | 259775 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc. \* | 2201 | 20029 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. \* | 3540 | 50799 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc. (The) \* | 2408 | 71879 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | 3050 | 66886 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 1950 | 350278 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc. \*@ | 5402 | 307428 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 12138 | 184255 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc. \*@ | 1984 | 44104 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. \* | 10669 | 1877744 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 1511 | 118160 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 3730 | 675689 |
|  |  | 9613761 |
| **Health Care Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Certara, Inc. \* | 6275 | 73417 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A \* | 2443 | 149854 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A \* | 5196 | 58507 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 2771 | 76674 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. @ | 1298 | 22650 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc. \* | 2607 | 22707 |
| &nbsp;&nbsp;&nbsp;TruBridge, Inc. \* | 1636 | 38315 |
|  |  | 442124 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Hotels, Restaurants & Leisure — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Aramark | 20945 | $876967 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class A \* | 7 | 9802 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B \*@ | 74 | 21624 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc. \* | 2751 | 122695 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 5028 | 43291 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 2637 | 206292 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. \* | 5170 | 932306 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. \*@ | 5163 | 146578 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) @ | 5035 | 315493 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. @ | 5300 | 672464 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 6429 | 649329 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. @ | 2324 | 141950 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc. \* | 2282 | 68643 |
| &nbsp;&nbsp;&nbsp;Denny's Corp. \* | 4694 | 19245 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 558 | 251435 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A \* | 7597 | 325835 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc. \* | 2723 | 29980 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 346 | 58363 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A @ | 811 | 113256 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc. \* | 1305 | 10662 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | 969 | 15320 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. @ | 1602 | 27971 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A \* | 365 | 31419 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc. \* | 1829 | 176059 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. @ | 3349 | 242166 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 1490 | 128796 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | 681 | 75305 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. \* | 4482 | 90895 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 3338 | 163362 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. \*@ | 5194 | 92817 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A \* | 8887 | 969127 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A \* | 2266 | 318600 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 5882 | 1102346 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 3181 | 164171 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc. \*@ | 3740 | 176341 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. @ | 1779 | 279534 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. (The) | 22109 | 252485 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 1117 | 376139 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 5481 | 445112 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. @ | 5043 | 472378 |
|  |  | 10616553 |
| **Household Durables — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bassett Furniture Industries, Inc. | 1080 | 16416 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc. \* | 1643 | 36754 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc. \* | 730 | 317134 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 3367 | 189629 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc. \* | 2566 | 160657 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 2598 | 72354 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | 1069 | 38516 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc. \* | 4024 | 253029 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co., Class A | 2000 | 35780 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd. \* | 2629 | 74611 |
| &nbsp;&nbsp;&nbsp;Hooker Furnishings Corp. | 1742 | 18430 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 3050 | 549976 |
| &nbsp;&nbsp;&nbsp;KB Home | 7849 | 415762 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 4321 | 160612 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | 5052 | 45064 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc. \* | 624 | 32148 |
| &nbsp;&nbsp;&nbsp;Lifetime Brands, Inc. | 2082 | 10618 |
| &nbsp;&nbsp;&nbsp;Lovesac Co. (The) \*@ | 794 | 14451 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc. \* | 2431 | 272564 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 6982 | 467585 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. \* | 3847 | 403319 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 11481 | 61997 |
| &nbsp;&nbsp;&nbsp;Orleans Homebuilders, Inc. \*@§ | 4953 |  |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc. \* | 907 | 89784 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. @ | 18378 | 1250623 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc. \* | 3418 | 36949 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. \* | 9778 | 600565 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 10507 | 1199164 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp. \* | 3353 | 1085500 |
| &nbsp;&nbsp;&nbsp;TRI Pointe Homes, Inc. \* | 9397 | 300234 |
| &nbsp;&nbsp;&nbsp;Universal Electronics, Inc. \* | 1292 | 8553 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. @ | 218 | 22110 |
|  |  | 8240888 |
| **Household Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. \* | 427 | 15022 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A \* | 5453 | 170624 |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 1886 | 226452 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 1189 | 63017 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 1229 | 280323 |
|  |  | 755438 |
| **Independent Power Producers & Energy Traders — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AES Corp. (The) | 8066 | 84854 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. @ | 593 | 19439 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | 3716 | 112446 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | 8971 | 287072 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 5451 | 456576 |
|  |  | 960387 |
| **Insurance — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc. \* | 900 | 6390 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 3696 | 466472 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 1125 | 49196 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 4101 | 809907 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 4657 | 405625 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 4830 | 501451 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The) \*@ | 3130 | 133995 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc. \* | 3337 | 179431 |
| &nbsp;&nbsp;&nbsp;Citizens, Inc. \*@ | 6126 | 21380 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 8824 | 340430 |
| &nbsp;&nbsp;&nbsp;Crawford & Co., Class A | 3214 | 34004 |
| &nbsp;&nbsp;&nbsp;Crawford & Co., Class B | 3345 | 34944 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Insurance (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc., Class A | 2745 | $54969 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 2665 | 125735 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 18 | 6117 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 877 | 28046 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 3987 | 223511 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 7508 | 460916 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. \* | 14918 | 116062 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 3866 | 480505 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 2145 | 364371 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 741 | 112780 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 4392 | 188724 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. @ | 279 | 58953 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | 5843 | 377107 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 808 | 390991 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 7815 | 270399 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 3869 | 260539 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 20327 | 781370 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. \* | 1593 | 245720 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 2945 | 805958 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 3182 | 631182 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 2896 | 703438 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 8062 | 582238 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 1493 | 118529 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 5516 | 477961 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 2578 | 167828 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc. \*@ | 335 | 18542 |
| &nbsp;&nbsp;&nbsp;Unico American Corp. \*§ | 1700 | 119 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 1185 | 34010 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 2828 | 78420 |
| &nbsp;&nbsp;&nbsp;Unum Group | 14680 | 1185557 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | 170 | 305272 |
|  |  | 12639094 |
| **Interactive Media & Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc. \* | 1272 | 42574 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc. \* | 3931 | 46582 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 6820 | 210670 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A \* | 4203 | 150720 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc. \* | 858 | 13814 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | 1210 | 22942 |
| &nbsp;&nbsp;&nbsp;Snap, Inc., Class A \* | 24958 | 216885 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc. \* | 4913 | 64115 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. \* | 4724 | 161891 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc. \* | 2996 | 90689 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. \* | 5496 | 55619 |
|  |  | 1076501 |
| **IT Services — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. \* | 933 | 74416 |
| &nbsp;&nbsp;&nbsp;Amdocs Ltd. | 5319 | 485306 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc. \* | 4078 | 203615 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co. \* | 5492 | 83973 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc. \* | 367 | 64893 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc., Class A \* | 1787 | 12616 |
| &nbsp;&nbsp;&nbsp;Globant SA \* | 1678 | 152429 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc. \* | 2704 | 31231 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. (The) | 3495 | 88843 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | 2180 | 10464 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. \* | 2623 | 110061 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. \* | 712 | 149513 |
| &nbsp;&nbsp;&nbsp;Okta, Inc. \* | 5003 | 500150 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A \* | 3932 | 488983 |
|  |  | 2456493 |
| **Leisure Equipment & Products — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. @ | 541 | 39396 |
| &nbsp;&nbsp;&nbsp;American Outdoor Brands, Inc. \* | 1946 | 20336 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 3312 | 182955 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | 1950 | 27261 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 3807 | 281033 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc., Class A @ | 1000 | 30270 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A \*@ | 2116 | 66315 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. @ | 3930 | 33444 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc. \*@ | 1583 | 29412 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. \* | 16916 | 333583 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. @ | 2606 | 105934 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. @ | 2884 | 25033 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. \*@ | 5300 | 42665 |
|  |  | 1217637 |
| **Life Sciences Tools & Services — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Avantor, Inc. \* | 7284 | 98043 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc. \* | 937 | 28841 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A \* | 457 | 110283 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 3837 | 197414 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc. \* | 1278 | 27528 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 5636 | 232203 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc. \* | 991 | 150364 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc. \*@ | 2607 | 19448 |
| &nbsp;&nbsp;&nbsp;ICON PLC \* | 104 | 15127 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. \* | 200 | 19082 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. \* | 2141 | 671974 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. \* | 8462 | 14724 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. \*§ | 654 |  |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. \*§ | 654 |  |
| &nbsp;&nbsp;&nbsp;Repligen Corp. \* | 2618 | 325627 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. @ | 2555 | 247119 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 447 | 97804 |
|  |  | 2255581 |
| **Machinery — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 4840 | 499294 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 1213 | 264895 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | 2901 | 203447 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 6647 | 631399 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 1354 | 56448 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. \* | 3344 | 550590 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | 11489 | 148897 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 2642 | 40343 |
| &nbsp;&nbsp;&nbsp;Commercial Vehicle Group, Inc. \* | 3758 | 6238 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 3089 | 586570 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 8206 | 569086 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 2507 | 73881 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Machinery (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Eastern Co. (The) | 776 | $17708 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 4909 | 199109 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 1861 | 356475 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | 418 | 50390 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 2269 | 435353 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 5364 | 570837 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 2564 | 134225 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 4975 | 446457 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. (The) | 2754 | 101127 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 4511 | 387811 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. (The) | 2663 | 122631 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 2930 | 97774 |
| &nbsp;&nbsp;&nbsp;Hurco Cos., Inc. \* | 1000 | 18900 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | 165 | 6564 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 100 | 17557 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 5131 | 804695 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. @ | 1029 | 326656 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 3360 | 77146 |
| &nbsp;&nbsp;&nbsp;L.B. Foster Co., Class A \* | 1565 | 34227 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 3365 | 697632 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 1109 | 159973 |
| &nbsp;&nbsp;&nbsp;Manitowoc Co., Inc. (The) \* | 3607 | 43356 |
| &nbsp;&nbsp;&nbsp;Middleby Corp. (The) \* | 2710 | 390240 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 1261 | 56064 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 10043 | 798117 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | 15406 | 370360 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 846 | 181357 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 590 | 19104 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 4130 | 468920 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | 2182 | 38971 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 11013 | 1130595 |
| &nbsp;&nbsp;&nbsp;Perma-Pipe International Holdings, Inc. \* | 1900 | 43453 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc. \* | 336 | 129293 |
| &nbsp;&nbsp;&nbsp;Shyft Group, Inc. (The) @ | 3913 | 49069 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 709 | 220627 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc. \* | 4239 | 710796 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 1107 | 173223 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 2632 | 178318 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 1721 | 133343 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 6303 | 294287 |
| &nbsp;&nbsp;&nbsp;Timken Co. (The) | 6902 | 500740 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc. \*@ | 4338 | 44551 |
| &nbsp;&nbsp;&nbsp;Toro Co. (The) | 3825 | 270351 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 4908 | 132565 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 2121 | 22546 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 2409 | 592349 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | 4458 | 283707 |
|  |  | 15970637 |
| **Marine Transportation — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings Ltd. \* | 1145 | 9927 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | 5728 | 52182 |
| &nbsp;&nbsp;&nbsp;Kirby Corp. \* | 4368 | 495375 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 2963 | 329930 |
|  |  | 887414 |
| **Media — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp., Class A \*@ | 1358 | 19066 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | 179 | 24310 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc. \* | 5203 | 77889 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp., Class A | 3329 | 7723 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. (The), Class A \* | 7073 | 20795 |
| &nbsp;&nbsp;&nbsp;Fox Corp. Class A | 3642 | 204098 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 817 | 42182 |
| &nbsp;&nbsp;&nbsp;Gannett Co., Inc. \* | 1 | 4 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. \*§ | 8984 |  |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | 8433 | 38201 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 12645 | 309550 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 2491 | 111173 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A \* | 824 | 80604 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C \* | 2320 | 228242 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc. \*@ | 3879 | 93561 |
| &nbsp;&nbsp;&nbsp;New York Times Co. (The), Class A | 17457 | 977243 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 19977 | 593716 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B @ | 7188 | 246620 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 2102 | 363541 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 1627 | 117046 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class A | 586 | 13449 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | 6684 | 86224 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A \* | 3162 | 39335 |
| &nbsp;&nbsp;&nbsp;Saga Communications, Inc., Class A | 664 | 8632 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 1911 | 40093 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. @ | 2132 | 29464 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 6101 | 140140 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc. \* | 3517 | 27327 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc. \* | 1938 | 23566 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc. \* | 4405 | 17884 |
|  |  | 3981678 |
| **Metals & Mining — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 12275 | 362235 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc. \* | 719 | 80873 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 3912 | 1081199 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co. \* | 8912 | 160594 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. \*@ | 10926 | 83038 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc. \* | 16461 | 145844 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 12402 | 606582 |
| &nbsp;&nbsp;&nbsp;Fortitude Gold Corp. | 4671 | 16722 |
| &nbsp;&nbsp;&nbsp;Friedman Industries, Inc. | 700 | 11592 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 30869 | 184905 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 1901 | 151890 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 2175 | 172630 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc. \* | 3673 | 56601 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp. \*@ | 4905 | 163189 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 1200 | 39108 |
| &nbsp;&nbsp;&nbsp;Radius Recycling, Inc. | 63 | 1870 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 301 | 94484 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 4388 | 780362 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 4615 | 99546 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 380 | 48644 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 5320 | 45699 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Metals & Mining (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tredegar Corp. \* | 3412 | $30026 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 738 | 33822 |
|  |  | 4451455 |
| **Multi-Utilities — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 6896 | 261703 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 6023 | 337890 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 19524 | 787598 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 4148 | 212793 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 1923 | 100285 |
|  |  | 1700269 |
| **Oil, Gas & Consumable Fuels — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Amplify Energy Corp. \* | 1867 | 5974 |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 32353 | 613089 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp. \* | 5180 | 208650 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 7972 | 145808 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 1612 | 15475 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | 4166 | 11540 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 1759 | 80334 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A \* | 1074 | 196735 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 244 | 23631 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. @ | 2093 | 57599 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp. \* | 16780 | 565150 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc. \*@ | 8676 | 240065 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 1743 | 121557 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 417 | 10583 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | 1556 | 41779 |
| &nbsp;&nbsp;&nbsp;Delek U.S. Holdings, Inc. | 3666 | 77646 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 11638 | 125807 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 3332 | 81234 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 1881 | 206741 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. @ | 5356 | 25173 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 39 | 4561 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc. \* | 3022 | 18223 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. \* | 944 | 189905 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co. \*@ | 3193 | 50545 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 8792 | 361175 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. @ | 4383 | 159892 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 7613 | 171140 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 10827 | 516664 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. @ | 7046 | 158535 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc., Class A | 533 | 23617 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. | 3932 | 13054 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd. @ | 8255 | 21711 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. @ | 1306 | 37025 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 6163 | 234502 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc. \* | 2616 | 69402 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | 6136 | 132967 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 3580 | 48044 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 26947 | 367018 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 10825 | 440253 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp. \* | 1551 | 75549 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | 2175 | 23534 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 1614 | 63156 |
| &nbsp;&nbsp;&nbsp;SFL Corp. Ltd. @ | 4682 | 39001 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp., Class A | 3565 | 65525 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 2124 | 52484 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc. \*@ | 3212 | 27238 |
| &nbsp;&nbsp;&nbsp;Teekay Corp. Ltd. | 4339 | 35797 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd., Class A | 1880 | 78434 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | 2544 | 56197 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 2783 | 78898 |
|  |  | 6468616 |
| **Paper & Forest Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp. \* | 1838 | 50067 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 6194 | 532622 |
| &nbsp;&nbsp;&nbsp;Magnera Corp. \* | 1697 | 20500 |
| &nbsp;&nbsp;&nbsp;Mercer International, Inc. | 7857 | 27500 |
| &nbsp;&nbsp;&nbsp;Resolute Forest Products, Inc. CVR ¶\*§ | 7629 |  |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 2483 | 124398 |
|  |  | 755087 |
| **Passenger Airlines — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. \* | 3915 | 193714 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. \* | 441 | 24233 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc. \* | 12202 | 136907 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc. \* | 3627 | 373472 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. @ | 10338 | 335365 |
|  |  | 1063691 |
| **Personal Products — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc. \* | 7482 | 433432 |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A \* | 40647 | 189009 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 1878 | 43964 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc. \*@ | 4063 | 505600 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd. \* | 600 | 5172 |
| &nbsp;&nbsp;&nbsp;Interparfums, Inc. | 2916 | 382900 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc. \* | 1290 | 18124 |
| &nbsp;&nbsp;&nbsp;Natural Alternatives International, Inc. \* | 1000 | 3280 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc. \* | 1700 | 25143 |
| &nbsp;&nbsp;&nbsp;United-Guardian, Inc. | 600 | 4776 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc. \* | 2205 | 67319 |
|  |  | 1678719 |
| **Pharmaceuticals — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc. \* | 5315 | 122032 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. \* | 1669 | 108902 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc. \* | 2590 | 76586 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. \* | 7842 | 575603 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. \* | 1162 | 15234 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. \*@ | 2020 | 28846 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. \* | 1923 | 60767 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc. \* | 5963 | 119797 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC \* | 2825 | 299789 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc. \*@ | 446 | 13072 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. \* | 1727 | 196325 |
| &nbsp;&nbsp;&nbsp;Organon & Co. @ | 7211 | 69803 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. \* | 1786 | 42685 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | 6512 | 174001 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc. \* | 5152 | 411387 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Pharmaceuticals (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | 1900 | $12388 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. \* | 5158 | 162580 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 18447 | 164732 |
|  |  | 2654529 |
| **Professional Services — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. \*@ | 16 | 378 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 3196 | 133241 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 729 | 75911 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A \* | 1409 | 671670 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. @ | 3341 | 176589 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc. \* | 5702 | 15053 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 619 | 115982 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 2945 | 192338 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc. \*@ | 3385 | 187495 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. \* | 17683 | 774339 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 4607 | 344189 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc. \* | 2360 | 23364 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co. \* | 1628 | 37151 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc. \* | 3603 | 581884 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | 9689 | 426413 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 1928 | 88225 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc. \* | 1957 | 269166 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 2012 | 170436 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 3407 | 204829 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 273 | 35886 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | 12616 | 604811 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | 1510 | 17682 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 1735 | 71361 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 4964 | 364010 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 686 | 108223 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | 1804 | 72882 |
| &nbsp;&nbsp;&nbsp;Mastech Digital, Inc. \* | 2122 | 15215 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 2874 | 201755 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc. \* | 6408 | 147961 |
| &nbsp;&nbsp;&nbsp;Parsons Corp. \* | 1163 | 83468 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 137 | 31702 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. \* | 2396 | 434131 |
| &nbsp;&nbsp;&nbsp;RCM Technologies, Inc. \* | 1296 | 30547 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 3396 | 18236 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | 4511 | 185177 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 2559 | 288169 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 4194 | 347263 |
| &nbsp;&nbsp;&nbsp;TransUnion | 2321 | 204248 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 3424 | 250431 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc. \* | 3431 | 22233 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc. \* | 4929 | 23708 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp. \* | 10023 | 254484 |
|  |  | 8302236 |
| **Real Estate Management & Development — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC \* | 5956 | 65933 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc. \* | 8113 | 18822 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc. \* | 3530 | 70600 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc. \* | 400 | 10756 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings, Inc. \* | 1369 | 92407 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. \* | 3879 | 992171 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 7231 | 49171 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 1262 | 38756 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Co., Inc. \* | 885 | 16098 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | 11400 | 138510 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc. (The), Class A | 1159 | 18950 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group, Inc. \* | 344 | 6447 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. (The) | 3300 | 157410 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc. \*@ | 313 | 5909 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co. \*@ | 2249 | 38143 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A \*@ | 1311 | 89790 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C \* | 4338 | 303877 |
|  |  | 2113750 |
| **Semiconductors & Semiconductor Equipment — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. \* | 1272 | 43490 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. \*@ | 2886 | 74055 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc. \* | 1986 | 131205 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 24529 | 514864 |
| &nbsp;&nbsp;&nbsp;Amtech Systems, Inc. \* | 2822 | 12530 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc. \* | 1765 | 159591 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. \* | 3412 | 237782 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc. \* | 3095 | 68028 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. \* | 3204 | 334033 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc. \* | 3788 | 72881 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc. \* | 4900 | 259161 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc. \* | 2985 | 118355 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 230 | 18550 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. \*@ | 525 | 86908 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc. \* | 8126 | 279616 |
| &nbsp;&nbsp;&nbsp;GSI Technology, Inc. \* | 4641 | 15594 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. \* | 400 | 7856 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 5924 | 204970 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. \* | 5394 | 264252 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. \* | 2196 | 314665 |
| &nbsp;&nbsp;&nbsp;Magnachip Semiconductor Corp. \* | 4588 | 18260 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. \* | 3747 | 53245 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | 256 | 18844 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. \* | 2857 | 149735 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc. \* | 4376 | 441670 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc. \* | 4938 | 105574 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc. \* | 7008 | 131961 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 6164 | 344568 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. \* | 2760 | 234352 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc. \* | 9749 | 624131 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc. \* | 1334 | 196578 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 243 | 18108 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc. \* | 4162 | 269781 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 267 | 24009 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc. \* | 4298 | 97006 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 2218 | 342592 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc. \* | 3448 | 70063 |
|  |  | 6358863 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Software — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 4234 | $81928 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc. \* | 9656 | 443307 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 7577 | 107139 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. \* | 2460 | 139162 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | 4082 | 220306 |
| &nbsp;&nbsp;&nbsp;Bill Holdings, Inc. \* | 2276 | 105288 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc. \* | 5719 | 367217 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A \* | 6867 | 234645 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc. \* | 2675 | 466333 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc. \* | 1449 | 33414 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc. \* | 5112 | 398174 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 2819 | 209339 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A \* | 14286 | 408580 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. \* | 7032 | 388237 |
| &nbsp;&nbsp;&nbsp;eGain Corp. \* | 4304 | 26900 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc. \*@ | 388 | 4074 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 20625 | 606375 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc. \* | 3285 | 773453 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A \*@ | 1470 | 40396 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. @ | 2792 | 626050 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp. \* | 3544 | 33703 |
| &nbsp;&nbsp;&nbsp;JFrog Ltd. \* | 479 | 21018 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc. \* | 7539 | 249089 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. \* | 1016 | 200629 |
| &nbsp;&nbsp;&nbsp;Meridianlink, Inc. \* | 2090 | 33921 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc. \* | 1166 | 11543 |
| &nbsp;&nbsp;&nbsp;N-able, Inc. \* | 8171 | 66185 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A \* | 4947 | 378149 |
| &nbsp;&nbsp;&nbsp;Olo, Inc., Class A \* | 2551 | 22704 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc. \* | 1297 | 16731 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc. \* | 1214 | 83062 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | 4129 | 263595 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc. \* | 3876 | 553764 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | 2496 | 73008 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A \* | 5750 | 105110 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc. \* | 2160 | 293954 |
| &nbsp;&nbsp;&nbsp;Teradata Corp. \* | 4213 | 93992 |
| &nbsp;&nbsp;&nbsp;UiPath, Inc., Class A \* | 10245 | 131136 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc. \*@ | 11422 | 276412 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc. \* | 4882 | 96029 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc., Class A \*@ | 1558 | 55052 |
| &nbsp;&nbsp;&nbsp;Yext, Inc. \* | 4488 | 38148 |
|  |  | 8777251 |
| **Specialty Retail — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc., Class A \*@ | 3880 | 19090 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A \* | 3727 | 308782 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. @ | 2614 | 117133 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. @ | 3109 | 144537 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc. \*@ | 822 | 46065 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 9675 | 93074 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. \* | 2143 | 511191 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. \* | 4060 | 806519 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 5771 | 172899 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 1982 | 133052 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. \* | 2691 | 409032 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | 5018 | 227566 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | 1640 | 84558 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc. \* | 1368 | 318252 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. @ | 3874 | 47340 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc. \* | 4370 | 293708 |
| &nbsp;&nbsp;&nbsp;Cato Corp. (The), Class A | 2638 | 7413 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc. \* | 818 | 27313 |
| &nbsp;&nbsp;&nbsp;Destination XL Group, Inc. \* | 3560 | 3952 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc. \* | 5505 | 722146 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A \* | 4489 | 340984 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc. \*@ | 3452 | 84574 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A \* | 752 | 18341 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2272 | 49552 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc. \* | 1490 | 29338 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 1157 | 505273 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc. @ | 3265 | 39474 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Cos., Inc. | 1983 | 40354 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 1581 | 534093 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc. \* | 2209 | 55534 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. @ | 3090 | 46072 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 2265 | 921402 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. \* | 2877 | 66200 |
| &nbsp;&nbsp;&nbsp;ODP Corp. (The) \* | 1761 | 31927 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 1742 | 299293 |
| &nbsp;&nbsp;&nbsp;PetMed Express, Inc. \*@ | 2360 | 7835 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc. \* | 706 | 14155 |
| &nbsp;&nbsp;&nbsp;RH \* | 318 | 60105 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc. \* | 3610 | 33429 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. @ | 3062 | 57290 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. @ | 4741 | 377147 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp. \*@ | 3221 | 21758 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | 1991 | 159141 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. \* | 499 | 233442 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 6271 | 157402 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. \* | 2086 | 151318 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc. \* | 6915 | 261871 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. \* | 2341 | 43355 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 1226 | 200292 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 455 | 171813 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc. \* | 2406 | 31904 |
|  |  | 9538290 |
| **Textiles, Apparel & Luxury Goods — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. \*@ | 5195 | 91952 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 1288 | 38807 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. @ | 2473 | 151051 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. \* | 1505 | 155120 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A \* | 2862 | 16142 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. \* | 5008 | 112179 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 2384 | 157273 |
| &nbsp;&nbsp;&nbsp;Lakeland Industries, Inc. | 1669 | 22715 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 2220 | 33855 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. @ | 1665 | 67016 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | 1378 | 94531 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 2279 | 625084 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | 1000 | 22190 |
| &nbsp;&nbsp;&nbsp;Skechers U.S.A., Inc., Class A \* | 6530 | 412043 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 6944 | 166517 |
| &nbsp;&nbsp;&nbsp;Superior Group of Cos., Inc. | 2200 | 22660 |

---

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

[**Table of Contents**](#toc)

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Textiles, Apparel & Luxury Goods (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 18072 | $1586902 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A \*@ | 2222 | 15176 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C \*@ | 1318 | 8554 |
| &nbsp;&nbsp;&nbsp;Unifi, Inc. \* | 2394 | 12497 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 1731 | 20339 |
|  |  | 3832603 |
| **Tobacco — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 1280 | 96986 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 2612 | 152123 |
|  |  | 249109 |
| **Trading Companies & Distributors — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | 5985 | 350063 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2291 | 532543 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 3680 | 319498 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A \* | 2709 | 163488 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc. \*@ | 224 | 6153 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc. \* | 4946 | 73349 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc. \* | 1824 | 159874 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. @ | 770 | 88581 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 3309 | 508130 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 3603 | 97317 |
| &nbsp;&nbsp;&nbsp;GMS, Inc. \* | 2900 | 315375 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 3092 | 407185 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc. \* | 5657 | 77557 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A @ | 936 | 79579 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | 7718 | 397554 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. \* | 413 | 49948 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc. \*@ | 2515 | 49822 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 4569 | 846179 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | 900 | 128502 |
|  |  | 4650697 |
| **Water Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 4082 | 312926 |
| &nbsp;&nbsp;&nbsp;Artesian Resources Corp., Class A | 1177 | 39500 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 6097 | 277292 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co. Ltd. | 1751 | 52565 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 8329 | 309339 |
| &nbsp;&nbsp;&nbsp;H2O America | 2989 | 155338 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 2133 | 115566 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp. \* | 1000 | 10720 |
| &nbsp;&nbsp;&nbsp;York Water Co. (The) | 1803 | 56975 |
|  |  | 1330221 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Gogo, Inc. \*@ | 1021 | 14988 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 2839 | 50194 |
| &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. \* | 1551 | 99217 |
|  |  | 164399 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Identified Cost $144,927,951) |  | 295251719 |
| **SHORT-TERM INVESTMENTS — 0.7%** |  |  |
| **Investment Company — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund 4.020% | 133158 | 133158 |
| **Collateral For Securities On Loan — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.350% | 2004203 | 2004203 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $2,137,361) |  | 2137361 |
| **Total Investments — 100.6%<br> (Identified Cost $147,065,312)** |  | **297389080** |
| &nbsp;&nbsp;&nbsp;Liabilities in excess of Cash and Other Assets — (0.6%) |  | (1712793) |
| **Net Assets — 100.0%** |  | $**295676287** |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;See Note 1 |
| \* | &nbsp;&nbsp;Non-income producing security |
| @ | &nbsp;&nbsp;A portion or all of the security was held on loan. As of June 30, 2025, the fair value of the securities on loan was $19,174,877. |
| ± | &nbsp;&nbsp;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 June 30, 2025 amounted to $10,950 or 0.00% of the net assets of the Fund. |
| ¶ | &nbsp;&nbsp;Contingent value rights based on future performance. |
| § | &nbsp;&nbsp;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

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

[**Table of Contents**](#toc)

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 98.1%** |  |  |
| **Australia — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ampol Ltd. @ | 3807 | $64494 |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings Ltd. | 171032 | 3282388 |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd. | 293809 | 585912 |
| &nbsp;&nbsp;&nbsp;Bendigo & Adelaide Bank Ltd. | 40324 | 335456 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel Ltd. | 114919 | 1747901 |
| &nbsp;&nbsp;&nbsp;Challenger Ltd. | 54241 | 288446 |
| &nbsp;&nbsp;&nbsp;Cleanaway Waste Management Ltd. | 139337 | 249437 |
| &nbsp;&nbsp;&nbsp;Dyno Nobel Ltd. | 195063 | 345344 |
| &nbsp;&nbsp;&nbsp;Endeavour Group Ltd. @ | 60152 | 158752 |
| &nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | 224974 | 1153440 |
| &nbsp;&nbsp;&nbsp;Fortescue Ltd. @ | 72441 | 728505 |
| &nbsp;&nbsp;&nbsp;Harvey Norman Holdings Ltd. @ | 136089 | 472018 |
| &nbsp;&nbsp;&nbsp;National Australia Bank Ltd. | 178680 | 4628668 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | 31003 | 378506 |
| &nbsp;&nbsp;&nbsp;Orica Ltd. | 50333 | 645639 |
| &nbsp;&nbsp;&nbsp;Origin Energy Ltd. | 168307 | 1195222 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group Ltd. | 119130 | 1833903 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Ltd. @ | 20623 | 1454079 |
| &nbsp;&nbsp;&nbsp;Sandfire Resources Ltd. \* | 13466 | 99439 |
| &nbsp;&nbsp;&nbsp;Santos Ltd. | 512778 | 2585135 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | 60106 | 1059780 |
| &nbsp;&nbsp;&nbsp;South32 Ltd. | 640447 | 1226595 |
| &nbsp;&nbsp;&nbsp;Suncorp Group Ltd. | 130499 | 1856038 |
| &nbsp;&nbsp;&nbsp;TPG Telecom Ltd. @ | 41292 | 144850 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | 209812 | 4675653 |
| &nbsp;&nbsp;&nbsp;Whitehaven Coal Ltd. @ | 99731 | 356414 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group Ltd. @ | 157968 | 2456732 |
| &nbsp;&nbsp;&nbsp;Worley Ltd. | 30039 | 258594 |
| &nbsp;&nbsp;&nbsp;Yancoal Australia Ltd. @ | 73145 | 277770 |
|  |  | 34545110 |
| **Austria — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | 1782 | 151766 |
| &nbsp;&nbsp;&nbsp;OMV AG | 8855 | 481692 |
|  |  | 633458 |
| **Belgium — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Ageas SA | 21755 | 1469669 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA/NV | 5924 | 406409 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | 14357 | 1482492 |
| &nbsp;&nbsp;&nbsp;Syensqo SA @ | 6022 | 464490 |
|  |  | 3823060 |
| **Canada — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. @ | 2963 | 352390 |
| &nbsp;&nbsp;&nbsp;AltaGas Ltd. | 24518 | 711729 |
| &nbsp;&nbsp;&nbsp;ARC Resources Ltd. | 22231 | 468700 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | 1424 | 157809 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal @ | 50160 | 5549201 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) @ | 59376 | 3281711 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia (The) @ | 18436 | 1019446 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 194169 | 4042599 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 12261 | 255259 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce @ | 18668 | 1322254 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 74432 | 5283346 |
| &nbsp;&nbsp;&nbsp;Canadian Tire Corp. Ltd., Class A @ | 4020 | 547287 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 144903 | 1970681 |
| &nbsp;&nbsp;&nbsp;Empire Co. Ltd., Class A | 8783 | 364478 |
| &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 2377 | 4290557 |
| &nbsp;&nbsp;&nbsp;First Quantum Minerals Ltd. \* | 25434 | 451807 |
| &nbsp;&nbsp;&nbsp;iA Financial Corp., Inc. | 16360 | 1793563 |
| &nbsp;&nbsp;&nbsp;Imperial Oil Ltd. @ | 805 | 63981 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 173331 | 2708635 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 29938 | 467931 |
| &nbsp;&nbsp;&nbsp;Lundin Mining Corp. @ | 110222 | 1159081 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. @ | 31454 | 1214439 |
| &nbsp;&nbsp;&nbsp;MEG Energy Corp. | 14698 | 277716 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. @ | 74537 | 4341035 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 5995 | 170258 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. @ | 18294 | 686208 |
| &nbsp;&nbsp;&nbsp;Saputo, Inc. | 6400 | 130984 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. ¥ | 67770 | 2538607 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 63249 | 2368675 |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd., Class B | 66192 | 2672833 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) | 14737 | 1083942 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) @ | 82217 | 6038839 |
| &nbsp;&nbsp;&nbsp;Tourmaline Oil Corp. | 49803 | 2402832 |
| &nbsp;&nbsp;&nbsp;West Fraser Timber Co. Ltd. | 3962 | 290542 |
|  |  | 60479355 |
| **China — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Budweiser Brewing Co. APAC Ltd. @± | 105100 | 104030 |
| **Denmark — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AP Moller - Maersk AS, Class A | 191 | 352824 |
| &nbsp;&nbsp;&nbsp;AP Moller - Maersk AS, Class B | 194 | 360663 |
| &nbsp;&nbsp;&nbsp;Carlsberg AS, Class B | 15088 | 2137750 |
| &nbsp;&nbsp;&nbsp;Coloplast AS, Class B | 9859 | 936440 |
| &nbsp;&nbsp;&nbsp;Danske Bank AS | 41578 | 1695614 |
| &nbsp;&nbsp;&nbsp;Demant AS \* | 10748 | 448332 |
| &nbsp;&nbsp;&nbsp;DSV AS | 16777 | 4031513 |
| &nbsp;&nbsp;&nbsp;Genmab AS \* | 3926 | 815108 |
| &nbsp;&nbsp;&nbsp;H Lundbeck AS | 21000 | 120554 |
| &nbsp;&nbsp;&nbsp;Novonesis Novozymes B, Class B | 37759 | 2707142 |
| &nbsp;&nbsp;&nbsp;Pandora AS | 1382 | 242634 |
| &nbsp;&nbsp;&nbsp;Rockwool AS, Class B | 10530 | 492772 |
| &nbsp;&nbsp;&nbsp;Tryg AS | 15313 | 395533 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems AS | 53162 | 797545 |
|  |  | 15534424 |
| **Finland — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Nokia OYJ @ | 18157 | 94236 |
| &nbsp;&nbsp;&nbsp;Nokia OYJ, ADR @ | 486141 | 2518210 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 28127 | 417797 |
| &nbsp;&nbsp;&nbsp;Stora Enso OYJ, Class R @ | 3306 | 35921 |
|  |  | 3066164 |

---

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

[**Table of Contents**](#toc)

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **France — 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alstom SA @\* | 7667 | $178821 |
| &nbsp;&nbsp;&nbsp;Amundi SA ± | 5568 | 450592 |
| &nbsp;&nbsp;&nbsp;AXA SA | 4696 | 230504 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | 57117 | 5134886 |
| &nbsp;&nbsp;&nbsp;Bollore SE | 18010 | 113075 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | 42399 | 1917847 |
| &nbsp;&nbsp;&nbsp;Canal & SA | 40220 | 125764 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | 61663 | 869453 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | 64617 | 7584162 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 119912 | 4455038 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | 53157 | 1005931 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | 11127 | 1563017 |
| &nbsp;&nbsp;&nbsp;Engie SA | 243967 | 5726068 |
| &nbsp;&nbsp;&nbsp;Louis Hachette Group | 26542 | 54354 |
| &nbsp;&nbsp;&nbsp;Orange SA | 322578 | 4907454 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA @ | 10335 | 1164820 |
| &nbsp;&nbsp;&nbsp;Renault SA | 29529 | 1361086 |
| &nbsp;&nbsp;&nbsp;Rexel SA | 14200 | 437241 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 47666 | 4615943 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | 82075 | 4693829 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 227983 | 13991597 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 1446 | 213085 |
| &nbsp;&nbsp;&nbsp;Vivendi SE \* | 40220 | 138768 |
|  |  | 60933335 |
| **Germany — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BASF SE | 110444 | 5445885 |
| &nbsp;&nbsp;&nbsp;Bayer AG | 93338 | 2807511 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 26979 | 2398113 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | 103762 | 3273226 |
| &nbsp;&nbsp;&nbsp;Continental AG | 13542 | 1182029 |
| &nbsp;&nbsp;&nbsp;Covestro AG \* | 16685 | 1187108 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 81396 | 3851518 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 94182 | 2792404 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | 62274 | 1823383 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | 52113 | 2406966 |
| &nbsp;&nbsp;&nbsp;E.ON SE | 135582 | 2495452 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | 20942 | 431701 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | 14083 | 807059 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | 34117 | 1715230 |
| &nbsp;&nbsp;&nbsp;Hapag-Lloyd AG ± | 1127 | 168599 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | 21305 | 5005445 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | 6345 | 459657 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | 4947 | 210454 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 81705 | 4782387 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 1549 | 200711 |
| &nbsp;&nbsp;&nbsp;RWE AG | 22298 | 930602 |
| &nbsp;&nbsp;&nbsp;Talanx AG | 1300 | 168294 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG | 4164 | 449787 |
|  |  | 44993521 |
| **Hong Kong — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings Ltd. | 302500 | 1314053 |
| &nbsp;&nbsp;&nbsp;Cathay Pacific Airways Ltd. | 230363 | 314000 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings Ltd. | 82569 | 363937 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 286124 | 1760494 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings Ltd. | 9000 | 59561 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co. Ltd. | 88684 | 310114 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co. Ltd. | 188000 | 157825 |
| &nbsp;&nbsp;&nbsp;MTR Corp. Ltd. | 74669 | 268239 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties Ltd. | 95177 | 1091814 |
| &nbsp;&nbsp;&nbsp;Swire Pacific Ltd., Class A | 53500 | 458331 |
| &nbsp;&nbsp;&nbsp;Swire Pacific Ltd., Class B | 127500 | 180613 |
| &nbsp;&nbsp;&nbsp;WH Group Ltd. ± | 1427959 | 1373396 |
|  |  | 7652377 |
| **Ireland — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | 73001 | 600651 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | 65003 | 925353 |
|  |  | 1526004 |
| **Israel — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | 62229 | 1193848 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | 116419 | 2164343 |
| &nbsp;&nbsp;&nbsp;Clal Insurance Enterprises Holdings Ltd. | 2481 | 109602 |
| &nbsp;&nbsp;&nbsp;Delek Group Ltd. | 1842 | 381383 |
| &nbsp;&nbsp;&nbsp;Harel Insurance Investments & Financial Services Ltd. | 6318 | 176918 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank Ltd., Class A | 131550 | 1310691 |
|  |  | 5336785 |
| **Italy — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA @ | 78217 | 913250 |
| &nbsp;&nbsp;&nbsp;Eni SpA | 212093 | 3437731 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | 65428 | 4386108 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | 21052 | 417230 |
|  |  | 9154319 |
| **Japan — 20.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AGC, Inc. @ | 44900 | 1317956 |
| &nbsp;&nbsp;&nbsp;Air Water, Inc. | 14100 | 210807 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | 67500 | 865751 |
| &nbsp;&nbsp;&nbsp;Alfresa Holdings Corp. | 15700 | 214941 |
| &nbsp;&nbsp;&nbsp;Amada Co. Ltd. | 37100 | 405896 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings Ltd. | 182600 | 2444092 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | 191300 | 1364294 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. @ | 39300 | 1610152 |
| &nbsp;&nbsp;&nbsp;Brother Industries Ltd. | 35600 | 615809 |
| &nbsp;&nbsp;&nbsp;Canon Marketing Japan, Inc. @ | 7400 | 271889 |
| &nbsp;&nbsp;&nbsp;Chiba Bank Ltd. (The) | 63800 | 591237 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Bottlers Japan Holdings, Inc. | 8000 | 129190 |
| &nbsp;&nbsp;&nbsp;COMSYS Holdings Corp. | 2900 | 67221 |
| &nbsp;&nbsp;&nbsp;Concordia Financial Group Ltd. | 111200 | 723702 |
| &nbsp;&nbsp;&nbsp;Cosmo Energy Holdings Co. Ltd. | 11900 | 510443 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co. Ltd. | 13400 | 203785 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | 250400 | 1905756 |

---

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

[**Table of Contents**](#toc)

