Sa Funds Investment Trust NPORT-P SA International Small Company Fund (Mar 2023 report)

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

	FACE AMOUNT		VALUE†
YANKEE CORPORATE BONDS AND NOTES — 16.0%
Communication — 0.8%
NTT Finance Corp., 0.583%, 3/01/24 ±	$	3,500,000	$	3,356,749
Financial — 13.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.875%, 8/14/24		3,000,000		2,866,918
Bank of Montreal, 0.625%, 7/09/24		2,000,000		1,891,076
Canadian Imperial Bank of Commerce, 3.100%, 4/02/24		4,500,000		4,379,967
Cooperatieve Rabobank UA, 1.375%, 1/10/25		3,762,000		3,534,566
Cooperatieve Rabobank UA, 2.625%, 7/22/24 ±		2,000,000		1,934,425
Mitsubishi UFJ Financial Group, Inc., 3.407%, 3/07/24		3,946,000		3,869,728
National Australia Bank Ltd., 1.388%, 1/12/25 ±		4,000,000		3,772,405
NatWest Markets PLC, 0.800%, 8/12/24 ±		4,250,000		3,977,873
Skandinaviska Enskilda Banken AB, 0.650%, 9/09/24 ±		1,000,000		937,702
Societe Generale SA, 2.625%, 10/16/24 ±		750,000		708,325
Sumitomo Mitsui Banking Corp., 3.400%, 7/11/24		1,000,000		981,376
Sumitomo Mitsui Financial Group, Inc., 2.696%, 7/16/24		1,966,000		1,897,434
Sumitomo Mitsui Trust Bank Ltd., 0.850%, 3/25/24 ±		5,000,000		4,787,425
Svenska Handelsbanken AB, 0.625%, 6/30/23 ±		5,000,000		4,939,092
Svenska Handelsbanken AB, 3.900%, 11/20/23		2,000,000		1,974,378
Westpac Banking Corp., 1.019%, 11/18/24		10,300,000		9,684,618
Westpac Banking Corp., 3.300%, 2/26/24		2,000,000		1,964,591
				54,101,899
Government — 2.2%
Inter-American Development Bank, 3.000%, 10/04/23		7,441,000		7,368,775
International Bank for Reconstruction & Development, 3.000%, 9/27/23		1,000,000		991,279
Province of Alberta Canada, 3.350%, 11/01/23		1,000,000		990,951
				9,351,005
TOTAL YANKEE CORPORATE BONDS AND NOTES (Identified Cost $69,483,336)				66,809,653
CORPORATE BONDS AND NOTES — 15.3%
Basic Material — 0.5%
Georgia-Pacific LLC, 3.600%, 3/01/25 ±		2,000,000		1,949,782
Communications — 2.0%
Amazon.com, Inc., 2.730%, 4/13/24		5,000,000		4,901,392
Discovery Communications LLC, 3.900%, 11/15/24		2,680,000		2,604,341

	FACE AMOUNT		VALUE†
Omnicom Group, Inc./Omnicom Capital, Inc., 3.650%, 11/01/24	$	1,004,000	$	983,832
				8,489,565
Consumer, Cyclical — 1.6%
Marriott International, Inc., 3.600%, 4/15/24		2,750,000		2,703,997
Mercedes-Benz Finance North America LLC, 2.700%, 6/14/24 ±		2,000,000		1,948,660
Volkswagen Group of America Finance LLC, 2.850%, 9/26/24 ±		2,000,000		1,932,434
				6,585,091
Consumer, Non-cyclical — 2.6%
Cardinal Health, Inc., 3.079%, 6/15/24		3,165,000		3,093,630
Cigna Corp., 3.500%, 6/15/24		3,000,000		2,943,452
Elevance Health, Inc., 2.375%, 1/15/25		1,000,000		957,470
Elevance Health, Inc., 3.500%, 8/15/24		1,500,000		1,469,669
Gilead Sciences, Inc., 3.700%, 4/01/24		1,001,000		989,557
Laboratory Corp. of America Holdings, 3.600%, 2/01/25		1,500,000		1,458,983
				10,912,761
Energy — 1.3%
Energy Transfer LP, 4.050%, 3/15/25		2,500,000		2,451,931
Marathon Petroleum Corp., 3.625%, 9/15/24		3,000,000		2,955,513
				5,407,444
Financial — 5.5%
American Express Co., 3.375%, 5/03/24		4,500,000		4,411,334
Capital One Financial Corp., 3.200%, 2/05/25		1,000,000		940,095
Citigroup, Inc., 3.750%, 6/16/24		3,000,000		2,948,150
Goldman Sachs Group, Inc. (The), 3.850%, 7/08/24		2,000,000		1,960,427
Goldman Sachs Group, Inc. (The), 4.000%, 3/03/24		1,000,000		986,271
JPMorgan Chase & Co., 3.875%, 2/01/24		1,500,000		1,481,594
Morgan Stanley, 3.875%, 4/29/24		4,800,000		4,740,794
Nuveen Finance LLC, 4.125%, 11/01/24 ±		4,000,000		3,921,865
Vornado Realty LP, 3.500%, 1/15/25		1,879,000		1,699,096
				23,089,626
Industrial — 1.1%
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.450%, 7/01/24 ±		1,750,000		1,703,787
Raytheon Technologies Corp., 3.200%, 3/15/24		2,695,000		2,648,461
				4,352,248
Utility — 0.7%
Edison International, 3.550%, 11/15/24		3,000,000		2,915,284
TOTAL CORPORATE BONDS AND NOTES (Identified Cost $66,012,221)				63,701,801

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

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	FACE AMOUNT		VALUE†
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 66.7%
Sovereign — 0.2%
Federal Home Loan Bank Discount Notes, 0.00%, 2/06/24 #	$	1,000,000	$	961,757
U.S. Treasury Securities — 66.5%
U.S. Treasury Floating Rate Note, 4.931%, 1/31/25 ‡		5,000,000		5,002,300
U.S. Treasury Note, 0.125%, 8/15/23		750,000		737,152
U.S. Treasury Note, 0.125%, 8/31/23		8,000,000		7,849,844
U.S. Treasury Note, 0.125%, 10/15/23		41,750,000		40,731,773
U.S. Treasury Note, 0.125%, 12/15/23		17,250,000		16,708,814
U.S. Treasury Note, 0.250%, 9/30/23		41,750,000		40,857,271
U.S. Treasury Note, 0.250%, 11/15/23		42,500,000		41,335,814
U.S. Treasury Note, 0.375%, 10/31/23		42,500,000		41,443,643
U.S. Treasury Note, 0.500%, 11/30/23		43,250,000		42,058,600
U.S. Treasury Note, 0.750%, 12/31/23		42,000,000		40,767,728
				277,492,939
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Identified Cost $281,173,789)				278,454,696
SHORT-TERM INVESTMENTS — 3.0%
Commercial Paper — 1.5%
Caisse des Depots et Consignations, 0.00%, 6/06/23 #		4,000,000		3,963,470
Societe Generale SA, 5.050%, 5/01/23		690,000		687,290
Swedbank AB, 5.100%, 6/20/23		1,500,000		1,483,354
				6,134,114
	SHARES
Investment Company — 1.5%
State Street Institutional U.S. Government Money Market Fund 4.450%		6,351,082		6,351,082
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $12,486,883)				12,485,196
Total Investments — 101.0% (Identified Cost $429,156,229)				421,451,346
Liabilities, Less Cash and Other Assets — (1.0%)				(4,036,836	)
Net Assets — 100.0%			$	417,414,510

± 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at March 31, 2023 amounted to $35,870,525 or 8.59% of the net assets of the Fund.

# Zero coupon bond

‡ Floating rate or variable rate note. Rate shown is as of March 31, 2023.

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

Portfolio Sectors as of March 31, 2023

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

Sector	Percentage
Government		69.3	%
Financial		18.6	%
Communications		2.9	%
Consumer, Non-cyclical		2.6	%
Consumer, Cyclical		1.6	%
Commercial Paper		1.5	%
Energy		1.3	%
Industrial		1.0	%
Utilities		0.7	%
Basic Materials		0.5	%
		100.0	%

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 97.6%
Belgium — 0.0%
Titan Cement International SA *		2,956	$	46,997
Brazil — 3.1%
Anima Holding SA *		29,700		14,708
Atacadao SA		18,062		44,153
Banco Bradesco SA		83,233		194,598
Banco Bradesco SA, ADR @		136,380		357,316
Banco do Brasil SA		51,498		397,377
Banco Santander Brasil SA		19,597		103,621
BRF SA *		45,699		55,992
Camil Alimentos SA		8,900		11,941
Cia Brasileira de Distribuicao		20,555		59,737
Cia Siderurgica Nacional SA		26,464		80,617
Cia Siderurgica Nacional SA, ADR		17,252		52,964
Cielo SA		94,852		90,764
Cogna Educacao *		137,975		50,906
Cyrela Brazil Realty SA Empreendimentos e Participacoes		30,113		83,653
Dexco SA		16,054		18,625
Direcional Engenharia SA		8,900		28,060
Embraer SA *		7,694		31,560
Embraer SA, ADR *		12,729		208,374
Enauta Participacoes SA		13,118		29,324
Ez Tec Empreendimentos e Participacoes SA		8,100		19,465
Gerdau SA, ADR		101,235		499,087
GRUPO DE MODA SOMA SA		18,600		29,762
Guararapes Confeccoes SA		6,900		5,854
Hapvida Participacoes e Investimentos SA *±		210,570		108,849
Hidrovias do Brasil SA *		52,188		22,138
International Meal Co. Alimentacao SA Class A *		16,347		6,257
Iochpe Maxion SA		12,197		28,877
IRB Brasil Resseguros SA *		2,346		10,294
Jalles Machado SA		15,200		20,273
JBS SA		57,145		201,252
JHSF Participacoes SA		40,831		29,807
MRV Engenharia e Participacoes SA		22,336		28,116
Multilaser Industrial SA		11,334		3,064
Natura & Co. Holding SA		51,408		133,884
Petroleo Brasileiro SA		344,373		1,799,848
Petroleo Brasileiro SA, ADR		1,600		16,688
Positivo Tecnologia SA		9,100		13,627
TIM SA		62,197		154,374
Tupy SA		3,847		18,383
Ultrapar Participacoes SA		45,846		126,273
Usinas Siderurgicas de Minas Gerais SA		9,100		14,309
Vale SA		20,412		323,349
Via S/A *		96,044		35,625
Vibra Energia SA		73,146		207,960
YDUQS Participacoes SA		12,700		17,665
Zamp SA *		22,200		20,367
				5,809,737
British Virgin Islands — 0.0%
AsiaInfo Technologies Ltd. ±		10,000		18,472
Canada — 0.0%
China Gold International Resources Corp. Ltd.		13,700		50,088
Cayman Islands — 0.0%
Baozun, Inc., Class A *		4,600		8,462
Edvantage Group Holdings Ltd.		32,244		11,008

	SHARES		VALUE†
Fulgent Sun International Holding Co. Ltd.		8,000	$	35,077
Gourmet Master Co. Ltd.		5,000		23,812
HUYA, Inc., ADR *		1,730		6,245
				84,604
Chile — 0.6%
Banco de Credito e Inversiones SA		363		10,641
CAP SA		4,662		38,761
Cencosud SA		98,037		189,441
Cia Sud Americana de Vapores SA		206,953		20,578
Empresa Nacional de Telecomunicaciones SA		13,467		53,113
Empresas CMPC SA		61,213		102,298
Empresas COPEC SA		30,223		213,301
Enel Americas SA		873,666		115,076
Falabella SA		38,983		89,649
Grupo Security SA		123,808		24,687
Hortifrut SA		6,080		9,676
Inversiones Aguas Metropolitanas SA		38,384		26,076
Itau CorpBanca Chile SA *		10,190,153		25,114
PAZ Corp. SA		9,073		4,938
Ripley Corp. SA		81,141		17,251
Sigdo Koppers SA		27,803		39,174
SMU SA		147,411		27,057
Sociedad Matriz SAAM SA		550,961		60,302
SONDA SA		83,103		43,910
				1,111,043
China — 30.8%
360 DigiTech, Inc., ADR		5,298		102,781
360 Security Technology, Inc., Class A		20,500		52,057
361 Degrees International Ltd. *		71,000		35,274
3SBio, Inc. ±		106,000		105,596
A-Living Smart City Services Co. Ltd. ±		41,000		35,569
AAC Technologies Holdings, Inc. *@		60,500		149,210
Accelink Technologies Co. Ltd. Class A		9,200		34,809
Addsino Co Ltd., Class A		16,300		26,685
Advanced Technology & Materials Co. Ltd. Class A *		13,900		18,508
Agile Group Holdings Ltd. *@		131,091		29,224
Agricultural Bank of China Ltd., H Shares		1,776,000		658,373
Alibaba Group Holding Ltd. *		202,200		2,586,132
Aluminum Corp. of China Ltd., H Shares		328,000		166,300
Angang Steel Co. Ltd., H Shares		142,999		45,724
Anhui Conch Cement Co. Ltd., H Shares		117,500		407,139
Anhui Guangxin Agrochemical Co. Ltd., Class A		3,080		14,782
Anhui Huilong Agricultural Means of Production Co. Ltd. Class A		6,500		8,031
Anhui Jinhe Industrial Co. Ltd., Class A		5,000		21,886
Anhui Truchum Advanced Materials & Technology Co. Ltd., Class A		13,800		15,041
Anhui Zhongding Sealing Parts Co. Ltd., Class A		13,300		24,599
Anton Oilfield Services Group *		226,000		11,372
Asia - Potash International Investment Guangzhou Co. Ltd., Class A *		4,400		17,499
Asia Cement China Holdings Corp.		40,000		17,172
Avary Holding Shenzhen Co. Ltd., Class A *		12,300		55,523
AviChina Industry & Technology Co. Ltd., H Shares @		254,000		133,311
BAIC Motor Corp. Ltd., H Shares ±		145,000		40,268
Baidu, Inc., ADR *		11,412		1,722,299
Baidu, Inc., Class A *		5,150		97,556
Bank of Beijing Co. Ltd., Class A		98,400		63,005
Bank of Changsha Co. Ltd., Class A		25,500		29,352

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Bank of Chengdu Co. Ltd., Class A		26,000	$	51,305
Bank of China Ltd., H Shares		5,655,902		2,168,724
Bank of Chongqing Co. Ltd., H Shares @		46,500		25,353
Bank of Communications Co. Ltd., H Shares		529,400		333,155
Bank of Guiyang Co. Ltd., Class A		22,500		18,041
Bank of Hangzhou Co. Ltd., Class A		32,101		54,235
Bank of Jiangsu Co. Ltd. Class A		80,100		81,827
Bank of Nanjing Co. Ltd., Class A		61,300		79,927
Bank of Ningbo Co. Ltd., Class A		38,780		154,119
Bank of Shanghai Co. Ltd., Class A		68,500		59,710
Bank of Suzhou Co. Ltd., Class A		22,220		22,505
Baoshan Iron & Steel Co. Ltd., Class A		100,300		91,078
BBMG Corp., H Shares		184,000		23,909
Beijing Capital Development Co. Ltd., Class A		12,200		8,096
Beijing Capital Eco-Environment Protection Group Co. Ltd. Class A		48,000		20,745
Beijing Capital International Airport Co. Ltd., H Shares *		190,000		139,900
Beijing Dabeinong Technology Group Co. Ltd., Class A *		18,000		20,457
Beijing Easpring Material Technology Co. Ltd., Class A		2,700		22,600
Beijing Energy International Holding Co. Ltd. *		310,000		7,503
Beijing Enlight Media Co. Ltd., Class A		11,300		14,619
Beijing Enterprises Holdings Ltd.		46,000		165,543
Beijing Enterprises Water Group Ltd.		448,000		111,859
Beijing GeoEnviron Engineering & Technology, Inc., Class A		11,232		16,655
Beijing Haixin Energy Technology Co. Ltd.		35,800		20,839
Beijing Jetsen Technology Co. Ltd. Class A *		28,600		27,926
Beijing Jingyuntong Technology Co. Ltd., Class A		22,000		21,066
Beijing New Building Materials PLC Class A		10,000		39,058
Beijing Orient Landscape & Environment Co. Ltd., Class A *		20,000		5,879
Beijing Orient National Communication Science & Technology Co. Ltd., Class A *		8,200		17,983
Beijing Originwater Technology Co. Ltd., Class A		5,558		4,084
Beijing Shiji Information Technology Co. Ltd., Class A		4,508		16,833
Beijing Shougang Co. Ltd., Class A		27,500		15,247
Beijing Shunxin Agriculture Co. Ltd., Class A *		1,300		6,716
Beijing Sinnet Technology Co. Ltd., Class A		12,200		23,808
Beijing SL Pharmaceutical Co. Ltd., Class A		8,900		11,151
Beijing Thunisoft Corp. Ltd., Class A *		4,400		6,544
Beijing Yanjing Brewery Co. Ltd., Class A		9,600		19,572
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		108,000		82,039
BGI Genomics Co. Ltd. Class A		1,800		18,074
Blue Sail Medical Co. Ltd., Class A *		12,900		14,774
Bluefocus Intelligent Communications Group Co. Ltd., Class A		23,100		32,136
BOC International China Co. Ltd., Class A		14,300		22,349

	SHARES		VALUE†
BOE Technology Group Co. Ltd., Class A		220,300	$	142,339
Bohai Leasing Co. Ltd., Class A *		64,900		19,833
Bright Dairy & Food Co. Ltd., Class A		7,700		11,978
Brilliance China Automotive Holdings Ltd. @		178,000		78,230
BTG Hotels Group Co. Ltd., Class A *		5,700		19,360
BYD Electronic International Co. Ltd.		67,500		209,812
C C Land Holdings Ltd.		106,500		23,064
C&D International Investment Group Ltd. @		21,187		69,500
C&S Paper Co. Ltd. Class A		6,700		11,797
Caitong Securities Co. Ltd., Class A		15,470		16,907
CECEP Solar Energy Co. Ltd., Class A		30,100		30,004
CECEP Wind-Power Corp., Class A *		49,010		27,601
Central China Management Co. Ltd.		81,000		5,366
Central China Real Estate Ltd.		84,106		2,357
CGN New Energy Holdings Co. Ltd. @		130,000		41,236
Changjiang Securities Co. Ltd., Class A		39,900		32,341
Chaowei Power Holdings Ltd.		71,000		15,466
Chengdu Kanghong Pharmaceutical Group Co. Ltd. Class A		4,900		13,106
Chengdu Wintrue Holding Co. Ltd., Class A		8,900		14,428
Chengtun Mining Group Co. Ltd., Class A		19,700		16,398
China Aircraft Leasing Group Holdings Ltd.		16,000		10,150
China Baoan Group Co. Ltd., Class A		9,000		14,891
China BlueChemical Ltd., H Shares		192,000		49,652
China Bohai Bank Co. Ltd., Class H ±		141,000		24,069
China CAMC Engineering Co. Ltd. Class A		20,600		31,866
China Cinda Asset Management Co. Ltd., Class H		664,000		83,741
China Citic Bank Corp. Ltd., H Shares		613,000		308,456
China Coal Energy Co. Ltd., H Shares		181,000		137,193
China Communication Services Corp. Ltd., H Shares		231,600		113,884
China Conch Environment Protection Holdings Ltd. *		97,500		30,430
China Conch Venture Holdings Ltd.		91,500		159,690
China Construction Bank Corp., H Shares		7,203,810		4,671,065
China CSSC Holdings Ltd., Class A		6,500		22,134
China Development Bank Financial Leasing Co. Ltd., H Shares ±		128,000		17,773
China Education Group Holdings Ltd. @		30,000		28,892
China Energy Engineering Corp. *		88,674		31,098
China Energy Engineering Corp. Ltd., H Shares @		152,000		18,976
China Everbright Bank Co. Ltd., H Shares		241,000		73,068
China Everbright Greentech Ltd. @±		65,000		13,331
China Everbright Ltd.		88,000		63,114
China Foods Ltd.		86,000		32,100
China Galaxy Securities Co. Ltd., H Shares		194,500		97,871
China Gas Holdings Ltd.		228,400		321,801
China Great Wall Securities Co. Ltd., Class A		8,500		10,254
China Greatwall Technology Group Co. Ltd. Class A		15,387		27,720
China High Speed Transmission Equipment Group Co. Ltd. *		44,000		16,423
China Hongqiao Group Ltd.		189,000		181,057
China Huiyuan Juice Group Ltd. §*		84,500		—
China International Marine Containers Group Co. Ltd., Class H		74,460		51,222

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
China Jinmao Holdings Group Ltd.		476,464	$	92,866
China Jushi Co. Ltd., Class A *		22,631		48,115
China Lesso Group Holdings Ltd.		100,000		89,428
China Lilang Ltd.		31,000		15,362
China Medical System Holdings Ltd.		97,000		153,225
China Meheco Co. Ltd., Class A		13,860		27,672
China Merchants Bank Co. Ltd., H Shares		223,000		1,139,161
China Merchants Land Ltd. *		118,000		7,666
China Merchants Port Holdings Co. Ltd.		94,516		144,966
China Merchants Property Operation & Service Co. Ltd. Class A *		5,000		11,118
China Merchants Securities Co. Ltd., H Shares ±		19,660		18,834
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A *		22,000		43,604
China Minsheng Banking Corp. Ltd., H Shares @		395,880		135,660
China Modern Dairy Holdings Ltd. @		290,000		37,313
China National Accord Medicines Corp. Ltd., Class A		5,200		33,386
China National Building Material Co. Ltd., H Shares		396,850		325,573
China National Medicines Corp. Ltd., Class A		2,900		15,720
China National Nuclear Power Co. Ltd., Class A		101,100		94,011
China New Higher Education Group Ltd. ±		74,000		23,944
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd. Class A *		15,100		12,042
China Nonferrous Mining Corp. Ltd.		27,000		12,761
China Oil & Gas Group Ltd. *		200,000		7,134
China Oilfield Services Ltd., H Shares		112,000		114,855
China Oriental Group Co. Ltd. @		122,000		23,002
China Overseas Grand Oceans Group Ltd.		141,402		62,146
China Overseas Land & Investment Ltd.		279,000		673,874
China Pacific Insurance Group Co. Ltd., H Shares		162,600		431,879
China Petroleum & Chemical Corp., H Shares		1,946,400		1,150,498
China Railway Group Ltd., H Shares		291,000		177,568
China Railway Signal & Communication Corp. Ltd. H Shares ±		149,000		54,855
China Reinsurance Group Corp., H Shares		323,000		22,631
China Renaissance Holdings Ltd. @±*		11,300		10,465
China Resources Cement Holdings Ltd.		238,000		116,728
China Resources Double Crane Pharmaceutical Co. Ltd., Class A *		6,300		15,805
China Resources Gas Group Ltd.		70,000		258,156
China Resources Land Ltd.		302,000		1,377,291
China Resources Medical Holdings Co. Ltd.		71,500		61,937
China Resources Pharmaceutical Group Ltd. ±		134,500		106,573
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A *		5,100		42,637
China Risun Group Ltd.		58,000		26,451
China Sanjiang Fine Chemicals Co. Ltd.		44,000		9,585
China Shanshui Cement Group Ltd. *@		53,000		9,250
China Shenhua Energy Co. Ltd., H Shares		293,000		921,935
China Shineway Pharmaceutical Group Ltd.		36,000		33,753
China South City Holdings Ltd. *@		508,000		33,651
China South Publishing & Media Group Co. Ltd., Class A		11,600		19,649

	SHARES		VALUE†
China Southern Airlines Co. Ltd., H Shares *@		86,000	$	61,351
China State Construction Engineering Corp. Ltd., Class A		158,300		133,609
China Sunshine Paper Holdings Co. Ltd.		26,000		7,850
China Taiping Insurance Holdings Co. Ltd.		137,800		146,403
China Tianrui Group Cement Co. Ltd. *@		11,000		8,226
China Tower Corp. Ltd., Class H ±		3,372,000		408,082
China Traditional Chinese Medicine Holdings Co. Ltd.		260,000		136,129
China TransInfo Technology Co. Ltd., Class A *		6,900		13,505
China Travel International Investment Hong Kong Ltd. *		180,000		36,918
China Vanke Co. Ltd., Class H		133,972		211,286
China Yongda Automobiles Services Holdings Ltd.		84,000		59,710
China Zheshang Bank Co. Ltd., Class H *		96,000		32,775
China Zhongwang Holdings Ltd. *@§		154,000		—
Chinasoft International Ltd. *		150,000		94,969
Chinese Universe Publishing and Media Group Co. Ltd., Class A		9,200		16,601
Chongqing Changan Automobile Co. Ltd., Class A		40,430		70,130
Chongqing Department Store Co. Ltd., Class A		2,400		9,472
Chongqing Rural Commercial Bank Co. Ltd., H Shares		226,000		82,340
Chow Tai Seng Jewellery Co. Ltd. Class A		9,125		21,034
CIFI Ever Sunshine Services Group Ltd. @<>		18,000		6,994
CIMC Enric Holdings Ltd.		74,000		71,644
CITIC Ltd.		356,000		416,321
CITIC Securities Co. Ltd., Class H		83,950		179,238
Citychamp Watch & Jewellery Group Ltd. *		62,000		9,241
CMGE Technology Group Ltd. *@		90,000		26,484
CMOC Group Ltd. Class H		66,000		39,937
CNHTC Jinan Truck Co. Ltd., Class A *		2,800		6,882
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		21,460		20,268
CNOOC Energy Technology & Services Ltd., Class A		62,100		29,822
CNSIG Inner Mongolia Chemical Industry Co. Ltd.		10,500		22,507
COFCO Biotechnology Co. Ltd., Class A		15,100		18,634
COFCO Joycome Foods Ltd. @*		162,000		42,719
Concord New Energy Group Ltd.		420,000		37,453
Consun Pharmaceutical Group Ltd.		23,000		14,035
COSCO SHIPPING Development Co. Ltd., H Shares		324,200		42,952
COSCO SHIPPING Energy Transportation Co. Ltd., H Shares *@		62,000		63,975
COSCO SHIPPING Holdings Co. Ltd., H Shares		244,199		274,688
COSCO SHIPPING International Hong Kong Co. Ltd.		34,000		10,828
COSCO SHIPPING Ports Ltd.		156,998		104,800
Country Garden Holdings Co. Ltd. @		847,376		238,564
CPMC Holdings Ltd.		53,000		29,100
CSG Holding Co. Ltd., Class A		19,500		19,041
CSSC Hong Kong Shipping Co. Ltd.		70,000		11,860
CTS International Logistics Corp. Ltd., Class A		11,000		15,239
Daan Gene Co. Ltd., Class A		9,400		22,037
Dali Foods Group Co. Ltd. ±		38,500		16,087

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Daqin Railway Co. Ltd., Class A		85,800	$	89,772
DBG Technology Co. Ltd.,Class A		7,000		11,765
DHC Software Co. Ltd., Class A		28,100		33,940
Dian Diagnostics Group Co. Ltd. Class A		4,800		20,012
Digital China Holdings Ltd.		62,000		28,591
Digital China Information Service Co. Ltd., Class A *		10,000		20,388
Dong-E-E-Jiao Co. Ltd., Class A *		3,300		25,447
Dongfang Electric Corp. Ltd. H Shares @		21,000		33,921
Dongfeng Motor Group Co. Ltd., H Shares		66,000		30,940
Dongxing Securities Co. Ltd., Class A		12,000		14,669
Dongyue Group Ltd.		104,000		107,313
Dynagreen Environmental Protection Group Co. Ltd., Class H		52,000		17,621
E-Commodities Holdings Ltd.		94,000		17,483
EEKA Fashion Holdings Ltd.		8,000		10,803
Essex Bio-technology Ltd.		37,000		18,100
Eternal Asia Supply Chain Management Ltd. Class A		24,300		20,863
EVA Precision Industrial Holdings Ltd. @		92,000		11,603
Everbright Securities Co. Ltd., Class H ±		16,000		10,864
Fangda Carbon New Material Co. Ltd., Class A *		15,700		14,713
Fangda Special Steel Technology Co. Ltd., Class A		19,000		15,483
Far East Horizon Ltd. @		187,000		168,183
FAW Jiefang Group Co. Ltd., Class A		24,100		29,109
Fiberhome Telecommunication Technologies Co. Ltd., Class A		5,800		16,543
FIH Mobile Ltd. *		203,000		21,981
Financial Street Holdings Co. Ltd., Class A		23,300		17,021
FinVolution Group, ADR		11,439		47,701
Fosun International Ltd.		195,500		143,451
Founder Securities Co. Ltd., Class A *		23,800		24,140
Foxconn Industrial Internet Co. Ltd. Class A *		66,600		166,891
Fu Shou Yuan International Group Ltd.		65,000		52,663
Fufeng Group Ltd.		153,000		88,293
Fujian Funeng Co. Ltd., Class A		14,100		25,156
Fujian Sunner Development Co. Ltd., Class A *		9,000		32,297
Gansu Shangfeng Cement Co. Ltd., Class A		6,240		10,670
GCL Energy Technology Co. Ltd.		4,200		6,974
GCL Technology Holdings Ltd. *		395,000		102,148
GDS Holdings Ltd., Class A *		50,000		121,021
Geely Automobile Holdings Ltd.		390,000		501,790
GEM Co. Ltd., Class A		33,500		36,416
Gemdale Corp., Class A		19,200		23,470
Gemdale Properties & Investment Corp. Ltd.		442,000		30,405
Genertec Universal Medical Group Co. Ltd. ±		75,500		45,685
GF Securities Co. Ltd., Class H		64,200		90,944
Giant Network Group Co. Ltd., Class A		9,400		18,029
GoerTek, Inc., Class A		18,300		56,989
Golden Eagle Retail Group Ltd. *		15,000		9,917
Gotion High-tech Co. Ltd., Class A		5,100		22,124
Grand Pharmaceutical Group Ltd.		88,500		50,846

	SHARES		VALUE†
Grandjoy Holdings Group Co. Ltd., Class A *		30,000	$	16,284
Greattown Holdings Ltd., Class A *		34,100		15,532
Greatview Aseptic Packaging Co. Ltd. *		88,000		18,049
Gree Electric Appliances, Inc., Class A		13,800		73,801
Greenland Hong Kong Holdings Ltd.		112,000		9,845
Greentown China Holdings Ltd.		78,500		101,801
GRG Banking Equipment Co. Ltd., Class A		12,500		22,301
Guangdong HEC Technology Holding Co. Ltd., Class A		11,800		15,368
Guangdong Huatie Tongda High-speed Railway Equipment Corp., Class A *		22,300		12,267
Guangdong Provincial Expressway Development Co. Ltd. Class A		12,700		13,953
Guangdong Tapai Group Co. Ltd., Class A		9,300		9,879
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		4,200		10,415
Guanghui Energy Co. Ltd., Class A		48,700		65,554
Guangshen Railway Co. Ltd.,Class H *@		82,000		15,147
Guangxi Liugong Machinery Co. Ltd., Class A		14,900		14,679
Guangzhou Automobile Group Co. Ltd., H Shares		188,000		118,549
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		16,000		49,325
Guangzhou Haige Communications Group, Inc. Co., Class A		22,300		34,074
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		18,042		17,302
Guizhou Panjiang Refined Coal Co. Ltd., Class A		9,269		9,752
Guizhou Xinbang Pharmaceutical Co. Ltd. Class A		32,400		23,716
Guosen Securities Co. Ltd., Class A		22,400		30,543
Guosheng Financial Holding, Inc., Class A *		14,131		17,931
Guotai Junan Securities Co. Ltd., H Shares ±		29,000		35,244
Haier Smart Home Co. Ltd., Class A *		20,500		67,659
Haitian International Holdings Ltd.		44,000		113,785
Haitong Securities Co. Ltd., Class H		169,600		105,866
Han’s Laser Technology Industry Group Co. Ltd., Class A		8,900		39,307
Hang Zhou Great Star Industrial Co. Ltd., Class A *		4,400		12,114
Hangcha Group Co. Ltd. Class A		8,000		22,911
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		22,900		30,492
Hangzhou Robam Appliances Co. Ltd. Class A		2,900		11,968
Health & Happiness H&H International Holdings Ltd.		18,500		30,967
Heilongjiang Agriculture Co. Ltd., Class A		8,000		15,623
Henan Mingtai Al Industrial Co. Ltd., Class A		8,400		19,411
Hengan International Group Co. Ltd.		55,500		256,647
Hengli Petrochemical Co. Ltd., Class A		35,500		83,689
Hengtong Optic-electric Co. Ltd., Class A		9,680		21,271
Hengyi Petrochemical Co. Ltd., Class A		25,000		29,541
Hesteel Co. Ltd., Class A		65,500		22,209
Hi Sun Technology China Ltd. *		138,000		13,888
Hisense Home Appliances Group Co. Ltd., Class H		34,000		58,819

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Holitech Technology Co. Ltd., Class A *		35,900	$	16,091
Hongda Xingye Co. Ltd., Class A *		21,200		8,669
Hope Education Group Co. Ltd. *@±		120,000		9,478
Hopson Development Holdings Ltd.		77,198		70,610
Hua Han Health Industry Holdings Ltd. @*§		504,000		—
Hua Hong Semiconductor Ltd. *@±		43,000		190,353
Huafon Chemical Co. Ltd., Class A		27,754		30,129
Huafon Microfibre Shanghai Technology Co. Ltd., Class T *		25,700		15,633
Huagong Tech Co. Ltd., Class A *		6,200		22,926
Huaibei Mining Holdings Co. Ltd. Class A *		10,400		20,522
Huapont Life Sciences Co. Ltd., Class A		27,600		22,572
Huatai Securities Co. Ltd., Class H ±		58,600		66,962
Huaxi Securities Co. Ltd., Class A		12,600		15,090
Huaxia Bank Co. Ltd., Class A		43,300		33,900
Huaxin Cement Co. Ltd., Class A *		7,000		15,840
Huayu Automotive Systems Co. Ltd., Class A		17,500		42,630
Hubei Biocause Pharmaceutical Co. Ltd., Class A		17,600		8,606
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		4,400		18,236
Hubei Xingfa Chemicals Group Co. Ltd., Class A *		9,400		41,653
Humanwell Healthcare Group Co. Ltd., Class A		9,700		37,801
Hunan Valin Steel Co. Ltd., Class A *		47,300		38,339
Hytera Communications Corp. Ltd., Class A *		23,400		22,951
Industrial & Commercial Bank of China Ltd., H Shares		4,364,000		2,323,790
Industrial Bank Co. Ltd. Class A *		122,900		302,070
Industrial Securities Co. Ltd., Class A		52,910		47,121
Infore Environment Technology Group Co. Ltd., Class A		12,400		9,546
Ingdan, Inc. *@±		40,000		8,306
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		169,960		46,745
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		12,000		23,470
Inner Mongolia ERDOS Resources Co. Ltd. Class A		8,400		18,763
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		55,300		36,374
Inner Mongolia Yitai Coal Co. Ltd. Class H		9,800		19,650
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A *		34,700		43,628
Inspur Electronic Information Industry Co. Ltd., Class A		5,700		29,114
Intco Medical Technology Co. Ltd. Class A		5,700		21,417
JCET Group Co. Ltd., Class A *		12,895		60,892
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		20,200		21,899
Jiangsu Eastern Shenghong Co. Ltd., Class A		10,600		21,009
Jiangsu Guotai International Group Co. Ltd., Class A		10,400		12,425
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A *		34,700		20,148
Jiangsu Lihua Animal Husbandry Stock Co. Ltd., Class A *		2,400		13,827

	SHARES		VALUE†
Jiangsu Provincial Agricultural Reclamation and Development Corp.		11,200	$	19,248
Jiangsu Shagang Co. Ltd.		38,000		22,949
Jiangsu Shuangxing Color Plastic New Materials Co. Ltd., Class A		10,800		19,944
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		5,600		25,947
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		27,840		18,150
Jiangsu Zhongtian Technology Co. Ltd., Class A		11,500		28,600
Jiangxi Copper Co. Ltd., H Shares		70,000		118,600
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A		17,100		13,587
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		7,300		16,264
Jinchuan Group International Resources Co. Ltd. @		273,000		21,910
Jingrui Holdings Ltd. *		43,000		1,052
Jinke Smart Services Group Co. Ltd., Class H		12,000		18,344
Jinneng Science&Technology Co. Ltd., Class A		10,600		15,348
Jizhong Energy Resources Co. Ltd., Class A		21,200		21,102
JNBY Design Ltd.		16,500		18,938
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		18,700		35,839
Jointown Pharmaceutical Group Co. Ltd., Class A		10,700		23,263
Joyoung Co. Ltd. Class A		1,600		4,172
JOYY, Inc., ADR		928		28,935
Ju Teng International Holdings Ltd.		56,000		9,274
Juneyao Airlines Co. Ltd., Class A *		9,700		25,380
Kingboard Holdings Ltd.		71,500		219,512
Kingboard Laminates Holdings Ltd.		79,000		82,523
Kingfa Sci & Tech Co. Ltd. Class A		13,400		18,115
Kingsoft Corp. Ltd.		70,200		345,639
Kunlun Energy Co. Ltd.		354,000		276,890
Kunlun Tech Co. Ltd., Class A		5,800		39,483
KWG Living Group Holdings Ltd.		65,000		10,185
Lakala Payment Co. Ltd. Class A *		4,300		11,751
Lao Feng Xiang Co. Ltd., Class A		2,700		21,205
LB Group Co. Ltd., Class A		11,200		32,988
Lee & Man Chemical Co. Ltd.		16,000		10,578
Lee & Man Paper Manufacturing Ltd.		122,000		48,801
Legend Holdings Corp., H Shares ±		38,400		40,944
Lenovo Group Ltd.		172,000		186,244
Lens Technology Co. Ltd., Class A		24,140		47,459
Leo Group Co. Ltd., Class A *		48,000		16,694
LexinFintech Holdings Ltd., ADR *		16,062		43,528
Leyard Optoelectronic Co. Ltd., Class A		20,300		20,117
Lianhe Chemical Technology Co. Ltd.		6,700		13,738
Liaoning Cheng Da Co. Ltd., Class A		5,800		10,989
Lingyi iTech Guangdong Co., Class A *		42,800		38,491
Livzon Pharmaceutical Group, Inc., H Shares		6,800		23,995
Longfor Group Holdings Ltd. ±		154,500		435,951
Lonking Holdings Ltd.		158,000		28,380
Luenmei Quantum Co. Ltd., Class A		13,300		12,019
Luolai Lifestyle Technology Co. Ltd., Class A		5,300		9,494
Luoniushan Co. Ltd., Class A *		16,000		18,324
Luxi Chemical Group Co. Ltd., Class A		8,600		17,083
Luye Pharma Group Ltd. *±		161,500		74,888

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
LVGEM China Real Estate Investment Co. Ltd. *@		72,000	$	13,575
Maanshan Iron & Steel Co. Ltd., H Shares @		78,000		17,985
Maccura Biotechnology Co. Ltd. Class A		3,800		10,191
Mango Excellent Media Co. Ltd. Class A		11,000		59,611
Maoyan Entertainment *@±		21,200		22,821
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A *		29,300		32,064
Metallurgical Corp. of China Ltd., H Shares		225,000		58,185
Midea Real Estate Holding Ltd. @±		14,000		17,121
Ming Yang Smart Energy Group Ltd., Class A		6,800		22,275
Mingfa Group International Co. Ltd. *		91,000		3,768
Minth Group Ltd.		34,000		102,651
MLS Co. Ltd., Class A		20,000		27,300
MMG Ltd. *		236,000		69,147
Nanjing Iron & Steel Co. Ltd., Class A *		36,600		20,718
Nanjing Xinjiekou Department Store Co. Ltd., Class A		6,900		9,127
NavInfo Co. Ltd., Class A		10,200		20,083
NetDragon Websoft Holdings Ltd.		25,500		44,764
New China Life Insurance Co. Ltd., H Shares		57,900		137,634
New Hope Liuhe Co. Ltd., Class A *		12,000		23,103
Newland Digital Technology Co. Ltd., Class A		10,000		24,360
Nexteer Automotive Group Ltd.		69,000		43,510
Nine Dragons Paper Holdings Ltd.		173,000		129,586
Ningbo Huaxiang Electronic Co. Ltd., Class A		8,950		19,289
Ningbo Joyson Electronic Corp., Class A *		5,200		11,525
Ningbo Zhoushan Port Co. Ltd., Class A		33,200		17,489
Ningxia Baofeng Energy Group Co. Ltd., Class A		11,600		24,899
Noah Holdings Ltd., ADR *@		1,172		19,397
Northeast Securities Co. Ltd., Class A		8,500		8,386
Offshore Oil Engineering Co. Ltd. Class A *		27,400		24,442
ORG Technology Co. Ltd., Class A		26,800		20,163
Orient Securities Co. Ltd., Class H ±		52,400		28,103
Oriental Energy Co. Ltd. Class A		11,300		14,487
Oriental Pearl Group Co. Ltd., Class A		10,700		12,675
Ourpalm Co. Ltd., Class A *		27,500		17,288
PAX Global Technology Ltd.		75,000		62,963
PCI Technology Group Co. Ltd., Class A		15,600		16,572
People’s Insurance Co. Group of China Ltd. (The), H Shares		305,000		101,797
Perfect World Co. Ltd., Class A		6,700		16,594
PetroChina Co. Ltd., H Shares		2,014,000		1,193,022
PICC Property & Casualty Co. Ltd., H Shares		494,000		504,075
Ping An Bank Co. Ltd., Class A *		108,500		197,837
Ping An Insurance Group Co. of China Ltd., Class H		338,000		2,200,257
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		15,900		23,994
Poly Property Group Co. Ltd.		200,431		44,172
Postal Savings Bank of China Co. Ltd., Class H ±		571,000		338,967

	SHARES		VALUE†
Pou Sheng International Holdings Ltd.		252,000	$	21,188
Power Construction Corp. of China Ltd. Class A		56,900		59,037
Q Technology Group Co. Ltd. *@		31,000		16,942
Qingdao Hanhe Cable Co. Ltd., Class A		35,800		21,464
Qingling Motors Co. Ltd., Class H		84,000		9,203
Radiance Holdings Group Co. Ltd. @		37,000		20,928
Red Star Macalline Group Corp. Ltd., H Shares @±		35,700		16,372
Redco Properties Group Ltd. *@±<>		80,000		13,554
Renhe Pharmacy Co. Ltd., Class A		19,700		18,147
Rongsheng Petrochemical Co. Ltd. Class A		61,100		134,526
SAIC Motor Corp. Ltd., Class A		29,700		62,064
Sailun Group Co. Ltd., Class A		13,900		21,825
Sansteel Minguang Co. Ltd., Class A		13,700		9,769
Sansure Biotech, Inc. Class A		3,333		11,505
Sany Heavy Equipment International Holdings Co. Ltd.		83,000		86,385
Sany Heavy Industry Co. Ltd. Class A		28,800		71,624
Satellite Chemical Co. Ltd., Class A		17,026		39,642
Sealand Securities Co. Ltd., Class A		24,800		12,270
Seazen Group Ltd. *		188,571		48,765
Seazen Holdings Co. Ltd., Class A *		13,800		32,814
SF Holding Co. Ltd. Class A		14,100		113,631
Shaanxi Coal Industry Co. Ltd., Class A		50,037		148,105
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		21,600		43,440
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		9,200		26,562
Shandong Chenming Paper Holdings Ltd., H Shares *		35,250		11,047
Shandong Hi-Speed Road & Bridge Co. Ltd.		20,600		22,363
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A *		2,700		12,298
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A *		11,310		58,016
Shandong Humon Smelting Co. Ltd., Class A *		10,800		18,404
Shandong Linglong Tyre Co. Ltd., Class A		7,700		21,895
Shandong Nanshan Aluminum Co. Ltd., Class A		37,900		18,697
Shandong Sun Paper Industry JSC Ltd., Class A		16,800		29,802
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares		130,000		207,671
Shanghai AJ Group Co. Ltd., Class A *		16,900		13,206
Shanghai Construction Group Co. Ltd. Class A		55,900		22,208
Shanghai Electric Group Co. Ltd., H Shares *		166,000		41,448
Shanghai Environment Group Co. Ltd., Class A		11,600		15,749
Shanghai Industrial Holdings Ltd.		45,000		60,192
Shanghai Industrial Urban Development Group Ltd.		274,000		17,278
Shanghai International Port Group Co. Ltd., Class A		48,600		39,181
Shanghai Jinjiang International Hotels Co. Ltd., Class A		1,300		11,901
Shanghai Lingang Holdings Corp. Ltd., Class A		8,760		16,177

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		13,500	$	19,626
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A *		7,100		13,421
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		63,600		118,613
Shanghai Pudong Development Bank Co. Ltd., Class A		118,900		124,405
Shanghai RAAS Blood Products Co. Ltd., Class A		37,200		34,808
Shanghai Tunnel Engineering Co. Ltd., Class A		25,600		21,234
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A *		18,000		21,296
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		7,800		18,672
Shanxi Coking Coal Energy Group Co. Ltd., Class A		39,900		63,811
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		26,900		85,885
Shanxi Meijin Energy Co. Ltd., Class A		31,400		41,947
Shanxi Securities Co. Ltd., Class A		24,700		20,883
Shanxi Taigang Stainless Steel Co. Ltd., Class A		34,300		21,663
Shanying International Holding Co. Ltd., Class A		37,500		13,479
Shenghe Resources Holding Co. Ltd., Class A		11,000		22,650
Shengyi Technology Co. Ltd. Class A *		9,946		26,718
Shenwan Hongyuan Group Co. Ltd., H Shares ±		43,200		8,200
Shenzhen Agricultural Products Group Co. Ltd., Class A		15,600		13,053
Shenzhen Airport Co. Ltd., Class A		16,200		17,186
Shenzhen Aisidi Co. Ltd., Class A		14,200		18,970
Shenzhen Huaqiang Industry Co. Ltd. Class A *		5,900		11,960
Shenzhen International Holdings Ltd.		107,733		95,245
Shenzhen Investment Ltd.		323,060		57,205
Shenzhen Jinjia Group Co. Ltd., Class A		10,602		11,432
Shenzhen Kaifa Technology Co. Ltd. Class A		5,900		14,355
Shenzhen Kinwong Electronic Co. Ltd., Class A		5,800		21,607
Shenzhen MTC Co. Ltd., Class A *		42,300		30,347
Shenzhen Neptunus Bioengineering Co. Ltd., Class A *		28,200		13,912
Shenzhen Overseas Chinese Town Co. Ltd., Class A *		43,200		30,364
Shenzhen Sunway Communication Co. Ltd. Class A		4,700		14,308
Shenzhen Tagen Group Co. Ltd., Class A		25,000		19,500
Shenzhen World Union Group, Inc., Class A *		33,300		14,005
Shenzhen Yan Tian Port Holding Co. Ltd. Class A		28,200		20,683
Shenzhen YUTO Packaging Technology Co. Ltd. Class A		4,900		19,844
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		31,900		22,839
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A *		26,700		35,357
Shimao Group Holdings Ltd. *§		131,000		—

	SHARES		VALUE†
Shoucheng Holdings Ltd.		208,400	$	53,627
Shougang Fushan Resources Group Ltd.		219,790		69,718
Shui On Land Ltd.		280,000		33,886
Sichuan Development Lomon Co. Ltd., Class A *		13,600		20,503
Sichuan Hebang Biotechnology Co. Ltd., Class A		84,300		36,680
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		12,500		51,696
Sichuan Road & Bridge Group Co. Ltd., Class A *		20,600		41,369
Sieyuan Electric Co. Ltd., Class A		4,300		28,609
Sihuan Pharmaceutical Holdings Group Ltd.		328,000		33,009
Sino-Ocean Group Holding Ltd. @		293,712		33,300
Sinofert Holdings Ltd. *		244,000		30,772
Sinolink Securities Co. Ltd., Class A		11,700		15,255
Sinoma International Engineering Co., Class A *		14,600		23,753
Sinoma Science & Technology Co. Ltd., Class A *		11,000		38,626
Sinopec Engineering Group Co. Ltd., H Shares		111,000		55,147
Sinopec Kantons Holdings Ltd.		90,000		33,249
Sinopec Shanghai Petrochemical Co. Ltd., Class H		248,000		43,282
Sinopharm Group Co. Ltd., H Shares		140,400		424,782
Sinotrans Ltd., H Shares		145,000		44,886
Sinotruk Hong Kong Ltd.		67,000		104,129
Skyworth Group Ltd. @		156,114		80,544
SOHO China Ltd. *		153,500		25,616
SooChow Securities Co. Ltd., Class A		20,280		20,393
SSY Group Ltd.		124,000		74,717
STO Express Co. Ltd. *		15,900		25,729
Sun Art Retail Group Ltd.		172,500		69,221
Suning Universal Co. Ltd., Class A		32,100		14,341
Sunward Intelligent Equipment Co. Ltd., Class A *		10,800		10,137
Suzhou Anjie Technology Co. Ltd. *		10,500		22,889
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		10,800		47,542
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A *		15,000		11,438
Tangshan Jidong Cement Co. Ltd., Class A *		10,000		12,631
TangShan Port Group Co. Ltd., Class A		55,900		25,217
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		11,600		11,124
TBEA Co. Ltd., Class A		21,000		66,345
TCL Electronics Holdings Ltd. *		99,667		42,026
TCL Technology Group Corp., Class A		71,400		46,029
Tencent Music Entertainment Group, ADR *		33,714		279,152
Tian Di Science & Technology Co. Ltd., Class A *		40,500		29,940
Tiande Chemical Holdings Ltd.		36,000		10,273
Tiangong International Co. Ltd.		100,000		32,230
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A *		30,700		26,671
Tianma Microelectronics Co. Ltd., Class A		15,500		23,706
Tianneng Power International Ltd. @		74,000		87,576
Tianshan Aluminum Group Co. Ltd. Class A		18,200		20,102
Tianshui Huatian Technology Co. Ltd., Class A		35,100		51,589
Titan Wind Energy Suzhou Co. Ltd., Class A		8,800		18,901

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Tomson Group Ltd.		24,000	$	5,289
Tong Ren Tang Technologies Co. Ltd., Class H		41,000		36,039
Tongda Group Holdings Ltd. *		330,000		4,834
TongFu Microelectronics Co. Ltd., Class A *		10,100		32,629
Tongkun Group Co. Ltd., Class A		11,100		23,195
Tongling Nonferrous Metals Group Co. Ltd., Class A		49,000		22,960
Tongyu Heavy Industry Co. Ltd., Class A		40,800		14,843
Topsec Technologies Group, Inc., Class A		7,000		12,478
Transfar Zhilian Co. Ltd., Class A		27,553		24,418
Trip.com Group Ltd., ADR *		26,828		1,010,611
Truly International Holdings Ltd.		120,000		16,663
Tus Environmental Science And Technology Development Co. Ltd., Class A *		23,000		11,313
Uni-President China Holdings Ltd.		92,000		92,822
Unisplendour Corp. Ltd., Class A *		13,940		59,417
United Energy Group Ltd. *@		692,000		81,983
Universal Scientific Industrial Shanghai Co. Ltd., Class A		10,000		25,743
Victory Giant Technology Huizhou Co. Ltd. Class A		9,400		24,458
Vinda International Holdings Ltd.		26,000		62,864
Vipshop Holdings Ltd., ADR *		31,293		475,028
Viva Biotech Holdings *@±		27,000		5,125
Wangsu Science & Technology Co. Ltd., Class A		20,900		21,868
Wanxiang Qianchao Co. Ltd., Class A *		42,900		32,775
Wasion Holdings Ltd.		48,000		20,912
Wasu Media Holding Co. Ltd.		20,700		26,930
Weibo Corp., ADR *		3,388		67,963
Weichai Power Co. Ltd., H Shares		151,000		242,372
Weifu High-Technology Group Co. Ltd., Class A		5,600		16,453
Wellhope Foods Co. Ltd., Class A *		7,700		13,368
West China Cement Ltd.		198,000		24,214
Western Securities Co. Ltd. Class A		22,600		20,950
Wharf Holdings Ltd. (The)		70,000		160,155
Wingtech Technology Co. Ltd., Class A		3,900		31,356
Wolong Electric Group Co. Ltd., Class A		11,600		21,320
Wuchan Zhongda Group Co. Ltd., Class A		29,100		20,538
Wuhu Token Science Co. Ltd., Class A		16,000		16,322
Wushang Group Co. Ltd. Class A		12,600		21,984
Wuxi Taiji Industry Co. Ltd., Class A		14,900		12,988
XCMG Construction Machinery Co. Ltd., Class A		47,400		47,801
Xiamen C & D, Inc., Class A *		17,600		30,913
Xiamen Comfort Science & Technology Group Co. Ltd., Class A		8,700		10,736
Xiamen Intretech, Inc. Class A		7,479		22,681
Xiamen ITG Group Corp. Ltd., Class A		17,300		21,701
Xiamen Tungsten Co. Ltd., Class A		7,300		21,650
Xiamen Xiangyu Co. Ltd., Class A		22,200		34,729
Xiaomi Corp., Class B *±		524,800		808,938
Xinfengming Group Co. Ltd., Class A		4,000		6,316
Xingda International Holdings Ltd.		81,992		17,443
Xinhu Zhongbao Co. Ltd., Class A *		44,900		17,642

	SHARES		VALUE†
Xinhua Winshare Publishing and Media Co. Ltd., Class H		36,000	$	28,296
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares		47,800		40,859
Xinjiang Tianshan Cement Co. Ltd., Class A *		4,500		5,802
Xinjiang Zhongtai Chemical Co. Ltd., Class A		14,500		15,298
Xinte Energy Co. Ltd., Class H @		22,800		58,671
Xinxing Ductile Iron Pipes Co. Ltd., Class A		18,100		10,615
Xinyangfeng Agricultural Technology Co. Ltd., Class A		6,900		10,784
Xinyi Energy Holdings Ltd.		82,000		24,653
Xinyu Iron & Steel Co. Ltd., Class A		27,300		16,685
XPeng, Inc., Class A *		13,400		74,682
Xuji Electric Co. Ltd., Class A		9,300		31,668
YaGuang Technology Group Co. Ltd., Class A *		8,000		8,976
Yankuang Energy Group Co. Ltd., Class H @		62,000		221,939
Yantai Changyu Pioneer Wine Co. Ltd., Class A		3,700		17,553
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		7,300		30,084
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares *@±		25,600		24,394
Yifan Pharmaceutical Co. Ltd., Class A *		7,200		14,710
Yintai Gold Co. Ltd., Class A		19,400		37,180
Yixintang Pharmaceutical Group Co. Ltd., Class A		2,800		14,440
Youngor Group Co. Ltd., Class A		11,500		10,911
Youzu Interactive Co. Ltd., Class A *		8,100		15,382
YTO Express Group Co. Ltd. Class A		21,200		56,518
Yunda Holding Co. Ltd., Class A		16,500		28,405
Yunnan Aluminium Co. Ltd., Class A		18,200		36,046
Yunnan Baiyao Group Co. Ltd., Class A		5,460		43,462
Yunnan Copper Co. Ltd., Class A		8,100		15,194
Yunnan Tin Co. Ltd., Class A		14,600		31,572
Zhefu Holding Group Co. Ltd., Class A		16,400		9,713
Zhejiang Century Huatong Group Co. Ltd., Class A *		39,280		34,411
Zhejiang China Commodities City Group Co. Ltd. Class A		30,700		25,822
Zhejiang Chint Electrics Co. Ltd., Class A		13,100		53,320
Zhejiang Crystal-Optech Co. Ltd., Class A		12,400		25,118
Zhejiang Dahua Technology Co. Ltd., Class A		19,700		64,818
Zhejiang Hailiang Co. Ltd., Class A		19,700		33,426
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A		12,700		13,048
Zhejiang Huace Film & Television Co. Ltd.		30,500		35,196
Zhejiang Jiahua Energy Chemical Industry Co. Ltd. Class A *		9,000		11,381
Zhejiang JIULI Hi-tech Metals Co. Ltd. Class A *		4,400		9,848
Zhejiang Juhua Co. Ltd., Class A		7,900		20,325
Zhejiang Longsheng Group Co. Ltd., Class A		19,300		28,844
Zhejiang Medicine Co. Ltd., Class A		10,400		18,676
Zhejiang NHU Co. Ltd., Class A		12,240		31,972

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		17,420	$	10,089
Zhejiang Orient Gene Biotech Co. Ltd., Class A		1,971		19,639
Zhejiang Runtu Co. Ltd. Class A		19,400		21,851
Zhejiang Semir Garment Co. Ltd., Class A		21,700		19,010
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A *		24,800		22,448
Zhejiang Wanliyang Co. Ltd., Class A *		11,400		15,644
Zhejiang Wanma Co. Ltd.		3,900		5,760
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A		14,980		33,091
Zhejiang Yasha Decoration Co. Ltd., Class A		16,000		11,223
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares		21,400		21,564
Zhongji Innolight Co. Ltd., Class A		7,800		66,855
Zhongjin Gold Corp. Ltd., Class A		32,000		49,035
Zhongshan Broad Ocean Motor Co. Ltd., Class A		22,200		16,928
Zhongtian Financial Group Co. Ltd., Class A *		38,300		5,964
Zhuhai Huafa Properties Co. Ltd., Class A *		11,600		18,197
Zhuzhou CRRC Times Electric Co. Ltd., Class H		13,500		58,730
Zhuzhou Kibing Group Co. Ltd., Class A		10,500		15,937
Zibo Qixiang Tengda Chemical Co. Ltd., Class A *		22,120		23,080
Zoomlion Heavy Industry Science & Technology Co. Ltd., H Shares @		85,800		45,360
ZTE Corp., H Shares		8,600		25,198
				57,356,341
Colombia — 0.1%
Bancolombia SA		2,584		19,415
Bancolombia SA, ADR		1,030		25,884
Cementos Argos SA		31,937		20,697
CEMEX Latam Holdings SA *		13,000		10,616
Corp. Financiera Colombiana SA *		2,308		5,689
Grupo Argos SA		22,537		43,990
Grupo Aval Acciones y Valores SA, ADR @		4,400		10,296
Grupo de Inversiones Suramericana SA		1,288		11,187
				147,774
Cyprus — 0.0%
ASBISc Enterprises PLC		1,757		11,886
Czech Republic — 0.2%
CEZ A/S		510		24,769
Komercni Banka, A/S		5,768		191,246
Moneta Money Bank AS ±		17,580		70,678
				286,693
Greece — 0.4%
Alpha Services & Holdings SA *		127,150		155,131
Autohellas Tourist and Trading SA		1,184		15,614
Bank of Greece		859		15,511
Eurobank Ergasias Services & Holdings SA Class A *		168,065		221,818
Fourlis Holdings SA		3,046		11,694
Helleniq Energy Holdings SA		5,260		43,126
Motor Oil Hellas Corinth Refineries SA		4,222		108,425
Mytilineos SA		743		21,112
National Bank of Greece SA *		30,271		146,745

	SHARES		VALUE†
Piraeus Financial Holdings SA *		10,411	$	22,553
				761,729
Hong Kong — 0.3%
AAG Energy Holdings Ltd. ±		64,000		13,697
Alibaba Pictures Group Ltd. *		910,000		59,122
BOC Aviation Ltd. ±		7,200		55,629
Comba Telecom Systems Holdings Ltd.		88,000		16,591
CTEG @*§		98,000		—
Jinmao Property Services Co. Ltd. *		6,646		3,497
Lumena New Materials §*		5,599		—
Orient Overseas International Ltd.		7,000		133,938
Vnet Group, Inc., ADR *@		9,629		31,198
Yuexiu Property Co. Ltd.		135,006		203,629
				517,301
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		44,543		325,987
Opus Global Nyrt *		14,974		5,001
OTP Bank Nyrt		1,858		52,938
				383,926
India — 16.0%
ACC Ltd.		6,555		132,643
Adani Transmission Ltd. *		664		8,100
Aditya Birla Capital Ltd. *		44,000		81,862
Advanced Enzyme Technologies Ltd.		3,035		8,599
Ahluwalia Contracts India Ltd.		1,765		12,349
Alembic Pharmaceuticals Ltd.		5,197		31,163
Allcargo Logistics Ltd.		4,985		21,476
Amara Raja Batteries Ltd.		8,020		56,430
Ambuja Cements Ltd. *		37,825		168,178
Apar Industries Ltd.		1,462		44,610
Apollo Tyres Ltd.		31,532		122,970
Arvind Ltd. *		13,452		13,815
Aster DM Healthcare Ltd. *±		9,764		28,680
Aurobindo Pharma Ltd.		25,561		160,568
Avanti Feeds Ltd.		2,210		9,122
Axis Bank Ltd.		133,355		1,390,790
Axis Bank Ltd., GDR		12,180		630,924
Bajaj Consumer Care Ltd.		10,520		19,438
Bajaj Holdings & Investment Ltd.		2,428		175,344
Balrampur Chini Mills Ltd.		14,783		71,017
Bandhan Bank Ltd. *±		42,966		102,340
Bank of Baroda		74,524		153,251
Bank of India		26,524		24,077
Bharat Electronics Ltd.		265,086		314,494
Bharat Heavy Electricals Ltd.		96,730		82,685
Birla Corp. Ltd.		3,237		35,173
Birlasoft Ltd.		1,959		6,214
Bombay Burmah Trading Co.		684		6,743
Camlin Fine Sciences Ltd. *		4,352		6,752
Can Fin Homes Ltd.		2,104		13,569
Canara Bank		32,882		113,431
Ceat Ltd.		3,536		62,388
Central Bank of India Ltd. *		45,284		13,224
Century Textiles & Industries Ltd.		3,788		29,084
Chambal Fertilizers and Chemicals Ltd.		14,403		46,268
Cholamandalam Financial Holdings Ltd.		8,070		53,811
Cipla Ltd.		32,099		351,719
City Union Bank Ltd.		30,829		47,079
Cochin Shipyard Ltd. ±		3,997		23,063
Container Corp. Of India Ltd.		7,508		52,969
Cosmo First Ltd. *		1,201		8,585
CSB Bank Ltd. *		3,753		11,188
Cyient Ltd.		6,750		81,313
Dalmia Bharat Ltd.		5,315		127,377

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
India (Continued)
DCB Bank Ltd.		19,962	$	25,723
DCM Shriram Ltd.		2,904		26,297
Deepak Fertilisers & Petrochemicals Corp. Ltd.		4,535		30,243
Dhampur Bio Organics Ltd. *		2,664		4,574
Dhampur Sugar Mills Ltd. *		2,664		7,182
Dilip Buildcon Ltd. ±		2,860		5,850
DLF Ltd.		37,826		163,833
eClerx Services Ltd.		1,477		23,274
Edelweiss Financial Services Ltd.		37,825		24,394
EID Parry India Ltd.		7,288		41,316
Electrosteel Castings Ltd.		23,821		9,420
Engineers India Ltd.		18,093		16,490
EPL Ltd.		5,342		10,443
Equitas Small Finance Bank Ltd. *±		16,074		13,144
Exide Industries Ltd. *		26,178		56,604
FDC Ltd. *		3,013		9,369
Federal Bank Ltd.		161,831		260,422
Finolex Cables Ltd.		3,726		36,477
Finolex Industries Ltd.		15,431		31,920
Firstsource Solutions Ltd.		20,730		26,612
Fortis Healthcare Ltd. *		26,126		82,893
GAIL India Ltd.		260,433		334,008
Gateway Distriparks Ltd.		25,136		19,116
General Insurance Corp. of India ±		7,543		12,207
GHCL Ltd.		5,527		33,774
Glenmark Pharmaceuticals Ltd.		12,966		73,285
Godawari Power and Ispat Ltd.		2,480		10,529
Godfrey Phillips India Ltd.		794		17,550
Godrej Industries Ltd. *		1,769		8,683
Granules India Ltd.		16,905		59,838
Grasim Industries Ltd.		17,963		357,686
Great Eastern Shipping Co. Ltd. (The)		8,516		66,630
Gujarat Alkalies & Chemicals Ltd.		2,551		18,097
Gujarat Ambuja Exports Ltd.		4,383		12,426
Gujarat Fluorochemicals Ltd.		285		10,411
Gujarat Mineral Development Corp. Ltd.		5,595		8,609
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		8,633		53,521
Gujarat Pipavav Port Ltd.		19,498		27,474
Gujarat State Fertilizers & Chemicals Ltd.		11,602		16,814
Gujarat State Petronet Ltd.		23,082		74,148
HDFC Bank Ltd.		6,979		136,638
HEG Ltd.		1,254		14,069
Hero MotoCorp Ltd.		9,748		277,948
HIL Ltd.		469		13,640
Himadri Speciality Chemical Ltd.		10,592		11,194
Hindalco Industries Ltd.		162,157		795,567
Hinduja Global Solutions Ltd.		1,226		15,380
Hindustan Aeronautics Ltd.		2,011		66,886
Housing Development Finance Corp. Ltd.		54,403		1,734,382
ICICI Bank Ltd., ADR		80,109		1,728,752
IDFC First Bank Ltd. *		140,953		94,332
IDFC Ltd.		76,058		72,743
IIFL Finance Ltd.		5,565		32,598
IIFL Securities Ltd.		25,376		15,562
India Cements Ltd. (The)		14,192		31,861
India Glycols Ltd.		934		6,976
Indiabulls Housing Finance Ltd. *		31,451		37,313

	SHARES		VALUE†
Indian Bank		12,211	$	42,644
Indian Overseas Bank *		76,991		20,985
Indian Railway Finance Corp. Ltd. ±		47,733		15,479
Indus Towers Ltd.		55,203		95,719
IndusInd Bank Ltd.		28,574		371,680
Infibeam Avenues Ltd. *		77,058		13,315
Info Edge India Ltd.		2,802		130,778
IRCON International Ltd. ±		18,858		12,862
ISGEC Heavy Engineering Ltd.		1,061		5,642
Jindal Poly Films Ltd.		769		4,665
Jindal Saw Ltd.		14,261		25,283
Jindal Stainless Ltd. *		17,881		63,097
Jindal Stainless Ltd. *		21,286		75,062
Jindal Steel & Power Ltd.		46,366		307,226
JK Lakshmi Cement Ltd.		4,751		45,208
JK Paper Ltd.		10,798		50,178
JK Tyre & Industries Ltd.		10,161		19,078
JM Financial Ltd.		40,467		29,150
JSW Energy Ltd.		37,575		109,251
JSW Steel Ltd.		80,442		674,163
Jubilant Ingrevia Ltd.		2,745		11,974
Jubilant Pharmova Ltd.		9,690		32,955
Kalpataru Power Transmission Ltd.		5,415		35,119
Karnataka Bank Ltd. (The)		29,326		48,530
Karur Vysya Bank Ltd. (The)		36,209		45,645
Kaveri Seed Co. Ltd.		2,043		11,870
KEC International Ltd.		9,194		51,008
KNR Constructions Ltd.		3,786		11,701
KRBL Ltd.		6,141		25,858
L&T Finance Holdings Ltd.		78,972		78,797
Larsen & Toubro Ltd.		15,920		419,403
Larsen & Toubro Ltd., GDR		33,937		899,331
LG Balakrishnan & Bros Ltd.		1,438		12,931
LIC Housing Finance Ltd.		24,147		96,520
LT Foods Ltd.		16,533		19,413
Lupin Ltd.		15,489		122,129
Maharashtra Seamless Ltd.		3,116		13,612
Mahindra & Mahindra Financial Services Ltd.		54,856		155,158
Mahindra & Mahindra Ltd.		63,982		901,544
Mahindra & Mahindra Ltd., GDR		4,830		67,620
Mahindra CIE Automotive Ltd.		6,907		29,500
Manappuram Finance Ltd.		34,315		51,734
Meghmani Organics Ltd.		7,232		6,811
MOIL Ltd.		5,661		9,812
Motilal Oswal Financial Services Ltd.		1,768		13,123
MRF Ltd.		136		139,090
Muthoot Finance Ltd.		6,474		77,311
Natco Pharma Ltd.		1,319		9,049
National Aluminium Co. Ltd.		68,435		65,160
Nava Ltd.		6,116		16,194
NCC Ltd.		30,074		38,662
NESCO Ltd.		965		6,059
NIIT Ltd. *		2,427		9,627
Nilkamal Ltd.		322		6,876
NMDC Ltd.		47,585		64,589
NMDC Steel Ltd. *		47,585		17,950
NOCIL Ltd.		7,374		18,538
Oberoi Realty Ltd.		9,011		92,322
Orient Cement Ltd.		6,133		8,201
PCBL Ltd.		11,386		16,057

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
India (Continued)
Petronet LNG Ltd.		67,706	$	188,867
Piramal Enterprises Ltd.		6,545		53,952
Piramal Pharma Ltd. *		26,180		21,901
PNB Housing Finance Ltd. *±		4,224		26,326
PNC Infratech Ltd.		4,201		14,748
Polyplex Corp. Ltd.		1,545		21,469
Power Finance Corp. Ltd.		97,509		180,347
Prestige Estates Projects Ltd.		14,610		71,466
PTC India Ltd.		17,788		18,452
Punjab National Bank		115,447		65,392
Quess Corp. Ltd. ±		2,433		11,043
Rain Industries Ltd.		17,328		31,416
Rajesh Exports Ltd.		7,411		55,094
Rallis India Ltd.		3,389		7,951
Ramco Cements Ltd. (The)		8,242		75,919
Rashtriya Chemicals & Fertilizers Ltd.		16,695		19,329
Raymond Ltd.		3,276		48,429
RBL Bank Ltd. *±		23,414		40,242
REC Ltd.		124,810		176,017
Redington Ltd.		57,900		117,656
Reliance Industries Ltd.		206,554		5,858,511
Reliance Power Ltd. *		223,846		27,238
RITES Ltd.		2,755		11,907
Samvardhana Motherson International Ltd.		65,061		53,160
Shilpa Medicare Ltd.		2,237		6,235
Shipping Corp. of India Ltd.		14,166		16,134
Shipping Corp. of India Ltd. *<>		14,166		4,663
Shriram Finance Ltd.		20,316		311,541
Sobha Ltd.		6,105		31,906
South Indian Bank Ltd. (The) *		66,795		11,907
Star Cement Ltd. *		7,280		9,983
State Bank of India		69,305		441,049
State Bank of India, GDR		8,728		552,482
Steel Authority of India Ltd.		89,762		90,873
Strides Pharma Science Ltd. *		5,470		19,129
Sun Pharmaceutical Industries Ltd.		37,178		444,331
Sun TV Network Ltd.		5,489		27,781
Sundaram Finance Ltd.		1,330		37,222
Sundaram Clayton Ltd.		221		10,178
Sunteck Realty Ltd.		5,951		20,608
Surya Roshni Ltd.		773		6,184
Tata Chemicals Ltd.		12,988		153,993
Tata Coffee Ltd.		1,997		5,007
Tata Consumer Products Ltd.		22,101		191,206
Tata Steel Ltd.		430,140		546,949
Tata Steel Ltd., GDR		6,923		89,653
Techno Electric & Engineering Co. Ltd.		2,836		11,609
Thirumalai Chemicals Ltd.		4,154		8,669
Tube Investments of India Ltd.		2,032		63,124
TV18 Broadcast Ltd. *		55,772		19,545
Uflex Ltd.		3,166		12,869
Union Bank of India Ltd.		36,541		29,457
UPL Ltd.		40,601		354,297
Usha Martin Ltd.		14,837		38,761
UTI Asset Management Co. Ltd.		947		7,381
VA Tech Wabag Ltd. *		2,558		10,949
Vardhman Textiles Ltd. *		8,165		29,259
Varroc Engineering Ltd. *±		3,632		11,049
Vedanta Ltd.		58,464		195,846
Venky’s India Ltd.		673		11,819
Voltamp Transformers Ltd.		408		13,290
Welspun Corp. Ltd.		11,246		27,464
Welspun India Ltd.		31,063		24,001

	SHARES		VALUE†
West Coast Paper Mills Ltd.		3,247	$	20,804
Wipro Ltd.		42,908		190,647
Wipro Ltd., ADR		35,061		157,424
Wockhardt Ltd. *		5,344		9,982
Yes Bank Ltd. *		193,770		35,367
Zee Entertainment Enterprises Ltd.		70,032		181,040
Zensar Technologies Ltd.		5,610		18,704
Zydus Lifesciences Ltd.		13,699		81,761
Zydus Wellness Ltd.		1,266		24,031
				29,846,245
Indonesia — 2.1%
Ace Hardware Indonesia Tbk PT		625,900		19,953
Adaro Energy Indonesia Tbk PT		1,752,200		338,883
Aneka Tambang Tbk		600,600		83,714
Astra Agro Lestari Tbk PT		61,744		33,354
Astra International Tbk PT		1,370,000		548,201
Astra Otoparts Tbk PT		19,600		2,209
Bank Mandiri Persero Tbk PT		678,500		467,205
Bank Maybank Indonesia Tbk PT		568,800		8,725
Bank Negara Indonesia Persero Tbk PT		458,466		285,882
Bank OCBC Nisp Tbk PT		223,000		11,377
Bank Pan Indonesia Tbk PT		399,700		38,119
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		173,300		15,718
Bank Pembangunan Daerah Jawa Timur Tbk PT *		403,000		19,754
Bank Tabungan Negara Persero Tbk PT		537,509		43,913
BISI International Tbk PT		94,000		10,689
Buana Lintas Lautan Tbk PT *<>		1,041,300		9,236
Bukit Asam Tbk PT		339,600		90,367
Bumi Serpong Damai Tbk PT *		435,700		28,476
Ciputra Development Tbk PT		924,577		61,353
Delta Dunia Makmur Tbk PT		589,400		11,949
Elang Mahkota Teknologi Tbk PT		999,500		52,660
Erajaya Swasembada Tbk PT		1,042,500		36,153
Gudang Garam Tbk PT		38,200		66,238
Hanson International Tbk PT *§		5,335,700		—
Harum Energy Tbk PT		170,700		16,621
Indah Kiat Pulp & Paper Tbk PT		294,700		147,404
Indika Energy Tbk PT		180,500		29,011
Indo Tambangraya Megah Tbk PT		52,800		138,739
Indocement Tunggal Prakarsa Tbk PT		78,800		55,312
Indofood Sukses Makmur Tbk PT		407,500		168,495
Japfa Comfeed Indonesia Tbk PT		567,600		42,586
Medco Energi Internasional Tbk PT		1,095,352		73,781
Media Nusantara Citra Tbk PT *		629,000		24,750
Pabrik Kertas Tjiwi Kimia Tbk PT		133,200		59,740
Panin Financial Tbk PT		1,207,600		29,637
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		296,500		20,169
Ramayana Lestari Sentosa Tbk PT		70,400		3,028
Samudera Indonesia Tbk PT		670,500		16,724
Sawit Sumbermas Sarana Tbk PT		240,200		27,072
Semen Indonesia Persero Tbk PT		278,124		116,855
Sri Rejeki Isman Tbk PT *§		996,900		—
Summarecon Agung Tbk PT		932,100		32,946
Surya Semesta Internusa Tbk PT *		393,100		9,228
Timah Tbk PT		281,100		19,309
Triputra Agro Persada PT		418,500		17,444
Tunas Baru Lampung Tbk PT		317,700		14,619
United Tractors Tbk PT		182,800		354,762
Vale Indonesia Tbk PT *		184,400		81,781
Wijaya Karya Persero Tbk PT *		459,200		15,772

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Indonesia (Continued)
XL Axiata Tbk PT		522,966	$	69,057
				3,868,970
Korea — 12.5%
AMOREPACIFIC Group		612		18,099
Asia Paper Manufacturing Co. Ltd.		567		15,483
Binggrae Co. Ltd.		417		13,309
BNK Financial Group, Inc.		20,319		101,607
CJ CheilJedang Corp.		860		215,355
CJ Corp.		1,381		110,641
CJ ENM Co. Ltd. *		531		35,037
CJ Logistics Corp.		649		39,832
Com2uSCorp		128		7,109
Cuckoo Homesys Co. Ltd.		408		8,305
Dae Han Flour Mills Co. Ltd.		157		17,426
Daesang Corp.		2,426		36,543
Daewoo Engineering & Construction Co. Ltd. *		18,960		58,692
Daihan Pharmaceutical Co. Ltd.		296		6,128
Daishin Securities Co. Ltd.		3,671		36,094
Daou Technology, Inc.		2,149		34,500
DB Insurance Co. Ltd.		2,224		127,955
DGB Financial Group, Inc.		18,216		96,548
DI Dong Il Corp.		1,505		28,670
DL E&C Co. Ltd.		3,846		95,570
DL Holdings Co. Ltd.		1,534		62,805
Dong-A Socio Holdings Co., Ltd.		150		9,771
Dong-A ST Co. Ltd.		237		9,976
Dongkuk Steel Mill Co. Ltd.		6,894		64,606
Dongwha Pharm Co. Ltd.		736		4,698
Dongwon F&B Co. Ltd.		128		15,781
Dongwon Industries Co. Ltd.		715		28,120
Doosan Bobcat, Inc.		4,635		155,586
Doosan Co. Ltd.		376		28,275
DoubleUGames Co. Ltd.		504		17,112
E-MART, Inc.		1,350		109,506
Easy Holdings Co. Ltd.		5,023		11,864
ENF Technology Co. Ltd.		555		9,336
Eugene Corp.		5,295		13,788
Eugene Investment & Securities Co. Ltd.		8,694		16,529
Fila Holdings Corp.		1,212		33,981
Green Cross Holdings Corp.		1,234		14,616
GS Engineering & Construction Corp.		4,411		69,967
GS Holdings Corp.		4,562		141,571
GS Retail Co. Ltd.		2,919		63,566
Hana Financial Group, Inc.		22,264		696,044
Handok, Inc.		492		5,688
Handsome Co. Ltd.		1,312		26,253
Hanil Holdings Co. Ltd.		1,021		8,972
Hanjin Transportation Co. Ltd.		1,142		17,895
Hankook Tire & Technology Co. Ltd.		5,220		139,537
Hansol Paper Co. Ltd.		2,232		20,179
Hansol Technics Co. Ltd.		1,664		7,822
Hanwha Corp.		3,458		69,726
Hanwha Galleria Co. Ltd. *		4,602		7,530
Hanwha Investment & Securities Co. Ltd. *		13,449		27,893
Hanwha Life Insurance Co. Ltd. *		20,246		37,324
Hanwha Solutions Corp. *<>		4,080		130,374
HD Hyundai Co. Ltd.		3,175		141,696

