Sa Funds Investment Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09195

SA FUNDS – INVESTMENT TRUST

(Exact name of registrant as specified in charter)

3055 Olin Avenue, Suite 2000, San Jose, California 95128

(Address of principal executive offices) (zip code)

Christopher D. Stanley, Esq.
Chief Legal Officer
SA Funds – Investment Trust
3055 Olin Avenue, Suite 2000
San Jose, California 95128

(Name and address of agent for service)

Copy to:

R. Darrell Mounts, Esq.
K&L Gates LLP
1601 K Street, N.W.
Washington, DC 20006

Brian F. Link, Esq.
State Street Bank and Trust Company
Mail Code: JHT 1732
200 Clarendon Street
Boston, MA 02116

Registrant’s telephone number, including area code: 408-260-3100

Date of fiscal year end: June 30
Date of reporting period: December 31, 2011

Item 1. Report to Shareholders.

SEMI-ANNUAL REPORT
December 31, 2011

TABLE OF CONTENTS

	Page
Portfolios of Investments
SA U.S. Fixed Income Fund	1
SA Global Fixed Income Fund	3
SA U.S. Core Market Fund	6
SA U.S. Value Fund	10
SA U.S. Small Company Fund	13
SA International Value Fund	17
SA International Small Company Fund	19
SA Emerging Markets Value Fund	20
SA Real Estate Securities Fund	22
Statements of Assets and Liabilities	24
Statements of Operations	26
Statements of Changes in Net Assets	28
Financial Highlights	34
Notes to Financial Statements	43
Proxy Voting Policies and Procedures	55
Quarterly Portfolio Schedule	55
Semi-Annual Portfolio Schedule	55
Trustees and Officers’ Information	55
Understanding Your Fund’s Expenses	58
Selected Financial Statements of DFA Investment Dimensions Group Inc.
& The DFA Investment Trust Company	62

SA U.S. Fixed Income Fund
 
PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2011 (Unaudited)

	FACE
	AMOUNT			VALUE†
BONDS AND NOTES — 92.9%
Australia — 1.9%
Westpac Banking Corp.,
2.100%, 8/02/13	USD	$	2,650,000	$	2,676,927
Westpac Banking Corp.,
2.250%, 11/19/12	USD		3,900,000		3,939,620
					6,616,547
Canada — 3.6%
Bank of Nova Scotia,
2.250%, 1/22/13	USD		3,700,000		3,751,533
Ontario Electricity Financial Corp.,
7.450%, 3/31/13	USD		4,461,000		4,814,985
Province of Ontario Canada,
4.375%, 2/15/13	USD		1,000,000		1,040,342
Royal Bank of Canada MTN,
2.100%, 7/29/13	USD		3,000,000		3,046,731
					12,653,591
France — 1.0%
BNP Paribas / BNP Paribas US
MTN, 2.125%, 12/21/12	USD		3,400,000		3,312,997
Germany — 1.0%
Kreditanstalt fuer Wiederaufbau,
1.875%, 1/14/13	USD		1,500,000		1,518,872
Landwirtschaftliche Rentenbank,
3.250%, 3/15/13	USD		2,000,000		2,056,066
					3,574,938
Norway — 0.8%
Eksportfinans ASA, 1.875%,
4/02/13	USD		3,000,000		2,829,357
Supranational — 1.5%
European Investment Bank,
3.375%, 6/12/13	USD		5,000,000		5,156,395
United States — 83.1%
3M Co. MTN, 4.375%, 8/15/13			1,000,000		1,063,395
Bank of New York Mellon Corp.
(The), 5.125%, 8/27/13			2,194,000		2,335,272
Bank of New York Mellon Corp.
(The) MTN, 4.500%, 4/01/13			7,000,000		7,303,611
Berkshire Hathaway Finance Corp.,
5.000%, 8/15/13			3,000,000		3,195,804
Berkshire Hathaway, Inc., 0.883%,
2/11/13(a)			6,114,000		6,136,762
Berkshire Hathaway, Inc., 2.125%,
2/11/13			400,000		406,889
Federal Farm Credit Bank, 0.850%,
4/15/13			10,800,000		10,877,166
Federal Home Loan Banks,
0.500%, 8/28/13			8,500,000		8,519,006
Federal Home Loan Banks,
1.000%, 3/27/13			1,000,000		1,008,756
Federal Home Loan Banks,
1.625%, 3/20/13			250,000		254,057
Federal Home Loan Banks,
1.625%, 6/14/13			500,000		509,361
Federal Home Loan Banks,
3.625%, 5/29/13			9,300,000		9,730,776
Federal Home Loan Banks,
5.125%, 8/14/13			1,600,000		1,723,726
Federal Home Loan Mortgage
Corp., 0.375%, 10/30/13			18,200,000		18,185,586
Federal Home Loan Mortgage
Corp., 0.375%, 11/27/13			6,700,000		6,692,342
Federal Home Loan Mortgage
Corp., 0.500%, 10/15/13			6,000,000		5,993,664
Federal Home Loan Mortgage
Corp., 0.750%, 3/28/13			27,700,000		27,862,904
Federal Home Loan Mortgage
Corp., 1.625%, 4/15/13			29,800,000		30,310,414
Federal Home Loan Mortgage
Corp., 3.500%, 5/29/13			2,500,000		2,612,097
Federal Home Loan Mortgage
Corp., 3.750%, 6/28/13			2,500,000		2,629,192
Federal Home Loan Mortgage
Corp., 4.125%, 9/27/13			2,500,000		2,661,645
Federal Home Loan Mortgage
Corp., 4.500%, 7/15/13			1,000,000		1,063,978
Federal National Mortgage
Association, 0.750%, 2/26/13			23,050,000		23,185,327
Federal National Mortgage
Association, 0.750%, 12/18/13			8,500,000		8,536,592
Federal National Mortgage
Association, 1.750%, 5/07/13			9,900,000		10,089,021
Federal National Mortgage
Association, 2.875%, 12/11/13			11,400,000		11,952,341
Federal National Mortgage
Association, 3.250%, 4/09/13			11,400,000		11,841,077
Federal National Mortgage
Association, 3.875%, 7/12/13			1,500,000		1,582,436
Federal National Mortgage
Association, 4.375%, 3/15/13			5,900,000		6,190,935
General Electric Capital Corp.,
2.800%, 1/08/13			1,900,000		1,936,585
General Electric Capital Corp.,
4.800%, 5/01/13			2,500,000		2,618,050
General Electric Capital Corp.,
5.450%, 1/15/13			1,713,000		1,792,701
General Electric Capital Corp.
MTN, Series A,
5.400%, 9/20/13			1,400,000		1,493,932
General Electric Capital Corp.,
Series A, 0.410%, 3/20/13(a)			300,000		297,936
General Electric Co.,
5.000%, 2/01/13			1,500,000		1,563,555
International Business Machines
Corp. (IBM), 2.100%, 5/06/13			1,000,000		1,020,970
Johnson & Johnson,
0.700%, 5/15/13			4,000,000		4,025,804
JPMorgan Chase & Co.,
4.750%, 5/01/13			1,200,000		1,254,904
JPMorgan Chase & Co. MTN,
1.650%, 9/30/13			8,750,000		8,816,596

See notes to financial statements.
1

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	FACE
	AMOUNT		VALUE†
BONDS AND NOTES (Continued)
United States (Continued)
PepsiCo, Inc.,
0.524%, 5/10/13(a)	$	6,305,000	$	6,314,306
Private Export Funding Corp.,
Series Y, 3.550%, 4/15/13		3,055,000		3,178,947
Toyota Motor Credit Corp. MTN,
1.900%, 12/05/12		5,400,000		5,473,289
US Bancorp, 2.000%, 6/14/13		5,232,000		5,319,249
Wal-Mart Stores, Inc.,
4.250%, 4/15/13		2,353,000		2,468,085
Wal-Mart Stores, Inc.,
4.550%, 5/01/13		7,000,000		7,390,586
Wells Fargo & Co.,
4.375%, 1/31/13		3,100,000		3,204,699
Wells Fargo & Co.,
5.250%, 10/23/12		6,069,000		6,283,133
				288,907,459
TOTAL BONDS AND NOTES
(Identified Cost $322,533,194)				323,051,284
SHORT-TERM INVESTMENTS — 6.4%
Canada — 2.6%
Bank of Nova Scotia YCD,
0.750%, 10/15/12		5,000,000		5,014,550
Royal Bank of Canada MTN YCD,
2.250%, 3/15/13		4,000,000		4,056,896
				9,071,446
Finland — 2.6%
Nordea Bank YCD,
1.023%, 4/05/13(a)		9,000,000		8,937,540
United States — 0.5%
EDF S.A.		1,600,000		1,599,340
				19,608,326
	SHARES		VALUE†
United States — 0.7%
SSgA Government Money
Market Fund		1		1
SSgA Money Market Fund		2,478,472		2,478,472
				2,478,473
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $22,122,639)				22,086,799
Total Investments — 99.3%
(Identified Cost $344,655,833)#				345,138,083
Cash and Other Assets, Less
Liabilities — 0.7%				2,547,512
Net Assets — 100.0%			$	347,685,595

†	See Note 1.
(a)	Variable or Floating Rate Bond. Rate disclosed is as of December 31, 2011.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $344,655,833. Net unrealized appreciation aggregated $482,250 of which $1,001,276 related to appreciated investment securities and $519,026 related to depreciated investment securities.

Key to abbreviations:
MTN — Medium Term Note
USD — U.S. Dollar
YCD — Yankee Certificate of Deposits

Portfolio Sectors
(% of portfolio market value)

See notes to financial statements.
2

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

	FACE
	AMOUNT		VALUE†
BONDS AND NOTES — 97.9%
Australia — 5.8%
Australia & New Zealand Banking
Group, 4.375%, 5/24/12	EUR	3,500,000	$	4,579,148
Suncorp-Metway Ltd.,
4.000%, 1/16/14	GBP	7,000,000		11,535,305
Westpac Banking Corp.,
2.900%, 9/10/14	USD	5,000,000		5,228,205
Westpac Banking Corp.,
3.000%, 8/04/15(a)	USD	2,000,000		2,024,916
Westpac Banking Corp.,
3.750%, 12/01/14	CAD	6,000,000		5,991,755
Other Securities		1,500,000		2,517,064
				31,876,393
Austria — 2.0%
Oesterreichische Kontrollbank
AG, 1.750%, 10/05/15(a)	USD	3,000,000		2,987,736
Oesterreichische Kontrollbank
AG, 2.000%, 6/03/16	USD	8,000,000		7,982,136
				10,969,872
Canada — 14.3%
Bank of Nova Scotia,
3.400%, 1/22/15(a)	USD	5,000,000		5,255,690
Bank of Nova Scotia,
3.430%, 7/16/14	CAD	2,000,000		2,042,739
Canada Housing Trust No 1,
2.750%, 12/15/14(b)	CAD	14,000,000		14,366,371
Province of Alberta Canada,
2.750%, 12/01/14	CAD	13,800,000		14,136,889
Province of Ontario Canada,
4.100%, 6/16/14(a)	USD	9,800,000		10,536,627
Province of Ontario Canada,
5.125%, 11/21/12	GBP	1,200,000		1,931,292
Royal Bank of Canada,
2.875%, 4/19/16(a)	USD	4,500,000		4,669,933
Royal Bank of Canada,
4.970%, 6/05/14	CAD	6,000,000		6,339,121
Royal Bank of Canada,
5.060%, 7/17/13	CAD	4,000,000		4,140,682
Toronto-Dominion Bank (The),
2.375%, 10/19/16(a)	USD	15,500,000		15,790,470
				79,209,814
Finland — 1.5%
Municipality Finance PLC,
2.375%, 5/16/16	USD	4,000,000		4,129,592
Republic of Finland,
2.250%, 3/17/16	USD	4,000,000		4,173,956
				8,303,548
France — 11.3%
Agence Francaise de
Developpement,
4.875%, 10/30/13	GBP	1,400,000		2,283,997
Agence Francaise de
Developpement,
5.125%, 4/25/12	EUR	7,670,000		10,061,926
Caisse d’Amortissement
de la Dette Sociale,
2.250%, 12/07/15	GBP	2,300,000		3,486,960
Caisse d’Amortissement
de la Dette Sociale,
5.250%, 10/25/12	EUR	7,250,000		9,694,889
Reseau Ferre de France,
2.375%, 12/23/15(a)	GBP	8,700,000		13,556,605
Societe Financement de
l’Economie Francaise,
2.875%, 9/22/14	USD	8,500,000		8,595,455
Total Capital SA,
5.500%, 1/29/13	GBP	2,200,000		3,578,595
Total Capital SA,
5.625%, 1/25/12	AUD	10,900,000		11,155,413
				62,413,840
Germany — 8.8%
Kreditanstalt fuer Wiederaufbau,
3.125%, 12/08/14	GBP	1,000,000		1,635,630
Kreditanstalt fuer Wiederaufbau,
3.750%, 9/07/16	GBP	2,600,000		4,395,492
Kreditanstalt fuer Wiederaufbau,
4.125%, 10/15/14(a)	USD	1,000,000		1,084,380
Kreditanstalt fuer Wiederaufbau,
4.625%, 10/12/12	EUR	4,000,000		5,337,406
Kreditanstalt fuer Wiederaufbau,
5.500%, 12/07/15	GBP	1,600,000		2,859,893
Landeskreditbank Baden-
Wuerttemberg Foerderbank,
1.000%, 10/15/13	USD	2,400,000		2,398,385
Landeskreditbank Baden-
Wuerttemberg Foerderbank,
2.250%, 7/15/16	USD	13,200,000		13,389,460
Landwirtschaftliche Rentenbank,
2.500%, 2/15/16(a)	USD	2,800,000		2,928,411
Landwirtschaftliche Rentenbank,
3.125%, 7/15/15	USD	1,000,000		1,062,028
Landwirtschaftliche Rentenbank,
3.875%, 3/14/12	EUR	4,800,000		6,256,044
NRW. Bank, 2.625%, 12/07/12	GBP	3,000,000		4,715,183
Other Securities		2,000,000		2,609,465
				48,671,777
Japan — 0.2%
Other Securities		1,000,000		1,097,349
Netherlands — 8.7%
Bank Nederlandse Gemeenten
NV, 2.625%, 12/10/13	GBP	2,200,000		3,481,563
Bank Nederlandse Gemeenten
NV, 2.750%, 7/01/15	USD	9,000,000		9,239,247
Bank Nederlandse Gemeenten
NV, 4.750%, 4/22/13(a)	GBP	1,400,000		2,266,919
Nederlandse Waterschapsbank
NV, 2.000%, 9/09/15	USD	2,400,000		2,393,347
Nederlandse Waterschapsbank
NV, 2.375%, 6/04/15	EUR	8,100,000		10,682,530

See notes to financial statements.
3

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	FACE
	AMOUNT		VALUE†
BONDS AND NOTES (Continued)
Netherlands (Continued)
Nederlandse Waterschapsbank
NV, 3.000%, 3/17/15	USD	1,000,000	$	1,030,661
NIBC Bank NV,
3.500%, 4/07/14	EUR	3,000,000		4,074,070
Rabobank Nederland NV,
4.000%, 9/10/15	GBP	9,000,000		14,638,867
				47,807,204
New Zealand — 1.0%
ASB Finance Ltd.,
3.250%, 12/09/13	GBP	3,700,000		5,772,101
Norway — 4.9%
Eksportfinans ASA,
2.375%, 5/25/16(a)	USD	11,000,000		8,918,239
Eksportfinans ASA,
5.500%, 5/25/16(a)	USD	3,000,000		2,768,814
Kommunalbanken AS,
2.250%, 12/30/13(a)	GBP	1,700,000		2,695,212
Kommunalbanken AS,
2.375%, 1/19/16	USD	7,500,000		7,641,960
Kommunalbanken AS,
2.875%, 10/27/14	USD	4,780,000		4,947,769
				26,971,994
Supranational — 15.9%
African Development Bank,
3.000%, 5/27/14	USD	12,000,000		12,661,692
Council of Europe Development
Bank, 5.000%, 1/29/14	USD	1,500,000		1,621,257
Council of Europe Development
Bank, 5.500%, 1/18/12	AUD	2,000,000		2,045,999
Eurofima, 4.250%, 2/04/14	USD	7,600,000		8,007,580
Eurofima, 6.125%, 10/14/14	GBP	1,000,000		1,747,083
European Bank for
Reconstruction & Development,
0.500%, 1/30/15	EUR	5,634,000		7,012,392
European Investment Bank,
2.750%, 3/23/15	USD	2,000,000		2,079,096
European Investment Bank,
2.875%, 1/15/15	USD	1,300,000		1,354,241
European Investment Bank,
3.000%, 12/07/15	GBP	500,000		804,334
European Investment Bank,
4.500%, 1/14/13	GBP	3,400,000		5,463,207
European Investment Bank,
6.250%, 4/15/14	GBP	2,600,000		4,446,393
International Bank for
Reconstruction & Development,
0.500%, 9/11/12	AUD	9,000,000		8,970,838
International Bank for
Reconstruction & Development,
5.375%, 1/15/14(a)	GBP	700,000		1,186,963
International Finance Facility
for Immunisation,
3.375%, 5/15/14	GBP	8,800,000		14,428,234
Nordic Investment Bank,
2.500%, 7/15/15(a)	USD	1,000,000		1,054,153
Nordic Investment Bank,
2.625%, 10/06/14(a)	USD	2,000,000		2,099,996
Nordic Investment Bank,
3.000%, 4/08/14(a)	EUR	5,000,000		6,741,356
Nordic Investment Bank,
5.750%, 12/16/14	GBP	1,040,000		1,841,311
Other Securities		3,622,000		4,509,709
				88,075,834
Sweden — 3.7%
Nordea Bank AB,
3.875%, 12/15/15	GBP	4,100,000		6,626,914
Svensk Exportkredit AB,
2.125%, 7/13/16	USD	3,000,000		2,977,170
Svensk Exportkredit AB,
3.250%, 9/16/14	USD	10,400,000		10,751,780
				20,355,864
United Kingdom — 2.9%
United Kingdom Gilt,
2.250%, 3/07/14	GBP	7,800,000		12,625,906
United Kingdom Gilt,
2.750%, 1/22/15	GBP	1,000,000		1,660,949
Other Securities		1,000,000		1,563,231
				15,850,086
United States — 16.9%
Bank of New York Mellon Corp.
(The), 2.300%, 7/28/16	USD	2,285,000		2,294,563
Bank of New York Mellon Corp.
(The), 2.500%, 1/15/16	USD	1,500,000		1,520,567
Bank of New York Mellon Corp.
(The), 4.300%, 5/15/14(a)	USD	3,000,000		3,220,668
Bank of New York Mellon Corp.
(The), 5.125%, 8/27/13	USD	4,075,000		4,337,389
Berkshire Hathaway, Inc.,
2.200%, 8/15/16(a)	USD	15,000,000		15,457,470
Federal National
Mortgage Association,
2.500%, 5/15/14	USD	2,700,000		2,819,572
General Electric Capital Corp.,
1.875%, 9/16/13	USD	4,000,000		4,050,960
General Electric Capital Corp.,
2.250%, 11/09/15(a)	USD	10,520,000		10,576,734
Google, Inc.,
2.125%, 5/19/16(a)	USD	14,454,000		15,045,356
Microsoft Corp.,
2.950%, 6/01/14(a)	USD	6,500,000		6,908,811
Nestle Holdings, Inc.,
2.125%, 3/12/14	USD	6,000,000		6,197,514
Toyota Motor Credit Corp.,
1.300%, 3/16/12	JPY	700,000,000		9,103,656
Wal-Mart Stores, Inc., 2.250%,
7/08/15(a)	USD	1,000,000		1,043,974

See notes to financial statements.
4

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	FACE
	AMOUNT		VALUE†
BONDS AND NOTES (Continued)
United States (Continued)
Wal-Mart Stores, Inc., 2.800%,
4/15/16(a)	USD	6,000,000	$	6,419,316
Wal-Mart Stores, Inc., 3.200%,
5/15/14(a)	USD	2,000,000		2,113,400
Other Securities		2,300,000		2,593,823
				93,703,773
TOTAL BONDS AND NOTES
(Identified Cost $534,244,894)				541,079,449
	SHARES		VALUE†
SHORT-TERM INVESTMENTS — 0.6%
United States — 0.6%
SSgA Government Money
Market Fund		1		1
SSgA Money Market Fund		3,542,181		3,542,181
				3,542,182
TOTAL SHORT-TERM
INVESTMENTS
(Identified Cost $3,542,182)				3,542,182
COLLATERAL FOR SECURITIES ON LOAN — 15.6%
Short-Term — 15.6%
State Street Navigator Securities
Lending Prime Portfolio		86,212,378		86,212,378
TOTAL COLLATERAL FOR
SECURITIES ON LOAN
(Identified Cost $86,212,378)				86,212,378
Total Investments — 114.1%
(Identified Cost
$623,999,454)#				630,834,009
Liabilities, Less Cash and Other
Assets — (14.1%)				(77,815,475	)
Net Assets — 100.0%			$	553,018,534

†	See Note 1.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $84,254,544.
(b)	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 normally to qualified institutional buyers.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $623,999,454. Net unrealized appreciation aggregated $6,834,555 of which $17,327,580 related to appreciated investment securities and $10,493,025 related to depreciated investment securities.

Key to abbreviations:
AUD — Australian Dollar
CAD — Canadian Dollar
EUR — Euro Currency
GBP — British Pound
JPY — Japanese Yen
USD — U.S. Dollar

Ten Largest Industry Holdings as of December 31, 2011 (As a percentage of net assets):

Industry	Percentage
Banks	17.5	%
Supranational Organizations	15.9	%
Financial	10.6	%
Foreign Government/Agency-Germany	8.8	%
Foreign Government/Agency-France	8.6	%
Foreign Government/Agency-Canada	7.4	%
Industrial	6.8	%
Foreign Government/Agency-Netherlands	6.0	%
Foreign Government/Agency-Norway	4.9	%
Foreign Government/Agency-Austria	4.1	%

Country Weightings
(% of portfolio market value)

See notes to financial statements.
5

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 95.6%
Aerospace & Defense — 2.3%
United Technologies Corp.	24,568	$	1,795,675
Other Securities(a)	122,087		7,301,958
			9,097,633
Air Freight & Logistics — 0.7%
Other Securities	41,882		2,757,486
			2,757,486
Airlines — 0.1%
Other Securities(a)	41,619		420,016
			420,016
Auto Components — 0.4%
Other Securities(a)	48,728		1,517,248
			1,517,248
Automobiles — 0.5%
Other Securities(a)	131,125		1,867,189
			1,867,189
Beverages — 2.2%
Coca-Cola Co.	60,070		4,203,098
PepsiCo, Inc.	44,450		2,949,257
Other Securities(a)	34,296		1,426,246
			8,578,601
Biotechnology — 1.5%
Amgen, Inc.	25,422		1,632,347
Other Securities(a)	81,679		4,190,124
			5,822,471
Building Products — 0.1%
Other Securities(a)	22,400		440,286
			440,286
Capital Markets — 1.7%
Other Securities(a)	229,436		6,603,804
			6,603,804
Chemicals — 2.3%
Other Securities(a)	174,423		8,806,028
			8,806,028
Commercial Banks — 2.6%
US Bancorp	55,247		1,494,431
Wells Fargo & Co.	144,516		3,982,861
Other Securities(a)	280,721		4,736,177
			10,213,469
Commercial Services & Supplies — 0.6%
Other Securities(a)	81,209		2,253,832
			2,253,832
Communications Equipment — 2.0%
Cisco Systems, Inc.	156,421		2,828,092
QUALCOMM, Inc.	47,120		2,577,464
Other Securities(a)	92,861		2,246,164
			7,651,720
Computers & Peripherals — 4.0%
Apple, Inc.*	26,957		10,917,585
Other Securities(a)	209,600		4,751,585
			15,669,170
Construction & Engineering — 0.2%
Other Securities(a)	30,403		939,346
			939,346
Construction Materials — 0.1%
Other Securities(a)	4,491		219,993
			219,993
Consumer Finance — 0.7%
American Express Co.	31,096		1,466,799
Other Securities(a)	48,841		1,317,813
			2,784,612
Containers & Packaging — 0.3%
Other Securities(a)	40,444		1,120,915
			1,120,915
Distributors — 0.1%
Other Securities	9,505		423,018
			423,018
Diversified Consumer Services — 0.2%
Other Securities(a)	31,269		857,397
			857,397
Diversified Financial Services — 2.3%
Bank of America Corp.	284,250		1,580,430
Citigroup, Inc.	81,861		2,153,763
JPMorgan Chase & Co.	114,465		3,805,961
Other Securities(a)	34,291		1,517,146
			9,057,300
Diversified Telecommunication Services — 2.4%
AT&T, Inc.	165,743		5,012,068
Verizon Communications, Inc.	82,614		3,314,474
Other Securities(a)	68,426		1,171,771
			9,498,313
Electric Utilities — 2.0%
Other Securities(a)	204,555		7,693,790
			7,693,790
Electrical Equipment — 0.7%
Other Securities(a)	59,669		2,711,349
			2,711,349
Electronic Equipment, Instruments & Components — 0.6%
Other Securities(a)	98,458		2,141,479
			2,141,479
Energy Equipment & Services — 2.1%
Schlumberger Ltd.	39,272		2,682,670
Other Securities(a)	142,851		5,283,854
			7,966,524

See notes to financial statements.
6

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Food & Staples Retailing — 2.2%
CVS Caremark Corp.	38,129	$	1,554,901
Wal-Mart Stores, Inc.	55,625		3,324,150
Other Securities(a)	96,409		3,598,074
			8,477,125
Food Products — 1.9%
Kraft Foods, Inc., Class A	48,271		1,803,405
Other Securities(a)	152,894		5,597,233
			7,400,638
Gas Utilities — 0.3%
Other Securities(a)	27,132		1,130,083
			1,130,083
Health Care Equipment & Supplies — 1.7%
Other Securities(a)	180,463		6,743,901
			6,743,901
Health Care Providers & Services — 2.2%
UnitedHealth Group, Inc.	31,050		1,573,614
Other Securities(a)	164,939		6,915,338
			8,488,952
Health Care Technology — 0.1%
Other Securities(a)	10,511		424,692
			424,692
Hotels, Restaurants & Leisure — 2.2%
McDonald’s Corp.	30,328		3,042,808
Other Securities(a)	141,595		5,369,095
			8,411,903
Household Durables — 0.3%
Other Securities(a)	55,298		1,328,449
			1,328,449
Household Products — 2.1%
Procter & Gamble Co.	79,505		5,303,778
Other Securities(a)	36,202		2,740,337
			8,044,115
Independent Power Producers & Energy Traders — 0.2%
Other Securities	59,466		762,285
			762,285
Industrial Conglomerates — 2.2%
3M Co.	18,525		1,514,048
General Electric Co.	306,628		5,491,707
Other Securities(a)	31,764		1,491,128
			8,496,883
Insurance — 3.7%
Berkshire Hathaway, Inc., Class B*	48,719		3,717,260
Other Securities(a)	326,927		10,776,950
			14,494,210
Internet & Catalog Retail — 0.8%
Amazon.com, Inc.*	10,649		1,843,342
Other Securities(a)	24,467		1,128,726
			2,972,068
Internet Software & Services — 1.9%
Google, Inc., Class A*	7,467		4,822,935
Other Securities(a)	99,695		2,586,248
			7,409,183
IT Services — 3.7%
International Business Machines Corp.	34,794		6,397,921
Visa, Inc., Class A	15,100		1,533,103
Other Securities(a)	155,432		6,485,943
			14,416,967
Leisure Equipment & Products — 0.1%
Other Securities(a)	16,197		501,473
			501,473
Life Sciences Tools & Services — 0.5%
Other Securities(a)	43,237		1,808,874
			1,808,874
Machinery — 2.2%
Caterpillar, Inc.	18,400		1,667,040
Other Securities(a)	145,398		6,966,029
			8,633,069
Marine — 0.0%
Other Securities(a)	2,800		154,328
			154,328
Media — 3.0%
Comcast Corp., Class A	60,616		1,437,205
Comcast Corp., Class A Special	18,450		434,682
Walt Disney Co.	47,492		1,780,950
Other Securities(a)	345,977		8,120,867
			11,773,704
Metals & Mining — 1.0%
Other Securities(a)	133,088		3,942,425
			3,942,425
Multi-Utilities — 1.4%
Other Securities(a)	148,510		5,550,104
			5,550,104
Multiline Retail — 0.8%
Other Securities(a)	69,397		3,056,650
			3,056,650
Office Electronics — 0.1%
Other Securities	40,867		369,118
			369,118
Oil, Gas & Consumable Fuels — 9.2%
Chevron Corp.	56,837		6,047,457
ConocoPhillips	35,967		2,620,915
Exxon Mobil Corp.	135,716		11,503,288
Occidental Petroleum Corp.	22,983		2,153,507
Other Securities(a)	346,762		13,244,961
			35,570,128
Paper & Forest Products — 0.2%
Other Securities(a)	19,765		659,543
			659,543

See notes to financial statements.
7

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Personal Products — 0.2%
Other Securities(a)	20,988	$	860,223
			860,223
Pharmaceuticals — 5.4%
Abbott Laboratories	45,412		2,553,517
Bristol-Myers Squibb Co.	49,600		1,747,904
Johnson & Johnson	76,912		5,043,889
Merck & Co., Inc.	86,589		3,264,405
Pfizer, Inc.	216,572		4,686,618
Other Securities(a)	84,954		3,589,093
			20,885,426
Professional Services — 0.3%
Other Securities(a)	22,211		1,008,507
			1,008,507
Real Estate Investment Trusts (REITs) — 0.2%
Other Securities	11,207		672,532
Real Estate Management & Development — 0.1%
Other Securities(a)	15,300		285,950
			285,950
Road & Rail — 1.0%
Union Pacific Corp.	14,200		1,504,348
Other Securities(a)	68,357		2,254,121
			3,758,469
Semiconductors & Semiconductor Equipment — 2.5%
Intel Corp.	153,786		3,729,310
Other Securities(a)	333,422		5,916,478
			9,645,788
Software — 3.6%
Microsoft Corp.	219,659		5,702,348
Oracle Corp.	113,963		2,923,151
Other Securities(a)	190,175		5,364,137
			13,989,636
Specialty Retail — 2.3%
Home Depot, Inc.	43,721		1,838,031
Other Securities(a)	209,076		6,952,708
			8,790,739
Textiles, Apparel & Luxury Goods — 0.8%
Other Securities(a)	43,488		2,996,407
			2,996,407
Thrifts & Mortgage Finance — 0.1%
Other Securities(a)	49,574		536,096
			536,096
Tobacco — 1.8%
Altria Group, Inc.	61,022		1,809,303
Philip Morris International, Inc.	51,900		4,073,112
Other Securities(a)	16,993		958,535
			6,840,950
Trading Companies & Distributors — 0.3%
Other Securities(a)	16,885		1,010,558
			1,010,558
Water Utilities — 0.1%
Other Securities(a)	8,934		245,064
			245,064
Wireless Telecommunication Services — 0.2%
Other Securities(a)	111,400		920,287
			920,287
TOTAL COMMON STOCKS
(Identified Cost $259,940,243)			370,580,491
PREFERRED STOCKS — 0.0%
Specialty Retail — 0.0%
Other Securities	53		—
TOTAL PREFERRED STOCKS
(Identified Cost $231)			—
RIGHTS & WARRANTS* — 0.0%
Biotechnology — 0.0%
Other Securities	66		93
Hotels, Restaurants & Leisure — 0.0%
Other Securities	73		4
TOTAL RIGHTS & WARRANTS
(Identified Cost $350)			97
MUTUAL FUNDS — 4.1%
Other — 4.1%
DFA U.S. Micro Cap Portfolio	1,205,567		15,937,606
TOTAL MUTUAL FUNDS
(Identified Cost $13,745,189)			15,937,606
SHORT-TERM INVESTMENTS — 0.1%
Other — 0.1%
SSgA Government Money Market Fund	1		1
SSgA Money Market Fund	240,077		240,077
			240,078
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $240,078)			240,078

See notes to financial statements.
8

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARES		VALUE†
COLLATERAL FOR SECURITIES ON LOAN — 5.0%
Short-Term — 5.0%
State Street Navigator Securities Lending
Prime Portfolio		19,361,364	$	19,361,364
				19,361,364
TOTAL COLLATERAL FOR
SECURITIES ON LOAN
(Identified Cost $19,361,364)				19,361,364
Total Investments — 104.8%
(Identified Cost $293,287,455)#				406,119,636
Liabilities, Less Cash and
Other Assets — (4.8%)				(18,638,652	)
Net Assets — 100.0%			$	387,480,984

 

†	See Note 1.
*	Non-income producing security.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $18,960,181.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $293,287,455. Net unrealized appreciation aggregated $112,832,181 of which $131,552,096 related to appreciated investment securities and $18,719,915 related to depreciated investment securities.

Key to abbreviations:
REIT — Real Estate Investment Trust

Portfolio Sectors
(% of portfolio market value)

See notes to financial statements.
9

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 100.0%
Aerospace & Defense — 1.3%
Northrop Grumman Corp.(a)	49,882	$	2,917,099
Other Securities	16,122		906,328
			3,823,427
Air Freight & Logistics — 0.0%
Other Securities	491		41,003
Airlines — 0.4%
Other Securities	126,100		1,079,416
Automobiles — 0.1%
Other Securities	12,955		262,598
Beverages — 1.1%
Other Securities	82,878		3,091,752
			3,091,752
Building Products — 0.3%
Other Securities	44,817		997,244
			997,244
Capital Markets — 0.8%
Morgan Stanley	105,967		1,603,281
Other Securities	48,157		752,373
			2,355,654
Chemicals — 0.4%
Other Securities	23,304		1,039,770
			1,039,770
Commercial Banks — 1.3%
SunTrust Banks, Inc.	81,987		1,451,170
Other Securities(a)	341,465		2,368,897
			3,820,067
Commercial Services & Supplies — 0.5%
Other Securities(a)	68,318		1,490,173
			1,490,173
Computers & Peripherals — 0.3%
Other Securities	33,272		971,822
			971,822
Construction & Engineering — 0.2%
Other Securities	25,704		723,454
			723,454
Construction Materials — 0.3%
Other Securities(a)	19,042		749,303
Consumer Finance — 1.1%
Capital One Financial Corp.(a)	74,533		3,152,000
Containers & Packaging — 0.1%
Other Securities	9,632		241,159
			241,159
Diversified Consumer Services — 0.0%
Other Securities	5,594		59,576
Diversified Financial Services — 5.3%
Bank of America Corp.	737,905		4,102,752
Citigroup, Inc.	258,694		6,806,239
CME Group, Inc.	10,093		2,459,361
Other Securities	66,392		1,959,974
			15,328,326
Diversified Telecommunication Services — 6.1%
AT&T, Inc.	419,977		12,700,104
CenturyLink, Inc.	62,251		2,315,737
Verizon Communications, Inc.	57,266		2,297,512
Other Securities(a)	41,385		213,133
			17,526,486
Electronic Equipment, Instruments & Components — 1.1%
Other Securities	145,516		3,067,266
			3,067,266
Energy Equipment & Services — 2.9%
National Oilwell Varco, Inc.	55,555		3,777,184
Other Securities(a)	173,419		4,437,768
			8,214,952
Food & Staples Retailing — 3.3%
CVS Caremark Corp.	210,226		8,573,016
Other Securities(a)	38,038		800,320
			9,373,336
Food Products — 5.4%
Archer-Daniels-Midland Co.	96,578		2,762,131
J.M. Smucker Co. (The)	18,726		1,463,811
Kraft Foods, Inc., Class A	214,143		8,000,382
Other Securities	105,411		3,394,037
			15,620,361
Health Care Equipment & Supplies — 1.0%
Other Securities	257,921		2,746,961
			2,746,961
Health Care Providers & Services — 3.9%
Aetna, Inc.	66,065		2,787,282
Humana, Inc.	24,131		2,114,117
WellPoint, Inc.	77,407		5,128,214
Other Securities(a)	40,155		1,291,558
			11,321,171
Hotels, Restaurants & Leisure — 2.1%
Carnival Corp.	90,764		2,962,537
Other Securities(a)	157,746		3,093,737
			6,056,274
Household Durables — 0.9%
Other Securities(a)	111,406		2,517,999
			2,517,999
Independent Power Producers & Energy Traders — 0.7%
Other Securities	133,453		1,933,765
			1,933,765

See notes to financial statements.
10

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Industrial Conglomerates — 4.7%
General Electric Co.	630,576	$	11,293,616
Tyco International Ltd.	46,192		2,157,628
			13,451,244
Insurance — 8.6%
Loews Corp.	72,979		2,747,659
MetLife, Inc.	149,973		4,676,158
Prudential Financial, Inc.	72,188		3,618,063
Other Securities(a)	559,885		13,607,312
			24,649,192
Internet & Catalog Retail — 0.6%
Liberty Media Corp. - Interactive,
Class A*	102,856		1,667,810
Internet Software & Services — 0.6%
Other Securities	70,611		1,599,295
			1,599,295
IT Services — 0.6%
Other Securities	72,554		1,848,981
			1,848,981
Life Sciences Tools & Services — 1.1%
Thermo Fisher Scientific, Inc.*	65,998		2,967,930
Other Securities	13,459		312,276
			3,280,206
Machinery — 0.9%
Other Securities(a)	59,895		2,489,651
			2,489,651
Media — 11.0%
CBS Corp., Class A	8,400		232,512
CBS Corp., Class B	111,595		3,028,688
Comcast Corp., Class A	309,977		7,349,555
Comcast Corp., Class A Special	125,831		2,964,578
News Corp., Class A	295,411		5,270,132
News Corp., Class B	110,939		2,016,871
Time Warner Cable, Inc.	58,800		3,737,916
Time Warner, Inc.	167,231		6,043,728
Other Securities(a)	18,021		897,161
			31,541,141
Metals & Mining — 1.0%
Alcoa, Inc.	171,685		1,485,075
Other Securities(a)	51,275		1,365,379
			2,850,454
Multi-Utilities — 0.7%
Public Service Enterprise Group, Inc.	60,366		1,992,682
Multiline Retail — 0.7%
Other Securities(a)	63,459		2,149,734
			2,149,734
Office Electronics — 0.3%
Other Securities	127,926		1,018,291
Oil, Gas & Consumable Fuels — 15.1%
Anadarko Petroleum Corp.	78,382		5,982,898
Apache Corp.	27,898		2,527,001
Chesapeake Energy Corp.	106,266		2,368,669
Chevron Corp.	32,820		3,492,048
ConocoPhillips	170,561		12,428,780
Devon Energy Corp.	28,781		1,784,422
Hess Corp.	47,336		2,688,685
Marathon Oil Corp.	115,078		3,368,333
Marathon Petroleum Corp.	57,539		1,915,473
Pioneer Natural Resources Co.	17,531		1,568,674
Valero Energy Corp.	91,951		1,935,569
Other Securities(a)	108,403		3,501,801
			43,562,353
Paper & Forest Products — 1.3%
International Paper Co.	74,679		2,210,499
Other Securities	35,567		1,402,999
			3,613,498
Pharmaceuticals — 3.9%
Pfizer, Inc.	510,809		11,053,907
Other Securities	5,290		175,379
			11,229,286
Road & Rail — 6.1%
CSX Corp.	196,515		4,138,606
Norfolk Southern Corp.	65,200		4,750,472
Union Pacific Corp.	74,089		7,848,989
Other Securities	33,703		788,489
			17,526,556
Semiconductors & Semiconductor Equipment — 0.2%
Other Securities	108,402		681,849
Software — 0.4%
Other Securities	83,074		1,023,472
Specialty Retail — 0.5%
Other Securities(a)	63,887		1,325,876
			1,325,876
Wireless Telecommunication Services — 0.8%
Other Securities(a)	540,781		2,308,695
			2,308,695
TOTAL COMMON STOCKS
(Identified Cost $273,807,828)			287,415,581
PREFERRED STOCKS — 0.0%
Specialty Retail — 0.0%
Other Securities	854		—
TOTAL PREFERRED STOCKS
(Identified Cost $5,580)			—

See notes to financial statements.
11

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARES	VALUE†
SHORT-TERM INVESTMENTS — 0.0%
Other — 0.0%
SSgA Government
Money Market Fund	1	$	1
SSgA Money Market Fund	25		25
			26
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $26)			26
COLLATERAL FOR SECURITIES ON LOAN — 5.3%
Short-Term — 5.3%
State Street Navigator Securities
Lending Prime Portfolio	15,365,753		15,365,753
TOTAL COLLATERAL FOR
SECURITIES ON LOAN
(Identified Cost $15,365,753)			15,365,753
Total Investments — 105.3%
(Identified Cost $289,179,187)#			302,781,360
Liabilities, Less Cash and
Other Assets — (5.3%)			(15,271,950	)
Net Assets — 100.0%		$	287,509,410

†	See Note 1.
*	Non-income producing security.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $15,494,518.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $289,179,187. Net unrealized appreciation aggregated $13,602,173 of which $59,603,160 related to appreciated investment securities and $46,000,987 related to depreciated investment securities.

Portfolio Sectors
(% of portfolio market value)

See notes to financial statements.
12

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 100.1%
Aerospace & Defense — 2.0%
Hexcel Corp.*	21,236	$	514,124
Teledyne Technologies, Inc.*	8,099		444,230
Other Securities(a)	140,440		3,810,699
			4,769,053
Air Freight & Logistics — 0.5%
Other Securities(a)	63,289		1,117,515
			1,117,515
Airlines — 0.4%
Other Securities(a)	129,731		967,955
			967,955
Auto Components — 0.8%
Other Securities(a)	147,612		1,876,026
			1,876,026
Automobiles — 0.2%
Other Securities(a)	19,900		415,532
			415,532
Beverages — 0.3%
Other Securities(a)	55,607		764,947
			764,947
Biotechnology — 2.3%
Cubist Pharmaceuticals, Inc.(a)*	13,083		518,348
Other Securities(a)	586,001		4,985,365
			5,503,713
Building Products — 0.8%
Other Securities(a)	122,511		1,887,741
			1,887,741
Capital Markets — 1.1%
Other Securities(a)	265,777		2,667,814
			2,667,814
Chemicals — 2.1%
Other Securities(a)	251,743		4,962,227
			4,962,227
Commercial Banks — 6.7%
CapitalSource, Inc.	68,837		461,208
Investors Bancorp, Inc.*	34,155		460,409
Other Securities(a)	1,037,435		14,722,929
			15,644,546
Commercial Services & Supplies — 2.7%
Other Securities(a)	409,617		6,270,309
			6,270,309
Communications Equipment — 2.1%
InterDigital, Inc.(a)	11,222		488,943
Other Securities(a)	517,791		4,555,177
			5,044,120
Computers & Peripherals — 1.1%
Other Securities(a)	218,198		2,482,295
			2,482,295
Construction & Engineering — 0.9%
Other Securities(a)	140,890		2,134,578
			2,134,578
Construction Materials — 0.2%
Other Securities(a)	30,032		570,652
			570,652
Consumer Finance — 1.0%
Other Securities(a)	118,938		2,383,709
			2,383,709
Containers & Packaging — 0.3%
Other Securities(a)	114,149		649,790
			649,790
Distributors — 0.2%
Other Securities(a)	16,200		425,319
			425,319
Diversified Consumer Services — 1.5%
Other Securities(a)	195,812		3,425,879
			3,425,879
Diversified Financial Services — 0.4%
Other Securities(a)	62,320		845,611
			845,611
Diversified Telecommunication Services — 0.8%
Other Securities(a)	190,185		1,782,743
			1,782,743
Electric Utilities — 1.5%
Cleco Corp.	15,000		571,500
IDACORP, Inc.	10,600		449,546
Other Securities(a)	87,630		2,541,869
			3,562,915
Electrical Equipment — 1.5%
Generac Holdings, Inc.(a)*	15,486		434,073
II-VI, Inc.*	23,822		437,372
Other Securities(a)	149,810		2,620,796
			3,492,241

See notes to financial statements.
13

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components — 2.9%
Other Securities(a)	463,370	$	6,852,893
			6,852,893
Energy Equipment & Services — 2.1%
Complete Production Services, Inc.*	15,113		507,192
Key Energy Services, Inc.*	30,901		478,038
Other Securities(a)	292,428		3,995,496
			4,980,726
Food & Staples Retailing — 1.4%
Casey’s General Stores, Inc.	12,174		627,083
PriceSmart, Inc.	6,250		434,937
Ruddick Corp.(a)	10,900		464,776
Other Securities(a)	93,625		1,655,156
			3,181,952
Food Products — 2.1%
Lancaster Colony Corp.(a)	7,600		526,984
TreeHouse Foods, Inc.(a)*	7,400		483,812
Other Securities(a)	243,913		3,927,809
			4,938,605
Gas Utilities — 0.8%
New Jersey Resources Corp.(a)	9,451		464,989
Other Securities(a)	30,543		1,398,359
			1,863,348
Health Care Equipment & Supplies — 3.2%
Thoratec Corp.*	17,008		570,788
Other Securities(a)	432,572		6,913,684
			7,484,472
Health Care Providers & Services — 3.4%
Magellan Health Services, Inc.*	11,300		559,011
PSS World Medical, Inc.(a)*	24,238		586,317
WellCare Health Plans, Inc.*	8,500		446,250
Other Securities(a)	402,695		6,428,006
			8,019,584
Health Care Technology — 0.6%
Quality Systems, Inc.(a)	20,036		741,132
Other Securities(a)	46,912		665,254
			1,406,386
Hotels, Restaurants & Leisure — 3.8%
Brinker International, Inc.	16,410		439,132
Domino’s Pizza, Inc.(a)*	16,189		549,617
Life Time Fitness, Inc.(a)*	9,707		453,802
Six Flags Entertainment Corp.	11,175		460,857
Other Securities(a)	438,945		6,928,261
			8,831,669
Household Durables — 0.9%
Other Securities(a)	209,919		2,078,384
			2,078,384
Household Products — 0.3%
Other Securities(a)	32,957		697,242
			697,242
Independent Power Producers & Energy Traders — 0.2%
Other Securities(a)	64,338		562,052
			562,052
Industrial Conglomerates — 0.1%
Other Securities(a)	6,300		315,099
			315,099
Insurance — 4.4%
Delphi Financial Group, Inc., Class S	12,207		540,770
MBIA, Inc.(a)*	45,680		529,431
ProAssurance Corp.	6,055		483,310
Other Securities(a)	534,867		8,916,309
			10,469,820
Internet & Catalog Retail — 0.5%
HSN, Inc.	12,080		438,021
Other Securities(a)	87,858		634,288
			1,072,309
Internet Software & Services — 1.9%
Other Securities(a)	413,073		4,584,429
			4,584,429
IT Services — 2.7%
NeuStar, Inc., Class A*	14,088		481,387
Syntel, Inc.(a)	9,300		434,961
Wright Express Corp.(a)*	8,700		472,236
Other Securities(a)	327,330		4,854,662
			6,243,246
Leisure Equipment & Products — 0.4%
Other Securities(a)	93,248		918,735
			918,735
Life Sciences Tools & Services — 0.5%
Other Securities(a)	120,648		1,155,869
			1,155,869
Machinery — 3.5%
Robbins & Myers, Inc.	9,714		471,615
Other Securities(a)	383,081		7,875,430
			8,347,045
Marine — 0.2%
Other Securities(a)	45,473		462,546
			462,546
Media — 1.8%
Other Securities(a)	424,670		4,214,825
			4,214,825
Metals & Mining — 1.6%
Carpenter Technology Corp.	8,800		453,024
Other Securities(a)	297,621		3,319,217
			3,772,241

See notes to financial statements.
14

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Multi-Utilities — 0.5%
Other Securities(a)	32,500	$	1,107,283
			1,107,283
Multiline Retail — 0.5%
Other Securities(a)	80,723		1,209,787
			1,209,787
Office Electronics — 0.1%
Other Securities	9,827		351,610
Oil, Gas & Consumable Fuels — 3.1%
Other Securities(a)	558,436		7,261,267
			7,261,267
Paper & Forest Products — 0.7%
Other Securities(a)	100,873		1,708,555
			1,708,555
Personal Products — 0.8%
Nu Skin Enterprises, Inc., Class A(a)	16,043		779,208
Other Securities(a)	74,384		1,092,991
			1,872,199
Pharmaceuticals — 1.5%
Questcor Pharmaceuticals, Inc.*	14,600		607,068
Viropharma, Inc.*	25,800		706,662
Other Securities(a)	181,207		2,304,713
			3,618,443
Professional Services — 2.0%
Acacia Research - Acacia
Technologies*	29,010		1,059,155
Other Securities(a)	222,432		3,691,764
			4,750,919
Real Estate Management & Development — 0.4%
Other Securities(a)	59,263		963,685
			963,685
Road & Rail — 1.5%
Old Dominion Freight Line, Inc.*	12,528		507,760
Other Securities(a)	161,477		3,130,308
			3,638,068
Semiconductors & Semiconductor Equipment — 4.2%
Other Securities(a)	993,384		9,861,861
			9,861,861
Software — 3.8%
Solarwinds, Inc.(a)*	15,895		444,265
Other Securities(a)	513,230		8,444,821
			8,889,086
Specialty Retail — 4.8%
Aaron’s, Inc.	17,233		459,776
Cabela’s, Inc.(a)*	17,400		442,308
Pier 1 Imports, Inc.*	34,700		483,371
Rent-A-Center, Inc.	13,202		488,474
Other Securities(a)	628,890		9,332,122
			11,206,051
Textiles, Apparel & Luxury Goods — 1.5%
Carter’s, Inc.(a)*	14,200		565,302
Other Securities(a)	181,526		3,076,480
			3,641,782
Thrifts & Mortgage Finance — 1.8%
Capitol Federal Financial, Inc.	41,921		483,768
Other Securities(a)	423,749		3,825,600
			4,309,368
Tobacco — 0.3%
Other Securities(a)	69,937		677,762
			677,762
Trading Companies & Distributors — 1.5%
GATX Corp.(a)	10,233		446,773
Other Securities(a)	145,047		2,976,387
			3,423,160
Water Utilities — 0.2%
Other Securities(a)	25,553		545,835
			545,835
Wireless Telecommunication Services — 0.2%
Other Securities(a)	30,397		357,972
			357,972
TOTAL COMMON STOCKS
(Identified Cost $233,688,193)			235,495,400
RIGHTS & WARRANTS* — 0.0%
Biotechnology — 0.0%
Other Securities	4,900		6,860
Construction Materials — 0.0%
Other Securities(b)	670		—
			—
Hotels, Restaurants & Leisure — 0.0%
Other Securities	130		8
Oil, Gas & Consumable Fuels — 0.0%
Other Securities(a)	1,460		211
Pharmaceuticals — 0.0%
Other Securities(b)(c)	14,384		—
			—
Specialty Retail — 0.0%
Other Securities(b)	1,800		—
TOTAL RIGHTS & WARRANTS
(Identified Cost $111,630)			7,079

See notes to financial statements.
15

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	FACE
	AMOUNT	VALUE†
BONDS AND NOTES — 0.0%
Capital Markets — 0.0%
Other Securities	30	$	20
TOTAL BONDS AND NOTES
(Identified Cost $30)			20
	SHARES	VALUE†
SHORT-TERM INVESTMENTS — 0.0%
Other — 0.0%
SSgA Government
Money Market Fund	1		1
SSgA Money Market Fund	41		41
			42
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $42)			42
COLLATERAL FOR SECURITIES ON LOAN — 34.3%
Short-Term — 34.3%
State Street Navigator Securities
Lending Prime Portfolio	80,520,088		80,520,088
TOTAL COLLATERAL FOR
SECURITIES ON LOAN
(Identified Cost $80,520,088)			80,520,088
Total Investments — 134.4%
(Identified Cost $314,319,983)#			316,022,629
Liabilities, Less Cash and
Other Assets — (34.4%)			(80,837,259	)
Net Assets — 100.0%		$	235,185,370

†	See Note 1.
*	Non-income producing security.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $77,833,156.
(b)	Bankrupt security/delisted.
(c)	Contingent value rights based on future performance.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $314,319,983. Net unrealized appreciation aggregated $1,578,221 of which $55,431,522 related to appreciated investment securities and $53,853,301 related to depreciated investment securities.

Portfolio Sectors
(% of portfolio market value)

See notes to financial statements.
16

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 99.7%
Australia — 5.2%
Origin Energy Ltd.	174,933	$	2,386,813
Wesfarmers Ltd.	201,167		6,069,733
Other Securities(a)	3,279,054		13,915,948
			22,372,494
Austria — 0.1%
Other Securities(a)	30,328		616,676
			616,676
Belgium — 1.0%
Other Securities	430,987		4,286,069
			4,286,069
Canada — 12.9%
EnCana Corp.	153,451		2,845,339
Goldcorp, Inc.	69,511		3,084,753
Kinross Gold Corp.	203,700		2,325,429
Manulife Financial Corp.(a)	320,899		3,417,673
Sun Life Financial, Inc.(a)	125,037		2,319,705
Suncor Energy, Inc.	247,864		7,148,215
Teck Resources Ltd.(a)	104,620		3,687,759
Thomson Reuters Corp.	106,534		2,847,530
TransCanada Corp.(a)	138,613		6,058,834
Yamana Gold, Inc.(a)	166,200		2,450,379
Other Securities(a)	818,303		19,083,498
			55,269,114
Denmark — 1.3%
Other Securities(a)	186,580		5,619,638
			5,619,638
Finland — 0.7%
Other Securities	312,894		3,027,409
			3,027,409
France — 9.2%
AXA SA	198,619		2,582,195
Cie de Saint-Gobain	76,505		2,937,328
France Telecom SA	252,519		3,965,995
GDF Suez	246,704		6,743,548
Vivendi	288,783		6,323,977
Other Securities(a)	839,673		16,895,670
			39,448,713
Germany — 8.1%
Allianz SE	34,938		3,342,101
Bayerische Motoren Werke AG	71,775		4,808,236
Daimler AG	127,622		5,602,730
Deutsche Bank AG	29,867		1,137,821
Deutsche Bank AG	41,677		1,577,891
Deutsche Telekom AG	475,474		5,455,365
E.On AG	249,404		5,380,930
Muenchener Rueckversicherungs AG	18,030		2,211,723
Other Securities(a)	356,110		5,400,250
			34,917,047
Greece — 0.1%
Other Securities	38,113		244,537
			244,537
Hong Kong — 1.3%
Hutchison Whampoa Ltd.	362,000		3,043,623
Other Securities	1,319,948		2,595,774
			5,639,397
Ireland — 0.3%
Other Securities(a)	70,069		1,389,375
			1,389,375
Israel — 0.5%
Other Securities	462,783		2,346,238
			2,346,238
Italy — 0.9%
Other Securities(a)	2,134,955		4,044,301
			4,044,301
Japan — 21.4%
FUJIFILM Holdings Corp.	113,700		2,692,934
JX Holdings, Inc.	446,500		2,697,447
Mitsubishi UFJ Financial Group, Inc.	917,400		3,897,490
Mitsubishi UFJ Financial
Group, Inc., ADR	1,031,340		4,321,315
Panasonic Corp.(a)	263,000		2,234,663
Sony Corp., ADR(a)	212,565		3,834,673
Sumitomo Corp.	207,400		2,807,728
Sumitomo Mitsui Financial Group, Inc.	170,400		4,746,493
Toyota Motor Corp.	105,300		3,509,088
Toyota Motor Corp., ADR	50,471		3,337,647
Other Securities(a)	9,402,772		57,806,659
			91,886,137
Netherlands — 2.6%
Akzo Nobel NV	49,506		2,393,773
Koninklijke Philips Electronics NV	143,152		3,016,269
Other Securities	485,310		5,763,193
			11,173,235
New Zealand — 0.1%
Other Securities	110,499		453,285
Norway — 0.9%
Other Securities(a)	936,022		4,054,832
			4,054,832
Portugal — 0.1%
Other Securities(a)	308,765		208,289
			208,289
Singapore — 0.8%
Other Securities(a)	2,064,589		3,475,754
			3,475,754
Spain — 2.7%
Banco Santander SA	349,086		2,652,094
Repsol YPF SA(a)	84,909		2,608,322
Other Securities(a)	1,137,618		6,298,850
			11,559,266

See notes to financial statements.
17

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Sweden — 2.4%
Other Securities(a)	1,031,305	$	10,171,626
			10,171,626
Switzerland — 5.2%
Holcim Ltd.*	63,904		3,418,690
Swiss Re Ltd.*	89,565		4,564,544
Zurich Financial Services AG*	24,930		5,639,971
Other Securities	236,350		8,603,446
			22,226,651
United Kingdom — 21.9%
BP PLC, ADR	369,933		15,810,936
Kingfisher PLC	803,327		3,127,650
Royal Dutch Shell PLC, ADR	249,011		18,927,326
Vodafone Group PLC, ADR	6,835,685		18,991,700
WM Morrison Supermarkets PLC	611,503		3,097,805
WPP PLC	217,958		2,286,492
Xstrata PLC	395,500		6,006,989
Other Securities(a)	10,616,109		25,843,852
			94,092,750
TOTAL COMMON STOCKS
(Identified Cost $443,543,773)			428,522,833
PREFERRED STOCKS — 0.0%
Germany — 0.0%
Other Securities	2,731		146,156
TOTAL PREFERRED STOCKS
(Identified Cost $169,209)			146,156
SHORT-TERM INVESTMENTS — 0.0%
United States — 0.0%
SSgA Government Money
Market Fund	1		1
SSgA Money Market Fund	57		57
			58
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $58)			58
COLLATERAL FOR SECURITIES ON LOAN — 15.0%
Short-Term — 15.0%
State Street Navigator Securities
Lending Prime Portfolio	64,629,732		64,629,732
TOTAL COLLATERAL FOR
SECURITIES ON LOAN
(Identified Cost $64,629,732)			64,629,732
Total Investments — 114.7%
(Identified Cost $508,342,772)#			493,298,779
Liabilities, Less Cash and Other
Assets — (14.7%)			(63,289,387	)
Net Assets — 100.0%		$	430,009,392

†	See Note 1.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $62,499,430.
*	Non-income producing security.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $508,342,772. Net unrealized depreciation aggregated $15,043,993 of which $48,675,654 related to appreciated investment securities and $63,719,647 related to depreciated investment securities.

Key to abbreviations:
ADR — American Depository Receipt

Ten Largest Industry Holdings as of December 31, 2011
(As a percentage of net assets):

Industry	Percentage
Oil, Gas & Consumable Fuels	16.7	%
Commercial Banks	11.2	%
Insurance	8.6	%
Metals & Mining	6.9	%
Automobiles	4.9	%
Wireless Telecommunication Services	4.8	%
Diversified Telecommunication Services	4.6	%
Food & Staples Retailing	3.9	%
Chemicals	2.6	%
Household Durables	2.5	%

Country Weightings
(% of portfolio market value)

See notes to financial statements.
18

SA International Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

	SHARES	VALUE†
MUTUAL FUNDS — 100.1%
Other — 100.1%
DFA International Small Company
Portfolio	13,452,183	$	186,178,216
TOTAL MUTUAL FUNDS
(Identified Cost $141,130,542)			186,178,216
Total Investments — 100.1%
(Identified Cost $141,130,542)#			186,178,216
Liabilities, Less Cash and
Other Assets — (0.1%)			(256,870	)
Net Assets — 100.0%		$	185,921,346

†	See Note 1.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $141,130,542. Net unrealized appreciation aggregated $45,047,674, which related solely to appreciated investment securities.

See notes to financial statements.
19

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 95.2%
Brazil — 9.5%
Banco Santander Brasil SA, ADR	114,655	$	933,292
BM&FBOVESPA SA	168,604		885,843
BR Malls Participacoes SA	34,200		332,236
Gerdau SA, ADR	98,782		771,487
JBS SA*	94,584		308,308
Petroleo Brasileiro SA, ADR	60,737		1,509,315
Other Securities	223,707		1,679,535
			6,420,016
Chile — 2.2%
Empresas CMPC SA	133,020		488,807
Empresas COPEC SA	28,567		383,001
Enersis SA, ADR	29,100		513,033
Other Securities	24,358		122,831
			1,507,672
China — 15.7%
Bank of China Ltd., H Shares	4,654,902		1,720,131
Bank of Communications Co., Ltd.,
H Shares	539,400		378,509
China Citic Bank Corp. Ltd., H Shares	554,000		313,144
China Construction Bank Corp., H Shares	1,505,810		1,050,845
China Petroleum & Chemical Corp.	12,822		1,346,951
China Unicom Hong Kong Ltd., ADR	38,409		811,582
Other Securities	10,479,802		4,981,563
			10,602,725
Czech Republic — 0.3%
Other Securities	19,219		214,733
			214,733
Hungary — 0.2%
Other Securities	4,297		166,874
			166,874
India — 7.1%
ICICI Bank Ltd., ADR	32,610		861,882
Reliance Industries Ltd.	39,139		510,823
Reliance Industries Ltd., GDR, (b)	21,509		572,139
Other Securities	1,303,779		2,879,523
			4,824,367
Indonesia — 3.0%
Other Securities	10,504,014		2,049,406
			2,049,406
Korea — 14.4%
Hana Financial Group, Inc.	13,580		419,070
Hyundai Motor Co.	5,327		984,940
Hyundai Steel Co.	3,820		317,339
KB Financial Group, Inc., ADR*	23,644		741,003
LG Display Co., Ltd., ADR*	30,316		319,227
LG Electronics, Inc.	7,392		477,400
POSCO, ADR	17,644		1,448,572
Samsung C&T Corp.	5,831		344,697
Samsung SDI Co., Ltd.	2,604		301,766
Shinhan Financial Group Co., Ltd., ADR*	12,205		832,503
Other Securities	185,632		3,549,352
			9,735,869
Malaysia — 3.9%
AMMB Holdings Berhad	201,687		378,561
Other Securities	2,378,614		2,244,229
			2,622,790
Mexico — 6.3%
Alfa SAB de CV-Class A	31,400		342,224
Cemex SAB de CV, ADR*	65,742		354,349
Embotelladoras Arca SAB de CV	73,232		312,246
Fomento Economico Mexicano
SAB de CV, ADR	20,700		1,442,997
Grupo Financiero Banorte SAB de CV	103,000		311,848
Other Securities	433,224		1,470,536
			4,234,200
Philippines — 0.7%
Other Securities	2,226,019		475,584
			475,584
Poland — 1.5%
PGE SA	54,527		327,086
Polski Koncern Naftowy Orlen*	36,737		360,897
Other Securities	110,242		301,143
			989,126
Russia — 5.3%
Gazprom OAO, ADR	237,661		2,534,982
Lukoil OAO, ADR	14,376		761,209
Other Securities	46,172		310,742
			3,606,933
South Africa — 8.6%
Gold Fields Ltd., ADR	50,300		767,075
Harmony Gold Mining Co., Ltd., ADR	30,300		352,692
Nedbank Group Ltd.	20,163		362,170
Sanlam Ltd.	214,984		768,318
Sasol Ltd., ADR	9,800		464,520
Standard Bank Group Ltd.	65,317		799,011
Steinhoff International Holdings Ltd.*	137,280		390,793
Other Securities	319,833		1,905,229
			5,809,808
Taiwan — 12.6%
Chinatrust Financial Holding Co., Ltd.	622,951		388,843
Mega Financial Holding Co., Ltd.	777,240		518,519
United Microelectronics Corp.	1,215,513		509,826
Other Securities	13,466,774		7,114,515
			8,531,703
Thailand — 2.4%
Bangkok Bank PCL, ADR	99,000		481,664
Other Securities	2,170,728		1,121,295
			1,602,959

See notes to financial statements.
20

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Turkey — 1.5%
Other Securities	583,375	$	989,964
			989,964
TOTAL COMMON STOCKS
(Identified Cost $70,671,035)			64,384,729
PREFERRED STOCKS — 4.6%
Brazil — 4.6%
Petroleo Brasileiro SA, ADR	77,403		1,818,197
Usinas Siderurgicas de Minas Gerais
SA, PF A	65,050		353,978
Other Securities	136,511		938,378
			3,110,553
TOTAL PREFERRED STOCKS
(Identified Cost $4,173,256)			3,110,553
SHORT-TERM INVESTMENTS — 0.0%
United States — 0.0%
SSgA Government Money Market Fund	1		1
SSgA Money Market Fund	20		20
			21
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $21)			21
Total Investments — 99.8%
(Identified Cost $74,844,312)#			67,495,303
Cash and Other Assets,
Less Liabilities — 0.2%			150,749
Net Assets — 100.0%		$	67,646,052

†	See Note 1.
*	Non-income producing security.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $74,844,312. Net unrealized depreciation aggregated $7,349,009 of which $7,306,105 related to appreciated investment securities and $14,655,114 related to depreciated investment securities.
(b)	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 normally to qualified institutional buyers.

Key to abbreviations:
ADR — American Depository Receipt
GDR — Global Depository Receipt

Ten Largest Industry Holdings as of December 31, 2011
(As a percentage of net assets):

Industry	Percentage
Commercial Banks	23.5	%
Oil, Gas & Consumable Fuels	17.2	%
Metals & Mining	9.9	%
Industrial Conglomerates	3.8	%
Beverages	3.5	%
Real Estate Management & Development	3.2	%
Food Products	2.8	%
Electronic Equipment, Instruments & Components	2.5	%
Diversified Financial Services	2.3	%
Automobiles	2.2	%

Country Weightings
(% of portfolio market value)

See notes to financial statements.
21

SA Real Estate Securities Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 99.4%
Real Estate Investment Trusts (REITs) — 99.4%
Alexandria Real Estate Equities, Inc.	13,826	$	953,579
American Campus Communities, Inc.	15,413		646,729
Apartment Investment &
Management Co.	27,129		621,525
AvalonBay Communities, Inc.	20,910		2,730,846
BioMed Realty Trust, Inc.	29,836		539,435
Boston Properties, Inc.	32,833		3,270,167
BRE Properties, Inc.	16,502		833,021
Camden Property Trust	15,652		974,180
CBL & Associates Properties, Inc.	31,622		496,465
DDR Corp.	50,375		613,064
Digital Realty Trust, Inc.	22,213		1,480,941
Douglas Emmett, Inc.	27,318		498,280
Duke Realty Corp.	56,420		679,861
Entertainment Properties Trust	10,577		462,321
Equity Lifestyle Properties, Inc.	8,639		576,135
Equity Residential	65,949		3,761,071
Essex Property Trust, Inc.	7,481		1,051,155
Extra Space Storage, Inc.	19,308		467,833
Federal Realty Investment Trust	14,251		1,293,278
General Growth Properties, Inc.	95,222		1,430,234
HCP, Inc.	90,859		3,764,288
Health Care REIT, Inc.	39,968		2,179,455
Highwoods Properties, Inc.	16,361		485,431
Home Properties, Inc.	10,723		617,323
Hospitality Properties Trust	28,024		643,992
Host Hotels & Resorts, Inc.	157,171		2,321,416
Kilroy Realty Corp.	13,003		495,024
Kimco Realty Corp.	91,026		1,478,262
LaSalle Hotel Properties	18,751		453,962
Liberty Property Trust	25,879		799,144
Mack-Cali Realty Corp.*	19,600		523,124
Mid-America Apartment
Communities, Inc.	8,069		504,716
National Retail Properties, Inc.	21,200		559,256
Omega Healthcare Investors, Inc.	22,305		431,602
Piedmont Office Realty Trust, Inc.,
Class A	38,406		654,438
Post Properties, Inc.	11,085		484,636
Prologis, Inc.	101,860		2,912,177
Public Storage	32,353		4,350,184
Realty Income Corp.	29,614		1,035,305
Regency Centers Corp.	19,804		745,026
Senior Housing Properties Trust	35,824		803,891
Simon Property Group, Inc.	65,329		8,423,521
SL Green Realty Corp.	19,652		1,309,609
Tanger Factory Outlet Centers	19,324		566,580
Taubman Centers, Inc.	12,538		778,610
The Macerich Co.	29,378		1,486,527
UDR, Inc.	48,055		1,206,180
Ventas, Inc.	61,009		3,363,426
Vornado Realty Trust	37,308		2,867,493
Weingarten Realty Investors	25,900		565,138
Other Securities	789,034		9,539,595
			79,729,451
TOTAL COMMON STOCKS
(Identified Cost $65,885,768)			79,729,451
SHORT-TERM INVESTMENTS — 0.2%
United States — 0.2%
SSgA Government Money Market Fund	1		1
SSgA Money Market Fund	152,019		152,019
			152,020
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $152,020)			152,020
Total Investments — 99.6%
(Identified Cost $66,037,788)#			79,881,471
Cash and Other Assets,
Less Liabilities — 0.4%			356,862
Net Assets — 100.0%		$	80,238,333

†	See Note 1.
*	Non-income producing security.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $66,037,788. Net unrealized appreciation aggregated $12,677,358 of which $16,234,009 related to appreciated investment securities and $3,556,651 related to depreciated investment securities.