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Japan (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Daicel Corp. | 21300 | $178899 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co. Ltd. | 58900 | 2026253 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc. @ | 54700 | 389154 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | 98200 | 1330086 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | 470600 | 2336905 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. @ | 44700 | 975295 |
| &nbsp;&nbsp;&nbsp;Fukuoka Financial Group, Inc. | 13600 | 364260 |
| &nbsp;&nbsp;&nbsp;Gunma Bank Ltd. (The) | 8800 | 73972 |
| &nbsp;&nbsp;&nbsp;Hachijuni Bank Ltd. (The) | 8600 | 69932 |
| &nbsp;&nbsp;&nbsp;Hakuhodo DY Holdings, Inc. | 22300 | 185130 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc. | 28300 | 770362 |
| &nbsp;&nbsp;&nbsp;Haseko Corp. | 30800 | 462733 |
| &nbsp;&nbsp;&nbsp;Hitachi Construction Machinery Co. Ltd. | 8000 | 238881 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co. Ltd. | 466200 | 4514537 |
| &nbsp;&nbsp;&nbsp;Hulic Co. Ltd. @ | 14700 | 148271 |
| &nbsp;&nbsp;&nbsp;Ibiden Co. Ltd. | 5200 | 229189 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co. Ltd. | 147000 | 893198 |
| &nbsp;&nbsp;&nbsp;Iida Group Holdings Co. Ltd. @ | 14400 | 203243 |
| &nbsp;&nbsp;&nbsp;INFRONEER Holdings, Inc. | 12800 | 107596 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. @ | 144500 | 2031961 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors Ltd. @ | 85200 | 1083008 |
| &nbsp;&nbsp;&nbsp;Iyogin Holdings, Inc. | 13300 | 146156 |
| &nbsp;&nbsp;&nbsp;J Front Retailing Co. Ltd. | 35100 | 478465 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co. Ltd. | 19000 | 388101 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co. Ltd. | 71600 | 664017 |
| &nbsp;&nbsp;&nbsp;Japan Post Insurance Co. Ltd. @ | 4500 | 101903 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | 80000 | 931634 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | 19700 | 514781 |
| &nbsp;&nbsp;&nbsp;Kamigumi Co. Ltd. | 15700 | 436859 |
| &nbsp;&nbsp;&nbsp;Keihan Holdings Co. Ltd. @ | 1300 | 27570 |
| &nbsp;&nbsp;&nbsp;Kobe Steel Ltd. @ | 43300 | 473277 |
| &nbsp;&nbsp;&nbsp;Koito Manufacturing Co. Ltd. | 27300 | 326925 |
| &nbsp;&nbsp;&nbsp;Komatsu Ltd. | 34100 | 1121709 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. @ | 120100 | 1352746 |
| &nbsp;&nbsp;&nbsp;Kuraray Co. Ltd. @ | 76400 | 973536 |
| &nbsp;&nbsp;&nbsp;Kyoto Financial Group, Inc. @ | 26000 | 466178 |
| &nbsp;&nbsp;&nbsp;Kyushu Financial Group, Inc. | 16500 | 83437 |
| &nbsp;&nbsp;&nbsp;Lixil Corp. | 35000 | 405403 |
| &nbsp;&nbsp;&nbsp;LY Corp. | 162700 | 599258 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | 23300 | 471323 |
| &nbsp;&nbsp;&nbsp;Mazda Motor Corp. | 78600 | 474531 |
| &nbsp;&nbsp;&nbsp;Mebuki Financial Group, Inc. | 83070 | 434429 |
| &nbsp;&nbsp;&nbsp;Medipal Holdings Corp. | 17700 | 287246 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co. Ltd. @ | 21100 | 466968 |
| &nbsp;&nbsp;&nbsp;MINEBEA MITSUMI, Inc. | 38700 | 568790 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | 185800 | 977997 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | 50300 | 1008759 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | 35900 | 775563 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co. Ltd. | 70900 | 1330806 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Gas Chemical Co., Inc. | 21400 | 329236 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Logistics Corp. | 12500 | 102644 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Motors Corp. @ | 88400 | 250765 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 240700 | 3314525 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co. Ltd. | 27300 | 558683 |
| &nbsp;&nbsp;&nbsp;Mitsui Chemicals, Inc. | 47200 | 1093101 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. | 80100 | 775942 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | 116740 | 3236991 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | 44084 | 988794 |
| &nbsp;&nbsp;&nbsp;NGK Insulators Ltd. | 41200 | 518558 |
| &nbsp;&nbsp;&nbsp;NH Foods Ltd. | 11033 | 382464 |
| &nbsp;&nbsp;&nbsp;NHK Spring Co. Ltd. | 7800 | 85174 |
| &nbsp;&nbsp;&nbsp;Nikon Corp. | 17200 | 176772 |
| &nbsp;&nbsp;&nbsp;NIPPON EXPRESS HOLDINGS, Inc. @ | 47700 | 958107 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | 65927 | 1251196 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd. @\* | 113200 | 275287 |
| &nbsp;&nbsp;&nbsp;Nisshin Seifun Group, Inc. | 22800 | 272720 |
| &nbsp;&nbsp;&nbsp;Niterra Co. Ltd. | 18000 | 599979 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | 175700 | 1161532 |
| &nbsp;&nbsp;&nbsp;Nomura Real Estate Holdings, Inc. | 118500 | 694353 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | 12700 | 192742 |
| &nbsp;&nbsp;&nbsp;Oji Holdings Corp. | 189600 | 955604 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co. Ltd. @ | 19200 | 207859 |
| &nbsp;&nbsp;&nbsp;Open House Group Co. Ltd. | 7900 | 357517 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | 214900 | 2321287 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | 206800 | 1912834 |
| &nbsp;&nbsp;&nbsp;Resonac Holdings Corp. | 22300 | 518612 |
| &nbsp;&nbsp;&nbsp;Ricoh Co. Ltd. @ | 81000 | 768067 |
| &nbsp;&nbsp;&nbsp;Rohm Co. Ltd. @ | 24600 | 313810 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | 20500 | 716052 |
| &nbsp;&nbsp;&nbsp;Seiko Epson Corp. | 40700 | 540669 |
| &nbsp;&nbsp;&nbsp;Seino Holdings Co. Ltd. | 20400 | 313781 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co. Ltd. | 16000 | 290212 |
| &nbsp;&nbsp;&nbsp;Sekisui House Ltd. | 42700 | 943815 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co. Ltd. | 74800 | 1206628 |
| &nbsp;&nbsp;&nbsp;Shimizu Corp. | 30600 | 342326 |
| &nbsp;&nbsp;&nbsp;Shizuoka Financial Group, Inc. | 46000 | 536009 |
| &nbsp;&nbsp;&nbsp;Sojitz Corp. | 35820 | 881788 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | 90700 | 1584361 |
| &nbsp;&nbsp;&nbsp;Sumitomo Chemical Co. Ltd. | 157200 | 380433 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | 74000 | 1916225 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries Ltd. | 164200 | 3529037 |
| &nbsp;&nbsp;&nbsp;Sumitomo Forestry Co. Ltd. @ | 86700 | 878108 |
| &nbsp;&nbsp;&nbsp;Sumitomo Heavy Industries Ltd. | 22900 | 471103 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | 237500 | 5993368 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | 49800 | 1327608 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co. Ltd. | 42000 | 1623652 |
| &nbsp;&nbsp;&nbsp;Sumitomo Rubber Industries Ltd. @ | 42800 | 487576 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food Ltd. @ | 3700 | 118447 |
| &nbsp;&nbsp;&nbsp;Suzuken Co. Ltd. | 1100 | 39782 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | 103600 | 1253948 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | 7100 | 156293 |
| &nbsp;&nbsp;&nbsp;Taiheiyo Cement Corp. | 7500 | 186660 |
| &nbsp;&nbsp;&nbsp;Takashimaya Co. Ltd. | 26200 | 205317 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co. Ltd. | 126173 | 3877057 |
| &nbsp;&nbsp;&nbsp;Tokyo Tatemono Co. Ltd. @ | 37600 | 670118 |
| &nbsp;&nbsp;&nbsp;Tokyu Fudosan Holdings Corp. | 132300 | 944902 |

---

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

[**Table of Contents**](#toc)

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Japan (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | 109100 | $748370 |
| &nbsp;&nbsp;&nbsp;Tosoh Corp. | 58300 | 854227 |
| &nbsp;&nbsp;&nbsp;Toyo Seikan Group Holdings Ltd. | 16700 | 327378 |
| &nbsp;&nbsp;&nbsp;Toyo Tire Corp. @ | 7400 | 156936 |
| &nbsp;&nbsp;&nbsp;Toyoda Gosei Co. Ltd. | 15300 | 301846 |
| &nbsp;&nbsp;&nbsp;Toyota Boshoku Corp. | 9700 | 132495 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. @ | 2917 | 502482 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 294950 | 5106145 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | 62400 | 1416518 |
| &nbsp;&nbsp;&nbsp;Yamada Holdings Co. Ltd. | 48000 | 151095 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co. Ltd. @ | 111600 | 836583 |
| &nbsp;&nbsp;&nbsp;Yamato Holdings Co. Ltd. | 30000 | 402069 |
| &nbsp;&nbsp;&nbsp;Yokohama Rubber Co. Ltd. (The) @ | 27600 | 761274 |
|  |  | 116042001 |
| **Macau — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 105000 | 466149 |
| **Netherlands — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV, GDR ± | 35524 | 972490 |
| &nbsp;&nbsp;&nbsp;Aegon Ltd. @ | 119642 | 866452 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV @ | 13002 | 909754 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA @ | 53395 | 1686214 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA = | 1708 | 54061 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | 17592 | 1168335 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | 8210 | 756270 |
| &nbsp;&nbsp;&nbsp;HAL Trust | 1259 | 179745 |
| &nbsp;&nbsp;&nbsp;Havas NV | 40220 | 69076 |
| &nbsp;&nbsp;&nbsp;Heineken NV | 10203 | 889619 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | 223882 | 4912085 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV @ | 2320 | 66244 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | 159582 | 6673280 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | 263030 | 1281483 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV ¢ | 35721 | 858803 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV @ | 41074 | 984955 |
| &nbsp;&nbsp;&nbsp;NN Group NV | 37699 | 2505475 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | 191757 | 1922015 |
| &nbsp;&nbsp;&nbsp;Stellantis NV @ | 12947 | 129858 |
|  |  | 26886214 |
| **New Zealand — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Auckland International Airport Ltd. | 114710 | 541542 |
| &nbsp;&nbsp;&nbsp;Fletcher Building Ltd. @\* | 56820 | 100094 |
| &nbsp;&nbsp;&nbsp;Infratil Ltd. @ | 43038 | 278078 |
| &nbsp;&nbsp;&nbsp;Mercury NZ Ltd. | 41574 | 152302 |
| &nbsp;&nbsp;&nbsp;Meridian Energy Ltd. | 29271 | 105269 |
| &nbsp;&nbsp;&nbsp;Port of Tauranga Ltd. @ | 3033 | 12664 |
| &nbsp;&nbsp;&nbsp;Ryman Healthcare Ltd. @\* | 33769 | 46108 |
| &nbsp;&nbsp;&nbsp;Summerset Group Holdings Ltd. @ | 11643 | 79841 |
|  |  | 1315898 |
| **Norway — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | 22520 | 575992 |
| &nbsp;&nbsp;&nbsp;Aker Solutions ASA | 26878 | 92852 |
| &nbsp;&nbsp;&nbsp;Austevoll Seafood ASA | 8619 | 82860 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | 17623 | 487109 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | 13588 | 343899 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 88167 | 503317 |
| &nbsp;&nbsp;&nbsp;SpareBank 1 Sor-Norge ASA | 18440 | 339184 |
| &nbsp;&nbsp;&nbsp;Stolt-Nielsen Ltd. | 1313 | 33348 |
| &nbsp;&nbsp;&nbsp;Subsea 7 SA | 28831 | 541472 |
| &nbsp;&nbsp;&nbsp;TGS ASA | 6495 | 55385 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | 13148 | 485253 |
|  |  | 3540671 |
| **Portugal — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA @ | 8223 | 91778 |
| **Singapore — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BW LPG Ltd. ± | 7072 | 83524 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment Ltd. @ | 167400 | 348887 |
| &nbsp;&nbsp;&nbsp;City Developments Ltd. | 14600 | 59594 |
| &nbsp;&nbsp;&nbsp;Genting Singapore Ltd. @ | 191700 | 107798 |
| &nbsp;&nbsp;&nbsp;Hafnia Ltd. | 9131 | 45875 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings Ltd. | 73200 | 422364 |
| &nbsp;&nbsp;&nbsp;Keppel Ltd. @ | 241100 | 1406970 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp. Ltd. | 95349 | 1223077 |
| &nbsp;&nbsp;&nbsp;Seatrium Ltd. @ | 297440 | 470196 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines Ltd. @ | 26700 | 146362 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV @ | 13809 | 421867 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | 71400 | 2021549 |
| &nbsp;&nbsp;&nbsp;UOL Group Ltd. | 47218 | 229498 |
| &nbsp;&nbsp;&nbsp;Wilmar International Ltd. | 252000 | 568809 |
|  |  | 7556370 |
| **South Africa — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | 23977 | 707608 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum Ltd. \* | 2785 | 122331 |
|  |  | 829939 |
| **Spain — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | 64315 | 989045 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA, ADR @ | 65357 | 1004537 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | 74625 | 237606 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | 1427311 | 11814508 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | 285333 | 2471740 |
| &nbsp;&nbsp;&nbsp;Repsol SA @ | 195328 | 2861129 |
| &nbsp;&nbsp;&nbsp;Telefonica SA, ADR @ | 6496 | 33974 |
|  |  | 19412539 |
| **Sweden — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Billerud Aktiebolag | 22377 | 232145 |
| &nbsp;&nbsp;&nbsp;Boliden AB \* | 34071 | 1062727 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | 35389 | 980025 |
| &nbsp;&nbsp;&nbsp;Getinge AB, Class B | 7190 | 144166 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B @ | 53499 | 538106 |
| &nbsp;&nbsp;&nbsp;Hexpol AB @ | 7086 | 68681 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B @ | 8941 | 354582 |
| &nbsp;&nbsp;&nbsp;Husqvarna AB, Class B | 42676 | 224591 |
| &nbsp;&nbsp;&nbsp;Loomis AB | 8247 | 346585 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | 59785 | 894162 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | 140768 | 2456510 |

---

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

[**Table of Contents**](#toc)

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Sweden (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | 29166 | $678831 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class A | 839 | 19332 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B @ | 64782 | 1486558 |
| &nbsp;&nbsp;&nbsp;SSAB AB, Class A | 29362 | 176403 |
| &nbsp;&nbsp;&nbsp;SSAB AB, Class B @ | 84454 | 498820 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class A | 244 | 3172 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | 25812 | 335579 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | 54423 | 727393 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class B @ | 1918 | 40161 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | 38879 | 1029415 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | 9317 | 79709 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | 249241 | 894917 |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B @ | 10544 | 392409 |
| &nbsp;&nbsp;&nbsp;Volvo Car AB, Class B @\* | 39107 | 71800 |
|  |  | 13736779 |
| **Switzerland — 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alcon AG | 30384 | 2688206 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | 4379 | 1033145 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise @ | 1642 | 189251 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | 27142 | 5112322 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | 7778 | 826971 |
| &nbsp;&nbsp;&nbsp;Holcim AG | 54961 | 4079908 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. @ | 24697 | 1669604 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | 4850 | 3453589 |
| &nbsp;&nbsp;&nbsp;Novartis AG | 49804 | 6036487 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | 24470 | 1339073 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG, ADR @ | 572 | 31268 |
| &nbsp;&nbsp;&nbsp;SIG Group AG @ | 12171 | 224875 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | 4035 | 4081531 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | 1636 | 244951 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | 27067 | 4678605 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | 4128 | 2926460 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 176008 | 5956033 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | 13216 | 9237625 |
|  |  | 53809904 |
| **United Kingdom — 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | 9107 | 257265 |
| &nbsp;&nbsp;&nbsp;Barclays PLC, ADR | 124117 | 2307335 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | 47310 | 296062 |
| &nbsp;&nbsp;&nbsp;BP PLC | 299981 | 1505839 |
| &nbsp;&nbsp;&nbsp;BP PLC, ADR | 100067 | 2995005 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 105869 | 5032468 |
| &nbsp;&nbsp;&nbsp;BT Group PLC @ | 1231112 | 3274153 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | 116717 | 258822 |
| &nbsp;&nbsp;&nbsp;Endeavour Mining PLC | 6153 | 189730 |
| &nbsp;&nbsp;&nbsp;Glencore PLC \* | 465148 | 1810744 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | 18452 | 223343 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC, ADR @ | 184078 | 11190102 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | 201103 | 799975 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | 299798 | 1196693 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 5517825 | 5809289 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC, ADR @ | 168820 | 717485 |
| &nbsp;&nbsp;&nbsp;Natwest Group PLC | 428451 | 3007610 |
| &nbsp;&nbsp;&nbsp;Natwest Group PLC, ADR @ | 51478 | 728414 |
| &nbsp;&nbsp;&nbsp;Shell PLC, ADR @ | 346564 | 24401571 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | 184890 | 3063236 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | 1312131 | 1400893 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | 4742 | 183752 |
|  |  | 70649786 |
| **United States — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amrize Ltd. \* | 54961 | 2741643 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 22318 | 1043115 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 2416 | 84682 |
| &nbsp;&nbsp;&nbsp;Tenaris SA, ADR | 4481 | 167589 |
|  |  | 4037029 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Identified Cost $382,785,342) |  | 566156999 |
| **PREFERRED STOCKS — 0.7%** |  |  |
| **Germany — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG, 6.167% | 7858 | 650720 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA, 3.060% | 14026 | 1101352 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE, 5.681% | 7710 | 305973 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG, 7.089% | 17837 | 1883015 |
|  |  | 3941060 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS <br> (Identified Cost $4,809,037) |  | 3941060 |

---

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

[**Table of Contents**](#toc)

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **SHORT-TERM INVESTMENTS — 5.7%** |  |  |
| **Investment Company — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund 4.020% | 651678 | $651678 |
| **Collateral For Securities On Loan — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.350% | 32039504 | 32039504 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS<br> (Identified Cost $32,691,182) |  | 32691182 |
| **Total Investments — 104.5% <br> (Identified Cost $420,285,561)** |  | **602789241** |
| &nbsp;&nbsp;&nbsp;Liabilities in excess of Cash and Other Assets — (4.5%) |  | (25783938) |
| **Net Assets — 100.0%** |  | $**577005303** |

---

---

| |
|:---|
| &nbsp;&nbsp;See Note 1 |
| &nbsp;&nbsp;A portion or all of the security was held on loan. As of June 30, 2025, the fair value of the securities on loan was $87,020,911. |
| &nbsp;&nbsp;Non-income producing security |
| &nbsp;&nbsp;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 June 30, 2025 amounted to $3,152,629 or 0.55% of the net assets of the Fund. |
| ¥&nbsp;&nbsp;Traded on the Canada, Toronto Stock Exchange. |
| &nbsp;&nbsp;Traded on the France, Euronext Paris Exchange. |
| &nbsp;&nbsp;Traded on the Netherlands, Euronext Amsterdam Stock Market. |
| Key to abbreviations: |
| ADR — American Depository Receipt |

---

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

[**Table of Contents**](#toc)

SA International Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| **Others — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DFA International Small Company Portfolio £| 11530168 | $271650759 |
| &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUNDS<br> (Identified Cost $115,484,961) |  | 271650759 |
| **Total Investments — 100.0%<br> (Identified Cost $115,484,961)** |  | **271650759** |
| &nbsp;&nbsp;&nbsp;Liabilities in excess of Cash and Other Assets — 0.0% |  | (106002) |
| **Net Assets — 100.0%** |  | $**271544757** |

---

---

| |
|:---|
| &nbsp;&nbsp;See Note 1 |
| £&nbsp;&nbsp;The Fund invests a substantial amount of its assets in the DFA International Small Company Portfolio. Financial statements and other information about the DFA International Small Company Portfolio, including its portfolio holdings, are available at https://www.dimensional.com. |

---

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 99.5%** |  |  |
| **Belgium — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Titan SA | 987 | $44645 |
| **Brazil — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Anima Holding SA | 29800 | 23256 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco SA | 70133 | 187302 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco SA, ADR | 87896 | 271599 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA | 75054 | 305156 |
| &nbsp;&nbsp;&nbsp;Banco Santander Brasil SA | 49700 | 271593 |
| &nbsp;&nbsp;&nbsp;BrasilAgro - Co. Brasileira de Propriedades Agricolas | 4700 | 17128 |
| &nbsp;&nbsp;&nbsp;C&A Modas SA | 10500 | 37995 |
| &nbsp;&nbsp;&nbsp;Cia Siderurgica Nacional SA | 34656 | 47457 |
| &nbsp;&nbsp;&nbsp;Cogna Educacao SA | 149565 | 77355 |
| &nbsp;&nbsp;&nbsp;Cruzeiro do Sul Educacional SA | 22900 | 21749 |
| &nbsp;&nbsp;&nbsp;Cyrela Brazil Realty SA Empreendimentos e Participacoes | 24974 | 120156 |
| &nbsp;&nbsp;&nbsp;Dexco SA | 34954 | 36478 |
| &nbsp;&nbsp;&nbsp;Gerdau SA, ADR | 82369 | 240517 |
| &nbsp;&nbsp;&nbsp;Grupo SBF SA | 12700 | 28518 |
| &nbsp;&nbsp;&nbsp;Hapvida Participacoes e Investimentos SA \*± | 10590 | 71828 |
| &nbsp;&nbsp;&nbsp;Iochpe Maxion SA | 12197 | 29970 |
| &nbsp;&nbsp;&nbsp;IRB Brasil Resseguros SA \* | 3822 | 31825 |
| &nbsp;&nbsp;&nbsp;JHSF Participacoes SA | 40831 | 40056 |
| &nbsp;&nbsp;&nbsp;M Dias Branco SA | 2888 | 12757 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras | 201796 | 1266169 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras, ADR | 26329 | 303837 |
| &nbsp;&nbsp;&nbsp;Petroreconcavo SA | 10435 | 27523 |
| &nbsp;&nbsp;&nbsp;Sao Martinho SA | 10312 | 33348 |
| &nbsp;&nbsp;&nbsp;Tupy SA | 3847 | 12901 |
| &nbsp;&nbsp;&nbsp;Vale SA | 20412 | 197804 |
| &nbsp;&nbsp;&nbsp;Vale SA, ADR | 63918 | 620644 |
| &nbsp;&nbsp;&nbsp;Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 4800 | 22626 |
| &nbsp;&nbsp;&nbsp;Vibra Energia SA | 69139 | 275635 |
| &nbsp;&nbsp;&nbsp;YDUQS Participacoes SA | 12500 | 37939 |
|  |  | 4671121 |
| **British Virgin Islands — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AsiaInfo Technologies Ltd. @± | 13200 | 15033 |
| **Canada — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;China Gold International Resources Corp. Ltd. | 3700 | 33465 |
| **Cayman Islands — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Edvantage Group Holdings Ltd. | 32244 | 6243 |
| &nbsp;&nbsp;&nbsp;Fulgent Sun International Holding Co. Ltd. | 8315 | 29745 |
| &nbsp;&nbsp;&nbsp;Gourmet Master Co. Ltd. | 5000 | 13984 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | 5300 | 307875 |
|  |  | 357847 |
| **Chile — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CAP SA \* | 4662 | 24012 |
| &nbsp;&nbsp;&nbsp;Cencosud SA | 18885 | 64259 |
| &nbsp;&nbsp;&nbsp;Cia Cervecerias Unidas SA, ADR | 788 | 10181 |
| &nbsp;&nbsp;&nbsp;Cia Sud Americana de Vapores SA | 1034584 | 52883 |
| &nbsp;&nbsp;&nbsp;Empresa Nacional de Telecomunicaciones SA | 13467 | 43375 |
| &nbsp;&nbsp;&nbsp;Empresas CMPC SA | 57684 | 88171 |
| &nbsp;&nbsp;&nbsp;Empresas Copec SA | 28747 | 195756 |
| &nbsp;&nbsp;&nbsp;Enel Americas SA | 1098585 | 107014 |
| &nbsp;&nbsp;&nbsp;Falabella SA | 20400 | 108391 |
| &nbsp;&nbsp;&nbsp;Inversiones Aguas Metropolitanas SA | 43236 | 39726 |
| &nbsp;&nbsp;&nbsp;Ripley Corp. SA | 81141 | 37670 |
| &nbsp;&nbsp;&nbsp;Salfacorp SA | 43853 | 35068 |
| &nbsp;&nbsp;&nbsp;Sigdo Koppers SA | 27803 | 38797 |
| &nbsp;&nbsp;&nbsp;SMU SA | 215040 | 38547 |
| &nbsp;&nbsp;&nbsp;Sociedad Matriz SAAM SA | 298644 | 37519 |
| &nbsp;&nbsp;&nbsp;SONDA SA | 83103 | 31578 |
| &nbsp;&nbsp;&nbsp;Vina Concha y Toro SA | 23908 | 27821 |
|  |  | 980768 |
| **China — 28.5%** |  |  |
| &nbsp;&nbsp;&nbsp;361 Degrees International Ltd. | 71000 | 45133 |
| &nbsp;&nbsp;&nbsp;3SBio, Inc. ± | 74000 | 222944 |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings, Inc. | 52000 | 269607 |
| &nbsp;&nbsp;&nbsp;Advanced Technology & Materials Co. Ltd., Class A | 13900 | 24985 |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China Ltd., Class H | 1402000 | 1000159 |
| &nbsp;&nbsp;&nbsp;Airtac International Group | 6000 | 178899 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 304510 | 4259288 |
| &nbsp;&nbsp;&nbsp;Aluminum Corp. of China Ltd., Class H | 216000 | 145285 |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement Co. Ltd., Class H | 71500 | 181802 |
| &nbsp;&nbsp;&nbsp;Anhui Guangxin Agrochemical Co. Ltd., Class A | 4312 | 6421 |
| &nbsp;&nbsp;&nbsp;Anhui Heli Co. Ltd., Class A | 8200 | 20301 |
| &nbsp;&nbsp;&nbsp;Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A | 12600 | 11606 |
| &nbsp;&nbsp;&nbsp;Anhui Huilong Agricultural Means of Production Co. Ltd., Class A | 6500 | 5397 |
| &nbsp;&nbsp;&nbsp;Anhui Jiangnan Chemical Industry Co. Ltd., Class A | 29200 | 23635 |
| &nbsp;&nbsp;&nbsp;Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A | 13800 | 18739 |

---

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **China (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Zhongding Sealing Parts Co. Ltd., Class A | 13300 | $32649 |
| &nbsp;&nbsp;&nbsp;Anjoy Foods Group Co. Ltd., Class A | 2200 | 24691 |
| &nbsp;&nbsp;&nbsp;Asia - Potash International Investment Guangzhou Co. Ltd., Class A \* | 4400 | 18508 |
| &nbsp;&nbsp;&nbsp;Asymchem Laboratories Tianjin Co. Ltd., Class A | 2200 | 27095 |
| &nbsp;&nbsp;&nbsp;AviChina Industry & Technology Co. Ltd., Class H | 219000 | 123589 |
| &nbsp;&nbsp;&nbsp;BAIC Motor Corp. Ltd., Class H \*± | 145000 | 35835 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., ADR \* | 11412 | 978693 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Class A \* | 6850 | 72820 |
| &nbsp;&nbsp;&nbsp;Bairong, Inc. \*± | 21500 | 25608 |
| &nbsp;&nbsp;&nbsp;Bank of Beijing Co. Ltd., Class A | 98400 | 93793 |
| &nbsp;&nbsp;&nbsp;Bank of Changsha Co. Ltd., Class A | 25500 | 35374 |
| &nbsp;&nbsp;&nbsp;Bank of Chengdu Co. Ltd., Class A | 26000 | 72933 |
| &nbsp;&nbsp;&nbsp;Bank of China Ltd., Class H | 3576902 | 2077806 |
| &nbsp;&nbsp;&nbsp;Bank of Chongqing Co. Ltd., Class H | 46500 | 48277 |
| &nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd., Class H | 462400 | 430005 |
| &nbsp;&nbsp;&nbsp;Bank of Guiyang Co. Ltd., Class A | 22500 | 19594 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou Co. Ltd., Class A | 32101 | 75353 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu Co. Ltd., Class A | 80100 | 133472 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing Co. Ltd., Class A | 61300 | 99408 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo Co. Ltd., Class A | 38780 | 148074 |
| &nbsp;&nbsp;&nbsp;Bank of Qingdao Co. Ltd., Class H ± | 53000 | 27614 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai Co. Ltd., Class A | 68500 | 101428 |
| &nbsp;&nbsp;&nbsp;Bank of Suzhou Co. Ltd., Class A | 22220 | 27227 |
| &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel Co. Ltd., Class A | 100300 | 92244 |
| &nbsp;&nbsp;&nbsp;BBMG Corp., Class H | 103000 | 9710 |
| &nbsp;&nbsp;&nbsp;Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A | 48000 | 20230 |
| &nbsp;&nbsp;&nbsp;Beijing Easpring Material Technology Co. Ltd., Class A | 2700 | 16530 |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings Ltd. | 46000 | 189275 |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group Ltd. @ | 414000 | 124992 |
| &nbsp;&nbsp;&nbsp;Beijing GeoEnviron Engineering & Technology, Inc., Class A | 11232 | 8841 |
| &nbsp;&nbsp;&nbsp;Beijing Jetsen Technology Co. Ltd., Class A \* | 28600 | 21992 |
| &nbsp;&nbsp;&nbsp;Beijing New Building Materials PLC, Class A | 5600 | 20695 |
| &nbsp;&nbsp;&nbsp;Beijing Originwater Technology Co. Ltd., Class A | 5558 | 3490 |
| &nbsp;&nbsp;&nbsp;Beijing Shougang Co. Ltd., Class A | 27500 | 13049 |
| &nbsp;&nbsp;&nbsp;Beijing Sinnet Technology Co. Ltd., Class A | 15900 | 31731 |
| &nbsp;&nbsp;&nbsp;Beijing SL Pharmaceutical Co. Ltd., Class A | 8900 | 8806 |
| &nbsp;&nbsp;&nbsp;Beijing Yanjing Brewery Co. Ltd., Class A | 9600 | 17323 |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway Co. Ltd., Class A \* | 108000 | 86665 |
| &nbsp;&nbsp;&nbsp;Beiqi Foton Motor Co. Ltd., Class A \* | 66600 | 25188 |
| &nbsp;&nbsp;&nbsp;BGI Genomics Co. Ltd., Class A | 1800 | 12502 |
| &nbsp;&nbsp;&nbsp;BOC International China Co. Ltd., Class A | 14300 | 21334 |
| &nbsp;&nbsp;&nbsp;BOE Technology Group Co. Ltd., Class A | 220300 | 122671 |
| &nbsp;&nbsp;&nbsp;BOE Varitronix Ltd. | 15000 | 12612 |
| &nbsp;&nbsp;&nbsp;Bohai Leasing Co. Ltd., Class A \* | 64900 | 30161 |
| &nbsp;&nbsp;&nbsp;Bright Dairy & Food Co. Ltd., Class A \* | 7700 | 9037 |
| &nbsp;&nbsp;&nbsp;Brilliance China Automotive Holdings Ltd. @ | 178000 | 72107 |
| &nbsp;&nbsp;&nbsp;BTG Hotels Group Co. Ltd., Class A | 5700 | 11240 |
| &nbsp;&nbsp;&nbsp;Business-intelligence of Oriental Nations Corp. Ltd., Class A \* | 8200 | 12474 |
| &nbsp;&nbsp;&nbsp;By-health Co. Ltd., Class A | 11100 | 17412 |
| &nbsp;&nbsp;&nbsp;BYD Electronic International Co. Ltd. | 3500 | 14178 |
| &nbsp;&nbsp;&nbsp;C C Land Holdings Ltd. \* | 38500 | 5885 |
| &nbsp;&nbsp;&nbsp;C&D International Investment Group Ltd. | 55477 | 112227 |
| &nbsp;&nbsp;&nbsp;Caitong Securities Co. Ltd., Class A | 15470 | 17077 |
| &nbsp;&nbsp;&nbsp;Canmax Technologies Co. Ltd., Class A | 4800 | 12775 |
| &nbsp;&nbsp;&nbsp;CECEP Solar Energy Co. Ltd., Class A | 30100 | 18441 |
| &nbsp;&nbsp;&nbsp;CECEP Wind-Power Corp., Class A | 49010 | 19767 |
| &nbsp;&nbsp;&nbsp;CGN New Energy Holdings Co. Ltd. | 130000 | 41070 |
| &nbsp;&nbsp;&nbsp;Changchun High-Tech Industry Group Co. Ltd., Class A \* | 2500 | 34603 |
| &nbsp;&nbsp;&nbsp;Changjiang Securities Co. Ltd., Class A | 17900 | 17312 |
| &nbsp;&nbsp;&nbsp;Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A | 4900 | 19811 |
| &nbsp;&nbsp;&nbsp;Chengdu Wintrue Holding Co. Ltd., Class A | 8900 | 11651 |
| &nbsp;&nbsp;&nbsp;Chengxin Lithium Group Co. Ltd., Class A \* | 5600 | 10066 |
| &nbsp;&nbsp;&nbsp;China Baoan Group Co. Ltd., Class A | 9000 | 11153 |
| &nbsp;&nbsp;&nbsp;China BlueChemical Ltd., Class H | 58000 | 15516 |
| &nbsp;&nbsp;&nbsp;China Bohai Bank Co. Ltd., Class H \*± | 141000 | 15986 |
| &nbsp;&nbsp;&nbsp;China CAMC Engineering Co. Ltd., Class A \* | 4400 | 5299 |
| &nbsp;&nbsp;&nbsp;China Cinda Asset Management Co. Ltd., Class H \* | 103000 | 17582 |