	SHARES		VALUE†
HDC Holdings Co. Ltd.		2,781	$	14,441
HDC Hyundai Development Co.-Engineering & Construction		2,554		22,149
HL Holdings Corp.		1,090		26,207
HL Mando Co. Ltd.		1,222		43,038
HMM Co. Ltd.		20,919		326,997
HS Industries Co. Ltd.		3,615		10,580
Hy-Lok Corp.		918		16,254
Hyosung Corp.		657		34,115
Hyosung Heavy Industries Corp. *		306		15,678
Hyundai Construction Equipment Co. Ltd.		1,558		62,351
Hyundai Department Store Co. Ltd.		867		36,429
Hyundai Doosan Infracore Co. Ltd.		10,482		60,629
Hyundai Engineering & Construction Co. Ltd.		4,831		135,261
Hyundai Futurenet Co. Ltd.		3,997		9,625
Hyundai Glovis Co. Ltd.		1,232		149,996
Hyundai Greenfood Co. Ltd. <>		5,396		30,050
Hyundai Home Shopping Network Corp.		716		26,674
Hyundai Livart Furniture Co. Ltd. *		1,625		9,873
Hyundai Marine & Fire Insurance Co. Ltd.		4,572		118,703
Hyundai Mobis Co. Ltd.		3,743		621,030
Hyundai Motor Co.		7,395		1,048,030
Hyundai Motor Securities Co. Ltd.		1,658		11,233
Hyundai Steel Co.		5,647		150,517
Hyundai Wia Corp.		941		40,478
Industrial Bank of Korea		20,136		156,219
Innocean Worldwide, Inc.		407		12,708
INTOPS Co. Ltd.		1,491		40,658
IS Dongseo Co. Ltd. *		1,027		32,147
JB Financial Group Co. Ltd.		11,834		79,448
KB Financial Group, Inc., ADR @		24,215		881,910
KC Co. Ltd.		887		14,921
KC Tech Co. Ltd.		463		7,362
KCC Corp.		293		49,964
KCC Glass Corp.		444		13,523
KG Eco Technology Service Co. Ltd.		2,094		29,564
Kia Corp.		20,750		1,291,047
KISWIRE Ltd.		1,165		18,300
KIWOOM Securities Co. Ltd.		1,398		108,459
Kolmar Korea Holdings Co. Ltd.		830		9,748
Kolon Industries, Inc.		1,930		65,972
Korea Asset In Trust Co. Ltd.		5,452		11,768
Korea Electric Terminal Co. Ltd.		682		32,428
Korea Investment Holdings Co. Ltd.		2,704		114,237
Korea Line Corp. *		16,631		27,849
Korea Petrochemical Ind Co. Ltd.		384		54,038
Korea Real Estate Investment & Trust Co. Ltd.		13,613		13,792
Korea Shipbuilding & Offshore Engineering Co. Ltd. *		2,470		147,041
Korean Air Lines Co. Ltd.		2,467		43,964
Korean Reinsurance Co.		10,794		60,278
KT Skylife Co. Ltd.		3,507		21,039
Kumho Petrochemical Co. Ltd.		1,118		123,406
Kumho Tire Co., Inc. *		7,034		20,208
Kwang Dong Pharmaceutical Co. Ltd.		5,019		21,281
Kyobo Securities Co. Ltd.		2,156		8,413
LF Corp.		1,623		21,630
LG Corp.		5,347		340,079
LG Display Co. Ltd. *		12,166		153,541

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Korea (Continued)
LG Display Co. Ltd., ADR @		22,467	$	143,339
LG Electronics, Inc.		10,373		918,698
LG HelloVision Co. Ltd.		4,225		13,631
LG Uplus Corp.		15,900		132,271
Lotte Chemical Corp.		1,267		185,692
Lotte Confectionery Co. Ltd.		167		14,034
Lotte Corp.		1,582		34,937
LOTTE Fine Chemical Co. Ltd.		1,517		68,051
Lotte Shopping Co. Ltd.		641		40,326
LS Corp.		1,155		70,621
LS Electric Co. Ltd.		596		25,866
LX Holdings Corp.		2,593		16,990
LX International Corp.		3,459		76,920
Maeil Dairies Co. Ltd.		341		12,534
Meritz Securities Co. Ltd.		26,261		123,050
Mirae Asset Securities Co. Ltd.		23,824		118,219
MK Electron Co. Ltd.		1,843		21,377
Namyang Dairy Products Co. Ltd.		41		17,762
Netmarble Corp. *±		1,028		52,354
Nexen Corp.		1,612		5,095
Nexen Tire Corp.		5,151		34,186
NH Investment & Securities Co. Ltd.		10,116		68,380
NHN Corp. *		2,376		48,000
NICE Holdings Co. Ltd.		708		6,635
Nong Shim Holdings Co. Ltd.		185		9,663
NongShim Co. Ltd.		178		51,820
OCI Co. Ltd.		1,446		113,627
Orion Holdings Corp.		2,572		33,626
Ottogi Corp.		38		13,077
Pan Ocean Co. Ltd.		22,750		101,531
Partron Co. Ltd.		1,897		12,022
Poongsan Corp.		1,950		56,619
POSCO Holdings, Inc.		1,564		442,103
POSCO Holdings, Inc., ADR		14,285		995,522
Posco International Corp.		4,654		79,721
Sajo Industries Co. Ltd.		327		10,763
Samsung C&T Corp.		3,610		300,036
Samsung Card Co. Ltd.		2,083		48,641
Samsung Electronics Co. Ltd.		9,536		468,797
Samsung Electronics Co. Ltd., GDR		1,132		1,390,662
Samsung Fire & Marine Insurance Co. Ltd.		2,717		429,928
Samsung Life Insurance Co. Ltd.		3,756		181,186
Samsung Securities Co. Ltd.		4,339		105,654
Samyang Holdings Corp.		409		23,657
Sangsangin Co. Ltd.		375		1,429
SeAH Steel Holdings Corp.		235		26,138
Sebang Co. Ltd.		1,306		46,147
Sebang Global Battery Co. Ltd.		697		29,768
Seohan Co. Ltd.		5,607		4,255
Seoul Semiconductor Co. Ltd.		1,842		16,271
SGC Energy Co. Ltd.		395		9,224
Shinhan Financial Group Co. Ltd.		23,813		646,610
Shinhan Financial Group Co. Ltd., ADR		5,343		143,940
Shinsegae, Inc.		629		104,121
Shinyoung Securities Co. Ltd. *		511		21,903
SK Chemicals Co. Ltd.		256		14,650
SK Discovery Co. Ltd.		1,247		30,269
SK Gas Ltd.		364		33,189
SK Hynix, Inc.		42,579		2,897,799
SK Innovation Co. Ltd. *		4,152		571,843
SK Networks Co. Ltd.		12,838		44,425
SK Securities Co. Ltd.		36,346		19,711
SK, Inc.		2,700		357,760

	SHARES		VALUE†
SL Corp.		1,820	$	39,004
SNT Motiv Co. Ltd.		1,086		39,082
Songwon Industrial Co. Ltd.		1,925		27,681
Soulbrain Holdings Co. Ltd.		523		11,249
Spigen Korea Co. Ltd.		361		8,929
Suheung Co. Ltd.		475		10,745
Sungwoo Hitech Co. Ltd.		3,959		22,382
Sunjin Co. Ltd.		941		6,238
Taekwang Industrial Co. Ltd.		36		19,938
Taeyoung Engineering & Construction Co. Ltd.		2,546		7,060
TY Holdings Co. Ltd.		2,455		19,970
Unid Co. Ltd.		511		30,420
Unidbtplus Co. Ltd *		802		5,914
WiSoL Co. Ltd.		914		4,957
Wonik Holdings Co. Ltd. *		5,077		14,702
Woori Financial Group, Inc.		38,312		335,784
Young Poong Corp.		46		20,529
Youngone Corp.		2,083		73,041
Youngone Holdings Co. Ltd.		787		38,750
Yuanta Securities Korea Co. Ltd.		11,552		23,692
				23,265,712
Malaysia — 1.7%
Aeon Co. M Bhd		64,400		18,973
Alliance Bank Malaysia Bhd		93,200		71,814
AMMB Holdings Bhd		154,687		131,462
Bank Islam Malaysia Bhd		33,000		16,079
Batu Kawan Bhd		16,500		79,499
Boustead Plantations Bhd		55,720		8,966
Bumi Armada Bhd *		264,700		37,793
CIMB Group Holdings Bhd		502,873		605,157
DRB-Hicom Bhd		119,100		37,248
Gamuda Bhd		127,679		118,058
Genting Bhd		144,900		153,028
Genting Malaysia Bhd		182,600		109,663
Genting Plantations Bhd		7,100		9,510
Hengyuan Refining Co. Bhd		9,900		7,718
Hibiscus Petroleum Bhd		140,200		31,456
Hong Leong Financial Group Bhd		17,621		71,802
IJM Corp. Bhd		250,560		90,855
IOI Properties Group Bhd		50,050		12,477
Kossan Rubber Industries Bhd		16,400		4,869
Lotte Chemical Titan Holding Bhd ±		36,723		11,235
Magnum Bhd		86,961		22,467
Mah Sing Group Bhd		205,885		27,529
Malayan Banking Bhd		283,943		551,477
Malaysia Building Society Bhd		205,001		27,179
Malaysian Resources Corp. Bhd		136,329		10,659
Matrix Concepts Holdings Bhd		64,200		21,097
Mega First Corp. Bhd		12,800		10,153
MISC Bhd		80,820		132,243
MKH Bhd		36,950		10,551
Oriental Holdings Bhd		25,760		38,706
OSK Holdings Bhd		74,455		16,789
PPB Group Bhd		37,500		140,737
RHB Bank Bhd		155,045		196,068
Sarawak Oil Palms Bhd		30,750		16,655
Sime Darby Bhd		293,600		143,057
Sime Darby Property Bhd		308,000		33,854
SP Setia Bhd Group		143,480		19,347
Sunway Bhd		96,197		34,664
Ta Ann Holdings Bhd		12,260		8,780
Top Glove Corp. Bhd *		84,400		17,980
United Malacca Bhd		14,600		17,702

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Malaysia (Continued)
UOA Development Bhd		14,900	$	5,605
Yinson Holdings Bhd		96,880		56,426
YTL Corp. Bhd		416,943		58,112
				3,245,499
Mexico — 2.7%
ALEATICA SAB de CV *		17,691		34,361
Alfa SAB de CV, Class A		260,453		165,493
Alpek SAB de CV		27,384		30,438
Arca Continental SAB de CV		13,834		125,427
Banco del Bajio SA ±		35,798		130,220
Cemex SAB de CV *		605,139		333,129
Cemex SAB de CV, ADR *		2,361		13,056
Coca-Cola Femsa SAB de CV		19,670		158,091
Consorcio ARA SAB de CV		72,788		15,430
Corp. Actinver SAB de CV		15,700		11,065
El Puerto de Liverpool SAB de CV, Series C1		8,547		53,559
Fomento Economico Mexicano SAB de CV		56,916		541,839
GCC SAB de CV		9,847		78,142
Genomma Lab Internacional SAB de CV, Series B		44,530		35,856
Gentera SAB de CV		67,054		73,343
Grupo Carso SAB de CV, Series A1		20,689		102,894
Grupo Comercial Chedraui SA de CV		22,247		127,161
Grupo Elektra SAB de CV		182		10,373
Grupo Financiero Banorte SAB de CV, Class O		107,375		904,047
Grupo Financiero Inbursa SAB de CV, Class O *		90,439		194,328
Grupo Hotelero Santa Fe SAB de CV *		22,600		5,017
Grupo Mexico SAB de CV, Series B		158,955		751,905
Grupo Televisa SAB		189,926		201,204
Industrias CH SAB de CV, Series B *		23,916		297,291
Industrias Penoles SAB de CV *		8,090		120,407
La Comer SAB de CV		31,211		72,797
Megacable Holdings SAB de CV		37,265		95,334
Minera Frisco SAB de CV, Class A1 *		52,254		7,974
Nemak SAB de CV *±		122,975		31,460
Orbia Advance Corp. SAB de CV		64,269		139,773
Organizacion Soriana SAB de CV, Class B *		57,868		99,551
Promotora y Operadora de Infraestructura SAB de CV		13,054		130,221
Promotora y Operadora de Infraestructura SAB de CV, Class L		1,600		10,402
				5,101,588
Philippines — 0.8%
ACEN Corp.		37,650		4,238
Alliance Global Group, Inc.		253,300		57,588
Ayala Corp.		12,550		150,051
Ayala Land, Inc.		38,300		18,669
Bank of the Philippine Islands		29,179		55,014
BDO Unibank, Inc.		113,780		268,936
Belle Corp.		176,000		4,079
CEMEX Holdings Philippines, Inc. *±		324,537		6,567
China Banking Corp.		74,676		44,024
Cosco Capital, Inc.		257,000		19,382
DMCI Holdings, Inc.		385,900		81,631

	SHARES		VALUE†
Filinvest Land, Inc.		1,435,000	$	19,797
First Philippine Holdings Corp.		26,510		29,599
GT Capital Holdings, Inc.		3,472		32,954
JG Summit Holdings, Inc.		178,383		157,170
LT Group, Inc.		132,300		24,092
Megaworld Corp.		1,004,700		36,961
Metropolitan Bank & Trust Co.		133,237		143,371
Puregold Price Club, Inc.		55,500		31,953
Rizal Commercial Banking Corp.		47,790		21,537
Robinsons Land Corp.		247,455		66,911
Robinsons Retail Holdings, Inc.		31,610		31,340
San Miguel Corp.		41,650		81,975
Security Bank Corp.		37,690		63,781
Top Frontier Investment Holdings, Inc. *		4,630		8,061
Union Bank of the Philippines		42,739		66,862
				1,526,543
Poland — 0.8%
AB SA		845		9,984
Alior Bank SA *		8,160		73,254
Amica SA		306		5,622
Asseco Poland SA		4,353		76,744
Bank Polska Kasa Opieki SA		5,127		101,507
Ciech SA		1,973		26,488
Cognor Holding SA		5,564		13,354
Cyfrowy Polsat SA		17,146		66,495
Develia SA		16,364		11,828
Echo Investment SA		1,732		1,384
Enea SA *		23,584		34,530
Grupa Azoty SA *		5,354		44,504
Jastrzebska Spolka Weglowa SA *		4,372		47,716
KGHM Polska Miedz SA		9,866		279,420
Lubelski Wegiel Bogdanka SA		1,684		14,856
mBank SA *		700		49,688
PGE Polska Grupa Energetyczna SA *		60,152		87,458
Polski Koncern Naftowy Orlen SA		37,588		507,153
Santander Bank Polska SA		461		31,164
Tauron Polska Energia SA *		66,763		29,805
				1,512,954
Russia — 0.0%
Gazprom PJSC, ADR *§		162,760		—
Lukoil PJSC, ADR *§		15,271		—
RusHydro PJSC, ADR *§		61,905		—
VTB Bank PJSC, GDR *§		92,145		—
				—
Singapore — 0.0%
China XLX Fertiliser Ltd.		44,000		23,261
South Africa — 3.2%
Absa Group Ltd.		55,331		564,901
Aeci Ltd.		11,902		62,755
African Rainbow Minerals Ltd. @		9,314		120,661
AngloGold Ashanti Ltd., ADR		21,886		529,422
Aspen Pharmacare Holdings Ltd.		21,622		222,450
Astral Foods Ltd.		5,245		46,550
Barloworld Ltd.		20,449		102,572
DataTec Ltd.		21,933		46,576
Exxaro Resources Ltd.		19,227		201,449
Foschini Group Ltd. (The)		10,391		53,078
Grindrod Ltd.		33,342		17,078
Harmony Gold Mining Co. Ltd.		14,397		59,173

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
South Africa (Continued)
Harmony Gold Mining Co. Ltd., ADR		30,759	$	126,112
Impala Platinum Holdings Ltd. @		69,779		642,061
Investec Ltd.		21,334		117,568
KAP Industrial Holdings Ltd.		156,089		27,878
Lewis Group Ltd.		3,337		7,684
Life Healthcare Group Holdings Ltd.		95,918		103,918
Metair Investments Ltd.		23,331		32,759
Momentum Metropolitan Holdings		100,980		99,987
Motus Holdings Ltd.		14,664		79,888
Mpact Ltd.		15,365		25,716
Nedbank Group Ltd.		26,249		319,691
Oceana Group Ltd.		7,336		28,582
Old Mutual Ltd.		313,640		207,860
Omnia Holdings Ltd.		16,030		50,597
Pepkor Holdings Ltd. ±		100,821		97,622
Raubex Group Ltd.		16,897		23,820
Reunert Ltd.		14,953		50,725
RFG Holdings Ltd.		12,062		5,962
Royal Bafokeng Platinum Ltd.		7,872		63,383
Sappi Ltd. @		46,866		120,580
Sasol Ltd.		38,852		523,700
Sasol Ltd., ADR		3,934		53,699
Sibanye Stillwater Ltd. @		202,105		415,788
Sibanye Stillwater Ltd., ADR @		1,610		13,395
Standard Bank Group Ltd.		49,624		481,636
Super Group Ltd.		41,508		75,976
Telkom SA SOC Ltd. *@		28,405		56,985
Wilson Bayly Holmes-Ovcon Ltd. *		5,488		32,611
Zeda Ltd. *		20,449		12,852
				5,925,700
Taiwan — 17.7%
Acer, Inc.		187,884		173,707
Acter Group Corp. Ltd.		4,000		18,130
ADATA Technology Co. Ltd.		5,000		13,055
Advanced International Multitech Co. Ltd.		8,000		26,117
Altek Corp.		13,000		15,264
Ambassador Hotel (The) *		20,000		23,089
AmTRAN Technology Co. Ltd.		74,301		24,769
Apex International Co. Ltd.		15,000		29,165
Arcadyan Technology Corp.		11,000		38,476
Ardentec Corp.		39,092		73,825
ASE Technology Holding Co. Ltd.		233,000		860,908
Asia Cement Corp.		158,269		225,078
Asia Optical Co., Inc.		5,000		10,838
Asia Pacific Telecom Co. Ltd. *		125,842		26,741
Asia Polymer Corp.		31,602		29,944
Asia Vital Components Co. Ltd.		27,000		125,035
Asustek Computer, Inc.		53,000		474,341
AUO Corp.		502,400		303,610
Bank of Kaohsiung Co. Ltd.		46,350		18,724
Basso Industry Corp.		9,000		12,725
Bioteque Corp.		3,000		11,085
Brighton-Best International Taiwan, Inc.		17,000		20,128
Capital Securities Corp.		184,437		72,690
Career Technology MFG. Co. Ltd. *		20,400		16,147
Catcher Technology Co. Ltd.		43,000		268,331
Cathay Financial Holding Co. Ltd.		393,170		539,765
Cathay Real Estate Development Co. Ltd.		70,000		39,314
Chang Hwa Commercial Bank Ltd.		299,460		170,642
Chang Wah Electromaterials, Inc.		20,000		24,304
Channel Well Technology Co. Ltd.		16,000		23,279
Cheng Loong Corp.		82,000		76,082

	SHARES		VALUE†
Cheng Shin Rubber Industry Co. Ltd.		131,000	$	157,256
Cheng Uei Precision Industry Co. Ltd.		44,543		60,493
Chia Hsin Cement Corp.		22,000		13,692
Chin-Poon Industrial Co. Ltd.		36,000		38,427
China Airlines Ltd.		278,111		178,115
China Bills Finance Corp.		89,000		43,846
China Chemical & Pharmaceutical Co. Ltd.		19,000		16,225
China Development Financial Holding Corp.		1,154,559		475,892
China General Plastics Corp.		28,665		24,760
China Man-Made Fiber Corp. *		115,018		31,429
China Metal Products		31,000		36,144
China Motor Corp.		22,478		47,174
China Petrochemical Development Corp.		389,871		126,126
China Steel Corp.		913,800		927,381
Chipbond Technology Corp.		42,000		95,594
ChipMOS Technologies, Inc.		28,897		36,397
Chun Yuan Steel Industry Co. Ltd.		30,000		15,765
Chung-Hsin Electric & Machinery Manufacturing Corp.		28,000		86,996
Chunghwa Precision Test Tech Co. Ltd.		2,000		37,376
Clevo Co.		43,000		43,004
CMC Magnetics Corp. *		87,979		22,856
Compal Electronics, Inc.		288,000		238,837
Compeq Manufacturing Co. Ltd.		109,000		165,930
Concord Securities Co. Ltd.		37,000		13,489
Continental Holdings Corp.		42,000		42,486
Coretronic Corp.		40,800		90,853
CTBC Financial Holding Co. Ltd.		1,475,280		1,058,703
D-Link Corp. *		50,640		30,270
DA CIN Construction Co. Ltd.		9,000		9,873
Da-Li Development Co. Ltd.		12,000		12,553
Darfon Electronics Corp.		17,000		24,623
Darwin Precisions Corp. *		55,000		19,238
Depo Auto Parts Ind Co. Ltd.		12,000		35,826
Dyaco International, Inc.		7,000		10,323
Dynapack International Technology Corp.		7,000		19,013
Eastern Media International Corp.		24,300		15,004
Edom Technology Co. Ltd.		10,000		9,377
Elite Advanced Laser Corp.		8,000		10,549
Elite Semiconductor Microelectronics Technology, Inc.		8,000		21,887
Elitegroup Computer Systems Co. Ltd.		35,877		26,807
Ennoconn Corp.		3,116		27,120
ENNOSTAR, Inc.		36,414		63,625
Entie Commercial Bank Co. Ltd.		68,000		33,054
Eternal Materials Co., Ltd.		42,300		43,554
Eva Airways Corp.		241,478		212,946
Everest Textile Co. Ltd. *		56,568		14,194
Evergreen International Storage & Transport Corp.		54,000		49,127
Evergreen Marine Corp. Taiwan Ltd.		65,583		341,404
EVERGREEN Steel Corp.		13,000		23,825
Everlight Chemical Industrial Corp.		56,000		34,578
Everlight Electronics Co. Ltd.		40,000		52,615
Excelsior Medical Co. Ltd.		11,550		30,234
Far Eastern Department Stores Ltd.		85,220		63,675
Far Eastern International Bank		283,151		103,226
Far Eastern New Century Corp.		266,338		273,795
Farglory Land Development Co. Ltd.		26,721		49,760
Feng Hsin Steel Co. Ltd.		14,000		31,313
First Financial Holding Co. Ltd.		561,369		487,666
First Steamship Co. Ltd. *		103,240		30,991
Fitipower Integrated Technology, Inc.		4,000		22,136
FLEXium Interconnect, Inc. *		24,000		78,036

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
Formosa Advanced Technologies Co. Ltd.		20,000	$	29,231
Formosa Chemicals & Fibre Corp.		176,000		399,429
Formosa Laboratories, Inc.		8,000		20,153
Formosa Petrochemical Corp.		41,000		114,459
Formosa Plastics Corp.		204,000		615,065
Formosa Taffeta Co. Ltd.		28,000		25,841
Formosan Rubber Group, Inc.		20,080		14,608
Formosan Union Chemical		48,179		39,876
Foxconn Technology Co. Ltd.		58,127		106,718
Foxsemicon Integrated Technology, Inc.		1,000		6,503
FSP Technology, Inc.		8,000		12,165
Fubon Financial Holding Co. Ltd.		620,731		1,151,861
Fulltech Fiber Glass Corp.		32,249		12,869
G Shank Enterprise Co. Ltd.		10,000		18,688
Gamania Digital Entertainment Co. Ltd.		6,000		14,425
Gemtek Technology Corp.		47,000		47,698
General Interface Solution Holding Ltd.		24,000		64,636
Getac Holdings Corp.		21,000		36,900
Giantplus Technology Co. Ltd. *		37,000		17,256
Gigabyte Technology Co., Ltd.		35,000		153,461
Global Brands Manufacture Ltd.		10,000		11,117
Global PMX Co. Ltd.		2,000		9,492
Gloria Material Technology Corp. *		34,392		58,059
Goldsun Building Materials Co. Ltd.		82,973		76,031
Grand Pacific Petrochemical		102,000		67,001
Great Wall Enterprise Co. Ltd.		31,330		52,581
Greatek Electronics, Inc.		16,000		28,009
Hannstar Board Corp.		38,929		45,453
HannStar Display Corp. *		35,000		14,656
HannsTouch Solution, Inc.		32,279		10,464
Hey Song Corp.		18,750		22,108
Highwealth Construction Corp.		52,697		71,220
Hiroca Holdings Ltd.		8,000		11,942
Ho Tung Chemical Corp.		108,688		32,020
Holy Stone Enterprise Co., Ltd.		10,000		33,008
Hon Hai Precision Industry Co. Ltd.		703,068		2,401,480
Hong Pu Real Estate Development Co. Ltd. *		20,000		16,093
Hong TAI Electric Industrial		13,000		8,433
Hsin Kuang Steel Co., Ltd.		7,000		11,024
HUA ENG Wire & Cable Co. Ltd.		29,000		14,049
Hua Nan Financial Holdings Co. Ltd.		473,337		347,453
Huang Hsiang Construction Corp.		8,000		11,929
Hung Ching Development & Construction Co. Ltd.		20,000		14,582
Hung Sheng Construction Ltd.		50,688		38,206
IBF Financial Holdings Co. Ltd.		71,715		29,089
IEI Integration Corp.		8,000		22,412
Innolux Corp.		595,270		283,485
International CSRC Investment Holdings Co.		58,604		38,014
Inventec Corp.		158,282		166,093
ITEQ Corp.		15,000		38,575
Kenda Rubber Industrial Co. Ltd.		33,000		34,032
Kerry TJ Logistics Co. Ltd.		9,000		11,218
Kindom Development Co. Ltd.		46,200		45,521
King Yuan Electronics Co. Ltd.		113,100		180,158
King’s Town Bank Co. Ltd.		90,000		104,196
Kinpo Electronics		138,000		59,374

	SHARES		VALUE†
Kinsus Interconnect Technology Corp.		28,000	$	106,675
KS Terminals, Inc.		14,000		32,876
Kuo Yang Construction Co. Ltd. *		14,000		8,414
L&K Engineering Co. Ltd.		16,000		25,460
Largan Precision Co. Ltd.		6,000		428,607
Lealea Enterprise Co. Ltd.		80,000		27,194
Lelon Electronics Corp.		10,000		21,545
Lien Hwa Industrial Holdings Corp.		46,702		85,896
Lingsen Precision Industries Ltd.		41,000		20,401
Lite-On Technology Corp.		183,874		442,662
Longchen Paper & Packaging Co. Ltd.		92,459		51,472
Lung Yen Life Service Corp.		16,000		20,626
Macronix International Co. Ltd.		119,171		137,185
MediaTek, Inc.		2,000		51,696
Mega Financial Holding Co. Ltd.		466,371		505,468
Mercuries & Associates Holding Ltd.		42,767		21,561
Mercuries Life Insurance Co. Ltd. *		234,469		38,735
Micro-Star International Co., Ltd.		31,000		146,613
Mirle Automation Corp.		6,000		7,498
Mitac Holdings Corp.		27,637		24,780
MOSA Industrial Corp.		8,656		6,894
MPI Corp.		6,000		26,603
Namchow Holdings Co. Ltd.		7,000		10,840
Nan Ya Plastics Corp.		346,000		880,696
Nanya Technology Corp.		117,000		255,538
O-Bank Co. Ltd.		91,943		29,231
Orient Semiconductor Electronics Ltd.		42,485		28,674
Oriental Union Chemical Corp.		16,000		10,457
Pan Jit International, Inc.		13,600		31,848
Pan-International Industrial Corp.		34,380		44,319
PChome Online, Inc.		4,000		8,185
Pegatron Corp.		187,249		428,648
Phison Electronics Corp.		6,000		77,248
Pixart Imaging, Inc.		8,000		28,377
POU Chen Corp.		169,133		173,313
Powerchip Semiconductor Manufacturing Corp.		198,000		215,249
Powertech Technology, Inc.		49,000		146,449
President Securities Corp.		86,636		45,811
Primax Electronics Ltd.		25,000		49,594
Prince Housing & Development Corp.		77,970		29,961
Prosperity Dielectrics Co. Ltd.		11,000		14,252
Qisda Corp.		139,400		145,134
Quanta Computer, Inc.		160,000		468,216
Quanta Storage, Inc.		13,000		24,721
Radiant Opto-Electronics Corp.		27,000		97,988
Radium Life Tech Co. Ltd.		101,477		30,362
Rechi Precision Co. Ltd.		16,000		9,932
Rexon Industrial Corp. Ltd.		13,000		12,403
Rich Development Co. Ltd.		19,978		6,489
Ritek Corp. *		47,211		13,862
Ruentex Industries Ltd.		37,891		70,313
Sampo Corp.		31,600		28,541
San Fang Chemical Industry Co. Ltd.		13,000		8,945
Sanyang Motor Co. Ltd.		41,573		53,251
Sesoda Corp.		17,193		24,027
Shanghai Commercial & Savings Bank Ltd. (The)		82,618		127,397
ShenMao Technology, Inc.		10,000		15,781
Shih Wei Navigation Co. Ltd.		17,554		15,163
Shihlin Electric & Engineering Corp.		26,000		68,314

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
Shin Kong Financial Holding Co. Ltd.		715,108	$	197,757
Shin Zu Shing Co. Ltd.		16,660		47,604
Shinkong Insurance Co. Ltd.		22,000		36,055
Shinkong Synthetic Fibers Corp.		108,151		63,937
Sigurd Microelectronics Corp.		42,694		78,384
Simplo Technology Co. Ltd.		9,000		89,564
Sincere Navigation Corp.		27,810		22,606
Sinon Corp.		37,000		45,935
SinoPac Financial Holdings Co. Ltd.		698,433		380,786
Sirtec International Co. Ltd.		12,000		8,671
Soft-World International Corp.		4,000		12,165
St Shine Optical Co. Ltd.		5,000		42,532
Sunonwealth Electric Machine Industry Co. Ltd.		12,000		20,652
Supreme Electronics Co. Ltd.		43,121		63,094
Syncmold Enterprise Corp.		5,000		9,820
Synnex Technology International Corp.		87,300		175,761
Systex Corp.		5,000		12,940
TA Chen Stainless Pipe Co., Ltd.		87,870		131,311
Ta Ya Electric Wire & Cable		54,401		46,187
TA-I Technology Co. Ltd.		6,000		9,173
TAI-TECH Advanced Electronics Co. Ltd.		3,000		11,134
Taichung Commercial Bank Co. Ltd.		238,060		108,289
TaiDoc Technology Corp.		7,000		42,532
Taiflex Scientific Co. Ltd.		25,740		36,014
Tainan Spinning Co. Ltd.		115,427		63,879
Taishin Financial Holding Co. Ltd.		703,708		383,662
Taiwan Business Bank		369,300		163,136
Taiwan Cement Corp.		380,971		455,451
Taiwan Cooperative Financial Holding Co. Ltd.		209,706		179,763
Taiwan Fertilizer Co. Ltd.		48,000		88,283
Taiwan FU Hsing Industrial Co. Ltd.		21,000		30,313
Taiwan Glass Industry Corp.		81,321		54,886
Taiwan Hon Chuan Enterprise Co. Ltd.		30,925		98,724
Taiwan Navigation Co. Ltd.		22,000		22,435
Taiwan Paiho Ltd.		12,000		23,253
Taiwan PCB Techvest Co. Ltd.		28,000		38,072
Taiwan Sakura Corp.		6,000		12,572
Taiwan Shin Kong Security Co. Ltd.		10,100		13,518
Taiwan Styrene Monomer		23,000		10,462
Taiwan Surface Mounting Technology Corp.		21,518		68,694
Taiwan Union Technology Corp.		19,000		44,431
Tatung Co. Ltd. *		115,000		124,641
TCI Co. Ltd.		5,000		33,172
Teco Electric & Machinery Co. Ltd.		101,000		140,980
Test Research, Inc.		11,000		22,941
Thinking Electronic Industrial Co. Ltd.		4,000		20,100
Thye Ming Industrial Co. Ltd.		8,000		11,272
Ton Yi Industrial Corp.		82,000		51,978
Tong Hsing Electronic Industries Ltd.		9,900		64,542
Tong Yang Industry Co. Ltd.		41,921		63,609
Topco Scientific Co. Ltd.		4,000		24,830
Topkey Corp.		3,000		20,642
TPK Holding Co. Ltd.		34,000		38,246
Transcend Information, Inc.		10,000		24,009
Tripod Technology Corp.		25,000		91,962
TSRC Corp.		26,000		24,081
Tung Ho Steel Enterprise Corp.		58,290		107,209
TXC Corp.		16,000		46,769
TYC Brother Industrial Co. Ltd.		21,000		20,691
U-Ming Marine Transport Corp.		27,000		49,482

	SHARES		VALUE†
Union Bank of Taiwan		159,404	$	82,981
Unitech Printed Circuit Board Corp. *		71,667		44,722
United Microelectronics Corp. *		499,513		867,862
United Microelectronics Corp., ADR @*		38,376		336,174
Universal Cement Corp.		46,836		40,764
Unizyx Holding Corp.		31,438		38,359
UPC Technology Corp.		80,916		38,269
USI Corp.		77,130		67,130
Wafer Works Corp.		14,000		22,301
Wah Lee Industrial Corp.		21,420		61,627
Walsin Lihwa Corp.		156,211		250,112
Walsin Technology Corp.		28,000		88,927
Walton Advanced Engineering, Inc.		34,000		15,354
Wan Hai Lines Ltd.		58,000		130,487
Wei Chuan Foods Corp.		14,000		9,196
Weikeng Industrial Co. Ltd.		32,945		32,407
Winbond Electronics Corp.		331,893		288,863
Wisdom Marine Lines Co. Ltd.		27,019		56,971
Wistron Corp.		287,431		395,073
Wistron NeWeb Corp.		6,000		20,396
WPG Holdings Ltd.		154,400		254,565
WT Microelectronics Co. Ltd.		31,265		69,415
Yageo Corp.		18,067		313,899
Yang Ming Marine Transport Corp.		143,000		301,992
YC INOX Co. Ltd.		27,763		26,899
Yem Chio Co. Ltd.		22,666		12,209
Yeong Guan Energy Technology Group Co. Ltd.		7,000		18,001
YFY, Inc.		114,385		99,743
Yieh Phui Enterprise Co. Ltd.		55,151		28,438
Youngtek Electronics Corp.		12,000		26,643
Yuanta Financial Holding Co. Ltd.		686,327		503,799
Yuen Foong Yu Consumer Products Co. Ltd.		15,000		18,425
Yulon Motor Co. Ltd.		51,371		126,877
YungShin Global Holding Corp.		7,000		10,104
Zeng Hsing Industrial Co. Ltd.		2,148		8,007
Zenitron Corp.		18,000		19,273
Zhen Ding Technology Holding Ltd.		62,000		232,137
Zig Sheng Industrial Co. Ltd.		28,000		9,886
Zinwell Corp. *		24,000		15,844
				32,921,304
Tanzania, United Republic Of — 0.1%
AngloGold Ashanti Ltd.		4,067		98,540
Thailand — 2.3%
AP Thailand PCL		242,500		84,391
Bangchak Corp. PCL		112,900		102,351
Bangkok Bank PCL		48,500		214,878
Bangkok Bank PCL, NVDR		13,300		58,925
Bangkok Insurance PCL		2,100		17,932
Bangkok Land PCL		1,039,700		29,797
Banpu PCL		429,750		135,730
Berli Jucker PCL		64,800		72,484
Cal-Comp Electronics Thailand PCL		310,479		19,249
Charoen Pokphand Foods PCL		322,300		199,818
GFPT PCL		33,300		11,004
Indorama Ventures PCL		93,600		94,435
IRPC PCL		633,100		48,508
Italian-Thai Development PCL *		563,700		26,541
Kasikornbank PCL, NVDR		27,100		105,008
Khon Kaen Sugar Industry PCL		135,600		12,610
Kiatnakin Phatra Bank PCL		21,900		40,508
Krung Thai Bank PCL		204,575		98,713
Lanna Resources PCL		2,500		1,075

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Thailand (Continued)
LH Financial Group PCL		302,400	$	9,374
LPN Development PCL		151,700		20,673
Polyplex Thailand PCL		27,000		13,897
Power Solution Technologies PCL, Class F *		224,400		9,384
Precious Shipping PCL		41,900		16,787
Property Perfect PCL		1,000,115		11,699
Pruksa Holding PCL		88,800		32,461
PTT Exploration & Production PCL		101,100		444,964
PTT Global Chemical PCL		116,228		155,503
PTT PCL		883,900		814,238
Quality Houses PCL		338,800		23,581
Regional Container Lines PCL		17,100		13,252
Sansiri PCL		1,106,700		56,314
SC Asset Corp. PCL		188,600		23,606
SCB X PCL		48,100		144,180
Siam Cement PCL (The)		33,800		311,361
Siam City Cement PCL		4,100		16,726
Sino-Thai Engineering & Construction PCL		70,300		25,904
Somboon Advance Technology PCL		20,300		11,279
SPCG PCL		37,500		15,134
Sri Trang Agro-Industry PCL		60,900		40,784
Sri Trang Gloves Thailand PCL		39,200		4,746
Star Petroleum Refining PCL		80,000		25,267
Supalai PCL		139,400		90,501
Super Energy Corp. PCL		759,200		14,653
Thai Oil PCL		78,877		121,101
Thai Stanley Electric PCL, NVDR		3,100		16,409
Thai Union Group PCL, Class F		210,500		86,798
Thanachart Capital PCL		33,100		44,285
Thitikorn PCL		10,500		2,380
Thoresen Thai Agencies PCL		37,800		8,678
TMBThanachart Bank PCL		1,537,072		63,829
TPI Polene PCL		676,600		31,658
TPI Polene Power PCL		179,000		17,589
True Corp. PCL		596,339		133,411
Unique Engineering & Construction PCL *		54,500		6,056
WHA Corp. PCL		253,200		31,840
				4,284,259
Turkey — 0.8%
Akbank TAS		317,936		280,812
Anadolu Efes Biracilik Ve Malt Sanayii AS		16,612		55,606
Dogan Sirketler Grubu Holding AS		84,330		41,067
Enka Insaat ve Sanayi AS		66,291		101,271
Eregli Demir ve Celik Fabrikalari TAS *		61,749		113,971
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		19,514		19,311
KOC Holding AS		57,667		230,013
TAV Havalimanlari Holding AS *		7,294		28,104
Turk Hava Yollari AO *		39,383		243,327
Turkiye Halk Bankasi AS *		35,220		20,292
Turkiye Is Bankasi, Class C		152,616		103,206
Turkiye Sinai Kalkinma Bankasi AS *		172,186		36,718
Turkiye Sise ve Cam Fabrikalari AS		52,572		116,001
Turkiye Vakiflar Bankasi TAO, Class D *		80,351		37,495
Vestel Elektronik Sanayi ve Ticaret AS *		6,125		15,112
Yapi ve Kredi Bankasi AS		194,984		97,291
				1,539,597

	SHARES		VALUE†
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		191,419	$	432,615
Agthia Group PJSC		33,252		37,304
Ajman Bank PJSC *		85,055		33,119
Aldar Properties PJSC		229,175		290,174
Amanat Holdings PJSC		112,633		29,443
Dana Gas PJSC		333,486		74,007
Deyaar Development PJSC *		130,763		17,126
Dubai Investments PJSC		191,176		119,729
Dubai Islamic Bank PJSC		7,056		10,048
Emaar Development PJSC *		84,901		127,380
Emaar Properties PJSC		323,144		492,745
Emirates NBD Bank PJSC		128,759		461,043
Manazel PJSC *		139,614		13,306
RAK Properties PJSC *		114,134		18,119
Ras Al Khaimah Ceramics		60,539		44,343
SHUAA Capital PSC *		182,524		17,693
				2,218,194
TOTAL COMMON STOCKS (Identified Cost $179,705,000)				181,964,957
PREFERRED STOCKS — 1.4%
Brazil — 1.4%
Banco ABC Brasil SA, 8.300%		11,102		36,865
Banco Bradesco SA, 7.638%		100,741		261,768
Banco do Estado do Rio Grande do Sul SA, Class B, 9.143%		14,808		29,216
Banco Pan SA, 5.463%		20,000		20,124
Marcopolo SA, 7.356%		42,283		26,529
Petroleo Brasileiro SA, 44.874%		448,645		2,075,728
Randon SA Implementos e Participacoes, 11.451%		9,200		13,632
Usinas Siderurgicas de Minas Gerais SA, Class A, 8.63%		42,992		61,836
				2,525,698
Colombia — 0.0%
Grupo Argos SA, 8.445%		12,517		15,912
Philippines — 0.0%
Cebu Air, Inc., 6.000% *		12,909		9,759
India — 0.0%
Sundaram Clayton Ltd. 9.000%*<>		256,360		10,606
TOTAL PREFERRED STOCKS (Identified Cost $2,496,184)				2,561,975
RIGHTS AND WARRANTS — 0.0%
Thailand — 0.0%
Power Solution Technologies PCL Rights *		74,800		547
TOTAL RIGHTS AND WARRANTS (Identified Cost $0)				547
SHORT-TERM INVESTMENTS — 1.2%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 4.450%		190,277		190,277
Collateral For Securities On Loan — 1.1%
State Street Navigator Securities Lending Government Money Market Portfolio 4.770%		1,971,377		1,971,377
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,161,654)				2,161,654

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

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	VALUE†
Total Investments — 100.2% (Identified Cost $184,362,838)	$	186,689,133
Liabilities, Less Cash and Other Assets — (0.2%)		(316,199	)
Net Assets — 100.0%	$	186,372,934

† See Note 1

* Non-income producing security

@ A portion or all of the security was held on loan. As of March 31, 2023, the fair value of the securities on loan was $3,648,924.

± 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at March 31, 2023 amounted to $3,976,782 or 2.13% of the net assets of the Fund.

<> Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

§ Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

Key to abbreviations:

ADR — American Depository Receipt

GDR — Global Depository Receipt

NVDR — Non-Voting Depository Receipt

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

Ten largest industry holdings as of March 31, 2023

(As a percentage of net assets) (Unaudited)

Industry	Percentage
Commercial Banks		20.5	%
Oil, Gas & Consumable Fuels		10.6	%
Metals & Mining		7.0	%
Electronic Equipment, Instruments & Components		4.6	%
Semiconductors & Semiconductor Equipment		4.3	%
Chemicals		4.0	%
Insurance		3.9	%
Real Estate Management & Development		3.9	%
Computers & Peripherals		3.7	%
Automobiles		2.9	%

Country weightings as of March 31, 2023

(As a percentage of long-term investments) (Unaudited)

Country	Percentage
China		31.1	%
Taiwan		17.8	%
India		16.2	%
Korea		12.6	%
Brazil		4.5	%
South Africa		3.2	%
Mexico		2.8	%
Thailand		2.3	%
Indonesia		2.1	%
Other		7.4	%
		100.0	%

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.3%
Diversified REITs — 2.3%
American Assets Trust, Inc.		6,032	$	112,135
Broadstone Net Lease, Inc.		17,587		299,155
CTO Realty Growth, Inc.		2,292		39,560
Empire State Realty Trust, Inc., Class A @		11,500		74,635
Essential Properties Realty Trust, Inc.		16,250		403,812
Gladstone Commercial Corp.		3,518		44,432
Global Net Lease, Inc.		8,639		111,098
One Liberty Properties, Inc.		1,802		41,320
WP Carey, Inc.		22,578		1,748,666
				2,874,813
Health Care REITs — 8.3%
CareTrust REIT, Inc.		10,972		214,832
Community Healthcare Trust, Inc.		2,728		99,845
Global Medical REIT, Inc.		5,127		46,707
Healthcare Realty Trust, Inc., Class A		41,294		798,213
Healthpeak Properties, Inc.		59,391		1,304,820
LTC Properties, Inc.		3,972		139,536
Medical Properties Trust, Inc. @		59,765		491,268
National Health Investors, Inc.		5,063		261,150
Omega Healthcare Investors, Inc.		26,209		718,389
Physicians Realty Trust		25,667		383,208
Sabra Health Care REIT, Inc.		25,104		288,696
Universal Health Realty Income Trust		1,452		69,856
Ventas, Inc.		43,378		1,880,436
Welltower, Inc.		52,290		3,748,670
				10,445,626
Hotel & Resort REITs — 3.0%
Apple Hospitality REIT, Inc.		24,154		374,870
Braemar Hotels & Resorts, Inc.		5,308		20,489
Chatham Lodging Trust		5,496		57,653
DiamondRock Hospitality Co.		22,762		185,055
Host Hotels & Resorts, Inc.		77,497		1,277,926
Park Hotels & Resorts, Inc.		23,481		290,225
Pebblebrook Hotel Trust @		13,445		188,768
RLJ Lodging Trust		16,642		176,405
Ryman Hospitality Properties, Inc.		5,693		510,833
Service Properties Trust		17,100		170,316
Sotherly Hotels, Inc. *		3,111		6,206
Summit Hotel Properties, Inc.		10,209		71,463
Sunstone Hotel Investors, Inc.		25,032		247,316
Xenia Hotels & Resorts, Inc.		13,264		173,626
				3,751,151
Industrial REITs — 14.0%
Americold Realty Trust, Inc.		28,809		819,616
EastGroup Properties, Inc.		4,697		776,508
First Industrial Realty Trust, Inc.		14,438		768,101
LXP Industrial Trust		29,881		308,073
Plymouth Industrial REIT, Inc.		4,574		96,100
Prologis, Inc.		99,712		12,441,066
Rexford Industrial Realty, Inc.		20,932		1,248,594
STAG Industrial, Inc.		20,335		687,730
Terreno Realty Corp.		8,376		541,090
				17,686,878
Office REITs — 4.8%
Alexandria Real Estate Equities, Inc.		17,861		2,243,163
Boston Properties, Inc.		16,596		898,176
Brandywine Realty Trust		18,624		88,092
City Office REIT, Inc.		5,176		35,714
Corporate Office Properties Trust		12,496		296,280
Cousins Properties, Inc.		17,110		365,812
Douglas Emmett, Inc.		19,097		235,466
Easterly Government Properties, Inc.		9,677		132,962

	SHARES		VALUE†
Equity Commonwealth		11,816	$	244,709
Highwoods Properties, Inc.		11,410		264,598
Hudson Pacific Properties, Inc.		12,646		84,096
JBG SMITH Properties		11,344		170,841
Kilroy Realty Corp.		11,447		370,883
Office Properties Income Trust		3,570		43,911
Orion Office REIT, Inc.		6,753		45,245
Paramount Group, Inc.		17,848		81,387
Piedmont Office Realty Trust, Inc., Class A		10,998		80,285
SL Green Realty Corp. @		7,066		166,192
Vornado Realty Trust		18,129		278,643
				6,126,455
Residential REITs — 15.0%
American Homes 4 Rent., Class A		35,207		1,107,260
Apartment Income REIT Corp.		16,970		607,696
Apartment Investment and Management Co., Class A		15,756		121,164
AvalonBay Communities, Inc.		15,198		2,554,176
Bluerock Homes Trust, Inc. *		412		8,166
BRT Apartments Corp.		400		7,888
Camden Property Trust		11,051		1,158,587
Centerspace		1,825		99,700
Clipper Realty, Inc.		1,167		6,699
Elme Communities		10,445		186,548
Equity LifeStyle Properties, Inc.		19,212		1,289,701
Equity Residential		39,068		2,344,080
Essex Property Trust, Inc.		7,008		1,465,653
Independence Realty Trust, Inc.		24,425		391,533
Invitation Homes, Inc.		66,305		2,070,705
Mid-America Apartment Communities, Inc.		12,665		1,912,922
NexPoint Residential Trust, Inc.		2,547		111,227
Sun Communities, Inc.		13,480		1,899,062
UDR, Inc.		35,754		1,468,059
UMH Properties, Inc.		5,369		79,407
Veris Residential, Inc. *		8,319		121,790
				19,012,023
Retail REITs — 13.6%
Acadia Realty Trust		9,876		137,770
Agree Realty Corp.		9,186		630,251
Alexander’s, Inc.		303		58,706
Brixmor Property Group, Inc.		32,591		701,358
Federal Realty OP LP		7,941		784,809
Getty Realty Corp.		3,812		137,346
InvenTrust Properties Corp.		6,885		161,109
Kimco Realty Corp.		67,177		1,311,967
Kite Realty Group Trust		23,808		498,063
Macerich Co. (The)		23,319		247,181
National Retail Properties, Inc.		19,679		868,828
Necessity Retail REIT, Inc.		17,263		108,412
NETSTREIT Corp.		6,691		122,312
Phillips Edison & Co., Inc.		10,255		334,518
Realty Income Corp.		70,499		4,463,997
Regency Centers Corp.		16,720		1,022,930
Retail Opportunity Investments Corp.		13,420		187,343
RPT Realty		8,058		76,632
Saul Centers, Inc.		1,556		60,684
Simon Property Group, Inc.		35,454		3,969,784
SITE Centers Corp.		20,691		254,086
Spirit Realty Capital, Inc.		14,821		590,469
Tanger Factory Outlet Centers, Inc.		11,333		222,467
Urban Edge Properties		12,741		191,879
Urstadt Biddle Properties, Inc.		1,000		15,831
Urstadt Biddle Properties, Inc., Class A		2,206		38,759

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

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Retail REITs (Continued)
Whitestone REIT		6,078	$	55,918
				17,253,409
Specialized REITs — 38.3%
American Tower Corp.		50,300		10,278,302
Crown Castle, Inc.		43,759		5,856,705
CubeSmart		24,400		1,127,768
Digital Realty Trust, Inc.		31,590		3,105,613
EPR Properties		8,178		311,582
Equinix, Inc.		10,019		7,224,100
Esc War Ind *§		9,141		—
Extra Space Storage, Inc.		14,624		2,382,688
Four Corners Property Trust, Inc.		9,280		249,261
Gaming and Leisure Properties, Inc.		28,508		1,484,126
Global Self Storage, Inc.		2,195		11,282
Iron Mountain, Inc.		31,547		1,669,152
Lamar Advertising Co., Class A		9,471		946,058
Life Storage, Inc.		9,240		1,211,272
National Storage Affiliates Trust		9,263		387,008
Outfront Media, Inc.		16,965		275,342
Public Storage		17,155		5,183,212
SBA Communications Corp.		11,717		3,058,957
Uniti Group, Inc.		20,375		72,331
VICI Properties, Inc.		108,762		3,547,816
				48,382,575
TOTAL COMMON STOCKS (Identified Cost $71,895,147)				125,532,930
SHORT-TERM INVESTMENTS — 0.8%
Investment Company — 0.6%
State Street Institutional U.S. Government Money Market Fund 4.450%		743,522		743,522
Collateral For Securities On Loan — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio 4.770%		216,856		216,856
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $960,378)				960,378
Total Investments — 100.1% (Identified Cost $72,855,525)				126,493,308
Liabilities, Less Cash and Other Assets — (0.1%)				(95,066	)
Net Assets — 100.0%			$	126,398,242

† See Note 1

@ A portion or all of the security was held on loan. As of March 31, 2023, the fair value of the securities on loan was $881,934.

* Non-income producing security

§ Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1

Key to abbreviations:

REIT — Real Estate Investment Trust

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

Portfolio Sectors as of March 31, 2023

(As a percentage of long-term investments) (Unaudited)

Sector	Percentage
Telecom Tower REITs		15.4	%
Industrial REITs		14.1	%
Retail REITs		13.7	%
Multi-Family Residential REITs		10.0	%
Health Care REITs		8.3	%
Data Center REITs		8.2	%
Self Storage REITs		8.2	%
Other Specialized REITs		6.8	%
Single-Family Residential REITs		5.1	%
Other		10.2	%
		100.0	%

SA International Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

	SHARES		VALUE†
MUTUAL FUNDS — 100.1%
Others — 100.1%
DFA International Small Company Portfolio £		13,667,791	$	252,990,817
TOTAL MUTUAL FUNDS (Identified Cost $146,082,719)				252,990,817
Total Investments — 100.1% (Identified Cost $146,082,719)				252,990,817
Liabilities, Less Cash and Other Assets — (0.1%)				(287,723	)
Net Assets — 100.0%			$	252,703,094

† See Note 1

£ Please refer to the Portfolio of Investments of the DFA International Small Company Portfolio included elsewhere in this report.

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 97.4%
Australia — 6.7%
AMP Ltd.		59,607	$	41,836
Ampol Ltd.		12,195		248,547
Ansell Ltd.		2,269		40,238
ANZ Group Holdings Ltd.		340,041		5,211,999
Aurizon Holdings Ltd.		247,637		556,191
Bank of Queensland Ltd. @		38,836		168,480
Beach Energy Ltd.		184,392		174,408
Bendigo & Adelaide Bank Ltd. @		20,967		121,513
BlueScope Steel Ltd.		163,249		2,198,845
Challenger Ltd.		76,679		319,838
Cleanaway Waste Management Ltd.		139,337		221,673
Evolution Mining Ltd.		217,587		453,792
Fortescue Metals Group Ltd.		17,284		259,838
Harvey Norman Holdings Ltd. @		136,089		325,668
Incitec Pivot Ltd.		255,280		534,109
Lendlease Corp. Ltd. @		43,821		211,782
National Australia Bank Ltd.		258,849		4,796,326
Newcrest Mining Ltd.		80,215		1,439,689
Nine Entertainment Co. Holdings Ltd. @		178,284		234,773
Northern Star Resources Ltd.		104,349		858,648
Orica Ltd.		41,739		429,388
Origin Energy Ltd.		168,307		932,665
OZ Minerals Ltd.		30,495		573,005
QBE Insurance Group Ltd.		41,216		401,967
Qube Holdings Ltd.		60,569		116,199
Rio Tinto Ltd.		21,996		1,766,446
Santos Ltd.		447,931		2,065,995
Seven Group Holdings Ltd. @		3,940		60,838
Sonic Healthcare Ltd.		7,876		183,423
South32 Ltd.		637,438		1,862,037
Suncorp Group Ltd.		186,999		1,513,744
Tabcorp Holdings Ltd.		94,616		62,930
TPG Telecom Ltd. @		26,524		86,522
Treasury Wine Estates Ltd.		13,295		116,154
Viva Energy Group Ltd. ±		120,061		243,172
Westpac Banking Corp.		272,054		3,938,969
Whitehaven Coal Ltd.		121,581		546,953
Woodside Energy Group Ltd.		151,540		3,377,239
Worley Ltd.		30,039		289,347
				36,985,186
Austria — 0.0%
Erste Group Bank AG		7,953		263,063
Belgium — 0.7%
Ageas SA		21,755		940,429
KBC Group NV		25,395		1,743,337
Solvay SA		9,936		1,135,209
				3,818,975
Bermuda — 0.0%
Golden Ocean Group Ltd.		18,503		174,112
Canada — 8.5%
Agnico Eagle Mines Ltd.		24,874		1,267,828
AltaGas Ltd.		24,518		408,724
ARC Resources Ltd. @		31,547		357,836
B2Gold Corp.		22,856		90,053
Bank of Montreal @		57,895		5,159,023
Bank of Montreal		3,141		279,773
Bank of Nova Scotia (The) @		95,362		4,802,430
Bank of Nova Scotia (The)		22,104		1,113,296
Barrick Gold Corp.		101,277		1,880,714
Barrick Gold Corp.		6,619		122,879
Brookfield Corp. @		1,871		60,976
Canadian Imperial Bank of Commerce		16,359		693,949

	SHARES		VALUE†
Canadian Imperial Bank of Commerce @		78,224	$	3,317,068
Cenovus Energy, Inc.		41,371		722,338
Fairfax Financial Holdings Ltd.		4,252		2,827,840
First Quantum Minerals Ltd.		84,695		1,947,076
Great-West Lifeco, Inc. @		16,930		448,711
iA Financial Corp., Inc.		15,555		985,898
Imperial Oil Ltd.		9,184		466,639
Kinross Gold Corp.		173,331		815,675
Lundin Mining Corp.		146,222		993,206
Magna International, Inc. @		40,305		2,159,139
Manulife Financial Corp. @		112,335		2,062,471
MEG Energy Corp. *		17,402		279,539
Nutrien Ltd.		50,591		3,736,145
Saputo, Inc.		6,138		158,820
Sun Life Financial, Inc.		5,827		272,228
Sun Life Financial, Inc.		1,077		50,296
Suncor Energy, Inc. ¥		67,770		2,104,054
Suncor Energy, Inc.		41,675		1,294,009
Teck Resources Ltd., Class B @		87,306		3,186,669
Toronto-Dominion Bank (The)		1,710		102,423
Toronto-Dominion Bank (The) @		6,483		388,332
Tourmaline Oil Corp.		14,222		592,662
West Fraser Timber Co. Ltd.		13,116		935,540
Whitecap Resources, Inc. @		51,254		396,304
				46,480,563
China — 0.1%
ESR Group Ltd. ±		59,000		105,826
Prosus NV *		1,797		140,200
Xinyi Glass Holdings Ltd.		23,000		41,195
				287,221
Denmark — 2.1%
AP Moller - Maersk A/S, Class A		246		435,465
AP Moller - Maersk A/S, Class B		372		673,942
Carlsberg A/S, Class B		15,826		2,449,000
Chr Hansen Holding A/S		9,378		711,266
Danske Bank A/S *		41,578		835,270
Demant A/S *		12,776		446,737
DSV A/S		16,777		3,239,708
Genmab A/S *		1,182		445,486
Novozymes A/S, B Shares, Class B		1,175		60,021
Pandora A/S		771		73,561
Rockwool International A/S, B Shares, Class B		858		209,899
Tryg A/S		15,313		334,154
Vestas Wind Systems A/S		49,228		1,426,099
				11,340,608
Finland — 1.1%
Nokia Oyj, ADR		338,897		1,663,984
Nordea Bank Abp		224,183		2,393,094
Stora Enso Oyj, R Shares @		77,897		1,012,062
UPM-Kymmene Oyj *		24,633		826,813
				5,895,953
France — 11.5%
Accor SA *		6,035		196,152
Alstom SA @		7,849		213,487
Amundi SA ±		5,568		350,535
Arkema SA		12,548		1,235,634
AXA SA		96,903		2,959,896
BNP Paribas SA		92,085		5,513,611
Bollore SE @		138,791		856,452
Bouygues SA		55,128		1,858,756
Carrefour SA		128,110		2,588,364
Cie de Saint-Gobain		92,022		5,221,423

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
France (Continued)
Cie Generale des Etablissements Michelin SCA		119,912	$	3,660,104
Credit Agricole SA		62,747		707,575
Eiffage SA		10,100		1,092,497
Engie SA		170,127		2,688,943
Faurecia SE *		4,468		96,644
Orange SA		322,578		3,831,402
Publicis Groupe SA		29,051		2,261,487
Renault SA *		21,069		859,135
Rexel SA *		15,388		366,308
Sanofi		37,916		4,121,859
Societe Generale SA		88,773		2,001,062
TotalEnergies SE @		332,966		19,629,482
Vinci SA		1,446		165,789
Vivendi SE		28,695		289,413
Worldline SA *±		3,145		133,395
				62,899,405
Germany — 6.6%
BASF SE		75,282		3,948,271
Bayer AG		80,918		5,153,007
Bayerische Motoren Werke AG		40,060		4,385,345
Commerzbank AG *		168,835		1,776,451
Continental AG		11,257		841,390
Covestro AG ±		24,283		1,004,150
Daimler Truck Holding AG *		61,594		2,078,107
Deutsche Bank AG		46,122		467,981
Deutsche Bank AG		92,725		946,722
E.ON SE		75,215		938,063
Evonik Industries AG		12,943		271,750
Fresenius Medical Care AG & Co. KGaA		9,764		414,032
Fresenius SE & Co. KGaA		42,320		1,140,516
HeidelbergCement AG		25,898		1,889,090
Mercedes-Benz Group AG		122,485		9,402,059
Siemens Energy AG *		13,742		301,641
Talanx AG		5,652		261,734
Telefonica Deutschland Holding AG		136,346		419,499
Vitesco Technologies Group AG Class A *		911		65,849
Volkswagen AG		4,164		713,505
				36,419,162
Hong Kong — 2.0%
BOC Hong Kong Holdings Ltd.		285,000		887,687
Cathay Pacific Airways Ltd. *@		230,363		221,562
CK Asset Holdings Ltd.		210,069		1,275,148
CK Hutchison Holdings Ltd.		344,624		2,138,013
CK Infrastructure Holdings Ltd.		24,000		130,549
Hang Lung Properties Ltd.		239,000		446,951
Hang Seng Bank Ltd.		32,600		463,881
Henderson Land Development Co. Ltd.		133,684		462,365
MTR Corp. Ltd.		126,669		610,762
New World Development Co. Ltd.		231,859		621,745
Sun Hung Kai Properties Ltd.		173,177		2,426,715
Swire Pacific Ltd., Class A		49,000		376,400
Swire Pacific Ltd., Class B		127,500		157,712
Tsim Sha Tsui Properties Ltd.		6,907		18,918
WH Group Ltd. ±		1,342,459		800,355
				11,038,763

	SHARES		VALUE†
Ireland — 0.6%
AIB Group PLC		31,002	$	125,812
Bank of Ireland Group PLC		56,367		569,976
CRH PLC, ADR @		40,650		2,067,866
Flutter Entertainment PLC *		3,025		545,939
				3,309,593
Israel — 0.4%
Bank Hapoalim B.M.		96,782		800,663
Delek Group Ltd.		904		99,774
Harel Insurance Investments & Financial Services Ltd.		13,270		111,442
Israel Discount Bank Ltd., Class A		123,631		603,352
Migdal Insurance & Financial Holding Ltd. *		22,264		23,712
Phoenix Holdings Ltd. (The)		20,373		201,685
Teva Pharmaceutical Industries Ltd., ADR *		25,493		225,613
				2,066,241
Italy — 1.3%
Eni SpA		142,088		1,988,743
Intesa Sanpaolo SpA		670,736		1,722,150
Mediobanca Banca di Credito Finanziario SpA		24,500		246,253
Telecom Italia SpA *@		570,741		188,290
UniCredit SpA		163,283		3,082,970
				7,228,406
Japan — 19.3%
AGC, Inc.		48,500		1,799,002
Air Water, Inc.		14,100		176,283
Aisin Corp. @		22,500		617,680
Alfresa Holdings Corp.		7,700		98,356
Alps Alpine Co. Ltd. @		27,500		262,832
Amada Co. Ltd.		37,100		345,922
Aozora Bank Ltd. @		14,700		265,602
Asahi Group Holdings Ltd.		13,200		489,526
Asahi Kasei Corp.		161,900		1,129,489
Bank of Kyoto Ltd. (The)		8,000		376,577
Bridgestone Corp.		21,200		856,941
Brother Industries Ltd.		32,400		486,092
Canon Marketing Japan, Inc.		12,000		284,692
Canon, Inc. @		33,500		745,692
Chiba Bank Ltd. (The) @		79,000		508,718
Coca-Cola Bottlers Japan Holdings, Inc.		13,975		152,091
Concordia Financial Group Ltd.		111,200		408,703
Cosmo Energy Holdings Co. Ltd.		11,900		384,044
Dai-ichi Life Holdings, Inc.		63,400		1,162,711
Daicel Corp.		52,000		391,640
Daiwa House Industry Co. Ltd.		34,600		811,481
Daiwa Securities Group, Inc. @		192,700		901,274
Denka Co. Ltd.		16,200		333,700
DIC Corp.		16,000		286,801
Dowa Holdings Co. Ltd. @		9,600		306,925
ENEOS Holdings, Inc.		470,600		1,648,828
Ezaki Glico Co. Ltd.		3,000		75,353
FUJIFILM Holdings Corp.		6,200		312,767
Fujikura Ltd.		10,500		74,178
Fukuoka Financial Group, Inc.		18,000		345,562
Hankyu Hanshin Holdings, Inc.		31,900		943,005
Haseko Corp. @		22,300		258,480
Hino Motors Ltd. *		37,400		155,769

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Japan (Continued)
Hitachi Construction Machinery Co. Ltd.		8,000	$	185,276
Hitachi Ltd.		10,400		568,035
Honda Motor Co. Ltd.		170,900		4,517,861
House Foods Group, Inc.		2,800		59,258
Idemitsu Kosan Co. Ltd. @		29,400		642,139
Iida Group Holdings Co. Ltd. @		36,900		600,016
INFRONEER Holdings, Inc.		12,800		98,525
Inpex Corp.		144,500		1,520,365
Isuzu Motors Ltd.		67,000		796,784
ITOCHU Corp. @		18,000		583,077
Iwatani Corp.		4,900		213,677
J. Front Retailing Co. Ltd.		35,100		349,480
Japan Post Holdings Co. Ltd.		71,600		580,511
Japan Post Insurance Co. Ltd.		4,500		70,055
JFE Holdings, Inc.		50,400		637,331
JTEKT Corp.		43,200		332,195
K’s Holdings Corp. @		32,000		280,294
Kajima Corp.		54,000		649,911
Kamigumi Co. Ltd.		15,700		328,722
Kaneka Corp.		16,000		415,741
Kawasaki Heavy Industries Ltd.		32,800		714,918
Komatsu Ltd.		46,800		1,155,064
Konica Minolta, Inc.		19,000		81,423
Kuraray Co. Ltd.		76,400		700,273
LIXIL Corp.		38,200		626,333
Mabuchi Motor Co. Ltd.		5,100		148,074
Makita Corp. @		7,800		192,687
Marubeni Corp.		109,400		1,479,403
Mazda Motor Corp.		65,100		600,621
Mebuki Financial Group, Inc.		83,070		202,709
Medipal Holdings Corp.		25,300		343,748
Mitsubishi Chemical Group Corp.		185,800		1,099,477
Mitsubishi Corp.		105,400		3,771,458
Mitsubishi Electric Corp.		48,300		574,216
Mitsubishi Estate Co. Ltd.		34,300		407,260
Mitsubishi Gas Chemical Co., Inc.		36,300		536,674
Mitsubishi Heavy Industries Ltd.		39,200		1,439,572
Mitsubishi Logistics Corp.		2,500		58,558
Mitsubishi Materials Corp.		21,600		350,903
Mitsubishi Motors Corp. *@		41,900		164,728
Mitsubishi UFJ Financial Group, Inc.		206,400		1,318,069
Mitsubishi UFJ Financial Group, Inc., ADR @		464,844		2,970,353
Mitsui Chemicals, Inc. @		47,200		1,212,216
Mitsui Fudosan Co. Ltd.		54,100		1,012,121
Mitsui OSK Lines Ltd. @		30,300		755,361
Mizuho Financial Group, Inc.		107,740		1,523,899
MS&AD Insurance Group Holdings, Inc.		24,728		764,701
NEC Corp.		35,800		1,375,108
NGK Insulators Ltd. @		26,400		348,355
NGK Spark Plug Co. Ltd. @		10,600		218,427
NH Foods Ltd. @		15,533		448,647
Nippon Electric Glass Co. Ltd.		11,500		220,776
Nippon Express Holdings, Inc.		15,900		954,419
Nippon Shokubai Co. Ltd.		4,600		182,926
Nippon Steel Corp.		60,327		1,417,588
Nippon Yusen KK @		30,300		704,927
Nissan Motor Co. Ltd. @		222,800		840,859
Nisshin Seifun Group, Inc.		3,900		45,558
Nomura Holdings, Inc.		175,700		674,482
Nomura Real Estate Holdings, Inc.		23,700		522,998
NSK Ltd. @		59,600		339,353
Obayashi Corp.		72,500		553,135

	SHARES		VALUE†
Oji Holdings Corp.		226,000	$	891,915
Otsuka Holdings Co. Ltd.		13,300		421,012
Panasonic Holdings Corp. @		168,500		1,500,034
Resona Holdings, Inc.		184,200		887,184
Ricoh Co. Ltd.		49,300		367,963
Rohm Co. Ltd.		4,700		388,319
Santen Pharmaceutical Co. Ltd.		30,800		262,128
SBI Holdings, Inc. @		20,500		405,137
Seiko Epson Corp. @		37,600		532,673
Seino Holdings Co. Ltd.		20,400		224,319
Sekisui Chemical Co. Ltd.		16,000		226,067
Sekisui House Ltd.		75,600		1,536,199
Shimizu Corp. @		68,400		386,368
Shizuoka Financial Group, Inc.		58,000		415,425
Showa Denko KK		14,000		229,441
Sohgo Security Services Co., Ltd.		2,400		64,440
Sojitz Corp. @		35,820		745,401
Stanley Electric Co. Ltd. @		11,500		253,862
Subaru Corp.		82,400		1,312,256
Sumitomo Chemical Co. Ltd. @		421,800		1,413,677
Sumitomo Corp.		78,500		1,384,059
Sumitomo Electric Industries Ltd.		164,200		2,098,644
Sumitomo Forestry Co. Ltd.		33,800		666,963
Sumitomo Heavy Industries Ltd.		26,000		634,457
Sumitomo Metal Mining Co. Ltd.		35,500		1,349,949
Sumitomo Mitsui Financial Group, Inc.		71,100		2,837,039
Sumitomo Mitsui Trust Holdings, Inc.		24,900		851,598
Sumitomo Pharma Co. Ltd. @		19,400		118,351
Sumitomo Realty & Development Co. Ltd.		36,800		826,493
Sumitomo Rubber Industries Ltd.		42,800		385,530
Suzuken Co. Ltd.		1,100		27,712
Suzuki Motor Corp.		19,200		694,685
Taiheiyo Cement Corp.		25,000		468,273
Taisei Corp. @		7,200		222,060
Takeda Pharmaceutical Co. Ltd.		100,573		3,294,992
TDK Corp.		21,400		761,551
Teijin Ltd.		53,199		559,336
THK Co. Ltd.		3,200		73,628
Toda Corp.		28,000		145,720
Tokai Carbon Co. Ltd.		21,300		202,131
Tokyo Tatemono Co. Ltd.		37,600		457,345
Tokyu Fudosan Holdings Corp.		132,300		632,728
Toray Industries, Inc.		166,100		946,248
Tosoh Corp.		58,300		789,042
Toyo Seikan Group Holdings Ltd. @		22,000		302,557
Toyo Tire Corp.		3,700		43,054
Toyoda Gosei Co. Ltd.		15,300		262,730
Toyota Boshoku Corp.		3,600		57,942
Toyota Motor Corp.		316,450		4,480,708
Toyota Tsusho Corp.		28,000		1,185,163
Tsuruha Holdings, Inc.		1,000		66,654
Yamada Holdings Co. Ltd. @		93,100		319,741
Yamaha Motor Co. Ltd.		37,200		969,399
Yamazaki Baking Co. Ltd.		11,300		136,511
Yokohama Rubber Co. Ltd. (The)		27,600		581,414
Z Holdings Corp.		67,600		189,804
Zeon Corp. @		28,500		300,294
				105,666,671
Netherlands — 4.7%
ABN AMRO Group NV GDR ±		42,957		681,100
Aegon NV		149,418		640,235
Akzo Nobel NV		20,561		1,605,039
ArcelorMittal SA @		60,669		1,827,350
ArcelorMittal SA =		1,708		51,625

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Netherlands (Continued)
ASR Nederland NV		2,953	$	117,661
Coca-Cola Europacific Partners PLC		10,606		625,720
Heineken NV		2,174		233,554
ING Groep NV		253,754		3,007,894
JDE Peet’s NV		9,259		269,310
Koninklijke Ahold Delhaize NV		179,778		6,139,581
Koninklijke DSM NV		15,922		1,876,967
Koninklijke KPN NV		211,274		746,036
Koninklijke Philips NV ¢		33,065		603,722
Koninklijke Philips NV @		13,461		247,010
NN Group NV		35,104		1,273,832
OCI NV		3,580		121,367
Randstad NV @		16,773		993,191
Stellantis NV		191,757		3,480,426
Stellantis NV @		56,317		1,024,406
				25,566,026
New Zealand — 0.3%
Auckland International Airport Ltd. *		143,857		782,598
EBOS Group Ltd.		16,843		489,734
Fletcher Building Ltd.		87,592		238,803
Ryman Healthcare Ltd. @		22,869		75,075
Summerset Group Holdings Ltd.		14,495		79,761
				1,665,971
Norway — 0.8%
Aker ASA, A Shares		2,155		138,318
Austevoll Seafood ASA		4,118		36,933
DNB Bank ASA		96,212		1,721,649
Elkem ASA ±*		36,022		121,865
Norsk Hydro ASA		88,167		655,160
SpareBank 1 SR-Bank ASA		18,440		213,112
Storebrand ASA		56,200		431,143
Subsea 7 SA		28,831		341,187
Wallenius Wilhelmsen ASA		13,553		97,992
Yara International ASA		11,049		479,010
				4,236,369
Portugal — 0.0%
EDP Renovaveis SA		3,132		71,636
Galp Energia SGPS SA		16,108		182,727
				254,363
Singapore — 1.1%
City Developments Ltd.		58,800		325,636
Frasers Property Ltd.		23,300		15,320
Hongkong Land Holdings Ltd.		101,200		444,268
Keppel Corp. Ltd.		311,700		1,318,659
Olam Group Ltd.		94,300		111,249
Oversea-Chinese Banking Corp. Ltd.		121,649		1,130,747
Sembcorp Marine Ltd. *		5,948,805		531,941
Singapore Airlines Ltd. @		195,249		840,680
UOL Group Ltd.		47,218		245,883
Wilmar International Ltd.		273,400		864,904
				5,829,287
Spain — 2.5%
Banco Bilbao Vizcaya Argentaria SA @		228,555		1,628,740
Banco Bilbao Vizcaya Argentaria SA, ADR @		210,800		1,486,140
Banco de Sabadell SA @		74,625		80,024

	SHARES		VALUE†
Banco Santander SA		1,686,570	$	6,266,445
Banco Santander SA, ADR		210,864		778,088
CaixaBank SA		86,844		337,550
Repsol SA		195,616		3,009,284
				13,586,271
Sweden — 2.7%
Billerud AB		26,684		273,936
Boliden AB		30,464		1,196,957
Dometic Group AB @±		22,074		134,158
Electrolux AB, Class B @		23,954		290,614
Essity AB, B Shares @		3,803		108,605
Getinge AB, B Shares @		7,190		175,057
Holmen AB, B Shares @		11,612		446,624
Husqvarna AB, B Shares		30,403		263,167
Loomis AB		8,247		282,078
Millicom International Cellular SA, SDR *		20,565		389,247
Saab AB, Class B		4,192		254,856
Securitas AB, B Shares @		47,497		422,297
Skandinaviska Enskilda Banken AB, Class A @*		140,768		1,550,903
Skanska AB, B Shares @		40,249		614,845
SKF AB, B Shares @		64,782		1,273,295
SSAB AB, A Shares		29,362		216,247
SSAB AB, B Shares		84,454		601,488
Svenska Cellulosa AB SCA, A Shares		244		3,244
Svenska Cellulosa AB SCA, B Shares @		33,674		442,703
Svenska Handelsbanken AB, A Shares @		66,999		579,939
Svenska Handelsbanken AB, B Shares @		1,918		20,549
Swedbank AB, A Shares @		38,879		637,370
Telefonaktiebolaget LM Ericsson, B Shares @		81,944		478,447
Telia Co. AB @		223,825		568,674
Trelleborg AB, B Shares		32,833		932,889
Volvo AB, A Shares @		17,414		374,152
Volvo AB, B Shares @		101,851		2,098,549
				14,630,890
Switzerland — 10.6%
ABB Ltd.		29,520		1,012,124
Alcon, Inc. µ		30,384		2,148,582
Alcon, Inc.		1,965		138,611
Baloise Holding AG		6,063		943,627
Cie Financiere Richemont SA, Class A		42,798		6,824,666
Credit Suisse Group AG @		54,844		49,308
Credit Suisse Group AG, ADR		15,888		14,137
Holcim AG *		72,351		4,657,603
Julius Baer Group Ltd.		38,000		2,588,294
Novartis AG		122,351		11,200,743
Novartis AG, ADR @		32,730		3,011,160
SIG Group AG *@		33,586		863,373
Swatch Group AG (The) µ		6,226		393,314
Swatch Group AG (The) µ		1,834		628,204
Swiss Life Holding AG		4,035		2,483,755
Swiss Prime Site AG		1,574		130,830
Swiss Re AG		23,316		2,391,358
Swisscom AG		4,128		2,631,236
UBS Group AG		343,153		7,234,736
Zurich Insurance Group AG		17,812		8,521,026
				57,866,687

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

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
United Kingdom — 13.8%
Anglo American PLC		68,697	$	2,269,460
Associated British Foods PLC		19,275		461,286
Aviva PLC		394,337		1,966,246
Barclays PLC, ADR		330,258		2,374,555
Barratt Developments PLC		47,310		272,257
Bellway PLC		1,481		40,321
Berkeley Group Holdings PLC		878		45,458
BP PLC		299,981		1,890,248
BP PLC, ADR		101,824		3,863,203
British American Tobacco PLC		183,504		6,430,051
British American Tobacco PLC, ADR		2,004		70,380
BT Group PLC		1,231,112		2,214,263
DS Smith PLC		127,033		492,846
Endeavour Mining PLC		18,998		457,836
Glencore PLC		737,522		4,226,962
HSBC Holdings PLC, ADR @		196,369		6,702,074
Investec PLC		30,868		171,202
J Sainsbury PLC		422,622		1,452,992
Johnson Matthey PLC		6,038		147,740
Kingfisher PLC		420,977		1,356,456
Lloyds Banking Group PLC		8,264,877		4,860,727
Lloyds Banking Group PLC, ADR @		217,015		503,475
Melrose Industries PLC		316,251		649,561
NatWest Group PLC		151,590		492,935
Natwest Group PLC, ADR @		107,133		707,078
Pearson PLC		17,918		186,643
Pearson PLC, ADR @		5,700		59,565
Shell PLC, ADR		437,830		25,192,738
Standard Chartered PLC		199,242		1,509,610
Taylor Wimpey PLC		139,975		205,395
Tesco PLC		378,871		1,241,815
Vodafone Group PLC		2,821,899		3,108,616
				75,623,994
TOTAL COMMON STOCKS (Identified Cost $460,364,395)				533,133,780
PREFERRED STOCKS — 1.1%
Germany — 1.0%
Bayerische Motoren Werke AG, 7.316%		9,731		995,173
Henkel AG & Co. KGaA, 2.840%		2,169		169,505
Porsche Automobil Holding SE, 5.002%		17,284		991,959
Volkswagen AG, 22.881%		24,782		3,376,710
				5,533,347
Italy — 0.1%
Telecom Italia SpA, 6.500% *		711,381		228,825
TOTAL PREFERRED STOCKS (Identified Cost $7,874,251)				5,762,172
SHORT-TERM INVESTMENTS — 8.8%
Investment Company — 0.0%
State Street Institutional U.S. Government Money Market Fund 4.450%		41,079		41,079
Collateral For Securities On Loan — 8.8%
State Street Navigator Securities Lending Government Money Market Portfolio 4.770%		48,336,600		48,336,600
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $48,377,679)				48,377,679

	VALUE†
Total Investments — 107.3% (Identified Cost $516,616,325)	$	587,273,631
Liabilities, Less Cash and Other Assets — (7.3%)		(40,012,187	)
Net Assets — 100.0%	$	547,261,444

†	See Note 1
@	A portion or all of the security was held on loan. As of March 31, 2023, the fair value of the securities on loan was $78,609,493.
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at March 31, 2023 amounted to $3,574,555 or 0.65% of the net assets of the Fund.
*	Non-income producing security
¥	Traded on the Canada, Toronto Stock Exchange.
=	Traded on the France, Euronext Paris Exchange.
¢	Traded on the Netherlands, Euronext Amsterdam Stock Market.
µ	Traded on the Switzerland, Swiss Exchange.
Key to abbreviations:
ADR — American Depository Receipt

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

Ten largest industry holdings as of March 31, 2023

(As a percentage of net assets) (Unaudited)

Industry	Percentage
Commercial Banks		19.0	%
Oil, Gas & Consumable Fuels		13.4	%
Automobiles		7.2	%
Metals & Mining		6.4	%
Insurance		6.3	%
Chemicals		5.2	%
Pharmaceuticals		5.1	%
Capital Markets		2.5	%
Machinery		2.4	%
Automobile Components		2.3	%

Country weightings as of March 31, 2023

(As a percentage of long-term investments) (Unaudited)

Country	Percentage
Japan		19.7	%
United Kingdom		14.0	%
France		11.7	%
Switzerland		10.7	%
Canada		8.6	%
Germany		7.8	%
Australia		6.9	%
Netherlands		4.7	%
Sweden		2.7	%
Other		13.2	%
		100.0	%