Key to abbreviations:
REIT — Real Estate Investment Trust

Portfolio Sectors
(% of portfolio market value)

See notes to financial statements.
22

(This page has been left blank intentionally.)

23

STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2011 (Unaudited)

	SA			SA			SA
	U.S. Fixed			Global Fixed			U.S. Core
	Income Fund			Income Fund			Market Fund
ASSETS
Investments in securities, at value	$	345,138,083		$	630,834,009		$	406,119,636
Cash		612			933			11,271
Foreign currency, at value		—			410,183			—
Receivable for investments sold		—			—			21,895
Dividends and interest receivable		1,559,798			6,380,667			512,081
Receivable for fund shares sold		1,241,046			1,070,750			808,076
Unrealized appreciation on foreign currency exchange contracts (Note 1)		—			2,230,457			—
Receivable due from the Adviser (Note 2)		48,515			666			20,429
Receivable for tax reclaims		—			—			982
��Prepaid expenses		1,895			1,891			1,885
Other assets		9,401			—			—
Total Assets		347,999,350			640,929,556			407,496,255
LIABILITIES
Payable for investments purchased		—			—			—
Payable for fund shares redeemed		62,213			269,948			283,922
Due to custodian bank		—			—			—
Collateral for securities on loan (Note 1)		—			86,212,378			19,361,364
Unrealized depreciation on foreign currency
exchange contracts (Note 1)		—			1,005,380			—
Advisory fee payable (Note 2)		73,452			140,625			179,082
Sub-Advisory fee payable (Note 2)		29,381			23,438			15,043
Administration fee payable (Note 2)		29,381			46,875			32,560
Sub-Administration fee payable (Note 2)		10,977			18,971			16,118
Custody and accounting fees payable		10,724			22,188			26,509
Trustees' fees payable (Note 2)		6,529			6,529			6,529
Shareholder servicing fee payable (Note 2)		73,452			117,188			81,401
Transfer agent fee payable		8,288			13,880			9,112
Professional fees payable		9,358			19,674			—
Accrued expenses and other liabilities		—			13,948			3,631
Total Liabilities		313,755			87,911,022			20,015,271
NET ASSETS	$	347,685,595		$	553,018,534		$	387,480,984
NET ASSETS CONSIST OF:
Capital paid in	$	346,950,841		$	533,487,830		$	344,362,390
Undistributed/(overdistributed) net investment income		(22,937	)		(2,122,669	)		1,020,080
Accumulated net realized gain/(loss)		275,441			13,744,756			(70,733,667	)
Net unrealized appreciation/(depreciation) on:
Investments		482,250			6,834,555			112,832,181
Foreign currency and forward currency transactions		—			1,074,062			—
NET ASSETS	$	347,685,595		$	553,018,534		$	387,480,984
Shares of beneficial interest outstanding
($0.01 par value, unlimited shares authorized)		34,024,169			55,380,081			33,439,346
Net asset value per share	$	10.22		$	9.99		$	11.59
Identified cost of investments	$	344,655,833		$	623,999,454		$	293,287,455
Cost of foreign currency	$	—		$	411,253		$	—

See notes to financial statements.
24

 

SA			SA U.S.		SA International			SA International			SA			SA
U.S. Value			Small Company		Value			Small Company			Emerging Markets			Real Estate
Fund			Fund		Fund			Fund			Value Fund			Securities Fund
$	302,781,360		$	316,022,629	$	493,298,779		$	186,178,216		$	67,495,303		$	79,881,471
	—			—		—			—			—			13,487
	—			—		1,303,176			—			142,056			—
	778,666			543,280		816			344,000			—			—
	356,481			149,255		1,407,618			—			63,009			262,801
	499,145			489,092		454,120			262,562			199,780			219,100
	—			—		—			—			—			—
	22,453			46,760		—			11,774			40,685			25,642
	471			175		140,625			—			3,424			—
	1,885			1,885		1,885			1,884			1,896			1,896
	16,963			—		—			—			—			—
	304,457,424			317,253,076		496,607,019			186,798,436			67,946,153			80,404,397
	—			44,338		—			—			—			—
	444,460			309,506		1,133,841			310,409			70,960			51,106
	833,458			855,015		281,335			343,548			29,141			—
	15,365,753			80,520,088		64,629,732			—			—			—
	—			—		—			—			—			—
	132,669			109,072		237,335			102,561			37,554			36,155
	24,122			69,410		73,026			—			28,888			9,861
	24,122			19,831		36,513			15,779			5,778			6,574
	13,109			10,927		21,827			9,234			3,521			3,279
	13,773			25,360		31,134			4,934			11,493			5,912
	6,529			6,529		6,529			6,529			6,529			6,529
	60,304			49,578		91,283			39,447			14,444			16,434
	14,423			14,211		14,952			13,732			13,367			8,234
	—			20,183		20,202			18,199			23,526			20,206
	15,292			13,658		19,918			12,718			54,900			1,774
	16,948,014			82,067,706		66,597,627			877,090			300,101			166,064
$	287,509,410		$	235,185,370	$	430,009,392		$	185,921,346		$	67,646,052		$	80,238,333
$	296,789,852		$	231,622,730	$	517,527,101		$	170,293,962		$	74,995,488		$	74,833,289
	16,194			302,280		3,041,921			2,194,424			(22,145	)		271,893
	(22,898,809	)		1,557,706		(75,495,989	)		(31,614,714	)		152,826			(8,710,532	)
	13,602,173			1,702,646		(15,043,993	)		45,047,674			(7,349,009	)		13,843,683
	—			8		(19,648	)		—			(131,108	)		—
$	287,509,410		$	235,185,370	$	430,009,392		$	185,921,346		$	67,646,052		$	80,238,333
	27,682,916			14,989,625		47,934,097			12,741,089			7,395,753			10,788,905
$	10.39		$	15.69	$	8.97		$	14.59		$	9.15		$	7.44
$	289,179,187		$	314,319,983	$	508,342,772		$	141,130,542		$	74,844,312		$	66,037,788
$	—		$	—	$	1,303,811		$	—		$	147,285		$	—

25

STATEMENTS OF OPERATIONS—SIX MONTHS ENDED DECEMBER 31, 2011 (Unaudited)

	SA U.S.			SA Global			SA U.S.
	Fixed Income			Fixed Income			Core Market
	Fund			Fund			Fund
INVESTMENT INCOME
Income:
Dividends	$	—		$	—		$	3,903,154
Interest (1)		1,272,053			8,052,361			56,686
Other income		—			—			23,565
Taxes withheld		—			—			(216	)
Total Income		1,272,053			8,052,361			3,983,189
Expenses:
Advisory fees (Note 2)		426,509			847,794			1,058,560
Sub-Advisory fees (Note 2)		170,604			141,299			88,919
Shareholder Services fees (Note 2)		426,509			706,495			481,163
Administration fees (Note 2)		170,604			282,598			192,465
Deferred expense reimbursement (Note 2)		—			70,158			—
Sub-Administration fees (Note 2)		38,148			64,274			45,962
Trustees' fees and expenses (Note 2)		10,904			10,904			10,904
Custody and accounting fees		36,287			76,797			68,167
Transfer agent fees		46,238			66,125			64,118
Professional fees		52,509			47,209			49,610
Registration fees		11,901			10,357			10,106
Other expenses		18,548			30,181			23,300
Total expenses before waivers and reimbursements:		1,408,761			2,354,191			2,093,274
Less: Fee waiver by Adviser (Note 2)		(299,771	)		(1,607	)		(168,620	)
Net expenses		1,108,990			2,352,584			1,924,654
Net investment income		163,063			5,699,777			2,058,535
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on:
Investments		408,618			4,043,414			2,154,479
Foreign currency and forward currency transactions		—			14,529,124			(33	)
Increase (decrease) in unrealized appreciation (depreciation) on:
Investments		(738,173	)		(22,166,162	)		(25,624,893	)
Foreign currency and forward currency transactions		—			250,197			—
Net realized and unrealized loss on investments and
foreign currency transactions		(329,555	)		(3,343,427	)		(23,470,447	)
Net increase (decrease) in net assets resulting from operations	$	(166,492	)	$	2,356,350		$	(21,411,912	)
(1) Interest income includes security lending income of:	$	—		$	81,131		$	56,656

See notes to financial statements.
26

SA U.S.			SA U.S.			SA International			SA International			SA			SA
Value			Small Company			Value			Small Company			Emerging Markets			Real Estate
Fund			Fund			Fund			Fund			Value Fund			Securities Fund
$	3,170,122		$	1,379,211		$	6,451,347		$	3,301,937		$	969,369		$	1,496,458
	135,134			307,132			265,680			—			71			9
	13,556			29,325			—			—			18			713
	(1,089	)		(1,336	)		(371,080	)		—			(138,510	)		—
	3,317,723			1,714,332			6,345,947			3,301,937			830,948			1,497,180
	785,907			647,190			1,487,368			654,439			230,054			208,737
	142,892			411,849			457,652			—			176,964			56,928
	357,231			294,177			572,065			251,707			88,482			94,880
	142,892			117,671			228,826			100,683			35,393			37,952
	—			—			—			—			—			—
	35,178			29,035			57,740			25,301			9,128			9,297
	10,904			10,904			10,904			10,904			10,904			10,904
	41,730			74,023			101,469			16,743			82,119			21,577
	69,130			67,655			71,706			66,646			49,383			46,179
	49,574			51,073			51,093			51,803			51,996			51,097
	8,263			7,915			10,540			7,890			9,045			8,855
	19,166			15,872			30,060			12,942			7,535			5,724
	1,662,867			1,727,364			3,079,423			1,199,058			751,003			552,130
	(162,499	)		(315,312	)		—			(91,545	)		(237,806	)		(172,609	)
	1,500,368			1,412,052			3,079,423			1,107,513			513,197			379,521
	1,817,355			302,280			3,266,524			2,194,424			317,751			1,117,659
	2,613,830			1,954,430			(19,066,908	)		3,661,837			1,456,620			(374,231	)
	(151	)		377			(174,473	)		—			(72,276	)		—
	(40,035,642	)		(28,530,866	)		(91,769,156	)		(49,602,728	)		(20,911,810	)		(1,994,125	)
	—			8			(94,435	)		—			20,430			—
	(37,421,963	)		(26,576,051	)		(111,104,972	)		(45,940,891	)		(19,507,036	)		(2,368,356	)
$	(35,604,608	)	$	(26,273,771	)	$	(107,838,448	)	$	(43,746,467	)	$	(19,189,285	)	$	(1,250,697	)
$	135,123		$	307,118		$	264,749		$	—		$	—		$	—

27

STATEMENTS OF CHANGES IN NET ASSETS

	SA U.S. Fixed Income Fund
	Six Months Ended
	12/31/2011			Year Ended
	(Unaudited)			06/30/2011
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	163,063		$	662,549
Net realized gain (loss) on investments and foreign currency transactions		408,618			1,769,231
Net increase (decrease) in unrealized appreciation (depreciation)		(738,173	)		(158,334	)
Net increase (decrease) in net assets from operations		(166,492	)		2,273,446
Distributions to shareholders from:
Net investment income		(187,387	)		(661,162	)
Net realized gains		(1,330,313	)		(1,740,510	)
Total distributions		(1,517,700	)		(2,401,672	)
Share transactions
Proceeds from sale of shares		59,024,540			130,806,529
Value of distributions reinvested		1,467,896			2,357,754
Cost of shares redeemed		(35,456,214	)		(40,010,129	)
Total share transactions		25,036,222			93,154,154
Total increase (decrease) in net assets		23,352,030			93,025,928
NET ASSETS
Beginning of period		324,333,565			231,307,637
End of period	$	347,685,595		$	324,333,565
Undistributed/(overdistributed) net investment income, end of period	$	(22,937	)	$	1,387
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		5,747,563			12,744,540
Issued for distributions reinvested		143,585			230,636
Shares redeemed		(3,453,798	)		(3,897,164	)
Net increase (decrease) in fund shares		2,437,350			9,078,012

See notes to financial statements.
28

SA Global Fixed Income Fund						SA U.S. Core Market Fund
Six Months Ended						Six Months Ended
12/31/2011			Year Ended			12/31/2011			Year Ended
(Unaudited)			06/30/2011			(Unaudited)			06/30/2011
$	5,699,777		$	11,761,654		$	2,058,535		$	3,566,340
	18,572,538			(26,214,649	)		2,154,446			7,565,611
	(21,915,965	)		25,080,963			(25,624,893	)		89,456,597
	2,356,350			10,627,968			(21,411,912	)		100,588,548
	(4,443,876	)		(20,092,211	)		(2,578,093	)		(4,471,661	)
	—			—			—			—
	(4,443,876	)		(20,092,211	)		(2,578,093	)		(4,471,661	)
	58,860,022			156,244,385			33,230,121			65,358,389
	4,298,425			19,536,038			2,457,801			4,256,599
	(67,717,947	)		(79,024,374	)		(40,381,226	)		(74,170,277	)
	(4,559,500	)		96,756,049			(4,693,304	)		(4,555,289	)
	(6,647,026	)		87,291,806			(28,683,309	)		91,561,598
	559,665,560			472,373,754			416,164,293			324,602,695
$	553,018,534		$	559,665,560		$	387,480,984		$	416,164,293
$	(2,122,669	)	$	(3,378,570	)	$	1,020,080		$	1,539,638
	5,820,401			15,583,009			2,947,597			5,709,765
	431,136			1,951,123			214,655			370,139
	(6,697,305	)		(7,835,412	)		(3,541,437	)		(6,515,704	)
	(445,768	)		9,698,720			(379,185	)		(435,800	)

29

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA U.S. Value Fund
	Six Months Ended
	12/31/2011			Year Ended
	(Unaudited)			06/30/2011
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,817,355		$	3,209,257
Net realized gain (loss) on investments and foreign currency transactions		2,613,679			15,131,596
Net increase (decrease) in unrealized appreciation (depreciation)		(40,035,642	)		66,739,136
Net increase (decrease) in net assets from operations		(35,604,608	)		85,079,989
Distributions to shareholders from:
Net investment income		(2,875,897	)		(2,790,940	)
Net realized gains		—			—
Total distributions		(2,875,897	)		(2,790,940	)
Share transactions
Proceeds from sale of shares		27,472,263			58,016,731
Value of distributions reinvested		2,751,412			2,673,643
Cost of shares redeemed		(26,522,921	)		(60,363,186	)
Total share transactions		3,700,754			327,188
Total increase (decrease) in net assets		(34,779,751	)		82,616,237
NET ASSETS
Beginning of period		322,289,161			239,672,924
End of period	$	287,509,410		$	322,289,161
Undistributed net investment income, end of period	$	16,194		$	1,074,736
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		2,683,198			5,373,828
Issued for distributions reinvested		271,075			250,811
Shares redeemed		(2,568,006	)		(5,523,322	)
Net increase (decrease) in fund shares		386,267			101,317

See notes to financial statements.
30

SA U.S. Small Company Fund						SA International Value Fund
Six Months Ended						Six Months Ended
12/31/2011			Year Ended			12/31/2011			Year Ended
(Unaudited)			06/30/2011			(Unaudited)			06/30/2011
$	302,280		$	426,461		$	3,266,524		$	10,790,216
	1,954,807			15,701,742			(19,241,381	)		31,086,900
	(28,530,858	)		64,355,163			(91,863,591	)		85,989,576
	(26,273,771	)		80,483,366			(107,838,448	)		127,866,692
	—			(610,760	)		(9,885,455	)		(8,897,384	)
	(1,250,197	)		—			—			—
	(1,250,197	)		(610,760	)		(9,885,455	)		(8,897,384	)
	19,141,398			43,918,508			44,880,286			91,701,841
	1,188,360			583,377			9,496,824			8,551,929
	(24,248,257	)		(61,907,723	)		(42,977,149	)		(103,160,286	)
	(3,918,499	)		(17,405,838	)		11,399,961			(2,906,516	)
	(31,442,467	)		62,466,768			(106,323,942	)		116,062,792
	266,627,837			204,161,069			536,333,334			420,270,542
$	235,185,370		$	266,627,837		$	430,009,392		$	536,333,334
$	302,280		$	—		$	3,041,921		$	9,660,852
	1,251,578			2,804,963			4,663,038			8,344,628
	76,128			35,988			1,077,960			785,301
	(1,564,885	)		(3,894,949	)		(4,442,662	)		(9,398,851	)
	(237,179	)		(1,053,998	)		1,298,336			(268,922	)

31

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA International Small Company Fund
	Six Months Ended
	12/31/2011			Year Ended
	(Unaudited)			06/30/2011
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	2,194,424		$	3,391,130
Net realized gain (loss) on investments and foreign currency transactions		3,661,837			764,029
Net increase (decrease) in unrealized appreciation (depreciation)		(49,602,728	)		56,843,371
Net increase (decrease) in net assets from operations		(43,746,467	)		60,998,530
Distributions to shareholders from:
Net investment income		(2,370,316	)		(2,554,024	)
Net realized gains		—			—
Total distributions		(2,370,316	)		(2,554,024	)
Share transactions
Proceeds from sale of shares		17,276,009			37,866,446
Value of distributions reinvested		2,258,132			2,434,069
Cost of shares redeemed		(18,743,871	)		(41,682,737	)
Total share transactions		790,270			(1,382,222	)
Total increase (decrease) in net assets		(45,326,513	)		57,062,284
NET ASSETS
Beginning of period		231,247,859			174,185,575
End of period	$	185,921,346		$	231,247,859
Undistributed/(overdistributed) net investment income, end of period	$	2,194,424		$	2,370,316
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		1,094,080			2,222,144
Issued for distributions reinvested		156,380			142,011
Shares redeemed		(1,182,646	)		(2,464,460	)
Net increase (decrease) in fund shares		67,814			(100,305	)

See notes to financial statements.
32

SA Emerging Markets Value Fund						SA Real Estate Securities Fund
Six Months Ended						Six Months Ended
12/31/2011			Year Ended			12/31/2011			Year Ended
(Unaudited)			06/30/2011			(Unaudited)			06/30/2011
$	317,751		$	387,409		$	1,117,659		$	788,813
	1,384,344			1,847,143			(374,231	)		(2,934,556	)
	(20,891,380	)		13,136,982			(1,994,125	)		20,679,910
	(19,189,285	)		15,371,534			(1,250,697	)		18,534,167
	(635,931	)		(253,509	)		(1,063,764	)		(1,436,108	)
	(1,898,558	)		(1,191,663	)		—			—
	(2,534,489	)		(1,445,172	)		(1,063,764	)		(1,436,108	)
	13,224,869			20,590,900			9,830,154			19,258,866
	2,448,054			1,423,998			1,030,907			1,409,854
	(5,977,981	)		(15,784,782	)		(6,853,739	)		(13,219,175	)
	9,694,942			6,230,116			4,007,322			7,449,545
	(12,028,832	)		20,156,478			1,692,861			24,547,604
	79,674,884			59,518,406			78,545,472			53,997,868
$	67,646,052		$	79,674,884		$	80,238,333		$	78,545,472
$	(22,145	)	$	296,035		$	271,893		$	217,998
	1,274,439			1,694,985			1,370,738			2,732,211
	272,916			116,817			140,642			212,648
	(575,808	)		(1,315,794	)		(952,204	)		(1,876,029	)
	971,547			496,008			559,176			1,068,830

33

FINANCIAL HIGHLIGHTS

	SA U.S. Fixed
	Income Fund
	Six Months Ended
	December 31, 2011				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008			June 30, 2007*
Net Asset Value, Beginning of Period		$	10.27		$	10.28		$	10.27		$	10.09		$	10.11		$	10.00
Income from Investment Operations:
Net investment income (loss)			(0.00	)(4)		0.02			0.07			0.21			0.27			0.06
Net realized and unrealized
gain (loss) on investments			(0.01	)		0.06			0.12			0.18			0.05			0.05
Total from investment operations			(0.01	)		0.08			0.19			0.39			0.32			0.11
Less Distributions:
Dividends from net
investment income			(0.00	)(4)		(0.02	)		(0.07	)		(0.21	)		(0.34	)		—
Distributions from capital gains			(0.04	)		(0.07	)		(0.11	)		—			(0.00	)(4)		—
Total distributions			(0.04	)		(0.09	)		(0.18	)		(0.21	)		(0.34	)		—
Net asset value, end of period		$	10.22		$	10.27		$	10.28		$	10.27		$	10.09		$	10.11
Total return (1)			(0.05	)%		0.80	%		1.80	%		3.90	%		3.18	%		1.10	%
Net assets, end of period (000s)		$	347,686		$	324,334		$	231,308		$	162,975		$	125,966		$	37,226
Ratio of net expenses to
average net assets (2)			0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of gross expenses to
average net assets (2)(3)			0.83	%		0.89	%		0.91	%		0.94	%		1.06	%		2.45	%
Ratio of net investment income
to average net assets (2)			0.10	%		0.24	%		0.66	%		2.05	%		3.05	%		4.56	%
Portfolio turnover rate			39	%		92	%		104	%		46	%		0	%		0	%
Without giving effect to the
expense waiver described
in Note 2 to the Financial
Statements, net investment
income (loss) per share
would have been (3)		$	(0.01	)	$	(0.00	)(4)	$	0.05		$	0.18		$	0.24		$	0.04

*	Fund commenced operations on April 2, 2007.
(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	Gross expenses before waivers of expenses.
(4)	Amount rounds to less than $(0.005) per share.

See notes to financial statements.
34

FINANCIAL HIGHLIGHTS (Continued)

	SA Global Fixed
	Income Fund
	Six Months Ended
	December 31, 2011				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008			June 30, 2007
Net Asset Value, Beginning of Period		$	10.03		$	10.24		$	9.93		$	10.34		$	10.30		$	9.91
Income from Investment Operations:
Net investment income			0.10			0.21			0.25			0.25			0.26			0.23
Net realized and unrealized
gain (loss) on investments			(0.06	)		—			0.25			0.16			0.02			0.23
Total from investment operations			0.04			0.21			0.50			0.41			0.28			0.46
Less Distributions:
Dividends from net
investment income			(0.08	)		(0.42	)		(0.19	)		(0.82	)		(0.24	)		(0.07	)
Total distributions			(0.08	)		(0.42	)		(0.19	)		(0.82	)		(0.24	)		(0.07	)
Net asset value, end of period		$	9.99		$	10.03		$	10.24		$	9.93		$	10.34		$	10.30
Total return (1)			0.41	%		2.12	%		5.02	%		4.04	%		2.77	%		4.60	%
Net assets, end of period (000s)		$	553,019		$	559,666		$	472,374		$	405,761		$	601,370		$	610,292
Ratio of net expenses to
average net assets (2)			0.83	%		0.85	%		0.85	%		0.85	%		0.85	%		0.96	%
Ratio of gross expenses to
average net assets (2)(3)			0.83	%		1.15	%		1.17	%		1.16	%		1.14	%		1.23	%
Ratio of net investment income
to average net assets (2)			2.02	%		2.32	%		2.54	%		2.43	%		2.48	%		2.05	%
Portfolio turnover rate			21	%		15	%		29	%		53	%		91	%		70	%
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income per
share would have been (3)		$	0.10		$	0.18		$	0.22		$	0.21		$	0.23		$	0.20

(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	Gross expenses before waivers of expenses.

See notes to financial statements.
35

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Core
	Market Fund
	Six Months Ended
	December 31, 2011				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008			June 30, 2007
Net Asset Value, Beginning of Period		$	12.31		$	9.48		$	8.42		$	11.48		$	13.56		$	11.47
Income from Investment Operations:
Net investment income			0.06			0.11			0.10			0.16			0.11			0.10
Net realized and unrealized
gain (loss) on investments			(0.70	)		2.85			1.07			(3.08	)		(1.94	)		2.08
Total from investment operations			(0.64	)		2.96			1.17			(2.92	)		(1.83	)		2.18
Less Distributions:
Dividends from net
investment income			(0.08	)		(0.13	)		(0.11	)		(0.11	)		(0.11	)		(0.09	)
Distributions from capital gains			—			—			—			(0.03	)		(0.14	)		—
Total distributions			(0.08	)		(0.13	)		(0.11	)		(0.14	)		(0.25	)		(0.09	)
Net asset value, end of period		$	11.59		$	12.31		$	9.48		$	8.42		$	11.48		$	13.56
Total return (1)			(5.21	)%		31.36	%		13.88	%		(25.36	)%		(13.70	)%		19.03	%
Net assets, end of period (000s)		$	387,481		$	416,164		$	324,603		$	299,711		$	508,533		$	624,833
Ratio of net expenses to
average net assets (2)			1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.06	%
Ratio of gross expenses to
average net assets (2)(3)			1.09	%		1.19	%		1.18	%		1.20	%		1.14	%		1.14	%
Ratio of net investment income
to average net assets (2)			1.07	%		0.93	%		0.95	%		1.50	%		0.91	%		0.81	%
Portfolio turnover rate			3	%		9	%		6	%		7	%		2	%		2	%
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income per
share would have been (3)		$	0.06		$	0.09		$	0.08		$	0.14		$	0.10		$	0.09

(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	Gross expenses before waivers of expenses.

See notes to financial statements.
36

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Value Fund
	Six Months Ended December 31, 2011 (Unaudited)				Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009			Year Ended June 30, 2008			Year Ended June 30, 2007
Net Asset Value, Beginning of Period		$	11.81		$	8.81		$	7.42		$	11.25		$	14.86		$	13.27
Income from Investment Operations:
Net investment income			0.07			0.12			0.06			0.15			0.10			0.07
Net realized and unrealized
gain (loss) on investments			(1.39	)		2.98			1.42			(3.83	)		(3.33	)		2.53
Total from investment operations			(1.32	)		3.10			1.48			(3.68	)		(3.23	)		2.60
Less Distributions:
Dividends from net
investment income			(0.10	)		(0.10	)		(0.09	)		(0.15	)		(0.07	)		(0.07	)
Distributions from capital gains			—			—			—			—			(0.31	)		(0.94	)
Total distributions			(0.10	)		(0.10	)		(0.09	)		(0.15	)		(0.38	)		(1.01	)
Net asset value, end of period		$	10.39		$	11.81		$	8.81		$	7.42		$	11.25		$	14.86
Total return (1)			(11.12	)%		35.33	%		19.92	%		(32.68	)%		(22.05	)%		20.33	%
Net assets, end of period (000s)		$	287,509		$	322,289		$	239,673		$	200,695		$	310,421		$	373,545
Ratio of net expenses to
average net assets (2)			1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.11	%
Ratio of gross expenses to
average net assets (2)(3)			1.16	%		1.26	%		1.27	%		1.29	%		1.22	%		1.33	%
Ratio of net investment income
to average net assets (2)			1.27	%		1.09	%		0.67	%		1.82	%		0.82	%		0.47	%
Portfolio turnover rate			5	%		21	%		28	%		42	%		10	%		8	%
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income per
share would have been (3)		$	0.06		$	0.09		$	0.04		$	0.13		$	0.08		$	0.04

(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	Gross expenses before waivers of expenses.

See notes to financial statements.
37

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Small Company Fund
	Six Months Ended December 31, 2011 (Unaudited)				Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009			Year Ended June 30, 2008			Year Ended June 30, 2007
Net Asset Value, Beginning of Period		$	17.51		$	12.54		$	10.26		$	14.37		$	20.15		$	18.83
Income from Investment Operations:
Net investment income (loss)			0.02			0.03			0.00	(4)		0.09			0.03			(0.01	)
Net realized and unrealized
gain (loss) on investments			(1.76	)		4.98			2.36			(3.41	)		(3.86	)		2.88
Total from investment operations			(1.74	)		5.01			2.36			(3.32	)		(3.83	)		2.87
Less Distributions:
Dividends from net
investment income			—			(0.04	)		(0.08	)		(0.03	)		—			—
Distributions from capital gains			(0.08	)		—			—			(0.76	)		(1.95	)		(1.55	)
Total distributions			(0.08	)		(0.04	)		(0.08	)		(0.79	)		(1.95	)		(1.55	)
Net asset value, end of period		$	15.69		$	17.51		$	12.54		$	10.26		$	14.37		$	20.15
Total return (1)			(9.91	)%		39.96	%		23.06	%		(22.42	)%		(20.15	)%		15.90	%
Net assets, end of period (000s)		$	235,185		$	266,628		$	204,161		$	171,135		$	260,892		$	315,491
Ratio of net expenses to
average net assets (2)			1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.26	%
Ratio of gross expenses to
average net assets (2)(3)			1.47	%		1.56	%		1.57	%		1.61	%		1.51	%		1.53	%
Ratio of net investment income
(loss) to average net assets (2)			0.26	%		0.17	%		0.03	%		0.77	%		0.17	%		(0.07	)%
Portfolio turnover rate			8	%		16	%		13	%		13	%		13	%		14	%
Without giving effect to the expense
waiver described in Note 2 to
the Financial Statements, net
investment income (loss) per
share would have been (3)		$	0.00	(4)	$	(0.03	)	$	(0.04	)	$	0.04		$	(0.02	)	$	(0.06	)

(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	Gross expenses before waivers of expenses.
(4)	Amount rounds to less than $0.005 per share.

See notes to financial statements.
38

FINANCIAL HIGHLIGHTS (Continued)

	SA International Value Fund
	Six Months Ended December 31, 2011 (Unaudited)				Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009			Year Ended June 30, 2008			Year Ended June 30, 2007
Net Asset Value, Beginning of Period		$	11.50		$	8.96		$	8.51		$	14.43		$	19.79		$	16.01
Income from Investment Operations:
Net investment income			0.07			0.23			0.17			0.23			0.41			0.38
Net realized and unrealized
gain (loss) on investments			(2.39	)		2.50			0.51			(4.91	)		(3.50	)		5.07
Total from investment operations			(2.32	)		2.73			0.68			(4.68	)		(3.09	)		5.45
Less Distributions:
Dividends from net
investment income			(0.21	)		(0.19	)		(0.23	)		(0.37	)		(0.34	)		(0.31	)
Distributions from capital gains			—			—			—			(0.87	)		(1.93	)		(1.36	)
Total distributions			(0.21	)		(0.19	)		(0.23	)		(1.24	)		(2.27	)		(1.67	)
Net asset value, end of period		$	8.97		$	11.50		$	8.96		$	8.51		$	14.43		$	19.79
Total return (1)			(20.14	)%		30.63	%		7.69	%		(31.33	)%		(17.01	)%		35.49	%
Net assets, end of period (000s)		$	430,009		$	536,333		$	420,271		$	406,657		$	632,869		$	781,822
Ratio of net expenses to
average net assets (2)			1.35	%		1.34	%		1.33	%		1.35	%		1.30	%		1.30	%
Ratio of gross expenses to
average net assets (2)(3)			1.35	%		1.34	%		1.33	%		1.35	%		1.30	%		1.42	%
Ratio of net investment income
to average net assets (2)			1.43	%		2.12	%		1.65	%		2.50	%		2.46	%		2.14	%
Portfolio turnover rate			11	%		25	%		20	%		27	%		20	%		18	%
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income per
share would have been		$	0.07		$	0.23		$	0.17		$	0.23		$	0.41		$	0.36	(3)

(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	Gross expenses before waivers of expenses.

See notes to financial statements.
39

FINANCIAL HIGHLIGHTS (Continued)

	SA International Small Company Fund
	Six Months Ended December 31, 2011 (Unaudited)				Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009			Year Ended June 30, 2008			Year Ended June 30, 2007
Net Asset Value, Beginning of Period		$	18.25		$	13.64		$	12.29		$	19.79		$	24.61		$	19.99
Income from Investment Operations:
Net investment income			0.17			0.27			0.12			0.22			0.28			0.26
Net realized and unrealized
gain (loss) on investments			(3.64	)		4.54			1.43			(6.27	)		(4.04	)		5.51
Total from investment operations			(3.47	)		4.81			1.55			(6.05	)		(3.76	)		5.77
Less Distributions:
Dividends from net
investment income			(0.19	)		(0.20	)		(0.20	)		(0.22	)		(0.33	)		(0.34	)
Distributions from capital gains			—			—			—			(1.23	)		(0.73	)		(0.81	)
Total distributions			(0.19	)		(0.20	)		(0.20	)		(1.45	)		(1.06	)		(1.15	)
Net asset value, end of period		$	14.59		$	18.25		$	13.64		$	12.29		$	19.79		$	24.61
Total return (1)			(19.55	)%		35.39	%		12.56	%		(29.10	)%		(15.49	)%		29.64	%
Net assets, end of period (000s)		$	185,921		$	231,248		$	174,186		$	156,285		$	245,999		$	282,516
Ratio of net expenses to
average net assets (2)†			1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.12	%
Ratio of gross expenses to
average net assets (2)(3)†			1.19	%		1.19	%		1.18	%		1.22	%		1.13	%		1.13	%
Ratio of net investment income
to average net assets (2)†			2.18	%		1.58	%		0.84	%		1.62	%		1.26	%		1.17	%
Ratio of expenses to average
net assets for the DFA
Portfolio, (unaudited)(3)†						0.55	%		0.55	%		0.57	%		0.55	%		0.55	%
Ratio of expenses to average net
assets for the DFA Portfolio (4)†			0.55	%		0.56	%		0.57	%		0.55	%		0.55	%		0.56	%
Portfolio turnover rate			N/A			N/A			N/A			N/A			N/A			N/A
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income per
share would have been (5)		$	0.17		$	0.26		$	0.11		$	0.20		$	0.27		$	0.26

†	See Note 1. The DFA Portfolio expenses are not included in the stated expense information of the SA International Small Company Fund. The financial statements of the DFA Portfolio are included elsewhere in this report.
(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	The DFA Portfolio expense ratios are as of April 30, 2011, 2010, 2009, May 31, 2008 and 2007, respectively and are unaudited.
(4)	The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2011, 2010, 2009, 2008, and November 30, 2007 and 2006, respectively.
(5)	Gross expenses before waivers of expenses.
N/A Refer to the financial statements of the DFA Portfolio included elsewhere in this report.

See notes to financial statements.
40

FINANCIAL HIGHLIGHTS (Continued)

	SA Emerging Markets Value Fund
	Six Months Ended December 31, 2011 (Unaudited)				Year Ended June 30, 2011				Year Ended June 30, 2010				Year Ended June 30, 2009			Year Ended June 30, 2008			Year Ended June 30, 2007*
Net Asset Value, Beginning of Period		$	12.40			$	10.04			$	7.76		$	10.70		$	11.33			$	10.00
Income from Investment Operations:
Net investment income			0.04				0.06				0.03			0.09			0.13				0.02
Net realized and unrealized
gain (loss) on investments			(2.93	)			2.54				2.27			(2.64	)		(0.67	)			1.31
Total from investment operations			(2.89	)			2.60				2.30			(2.55	)		(0.54	)			1.33
Less Distributions:
Dividends from net
investment income			(0.09	)			(0.04	)			(0.02	)		(0.12	)		(0.09	)			—
Distributions from capital gains			(0.27	)			(0.20	)			—			(0.27	)		—				—
Total distributions			(0.36	)			(0.24	)			(0.02	)		(0.39	)		(0.09	)			—
Net asset value, end of period		$	9.15			$	12.40			$	10.04		$	7.76		$	10.70			$	11.33
Total return (1)			(23.34	)%			25.98	%			29.61	%		(22.48	)%		(4.79	)%			13.30	%
Net assets, end of period (000s)		$	67,646			$	79,675			$	59,518		$	43,240		$	44,269			$	20,742
Ratio of net expenses to
average net assets (2)			1.45	%			1.45	%			1.45	%		1.45	%		1.45	%			1.45	%
Ratio of gross expenses to
average net assets (2)(3)			2.12	%			2.08	%			2.11	%		2.44	%		2.44	%			5.59	%
Ratio of net investment income
to average net assets (2)			0.90	%			0.53	%			0.34	%		1.47	%		1.47	%			1.52	%
Portfolio turnover rate			5	%			14	%			25	%		11	%		8	%			0	%
Without giving effect to the expense
waiver described in Note 2 to
the Financial Statements, net
investment income (loss) per
share would have been (3)		$	0.01			$	(0.01	)		$	(0.03	)	$	0.03		$	0.04			$	(0.04	)

*	Fund commenced operations on April 2, 2007.
(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	Gross expenses before waivers of expenses.

See notes to financial statements.
41

FINANCIAL HIGHLIGHTS (Continued)

	SA Real Estate Securities Fund
	Six Months Ended December 31, 2011 (Unaudited)				Year Ended June 30, 2011			Year Ended June 30, 2010			Year Ended June 30, 2009			Year Ended June 30, 2008			Year Ended June 30, 2007*
Net Asset Value, Beginning of Period		$	7.68		$	5.89		$	3.92		$	7.26		$	8.93		$	10.00
Income from Investment Operations:
Net investment income			0.10			0.08			0.13			0.13			0.25			0.03
Net realized and unrealized
gain (loss) on investments			(0.24	)		1.86			1.94			(3.28	)		(1.76	)		(1.10	)
Total from investment operations			(0.14	)		1.94			2.07			(3.15	)		(1.51	)		(1.07	)
Less Distributions:
Dividends from net
investment income			(0.10	)		(0.15	)		(0.10	)		(0.12	)		(0.11	)		—
Distributions from capital gains			—			—			—			(0.07	)		(0.05	)		—
Total distributions			(0.10	)		(0.15	)		(0.10	)		(0.19	)		(0.16	)		—
Net asset value, end of period		$	7.44		$	7.68		$	5.89		$	3.92		$	7.26		$	8.93
Total return (1)			(1.80	)%		33.39	%		53.03	%		(43.60	)%		(16.94	)%		(10.70	)%
Net assets, end of period (000s)		$	80,238		$	78,545		$	53,998		$	29,738		$	36,660		$	18,688
Ratio of net expenses to
average net assets (2)			1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of gross expenses to
average net assets (2)(3)			1.45	%		1.61	%		1.67	%		2.02	%		1.99	%		4.78	%
Ratio of net investment income
to average net assets (2)			2.94	%		1.16	%		2.57	%		3.32	%		4.17	%		1.94	%
Portfolio turnover rate			1	%		7	%		3	%		7	%		1	%		0	%
Without giving effect to the expense
waiver described in Note 2 to
the Financial Statements, net
investment income (loss) per
share would have been (3)		$	0.09		$	0.04		$	0.09		$	0.09		$	0.19		$	(0.02	)

*	Fund commenced operations on April 2, 2007.
(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	Gross expenses before waivers of expenses.

See notes to financial statements.
42

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited)

1. Organization and Significant Accounting Policies

SA Funds — Investment Trust (the “Trust”) is a Delaware statutory trust that was organized on June 16, 1998. The Agreement and Declaration of Trust permits the Trust to offer separate portfolios (“Funds”) of shares of beneficial interest and different classes of shares of each Fund. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), and currently offers the following nine Funds, each of which is a diversified mutual fund as defined in the 1940 Act.

       SA U.S. Fixed Income Fund
       SA Global Fixed Income Fund
       SA U.S. Core Market Fund
       SA U.S. Value Fund
       SA U.S. Small Company Fund
       SA International Value Fund
       SA International Small Company Fund
       SA Emerging Markets Value Fund
       SA Real Estate Securities Fund

All of the Funds commenced investment operations on August 5, 1999, except SA Global Fixed Income Fund, which commenced operations on July 29, 1999, and SA U.S. Fixed Income Fund, SA Emerging Markets Value Fund, and SA Real Estate Securities Fund, which commenced operations on April 2, 2007.

Effective October 30, 2000, SA International Small Company Fund began investing substantially all of its assets in the International Small Company Portfolio (“DFA Portfolio”), a series of DFA Investment Dimensions Group Inc., an open-end management investment company. The DFA Portfolio has the same investment objective as SA International Small Company Fund and invests its assets in The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series, each a series of The DFA Investment Trust Company, an open-end management investment company. As of December 31, 2011, SA International Small Company Fund held approximately 3.41% of the DFA Portfolio. The performance of SA International Small Company Fund is directly affected by the performance of the DFA Portfolio. The financial statements of the DFA Portfolio are included elsewhere in this report and should be read in conjunction with the financial statements of SA International Small Company Fund. Prior to October 30, 2000, SA International Small Company Fund invested directly in each of the Series (and a relatively small amount in another series).

Use of Estimates — The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

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

43

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

or last reported sale price. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Bonds and other fixed income securities are valued based upon prices provided by independent pricing services or other reliable sources, including broker-dealers. Shares of registered open-end investment companies are valued at the investment company’s net asset value. Short-term investments purchased with an original or remaining maturity of sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available, or available quotations appear not to accurately reflect the current value of an investment, are valued at fair value as determined in good faith by a pricing committee (the “Pricing Committee”) appointed by the Board of Trustees of the Trust (the “Board”). 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 Pricing Committee. Fair value pricing is based on subjective judgments, and it is possible that such pricing may vary significantly from the price actually received on a sale. Any determinations of fair value made by the Pricing Committee are presented to the Board for ratification.

Valuation of securities by the DFA Portfolio 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 Funds adopted provisions surrounding fair value measurement which provides enhanced guidance for using fair value to measure assets and liabilities. The Funds value their investments based on a three-tier hierarchy of inputs that establishes classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels below.

Level 1 – 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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

44

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

The tables below provide a summary of the inputs as of December 31, 2011 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)		Balance as of December 31, 2011 Total
SA U.S. Fixed Income Fund
Bonds and Notes	$	—	$	323,051,284		$	—	$	323,051,284
Short-Term Investments		18,029,903		4,056,896			—		22,086,799
Total Investments	$	18,029,903	$	327,108,180		$	—	$	345,138,083
SA Global Fixed Income Fund
Assets:
Bonds and Notes	$	—	$	541,079,449		$	—	$	541,079,449
Short-Term Investments		3,542,182		—			—		3,542,182
Collateral for Securities on Loan
Short-Term		86,212,378		—			—		86,212,378
Forward Foreign Currency Contracts		—		2,230,457			—		2,230,457
Total Investments	$	89,754,560	$	543,309,906		$	—	$	633,064,466
Liabilities:
Forward Foreign Currency Contracts	$	—	$	(1,005,380	)	$	—	$	(1,005,380	)
SA U.S. Core Market Fund
Common Stocks	$	370,580,491	$	—		$	—	$	370,580,491
Preferred Stocks		—		—	†		—		—
Rights & Warrants		93		4			—		97
Mutual Funds		15,937,606		—			—		15,937,606
Short-Term Investments		240,078		—			—		240,078
Collateral for Securities on Loan
Short-Term		19,361,364		—			—		19,361,364
Total Investments	$	406,119,632	$	4		$	—	$	406,119,636
SA U.S. Value Fund
Common Stocks	$	287,415,581	$	—		$	—	$	287,415,581
Preferred Stocks		—		—	†		—		—
Short-Term Investments		26		—			—		26
Collateral for Securities on Loan
Short-Term		15,365,753		—			—		15,365,753
Total Investments	$	302,781,360	$	—		$	—	$	302,781,360

45

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (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)		Balance as of December 31, 2011 Total
SA U.S. Small Company Fund
Common Stocks	$	235,491,750	$	3,650	$	—	$	235,495,400
Rights & Warrants		7,071		8		—		7,079
Bonds and Notes		—		20		—		20
Short-Term Investments		42		—		—		42
Collateral for Securities on Loan               Short-Term		80,520,088		—		—		80,520,088
Total Investments	$	316,018,951	$	3,678	$	—	$	316,022,629
SA International Value Fund
Common Stocks - Japan	$	428,417,860	$	104,973	$	—	$	428,522,833
Preferred Stocks		146,156		—		—		146,156
Short-Term Investments		58		—		—		58
Collateral for Securities on Loan               Short-Term		64,629,732		—		—		64,629,732
Total Investments	$	493,193,806	$	104,973	$	—	$	493,298,779
SA International Small Company Fund
Mutual Funds	$	186,178,216	$	—	$	—	$	186,178,216
Total Investments	$	186,178,216	$	—	$	—	$	186,178,216
SA Emerging Markets Value Fund
Common Stocks	$	63,247,059	$	1,137,670	$	—	$	64,384,729
Preferred Stocks		3,110,553		—		—		3,110,553
Short-Term Investments		21		—		—		21
Total Investments	$	66,357,633	$	1,137,670	$	—	$	67,495,303
SA Real Estate Securities Fund
Common Stocks	$	79,729,451	$	—	$	—	$	79,729,451
Short-Term Investments		152,020		—		—		152,020
Total Investments	$	79,881,471	$	—	$	—	$	79,881,471

^† Includes one or more securities which are valued at zero.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. There were no significant transfers into or out of Levels 1, 2, and 3 during the six months ended December 31, 2011.

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 is the resultof the work of FASB and the International Accounting Standards Board to establish common requirements for measuring fair value and

46

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

for disclosing information about fair value measurements, which are effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the adoption of ASU 2011-04 on the Trust’s financial statements.

Repurchase Agreements — The Funds may agree to purchase securities from financial institutions such as member banks of the Federal Reserve System or any foreign bank or any domestic broker/dealer that is recognized as a reporting government securities dealer, subject to the seller’s agreement to repurchase them at an agreed-upon time and price. Dimensional Fund Advisors LP (the “Sub-Adviser”) will review and continuously monitor the creditworthiness of the seller under a repurchase agreement, and will require the seller to maintain liquid assets segregated on the books of the Fund or the Fund’s custodian in an amount that is greater than the repurchase price. Default by, or bankruptcy of, the seller would, however, expose a Fund to possible loss because of adverse market conditions or delays in connection with the disposition of underlying obligations except with respect to repurchase agreements secured by U.S. government securities.

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 LWI Financial Inc. (the “Adviser”) specifically identifies as not being available. Any gain or loss in the market 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 Fund. 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 receives 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, 102% of the current market value of the loaned securities with respect to U.S. securities and 105% of the current market value of the loaned securities with respect to foreign securities. 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 Prime Portfolio, which is a money market fund registered under the 1940 Act. A portion of the dividends received on the collateral is rebated to the borrower of the securities, and the remainder is split between the Agent and the Fund.

As of December 31, 2011, the following Funds had loaned securities, which were collateralized by short-term investments. The value of securities on loan and the value of the related collateral were as follows:

							Total
							Collateral
			Value of		Value of		(Including
	Value of		Cash		Non-Cash		Calculated
Fund	Securities		Collateral		Collateral*		Mark)†
SA Global Fixed Income Fund	$	84,254,544	$	86,212,378	$	—	$	86,038,493
SA U.S. Core Market Fund	$	18,960,181	$	19,361,364	$	190,074	$	19,441,708
SA U.S. Value Fund	$	15,494,518	$	15,365,753	$	598,419	$	15,868,430
SA U.S. Small Company Fund	$	77,833,156	$	80,520,088	$	35,570	$	80,135,038
SA International Value Fund	$	62,499,430	$	64,629,732	$	370,389	$	65,637,902

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

^† Balances represent the-end-of-day mark-to-market of securities lending collateral that will be reflected by the Funds as of the next business day.

47

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

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

The results of operations resulting from changes in foreign exchange rates on investments are not reported separately from fluctuations arising from changes in market prices of securities held. All such fluctuations are included with net realized and unrealized gain or loss on investments.

Investing in securities of foreign companies and securities of foreign governments involves special risks and considerations not typically associated with investing in securities of U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of appropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid, and the prices of such securities may be more volatile than those of securities of comparable U.S. companies and the U.S. government.

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 all underlying security transactions, a Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the applicable foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.

The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the 12:00 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 transactions in the Fund’s Statement of Assets and Liabilities. When the contract is closed, 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 transactions in the 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.

At December 31, 2011, SA Global Fixed Income Fund had the following open forward foreign currency exchange contracts:

		Local	Aggregate				Unrealized
	Delivery	Currency	Face		Total		Appreciation/
	Date	Amount	Amount		Value		(Depreciation)
Australian Dollar (sell)	1/25/2012	22,355,155	$	22,384,641	$	22,810,441	$	(425,800	)
Canadian Dollar (sell)	1/25/2012	48,268,338	$	46,870,837	$	47,356,541	$	(485,704	)
Pound Sterling (sell)	1/25/2012	88,245,201	$	138,281,730	$	137,020,087	$	1,261,643
Euro Currency (sell)	1/25/2012	52,727,078	$	69,219,581	$	68,250,766	$	968,815
Japanese Yen (sell)	1/25/2012	707,028,367	$	9,094,560	$	9,188,437	$	(93,877	)
							$	1,225,077

48

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

The Funds have adopted provisions surrounding disclosures regarding derivative instruments and hedging activities. The following table, grouped into appropriate risk categories, discloses the amounts related to each Fund’s use of derivative instruments and hedging activities at December 31, 2011:

     SA Global Fixed Income Fund

Asset Derivatives (1)
	Foreign
	Exchange
	Contracts Risk			Total
Forward Contracts	$	2,230,457		$	2,230,457
Liability Derivatives (2)
	Foreign
	Exchange
	Contracts Risk			Total
Forward Contracts	$	(1,005,380	)	$	(1,005,380	)

     (1) Statement of Assets and Liabilities location: Unrealized appreciation on foreign currency exchange contracts.

     (2) Statement of Assets and Liabilities location: Unrealized depreciation on foreign currency exchange contracts.

Transactions in derivative instruments during the six months ended December 31, 2011, were as follows:

Realized Gain (Loss) (1)
	Foreign
	Exchange
	Contracts Risk		Total
Forward Contracts	$	240,107	$	240,107
Change in Unrealized Appreciation (Depreciation) (2)
	Foreign
	Exchange
	Contracts Risk		Total
Forward Contracts	$	439,310	$	439,310

     (1) Statement of Operations location: Realized gain (loss) on: Foreign currency transactions.

     (2) Statement of Operations location: Increase (decrease) in unrealized appreciation/depreciation on: Foreign currency transactions

For the six months ended December 31, 2011, the average monthly principal amount of foreign currency exchange contracts was $296,191,758.

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

49

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

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

Expenses directly attributable to a specific Fund are charged to the respective Fund. Expenses that cannot be attributed to a particular Fund are apportioned among the Funds evenly or based on relative net assets.

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

Federal Income Taxes —The Funds’policy is to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of the Funds’ taxable income to their shareholders. Therefore, no income tax provision is required.

On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed into law. The Modernization Act modifies several of the federal income and excise tax provisions related to Regulated Investment Companies (“RICs”). Under the Modernization Act, new capital losses may now be carried forward indefinitely, and retain the character of the original loss as compared with the pre-enactment law where capital losses could be carried forward for eight years, and carried forward as short-term losses, irrespective of the character of the original loss.

The Modernization Act contains simplified provisions aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests. Additionally, the Modernization Act repeals the preferential dividend rule for publicly offered RICs and repeals the 60-day designation requirement for certain types of pay-through income and gains while retaining the requirement that such dividends be reported by the RIC in written statements furnished to its shareholders.

The Modernization Act contains several provisions aimed at preserving the character of distributions made by a RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

Except for the simplified provisions related to RIC qualification, the Modernization Act is effective for taxable years beginning after December 22, 2010. The provisions related to RIC qualification are effective for taxable years for which the extended due date of the tax return is after December 22, 2010.

Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded with respect to uncertain tax positions taken on returns filed for open tax years (2009-2011), or expected to be taken in the Funds’ 2012 tax returns.

50

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

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

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

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

2. Agreements and Transactions with Affiliates

The Trust has an Investment Advisory and Administrative Services Agreement with the Adviser (the “Investment Advisory Agreement”) under which the Adviser manages the investments of, and provides administrative services to, each Fund. The Adviser is an indirect, wholly-owned subsidiary of Werba Reinhard, Inc., a U.S. company based in San Jose, California. Werba Reinhard, Inc. is controlled by Mr. Eli Reinhard through his sole ownership interest in Arcadia Loring Ward, LLC and Mr. Reinhard’s role as the sole trustee of nine trusts administered for the benefit

51

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

of Mr. Reinhard’s family, each of which has an ownership interest in Werba Reinhard, Inc. Effective June 6, 2011, for the advisory services provided, the Adviser is entitled to a fee from each Fund computed daily and payable monthly as follows:

	Advisory
Fund	Fees
SA U.S. Fixed Income Fund	0.25	%
SA Global Fixed Income Fund	0.30	%
SA U.S. Core Market Fund	0.55	%
SA U.S. Value Fund	0.55	%
SA U.S. Small Company Fund	0.55	%
SA International Value Fund	0.65	%
SA International Small Company Fund	0.65	%
SA Emerging Markets Value Fund	0.65	%
SA Real Estate Securities Fund	0.55	%

     For the administrative services provided, the Adviser is entitled to a fee from each Fund computed daily and payable monthly at the annual rate of 0.10% of the average daily net assets of each Fund.

The Trust and the Adviser have jointly entered into an Investment Sub-Advisory Agreement with the Sub-Adviser (the “Sub-Advisory Agreement”). For the sub-advisory services provided, the Sub-Adviser is entitled to a fee from each Fund computed daily and payable monthly at an annual rate based on each Fund’s average daily net assets. SA International Small Company Fund will not pay a fee to the Sub-Adviser for its sub-advisory services for as long as it invests substantially all of its assets in the DFA Portfolio. However, the Sub-Adviser receives an administration fee from the DFA Portfolio and also receives advisory fees for providing advisory services to the funds in which the DFA Portfolio invests.

	Sub-Advisory
Fund	Fees
SA U.S. Fixed Income Fund	0.10	%
SA Global Fixed Income Fund	0.05	%
SA U.S. Core Market Fund*	0.05	%
SA U.S. Value Fund	0.10	%
SA U.S. Small Company Fund	0.35	%
SA International Value Fund	0.20	%
SA Emerging Markets Value Fund	0.50	%
SA Real Estate Securities Fund	0.15	%

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

The Trust has a Shareholder Servicing Agreement with the Adviser. For the shareholder services provided the Adviser is entitled to a fee from each Fund computed daily and payable monthly at the annual rate of 0.25% of the average daily net assets of each Fund.

52

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

The Adviser contractually agreed to waive its management fees and/or to reimburse expenses to the extent necessary to limit each Fund’s total operating expenses to the amounts shown in the table below. This agreement will remain in effect until October 28, 2021, at which time the agreement may be continued, modified or eliminated and net expenses will be adjusted as necessary. This agreement may only be terminated with the approval of the Trust’s Board.

	Expense
Fund	Limitation
SA U.S. Fixed Income Fund	0.65	%
SA Global Fixed Income Fund	0.80	%
SA U.S. Core Market Fund	1.00	%
SA U.S. Value Fund	1.05	%
SA U.S. Small Company Fund	1.20	%
SA International Value Fund	1.35	%
SA International Small Company Fund	1.10	%
SA Emerging Markets Value Fund	1.45	%
SA Real Estate Securities Fund	1.00	%

Prior to October 28, 2011, the expense limitations for SA Global Fixed Income Fund and SA International Value Fund were 0.85% and 1.45%, respectively.

     The Adviser may elect to recapture any amounts waived or reimbursed subject to the following conditions: (1) the Adviser must request reimbursement within three years from the end of the year in which the waiver/reimbursement is made, (2) the Board must approve the reimbursement, (3) reimbursement will be permitted if, and to the extent that, the relevant Fund does not exceed its operating expense limitation after giving effect to the reimbursement, and (4) the Adviser may not request or receive reimbursements for the reductions and waivers before payment of the relevant Fund’s operating expenses for the current fiscal year. During the six months ended December 31, 2011, the Adviser recaptured $70,158 from SA Global Fixed Income Fund pursuant to these conditions. As of December 31, 2011 the following amounts are subject to this recapture through June 30, 2012, June 30, 2013 and June 30, 2014, respectively.

	Expires		Expires		Expires
Fund	June 30, 2012		June 30, 2013		June 30, 2014
SA U.S. Fixed Income Fund	$	421,649	$	503,586	$	666,067
SA Global Fixed Income Fund		1,509,522		1,403,642		1,509,521
SA U.S. Core Market Fund		702,908		639,920		726,592
SA U.S. Value Fund		519,503		556,259		616,019
SA U.S. Small Company Fund		760,572		774,384		888,650
SA International Value Fund		—		—		—
SA International Small Company Fund		185,664		153,408		188,413
SA Emerging Markets Value Fund		332,353		378,982		463,663
SA Real Estate Securities Fund		294,575		318,162		417,871

Trustees’ Fees and Expenses —For their services as Trustees, the Trustees of the Trust received an annual retainer fee of $75,000, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. The Chairman of the Board received an additional $7,500 per year. Effective January 1, 2012, the annual retainer fee will be $80,000 and the Chairman of the Board will receive an additional $8,000 per year.

53

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2011 (Unaudited) (Continued)

     Sub-Administration Fees—State Street serves as sub-administrator for the Trust, pursuant to a Sub-Administration Agreement with the Trust and the Adviser. During the period prior to September 1, 2011, for the sub-administrative services provided, State Street received a fee that was calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust as follows: 0.02% of the first $1.5 billion of net assets, plus 0.0175% of net assets over $1.5 billion. The fee was then allocated to each Fund based on the relative net assets of each Fund, subject to a minimum fee of $68,700 annually per Fund. In addition, State Street received $5,000 per Fund, per year except for the SA International Small Company Fund, for which State Street received $2,000 per year, for performing additional services related to the preparation of the Schedule of Investments on Form N-Q.

As of September 1, 2011, State Street receives a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust as follows: 0.0175% of the first $1.5 billion of net assets, plus 0.015% of net assets over $1.5 billion. The fee is then allocated to each Fund based on the relative net assets of each Fund, subject to a minimum fee of $70,000 annually per Fund, except for SA International Small Company Fund, which is subject to a minimum fee of $50,000 annually.

3. Purchases and Sales of Securities

Excluding short-term investments, each Fund’s purchases and sales of securities for the six months ended December 31, 2011 were as follows:

	Purchases
	U.S. Government		Other
SA U.S. Fixed Income Fund		76,016,944	62,380,357
SA Global Fixed Income Fund		—	123,759,109
SA U.S. Core Market Fund		—	12,562,389
SA U.S. Value Fund		—	18,345,654
SA U.S. Small Company Fund		—	19,729,035
SA International Value Fund		—	60,797,688
SA International Small Company Fund		N/A	N/A
SA Emerging Markets Value Fund		—	11,762,779
SA Real Estate Securities Fund		—	5,207,568
	Sales
	U.S. Government		Other
SA U.S. Fixed Income Fund		95,957,019	28,259,463
SA Global Fixed Income Fund		8,519,963	106,611,785
SA U.S. Core Market Fund		—	16,236,926
SA U.S. Value Fund		—	15,363,104
SA U.S. Small Company Fund		—	19,703,202
SA International Value Fund		—	52,510,101
SA International Small Company Fund		N/A	N/A
SA Emerging Markets Value Fund		—	3,532,023
SA Real Estate Securities Fund		—	941,972

N/A — Refer to the financial statements of the DFA Portfolio, included elsewhere in this report.

4. Subsequent Events

Management has evaluated the possibility of subsequent events existing in the Funds’ financial statements through the date these financial statements were issued. Management has determined that there are no material events that would require disclosure in the Funds’ financial statements through this date.

54

SA FUNDS

ADDITIONAL INFORMATION (Unaudited)

Proxy Voting Policies and Procedures

     The Sub-Adviser is responsible for exercising the voting rights associated with the securities purchased and/ or held by the Funds. A description of the policies and procedures that are used by the Sub-Adviser to vote proxies relating to the Funds’ portfolio securities is available without charge, upon request, by calling (800) 366-7266 and on the Securities and Exchange Commission’s website (“SEC”) at http://www.sec.gov. Information regarding how the Sub-Adviser voted these proxies during the most recent 12-month period ended June 30th is listed in the Trust’s Form N-PX, which is available after August 31st without charge, upon request, by calling the same number or visiting the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedule

The Trust files a complete schedule of portfolio holdings for each Fund for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s most recent Form N-Q is also available without charge, upon request, by calling (800) 366-7266.

Semi-Annual Portfolio Schedule

The Trust files a complete schedule of the portfolio holdings for each Fund for the second quarter of each fiscal year on Form N-CSR. The Trust’s Form N-CSR is available on the SEC’s website at http://www.sec.gov or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Trust’s most recent Form N-CSR is also available without charge, upon request, by calling (800) 366-7266.

Trustees and Officers’ Information

Information regarding the Trustees and executive officers of the Trust is listed below. The Board governs each Fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fund’s activities, review contractual arrangements with companies that provide services to each Fund, and review each Fund’s performance. The Board of Trustees is comprised entirely of Trustees who are not “interested persons” of the Trust, as such term is defined under the 1940 Act (the “Independent Trustees”).

Those individuals listed in the table below whose names are marked with an asterisk (*) are interested persons of the Trust (as defined by the 1940 Act) by virtue of, among other considerations, their relationships with the Adviser, Loring Ward Securities Inc. (the “Distributor”) or their affiliated entities. Each Trustee and executive officer of the Trust oversees all Funds of the Trust.

55

SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

			Number of
	Position(s)		Portfolios in
	Held with	Principal	Fund Complex	Other
Name, Address,(1)	Trust and Length of	Occupation(s)	Overseen by	Trusteeships/
and Year of Birth	Time Served(2)	During Past 5 Years	Trustee	Directorships Held
Independent Trustees*:
Bryan W. Brown Year of Birth: 1945	Trustee (since April 1999) Chairman (since December 2004)	Self-Employed Management Consultant (financial and technological systems) (since 1992); Chief Financial Officer, Bioexpertise, Inc. (physician’s web-based continuing education) (since 2003); Chief Financial Officer, ONTHERIX, INC. (a pharmaceutical development company) (since 2008); Chief Financial Officer, PharmaGenias, Inc. (biotechnology and pharmaceutical clinical trial services) (2004-2008); Chief Financial Officer, DISK-IOPS (a patent licensing company in the life science industry) (2009-2011).	9	Director/Officer, Friends of the California Air & Space Center (aviation museum) (1999-2010).
Harold M. Shefrin Year of Birth: 1948	Trustee (since April 1999)	Professor of Finance, Santa Clara University (since 1978).	9	Trustee, Litman Gregory Funds Trust (6 portfolios) (since February 2005).

(1)	The address of each Trustee is: LWI Financial Inc., 3055 Olin Ave., Suite 2000, San Jose, CA 95128.
(2)	Each Trustee serves for the lifetime of the Trust or until he dies, resigns, or is removed.
*	Prior to October 1, 2011, Mark Schimbor also served as an Independent Trustee.

     The Funds’ Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-366-7266. It is also available on the Funds’ website at: http://sa-funds.net.

56

SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

Officers of the Trust

	Position(s)
	Held with
Name, Address(1)	Trust and Length of
and Year of Birth	Time Served(2)	Principal Occupation(s) During Past 5 Years
Alexander B. Potts* Year of Birth: 1967	President and Chief Executive Officer (since January 2009).	President and Chief Executive Officer, LWI Financial Inc., Loring Ward Securities Inc. and Loring Ward Group Inc. (since January 2009); President and Chief Executive Officer, Werba Reinhard, Inc. (since January 2008); Consultant, Werba Reinhard, Inc. (2007); Executive Vice President and Chief Operating Officer, LWI Financial Inc. (2006-2007):
Michael R. Clinton* Year of Birth: 1966	Chief Financial and Accounting Officer and Treasurer (since March 2009).	Chief Operating Officer, Chief Financial Officer and Treasurer, LWI Financial Inc., Loring Ward Securities Inc. and Loring Ward Group Inc. (since March 2009); Chief Financial Officer and Treasurer, Werba Reinhard, Inc. (since March 2009); Vice President of Fund Administration, Charles Schwab Investment Management (2004- 2009).
Christopher D. Stanley* Year of Birth: 1983	Vice President, Chief Legal Officer, Chief Compliance Officer and Anti-Money Laundering Compliance Officer (since April 2011).	Vice President, General Counsel and Chief Legal Officer, LWI Financial Inc., Loring Ward Securities Inc. and Loring Ward Group Inc. (since April 2011); Chief Compliance Officer, Loring Ward Securities Inc. (since April 2011); Corporate Secretary and General Counsel, Werba Reinhard Inc. (since April 2011); Director of Compliance, LWI Financial Inc. and Loring Ward Securities Inc. (2009-2011); Legal Clerk, LWI Financial Inc. and Loring Ward Securities Inc. (2008-2009); Summer Associate, Bell, Rosenberg & Hughes LLP (2007).
Joni Clark* Year of Birth: 1966	Vice President and Chief Investment Officer (since March 2010).	Executive Vice President and Chief Investment Officer, LWI Financial Inc. (since June 2010); Chief Investment Strategist, LWI Financial Inc. (2007-2010); Investment Committee Member, LWI Financial Inc. (2003-2007); Senior Manager of Investment Services, Assante Global Advisors, Inc. and LWI Financial Inc. (2002-2007).
Marcy D. Tsagarakis* Year of Birth: 1971	Secretary (since June 2006).	Vice President, Fund Administration, LWI Financial Inc. and Loring Ward Securities Inc. (since 2005).

(1)	The address of each officer is: LWI Financial Inc., 3055 Olin Ave., Suite 2000, San Jose, CA 95128.
(2)	The Trust’s officers are appointed annually by the Board, and each officer serves until he or she dies, resigns or is removed.

57

SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

Understanding Your Fund’s Expenses
Shareholder Expense Example

     As a mutual fund shareholder you incur ongoing costs including management fees, shareholder services fees, fees for administrative services and other Fund expenses. These costs are described in more detail in the Funds’ prospectus. The examples below are intended to help you understand your ongoing costs of investing in the Funds and help you compare these with the ongoing costs of investing in other mutual funds. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended December 31, 2011 and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

SA U.S. Fixed Income Fund

	Beginning	Ending		Expenses Paid
	Account Value	Account Value		During Period*
	7/01/11	12/31/11		7/01/11-12/31/11
Actual	$1,000.00	$	999.50	$3.27
Hypothetical (5% return before expenses)	$1,000.00	$	1,021.87	$3.30

*	Expenses are equal to the Fund’s annualized expense ratio of 0.65% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Such expenses are limited by agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.
	You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.

58

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ADDITIONAL INFORMATION (Unaudited) (Continued)

SA Global Fixed Income Fund

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	7/01/11	12/31/11	7/01/11-12/31/11
Actual	$1,000.00	$1,004.10	$4.18
Hypothetical (5% return before expenses)	$1,000.00	$1,020.96	$4.22

*	Expenses are equal to the Fund’s annualized expense ratio of 0.83% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Such expenses are limited by agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.
	You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.

SA U.S. Core Market Fund

	Beginning	Ending		Expenses Paid
	Account Value	Account Value		During Period*
	7/01/11	12/31/11		7/01/11-12/31/11
Actual	$1,000.00	$	947.90	$4.90
Hypothetical (5% return before expenses)	$1,000.00	$	1,020.11	$5.08

*	Expenses are equal to the Fund’s annualized expense ratio of 1.00% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Such expenses are limited by agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.
	You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.