---

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **China (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;China Citic Bank Corp. Ltd., Class H | 533000 | $507881 |
| &nbsp;&nbsp;&nbsp;China Coal Energy Co. Ltd., Class H @ | 181000 | 209362 |
| &nbsp;&nbsp;&nbsp;China Coal Xinji Energy Co. Ltd., Class A \* | 19900 | 17941 |
| &nbsp;&nbsp;&nbsp;China Communications Services Corp. Ltd., Class H | 231600 | 125389 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings Ltd. | 61500 | 70980 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp., Class H | 5076810 | 5122114 |
| &nbsp;&nbsp;&nbsp;China Development Bank Financial Leasing Co. Ltd., Class H ± | 128000 | 28372 |
| &nbsp;&nbsp;&nbsp;China Education Group Holdings Ltd. | 34181 | 11844 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering Corp. Ltd., Class A | 88674 | 27597 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering Corp. Ltd., Class H | 152000 | 20331 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank Co. Ltd., Class H | 198000 | 98875 |
| &nbsp;&nbsp;&nbsp;China Feihe Ltd. ± | 195000 | 141842 |
| &nbsp;&nbsp;&nbsp;China Foods Ltd. | 86000 | 33633 |
| &nbsp;&nbsp;&nbsp;China Galaxy Securities Co. Ltd., Class H @ | 96500 | 108548 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings Ltd. | 233800 | 218314 |
| &nbsp;&nbsp;&nbsp;China Great Wall Securities Co. Ltd., Class A | 8500 | 9941 |
| &nbsp;&nbsp;&nbsp;China Green Electricity Investment of Tianjin Co. Ltd., Class A | 10700 | 12484 |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group Ltd. @ | 189000 | 432897 |
| &nbsp;&nbsp;&nbsp;China Huiyuan Juice Group Ltd. \*§ | 84500 |  |
| &nbsp;&nbsp;&nbsp;China International Marine Containers Group Co. Ltd., Class H | 74460 | 58810 |
| &nbsp;&nbsp;&nbsp;China Jushi Co. Ltd., Class A | 22631 | 36005 |
| &nbsp;&nbsp;&nbsp;China Lesso Group Holdings Ltd. | 100000 | 53376 |
| &nbsp;&nbsp;&nbsp;China Lilang Ltd. | 31000 | 14770 |
| &nbsp;&nbsp;&nbsp;China Literature Ltd. \*± | 27000 | 102669 |
| &nbsp;&nbsp;&nbsp;China Medical System Holdings Ltd. | 97000 | 148281 |
| &nbsp;&nbsp;&nbsp;China Meheco Group Co. Ltd., Class A | 13860 | 20000 |
| &nbsp;&nbsp;&nbsp;China Meidong Auto Holdings Ltd. | 56000 | 16194 |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy Co. Ltd. | 149000 | 305594 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd., Class H | 212500 | 1484802 |
| &nbsp;&nbsp;&nbsp;China Merchants Energy Shipping Co. Ltd., Class A | 27400 | 23937 |
| &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | 12700 | 21269 |
| &nbsp;&nbsp;&nbsp;China Merchants Port Holdings Co. Ltd. | 91712 | 167069 |
| &nbsp;&nbsp;&nbsp;China Merchants Property Operation & Service Co. Ltd., Class A | 5000 | 8632 |
| &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 22000 | 26926 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking Corp. Ltd., Class H | 353880 | 200608 |
| &nbsp;&nbsp;&nbsp;China National Accord Medicines Corp. Ltd., Class A | 4160 | 14473 |
| &nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd., Class H | 207591 | 99168 |
| &nbsp;&nbsp;&nbsp;China National Chemical Engineering Co. Ltd., Class A | 38700 | 41425 |
| &nbsp;&nbsp;&nbsp;China National Medicines Corp. Ltd., Class A | 4600 | 18720 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power Co. Ltd., Class A | 53700 | 69846 |
| &nbsp;&nbsp;&nbsp;China New Higher Education Group Ltd. ± | 94587 | 10724 |
| &nbsp;&nbsp;&nbsp;China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd., Class A | 15100 | 10600 |
| &nbsp;&nbsp;&nbsp;China Nonferrous Mining Corp. Ltd. | 102000 | 94724 |
| &nbsp;&nbsp;&nbsp;China Oilfield Services Ltd., Class H | 134000 | 109932 |
| &nbsp;&nbsp;&nbsp;China Overseas Grand Oceans Group Ltd. | 141402 | 32063 |
| &nbsp;&nbsp;&nbsp;China Overseas Land & Investment Ltd. | 201500 | 349611 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group Co. Ltd., Class H | 127800 | 437128 |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical Corp., Class H | 1844400 | 965673 |
| &nbsp;&nbsp;&nbsp;China Railway Group Ltd., Class H | 247000 | 118309 |
| &nbsp;&nbsp;&nbsp;China Railway Hi-tech Industry Co. Ltd., Class A | 10600 | 10917 |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication Corp. Ltd., Class H ± | 149000 | 61309 |
| &nbsp;&nbsp;&nbsp;China Reinsurance Group Corp., Class H | 422000 | 65585 |
| &nbsp;&nbsp;&nbsp;China Resources Beer Holdings Co. Ltd. | 36000 | 114650 |
| &nbsp;&nbsp;&nbsp;China Resources Building Materials Technology Holdings Ltd. | 238000 | 50935 |
| &nbsp;&nbsp;&nbsp;China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 6300 | 16406 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group Ltd. | 44500 | 113660 |
| &nbsp;&nbsp;&nbsp;China Resources Land Ltd. | 251000 | 850528 |
| &nbsp;&nbsp;&nbsp;China Resources Medical Holdings Co. Ltd. | 71500 | 37344 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **China (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group Ltd. ± | 134500 | $87725 |
| &nbsp;&nbsp;&nbsp;China Risun Group Ltd. @ | 58000 | 18693 |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy Co. Ltd., Class H @ | 177000 | 686584 |
| &nbsp;&nbsp;&nbsp;China Shineway Pharmaceutical Group Ltd. | 36000 | 35954 |
| &nbsp;&nbsp;&nbsp;China South Publishing & Media Group Co. Ltd., Class A | 11600 | 21240 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering Corp. Ltd., Class A \* | 191200 | 153963 |
| &nbsp;&nbsp;&nbsp;China State Construction International Holdings Ltd. | 50000 | 75414 |
| &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings Co. Ltd. | 91000 | 177364 |
| &nbsp;&nbsp;&nbsp;China Tower Corp. Ltd. Class H ± | 364800 | 521412 |
| &nbsp;&nbsp;&nbsp;China Traditional Chinese Medicine Holdings Co. Ltd. @\* | 260000 | 73198 |
| &nbsp;&nbsp;&nbsp;China TransInfo Technology Co. Ltd., Class A \* | 6900 | 8955 |
| &nbsp;&nbsp;&nbsp;China Travel International Investment Hong Kong Ltd. | 180000 | 34166 |
| &nbsp;&nbsp;&nbsp;China Vanke Co. Ltd., Class H @\* | 133972 | 83456 |
| &nbsp;&nbsp;&nbsp;China Yongda Automobiles Services Holdings Ltd. @ | 84000 | 24077 |
| &nbsp;&nbsp;&nbsp;China Youran Dairy Group Ltd. @\*± | 71000 | 23787 |
| &nbsp;&nbsp;&nbsp;China Zhenhua Group Science & Technology Co. Ltd., Class A | 3700 | 25844 |
| &nbsp;&nbsp;&nbsp;China Zheshang Bank Co. Ltd., Class H | 124800 | 46900 |
| &nbsp;&nbsp;&nbsp;Chinasoft International Ltd. | 164000 | 104250 |
| &nbsp;&nbsp;&nbsp;Chinese Universe Publishing and Media Group Co. Ltd., Class A | 9200 | 13186 |
| &nbsp;&nbsp;&nbsp;Chongqing Changan Automobile Co. Ltd., Class A \* | 41230 | 73421 |
| &nbsp;&nbsp;&nbsp;Chongqing Department Store Co. Ltd., Class A \* | 2400 | 9991 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank Co. Ltd., Class H @ | 137000 | 115709 |
| &nbsp;&nbsp;&nbsp;Chongqing Sanfeng Environment Group Corp. Ltd., Class A \* | 10300 | 12075 |
| &nbsp;&nbsp;&nbsp;Chongqing Zhifei Biological Products Co. Ltd., Class A | 7000 | 19138 |
| &nbsp;&nbsp;&nbsp;Chow Tai Seng Jewellery Co. Ltd., Class A | 12900 | 23728 |
| &nbsp;&nbsp;&nbsp;CIMC Enric Holdings Ltd. | 60000 | 49988 |
| &nbsp;&nbsp;&nbsp;CITIC Ltd. | 209000 | 287011 |
| &nbsp;&nbsp;&nbsp;CMOC Group Ltd., Class H | 87000 | 88441 |
| &nbsp;&nbsp;&nbsp;CNGR Advanced Material Co. Ltd., Class A | 2520 | 11563 |
| &nbsp;&nbsp;&nbsp;CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A | 21460 | 12429 |
| &nbsp;&nbsp;&nbsp;CNOOC Energy Technology & Services Ltd., Class A | 62100 | 35359 |
| &nbsp;&nbsp;&nbsp;CNSIG Inner Mongolia Chemical Industry Co. Ltd., Class A | 13650 | 14573 |
| &nbsp;&nbsp;&nbsp;COFCO Biotechnology Co. Ltd., Class A \* | 15100 | 11759 |
| &nbsp;&nbsp;&nbsp;COFCO Joycome Foods Ltd. @\* | 183000 | 36833 |
| &nbsp;&nbsp;&nbsp;COFCO Sugar Holding Co. Ltd., Class A | 15600 | 20574 |
| &nbsp;&nbsp;&nbsp;Concord New Energy Group Ltd. | 420000 | 27287 |
| &nbsp;&nbsp;&nbsp;Consun Pharmaceutical Group Ltd. | 23000 | 33167 |
| &nbsp;&nbsp;&nbsp;COSCO Shipping Development Co. Ltd., Class H | 324200 | 43778 |
| &nbsp;&nbsp;&nbsp;COSCO Shipping Energy Transportation Co. Ltd., Class H @ | 86000 | 71320 |
| &nbsp;&nbsp;&nbsp;COSCO Shipping Holdings Co. Ltd., Class H @ | 223699 | 388697 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING International Hong Kong Co. Ltd. | 34000 | 23908 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Ports Ltd. | 135886 | 90014 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Specialized Carriers Co. Ltd., Class A | 24600 | 21457 |
| &nbsp;&nbsp;&nbsp;CRRC Corp. Ltd., Class H | 177000 | 106877 |
| &nbsp;&nbsp;&nbsp;CSG Holding Co. Ltd., Class A | 19500 | 12573 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group Ltd. | 350000 | 343314 |
| &nbsp;&nbsp;&nbsp;CSSC Hong Kong Shipping Co. Ltd. | 70000 | 18726 |
| &nbsp;&nbsp;&nbsp;CTS International Logistics Corp. Ltd., Class A | 11000 | 9518 |
| &nbsp;&nbsp;&nbsp;Daqin Railway Co. Ltd., Class A | 85800 | 79029 |
| &nbsp;&nbsp;&nbsp;Dian Diagnostics Group Co. Ltd., Class A | 4800 | 9981 |
| &nbsp;&nbsp;&nbsp;Dongfang Electric Corp. Ltd., Class H @ | 21000 | 35847 |
| &nbsp;&nbsp;&nbsp;Dongxing Securities Co. Ltd., Class A | 12000 | 18673 |
| &nbsp;&nbsp;&nbsp;Dongyue Group Ltd. @ | 104000 | 138844 |
| &nbsp;&nbsp;&nbsp;E-Commodities Holdings Ltd. | 94000 | 11136 |
| &nbsp;&nbsp;&nbsp;Easyhome New Retail Group Co. Ltd., Class A | 51400 | 21878 |
| &nbsp;&nbsp;&nbsp;EEKA Fashion Holdings Ltd. | 17500 | 17656 |
| &nbsp;&nbsp;&nbsp;Ever Sunshine Services Group Ltd. | 42000 | 10915 |
| &nbsp;&nbsp;&nbsp;Fangda Carbon New Material Co. Ltd., Class A | 15700 | 10166 |
| &nbsp;&nbsp;&nbsp;Fangda Special Steel Technology Co. Ltd., Class A | 19000 | 11508 |
| &nbsp;&nbsp;&nbsp;Far East Horizon Ltd. | 187000 | 162465 |
| &nbsp;&nbsp;&nbsp;FAW Jiefang Group Co. Ltd., Class A | 14900 | 14265 |
| &nbsp;&nbsp;&nbsp;Fiberhome Telecommunication Technologies Co. Ltd., Class A | 5800 | 17022 |
| &nbsp;&nbsp;&nbsp;FIH Mobile Ltd. \* | 4500 | 5905 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **China (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;FinVolution Group, ADR | 6072 | $57563 |
| &nbsp;&nbsp;&nbsp;Flat Glass Group Co. Ltd., Class H | 15000 | 16834 |
| &nbsp;&nbsp;&nbsp;Founder Securities Co. Ltd., Class A | 23800 | 26273 |
| &nbsp;&nbsp;&nbsp;Fu Shou Yuan International Group Ltd. @ | 93000 | 44072 |
| &nbsp;&nbsp;&nbsp;Fufeng Group Ltd. | 153000 | 134290 |
| &nbsp;&nbsp;&nbsp;Fujian Funeng Co. Ltd., Class A | 18330 | 24660 |
| &nbsp;&nbsp;&nbsp;Fujian Sunner Development Co. Ltd., Class A | 9800 | 19544 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group Co. Ltd., Class H ± | 12000 | 34854 |
| &nbsp;&nbsp;&nbsp;Gansu Energy Chemical Co. Ltd., Class A \* | 56900 | 19614 |
| &nbsp;&nbsp;&nbsp;Gansu Shangfeng Cement Co. Ltd., Class A | 6240 | 6880 |
| &nbsp;&nbsp;&nbsp;GCL Energy Technology Co. Ltd., Class A \* | 4200 | 8165 |
| &nbsp;&nbsp;&nbsp;GCL Technology Holdings Ltd. @\* | 395000 | 50319 |
| &nbsp;&nbsp;&nbsp;GDS Holdings Ltd., Class A @\* | 18600 | 69899 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings Ltd. | 340000 | 691266 |
| &nbsp;&nbsp;&nbsp;GEM Co. Ltd., Class A | 33500 | 29687 |
| &nbsp;&nbsp;&nbsp;Gemdale Corp., Class A \* | 19200 | 10155 |
| &nbsp;&nbsp;&nbsp;Genertec Universal Medical Group Co. Ltd. ± | 75500 | 53860 |
| &nbsp;&nbsp;&nbsp;GF Securities Co. Ltd., Class H | 48000 | 80592 |
| &nbsp;&nbsp;&nbsp;Giant Network Group Co. Ltd., Class A | 9400 | 30894 |
| &nbsp;&nbsp;&nbsp;Global New Material International Holdings Ltd. @\* | 25000 | 14873 |
| &nbsp;&nbsp;&nbsp;GoerTek, Inc., Class A | 12100 | 39379 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology Co. Ltd., Class H | 47800 | 45486 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech Co. Ltd., Class A \* | 5100 | 23103 |
| &nbsp;&nbsp;&nbsp;Grand Pharmaceutical Group Ltd. @ | 88500 | 98309 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor Co. Ltd., Class H \* | 124500 | 191588 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances, Inc. of Zhuhai, Class A | 9000 | 56420 |
| &nbsp;&nbsp;&nbsp;Greentown China Holdings Ltd. | 78500 | 94501 |
| &nbsp;&nbsp;&nbsp;Greentown Management Holdings Co. Ltd. @± | 61000 | 23001 |
| &nbsp;&nbsp;&nbsp;Greentown Service Group Co. Ltd. | 102000 | 56912 |
| &nbsp;&nbsp;&nbsp;GRG Banking Equipment Co. Ltd., Class A | 12500 | 23446 |
| &nbsp;&nbsp;&nbsp;Guangdong Construction Engineering Group Co. Ltd., Class A | 42300 | 20543 |
| &nbsp;&nbsp;&nbsp;Guangdong Provincial Expressway Development Co. Ltd., Class A | 12700 | 23626 |
| &nbsp;&nbsp;&nbsp;Guangdong Tapai Group Co. Ltd., Class A | 9300 | 9604 |
| &nbsp;&nbsp;&nbsp;Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A | 4200 | 8616 |
| &nbsp;&nbsp;&nbsp;Guanghui Energy Co. Ltd., Class A \* | 48700 | 40915 |
| &nbsp;&nbsp;&nbsp;Guangshen Railway Co. Ltd., Class H @ | 82000 | 19534 |
| &nbsp;&nbsp;&nbsp;Guangxi Liugong Machinery Co. Ltd., Class A | 14900 | 19983 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group Co. Ltd., Class H @ | 48000 | 17549 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyun International Airport Co. Ltd., Class A | 8300 | 10541 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H @ | 16000 | 35465 |
| &nbsp;&nbsp;&nbsp;Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 4100 | 19798 |
| &nbsp;&nbsp;&nbsp;Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A \* | 18042 | 17273 |
| &nbsp;&nbsp;&nbsp;Guizhou Panjiang Refined Coal Co. Ltd., Class A | 9269 | 6119 |
| &nbsp;&nbsp;&nbsp;Guizhou Xinbang Pharmaceutical Co. Ltd., Class A | 32400 | 15735 |
| &nbsp;&nbsp;&nbsp;Guosen Securities Co. Ltd., Class A | 22400 | 36013 |
| &nbsp;&nbsp;&nbsp;Guotai Haitong Securities Co. Ltd., Class H ± | 105152 | 168780 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd., Class A | 20500 | 70894 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home Co. Ltd., Class H | 137800 | 394093 |
| &nbsp;&nbsp;&nbsp;Hainan Meilan International Airport Co. Ltd., Class H @\* | 23000 | 31351 |
| &nbsp;&nbsp;&nbsp;Haitian International Holdings Ltd. | 38000 | 98752 |
| &nbsp;&nbsp;&nbsp;Han's Laser Technology Industry Group Co. Ltd., Class A | 3000 | 10203 |
| &nbsp;&nbsp;&nbsp;Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 22900 | 31160 |
| &nbsp;&nbsp;&nbsp;Hangzhou GreatStar Industrial Co. Ltd. | 4400 | 15664 |
| &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances Co. Ltd., Class A | 2900 | 7694 |
| &nbsp;&nbsp;&nbsp;Harbin Electric Co. Ltd., Class H | 74000 | 55147 |
| &nbsp;&nbsp;&nbsp;Health & Happiness H&H International Holdings Ltd. | 18500 | 26914 |
| &nbsp;&nbsp;&nbsp;Hello Group, Inc., ADR | 12302 | 103829 |
| &nbsp;&nbsp;&nbsp;Henan Mingtai Al Industrial Co. Ltd., Class A | 8400 | 14560 |
| &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A | 8500 | 19739 |
| &nbsp;&nbsp;&nbsp;Hengan International Group Co. Ltd. | 42000 | 120650 |
| &nbsp;&nbsp;&nbsp;Hengli Petrochemical Co. Ltd., Class A | 35500 | 70648 |
| &nbsp;&nbsp;&nbsp;Hengtong Optic-electric Co. Ltd., Class A | 9680 | 20669 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***China (Continued)*** | **** | **** |
| &nbsp;&nbsp;&nbsp;Hengyi Petrochemical Co. Ltd., Class A | 25000 | $20515 |
| &nbsp;&nbsp;&nbsp;Hesteel Co. Ltd., Class A | 65500 | 19745 |
| &nbsp;&nbsp;&nbsp;Hisense Visual Technology Co. Ltd., Class A | 8800 | 28271 |
| &nbsp;&nbsp;&nbsp;HLA Group Corp. Ltd., Class A | 24000 | 23312 |
| &nbsp;&nbsp;&nbsp;Hopson Development Holdings Ltd. \* | 101900 | 43097 |
| &nbsp;&nbsp;&nbsp;Horizon Construction Development Ltd. | 115553 | 17517 |
| &nbsp;&nbsp;&nbsp;Hoshine Silicon Industry Co. Ltd., Class A | 4200 | 27783 |
| &nbsp;&nbsp;&nbsp;Hua Han Health Industry Holdings Ltd. \*§ | 504000 |  |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor Ltd. @±\* | 30000 | 132612 |
| &nbsp;&nbsp;&nbsp;Huafon Chemical Co. Ltd., Class A | 27754 | 25602 |
| &nbsp;&nbsp;&nbsp;Huaibei Mining Holdings Co. Ltd., Class A | 10400 | 16459 |
| &nbsp;&nbsp;&nbsp;Huapont Life Sciences Co. Ltd., Class A \* | 27600 | 16062 |
| &nbsp;&nbsp;&nbsp;Huatai Securities Co. Ltd., Class H ± | 46400 | 93983 |
| &nbsp;&nbsp;&nbsp;Huaxi Securities Co. Ltd., Class A | 12600 | 15720 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank Co. Ltd., Class A | 43300 | 47799 |
| &nbsp;&nbsp;&nbsp;Huaxin Cement Co. Ltd., Class A | 7000 | 11567 |
| &nbsp;&nbsp;&nbsp;Huaxin Cement Co. Ltd., Class H | 17700 | 19842 |
| &nbsp;&nbsp;&nbsp;Huayu Automotive Systems Co. Ltd., Class A | 17500 | 43106 |
| &nbsp;&nbsp;&nbsp;Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 4400 | 16168 |
| &nbsp;&nbsp;&nbsp;Hubei Xingfa Chemicals Group Co. Ltd., Class A | 9400 | 26932 |
| &nbsp;&nbsp;&nbsp;Hubei Yihua Chemical Industry Co. Ltd., Class A | 12200 | 20295 |
| &nbsp;&nbsp;&nbsp;Huitongda Network Co. Ltd., Class H @\*± | 2800 | 4851 |
| &nbsp;&nbsp;&nbsp;Humanwell Healthcare Group Co. Ltd., Class A | 9700 | 28401 |
| &nbsp;&nbsp;&nbsp;Hunan Valin Steel Co. Ltd., Class A | 47300 | 29045 |
| &nbsp;&nbsp;&nbsp;Hygeia Healthcare Holdings Co. Ltd. @\*± | 22400 | 43545 |
| &nbsp;&nbsp;&nbsp;Hytera Communications Corp. Ltd., Class A \* | 11800 | 20272 |
| &nbsp;&nbsp;&nbsp;IKD Co. Ltd., Class A | 7100 | 15864 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., Class H | 3471000 | 2750288 |
| &nbsp;&nbsp;&nbsp;Industrial Bank Co. Ltd., Class A | 81100 | 264165 |
| &nbsp;&nbsp;&nbsp;Industrial Securities Co. Ltd., Class A | 28910 | 24974 |
| &nbsp;&nbsp;&nbsp;Infore Environment Technology Group Co. Ltd., Class A | 12400 | 12027 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 169960 | 42457 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Berun Chemical Co. Ltd., Class A | 34700 | 23196 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 12000 | 33125 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia ERDOS Resources Co. Ltd., Class A | 11760 | 14295 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 55300 | 42601 |
| &nbsp;&nbsp;&nbsp;Intco Medical Technology Co. Ltd., Class A | 5700 | 18837 |
| &nbsp;&nbsp;&nbsp;iQIYI, Inc., ADR @\* | 31465 | 55693 |
| &nbsp;&nbsp;&nbsp;IRICO Display Devices Co. Ltd., Class A \* | 22000 | 19834 |
| &nbsp;&nbsp;&nbsp;JA Solar Technology Co. Ltd., Class A \* | 14800 | 20613 |
| &nbsp;&nbsp;&nbsp;JCET Group Co. Ltd., Class A | 2995 | 14082 |
| &nbsp;&nbsp;&nbsp;JD Health International, Inc. \*± | 25700 | 140778 |
| &nbsp;&nbsp;&nbsp;JD Logistics, Inc. \*± | 121400 | 203211 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A | 145750 | 2374719 |
| &nbsp;&nbsp;&nbsp;Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 24442 | 25140 |
| &nbsp;&nbsp;&nbsp;Jiangsu Eastern Shenghong Co. Ltd., Class A \* | 29100 | 33829 |
| &nbsp;&nbsp;&nbsp;Jiangsu Guotai International Group Co. Ltd., Class A | 10400 | 10552 |
| &nbsp;&nbsp;&nbsp;Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A | 34700 | 23003 |
| &nbsp;&nbsp;&nbsp;Jiangsu Lihua Foods Group Co. Ltd. | 4320 | 11328 |
| &nbsp;&nbsp;&nbsp;Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 14700 | 22915 |
| &nbsp;&nbsp;&nbsp;Jiangsu Provincial Agricultural Reclamation & Development Corp., Class A | 14300 | 19697 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 27840 | 17484 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhongtian Technology Co. Ltd., Class A | 11500 | 23207 |
| &nbsp;&nbsp;&nbsp;Jiangxi Copper Co. Ltd., Class H | 70000 | 135899 |
| &nbsp;&nbsp;&nbsp;Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 7300 | 17268 |
| &nbsp;&nbsp;&nbsp;JinkoSolar Holding Co. Ltd., ADR @ | 3545 | 75225 |
| &nbsp;&nbsp;&nbsp;Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A \* | 15000 | 25581 |
| &nbsp;&nbsp;&nbsp;Jinneng Science&Technology Co. Ltd., Class A | 10600 | 10252 |
| &nbsp;&nbsp;&nbsp;Jinxin Fertility Group Ltd. @±\* | 154500 | 60226 |
| &nbsp;&nbsp;&nbsp;Jiumaojiu International Holdings Ltd. @± | 74000 | 26395 |
| &nbsp;&nbsp;&nbsp;Jizhong Energy Resources Co. Ltd., Class A | 21200 | 17012 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **China (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 18700 | $28785 |
| &nbsp;&nbsp;&nbsp;Jointown Pharmaceutical Group Co. Ltd., Class A | 28792 | 20653 |
| &nbsp;&nbsp;&nbsp;Keda Industrial Group Co. Ltd., Class A | 18900 | 25849 |
| &nbsp;&nbsp;&nbsp;Kinetic Development Group Ltd. | 104000 | 14971 |
| &nbsp;&nbsp;&nbsp;Kingboard Holdings Ltd. | 59000 | 188651 |
| &nbsp;&nbsp;&nbsp;Kingfa Sci & Tech Co. Ltd., Class A | 13400 | 19280 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy Co. Ltd. | 354000 | 343630 |
| &nbsp;&nbsp;&nbsp;Lao Feng Xiang Co. Ltd., Class A | 2700 | 18746 |
| &nbsp;&nbsp;&nbsp;LB Group Co. Ltd., Class A | 11200 | 25337 |
| &nbsp;&nbsp;&nbsp;Lee & Man Paper Manufacturing Ltd. | 70000 | 20242 |
| &nbsp;&nbsp;&nbsp;Legend Holdings Corp., Class H \*± | 38400 | 43537 |
| &nbsp;&nbsp;&nbsp;Lens Technology Co. Ltd., Class A | 14740 | 45873 |
| &nbsp;&nbsp;&nbsp;Lepu Medical Technology Beijing Co. Ltd., Class A | 14700 | 28270 |
| &nbsp;&nbsp;&nbsp;LexinFintech Holdings Ltd., ADR | 7280 | 52489 |
| &nbsp;&nbsp;&nbsp;Leyard Optoelectronic Co. Ltd., Class A | 20300 | 17281 |
| &nbsp;&nbsp;&nbsp;Li Ning Co. Ltd. | 157500 | 339480 |
| &nbsp;&nbsp;&nbsp;Lianhe Chemical Technology Co. Ltd., Class A | 6700 | 10285 |
| &nbsp;&nbsp;&nbsp;Livzon Pharmaceutical Group, Inc., Class H | 6800 | 25598 |
| &nbsp;&nbsp;&nbsp;Loncin Motor Co. Ltd., Class A | 10000 | 17808 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings Ltd. @± | 118500 | 139786 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology Co. Ltd., Class A | 24500 | 51356 |
| &nbsp;&nbsp;&nbsp;Lonking Holdings Ltd. | 158000 | 42469 |
| &nbsp;&nbsp;&nbsp;Luenmei Quantum Co. Ltd., Class A | 13300 | 10431 |
| &nbsp;&nbsp;&nbsp;Luxi Chemical Group Co. Ltd., Class A | 8600 | 12362 |
| &nbsp;&nbsp;&nbsp;Luye Pharma Group Ltd. @\*± | 161500 | 73653 |
| &nbsp;&nbsp;&nbsp;Maccura Biotechnology Co. Ltd., Class A | 3800 | 6311 |
| &nbsp;&nbsp;&nbsp;Mango Excellent Media Co. Ltd., Class A | 3900 | 11876 |
| &nbsp;&nbsp;&nbsp;Maoyan Entertainment ± | 21200 | 19688 |
| &nbsp;&nbsp;&nbsp;Metallurgical Corp. of China Ltd., Class H | 225000 | 46433 |
| &nbsp;&nbsp;&nbsp;Ming Yang Smart Energy Group Ltd., Class A | 6800 | 10904 |
| &nbsp;&nbsp;&nbsp;Mingfa Group International Co. Ltd. \* | 91000 | 1275 |
| &nbsp;&nbsp;&nbsp;Minth Group Ltd. | 56000 | 159797 |
| &nbsp;&nbsp;&nbsp;MLS Co. Ltd., Class A | 20000 | 21994 |
| &nbsp;&nbsp;&nbsp;MMG Ltd. @\* | 330400 | 161203 |
| &nbsp;&nbsp;&nbsp;Morimatsu International Holdings Co. Ltd. | 30000 | 23083 |
| &nbsp;&nbsp;&nbsp;Nanjing Iron & Steel Co. Ltd., Class A | 36600 | 21453 |
| &nbsp;&nbsp;&nbsp;Nanjing Tanker Corp., Class A \* | 42600 | 17360 |
| &nbsp;&nbsp;&nbsp;Nanjing Xinjiekou Department Store Co. Ltd., Class A | 6900 | 6471 |
| &nbsp;&nbsp;&nbsp;NetDragon Websoft Holdings Ltd. | 25500 | 34888 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance Co. Ltd., Class H | 7600 | 41389 |
| &nbsp;&nbsp;&nbsp;New Hope Liuhe Co. Ltd., Class A \* | 13600 | 17803 |
| &nbsp;&nbsp;&nbsp;Newland Digital Technology Co. Ltd., Class A | 2500 | 11297 |
| &nbsp;&nbsp;&nbsp;Nexteer Automotive Group Ltd. @ | 69000 | 50102 |
| &nbsp;&nbsp;&nbsp;Nine Dragons Paper Holdings Ltd. @\* | 109000 | 44850 |
| &nbsp;&nbsp;&nbsp;Ningbo Huaxiang Electronic Co. Ltd., Class A \* | 8950 | 22995 |
| &nbsp;&nbsp;&nbsp;Ningbo Joyson Electronic Corp., Class A | 5200 | 12656 |
| &nbsp;&nbsp;&nbsp;Ningbo Shanshan Co. Ltd., Class A \* | 16300 | 21519 |
| &nbsp;&nbsp;&nbsp;Ningbo Zhoushan Port Co. Ltd., Class A | 33200 | 16958 |
| &nbsp;&nbsp;&nbsp;Noah Holdings Ltd., ADR | 2147 | 25635 |
| &nbsp;&nbsp;&nbsp;Northeast Securities Co. Ltd., Class A | 8500 | 9051 |
| &nbsp;&nbsp;&nbsp;Offshore Oil Engineering Co. Ltd., Class A | 27400 | 20878 |
| &nbsp;&nbsp;&nbsp;Onewo, Inc., Class H | 10700 | 28693 |
| &nbsp;&nbsp;&nbsp;ORG Technology Co. Ltd., Class A | 26800 | 22254 |
| &nbsp;&nbsp;&nbsp;Oriental Energy Co. Ltd., Class A \* | 11300 | 15234 |
| &nbsp;&nbsp;&nbsp;Oriental Pearl Group Co. Ltd., Class A | 10700 | 11155 |
| &nbsp;&nbsp;&nbsp;PAX Global Technology Ltd. | 20000 | 15414 |
| &nbsp;&nbsp;&nbsp;People's Insurance Co. Group of China Ltd. (The), Class H | 367000 | 279109 |
| &nbsp;&nbsp;&nbsp;PetroChina Co. Ltd., Class H | 1710000 | 1470392 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co. Ltd., Class H | 150000 | 290448 |
| &nbsp;&nbsp;&nbsp;Ping An Bank Co. Ltd., Class A | 42300 | 71253 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd., Class H | 364000 | 2311531 |
| &nbsp;&nbsp;&nbsp;Pingdingshan Tianan Coal Mining Co. Ltd., Class A | 15900 | 16443 |
| &nbsp;&nbsp;&nbsp;Poly Property Group Co. Ltd. | 106431 | 20473 |
| &nbsp;&nbsp;&nbsp;Poly Property Services Co. Ltd., Class H | 10200 | 43074 |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China Co. Ltd., Class H ± | 571000 | 398611 |
| &nbsp;&nbsp;&nbsp;Power Construction Corp. of China Ltd., Class A | 84900 | 57702 |
| &nbsp;&nbsp;&nbsp;Q Technology Group Co. Ltd. | 36000 | 38064 |
| &nbsp;&nbsp;&nbsp;Qingdao Hanhe Cable Co. Ltd., Class A | 35800 | 16887 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **China (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Qingdao Port International Co. Ltd. Class H ± | 56000 | $46940 |
| &nbsp;&nbsp;&nbsp;Qinhuangdao Port Co. Ltd., Class H | 43000 | 12763 |
| &nbsp;&nbsp;&nbsp;Redco Properties Group Ltd. @\*± | 80000 | 1437 |
| &nbsp;&nbsp;&nbsp;Renhe Pharmacy Co. Ltd., Class A | 19700 | 14901 |
| &nbsp;&nbsp;&nbsp;Risen Energy Co. Ltd., Class A \* | 6400 | 8557 |
| &nbsp;&nbsp;&nbsp;SAIC Motor Corp. Ltd., Class A | 29700 | 66525 |
| &nbsp;&nbsp;&nbsp;Sanan Optoelectronics Co. Ltd., Class A \* | 11300 | 19586 |
| &nbsp;&nbsp;&nbsp;Sansteel Minguang Co. Ltd. Fujian, Class A \* | 13700 | 6711 |
| &nbsp;&nbsp;&nbsp;Sansure Biotech, Inc., Class A | 3333 | 9526 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Equipment International Holdings Co. Ltd. @ | 64000 | 55032 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Industry Co. Ltd., Class A | 11000 | 27556 |
| &nbsp;&nbsp;&nbsp;Satellite Chemical Co. Ltd., Class A | 8826 | 21346 |
| &nbsp;&nbsp;&nbsp;SDIC Capital Co. Ltd., Class A | 20400 | 21409 |
| &nbsp;&nbsp;&nbsp;Sealand Securities Co. Ltd., Class A | 24800 | 14259 |
| &nbsp;&nbsp;&nbsp;Seazen Group Ltd. \* | 72000 | 21371 |
| &nbsp;&nbsp;&nbsp;Seazen Holdings Co. Ltd., Class A \* | 13800 | 26346 |
| &nbsp;&nbsp;&nbsp;SF Holding Co. Ltd., Class A | 8300 | 56480 |
| &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry Co. Ltd., Class A | 31937 | 85754 |
| &nbsp;&nbsp;&nbsp;Shaanxi Construction Engineering Group Corp. Ltd., Class A | 31000 | 16483 |
| &nbsp;&nbsp;&nbsp;Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | 32400 | 30114 |
| &nbsp;&nbsp;&nbsp;Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 9200 | 20851 |
| &nbsp;&nbsp;&nbsp;Shandong Hi-Speed Road & Bridge Group Co. Ltd., Class A | 20600 | 16904 |
| &nbsp;&nbsp;&nbsp;Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 12310 | 37228 |
| &nbsp;&nbsp;&nbsp;Shandong Humon Smelting Co. Ltd., Class A | 10800 | 17785 |
| &nbsp;&nbsp;&nbsp;Shandong Linglong Tyre Co. Ltd., Class A | 7700 | 15764 |
| &nbsp;&nbsp;&nbsp;Shandong Nanshan Aluminum Co. Ltd., Class A | 37900 | 20258 |
| &nbsp;&nbsp;&nbsp;Shandong Publishing & Media Co. Ltd., Class A | 13000 | 17181 |
| &nbsp;&nbsp;&nbsp;Shandong Sun Paper Industry JSC Ltd., Class A | 16800 | 31558 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 153600 | 119554 |
| &nbsp;&nbsp;&nbsp;Shanghai AJ Group Co. Ltd., Class A | 16900 | 17500 |
| &nbsp;&nbsp;&nbsp;Shanghai Bailian Group Co. Ltd., Class A | 15600 | 19899 |
| &nbsp;&nbsp;&nbsp;Shanghai Construction Group Co. Ltd., Class A \* | 55900 | 18645 |
| &nbsp;&nbsp;&nbsp;Shanghai Electric Group Co. Ltd., Class H @\* | 102000 | 37422 |
| &nbsp;&nbsp;&nbsp;Shanghai Environment Group Co. Ltd., Class A | 13920 | 15425 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 24000 | 51608 |
| &nbsp;&nbsp;&nbsp;Shanghai Industrial Holdings Ltd. | 45000 | 77733 |
| &nbsp;&nbsp;&nbsp;Shanghai Jinjiang International Hotels Co. Ltd., Class A | 7900 | 24740 |
| &nbsp;&nbsp;&nbsp;Shanghai Lingang Holdings Corp. Ltd., Class A | 8760 | 11088 |
| &nbsp;&nbsp;&nbsp;Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 13500 | 16692 |
| &nbsp;&nbsp;&nbsp;Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 7100 | 21056 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 38600 | 57532 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank Co. Ltd., Class A | 118900 | 230316 |
| &nbsp;&nbsp;&nbsp;Shanghai Putailai New Energy Technology Co. Ltd., Class A | 8900 | 23326 |
| &nbsp;&nbsp;&nbsp;Shanghai RAAS Blood Products Co. Ltd., Class A | 37200 | 35666 |
| &nbsp;&nbsp;&nbsp;Shanghai Rural Commercial Bank Co. Ltd., Class A | 9600 | 12996 |
| &nbsp;&nbsp;&nbsp;Shanghai Tunnel Engineering Co. Ltd., Class A | 25600 | 21793 |
| &nbsp;&nbsp;&nbsp;Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 18000 | 13942 |
| &nbsp;&nbsp;&nbsp;Shanghai Zhonggu Logistics Co. Ltd., Class A | 9300 | 12395 |
| &nbsp;&nbsp;&nbsp;Shanxi Coal International Energy Group Co. Ltd., Class A | 11800 | 14376 |
| &nbsp;&nbsp;&nbsp;Shanxi Coking Coal Energy Group Co. Ltd., Class A | 39900 | 35637 |
| &nbsp;&nbsp;&nbsp;Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A \* | 16700 | 15196 |
| &nbsp;&nbsp;&nbsp;Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 26900 | 39606 |
| &nbsp;&nbsp;&nbsp;Shanxi Meijin Energy Co. Ltd., Class A \* | 31400 | 18931 |
| &nbsp;&nbsp;&nbsp;Shanxi Securities Co. Ltd., Class A | 24700 | 20131 |
| &nbsp;&nbsp;&nbsp;Shanxi Taigang Stainless Steel Co. Ltd., Class A \* | 34300 | 17185 |
| &nbsp;&nbsp;&nbsp;Shenwan Hongyuan Group Co. Ltd., Class H ± | 43200 | 14749 |
| &nbsp;&nbsp;&nbsp;Shenzhen Agricultural Power Group Co. Ltd., Class A | 15600 | 13912 |
| &nbsp;&nbsp;&nbsp;Shenzhen Airport Co. Ltd., Class A | 16200 | 15600 |
| &nbsp;&nbsp;&nbsp;Shenzhen Aisidi Co. Ltd., Class A | 14200 | 23820 |
| &nbsp;&nbsp;&nbsp;Shenzhen Gas Corp. Ltd., Class A | 22300 | 19793 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **China (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Shenzhen International Holdings Ltd. | 116804 | $115168 |
| &nbsp;&nbsp;&nbsp;Shenzhen Jinjia Group Co. Ltd., Class A | 10602 | 6037 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kaifa Technology Co. Ltd., Class A | 5900 | 15430 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kangtai Biological Products Co. Ltd., Class A | 8900 | 18867 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kinwong Electronic Co. Ltd., Class A | 5800 | 33867 |
| &nbsp;&nbsp;&nbsp;Shenzhen MTC Co. Ltd., Class A | 42300 | 25856 |
| &nbsp;&nbsp;&nbsp;Shenzhen Neptunus Bioengineering Co. Ltd., Class A \* | 28200 | 9524 |
| &nbsp;&nbsp;&nbsp;Shenzhen Overseas Chinese Town Co. Ltd., Class A \* | 43200 | 13565 |
| &nbsp;&nbsp;&nbsp;Shenzhen Tagen Group Co. Ltd., Class A | 25000 | 12351 |
| &nbsp;&nbsp;&nbsp;Shenzhen Yan Tian Port Holding Co. Ltd., Class A | 28200 | 17828 |
| &nbsp;&nbsp;&nbsp;Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 4900 | 16015 |
| &nbsp;&nbsp;&nbsp;Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 31900 | 20390 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings Ltd. | 3500 | 24879 |
| &nbsp;&nbsp;&nbsp;Shoucheng Holdings Ltd. @ | 58400 | 11903 |
| &nbsp;&nbsp;&nbsp;Shougang Fushan Resources Group Ltd. | 193116 | 70359 |
| &nbsp;&nbsp;&nbsp;Shui On Land Ltd. | 183500 | 16831 |
| &nbsp;&nbsp;&nbsp;Sichuan Hebang Biotechnology Co. Ltd., Class A | 84300 | 20588 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 3600 | 18046 |
| &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge Group Co. Ltd., Class A | 28840 | 39846 |
| &nbsp;&nbsp;&nbsp;Sichuan Yahua Industrial Group Co. Ltd., Class A | 8400 | 13364 |
| &nbsp;&nbsp;&nbsp;Sihuan Pharmaceutical Holdings Group Ltd. @ | 98000 | 13857 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. | 7000 | 85188 |
| &nbsp;&nbsp;&nbsp;Sinofert Holdings Ltd. | 244000 | 39786 |
| &nbsp;&nbsp;&nbsp;Sinoma International Engineering Co., Class A | 14600 | 17482 |
| &nbsp;&nbsp;&nbsp;Sinomine Resource Group Co. Ltd., Class A \* | 1300 | 5835 |
| &nbsp;&nbsp;&nbsp;Sinopec Engineering Group Co. Ltd., Class H | 111000 | 84558 |
| &nbsp;&nbsp;&nbsp;Sinopec Kantons Holdings Ltd. | 44000 | 25503 |
| &nbsp;&nbsp;&nbsp;Sinopec Shanghai Petrochemical Co. Ltd., Class H | 178000 | 28798 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group Co. Ltd., Class H | 109600 | 256619 |
| &nbsp;&nbsp;&nbsp;Sinotrans Ltd., Class H | 145000 | 73516 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong Ltd. | 49000 | 142944 |
| &nbsp;&nbsp;&nbsp;Sinotruk Jinan Truck Co. Ltd., Class A | 2800 | 6870 |
| &nbsp;&nbsp;&nbsp;SooChow Securities Co. Ltd., Class A | 20280 | 24764 |
| &nbsp;&nbsp;&nbsp;Southern Publishing & Media Co. Ltd., Class A | 10300 | 22482 |
| &nbsp;&nbsp;&nbsp;STO Express Co. Ltd., Class A | 15900 | 23721 |
| &nbsp;&nbsp;&nbsp;Sun Art Retail Group Ltd. | 172500 | 50322 |
| &nbsp;&nbsp;&nbsp;Sun King Technology Group Ltd. | 54000 | 8324 |
| &nbsp;&nbsp;&nbsp;Suning Universal Co. Ltd., Class A | 32100 | 9721 |
| &nbsp;&nbsp;&nbsp;Suzhou Anjie Technology Co. Ltd., Class A | 1100 | 2079 |
| &nbsp;&nbsp;&nbsp;Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 4500 | 23720 |
| &nbsp;&nbsp;&nbsp;TangShan Port Group Co. Ltd., Class A | 55900 | 31673 |
| &nbsp;&nbsp;&nbsp;Tangshan Sanyou Chemical Industries Co. Ltd., Class A | 11600 | 7868 |
| &nbsp;&nbsp;&nbsp;Tasly Pharmaceutical Group Co. Ltd., Class A | 9600 | 20967 |
| &nbsp;&nbsp;&nbsp;TBEA Co. Ltd., Class A | 27300 | 45452 |
| &nbsp;&nbsp;&nbsp;TCL Electronics Holdings Ltd. | 50667 | 61575 |
| &nbsp;&nbsp;&nbsp;TCL Technology Group Corp., Class A \* | 78540 | 47460 |
| &nbsp;&nbsp;&nbsp;TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 16000 | 17149 |
| &nbsp;&nbsp;&nbsp;Tian Di Science & Technology Co. Ltd., Class A | 40500 | 33856 |
| &nbsp;&nbsp;&nbsp;Tiangong International Co. Ltd. @ | 100000 | 25605 |
| &nbsp;&nbsp;&nbsp;Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 30700 | 15809 |
| &nbsp;&nbsp;&nbsp;Tianma Microelectronics Co. Ltd., Class A \* | 15500 | 18430 |
| &nbsp;&nbsp;&nbsp;Tianneng Power International Ltd. @ | 74000 | 59295 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium Corp., Class H \* | 9200 | 33929 |
| &nbsp;&nbsp;&nbsp;Tianshan Aluminum Group Co. Ltd., Class A | 18200 | 21107 |
| &nbsp;&nbsp;&nbsp;Tianshui Huatian Technology Co. Ltd., Class A | 9400 | 13250 |
| &nbsp;&nbsp;&nbsp;Titan Wind Energy Suzhou Co. Ltd., Class A | 8800 | 8769 |
| &nbsp;&nbsp;&nbsp;Tofflon Science & Technology Group Co. Ltd., Class A | 3500 | 6492 |
| &nbsp;&nbsp;&nbsp;Tomson Group Ltd. | 1426 | 514 |
| &nbsp;&nbsp;&nbsp;Tong Ren Tang Technologies Co. Ltd., Class H @ | 41000 | 25749 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings Ltd. | 42400 | 105758 |
| &nbsp;&nbsp;&nbsp;Tongkun Group Co. Ltd., Class A | 11100 | 16420 |
| &nbsp;&nbsp;&nbsp;Tongling Nonferrous Metals Group Co. Ltd., Class A | 49000 | 22840 |
| &nbsp;&nbsp;&nbsp;Tongyu Heavy Industry Co. Ltd., Class A | 40800 | 16285 |
| &nbsp;&nbsp;&nbsp;Topsports International Holdings Ltd. ± | 141000 | 54963 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **China (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Transfar Zhilian Co. Ltd., Class A | 27553 | $21456 |
| &nbsp;&nbsp;&nbsp;TravelSky Technology Ltd., Class H | 49000 | 65542 |
| &nbsp;&nbsp;&nbsp;Trina Solar Co. Ltd., Class A \* | 13541 | 27458 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd., ADR | 7869 | 461438 |
| &nbsp;&nbsp;&nbsp;Tsinghua Tongfang Co. Ltd., Class A \* | 20700 | 20915 |
| &nbsp;&nbsp;&nbsp;Universal Scientific Industrial Shanghai Co. Ltd., Class A | 10900 | 22255 |
| &nbsp;&nbsp;&nbsp;Venustech Group, Inc., Class A | 6700 | 14951 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings Ltd., ADR | 22586 | 339919 |
| &nbsp;&nbsp;&nbsp;Vnet Group, Inc. \* | 3580 | 24702 |
| &nbsp;&nbsp;&nbsp;Wanxiang Qianchao Co. Ltd., Class A | 19900 | 21246 |
| &nbsp;&nbsp;&nbsp;Wasion Holdings Ltd. | 48000 | 50996 |
| &nbsp;&nbsp;&nbsp;Wasu Media Holding Co. Ltd., Class A | 20700 | 22937 |
| &nbsp;&nbsp;&nbsp;Weibo Corp., ADR | 2074 | 19765 |
| &nbsp;&nbsp;&nbsp;Weibo Corp., Class A | 1420 | 13793 |
| &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd., Class H | 124000 | 251793 |
| &nbsp;&nbsp;&nbsp;Wellhope Foods Co. Ltd., Class A | 7700 | 8876 |
| &nbsp;&nbsp;&nbsp;West China Cement Ltd. @ | 198000 | 38087 |
| &nbsp;&nbsp;&nbsp;Western Securities Co. Ltd., Class A | 22600 | 24854 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings Ltd. (The) | 44000 | 133963 |
| &nbsp;&nbsp;&nbsp;Wingtech Technology Co. Ltd., Class A | 3900 | 18250 |
| &nbsp;&nbsp;&nbsp;Wuchan Zhongda Group Co. Ltd., Class A | 29100 | 21402 |
| &nbsp;&nbsp;&nbsp;Wushang Group Co. Ltd., Class A | 12600 | 15228 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman, Inc. \*± | 127000 | 414977 |
| &nbsp;&nbsp;&nbsp;Wuxi Taiji Industry Ltd. Co., Class A | 21000 | 19284 |
| &nbsp;&nbsp;&nbsp;XCMG Construction Machinery Co. Ltd., Class A | 47400 | 51399 |
| &nbsp;&nbsp;&nbsp;Xi'An Shaangu Power Co. Ltd., Class A | 19200 | 23499 |
| &nbsp;&nbsp;&nbsp;Xiamen Bank Co. Ltd., Class A | 14900 | 14119 |
| &nbsp;&nbsp;&nbsp;Xiamen C & D, Inc., Class A | 17600 | 25471 |
| &nbsp;&nbsp;&nbsp;Xiamen ITG Group Corp. Ltd., Class A | 17300 | 14607 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten Co. Ltd., Class A | 7300 | 21313 |
| &nbsp;&nbsp;&nbsp;Xiamen Xiangyu Co. Ltd., Class A | 22200 | 21780 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B \*± | 4200 | 32075 |
| &nbsp;&nbsp;&nbsp;Xinfengming Group Co. Ltd., Class A \* | 4000 | 5945 |
| &nbsp;&nbsp;&nbsp;Xinhua Winshare Publishing and Media Co. Ltd., Class H | 18000 | 26094 |
| &nbsp;&nbsp;&nbsp;Xinte Energy Co. Ltd., Class H @\* | 22800 | 15481 |
| &nbsp;&nbsp;&nbsp;Xinxing Ductile Iron Pipes Co. Ltd., Class A | 18100 | 9397 |
| &nbsp;&nbsp;&nbsp;Xinyi Energy Holdings Ltd. @ | 213324 | 31251 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings Ltd. @ | 364000 | 115461 |
| &nbsp;&nbsp;&nbsp;Xtep International Holdings Ltd. @ | 108430 | 77766 |
| &nbsp;&nbsp;&nbsp;Xuji Electric Co. Ltd., Class A | 3400 | 10330 |
| &nbsp;&nbsp;&nbsp;Yankuang Energy Group Co. Ltd., Class H @ | 192000 | 191023 |
| &nbsp;&nbsp;&nbsp;Yantai Changyu Pioneer Wine Co. Ltd., Class A | 3700 | 10962 |
| &nbsp;&nbsp;&nbsp;Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 7300 | 35657 |
| &nbsp;&nbsp;&nbsp;YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H @\*± | 25600 | 48396 |
| &nbsp;&nbsp;&nbsp;Yiren Digital Ltd., ADR | 4574 | 26849 |
| &nbsp;&nbsp;&nbsp;Yixin Group Ltd. @± | 126500 | 37547 |
| &nbsp;&nbsp;&nbsp;Yixintang Pharmaceutical Group Co. Ltd., Class A | 2800 | 6385 |
| &nbsp;&nbsp;&nbsp;Yonfer Agricultural Technology Co. Ltd., Class A | 6900 | 13318 |
| &nbsp;&nbsp;&nbsp;YongXing Special Materials Technology Co. Ltd., Class A | 2400 | 10634 |
| &nbsp;&nbsp;&nbsp;Youngor Fashion Co. Ltd., Class A | 11500 | 11716 |
| &nbsp;&nbsp;&nbsp;YTO Express Group Co. Ltd., Class A | 12500 | 22486 |
| &nbsp;&nbsp;&nbsp;Yuexiu Services Group Ltd. | 32500 | 11924 |
| &nbsp;&nbsp;&nbsp;YUNDA Holding Group Co. Ltd., Class A | 16500 | 15428 |
| &nbsp;&nbsp;&nbsp;Yunnan Aluminium Co. Ltd., Class A | 18200 | 40588 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group Co. Ltd., Class A | 1960 | 15260 |
| &nbsp;&nbsp;&nbsp;Yunnan Copper Co. Ltd., Class A | 8100 | 14379 |
| &nbsp;&nbsp;&nbsp;Yunnan Energy New Material Co. Ltd., Class A \* | 5200 | 21256 |
| &nbsp;&nbsp;&nbsp;Yunnan Tin Co. Ltd., Class A | 14600 | 31174 |
| &nbsp;&nbsp;&nbsp;Zhefu Holding Group Co. Ltd., Class A | 16400 | 7049 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics Co. Ltd., Class A | 13100 | 41445 |
| &nbsp;&nbsp;&nbsp;Zhejiang Dahua Technology Co. Ltd., Class A | 19700 | 43659 |
| &nbsp;&nbsp;&nbsp;Zhejiang Hailiang Co. Ltd., Class A | 19700 | 28373 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt Co. Ltd., Class A | 7300 | 37715 |
| &nbsp;&nbsp;&nbsp;Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Class A | 9000 | 10626 |
| &nbsp;&nbsp;&nbsp;Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 10800 | 22925 |
| &nbsp;&nbsp;&nbsp;Zhejiang Longsheng Group Co. Ltd., Class A | 19300 | 27366 |
| &nbsp;&nbsp;&nbsp;Zhejiang Medicine Co. Ltd., Class A | 10400 | 21466 |
| &nbsp;&nbsp;&nbsp;Zhejiang Orient Financial Holdings Group Co. Ltd., Class A | 17420 | 14708 |
| &nbsp;&nbsp;&nbsp;Zhejiang Runtu Co. Ltd., Class A | 19400 | 20631 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **China (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Zhejiang Semir Garment Co. Ltd., Class A | 21700 | $15929 |
| &nbsp;&nbsp;&nbsp;Zhejiang Wanliyang Co. Ltd., Class A | 11400 | 11662 |
| &nbsp;&nbsp;&nbsp;Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A | 14980 | 16934 |
| &nbsp;&nbsp;&nbsp;Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H | 21400 | 40510 |
| &nbsp;&nbsp;&nbsp;Zhongjin Gold Corp. Ltd., Class A | 10900 | 22255 |
| &nbsp;&nbsp;&nbsp;Zhongshan Broad Ocean Motor Co. Ltd., Class A | 22200 | 20386 |
| &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings Ltd. | 62500 | 96338 |
| &nbsp;&nbsp;&nbsp;Zhongtai Securities Co. Ltd., Class A | 15500 | 13909 |
| &nbsp;&nbsp;&nbsp;Zhou Hei Ya International Holdings Co. Ltd. @± | 54000 | 17266 |
| &nbsp;&nbsp;&nbsp;Zhuhai Huafa Properties Co. Ltd., Class A | 11600 | 7884 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric Co. Ltd., Class H | 23100 | 92989 |
| &nbsp;&nbsp;&nbsp;Zhuzhou Kibing Group Co. Ltd., Class A | 10500 | 7341 |
| &nbsp;&nbsp;&nbsp;Zibo Qixiang Tengda Chemical Co. Ltd., Class A | 14700 | 9191 |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | 85800 | 63722 |
| &nbsp;&nbsp;&nbsp;ZTE Corp., Class H | 42600 | 131871 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman, Inc. | 22900 | 404034 |
|  |  | 57940809 |
| **Colombia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Corp. Financiera Colombiana SA \* | 19558 | 86366 |
| &nbsp;&nbsp;&nbsp;Grupo Argos SA | 23765 | 128445 |
|  |  | 214811 |
| **Czech Republic — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;CEZ AS | 559 | 32836 |
| &nbsp;&nbsp;&nbsp;Komercni Banka AS | 6412 | 310057 |
|  |  | 342893 |
| **Greece — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpha Bank SA | 151965 | 535232 |
| &nbsp;&nbsp;&nbsp;Bank of Greece | 859 | 14267 |
| &nbsp;&nbsp;&nbsp;Helleniq Energy Holdings SA | 9060 | 87832 |
| &nbsp;&nbsp;&nbsp;Motor Oil Hellas Corinth Refineries SA | 4721 | 131576 |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings SA | 85014 | 589037 |
|  |  | 1357944 |
| **Hong Kong — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Pictures Group Ltd. @\* | 430000 | 52586 |
| &nbsp;&nbsp;&nbsp;BOC Aviation Ltd. ± | 10700 | 88599 |
| &nbsp;&nbsp;&nbsp;China Zhongwang Holdings Ltd. @\*§ | 154000 |  |
| &nbsp;&nbsp;&nbsp;Comba Telecom Systems Holdings Ltd. \* | 88000 | 19730 |
| &nbsp;&nbsp;&nbsp;CTEG @\*§ | 98000 |  |
| &nbsp;&nbsp;&nbsp;J&T Global Express Ltd. \* | 16200 | 13992 |
| &nbsp;&nbsp;&nbsp;Jinmao Property Services Co. Ltd. | 6646 | 2413 |
| &nbsp;&nbsp;&nbsp;Kingboard Laminates Holdings Ltd. | 42000 | 51149 |
| &nbsp;&nbsp;&nbsp;LK Technology Holdings Ltd. | 70000 | 30319 |
| &nbsp;&nbsp;&nbsp;Lumena New Materials \*§ | 5599 |  |
| &nbsp;&nbsp;&nbsp;Orient Overseas International Ltd. | 7000 | 118956 |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical Ltd. | 479000 | 320963 |
| &nbsp;&nbsp;&nbsp;SSY Group Ltd. | 46000 | 16291 |
| &nbsp;&nbsp;&nbsp;Yuexiu Property Co. Ltd. | 77006 | 42182 |
|  |  | 757180 |
| **Hungary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas PLC | 38539 | 335572 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 839 | 67020 |
|  |  | 402592 |
| **India — 21.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Aarti Drugs Ltd. | 1688 | 9034 |
| &nbsp;&nbsp;&nbsp;Aarti Pharmalabs Ltd. | 2707 | 28574 |
| &nbsp;&nbsp;&nbsp;ACC Ltd. | 5493 | 123022 |
| &nbsp;&nbsp;&nbsp;Adani Power Ltd. \* | 8056 | 55014 |
| &nbsp;&nbsp;&nbsp;Aditya Birla Capital Ltd. \* | 49870 | 161426 |
| &nbsp;&nbsp;&nbsp;Advanced Enzyme Technologies Ltd. | 3035 | 11397 |
| &nbsp;&nbsp;&nbsp;AGI Greenpac Ltd. | 2388 | 22727 |
| &nbsp;&nbsp;&nbsp;Ahluwalia Contracts India Ltd. | 1765 | 20946 |
| &nbsp;&nbsp;&nbsp;Ajmera Realty & Infra India Ltd. | 2596 | 27973 |
| &nbsp;&nbsp;&nbsp;Alembic Pharmaceuticals Ltd. | 4429 | 52625 |
| &nbsp;&nbsp;&nbsp;Allcargo Logistics Ltd. | 19940 | 8263 |
| &nbsp;&nbsp;&nbsp;Amara Raja Energy & Mobility Ltd. | 10842 | 121909 |
| &nbsp;&nbsp;&nbsp;Ambuja Cements Ltd. | 36667 | 246827 |
| &nbsp;&nbsp;&nbsp;Apollo Tyres Ltd. | 31532 | 164940 |
| &nbsp;&nbsp;&nbsp;Arvind Ltd. | 13452 | 55464 |
| &nbsp;&nbsp;&nbsp;Ashoka Buildcon Ltd. \* | 8590 | 21380 |
| &nbsp;&nbsp;&nbsp;Aurobindo Pharma Ltd. \* | 25561 | 337545 |
| &nbsp;&nbsp;&nbsp;Avanti Feeds Ltd. | 2210 | 18928 |
| &nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 133355 | 1864420 |
| &nbsp;&nbsp;&nbsp;Axis Bank Ltd., GDR | 12180 | 845292 |
| &nbsp;&nbsp;&nbsp;Bajaj Consumer Care Ltd. \* | 9842 | 24087 |
| &nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment Ltd. | 1809 | 301641 |
| &nbsp;&nbsp;&nbsp;Balrampur Chini Mills Ltd. | 8487 | 58833 |
| &nbsp;&nbsp;&nbsp;Bandhan Bank Ltd. ± | 54816 | 120971 |
| &nbsp;&nbsp;&nbsp;Bank of Baroda | 74524 | 215942 |
| &nbsp;&nbsp;&nbsp;Bank of India | 34110 | 47172 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **India (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Maharashtra | 39556 | $26360 |
| &nbsp;&nbsp;&nbsp;Bhansali Engineering Polymers Ltd. | 5648 | 7715 |
| &nbsp;&nbsp;&nbsp;Bharat Heavy Electricals Ltd. | 63065 | 195938 |
| &nbsp;&nbsp;&nbsp;Biocon Ltd. | 11002 | 45735 |
| &nbsp;&nbsp;&nbsp;Birla Corp. Ltd. | 3237 | 50608 |
| &nbsp;&nbsp;&nbsp;Birlasoft Ltd. | 1959 | 9930 |
| &nbsp;&nbsp;&nbsp;Bluspring Enterprises Ltd. \* | 3874 | 3444 |
| &nbsp;&nbsp;&nbsp;Bombay Burmah Trading Co. | 1162 | 27190 |
| &nbsp;&nbsp;&nbsp;Camlin Fine Sciences Ltd. \* | 4882 | 17869 |
| &nbsp;&nbsp;&nbsp;Can Fin Homes Ltd. | 5565 | 51432 |
| &nbsp;&nbsp;&nbsp;Canara Bank | 128930 | 171521 |
| &nbsp;&nbsp;&nbsp;Canara Bank | 128930 | 150685 |
| &nbsp;&nbsp;&nbsp;Capacit'e Infraprojects Ltd. \* | 4280 | 16624 |
| &nbsp;&nbsp;&nbsp;Ceat Ltd. | 2913 | 125066 |
| &nbsp;&nbsp;&nbsp;Chambal Fertilizers and Chemicals Ltd. | 13907 | 91751 |
| &nbsp;&nbsp;&nbsp;Cholamandalam Financial Holdings Ltd. | 5275 | 133474 |
| &nbsp;&nbsp;&nbsp;CIE Automotive India Ltd. | 6907 | 35743 |
| &nbsp;&nbsp;&nbsp;Cipla Ltd. | 24545 | 430196 |
| &nbsp;&nbsp;&nbsp;City Union Bank Ltd. | 30829 | 78187 |
| &nbsp;&nbsp;&nbsp;CMS Info Systems Ltd. | 9549 | 55779 |
| &nbsp;&nbsp;&nbsp;Cochin Shipyard Ltd. ± | 105 | 2536 |
| &nbsp;&nbsp;&nbsp;Container Corp. Of India Ltd. | 7049 | 62546 |
| &nbsp;&nbsp;&nbsp;Coromandel International Ltd. | 3859 | 112310 |
| &nbsp;&nbsp;&nbsp;CreditAccess Grameen Ltd. | 688 | 9722 |
| &nbsp;&nbsp;&nbsp;CSB Bank Ltd. \* | 3753 | 17417 |
| &nbsp;&nbsp;&nbsp;Cyient Ltd. | 3556 | 53485 |
| &nbsp;&nbsp;&nbsp;Dalmia Bharat Ltd. | 5315 | 136228 |
| &nbsp;&nbsp;&nbsp;DB Corp. Ltd. | 3441 | 11493 |
| &nbsp;&nbsp;&nbsp;DCB Bank Ltd. \* | 19962 | 33867 |
| &nbsp;&nbsp;&nbsp;DCM Shriram Ltd. | 2904 | 41650 |
| &nbsp;&nbsp;&nbsp;DCW Ltd. \* | 9094 | 8960 |
| &nbsp;&nbsp;&nbsp;Deepak Fertilisers & Petrochemicals Corp. Ltd. | 4535 | 91218 |
| &nbsp;&nbsp;&nbsp;Delhivery Ltd. \* | 12300 | 55039 |
| &nbsp;&nbsp;&nbsp;Delta Corp. Ltd. | 8978 | 9464 |
| &nbsp;&nbsp;&nbsp;Digitide Solutions Ltd. \* | 3874 | 8885 |
| &nbsp;&nbsp;&nbsp;Dilip Buildcon Ltd. ± | 2642 | 15742 |
| &nbsp;&nbsp;&nbsp;Dishman Carbogen Amcis Ltd. \* | 5637 | 16432 |
| &nbsp;&nbsp;&nbsp;DLF Ltd. | 16547 | 161688 |
| &nbsp;&nbsp;&nbsp;Dr. Reddy's Laboratories Ltd. | 1860 | 27898 |
| &nbsp;&nbsp;&nbsp;Dr. Reddy's Laboratories Ltd., ADR | 39575 | 594812 |
| &nbsp;&nbsp;&nbsp;eClerx Services Ltd. | 783 | 31892 |
| &nbsp;&nbsp;&nbsp;Edelweiss Financial Services Ltd. | 23512 | 31734 |
| &nbsp;&nbsp;&nbsp;EID Parry India Ltd. \* | 7288 | 94155 |
| &nbsp;&nbsp;&nbsp;Electrosteel Castings Ltd. | 23821 | 36526 |
| &nbsp;&nbsp;&nbsp;EPL Ltd. | 9507 | 26993 |
| &nbsp;&nbsp;&nbsp;Equitas Small Finance Bank Ltd. ± | 16074 | 12652 |
| &nbsp;&nbsp;&nbsp;Escorts Kubota Ltd. | 1181 | 45947 |
| &nbsp;&nbsp;&nbsp;Eureka Forbes Ltd. \* | 1532 | 10629 |
| &nbsp;&nbsp;&nbsp;Exide Industries Ltd. | 26178 | 118802 |
| &nbsp;&nbsp;&nbsp;Federal Bank Ltd. | 144130 | 357468 |
| &nbsp;&nbsp;&nbsp;FIEM Industries Ltd. | 1108 | 24891 |
| &nbsp;&nbsp;&nbsp;Finolex Cables Ltd. | 3624 | 41708 |
| &nbsp;&nbsp;&nbsp;Finolex Industries Ltd. | 15431 | 39259 |
| &nbsp;&nbsp;&nbsp;Firstsource Solutions Ltd. | 6425 | 28132 |
| &nbsp;&nbsp;&nbsp;Force Motors Ltd. | 432 | 81413 |
| &nbsp;&nbsp;&nbsp;Fortis Healthcare Ltd. | 8848 | 81712 |
| &nbsp;&nbsp;&nbsp;G R Infraprojects Ltd. | 1719 | 26418 |
| &nbsp;&nbsp;&nbsp;GAIL India Ltd. | 218995 | 486942 |
| &nbsp;&nbsp;&nbsp;Galaxy Surfactants Ltd. | 569 | 17443 |
| &nbsp;&nbsp;&nbsp;Gateway Distriparks Ltd. | 25136 | 19429 |
| &nbsp;&nbsp;&nbsp;GHCL Ltd. | 5527 | 39442 |
| &nbsp;&nbsp;&nbsp;GHCL Textiles Ltd. | 5527 | 6174 |
| &nbsp;&nbsp;&nbsp;Gland Pharma Ltd. ± | 1958 | 41781 |
| &nbsp;&nbsp;&nbsp;Glenmark Pharmaceuticals Ltd. | 5909 | 120536 |
| &nbsp;&nbsp;&nbsp;Godawari Power & Ispat Ltd. | 11830 | 26195 |
| &nbsp;&nbsp;&nbsp;Godfrey Phillips India Ltd. | 794 | 82594 |
| &nbsp;&nbsp;&nbsp;Godrej Industries Ltd. \* | 1769 | 25683 |
| &nbsp;&nbsp;&nbsp;Granules India Ltd. | 7725 | 44588 |
| &nbsp;&nbsp;&nbsp;Graphite India Ltd. | 2245 | 14790 |
| &nbsp;&nbsp;&nbsp;Grasim Industries Ltd. | 17963 | 595066 |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping Co. Ltd. (The) | 8516 | 97215 |
| &nbsp;&nbsp;&nbsp;Greaves Cotton Ltd. | 5025 | 11927 |
| &nbsp;&nbsp;&nbsp;Gujarat Alkalies & Chemicals Ltd. | 2551 | 17907 |
| &nbsp;&nbsp;&nbsp;Gujarat Ambuja Exports Ltd. | 8766 | 11423 |
| &nbsp;&nbsp;&nbsp;Gujarat Mineral Development Corp. Ltd. | 5595 | 26850 |
| &nbsp;&nbsp;&nbsp;Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 8187 | 52878 |
| &nbsp;&nbsp;&nbsp;Gujarat Pipavav Port Ltd. | 19498 | 36763 |
| &nbsp;&nbsp;&nbsp;Gujarat State Fertilizers & Chemicals Ltd. | 15178 | 36184 |
| &nbsp;&nbsp;&nbsp;Gujarat State Petronet Ltd. | 23082 | 88442 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 102232 | 2384142 |
| &nbsp;&nbsp;&nbsp;HEG Ltd. | 6270 | 37243 |
| &nbsp;&nbsp;&nbsp;HeidelbergCement India Ltd. | 3920 | 9386 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp Ltd. | 5358 | 264626 |
| &nbsp;&nbsp;&nbsp;HFCL Ltd. | 33650 | 34038 |
| &nbsp;&nbsp;&nbsp;HG Infra Engineering Ltd. | 1150 | 14455 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries Ltd. | 143996 | 1163335 |
| &nbsp;&nbsp;&nbsp;IDFC First Bank Ltd. \* | 279140 | 236859 |
| &nbsp;&nbsp;&nbsp;IIFL Capital Services Ltd. | 19584 | 79800 |
| &nbsp;&nbsp;&nbsp;IIFL Finance Ltd. \* | 8058 | 44537 |
| &nbsp;&nbsp;&nbsp;India Cements Ltd. (The) \* | 5546 | 22298 |
| &nbsp;&nbsp;&nbsp;India Glycols Ltd. | 656 | 15735 |