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.8%
Aerospace & Defense — 1.6%
AAR Corp. *		4,010	$	218,746
Aerojet Rocketdyne Holdings, Inc. *		13,783		774,191
Aerovironment, Inc. *		2,697		247,207
Astronics Corp. Class B *		693		7,623
Axon Enterprise, Inc. *		4,947		1,112,333
BWX Technologies, Inc.		3,927		247,558
Curtiss-Wright Corp.		2,577		454,222
Ducommun, Inc. *		1,489		81,463
Hexcel Corp.		5,671		387,046
Innovative Solutions & Support, Inc. *		3,248		23,840
Kaman Corp.		3,031		69,289
Kratos Defense & Security Solutions, Inc. *		11,721		157,999
Mercury Systems, Inc. *		4,277		218,640
Moog, Inc., Class A		3,044		306,683
National Presto Industries, Inc.		709		51,112
Park Aerospace Corp.		2,501		33,638
Parsons Corp. *		1,163		52,033
SIFCO Industries, Inc. *		1,187		3,568
V2X, Inc. *		1,491		59,223
Woodward, Inc.		4,322		420,833
				4,927,247
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc. *		8,228		171,389
Forward Air Corp.		3,327		358,517
HUB Group, Inc., Class A *		4,420		371,015
Radiant Logistics, Inc. *		6,146		40,318
				941,239
Automobile Components — 1.7%
Adient PLC *		4,024		164,823
American Axle & Manufacturing Holdings, Inc. *		3,721		29,061
Autoliv, Inc.		6,598		615,989
BorgWarner, Inc.		15,123		742,691
Cooper-Standard Holdings, Inc. *		1,153		16,419
Dana, Inc.		9,900		148,995
Dorman Products, Inc. *		3,535		304,929
Fox Factory Holding Corp. *		4,825		585,610
Gentex Corp.		15,377		431,017
Gentherm, Inc. *		4,234		255,818
Goodyear Tire & Rubber Co. (The) *		6,748		74,363
LCI Industries		2,757		302,912
Lear Corp.		4,020		560,750
Modine Manufacturing Co. *		6,449		148,649
Motorcar Parts of America, Inc. *		2,267		16,866
Patrick Industries, Inc.		2,334		160,603
Standard Motor Products, Inc.		2,639		97,405
Stoneridge, Inc. *		2,727		50,995
Strattec Security Corp. *		941		21,408
Visteon Corp. *		2,696		422,814
XPEL, Inc. *		305		20,725
				5,172,842
Automobiles — 0.2%
Harley-Davidson, Inc.		9,600		364,512
Thor Industries, Inc. @		2,397		190,897
Winnebago Industries, Inc.		3,191		184,121
				739,530
Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A *@		69		22,680
Celsius Holdings, Inc. *		675		62,735
Coca-Cola Consolidated, Inc.		1,082		578,957
Duckhorn Portfolio, Inc. (The) *		7,536		119,822
MGP Ingredients, Inc. @		1,851		179,029

	SHARES		VALUE†
Molson Coors Beverage Co., Class B		12,855	$	664,346
National Beverage Corp. *		8,395		442,584
				2,070,153
Biotechnology — 2.2%
Adicet Bio, Inc. *@		2,222		12,799
Agios Pharmaceuticals, Inc. *		4,111		94,430
Aldeyra Therapeutics, Inc. *		3,971		39,432
Alkermes PLC *		7,251		204,406
Allogene Therapeutics, Inc. *@		9,669		47,765
AnaptysBio, Inc. *		2,569		55,901
Anika Therapeutics, Inc. *		1,795		51,552
Apellis Pharmaceuticals, Inc. *		706		46,568
Arcturus Therapeutics Holdings, Inc. *		2,548		61,076
Arcus Biosciences, Inc. *		2,904		52,969
Avid Bioservices, Inc. *		6,409		120,233
Avidity Biosciences, Inc. *		4,762		73,097
Beam Therapeutics, Inc. *@		497		15,218
Biomea Fusion, Inc. *@		1,472		45,647
Bluebird Bio, Inc. *		5,659		17,996
Blueprint Medicines Corp. *		1,537		69,150
Catalyst Pharmaceuticals, Inc. *		8,570		142,091
Chinook Therapeutics, Inc. *		5,000		115,750
Crinetics Pharmaceuticals, Inc. *		551		8,849
CRISPR Therapeutics AG *@		1,927		87,158
Cullinan Oncology, Inc. *		1,139		11,652
Day One Biopharmaceuticals, Inc. *		977		13,063
Deciphera Pharmaceuticals, Inc. *		5,724		88,436
Design Therapeutics, Inc. *@		1,007		5,810
Dynavax Technologies Corp. *@		7,915		77,646
Dyne Therapeutics, Inc. *		1,485		17,107
Eagle Pharmaceuticals, Inc. *		488		13,845
Editas Medicine, Inc. *		4,524		32,799
Emergent BioSolutions, Inc. *		5,055		52,370
Enanta Pharmaceuticals, Inc. *		2,226		90,019
Exelixis, Inc. *		22,934		445,149
Fate Therapeutics, Inc. *		2,137		12,181
Generation Bio Co. *@		1,523		6,549
Graphite Bio, Inc. *		3,123		7,651
Gritstone bio, Inc. *@		6,203		17,244
Halozyme Therapeutics, Inc. *		10,812		412,910
Ideaya Biosciences, Inc. *		4,393		60,316
Immunovant, Inc. *		5,637		87,430
Intellia Therapeutics, Inc. *		2,590		96,529
Ionis Pharmaceuticals, Inc. *		2,033		72,659
Iovance Biotherapeutics, Inc. *		6,868		41,963
Ironwood Pharmaceuticals, Inc. *		11,743		123,536
KalVista Pharmaceuticals, Inc. *@		767		6,029
Karuna Therapeutics, Inc. *		1,267		230,138
Kodiak Sciences, Inc. *		2,149		13,324
Krystal Biotech, Inc. *		1,598		127,936
Kura Oncology, Inc. *		5,384		65,846
Kymera Therapeutics, Inc. *@		3,129		92,712
MacroGenics, Inc. *		1,907		13,673
Mirati Therapeutics, Inc. *		1,395		51,866
Myriad Genetics, Inc. *		8,130		188,860
Neurocrine Biosciences, Inc. *		7,426		751,660
Nurix Therapeutics, Inc. *		2,828		25,113
PDL BioPharma, Inc. *§		18,262		33,556
PMV Pharmaceuticals, Inc. *		3,331		15,889
Prothena Corp. PLC *		3,247		157,382
RAPT Therapeutics, Inc. *		1,843		33,819
Recursion Pharmaceuticals, Inc. *		1,754		11,699
REGENXBIO, Inc. *		2,731		51,643
Relay Therapeutics, Inc. *		7,635		125,748
Replimune Group, Inc. *		3,690		65,165

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Biotechnology (Continued)
REVOLUTION Medicines, Inc. *		5,705	$	123,570
Rocket Pharmaceuticals, Inc. *		4,421		75,732
Sage Therapeutics, Inc. *		3,363		141,111
Sangamo Therapeutics, Inc. *		9,669		17,017
Stoke Therapeutics, Inc. *		2,970		24,740
Sutro Biopharma, Inc. *		908		4,195
Syndax Pharmaceuticals, Inc. *		5,678		119,919
Twist Bioscience Corp. *		3,895		58,737
United Therapeutics Corp. *		2,637		590,583
Vaxcyte, Inc. *		672		25,187
Veracyte, Inc. *		4,340		96,782
Vericel Corp. *		713		20,905
Xencor, Inc. *		3,940		109,887
Xenon Pharmaceuticals, Inc. *		338		12,097
				6,631,471
Broadline Retail — 0.3%
Big Lots, Inc. @		1,156		12,670
Dillard’s, Inc., Class A		1,103		339,371
Kohl’s Corp.		2,281		53,694
Macy’s, Inc.		19,449		340,163
Nordstrom, Inc.		2,914		47,411
Ollie’s Bargain Outlet Holdings, Inc. *		3,753		217,449
				1,010,758
Building Products — 2.6%
A.O. Smith Corp.		8,970		620,275
AAON, Inc.		7,440		719,374
Advanced Drainage Systems, Inc. @		7,559		636,543
Allegion PLC		575		61,370
American Woodmark Corp. *		1,353		70,451
Apogee Enterprises, Inc.		2,316		100,167
Armstrong World Industries, Inc.		4,794		341,525
AZZ, Inc.		2,809		115,843
Builders FirstSource, Inc. *		15,258		1,354,605
CSW Industrials, Inc.		1,174		163,104
Gibraltar Industries, Inc. *		3,042		147,537
Griffon Corp.		1,696		54,289
Insteel Industries, Inc.		2,278		63,374
Lennox International, Inc.		1,677		421,396
Masco Corp.		2,284		113,560
Masonite International Corp. *		169		15,340
Owens Corning		6,683		640,231
PGT Innovations, Inc. *		6,135		154,050
Quanex Building Products Corp.		3,883		83,601
Resideo Technologies, Inc. *		681		12,449
Simpson Manufacturing Co., Inc.		4,397		482,087
Trex Co., Inc. *		10,510		511,522
UFP Industries, Inc.		7,021		557,959
Zurn Elkay Water Solutions Corp.		14,150		302,244
				7,742,896
Capital Markets — 2.5%
Affiliated Managers Group, Inc.		4,043		575,804
Artisan Partners Asset Management, Inc., Class A		7,515		240,330
AssetMark Financial Holdings, Inc. *		3,140		98,753
B Riley Financial, Inc. @		1,204		34,181
BGC Partners, Inc., Class A		30,567		159,865
Blucora, Inc. *		7,622		200,611

	SHARES		VALUE†
Brightsphere Investment Group, Inc.		2,826	$	66,637
Cboe Global Markets, Inc.		197		26,445
Cohen & Steers, Inc.		5,127		327,923
Diamond Hill Investment Group, Inc.		289		47,564
Donnelley Financial Solutions, Inc. *		4,189		171,162
Evercore, Inc., Class A		3,659		422,175
Federated Hermes, Inc.		10,797		433,392
Hamilton Lane, Inc. Class A		1,792		132,572
Houlihan Lokey, Inc.		1,002		87,665
Invesco Ltd.		24,055		394,502
Janus Henderson Group PLC		14,636		389,903
Jefferies Financial Group, Inc.		21,621		686,250
Lazard Ltd., Class A		6,742		223,228
MarketAxess Holdings, Inc.		630		246,513
Moelis & Co., Class A		3,960		152,222
Morningstar, Inc.		2,847		578,026
Open Lending Corp., Class A *		2,793		19,663
Oppenheimer Holdings, Inc., Class A		1,244		48,703
Piper Sandler Cos.		2,274		315,199
PJT Partners, Inc., Class A		1,422		102,654
SEI Investments Co.		4,732		272,327
Silvercrest Asset Management Group, Inc., Class A		759		13,799
StepStone Group, Inc., Class A		446		10,824
Stifel Financial Corp.		9,673		571,578
Stonex Group, Inc. *		2,079		215,239
Victory Capital Holdings, Inc., Class A		982		28,743
Virtu Financial, Inc., Class A		4,501		85,069
Virtus Investment Partners, Inc.		853		162,403
Westwood Holdings Group, Inc.		1,157		12,970
WisdomTree, Inc. @		4,286		25,116
				7,580,010
Chemicals — 2.4%
AdvanSix, Inc.		3,198		122,387
American Vanguard Corp.		3,554		77,762
Ashland, Inc.		4,253		436,826
Avient Corp.		10,014		412,176
Axalta Coating Systems Ltd. *		16,030		485,549
Balchem Corp.		3,741		473,162
Cabot Corp.		5,463		418,684
Chase Corp.		1,129		118,240
Chemours Co. (The)		8,849		264,939
Core Molding Technologies, Inc. *		1,500		26,985
Eastman Chemical Co.		729		61,484
Ecovyst, Inc. *		5,086		56,200
Element Solutions, Inc.		21,963		424,106
H.B. Fuller Co.		6,101		417,613
Hawkins, Inc.		2,648		115,929
Huntsman Corp.		12,047		329,606
Ingevity Corp. *		2,357		168,573
Innospec, Inc.		2,704		277,620
Intrepid Potash, Inc. *		1,589		43,856
Koppers Holdings, Inc.		2,308		80,711
Kronos Worldwide, Inc.		2,278		20,980
Livent Corp. *@		7,893		171,436
LSB Industries, Inc. *		3,802		39,275
Mativ Holdings, Inc.		6,136		131,740
Minerals Technologies, Inc.		3,081		186,154
NewMarket Corp.		504		183,950
Olin Corp.		3,715		206,182

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Chemicals (Continued)
Orion Engineered Carbons SA		3,504	$	91,419
Quaker Chemical Corp.		784		155,193
RPM International, Inc.		3,629		316,594
Sensient Technologies Corp.		4,568		349,726
Stepan Co.		2,418		249,127
Tronox Holdings PLC Class A		1,464		21,052
Valvoline, Inc.		6,915		241,610
				7,176,846
Commercial Banks — 8.5%
1st Source Corp.		2,546		109,860
Amalgamated Financial Corp.		477		8,438
Amerant Bancorp, Inc.		661		14,383
American National Bankshares, Inc.		1,508		47,804
Ameris Bancorp		7,199		263,339
AmeriServ Financial, Inc.		4,400		13,420
Arrow Financial Corp.		2,213		55,126
Associated Banc-Corp.		15,878		285,486
Atlantic Union Bankshares Corp.		6,981		244,684
Axos Financial, Inc. *		7,155		264,163
Banc of California, Inc.		5,994		75,105
Bancfirst Corp.		3,303		274,479
Bancorp, Inc. (The) *		6,121		170,470
Bank of Hawaii Corp. @		3,456		179,988
Bank of Marin Bancorp		1,580		34,586
Bank OZK		4,569		156,260
BankUnited, Inc.		3,310		74,740
Bankwell Financial Group, Inc.		326		8,104
Banner Corp.		3,355		182,411
Bar Harbor Bankshares		2,089		55,254
BCB Bancorp, Inc.		878		11,528
Berkshire Hills Bancorp, Inc.		4,455		111,642
BOK Financial Corp.		5,182		437,413
Bridgewater Bancshares, Inc. *		700		7,588
Brookline Bancorp, Inc.		7,431		78,025
Business First Bancshares, Inc.		553		9,473
Byline Bancorp, Inc.		1,299		28,084
C&F Financial Corp.		466		24,097
Cadence Bank		15,454		320,825
Camden National Corp.		1,756		63,550
Capital City Bank Group, Inc.		1,890		55,396
Capitol Federal Financial, Inc.		9,589		64,534
Carter Bankshares, Inc. *		711		9,954
Cathay General Bancorp		7,259		250,581
Central Pacific Financial Corp.		3,116		55,776
Central Valley Community Bancorp		1,638		33,710
Citizens & Northern Corp.		852		18,216
Citizens Community Bancorp, Inc.		400		4,244
City Holding Co.		1,686		153,224
Civista Bancshares, Inc.		270		4,558
CNB Financial Corp.		2,264		43,469
Coastal Financial Corp. *		555		19,986
Columbia Banking System, Inc.		12,419		266,015
Columbia Financial, Inc. *		2,819		51,531
Comerica, Inc.		7,707		334,638
Commerce Bancshares, Inc.		8,574		500,293
Community Bank System, Inc.		4,718		247,648
Community Trust Bancorp, Inc.		2,206		83,718
Connectone Bancorp, Inc.		4,989		88,206
Cullen/Frost Bankers, Inc.		3,828		403,241
Customers Bancorp, Inc. *		4,720		87,414
CVB Financial Corp.		13,166		219,609
Dime Community Bancshares, Inc.		4,460		101,331

	SHARES		VALUE†
Eagle Bancorp, Inc.		3,436	$	115,003
East West Bancorp, Inc.		9,740		540,570
Enterprise Bancorp, Inc.		331		10,413
Enterprise Financial Services Corp.		2,901		129,356
Equity Bancshares, Inc., Class A		1,470		35,824
Esquire Financial Holdings, Inc.		569		22,248
ESSA Bancorp, Inc.		1,900		29,868
Farmers & Merchants Bancorp, Inc. @		1,205		29,306
Farmers National Banc Corp.		3,991		50,446
FB Financial Corp.		3,274		101,756
Financial Institutions, Inc.		1,855		35,764
First Bancorp		22,823		260,639
First Bancorp, Inc. (The)		1,876		48,570
First Bancorp/Southern Pines NC		3,381		120,093
First Bancshares, Inc. (The)		1,367		35,310
First Busey Corp.		5,571		113,314
First Business Financial Services, Inc.		551		16,811
First Citizens Bancshares, Inc., Class A		388		377,563
First Commonwealth Financial Corp.		9,286		115,425
First Community Bankshares, Inc.		1,982		49,649
First Financial Bancorp		8,992		195,756
First Financial Bankshares, Inc.		14,820		472,758
First Financial Corp.		1,395		52,285
First Financial Northwest, Inc.		2,239		28,592
First Foundation, Inc.		4,921		36,661
First Hawaiian, Inc.		1,200		24,756
First Horizon Corp.		34,954		621,482
First Internet Bancorp		1,284		21,379
First Interstate Bancsystem, Inc., Class A		5,123		152,973
First Merchants Corp.		5,621		185,212
First Mid Bancshares, Inc.		500		13,610
First of Long Island Corp. (The)		2,295		30,982
Flushing Financial Corp.		3,899		58,056
FNB Corp.		22,576		261,882
FS Bancorp, Inc.		962		28,870
Fulton Financial Corp.		15,678		216,670
German American Bancorp, Inc.		3,217		107,351
Glacier Bancorp, Inc.		11,842		497,482
Great Southern Bancorp, Inc.		1,501		76,071
Hancock Whitney Corp.		6,503		236,709
Hanmi Financial Corp.		3,586		66,592
Harborone Bancorp, Inc.		6,045		73,749
Heartland Financial USA, Inc.		4,558		174,845
Heritage Commerce Corp.		6,526		54,362
Heritage Financial Corp.		4,162		89,067
Hilltop Holdings, Inc.		6,988		207,334
Hingham Institution For Savings (The) @		236		55,092
Home Bancorp, Inc.		994		32,832
Home Bancshares, Inc.		13,006		282,360
HomeStreet, Inc.		2,447		44,022
HomeTrust Bancshares, Inc.		2,255		55,450
Hope Bancorp, Inc.		11,541		113,333
Horizon Bancorp, Inc.		5,096		56,362
Independent Bank Corp.		5,005		328,428
Independent Bank Corp.		600		10,662
Independent Bank Group, Inc.		2,187		101,367
International Bancshares Corp.		5,903		252,766
Kearny Financial Corp.		7,750		62,930
Lakeland Bancorp, Inc.		5,547		86,755
Lakeland Financial Corp.		3,146		197,065
Live Oak Bancshares, Inc.		847		20,641
Macatawa Bank Corp.		5,141		52,541
Mercantile Bank Corp.		1,601		48,959
Metropolitan Bank Holding Corp. *		321		10,879
Midland States Bancorp, Inc.		1,086		23,262

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Commercial Banks (Continued)
MidWestOne Financial Group, Inc.		613	$	14,969
National Bank Holdings Corp., Class A		3,376		112,961
NBT Bancorp, Inc.		4,206		141,784
New York Community Bancorp, Inc.		49,763		449,857
Nicolet Bankshares, Inc. *		1,020		64,311
Northeast Bank		896		30,159
Northfield Bancorp, Inc.		5,020		59,136
Northrim Bancorp, Inc.		836		39,442
Northwest Bancshares, Inc.		12,344		148,498
OceanFirst Financial Corp.		5,639		104,209
OFG Bancorp		5,852		145,949
Old National Bancorp		28,203		406,687
Old Second Bancorp, Inc.		2,244		31,551
Origin Bancorp, Inc.		1,342		43,145
Pacific Premier Bancorp, Inc.		6,941		166,723
PacWest Bancorp		1,008		9,808
Park National Corp.		1,732		205,363
Pathward Financial, Inc.		3,897		161,687
Peapack Gladstone Financial Corp.		1,992		59,003
Penns Woods Bancorp, Inc.		1,138		26,288
Peoples Bancorp, Inc.		3,204		82,503
Pinnacle Financial Partners, Inc.		3,365		185,613
Popular, Inc.		7,138		409,793
Preferred Bank		1,561		85,558
Premier Financial Corp.		4,193		86,921
Primis Financial Corp.		2,721		26,203
Prosperity Bancshares, Inc.		7,853		483,117
Provident Financial Holdings, Inc.		1,124		15,320
Provident Financial Services, Inc.		7,592		145,615
QCR Holdings, Inc.		1,914		84,044
Renasant Corp.		5,355		163,756
Republic Bancorp, Inc., Class A		1,997		84,733
Riverview Bancorp, Inc.		2,557		13,654
S&T Bancorp, Inc.		3,996		125,674
Sandy Spring Bancorp, Inc.		4,282		111,246
Seacoast Banking Corp. of Florida		5,003		118,571
ServisFirst Bancshares, Inc.		5,630		307,567
Sierra Bancorp		2,000		34,440
Simmons First National Corp., Class A		10,791		188,735
South State Corp.		7,217		514,283
Southern First Bancshares, Inc. *		923		28,336
Southern Missouri Bancorp, Inc.		686		25,663
Southside Bancshares, Inc.		3,368		111,818
Stellar Bancorp, Inc.		3,386		83,329
Stock Yards Bancorp, Inc.		2,936		161,891
Summit Financial Group, Inc.		392		8,134
Synovus Financial Corp.		9,560		294,735
Territorial Bancorp, Inc.		1,557		30,066
Texas Capital Bancshares, Inc. *		3,132		153,343
Timberland Bancorp, Inc.		921		24,885
Tompkins Financial Corp.		1,559		103,221
Towne Bank		5,809		154,810
Trico Bancshares		2,959		123,065
Triumph Bancorp, Inc. *		2,441		141,724
TrustCo Bank Corp.		2,134		68,160
Trustmark Corp.		5,770		142,519
UMB Financial Corp.		4,960		286,291
United Bankshares, Inc.		12,088		425,498
United Community Banks, Inc.		8,563		240,792

	SHARES		VALUE†
Univest Financial Corp		3,363	$	79,838
Valley National Bancorp		37,407		345,641
Veritex Holdings, Inc.		3,570		65,188
Washington Federal, Inc.		6,377		192,075
Washington Trust Bancorp, Inc.		2,001		69,355
Webster Financial Corp.		11,093		437,286
WesBanco, Inc.		6,661		204,493
West Bancorp, Inc.		1,763		32,210
Westamerica Bancorp		2,658		117,749
Western Alliance Bancorp		5,446		193,551
Western New England Bancorp, Inc.		3,161		25,952
Wintrust Financial Corp.		4,936		360,081
WSFS Financial Corp.		6,445		242,396
Zions Bancorp NA		10,151		303,819
				25,733,527
Commercial Services & Supplies — 1.9%
ABM Industries, Inc.		7,749		348,240
ACCO Brands Corp.		6,694		35,612
Brady Corp., Class A		5,019		269,671
Brink’s Co. (The)		4,837		323,112
Casella Waste Systems, Inc., Class A *		6,377		527,123
Ceco Environmental Corp. *		4,211		58,912
Cimpress PLC *		1,426		62,487
Clean Harbors, Inc. *		5,266		750,721
Deluxe Corp.		4,032		64,512
Driven Brands Holdings, Inc. *		1,606		48,678
Ennis, Inc.		3,110		65,590
Heritage-Crystal Clean, Inc. *		2,532		90,165
HNI Corp.		3,568		99,333
Interface, Inc.		5,834		47,372
KAR Auction Services, Inc. *		2,720		37,210
Kimball International, Inc., Class B		5,056		62,694
Liquidity Services, Inc. *		4,207		55,406
Matthews International Corp., Class A		3,451		124,443
MillerKnoll, Inc.		3,785		77,403
MSA Safety, Inc.		4,156		554,826
NL Industries, Inc.		4,571		27,700
Ritchie Bros Auctioneers, Inc.		2,890		162,678
SP Plus Corp. *		2,555		87,611
Steelcase, Inc., Class A		11,344		95,517
Stericycle, Inc. *		4,797		209,197
Tetra Tech, Inc.		6,444		946,688
UniFirst Corp.		1,645		289,898
Virco Manufacturing Corp. *		2,494		9,901
VSE Corp.		1,412		63,399
				5,596,099
Communications Equipment — 1.4%
ADTRAN Holdings, Inc.		7,099		112,590
BK Technologies Corp.		2,000		5,700
Calix, Inc. *		3,366		180,384
Cambium Networks Corp. *		2,226		39,445
Ciena Corp. *		15,659		822,411
Clearfield, Inc. *		2,380		110,860
CommScope Holding Co., Inc. *		13,692		87,218
Comtech Telecommunications Corp.		3,207		40,023
Digi International, Inc. *		3,397		114,411
DZS, Inc. *		2,548		20,104
Extreme Networks, Inc. *		7,358		140,685
F5, Inc. *		3,709		540,364
Harmonic, Inc. *		10,330		150,715

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Communications Equipment (Continued)
Infinera Corp. *@		5,375	$	41,710
Juniper Networks, Inc.		19,819		682,170
KVH Industries, Inc. *		2,387		27,164
Lantronix, Inc. *		1,100		4,774
Lumentum Holdings, Inc. *		4,956		267,674
NETGEAR, Inc. *		3,539		65,507
NetScout Systems, Inc. *		8,182		234,414
Optical Cable Corp. *		374		1,612
PC-Tel, Inc.		2,629		11,121
Viasat, Inc. *		5,325		180,198
Viavi Solutions, Inc. *		21,651		234,480
				4,115,734
Computers & Peripherals — 0.4%
AstroNova, Inc. *		1,572		22,150
Avid Technology, Inc. *		7,133		228,113
Pure Storage, Inc., Class A *		16,030		408,925
Seagate Technology Holdings PLC		1,159		76,633
Stratasys Ltd. *		3,784		62,550
Super Micro Computer, Inc. *		2,778		295,996
Western Digital Corp. *		2,204		83,025
Xerox Holdings Corp.		9,706		149,472
				1,326,864
Construction & Engineering — 2.1%
AECOM		2,795		235,674
Ameresco, Inc., Class A *		4,050		199,341
Arcosa, Inc.		1,853		116,943
Comfort Systems USA, Inc.		4,850		707,906
Dycom Industries, Inc. *		4,084		382,467
EMCOR Group, Inc.		5,995		974,727
Fluor Corp. *		6,585		203,542
Granite Construction, Inc.		4,358		179,027
Great Lakes Dredge & Dock Corp. *		7,436		40,378
IES Holdings, Inc. *		2,548		109,793
MasTec, Inc. *		6,602		623,493
Matrix Service Co. *		4,086		22,064
MDU Resources Group, Inc.		11,285		343,967
MYR Group, Inc. *		1,935		243,829
Northwest Pipe Co. *		1,211		37,820
Primoris Services Corp.		5,726		141,203
Sterling Infrastructure, Inc. *		3,492		132,277
Tutor Perini Corp. *		3,153		19,454
Valmont Industries, Inc.		2,069		660,590
WillScot Mobile Mini Holdings Corp. *		18,811		881,860
				6,256,355
Construction Materials — 0.2%
Eagle Materials, Inc.		1,439		211,173
Summit Materials, Inc., Class A *		5,504		156,809
United States Lime & Minerals, Inc.		949		144,903
				512,885
Consumer Finance — 1.0%
Atlanticus Holdings Corp. *		3,144		85,297
Bread Financial Holdings, Inc.		856		25,954
Consumer Portfolio Services, Inc. *		4,988		53,322
Credit Acceptance Corp. *@		760		331,390
Encore Capital Group, Inc. *		3,784		190,903
Enova International, Inc. *		4,283		190,294
Ezcorp, Inc., Class A *@		5,994		51,548
FirstCash Holdings, Inc.		4,847		462,258
Green Dot Corp., Class A *		5,205		89,422
LendingClub Corp. *		1,512		10,902
LendingTree, Inc. *		900		23,994

	SHARES		VALUE†
Navient Corp.		17,562	$	280,816
Nelnet, Inc., Class A		3,245		298,183
OneMain Holdings, Inc.		7,656		283,885
PRA Group, Inc. *		5,417		211,046
PROG Holdings, Inc. *		6,028		143,406
Regional Management Corp.		1,467		38,274
SLM Corp.		14,278		176,905
World Acceptance Corp. *		977		81,374
				3,029,173
Consumer Staples Distribution & Retail — 1.2%
Andersons, Inc. (The)		4,055		167,553
BJ’s Wholesale Club Holdings, Inc. *		4,618		351,291
Casey’s General Stores, Inc.		2,455		531,409
Chefs’ Warehouse Inc. (The) *		4,636		157,856
Fresh Market, Inc. @*§		11,040		—
Grocery Outlet Holding Corp. *		2,734		77,263
Ingles Markets, Inc., Class A		1,973		175,005
Natural Grocers by Vitamin Cottage, Inc.		2,710		31,843
Performance Food Group Co. *		9,263		558,929
PriceSmart, Inc.		3,201		228,807
SpartanNash Co.		4,477		111,030
Sprouts Farmers Market, Inc. *		7,149		250,429
United Natural Foods, Inc. *		4,219		111,171
US Foods Holding Corp. *		13,615		502,938
Village Super Market, Inc., Class A		1,435		32,833
Weis Markets, Inc.		2,943		249,184
				3,537,541
Containers & Packaging — 1.5%
AptarGroup, Inc.		5,666		669,664
Berry Global Group, Inc.		9,609		565,970
Crown Holdings, Inc.		2,141		177,082
Graphic Packaging Holding Co.		8,918		227,320
Greif, Inc., Class A		2,553		161,784
Greif, Inc., Class B		1,193		91,288
Myers Industries, Inc.		4,361		93,456
O-I Glass, Inc. *		8,143		184,927
Packaging Corp. of America		1,324		183,811
Pactiv Evergreen, Inc.		8,108		64,864
Sealed Air Corp.		10,816		496,563
Silgan Holdings, Inc.		12,267		658,370
Sonoco Products Co.		6,744		411,384
Trimas Corp.		5,102		142,142
WestRock Co.		7,830		238,580
				4,367,205
Distributors — 0.0%
Funko, Inc., Class A *@		1,917		18,077
Weyco Group, Inc.		1,043		26,388
				44,465
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc. *		5,934		229,171
American Public Education, Inc. *		1,928		10,450
Bright Horizons Family Solutions, Inc. *		1,895		145,896
Carriage Services, Inc.		2,984		91,072
Chegg, Inc. *		3,873		63,130
European Wax Center, Inc., Class A @		583		11,077
Frontdoor, Inc. *		4,679		130,451
Graham Holdings Co., Class B		462		275,278
Grand Canyon Education, Inc. *		3,776		430,086
H&R Block, Inc.		11,646		410,521
Laureate Education, Inc., Class A		3,916		46,052
OneSpaWorld Holdings Ltd. *		2,259		27,085
Perdoceo Education Corp. *		6,976		93,688
Service Corp. International		7,334		504,433

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Diversified Consumer Services (Continued)
Strategic Education, Inc.		2,650	$	238,049
Stride, Inc. *		4,184		164,222
				2,870,661
Diversified Telecommunication Services — 0.3%
Anterix, Inc. *		1,066		35,221
ATN International, Inc.		2,105		86,137
Bandwidth, Inc., Class A *		766		11,643
Cogent Communications Holdings, Inc.		5,536		352,754
Contra Costa Communications CVR @*§¶		354		1,173
EchoStar Corp., Class A *		1,286		23,521
IDT Corp., Class B *		2,980		101,558
Iridium Communications, Inc.		4,335		268,467
Liberty Latin America Ltd. Class A *		1,600		13,296
Liberty Latin America Ltd., Class C *		12,050		99,533
Lumen Technologies, Inc.		11,406		30,226
Ooma, Inc. *		1,297		16,225
				1,039,754
Electric Utilities — 1.3%
Allete, Inc.		6,498		418,276
Genie Energy Ltd. Class B		3,300		45,606
Hawaiian Electric Industries, Inc.		7,162		275,021
IDACORP, Inc.		2,837		307,332
MGE Energy, Inc.		3,771		292,894
NRG Energy, Inc.		14,356		492,267
OGE Energy Corp.		10,049		378,445
Otter Tail Corp. @		4,597		332,225
Pinnacle West Capital Corp.		5,960		472,270
PNM Resources, Inc.		10,204		496,731
Portland General Electric Co.		5,648		276,131
				3,787,198
Electrical Equipment — 1.5%
Acuity Brands, Inc.		2,347		428,867
Allied Motion Technologies, Inc.		1,626		62,845
Atkore, Inc. *		5,678		797,645
Encore Wire Corp.		2,341		433,858
EnerSys		4,742		411,985
Hubbell, Inc.		459		111,679
LSI Industries, Inc.		3,137		43,698
nVent Electric PLC		2,150		92,321
Plug Power, Inc. *@		1,062		12,447
Powell Industries, Inc.		1,380		58,774
Preformed Line Products Co.		668		85,531
Regal Rexnord Corp.		7,570		1,065,327
Sensata Technologies Holding PLC		10,094		504,902
Sunrun, Inc. *		6,232		125,575
Thermon Group Holdings, Inc. *		3,577		89,139
Vicor Corp. *		3,445		161,708
				4,486,301
Electronic Equipment, Instruments & Components — 3.6%
Advanced Energy Industries, Inc.		4,145		406,210
Arlo Technologies, Inc. *		10,925		66,206
Arrow Electronics, Inc. *		7,096		886,078
Avnet, Inc.		8,026		362,775
Badger Meter, Inc.		3,368		410,290
Bel Fuse, Inc., Class B		1,421		53,401
Belden, Inc.		4,896		424,826
Benchmark Electronics, Inc.		4,604		109,069

	SHARES		VALUE†
Climb Global Solutions, Inc.		315	$	16,786
Cognex Corp.		4,633		229,565
Coherent Corp. *@		4,854		184,840
CTS Corp.		3,954		195,565
ePlus, Inc. *		3,836		188,117
Fabrinet *		4,275		507,699
FARO Technologies, Inc. *		2,298		56,554
Flex Ltd. *		28,069		645,868
Identiv, Inc. *		927		5,692
Insight Enterprises, Inc. *		3,841		549,109
IPG Photonics Corp. *		1,782		219,738
Itron, Inc. *		4,157		230,506
Jabil, Inc.		5,378		474,124
Key Tronic Corp. *		1,700		12,359
Kimball Electronics, Inc. *		2,987		71,987
Knowles Corp. *		8,278		140,726
Littelfuse, Inc.		1,865		499,988
Methode Electronics, Inc.		4,122		180,873
NAPCO Security Technologies, Inc. *		5,355		201,241
National Instruments Corp.		7,611		398,893
nLight, Inc. *		1,098		11,178
Novanta, Inc. *		4,244		675,178
OSI Systems, Inc. *		1,764		180,563
PC Connection, Inc.		2,926		131,553
Plexus Corp. *		3,061		298,662
Richardson Electronics Ltd.		1,505		33,592
Rogers Corp. *		2,017		329,638
Sanmina Corp. *		6,551		399,545
Scansource, Inc. *		2,807		85,445
TD SYNNEX Corp.		3,515		340,217
TTM Technologies, Inc. *		10,405		140,363
Vishay Intertechnology, Inc.		11,850		268,047
Vishay Precision Group, Inc. *		1,694		70,741
Vontier Corp.		8,347		228,207
				10,922,014
Energy Equipment & Services — 1.2%
Archrock, Inc.		12,231		119,497
Bristow Group, Inc. *		1,579		35,370
Cactus, Inc., Class A		3,486		143,728
ChampionX Corp.		9,876		267,936
Core Laboratories NV		998		22,006
Dril-Quip, Inc. *		2,081		59,704
Expro Group Holdings NV *		837		15,367
Helix Energy Solutions Group, Inc. *		8,345		64,590
Helmerich & Payne, Inc.		6,380		228,085
Liberty Energy, Inc., Class A		11,763		150,684
Nabors Industries Ltd. *		539		65,710
National Energy Services Reunited Corp. *		3,193		16,795
Natural Gas Services Group, Inc. *		2,179		22,465
Newpark Resources, Inc. *		5,904		22,730
NexTier Oilfield Solutions, Inc. *		17,336		137,821
Noble Corp. PLC *		3,365		132,817
NOV, Inc.		23,731		439,261
Oceaneering International, Inc. *		1,554		27,397
Oil States International, Inc. *		3,584		29,855
Patterson-UTI Energy, Inc.		10,229		119,679
ProPetro Holding Corp. *		4,527		32,549
RPC, Inc.		11,642		89,527
SEACOR Marine Holdings, Inc. *		3,233		24,603
Select Energy Services, Inc., Class A		3,073		21,388

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Energy Equipment & Services (Continued)
Solaris Oilfield Infrastructure, Inc., Class A		1,000	$	8,540
TechnipFMC PLC *		23,392		319,301
Tetra Technologies, Inc. *		8,698		23,050
Tidewater, Inc. *		2,915		128,493
Transocean Ltd. *		43,549		276,972
U.S. Silica Holdings, Inc. *		5,267		62,888
Valaris Ltd. *		1,881		122,378
Weatherford International PLC *		4,378		259,834
				3,491,020
Entertainment — 0.3%
Cinemark Holdings, Inc. *		7,484		110,688
Endeavor Group Holdings, Inc., Class A *@		3,669		87,799
IMAX Corp. *		4,117		78,964
Liberty Braves Group, Class C *		2,620		88,268
Liberty Media Corp.-Liberty Braves, Class A *		934		32,298
Lions Gate Entertainment Corp., Class A *		3,637		40,262
Lions Gate Entertainment Corp., Class B *		6,300		65,394
Madison Square Garden Entertainment Corp. *		432		25,518
Madison Square Garden Sports Corp.		404		78,719
Marcus Corp. (The) @		3,100		49,600
Playtika Holding Corp. *		7,992		89,990
Roku, Inc. *		478		31,462
Sciplay Corp., Class A *		1,456		24,694
World Wrestling Entertainment, Inc., Class A @		2,566		234,173
				1,037,829
Financial Services — 1.4%
A-Mark Precious Metals, Inc.		2,332		80,804
Acacia Research Corp. *		1,995		7,701
Alerus Financial Corp.		466		7,479
AvidXchange Holdings, Inc. *		1,863		14,531
BM Technologies, Inc. *		823		2,897
Cannae Holdings, Inc. *		3,828		77,249
Cantaloupe, Inc. *		3,505		19,978
Cass Information Systems, Inc.		1,788		77,438
Equitable Holdings, Inc.		2,940		74,647
Essent Group Ltd.		4,642		185,912
Euronet Worldwide, Inc. *		2,511		280,981
EVERTEC, Inc.		4,311		145,496
Federal Agricultural Mortgage Corp., Class C		1,215		161,826
Flywire Corp. *		4,301		126,277
I3 Verticals, Inc., Class A *		1,470		36,059
International Money Express, Inc. *		1,977		50,967
Jack Henry & Associates, Inc.		243		36,625
Jackson Financial, Inc., Class A		1,992		74,521
Marqeta, Inc., Class A *		3,982		18,198
MGIC Investment Corp.		11,104		149,016
MoneyGram International, Inc. *		131		1,365
Mr Cooper Group, Inc. *		4,998		204,768
NMI Holdings, Inc., Class A *		7,878		175,916
PennyMac Financial Services, Inc.		1,706		101,695
Radian Group, Inc.		7,144		157,882
Shift4 Payments, Inc., Class A *@		2,548		193,138
TFS Financial Corp.		3,750		47,362
Voya Financial, Inc.		9,648		689,446
Walker & Dunlop, Inc.		4,099		312,221
Waterstone Financial, Inc.		2,966		44,876
Western Union Co. (The)		12,000		133,800

	SHARES		VALUE†
WEX, Inc. *		2,575	$	473,517
				4,164,588
Food Products — 1.6%
Alico, Inc. @		713		17,255
B&G Foods, Inc.		8,145		126,492
Cal-Maine Foods, Inc.		5,021		305,729
Calavo Growers, Inc.		2,189		62,978
Darling Ingredients, Inc. *		13,438		784,779
Flowers Foods, Inc.		10,685		292,876
Fresh Del Monte Produce, Inc.		5,010		150,851
Freshpet, Inc. *		870		57,585
Hain Celestial Group, Inc. (The) *		2,490		42,704
Hostess Brands, Inc. *		4,664		116,040
Ingredion, Inc.		3,754		381,894
J&J Snack Foods Corp.		2,148		318,377
John B. Sanfilippo & Son, Inc.		1,112		107,775
Lamb Weston Holdings, Inc.		633		66,161
Lancaster Colony Corp.		2,908		589,975
Lifeway Foods, Inc. *		1,756		10,606
Limoneira Co.		2,072		34,520
Mission Produce, Inc. *		1,256		13,954
Pilgrim’s Pride Corp. *		5,624		130,364
Post Holdings, Inc. *		4,776		429,219
Seaboard Corp.		42		158,340
Seneca Foods Corp., Class A *		800		41,816
Simply Good Foods Co. (The) *		4,321		171,846
Tootsie Roll Industries, Inc.		5,149		231,240
TreeHouse Foods, Inc. *		3,458		174,387
Utz Brands, Inc.		1,291		21,263
Vital Farms, Inc. *		2,774		42,442
				4,881,468
Gas Utilities — 0.8%
Chesapeake Utilities Corp.		2,106		269,547
National Fuel Gas Co.		4,000		230,960
New Jersey Resources Corp.		9,687		515,348
Northwest Natural Holding Co.		3,354		159,516
ONE Gas, Inc.		5,011		397,022
RGC Resources, Inc.		600		13,914
Southwest Gas Holdings, Inc.		4,019		250,987
Spire, Inc.		4,808		337,233
UGI Corp.		10,146		352,675
				2,527,202
Ground Transportation — 1.3%
ArcBest Corp.		3,093		285,855
Covenant Logistics Group, Inc.		1,259		44,594
Heartland Express, Inc.		8,017		127,631
Knight-Swift Transportation Holdings, Inc.		10,458		591,713
Landstar System, Inc.		2,867		513,938
Marten Transport Ltd.		7,902		165,547
P.A.M. Transportation Services, Inc. *		6,092		174,414
RXO, Inc. *		1,530		30,049
Saia, Inc. *		3,397		924,256
Schneider National, Inc., Class B		1,500		40,125
U-Haul Holding Co. @		1,058		63,110
U-Haul Holding Co.		9,522		493,716
Universal Logistics Holdings, Inc.		2,551		74,362
Werner Enterprises, Inc.		6,797		309,195
XPO Logistics, Inc. *		1,530		48,807
				3,887,312
Health Care — 0.0%
Contra Aduro Biotech *§¶		237		361
Health Care Equipment & Supplies — 2.8%
Achillion Pharmaceuticals, Inc. @*§¶		23,152		12,415

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (Continued)
Angiodynamics, Inc. *		4,953	$	51,214
Artivion, Inc. *		5,028		65,867
AtriCure, Inc. *		3,625		150,256
Atrion Corp.		201		126,210
Avanos Medical, Inc. *		4,019		119,525
Axogen, Inc. *		2,643		24,976
Axonics, Inc. *		2,988		163,025
Cardiovascular Systems, Inc. *		4,224		83,889
CONMED Corp.		2,255		234,204
Dentsply Sirona, Inc.		8,130		319,346
Electromed, Inc. *		2,175		22,620
Embecta Corp.		4,112		115,630
Enovis Corp. *		3,400		181,866
Envista Holdings Corp. *		11,739		479,890
Figs, Inc., Class A *		2,862		17,716
Fonar Corp. *		1,282		20,768
Glaukos Corp. *		3,346		167,635
Globus Medical, Inc., Class A *		5,734		324,774
Haemonetics Corp. *		5,164		427,321
Heska Corp. *		880		85,906
Inari Medical, Inc. *@		518		31,981
Integer Holdings Corp. *		3,152		244,280
Integra LifeSciences Holdings Corp. *		6,371		365,759
iRadimed Corp.		704		27,702
Lantheus Holdings, Inc. *		7,277		600,789
LeMaitre Vascular, Inc.		2,735		140,771
LENSAR, Inc. *		1,385		3,407
LivaNova PLC *		3,953		172,272
Masimo Corp. *		1,950		359,853
Merit Medical Systems, Inc. *		5,761		426,026
Neogen Corp. *		10,822		200,424
Novocure Ltd. *		829		49,856
NuVasive, Inc. *		5,261		217,332
Omnicell, Inc. *		4,593		269,471
OraSure Technologies, Inc. *		9,521		57,602
Orthofix Medical, Inc. *		1,791		29,999
OrthoPediatrics Corp. *		1,252		55,451
Penumbra, Inc. *		2,652		739,086
Pulmonx Corp. *		667		7,457
QuidelOrtho Corp. *		446		39,734
Semler Scientific, Inc. *		300		8,040
Shockwave Medical, Inc. *		2,116		458,812
STAAR Surgical Co. *		1,276		81,600
SurModics, Inc. *		1,788		40,731
Tactile Systems Technology, Inc. *		1,239		20,344
Tandem Diabetes Care, Inc. *		1,468		59,616
Teleflex, Inc.		723		183,143
TransMedics Group, Inc. *		1,354		102,539
UFP Technologies, Inc. *		913		118,544
Utah Medical Products, Inc.		630		59,705
Varex Imaging Corp. *		578		10,514
				8,377,893
Health Care Providers & Services — 3.2%
Acadia Healthcare Co., Inc. *		8,805		636,161
Addus HomeCare Corp. *		1,872		199,855
Agiliti, Inc. *@		3,373		53,901
agilon health, Inc. *@		5,282		125,448
Albireo Pharma, Inc. *<>¶		1,018		2,189

	SHARES		VALUE†
Amedisys, Inc. *		3,653	$	268,678
AMN Healthcare Services, Inc. *		5,001		414,883
Apollo Medical Holdings, Inc. *@		4,323		157,660
Brookdale Senior Living, Inc. *		7,211		21,272
Castle Biosciences, Inc. *		1,302		29,581
Chemed Corp.		1,565		841,579
Contra Abiomed, Inc. *§¶		90		69
Corvel Corp. *		2,837		539,824
Cross Country Healthcare, Inc. *		5,512		123,028
DaVita, Inc. *		8,508		690,084
Encompass Health Corp.		6,968		376,969
Enhabit, Inc. *		3,708		51,578
Ensign Group, Inc. (The)		6,774		647,188
Enzo Biochem, Inc. *		6,609		16,060
Fulgent Genetics, Inc. *@		2,336		72,930
HealthEquity, Inc. *		5,161		303,002
Henry Schein, Inc. *		10,880		887,155
Joint Corp. (The) *		1,577		26,541
ModivCare, Inc. *		1,383		116,283
National Healthcare Corp.		1,582		91,867
National Research Corp.		2,987		129,964
NeoGenomics, Inc. *		5,114		89,035
Option Care Health, Inc. *		7,998		254,096
Owens & Minor, Inc. *		5,414		78,774
Patterson Cos., Inc.		6,230		166,777
Pediatrix Medical Group, Inc. *		3,540		52,781
Pennant Group, Inc. (The) *		3,997		57,077
Premier, Inc., Class A		6,565		212,509
RadNet, Inc. *		5,402		135,212
Select Medical Holdings Corp.		12,138		313,767
Surgery Partners, Inc. *		1,984		68,389
Tenet Healthcare Corp. *		11,198		665,385
U.S. Physical Therapy, Inc.		1,511		147,942
Universal Health Services, Inc., Class B		3,730		474,083
				9,539,576
Health Care Technology — 0.4%
Allscripts Healthcare Solutions, Inc. *		14,834		193,584
American Well Corp. *		12,361		29,172
Certara, Inc. *@		6,275		151,290
Computer Programs & Systems, Inc. *		1,636		49,407
Doximity, Inc., Class A *@		2,443		79,105
Evolent Health, Inc., Class A *		5,196		168,610
HealthStream, Inc. *		3,803		103,061
NextGen Healthcare, Inc. *		6,391		111,267
Phreesia, Inc. *		2,105		67,971
Schrodinger, Inc. *		4,061		106,926
Simulations Plus, Inc.		1,668		73,292
Teladoc Health, Inc. *		2,607		67,521
				1,201,206
Hotels, Restaurants & Leisure — 3.5%
Aramark		20,945		749,831
Bally’s Corp. *@		797		15,557
Biglari Holdings, Inc., Class A *		7		5,883
Biglari Holdings, Inc., Class B *		74		12,521
BJ’s Restaurants, Inc. *		2,751		80,164
Bloomin’ Brands, Inc.		8,154		209,150
Boyd Gaming Corp.		2,637		169,084
Brinker International, Inc. *		5,679		215,802
Caesars Entertainment, Inc. *		531		25,918
Carnival Corp. *@		4,641		47,106

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (Continued)
Cheesecake Factory, Inc. (The) @		5,035	$	176,477
Choice Hotels International, Inc. @		6,024		705,953
Churchill Downs, Inc.		3,811		979,618
Chuy’s Holdings, Inc. *		1,904		68,258
Cracker Barrel Old Country Store, Inc. @		2,324		264,006
Dave & Buster’s Entertainment, Inc. *		4,530		166,659
Denny’s Corp. *		4,694		52,385
DineEquity, Inc.		1,002		67,775
Domino’s Pizza, Inc.		197		64,984
DraftKings, Inc. Class A *		3,043		58,913
El Pollo Loco Holdings, Inc.		4,284		41,084
Everi Holdings, Inc. *		4,400		75,460
Fiesta Restaurant Group, Inc. *		4,058		33,357
Hyatt Hotels Corp., Class A *		811		90,662
Inspired Entertainment, Inc. *		1,305		16,691
International Game Technology PLC		969		25,969
Jack in the Box, Inc.		3,000		262,770
Kura Sushi USA, Inc., Class A *@		365		24,032
Light & Wonder, Inc., Class A *		1,500		90,075
Marriott Vacations Worldwide Corp.		5,154		695,068
Monarch Casino & Resort, Inc.		1,490		110,484
Nathan’s Famous, Inc.		794		60,026
Norwegian Cruise Line Holdings Ltd. *@		10,049		135,159
Papa John’s International, Inc.		4,290		321,450
Penn Entertainment, Inc. *@		5,194		154,054
Planet Fitness, Inc. Class A *		8,887		690,253
Ruth’s Hospitality Group, Inc.		2,754		45,221
SeaWorld Entertainment, Inc. *		4,795		293,982
Shake Shack, Inc., Class A *		2,266		125,740
Six Flags Entertainment Corp. *		3,483		93,031
Texas Roadhouse, Inc.		6,983		754,583
Travel + Leisure Co.		5,666		222,107
Vail Resorts, Inc.		2,071		483,951
Wendy’s Co. (The)		22,109		481,534
Wingstop, Inc.		1,665		305,661
Wyndham Hotels & Resorts, Inc.		5,481		371,886
Wynn Resorts Ltd. *		4,811		538,399
				10,678,733
Household Durables — 2.4%
Bassett Furniture Industries, Inc.		1,080		19,224
Beazer Homes USA, Inc. *		1,643		26,091
Cavco Industries, Inc. *		986		313,292
Century Communities, Inc.		3,674		234,842
Ethan Allen Interiors, Inc.		2,598		71,341
Flexsteel Industries, Inc.		1,069		20,589
GoPro, Inc., Class A *		6,985		35,135
Green Brick Partners, Inc. *		4,024		141,081
Hamilton Beach Brands Holding Co., Class A		2,000		20,480
Helen of Troy Ltd. *		2,629		250,202
Hooker Furnishings Corp.		1,742		31,687
Installed Building Products, Inc.		3,050		347,791
iRobot Corp. *		3,109		135,677
KB Home		7,849		315,373
La-Z-Boy, Inc.		4,321		125,655
Leggett & Platt, Inc.		8,008		255,295
LGI Homes, Inc. *		624		71,155
Lifetime Brands, Inc.		3,200		18,816
Lovesac Co. (The) *@		794		22,947
M.D.C. Holdings, Inc.		6,276		243,948
M/I Homes, Inc. *		3,074		193,939
Meritage Homes Corp.		3,491		407,609

	SHARES		VALUE†
Mohawk Industries, Inc. *		3,847	$	385,546
Newell Brands, Inc.		27,926		347,399
Orleans Homebuilders, Inc. *@§		4,953		—
Skyline Champion Corp. *		2,566		193,040
Sonos, Inc. *		3,418		67,061
Taylor Morrison Home Corp. *		9,778		374,106
Tempur Sealy International, Inc.		19,486		769,502
Toll Brothers, Inc.		10,507		630,735
TopBuild Corp. *		3,486		725,576
TRI Pointe Homes, Inc. *		12,577		318,450
Universal Electronics, Inc. *		1,292		13,101
VOXX International Corp. *		3,284		40,492
				7,167,177
Household Products — 0.3%
Central Garden & Pet Co. *		1,247		51,202
Central Garden & Pet Co., Class A *		4,555		177,964
Energizer Holdings, Inc.		5,016		174,055
Spectrum Brands Holdings, Inc.		1,853		122,706
WD-40 Co. @		1,589		282,921
				808,848
Independent Power Producers & Energy Traders — 0.6%
Atlantica Sustainable Infrastructure PLC		1,800		53,208
Brookfield Renewable Corp. Class A @		2,097		73,290
Clearway Energy, Inc., Class A		3,716		111,592
Clearway Energy, Inc., Class C		9,495		297,478
Ormat Technologies, Inc.		5,451		462,081
Sunnova Energy International, Inc. *@		8,581		134,035
Vistra Corp.		28,253		678,072
				1,809,756
Insurance — 3.8%
Ambac Financial Group, Inc. *		900		13,932
American Equity Investment Life Holding Co.		10,429		380,554
American Financial Group, Inc.		3,696		449,064
AMERISAFE, Inc.		1,961		95,991
Argo Group International Holdings Ltd.		3,856		112,942
Assurant, Inc.		4,350		522,305
Assured Guaranty Ltd.		4,657		234,107
Axis Capital Holdings Ltd.		4,830		263,332
Brighthouse Financial, Inc. *		5,115		225,623
BRP Group, Inc., Class A *		3,130		79,690
Citizens, Inc. *		6,126		22,728
CNO Financial Group, Inc.		10,476		232,463
Crawford & Co., Class A		5,638		47,134
Crawford & Co., Class B		3,345		25,656
Donegal Group, Inc., Class A		3,630		55,466
Employers Holdings, Inc.		2,665		111,104
Enstar Group Ltd. *		1,195		276,989
Erie Indemnity Co., Class A		960		222,394
Everest Re Group Ltd.		1,198		428,908
F&G Annuities & Life, Inc.		877		15,891
Fidelity National Financial, Inc.		11,853		414,025
First American Financial Corp.		7,508		417,895
Genworth Financial, Inc., Class A *		14,918		74,888
Globe Life, Inc.		3,866		425,337
Hanover Insurance Group, Inc. (The)		2,145		275,633
HCI Group, Inc. @		1,239		66,410
Horace Mann Educators Corp.		4,392		147,044
Investors Title Co.		279		42,129
James River Group Holdings Ltd.		829		17,119
Kemper Corp.		5,843		319,378
Kinsale Capital Group, Inc.		808		242,521
Lincoln National Corp.		8,515		191,332
MBIA, Inc. *		6,313		58,458

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Insurance (Continued)
Mercury General Corp.		3,869	$	122,802
Old Republic International Corp.		20,327		507,565
Oscar Health, Inc., Class A *		3,732		24,407
Palomar Holdings, Inc. *		1,593		87,934
Primerica, Inc.		4,105		707,045
Reinsurance Group of America, Inc.		3,019		400,803
RenaissanceRe Holdings Ltd.		2,896		580,185
RLI Corp.		5,024		667,740
Safety Insurance Group, Inc.		1,656		123,405
Selective Insurance Group, Inc.		6,118		583,229
Stewart Information Services Corp.		3,069		123,834
Trupanion, Inc. *@		335		14,368
Unico American Corp. *		1,700		1,768
United Fire Group, Inc.		2,400		63,720
Universal Insurance Holdings, Inc.		4,293		78,219
Unum Group		14,680		580,741
White Mountains Insurance Group Ltd.		170		234,173
				11,410,380
Interactive Media & Services — 0.3%
Bumble, Inc., Class A *		2,172		42,463
Cargurus, Inc. *		1,272		23,761
Cars.com, Inc. *		3,931		75,868
DHI Group, Inc. *		8,881		34,458
Match Group, Inc. *		1,193		45,799
QuinStreet, Inc. *		858		13,616
Shutterstock, Inc.		2,721		197,545
TripAdvisor, Inc. *		6,168		122,497
Yelp, Inc. *		4,724		145,027
Ziff Davis, Inc. *		2,996		233,838
				934,872
IT Services — 0.8%
Amdocs Ltd.		5,665		544,010
Brightcove, Inc. *		3,324		14,792
Computer Task Group, Inc. *		4,027		29,196
DXC Technology Co. *		11,187		285,940
Edgio, Inc. *		15,146		11,982
Fastly, Inc., Class A *		1,787		31,737
Globant SA *		1,874		307,355
GoDaddy, Inc., Class A *		8,025		623,703
Grid Dynamics Holdings, Inc. *		4,703		53,896
Hackett Group, Inc. (The)		4,098		75,731
Information Services Group, Inc.		2,180		11,096
Kyndryl Holdings, Inc. *		2,623		38,716
Perficient, Inc. *		4,602		332,218
PFSweb, Inc.		3,727		15,802
Squarespace, Inc. *		2,445		77,678
				2,453,852
Leisure Equipment & Products — 0.6%
Acushnet Holdings Corp.		541		27,558
American Outdoor Brands, Inc. *		1,946		19,149
Brunswick Corp.		4,070		333,740
Escalade, Inc.		1,950		28,470
Hasbro, Inc.		3,528		189,418
Johnson Outdoors, Inc., Class A		1,000		63,010
Malibu Boats, Inc., Class A *		2,116		119,448
Marine Products Corp.		3,930		51,837
MasterCraft Boat Holdings, Inc. *		2,183		66,429

	SHARES		VALUE†
Mattel, Inc. *		16,916	$	311,424
Polaris, Inc.		3,530		390,524
Smith & Wesson Brands, Inc.		4,598		56,601
Topgolf Callaway Brands Corp. *		5,300		114,586
				1,772,194
Life Sciences Tools & Services — 0.8%
Adaptive Biotechnologies Corp. *		4,578		40,424
Azenta, Inc. *		937		41,809
BioLife Solutions, Inc. *		1,278		27,797
Bruker Corp.		7,778		613,218
Charles River Laboratories International, Inc. *		527		106,359
CryoPort, Inc. *@		3,270		78,480
Harvard Bioscience, Inc. *		5,522		23,192
Medpace Holdings, Inc. *		2,141		402,615
OmniAb, Inc. *		8,462		31,140
OmniAb, Inc. *§		654		—
OmniAb, Inc. *§		654		—
Pacific Biosciences of California, Inc. *		4,368		50,581
Repligen Corp. *		4,248		715,193
Syneos Health, Inc. *		6,498		231,459
				2,362,267
Machinery — 5.0%
AGCO Corp.		5,729		774,561
Alamo Group, Inc.		1,320		243,091
Albany International Corp., Class A		3,573		319,283
Allison Transmission Holdings, Inc.		6,647		300,710
Astec Industries, Inc.		1,967		81,139
Barnes Group, Inc.		4,989		200,957
Blue Bird Corp. *		662		13,525
Chart Industries, Inc. *@		3,344		419,338
CIRCOR International, Inc. *		2,600		80,912
Columbus McKinnon Corp.		2,642		98,177
Commercial Vehicle Group, Inc. *		3,758		27,433
Crane Holdings Co.		3,089		350,601
Donaldson Co., Inc.		8,206		536,180
Douglas Dynamics, Inc.		2,507		79,948
Eastern Co. (The)		1,272		24,779
Enerpac Tool Group Corp.		6,499		165,725
EnPro Industries, Inc.		2,344		243,518
Esab Corp.		418		24,691
ESCO Technologies, Inc.		2,646		252,561
Federal Signal Corp.		5,985		324,447
Flowserve Corp.		2,564		87,176
Franklin Electric Co., Inc.		5,666		533,171
Gorman-Rupp Co. (The)		3,803		95,075
Graco, Inc.		9,590		700,166
Greenbrier Cos., Inc. (The)		3,984		128,165
Helios Technologies, Inc.		3,760		245,904
Hurco Cos., Inc.		1,000		25,320
Hyster-Yale Materials Handling, Inc.		165		8,232
ITT, Inc.		5,131		442,805
John Bean Technologies Corp.		3,520		384,701
Kadant, Inc.		1,660		346,143
Kennametal, Inc.		6,340		174,857
LB Foster Co., Class A *		2,165		24,854
Lincoln Electric Holdings, Inc.		3,365		569,021
Lindsay Corp.		1,209		182,716
Manitex International, Inc. *		1,300		6,773
Manitowoc Co., Inc. (The) *		3,607		61,644

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Machinery (Continued)
Middleby Corp. (The) *		4,055	$	594,504
Miller Industries, Inc.		1,261		44,576
Mueller Industries, Inc.		6,958		511,274
Mueller Water Products, Inc., Class A		16,726		233,160
Nordson Corp.		1,935		430,073
Omega Flex, Inc.		1,002		111,663
Oshkosh Corp.		4,130		343,533
Park-Ohio Holdings Corp.		2,182		26,359
Pentair PLC		11,013		608,689
Perma-Pipe International Holdings, Inc. *		1,900		20,197
RBC Bearings, Inc. *		336		78,197
Shyft Group, Inc. (The)		3,913		89,021
Snap-On, Inc.		1,600		395,024
SPX Technologies, Inc. *		4,956		349,794
Standex International Corp.		1,427		174,722
Tennant Co.		2,037		139,596
Terex Corp.		6,869		332,322
Timken Co. (The)		6,902		564,031
Titan International, Inc. *		4,338		45,462
Toro Co. (The)		3,825		425,187
Trinity Industries, Inc.		4,908		119,559
Wabash National Corp.		6,446		158,507
Watts Water Technologies, Inc., Class A		3,406		573,298
				14,947,047
Marine Transportation — 0.2%
Costamare, Inc.		5,728		53,900
Eagle Bulk Shipping, Inc.		436		19,838
Kirby Corp. *		4,368		304,450
Matson, Inc.		5,291		315,714
				693,902
Media — 1.1%
Altice USA, Inc., Class A *		2,984		10,205
Boston Omaha Corp., Class A *		1,358		32,144
Cable One, Inc.		397		278,694
DISH Network Corp., Class A *		4,087		38,132
Entravision Communications Corp., Class A		5,678		34,352
EW Scripps Co. (The), Class A *		7,073		66,557
Gannett Co., Inc. *		1		2
Gray Television, Inc.		8,433		73,536
iHeartMedia, Inc., Class A *		2,052		8,003
Interpublic Group of Cos., Inc. (The)		11,067		412,135
John Wiley & Sons, Inc., Class A		3,247		125,886
Magnite, Inc. *		3,879		35,919
New York Times Co. (The), Class A		18,114		704,272
News Corp., Class A		19,977		345,003
News Corp., Class B		7,188		125,287
Nexstar Media Group, Inc. Class A		4,189		723,273
PubMatic, Inc., Class A *		3,162		43,699
Saga Communications, Inc., Class A		664		14,761
Scholastic Corp.		3,519		120,420
Sinclair Broadcast Group, Inc., Class A		2,132		36,585
TechTarget, Inc. *		3,517		127,034
Thryv Holdings, Inc. *		1,938		44,690
WideOpenWest, Inc. *		4,405		46,825
				3,447,414
Metals & Mining — 2.1%
Alcoa Corp.		16,066		683,769
Alpha Metallurgical Resources, Inc.		886		138,216
Arconic Corp. *		5,198		136,344
ATI, Inc. *		14,726		581,088
Carpenter Technology Corp.		3,912		175,101

	SHARES		VALUE†
Century Aluminum Co. *		8,912	$	89,120
Cleveland-Cliffs, Inc. *		21,519		394,443
Coeur Mining, Inc. *		16,461		65,679
Commercial Metals Co.		13,236		647,240
Ferroglobe PLC *		10,242		50,595
Ferroglobe Representation & Warranty Insurance Trust *§		24,025		—
Fortitude Gold Corp.		4,671		33,304
Friedman Industries, Inc.		700		7,938
Haynes International, Inc.		1,229		61,561
Hecla Mining Co.		30,869		195,401
Kaiser Aluminum Corp.		2,372		177,022
Materion Corp.		2,319		269,004
MP Materials Corp. *		6,046		170,437
Olympic Steel, Inc.		1,200		62,652
Reliance Steel & Aluminum Co.		2,835		727,858
Royal Gold, Inc.		4,388		569,168
Ryerson Holding Corp.		5,114		186,047
Schnitzer Steel Industries, Inc., Class A		2,809		87,360
SunCoke Energy, Inc.		8,204		73,672
TimkenSteel Corp. *		5,303		97,257
Tredegar Corp.		3,412		31,152
United States Steel Corp.		8,879		231,742
Warrior Met Coal, Inc.		738		27,092
Worthington Industries, Inc.		4,458		288,210
				6,258,472
Multi-Utilities — 0.5%
Avista Corp.		6,896		292,735
Black Hills Corp.		6,023		380,051
NiSource, Inc.		18,689		522,545
NorthWestern Corp.		4,148		240,003
Unitil Corp.		1,923		109,688
				1,545,022
Oil, Gas & Consumable Fuels — 3.1%
Adams Resources & Energy, Inc.		536		20,593
Alto Ingredients, Inc. *		5,761		8,641
Amplify Energy Corp. *		1,867		12,826
Antero Midstream Corp.		32,353		339,383
Antero Resources Corp. *		5,180		119,606
APA Corp.		1,360		49,042
Arch Resources, Inc.		1,865		245,173
Ardmore Shipping Corp.		1,612		23,970
Berry Corp.		4,166		32,703
California Resources Corp.		3,564		137,214
Callon Petroleum Co. *		3,677		122,959
Centrus Energy Corp. Class A *		1,074		34,583
Chesapeake Energy Corp.		4,468		339,747
Chord Energy Corp.		804		108,218
Civitas Resources, Inc.		2,093		143,036
Clean Energy Fuels Corp. *		20,279		88,416
CNX Resources Corp. *		16,780		268,816
Comstock Resources, Inc. @		11,934		128,768
CONSOL Energy, Inc.		2,376		138,450
CVR Energy, Inc.		1,556		51,006
Delek US Holdings, Inc.		7,082		162,532
Denbury, Inc. *		2,643		231,606
DHT Holdings, Inc.		11,638		125,807
Dorian LPG Ltd.		3,332		66,440
DT Midstream, Inc.		1,881		92,865
Earthstone Energy, Inc., Class A *		7,471		97,198
EnLink Midstream LLC *		27,038		293,092
EQT Corp.		1,580		50,418
Equitrans Midstream Corp.		22,329		129,062
Evolution Petroleum Corp.		5,356		33,796

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (Continued)
Green Plains, Inc. *		5,096	$	157,925
Gulfport Energy Corp. *		944		75,520
Hallador Energy Co. *		3,193		29,344
HF Sinclair Corp.		9,611		464,980
International Seaways, Inc.		4,383		182,683
Kosmos Energy Ltd. *		25,367		188,730
Laredo Petroleum, Inc. *@		1,191		54,238
Magnolia Oil & Gas Corp., Class A		7,613		166,572
Matador Resources Co.		10,827		515,907
Murphy Oil Corp.		13,521		500,007
NACCO Industries, Inc., Class A		1,000		36,070
New Fortress Energy, Inc. @		3,932		115,719
Nordic American Tankers Ltd.		8,255		32,690
Northern Oil and Gas, Inc. @		1,306		39,637
Overseas Shipholding Group, Inc., Class A *		11,837		46,164
Ovintiv, Inc.		555		20,024
Par Pacific Holdings, Inc. *		4,135		120,742
PBF Energy, Inc., Class A		10,429		452,201
PDC Energy, Inc.		8,838		567,223
Peabody Energy Corp. *		3,580		91,648
Permian Resources Corp., Class A		16,144		169,512
Range Resources Corp.		10,825		286,538
Rex American Resources Corp. *		2,364		67,587
SandRidge Energy, Inc. *		2,175		31,342
Scorpio Tankers, Inc.		4,277		240,838
SFL Corp. Ltd.		4,682		44,479
Sitio Royalties Corp.		3,565		80,569
SM Energy Co.		2,124		59,812
Southwestern Energy Co. *		62,679		313,395
Talos Energy, Inc. *		3,212		47,666
Teekay Corp. *		4,339		26,815
Teekay Tankers Ltd., Class A *		1,880		80,708
Texas Pacific Land Corp.		126		214,329
Vitesse Energy, Inc.		2,544		48,412
W&T Offshore, Inc. *		9,305		47,269
World Fuel Services Corp.		4,796		122,538
				9,435,799
Paper & Forest Products — 0.3%
Clearwater Paper Corp. *		1,838		61,426
Glatfelter Corp.		4,665		14,881
Louisiana-Pacific Corp.		10,788		584,818
Mercer International, Inc.		7,857		76,802
Resolute Forest Products, Inc. *<>¶		7,629		10,833
Sylvamo Corp.		2,483		114,864
				863,624
Passenger Airlines — 0.2%
Alaska Air Group, Inc. *		9,239		387,668
Allegiant Travel Co. *		441		40,563
American Airlines Group, Inc. *		6,949		102,498
Hawaiian Holdings, Inc. *		6,255		57,296
Skywest, Inc. *		4,643		102,935
Spirit Airlines, Inc. @		3,315		56,919
				747,879
Personal Products — 0.8%
BellRing Brands, Inc. *		7,482		254,388
Coty, Inc., Class A *		46,457		560,272

	SHARES		VALUE†
Edgewell Personal Care Co.		3,865	$	163,953
elf Beauty, Inc. *		4,063		334,588
Herbalife Nutrition Ltd. *		600		9,660
Honest Co., Inc. (The) *@		3,035		5,463
Inter Parfums, Inc.		3,888		553,029
Medifast, Inc.		1,490		154,468
Natural Alternatives International, Inc. *		1,000		9,230
Nature’s Sunshine Products, Inc. *		1,700		17,357
Nu Skin Enterprises, Inc., Class A		3,817		150,046
United-Guardian, Inc.		600		5,574
USANA Health Sciences, Inc. *		2,205		138,695
				2,356,723
Pharmaceuticals — 1.0%
Amphastar Pharmaceuticals, Inc. *		5,670		212,625
ANI Pharmaceuticals, Inc. *		1,669		66,293
Cara Therapeutics, Inc. *		3,972		19,503
Collegium Pharmaceutical, Inc. *		2,590		62,134
Corcept Therapeutics, Inc. *		7,842		169,858
Cumberland Pharmaceuticals, Inc. *		5,912		11,528
Cymabay Therapeutics, Inc. *		6,353		55,398
Edgewise Therapeutics, Inc. *@		1,162		7,751
Elanco Animal Health, Inc. *		2,020		18,988
Harmony Biosciences Holdings, Inc. *		3,861		126,062
Innoviva, Inc. *		5,963		67,084
Jazz Pharmaceuticals PLC *		4,329		633,463
Ligand Pharmaceuticals, Inc. *		1,727		127,038
Organon & Co.		8,187		192,558
Pacira BioSciences, Inc. *		3,025		123,450
Perrigo Co. PLC		12,427		445,756
Prestige Consumer Healthcare, Inc. *		6,078		380,665
SIGA Technologies, Inc. @		1,900		10,925
Supernus Pharmaceuticals, Inc. *		5,158		186,874
Taro Pharmaceutical Industries Ltd. *		438		10,652
				2,928,605
Professional Services — 3.4%
ASGN, Inc. *		5,882		486,265
Barrett Business Services, Inc.		935		82,878
Booz Allen Hamilton Holding Corp.		789		73,132
CACI International, Inc., Class A *		2,530		749,588
CBIZ, Inc. *		6,173		305,502
Concentrix Corp.		3,341		406,099
Conduent, Inc. *		5,702		19,558
CRA International, Inc.		773		83,345
CSG Systems International, Inc.		4,225		226,883
ExlService Holdings, Inc. *		3,892		629,842
Exponent, Inc.		5,886		586,775
Forrester Research, Inc. *		2,360		76,346
Franklin Covey Co. *		2,254		86,711
FTI Consulting, Inc. *		3,703		730,787
Genpact Ltd.		12,745		589,074
Heidrick & Struggles International, Inc.		1,928		58,534
Huron Consulting Group, Inc. *		2,643		212,418
ICF International, Inc.		2,012		220,716
Insperity, Inc.		4,545		552,445
KBR, Inc.		14,771		813,144
Kelly Services, Inc., Class A		3,132		51,960
Kforce, Inc.		3,397		214,826
Korn Ferry		5,760		298,022
Manpowergroup, Inc.		3,514		290,010
Mastech Digital, Inc. *		2,122		26,154

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Professional Services (Continued)
Maximus, Inc.		2,874	$	226,184
NV5 Global, Inc. *		1,843		191,617
RCM Technologies, Inc. *		2,995		34,622
Resources Connection, Inc.		3,396		57,936
Robert Half International, Inc.		7,950		640,532
Science Applications International Corp.		2,559		274,990
TriNet Group, Inc. *		7,048		568,139
TrueBlue, Inc. *		3,431		61,072
TTEC Holdings, Inc.		4,929		183,507
Verra Mobility Corp. *@		10,023		169,589
				10,279,202
Real Estate Management & Development — 0.6%
Cushman & Wakefield PLC *		5,956		62,776
Douglas Elliman, Inc.		7,727		24,031
Forestar Group, Inc. *		3,530		54,927
FRP Holdings, Inc. *		200		11,576
Howard Hughes Corp. (The) *		1,369		109,520
Jones Lang LaSalle, Inc. *		3,879		564,356
Kennedy-Wilson Holdings, Inc.		13,722		227,648
Marcus & Millichap, Inc.		3,263		104,775
Maui Land & Pineapple Co., Inc. *		2,324		27,795
Newmark Group, Inc., Class A		24,049		170,267
RMR Group, Inc. (The) Class A		1,159		30,412
St. Joe Co. (The)		3,300		137,313
Stratus Properties, Inc.		313		6,260
Tejon Ranch Co. *		2,949		53,878
Zillow Group, Inc., Class A *		1,513		66,118
Zillow Group, Inc., Class C *		5,600		249,032
				1,900,684
Semiconductors & Semiconductor Equipment — 4.2%
Allegro MicroSystems, Inc. *		456		21,883
Alpha & Omega Semiconductor Ltd. *		2,886		77,778
Ambarella, Inc. *		2,341		181,240
Amkor Technology, Inc.		25,678		668,142
Amtech Systems, Inc. *		2,822		26,922
Axcelis Technologies, Inc. *		3,944		525,538
AXT, Inc. *		5,653		22,499
Ceva, Inc. *		3,095		94,181
Cirrus Logic, Inc. *		5,956		651,467
Cohu, Inc. *		5,114		196,326
Diodes, Inc. *		5,169		479,476
Entegris, Inc.		328		26,899
First Solar, Inc. *		8,994		1,956,195
FormFactor, Inc. *		9,854		313,850
GSI Technology, Inc. *		4,641		7,983
Ichor Holdings Ltd. *		400		13,096
Kulicke & Soffa Industries, Inc.		5,924		312,136
Lattice Semiconductor Corp. *		15,739		1,503,074
MACOM Technology Solutions Holdings, Inc. *		2,196		155,565
Magnachip Semiconductor Corp. *		4,588		42,577
MaxLinear, Inc. *		7,715		271,645
MKS Instruments, Inc.		1,144		101,381
NVE Corp.		502		41,661
Onto Innovation, Inc. *		4,376		384,563
PDF Solutions, Inc. *		4,938		209,371
Photronics, Inc. *		7,008		116,193
Power Integrations, Inc.		6,542		553,715
Qorvo, Inc. *		1,876		190,545
Rambus, Inc. *		14,241		729,994
Semtech Corp. *		7,337		177,115
Silicon Laboratories, Inc. *		3,982		697,208

	SHARES		VALUE†
Synaptics, Inc. *		5,027	$	558,751
Ultra Clean Holdings, Inc. *		4,298		142,522
Universal Display Corp.		3,037		471,130
Veeco Instruments, Inc. *		4,666		98,593
Wolfspeed, Inc. *@		10,030		651,448
				12,672,662
Software — 2.9%
A10 Networks, Inc.		6,016		93,188
ACI Worldwide, Inc. *		12,870		347,233
Adeia, Inc.		7,577		67,132
Agilysys, Inc. *		2,848		234,989
Alarm.com Holdings, Inc. *		4,263		214,344
Altair Engineering, Inc., Class A *@		3,033		218,710
American Software, Inc., Class A		4,461		56,253
Aspen Technology, Inc. *		1,995		456,596
Bentley Systems, Inc., Class B		545		23,430
Bill.com Holdings, Inc. *		287		23,287
Black Knight, Inc. *		200		11,512
Blackbaud, Inc. *		5,719		396,327
Box, Inc., Class A *		6,867		183,967
Ceridian HCM Holding, Inc. *		1,564		114,516
Commvault Systems, Inc. *		2,675		151,780
Confluent, Inc., Class A *		916		22,048
Consensus Cloud Solutions, Inc. *		1,449		49,396
Digital Turbine, Inc. *@		635		7,849
Dolby Laboratories, Inc., Class A		2,281		194,843
DoubleVerify Holdings, Inc. *		6,316		190,427
Dropbox, Inc., Class A *		14,286		308,863
Dynatrace, Inc. *		7,581		320,676
Ebix, Inc.		2,155		28,425
eGain Corp. *		4,304		32,667
EngageSmart, Inc. *		593		11,415
Envestnet, Inc. *		3,097		181,701
EverCommerce, Inc. *@		921		9,744
Fair Isaac Corp. *		302		212,212
Gen Digital, Inc.		2,862		49,112
Guidewire Software, Inc. *		3,773		309,575
InterDigital, Inc.		3,064		223,366
Jamf Holding Corp. *		4,792		93,061
JFrog Ltd. *		479		9,436
Liveramp Holdings, Inc. *		8,339		182,874
Manhattan Associates, Inc. *		3,948		611,348
MeridianLink, Inc. *		2,090		36,157
Mitek Systems, Inc. *		1,166		11,182
N-able, Inc. *		8,171		107,857
Olo, Inc., Class A *		2,551		20,816
Paylocity Holding Corp. *		2,396		476,277
PowerSchool Holdings, Inc., Class A *		3,215		63,721
Procore Technologies, Inc. *		845		52,922
Progress Software Corp.		4,772		274,151
Qualtrics International, Inc., Class A *		2,745		48,943
Qualys, Inc. *		4,157		540,493
Rimini Street, Inc. *		4,492		18,507
Sapiens International Corp. NV		2,496		54,213
SentinelOne, Inc., Class A *		5,750		94,070
SolarWinds Corp. *		5,202		44,737
SPS Commerce, Inc. *		2,160		328,968
Sumo Logic, Inc. *		5,366		64,285
Telos Corp. *		4,278		10,823
Teradata Corp. *		6,462		260,289
UiPath, Inc., Class A *		7,523		132,104
Verint Systems, Inc. *		6,847		254,982
Vertex, Inc., Class A *		1,558		32,235
Xperi, Inc.		3,030		33,118

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Software (Continued)
Yext, Inc. *		4,488	$	43,130
				8,646,282
Specialty Retail — 3.8%
1-800-Flowers.com, Inc., Class A *		3,880		44,620
Aaron’s Co. Inc. (The)		4,459		43,074
Abercrombie & Fitch Co., Class A *		3,727		103,424
Academy Sports & Outdoors, Inc.		2,614		170,563
Advance Auto Parts, Inc.		4,669		567,797
America’s Car-Mart, Inc. *		822		65,111
American Eagle Outfitters, Inc.		19,472		261,704
Asbury Automotive Group, Inc. *		2,143		450,030
AutoNation, Inc. *		4,060		545,502
Bath & Body Works, Inc.		4,874		178,291
Boot Barn Holdings, Inc. *		3,866		296,290
Buckle, Inc. (The)		5,018		179,092
Build-A-Bear Workshop, Inc.		1,640		38,114
Burlington Stores, Inc. *		420		84,882
Caleres, Inc.		3,874		83,795
CarParts.com, Inc. *		2,801		14,957
Cato Corp. (The) Class A		2,638		23,320
Chico’s FAS, Inc. *		8,580		47,190
Children’s Place, Inc. (The) *		1,314		52,888
Citi Trends, Inc. *		818		15,558
Conn’s, Inc. *		3,722		22,555
Container Store Group, Inc. (The) *		2,100		7,203
Destination XL Group, Inc. *		3,560		19,616
Dick’s Sporting Goods, Inc.		4,513		640,350
Duluth Holdings, Inc., Class B *		1,185		7,560
Five Below, Inc. *		5,505		1,133,865
Floor & Decor Holdings, Inc., Class A *@		4,489		440,910
Foot Locker, Inc.		5,979		237,306
Franchise Group, Inc. @		1,459		39,758
GameStop Corp., Class A *@		8,267		190,306
Gap, Inc. (The)		2,272		22,811
Genesco, Inc. *		1,490		54,951
Group 1 Automotive, Inc.		1,940		439,255
Guess?, Inc.		5,086		98,974
Haverty Furniture Cos., Inc.		1,983		63,277
Hibbett, Inc.		1,600		94,368
Leslie’s, Inc. *		9,429		103,813
Lithia Motors, Inc.		3,347		766,229
MarineMax, Inc. *		2,209		63,509
Monro, Inc.		3,090		152,739
Murphy USA, Inc.		3,083		795,568
National Vision Holdings, Inc. *		3,794		71,479
ODP Corp. (The) *		3,360		151,133
Penske Automotive Group, Inc.		1,742		247,033
PetMed Express, Inc. @		2,360		38,326
Rent-A-Center, Inc.		6,271		153,702
Revolve Group, Inc. *@		706		18,568
RH *		318		77,449
Sally Beauty Holdings, Inc. *		4,925		76,731
Shoe Carnival, Inc. @		3,062		78,540
Signet Jewelers Ltd.		5,809		451,824
Sleep Number Corp. *		3,221		97,951
Sonic Automotive, Inc., Class A		3,080		167,367
Sportsman’s Warehouse Holdings, Inc. *		3,058		25,932
Tilly’s, Inc., Class A *		1,836		14,156

	SHARES		VALUE†
TravelCenters of America, Inc. *		1,344	$	116,256
Urban Outfitters, Inc. *		2,086		57,824
Victoria’s Secret & Co. *		3,466		118,364
Williams-Sonoma, Inc.		4,058		493,696
Winmark Corp.		554		177,518
Zumiez, Inc. *		2,406		44,367
				11,339,341
Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd. *		8,276		388,972
Carter’s, Inc.		1,939		139,453
Columbia Sportswear Co.		4,507		406,712
Deckers Outdoor Corp. *		2,043		918,431
Delta Apparel, Inc. *		1,153		12,683
G-III Apparel Group Ltd. *		5,008		77,874
Kontoor Brands, Inc.		2,384		115,362
Lakeland Industries, Inc.		1,669		24,367
Movado Group, Inc.		2,220		63,869
Oxford Industries, Inc.		1,665		175,807
PVH Corp.		1,378		122,862
Ralph Lauren Corp.		2,279		265,891
Rocky Brands, Inc.		1,000		23,070
Skechers U.S.A., Inc., Class A *		6,530		310,306
Steven Madden Ltd.		7,918		285,048
Superior Group of Cos., Inc.		2,200		17,314
Tapestry, Inc.		18,072		779,084
Under Armour, Inc., Class A *		2,222		21,087
Under Armour, Inc., Class C *		1,318		11,243
Unifi, Inc. *		2,394		19,559
Wolverine World Wide, Inc.		9,990		170,329
				4,349,323
Tobacco — 0.1%
Turning Point Brands, Inc.		1,280		26,880
Universal Corp.		2,612		138,148
Vector Group Ltd.		12,276		147,435
				312,463
Trading Companies & Distributors — 2.0%
Air Lease Corp.		5,985		235,629
Applied Industrial Technologies, Inc.		4,375		621,819
Beacon Roofing Supply, Inc. *		7,687		452,380
Boise Cascade Co.		4,352		275,264
Core & Main, Inc., Class A *		2,355		54,400
Distribution Solutions Group, Inc. *		1,071		48,688
DXP Enterprises, Inc. *		2,323		62,535
GATX Corp.		3,909		430,068
Global Industrial Co.		4,722		126,738
GMS, Inc. *		2,900		167,881
H&E Equipment Services, Inc.		4,346		192,224
Herc Holdings, Inc.		4,556		518,928
Mcgrath Rentcorp		2,655		247,738
MRC Global, Inc. *		5,657		54,986
MSC Industrial Direct Co., Inc., Class A		936		78,624
NOW, Inc. *		8,751		97,574
Rush Enterprises, Inc., Class A		5,962		325,525
SiteOne Landscape Supply, Inc. *		413		56,527
Textainer Group Holdings Ltd.		4,819		154,738
Titan Machinery, Inc. *		2,515		76,582
Triton International Ltd.		7,398		467,702
Univar Solutions, Inc. *		3,220		112,797
Veritiv Corp.		1,000		135,140

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

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Trading Companies & Distributors (Continued)
Watsco, Inc.		255	$	81,131
WESCO International, Inc.		5,493		848,888
Willis Lease Finance Corp. *		900		49,302
				5,973,808
Water Utilities — 0.5%
American States Water Co.		4,082		362,849
Artesian Resources Corp., Class A		1,177		65,159
California Water Service Group		6,097		354,845
Consolidated Water Co. Ltd.		1,751		28,769
Essential Utilities, Inc.		6,838		298,479
Middlesex Water Co.		2,133		166,630
Pure Cycle Corp. *		1,000		9,450
SJW Group		2,989		227,552
York Water Co. (The)		1,803		80,594
				1,594,327
Wireless Telecommunication Services — 0.1%
Gogo, Inc. *		1,021		14,805
Shenandoah Telecommunications Co.		6,413		121,975
Spok Holdings, Inc.		2,839		28,759
United States Cellular Corp. *		1,551		32,152
				197,691
TOTAL COMMON STOCKS (Identified Cost $169,936,142)				300,615,572
PREFERRED STOCKS — 0.1%
Media — 0.0%
Liberty Broadband Corp. 7.000%		1,225		28,040
Trading Companies & Distributors — 0.1%
WESCO International, Inc. 10.625%, 5 year CMT + 10.325%		4,390		119,013
TOTAL PREFERRED STOCKS (Identified Cost $114,396)				147,053
SHORT-TERM INVESTMENTS — 0.7%
Investment Company — 0.1%
State Street Institutional U.S. Government Money Market Fund 4.450%		377,390		377,390
Collateral For Securities On Loan — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio 4.770%		1,669,700		1,669,700
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $2,047,090)				2,047,090
Total Investments — 100.6% (Identified Cost $172,097,628)				302,809,715
Liabilities, Less Cash and Other Assets — (0.6%)				(1,678,293	)
Net Assets — 100.0%			$	301,131,422

† See Note 1

* Non-income producing security

@ A portion or all of the security was held on loan. As of March 31, 2023, the fair value of the securities on loan was $8,633,768.