SA U.S. Value Fund

	Beginning	Ending		Expenses Paid
	Account Value	Account Value		During Period*
	7/01/11	12/31/11		7/01/11-12/31/11
Actual	$1,000.00	$	888.80	$4.99
Hypothetical (5% return before expenses)	$1,000.00	$	1,019.86	$5.33

*	Expenses are equal to the Fund’s annualized expense ratio of 1.05% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Such expenses are limited by agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.
	You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.

59

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ADDITIONAL INFORMATION (Unaudited) (Continued)

SA U.S. Small Company Fund

	Beginning	Ending		Expenses Paid
	Account Value	Account Value		During Period*
	7/01/11	12/31/11		7/01/11-12/31/11
Actual	$1,000.00	$	900.90	$5.73
Hypothetical (5% return before expenses)	$1,000.00	$	1,019.10	$6.09

*	Expenses are equal to the Fund’s annualized expense ratio of 1.20% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Such expenses are limited by agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.
	You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.

SA International Value Fund

	Beginning	Ending		Expenses Paid
	Account Value	Account Value		During Period*
	7/01/11	12/31/11		7/01/11-12/31/11
Actual	$1,000.00	$	798.60	$6.10
Hypothetical (5% return before expenses)	$1,000.00	$	1,018.35	$6.85

*	Expenses are equal to the Fund’s annualized expense ratio of 1.35% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Such expenses are limited by agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.
	You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.

SA International Small Company

	Beginning	Ending		Expenses Paid
	Account Value	Account Value		During Period*
	7/01/11	12/31/11		7/01/11-12/31/11
Actual	$1,000.00	$	804.50	$4.99
Hypothetical (5% return before expenses)	$1,000.00	$	1,019.61	$5.58

*	Expenses are equal to the Fund’s annualized expense ratio of 1.10% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Such expenses are limited by agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.
	You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.
	With respect to SA International Small Company Fund, the amounts set forth in the table reflect only those expenses incurred directly by the Fund. The expenses incurred by the DFA Portfolio and the underlying funds in which it invests are reflected in the valuation of the Fund’s investment in the DFA Portfolio. Because these expenses are passed indirectly, rather than directly, to the Fund, they are not reflected in the table. For the six months ended October 31, 2011, the total annual operating expenses of the DFA Portfolio was 0.55%.

60

SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

SA Emerging Markets Value Fund

	Beginning	Ending		Expenses Paid
	Account Value	Account Value		During Period*
	7/01/11	12/31/11		7/01/11-12/31/11
Actual	$1,000.00	$	766.60	$6.44
Hypothetical (5% return before expenses)	$1,000.00	$	1,017.85	$7.35

*	Expenses are equal to the Fund’s annualized expense ratio of 1.45% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Such expenses are limited by agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.
	You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.

SA Real Estate Securities Fund

	Beginning	Ending		Expenses Paid
	Account Value	Account Value		During Period*
	7/01/11	12/31/11		7/01/11-12/31/11
Actual	$1,000.00	$	982.00	$4.98
Hypothetical (5% return before expenses)	$1,000.00	$	1,020.11	$5.08

*	Expenses are equal to the Fund’s annualized expense ratio of 1.00% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). Such expenses are limited by agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.
	You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.

61

Selected Financial Statements of DFA Investment Dimensions Group Inc.

International Small Company Portfolio

TABLE OF CONTENTS

	Page
Definitions of Abbreviations and Footnotes	63
Disclosure of Fund Expenses — October 31, 2011 (Unaudited)	64
Disclosure of Portfolio Holdings — October 31, 2011 (Unaudited)	65
Schedule of Investments — December 31, 2011 (Unaudited)	66
Schedule of Investments — October 31, 2011	67
Statement of Assets and Liabilities — December 31, 2011 (Unaudited)	68
Statement of Assets and Liabilities — October 31, 2011	69
Statement of Operations	70
Statements of Changes in Net Assets	71
Financial Highlights	72
Notes to Financial Statements — October 31, 2011	73
Report of Independent Registered Public Accounting Firm	79

62

DFA INVESTMENT DIMENSIONS GROUP INC.

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

Schedule of Investments/Summary Schedules of Portfolio Holdings

Investment Abbreviations
	FNMA	Federal National Mortgage Association
	P.L.C.	Public Limited Company
	SA	Special Assessment
Investment Footnotes
	†	See Note B to Financial Statements.
	††	Securities have generally been fair valued. See Note B to Financial Statements.
	**	Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities.
	*	Non-Income Producing Securities.
	#	Total or Partial Securities on Loan.
	@	Security purchased with cash proceeds from Securities on Loan.
	§	Affiliated Fund.
Financial Highlights
	(A)	Computed using average shares outstanding.
	(B)	Annualized
	(C)	Non-Annualized
	(D)	Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund Series.
	(E)	Because of commencement of operations and related preliminary transaction costs, these ratios are not necessarily indicative of future ratios.
All Statements, Schedules and Notes to Financial Statements.
	—	Amounts designated as — are either zero or rounded to zero.
	SEC	Securities and Exchange Commission
	(a)	Commencement of Operations.

63

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

DISCLOSURE OF FUND EXPENSES
(Unaudited)

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

The Expense Table below illustrates your fund’s costs in two ways.

Actual Fund Return

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

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

Hypothetical Example for Comparison Purposes

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

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

		Six Months Ended October 31, 2011
EXPENSE TABLE
	Beginning	Ending			Expenses
	Account	Account		Annualized	Paid
	Value	Value		Expense	During
	05/01/11	10/31/11		Ratio*	Period*
Actual Fund Return
Institutional Class Shares	$1,000.00	$	825.23	0.56%	$2.58
Hypothetical 5% Annual Return
Institutional Class Shares	$1,000.00	$	1,022.38	0.56%	$2.85

____________________
 

* Expenses are equal to the fund’s annualized expense ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by the number of days in the year (365) to reflect the six-month period. The Portfolio is a Fund of Funds. The expenses shown reflect the direct expenses of the Fund of Funds and the indirect payment of the Fund of Fund’s portion of the expenses of its Master Funds (Affiliated Investment Companies).

64

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)

     The SEC requires that all Funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters on Form N-Q. For DFA Investment Dimensions Group Inc., this would be for the fiscal quarters ending January 31 and July 31. The Form N-Q filing must be made within 60 days of the end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent Form N-Q with the SEC on September 28, 2011. It is available upon request, without charge, by calling collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the SEC’s website at http://www.sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the Public Reference Room).

PORTFOLIO HOLDINGS

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

The categories of industry classification for the Affiliated Investment Companies are represented in the Disclosure of Portfolio Holdings, which are included elsewhere within the report. Refer to the Summary Schedule of Portfolio Holdings for each of the underlying Master Funds’ holdings which reflect the investments by category or country.

Affiliated Investment Companies 100.0%

65

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

SCHEDULE OF INVESTMENTS

December 31, 2011
(Unaudited)

	Value†
AFFILIATED INVESTMENT COMPANIES — (100.0%)
Investment in The Continental Small Company Series
of The DFA Investment Trust Company	$	1,702,757,648
Investment in The Japanese Small Company Series
of The DFA Investment Trust Company		1,324,964,361
Investment in The United Kingdom Small Company Series
of The DFA Investment Trust Company		1,044,697,872
Investment in The Canadian Small Company Series
of The DFA Investment Trust Company		697,396,132
Investment in The Asia Pacific Small Company Series
of The DFA Investment Trust Company		681,321,082
TOTAL INVESTMENTS IN AFFILIATED
INVESTMENT COMPANIES (Cost $5,857,150,854)		5,451,137,095
TOTAL INVESTMENTS — (100.0%) (Cost $5,857,150,854)^	$	5,451,137,095

____________________ 

^ The cost for federal income tax purposes is $5,867,191,048.

Summary of inputs used to value the Portfolio’s investments as of December 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2	Level 3	Total
Affiliated Investment Companies	$	5,451,137,095	—	—	$	5,451,137,095
TOTAL	$	5,451,137,095	—	—	$	5,451,137,095

See accompanying Notes to Financial Statements.
66

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2011

	Value†
AFFILIATED INVESTMENT COMPANIES — (100.0%)
Investment in The Continental Small Company Series
of The DFA Investment Trust Company	$	1,884,274,386
Investment in The Japanese Small Company Series
of The DFA Investment Trust Company		1,339,627,823
Investment in The United Kingdom Small Company Series
of The DFA Investment Trust Company		1,099,968,620
Investment in The Asia Pacific Small Company Series
of The DFA Investment Trust Company		767,432,021
Investment in The Canadian Small Company Series
of The DFA Investment Trust Company		736,260,868
TOTAL INVESTMENTS IN AFFILIATED
INVESTMENT COMPANIES (Cost $5,863,291,899)		5,827,563,718
TOTAL INVESTMENTS — (100.0%) (Cost $5,863,291,899)	$	5,827,563,718

Summary of inputs used to value the Portfolio’s investments as of October 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2	Level 3	Total
Affiliated Investment Companies	$	5,827,563,718	—	—	$	5,827,563,718
TOTAL	$	5,827,563,718	—	—	$	5,827,563,718

See accompanying Notes to Financial Statements.
67

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2011
(Unaudited)
(Amounts in thousands, except share and per share amounts)

ASSETS:
Investments in Affiliated Investment Companies at Value	$	5,451,137
Cash		13,878
Receivables:
Prepaid Expenses and Other Assets		42
Total Assets		5,465,057
LIABILITIES:
Payables:
Due to Advisor		1,937
Accrued Expenses and Other Liabilities		329
Total Liabilities		2,266
NET ASSETS	$	5,462,791
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Institutional Class Shares — based on net assets of $5,462,791 and shares outstanding
of 394,736,656	$	13.84
Investments in Affiliated Investment Companies at Cost	$	5,857,151
NET ASSETS CONSIST OF:
Paid-In Capital	$	5,899,787
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)		(54,543	)
Accumulated Net Realized Gain (Loss)		23,617
Net Unrealized Foreign Exchange Gain (Loss)		(56	)
Net Unrealized Appreciation (Depreciation)		(406,014	)
NET ASSETS	$	5,462,791

See accompanying Notes to Financial Statements.
68

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

OCTOBER 31, 2011
(Amounts in thousands, except share and per share amounts)

ASSETS:
Investments in Affiliated Investment Companies at Value	$	5,827,564
Receivables:
Affiliated Investment Companies Sold		12,000
Fund Shares Sold		14,962
Prepaid Expenses and Other Assets		47
Total Assets		5,854,573
LIABILITIES:
Payables:
Affiliated Investment Companies Purchased		12,000
Fund Shares Redeemed		3,730
Due to Advisor		1,887
Loan Payable		2,643
Accrued Expenses and Other Liabilities		298
Total Liabilities		20,558
NET ASSETS	$	5,834,015
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Institutional Class Shares — based on net assets of $5,834,015 and shares outstanding
of 383,664,864	$	15.21
NUMBER OF SHARES AUTHORIZED		1,500,000,000
Investments in Affiliated Investment Companies at Cost	$	5,863,292
NET ASSETS CONSIST OF:
Paid-In Capital	$	5,763,382
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)		6,376
Accumulated Net Realized Gain (Loss)		99,876
Net Unrealized Foreign Exchange Gain (Loss)		109
Net Unrealized Appreciation (Depreciation)		(35,728	)
NET ASSETS	$	5,834,015

See accompanying Notes to Financial Statements.
69

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2011

(Amounts in thousands)

Investment Income*
Net Investment Income Received from
Affiliated Investment Companies:
Dividends (Net of Foreign Taxes Withheld of $12,592)	$	166,353
Interest		41
Income from Securities Lending		14,413
Expenses Allocated from Affiliated Investment Companies		(8,917	)
Total Net Investment Income Received from
Affiliated Investment Companies		171,890
Fund Investment Income
Interest		13
Total Fund Investment Income		13
Fund Expenses
Administrative Services Fees		24,741
Accounting & Transfer Agent Fees		85
Filing Fees		160
Shareholders’ Reports		171
Directors’/Trustees’ Fees & Expenses		53
Professional Fees		65
Other		51
Total Expenses		25,326
Net Investment Income (Loss)		146,577
Realized and Unrealized Gain (Loss)*
Net Realized Gain (Loss) on:
Investment Securities Sold		205,897
Futures		(271	)
Foreign Currency Transactions		(103	)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		(571,803	)
Translation of Foreign Currency Denominated Amounts		(340	)
Net Realized and Unrealized Gain (Loss)		(366,620	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(220,043	)

____________________
 

* Investment Income and Realized and Unrealized Gain (Loss) were allocated from each Portfolio’s Master Fund (Affiliated Investment Companies).

See accompanying Notes to Financial Statements.
70

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)

	Year			Year
	Ended			Ended
	Oct. 31,			Oct. 31,
	2011			2010
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	146,577		$	90,630
Net Realized Gain (Loss) on:
Investment Securities Sold		205,897			157,743
Futures		(271	)		—
Foreign Currency Transactions		(103	)		1,622
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		(571,803	)		551,254
Translation of Foreign Currency Denominated Amounts		(340	)		210
Net Increase (Decrease) in Net Assets Resulting from Operations		(220,043	)		801,459
Distributions From:
Net Investment Income:
Institutional Class Shares		(179,486	)		(84,604	)
Total Distributions		(179,486	)		(84,604	)
Capital Share Transactions (1):
Shares Issued		1,380,524			1,099,327
Shares Issued in Lieu of Cash Distributions		171,227			80,737
Shares Redeemed		(829,801	)		(655,189	)
Net Increase (Decrease) from Capital Share Transactions		721,950			524,875
Total Increase (Decrease) in Net Assets		322,421			1,241,730
Net Assets
Beginning of Period		5,511,594			4,269,864
End of Period	$	5,834,015		$	5,511,594
(1) Shares Issued and Redeemed:
Shares Issued		81,929			75,592
Shares Issued in Lieu of Cash Distributions		10,276			5,955
Shares Redeemed		(50,113	)		(45,123	)
Net Increase (Decrease) from Shares Issued and Redeemed		42,092			36,424
Undistributed Net Investment Income (Distributions in Excess of Net
Investment Income)	$	6,376		$	31,973

See accompanying Notes to Financial Statements.
71

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period)

										Period
	Year			Year			Year			Dec. 1,			Year			Year
	Ended			Ended			Ended			2007 to			Ended			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Nov. 30,			Nov. 30,
	2011			2010			2009			2008			2007			2006
Net Asset Value, Beginning of
Period	$	16.14		$	13.99		$	10.07		$	20.80		$	19.43		$	16.19
Income From Investment
Operations
Net Investment Income
(Loss)(A)		0.40			0.28			0.28			0.44			0.43			0.36
Net Gains (Losses) on
Securities (Realized and
Unrealized)		(0.83	)		2.13			3.91			(9.55	)		2.07			4.02
Total From Investment
Operations		(0.43	)		2.41			4.19			(9.11	)		2.50			4.38
Less Distributions
Net Investment Income		(0.50	)		(0.26	)		(0.27	)		(0.45	)		(0.46	)		(0.36	)
Net Realized Gains		—			—			—			(1.17	)		(0.67	)		(0.78	)
Total Distributions		(0.50	)		(0.26	)		(0.27	)		(1.62	)		(1.13	)		(1.14	)
Net Asset Value, End of
Period	$	15.21		$	16.14		$	13.99		$	10.07		$	20.80		$	19.43
Total Return		(2.92	)%		17.61	%		42.34	%		(47.13	)%(C)		13.29	%		28.51	%
Net Assets, End of Period
(thousands)	$	5,834,015		$	5,511,594		$	4,269,864		$	3,084,373		$	5,597,209		$	4,546,071
Ratio of Expenses to Average
Net Assets (D)		0.55	%		0.56	%		0.57	%		0.55	%(B)		0.55	%		0.56	%
Ratio of Expenses to Average
Net Assets (Excluding
Waivers and Assumption
of Expenses and/or
Recovery of Previously
Waived Fees) (D)		0.55	%		0.56	%		0.57	%		0.55	%(B)		0.55	%		0.56	%
Ratio of Net Investment
Income to Average
Net Assets		2.37	%		1.94	%		2.48	%		2.90	%(B)		2.03	%		2.04	%

See page 63 for the Definitions of Abbreviations and Footnotes.

See accompanying Notes to Financial Statements.
72

DFA INVESTMENT DIMENSIONS GROUP INC.

NOTES TO FINANCIAL STATEMENTS

OCTOBER 31, 2011

A. Organization:

     DFA Investment Dimensions Group Inc. (the “Fund”) is an open-end management investment company registered under the Investment Company Act of 1940, whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. The Fund consists of sixty operational portfolios and the International Small Company Portfolio ( the “Portfolio”) is included in this report.

The Portfolio is a Fund of Funds that invests in five series of The DFA Investment Trust Company (the “Master Funds”):

		Percentage
		Ownership
Fund of Funds	Master Funds	at 10/31/11
International Small Company Portfolio	The Japanese Small Company Series	89	%
	The Asia Pacific Small Company Series	85	%
	The United Kingdom Small Company Series	97	%
	The Continental Small Company Series	94	%
	The Canadian Small Company Series	100	%

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

At a regular meeting of the Board of Directors/Trustees (the “Board”) on September 16, 2008, the Board voted to change the fiscal and tax year ends of the Portfolio from November 30 to October 31.

B. Significant Accounting Policies:

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

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

     • Level 1 – quoted prices in active markets for identical securities

     • 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)

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

A summary of inputs used to value the Portfolio’s investments by each major security type is disclosed at the end of the Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Portfolio did not have any significant transfers between Level 1 and Level 2 during the year ended October 31, 2011.

73

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

Each Director has the option to receive their distribution of proceeds in one of the following methods: lump sum; annual installments over a period of agreed upon years; or quarterly installments over a period of agreed upon years. Each Director shall have the right in a notice of election to defer compensation (the “Notice”) to elect to defer the receipt of the Director’s deferred compensation until a date specified by such Director in the Notice, which date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Director ceases to be a member of the Board of the Fund; and (ii) five years following the effective date of the Director’s first deferral election. If a Director who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Director’s deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Director ceases to be a member of the Board of the Fund (unless the Director files an amended Notice selecting a different distribution date). As of October 31, 2011, none of the Directors have requested or received a distribution of proceeds of a deferred fee account.

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

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

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

C. Investment Advisor and Administrator:

Dimensional Fund Advisors LP (“Dimensional” or the “Advisor”) provides administrative services to the Portfolio, including supervision of services provided by others, providing information to shareholders and the Board of Directors/Trustees, and other administrative services.

For the year ended October 31, 2011, the Portfolio’s administrative services fees were accrued daily and paid monthly to the Advisor based on an effective annual rate of 0.40% of average daily net assets.

Pursuant to a Fee Waiver and Expense Assumption Agreement for the International Small Company Portfolio, the Advisor has contractually agreed to waive its administration fees and to assume the Portfolio’s other direct expenses to the extent necessary to limit the direct expenses of the Portfolio to 0.45% of its average net assets on an annualized basis. The Fee Waiver and Expense Assumption Agreement does not include the indirect expenses the Portfolio bears as a shareholder of the Master Funds. At any time that the direct expenses of the Portfolio are less than 0.45% of its average net assets on an annualized basis, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed

74

to the extent that such recovery will not cause the Portfolio’s direct expenses to exceed 0.45% of average net assets on an annualized basis. The International Small Company Portfoliois not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of recovery. The Fee Waiver and Expense Assumption Agreement will remain in effect through February 28, 2012, and shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. For the year ended October 31, 2011, there were no fees waived subject to future recovery by the Advisor.

     The Advisor has contractually agreed to waive its administration fee and to assume the Portfolio’s other direct expenses (for International Small Company, not including expenses incurred through its investment in other investment companies) to the extent necessary to limit the direct expenses of the Portfolio to the rates listed above as a percentage of average net assets on an annualized basis. The Fee Waiver and Expense Assumption Agreement does not include the indirect expenses the Portfolio bears as a shareholder of its Master Funds. At any time that the direct expenses of the Portfolio are less than the rate listed above as a percentage of average net assets on an annualized basis, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the Portfolio’s direct expenses to exceed the applicable percentage of average net assets on an annualized basis, as listed above.

Fees Paid to Officers and Directors/Trustees:

Certain Officers and Directors/Trustees of the Advisor are also Officers and Directors/Trustees of the Fund; however, such Officers and Directors/Trustees (with the exception of the Chief Compliance Officer (“CCO”)) receive no compensation from the Fund. For the year ended October 31, 2011, the total related amounts paid by the Fund to the CCO were $221 (in thousands). The total related amounts paid by the Portfolio are included in Other Expenses on the Statement of Operations.

D. Deferred Compensation:

At October 31, 2011, the total liability for deferred compensation to Directors/Trustees was $120 (in thousands) and is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities.

E. Federal Income Taxes:

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

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the United States of America. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital, undistributed net investment income or accumulated net realized gains, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of October 31, 2011, primarily attributable to realized gains on securities considered to be “passive foreign investment companies” and the utilization of accumulated earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction for income tax purposes and distribution redesignations, were reclassified to the following accounts.

These reclassifications had no effect on net assets or net asset value per share (amounts in thousands):

	Increase	Increase
	(Decrease)	(Decrease)
Increase	Undistributed	Accumulated
(Decrease)	Net Investment	Net Realized
Paid-In Capital	Income	Gains (Losses)
$14,910	$7,312	$(22,222)

75

     The tax character of dividends and distributions declared and paid during the year ended October 31, 2010 and the year ended October 31, 2011 were as follows (amounts in thousands):

	Net Investment
	Income
	and Short-Term			Long-Term
	Capital Gains			Capital Gains			Total
2010		$	84,604			—		$	84,604
2011			188,546		$	5,851			194,397

At October 31, 2011, the Portfolio’s net investment income and short-term capital gains and long-term capital gains distributions designated for federal income tax purposes are due to the utilization of accumulated earnings and profits distributed to shareholders upon redemption of shares (amounts in thousands):

Net Investment
Income
and Short-Term	Long-Term
Capital Gains	Capital Gains	Total
$9,060	$5,851	$14,911

At October 31, 2011, the components of distributable earnings (accumulated losses) were as follows (amounts in thousands):

Undistributed			Total Net
Net Investment			Distributable
Income and	Undistributed	Capital	Earnings
Short-Term	Long-Term	Loss	(Accumulated
Capital Gains	Capital Gains	Carryforward	Losses)
$50,896	$108,303	—	$159,199

For federal income tax purposes, the Fund measures its capital loss carryforwards annually at October 31, its fiscal year end. Capital loss carryforwards may be carried forward and applied against future capital gains. As of October 31, 2011, the Portfolio had no capital loss carryforwards to offset future realized capital gains.

During the year ended October 31, 2011, the Portfolio utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the amount of $75,782 (amounts in thousands).

At October 31, 2011, the total cost and aggregate gross unrealized appreciation and (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes (amounts in thousands):

			Net
			Unrealized
Federal	Unrealized	Unrealized	Appreciation
Tax Cost	Appreciation	(Depreciation)	(Depreciation)
$5,916,085	$1,047,515	$(1,136,036)	$(88,521)

The difference between book basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of losses on wash sales and on investments in passive foreign investment companies.

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

76

F. Financial Instruments:

     In accordance with the Portfolio’s investment objectives and policies, the Portfolio may invest, either directly or indirectly through its investment in its corresponding Master Funds, 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. Repurchase Agreements: The Portfolio may purchase certain U.S. Government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

2. Foreign Market Risks: Investments in foreign markets may involve certain considerations and risks not typically associated with investments in U.S. companies, 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 Master Funds may be inhibited.

G. Line of Credit:

The Fund, together with other Dimensional-advised portfolios, has entered into a $250 million unsecured discretionary line of credit effective June 22, 2011 with its domestic custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $250 million, as long as total borrowings under the line of credit do not exceed $250 million in the aggregate. Borrowings under the line of credit are charged interest at rates agreed to by the parties at the time of borrowing. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The line of credit is scheduled to expire on June 22, 2012. There were no borrowings by the Portfolio under this line of credit during the year ended October 31, 2011.

The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 15, 2011 with its international custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $500 million, as long as total borrowings under the line of credit do not exceed $500 million in the aggregate. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed to by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The agreement for the line of credit expires on January 13, 2012. The Fund, together with other Dimensional-advised portfolios, expects to enter into a new line of credit with substantially the same terms as its existing line of credit prior to its expiration.

For the year ended October 31, 2011, borrowings by the Portfolio under this line of credit were as follows (amounts in thousands, except percentages and days):

Weighted	Weighted	Number of	Interest	Maximum Amount
Average	Average	Days	Expense	Borrowed During
Interest Rate	Loan Balance	Outstanding*	Incurred	the Period
0.87%	$6,458	32	$5	$18,979

*	Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2011 that the Portfolio’s available line of credit was utilized.
	There were no outstanding borrowings by the Portfolio under this line of credit as of October 31, 2011.

77

H. Indemnitees; Contractual Obligations:

     Under the Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund.

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

I. Recently Issued Accounting Standards:

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements.” ASU No. 2010-06 amends FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, to require additional disclosures in the roll forward of activity in Level 3 fair value measurements effective for interim and annual reporting periods beginning after December 15, 2010. Management is currently evaluating the impact ASU No. 2010-06 will have on its financial statement disclosures.

In May 2011, the FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. Generally Accepted Accounting Principles (“GAAP”) and International Financial Reporting Standards (“IFRSs”).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRSs. ASU 2011-04 will require reporting entities to disclose quantitative information about the unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-04 and its impact on the financial statements has not been determined.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

J. Other:

At October 31, 2011, there were two shareholders that held approximate 46% of outstanding shares of the Portfolio. One or more of the shareholders may be omnibus accounts, which typically hold shares for the benefit of several other underlying investors.

The Portfolio is subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company who tendered shares when the Tribune Company went private in 2007 in a leveraged buy-out transaction, seeking the return of all proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on our financial position, our results of operations, or our cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

K. Subsequent Event Evaluations:

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

78

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of International Small Company Portfolio (one of the portfolios constituting DFA Investment Dimensions Group Inc., hereafter referred to as the “Portfolio”) at October 31, 2011, the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolio’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian, and the transfer agent of the investee funds, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
December 22, 2011

79

Selected Financial Statements of The DFA Investment Trust Company

The Japanese Small Company Series

The Asia Pacific Small Company Series

The United Kingdom Small Company Series

The Continental Small Company Series

The Canadian Small Company Series

TABLE OF CONTENTS

	Page
Definitions of Abbreviations and Footnotes	63
Disclosure of Fund Expenses — October 31, 2011 (Unaudited)	81
Disclosure of Portfolio Holdings — October 31, 2011 (Unaudited)	83
Summary Schedules of Portfolio Holdings — December 31, 2011 (Unaudited)	84
The Japanese Small Company Series	84
The Asia Pacific Small Company Series	87
The United Kingdom Small Company Series	90
The Continental Small Company Series	93
The Canadian Small Company Series	97
Summary Schedules of Portfolio Holdings — October 31, 2011	100
The Japanese Small Company Series	100
The Asia Pacific Small Company Series	103
The United Kingdom Small Company Series	106
The Continental Small Company Series	109
The Canadian Small Company Series	113
Statements of Assets and Liabilities — December 31, 2011 (Unaudited)	116
Statements of Assets and Liabilities — October 31, 2011	117
Statements of Operations	118
Statements of Changes in Net Assets	119
Financial Highlights	122
Notes to Financial Statements — October 31, 2011	124
Report of Independent Registered Public Accounting Firm	132
Fund Management — October 31, 2011	133
Voting Proxies on Fund Portfolio Securities	141

80

THE DFA INVESTMENT TRUST COMPANY

DISCLOSURE OF FUND EXPENSES
(Unaudited)

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

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

Actual Fund Return

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

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

Hypothetical Example for Comparison Purposes

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

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

	Six Months Ended October 31, 2011
EXPENSE TABLES
	Beginning		Ending			Expenses
	Account		Account		Annualized	Paid
	Value		Value		Expense	During
	05/01/11		10/31/11		Ratio*	Period*
The Japanese Small Company Series
Actual Fund Return	$	1,000.00	$	984.11	0.14%	$0.70
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.50	0.14%	$0.71
The Asia Pacific Small Company Series
Actual Fund Return	$	1,000.00	$	834.53	0.17%	$0.79
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.35	0.17%	$0.87

81

	Beginning		Ending			Expenses
	Account		Account		Annualized	Paid
	Value		Value		Expense	During
	05/01/11		10/31/11		Ratio*	Period*
The United Kingdom Small Company Series
Actual Fund Return	$	1,000.00	$	855.99	0.13%	$0.61
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.55	0.13%	$0.66
The Continental Small Company Series
Actual Fund Return	$	1,000.00	$	741.64	0.16%	$0.70
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.40	0.16%	$0.82
The Canadian Small Company Series
Actual Fund Return	$	1,000.00	$	799.14	0.15%	$0.68
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.45	0.15%	$0.77

____________________
 

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

82

DFA INVESTMENT TRUST COMPANY

DISCLOSURE OF PORTFOLIO HOLDINGS
(Unaudited)

     The SEC requires that all Funds file a complete Schedule of Investments with the SEC for their first and third fiscal quarters on Form N-Q. For The DFA Investment Trust Company, this would be for the fiscal quarters ending January 31 and July 31. The Form N-Q filing must be made within 60 days of the end of the quarter. The DFA Investment Trust Company filed its most recent Form N-Q with the SEC on September 28, 2011. It is available upon request, without charge, by calling collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the SEC’s website at http://www.sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the Public Reference Room).

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

The fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400 or by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, or by visiting the SEC’s website at http://www.sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the Public Reference Room).

PORTFOLIO HOLDINGS

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

INTERNATIONAL EQUITY PORTFOLIOS
																								Real Estate
	Consumer			Consumer									Health				Information							Investment	Telecommunication
	Discretionary			Staples			Energy			Financials			Care	Industrials			Technology			Materials				Trusts	Services			Utilities	Other	Total
The Japanese Small
Company Series		23.1	%		10.1	%		1.0	%		11.4	%	4.2%		27.0	%		10.8	%		11.8	%		—		—		0.6%	—	100.0%
The Asia Pacific Small
Company Series		22.5	%		3.8	%		6.8	%		11.0	%	5.6%		22.7	%		4.1	%		17.2	%		—		2.2	%	4.1%	—	100.0%
The United Kingdom Small
Company Series		22.7	%		4.1	%		4.7	%		13.5	%	1.9%		30.7	%		10.2	%		7.3	%		—		2.3	%	2.6%	—	100.0%
The Continental Small
Company Series		13.7	%		7.8	%		5.5	%		17.8	%	8.8%		25.2	%		9.7	%		8.0	%		—		1.3	%	2.2%	—	100.0%
The Canadian Small
Company Series		10.2	%		3.1	%		25.6	%		7.3	%	2.0%		9.0	%		5.6	%		34.3	%	��	—		0.3	%	2.6%	—	100.0%

83

THE JAPANESE SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2011
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (90.2%)
Consumer Discretionary — (20.6%)
	Aoyama Trading Co., Ltd.	250,500	$	4,685,577	0.3	%
	Autobacs Seven Co., Ltd.	97,200		4,444,813	0.3	%
*	Haseko Corp.	5,986,000		3,960,106	0.3	%
	Komeri Co., Ltd.	121,500		3,735,557	0.2	%
	Nifco, Inc.	193,300		5,372,196	0.3	%
	Onward Holdings Co., Ltd.	532,000		3,896,398	0.3	%
*	Pioneer Electronic Corp.	1,050,900		4,708,256	0.3	%
	Ryohin Keikaku Co., Ltd.	97,300		4,751,101	0.3	%
	Shimachu Co., Ltd.	191,900		4,394,614	0.3	%
#	Shochiku Co., Ltd.	404,400		3,828,903	0.2	%
	SKY Perfect JSAT Holdings, Inc.	7,630		3,805,754	0.2	%
	Sumitomo Forestry Co., Ltd.	436,666		3,869,447	0.3	%
	Toyobo Co., Ltd.	3,220,000		4,330,410	0.3	%
#	Zensho Co., Ltd.	298,400		4,021,357	0.3	%
	Other Securities			288,869,044	18.8	%
Total Consumer Discretionary				348,673,533	22.7	%
Consumer Staples — (9.4%)
	Nichirei Corp.	1,031,000		4,983,287	0.3	%
	Sugi Holdings Co., Ltd.	129,700		3,774,147	0.3	%
	Takara Holdings, Inc.	730,000		4,686,913	0.3	%
	Other Securities			145,907,233	9.5	%
Total Consumer Staples				159,351,580	10.4	%
Energy — (0.9%)
	Other Securities			15,244,229	1.0	%
Financials — (10.2%)
	Bank of Okinawa, Ltd. (The)	94,000		3,979,271	0.2	%
	Daishi Bank, Ltd. (The)	1,403,000		4,568,464	0.3	%
	Higo Bank, Ltd. (The)	663,000		3,739,868	0.2	%
	Hyakugo Bank, Ltd. (The)	1,045,609		4,134,014	0.3	%
	Hyakujishi Bank, Ltd. (The)	1,022,000		4,556,887	0.3	%
	Juroku Bank, Ltd.	1,337,000		4,357,179	0.3	%
	Kiyo Holdings, Inc.	2,635,900		4,103,204	0.3	%
	Musashino Bank, Ltd.	130,300		4,325,581	0.3	%
	Ogaki Kyoritsu Bank, Ltd. (The)	1,315,000		4,282,437	0.3	%
	San-in Godo Bank, Ltd. (The)	627,000		4,698,208	0.3	%
	Tokyo Tatemono Co., Ltd.	1,726,000		5,200,495	0.3	%
	Other Securities			125,491,362	8.2	%
Total Financials				173,436,970	11.3	%

84

The Japanese Small Company Series

continued

					Percentage
		Shares	Value††		of Net Assets**
Health Care — (4.0%)
	Kaken Pharmaceutical Co., Ltd.	353,000	$	4,686,210	0.3	%
#	Nihon Kohden Corp.	159,200		3,915,865	0.3	%
	Rohto Pharmaceutical Co., Ltd.	360,000		4,620,581	0.3	%
#	Sawai Pharmaceutical Co., Ltd.	50,500		5,239,003	0.3	%
	Other Securities			48,481,674	3.2	%
Total Health Care				66,943,333	4.4	%
Industrials — (24.6%)
	COMSYS Holdings Corp.	378,300		3,967,301	0.3	%
	Duskin Co., Ltd.	212,500		4,178,565	0.3	%
#	Miura Co., Ltd.	137,600		3,875,611	0.3	%
#	Mori Seiki Co., Ltd.	428,400		3,782,860	0.2	%
	OKUMA Corp.	586,000		3,731,709	0.2	%
	Sankyu, Inc.	1,049,000		3,952,045	0.3	%
	Takara Standard Co., Ltd.	501,000		3,786,757	0.2	%
	Other Securities			389,701,899	25.4	%
Total Industrials				416,976,747	27.2	%
Information Technology — (9.8%)
#	Anritsu Corp.	458,000		5,029,089	0.3	%
	Capcom Co., Ltd.	205,600		4,861,819	0.3	%
	Horiba, Ltd.	160,950		4,828,595	0.3	%
	IT Holdings Corp.	357,401		4,278,832	0.3	%
	Net One Systems Co., Ltd.	1,984		5,400,355	0.4	%
	Other Securities			142,430,093	9.3	%
Total Information Technology				166,828,783	10.9	%
Materials — (10.2%)
	FP Corp.	61,200		3,965,084	0.3	%
#	Hokuetsu Kishu Paper Co., Ltd.	862,199		5,789,984	0.4	%
	Sumitomo Osaka Cement Co., Ltd.	1,676,000		4,565,205	0.3	%
	Toagosei Co., Ltd.	1,096,000		4,483,673	0.3	%
#	Tokai Carbon Co., Ltd.	825,000		4,468,390	0.3	%
#	Tokuyama Corp.	1,202,000		3,812,193	0.2	%
	Other Securities			146,553,037	9.5	%
Total Materials				173,637,566	11.3	%
Utilities — (0.5%)
	Other Securities			8,610,136	0.5	%
TOTAL COMMON STOCKS				1,529,702,877	99.7	%
RIGHTS/WARRANTS — (0.0%)
	Other Securities			25,542	0.0	%

85

The Japanese Small Company Series

continued

		Shares/
		Face				Percentage
		Amount		Value†		of Net Assets**
		(000)
SECURITIES LENDING COLLATERAL — (9.8%)
§@	DFA Short Term Investment Fund		166,000,000	$	166,000,000	10.8	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12
	(Collateralized by U.S. Treasury Note 1.375%, 09/30/18,
	valued at $667,386) to be repurchased at $654,306	$	654		654,300	0.1	%
TOTAL SECURITIES LENDING COLLATERAL					166,654,300	10.9	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,832,235,713)^			$	1,696,382,719	110.6	%

____________________

^ The cost for federal income taxes is $1,833,532,699.

Summary of inputs used to value the Series’ investments as of December 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary		—	$	348,673,533	—	$	348,673,533
Consumer Staples	$	301,213		159,050,367	—		159,351,580
Energy		—		15,244,229	—		15,244,229
Financials		—		173,436,970	—		173,436,970
Health Care		2,495,050		64,448,283	—		66,943,333
Industrials		118,098		416,858,649	—		416,976,747
Information Technology		—		166,828,783	—		166,828,783
Materials		—		173,637,566	—		173,637,566
Utilities		—		8,610,136	—		8,610,136
Rights/Warrants		—		25,542	—		25,542
Securities Lending Collateral		—		166,654,300	—		166,654,300
TOTAL	$	2,914,361	$	1,693,468,358	—	$	1,696,382,719

See accompanying Notes to Financial Statements.
86

THE ASIA PACIFIC SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2011
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (83.2%)
AUSTRALIA — (52.6%)
	Adelaide Brighton, Ltd.	1,927,272	$	5,693,709	0.7	%
	Ansell, Ltd.	503,479		7,475,505	0.9	%
#	Aristocrat Leisure, Ltd.	1,897,825		4,262,477	0.5	%
#*	Aurora Oil & Gas, Ltd.	1,265,748		4,387,027	0.5	%
#	Australian Infrastructure Fund NL	3,166,751		6,232,048	0.8	%
	Beach Energy, Ltd.	4,828,492		6,084,689	0.7	%
*	BlueScope Steel, Ltd.	10,743,876		4,431,884	0.5	%
#	Boart Longyear Group	2,239,911		6,368,916	0.8	%
	Bradken, Ltd.	785,359		5,736,837	0.7	%
	Campbell Brothers, Ltd.	183,237		9,175,496	1.1	%
#	carsales.com, Ltd.	961,726		4,687,260	0.6	%
	CSR, Ltd.	2,491,176		4,987,698	0.6	%
#	David Jones, Ltd.	1,881,866		4,548,695	0.5	%
#*	Downer EDI, Ltd.	1,768,446		5,772,439	0.7	%
	DUET Group, Ltd.	4,437,176		7,965,931	1.0	%
#	DuluxGroup, Ltd.	1,538,157		4,532,941	0.5	%
#	Envestra, Ltd.	5,142,027		3,752,254	0.5	%
#	Goodman Fielder, Ltd.	8,296,037		3,673,797	0.4	%
	GrainCorp, Ltd.	759,612		6,078,950	0.7	%
	Iluka Resources, Ltd.	401,932		6,366,203	0.8	%
#	Independence Group NL	1,024,848		3,959,817	0.5	%
#	Invocare, Ltd.	572,622		4,509,447	0.5	%
#	IOOF Holdings, Ltd.	989,055		5,164,887	0.6	%
#	JB Hi-Fi, Ltd.	450,518		5,193,555	0.6	%
	Mineral Resources, Ltd.	388,955		4,376,479	0.5	%
#	Monadelphous Group, Ltd.	319,624		6,571,746	0.8	%
#	Myer Holdings, Ltd.	2,954,756		5,833,130	0.7	%
#	Navitas, Ltd.	1,157,537		4,138,972	0.5	%
#*	Paladin Energy, Ltd.	2,824,953		3,972,632	0.5	%
*	PanAust, Ltd.	1,780,618		5,843,964	0.7	%
#	Perpetual Trustees Australia, Ltd.	190,719		3,977,522	0.5	%
#*	Perseus Mining, Ltd.	1,605,654		3,982,596	0.5	%
#	Primary Health Care, Ltd.	1,960,174		6,168,563	0.7	%
	Reece Australia, Ltd.	238,457		4,476,495	0.5	%
#*	Regis Resources, Ltd.	1,195,060		4,153,550	0.5	%
#	SAI Global, Ltd.	1,064,331		4,901,978	0.6	%
#	Seek, Ltd.	666,916		3,866,846	0.5	%
	Seven Group Holdings, Ltd.	544,133		3,939,065	0.5	%
	Spark Infrastructure Group, Ltd.	5,543,872		7,788,490	0.9	%
#*	Sundance Resources, Ltd.	8,756,539		3,539,328	0.4	%
#	Super Retail Group, Ltd.	1,268,454		6,882,737	0.8	%
#	Transfield Services, Ltd.	1,880,286		4,164,576	0.5	%
#*	Transpacific Industries Group, Ltd.	4,533,180		3,786,246	0.5	%
	Other Securities			295,317,273	35.6	%
TOTAL AUSTRALIA				518,724,650	62.4	%

87

The Asia Pacific Small Company Series
continued

						Percentage
		Shares		Value††		of Net Assets**
HONG KONG — (15.4%)
	Giordano International, Ltd.		7,162,000	$	5,164,890	0.6	%
	Other Securities				146,475,842	17.7	%
TOTAL HONG KONG					151,640,732	18.3	%
MALAYSIA — (0.0%)
	Other Securities				4,069	0.0	%
NEW ZEALAND — (5.9%)
	Fisher & Paykel Healthcare Corp., Ltd.		2,826,030		5,520,467	0.6	%
	Port of Tauranga, Ltd.		528,322		4,090,750	0.5	%
	Ryman Healthcare, Ltd.		1,673,055		3,525,028	0.4	%
	Sky City Entertainment Group, Ltd.		3,025,486		8,083,163	1.0	%
	Sky Network Television, Ltd.		991,419		4,091,030	0.5	%
	Other Securities				32,302,495	3.9	%
TOTAL NEW ZEALAND					57,612,933	6.9	%
SINGAPORE — (9.3%)
*	Biosensors International Group, Ltd.		3,419,237		3,763,725	0.5	%
	Other Securities				88,326,855	10.6	%
TOTAL SINGAPORE					92,090,580	11.1	%
TOTAL COMMON STOCKS					820,072,964	98.7	%
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
	Other Securities				8	0.0	%
HONG KONG — (0.0%)
	Other Securities				4,766	0.0	%
SINGAPORE — (0.0%)
	Other Securities				15,697	0.0	%
TOTAL RIGHTS/WARRANTS					20,471	0.0	%
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (16.8%)
§@	DFA Short Term Investment Fund		165,000,000		165,000,000	19.9	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12
	(Collateralized by U.S. Treasury Note 1.375%, 09/30/18,
	valued at $866,063) to be repurchased at $849,089	$	849		849,081	0.1	%
TOTAL SECURITIES LENDING COLLATERAL					165,849,081	20.0	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,034,796,383)^			$	985,942,516	118.7	%

____________________
 

^ The cost for federal income tax purposes is $1,038,719,321.

88

The Asia Pacific Small Company Series
continued

Summary of inputs used to value the Series’ investments as of December 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Australia	$	8,024,219	$	510,700,431	—	$	518,724,650
Hong Kong		293,612		151,347,120	—		151,640,732
Malaysia		—		4,069	—		4,069
New Zealand		85,075		57,527,858	—		57,612,933
Singapore		718,804		91,371,776	—		92,090,580
Rights/Warrants
Australia		—		8	—		8
Hong Kong		4,766		—	—		4,766
Singapore		—		15,697	—		15,697
Securities Lending Collateral		—		165,849,081	—		165,849,081
TOTAL	$	9,126,476	$	976,816,040	—	$	985,942,516

See accompanying Notes to Financial Statements.
89

THE UNITED KINGDOM SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2011
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (99.1%)
Consumer Discretionary — (22.1%)
	Aegis Group P.L.C.	3,302,990	$	7,402,581	0.7	%
*	Berkeley Group Holdings P.L.C. (The)	511,780		10,139,684	0.9	%
	GKN P.L.C.	3,414,280		9,695,522	0.9	%
	Greene King P.L.C.	1,421,372		10,748,766	1.0	%
	Inchcape P.L.C.	1,915,975		8,717,127	0.8	%
	Informa P.L.C.	2,292,105		12,851,263	1.2	%
	ITV P.L.C.	8,448,636		8,925,370	0.8	%
	Ladbrokes P.L.C.	3,578,739		7,218,497	0.7	%
	Persimmon P.L.C.	1,177,634		8,591,189	0.8	%
	Rightmove P.L.C.	378,372		7,310,653	0.7	%
*	Taylor Wimpey P.L.C.	12,108,224		7,057,285	0.7	%
	William Hill P.L.C.	2,873,883		9,033,316	0.8	%
	Other Securities			130,668,714	12.2	%
Total Consumer Discretionary				238,359,967	22.2	%
Consumer Staples — (4.2%)
	PZ Cussons P.L.C.	1,287,639		6,999,863	0.6	%
	Tate & Lyle P.L.C.	1,074,000		11,741,438	1.1	%
	Other Securities			26,811,738	2.5	%
Total Consumer Staples				45,553,039	4.2	%
Energy — (4.7%)
	John Wood Group P.L.C.	1,034,385		10,288,678	1.0	%
*	Premier Oil P.L.C.	1,778,192		10,013,866	0.9	%
	Other Securities			30,589,539	2.8	%
Total Energy				50,892,083	4.7	%
Financials — (13.0%)
	Aberdeen Asset Management P.L.C.	2,820,342		9,285,387	0.9	%
	Amlin P.L.C.	1,905,352		9,279,530	0.9	%
	Catlin Group, Ltd.	1,357,851		8,408,376	0.8	%
	Hiscox, Ltd.	1,562,751		9,050,013	0.8	%
	IG Group Holdings P.L.C.	1,317,769		9,752,922	0.9	%
	London Stock Exchange Group P.L.C.	579,642		7,128,631	0.6	%
	Provident Financial P.L.C.	499,581		7,301,768	0.7	%
	Other Securities			79,469,396	7.4	%
Total Financials				139,676,023	13.0	%
Health Care — (1.9%)
	Other Securities			20,679,191	1.9	%
Industrials — (30.7%)
	Ashtead Group P.L.C.	2,124,586		7,441,350	0.7	%
	Babcock International Group P.L.C.	1,446,405		16,501,362	1.5	%
	Balfour Beatty P.L.C.	2,828,972		11,628,302	1.1	%
	BBA Aviation P.L.C.	2,792,163		7,708,203	0.7	%
	Carillion P.L.C.	1,773,138		8,273,953	0.8	%

90

The United Kingdom Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Charter International P.L.C.	664,438	$	9,741,359	0.9	%
	Cobham P.L.C.	3,090,004		8,798,519	0.8	%
	Cookson Group P.L.C.	1,135,834		8,964,334	0.8	%
	Firstgroup P.L.C.	1,789,126		9,376,858	0.9	%
	IMI P.L.C.	1,053,765		12,438,291	1.2	%
	Intertek Group P.L.C.	456,070		14,402,128	1.3	%
	Invensys P.L.C.	2,426,737		7,935,997	0.7	%
	Meggitt P.L.C.	2,465,596		13,496,107	1.2	%
	Melrose P.L.C.	1,583,124		8,356,075	0.8	%
	Michael Page International P.L.C.	1,310,832		7,101,476	0.7	%
	Rotork P.L.C.	366,679		10,977,031	1.0	%
	Spirax-Sarco Engineering P.L.C.	319,520		9,292,347	0.9	%
	Stagecoach Group P.L.C.	1,718,521		7,258,447	0.7	%
	Travis Perkins P.L.C.	922,110		11,379,408	1.1	%
	Other Securities			139,593,408	13.0	%
Total Industrials				330,664,955	30.8	%
Information Technology — (10.0%)
	Halma P.L.C.	1,541,075		7,904,969	0.7	%
*	Imagination Technologies Group P.L.C.	961,901		8,200,427	0.8	%
	Spectris P.L.C.	515,234		10,295,072	1.0	%
	Other Securities			80,610,962	7.5	%
Total Information Technology				107,011,430	10.0	%
Materials — (7.3%)
	Croda International P.L.C.	520,183		14,562,102	1.3	%
	Mondi P.L.C.	1,231,343		8,697,714	0.8	%
	Other Securities			55,536,946	5.2	%
Total Materials				78,796,762	7.3	%
Telecommunication Services — (2.5%)
	Inmarsat P.L.C.	1,347,950		8,441,793	0.8	%
	Other Securities			18,782,522	1.7	%
Total Telecommunication Services				27,224,315	2.5	%
Utilities — (2.7%)
	Drax Group P.L.C.	1,479,700		12,514,618	1.2	%
	Pennon Group P.L.C.	1,445,401		16,006,243	1.5	%
	Other Securities			244,163	0.0	%
Total Utilities				28,765,024	2.7	%
TOTAL COMMON STOCKS				1,067,622,789	99.3	%
PREFERRED STOCKS — (0.0%)
Consumer Staples — (0.0%)
	Other Securities			9,292	0.0	%
RIGHTS/WARRANTS — (0.0%)
	Other Securities			—	0.0	%

91

The United Kingdom Small Company Series
continued

		Shares/
		Face				Percentage
		Amount		Value†		of Net Assets**
		(000)
SECURITIES LENDING COLLATERAL — (0.9%)
§@	DFA Short Term Investment Fund		7,000,000	$	7,000,000	0.7	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12
	(Collateralized by U.S. Treasury Note 1.375%, 09/30/18,
	valued at $2,235,983) to be repurchased at $2,192,159	$	2,192		2,192,140	0.2	%
TOTAL SECURITIES LENDING COLLATERAL					9,192,140	0.9	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,118,700,276)^			$	1,076,824,221	100.2	%

____________________
 

^ The cost for federal income tax purposes is $1,123,288,705.

Summary of inputs used to value the Series’ investments as of December 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	509,444	$	237,850,523	—	$	238,359,967
Consumer Staples		213,002		45,340,037	—		45,553,039
Energy		—		50,892,083	—		50,892,083
Financials		131,244		139,544,779	—		139,676,023
Health Care		—		20,679,191	—		20,679,191
Industrials		4,022		330,660,933	—		330,664,955
Information Technology		—		107,011,430	—		107,011,430
Materials		3,763,256		75,033,506	—		78,796,762
Telecommunication Services		—		27,224,315	—		27,224,315
Utilities		—		28,765,024	—		28,765,024
Preferred Stocks
Consumer Staples		—		9,292	—		9,292
Rights/Warrants		—		—	—		—
Securities Lending Collateral		—		9,192,140	—		9,192,140
TOTAL	$	4,620,968	$	1,072,203,253	—	$	1,076,824,221

See accompanying Notes to Financial Statements.
92

THE CONTINENTAL SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2011
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (83.6%)
AUSTRIA — (1.9%)
	Other Securities		$	42,058,345	2.3	%
BELGIUM — (3.0%)
	Ackermans & van Haaren NV	94,712		7,040,950	0.4	%
	Other Securities			57,545,828	3.2	%
TOTAL BELGIUM				64,586,778	3.6	%
DENMARK — (2.7%)
	GN Store Nord A.S.	798,612		6,702,503	0.4	%
*	Topdanmark A.S.	53,386		8,304,872	0.5	%
	Other Securities			42,578,381	2.3	%
TOTAL DENMARK				57,585,756	3.2	%
FINLAND — (5.5%)
#	Elisa Oyj	494,801		10,302,204	0.6	%
#	Orion Oyj Series B	337,043		6,548,837	0.4	%
	Outotec Oyj	133,044		6,230,991	0.3	%
#	Yit Oyj	390,890		6,240,392	0.3	%
	Other Securities			90,006,314	5.0	%
TOTAL FINLAND				119,328,738	6.6	%
FRANCE — (9.6%)
	Arkema SA	130,795		9,190,786	0.5	%
#	Neopost SA	91,985		6,185,863	0.3	%
	Nexans SA	131,823		6,807,411	0.4	%
	Remy Cointreau SA	82,777		6,638,753	0.4	%
	Societe BIC SA	74,331		6,575,875	0.4	%
	Valeo SA	196,323		7,769,667	0.4	%
#	Zodiac Aerospace SA	89,170		7,532,929	0.4	%
	Other Securities			156,206,995	8.6	%
TOTAL FRANCE				206,908,279	11.4	%
GERMANY — (12.1%)
*	Aareal Bank AG	423,110		7,633,993	0.4	%
	Aurubis AG	152,783		8,130,677	0.5	%
	Bilfinger Berger SE	125,406		10,677,964	0.6	%
	MTU Aero Engines Holding AG	142,908		9,124,965	0.5	%
	Rhoen-Klinikum AG	406,308		7,732,812	0.4	%
#*	SGL Carbon SE	229,387		11,290,812	0.6	%
#	Symrise AG	330,233		8,794,596	0.5	%
	Other Securities			195,708,984	10.8	%
TOTAL GERMANY				259,094,803	14.3	%

93

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
GREECE — (1.8%)
	Other Securities		$	37,882,848	2.1	%
IRELAND — (2.8%)
	DCC P.L.C.	308,989		7,296,468	0.4	%
	Dragon Oil P.L.C.	1,324,770		9,406,480	0.5	%
	Paddy Power P.L.C.	180,573		10,388,718	0.6	%
	Other Securities			32,491,995	1.8	%
TOTAL IRELAND				59,583,661	3.3	%
ISRAEL — (2.2%)
	Other Securities			47,265,701	2.6	%
ITALY — (6.7%)
	Banca Popolare di Sondrio Scarl	922,722		7,404,493	0.4	%
	Davide Campari - Milano SpA	990,609		6,584,272	0.4	%
	Prysmian SpA	653,038		8,068,757	0.4	%
	Other Securities			122,596,572	6.8	%
TOTAL ITALY				144,654,094	8.0	%
NETHERLANDS — (4.5%)
	Aalberts Industries NV	384,012		6,424,692	0.4	%
#	Imtech NV	272,621		7,030,961	0.4	%
	Nutreco NV	145,366		9,546,244	0.5	%
	SBM Offshore NV	380,277		7,795,170	0.4	%
	Other Securities			65,083,578	3.6	%
TOTAL NETHERLANDS				95,880,645	5.3	%
NORWAY — (2.8%)
	Other Securities			59,670,177	3.3	%
PORTUGAL — (1.0%)
	Other Securities			21,251,666	1.2	%
SPAIN — (4.8%)
#	Bankinter SA	1,006,147		6,156,407	0.3	%
#	Bolsas y Mercados Espanoles SA	236,082		6,338,306	0.4	%
	Ebro Foods SA	340,839		6,312,169	0.3	%
#	Viscofan SA	183,430		6,785,197	0.4	%
	Other Securities			77,082,746	4.3	%
TOTAL SPAIN				102,674,825	5.7	%
SWEDEN — (8.8%)
	Castellum AB	569,221		7,043,794	0.4	%
	Elekta AB Series B	255,842		11,062,417	0.6	%
*	Lundin Petroleum AB	439,229		10,757,873	0.6	%
	Meda AB Series A	770,903		7,999,630	0.4	%
	Trelleborg AB Series B	928,357		8,022,870	0.5	%
	Other Securities			144,988,392	8.0	%
TOTAL SWEDEN				189,874,976	10.5	%

94

The Continental Small Company Series
continued

						Percentage
		Shares		Value††		of Net Assets**
SWITZERLAND — (13.4%)
	Aryzta AG		242,276	$	11,688,187	0.6	%
	Berner Kantonalbank AG		23,232		6,163,467	0.3	%
*	Clariant AG		699,758		6,870,204	0.4	%
#	Galenica Holding AG		18,828		10,997,155	0.6	%
	GAM Holding AG		780,910		8,456,882	0.5	%
	Helvetia Holding AG		22,754		7,130,595	0.4	%
	Lonza Group AG		146,907		8,656,139	0.5	%
	PSP Swiss Property AG		148,327		12,399,222	0.7	%
	Sulzer AG		64,067		6,822,251	0.4	%
	Swiss Life Holding AG		94,071		8,615,819	0.5	%
	Other Securities				199,337,267	11.0	%
TOTAL SWITZERLAND					287,137,188	15.9	%
TOTAL COMMON STOCKS					1,795,438,480	99.3	%
RIGHTS/WARRANTS — (0.0%)
BELGIUM — (0.0%)
	Other Securities				1,697	0.0	%
ITALY — (0.0%)
	Other Securities				25,890	0.0	%
TOTAL RIGHTS/WARRANTS					27,587	0.0	%
		Shares/
		Face				Percentage
		Amount		Value†		of Net Assets**
		(000)
SECURITIES LENDING COLLATERAL — (16.4%)
§@	DFA Short Term Investment Fund		353,000,000	$	353,000,000	19.5	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12
	(Collateralized by U.S. Treasury Note 1.375%, 09/30/18,
	valued at $172,911) to be repurchased at $169,523	$	170		169,521	0.0	%
TOTAL SECURITIES LENDING COLLATERAL					353,169,521	19.5	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $2,412,394,669)^			$	2,148,635,588	118.8	%

____________________
 

^ The cost for federal income tax purposes is $2,413,711,366.

95

The Continental Small Company Series
continued

Summary of inputs used to value the Series’ investments as of December 31, 2011 is as follows (See Security Valuation Note):

		Valuation Inputs
		Investment in
		Securities
		(Market Value)
		Level 1		Level 2		Level 3	Total
Common Stocks
	Austria	$	108,176	$	41,950,169	—	$	42,058,345
	Belgium		—		64,586,778	—		64,586,778
	Denmark		45,967		57,539,789	—		57,585,756
	Finland		—		119,328,738	—		119,328,738
	France		816,894		206,091,385	—		206,908,279
	Germany		944,594		258,150,209	—		259,094,803
	Greece		15,463		37,867,385	—		37,882,848
	Ireland		—		59,583,661	—		59,583,661
	Israel		1,785,252		45,480,449	—		47,265,701
	Italy		—		144,654,094	—		144,654,094
	Netherlands		528,632		95,352,013	—		95,880,645
	Norway		173,723		59,496,454	—		59,670,177
	Portugal		318,106		20,933,560	—		21,251,666
	Spain		—		102,674,825	—		102,674,825
	Sweden		7,042		189,867,934	—		189,874,976
	Switzerland		1,064,706		286,072,482	—		287,137,188
Rights/Warrants
	Belgium		357		1,340	—		1,697
	Italy		25,876		14	—		25,890
Securities Lending Collateral			—		353,169,521	—		353,169,521
TOTAL		$	5,834,788	$	2,142,800,800	—	$	2,148,635,588

See accompanying Notes to Financial Statements.
96

THE CANADIAN SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2011
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (76.1%)
Consumer Discretionary — (8.4%)
	Astral Media, Inc. Class A	195,947	$	6,826,168	1.0	%
#	Cineplex, Inc.	197,159		4,977,599	0.7	%
#	Corus Entertainment, Inc. Class B	295,300		5,948,030	0.8	%
#	Dollarama, Inc.	197,346		8,620,267	1.2	%
	Groupe Aeroplan, Inc.	696,151		8,159,061	1.2	%
#*	Imax Corp.	259,237		4,755,965	0.7	%
	RONA, Inc.	677,175		6,474,292	0.9	%
	Other Securities			29,711,338	4.3	%
Total Consumer Discretionary				75,472,720	10.8	%
Consumer Staples — (2.5%)
	Jean Coutu Group PJC, Inc. Class A (The)	400,161		5,008,150	0.7	%
	Other Securities			17,955,705	2.6	%
Total Consumer Staples				22,963,855	3.3	%
Energy — (19.7%)
*	Advantage Oil & Gas, Ltd.	1,098,231		4,570,797	0.7	%
#	AltaGas, Ltd.	276,864		8,653,104	1.2	%
#*	Birchcliff Energy, Ltd.	355,600		4,747,151	0.7	%
*	Celtic Exploration, Ltd.	269,000		6,038,802	0.9	%
*	Crew Energy, Inc.	403,769		4,458,799	0.6	%
*	Gran Tierra Energy, Inc.	969,291		4,681,140	0.7	%
#	Keyera Corp.	92,981		4,563,485	0.6	%
*	Legacy Oil & Gas, Inc.	476,295		4,899,702	0.7	%
#	Mullen Group, Ltd.	274,057		5,286,106	0.8	%
#	NAL Energy Corp.	542,913		4,199,415	0.6	%
*	Paramount Resources, Ltd. Class A	136,127		5,678,918	0.8	%
	ShawCor, Ltd. Class A	222,500		6,307,534	0.9	%
#	Trilogy Energy Corp.	191,610		7,066,295	1.0	%
#	Veresen, Inc.	283,972		4,264,806	0.6	%
	Other Securities			102,315,286	14.7	%
Total Energy				177,731,340	25.5	%
Financials — (5.9%)
#	AGF Management, Ltd. Class B	330,879		5,138,165	0.8	%
#	Canadian Western Bank	266,672		6,753,509	1.0	%
	Home Capital Group, Inc.	120,600		5,812,476	0.8	%
	Laurentian Bank of Canada	92,400		4,338,152	0.6	%
	TMX Group, Inc.	231,476		9,472,623	1.4	%
	Other Securities			21,833,016	3.1	%
Total Financials				53,347,941	7.7	%
Health Care — (1.7%)
	Other Securities			15,227,839	2.2	%

97

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (7.4%)
	Progressive Waste Solutions, Ltd.	209,167	$	4,091,974	0.6	%
#	Ritchie Brothers Auctioneers, Inc.	244,637		5,379,012	0.8	%
	Russel Metals, Inc.	243,400		5,356,592	0.8	%
*	Stantec, Inc.	168,695		4,565,321	0.6	%
	Toromont Industries, Ltd.	282,567		5,913,451	0.8	%
#*	Westport Innovations, Inc.	189,501		6,281,668	0.9	%
	Other Securities			35,467,190	5.1	%
Total Industrials				67,055,208	9.6	%
Information Technology — (3.4%)
*	Celestica, Inc.	847,607		6,231,731	0.9	%
	MacDonald Dettweiler & Associates, Ltd.	111,753		5,165,594	0.7	%
	Other Securities			19,583,216	2.8	%
Total Information Technology				30,980,541	4.4	%
Materials — (24.1%)
	Alamos Gold, Inc.	423,220		7,290,808	1.0	%
#*	AuRico Gold, Inc.	967,321		7,776,549	1.1	%
*	Euro Goldfields, Ltd.	521,960		6,086,758	0.9	%
#*	First Majestic Silver Corp.	354,783		5,982,991	0.9	%
#	HudBay Minerals, Inc.	657,566		6,545,000	0.9	%
#	Major Drilling Group International, Inc.	319,200		4,869,073	0.7	%
	Methanex Corp.	289,704		6,631,556	1.0	%
#*	NovaGold Resources, Inc.	612,655		5,219,971	0.7	%
*	Quadra FNX Mining, Ltd.	483,002		7,149,615	1.0	%
*	SEMAFO, Inc.	922,285		5,975,049	0.9	%
	Sherritt International Corp.	1,571,926		8,424,752	1.2	%
#*	Thompson Creek Metals Co., Inc.	610,028		4,263,460	0.6	%
	West Fraser Timber Co., Ltd.	131,316		5,336,424	0.8	%
	Other Securities			135,487,160	19.4	%
Total Materials				217,039,166	31.1	%
Telecommunication Services — (0.3%)
	Other Securities			2,255,271	0.3	%
Utilities — (2.7%)
#	Just Energy Group, Inc.	507,878		5,713,160	0.8	%
#	Northland Power, Inc.	249,185		4,385,656	0.7	%
	Other Securities			14,064,863	2.0	%
Total Utilities				24,163,679	3.5	%
TOTAL COMMON STOCKS				686,237,560	98.4	%
RIGHTS/WARRANTS — (0.0%)
	Other Securities			25,994	0.0	%

98

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

		Shares/
		Face				Percentage
		Amount		Value†		of Net Assets**
		(000)
SECURITIES LENDING COLLATERAL — (23.9%)
§@	DFA Short Term Investment Fund		215,000,000	$	215,000,000	30.8	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12
	(Collateralized by U.S. Treasury Note 1.375%, 09/30/18,
	valued at $430,027) to be repurchased at $421,599	$	422		421,595	0.1	%
TOTAL SECURITIES LENDING COLLATERAL					215,421,595	30.9	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $967,169,070)^			$	901,685,149	129.3	%

____________________

^ The cost for federal income tax purposes is $967,171,653.

Summary of inputs used to value the Series’ investments as of December 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	75,472,720		—	—	$	75,472,720
Consumer Staples		22,963,855		—	—		22,963,855
Energy		177,731,340		—	—		177,731,340
Financials		53,347,941		—	—		53,347,941
Health Care		15,227,839		—	—		15,227,839
Industrials		67,055,208		—	—		67,055,208
Information Technology		30,980,541		—	—		30,980,541
Materials		217,039,166		—	—		217,039,166
Telecommunication Services		2,255,271		—	—		2,255,271
Utilities		24,163,679		—	—		24,163,679
Rights/Warrants		15,293	$	10,701	—		25,994
Securities Lending Collateral		—		215,421,595	—		215,421,595
TOTAL	$	686,252,853	$	215,432,296	—	$	901,685,149

See accompanying Notes to Financial Statements.