---

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **India (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Indian Bank | 14634 | $109815 |
| &nbsp;&nbsp;&nbsp;Indian Railway Finance Corp. Ltd. ± | 17190 | 28423 |
| &nbsp;&nbsp;&nbsp;Indo Count Industries Ltd. | 4356 | 14959 |
| &nbsp;&nbsp;&nbsp;Indus Towers Ltd. \* | 101143 | 498285 |
| &nbsp;&nbsp;&nbsp;IndusInd Bank Ltd. \* | 26758 | 272385 |
| &nbsp;&nbsp;&nbsp;Infibeam Avenues Ltd. | 77058 | 14907 |
| &nbsp;&nbsp;&nbsp;Info Edge India Ltd. | 16055 | 277630 |
| &nbsp;&nbsp;&nbsp;IRCON International Ltd. ± | 18858 | 44616 |
| &nbsp;&nbsp;&nbsp;J Kumar Infraprojects Ltd. | 2507 | 21106 |
| &nbsp;&nbsp;&nbsp;Jain Irrigation Systems Ltd. \* | 17519 | 11848 |
| &nbsp;&nbsp;&nbsp;Jammu & Kashmir Bank Ltd. (The) | 31797 | 42935 |
| &nbsp;&nbsp;&nbsp;Jindal Saw Ltd. | 28522 | 80002 |
| &nbsp;&nbsp;&nbsp;Jindal Stainless Ltd. | 25001 | 206398 |
| &nbsp;&nbsp;&nbsp;Jindal Steel & Power Ltd. | 44263 | 484823 |
| &nbsp;&nbsp;&nbsp;Jio Financial Services Ltd. \* | 176909 | 675373 |
| &nbsp;&nbsp;&nbsp;JK Lakshmi Cement Ltd. | 4751 | 49859 |
| &nbsp;&nbsp;&nbsp;JK Paper Ltd. | 10798 | 46555 |
| &nbsp;&nbsp;&nbsp;JK Tyre & Industries Ltd. | 10161 | 42334 |
| &nbsp;&nbsp;&nbsp;JM Financial Ltd. | 40467 | 75187 |
| &nbsp;&nbsp;&nbsp;JSW Energy Ltd. | 13525 | 82402 |
| &nbsp;&nbsp;&nbsp;JSW Steel Ltd. | 60769 | 721738 |
| &nbsp;&nbsp;&nbsp;Jubilant Pharmova Ltd. | 7273 | 102531 |
| &nbsp;&nbsp;&nbsp;Just Dial Ltd. \* | 1076 | 11582 |
| &nbsp;&nbsp;&nbsp;Kalpataru Projects International Ltd. | 7183 | 101849 |
| &nbsp;&nbsp;&nbsp;Kalyani Steels Ltd. | 1016 | 11041 |
| &nbsp;&nbsp;&nbsp;Karnataka Bank Ltd. (The) | 29326 | 66989 |
| &nbsp;&nbsp;&nbsp;Karur Vysya Bank Ltd. (The) | 36209 | 113145 |
| &nbsp;&nbsp;&nbsp;Kaveri Seed Co. Ltd. | 1897 | 26124 |
| &nbsp;&nbsp;&nbsp;KCP Ltd. (The) | 6994 | 16718 |
| &nbsp;&nbsp;&nbsp;Kirloskar Oil Engines Ltd. | 798 | 7926 |
| &nbsp;&nbsp;&nbsp;KNR Constructions Ltd. | 11124 | 28906 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | 28870 | 727136 |
| &nbsp;&nbsp;&nbsp;KRBL Ltd. | 2296 | 9809 |
| &nbsp;&nbsp;&nbsp;L&T Finance Ltd. | 72832 | 175108 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro Ltd., GDR | 26739 | 1144429 |
| &nbsp;&nbsp;&nbsp;LG Balakrishnan & Bros Ltd. | 1438 | 21765 |
| &nbsp;&nbsp;&nbsp;LIC Housing Finance Ltd. | 24147 | 173979 |
| &nbsp;&nbsp;&nbsp;LT Foods Ltd. | 14320 | 80976 |
| &nbsp;&nbsp;&nbsp;Lupin Ltd. | 4573 | 103180 |
| &nbsp;&nbsp;&nbsp;Maharashtra Seamless Ltd. | 3116 | 27554 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra Financial Services Ltd. | 55632 | 175115 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | 37348 | 1384350 |
| &nbsp;&nbsp;&nbsp;Man Infraconstruction Ltd. | 4652 | 9805 |
| &nbsp;&nbsp;&nbsp;Manappuram Finance Ltd. | 42964 | 138080 |
| &nbsp;&nbsp;&nbsp;Marksans Pharma Ltd. | 9432 | 28771 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India Ltd. | 4747 | 686699 |
| &nbsp;&nbsp;&nbsp;MAS Financial Services Ltd. ± | 3106 | 11144 |
| &nbsp;&nbsp;&nbsp;Mastek Ltd. | 960 | 27297 |
| &nbsp;&nbsp;&nbsp;Meghmani Organics Ltd. \* | 7232 | 8364 |
| &nbsp;&nbsp;&nbsp;MOIL Ltd. | 5661 | 25612 |
| &nbsp;&nbsp;&nbsp;Motilal Oswal Financial Services Ltd. | 7072 | 71879 |
| &nbsp;&nbsp;&nbsp;MRF Ltd. | 181 | 299707 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance Ltd. | 1358 | 41598 |
| &nbsp;&nbsp;&nbsp;Natco Pharma Ltd. | 5577 | 60400 |
| &nbsp;&nbsp;&nbsp;National Aluminium Co. Ltd. | 58254 | 130929 |
| &nbsp;&nbsp;&nbsp;National Fertilizers Ltd. | 6160 | 7262 |
| &nbsp;&nbsp;&nbsp;Nava Ltd. | 7969 | 56367 |
| &nbsp;&nbsp;&nbsp;NCC Ltd. | 36382 | 97789 |
| &nbsp;&nbsp;&nbsp;NESCO Ltd. | 965 | 13082 |
| &nbsp;&nbsp;&nbsp;NIIT Learning Systems Ltd. | 2427 | 9512 |
| &nbsp;&nbsp;&nbsp;NIIT Ltd. | 2427 | 3699 |
| &nbsp;&nbsp;&nbsp;NMDC Ltd. | 253182 | 206596 |
| &nbsp;&nbsp;&nbsp;NMDC Steel Ltd. \* | 47585 | 22749 |
| &nbsp;&nbsp;&nbsp;NOCIL Ltd. | 7374 | 17064 |
| &nbsp;&nbsp;&nbsp;NRB Bearings Ltd. | 2776 | 9711 |
| &nbsp;&nbsp;&nbsp;Nuvoco Vistas Corp. Ltd. \* | 2511 | 10374 |
| &nbsp;&nbsp;&nbsp;Oberoi Realty Ltd. | 5090 | 113706 |
| &nbsp;&nbsp;&nbsp;Onesource Specialty Pharma Ltd. \* | 2735 | 69970 |
| &nbsp;&nbsp;&nbsp;Orient Cement Ltd. | 4032 | 11380 |
| &nbsp;&nbsp;&nbsp;Orient Green Power Co. Ltd. \* | 107182 | 18172 |
| &nbsp;&nbsp;&nbsp;Patel Engineering Ltd. \* | 47895 | 22953 |
| &nbsp;&nbsp;&nbsp;PCBL Chemical Ltd. | 11386 | 55450 |
| &nbsp;&nbsp;&nbsp;Pennar Industries Ltd. \* | 5072 | 14253 |
| &nbsp;&nbsp;&nbsp;Petronet LNG Ltd. | 67706 | 238660 |
| &nbsp;&nbsp;&nbsp;Piramal Enterprises Ltd. | 4265 | 56794 |
| &nbsp;&nbsp;&nbsp;Piramal Pharma Ltd. | 29025 | 69005 |
| &nbsp;&nbsp;&nbsp;PNB Housing Finance Ltd. \*± | 10969 | 141845 |
| &nbsp;&nbsp;&nbsp;PNC Infratech Ltd. | 7840 | 28161 |
| &nbsp;&nbsp;&nbsp;Polyplex Corp. Ltd. | 2048 | 28989 |
| &nbsp;&nbsp;&nbsp;Power Finance Corp. Ltd. | 121886 | 607156 |
| &nbsp;&nbsp;&nbsp;Power Mech Projects Ltd. | 484 | 18934 |
| &nbsp;&nbsp;&nbsp;Prakash Industries Ltd. | 4621 | 8759 |
| &nbsp;&nbsp;&nbsp;Prestige Estates Projects Ltd. | 6151 | 119061 |
| &nbsp;&nbsp;&nbsp;PTC India Ltd. | 17788 | 37376 |
| &nbsp;&nbsp;&nbsp;Punjab National Bank | 135010 | 173863 |
| &nbsp;&nbsp;&nbsp;PVR Inox Ltd. \* | 4239 | 47896 |
| &nbsp;&nbsp;&nbsp;Quess Corp. Ltd. ± | 3874 | 13642 |
| &nbsp;&nbsp;&nbsp;Rallis India Ltd. | 3389 | 12776 |
| &nbsp;&nbsp;&nbsp;Ramco Cements Ltd. (The) | 5843 | 73514 |
| &nbsp;&nbsp;&nbsp;Rashtriya Chemicals & Fertilizers Ltd. | 16695 | 30996 |
| &nbsp;&nbsp;&nbsp;Raymond Lifestyle Ltd. \* | 2620 | 39929 |
| &nbsp;&nbsp;&nbsp;Raymond Ltd. \* | 3276 | 27240 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **India (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Raymond Realty Ltd. \*<> | 3276 | $39701 |
| &nbsp;&nbsp;&nbsp;RBL Bank Ltd. ± | 35444 | 102492 |
| &nbsp;&nbsp;&nbsp;REC Ltd. | 124810 | 585920 |
| &nbsp;&nbsp;&nbsp;Redington Ltd. | 57900 | 220028 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 402168 | 7033719 |
| &nbsp;&nbsp;&nbsp;Reliance Power Ltd. \* | 164619 | 134367 |
| &nbsp;&nbsp;&nbsp;Repco Home Finance Ltd. | 1643 | 8431 |
| &nbsp;&nbsp;&nbsp;Rhi Magnesita India Ltd. | 2246 | 12394 |
| &nbsp;&nbsp;&nbsp;RITES Ltd. | 5510 | 18003 |
| &nbsp;&nbsp;&nbsp;Route Mobile Ltd. | 1741 | 20808 |
| &nbsp;&nbsp;&nbsp;Samvardhana Motherson International Ltd. | 222498 | 401747 |
| &nbsp;&nbsp;&nbsp;Sandur Manganese & Iron Ores Ltd. (The) | 1780 | 9900 |
| &nbsp;&nbsp;&nbsp;Sarda Energy & Minerals Ltd. | 2267 | 11746 |
| &nbsp;&nbsp;&nbsp;Shipping Corp. of India Land & Assets Ltd., Spin-off Shares | 14166 | 8854 |
| &nbsp;&nbsp;&nbsp;Shipping Corp. of India Ltd. | 14166 | 36902 |
| &nbsp;&nbsp;&nbsp;Shree Cement Ltd. | 313 | 112977 |
| &nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | 101580 | 837715 |
| &nbsp;&nbsp;&nbsp;Shriram Pistons & Rings Ltd. | 500 | 14459 |
| &nbsp;&nbsp;&nbsp;Shyam Metalics & Energy Ltd. | 2791 | 28281 |
| &nbsp;&nbsp;&nbsp;SIS Ltd. \* | 2091 | 9019 |
| &nbsp;&nbsp;&nbsp;Sobha Ltd. | 1677 | 28550 |
| &nbsp;&nbsp;&nbsp;South Indian Bank Ltd. (The) | 83493 | 30044 |
| &nbsp;&nbsp;&nbsp;Star Cement Ltd. \* | 7280 | 18068 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 69305 | 662543 |
| &nbsp;&nbsp;&nbsp;State Bank of India, GDR | 8728 | 831778 |
| &nbsp;&nbsp;&nbsp;Steel Authority of India Ltd. | 89762 | 137919 |
| &nbsp;&nbsp;&nbsp;Strides Pharma Science Ltd. | 5470 | 57401 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries Ltd. | 27533 | 537754 |
| &nbsp;&nbsp;&nbsp;Sun TV Network Ltd. | 7133 | 49780 |
| &nbsp;&nbsp;&nbsp;Sunteck Realty Ltd. | 5951 | 30917 |
| &nbsp;&nbsp;&nbsp;Surya Roshni Ltd. | 3092 | 12502 |
| &nbsp;&nbsp;&nbsp;Tamilnad Mercantile Bank Ltd. | 4102 | 21366 |
| &nbsp;&nbsp;&nbsp;Tata Chemicals Ltd. | 12988 | 142056 |
| &nbsp;&nbsp;&nbsp;Tata Consumer Products Ltd. | 8150 | 104346 |
| &nbsp;&nbsp;&nbsp;Tata Motors Ltd. | 131488 | 1055308 |
| &nbsp;&nbsp;&nbsp;Tata Steel Ltd. | 430140 | 801497 |
| &nbsp;&nbsp;&nbsp;Tata Steel Ltd., GDR | 6923 | 129114 |
| &nbsp;&nbsp;&nbsp;Technocraft Industries India Ltd. | 547 | 19211 |
| &nbsp;&nbsp;&nbsp;Texmaco Rail & Engineering Ltd. | 11707 | 23959 |
| &nbsp;&nbsp;&nbsp;Thirumalai Chemicals Ltd. | 4154 | 14192 |
| &nbsp;&nbsp;&nbsp;Thomas Cook India Ltd. | 8408 | 16059 |
| &nbsp;&nbsp;&nbsp;Time Technoplast Ltd. | 5635 | 29147 |
| &nbsp;&nbsp;&nbsp;TransIndia Real Estate Ltd. | 4985 | 2083 |
| &nbsp;&nbsp;&nbsp;Transport Corp. of India Ltd. | 1896 | 24828 |
| &nbsp;&nbsp;&nbsp;Trident Ltd. | 56042 | 20506 |
| &nbsp;&nbsp;&nbsp;Triveni Engineering & Industries Ltd. | 4797 | 21239 |
| &nbsp;&nbsp;&nbsp;Tube Investments of India Ltd. | 320 | 11616 |
| &nbsp;&nbsp;&nbsp;TVS Srichakra Ltd. | 202 | 7184 |
| &nbsp;&nbsp;&nbsp;Uflex Ltd. | 3166 | 22549 |
| &nbsp;&nbsp;&nbsp;Unichem Laboratories Ltd. \* | 1313 | 9010 |
| &nbsp;&nbsp;&nbsp;Union Bank of India Ltd. | 81852 | 146410 |
| &nbsp;&nbsp;&nbsp;UPL Ltd. | 29931 | 230695 |
| &nbsp;&nbsp;&nbsp;UPL Ltd. \* | 4520 | 22721 |
| &nbsp;&nbsp;&nbsp;Usha Martin Ltd. | 10246 | 43685 |
| &nbsp;&nbsp;&nbsp;VA Tech Wabag Ltd. \* | 3405 | 58833 |
| &nbsp;&nbsp;&nbsp;Vardhman Textiles Ltd. | 8165 | 47651 |
| &nbsp;&nbsp;&nbsp;Vedanta Ltd. | 44540 | 239683 |
| &nbsp;&nbsp;&nbsp;Voltamp Transformers Ltd. | 223 | 24638 |
| &nbsp;&nbsp;&nbsp;Welspun Corp. Ltd. \* | 7360 | 79633 |
| &nbsp;&nbsp;&nbsp;Welspun Enterprises Ltd. | 1530 | 9661 |
| &nbsp;&nbsp;&nbsp;Welspun Living Ltd. | 30266 | 50470 |
| &nbsp;&nbsp;&nbsp;West Coast Paper Mills Ltd. | 3247 | 19183 |
| &nbsp;&nbsp;&nbsp;Wipro Ltd. | 133330 | 414309 |
| &nbsp;&nbsp;&nbsp;Wipro Ltd., ADR @ | 29490 | 89060 |
| &nbsp;&nbsp;&nbsp;Wockhardt Ltd. \* | 5344 | 106743 |
| &nbsp;&nbsp;&nbsp;Yes Bank Ltd. \* | 581105 | 137958 |
| &nbsp;&nbsp;&nbsp;Zee Entertainment Enterprises Ltd. | 70032 | 119339 |
| &nbsp;&nbsp;&nbsp;Zensar Technologies Ltd. | 5610 | 55142 |
| &nbsp;&nbsp;&nbsp;Zydus Lifesciences Ltd. | 10313 | 119040 |
| &nbsp;&nbsp;&nbsp;Zydus Wellness Ltd. | 1105 | 26029 |
|  |  | 44256977 |
| **Indonesia — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AKR Corporindo Tbk. PT | 273600 | 19549 |
| &nbsp;&nbsp;&nbsp;Alamtri Resources Indonesia Tbk. PT | 1752200 | 197507 |
| &nbsp;&nbsp;&nbsp;Aneka Tambang Tbk. PT | 840200 | 157327 |
| &nbsp;&nbsp;&nbsp;Aspirasi Hidup Indonesia Tbk. PT | 625900 | 19122 |
| &nbsp;&nbsp;&nbsp;Astra Agro Lestari Tbk. PT | 28600 | 10217 |
| &nbsp;&nbsp;&nbsp;Astra International Tbk. PT | 1944500 | 538974 |
| &nbsp;&nbsp;&nbsp;Astra Otoparts Tbk. PT | 19600 | 2487 |
| &nbsp;&nbsp;&nbsp;Bank BTPN Syariah Tbk. PT | 251900 | 20403 |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero Tbk. PT | 1037332 | 263247 |
| &nbsp;&nbsp;&nbsp;Bank OCBC Nisp Tbk. PT | 223000 | 18475 |
| &nbsp;&nbsp;&nbsp;Bank Pan Indonesia Tbk. PT \* | 399700 | 28190 |
| &nbsp;&nbsp;&nbsp;Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 173300 | 8646 |
| &nbsp;&nbsp;&nbsp;Bank Pembangunan Daerah Jawa Timur Tbk. PT | 403000 | 12411 |
| &nbsp;&nbsp;&nbsp;Bank Tabungan Negara Persero Tbk. PT | 537509 | 36915 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Indonesia (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;BFI Finance Indonesia Tbk. PT | 108300 | $5437 |
| &nbsp;&nbsp;&nbsp;Bukalapak.com Tbk. PT \* | 3549800 | 27331 |
| &nbsp;&nbsp;&nbsp;Bukit Asam Tbk. PT | 339600 | 51458 |
| &nbsp;&nbsp;&nbsp;Bumi Resources Minerals Tbk. PT \* | 2221900 | 54196 |
| &nbsp;&nbsp;&nbsp;Bumi Resources Tbk. PT \* | 5598400 | 41035 |
| &nbsp;&nbsp;&nbsp;Bumi Serpong Damai Tbk. PT \* | 435700 | 21067 |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Indonesia Tbk. PT | 65700 | 19020 |
| &nbsp;&nbsp;&nbsp;Ciputra Development Tbk. PT | 924577 | 54387 |
| &nbsp;&nbsp;&nbsp;Dayamitra Telekomunikasi PT | 1395200 | 47695 |
| &nbsp;&nbsp;&nbsp;Dharma Satya Nusantara Tbk. PT | 140700 | 6760 |
| &nbsp;&nbsp;&nbsp;Elang Mahkota Teknologi Tbk. PT | 999500 | 29797 |
| &nbsp;&nbsp;&nbsp;Energi Mega Persada Tbk. PT \* | 899700 | 18177 |
| &nbsp;&nbsp;&nbsp;Erajaya Swasembada Tbk. PT | 1042500 | 34033 |
| &nbsp;&nbsp;&nbsp;ESSA Industries Indonesia Tbk. PT | 517700 | 18495 |
| &nbsp;&nbsp;&nbsp;Gudang Garam Tbk. PT \* | 52600 | 29645 |
| &nbsp;&nbsp;&nbsp;Hanson International Tbk. PT \*§ | 5335700 |  |
| &nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper Tbk. PT | 294700 | 104375 |
| &nbsp;&nbsp;&nbsp;Indika Energy Tbk. PT | 195300 | 16481 |
| &nbsp;&nbsp;&nbsp;Indo Tambangraya Megah Tbk. PT | 52800 | 71549 |
| &nbsp;&nbsp;&nbsp;Indocement Tunggal Prakarsa Tbk. PT | 129800 | 42574 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur Tbk. PT | 407500 | 203938 |
| &nbsp;&nbsp;&nbsp;Japfa Comfeed Indonesia Tbk. PT | 567600 | 52967 |
| &nbsp;&nbsp;&nbsp;Lippo Karawaci Tbk. PT \* | 1787300 | 9027 |
| &nbsp;&nbsp;&nbsp;Medco Energi Internasional Tbk. PT | 1095352 | 83998 |
| &nbsp;&nbsp;&nbsp;Metrodata Electronics Tbk. PT | 524800 | 17456 |
| &nbsp;&nbsp;&nbsp;Mitra Adiperkasa Tbk. PT | 620000 | 45063 |
| &nbsp;&nbsp;&nbsp;Pabrik Kertas Tjiwi Kimia Tbk. PT | 92300 | 31980 |
| &nbsp;&nbsp;&nbsp;Pakuwon Jati Tbk. PT \* | 1135800 | 26165 |
| &nbsp;&nbsp;&nbsp;Panin Financial Tbk. PT \* | 1207600 | 19339 |
| &nbsp;&nbsp;&nbsp;Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 154500 | 11896 |
| &nbsp;&nbsp;&nbsp;Samudera Indonesia Tbk. PT | 979900 | 18831 |
| &nbsp;&nbsp;&nbsp;Sarana Menara Nusantara Tbk. PT | 1152200 | 35059 |
| &nbsp;&nbsp;&nbsp;Semen Indonesia Persero Tbk. PT | 315724 | 52313 |
| &nbsp;&nbsp;&nbsp;Sri Rejeki Isman Tbk. PT \*§ | 996900 |  |
| &nbsp;&nbsp;&nbsp;Summarecon Agung Tbk. PT | 932100 | 21817 |
| &nbsp;&nbsp;&nbsp;Surya Citra Media Tbk. PT | 1066200 | 9851 |
| &nbsp;&nbsp;&nbsp;Surya Semesta Internusa Tbk. PT | 303100 | 29685 |
| &nbsp;&nbsp;&nbsp;Trimegah Bangun Persada Tbk. PT | 123900 | 5037 |
| &nbsp;&nbsp;&nbsp;Triputra Agro Persada PT | 632300 | 38557 |
| &nbsp;&nbsp;&nbsp;Ultrajaya Milk Industry & Trading Co. Tbk. PT | 131500 | 10935 |
| &nbsp;&nbsp;&nbsp;United Tractors Tbk. PT | 169000 | 223286 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia Tbk. PT | 184400 | 39186 |
| &nbsp;&nbsp;&nbsp;XLSMART Telecom Sejahtera Tbk. PT | 522966 | 72478 |
|  |  | 3085846 |
| **Korea — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Amorepacific Holdings Corp. | 1044 | 24561 |
| &nbsp;&nbsp;&nbsp;BH Co. Ltd. | 1193 | 10855 |
| &nbsp;&nbsp;&nbsp;BNK Financial Group, Inc. | 17611 | 162461 |
| &nbsp;&nbsp;&nbsp;CJ CheilJedang Corp. | 744 | 137267 |
| &nbsp;&nbsp;&nbsp;CJ Corp. | 1142 | 135811 |
| &nbsp;&nbsp;&nbsp;CJ ENM Co. Ltd. \* | 1200 | 66598 |
| &nbsp;&nbsp;&nbsp;CJ Logistics Corp. | 649 | 42029 |
| &nbsp;&nbsp;&nbsp;Daesang Corp. | 2426 | 39367 |
| &nbsp;&nbsp;&nbsp;Daewoo Engineering & Construction Co. Ltd. \* | 18960 | 58723 |
| &nbsp;&nbsp;&nbsp;Daishin Securities Co. Ltd. | 697 | 12601 |
| &nbsp;&nbsp;&nbsp;Daou Technology, Inc. | 2149 | 54537 |
| &nbsp;&nbsp;&nbsp;DB HiTek Co. Ltd. | 1524 | 52848 |
| &nbsp;&nbsp;&nbsp;DB Insurance Co. Ltd. | 377 | 34443 |
| &nbsp;&nbsp;&nbsp;DB, Inc. \* | 6843 | 7585 |
| &nbsp;&nbsp;&nbsp;DL E&C Co. Ltd. | 1344 | 51585 |
| &nbsp;&nbsp;&nbsp;DL Holdings Co. Ltd. | 1071 | 36345 |
| &nbsp;&nbsp;&nbsp;Dong-A Socio Holdings Co. Ltd. | 295 | 24481 |
| &nbsp;&nbsp;&nbsp;Dongkuk Holdings Co. Ltd. | 1150 | 6706 |
| &nbsp;&nbsp;&nbsp;Dongkuk Steel Mill Co. Ltd. | 3583 | 24956 |
| &nbsp;&nbsp;&nbsp;Dongwha Pharm Co. Ltd. | 736 | 3676 |
| &nbsp;&nbsp;&nbsp;Dongwon F&B Co. Ltd. | 640 | 19917 |
| &nbsp;&nbsp;&nbsp;Dongwon Industries Co. Ltd. | 786 | 27518 |
| &nbsp;&nbsp;&nbsp;Doosan Bobcat, Inc. | 3756 | 161973 |
| &nbsp;&nbsp;&nbsp;DoubleUGames Co. Ltd. | 604 | 25555 |
| &nbsp;&nbsp;&nbsp;E-MART, Inc. | 1021 | 64607 |
| &nbsp;&nbsp;&nbsp;ENF Technology Co. Ltd. | 555 | 15915 |
| &nbsp;&nbsp;&nbsp;GS Engineering & Construction Corp. | 2015 | 30980 |
| &nbsp;&nbsp;&nbsp;GS Holdings Corp. | 3044 | 105218 |
| &nbsp;&nbsp;&nbsp;GS P&L Co. Ltd. \* | 729 | 19473 |
| &nbsp;&nbsp;&nbsp;GS Retail Co. Ltd. | 3073 | 37912 |
| &nbsp;&nbsp;&nbsp;HAESUNG DS Co. Ltd. | 586 | 12201 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | 18171 | 1161942 |
| &nbsp;&nbsp;&nbsp;Hanil Holdings Co. Ltd. | 1021 | 13451 |
| &nbsp;&nbsp;&nbsp;Hankook Tire & Technology Co. Ltd. | 5220 | 153746 |
| &nbsp;&nbsp;&nbsp;Hanwha Corp. | 1555 | 108652 |
| &nbsp;&nbsp;&nbsp;Hanwha Galleria Corp. \* | 4602 | 4296 |
| &nbsp;&nbsp;&nbsp;Hanwha Investment & Securities Co. Ltd. \* | 5680 | 27819 |
| &nbsp;&nbsp;&nbsp;Hanwha Life Insurance Co. Ltd. \* | 20246 | 49430 |
| &nbsp;&nbsp;&nbsp;Hanwha Solutions Corp. | 6070 | 142125 |
| &nbsp;&nbsp;&nbsp;Harim Holdings Co. Ltd. | 2243 | 15905 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Korea (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai Co. Ltd. | 2792 | $267905 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Construction Equipment Co. Ltd. | 647 | 36435 |
| &nbsp;&nbsp;&nbsp;HDC Holdings Co. Ltd. | 2781 | 48424 |
| &nbsp;&nbsp;&nbsp;HDC Hyundai Development Co-Engineering & Construction | 2554 | 42485 |
| &nbsp;&nbsp;&nbsp;HL Holdings Corp. | 389 | 11673 |
| &nbsp;&nbsp;&nbsp;HL Mando Co. Ltd. | 1823 | 44373 |
| &nbsp;&nbsp;&nbsp;HMM Co. Ltd. | 15163 | 252792 |
| &nbsp;&nbsp;&nbsp;HS Hyosung Corp. \* | 119 | 6216 |
| &nbsp;&nbsp;&nbsp;Hy-Lok Corp. | 918 | 20508 |
| &nbsp;&nbsp;&nbsp;Hyosung Corp. | 537 | 30359 |
| &nbsp;&nbsp;&nbsp;Hyosung TNC Corp. | 121 | 22414 |
| &nbsp;&nbsp;&nbsp;Hyundai Department Store Co. Ltd. | 867 | 48566 |
| &nbsp;&nbsp;&nbsp;Hyundai Engineering & Construction Co. Ltd. | 3290 | 191364 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis Co. Ltd. | 1742 | 173993 |
| &nbsp;&nbsp;&nbsp;Hyundai Home Shopping Network Corp. | 327 | 13690 |
| &nbsp;&nbsp;&nbsp;Hyundai Marine & Fire Insurance Co. Ltd. \* | 3214 | 62989 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis Co. Ltd. | 2664 | 566515 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 8933 | 1346966 |
| &nbsp;&nbsp;&nbsp;Hyundai Steel Co. | 4416 | 96199 |
| &nbsp;&nbsp;&nbsp;Hyundai Wia Corp. | 941 | 31934 |
| &nbsp;&nbsp;&nbsp;iM Financial Group Co. Ltd. | 5382 | 50127 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 19140 | 258963 |
| &nbsp;&nbsp;&nbsp;Innocean Worldwide, Inc. | 1076 | 15810 |
| &nbsp;&nbsp;&nbsp;JB Financial Group Co. Ltd. | 5577 | 84919 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc., ADR @ | 17477 | 1443425 |
| &nbsp;&nbsp;&nbsp;KCC Corp. | 293 | 67736 |
| &nbsp;&nbsp;&nbsp;KCC Glass Corp. | 444 | 10840 |
| &nbsp;&nbsp;&nbsp;KG Mobility Co. \* | 4088 | 10677 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | 19935 | 1431314 |
| &nbsp;&nbsp;&nbsp;KIWOOM Securities Co. Ltd. | 158 | 26809 |
| &nbsp;&nbsp;&nbsp;Kolon Industries, Inc. | 1930 | 62994 |
| &nbsp;&nbsp;&nbsp;Korea Asset In Trust Co. Ltd. | 5452 | 10180 |
| &nbsp;&nbsp;&nbsp;Korea Electric Terminal Co. Ltd. | 682 | 32948 |
| &nbsp;&nbsp;&nbsp;Korea Investment Holdings Co. Ltd. | 2704 | 279696 |
| &nbsp;&nbsp;&nbsp;Korea Line Corp. \* | 16631 | 20062 |
| &nbsp;&nbsp;&nbsp;Korea Real Estate Investment & Trust Co. Ltd. | 10376 | 9403 |
| &nbsp;&nbsp;&nbsp;Korea Zinc Co. Ltd. | 351 | 213003 |
| &nbsp;&nbsp;&nbsp;Korean Air Lines Co. Ltd. | 8699 | 147605 |
| &nbsp;&nbsp;&nbsp;Korean Reinsurance Co. | 12649 | 95973 |
| &nbsp;&nbsp;&nbsp;Kumho Petrochemical Co. Ltd. | 829 | 68981 |
| &nbsp;&nbsp;&nbsp;Kumho Tire Co., Inc. \* | 3713 | 12394 |
| &nbsp;&nbsp;&nbsp;LG Chem Ltd. | 2583 | 404790 |
| &nbsp;&nbsp;&nbsp;LG Corp. | 4087 | 241053 |
| &nbsp;&nbsp;&nbsp;LG Display Co. Ltd. \* | 16033 | 106443 |
| &nbsp;&nbsp;&nbsp;LG Display Co. Ltd., ADR \* | 8853 | 30277 |
| &nbsp;&nbsp;&nbsp;LG Electronics, Inc. | 8307 | 454251 |
| &nbsp;&nbsp;&nbsp;LG H&H Co. Ltd. | 240 | 56817 |
| &nbsp;&nbsp;&nbsp;LG Innotek Co. Ltd. | 903 | 98623 |
| &nbsp;&nbsp;&nbsp;LG Uplus Corp. | 19185 | 203279 |
| &nbsp;&nbsp;&nbsp;Lotte Chemical Corp. | 1267 | 55201 |
| &nbsp;&nbsp;&nbsp;Lotte Chilsung Beverage Co. Ltd. | 290 | 25614 |
| &nbsp;&nbsp;&nbsp;Lotte Corp. | 1582 | 32587 |
| &nbsp;&nbsp;&nbsp;LOTTE Fine Chemical Co. Ltd. | 1517 | 44343 |
| &nbsp;&nbsp;&nbsp;Lotte Shopping Co. Ltd. | 641 | 35242 |
| &nbsp;&nbsp;&nbsp;Lotte Wellfood Co. Ltd. | 167 | 14292 |
| &nbsp;&nbsp;&nbsp;LS Corp. | 730 | 106558 |
| &nbsp;&nbsp;&nbsp;LX Holdings Corp. | 2593 | 18406 |
| &nbsp;&nbsp;&nbsp;LX International Corp. | 3459 | 79837 |
| &nbsp;&nbsp;&nbsp;LX Semicon Co. Ltd. | 278 | 13327 |
| &nbsp;&nbsp;&nbsp;Mirae Asset Life Insurance Co. Ltd. \* | 5257 | 24618 |
| &nbsp;&nbsp;&nbsp;Mirae Asset Securities Co. Ltd. | 12278 | 195142 |
| &nbsp;&nbsp;&nbsp;Netmarble Corp. ± | 514 | 23613 |
| &nbsp;&nbsp;&nbsp;NH Investment & Securities Co. Ltd. | 6972 | 103268 |
| &nbsp;&nbsp;&nbsp;NICE Holdings Co. Ltd. | 2345 | 21963 |
| &nbsp;&nbsp;&nbsp;NongShim Co. Ltd. | 135 | 39312 |
| &nbsp;&nbsp;&nbsp;OCI Co. Ltd. | 450 | 18439 |
| &nbsp;&nbsp;&nbsp;OCI Holdings Co. Ltd. | 995 | 53672 |
| &nbsp;&nbsp;&nbsp;Orion Holdings Corp. | 2572 | 41927 |
| &nbsp;&nbsp;&nbsp;Otoki Corp. | 131 | 38244 |
| &nbsp;&nbsp;&nbsp;Pan Ocean Co. Ltd. | 22750 | 62623 |
| &nbsp;&nbsp;&nbsp;Paradise Co. Ltd. | 1846 | 20887 |
| &nbsp;&nbsp;&nbsp;Partron Co. Ltd. | 1897 | 8954 |
| &nbsp;&nbsp;&nbsp;Poongsan Corp. | 1023 | 97555 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. | 854 | 165156 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc., ADR @ | 9207 | 446447 |
| &nbsp;&nbsp;&nbsp;S-Oil Corp. | 2562 | 113711 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | 3438 | 411154 |
| &nbsp;&nbsp;&nbsp;Samsung Card Co. Ltd. | 2083 | 76245 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 17972 | 796329 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd., GDR | 3471 | 3821571 |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | 2566 | 242226 |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co. Ltd. | 2756 | 352873 |
| &nbsp;&nbsp;&nbsp;Samsung Securities Co. Ltd. | 2679 | 146098 |
| &nbsp;&nbsp;&nbsp;SeAH Steel Holdings Corp. | 136 | 22170 |
| &nbsp;&nbsp;&nbsp;Sebang Global Battery Co. Ltd. | 697 | 35428 |
| &nbsp;&nbsp;&nbsp;SFA Engineering Corp. | 456 | 7957 |
| &nbsp;&nbsp;&nbsp;SGC Energy Co. Ltd. | 395 | 7185 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | 17905 | 814587 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Korea (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd., ADR | 3951 | $178506 |
| &nbsp;&nbsp;&nbsp;Shinsegae, Inc. | 629 | 87806 |
| &nbsp;&nbsp;&nbsp;SK Chemicals Co. Ltd. | 314 | 16752 |
| &nbsp;&nbsp;&nbsp;SK Discovery Co. Ltd. | 867 | 37710 |
| &nbsp;&nbsp;&nbsp;SK Gas Ltd. | 175 | 33454 |
| &nbsp;&nbsp;&nbsp;SK Innovation Co. Ltd. | 2300 | 208595 |
| &nbsp;&nbsp;&nbsp;SK Networks Co. Ltd. | 12838 | 42616 |
| &nbsp;&nbsp;&nbsp;SK, Inc. | 1745 | 264414 |
| &nbsp;&nbsp;&nbsp;SL Corp. | 1820 | 42142 |
| &nbsp;&nbsp;&nbsp;SNT Motiv Co. Ltd. | 1079 | 25024 |
| &nbsp;&nbsp;&nbsp;Songwon Industrial Co. Ltd. | 1925 | 17687 |
| &nbsp;&nbsp;&nbsp;Sungwoo Hitech Co. Ltd. | 3959 | 16926 |
| &nbsp;&nbsp;&nbsp;Unid Co. Ltd. | 167 | 11285 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. | 45228 | 752348 |
| &nbsp;&nbsp;&nbsp;Youngone Corp. | 1446 | 67714 |
| &nbsp;&nbsp;&nbsp;Youngone Holdings Co. Ltd. | 553 | 56996 |
| &nbsp;&nbsp;&nbsp;Zinus, Inc. | 1223 | 15423 |
|  |  | 22961421 |
| **Kuwait — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Agility Global PLC | 104162 | 33751 |
| **Malaysia — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Aeon Co. M Bhd. | 29400 | 9776 |
| &nbsp;&nbsp;&nbsp;AFFIN Bank Bhd. \* | 47901 | 28896 |
| &nbsp;&nbsp;&nbsp;Alliance Bank Malaysia Bhd. | 73200 | 74930 |
| &nbsp;&nbsp;&nbsp;AMMB Holdings Bhd. | 191687 | 232182 |
| &nbsp;&nbsp;&nbsp;Axiata Group Bhd. | 226300 | 124155 |
| &nbsp;&nbsp;&nbsp;Bank Islam Malaysia Bhd. | 68600 | 37147 |
| &nbsp;&nbsp;&nbsp;Batu Kawan Bhd. | 16500 | 74535 |
| &nbsp;&nbsp;&nbsp;Berjaya Corp. Bhd. \* | 166400 | 11066 |
| &nbsp;&nbsp;&nbsp;Bumi Armada Bhd. | 264700 | 28290 |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings Bhd. | 131573 | 212179 |
| &nbsp;&nbsp;&nbsp;Dayang Enterprise Holdings Bhd. | 27900 | 12192 |
| &nbsp;&nbsp;&nbsp;Dialog Group Bhd. | 37200 | 13959 |
| &nbsp;&nbsp;&nbsp;Eastern & Oriental Bhd. | 118100 | 22860 |
| &nbsp;&nbsp;&nbsp;Eco World Development Group Bhd. | 88900 | 40961 |
| &nbsp;&nbsp;&nbsp;Genting Bhd. | 179200 | 129809 |
| &nbsp;&nbsp;&nbsp;Genting Malaysia Bhd. | 258200 | 118353 |
| &nbsp;&nbsp;&nbsp;Genting Plantations Bhd. | 23600 | 28025 |
| &nbsp;&nbsp;&nbsp;HAP Seng Consolidated Bhd. | 14800 | 8893 |
| &nbsp;&nbsp;&nbsp;Hibiscus Petroleum Bhd. | 56080 | 20778 |
| &nbsp;&nbsp;&nbsp;Hong Leong Financial Group Bhd. | 17621 | 69471 |
| &nbsp;&nbsp;&nbsp;IJM Corp. Bhd. | 181760 | 113101 |
| &nbsp;&nbsp;&nbsp;IOI Properties Group Bhd. | 75850 | 35489 |
| &nbsp;&nbsp;&nbsp;Magnum Bhd. | 86961 | 26230 |
| &nbsp;&nbsp;&nbsp;Mah Sing Group Bhd. | 125685 | 35522 |
| &nbsp;&nbsp;&nbsp;Malayan Cement Bhd. | 6800 | 8107 |
| &nbsp;&nbsp;&nbsp;Malaysian Resources Corp. Bhd. | 142600 | 16426 |
| &nbsp;&nbsp;&nbsp;Matrix Concepts Holdings Bhd. | 96300 | 30648 |
| &nbsp;&nbsp;&nbsp;MBM Resources Bhd. | 12500 | 13805 |
| &nbsp;&nbsp;&nbsp;MBSB Bhd. | 205001 | 33351 |
| &nbsp;&nbsp;&nbsp;Mega First Corp. Bhd. | 37600 | 33041 |
| &nbsp;&nbsp;&nbsp;MISC Bhd. | 94320 | 170025 |
| &nbsp;&nbsp;&nbsp;MKH Bhd. | 36950 | 9039 |
| &nbsp;&nbsp;&nbsp;MKH Oil Palm East Kalimantan Bhd. | 5278 | 771 |
| &nbsp;&nbsp;&nbsp;Oriental Holdings Bhd. | 25760 | 41786 |
| &nbsp;&nbsp;&nbsp;OSK Holdings Bhd. | 111682 | 31034 |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group Bhd. | 133400 | 110573 |
| &nbsp;&nbsp;&nbsp;PPB Group Bhd. | 37500 | 91557 |
| &nbsp;&nbsp;&nbsp;RHB Bank Bhd. | 145390 | 217541 |
| &nbsp;&nbsp;&nbsp;Sarawak Oil Palms Bhd. | 30750 | 22567 |
| &nbsp;&nbsp;&nbsp;Sime Darby Bhd. | 293600 | 115055 |
| &nbsp;&nbsp;&nbsp;Sime Darby Property Bhd. | 308000 | 105337 |
| &nbsp;&nbsp;&nbsp;SP Setia Bhd. Group | 143480 | 38166 |
| &nbsp;&nbsp;&nbsp;Ta Ann Holdings Bhd. | 12260 | 10861 |
| &nbsp;&nbsp;&nbsp;TSH Resources Bhd. | 43000 | 11336 |
| &nbsp;&nbsp;&nbsp;UEM Sunrise Bhd. | 100300 | 16913 |
| &nbsp;&nbsp;&nbsp;UOA Development Bhd. | 19187 | 8111 |
| &nbsp;&nbsp;&nbsp;Yinson Holdings Bhd. | 95599 | 53356 |
| &nbsp;&nbsp;&nbsp;YTL Corp. Bhd. | 111800 | 61602 |
|  |  | 2759807 |
| **Mexico — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alfa SAB de CV, Class A | 221384 | 163403 |
| &nbsp;&nbsp;&nbsp;Banco del Bajio SA ± | 37942 | 91597 |
| &nbsp;&nbsp;&nbsp;Cemex SAB de CV | 685631 | 474638 |
| &nbsp;&nbsp;&nbsp;Cemex SAB de CV, ADR | 2361 | 16362 |
| &nbsp;&nbsp;&nbsp;Controladora Alpek SAB de CV \* | 221384 | 36574 |
| &nbsp;&nbsp;&nbsp;Controladora AXTEL SAB DE CV \* | 260453 | 10826 |
| &nbsp;&nbsp;&nbsp;Corp. Actinver SAB de CV | 15700 | 15939 |
| &nbsp;&nbsp;&nbsp;El Puerto de Liverpool SAB de CV, Class C1 | 7251 | 39272 |
| &nbsp;&nbsp;&nbsp;Genomma Lab Internacional SAB de CV, Class B | 65230 | 71089 |
| &nbsp;&nbsp;&nbsp;Grupo Bimbo SAB de CV, Series A | 9137 | 25486 |
| &nbsp;&nbsp;&nbsp;Grupo Carso SAB de CV, Series A1 | 10719 | 76409 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | 79576 | 730219 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Inbursa SAB de CV, Class O | 98687 | 255020 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico SAB de CV, Series B | 136892 | 826189 |
| &nbsp;&nbsp;&nbsp;Grupo Traxion SAB de CV \*± | 22512 | 20959 |
| &nbsp;&nbsp;&nbsp;Industrias CH SAB de CV, Series B \* | 23916 | 219220 |
| &nbsp;&nbsp;&nbsp;La Comer SAB de CV | 19443 | 42317 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Mexico (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Megacable Holdings SAB de CV | 59163 | $165560 |
| &nbsp;&nbsp;&nbsp;Nemak SAB de CV \*± | 174679 | 30161 |
| &nbsp;&nbsp;&nbsp;Orbia Advance Corp. SAB de CV | 51451 | 35974 |
| &nbsp;&nbsp;&nbsp;Organizacion Soriana SAB de CV, Class B \* | 53109 | 79191 |
| &nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV | 13054 | 147233 |
| &nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura SAB de CV, Class L | 1600 | 15519 |
| &nbsp;&nbsp;&nbsp;Regional SAB de CV | 18632 | 153905 |
|  |  | 3743062 |
| **Philippines — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;ACEN Corp. | 510437 | 23469 |
| &nbsp;&nbsp;&nbsp;Alliance Global Group, Inc. | 253300 | 40560 |
| &nbsp;&nbsp;&nbsp;Ayala Corp. | 12590 | 127397 |
| &nbsp;&nbsp;&nbsp;Ayala Land, Inc. | 354500 | 169918 |
| &nbsp;&nbsp;&nbsp;China Banking Corp. | 60526 | 73012 |
| &nbsp;&nbsp;&nbsp;DMCI Holdings, Inc. | 265100 | 51298 |
| &nbsp;&nbsp;&nbsp;First Philippine Holdings Corp. | 26510 | 34355 |
| &nbsp;&nbsp;&nbsp;GT Capital Holdings, Inc. | 7512 | 76547 |
| &nbsp;&nbsp;&nbsp;JG Summit Holdings, Inc. | 225183 | 79871 |
| &nbsp;&nbsp;&nbsp;LT Group, Inc. | 132300 | 30204 |
| &nbsp;&nbsp;&nbsp;Megaworld Corp. | 1004700 | 35137 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank & Trust Co. | 133237 | 171484 |
| &nbsp;&nbsp;&nbsp;Puregold Price Club, Inc. | 86900 | 55537 |
| &nbsp;&nbsp;&nbsp;Rizal Commercial Banking Corp. | 47790 | 21719 |
| &nbsp;&nbsp;&nbsp;Robinsons Land Corp. | 76255 | 18411 |
| &nbsp;&nbsp;&nbsp;San Miguel Corp. | 41650 | 57673 |
| &nbsp;&nbsp;&nbsp;Security Bank Corp. | 30510 | 37210 |
| &nbsp;&nbsp;&nbsp;Top Frontier Investment Holdings, Inc. \* | 4630 | 4726 |
| &nbsp;&nbsp;&nbsp;Union Bank of the Philippines | 66330 | 38623 |
| &nbsp;&nbsp;&nbsp;Universal Robina Corp. | 25650 | 40777 |
|  |  | 1187928 |
| **Poland — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AB SA | 845 | 22741 |
| &nbsp;&nbsp;&nbsp;Alior Bank SA | 7869 | 206530 |
| &nbsp;&nbsp;&nbsp;Asseco Poland SA | 3450 | 193541 |
| &nbsp;&nbsp;&nbsp;Bank Handlowy w Warszawie SA \* | 2367 | 78411 |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | 971 | 49838 |
| &nbsp;&nbsp;&nbsp;BNPP Bank Polska SA | 811 | 23963 |
| &nbsp;&nbsp;&nbsp;Cyfrowy Polsat SA \* | 16441 | 80441 |
| &nbsp;&nbsp;&nbsp;Echo Investment SA \* | 1732 | 2369 |
| &nbsp;&nbsp;&nbsp;Enea SA \* | 30606 | 166092 |
| &nbsp;&nbsp;&nbsp;Inter Cars SA | 72 | 11206 |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz SA \* | 10823 | 387056 |
| &nbsp;&nbsp;&nbsp;Mirbud SA | 5445 | 20621 |
| &nbsp;&nbsp;&nbsp;ORLEN SA | 47293 | 1077242 |
| &nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna SA \* | 71611 | 226594 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia SA \* | 125505 | 292909 |
|  |  | 2839554 |
| **Russia — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC, ADR \*§ | 162760 |  |
| &nbsp;&nbsp;&nbsp;Lukoil PJSC, ADR \*§ | 15271 |  |
| &nbsp;&nbsp;&nbsp;RusHydro PJSC, ADR \*§ | 61905 |  |
| &nbsp;&nbsp;&nbsp;VTB Bank PJSC, GDR \*§ | 92145 |  |
| **Singapore — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;China XLX Fertiliser Ltd. | 44000 | 30772 |
|  |  | 30772 |
| **South Africa — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group Ltd. | 55314 | 549898 |
| &nbsp;&nbsp;&nbsp;AECI Ltd. @ | 8481 | 50775 |