§ 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

<> 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

¶ Contingent value rights based on future performance.

Key to abbreviations:

CVR — Contingent Value Rights

CMT — Constant Maturity Treasury

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

Portfolio Sectors as of March 31, 2023

(As a percentage of long-term investments) (Unaudited)

Sector	Percentage
Industrials		21.5	%
Financials		17.4	%
Consumer Discretionary		15.0	%
Information Technology		14.5	%
Health Care		10.3	%
Materials		6.4	%
Consumer Staples		4.6	%
Energy		4.3	%
Utilities		3.7	%
Communication Services		2.3	%
		100.0	%

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 99.8%
Aerospace & Defense — 1.9%
General Dynamics Corp.		7,826	$	1,785,971
Howmet Aerospace, Inc.		12,551		531,786
L3Harris Technologies, Inc.		4,688		919,973
Northrop Grumman Corp.		2,915		1,345,914
Raytheon Technologies Corp.		36,091		3,534,392
Textron, Inc.		26,765		1,890,412
				10,008,448
Air Freight & Logistics — 0.8%
FedEx Corp.		16,968		3,877,018
GXO Logistics, Inc. *		6,449		325,417
				4,202,435
Automobile Components — 0.4%
Aptiv PLC *		4,329		485,670
BorgWarner, Inc.		24,241		1,190,475
Gentex Corp.		863		24,190
Goodyear Tire & Rubber Co. (The) *		2,391		26,349
Lear Corp.		4,071		567,864
				2,294,548
Automobiles — 1.1%
Ford Motor Co.		150,516		1,896,502
General Motors Co.		98,964		3,629,999
				5,526,501
Beverages — 0.4%
Constellation Brands, Inc., Class A		5,660		1,278,537
Keurig Dr Pepper, Inc.		2,705		95,432
Molson Coors Beverage Co., Class B		10,592		547,395
				1,921,364
Biotechnology — 2.0%
Biogen, Inc. *		9,693		2,694,945
Gilead Sciences, Inc.		44,490		3,691,335
Moderna, Inc. *		8,724		1,339,832
Regeneron Pharmaceuticals, Inc. *		3,232		2,655,637
United Therapeutics Corp. *		683		152,965
				10,534,714
Broadline Retail — 0.0%
eBay, Inc.		4,559		202,283
Kohl’s Corp.		344		8,098
				210,381
Building Products — 1.1%
Builders FirstSource, Inc. *		7,125		632,557
Carlisle Cos., Inc.		2,854		645,204
Carrier Global Corp.		6,137		280,768
Fortune Brands Innovations, Inc.		11,027		647,616
Johnson Controls International PLC		34,370		2,069,761
Masterbrand, Inc. *		11,027		88,657
Owens Corning		12,209		1,169,622
				5,534,185
Capital Markets — 2.9%
Bank of New York Mellon Corp. (The)		52,444		2,383,055
Franklin Resources, Inc.		5,210		140,357
Goldman Sachs Group, Inc. (The)		18,862		6,169,949
Jefferies Financial Group, Inc.		6,993		221,958
Morgan Stanley		58,923		5,173,440
Northern Trust Corp.		938		82,666
State Street Corp.		10,112		765,377
				14,936,802
Chemicals — 3.7%
Air Products & Chemicals, Inc.		5,579		1,602,345
Albemarle Corp.		345		76,259
Celanese Corp.		4,202		457,556

	SHARES		VALUE†
CF Industries Holdings, Inc.		11,835	$	857,919
Corteva, Inc.		18,513		1,116,519
Dow, Inc.		51,700		2,834,194
DuPont de Nemours, Inc.		13,259		951,598
Eastman Chemical Co.		17,799		1,501,168
FMC Corp.		500		61,065
International Flavors & Fragrances, Inc.		9,315		856,607
Linde PLC		14,100		5,011,704
LyondellBasell Industries NV, Class A		21,390		2,008,307
Mosaic Co. (The)		12,646		580,198
PPG Industries, Inc.		775		103,525
Westlake Corp.		7,968		924,129
				18,943,093
Commercial Banks — 8.7%
Bank of America Corp.		199,928		5,717,941
Citigroup, Inc.		79,030		3,705,717
Citizens Financial Group, Inc.		18,613		565,277
East West Bancorp, Inc.		2,390		132,645
Fifth Third Bancorp		70,601		1,880,811
Huntington Bancshares, Inc.		72,900		816,480
JPMorgan Chase & Co.		138,592		18,059,923
KeyCorp		66,158		828,298
M&T Bank Corp.		3,759		449,464
PNC Financial Services Group, Inc. (The)		11,566		1,470,039
Regions Financial Corp.		119,937		2,226,031
Truist Financial Corp.		64,730		2,207,293
US Bancorp		40,031		1,443,117
Wells Fargo & Co.		126,013		4,710,366
Zions Bancorp NA		20,193		604,376
				44,817,778
Commercial Services & Supplies — 0.9%
Republic Services, Inc.		35,532		4,804,637
Communications Equipment — 0.2%
Cisco Systems, Inc.		4,155		217,203
Juniper Networks, Inc.		19,365		666,543
				883,746
Computers & Peripherals — 1.6%
Dell Technologies, Inc., Class C		861		34,621
Hewlett Packard Enterprise Co.		141,847		2,259,623
HP, Inc.		176,918		5,192,543
Western Digital Corp. *		23,295		877,523
Xerox Holdings Corp.		2,019		31,092
				8,395,402
Construction & Engineering — 0.6%
AECOM		11,462		966,476
Quanta Services, Inc.		13,887		2,314,129
				3,280,605
Construction Materials — 0.6%
Martin Marietta Materials, Inc.		4,136		1,468,528
Vulcan Materials Co.		8,594		1,474,387
				2,942,915
Consumer Finance — 0.9%
Ally Financial, Inc.		52,963		1,350,027
Capital One Financial Corp.		28,539		2,744,310
Synchrony Financial		25,544		742,820
				4,837,157
Consumer Staples Distribution & Retail — 2.5%
Dollar Tree, Inc. *		12,596		1,808,156
Kroger Co. (The)		64,415		3,180,168
US Foods Holding Corp. *		9,124		337,041
Walgreens Boots Alliance, Inc.		44,769		1,548,112

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

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Consumer Staples Distribution & Retail (Continued)
Walmart, Inc.		41,564	$	6,128,612
				13,002,089
Containers & Packaging — 0.5%
Amcor PLC		20,769		236,351
International Paper Co.		44,343		1,599,009
Packaging Corp. of America		2,898		402,329
Sonoco Products Co.		611		37,271
WestRock Co.		13,537		412,472
				2,687,432
Distributors — 0.4%
LKQ Corp.		37,512		2,129,181
Diversified Telecommunication Services — 3.3%
AT&T, Inc.		455,881		8,775,709
Lumen Technologies, Inc.		125,601		332,843
Verizon Communications, Inc.		198,247		7,709,826
				16,818,378
Electric Utilities — 0.2%
NRG Energy, Inc.		22,148		759,455
Electrical Equipment — 0.8%
AMETEK, Inc.		5,351		777,661
Eaton Corp. PLC		19,988		3,424,744
Sensata Technologies Holding PLC		1,781		89,085
				4,291,490
Electronic Equipment, Instruments & Components — 1.4%
Arrow Electronics, Inc. *		2,748		343,143
Corning, Inc.		84,494		2,980,948
Flex Ltd. *		31,420		722,974
Jabil, Inc.		2,421		213,436
TD SYNNEX Corp.		1,605		155,348
TE Connectivity Ltd.		19,391		2,543,130
Vontier Corp.		1,095		29,937
				6,988,916
Energy Equipment & Services — 0.4%
Baker Hughes Co.		23,916		690,216
Schlumberger Ltd.		29,701		1,458,319
				2,148,535
Entertainment — 1.6%
Activision Blizzard, Inc.		21,184		1,813,139
Electronic Arts, Inc.		1,911		230,180
Liberty Media Corp.-Liberty Formula One, Class A *		1,097		74,047
Liberty Media Corp.-Liberty Formula One, Class C *		2,194		164,177
Take-Two Interactive Software, Inc. *		725		86,492
Walt Disney Co. (The) *		41,483		4,153,693
Warner Bros Discovery, Inc. *		112,539		1,699,339
				8,221,067
Financial Services — 2.9%
Apollo Global Management, Inc.		2,277		143,815
Berkshire Hathaway, Inc., Class B *		38,388		11,853,063
Fidelity National Information Services, Inc.		17,462		948,710
Fiserv, Inc. *		12,529		1,416,153
Global Payments, Inc.		4,923		518,097
				14,879,838

	SHARES		VALUE†
Food Products — 3.3%
Archer-Daniels-Midland Co.		24,965	$	1,988,712
Bunge Ltd.		12,845		1,226,954
Campbell Soup Co.		3,702		203,536
Conagra Brands, Inc.		19,827		744,702
Darling Ingredients, Inc. *		5,424		316,762
General Mills, Inc.		38,095		3,255,599
Hormel Foods Corp.		5,728		228,433
J.M. Smucker Co. (The)		13,087		2,059,501
Kraft Heinz Co. (The)		20,920		808,976
McCormick & Co., Inc.		1,921		159,846
Mondelez International, Inc., Class A		51,728		3,606,476
Post Holdings, Inc. *		973		87,444
Seaboard Corp.		22		82,940
Tyson Foods, Inc., Class A		41,844		2,482,186
				17,252,067
Ground Transportation — 0.9%
Norfolk Southern Corp.		16,359		3,468,108
U-Haul Holding Co. @		2,003		119,479
U-Haul Holding Co.		18,027		934,700
				4,522,287
Health Care Equipment & Supplies — 1.4%
Abbott Laboratories		325		32,910
Baxter International, Inc.		14,838		601,829
Becton Dickinson & Co.		4,016		994,121
Boston Scientific Corp. *		7,514		375,925
Cooper Cos., Inc. (The)		137		51,150
Embecta Corp.		478		13,441
GE HealthCare Technologies, Inc. *		3,987		327,054
Hologic, Inc. *		2,895		233,627
Medtronic PLC		37,706		3,039,858
STERIS plc		3,637		695,685
Zimmer Biomet Holdings, Inc.		8,154		1,053,497
Zimvie, Inc. *		815		5,892
				7,424,989
Health Care Providers & Services — 5.3%
Centene Corp. *		19,196		1,213,379
CIGNA Corp.		19,065		4,871,680
CVS Health Corp.		58,448		4,343,271
Elevance Health, Inc.		13,010		5,982,128
Henry Schein, Inc. *		3,777		307,977
Humana, Inc.		7,918		3,843,872
Laboratory Corp. of America Holdings		13,769		3,158,884
McKesson Corp.		1,984		706,403
Quest Diagnostics, Inc.		18,783		2,657,419
Universal Health Services, Inc., Class B		1,221		155,189
				27,240,202
Hotels, Restaurants & Leisure — 0.5%
Aramark		16,117		576,989
Carnival Corp. *@		27,865		282,830
Hyatt Hotels Corp., Class A *		3,174		354,821
MGM Resorts International		26,967		1,197,874
				2,412,514
Household Durables — 2.4%
DR Horton, Inc.		50,225		4,906,480
Garmin Ltd.		12,982		1,310,143
Lennar Corp., B Shares		573		51,175
Lennar Corp., Class A		23,116		2,429,723
Mohawk Industries, Inc. *		2,654		265,984

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

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Household Durables (Continued)
Newell Brands, Inc.		8,086	$	100,590
PulteGroup, Inc.		41,840		2,438,435
Toll Brothers, Inc.		116		6,963
Whirlpool Corp.		4,936		651,651
				12,161,144
Independent Power Producers & Energy Traders — 0.1%
Vistra Corp.		25,467		611,208
Industrial Conglomerates — 0.2%
General Electric Co.		11,962		1,143,567
Insurance — 4.0%
Aflac, Inc.		32,730		2,111,740
Allstate Corp. (The)		940		104,161
American International Group, Inc.		29,118		1,466,382
Arch Capital Group Ltd. *		11,691		793,468
Assurant, Inc.		4,486		538,634
Chubb Ltd.		11,440		2,221,419
Cincinnati Financial Corp.		370		41,470
CNA Financial Corp.		4,467		174,347
Everest Re Group Ltd.		1,938		693,843
F&G Annuities & Life, Inc.		103		1,866
Fidelity National Financial, Inc.		1,515		52,919
Hartford Financial Services Group, Inc. (The)		47,472		3,308,324
Lincoln National Corp.		9,516		213,825
Loews Corp.		15,964		926,231
Markel Corp. *		116		148,180
MetLife, Inc.		10,237		593,132
Old Republic International Corp.		14,636		365,461
Principal Financial Group, Inc.		28,632		2,127,930
Prudential Financial, Inc.		12,032		995,528
RenaissanceRe Holdings Ltd.		469		93,959
Travelers Companies, Inc. (The)		21,374		3,663,717
				20,636,536
Interactive Media & Services — 2.1%
Meta Platforms, Inc., Class A *		50,392		10,680,080
IT Services — 0.8%
Akamai Technologies, Inc. *		3,310		259,173
Amdocs Ltd.		15,213		1,460,904
Cognizant Technology Solutions Corp., Class A		34,305		2,090,204
DXC Technology Co. *		10,285		262,885
Kyndryl Holdings, Inc. *		1,933		28,531
				4,101,697
Life Sciences Tools & Services — 2.4%
Bio-Rad Laboratories, Inc., Class A *		172		82,392
Danaher Corp.		19,132		4,822,029
PerkinElmer, Inc.		1,932		257,458
Thermo Fisher Scientific, Inc.		12,659		7,296,268
				12,458,147
Machinery — 3.5%
AGCO Corp.		8,548		1,155,690
Cummins, Inc.		10,946		2,614,781
Dover Corp.		7,431		1,129,066
Fortive Corp.		7,311		498,391
Ingersoll Rand, Inc.		14,939		869,151
Oshkosh Corp.		984		81,849
Otis Worldwide Corp.		25,885		2,184,694
PACCAR, Inc.		34,507		2,525,912
Parker-Hannifin Corp.		7,084		2,381,003
Pentair PLC		20,400		1,127,508

	SHARES		VALUE†
Snap-On, Inc.		6,351	$	1,567,998
Stanley Black & Decker, Inc.		14,985		1,207,491
Westinghouse Air Brake Technologies Corp.		5,333		538,953
				17,882,487
Media — 2.9%
Comcast Corp., Class A		285,775		10,833,730
Fox Corp. Class A		24,883		847,266
Fox Corp. Class B		14,510		454,308
Interpublic Group of Cos., Inc. (The)		21,833		813,061
Liberty Broadband Corp., Class C *		3,887		317,568
Liberty Media Corp.-Liberty Siriusxm, Class A *		4,389		123,287
Liberty Media Corp.-Liberty Siriusxm, Class C *		8,778		245,696
News Corp., Class A		8,320		143,687
News Corp., Class B		1,734		30,224
Paramount Global, Class A		900		23,256
Paramount Global, Class B		44,427		991,166
				14,823,249
Metals & Mining — 3.8%
Alcoa Corp.		2,284		97,207
Arconic Corp. *		1,634		42,860
Cleveland-Cliffs, Inc. *		9,779		179,249
Freeport-McMoRan, Inc.		106,539		4,358,510
Newmont Corp.		47,892		2,347,666
Nucor Corp.		41,998		6,487,431
Reliance Steel & Aluminum Co.		9,348		2,400,006
Royal Gold, Inc.		725		94,040
Steel Dynamics, Inc.		33,820		3,823,689
				19,830,658
Oil, Gas & Consumable Fuels — 13.8%
Chevron Corp.		97,929		15,978,096
ConocoPhillips		100,952		10,015,448
Coterra Energy, Inc.		14,312		351,216
Devon Energy Corp.		13,044		660,157
Diamondback Energy, Inc.		4,617		624,080
EOG Resources, Inc.		23,992		2,750,203
Exxon Mobil Corp.		222,398		24,388,165
HF Sinclair Corp.		471		22,787
Kinder Morgan, Inc.		54,102		947,326
Marathon Oil Corp.		18,183		435,665
Marathon Petroleum Corp.		30,104		4,058,922
Occidental Petroleum Corp.		34,021		2,123,931
ONEOK, Inc.		4,035		256,384
Phillips 66		15,495		1,570,883
Pioneer Natural Resources Co.		10,352		2,114,292
Valero Energy Corp.		19,826		2,767,709
Vitesse Energy, Inc.		823		15,662
Williams Cos., Inc. (The)		70,657		2,109,818
				71,190,744
Passenger Airlines — 0.2%
Alaska Air Group, Inc. *		964		40,449
JetBlue Airways Corp. *		716		5,212
Southwest Airlines Co.		27,340		889,644
				935,305
Personal Products — 0.0%
BellRing Brands, Inc. *		1,233		41,922
Pharmaceuticals — 4.0%
Bristol-Myers Squibb Co.		73,422		5,088,879
Jazz Pharmaceuticals PLC *		4,730		692,141
Merck & Co., Inc.		3,603		383,323

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

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Pharmaceuticals (Continued)
Pfizer, Inc.		340,714	$	13,901,131
Viatris, Inc.		69,023		664,001
				20,729,475
Professional Services — 0.6%
Concentrix Corp.		1,605		195,088
Jacobs Solutions, Inc.		6,136		721,041
Leidos Holdings, Inc.		16,200		1,491,372
Manpowergroup, Inc.		632		52,159
SS&C Technologies Holdings, Inc.		7,467		421,662
				2,881,322
Real Estate Management & Development — 0.4%
CBRE Group, Inc., Class A *		19,100		1,390,671
Jones Lang LaSalle, Inc. *		4,753		691,514
				2,082,185
Semiconductors & Semiconductor Equipment — 3.5%
Advanced Micro Devices, Inc. *		6,017		589,726
Analog Devices, Inc.		11,639		2,295,444
Intel Corp.		250,177		8,173,283
Marvell Technology, Inc.		18,929		819,626
Micron Technology, Inc.		75,683		4,566,712
Qorvo, Inc. *		11,125		1,129,966
Skyworks Solutions, Inc.		4,292		506,370
				18,081,127
Software — 0.4%
Gen Digital, Inc.		3,129		53,694
Roper Technologies, Inc.		366		161,292
Salesforce, Inc. *		8,903		1,778,641
				1,993,627
Specialty Retail — 0.2%
Advance Auto Parts, Inc.		4,932		599,781
Carmax, Inc. *		8,119		521,889
Lithia Motors, Inc.		400		91,572
				1,213,242
Textiles, Apparel & Luxury Goods — 0.1%
Ralph Lauren Corp.		1,676		195,539
Tapestry, Inc.		6,979		300,865
				496,404
Trading Companies & Distributors — 0.4%
United Rentals, Inc.		5,460		2,160,850
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. *		29,534		4,277,705
TOTAL COMMON STOCKS (Identified Cost $321,297,496)				515,265,832
SHORT-TERM INVESTMENTS — 0.2%
Investment Company — 0.2%
State Street Institutional U.S. Government Money Market Fund 4.450%		842,966		842,966
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $842,966)				842,966

	VALUE†
Total Investments — 100.0% (Identified Cost $322,140,462)	$	516,108,798
Cash and Other Assets, Less Liabilities — 0.0%		252,625
Net Assets — 100.0%	$	516,361,423

† See Note 1

* Non-income producing security

@ A portion or all of the security was held on loan. As of March 31, 2023, the fair value of the securities on loan was $401,305.

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

Portfolio Sectors as of March 31, 2023

(As a percentage of long-term investments) (Unaudited)

Sector	Percentage
Financials		19.9	%
Health Care		15.2	%
Energy		14.2	%
Industrials		12.0	%
Communication Services		10.6	%
Materials		8.6	%
Information Technology		7.8	%
Consumer Staples		6.3	%
Consumer Discretionary		5.1	%
Utilities		0.3	%
		100.0	%

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

	SHARES		VALUE†
COMMON STOCKS — 96.1%
Aerospace & Defense — 1.7%
Aerojet Rocketdyne Holdings, Inc. *		897	$	50,384
Axon Enterprise, Inc. *		500		112,425
Boeing Co. (The) *		8,201		1,742,138
BWX Technologies, Inc.		2,913		183,636
Curtiss-Wright Corp.		847		149,292
General Dynamics Corp.		3,788		864,459
HEICO Corp.		574		98,177
HEICO Corp., Class A		625		84,937
Hexcel Corp.		778		53,099
Howmet Aerospace, Inc.		1,946		82,452
Huntington Ingalls Industries, Inc.		827		171,206
L3Harris Technologies, Inc.		2,258		443,110
Lockheed Martin Corp.		6,309		2,982,454
Northrop Grumman Corp.		2,432		1,122,903
Parsons Corp. *		540		24,160
Raytheon Technologies Corp.		14,657		1,435,360
Textron, Inc.		2,582		182,367
TransDigm Group, Inc.		928		683,982
Woodward, Inc.		1,151		112,073
				10,578,614
Air Freight & Logistics — 0.8%
CH Robinson Worldwide, Inc.		2,800		278,236
Expeditors International of Washington, Inc.		3,525		388,173
FedEx Corp.		4,796		1,095,838
GXO Logistics, Inc. *		1,934		97,590
United Parcel Service, Inc., Class B		14,911		2,892,585
				4,752,422
Automobile Components — 0.2%
Adient PLC *		1,020		41,779
Aptiv PLC *		2,924		328,044
Autoliv, Inc.		1,465		136,772
BorgWarner, Inc.		3,685		180,970
Fox Factory Holding Corp. *		500		60,685
Gentex Corp.		4,249		119,099
Goodyear Tire & Rubber Co. (The) *		3,778		41,634
Lear Corp.		957		133,492
Visteon Corp. *		294		46,108
				1,088,583
Automobiles — 1.2%
Ford Motor Co.		38,192		481,219
General Motors Co.		9,249		339,253
Harley-Davidson, Inc.		974		36,983
Tesla, Inc. *		31,938		6,625,857
Thor Industries, Inc. @		1,179		93,896
				7,577,208
Beverages — 2.0%
Boston Beer Co., Inc. (The), Class A *@		197		64,754
Brown-Forman Corp., Class A		1,202		78,358
Brown-Forman Corp., Class B		5,458		350,786
Celsius Holdings, Inc. *		396		36,804
Coca-Cola Co. (The)		74,205		4,602,936
Coca-Cola Consolidated, Inc.		132		70,631
Constellation Brands, Inc., Class A		1,757		396,889
Keurig Dr Pepper, Inc.		3,375		119,070
Molson Coors Beverage Co., Class B		1,400		72,352
Monster Beverage Corp. *		9,422		508,882
National Beverage Corp. *		881		46,446
PepsiCo, Inc.		32,018		5,836,882
				12,184,790
Biotechnology — 2.7%
AbbVie, Inc.		37,978		6,052,554

	SHARES		VALUE†
Alkermes PLC *		1,447	$	40,791
Alnylam Pharmaceuticals, Inc. *		1,198		239,983
Amgen, Inc.		12,097		2,924,450
Biogen, Inc. *		2,404		668,384
BioMarin Pharmaceutical, Inc. *		1,169		113,673
CRISPR Therapeutics AG *@		655		29,626
Exact Sciences Corp. *		1,421		96,358
Exelixis, Inc. *		3,578		69,449
Gilead Sciences, Inc.		23,535		1,952,699
Halozyme Therapeutics, Inc. *		3,014		115,105
Horizon Therapeutics PLC *		1,910		208,457
Incyte Corp. *		894		64,609
Ionis Pharmaceuticals, Inc. *		914		32,666
Karuna Therapeutics, Inc. *		193		35,056
Moderna, Inc. *		6,737		1,034,668
Neurocrine Biosciences, Inc. *		608		61,542
Regeneron Pharmaceuticals, Inc. *		1,543		1,267,837
Sarepta Therapeutics, Inc. *		702		96,757
Seagen, Inc. *		1,042		210,974
United Therapeutics Corp. *		835		187,007
Vertex Pharmaceuticals, Inc. *		2,966		934,498
				16,437,143
Broadline Retail — 2.8%
Amazon.com, Inc. *		156,162		16,129,973
Dillard’s, Inc., Class A		100		30,768
eBay, Inc.		9,533		422,979
Etsy, Inc. *		2,334		259,844
Kohl’s Corp.		1,272		29,943
Macy’s, Inc.		4,200		73,458
Ollie’s Bargain Outlet Holdings, Inc. *		691		40,037
				16,987,002
Building Products — 0.6%
A.O. Smith Corp.		2,378		164,439
Advanced Drainage Systems, Inc. @		200		16,842
Allegion PLC		2,971		317,095
Armstrong World Industries, Inc.		1,390		99,023
Builders FirstSource, Inc. *		2,521		223,814
Carlisle Cos., Inc.		1,113		251,616
Carrier Global Corp.		15,513		709,720
Fortune Brands Innovations, Inc.		2,330		136,841
Johnson Controls International PLC		580		34,928
Lennox International, Inc.		835		209,819
Masco Corp.		4,275		212,553
Masterbrand, Inc. *		2,330		18,733
Owens Corning		2,802		268,431
Trane Technologies PLC		3,350		616,333
Trex Co., Inc. *		3,239		157,642
UFP Industries, Inc.		812		64,530
Zurn Elkay Water Solutions Corp.		1,200		25,632
				3,527,991
Capital Markets — 2.3%
Affiliated Managers Group, Inc.		600		85,452
Ameriprise Financial, Inc.		2,269		695,449
Ares Management Corp., Class A		1,606		134,005
Bank of New York Mellon Corp. (The)		4,707		213,886
BlackRock, Inc.		1,328		888,591
Blackstone, Inc.		6,683		587,035
Carlyle Group, Inc. (The)		1,219		37,862
Cboe Global Markets, Inc.		1,317		176,794
Charles Schwab Corp. (The)		14,444		756,577
CME Group, Inc.		2,477		474,395
Coinbase Global, Inc., Class A *		739		49,934
Evercore, Inc., Class A		400		46,152
FactSet Research Systems, Inc.		757		314,223

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Capital Markets (Continued)
Federated Hermes, Inc.		1,052	$	42,227
Franklin Resources, Inc.		2,732		73,600
Goldman Sachs Group, Inc. (The)		2,948		964,320
Hamilton Lane, Inc. Class A		723		53,488
Houlihan Lokey, Inc.		916		80,141
Interactive Brokers Group, Inc., Class A		962		79,423
Intercontinental Exchange, Inc.		4,781		498,610
Invesco Ltd.		2,611		42,820
Janus Henderson Group PLC		1,850		49,284
Jefferies Financial Group, Inc.		1,620		51,419
KKR & Co., Inc.		5,286		277,621
LPL Financial Holdings, Inc.		2,186		442,446
MarketAxess Holdings, Inc.		800		313,032
Moelis & Co., Class A		500		19,220
Moody’s Corp.		3,822		1,169,608
Morgan Stanley		18,298		1,606,564
Morningstar, Inc.		304		61,721
MSCI, Inc.		1,501		840,095
Nasdaq, Inc.		4,902		267,992
Northern Trust Corp.		2,859		251,964
Raymond James Financial, Inc.		3,195		297,998
Robinhood Markets, Inc., Class A *		1,886		18,313
S&P Global, Inc.		3,526		1,215,659
SEI Investments Co.		2,783		160,162
State Street Corp.		1,628		123,223
Stifel Financial Corp.		2,529		149,439
T. Rowe Price Group, Inc.		4,162		469,890
Tradeweb Markets, Inc., Class A		683		53,971
Virtu Financial, Inc., Class A		1,430		27,027
				14,161,632
Chemicals — 1.6%
Air Products & Chemicals, Inc.		3,414		980,535
Albemarle Corp.		956		211,314
Ashland, Inc.		970		99,629
Avient Corp.		700		28,812
Axalta Coating Systems Ltd. *		1,604		48,585
Balchem Corp.		630		79,682
Cabot Corp.		991		75,950
Celanese Corp.		1,968		214,295
CF Industries Holdings, Inc.		2,192		158,898
Chemours Co. (The)		2,570		76,946
Corteva, Inc.		5,428		327,363
Dow, Inc.		12,298		674,176
DuPont de Nemours, Inc.		2,632		188,899
Eastman Chemical Co.		1,476		124,486
Ecolab, Inc.		3,437		568,927
Element Solutions, Inc.		4,600		88,826
FMC Corp.		1,937		236,566
H.B. Fuller Co.		339		23,205
Huntsman Corp.		4,223		115,541
Ingevity Corp. *		764		54,641
International Flavors & Fragrances, Inc.		2,270		208,749
Linde PLC		4,857		1,726,372
Livent Corp. *@		1,666		36,186
LyondellBasell Industries NV, Class A		6,211		583,151
Mosaic Co. (The)		5,609		257,341
NewMarket Corp.		82		29,928
Olin Corp.		1,800		99,900

	SHARES		VALUE†
PPG Industries, Inc.		3,241	$	432,933
RPM International, Inc.		2,334		203,618
Sherwin Williams Co. (The)		5,981		1,344,349
Valvoline, Inc.		3,671		128,265
Westlake Corp.		439		50,915
				9,478,983
Commercial Banks — 2.1%
Ameris Bancorp		1,017		37,202
Associated Banc-Corp.		1,989		35,762
Bancfirst Corp.		426		35,401
Bank of America Corp.		66,036		1,888,630
Bank OZK		1,661		56,806
BOK Financial Corp.		300		25,323
Cadence Bank		3,669		76,168
Citigroup, Inc.		6,473		303,519
Citizens Financial Group, Inc.		454		13,788
Columbia Banking System, Inc.		1,668		35,729
Comerica, Inc.		1,832		79,545
Commerce Bancshares, Inc.		2,384		139,106
Community Bank System, Inc.		356		18,686
Cullen/Frost Bankers, Inc.		956		100,705
CVB Financial Corp.		1,624		27,088
East West Bancorp, Inc.		2,039		113,164
Eastern Bankshares, Inc.		1,906		24,054
Fifth Third Bancorp		7,840		208,858
First Citizens Bancshares, Inc., Class A		112		108,987
First Financial Bankshares, Inc.		3,094		98,699
First Hawaiian, Inc.		1,617		33,359
First Horizon Corp.		7,194		127,909
First Interstate Bancsystem, Inc., Class A		900		26,874
First Republic Bank @		1,441		20,160
FNB Corp.		5,930		68,788
Glacier Bancorp, Inc.		1,306		54,865
Hancock Whitney Corp.		1,078		39,239
Home Bancshares, Inc.		1,840		39,946
Huntington Bancshares, Inc.		7,352		82,342
Independent Bank Corp.		419		27,495
JPMorgan Chase & Co.		38,234		4,982,273
KeyCorp		7,104		88,942
M&T Bank Corp.		522		62,416
New York Community Bancorp, Inc.		6,032		54,529
Pinnacle Financial Partners, Inc.		1,009		55,656
PNC Financial Services Group, Inc. (The)		3,193		405,830
Popular, Inc.		1,880		107,931
Prosperity Bancshares, Inc.		1,026		63,120
Regions Financial Corp.		9,428		174,984
ServisFirst Bancshares, Inc.		589		32,177
South State Corp.		400		28,504
Synovus Financial Corp.		1,811		55,833
Texas Capital Bancshares, Inc. *		661		32,363
Truist Financial Corp.		7,663		261,308
UMB Financial Corp.		590		34,055
United Bankshares, Inc.		778		27,386
United Community Banks, Inc.		1,423		40,015
US Bancorp		19,610		706,940
Valley National Bancorp		5,897		54,488
Webster Financial Corp.		2,013		79,352
Wells Fargo & Co.		31,501		1,177,507
Western Alliance Bancorp		2,242		79,681
Wintrust Financial Corp.		600		43,770

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Commercial Banks (Continued)
Zions Bancorp NA		2,092	$	62,614
				12,659,871
Commercial Services & Supplies — 0.7%
ABM Industries, Inc.		426		19,144
Casella Waste Systems, Inc., Class A *		549		45,380
Cintas Corp.		1,987		919,345
Clean Harbors, Inc. *		770		109,771
Copart, Inc. *		7,064		531,284
Driven Brands Holdings, Inc. *		1,393		42,222
MSA Safety, Inc.		600		80,100
Republic Services, Inc.		4,657		629,720
Ritchie Bros Auctioneers, Inc.		1,602		90,177
Rollins, Inc.		4,629		173,726
Stericycle, Inc. *		1,544		67,334
Tetra Tech, Inc.		640		94,022
UniFirst Corp.		155		27,316
Waste Management, Inc.		9,583		1,563,658
				4,393,199
Communications Equipment — 0.8%
Arista Networks, Inc. *		2,688		451,208
Ciena Corp. *		2,569		134,924
Cisco Systems, Inc.		63,490		3,318,940
F5, Inc. *		769		112,035
Juniper Networks, Inc.		4,954		170,517
Lumentum Holdings, Inc. *		1,528		82,527
Motorola Solutions, Inc.		2,888		826,343
				5,096,494
Computers & Peripherals — 8.3%
Apple, Inc.		299,081		49,318,457
Dell Technologies, Inc., Class C		3,734		150,144
Hewlett Packard Enterprise Co.		9,599		152,912
HP, Inc.		17,328		508,577
NetApp, Inc.		4,285		273,597
Pure Storage, Inc., Class A *		2,027		51,709
Seagate Technology Holdings PLC		4,998		330,467
Super Micro Computer, Inc. *		218		23,228
Western Digital Corp. *		3,176		119,640
				50,928,731
Construction & Engineering — 0.2%
AECOM		1,355		114,253
API Group Corp. *		1,855		41,700
Comfort Systems USA, Inc.		533		77,797
EMCOR Group, Inc.		1,247		202,750
Fluor Corp. *		831		25,686
MasTec, Inc. *		1,400		132,216
MDU Resources Group, Inc.		3,960		120,701
Quanta Services, Inc.		2,550		424,932
Valmont Industries, Inc.		200		63,856
WillScot Mobile Mini Holdings Corp. *		1,927		90,338
				1,294,229
Construction Materials — 0.1%
Eagle Materials, Inc.		626		91,865
Martin Marietta Materials, Inc.		664		235,760
Summit Materials, Inc., Class A *		1,335		38,034
Vulcan Materials Co.		1,521		260,943
				626,602
Consumer Finance — 0.6%
Ally Financial, Inc.		3,311		84,398
American Express Co.		12,759		2,104,597
Capital One Financial Corp.		4,875		468,780

	SHARES		VALUE†
Credit Acceptance Corp. *@		184	$	80,231
Discover Financial Services		6,077		600,651
FirstCash Holdings, Inc.		1,032		98,422
Nelnet, Inc., Class A		414		38,043
OneMain Holdings, Inc.		677		25,103
SLM Corp.		2,583		32,003
Synchrony Financial		8,054		234,210
				3,766,438
Consumer Staples Distribution & Retail — 2.3%
Albertsons Cos., Inc. Class A		714		14,837
BJ’s Wholesale Club Holdings, Inc. *		2,341		178,080
Casey’s General Stores, Inc.		774		167,540
Costco Wholesale Corp.		8,735		4,340,160
Dollar General Corp.		5,246		1,104,073
Dollar Tree, Inc. *		2,846		408,543
Fresh Market, Inc. @*§		1,100		—
Kroger Co. (The)		17,571		867,480
Performance Food Group Co. *		1,336		80,614
Sprouts Farmers Market, Inc. *		1,478		51,774
Sysco Corp.		9,579		739,786
Target Corp.		11,532		1,910,045
US Foods Holding Corp. *		1,600		59,104
Walgreens Boots Alliance, Inc.		6,082		210,316
Walmart, Inc.		25,166		3,710,727
				13,843,079
Containers & Packaging — 0.4%
Amcor PLC		13,861		157,738
AptarGroup, Inc.		1,483		175,276
Avery Dennison Corp.		2,232		399,372
Ball Corp.		6,941		382,519
Berry Global Group, Inc.		3,918		230,770
Crown Holdings, Inc.		3,506		289,981
Graphic Packaging Holding Co.		6,877		175,295
Greif, Inc., Class A		641		40,620
Greif, Inc., Class B		320		24,486
International Paper Co.		4,336		156,356
O-I Glass, Inc. *		903		20,507
Packaging Corp. of America		1,552		215,464
Sealed Air Corp.		3,059		140,439
Silgan Holdings, Inc.		2,057		110,399
Sonoco Products Co.		1,933		117,913
WestRock Co.		2,401		73,159
				2,710,294
Distributors — 0.2%
Genuine Parts Co.		2,179		364,569
LKQ Corp.		4,303		244,238
Pool Corp.		1,026		351,343
				960,150
Diversified Consumer Services — 0.1%
ADT, Inc.		3,988		28,833
Bright Horizons Family Solutions, Inc. *		639		49,197
Grand Canyon Education, Inc. *		400		45,560
H&R Block, Inc.		2,885		101,696
Service Corp. International		4,767		327,874
				553,160
Diversified Telecommunication Services — 0.9%
AT&T, Inc.		66,590		1,281,858
Cogent Communications Holdings, Inc.		659		41,991
Frontier Communications Parent, Inc. *		1,656		37,707
Iridium Communications, Inc.		3,043		188,453
Lumen Technologies, Inc.		12,123		32,126

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Diversified Telecommunication Services (Continued)
Verizon Communications, Inc.		99,340	$	3,863,333
				5,445,468
Electric Utilities — 1.8%
Allete, Inc.		300		19,311
Alliant Energy Corp.		4,621		246,761
American Electric Power Co., Inc.		8,417		765,863
Avangrid, Inc.		1,433		57,148
Constellation Energy Corp.		5,321		417,698
Duke Energy Corp.		13,107		1,264,432
Edison International		6,635		468,365
Entergy Corp.		2,869		309,106
Evergy, Inc.		3,652		223,210
Eversource Energy		5,876		459,856
Exelon Corp.		15,965		668,774
FirstEnergy Corp.		8,176		327,531
Hawaiian Electric Industries, Inc.		2,245		86,208
IDACORP, Inc.		647		70,090
NextEra Energy, Inc.		36,253		2,794,381
NRG Energy, Inc.		5,256		180,228
OGE Energy Corp.		3,314		124,805
PG&E Corp. *		2,100		33,957
Pinnacle West Capital Corp.		1,978		156,737
PNM Resources, Inc.		2,100		102,228
Portland General Electric Co.		1,411		68,984
PPL Corp.		9,200		255,668
Southern Co. (The)		17,830		1,240,611
Xcel Energy, Inc.		9,222		621,932
				10,963,884
Electrical Equipment — 0.6%
Acuity Brands, Inc.		739		135,037
AMETEK, Inc.		3,933		571,583
Atkore, Inc. *		943		132,473
Eaton Corp. PLC		5,446		933,118
Emerson Electric Co.		6,519		568,066
EnerSys		564		49,000
Generac Holdings, Inc. *		967		104,446
Hubbell, Inc.		1,043		253,772
nVent Electric PLC		2,290		98,333
Plug Power, Inc. *@		670		7,852
Regal Rexnord Corp.		1,234		173,661
Rockwell Automation, Inc.		2,306		676,696
Sensata Technologies Holding PLC		2,621		131,102
Shoals Technologies Group, Inc., Class A *		2,112		48,132
Sunrun, Inc. *		1,483		29,882
				3,913,153
Electronic Equipment, Instruments & Components — 0.8%
Advanced Energy Industries, Inc.		112		10,976
Amphenol Corp., Class A		12,045		984,317
Arrow Electronics, Inc. *		830		103,642
Avnet, Inc.		944		42,669
Badger Meter, Inc.		331		40,322
CDW Corp.		2,939		572,782
Cognex Corp.		1,711		84,780
Coherent Corp. *@		900		34,272
Corning, Inc.		8,949		315,721
Fabrinet *		506		60,093
Flex Ltd. *		7,316		168,341

	SHARES		VALUE†
Insight Enterprises, Inc. *		300	$	42,888
IPG Photonics Corp. *		471		58,079
Jabil, Inc.		3,689		325,222
Keysight Technologies, Inc. *		3,226		520,935
Littelfuse, Inc.		380		101,874
National Instruments Corp.		1,428		74,841
Novanta, Inc. *		661		105,159
Sanmina Corp. *		431		26,287
TD SYNNEX Corp.		836		80,916
TE Connectivity Ltd.		3,575		468,861
Teledyne Technologies, Inc. *		573		256,337
Trimble, Inc. *		2,830		148,349
Vontier Corp.		3,024		82,676
Zebra Technologies Corp., Class A *		767		243,906
				4,954,245
Energy Equipment & Services — 0.3%
Baker Hughes Co.		3,464		99,971
ChampionX Corp.		3,461		93,897
Halliburton Co.		12,219		386,609
Helmerich & Payne, Inc.		805		28,779
NOV, Inc.		4,002		74,077
Patterson-UTI Energy, Inc.		2,191		25,635
Schlumberger Ltd.		12,666		621,900
TechnipFMC PLC *		4,963		67,745
Transocean Ltd. *		6,590		41,912
Weatherford International PLC *		977		57,985
				1,498,510
Entertainment — 0.9%
Activision Blizzard, Inc.		9,560		818,240
Electronic Arts, Inc.		2,838		341,837
Endeavor Group Holdings, Inc., Class A *@		1,972		47,190
Liberty Media Corp.-Liberty Formula One, Class A *		315		21,262
Liberty Media Corp.-Liberty Formula One, Class C *		1,723		128,932
Live Nation Entertainment, Inc. *		2,466		172,620
Madison Square Garden Sports Corp.		279		54,363
Netflix, Inc. *		4,747		1,639,993
ROBLOX Corp., Class A *		2,017		90,725
Spotify Technology SA *		572		76,431
Take-Two Interactive Software, Inc. *		2,052		244,804
Walt Disney Co. (The) *		18,097		1,812,053
Warner Bros Discovery, Inc. *		12,527		189,158
Warner Music Group Corp., Class A		1,467		48,954
World Wrestling Entertainment, Inc., Class A @		628		57,311
				5,743,873
Financial Services — 4.0%
Apollo Global Management, Inc.		5,734		362,159
Berkshire Hathaway, Inc., Class B *		16,199		5,001,765
Block, Inc., Class A *		2,826		194,005
Equitable Holdings, Inc.		7,584		192,558
Essent Group Ltd.		700		28,035
Euronet Worldwide, Inc. *		911		101,941
Fidelity National Information Services, Inc.		5,983		325,056
Fiserv, Inc. *		5,324		601,772
FleetCor Technologies, Inc. *		1,396		294,347
Global Payments, Inc.		3,120		328,349
Jack Henry & Associates, Inc.		1,300		195,936

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Financial Services (Continued)
Jackson Financial, Inc., Class A		863	$	32,285
MasterCard, Inc., Class A		21,634		7,862,012
MGIC Investment Corp.		4,400		59,048
PayPal Holdings, Inc. *		12,255		930,645
Rocket Cos, Inc.Class A *		3,544		32,109
Shift4 Payments, Inc., Class A *@		780		59,124
TFS Financial Corp.		1,093		13,804
Toast, Inc., Class A *		2,632		46,718
Visa, Inc., Class A		34,029		7,672,178
Voya Financial, Inc.		1,519		108,548
Western Union Co. (The)		6,874		76,645
WEX, Inc. *		663		121,919
				24,640,958
Food Products — 1.0%
Archer-Daniels-Midland Co.		4,142		329,952
Bunge Ltd.		1,401		133,824
Campbell Soup Co.		4,243		233,280
Conagra Brands, Inc.		3,575		134,277
Darling Ingredients, Inc. *		3,101		181,098
Flowers Foods, Inc.		3,652		100,101
General Mills, Inc.		8,511		727,350
Hershey Co. (The)		2,946		749,492
Hormel Foods Corp.		4,014		160,078
Hostess Brands, Inc. *		1,697		42,221
Ingredion, Inc.		1,590		161,751
J.M. Smucker Co. (The)		1,268		199,545
Kellogg Co.		5,208		348,728
Kraft Heinz Co. (The)		5,057		195,554
Lamb Weston Holdings, Inc.		4,603		481,106
Lancaster Colony Corp.		261		52,952
McCormick & Co., Inc.		405		33,453
McCormick & Co., Inc.		3,171		263,859
Mondelez International, Inc., Class A		11,759		819,837
Pilgrim’s Pride Corp. *		1,700		39,406
Post Holdings, Inc. *		1,501		134,895
Seaboard Corp.		11		41,470
Simply Good Foods Co. (The) *		1,063		42,276
Tyson Foods, Inc., Class A		5,064		300,396
				5,906,901
Gas Utilities — 0.1%
Atmos Energy Corp.		2,360		265,170
National Fuel Gas Co.		1,600		92,384
New Jersey Resources Corp.		954		50,753
ONE Gas, Inc.		249		19,728
Southwest Gas Holdings, Inc.		1,343		83,870
Spire, Inc.		549		38,507
UGI Corp.		2,799		97,293
				647,705
Ground Transportation — 1.3%
Avis Budget Group, Inc. *		673		131,100
CSX Corp.		47,289		1,415,833
Hertz Global Holdings, Inc. *@		1,191		19,401
JB Hunt Transport Services, Inc.		2,271		398,470
Knight-Swift Transportation Holdings, Inc.		2,249		127,248
Landstar System, Inc.		1,073		192,346
Norfolk Southern Corp.		4,620		979,440
Old Dominion Freight Line, Inc.		1,937		660,207
Saia, Inc. *		200		54,416
Schneider National, Inc., Class B		1,939		51,868
U-Haul Holding Co.		1,368		70,931
U-Haul Holding Co. @		152		9,067

	SHARES		VALUE†
Uber Technologies, Inc. *		9,836	$	311,801
Union Pacific Corp.		15,597		3,139,052
XPO Logistics, Inc. *		1,934		61,695
				7,622,875
Health Care Equipment & Supplies — 1.8%
Abbott Laboratories		19,151		1,939,230
Align Technology, Inc. *		833		278,339
Baxter International, Inc.		7,728		313,448
Becton Dickinson & Co.		2,001		495,328
Boston Scientific Corp. *		10,979		549,279
Cooper Cos., Inc. (The)		521		194,521
Dentsply Sirona, Inc.		1,213		47,647
DexCom, Inc. *		3,789		440,206
Edwards Lifesciences Corp. *		8,835		730,920
Enovis Corp. *		715		38,245
Envista Holdings Corp. *		2,222		90,835
GE HealthCare Technologies, Inc. *		909		74,565
Globus Medical, Inc., Class A *		1,500		84,960
Haemonetics Corp. *		657		54,367
Hologic, Inc. *		4,636		374,125
Idexx Laboratories, Inc. *		2,000		1,000,160
Inspire Medical Systems, Inc. *		157		36,749
Insulet Corp. *		740		236,030
Integra LifeSciences Holdings Corp. *		1,168		67,055
Intuitive Surgical, Inc. *		1,973		504,042
Lantheus Holdings, Inc. *		601		49,619
Masimo Corp. *		608		112,200
Medtronic PLC		9,595		773,549
Merit Medical Systems, Inc. *		769		56,868
Novocure Ltd. *		300		18,042
Penumbra, Inc. *		389		108,410
ResMed, Inc.		2,579		564,775
Shockwave Medical, Inc. *		212		45,968
STERIS plc		889		170,048
Stryker Corp.		4,501		1,284,900
Teleflex, Inc.		364		92,205
Zimmer Biomet Holdings, Inc.		1,186		153,231
				10,979,866
Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc. *		1,169		84,460
agilon health, Inc. *@		1,131		26,861
AmerisourceBergen Corp.		2,652		424,612
AMN Healthcare Services, Inc. *		799		66,285
Cardinal Health, Inc.		3,943		297,696
Centene Corp. *		4,920		310,993
Chemed Corp.		339		182,297
CIGNA Corp.		4,734		1,209,679
Contra Abiomed, Inc. *§		350		268
Corvel Corp. *		200		38,056
CVS Health Corp.		14,844		1,103,058
DaVita, Inc. *		2,100		170,331
Elevance Health, Inc.		3,525		1,620,830
Encompass Health Corp.		2,141		115,828
Ensign Group, Inc. (The)		687		65,636
HCA Healthcare, Inc.		3,366		887,547
HealthEquity, Inc. *		331		19,433
Henry Schein, Inc. *		3,048		248,534
Humana, Inc.		2,029		984,998
Laboratory Corp. of America Holdings		1,685		386,573
McKesson Corp.		2,992		1,065,302
Molina Healthcare, Inc. *		1,058		283,004
Option Care Health, Inc. *		1,563		49,657
Premier, Inc., Class A		1,383		44,768
Quest Diagnostics, Inc.		2,094		296,259

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Health Care Providers & Services (Continued)
Select Medical Holdings Corp.		1,423	$	36,785
Tenet Healthcare Corp. *		1,281		76,117
UnitedHealth Group, Inc.		15,685		7,412,574
Universal Health Services, Inc., Class B		1,473		187,218
				17,695,659
Health Care Technology — 0.1%
Teladoc Health, Inc. *		1,855		48,044
Veeva Systems, Inc., Class A *		1,334		245,176
				293,220
Hotels, Restaurants & Leisure — 2.1%
Aramark		2,445		87,531
Booking Holdings, Inc. *		578		1,533,093
Boyd Gaming Corp.		1,142		73,225
Caesars Entertainment, Inc. *		2,407		117,486
Chipotle Mexican Grill, Inc. *		423		722,607
Choice Hotels International, Inc. @		1,000		117,190
Churchill Downs, Inc.		524		134,694
Darden Restaurants, Inc.		2,002		310,630
Domino’s Pizza, Inc.		716		236,187
DraftKings, Inc. Class A *		2,512		48,632
Expedia Group, Inc. *		2,025		196,486
Hilton Grand Vacations, Inc. *		500		22,215
Hilton Worldwide Holdings, Inc.		3,388		477,267
Hyatt Hotels Corp., Class A *		300		33,537
Las Vegas Sands Corp. *		3,185		182,978
Marriott International, Inc., Class A		5,910		981,296
Marriott Vacations Worldwide Corp.		750		101,145
McDonald’s Corp.		12,813		3,582,643
MGM Resorts International		3,426		152,183
Penn Entertainment, Inc. *@		1,589		47,130
Planet Fitness, Inc. Class A *		1,127		87,534
Royal Caribbean Cruises Ltd. *		2,550		166,515
SeaWorld Entertainment, Inc. *		920		56,405
Starbucks Corp.		19,320		2,011,792
Texas Roadhouse, Inc.		1,257		135,831
Travel + Leisure Co.		493		19,326
Vail Resorts, Inc.		666		155,631
Wendy’s Co. (The)		5,687		123,863
Wingstop, Inc.		324		59,480
Wyndham Hotels & Resorts, Inc.		1,765		119,755
Wynn Resorts Ltd. *		738		82,590
Yum! Brands, Inc.		5,152		680,476
				12,857,353
Household Durables — 0.4%
DR Horton, Inc.		5,753		562,011
Garmin Ltd.		2,071		209,005
Leggett & Platt, Inc.		3,378		107,691
Lennar Corp., B Shares		72		6,430
Lennar Corp., Class A		3,122		328,153
Mohawk Industries, Inc. *		600		60,132
Newell Brands, Inc.		1,165		14,493
NVR, Inc. *		68		378,909
PulteGroup, Inc.		4,404		256,665
Skyline Champion Corp. *		370		27,835
Taylor Morrison Home Corp. *		1,243		47,557
Tempur Sealy International, Inc.		3,440		135,846
Toll Brothers, Inc.		1,650		99,049

	SHARES		VALUE†
TopBuild Corp. *		500	$	104,070
Whirlpool Corp.		1,555		205,291
				2,543,137
Household Products — 1.5%
Church & Dwight Co., Inc.		4,542		401,558
Clorox Co. (The)		2,311		365,693
Colgate-Palmolive Co.		15,714		1,180,907
Kimberly-Clark Corp.		4,641		622,915
Procter & Gamble Co. (The)		45,612		6,782,048
Reynolds Consumer Products, Inc.		878		24,145
				9,377,266
Independent Power Producers & Energy Traders — 0.1%
AES Corp. (The)		11,000		264,880
Atlantica Sustainable Infrastructure PLC		700		20,692
Clearway Energy, Inc., Class A		1,270		38,138
Clearway Energy, Inc., Class C		2,400		75,192
Ormat Technologies, Inc.		741		62,815
Vistra Corp.		3,161		75,864
				537,581
Industrial Conglomerates — 0.7%
3M Co.		13,151		1,382,302
General Electric Co.		2,729		260,892
Honeywell International, Inc.		12,821		2,450,350
				4,093,544
Insurance — 1.9%
Aflac, Inc.		7,013		452,479
Allstate Corp. (The)		2,925		324,119
American Equity Investment Life Holding Co.		788		28,754
American Financial Group, Inc.		747		90,760
American International Group, Inc.		12,909		650,097
Aon PLC, Class A		4,411		1,390,744
Arch Capital Group Ltd. *		3,373		228,926
Arthur J. Gallagher & Co.		2,175		416,099
Assurant, Inc.		793		95,216
Assured Guaranty Ltd.		900		45,243
Axis Capital Holdings Ltd.		1,300		70,876
Brighthouse Financial, Inc. *		1,547		68,238
Brown & Brown, Inc.		4,399		252,591
Chubb Ltd.		3,276		636,134
Cincinnati Financial Corp.		1,150		128,892
CNA Financial Corp.		943		36,805
Enstar Group Ltd. *		300		69,537
Erie Indemnity Co., Class A		516		119,537
Everest Re Group Ltd.		191		68,382
F&G Annuities & Life, Inc.		306		5,545
Fidelity National Financial, Inc.		4,510		157,534
First American Financial Corp.		2,024		112,656
Globe Life, Inc.		1,141		125,533
Hanover Insurance Group, Inc. (The)		696		89,436
Hartford Financial Services Group, Inc. (The)		4,796		334,233
Kemper Corp.		723		39,519
Kinsale Capital Group, Inc.		257		77,139
Lincoln National Corp.		2,031		45,637
Loews Corp.		1,471		85,347
Markel Corp. *		100		127,741
Marsh & McLennan Cos., Inc.		9,000		1,498,950
MetLife, Inc.		4,850		281,009

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Insurance (Continued)
Old Republic International Corp.		2,863	$	71,489
Primerica, Inc.		919		158,289
Principal Financial Group, Inc.		2,619		194,644
Progressive Corp. (The)		6,873		983,251
Prudential Financial, Inc.		3,537		292,651
Reinsurance Group of America, Inc.		777		103,155
RenaissanceRe Holdings Ltd.		783		156,866
RLI Corp.		700		93,037
Selective Insurance Group, Inc.		829		79,029
Travelers Companies, Inc. (The)		5,274		904,016
Unum Group		1,700		67,252
W. R. Berkley Corp.		2,655		165,300
White Mountains Insurance Group Ltd.		33		45,457
Willis Towers Watson PLC		1,050		243,999
				11,712,143
Interactive Media & Services — 4.6%
Alphabet, Inc., Class A *		91,160		9,456,027
Alphabet, Inc., Class C *		89,820		9,341,280
Bumble, Inc., Class A *		861		16,832
Match Group, Inc. *		3,467		133,098
Meta Platforms, Inc., Class A *		40,998		8,689,116
Pinterest, Inc., Class A *		810		22,089
Snap, Inc., Class A *		3,870		43,383
Ziff Davis, Inc. *		1,013		79,065
ZoomInfo Technologies, Inc. *		878		21,695
				27,802,585
IT Services — 1.5%
Accenture PLC, Class A		12,877		3,680,375
Akamai Technologies, Inc. *		2,286		178,994
Amdocs Ltd.		2,698		259,089
Cloudflare, Inc., Class A *		1,142		70,416
Cognizant Technology Solutions Corp., Class A		8,574		522,414
DXC Technology Co. *		2,810		71,823
EPAM Systems, Inc. *		781		233,519
Gartner, Inc. *		1,713		558,044
Globant SA *		394		64,620
GoDaddy, Inc., Class A *		2,137		166,088
International Business Machines Corp.		20,148		2,641,201
MongoDB, Inc. *		284		66,206
Okta, Inc. *		1,243		107,196
Snowflake, Inc., Class A *		1,051		162,159
Squarespace, Inc. *		1,804		57,313
Twilio, Inc., Class A *		1,065		70,961
VeriSign, Inc. *		1,702		359,684
				9,270,102
Leisure Equipment & Products — 0.1%
Acushnet Holdings Corp.		993		50,583
Brunswick Corp.		1,810		148,420
Hasbro, Inc.		2,087		112,051
Mattel, Inc. *		6,862		126,330
Polaris, Inc.		1,034		114,392
Topgolf Callaway Brands Corp. *		3,115		67,346
YETI Holdings, Inc. *		1,220		48,800
				667,922
Life Sciences Tools & Services — 1.5%
Agilent Technologies, Inc.		3,928		543,400
Avantor, Inc. *		4,257		89,993
Bio-Rad Laboratories, Inc., Class A *		223		106,821
Bio-Techne Corp.		1,892		140,368
Bruker Corp.		2,044		161,149

	SHARES		VALUE†
Charles River Laboratories International, Inc. *		640	$	129,165
Danaher Corp.		6,554		1,651,870
Illumina, Inc. *		1,577		366,731
IQVIA Holdings, Inc. *		2,790		554,903
Maravai LifeSciences Holdings, Inc., Class A *		2,496		34,969
Medpace Holdings, Inc. *		500		94,025
Mettler-Toledo International, Inc. *		519		794,179
PerkinElmer, Inc.		1,653		220,279
Repligen Corp. *		355		59,768
Syneos Health, Inc. *		927		33,020
Thermo Fisher Scientific, Inc.		5,401		3,112,974
Waters Corp. *		1,391		430,695
West Pharmaceutical Services, Inc.		1,211		419,575
				8,943,884
Machinery — 2.4%
AGCO Corp.		1,297		175,354
Albany International Corp., Class A		588		52,544
Allison Transmission Holdings, Inc.		1,376		62,250
Caterpillar, Inc.		12,202		2,792,306
Chart Industries, Inc. *@		200		25,080
Crane Holdings Co.		1,115		126,553
Cummins, Inc.		2,675		639,004
Deere & Co.		6,523		2,693,216
Donaldson Co., Inc.		2,651		173,216
Dover Corp.		2,615		397,323
Esab Corp.		564		33,316
Evoqua Water Technologies Corp. *		1,408		70,006
Federal Signal Corp.		808		43,802
Flowserve Corp.		1,775		60,350
Fortive Corp.		3,548		241,867
Franklin Electric Co., Inc.		300		28,230
Graco, Inc.		3,370		246,044
IDEX Corp.		1,004		231,954
Illinois Tool Works, Inc.		6,946		1,691,004
Ingersoll Rand, Inc.		3,972		231,091
ITT, Inc.		1,797		155,081
John Bean Technologies Corp.		200		21,858
Lincoln Electric Holdings, Inc.		1,491		252,128
Middleby Corp. (The) *		1,043		152,914
Mueller Industries, Inc.		388		28,510
Nordson Corp.		848		188,477
Oshkosh Corp.		1,700		141,406
Otis Worldwide Corp.		5,642		476,185
PACCAR, Inc.		8,490		621,468
Parker-Hannifin Corp.		2,575		865,483
Pentair PLC		1,393		76,991
RBC Bearings, Inc. *		421		97,979
Snap-On, Inc.		1,046		258,247
Stanley Black & Decker, Inc.		1,936		156,003
Terex Corp.		417		20,174
Timken Co., (The)		1,542		126,012
Toro Co. (The)		2,683		298,242
Watts Water Technologies, Inc., Class A		400		67,328
Westinghouse Air Brake Technologies Corp.		1,144		115,613
Xylem, Inc.		2,293		240,077
				14,374,686
Marine Transportation — 0.0%
Kirby Corp. *		322		22,443
Media — 0.9%
Cable One, Inc.		101		70,902
Charter Communications, Inc., Class A *		2,672		955,534

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Media (Continued)
Comcast Corp., Class A		65,506	$	2,483,332
DISH Network Corp., Class A *		43		401
Fox Corp. Class A		3,686		125,508
Fox Corp. Class B		661		20,696
Interpublic Group of Cos., Inc. (The)		6,061		225,712
Liberty Broadband Corp., Class A *		315		25,868
Liberty Broadband Corp., Class C *		1,371		112,011
Liberty Media Corp.-Liberty Siriusxm, Class A *		1,263		35,478
Liberty Media Corp.-Liberty Siriusxm, Class C *		1,178		32,972
New York Times Co. (The), Class A		1,641		63,802
News Corp., Class A		3,913		67,578
News Corp., Class B		1,525		26,581
Nexstar Media Group, Inc. Class A		900		155,394
Omnicom Group, Inc.		4,831		455,757
Paramount Global, Class A		616		15,917
Paramount Global, Class B		1,143		25,500
Sirius XM Holdings, Inc. @		12,754		50,633
TEGNA, Inc.		2,624		44,372
Trade Desk, Inc. (The), Class A *		4,830		294,195
				5,288,143
Metals & Mining — 0.6%
Alcoa Corp.		2,296		97,718
ATI, Inc. *		1,233		48,654
Cleveland-Cliffs, Inc. *		6,698		122,774
Commercial Metals Co.		2,430		118,827
Freeport-McMoRan, Inc.		23,281		952,426
Hecla Mining Co.		4,267		27,010
MP Materials Corp. *		923		26,019
Newmont Corp.		7,854		385,003
Nucor Corp.		5,263		812,976
Reliance Steel & Aluminum Co.		1,403		360,206
Royal Gold, Inc.		1,115		144,627
Southern Copper Corp.		1,769		134,886
Steel Dynamics, Inc.		3,175		358,966
United States Steel Corp.		2,198		57,368
				3,647,460
Multi-Utilities — 0.7%
Ameren Corp.		3,328		287,506
Avista Corp.		929		39,436
Black Hills Corp.		1,300		82,030
Centerpoint Energy, Inc.		6,700		197,382
CMS Energy Corp.		5,199		319,115
Consolidated Edison, Inc.		5,063		484,377
Dominion Energy, Inc.		13,388		748,523
DTE Energy Co.		3,247		355,677
NiSource, Inc.		5,791		161,916
NorthWestern Corp.		683		39,518
Public Service Enterprise Group, Inc.		8,415		525,517
Sempra Energy		4,736		715,894
WEC Energy Group, Inc.		4,990		473,002
				4,429,893
Oil, Gas & Consumable Fuels — 3.7%
Antero Midstream Corp.		3,600		37,764
Antero Resources Corp. *		3,300		76,197
APA Corp.		5,617		202,549

	SHARES		VALUE†
Cheniere Energy, Inc.		4,227	$	666,175
Chesapeake Energy Corp.		1,889		143,640
Chevron Corp.		20,184		3,293,221
Chord Energy Corp.		466		62,724
Civitas Resources, Inc.		478		32,667
Comstock Resources, Inc. @		2,670		28,809
ConocoPhillips		20,640		2,047,694
Coterra Energy, Inc.		12,762		313,179
CVR Energy, Inc.		1,186		38,877
Denbury, Inc. *		911		79,831
Devon Energy Corp.		12,088		611,774
Diamondback Energy, Inc.		2,409		325,625
DT Midstream, Inc.		1,623		80,128
EnLink Midstream LLC *		3,400		36,856
EOG Resources, Inc.		9,574		1,097,468
EQT Corp.		3,800		121,258
Equitrans Midstream Corp.		2,500		14,450
Exxon Mobil Corp.		57,030		6,253,910
Hess Corp.		4,540		600,824
HF Sinclair Corp.		2,161		104,549
Kinder Morgan, Inc.		8,265		144,720
Kosmos Energy Ltd. *		5,250		39,060
Magnolia Oil & Gas Corp., Class A		1,900		41,572
Marathon Oil Corp.		8,798		210,800
Marathon Petroleum Corp.		7,521		1,014,056
Matador Resources Co.		1,362		64,899
Murphy Oil Corp.		1,330		49,183
New Fortress Energy, Inc. @		1,001		29,459
Occidental Petroleum Corp.		18,731		1,169,376
ONEOK, Inc.		6,698		425,591
Ovintiv, Inc.		3,582		129,239
PBF Energy, Inc., Class A		1,038		45,008
PDC Energy, Inc.		985		63,217
Peabody Energy Corp. *		1,941		49,690
Phillips 66		3,291		333,642
Pioneer Natural Resources Co.		3,510		716,882
Range Resources Corp.		3,129		82,825
SM Energy Co.		1,784		50,237
Southwestern Energy Co. *		16,772		83,860
Targa Resources Corp.		1,997		145,681
Texas Pacific Land Corp.		58		98,659
Valero Energy Corp.		6,425		896,930
Vitesse Energy, Inc.		190		3,616
Williams Cos., Inc. (The)		13,491		402,841
				22,561,212
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		1,880		101,915
Passenger Airlines — 0.1%
Alaska Air Group, Inc. *		2,503		105,026
American Airlines Group, Inc. *		10,481		154,595
Delta Air Lines, Inc. *		4,487		156,686
Southwest Airlines Co.		5,800		188,732
United Airlines Holdings, Inc. *		2,884		127,617
				732,656
Personal Products — 0.2%
BellRing Brands, Inc. *		2,728		92,752
Coty, Inc., Class A *		2,516		30,343
elf Beauty, Inc. *		574		47,269

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Personal Products (Continued)
Estee Lauder Companies, Inc. (The), Class A		4,869	$	1,200,014
				1,370,378
Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		35,866		2,485,873
Catalent, Inc. *		2,337		153,564
Elanco Animal Health, Inc. *		4,517		42,460
Eli Lilly & Co.		19,445		6,677,802
Jazz Pharmaceuticals PLC *		1,092		159,792
Johnson & Johnson		48,267		7,481,385
Merck & Co., Inc.		47,673		5,071,931
Organon & Co.		4,671		109,862
Perrigo Co. PLC		1,790		64,207
Pfizer, Inc.		79,600		3,247,680
Prestige Consumer Healthcare, Inc. *		400		25,052
Royalty Pharma PLC, Class A		2,744		98,866
Viatris, Inc.		10,369		99,750
Zoetis, Inc.		11,289		1,878,941
				27,597,165
Professional Services — 1.1%
Alight, Inc., Class A *		4,692		43,213
ASGN, Inc. *		677		55,968
Automatic Data Processing, Inc.		9,817		2,185,559
Booz Allen Hamilton Holding Corp.		3,549		328,957
Broadridge Financial Solutions, Inc.		2,485		364,226
CACI International, Inc., Class A *		539		159,695
Clarivate PLC *@		1,732		16,263
Concentrix Corp.		1,048		127,384
CoStar Group, Inc. *		2,890		198,977
Dun & Bradstreet Holdings, Inc.		2,459		28,869
Equifax, Inc.		1,711		347,059
ExlService Holdings, Inc. *		264		42,723
Exponent, Inc.		799		79,652
FTI Consulting, Inc. *		662		130,646
Genpact Ltd.		2,839		131,219
Insperity, Inc.		451		54,819
Jacobs Solutions, Inc.		195		22,914
KBR, Inc.		2,987		164,434
Leidos Holdings, Inc.		2,174		200,138
Manpowergroup, Inc.		1,325		109,352
Maximus, Inc.		1,464		115,217
Paychex, Inc.		5,938		680,435
Robert Half International, Inc.		2,642		212,866
Science Applications International Corp.		1,293		138,946
SS&C Technologies Holdings, Inc.		3,246		183,302
TransUnion		2,647		164,485
TriNet Group, Inc. *		865		69,728
Verisk Analytics, Inc.		3,116		597,836
				6,954,882
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A *		5,492		399,872
Howard Hughes Corp. (The) *		424		33,920
Jones Lang LaSalle, Inc. *		1,100		160,039
Zillow Group, Inc., Class A *		436		19,053
Zillow Group, Inc., Class C *		1,159		51,541
				664,425
Semiconductors & Semiconductor Equipment — 6.2%
Advanced Micro Devices, Inc. *		15,994		1,567,572
Allegro MicroSystems, Inc. *		1,167		56,004
Amkor Technology, Inc.		2,141		55,709
Analog Devices, Inc.		4,750		936,795

	SHARES		VALUE†
Applied Materials, Inc.		19,974	$	2,453,406
Axcelis Technologies, Inc. *		381		50,768
Broadcom, Inc.		8,068		5,175,945
Cirrus Logic, Inc. *		1,237		135,303
Diodes, Inc. *		541		50,183
Enphase Energy, Inc. *		1,883		395,957
Entegris, Inc.		2,634		216,014
First Solar, Inc. *		1,023		222,503
Intel Corp.		46,277		1,511,870
KLA Corp.		3,591		1,433,420
Lam Research Corp.		3,492		1,851,179
Lattice Semiconductor Corp. *		1,742		166,361
MACOM Technology Solutions Holdings, Inc. *		878		62,198
Marvell Technology, Inc.		6,428		278,332
Microchip Technology, Inc.		8,612		721,513
Micron Technology, Inc.		15,518		936,356
MKS Instruments, Inc.		1,054		93,406
Monolithic Power Systems, Inc.		581		290,814
NVIDIA Corp.		33,925		9,423,347
NXP Semiconductors NV		2,249		419,382
ON Semiconductor Corp. *		8,229		677,411
Onto Innovation, Inc. *		307		26,979
Power Integrations, Inc.		846		71,606
Qorvo, Inc. *		1,637		166,270
QUALCOMM, Inc.		25,043		3,194,986
Silicon Laboratories, Inc. *		600		105,054
Skyworks Solutions, Inc.		3,226		380,604
SolarEdge Technologies, Inc. *		455		138,297
Synaptics, Inc. *		445		49,462
Teradyne, Inc.		3,943		423,912
Texas Instruments, Inc.		21,009		3,907,884
Universal Display Corp.		786		121,932
Wolfspeed, Inc. *@		857		55,662
				37,824,396
Software — 8.2%
Adobe, Inc. *		9,085		3,501,086
Alarm.com Holdings, Inc. *		692		34,794
ANSYS, Inc. *		813		270,566
Aspen Technology, Inc. *		923		211,247
Atlassian Corp. Ltd. Class A *		1,245		213,107
Autodesk, Inc. *		2,329		484,805
Bentley Systems, Inc., Class B		2,343		100,726
Bill.com Holdings, Inc. *		791		64,182
Black Knight, Inc. *		2,102		120,991
Blackbaud, Inc. *		638		44,213
Box, Inc., Class A *		2,773		74,289
Cadence Design Systems, Inc. *		5,024		1,055,492
Ceridian HCM Holding, Inc. *		995		72,854
Crowdstrike Holdings, Inc., Class A *		825		113,239
Datadog, Inc., Class A *		1,407		102,233
DocuSign, Inc. *		1,359		79,230
Dolby Laboratories, Inc., Class A		938		80,124
DoubleVerify Holdings, Inc. *		540		16,281
Dropbox, Inc., Class A *		5,131		110,932
Dynatrace, Inc. *		1,205		50,971
Envestnet, Inc. *		580		34,029
Fair Isaac Corp. *		488		342,913
Fortinet, Inc. *		13,129		872,553
Gen Digital, Inc.		5,861		100,575
Guidewire Software, Inc. *		488		40,040
HubSpot, Inc. *		406		174,072
Intuit, Inc.		3,267		1,456,527
Manhattan Associates, Inc. *		2,113		327,198

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
COMMON STOCKS (Continued)
Software (Continued)
Microsoft Corp.		110,829	$	31,952,001
NCR Corp. *		1,779		41,967
Oracle Corp.		26,244		2,438,592
Palantir Technologies, Inc., Class A *		13,943		117,818
Palo Alto Networks, Inc. *		2,385		476,380
Paycom Software, Inc. *		888		269,961
Paylocity Holding Corp. *		668		132,785
Procore Technologies, Inc. *		362		22,672
PTC, Inc. *		1,031		132,205
Qualys, Inc. *		503		65,400
Roper Technologies, Inc.		1,156		509,438
Salesforce, Inc. *		7,199		1,438,216
SentinelOne, Inc., Class A *		2,184		35,730
ServiceNow, Inc. *		1,610		748,199
Splunk, Inc. *		1,045		100,195
SPS Commerce, Inc. *		393		59,854
Synopsys, Inc. *		1,737		670,916
Teradata Corp. *		1,256		50,592
Tyler Technologies, Inc. *		424		150,367
VMware, Inc., Class A *		2,695		336,471
Workday, Inc., Class A *		981		202,616
Zoom Video Communications, Inc., Class A *		832		61,435
Zscaler, Inc. *		705		82,365
				50,245,444
Specialty Retail — 2.7%
Academy Sports & Outdoors, Inc.		1,110		72,428
Advance Auto Parts, Inc.		1,238		150,553
AutoNation, Inc. *		961		129,120
AutoZone, Inc. *		433		1,064,379
Bath & Body Works, Inc.		2,883		105,460
Best Buy Co., Inc.		6,478		507,033
Burlington Stores, Inc. *		571		115,399
Carmax, Inc. *		2,905		186,733
Chewy, Inc., Class A *@		1,146		42,838
Dick’s Sporting Goods, Inc.		1,695		240,504
Five Below, Inc. *		1,000		205,970
Floor & Decor Holdings, Inc., Class A *@		701		68,852
Foot Locker, Inc.		1,017		40,365
GameStop Corp., Class A *@		1,519		34,967
Group 1 Automotive, Inc.		214		48,454
Home Depot, Inc. (The)		16,895		4,986,052
Lithia Motors, Inc.		199		45,557
Lowe’s Cos., Inc.		11,397		2,279,058
Murphy USA, Inc.		810		209,021
National Vision Holdings, Inc. *		963		18,143
O’Reilly Automotive, Inc. *		1,311		1,113,013
Penske Automotive Group, Inc.		658		93,311
RH *		330		80,372
Ross Stores, Inc.		6,470		686,661
Signet Jewelers Ltd.		531		41,301
TJX Cos., Inc. (The)		27,206		2,131,862
Tractor Supply Co.		2,732		642,129
Ulta Beauty, Inc. *		984		536,939
Victoria’s Secret & Co. *		1,067		36,438
Williams-Sonoma, Inc.		2,400		291,984
				16,204,896

	SHARES		VALUE†
Textiles, Apparel & Luxury Goods — 0.8%
Capri Holdings Ltd. *		1,085	$	50,995
Carter’s, Inc.		388		27,905
Columbia Sportswear Co.		858		77,426
Crocs, Inc. *		1,415		178,913
Deckers Outdoor Corp. *		473		212,637
Levi Strauss & Co., Class A		2,933		53,469
Lululemon Athletica, Inc. *		2,254		820,884
NIKE, Inc., Class B		23,472		2,878,606
PVH Corp.		760		67,762
Ralph Lauren Corp.		1,100		128,337
Skechers U.S.A., Inc., Class A *		1,800		85,536
Tapestry, Inc.		5,352		230,725
Under Armour, Inc., Class A *		2,760		26,192
Under Armour, Inc., Class C *		2,884		24,600
VF Corp.		5,509		126,211
				4,990,198
Tobacco — 0.5%
Altria Group, Inc.		27,551		1,229,326
Philip Morris International, Inc.		21,397		2,080,858
				3,310,184
Trading Companies & Distributors — 0.5%
Air Lease Corp.		1,296		51,023
Applied Industrial Technologies, Inc.		374		53,157
Beacon Roofing Supply, Inc. *		1,400		82,390
Core & Main, Inc., Class A *		1,729		39,940
Fastenal Co.		12,697		684,876
GATX Corp.		410		45,108
Herc Holdings, Inc.		387		44,079
MSC Industrial Direct Co., Inc., Class A		1,100		92,400
SiteOne Landscape Supply, Inc. *		654		89,513
Triton International Ltd.		400		25,288
United Rentals, Inc.		2,064		816,849
Univar Solutions, Inc. *		2,156		75,525
Watsco, Inc. @		474		150,808
WESCO International, Inc.		596		92,106
WW Grainger, Inc.		1,097		755,624
				3,098,686
Water Utilities — 0.1%
American States Water Co.		626		55,645
American Water Works Co., Inc.		3,475		509,053
California Water Service Group		380		22,116
Essential Utilities, Inc.		3,662		159,846
				746,660
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc. *		8,733		1,264,888
TOTAL COMMON STOCKS (Identified Cost $136,982,055)				587,149,059
MUTUAL FUNDS — 3.7%
Others — 3.7%
DFA U.S. Micro Cap Portfolio		973,157		22,830,269
TOTAL MUTUAL FUNDS (Identified Cost $11,122,293)				22,830,269
SHORT-TERM INVESTMENTS — 0.2%
Investment Company — 0.2%
State Street Institutional U.S. Government Money Market Fund 4.450%		1,213,971		1,213,971

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

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

	SHARES		VALUE†
SHORT-TERM INVESTMENTS (Continued)
Collateral For Securities On Loan — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 4.770%	$	251,148	$	251,148
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $1,465,119)				1,465,119
Total Investments — 100.0% (Identified Cost $149,569,467)				611,444,447
Liabilities, Less Cash and Other Assets — 0.0%				(201,137	)
Net Assets — 100.0%			$	611,243,310

† See Note 1

* Non-income producing security

@ A portion or all of the security was held on loan. As of March 31, 2023, the fair value of the securities on loan was $1,201,755.