99

THE JAPANESE SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2011

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (89.2%)
Consumer Discretionary — (20.6%)
	Aoyama Trading Co., Ltd.	250,500	$	3,957,036	0.3	%
	Autobacs Seven Co., Ltd.	97,200		4,450,886	0.3	%
*	Haseko Corp.	5,986,000		3,763,301	0.2	%
	Komeri Co., Ltd.	121,500		3,827,963	0.3	%
#	Nifco, Inc.	191,700		4,999,788	0.3	%
#*	Pioneer Electronic Corp.	981,300		3,934,768	0.3	%
	Ryohin Keikaku Co., Ltd.	94,300		4,475,211	0.3	%
	Shimachu Co., Ltd.	187,000		4,033,239	0.3	%
	SKY Perfect JSAT Holdings, Inc.	7,630		3,708,231	0.2	%
	Sumitomo Forestry Co., Ltd.	436,666		3,778,511	0.3	%
	Toyobo Co., Ltd.	3,218,000		4,570,007	0.3	%
#	Zensho Co., Ltd.	298,400		3,723,858	0.2	%
	Other Securities			293,744,594	19.5	%
Total Consumer Discretionary				342,967,393	22.8	%
Consumer Staples — (9.0%)
	Fuji Oil Co., Ltd.	258,900		3,674,846	0.2	%
#	Megmilk Snow Brand Co., Ltd.	194,300		3,735,258	0.3	%
	Nichirei Corp.	1,019,000		4,522,962	0.3	%
	Takara Holdings, Inc.	714,000		4,219,127	0.3	%
	Other Securities			134,068,275	8.9	%
Total Consumer Staples				150,220,468	10.0	%
Energy — (0.9%)
	Other Securities			15,515,236	1.0	%
Financials — (10.1%)
	Bank of Okinawa, Ltd. (The)	92,500		3,692,807	0.2	%
	Century Tokyo Leasing Corp.	223,890		4,476,323	0.3	%
	Daishi Bank, Ltd. (The)	1,398,000		4,448,525	0.3	%
	Hyakugo Bank, Ltd. (The)	1,045,609		4,066,286	0.3	%
	Hyakujishi Bank, Ltd. (The)	1,022,000		3,913,596	0.2	%
	Juroku Bank, Ltd.	1,331,000		3,980,608	0.3	%
	Kiyo Holdings, Inc.	2,635,900		3,720,995	0.2	%
	Musashino Bank, Ltd.	130,300		4,143,571	0.3	%
	Ogaki Kyoritsu Bank, Ltd. (The)	1,315,000		4,076,621	0.3	%
	San-in Godo Bank, Ltd. (The)	592,000		4,303,496	0.3	%
	Tokyo Tatemono Co., Ltd.	1,552,000		4,870,859	0.3	%
	Other Securities			123,207,469	8.2	%
Total Financials				168,901,156	11.2	%
Health Care — (3.8%)
	Kaken Pharmaceutical Co., Ltd.	353,000		4,430,753	0.3	%
	KYORIN Holdings, Inc.	205,000		3,772,136	0.3	%
#	Nihon Kohden Corp.	159,200		3,716,689	0.2	%
	Rohto Pharmaceutical Co., Ltd.	360,000		4,147,178	0.3	%
#	Sawai Pharmaceutical Co., Ltd.	50,500		4,723,834	0.3	%
	Other Securities			42,255,491	2.8	%
Total Health Care				63,046,081	4.2	%

100

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

						Percentage
		Shares		Value††		of Net Assets**
Industrials — (24.1%)
	Duskin Co., Ltd.		212,500	$	4,129,397	0.3	%
	Hitachi Zosen Corp.		2,951,000		3,989,842	0.3	%
#	Miura Co., Ltd.		137,600		3,691,708	0.2	%
	Nachi-Fujikoshi Corp.		663,000		3,674,507	0.2	%
	OKUMA Corp.		517,000		3,805,376	0.3	%
	OSG Corp.		289,400		3,708,430	0.2	%
	Sankyu, Inc.		969,000		3,836,727	0.3	%
	Other Securities				374,966,815	24.9	%
Total Industrials					401,802,802	26.7	%
Information Technology — (9.6%)
#	Anritsu Corp.		458,000		5,178,398	0.4	%
	Capcom Co., Ltd.		205,600		5,378,552	0.4	%
	Horiba, Ltd.		160,950		5,105,623	0.3	%
	IT Holdings Corp.		357,401		3,671,509	0.3	%
	Net One Systems Co., Ltd.		1,984		5,160,385	0.3	%
	Other Securities				135,587,936	9.0	%
Total Information Technology					160,082,403	10.7	%
Materials — (10.6%)
	FP Corp.		61,200		3,896,208	0.3	%
#	Hokuetsu Kishu Paper Co., Ltd.		862,199		5,674,954	0.4	%
#	Sumitomo Osaka Cement Co., Ltd.		1,640,000		4,968,204	0.3	%
	Taiheiyo Cement Corp.		2,664,000		5,175,243	0.3	%
	Toagosei Co., Ltd.		1,096,000		4,895,489	0.3	%
	Tokai Carbon Co., Ltd.		825,000		4,092,463	0.3	%
	Other Securities				147,158,740	9.8	%
Total Materials					175,861,301	11.7	%
Utilities — (0.5%)
	Other Securities				8,117,479	0.6	%
TOTAL COMMON STOCKS					1,486,514,319	98.9	%
RIGHTS/WARRANTS — (0.0%)
	Other Securities				—	0.0	%
		Shares/
		Face
		Amount
		(000)		Value†
SECURITIES LENDING COLLATERAL — (10.8%)
§@	DFA Short Term Investment Fund		179,334,778		179,334,778	12.0	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%, 11/01/11
	(Collateralized by FNMA 3.500%, 11/01/31,
	valued at $383,050) to be repurchased at $375,540	$	376		375,539	0.0	%
TOTAL SECURITIES LENDING COLLATERAL					179,710,317	12.0	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,814,743,819)			$	1,666,224,636	110.9	%

101

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

Summary of inputs used to value the Series’ investments as of October 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	1,942,492	$	341,024,901	—	$	342,967,393
Consumer Staples		323,805		149,896,663	—		150,220,468
Energy		—		15,515,236	—		15,515,236
Financials		—		168,901,156	—		168,901,156
Health Care		—		63,046,081	—		63,046,081
Industrials		134,689		401,668,113	—		401,802,802
Information Technology		—		160,082,403	—		160,082,403
Materials		—		175,861,301	—		175,861,301
Utilities		—		8,117,479	—		8,117,479
Rights/Warrants		—		—	—		—
Securities Lending Collateral		—		179,710,317	—		179,710,317
TOTAL	$	2,400,986	$	1,663,823,650	—	$	1,666,224,636

See accompanying Notes to Financial Statements.
102

THE ASIA PACIFIC SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2011

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (82.0%)
AUSTRALIA — (51.7%)
	Adelaide Brighton, Ltd.	1,927,272	$	5,766,974	0.6	%
	Ansell, Ltd.	503,479		7,363,989	0.8	%
#	APA Group, Ltd.	1,403,768		6,401,846	0.7	%
#	Aristocrat Leisure, Ltd.	1,611,890		3,816,054	0.4	%
#	Australian Infrastructure Fund NL	3,159,690		6,272,817	0.7	%
	Beach Energy, Ltd.	4,828,492		5,934,225	0.7	%
	Boart Longyear Group	1,792,094		6,100,440	0.7	%
	Bradken, Ltd.	708,039		5,710,618	0.6	%
	Campbell Brothers, Ltd.	261,443		12,585,834	1.4	%
#	carsales.com, Ltd.	809,574		4,185,086	0.5	%
	Challenger, Ltd.	1,063,324		5,069,014	0.6	%
	CSR, Ltd.	2,025,158		5,158,339	0.6	%
#	David Jones, Ltd.	1,783,074		6,294,519	0.7	%
#*	Downer EDI, Ltd.	1,591,674		5,054,618	0.6	%
	DUET Group, Ltd.	4,437,176		7,732,961	0.9	%
#	Flight Centre, Ltd.	192,954		4,006,413	0.4	%
#	Goodman Fielder, Ltd.	8,233,537		4,788,349	0.5	%
	GrainCorp, Ltd.	693,457		5,712,269	0.6	%
	Iluka Resources, Ltd.	573,137		9,528,200	1.0	%
#	Independence Group NL	892,724		4,935,443	0.5	%
#	Invocare, Ltd.	572,622		4,172,041	0.5	%
#	IOOF Holdings, Ltd.	989,055		6,550,695	0.7	%
#	JB Hi-Fi, Ltd.	407,557		6,726,320	0.7	%
#	Kingsgate Consolidated, Ltd.	560,879		4,421,985	0.5	%
#	Medusa Mining, Ltd.	579,085		4,070,719	0.4	%
	Mineral Resources, Ltd.	419,678		4,920,651	0.5	%
#	Monadelphous Group, Ltd.	318,887		6,064,967	0.7	%
#	Mount Gibson Iron, Ltd.	2,962,399		4,738,207	0.5	%
#	Myer Holdings, Ltd.	2,456,107		6,703,584	0.7	%
#	Navitas, Ltd.	1,157,537		5,013,315	0.6	%
*	PanAust, Ltd.	1,780,618		6,016,882	0.7	%
#	Perpetual Trustees Australia, Ltd.	167,142		3,950,909	0.4	%
#*	Perseus Mining, Ltd.	1,605,654		5,309,539	0.6	%
#	Primary Health Care, Ltd.	1,866,288		6,495,676	0.7	%
	Reece Australia, Ltd.	238,457		4,689,436	0.5	%
#	SAI Global, Ltd.	1,064,331		5,301,870	0.6	%
#	Seek, Ltd.	666,916		4,323,680	0.5	%
	Seven Group Holdings, Ltd.	641,345		5,152,442	0.6	%
#	Seven West Media, Ltd.	1,335,509		5,003,193	0.6	%
	Spark Infrastructure Group, Ltd.	4,783,165		6,094,155	0.7	%
#*	Sundance Resources, Ltd.	8,756,539		3,955,560	0.4	%
#	Super Retail Group, Ltd.	909,056		5,150,189	0.6	%
#	Transfield Services, Ltd.	1,784,320		4,258,408	0.5	%
	UGL, Ltd.	332,576		4,601,399	0.5	%
	Other Securities			315,932,663	34.8	%
TOTAL AUSTRALIA				562,036,493	62.0	%

103

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

						Percentage
		Shares		Value††		of Net Assets**
HONG KONG — (15.4%)
	Giordano International, Ltd.		7,162,000	$	5,374,945	0.6	%
	Other Securities				162,745,971	17.9	%
TOTAL HONG KONG					168,120,916	18.5	%
MALAYSIA — (0.0%)
	Other Securities				4,205	0.0	%
NEW ZEALAND — (5.5%)
	Fisher & Paykel Healthcare Corp., Ltd.		2,659,497		4,946,589	0.5	%
	Port of Tauranga, Ltd.		528,322		4,135,066	0.5	%
	Sky City Entertainment Group, Ltd.		2,938,887		8,361,441	0.9	%
	Sky Network Television, Ltd.		940,466		4,163,442	0.5	%
	Other Securities				38,013,153	4.2	%
TOTAL NEW ZEALAND					59,619,691	6.6	%
SINGAPORE — (9.4%)
*	Biosensors International Group, Ltd.		3,419,237		3,811,638	0.4	%
	Other Securities				98,349,063	10.9	%
TOTAL SINGAPORE					102,160,701	11.3	%
TOTAL COMMON STOCKS					891,942,006	98.4	%
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
	Other Securities				3,864	0.0	%
HONG KONG — (0.0%)
	Other Securities				40,990	0.0	%
SINGAPORE — (0.0%)
	Other Securities				79,161	0.0	%
TOTAL RIGHTS/WARRANTS					124,015	0.0	%
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (18.0%)
§@	DFA Short Term Investment Fund		194,946,384		194,946,384	21.5	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%, 11/01/11
	(Collateralized by FNMA 3.500%, 11/01/31,
	valued at $507,060) to be repurchased at $497,120	$	497		497,118	0.0	%
TOTAL SECURITIES LENDING COLLATERAL					195,443,502	21.5	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,048,582,657)			$	1,087,509,523	119.9	%

104

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

Summary of inputs used to value the Series’ investments as of October 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Australia	$	9,745,378	$	552,291,115	—	$	562,036,493
Hong Kong		431,272		167,689,644	—		168,120,916
Malaysia		—		4,205	—		4,205
New Zealand		84,538		59,535,153	—		59,619,691
Singapore		184,430		101,976,271	—		102,160,701
Rights/Warrants
Australia		22		3,842	—		3,864
Hong Kong		40,990		—	—		40,990
Singapore		62,935		16,226	—		79,161
Securities Lending Collateral		—		195,443,502	—		195,443,502
TOTAL	$	10,549,565	$	1,076,959,958	—	$	1,087,509,523

See accompanying Notes to Financial Statements.
105

THE UNITED KINGDOM SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2011

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (99.5%)
Consumer Discretionary — (22.6%)
*	Berkeley Group Holdings P.L.C. (The)	511,780	$	10,262,607	0.9	%
	GKN P.L.C.	3,414,280		10,379,451	0.9	%
	Greene King P.L.C.	1,421,372		10,248,985	0.9	%
	Inchcape P.L.C.	1,915,975		10,215,753	0.9	%
	Informa P.L.C.	2,227,041		12,932,542	1.1	%
*	ITV P.L.C.	8,448,636		8,656,619	0.8	%
	Ladbrokes P.L.C.	3,578,739		7,926,071	0.7	%
	Millennium & Copthorne Hotels P.L.C.	1,048,561		7,496,839	0.7	%
	Persimmon P.L.C.	1,135,393		9,054,346	0.8	%
	Rightmove P.L.C.	378,372		7,916,679	0.7	%
	UBM P.L.C.	917,439		7,467,863	0.6	%
	William Hill P.L.C.	2,873,883		9,975,029	0.9	%
	Other Securities			142,912,801	12.6	%
Total Consumer Discretionary				255,445,585	22.5	%
Consumer Staples — (4.1%)
	PZ Cussons P.L.C.	1,287,639		7,603,992	0.7	%
	Tate & Lyle P.L.C.	1,074,000		11,236,585	1.0	%
	Other Securities			27,383,039	2.4	%
Total Consumer Staples				46,223,616	4.1	%
Energy — (4.7%)
	John Wood Group P.L.C.	1,034,385		10,241,235	0.9	%
*	Premier Oil P.L.C.	1,778,192		10,468,183	0.9	%
	Other Securities			32,447,704	2.9	%
Total Energy				53,157,122	4.7	%
Financials — (13.4%)
	Aberdeen Asset Management P.L.C.	2,820,342		8,684,151	0.8	%
	Amlin P.L.C.	1,905,352		8,788,141	0.8	%
	Catlin Group, Ltd.	1,357,851		8,637,469	0.8	%
	Henderson Group P.L.C.	3,838,880		7,392,054	0.7	%
	Hiscox, Ltd.	1,562,751		9,550,834	0.8	%
	IG Group Holdings P.L.C.	1,317,769		9,826,558	0.9	%
	Jardine Lloyd Thompson Group P.L.C.	638,821		7,365,218	0.6	%
	London Stock Exchange Group P.L.C.	579,642		8,368,165	0.7	%
	Provident Financial P.L.C.	541,018		9,615,833	0.8	%
	Other Securities			73,851,452	6.5	%
Total Financials				152,079,875	13.4	%
Health Care — (1.9%)
	Other Securities			21,928,906	1.9	%
Industrials — (30.5%)
	Babcock International Group P.L.C.	1,446,405		16,346,634	1.4	%
	Balfour Beatty P.L.C.	2,828,972		11,412,635	1.0	%
	BBA Aviation P.L.C.	2,792,163		7,949,170	0.7	%
	Carillion P.L.C.	1,773,138		9,848,482	0.9	%

106

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Charter International P.L.C.	664,438	$	9,570,201	0.8	%
	Cookson Group P.L.C.	1,135,834		8,730,616	0.8	%
	Firstgroup P.L.C.	1,763,210		9,443,194	0.8	%
	IMI P.L.C.	1,053,765		13,887,888	1.2	%
	Intertek Group P.L.C.	506,207		16,690,015	1.5	%
	Invensys P.L.C.	2,110,010		7,633,539	0.7	%
	Meggitt P.L.C.	2,465,596		15,216,658	1.3	%
	Melrose P.L.C.	1,583,124		8,361,271	0.7	%
	Michael Page International P.L.C.	1,310,832		8,438,432	0.8	%
*	Rentokil Initial P.L.C.	6,753,492		7,788,542	0.7	%
	Rotork P.L.C.	366,679		9,890,187	0.9	%
	Spirax-Sarco Engineering P.L.C.	319,520		9,815,375	0.9	%
	Travis Perkins P.L.C.	922,110		13,042,544	1.2	%
	Other Securities			161,405,297	14.2	%
Total Industrials				345,470,680	30.5	%
Information Technology — (10.1%)
	Halma P.L.C.	1,541,075		8,281,224	0.7	%
	Logica P.L.C.	6,339,968		9,513,413	0.8	%
*	Misys P.L.C.	1,604,251		7,512,729	0.7	%
	Spectris P.L.C.	515,234		10,526,946	0.9	%
	Other Securities			78,876,227	7.0	%
Total Information Technology				114,710,539	10.1	%
Materials — (7.3%)
	Croda International P.L.C.	520,183		14,624,049	1.3	%
	Mondi P.L.C.	1,078,021		8,199,053	0.7	%
	Other Securities			59,734,196	5.3	%
Total Materials				82,557,298	7.3	%
Telecommunication Services — (2.3%)
	Other Securities			25,819,992	2.3	%
Utilities — (2.6%)
	Drax Group P.L.C.	1,479,700		12,880,863	1.2	%
	Pennon Group P.L.C.	1,445,401		16,146,166	1.4	%
	Other Securities			240,136	0.0	%
Total Utilities				29,267,165	2.6	%
TOTAL COMMON STOCKS				1,126,660,778	99.4	%
PREFERRED STOCKS — (0.0%)
Consumer Staples — (0.0%)
	Other Securities			9,625	0.0	%
RIGHTS/WARRANTS — (0.0%)
	Other Securities			9,536	0.0	%

107

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

	Shares/
	Face				Percentage
	Amount		Value†		of Net Assets**
	(000)
SECURITIES LENDING COLLATERAL — (0.5%)
§@DFA Short Term Investment Fund		3,124,051	$	3,124,051	0.3	%
@Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%, 11/01/11
(Collateralized by FNMA 3.500%, 11/01/31,
valued at $2,571,372) to be repurchased at $2,520,961	$	2,521		2,520,953	0.2	%
TOTAL SECURITIES LENDING COLLATERAL				5,645,004	0.5	%
TOTAL INVESTMENTS — (100.0%)
(Cost $1,103,961,462)			$	1,132,324,943	99.9	%

Summary of inputs used to value the Series’ investments as of October 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	2,307,852	$	253,137,733	—	$	255,445,585
Consumer Staples		291,174		45,932,442	—		46,223,616
Energy		—		53,157,122	—		53,157,122
Financials		3,845		152,076,030	—		152,079,875
Health Care		—		21,928,906	—		21,928,906
Industrials		—		345,470,680	—		345,470,680
Information Technology		—		114,710,539	—		114,710,539
Materials		—		82,557,298	—		82,557,298
Telecommunication Services		—		25,819,992	—		25,819,992
Utilities		—		29,267,165	—		29,267,165
Preferred Stocks
Consumer Staples		—		9,625	—		9,625
Rights/Warrants		—		9,536	—		9,536
Securities Lending Collateral		—		5,645,004	—		5,645,004
TOTAL	$	2,602,871	$	1,129,722,072	—	$	1,132,324,943

See accompanying Notes to Financial Statements.
108

THE CONTINENTAL SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2011

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (86.7%)
AUSTRIA — (2.1%)
	Other Securities		$	49,235,911	2.5	%
BELGIUM — (2.9%)
	Ackermans & van Haaren NV	87,214		7,026,076	0.4	%
*	D’ieteren SA	129,060		7,344,614	0.4	%
	Other Securities			52,870,924	2.6	%
TOTAL BELGIUM				67,241,614	3.4	%
DENMARK — (2.6%)
*	Topdanmark A.S.	53,386		8,789,962	0.5	%
	Other Securities			50,816,373	2.5	%
TOTAL DENMARK				59,606,335	3.0	%
FINLAND — (5.8%)
#	Elisa Oyj	494,801		10,431,808	0.5	%
	Orion Oyj Series B	337,043		7,013,846	0.4	%
	Other Securities			115,966,780	5.8	%
TOTAL FINLAND				133,412,434	6.7	%
FRANCE — (10.1%)
*	Arkema SA	139,427		9,475,335	0.5	%
#	Neopost SA	91,985		6,996,144	0.4	%
#	Nexans SA	131,823		8,292,007	0.4	%
	Remy Cointreau SA	82,777		6,781,256	0.3	%
	Valeo SA	229,231		11,506,324	0.6	%
	Zodiac Aerospace SA	89,170		6,991,700	0.3	%
	Other Securities			183,063,235	9.1	%
TOTAL FRANCE				233,106,001	11.6	%
GERMANY — (12.8%)
*	Aareal Bank AG	423,110		8,478,484	0.4	%
	Aurubis AG	152,783		8,620,221	0.4	%
	Bilfinger Berger SE	162,980		14,547,368	0.7	%
	MTU Aero Engines Holding AG	176,697		11,832,506	0.6	%
	Rheinmetall AG	126,352		6,700,932	0.4	%
	Rhoen-Klinikum AG	406,308		8,107,235	0.4	%
#*	SGL Carbon SE	229,387		14,257,094	0.7	%
	Software AG	192,899		7,988,782	0.4	%
	Symrise AG	330,233		8,548,072	0.4	%
	Other Securities			204,125,996	10.2	%
TOTAL GERMANY				293,206,690	14.6	%
GREECE — (1.9%)
	Other Securities			43,085,344	2.2	%

109

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
IRELAND — (2.9%)
	DCC P.L.C.	308,989	$	8,564,908	0.4	%
	Dragon Oil P.L.C.	1,339,680		12,083,896	0.6	%
	Paddy Power P.L.C.	180,573		9,997,277	0.5	%
	Other Securities			35,360,315	1.8	%
TOTAL IRELAND				66,006,396	3.3	%
ISRAEL — (2.4%)
	Other Securities			53,990,503	2.7	%
ITALY — (7.1%)
#	Banca Popolare di Sondrio Scarl	922,722		7,039,189	0.4	%
	Davide Campari - Milano SpA	990,609		7,652,926	0.4	%
	Prysmian SpA	653,038		9,872,100	0.5	%
	Other Securities			139,095,655	6.9	%
TOTAL ITALY				163,659,870	8.2	%
NETHERLANDS — (4.6%)
	Aalberts Industries NV	384,012		6,753,750	0.3	%
#	Imtech NV	272,621		8,053,728	0.4	%
	Nutreco NV	145,366		9,658,003	0.5	%
	SBM Offshore NV	563,703		12,385,902	0.6	%
	Other Securities			69,399,633	3.5	%
TOTAL NETHERLANDS				106,251,016	5.3	%
NORWAY — (2.8%)
	Other Securities			64,920,076	3.2	%
PORTUGAL — (0.9%)
	Other Securities			20,190,809	1.0	%
SPAIN — (5.4%)
#	Bolsas y Mercados Espanoles SA	236,082		6,761,301	0.3	%
	Ebro Foods SA	340,839		6,906,928	0.4	%
#*	Grifols SA	457,616		8,508,217	0.4	%
	Viscofan SA	183,430		7,043,085	0.4	%
	Other Securities			94,355,215	4.7	%
TOTAL SPAIN				123,574,746	6.2	%
SWEDEN — (8.3%)
*	Castellum AB	548,218		7,421,699	0.4	%
	Elekta AB Series B	255,842		10,216,832	0.5	%
*	Lundin Petroleum AB	439,229		10,719,305	0.5	%
*	Meda AB Series A	750,311		7,635,753	0.4	%
	Trelleborg AB Series B	928,357		7,858,668	0.4	%
	Other Securities			146,210,677	7.3	%
TOTAL SWEDEN				190,062,934	9.5	%

110

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

						Percentage
			Shares	Value††		of Net Assets**
SWITZERLAND — (14.1%)
*	Aryzta AG		289,931	$	13,979,948	0.7	%
	Bank Sarasin & Cie AG Series B		182,505		6,937,974	0.3	%
*	Clariant AG		699,758		7,577,735	0.4	%
*	Dufry AG		65,162		6,975,452	0.3	%
#	Galenica Holding AG		18,828		10,906,687	0.5	%
	GAM Holding AG		780,910		9,336,078	0.5	%
	Helvetia Holding AG		22,754		8,313,855	0.4	%
	Lonza Group AG		140,493		9,345,357	0.5	%
*	PSP Swiss Property AG		148,327		13,494,819	0.7	%
*	Sulzer AG		64,067		7,466,988	0.4	%
	Swiss Life Holding AG		93,938		11,537,216	0.6	%
	Other Securities				219,321,241	10.9	%
TOTAL SWITZERLAND					325,193,350	16.2	%
TOTAL COMMON STOCKS					1,992,744,029	99.6	%
RIGHTS/WARRANTS — (0.1%)
BELGIUM — (0.0%)
	Other Securities				1,402	0.0	%
ITALY — (0.1%)
	Other Securities				1,667,926	0.1	%
NORWAY — (0.0%)
	Other Securities				—	0.0	%
TOTAL RIGHTS/WARRANTS					1,669,328	0.1	%
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (13.2%)
	§@DFA Short Term Investment Fund		303,408,660		303,408,660	15.1	%
	@Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%, 11/01/11
	(Collateralized by FNMA 3.500%, 11/01/31,
	valued at $1,237,089) to be repurchased at $1,212,836	$	1,213		1,212,832	0.1	%
TOTAL SECURITIES LENDING COLLATERAL					304,621,492	15.2	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $2,351,668,120)			$	2,299,034,849	114.9	%

111

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

Summary of inputs used to value the Series’ investments as of October 31, 2011 is as follows (See Security Valuation Note):

		Valuation Inputs
		Investment in
		Securities
		(Market Value)
		Level 1		Level 2		Level 3	Total
Common Stocks
	Austria	$	391,925	$	48,843,986	—	$	49,235,911
	Belgium		518,454		66,723,160	—		67,241,614
	Denmark		263,563		59,342,772	—		59,606,335
	Finland		—		133,412,434	—		133,412,434
	France		592,920		232,513,081	—		233,106,001
	Germany		2,803,490		290,403,200	—		293,206,690
	Greece		140,819		42,944,525	—		43,085,344
	Ireland		38,612		65,967,784	—		66,006,396
	Israel		2,399,465		51,591,038	—		53,990,503
	Italy		—		163,659,870	—		163,659,870
	Netherlands		309,421		105,941,595	—		106,251,016
	Norway		901,048		64,019,028	—		64,920,076
	Portugal		492,951		19,697,858	—		20,190,809
	Spain		181,193		123,393,553	—		123,574,746
	Sweden		2,260,761		187,802,173	—		190,062,934
	Switzerland		339,294		324,854,056	—		325,193,350
Rights/Warrants
	Belgium		355		1,047	—		1,402
	Italy		1,667,926		—	—		1,667,926
	Norway		—		—	—		—
Securities Lending Collateral			—		304,621,492	—		304,621,492
TOTAL		$	13,302,197	$	2,285,732,652	—	$	2,299,034,849

See accompanying Notes to Financial Statements.
112

THE CANADIAN SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2011

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (77.5%)
Consumer Discretionary — (7.9%)
	Astral Media, Inc. Class A	195,947	$	6,727,170	0.9	%
#	Cineplex, Inc.	191,278		5,079,637	0.7	%
#	Corus Entertainment, Inc. Class B	295,300		5,655,658	0.8	%
#	Dollarama, Inc.	197,346		7,428,565	1.0	%
	Groupe Aeroplan, Inc.	696,151		8,017,872	1.1	%
	RONA, Inc.	677,175		6,522,077	0.9	%
	Other Securities			34,910,751	4.7	%
Total Consumer Discretionary				74,341,730	10.1	%
Consumer Staples — (2.4%)
	Jean Coutu Group PJC, Inc. Class A (The)	400,161		5,118,688	0.7	%
	Other Securities			17,452,446	2.4	%
Total Consumer Staples				22,571,134	3.1	%
Energy — (19.8%)
*	Advantage Oil & Gas, Ltd.	1,098,231		5,828,585	0.8	%
#	AltaGas, Ltd.	276,864		8,169,120	1.1	%
#*	Bankers Petroleum, Ltd.	810,182		4,307,965	0.6	%
#*	Birchcliff Energy, Ltd.	355,600		5,394,203	0.7	%
*	BlackPearl Resources, Inc.	954,830		4,550,231	0.6	%
*	Celtic Exploration, Ltd.	269,000		6,663,266	0.9	%
#	Daylight Energy, Ltd.	739,288		7,305,730	1.0	%
*	Gran Tierra Energy, Inc.	969,291		5,941,678	0.8	%
#	Keyera Corp.	92,651		4,226,577	0.6	%
#	Mullen Group, Ltd.	274,057		5,507,260	0.7	%
#	NAL Energy Corp.	517,913		4,588,083	0.6	%
*	Paramount Resources, Ltd. Class A	136,127		4,953,425	0.7	%
	ShawCor, Ltd. Class A	222,500		5,323,928	0.7	%
#	Trilogy Energy Corp.	191,610		6,528,293	0.9	%
	Other Securities			108,079,045	14.7	%
Total Energy				187,367,389	25.4	%
Financials — (5.6%)
#	AGF Management, Ltd. Class B	330,879		5,304,687	0.7	%
	Canadian Western Bank	255,372		7,301,833	1.0	%
	Home Capital Group, Inc.	120,600		5,454,375	0.7	%
	Laurentian Bank of Canada	92,400		4,262,405	0.6	%
	TMX Group, Inc.	231,476		10,171,707	1.4	%
	Other Securities			20,797,284	2.8	%
Total Financials				53,292,291	7.2	%
Health Care — (1.6%)
	Other Securities			14,813,008	2.0	%
Industrials — (7.0%)
	Progressive Waste Solutions, Ltd.	209,167		4,406,829	0.6	%
#	Ritchie Brothers Auctioneers, Inc.	244,637		4,869,424	0.7	%
	Russel Metals, Inc.	243,400		5,601,802	0.8	%

113

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Toromont Industries, Ltd.	282,567	$	5,301,232	0.7	%
#*	Westport Innovations, Inc.	189,501		5,718,776	0.8	%
	Other Securities			40,046,544	5.4	%
Total Industrials				65,944,607	9.0	%
Information Technology — (4.3%)
*	Celestica, Inc.	847,607		7,032,566	0.9	%
	MacDonald Dettweiler & Associates, Ltd.	111,753		5,023,980	0.7	%
*	Open Text Corp.	107,738		6,594,528	0.9	%
	Wi-Lan, Inc.	666,819		4,963,930	0.7	%
	Other Securities			17,427,010	2.4	%
Total Information Technology				41,042,014	5.6	%
Materials — (26.6%)
	Alamos Gold, Inc.	423,220		7,833,869	1.1	%
#*	AuRico Gold, Inc.	967,320		9,365,074	1.3	%
*	Detour Gold Corp.	237,256		7,854,977	1.1	%
*	Euro Goldfields, Ltd.	521,960		5,875,487	0.8	%
*	First Majestic Silver Corp.	350,583		5,954,723	0.8	%
#	HudBay Minerals, Inc.	611,960		6,704,392	0.9	%
	Major Drilling Group International, Inc.	319,200		4,268,810	0.6	%
#	Methanex Corp.	289,704		7,469,669	1.0	%
#*	NovaGold Resources, Inc.	612,655		5,624,071	0.8	%
*	Quadra FNX Mining, Ltd.	408,502		4,713,091	0.6	%
#*	SEMAFO, Inc.	905,185		6,947,244	0.9	%
	Sherritt International Corp.	1,571,926		9,036,505	1.2	%
#	Silvercorp Metals, Inc.	620,630		5,771,999	0.8	%
	West Fraser Timber Co., Ltd.	131,316		5,664,999	0.8	%
	Other Securities			157,883,063	21.4	%
Total Materials				250,967,973	34.1	%
Telecommunication Services — (0.3%)
	Other Securities			2,467,484	0.3	%
Utilities — (2.0%)
#	Just Energy Group, Inc.	467,883		5,050,836	0.7	%
	Other Securities			13,927,682	1.9	%
Total Utilities				18,978,518	2.6	%
TOTAL COMMON STOCKS				731,786,148	99.4	%
RIGHTS/WARRANTS — (0.0%)
	Other Securities			43,371	0.0	%

114

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

	Shares/
	Face				Percentage
	Amount		Value†		of Net Assets**
	(000)
SECURITIES LENDING COLLATERAL — (22.5%)
§@DFA Short Term Investment Fund		210,374,890	$	210,374,890	28.6	%
@Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%, 11/01/11
(Collateralized by FNMA 3.500%, 11/01/31,
valued at $2,366,389) to be repurchased at $2,319,996	$	2,320		2,319,989	0.3	%
TOTAL SECURITIES LENDING COLLATERAL				212,694,879	28.9	%
TOTAL INVESTMENTS — (100.0%)
(Cost $970,256,943)			$	944,524,398	128.3	%

Summary of inputs used to value the Series’ investments as of October 31, 2011 is as follows (See Security Valuation Note):

	Valuation Inputs
	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	74,341,730		—	—	$	74,341,730
Consumer Staples		22,571,134		—	—		22,571,134
Energy		187,367,389		—	—		187,367,389
Financials		53,292,291		—	—		53,292,291
Health Care		14,813,008		—	—		14,813,008
Industrials		65,944,607		—	—		65,944,607
Information Technology		41,042,014		—	—		41,042,014
Materials		250,967,973		—	—		250,967,973
Telecommunication Services		2,467,484		—	—		2,467,484
Utilities		18,978,518		—	—		18,978,518
Rights/Warrants		32,434	$	10,937	—		43,371
Securities Lending Collateral		—		212,694,879	—		212,694,879
TOTAL	$	731,818,582	$	212,705,816	—	$	944,524,398

See accompanying Notes to Financial Statements.
115

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2011
(Unaudited)

(Amounts in thousands)

	The		The		The United		The		The
	Japanese		Asia Pacific		Kingdom		Continental		Canadian
	Small		Small		Small		Small		Small
	Company		Company		Company		Company		Company
	Series		Series		Series		Series		Series
ASSETS:
Investments at Value (including $156,852,
$144,935, $8,627, $329,505 and $203,924
of securities on loan, respectively)	$	1,529,729	$	820,094	$	1,067,632	$	1,795,466	$	686,263
Collateral Received from Securities on
Loan at Value & Cost		654		849		2,192		170		422
Affiliated Collateral Received from
Securities on Loan at Value & Cost		166,000		165,000		7,000		353,000		215,000
Foreign Currencies at Value		357		959		284		4,135		187
Cash		2,479		7,198		4,958		11,420		1,257
Receivables:
Investment Securities Sold		—		1,426		64		208		9,544
Dividends and Tax Reclaims		1,894		1,505		3,270		2,176		1,601
Securities Lending Income		159		224		18		550		165
Unrealized Gain on Foreign Currency
Contracts		—		7		5		1		—
Prepaid Expenses and Other Assets		3		2		2		5		2
Total Assets		1,701,275		997,264		1,085,425		2,167,131		914,441
LIABILITIES:
Upon Return of Securities Loaned		166,654		165,849		9,192		353,170		215,422
Investment Securities Purchased		—		722		1,195		5,408		1,426
Due to Advisor		134		75		94		160		61
Accrued Expenses and Other Liabilities		90		74		53		308		135
Total Liabilities		166,878		166,720		10,534		359,046		217,044
NET ASSETS	$	1,534,397	$	830,544	$	1,074,891	$	1,808,085	$	697,397
Investments at Cost	$	1,665,582	$	868,947	$	1,109,508	$	2,059,225	$	751,747
Foreign Currencies at Cost	$	353	$	946	$	283	$	4,142	$	184

See accompanying Notes to Financial Statements.
116

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

OCTOBER 31, 2011

(Amounts in thousands)

	The		The		The United		The		The
	Japanese		Asia Pacific		Kingdom		Continental		Canadian
	Small		Small		Small		Small		Small
	Company		Company		Company		Company		Company
	Series		Series		Series		Series		Series
ASSETS:
Investments at Value (including $168,689,
$171,355, $5,273, $284,106 and $201,676
of securities on loan, respectively)	$	1,486,514	$	892,066	$	1,126,680	$	1,994,413	$	731,829
Collateral Received from Securities on
Loan at Value & Cost		375		497		2,521		1,213		2,320
Affiliated Collateral Received from
Securities on Loan at Value & Cost		179,335		194,946		3,124		303,409		210,375
Foreign Currencies at Value		113		10,013		15,561		180		101
Cash		416		545		198		851		692
Receivables:
Investment Securities Sold		—		24		—		339		67
Dividends and Tax Reclaims		10,774		1,914		3,539		3,302		517
Securities Lending Income		168		213		13		472		184
Fund Shares Sold		5,055		3,000		—		3,000		3,000
Total Assets		1,682,750		1,103,218		1,151,636		2,307,179		949,085
LIABILITIES:
Payables:
Upon Return of Securities Loaned		179,710		195,443		5,645		304,622		212,695
Investment Securities Purchased		—		848		—		459		25
Fund Shares Redeemed		—		33		12,001		19		—
Due to Advisor		129		71		90		161		57
Unrealized Loss on Foreign Currency
Contracts		—		12		—		—		—
Accrued Expenses and Other Liabilities		96		77		55		155		46
Total Liabilities		179,935		196,484		17,791		305,416		212,823
NET ASSETS	$	1,502,815	$	906,734	$	1,133,845	$	2,001,763	$	736,262
Investments at Cost	$	1,635,033	$	853,139	$	1,098,317	$	2,047,047	$	757,562
Foreign Currencies at Cost	$	115	$	9,776	$	15,576	$	181	$	100

See accompanying Notes to Financial Statements.
117

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2011

(Amounts in thousands)

	The			The			The United			The			The
	Japanese			Asia Pacific			Kingdom			Continental			Canadian
	Small			Small			Small			Small			Small
	Company			Company			Company			Company			Company
	Series			Series			Series			Series			Series
Investment Income
Dividends (Net of Foreign Taxes
Withheld of $2,246, $971, $13, $8,010
and $2,212, respectively)	$	29,941		$	36,085		$	44,170		$	56,938		$	12,539
Interest		5			2			3			28			5
Income from Securities Lending		1,938			2,502			246			8,288			2,514
Total Investment Income		31,884			38,589			44,419			65,254			15,058
Expenses
Investment Advisory Services Fees		1,442			979			1,142			2,274			810
Accounting & Transfer Agent Fees		159			116			131			237			100
Custodian Fees		316			454			106			779			222
Shareholders’ Reports		8			6			6			13			4
Directors’/Trustees’ Fees & Expenses		12			9			10			20			7
Professional Fees		33			24			27			72			19
Other		19			14			14			28			6
Total Expenses		1,989			1,602			1,436			3,423			1,168
Fees Paid Indirectly		(1	)		—			(1	)		(1	)		—
Net Expenses		1,988			1,602			1,435			3,422			1,168
Net Investment Income (Loss)		29,896			36,987			42,984			61,832			13,890
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold		17,637			71,818			18,980			66,872			38,405
Futures		—			—			—			(287	)		—
Foreign Currency Transactions		93			521			33			(576	)		(110	)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign Currency		66,983			(158,023	)		(66,130	)		(377,057	)		(68,747	)
Translation of Foreign Currency
Denominated Amounts		(598	)		109			53			52			4
Net Realized and Unrealized
Gain (Loss)		84,115			(85,575	)		(47,064	)		(310,996	)		(30,448	)
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	114,011		$	(48,588	)	$	(4,080	)	$	(249,164	)	$	(16,558	)

See accompanying Notes to Financial Statements.
118

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)

	The Japanese						The Asia Pacific
	Small Company						Small Company
	Series						Series
	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,
	2011			2010			2011			2010
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	29,896		$	23,032		$	36,987		$	28,020
Net Realized Gain (Loss) on:
Investment Securities Sold		17,637			(15,709	)		71,818			46,684
Foreign Currency Transactions		93			792			521			(20	)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign Currency		66,983			(460	)		(158,023	)		129,509
Translation of Foreign Currency
Denominated Amounts		(598	)		315			109			(75	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		114,011			7,970			(48,588	)		204,118
Transactions in Interest:
Contributions		212,545			61,990			80,765			85,604
Withdrawals		(35,341	)		(41,396	)		(60,581	)		(35,581	)
Net Increase (Decrease) from
Transactions in Interest		177,204			20,594			20,184			50,023
Total Increase (Decrease) in Net Assets		291,215			28,564			(28,404	)		254,141
Net Assets
Beginning of Period		1,211,600			1,183,036			935,138			680,997
End of Period	$	1,502,815		$	1,211,600		$	906,734		$	935,138

See accompanying Notes to Financial Statements.
119

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)

	The United Kingdom						The Continental
	Small Company						Small Company
	Series						Series
	Year			Year			Year			Year
	Ended			Ended			Ended			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,
	2011			2010			2011			2010
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	42,984		$	24,392		$	61,832		$	38,583
Net Realized Gain (Loss) on:
Investment Securities Sold		18,980			35,525			66,872			72,573
Futures		—			—			(287	)		—
Foreign Currency Transactions		33			126			(576	)		811
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign Currency		(66,130	)		152,112			(377,057	)		156,901
Translation of Foreign Currency
Denominated Amounts		53			(30	)		52			30
Net Increase (Decrease) in Net Assets
Resulting from Operations		(4,080	)		212,125			(249,164	)		268,898
Transactions in Interest:
Contributions		125,970			59,131			225,654			199,653
Withdrawals		(24,739	)		(5,034	)		(47,211	)		(26,959	)
Net Increase (Decrease) from
Transactions in Interest		101,231			54,097			178,443			172,694
Total Increase (Decrease) in Net Assets		97,151			266,222			(70,721	)		441,592
Net Assets
Beginning of Period		1,036,694			770,472			2,072,484			1,630,892
End of Period	$	1,133,845		$	1,036,694		$	2,001,763		$	2,072,484

See accompanying Notes to Financial Statements.
120

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)

	The Canadian
	Small Company
	Series
	Year			Year
	Ended			Ended
	Oct. 31,			Oct. 31,
	2011			2010
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	13,890		$	5,240
Net Realized Gain (Loss) on:
Investment Securities Sold		38,405			6,585
Foreign Currency Transactions		(110	)		40
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		(68,747	)		168,950
Translation of Foreign Currency Denominated Amounts		4			(11	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(16,558	)		180,804
Transactions in Interest:
Contributions		130,949			117,737
Withdrawals		(41,851	)		—
Net Increase (Decrease) from Transactions in Interest		89,098			117,737
Total Increase (Decrease) in Net Assets		72,540			298,541
Net Assets
Beginning of Period		663,722			365,181
End of Period	$	736,262		$	663,722

See accompanying Notes to Financial Statements.
121

THE DFA INVESTMENTTRUSTCOMPANY

FINANCIALHIGHLIGHTS

	The Japanese Small Company Series												The Asia Pacific Small Company Series
							Period												Period
	Year		Year		Year		Dec. 1,		Year		Year		Year		Year		Year		Dec. 1,		Year		Year
	Ended		Ended		Ended		2007 to		Ended		Ended		Ended		Ended		Ended		2007 to		Ended		Ended
	Oct. 31,		Oct. 31,		Oct. 31,		Oct. 31,		Nov. 30,		Nov. 30,		Oct. 31,		Oct. 31,		Oct. 31,		Oct. 31,		Nov. 30,		Nov. 30,
	2011		2010		2009		2008		2007		2006		2011		2010		2009		2008		2007		2006
Total Return	10.07	%	0.72	%	22.69	%	(26.87)	%(C)	(1.16	)%	(2.28	)%	(5.15	)%	28.91	%	84.98	%	(57.75)	%(C)	47.23	%	38.26	%
Net Assets, End of Period
(thousands)	$1,502,815		$1,211,600		$1,183,036		$1,062,964		$1,504,821		$1,385,722		$906,734		$935,138		$680,997		$441,237		$1,205,154		$749,627
Ratio of Expenses to Average
Net Assets	0.14	%	0.14	%	0.15	%	0.13	%(B)	0.13	%	0.14	%	0.16	%	0.17	%	0.18	%	0.15	%(B)	0.15	%	0.17	%
Ratio of Expenses to Average
Net Assets (Excluding Fees
Paid Indirectly)	0.14	%	0.14	%	0.15	%	0.13	%(B)	0.13	%	0.14	%	0.16	%	0.17	%	0.18	%	0.15	%(B)	0.15	%	0.17	%
Ratio of Net Investment Income to
Average Net Assets	2.07	%	1.95	%	2.15	%	2.64	%(B)	1.94	%	1.68	%	3.78	%	3.64	%	4.00	%	4.33	%(B)	3.58	%	4.19	%
Portfolio Turnover Rate	5	%	10	%	7	%	10	%(C)	9	%	9	%	17	%	18	%	23	%	20	%(C)	25	%	14	%

	The United Kingdom Small Company Series												The Continental Small Company Series
							Period												Period
	Year		Year		Year		Dec. 1,		Year		Year		Year		Year		Year		Dec. 1,		Year		Year
	Ended		Ended		Ended		2007 to		Ended		Ended		Ended		Ended		Ended		2007 to		Ended		Ended
	Oct. 31,		Oct. 31,		Oct. 31,		Oct. 31,		Nov. 30,		Nov. 30,		Oct. 31,		Oct. 31,		Oct. 31,		Oct. 31,		Nov. 30,		Nov. 30,
	2011		2010		2009		2008		2007		2006		2011		2010		2009		2008		2007		2006
Total Return	0.20	%	25.94	%	43.51	%	(50.77)	%(C)	2.42	%	44.80	%	(10.75	)%	15.37	%	43.78	%	(49.66)	%(C)	17.49	%	47.10	%
Net Assets, End of Period
(thousands)	$1,133,845		$1,036,694		$770,472		$555,390		$1,158,580		$1,117,826		$2,001,763		$2,072,484		$1,630,892		$1,111,585		$2,256,122		$1,875,194
Ratio of Expenses to Average
Net Assets	0.13	%	0.13	%	0.14	%	0.12	%(B)	0.12	%	0.13	%	0.15	%	0.15	%	0.16	%	0.14	%(B)	0.14	%	0.15	%
Ratio of Expenses to Average
Net Assets (Excluding Fees
Paid Indirectly)	0.13	%	0.13	%	0.14	%	0.12	%(B)	0.12	%	0.13	%	0.15	%	0.15	%	0.16	%	0.14	%(B)	0.14	%	0.15	%
Ratio of Net Investment Income to
Average Net Assets	3.76	%	2.86	%	4.02	%	3.79	%(B)	2.72	%	2.70	%	2.72	%	2.24	%	2.93	%	3.49	%(B)	2.16	%	2.27	%
Portfolio Turnover Rate	7	%	15	%	10	%	25	%(C)	12	%	8	%	10	%	12	%	7	%	18	%(C)	12	%	7	%
See page 63 for the Definitions of Abbreviations and Footnotes.

See accompanying Notes to Financial Statements.
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THE DFA INVESTMENT TRUST COMPANY

FINANCIAL HIGHLIGHTS

	The Canadian Small Company Series
	Year			Year			Year			Period			Period
	Ended			Ended			Ended			Dec. 1, 2007			April 2, 2007(a)
	Oct. 31,			Oct. 31,			Oct. 31,			to			to
	2011			2010			2009			Oct. 31, 2008			Nov. 30, 2007
Total Return		0.27	%		43.17	%		61.67	%		(56.44)	%(C)		10.20	%(C)
Net Assets, End of Period (thousands)	$	736,262		$	663,722		$	365,181		$	232,873		$	213,529
Ratio of Expenses to Average Net Assets		0.14	%		0.15	%		0.17	%		0.18	%(B)		0.26	%(B)(E)
Ratio of Expenses to Average Net Assets
(Excluding Fees Paid Indirectly)		0.14	%		0.15	%		0.17	%		0.18	%(B)		0.26	%(B)(E)
Ratio of Net Investment Income to Average Net Assets		1.72	%		1.05	%		1.37	%		0.97	%(B)		0.47	%(B)(E)
Portfolio Turnover Rate		24	%		10	%		23	%		21	%(C)		6	%(C)
See page 63 for the Definitions of Abbreviations and Footnotes.

See accompanying Notes to Financial Statements.
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THE DFA INVESTMENT TRUST COMPANY
NOTES TO FINANCIAL STATEMENTS
October 31, 2011

A. Organization:

     The DFA Investment Trust Company (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of eleven operational investment portfolios, of which five are included in this section of the report (collectively, the “Series”).

International Equity Portfolios
The Japanese Small Company Series
The Asia Pacific Small Company Series
The United Kingdom Small Company Series
The Continental Small Company Series
The Canadian Small Company Series

At a regular meeting of the Board of Directors/Trustees (the “Board”) on September 16, 2008, the Board voted to change the fiscal and tax year ends of the Series from November 30 to October 31.

B. Significant Accounting Policies:

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

1. Security Valuation: The Series utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below:

• Level 1 – quoted prices in active markets for identical securities

 
• 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 Domestic Equity Portfolio and the International Equity Portfolios, including over-the-counter securities, are valued at the last quoted sale price of the day. Securities held by the Domestic Equity Portfolio and the International Equity Portfolios 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 Domestic Equity Portfolio and International Equity Portfolios value the securities at the mean of the most recent quoted bid and asked prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end 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 procedures adopted by the Board of Directors/Trustees. These securities are generally categorized as Level 2 in the hierarchy. 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 Investment

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Committee of the Advisor) occur before the net asset value is calculated. When fair value pricing is used, the prices of securities used by the Domestic Equity Portfolios and International Equity Portfolios may differ from the quoted or published prices for the same securities on their primary markets or exchanges.

     The International Equity Portfolios 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, 11:00 p.m. PT), which is fourteen hours prior to the close of the NYSE (normally, 1:00 p.m. PT) and the time that the net asset values of the International Equity Portfolios are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the International Equity Portfolios price their shares at the close of the NYSE, the International Equity Portfolios 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 International Equity Portfolios’ 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 Board of Directors/Trustees of the Trust have 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 International Equity Portfolios utilizes data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When an International Equity Portfolio uses fair value pricing, the values assigned to the International Equity Portfolio’s 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.

A summary of the inputs used to value the Series’ investments by each major security type, industry and/or country is disclosed at the end of the Summary Schedule of Portfolio Holdings. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Series did not have any significant transfers between Level 1 and Level 2 during the year ended October 31, 2011.

2. Foreign Currency Translation: Securities and other assets and liabilities of the International Equity Portfolios, whose values are initially expressed in foreign currencies, are translated to U.S. dollars using the mean between the most recently quoted bid and asked prices for the U.S. dollar as quoted by generally recognized reliable sources. Dividend and interest income and certain expenses are translated to U.S. dollars at the rate of exchange on their respective accrual dates. Receivables and payables denominated in foreign currencies are marked to market daily based on daily exchange rates and exchange gains or losses are realized upon ultimate receipt or disbursement.

The International Equity Portfolios do not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities held whether realized or unrealized.

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

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

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     Each Trustee has the option to receive their distribution of proceeds in one of the following methods: lump sum; annual installments over a period of agreed upon years; or quarterly installments over a period of agreed upon years. Each Trustee shall have the right in a notice of election to defer compensation (the “Notice”) to elect to defer the receipt of the Trustee’s deferred compensation until a date specified by such Trustee in the Notice, which date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Trustee ceases to be a member of the Board of the Fund; and (ii) five years following the effective date of the Trustee’s first deferral election. If a Trustee who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Trustee’s deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Trustee ceases to be a member of the Board of the Fund (unless the Trustee files an amended Notice selecting a different distribution date). As of October 31, 2011, none of the Trustees have requested or received a distribution of proceeds of a deferred fee account.

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

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

C. Investment Advisor:

Dimensional Fund Advisors LP (“Dimensional” or the “Advisor”) provides investment advisory services to the Trust. For the year ended October 31, 2011, the Series’ investment advisory services fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates of average daily net assets:

The Japanese Small Company Series	0.10%
The Asia Pacific Small Company Series	0.10%
The United Kingdom Small Company Series	0.10%
The Continental Small Company Series	0.10%
The Canadian Small Company Series	0.10%

Earned Income Credit:

In addition, the Series have entered into arrangements with their custodian whereby net interest earned on uninvested cash balances was used to reduce a portion of each Series custody expenses. Custody expense in the accompanying financial statements is presented before reduction for credits. During the year ended October 31, 2011, expenses reduced were as follows (amounts in thousands):

	Fees Paid
	Indirectly
The Japanese Small Company Series		$	1
The Asia Pacific Small Company Series			—
The United Kingdom Small Company Series			1
The Continental Small Company Series			1
The Canadian Small Company Series			—

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Fees Paid to Officers and Directors/Trustees:

     Certain Officers and Directors/Trustees of the Advisor are also Officers and Directors/Trustees of the Trust; however, such Officers and Directors/Trustees (with the exception of the Chief Compliance Officer (“CCO”)) receive no compensation from the Trust. For the year ended October 31, 2011, the total related amounts paid by the Trust to the CCO were $84 (in thousands). The total related amounts paid by each of the Series are included in Other Expenses on the Statement of Operations.

D. Deferred Compensation:

At October 31, 2011, the total liability for deferred compensation to Directors/Trustees is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities as follows (amounts in thousands):

The Japanese Small Company Series	$	37
The Asia Pacific Small Company Series		18
The United Kingdom Small Company Series		21
The Continental Small Company Series		44
The Canadian Small Company Series		10

E. Purchases and Sales of Securities:

     For the year ended October 31, 2011, the Series made the following purchases and sales of investment securities, other than short-term securities and U.S. government securities (amounts in thousands):

	Purchases		Sales
The Japanese Small Company Series	$	269,316	$	69,415
The Asia Pacific Small Company Series		208,234		167,484
The United Kingdom Small Company Series		223,610		82,231
The Continental Small Company Series		456,167		215,427
The Canadian Small Company Series		280,913		195,028

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

F. Federal Income Taxes:

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

At October 31, 2011, the total cost and aggregate gross unrealized appreciation and (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes (amounts in thousands):

								Net
								Unrealized
	Federal Tax		Unrealized		Unrealized			Appreciation
	Cost		Appreciation		(Depreciation)			(Depreciation)
The Japanese Small Company Series	$	1,819,229	$	164,477	$	(317,482	)	$	(153,005	)
The Asia Pacific Small Company Series		1,076,850		214,050		(203,391	)		10,659
The United Kingdom Small Company Series		1,111,769		242,578		(222,022	)		20,556
The Continental Small Company Series		2,356,891		455,824		(513,680	)		(57,856	)
The Canadian Small Company Series		984,551		118,412		(158,439	)		(40,027	)

The difference between book basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of losses on wash sales and on investments in passive foreign investment companies.

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

G. Financial Instruments:

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

1. Repurchase Agreements: The Series may purchase certain U.S. Government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Trust’s custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.

2. Foreign Markets Risks: Investments in foreign markets may involve certain consideration 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 by the Series may be inhibited.

Derivative Financial Instruments:

Disclosures on derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by enabling investors to understand how and why a fund uses derivatives, how derivatives are accounted for and how derivative instruments affect a fund’s results of operations and financial position. Summarized below are the specific types of derivative instruments used by the Series.

3. Futures Contracts: The Series may enter into futures contracts to gain market exposure on uninvested cash pending investment in securities or to maintain liquidity to pay redemptions. Upon entering into a futures contract, the Series deposits cash or pledges U.S. Government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series record 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 entering 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. The Series entering into stock index futures are 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.

Additional disclosure on derivative instruments is required showing a summary by primary risk exposure of the derivatives instruments’ (i) location in the balance sheet and fair value at period end and (ii) the location in the Statements of Operations and the realized and change in unrealized gain or loss over the reporting period.

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     The following is a summary of the Series’ location and value of derivative instrument holdings on the Series’ Statements of Operations categorized by primary risk exposure for the year ended October 31, 2011 (amounts in thousands):

	Location on the Statements	Equity
	of Operations	Contracts
The Continental Small Company Series*	Net Realized Gain (Loss) on Futures	$(287)

*As of October 31, 2011, there were no futures contracts outstanding. During the year ended October 31, 2011, the Series had limited activity in futures contracts.

H. Line of Credit:

     The Trust, together with other Dimensional-advised portfolios, has entered into a $250 million unsecured discretionary line of credit effective June 22, 2011 with its domestic custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $250 million, as long as total borrowings under the line of credit do not exceed $250 million in the aggregate. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The line of credit is scheduled to expire on June 22, 2012. There were no borrowings by the Series under this line of credit during the year ended October 31, 2011.

The Trust, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 15, 2011 with its international custodian bank. Each portfolio is permitted to borrow, subject to its investment limitations, up to a maximum of $500 million, as long as total borrowings under the line of credit do not exceed $500 million in the aggregate. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed to by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The agreement for the line of credit expires on January 13, 2012. The Trust, together with other Dimensional-advised portfolios, expects to enter into a new line of credit with substantially the same terms as its existing line of credit prior to its expiration.

For the year ended October 31, 2011, borrowings by the Series under this line of credit were as follows (amounts in thousands, except percentages and days):

	Weighted	Weighted	Number of	Interest		Maximum Amount
	Average	Average	Days	Expense		Borrowed During
	Interest Rate	Loan Balance	Outstanding*	Incurred		the Period
The Japanese Small Company Series	0.88%	$625	16		—	$4,628
The Asia Pacific Small Company Series	0.85%	446	51	$	1	2,968
The United Kingdom Small Company Series	0.91%	117	19		—	1,227
The Continental Small Company Series	0.83%	574	11		—	2,038

*Number of Days Outstanding represents the total of single or consecutive days during the year ended that each Series’ available line of credit was utilized.

     There were no outstanding borrowings by the Series under this line of credit as of October 31, 2011.

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I. Securities Lending:

     As of October 31, 2011, some of the Series had securities on loan to brokers/dealers, for which each Series received cash collateral. Each Series invests the cash collateral, as described below, and records a liability for the return of the collateral, during the period the securities are on loan. Loans of securities are expected at all times to be secured by collateral equal to at least (i) 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, (ii) 102% of the current market value of the loaned securities with respect to U.S. securities, and (iii) 105% of the current market value of the loaned securities with respect to foreign securities. However, daily market fluctuations could cause the Series’ collateral to be lower or higher than the expected thresholds. If this were to occur, the collateral would be adjusted the next business day to ensure adequate collateralization. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. If the borrower fails to return loaned securities, and cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Series or, at the option of the lending agent, to replace the securities.

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

J. Indemnitees; Contractual Obligations:

Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust.

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

K. Recently Issued Accounting Standards:

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements.” ASU No. 2010-06 amends FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, to require additional disclosures in the roll forward of activity in Level 3 fair value measurements effective for interim and annual reporting periods beginning after December 15, 2010. Management is currently evaluating the impact ASU No. 2010-06 will have on its financial statement disclosures.

In May 2011, the FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. Generally Accepted Accounting Principles (“GAAP”) and International Financial Reporting Standards (“IFRSs”).” ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRSs. ASU 2011-04 will require reporting entities to disclose quantitative information about the unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU No. 2011-04 and its impact on the financial statements has not been determined.

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L. Other:

The Series are subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company who tendered shares when the Tribune Company went private in 2007 in a leveraged buy-out transaction, seeking the return of all proceeds received by the shareholders). Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact on our financial position, our results of operations, or our cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

M. Subsequent Event Evaluations:

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Series, as defined, and
Board of Trustees of The DFA Investment Trust Company:

In our opinion, the accompanying statements of assets and liabilities, including the summary schedules of portfolio holdings, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series (constituting portfolios within the DFA Investment Trust Company, hereafter referred to as the “Series”) at October 31, 2011, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Series’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodians, brokers and the transfer agent of the investee fund, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
December 22, 2011

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FUND MANAGEMENT

(Unaudited)

Trustees/Directors

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

Each Board has four standing committees, an Audit Committee, a Nominating Committee, a Portfolio Performance and Service Review Committee (the “Performance Committee”) and an Independent Review Committee (the “Review Committee”). The Audit Committee is comprised of George M. Constantinides, Roger G. Ibbotson and Abbie J. Smith. Each member of the Audit Committee is a disinterested Trustee/Director. The Audit Committee oversees the Fund’s accounting and financial reporting policies and practices, the Fund’s internal controls, the Fund’s financial statements and the independent audits thereof and performs other oversight functions as requested by the Board. The Audit Committee recommends the appointment of each Fund’s independent registered certified public accounting firm and also acts as a liaison between the Fund’s independent registered certified public accounting firm and the full Board. There were two Audit Committee meetings held during the fiscal year ended October 31, 2011.

Each Board’s Nominating Committee is comprised of George M. Constantinides, John P. Gould, Roger G. Ibbotson, Myron S. Scholes, Edward P. Lazear and Abbie J. Smith. Each member of the Nominating Committee is a disinterested Trustee/Director. The Nominating Committee for each Board makes recommendations for nominations of disinterested and interested members on the Board to the full Board. The Nominating Committee evaluates a candidate’s qualification for Board membership and the independence of such candidate from the Advisor and other principal service providers. There was one Nominating Committee meeting held for each Fund during the fiscal year ended October 31, 2011.

Each Board’s Performance Committee is comprised of George M. Constantinides, Roger G. Ibbotson, Abbie J. Smith, Edward P. Lazear, John P. Gould and Myron S. Scholes. Each member of the Performance Committee is a disinterested Trustee/Director. The Performance Committee regularly reviews and monitors the investment performance of the Fund’s series and reviews the performance of the Fund’s service providers. There were six Performance Committee meetings held during the fiscal year ended October 31, 2011.

Each Board’s Review Committee consists of both interested and disinterested Trustees/Directors. The Review Committee is comprised of John P. Gould, Edward P. Lazear, Myron S. Scholes and Eduardo A. Repetto. The Review Committee assists the Board in carrying out its fiduciary duties with respect to the oversight of the Fund and its performance. At the request of the Board or the Advisor, the Review Committee may (i) review the design of possible new series of the Fund, (ii) review performance of existing portfolios of the Fund and discuss and recommend possible enhancements to the portfolios’ investment strategies, (iii) review proposals by the Advisor to modify or enhance the investment strategies or policies of each portfolio, and (iv) consider issues relating to investment services for each portfolio of the Fund. The Review Committee was formed on December 17, 2010, and there were two Review Committee meetings held during the fiscal year ended October 31, 2011.

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

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

133

Name, Position with the Fund, Address and Age	Term of Office1 and Length of Service	Portfolios within the DFA Fund Complex2 Overseen	Principal Occupation(s) During Past 5 Years and Other Directorships of Public Companies Held
Disinterested Trustees/Directors
George M. Constantinides Director of DFAIDG and DIG. Trustee of DFAITC and DEM. The University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 Age: 64	DFAITC - since 1993 DFAIDG - since 1983 DIG - since 1993 DEM - since 1993	94 portfolios in 4 investment companies	Leo Melamed Professor of Finance, The University of Chicago Booth School of Business.
John P. Gould Director of DFAIDG and DIG. Trustee of DFAITC and DEM. The University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 Age: 72	DFAITC - since 1993 DFAIDG - since 1986 DIG - since 1993 DEM - since 1993	94 portfolios in 4 investment companies	Steven G. Rothmeier Distinguished Service Professor of Economics, The University of Chicago Booth School of Business (since 1965). Member and Chair, Competitive Markets Advisory Committee, Chicago Mercantile Exchange (futures trading exchange) (since 2004). Formerly, Director of UNext, Inc. (1999-2006). Trustee, Harbor Fund (registered investment company) (30 Portfolios) (since 1994). Formerly, Member of the Board of Milwaukee Mutual Insurance Company (1997-2010).
Roger G. Ibbotson Director of DFAIDG and DIG. Trustee of DFAITC and DEM. Yale School of Management 135 Prospect Street New Haven, CT 06520-8200 Age: 68	DFAITC - since 1993 DFAIDG - since 1981 DIG - since 1993 DEM - since 1993	94 portfolios in 4 investment companies	Professor in Practice of Finance, Yale School of Management (since 1984). Chairman, CIO and Partner, Zebra Capital Management, LLC (hedge fund manager) (since 2001). Consultant to Morningstar, Inc. (since 2006). Formerly, Chairman, Ibbotson Associates, Inc., Chicago, IL (software data publishing and consulting) (1977-2006). Formerly, Director, BIRR Portfolio Analysis, Inc. (software products) (1990-2010).
Edward P. Lazear Director of DFAIDG and DIG. Trustee of DFAITC and DEM. Stanford University Graduate School of Business 518 Memorial Way Stanford, CA 94305-5015 Age: 63	DFAITC - since 2010 DFAIDG - since 2010 DIG - since 2010 DEM - since 2010	94 portfolios in 4 investment companies	Morris Arnold Cox Senior Fellow, Hoover Institution (since 2002). Jack Steele Parker Professor of Human Resources Management and Economics, Graduate School of Business, Stanford University (since 1995). Cornerstone Research (expert testimony and economic and financial analysis) (since 2009). Formerly, Chairman of the President George W. Bush’s Council of Economic Advisers (2006-2009). Formerly, Council of Economic Advisors, State of California (2005-2006). Formerly, Commissioner, White House Panel on Tax Reform (2005).
Myron S. Scholes Director of DFAIDG and DIG. Trustee of DFAITC and DEM. c/o Dimensional Fund Advisors, L.P. 6300 Bee Cave Road Building 1 Austin, TX 78746 Age: 70	DFAITC - since 1993 DFAIDG - since 1981 DIG - since 1993 DEM - since 1993	94 portfolios in 4 investment companies	Frank E. Buck Professor Emeritus of Finance, Stanford University (since 1981). Formerly, Chairman, Platinum Grove Asset Management, L.P. (hedge fund) (formerly, Oak Hill Platinum Partners) (1999-2009). Formerly, Managing Partner, Oak Hill Capital Management (private equity firm) (until 2004). Director, American Century Fund Complex (registered investment companies) (40 Portfolios) (since 1980). Formerly, Director, Chicago Mercantile Exchange (2001-2008).
Abbie J. Smith Director of DFAIDG and DIG. Trustee of DFAITC and DEM. The University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 Age: 58	DFAITC - since 2000 DFAIDG - since 2000 DIG - since 2000 DEM - since 2000	94 portfolios in 4 investment companies	Boris and Irene Stern Distinguished Service Professor of Accounting, The University of Chicago Booth School of Business (since 1980). Co-Director Investment Research, Fundamental Investment Advisors (hedge fund) (since 2008). Director, HNI Corporation (formerly known as HON Industries Inc.) (office furniture) (since 2000). Director, Ryder System Inc. (transportation, logistics and supply-chain management) (since 2003). Trustee, UBS Funds (3 investment companies within the fund complex) (52 portfolios) (since 2009).

134

Name, Position with the Fund, Address and Age	Term of Office1 and Length of Service	Portfolios within the DFA Fund Complex2 Overseen	Principal Occupation(s) During Past 5 Years and Other Directorships of Public Companies Held
Interested Trustees/Directors*
David G. Booth Chairman, Director, Co-Chief Executive Officer and President of DFAIDG and DIG. Chairman, Trustee, Co-Chief Executive Officer and President of DFAITC and DEM. 6300 Bee Cave Road, Building One Austin, Texas 78746 Age: 64	DFAITC - since 1993 DFAIDG - since 1981 DIG - since 1992 DEM - since 1993	94 portfolios in 4 investment companies	Chairman, Director/Trustee, President, and Co-Chief Executive Officer (since January 2010) of Dimensional Holdings Inc., Dimensional Fund Advisors LP, DFA Securities LLC, Dimensional Emerging Markets Value Fund, DFAIDG, Dimensional Investment Group Inc. and The DFA Investment Trust Company. Director of Dimensional Fund Advisors Ltd., Dimensional Funds PLC, Dimensional Funds II PLC, DFA Australia Limited and Dimensional Cayman Commodity Fund I Ltd. Chairman and President of Dimensional SmartNest LLC and Dimensional SmartNest (US) LLC. Chairman, Director and Co-Chief Executive Officer of Dimensional Fund Advisors Canada ULC. Limited Partner, Oak Hill Partners (since 2001) and VSC Investors, LLC (since 2007). Trustee, The University of Chicago. Trustee, University of Kansas Endowment Association. Formerly, Chief Executive Officer (until 2010) and Chief Investment Officer (2003-2007) of Dimensional Fund Advisors LP, DFA Securities LLC, Dimensional Emerging Markets Value Fund, DFAIDG, Dimensional Investment Group Inc., The DFA Investment Trust Company and Dimensional Holdings Inc. Formerly, Chief Investment Officer of Dimensional Fund Advisors Ltd. Formerly, President and Chief Investment Officer of DFA Australia Limited. Formerly, Director, SA Funds (registered investment company).
Eduardo A. Repetto Director, Co-Chief Executive Officer and Chief Investment Officer of DFAIDG and DIG. Trustee, Co-Chief Executive Officer and Chief Investment Officer of DFAITC and DEM. 6300 Bee Cave Road, Building One Austin, TX 78746 Age: 44	DFAITC - since 2009 DFAIDG - since 2009 DIG - since 2009 DEM - since 2009	94 portfolios in 4 investment companies	Co-Chief Executive Officer (since January 2010), Chief Investment Officer (since March 2007) and Director/Trustee of Dimensional Holdings Inc., Dimensional Fund Advisors LP, DFA Securities LLC, Dimensional Emerging Markets Value Fund, DFAIDG, Dimensional Investment Group Inc., The DFA Investment Trust Company and Dimensional Cayman Commodity Fund I Ltd. Co-Chief Executive Officer, President and Chief Investment Officer of Dimensional Fund Advisors Canada ULC. Chief Investment Officer, Vice President and Director of DFA Australia Limited. Director of Dimensional Fund Advisors Ltd., Dimensional Funds PLC and Dimensional Funds II PLC. Co-Chief Executive Officer of Dimensional SmartNest LLC and Dimensional SmartNest (US) LLC. Formerly, Vice President of Dimensional Holdings Inc., Dimensional Fund Advisors LP, DFA Securities LLC, Dimensional Emerging Markets Value Fund, DFAIDG, Dimensional Investment Group Inc., The DFA Investment Trust Company and Dimensional Fund Advisors Canada ULC.