| &nbsp;&nbsp;&nbsp;African Rainbow Minerals Ltd. @ | 3656 | 35534 |
| &nbsp;&nbsp;&nbsp;Aspen Pharmacare Holdings Ltd. | 16981 | 114612 |
| &nbsp;&nbsp;&nbsp;Astral Foods Ltd. | 2628 | 26361 |
| &nbsp;&nbsp;&nbsp;Barloworld Ltd. | 18289 | 116643 |
| &nbsp;&nbsp;&nbsp;DataTec Ltd. | 24388 | 89872 |
| &nbsp;&nbsp;&nbsp;Exxaro Resources Ltd. | 14326 | 118897 |
| &nbsp;&nbsp;&nbsp;Foschini Group Ltd. (The) | 32332 | 235444 |
| &nbsp;&nbsp;&nbsp;Grindrod Ltd. | 52062 | 36671 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Co. Ltd. | 2362 | 32662 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. \* | 50405 | 452496 |
| &nbsp;&nbsp;&nbsp;KAP Ltd. \* | 176418 | 20428 |
| &nbsp;&nbsp;&nbsp;Lewis Group Ltd. | 3337 | 15166 |
| &nbsp;&nbsp;&nbsp;Life Healthcare Group Holdings Ltd. | 60968 | 49177 |
| &nbsp;&nbsp;&nbsp;Momentum Group Ltd. | 65482 | 126831 |
| &nbsp;&nbsp;&nbsp;Motus Holdings Ltd. | 16747 | 88996 |
| &nbsp;&nbsp;&nbsp;Mpact Ltd. | 15365 | 22131 |
| &nbsp;&nbsp;&nbsp;MTN Group Ltd. | 127458 | 1013976 |
| &nbsp;&nbsp;&nbsp;Naspers Ltd., Class N | 1718 | 535221 |
| &nbsp;&nbsp;&nbsp;Nedbank Group Ltd. | 27090 | 371911 |
| &nbsp;&nbsp;&nbsp;Netcare Ltd. | 99919 | 78733 |
| &nbsp;&nbsp;&nbsp;Northam Platinum Holdings Ltd. @ | 13269 | 143687 |
| &nbsp;&nbsp;&nbsp;Oceana Group Ltd. @ | 10541 | 31182 |
| &nbsp;&nbsp;&nbsp;Old Mutual Ltd. | 439975 | 299965 |
| &nbsp;&nbsp;&nbsp;Omnia Holdings Ltd. | 16030 | 71984 |
| &nbsp;&nbsp;&nbsp;Pepkor Holdings Ltd. ± | 170124 | 261666 |
| &nbsp;&nbsp;&nbsp;PPC Ltd. @ | 93872 | 27413 |
| &nbsp;&nbsp;&nbsp;Raubex Group Ltd. | 16897 | 42472 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **South Africa (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Reunert Ltd. | 12692 | $41222 |
| &nbsp;&nbsp;&nbsp;Sanlam Ltd. | 2107 | 10553 |
| &nbsp;&nbsp;&nbsp;Sappi Ltd. | 59313 | 99705 |
| &nbsp;&nbsp;&nbsp;Sasol Ltd. \* | 33052 | 147041 |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater Ltd. @\* | 132381 | 241226 |
| &nbsp;&nbsp;&nbsp;Southern Sun Ltd. | 54046 | 26926 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group Ltd. | 77175 | 991859 |
| &nbsp;&nbsp;&nbsp;Super Group Ltd. @ | 29786 | 26600 |
| &nbsp;&nbsp;&nbsp;Telkom SA SOC Ltd. \* | 28405 | 86609 |
| &nbsp;&nbsp;&nbsp;Thungela Resources Ltd. | 6203 | 29709 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum Ltd. | 3909 | 174501 |
| &nbsp;&nbsp;&nbsp;Zeda Ltd. | 20449 | 14219 |
|  |  | 6950974 |
| **Taiwan — 19.9%** |  |  |
| &nbsp;&nbsp;&nbsp;91APP, Inc. | 8000 | 22949 |
| &nbsp;&nbsp;&nbsp;AcBel Polytech, Inc. | 51000 | 45480 |
| &nbsp;&nbsp;&nbsp;Acer, Inc. | 165884 | 172062 |
| &nbsp;&nbsp;&nbsp;Acter Group Corp. Ltd. | 5000 | 68037 |
| &nbsp;&nbsp;&nbsp;Actron Technology Corp. | 3000 | 12016 |
| &nbsp;&nbsp;&nbsp;ADATA Technology Co. Ltd. \* | 20450 | 65525 |
| &nbsp;&nbsp;&nbsp;Advanced International Multitech Co. Ltd. | 8000 | 17609 |
| &nbsp;&nbsp;&nbsp;Advanced Power Electronics Corp. | 1000 | 2787 |
| &nbsp;&nbsp;&nbsp;Advanced Wireless Semiconductor Co. | 8000 | 21334 |
| &nbsp;&nbsp;&nbsp;Advancetek Enterprise Co. Ltd. | 13000 | 31997 |
| &nbsp;&nbsp;&nbsp;Allied Supreme Corp. | 3000 | 25828 |
| &nbsp;&nbsp;&nbsp;Alltek Technology Corp. | 10000 | 12717 |
| &nbsp;&nbsp;&nbsp;Alpha Networks, Inc. | 11000 | 10732 |
| &nbsp;&nbsp;&nbsp;Altek Corp. | 14014 | 18878 |
| &nbsp;&nbsp;&nbsp;Ambassador Hotel (The) | 14000 | 21159 |
| &nbsp;&nbsp;&nbsp;AMPOC Far-East Co. Ltd. | 8000 | 26455 |
| &nbsp;&nbsp;&nbsp;AmTRAN Technology Co. Ltd. | 64775 | 31044 |
| &nbsp;&nbsp;&nbsp;Anpec Electronics Corp. | 3000 | 18383 |
| &nbsp;&nbsp;&nbsp;Apex International Co. Ltd. \* | 17132 | 13606 |
| &nbsp;&nbsp;&nbsp;Arcadyan Technology Corp. | 11000 | 75500 |
| &nbsp;&nbsp;&nbsp;Ardentec Corp. | 39092 | 101437 |
| &nbsp;&nbsp;&nbsp;Argosy Research, Inc. | 3000 | 16380 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 233000 | 1176486 |
| &nbsp;&nbsp;&nbsp;Asia Cement Corp. | 134269 | 196035 |
| &nbsp;&nbsp;&nbsp;Asia Optical Co., Inc. | 5000 | 23449 |
| &nbsp;&nbsp;&nbsp;ASROCK, Inc. | 2000 | 18759 |
| &nbsp;&nbsp;&nbsp;Asustek Computer, Inc. | 36000 | 793646 |
| &nbsp;&nbsp;&nbsp;Aten International Co. Ltd. | 5000 | 10081 |
| &nbsp;&nbsp;&nbsp;AUO Corp. | 454400 | 192107 |
| &nbsp;&nbsp;&nbsp;Axiomtek Co. Ltd. | 8000 | 24346 |
| &nbsp;&nbsp;&nbsp;Bank of Kaohsiung Co. Ltd. | 64606 | 26761 |
| &nbsp;&nbsp;&nbsp;BenQ Materials Corp. | 15000 | 12093 |
| &nbsp;&nbsp;&nbsp;BES Engineering Corp. | 91000 | 35513 |
| &nbsp;&nbsp;&nbsp;Bioteque Corp. | 3000 | 12118 |
| &nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 8029 | 233075 |
| &nbsp;&nbsp;&nbsp;Brighton-Best International Taiwan, Inc. | 17000 | 19728 |
| &nbsp;&nbsp;&nbsp;Capital Securities Corp. | 152437 | 102279 |
| &nbsp;&nbsp;&nbsp;Castles Technology Co. Ltd. | 4200 | 8842 |
| &nbsp;&nbsp;&nbsp;Catcher Technology Co. Ltd. | 34000 | 246748 |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding Co. Ltd. | 417170 | 896833 |
| &nbsp;&nbsp;&nbsp;Cathay Real Estate Development Co. Ltd. | 70000 | 46608 |
| &nbsp;&nbsp;&nbsp;Cenra, Inc. | 9500 | 11773 |
| &nbsp;&nbsp;&nbsp;Center Laboratories, Inc. | 12000 | 15692 |
| &nbsp;&nbsp;&nbsp;Century Iron & Steel Industrial Co. Ltd. | 6000 | 48679 |
| &nbsp;&nbsp;&nbsp;Chailease Holding Co. Ltd. | 103533 | 448341 |
| &nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank Ltd. | 316768 | 202778 |
| &nbsp;&nbsp;&nbsp;Chang Wah Electromaterials, Inc. | 20000 | 26017 |
| &nbsp;&nbsp;&nbsp;Chang Wah Technology Co. Ltd. | 11000 | 11504 |
| &nbsp;&nbsp;&nbsp;Channel Well Technology Co. Ltd. | 13000 | 36047 |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Enterprise | 12000 | 52376 |
| &nbsp;&nbsp;&nbsp;CHC Healthcare Group | 7000 | 10771 |
| &nbsp;&nbsp;&nbsp;Cheng Loong Corp. | 82000 | 49404 |
| &nbsp;&nbsp;&nbsp;Cheng Shin Rubber Industry Co. Ltd. | 131000 | 169513 |
| &nbsp;&nbsp;&nbsp;Cheng Uei Precision Industry Co. Ltd. | 34543 | 61253 |
| &nbsp;&nbsp;&nbsp;Chia Hsin Cement Corp. | 22440 | 11254 |
| &nbsp;&nbsp;&nbsp;Chicony Electronics Co. Ltd. | 30000 | 133507 |
| &nbsp;&nbsp;&nbsp;Chicony Power Technology Co. Ltd. | 6000 | 21875 |
| &nbsp;&nbsp;&nbsp;Chin-Poon Industrial Co. Ltd. | 36000 | 39621 |
| &nbsp;&nbsp;&nbsp;China Airlines Ltd. | 278111 | 205641 |
| &nbsp;&nbsp;&nbsp;China Bills Finance Corp. | 89000 | 45396 |
| &nbsp;&nbsp;&nbsp;China Man-Made Fiber Corp. \* | 72018 | 14989 |
| &nbsp;&nbsp;&nbsp;China Metal Products | 31000 | 28016 |
| &nbsp;&nbsp;&nbsp;China Motor Corp. | 22478 | 47323 |
| &nbsp;&nbsp;&nbsp;China Steel Chemical Corp. | 8000 | 25195 |
| &nbsp;&nbsp;&nbsp;China Steel Corp. | 569800 | 366707 |
| &nbsp;&nbsp;&nbsp;Chipbond Technology Corp. | 42000 | 76777 |
| &nbsp;&nbsp;&nbsp;ChipMOS Technologies, Inc. | 28897 | 26659 |
| &nbsp;&nbsp;&nbsp;ChipMOS Technologies, Inc., ADR @ | 328 | 5940 |
| &nbsp;&nbsp;&nbsp;Chong Hong Construction Co. Ltd. | 12000 | 34917 |
| &nbsp;&nbsp;&nbsp;Chun Yuan Steel Industry Co. Ltd. | 30000 | 19307 |
| &nbsp;&nbsp;&nbsp;Chung-Hsin Electric & Machinery Manufacturing Corp. | 12000 | 66548 |
| &nbsp;&nbsp;&nbsp;Chunghwa Precision Test Tech Co. Ltd. | 1000 | 28653 |
| &nbsp;&nbsp;&nbsp;Cleanaway Co. Ltd. | 6000 | 37382 |
| &nbsp;&nbsp;&nbsp;Clevo Co. | 28000 | 42750 |
| &nbsp;&nbsp;&nbsp;CMC Magnetics Corp. | 31979 | 8769 |
| &nbsp;&nbsp;&nbsp;Co-Tech Development Corp. | 17000 | 33811 |
| &nbsp;&nbsp;&nbsp;Compal Electronics, Inc. | 288000 | 285910 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Taiwan (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Compeq Manufacturing Co. Ltd. | 96000 | $190278 |
| &nbsp;&nbsp;&nbsp;Concord Securities Co. Ltd. | 38850 | 15228 |
| &nbsp;&nbsp;&nbsp;Continental Holdings Corp. | 42000 | 33356 |
| &nbsp;&nbsp;&nbsp;Coretronic Corp. | 15800 | 29586 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co. Ltd. | 518280 | 775326 |
| &nbsp;&nbsp;&nbsp;CTCI Corp. | 33000 | 29428 |
| &nbsp;&nbsp;&nbsp;CyberPower Systems, Inc. | 2000 | 17698 |
| &nbsp;&nbsp;&nbsp;D-Link Corp. | 15640 | 9129 |
| &nbsp;&nbsp;&nbsp;DA CIN Construction Co. Ltd. | 21200 | 41076 |
| &nbsp;&nbsp;&nbsp;Da-Li Development Co. Ltd. | 13692 | 22709 |
| &nbsp;&nbsp;&nbsp;Darfon Electronics Corp. | 17000 | 19583 |
| &nbsp;&nbsp;&nbsp;Depo Auto Parts Ind Co. Ltd. | 8000 | 52444 |
| &nbsp;&nbsp;&nbsp;Dimerco Express Corp. | 8000 | 20129 |
| &nbsp;&nbsp;&nbsp;Dyaco International, Inc. | 9022 | 6717 |
| &nbsp;&nbsp;&nbsp;Dynamic Holding Co. Ltd. | 21000 | 32565 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding Co. Ltd. | 113000 | 127073 |
| &nbsp;&nbsp;&nbsp;ECOVE Environment Corp. | 2000 | 20539 |
| &nbsp;&nbsp;&nbsp;Edom Technology Co. Ltd. | 10000 | 8969 |
| &nbsp;&nbsp;&nbsp;Elan Microelectronics Corp. | 13000 | 54070 |
| &nbsp;&nbsp;&nbsp;Elitegroup Computer Systems Co. Ltd. | 35877 | 22537 |
| &nbsp;&nbsp;&nbsp;Ennoconn Corp. | 6116 | 60297 |
| &nbsp;&nbsp;&nbsp;Ennostar, Inc. | 44414 | 53822 |
| &nbsp;&nbsp;&nbsp;EnTie Commercial Bank Co. Ltd. | 68000 | 31309 |
| &nbsp;&nbsp;&nbsp;Eternal Materials Co. Ltd. | 42300 | 34753 |
| &nbsp;&nbsp;&nbsp;Eurocharm Holdings Co. Ltd. | 3000 | 13864 |
| &nbsp;&nbsp;&nbsp;Eva Airways Corp. | 241478 | 329829 |
| &nbsp;&nbsp;&nbsp;Evergreen Aviation Technologies Corp. | 11000 | 39539 |
| &nbsp;&nbsp;&nbsp;Evergreen International Storage & Transport Corp. | 54000 | 62574 |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Corp. Taiwan Ltd. | 74583 | 508079 |
| &nbsp;&nbsp;&nbsp;EVERGREEN Steel Corp. | 13000 | 37827 |
| &nbsp;&nbsp;&nbsp;Everlight Chemical Industrial Corp. | 56000 | 30864 |
| &nbsp;&nbsp;&nbsp;Everlight Electronics Co. Ltd. | 32000 | 76900 |
| &nbsp;&nbsp;&nbsp;Excelsior Medical Co. Ltd. | 12733 | 36876 |
| &nbsp;&nbsp;&nbsp;Far Eastern Department Stores Ltd. | 85220 | 62722 |
| &nbsp;&nbsp;&nbsp;Far Eastern International Bank | 144478 | 63801 |
| &nbsp;&nbsp;&nbsp;Far Eastern New Century Corp. | 211338 | 238019 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications Co. Ltd. | 99000 | 303656 |
| &nbsp;&nbsp;&nbsp;Farglory Land Development Co. Ltd. | 26721 | 58634 |
| &nbsp;&nbsp;&nbsp;Feng Hsin Steel Co. Ltd. | 17000 | 38176 |
| &nbsp;&nbsp;&nbsp;First Financial Holding Co. Ltd. | 595556 | 592253 |
| &nbsp;&nbsp;&nbsp;First Steamship Co. Ltd. \* | 58240 | 11643 |
| &nbsp;&nbsp;&nbsp;FIT Holding Co. Ltd. | 9000 | 14511 |
| &nbsp;&nbsp;&nbsp;Fitipower Integrated Technology, Inc. \* | 5600 | 41887 |
| &nbsp;&nbsp;&nbsp;FLEXium Interconnect, Inc. \* | 17000 | 32706 |
| &nbsp;&nbsp;&nbsp;Flytech Technology Co. Ltd. | 5000 | 20454 |
| &nbsp;&nbsp;&nbsp;FocalTech Systems Co. Ltd. | 8000 | 18102 |
| &nbsp;&nbsp;&nbsp;Forcecon Tech Co. Ltd. | 5142 | 20243 |
| &nbsp;&nbsp;&nbsp;Formosa Advanced Technologies Co. Ltd. | 20000 | 19102 |
| &nbsp;&nbsp;&nbsp;Formosa Chemicals & Fibre Corp. | 176000 | 137971 |
| &nbsp;&nbsp;&nbsp;Formosa Laboratories, Inc. | 5000 | 11879 |
| &nbsp;&nbsp;&nbsp;Formosa Petrochemical Corp. | 61000 | 75175 |
| &nbsp;&nbsp;&nbsp;Formosa Plastics Corp. | 183000 | 218320 |
| &nbsp;&nbsp;&nbsp;Formosa Sumco Technology Corp. | 5000 | 13436 |
| &nbsp;&nbsp;&nbsp;Formosa Taffeta Co. Ltd. | 49000 | 26167 |
| &nbsp;&nbsp;&nbsp;Formosan Union Chemical | 48179 | 29605 |
| &nbsp;&nbsp;&nbsp;Foxconn Technology Co. Ltd. | 46127 | 100269 |
| &nbsp;&nbsp;&nbsp;Foxsemicon Integrated Technology, Inc. | 4000 | 40737 |
| &nbsp;&nbsp;&nbsp;FSP Technology, Inc. | 8000 | 15336 |
| &nbsp;&nbsp;&nbsp;Fu Hua Innovation Co. Ltd. | 20529 | 23542 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding Co. Ltd. | 517877 | 1547674 |
| &nbsp;&nbsp;&nbsp;Fulltech Fiber Glass Corp. \* | 14717 | 18238 |
| &nbsp;&nbsp;&nbsp;Fusheng Precision Co. Ltd. | 5000 | 50835 |
| &nbsp;&nbsp;&nbsp;G Shank Enterprise Co. Ltd. | 10589 | 25773 |
| &nbsp;&nbsp;&nbsp;Gamania Digital Entertainment Co. Ltd. | 13000 | 33288 |
| &nbsp;&nbsp;&nbsp;Gemtek Technology Corp. \* | 47000 | 42154 |
| &nbsp;&nbsp;&nbsp;General Interface Solution GIS Holding Ltd. \* | 18000 | 24771 |
| &nbsp;&nbsp;&nbsp;Genius Electronic Optical Co. Ltd. | 4000 | 57237 |
| &nbsp;&nbsp;&nbsp;Getac Holdings Corp. | 21000 | 79796 |
| &nbsp;&nbsp;&nbsp;Giant Manufacturing Co. Ltd. | 20000 | 74285 |
| &nbsp;&nbsp;&nbsp;Gigabyte Technology Co. Ltd. | 18000 | 174380 |
| &nbsp;&nbsp;&nbsp;Global Brands Manufacture Ltd. | 21000 | 64124 |
| &nbsp;&nbsp;&nbsp;Global Mixed Mode Technology, Inc. | 3000 | 22131 |
| &nbsp;&nbsp;&nbsp;Global PMX Co. Ltd. | 2000 | 8421 |
| &nbsp;&nbsp;&nbsp;Globalwafers Co. Ltd. | 15000 | 154816 |
| &nbsp;&nbsp;&nbsp;Gloria Material Technology Corp. | 34392 | 40794 |
| &nbsp;&nbsp;&nbsp;Goldsun Building Materials Co. Ltd. | 82973 | 111201 |
| &nbsp;&nbsp;&nbsp;Grand Pacific Petrochemical \* | 119612 | 38162 |
| &nbsp;&nbsp;&nbsp;Grape King Bio Ltd. | 10000 | 42962 |
| &nbsp;&nbsp;&nbsp;Great Wall Enterprise Co. Ltd. | 44330 | 100005 |
| &nbsp;&nbsp;&nbsp;Greatek Electronics, Inc. | 16000 | 31603 |
| &nbsp;&nbsp;&nbsp;Hannstar Board Corp. | 23814 | 50136 |
| &nbsp;&nbsp;&nbsp;HannStar Display Corp. \* | 35000 | 8531 |
| &nbsp;&nbsp;&nbsp;HannsTouch Holdings Co. \* | 32279 | 6696 |
| &nbsp;&nbsp;&nbsp;Hey Song Corp. | 18750 | 25642 |
| &nbsp;&nbsp;&nbsp;Highwealth Construction Corp. | 93462 | 132457 |
| &nbsp;&nbsp;&nbsp;Hiwin Technologies Corp. | 19000 | 136588 |
| &nbsp;&nbsp;&nbsp;Ho Tung Chemical Corp. | 63688 | 16351 |
| &nbsp;&nbsp;&nbsp;Holy Stone Enterprise Co. Ltd. | 10500 | 28036 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | 654068 | 3604852 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Taiwan (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Hong Pu Real Estate Development Co. Ltd. | 20000 | $20505 |
| &nbsp;&nbsp;&nbsp;Hong TAI Electric Industrial | 32000 | 41462 |
| &nbsp;&nbsp;&nbsp;Hota Industrial Manufacturing Co. Ltd. | 13000 | 25767 |
| &nbsp;&nbsp;&nbsp;Hotai Finance Co. Ltd. | 14000 | 32254 |
| &nbsp;&nbsp;&nbsp;Hsin Kuang Steel Co. Ltd. | 13000 | 17467 |
| &nbsp;&nbsp;&nbsp;Hu Lane Associate, Inc. | 4100 | 18456 |
| &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings Co. Ltd. | 315300 | 293583 |
| &nbsp;&nbsp;&nbsp;Hua Yu Lien Development Co. Ltd. | 3000 | 12016 |
| &nbsp;&nbsp;&nbsp;Huaku Development Co. Ltd. \* | 17700 | 64833 |
| &nbsp;&nbsp;&nbsp;Huang Hsiang Construction Corp. | 9015 | 13316 |
| &nbsp;&nbsp;&nbsp;Hung Sheng Construction Ltd. | 13688 | 11761 |
| &nbsp;&nbsp;&nbsp;I-Sheng Electric Wire & Cable Co. Ltd. | 9000 | 16052 |
| &nbsp;&nbsp;&nbsp;IBF Financial Holdings Co. Ltd. | 128807 | 59306 |
| &nbsp;&nbsp;&nbsp;Ichia Technologies, Inc. | 11000 | 15269 |
| &nbsp;&nbsp;&nbsp;IEI Integration Corp. | 8000 | 21334 |
| &nbsp;&nbsp;&nbsp;Innodisk Corp. | 2000 | 16226 |
| &nbsp;&nbsp;&nbsp;Innolux Corp. | 405645 | 162469 |
| &nbsp;&nbsp;&nbsp;Inpaq Technology Co. Ltd. | 9000 | 21782 |
| &nbsp;&nbsp;&nbsp;Inventec Corp. | 179282 | 259607 |
| &nbsp;&nbsp;&nbsp;ITE Technology, Inc. | 6000 | 28961 |
| &nbsp;&nbsp;&nbsp;ITEQ Corp. | 15000 | 44776 |
| &nbsp;&nbsp;&nbsp;Kedge Construction Co. Ltd. | 4080 | 11453 |
| &nbsp;&nbsp;&nbsp;Kenda Rubber Industrial Co. Ltd. | 34650 | 25799 |
| &nbsp;&nbsp;&nbsp;Kerry TJ Logistics Co. Ltd. | 9000 | 10429 |
| &nbsp;&nbsp;&nbsp;KGI Financial Holding Co. Ltd. | 1154559 | 590876 |
| &nbsp;&nbsp;&nbsp;Kindom Development Co. Ltd. | 25200 | 43478 |
| &nbsp;&nbsp;&nbsp;King Yuan Electronics Co. Ltd. | 58100 | 202869 |
| &nbsp;&nbsp;&nbsp;King's Town Bank Co. Ltd. \* | 90000 | 162057 |
| &nbsp;&nbsp;&nbsp;Kinpo Electronics | 111000 | 76946 |
| &nbsp;&nbsp;&nbsp;Kinsus Interconnect Technology Corp. | 28000 | 80227 |
| &nbsp;&nbsp;&nbsp;KS Terminals, Inc. | 6000 | 10311 |
| &nbsp;&nbsp;&nbsp;Kung Long Batteries Industrial Co. Ltd. | 8000 | 38203 |
| &nbsp;&nbsp;&nbsp;Kuo Toong International Co. Ltd. | 16000 | 29467 |
| &nbsp;&nbsp;&nbsp;Kuo Yang Construction Co. Ltd. | 14000 | 9585 |
| &nbsp;&nbsp;&nbsp;Kwong Lung Enterprise Co. Ltd. | 12000 | 20909 |
| &nbsp;&nbsp;&nbsp;L&K Engineering Co. Ltd. | 7397 | 77611 |
| &nbsp;&nbsp;&nbsp;Lanner Electronics, Inc. | 6000 | 15610 |
| &nbsp;&nbsp;&nbsp;Largan Precision Co. Ltd. | 7000 | 570314 |
| &nbsp;&nbsp;&nbsp;Lealea Enterprise Co. Ltd. \* | 83200 | 18314 |
| &nbsp;&nbsp;&nbsp;Lelon Electronics Corp. | 10000 | 26017 |
| &nbsp;&nbsp;&nbsp;Li Peng Enterprise Co. Ltd. \* | 41000 | 8309 |
| &nbsp;&nbsp;&nbsp;Lien Hwa Industrial Holdings Corp. | 53968 | 79441 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology Corp. | 127874 | 483708 |
| &nbsp;&nbsp;&nbsp;Longchen Paper & Packaging Co. Ltd. \* | 92459 | 28201 |
| &nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | 4000 | 184856 |
| &nbsp;&nbsp;&nbsp;Lotus Pharmaceutical Co. Ltd. | 10000 | 75825 |
| &nbsp;&nbsp;&nbsp;Lumax International Corp. Ltd. | 4000 | 13419 |
| &nbsp;&nbsp;&nbsp;Lung Yen Life Service Corp. \* | 16000 | 34397 |
| &nbsp;&nbsp;&nbsp;Macronix International Co. Ltd. \* | 72171 | 52500 |
| &nbsp;&nbsp;&nbsp;Makalot Industrial Co. Ltd. | 2000 | 16158 |
| &nbsp;&nbsp;&nbsp;Marketech International Corp. | 5000 | 32350 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2000 | 85581 |
| &nbsp;&nbsp;&nbsp;Mega Financial Holding Co. Ltd. | 324287 | 455702 |
| &nbsp;&nbsp;&nbsp;Mercuries & Associates Holding Ltd. | 19184 | 8078 |
| &nbsp;&nbsp;&nbsp;Mercuries Life Insurance Co. Ltd. \* | 79251 | 13511 |
| &nbsp;&nbsp;&nbsp;Merida Industry Co. Ltd. | 15000 | 52889 |
| &nbsp;&nbsp;&nbsp;Merry Electronics Co. Ltd. | 15226 | 57335 |
| &nbsp;&nbsp;&nbsp;Micro-Star International Co. Ltd. | 42000 | 206319 |
| &nbsp;&nbsp;&nbsp;Mitac Holdings Corp. \* | 48637 | 110720 |
| &nbsp;&nbsp;&nbsp;MOSA Industrial Corp. \* | 9616 | 5185 |
| &nbsp;&nbsp;&nbsp;Motech Industries, Inc. | 17000 | 10242 |
| &nbsp;&nbsp;&nbsp;Nak Sealing Technologies Corp. | 3000 | 11656 |
| &nbsp;&nbsp;&nbsp;Namchow Holdings Co. Ltd. | 7000 | 9789 |
| &nbsp;&nbsp;&nbsp;Nan Kang Rubber Tire Co. Ltd. | 9000 | 11215 |
| &nbsp;&nbsp;&nbsp;Nan Pao Resins Chemical Co. Ltd. | 2000 | 20505 |
| &nbsp;&nbsp;&nbsp;Nan Ya Plastics Corp. | 256000 | 239244 |
| &nbsp;&nbsp;&nbsp;Nan Ya Printed Circuit Board Corp. | 15000 | 57511 |
| &nbsp;&nbsp;&nbsp;Nantex Industry Co. Ltd. | 10000 | 8130 |
| &nbsp;&nbsp;&nbsp;Nanya Technology Corp. \* | 78000 | 136711 |
| &nbsp;&nbsp;&nbsp;Nichidenbo Corp. \* | 6000 | 15569 |
| &nbsp;&nbsp;&nbsp;Nuvoton Technology Corp. | 9000 | 22275 |
| &nbsp;&nbsp;&nbsp;O-Bank Co. Ltd. | 91943 | 29051 |
| &nbsp;&nbsp;&nbsp;Ocean Plastics Co. Ltd. | 9000 | 11138 |
| &nbsp;&nbsp;&nbsp;Orient Semiconductor Electronics Ltd. | 30485 | 40073 |
| &nbsp;&nbsp;&nbsp;Oriental Union Chemical Corp. | 57000 | 23122 |
| &nbsp;&nbsp;&nbsp;Pan German Universal Motors Ltd. \* | 2000 | 19786 |
| &nbsp;&nbsp;&nbsp;Pan Jit International, Inc. | 24600 | 42106 |
| &nbsp;&nbsp;&nbsp;Pan-International Industrial Corp. | 34380 | 47194 |
| &nbsp;&nbsp;&nbsp;Parade Technologies Ltd. | 3000 | 61208 |
| &nbsp;&nbsp;&nbsp;PChome Online, Inc. \* | 408 | 480 |
| &nbsp;&nbsp;&nbsp;Pegatron Corp. | 139249 | 366093 |
| &nbsp;&nbsp;&nbsp;Pegavision Corp. | 2000 | 20334 |
| &nbsp;&nbsp;&nbsp;Phison Electronics Corp. | 9000 | 154971 |
| &nbsp;&nbsp;&nbsp;Pixart Imaging, Inc. | 8000 | 62851 |
| &nbsp;&nbsp;&nbsp;Pou Chen Corp. \* | 137133 | 145292 |
| &nbsp;&nbsp;&nbsp;Powerchip Semiconductor Manufacturing Corp. \* | 65000 | 34267 |
| &nbsp;&nbsp;&nbsp;Powertech Technology, Inc. | 49000 | 220577 |
| &nbsp;&nbsp;&nbsp;President Securities Corp. | 86636 | 66878 |
| &nbsp;&nbsp;&nbsp;Primax Electronics Ltd. | 25000 | 62389 |
| &nbsp;&nbsp;&nbsp;Prince Housing & Development Corp. | 77970 | 24743 |
| &nbsp;&nbsp;&nbsp;Promate Electronic Co. Ltd. | 8000 | 20896 |
| &nbsp;&nbsp;&nbsp;Qisda Corp. | 129400 | 115393 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Taiwan (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Quanta Storage, Inc. | 13000 | $39473 |
| &nbsp;&nbsp;&nbsp;Radiant Opto-Electronics Corp. | 27000 | 124315 |
| &nbsp;&nbsp;&nbsp;Radium Life Tech Co. Ltd. | 41409 | 17294 |
| &nbsp;&nbsp;&nbsp;Raydium Semiconductor Corp. | 4000 | 50116 |
| &nbsp;&nbsp;&nbsp;Rechi Precision Co. Ltd. | 30000 | 25007 |
| &nbsp;&nbsp;&nbsp;Rich Development Co. Ltd. | 20577 | 6121 |
| &nbsp;&nbsp;&nbsp;Ritek Corp. \* | 29000 | 9977 |
| &nbsp;&nbsp;&nbsp;Ruentex Development Co. Ltd. | 67600 | 68845 |
| &nbsp;&nbsp;&nbsp;Ruentex Industries Ltd. | 22891 | 41923 |
| &nbsp;&nbsp;&nbsp;Run Long Construction Co. Ltd. | 34000 | 35092 |
| &nbsp;&nbsp;&nbsp;Sakura Development Co. Ltd. | 7000 | 15935 |
| &nbsp;&nbsp;&nbsp;Sampo Corp. | 31600 | 27368 |
| &nbsp;&nbsp;&nbsp;San Fang Chemical Industry Co. Ltd. | 13000 | 16889 |
| &nbsp;&nbsp;&nbsp;Sanyang Motor Co. Ltd. | 41573 | 88377 |
| &nbsp;&nbsp;&nbsp;ScinoPharm Taiwan Ltd. | 14000 | 8147 |
| &nbsp;&nbsp;&nbsp;SDI Corp. | 10000 | 24408 |
| &nbsp;&nbsp;&nbsp;Sercomm Corp. | 18000 | 58538 |
| &nbsp;&nbsp;&nbsp;Sesoda Corp. | 17193 | 17892 |
| &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank Ltd. (The) | 219618 | 348839 |
| &nbsp;&nbsp;&nbsp;Shih Wei Navigation Co. Ltd. \* | 17554 | 9074 |
| &nbsp;&nbsp;&nbsp;Shihlin Electric & Engineering Corp. | 11000 | 67592 |
| &nbsp;&nbsp;&nbsp;Shin Kong Financial Holding Co. Ltd. \* | 771851 | 298573 |
| &nbsp;&nbsp;&nbsp;Shin Zu Shing Co. Ltd. | 9064 | 66556 |
| &nbsp;&nbsp;&nbsp;Shinkong Insurance Co. Ltd. | 11000 | 36903 |
| &nbsp;&nbsp;&nbsp;Shinkong Synthetic Fibers Corp. | 108151 | 44983 |
| &nbsp;&nbsp;&nbsp;Sigurd Microelectronics Corp. \* | 42694 | 115899 |
| &nbsp;&nbsp;&nbsp;Simplo Technology Co. Ltd. | 9000 | 118616 |
| &nbsp;&nbsp;&nbsp;Sinbon Electronics Co. Ltd. | 9000 | 67318 |
| &nbsp;&nbsp;&nbsp;Sincere Navigation Corp. \* | 27810 | 20659 |
| &nbsp;&nbsp;&nbsp;Sino-American Silicon Products, Inc. | 33000 | 103139 |
| &nbsp;&nbsp;&nbsp;Sinon Corp. | 37000 | 52881 |
| &nbsp;&nbsp;&nbsp;SinoPac Financial Holdings Co. Ltd. | 607213 | 503031 |
| &nbsp;&nbsp;&nbsp;Sinyi Realty, Inc. | 11000 | 9452 |
| &nbsp;&nbsp;&nbsp;Sitronix Technology Corp. | 9000 | 62389 |
| &nbsp;&nbsp;&nbsp;Soft-World International Corp. | 4000 | 14309 |
| &nbsp;&nbsp;&nbsp;Solar Applied Materials Technology Corp. | 5000 | 9294 |
| &nbsp;&nbsp;&nbsp;Sporton International, Inc. | 4000 | 23210 |
| &nbsp;&nbsp;&nbsp;Sports Gear Co. Ltd. | 4000 | 14583 |
| &nbsp;&nbsp;&nbsp;St. Shine Optical Co. Ltd. | 5000 | 26530 |
| &nbsp;&nbsp;&nbsp;Standard Chemical & Pharmaceutical Co. Ltd. | 5000 | 9756 |
| &nbsp;&nbsp;&nbsp;Standard Foods Corp. | 31000 | 34755 |
| &nbsp;&nbsp;&nbsp;Sunny Friend Environmental Technology Co. Ltd. | 4000 | 9941 |
| &nbsp;&nbsp;&nbsp;Sunonwealth Electric Machine Industry Co. Ltd. | 12000 | 41284 |
| &nbsp;&nbsp;&nbsp;Sunplus Technology Co. Ltd. \* | 12000 | 7784 |
| &nbsp;&nbsp;&nbsp;Sunrex Technology Corp. | 6000 | 9222 |
| &nbsp;&nbsp;&nbsp;Superalloy Industrial Co. Ltd. | 12000 | 21731 |
| &nbsp;&nbsp;&nbsp;Supreme Electronics Co. Ltd. | 40000 | 61550 |
| &nbsp;&nbsp;&nbsp;Swancor Holding Co. Ltd. | 5000 | 11998 |
| &nbsp;&nbsp;&nbsp;Syncmold Enterprise Corp. | 5000 | 11964 |
| &nbsp;&nbsp;&nbsp;Synmosa Biopharma Corp. | 16354 | 20490 |
| &nbsp;&nbsp;&nbsp;Synnex Technology International Corp. | 77300 | 170414 |
| &nbsp;&nbsp;&nbsp;Systex Corp. | 9000 | 32196 |
| &nbsp;&nbsp;&nbsp;T3EX Global Holdings Corp. | 4000 | 9873 |
| &nbsp;&nbsp;&nbsp;TA Chen Stainless Pipe | 105444 | 125073 |
| &nbsp;&nbsp;&nbsp;Ta Ya Electric Wire & Cable | 47250 | 61303 |
| &nbsp;&nbsp;&nbsp;TA-I Technology Co. Ltd. | 6000 | 8452 |
| &nbsp;&nbsp;&nbsp;TAI-TECH Advanced Electronics Co. Ltd. | 3000 | 9756 |
| &nbsp;&nbsp;&nbsp;Taichung Commercial Bank Co. Ltd. | 261949 | 196829 |
| &nbsp;&nbsp;&nbsp;TaiDoc Technology Corp. | 7000 | 30073 |
| &nbsp;&nbsp;&nbsp;Taiflex Scientific Co. Ltd. | 26923 | 42119 |
| &nbsp;&nbsp;&nbsp;Tainan Spinning Co. Ltd. | 21427 | 9792 |
| &nbsp;&nbsp;&nbsp;Taishin Financial Holding Co. Ltd. | 782353 | 421815 |
| &nbsp;&nbsp;&nbsp;Taiwan Business Bank | 482976 | 253789 |
| &nbsp;&nbsp;&nbsp;Taiwan Cogeneration Corp. | 27000 | 41269 |
| &nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding Co. Ltd. | 339897 | 287979 |
| &nbsp;&nbsp;&nbsp;Taiwan Fertilizer Co. Ltd. | 48000 | 87252 |
| &nbsp;&nbsp;&nbsp;Taiwan Fire & Marine Insurance Co. Ltd. | 12000 | 12960 |
| &nbsp;&nbsp;&nbsp;Taiwan FU Hsing Industrial Co. Ltd. | 21000 | 33284 |
| &nbsp;&nbsp;&nbsp;Taiwan Glass Industry Corp. \* | 81321 | 44541 |
| &nbsp;&nbsp;&nbsp;Taiwan Hon Chuan Enterprise Co. Ltd. | 26612 | 143937 |
| &nbsp;&nbsp;&nbsp;Taiwan Navigation Co. Ltd. | 22000 | 21050 |
| &nbsp;&nbsp;&nbsp;Taiwan Paiho Ltd. | 12000 | 22183 |
| &nbsp;&nbsp;&nbsp;Taiwan PCB Techvest Co. Ltd. | 28000 | 29330 |
| &nbsp;&nbsp;&nbsp;Taiwan Sakura Corp. | 6000 | 17561 |
| &nbsp;&nbsp;&nbsp;Taiwan Sanyo Electric Co. Ltd. | 10000 | 13299 |
| &nbsp;&nbsp;&nbsp;Taiwan Secom Co. Ltd. | 4000 | 15062 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Co. Ltd. | 10000 | 16449 |
| &nbsp;&nbsp;&nbsp;Taiwan Shin Kong Security Co. Ltd. | 19100 | 27167 |
| &nbsp;&nbsp;&nbsp;Taiwan Surface Mounting Technology Corp. | 21518 | 76608 |
| &nbsp;&nbsp;&nbsp;Taiwan Union Technology Corp. | 11000 | 85667 |
| &nbsp;&nbsp;&nbsp;Tatung Co. Ltd. | 98800 | 134272 |
| &nbsp;&nbsp;&nbsp;TCC Group Holdings Co. Ltd. | 380971 | 332561 |
| &nbsp;&nbsp;&nbsp;TCI Co. Ltd. | 5000 | 20882 |
| &nbsp;&nbsp;&nbsp;Teco Electric & Machinery Co. Ltd. | 65000 | 105248 |
| &nbsp;&nbsp;&nbsp;Test Research, Inc. | 11000 | 54977 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| **Taiwan (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Thinking Electronic Industrial Co. Ltd. | 4000 | $18143 |
| &nbsp;&nbsp;&nbsp;Thye Ming Industrial Co. Ltd. | 8000 | 19088 |
| &nbsp;&nbsp;&nbsp;Ton Yi Industrial Corp. | 82000 | 55159 |
| &nbsp;&nbsp;&nbsp;Tong Hsing Electronic Industries Ltd. | 12870 | 47141 |
| &nbsp;&nbsp;&nbsp;Tong Yang Industry Co. Ltd. | 29921 | 100583 |
| &nbsp;&nbsp;&nbsp;Topco Scientific Co. Ltd. \* | 8115 | 76255 |
| &nbsp;&nbsp;&nbsp;Topkey Corp. | 3000 | 19256 |
| &nbsp;&nbsp;&nbsp;TPK Holding Co. Ltd. \* | 34000 | 36256 |
| &nbsp;&nbsp;&nbsp;Transcend Information, Inc. | 10000 | 34404 |
| &nbsp;&nbsp;&nbsp;Tripod Technology Corp. | 29000 | 245704 |
| &nbsp;&nbsp;&nbsp;TSRC Corp. | 26000 | 15976 |
| &nbsp;&nbsp;&nbsp;TTY Biopharm Co. Ltd. | 17000 | 43996 |
| &nbsp;&nbsp;&nbsp;Tung Ho Steel Enterprise Corp. | 47290 | 102797 |
| &nbsp;&nbsp;&nbsp;TXC Corp. | 16000 | 46994 |
| &nbsp;&nbsp;&nbsp;TYC Brother Industrial Co. Ltd. | 21000 | 33716 |
| &nbsp;&nbsp;&nbsp;U-Ming Marine Transport Corp. | 27000 | 44735 |
| &nbsp;&nbsp;&nbsp;Uni-President Enterprises Corp. | 284000 | 787485 |
| &nbsp;&nbsp;&nbsp;Unimicron Technology Corp. | 87000 | 339518 |
| &nbsp;&nbsp;&nbsp;Union Bank of Taiwan | 74090 | 45400 |
| &nbsp;&nbsp;&nbsp;Unitech Printed Circuit Board Corp. \* | 55184 | 46283 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. | 499513 | 755802 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp., ADR @ | 56252 | 430328 |
| &nbsp;&nbsp;&nbsp;United Orthopedic Corp. | 7000 | 24442 |
| &nbsp;&nbsp;&nbsp;United Renewable Energy Co. Ltd. \* | 24000 | 5348 |
| &nbsp;&nbsp;&nbsp;Universal Cement Corp. | 49205 | 46911 |
| &nbsp;&nbsp;&nbsp;Vanguard International Semiconductor Corp. | 47576 | 163679 |
| &nbsp;&nbsp;&nbsp;Visco Vision, Inc. | 2000 | 12529 |
| &nbsp;&nbsp;&nbsp;VisEra Technologies Co. Ltd. | 3000 | 23774 |
| &nbsp;&nbsp;&nbsp;Vizionfocus, Inc. | 2000 | 12461 |
| &nbsp;&nbsp;&nbsp;Wafer Works Corp. | 35503 | 26252 |
| &nbsp;&nbsp;&nbsp;Wah Lee Industrial Corp. | 18420 | 59651 |
| &nbsp;&nbsp;&nbsp;Walsin Lihwa Corp. | 160198 | 118454 |
| &nbsp;&nbsp;&nbsp;Walsin Technology Corp. | 28000 | 77927 |
| &nbsp;&nbsp;&nbsp;Wan Hai Lines Ltd. | 58000 | 176708 |
| &nbsp;&nbsp;&nbsp;Wei Chuan Foods Corp. | 14000 | 7764 |
| &nbsp;&nbsp;&nbsp;Weikeng Industrial Co. Ltd. | 32945 | 37555 |
| &nbsp;&nbsp;&nbsp;Win Semiconductors Corp. | 25000 | 74199 |
| &nbsp;&nbsp;&nbsp;Winbond Electronics Corp. \* | 222378 | 153393 |
| &nbsp;&nbsp;&nbsp;Winstek Semiconductor Co. Ltd. | 3000 | 9695 |
| &nbsp;&nbsp;&nbsp;Wisdom Marine Lines Co. Ltd. | 27019 | 50131 |
| &nbsp;&nbsp;&nbsp;Wistron Corp. | 174431 | 731473 |
| &nbsp;&nbsp;&nbsp;WNC Corp. | 26429 | 109925 |
| &nbsp;&nbsp;&nbsp;WPG Holdings Ltd. | 95400 | 229258 |
| &nbsp;&nbsp;&nbsp;WT Microelectronics Co. Ltd. | 34360 | 151145 |
| &nbsp;&nbsp;&nbsp;Xxentria Technology Materials Corp. | 10900 | 17332 |
| &nbsp;&nbsp;&nbsp;Yageo Corp. | 29950 | 497253 |
| &nbsp;&nbsp;&nbsp;Yang Ming Marine Transport Corp. | 106000 | 257997 |
| &nbsp;&nbsp;&nbsp;YC INOX Co. Ltd. | 29977 | 22730 |
| &nbsp;&nbsp;&nbsp;Yea Shin International Development Co. Ltd. | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;Yem Chio Co. Ltd. | 22666 | 12221 |
| &nbsp;&nbsp;&nbsp;YFY, Inc. | 110385 | 86533 |
| &nbsp;&nbsp;&nbsp;Yieh Phui Enterprise Co. Ltd. | 56254 | 29463 |
| &nbsp;&nbsp;&nbsp;Youngtek Electronics Corp. | 12000 | 24935 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding Co. Ltd. | 676113 | 790403 |
| &nbsp;&nbsp;&nbsp;Yulon Finance Corp. | 16000 | 56415 |
| &nbsp;&nbsp;&nbsp;Yulon Motor Co. Ltd. | 54247 | 62488 |
| &nbsp;&nbsp;&nbsp;YungShin Global Holding Corp. | 7000 | 14258 |
| &nbsp;&nbsp;&nbsp;Zeng Hsing Industrial Co. Ltd. | 2148 | 7346 |
| &nbsp;&nbsp;&nbsp;Zero One Technology Co. Ltd. | 9000 | 32812 |
| &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding Ltd. | 55000 | 189220 |
| &nbsp;&nbsp;&nbsp;Zippy Technology Corp. | 12000 | 21238 |
| &nbsp;&nbsp;&nbsp;Zyxel Group Corp. | 31438 | 29219 |
|  |  | 40543218 |
| **Thailand — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AP Thailand PCL | 242500 | 46622 |
| &nbsp;&nbsp;&nbsp;Bangchak Corp. PCL | 73300 | 68771 |
| &nbsp;&nbsp;&nbsp;Bangkok Bank PCL | 56300 | 240726 |
| &nbsp;&nbsp;&nbsp;Bangkok Bank PCL, NVDR | 13300 | 56868 |
| &nbsp;&nbsp;&nbsp;Bangkok Commercial Asset Management PCL | 116500 | 25444 |
| &nbsp;&nbsp;&nbsp;Bangkok Life Assurance PCL, NVDR | 26800 | 12696 |
| &nbsp;&nbsp;&nbsp;Banpu PCL | 429750 | 53143 |
| &nbsp;&nbsp;&nbsp;Berli Jucker PCL | 64800 | 38072 |
| &nbsp;&nbsp;&nbsp;BKI Holdings PCL | 2100 | 18087 |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Foods PCL | 149400 | 105701 |
| &nbsp;&nbsp;&nbsp;CP Axtra PCL | 56521 | 31122 |
| &nbsp;&nbsp;&nbsp;Energy Absolute PCL \* | 103600 | 6246 |
| &nbsp;&nbsp;&nbsp;GFPT PCL | 33300 | 9014 |
| &nbsp;&nbsp;&nbsp;Kasikornbank PCL, NVDR | 27100 | 127961 |
| &nbsp;&nbsp;&nbsp;Kiatnakin Phatra Bank PCL | 21900 | 30483 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank PCL | 204575 | 134039 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | 76900 | 259024 |
| &nbsp;&nbsp;&nbsp;PTT Global Chemical PCL | 143128 | 87615 |
| &nbsp;&nbsp;&nbsp;PTT PCL | 826300 | 762533 |
| &nbsp;&nbsp;&nbsp;Quality Houses PCL | 368100 | 20042 |
| &nbsp;&nbsp;&nbsp;Regional Container Lines PCL | 17100 | 13545 |
| &nbsp;&nbsp;&nbsp;Sansiri PCL | 1106700 | 61278 |
| &nbsp;&nbsp;&nbsp;Siam Cement PCL (The) | 31500 | 162787 |
| &nbsp;&nbsp;&nbsp;Sri Trang Agro-Industry PCL | 57200 | 20938 |
| &nbsp;&nbsp;&nbsp;Sri Trang Gloves Thailand PCL | 50900 | 9473 |
| &nbsp;&nbsp;&nbsp;Star Petroleum Refining PCL | 80000 | 12427 |