§ 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

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

Portfolio Sectors as of March 31, 2023

(As a percentage of long-term investments) (Unaudited)

Sector	Percentage
Information Technology		29.5	%
Health Care		13.4	%
Financials		12.0	%
Consumer Discretionary		11.1	%
Industrials		10.1	%
Communication Services		7.5	%
Consumer Staples		7.0	%
Energy		3.9	%
Utilities		2.8	%
Materials		2.7	%
		100.0	%

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

		FACE AMOUNT		VALUE†
BONDS AND NOTES — 99.4%
Australia — 5.8%
Australia & New Zealand Banking Group Ltd., 4.050%, 5/12/25	AUD		1,000,000	$	667,273
Australia & New Zealand Banking Group Ltd., (3-mo. Swap + 0.920%), 4.285%, 11/04/25 ‡	AUD		1,500,000		1,007,792
Commonwealth Bank of Australia, 1.125%, 6/15/26 ±	USD		3,583,000		3,208,316
Commonwealth Bank of Australia, 4.200%, 8/18/25	AUD		1,700,000		1,137,993
Commonwealth Bank of Australia, (3-mo. Swap + 0.900%), 4.214%, 1/13/26 ‡	AUD		1,000,000		671,177
Commonwealth Bank of Australia, (3-mo. Swap + 0.800%), 4.275%, 8/18/25 ‡	AUD		1,500,000		1,005,134
Commonwealth Bank of Australia, (3-mo. Swap + 1.150%), 4.464%, 1/13/28 ‡	AUD		1,000,000		673,814
National Australia Bank Ltd., 0.250%, 5/20/24	EUR		2,076,000		2,167,180
National Australia Bank Ltd., 2.900%, 2/25/27	AUD		1,000,000		633,622
National Australia Bank Ltd., 3.900%, 5/30/25	AUD		2,400,000		1,596,065
National Australia Bank Ltd., (3-mo. Swap + 0.920%), 4.470%, 11/25/25 ‡	AUD		1,000,000		671,972
New South Wales Treasury Corp., 4.000%, 5/20/26	AUD		3,900,000		2,654,816
Queensland Treasury Corp., 3.250%, 7/21/26 ±	AUD		4,600,000		3,062,595
South Australian Government Financing Authority, 3.000%, 7/20/26	AUD		1,300,000		858,676
Treasury Corp. of Victoria, 0.500%, 11/20/25	AUD		1,700,000		1,054,354
Westpac Banking Corp., 0.750%, 10/17/23	EUR		1,200,000		1,281,684
Westpac Banking Corp., 1.019%, 11/18/24	USD		2,000,000		1,880,508
Westpac Banking Corp., 1.150%, 6/03/26	USD		6,273,000		5,635,923
Westpac Banking Corp., 2.700%, 3/17/25	AUD		1,400,000		910,683
Westpac Banking Corp., 2.850%, 5/13/26	USD		170,000		161,041
Westpac Banking Corp., 3.300%, 2/26/24	USD		3,535,000		3,472,414
Westpac Banking Corp., (3-mo. Swap + 0.700%), 3.961%, 1/25/27 ‡	AUD		1,000,000		663,847
Westpac Banking Corp., 4.125%, 6/04/26	AUD		2,300,000		1,531,023
Westpac Banking Corp., (3-mo. Swap + 0.800%), 4.300%, 8/11/25 ‡	AUD		2,000,000		1,340,495
Westpac Banking Corp., (3-mo. Swap + 0.690%), 4.376%, 3/17/25 ‡	AUD		2,000,000		1,339,039

		FACE AMOUNT		VALUE†
Westpac Banking Corp., (3-mo. Swap + 0.950%), 4.424%, 11/16/23 ‡	AUD		100,000	$	67,051
Westpac Banking Corp., (3-mo. Swap + 0.950%), 4.450%, 11/11/25 ‡	AUD		900,000		605,020
					39,959,507
Austria — 2.2%
Austria Treasury Bill, 0.000%, 4/27/23 #	EUR		3,500,000		3,788,581
Oesterreichische Kontrollbank AG, 1.250%, 12/15/23	GBP		1,400,000		1,686,094
Oesterreichische Kontrollbank AG, 0.000%, 4/06/23 #	EUR		4,500,000		4,879,576
Republic of Austria Government Bond, 1.650%, 10/21/24 ±	EUR		3,200,000		3,409,109
Republic of Austria Government Bond, 1.750%, 10/20/23 ±	EUR		1,200,000		1,293,476
					15,056,836
Belgium — 1.2%
Euroclear Bank SA, 0.125%, 7/07/25	EUR		150,000		151,475
Euroclear Bank SA, 0.500%, 7/10/23	EUR		1,250,000		1,346,012
Kingdom of Belgium Government Bond, 0.200%, 10/22/23 ±	EUR		2,900,000		3,098,632
Kingdom of Belgium Government Bond, 0.500%, 10/22/24 ±	EUR		600,000		628,349
Kingdom of Belgium Government Bond, 2.600%, 6/22/24 ±	EUR		2,900,000		3,134,567
					8,359,035
Canada — 12.5%
Bank of Montreal, 2.890%, 6/20/23	CAD		7,500,000		5,525,566
CPPIB Capital, Inc., 0.375%, 7/25/23	GBP		1,300,000		1,582,740
CPPIB Capital, Inc., 0.375%, 6/20/24	EUR		6,450,000		6,743,238
CPPIB Capital, Inc., 0.875%, 12/17/24	GBP		1,100,000		1,274,206
CPPIB Capital, Inc., 3.125%, 9/25/23 ±	USD		400,000		396,361
Export Development Canada, 0.000%, 1/27/25 #	EUR		700,000		715,779
Export Development Canada, 1.375%, 12/08/23	GBP		1,366,000		1,647,952
Export Development Canada, 2.625%, 2/21/24	USD		55,000		53,926
OMERS Finance Trust, 0.450%, 5/13/25	EUR		2,450,000		2,494,351
OMERS Finance Trust, 2.500%, 5/02/24	USD		810,000		790,815
Ontario Teachers’ Finance Trust, 0.500%, 5/06/25	EUR		1,350,000		1,375,542
Province of Alberta Canada, 0.500%, 4/16/25	EUR		1,900,000		1,948,598
Province of Alberta Canada, 0.625%, 4/18/25	EUR		2,300,000		2,363,586
Province of Alberta Canada, 2.950%, 1/23/24	USD		1,980,000		1,949,982

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

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
Canada (Continued)
Province of Alberta Canada, 3.350%, 11/01/23	USD		3,649,000	$	3,615,981
Province of Manitoba Canada, 2.600%, 4/16/24	USD		4,300,000		4,209,218
Province of Manitoba Canada, 3.050%, 5/14/24	USD		670,000		658,250
Province of Ontario Canada, 0.375%, 6/14/24	EUR		2,000,000		2,090,610
Province of Ontario Canada, 0.500%, 12/15/23	GBP		650,000		778,475
Province of Ontario Canada, 0.875%, 1/21/25	EUR		200,000		207,444
Province of Ontario Canada, 3.050%, 1/29/24	USD		6,320,000		6,231,519
Province of Ontario Canada, 3.100%, 8/26/25	AUD		2,000,000		1,311,636
Province of Ontario Canada, 3.200%, 5/16/24	USD		3,900,000		3,836,082
Province of Ontario Canada, 3.400%, 10/17/23	USD		4,528,000		4,491,275
Province of Quebec Canada, 0.875%, 1/15/25	EUR		2,400,000		2,490,604
Province of Quebec Canada, 2.250%, 7/17/23	EUR		2,000,000		2,163,553
Province of Quebec Canada, 2.500%, 4/09/24	USD		8,336,000		8,154,220
Province of Quebec Canada, 3.700%, 5/20/26	AUD		4,500,000		2,987,313
Province of Quebec Canada, 0.750%, 12/13/24	GBP		600,000		694,422
PSP Capital, Inc., 0.500%, 9/15/24	USD		1,219,000		1,150,111
Royal Bank of Canada, 4.200%, 6/22/26	AUD		500,000		333,976
Toronto-Dominion Bank (The), 0.750%, 1/06/26	USD		1,163,000		1,035,090
Toronto-Dominion Bank (The), 1.200%, 6/03/26	USD		757,000		674,336
Toronto-Dominion Bank (The), 1.909%, 7/18/23	CAD		5,900,000		4,328,330
Toronto-Dominion Bank (The), 0.625%, 7/20/23	EUR		400,000		430,598
Toronto-Dominion Bank (The), 3.005%, 5/30/23	CAD		7,500,000		5,533,280
					86,268,965
Denmark — 4.5%
Denmark Government Bond, 0.000%, 11/15/24 #	DKK		154,000,000		21,414,863
Kommunekredit, 0.125%, 8/28/23	EUR		1,400,000		1,500,085
Kommunekredit, 0.250%, 5/15/23	EUR		1,512,000		1,634,953
Kommunekredit, 0.250%, 2/16/24	EUR		2,000,000		2,111,957

		FACE AMOUNT		VALUE†
Kommunekredit, 0.375%, 11/15/24	GBP		250,000	$	288,283
Kommunekredit, 1.000%, 12/15/23	USD		2,600,000		2,530,693
Kommunekredit, 2.000%, 6/25/24	GBP		1,300,000		1,552,878
					31,033,712
Finland — 2.7%
Finland Government Bond, 0.000%, 9/15/24 ±#	EUR		7,400,000		7,701,422
Finland Government Bond, 2.000%, 4/15/24 ±	EUR		800,000		859,239
Finland Treasury Bill, 0.000%, 8/14/23 #	EUR		2,800,000		3,003,670
Kuntarahoitus Oyj, 0.875%, 12/16/24 @	GBP		2,900,000		3,362,244
Kuntarahoitus Oyj, 0.000%, 11/15/24 #	EUR		500,000		514,757
Kuntarahoitus Oyj, 0.125%, 3/07/24	EUR		2,250,000		2,371,887
OP Corporate Bank plc, 1.000%, 5/22/25	EUR		1,000,000		1,025,942
					18,839,161
France — 7.9%
Agence Francaise de Developpement EPIC, 0.000%, 3/25/25 #	EUR		2,800,000		2,855,415
Agence Francaise de Developpement EPIC, 3.125%, 1/04/24	EUR		5,000,000		5,411,150
BNP Paribas SA, 2.875%, 9/26/23	EUR		175,000		189,516
Bpifrance SACA, 0.500%, 5/25/25	EUR		1,000,000		1,025,253
Caisse d’Amortissement de la Dette Sociale, 0.125%, 10/25/23	EUR		1,300,000		1,385,746
Caisse d’Amortissement de la Dette Sociale, 0.375%, 5/27/24	USD		2,500,000		2,379,293
Caisse d’Amortissement de la Dette Sociale, 1.375%, 11/25/24	EUR		800,000		842,873
Caisse d’Amortissement de la Dette Sociale, 2.375%, 1/25/24	EUR		5,500,000		5,924,994
Caisse d’Amortissement de la Dette Sociale, 3.375%, 3/20/24	USD		371,000		366,022
Dexia Credit Local SA, 0.000%, 5/29/24 #	EUR		1,200,000		1,251,289
Dexia Credit Local SA, 0.500%, 7/22/23	GBP		1,200,000		1,461,189
Dexia Credit Local SA, 0.500%, 7/16/24	USD		6,800,000		6,454,179
Dexia Credit Local SA, 0.500%, 1/17/25	EUR		500,000		515,584
Dexia Credit Local SA, 1.250%, 11/26/24	EUR		3,500,000		3,668,581
Dexia Credit Local SA, 1.625%, 12/08/23	GBP		600,000		724,277

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

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
France (Continued)
French Republic Government Bond OAT, 0.000%, 3/25/24 #	EUR		2,000,000	$	2,106,064
French Republic Government Bond OAT, 0.000%, 2/25/25 #	EUR		4,100,000		4,218,029
French Republic Government Bond OAT, 2.250%, 5/25/24	EUR		1,000,000		1,075,265
Region of Ile de France, 2.250%, 6/10/23	EUR		700,000		757,878
Sanofi, 0.875%, 4/06/25	EUR		300,000		311,072
SFIL SA, 0.000%, 5/24/24 #	EUR		500,000		521,492
SFIL SA, 0.125%, 10/18/24	EUR		1,900,000		1,964,419
SNCF Reseau, 4.500%, 1/30/24	EUR		200,000		218,848
Societe Nationale SNCF SA, 4.125%, 2/19/25	EUR		1,500,000		1,651,525
Societe Nationale SNCF SA, 4.625%, 2/02/24	EUR		1,350,000		1,477,915
Societe Nationale SNCF SA, 4.875%, 6/12/23	EUR		3,150,000		3,426,492
UNEDIC ASSEO, 0.125%, 11/25/24	EUR		800,000		824,419
UNEDIC ASSEO, 0.625%, 2/17/25	EUR		300,000		310,648
UNEDIC ASSEO, 2.375%, 5/25/24	EUR		1,100,000		1,179,342
					54,498,769
Germany — 7.0%
Erste Abwicklungsanstalt, 0.010%, 11/03/23	EUR		1,000,000		1,064,336
Erste Abwicklungsanstalt, 0.250%, 3/01/24	USD		9,000,000		8,636,149
FMS Wertmanagement, 0.375%, 5/06/24	USD		2,000,000		1,908,756
FMS Wertmanagement, 1.375%, 3/07/25	GBP		300,000		349,476
Free State of Bavaria, 0.010%, 1/17/25	EUR		150,000		153,794
Kreditanstalt fuer Wiederaufbau, 0.000%, 11/15/24 #	EUR		300,000		310,241
Kreditanstalt fuer Wiederaufbau, 0.000%, 2/18/25 #	EUR		4,150,000		4,259,324
Kreditanstalt fuer Wiederaufbau, 0.010%, 3/31/25	EUR		412,000		421,266
Kreditanstalt fuer Wiederaufbau, 0.125%, 10/04/24	EUR		1,000,000		1,039,175
Kreditanstalt fuer Wiederaufbau, 0.250%, 3/08/24	USD		4,733,000		4,542,914
Kreditanstalt fuer Wiederaufbau, 0.375%, 4/23/25	EUR		638,000		656,611
Kreditanstalt fuer Wiederaufbau, 0.875%, 7/18/24	GBP		400,000		470,623
Kreditanstalt fuer Wiederaufbau, 1.250%, 12/29/23	GBP		833,000		1,002,563
Kreditanstalt fuer Wiederaufbau, 1.625%, 5/10/24	USD		1,000,000		967,204
Kreditanstalt fuer Wiederaufbau, 3.200%, 9/11/26	AUD		500,000		329,750
Land Berlin, 0.010%, 11/21/23	EUR		82,000		87,157
Landeskreditbank Baden-Wuerttemberg Foerderbank, 0.375%, 12/09/24	GBP		2,408,000		2,769,333

		FACE AMOUNT		VALUE†
Landeskreditbank Baden-Wuerttemberg Foerderbank, 1.375%, 12/15/23	GBP		1,100,000	$	1,325,741
Landeskreditbank Baden-Wuerttemberg Foerderbank, 2.000%, 7/23/24	USD		7,562,000		7,310,677
Landwirtschaftliche Rentenbank, 3.125%, 11/14/23	USD		1,000,000		990,167
Landwirtschaftliche Rentenbank, 4.250%, 1/09/25	AUD		3,780,000		2,553,498
Landwirtschaftliche Rentenbank, 4.750%, 5/06/26	AUD		1,100,000		759,020
Landwirtschaftliche Rentenbank, 5.375%, 4/23/24	NZD		1,000,000		624,601
NRW Bank, 0.375%, 12/16/24	GBP		1,600,000		1,839,674
NRW Bank, 1.050%, 3/31/26	AUD		2,350,000		1,442,334
NRW Bank, 1.375%, 12/15/23	GBP		600,000		723,368
State of North Rhine-Westphalia Germany, 0.625%, 12/16/24	GBP		1,300,000		1,499,424
					48,037,176
Ireland — 0.2%
Abbott Ireland Financing DAC, 0.875%, 9/27/23	EUR		1,480,000		1,586,420
Luxembourg — 1.7%
European Financial Stability Facility, 0.000%, 4/19/24 #	EUR		9,990,000		10,488,832
European Financial Stability Facility, 0.000%, 10/15/25 #	EUR		1,000,000		1,005,785
European Financial Stability Facility, 0.500%, 7/11/25	EUR		240,000		245,830
					11,740,447
Netherlands — 7.1%
BNG Bank NV, 0.050%, 7/11/23	EUR		1,100,000		1,183,403
BNG Bank NV, 0.250%, 6/07/24	EUR		1,900,000		1,989,262
BNG Bank NV, 0.500%, 4/16/25	EUR		1,600,000		1,645,044
BNG Bank NV, 2.000%, 4/12/24	GBP		2,400,000		2,879,298
BNG Bank NV, 3.250%, 7/15/25	AUD		2,400,000		1,583,987
BNG Bank NV, 3.875%, 5/26/23	EUR		5,300,000		5,755,678
Nederlandse Waterschapsbank NV, 2.000%, 12/16/24	GBP		1,950,000		2,301,285
Nederlandse Waterschapsbank NV, 0.125%, 9/25/23	EUR		130,000		138,970
Nederlandse Waterschapsbank NV, 1.125%, 3/15/24	USD		2,150,000		2,076,719
Nederlandse Waterschapsbank NV, 3.000%, 11/16/23	EUR		1,000,000		1,082,503
Netherlands Government Bond, 0.000%, 1/15/24 ±#	EUR		3,050,000		3,236,292
Netherlands Government Bond, 2.000%, 7/15/24 ±	EUR		16,300,000		17,506,734
Novo Nordisk Finance Netherlands BV, 0.750%, 3/31/25 @	EUR		200,000		206,031
Roche Finance Europe BV, 0.875%, 2/25/25	EUR		1,000,000		1,048,172
Shell International Finance BV, 0.750%, 5/12/24	EUR		4,900,000		5,176,543
Shell International Finance BV, 1.125%, 4/07/24	EUR		1,130,000		1,197,794
					49,007,715

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

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
New Zealand — 0.9%
New Zealand Government Bond, 0.500%, 5/15/24	NZD		3,500,000	$	2,084,527
New Zealand Local Government Funding Agency Bond, 2.250%, 4/15/24	NZD		6,800,000		4,120,481
New Zealand Local Government Funding Agency Bond, 2.750%, 4/15/25	NZD		500,000		298,410
					6,503,418
Norway — 3.4%
DNB Bank ASA, 0.050%, 11/14/23	EUR		1,375,000		1,460,784
DNB Bank ASA, 0.600%, 9/25/23	EUR		2,000,000		2,142,156
Kommunalbanken AS, 0.250%, 12/08/23	USD		5,100,000		4,941,686
Kommunalbanken AS, 1.000%, 12/12/24	GBP		750,000		871,311
Kommunalbanken AS, 0.600%, 6/01/26	AUD		2,000,000		1,208,797
Kommunalbanken AS, 1.500%, 12/15/23	GBP		400,000		482,398
Kommunalbanken AS, 2.000%, 6/19/24	USD		2,700,000		2,615,791
Kommunalbanken AS, 2.750%, 2/05/24	USD		600,000		589,400
Kommunalbanken AS, 4.250%, 7/16/25	AUD		1,490,000		1,005,607
Norway Government Bond, 1.750%, 3/13/25 ±	NOK		19,800,000		1,842,645
Norway Government Bond, 3.000%, 3/14/24 ±	NOK		68,000,000		6,473,520
					23,634,095
Supranational — 20.7%
African Development Bank, 0.243%, 4/14/23	SEK		59,000,000		5,679,695
African Development Bank, 0.250%, 1/24/24	EUR		800,000		846,185
African Development Bank, 4.500%, 6/02/26	AUD		1,500,000		1,024,256
Asian Development Bank, 0.375%, 6/11/24	USD		800,000		762,074
Asian Development Bank, 0.500%, 5/05/26	AUD		5,000,000		3,038,082
Asian Development Bank, 1.375%, 12/15/23	GBP		6,990,000		8,426,680
Asian Development Bank, 1.625%, 3/15/24	USD		7,126,000		6,927,791
Asian Development Bank, 2.500%, 12/19/24	GBP		750,000		893,980
Asian Infrastructure Investment Bank (The), 0.250%, 9/29/23	USD		3,299,000		3,228,977
Asian Infrastructure Investment Bank (The), 1.000%, 5/06/26	AUD		2,400,000		1,455,501
Asian Infrastructure Investment Bank (The), 2.250%, 5/16/24	USD		844,000		822,412

		FACE AMOUNT		VALUE†
Council of Europe Development Bank, 0.125%, 5/25/23	EUR		219,000	$	236,557
Council of Europe Development Bank, 0.375%, 3/27/25	EUR		787,000		806,584
Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, 0.250%, 4/25/23	EUR		1,000,000		1,082,768
Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, 0.250%, 2/09/24	EUR		191,000		201,683
Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, 0.375%, 11/16/23	USD		1,000,000		972,267
European Financial Stability Facility, 0.125%, 10/17/23	EUR		756,000		807,325
European Financial Stability Facility, 0.400%, 2/17/25	EUR		400,000		412,878
European Financial Stability Facility, 1.750%, 6/27/24	EUR		598,000		637,543
European Financial Stability Facility, 2.125%, 2/19/24	EUR		6,550,000		7,042,029
European Investment Bank, 0.000%, 10/16/23 #	EUR		3,800,000		4,056,192
European Investment Bank, 0.000%, 3/25/25 #	EUR		140,000		142,971
European Investment Bank, 0.050%, 12/15/23	EUR		500,000		530,993
European Investment Bank, 0.500%, 11/15/23 @	EUR		210,000		224,271
European Investment Bank, 0.750%, 11/15/24	GBP		1,100,000		1,280,256
European Investment Bank, 0.875%, 12/15/23	GBP		2,590,000		3,113,310
European Investment Bank, 0.875%, 9/13/24 @	EUR		450,000		472,515
European Investment Bank, 1.250%, 5/12/25	SEK		5,000,000		460,825
European Investment Bank, 1.375%, 3/07/25	GBP		2,397,000		2,797,020
European Investment Bank, 2.625%, 3/15/24	USD		3,800,000		3,730,775
European Investment Bank, 2.900%, 10/17/25	AUD		1,200,000		788,403
European Investment Bank, 3.250%, 1/29/24	USD		1,623,000		1,604,729
European Investment Bank, 4.750%, 8/07/24	AUD		700,000		474,730
European Stability Mechanism, 0.000%, 12/16/24 #	EUR		1,600,000		1,647,460
European Stability Mechanism, 0.000%, 3/14/25 #	EUR		1,566,000		1,601,193
European Stability Mechanism, 0.100%, 7/31/23	EUR		900,000		967,103

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

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
Supranational (Continued)
European Stability Mechanism, 0.125%, 4/22/24	EUR		11,772,620	$	12,368,871
European Union, 0.500%, 4/04/25	EUR		1,000,000		1,031,212
European Union, 0.800%, 7/04/25	EUR		14,620,000		15,102,099
European Union, 1.875%, 4/04/24	EUR		500,000		535,517
European Union Bill, 0.000%, 4/07/23 #	EUR		2,500,000		2,710,639
Inter-American Development Bank, 1.250%, 12/15/23	GBP		8,180,000		9,853,808
Inter-American Development Bank, 1.375%, 12/15/24	GBP		1,350,000		1,580,456
Inter-American Development Bank, 2.750%, 10/30/25	AUD		300,000		196,056
Inter-American Development Bank, 3.000%, 2/21/24	USD		963,000		947,877
Inter-American Development Bank, 4.250%, 6/11/26	AUD		5,000,000		3,400,153
Inter-American Development Bank, 4.750%, 8/27/24	AUD		5,500,000		3,729,196
International Bank for Reconstruction & Development, 0.500%, 5/18/26	AUD		2,800,000		1,699,710
International Bank for Reconstruction & Development, 2.500%, 8/03/23	CAD		800,000		587,963
International Bank for Reconstruction & Development, 2.500%, 3/19/24	USD		12,500,000		12,253,566
International Development Association, 0.750%, 12/12/24	GBP		637,000		738,272
International Finance Corp., 3.200%, 7/22/26	AUD		4,000,000		2,636,606
International Finance Corp., 4.000%, 4/03/25	AUD		4,900,000		3,297,606
Nordic Investment Bank, 1.500%, 3/13/25	NOK		6,000,000		552,091
					142,419,711
Sweden — 8.1%
Kommuninvest I Sverige AB, 3.250%, 1/16/24	USD		3,343,000		3,299,559
Kommuninvest I Sverige AB, 0.375%, 2/16/24	USD		1,500,000		1,443,497
Kommuninvest I Sverige AB, 1.000%, 11/13/23	SEK		24,000,000		2,277,533
Kommuninvest I Sverige AB, 1.000%, 10/02/24	SEK		40,670,000		3,770,563
Kommuninvest I Sverige AB, 1.000%, 5/12/25	SEK		19,000,000		1,737,958
Kommuninvest I Sverige AB, 1.375%, 5/08/24 ±	USD		750,000		723,540
Kommuninvest I Sverige AB, 1.375%, 5/08/24	USD		4,200,000		4,051,822
Kommuninvest I Sverige AB, 2.875%, 7/03/24 ±	USD		2,971,000		2,907,817
Skandinaviska Enskilda Banken AB, 1.200%, 9/09/26 ±	USD		3,993,000		3,507,379
Skandinaviska Enskilda Banken AB, 1.400%, 11/19/25 ±	USD		3,620,000		3,304,569

		FACE AMOUNT		VALUE†
Svensk Exportkredit AB, 0.625%, 10/07/24	USD		1,718,000	$	1,621,791
Svensk Exportkredit AB, 3.625%, 9/03/24	USD		4,375,000		4,318,362
Svensk Exportkredit AB, 0.375%, 3/11/24	USD		3,000,000		2,880,680
Svensk Exportkredit AB, 0.375%, 7/30/24	USD		6,363,000		6,023,570
Svensk Exportkredit AB, 0.500%, 11/10/23	USD		2,000,000		1,947,567
Svensk Exportkredit AB, 1.375%, 12/15/23	GBP		1,900,000		2,289,260
Svenska Handelsbanken AB, 0.125%, 6/18/24	EUR		1,700,000		1,767,439
Svenska Handelsbanken AB, 0.550%, 6/11/24 ±	USD		250,000		236,653
Svenska Handelsbanken AB, 1.000%, 4/15/25	EUR		300,000		309,987
Sweden Government Bond, 1.500%, 11/13/23	SEK		57,500,000		5,473,468
Sweden Government Bond, 2.500%, 5/12/25	SEK		16,000,000		1,530,137
					55,423,151
Switzerland — 0.2%
Novartis Finance SA, 0.125%, 9/20/23	EUR		1,000,000		1,069,856
United Kingdom — 1.2%
Network Rail Infrastructure Finance PLC, 4.750%, 1/22/24	GBP		955,000		1,180,106
U.K. Treasury Bill, 0.000%, 7/31/23 #	GBP		5,700,000		6,935,177
					8,115,283
United States — 12.1%
Abbott Ireland Financing DAC, 0.100%, 11/19/24	EUR		250,000		257,274
Amazon.com, Inc., 1.000%, 5/12/26	USD		4,181,000		3,789,462
Amazon.com, Inc., 2.730%, 4/13/24	USD		7,000,000		6,861,949
Apple, Inc., 0.700%, 2/08/26	USD		1,976,000		1,797,356
Apple, Inc., 2.513%, 8/19/24	CAD		5,000,000		3,594,332
Apple, Inc., 3.600%, 6/10/26	AUD		500,000		330,561
Berkshire Hathaway, Inc., 0.000%, 3/12/25 #	EUR		420,000		425,609
Berkshire Hathaway, Inc., 3.125%, 3/15/26	USD		4,486,000		4,368,784
Exxon Mobil Corp., 0.142%, 6/26/24	EUR		4,614,000		4,811,428
Federal Home Loan Bank Discount Notes, 0.000%, 2/26/24 #	USD		2,000,000		1,918,665
Novartis Capital Corp., 3.400%, 5/06/24	USD		1,500,000		1,480,119
Procter & Gamble Co. (The), 0.625%, 10/30/24	EUR		1,000,000		1,043,480
Procter & Gamble Co. (The), 1.000%, 4/23/26	USD		1,692,000		1,548,228
Procter & Gamble Co. (The), 1.125%, 11/02/23	EUR		100,000		107,149
Roche Holdings, Inc., 3.350%, 9/30/24 ±	USD		5,000,000		4,897,878
Sanofi, 0.625%, 4/05/24	EUR		2,900,000		3,063,244

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

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

		FACE AMOUNT		VALUE†
BONDS AND NOTES (Continued)
United States (Continued)
U.S. Treasury Note, 0.125%, 8/15/23	USD		18,250,000	$	17,937,367
U.S. Treasury Note, 0.125%, 10/15/23	USD		18,000,000		17,561,004
U.S. Treasury Note, 0.750%, 12/31/23	USD		7,471,400		7,252,191
					83,046,080
TOTAL BONDS AND NOTES (Identified Cost $686,170,196)					684,599,337

	SHARES
SHORT-TERM INVESTMENTS — 1.2%
Investment Company — 0.5%
State Street Institutional U.S. Government Money Market Fund 4.450%		3,564,029		3,564,029
Collateral For Securities On Loan — 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio 4.770%		4,359,596		4,359,596
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $7,923,625)				7,923,625
Total Investments — 100.6% (Identified Cost $694,093,821)				692,522,962
Liabilities, Less Cash and Other Assets — (0.6%)				(4,134,446	)
Net Assets — 100.0%			$	688,388,516

‡ Floating rate or variable rate note. Rate shown is as of March 31, 2023.

± 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at March 31, 2023 amounted to $71,429,093 or 10.38% of the net assets of the Fund.

# Zero coupon bond

@ A portion or all of the security were held on loan. As of March 31, 2023, the market value of the securities on loan was $4,276,587.

Key to abbreviations:

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro Currency

GBP — British Pound

NOK — Norwegian Krone

NZD — New Zealand Dollar

SEK — Swedish Krona

USD — U.S. Dollar

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

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited) (Continued)

Forward Foreign Currency Exchange Contracts sold outstanding as of March 31, 2023
Settlement Date	Currency Purchased			Currency Sold			Counterparty	Total Value		Unrealized Appreciation		Unrealized Depreciation
04/03/23		USD	6,034,848		AUD	8,757,055	State Street Bank and Trust Co.	$	5,853,654	$	181,194	$	—
04/03/23		USD	7,372,643		DKK	51,251,715	State Street Bank and Trust Co.		7,460,926		—		(88,283	)
04/06/23		USD	29,616,926		CAD	39,696,602	UBS		29,373,382		243,544		—
04/11/23		USD	4,622,393		SEK	47,736,408	Bank of America N.A.		4,601,145		21,249		—
04/11/23		USD	3,355,935		SEK	35,306,528	State Street Bank and Trust Co.		3,403,072		—		(47,137	)
04/17/23		USD	46,744,977		EUR	44,293,634	State Street Bank and Trust Co.		48,071,023		—		(1,326,046	)
04/18/23		USD	7,286,700		DKK	51,025,275	HSBC Bank USA		7,434,701		—		(148,001	)
04/24/23		USD	57,006,250		AUD	83,168,231	UBS		55,633,571		1,372,679		—
04/24/23		USD	47,938,728		EUR	44,399,609	State Street Bank and Trust Co.		48,205,098		—		(266,369	)
04/24/23		USD	7,075,308		NZD	11,350,588	State Street Bank and Trust Co.		7,097,824		—		(22,516	)
04/28/23		USD	8,979,512		NOK	93,218,553	Bank of America N.A.		8,913,539		65,973		—
04/28/23		USD	5,286,886		SEK	55,189,439	Bank of America N.A.		5,324,651		—		(37,765	)
05/02/23		USD	5,869,340		AUD	8,757,055	State Street Bank and Trust Co.		5,859,507		9,833		—
05/02/23		USD	7,744,557		SEK	80,172,598	UBS		7,736,772		7,785		—
05/10/23		USD	48,691,341		EUR	45,956,289	State Street Bank and Trust Co.		49,940,417		—		(1,249,078	)
05/17/23		USD	49,744,242		EUR	46,699,176	UBS		50,767,878		—		(1,023,636	)
05/19/23		USD	69,607,793		GBP	57,388,937	Citibank N.A. London		70,860,094		—		(1,252,301	)
05/22/23		USD	6,508,236		DKK	45,349,948	Bank of America N.A.		6,622,752		—		(114,516	)
05/23/23		USD	48,263,912		EUR	44,564,526	State Street Bank and Trust Co.		48,463,756		—		(199,844	)
05/31/23		USD	7,444,587		DKK	50,805,432	Bank of America N.A.		7,423,946		20,640		—
06/07/23		USD	5,082,972		AUD	7,675,658	Bank of America N.A.		5,142,656		—		(59,684	)
06/07/23		USD	45,238		AUD	67,382	State Street Bank and Trust Co.		45,146		92		—
06/07/23		USD	385,282		AUD	578,661	State Street Bank and Trust Co.		387,700		—		(2,418	)
										$	1,922,989	$	(5,837,594	)

Forward Foreign Currency Exchange Contracts purchased outstanding as of March 31, 2023
Settlement Date	Currency Purchased			Currency Sold			Counterparty	Total Value		Unrealized Appreciation		Unrealized Depreciation
04/03/23		AUD	8,757,055		USD	5,863,199	State Street Bank and Trust Co.	$	5,853,654		—	$	(9,544	)
04/03/23		DKK	51,251,715		USD	7,481,347	Bank of America N.A.		7,460,926		—		(20,420	)
04/06/23		CAD	13,154,405		USD	9,755,582	State Street Bank and Trust Co.		9,733,563		—		(22,019	)
04/11/23		SEK	401,865		USD	38,007	State Street Bank and Trust Co.		38,734		727		—
04/24/23		AUD	8,253,802		USD	5,486,951	State Street Bank and Trust Co.		5,521,202		34,249		—
04/24/23		AUD	4,875,056		USD	3,275,047	State Street Bank and Trust Co.		3,261,063		—		(13,984	)
										$	34,976	$	(65,967	)
Total										$	1,957,965	$	(5,903,561	)

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

Country weightings as of March 31, 2023

(As a percentage of long-term investments) (Unaudited)

Country	Percentage
Supranational		20.8	%
Canada		12.6	%
United States		12.1	%
Sweden		8.1	%
France		8.0	%
Netherlands		7.2	%
Germany		7.0	%
Australia		5.8	%
Denmark		4.5	%
Other		13.9	%
		100.0	%

SA Worldwide Moderate Growth Fund

PORTFOLIO OF INVESTMENTS — AS OF MARCH 31, 2023 (Unaudited)

	SHARES		VALUE†
MUTUAL FUNDS — 100.0%
Others — 100.0%
SA Emerging Markets Value Fund €		164,693	$	1,510,235
SA Global Fixed Income Fund €		555,459		4,704,735
SA International Value Fund €		383,191		4,517,816
SA Real Estate Securities Fund €		64,183		673,280
SA U.S. Core Market Fund €		149,830		3,813,179
SA U.S. Fixed Income Fund €		213,741		2,017,716
SA U.S. Small Company Fund €		60,823		1,480,438
SA U.S. Value Fund €		206,390		3,783,127
				22,500,526
TOTAL MUTUAL FUNDS (Identified Cost $21,918,268)				22,500,526
Total Investments — 100.0% (Identified Cost $21,918,268)				22,500,526
Cash and Other Assets, Less Liabilities — 0.0%				4,063
Net Assets — 100.0%			$	22,504,589

† See Note 1

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

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

SA FUNDS

NOTES TO FINANCIAL STATEMENTS – March 31, 2023 (Unaudited)

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

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

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

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

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

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

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

SA FUNDS

NOTES TO FINANCIAL STATEMENTS – March 31, 2023 (Unaudited) (Continued)

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

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

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

The tables below provide a summary of the inputs as of March 31, 2023, in valuing each Fund’s investments:

	Investments in Securities
Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value as of March 31, 2023
SA U.S. Fixed Income Fund
Assets
Yankee Corporate Bonds And Notes	$	—	$	66,809,653		$	—		$	66,809,653
Corporate Bonds and Notes		—		63,701,801			—			63,701,801
U.S. Government and Agency Obligations		—		278,454,696			—			278,454,696
Short-Term Investments		6,351,082		6,134,114			—			12,485,196
Total Investments	$	6,351,082	$	415,100,264		$	—		$	421,451,346
SA Global Fixed Income Fund
Assets
Bonds and Notes	$	—	$	684,599,337		$	—		$	684,599,337
Short-Term Investments		7,923,625		—			—			7,923,625
Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—		1,957,965			—			1,957,965
Total Investments	$	7,923,625	$	686,557,302		$	—		$	694,480,927
Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(5,903,561	)	$	—		$	(5,903,561	)
SA U.S. Core Market Fund
Assets
Common Stocks	$	587,148,791	$	—		$	268	†	$	587,149,059
Mutual Funds		22,830,269		—			—			22,830,269
Short-Term Investments		1,465,119		—			—			1,465,119
Total Investments	$	611,444,179	$	—		$	268		$	611,444,447

SA FUNDS

NOTES TO FINANCIAL STATEMENTS – March 31, 2023 (Unaudited) (Continued)

	Investments in Securities
Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total Fair Value as of March 31, 2023
SA U.S. Value Fund
Assets
Common Stocks	$	515,265,832	$	—	$	—		$	515,265,832
Short-Term Investments		842,966		—		—			842,966
Total Investments	$	516,108,798	$	—	$	—		$	516,108,798
SA U.S. Small Company Fund
Assets
Common Stocks	$	300,554,975	$	13,022	$	47,574	†	$	300,615,571
Preferred Stocks		147,053		—		—			147,053
Short-Term Investments		2,047,090		—		—			2,047,090
Total Investments	$	302,749,118	$	13,022	$	47,574		$	302,809,714
SA International Value Fund
Assets
Common Stocks	$	533,133,780	$	—	$	—		$	533,133,780
Preferred Stocks		5,762,172		—		—			5,762,172
Short-Term Investments		48,377,679		—		—			48,377,679
Total Investments	$	587,273,631	$		$	—		$	587,273,631
SA International Small Company Fund
Assets
Mutual Funds	$	252,990,817	$	—	$	—		$	252,990,817
Total Investments	$	252,990,817	$	—	$	—		$	252,990,817
SA Emerging Markets Value Fund
Assets
Common Stocks	$	181,770,086	$	194,871	$	0	†	$	181,964,957
Preferred Stocks		2,551,369		10,606		—			2,561,975
Rights and Warrants		547		—		—			547
Short-Term Investments		2,161,654		—		—			2,161,654
Total Investments	$	186,483,656	$	205,477	$	0		$	186,689,133
SA Real Estate Securities Fund
Assets
Common Stocks	$	125,532,930	$	—	$	0	†	$	125,532,930
Short-Term Investments		960,378		—		—			960,378
Total Investments	$	126,493,308	$	—	$	0		$	126,493,308

SA FUNDS

NOTES TO FINANCIAL STATEMENTS – March 31, 2023 (Unaudited)

	Investments in Securities
Description	Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value as of March 31, 2023
SA Worldwide Moderate Growth Fund
Assets
Mutual Funds	$	22,500,526	$	—	$	—	$	22,500,526
Total Investments	$	22,500,526	$	—	$	—	$	22,500,526

† Contains securities with a market value of zero.

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

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

Upon entering into a securities lending transaction, a Fund maintains cash or other securities as collateral in an amount equal to or exceeding 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies or instrumentalities, a loan of sovereign debt issued by non-U.S. governments, or a loan of non-U.S. corporate debt, 102% of the current fair market value of the loaned securities with respect to other U.S. securities and 105% of the current fair market 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 March 31, 2023, 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 of Securities		Value of Cash Collateral		Value of Non- Cash Collateral*		Total Collateral
SA Global Fixed Income Fund	$	4,276,587	$	4,359,596	$	—	$	4,359,596
SA U.S Core Market Fund		1,201,755		251,148		980,106		1,231,254
SA U.S. Value Fund		401,305		—		410,354		410,354

SA FUNDS

NOTES TO FINANCIAL STATEMENTS – March 31, 2023 (Unaudited)

	Value of Securities		Value of Cash Collateral		Value of Non- Cash Collateral*		Total Collateral
SA U.S. Small Company Fund	$	8,633,768	$	1,669,700	$	7,164,324	$	8,834,024
SA International Value Fund		78,609,493		48,336,600		33,747,615		82,084,215
SA Emerging Markets Value Fund		3,648,924		1,971,377		1,942,417		3,913,794
SA Real Estate Securities Fund		881,934		216,856		680,682		897,538

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

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 As of March 31, 2023
Securities Lending Transaction (1)	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
SA Global Fixed Income Fund
Government Money Market	$	4,359,596	$	—	$	—	$	—	$	4,359,596
Total Borrowings	$	4,359,596	$	—	$	—	$	—	$	4,359,596
Gross amount of recognized liabilities for securities lending transactions									$	4,359,596
SA U.S. Core Market Fund
Government Money Market	$	251,148	$	—	$	—	$	—	$	251,148
Total Borrowings	$	251,148	$	—	$	—	$	—	$	251,148
Gross amount of recognized liabilities for securities lending transactions									$	251,148
SA U.S. Small Company Fund
Government Money Market	$	1,669,700	$	—	$	—	$	—	$	1,669,700
Total Borrowings	$	1,669,700	$	—	$	—	$	—	$	1,669,700
Gross amount of recognized liabilities for securities lending transactions									$	1,669,700
SA International Value Fund
Government Money Market	$	48,336,600	$	—	$	—	$	—	$	48,336,600
Total Borrowings	$	48,336,600	$	—	$	—	$	—	$	48,336,600
Gross amount of recognized liabilities for securities lending transactions									$	48,336,600
SA Emerging Markets Value Fund
Government Money Market	$	1,971,377	$	—	$	—	$	—	$	1,971,377
Total Borrowings	$	1,971,377	$	—	$	—	$	—	$	1,971,377
Gross amount of recognized liabilities for securities lending transactions									$	1,971,377

SA FUNDS

NOTES TO FINANCIAL STATEMENTS – March 31, 2023 (Unaudited)

	Remaining Contractual Maturity of the Agreements As of March 31, 2023
Securities Lending Transaction (1)	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
SA Real Estate Securities Fund
Government Money Market	$	216,856	$	—	$	—	$	—	$	216,856
Total Borrowings	$	216,856	$	—	$	—	$	—	$	216,856
Gross amount of recognized liabilities for securities lending transactions									$	216,856

⁽¹⁾  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.

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.

SA FUNDS

NOTES TO FINANCIAL STATEMENTS – March 31, 2023 (Unaudited)

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.

Federal Income Tax — At March 31, 2023, the aggregate cost of investment securities, aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, including forward foreign currency exchange contracts, as computed on a federal income tax basis for each Fund were as follows:

	Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
SA U.S. Fixed Income Fund	$	429,156,229	$	16,734	$	(7,721,617	)	$	(7,704,883	)
SA Global Fixed Income Fund		694,093,821		15,842,945		(21,359,400	)		(5,516,455	)
SA U.S. Core Market Fund		149,569,467		464,382,785		(2,507,805	)		461,874,980
SA U.S. Value Fund		322,140,462		212,126,736		(18,158,400	)		193,968,336
SA U.S. Small Company Fund		172,097,628		140,871,034		(10,158,947	)		130,712,087
SA International Value Fund		516,616,325		113,589,174		(42,931,868	)		70,657,306
SA International Small Company Fund		146,082,719		106,908,098		—			106,908,098
SA Emerging Markets Value Fund		184,362,838		33,988,021		(31,661,726	)		2,326,295
SA Real Estate Securities Fund		72,855,525		57,615,347		(3,977,564	)		53,637,783
SA Worldwide Moderate Growth		21,918,268		757,531		(175,273	)		582,258

INTERNATIONAL SMALL COMPANY PORTFOLIO

SCHEDULE OF INVESTMENTS

March 31, 2023

(Unaudited)

	Value†
AFFILIATED INVESTMENT COMPANIES — (99.2%)
Investment in The Continental Small Company Series of The DFA Investment Trust Company	$	4,384,734,371
Investment in The Japanese Small Company Series of The DFA Investment Trust Company		2,638,987,595
Investment in The United Kingdom Small Company Series of The DFA Investment Trust Company		1,301,529,272
Investment in The Canadian Small Company Series of The DFA Investment Trust Company		1,249,419,548
Investment in The Asia Pacific Small Company Series of The DFA Investment Trust Company		1,059,886,637
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES	$	10,634,557,423

	Shares
TEMPORARY CASH INVESTMENTS — (0.8%)
State Street Institutional U.S. Government Money Market Fund, 4.700% (Cost $82,397,672)		82,397,672		82,397,672
TOTAL INVESTMENTS — (100.0%) (Cost $9,892,939,297)			$	10,716,955,095

† See Security Valuation Note within the Notes to Schedules of Investments.

As of March 31, 2023, International Small Company Portfolio had entered into the following outstanding futures contracts:

Description	Number of Contracts		Expiration Date		Notional Value		Market Value		Unrealized Appreciation (Depreciation)
Long Position Contracts:
S&P 500® Emini Index		410		06/16/23	$	81,761,349	$	84,823,875	$	3,062,526
Total Futures Contracts					$	81,761,349	$	84,823,875	$	3,062,526

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

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Affiliated Investment Companies	$	10,634,557,423		—		—	$	10,634,557,423
Temporary Cash Investments		82,397,672		—		—		82,397,672
Futures Contracts**		3,062,526		—		—		3,062,526
TOTAL	$	10,720,017,621		—		—	$	10,720,017,621

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

ORGANIZATION

DFA Investment Dimensions Group Inc. (the “Fund”) is an open-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”), whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. At September 30, 2021, the Fund consisted of one hundred and two operational portfolios, of which one, International Small Company Portfolio (the “Portfolio”) is included in this document. The Fund’s investment advisor is Dimensional Fund Advisors LP (the “Advisor”). The Portfolio is a “Fund-of-Funds”, which generally allocates its assets among the five series (the “Underlying Funds”) of The DFA Investment Trust Company, which is also advised by the Advisor. The Schedules of Investments for the Underlying Funds have been included in this document.

SECURITY VALUATION

The International Small Company Portfolio invests in the five Underlying Funds indicated on its Schedule of Investments.

The Portfolio uses a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below:

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

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

• Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Shares held by the International Small Company Portfolio in other investment companies (such as the Underlying Funds) are valued at their respective daily net asset values as reported by their administrator. The Portfolio’s investments in the Underlying Funds reflect its proportionate interest in the net assets of such corresponding Underlying Fund. These valuations are classified as Level 1 in the hierarchy.

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

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

DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

FEDERAL TAX COST

At March 31, 2023, the total cost of securities for federal income tax purposes was $8,750,928.

RECENTLY ISSUED ACCOUNTING STANDARDS

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

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

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

SUBSEQUENT EVENT EVALUATIONS

On March 10 and March 12, 2023, Federal Deposit Insurance Corporation (FDIC) named itself as the receiver of two banking institutions, Silicon Valley Bank (SVB) and Signature Bank (SB) respectively. As of March 10, 2023 the Portfolios did not have material exposure to SVB or SB. The reported valuations s of January 31, 2023 may be impacted by current market conditions. Management is currently evaluating the effect on the Portfolios.

THE JAPANESE SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2023

(Unaudited)

		Shares		Value»
COMMON STOCKS — (98.1%)
COMMUNICATION SERVICES — (2.3%)
	Akatsuki, Inc.		44,200	$	743,382
*	Allied Architects, Inc.		33,800		186,267
*	AlphaPolis Co. Ltd.		13,000		267,604
	Amuse, Inc.		34,600		464,920
	ARTERIA Networks Corp.		87,900		846,817
	Asahi Broadcasting Group Holdings Corp.		57,600		286,435
	Asahi Net, Inc.		109,100		486,389
*	Atrae, Inc.		68,500		479,123
	Avex, Inc.		232,700		2,632,892
# *	Bengo4.com, Inc.		46,600		854,883
	Broadmedia Corp.		5,520		49,465
	Broccoli Co. Ltd.		4,400		33,275
	Bushiroad, Inc.		11,300		65,959
	Carta Holdings, Inc.		38,100		413,381
#	Ceres, Inc.		18,800		179,096
	COLOPL, Inc.		182,600		825,904
# *	COOKPAD, Inc.		190,600		301,203
	Cross Marketing Group, Inc.		22,900		124,540
	Daiichikosho Co. Ltd.		21,000		347,071
*	DeNA Co. Ltd.		411,700		5,626,192
#	Digital Holdings, Inc.		60,500		524,790
	Direct Marketing MiX, Inc.		41,900		430,700
#	Drecom Co. Ltd.		24,400		144,573
#	Faith, Inc.		56,010		214,036
	Fibergate, Inc.		22,300		179,018
# *	FreakOut Holdings, Inc.		23,400		289,768
	Freebit Co. Ltd.		63,100		690,497
	Fuji Media Holdings, Inc.		140,300		1,267,234
	Gakken Holdings Co. Ltd.		132,500		851,947
	GungHo Online Entertainment, Inc.		291,600		5,342,029
	Imagica Group, Inc.		112,500		508,105
	Imagineer Co. Ltd.		1,600		12,214
	i-mobile Co. Ltd.		6,600		66,564
	Infocom Corp.		146,900		2,603,098
#	Intage Holdings, Inc.		211,400		2,480,692
	IPS, Inc.		17,200		318,063
	ITmedia, Inc.		56,800		601,675
*	Japan Communications, Inc.		903,800		1,687,097
	J-Stream, Inc.		14,000		62,074
*	Kamakura Shinsho Ltd.		33,800		261,341
	LIFULL Co. Ltd.		444,000		722,396
# *	Macbee Planet, Inc.		3,400		523,573
	Macromill, Inc.		243,197		1,729,143
	MarkLines Co. Ltd.		72,900		1,400,989
	Marvelous, Inc.		190,500		949,727
#	Members Co. Ltd.		50,400		501,635
	Mixi, Inc.		251,400		5,057,243
# *	Mobile Factory, Inc.		10,500		70,769
*	NexTone, Inc.		31,200		731,901
	Okinawa Cellular Telephone Co.		158,700		3,626,650
#	Orchestra Holdings, Inc.		4,800		62,864
	Oricon, Inc.		27,800		207,743
*	PR Times, Inc.		11,900		169,060

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
COMMUNICATION SERVICES — (Continued)
	Proto Corp.		156,700	$	1,399,474
	SKY Perfect JSAT Holdings, Inc.		910,500		3,556,187
	TBS Holdings, Inc.		22,700		326,848
	Toei Co. Ltd.		700		90,788
	Tohokushinsha Film Corp.		94,800		507,131
	Tow Co. Ltd.		9,900		23,695
	Trenders, Inc.		13,300		151,132
	TV Asahi Holdings Corp.		98,500		1,122,592
	Tv Tokyo Holdings Corp.		63,700		1,190,790
#	Usen-Next Holdings Co. Ltd.		79,900		1,550,640
*	UUUM Co. Ltd.		11,600		66,502
	ValueCommerce Co. Ltd.		105,000		1,354,352
#	V-Cube, Inc.		80,700		318,887
#	Vector, Inc.		188,100		2,169,431
*	Vision, Inc.		29,700		360,114
	Wowow, Inc.		37,900		358,570
	Zenrin Co. Ltd.		207,250		1,306,474
	ZIGExN Co. Ltd.		117,900		430,917
TOTAL COMMUNICATION SERVICES					65,788,530
CONSUMER DISCRETIONARY — (14.2%)
	&Do Holdings Co. Ltd.		59,500		411,197
#	Adastria Co. Ltd.		140,840		2,603,878
#	Adventure, Inc.		8,800		676,186
#	Aeon Fantasy Co. Ltd.		48,932		1,036,062
	Ahresty Corp.		141,200		555,130
	Ainavo Holdings Co. Ltd.		5,600		43,908
#	Airtrip Corp.		85,100		1,687,116
	Aisan Industry Co. Ltd.		211,600		1,440,853
*	Akebono Brake Industry Co. Ltd.		610,100		668,474
#	Alleanza Holdings Co. Ltd.		80,800		599,673
#	Alpen Co. Ltd.		98,500		1,483,985
#	Alpha Corp.		31,700		236,394
	Amiyaki Tei Co. Ltd.		28,200		648,661
	AOKI Holdings, Inc.		231,900		1,494,706
	Aoyama Trading Co. Ltd.		235,200		1,671,215
	Arata Corp.		86,800		2,661,353
#	Arcland Service Holdings Co. Ltd.		94,800		1,606,690
#	ARCLANDS Corp.		37,400		421,620
#	Asahi Co. Ltd.		106,000		1,084,028
	Ashimori Industry Co. Ltd.		29,499		326,255
	ASKUL Corp.		241,600		3,145,394
*	Asti Corp.		19,400		422,715
*	Atsugi Co. Ltd.		18,000		54,427
	Aucnet, Inc.		65,100		787,698
#	Autobacs Seven Co. Ltd.		429,100		4,679,098
#	Avantia Co. Ltd.		66,500		404,200
	Baroque Japan Ltd.		61,300		379,513
	Beauty Garage, Inc.		21,700		636,330
	Belluna Co. Ltd.		317,100		1,681,922
	Benesse Holdings, Inc.		395,143		5,790,314
#	Bic Camera, Inc.		557,300		4,683,705
#	Bike O & Co. Ltd.		32,200		248,173
#	Bookoff Group Holdings Ltd.		66,600		638,139
	Central Automotive Products Ltd.		80,500		1,600,356
	Central Sports Co. Ltd.		45,200		839,986
	Chiyoda Co. Ltd.		110,800		682,441
#	Chofu Seisakusho Co. Ltd.		121,300		2,038,987
	Chuo Spring Co. Ltd.		81,700		443,389

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
CONSUMER DISCRETIONARY — (Continued)
	Cleanup Corp.		139,400	$	727,673
#	Colowide Co. Ltd.		259,100		3,769,950
	Corona Corp.		97,200		667,415
#	Create Restaurants Holdings, Inc.		619,500		4,727,780
# *	CROOZ, Inc.		9,100		62,238
	Curves Holdings Co. Ltd.		190,000		1,099,139
	Daido Metal Co. Ltd.		227,200		877,446
	Daikoku Denki Co. Ltd.		50,900		1,236,746
	Daikyonishikawa Corp.		258,900		1,263,565
	Daimaruenawin Co. Ltd.		3,400		31,621
	Dainichi Co. Ltd.		67,100		339,919
#	DCM Holdings Co. Ltd.		701,800		6,115,596
	Doshisha Co. Ltd.		130,800		1,914,938
#	Doutor Nichires Holdings Co. Ltd.		186,086		2,660,340
	Eagle Industry Co. Ltd.		165,400		1,488,284
#	EAT & Holdings Co. Ltd.		33,000		556,666
#	EDION Corp.		510,200		4,933,808
	Enigmo, Inc.		152,100		575,478
#	ES-Con Japan Ltd.		49,600		325,775
	Eslead Corp.		47,700		791,971
	Exedy Corp.		181,900		2,489,005
	FCC Co. Ltd.		223,200		2,616,388
	Felissimo Corp.		20,600		159,916
	First Juken Co. Ltd.		46,400		399,080
#	First-Corp., Inc.		45,300		306,863
	FJ Next Holdings Co. Ltd.		106,600		795,142
	Foster Electric Co. Ltd.		143,200		1,246,013
	F-Tech, Inc.		29,700		148,089
	Fuji Corp.		72,800		711,860
	Fuji Corp. Ltd.		171,000		876,519
	Fuji Kyuko Co. Ltd.		73,500		2,439,126
	Fujibo Holdings, Inc.		63,300		1,581,604
	Fujikura Composites, Inc.		111,200		923,805
	Fujishoji Co. Ltd.		51,100		583,989
	FuKoKu Co. Ltd.		66,400		515,538
	Furukawa Battery Co. Ltd.		88,000		712,157
	Furyu Corp.		115,400		1,044,458
	Futaba Industrial Co. Ltd.		341,300		1,099,867
	Gakkyusha Co. Ltd.		49,300		737,088
#	Genki Sushi Co. Ltd.		32,500		751,798
	Geo Holdings Corp.		168,300		2,037,700
	Gift Holdings, Inc.		23,300		802,764
	GLOBERIDE, Inc.		106,198		1,992,339
	Golf Digest Online, Inc.		64,100		480,540
	GSI Creos Corp.		63,184		759,075
	G-Tekt Corp.		141,100		1,528,078
	Gunze Ltd.		94,300		3,194,338
	Hagihara Industries, Inc.		77,700		734,484
#	Hamee Corp.		36,100		264,644
	Handsman Co. Ltd.		43,500		368,454
	Happinet Corp.		97,600		1,372,512
	Hard Off Corp. Co. Ltd.		58,800		572,359
	Heiwa Corp.		342,300		6,791,224
	HI-LEX Corp.		128,700		1,179,649
#	Himaraya Co. Ltd.		32,100		227,670
	H-One Co. Ltd.		123,200		587,714
	Honeys Holdings Co. Ltd.		116,940		1,467,365
	Hoosiers Holdings Co. Ltd.		207,900		1,297,446
	Hotland Co. Ltd.		44,200		491,291

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
CONSUMER DISCRETIONARY — (Continued)
	IBJ, Inc.		125,900	$	670,764
#	Ichibanya Co. Ltd.		30,658		1,166,277
	Ichikoh Industries Ltd.		194,100		688,264
#	IDOM, Inc.		346,000		2,239,024
	IJTT Co. Ltd.		133,980		538,483
#	Imasen Electric Industrial		37,400		207,906
# *	Istyle, Inc.		181,098		766,591
*	Izuhakone Railway Co. Ltd.		300		0
#	Izumi Co. Ltd.		124,600		2,961,396
	JANOME Corp.		109,400		519,252
	Japan Best Rescue System Co. Ltd.		55,600		304,804
	Japan Wool Textile Co. Ltd.		308,400		2,299,858
	JINS Holdings, Inc.		82,900		2,262,183
# *	Joban Kosan Co. Ltd.		41,499		396,214
	Joshin Denki Co. Ltd.		108,200		1,597,832
	Joyful Honda Co. Ltd.		147,200		1,906,325
	JP-Holdings, Inc.		360,900		987,404
	JVCKenwood Corp.		1,013,800		2,923,856
# *	Kasai Kogyo Co. Ltd.		56,600		88,306
	Kawai Musical Instruments Manufacturing Co. Ltd.		36,600		843,820
	Keiyo Co. Ltd.		245,000		1,558,821
	KeyHolder, Inc.		2,100		15,519
	KFC Holdings Japan Ltd.		87,300		1,861,857
#	King Co. Ltd.		54,100		206,392
# *	Kintetsu Department Store Co. Ltd.		1,300		23,982
	Ki-Star Real Estate Co. Ltd.		55,900		1,753,200
#	Kohnan Shoji Co. Ltd.		155,000		3,801,021
#	Kojima Co. Ltd.		197,700		836,766
	Komatsu Matere Co. Ltd.		195,000		1,020,172
#	KOMEDA Holdings Co. Ltd.		300,500		5,336,482
#	Komehyo Holdings Co. Ltd.		42,400		804,411
	Komeri Co. Ltd.		194,700		4,021,681
#	Konaka Co. Ltd.		163,506		433,130
	Koshidaka Holdings Co. Ltd.		25,200		183,039
#	Kotobukiya Co. Ltd.		1,800		124,704
	K’s Holdings Corp.		386,900		3,396,972
	KU Holdings Co. Ltd.		115,500		1,296,378
	Kurabo Industries Ltd.		110,900		2,111,722
	KYB Corp.		110,600		3,363,604
#	Kyoritsu Maintenance Co. Ltd.		138,200		5,588,496
	LEC, Inc.		142,200		865,339
	LITALICO, Inc.		117,100		2,290,961
*	Locondo, Inc.		21,000		176,047
#	Look Holdings, Inc.		37,100		640,133
	Mars Group Holdings Corp.		75,500		1,738,590
#	Maruzen CHI Holdings Co. Ltd.		106,300		283,146
	Matsuoka Corp.		10,200		108,753
# *	Media Do Co. Ltd.		54,200		580,866
	Meiwa Estate Co. Ltd.		73,200		463,315
#	Mikuni Corp.		147,800		378,395
	Mitsuba Corp.		195,288		773,370
	Mizuno Corp.		109,700		2,577,031
#	Monogatari Corp.		191,400		3,897,225
	Morito Co. Ltd.		107,800		831,568
#	MrMax Holdings Ltd.		159,300		816,348
	Murakami Corp.		31,800		680,925
	Musashi Seimitsu Industry Co. Ltd.		291,800		4,133,417
	Nafco Co. Ltd.		54,200		721,178
	Nagase Brothers, Inc.		600		8,955

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
CONSUMER DISCRETIONARY — (Continued)
#	Nagawa Co. Ltd.		31,800	$	1,642,651
	Nakayamafuku Co. Ltd.		41,800		107,553
	New Art Holdings Co. Ltd.		31,734		438,620
	Nextage Co. Ltd.		282,200		5,898,391
	NHK Spring Co. Ltd.		915,656		6,573,597
	Nichirin Co. Ltd.		61,160		1,091,557
#	Nihon House Holdings Co. Ltd.		239,600		715,084
	Nihon Plast Co. Ltd.		55,200		169,850
	Nihon Tokushu Toryo Co. Ltd.		80,400		572,497
	Nippon Felt Co. Ltd.		84,000		261,722
#	Nippon Piston Ring Co. Ltd.		48,600		492,791
	Nippon Seiki Co. Ltd.		304,500		1,946,566
	Nishikawa Rubber Co. Ltd.		38,500		330,792
	Nishimatsuya Chain Co. Ltd.		242,400		2,992,119
	Nissan Shatai Co. Ltd.		468,700		3,000,398
	Nissan Tokyo Sales Holdings Co. Ltd.		166,400		432,903
	NITTAN Corp.		93,500		177,616
	Nojima Corp.		392,300		4,148,166
	NOK Corp.		349,280		3,869,596
	Ohashi Technica, Inc.		67,600		801,845
	Ohsho Food Service Corp.		65,100		2,957,080
#	Onward Holdings Co. Ltd.		598,200		1,734,739
	Ozu Corp.		22,200		296,513
	Pacific Industrial Co. Ltd.		264,400		2,311,648
#	PAL GROUP Holdings Co. Ltd.		134,700		3,143,360
	PALTAC Corp.		30,800		1,170,301
#	PAPYLESS Co. Ltd.		19,200		138,980
	Paris Miki Holdings, Inc.		115,700		289,148
	PC Depot Corp.		166,481		372,497
# *	PIA Corp.		1,700		41,262
	Piolax, Inc.		168,500		2,458,988
	Poppins Corp.		2,100		30,595
	Press Kogyo Co. Ltd.		563,500		2,121,975
	Pressance Corp.		109,900		1,483,812
	QB Net Holdings Co. Ltd.		58,700		635,205
	Raccoon Holdings, Inc.		111,700		697,182
#	Renaissance, Inc.		3,500		24,548
	Resorttrust, Inc.		514,664		8,201,327
	Rhythm Co. Ltd.		43,600		615,990
	Riberesute Corp.		46,100		276,544
	Ride On Express Holdings Co. Ltd.		46,900		386,584
*	Right On Co. Ltd.		92,925		397,891
	Riken Corp.		49,952		978,770
#	Riso Kyoiku Co. Ltd.		692,900		1,722,674
	Rock Field Co. Ltd.		94,800		1,120,452
	Roland Corp.		58,400		1,763,430
	Round One Corp.		1,055,000		4,081,481
	Sac’s Bar Holdings, Inc.		122,950		768,785
	San Holdings, Inc.		59,900		1,011,227
*	Sanden Corp.		10,400		16,632
#	Sanei Architecture Planning Co. Ltd.		55,200		655,211
	Sangetsu Corp.		276,750		4,668,305
	Sankyo Seiko Co. Ltd.		232,800		956,100
	Sanoh Industrial Co. Ltd.		154,900		773,020
#	Sanyo Shokai Ltd.		55,799		657,559
	Scroll Corp.		181,700		1,109,555
	Seiko Group Corp.		165,881		3,636,394
#	Seiren Co. Ltd.		265,200		4,682,744
# *	Senshukai Co. Ltd.		174,600		533,684

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
CONSUMER DISCRETIONARY — (Continued)
	Seria Co. Ltd.		217,424	$	4,311,600
	Shidax Corp.		147,200		777,937
	Shikibo Ltd.		75,600		573,388
	Shin-Nihon Tatemono Co. Ltd.		29,800		106,605
	Shoei Co. Ltd.		308,400		6,479,886
*	Silver Life Co. Ltd.		15,300		156,601
#	Snow Peak, Inc.		173,900		2,689,362
	SNT Corp.		158,100		291,181
	Soft99 Corp.		84,400		816,661
	Sotoh Co. Ltd.		49,100		306,919
	SPK Corp.		48,600		634,377
#	Sprix, Inc.		34,300		227,013
	St. Marc Holdings Co. Ltd.		110,000		1,439,158
	Step Co. Ltd.		60,800		860,651
#	Suminoe Textile Co. Ltd.		26,300		415,975
	Sumitomo Riko Co. Ltd.		249,100		1,298,831
	Suncall Corp.		127,200		570,049
*	SuRaLa Net Co. Ltd.		2,700		15,440
	Syuppin Co. Ltd.		132,200		856,492
	T RAD Co. Ltd.		40,800		723,011
	Tachikawa Corp.		71,600		724,402
	Tachi-S Co. Ltd.		186,240		1,690,684
#	Taiho Kogyo Co. Ltd.		98,401		472,932
	Takasho Co. Ltd.		15,400		81,761
*	Take & Give Needs Co. Ltd.		11,400		115,759
	Tama Home Co. Ltd.		96,400		2,665,396
	Tamron Co. Ltd.		103,400		2,464,281
# *	Tbk Co. Ltd.		149,200		314,279
	Tear Corp.		57,300		185,398
	Temairazu, Inc.		14,900		533,919
	T-Gaia Corp.		131,100		1,652,684
	Tigers Polymer Corp.		79,800		268,489
	Toa Corp.		144,900		903,390
	Tokai Rika Co. Ltd.		321,100		3,954,510
	Token Corp.		44,650		2,682,758
	Tokyo Base Co. Ltd.		23,400		86,481
	Tokyo Individualized Educational Institute, Inc.		103,700		420,386
	Tokyo Radiator Manufacturing Co. Ltd.		24,300		97,164
	Tokyotokeiba Co. Ltd.		93,400		2,859,215
	Tomy Co. Ltd.		549,293		6,149,616
	Topre Corp.		216,500		2,013,088
#	Toridoll Holdings Corp.		284,000		5,840,810
	Tosho Co. Ltd.		7,000		61,085
	Toyo Tire Corp.		447,500		5,237,970
	Toyoda Gosei Co. Ltd.		36,000		621,137
	TPR Co. Ltd.		148,262		1,501,136
#	Treasure Factory Co. Ltd.		20,600		194,679
	TS Tech Co. Ltd.		444,986		5,650,824
#	TSI Holdings Co. Ltd.		292,595		1,404,293
	Tsuburaya Fields Holdings, Inc.		2,400		37,664
	Tsukada Global Holdings, Inc.		86,100		268,953
#	Tsutsumi Jewelry Co. Ltd.		39,000		682,834
#	Twinbird Corp.		9,200		35,897
	Unipres Corp.		222,497		1,549,110
	United Arrows Ltd.		25,400		368,923
*	Unitika Ltd.		364,700		610,354
*	Universal Entertainment Corp.		99,600		1,854,539
	Valuence Holdings, Inc.		1,600		21,401
*	Village Vanguard Co. Ltd.		36,600		290,077

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
CONSUMER DISCRETIONARY — (Continued)
	VT Holdings Co. Ltd.		474,400	$	1,817,959
	Wacoal Holdings Corp.		262,300		4,929,991
#	Waseda Academy Co. Ltd.		43,600		406,321
#	Watts Co. Ltd.		52,100		276,255
	Weds Co. Ltd.		14,500		71,628
	World Co. Ltd.		94,100		1,054,653
	Xebio Holdings Co. Ltd.		156,896		1,243,934
#	Yachiyo Industry Co. Ltd.		48,100		407,592
	Yagi & Co. Ltd.		18,600		179,390
	Yamae Group Holdings Co. Ltd.		11,200		153,327
	Yasunaga Corp.		30,700		237,860
	Yellow Hat Ltd.		217,900		3,000,128
#	Yondoshi Holdings, Inc.		101,520		1,369,539
	Yonex Co. Ltd.		128,500		1,397,583
	Yorozu Corp.		103,600		663,979
#	Yoshinoya Holdings Co. Ltd.		298,700		5,482,758
	Yutaka Giken Co. Ltd.		8,700		115,211
	Zojirushi Corp.		14,700		177,548
TOTAL CONSUMER DISCRETIONARY					411,732,517
CONSUMER STAPLES — (7.8%)
#	Aeon Hokkaido Corp.		176,000		1,070,041
	AFC-HD AMS Life Science Co. Ltd.		53,800		298,512
	Ain Holdings, Inc.		119,800		5,022,723
	Albis Co. Ltd.		38,700		726,950
#	Arcs Co. Ltd.		263,600		4,469,638
	Artnature, Inc.		116,400		689,372
	Axial Retailing, Inc.		107,000		2,777,296
*	Axxzia, Inc.		4,800		41,452
#	Belc Co. Ltd.		66,900		2,829,990
	Bourbon Corp.		54,800		882,976
	Bull-Dog Sauce Co. Ltd.		3,000		43,271
#	Cawachi Ltd.		79,400		1,371,383
	C’BON COSMETICS Co. Ltd.		10,800		129,929
	Chubu Shiryo Co. Ltd.		132,400		1,044,657
	Chuo Gyorui Co. Ltd.		9,800		221,039
	Como Co. Ltd.		2,600		52,844
	Cota Co. Ltd.		124,950		1,445,392
	Create SD Holdings Co. Ltd.		138,800		3,527,864
#	Daikokutenbussan Co. Ltd.		33,700		1,278,687
	Delica Foods Holdings Co. Ltd.		66,400		275,274
	DyDo Group Holdings, Inc.		56,600		2,081,109
	Ebara Foods Industry, Inc.		30,900		722,946
#	Eco’s Co. Ltd.		45,800		656,030
#	Ensuiko Sugar Refining Co. Ltd.		86,200		129,346
	Ezaki Glico Co. Ltd.		211,100		5,309,622
	Feed One Co. Ltd.		153,348		782,731
	Fuji Oil Holdings, Inc.		240,200		3,490,472
	Fujicco Co. Ltd.		119,700		1,673,702
#	Fujiya Co. Ltd.		68,900		1,283,627
	G-7 Holdings, Inc.		141,300		1,545,449
	Genky DrugStores Co. Ltd.		50,300		1,485,179
	H2O Retailing Corp.		506,645		5,699,568
#	HABA Laboratories, Inc.		15,000		263,320
	Hagoromo Foods Corp.		17,900		407,305
#	Halows Co. Ltd.		56,100		1,351,016
	Heiwado Co. Ltd.		182,800		2,809,402
	Hokkaido Coca-Cola Bottling Co. Ltd.		18,699		603,643
	Hokuto Corp.		139,200		1,947,562

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
CONSUMER STAPLES — (Continued)
	House Foods Group, Inc.		34,100	$	723,028
#	Ichimasa Kamaboko Co. Ltd.		46,500		262,199
	Imuraya Group Co. Ltd.		61,500		1,031,796
	Inageya Co. Ltd.		44,600		432,259
*	I-NE Co. Ltd.		14,500		411,146
	Itochu-Shokuhin Co. Ltd.		35,100		1,351,208
	Itoham Yonekyu Holdings, Inc.		721,400		3,808,704
	Iwatsuka Confectionery Co. Ltd.		8,700		309,450
	JM Holdings Co. Ltd.		77,000		1,128,165
	J-Oil Mills, Inc.		122,300		1,404,390
	Kadoya Sesame Mills, Inc.		15,600		417,429
	Kakiyasu Honten Co. Ltd.		53,400		895,464
	Kameda Seika Co. Ltd.		66,800		2,214,290
#	Kaneko Seeds Co. Ltd.		44,700		560,701
	Kanemi Co. Ltd.		1,200		25,680
	Kato Sangyo Co. Ltd.		148,900		3,952,985
	Kenko Mayonnaise Co. Ltd.		73,300		668,076
#	Kibun Foods, Inc.		12,200		91,926
#	Kitanotatsujin Corp.		386,557		981,252
	Koike-ya, Inc.		300		12,274
	Kotobuki Spirits Co. Ltd.		62,200		4,413,439
	Kusuri no Aoki Holdings Co. Ltd.		84,200		4,270,468
	Kyokuyo Co. Ltd.		59,099		1,527,546
	Lacto Japan Co. Ltd.		47,000		724,514
	Life Corp.		81,400		1,589,067
	Mandom Corp.		216,800		2,421,985
	Marudai Food Co. Ltd.		123,800		1,358,457
	Maruha Nichiro Corp.		216,707		3,884,394
	Maxvalu Tokai Co. Ltd.		47,000		951,801
	Medical System Network Co. Ltd.		152,000		459,586
	Megmilk Snow Brand Co. Ltd.		271,100		3,608,981
#	Meito Sangyo Co. Ltd.		54,100		673,408
	Milbon Co. Ltd.		165,752		6,835,818
#	Ministop Co. Ltd.		89,500		948,740
	Mitsubishi Shokuhin Co. Ltd.		99,700		2,450,015
	Mitsui DM Sugar Holdings Co. Ltd.		109,370		1,678,529
#	Miyoshi Oil & Fat Co. Ltd.		34,400		253,488
	Morinaga & Co. Ltd.		215,699		6,109,232
	Morinaga Milk Industry Co. Ltd.		162,700		5,852,071
	Morozoff Ltd.		37,400		982,095
	MTG Co. Ltd.		24,700		269,104
	Nagatanien Holdings Co. Ltd.		74,900		1,181,806
	Nakamuraya Co. Ltd.		25,999		606,604
	Natori Co. Ltd.		65,000		949,208
	Nichimo Co. Ltd.		16,300		389,421
	Nihon Chouzai Co. Ltd.		73,420		641,647
	Niitaka Co. Ltd.		12,960		209,165
	Nippn Corp.		337,900		4,230,502
	Nippon Beet Sugar Manufacturing Co. Ltd.		65,500		825,136
	Nishimoto Co. Ltd.		19,500		547,649
	Nisshin Oillio Group Ltd.		151,900		3,723,687
	Nissui Corp.		1,771,500		7,262,738
	Nitto Fuji Flour Milling Co. Ltd.		16,200		548,901
	Noevir Holdings Co. Ltd.		85,800		3,501,188
#	Oenon Holdings, Inc.		294,200		611,442
#	OIE Sangyo Co. Ltd.		22,000		183,156
# *	Oisix ra daichi, Inc.		171,900		2,999,655
	Okuwa Co. Ltd.		155,300		992,640
	OUG Holdings, Inc.		21,300		400,516