1	Each Trustee/Director holds office for an indefinite term until his or her successor is elected and qualified.
2	Each Trustee/Director is a director or trustee of each of the four registered investment companies within the DFA Fund Complex, which includes the Funds.
*	Interested Trustees/Directors are described as such because they are deemed to be “interested persons,” as that term is defined under the Investment Company Act of 1940, as amended, due to their positions with Dimensional Fund Advisors LP.

135

Officers

     The name, age, information regarding positions with the Funds and the principal occupation for each officer of the Funds are set forth below. Each officer listed below holds the same office (except as otherwise noted) in the following entities: Dimensional Fund Advisors LP (prior to November 3, 2006, Dimensional Fund Advisors Inc.) (“Dimensional”), DFA Securities Inc., DFAIDG, DIG, DFAITC and DEM (collectively, the “DFA Entities”). The address of each officer is: Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, Texas 78746, unless otherwise indicated.

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
Officers
April A. Aandal Vice President, Global Business Development Age: 48	Since 2008	Vice President, Global Business Development of all the DFA Entities. Chief Learning Officer of Dimensional (September 2008-October 2011). Formerly, Regional Director of Dimensional (2004-2008).
Darryl D. Avery Vice President Age: 45	Since 2005	Vice President of all the DFA Entities.
Arthur H. Barlow Vice President Age: 55	Since 1993	Vice President of all the DFA Entities. Formerly, Vice President of DFA Australia Limited and Dimensional Fund Advisors Ltd.
John T. Blood Vice President Age: 42	Since 2011	Vice President of all the DFA Entities. Regional Director for Dimensional (2010). Formerly, Chief Market Strategist at Commonwealth Financial (2007-2010); Director of Research at Commonwealth Financial (2000-2007).
Scott A. Bosworth Vice President Age: 42	Since 2007	Vice President of all the DFA Entities. Regional Director of Dimensional (since November 1997).
Valerie A. Brown Vice President and Assistant Secretary Age: 44	Since 2001	Vice President and Assistant Secretary of all the DFA Entities, DFA Australia Limited, Dimensional Fund Advisors Ltd., Dimensional Fund Advisors Canada ULC (since 2003) and Dimensional Cayman Commodity Fund I Ltd.
David P. Butler Vice President Age: 47	Since 2007	Vice President of all the DFA Entities. Head of Global Financial Services of Dimensional (since 2008). Formerly, Regional Director of Dimensional (January 1995 to January 2005).
James G. Charles Vice President Age: 55	Since 2011	Vice President of all the DFA Entities. Regional Director for Dimensional (2008-2010). Formerly, Vice President, Client Portfolio Manager at American Century Investments (2001-2008).
Joseph H. Chi Vice President Age: 45	Since 2009	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (since October 2005).
Stephen A. Clark Vice President Age: 39	Since 2004	Vice President of all the DFA Entities, DFA Australia Limited and Dimensional Fund Advisors Canada ULC.
Robert P. Cornell Vice President Age: 62	Since 2007	Vice President of all the DFA Entities. Regional Director of Financial Services Group of Dimensional (since August 1993).
George H. Crane Vice President Age: 56	Since 2010	Vice President of all the DFA Entities. Formerly, Senior Vice President and Managing Director at State Street Bank & Trust Company (2007-2008). Managing Director, Head of Investment Administration and Operations at State Street Research & Management Company (2002-2005).
Christopher S. Crossan Vice President and Global Chief Compliance Officer Age: 45	Since 2004	Vice President and Global Chief Compliance Officer of all the DFA Entities, DFA Australia Limited, Dimensional Fund Advisors Ltd., Dimensional SmartNest LLC and Dimensional SmartNest (US) LLC. Chief Compliance Officer of Dimensional Fund Advisors Canada ULC.

136

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
James L. Davis Vice President Age: 54	Since 1999	Vice President of all the DFA Entities. Formerly, Vice President of DFA Australia Limited and Dimensional Fund Advisors Ltd.
Robert T. Deere Vice President Age: 54	Since 1994	Vice President of all the DFA Entities, DFA Australia Limited and Dimensional Fund Advisors Canada ULC.
Peter F. Dillard Vice President Age: 39	Since 2010	Vice President of all the DFA Entities. Research Associate for Dimensional (since August 2008). Formerly, Research Assistant for Dimensional (April 2006-August 2008).
Robert W. Dintzner Vice President and Chief Communications Officer Age: 41	Since 2001	Vice President of all the DFA Entities. Chief Communications Officer of Dimensional (since 2010).
Richard A. Eustice Vice President and Assistant Secretary Age: 46	Since 1998	Vice President and Assistant Secretary of all the DFA Entities and DFA Australia Limited. Chief Operating Officer of Dimensional Fund Advisors Ltd. (since July 2008). Formerly, Vice President of Dimensional Fund Advisors Ltd.
Gretchen A. Flicker Vice President Age: 40	Since 2004	Vice President of all the DFA Entities.
Jed S. Fogdall Vice President Age: 37	Since 2008	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (since September 2004).
Jeremy P. Freeman Vice President Age: 40	Since 2009	Vice President of all the DFA Entities. Senior Technology Manager for Dimensional (since June 2006). Formerly, Principal at AIM Investments/Amvescap PLC (now Invesco) (June 1998-June 2006).
Mark R. Gochnour Vice President Age: 44	Since 2007	Vice President of all the DFA Entities. Regional Director of Dimensional.
Henry F. Gray Vice President Age: 44	Since 2000	Vice President of all the DFA Entities. Formerly, Vice President of DFA Australia Limited.
John T. Gray Vice President Age: 37	Since 2007	Vice President of all the DFA Entities. Formerly, Regional Director of Dimensional (January 2005 to February 2007).
Joel H. Hefner Vice President Age: 43	Since 2007	Vice President of all the DFA Entities. Regional Director of Dimensional (since June 1998).
Julie C. Henderson Vice President and Fund Controller Age: 37	Since 2005	Vice President and Fund Controller of all the DFA Entities and Dimensional Cayman Commodity Fund I Ltd.
Kevin B. Hight Vice President Age: 43	Since 2005	Vice President of all the DFA Entities.
Christine W. Ho Vice President Age: 43	Since 2004	Vice President of all the DFA Entities.
Michael C. Horvath Vice President Age: 51	Since 2011	Vice President of all the DFA Entities. Formerly, Managing Director, Co-Head Global Consultant Relations at BlackRock (2004-2011).

137

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
Jeff J. Jeon Vice President Age: 37	Since 2004	Vice President of all the DFA Entities and Dimensional Cayman Commodity Fund I Ltd.
Patrick M. Keating Vice President and Chief Operating Officer Age: 56	Since 2003	Vice President of all the DFA Entities and Dimensional Cayman Commodity Fund I Ltd. and Chief Operating Officer of Dimensional and Dimensional Cayman Commodity Fund I Ltd. Director, Vice President and Chief Privacy Officer of Dimensional Fund Advisors Canada ULC. Director of DFA Australia Limited.
David M. Kershner Vice President Age: 40	Since 2010	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (since June 2004).
Timothy R. Kohn Vice President Age: 40	Since 2011	Vice President of all the DFA Entities. Head of Defined Contribution Sales for Dimensional (since August 2010). Formerly, Chief DC Strategist, Barclays Global Investors (2005-2009).
Joseph F. Kolerich Vice President Age: 39	Since 2004	Vice President of all the DFA Entities.
Stephen W. Kurad Vice President Age: 42	Since 2011	Vice President of all the DFA Entities. Regional Director for Dimensional (2007-2010).
Michael F. Lane Vice President Age: 44	Since 2004	Vice President of all the DFA Entities.
Juliet Lee Vice President Age: 40	Since 2005	Vice President of all the DFA Entities.
Marlena I. Lee Vice President Age: 30	Since 2011	Vice President of all the DFA Entities. Research Associate for Dimensional (July 2008-2010).
Apollo D. Lupescu Vice President Age: 42	Since 2009	Vice President of all the DFA Entities. Regional Director for Dimensional (since February 2004).
Kenneth M. Manell Vice President Age: 38	Since 2010	Vice President of all the DFA Entities and Dimensional Cayman Commodity Fund I Ltd. Counsel for Dimensional (since September 2006). Formerly, Assistant General Counsel at Castle & Cooke (January 2004-September 2006).
Aaron M. Marcus Vice President & Head of Global Human Resources Age: 41	Since 2008	Vice President and Head of Global Human Resources of Dimensional. Formerly, Global Head of Recruiting and Vice President of Goldman Sachs & Co. (June 2006 to January 2008), and Global Co-Head of HR of the Equities & FICC Division, and Vice President of Goldman Sachs & Co. (May 2005 to May 2006).
David R. Martin Vice President, Chief Financial Officer and Treasurer Age: 54	Since 2007	Vice President, Chief Financial Officer and Treasurer of all the DFA Entities. Director, Vice President, Chief Financial Officer and Treasurer of Dimensional Fund Advisors Ltd. and DFA Australia Limited. Chief Financial Officer, Treasurer, and Vice President of Dimensional Fund Advisors Canada ULC, Dimensional SmartNest LLC, Dimensional SmartNest (US) LLC and Dimensional Cayman Commidity Fund I Ltd. Director of Dimensional Funds PLC and Dimensional Funds II PLC. Formerly, Executive Vice President and Chief Financial Officer of Janus Capital Group Inc. (June 2005 to March 2007).

138

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
Catherine L. Newell Vice President and Secretary Age: 47	Vice President since 1997 and Secretary since 2000	Vice President and Secretary of all the DFA Entities. Director, Vice President and Secretary of DFA Australia Limited and Dimensional Fund Advisors Ltd. (since February 2002, April 1997 and May 2002, respectively). Vice President and Secretary of Dimensional Fund Advisors Canada ULC (since June 2003), Dimensional SmartNest LLC, Dimensional SmartNest (US) LLC and Dimensional Cayman Commodity Fund I Ltd. Director, Dimensional Funds PLC and Dimensional Funds II PLC (since 2002 and 2006, respectively). Formerly, Assistant Secretary of all DFA Entities, DFA Australia Limited and Dimensional Fund Advisors Ltd.
Christian A. Newton Vice President Age: 36	Since 2009	Vice President of all DFA Entities. Web Services Manager for Dimensional (since January 2008). Formerly, Design Manager of Dimensional (2005-2008).
Pamela B. Noble Vice President Age: 47	Since 2011	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (2008-2010). Formerly, Vice President and Portfolio Manager at USAA Investment Management Company (2001-2006).
Carolyn L. O Vice President Age: 37	Since 2010	Vice President of all the DFA Entities and Dimensional Cayman Commodity Fund I Ltd. Deputy General Counsel, Funds (since 2011). Counsel for Dimensional (2007-2011). Formerly, Associate at K&L Gates LLP (January 2004-September 2007).
Gerard K. O’Reilly Vice President Age: 34	Since 2007	Vice President of all the DFA Entities. Formerly, Research Associate of Dimensional (2004 to 2006).
Daniel C. Ong Vice President Age: 37	Since 2009	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (since July 2005).
Kyle K. Ozaki Vice President Age: 33	Since 2010	Vice President of all the DFA Entities. Senior Compliance Officer for Dimensional (since January 2008). Formerly, Compliance Officer (February 2006-December 2007) and Compliance Analyst (August 2004-January 2006) for Dimensional.
David A. Plecha Vice President Age: 50	Since 1993	Vice President of all the DFA Entities, DFA Australia Limited, Dimensional Fund Advisors Ltd. and Dimensional Fund Advisors Canada ULC.
Allen Pu Vice President Age: 40	Since 2011	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (July 2006-2010).
Stephen A. Quance Vice President Age: 37	Since 2011	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (October 2006-2010).
Theodore W. Randall Vice President Age: 38	Since 2008	Vice President of all the DFA Entities. Formerly, Research Associate of Dimensional (2006-2008). Systems Developer of Dimensional (2001-2006).
L. Jacobo Rodriguez Vice President Age: 40	Since 2005	Vice President of all the DFA Entities.
Julie A. Saft Vice President Age: 52	Since 2010	Vice President of all the DFA Entities. Client Systems Manager for Dimensional (since July 2008). Formerly, Senior Manager at Vanguard (November 1997-July 2008).
David E. Schneider Vice President Age: 65	Since 2001	Vice President of all the DFA Entities and Dimensional Fund Advisors Canada ULC. Head of Institutional Services of Dimensional.
Walid A. Shinnawi Vice President Age: 49	Since 2010	Vice President of all the DFA Entities. Regional Director for Dimensional (since March 2006). Formerly, Senior Director at Moody’s KMV (1999-March 2006).

139

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
Bruce A. Simmons Vice President Age: 46	Since 2009	Vice President of all the DFA Entities. Investment Operations Manager for Dimensional (since May 2007). Formerly, Vice President Client and Fund Reporting at Mellon Financial (September 2005-May 2007).
Edward R. Simpson Vice President Age: 43	Since 2007	Vice President of all the DFA Entities. Regional Director of Dimensional (since December 2002).
Bryce D. Skaff Vice President Age: 36	Since 2007	Vice President of all the DFA Entities. Formerly, Regional Director of Dimensional (December 1999 to January 2007).
Andrew D. Smith Vice President Age: 43	Since 2011	Vice President of all the DFA Entities. Project Manager for Dimensional (2007-2010). Formerly, Business Analyst Manager, National Instruments (2003-2007).
Grady M. Smith Vice President Age: 55	Since 2004	Vice President of all the DFA Entities and Dimensional Fund Advisors Canada ULC.
Carl G. Snyder Vice President Age: 48	Since 2000	Vice President of all the DFA Entities. Formerly, Vice President of DFA Australia Limited.
Lawrence R. Spieth Vice President Age: 63	Since 2004	Vice President of all the DFA Entities.
Bradley G. Steiman Vice President Age: 38	Since 2004	Vice President of all the DFA Entities and Director and Vice President of Dimensional Fund Advisors Canada ULC.
Robert C. Trotter Vice President Age: 53	Since 2009	Vice President of all the DFA Entities. Senior Manager, Technology for Dimensional (since March 2007). Formerly, Director of Technology at AMVESCAP (2002-2007).
Karen E. Umland Vice President Age: 45	Since 1997	Vice President of all the DFA Entities, DFA Australia Limited, Dimensional Fund Advisors Ltd., and Dimensional Fund Advisors Canada ULC.
Brian J. Walsh Vice President Age: 41	Since 2009	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (since 2004).
Weston J. Wellington Vice President Age: 60	Since 1997	Vice President of all the DFA Entities. Formerly, Vice President of DFA Australia Limited.
Ryan J. Wiley Vice President Age: 35	Since 2007	Vice President of all the DFA Entities. Senior Trader of Dimensional. Formerly, Portfolio Manager (2006 to 2007) and Trader (2001 to 2006) for Dimensional.
Paul E. Wise Vice President Age: 56	Since 2005	Vice President of all the DFA Entities. Chief Technology Officer for Dimensional (since 2004).
John S. Wotowicz Vice President Age: 47	Since 2010	Vice President of all the DFA Entities. Formerly, Managing Director at Morgan Stanley (1999-2007).
Joseph L. Young Vice President Age: 33	Since 2011	Vice President of all the DFA Entities. Regional Director for Dimensional (2005-2010).

¹ Each officer holds office for an indefinite term at the pleasure of the Boards of Trustees/Directors and until his or her successor is elected and qualified.

140

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

     A description of the policies and procedures that the Fund and the Trust use in voting proxies relating to securities held in the portfolios is available without charge, upon request, by calling collect: (512) 306-7400. Information regarding how the Advisor votes these proxies is available from the EDGAR database on the SEC’s website at http://www.sec.gov and from the Advisor’s website at http://www.dimensional.com and reflects the twelve-month period beginning July 1st and ending June 30th.

141

NOTICE TO SHAREHOLDERS
(Unaudited)

     For shareholders that do not have an October 31, 2011 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2011 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year November 1, 2010 to October 31, 2011, the Portfolio is designating the following items with regard to distributions paid during the fiscal year. All designations are based on financial information available as of the date of this annual report and, accordingly are subject to change. For each item, it is the intention of the Portfolio to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

					Qualifying For
	Net				Corporate					Qualifying
	Investment	Short-Term	Long-Term		Dividends	Qualifying	Foreign	Foreign	Qualifying	Short-Term
DFA Investment	Income	Capital Gain	Capital Gain	Total	Received	Dividend	Tax	Source	Interest	Capital
Dimensions Group Inc.	Distributions	Distributions	Distributions	Distributions	Deduction(1)	Income(2)	Credit(3)	Income(4)	Income(5)	Gain(6)
International Small Company
Portfolio	97%	—	3%	100%	100%	100%	3%	93%	100%	100%

____________________
 

(1)	Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions).
(2)	The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions). Please note that these percentages are designated only, refer to your 1099 for actual qualified dividend income.
(3)	“Foreign Tax Credit” represents dividends which qualify for the foreign tax credit pass through and is reflected as a percentage of investment company taxable income.
(4)	“Foreign Source Income” represents the portion of dividends derived from foreign sources, and is reflected as a percentage of investment company taxable income.
(5)	The percentage in this column represents the amount of “Qualifying Interest Income” as created by The American Jobs Creation Act of 2004. The information is reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions).
(6)	The percentage in this column represents the amount of “Qualifying Short-Term Capital Gain” as created by The American Jobs Creation Act of 2004. The information is reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions).

142

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PORTFOLIOS OF INVESTMENTS SA U.S. FIXED INCOME FUND SA GLOBAL FIXED INCOME FUND SA U.S. CORE MARKET FUND SA U.S. VALUE FUND SA U.S. SMALL COMPANY FUND SA INTERNATIONAL VALUE FUND SA INTERNATIONAL SMALL COMPANY FUND SA EMERGING MARKETS VALUE FUND SA REAL ESTATE SECURITIES FUND LWI FINANCIAL INC. 3055 OLIN AVENUE, SUITE 2000 | SAN JOSE, CA 95128 800.366.7266 | SA-FUNDS.COM SA FUNDS ARE SPONSORED BY LWI FINANCIAL INC. AND DISTRIBUTED BY LORING WARD SECURITIES INC., MEMBER FINRA/SIPC

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Schedule of Investments.

(a)

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES — 97.9%
Australia — 5.8%
	Australia & New Zealand
	Banking Group, 4.375%,
	5/24/12	EUR	3,500,000	$	4,579,148
	National Australia Bank Ltd.,
	5.375%, 12/08/14	GBP	1,500,000		2,517,064
	Suncorp-Metway Ltd., 4.000%,
	1/16/14	GBP	7,000,000		11,535,305
	Westpac Banking Corp., 2.900%,
	9/10/14	USD	5,000,000		5,228,205
	Westpac Banking Corp., 3.000%,
	8/04/15(a)	USD	2,000,000		2,024,916
	Westpac Banking Corp., 3.750%,
	12/01/14	CAD	6,000,000		5,991,755
					31,876,393
Austria — 2.0%
	Oesterreichische Kontrollbank
	AG, 1.750%, 10/05/15(a)	USD	3,000,000		2,987,736
	Oesterreichische Kontrollbank
	AG, 2.000%, 6/03/16	USD	8,000,000		7,982,136
					10,969,872
Canada — 14.3%
	Bank of Nova Scotia, 3.400%,
	1/22/15(a)	USD	5,000,000		5,255,690
	Bank of Nova Scotia, 3.430%,
	7/16/14	CAD	2,000,000		2,042,739
	Canada Housing Trust No 1,
	2.750%, 12/15/14(b)	CAD	14,000,000		14,366,371
	Province of Alberta Canada,
	2.750%, 12/01/14	CAD	13,800,000		14,136,889
	Province of Ontario Canada,
	4.100%, 6/16/14(a)	USD	9,800,000		10,536,627
	Province of Ontario Canada,
	5.125%, 11/21/12	GBP	1,200,000		1,931,292
	Royal Bank of Canada, 2.875%,
	4/19/16(a)	USD	4,500,000		4,669,933
	Royal Bank of Canada, 4.970%,
	6/05/14	CAD	6,000,000		6,339,121
	Royal Bank of Canada, 5.060%,
	7/17/13	CAD	4,000,000		4,140,682
	Toronto-Dominion Bank (The),
	2.375%, 10/19/16(a)	USD	15,500,000		15,790,470
					79,209,814
Finland — 1.5%
	Municipality Finance PLC,
	2.375%, 5/16/16	USD	4,000,000		4,129,592
	Republic of Finland, 2.250%,
	3/17/16	USD	4,000,000		4,173,956
					8,303,548
France — 11.3%
	Agence Francaise de
	Developpement, 4.875%,
	10/30/13	GBP	1,400,000		2,283,997
	Agence Francaise de
	Developpement, 5.125%,
	4/25/12	EUR	7,670,000		10,061,926
	Caisse d'Amortissement de la
	Dette Sociale, 2.250%,
	12/07/15	GBP	2,300,000		3,486,960
	Caisse d'Amortissement de la
	Dette Sociale, 5.250%,
	10/25/12	EUR	7,250,000		9,694,889
	Reseau Ferre de France, 2.375%,
	12/23/15(a)	GBP	8,700,000		13,556,605
	Societe Financement de
	l'Economie Francaise, 2.875%,
	9/22/14	USD	8,500,000		8,595,455
	Total Capital SA, 5.500%,
	1/29/13	GBP	2,200,000		3,578,595
	Total Capital SA, 5.625%,
	1/25/12	AUD	10,900,000		11,155,413
					62,413,840
Germany — 8.8%
	IKB Deutsche Industriebank AG,
	2.125%, 9/10/12	EUR	2,000,000		2,609,465
	Kreditanstalt fuer Wiederaufbau,
	3.125%, 12/08/14	GBP	1,000,000		1,635,630
	Kreditanstalt fuer Wiederaufbau,
	3.750%, 9/07/16	GBP	2,600,000		4,395,492
	Kreditanstalt fuer Wiederaufbau,
	4.125%, 10/15/14(a)	USD	1,000,000		1,084,380
	Kreditanstalt fuer Wiederaufbau,
	4.625%, 10/12/12	EUR	4,000,000		5,337,406
	Kreditanstalt fuer Wiederaufbau,
	5.500%, 12/07/15	GBP	1,600,000		2,859,893
	Landeskreditbank Baden-
	Wuerttemberg Foerderbank,
	1.000%, 10/15/13	USD	2,400,000		2,398,385
	Landeskreditbank Baden-
	Wuerttemberg Foerderbank,
	2.250%, 7/15/16	USD	13,200,000		13,389,460
	Landwirtschaftliche Rentenbank,
	2.500%, 2/15/16(a)	USD	2,800,000		2,928,411
	Landwirtschaftliche Rentenbank,
	3.125%, 7/15/15	USD	1,000,000		1,062,028
	Landwirtschaftliche Rentenbank,
	3.875%, 3/14/12	EUR	4,800,000		6,256,044
	NRW. Bank, 2.625%, 12/07/12	GBP	3,000,000		4,715,183
					48,671,777
Japan — 0.2%
	Development Bank of Japan,
	4.250%, 6/09/15	USD	1,000,000		1,097,349
Netherlands — 8.7%
	Bank Nederlandse Gemeenten
	NV, 2.625%, 12/10/13	GBP	2,200,000		3,481,563
	Bank Nederlandse Gemeenten
	NV, 2.750%, 7/01/15	USD	9,000,000		9,239,247
	Bank Nederlandse Gemeenten
	NV, 4.750%, 4/22/13(a)	GBP	1,400,000		2,266,919
	Nederlandse Waterschapsbank
	NV, 2.000%, 9/09/15	USD	2,400,000		2,393,347
	Nederlandse Waterschapsbank
	NV, 2.375%, 6/04/15	EUR	8,100,000		10,682,530
	Nederlandse Waterschapsbank
	NV, 3.000%, 3/17/15	USD	1,000,000		1,030,661
	NIBC Bank NV, 3.500%,
	4/07/14	EUR	3,000,000		4,074,070
	Rabobank Nederland NV,
	4.000%, 9/10/15	GBP	9,000,000		14,638,867
					47,807,204

1 

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES (Continued)
New Zealand — 1.0%
	ASB Finance Ltd., 3.250%,
	12/09/13	GBP	3,700,000	$	5,772,101
Norway — 4.9%
	Eksportfinans ASA, 2.375%,
	5/25/16(a)	USD	11,000,000		8,918,239
	Eksportfinans ASA, 5.500%,
	5/25/16(a)	USD	3,000,000		2,768,814
	Kommunalbanken AS, 2.250%,
	12/30/13(a)	GBP	1,700,000		2,695,212
	Kommunalbanken AS, 2.375%,
	1/19/16	USD	7,500,000		7,641,960
	Kommunalbanken AS, 2.875%,
	10/27/14	USD	4,780,000		4,947,769
					26,971,994
Supranational — 15.9%
	African Development Bank,
	3.000%, 5/27/14	USD	12,000,000		12,661,692
	Asian Development Bank,
	2.625%, 2/09/15	USD	2,622,000		2,766,682
	Council of Europe Development
	Bank, 5.000%, 1/29/14	USD	1,500,000		1,621,257
	Council of Europe Development
	Bank, 5.500%, 1/18/12	AUD	2,000,000		2,045,999
	Eurofima, 4.250%, 2/04/14	USD	7,600,000		8,007,580
	Eurofima, 6.125%, 10/14/14	GBP	1,000,000		1,747,083
	European Bank for
	Reconstruction &
	Development, 0.500%, 1/30/15	EUR	5,634,000		7,012,392
	European Bank for
	Reconstruction and
	Development, 5.875%, 8/04/14	GBP	1,000,000		1,743,027
	European Investment Bank,
	2.750%, 3/23/15	USD	2,000,000		2,079,096
	European Investment Bank,
	2.875%, 1/15/15	USD	1,300,000		1,354,241
	European Investment Bank,
	3.000%, 12/07/15	GBP	500,000		804,334
	European Investment Bank,
	4.500%, 1/14/13	GBP	3,400,000		5,463,207
	European Investment Bank,
	6.250%, 4/15/14	GBP	2,600,000		4,446,393
	International Bank for
	Reconstruction &
	Development, 0.500%, 9/11/12	AUD	9,000,000		8,970,838
	International Bank for
	Reconstruction &
	Development, 5.375%,
	1/15/14(a)	GBP	700,000		1,186,963
	International Finance Facility for
	Immunisation, 3.375%,
	5/15/14	GBP	8,800,000		14,428,234
	Nordic Investment Bank,
	2.500%, 7/15/15(a)	USD	1,000,000		1,054,153
	Nordic Investment Bank,
	2.625%, 10/06/14(a)	USD	2,000,000		2,099,996
	Nordic Investment Bank,
	3.000%, 4/08/14(a)	EUR	5,000,000		6,741,356
	Nordic Investment Bank,
	5.750%, 12/16/14	GBP	1,040,000		1,841,311
					88,075,834
Sweden — 3.7%
	Nordea Bank AB, 3.875%,
	12/15/15	GBP	4,100,000		6,626,914
	Svensk Exportkredit AB,
	2.125%, 7/13/16	USD	3,000,000		2,977,170
	Svensk Exportkredit AB,
	3.250%, 9/16/14	USD	10,400,000		10,751,780
					20,355,864
United Kingdom — 2.9%
	Network Rail Infrastructure
	Finance PLC, 4.875%, 3/07/12	GBP	1,000,000		1,563,231
	United Kingdom Gilt, 2.250%,
	3/07/14	GBP	7,800,000		12,625,906
	United Kingdom Gilt, 2.750%,
	1/22/15	GBP	1,000,000		1,660,949
					15,850,086
United States — 16.9%
	Bank of New York Mellon Corp.
	(The), 2.300%, 7/28/16	USD	2,285,000		2,294,563
	Bank of New York Mellon Corp.
	(The), 2.500%, 1/15/16	USD	1,500,000		1,520,567
	Bank of New York Mellon Corp.
	(The), 4.300%, 5/15/14(a)	USD	3,000,000		3,220,668
	Bank of New York Mellon Corp.
	(The), 5.125%, 8/27/13	USD	4,075,000		4,337,389
	Berkshire Hathaway, Inc.,
	2.200%, 8/15/16(a)	USD	15,000,000		15,457,470
	Federal Home Loan Bank,
	5.500%, 8/13/14	USD	2,300,000		2,593,823
	Federal National Mortgage
	Association, 2.500%, 5/15/14	USD	2,700,000		2,819,572
	General Electric Capital Corp.,
	1.875%, 9/16/13	USD	4,000,000		4,050,960
	General Electric Capital Corp.,
	2.250%, 11/09/15(a)	USD	10,520,000		10,576,734
	Google, Inc., 2.125%, 5/19/16(a)	USD	14,454,000		15,045,356
	Microsoft Corp., 2.950%,
	6/01/14(a)	USD	6,500,000		6,908,811
	Nestle Holdings, Inc., 2.125%,
	3/12/14	USD	6,000,000		6,197,514
	Toyota Motor Credit Corp.,
	1.300%, 3/16/12	JPY	700,000,000		9,103,656
	Wal-Mart Stores, Inc., 2.250%,
	7/08/15(a)	USD	1,000,000		1,043,974
	Wal-Mart Stores, Inc., 2.800%,
	4/15/16(a)	USD	6,000,000		6,419,316
	Wal-Mart Stores, Inc., 3.200%,
	5/15/14(a)	USD	2,000,000		2,113,400
					93,703,773
	TOTAL BONDS AND NOTES
	(Identified Cost $534,244,894)				541,079,449
		SHARES		VALUE†
SHORT-TERM INVESTMENTS — 0.6%
United States — 0.6%
	SSgA Government Money Market Fund		1		1
	SSgA Money Market Fund		3,542,181		3,542,181
					3,542,182
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $3,542,182)				3,542,182

2 

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COLLATERAL FOR SECURITIES ON LOAN — 15.6%
Short-Term — 15.6%
	State Street Navigator Securities
	Lending Prime Portfolio	86,212,378	$	86,212,378
	TOTAL COLLATERAL FOR SECURITIES ON LOAN
	(Identified Cost $86,212,378)			86,212,378
Total Investments — 114.1%
	(Identified Cost $623,999,454)#			630,834,009
	Liabilities, Less Cash and Other Assets — (14.1%)			(77,815,475	)
Net Assets — 100.0%			$	553,018,534

†	See Note 1.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $84,254,544.
(b)	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 normally to qualified institutional buyers.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $623,999,454. Net unrealized appreciation aggregated $6,834,555 of which $17,327,580 related to appreciated investment securities and $10,493,025 related to depreciated investment securities.

Key to abbreviations:
AUD – Australian Dollar
CAD – Canadian Dollar
EUR – Euro Currency
GBP – British Pound
JPY – Japanese Yen
USD – U.S. Dollar

3 

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 95.6%
Aerospace & Defense — 2.3%
	Alliant Techsystems, Inc.	975	$	55,731
	BE Aerospace, Inc.*	2,400		92,904
	Boeing Co.	19,378		1,421,376
	Cubic Corp.	500		21,795
	Curtiss-Wright Corp.	1,576		55,680
	Esterline Technologies Corp.*	900		50,373
	Exelis, Inc.	5,089		46,056
	General Dynamics Corp.	8,801		584,474
	Goodrich Corp.	3,700		457,690
	HEICO Corp.(a)	375		21,930
	HEICO Corp., Class A	625		24,594
	Hexcel Corp.*	3,100		75,051
	Honeywell International, Inc.	21,056		1,144,394
	Huntington Ingalls Industries, Inc.(a)*	1,357		42,447
	L-3 Communications Holdings, Inc.	3,100		206,708
	Lockheed Martin Corp.	8,160		660,144
	Moog, Inc., Class A*	1,100		48,323
	Northrop Grumman Corp.(a)	7,153		418,307
	Orbital Sciences Corp.*	300		4,359
	Precision Castparts Corp.	4,224		696,073
	Raytheon Co.	10,098		488,541
	Rockwell Collins, Inc.	4,500		249,165
	Spirit Aerosystems Holdings, Inc.*	2,700		56,106
	Teledyne Technologies, Inc.*	900		49,365
	Textron, Inc.	7,600		140,524
	TransDigm Group, Inc.*	1,300		124,384
	Triumph Group, Inc.	1,120		65,464
	United Technologies Corp.	24,568		1,795,675
				9,097,633
Air Freight & Logistics — 0.7%
	Atlas Air Worldwide Holdings, Inc.*	166		6,379
	CH Robinson Worldwide, Inc.	4,700		327,966
	Expeditors International of Washington, Inc.	6,039		247,358
	FedEx Corp.	8,626		720,357
	HUB Group, Inc., Class A*	900		29,187
	United Parcel Service, Inc., Class B	19,051		1,394,343
	UTi Worldwide, Inc.	2,400		31,896
				2,257,486
Airlines — 0.1%
	Alaska Air Group, Inc.*	915		68,707
	Allegiant Travel Co.(a)*	300		16,002
	Delta Air Lines, Inc.*	24,500		198,205
	JetBlue Airways Corp.(a)*	7,550		39,260
	Southwest Airlines Co.	5,800		49,648
	United Continental Holdings, Inc.(a)*	2,554		48,194
				420,016
Auto Components — 0.4%
	Autoliv, Inc.(a)	2,300		123,027
	BorgWarner, Inc.*	3,154		201,036
	Cooper Tire & Rubber Co.(a)	100		1,401
	Dana Holding Corp.*	4,000		48,600
	Federal Mogul Corp.*	700		10,325
	Gentex Corp.(a)	3,900		115,401
	Goodyear Tire & Rubber Co. (The)*	6,400		90,688
	Johnson Controls, Inc.	19,500		609,570
	Lear Corp.	3,000		119,400
	Tenneco, Inc.(a)*	1,600		47,648
	TRW Automotive Holdings Corp.*	3,074		100,212
	Visteon Corp.*	1,000		49,940
				1,517,248
Automobiles — 0.5%
	Ford Motor Co.*	99,140		1,066,746
	General Motors Co.*	22,000		445,940
	Harley-Davidson, Inc.	6,900		268,203
	Tesla Motors, Inc.(a)*	1,485		42,412
	Thor Industries, Inc.(a)	1,600		43,888
				1,867,189
Beverages — 2.2%
	Beam, Inc.	4,200		215,166
	Boston Beer Co., Inc., Class A(a)*	300		32,568
	Brown-Forman Corp., Class B	2,400		193,224
	Coca-Cola Co.	60,070		4,203,098
	Coca-Cola Enterprises, Inc.	9,100		234,598
	Constellation Brands, Inc., Class A*	5,600		115,752
	Dr Pepper Snapple Group, Inc.	6,100		240,828
	Hansen Natural Corp.*	2,200		202,708
	Molson Coors Brewing Co., Class B	4,396		191,402
	PepsiCo, Inc.	44,450		2,949,257
				8,578,601
Biotechnology — 1.5%
	Alexion Pharmaceuticals, Inc.*	5,600		400,400
	Alkermes PLC(a)*	3,279		56,923
	Amgen, Inc.	25,422		1,632,347
	Biogen Idec, Inc.*	6,970		767,048
	BioMarin Pharmaceutical, Inc.*	3,200		110,016
	Celgene Corp.*	13,025		880,490
	Cepheid, Inc.(a)*	1,400		48,174
	Cubist Pharmaceuticals, Inc.(a)*	2,100		83,202
	Gilead Sciences, Inc.*	22,263		911,225
	Incyte Corp. Ltd.(a)*	2,761		41,443
	InterMune, Inc.(a)*	1,500		18,900
	Myriad Genetics, Inc.*	2,380		49,837
	Onyx Pharmaceuticals, Inc.*	1,900		83,505
	Pharmasset, Inc.*	2,200		282,040
	Regeneron Pharmaceuticals, Inc.(a)*	2,300		127,489
	Seattle Genetics, Inc.(a)*	2,487		41,570
	Theravance, Inc.(a)*	964		21,304
	United Therapeutics Corp.*	1,600		75,600
	Vertex Pharmaceuticals, Inc.*	5,750		190,958
				5,822,471
Building Products — 0.1%
	A.O. Smith Corp.	1,050		42,126
	Armstrong World Industries, Inc.(a)*	770		33,780
	Fortune Brands Home & Security, Inc.(a)*	4,200		71,526
	Lennox International, Inc.(a)	1,492		50,355
	Masco Corp.	9,000		94,320
	Owens Corning*	2,988		85,815
	Simpson Manufacturing Co., Inc.(a)	1,400		47,124
	USG Corp.(a)*	1,500		15,240
				440,286
Capital Markets — 1.7%
	Affiliated Managers Group, Inc.*	1,500		143,925
	American Capital Ltd.*	8,700		58,551
	Ameriprise Financial, Inc.	6,947		344,849
	Bank of New York Mellon Corp. (The)	34,683		690,538
	BGC Partners, Inc., Class A(a)	2,300		13,662
	BlackRock, Inc.	2,800		499,072
	Charles Schwab Corp.	28,835		324,682
	Cohen & Steers, Inc.(a)	764		22,080
	E*Trade Financial Corp.*	5,800		46,168
	Eaton Vance Corp.(a)	3,600		85,104
	Evercore Partners, Inc., Class A	700		18,634
	Federated Investors, Inc., Class B(a)	2,300		34,845
	Franklin Resources, Inc.	4,400		422,664

4

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Capital Markets (Continued)
	Goldman Sachs Group, Inc. (The)	13,564	$	1,226,592
	Greenhill & Co., Inc.(a)	600		21,822
	Invesco Ltd.	12,100		243,089
	Janus Capital Group, Inc.(a)	4,300		27,133
	Jefferies Group, Inc.	3,600		49,500
	Knight Capital Group, Inc., Class A(a)*	3,100		36,642
	Legg Mason, Inc.	4,200		101,010
	Morgan Stanley	40,167		607,727
	Northern Trust Corp.	6,380		253,031
	Raymond James Financial, Inc.	3,300		102,168
	SEI Investments Co.	3,800		65,930
	State Street Corp.	14,140		569,983
	Stifel Financial Corp.*	1,200		38,460
	T Rowe Price Group, Inc.	7,061		402,124
	TD Ameritrade Holding Corp.	6,478		101,381
	Waddell & Reed Financial, Inc., Class A	2,117		52,438
				6,603,804
Chemicals — 2.3%
	A. Schulman, Inc.(a)	200		4,236
	Air Products & Chemicals, Inc.	6,179		526,389
	Airgas, Inc.	2,200		171,776
	Albemarle Corp.	2,581		132,947
	Ashland, Inc.	2,082		119,007
	Balchem Corp.(a)	700		28,378
	Cabot Corp.	1,800		57,852
	Celanese Corp., Series A	4,400		194,788
	CF Industries Holdings, Inc.	2,124		307,938
	Chemtura Corp.*	650		7,371
	Cytec Industries, Inc.	1,600		71,440
	Dow Chemical Co. (The)	33,613		966,710
	Eastman Chemical Co.	3,800		148,428
	Ecolab, Inc.	8,699		502,889
	EI Du Pont de Nemours & Co.	26,334		1,205,570
	FMC Corp.	2,100		180,684
	Georgia Gulf Corp.(a)*	100		1,949
	H.B. Fuller Co.	1,500		34,665
	Huntsman Corp.	5,900		59,000
	Innophos Holdings, Inc.	600		29,136
	International Flavors & Fragrances, Inc.	2,400		125,808
	Intrepid Potash, Inc.(a)*	1,600		36,208
	Kronos Worldwide, Inc.(a)	621		11,203
	Minerals Technologies, Inc.(a)	600		33,918
	Monsanto Co.	14,808		1,037,597
	Mosaic Co. (The)	7,100		358,053
	NewMarket Corp.(a)	400		79,244
	Olin Corp.(a)	2,100		41,265
	PolyOne Corp.	1,400		16,170
	PPG Industries, Inc.	4,500		375,705
	Praxair, Inc.	8,552		914,209
	Rockwood Holdings, Inc.*	2,100		82,677
	RPM International, Inc.	3,500		85,925
	Scotts Miracle-Gro Co. (The), Class A(a)	1,300		60,697
	Sensient Technologies Corp.(a)	1,400		53,060
	Sherwin Williams Co. (The)	2,500		223,175
	Sigma-Aldrich Corp.	3,500		218,610
	Solutia, Inc.*	2,800		48,384
	Valspar Corp.(a)	2,600		101,322
	W.R. Grace & Co.*	2,044		93,860
	Westlake Chemical Corp.(a)	1,436		57,785
				8,806,028
Commercial Banks — 2.6%
	Associated Banc-Corp.	4,819		53,828
	Bank of Hawaii Corp.(a)	1,200		53,388
	BB&T Corp.	20,011		503,677
	BOK Financial Corp.(a)	696		38,231
	CapitalSource, Inc.	8,300		55,610
	Cathay General Bancorp(a)	1,300		19,409
	Chemical Financial Corp.(a)	158		3,369
	CIT Group, Inc.*	4,915		171,386
	City National Corp.(a)	1,300		57,434
	Comerica, Inc.	5,200		134,160
	Commerce Bancshares, Inc.	2,399		91,450
	Cullen/Frost Bankers, Inc.(a)	1,600		84,656
	East West Bancorp, Inc.	3,900		77,025
	Fifth Third Bancorp	26,307		334,625
	First Financial Bankshares, Inc.(a)	900		30,087
	First Horizon National Corp.	7,245		57,960
	First Niagara Financial Group, Inc.	9,560		82,503
	FirstMerit Corp.(a)	3,043		46,041
	FNB Corp.(a)	1,851		20,935
	Fulton Financial Corp.	6,667		65,403
	Glacier Bancorp, Inc.(a)	275		3,308
	Hancock Holding Co.(a)	2,100		67,137
	Huntington Bancshares, Inc.	22,492		123,481
	Iberiabank Corp.(a)	700		34,510
	International Bancshares Corp.(a)	1,350		24,752
	Investors Bancorp, Inc.(a)*	2,100		28,308
	KeyCorp	24,200		186,098
	M&T Bank Corp.	3,168		241,845
	National Penn Bancshares, Inc.(a)	2,100		17,724
	Old National Bancorp(a)	1,900		22,135
	Pacific Capital Bancorp(a)*	400		11,296
	PNC Financial Services Group, Inc.	15,405		888,406
	Popular, Inc.*	14,572		20,255
	PrivateBancorp, Inc.(a)	300		3,294
	Prosperity Bancshares, Inc.(a)	1,500		60,525
	Regions Financial Corp.	31,928		137,291
	Signature Bank(a)*	1,400		83,986
	SunTrust Banks, Inc.	15,536		274,987
	SVB Financial Group(a)*	1,200		57,228
	Synovus Financial Corp.(a)	1,700		2,397
	TCF Financial Corp.(a)	4,000		41,280
	Texas Capital Bancshares, Inc.*	727		22,254
	Trustmark Corp.(a)	1,900		46,151
	UMB Financial Corp.(a)	1,100		40,975
	Umpqua Holdings Corp.(a)	3,100		38,409
	United Bankshares, Inc.(a)	1,500		42,405
	US Bancorp	55,247		1,494,431
	Valley National Bancorp(a)	4,227		52,288
	Webster Financial Corp.	1,710		34,867
	Wells Fargo & Co.	144,516		3,982,861
	WesBanco, Inc.(a)	100		1,947
	Westamerica Bancorporation(a)	1,000		43,900
	Wintrust Financial Corp.(a)	800		22,440
	Zions Bancorporation(a)	4,860		79,121
				10,213,469
Commercial Services & Supplies — 0.6%
	ABM Industries, Inc.(a)	1,800		37,116
	Avery Dennison Corp.	2,900		83,172
	Brink's Co. (The)	1,200		32,256
	Cintas Corp.	4,280		148,987
	Clean Harbors, Inc.*	1,200		76,476
	Copart, Inc.*	1,850		88,596
	Corrections Corp. of America*	3,000		61,110
	Covanta Holding Corp.	4,090		55,992
	Deluxe Corp.(a)	1,100		25,036
	EnergySolutions, Inc.(a)*	500		1,545

5

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Commercial Services & Supplies (Continued)
	Geo Group, Inc. (The)(a)*	1,700	$	28,475
	Healthcare Services Group, Inc.(a)	1,795		31,754
	Herman Miller, Inc.(a)	1,600		29,520
	HNI Corp.(a)	500		13,050
	Iron Mountain, Inc.	5,475		168,630
	KAR Auction Services, Inc.*	617		8,330
	Knoll, Inc.(a)	600		8,910
	Mine Safety Appliances Co.(a)	1,100		36,432
	NL Industries, Inc.(a)	320		4,150
	Pitney Bowes, Inc.(a)	5,600		103,824
	Portfolio Recovery Associates, Inc.(a)*	500		33,760
	R.R. Donnelley & Sons Co.(a)	5,200		75,036
	Republic Services, Inc.	8,585		236,517
	Rollins, Inc.(a)	2,005		44,551
	Steelcase, Inc., Class A	2,200		16,412
	Stericycle, Inc.*	2,400		187,008
	Tetra Tech, Inc.*	1,800		38,862
	UniFirst Corp.(a)	477		27,065
	United Stationers, Inc.(a)	1,000		32,560
	Waste Connections, Inc.(a)	3,237		107,274
	Waste Management, Inc.(a)	12,578		411,426
				2,253,832
Communications Equipment — 2.0%
	Acme Packet, Inc.(a)*	1,700		52,547
	Adtran, Inc.	1,700		51,272
	Arris Group, Inc.*	3,550		38,411
	Aruba Networks, Inc.(a)*	2,700		50,004
	Brocade Communications Systems, Inc.*	10,225		53,068
	Cisco Systems, Inc.	156,421		2,828,092
	EchoStar Corp., Class A*	1,380		28,897
	F5 Networks, Inc.*	2,400		254,688
	Finisar Corp.(a)*	1,900		31,816
	Harmonic, Inc.(a)*	700		3,528
	Harris Corp.	3,700		133,348
	InterDigital, Inc.(a)	1,369		59,647
	JDS Uniphase Corp.*	5,800		60,552
	Juniper Networks, Inc.*	15,256		311,375
	Loral Space & Communications, Inc.*	365		23,681
	Motorola Mobility Holdings, Inc.*	8,283		321,380
	Motorola Solutions, Inc.	9,179		424,896
	Netgear, Inc.*	1,000		33,570
	Plantronics, Inc.(a)	1,300		46,332
	Polycom, Inc.*	4,800		78,240
	QUALCOMM, Inc.	47,120		2,577,464
	Riverbed Technology, Inc.*	4,100		96,350
	Tellabs, Inc.	10,354		41,830
	Viasat, Inc.(a)*	1,100		50,732
				7,651,720
Computers & Peripherals — 4.0%
	Apple, Inc.*	26,957		10,917,585
	Dell, Inc.*	47,617		696,637
	Diebold, Inc.(a)	2,100		63,147
	Electronics for Imaging, Inc.*	100		1,425
	EMC Corp.*	58,633		1,262,955
	Hewlett-Packard Co.	56,450		1,454,152
	Lexmark International, Inc., Class A	1,900		62,833
	NCR Corp.*	4,400		72,424
	NetApp, Inc.*	10,300		373,581
	QLogic Corp.*	3,300		49,500
	SanDisk Corp.*	6,600		324,786
	Seagate Technology	11,900		195,160
	Western Digital Corp.*	6,300		194,985
				15,669,170
Construction & Engineering — 0.2%
	Aecom Technology Corp.*	2,900		59,653
	EMCOR Group, Inc.(a)	1,400		37,534
	Fluor Corp.	5,100		256,275
	Jacobs Engineering Group, Inc.*	3,693		149,862
	KBR, Inc.	4,676		130,320
	MasTec, Inc.(a)*	2,200		38,214
	Quanta Services, Inc.*	5,834		125,664
	Shaw Group, Inc. (The)*	2,400		64,560
	URS Corp.*	2,200		77,264
				939,346
Construction Materials — 0.1%
	Martin Marietta Materials, Inc.(a)	1,200		90,492
	Vulcan Materials Co.(a)	3,291		129,501
				219,993
Consumer Finance — 0.7%
	American Express Co.	31,096		1,466,799
	Capital One Financial Corp.	13,241		559,962
	Cash America International, Inc.(a)	700		32,641
	Credit Acceptance Corp.(a)*	400		32,912
	DFC Global Corp.*	800		14,448
	Discover Financial Services	15,500		372,000
	Ezcorp, Inc., Class A*	1,600		42,192
	First Cash Financial Services, Inc.(a)*	547		19,194
	Green Dot Corp., Class A*	600		18,732
	Nelnet, Inc., Class A	600		14,682
	SLM Corp.	14,653		196,350
	World Acceptance Corp.*	200		14,700
				2,784,612
Containers & Packaging — 0.3%
	Aptargroup, Inc.	2,100		109,557
	Ball Corp.	4,600		164,266
	Bemis Co., Inc.	3,200		96,256
	Crown Holdings, Inc.*	4,100		137,678
	Graphic Packaging Holding Co.(a)*	5,578		23,762
	Greif, Inc., Class A	600		27,330
	Owens-Illinois, Inc.*	5,000		96,900
	Packaging Corp. of America	2,800		70,672
	Rock-Tenn Co., Class A	1,689		97,456
	Sealed Air Corp.	3,900		67,119
	Silgan Holdings, Inc.	1,277		49,343
	Sonoco Products Co.	2,400		79,104
	Temple-Inland, Inc.	3,200		101,472
				1,120,915
Distributors — 0.1%
	Genuine Parts Co.	4,405		269,586
	LKQ Corp.*	3,900		117,312
	Pool Corp.	1,200		36,120
				423,018
Diversified Consumer Services — 0.2%
	Apollo Group, Inc., Class A*	3,850		207,400
	Bridgepoint Education, Inc.(a)*	1,500		34,500
	Coinstar, Inc.(a)*	1,000		45,640
	DeVry, Inc.	1,900		73,074
	H&R Block, Inc.(a)	8,200		133,906
	Hillenbrand, Inc.(a)	1,500		33,480
	ITT Educational Services, Inc.(a)*	500		28,445
	K12, Inc.*	582		10,441
	Matthews International Corp., Class A(a)	700		22,001
	Service Corp. International	7,500		79,875

6

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Diversified Consumer Services (Continued)
	Sotheby's, Class A(a)	1,900	$	54,207
	Strayer Education, Inc.(a)	400		38,876
	Weight Watchers International, Inc.(a)	1,737		95,552
				857,397
Diversified Financial Services — 2.3%
	Bank of America Corp.	284,250		1,580,430
	CBOE Holdings, Inc.	2,300		59,478
	Citigroup, Inc.	81,861		2,153,763
	CME Group, Inc.	1,862		453,713
	IntercontinentalExchange, Inc.*	2,100		253,155
	JPMorgan Chase & Co.	114,465		3,805,961
	Leucadia National Corp.	6,400		145,536
	MarketAxess Holdings, Inc.	800		24,088
	Moody's Corp.(a)	6,000		202,080
	MSCI, Inc., Class A*	3,162		104,125
	NASDAQ OMX Group, Inc. (The)*	3,400		83,334
	NYSE Euronext	6,700		174,870
	PHH Corp.(a)*	1,567		16,767
				9,057,300
Diversified Telecommunication Services — 2.4%
	AboveNet, Inc.*	700		45,507
	AT&T, Inc.	165,743		5,012,068
	CenturyLink, Inc.	18,113		673,804
	Frontier Communications Corp.(a)	27,599		142,135
	Level 3 Communications, Inc.(a)*	3,188		54,164
	tw telecom, Inc.(a)*	4,600		89,148
	Verizon Communications, Inc.	82,614		3,314,474
	Windstream Corp.(a)	14,226		167,013
				9,498,313
Electric Utilities — 2.0%
	Allete, Inc.(a)	1,000		41,980
	American Electric Power Co., Inc.	14,000		578,340
	Cleco Corp.(a)	1,800		68,580
	Duke Energy Corp.	39,056		859,232
	Edison International	8,996		372,434
	El Paso Electric Co.	1,200		41,568
	Entergy Corp.	5,200		379,860
	Exelon Corp.	19,209		833,094
	FirstEnergy Corp.	12,001		531,644
	Great Plains Energy, Inc.(a)	3,484		75,882
	Hawaiian Electric Industries, Inc.(a)	2,800		74,144
	IDACORP, Inc.	1,400		59,374
	ITC Holdings Corp.	1,518		115,186
	MGE Energy, Inc.	700		32,739
	NextEra Energy, Inc.	11,200		681,856
	Northeast Utilities	4,900		176,743
	NV Energy, Inc.	7,100		116,085
	Pepco Holdings, Inc.	6,200		125,860
	Pinnacle West Capital Corp.	3,200		154,176
	PNM Resources, Inc.(a)	2,100		38,283
	Portland General Electric Co.	2,100		53,109
	PPL Corp.	16,700		491,314
	Progress Energy, Inc.	8,200		459,364
	Southern Co.	24,958		1,155,306
	UIL Holdings Corp.(a)	1,433		50,685
	Unisource Energy Corp.	1,100		40,612
	Westar Energy, Inc.	3,000		86,340
				7,693,790
Electrical Equipment — 0.7%
	Acuity Brands, Inc.(a)	1,000		53,000
	AMETEK, Inc.	4,575		192,608
	Babcock & Wilcox Co.*	2,750		66,385
	Belden, Inc.	1,500		49,920
	Brady Corp., Class A(a)	1,600		50,512
	Cooper Industries PLC	4,600		249,090
	Emerson Electric Co.	21,495		1,001,452
	EnerSys(a)*	1,800		46,746
	Franklin Electric Co., Inc.(a)	600		26,136
	Generac Holdings, Inc.(a)*	1,500		42,045
	General Cable Corp.(a)*	1,400		35,014
	GrafTech International Ltd.*	3,700		50,505
	Hubbell, Inc., Class B	1,505		100,624
	II-VI, Inc.*	1,100		20,196
	Polypore International, Inc.(a)*	1,200		52,788
	Regal-Beloit Corp.(a)	1,100		56,067
	Rockwell Automation, Inc.	4,144		304,045
	Roper Industries, Inc.	2,800		243,236
	Thomas & Betts Corp.*	1,300		70,980
				2,711,349
Electronic Equipment, Instruments & Components — 0.6%
	Amphenol Corp., Class A	4,803		218,008
	Anixter International, Inc.*	800		47,712
	Arrow Electronics, Inc.*	3,600		134,676
	Avnet, Inc.*	4,722		146,807
	AVX Corp.	1,314		16,767
	Cognex Corp.	1,000		35,790
	Coherent, Inc.(a)*	700		36,589
	Corning, Inc.	44,844		582,075
	Daktronics, Inc.	100		957
	Dolby Laboratories, Inc.*	1,500		45,765
	FEI Co.(a)*	800		32,624
	FLIR Systems, Inc.	4,400		110,308
	Ingram Micro, Inc., Class A*	4,200		76,398
	IPG Photonics Corp.*	700		23,709
	Itron, Inc.(a)*	1,000		35,770
	Jabil Circuit, Inc.	5,800		114,028
	Littelfuse, Inc.(a)	500		21,490
	Molex, Inc.	2,000		39,560
	Molex, Inc., Class A(a)	1,500		35,790
	National Instruments Corp.	2,775		72,011
	Plexus Corp.(a)*	800		21,904
	Rofin-Sinar Technologies, Inc.(a)*	40		914
	SYNNEX Corp.(a)*	312		9,503
	Tech Data Corp.*	1,300		64,233
	Trimble Navigation Ltd.*	3,514		152,508
	Universal Display Corp.(a)*	604		22,161
	Vishay Intertechnology, Inc.(a)*	4,830		43,422
				2,141,479
Energy Equipment & Services — 2.1%
	Atwood Oceanics, Inc.(a)*	1,800		71,622
	Baker Hughes, Inc.	12,656		615,588
	Bristow Group, Inc.	900		42,651
	Cameron International Corp.*	7,199		354,119
	CARBO Ceramics, Inc.(a)	600		73,998
	Complete Production Services, Inc.*	2,400		80,544
	Core Laboratories NV	211		24,043
	Diamond Offshore Drilling, Inc.	2,000		110,520
	Dresser-Rand Group, Inc.*	2,300		114,793
	Dril-Quip, Inc.*	900		59,238
	FMC Technologies, Inc.*	7,000		365,610
	Gulfmark Offshore, Inc., Class A*	300		12,603
	Halliburton Co.	26,240		905,542
	Helix Energy Solutions Group, Inc.*	2,601		41,096
	Helmerich & Payne, Inc.	3,200		186,752
	Hornbeck Offshore Services, Inc.*	633		19,636

7

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Energy Equipment & Services (Continued)
	Key Energy Services, Inc.*	3,534	$	54,671
	Lufkin Industries, Inc.(a)	800		53,848
	McDermott International, Inc.*	6,400		73,664
	Nabors Industries Ltd.*	8,100		140,454
	National Oilwell Varco, Inc.	12,407		843,552
	Oceaneering International, Inc.	3,200		147,616
	Oil States International, Inc.*	1,400		106,918
	Patterson-UTI Energy, Inc.	4,300		85,914
	Rowan Cos, Inc.*	3,600		109,188
	RPC, Inc.	1,087		19,838
	Schlumberger Ltd.	39,272		2,682,670
	SEACOR Holdings, Inc.*	700		62,272
	Superior Energy Services, Inc.*	2,283		64,928
	Tidewater, Inc.(a)	1,400		69,020
	Unit Corp.*	1,300		60,320
	Weatherford International Ltd.*	21,400		313,296
				7,966,524
Food & Staples Retailing — 2.2%
	Casey's General Stores, Inc.	1,300		66,963
	Costco Wholesale Corp.	12,700		1,058,164
	CVS Caremark Corp.	38,129		1,554,901
	Kroger Co.	16,621		402,561
	PriceSmart, Inc.(a)	700		48,713
	Ruddick Corp.(a)	1,400		59,696
	Safeway, Inc.(a)	10,235		215,344
	SUPERVALU, Inc.(a)	5,075		41,209
	Sysco Corp.	16,826		493,506
	United Natural Foods, Inc.*	1,100		44,011
	Wal-Mart Stores, Inc.	55,625		3,324,150
	Walgreen Co.	25,552		844,749
	Weis Markets, Inc.(a)	600		23,964
	Whole Foods Market, Inc.	4,300		299,194
				8,477,125
Food Products — 1.9%
	Archer-Daniels-Midland Co.	19,277		551,322
	B&G Foods, Inc.(a)	1,400		33,698
	Bunge Ltd.	3,900		223,080
	Campbell Soup Co.(a)	5,400		179,496
	ConAgra Foods, Inc.	12,027		317,513
	Corn Products International, Inc.	2,100		110,439
	Darling International, Inc.(a)*	3,167		42,089
	Dean Foods Co.*	5,184		58,061
	Diamond Foods, Inc.(a)	600		19,362
	Flowers Foods, Inc.(a)	3,105		58,933
	Fresh Del Monte Produce, Inc.	1,100		27,511
	General Mills, Inc.	18,637		753,121
	Green Mountain Coffee Roasters, Inc.(a)*	3,700		165,945
	Hain Celestial Group, Inc.(a)*	1,400		51,324
	Hershey Co. (The)	4,600		284,188
	HJ Heinz Co.	9,229		498,735
	Hormel Foods Corp.	4,295		125,801
	J&J Snack Foods Corp.	400		21,312
	J.M. Smucker Co. (The)	3,329		260,228
	Kellogg Co.	6,900		348,933
	Kraft Foods, Inc., Class A	48,271		1,803,405
	Lancaster Colony Corp.(a)	700		48,538
	McCormick & Co., Inc.	3,500		176,470
	Mead Johnson Nutrition Co.	6,000		412,380
	Ralcorp Holdings, Inc.*	1,500		128,250
	Sanderson Farms, Inc.(a)	400		20,052
	Sara Lee Corp.	16,400		310,288
	Smithfield Foods, Inc.*	4,200		101,976
	Snyders-Lance, Inc.(a)	354		7,965
	Tootsie Roll Industries, Inc.(a)	672		15,906
	TreeHouse Foods, Inc.(a)*	1,116		72,964
	Tyson Foods, Inc., Class A	8,302		171,353
				7,400,638
Gas Utilities — 0.3%
	AGL Resources, Inc.	3,357		141,867
	Atmos Energy Corp.	2,600		86,710
	Laclede Group, Inc. (The)(a)	700		28,329
	National Fuel Gas Co.	2,000		111,160
	New Jersey Resources Corp.(a)	1,150		56,580
	Northwest Natural Gas Co.(a)	715		34,270
	Oneok, Inc.	2,900		251,401
	Piedmont Natural Gas Co., Inc.(a)	2,300		78,154
	Questar Corp.	5,200		103,272
	South Jersey Industries, Inc.	800		45,448
	Southwest Gas Corp.(a)	1,000		42,490
	UGI Corp.	3,010		88,494
	WGL Holdings, Inc.(a)	1,400		61,908
				1,130,083
Health Care Equipment & Supplies — 1.7%
	Alere, Inc.*	2,200		50,798
	Align Technology, Inc.*	1,900		45,077
	Baxter International, Inc.	16,344		808,701
	Becton Dickinson and Co.	6,116		456,987
	Boston Scientific Corp.*	40,495		216,243
	CareFusion Corp.*	5,900		149,919
	Cooper Cos., Inc. (The)	1,446		101,972
	Covidien PLC	13,470		606,285
	CR Bard, Inc.	2,392		204,516
	DENTSPLY International, Inc.(a)	3,734		130,653
	Edwards Lifesciences Corp.*	3,200		226,240
	Gen-Probe, Inc.*	1,400		82,768
	Haemonetics Corp.(a)*	800		48,976
	Hill-Rom Holdings, Inc.	1,606		54,106
	Hologic, Inc.*	6,896		120,749
	Idexx Laboratories, Inc.(a)*	1,600		123,136
	Integra LifeSciences Holdings Corp.*	91		2,806
	Intuitive Surgical, Inc.*	1,100		509,311
	Invacare Corp.(a)	800		12,232
	Masimo Corp.(a)*	401		7,493
	Medtronic, Inc.	30,100		1,151,325
	NuVasive, Inc.*	997		12,552
	ResMed, Inc.*	4,200		106,680
	Sirona Dental Systems, Inc.*	1,600		70,464
	St. Jude Medical, Inc.	9,373		321,494
	STERIS Corp.(a)	1,600		47,712
	Stryker Corp.	8,200		407,622
	Symmetry Medical, Inc.(a)*	200		1,598
	Teleflex, Inc.	1,064		65,213
	Thoratec Corp.*	1,658		55,642
	Varian Medical Systems, Inc.(a)*	3,300		221,529
	West Pharmaceutical Services, Inc.(a)	800		30,360
	Zimmer Holdings, Inc.*	5,480		292,742
				6,743,901
Health Care Providers & Services — 2.2%
	Accretive Health, Inc.(a)*	1,200		27,576
	Aetna, Inc.	10,700		451,433
	Air Methods Corp.(a)*	300		25,335
	AMERIGROUP Corp.(a)*	1,400		82,712
	AmerisourceBergen Corp.	7,736		287,702
	Brookdale Senior Living, Inc.*	2,500		43,475
	Cardinal Health, Inc.	10,011		406,547
	Catalyst Health Solutions, Inc.*	1,300		67,600

8

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Health Care Providers & Services (Continued)
	Centene Corp.*	1,800	$	71,262
	Chemed Corp.(a)	700		35,847
	CIGNA Corp.	7,600		319,200
	Community Health Systems, Inc.*	2,200		38,390
	Coventry Health Care, Inc.*	4,550		138,183
	DaVita, Inc.*	2,700		204,687
	Express Scripts, Inc.*	13,000		580,970
	Health Management Associates, Inc., Class A*	6,472		47,699
	Health Net, Inc.*	2,200		66,924
	Healthsouth Corp.*	2,658		46,967
	Healthspring, Inc.*	1,700		92,718
	Henry Schein, Inc.(a)*	2,700		173,961
	HMS Holdings Corp.(a)*	2,100		67,158
	Humana, Inc.	5,100		446,811
	Laboratory Corp. of America Holdings*	2,900		249,313
	LifePoint Hospitals, Inc.(a)*	1,533		56,951
	Lincare Holdings, Inc.(a)	3,150		80,986
	Magellan Health Services, Inc.*	900		44,523
	McKesson Corp.	7,000		545,370
	Medco Health Solutions, Inc.*	9,912		554,081
	Mednax, Inc.(a)*	1,400		100,814
	Molina Healthcare, Inc.(a)*	200		4,466
	Omnicare, Inc.(a)	3,300		113,685
	Owens & Minor, Inc.(a)	1,650		45,853
	Patterson Cos, Inc.(a)	2,515		74,243
	PSS World Medical, Inc.(a)*	1,300		31,447
	Quest Diagnostics, Inc.	4,415		256,335
	Select Medical Holdings Corp.*	1,900		16,112
	Team Health Holdings, Inc.(a)*	1,800		39,726
	Tenet Healthcare Corp.*	12,500		64,125
	UnitedHealth Group, Inc.	31,050		1,573,614
	Universal American Corp.	1,252		15,913
	Universal Health Services, Inc.	2,600		101,036
	VCA Antech, Inc.(a)*	2,600		51,350
	WellCare Health Plans, Inc.*	1,093		57,382
	WellPoint, Inc.	10,392		688,470
				8,488,952
Health Care Technology — 0.1%
	Allscripts-Misys Healthcare Solutions, Inc.*	4,000		75,760
	athenahealth, Inc.(a)*	911		44,748
	Cerner Corp.*	4,000		245,000
	Quality Systems, Inc.(a)	1,600		59,184
				424,692
Hotels, Restaurants & Leisure — 2.2%
	Bally Technologies, Inc.(a)*	1,600		63,296
	BJ's Restaurants, Inc.(a)*	600		27,192
	Bob Evans Farms, Inc.	500		16,770
	Brinker International, Inc.(a)	2,650		70,914
	Buffalo Wild Wings, Inc.(a)*	400		27,004
	Carnival Corp.	13,100		427,584
	Chipotle Mexican Grill, Inc.*	800		270,192
	Choice Hotels International, Inc.(a)	700		26,635
	Cracker Barrel Old Country Store, Inc.	500		25,205
	Darden Restaurants, Inc.(a)	3,700		168,646
	Domino's Pizza, Inc.*	1,790		60,770
	Gaylord Entertainment Co.(a)*	1,200		28,968
	Hyatt Hotels Corp., Class A(a)*	1,000		37,640
	International Game Technology	8,500		146,200
	International Speedway Corp., Class A	500		12,675
	Jack in the Box, Inc.*	900		18,810
	Las Vegas Sands Corp.*	10,300		440,119
	Life Time Fitness, Inc.(a)*	1,300		60,775
	Marriott International, Inc., Class A	7,510		219,067
	Marriott Vacations Worldwide Corp.*	751		12,887
	McDonald's Corp.	30,328		3,042,808
	MGM Resorts International*	9,600		100,128
	Orient-Express Hotels Ltd.(a)*	1,100		8,217
	Panera Bread Co., Class A(a)*	900		127,305
	Penn National Gaming, Inc.(a)*	2,100		79,947
	Royal Caribbean Cruises Ltd.(a)	4,000		99,080
	Six Flags Entertainment Corp.(a)	326		13,444
	Starbucks Corp.	20,800		957,008
	Starwood Hotels & Resorts Worldwide, Inc.	5,700		273,429
	Texas Roadhouse, Inc., Class A(a)	1,354		20,175
	The Cheesecake Factory, Inc.*	1,750		51,363
	Vail Resorts, Inc.(a)	1,000		42,360
	Wendy's Co. (The)	11,890		63,730
	WMS Industries, Inc.(a)*	1,350		27,702
	Wyndham Worldwide Corp.	4,660		176,288
	Wynn Resorts Ltd.	3,464		382,737
	Yum! Brands, Inc.	13,300		784,833
				8,411,903
Household Durables — 0.3%
	DR Horton, Inc.	8,800		110,968
	Garmin Ltd.(a)	3,286		130,816
	Harman International Industries, Inc.	1,900		72,276
	Jarden Corp.	2,655		79,331
	Kid Brands, Inc.*	100		316
	Leggett & Platt, Inc.	4,300		99,072
	Lennar Corp., Class A	4,200		82,530
	Mohawk Industries, Inc.*	1,843		110,303
	Newell Rubbermaid, Inc.	8,200		132,430
	NVR, Inc.*	100		68,600
	Pulte Homes, Inc.(a)*	9,847		62,135
	Tempur-Pedic International, Inc.(a)*	1,800		94,554
	Toll Brothers, Inc.*	4,500		91,890
	Tupperware Brands Corp.	1,700		95,149
	Whirlpool Corp.(a)	2,067		98,079
				1,328,449
Household Products — 2.1%
	Central Garden and Pet Co., Class A*	200		1,664
	Church & Dwight Co., Inc.(a)	4,200		192,192
	Clorox Co.	3,766		250,665
	Colgate-Palmolive Co.	14,007		1,294,107
	Energizer Holdings, Inc.*	1,900		147,212
	Kimberly-Clark Corp.	11,312		832,111
	Procter & Gamble Co.	79,505		5,303,778
	Spectrum Brands Holdings, Inc.(a)*	817		22,386
				8,044,115
Independent Power Producers & Energy Traders — 0.2%
	AES Corp. (The)*	18,700		221,408
	Calpine Corp.*	9,394		153,404
	Constellation Energy Group, Inc.	5,400		214,218
	GenOn Energy, Inc.*	19,172		50,039
	NRG Energy, Inc.*	6,800		123,216
				762,285
Industrial Conglomerates — 2.2%
	3M Co.	18,525		1,514,048
	Carlisle Cos, Inc.	1,635		72,431
	Danaher Corp.	16,277		765,670
	General Electric Co.	306,628		5,491,707
	Raven Industries, Inc.(a)	395		24,451
	Tyco International Ltd.	13,457		628,576
				8,496,883