---

 

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

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Thailand (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Stecon Group PCL \* | 70300 | $15894 |
| &nbsp;&nbsp;&nbsp;Supalai PCL | 115700 | 51606 |
| &nbsp;&nbsp;&nbsp;Thai Oil PCL | 78877 | 65511 |
| &nbsp;&nbsp;&nbsp;Thanachart Capital PCL | 17800 | 25050 |
| &nbsp;&nbsp;&nbsp;TMBThanachart Bank PCL | 534672 | 30920 |
| &nbsp;&nbsp;&nbsp;TPI Polene PCL | 676600 | 17067 |
| &nbsp;&nbsp;&nbsp;TPI Polene Power PCL | 179000 | 11783 |
| &nbsp;&nbsp;&nbsp;WHA Corp. PCL | 253200 | 24612 |
|  |  | 2657100 |
| ***Turkey — 0.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alarko Holding AS | 8981 | 18698 |
| &nbsp;&nbsp;&nbsp;Albaraka Turk Katilim Bankasi AS | 137184 | 28183 |
| &nbsp;&nbsp;&nbsp;Arcelik AS \* | 3037 | 9343 |
| &nbsp;&nbsp;&nbsp;Dogan Sirketler Grubu Holding AS | 84330 | 32976 |
| &nbsp;&nbsp;&nbsp;Dogus Otomotiv Servis ve Ticaret AS | 5901 | 25817 |
| &nbsp;&nbsp;&nbsp;Enka Insaat ve Sanayi AS | 52886 | 88259 |
| &nbsp;&nbsp;&nbsp;Eregli Demir ve Celik Fabrikalari TAS | 123498 | 82688 |
| &nbsp;&nbsp;&nbsp;Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D \* | 72396 | 43855 |
| &nbsp;&nbsp;&nbsp;KOC Holding AS | 52203 | 201901 |
| &nbsp;&nbsp;&nbsp;Petkim Petrokimya Holding AS \* | 66430 | 28712 |
| &nbsp;&nbsp;&nbsp;Sekerbank Turk AS | 183608 | 30388 |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO | 44707 | 318311 |
| &nbsp;&nbsp;&nbsp;Turk Telekomunikasyon AS \* | 26876 | 39722 |
| &nbsp;&nbsp;&nbsp;Turkcell Iletisim Hizmetleri AS | 50598 | 122182 |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri AS | 50270 | 176750 |
| &nbsp;&nbsp;&nbsp;Turkiye Sise ve Cam Fabrikalari AS | 63955 | 57887 |
|  |  | 1305672 |
| ***United Arab Emirates — 1.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 145289 | 533272 |
| &nbsp;&nbsp;&nbsp;Abu Dhabi National Hotels | 397983 | 53966 |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Ports Co. PJSC \* | 54207 | 60073 |
| &nbsp;&nbsp;&nbsp;Agthia Group PJSC | 11305 | 13421 |
| &nbsp;&nbsp;&nbsp;Ajman Bank PJSC | 47877 | 19163 |
| &nbsp;&nbsp;&nbsp;Amanat Holdings PJSC | 45835 | 13978 |
| &nbsp;&nbsp;&nbsp;Aramex PJSC \* | 21960 | 16683 |
| &nbsp;&nbsp;&nbsp;Bank of Sharjah \* | 40477 | 10614 |
| &nbsp;&nbsp;&nbsp;Dana Gas PJSC | 486882 | 97705 |
| &nbsp;&nbsp;&nbsp;Deyaar Development PJSC | 130763 | 35249 |
| &nbsp;&nbsp;&nbsp;Dubai Investments PJSC | 188914 | 131683 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 303884 | 1125312 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | 115027 | 714103 |
| &nbsp;&nbsp;&nbsp;EMSTEEL Building Materials PJSC \* | 112430 | 41328 |
| &nbsp;&nbsp;&nbsp;Ghitha Holding PJSC \* | 1680 | 13742 |
| &nbsp;&nbsp;&nbsp;Modon Holding PSC \* | 40046 | 37946 |
| &nbsp;&nbsp;&nbsp;Multiply Group PJSC \* | 133955 | 87903 |
| &nbsp;&nbsp;&nbsp;National Central Cooling Co. PJSC | 13972 | 10804 |
| &nbsp;&nbsp;&nbsp;RAK Properties PJSC \* | 118699 | 46541 |
| &nbsp;&nbsp;&nbsp;Ras Al Khaimah Ceramics PJSC | 45645 | 30698 |
|  |  | 3094184 |
| ***United States — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;GCC SAB de CV | 9763 | 93803 |
| &nbsp;&nbsp;&nbsp;JBS NV \* | 1446 | 20816 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS<br> (Identified Cost $159,411,524) |  | 202683993 |
| **PREFERRED STOCKS — 0.8%** |  |  |
| ***Brazil — 0.8%*** |  |  |
| &nbsp;&nbsp;&nbsp;Banco ABC Brasil SA, 7.347% | 9087 | 37448 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco SA, 5.627% | 100741 | 312063 |
| &nbsp;&nbsp;&nbsp;Banco do Estado do Rio Grande do <br> Sul SA, 9.459% | 14808 | 31534 |
| &nbsp;&nbsp;&nbsp;Cia de Ferro Ligas da Bahia Ferbasa, 7.360% | 9200 | 11515 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras, 10.921% | 195991 | 1131987 |
| &nbsp;&nbsp;&nbsp;Raizen SA, 0.607% | 74020 | 22479 |
| &nbsp;&nbsp;&nbsp;Randon SA Implementos e Participacoes, 4.606% | 9200 | 15087 |
|  |  | 1562113 |
| ***Colombia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo de Inversiones Suramericana SA, 3.79% | 4895 | 45053 |
| ***Philippines — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Cebu Air, Inc., 6.000% \* | 12909 | 8800 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCKS <br> (Identified Cost $944,776) |  | 1615966 |
| **RIGHTS AND WARRANTS — 0.0%** |  |  |
| ***India — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Infibeam Avenues Ltd. \*<> | 19336 | 1486 |
| ***Malaysia — 0.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alliance Bank Malaysia Bhd. \*<> | 8611 | 2004 |
| &nbsp;&nbsp;&nbsp;YTL Corp. Bhd. \*<> | 22360 | 4355 |
| &nbsp;&nbsp;&nbsp;TOTAL RIGHTS AND WARRANTS <br> (Identified Cost $0) |  | 7845 |

---

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

 

[**Table of Contents**](#toc)

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **SHORT-TERM INVESTMENTS — 1.1%** |  |  |
| ***Investment Company — 0.1%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund 4.020% | 210317 | $210317 |
| ***Collateral For Securities On Loan — 1.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.350% | 1995184 | 1995184 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS <br> (Identified Cost $2,205,501) |  | 2205501 |
| **Total Investments — 101.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Identified Cost $162,561,801)** |  | **206513305** |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in excess of Cash and Other Assets — (1.4%) |  | (2921345) |
| **Net Assets — 100.0%** |  | $**203591960** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;† | &nbsp;&nbsp;See Note 1 |
| &nbsp;&nbsp;\* | &nbsp;&nbsp;Non-income producing security |
| &nbsp;&nbsp;± | &nbsp;&nbsp;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 June 30, 2025 amounted to $4,774,850 or 2.35% of the net assets of the Fund. |
| &nbsp;&nbsp;@ | &nbsp;&nbsp;A portion or all of the security was held on loan. As of June 30, 2025, the fair value of the securities on loan was $6,044,519. |
| &nbsp;&nbsp;§ | &nbsp;&nbsp;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 |
| &nbsp;&nbsp;<> | &nbsp;&nbsp;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 |

---

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.*

[**Table of Contents**](#toc)

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS — 99.3%** |  |  |
| ***Diversified REITs — 2.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | 6370 | $113577 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. | 1013 | 14901 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | 4156 | 82081 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | 17587 | 282271 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. | 2292 | 39560 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | 11500 | 93035 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 19181 | 612066 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | 3518 | 50413 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | 20205 | 152548 |
| &nbsp;&nbsp;&nbsp;Modiv Industrial, Inc. @ | 764 | 10757 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. | 1495 | 35671 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | 20388 | 1271803 |
|  |  | 2758683 |
| ***Health Care REITs — 11.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 14530 | 1055314 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 3198 | 117494 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 18054 | 552452 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | 2728 | 45367 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | 9600 | 34368 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 5127 | 35530 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 31194 | 494737 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 63793 | 1117015 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | 3972 | 137471 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. @ | 50086 | 215871 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | 4395 | 308177 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 24829 | 909983 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 21315 | 393049 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust, Inc. | 1846 | 43695 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | 1361 | 54399 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 43451 | 2743931 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 35826 | 5507531 |
|  |  | 13766384 |
| ***Hotel & Resort REITs — 2.3%*** |  |  |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 19108 | 222990 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | 5496 | 38307 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 15945 | 122139 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 68688 | 1055048 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 17492 | 178943 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | 9868 | 98581 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | 10992 | 80022 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 5706 | 563011 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 13346 | 31897 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | 10209 | 51964 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 19666 | 170701 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | 9259 | 116385 |
|  |  | 2729988 |
| ***Industrial REITs — 10.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 26726 | 444453 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 4545 | 759560 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 11460 | 551570 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust | 5224 | 23769 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | 2731 | 150806 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 28188 | 232833 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 4195 | 67372 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 79245 | 8330234 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 22254 | 791575 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 18420 | 668278 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 9837 | 551561 |
|  |  | 12572011 |
| ***Office REITs — 3.5%*** |  |  |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 17779 | 76272 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 13815 | 932098 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 5176 | 27640 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | 10197 | 281233 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 15828 | 475315 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | 15452 | 232398 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | 3870 | 85914 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 9799 | 304651 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties @ | 6335 | 109595 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 9917 | 340252 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties @\* | 1572 | 51169 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. \* | 17848 | 108873 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust | 1614 | 21321 |
| &nbsp;&nbsp;&nbsp;Piedmont Realty Trust, Inc. | 10998 | 80175 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A | 1457 | 21462 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | 6778 | 419558 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 15882 | 607328 |
|  |  | 4175254 |
| ***Residential REITs — 14.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | 33305 | 1201311 |
| &nbsp;&nbsp;&nbsp;Apartment Investment & Management Co., Class A | 13399 | 115901 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 12710 | 2586485 |
| &nbsp;&nbsp;&nbsp;Bluerock Homes Trust, Inc. | 412 | 5158 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. | 400 | 6256 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 9247 | 1042045 |
| &nbsp;&nbsp;&nbsp;Centerspace | 1534 | 92332 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. @ | 1167 | 4283 |
| &nbsp;&nbsp;&nbsp;Elme Communities | 7318 | 116356 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 15721 | 969514 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 33819 | 2282444 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 5600 | 1587040 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | 21679 | 383502 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 58813 | 1929067 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 10132 | 1499637 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | 2313 | 77069 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 11398 | 1441733 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 30795 | 1257360 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | 7290 | 122399 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | 7019 | 104513 |
|  |  | 16824405 |
| ***Retail REITs — 15.6%*** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | 11503 | 213611 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 10301 | 752591 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. | 303 | 68272 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 28480 | 741619 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. | 1387 | 35216 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | 9588 | 218894 |

---

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

[**Table of Contents**](#toc)

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **COMMON STOCKS (Continued)** |  |  |
| ***Retail REITs (Continued)*** |  |  |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 7572 | $719264 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 4639 | 128222 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | 6885 | 188649 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 67586 | 1420658 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 20516 | 464687 |
| &nbsp;&nbsp;&nbsp;Macerich Co. (The) | 22929 | 370991 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | 6691 | 113279 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 18414 | 795117 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | 12315 | 431394 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 81823 | 4713823 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 17440 | 1242251 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | 1365 | 46601 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 31957 | 5137407 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | 4794 | 54220 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | 10913 | 333720 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 12150 | 226719 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | 4776 | 59605 |
|  |  | 18476810 |
| ***Specialized REITs — 39.2%*** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 44923 | 9928881 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 39701 | 4078484 |
| &nbsp;&nbsp;&nbsp;CubeSmart | 19730 | 838525 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 30600 | 5334498 |
| &nbsp;&nbsp;&nbsp;EPR Properties | 7659 | 446213 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 8988 | 7149684 |
| &nbsp;&nbsp;&nbsp;Esc War Ind \*§ | 9141 |  |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 19223 | 2834239 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. @ | 9280 | 249725 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | 26141 | 1220262 |
| &nbsp;&nbsp;&nbsp;Global Self Storage, Inc. | 997 | 5324 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 28957 | 2970120 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | 8889 | 1078769 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 7272 | 232631 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 13931 | 227354 |
| &nbsp;&nbsp;&nbsp;Public Storage | 14236 | 4177127 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 10655 | 2502220 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. \* | 20375 | 88020 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 99056 | 3229226 |
|  |  | 46591302 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCKS <br> (Identified Cost $68,295,899) |  | 117894837 |
| **SHORT-TERM INVESTMENTS — 0.8%** |  |  |
| **Investment Company — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund 4.020% | 426821 | 426821 |
| **Collateral For Securities On Loan — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Government Money Market Portfolio 4.350% | 553154 | 553154 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS <br> (Identified Cost $979,975) |  | 979975 |
| **Total Investments — 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Identified Cost $69,275,874)** |  | **118874812** |
| &nbsp;&nbsp;&nbsp;Liabilities in excess of Cash and Other Assets — (0.1%) |  | (150093) |
| **Net Assets — 100.0%** |  | $**118724719** |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;See Note 1 |
| @ | &nbsp;&nbsp;A portion or all of the security was held on loan. As of June 30, 2025, the fair value of the securities on loan was $622,511. |
| \* | &nbsp;&nbsp;Non-income producing security |
| § | &nbsp;&nbsp;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:

REIT — Real Estate Investment Trust

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

[**Table of Contents**](#toc)

SA Worldwide Moderate Growth Fund

PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2025

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE†** |
| **MUTUAL FUNDS — 100.0%** |  |  |
| ***Others — 100.0%*** |  |  |
| &nbsp;&nbsp;&nbsp;SA Emerging Markets Value Fund € | 125288 | $1420767 |
| &nbsp;&nbsp;&nbsp;SA Global Fixed Income Fund € | 351075 | 3135097 |
| &nbsp;&nbsp;&nbsp;SA International Value Fund € | 272585 | 4279589 |
| &nbsp;&nbsp;&nbsp;SA Real Estate Securities Fund € | 54428 | 619394 |
| &nbsp;&nbsp;&nbsp;SA U.S. Core Market Fund € | 94149 | 3570139 |
| &nbsp;&nbsp;&nbsp;SA U.S. Fixed Income Fund € | 326514 | 3147593 |
| &nbsp;&nbsp;&nbsp;SA U.S. Small Company Fund € | 48346 | 1417516 |
| &nbsp;&nbsp;&nbsp;SA U.S. Value Fund € | 156601 | 3567368 |
|  |  | 21157463 |
| &nbsp;&nbsp;&nbsp;TOTAL MUTUAL FUNDS<br> (Identified Cost $17,224,951) |  | 21157463 |
| **Total Investments — 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Identified Cost $17,224,951)** |  | **21157463** |
| &nbsp;&nbsp;&nbsp;Liabilities in excess of Cash and Other Assets — 0.0% |  | (8758) |
| **Net Assets — 100.0%** |  | $**21148705** |

---

† See Note 1

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

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

[**Table of Contents**](#toc)

(This page has been left blank intentionally.)