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
CONSUMER STAPLES — (Continued)
	Pickles Holdings Co. Ltd.		56,900	$	509,064
	Pigeon Corp.		593,025		9,188,314
#	Premium Water Holdings, Inc.		8,100		152,695
	Prima Meat Packers Ltd.		171,000		2,841,263
	Qol Holdings Co. Ltd.		159,100		1,396,514
#	Retail Partners Co. Ltd.		107,600		1,109,162
	Riken Vitamin Co. Ltd.		139,200		2,020,314
#	Rokko Butter Co. Ltd.		84,200		857,440
#	S Foods, Inc.		112,762		2,427,900
	S&B Foods, Inc.		42,798		1,138,152
#	Sagami Rubber Industries Co. Ltd.		56,000		348,270
#	San-A Co. Ltd.		118,000		3,635,614
	Sapporo Holdings Ltd.		203,120		5,220,377
	Sato Foods Co. Ltd.		800		30,022
	Satudora Holdings Co. Ltd.		3,900		24,880
	Shinnihonseiyaku Co. Ltd.		42,700		462,164
	Shinobu Foods Products Co. Ltd.		1,600		8,380
	Shoei Foods Corp.		66,300		2,020,829
	Showa Sangyo Co. Ltd.		114,300		2,188,330
	Soiken Holdings, Inc.		39,400		75,396
	ST Corp.		37,100		437,777
	Starzen Co. Ltd.		89,900		1,476,547
	Takara Holdings, Inc.		589,200		4,554,919
#	Toho Co. Ltd.		49,900		831,281
	Torigoe Co. Ltd.		94,500		428,556
#	Transaction Co. Ltd.		89,700		1,122,230
#	United Super Markets Holdings, Inc.		344,500		2,895,925
	Valor Holdings Co. Ltd.		216,000		3,144,373
	Warabeya Nichiyo Holdings Co. Ltd.		84,760		1,158,915
	Watahan & Co. Ltd.		94,100		1,010,150
	Wellneo Sugar Co. Ltd.		98,300		1,233,998
	Yaizu Suisankagaku Industry Co. Ltd.		62,100		399,948
	YAKUODO Holdings Co. Ltd.		69,400		1,308,825
#	YA-MAN Ltd.		194,200		1,746,425
	Yamatane Corp.		59,000		750,108
#	Yamaya Corp.		23,500		461,926
#	Yamazawa Co. Ltd.		11,800		115,544
	Yaoko Co. Ltd.		62,400		3,249,271
	Yokorei Co. Ltd.		296,900		2,150,367
	Yomeishu Seizo Co. Ltd.		48,700		685,889
# *	Yuasa Funashoku Co. Ltd.		14,300		299,215
	Yukiguni Maitake Co. Ltd.		40,800		308,463
	Yutaka Foods Corp.		3,900		60,179
TOTAL CONSUMER STAPLES					227,677,451
ENERGY — (0.7%)
#	BP Castrol KK		44,100		303,705
	Fuji Kosan Co. Ltd.		4,400		39,518
#	Fuji Oil Co. Ltd.		255,300		510,150
	Itochu Enex Co. Ltd.		346,100		2,951,042
	Japan Oil Transportation Co. Ltd.		15,500		282,320
	Japan Petroleum Exploration Co. Ltd.		215,300		7,256,315
	Mitsuuroko Group Holdings Co. Ltd.		197,500		1,933,190
*	Nippon Coke & Engineering Co. Ltd.		949,100		623,984
	Sala Corp.		315,700		1,795,304
	San-Ai Obbli Co. Ltd.		380,000		3,944,585
	Sinanen Holdings Co. Ltd.		46,500		1,125,846

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
ENERGY — (Continued)
	Toyo Kanetsu KK		48,100	$	954,160
TOTAL ENERGY					21,720,119
FINANCIALS — (8.8%)
	77 Bank Ltd.		351,052		5,736,109
	Advance Create Co. Ltd.		63,400		499,464
#	AEON Financial Service Co. Ltd.		113,800		1,062,638
	Aichi Financial Group, Inc.		223,570		3,645,144
	Aiful Corp.		1,103,100		2,992,152
#	Aizawa Securities Group Co. Ltd.		200,800		1,047,990
	Akatsuki Corp.		144,000		345,142
	Akita Bank Ltd.		88,440		1,179,946
	Anicom Holdings, Inc.		139,800		539,916
# *	Aruhi Corp.		50,500		406,126
	Asax Co. Ltd.		9,300		42,121
	Awa Bank Ltd.		226,100		3,333,757
	Bank of Iwate Ltd.		82,982		1,331,614
	Bank of Kochi Ltd.		56,100		286,831
	Bank of Nagoya Ltd.		71,830		1,713,604
	Bank of Saga Ltd.		80,920		990,757
	Bank of the Ryukyus Ltd.		261,280		1,828,184
#	Bank of Toyama Ltd.		10,200		131,064
#	Casa, Inc.		28,400		177,832
	Chiba Kogyo Bank Ltd.		284,858		1,157,165
	Chugin Financial Group, Inc.		686,300		4,611,414
	Credit Saison Co. Ltd.		123,800		1,573,665
	Daishi Hokuetsu Financial Group, Inc.		256,100		5,597,087
	Daito Bank Ltd.		54,200		262,471
	eGuarantee, Inc.		221,400		3,643,574
#	Ehime Bank Ltd.		198,673		1,265,591
#	Entrust, Inc.		54,900		417,720
	FIDEA Holdings Co. Ltd.		121,990		1,228,292
	Financial Partners Group Co. Ltd.		48,100		420,934
#	First Bank of Toyama Ltd.		311,400		1,387,976
#	First Brothers Co. Ltd.		34,600		228,901
	Fukui Bank Ltd.		119,700		1,346,803
	Fukushima Bank Ltd.		17,200		29,648
	Fuyo General Lease Co. Ltd.		113,100		7,695,385
	GMO Financial Gate, Inc.		13,600		1,032,534
#	GMO Financial Holdings, Inc.		243,300		1,061,884
	Gunma Bank Ltd.		2,072,540		6,930,751
	Hachijuni Bank Ltd.		1,595,800		6,932,706
	Hirogin Holdings, Inc.		1,509,400		7,137,234
*	Hirose Tusyo, Inc.		20,800		417,149
	Hokkoku Financial Holdings, Inc.		139,100		4,346,833
	Hokuhoku Financial Group, Inc.		808,700		5,658,901
*	HS Holdings Co. Ltd.		152,200		1,125,952
	Hyakugo Bank Ltd.		1,361,409		3,817,444
	Hyakujushi Bank Ltd.		134,700		1,870,258
	Ichiyoshi Securities Co. Ltd.		224,000		1,024,031
	IwaiCosmo Holdings, Inc.		123,900		1,254,062
	Iyogin Holdings, Inc.		1,256,518		7,141,527
#	J Trust Co. Ltd.		367,141		1,098,521
	Jaccs Co. Ltd.		139,800		4,641,287
	JAFCO Group Co. Ltd.		550,200		7,880,773
#	Japan Investment Adviser Co. Ltd.		70,300		563,502
	Japan Securities Finance Co. Ltd.		577,000		4,438,243
#	Jimoto Holdings, Inc.		57,350		168,686
	J-Lease Co. Ltd.		31,900		518,153

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
FINANCIALS — (Continued)
	Juroku Financial Group, Inc.		188,800	$	4,028,582
	Keiyo Bank Ltd.		664,300		2,844,671
	Kita-Nippon Bank Ltd.		43,506		651,541
	Kiyo Bank Ltd.		408,790		4,591,810
	Kyokuto Securities Co. Ltd.		152,800		685,519
	Kyushu Financial Group, Inc.		1,975,137		7,126,775
#	Kyushu Leasing Service Co. Ltd.		34,000		223,648
*	M&A Capital Partners Co. Ltd.		89,400		2,508,624
#	Marusan Securities Co. Ltd.		336,700		1,086,245
	Matsui Securities Co. Ltd.		589,300		3,483,714
	Mercuria Holdings Co. Ltd.		58,400		330,749
#	Minkabu The Infonoid, Inc.		21,700		321,598
#	Mito Securities Co. Ltd.		359,500		787,690
	Miyazaki Bank Ltd.		100,400		1,775,053
	Mizuho Leasing Co. Ltd.		173,100		4,592,681
	Monex Group, Inc.		1,037,500		3,773,449
	Money Partners Group Co. Ltd.		149,100		301,931
#	Mortgage Service Japan Ltd.		26,100		136,938
	Musashino Bank Ltd.		176,100		2,958,818
#	Nagano Bank Ltd.		48,599		532,152
	Nanto Bank Ltd.		171,700		3,016,925
	NEC Capital Solutions Ltd.		60,200		1,147,806
	Nishi-Nippon Financial Holdings, Inc.		739,500		6,082,128
	North Pacific Bank Ltd.		1,750,800		3,679,665
# *	OAK Capital Corp.		264,800		163,698
	Ogaki Kyoritsu Bank Ltd.		232,100		3,131,688
	Oita Bank Ltd.		89,199		1,379,434
	Okasan Securities Group, Inc.		952,800		3,394,250
	Okinawa Financial Group, Inc.		140,160		2,206,481
	Orient Corp.		278,390		2,319,384
	Premium Group Co. Ltd.		163,200		2,095,407
	Procrea Holdings, Inc.		236,772		3,763,520
	Ricoh Leasing Co. Ltd.		95,200		2,739,628
	San ju San Financial Group, Inc.		118,793		1,416,382
	San-In Godo Bank Ltd.		937,900		5,236,269
	SBI Global Asset Management Co. Ltd.		131,300		477,457
*	SBI Insurance Group Co. Ltd.		7,600		52,641
	Senshu Ikeda Holdings, Inc.		1,298,928		2,275,812
	Shiga Bank Ltd.		282,600		5,724,278
	Shikoku Bank Ltd.		234,100		1,540,801
	Shimizu Bank Ltd.		58,200		638,592
	Sparx Group Co. Ltd.		115,060		1,262,887
	Strike Co. Ltd.		51,700		1,494,581
	Suruga Bank Ltd.		883,900		3,097,976
	Taiko Bank Ltd.		41,800		351,213
	Tochigi Bank Ltd.		565,200		1,171,705
	Toho Bank Ltd.		1,304,200		2,135,943
#	Tohoku Bank Ltd.		61,300		455,193
	Tokai Tokyo Financial Holdings, Inc.		1,287,200		3,559,875
	Tokyo Kiraboshi Financial Group, Inc.		165,038		3,280,374
	Tomato Bank Ltd.		39,600		303,759
	TOMONY Holdings, Inc.		951,850		2,541,831
#	Tottori Bank Ltd.		51,600		446,248
	Towa Bank Ltd.		238,800		981,847
	Toyo Securities Co. Ltd.		385,500		920,906
#	Traders Holdings Co. Ltd.		13,720		50,846
	Tsukuba Bank Ltd.		494,300		795,693
	Wellnet Corp.		54,900		269,437
	Yamagata Bank Ltd.		143,600		1,100,126

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
FINANCIALS — (Continued)
	Yamaguchi Financial Group, Inc.		1,237,672	$	7,583,348
	Yamanashi Chuo Bank Ltd.		162,526		1,404,989
TOTAL FINANCIALS					255,650,659
HEALTH CARE — (4.9%)
	As One Corp.		99,100		4,217,804
	ASKA Pharmaceutical Holdings Co. Ltd.		138,100		1,242,363
	Astena Holdings Co. Ltd.		194,800		640,381
	BML, Inc.		145,400		3,394,349
#	Carenet, Inc.		130,800		1,073,741
	CE Holdings Co. Ltd.		9,500		40,222
# *	CellSource Co. Ltd.		21,100		496,854
	Charm Care Corp. KK		112,500		943,449
	CMIC Holdings Co. Ltd.		63,200		989,216
	Create Medic Co. Ltd.		38,700		262,690
#	Daiken Medical Co. Ltd.		99,400		360,985
	Daito Pharmaceutical Co. Ltd.		77,580		1,444,202
	Eiken Chemical Co. Ltd.		205,400		2,428,338
	Elan Corp.		208,600		1,657,187
	EM Systems Co. Ltd.		32,100		205,161
	FALCO HOLDINGS Co. Ltd.		53,300		790,894
	FINDEX, Inc.		94,500		492,177
	France Bed Holdings Co. Ltd.		158,600		1,267,698
	Fuji Pharma Co. Ltd.		97,600		834,845
	Fukuda Denshi Co. Ltd.		125,900		4,052,674
	Fuso Pharmaceutical Industries Ltd.		42,600		641,674
	H.U. Group Holdings, Inc.		334,600		6,737,588
	Hogy Medical Co. Ltd.		65,900		1,580,863
	Hoshi Iryo-Sanki Co. Ltd.		9,600		282,707
	I’rom Group Co. Ltd.		38,400		550,200
*	Japan Hospice Holdings, Inc.		12,400		317,350
	Japan Lifeline Co. Ltd.		381,200		2,644,644
	Japan Medical Dynamic Marketing, Inc.		104,500		823,085
	JCR Pharmaceuticals Co. Ltd.		182,400		1,954,755
	Jeol Ltd.		165,900		5,362,407
	JMS Co. Ltd.		104,457		412,663
	Kaken Pharmaceutical Co. Ltd.		112,100		3,130,117
	Kanamic Network Co. Ltd.		139,700		516,295
	Kissei Pharmaceutical Co. Ltd.		174,100		3,476,243
	Koa Shoji Holdings Co. Ltd.		4,100		23,137
	KYORIN Holdings, Inc.		256,000		3,294,969
	Linical Co. Ltd.		69,400		365,465
#	Mani, Inc.		366,100		5,013,125
	Medical Data Vision Co. Ltd.		168,300		1,157,621
	Medikit Co. Ltd.		2,000		36,821
#	Medius Holdings Co. Ltd.		68,500		423,747
# *	MedPeer, Inc.		7,900		66,311
	Menicon Co. Ltd.		301,300		6,420,661
	Mizuho Medy Co. Ltd.		22,400		394,748
	Mochida Pharmaceutical Co. Ltd.		60,098		1,518,728
	Nakanishi, Inc.		335,800		6,670,802
	Nihon Kohden Corp.		127,900		3,470,438
	Nipro Corp.		856,500		6,598,306
	Paramount Bed Holdings Co. Ltd.		253,000		4,514,103
*	PeptiDream, Inc.		95,700		1,369,227
	PHC Holdings Corp.		1,200		13,021
*	RaQualia Pharma, Inc.		9,900		62,772
	Rion Co. Ltd.		51,800		756,311
	Sawai Group Holdings Co. Ltd.		168,900		4,658,533

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
HEALTH CARE — (Continued)
#	Seed Co. Ltd.		68,100	$	280,801
	Seikagaku Corp.		233,700		1,436,552
#	Shin Nippon Biomedical Laboratories Ltd.		134,300		2,793,944
	Ship Healthcare Holdings, Inc.		316,100		5,823,372
	Shofu, Inc.		67,400		1,033,546
#	Software Service, Inc.		18,600		1,251,658
	Solasto Corp.		331,500		1,593,355
	St-Care Holding Corp.		81,600		470,030
# *	SymBio Pharmaceuticals Ltd.		62,300		203,701
	Takara Bio, Inc.		169,300		2,221,046
	Techno Medica Co. Ltd.		14,700		210,221
	Toho Holdings Co. Ltd.		299,200		5,309,455
	Tokai Corp.		131,300		1,963,943
	Torii Pharmaceutical Co. Ltd.		88,300		2,122,460
	Towa Pharmaceutical Co. Ltd.		166,300		2,381,467
#	Trans Genic, Inc.		51,100		128,204
	Tsumura & Co.		283,918		5,645,833
	Value HR Co. Ltd.		92,800		1,109,255
	Vital KSK Holdings, Inc.		257,500		1,738,758
# *	Wakamoto Pharmaceutical Co. Ltd.		85,300		159,200
#	WIN-Partners Co. Ltd.		106,100		813,538
	ZERIA Pharmaceutical Co. Ltd.		46,000		780,767
TOTAL HEALTH CARE					141,565,773
INDUSTRIALS — (28.9%)
	Advan Group Co. Ltd.		144,200		1,052,481
#	Aeon Delight Co. Ltd.		114,400		2,627,900
	Aichi Corp.		223,100		1,342,727
	Aida Engineering Ltd.		303,600		1,878,065
*	Aidma Holdings, Inc.		1,400		42,349
	Airtech Japan Ltd.		2,000		16,743
#	AIT Corp.		8,100		98,975
	Ajis Co. Ltd.		28,900		499,115
	Alconix Corp.		141,600		1,458,482
#	Alinco, Inc.		80,500		641,366
	Alps Logistics Co. Ltd.		110,100		1,088,976
#	Altech Corp.		101,970		1,946,731
	Anest Iwata Corp.		220,200		1,671,058
	Asahi Diamond Industrial Co. Ltd.		320,400		2,270,235
	Asahi Kogyosha Co. Ltd.		51,400		848,533
	Asanuma Corp.		83,700		1,967,635
#	Asukanet Co. Ltd.		31,200		229,425
#	AZ-COM MARUWA Holdings, Inc.		169,000		2,545,419
	Bando Chemical Industries Ltd.		207,500		1,662,710
#	Bell System24 Holdings, Inc.		217,000		2,371,913
#	Br Holdings Corp.		221,200		592,846
#	Bunka Shutter Co. Ltd.		346,800		2,899,977
	Canare Electric Co. Ltd.		21,200		201,416
	Careerlink Co. Ltd.		21,900		413,731
	Central Glass Co. Ltd.		216,100		4,797,344
#	Central Security Patrols Co. Ltd.		53,000		1,086,359
	Chilled & Frozen Logistics Holdings Co. Ltd.		98,500		946,854
*	Chiyoda Corp.		906,000		2,685,877
	Chiyoda Integre Co. Ltd.		66,200		1,116,601
	Chori Co. Ltd.		73,000		1,384,025
	Chudenko Corp.		183,100		2,950,928
	Chugai Ro Co. Ltd.		36,600		512,104
	Chuo Warehouse Co. Ltd.		21,000		171,610
	CKD Corp.		244,600		3,993,999

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INDUSTRIALS — (Continued)
	CMC Corp.		30,200	$	311,255
	Cosel Co. Ltd.		146,800		1,261,708
	Creek & River Co. Ltd.		67,100		1,170,842
*	CrowdWorks, Inc.		5,900		75,578
	CTI Engineering Co. Ltd.		69,200		1,580,051
	CTS Co. Ltd.		157,100		912,558
	Dai-Dan Co. Ltd.		89,200		1,597,121
#	Daido Kogyo Co. Ltd.		43,200		246,799
	Daihatsu Diesel Manufacturing Co. Ltd.		119,100		488,997
	Daihen Corp.		123,600		4,154,374
	Daiho Corp.		70,100		1,948,550
	Dai-Ichi Cutter Kogyo KK		46,300		410,368
	Daiichi Jitsugyo Co. Ltd.		51,100		2,148,796
	Daiichi Kensetsu Corp.		35,200		370,736
#	Daiki Axis Co. Ltd.		41,900		221,114
#	Daiseki Co. Ltd.		286,755		9,114,626
#	Daiseki Eco. Solution Co. Ltd.		39,159		274,963
	Daisue Construction Co. Ltd.		48,200		423,093
	Daiwa Industries Ltd.		194,900		2,040,905
	Denyo Co. Ltd.		96,400		1,240,824
#	Dip Corp.		198,900		5,331,499
	DMG Mori Co. Ltd.		731,800		12,371,702
	DMW Corp.		4,800		112,772
	Duskin Co. Ltd.		261,100		6,284,829
	Ebara Jitsugyo Co. Ltd.		64,800		1,407,180
#	Eidai Co. Ltd.		184,700		312,220
	EJ Holdings, Inc.		30,100		339,833
	en Japan, Inc.		189,208		3,265,457
	Endo Lighting Corp.		56,300		396,695
#	Envipro Holdings, Inc.		34,400		165,558
	ERI Holdings Co. Ltd.		14,100		159,626
	EXEO Group, Inc.		378,300		6,847,530
	F&M Co. Ltd.		44,400		659,364
*	FDK Corp.		64,298		425,179
	Forum Engineering, Inc.		24,500		156,010
#	Freund Corp.		75,600		364,570
	Fudo Tetra Corp.		97,080		1,196,950
	Fuji Corp.		369,200		6,251,578
	Fuji Die Co. Ltd.		55,300		348,775
	Fuji Furukawa Engineering & Construction Co. Ltd.		1,800		52,041
	Fujikura Ltd.		613,500		4,358,037
	Fujisash Co. Ltd.		573,900		281,362
#	Fukuda Corp.		53,200		1,868,065
	Fukushima Galilei Co. Ltd.		79,400		2,870,507
	Fukuvi Chemical Industry Co. Ltd.		10,600		46,261
	Fukuyama Transporting Co. Ltd.		94,357		2,566,374
	FULLCAST Holdings Co. Ltd.		126,600		2,317,783
	Funai Soken Holdings, Inc.		241,570		4,959,529
	Furukawa Co. Ltd.		189,400		1,829,255
	Furukawa Electric Co. Ltd.		418,600		7,797,244
	Futaba Corp.		208,200		818,725
#	Gakujo Co. Ltd.		5,600		69,694
	Gecoss Corp.		95,900		639,649
#	Giken Ltd.		8,200		172,355
	Glory Ltd.		288,855		6,323,066
	gremz, Inc.		25,500		462,247
	GS Yuasa Corp.		393,683		7,110,445
	Hamakyorex Co. Ltd.		100,900		2,460,844
	Hanwa Co. Ltd.		169,500		5,067,334

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INDUSTRIALS — (Continued)
	Hashimoto Sogyo Holdings Co. Ltd.		8,140	$	69,324
#	Hazama Ando Corp.		1,150,400		7,441,018
#	Helios Techno Holding Co. Ltd.		106,400		280,728
	Hibiya Engineering Ltd.		109,900		1,794,611
	Hirakawa Hewtech Corp.		70,800		815,835
#	Hirano Tecseed Co. Ltd.		56,700		883,784
#	Hirata Corp.		27,900		1,449,240
	Hisaka Works Ltd.		127,300		859,624
	Hitachi Zosen Corp.		1,041,679		6,834,397
	Hito Communications Holdings, Inc.		43,900		528,891
#	Hokuetsu Industries Co. Ltd.		137,200		1,452,131
#	Hokuriku Electrical Construction Co. Ltd.		89,040		521,045
	Hosokawa Micron Corp.		87,500		1,918,667
	Howa Machinery Ltd.		65,100		439,145
#	Ichikawa Co. Ltd.		1,000		10,045
	Ichiken Co. Ltd.		33,600		451,278
	Ichinen Holdings Co. Ltd.		125,100		1,195,249
	Idec Corp.		187,600		4,888,221
#	Iino Kaiun Kaisha Ltd.		490,700		3,733,273
	Imura & Co. Ltd.		13,700		102,966
	Inaba Denki Sangyo Co. Ltd.		319,300		6,979,676
	Inaba Seisakusho Co. Ltd.		61,700		668,722
	Inabata & Co. Ltd.		280,200		5,698,068
	Infomart Corp.		761,600		1,599,928
	INFRONEER Holdings, Inc.		404,288		3,124,692
	Insource Co. Ltd.		295,300		3,021,079
	Inui Global Logistics Co. Ltd.		80,380		1,091,066
	IR Japan Holdings Ltd.		56,500		1,002,076
	Iseki & Co. Ltd.		114,049		1,027,528
	Ishii Iron Works Co. Ltd.		11,000		190,416
	Itoki Corp.		213,100		1,206,248
	Iwaki Co. Ltd.		56,100		551,270
	JAC Recruitment Co. Ltd.		105,100		2,073,448
	Japan Elevator Service Holdings Co. Ltd.		366,800		5,986,744
	Japan Foundation Engineering Co. Ltd.		119,000		465,073
	Japan Pulp & Paper Co. Ltd.		72,300		2,811,902
	Japan Steel Works Ltd.		86,700		1,630,316
	Japan Transcity Corp.		244,600		1,128,682
	JDC Corp.		79,900		364,363
	JK Holdings Co. Ltd.		92,940		724,552
#	Juki Corp.		174,000		822,845
	Kamei Corp.		148,700		1,655,444
	Kanaden Corp.		113,500		995,919
	Kanagawa Chuo Kotsu Co. Ltd.		42,800		1,053,310
	Kaname Kogyo Co. Ltd.		1,300		7,678
	Kanamoto Co. Ltd.		195,900		3,227,709
	Kandenko Co. Ltd.		616,100		4,352,292
	Kanematsu Corp.		492,625		6,117,799
	Katakura Industries Co. Ltd.		151,500		2,125,027
	Kato Works Co. Ltd.		54,900		430,394
	Kawada Technologies, Inc.		32,300		918,813
	Kawata Manufacturing Co. Ltd.		23,300		150,573
	Keihin Co. Ltd.		15,700		194,536
	KFC Ltd.		8,700		84,403
	Kimura Chemical Plants Co. Ltd.		98,900		507,182
	Kimura Unity Co. Ltd.		47,000		366,731
	King Jim Co. Ltd.		59,600		408,537
	Kitagawa Corp.		50,300		409,072
	Kitano Construction Corp.		24,072		535,021

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INDUSTRIALS — (Continued)
	Kitz Corp.		405,100	$	2,848,499
*	Kobe Electric Railway Co. Ltd.		37,299		890,553
	Koike Sanso Kogyo Co. Ltd.		13,400		232,918
	Kokuyo Co. Ltd.		449,525		6,382,244
	KOMAIHALTEC, Inc.		18,200		231,043
	Komatsu Wall Industry Co. Ltd.		49,300		747,286
	Komori Corp.		291,700		2,188,729
	Kondotec, Inc.		114,200		864,061
	Konoike Transport Co. Ltd.		170,700		1,925,040
	Kosaido Holdings Co. Ltd.		100,800		1,792,682
	Kozo Keikaku Engineering, Inc.		22,000		494,350
	KPP Group Holdings Co. Ltd.		231,500		1,173,497
	KRS Corp.		75,600		564,495
	Kumagai Gumi Co. Ltd.		213,600		4,287,918
	Kuroda Precision Industries Ltd.		700		8,464
	Kyodo Printing Co. Ltd.		43,500		903,023
	Kyokuto Boeki Kaisha Ltd.		66,000		750,995
	Kyokuto Kaihatsu Kogyo Co. Ltd.		198,600		2,427,369
# *	KYORITSU Co. Ltd.		151,200		180,409
	Kyudenko Corp.		216,100		5,496,551
#	LIKE, Inc.		66,300		1,024,668
	Link & Motivation, Inc.		252,500		1,003,677
*	LTS, Inc.		2,100		43,926
	Mabuchi Motor Co. Ltd.		252,834		7,377,485
	Maezawa Industries, Inc.		49,000		244,268
#	Maezawa Kasei Industries Co. Ltd.		84,000		963,457
	Maezawa Kyuso Industries Co. Ltd.		122,700		888,602
	Makino Milling Machine Co. Ltd.		145,100		5,332,481
#	Management Solutions Co. Ltd.		51,700		1,297,262
	Marufuji Sheet Piling Co. Ltd.		11,800		183,633
	MARUKA FURUSATO Corp.		45,807		974,092
#	Marumae Co. Ltd.		31,900		409,667
	Maruyama Manufacturing Co., Inc.		18,800		254,097
	Maruzen Co. Ltd.		65,800		935,607
	Maruzen Showa Unyu Co. Ltd.		79,400		1,933,195
#	Matching Service Japan Co. Ltd.		52,000		403,964
	Matsuda Sangyo Co. Ltd.		75,682		1,300,575
#	Matsui Construction Co. Ltd.		125,500		641,527
	Max Co. Ltd.		158,700		2,546,638
	Meidensha Corp.		216,410		3,149,740
	Meiho Facility Works Ltd.		36,100		214,391
	Meiji Electric Industries Co. Ltd.		52,500		478,824
#	Meiji Shipping Co. Ltd.		94,000		443,196
	Meisei Industrial Co. Ltd.		216,000		1,263,320
	Meitec Corp.		478,200		8,561,954
# *	Meiwa Corp.		145,600		754,843
# *	MetaReal Corp.		22,800		240,806
	METAWATER Co. Ltd.		114,300		1,493,681
#	Midac Holdings Co. Ltd.		28,600		467,426
#	Mie Kotsu Group Holdings, Inc.		346,700		1,463,759
	Mirai Industry Co. Ltd.		4,600		61,637
	Mirait One Corp.		565,135		7,038,153
	Mitani Corp.		294,600		2,994,022
	Mitani Sangyo Co. Ltd.		145,000		352,408
	Mitsubishi Kakoki Kaisha Ltd.		39,000		659,971
	Mitsubishi Logisnext Co. Ltd.		184,400		1,314,583
	Mitsubishi Logistics Corp.		110,200		2,591,559
	Mitsubishi Pencil Co. Ltd.		133,500		1,642,932
	Mitsuboshi Belting Ltd.		95,300		2,836,033

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INDUSTRIALS — (Continued)
*	Mitsui E&S Holdings Co. Ltd.		298,581	$	943,178
#	Mitsui Matsushima Holdings Co. Ltd.		71,100		1,767,883
	Mitsui-Soko Holdings Co. Ltd.		125,200		3,719,131
	Miyaji Engineering Group, Inc.		37,517		1,059,820
	Mori-Gumi Co. Ltd.		69,500		152,454
	Morita Holdings Corp.		208,200		2,094,750
#	NAC Co. Ltd.		61,300		441,849
	Nachi-Fujikoshi Corp.		86,900		2,599,041
	Nadex Co. Ltd.		40,600		314,719
	Nagase & Co. Ltd.		584,600		9,005,315
	Naigai Trans Line Ltd.		41,700		725,634
	Nakabayashi Co. Ltd.		113,400		407,458
	Nakakita Seisakusho Co. Ltd.		3,700		64,340
#	Nakamoto Packs Co. Ltd.		33,300		395,288
*	Nakamura Choukou Co. Ltd.		6,600		32,793
	Nakanishi Manufacturing Co. Ltd.		5,700		80,988
#	Nakano Corp.		107,000		298,301
# *	Namura Shipbuilding Co. Ltd.		268,528		707,355
	Narasaki Sangyo Co. Ltd.		25,400		355,545
	Nice Corp.		30,000		308,584
	Nichias Corp.		378,700		7,632,364
	Nichiban Co. Ltd.		68,100		988,612
	Nichiden Corp.		97,100		1,398,052
	Nichiha Corp.		159,280		3,257,971
	Nichireki Co. Ltd.		148,800		1,673,746
	Nihon Dengi Co. Ltd.		30,800		793,077
	Nihon Flush Co. Ltd.		122,000		900,476
	Nikkiso Co. Ltd.		304,400		2,166,731
	Nikko Co. Ltd.		168,400		806,229
	Nikkon Holdings Co. Ltd.		372,100		6,973,100
	Nippi, Inc.		11,900		340,824
#	Nippon Air Conditioning Services Co. Ltd.		187,100		1,018,202
	Nippon Aqua Co. Ltd.		55,400		392,067
	Nippon Carbon Co. Ltd.		66,200		2,051,177
	Nippon Concept Corp.		39,500		503,141
	Nippon Densetsu Kogyo Co. Ltd.		224,600		2,692,742
	Nippon Dry-Chemical Co. Ltd.		11,300		152,816
	Nippon Filcon Co. Ltd.		15,700		56,131
	Nippon Hume Corp.		137,300		778,170
	Nippon Koei Co. Ltd.		74,200		1,891,909
	Nippon Parking Development Co. Ltd.		1,222,100		2,149,657
	Nippon Rietec Co. Ltd.		26,400		186,864
	Nippon Road Co. Ltd.		20,400		1,125,461
	Nippon Seisen Co. Ltd.		14,800		512,191
	Nippon Sharyo Ltd.		40,999		626,349
*	Nippon Sheet Glass Co. Ltd.		559,900		2,689,283
	Nippon Steel Trading Corp.		92,460		6,487,955
	Nippon Thompson Co. Ltd.		338,500		1,491,998
	Nippon Tungsten Co. Ltd.		6,699		131,335
	Nishimatsu Construction Co. Ltd.		201,800		5,217,404
	Nishi-Nippon Railroad Co. Ltd.		259,200		4,688,355
	Nishio Rent All Co. Ltd.		123,800		2,908,089
	Nissei ASB Machine Co. Ltd.		50,300		1,492,642
	Nissei Plastic Industrial Co. Ltd.		105,100		786,765
	Nisshinbo Holdings, Inc.		887,380		6,797,861
	Nissin Corp.		90,000		1,440,520
	Nisso Corp.		69,000		371,221
	Nitta Corp.		123,700		2,742,830
	Nitto Boseki Co. Ltd.		79,000		1,207,167

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INDUSTRIALS — (Continued)
	Nitto Kogyo Corp.		166,300	$	3,320,276
	Nitto Kohki Co. Ltd.		69,900		955,629
	Nitto Seiko Co. Ltd.		186,200		797,400
	Nittoc Construction Co. Ltd.		117,600		863,159
	Nittoku Co. Ltd.		3,100		68,347
	NJS Co. Ltd.		36,800		624,473
	Noda Corp.		116,900		1,079,698
	Nomura Micro Science Co. Ltd.		39,900		1,260,182
	Noritake Co. Ltd.		57,700		2,002,867
	Noritsu Koki Co. Ltd.		117,500		1,991,382
	Noritz Corp.		175,100		2,301,199
#	NS Tool Co. Ltd.		105,300		829,549
	NS United Kaiun Kaisha Ltd.		58,900		1,836,272
	NTN Corp.		2,389,800		6,098,271
#	Obara Group, Inc.		72,300		2,162,516
#	Ochi Holdings Co. Ltd.		8,900		82,400
	Odawara Engineering Co. Ltd.		9,900		125,775
#	Ohba Co. Ltd.		76,500		450,576
	Ohmoto Gumi Co. Ltd.		4,100		226,947
	Oiles Corp.		139,970		1,776,780
	Okabe Co. Ltd.		227,900		1,322,880
	Okada Aiyon Corp.		42,800		574,857
	Okamoto Machine Tool Works Ltd.		25,299		1,013,075
	Okamura Corp.		368,200		3,802,384
	OKUMA Corp.		147,700		6,614,830
	Okumura Corp.		181,680		4,294,248
	Onoken Co. Ltd.		107,500		1,206,771
	Open Up Group, Inc.		82,100		1,195,385
	Organo Corp.		162,700		4,447,684
	Oriental Consultants Holdings Co. Ltd.		6,100		118,675
	Oriental Shiraishi Corp.		747,300		1,839,500
	Origin Co. Ltd.		24,900		245,711
	OSG Corp.		526,900		7,946,169
	Outsourcing, Inc.		731,600		7,216,230
	Oyo Corp.		126,400		2,125,128
	Paraca, Inc.		35,900		554,712
	Parker Corp.		34,000		154,059
#	Pasco Corp.		11,200		120,033
	Pasona Group, Inc.		137,400		1,952,808
	Pegasus Sewing Machine Manufacturing Co. Ltd.		135,300		649,059
	Penta-Ocean Construction Co. Ltd.		1,407,000		6,723,183
	People Dreams & Technologies Group Co. Ltd.		23,700		272,143
	Pilot Corp.		130,000		4,229,779
	Prestige International, Inc.		638,800		2,884,611
	Pronexus, Inc.		104,900		768,551
	PS Mitsubishi Construction Co. Ltd.		203,300		1,005,108
	Punch Industry Co. Ltd.		88,700		300,520
	Quick Co. Ltd.		77,000		1,035,516
	Raito Kogyo Co. Ltd.		282,600		4,160,963
	Raiznext Corp.		269,300		2,964,828
#	Rasa Corp.		63,200		692,434
	Relia, Inc.		174,900		1,926,442
	Rheon Automatic Machinery Co. Ltd.		120,500		1,190,828
#	Rix Corp.		17,300		328,243
	Ryobi Ltd.		152,640		1,780,889
#	S LINE Co. Ltd.		23,800		151,148
	Sakai Heavy Industries Ltd.		23,300		705,843
	Sakai Moving Service Co. Ltd.		70,400		2,463,301
	Sanki Engineering Co. Ltd.		268,900		2,974,096

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INDUSTRIALS — (Continued)
	Sanko Gosei Ltd.		134,300	$	616,797
	Sanko Metal Industrial Co. Ltd.		16,200		469,927
	Sankyo Tateyama, Inc.		139,674		756,143
	Sankyu, Inc.		140,600		5,217,763
	Sansei Technologies, Inc.		64,500		393,645
	Sansha Electric Manufacturing Co. Ltd.		62,600		450,086
	Sanyo Denki Co. Ltd.		53,600		2,497,962
	Sanyo Electric Railway Co. Ltd.		109,898		1,890,520
	Sanyo Engineering & Construction, Inc.		60,200		279,191
	Sanyo Industries Ltd.		9,900		137,961
	Sanyo Trading Co. Ltd.		138,600		1,270,097
	Sata Construction Co. Ltd.		86,199		318,916
	Sato Holdings Corp.		173,800		2,879,398
	Sato Shoji Corp.		86,800		933,692
	SBS Holdings, Inc.		117,700		2,990,683
#	SEC Carbon Ltd.		10,900		719,676
#	Seibu Electric & Machinery Co. Ltd.		10,300		124,085
	Seika Corp.		56,700		880,769
	Seikitokyu Kogyo Co. Ltd.		185,330		1,135,615
	Seiko Electric Co. Ltd.		4,900		37,669
	Seino Holdings Co. Ltd.		440,200		4,859,657
	Sekisui Jushi Corp.		192,600		3,029,610
	Senko Group Holdings Co. Ltd.		688,500		4,917,170
	Senshu Electric Co. Ltd.		77,500		1,918,819
	Shibaura Machine Co. Ltd.		120,800		2,885,633
	Shibusawa Warehouse Co. Ltd.		58,000		973,468
	Shibuya Corp.		93,100		1,760,332
	Shima Seiki Manufacturing Ltd.		165,300		2,359,621
#	Shimojima Co. Ltd.		48,800		362,581
	Shin Maint Holdings Co. Ltd.		14,600		153,858
	Shin Nippon Air Technologies Co. Ltd.		84,680		1,193,716
#	Shinki Bus Co. Ltd.		1,900		49,800
	Shinmaywa Industries Ltd.		348,100		3,106,515
	Shinnihon Corp.		164,700		1,165,282
	Shinsho Corp.		30,000		1,315,648
	Shinwa Co. Ltd.		62,300		995,645
	Shinwa Co. Ltd.		24,800		134,562
	SIGMAXYZ Holdings, Inc.		209,700		1,806,379
	Sinfonia Technology Co. Ltd.		135,800		1,622,997
	Sinko Industries Ltd.		122,500		1,531,698
	Sintokogio Ltd.		273,000		1,719,520
	SMS Co. Ltd.		160,200		3,896,140
#	Soda Nikka Co. Ltd.		105,700		648,880
	Sodick Co. Ltd.		286,600		1,649,268
	Sotetsu Holdings, Inc.		225,700		3,866,859
#	Space Co. Ltd.		96,562		670,562
	S-Pool, Inc.		410,600		1,854,124
	Star Micronics Co. Ltd.		217,000		2,961,137
#	Studio Alice Co. Ltd.		56,600		915,498
	Subaru Enterprise Co. Ltd.		6,300		440,312
	Sugimoto & Co. Ltd.		61,600		964,571
#	Sumiseki Holdings, Inc.		239,800		667,005
	Sumitomo Densetsu Co. Ltd.		109,300		2,111,579
	Sumitomo Mitsui Construction Co. Ltd.		922,840		2,676,890
	Sumitomo Warehouse Co. Ltd.		333,600		5,488,920
	Suzumo Machinery Co. Ltd.		4,400		35,259
	SWCC Showa Holdings Co. Ltd.		154,100		2,213,933
#	Tacmina Corp.		14,700		136,896
	Tadano Ltd.		683,800		5,404,999

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INDUSTRIALS — (Continued)
	Taihei Dengyo Kaisha Ltd.		89,200	$	2,735,260
#	Taiheiyo Kouhatsu, Inc.		41,300		252,088
	Taikisha Ltd.		157,700		4,390,671
	Taisei Oncho Co. Ltd.		14,900		218,086
	Takamatsu Construction Group Co. Ltd.		99,100		1,518,221
#	Takamiya Co. Ltd.		137,800		449,247
#	Takano Co. Ltd.		50,700		271,862
	Takaoka Toko Co. Ltd.		64,820		1,153,614
	Takara & Co. Ltd.		47,155		799,145
	Takara Standard Co. Ltd.		196,500		2,181,395
	Takasago Thermal Engineering Co. Ltd.		293,400		4,678,531
	Takashima & Co. Ltd.		25,200		555,439
#	Takatori Corp.		4,500		178,743
#	Takeuchi Manufacturing Co. Ltd.		214,800		4,768,269
	Takigami Steel Construction Co. Ltd.		5,300		319,538
	Takisawa Machine Tool Co. Ltd.		28,500		268,336
	Takuma Co. Ltd.		189,100		1,899,395
	Tanabe Consulting Group Co. Ltd.		2,400		16,342
#	Tanabe Engineering Corp.		39,500		288,795
	Tanseisha Co. Ltd.		246,649		1,436,806
	Tatsuta Electric Wire & Cable Co. Ltd.		234,900		1,260,818
	Techno Ryowa Ltd.		68,690		450,967
	Techno Smart Corp.		49,500		595,561
	Teikoku Electric Manufacturing Co. Ltd.		103,400		1,917,080
	Teikoku Sen-I Co. Ltd.		113,000		1,412,493
	Tekken Corp.		83,400		1,139,125
	Terasaki Electric Co. Ltd.		25,500		219,570
#	Tess Holdings Co. Ltd.		32,300		265,466
	TKC Corp.		183,400		5,093,524
	Toa Corp.		89,700		1,797,656
	TOA ROAD Corp.		50,400		1,425,653
	Toba, Inc.		9,800		210,380
	Tobishima Corp.		117,870		938,479
	Tocalo Co. Ltd.		374,400		3,679,987
	Toda Corp.		763,300		3,987,957
	Toenec Corp.		54,000		1,391,058
	Togami Electric Manufacturing Co. Ltd.		17,800		238,115
	TOKAI Holdings Corp.		642,800		4,235,586
	Tokai Lease Co. Ltd.		18,800		187,769
	Tokyo Energy & Systems, Inc.		144,700		975,626
	Tokyo Keiki, Inc.		71,022		652,818
	Tokyo Sangyo Co. Ltd.		126,500		703,524
	Tokyu Construction Co. Ltd.		523,900		2,672,609
	Toli Corp.		282,400		582,496
	Tomoe Corp.		155,100		506,657
	Tomoe Engineering Co. Ltd.		46,400		847,563
	Tonami Holdings Co. Ltd.		37,500		1,166,464
	Torishima Pump Manufacturing Co. Ltd.		118,300		1,404,294
	Totech Corp.		48,100		1,591,589
	Totetsu Kogyo Co. Ltd.		152,800		3,126,030
	Toukei Computer Co. Ltd.		6,810		342,763
	Toyo Construction Co. Ltd.		492,600		3,406,641
	Toyo Denki Seizo KK		22,850		158,970
*	Toyo Engineering Corp.		194,378		832,464
	Toyo Logistics Co. Ltd.		85,100		185,766
	Toyo Machinery & Metal Co. Ltd.		100,000		445,907
#	Toyo Tanso Co. Ltd.		88,700		2,760,571
#	Toyo Wharf & Warehouse Co. Ltd.		24,100		244,825
	Trancom Co. Ltd.		47,200		2,642,006

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INDUSTRIALS — (Continued)
*	Transcosmos, Inc.		116,500	$	2,765,227
	Trinity Industrial Corp.		36,000		183,711
	Trusco Nakayama Corp.		236,800		4,022,597
	Tsubaki Nakashima Co. Ltd.		261,300		1,894,412
	Tsubakimoto Chain Co.		158,840		3,867,685
	Tsubakimoto Kogyo Co. Ltd.		28,400		885,391
	Tsugami Corp.		267,700		2,915,333
	Tsukishima Kikai Co. Ltd.		165,000		1,358,579
	Tsurumi Manufacturing Co. Ltd.		117,500		1,843,209
#	Ueki Corp.		60,800		614,241
	UEX Ltd.		1,500		14,330
	Union Tool Co.		46,900		1,169,550
	Ushio, Inc.		600,400		7,577,065
*	UT Group Co. Ltd.		183,200		3,424,601
	Wakachiku Construction Co. Ltd.		74,800		2,161,378
	Wakita & Co. Ltd.		217,200		1,998,072
	WDB Holdings Co. Ltd.		63,000		945,793
	Weathernews, Inc.		36,200		1,814,880
# *	Welbe, Inc.		59,100		273,490
	Will Group, Inc.		96,500		790,133
#	World Holdings Co. Ltd.		50,700		984,261
	Yahagi Construction Co. Ltd.		172,600		1,077,060
	YAMABIKO Corp.		217,528		2,167,215
	YAMADA Consulting Group Co. Ltd.		64,900		751,052
	Yamashina Corp.		245,700		122,208
	Yamato Corp.		108,400		721,584
#	Yamaura Corp.		12,700		104,803
	Yamazen Corp.		353,200		2,717,863
	Yasuda Logistics Corp.		99,100		775,546
	Yokogawa Bridge Holdings Corp.		198,600		3,249,200
	Yondenko Corp.		54,120		771,785
	Yuasa Trading Co. Ltd.		103,900		2,975,471
	Yuken Kogyo Co. Ltd.		18,100		261,993
	Yurtec Corp.		257,400		1,614,370
	Yushin Precision Equipment Co. Ltd.		29,800		170,925
	Zaoh Co. Ltd.		25,900		440,478
	Zenitaka Corp.		19,200		431,366
	Zuiko Corp.		94,600		747,111
TOTAL INDUSTRIALS					840,975,450
INFORMATION TECHNOLOGY — (14.9%)
#	A&D HOLON Holdings Co. Ltd.		138,500		1,497,579
*	Access Co. Ltd.		82,500		545,784
	Ad-sol Nissin Corp.		47,200		611,050
#	Adtec Plasma Technology Co. Ltd.		25,000		291,674
#	AGS Corp.		13,000		68,276
	Ai Holdings Corp.		244,200		4,236,402
	Aichi Tokei Denki Co. Ltd.		53,600		605,475
	Aiphone Co. Ltd.		66,800		1,029,435
*	Allied Telesis Holdings KK		191,200		151,773
	Alpha Systems, Inc.		23,920		736,135
	Alps Alpine Co. Ltd.		360,100		3,465,446
	Amano Corp.		291,800		5,513,136
	Anritsu Corp.		851,999		7,875,771
	AOI Electronics Co. Ltd.		27,700		386,552
	Argo Graphics, Inc.		102,600		2,857,946
	Arisawa Manufacturing Co. Ltd.		207,900		1,971,786
	Artiza Networks, Inc.		14,900		112,309
	Asahi Intelligence Service Co. Ltd.		1,300		11,543

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INFORMATION TECHNOLOGY — (Continued)
#	Atled Corp.		15,700	$	170,564
	Avant Group Corp.		127,700		1,383,327
	Base Co. Ltd.		15,600		681,217
*	BrainPad, Inc.		87,600		474,837
	Broadband Tower, Inc.		116,500		129,336
	Business Brain Showa-Ota, Inc.		41,500		659,576
#	Business Engineering Corp.		4,400		99,566
	CAC Holdings Corp.		75,200		956,797
	Canon Electronics, Inc.		125,200		1,749,202
#	CDS Co. Ltd.		15,500		218,806
#	Celsys, Inc.		206,000		1,061,444
	Change, Inc.		148,200		2,641,569
	Chino Corp.		45,000		731,458
	Citizen Watch Co. Ltd.		1,550,700		9,123,856
	CMK Corp.		275,600		953,529
	Computer Engineering & Consulting Ltd.		170,100		1,645,385
	Computer Institute of Japan Ltd.		227,278		933,469
	Comture Corp.		143,900		2,261,005
	Core Corp.		45,800		555,214
	Cresco Ltd.		84,700		1,087,733
#	Cross Cat Co. Ltd.		8,200		79,767
#	Cube System, Inc.		60,600		522,639
	Cyber Com Co. Ltd.		10,600		115,871
	Cyberlinks Co. Ltd.		32,400		223,308
	Cybozu, Inc.		150,100		3,348,554
	Daiko Denshi Tsushin Ltd.		23,100		85,333
#	Daishinku Corp.		148,696		820,570
	Daitron Co. Ltd.		55,600		1,122,289
	Daiwabo Holdings Co. Ltd.		574,800		9,493,732
	Dawn Corp.		4,000		67,506
#	Densan System Holdings Co. Ltd.		43,600		872,676
	Dexerials Corp.		345,400		7,061,674
	Digital Arts, Inc.		73,500		2,851,807
	Digital Garage, Inc.		177,800		5,873,342
	Digital Hearts Holdings Co. Ltd.		74,800		825,372
	Digital Information Technologies Corp.		61,700		800,317
	DKK Co. Ltd.		61,300		1,034,194
#	DKK-Toa Corp.		31,400		198,922
	Double Standard, Inc.		42,500		669,153
	DTS Corp.		250,500		6,103,324
	Ebase Co. Ltd.		125,600		653,931
	E-Guardian, Inc.		62,600		1,089,374
	Eizo Corp.		96,200		2,977,855
	Elecom Co. Ltd.		256,300		2,437,719
	Elematec Corp.		113,542		1,592,122
	Enomoto Co. Ltd.		29,100		388,116
	Enplas Corp.		46,100		1,705,978
	ESPEC Corp.		116,100		1,789,787
	Ferrotec Holdings Corp.		241,000		6,096,737
	Fixstars Corp.		105,300		1,181,136
	Focus Systems Corp.		53,700		406,955
	Forval Corp.		51,100		457,929
	FTGroup Co. Ltd.		51,000		429,546
	Fuji Soft, Inc.		41,500		2,409,044
	Fukui Computer Holdings, Inc.		58,900		1,220,921
	Furuno Electric Co. Ltd.		155,900		1,151,223
#	Furuya Metal Co. Ltd.		16,500		1,137,051
	Future Corp.		292,400		4,041,814
	Future Innovation Group, Inc.		11,900		27,008

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INFORMATION TECHNOLOGY — (Continued)
#	GL Sciences, Inc.		44,500	$	774,479
	Glosel Co. Ltd.		113,200		359,847
#	GMO GlobalSign Holdings KK		33,000		1,020,115
	GMO internet group, Inc.		13,600		265,077
#	GMO Pepabo, Inc.		7,300		101,845
	Hagiwara Electric Holdings Co. Ltd.		47,100		1,183,759
#	Hakuto Co. Ltd.		82,700		3,081,366
# *	Hennge KK		13,200		74,610
	Himacs Ltd.		960		10,172
	Hioki EE Corp.		61,700		4,043,889
	Hochiki Corp.		91,500		1,070,828
#	Hokuriku Electric Industry Co. Ltd.		21,839		225,088
	Horiba Ltd.		122,500		7,352,081
	Hosiden Corp.		304,400		3,707,733
# *	Hotto Link, Inc.		55,800		147,127
#	HPC Systems, Inc.		17,700		301,533
#	Icom, Inc.		54,900		1,047,253
	ID Holdings Corp.		79,450		599,975
	I’ll, Inc.		28,500		516,008
	Ines Corp.		123,100		1,277,424
	I-Net Corp.		76,490		736,652
	Information Services International-Dentsu Ltd.		25,100		990,065
	Innotech Corp.		96,100		1,005,392
	Intelligent Wave, Inc.		50,500		274,445
	Inter Action Corp.		58,500		675,774
	I-PEX, Inc.		72,100		767,472
	Iriso Electronics Co. Ltd.		127,400		4,745,531
	ISB Corp.		51,700		469,768
*	ITbook Holdings Co. Ltd.		72,300		214,920
	Itfor, Inc.		172,600		1,123,233
# *	Iwatsu Electric Co. Ltd.		53,100		332,593
	Japan Aviation Electronics Industry Ltd.		294,700		5,131,646
	Japan Cash Machine Co. Ltd.		138,300		1,256,561
	Japan Electronic Materials Corp.		60,200		694,256
	Japan Material Co. Ltd.		431,700		7,721,912
	Japan System Techniques Co. Ltd.		30,400		414,179
	Jastec Co. Ltd.		71,600		691,483
	JBCC Holdings, Inc.		90,100		1,478,596
	JFE Systems, Inc.		10,000		198,044
# *	JIG-SAW, Inc.		18,500		744,118
	Justsystems Corp.		143,000		3,823,411
	Kaga Electronics Co. Ltd.		100,200		3,805,181
*	Kaonavi, Inc.		2,800		53,854
	KEL Corp.		27,900		385,904
	Koa Corp.		193,600		2,704,084
	Konica Minolta, Inc.		1,398,200		6,022,145
	KSK Co. Ltd.		3,000		52,017
#	Kyoden Co. Ltd.		116,100		448,190
	Kyosan Electric Manufacturing Co. Ltd.		257,600		827,734
	Kyowa Electronic Instruments Co. Ltd.		129,800		342,397
	LAC Co. Ltd.		97,400		515,767
	Macnica Holdings, Inc.		326,750		9,307,311
	Marubun Corp.		106,400		1,100,405
	Maruwa Co. Ltd.		55,400		7,724,549
	Maxell Ltd.		289,100		3,364,601
	MCJ Co. Ltd.		428,700		3,018,105
*	Megachips Corp.		104,700		2,597,667
	Meiko Electronics Co. Ltd.		129,300		2,877,990
	Melco Holdings, Inc.		35,600		879,714

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INFORMATION TECHNOLOGY — (Continued)
*	Metaps, Inc.		2,500	$	16,689
	Micronics Japan Co. Ltd.		149,800		1,517,287
	MIMAKI ENGINEERING Co. Ltd.		113,200		574,228
	Mimasu Semiconductor Industry Co. Ltd.		107,681		2,405,853
	Miraial Co. Ltd.		40,000		496,709
	Miroku Jyoho Service Co. Ltd.		112,800		1,404,054
	Mitachi Co. Ltd.		7,900		87,957
	Mitsubishi Research Institute, Inc.		50,700		1,952,774
	Mitsui High-Tec, Inc.		28,100		1,787,090
	m-up Holdings, Inc.		180,000		1,558,247
#	Mutoh Holdings Co. Ltd.		7,400		92,618
	Nagano Keiki Co. Ltd.		86,800		867,037
	Naigai Tec Corp.		7,900		151,410
	NEC Networks & System Integration Corp.		221,808		2,709,564
	NET One Systems Co. Ltd.		295,400		7,088,497
	NF Holdings Corp.		12,900		99,245
	Nichicon Corp.		294,200		3,077,155
	Nihon Dempa Kogyo Co. Ltd.		109,100		1,066,526
	Nihon Denkei Co. Ltd.		43,300		623,949
	Nippon Ceramic Co. Ltd.		8,900		182,292
*	Nippon Chemi-Con Corp.		115,300		1,838,684
#	Nippon Computer Dynamics Co. Ltd.		36,200		207,510
*	Nippon Denkai Ltd.		8,000		110,035
	Nippon Electric Glass Co. Ltd.		359,436		6,930,948
#	Nippon Information Development Co. Ltd.		12,600		161,581
#	Nippon Kodoshi Corp.		51,600		769,345
	Nippon Signal Company Ltd.		284,800		2,287,953
	Nissha Co. Ltd.		242,900		3,426,874
	Nohmi Bosai Ltd.		140,700		1,800,185
	NSD Co. Ltd.		482,660		8,706,237
	NSW, Inc.		48,600		796,296
	Ohara, Inc.		48,700		433,237
#	Ohizumi Mfg. Co. Ltd.		7,001		43,681
	Oki Electric Industry Co. Ltd.		519,356		2,821,914
	Optex Group Co. Ltd.		178,820		2,813,827
*	Optim Corp.		86,500		609,098
	Optorun Co. Ltd.		102,800		1,728,004
	Oro Co. Ltd.		37,200		595,356
	Osaki Electric Co. Ltd.		281,800		1,133,848
#	Oval Corp.		35,600		110,005
# *	Oxide Corp.		6,400		193,807
	PCI Holdings, Inc.		45,300		344,122
	Plus Alpha Consulting Co. Ltd.		12,200		279,037
	Pole To Win Holdings, Inc.		199,600		1,348,646
#	Pro-Ship, Inc.		51,100		530,198
	Restar Holdings Corp.		108,800		1,781,128
	Riken Keiki Co. Ltd.		87,100		3,753,897
	Riso Kagaku Corp.		58,200		1,015,857
#	River Eletec Corp.		35,300		190,368
	Roland DG Corp.		79,800		2,000,393
#	Rorze Corp.		68,000		6,033,901
	RS Technologies Co. Ltd.		41,700		1,027,714
	Ryoden Corp.		92,900		1,312,864
	Ryosan Co. Ltd.		124,400		3,087,970
	Saison Information Systems Co. Ltd.		27,400		378,177
	Sakura Internet, Inc.		131,700		617,251
	Samco, Inc.		800		30,865
	Sanken Electric Co. Ltd.		124,600		10,000,274
	Sanshin Electronics Co. Ltd.		70,900		1,291,975

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INFORMATION TECHNOLOGY — (Continued)
	Santec Corp.		3,600	$	68,835
	Satori Electric Co. Ltd.		73,880		961,683
#	Saxa Holdings, Inc.		27,200		383,103
	SB Technology Corp.		62,000		932,212
#	Scala, Inc.		58,900		333,842
	Seikoh Giken Co. Ltd.		23,900		326,693
#	SEMITEC Corp.		32,000		592,312
	SERAKU Co. Ltd.		21,300		260,221
#	Shibaura Electronics Co. Ltd.		43,000		1,920,952
	Shibaura Mechatronics Corp.		22,400		2,744,314
	Shindengen Electric Manufacturing Co. Ltd.		45,700		1,159,478
	Shinko Shoji Co. Ltd.		231,100		2,140,360
#	Shizuki Electric Co., Inc.		121,600		457,964
	Showa Shinku Co. Ltd.		24,400		258,731
#	Sigma Koki Co. Ltd.		28,900		355,248
	Siix Corp.		186,300		1,992,786
	Simplex Holdings, Inc.		22,500		416,490
	SK-Electronics Co. Ltd.		49,000		660,236
# *	Smaregi, Inc.		6,500		138,943
	SMK Corp.		26,049		484,852
	Softcreate Holdings Corp.		96,400		1,320,492
	Soliton Systems KK		54,100		447,849
	Solxyz Co. Ltd.		41,000		108,521
	SRA Holdings		69,900		1,540,522
	Sumida Corp.		158,549		1,999,665
	Sun-Wa Technos Corp.		75,500		1,110,463
	Suzuden Corp.		1,500		29,687
	Suzuki Co. Ltd.		73,200		559,545
	System D, Inc.		1,100		11,568
	System Information Co. Ltd.		57,600		355,059
	System Research Co. Ltd.		29,800		471,773
	System Support, Inc.		20,700		275,527
	Systems Engineering Consultants Co. Ltd.		6,600		165,242
	Systena Corp.		1,578,800		3,471,672
	Tachibana Eletech Co. Ltd.		101,760		1,530,716
	Takachiho Koheki Co. Ltd.		12,600		235,712
	TAKEBISHI Corp.		52,200		684,113
	Tamura Corp.		441,800		2,761,426
	Tazmo Co. Ltd.		3,500		57,719
	TDC Soft, Inc.		93,400		1,050,234
	TechMatrix Corp.		242,600		2,731,796
*	Techno Horizon Co. Ltd.		61,800		202,960
	Tecnos Japan, Inc.		46,100		201,209
	Teikoku Tsushin Kogyo Co. Ltd.		51,500		588,258
#	Terilogy Holdings		20,900		51,393
	TESEC Corp.		22,600		452,581
	Tobila Systems, Inc.		1,600		13,111
	Toho System Science Co. Ltd.		2,700		23,251
	Tokyo Electron Device Ltd.		41,800		2,781,879
	Tokyo Seimitsu Co. Ltd.		232,600		9,029,763
	Tomen Devices Corp.		17,800		883,169
	Topcon Corp.		663,300		8,975,486
#	Torex Semiconductor Ltd.		52,900		961,306
	Toshiba TEC Corp.		137,400		4,068,752
	Towa Corp.		131,800		2,100,646
	Toyo Corp.		149,600		1,541,405
#	Tri Chemical Laboratories, Inc.		154,500		2,851,724
	Tsuzuki Denki Co. Ltd.		42,800		504,924
	Ubicom Holdings, Inc.		30,800		483,750

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INFORMATION TECHNOLOGY — (Continued)
	Uchida Yoko Co. Ltd.		46,900	$	1,743,956
	ULS Group, Inc.		13,300		332,430
	Ulvac, Inc.		95,600		4,176,346
	UNITED, Inc.		24,200		234,205
	User Local, Inc.		9,200		147,285
	V Technology Co. Ltd.		55,700		1,183,765
	VINX Corp.		25,600		259,825
	Wacom Co. Ltd.		973,900		5,101,585
#	WILLs, Inc.		34,200		146,450
	WingArc1st, Inc.		7,100		105,120
#	YAC Holdings Co. Ltd.		15,100		314,991
	Yamaichi Electronics Co. Ltd.		136,700		2,040,927
	Yashima Denki Co. Ltd.		119,500		1,092,144
	YE DIGITAL Corp.		14,400		50,680
	Yokowo Co. Ltd.		111,075		1,756,642
TOTAL INFORMATION TECHNOLOGY					431,741,150
MATERIALS — (12.6%)
	Achilles Corp.		80,500		823,548
	ADEKA Corp.		507,000		8,680,988
	Agro-Kanesho Co. Ltd.		2,300		30,164
	Aica Kogyo Co. Ltd.		199,400		4,582,077
	Aichi Steel Corp.		65,365		1,157,221
	Arakawa Chemical Industries Ltd.		106,400		801,487
#	Araya Industrial Co. Ltd.		20,200		345,944
	Asahi Holdings, Inc.		472,200		7,215,885
	Asahi Printing Co. Ltd.		25,700		169,084
	ASAHI YUKIZAI Corp.		87,600		2,100,016
	Asahipen Corp.		2,100		29,139
	Asia Pile Holdings Corp.		208,100		1,157,160
#	C Uyemura & Co. Ltd.		69,300		3,401,093
	Carlit Holdings Co. Ltd.		128,900		677,146
	Chuetsu Pulp & Paper Co. Ltd.		32,800		254,071
	Chugoku Marine Paints Ltd.		315,800		2,614,758
	CI Takiron Corp.		281,800		1,049,648
	CK-San-Etsu Co. Ltd.		22,800		748,676
	Dai Nippon Toryo Co. Ltd.		130,200		833,885
	Daicel Corp.		830,200		6,273,292
	Daido Steel Co. Ltd.		156,900		6,175,851
	Daiichi Kigenso Kagaku-Kogyo Co. Ltd.		118,200		908,336
	Daiken Corp.		61,300		1,056,178
	Daiki Aluminium Industry Co. Ltd.		170,400		1,844,963
	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		76,800		1,035,442
#	Daio Paper Corp.		357,700		2,797,481
	Denka Co. Ltd.		57,300		1,185,813
	DIC Corp.		341,600		6,153,701
	DKS Co. Ltd.		47,000		669,597
	Dowa Holdings Co. Ltd.		65,700		2,112,780
	Dynapac Co. Ltd.		8,500		83,164
	FP Corp.		58,900		1,463,302
	Fuji Seal International, Inc.		252,328		2,884,438
	Fujikura Kasei Co. Ltd.		162,600		539,406
	Fujimi, Inc.		76,800		4,252,001
	Fujimori Kogyo Co. Ltd.		101,200		2,441,978
	Fuso Chemical Co. Ltd.		111,900		3,197,528
	Godo Steel Ltd.		57,500		1,476,208
	Gun-Ei Chemical Industry Co. Ltd.		29,000		566,284
	Hakudo Co. Ltd.		41,600		823,184
	Harima Chemicals Group, Inc.		93,100		617,227

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
MATERIALS — (Continued)
	Hodogaya Chemical Co. Ltd.		41,700	$	951,030
	Hokkan Holdings Ltd.		58,100		601,173
	Hokko Chemical Industry Co. Ltd.		115,300		736,338
	Hokuetsu Corp.		766,899		5,144,101
	Ise Chemicals Corp.		12,600		702,975
	Ishihara Chemical Co. Ltd.		72,000		767,018
	Ishihara Sangyo Kaisha Ltd.		203,950		1,724,026
	Ishizuka Glass Co. Ltd.		12,900		150,793
	Japan Pure Chemical Co. Ltd.		500		9,923
	JCU Corp.		128,600		3,363,171
	JSP Corp.		79,400		930,190
	Kaneka Corp.		199,700		5,218,253
	Kanto Denka Kogyo Co. Ltd.		261,700		2,047,224
	Katakura & Co-op Agri Corp.		20,400		257,710
	KeePer Technical Laboratory Co. Ltd.		86,400		3,230,529
	KEIWA, Inc.		51,200		592,833
	KH Neochem Co. Ltd.		223,700		4,068,278
	Kimoto Co. Ltd.		181,500		272,945
	Koatsu Gas Kogyo Co. Ltd.		185,393		987,408
	Kobe Steel Ltd.		463,385		3,694,043
	Kohsoku Corp.		70,200		1,065,958
	Konishi Co. Ltd.		205,700		2,984,312
	Konoshima Chemical Co. Ltd.		37,500		493,920
	Krosaki Harima Corp.		30,100		1,511,247
	Kumiai Chemical Industry Co. Ltd.		321,187		2,067,198
	Kunimine Industries Co. Ltd.		41,700		293,535
	Kureha Corp.		98,450		6,307,647
	Kurimoto Ltd.		60,500		928,902
	Kuriyama Holdings Corp.		78,000		515,619
	Kyoei Steel Ltd.		135,500		1,649,192
	Kyowa Leather Cloth Co. Ltd.		75,300		297,823
	Lintec Corp.		258,000		4,227,084
	Maeda Kosen Co. Ltd.		118,600		2,887,988
	Maruichi Steel Tube Ltd.		213,300		4,695,848
	MEC Co. Ltd.		97,900		1,906,051
#	Mipox Corp.		19,600		84,501
	Mitani Sekisan Co. Ltd.		66,000		2,333,395
	Mitsubishi Materials Corp.		221,600		3,613,455
*	Mitsubishi Paper Mills Ltd.		235,100		619,295
#	Mitsubishi Steel Manufacturing Co. Ltd.		60,400		535,289
	Mitsui Mining & Smelting Co. Ltd.		345,600		8,408,055
	Molitec Steel Co. Ltd.		7,200		17,204
#	MORESCO Corp.		39,800		347,092
	Moriroku Holdings Co. Ltd.		13,500		187,850
	Mory Industries, Inc.		33,200		867,369
#	Nakayama Steel Works Ltd.		139,800		1,030,393
#	Nasu Denki Tekko Co. Ltd.		3,000		190,079
	Neturen Co. Ltd.		209,200		1,099,598
# *	New Japan Chemical Co. Ltd.		111,300		177,522
	Nicca Chemical Co. Ltd.		45,700		298,336
#	Nichia Steel Works Ltd.		87,700		195,433
	Nihon Kagaku Sangyo Co. Ltd.		81,300		652,468
	Nihon Nohyaku Co. Ltd.		243,500		1,243,945
	Nihon Parkerizing Co. Ltd.		520,200		3,910,217
# *	Nihon Yamamura Glass Co. Ltd.		58,200		296,333
	Nippon Carbide Industries Co., Inc.		46,200		459,651
	Nippon Chemical Industrial Co. Ltd.		49,500		741,667
*	Nippon Concrete Industries Co. Ltd.		271,000		522,558
	Nippon Denko Co. Ltd.		687,014		1,858,354

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
MATERIALS — (Continued)
#	Nippon Fine Chemical Co. Ltd.		82,800	$	1,638,689
	Nippon Kayaku Co. Ltd.		596,300		5,402,722
	Nippon Light Metal Holdings Co. Ltd.		355,390		3,929,224
*	Nippon Paper Industries Co. Ltd.		546,900		4,224,918
	Nippon Pillar Packing Co. Ltd.		113,500		3,226,762
	Nippon Shokubai Co. Ltd.		102,500		4,093,547
	Nippon Soda Co. Ltd.		141,400		4,933,720
	Nippon Yakin Kogyo Co. Ltd.		83,949		2,706,233
	Nitta Gelatin, Inc.		82,000		535,000
	Nittetsu Mining Co. Ltd.		70,600		1,912,418
	Nozawa Corp.		47,500		246,664
	Oat Agrio Co. Ltd.		49,200		521,946
	Okamoto Industries, Inc.		69,600		2,090,531
	Okura Industrial Co. Ltd.		53,300		821,729
	Osaka Organic Chemical Industry Ltd.		97,600		1,597,337
	Osaka Soda Co. Ltd.		85,499		2,817,787
	Osaka Steel Co. Ltd.		89,300		892,641
*	Pacific Metals Co. Ltd.		91,599		1,341,597
	Pack Corp.		87,200		1,949,934
	Rasa Industries Ltd.		43,000		680,007
	Rengo Co. Ltd.		980,600		6,368,988
	Riken Technos Corp.		231,800		1,033,735
	Sakai Chemical Industry Co. Ltd.		85,200		1,140,862
	Sakata INX Corp.		259,300		2,032,416
	Sanyo Chemical Industries Ltd.		81,700		2,637,873
	Sanyo Special Steel Co. Ltd.		122,960		2,285,276
	Seiko PMC Corp.		64,500		264,813
	Sekisui Kasei Co. Ltd.		150,000		472,462
	Shikoku Kasei Holdings Corp.		224,500		2,384,421
	Shinagawa Refractories Co. Ltd.		34,700		1,198,725
	Shin-Etsu Polymer Co. Ltd.		275,500		3,115,597
	SK Kaken Co. Ltd.		1,300		413,434
	Soken Chemical & Engineering Co. Ltd.		48,400		628,486
	Stella Chemifa Corp.		64,000		1,279,352
	Sumitomo Bakelite Co. Ltd.		194,100		7,598,723
	Sumitomo Osaka Cement Co. Ltd.		206,299		5,813,072
	Sumitomo Seika Chemicals Co. Ltd.		53,600		1,752,540
	T Hasegawa Co. Ltd.		124,100		2,793,798
	T&K Toka Co. Ltd.		123,200		1,001,711
	Taiheiyo Cement Corp.		462,600		8,693,872
	Taisei Lamick Co. Ltd.		36,900		800,386
	Taiyo Holdings Co. Ltd.		220,400		4,176,549
	Takasago International Corp.		82,700		1,636,908
	Takemoto Yohki Co. Ltd.		43,800		277,750
# *	Tanaka Chemical Corp.		13,400		151,524
#	Taoka Chemical Co. Ltd.		15,100		92,091
	Tayca Corp.		97,400		864,873
	Teijin Ltd.		360,800		3,807,247
	Tenma Corp.		111,300		1,976,970
	Toagosei Co. Ltd.		693,900		6,471,119
*	Toda Kogyo Corp.		4,300		82,793
#	Toho Acetylene Co. Ltd.		12,700		129,868
	Toho Chemical Industry Co. Ltd.		47,000		172,441
#	Toho Titanium Co. Ltd.		201,000		3,357,613
	Toho Zinc Co. Ltd.		86,599		1,335,776
	Tohoku Steel Co. Ltd.		16,300		214,994
	Tokai Carbon Co. Ltd.		947,300		9,048,754
	Tokushu Tokai Paper Co. Ltd.		53,858		1,195,340
	Tokuyama Corp.		371,497		5,917,754

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
MATERIALS — (Continued)
	Tokyo Ohka Kogyo Co. Ltd.		37,800	$	2,205,514
	Tokyo Printing Ink Manufacturing Co. Ltd.		10,200		206,045
	Tokyo Rope Manufacturing Co. Ltd.		46,000		406,571
	Tokyo Steel Manufacturing Co. Ltd.		520,100		5,371,517
	Tokyo Tekko Co. Ltd.		61,900		817,272
	Tomoku Co. Ltd.		70,600		852,485
	Topy Industries Ltd.		98,200		1,468,726
#	Toyo Gosei Co. Ltd.		31,100		2,132,162
	Toyo Ink SC Holdings Co. Ltd.		229,100		3,560,962
	Toyobo Co. Ltd.		503,900		3,962,301
	TYK Corp.		148,500		370,300
	UACJ Corp.		194,941		3,897,652
	UBE Corp.		611,100		9,492,490
	Ultrafabrics Holdings Co. Ltd.		5,200		67,347
	Valqua Ltd.		104,799		2,730,279
	Vertex Corp.		126,294		1,232,520
	Wavelock Holdings Co. Ltd.		30,900		141,996
	Wood One Co. Ltd.		17,997		194,834
	Yodogawa Steel Works Ltd.		135,700		2,790,661
	Yotai Refractories Co. Ltd.		115,400		1,323,789
	Yushiro Chemical Industry Co. Ltd.		56,200		362,808
TOTAL MATERIALS					365,975,031
REAL ESTATE — (1.3%)
	AD Works Group Co. Ltd.		47,879		60,004
	Airport Facilities Co. Ltd.		143,970		596,656
	Anabuki Kosan, Inc.		16,400		281,932
	Aoyama Zaisan Networks Co. Ltd.		92,000		737,698
	Apaman Co. Ltd.		75,900		263,594
	Ardepro Co. Ltd.		7,070		20,763
	Arealink Co. Ltd.		42,173		748,899
#	B-Lot Co. Ltd.		25,800		123,706
	Cosmos Initia Co. Ltd.		93,700		348,594
	CRE, Inc.		31,500		306,107
	Dear Life Co. Ltd.		152,600		770,142
	Goldcrest Co. Ltd.		99,670		1,287,774
	Good Com Asset Co. Ltd.		97,600		623,372
	Grandy House Corp.		95,600		396,295
	Heiwa Real Estate Co. Ltd.		116,500		3,334,265
#	Ichigo, Inc.		70,000		146,738
#	Japan Property Management Center Co. Ltd.		86,300		688,388
#	JINUSHI Co. Ltd.		77,900		1,127,228
	JSB Co. Ltd.		24,700		848,844
	Katitas Co. Ltd.		211,800		4,145,190
	Keihanshin Building Co. Ltd.		197,400		1,785,732
	LA Holdings Co. Ltd.		3,900		113,791
*	Leopalace21 Corp.		564,900		1,525,870
#	Loadstar Capital KK		9,200		97,985
	Mirarth Holdings, Inc.		531,000		1,512,425
	Mugen Estate Co. Ltd.		64,200		281,072
	Nisshin Group Holdings Co. Ltd.		205,500		706,293
	Raysum Co. Ltd.		17,448		179,603
	SAMTY Co. Ltd.		173,450		2,884,625
	Sankyo Frontier Co. Ltd.		24,600		662,047
	Sansei Landic Co. Ltd.		29,100		186,344
# *	SRE Holdings Corp.		15,500		397,741
#	Star Mica Holdings Co. Ltd.		164,500		866,747
	Starts Corp., Inc.		208,300		4,010,142
	Sun Frontier Fudousan Co. Ltd.		178,800		1,731,281

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
REAL ESTATE — (Continued)
	Sunnexta Group, Inc.		11,100	$	85,861
	Tenpo Innovation Co. Ltd.		3,100		26,957
# *	TKP Corp.		21,300		461,778
	TOC Co. Ltd.		296,050		1,424,129
	Tokyo Rakutenchi Co. Ltd.		19,800		624,541
#	Tokyo Theatres Co., Inc.		47,099		402,966
	Tosei Corp.		187,900		2,092,217
	Urbanet Corp. Co. Ltd.		92,700		223,638
TOTAL REAL ESTATE					39,139,974
UTILITIES — (1.7%)
*	Chugoku Electric Power Co., Inc.		944,899		4,799,510
	EF-ON, Inc.		88,520		416,014
	eRex Co. Ltd.		185,100		2,569,021
	Hiroshima Gas Co. Ltd.		322,200		860,905
*	Hokkaido Electric Power Co., Inc.		1,106,900		4,062,143
	Hokkaido Gas Co. Ltd.		92,600		1,358,625
*	Hokuriku Electric Power Co.		1,052,600		4,711,081
#	Hokuriku Gas Co. Ltd.		10,100		223,216
	K&O Energy Group, Inc.		89,200		1,421,970
	Kasumigaseki Capital Co. Ltd.		3,900		114,636
	Nippon Gas Co. Ltd.		676,700		9,820,552
*	Okinawa Electric Power Co., Inc.		278,516		2,264,787
*	RENOVA, Inc.		118,700		1,789,931
	Saibu Gas Holdings Co. Ltd.		211,100		2,765,756
*	Shikoku Electric Power Co., Inc.		749,500		4,260,717
	Shizuoka Gas Co. Ltd.		315,000		2,736,744
#	Toell Co. Ltd.		57,500		361,751
	Toho Gas Co. Ltd.		61,800		1,150,626
#	West Holdings Corp.		134,903		3,315,452
TOTAL UTILITIES					49,003,437
TOTAL COMMON STOCKS Cost ($2,749,301,785)					2,850,970,091
				Value†
SECURITIES LENDING COLLATERAL — (1.9%)
@ §	DFA Investment Trust Co.		4,858,596		56,189,662
TOTAL INVESTMENTS — (100.0%) (Cost $2,805,503,654)^^				$	2,907,159,753

ST Special Tax

» Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.

* Non-Income Producing Securities.

# Total or Partial Securities on Loan.

† See Security Valuation Note within the Notes to Schedules of Investments.

@ Security purchased with cash collateral received from Securities on Loan.

§ Affiliated Fund.

^^ See Federal Tax Cost Note within the Notes to Schedules of Investments.