9

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Insurance — 3.7%
	ACE Ltd.	9,480	$	664,738
	Aflac, Inc.	13,236		572,589
	Allied World Assurance Co., Holdings Ltd.	1,000		62,930
	Allstate Corp.	14,943		409,588
	Alterra Capital Holdings Ltd.	2,083		49,221
	American Financial Group, Inc.	2,500		92,225
	American International Group, Inc.*	3,400		78,880
	American National Insurance Co.	466		34,032
	Amtrust Financial Services, Inc.(a)	1,389		32,989
	AON Corp.	8,385		392,418
	Arch Capital Group Ltd.*	4,200		156,366
	Arthur J Gallagher & Co.	3,200		107,008
	Aspen Insurance Holdings Ltd.	2,100		55,650
	Assurant, Inc.	2,800		114,968
	Assured Guaranty Ltd.	4,400		57,816
	Axis Capital Holdings Ltd.	3,400		108,664
	Berkshire Hathaway, Inc., Class B*	48,719		3,717,260
	Brown & Brown, Inc.	3,900		88,257
	Chubb Corp.	8,007		554,245
	Cincinnati Financial Corp.(a)	4,614		140,542
	CNA Financial Corp.	7,300		195,275
	CNO Financial Group, Inc.(a)*	6,200		39,122
	Delphi Financial Group, Inc., Class S	1,675		74,202
	Endurance Specialty Holdings Ltd.	1,200		45,900
	Enstar Group Ltd.(a)*	300		29,460
	Erie Indemnity Co., Class A	1,130		88,321
	Everest Re Group Ltd.	1,400		117,726
	FBL Financial Group, Inc., Class A(a)	100		3,402
	Fidelity National Title Group, Inc., Class A	7,004		111,574
	First American Financial Corp.(a)	3,300		41,811
	Flagstone Reinsurance Holdings SA(a)	380		3,150
	Genworth Financial, Inc., Class A*	12,500		81,875
	Hanover Insurance Group, Inc.	1,100		38,445
	Hartford Financial Services Group, Inc.	12,100		196,625
	HCC Insurance Holdings, Inc.	3,400		93,500
	Kemper Corp.	1,200		35,052
	Lincoln National Corp.	8,333		161,827
	Loews Corp.	9,359		352,366
	Markel Corp.(a)*	211		87,495
	Marsh & McLennan Cos, Inc.	15,400		486,948
	MBIA, Inc.(a)*	3,900		45,201
	Mercury General Corp.	800		36,496
	MetLife, Inc.	29,890		931,970
	Montpelier Re Holdings Ltd.	2,200		39,050
	Old Republic International Corp.(a)	5,500		50,985
	OneBeacon Insurance Group Ltd.(a)	300		4,617
	PartnerRe Ltd.	2,000		128,420
	Platinum Underwriters Holdings Ltd.	1,200		40,932
	Primerica, Inc.	800		18,592
	Principal Financial Group, Inc.	8,200		201,720
	ProAssurance Corp.	900		71,838
	Progressive Corp. (The)	17,300		337,523
	Protective Life Corp.	2,200		49,632
	Prudential Financial, Inc.	13,434		673,312
	Reinsurance Group of America, Inc.	2,081		108,732
	RenaissanceRe Holdings Ltd.	1,400		104,118
	RLI Corp.(a)	500		36,430
	StanCorp Financial Group, Inc.(a)	1,400		51,450
	Symetra Financial Corp.(a)	1,300		11,791
	Torchmark Corp.	3,100		134,509
	Transatlantic Holdings, Inc.	1,500		82,095
	Travelers Companies, Inc. (The)	11,928		705,780
	UnumProvident Corp.	9,151		192,812
	Validus Holdings Ltd.	1,687		53,141
	White Mountains Insurance Group Ltd.	300		136,038
	Willis Group Holdings PLC	4,700		182,360
	WR Berkley Corp.	3,405		117,098
	XL Group PLC	8,756		173,106
				14,494,210
Internet & Catalog Retail — 0.8%
	Amazon.com, Inc.*	10,649		1,843,342
	Expedia, Inc.(a)	1,964		56,995
	HSN, Inc.	900		32,634
	Liberty Media Corp. - Interactive, Class A*	16,139		261,694
	NetFlix, Inc.(a)*	1,500		103,935
	Priceline.com, Inc.*	1,300		608,023
	Shutterfly, Inc.(a)*	700		15,932
	TripAdvisor, Inc.(a)*	1,964		49,513
				2,972,068
Internet Software & Services — 1.9%
	Akamai Technologies, Inc.*	5,154		166,371
	Ancestry.com, Inc.(a)*	1,200		27,552
	AOL, Inc.(a)*	3,127		47,218
	DealerTrack Holdings, Inc.*	900		24,534
	Digital River, Inc.*	500		7,510
	eBay, Inc.*	33,800		1,025,154
	Equinix, Inc.*	1,271		128,880
	Google, Inc., Class A*	7,467		4,822,935
	IAC/InterActiveCorp	2,753		117,278
	j2 Global, Inc.(a)	1,500		42,210
	Monster Worldwide, Inc.(a)*	2,500		19,825
	QuinStreet, Inc.(a)*	189		1,769
	Rackspace Hosting, Inc.*	2,900		124,729
	Valueclick, Inc.(a)*	2,000		32,580
	VeriSign, Inc.	4,900		175,028
	VistaPrint NV(a)*	1,299		39,749
	WebMD Health Corp.(a)*	1,400		52,570
	Yahoo!, Inc.*	34,302		553,291
				7,409,183
IT Services — 3.7%
	Accenture PLC, Class A	18,900		1,006,047
	Acxiom Corp.*	2,100		25,641
	Alliance Data Systems Corp.*	1,500		155,760
	Amdocs Ltd.*	5,030		143,506
	Automatic Data Processing, Inc.	14,050		758,840
	Broadridge Financial Solutions, Inc.	3,975		89,636
	CACI International, Inc., Class A*	600		33,552
	Cardtronics, Inc.*	900		24,354
	Cognizant Technology Solutions Corp., Class A*	8,442		542,905
	Computer Sciences Corp.	4,600		109,020
	Convergys Corp.*	3,200		40,864
	CoreLogic, Inc.*	2,308		29,842
	DST Systems, Inc.	1,100		50,072
	Fidelity National Information Services, Inc.	7,398		196,713
	Fiserv, Inc.*	4,050		237,897
	Gartner, Inc., Class A*	2,400		83,448
	Genpact Ltd.*	5,590		83,571
	Global Payments, Inc.	2,380		112,764
	International Business Machines Corp.	34,794		6,397,921
	Jack Henry & Associates, Inc.(a)	2,400		80,664
	Lender Processing Services, Inc.	2,639		39,770
	Mantech International Corp., Class A(a)	600		18,744
	Mastercard, Inc., Class A	3,300		1,230,306
	MAXIMUS, Inc.	800		33,080
	MoneyGram International, Inc.(a)*	166		2,947
	NeuStar, Inc., Class A*	1,900		64,923

10

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
IT Services (Continued)
	Paychex, Inc.	9,250	$	278,517
	SAIC, Inc.*	8,800		108,152
	Sapient Corp.	4,000		50,400
	Syntel, Inc.(a)	600		28,062
	TeleTech Holdings, Inc.(a)*	1,200		19,440
	Teradata Corp.*	4,900		237,699
	Total System Services, Inc.	5,028		98,348
	VeriFone Holdings, Inc.*	2,400		85,248
	Visa, Inc., Class A	15,100		1,533,103
	Western Union Co. (The)	17,826		325,503
	Wright Express Corp.(a)*	1,100		59,708
				14,416,967
Leisure Equipment & Products — 0.1%
	Brunswick Corp.(a)	1,297		23,424
	Hasbro, Inc.	3,300		105,237
	Mattel, Inc.	9,800		272,048
	Polaris Industries, Inc.	1,800		100,764
				501,473
Life Sciences Tools & Services — 0.5%
	Agilent Technologies, Inc.*	9,800		342,314
	Bio-Rad Laboratories, Inc., Class A*	600		57,624
	Bruker Corp.*	1,400		17,388
	Charles River Laboratories International, Inc.*	1,088		29,735
	Covance, Inc.(a)*	1,900		86,868
	Illumina, Inc.(a)*	3,620		110,337
	Life Technologies Corp.*	4,823		187,663
	Mettler-Toledo International, Inc.*	900		132,939
	Parexel International Corp.(a)*	1,600		33,184
	PerkinElmer, Inc.	2,900		58,000
	Techne Corp.	1,000		68,260
	Thermo Fisher Scientific, Inc.*	11,106		499,437
	Waters Corp.*	2,500		185,125
				1,808,874
Machinery — 2.2%
	Actuant Corp., Class A(a)	1,500		34,035
	AGCO Corp.*	2,600		111,722
	Barnes Group, Inc.(a)	1,800		43,398
	Caterpillar, Inc.	18,400		1,667,040
	Chart Industries, Inc.*	800		43,256
	CLARCOR, Inc.(a)	1,300		64,987
	CNH Global NV*	116		4,175
	Colfax Corp.(a)*	700		19,936
	Crane Co.	1,500		70,065
	Cummins, Inc.	5,400		475,308
	Deere & Co.	11,900		920,465
	Donaldson Co., Inc.(a)	2,100		142,968
	Dover Corp.	5,400		313,470
	Eaton Corp.	9,323		405,830
	Flowserve Corp.	1,600		158,912
	Gardner Denver, Inc.	1,500		115,590
	Graco, Inc.	1,550		63,380
	Harsco Corp.	2,000		41,160
	IDEX Corp.	2,100		77,931
	Illinois Tool Works, Inc.	12,100		565,191
	Ingersoll Rand PLC	9,311		283,706
	ITT Corp.	2,544		49,176
	Joy Global, Inc.	2,900		217,413
	Kaydon Corp.	900		27,450
	Kennametal, Inc.	2,100		76,692
	Lincoln Electric Holdings, Inc.	2,600		101,712
	Manitowoc Co., Inc.	3,300		30,327
	Middleby Corp.(a)*	500		47,020
	Mueller Industries, Inc.(a)	1,000		38,420
	Navistar International Corp.*	2,000		75,760
	Nordson Corp.	1,500		61,770
	Oshkosh Corp.*	2,600		55,588
	PACCAR, Inc.	9,309		348,808
	Pall Corp.	3,200		182,880
	Parker Hannifin Corp.	4,209		320,936
	Pentair, Inc.(a)	2,700		89,883
	Robbins & Myers, Inc.	700		33,985
	Sauer-Danfoss, Inc.*	526		19,046
	Snap-On, Inc.	1,600		80,992
	SPX Corp.	1,400		84,378
	Stanley Black & Decker, Inc.	4,622		312,447
	Terex Corp.(a)*	2,600		35,126
	Timken Co.	2,600		100,646
	Toro Co.(a)	1,000		60,660
	Trinity Industries, Inc.	2,400		72,144
	Valmont Industries, Inc.	700		63,553
	WABCO Holdings, Inc.*	1,899		82,417
	Wabtec Corp.	1,400		97,930
	Watts Water Technologies, Inc., Class A(a)	900		30,789
	Woodward, Inc.(a)	2,000		81,860
	Xylem, Inc.	5,089		130,736
				8,633,069
Marine — 0.0%
	Alexander & Baldwin, Inc.	1,200		48,984
	Kirby Corp.(a)*	1,600		105,344
				154,328
Media — 3.0%
	AMC Networks, Inc., Class A*	1,725		64,826
	Arbitron, Inc.(a)	800		27,528
	Cablevision Systems Corp., Class A	6,100		86,742
	CBS Corp., Class A	1,300		35,984
	CBS Corp., Class B	17,351		470,906
	Charter Communications, Inc.*	2,452		139,617
	Cinemark Holdings, Inc.(a)	2,400		44,376
	Clear Channel Outdoor Holdings, Inc., Class A*	231		2,899
	Comcast Corp., Class A	60,616		1,437,205
	Comcast Corp., Class A Special	18,450		434,682
	CTC Media, Inc.	1,997		17,514
	DIRECTV, Class A*	19,848		848,701
	Discovery Communications, Inc., Class A*	4,020		164,699
	Discovery Communications, Inc., Class C*	4,020		151,554
	DISH Network Corp., Class A	6,200		176,576
	DreamWorks Animation SKG, Inc., Class A(a)*	2,400		39,828
	Gannett Co., Inc.(a)	6,000		80,220
	Interpublic Group of Cos, Inc.	13,995		136,171
	John Wiley & Sons, Inc., Class A	1,300		57,720
	Lamar Advertising Co., Class A(a)*	1,800		49,500
	Liberty Global, Inc., Series A*	4,195		172,121
	Liberty Global, Inc., Series C*	3,573		141,205
	Liberty Media Corp. - Liberty Capital, Class A*	3,482		271,770
	Live Nation Entertainment, Inc.*	4,494		37,345
	Madison Square Garden, Inc., Class A*	1,825		52,268
	McGraw-Hill Companies, Inc.	8,886		399,603
	Meredith Corp.(a)	900		29,385
	Morningstar, Inc.(a)	700		41,615
	New York Times Co. (The), Class A*	2,900		22,417
	News Corp., Class A	49,644		885,649
	News Corp., Class B	12,500		227,250

11

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Media (Continued)
	Omnicom Group, Inc.	7,900	$	352,182
	Regal Entertainment Group, Class A	2,586		30,877
	Scripps Networks Interactive, Inc., Class A	2,600		110,292
	Sirius XM Radio, Inc.(a)*	82,643		150,410
	Time Warner Cable, Inc.	9,271		589,358
	Time Warner, Inc.	28,800		1,040,832
	Valassis Communications, Inc.(a)*	1,200		23,076
	Viacom, Inc., Class A(a)	1,600		85,328
	Viacom, Inc., Class B	14,539		660,216
	Virgin Media, Inc.	7,700		164,626
	Walt Disney Co.	47,492		1,780,950
	Washington Post Co. (The), Class B	100		37,681
				11,773,704
Metals & Mining — 1.0%
	Alcoa, Inc.	30,700		265,555
	Allegheny Technologies, Inc.	2,400		114,720
	Allied Nevada Gold Corp.(a)*	2,115		64,042
	AMCOL International Corp.(a)	529		14,204
	Carpenter Technology Corp.	1,300		66,924
	Century Aluminum Co.(a)*	187		1,591
	Cliffs Natural Resources, Inc.	4,187		261,059
	Coeur d'Alene Mines Corp.*	2,464		59,481
	Commercial Metals Co.	3,500		48,405
	Compass Minerals International, Inc.	1,000		68,850
	Freeport-McMoRan Copper & Gold, Inc., Class B	26,333		968,791
	Globe Specialty Metals, Inc.(a)	1,087		14,555
	Hecla Mining Co.(a)	5,900		30,857
	Molycorp, Inc.(a)*	657		15,755
	Newmont Mining Corp.	13,900		834,139
	Nucor Corp.	9,194		363,806
	Reliance Steel & Aluminum Co.(a)	2,000		97,380
	Royal Gold, Inc.	1,500		101,145
	Schnitzer Steel Industries, Inc., Class A	700		29,596
	Southern Copper Corp.	4,437		133,909
	Steel Dynamics, Inc.	5,800		76,270
	Stillwater Mining Co.(a)*	3,300		34,518
	Titanium Metals Corp.(a)	2,300		34,454
	United States Steel Corp.(a)	3,923		103,803
	Walter Industries, Inc.	1,775		107,494
	Worthington Industries, Inc.(a)	1,900		31,122
				3,942,425
Multi-Utilities — 1.4%
	Alliant Energy Corp.	3,000		132,330
	Ameren Corp.	7,000		231,910
	Avista Corp.(a)	1,300		33,475
	Black Hills Corp.	1,000		33,580
	Centerpoint Energy, Inc.	11,950		240,075
	CMS Energy Corp.	6,900		152,352
	Consolidated Edison, Inc.	8,700		539,661
	Dominion Resources, Inc.	16,700		886,436
	DTE Energy Co.	4,900		266,805
	Integrys Energy Group, Inc.	2,277		123,368
	MDU Resources Group, Inc.	5,425		116,421
	NiSource, Inc.	7,800		185,718
	NorthWestern Corp.	1,000		35,790
	NSTAR	2,800		131,488
	OGE Energy Corp.	2,900		164,459
	PG&E Corp.	11,858		488,787
	Public Service Enterprise Group, Inc.	14,400		475,344
	SCANA Corp.	3,400		153,204
	Sempra Energy	6,600		363,000
	TECO Energy, Inc.	5,800		111,012
	Vectren Corp.	1,900		57,437
	Wisconsin Energy Corp.	6,800		237,728
	Xcel Energy, Inc.	14,100		389,724
				5,550,104
Multiline Retail — 0.8%
	99 Cents Only Stores(a)*	1,800		39,510
	Big Lots, Inc.*	2,200		83,072
	Dillard's, Inc., Class A(a)	1,596		71,629
	Dollar General Corp.*	3,800		156,332
	Dollar Tree, Inc.*	3,602		299,362
	Family Dollar Stores, Inc.	3,400		196,044
	J.C. Penney Co., Inc.	4,700		165,205
	Kohl's Corp.	7,610		375,554
	Macy's, Inc.	12,300		395,814
	Nordstrom, Inc.	5,000		248,550
	Saks, Inc.(a)*	3,600		35,100
	Sears Holdings Corp.(a)*	1,189		37,786
	Target Corp.	18,600		952,692
				3,056,650
Office Electronics — 0.1%
	Xerox Corp.	39,292		312,764
	Zebra Technologies Corp., Class A*	1,575		56,354
				369,118
Oil, Gas & Consumable Fuels — 9.2%
	Alpha Natural Resources, Inc.*	3,688		75,346
	Anadarko Petroleum Corp.	14,400		1,099,152
	Apache Corp.	10,875		985,057
	Approach Resources, Inc.*	800		23,528
	Arch Coal, Inc.	4,300		62,393
	Berry Petroleum Co., Class A	1,600		67,232
	Bill Barrett Corp.(a)*	1,500		51,105
	Cabot Oil & Gas Corp.	3,000		227,700
	Carrizo Oil & Gas, Inc.*	1,100		28,985
	Chesapeake Energy Corp.	19,200		427,968
	Chevron Corp.	56,837		6,047,457
	Cimarex Energy Co.	2,410		149,179
	Cloud Peak Energy, Inc.*	1,609		31,086
	Cobalt International Energy, Inc.(a)*	3,164		49,105
	Concho Resources, Inc.*	2,800		262,500
	ConocoPhillips	35,967		2,620,915
	Consol Energy, Inc.	6,600		242,220
	Continental Resources, Inc.*	1,200		80,052
	CVR Energy, Inc.*	1,522		28,507
	Denbury Resources, Inc.*	11,108		167,731
	Devon Energy Corp.	11,104		688,448
	El Paso Corp.	22,433		596,045
	Energen Corp.	2,100		105,000
	EOG Resources, Inc.	7,800		768,378
	EQT Corp.	4,200		230,118
	EXCO Resources, Inc.(a)	3,600		37,620
	Exxon Mobil Corp.	135,716		11,503,288
	Forest Oil Corp.(a)*	3,371		45,677
	Gulfport Energy Corp.(a)*	766		22,559
	Hess Corp.	7,200		408,960
	HollyFrontier Corp.	5,894		137,920
	Kodiak Oil & Gas Corp.*	6,200		58,900
	Marathon Oil Corp.	20,443		598,367
	Marathon Petroleum Corp.	10,401		346,249
	McMoRan Exploration Co.(a)*	2,587		37,641
	Murphy Oil Corp.	5,400		300,996
	Newfield Exploration Co.*	3,900		147,147
	Noble Energy, Inc.	5,268		497,246
	Northern Oil and Gas, Inc.(a)*	1,600		38,368

12

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (Continued)
	Oasis Petroleum, Inc.*	1,558	$	45,322
	Occidental Petroleum Corp.	22,983		2,153,507
	Peabody Energy Corp.	7,900		261,569
	Pioneer Natural Resources Co.	3,002		268,619
	Plains Exploration & Production Co.*	3,717		136,488
	QEP Resources, Inc.	5,200		152,360
	Quicksilver Resources, Inc.(a)*	2,008		13,474
	Range Resources Corp.	4,700		291,118
	Rosetta Resources, Inc.*	1,400		60,900
	SandRidge Energy, Inc.(a)*	10,354		84,489
	Ship Finance International Ltd.(a)	2,100		19,614
	SM Energy Co.	1,900		138,890
	Southern Union Co.	3,288		138,458
	Southwestern Energy Co.*	10,000		319,400
	Spectra Energy Corp.	18,778		577,423
	Stone Energy Corp.(a)*	696		18,360
	Sunoco, Inc.	3,200		131,264
	Swift Energy Co.*	900		26,748
	Teekay Corp.(a)	1,000		26,730
	Tesoro Corp.*	3,900		91,104
	Ultra Petroleum Corp.*	4,500		133,335
	Valero Energy Corp.	16,318		343,494
	W&T Offshore, Inc.	1,100		23,331
	Western Refining, Inc.(a)*	2,000		26,580
	Whiting Petroleum Corp.*	3,200		149,408
	Williams Companies, Inc.	16,900		558,038
	World Fuel Services Corp.(a)	2,000		83,960
				35,570,128
Paper & Forest Products — 0.2%
	Buckeye Technologies, Inc.	1,000		33,440
	Domtar Corp.	1,000		79,960
	International Paper Co.	11,925		352,980
	MeadWestvaco Corp.	5,340		159,933
	Schweitzer-Mauduit International, Inc.(a)	500		33,230
				659,543
Personal Products — 0.2%
	Avon Products, Inc.	12,500		218,375
	Elizabeth Arden, Inc.(a)*	300		11,112
	Estee Lauder Companies, Inc., Class A	3,500		393,120
	Herbalife Ltd.	3,200		165,344
	Nu Skin Enterprises, Inc., Class A(a)	1,488		72,272
				860,223
Pharmaceuticals — 5.4%
	Abbott Laboratories	45,412		2,553,517
	Allergan, Inc.	8,900		780,886
	Bristol-Myers Squibb Co.	49,600		1,747,904
	Eli Lilly & Co.	28,900		1,201,084
	Endo Pharmaceuticals Holdings, Inc.*	3,209		110,807
	Forest Laboratories, Inc.*	8,100		245,106
	Hospira, Inc.*	4,720		143,346
	Impax Laboratories, Inc.(a)*	1,000		20,170
	Jazz Pharmaceuticals, Inc.(a)*	1,100		42,493
	Johnson & Johnson	76,912		5,043,889
	Medicines Co. (The)*	1,500		27,960
	Medicis Pharmaceutical Corp., Class A(a)	1,500		49,875
	Merck & Co., Inc.	86,589		3,264,405
	Mylan, Inc.*	12,025		258,057
	Par Pharmaceutical Cos., Inc.*	900		29,457
	Perrigo Co.(a)	2,500		243,250
	Pfizer, Inc.	216,572		4,686,618
	Questcor Pharmaceuticals, Inc.(a)*	1,600		66,528
	Salix Pharmaceuticals Ltd.(a)*	1,500		71,775
	Viropharma, Inc.(a)*	1,800		49,302
	Warner Chilcott PLC, Class A*	2,100		31,773
	Watson Pharmaceuticals, Inc.*	3,600		217,224
				20,885,426
Professional Services — 0.3%
	Acacia Research - Acacia Technologies*	1,200		43,812
	Advisory Board Co. (The)*	500		37,105
	Corporate Executive Board Co. (The)(a)	1,000		38,100
	CoStar Group, Inc.(a)*	765		51,049
	Dun & Bradstreet Corp.	1,500		112,245
	Equifax, Inc.	3,389		131,290
	FTI Consulting, Inc.(a)*	1,300		55,146
	IHS, Inc., Class A*	1,300		112,008
	Manpower, Inc.	2,400		85,800
	Robert Half International, Inc.(a)	3,700		105,302
	Towers Watson & Co., Class A	1,500		89,895
	Verisk Analytics, Inc., Class A*	3,657		146,755
				1,008,507
Real Estate Investment Trusts (REITs) — 0.2%
	American Tower Corp., Class A	11,207		672,532
Real Estate Management & Development — 0.1%
	Altisource Portfolio Solutions SA*	400		20,072
	CBRE Group, Inc.*	8,400		127,848
	Forest City Enterprises, Inc.*	3,000		35,460
	Jones Lang LaSalle, Inc.	1,100		67,386
	The St. Joe Co.(a)*	2,400		35,184
				285,950
Road & Rail — 1.0%
	AMERCO, Inc.(a)	300		26,520
	Avis Budget Group, Inc.*	2,328		24,956
	Con-way, Inc.	1,500		43,740
	CSX Corp.	31,009		653,050
	Genesee & Wyoming, Inc., Class A(a)*	1,300		78,754
	Heartland Express, Inc.(a)	1,866		26,665
	Hertz Global Holdings, Inc.*	7,400		86,728
	JB Hunt Transport Services, Inc.	2,500		112,675
	Kansas City Southern*	2,900		197,229
	Knight Transportation, Inc.(a)	1,525		23,851
	Landstar System, Inc.	1,200		57,504
	Norfolk Southern Corp.	10,304		750,750
	Old Dominion Freight Line, Inc.*	1,425		57,755
	Ryder System, Inc.	1,600		85,024
	Union Pacific Corp.	14,200		1,504,348
	Werner Enterprises, Inc.	1,200		28,920
				3,758,469
Semiconductors & Semiconductor Equipment — 2.5%
	Advanced Micro Devices, Inc.*	16,400		88,560
	Altera Corp.	9,300		345,030
	Analog Devices, Inc.	8,600		307,708
	Applied Materials, Inc.	38,300		410,193
	Atmel Corp.*	12,900		104,490
	Avago Technologies Ltd.	6,400		184,704
	Broadcom Corp., Class A*	13,802		405,227
	Cree, Inc.(a)*	2,900		63,916
	Cymer, Inc.(a)*	700		34,832
	Cypress Semiconductor Corp.*	4,600		77,694
	Entegris, Inc.(a)*	3,200		27,920
	Fairchild Semiconductor International, Inc.*	3,875		46,655
	First Solar, Inc.(a)*	1,600		54,016
	GT Advanced Technologies, Inc.(a)*	3,400		24,616
	Hittite Microwave Corp.(a)*	800		39,504
	Intel Corp.	153,786		3,729,310
	International Rectifier Corp.*	1,500		29,130

13

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (Continued)
	Intersil Corp., Class A	3,500	$	36,540
	Kla-Tencor Corp.	4,900		236,425
	Lam Research Corp.*	3,600		133,272
	Linear Technology Corp.	6,200		186,186
	LSI Corp.*	18,094		107,659
	Marvell Technology Group Ltd.*	16,100		222,985
	Maxim Integrated Products, Inc.	8,300		216,132
	MEMC Electronic Materials, Inc.*	5,800		22,852
	Microchip Technology, Inc.	5,350		195,971
	Micron Technology, Inc.*	27,301		171,723
	Microsemi Corp.*	2,900		48,575
	MKS Instruments, Inc.(a)	1,300		36,166
	Netlogic Microsystems, Inc.*	1,700		84,269
	Novellus Systems, Inc.*	2,200		90,838
	Nvidia Corp.*	16,500		228,690
	ON Semiconductor Corp.*	11,830		91,328
	PMC - Sierra, Inc.*	6,300		34,713
	Power Integrations, Inc.(a)	300		9,948
	RF Micro Devices, Inc.(a)*	7,000		37,800
	Semtech Corp.*	1,800		44,676
	Silicon Laboratories, Inc.(a)*	1,400		60,788
	Skyworks Solutions, Inc.*	5,200		84,344
	Spansion, Inc., Class A*	400		3,312
	SunPower Corp.(a)*	268		1,670
	Teradyne, Inc.*	6,000		81,780
	Texas Instruments, Inc.	32,302		940,311
	Veeco Instruments, Inc.(a)*	1,100		22,880
	Xilinx, Inc.	7,500		240,450
				9,645,788
Software — 3.6%
	ACI Worldwide, Inc.*	600		17,184
	Activision Blizzard, Inc.	14,188		174,796
	Adobe Systems, Inc.*	14,008		396,006
	Advent Software, Inc.(a)*	700		17,052
	ANSYS, Inc.*	2,600		148,928
	Ariba, Inc.*	2,300		64,584
	Aspen Technology, Inc.*	2,400		41,640
	Autodesk, Inc.*	6,300		191,079
	Blackbaud, Inc.	992		27,478
	BMC Software, Inc.*	5,000		163,900
	CA, Inc.	11,676		236,030
	Cadence Design Systems, Inc.*	7,100		73,840
	Citrix Systems, Inc.*	5,179		314,469
	Commvault Systems, Inc.*	960		41,011
	Compuware Corp.*	5,600		46,592
	Concur Technologies, Inc.(a)*	1,400		71,106
	Electronic Arts, Inc.*	9,400		193,640
	Factset Research Systems, Inc.(a)	1,250		109,100
	Fair Isaac Corp.	1,450		51,968
	Fortinet, Inc.*	2,600		56,706
	Informatica Corp.*	3,000		110,790
	Intuit, Inc.	8,100		425,979
	JDA Software Group, Inc.*	800		25,912
	Mentor Graphics Corp.(a)*	3,500		47,460
	Micros Systems, Inc.*	2,300		107,134
	Microsoft Corp.	219,659		5,702,348
	MicroStrategy, Inc., Class A(a)*	200		21,664
	NetSuite, Inc.(a)*	1,588		64,393
	Nuance Communications, Inc.*	6,700		168,572
	Oracle Corp.	113,963		2,923,151
	Parametric Technology Corp.*	3,480		63,545
	Progress Software Corp.(a)*	1,950		37,733
	QLIK Technologies, Inc.*	1,545		37,389
	Quest Software, Inc.*	2,100		39,060
	RealPage, Inc.*	900		22,743
	Red Hat, Inc.*	5,400		222,966
	Rovi Corp.*	3,151		77,452
	Salesforce.com, Inc.*	3,500		355,110
	Solarwinds, Inc.(a)*	1,750		48,913
	Solera Holdings, Inc.	1,984		88,367
	SuccessFactors, Inc.*	2,100		83,727
	Symantec Corp.*	21,592		337,915
	Synopsys, Inc.*	4,200		114,240
	Take-Two Interactive Software, Inc.*	2,150		29,133
	Taleo Corp., Class A(a)*	257		9,943
	TIBCO Software, Inc.*	6,000		143,460
	TiVo, Inc.(a)*	2,872		25,762
	Verint Systems, Inc.*	406		11,181
	VMware, Inc.*	2,347		195,247
	Websense, Inc.(a)*	600		11,238
				13,989,636
Specialty Retail — 2.3%
	Aaron's, Inc.(a)	2,250		60,030
	Abercrombie & Fitch Co., Class A	2,500		122,100
	Advance Auto Parts, Inc.	2,100		146,223
	Aeropostale, Inc.(a)*	2,700		41,175
	American Eagle Outfitters, Inc.	5,750		87,918
	Ann, Inc.(a)*	1,550		38,409
	Ascena Retail Group, Inc.*	2,000		59,440
	AutoNation, Inc.(a)*	2,975		109,688
	AutoZone, Inc.*	700		227,479
	Bed Bath & Beyond, Inc.*	7,221		418,601
	Best Buy Co., Inc.(a)	9,525		222,599
	Buckle, Inc. (The)(a)	900		36,783
	Cabela's, Inc.(a)*	1,100		27,962
	Carmax, Inc.(a)*	6,346		193,426
	Chico's FAS, Inc.	5,800		64,612
	Childrens Place Retail Stores, Inc.(a)*	700		37,184
	Dick's Sporting Goods, Inc.(a)	2,800		103,264
	DSW, Inc., Class A(a)	700		30,947
	Express, Inc.*	900		17,946
	Finish Line Inc. (The), Class A(a)	1,500		28,928
	Foot Locker, Inc.	4,100		97,744
	GameStop Corp., Class A*	4,388		105,882
	Gap, Inc. (The)	10,016		185,797
	Genesco, Inc.(a)*	700		43,218
	Group 1 Automotive, Inc.(a)	500		25,900
	Guess?, Inc.	1,900		56,658
	Hibbett Sports, Inc.*	700		31,626
	Home Depot, Inc.	43,721		1,838,031
	Jos. A. Bank Clothiers, Inc.*	750		36,570
	Lowe's Cos, Inc.	36,070		915,457
	Ltd. Brands, Inc.	7,980		321,993
	Men's Wearhouse, Inc.(a)	1,750		56,718
	Monro Muffler Brake, Inc.(a)	800		31,032
	O'Reilly Automotive, Inc.*	3,900		311,805
	Office Depot, Inc.(a)*	1,500		3,225
	Orchard Supply Hardware Stores Corp., Class A*	53		—
	Penske Auto Group, Inc.(a)	1,000		19,250
	PetSmart, Inc.	3,400		174,386
	Pier 1 Imports, Inc.*	3,200		44,576
	RadioShack Corp.(a)	3,300		32,043
	Rent-A-Center, Inc.	1,700		62,900
	Ross Stores, Inc.	6,800		323,204
	Sally Beauty Holdings, Inc.*	4,602		97,240
	Select Comfort Corp.*	1,400		30,366

14

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Specialty Retail (Continued)
	Signet Jewelers Ltd.	2,400	$	105,504
	Staples, Inc.	19,850		275,716
	Tiffany & Co.	3,600		238,536
	TJX Cos, Inc.	11,000		710,050
	Tractor Supply Co.	2,800		196,420
	Ulta Salon Cosmetics & Fragrance, Inc.*	1,600		103,872
	Urban Outfitters, Inc.*	3,800		104,728
	Vitamin Shoppe, Inc.(a)*	600		23,928
	Williams-Sonoma, Inc.	2,900		111,650
				8,790,739
Textiles, Apparel & Luxury Goods — 0.8%
	Carter's, Inc.(a)*	1,400		55,734
	Coach, Inc.	8,210		501,138
	Columbia Sportswear Co.(a)	400		18,620
	CROCS, Inc.(a)*	2,300		33,971
	Deckers Outdoor Corp.*	1,200		90,684
	Fossil, Inc.*	2,600		206,336
	Hanesbrands, Inc.*	2,601		56,858
	Iconix Brand Group, Inc.(a)*	1,472		23,979
	Lululemon Athletica, Inc.*	1,800		83,988
	NIKE, Inc., Class B	10,005		964,182
	PVH Corp.	1,700		119,833
	Ralph Lauren Corp.	2,000		276,160
	Steven Madden Ltd.(a)*	1,200		41,400
	Under Armour, Inc., Class A(a)*	1,100		78,969
	VF Corp.	2,500		317,475
	Warnaco Group, Inc. (The)(a)*	1,400		70,056
	Wolverine World Wide, Inc.	1,600		57,024
				2,996,407
Thrifts & Mortgage Finance — 0.1%
	Capitol Federal Financial, Inc.	3,239		37,378
	Hudson City Bancorp, Inc.	13,407		83,794
	New York Community Bancorp, Inc.(a)	10,665		131,926
	Northwest Bancshares, Inc.(a)	2,675		33,277
	Ocwen Financial Corp.*	3,000		43,440
	People's United Financial, Inc.(a)	11,010		141,478
	TFS Financial Corp.*	2,631		23,574
	Washington Federal, Inc.	2,947		41,229
				536,096
Tobacco — 1.8%
	Altria Group, Inc.	61,022		1,809,303
	Lorillard, Inc.	4,100		467,400
	Philip Morris International, Inc.	51,900		4,073,112
	Reynolds American, Inc.	10,365		429,318
	Universal Corp.(a)	600		27,576
	Vector Group Ltd.(a)	1,928		34,241
				6,840,950
Trading Companies & Distributors — 0.3%
	Applied Industrial Technologies, Inc.(a)	964		33,904
	Fastenal Co.(a)	7,800		340,158
	GATX Corp.(a)	1,100		48,026
	MSC Industrial Direct Co., Class A	1,400		100,170
	Textainer Group Holdings Ltd.(a)	1,121		32,643
	United Rentals, Inc.*	900		26,595
	Watsco, Inc.(a)	800		52,528
	WESCO International, Inc.(a)*	1,100		58,311
	WW Grainger, Inc.	1,700		318,223
				1,010,558
Water Utilities — 0.1%
	American Water Works Co., Inc.	4,900		156,114
	Aqua America, Inc.(a)	4,034		88,950
				245,064
Wireless Telecommunication Services — 0.2%
	Crown Castle International Corp.*	8,103		363,014
	MetroPCS Communications, Inc.*	8,400		72,912
	NII Holdings, Inc.*	4,600		97,980
	SBA Communications Corp., Class A(a)*	2,900		124,584
	Sprint Nextel Corp.*	85,067		199,057
	Telephone & Data Systems, Inc.(a)	1,300		33,657
	Telephone & Data Systems, Inc., Special Shares	800		19,048
	United States Cellular Corp.(a)*	230		10,035
				920,287
	TOTAL COMMON STOCKS
	(Identified Cost $259,940,243)			370,580,491
PREFERRED STOCKS — 0.0%
Specialty Retail — 0.0%
	Orchard Supply Hardware Stores Corp., Series A*	53		—
	TOTAL PREFERRED STOCKS
	(Identified Cost $231)			—
RIGHTS & WARRANTS — 0.0%
Biotechnology — 0.0%
	Celgene Corp., expires 12/31/2030*	66		93
Hotels, Restaurants & Leisure — 0.0%
	Krispy Kreme Doughnuts, Inc., expires 3/2/2012*	73		4
	TOTAL RIGHTS & WARRANTS
	(Identified Cost $350)			97
MUTUAL FUNDS — 4.1%
Other — 4.1%
	DFA U.S. Micro Cap Portfolio	1,205,567		15,937,606
	TOTAL MUTUAL FUNDS
	(Identified Cost $13,745,189)			15,937,606
SHORT-TERM INVESTMENTS — 0.1%
Other — 0.1%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	240,077		240,077
				240,078
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $240,078)			240,078
COLLATERAL FOR SECURITIES ON LOAN — 5.0%
Short-Term — 5.0%
	State Street Navigator Securities Lending Prime Portfolio	19,361,364		19,361,364
				19,361,364
	TOTAL COLLATERAL FOR SECURITIES ON LOAN
	(Identified Cost $19,361,364)			19,361,364
Total Investments — 104.8%
	(Identified Cost $293,287,455)#			406,119,636
	Liabilities, Less Cash and Other Assets — (4.8%)			(18,638,652	)
Net Assets — 100.0%			$	387,480,984

†	See Note 1.
*	Non-income producing security.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $18,960,181.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $293,287,455. Net unrealized appreciation aggregated $112,832,181 of which $131,552,096 related to appreciated investment securities and $18,719,915 related to depreciated investment securities.

Key to abbreviations:
REIT– Real Estate Investment Trust

15

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 100.0%
Aerospace & Defense — 1.3%
L-3 Communications Holdings, Inc.	8,967	$	597,920
Northrop Grumman Corp.(a)	49,882		2,917,099
Raytheon Co.	5,892		285,055
Textron, Inc.	1,263		23,353
			3,823,427
Air Freight & Logistics — 0.0%
FedEx Corp.	491		41,003
Airlines — 0.4%
Southwest Airlines Co.	126,100		1,079,416
Automobiles — 0.1%
General Motors Co.*	12,955		262,598
Beverages — 1.1%
Beam, Inc.	24,799		1,270,453
Constellation Brands, Inc., Class A*	30,934		639,406
Molson Coors Brewing Co., Class B	27,145		1,181,893
			3,091,752
Building Products — 0.3%
Fortune Brands Home & Security, Inc.*	24,799		422,327
Owens Corning*	20,018		574,917
			997,244
Capital Markets — 0.8%
American Capital Ltd.*	16,790		112,997
Bank of New York Mellon Corp. (The)	1,000		19,910
E*Trade Financial Corp.*	6,890		54,844
Legg Mason, Inc.	23,477		564,622
Morgan Stanley	105,967		1,603,281
			2,355,654
Chemicals — 0.4%
Ashland, Inc.	14,733		842,138
Cytec Industries, Inc.	1,824		81,442
Dow Chemical Co. (The)	2,597		74,690
Huntsman Corp.	4,150		41,500
			1,039,770
Commercial Banks — 1.3%
CIT Group, Inc.*	5,752		200,572
KeyCorp	126,159		970,163
Regions Financial Corp.	184,756		794,451
SunTrust Banks, Inc.	81,987		1,451,170
Zions Bancorporation(a)	24,798		403,711
			3,820,067
Commercial Services & Supplies — 0.5%
Covanta Holding Corp.	8,264		113,134
R.R. Donnelley & Sons Co.(a)	21,147		305,151
Republic Services, Inc.	38,907		1,071,888
			1,490,173
Computers & Peripherals — 0.3%
Hewlett-Packard Co.	11,165		287,610
Western Digital Corp.*	22,107		684,212
			971,822
Construction & Engineering — 0.2%
Aecom Technology Corp.*	1,499		30,835
Quanta Services, Inc.*	11,595		249,756
URS Corp.*	12,610		442,863
			723,454
Construction Materials — 0.3%
Vulcan Materials Co.(a)	19,042		749,303
Consumer Finance — 1.1%
Capital One Financial Corp.(a)	74,533		3,152,000
Containers & Packaging — 0.1%
Rock-Tenn Co., Class A	1,862		107,437
Sealed Air Corp.	7,770		133,722
			241,159
Diversified Consumer Services — 0.0%
Service Corp. International	5,594		59,576
Diversified Financial Services — 5.3%
Bank of America Corp.	737,905		4,102,752
Citigroup, Inc.	258,694		6,806,239
CME Group, Inc.	10,093		2,459,361
JPMorgan Chase & Co.	38,067		1,265,728
NASDAQ OMX Group, Inc. (The)*	28,325		694,246
			15,328,326
Diversified Telecommunication Services — 6.1%
AT&T, Inc.	419,977		12,700,104
CenturyLink, Inc.	62,251		2,315,737
Frontier Communications Corp.(a)	41,385		213,133
Verizon Communications, Inc.	57,266		2,297,512
			17,526,486
Electronic Equipment, Instruments & Components — 1.1%
Arrow Electronics, Inc.*	20,100		751,941
Avnet, Inc.*	25,300		786,577
AVX Corp.	8,790		112,161
Corning, Inc.	61,354		796,375
Ingram Micro, Inc., Class A*	27,569		501,480
Tech Data Corp.*	2,403		118,732
			3,067,266
Energy Equipment & Services — 2.9%
Helmerich & Payne, Inc.	17,367		1,013,538
Nabors Industries Ltd.*	55,062		954,775
National Oilwell Varco, Inc.	55,555		3,777,184
Noble Corp.*	8,785		265,483
Patterson-UTI Energy, Inc.	23,910		477,722
Rowan Cos, Inc.*	19,250		583,852
Tidewater, Inc.(a)	8,682		428,023
Transocean Ltd.	4,396		168,762
Unit Corp.*	600		27,840
Weatherford International Ltd.*	35,367		517,773
			8,214,952
Food & Staples Retailing — 3.3%
CVS Caremark Corp.	210,226		8,573,016
Safeway, Inc.(a)	38,038		800,320
			9,373,336
Food Products — 5.4%
Archer-Daniels-Midland Co.	96,578		2,762,131
Bunge Ltd.	14,350		820,820
Corn Products International, Inc.	5,606		294,820
J.M. Smucker Co. (The)	18,726		1,463,811
Kraft Foods, Inc., Class A	214,143		8,000,382
Ralcorp Holdings, Inc.*	6,429		549,680
Smithfield Foods, Inc.*	26,819		651,165
Tyson Foods, Inc., Class A	52,207		1,077,552
			15,620,361
Health Care Equipment & Supplies — 1.0%
Alere, Inc.*	7,560		174,560
Boston Scientific Corp.*	178,496		953,169
CareFusion Corp.*	29,859		758,717
Cooper Cos., Inc. (The)	218		15,373
Hologic, Inc.*	39,197		686,340
Teleflex, Inc.	2,591		158,802
			2,746,961

16

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARE	VALUE†
COMMON STOCKS (Continued)
Health Care Providers & Services — 3.9%
Aetna, Inc.	66,065	$	2,787,282
CIGNA Corp.	117		4,914
Coventry Health Care, Inc.*	22,712		689,763
Humana, Inc.	24,131		2,114,117
Omnicare, Inc.(a)	17,326		596,881
WellPoint, Inc.	77,407		5,128,214
			11,321,171
Hotels, Restaurants & Leisure — 2.1%
Carnival Corp.	90,764		2,962,537
Hyatt Hotels Corp., Class A(a)*	314		11,819
MGM Resorts International*	88,290		920,865
Penn National Gaming, Inc.(a)*	5,567		211,935
Royal Caribbean Cruises Ltd.(a)	34,910		864,721
Wyndham Worldwide Corp.	28,665		1,084,397
			6,056,274
Household Durables — 0.9%
DR Horton, Inc.(a)	42,255		532,836
Lennar Corp., Class A	25,133		493,863
Mohawk Industries, Inc.*	11,968		716,285
Toll Brothers, Inc.*	27,590		563,388
Whirlpool Corp.(a)	4,460		211,627
			2,517,999
Independent Power Producers & Energy Traders — 0.7%
AES Corp. (The)*	65,560		776,231
Calpine Corp.*	40,607		663,112
NRG Energy, Inc.*	27,286		494,422
			1,933,765
Industrial Conglomerates — 4.7%
General Electric Co.	630,576		11,293,616
Tyco International Ltd.	46,192		2,157,628
			13,451,244
Insurance — 8.6%
Allied World Assurance Co., Holdings Ltd.	6,278		395,075
Allstate Corp.	42,929		1,176,684
Alterra Capital Holdings Ltd.(a)	1,399		33,058
American Financial Group, Inc.	18,578		685,342
American International Group, Inc.*	5,470		126,904
American National Insurance Co.	3,889		284,014
Assurant, Inc.	16,949		695,926
Axis Capital Holdings Ltd.	20,253		647,286
CNA Financial Corp.	45,652		1,221,191
Everest Re Group Ltd.	7,352		618,230
Genworth Financial, Inc., Class A*	74,443		487,602
Hartford Financial Services Group, Inc.	70,673		1,148,436
Lincoln National Corp.	52,189		1,013,510
Loews Corp.	72,979		2,747,659
MetLife, Inc.	149,973		4,676,158
Old Republic International Corp.(a)	41,075		380,765
PartnerRe Ltd.	5,060		324,903
Principal Financial Group, Inc.	15,417		379,258
Prudential Financial, Inc.	72,188		3,618,063
Reinsurance Group of America, Inc.	12,042		629,194
Transatlantic Holdings, Inc.	9,355		511,999
UnumProvident Corp.	54,828		1,155,226
Validus Holdings Ltd.	10,899		343,319
White Mountains Insurance Group Ltd.	1,053		477,493
XL Group PLC	44,102		871,897
			24,649,192
Internet & Catalog Retail — 0.6%
Liberty Media Corp. - Interactive, Class A*	102,856		1,667,810
Internet Software & Services — 0.6%
IAC/InterActiveCorp	17,391		740,857
Yahoo!, Inc.*	53,220		858,438
			1,599,295
IT Services — 0.6%
Computer Sciences Corp.	27,761		657,935
Fidelity National Information Services, Inc.	44,793		1,191,046
			1,848,981
Life Sciences Tools & Services — 1.1%
Life Technologies Corp.*	2,279		88,676
PerkinElmer, Inc.	11,180		223,600
Thermo Fisher Scientific, Inc.*	65,998		2,967,930
			3,280,206
Machinery — 0.9%
AGCO Corp.*	5,847		251,246
Ingersoll Rand PLC	27,796		846,944
Pentair, Inc.(a)	11,168		371,783
Stanley Black & Decker, Inc.	15,084		1,019,678
			2,489,651
Media — 11.0%
CBS Corp., Class A	8,400		232,512
CBS Corp., Class B	111,595		3,028,688
Clear Channel Outdoor Holdings, Inc., Class A*	4,600		57,730
Comcast Corp., Class A	309,977		7,349,555
Comcast Corp., Class A Special	125,831		2,964,578
Gannett Co., Inc.	7,910		105,757
Liberty Media Corp. - Liberty Capital, Class A*	4,495		350,835
News Corp., Class A	295,411		5,270,132
News Corp., Class B	110,939		2,016,871
Time Warner Cable, Inc.	58,800		3,737,916
Time Warner, Inc.	167,231		6,043,728
Washington Post Co. (The), Class B(a)	1,016		382,839
			31,541,141
Metals & Mining — 1.0%
Alcoa, Inc.	171,685		1,485,075
Cliffs Natural Resources, Inc.	2,241		139,726
Coeur d'Alene Mines Corp.*	2,480		59,867
Nucor Corp.	3,036		120,135
Reliance Steel & Aluminum Co.(a)	12,193		593,677
Steel Dynamics, Inc.	28,316		372,356
United States Steel Corp.(a)	3,009		79,618
			2,850,454
Multi-Utilities — 0.7%
Public Service Enterprise Group, Inc.	60,366		1,992,682
Multiline Retail — 0.7%
Dillard's, Inc., Class A(a)	945		42,412
J.C. Penney Co., Inc.(a)	34,744		1,221,251
Macy's, Inc.	8,851		284,825
Sears Holdings Corp.(a)*	18,919		601,246
			2,149,734
Office Electronics — 0.3%
Xerox Corp.	127,926		1,018,291
Oil, Gas & Consumable Fuels — 15.1%
Anadarko Petroleum Corp.	78,382		5,982,898
Apache Corp.	27,898		2,527,001
Cabot Oil & Gas Corp.	3,394		257,605
Chesapeake Energy Corp.	106,266		2,368,669
Chevron Corp.	32,820		3,492,048
ConocoPhillips	170,561		12,428,780
Denbury Resources, Inc.*	33,941		512,509

17

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

	SHARE	VALUE†
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (Continued)
Devon Energy Corp.	28,781	$	1,784,422
Hess Corp.	47,336		2,688,685
Marathon Oil Corp.	115,078		3,368,333
Marathon Petroleum Corp.	57,539		1,915,473
Murphy Oil Corp.	17,723		987,880
Pioneer Natural Resources Co.	17,531		1,568,674
Plains Exploration & Production Co.*	22,622		830,680
QEP Resources, Inc.	12,345		361,708
Sunoco, Inc.	4,954		203,213
Tesoro Corp.(a)*	11,940		278,918
Valero Energy Corp.	91,951		1,935,569
Whiting Petroleum Corp.*	1,484		69,288
			43,562,353
Paper & Forest Products — 1.3%
Domtar Corp.	6,754		540,050
International Paper Co.	74,679		2,210,499
MeadWestvaco Corp.	28,813		862,949
			3,613,498
Pharmaceuticals — 3.9%
Endo Pharmaceuticals Holdings, Inc.*	3,584		123,755
Forest Laboratories, Inc.*	1,706		51,624
Pfizer, Inc.	510,809		11,053,907
			11,229,286
Road & Rail — 6.1%
CSX Corp.	196,515		4,138,606
Hertz Global Holdings, Inc.*	24,203		283,659
Norfolk Southern Corp.	65,200		4,750,472
Ryder System, Inc.	9,500		504,830
Union Pacific Corp.	74,089		7,848,989
			17,526,556
Semiconductors & Semiconductor Equipment — 0.2%
Micron Technology, Inc.*	108,402		681,849
Software — 0.4%
Activision Blizzard, Inc.	83,074		1,023,472
Specialty Retail — 0.5%
Best Buy Co., Inc.(a)	8,930		208,694
Foot Locker, Inc.	19,383		462,091
GameStop Corp., Class A(a)*	16,878		407,266
Orchard Supply Hardware Stores Corp., Class A*	854		—
Staples, Inc.	17,842		247,825
			1,325,876
Wireless Telecommunication Services — 0.8%
MetroPCS Communications, Inc.*	48,793		423,523
NII Holdings, Inc.*	2,772		59,044
Sprint Nextel Corp.*	464,664		1,087,314
Telephone & Data Systems, Inc.(a)	8,400		217,476
Telephone & Data Systems, Inc., Special Shares	9,252		220,290
United States Cellular Corp.(a)*	6,900		301,048
			2,308,695
TOTAL COMMON STOCKS
(Identified Cost $273,807,828)			287,415,581
PREFERRED STOCKS — 0.0%
Specialty Retail — 0.0%
Orchard Supply Hardware Stores Corp., Series A*	854		—
TOTAL PREFERRED STOCKS
(Identified Cost $5,580)			—
SHORT-TERM INVESTMENTS — 0.0%
Other — 0.0%
SSgA Government Money Market Fund	1		1
SSgA Money Market Fund	25		25
			26
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $26)			26
COLLATERAL FOR SECURITIES ON LOAN— 5.3%
Short-Term — 5.3%
State Street Navigator Securities Lending Prime Portfolio	15,365,753		15,365,753
TOTAL COLLATERAL FOR SECURITIES ON LOAN
(Identified Cost $15,365,753)			15,365,753
Total Investments — 105.3%
(Identified Cost $289,179,187)#			302,781,360
Liabilities, Less Cash and Other Assets — (5.3%)			(15,271,950	)
Net Assets — 100.0%		$	287,509,410

†	See Note 1.
*	Non-income producing security.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $15,494,518.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $289,179,187. Net unrealized appreciation aggregated $13,602,173 of which $59,603,160 related to appreciated investment securities and $46,000,987 related to depreciated investment securities.

18

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 100.1%
Aerospace & Defense — 2.0%
	AAR Corp.	9,000	$	172,530
	Aerovironment, Inc.*	4,618		145,328
	Alliant Techsystems, Inc.	1,421		81,224
	Allied Defense Group, Inc. (The)(a)(b)*	1,000		3,150
	American Science & Engineering, Inc.	2,000		136,220
	Arotech Corp.(a)*	2,757		3,281
	Astronics Corp.(a)*	1,851		66,284
	Astronics Corp., Class B(a)*	185		6,706
	Ceradyne, Inc.*	5,525		147,960
	CPI Aerostructures, Inc.*	1,342		15,769
	Cubic Corp.	6,700		292,053
	Curtiss-Wright Corp.	10,550		372,732
	DigitalGlobe, Inc.(a)*	9,173		156,950
	Ducommun, Inc.	2,055		26,201
	Esterline Technologies Corp.*	6,669		373,264
	GenCorp, Inc.(a)*	13,000		69,160
	GeoEye, Inc.(a)*	4,700		104,434
	HEICO Corp.(a)	3,655		213,744
	HEICO Corp., Class A	4,875		191,831
	Hexcel Corp.*	21,236		514,124
	Huntington Ingalls Industries, Inc.*	289		9,040
	Innovative Solutions & Support, Inc.*	4,950		17,028
	Kratos Defense & Security Solutions, Inc.(a)*	6,518		38,912
	LMI Aerospace, Inc.*	2,400		42,120
	Moog, Inc., Class A(a)*	9,348		410,658
	National Presto Industries, Inc.(a)	1,000		93,600
	Orbital Sciences Corp.*	13,200		191,796
	Sparton Corp.*	700		6,090
	Sypris Solutions, Inc.*	4,000		15,880
	Teledyne Technologies, Inc.*	8,099		444,230
	Triumph Group, Inc.	6,959		406,754
				4,769,053
Air Freight & Logistics — 0.5%
	Air Transport Services Group, Inc.*	13,990		66,033
	Atlas Air Worldwide Holdings, Inc.*	5,768		221,664
	Forward Air Corp.	6,430		206,081
	HUB Group, Inc., Class A*	8,300		269,169
	Pacer International, Inc.*	5,200		27,820
	Park-Ohio Holdings Corp.(a)*	3,058		54,555
	UTi Worldwide, Inc.	19,667		261,374
	XPO Logistics, Inc.(a)*	876		10,819
				1,117,515
Airlines — 0.4%
	Allegiant Travel Co.(a)*	4,800		256,032
	ATA Holdings Corp.(b)*	600		—
	Hawaiian Holdings, Inc.*	11,300		65,540
	JetBlue Airways Corp.(a)*	48,131		250,281
	Pinnacle Airlines Corp.(a)*	5,350		4,387
	Republic Airways Holdings, Inc.(a)*	9,900		33,957
	Skywest, Inc.	14,100		177,519
	US Airways Group, Inc.(a)*	35,550		180,239
				967,955
Auto Components — 0.8%
	American Axle & Manufacturing Holdings, Inc.(a)*	16,600		164,174
	Amerigon, Inc.(a)*	5,143		73,339
	Cooper Tire & Rubber Co.	13,300		186,333
	Dana Holding Corp.*	11,370		138,145
	Dorman Products, Inc.(a)*	3,650		134,794
	Drew Industries, Inc.(a)*	4,800		117,744
	Exide Technologies(a)*	17,000		44,710
	Federal Mogul Corp.*	15,600		230,100
	Fuel Systems Solutions, Inc.*	4,600		75,854
	Modine Manufacturing Co.*	10,100		95,546
	Motorcar Parts of America, Inc.(a)*	2,441		18,308
	Shiloh Industries, Inc.(a)*	3,600		30,168
	Spartan Motors, Inc.(a)	6,900		33,189
	Standard Motor Products, Inc.	4,420		88,621
	Stoneridge, Inc.(a)*	6,100		51,423
	Strattec Security Corp.	700		13,965
	Superior Industries International, Inc.(a)	5,600		92,624
	Tenneco, Inc.*	8,968		267,067
	UQM Technologies, Inc.(a)*	5,620		7,756
	Williams Controls, Inc.(a)	1,100		12,166
				1,876,026
Automobiles — 0.2%
	Thor Industries, Inc.(a)	13,400		367,562
	Winnebago Industries(a)*	6,500		47,970
				415,532
Beverages — 0.3%
	Boston Beer Co., Inc., Class A(a)*	2,400		260,544
	Central European Distribution Corp.*	3,257		14,249
	Coca-Cola Bottling Co., Consolidated(a)	1,262		73,890
	Craft Brewers Alliance, Inc.(a)*	3,511		21,136
	Heckmann Corp.(a)*	29,185		194,080
	MGP Ingredients, Inc.(a)	5,072		25,563
	National Beverage Corp.(a)*	10,920		175,485
				764,947
Biotechnology — 2.3%
	Achillion Pharmaceuticals, Inc.(a)*	4,367		33,277
	Affymax, Inc.(a)*	8,885		58,730
	Alkermes PLC(a)*	23,333		405,061
	Allos Therapeutics, Inc.(a)*	20,200		28,684
	Alnylam Pharmaceuticals, Inc.(a)*	8,900		72,535
	AMAG Pharmaceuticals, Inc.*	3,900		73,749
	Anthera Pharmaceuticals, Inc.*	827		5,078
	ARCA Biopharma, Inc.(a)*	600		594
	Ardea Biosciences, Inc.*	319		5,362
	Ariad Pharmaceuticals, Inc.*	26,550		325,237
	Arqule, Inc.(a)*	13,750		77,550
	Astex Pharmaceuticals, Inc.(a)*	17,300		32,697
	AVEO Pharmaceuticals, Inc.(a)*	7,811		134,349
	BioMimetic Therapeutics, Inc.(a)*	3,110		8,864
	Celldex Therapeutics, Inc.*	5,757		14,968
	Celsion Corp.(a)*	2,900		4,988
	Cepheid, Inc.(a)*	7,548		259,727
	Cleveland Biolabs, Inc.(a)*	1,100		3,146
	Codexis, Inc.(a)*	7,350		38,955
	Cubist Pharmaceuticals, Inc.(a)*	13,083		518,348
	Curis, Inc.(a)*	13,600		63,648
	Cytokinetics, Inc.*	13,046		12,524
	Dusa Pharmaceuticals, Inc.*	2,809		12,303
	Dynavax Technologies Corp.(a)*	9,900		32,868
	Emergent Biosolutions, Inc.*	7,843		132,076
	Enzon Pharmaceuticals, Inc.(a)*	13,152		88,118
	Exelixis, Inc.(a)*	17,215		81,513
	Genomic Health, Inc.*	6,042		153,406
	Geron Corp.(a)*	16,604		24,574
	GTx, Inc.(a)*	4,385		14,734
	Halozyme Therapeutics, Inc.(a)*	4,869		46,304
	iBio, Inc.(a)*	2,200		1,826
	Idenix Pharmaceuticals, Inc.(a)*	10,038		74,733
	Idera Pharmaceuticals, Inc.(a)*	4,700		4,982
	Immunogen, Inc.(a)*	4,608		53,361
	Immunomedics, Inc.(a)*	16,908		56,304

19

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Biotechnology (Continued)
	Incyte Corp. Ltd.(a)*	24,306	$	364,833
	InterMune, Inc.*	7,926		99,868
	Maxygen, Inc.(a)*	12,058		67,887
	Micromet, Inc.(a)*	5,356		38,510
	Molecular Insight Pharmaceuticals, Inc.(b)*	3,500		—
	Momenta Pharmaceuticals, Inc.*	9,866		171,570
	Myrexis, Inc.*	3,735		10,010
	Myriad Genetics, Inc.*	20,343		425,982
	Nabi Biopharmaceuticals(a)*	26,243		49,337
	Nanosphere, Inc.*	4,259		6,261
	NPS Pharmaceuticals, Inc.*	1,232		8,119
	OncoGenex Pharmaceutical, Inc.*	15		176
	Oncothyreon, Inc.(a)*	2,942		22,300
	Opko Health, Inc.(a)*	12,963		63,519
	PDL BioPharma, Inc.(a)	29,347		181,951
	Progenics Pharmaceuticals, Inc.(a)*	6,500		55,510
	Repligen Corp.*	9,894		34,332
	Rigel Pharmaceuticals, Inc.(a)*	14,741		116,306
	Sangamo Biosciences, Inc.*	5,574		15,830
	Sciclone Pharmaceuticals, Inc.(a)*	18,255		78,314
	Seattle Genetics, Inc.(a)*	21,246		355,127
	Spectrum Pharmaceuticals, Inc.*	12,000		175,560
	StemCells, Inc.*	1,710		1,409
	Synageva BioPharma Corp.(a)*	1,242		33,074
	Synta Pharmaceuticals Corp.(a)*	4,121		19,245
	Targacept, Inc.(a)*	1,758		9,792
	Theravance, Inc.(a)*	6,159		136,114
	Zalicus, Inc.(a)*	6,284		7,604
				5,503,713
Building Products — 0.8%
	A.O. Smith Corp.(a)	8,852		355,142
	AAON, Inc.(a)	5,850		119,867
	Ameresco, Inc., Class A(a)*	3,838		52,657
	American Woodmark Corp.	3,200		43,712
	Apogee Enterprises, Inc.	6,300		77,238
	Builders FirstSource, Inc.(a)*	17,652		36,010
	Gibraltar Industries, Inc.*	6,800		94,928
	Griffon Corp.(a)	13,149		120,050
	Insteel Industries, Inc.(a)	4,000		43,960
	PGT, Inc.(a)*	3,525		3,878
	Quanex Building Products Corp.(a)	7,625		114,528
	Simpson Manufacturing Co., Inc.(a)	12,100		407,286
	Trex Co., Inc.*	2,700		61,857
	U.S. Home Systems, Inc.(a)	1,100		7,315
	Universal Forest Products, Inc.(a)	4,200		129,654
	USG Corp.(a)*	21,620		219,659
				1,887,741
Capital Markets — 1.1%
	Artio Global Investors, Inc.	9,194		44,867
	BGC Partners, Inc., Class A(a)	20,262		120,356
	Calamos Asset Management, Inc.	4,127		51,629
	Cohen & Steers, Inc.(a)	9,306		268,943
	Cowen Group, Inc., Class A(a)*	21,745		56,320
	Duff & Phelps Corp., Class A	6,885		99,832
	Edelman Financial Group, Inc.(a)	7,252		47,646
	Epoch Holding Corp.(a)	4,574		101,680
	Evercore Partners, Inc., Class A	5,419		144,254
	Firstcity Financial Corp.(a)*	2,100		16,884
	GAMCO Investors, Inc., Class A(a)	1,700		73,933
	GFI Group, Inc.(a)	25,121		103,498
	Gleacher & Co., Inc.(a)*	24,754		41,587
	Harris & Harris Group, Inc.(a)*	7,000		24,220
	HFF, Inc., Class A*	7,896		81,566
	ICG Group, Inc.(a)*	8,600		66,392
	Intl. FCStone, Inc.(a)*	3,884		91,546
	Investment Technology Group, Inc.*	9,700		104,857
	JMP Group, Inc.	3,620		25,883
	KBW, Inc.	7,474		113,455
	Knight Capital Group, Inc., Class A(a)*	23,916		282,687
	MCG Capital Corp.(a)	16,757		66,860
	Medallion Financial Corp.(a)	3,400		38,692
	Oppenheimer Holdings, Inc., Class A(a)	2,133		34,341
	Penson Worldwide, Inc.(a)*	3,979		4,616
	Piper Jaffray Cos.*	4,324		87,345
	Pzena Investment Management, Inc., Class A	794		3,438
	Safeguard Scientifics, Inc.(a)*	3,700		58,423
	Stifel Financial Corp.(a)*	8,617		276,175
	SWS Group, Inc.(a)	5,901		40,540
	Teton Advisors, Inc.(a)	25		500
	Virtus Investment Partners, Inc.(a)*	905		68,789
	Westwood Holdings Group, Inc.(a)	713		26,060
				2,667,814
Chemicals — 2.1%
	A. Schulman, Inc.	6,427		136,124
	American Pacific Corp.*	1,000		7,630
	American Vanguard Corp.(a)	6,233		83,148
	Arabian American Development Co.*	2,400		20,352
	Balchem Corp.(a)	6,525		264,524
	Calgon Carbon Corp.*	14,175		222,689
	Chase Corp.	700		9,730
	Chemtura Corp.*	18,226		206,683
	Core Molding Technologies, Inc.*	1,500		12,090
	Cytec Industries, Inc.	2,329		103,990
	Ferro Corp.*	19,000		92,910
	Georgia Gulf Corp.(a)*	7,462		145,434
	H.B. Fuller Co.	12,300		284,253
	Hawkins, Inc.(a)	1,824		67,233
	Innophos Holdings, Inc.	4,800		233,088
	Innospec, Inc.*	5,100		143,157
	Intrepid Potash, Inc.*	1,553		35,144
	KMG Chemicals, Inc.(a)	2,500		43,175
	Koppers Holdings, Inc.	4,400		151,184
	Kraton Performance Polymers, Inc.*	6,774		137,512
	Landec Corp.(a)*	10,074		55,609
	LSB Industries, Inc.(a)*	5,556		155,735
	Minerals Technologies, Inc.	4,400		248,732
	NewMarket Corp.(a)	1,252		248,034
	Olin Corp.(a)	17,277		339,493
	OM Group, Inc.*	6,900		154,491
	Omnova Solutions, Inc.(a)*	9,840		45,362
	Penford Corp.*	3,648		18,568
	PolyOne Corp.	20,800		240,240
	Quaker Chemical Corp.(a)	2,260		87,891
	Sensient Technologies Corp.	11,300		428,270
	Spartech Corp.*	6,900		32,637
	Stepan Co.	1,700		136,272
	Tredegar Corp.	8,700		193,314
	Valhi, Inc.(a)	548		33,138
	Zep, Inc.	4,300		60,114
	Zoltek Cos., Inc.(a)*	11,060		84,277
				4,962,227
Commercial Banks — 6.7%
	1st Source Corp.(a)	5,867		148,611
	1st United Bancorp, Inc.*	5,096		28,283
	Ameris Bancorp*	4,663		47,936