[**Table of Contents**](#toc)

STATEMENTS OF ASSETS AND LIABILITIES - JUNE 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SA <br> U.S. Fixed<br> Income Fund** | **SA <br> Global Fixed Income Fund** | **SA <br> U.S. Core<br> Market Fund** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value<sup>(1)</sup> | $448476652 | $550221553 | $669300993 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  | 8996 | 172363 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 743571 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  |  | 35265 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 3502193 | 3083276 | 304540 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 901422 | 1024873 | 704947 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts (Note 1) |  | 930027 |  |
| &nbsp;&nbsp;&nbsp;Receivable from the Adviser (Note 2) | 9833 |  | 5154 |
| &nbsp;&nbsp;&nbsp;Receivable for tax reclaims |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 25895 | 30439 | 28760 |
| &nbsp;&nbsp;&nbsp;Other assets |  |  | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | 452915995 | 556042735 | 670552708 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 157637 | 162966 | 327599 |
| &nbsp;&nbsp;&nbsp;Due to custodian bank |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral for securities on loan (Note 1) |  | 2351750 | 127824 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts (Note 1) |  | 9893647 |  |
| &nbsp;&nbsp;&nbsp;Advisory fee payable (Note 2) | 55520 | 111497 | 214684 |
| &nbsp;&nbsp;&nbsp;Sub-Advisory fee payable (Note 2) | 11104 | 13380 | 16101 |
| &nbsp;&nbsp;&nbsp;Sub-Administration fee payable (Note 2) | 20782 | 25573 | 31914 |
| &nbsp;&nbsp;&nbsp;Custody and accounting fees payable | 16247 | 24528 | 29825 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fee payable (Note 2) | 55520 | 66898 | 80506 |
| &nbsp;&nbsp;&nbsp;Transfer agent fee payable | 9480 | 10354 | 11974 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 31572 | 43226 | 25457 |
| &nbsp;&nbsp;&nbsp;Accrued foreign capital gains tax |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 26387 | 49392 | 49444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 384249 | 12753211 | 915328 |
| **NET ASSETS** | $452531746 | $543289524 | $669637380 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $480352900 | $596040380 | $109405651 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<sup>(2)</sup> | (27821154) | (52750856) | 560231729 |
| **NET ASSETS** | $452531746 | $543289524 | $669637380 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized) | 46964725 | 60813503 | 17657555 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $9.64 | $8.93 | $37.92 |
| **Identified cost of unaffiliated investments** | $445165955 | $537138859 | $111046634 |
| **Identified cost of affiliated investments** | $— | $— | $— |
| **Cost of foreign currency** | $— | $734663 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Including securities on loan, at value (see Note 1) | $— | $2671094 | $3112949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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.*

[**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **SA Worldwide<br> Moderate <br> Growth Fund** |
| $523294578 | $297389080 | $602789241 | $271650759 | $206513305 | $118874812 | $— |
|  |  |  |  |  |  | 21157463 |
| 101538 | 84674 | 36994 |  | 6469 | 21361 |  |
|  |  | 1934697 |  | 671491 |  |  |
| 399248 |  | 515025 | 81000 | 327376 |  | 3640 |
| 376175 | 170416 | 1131276 |  | 1171704 | 484583 |  |
| 639497 | 381251 | 440140 | 211200 | 222846 | 155183 |  |
|  |  |  |  | 32452 | 10291 | 17964 |
|  |  | 3206297 |  | 13191 |  |  |
| 27459 | 25811 | 28351 | 25541 | 20625 | 20310 | 26817 |
|  |  |  |  |  | 7426 |  |
| 524838495 | 298051232 | 610082021 | 271968500 | 208979459 | 119573966 | 21205884 |
| 129778 |  |  |  | 141652 | 85886 |  |
| 133364 | 93278 | 501781 | 185205 | 98629 | 76668 | 3640 |
|  |  |  | 80941 |  |  |  |
| 112984 | 2004203 | 32039504 |  | 1995184 | 553154 |  |
| 168397 | 95351 | 210905 | 54548 | 74107 | 34358 |  |
| 42099 | 47675 | 93736 |  | 59285 | 9817 |  |
| 25047 | 15057 | 23560 | 10628 | 8525 | 6111 | 961 |
| 18229 | 20656 | 36396 | 6575 | 88806 | 10553 | 6327 |
| 63149 | 35757 | 70302 | 32729 | 24702 | 14725 |  |
| 11340 | 11093 | 11467 | 10848 | 10042 | 9928 | 298 |
| 25457 | 25457 | 50173 | 25558 | 125938 | 27957 | 25058 |
|  |  |  |  | 2739769 |  |  |
| 40862 | 26418 | 38894 | 16711 | 20860 | 20090 | 20895 |
| 770706 | 2374945 | 33076718 | 423743 | 5387499 | 849247 | 57179 |
| $524067789 | $295676287 | $577005303 | $271544757 | $203591960 | $118724719 | $21148705 |
| $291547225 | $148348984 | $380055881 | $128381448 | $172522517 | $68724333 | $16700544 |
| 232520564 | 147327303 | 196949422 | 143163309 | 31069443 | 50000386 | 4448161 |
| $524067789 | $295676287 | $577005303 | $271544757 | $203591960 | $118724719 | $21148705 |
| 23001567 | 10083595 | 36758917 | 11127146 | 17952016 | 10430744 | 1725651 |
| $22.78 | $29.32 | $15.70 | $24.40 | $11.34 | $11.38 | $12.26 |
| $299935690 | $147065312 | $420285561 | $115484961 | $162561801 | $69275874 | $— |
| $— | $— | $— | $— | $— | $— | $17224951 |
| $— | $— | $1914628 | $— | $670325 | $— | $— |
| $3474943 | $19174877 | $87020911 | $— | $6044519 | $622511 | $— |
| $— | $— | $— | $— | $2739769 | $— | $— |

---

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

[**Table of Contents**](#toc)

STATEMENTS OF OPERATIONS — YEAR ENDED JUNE 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **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 | $— | $— | $8838206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated dividends |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest(1) | 22672653 | 25573912 | 42218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividends |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income |  | 621 | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes withheld |  |  | (1648) |
| &nbsp;&nbsp;&nbsp;**Total Income** | 22672653 | 25574533 | 8882709 |
| &nbsp;&nbsp;&nbsp;**Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (Note 2) | 705938 | 1445230 | 2710045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing fees (Note 2) | 705938 | 867138 | 1016267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Advisory fees (Note 2) | 141188 | 173428 | 194767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Administration fees (Note 2) | 81392 | 100410 | 122563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 2) | 40455 | 40455 | 40455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody and accounting fees | 64089 | 92975 | 112570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 66566 | 71506 | 85459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees \* | 54225 | 73201 | 42792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 24582 | 20782 | 21984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders report printing expenses | 41375 | 43039 | 44575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses \*\* | 28021 | 33709 | 155978 |
| &nbsp;&nbsp;&nbsp;**Total expenses before waivers and reimbursements:** | 1953769 | 2961873 | 4547455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fee waiver by the Adviser (Note 2) | (71267) |  | (18210) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 1882502 | 2961873 | 4529245 |
| &nbsp;&nbsp;&nbsp;**Net investment income** | 20790151 | 22612660 | 4353464 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Realized gain (loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(2)^</sup> | 1705730 | 2055636 | 80819140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | (1203528) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 163030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying funds |  |  |  |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>(3)</sup> | 4656750 | 16700399 | (1870516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts |  | (8398409) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 78264 |  |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gain on investments and foreign currency transactions and translation** | 6362480 | 9395392 | 78948624 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | $27152631 | $32008052 | $83302088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Interest income includes security lending income of: | $— | $25187 | $13662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Net of capital gain country tax of: | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Net of increase of deferred capital gain country tax accrual of: | $— | $— | $— |

---

---

| | |
|:---|:---|
| \* | Professional fees include, but are not limited to, fees associated with legal, audit and tax services. |
| \*\* | Other expenses include, but are not limited to, fees associated with insurance and printing services and ReFlow. |
| ^ | For the year ended June 30, 2025, the SA U.S. Core Market 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 $77,064,264, $50,291,207, $28,467,358, $17,476,902 and $10,550,978 respectively. Net realized gains (losses) on investments includes the realized gain on the transactions of $71,172,826, $36,914,686 $22,247,308, $9,208,791 and $8,619,323, respectively, which will not be realized by the Funds for tax purposes. |

---

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

[**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **SA Worldwide**<br>**Moderate**<br>**Growth Fund** |
| $12857211 | $4321149 | $24688609 | $9107613 | $8861595 | $3839071 | $— |
|  |  |  |  |  |  | 606056 |
| 47337 | 41828 | 335274 |  | 73602 | 13899 |  |
|  |  |  |  |  | 220327 |  |
| 42272 | 66907 | 115 |  | 20 | 6034 |  |
| (618) | (4961) | (2459651) |  | (1125792) |  |  |
| 12946202 | 4424923 | 22564347 | 9107613 | 7809425 | 4079331 | 606056 |
| 2183649 | 1240169 | 2480531 | 631768 | 898220 | 449813 |  |
| 818868 | 465063 | 826844 | 379061 | 299406 | 192777 |  |
| 545912 | 620084 | 1102458 |  | 718575 | 128518 |  |
| 98478 | 57530 | 96284 | 43003 | 34681 | 24374 | 3775 |
| 40455 | 40455 | 40455 | 40455 | 40455 | 40455 | 40455 |
| 71846 | 80412 | 150310 | 25385 | 341391 | 41801 | 24837 |
| 80636 | 78784 | 81276 | 76712 | 71369 | 70181 | 3123 |
| 42713 | 42868 | 45262 | 42713 | 75951 | 48086 | 44494 |
| 20313 | 18954 | 20324 | 18726 | 22356 | 20617 | 21613 |
| 40234 | 45356 | 41485 | 43987 | 41821 | 37781 | 26397 |
|  |  |  |  |  |  | 8096 |
| 113239 | 76302 | 105334 | 27871 | 121871 | 44768 | 17566 |
| 4056343 | 2765977 | 4990563 | 1329681 | 2666096 | 1099171 | 190356 |
|  |  |  |  | (590210) | (114589) | (190356) |
| 4056343 | 2765977 | 4990563 | 1329681 | 2075886 | 984582 |  |
| 8889859 | 1658946 | 17573784 | 7777932 | 5733539 | 3094749 | 606056 |
| 48265461 | 20372606 | 25129760 | 9492777 | 3699201 | 9435267 |  |
|  |  |  |  |  |  | 715945 |
|  |  | 2149 |  | (402) |  |  |
|  |  | 76267 |  | 37730 |  |  |
|  |  |  |  |  |  | 34149 |
| (12453851) | 2220128 | 69385381 | 36122872 | 9661346 | (2098657) |  |
|  |  |  |  |  |  | 1002505 |
|  |  | 308075 |  | 17964 |  |  |
| 35811610 | 22592734 | 94901632 | 45615649 | 13415839 | 7336610 | 1752599 |
| $44701469 | $24251680 | $112475416 | $53393581 | $19149378 | $10431359 | $2358655 |
| $2441 | $29674 | $305859 | $— | $61242 | $948 | $— |
| $— | $— | $— | $— | $348598 | $— | $— |
| $— | $— | $— | $— | $80070 | $— | $— |

---

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

[**Table of Contents**](#toc)

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **SA U.S. Fixed Income Fund** | **SA U.S. Fixed Income Fund** |
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $20790151 | $20664071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 1705730 | (541864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation (depreciation) | 4656750 | 3122347 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 27152631 | 23244554 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders:** | (20812291) | (21020646) |
| &nbsp;&nbsp;&nbsp;**Capital share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 56140618 | 113250771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of distributions reinvested | 20611018 | 20737460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (98100688) | (75205828) |
| &nbsp;&nbsp;&nbsp;**Total capital share transactions** | (21349052) | 58782403 |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (15008712) | 61006311 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | $467540458 | $406534147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $452531746 | $467540458 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold by subscription | 5849368 | 11888797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for distributions reinvested | 2152226 | 2183411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (10197270) | (7876344) |
| **Net increase (decrease) in fund shares** | (2195676) | 6195864 |

---

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

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SA Global Fixed Income Fund** | **SA Global Fixed Income Fund** | **SA U.S. Core Market Fund** | **SA U.S. Core Market Fund** |
| **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| $22612660 | $24976925 | $4353464 | $5278704 |
| 1015138 | 13563990 | 80819140 | 68274335 |
| 8380254 | (7354695) | (1870516) | 64135545 |
| 32008052 | 31186220 | 83302088 | 137688584 |
| (26273786) | (7999993) | (4719534) | (5568395) |
| 51026458 | 57181206 | 124573213 | 115643405 |
| 26011346 | 7903805 | 4568228 | 5392211 |
| (124697528) | (176513811) | (226441644) | (205676471) |
| (47659724) | (111428800) | (97300203) | (84640855) |
| (41925458) | (88242573) | (18717649) | 47479334 |
| $585214982 | $673457555 | $688355029 | $640875695 |
| $543289524 | $585214982 | $669637380 | $688355029 |
| 5769579 | 6542373 | 3508498 | 3883930 |
| 2967649 | 896123 | 126895 | 183284 |
| (14101481) | (20322712) | (6373431) | (6883284) |
| (5364253) | (12884216) | (2738038) | (2816070) |

---

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

[**Table of Contents**](#toc)

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

---

| | | |
|:---|:---|:---|
|  | **SA U.S. Value Fund** | **SA U.S. Value Fund** |
| | **Year Ended June 30, 2025** | **Year Ended June 30, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $8889859 | $8852271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 48265461 | 40878399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation (depreciation) | (12453851) | 29723357 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 44701469 | 79454027 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders:** | (13673954) | (8913929) |
| &nbsp;&nbsp;&nbsp;**Capital share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 90630311 | 81107589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of distributions reinvested | 13404585 | 8705450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (157651926) | (133893450) |
| &nbsp;&nbsp;&nbsp;**Total capital share transactions** | (53617030) | (44080411) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (22589515) | 26459687 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | $546657304 | $520197617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $524067789 | $546657304 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold by subscription | 4073130 | 4027124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for distributions reinvested | 622600 | 438341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (7089915) | (6623520) |
| **Net decrease in fund shares** | (2394185) | (2158055) |

---

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

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SA U.S. Small Company Fund** | **SA U.S. Small Company Fund** | **SA International Value Fund** | **SA International Value Fund** |
| **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| $1658946 | $1683980 | $17573784 | $17447823 |
| 20372606 | 23141832 | 25208176 | 17268559 |
| 2220128 | 8540338 | 69693456 | 30206810 |
| 24251680 | 33366150 | 112475416 | 64923192 |
| (921691) | (11191018) | (18017604) | (18494533) |
| 51383968 | 45969264 | 56764387 | 54729582 |
| 902470 | 10947235 | 17706429 | 18066374 |
| (88472801) | (76159280) | (137413109) | (119158469) |
| (36186363) | (19242781) | (62942293) | (46362513) |
| (12856374) | 2932351 | 31515519 | 66146 |
| $308532661 | $305600310 | $545489784 | $545423638 |
| $295676287 | $308532661 | $577005303 | $545489784 |
| 1784776 | 1767069 | 4116439 | 4270468 |
| 30749 | 414825 | 1393110 | 1453449 |
| (3063338) | (2914439) | (9813938) | (9327226) |
| (1247813) | (732545) | (4304389) | (3603309) |

---

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

[**Table of Contents**](#toc)

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

---

| | | |
|:---|:---|:---|
|  | **SA International Small Company Fund** | **SA International Small Company Fund** |
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $7777932 | $5888135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 9492777 | 3399203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation (depreciation) | 36122872 | 14069593 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 53393581 | 23356931 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders:** | (9214208) | (8184779) |
| &nbsp;&nbsp;&nbsp;**Capital share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 15417654 | 17674837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of distributions reinvested | 9084724 | 8027729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (47003271) | (37799767) |
| &nbsp;&nbsp;&nbsp;**Total capital share transactions** | (22500893) | (12097201) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 21678480 | 3074951 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | $249866277 | $246791326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $271544757 | $249866277 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold by subscription | 728036 | 898013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for distributions reinvested | 461388 | 406262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2189324) | (1910719) |
| **Net decrease in fund shares** | (999900) | (606444) |

---

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

[**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SA Emerging Markets Value Fund** | **SA Emerging Markets Value Fund** | **SA Real Estate Securities Fund** | **SA Real Estate Securities Fund** |
| **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| $5733539 | $5354015 | $3094749 | $3330874 |
| 3736529 | 1868518 | 9435267 | 3774553 |
| 9679310 | 23430961 | (2098657) | (313435) |
| 19149378 | 30653494 | 10431359 | 6791992 |
| (8149574) | (7748185) | (3936900) | (3892573) |
| 20612123 | 19642448 | 22041007 | 20024138 |
| 8058865 | 7626258 | 3882870 | 3818314 |
| (43898238) | (32437930) | (37691123) | (27899113) |
| (15227250) | (5169224) | (11767246) | (4056661) |
| (4227446) | 17736085 | (5272787) | (1157242) |
| $207819406 | $190083321 | $123997506 | $125154748 |
| $203591960 | $207819406 | $118724719 | $123997506 |
| 1958110 | 1990590 | 1893259 | 1916538 |
| 796330 | 796060 | 348552 | 348386 |
| (4189209) | (3273339) | (3243302) | (2654387) |
| (1434769) | (486689) | (1001491) | (389463) |

---

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

[**Table of Contents**](#toc)

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

---

| | | |
|:---|:---|:---|
|  | **SA Worldwide Moderate Growth Fund** | **SA Worldwide Moderate Growth Fund** |
| | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;**Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $606056 | $509936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 750094 | 536860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in unrealized appreciation (depreciation) | 1002505 | 1655169 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from operations** | 2358655 | 2701965 |
| &nbsp;&nbsp;&nbsp;**Distributions to shareholders** | (1336819) | (922426) |
| &nbsp;&nbsp;&nbsp;**Capital share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1829917 | 2621268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of distributions reinvested | 1331288 | 919357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4956668) | (5666665) |
| &nbsp;&nbsp;&nbsp;**Total capital share transactions** | (1795463) | (2126040) |
| &nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (773627) | (346501) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | $21922332 | $22268833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $21148705 | $21922332 |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold by subscription | 153517 | 236147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for distributions reinvested | 116985 | 83426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (418113) | (508686) |
| **Net decrease in fund shares** | (147611) | (189113) |

---

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

[**Table of Contents**](#toc)

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** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**9.51** | $**9.46** | $**9.54** | $**10.12** | $**10.17** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.42<sup>(1)</sup> | 0.44<sup>(1)</sup> | 0.23<sup>(1)</sup> | 0.01<sup>(1)</sup> | (0.02)<sup>(1)(2)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.14 | 0.05 | (0.08) | (0.58) | (0.03)<sup>(2)</sup> |
| Total from investment operations | 0.56 | 0.49 | 0.15 | (0.57) | (0.05) |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.44) | (0.23) | (0.01) | (0.00)<sup>(3)</sup> |
| **Net asset value, end of period** | $**9.64** | $**9.51** | $**9.46** | $**9.54** | $**10.12** |
| Total return | 6.01% | 5.27% | 1.65% | (5.63)% | (0.48)% |
| Net assets, end of period (000s) | $452532 | $467540 | $406534 | $52715 | $68818 |
| Ratio of net expenses to average net assets | 0.40% | 0.40% | 0.41% | 0.63% | 0.64% |
| Ratio of gross expenses to average net assets | 0.42%<sup>(4)</sup> | 0.42%<sup>(4)</sup> | 0.44%<sup>(4)</sup> | 0.63% | 0.64% |
| Ratio of net investment income (loss) to average net assets | 4.42% | 4.57% | 2.46% | 0.10% | (0.15)% |
| Portfolio turnover rate | 69% | 154% | 29% | 203% | 113% |

---

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

<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> Gross expenses before waivers of expenses.

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

[**Table of Contents**](#toc)

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** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**8.84** | $**8.52** | $**8.71** | $**9.44** | $**9.42** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.35<sup>(1)</sup> | 0.36<sup>(1)</sup> | 0.17<sup>(1)</sup> | 0.03<sup>(1)</sup> | (0.03)<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.14 | 0.08 | (0.08) | (0.74) | 0.05 |
| Total from investment operations | 0.49 | 0.44 | 0.09 | (0.71) | 0.02 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.40) | (0.12) | (0.28) | (0.02) |  |
| **Net asset value, end of period** | $**8.93** | $**8.84** | $**8.52** | $**8.71** | $**9.44** |
| Total return | 5.67% | 5.19% | 1.06% | (7.50)% | 0.21% |
| Net assets, end of period (000s) | $543290 | $585215 | $673458 | $80670 | $88378 |
| Ratio of net expenses to average net assets | 0.51% | 0.52% | 0.52% | 0.71% | 0.73% |
| Ratio of gross expenses to average net assets | 0.51% | 0.52% | 0.52% | 0.71% | 0.73% |
| Ratio of net investment income (loss) to average net assets | 3.91% | 4.10% | 2.01% | 0.37% | (0.30)% |
| Portfolio turnover rate | 77% | 182% | 97% | 103% | 111% |

---

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

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

[**Table of Contents**](#toc)

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** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**33.75** | $**27.61** | $**24.52** | $**30.22** | $**23.37** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.23<sup>(1)</sup> | 0.24<sup>(1)</sup> | 0.24<sup>(1)</sup> | 0.14<sup>(1)</sup> | 0.14<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 4.19 | 6.15 | 4.23 | (3.46) | 8.87 |
| Total from investment operations | 4.42 | 6.39 | 4.47 | (3.32) | 9.01 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.25) | (0.22) | (0.11) | (0.22) |
| &nbsp;&nbsp;&nbsp;Capital gains |  |  | (1.16) | (2.27) | (1.94) |
| Total distributions | (0.25) | (0.25) | (1.38) | (2.38) | (2.16) |
| **Net asset value, end of period** | $**37.92** | $**33.75** | $**27.61** | $**24.52** | $**30.22** |
| Total return | 13.13% | 23.29% | 19.19% | (12.44)% | 39.94% |
| Net assets, end of period (000s) | $669637 | $688355 | $640876 | $77555 | $106102 |
| Ratio of net expenses to average net assets | 0.67%<sup>(2)</sup> | 0.67%<sup>(2)</sup> | 0.68%<sup>(2)</sup> | 0.86% | 0.87% |
| Ratio of gross expenses to average net assets | 0.67%<sup>(3)(4)</sup> | 0.68%<sup>(3)(4)</sup> | 0.69%<sup>(3)(4)</sup> | 0.86% | 0.87% |
| Ratio of net investment income to average net assets | 0.64% | 0.81% | 0.94% | 0.48% | 0.53% |
| Portfolio turnover rate | 1% | 1% | 3% | 9% | 1% |

---

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

<sup>(2)</sup> The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.65%

Year ended June 30, 2024 0.65%

Year ended June 30, 2023 0.66%

<sup>(3)</sup> Gross expenses before waivers of expenses.

<sup>(4)</sup> The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.65%

Year ended June 30, 2024 0.66%

Year ended June 30, 2023 0.68%

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

[**Table of Contents**](#toc)

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** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**21.53** | $**18.88** | $**18.28** | $**20.71** | $**14.10** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.36<sup>(1)</sup> | 0.33<sup>(1)</sup> | 0.32<sup>(1)</sup> | 0.26<sup>(1)</sup> | 0.21<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.45 | 2.66 | 1.67 | (1.80) | 6.66 |
| Total from investment operations | 1.81 | 2.99 | 1.99 | (1.54) | 6.87 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.34) | (0.33) | (0.22) | (0.26) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.20) |  | (1.06) | (0.67) |  |
| Total distributions | (0.56) | (0.34) | (1.39) | (0.89) | (0.26) |
| **Net asset value, end of period** | $**22.78** | $**21.53** | $**18.88** | $**18.28** | $**20.71** |
| Total return | 8.58% | 15.96% | 11.31% | (7.88)% | 49.17% |
| Net assets, end of period (000s) | $524068 | $546657 | $520198 | $59594 | $80613 |
| Ratio of net expenses to average net assets | 0.74%<sup>(2)</sup> | 0.74%<sup>(2)</sup> | 0.77%<sup>(2)</sup> | 0.94% | 0.95% |
| Ratio of gross expenses to average net assets | 0.74%<sup>(3)</sup> | 0.74%<sup>(3)</sup> | 0.77%<sup>(3)</sup> | 0.94% | 0.95% |
| Ratio of net investment income to average net assets | 1.63% | 1.66% | 1.72% | 1.26% | 1.24% |
| Portfolio turnover rate | 11% | 6% | 5% | 10% | 5% |

---

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

<sup>(2)</sup> The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.73%

Year ended June 30, 2024 0.73%

Year ended June 30, 2023 0.75%

<sup>(3)</sup> The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.73%

Year ended June 30, 2024 0.73%

Year ended June 30, 2023 0.75%

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

[**Table of Contents**](#toc)

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** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**27.23** | $**25.33** | $**22.68** | $**33.74** | $**21.77** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.15<sup>(1)</sup> | 0.14<sup>(1)</sup> | 0.15<sup>(1)</sup> | 0.09<sup>(1)</sup> | 0.06<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.03 | 2.72 | 3.25 | (4.02) | 12.60 |
| Total from investment operations | 2.18 | 2.86 | 3.40 | (3.93) | 12.66 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.14) | (0.12) | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;Capital gains |  | (0.82) | (0.63) | (7.06) | (0.63) |
| Total distributions | (0.09) | (0.96) | (0.75) | (7.13) | (0.69) |
| **Net asset value, end of period** | $**29.32** | $**27.23** | $**25.33** | $**22.68** | $**33.74** |
| Total return | 7.99% | 11.43% | 15.29% | (15.24)% | 58.84% |
| Net assets, end of period (000s) | $295676 | $308533 | $305600 | $34945 | $59623 |
| Ratio of net expenses to average net assets | 0.89%<sup>(2)</sup> | 0.89%<sup>(2)</sup> | 0.91%<sup>(2)</sup> | 1.09% | 1.14% |
| Ratio of gross expenses to average net assets | 0.89%<sup>(4)</sup> | 0.89%<sup>(3)(4)</sup> | 0.91%<sup>(3)(4)</sup> | 1.09% | 1.14% |
| Ratio of net investment income to average net assets | 0.54% | 0.55% | 0.60% | 0.31% | 0.20% |
| Portfolio turnover rate | 3% | 7% | 8% | 7% | 7% |

---

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

<sup>(2)</sup> The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.88%

Year ended June 30, 2024 0.88%

Year ended June 30, 2023 0.90%

<sup>(3)</sup> Gross expenses before waivers of expenses.

<sup>(4)</sup> The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.88%

Year ended June 30, 2024 0.88%

Year ended June 30, 2023 0.90%

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

[**Table of Contents**](#toc)

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SA International Value Fund** | **SA International Value Fund** | **SA International Value Fund** | **SA International Value Fund** | **SA International Value Fund** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**13.28** | $**12.21** | $**10.86** | $**12.25** | $**8.71** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.44<sup>(1)</sup> | 0.41<sup>(1)</sup> | 0.41<sup>(1)</sup> | 0.41<sup>(1)</sup> | 0.28<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.44 | 1.10 | 1.39 | (1.43) | 3.48 |
| Total from investment operations | 2.88 | 1.51 | 1.80 | (1.02) | 3.76 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.46) | (0.44) | (0.45) | (0.37) | (0.22) |
| **Net asset value, end of period** | $**15.70** | $**13.28** | $**12.21** | $**10.86** | $**12.25** |
| Total return | 22.47% | 12.57% | 17.05% | (8.57)% | 43.64% |
| Net assets, end of period (000s) | $577005 | $545490 | $545424 | $56827 | $80507 |
| Ratio of net expenses to average net assets | 0.91%<sup>(2)</sup> | 0.90%<sup>(2)</sup> | 0.91%<sup>(2)</sup> | 1.11% | 1.11% |
| Ratio of gross expenses to average net assets | 0.91%<sup>(4)</sup> | 0.91%<sup>(3)(4)</sup> | 0.93%<sup>(3)(4)</sup> | 1.11% | 1.11% |
| Ratio of net investment income to average net assets | 3.19% | 3.20% | 3.63% | 3.36% | 2.64% |
| Portfolio turnover rate | 9% | 12% | 11% | 12% | 9% |

---

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

<sup>(2)</sup> The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.90%

Year ended June 30, 2024 0.90%

Year ended June 30, 2023 0.91%

<sup>(3)</sup> Gross expenses before waivers of expenses.

<sup>(4)</sup> The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.90%

Year ended June 30, 2024 0.91%

Year ended June 30, 2023 0.92%

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

[**Table of Contents**](#toc)

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** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**20.60** | $**19.38** | $**18.39** | $**24.44** | $**17.32** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.66<sup>(1)</sup> | 0.47<sup>(1)</sup> | 0.45<sup>(1)</sup> | 0.44<sup>(1)</sup> | 0.24<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 3.93 | 1.41 | 1.64 | (5.16) | 7.31 |
| Total from investment operations | 4.59 | 1.88 | 2.09 | (4.72) | 7.55 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.59) | (0.51) | (0.33) | (0.57) | (0.24) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.20) | (0.15) | (0.77) | (0.76) | (0.19) |
| Total distributions | (0.79) | (0.66) | (1.10) | (1.33) | (0.43) |
| **Net asset value, end of period** | $**24.40** | $**20.60** | $**19.38** | $**18.39** | $**24.44** |
| Total return | 23.19% | 9.86% | 11.85% | (20.33)% | 43.94% |
| Net assets, end of period (000s) | $271545 | $249866 | $246791 | $26761 | $43416 |
| Ratio of net expenses to average net assets<sup>†</sup> | 0.53% | 0.52% | 0.55% | 0.74% | 0.75% |
| Ratio of gross expenses to average net assets<sup>†</sup> | 0.53% | 0.52% | 0.55%<sup>(2)</sup> | 0.74% | 0.75%<sup>(2)</sup> |
| Ratio of net investment income to average net assets<sup>†(3)</sup> | 3.08% | 2.39% | 2.43% | 1.92% | 1.11% |
| Portfolio turnover rate<sup>(4)</sup> | 4% | 4% | 7% | 8% | 2% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | The DFA International Small Company Portfolio expenses are not included in the stated expense information of the SA International Small Co. Fund. Financial statements and other information about the DFA Portfolio are available at https://www.dimensional.com. |

---

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

<sup>(2)</sup> Gross expenses before waivers of expenses.

<sup>(3)</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>(4)</sup> The SA International Small Company Fund invests substantially all of its assets in the DFA Portfolio. Financial statements and other information about the DFA Portfolio are available at https://www.dimensional.com.

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

[**Table of Contents**](#toc)

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** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**10.72** | $**9.56** | $**9.20** | $**11.15** | $**7.75** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.30<sup>(1)</sup> | 0.27<sup>(1)</sup> | 0.35<sup>(1)</sup> | 0.32<sup>(1)</sup> | 0.17<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.76 | 1.29 | 0.32 | (1.97) | 3.40 |
| Total from investment operations | 1.06 | 1.56 | 0.67 | (1.65) | 3.57 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.44) | (0.40) | (0.31) | (0.30) | (0.17) |
| **Net asset value, end of period** | $**11.34** | $**10.72** | $**9.56** | $**9.20** | $**11.15** |
| Total return | 10.33% | 16.83% | 7.72% | (15.07)% | 46.51% |
| Net assets, end of period (000s) | $203592 | $207819 | $190083 | $17439 | $24222 |
| Ratio of net expenses to average net assets | 1.04% | 1.04% | 1.05% | 1.24% | 1.32% |
| Ratio of gross expenses to average net assets<sup>(2)</sup> | 1.34% | 1.34% | 1.34% | 1.54% | 1.61% |
| Ratio of net investment income to average net assets | 2.87% | 2.75% | 3.82% | 3.05% | 1.83% |
| Portfolio turnover rate | 17% | 13% | 12% | 19% | 22% |

---

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

<sup>(2)</sup> Gross expenses before waivers of expenses.

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

[**Table of Contents**](#toc)

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** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**10.85** | $**10.59** | $**12.00** | $**13.95** | $**11.02** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.28<sup>(1)</sup> | 0.29<sup>(1)</sup> | 0.29<sup>(1)</sup> | 0.15<sup>(1)</sup> | 0.17<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.61 | 0.31 | (0.91) | (0.85) | 3.20 |
| Total from investment operations | 0.89 | 0.60 | (0.62) | (0.70) | 3.37 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.30) | (0.19) | (0.13) | (0.29) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.04) | (0.04) | (0.60) | (1.12) | (0.15) |
| Total distributions | (0.36) | (0.34) | (0.79) | (1.25) | (0.44) |
| **Net asset value, end of period** | $**11.38** | $**10.85** | $**10.59** | $**12.00** | $**13.95** |
| Total return | 8.29% | 5.61% | (4.95)% | (6.51)% | 31.57% |
| Net assets, end of period (000s) | $118725 | $123998 | $125155 | $15527 | $23828 |
| Ratio of net expenses to average net assets | 0.77%<sup>(2)</sup> | 0.76%<sup>(2)</sup> | 0.77%<sup>(2)</sup> | 0.95% | 0.95% |
| Ratio of gross expenses to average net assets<sup>(3)</sup> | 0.86%<sup>(4)</sup> | 0.86%<sup>(4)</sup> | 0.87%<sup>(4)</sup> | 1.02% | 1.05% |
| Ratio of net investment income to average net assets | 2.41% | 2.73% | 2.67% | 1.04% | 1.44% |
| Portfolio turnover rate | 5% | 2% | 2% | 2% | 4% |

---

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

<sup>(2)</sup> The ratio of net expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.75%

Year ended June 30, 2024 0.75%

Year ended June 30, 2023 0.76%

<sup>(3)</sup> Gross expenses before waivers of expenses.

<sup>(4)</sup> The ratio of gross expenses to average net assets excluding ReFlow liquidity program fee were as follows:

Year ended June 30, 2025 0.84%

Year ended June 30, 2024 0.85%

Year ended June 30, 2023 0.86%

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

[**Table of Contents**](#toc)

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** |
|  | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** | **Year Ended June 30,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of period** | $**11.70** | $**10.80** | $**10.59** | $**12.16** | $**9.54** |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.33<sup>(1)</sup> | 0.26<sup>(1)</sup> | 0.26<sup>(1)</sup> | 0.16<sup>(1)</sup> | 0.14<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.98 | 1.11 | 0.79 | (1.19) | 3.01 |
| Total from investment operations | 1.31 | 1.37 | 1.05 | (1.03) | 3.15 |
| **Less distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.38) | (0.21) | (0.27) | (0.16) | (0.20) |
| &nbsp;&nbsp;&nbsp;Capital gains | (0.37) | (0.26) | (0.57) | (0.38) | (0.33) |
| Total distributions | (0.75) | (0.47) | (0.84) | (0.54) | (0.53) |
| **Net asset value, end of period** | $**12.26** | $**11.70** | $**10.80** | $**10.59** | $**12.16** |
| Total return | 11.69% | 12.87% | 10.57% | (8.97)% | 33.71% |
| Net assets, end of period (000s) | $21149 | $21922 | $22269 | $23172 | $27169 |
| Ratio of net expenses to average net assets<sup>(2)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Ratio of gross expenses to average net assets<sup>(2)(3)</sup> | 0.88% | 0.86% | 0.78% | 0.67% | 0.69% |
| Ratio of net investment income to average net assets<sup>(2)(4)</sup> | 2.79% | 2.31% | 2.46% | 1.38% | 1.24% |
| Portfolio turnover rate | 9% | 11% | 115% | 25% | 11% |

---

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

<sup>(2)</sup> These ratios exclude the impact of the underlying affiliated funds as represented in the Portfolio of Investments.

<sup>(3)</sup> Gross expenses before waivers of expenses.

<sup>(4)</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.*

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025

**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.

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 June 30, 2025, the SA International Small Company Fund held approximately 2.10% 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. Financial statements and other information about the DFA International Small Company Portfolio are available at https://www.dimensional.com.

The SA Worldwide Moderate Growth Fund invested substantially all of its assets in the Underlying SA Funds. The Underlying SA Funds managed by Focus Partners Advisor Solutions, LLC (formerly, Buckingham Strategic Partners, LLC) (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.

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

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 (the "Board" or "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.

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.

**Fair Value Measurement —** The Board has adopted 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.

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

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 or Valuation Designee's own assumptions used to determine the fair value of investments).