THE JAPANESE SMALL COMPANY SERIES

CONTINUED

Summary of the Series’ investments as of March 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services		—	$	65,788,530		—	$	65,788,530
Consumer Discretionary		—		411,732,517		—		411,732,517
Consumer Staples		—		227,677,451		—		227,677,451
Energy		—		21,720,119		—		21,720,119
Financials		—		255,650,659		—		255,650,659
Health Care		—		141,565,773		—		141,565,773
Industrials		—		840,975,450		—		840,975,450
Information Technology		—		431,741,150		—		431,741,150
Materials		—		365,975,031		—		365,975,031
Real Estate		—		39,139,974		—		39,139,974
Utilities		—		49,003,437		—		49,003,437
Securities Lending Collateral		—		56,189,662		—		56,189,662
TOTAL		—	$	2,907,159,753		—	$	2,907,159,753

THE ASIA PACIFIC SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2023

(Unaudited)

		Shares		Value»
COMMON STOCKS — (98.9%)
AUSTRALIA — (60.7%)
	29Metals Ltd.		136,895	$	109,011
*	3P Learning Ltd.		93,233		78,847
*	4DMedical Ltd.		44,717		9,598
*	A2B Australia Ltd.		511,111		510,341
#	Accent Group Ltd.		2,733,567		4,354,675
* ††	ACN Ltd.		1,687		0
	Acrow Formwork & Construction Services Ltd.		385,707		201,798
# *	Actinogen Medical Ltd.		729,727		33,563
#	Adairs Ltd.		1,221,855		1,667,553
	Adbri Ltd.		2,615,546		2,787,158
# *	Advance Zinctek Ltd.		9,929		15,352
# *	Aeris Resources Ltd.		148,241		66,528
*	Ainsworth Game Technology Ltd.		557,129		391,227
# *	Alcidion Group Ltd.		643,486		54,117
*	Alkane Resources Ltd.		2,790,877		1,479,794
# *	Alliance Aviation Services Ltd.		423,816		982,118
# *	Alligator Energy Ltd.		8,107,416		196,264
*	Altech Batteries Ltd.		174,277		10,924
# *	AMA Group Ltd.		6,336,788		1,017,534
*	AMP Ltd.		9,881,008		6,971,160
#	Ansell Ltd.		619,627		11,039,747
# *	Antipa Minerals Ltd.		3,268,084		41,299
# *	Appen Ltd.		755,130		1,435,881
# *	Arafura Rare Earths Ltd.		12,983,322		4,326,030
#	ARB Corp. Ltd.		493,397		10,537,804
# *	Archer Materials Ltd.		514,440		148,338
*	Ardea Resources Ltd.		152,857		51,876
#	Ardent Leisure Group Ltd.		2,919,631		1,231,214
# *	Argosy Minerals Ltd.		1,030,094		307,072
*	Aroa Biosurgery Ltd.		183,686		128,908
	AUB Group Ltd.		762,060		13,095,558
# *	Audinate Group Ltd.		181,412		1,055,396
# *	Aura Energy Ltd.		259,286		42,638
# *	Aurelia Metals Ltd.		7,966,262		669,220
*	Ausgold Ltd.		420,326		13,488
*	Aussie Broadband Ltd.		457,840		958,851
	Austal Ltd.		2,416,185		2,792,303
	Austin Engineering Ltd.		802,582		214,937
*	Australian Agricultural Co. Ltd.		2,850,244		2,938,672
#	Australian Clinical Labs Ltd.		404,649		957,245
	Australian Ethical Investment Ltd.		301,621		607,728
#	Australian Finance Group Ltd.		1,939,212		1,939,483
# *	Australian Strategic Materials Ltd.		640,115		555,398
# *	Australian Vanadium Ltd.		14,821,738		358,516
#	Australian Vintage Ltd.		2,462,000		867,534
	Auswide Bank Ltd.		185,117		700,812
# *	Auteco Minerals Ltd.		247,992		7,947
#	AVJennings Ltd.		5,407,981		1,484,630
# * ††	AVZ Minerals Ltd.		263,719		27,651
# *	Azure Minerals Ltd.		24,167		5,519
#	Baby Bunting Group Ltd.		813,374		1,095,670
# *	Bannerman Energy Ltd.		95,393		92,671

1

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
AUSTRALIA — (Continued)
	Bapcor Ltd.		2,107,733	$	9,052,262
	Base Resources Ltd.		2,182,993		291,265
*	BCI Minerals Ltd.		2,716,101		445,654
	Beach Energy Ltd.		8,999,290		8,520,474
#	Beacon Lighting Group Ltd.		455,452		524,645
	Beacon Minerals Ltd.		2,446,902		52,651
	Bega Cheese Ltd.		1,973,378		4,795,486
#	Bell Financial Group Ltd.		734,391		506,250
*	Bellevue Gold Ltd.		8,307,472		7,104,836
*	Berkeley Energia Ltd.		37,692		9,258
# *	Betmakers Technology Group Ltd.		2,293,199		247,742
# *	Bigtincan Holdings Ltd.		1,377,352		366,197
*	Black Cat Syndicate Ltd.		34,265		10,436
# *	Black Rock Mining Ltd.		2,860,513		260,005
	Blackmores Ltd.		102,288		4,823,999
#	Boral Ltd.		1,451,939		3,431,791
*	Boss Energy Ltd.		1,407,952		2,236,415
*	Botanix Pharmaceuticals Ltd.		220,516		14,751
#	Bravura Solutions Ltd.		3,062,177		820,405
#	Breville Group Ltd.		627,990		8,094,127
	Brickworks Ltd.		389,897		5,924,652
# *	Bubs Australia Ltd.		968,640		149,485
*	Buru Energy Ltd.		713,223		50,539
# *	BWX Ltd.		744,883		99,583
*	Byron Energy Ltd.		275,427		14,959
*	Calidus Resources Ltd.		1,169,222		179,441
	Calima Energy Ltd.		1,950,890		156,617
	Capitol Health Ltd.		5,725,035		1,033,385
	Capral Ltd.		63,860		318,991
*	Capricorn Metals Ltd.		2,114,178		6,719,559
# *	Carnarvon Energy Ltd.		9,430,661		852,909
#	Cash Converters International Ltd.		2,894,120		456,059
# *	Catapult Group International Ltd.		510,098		227,504
* ††	CDS Technologies Ltd.		13,276		0
	Cedar Woods Properties Ltd.		454,649		1,351,681
	Centaurus Metals Ltd.		18,553		11,699
*	Central Petroleum Ltd.		759,474		31,492
*,* ††	Centrebet International Ltd.		162,672		0
*	Chalice Mining Ltd.		409,991		2,060,655
*	Challenger Exploration Ltd.		103,805		11,186
#	Champion Iron Ltd.		1,386,745		6,642,199
# *	City Chic Collective Ltd.		1,254,668		455,643
*	Clean Seas Seafood Ltd.		247,494		86,155
	ClearView Wealth Ltd.		156,351		53,408
#	Clinuvel Pharmaceuticals Ltd.		257,550		3,348,114
#	Clover Corp. Ltd.		775,830		647,431
# *	Cobalt Blue Holdings Ltd.		650,479		159,928
	Cobram Estate Olives Ltd.		13,289		11,606
#	Codan Ltd.		597,321		2,187,305
	COG Financial Services Ltd.		10,891		10,349
# *	Cogstate Ltd.		272,458		275,359
	Collins Foods Ltd.		694,298		3,879,890
*	Comet Ridge Ltd.		1,818,100		158,701
*	Cooper Energy Ltd.		17,212,531		1,847,807
# *	Core Lithium Ltd.		4,647,380		2,712,598
#	Corporate Travel Management Ltd.		724,472		8,839,754

2

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
AUSTRALIA — (Continued)
	Costa Group Holdings Ltd.		2,805,086	$	4,866,559
#	Credit Corp. Group Ltd.		442,542		5,059,105
	CSR Ltd.		3,176,445		10,128,293
*	Cynata Therapeutics Ltd.		111,132		20,872
*	Danakali Ltd.		949,453		266,521
	Data#3 Ltd.		1,162,707		5,683,312
	DDH1 Ltd.		43,817		26,465
# *	De Grey Mining Ltd.		7,594,615		7,868,920
# *	Deep Yellow Ltd.		2,603,723		996,635
	Deterra Royalties Ltd.		299,190		962,775
*	Develop Global Ltd.		35,629		79,829
	Dicker Data Ltd.		394,787		2,169,021
#	Domain Holdings Australia Ltd.		1,706,726		4,048,835
	Downer EDI Ltd.		4,211,433		9,716,563
# *	Dreadnought Resources Ltd.		5,829,110		251,525
*	Dubber Corp. Ltd.		31,095		3,776
	Eagers Automotive Ltd.		941,185		8,544,226
	Earlypay Ltd.		993,696		140,069
# *	Ecograf Ltd.		1,581,731		186,625
	Elanor Investor Group		444,530		446,007
	Elders Ltd.		1,009,369		5,839,005
# *	Electro Optic Systems Holdings Ltd.		80,313		24,536
*	Element 25 Ltd.		16,231		6,946
*	Elementos Ltd.		135,772		20,027
# *	Elevate Uranium Ltd.		172,343		41,690
# *	Elixir Energy Ltd.		2,250,692		189,499
#	Emeco Holdings Ltd.		2,343,165		1,147,739
*	Emerald Resources NL		635,734		619,330
# *	EML Payments Ltd.		1,986,286		736,778
# *	Energy Transition Minerals Ltd.		1,881,748		56,678
	Enero Group Ltd.		285,776		342,892
# *	EnviroSuite Ltd.		1,131,191		69,934
	EQT Holdings Ltd.		177,970		3,059,758
	Estia Health Ltd.		1,674,576		2,974,749
	Eureka Group Holdings Ltd.		36,038		10,685
# *	European Lithium Ltd.		3,882,196		178,029
	Euroz Hartleys Group Ltd.		318,678		244,060
	EVT Ltd.		663,116		5,434,080
*	Experience Co. Ltd.		102,579		18,947
	Fenix Resources Ltd.		735,489		120,764
	Finbar Group Ltd.		337,695		137,835
# * ††	Firefinch Ltd.		1,569,275		78,674
	FleetPartners Group Ltd.		2,167,221		3,035,574
	Fleetwood Ltd.		654,067		535,221
# *	Flight Centre Travel Group Ltd.		798,683		9,944,917
*	Fluence Corp. Ltd.		116,395		14,858
# *	Frontier Digital Ventures Ltd.		1,022,562		476,249
# *	FYI Resources Ltd.		64,409		3,196
#	G8 Education Ltd.		5,267,327		4,274,716
# *	Galan Lithium Ltd.		1,715,880		1,264,622
# *	Genetic Signatures Ltd.		171,373		87,118
# *	Genex Power Ltd.		1,098,842		121,491
	Gold Road Resources Ltd.		7,631,631		8,658,618
	GR Engineering Services Ltd.		281,577		356,981
	GrainCorp Ltd., Class A		1,417,016		6,575,951
	Grange Resources Ltd.		3,211,827		1,554,404

3

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
AUSTRALIA — (Continued)
	GTN Ltd.		15,394	$	5,535
#	GUD Holdings Ltd.		1,059,688		7,000,556
	GWA Group Ltd.		1,577,536		1,730,807
	Hansen Technologies Ltd.		1,200,385		3,719,480
*	Hastings Technology Metals Ltd.		50,199		85,911
	Healius Ltd.		3,465,521		7,358,833
	Healthia Ltd.		131,677		108,042
	Helia Group Ltd.		2,509,241		4,827,426
# *	Helios Energy Ltd.		817,342		48,002
#	Helloworld Travel Ltd.		51,370		76,445
# *	Highfield Resources Ltd.		535,052		226,079
*	Hillgrove Resources Ltd.		574,385		20,290
*	Hipages Group Holdings Ltd.		10,335		5,464
	Horizon Oil Ltd.		2,197,878		250,911
*	Hot Chili Ltd.		169,686		120,540
#	HT&E Ltd.		1,564,436		1,184,195
	HUB24 Ltd.		481,265		8,967,025
#	Humm Group Ltd.		2,459,975		735,214
	Iluka Resources Ltd.		305,328		2,179,093
	Image Resources NL		946,902		79,330
	Imdex Ltd.		3,360,380		5,070,530
# *	Immutep Ltd.		1,849,862		322,859
*	Immutep Ltd., Sponsored ADR		7,245		12,172
# *	ImpediMed Ltd.		417,437		29,463
*	Imugene Ltd.		738,245		64,811
	Infomedia Ltd.		3,041,237		3,045,648
#	Inghams Group Ltd.		2,807,015		5,878,580
	Insignia Financial Ltd.		4,274,608		7,885,579
	Integral Diagnostics Ltd.		1,511,271		2,977,292
# *	Integrated Research Ltd.		566,516		161,118
# *	Investigator Resources Ltd.		686,170		18,716
#	InvoCare Ltd.		908,018		7,204,232
*	ioneer Ltd.		10,507,489		2,055,825
# *	Ionic Rare Earths Ltd.		1,535,687		27,996
	IPH Ltd.		1,357,005		6,767,253
#	IRESS Ltd.		1,180,193		7,894,882
	IVE Group Ltd.		690,388		1,144,327
*	Jervois Global Ltd.		238,114		10,598
#	Johns Lyng Group Ltd.		1,066,692		4,598,851
	Jumbo Interactive Ltd.		208,843		1,768,531
#	Jupiter Mines Ltd.		5,869,315		921,962
*	Karoon Energy Ltd.		4,257,466		6,114,794
	Kelly Partners Group Holdings Ltd.		3,572		10,469
	Kelsian Group Ltd.		751,302		2,957,091
*	KGL Resources Ltd.		310,205		28,002
*	Kingsgate Consolidated Ltd.		54,533		54,651
# *	Kogan.com Ltd.		468,030		1,168,145
# *	Lake Resources NL		2,607,188		786,671
*	Lark Distilling Co. Ltd.		53,414		57,605
* ††	Lednium Technology Pty. Ltd.		195,019		0
# *	Leo Lithium Ltd.		1,120,910		393,038
# *	Lepidico Ltd.		2,895,993		21,528
	Liberty Financial Group Ltd.		4,470		11,205
	Lifestyle Communities Ltd.		616,610		6,607,003
	Link Administration Holdings Ltd.		2,813,769		3,995,021
*	Li-S Energy Ltd.		3,944		674

4

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
AUSTRALIA — (Continued)
*	Lithium Australia Ltd.		423,984	$	9,364
# *	Lithium Power International Ltd.		341,462		80,721
	Lovisa Holdings Ltd.		375,924		6,153,197
*	Lucapa Diamond Co. Ltd.		2,713,021		69,304
	Lycopodium Ltd.		66,332		368,111
#	MA Financial Group Ltd.		470,056		1,251,414
#	Maas Group Holdings Ltd.		87,097		163,618
# *	Mach7 Technologies Ltd.		42,643		17,177
#	Macmahon Holdings Ltd.		5,977,758		577,526
*	Macquarie Telecom Group Ltd.		23,417		917,835
#	Mader Group Ltd.		91,643		263,995
#	Magellan Financial Group Ltd.		508,031		2,975,022
	Maggie Beer Holdings Ltd.		243,446		34,257
††	Mallee Resources Ltd.		49,485		10,420
	MaxiPARTS Ltd.		87,262		131,985
#	Mayne Pharma Group Ltd.		495,870		1,247,367
#	McMillan Shakespeare Ltd.		587,432		5,671,543
#	McPherson’s Ltd.		653,702		257,994
# *	Medical Developments International Ltd.		167,262		123,959
# *	Mesoblast Ltd.		2,382,780		1,521,119
# *	Metals X Ltd.		2,987,127		660,068
	Metcash Ltd.		620,764		1,604,830
#	Michael Hill International Ltd.		1,522,713		1,008,340
*	Micro-X Ltd.		261,656		18,372
*	Mincor Resources NL		1,650,392		1,556,523
*	MMA Offshore Ltd.		1,756,656		1,376,211
#	Monadelphous Group Ltd.		725,118		6,107,936
	Monash IVF Group Ltd.		2,188,952		1,568,483
*	MoneyMe Ltd.		73,889		4,459
* ††	Morning Star Gold NL		332,749		0
	MotorCycle Holdings Ltd.		109,445		121,720
# *	Mount Gibson Iron Ltd.		4,612,768		1,650,855
	Myer Holdings Ltd.		5,293,540		3,164,540
	MyState Ltd.		767,528		1,850,105
*	Nanosonics Ltd.		1,720,946		5,921,700
	National Tyre & Wheel Ltd.		99,980		36,793
# *	Navarre Minerals Ltd.		1,777,444		28,398
	Navigator Global Investments Ltd.		1,074,364		755,498
# *	Neometals Ltd.		1,640,466		663,476
	Netwealth Group Ltd.		750,336		6,870,109
# *	Neurizer Ltd.		522,952		33,086
# *	New Century Resources Ltd.		163,453		120,547
	New Hope Corp. Ltd.		1,325,432		5,039,561
*	New World Resources Ltd.		3,583,331		120,073
	nib holdings Ltd.		2,756,616		13,058,371
#	Nick Scali Ltd.		398,883		2,509,833
	Nickel Industries Ltd.		6,295,781		3,819,831
	Nine Entertainment Co. Holdings Ltd.		4,845,883		6,444,304
*	Nitro Software Ltd.		166,147		245,099
# *	Norwest Energy NL		1,011,292		41,381
# *	Nova Minerals Ltd.		125,133		38,495
# *	Novonix Ltd.		1,161,893		998,416
	NRW Holdings Ltd.		3,262,138		5,257,492
	Nufarm Ltd.		2,267,973		8,707,127
*	Nuix Ltd.		51,751		46,117
	Objective Corp. Ltd.		91,958		796,313

5

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
AUSTRALIA — (Continued)
*	OFX Group Ltd.		1,832,543	$	1,922,100
#	OM Holdings Ltd.		676,887		326,843
# *	Omni Bridgeway Ltd.		2,430,661		4,334,591
	oOh!media Ltd.		3,107,285		3,388,964
# *	Opthea Ltd.		686,937		335,794
*	Ora Banda Mining Ltd.		734,777		59,103
	Ora Banda Mining Ltd.		137,426		11,023
*	OreCorp Ltd.		192,088		45,247
	Orora Ltd.		5,280,211		12,150,572
	Pacific Current Group Ltd.		333,540		1,484,199
# *	Pacific Smiles Group Ltd.		272,678		214,476
#	Pact Group Holdings Ltd.		1,190,150		893,937
*	Paladin Energy Ltd.		16,375,142		7,172,256
*	Panoramic Resources Ltd.		10,609,757		1,072,566
# *	Pantoro Ltd.		8,830,949		348,770
# *	Paradigm Biopharmaceuticals Ltd.		47,760		45,813
	Paragon Care Ltd.		335,469		55,173
# *	Peak Rare Earths Ltd.		22,422		7,291
	Peet Ltd.		1,364,417		1,032,645
# *	Peninsula Energy Ltd.		4,147,410		404,063
	PeopleIN Ltd.		495,034		969,914
#	Pepper Money Ltd.		217,431		192,392
*	Perenti Ltd.		5,379,892		4,364,026
	Perpetual Ltd.		670,235		9,907,855
	Perseus Mining Ltd.		8,455,260		13,421,234
*	PEXA Group Ltd.		506,545		4,596,179
#	Pinnacle Investment Management Group Ltd.		809,345		4,301,875
	Platinum Asset Management Ltd.		2,872,599		3,318,188
# *	PointsBet Holdings Ltd.		616,994		510,844
*	PolyNovo Ltd.		1,868,988		2,254,480
*	Poseidon Nickel Ltd.		13,403,271		333,353
*	PPK Mining Equipment Group Pty Ltd.		22,761		0
#	Praemium Ltd.		3,006,113		1,510,805
# *	Predictive Discovery Ltd.		1,997,557		220,437
	Premier Investments Ltd.		312,518		5,499,852
# *	Prescient Therapeutics Ltd.		430,367		29,744
	Probiotec Ltd.		78,596		123,338
	Propel Funeral Partners Ltd.		211,094		631,205
# *	Province Resources Ltd.		889,179		24,581
	PSC Insurance Group Ltd.		320,894		1,030,334
	PWR Holdings Ltd.		609,415		4,079,593
# *	PYC Therapeutics Ltd.		389,981		17,038
	QANTM Intellectual Property Ltd.		112,211		63,136
	Ramelius Resources Ltd.		5,885,908		4,981,373
*	ReadyTech Holdings Ltd.		260,516		538,181
	Reckon Ltd.		251,775		80,935
# *	Red 5 Ltd.		20,786,391		2,076,585
# *	Red Dirt Metals Ltd.		51,170		13,243
* ††	Red River Resources Ltd.		480,964		17,618
# *	Redbubble Ltd.		1,256,028		381,465
	Regal Partners Ltd.		21,152		43,933
#	Regis Healthcare Ltd.		1,007,526		1,310,807
*	Regis Resources Ltd.		5,024,922		6,966,835
# *	Reject Shop Ltd.		187,503		526,581
	Reliance Worldwide Corp. Ltd.		4,531,605		11,271,704
*	Renascor Resources Ltd.		811,510		129,070

6

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
AUSTRALIA — (Continued)
#	Resimac Group Ltd.		124,613	$	75,948
# *	Resolute Mining Ltd.		13,772,800		3,854,861
# *	Retail Food Group Ltd.		13,948,578		637,412
*	Rex Minerals Ltd.		1,011,547		190,233
	Ridley Corp. Ltd.		1,958,399		2,893,261
*	RPMGlobal Holdings Ltd.		1,121,106		1,100,291
# *	Rumble Resources Ltd.		178,014		25,064
* ††	Salmat Ltd.		667,137		0
*	Sandfire Resources Ltd.		3,243,721		13,768,560
# *	SciDev Ltd.		144,186		30,608
#	Select Harvests Ltd.		869,737		2,411,743
#	Servcorp Ltd.		348,243		740,345
	Service Stream Ltd.		3,744,738		1,620,357
*	Seven West Media Ltd.		5,845,501		1,627,638
#	SG Fleet Group Ltd.		639,084		887,233
	Shaver Shop Group Ltd.		677,094		476,084
*	Sheffield Resources Ltd.		249,376		86,959
	Shine Justice Ltd.		59,739		28,897
	Shriro Holdings Ltd.		24,206		11,341
*	Sierra Rutile Holdings Ltd.		1,232,661		215,979
	Sigma Healthcare Ltd.		7,250,074		3,398,942
# *	Silex Systems Ltd.		89,992		236,312
*	Silver Lake Resources Ltd.		6,142,804		4,792,149
# *	Silver Mines Ltd.		4,201,505		561,281
	Sims Ltd.		1,036,292		10,806,765
#	SmartGroup Corp. Ltd.		826,536		3,559,592
#	Solvar Ltd.		1,372,477		1,621,183
*	SomnoMed Ltd.		25,160		16,249
	Southern Cross Electrical Engineering Ltd.		831,537		353,884
	Southern Cross Media Group Ltd.		1,620,933		944,526
* ††	SpeedCast International Ltd.		1,497,915		0
	SRG Global Ltd.		1,179,841		593,666
# *	St Barbara Ltd.		5,509,495		2,461,190
# *	Star Entertainment Group Ltd.		9,779,375		9,412,628
# *	Starpharma Holdings Ltd.		262,161		80,659
*	Strandline Resources Ltd.		1,453,997		371,310
# *	Strike Energy Ltd.		5,378,192		1,352,017
	Sunland Group Ltd.		954,475		888,020
# *	Sunstone Metals Ltd.		7,298,573		175,644
	Super Retail Group Ltd.		1,057,351		8,942,123
# *	Superloop Ltd.		2,345,214		880,118
#	Symbio Holdings Ltd.		318,710		382,602
*	Syrah Resources Ltd.		4,792,786		5,935,912
	Tabcorp Holdings Ltd.		11,196,278		7,465,061
	Technology One Ltd.		644,622		6,334,620
# *	Temple & Webster Group Ltd.		556,386		1,292,150
	Ten Sixty Four Ltd.		1,044,721		398,056
	Terracom Ltd.		2,887,708		1,295,318
*	Tesserent Ltd.		322,736		16,103
# *	Tietto Minerals Ltd.		498,494		224,850
	Tribune Resources Ltd.		14,725		37,387
# *	Tyro Payments Ltd.		2,268,655		2,202,294
#	United Malt Grp Ltd.		1,827,063		5,839,418
	Universal Store Holdings Ltd.		19,109		65,270
* ††	Virgin Australia Holdings Pty. Ltd.		7,648,897		0
# *	Vital Metals Ltd.		246,694		2,816

7

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
AUSTRALIA — (Continued)
W	Viva Energy Group Ltd.		1,486,374	$	3,021,586
# *	Viva Leisure Ltd.		84,215		69,264
*	Vmoto Ltd.		267,457		62,619
# *	Volpara Health Technologies Ltd.		225,102		114,527
# *	VRX Silica Ltd.		1,325,475		111,787
# *	Vulcan Energy Resources Ltd.		44,153		168,480
# *	Wagners Holding Co. Ltd.		137,096		52,209
* ††	Walkabout Resources Ltd.		1,129,282		79,427
*	Warrego Energy Ltd.		86,865		20,903
# *	Webjet Ltd.		2,404,516		11,363,541
*	West African Resources Ltd.		6,214,556		3,978,140
# *	Westgold Resources Ltd.		3,298,440		2,879,088
*	Widgie Nickel Ltd.		265,653		55,298
* ††	Wiluna Mining Corp. Ltd.		248,265		25,524
# *	Zip Co. Ltd.		2,250,758		855,826
TOTAL AUSTRALIA					783,377,371
CAYMAN ISLANDS — (0.0%)
	NEW Concepts Holdings Ltd.		148,000		13,542
CHINA — (0.2%)
# *	AustAsia Group Ltd.		450,602		184,835
W	BOC Aviation Ltd.		12,000		93,058
	Fountain SET Holdings Ltd.		3,118,000		290,006
*	Goodbaby International Holdings Ltd.		340,000		26,370
*	Neo-Neon Holdings Ltd.		2,061,500		114,280
	Yangzijiang Shipbuilding Holdings Ltd.		2,154,100		1,948,418
TOTAL CHINA					2,656,967
HONG KONG — (22.6%)
*	Aceso Life Science Group Ltd.		7,436,400		136,770
	Aeon Credit Service Asia Co. Ltd.		1,042,000		682,123
*	Aidigong Maternal & Child Health Ltd.		2,984,000		228,120
	Allied Group Ltd.		11,542,000		2,532,959
	Analogue Holdings Ltd.		842,000		142,792
	APAC Resources Ltd.		4,519,815		617,966
# *	Apollo Future Mobility Group Ltd.		11,672,000		233,767
*	Applied Development Holdings Ltd.		3,435,000		34,993
	Asia Financial Holdings Ltd.		1,928,908		852,606
*	Asia Standard International Group Ltd.		11,004,917		870,284
	ASMPT Ltd.		1,584,800		15,718,018
	Associated International Hotels Ltd.		952,000		1,234,833
	Bank of East Asia Ltd.		3,077,977		3,910,118
	Best Mart 360 Holdings Ltd.		984,000		260,844
*	Blue River Holdings Ltd.		220,000		14,788
	BOCOM International Holdings Co. Ltd.		2,371,000		140,094
	Bright Smart Securities & Commodities Group Ltd.		792,000		139,129
* ††	Brightoil Petroleum Holdings Ltd.		9,034,000		0
	Build King Holdings Ltd.		630,000		85,754
* ††	Burwill Holdings Ltd.		37,300,960		0
	Cafe de Coral Holdings Ltd.		2,566,000		3,405,755
*	Central Wealth Group Holdings Ltd.		11,186,000		85,160
*	Century City International Holdings Ltd.		7,111,460		273,151
	Chen Hsong Holdings		1,296,000		303,935
	Cheuk Nang Holdings Ltd.		771,714		208,626

8

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
HONG KONG — (Continued)
	Chevalier International Holdings Ltd.		820,989	$	730,476
*	China Baoli Technologies Holdings Ltd.		114,750		1,319
*	China Best Group Holding Ltd.		1,124,998		43,788
*	China Energy Development Holdings Ltd.		49,560,000		636,794
	China Motor Bus Co. Ltd.		80,000		775,633
# *	China Star Entertainment Ltd.		10,480,000		835,471
*	China Tonghai International Financial Ltd.		1,300,000		32,756
*	Chinese Estates Holdings Ltd.		2,823,000		887,954
	Chinney Investments Ltd.		1,180,000		182,059
	Chow Sang Sang Holdings International Ltd.		2,353,000		3,270,905
	Chuang’s China Investments Ltd.		8,811,407		281,475
	Chuang’s Consortium International Ltd.		7,519,043		623,364
	CITIC Telecom International Holdings Ltd.		11,519,125		4,697,515
#	CK Life Sciences International Holdings, Inc.		17,214,000		1,669,352
#	CMBC Capital Holdings Ltd.		440,999		76,983
*	C-Mer Eye Care Holdings Ltd.		2,642,000		1,551,928
	CN Logistics International Holdings Ltd.		11,000		11,192
	CNT Group Ltd.		7,979,264		382,699
	Convenience Retail Asia Ltd.		1,026,000		121,269
# ††	Convoy, Inc.		32,922,000		131,270
*	Cowell e Holdings, Inc.		1,267,000		3,030,769
W	Crystal International Group Ltd.		378,500		130,189
# *	CSC Holdings Ltd.		83,051,250		390,674
	CSI Properties Ltd.		47,866,383		960,980
* ††	CW Group Holdings Ltd.		1,361,500		0
	Dah Sing Banking Group Ltd.		3,645,916		2,792,364
	Dah Sing Financial Holdings Ltd.		1,399,344		3,594,054
	Dickson Concepts International Ltd.		1,591,000		814,640
*	Digital Domain Holdings Ltd.		581,000		19,987
	Dynamic Holdings Ltd.		222,000		280,400
	Eagle Nice International Holdings Ltd.		2,022,000		1,109,136
	EC Healthcare		1,864,097		1,488,980
* ††	EcoGreen International Group Ltd.		1,994,640		181,044
*	Elegance Optical International Holdings Ltd.		1,160,000		41,346
*	Emperor Entertainment Hotel Ltd.		210,000		15,233
	Emperor International Holdings Ltd.		10,584,753		863,736
	Emperor Watch & Jewellery Ltd.		25,160,000		569,175
*	ENM Holdings Ltd.		12,820,000		595,687
*	Esprit Holdings Ltd.		10,602,825		918,647
*	Eternity Investment Ltd.		820,000		8,702
	EuroEyes International Eye Clinic Ltd., Class C		331,000		229,913
	Fairwood Holdings Ltd.		792,100		1,186,491
	Far East Consortium International Ltd.		13,448,629		3,306,298
	First Pacific Co. Ltd.		14,558,000		4,678,806
* W	FIT Hon Teng Ltd.		3,330,000		781,004
* W	Fosun Tourism Group		134,200		172,118
	Four Seas Mercantile Holdings Ltd.		610,000		203,453
	FSE Lifestyle Services Ltd.		670,000		513,286
*	Fullwealth International Group Holdings Ltd.		448,000		57,142
* ††	Genting Hong Kong Ltd.		5,824,000		57,721
	Get Nice Financial Group Ltd.		2,438,600		204,998
	Giordano International Ltd.		8,232,000		2,460,346
	Glorious Sun Enterprises Ltd.		3,932,000		385,961
# *	Gold Fin Holdings		9,580,000		0
*	Gold Peak Technology Group Ltd., Class L		3,029,642		215,756
	Golden Resources Development International Ltd.		4,082,500		750,163

9

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
HONG KONG — (Continued)
* ††	Goodresources		6,860,000	$	0
*	GR Properties Ltd.		2,170,000		261,709
	Great Eagle Holdings Ltd.		1,200,472		2,412,404
*	Greentech Technology International Ltd.		2,594,000		141,411
	G-Resources Group Ltd.		2,582,810		650,094
	Guoco Group Ltd.		2,000		17,446
	Guotai Junan International Holdings Ltd.		25,106,797		2,049,857
# *	Haitong International Securities Group Ltd.		13,038,640		1,081,919
	Hang Lung Group Ltd.		3,171,000		5,598,598
	Hanison Construction Holdings Ltd.		2,713,649		397,407
*	Harbour Centre Development Ltd.		935,500		873,085
	HKBN Ltd.		4,485,000		3,318,425
	HKR International Ltd.		7,078,969		2,297,670
	Hon Kwok Land Investment Co. Ltd.		388,800		105,088
# *	Hong Kong ChaoShang Group Ltd.		1,320,000		117,719
	Hong Kong Ferry Holdings Co. Ltd.		1,007,300		908,384
	Hong Kong Technology Venture Co. Ltd.		2,292,000		1,333,482
*	Hongkong & Shanghai Hotels Ltd.		3,637,989		3,626,694
	Hongkong Chinese Ltd.		5,038,000		321,715
W	Honma Golf Ltd.		1,097,500		463,237
# * ††	Hsin Chong Group Holdings Ltd.		10,243,403		0
	Hung Hing Printing Group Ltd.		2,940,000		411,750
	Hutchison Telecommunications Hong Kong Holdings Ltd.		10,408,000		1,643,701
*	Hypebeast Ltd.		2,576,500		100,138
	Hysan Development Co. Ltd.		3,175,000		9,025,792
# *	IGG, Inc.		5,956,000		2,336,177
*	Imagi International Holdings Ltd.		836,984		31,474
W	Impro Precision Industries Ltd.		386,000		141,965
	International Housewares Retail Co. Ltd.		1,970,000		720,234
*	IPE Group Ltd.		3,345,000		213,753
*	IRC Ltd.		35,846,266		452,564
	ITC Properties Group Ltd.		5,543,292		740,272
	Jacobson Pharma Corp. Ltd.		3,580,000		441,119
	Johnson Electric Holdings Ltd.		2,265,054		2,571,592
	K Wah International Holdings Ltd.		1,734,000		616,298
*	Kader Holdings Co. Ltd.		14,000		778
	Karrie International Holdings Ltd.		2,932,000		339,432
	Keck Seng Investments Hong Kong Ltd.		856,600		312,868
	Kerry Logistics Network Ltd.		4,030,500		6,261,642
	Kerry Properties Ltd.		3,074,500		7,852,301
	Kingmaker Footwear Holdings Ltd.		1,878,955		216,025
	Kowloon Development Co. Ltd.		3,067,000		3,291,415
	KRP Development Holdings Ltd.		733,000		130,728
# *	KuangChi Science Ltd.		3,714,000		77,832
*	Kwoon Chung Bus Holdings Ltd.		44,000		12,096
*	Lai Sun Development Co. Ltd.		2,556,894		507,386
*	Lai Sun Garment International Ltd.		1,497,442		290,114
	Lam Soon Hong Kong Ltd.		326,310		422,506
	Langham Hospitality Investments & Langham Hospitality Investments Ltd.		4,040,750		540,817
	Lippo China Resources Ltd.		17,982,000		309,638
	Lippo Ltd.		1,161,700		326,971
	Liu Chong Hing Investment Ltd.		1,531,200		1,266,281
	L’Occitane International SA		1,619,000		4,053,366
	Luk Fook Holdings International Ltd.		3,450,000		11,037,451
	Lung Kee Bermuda Holdings		1,491,875		437,883
*	Magnificent Hotel Investment Ltd.		13,170,000		185,369

10

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
HONG KONG — (Continued)
	Man Wah Holdings Ltd.		3,866,800	$	3,186,256
*	Mason Group Holdings Ltd.		111,713,399		413,089
* ††	Master Glory GP		972,981		0
	Matrix Holdings Ltd.		1,067,414		321,574
#	MECOM Power & Construction Ltd.		7,414,000		1,546,686
	Melbourne Enterprises Ltd.		39,500		614,252
*	Melco International Development Ltd.		3,622,000		4,225,181
# * ††	MH Development NPV		3,238,000		0
*	Midland Holdings Ltd.		2,901,987		313,369
	Miramar Hotel & Investment		1,160,000		1,766,899
	Modern Dental Group Ltd.		2,158,000		800,913
*	Mongolian Mining Corp.		975,000		385,697
*	NagaCorp Ltd.		5,080,946		3,965,184
	Nameson Holdings Ltd.		7,692,000		519,287
	Nanyang Holdings Ltd.		133,500		467,508
	National Electronics Holdings		2,668,600		312,707
* ††	National United Resources Holdings Ltd.		1,828,000		22,490
*	New Times Energy Corp. Ltd.		994,000		11,829
* ††	NewOcean Energy Holdings Ltd.		7,246,000		13,477
	Nissin Foods Co. Ltd.		1,561,000		1,379,008
	NWS Holdings Ltd.		7,045,000		6,307,075
	Oriental Watch Holdings		2,679,611		1,485,435
# *	Oshidori International Holdings Ltd.		20,024,400		651,577
* ††	Pacific Andes International Holdings Ltd.		19,435,067		0
	Pacific Basin Shipping Ltd.		27,975,000		10,826,192
*	Pacific Century Premium Developments Ltd.		457,240		20,667
	Pacific Textiles Holdings Ltd.		5,060,000		1,631,523
*	Paliburg Holdings Ltd.		3,180,830		710,317
*	Paradise Entertainment Ltd.		2,356,000		299,319
#	PC Partner Group Ltd.		1,108,000		669,302
	PCCW Ltd.		16,795,545		8,384,011
# * ††	Peace Mark Holdings Ltd.		2,479,870		0
	Pentamaster International Ltd.		1,550,000		162,240
#	Perfect Medical Health Management Ltd.		2,611,000		1,312,748
	Pico Far East Holdings Ltd.		5,010,000		894,938
	Playmates Holdings Ltd.		7,082,000		551,535
	Plover Bay Technologies Ltd.		2,224,000		718,278
	Pokfulam Development Co. Ltd.		62,000		67,911
*	PT International Development Co. Ltd.		8,229,150		114,330
	Public Financial Holdings Ltd.		2,848,000		798,890
* ††	Pyxis Group Ltd.		1,936,000		0
# *	Realord Group Holdings Ltd.		290,000		200,245
*	Regal Hotels International Holdings Ltd.		2,897,800		1,151,609
# W	Regina Miracle International Holdings Ltd.		1,983,000		757,623
	Safety Godown Co. Ltd.		1,200,000		328,721
* W	Samsonite International SA		894,300		2,773,003
	SAS Dragon Holdings Ltd.		2,178,000		984,331
	SEA Holdings Ltd.		1,657,523		408,974
*	Shangri-La Asia Ltd.		4,134,000		3,876,011
*	Shin Hwa World Ltd.		6,932,800		149,737
*	Shun Ho Property Investments Ltd.		1,254,757		192,647
*	Shun Tak Holdings Ltd.		9,175,419		1,684,434
	Singamas Container Holdings Ltd.		8,800,000		697,473
# *	SJM Holdings Ltd.		13,900,750		6,956,720
	SmarTone Telecommunications Holdings Ltd.		1,769,981		1,134,393
#	Solomon Systech International Ltd.		8,926,000		562,477

11

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
HONG KONG — (Continued)
	Soundwill Holdings Ltd.		600,500	$	512,915
*	South China Holdings Co. Ltd.		17,774,503		109,141
*	Space Group Holdings Ltd.		392,500		177,627
	Stella International Holdings Ltd.		2,693,500		2,863,353
	Sun Hung Kai & Co. Ltd.		4,852,429		1,851,162
*	Suncorp Technologies Ltd.		210,000		7,150
	SUNeVision Holdings Ltd.		2,891,000		1,644,607
	TAI Cheung Holdings Ltd.		2,329,000		1,229,076
	Tai Hing Group Holdings Ltd.		221,000		28,396
	Tai Sang Land Development Ltd.		798,910		405,953
#	Tan Chong International Ltd.		1,176,000		261,010
	Tao Heung Holdings Ltd.		1,396,000		151,407
*	Television Broadcasts Ltd.		1,927,700		2,428,473
	Texhong International Group Ltd.		371,000		284,600
	Texwinca Holdings Ltd.		4,072,000		698,559
*	Theme International Holdings Ltd.		2,750,000		298,127
	Tian Teck Land Ltd.		1,024,000		483,638
*	TOM Group Ltd.		416,000		32,358
*	Tongda Group Holdings Ltd.		640,000		9,375
	Town Health International Medical Group Ltd.		6,486,115		263,637
	Tradelink Electronic Commerce Ltd.		6,126,000		743,689
	Transport International Holdings Ltd.		1,584,202		2,140,372
	United Laboratories International Holdings Ltd.		5,574,000		3,868,557
*	Universal Technologies Holdings Ltd.		1,730,000		25,968
* ††	Untrade.China Solar		1,669,500		0
* ††	Up Energy Development Group Ltd.		3,929,000		0
*	Value Convergence Holdings Ltd.		2,448,000		46,602
#	Value Partners Group Ltd.		5,325,000		1,694,101
	Vedan International Holdings Ltd.		3,576,000		234,051
	Vesync Co. Ltd.		18,000		7,337
	Vitasoy International Holdings Ltd.		3,581,000		6,937,833
# * W	VPower Group International Holdings Ltd., Class H		2,839,397		119,321
#	VSTECS Holdings Ltd.		5,429,600		3,183,333
	VTech Holdings Ltd.		1,166,000		6,978,118
	Wai Kee Holdings Ltd.		5,024,738		1,083,016
*	Wang On Group Ltd.		41,740,000		274,110
# *	Wealthking Investments Ltd.		7,296,000		321,539
	Wing On Co. International Ltd.		759,000		1,298,879
	Wing Tai Properties Ltd.		2,187,331		961,874
*	YT Realty Group Ltd.		1,968,124		125,295
	YTO International Express & Supply Chain Technology Ltd.		810,000		201,958
	Yue Yuen Industrial Holdings Ltd.		3,048,000		4,287,662
# *	Yunfeng Financial Group Ltd.		612,000		92,760
# *	Zensun Enterprises Ltd.		1,154,000		135,428
*	Zhaobangji Properties Holdings Ltd.		2,104,000		83,272
TOTAL HONG KONG					291,677,789
NEW ZEALAND — (4.1%)
*	AFT Pharmaceuticals Ltd.		34,226		74,116
*	Air New Zealand Ltd.		2,841,438		1,362,603
#	Arvida Group Ltd.		1,195,729		696,813
	Briscoe Group Ltd.		34,115		97,457
*	Channel Infrastructure NZ Ltd.		895,413		846,307
	Chorus Ltd.		1,988,045		10,469,640
	Colonial Motor Co. Ltd.		139,730		778,605

12

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
NEW ZEALAND — (Continued)
	Comvita Ltd.		50,282	$	99,070
	Delegat Group Ltd.		6,400		33,224
# *	Eroad Ltd.		24,092		9,361
	Freightways Group Ltd.		830,172		4,914,113
	Genesis Energy Ltd.		35,946		62,398
*	Gentrack Group Ltd.		71,302		125,575
	Hallenstein Glasson Holdings Ltd.		307,057		1,113,535
	Heartland Group Holdings Ltd.		2,479,782		2,421,247
	Investore Property Ltd.		662,130		583,512
	KMD Brands Ltd.		2,417,158		1,663,658
#	Manawa Energy Ltd.		237,979		739,932
#	Millennium & Copthorne Hotels New Zealand Ltd.		354,679		476,719
#	Napier Port Holdings Ltd.		46,155		76,544
#	NZME Ltd.		945,851		646,678
#	NZX Ltd.		1,581,781		1,199,289
	Oceania Healthcare Ltd.		1,463,403		670,077
# *	Pacific Edge Ltd.		1,212,223		325,121
#	PGG Wrightson Ltd.		120,785		325,185
# *	Pushpay Holdings Ltd.		2,847,906		2,489,036
*	Rakon Ltd.		182,922		100,101
	Restaurant Brands New Zealand Ltd.		145,379		611,864
* ††	RPNZ Ltd.		274,180		0
#	Sanford Ltd.		362,156		929,186
	Scales Corp. Ltd.		436,710		885,129
#	Scott Technology Ltd.		53,121		92,150
*	Serko Ltd.		125,518		187,960
	Skellerup Holdings Ltd.		802,263		2,628,623
	SKY Network Television Ltd.		353,030		557,150
*	SKYCITY Entertainment Group Ltd.		4,246,632		6,359,456
	Steel & Tube Holdings Ltd.		575,667		385,947
	Summerset Group Holdings Ltd.		655,188		3,611,516
*	Synlait Milk Ltd.		346,641		462,201
# *	Tourism Holdings Ltd.		683,001		1,710,827
	TOWER Ltd.		1,895,126		729,246
#	Turners Automotive Group Ltd.		109,772		231,052
# *	Vista Group International Ltd.		516,999		450,537
	Warehouse Group Ltd.		396,236		458,893
TOTAL NEW ZEALAND					52,691,653
SINGAPORE — (11.2%)
* ††	Abterra Ltd.		230,320		0
	AEM Holdings Ltd.		798,000		1,917,596
#	Amara Holdings Ltd.		974,800		231,148
# *	Avarga Ltd.		2,626,500		405,035
	Aztech Global Ltd.		380,900		232,291
# *	Banyan Tree Holdings Ltd.		927,000		255,522
# * ††	Best World International Ltd.		514,383		952,828
#	Bonvests Holdings Ltd.		950,000		700,954
	Boustead Singapore Ltd.		2,084,782		1,291,932
	BRC Asia Ltd.		26,900		34,345
#	Bukit Sembawang Estates Ltd.		1,176,003		3,624,883
	Bund Center Investment Ltd.		659,825		233,906
	Capitaland India Trust		4,398,500		3,609,705
#	Centurion Corp. Ltd.		1,405,100		370,288
#	China Aviation Oil Singapore Corp. Ltd.		2,325,999		1,715,938

13

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
SINGAPORE — (Continued)
	China Sunsine Chemical Holdings Ltd.		3,341,800	$	1,177,851
	Chuan Hup Holdings Ltd.		3,341,700		529,853
	Civmec Ltd.		162,700		83,838
	ComfortDelGro Corp. Ltd.		9,307,100		8,267,458
# *	COSCO Shipping International Singapore Co. Ltd.		6,513,500		804,448
# *	Creative Technology Ltd.		285,050		306,897
#	CSE Global Ltd.		2,678,760		695,860
	Dasin Retail Trust		296,700		38,969
	Del Monte Pacific Ltd.		2,336,864		413,879
#	Delfi Ltd.		1,113,800		946,726
* ††	DMX Technologies Group Ltd.		2,096,000		0
# *	Dyna-Mac Holdings Ltd.		1,390,900		209,792
# * ††	Ezion Holdings Ltd.		9,845,878		0
# * ††	Ezra Holdings Ltd.		6,762,986		0
	Far East Orchard Ltd.		1,191,395		928,458
	First Resources Ltd.		2,405,800		2,855,069
#	First Sponsor Group Ltd.		484,728		461,799
	Food Empire Holdings Ltd.		1,334,200		1,024,309
#	Fraser & Neave Ltd.		328,300		266,547
	Frasers Property Ltd.		13,400		8,803
	Frencken Group Ltd.		1,082,500		925,913
#	Fu Yu Corp. Ltd.		3,671,500		607,941
*	Gallant Venture Ltd.		5,386,600		526,404
#	Geo Energy Resources Ltd.		2,143,100		532,132
	Golden Agri-Resources Ltd.		30,687,500		6,592,370
*	Golden Energy & Resources Ltd.		2,327,500		1,736,523
	GP Industries Ltd.		181,509		86,648
	Grand Venture Technology Ltd.		34,200		13,147
#	GuocoLand Ltd.		1,697,314		2,016,004
# *	Halcyon Agri Corp. Ltd.		1,600,000		492,672
#	Haw Par Corp. Ltd.		430,100		3,154,302
	Hiap Hoe Ltd.		498,000		285,419
#	Ho Bee Land Ltd.		1,505,100		2,545,278
#	Hong Fok Corp. Ltd.		2,519,194		1,936,779
	Hong Leong Asia Ltd.		1,675,100		852,613
	Hong Leong Finance Ltd.		1,014,200		1,900,356
#	Hotel Grand Central Ltd.		1,611,854		1,089,552
#	Hour Glass Ltd.		1,390,232		2,279,977
	HRnetgroup Ltd.		317,900		194,739
	Hutchison Port Holdings Trust		24,134,400		4,520,421
# * ††	Hyflux Ltd.		3,238,900		0
	iFAST Corp. Ltd.		719,700		2,663,861
#	Indofood Agri Resources Ltd.		2,701,700		632,078
	InnoTek Ltd.		336,600		123,076
#	ISDN Holdings Ltd.		412,544		158,898
#	Japfa Ltd.		2,503,910		433,644
# * ††	Jurong Technologies Industrial Corp. Ltd.		2,227,680		0
#	Keppel Infrastructure Trust		18,468,846		7,299,580
#	KSH Holdings Ltd.		1,278,300		327,452
	Low Keng Huat Singapore Ltd.		949,800		293,569
*	Lum Chang Holdings Ltd.		1		0
*	Mandarin Oriental International Ltd.		1,452,700		2,523,455
# *	Marco Polo Marine Ltd.		7,193,300		234,020
	Metro Holdings Ltd.		2,946,592		1,363,873
	Mewah International, Inc.		89,000		20,373
	Micro-Mechanics Holdings Ltd.		124,100		187,763

14

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
SINGAPORE — (Continued)
# * ††	Midas Holdings Ltd.		8,576,553	$	0
*	mm2 Asia Ltd.		5,969,400		188,802
#	Nanofilm Technologies International Ltd.		880,500		1,073,058
	Netlink NBN Trust		2,216,400		1,434,153
	NSL Ltd.		409,900		266,271
# *	Oceanus Group Ltd.		4,959,300		44,707
	OUE Ltd.		1,993,600		1,782,879
#	Oxley Holdings Ltd.		7,186,441		758,940
	Pacific Century Regional Developments Ltd.		179,000		51,932
#	Pan-United Corp. Ltd.		1,866,350		547,366
	Propnex Ltd.		386,300		561,018
#	PSC Corp. Ltd.		1,339,819		336,891
#	Q&M Dental Group Singapore Ltd.		1,136,160		273,827
	QAF Ltd.		1,484,380		948,776
# *	Raffles Education Ltd.		2,803,923		109,532
	Raffles Medical Group Ltd.		5,971,532		6,695,434
	Riverstone Holdings Ltd.		617,800		279,217
# *	SATS Ltd.		2,680,067		5,640,200
#	SBS Transit Ltd.		796,600		1,635,606
# *	Sembcorp Marine Ltd.		50,140,800		4,500,126
	Sheng Siong Group Ltd.		3,673,500		4,669,016
*	SHS Holdings Ltd.		2,175,300		236,029
*	SIA Engineering Co. Ltd.		1,672,600		2,834,870
	SIIC Environment Holdings Ltd.		5,686,720		828,172
	Silverlake Axis Ltd.		950,300		235,940
	Sinarmas Land Ltd.		7,118,700		1,001,726
#	Sing Holdings Ltd.		1,470,400		397,572
	Sing Investments & Finance Ltd.		350,675		427,225
	Singapore Land Group Ltd.		127,669		209,099
	Singapore Post Ltd.		8,906,800		3,344,989
	Singapore Shipping Corp. Ltd.		1,642,504		327,102
	Stamford Land Corp. Ltd.		5,782,218		1,734,974
	StarHub Ltd.		4,412,000		3,453,915
	Straco Corp. Ltd.		130,000		47,399
#	Straits Trading Co. Ltd.		447,900		748,392
# * ††	Swiber Holdings Ltd.		2,895,250		0
#	Thomson Medical Group Ltd.		2,164,600		109,458
	Tiong Woon Corp. Holding Ltd.		26,600		9,516
#	Tuan Sing Holdings Ltd.		4,214,136		1,044,617
#	UMS Holdings Ltd.		2,436,968		2,043,270
	United Overseas Insurance Ltd.		168,150		809,529
	UOB-Kay Hian Holdings Ltd.		2,574,498		2,752,473
#	Valuetronics Holdings Ltd.		2,647,550		1,036,509
	Venture Corp. Ltd.		106,100		1,412,131
#	Vicom Ltd.		557,500		783,441
#	Wee Hur Holdings Ltd.		2,614,200		412,326
	Wing Tai Holdings Ltd.		3,417,367		3,829,793
	Yeo Hiap Seng Ltd.		228,759		115,996
TOTAL SINGAPORE					145,131,973
UNITED STATES — (0.1%)
* W	Frontage Holdings Corp.		3,020,000		910,204
TOTAL COMMON STOCKS					1,276,459,499

15

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
*	Australian Mines Ltd.		120,864	$	606
*	Decmil Group Ltd.		5,307		0
*	European Lithium Ltd.		323,975		1,949
*	Highfield Resources Ltd.		11,353		0
*	Investigator Resources Ltd.		109,788		0
*	Kelsian Group Ltd.		70,380		0
*	PointsBet Holdings Ltd.		6,189		0
TOTAL AUSTRALIA					2,555
SINGAPORE — (0.0%)
*	Ezion Holdings Ltd.		4,459,201		0
TOTAL RIGHTS/WARRANTS					2,555
TOTAL INVESTMENT SECURITIES (Cost $1,489,614,967)					1,276,462,054
				Value†
SECURITIES LENDING COLLATERAL — (1.1%)
@ §	DFA Investment Trust Co.		1,282,865		14,836,338
TOTAL INVESTMENTS — (100.0%) (Cost $1,504,453,875)^^				$	1,291,298,392

ADR	American Depositary Receipt
SA	Special Assessment
»	Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.
*	Non-Income Producing Securities.
#	Total or Partial Securities on Loan.
††	Security valued using significant unobservable inputs (Level 3).
W	Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.
†	See Security Valuation Note within the Notes to Schedules of Investments.
@	Security purchased with cash collateral received from Securities on Loan.
§	Affiliated Fund.
^^	See Federal Tax Cost Note within the Notes to Schedules of Investments.

Summary of the Series’ investments as of March 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	12,172	$	783,125,885	$	239,314	$	783,377,371
Cayman Islands		—		13,542		—		13,542
China		184,835		2,472,132		—		2,656,967
Hong Kong		130,728		291,141,059		406,002		291,677,789
New Zealand		—		52,691,653		—		52,691,653
Singapore		—		144,179,145		952,828		145,131,973
United States		—		910,204		—		910,204

16

THE ASIA PACIFIC SMALL COMPANY SERIES

CONTINUED

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3			Total
Rights/Warrants
Australia		—	$	2,555		—		$	2,555
Securities Lending Collateral		—		14,836,338		—			14,836,338
TOTAL	$	327,735	$	1,289,372,513	$	1,598,144	^	$	1,291,298,392

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

17

THE UNITED KINGDOM SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2023

(Unaudited)

		Shares		Value»
COMMON STOCKS — (99.3%)
COMMUNICATION SERVICES — (3.7%)
	4imprint Group PLC		163,687	$	9,780,059
*	Ascential PLC		1,680,248		5,005,687
	Bloomsbury Publishing PLC		316,806		1,742,913
	Centaur Media PLC		254,249		153,626
# *	Frontier Developments PLC		55,575		322,760
	Future PLC		140,642		2,021,440
	Gamma Communications PLC		195,090		2,616,636
*	Helios Towers PLC		1,996,859		2,559,911
# *	Hyve Group PLC		1,575,593		2,194,766
	ITV PLC		7,341,206		7,540,033
	Moneysupermarket.com Group PLC		3,209,924		9,894,664
	Next Fifteen Communications Group PLC		159,091		1,646,781
	Reach PLC		2,007,509		1,866,945
*	S4 Capital PLC		276,803		555,200
	STV Group PLC		4,918		15,141
*	Tremor International Ltd.		169,671		440,159
*	Tremor International Ltd., ADR		2,906		15,242
TOTAL COMMUNICATION SERVICES					48,371,963
CONSUMER DISCRETIONARY — (18.2%)
*	888 Holdings PLC		2,178,765		1,397,369
# *	ASOS PLC		68,338		693,981
# * W	Aston Martin Lagonda Global Holdings PLC		655,367		1,843,455
*	Auction Technology Group PLC		27,557		208,648
	Bellway PLC		462,753		12,604,695
*	boohoo Group PLC		1,165,114		856,529
*	Card Factory PLC		1,094,421		1,180,372
*	Cazoo Group Ltd.		28,833		71,795
	Coats Group PLC		5,288,245		4,826,050
	Crest Nicholson Holdings PLC		1,975,094		5,322,929
	Currys PLC		6,260,055		4,561,019
* W	Deliveroo PLC		1,090,968		1,235,856
	DFS Furniture PLC		1,221,904		2,050,561
*	Dignity PLC		176,027		1,152,102
	Domino’s Pizza Group PLC		3,097,499		10,921,844
	Dr Martens PLC		506,311		887,842
	Dunelm Group PLC		687,101		9,368,355
*	Frasers Group PLC		914,648		8,772,844
	Fuller Smith & Turner PLC, Class A		151,287		870,959
	Games Workshop Group PLC		176,068		20,971,598
	Greggs PLC		601,854		20,668,172
# * W	Gym Group PLC		942,085		1,073,440
	Halfords Group PLC		1,483,295		3,194,858
	Headlam Group PLC		505,637		1,892,291
	Henry Boot PLC		541,758		1,490,731
	Hollywood Bowl Group PLC		321,950		924,867
* W	Hostelworld Group PLC		197,157		321,580
	Inchcape PLC		2,177,596		20,873,818
*	J D Wetherspoon PLC		508,212		4,506,262

1

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
CONSUMER DISCRETIONARY — (Continued)
	Lookers PLC		1,469,033	$	1,492,351
*	Marston’s PLC		3,765,638		1,670,975
	Me Group International PLC		1,538,043		2,380,440
*	Mitchells & Butlers PLC		1,976,962		4,017,012
	MJ Gleeson PLC		240,572		1,281,207
*	Motorpoint group PLC		51,520		85,644
# *	N Brown Group PLC		949,432		336,444
* W	On the Beach Group PLC		76,095		135,221
*	Pendragon PLC		5,100,308		1,043,900
	Pets at Home Group PLC		2,837,331		12,926,104
*	Playtech PLC		1,926,086		12,515,330
	PPHE Hotel Group Ltd.		15,424		219,186
*	Rank Group PLC		1,027,396		931,997
	Redrow PLC		1,564,465		9,254,002
*	Restaurant Group PLC		1,202,762		604,372
	Smiths News PLC		43,375		25,144
*	SSP Group PLC		3,277,623		9,977,038
# ††	Studio Retail Group PLC		220,669		58,690
*	Superdry PLC		345,305		461,910
*	THG PLC		346,597		290,354
W	TI Fluid Systems PLC		403,851		534,918
	Topps Tiles PLC		786,772		444,201
	Vertu Motors PLC		1,326,258		980,964
	Victorian Plumbing Group PLC		3,642		3,568
	VIDENDUM PLC		218,073		2,382,670
	Vistry Group PLC		1,351,196		13,074,434
* W	Watches of Switzerland Group PLC		584,723		5,897,585
	WH Smith PLC		505,447		9,356,062
	Wickes Group PLC		2,160,884		3,684,088
	Young & Co’s Brewery PLC, Class A		15,277		193,789
TOTAL CONSUMER DISCRETIONARY					241,004,422
CONSUMER STAPLES — (8.3%)
	AG Barr PLC		742,960		4,613,951
	Anglo-Eastern Plantations PLC		124,523		1,261,880
W	Bakkavor Group PLC		121,093		156,206
	Britvic PLC		1,626,728		17,915,478
*	C&C Group PLC		1,932,706		3,756,243
	Carr’s Group PLC		349,511		554,183
	Cranswick PLC		366,623		13,646,796
	Devro PLC		1,358,722		5,494,414
	Fevertree Drinks PLC		397,307		6,282,443
*	Greencore Group PLC		3,056,010		3,066,954
	Hilton Food Group PLC		346,227		2,963,895
*	Marks & Spencer Group PLC		8,636,213		17,816,347
*	McBride PLC		895,746		306,775
	MP Evans Group PLC		7,544		82,508
# *	Naked Wines PLC		32,906		41,441
#	Nichols PLC		2,884		40,373
	Premier Foods PLC		4,712,428		7,060,933
	PZ Cussons PLC		1,833,464		4,197,890
	Tate & Lyle PLC		2,205,560		21,360,734
TOTAL CONSUMER STAPLES					110,619,444

2

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
ENERGY — (4.0%)
*	Capricorn Energy PLC		4,040,365	$	11,637,939
	Diversified Energy Co. PLC		3,477,221		4,060,721
	Energean PLC		409,888		6,580,379
*	EnQuest PLC		12,240,540		2,804,554
	Genel Energy PLC		934,783		1,350,338
	Gulf Keystone Petroleum Ltd.		1,511,253		2,718,958
	Harbour Energy PLC		1,153,463		3,908,899
	Hunting PLC		830,498		2,419,090
*	Hurricane Energy PLC		135,388		11,846
*	John Wood Group PLC		3,827,355		9,476,234
# *	Petrofac Ltd.		2,535,157		2,466,662
*	Pharos Energy PLC		1,731,164		477,258
# *	Savannah Energy PLC		388,799		125,901
	Serica Energy PLC		1,082,076		2,979,437
# *	Tullow Oil PLC		6,839,739		2,659,634
TOTAL ENERGY					53,677,850
FINANCIALS — (18.7%)
	AJ Bell PLC		920,780		3,940,225
	Ashmore Group PLC		2,519,138		7,451,904
	Bank of Georgia Group PLC		269,724		9,160,653
	Beazley PLC		2,901,560		21,455,511
W	Bridgepoint Group PLC		7,632		20,936
	Brooks Macdonald Group PLC		628		14,378
	Burford Capital Ltd.		954,004		8,890,631
	Chesnara PLC		912,379		3,385,350
	Close Brothers Group PLC		874,035		9,747,653
W	CMC Markets PLC		1,057,243		2,307,420
	Direct Line Insurance Group PLC		4,914,707		8,348,926
* W	Funding Circle Holdings PLC		104,248		68,947
*	Georgia Capital PLC		28,194		273,039
	H&T Group PLC		2,590		13,434
	Hiscox Ltd.		1,192,392		16,315,309
	IG Group Holdings PLC		718,968		6,204,312
	Impax Asset Management Group PLC		204,855		2,029,611
	IntegraFin Holdings PLC		614,332		2,055,292
	International Personal Finance PLC		1,332,924		1,627,096
	Investec PLC		256,360		1,422,667
	IP Group PLC		6,203,004		4,226,043
	Jupiter Fund Management PLC		2,582,396		4,330,431
	Just Group PLC		7,253,311		7,683,552
	Lancashire Holdings Ltd.		1,661,042		11,335,616
	Liontrust Asset Management PLC		137,425		1,738,230
	Man Group PLC		7,541,211		21,969,225
*	Metro Bank PLC		164,184		215,246
	Mortgage Advice Bureau Holdings Ltd.		3,857		35,238
* W	Network International Holdings PLC		187,275		569,750
	Ninety One PLC		1,895,455		4,322,294
	Numis Corp. PLC		311,926		827,003
	OSB Group PLC		2,156,676		12,901,006
	Paragon Banking Group PLC		1,921,607		12,357,873
	PayPoint PLC		444,741		2,495,839
	Plus500 Ltd.		519,961		10,839,863
	Polar Capital Holdings PLC		263,455		1,474,362
W	Quilter PLC		7,793,244		8,097,913

3

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
FINANCIALS — (Continued)
	Rathbones Group PLC		356,200	$	8,434,635
	Record PLC		18,948		18,332
	S&U PLC		29,699		867,065
W	Sabre Insurance Group PLC		407,841		569,939
*	Saga PLC		628,907		1,038,328
	TBC Bank Group PLC		106,116		2,929,296
	TP ICAP Group PLC		4,011,854		8,919,307
	Vanquis Banking Group PLC		1,427,848		4,178,687
	Virgin Money UK PLC		6,472,181		11,697,097
††	Waterloo Investment Holdings Ltd.		4,000		280
	XPS Pensions Group PLC		12,911		25,464
TOTAL FINANCIALS					248,831,208
HEALTH CARE — (4.4%)
††	4d pharma PLC		42,478		3,249
	Advanced Medical Solutions Group PLC		396,530		1,086,427
	Alliance Pharma PLC		2,372,960		2,019,198
	CVS Group PLC		411,527		9,408,607
	EKF Diagnostics Holdings PLC		79,384		30,394
	EMIS Group PLC		328,823		6,083,923
*	Ergomed PLC		52,497		657,990
	Hikma Pharmaceuticals PLC		257,312		5,333,388
*	Indivior PLC		759,374		12,971,040
W	Integrated Diagnostics Holdings PLC		1,249,693		577,484
	Mediclinic International PLC		2,400,508		14,723,703
*	NIOX GROUP PLC		202,629		116,688
*	PureTech Health PLC		364,990		994,939
* W	Spire Healthcare Group PLC		1,830,690		4,802,615
*	Trellus Health PLC		1,632		131
*	Verici Dx PLC		1,588		264
TOTAL HEALTH CARE					58,810,040
INDUSTRIALS — (23.1%)
*	Ashtead Technology Holdings PLC		5,467		20,602
	Avon Protection PLC		186,426		2,129,597
*	Babcock International Group PLC		2,909,347		10,747,654
	Balfour Beatty PLC		3,585,302		16,504,859
	Begbies Traynor Group PLC		60,262		94,762
	Bodycote PLC		1,222,653		9,836,983
	BRAEMAR PLC		91,109		339,822
*	Capita PLC		10,335,023		4,666,669
	Chemring Group PLC		1,977,936		6,827,236
	Clarkson PLC		211,472		8,065,466
*	Costain Group PLC		237,261		159,718
*	De La Rue PLC		498,978		318,163
# *	Dialight PLC		89,929		222,622
	Diploma PLC		404,082		14,069,192
	DiscoverIE Group PLC		582,264		5,547,202
W	DWF Group PLC		10,499		8,704
*	easyJet PLC		966,101		6,174,346
*	Esken Ltd.		1,707,178		111,867
	Firstgroup PLC		2,752,134		3,500,630
	Galliford Try Holdings PLC		648,733		1,382,253
	Genuit Group PLC		1,399,585		4,818,445
	Goodwin PLC		383		17,694

4

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INDUSTRIALS — (Continued)
	Grafton Group PLC		1,489,341	$	16,312,241
	Hays PLC		9,184,503		12,710,398
	IMI PLC		241,133		4,564,355
* ††	Industrial & Commercial Bank of China Ltd.		5,000		0
	International Distributions Services PLC		2,389,805		6,617,709
*	James Fisher & Sons PLC		225,442		805,271
	James Halstead PLC		133,208		300,616
	JET2 PLC		813,756		13,271,447
	Johnson Service Group PLC		685,411		1,036,013
	Keller Group PLC		438,701		3,663,365
*	Kier Group PLC		1,679,754		1,415,512
W	Luceco PLC		278,939		419,742
	Mears Group PLC		688,146		1,682,670
	Mitie Group PLC		7,827,322		7,921,785
	Morgan Advanced Materials PLC		1,921,125		6,748,729
	Morgan Sindall Group PLC		264,812		5,537,543
*	National Express Group PLC		3,001,140		4,505,346
	Norcros PLC		155,422		356,874
	Pagegroup PLC		1,947,013		10,961,672
	Porvair PLC		18,060		134,349
	QinetiQ Group PLC		3,241,231		13,021,437
	Redde Northgate PLC		1,406,965		6,001,421
	Renew Holdings PLC		71,090		593,665
*	Renewi PLC		607,766		4,550,099
	Ricardo PLC		310,737		2,120,413
	Robert Walters PLC		396,868		2,203,654
	Rotork PLC		4,230,857		16,485,779
	RWS Holdings PLC		233,495		866,046
	Senior PLC		2,425,576		4,683,021
	Serco Group PLC		5,743,194		10,883,379
	Severfield PLC		1,107,512		834,298
*	SIG PLC		4,254,528		2,301,332
	Smart Metering Systems PLC		549,515		5,041,448
	Speedy Hire PLC		3,302,680		1,371,199
	SThree PLC		862,751		4,429,753
	TClarke PLC		64,836		108,108
	Travis Perkins PLC		1,194,868		14,146,211
	Trifast PLC		524,611		504,288
	Tyman PLC		1,032,733		3,067,629
	Vesuvius PLC		1,526,317		7,792,348
	Volex PLC		452,877		1,208,464
	Volution Group PLC		757,172		4,045,479
	Vp PLC		153,784		1,276,765
	Wilmington PLC		334,384		1,250,312
	Wincanton PLC		697,292		1,858,688
	XP Power Ltd.		70,193		1,760,079
TOTAL INDUSTRIALS					306,935,438
INFORMATION TECHNOLOGY — (7.0%)
*	accesso Technology Group PLC		14,495		123,873
	Bytes Technology Group PLC		640,942		3,075,229
*	CentralNic Group PLC		42,563		68,190
	Computacenter PLC		497,525		13,194,949
	dotdigital group PLC		448,931		528,792
*	FD Technologies PLC		31,699		669,750

5

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
INFORMATION TECHNOLOGY — (Continued)
	FDM Group Holdings PLC		474,306	$	4,242,628
	GB Group PLC		122,543		453,079
	Gooch & Housego PLC		2,781		15,471
	IDOX PLC		140,149		108,285
	iomart Group PLC		279,306		429,779
# *	IQE PLC		2,184,969		730,388
	Kainos Group PLC		476,292		8,142,107
*	Kin & Carta PLC		251,989		240,770
	Learning Technologies Group PLC		523,209		837,037
	NCC Group PLC		1,825,476		2,303,702
	Oxford Instruments PLC		343,024		10,572,992
	Renishaw PLC		98,425		4,982,558
	RM PLC		313,272		278,828
	Softcat PLC		665,854		10,696,094
	Spectris PLC		413,423		18,757,539
	Spirent Communications PLC		4,036,030		8,675,192
#	Strix Group PLC		150,847		184,745
	TT Electronics PLC		1,084,117		2,508,270
*	Xaar PLC		553,856		1,430,853
TOTAL INFORMATION TECHNOLOGY					93,251,100
MATERIALS — (5.4%)
*	Accsys Technologies PLC		9,505		7,537
	Breedon Group PLC		2,867,223		2,713,342
	Capital Ltd.		59,308		72,292
	Castings PLC		172,368		738,396
	Centamin PLC		8,174,090		10,530,626
	Central Asia Metals PLC		724,031		2,118,400
	Ecora Resources PLC		1,253,361		1,831,500
*	Elementis PLC		3,432,244		5,037,198
	Essentra PLC		1,707,010		4,085,987
	Ferrexpo PLC		64,069		93,235
W	Forterra PLC		1,584,750		3,884,588
	Gem Diamonds Ltd.		413,552		133,262
	Hill & Smith PLC		546,022		9,047,928
	Hochschild Mining PLC		1,766,187		1,843,041
W	Ibstock PLC		2,864,941		6,117,929
	Marshalls PLC		973,474		3,756,648
	Pan African Resources PLC		5,197,533		1,061,869
*	Petra Diamonds Ltd.		17,532		16,291
	RHI Magnesita NV		135,090		3,742,526
*	SolGold PLC		1,142,243		271,632
	Synthomer PLC		2,125,997		3,081,373
	Victrex PLC		540,365		10,671,436
	Zotefoams PLC		103,100		493,005
TOTAL MATERIALS					71,350,041
REAL ESTATE — (3.1%)
	CLS Holdings PLC		4,103		6,804
	Foxtons Group PLC		1,351,763		671,781
	Grainger PLC		4,237,552		12,167,209
	Harworth Group PLC		30,381		40,731
	Helical PLC		644,222		2,382,931
*	IWG PLC		4,107,574		8,339,003
	LSL Property Services PLC		445,897		1,499,092

6

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
REAL ESTATE — (Continued)
	Phoenix Spree Deutschland Ltd.		15,813	$	36,103
	Savills PLC		961,872		11,737,293
	Sirius Real Estate Ltd.		3,858,777		3,658,440
	Watkin Jones PLC		950,984		1,043,265
TOTAL REAL ESTATE					41,582,652
UTILITIES — (3.4%)
	Centrica PLC		1,447,990		1,896,336
	Drax Group PLC		2,467,126		18,531,341
	Pennon Group PLC		1,357,284		14,665,409
	Telecom Plus PLC		424,957		9,888,712
TOTAL UTILITIES					44,981,798
TOTAL COMMON STOCKS Cost ($1,343,213,459)					1,319,415,956
				Value†
SECURITIES LENDING COLLATERAL — (0.7%)
@ §	DFA Investment Trust Co.		786,001		9,090,104
TOTAL INVESTMENTS — (100.0%) (Cost $1,352,305,632)^^				$	1,328,506,060

ADR American Depositary Receipt

» Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.

* Non-Income Producing Securities.

# Total or Partial Securities on Loan.

W Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.

†† Security valued using significant unobservable inputs (Level 3).

† See Security Valuation Note within the Notes to Schedules of Investments.

@ Security purchased with cash collateral received from Securities on Loan.

§ Affiliated Fund.

^^ See Federal Tax Cost Note within the Notes to Schedules of Investments.