20

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Commercial Banks (Continued)
	AmeriServ Financial, Inc.(a)*	4,400	$	8,580
	Arrow Financial Corp.(a)	2,544		59,631
	Associated Banc-Corp.	7,347		82,066
	Bancfirst Corp.(a)	3,000		112,620
	Bancorp, Inc.(a)*	5,800		41,934
	Bancorpsouth, Inc.(a)	18,401		202,779
	BancTrust Financial Group, Inc.(a)*	3,390		4,204
	Bank of Hawaii Corp.	2,432		108,200
	Bank of the Ozarks, Inc.(a)	8,000		237,040
	Banner Corp.	3,197		54,829
	BBCN Bancorp, Inc.*	15,614		147,552
	Boston Private Financial Holdings, Inc.	18,225		144,706
	Bryn Mawr Bank Corp.(a)	2,292		44,671
	Camden National Corp.(a)	2,000		65,200
	Capital City Bank Group, Inc.(a)	2,541		24,267
	CapitalSource, Inc.	68,837		461,208
	Cardinal Financial Corp.	6,692		71,872
	Cathay General Bancorp(a)	17,255		257,617
	Center Bancorp, Inc.(a)	3,180		31,069
	Centerstate Banks of Florida, Inc.	4,385		29,029
	Central Pacific Financial Corp.*	354		4,574
	Chemical Financial Corp.(a)	5,576		118,880
	Citizens Republic Bancorp, Inc.*	1,706		19,448
	City Holding Co.(a)	6,502		220,353
	CNB Financial Corp.	1,506		23,765
	CoBiz Financial, Inc.	6,875		39,669
	Colony Bankcorp, Inc.(a)*	1,100		2,486
	Columbia Banking System, Inc.(a)	8,815		169,865
	Community Bank System, Inc.(a)	8,319		231,268
	Community Trust Bancorp, Inc.(a)	4,498		132,331
	CVB Financial Corp.	26,555		266,347
	Encore Bancshares, Inc.*	595		8,044
	Enterprise Financial Services Corp.(a)	3,156		46,709
	Fidelity Southern Corp.	100		608
	Financial Institutions, Inc.(a)	3,105		50,115
	First Bancorp(a)	3,400		37,910
	First Busey Corp., Class A(a)	18,429		92,145
	First Citizens BancShares, Inc.	200		34,998
	First Commonwealth Financial Corp.(a)	24,031		126,403
	First Community Bancshares, Inc.	3,311		41,321
	First Financial Bancorp(a)	13,758		228,933
	First Financial Bankshares, Inc.(a)	7,102		237,420
	First Financial Corp.(a)	3,200		106,496
	First Financial Service Corp.*	440		673
	First Interstate Bancsystem, Inc.(a)	2,918		38,022
	First Merchants Corp.(a)	5,902		49,990
	First Midwest Bancorp, Inc.	15,686		158,899
	First South Bancorp, Inc.*	1,100		3,520
	FirstMerit Corp.	16,515		249,872
	FNB Corp.(a)	31,775		359,375
	Fulton Financial Corp.	43,949		431,140
	German American Bancorp, Inc.(a)	2,400		43,656
	Glacier Bancorp, Inc.(a)	16,091		193,575
	Great Southern Bancorp, Inc.	3,025		71,360
	Green Bankshares, Inc.*	2,220		2,797
	Guaranty Bancorp*	11,800		17,346
	Hanmi Financial Corp.*	1,162		8,599
	Heartland Financial USA, Inc.	5,400		82,836
	Heritage Commerce Corp.*	3,712		17,595
	Heritage Financial Corp/WA(a)	1,186		14,896
	Home Bancshares, Inc.(a)	7,169		185,749
	Hudson Valley Holding Corp.(a)	3,598		76,350
	Iberiabank Corp.(a)	7,535		371,475
	Independent Bank Corp.(a)	4,384		119,639
	International Bancshares Corp.(a)	15,200		278,692
	Intervest Bancshares Corp.(a)*	1,400		3,822
	Investors Bancorp, Inc.*	34,155		460,409
	Lakeland Bancorp, Inc.(a)	5,539		47,746
	Lakeland Financial Corp.	3,189		82,499
	Macatawa Bank Corp.*	6,614		15,080
	MainSource Financial Group, Inc.	4,530		40,000
	MB Financial, Inc.	11,453		195,846
	MBT Financial Corp.(a)*	7,300		7,738
	Mercantile Bank Corp.*	1,265		12,397
	Metro Bancorp, Inc.(a)*	4,280		35,866
	Midsouth Bancorp, Inc.(a)	2,100		27,321
	National Penn Bancshares, Inc.(a)	31,814		268,510
	NBT Bancorp, Inc.(a)	7,860		173,942
	New Century Bancorp, Inc.(a)*	200		400
	NewBridge Bancorp*	3,549		13,735
	Old National Bancorp	20,800		242,320
	Old Second Bancorp, Inc.(a)*	3,268		4,346
	OmniAmerican Bancorp, Inc.(a)*	1,604		25,183
	Oriental Financial Group, Inc.(a)	9,336		113,059
	Pacific Capital Bancorp(a)*	5,452		153,964
	Pacific Continental Corp.(a)	3,047		26,966
	Pacific Mercantile Bancorp(a)*	2,500		8,150
	Pacific Premier Bancorp, Inc.*	300		1,902
	PacWest Bancorp(a)	7,728		146,446
	Park National Corp.(a)	3,450		224,457
	Park Sterling Corp.*	1,725		7,038
	Patriot National Bancorp, Inc.(a)*	500		875
	Peapack Gladstone Financial Corp.(a)	1,312		14,091
	Peoples Bancorp, Inc.	2,300		34,063
	Pinnacle Financial Partners, Inc.(a)*	9,756		157,559
	Preferred Bank/Los Angeles CA(a)*	593		4,447
	PrivateBancorp, Inc.(a)	15,254		167,489
	Prosperity Bancshares, Inc.(a)	7,725		311,704
	Renasant Corp.(a)	5,000		75,000
	Republic Bancorp, Inc., Class A	7,344		168,178
	Republic First Bancorp, Inc.*	1,450		2,161
	S&T Bancorp, Inc.(a)	10,071		196,888
	S.Y. Bancorp, Inc.(a)	2,891		59,352
	Sandy Spring Bancorp, Inc.(a)	6,300		110,565
	SCBT Financial Corp.(a)	2,608		75,658
	Seacoast Banking Corp. of Florida(a)*	4,572		6,949
	Sierra Bancorp	2,100		18,480
	Simmons First National Corp., Class A(a)	3,100		84,289
	Southern Community Financial Corp.*	3,300		3,861
	Southern Connecticut Bancorp, Inc.(a)*	200		390
	Southside Bancshares, Inc.(a)	3,319		71,890
	Southwest Bancorp, Inc.(a)*	3,700		22,052
	State Bancorp, Inc.(a)	2,377		28,999
	StellarOne Corp.(a)	4,223		48,058
	Sterling Bancorp	6,040		52,186
	Suffolk Bancorp*	2,200		23,738
	Sun Bancorp, Inc*	6,759		16,357
	Susquehanna Bancshares, Inc.(a)	35,145		294,515
	SVB Financial Group*	8,675		413,711
	Synovus Financial Corp.(a)	42,409		59,797
	Taylor Capital Group, Inc.*	3,225		31,347
	Texas Capital Bancshares, Inc.(a)*	8,100		247,941
	TIB Financial Corp.*	114		1,023
	Tompkins Financial Corp.(a)	2,420		93,194
	Tower Bancorp, Inc.	2,234		63,758
	TowneBank(a)	5,602		68,568
	Trico Bancshares(a)	3,800		54,036
	Trustmark Corp.(a)	13,700		332,773

21

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Commercial Banks (Continued)
	UMB Financial Corp.(a)	8,900	$	331,525
	Umpqua Holdings Corp.(a)	22,906		283,805
	Union First Market Bankshares Corp.(a)	4,860		64,589
	United Bankshares, Inc.(a)	10,300		291,181
	United Community Banks, Inc/GA(a)*	4,460		31,175
	United Security Bancshares(a)*	882		1,932
	Univest Corp. of Pennsylvania(a)	3,100		45,384
	Valley National Bancorp(a)	4,500		55,665
	Virginia Commerce Bancorp(a)*	5,786		44,726
	Washington Banking Co.	2,374		28,274
	Washington Trust Bancorp, Inc.(a)	3,000		71,580
	Webster Financial Corp.	18,456		376,318
	WesBanco, Inc.(a)	5,363		104,418
	West Bancorporation, Inc.(a)	5,350		51,253
	West Coast Bancorp/OR*	3,519		54,896
	Westamerica Bancorporation(a)	6,300		276,570
	Western Alliance Bancorp*	16,297		101,530
	Wilshire Bancorp, Inc.*	9,930		36,046
	Wintrust Financial Corp.(a)	7,350		206,167
	Yadkin Valley Financial Corp.*	1,400		2,380
				15,644,546
Commercial Services & Supplies — 2.7%
	ABM Industries, Inc.(a)	12,860		265,173
	ACCO Brands Corp.*	13,050		125,933
	Acorn Factor, Inc.	4,341		26,220
	American Reprographics Co.*	10,300		47,277
	Amrep Corp.*	1,500		9,840
	Asset Acceptance Capital Corp.(a)*	6,900		26,979
	Asta Funding, Inc.	2,600		20,748
	Brink's Co. (The)	10,544		283,423
	Casella Waste Systems, Inc., Class A(a)*	5,500		35,200
	Ceco Environmental Corp.(a)	3,800		21,470
	Cenveo, Inc.(a)*	4,900		16,660
	Champion Industries, Inc.*	2,100		1,617
	Command Security Corp.(a)*	4,300		7,052
	Consolidated Graphics, Inc.*	2,500		120,700
	Courier Corp.	1,857		21,783
	Deluxe Corp.(a)	11,800		268,568
	Encore Capital Group, Inc.*	6,000		127,560
	EnergySolutions, Inc.*	19,070		58,926
	EnerNOC, Inc.(a)*	4,955		53,861
	Ennis, Inc.	5,800		77,314
	Fuel Tech, Inc.(a)*	3,948		25,978
	G&K Services, Inc., Class A	4,300		125,173
	Geo Group, Inc. (The)*	13,910		232,992
	Healthcare Services Group, Inc.(a)	22,639		400,484
	Herman Miller, Inc.(a)	12,502		230,662
	HNI Corp.(a)	10,511		274,337
	Innerworkings, Inc.(a)*	10,529		98,025
	Interface, Inc., Class A	9,293		107,241
	Intersections, Inc.	4,100		45,469
	KAR Auction Services, Inc.*	7,629		102,992
	Kimball International, Inc., Class B(a)	4,900		24,843
	Knoll, Inc.	11,450		170,032
	Mcgrath Rentcorp	5,300		153,647
	Metalico, Inc.(a)*	12,495		41,109
	Mine Safety Appliances Co.(a)	8,100		268,272
	Mobile Mini, Inc.(a)*	9,585		167,258
	Multi-Color Corp.(a)	2,674		68,802
	NL Industries, Inc.(a)	11,700		151,749
	Portfolio Recovery Associates, Inc.(a)*	3,600		243,072
	Quad/Graphics, Inc.(a)	556		7,973
	Schawk, Inc.(a)	5,600		62,776
	Standard Parking Corp.*	4,000		71,480
	Standard Register Co.	5,600		13,048
	Steelcase, Inc., Class A	18,044		134,608
	SYKES Enterprises, Inc.*	11,326		177,365
	Team, Inc.(a)*	4,200		124,950
	Tetra Tech, Inc.*	13,589		293,387
	TRC Cos., Inc.(a)*	7,000		42,070
	UniFirst Corp.	3,000		170,220
	United Stationers, Inc.	12,800		416,768
	US Ecology, Inc.(a)	3,766		70,725
	Versar, Inc.(a)*	2,000		6,300
	Viad Corp.	4,500		78,660
	Virco Manufacturing(a)	2,494		4,015
	WCA Waste Corp.(a)*	7,300		47,523
				6,270,309
Communications Equipment — 2.1%
	Anaren, Inc.*	3,900		64,818
	Arris Group, Inc.*	29,127		315,154
	Aviat Networks, Inc.*	15,448		28,270
	Aware, Inc.(a)*	4,900		14,798
	Bel Fuse, Inc., Class B(a)	1,890		35,438
	Black Box Corp.	3,700		103,748
	Blue Coat Systems, Inc.(a)*	8,700		221,415
	CalAmp Corp.*	5,179		22,011
	Calix, Inc.(a)*	10,028		64,881
	Communications Systems, Inc.(a)	1,418		19,937
	Comtech Telecommunications Corp.	5,325		152,401
	Digi International, Inc.(a)*	7,600		84,816
	EchoStar Corp., Class A*	7,212		151,019
	Emulex Corp.*	18,500		126,910
	Extreme Networks(a)*	21,300		62,196
	Finisar Corp.(a)*	11,402		190,926
	Globecomm Systems, Inc.(a)*	8,052		110,151
	Harmonic, Inc.*	27,125		136,710
	Infinera Corp.(a)*	23,205		145,727
	InterDigital, Inc.(a)	11,222		488,943
	Ixia(a)*	12,858		135,138
	KVH Industries, Inc.(a)*	3,300		25,674
	Loral Space & Communications, Inc.*	4,100		266,008
	Netgear, Inc.*	7,961		267,251
	Network Engines, Inc.*	6,300		6,061
	Network Equipment Technologies, Inc.(a)*	5,600		6,496
	Numerex Corp., Class A(a)*	2,359		19,415
	Oclaro, Inc.(a)*	10,126		28,555
	Oplink Communications, Inc.*	4,200		69,174
	Opnext, Inc.(a)*	13,882		11,214
	Optical Cable Corp.	374		1,193
	Orbcomm, Inc.(a)*	6,700		20,033
	PC-Tel, Inc.	4,100		28,044
	Performance Technologies, Inc.*	2,500		4,500
	Plantronics, Inc.(a)	11,000		392,040
	Relm Wireless Corp.(a)*	2,000		2,200
	ShoreTel, Inc.(a)*	8,783		56,036
	Sonus Networks, Inc.*	82,636		198,326
	Sycamore Networks, Inc.(a)*	6,549		117,227
	Symmetricom, Inc.(a)*	21,384		115,260
	Tekelec(a)*	14,900		162,857
	Tellabs, Inc.	16,571		66,947
	Telular Corp.	4,597		34,478
	Tessco Technologies, Inc.	1,000		13,820
	UTStarcom Holdings Corp.(a)*	28,400		39,192
	Viasat, Inc.(a)*	8,400		387,408

22

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Communications Equipment (Continued)
	Westell Technologies, Inc., Class A(a)*	13,200	$	29,304
				5,044,120
Computers & Peripherals — 1.1%
	3D Systems Corp.(a)*	10,870		156,528
	Astro-Med, Inc.	575		4,347
	Avid Technology, Inc.(a)*	9,895		84,404
	Concurrent Computer Corp.*	1,444		5,473
	Cray, Inc.(a)*	6,539		42,307
	Datalink Corp.*	3,145		25,978
	Dataram Corp.(a)*	1,799		1,457
	Diebold, Inc.	14,312		430,362
	Dot Hill Systems Corp.(a)*	17,585		23,388
	Electronics for Imaging, Inc.*	11,600		165,300
	Hauppauge Digital, Inc.*	2,400		1,440
	Hutchinson Technology, Inc.(a)*	5,200		7,800
	iGO, Inc.(a)*	4,686		3,617
	Imation Corp.(a)*	7,297		41,812
	Immersion Corp.*	3,300		17,094
	Intermec, Inc.*	13,900		95,354
	Interphase Corp.(a)*	1,200		5,424
	Intevac, Inc.(a)*	4,883		36,134
	Novatel Wireless, Inc.(a)*	6,800		21,284
	Presstek, Inc.*	8,300		4,482
	QLogic Corp.*	23,017		345,255
	Qualstar Corp.*	3,000		5,700
	Rimage Corp.	4,700		52,875
	Silicon Graphics International Corp.(a)*	5,367		61,506
	STEC, Inc.*	10,200		87,618
	Stratasys, Inc.*	4,214		128,148
	Super Micro Computer, Inc.(a)*	8,309		130,285
	Synaptics, Inc.*	13,601		410,070
	Transact Technologies, Inc.*	1,515		10,999
	USA Technologies, Inc.(a)*	1,931		2,163
	Video Display Corp.(a)*	1,990		12,099
	Xyratex Ltd.(a)	4,624		61,592
				2,482,295
Construction & Engineering — 0.9%
	Aegion Corp.(a)*	7,800		119,652
	Argan, Inc.(a)	1,102		16,761
	Comfort Systems USA, Inc.	8,930		95,730
	Dycom Industries, Inc.*	8,000		167,360
	EMCOR Group, Inc.	15,424		413,517
	Furmanite Corp.(a)*	8,080		50,985
	Granite Construction, Inc.(a)	8,594		203,850
	Great Lakes Dredge & Dock Corp.	12,897		71,707
	Integrated Electrical Services, Inc.(a)*	2,998		5,756
	Layne Christensen Co.(a)*	4,921		119,088
	MasTec, Inc.(a)*	17,802		309,221
	Michael Baker Corp.(a)*	1,700		33,337
	MYR Group, Inc.*	4,000		76,560
	Northwest Pipe Co.(a)*	2,100		48,006
	Orion Marine Group, Inc.*	5,211		34,653
	Pike Electric Corp.(a)*	7,600		54,644
	Primoris Services Corp.(a)	10,341		154,391
	Sterling Construction Co., Inc.*	3,741		40,291
	Tutor Perini Corp.*	9,649		119,069
				2,134,578
Construction Materials — 0.2%
	Eagle Materials, Inc.	9,800		251,468
	Headwaters, Inc.(a)*	12,353		27,423
	Texas Industries, Inc.	6,200		190,836
	United States Lime & Minerals, Inc.(a)*	1,679		100,925
				570,652
Consumer Finance — 1.0%
	Advance America Cash Advance Centers, Inc.(a)	16,711		149,564
	Cash America International, Inc.(a)	6,500		303,095
	CompuCredit Holdings Corp.(a)*	8,609		31,853
	Consumer Portfolio Services, Inc.(a)*	10,500		9,450
	Credit Acceptance Corp.(a)*	5,133		422,343
	DFC Global Corp.*	10,498		189,594
	Ezcorp, Inc., Class A*	11,029		290,835
	First Cash Financial Services, Inc.*	7,400		259,666
	First Marblehead Corp. (The)(a)*	18,037		21,103
	Green Dot Corp., Class A*	6,285		196,218
	Nelnet, Inc., Class A	9,000		220,230
	QC Holdings, Inc.	5,600		22,512
	World Acceptance Corp.(a)*	3,636		267,246
				2,383,709
Containers & Packaging — 0.3%
	AEP Industries, Inc.(a)*	1,000		28,150
	Boise, Inc.	25,804		183,725
	Graphic Packaging Holding Co.*	79,328		337,937
	Myers Industries, Inc.	7,217		89,058
	Northern Technologies International Corp.(a)*	800		10,920
				649,790
Distributors — 0.2%
	Core-Mark Holding Co., Inc.(a)	2,102		83,239
	Pool Corp.(a)	10,298		309,970
	VOXX International Corp.(a)*	3,800		32,110
				425,319
Diversified Consumer Services — 1.5%
	American Public Education, Inc.(a)*	4,715		204,065
	Archipelago Learning, Inc.(a)*	6,048		58,484
	Ascent Capital Group, Inc., Class A*	2,620		132,886
	Bridgepoint Education, Inc.(a)*	13,163		302,749
	Cambium Learning Group, Inc.(a)*	9,541		28,814
	Capella Education Co.*	3,000		108,150
	Career Education Corp.*	17,047		135,865
	Carriage Services, Inc.	3,900		21,840
	Coinstar, Inc.(a)*	6,400		292,096
	Collectors Universe(a)	1,042		15,182
	Corinthian Colleges, Inc.(a)*	14,137		30,677
	CPI Corp.(a)	1,100		1,991
	Grand Canyon Education, Inc.(a)*	9,783		156,137
	Hillenbrand, Inc.(a)	15,646		349,219
	ITT Educational Services, Inc.(a)*	6,143		349,475
	K12, Inc.(a)*	7,906		141,834
	Learning Tree International, Inc.(a)*	5,000		35,100
	Lincoln Educational Services Corp.	5,874		46,405
	Mac-Gray Corp.(a)	2,474		34,116
	Matthews International Corp., Class A(a)	6,900		216,867
	Regis Corp.(a)	12,625		208,944
	School Specialty, Inc.(a)*	4,200		10,500
	Spectrum Group International, Inc.*	7,402		18,505
	Steiner Leisure Ltd.*	3,146		142,797
	Stewart Enterprises, Inc., Class A(a)	18,000		103,680
	Strayer Education, Inc.(a)	2,100		204,099
	Universal Technical Institute, Inc.(a)*	5,900		75,402
				3,425,879
Diversified Financial Services — 0.4%
	Interactive Brokers Group, Inc., Class A	11,372		169,898
	Life Partners Holdings, Inc.	3,125		20,188

23

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Diversified Financial Services (Continued)
	MarketAxess Holdings, Inc.	7,712	$	232,208
	Marlin Business Services Corp.(a)	2,800		35,560
	MicroFinancial, Inc.	400		2,312
	NewStar Financial, Inc.(a)*	13,144		133,674
	PHH Corp.*	12,067		129,117
	Pico Holdings, Inc.(a)*	4,200		86,436
	Primus Guaranty Ltd.(a)*	3,700		18,130
	Resource America, Inc.	3,800		18,088
				845,611
Diversified Telecommunication Services — 0.8%
	AboveNet, Inc.*	5,547		360,610
	Atlantic Tele-Network, Inc.(a)	3,600		140,580
	Cbeyond, Inc.*	6,100		48,861
	Cincinnati Bell, Inc.(a)*	51,900		157,257
	Cogent Communications Group, Inc.*	8,914		150,557
	Consolidated Communications Holdings, Inc.(a)	7,482		142,532
	General Communication, Inc., Class A*	16,861		165,069
	HickoryTech Corp.(a)	4,037		44,730
	IDT Corp., Class B(a)	4,900		45,962
	Iridium Communications, Inc.(a)*	13,394		103,268
	Lumos Networks Corp.	4,685		71,868
	Neutral Tandem, Inc.(a)*	6,600		70,554
	Premiere Global Services, Inc.*	13,860		117,394
	Primus Telecommunications Group, Inc.(a)*	929		11,761
	SureWest Communications	3,708		44,607
	Vonage Holdings Corp.(a)*	36,070		88,372
	Windstream Corp.	1,598		18,761
				1,782,743
Electric Utilities — 1.5%
	Allete, Inc.(a)	7,400		310,652
	Central Vermont Public Service Corp.	2,500		87,750
	Cleco Corp.	15,000		571,500
	El Paso Electric Co.	11,500		398,360
	Empire District Electric Co.	7,700		162,393
	IDACORP, Inc.	10,600		449,546
	MGE Energy, Inc.(a)	4,500		210,465
	Otter Tail Corp.(a)	7,214		158,852
	PNM Resources, Inc.	17,350		316,291
	Portland General Electric Co.	14,100		356,589
	UIL Holdings Corp.(a)	5,166		182,721
	Unisource Energy Corp.	8,000		295,360
	Unitil Corp.(a)	2,200		62,436
				3,562,915
Electrical Equipment — 1.5%
	A123 Systems, Inc.(a)*	23,121		37,225
	Acuity Brands, Inc.	5,663		300,139
	Allied Motion Technologies, Inc.	1,600		9,024
	AZZ, Inc.(a)	2,700		122,688
	Belden, Inc.	10,230		340,454
	Brady Corp., Class A	11,473		362,203
	Coleman Cable, Inc.*	2,781		24,195
	Encore Wire Corp.(a)	5,200		134,680
	Energy Focus, Inc.(a)*	2,200		440
	EnerSys*	10,800		280,476
	Franklin Electric Co., Inc.	5,300		230,868
	Generac Holdings, Inc.(a)*	15,486		434,073
	General Cable Corp.(a)*	10,934		273,459
	Global Power Equipment Group, Inc.(a)*	3,290		78,137
	Hoku Corp.(a)*	8,626		5,001
	II-VI, Inc.*	23,822		437,372
	LSI Industries, Inc.	4,900		29,400
	Magnetek, Inc.(a)*	980		8,438
	Ocean Power Technologies, Inc.(a)*	1,700		4,590
	Orion Energy Systems, Inc.*	3,100		9,145
	Powell Industries, Inc.(a)*	2,600		81,328
	PowerSecure International, Inc.*	5,500		27,225
	Preformed Line Products Co.	850		50,711
	Regal-Beloit Corp.(a)	258		13,150
	SatCon Technology Corp.(a)*	6,900		4,141
	SL Industries, Inc.*	986		15,973
	Steel Excel, Inc.*	2,972		71,328
	Ultralife Corp.*	3,600		14,472
	Vicor Corp.(a)	11,546		91,906
				3,492,241
Electronic Equipment, Instruments & Components — 2.9%
	ADDvantage Technologies Group, Inc.(a)*	2,400		5,136
	Agilysys, Inc.(a)*	5,376		42,739
	Anixter International, Inc.*	6,269		373,883
	Badger Meter, Inc.	3,000		88,290
	Benchmark Electronics, Inc.*	14,710		198,144
	Brightpoint, Inc.*	19,839		213,468
	Checkpoint Systems, Inc.*	8,500		92,990
	Clearfield, Inc.*	1,600		12,176
	Cognex Corp.(a)	9,000		322,110
	Coherent, Inc.*	6,900		360,663
	Comverge, Inc.(a)*	3,361		4,235
	CTS Corp.	6,500		59,800
	Daktronics, Inc.(a)	9,125		87,326
	DDi Corp.(a)	5,736		53,517
	Digital Theater Systems, Inc.(a)*	3,700		100,788
	Echelon Corp.*	6,379		31,066
	Electro Rent Corp.	6,482		111,166
	Electro Scientific Industries, Inc.*	7,067		102,330
	eMagin Corp.(a)*	3,154		11,670
	Fabrinet(a)*	5,128		70,151
	FARO Technologies, Inc.*	3,250		149,500
	FEI Co.*	9,800		399,644
	Frequency Electronics, Inc.*	1,400		10,724
	GSI Group, Inc.*	8,322		85,134
	GTSI Corp.(a)*	2,500		10,500
	I.D. Systems, Inc.*	1,600		7,568
	Identive Group, Inc.*	9,600		21,408
	IEC Electronics Corp.(a)*	800		3,800
	Insight Enterprises, Inc.*	10,250		156,722
	Intelli-Check - Mobilisa, Inc.(a)*	3,500		2,975
	IntriCon Corp.*	1,000		6,240
	IPG Photonics Corp.*	3,943		133,549
	Iteris, Inc.(a)*	7,798		10,137
	Kemet Corp.*	7,336		51,719
	KEY Tronic Corp.*	1,700		7,973
	LeCroy Corp.*	5,920		49,787
	Littelfuse, Inc.(a)	4,865		209,098
	LoJack Corp.*	6,666		20,465
	Maxwell Technologies, Inc.*	820		13,317
	Measurement Specialties, Inc.*	3,300		92,268
	Mercury Computer Systems, Inc.*	6,770		89,973
	Methode Electronics, Inc., Class A	8,200		67,978
	MTS Systems Corp.	3,800		154,850
	Multi-Fineline Electronix, Inc.*	6,500		133,575
	NAPCO Security Technologies, Inc.*	4,850		12,076
	NetList, Inc.*	3,200		8,032
	Newport Corp.*	8,200		111,602
	OSI Systems, Inc.*	3,842		187,413
	PAR Technology Corp.*	3,000		11,730
	Park Electrochemical Corp.(a)	4,000		102,480
	PC Connection, Inc.(a)	6,200		68,758

24

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (Continued)
	PC Mall, Inc.*	2,200	$	13,816
	Perceptron, Inc.*	1,100		5,236
	Planar Systems, Inc.(a)*	3,817		7,405
	Plexus Corp.(a)*	8,900		243,682
	Power-One, Inc.*	23,462		91,736
	Pulse Electronics Corp.(a)	9,000		25,200
	Radisys Corp.(a)*	9,800		49,588
	Remec, Inc.(b)*	4,693		—
	Research Frontiers, Inc.(a)*	2,600		8,788
	Richardson Electronics Ltd.(a)	2,700		33,183
	Rofin-Sinar Technologies, Inc.*	7,200		164,520
	Rogers Corp.*	3,900		143,754
	Sanmina-SCI Corp.(a)*	17,544		163,335
	Scansource, Inc.(a)*	5,700		205,200
	SYNNEX Corp.(a)*	7,200		219,312
	Tech Data Corp.*	402		19,863
	TTM Technologies, Inc.(a)*	16,816		184,303
	Ultimate Electrs, Inc.(b)*	1,600		—
	Universal Display Corp.(a)*	4,188		153,658
	Viasystems Group, Inc.(a)*	2,056		34,788
	Vicon Industries, Inc.*	1,000		3,260
	Vishay Intertechnology, Inc.(a)*	21,074		189,455
	Vishay Precision Group, Inc.(a)*	2,771		44,281
	Wireless Ronin Technologies, Inc.(a)*	2,168		2,602
	X-Rite, Inc.(a)*	10,721		49,745
	Zygo Corp.(a)*	3,600		63,540
				6,852,893
Energy Equipment & Services — 2.1%
	Basic Energy Services, Inc.(a)*	9,300		183,210
	Bolt Technology Corp.	2,382		27,250
	Bristow Group, Inc.	8,471		401,441
	Cal Dive International, Inc.(a)*	19,390		43,627
	Complete Production Services, Inc.*	15,113		507,192
	Dawson Geophysical Co.*	1,100		43,483
	ENGlobal Corp.(a)*	6,100		12,871
	Exterran Holdings, Inc.*	11,723		106,679
	Geokinetics, Inc.(a)*	3,853		8,284
	Gulf Island Fabrication, Inc.	3,600		105,156
	Gulfmark Offshore, Inc., Class A*	5,929		249,077
	Helix Energy Solutions Group, Inc.*	26,225		414,355
	Hercules Offshore, Inc.*	30,281		134,448
	Hornbeck Offshore Services, Inc.*	7,200		223,344
	ION Geophysical Corp.(a)*	27,183		166,632
	Key Energy Services, Inc.*	30,901		478,038
	Lufkin Industries, Inc.(a)	5,102		343,416
	Matrix Service Co.*	5,900		55,696
	Mitcham Industries, Inc.(a)*	2,601		56,806
	Natural Gas Services Group, Inc.(a)*	2,500		36,150
	Newpark Resources(a)*	19,900		189,050
	OYO Geospace Corp.(a)*	1,000		77,330
	Parker Drilling Co.*	28,039		201,040
	PHI, Inc.(a)*	2,300		57,155
	Pioneer Drilling Co.*	12,313		119,190
	SEACOR Holdings, Inc.*	4,159		369,985
	Tesco Corp.*	7,980		100,867
	Tetra Technologies, Inc.*	16,850		157,379
	TGC Industries, Inc.*	6,191		44,204
	Union Drilling, Inc.(a)*	5,000		31,200
	Willbros Group, Inc.(a)*	9,856		36,171
				4,980,726
Food & Staples Retailing — 1.4%
	Casey's General Stores, Inc.	12,174		627,083
	Ingles Markets, Inc.(a)	2,600		39,156
	Nash Finch Co.	2,253		65,968
	PriceSmart, Inc.	6,250		434,937
	Ruddick Corp.(a)	10,900		464,776
	Spartan Stores, Inc.(a)	5,198		96,163
	SUPERVALU, Inc.(a)	42,984		349,030
	Susser Holdings Corp.*	4,500		101,790
	The Andersons, Inc.(a)	4,100		179,006
	The Pantry, Inc.*	5,100		61,047
	United Natural Foods, Inc.*	10,300		412,103
	Weis Markets, Inc.(a)	6,390		255,217
	Winn-Dixie Stores, Inc.*	10,200		95,676
				3,181,952
Food Products — 2.1%
	Alico, Inc.(a)	1,300		25,181
	B&G Foods, Inc.(a)	12,000		288,840
	Bridgford Foods Corp.(a)*	101		986
	Cagle's, Inc., Class A(a)*	1,200		58
	Cal-Maine Foods, Inc.	5,100		186,507
	Calavo Growers, Inc.(a)	5,041		129,453
	Chiquita Brands International, Inc.(a)*	10,000		83,400
	Coffee Holding Co., Inc.(a)	600		4,704
	Darling International, Inc.*	28,400		377,436
	Dean Foods Co.*	24,006		268,867
	Diamond Foods, Inc.(a)	4,637		149,636
	Dole Food Co., Inc.(a)*	18,855		163,096
	Farmer Bros. Co.(a)	3,200		24,448
	Fresh Del Monte Produce, Inc.	13,331		333,408
	Hain Celestial Group, Inc.(a)*	10,979		402,490
	Imperial Sugar Co.(a)	3,200		11,424
	J&J Snack Foods Corp.	4,500		239,760
	John B. Sanfilippo & Son, Inc.*	2,650		19,981
	Lancaster Colony Corp.(a)	7,600		526,984
	Lifeway Foods, Inc.(a)*	3,800		36,632
	Limoneira Co.(a)	245		4,143
	Omega Protein Corp.*	4,197		29,925
	Overhill Farms, Inc.*	1,600		5,936
	Pilgrims Pride Corp.(a)*	35,385		203,818
	Rocky Mountain Chocolate Factory, Inc.(a)	1,260		10,760
	Sanderson Farms, Inc.	4,600		230,598
	Scheid Vineyards, Inc., Class A*	20		180
	Seneca Foods Corp., Class A*	1,249		32,249
	Smart Balance, Inc.(a)*	17,615		94,416
	Snyders-Lance, Inc.(a)	15,840		356,400
	Tootsie Roll Industries, Inc.(a)	9,002		213,077
	TreeHouse Foods, Inc.(a)*	7,400		483,812
				4,938,605
Gas Utilities — 0.8%
	Chesapeake Utilities Corp.(a)	2,043		88,564
	Delta Natural Gas Co., Inc.(a)	200		6,870
	Gas Natural, Inc.(a)	300		3,423
	Laclede Group, Inc. (The)	4,500		182,115
	New Jersey Resources Corp.(a)	9,451		464,989
	Northwest Natural Gas Co.(a)	6,800		325,924
	RGC Resources, Inc.(a)	400		7,228
	South Jersey Industries, Inc.	6,400		363,584
	Southwest Gas Corp.	9,900		420,651
				1,863,348
Health Care Equipment & Supplies — 3.2%
	Abaxis, Inc.(a)*	2,970		82,180
	ABIOMED, Inc.(a)*	8,588		158,620
	Accuray, Inc.(a)*	17,223		72,853
	Align Technology, Inc.*	17,775		421,712
	Alphatec Holdings, Inc.*	14,824		25,497

25

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (Continued)
	Analogic Corp.	3,000	$	171,960
	Angiodynamics, Inc.*	6,163		91,274
	Anika Therapeutics, Inc.*	4,100		40,180
	Arthrocare Corp.(a)*	6,000		190,080
	AtriCure, Inc.(a)*	2,740		30,414
	Biolase Technology, Inc.(a)*	5,721		14,703
	Bovie Medical Corp.*	4,900		10,388
	Cantel Medical Corp.	3,950		110,323
	Cardiovascular Systems, Inc.(a)*	672		6,619
	CAS Medical Systems, Inc.(a)*	1,129		1,964
	Cerus Corp.*	6,200		17,360
	Conceptus, Inc.(a)*	12,100		152,944
	Conmed Corp.(a)*	7,150		183,540
	CryoLife, Inc.*	6,300		30,240
	Cutera, Inc.*	4,899		36,498
	Cyberonics, Inc.(a)*	6,200		207,700
	Cynosure, Inc., Class A(a)*	1,412		16,605
	Digirad Corp.*	2,100		4,116
	DynaVox, Inc.(a)*	984		3,582
	Endologix, Inc.(a)*	16,288		186,986
	EnteroMedics, Inc.(a)*	125		213
	Exactech, Inc.(a)*	2,535		41,751
	Greatbatch, Inc.(a)*	7,881		174,170
	Haemonetics Corp.*	5,900		361,198
	Hill-Rom Holdings, Inc.	7,584		255,505
	ICU Medical, Inc.(a)*	2,950		132,750
	Integra LifeSciences Holdings Corp.(a)*	6,543		201,721
	Invacare Corp.(a)	9,357		143,069
	Iridex Corp.*	1,000		3,740
	IRIS International, Inc.*	4,200		39,270
	Kensey Nash Corp.(a)*	2,900		55,651
	LeMaitre Vascular, Inc.(a)	6,218		36,811
	MAKO Surgical Corp.(a)*	2,340		58,991
	Masimo Corp.*	9,492		177,358
	Medical Action Industries, Inc.(a)*	4,450		23,274
	Meridian Bioscience, Inc.(a)	4,708		88,699
	Merit Medical Systems, Inc.*	15,874		212,394
	Misonix, Inc.(a)*	2,200		4,488
	Natus Medical, Inc.*	8,702		82,060
	Neogen Corp.(a)*	4,517		138,401
	Neurometrix, Inc.*	466		583
	NuVasive, Inc.*	8,100		101,979
	NxStage Medical, Inc.(a)*	883		15,700
	OraSure Technologies, Inc.(a)*	11,100		101,121
	Orthofix International NV*	3,489		122,917
	Palomar Medical Technologies, Inc.(a)*	7,282		67,723
	PhotoMedex, Inc.(a)*	258		3,328
	Quidel Corp.(a)*	10,385		157,125
	Retractable Technologies, Inc.(a)*	1,926		2,273
	Rochester Medical Corp.*	1,500		12,435
	Rockwell Medical Technologies, Inc.(a)*	2,600		22,022
	RTI Biologics, Inc.*	11,039		49,013
	Solta Medical, Inc.(a)*	10,131		31,811
	SonoSite, Inc.(a)*	3,400		183,124
	Spectranetics Corp.(a)*	7,200		51,984
	Staar Surgical Co.(a)*	5,280		55,387
	Stereotaxis, Inc.(a)*	3,941		3,246
	STERIS Corp.(a)	11,903		354,947
	SurModics, Inc.*	3,700		54,242
	Symmetry Medical, Inc.*	11,100		88,689
	Synovis Life Technologies, Inc.(a)*	2,484		69,130
	Theragenics Corp.*	7,500		12,600
	Thoratec Corp.*	17,008		570,788
	TranS1, Inc.(a)*	2,263		4,232
	Uroplasty, Inc.*	2,952		12,546
	Vascular Solutions, Inc.(a)*	6,500		72,345
	West Pharmaceutical Services, Inc.(a)	7,400		280,830
	Wright Medical Group, Inc.(a)*	8,500		140,250
	Young Innovations, Inc.(a)	1,900		56,297
	Zoll Medical Corp.*	4,526		285,953
				7,484,472
Health Care Providers & Services — 3.4%
	Acadia Healthcare Co., Inc.*	1,075		10,718
	Air Methods Corp.(a)*	3,348		282,739
	Alliance HealthCare Services, Inc.(a)*	12,600		15,876
	Almost Family, Inc.(a)*	1,100		18,238
	Amedisys, Inc.(a)*	6,053		66,038
	American Caresource Holdings, Inc.(a)*	600		241
	American Dental Partners, Inc.(a)*	3,359		63,250
	AMN Healthcare Services, Inc.(a)*	9,000		39,870
	Amsurg Corp.*	7,750		201,810
	Assisted Living Concepts, Inc., Class A(a)	4,248		63,253
	Bio-Reference Labs, Inc.(a)*	5,243		85,304
	BioScrip, Inc.(a)*	12,988		70,914
	Capital Senior Living Corp.(a)*	9,398		74,620
	CardioNet, Inc.*	3,237		7,672
	Catalyst Health Solutions, Inc.*	3,351		174,252
	Centene Corp.*	10,900		431,531
	Chemed Corp.(a)	5,500		281,655
	Chindex International, Inc.(a)*	2,640		22,493
	Corvel Corp.*	2,550		131,860
	Cross Country Healthcare, Inc.(a)*	6,900		38,295
	Dynacq Healthcare, Inc.(a)*	1,300		1,417
	Emeritus Corp.(a)*	9,685		169,584
	Ensign Group, Inc. (The)(a)	4,200		102,900
	Five Star Quality Care, Inc.*	12,800		38,400
	Gentiva Health Services, Inc.*	6,500		43,875
	Hanger Orthopedic Group, Inc.*	8,636		161,407
	Healthsouth Corp.*	18,900		333,963
	Healthways, Inc.(a)*	6,798		46,634
	Integramed America, Inc.*	1,987		15,598
	IPC The Hospitalist Co., Inc.(a)*	2,665		121,844
	Kindred Healthcare, Inc.(a)*	11,383		133,978
	Landauer, Inc.(a)	1,800		92,700
	LCA-Vision, Inc.(a)*	5,917		17,159
	LHC Group, Inc.(a)*	3,800		48,754
	LifePoint Hospitals, Inc.(a)*	11,146		414,074
	Magellan Health Services, Inc.*	11,300		559,011
	Medcath Corp.*	3,122		22,759
	MedQuist Holdings, Inc.(a)*	11,900		114,478
	Metropolitan Health Networks, Inc.*	12,789		95,534
	Molina Healthcare, Inc.(a)*	9,750		217,717
	MWI Veterinary Supply, Inc.(a)*	2,292		152,280
	National Healthcare Corp.(a)	3,000		125,700
	Owens & Minor, Inc.(a)	12,204		339,149
	PDI, Inc.*	3,600		23,220
	PharMerica Corp.*	5,650		85,767
	Providence Service Corp.(a)*	4,498		61,892
	PSS World Medical, Inc.(a)*	24,238		586,317
	Psychemedics Corp.	400		3,640
	RadNet, Inc.(a)*	8,150		17,360
	Select Medical Holdings Corp.(a)*	32,321		274,082
	Skilled Healthcare Group, Inc., Class A(a)*	3,695		20,175
	SRI/Surgical Express, Inc.(a)*	1,100		4,675
	Sun Healthcare Group, Inc.*	4,743		18,403
	Sunrise Senior Living, Inc.(a)*	11,840		76,723
	Team Health Holdings, Inc.*	14,045		309,973
	Triple-S Management Corp., Class B(a)*	4,035		80,781

26

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Health Care Providers & Services (Continued)
	U.S. Physical Therapy, Inc.	2,650	$	52,152
	Universal American Corp.(a)	16,273		206,830
	VCA Antech, Inc.*	15,281		301,800
	WellCare Health Plans, Inc.*	8,500		446,250
				8,019,584
Health Care Technology — 0.6%
	Arrhythmia Research Technology, Inc.	200		650
	athenahealth, Inc.(a)*	1,168		57,372
	Computer Programs & Systems, Inc.	1,836		93,838
	HealthStream, Inc.*	6,062		111,844
	MedAssets, Inc.*	12,409		114,783
	Medidata Solutions, Inc.*	2,217		48,220
	Merge Healthcare, Inc.*	12,632		61,265
	Omnicell, Inc.*	7,300		120,596
	Quality Systems, Inc.(a)	20,036		741,132
	Simulations Plus, Inc.*	800		2,392
	Transcend Services, Inc.(a)*	2,288		54,294
				1,406,386
Hotels, Restaurants & Leisure — 3.8%
	AFC Enterprises, Inc.*	6,349		93,330
	Ambassadors Group, Inc.(a)	4,300		19,393
	Ameristar Casinos, Inc.	9,200		159,068
	Bally Technologies, Inc.*	4,108		162,512
	Benihana, Inc., Class A(a)*	4,448		45,503
	Biglari Holdings, Inc.(a)*	320		117,837
	BJ's Restaurants, Inc.(a)*	8,000		362,560
	Bluegreen Corp.(a)*	7,100		19,951
	Bob Evans Farms, Inc.(a)	7,000		234,780
	Boyd Gaming Corp.(a)*	16,663		124,306
	Bravo Brio Restaurant Group, Inc.*	533		9,141
	Brinker International, Inc.	16,410		439,132
	Buffalo Wild Wings, Inc.(a)*	4,000		270,040
	Caribou Coffee Co., Inc.(a)*	5,058		70,559
	Carrols Restaurant Group, Inc.(a)*	8,600		99,502
	CEC Entertainment, Inc.	5,150		177,417
	Cheesecake Factory, Inc. (The)*	13,476		395,521
	Choice Hotels International, Inc.(a)	787		29,945
	Churchill Downs, Inc.	3,820		199,137
	Cracker Barrel Old Country Store, Inc.	5,000		252,050
	DineEquity, Inc.(a)*	3,900		164,619
	Domino's Pizza, Inc.(a)*	16,189		549,617
	Dover Downs Gaming & Entertainment, Inc.	3,400		7,276
	Dover Motorsports, Inc.*	4,000		4,160
	Einstein Noah Restaurant Group, Inc.(a)	3,600		56,952
	Famous Dave's Of America, Inc.(a)*	2,145		22,265
	Full House Resorts, Inc.*	4,300		11,309
	Gaming Partners International Corp.(a)	1,300		8,060
	Gaylord Entertainment Co.(a)*	10,022		241,931
	Great Wolf Resorts, Inc.(a)*	8,725		25,302
	International Speedway Corp., Class A	6,832		173,191
	Interval Leisure Group, Inc.(a)*	15,989		217,610
	Isle of Capri Casinos, Inc.*	8,287		38,700
	J. Alexander's Corp.(a)*	800		5,000
	Jack in the Box, Inc.*	14,400		300,960
	Kona Grill, Inc.*	1,540		9,425
	Krispy Kreme Doughnuts, Inc.(a)*	15,525		101,533
	Lakes Entertainment, Inc.*	6,530		12,276
	Life Time Fitness, Inc.(a)*	9,707		453,802
	Luby's, Inc.(a)*	7,260		32,743
	Marcus Corp. (The)	4,500		56,745
	Monarch Casino & Resort, Inc.*	3,600		36,684
	Morton's Restaurant Group, Inc.*	3,100		21,328
	MTR Gaming Group, Inc.(a)*	6,300		11,781
	Multimedia Games, Inc.*	6,030		47,878
	Nathan's Famous, Inc.*	1,385		29,113
	Nevada Gold & Casinos, Inc.*	1,712		1,969
	O'Charleys, Inc.(a)*	4,820		26,462
	Orient-Express Hotels Ltd.*	21,903		163,615
	P.F. Chang's China Bistro, Inc.	5,870		181,442
	Papa John's International, Inc.*	6,315		237,949
	Peet's Coffee & Tea, Inc.*	2,900		181,772
	Pinnacle Entertainment, Inc.*	13,499		137,150
	PokerTek, Inc.*	500		475
	Red Lion Hotels Corp.(a)*	4,500		31,185
	Red Robin Gourmet Burgers, Inc.*	3,300		91,410
	Rick's Cabaret International, Inc.(a)*	2,209		18,688
	Ruby Tuesday, Inc.(a)*	14,262		98,408
	Ruth's Hospitality Group, Inc.*	8,054		40,028
	Scientific Games Corp., Class A*	18,781		182,176
	Shuffle Master, Inc.*	11,762		137,851
	Six Flags Entertainment Corp.	11,175		460,857
	Sonic Corp.*	13,575		91,360
	Speedway Motorsports, Inc.(a)	10,200		156,366
	Texas Roadhouse, Inc., Class A(a)	15,300		227,970
	Town Sports International Holdings, Inc.(a)*	8,000		58,800
	Vail Resorts, Inc.(a)	8,330		352,859
	Wendy's Co. (The)	5,771		30,933
				8,831,669
Household Durables — 0.9%
	American Greetings Corp., Class A(a)	9,420		117,844
	Bassett Furniture Industries, Inc.(a)	2,600		19,474
	Beazer Homes USA, Inc.(a)*	16,520		40,970
	Blyth, Inc.(a)	2,000		113,600
	California Coastal Communities, Inc.(b)*	1,800		—
	Cavco Industries, Inc.*	1,100		44,066
	CSS Industries, Inc.(a)	2,100		41,832
	Dixie Group, Inc.(a)*	2,300		6,785
	Emerson Radio Corp.(a)*	1,300		2,067
	Ethan Allen Interiors, Inc.(a)	7,100		168,341
	Furniture Brands International, Inc.(a)*	11,300		13,899
	Helen of Troy Ltd.*	7,111		218,308
	Hooker Furniture Corp.(a)	2,500		28,675
	iRobot Corp.*	4,418		131,877
	KB Home(a)	18,500		124,320
	Kid Brands, Inc.*	5,342		16,881
	La-Z-Boy, Inc.(a)*	11,200		133,280
	Libbey, Inc.(a)*	4,108		52,336
	Lifetime Brands, Inc.(a)	3,200		38,848
	M.D.C. Holdings, Inc.(a)	11,867		209,215
	M/I Homes, Inc.(a)*	3,928		37,709
	Meritage Homes Corp.(a)*	6,706		155,512
	Orleans Homebuilders, Inc.(b)	4,953		—
	Ryland Group, Inc.	9,600		151,296
	Sealy Corp.*	10,800		18,576
	Skyline Corp.(a)	1,200		5,220
	Standard Pacific Corp.(a)*	43,219		137,436
	Stanley Furniture Co., Inc.(a)*	927		2,781
	Universal Electronics, Inc.(a)*	2,800		47,236
				2,078,384
Household Products — 0.3%
	Central Garden and Pet Co.*	5,300		43,248
	Central Garden and Pet Co., Class A(a)*	8,850		73,632
	Spectrum Brands Holdings, Inc.(a)*	13,807		378,312

27

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Household Products (Continued)
	WD-40 Co.(a)	5,000	$	202,050
				697,242
Independent Power Producers & Energy Traders — 0.2%
	Atlantic Power Corp.(a)*	20,248		289,547
	Dynegy, Inc.*	25,081		69,474
	Genie Energy Ltd.(a)	4,900		38,857
	Ormat Technologies, Inc.(a)	8,635		155,689
	Synthesis Energy Systems, Inc.(a)*	5,474		8,485
				562,052
Industrial Conglomerates — 0.1%
	Raven Industries, Inc.(a)	3,600		222,840
	Standex International Corp.	2,700		92,259
				315,099
Insurance — 4.4%
	21st Century Holding Co.(a)*	1,000		2,960
	Affirmative Insurance Holdings, Inc.(a)*	3,262		1,761
	American Equity Investment Life Holding Co.(a)	14,459		150,374
	American Safety Insurance Holdings Ltd.*	1,683		36,605
	Amerisafe, Inc.*	3,900		90,675
	Amtrust Financial Services, Inc.(a)	14,064		334,020
	Argo Group International Holdings Ltd.	6,959		201,533
	Aspen Insurance Holdings Ltd.	12,227		324,015
	Baldwin & Lyons, Inc., Class B(a)	1,818		39,632
	Citizens, Inc., Class A(a)*	11,958		115,873
	CNO Financial Group, Inc.*	60,833		383,856
	Crawford & Co., Class A	10,528		42,849
	Crawford & Co., Class B(a)	3,991		24,585
	Delphi Financial Group, Inc., Class S	12,207		540,770
	Donegal Group, Inc., Class A(a)	4,648		65,816
	Eastern Insurance Holdings, Inc.	1,700		24,225
	eHealth, Inc.*	4,659		68,487
	EMC Insurance Group, Inc.(a)	3,800		78,166
	Employers Holdings, Inc.(a)	8,742		158,143
	Endurance Specialty Holdings Ltd.	8,174		312,655
	Enstar Group Ltd.*	2,824		277,317
	FBL Financial Group, Inc., Class A(a)	6,600		224,532
	First Acceptance Corp.*	15,539		21,133
	First American Financial Corp.	23,254		294,628
	Flagstone Reinsurance Holdings SA(a)	16,257		134,771
	Global Indemnity PLC*	3,524		69,881
	Greenlight Capital Re Ltd., Class A*	7,603		179,963
	Hallmark Financial Services(a)*	5,700		39,843
	Hanover Insurance Group, Inc.	2,402		83,950
	Harleysville Group, Inc.(a)	6,800		384,676
	Hilltop Holdings, Inc.(a)*	11,048		93,356
	Horace Mann Educators Corp.	9,010		123,527
	Independence Holding Co.(a)	3,200		26,016
	Infinity Property & Casualty Corp.	4,300		243,982
	Kemper Corp.	13,679		399,564
	Maiden Holdings Ltd.	14,533		127,309
	MBIA, Inc.(a)*	45,680		529,431
	Meadowbrook Insurance Group, Inc.	13,262		141,638
	Montpelier Re Holdings Ltd.(a)	15,417		273,652
	National Financial Partners Corp.(a)*	9,600		129,792
	National Interstate Corp.(a)	4,200		103,614
	Navigators Group, Inc.*	3,600		171,648
	OneBeacon Insurance Group Ltd.	4,400		67,716
	Platinum Underwriters Holdings Ltd.	7,812		266,467
	Presidential Life Corp.(a)	5,600		55,944
	Primerica, Inc.	15,395		357,780
	ProAssurance Corp.	6,055		483,310
	Protective Life Corp.	9,684		218,471
	RLI Corp.(a)	5,800		422,588
	Safety Insurance Group, Inc.(a)	3,900		157,872
	SeaBright Insurance Holdings, Inc.(a)	4,800		36,720
	Selective Insurance Group	13,800		244,674
	StanCorp Financial Group, Inc.(a)	8,398		308,626
	State Auto Financial Corp.	9,900		134,541
	Stewart Information Services Corp.(a)	2,900		33,495
	Symetra Financial Corp.	25,025		226,977
	The Phoenix Companies, Inc.(a)*	21,698		36,453
	Tower Group, Inc.(a)	8,548		172,413
	Unico American Corp.(a)*	1,700		20,485
	United Fire & Casualty Co.	6,100		123,098
	Universal Insurance Holdings, Inc.(a)	8,650		30,967
				10,469,820
Internet & Catalog Retail — 0.5%
	1-800-Flowers.com, Inc., Class A*	5,700		12,540
	Blue Nile, Inc.(a)*	2,776		113,483
	dELiA*s, Inc.(a)*	5,186		5,290
	Gaiam, Inc., Class A*	2,400		7,776
	Hollywood Media Corp.(a)*	10,017		12,722
	HSN, Inc.	12,080		438,021
	NutriSystem, Inc.(a)	5,687		73,533
	Orbitz Worldwide, Inc.*	20,694		77,809
	Overstock.com, Inc.(a)*	4,600		36,064
	PetMed Express, Inc.(a)	8,500		88,230
	Shutterfly, Inc.(a)*	6,894		156,907
	US Auto Parts Network, Inc.(a)*	6,100		26,657
	Valuevision Media, Inc., Class A(a)*	7,971		14,986
	Vitacost.com, Inc.(a)*	1,333		8,291
				1,072,309
Internet Software & Services — 1.9%
	Ancestry.com, Inc.(a)*	11,385		261,400
	AOL, Inc.(a)*	6,953		104,990
	comScore, Inc.(a)*	4,067		86,220
	Crexendo, Inc.(a)	1,100		3,113
	DealerTrack Holdings, Inc.*	8,700		237,162
	Dice Holdings, Inc.*	21,227		175,972
	Digital River, Inc.*	8,400		126,168
	Earthlink, Inc.	26,700		171,948
	Envestnet, Inc.(a)*	5,029		60,147
	Infospace, Inc.(a)*	7,800		85,722
	Internap Network Services Corp.*	11,700		69,498
	Ipass, Inc.*	14,400		20,016
	j2 Global, Inc.(a)	9,900		278,586
	Keynote Systems, Inc.	3,480		71,479
	KIT Digital, Inc.(a)*	9,981		84,339
	Limelight Networks, Inc.(a)*	21,264		62,941
	Liquidity Services, Inc.(a)*	6,300		232,470
	LogMeIn, Inc.(a)*	5,169		199,265
	Looksmart Ltd.*	3,800		4,902
	LoopNet, Inc.*	13,200		241,296
	Marchex, Inc., Class B(a)	6,755		42,219
	Market Leader, Inc.*	7,323		20,138
	Move, Inc.*	8,625		54,510
	NIC, Inc.	15,000		199,650
	Onvia, Inc.(a)*	181		518
	Perficient, Inc.*	7,000		70,070
	QuinStreet, Inc.(a)*	9,301		87,057
	RealNetworks, Inc.(a)	7,600		57,000
	Reis, Inc.*	2,638		24,059
	RightNow Technologies, Inc.(a)*	5,990		255,953
	Saba Software, Inc.*	6,949		54,828
	Soundbite Communications, Inc.(a)*	700		1,575

28

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Internet Software & Services (Continued)
	Spark Networks, Inc.(a)*	6,600	$	25,080
	Stamps.com, Inc.(a)*	4,050		105,826
	support.com, Inc.(a)*	11,250		25,312
	TechTarget, Inc.*	10,402		60,748
	TheStreet.com, Inc.	7,200		12,096
	Tower Automotive, Inc.(b)*	6,500		—
	Travelzoo, Inc.(a)*	1,420		34,904
	United Online, Inc.(a)	35,156		191,249
	Valueclick, Inc.*	16,915		275,545
	VistaPrint NV(a)*	6,478		198,227
	Vocus, Inc.*	2,052		45,329
	Web.com Group, Inc.*	6,313		72,284
	XO Group, Inc.*	6,500		54,210
	Zix Corp.(a)*	13,620		38,408
				4,584,429
IT Services — 2.7%
	Acxiom Corp.*	19,589		239,182
	CACI International, Inc., Class A*	6,700		374,664
	Cardtronics, Inc.*	10,264		277,744
	Cass Information Systems, Inc.(a)	1,630		59,323
	Ciber, Inc.*	14,781		57,055
	Computer Task Group, Inc.(a)*	3,700		52,096
	Convergys Corp.*	26,731		341,355
	CoreLogic, Inc.*	8,341		107,849
	CSG Systems International, Inc.*	10,600		155,926
	Dynamics Research Corp.(a)*	2,200		24,948
	Echo Global Logistics, Inc.*	4,751		76,729
	Edgewater Technology, Inc.*	2,300		6,325
	Euronet Worldwide, Inc.(a)*	11,400		210,672
	ExlService Holdings, Inc.*	7,800		174,486
	Forrester Research, Inc.*	8,761		297,348
	Global Cash Access Holdings, Inc.*	21,692		96,529
	Hackett Group, Inc.(a)*	8,900		33,286
	Heartland Payment Systems, Inc.	9,197		224,039
	iGate Corp.(a)*	12,677		199,409
	Innodata Isogen, Inc.(a)*	5,684		22,395
	INX, Inc.*	700		6,125
	Lender Processing Services, Inc.	2,629		39,619
	Mantech International Corp., Class A(a)	5,280		164,947
	Mattersight Corp.(a)*	1,512		7,031
	MAXIMUS, Inc.	8,800		363,880
	ModusLink Global Solutions, Inc.	10,390		56,106
	MoneyGram International, Inc.*	7,720		137,030
	NCI, Inc., Class A(a)*	1,800		20,970
	NeuStar, Inc., Class A*	14,088		481,387
	Online Resources Corp.*	9,929		24,028
	PRG-Schultz International, Inc.*	3,839		22,842
	Rainmaker Systems, Inc.*	4,500		3,672
	Sapient Corp.(a)	30,026		378,328
	StarTek, Inc.*	3,323		6,380
	Stream Global Services, Inc.*	300		993
	Syntel, Inc.(a)	9,300		434,961
	TeleTech Holdings, Inc.*	13,200		213,840
	Tier Technologies, Inc., Class B*	3,900		17,004
	TNS, Inc.*	4,841		85,782
	Unisys Corp.(a)*	8,067		159,001
	Virtusa Corp.(a)*	7,876		114,044
	WPCS International, Inc.*	1,000		1,680
	Wright Express Corp.(a)*	8,700		472,236
				6,243,246
Leisure Equipment & Products — 0.4%
	Aldila, Inc.(a)*	1,930		4,265
	Arctic Cat, Inc.*	3,625		81,744
	Black Diamond, Inc.(a)*	1,900		14,193
	Brunswick Corp.	9,419		170,107
	Callaway Golf Co.(a)	14,500		80,185
	Cybex International, Inc.*	4,100		1,640
	Escalade, Inc.(a)	1,950		8,658
	Jakks Pacific, Inc.(a)	6,200		87,482
	Johnson Outdoors, Inc., Class A(a)*	1,000		15,350
	Leapfrog Enterprises, Inc.(a)*	10,056		56,213
	Marine Products Corp.(a)*	10,020		49,699
	Nautilus, Inc.(a)*	6,900		12,075
	Smith & Wesson Holding Corp.*	12,562		54,771
	Steinway Musical Instruments*	2,573		64,428
	Sturm Ruger & Co., Inc.	6,513		217,925
				918,735
Life Sciences Tools & Services — 0.5%
	Affymetrix, Inc.(a)*	17,097		69,927
	Albany Molecular Research, Inc.*	7,100		20,803
	BioClinica, Inc.*	3,200		13,600
	Cambrex Corp.*	7,100		50,978
	Charles River Laboratories International, Inc.*	11,331		309,676
	CombiMatrix Corp.(a)*	502		1,004
	Enzo Biochem, Inc.(a)*	10,532		23,592
	eResearchTechnology, Inc.(a)*	14,087		66,068
	Furiex Pharmaceuticals, Inc.(a)*	2,517		42,059
	Harvard Bioscience, Inc.*	10,123		39,176
	Luminex Corp.(a)*	8,945		189,902
	Medtox Scientific, Inc.*	3,300		46,365
	Parexel International Corp.*	12,400		257,176
	pSivida Corp.*	1,891		2,099
	SeraCare Life Sciences, Inc.(a)*	3,373		10,288
	Strategic Diagnostics, Inc.*	7,150		13,156
				1,155,869
Machinery — 3.5%
	Actuant Corp., Class A(a)	17,051		386,887
	Adept Technology, Inc.(a)*	1,000		2,400
	Alamo Group, Inc.(a)	2,600		70,018
	Albany International Corp., Class A	6,000		138,720
	Altra Holdings, Inc.(a)*	5,400		101,682
	American Railcar Industries, Inc.*	5,900		141,187
	Ampco-Pittsburgh Corp.	2,200		42,548
	Astec Industries, Inc.*	5,264		169,553
	Baldwin Technology Co., Class A*	2,900		2,613
	Barnes Group, Inc.(a)	13,700		330,307
	Blount International, Inc.(a)*	11,988		174,066
	Briggs & Stratton Corp.(a)	11,900		184,331
	Cascade Corp.	2,400		113,208
	Chart Industries, Inc.*	6,734		364,107
	CIRCOR International, Inc.	3,400		120,054
	Colfax Corp.(a)*	10,063		286,594
	Columbus McKinnon Corp.*	3,900		49,491
	Commercial Vehicle Group, Inc.*	6,000		54,240
	Douglas Dynamics, Inc.(a)	3,998		58,451
	Dynamic Materials Corp.	2,800		55,384
	Energy Recovery, Inc.(a)*	8,000		20,640
	EnPro Industries, Inc.(a)*	4,600		151,708
	ESCO Technologies, Inc.	5,700		164,046
	Federal Signal Corp.(a)	12,928		53,651
	Flanders Corp.(a)*	5,805		17,705
	Flow International Corp.(a)*	10,779		37,727
	FreightCar America, Inc.*	2,400		50,280
	Graham Corp.	1,900		42,636
	Greenbrier Cos., Inc.(a)*	6,166		149,710