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

The tables below provide a summary of the inputs as of June 30, 2025, in valuing each Fund's investments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |  | |
| <br>**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> June 30, 2025** |
| **SA U.S. Fixed Income Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Yankee Corporate Bonds And Notes | $— | $66624299 | $— |  | $66624299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds and Notes |  | 212566379 |  |  | 212566379 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations |  | 161986115 |  |  | 161986115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 7299859 |  |  |  | 7299859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $7299859 | $441176793 | $— |  | $448476652 |
| **SA Global Fixed Income Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds and Notes | $— | $541219579 | $— |  | $541219579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 9001974 |  |  |  | 9001974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Instruments Forward Foreign Currency Exchange Contracts |  | 930027 |  |  | 930027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $9001974 | $542149606 | $— |  | $551151580 |
| Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Instruments Forward Foreign Currency Exchange Contracts | $— | $(9893647) | $— |  | $(9893647) |
| **SA U.S. Core Market Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $639740997 | $— | $0 | <sup>†</sup> | $639740997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | 28533744 |  |  |  | 28533744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 1026252 |  |  |  | 1026252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $669300993 | $— | $0 |  | $669300993 |
| **SA U.S. Value Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $522252259 | $— | $— |  | $522252259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 1042319 |  |  |  | 1042319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $523294578 | $— | $— |  | $523294578 |
| **SA U.S. Small Company Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $295223343 | $— | $28376 | <sup>†</sup> | $295251719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2137361 |  |  |  | 2137361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $297360704 | $— | $28376 |  | $297389080 |

---

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |  | |
| <br>**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> June 30, 2025** |
| **SA International Value Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $566156999 | $— | $— |  | $566156999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 3941060 |  |  |  | 3941060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 32691182 |  |  |  | 32691182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $602789241 | $— | $— |  | $602789241 |
| **SA International Small Company Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | $271650759 | $— | $— |  | $271650759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $271650759 | $— | $— |  | $271650759 |
| **SA Emerging Markets Value Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $202644292 | $39701 | $0 | <sup>†</sup> | $202683993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 1615966 |  |  |  | 1615966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rights and Warrants |  | 7845 |  |  | 7845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2205501 |  |  |  | 2205501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $206465759 | $47546 | $0 |  | $206513305 |
| **SA Real Estate Securities Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $117894837 | $— | $0 | <sup>†</sup> | $117894837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 979975 |  |  |  | 979975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $118874812 | $— | $0 |  | $118874812 |
| **SA Worldwide Moderate Growth Fund** |  |  |  |  |  |
| Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual Funds | $21157463 | $— | $— |  | $21157463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $21157463 | $— | $— |  | $21157463 |

---

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

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (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. There were 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 fair 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 June 30, 2025, 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 | $2671094 | $2351750 | $373439 | $2725189 |
| SA U.S Core Market Fund | 3112949 | 127824 | 3055543 | 3183367 |
| SA U.S. Value Fund | 3474943 | 112984 | 3435972 | 3548956 |
| SA U.S. Small Company Fund | 19174877 | 2004203 | 17634727 | 19638930 |
| SA International Value Fund | 87020911 | 32039504 | 58404148 | 90443652 |
| SA Emerging Markets Value Fund | 6044519 | 1995184 | 4433378 | 6428562 |
| SA Real Estate Securities Fund | 622511 | 553154 | 103232 | 656386 |

---

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

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (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 June 30, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of June 30, 2025** |
| <br>**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;&nbsp;Government Money Market | $2351750 | $— | $— | $— | $2351750 |
| **Total Borrowings** | $**2351750** | $**—** | $**—** | $**—** | $**2351750** |
| 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 |  |  | $2351750 |
| **SA U.S. Core Market Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $127824 | $— | $— | $— | $127824 |
| **Total Borrowings** | $**127824** | $**—** | $**—** | $**—** | $**127824** |
| 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 |  |  | $127824 |
| **SA U.S. Value Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $112984 | $— | $— | $— | $112984 |
| **Total Borrowings** | $**112984** | $**—** | $**—** | $**—** | $**112984** |
| 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 |  |  | $112984 |
| **SA U.S. Small Company Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $2004203 | $— | $— | $— | $2004203 |
| **Total Borrowings** | $**2004203** | $**—** | $**—** | $**—** | $**2004203** |
| 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 |  |  | $2004203 |
| **SA International Value Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $32039504 | $— | $— | $— | $32039504 |
| **Total Borrowings** | $**32039504** | $**—** | $**—** | $**—** | $**32039504** |
| 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 |  |  | $32039504 |
| **SA Emerging Markets Value Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $1995184 | $— | $— | $— | $1995184 |
| **Total Borrowings** | $**1995184** | $**—** | $**—** | $**—** | $**1995184** |
| 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 |  |  | $1995184 |
| **SA Real Estate Securities Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $553154 | $— | $— | $— | $553154 |
| **Total Borrowings** | $**553154** | $**—** | $**—** | $**—** | $**553154** |
| 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 |  |  | $553154 |

---

*<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.*

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (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.

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.

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

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 SA Global Fixed Income Fund's use of derivative instruments and hedging activities at June 30, 2025, 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 | $930027 | $9893647 | $(1203528) | $(8398409) |

---

*<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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| State Street Bank and Trust Co. | $930027 | $(930027) | $– $|  |

---

Forward Currency Contracts Liabilities and Collateral Pledged as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount <br> of Liabilities <br> Presented in <br> Statements of <br> Assets & Liabilities** | **Financial <br> Instruments <br> Available for Offset** | **Collateral<br> Pledged** | **Net Amount** |
| State Street Bank and Trust Co. | $(9893647) | $930027 | $– $| (8963620) |

---

[**Table of Contents**](#toc)

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

For the fiscal year ended June 30, 2025, the average monthly notional amount of SA Global Fixed Income Fund's forward foreign currency exchange contracts was $296,900,997.

**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. Expenses that cannot be attributed to a particular Fund are apportioned among the Funds evenly or based on relative net assets.

**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 June 30, 2025, 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 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 June 30, 2025, SA Emerging Markets Value Fund recorded a deferred liability for potential future India and Thailand capital gains taxes of $2,719,001 and $20,768, respectively.

**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, 2025, 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.

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

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 (2021- 2023), or expected to be taken in the Funds' 2024 tax returns.

As of June 30, 2025, 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:

---

| | | |
|:---|:---|:---|
|  | **Unlimited**<br> **Short-Term Losses** | **Unlimited**<br> **Long-Term Losses** |
| SA U.S. Fixed Income Fund | $(26903519) | $(4221690) |
| SA Global Fixed Income Fund | (30479611) | (35031048) |
| U.S. Small Company Fund | (55016) | (3589334) |
| SA Emerging Markets Value Fund |  | (6832692) |

---

The federal income tax character of distributions paid to shareholders during the fiscal years ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** |
| SA U.S. Fixed Income Fund | $20812291 | $— | $21020646 | $— |
| SA Global Fixed Income Fund | 26273786 |  | 7999993 |  |
| SA U.S. Core Market Fund | 4719534 |  | 5568395 |  |
| SA U.S. Value Fund | 10953436 | 2720518 | 8913929 |  |
| SA U.S. Small Company Fund | 921691 |  | 2291715 | 8899303 |
| SA International Value Fund | 18017604 |  | 18494533 |  |
| SA International Small Company Fund | 6873969 | 2340239 | 6343298 | 1841481 |
| SA Emerging Markets Value Fund | 8149574 |  | 7748185 |  |
| SA Real Estate Securities Fund | 3652202 | 284698 | 3472342 | 420231 |
| SA Worldwide Moderate Growth Fund | 675196 | 661623 | 474681 | 447745 |

---

As of June 30, 2025, the components of distributable earnings on a federal income tax basis were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Post <br> October<br> Capital/<br> Late Year <br> Ordinary<br> Loss** | **Capital Loss<br> Carryforward** |
| SA U.S. Fixed Income Fund | $— | $— | $3304055 | $– $| (31125209) |
| SA Global Fixed Income Fund | 11964054 |  | 22287812 | – | (65510659) |
| SA U.S. Core Market Fund | 2031187 |  | 558200542 | – |  |
| SA U.S. Value Fund | 4352586 | 4858308 | 223309670 | – |  |
| SA U.S. Small Company Fund | 679297 |  | 150292356 | – | (3644350) |
| SA International Value Fund | 13094868 | 1287236 | 182310815 | – |  |
| SA International Small Company Fund | 2885794 | 5848941 | 134428574 | – |  |
| SA Emerging Markets Value Fund | 3574138 |  | 37056870 | – | (6832692) |
| SA Real Estate Securities Fund | 1028910 |  | 48971476 | – |  |
| SA Worldwide Moderate Growth | 71350 | 483841 | 3892970 | – |  |

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

During the fiscal year ended, June 30, 2025, the SA Global Fixed Income Fund had book-to-tax differences of $(21,492,063), primarily related to straddle loss deferrals and marked-to-market and unrealized appreciation (depreciation) on foreign currency. The SA International Value Fund and SA Emerging Markets Value Fund had book-to-tax differences of $256,503 and $(2,728,873), respectively, which were primarily related to marked-tomarket and unrealized appreciation (depreciation) on foreign currency.

During the fiscal year ended June 30, 2025, the SA U.S. Fixed Income Fund, SA Global Fixed Income Fund, SA International Value Fund and the SA Emerging Markets Value Fund utilized $1,704,187, $2,361,766, $12,628,863 and $3,279,848 of capital loss carryforward, respectively.

At June 30, 2025, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA U.S. Fixed Income Fund | $445172597 | $3593711 | $(289656) | $3304055 |
| SA Global Fixed Income Fund | 527933741 | 22474777 | (186965) | 22287812 |
| SA U.S. Core Market Fund | 111100451 | 558905728 | (705186) | 558200542 |
| SA U.S. Value Fund | 299984908 | 242055924 | (18746254) | 223309670 |
| SA U.S. Small Company Fund | 147096724 | 162514784 | (12222428) | 150292356 |
| SA International Value Fund | 420478426 | 199212352 | (16901537) | 182310815 |
| SA International Small Company Fund | 137222185 | 134428574 |  | 134428574 |
| SA Emerging Markets Value Fund | 169456435 | 59109693 | (22052823) | 37056870 |
| SA Real Estate Securities Fund | 69903336 | 52059288 | (3087812) | 48971476 |
| SA Worldwide Moderate Growth Funds | 17264493 | 3892970 |  | 3892970 |

---

**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 (Real Estate Investment Trust) 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

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

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.

At June 30, 2025, as a result of permanent book-to-tax differences, the following reclassifications were made on the Statements of Assets and Liabilities. These differences primarily relate to the utilization of earnings and profits distributed to shareholders on redemption of shares and realized gains and losses on redemptions in-kind:

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| | | |
|:---|:---|:---|
|  | **Paid in Capital** | **Total distributable<br> earnings (loss)** |
| SA U.S. Fixed Income Fund | $(15376) | $15376 |
| SA U.S. Core Market Fund | 80822421 | (80822421) |
| SA U.S. Value Fund | 42885649 | (42885649) |
| SA U.S. Small Company Fund | 22295145 | (22295145) |
| SA International Value Fund | 10892189 | (10892189) |
| SA International Small Company Fund | 143293 | (143293) |
| SA Real Estate Securities Fund | 9208602 | (9208602) |
| SA Worldwide Moderate Growth Fund | 56734 | (56734) |

---

**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.

For the advisory and administrative services provided to the Funds under the Investment Advisory Agreement, the Adviser is entitled to receive from each Fund a fee computed daily and payable monthly at the annual rate set forth below:

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| | |
|:---|:---|
| **Fund** | **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% |

---

The SA Worldwide Moderate Growth Fund does not have an advisory and administration 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.

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (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:

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| | | |
|:---|:---|:---|
|  | **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 | 0.20 | % |
| SA International Value Fund | 0.20 | % |
| SA Emerging Markets Value Fund | 0.36 | % |
| 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. 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, 2028, at which time it may be continued, modified or eliminated and net expenses will be adjusted as necessary.

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| | |
|:---|:---|
| **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% |

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

**Trustees' Fees and Expenses —** The Trustees of the Trust received an annual retainer fee of $128,000, 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 $12,800 per year.

Effective January 1, 2025, the Trustees of the Trust receive an annual retainer fee of $133,000, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. Also effective January 1, 2025, the Chairman of the Board receives an annual supplemental compensation of $13,300 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.

**3. Purchases and Sales of Securities**

Excluding short-term investments, each Fund's purchases and sales of securities for the fiscal year ended June 30, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Purchases** | **Sales** | **Sales** |
|  | **U.S.<br> Government** | **Other** | **U.S.<br> Government** | **Other** |
| SA U.S. Fixed Income Fund | $119386300 | $201797087 | $245364091 | $108806177 |
| SA Global Fixed Income Fund | 114185743 | 325397916 | 210529787 | 290873503 |
| SA U.S. Core Market Fund |  | 7351200 |  | 28338181 |
| SA U.S. Value Fund |  | 60087233 |  | 68993587 |
| SA U.S. Small Company Fund |  | 7841355 |  | 11420948 |
| SA International Value Fund |  | 49954575 |  | 96125040 |
| SA International Small Company Fund |  | 11366613 |  | 35351000 |
| SA Emerging Markets Value Fund |  | 34431291 |  | 51687279 |
| SA Real Estate Securities Fund |  | 6441581 |  | 7311820 |
| SA Worldwide Moderate Growth Fund |  | 1875464 |  | 4376160 |

---

**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 8 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. 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.

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

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.

During the fiscal year ended June 30, 2025, the following Funds utilized ReFlow. The shares and amounts ReFlow subscribed to and redemptions-in-kind were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $2330115 | $82890146 | $(2325040) | $(82622773) |
| SA U.S. Value Fund | 2485874 | 55315117 | (2500060) | (55581789) |
| SA U.S. Small Company Fund | 1092063 | 31593750 | (1094369) | (31682923) |
| SA International Value Fund | 1371321 | 18991018 | (1409150) | (19537806) |
| SA Real Estate Securities Fund | 1159786 | 13506182 | (1160855) | (13464331) |

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**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 fiscal year ended June 30, 2025 follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated<br> Investment<br> Companies** | **Beginning<br> Value<br> as of<br> June 30, 2024** | **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> June 30,<br> 2025** | **Shares<br> as of<br> June 30,<br> 2025** | **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 | $3284281 | $391168 | $(572147) | $3965 | $40326 | $3147593 | 326514 | $145240 | $— |
| SA Global Fixed Income Fund | 3301112 | 383406 | (580851) | 20015 | 11415 | 3135097 | 351075 | 148657 |  |
| SA U.S. Core Market Fund | 3726794 | 136992 | (729475) | 212749 | 223079 | 3570139 | 94149 | 24517 |  |
| SA U.S. Value Fund | 3686160 | 217404 | (560902) | 86170 | 138536 | 3567368 | 156601 | 57814 | 32077 |
| SA U.S. Small Company Fund | 1463291 | 136412 | (304145) | 52578 | 69380 | 1417516 | 48346 | 4088 |  |
| SA International Value Fund | 4320186 | 363621 | (1141807) | 263598 | 473991 | 4279589 | 272585 | 148763 |  |
| SA Emerging Markets Value Fund | 1483148 | 173542 | (321398) | 63109 | 22366 | 1420767 | 125288 | 59445 |  |
| SA Real Estate Securities Fund | 674737 | 72919 | (165435) | 13761 | 23412 | 619394 | 54428 | 17532 | 2072 |
| **Totals** | $21939709 | $1875464 | $(4376160) | $715945 | $1002505 | $21157463 |  | $606056 | $34149 |

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — June 30, 2025 (Continued)

**6. Recent Accounting Pronouncement**

In this reporting period, the Funds adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. Each fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each fund is used by the Adviser to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each fund is the information utilized for the day-to-day management of the funds. Each fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and its role, the Adviser is deemed to be the Chief Operating Decision Maker.

**7. 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. While not required, Management does want to provide notice that Buckingham Strategic Partners, LLC changed its legal name to "Focus Partners Advisor Solutions, LLC" on January 2, 2025.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees of

SA Funds – Investment Trust

***Opinion on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of SA Funds – Investment Trust, comprising 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 and SA Worldwide Moderate Growth Fund (the "Funds") as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (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 Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 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 procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2020.

![](safunds4511931-ncsr1x116x1.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited)

**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

c/o Focus Partners Advisor Solutions, LLC

190 Carondelet Plaza

Suite 600

Clayton, MO 63105

Toll-free: 1-844-366-0905

Website: http://www.sa-funds.com

**Changes in and Disagreements with Accountants for Open-end Management Investment Companies (Item 8 of Form N-CSR)**

Not applicable

**Proxy Disclosures for Open-end Management Investment Companies (Item 9 of Form N-CSR)**

Not applicable.

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

**Remuneration Paid to Directors, Officers, and Others of Open-end Management Investment Companies (Item 10 of Form N-CSR)**

Remuneration Paid to Directors, Officers, and Others of Open-end Investment Companies is included as part of the Financial Statements under the heading "Trustees' Fees and Expenses."

**Statement Regarding the Basis for the Board's Approval of Investment Advisory Contracts (Item 11 of Form N-CSR)**

**Board Approval of Investment Advisory Agreements and Sub-Advisory Agreement**

At a meeting held on June 23, 2025, the Board, consisting solely of Independent Trustees, considered the renewal for a one-year term of (1) the Investment Advisory Agreements by and between the Trust, with respect to the Funds, and the Adviser; and (2) the Sub-Advisory Agreement by and among the Trust, with respect to the Funds, except with respect to the SA Worldwide Moderate Growth Fund, the Adviser and DFA (collectively, the "Advisory Agreements").

The Board discussed the role of the Funds as asset allocation tools and as a means by which smaller retail-level investors could access the investment services offered by DFA. The Board also discussed the role of the Adviser in monitoring the Funds' effectiveness in this regard and the value added by the Adviser in ensuring that the Funds provided the type of comprehensive asset allocation investment program that shareholders were expecting to receive at reasonable cost levels. The Board also discussed asset growth and economies of scale, which, together with past reductions of the Adviser's management fees and contractual fee waiver/expense reimbursement arrangements, have resulted in fee and/or expense reductions in recent years.

**Factors Considered in Approving the Advisory Agreements**

In approving the renewal of the Advisory Agreements, the Board was advised by counsel to the Independent Trustees and took into account information prepared specifically in connection with its review of the Advisory Agreements at the Meeting and the telephonic meeting of the Board on May 15, 2025 (the "May 15 Telephonic Meeting") and information furnished to the Board throughout the year. The Board also considered the items discussed with representatives of the Trust, the Adviser and the Sub-Adviser during the May 15 Telephonic Meeting. In their deliberations, the Board considered the factors discussed below, among others. The Independent Trustees did not identify any particular piece of information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors:

*The nature, extent and quality of the services provided and to be provided by the Adviser and the Sub-Adviser*. The Board considered the experience and qualifications of the personnel at the Adviser and the Sub-Adviser who are responsible for providing services to the Funds and the compensation structures of the Adviser and the Sub-Adviser. The Board noted the oversight role of the Adviser over the Sub-Adviser relating to portfolio construction and management, compliance with the Funds' investment objectives and policies, the Trust's compliance policies and procedures, and applicable laws and regulations, as well as the Adviser's role in implementing the Board's directives relating to the Funds. The Board also noted that the Adviser has extensive experience offering asset allocation and risk diversification through investment portfolios such as the Funds. The Board further noted the Sub-Adviser's experience and expertise in constructing portfolios that reflect diverse asset classes and risk levels, as well as the extensive industry experience of the Sub-Adviser's personnel.

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

The Board then considered the resources, policies and procedures, and infrastructure of the Adviser and the Sub-Adviser devoted to ensuring compliance with applicable laws and regulations, as well as the Adviser's and the Sub-Adviser's commitment to those programs. The Board considered the information received regarding the Adviser's and the Sub-Adviser's respective compliance programs and compliance reports received during the prior year. The Board noted that there are currently no known pending regulatory issues with the SEC or other regulatory agencies involving the Adviser or Sub-Adviser other than routine examination matters.

The Board noted that the Adviser continues to provide portfolio management and reporting services, asset-class allocation, shareholder servicing and, if requested, administrative services support to investors and their financial representatives to enhance the effectiveness of the Funds as asset allocation vehicles. The Board further noted the additional resources available to the Funds as a result of the merger with the Colony Group.

*The investment performance of the Funds achieved by the Adviser and the Sub-Adviser*. The Board reviewed the short-term and longer-term performance of each of the Funds on both an absolute basis and relative to each Fund's benchmark index, a peer group of funds based on investment style, and comparable funds managed by the Sub-Adviser. The Board noted that it received and discussed Fund performance information on a quarterly basis throughout the year. As part of its review, the Board also reviewed a report prepared by an independent consulting firm, Broadridge Financial Solutions, Inc. ("Broadridge"), which included comparisons of the performance of each Fund to certain funds determined by Broadridge to be comparable based on investment style (the "Broadridge Peer Group") and the Fund's benchmark index. The Board noted that the Broadridge Peer Group, which is used for both performance and expense comparisons, was determined for each Fund based on investment style, share class characteristics (to reflect similar expense structures) and asset size (to reflect similar economies of scale), as applicable. The Board examined the performance of each of the Funds for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2024, as applicable.

In assessing performance, the Board took into consideration that each Fund is intended to provide exposure to a particular asset class. For this reason, the Board viewed fidelity to asset class characteristics as highly important to its evaluation of the Funds. The Board noted that it looks for Fund performance to track the appropriate benchmark index(es) as closely as possible, given certain practical constraints imposed by the 1940 Act and each Fund's investment restrictions, size and similar factors. Because the Funds are primarily asset allocation tools, the Board emphasized each Fund's performance against its asset class benchmark index(es) and its general adherence to asset class representation, with the exception of the SA Worldwide Moderate Growth Fund, which invests in other Funds managed by the Adviser (the "Underlying Funds") comprising various asset classes and strategies.

For the SA U.S. Fixed Income Fund, it was noted that the Fund's gross total return performance was in the 4th (bottom) quartile of its Broadridge Peer Group for the 3-year, 5-year and 10-year periods ended December 31, 2024 and in the 3rd quartile for the 1-year period ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar U.S. 1-3 Year Composite Government and Corporate Bond Index, for the 1-year and 3-year periods. The Board also took into consideration that the Fund's relatively shorter duration and persistent bias toward higher quality credits contributed to its underperformance relative to its Broadridge Peer Group and benchmark during long stretches when interest rate risk was beneficial.

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

For the SA Global Fixed Income Fund, it was noted that the Fund's gross total return performance was in the 1<sup>st</sup> quartile of its Broadridge Peer Group for the 1-year period ended December 31, 2024, the 3<sup>rd</sup> quartile for the 3- and 5-year periods ended the same date, the 4<sup>th</sup> quartile for the 10-year period ended the same date. It was also noted that the Fund's performance exceeded that of its benchmark, the Morningstar Global 1-5 Year Treasury Bond GR Hedged USD Index, for the 1-year period. The Board took into consideration that the Fund's relatively shorter duration contributed to its underperformance relative to its Broadridge Peer Group and benchmark during the long stretches when taking longer duration risk would have been beneficial to the Fund.

For the SA U.S. Core Market Fund, it was noted that the Fund's gross total return performance was in the 2<sup>nd</sup> quartile of its Broadridge Peer Group for the 1-year, 3-year and 10-year periods ended December 31, 2024 and the 3<sup>rd</sup> quartile for the 5-year period ended the same date. It was also noted that the Fund's performance outperformed its benchmark, the Morningstar U.S. Market Extended USD Index, for the 3-year, 5-year and 10-year periods.

For the SA U.S. Value Fund, it was noted that the Fund's gross total return performance was in the 4<sup>th</sup> quartile among its Broadridge Peer Group for the 1-year, 3-year, and 5-year periods ended December 31, 2024, and the 3<sup>rd</sup> quartile for the 10-year period ended the same date. It was also noted that the Fund underperformed its benchmark, the Morningstar U.S. Large-Mid Cap Broad Value Index, for all periods.

For the SA U.S. Small Company Fund, it was noted that the Fund's gross total return performance was in the 1<sup>st</sup> quartile of its Broadridge Peer Group for the 1-year period ended December 31, 2024, and the 2<sup>nd</sup> quartile of its Broadridge Peer Group for the 3-year, 5-year, and 10-year periods ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar U.S. Small Cap Extended Index, for all periods.

For the SA Real Estate Securities Fund, it was noted that the Fund's gross total return performance was in the 3<sup>rd</sup> quartile of its Broadridge Peer Group for the 3-year and 10-year periods ended December 31, 2024 and the 4<sup>th</sup> quartile for the 1-year and 5-year periods ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar U.S. REIT Index, for all periods.

For the SA International Value Fund, it was noted that the Fund's gross total return performance was in the 1<sup>st</sup> quartile of its Broadridge Peer Group for the 1-year, 3-year and 5-year periods ended December 31, 2024 and the 2<sup>nd</sup> quartile for the 10-year period ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar Developed Markets ex-U.S. Value Target Market Exposure Index, for all periods.

For the SA International Small Company Fund, it was noted that the Fund invests substantially all of its assets in the International Small Company Portfolio of DFA Investment Dimensions Group Inc. It was noted that the Fund's gross total return performance was in the 2<sup>nd</sup> quartile of its Broadridge Peer Group for the 1-year period ended December 31, 2024 and the 3<sup>rd</sup> quartile for the 3-year period ended the same date, and the 4<sup>th</sup> quartile for the 5-year, and 10-year periods ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar Developed Markets ex-U.S. Small Cap Target Market Exposure Index, for all periods.

For the SA Emerging Markets Value Fund, it was noted that the Fund's gross total return performance was in the 1<sup>st</sup> quartile of its Broadridge Peer Group for the 3-year period ended December 31, 2024, the 3<sup>rd</sup> quartile for the 1-year period ended the same date, and the 2<sup>nd</sup> quartile for the 5-year and 10-year periods ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar Emerging Markets Value Target Market Exposure Index, for the 3-year and 5-year periods.

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

For the SA Worldwide Moderate Growth Fund, it was noted that the Fund's gross total return performance was in the 2<sup>nd</sup> quartile of its Broadridge Peer Group for the 1-year and 5-year periods ended December 31, 2024 and the 1<sup>st</sup> quartile of its Broadridge Peer Group for the 3-year period ended the same date. It was also noted that the Fund outperformed its benchmark, the Morningstar U.S. Moderate Target Allocation Index, for the 3-year period.

*The extent to which the Adviser and the Sub-Adviser realize economies of scale as the Trust grows larger and whether fee levels reflect these economies of scale for the benefit of Fund shareholders*. The Board evaluated any apparent or anticipated economies of scale in relation to the services the Adviser provides to each Fund. The Board considered the Funds' net flows and asset levels, and noted that the Funds are designed to work together as a set of asset allocation choices and that economies of scale (and other factors) are most appropriately assessed on a Trust-level and not on a Fund-by-Fund basis. The Board also noted that although the Funds do not have advisory fee breakpoints, the Adviser has contractually agreed to waive a portion of its advisory fees and/or reimburse each of the Funds for certain expenses so that each Fund does not exceed its operating expense limitation and has taken other steps to reduce Fund operating expenses.

*Total expenses of the Funds and competitiveness of fees to be paid to the Adviser and the Sub-Adviser*. The Board considered the gross management fee rates charged by the Adviser and the Sub-Adviser, as well as the effective management fee rates after taking into consideration the Funds' expense limitation arrangements with the Adviser.

In considering the management fees and the total fees and expenses of each Fund, the Board reviewed a comparison of each Fund's effective advisory fee and overall expense ratio to its respective Broadridge Peer Group. The Board considered the median of the contractual management fees and overall expense ratios of each peer group.

It was noted that each Fund's net expense ratio, a figure that includes all of the Fund's operating expenses, excluding any dividend, interest or borrowing expenses, minus any expense waivers or other reimbursements, was below the median expense ratio of its respective Broadridge Peer Group.

The Board noted the implementation of annual operating expense limitations (as a percentage of average daily net assets) until October 28, 2025, for all Funds except the SA Worldwide Moderate Growth Fund. The Board further noted that for the SA Worldwide Moderate Growth Fund, the Adviser has contractually agreed until July 1, 2025, to reimburse expenses so that the Fund's annual operating expenses do not exceed the total annual acquired fund fees and expenses related to the Underlying Funds in which it invests. The Board further noted that each of these contractual expense limitations would be extended until October 28, 2028.

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

In assessing the fees charged by the Sub-Adviser, the Board noted that the fees ranged from 0 to 36 bps annually, with most of them at or below 10 bps annually, except for the SA International Value Fund (20 bps annually), the SA U.S. Small Company Fund (20 bps annually) and the SA Emerging Markets Value Fund (36 bps annually). The Board took into consideration that these fees reflected an arm's-length negotiation between the Adviser and the Sub-Adviser and determined that the fees were reasonable in light of the services provided to each Fund. The Board also noted the previous reduction in fees payable pursuant to the Sub-Advisory Agreement for most Funds.

*The profits to be realized by the Adviser, the Sub-Adviser and their respective affiliates, from their relationship with the Trust*. The Board considered other benefits derived by the Adviser from its relationship with the Funds, including amounts received by the Adviser for the provision of certain shareholder and administrative services to the Funds. It was noted that the Adviser does not receive any soft dollar benefits from the Funds. The Board also considered the profitability rates of the Sub-Adviser.

The Board reviewed information provided by the Adviser and the Sub-Adviser regarding their financial stability and the profitability attributable to their respective agreements with the Funds. The Board discussed the fact that the Funds were designed to operate in an integrated manner as a set of asset allocation vehicles and, for that reason, profitability of the Adviser on a Fund-by-Fund basis was not as relevant to the Board's determinations as overall profitability of the Adviser at the Trust level. The Board also noted the difficulty of making comparisons of profitability because of differing business mixes and types of funds managed, the fact that publicly traded advisory firms for which data are available are typically much bigger than the Adviser, and the lack of an industry standard for methodology used to calculate profitability.

After such review, the Board determined that the profitability rates of the Adviser and the Sub-Adviser, with respect to the Investment Advisory Agreement and the Sub-Advisory Agreement, were not unreasonable in consideration of the services each provides to the Funds.

The Board also considered the climate in the financial services industry; the risks assumed by the Adviser and the Sub-Adviser in complying with investment restrictions, expense limitations and tax laws; the entrepreneurial risks undertaken by the Adviser in sponsoring the Trust and adding Funds to the Trust; the volatility of the financial markets and, thus, of management fee income; and the compensation of the Adviser and the Sub-Adviser and the need to provide sufficient incentives to their respective owners and employees in light of the foregoing considerations.

*Conclusions*. In approving the Advisory Agreements, the Board concluded that the terms of the Advisory Agreements are fair and reasonable and that approval of the Advisory Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that the Adviser and the Sub-Adviser could be expected to provide a high level of service to each Fund; the performance of each Fund over time and in some cases for more recent periods, or, in the case of underperforming Funds, that it retained confidence in the Adviser's and the Sub-Adviser's capabilities to manage the Funds consistently with their respective specified investment objective and strategies; that each Fund's fee structure appeared to the Board to be reasonable given the nature and quality of services provided; and that the benefits accruing to the Adviser and the Sub-Adviser by virtue of their relationship to the Funds were reasonable in comparison with the benefits accruing to each Fund. After this review and discussion, the Board concluded that the renewal of the Advisory Agreements for a one-year term was in the best interests of each Fund and its shareholders.

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

**Trustees and Officers' Information**

Information regarding the Trustees and executive officers of the Trust is listed below. The Board is responsible for managing the business and affairs of the Trust. The Board's role in management of the Trust is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust have the responsibility for the day-to-day management of the Funds. The Board's oversight role does not make the Board a guarantor of the Funds' investments or activities. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fund's activities, review contractual arrangements with companies that provide services to each Fund, and review each Fund's performance. The Board is comprised entirely of Trustees who are not "interested persons" of the Trust, as such term is defined under the 1940 Act (the "Independent Trustees").

Officers of the Trust listed in the table below whose names are marked with an asterisk (\*) are interested persons of the Trust (as defined by the 1940 Act) by virtue of, among other considerations, their relationships with the Adviser or its affiliated entities. Each Trustee and executive officer of the Trust oversees all Funds of the Trust.

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

**Independent Trustees:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address,<sup>(1)</sup> <br> and Year of Birth** | **Position(s)<br> Held with <br> Trust and Length of <br> Time Served <sup>(2)</sup>** | **Principal <br> Occupation(s)<br> During Past 5 Years** | **Number of <br> Portfolios in <br> Fund Complex <br> Overseen by <br> Trustee** | **Other <br> Trusteeships/<br> Directorships Held** |
| Bryan W. Brown<br> Year of Birth: 1945 | Trustee<br> (since April 1999)<br> Chairman<br> (since December 2004) | Self-Employed Management Consultant (financial and technological systems) (since 1992). | 10 | Director/Officer, Kilohana Martial Arts Association (since June 2018). |
| Charles M. Roame Year of Birth: 1965 | Trustee (since June 2012) | Managing Partner, Tiburon Strategic Advisors & Tiburon CEO Summits (since April 1998). | 10 | Director, Edelman Financial Engines (provider of financial planning & investment advisory services) (since January 2014). Director, FacetWealth (provider of financial planning services) (since February 2018). Director, DPL Financial Partners (insurance management platform) (since February 2022). Director, Allspring Global Investments (financial services) (since May 2022). Director, Vise Technologies (software and technology service provider) (since September 2023). Director, Foundation Source (financial services) (since October 2023). Director, Apex Fintech Solutions (financial services) (since April 2024). |
| Harold M. Shefrin Year of Birth: 1948 | Trustee (since April 1999) | Faculty member, Santa Clara University (since 1978). | 10 | Trustee, Litman Gregory Funds Trust (10 portfolios) (since February 2005). |

---

<sup>(1)</sup> The address of each Trustee is: Focus Partners Advisor Solutions, LLC. 190 Carondelet Plaza, Suite 600, Clayton, Missouri 63105.

 

<sup>(2)</sup> Each Trustee serves for the lifetime of the Trust or until he dies, resigns, or is removed.

The Funds' Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-844-366-0905. It is also available on the Funds' website at: http://www.sa-funds.com.

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

 

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SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

**Interested Trustee and Officers of the Trust**

---

| | | |
|:---|:---|:---|
| **Name, Address <sup>(1)</sup> <br> and Year of Birth** | **Position(s)<br> Held with <br> Trust and Length of <br> Time Served <sup>(2)</sup>** | **Principal Occupation(s) During Past 5 Years** |
| Jonathan Scheid\* Year of Birth: 1976 | Trustee (since September 2023) and President and Chief Executive Officer (since June 2023). | President, Focus Partners Advisor Solutions (since 2023); Managing Director, Focus Partners Wealth (2022 - September 2023); Managing Director, Focus Partners Advisor Solutions (2019-2021). |
| Dan Anderson\* Year of Birth: 1976 | Chief Financial and Accounting Officer and Treasurer (since March 2023). | Financial Consultant (since July 1, 2025); Chief Financial Officer, Focus Partners Wealth and Focus Partners Advisor Solutions (2018 - June 30, 2025); Chief Financial Officer, BAM Management LLC (2018 - June 30, 2025). |
| Jeffery Yorg\* Year of Birth: 1977 | Chief Compliance Officer and Anti-Money Laundering Compliance Officer (since July 2021) | Chief Compliance Officer, Focus Partners Advisor Solutions, LLC, and Associate General Counsel, Focus Partners Wealth, LLC (since October 2019). |
| Marcy Tsagarakis\* Year of Birth: 1971 | Secretary (since June 2006). | Director, Fund Administration, Focus Partners Advisor Solutions, LLC (since December 2018). |

---

<sup>(1)</sup> The address of each Trustee and officer is: Focus Partners Advisor Solutions, LLC, 190 Carondelet Plaza, Suite 600, Clayton, Missouri 63105.

<sup>(2)</sup> Each Trustee serves for the lifetime of the Trust or until he dies, resigns, or is removed. The Trust's officers are appointed annually by the Board.

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SA FUNDS

TAX INFORMATION NOTICE

For federal income tax purposes, the following information is furnished with respect to the distributions of the Funds for the fiscal year ended June 30, 2025:

**Foreign Tax Credits** – For the fiscal year ended June 30, 2025, the following Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders, all of which represents taxes witheld.

---

| | | |
|:---|:---|:---|
|  | **Foreign <br> Tax Credit** | **Foreign <br> Source Income** |
| SA International Value Fund | $1355062 | $24667965 |
| SA International Small Company Fund | 388556 | 4612943 |
| SA Emerging Markets Value Fund | 901042 | 8861595 |
| SA Worldwide Moderate Growth Fund | 14750 | 205371 |

---

**Capital Gain Distributions** – On December 18, 2024, the following Funds declared long-term capital gain distribution.

---

| | |
|:---|:---|
| SA U.S. Value Fund | $2720518 |
| SA International Small Company Fund | 2340239 |
| SA Real Estate Securities Fund | 284698 |

---

On December 27, 2024, the SA Worldwide Moderate Growth Fund declared long-term capital gain distribution of $661,623.

**Corporate Dividends Received Deduction** – The following Funds paid distributions from ordinary income that qualify for the corporate dividends received deduction. The percentage that qualifies is noted below:

---

| | |
|:---|:---|
| SA U.S. Core Market Fund | 100.0% |
| SA U.S. Value Fund | 100.0% |
| SA U.S. Small Company Fund | 100.0% |
| SA International Value Fund | 0.11% |
| SA International Small Company Fund | 0.06% |
| SA Worldwide Moderate Growth Fund | 17.18% |

---

**Qualified Dividend Income** – For the fiscal year ended June 30, 2025 certain dividends paid by one or more of the Funds may be designated as qualified dividend income and subject to a maximum federal income tax rate of 15% for individual shareholders (20% for individuals with taxable income exceeding $533,401 or $600,051 if married filing jointly). Complete information will be reported in conjunction with your 2024 Form 1099-DIV.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract</u>**

Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>**

Not applicable to the registrant.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies</u>**

Not applicable to the registrant.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>**

Not applicable to the registrant.

**<u>Item 15. 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 16. Controls and Procedures</u>**

(a) Within 90 days of the filing date of this Form N-CSR, Jonathan Scheid, the registrant's President and Chief Executive Officer, and Dan Anderson, 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. Scheid and Anderson determined that the disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant on Form N-CSR and Form N-PORT 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 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to the registrant.

**<u>Item 18. Recovery of Erroneously Awarded Compensation</u>**

Not applicable to the registrant.

**<u>Item 19. Exhibits</u>**

[(a)(1) Code of Ethics referred to in Item 2 is filed herewith.](safunds4511931-ex99codeeth.htm)

(a)(2) Not applicable.

[(a)(3) 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.](safunds4511931-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.](safunds4511931-ex99906cert.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, as amended, and the Investment Company Act of 1940, as amended, 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/Jonathan Scheid |
|  | Jonathan Scheid |
|  | President and Chief Executive Officer |

---

Date: September 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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/Jonathan Scheid |
|  | Jonathan Scheid |
|  | President and Chief Executive Officer |

---

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | /s/Dan Anderson |
|  | Dan Anderson |
|  | Treasurer and Chief Financial and Accounting Officer |

---

Date: September 5, 2025

## Ex-99.Codeeth

**Exhibit 19(a)(1)**

**Code of Ethics for Principal Executive and Senior Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;1. Covered Officers/Purpose of Code

This code of ethics (the "Code") of the Trust applies to the Trust's Principal Executive Officer, Senior Financial Officers, and any other officers of the Trust serving similar functions (the "Covered Officers"), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the
SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;2. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Adviser and

the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if addressed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.<br>

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the
Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than
the benefit the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others
to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. report at least annually any affiliations or other relationships related to conflicts of interest in accordance with the Trust's
Trustees & Officers Questionnaire.

Some conflict of interest situations that should be discussed with the CCO and outside counsel, if material, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. the receipt of any gifts from any business contact in excess of $250;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment
is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than
its investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions
or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or
equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;3. Disclosure & Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether
within or outside the Trust, including to the Trust's trustees and auditors, and to governmental regulators and self-regulatory
organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees
of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and
documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;4. Reporting & Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has
received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. annually thereafter affirm to the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. notify the CCO promptly if he becomes aware of any violation of this Code. Failure to do so is itself a violation of this Code.

The CCO (or his/her designee) is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Audit Committee (the "Committee").

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the CCO will take all action appropriate to investigate any actual or potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. if, after such investigation, the CCO believes that no violation has occurred, he is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. any matter that the CCO believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider
appropriate action, which may include review of, and appropriate modifications to, applicable policies and

procedures; notification to appropriate personnel of the Adviser or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

The CCO (or his/her designee) is authorized to consult, as appropriate, with the Audit Committee, counsel to the Trust and Independent Trustee Counsel, and is encouraged to do so.

&nbsp;&nbsp;&nbsp;&nbsp;5. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Adviser, Underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Trust's and the Adviser's codes of ethics under Rule 17j-1 under the 1940 Act and the Adviser's more detailed policies and procedures set forth in its compliance manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;6. Amendments

Any substantive amendments to this Code must be approved or ratified by a majority vote of the board of trustees, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;7. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust and its counsel, the Adviser and its counsel, and members of the Board of Trustees and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;8. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Update History:<br> June 6, 2006;<br> June 12, 2014;<br> December 5, 2019

## Ex-99.Cert

**Exhibit 19(a)(3)**

**<u>CERTIFICATIONS</u>**

I, Jonathan Scheid, President and Chief Executive Officer of SA FUNDS – INVESTMENT TRUST certify that :

1. I have reviewed this report on Form N-CSR of SA Funds –
Investment Trust;

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;

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;

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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during 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

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;(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;(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.

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | <u>/s/Jonathan Scheid</u> |
|  | Jonathan Scheid |
|  | President and Chief Executive Officer |

---

I, Dan Anderson, Treasurer and Chief Financial and Accounting Officer of SA FUNDS – INVESTMENT TRUST, certify that:

1. I have reviewed this report on Form N-CSR of SA FUNDS –
INVESTMENT TRUST;

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;

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;

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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during 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

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;(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;(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.

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | <u>/s/Dan Anderson</u> |
|  | Dan Anderson<br> Treasurer and Chief Financial and Accounting Officer |

---

## Exhibit 99.906

**Exhibit 19(b)**

**SECTION 906 CERTIFICATION**

I, Jonathan Scheid, President and Chief Executive Officer, and I, Dan Anderson, Treasurer and Chief Financial and Accounting Officer of SA Funds – Investment Trust (the "Trust") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This
 Form N-CSR filing for the Trust (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;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Trust.

---

| | |
|:---|:---|
| By: | <u>/s/Jonathan Scheid</u> |
|  | Jonathan Scheid |
|  | President and Chief Executive Officer |

---

Date: September 5, 2025

---

| | |
|:---|:---|
| By: | <u>/s/Dan Anderson</u> |
|  | Dan Anderson |
|  | Treasurer and Chief Financial and Accounting Officer |

---

Date: September 5, 2025