Summary of the Series’ investments as of March 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	15,242	$	48,356,721		—	$	48,371,963
Consumer Discretionary		71,795		240,873,937	$	58,690		241,004,422
Consumer Staples		—		110,619,444		—		110,619,444
Energy		—		53,677,850		—		53,677,850
Financials		—		248,830,928		280		248,831,208
Health Care		—		58,806,791		3,249		58,810,040
Industrials		—		306,935,438		—		306,935,438
Information Technology		—		93,251,100		—		93,251,100
Materials		—		71,350,041		—		71,350,041
Real Estate		—		41,582,652		—		41,582,652

7

THE UNITED KINGDOM SMALL COMPANY SERIES

CONTINUED

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3			Total
Utilities		—	$	44,981,798		—		$	44,981,798
Securities Lending Collateral		—		9,090,104		—			9,090,104
TOTAL	$	87,037	$	1,328,356,804	$	62,219	^	$	1,328,506,060

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

8

THE CONTINENTAL SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2023

(Unaudited)

		Shares		Value»
COMMON STOCKS — (92.5%)
AUSTRIA — (3.3%)
	Agrana Beteiligungs AG		83,141	$	1,475,337
	ANDRITZ AG		438,579		29,676,069
	AT&S Austria Technologie & Systemtechnik AG		190,150		5,865,727
W	BAWAG Group AG		433,516		21,055,456
*	CA Immobilien Anlagen AG		97,797		2,627,589
*	DO & Co. AG		45,371		5,312,951
	EVN AG		246,314		5,470,345
*	FACC AG		136,081		1,035,381
*	Immofinanz AG		681,827		0
	Josef Manner & Comp AG		870		103,484
*	Kapsch TrafficCom AG		29,728		403,545
	Lenzing AG		84,016		6,364,565
	Mayr Melnhof Karton AG		56,673		9,419,576
	Oberbank AG		22,709		2,685,569
	Oesterreichische Post AG		107,992		3,997,878
	Palfinger AG		105,663		3,297,563
	POLYTEC Holding AG		106,063		531,336
	Porr AG		100,602		1,473,012
*	Raiffeisen Bank International AG		322,713		4,954,023
	Rosenbauer International AG		21,100		745,076
	Schoeller-Bleckmann Oilfield Equipment AG		69,998		4,511,525
	Semperit AG Holding		71,506		1,917,365
	Telekom Austria AG		1,158,627		8,750,197
	UBM Development AG		21,002		629,652
	UNIQA Insurance Group AG		983,326		8,285,441
	Vienna Insurance Group AG Wiener Versicherung Gruppe		289,761		7,792,399
	voestalpine AG		615,510		20,929,006
	Wienerberger AG		682,908		19,770,907
	Zumtobel Group AG		155,917		1,206,122
TOTAL AUSTRIA					180,287,096
BELGIUM — (4.0%)
	Ackermans & van Haaren NV		171,688		28,301,168
*	AGFA-Gevaert NV		1,252,462		3,665,743
	Atenor		22,537		1,094,983
	Barco NV		464,377		13,841,646
	Bekaert SA		250,767		11,326,345
# * W	Biocartis Group NV		357,370		236,466
#	bpost SA		378,267		2,156,922
*	Cie d’Entreprises CFE		49,898		543,885
#	Deceuninck NV		480,813		1,313,199
*	Deme Group NV		49,625		6,357,811
	D’ieteren Group		93,296		18,153,723
	Econocom Group SA		727,792		2,337,255
#	Etablissements Franz Colruyt NV		176,803		5,181,383
*	Euronav NV		1,347,567		22,523,111
	EVS Broadcast Equipment SA		69,287		1,651,477
	Exmar NV		148,598		1,564,194
	Fagron		311,838		5,327,388
*	Galapagos NV		201,742		7,755,995
	Gimv NV		122,027		5,896,514
*	Greenyard NV		2,890		20,031
#	Immobel SA		23,226		1,208,643
	Ion Beam Applications		142,529		2,464,049
	Jensen-Group NV		20,961		738,325

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
BELGIUM — (Continued)
# *	Kinepolis Group NV		92,201	$	4,743,703
	Lotus Bakeries NV		2,037		14,256,416
	Melexis NV		121,179		14,033,950
# *	Ontex Group NV		417,119		3,110,221
	Proximus SADP		742,355		7,178,761
	Recticel SA		301,673		5,625,345
	Roularta Media Group NV		19,318		362,505
	Shurgard Self Storage Ltd.		63,426		3,033,440
	Sipef NV		38,999		2,584,652
	Telenet Group Holding NV		241,123		5,483,366
	TER Beke SA		3,765		353,022
*	Tessenderlo Group SA		219,556		6,861,637
	Van de Velde NV		47,376		1,859,046
	VGP NV		28,396		2,531,382
	Viohalco SA		498,361		2,278,729
TOTAL BELGIUM					217,956,431
CANADA — (0.1%)
*	International Petroleum Corp.		443,347		4,227,073
DENMARK — (6.2%)
*	ALK-Abello AS		903,679		14,022,117
	Alm Brand AS		6,053,840		11,316,404
*	Ambu AS, Class B		72,032		1,083,154
*	Asetek AS		2,464		1,292
# *	Bang & Olufsen AS		599,792		852,098
	BankNordik P/F		10,800		283,238
# *	Bavarian Nordic AS		448,836		12,930,839
# *	Better Collective AS		79,678		1,549,239
*	Brodrene Hartmann AS		16,148		711,642
*	Cadeler AS		63,427		258,159
#	cBrain AS		18,289		374,495
*	Chemometec AS		83,142		4,780,790
	Columbus AS		490,087		460,894
	D/S Norden AS		200,319		13,471,357
	Dfds AS		258,006		10,468,451
#	Djurslands Bank AS		6,232		337,221
#	FLSmidth & Co. AS		319,467		12,238,602
#	Fluegger Group AS		4,198		222,922
# *	GN Store Nord AS		128,668		2,885,082
	GronlandsBANKEN AS		1,125		99,968
	H Lundbeck AS		1,373,508		6,355,583
*	H Lundbeck AS, Class A		14,791		62,753
# *	H+H International AS, Class B		131,547		2,067,795
*	Harboes Bryggeri AS, Class B		5,094		52,214
*	ISS AS		927,711		18,933,703
	Jeudan AS		40,046		1,477,914
*	Jyske Bank AS		437,851		30,683,484
	Lan & Spar Bank		4,895		465,894
	Matas AS		279,854		3,432,037
* W	Netcompany Group AS		108,231		3,949,792
*	Nilfisk Holding AS		154,895		3,048,528
# *	NKT AS		283,727		14,797,574
# * W	NNIT AS		71,567		723,738
	North Media AS		5,372		42,509
*	NTG Nordic Transport Group AS, Class A		13,802		822,640
*	Parken Sport & Entertainment AS		13,669		198,739
	Per Aarsleff Holding AS		133,648		5,742,800
	Ringkjoebing Landbobank AS		197,625		27,912,370

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
DENMARK — (Continued)
	Rockwool AS, Class B		4,739	$	1,162,086
	ROCKWOOL AS, Class A		421		102,468
	Royal Unibrew AS		312,981		27,282,966
# *	RTX AS		54,444		1,111,281
W	Scandinavian Tobacco Group AS, Class A		452,246		9,003,645
	Schouw & Co. AS		94,292		7,899,120
	SimCorp AS		252,149		19,072,104
	Solar AS, Class B		42,286		3,413,215
	SP Group AS		4,788		181,362
	Spar Nord Bank AS		609,820		9,632,103
	Sparekassen Sjaelland-Fyn AS		1,651		44,081
	Sydbank AS		461,164		20,734,537
	TCM Group AS		2,578		25,166
# *	Tivoli AS		9,878		1,158,684
	Topdanmark AS		363,470		19,430,831
	UIE PLC		103,360		2,852,987
*	Zealand Pharma AS		217,874		6,825,978
TOTAL DENMARK					339,050,645
FINLAND — (5.0%)
	Aktia Bank Oyj		344,733		3,570,223
#	Alandsbanken Abp, Class B		23,036		952,293
	Alma Media Oyj		133,889		1,341,015
	Apetit Oyj		21,105		309,681
	Aspo Oyj		106,324		987,482
	Atria Oyj		98,413		1,222,750
#	Bittium Oyj		204,447		967,651
	Cargotec Oyj, Class B		261,200		12,715,387
	Caverion Oyj		167,428		1,560,009
#	Citycon Oyj		436,261		2,981,890
	Digia Oyj		85,054		522,846
W	Enento Group Oyj		4,779		84,866
*	Finnair Oyj		4,568,940		2,531,334
	Fiskars Oyj Abp		215,530		3,677,698
*	F-Secure Oyj		730,842		2,538,990
	Glaston OYJ ABP		9,217		10,117
#	Harvia Oyj		69,184		1,648,657
# *	HKScan Oyj, Class A		234,984		199,026
	Huhtamaki Oyj		631,957		23,477,003
	Ilkka Oyj		58,887		242,727
#	Kamux Corp.		59,097		334,483
	Kemira Oyj		741,189		13,058,250
#	Kojamo Oyj		599,747		7,058,225
	Konecranes Oyj		400,235		13,421,456
#	Lassila & Tikanoja Oyj		219,184		2,400,876
	Marimekko Oyj		38,944		412,895
#	Metsa Board Oyj, Class B		1,192,468		9,610,707
	Metso Outotec Oyj		108,793		1,187,952
	Musti Group Oyj		68,620		1,198,433
	Nokian Renkaat Oyj		750,536		7,180,279
	Olvi Oyj, Class A		99,753		3,239,594
	Oma Saastopankki Oyj		8,486		180,769
	Oriola Oyj, Class A		6,054		9,826
	Oriola Oyj, Class B		864,530		1,324,376
	Orion Oyj, Class B		600,547		26,843,210
	Outokumpu Oyj		2,082,311		11,342,634
	Pihlajalinna Oyj		80,774		654,354
#	Ponsse Oyj		71,199		2,176,971
# *	QT Group Oyj		54,468		3,981,877

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
FINLAND — (Continued)
	Raisio Oyj, Class V		985,362	$	2,678,874
	Rapala VMC Oyj		116,693		461,945
	Revenio Group Oyj		140,739		5,902,131
W	Rovio Entertainment Oyj		42,808		362,604
	Sanoma Oyj		722,281		6,342,147
	Taaleri Oyj		8,120		93,284
#	Talenom Oyj		7,120		63,629
	Teleste Oyj		52,966		203,261
W	Terveystalo Oyj		139,213		1,060,690
	TietoEVRY Oyj		541,966		17,025,717
	Tokmanni Group Corp.		350,602		4,841,433
	Uponor Oyj		386,144		7,147,895
	Vaisala Oyj, Class A		125,217		5,411,583
#	Valmet Oyj		972,053		31,556,506
#	Verkkokauppa.com Oyj		13,945		39,383
# *	Viking Line Abp		11,073		185,153
	Wartsila OYJ Abp		1,942,166		18,328,737
*	WithSecure Oyj		713,504		1,181,823
	YIT Oyj		826,397		2,202,413
TOTAL FINLAND					272,248,020
FRANCE — (10.6%)
	ABC arbitrage		187,953		1,237,558
*	Air France-KLM		2,133,951		3,932,361
	AKWEL		68,408		1,007,515
W	ALD SA		185,423		2,173,609
	Altamir		136,094		4,014,169
	Alten SA		134,859		21,534,168
	Assystem SA		61,561		2,883,823
*	Atos SE		374,728		4,648,612
	Aubay		52,444		2,691,255
	Axway Software SA		38,973		891,466
*	Bastide le Confort Medical		18,680		592,518
	Beneteau SA		251,906		4,209,551
	Bigben Interactive		101,428		583,303
	Boiron SA		38,341		1,653,226
	Bonduelle SCA		99,470		1,299,225
*	Bourbon Corp.		28,851		0
	Burelle SA		591		324,406
# *	Casino Guichard Perrachon SA		253,877		1,796,989
	Catana Group		47,853		357,791
	Cegedim SA		41,041		856,206
*	CGG SA		4,288,114		3,307,188
#	Chargeurs SA		144,516		2,441,630
*	Cie des Alpes		137,830		1,916,909
	Cie Plastic Omnium SA		407,796		7,428,077
# *	Claranova SE		66,462		150,881
*	Coface SA		753,718		10,676,432
	Derichebourg SA		727,133		4,270,619
*	Ekinops SAS		7,393		70,835
	Electricite de Strasbourg SA		21,112		2,082,465
# * W	Elior Group SA		767,831		2,700,751
	Elis SA		1,241,664		23,746,932
	Equasens		8,754		680,529
	Eramet SA		75,959		7,940,227
# *	Esso SA Francaise		4,117		214,060
	Etablissements Maurel et Prom SA		384,538		1,436,558
	Eurazeo SE		159,863		11,379,107
#	Eutelsat Communications SA		1,169,230		7,802,928

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
FRANCE — (Continued)
*	Exail Technologies SA		4,320	$	88,558
	Exel Industries, Class A		10,459		566,153
*	Faurecia SE		783,231		17,022,372
	Fnac Darty SA		95,137		3,512,584
*	Gaumont SA		10,715		1,135,924
	Gaztransport Et Technigaz SA		157,899		16,157,383
#	GEA		2,433		226,767
*	Genfit SA		11,113		44,624
*	GL Events		58,364		1,397,313
	Groupe Crit		22,187		1,760,086
	Groupe SFPI		21,754		54,179
	Guerbet		36,860		729,114
	Guillemot Corp.		2,527		21,004
	Haulotte Group SA		73,020		259,881
	HEXAOM		14,081		269,588
*	ID Logistics Group		15,056		4,478,078
	Imerys SA		226,467		9,783,677
	Infotel SA		637		39,055
# *	Innate Pharma SA		15,558		45,434
	Interparfums SA		14,058		1,058,203
	IPSOS		294,055		18,226,128
	Jacquet Metals SACA		93,637		1,820,663
*	JCDecaux SE		267,580		5,612,527
#	Kaufman & Broad SA		122,574		3,647,655
	Korian SA		461,522		3,456,932
	Laurent-Perrier		13,997		1,802,905
	Lectra		145,455		5,742,545
	Linedata Services		3,353		162,257
#	LISI		124,665		3,298,240
#	LNA Sante SA		33,206		1,203,370
W	Maisons du Monde SA		170,760		1,842,828
	Manitou BF SA		69,984		1,633,080
	Mersen SA		127,012		5,647,785
	Metropole Television SA		238,888		3,874,632
# *	Nacon SA		44,739		106,009
W	Neoen SA		48,900		1,541,812
	Nexans SA		195,817		19,510,833
	Nexity SA		255,198		6,408,402
*	Nicox		145,865		96,691
	NRJ Group		87,189		646,817
	Oeneo SA		128,172		1,919,927
*	OL Groupe SA		10,735		34,291
#	Plastiques Du Val De Loire		14,341		52,072
*	Prodways Group SA		6,480		16,359
	Quadient SA		216,359		3,952,050
# *	Rallye SA		6,989		11,740
# *	Recylex SA		102,008		0
	Rexel SA		1,298,768		30,877,829
	Robertet SA		475		451,491
	Rothschild & Co.		141,200		7,126,299
	Rubis SCA		592,754		15,861,028
	Samse SA		7,930		1,627,277
	Savencia SA		35,032		2,336,579
	SCOR SE		731,625		16,635,138
	SEB SA		39,866		4,536,118
	Seche Environnement SA		21,328		2,394,666
	SES SA		1,849,885		12,144,434
* W	SMCP SA		74,230		661,694
	Societe BIC SA		173,530		10,945,848

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
FRANCE — (Continued)
	Societe des Bains de Mer et du Cercle des Etrangers a Monaco		37,677	$	3,748,128
	Societe pour l’Informatique Industrielle		56,611		3,085,579
*	SOITEC		136,675		21,932,574
# *	Solocal Group		681,417		326,522
	Sopra Steria Group SACA		119,421		25,095,691
	SPIE SA		871,653		25,299,515
# * W	SRP Groupe SA		56,827		91,056
	Stef SA		25,714		2,931,171
	Sword Group		37,202		1,767,874
	Synergie SE		67,143		2,414,145
# *	Technicolor Creative Studios SA		47,476		6,274
	Technip Energies NV		489,487		10,443,011
	Television Francaise 1		398,119		3,516,832
#	TFF Group		9,347		409,222
	Thermador Groupe		37,127		3,951,542
	Tikehau Capital SCA		33,936		895,946
	Totalenergies EP Gabon		4,026		747,185
	Trigano SA		61,206		7,973,441
*	Ubisoft Entertainment SA		271,667		7,240,784
	Valeo		936,234		19,211,303
*	Vallourec SA		573,476		7,243,189
# *	Vantiva SA		81,942		19,247
W	Verallia SA		263,147		11,206,530
	Vetoquinol SA		15,514		1,489,398
	Vicat SA		113,088		3,393,604
	VIEL & Cie SA		156,945		1,274,531
	Vilmorin & Cie SA		35,845		1,693,043
	Virbac SA		28,519		9,164,846
# *	Voltalia SA		15,744		249,152
#	Vranken-Pommery Monopole SA		16,787		325,952
	Wavestone		9,891		476,948
* W	X-Fab Silicon Foundries SE		175,620		1,658,360
*	Xilam Animation SA		415		12,212
TOTAL FRANCE					580,745,614
GERMANY — (13.6%)
	1&1 AG		250,809		2,753,635
	7C Solarparken AG		139,107		570,748
*	Aareal Bank AG		517,534		16,946,457
	Adesso SE		7,240		1,159,072
*	ADVA Optical Networking SE		3,098		72,748
	AIXTRON SE		299,531		10,180,332
	All for One Group SE		4,503		204,902
#	Allgeier SE		58,776		1,808,520
	Amadeus Fire AG		11,348		1,708,354
#	Aroundtown SA		1,664,654		2,379,697
	Atoss Software AG		16,326		2,952,148
	Aurubis AG		205,349		19,024,077
* W	Auto1 Group SE		29,769		211,209
#	Basler AG		108,156		2,612,179
# *	Bauer AG		155,095		1,028,016
	BayWa AG		104,518		4,619,426
	BayWa AG		124		7,797
	Bechtle AG		231,510		11,086,431
W	Befesa SA		134,371		6,105,925
	Bertrandt AG		38,449		2,089,083
*	Bijou Brigitte AG		23,422		1,220,083
#	Bilfinger SE		203,601		8,634,237
# *	Borussia Dortmund GmbH & Co. KGaA		665,682		2,965,084

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
GERMANY — (Continued)
	CANCOM SE		247,263	$	8,475,613
#	CECONOMY AG		997,442		2,719,332
	CENIT AG		57,781		805,198
	Cewe Stiftung & Co. KGAA		45,952		4,738,268
	CompuGroup Medical SE & Co. KgaA		188,493		9,709,596
	CropEnergies AG		184,720		2,271,539
*	CTS Eventim AG & Co. KGaA		194,635		12,167,774
	Data Modul AG Produktion Und Vertrieb Von Elektronischen Systemen		11,455		744,480
	Dermapharm Holding SE		79,918		3,288,644
	Deutsche Beteiligungs AG		115,972		3,513,443
W	Deutsche Pfandbriefbank AG		1,147,894		9,950,978
	Deutz AG		674,170		4,374,757
	DIC Asset AG		375,149		3,225,021
	DMG Mori AG		3,298		151,596
# *	Dr Hoenle AG		35,520		775,308
	Draegerwerk AG & Co. KGaA		20,476		867,081
	Duerr AG		380,248		13,663,177
W	DWS Group GmbH & Co. KGaA		8,910		274,294
	Eckert & Ziegler Strahlen- und Medizintechnik AG		102,697		4,641,941
	EDAG Engineering Group AG		51,353		586,349
	Elmos Semiconductor SE		9,059		881,772
	ElringKlinger AG		194,514		1,991,619
	Encavis AG		516,270		8,868,836
	Energiekontor AG		15,031		1,084,242
*	Evotec SE		36,237		765,400
	Fabasoft AG		509		9,819
	Fielmann AG		152,624		6,365,841
# *	flatexDEGIRO AG		107,566		929,853
*	Fraport AG Frankfurt Airport Services Worldwide		208,174		10,494,014
	Freenet AG		931,981		24,217,035
	Fuchs Petrolub SE		123,223		4,217,523
	GEA Group AG		69,003		3,147,749
	Gerresheimer AG		231,069		22,911,886
	Gesco SE		55,404		1,586,722
	GFT Technologies SE		166,313		6,474,998
*	GK Software SE		581		119,725
*	Global Fashion Group SA		76,275		79,886
	Grand City Properties SA		737,608		5,246,023
	GRENKE AG		9,184		254,720
*	H&R GmbH & Co. KGaA		71,674		493,330
	Hamburger Hafen und Logistik AG		189,581		2,341,995
	Hawesko Holding SE		313		14,927
# *	Heidelberger Druckmaschinen AG		1,849,769		3,436,150
# *	HelloFresh SE		396,915		9,465,356
	Hensoldt AG		121,628		4,384,471
*	Highlight Communications AG		98,406		387,882
	Hochtief AG		79,071		6,613,122
	Hornbach Holding AG & Co. KGaA		55,881		4,472,489
	HUGO BOSS AG		412,000		29,627,124
# *	Hypoport SE		7,011		968,133
#	Indus Holding AG		138,578		3,759,457
W	Instone Real Estate Group SE		54,151		458,940
	IVU Traffic Technologies AG		51,403		924,381
	Jenoptik AG		402,135		13,704,235
W	JOST Werke AG		8,271		436,119
	K&S AG		1,101,197		23,449,824
	KION Group AG		116,629		4,522,189
#	Kloeckner & Co. SE		482,181		5,183,827
	Knaus Tabbert AG		1,753		81,775

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
GERMANY — (Continued)
*	Koenig & Bauer AG		89,315	$	1,875,359
#	Kontron AG		341,210		7,127,091
	Krones AG		111,294		13,164,188
	KSB SE & Co. KGaA		3,293		2,031,542
#	KWS Saat SE & Co. KGaA		83,735		5,546,952
	Lanxess AG		572,100		23,537,900
	LEG Immobilien SE		132,352		7,273,536
#	Leifheit AG		59,026		1,154,128
# *	Leoni AG		149,360		39,730
# *	Manz AG		25,270		659,597
*	Mediclin AG		82,946		294,419
*	Medigene AG		116,971		240,234
*	METRO AG		1,009,277		8,674,990
#	MLP SE		440,536		2,328,988
# *	Nagarro SE		60,296		6,143,930
	Nemetschek SE		54,404		3,755,549
	New Work SE		20,199		3,671,105
	Nexus AG		99,084		5,892,714
# *	Nordex SE		949,741		13,959,011
	Norma Group SE		216,047		5,105,555
	OHB SE		38,571		1,314,090
	PATRIZIA SE		348,340		3,637,902
#	Pfeiffer Vacuum Technology AG		47,911		8,100,228
	PNE AG		291,550		4,350,551
	Progress-Werk Oberkirch AG		8,558		288,688
#	ProSiebenSat.1 Media SE		1,223,091		12,458,757
	PSI Software AG		70,343		2,088,266
*	PVA TePla AG		87,303		2,057,173
*	q.beyond AG		644,117		606,127
*	R Stahl AG		14,952		288,964
	Rheinmetall AG		23,074		6,835,674
	SAF-Holland SE		265,527		3,393,887
	Salzgitter AG		246,522		9,764,418
	Schloss Wachenheim AG		6,929		116,343
W	Scout24 SE		287,656		17,109,489
#	Secunet Security Networks AG		8,338		1,847,665
# *	SGL Carbon SE		340,127		3,360,930
	Siltronic AG		144,490		10,568,234
	Sixt SE		95,034		12,658,726
*	SMA Solar Technology AG		56,090		6,040,788
# *	SNP Schneider-Neureither & Partner SE		3,170		100,209
#	Software AG		389,063		8,532,637
	Stabilus SE		173,166		12,106,100
#	STRATEC SE		33,736		2,299,852
	Stroeer SE & Co. KGaA		196,281		10,368,629
	Suedzucker AG		520,927		8,751,789
#	SUESS MicroTec SE		146,951		3,664,819
	Surteco Group SE		47,139		987,808
	Synlab AG		26,337		274,165
	TAG Immobilien AG		1,149,541		7,958,025
#	Takkt AG		249,050		3,930,881
* W	TeamViewer SE		653,135		11,126,416
	Technotrans SE		46,673		1,417,547
#	thyssenkrupp AG		2,228,914		16,051,744
	Traffic Systems SE		37,280		1,218,441
#	United Internet AG		11,434		197,100
	United Internet AG		153,317		2,638,741
# *	va-Q-tec AG		2,370		56,546
#	Varta AG		24,311		667,416

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
GERMANY — (Continued)
	VERBIO Vereinigte BioEnergie AG		164,745	$	7,739,231
*	Vitesco Technologies Group AG, Class A		25,256		1,826,322
	Vossloh AG		76,106		3,536,514
	Wacker Chemie AG		12,329		2,003,568
	Wacker Neuson SE		223,411		4,677,900
	Washtec AG		86,629		3,842,857
# *	Westwing Group SE		41,567		345,219
	Wuestenrot & Wuerttembergische AG		119,837		2,095,979
#	Zeal Network SE		35,034		1,342,439
TOTAL GERMANY					740,780,250
GREECE — (0.0%)
*	Neorion Holdings SA		14,991		0
IRELAND — (1.5%)
	AIB Group PLC		737,566		2,985,329
	Bank of Ireland Group PLC		5,242,828		53,048,492
	Cairn Homes PLC		1,908,875		2,111,899
*	Dalata Hotel Group PLC		281,109		1,274,609
	FBD Holdings PLC		142,812		2,183,688
	Glanbia PLC		1,136,976		16,552,348
* W	Glenveagh Properties PLC		974,588		1,061,444
	Irish Continental Group PLC		820,853		3,934,335
*	Permanent TSB Group Holdings PLC		268,168		670,797
TOTAL IRELAND					83,822,941
ISRAEL — (2.1%)
#	Adgar Investment & Development Ltd.		105,459		114,008
#	Afcon Holdings Ltd.		3,064		93,621
# *	AFI Properties Ltd.		100,052		2,640,463
	Africa Israel Residences Ltd.		13,924		547,745
*	Airport City Ltd.		14,891		197,138
*	Allot Ltd.		189,485		543,796
#	Alrov Properties & Lodgings Ltd.		49,832		2,082,283
	Arad Ltd.		28,474		316,618
	Ashtrom Group Ltd.		66,583		1,001,544
#	AudioCodes Ltd.		27,040		399,904
	Aura Investments Ltd.		334,602		449,760
#	Automatic Bank Services Ltd.		11,760		40,339
*	Avgol Industries 1953 Ltd.		468,925		231,051
	Azorim-Investment Development & Construction Co. Ltd.		575,905		1,439,910
*	Bet Shemesh Engines Holdings 1997 Ltd.		32,157		708,216
	Blue Square Real Estate Ltd.		37,333		2,035,628
*	Brack Capital Properties NV		18,347		2,192,496
*	Camtek Ltd.		24,395		675,612
	Carasso Motors Ltd.		132,164		626,072
*	Cellcom Israel Ltd.		502,271		1,817,363
*	Ceragon Networks Ltd.		266,244		444,627
*	Clal Insurance Enterprises Holdings Ltd.		322,725		4,390,103
# *	Compugen Ltd.		113,943		81,198
#	Danel Adir Yeoshua Ltd.		23,788		1,745,031
	Delek Automotive Systems Ltd.		262,734		2,446,173
	Delta Galil Ltd.		75,030		2,977,772
	Dor Alon Energy in Israel 1988 Ltd.		17,532		375,936
	Electra Consumer Products 1970 Ltd.		41,757		1,133,842
	Electra Ltd.		5,792		2,459,527
	Electra Real Estate Ltd.		44,441		396,050
*	Ellomay Capital Ltd.		2,597		31,512

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
ISRAEL — (Continued)
*	Enlight Renewable Energy Ltd.		71,067	$	1,190,520
*	Equital Ltd.		130,022		3,115,726
	FMS Enterprises Migun Ltd.		19,186		571,018
	Formula Systems 1985 Ltd.		65,552		4,349,354
	Formula Systems 1985 Ltd., Sponsored ADR		640		42,054
	Fox Wizel Ltd.		46,063		3,934,899
	Gav-Yam Lands Corp. Ltd.		423,939		3,108,238
# *	Gilat Satellite Networks Ltd.		236,247		1,192,218
# *	Hagag Group Real Estate Development		16,780		61,945
	Harel Insurance Investments & Financial Services Ltd.		440,824		3,717,220
	Hilan Ltd.		105,824		4,415,823
	IDI Insurance Co. Ltd.		47,574		1,169,939
	IES Holdings Ltd.		1,354		90,319
	Ilex Medical Ltd.		4,067		93,998
	Inrom Construction Industries Ltd.		367,899		1,249,283
	Isracard Ltd.		175,232		732,455
	Israel Canada T.R Ltd.		220,206		402,847
	Israel Land Development Co. Ltd.		81,564		675,304
	Isras Investment Co. Ltd.		6,006		990,034
	Issta Ltd.		16,875		343,081
*	Kamada Ltd.		212,977		1,001,703
	Kardan Real Estate Enterprise & Development Ltd.		24,718		23,982
#	Kerur Holdings Ltd.		33,018		732,719
#	Klil Industries Ltd.		5,696		272,862
*	Lahav L.R. Real Estate Ltd.		9,407		7,743
	Levinstein Properties Ltd.		377		7,665
	M Yochananof & Sons Ltd.		5,479		252,440
	Magic Software Enterprises Ltd.		153,381		2,019,636
#	Malam - Team Ltd.		10,222		190,030
	Matrix IT Ltd.		222,812		3,927,088
	Max Stock Ltd.		7,391		14,427
#	Maytronics Ltd.		163,682		1,742,363
	Mediterranean Towers Ltd.		434,044		855,397
#	Mega Or Holdings Ltd.		85,860		1,848,775
*	Mehadrin Ltd.		1,666		52,024
*	Meitav Investment House Ltd.		132,413		469,091
	Menora Mivtachim Holdings Ltd.		186,995		3,807,275
	Meshulam Levinstein Contracting & Engineering Ltd.		310		23,069
*	Migdal Insurance & Financial Holdings Ltd.		2,039,870		2,180,252
	Mivtach Shamir Holdings Ltd.		30,255		572,362
	Mizrahi Tefahot Bank Ltd.		1		33
	Naphtha Israel Petroleum Corp. Ltd.		193,707		820,779
	Nawi Brothers Ltd.		68,328		520,159
*	Neto Malinda Trading Ltd.		4,663		91,732
*	Neto ME Holdings Ltd.		12,167		266,902
	Novolog Ltd.		200,415		101,004
	Oil Refineries Ltd.		11,638,145		3,185,527
	One Software Technologies Ltd.		48,820		498,283
	Palram Industries 1990 Ltd.		1,112		6,777
*	Partner Communications Co. Ltd.		858,708		3,977,487
*	Paz Oil Co. Ltd.		61,298		6,002,238
*	Perion Network Ltd.		100,470		3,916,182
	Plasson Industries Ltd.		21,191		839,738
#	Prashkovsky Investments & Construction Ltd.		10,063		217,524
*	Priortech Ltd.		9,623		174,231
	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		51,979		3,090,128
	Retailors Ltd.		1,167		21,390
*	Scope Metals Group Ltd.		47,550		1,591,808
	Summit Real Estate Holdings Ltd.		222,691		2,463,992

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
ISRAEL — (Continued)
	Suny Cellular Communication Ltd.		312,529	$	117,375
#	Tadiran Group Ltd.		16,159		1,471,001
W	Tamar Petroleum Ltd.		38,322		106,949
	Tel Aviv Stock Exchange Ltd.		17,609		76,738
*	Tera Light Ltd.		66,289		80,249
#	Tiv Taam Holdings 1 Ltd.		39,749		70,857
#	Victory Supermarket Chain Ltd.		5,213		52,190
#	YH Dimri Construction & Development Ltd.		18,745		1,069,340
TOTAL ISRAEL					116,913,129
ITALY — (9.1%)
	A2A SpA		9,123,783		14,559,835
	ACEA SpA		376,142		5,143,136
# *	Aeffe SpA		177,250		240,748
	Amplifon SpA		20,849		722,637
W	Anima Holding SpA		1,941,442		7,889,600
	Aquafil SpA		83,333		451,823
	Ariston Holding NV		5,388		59,354
	Arnoldo Mondadori Editore SpA		1,122,764		2,380,562
	Ascopiave SpA		477,634		1,379,239
*	Autogrill SpA		86,803		621,814
#	Avio SpA		110,432		1,114,828
	Azimut Holding SpA		751,074		16,026,197
#	Banca Generali SpA		447,354		14,241,649
	Banca IFIS SpA		241,396		3,651,789
	Banca Mediolanum SpA		814,943		7,376,837
*	Banca Monte dei Paschi di Siena SpA		491,180		1,067,360
	Banca Popolare di Sondrio SPA		3,259,427		13,801,235
	Banca Profilo SpA		1,711,765		389,877
W	Banca Sistema SpA		414,926		612,188
	Banco BPM SpA		9,876,720		38,581,884
	Banco di Desio e della Brianza SpA		241,954		877,794
W	BFF Bank SpA		601,511		5,968,289
	Biesse SpA		11,036		175,679
	BPER Banca		7,525,929		18,516,988
	Brembo SpA		850,282		12,447,221
	Brunello Cucinelli SpA		248,717		24,676,877
	Buzzi Unicem SpA		627,802		15,237,672
	Cairo Communication SpA		601,468		1,218,498
W	Carel Industries SpA		45,485		1,241,460
	Cementir Holding NV		361,114		3,090,530
*	CIR SpA-Compagnie Industriali		2,423,153		1,009,937
	Credito Emiliano SpA		601,059		4,444,179
*	d’Amico International Shipping SA		2,662,774		1,348,561
	Danieli & C Officine Meccaniche SpA		100,155		1,987,125
#	Danieli & C Officine Meccaniche SpA		101,349		2,684,591
	Datalogic SpA		16,509		138,622
	De’ Longhi SpA		389,158		8,879,721
#	Digital Bros SpA		34,830		785,484
W	doValue SpA		80,786		552,813
	El.En. SpA		6,029		78,812
	Elica SpA		166,709		513,533
	Emak SpA		565,182		719,488
W	Enav SpA		391,768		1,639,685
	ERG SpA		281,165		8,531,405
	Esprinet SpA		222,752		2,230,580
*	Eurotech SpA		207,209		693,088
	Fila SpA		145,425		1,094,087
# *	Fincantieri SpA		3,504,948		2,244,703

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
ITALY — (Continued)
# *	Finmatica SpA		5,960	$	0
*	FNM SpA		1,412,345		681,324
	Gefran SpA		35,925		394,653
# *	Geox SpA		356,231		413,106
	GPI SpA		16,644		230,781
	Gruppo MutuiOnline SpA		172,390		4,879,137
	Hera SpA		5,400,110		15,264,562
	IMMSI SpA		1,372,199		861,850
	Interpump Group SpA		240,656		13,495,546
	Iren SpA		4,591,232		8,805,953
	Italgas SpA		3,498,389		21,337,827
	Italmobiliare SpA		77,432		2,173,784
*	Iveco Group NV		365,770		3,459,163
	IVS Group SA		140,888		550,037
*	KME Group SpA		1,629,975		1,668,640
	Leonardo SpA		2,852,618		33,454,263
	LU-VE SpA		5,064		176,585
#	Maire Tecnimont SpA		1,232,552		5,294,471
# *	Mariella Burani Fashion Group SpA		22,744		0
	MFE-MediaForEurope NV, Class A		6,041,553		2,779,195
#	MFE-MediaForEurope NV, Class B		2,968,858		2,028,965
*	Newlat Food SpA		22,549		125,560
	Openjobmetis SpA agenzia per il lavoro		63,079		671,308
	Orsero SpA		19,188		279,786
W	OVS SpA		1,531,868		4,017,699
	Pharmanutra SpA		4,175		251,386
	Piaggio & C SpA		1,288,486		5,492,512
W	Pirelli & C SpA		2,472,729		12,387,547
W	RAI Way SpA		605,946		3,647,442
	Reply SpA		144,434		18,137,012
	Rizzoli Corriere Della Sera Mediagroup SpA		956,821		794,496
	Sabaf SpA		63,964		1,131,658
#	SAES Getters SpA		900		28,845
*	Safilo Group SpA		204,731		313,160
#	Salvatore Ferragamo SpA		180,961		3,309,862
	Sanlorenzo SpA/Ameglia		4,067		176,724
*	Saras SpA		4,015,334		6,239,108
	Sesa SpA		57,114		7,634,244
# *	Sogefi SpA		342,301		410,024
	SOL SpA		227,005		6,066,210
*	Spaxs SpA		215,211		1,436,570
	Tamburi Investment Partners SpA		855,369		7,708,444
W	Technogym SpA		869,611		7,736,190
# *	Telecom Italia SpA		17,277,240		5,697,747
# *	Tesmec SpA		313,747		56,709
	Tinexta SpA		136,555		2,964,024
*	Tod’s SpA		2,629		108,811
*	TXT e-solutions SpA		73,775		1,593,094
# W	Unieuro SpA		143,220		1,687,665
	Unipol Gruppo SpA		3,090,802		15,867,030
#	Webuild SpA		1,307,308		2,970,522
	Zignago Vetro SpA		187,606		3,650,990
TOTAL ITALY					493,882,235
NETHERLANDS — (5.3%)
	Aalberts NV		673,240		31,801,382
	Acomo NV		40,981		986,619
# *	AFC Ajax NV		13,955		166,332
# * W	Alfen NV		73,260		5,839,574

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
NETHERLANDS — (Continued)
	AMG Advanced Metallurgical Group NV		202,999	$	8,656,325
	APERAM SA		315,054		11,752,741
	Arcadis NV		526,995		21,577,326
	ASR Nederland NV		568,855		22,634,683
*	Avantium NV		12,128		47,676
W	B&S Group Sarl		10,048		44,589
# * W	Basic-Fit NV		291,843		11,507,381
	BE Semiconductor Industries NV		392,853		34,337,532
	Beter Bed Holding NV		27,380		90,453
	Brunel International NV		155,477		2,161,857
	Corbion NV		389,680		12,829,517
W	CTP NV		45,969		593,191
	Flow Traders Ltd.		220,009		6,385,063
	ForFarmers NV		214,677		758,011
*	Fugro NV		567,199		7,206,981
	Heijmans NV, CVA		165,416		2,269,601
*	InPost SA		18,958		173,378
	Kendrion NV		96,304		1,617,787
*	Koninklijke BAM Groep NV		1,764,598		4,205,691
	Koninklijke Vopak NV		297,905		10,517,838
* W	Lucas Bols NV		24,022		294,200
	Nedap NV		33,400		2,104,162
	OCI NV		300,080		10,172,664
	Ordina NV		637,656		4,134,190
*	Pharming Group NV		1,529,908		2,040,657
#	PostNL NV		3,597,685		6,534,872
	SBM Offshore NV		954,640		14,173,934
# * W	Shop Apotheke Europe NV		16,410		1,484,899
#	SIF Holding NV		34,182		444,267
W	Signify NV		689,279		22,984,063
	Sligro Food Group NV		142,208		2,433,056
# *	SRH NV		705,718		0
	TKH Group NV		268,330		13,985,099
# *	TomTom NV		432,313		3,546,406
	Van Lanschot Kempen NV		160,276		4,894,687
*	Vivoryon Therapeutics NV		5,400		89,742
TOTAL NETHERLANDS					287,478,426
NORWAY — (2.0%)
#	2020 Bulkers Ltd.		65,237		661,553
	ABG Sundal Collier Holding ASA		2,506,062		1,461,316
	AF Gruppen ASA		877		12,474
*	Akastor ASA		787,389		857,041
*	Aker BioMarine ASA		10,134		37,692
*	Aker Carbon Capture ASA		165,769		233,672
	Aker Solutions ASA		1,266,603		4,621,634
	AMSC ASA		255,057		1,013,474
*	ArcticZymes Technologies ASA		77,341		306,303
	Atea ASA		374,402		4,588,536
# *	Atlantic Sapphire ASA		67,633		36,680
	Austevoll Seafood ASA		10,091		90,435
W	Avance Gas Holding Ltd.		19,594		128,645
# *	Axactor ASA		768,385		470,007
	B2Holding ASA		1,258,346		874,666
#	Belships ASA		312,413		606,849
# *	Bergenbio ASA		48,904		22,440
	Bonheur ASA		144,049		3,202,539
*	Borr Drilling Ltd.		48,760		369,601
	Borregaard ASA		490,083		8,196,461

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
NORWAY — (Continued)
	Bouvet ASA		68,110	$	419,440
*	BW Energy Ltd.		367,067		952,950
W	BW LPG Ltd.		635,864		4,767,512
	BW Offshore Ltd.		718,449		2,047,782
*	Cloudberry Clean Energy ASA		19,690		21,508
# * W	Crayon Group Holding ASA		182,944		1,510,587
	DNO ASA		3,077,532		3,018,213
	Elopak ASA		6,452		13,446
W	Europris ASA		1,154,131		8,014,552
#	FLEX LNG Ltd.		201,947		6,668,882
	Frontline PLC		179,865		2,941,469
	Grieg Seafood ASA		332,908		2,602,086
	Hafnia Ltd.		220,612		1,265,367
*	Hexagon Composites ASA		744,668		2,360,861
# *	IDEX Biometrics ASA		594,228		56,386
*	Kahoot! ASA		358,447		828,200
# W	Kid ASA		35,988		292,023
	Kitron ASA		508,533		1,793,187
W	Klaveness Combination Carriers ASA		2,957		21,516
*	Komplett Bank ASA		33,724		15,260
*	Kongsberg Automotive ASA		4,586,574		1,050,822
*	LINK Mobility Group Holding ASA		51,820		42,179
	Medistim ASA		2,163		62,098
	MPC Container Ships ASA		1,605,920		2,569,829
W	Multiconsult ASA		2,534		35,606
* W	Norske Skog ASA		259,994		1,439,861
# *	Northern Ocean Ltd.		64,314		74,185
*	Norwegian Air Shuttle ASA		842,208		861,159
*	Norwegian Energy Co. ASA		21,277		713,485
*	NRC Group ASA		38,228		42,459
*	Odfjell Drilling Ltd.		636,267		1,625,424
#	Odfjell SE, Class A		140,676		1,262,591
*	Odfjell Technology Ltd.		97,767		497,795
#	OKEA ASA		78,091		235,558
W	Okeanis Eco Tankers Corp.		16,989		419,750
	Olav Thon Eiendomsselskap ASA		69,932		1,139,106
	Otello Corp. ASA		27,272		19,488
*	Panoro Energy ASA		63,209		160,196
	Pareto Bank ASA		47,843		243,728
*	PGS ASA		3,253,204		3,020,881
*	PhotoCure ASA		18,163		104,738
# * W	poLight ASA		4,600		7,547
*	Prosafe SE		6,125		91,215
	Protector Forsikring ASA		436,859		5,799,288
# *	REC Silicon ASA		1,933,238		3,222,853
*	SD Standard ETC PLC		271,994		50,682
	Selvaag Bolig ASA		325,020		1,148,254
# * W	Shelf Drilling Ltd.		124,843		301,363
*	Siem Offshore, Inc.		10,249		18,891
*	Solstad Offshore ASA		29,716		88,767
	Sparebank 1 Oestlandet		26,309		285,865
	SpareBank 1 Sorost-Norge		1,788		8,548
	Stolt-Nielsen Ltd.		188,450		6,031,042
	TGS ASA		20,418		367,399
	Treasure ASA		316,195		556,303
# *	Ultimovacs ASA		24,075		262,059
	Veidekke ASA		638,830		6,780,347
*	Volue ASA		168		338
	Wilh Wilhelmsen Holding ASA, Class A		68,304		1,706,807

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
NORWAY — (Continued)
# W	XXL ASA		964,788	$	232,411
TOTAL NORWAY					109,984,162
PORTUGAL — (0.9%)
#	Altri SGPS SA		472,047		2,430,811
	Banco Comercial Portugues SA, Class R		54,911,798		12,169,061
	Corticeira Amorim SGPS SA		116,151		1,261,253
#	CTT-Correios de Portugal SA		683,434		2,683,410
*	Greenvolt-Energias Renovaveis SA		110,961		798,972
	Ibersol SGPS SA		52,494		376,480
	Mota-Engil SGPS SA		641,747		1,106,029
	Navigator Co. SA		1,749,202		6,253,401
#	NOS SGPS SA		1,562,222		7,140,271
#	Novabase SGPS SA		72,649		377,486
	REN - Redes Energeticas Nacionais SGPS SA		2,925,105		8,567,344
	Sonae SGPS SA		6,718,077		7,330,940
TOTAL PORTUGAL					50,495,458
SOUTH AFRICA — (0.0%)
# W	Scatec ASA		138,982		927,527
SPAIN — (5.7%)
	Acerinox SA		1,095,358		11,272,553
# *	Adveo Group International SA		84,445		0
W	Aedas Homes SA		27,692		389,981
	Alantra Partners SA		70,997		838,611
	Almirall SA		468,585		4,366,243
*	Amper SA		6,893,962		1,145,378
	Applus Services SA		918,297		7,165,041
#	Atresmedia Corp. de Medios de Comunicacion SA		550,863		2,078,099
	Azkoyen SA		67,253		473,943
	Banco de Sabadell SA		36,362,876		39,106,091
	Bankinter SA		4,245,482		24,116,055
	Cia de Distribucion Integral Logista Holdings SA		418,609		10,445,332
	CIE Automotive SA		374,936		10,791,229
	Construcciones y Auxiliar de Ferrocarriles SA		125,517		3,486,391
# *	Deoleo SA		37,749		9,890
*	Distribuidora Internacional de Alimentacion SA		3,729,910		59,900
#	Ebro Foods SA		524,137		9,269,271
*	eDreams ODIGEO SA		427,530		2,617,203
	Elecnor SA		200,108		2,504,442
#	Enagas SA		1,457,648		28,009,708
#	Ence Energia y Celulosa SA		978,493		3,645,532
	Ercros SA		643,000		3,040,118
	Faes Farma SA		2,119,534		7,244,949
#	Fluidra SA		360,447		6,352,366
	Fomento de Construcciones y Contratas SA		303,612		2,968,973
W	Gestamp Automocion SA		748,655		3,392,931
W	Global Dominion Access SA		695,411		2,731,206
*	Grenergy Renovables SA		7,453		226,908
#	Grupo Catalana Occidente SA		268,886		8,472,559
#	Grupo Empresarial San Jose SA		151,317		675,100
	Iberpapel Gestion SA		47,911		833,948
	Indra Sistemas SA		876,621		11,864,752
	Laboratorio Reig Jofre SA		14,851		39,149
	Laboratorios Farmaceuticos Rovi SA		111,322		4,647,986
#	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		3,862,215		4,152,374
#	Mapfre SA		3,656,215		7,368,608

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
SPAIN — (Continued)
# *	Melia Hotels International SA		662,631	$	4,281,435
# W	Metrovacesa SA		27,652		215,811
	Miquel y Costas & Miquel SA		193,707		2,550,170
W	Neinor Homes SA		90,425		886,966
# *	Obrascon Huarte Lain SA		1,611,857		928,873
# *	Oryzon Genomics SA		35,547		86,491
	Pharma Mar SA		41,970		2,013,173
	Prim SA		40,283		470,721
*	Promotora de Informaciones SA, Class A		1,330,083		523,519
# W	Prosegur Cash SA		445,278		342,657
	Prosegur Cia de Seguridad SA		1,198,069		2,376,353
*	Realia Business SA		1,667,905		1,847,216
	Renta 4 Banco SA		442		4,968
	Sacyr SA		2,901,323		9,326,232
*	Solaria Energia y Medio Ambiente SA		495,187		8,932,493
*	Soltec Power Holdings SA		28,469		187,976
# W	Talgo SA		583,027		1,979,378
*	Tecnicas Reunidas SA		184,355		2,020,951
*	Tubacex SA		738,150		1,951,010
# *	Tubos Reunidos SA		34,204		30,532
W	Unicaja Banco SA		8,069,679		8,675,777
#	Vidrala SA		129,562		14,189,833
	Viscofan SA		269,301		19,286,126
#	Vocento SA		352,577		269,070
TOTAL SPAIN					309,180,551
SWEDEN — (5.7%)
W	AcadeMedia AB		454,275		2,257,050
	AddLife AB, Class B		76,181		691,947
	AddNode Group AB		439,035		5,284,439
	AFRY AB		297,709		5,364,650
# W	Alimak Group AB		490,084		3,487,868
	Alligo AB, Class B		137,415		1,614,308
W	Ambea AB		196,916		689,306
*	Annehem Fastigheter AB, Class B		142,899		262,094
	AQ Group AB		1,834		67,841
*	Arise AB		102,189		542,391
	Arjo AB, Class B		1,016,696		3,980,447
	Atrium Ljungberg AB, Class B		189,737		3,099,459
* W	Attendo AB		686,749		1,963,532
	Balco Group AB		979		4,050
	BE Group AB		3,385		39,832
	Beijer Alma AB		304,748		6,070,713
	Beijer Electronics Group AB		93,898		878,815
	Bergman & Beving AB		207,826		2,570,298
	Bergs Timber AB, Class B		6,227		20,376
	Besqab AB		21,962		69,510
	Betsson AB, Class B		887,419		8,445,022
*	BHG Group AB		351,076		324,852
	Bilia AB, Class A		585,208		7,228,002
	BioGaia AB, Class B		2,247		19,844
*	BioInvent International AB		39,595		113,770
	Biotage AB		384,950		4,911,298
	Bjorn Borg AB		13,009		46,878
	Bonava AB, Class B		510,167		1,076,071
# * W	Boozt AB		208,160		2,533,843
W	Bravida Holding AB		535,882		6,061,758
	Bufab AB		227,752		6,080,397
#	Bulten AB		115,761		985,483

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
SWEDEN — (Continued)
	Bure Equity AB		340,006	$	8,125,336
	Byggmax Group AB		521,019		1,849,279
	Catella AB		89,746		303,105
	Catena AB		168,356		6,265,623
# *	Catena Media PLC		330,046		1,006,236
*	Cavotec SA		79,682		99,918
	Cellavision AB		38,768		690,126
	Cibus Nordic Real Estate AB		17,320		180,994
#	Clas Ohlson AB, Class B		273,686		2,033,403
	Cloetta AB, Class B		1,873,684		3,951,277
*	Collector Bank AB		288,079		998,574
	Concentric AB		339,818		6,937,105
W	Coor Service Management Holding AB		436,469		2,781,386
	Corem Property Group AB, Class B		3,766,156		2,630,717
	Dedicare AB, Class B		4,184		58,014
	Dios Fastigheter AB		770,250		5,120,235
W	Dometic Group AB		37,879		231,299
*	Duni AB		217,519		1,965,698
* W	Dustin Group AB		495,393		1,811,788
	Eastnine AB		126,421		1,219,969
	Elanders AB, Class B		74,315		1,157,435
	Electrolux Professional AB, Class B		476,949		2,500,473
# * W	Eltel AB		206,068		165,533
# *	Enea AB		104,284		986,678
	Eolus Vind AB, Class B		37,209		295,151
	eWork Group AB		38,130		618,170
	Fagerhult AB		300,931		1,800,829
	FastPartner AB, Class A		21,544		124,464
	FastPartner AB, Class D		35		196
#	Fenix Outdoor International AG		19,605		1,628,957
# *	Fingerprint Cards AB, Class B		544,306		174,064
#	G5 Entertainment AB		41,861		866,081
	GARO AB		23,361		172,279
	Granges AB		825,954		7,879,623
	Hanza AB		30,446		224,958
	Heba Fastighets AB, Class B		269,814		742,209
	HMS Networks AB		130,562		5,335,328
* W	Hoist Finance AB		369,945		802,900
*	Humana AB		135,681		192,471
*	IAR Systems Group AB		1,213		14,815
	Instalco AB		501,901		2,424,410
#	Intrum AB		48,696		524,827
	Inwido AB		455,135		4,849,623
	JM AB		416,879		6,917,415
*	Karnov Group AB		87,368		456,636
# *	K-fast Holding AB		9,734		19,193
	Kindred Group PLC, SDR		111,226		1,245,507
	KNOW IT AB		174,673		3,474,480
	Lagercrantz Group AB, Class B		971,045		12,159,879
#	Lime Technologies AB		15,348		341,652
	Lindab International AB		615,586		9,433,330
	Loomis AB		343,148		11,756,490
# *	Maha Energy AB		148,058		141,303
*	Medcap AB		6,064		149,341
	MEKO AB		299,806		3,565,780
#	MIPS AB		77,404		3,925,032
	Modern Times Group MTG AB, Class B		606,688		4,411,000
*	Momentum Group AB		137,415		1,066,408
W	Munters Group AB		187,964		1,736,215

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
SWEDEN — (Continued)
	Mycronic AB		418,095	$	10,283,627
	NCAB Group AB		103,983		613,431
	NCC AB, Class B		404,376		3,586,676
	Nederman Holding AB		33,980		556,206
*	Net Insight AB, Class B		2,224,384		1,247,238
	New Wave Group AB, Class B		415,624		7,128,607
	Nilorngruppen AB, Class B		7,191		49,837
	Nobia AB		820,940		1,409,161
	Nolato AB, Class B		1,473,007		7,481,747
	Nordic Paper Holding AB		14,413		62,479
	Nordic Waterproofing Holding AB		83,900		1,317,486
*	Note AB		56,156		1,252,615
#	NP3 Fastigheter AB		175,554		3,167,557
	Nyfosa AB		1,209,815		8,420,989
	OEM International AB, Class B		296,140		2,613,789
	Orron Energy AB		484,554		636,947
*	Ovzon AB		1,938		7,054
	Peab AB, Class B		134,039		671,368
	Platzer Fastigheter Holding AB, Class B		246,091		1,909,671
	Prevas AB, Class B		8,542		119,606
	Pricer AB, Class B		892,974		1,262,616
	Proact IT Group AB		191,163		2,035,550
	Ratos AB, Class B		1,547,879		4,729,694
*	RaySearch Laboratories AB		160,684		1,192,760
	Rejlers AB		948		15,005
W	Resurs Holding AB		949,830		2,116,148
#	Rottneros AB		672,020		1,053,847
*	Scandi Standard AB		393,395		1,967,674
* W	Scandic Hotels Group AB		1,043,374		3,512,098
*	Sdiptech AB, Class B		28,410		660,151
	Sectra AB, Class B		22,334		349,330
*	Sensys Gatso Group AB		3,512,360		363,228
	SkiStar AB		322,137		3,872,015
*	Solid Forsakring AB		86,686		546,116
*	Stendorren Fastigheter AB		6,293		105,079
*	Stillfront Group AB		591,094		1,143,519
#	Systemair AB		360,836		3,034,758
	Tethys Oil AB		125,374		660,647
#	TF Bank AB		5,604		71,893
*	Tobii AB		14,796		30,572
	Troax Group AB		226,249		4,699,261
	VBG Group AB, Class B		28,343		470,902
*	Viaplay Group AB		56,502		1,444,411
#	Vitec Software Group AB, Class B		51,239		2,640,728
	Volati AB		5,223		47,497
	XANO Industri AB, Class B		5,023		47,369
TOTAL SWEDEN					309,936,320
SWITZERLAND — (17.2%)
*	Accelleron Industries AG		13,022		308,343
	Adecco Group AG		488,962		17,810,459
	Allreal Holding AG		123,491		20,841,586
	ALSO Holding AG		46,377		9,440,914
*	Aluflexpack AG		721		14,944
*	ams-OSRAM AG		1,424,857		11,103,482
	APG SGA SA		9,203		1,788,328
	Arbonia AG		343,219		4,133,766
*	Aryzta AG		6,453,812		10,976,362
	Ascom Holding AG		202,692		1,786,359

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
SWITZERLAND — (Continued)
# *	Autoneum Holding AG		21,603	$	3,221,787
	Baloise Holding AG		98,975		15,412,020
	Banque Cantonale de Geneve		9,528		2,041,615
	Banque Cantonale du Jura SA		3,848		226,047
	Banque Cantonale Vaudoise		116,712		11,013,650
*	Basilea Pharmaceutica AG		14,178		777,271
	Belimo Holding AG		65,574		31,693,668
	Bell Food Group AG		14,480		4,441,450
	Bellevue Group AG		57,974		2,091,572
	Berner Kantonalbank AG		31,172		7,799,907
	BKW AG		161,471		25,387,820
	Bossard Holding AG, Class A		46,297		11,701,200
	Bucher Industries AG		54,010		25,261,067
	Burckhardt Compression Holding AG		8,276		5,145,875
	Burkhalter Holding AG		25,671		2,446,824
	Bystronic AG		9,633		6,950,448
	Calida Holding AG		40,721		1,867,850
	Carlo Gavazzi Holding AG		3,115		1,057,924
	Cembra Money Bank AG		195,981		15,423,981
# *	Cicor Technologies Ltd.		15,422		768,091
	Cie Financiere Tradition SA		9,969		1,257,224
	Clariant AG		1,148,306		19,049,640
	Coltene Holding AG		27,288		2,149,717
	Comet Holding AG		28,240		7,855,030
	COSMO Pharmaceuticals NV		11,312		701,956
	Daetwyler Holding AG		13,393		2,766,181
	DKSH Holding AG		234,221		18,882,955
	dormakaba Holding AG		24,078		10,301,363
*	Dufry AG		473,621		21,122,732
	EFG International AG		675,403		6,620,246
	Emmi AG		15,822		15,870,774
	Energiedienst Holding AG		83,637		3,800,214
# *	Evolva Holding SA		3,349,123		281,243
#	Feintool International Holding AG		45,558		1,160,184
*	Flughafen Zurich AG		145,858		26,723,496
#	Forbo Holding AG		8,551		12,357,891
	Fundamenta Real Estate AG		3,191		56,664
W	Galenica AG		251,182		21,249,443
# *	GAM Holding AG		1,195,762		730,405
	Georg Fischer AG		626,442		48,756,163
#	Gurit Holding AG, Class BR		28,958		2,617,203
	Helvetia Holding AG		262,788		36,629,627
	Hiag Immobilien Holding AG		22,952		2,001,040
# *	HOCHDORF Holding AG		6,697		167,908
	Huber & Suhner AG		108,834		9,345,856
	Hypothekarbank Lenzburg AG		6		28,428
# *	Implenia AG		106,354		4,463,064
*	Ina Invest Holding AG		29,730		584,955
	Inficon Holding AG		14,881		16,138,531
	Interroll Holding AG		5,057		18,171,848
	Intershop Holding AG		10,830		7,878,836
	Investis Holding SA		5,818		630,694
*	Jungfraubahn Holding AG		18,335		2,665,217
	Kardex Holding AG		49,410		10,749,105
	Komax Holding AG		22,696		6,371,663
	Kudelski SA		217,692		474,184
	Landis & Gyr Group AG		94,470		7,271,112
	LEM Holding SA		3,935		8,446,255
	Liechtensteinische Landesbank AG		64,467		4,132,975

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
SWITZERLAND — (Continued)
	Luzerner Kantonalbank AG		20,239	$	8,934,737
W	Medacta Group SA		8,333		904,436
W	Medmix AG		141,238		2,952,890
	Meier Tobler Group AG		45,826		2,349,285
	Metall Zug AG, Class B		1,139		2,357,456
	Mikron Holding AG		8,692		112,060
	Mobilezone Holding AG		303,156		4,958,677
	Mobimo Holding AG		62,895		16,400,224
	Novavest Real Estate AG		1,614		70,579
	OC Oerlikon Corp. AG		1,655,573		9,387,516
# *	Orascom Development Holding AG		93,520		747,360
#	Orell Fuessli AG		5,028		423,499
	Orior AG		38,352		3,408,779
	Phoenix Mecano AG		4,517		1,904,050
	Plazza AG, Class A		6,993		2,384,087
	PSP Swiss Property AG		337,750		38,435,702
	Rieter Holding AG		22,804		2,387,938
	Romande Energie Holding SA		2,670		3,369,329
	Schaffner Holding AG		3,129		928,597
	Schweiter Technologies AG		7,215		5,452,035
#	Schweizerische Nationalbank		23		108,190
* W	Sensirion Holding AG		33,193		3,647,377
	SFS Group AG		124,943		16,216,860
	Siegfried Holding AG		32,647		24,019,824
	SIG Group AG		50,085		1,290,349
	Softwareone Holding AG		219,155		3,126,359
	St Galler Kantonalbank AG		17,586		9,465,543
#	Stadler Rail AG		7,173		280,471
	Sulzer AG		139,983		11,871,261
	Swiss Prime Site AG		182,651		15,188,821
# *	Swiss Steel Holding AG		3,362,368		476,560
	Swissquote Group Holding SA		82,376		16,089,031
	Temenos AG		172,536		12,006,103
	Thurgauer Kantonalbank		3,152		410,240
#	Tornos Holding AG		26,632		183,125
	TX Group AG		20,220		2,368,260
	u-blox Holding AG		55,196		7,713,997
	Valiant Holding AG		111,863		12,025,920
W	VAT Group AG		73,622		26,598,425
	Vaudoise Assurances Holding SA		6,800		3,375,721
	Vetropack Holding AG		67,815		3,416,487
# *	Von Roll Holding AG		378,198		331,536
	Vontobel Holding AG		226,244		14,681,910
	VP Bank AG, Class A		24,056		2,570,362
	VZ Holding AG		91,061		7,478,982
*	V-ZUG Holding AG		10,820		977,935
	Walliser Kantonalbank		19,368		2,310,507
	Warteck Invest AG		56		126,104
	Ypsomed Holding AG		5,307		1,117,964
	Zehnder Group AG		85,771		7,010,873
	Zug Estates Holding AG, Class B		1,186		2,244,602
	Zuger Kantonalbank AG		704		6,045,477
*	Zur Rose Group AG		4,404		203,880
TOTAL SWITZERLAND					936,244,924
UNITED ARAB EMIRATES — (0.0%)
*	Borr Drilling Ltd.		295,471		2,265,105

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
UNITED KINGDOM — (0.1%)
	TORM PLC, Class A		195,257	$	6,004,771
UNITED STATES — (0.1%)
	ADTRAN Holdings, Inc.		325,096		5,143,050
*	Noble Corp. PLC		30,127		1,179,486
W	PolyPeptide Group AG		625		12,682
TOTAL UNITED STATES					6,335,218
TOTAL COMMON STOCKS					5,048,765,896
PREFERRED STOCKS — (0.9%)
GERMANY — (0.9%)
	Draegerwerk AG & Co. KGaA		65,128		2,995,265
	Fuchs Petrolub SE		449,493		18,327,814
	Jungheinrich AG		346,549		12,115,607
	Sixt SE		118,586		9,637,350
	STO SE & Co. KGaA		16,969		3,136,568
	Villeroy & Boch AG		41,086		967,850
TOTAL GERMANY					47,180,454
RIGHTS/WARRANTS — (0.0%)
AUSTRIA — (0.0%)
*	CA Immobilien Anlagen AG		497,492		0
*	S Immo AG		346,922		0
GERMANY — (0.0%)
*	Bauer AG		2		0
ITALY — (0.0%)
# *	Webuild SpA		116,038		0
SWEDEN — (0.0%)
*	Besqab AB		43,924		25,392
*	Immunovia AB		8,077		4
TOTAL SWEDEN					25,396
TOTAL RIGHTS/WARRANTS					25,396
TOTAL INVESTMENT SECURITIES (Cost $4,276,280,384)					5,095,971,746
				Value†
SECURITIES LENDING COLLATERAL — (6.6%)
@ §	DFA Investment Trust Co.		31,103,240		359,708,971
TOTAL INVESTMENTS — (100.0%) (Cost $4,636,056,780)^^				$	5,455,680,717

ADR	American Depositary Receipt
BAM	Build America Mutual
SA	Special Assessment

»	Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.
W	Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.
*	Non-Income Producing Securities.
#	Total or Partial Securities on Loan.
†	See Security Valuation Note within the Notes to Schedules of Investments.
@	Security purchased with cash collateral received from Securities on Loan.

THE CONTINENTAL SMALL COMPANY SERIES

CONTINUED

§	Affiliated Fund.
^^	See Federal Tax Cost Note within the Notes to Schedules of Investments.

Summary of the Series’ investments as of March 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Austria		—	$	180,287,096		—	$	180,287,096
Belgium	$	3,779,386		214,177,045		—		217,956,431
Canada		—		4,227,073		—		4,227,073
Denmark		—		339,050,645		—		339,050,645
Finland		—		272,248,020		—		272,248,020
France		—		580,745,614		—		580,745,614
Germany		56,546		740,723,704		—		740,780,250
Ireland		—		83,822,941		—		83,822,941
Israel		527,367		116,385,762		—		116,913,129
Italy		—		493,882,235		—		493,882,235
Netherlands		—		287,478,426		—		287,478,426
Norway		3,311,070		106,673,092		—		109,984,162
Portugal		—		50,495,458		—		50,495,458
South Africa		—		927,527		—		927,527
Spain		—		309,180,551		—		309,180,551
Sweden		—		309,936,320		—		309,936,320
Switzerland		—		936,244,924		—		936,244,924
United Arab Emirates		—		2,265,105		—		2,265,105
United Kingdom		—		6,004,771		—		6,004,771
United States		—		6,335,218		—		6,335,218
Preferred Stocks
Germany		—		47,180,454		—		47,180,454
Rights/Warrants
Sweden		—		25,396		—		25,396
Securities Lending Collateral		—		359,708,971		—		359,708,971
TOTAL	$	7,674,369	$	5,448,006,348		—	$	5,455,680,717

THE CANADIAN SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

March 31, 2023

(Unaudited)

		Shares		Value»
COMMON STOCKS — (87.4%)
COMMUNICATION SERVICES — (0.9%)
*	AcuityAds Holdings, Inc.		9,419	$	14,914
# *	Aimia, Inc.		732,996		1,979,604
# *	Cineplex, Inc.		28,690		187,446
	Cogeco Communications, Inc.		73,317		3,571,186
	Cogeco, Inc.		32,029		1,441,601
#	Corus Entertainment, Inc., Class B		993,121		1,263,905
*	Enthusiast Gaming Holdings, Inc.		18,353		11,000
*	Enthusiast Gaming Holdings, Inc., Class I		9,000		5,221
	TELUS Corp.		173,836		3,451,003
*	TeraGo, Inc.		2,400		5,683
# *	WildBrain Ltd.		612,863		1,088,325
#	Yellow Pages Ltd.		74,205		722,009
TOTAL COMMUNICATION SERVICES					13,741,897
CONSUMER DISCRETIONARY — (4.8%)
# *	Aritzia, Inc.		490,659		15,745,380
*	AutoCanada, Inc.		121,583		1,788,435
	BMTC Group, Inc.		20,581		218,221
# *	Bragg Gaming Group, Inc.		4,700		16,693
# *	Canada Goose Holdings, Inc.		241,325		4,645,506
*	Dorel Industries, Inc., Class B		149,777		434,425
	Exco Technologies Ltd.		164,124		929,004
	Gamehost, Inc.		89,999		574,022
	Leon’s Furniture Ltd.		167,479		2,141,352
	Linamar Corp.		252,633		12,155,919
	Martinrea International, Inc.		483,433		5,211,705
#	MTY Food Group, Inc.		106,416		4,782,596
	Park Lawn Corp.		183,840		3,786,982
	Pizza Pizza Royalty Corp.		162,278		1,653,399
#	Pollard Banknote Ltd.		49,129		897,881
W	Sleep Country Canada Holdings, Inc.		200,990		3,506,729
W	Spin Master Corp.		155,322		4,317,756
*	Uni-Select, Inc.		241,584		8,329,866
TOTAL CONSUMER DISCRETIONARY					71,135,871
CONSUMER STAPLES — (4.3%)
#	Andrew Peller Ltd., Class A		168,200		583,691
*	CareRx Corp.		2,700		4,695
	Corby Spirit & Wine Ltd.		85,367		975,894
	High Liner Foods, Inc.		106,744		1,210,792
W	Jamieson Wellness, Inc.		248,226		6,151,009
#	KP Tissue, Inc.		47,200		356,226
	Lassonde Industries, Inc., Class A		18,000		1,389,390
#	Maple Leaf Foods, Inc.		432,246		8,363,472
	Neighbourly Pharmacy, Inc.		1,426		23,593
#	North West Co., Inc.		292,056		8,166,331
#	Premium Brands Holdings Corp.		229,989		17,015,612
	Primo Water Corp.		883,547		13,565,095
	Rogers Sugar, Inc.		689,824		3,108,419
# *,*	SunOpta, Inc.		414,694		3,184,226
TOTAL CONSUMER STAPLES					64,098,445

THE CANADIAN SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
ENERGY — (20.2%)
*	Advantage Energy Ltd.		1,137,856	$	6,575,402
	Africa Oil Corp.		1,349,641		3,025,832
*	AKITA Drilling Ltd., Class A		400		438
*	Athabasca Oil Corp.		1,992,842		4,762,767
*	Baytex Energy Corp.		2,700,011		10,128,787
#	Birchcliff Energy Ltd.		1,560,817		8,846,362
*	Bonterra Energy Corp.		52,762		257,661
*	Calfrac Well Services Ltd.		18,245		54,944
#	Canacol Energy Ltd.		186,702		1,556,887
#	Cardinal Energy Ltd.		732,276		3,857,790
	CES Energy Solutions Corp.		1,395,183		2,766,623
	Computer Modelling Group Ltd.		452,045		2,428,299
	Crescent Point Energy Corp.		2,901,599		20,482,616
*	Crew Energy, Inc.		479,679		1,682,337
# *	Denison Mines Corp.		3,750,567		4,079,418
#	Enerflex Ltd.		624,409		3,719,195
# *	Energy Fuels, Inc.		66,322		370,008
#	Enerplus Corp.		1,281,408		18,469,619
*	Ensign Energy Services, Inc.		752,032		1,691,585
# *	Fission Uranium Corp.		1,962,000		987,170
#	Freehold Royalties Ltd.		727,568		7,822,096
*	Frontera Energy Corp.		280,837		2,422,907
#	Gear Energy Ltd.		227,278		173,212
	Gibson Energy, Inc.		899,205		14,371,312
# *	Gran Tierra Energy, Inc.		2,104,112		1,868,246
	Headwater Exploration, Inc.		836,963		3,907,685
	InPlay Oil Corp.		29,169		58,057
# *	Journey Energy, Inc.		22,652		100,564
*	Kelt Exploration Ltd.		984,256		3,342,756
#	Keyera Corp.		74,671		1,634,861
*	Kolibri Global Energy, Inc.		5,600		23,080
* ††	Lightstream Resources Ltd.		687,816		0
*	MEG Energy Corp.		1,201,677		19,303,298
	North American Construction Group Ltd.		152,233		2,539,522
*	NuVista Energy Ltd.		1,051,851		8,506,645
# *	Obsidian Energy Ltd.		106,313		680,403
	Paramount Resources Ltd., Class A		487,473		10,676,439
	Parex Resources, Inc.		727,671		13,535,811
	Parkland Corp.		848,828		20,349,262
	Pason Systems, Inc.		440,325		3,952,011
*	Petrus Resources Ltd.		9,700		13,063
#	Peyto Exploration & Development Corp.		965,837		8,654,300
	PHX Energy Services Corp.		123,614		621,957
*	Pieridae Energy Ltd.		21,800		8,388
#	Pine Cliff Energy Ltd.		189,200		180,591
*	Pipestone Energy Corp.		87,755		179,860
#	PrairieSky Royalty Ltd.		1,182,767		18,728,238
*	Precision Drilling Corp.		87,237		4,483,576
# *	Questerre Energy Corp., Class A		797,460		138,663
	Secure Energy Services, Inc.		1,829,933		8,543,749
*	ShawCor Ltd.		409,678		3,770,917
	Spartan Delta Corp.		274,110		2,859,749
* W	STEP Energy Services Ltd.		31,360		77,965
#	Surge Energy, Inc.		136,882		890,262
#	Tamarack Valley Energy Ltd.		2,456,171		7,178,598
	TerraVest Industries, Inc.		5,000		101,739
	Tidewater Midstream & Infrastructure Ltd.		1,358,267		904,506
	Topaz Energy Corp.		135,711		1,918,932
	Total Energy Services, Inc.		256,662		1,572,448

THE CANADIAN SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
ENERGY — (Continued)
# *	Touchstone Exploration, Inc.		28,397	$	23,113
*	Trican Well Service Ltd.		1,213,027		2,764,428
	VAALCO Energy, Inc.		14,725		66,704
	Vermilion Energy, Inc.		949,975		12,321,730
#	Whitecap Resources, Inc.		1,288,659		9,964,106
*	Yangarra Resources Ltd.		299,471		405,499
TOTAL ENERGY					297,384,988
FINANCIALS — (7.5%)
	AGF Management Ltd., Class B		375,028		2,206,047
#	Alaris Equity Partners Income		131,244		1,627,562
	Canaccord Genuity Group, Inc.		482,088		3,905,929
#	Canadian Western Bank		445,178		8,155,832
#	Chesswood Group Ltd.		56,542		380,712
#	CI Financial Corp.		1,010,158		9,552,216
	Clairvest Group, Inc.		1,900		111,062
	Definity Financial Corp.		58,289		1,521,164
	ECN Capital Corp.		1,396,345		2,892,909
	E-L Financial Corp. Ltd.		7,278		4,889,750
	Element Fleet Management Corp.		1,393,096		18,296,303
	EQB, Inc.		141,732		6,113,929
#	Fiera Capital Corp.		347,931		1,992,590
	Firm Capital Mortgage Investment Corp.		189,321		1,571,722
#	First National Financial Corp.		85,119		2,400,841
	goeasy Ltd.		61,859		4,370,637
# *	GoldMoney, Inc.		125,000		181,280
	Guardian Capital Group Ltd., Class A		93,214		3,005,746
#	Home Capital Group, Inc.		284,804		8,703,223
	Kingsway Financial Services, Inc.		13,070		115,149
#	Laurentian Bank of Canada		370,975		8,731,568
# * W	Nuvei Corp.		41,642		1,812,468
	Onex Corp.		108,817		5,086,983
*	RF Capital Group, Inc.		17,024		155,312
	Sprott, Inc.		130,240		4,759,376
	Timbercreek Financial Corp.		507,490		3,004,010
*	Trisura Group Ltd.		213,678		5,231,672
	VersaBank		3,400		25,157
TOTAL FINANCIALS					110,801,149
HEALTH CARE — (1.8%)
	Andlauer Healthcare Group, Inc.		58,280		2,199,245
*	Aptose Biosciences, Inc.		11,500		7,403
# *	Aurora Cannabis, Inc.		612,928		427,327
# *	Bausch Health Cos., Inc.		1,352,413		10,954,545
# *	Canopy Growth Corp.		313,200		548,879
# *	Cronos Group, Inc.		560,517		1,087,403
*	dentalcorp Holdings Ltd.		21,273		141,663
*	Dialogue Health Technologies, Inc.		100		266
	Extendicare, Inc.		474,539		2,247,170
#	HLS Therapeutics, Inc.		20,104		93,715
*	Knight Therapeutics, Inc.		826,543		2,690,928
	Medical Facilities Corp.		154,017		905,982
# *	Oncolytics Biotech, Inc.		33,485		40,182
# *,*	Organigram Holdings, Inc.		1,093,936		697,828
#	Sienna Senior Living, Inc.		398,686		3,168,248
*	Viemed Healthcare, Inc.		92,178		890,739
*	Well Health Technologies Corp.		25,803		92,788

THE CANADIAN SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
HEALTH CARE — (Continued)
	Zenith Capital Corp.		111,820	$	22,645
TOTAL HEALTH CARE					26,216,956
INDUSTRIALS — (12.0%)
	Aecon Group, Inc.		350,074		3,556,431
#	AG Growth International, Inc.		124,923		5,667,983
#	Algoma Central Corp.		48,800		568,701
*	Anaergia, Inc.		8,588		13,980
*	ATS Corp.		403,736		16,905,231
	Badger Infrastructure Solutions Ltd.		184,283		4,456,062
# *	Ballard Power Systems, Inc.		905,589		5,044,418
	Bird Construction, Inc.		280,776		1,888,460
	Black Diamond Group Ltd.		237,417		1,043,475
*	Bombardier, Inc., Class A		13,989		764,090
*	Bombardier, Inc., Class B		458,761		25,044,311
	Boyd Group Services, Inc.		110,906		17,728,548
#	Calian Group Ltd.		58,392		2,815,691
	Dexterra Group, Inc.		168,743		618,037
#	Doman Building Materials Group Ltd.		349,013		1,660,491
	Exchange Income Corp.		109,053		4,320,968
	Finning International, Inc.		811,389		20,226,190
*	GDI Integrated Facility Services, Inc.		56,456		1,847,613
*	Heroux-Devtek, Inc.		243,053		2,352,300
#	K-Bro Linen, Inc.		62,086		1,280,768
	Magellan Aerospace Corp.		114,378		634,728
*	MDA Ltd.		37,667		195,094
#	Mullen Group Ltd.		489,224		5,346,532
#	NFI Group, Inc.		316,286		1,926,033
	Richelieu Hardware Ltd.		316,493		8,744,246
#	Russel Metals, Inc.		345,023		8,764,069
#	Savaria Corp.		239,095		2,802,268
	SNC-Lavalin Group, Inc.		963,814		23,690,641
	Wajax Corp.		106,485		1,942,179
# *,*	Westport Fuel Systems, Inc.		73,881		70,251
	Westshore Terminals Investment Corp.		262,257		5,247,080
*	Xtract One Technologies, Inc.		51,500		30,104
TOTAL INDUSTRIALS					177,196,973
INFORMATION TECHNOLOGY — (2.8%)
	Absolute Software Corp.		15,633		122,406
# *,*	BlackBerry Ltd.		2,118,408		9,660,292
*	Celestica, Inc.		607,998		7,841,293
*	Converge Technology Solutions Corp.		48,500		146,415
#	Dye & Durham Ltd.		135,115		1,797,534
	Enghouse Systems Ltd.		243,281		6,885,311
	Evertz Technologies Ltd.		148,543		1,214,503
*	Kinaxis, Inc.		24,919		3,421,361
# *	Lightspeed Commerce, Inc.		560,022		8,501,134
	Quarterhill, Inc.		624,896		707,429
*	Sangoma Technologies Corp.		4,200		15,787
	Softchoice Corp.		18,332		235,203
	TECSYS, Inc.		14,563		294,816
	Vecima Networks, Inc.		6,059		103,113
TOTAL INFORMATION TECHNOLOGY					40,946,597
MATERIALS — (24.3%)
*	5N Plus, Inc.		426,867		1,086,513
#	Acadian Timber Corp.		65,067		759,235

THE CANADIAN SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
MATERIALS — (Continued)
#	AirBoss of America Corp.		94,697	$	540,225
	Alamos Gold, Inc.,Class A		2,170,522		26,499,658
	Altius Minerals Corp.		269,402		4,582,724
# *	Americas Gold & Silver Corp.		86,596		41,008
	Amerigo Resources Ltd.		227,887		274,847
#	Archer Exploration Corp.		54		9
*	Argonaut Gold, Inc.		1,641,719		765,285
*	Ascot Resources Ltd.		71,438		36,472
*	Aya Gold & Silver, Inc.		16,800		135,245
	B2Gold Corp.		5,418,088		21,356,702
# *	Calibre Mining Corp.		231,489		226,094
*	Canfor Corp.		328,088		5,272,713
# *	Canfor Pulp Products, Inc.		144,351		317,220
# *	Capstone Copper Corp.		2,311,783		10,434,241
	Cascades, Inc.		493,690		4,014,542
	Centerra Gold, Inc.		1,230,485		7,948,306
	China Gold International Resources Corp. Ltd.		1,351,742		4,900,877
# *	Copper Mountain Mining Corp.		943,009		1,528,072
	Dundee Precious Metals, Inc.		1,048,181		7,647,107
# *,*	Eldorado Gold Corp.		950,594		9,847,390
# *,*	Endeavour Silver Corp.		545,297		2,109,597
# *,*	Equinox Gold Corp.		1,316,397		6,770,493
# *	ERO Copper Corp.		283,822		5,021,224
#	First Majestic Silver Corp.		1,296,108		9,347,725
# *	First Mining Gold Corp.		749,400		94,264
*	Foraco International SA		355,941		500,398
# *,*	Fortuna Silver Mines, Inc.		1,471,806		5,613,840
*	Freegold Ventures Ltd.		9,000		2,797
# *	Galiano Gold, Inc.		696,057		406,870
*	GoGold Resources, Inc.		180,275		278,783
* ††	Hanfeng Evergreen, Inc.		45,837		0
	Hudbay Minerals, Inc.		1,218,647		6,393,873
# *,*	IAMGOLD Corp.		2,880,515		7,852,695
# *	Imperial Metals Corp.		381,250		578,293
# *	Interfor Corp.		338,196		5,510,230
*	K92 Mining, Inc.		215,625		1,225,305
*	Karora Resources, Inc.		545,631		1,832,900
#	Labrador Iron Ore Royalty Corp.		316,969		7,505,000
# *,*	Largo, Inc.		70,585		366,075
# *	Lucara Diamond Corp.		1,635,773		617,273
	Lundin Gold, Inc.		279,197		3,259,881
#	Lundin Mining Corp.		261,482		1,776,104
# *	MAG Silver Corp.		125,976		1,596,116
*	Major Drilling Group International, Inc.		662,163		5,208,134
*	Mandalay Resources Corp.		463		899
# *	Marathon Gold Corp.		147,500		87,310
#	Methanex Corp.		329,880		15,350,023
	Neo Performance Materials, Inc.		23,955		164,486
*	New Gold, Inc.		3,310,305		3,600,554
# *	New Pacific Metals Corp.		1,200		3,228
	Newcrest Mining Ltd.		122,119		2,172,171
# *	Northern Dynasty Minerals Ltd.		76,877		18,487
*	OceanaGold Corp.		3,792,013		9,399,366
* ††	Orbite Technologies, Inc.		73,500		0
# *,*	Orla Mining Ltd.		391,061		1,855,780
	Osisko Gold Royalties Ltd.		924,022		14,608,129
*	Osisko Mining, Inc.		1,287,702		4,097,017
#	Pan American Silver Corp.		1,075,021		19,566,788
*	PolyMet Mining Corp.		64,208		137,300

THE CANADIAN SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
MATERIALS — (Continued)
*	Sabina Gold & Silver Corp.		1,485,214	$	2,252,822
	Sandstorm Gold Ltd.		726,383		4,224,469
*	Seabridge Gold, Inc.		345,601		4,470,779
# *	SilverCrest Metals, Inc.		167,445		1,193,090
#	SSR Mining, Inc.		1,166,122		17,635,098
	Stelco Holdings, Inc.		247,737		9,594,195
	Stella-Jones, Inc.		302,188		11,579,960
# *	Taseko Mines Ltd.		1,642,585		2,722,449
*	Torex Gold Resources, Inc.		481,018		8,004,510
#	Transcontinental, Inc., Class A		455,253		4,726,008
* ††	Trevali Mining Corp.		255,929		0
	Triple Flag Precious Metals Corp.		39,113		584,148
*	Victoria Gold Corp.		23,206		153,848
# *	Wallbridge Mining Co. Ltd.		350,615		38,914
*	Wesdome Gold Mines Ltd.		716,108		4,101,129
*	Western Copper & Gold Corp.		27,900		50,784
	Western Forest Products, Inc.		1,982,984		1,643,316
	Winpak Ltd.		175,225		5,565,971
	Yamana Gold, Inc.		4,464,192		26,040,181
TOTAL MATERIALS					357,725,564
REAL ESTATE — (2.7%)
#	Altus Group Ltd.		244,093		10,365,148
	Bridgemarq Real Estate Services		53,069		574,865
#	Colliers International Group, Inc.		60,553		6,391,016
	DREAM Unlimited Corp., Class A		230,298		4,033,410
	Information Services Corp.		34,305		558,424
# *	Invesque, Inc.		191,266		191,266
*	Mainstreet Equity Corp.		31,349		3,035,738
	Melcor Developments Ltd.		55,340		492,389
	Morguard Corp.		23,184		1,779,584
# *	Real Matters, Inc.		214,866		775,839
#	StorageVault Canada, Inc.		157,554		715,784
	Tricon Residential, Inc.		1,307,133		10,135,511
TOTAL REAL ESTATE					39,048,974
UTILITIES — (6.1%)
*	Altius Renewable Royalties Corp.		4,704		30,072
#	Atco Ltd., Class I		386,851		12,399,841
	Boralex, Inc., Class A		500,730		15,246,052
#	Brookfield Infrastructure Corp., Class A		82,061		3,782,176
	Capital Power Corp.		687,087		21,169,295
	Innergex Renewable Energy, Inc.		748,951		8,135,109
*	Maxim Power Corp.		61,434		188,189
	Polaris Renewable Energy, Inc.		107,795		1,062,397
#	Superior Plus Corp.		951,902		7,846,236
	TransAlta Corp.		8,389		73,404
#	TransAlta Corp.		1,716,689		15,013,884
#	TransAlta Renewables, Inc.		551,780		5,078,907
TOTAL UTILITIES					90,025,562
TOTAL COMMON STOCKS					1,288,322,976

THE CANADIAN SMALL COMPANY SERIES

CONTINUED

		Shares		Value»
RIGHTS/WARRANTS — (0.0%)
MATERIALS — (0.0%)
*	PolyMet Mining Corp.		64,208	$	475
TOTAL INVESTMENT SECURITIES (Cost $1,118,313,106)					1,288,323,451
				Value†
SECURITIES LENDING COLLATERAL — (12.6%)
@ §	DFA Investment Trust Co.		16,062,659		185,764,648
TOTAL INVESTMENTS — (100.0%) (Cost $1,304,112,431)^^				$	1,474,088,099

SA	Special Assessment
»	Securities have generally been fair valued. See Security Valuation Note within the Notes to Schedules of Investments.
*	Non-Income Producing Securities.
#	Total or Partial Securities on Loan.
W	Rule 144A, Section 4(2), or other security that is restricted as to resale to institutional investors. This security has been deemed liquid based upon the Fund’s Liquidity Guidelines. The liquidity determination is unaudited.
††	Security valued using significant unobservable inputs (Level 3).
†	See Security Valuation Note within the Notes to Schedules of Investments.
@	Security purchased with cash collateral received from Securities on Loan.
§	Affiliated Fund.
^^	See Federal Tax Cost Note within the Notes to Schedules of Investments.

Summary of the Series’ investments as of March 31, 2023, based on their valuation inputs, is as follows (see Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	10,290,894	$	3,451,003		—	$	13,741,897
Consumer Discretionary		71,135,871		—		—		71,135,871
Consumer Staples		64,098,445		—		—		64,098,445
Energy		297,384,988		—		—		297,384,988
Financials		110,690,087		111,062		—		110,801,149
Health Care		26,194,311		22,645		—		26,216,956
Industrials		177,196,973		—		—		177,196,973
Information Technology		40,946,597		—		—		40,946,597
Materials		357,725,564		—		—		357,725,564
Real Estate		39,048,974		—		—		39,048,974
Utilities		90,025,562		—		—		90,025,562
Rights/Warrants
Materials		—		475		—		475
Securities Lending Collateral		—		185,764,648		—		185,764,648
TOTAL	$	1,284,738,266	$	189,349,833		—	$	1,474,088,099

ORGANIZATION

The DFA Investment Trust Company (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940 (the “1940 Act”) , whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. At March 31, 2023, the Trust consisted of ten operational investment portfolios, of which five 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 (collectively, the “Series”), are included in this document.

SECURITY VALUATION

The Series use a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below:

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

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

• Level 3 - significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments)

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

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

The Series will also apply a fair value price in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the NYSE. For example, trading in the Japanese securities markets is completed each day at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset values of the Series are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the Series price their shares at the close of the NYSE, the Series will fair value their foreign investments when it is determined that the market quotations for the foreign investments are either unreliable or not readily available. The fair value prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Series’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Advisor has determined that movements in relevant indices or other appropriate market indicators, after the close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate that market quotations may be unreliable. Fair valuation of portfolio securities may occur on a daily basis. The fair value pricing by the Series uses data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Series uses fair value pricing, the values assigned to the Series’ foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.

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

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

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

FINANCIAL INSTRUMENTS

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

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

Derivative Financial Instruments

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

2. FUTURES CONTRACTS: The Series may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Series. The Series, however, do not intend to sell futures contracts to establish short positions in individual securities. Upon entering into a futures contract, a Series deposits cash or pledges U.S. government securities to a broker in an amount equal to the minimum initial margin requirements of the exchange on which the contract is traded to a broker. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as variation margin and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss, which is presented in the Statements of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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

FEDERAL TAX COST

At March 31, 2023, the total cost of securities for federal income tax purposes was:

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
The Japanese Small Company Series	$	2,864,922		—		—		—
The Asia Pacific Small Company Series		1,531,908		—		—		—
The United Kingdom Small Company Series		1,361,540		—		—		—
The Continental Small Company Series		4,666,843		—		—		—
The Canadian Small Company Series		1,340,955		—		—		—

RECENTLY ISSUED ACCOUNTING STANDARDS

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

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

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

SUBSEQUENT EVENT EVALUATIONS

On March 10 and March 12, 2023, Federal Deposit Insurance Corporation (FDIC) named itself as the receiver of two banking institutions, Silicon Valley Bank (SVB) and Signature Bank (SB) respectively. As of March 10, 2023 the Series did not have material exposure to SVB or SB. The reported valuations as of January 31, 2023 may be impacted by current market conditions. Management is currently evaluating the effect on the Series.