29

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Machinery (Continued)
	Hardinge, Inc.	2,400	$	19,320
	Hurco Cos., Inc.*	1,000		21,000
	ITT Corp.	3,986		77,049
	John Bean Technologies Corp.	6,469		99,429
	Kadant, Inc.*	3,400		76,874
	Kaydon Corp.(a)	7,475		227,988
	Key Technology, Inc.*	1,100		14,234
	LB Foster Co., Class A	1,506		42,605
	Lindsay Corp.	2,399		131,681
	Lydall, Inc.(a)*	2,900		27,521
	Manitex International, Inc.*	1,300		5,512
	Manitowoc Co., Inc.	657		6,038
	Meritor, Inc.*	17,207		91,541
	Met-Pro Corp.(a)	4,417		39,930
	Mfri, Inc.*	1,900		13,186
	Middleby Corp.*	4,140		389,326
	Miller Industries, Inc.	2,200		34,606
	Mueller Industries, Inc.	8,775		337,136
	Mueller Water Products, Inc., Class A(a)	41,091		100,262
	NACCO Industries, Inc., Class A	1,000		89,220
	NN, Inc.*	3,000		18,000
	Omega Flex, Inc.(a)*	488		6,895
	PMFG, Inc.(a)*	2,118		41,322
	RBC Bearings, Inc.*	4,700		195,990
	Robbins & Myers, Inc.	9,714		471,615
	Sauer-Danfoss, Inc.*	10,900		394,689
	Sun Hydraulics Corp.	5,700		133,551
	Supreme Industries, Inc., Class A(a)*	1,197		3,004
	Tecumseh Products Co., Class A(a)*	2,100		9,870
	Tennant Co.(a)	3,939		153,109
	The Gorman-Rupp Co.(a)	4,039		109,659
	Titan International, Inc.(a)	8,474		164,904
	Toro Co.	6,900		418,554
	Trimas Corp.*	10,000		179,500
	Trinity Industries, Inc.	11,028		331,502
	Twin Disc, Inc.(a)	2,200		79,904
	Watts Water Technologies, Inc., Class A(a)	7,500		256,575
				8,347,045
Marine — 0.2%
	Alexander & Baldwin, Inc.	8,689		354,685
	Eagle Bulk Shipping, Inc.(a)*	10,600		9,986
	Excel Maritime Carriers Ltd.(a)*	16,497		23,921
	Genco Shipping & Trading Ltd.(a)*	8,977		60,684
	International Shipholding Corp.(a)	710		13,270
				462,546
Media — 1.8%
	AH Belo Corp., Class A(a)	4,580		21,755
	Arbitron, Inc.	6,200		213,342
	Ballantyne of Omaha, Inc.(a)*	3,464		14,168
	Beasley Broadcasting Group, Inc., Class A(a)*	1,657		5,236
	Belo Corp., Class A(a)	21,359		134,562
	Carmike Cinemas, Inc.(a)*	2,800		19,264
	Central European Media Enterprises Ltd., Class A(a)*	8,503		55,440
	Cinemark Holdings, Inc.(a)	10,930		202,096
	Crown Media Holdings, Inc., Class A(a)*	17,800		21,538
	Cumulus Media, Inc., Class A*	6,400		21,376
	Digital Generation, Inc.*	5,472		65,226
	DreamWorks Animation SKG, Inc., Class A(a)*	17,520		290,744
	EDCI Holdings, Inc.(a)	1,485		7,536
	Entercom Communications Corp., Class A(a)*	5,750		35,363
	Entravision Communications Corp.(a)	100		156
	EW Scripps Co., Class A(a)*	9,673		77,481
	Fisher Communications, Inc.*	1,100		31,713
	Gray Television, Inc.*	6,176		10,005
	Harris Interactive, Inc.*	14,810		8,282
	Harte-Hanks, Inc.(a)	20,583		187,099
	Here Media, Inc.(b)*	499		—
	Here Media, Inc., Special Shares(a)*	499		10
	Journal Communications, Inc., Class A*	10,000		44,000
	Knology, Inc.(a)*	13,068		185,566
	Lin TV Corp., Class A*	6,700		28,341
	Live Nation Entertainment, Inc.*	41,999		349,012
	Madison Square Garden, Inc., Class A*	13,022		372,950
	Martha Stewart Living Omnimedia, Class A(a)	5,600		24,640
	McClatchy Co. (The), Class A(a)*	13,196		31,538
	Media General, Inc., Class A(a)*	5,000		20,350
	Meredith Corp.(a)	7,300		238,345
	National CineMedia, Inc.	11,931		147,944
	Navarre Corp.*	5,272		8,119
	New Frontier Media, Inc.(a)*	7,900		8,216
	New York Times Co. (The), Class A(a)*	31,959		247,043
	Nexstar Broadcasting Group, Inc., Class A(a)*	2,098		16,448
	Outdoor Channel Holdings, Inc.(a)	9,100		67,886
	Radio One, Inc.(a)*	6,700		6,700
	Regal Entertainment Group, Class A	26,218		313,043
	Rentrak Corp.(a)*	1,900		27,132
	Saga Communications, Inc.(a)*	837		31,287
	Salem Communications Corp., Class A(a)*	3,500		8,995
	Scholastic Corp.	8,100		242,757
	Sinclair Broadcast Group, Inc., Class A	10,500		118,965
	Valassis Communications, Inc.(a)*	10,800		207,684
	World Wrestling Entertainment, Inc., Class A(a)	4,600		42,872
	Xanadoo Co., Class A*	10		2,600
				4,214,825
Metals & Mining — 1.6%
	A.M. Castle & Co.(a)*	5,100		48,246
	AK Steel Holding Corp.(a)	25,404		209,837
	AMCOL International Corp.(a)	7,925		212,786
	Carpenter Technology Corp.	8,800		453,024
	Century Aluminum Co.(a)*	19,815		168,626
	Commercial Metals Co.	24,935		344,851
	Contango ORE, Inc.(a)*	350		4,725
	Friedman Industries	700		7,315
	General Moly, Inc.(a)*	18,758		57,962
	Globe Specialty Metals, Inc.(a)	14,315		191,678
	Haynes International, Inc.	2,200		120,120
	Hecla Mining Co.(a)	59,121		309,203
	Horsehead Holding Corp.(a)*	8,674		78,153
	Kaiser Aluminum Corp.(a)	4,533		207,974
	Materion Corp.*	4,600		111,688
	Metals USA Holdings Corp.*	7,474		84,082
	Mines Management, Inc.(a)*	8,088		16,176
	Noranda Aluminum Holding Corp.	12,872		106,194
	Olympic Steel, Inc.(a)	2,400		55,968
	RTI International Metals, Inc.(a)*	6,300		146,223
	Schnitzer Steel Industries, Inc., Class A	5,061		213,979
	Solitario Exploration & Royalty Corp.(a)*	1,000		1,410
	Stillwater Mining Co.(a)*	21,000		219,660
	Universal Stainless & Alloy(a)*	1,400		52,304
	US Gold Corp.(a)*	17,896		60,131

30

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Metals & Mining (Continued)
	Worthington Industries, Inc.(a)	17,700	$	289,926
				3,772,241
Multi-Utilities — 0.5%
	Avista Corp.	12,400		319,300
	Black Hills Corp.	7,800		261,924
	CH Energy Group, Inc.(a)	3,800		221,844
	NorthWestern Corp.	8,500		304,215
				1,107,283
Multiline Retail — 0.5%
	99 Cents Only Stores*	14,600		320,470
	Dillard's, Inc., Class A(a)	7,821		351,007
	Duckwall-ALCO Stores, Inc.(a)*	200		1,670
	Fred's, Inc.	8,987		131,030
	Gordmans Stores, Inc.*	1,136		14,280
	Saks, Inc.(a)*	35,876		349,791
	The Bon-Ton Stores, Inc.(a)	2,700		9,099
	Tuesday Morning Corp.(a)*	9,403		32,440
				1,209,787
Office Electronics — 0.1%
	Zebra Technologies Corp., Class A*	9,827		351,610
Oil, Gas & Consumable Fuels — 3.1%
	Abraxas Petroleum Corp.(a)*	19,200		63,360
	Adams Resources & Energy, Inc.	900		26,082
	Alon USA Energy, Inc.(a)	10,500		91,455
	Ante5, Inc.(a)*	2,059		1,750
	Approach Resources, Inc.(a)*	7,841		230,604
	Barnwell Industries, Inc.*	2,159		5,829
	Bill Barrett Corp.(a)*	10,895		371,193
	BPZ Resources, Inc.(a)*	25,439		72,247
	Callon Petroleum Co.*	9,264		46,042
	Carrizo Oil & Gas, Inc.*	9,054		238,573
	Clayton Williams Energy, Inc.(a)*	2,100		159,348
	Clean Energy Fuels Corp.(a)*	16,141		201,117
	Cloud Peak Energy, Inc.*	15,189		293,451
	Comstock Resources, Inc.(a)*	10,008		153,122
	Contango Oil & Gas Co.*	3,500		203,630
	CREDO Petroleum Corp.*	1,000		10,300
	Crimson Exploration, Inc.(a)*	8,391		23,998
	Crosstex Energy, Inc.	15,460		195,414
	CVR Energy, Inc.*	21,682		406,104
	Delek US Holdings, Inc.	12,078		137,810
	DHT Holdings, Inc.(a)	10,378		7,680
	Double Eagle Petroleum Co.(a)*	1,550		10,664
	Endeavour International Corp.(a)*	7,372		64,063
	Energy Partners Ltd.*	9,173		133,926
	Evolution Petroleum Corp.*	6,400		51,520
	FieldPoint Petroleum Corp.*	1,200		5,112
	FX Energy, Inc.*	2,450		11,760
	GeoPetro Resources Co.*	300		68
	Georesources, Inc.*	5,555		162,817
	GMX Resources, Inc.(a)*	11,876		14,845
	Goodrich Petroleum Corp.(a)*	656		9,007
	Green Plains Renewable Energy, Inc.*	7,838		76,499
	Gulfport Energy Corp.(a)*	11,682		344,035
	Harvest Natural Resources, Inc.(a)*	7,400		54,612
	HKN, Inc.(a)*	4,194		8,933
	HollyFrontier Corp.	12,362		289,271
	Houston American Energy Corp.(a)*	6,452		78,650
	James River Coal Co.(a)*	6,800		47,056
	Northern Oil and Gas, Inc.(a)*	13,240		317,495
	Overseas Shipholding Group, Inc.(a)	5,212		56,967
	Panhandle Oil and Gas, Inc.(a)	900		29,529
	Patriot Coal Corp.(a)*	19,200		162,624
	Penn Virginia Corp.(a)	9,100		48,139
	Petroleum Development Corp.(a)*	4,900		172,039
	Petroquest Energy, Inc.(a)*	12,273		81,002
	PostRock Energy Corp.*	1,342		3,771
	Rex Energy Corp.(a)*	8,838		130,449
	Rex Stores Corp.(a)*	1,575		34,823
	Royale Energy, Inc.(a)*	1,600		7,328
	SemGroup Corp.(a)*	8,201		213,718
	Ship Finance International Ltd.(a)	16,513		154,231
	Stone Energy Corp.*	10,059		265,356
	Swift Energy Co.*	9,200		273,424
	Teekay Corp.(a)	5,415		144,743
	Toreador Resources Corp.(a)*	3,166		16,305
	Triangle Petroleum Corp.(a)*	1,719		10,262
	Uranium Energy Corp.(a)*	9,000		27,540
	USEC, Inc.(a)*	24,000		27,360
	Vaalco Energy, Inc.(a)*	13,164		79,511
	Venoco, Inc.*	9,035		61,167
	Voyager Oil & Gas, Inc.(a)*	2,059		5,292
	W&T Offshore, Inc.	15,533		329,455
	Warren Resources, Inc.(a)*	14,000		45,640
	Western Refining, Inc.(a)*	19,043		253,081
	Zion Oil & Gas, Inc.*	3,651		8,069
				7,261,267
Paper & Forest Products — 0.7%
	AbitibiBowater, Inc.(a)*	3,094		45,018
	Buckeye Technologies, Inc.	10,000		334,400
	Clearwater Paper Corp.(a)*	4,412		157,111
	Deltic Timber Corp.(a)	2,800		169,092
	Glatfelter	10,600		149,672
	KapStone Paper and Packaging Corp.*	10,026		157,809
	Louisiana-Pacific Corp.(a)*	32,984		266,181
	Mercer International, Inc.*	9,357		57,078
	Neenah Paper, Inc.(a)	3,300		73,656
	Schweitzer-Mauduit International, Inc.	3,100		206,026
	Wausau Paper Corp.(a)	11,200		92,512
				1,708,555
Personal Products — 0.8%
	CCA Industries, Inc.	556		2,635
	Elizabeth Arden, Inc.*	10,900		403,736
	Inter Parfums, Inc.(a)	6,746		104,968
	Mannatech, Inc.*	7,700		3,157
	Medifast, Inc.(a)*	3,300		45,276
	Natural Alternatives International, Inc.(a)*	1,000		8,820
	Natures Sunshine Products, Inc.*	2,700		41,904
	Nu Skin Enterprises, Inc., Class A(a)	16,043		779,208
	Nutraceutical International Corp.(a)*	2,300		26,036
	Parlux Fragrances, Inc.(a)*	5,787		29,514
	Physicians Formula Holdings, Inc.*	1,300		4,160
	Prestige Brands Holdings, Inc.*	11,200		126,224
	Reliv International, Inc.	3,500		4,550
	Revlon, Inc., Class A(a)*	9,354		139,094
	Schiff Nutrition International, Inc.(a)*	4,641		49,659
	USANA Health Sciences, Inc.(a)*	3,400		103,258
				1,872,199
Pharmaceuticals — 1.5%
	Akorn, Inc.(a)*	20,100		223,512
	AVANIR Pharmaceuticals, Inc., Class A(a)*	16,125		33,056
	Columbia Laboratories, Inc.(a)*	10,900		27,250
	Corcept Therapeutics, Inc.(a)*	4,500		15,390
	Cumberland Pharmaceuticals, Inc.(a)*	5,912		31,807
	Depomed, Inc.(a)*	11,500		59,570

31

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Pharmaceuticals (Continued)
	Emisphere Technologies, Inc.*	6,080	$	1,307
	Hi-Tech Pharmacal Co., Inc.(a)*	2,678		104,147
	Impax Laboratories, Inc.(a)*	14,300		288,431
	Jazz Pharmaceuticals, Inc.(a)*	10,398		401,675
	KV Pharmaceutical Co., Class A(a)*	7,700		10,780
	Lannett Co., Inc.(a)*	4,650		20,553
	Medicines Co. (The)*	13,500		251,640
	Medicis Pharmaceutical Corp., Class A(a)	12,800		425,600
	Obagi Medical Products, Inc.(a)*	3,200		32,512
	Pain Therapeutics, Inc.(a)*	5,500		20,900
	Par Pharmaceutical Cos., Inc.*	7,800		255,294
	Pozen, Inc.*	6,700		26,465
	ProPhase Labs, Inc.(a)*	3,100		3,751
	Questcor Pharmaceuticals, Inc.*	14,600		607,068
	Repros Therapeutics, Inc.(a)*	700		3,374
	Santarus, Inc.(a)*	500		1,655
	Sucampo Pharmaceuticals, Inc., Class A(a)*	3,198		14,167
	Transcept Pharmaceuticals, Inc.(a)*	4,028		31,539
	Viropharma, Inc.*	25,800		706,662
	XenoPort, Inc.*	5,338		20,338
				3,618,443
Professional Services — 2.0%
	Acacia Research - Acacia Technologies*	29,010		1,059,155
	Advisory Board Co. (The)*	4,800		356,208
	Barrett Business Services, Inc.	2,100		41,916
	CBIZ, Inc.(a)*	15,700		95,927
	CDI Corp.	3,800		52,478
	Competitive Technologies, Inc.(a)*	1,800		2,268
	Corporate Executive Board Co. (The)	6,893		262,623
	CoStar Group, Inc.(a)*	3,755		250,571
	CRA International, Inc.*	2,200		43,648
	Dolan Media Co.(a)*	6,400		54,528
	Exponent, Inc.*	2,610		119,982
	Franklin Covey Co.(a)*	4,000		33,880
	FTI Consulting, Inc.(a)*	9,847		417,710
	GP Strategies Corp.(a)*	3,599		48,514
	Heidrick & Struggles International, Inc.	3,700		79,698
	Hill International, Inc.*	9,200		47,288
	Hudson Highland Group, Inc.(a)*	7,871		37,702
	Huron Consulting Group, Inc.*	4,651		180,180
	ICF International, Inc.*	4,955		122,785
	Insperity, Inc.	5,700		144,495
	Kelly Services, Inc., Class A	8,211		112,326
	Kforce, Inc.(a)*	10,079		124,274
	Korn/Ferry International*	11,693		199,483
	Luna Innovations, Inc.(a)*	1,600		2,776
	Mastech Holdings, Inc.(a)*	849		3,167
	Mistras Group, Inc.*	6,091		155,260
	National Technical Systems, Inc.(a)*	1,400		8,750
	Navigant Consulting, Inc.*	13,900		158,599
	Odyssey Marine Exploration, Inc.(a)*	10,650		29,181
	On Assignment, Inc.*	12,485		139,582
	Pendrell Corp.*	9,861		25,244
	RCM Technologies, Inc.(a)*	2,995		15,514
	Resources Connection, Inc.	11,115		117,708
	SmartPros Ltd.(a)	1,000		1,790
	TrueBlue, Inc.*	11,123		154,387
	Volt Information Sciences, Inc.(a)*	4,949		30,684
	VSE Corp.(a)	850		20,638
				4,750,919
Real Estate Management & Development — 0.4%
	Altisource Portfolio Solutions SA*	5,967		299,424
	Avatar Holdings, Inc.(a)*	2,054		14,748
	Consolidated-Tomoka Land Co.	1,100		29,777
	Forestar Group, Inc.*	8,034		121,554
	Kennedy-Wilson Holdings, Inc.(a)	4,738		50,128
	Maui Land & Pineapple Co., Inc.*	1,800		7,506
	St. Joe Co. (The)(a)*	14,313		209,829
	Tejon Ranch Co.*	8,031		196,599
	Thomas Properties Group, Inc.(a)	8,716		29,024
	ZipRealty, Inc.*	4,510		5,096
				963,685
Road & Rail — 1.5%
	AMERCO, Inc.(a)	4,600		406,640
	Arkansas Best Corp.	5,700		109,839
	Avis Budget Group, Inc.(a)*	21,901		234,779
	Celadon Group, Inc.	5,010		59,168
	Con-way, Inc.	13,191		384,650
	Covenant Transportation Group, Inc., Class A(a)*	1,500		4,455
	Dollar Thrifty Automotive Group, Inc.*	4,400		309,144
	Frozen Food Express Industries*	5,100		6,579
	Heartland Express, Inc.(a)	23,624		337,587
	Knight Transportation, Inc.(a)	20,700		323,748
	Marten Transport Ltd.	4,614		83,006
	Old Dominion Freight Line, Inc.*	12,528		507,760
	P.A.M. Transportation Services, Inc.*	3,196		30,362
	Quality Distribution, Inc.*	6,100		68,625
	RailAmerica, Inc.(a)*	11,142		165,904
	Roadrunner Transportation Systems, Inc.*	4,624		65,337
	Saia, Inc.(a)*	3,200		39,936
	Universal Truckload Services, Inc.(a)	3,300		59,895
	USA Truck, Inc.(a)*	1,900		14,687
	Werner Enterprises, Inc.	17,675		425,967
				3,638,068
Semiconductors & Semiconductor Equipment — 4.2%
	Advanced Analogic Technologies, Inc.(a)*	9,300		53,754
	Advanced Energy Industries, Inc.*	9,400		100,862
	Aehr Test Systems*	900		468
	Aetrium, Inc.*	2,200		1,606
	Alpha & Omega Semiconductor Ltd.(a)*	3,174		23,202
	Amkor Technology, Inc.(a)*	43,398		189,215
	Amtech Systems, Inc.*	2,200		18,722
	Anadigics, Inc.(a)*	14,200		31,098
	Applied Micro Circuits Corp.*	14,675		98,616
	ATMI, Inc.(a)*	7,200		144,216
	AuthenTec, Inc.(a)*	8,622		27,677
	Axcelis Technologies, Inc.(a)*	20,139		26,785
	AXT, Inc.(a)*	12,200		50,874
	Brooks Automation, Inc.	16,574		170,215
	BTU International, Inc.*	2,100		5,460
	Cabot Microelectronics Corp.(a)*	5,200		245,700
	Cascade Microtech, Inc.(a)*	3,500		11,935
	Cavium, Inc.(a)*	4,505		128,077
	Ceva, Inc.(a)*	4,175		126,335
	Cirrus Logic, Inc.(a)*	16,300		258,355
	Cohu, Inc.	5,200		59,020
	CSR PLC ADR*	2,173		24,837
	Cyberoptics Corp.*	1,700		13,311
	Cymer, Inc.(a)*	8,635		429,678
	Diodes, Inc.(a)*	9,250		197,025
	DSP Group, Inc.*	6,800		35,428
	Entegris, Inc.*	32,288		281,713
	Entropic Communications, Inc.*	13,401		68,479
	Exar Corp.*	11,669		75,849
	Fairchild Semiconductor International, Inc.*	26,822		322,937

32

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (Continued)
	Formfactor, Inc.*	10,700	$	54,142
	FSI International, Inc.(a)*	8,500		31,110
	GigOptix, Inc.*	2,680		4,824
	GSI Technology, Inc.(a)*	6,498		30,411
	GT Advanced Technologies, Inc.(a)*	33,248		240,716
	Hittite Microwave Corp.*	7,800		385,164
	Ikanos Communications, Inc.*	9,200		7,452
	Integrated Device Technology, Inc.*	33,300		181,818
	Integrated Silicon Solution, Inc.(a)*	5,884		53,780
	International Rectifier Corp.*	14,106		273,939
	Intersil Corp., Class A	31,221		325,947
	IXYS Corp.(a)*	7,000		75,810
	Kopin Corp.(a)*	16,230		62,972
	Kulicke & Soffa Industries, Inc.*	18,199		168,341
	Lattice Semiconductor Corp.*	32,718		194,345
	LTX-Credence Corp.(a)*	9,555		51,119
	Mattson Technology, Inc.(a)*	14,200		19,596
	MEMSIC, Inc.(a)*	1,209		3,228
	Micrel, Inc.	15,500		156,705
	Microsemi Corp.*	19,475		326,206
	Mindspeed Technologies, Inc.(a)*	6,180		28,304
	MIPS Technologies, Inc., Class A(a)*	16,600		74,036
	MKS Instruments, Inc.	12,552		349,197
	Monolithic Power Systems, Inc.*	7,600		114,532
	Nanometrics, Inc.(a)*	4,500		82,890
	Netlogic Microsystems, Inc.*	293		14,524
	Omnivision Technologies, Inc.(a)*	11,500		140,702
	PDF Solutions, Inc.*	8,956		62,423
	Pericom Semiconductor Corp.*	5,500		41,855
	Photronics, Inc.*	11,917		72,455
	Pixelworks, Inc.*	1,533		3,725
	PLX Technology, Inc.(a)*	6,900		19,803
	PMC - Sierra, Inc.*	49,083		270,447
	Power Integrations, Inc.(a)	6,500		215,540
	Ramtron International Corp.*	10,700		20,865
	RF Micro Devices, Inc.(a)*	58,119		313,843
	Rubicon Technology, Inc.*	4,400		41,316
	Rudolph Technologies, Inc.(a)*	6,058		56,097
	Semtech Corp.*	13,910		345,246
	Sigma Designs, Inc.(a)*	6,309		37,854
	Silicon Image, Inc.*	16,700		78,490
	Silicon Laboratories, Inc.(a)*	9,015		391,431
	Spansion, Inc., Class A(a)*	15,456		127,976
	Spire Corp.*	1,100		682
	Standard Microsystems Corp.*	5,000		128,850
	STR Holdings, Inc.(a)*	7,400		60,902
	SunPower Corp.(a)*	3,530		21,992
	Supertex, Inc.(a)*	2,900		54,752
	Tessera Technologies, Inc.*	11,500		192,625
	TriQuint Semiconductor, Inc.*	32,800		159,736
	Ultra Clean Holdings*	4,750		29,023
	Ultratech, Inc.(a)*	5,300		130,221
	Veeco Instruments, Inc.(a)*	8,400		174,720
	Volterra Semiconductor Corp.(a)*	5,300		135,733
				9,861,861
Software — 3.8%
	Accelrys, Inc.*	13,277		89,221
	ACI Worldwide, Inc.*	10,000		286,400
	Actuate Corp.*	14,300		83,798
	Advent Software, Inc.(a)*	12,200		297,192
	American Software, Inc., Class A	5,100		48,195
	AsiaInfo-Linkage, Inc.(a)*	15,273		118,366
	Aspen Technology, Inc.*	23,092		400,646
	Blackbaud, Inc.	12,954		358,826
	Bottomline Technologies, Inc.*	7,055		163,464
	Bsquare Corp.*	2,300		7,866
	Commvault Systems, Inc.*	8,734		373,116
	Compuware Corp.*	40,753		339,065
	Convio, Inc.*	2,946		32,583
	Deltek, Inc.(a)*	10,652		104,603
	DemandTec, Inc.(a)*	584		7,691
	Digimarc Corp.*	1,256		30,006
	Ebix, Inc.(a)	9,036		199,696
	EPIQ Systems, Inc.(a)	8,450		101,569
	ePlus, Inc.(a)*	1,200		33,936
	Fair Isaac Corp.	10,900		390,656
	Gerber Scientific(a)	5,000		—
	GSE Systems, Inc.(a)*	2,896		5,647
	Guidance Software, Inc.(a)*	1,433		9,286
	Interactive Intelligence Group*	3,800		87,096
	JDA Software Group, Inc.*	9,553		309,422
	Kenexa Corp.*	5,100		136,170
	Manhattan Associates, Inc.*	5,462		221,102
	Mentor Graphics Corp.*	24,100		326,796
	MicroStrategy, Inc., Class A*	2,101		227,580
	Monotype Imaging Holdings, Inc.*	7,120		111,001
	NetScout Systems, Inc.*	9,285		163,416
	Opnet Technologies, Inc.(a)	8,469		310,558
	Pervasive Software, Inc.*	5,000		29,100
	Progress Software Corp.*	13,950		269,932
	PROS Holdings, Inc.(a)*	6,073		90,366
	QAD, Inc., Class A(a)*	4,879		51,229
	QAD, Inc., Class B(a)*	1,219		12,617
	Quest Software, Inc.*	9,413		175,082
	RealPage, Inc.*	1,534		38,764
	Rosetta Stone, Inc.*	4,230		32,275
	S1 Corp.(a)*	18,494		176,988
	Scientific Learning Corp.(a)*	4,750		12,113
	Seachange International, Inc.*	7,100		49,913
	Smith Micro Software, Inc.(a)*	6,500		7,345
	Solarwinds, Inc.(a)*	15,895		444,265
	Sourcefire, Inc.(a)*	5,802		187,869
	SRS Labs, Inc.*	3,700		21,275
	SS&C Technologies Holdings, Inc.*	15,115		272,977
	Synchronoss Technologies, Inc.*	2,822		85,253
	Take-Two Interactive Software, Inc.*	17,890		242,409
	Taleo Corp., Class A*	1,594		61,672
	TeleCommunication Systems, Inc., Class A*	10,596		24,901
	TeleNav, Inc.*	8,331		65,065
	THQ, Inc.(a)*	14,250		10,830
	TiVo, Inc.*	24,136		216,500
	Tyler Technologies, Inc.(a)*	8,205		247,053
	Ultimate Software Group, Inc.(a)*	3,395		221,082
	Verint Systems, Inc.*	8,369		230,482
	VirnetX Holding Corp.(a)*	3,418		85,347
	Websense, Inc.(a)*	8,084		151,413
				8,889,086
Specialty Retail — 4.8%
	Aaron's, Inc.	17,233		459,776
	Aeropostale, Inc.(a)*	6,275		95,694
	America's Car-Mart, Inc.(a)*	2,516		98,577
	Ann, Inc.*	12,800		317,184
	Asbury Automotive Group, Inc.*	9,700		209,132
	Ascena Retail Group, Inc.*	1,276		37,923
	Barnes & Noble, Inc.(a)*	12,568		181,985
	Bebe Stores, Inc.(a)	22,995		191,548
	Big 5 Sporting Goods Corp.(a)	4,047		42,251

33

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Specialty Retail (Continued)
	Body Central Corp.*	261	$	6,515
	Books-A-Million, Inc.(a)	3,928		9,388
	Boyds Collection Ltd.(a),(b)*	10,600		—
	Brown Shoe Co., Inc.(a)	9,550		84,995
	Buckle, Inc. (The)(a)	9,375		383,156
	Build-A-Bear Workshop, Inc.*	3,900		32,994
	Cabela's, Inc.(a)*	17,400		442,308
	Cache, Inc.*	3,300		20,427
	Casual Male Retail Group, Inc.(a)*	8,925		30,523
	Cato Corp. (The), Class A(a)	7,100		171,820
	Charming Shoppes, Inc.*	24,814		121,589
	Chico's FAS, Inc.	10,249		114,174
	Childrens Place Retail Stores, Inc.(a)*	6,000		318,720
	Christopher & Banks Corp.*	7,937		18,573
	Citi Trends, Inc.*	3,000		26,340
	Collective Brands, Inc.(a)*	13,100		188,247
	Conn's, Inc.*	7,199		79,909
	Cost Plus, Inc.(a)*	4,685		45,679
	Destination Maternity Corp.(a)	2,800		46,816
	DSW, Inc., Class A	7,973		352,486
	Express, Inc.*	21,004		418,820
	Finish Line Inc. (The), Class A	12,124		233,811
	Friedmans, Inc., Class A(b)	1,600		—
	Genesco, Inc.(a)*	5,569		343,830
	Golfsmith International Holdings, Inc.(a)*	1,600		5,072
	Group 1 Automotive, Inc.(a)	4,900		253,820
	Haverty Furniture Cos., Inc.(a)	3,600		39,528
	hhgregg, Inc.(a)*	9,379		135,527
	Hibbett Sports, Inc.*	6,450		291,411
	Hot Topic, Inc.	9,875		65,274
	Jos. A. Bank Clothiers, Inc.(a)*	6,612		322,401
	Kirkland's, Inc.(a)*	5,977		79,494
	Lithia Motors, Inc., Class A	4,731		103,420
	Lumber Liquidators Holdings, Inc.*	195		3,444
	MarineMax, Inc.(a)*	4,100		26,732
	Men's Wearhouse, Inc.(a)	11,601		375,988
	Midas, Inc.*	3,000		25,770
	Monro Muffler Brake, Inc.(a)	6,750		261,832
	New York & Co., Inc.(a)*	11,900		31,654
	Office Depot, Inc.*	60,988		131,124
	OfficeMax, Inc.(a)*	17,831		80,953
	Pacific Sunwear Of California(a)*	14,775		25,265
	Penske Auto Group, Inc.	20,300		390,775
	PEP Boys-Manny Moe & Jack(a)	11,700		128,700
	Pier 1 Imports, Inc.*	34,700		483,371
	RadioShack Corp.(a)	20,906		202,997
	Rent-A-Center, Inc.	13,202		488,474
	Rue21, Inc.(a)*	4,880		105,408
	Sally Beauty Holdings, Inc.*	8,941		188,923
	Select Comfort Corp.(a)*	12,269		266,115
	Shoe Carnival, Inc.(a)*	2,240		57,568
	Sonic Automotive, Inc., Class A(a)	8,327		123,323
	Sport Chalet, Inc.*	800		1,312
	Stage Stores, Inc.(a)	8,600		119,454
	Stein Mart, Inc.(a)*	11,157		75,979
	Systemax, Inc.(a)*	7,400		121,434
	Talbots, Inc.(a)*	10,590		28,169
	Tandy Leather Factory, Inc.*	2,200		10,736
	Trans World Entertainment(a)*	5,400		13,608
	Ulta Salon Cosmetics & Fragrance, Inc.*	6,477		420,487
	Vitamin Shoppe, Inc.*	7,189		286,697
	West Marine, Inc.(a)*	4,005		46,578
	Wet Seal, Inc.(a)*	20,875		68,052
	Zale Corp.(a)*	7,200		27,432
	Zumiez, Inc.(a)*	6,000		166,560
				11,206,051
Textiles, Apparel & Luxury Goods — 1.5%
	Carter's, Inc.(a)*	14,200		565,302
	Cherokee, Inc.	1,700		19,839
	Columbia Sportswear Co.(a)	8,700		404,985
	CROCS, Inc.*	22,600		333,802
	Culp, Inc.*	2,400		20,448
	Delta Apparel, Inc.(a)*	1,153		22,011
	G-III Apparel Group Ltd.(a)*	3,500		87,185
	Heelys, Inc.(a)*	2,200		4,070
	Iconix Brand Group, Inc.(a)*	16,998		276,897
	Jones Group, Inc. (The)	19,161		202,149
	K-Swiss, Inc., Class A(a)*	5,700		16,644
	Kenneth Cole Productions, Inc., Class A*	3,400		36,006
	LaCrosse Footwear, Inc.	582		7,345
	Lakeland Industries, Inc.*	440		4,070
	Maidenform Brands, Inc.*	5,100		93,330
	Movado Group, Inc.	4,000		72,680
	Oxford Industries, Inc.(a)	4,374		197,355
	Perry Ellis International, Inc.(a)*	3,000		42,660
	Quiksilver, Inc.*	32,625		117,776
	R.G. Barry Corp.	1,900		22,952
	Rocky Brands, Inc.*	1,000		9,020
	Skechers U.S.A., Inc., Class A(a)*	6,800		82,416
	Steven Madden Ltd.*	10,860		374,670
	Superior Uniform Group, Inc.(a)	1,100		13,673
	Tandy Brands Accessories, Inc.*	1,300		1,274
	True Religion Apparel, Inc.*	5,400		186,732
	Unifi, Inc.(a)*	4,533		34,451
	Wolverine World Wide, Inc.	11,000		392,040
				3,641,782
Thrifts & Mortgage Finance — 1.8%
	Astoria Financial Corp.(a)	21,700		184,233
	Atlantic Coast Financial Corp.*	488		1,371
	Bank Mutual Corp.(a)	8,663		27,548
	BankFinancial Corp.(a)	4,900		27,048
	Beneficial Mutual Bancorp, Inc.(a)*	16,344		136,636
	Berkshire Hills Bancorp, Inc.(a)	4,442		98,568
	BofI Holding, Inc.*	1,700		27,625
	Brookline Bancorp, Inc.(a)	19,118		161,356
	Cape Bancorp, Inc.(a)*	236		1,853
	Capitol Federal Financial, Inc.	41,921		483,768
	CFS Bancorp, Inc.	1,800		7,794
	Charter Financial Corp.(a)	2,028		18,779
	Citizens Community Bancorp, Inc.*	400		2,000
	Citizens First Bancorp, Inc.*	1,800		13
	Citizens South Banking Corp.	1,260		4,498
	Clifton Savings Bancorp, Inc.	4,173		38,726
	Dime Community Bancshares	10,050		126,630
	Doral Financial Corp.(a)*	6,300		6,023
	ESSA Bancorp, Inc.(a)	1,900		19,893
	Federal Agricultural Mortgage Corp., Class C	1,400		25,228
	First Defiance Financial Corp.(a)	1,100		16,049
	First Federal Bancshares of Arkansas, Inc.*	397		1,715
	First Federal of Northern Michigan Bancorp, Inc.*	300		858
	First Financial Holdings, Inc.(a)	2,800		25,004
	First Financial Northwest, Inc.(a)*	2,239		13,188
	First Pactrust Bancorp, Inc.	1,673		17,148
	First Place Financial Corp.(a)*	2,900		1,508
	Flushing Financial Corp.	7,140		90,178

34

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (Continued)
	Fox Chase Bancorp, Inc.(a)	3,230	$	40,795
	Hampden Bancorp, Inc.(a)	300		3,540
	HF Financial Corp.	110		1,179
	Home Bancorp, Inc.*	994		15,377
	Home Federal Bancorp, Inc.(a)	4,062		42,245
	HopFed Bancorp, Inc.(a)	415		2,698
	Kaiser Federal Financial Group, Inc.	2,068		26,512
	Kearny Financial Corp.(a)	17,221		163,600
	Meridian Interstate Bancorp, Inc.(a)*	3,210		39,965
	MGIC Investment Corp.(a)*	44,075		164,400
	New England Bancshares, Inc.	1,000		10,370
	New Hampshire Thrift Bancshares, Inc.(a)	200		2,260
	Northeast Community Bancorp, Inc.(a)	2,200		12,320
	Northfield Bancorp, Inc.(a)	8,158		115,517
	Northwest Bancshares, Inc.	27,000		335,880
	OceanFirst Financial Corp.(a)	3,447		45,052
	Ocwen Financial Corp.*	23,644		342,365
	Oritani Financial Corp.(a)	12,152		155,181
	Provident Financial Holdings, Inc.	1,000		9,340
	Provident Financial Services, Inc.(a)	14,515		194,356
	Provident New York Bancorp	10,000		66,400
	Pulaski Financial Corp.(a)	2,040		14,504
	Radian Group, Inc.(a)	27,036		63,264
	Rainier Pacific Financial Group, Inc.*	700		—
	Riverview Bancorp, Inc.*	2,760		6,541
	Rockville Financial, Inc.(a)	7,084		73,390
	Roma Financial Corp.	4,854		47,763
	SI Financial Group, Inc.	2,065		20,340
	Territorial Bancorp, Inc.(a)	2,302		45,465
	Timberland Bancorp, Inc.*	2,600		10,010
	Tree.com, Inc.(a)*	900		5,031
	Trustco Bank Corp.(a)	17,234		96,683
	United Financial Bancorp, Inc.	3,955		63,636
	ViewPoint Financial Group(a)	8,008		104,184
	Washington Federal, Inc.	23,270		325,547
	Waterstone Financial, Inc.(a)*	6,900		13,248
	Westfield Financial, Inc.(a)	5,000		36,800
	WSFS Financial Corp.	789		28,372
				4,309,368
Tobacco — 0.3%
	Alliance One International, Inc.(a)*	20,000		54,400
	Star Scientific, Inc.(a)*	27,050		58,969
	Universal Corp.(a)	5,600		257,376
	Vector Group Ltd.(a)	17,287		307,017
				677,762
Trading Companies & Distributors — 1.5%
	Aceto Corp.(a)	7,018		48,424
	Aircastle Ltd.	15,000		190,800
	Applied Industrial Technologies, Inc.(a)	9,834		345,862
	Beacon Roofing Supply, Inc.(a)*	10,600		214,438
	BlueLinx Holdings, Inc.(a)*	14,231		21,346
	CAI International, Inc.*	3,585		55,424
	DXP Enterprises, Inc.*	2,600		83,720
	Empire Resources, Inc.	2,300		6,440
	GATX Corp.(a)	10,233		446,773
	H&E Equipment Services, Inc.*	8,700		116,754
	Houston Wire & Cable Co.(a)	5,746		79,410
	Interline Brands, Inc.*	6,600		102,762
	Kaman Corp., Class A	5,778		157,855
	KSW, Inc.	1,050		3,497
	Lawson Products, Inc.(a)	1,575		24,302
	RSC Holdings, Inc.(a)*	4,488		83,028
	Rush Enterprises, Inc., Class A*	6,000		125,520
	TAL International Group, Inc.(a)	7,400		213,046
	Textainer Group Holdings Ltd.(a)	10,100		294,112
	Titan Machinery, Inc.*	3,710		80,618
	United Rentals, Inc.(a)*	12,532		370,321
	Watsco, Inc.(a)	5,300		347,998
	Willis Lease Finance Corp.(a)*	900		10,710
				3,423,160
Water Utilities — 0.2%
	American States Water Co.(a)	3,550		123,895
	Artesian Resources Corp., Class A	1,300		24,479
	California Water Service Group	8,600		157,036
	Connecticut Water Service, Inc.(a)	1,900		51,547
	Consolidated Water Co., Ltd.(a)	2,195		18,833
	Middlesex Water Co.(a)	2,337		43,608
	SJW Corp.(a)	4,400		104,016
	York Water Co.(a)	1,271		22,421
				545,835
Wireless Telecommunication Services — 0.2%
	Leap Wireless International, Inc.(a)*	17,252		160,271
	NTELOS Holdings Corp.	4,685		95,480
	Shenandoah Telecommunications Co.(a)	4,460		46,741
	USA Mobility, Inc.	4,000		55,480
				357,972
	TOTAL COMMON STOCKS
	(Identified Cost $233,688,193)			235,495,400
RIGHTS & WARRANTS — 0.0%
Biotechnology — 0.0%
	Celgene Corp., expires 12/31/2030*	4,900		6,860
Construction Materials — 0.0%
	U.S. Concrete, Inc., Class A, expires 8/31/17(b)*	335		—
	U.S. Concrete, Inc., expires 8/31/17(b)*	335		—
				—
Hotels, Restaurants & Leisure — 0.0%
	Krispy Kreme Doughnuts, Inc., expires 3/2/2012*	130		8
Oil, Gas & Consumable Fuels — 0.0%
	Zion Oil & Gas, Inc., expires 7/26/12(a)*	1,460		211
Pharmaceuticals — 0.0%
	FRD Acquisition Co.(c)	656		—
	Fresenius Kabi Pharmaceuticals Holding, Inc., expires 6/30/11(b)(c)*	13,728		—
				—
Specialty Retail — 0.0%
	Ligand Pharmaceuticals, expires 12/31/11(b)*	1,800		—
	TOTAL RIGHTS & WARRANTS
	(Identified Cost $111,630)			7,079
		FACE
		AMOUNT	VALUE†
BONDS AND NOTES — 0.0%
Capital Markets — 0.0%
	GAMCO Investors, Inc.*	30		20
	TOTAL BONDS AND NOTES
	(Identified Cost $30)			20

35

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
SHORT-TERM INVESTMENTS — 0.0%
Other — 0.0%
	SSgA Government Money Market Fund	1	$	1
	SSgA Money Market Fund	41		41
				42
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $42)			42
COLLATERAL FOR SECURITIES ON LOAN — 34.3%
Short-Term — 34.3%
	State Street Navigator Securities
	Lending Prime Portfolio	80,520,088		80,520,088
	TOTAL COLLATERAL FOR SECURITIES ON LOAN
	(Identified Cost $80,520,088)			80,520,088
Total Investments — 134.4%
	(Identified Cost $314,319,983)#			316,022,629
	Liabilities, Less Cash and Other Assets — (34.4%)			(80,837,259	)
Net Assets — 100.0%			$	235,185,370

†	See Note 1.
*	Non-income producing security.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $ 77,833,156.
(b)	Bankrupt security/delisted.
(c)	Contingent value rights based on future performance.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $314,319,983. Net unrealized appreciation aggregated $1,578,221 of which $55,431,522 related to appreciated investment securities and $53,853,301 related to depreciated investment securities.

Key to abbreviations:
ADR– American Depository Receipt

36

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 99.7%
Australia — 5.2%
	Alumina Ltd.	256,850	$	292,918
	Amcor Ltd.	137,883		1,016,803
	Asciano Group	137,016		630,630
	Bank of Queensland Ltd.(a)	69,547		519,980
	Bendigo and Adelaide Bank Ltd.	80,715		662,919
	BlueScope Steel Ltd.(a)	244,217		101,163
	Boral Ltd.(a)	149,703		551,219
	Caltex Australia Ltd.	54,126		651,588
	Crown Ltd.	80,586		666,805
	CSR Ltd.(a)	75,681		151,717
	Downer EDI Ltd.*	14,976		49,016
	Echo Entertainment Group Ltd.(a)*	116,617		428,201
	Fairfax Media Ltd.(a)	358,477		263,988
	Harvey Norman Holdings Ltd.(a)	35,795		67,181
	Incitec Pivot Ltd.	240,274		764,290
	Insurance Australia Group Ltd.(a)	46,828		142,729
	Lend Lease Corp. Ltd.	35,726		261,630
	Macquarie Group Ltd.	32,171		782,798
	National Australia Bank Ltd.	5,777		138,028
	OneSteel Ltd.(a)	91,574		65,563
	Origin Energy Ltd.	174,933		2,386,813
	OZ Minerals Ltd.	32,061		328,248
	Primary Health Care Ltd.	48,970		154,267
	Qantas Airways Ltd.*	197,873		295,482
	Santos Ltd.	118,345		1,481,570
	Seven Group Holdings Ltd.	1,538		11,137
	Sims Metal Management Ltd.(a)	38,790		501,882
	Suncorp Group Ltd.	216,476		1,855,430
	TABCORP Holdings Ltd.	117,035		326,790
	Tatts Group Ltd.	164,072		409,463
	Toll Holdings Ltd.(a)	79,355		342,513
	Wesfarmers Ltd.	201,167		6,069,733
				22,372,494
Austria — 0.1%
	Erste Group Bank AG	20,746		364,764
	OMV AG	704		21,358
	Raiffeisen Bank International AG(a)	8,878		230,554
				616,676
Belgium — 1.0%
	Delhaize Group	17,993		1,010,792
	Fortis	349,625		543,003
	KBC Groep NV	16,399		206,535
	SA D'ieteren NV	2,077		91,585
	Solvay SA	13,524		1,114,269
	UCB SA	31,369		1,319,885
				4,286,069
Canada — 12.9%
	Astral Media, Inc., Class A	10,600		369,270
	Bell Aliant, Inc.	200		5,613
	Canadian Natural Resources Ltd.	20,800		778,915
	Canadian Pacific Railway Ltd.(a)	17,375		1,176,980
	Canadian Tire Corp., Ltd.	18,300		1,183,774
	Canadian Utilities Ltd., Class A(a)	6,069		366,612
	Empire Co., Ltd., Class A	7,800		452,572
	EnCana Corp.	153,451		2,845,339
	Enerplus Corp.(a)	31,795		806,774
	Ensign Energy Services Inc.	16,271		259,538
	Fairfax Financial Holdings Ltd.	2,700		1,158,211
	George Weston Ltd.(a)	7,700		514,644
	Goldcorp, Inc.	69,511		3,084,753
	Groupe Aeroplan, Inc.	22,400		262,534
	HudBay Minerals, Inc.	800		7,963
	Husky Energy, Inc.(a)	50,950		1,227,801
	Industrial Alliance Insurance & Financial
	Services, Inc.(a)	18,285		471,865
	Inmet Mining Corp.(a)	9,029		580,515
	Kinross Gold Corp.	203,700		2,325,429
	Loblaw Companies Ltd.(a)	14,200		536,359
	Lundin Mining Corp.*	58,141		220,865
	Magna International, Inc., Class A(a)	50,224		1,676,188
	Manulife Financial Corp.(a)	320,899		3,417,673
	New Gold, Inc.*	17,543		177,023
	Nexen, Inc.	90,416		1,438,668
	Pengrowth Energy Corp.(a)	39,727		419,595
	Penn West Petroleum Ltd.(a)	58,024		1,149,943
	Precision Drilling Corp.*	40,259		414,939
	Progress Energy Resources Corp.(a)	1,293		16,804
	Progressive Waste Solutions Ltd.(a)	4,734		92,612
	Quadra FNX Mining Ltd.(a)*	28,500		421,870
	Sun Life Financial, Inc.(a)	125,037		2,319,705
	Suncor Energy, Inc.	247,864		7,148,215
	Talisman Energy, Inc.(a)	52,300		666,360
	Teck Resources Ltd.(a)	104,620		3,687,759
	TELUS Corp.	17,542		940,854
	Thomson Reuters Corp.	106,534		2,847,530
	TransAlta Corp.(a)	32,569		672,000
	TransCanada Corp.(a)	138,613		6,058,834
	Uranium One, Inc.(a)*	16,700		35,408
	Viterra, Inc.	55,057		580,429
	Yamana Gold, Inc.(a)	166,200		2,450,379
				55,269,114
Denmark — 1.3%
	A P Moller - Maersk A/S, Class A	33		205,930
	A P Moller - Maersk A/S, Class B	273		1,802,476
	Carlsberg A/S	20,734		1,462,098
	Danske Bank A/S*	117,152		1,488,036
	H Lundbeck A/S	5,267		99,043
	Jyske Bank A/S*	9,528		233,916
	Rockwool International A/S	570		45,733
	TDC A/S	26,693		214,072
	Vestas Wind Systems A/S(a)*	6,330		68,334
				5,619,638
Finland — 0.7%
	Kesko Oyj	11,009		369,888
	Neste Oil Oyj	18,872		190,638
	Stora Enso Oyj, R Shares	129,420		775,199
	UPM-Kymmene Oyj	153,593		1,691,684
				3,027,409
France — 9.2%
	Air France-KLM(a)*	27,263		140,188
	Arkema	1,831		129,627
	AXA SA	198,619		2,582,195
	BNP Paribas SA	28,349		1,113,563
	Bollore	14		2,745
	Bouygues SA	4,657		146,735
	Cap Gemini SA	19,799		618,712
	Casino Guichard Perrachon SA	9,335		786,285
	Cie de Saint-Gobain	76,505		2,937,328
	Cie Generale de Geophysique-Veritas*	1,131		26,539
	Cie Generale de Geophysique-Veritas, ADR(a)*	9,901		229,901
	Ciments Francais SA	2,122		164,235
	CNP Assurances	21,364		264,835
	Compagnie Generele des Etablissements
	Michelin, Class B, ADR	22,537		1,332,272
	Credit Agricole SA	186,204		1,050,736

37

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
France (Continued)
	Credit Industriel et Commercial	509	$	66,207
	EDF SA(a)	19,244		468,243
	France Telecom SA	252,519		3,965,995
	GDF Suez	246,704		6,743,548
	Groupe Eurotunnel SA	42,022		286,076
	Lafarge SA	38,431		1,350,920
	Lagardere SCA	29,198		770,906
	Natixis	161,411		406,114
	Peugeot SA	25,314		396,756
	PPR	11,860		1,698,456
	Renault SA	35,128		1,218,447
	Rexel SA	13,765		235,163
	Sanofi	6,600		484,762
	Sanofi-Aventis SA, ADR	43,199		1,578,491
	SCOR	14,662		342,712
	Societe Generale	59,624		1,327,682
	Thales SA	427		13,485
	Vallourec SA	3,772		244,877
	Vivendi	288,783		6,323,977
				39,448,713
Germany — 8.1%
	Allianz SE	34,938		3,342,101
	Bayerische Motoren Werke AG	71,775		4,808,236
	Celesio AG	6,399		101,371
	Commerzbank AG(a)*	188,056		317,139
	Daimler AG	127,622		5,602,730
	Deutsche Bank AG	29,867		1,137,821
	Deutsche Bank AG	41,677		1,577,891
	Deutsche Lufthansa AG	50,963		605,832
	Deutsche Post AG	9,793		150,574
	Deutsche Telekom AG	475,474		5,455,365
	E.On AG	249,404		5,380,930
	Fraport AG Frankfurt Airport Services Worldwide	523		25,722
	Hannover Rueckversicherung AG	4,864		241,265
	HeidelbergCement AG	14,250		604,748
	Merck KGaA	8,461		843,529
	Muenchener Rueckversicherungs AG	18,030		2,211,723
	RWE AG	18,902		664,196
	Salzgitter AG	3,794		189,688
	Suedzucker AG	6,635		211,678
	ThyssenKrupp AG	39,448		904,960
	Volkswagen AG	4,022		539,548
				34,917,047
Greece — 0.1%
	Hellenic Petroleum SA	26,868		220,814
	National Bank of Greece SA*	11,245		23,723
				244,537
Hong Kong — 1.3%
	Henderson Land Development Co., Ltd.	177,777		883,552
	Hopewell Holdings Ltd.	77,000		196,897
	Hutchison Whampoa Ltd.	362,000		3,043,623
	New World Development Co., Ltd.	670,884		540,743
	Orient Overseas International Ltd.	28,500		166,414
	Sino Land Co., Ltd.	5,800		8,259
	The Hongkong & Shanghai Hotels Ltd.	68,495		75,845
	Tsim Sha Tsui Properties	58,492		146,859
	Wheelock & Co., Ltd.	233,000		577,205
				5,639,397
Ireland — 0.3%
	CRH PLC	10,173		202,236
	CRH PLC, ADR(a)	59,896		1,187,139
				1,389,375
Israel — 0.5%
	Bank Hapoalim B.M.	120,208		391,756
	Bank Leumi Le-Israel	116,511		333,544
	Bezeq Israeli Telecommunication Corp. Ltd.	26,406		48,378
	Elbit Systems Ltd.	4,903		201,343
	Israel Chemicals Ltd.	32,730		339,238
	Israel Discount Bank Ltd., Series A*	138,248		185,007
	NICE Systems Ltd.*	22,235		765,996
	Paz Oil Co., Ltd.	569		69,053
	Strauss Group Ltd.	973		11,923
				2,346,238
Italy — 0.9%
	Banca Monte dei Paschi di Siena SpA	162,299		52,913
	Banco Popolare Scarl(a)	25,217		32,637
	Fiat SpA(a)	77,417		355,699
	Finmeccanica SpA(a)	61,153		226,203
	Telecom Italia SpA	1,609,881		1,731,463
	UniCredit SpA(a)	197,083		1,637,580
	Unione di Banche Italiane SCPA(a)	1,905		7,806
				4,044,301
Japan — 21.4%
	Aeon Co., Ltd.(a)	107,200		1,472,137
	Ajinomoto Co., Inc.	33,000		396,154
	Alfresa Holdings Corp.	3,400		143,342
	Amada Co., Ltd.	51,000		323,347
	Aozora Bank Ltd.(a)	42,000		115,681
	Asahi Kasei Corp.	76,000		458,153
	Asatsu-DK, Inc.(a)	1,100		28,911
	Bank of Kyoto Ltd.(a)	45,000		387,619
	Bank of Yokohama Ltd.	45,000		212,810
	Canon Marketing Japan, Inc.	8,000		93,543
	Chiba Bank Ltd.(a)	56,000		360,868
	Chugoku Bank Ltd.	24,000		334,572
	Citizen Holdings Co., Ltd.(a)	68,900		400,134
	Coca-Cola West Co., Ltd.(a)	7,200		124,880
	COMSYS Holdings Corp.	9,000		94,478
	Cosmo Oil Co., Ltd.(a)	111,000		310,056
	Dai Nippon Printing Co., Ltd.(a)	119,000		1,144,082
	Daicel Chemical Industries Ltd.(a)	45,000		274,198
	Daishi Bank Ltd.	40,000		130,440
	Daiwa Securities Group, Inc.(a)	131,000		408,471
	Elpida Memory, Inc.(a)*	26,600		123,721
	Fuji Heavy Industries Ltd.	79,000		477,264
	Fuji Media Holdings, Inc.	84		127,359
	FUJIFILM Holdings Corp.	113,700		2,692,934
	Fujikura Ltd.	65,000		190,009
	Fukuoka Financial Group, Inc.	153,000		642,055
	Glory Ltd.	7,800		167,917
	Gunma Bank Ltd.	55,000		302,261
	H2O Retailing Corp.(a)	18,000		137,274
	Hachijuni Bank Ltd.(a)	68,000		387,839
	Hakuhodo DY Holdings, Inc.(a)	2,090		120,018
	Hankyu Hanshin Holdings, Inc.	12,000		50,513
	Higo Bank Ltd.	29,000		163,895
	Hiroshima Bank Ltd.(a)	7,000		32,558
	Hitachi Capital Corp.	4,800		66,540
	Hitachi High-Technologies Corp.	9,800		212,628
	Hokkoku Bank Ltd.	38,000		139,223
	Hokuhoku Financial Group, Inc.	172,000		335,196
	House Foods Corp.(a)	8,700		163,669
	Hyakujushi Bank Ltd.	35,000		156,425
	Idemitsu Kosan Co., Ltd.(a)	7,700		794,309

38

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Japan (Continued)
	Inpex Corp.	218	$	1,373,652
	Isetan Mitsukoshi Holdings Ltd.(a)	57,300		600,768
	Iyo Bank Ltd.(a)	30,000		296,219
	J Front Retailing Co., Ltd.	112,000		541,302
	JFE Holdings, Inc.	46,000		833,104
	Joyo Bank Ltd.	91,000		401,975
	JS Group Corp.	31,800		609,393
	JTEKT Corp.	22,500		221,288
	Juroku Bank Ltd.	33,000		107,613
	JX Holdings, Inc.	446,500		2,697,447
	Kagoshima Bank Ltd.	22,000		154,346
	Kajima Corp.(a)	88,000		269,819
	Kamigumi Co., Ltd.	32,000		276,056
	Kaneka Corp.(a)	55,000		292,971
	Kawasaki Kisen Kaisha Ltd.(a)	49,000		88,489
	Keiyo Bank	24,000		118,800
	Kinden Corp.	34,000		287,125
	Konica Minolta Holdings, Inc.(a)	24,500		182,708
	Kyocera Corp.	10,300		828,336
	Kyowa Hakko Kirin Co., Ltd.(a)	40,000		489,541
	Marui Group Co., Ltd.	55,700		434,195
	Mazda Motor Corp.(a)*	226,000		399,324
	Mediceo Paltac Holdings Co., Ltd.	19,700		205,779
	MEIJI Holdings Co., Ltd.	9,100		377,738
	Mitsubishi Chemical Holdings Corp.(a)	91,000		501,286
	Mitsubishi Corp.	89,800		1,814,200
	Mitsubishi Gas Chemical Co., Inc.	62,000		343,952
	Mitsubishi Heavy Industries Ltd.(a)	482,000		2,053,995
	Mitsubishi Logistics Corp.	10,000		111,082
	Mitsubishi Materials Corp.	181,000		491,477
	Mitsubishi UFJ Financial Group, Inc.	917,400		3,897,490
	Mitsubishi UFJ Financial Group, Inc., ADR	1,031,340		4,321,315
	Mitsui & Co., Ltd.	18,800		292,368
	Mitsui & Co., Ltd., ADR(a)	2,885		892,907
	Mitsui Chemicals, Inc.(a)	126,000		384,695
	Mitsui Engineering & Shipbuilding Co., Ltd.(a)	44,000		68,598
	Mitsui OSK Lines Ltd.(a)	172,000		665,922
	Mitsui Sumitomo Insurance Group Holdings, Inc.	64,900		1,202,383
	Mizuho Financial Group, Inc.	34,100		46,075
	Nagase & Co., Ltd.	24,000		261,608
	Namco Bandai Holdings, Inc.	3,300		46,990
	Nanto Bank Ltd.	1,000		5,535
	NEC Corp.*	268,000		543,173
	Nippon Electric Glass Co., Ltd.(a)	24,000		237,599
	Nippon Express Co., Ltd.	132,000		514,486
	Nippon Meat Packers, Inc.	27,067		336,184
	Nippon Paper Group, Inc.(a)	14,200		309,939
	Nippon Sheet Glass Co., Ltd.	159,000		297,467
	Nippon Shokubai Co., Ltd.(a)	18,000		193,400
	Nippon Steel Corp.(a)	544,000		1,356,996
	Nippon Television Network Corp.	1,030		157,638
	Nippon Yusen(a)	228,000		583,552
	Nisshin Seifun Group, Inc.	30,000		363,648
	Nisshin Steel Co., Ltd.(a)	160,000		245,290
	Nisshinbo Holdings, Inc.	23,000		207,379
	NOK Corp.(a)	16,200		278,454
	Nomura Holdings, Inc.	358,300		1,084,629
	NTN Corp.	32,000		128,881
	Obayashi Corp.(a)	99,000		439,886
	OJI Paper Co., Ltd.(a)	88,000		451,605
	Onward Holdings Co., Ltd.	28,000		205,535
	Panasonic Corp.(a)	263,000		2,234,663
	Panasonic Corp., ADR(a)	98,061		822,732
	Renesas Electronics Corp.(a)*	9,300		56,909
	Rengo Co., Ltd.	18,000		125,581
	Ricoh Co., Ltd.(a)	127,000		1,107,146
	Rohm Co., Ltd.	14,400		671,638
	San-In Godo Bank Ltd.	22,000		164,921
	Sapporo Hokuyo Holdings, Inc.	32,000		114,746
	SBI Holdings, Inc.	3,270		239,610
	Seiko Epson Corp.(a)	28,000		372,145
	Seino Holdings Corp.	23,000		178,394
	Sekisui Chemical Co., Ltd.	52,000		428,998
	Sekisui House Ltd.	158,000		1,402,027
	Seven & I Holdings Co., Ltd.	13,800		384,578
	Sharp Corp.(a)	182,000		1,591,347
	Shiga Bank Ltd.	30,000		204,235
	Shimizu Corp.(a)	90,000		377,680
	Shinsei Bank Ltd.	193,000		200,598
	Showa Denko KK(a)	214,000		433,727
	Showa Shell Sekiyu KK(a)	29,700		200,264
	SKY Perfect JSAT Holdings, Inc.	167		83,641
	Sohgo Security Services Co., Ltd.	7,900		83,342
	Sojitz Corp.(a)	149,700		231,445
	Sony Corp., ADR(a)	212,565		3,834,673
	Sumitomo Bakelite Co., Ltd.(a)	43,000		240,782
	Sumitomo Corp.	207,400		2,807,728
	Sumitomo Electric Industries Ltd.	144,800		1,576,490
	Sumitomo Forestry Co., Ltd.(a)	28,200		249,136
	Sumitomo Mitsui Financial Group, Inc.	170,400		4,746,493
	Suzuken Co., Ltd.(a)	11,400		316,066
	Suzuki Motor Corp.	24,500		506,743
	Taisei Corp.	181,000		458,555
	Takashimaya Co., Ltd.(a)	45,000		325,646
	TDK Corp.	11,100		491,763
	Teijin Ltd.	34,000		104,690
	The 77 Bank Ltd.	60,000		258,802
	The Nishi-Nippon City Bank Ltd.	89,000		255,541
	The Yokohama Rubber Co., Ltd.(a)	28,000		157,152
	Toda Corp.	30,000		109,133
	TOKAI RIKA Co., Ltd.	5,900		90,374
	Tokuyama Corp.(a)	46,000		146,421
	Tokyo Broadcasting System Holdings, Inc.	6,900		88,749
	Tokyo Steel Manufacturing Co., Ltd.(a)	16,100		130,942
	Tokyo Tatemono Co., Ltd.(a)*	69,000		208,874
	Toppan Printing Co., Ltd.(a)	163,000		1,198,623
	Tosoh Corp.(a)	49,000		131,142
	Toyo Seikan Kaisha Ltd.	52,200		712,096
	Toyoda Gosei Co., Ltd.	2,000		31,883
	Toyota Auto Body Co., Ltd.	7,000		104,973
	Toyota Motor Corp.	105,300		3,509,088
	Toyota Motor Corp., ADR	50,471		3,337,647
	Toyota Tsusho Corp.	30,600		541,076
	UNY Co., Ltd.(a)	39,000		351,137
	Wacoal Holdings Corp.(a)	14,000		185,891
	Yamaguchi Financial Group, Inc.	51,000		487,008
	Yamaha Corp.	32,700		299,938
	Yamato Kogyo Co., Ltd.	2,000		57,425
				91,886,137
Netherlands — 2.6%
	Aegon NV*	72,073		289,263
	Akzo Nobel NV	49,506		2,393,773
	ArcelorMittal	110,977		2,029,521
	ArcelorMittal-NY Registered	29,788		541,844
	Koninklijke DSM NV	31,703		1,470,984
	Koninklijke Philips Electronics NV	143,152		3,016,269

39

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Netherlands (Continued)
	STMicroelectronics NV	240,145	$	1,426,918
	TNT Express NV	624		4,663
				11,173,235
New Zealand — 0.1%
	Contact Energy Ltd.*	110,499		453,285
Norway — 0.9%
	Aker ASA, Series A	823		21,329
	Archer Ltd.*	11,137		29,980
	BW Offshore Ltd.(a)	11,203		17,701
	DnB NOR ASA	69,771		683,029
	Marine Harvest ASA(a)	309,194		133,689
	Norsk Hydro ASA	267,912		1,242,612
	Orkla ASA	165,896		1,238,496
	Petroleum Geo-Services ASA*	29,174		319,259
	Storebrand ASA	70,912		368,737
				4,054,832
Portugal — 0.1%
	Banco Comercial Portugues SA(a)*	210,790		37,103
	Banco Espirito Santo SA(a)	97,975		171,186
				208,289
Singapore — 0.8%
	CapitaLand Ltd.	203,000		345,885
	Fraser & Neave Ltd.(a)	106,500		509,078
	Golden Agri-Resources Ltd.	1,188,000		654,886
	Neptune Orient Lines Ltd.(a)	150,749		130,752
	Overseas Union Enterprise Ltd.	64,000		103,620
	Singapore Airlines Ltd.(a)	165,340		1,295,135
	United Industrial Corp., Ltd.	171,000		359,917
	Venture Corp., Ltd.	16,000		76,481
				3,475,754
Spain — 2.7%
	Acciona SA	8,496		733,760
	Banco de Sabadell SA(a)	306,009		1,162,017
	Banco Espanol de Credito SA(a)	13,917		67,095
	Banco Popular Espanol SA(a)	281,788		1,283,759
	Banco Santander SA	349,086		2,652,094
	Bankinter SA(a)	6,575		40,421
	Criteria Caixacorp SA(a)	210,490		1,033,860
	EDP Renovaveis SA*	18,086		110,672
	Gas Natural SDG SA	76,918		1,320,546
	International Consolidated Airlines Group SA*	183,620		420,329
	Mapfre SA(a)	18,659		59,287
	Repsol YPF SA(a)	84,909		2,608,322
	Sacyr Vallehermoso SA(a)	13,060		67,104
				11,559,266
Sweden — 2.4%
	Boliden AB	20,208		295,102
	Holmen AB, B Shares	18,717		537,681
	Meda AB, A Shares	6,846		71,225
	Nordea Bank AB	247,277		1,913,311
	Skandinaviska Enskilda Banken AB, Series A	230,385		1,342,062
	SSAB Svenskt Stal AB, Series A(a)	42,025		370,357
	SSAB Svenskt Stal AB, Series B	17,977		137,922
	Svenska Cellulosa AB, Series A	922		13,518
	Svenska Cellulosa AB, Series B	131,362		1,946,938
	Swedbank AB, Class A	78,393		1,015,502
	Tele2 AB, Class B	33,117		644,338
	Telefonaktiebolaget LM Ericsson	144,362		1,476,752
	Telefonaktiebolaget LM Ericsson, A Shares	334		3,375
	TeliaSonera AB	59,380		403,543
				10,171,626
Switzerland — 5.2%
	Adecco SA*	32,604		1,365,876
	Alpiq Holding AG	161		29,139
	Aryzta AG	5,352		258,683
	Baloise Holding AG	14,302		980,569
	Banque Cantonale Vaudoise	335		162,721
	Credit Suisse Group AG*	18,370		431,626
	Givaudan SA*	1,372		1,307,293
	Holcim Ltd.*	63,904		3,418,690
	Lonza Group AG*	5,819		343,825
	Novartis AG	14,519		830,051
	Novartis AG	13,288		759,678
	Sulzer AG	1,644		175,724
	Swiss Life Holding AG*	5,342		491,375
	Swiss Re Ltd.*	89,565		4,564,544
	UBS AG*	123,242		1,466,886
	Zurich Financial Services AG*	24,930		5,639,971
				22,226,651
United Kingdom — 21.9%
	Associated British Foods PLC	76,049		1,307,412
	Aviva PLC	427,825		1,998,552
	Barclays PLC	448,147		1,225,259
	Barclays PLC, ADR(a)	122,013		1,340,923
	BP PLC, ADR	369,933		15,810,936
	Carnival PLC	36,295		1,195,194
	Carnival PLC, ADR	24,609		812,510
	Eurasian Natural Resources Corp. PLC	2,813		27,762
	HSBC Holdings PLC	115,142		878,074
	HSBC Holdings PLC, ADR(a)	448		17,069
	International Power PLC	262,187		1,372,999
	Investec PLC	71,730		377,635
	J Sainsbury PLC	374,389		1,761,140
	John Wood Group PLC	644		6,411
	Kazakhmys PLC	42,677		614,391
	Kingfisher PLC	803,327		3,127,650
	Lloyds Banking Group PLC*	5,337,553		2,147,322
	Lloyds Banking Group PLC, ADR*(a)*	19,015		29,854
	Mondi PLC	36,769		259,815
	Old Mutual PLC	870,234		1,831,246
	Pearson PLC	11,184		210,162
	Pearson PLC, ADR	75,300		1,420,911
	Resolution Ltd.	165,216		645,043
	Rexam PLC	232,302		1,272,779
	Royal & Sun Alliance Insurance Group PLC	35,357		57,765
	Royal Bank of Scotland Group PLC*	1,666,913		522,403
	Royal Bank of Scotland Group PLC, ADR(a)*	26,038		165,862
	Royal Dutch Shell PLC	37,989		1,447,784
	Royal Dutch Shell PLC, A Shares	3,896		143,457
	Royal Dutch Shell PLC, ADR	249,011		18,927,326
	Vedanta Resources PLC(a)	2,183		34,411
	Vodafone Group PLC(a)	58,988		1,653,434
	Vodafone Group PLC, ADR	6,835,685		18,991,700
	WM Morrison Supermarkets PLC	611,503		3,097,805
	Wolseley PLC	32,204		1,066,273
	WPP PLC	217,958		2,286,492
	Xstrata PLC	395,500		6,006,989
				94,092,750
	TOTAL COMMON STOCKS
	(Identified Cost $443,543,773)			428,522,833

40

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
PREFERRED STOCKS — 0.0%
Germany — 0.0%
	Porsche Automobil Holding SE	2,731	$	146,156
	TOTAL PREFERRED STOCKS
	(Identified Cost $169,209)			146,156
SHORT-TERM INVESTMENTS — 0.0%
United States — 0.0%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	57		57
				58
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $58)			58
COLLATERAL FOR SECURITIES ON LOAN — 15.0%
Short-Term — 15.0%
	State Street Navigator Securities Lending
	Prime Portfolio	64,629,732		64,629,732
	TOTAL COLLATERAL FOR SECURITIES ON LOAN
	(Identified Cost $64,629,732)			64,629,732
Total Investments — 114.7%
	(Identified Cost $508,342,772)#			493,298,779
	Liabilities, Less Cash and Other Assets — (14.7%)			(63,289,387	)
Net Assets — 100.0%			$	430,009,392

†	See Note 1.
(a)	A portion or all of the security was held on loan. As of December 31, 2011, the market value of the securities on loan was $62,499,430.
*	Non-income producing security
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $508,342,772. Net unrealized depreciation aggregated $15,043,993 of which $48,675,654 related to appreciated investment securities and $63,719,647 related to depreciated investment securities.

Key to abbreviations:
ADR – American Depository Receipt

41

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 95.2%
Brazil — 9.5%
	Banco Santander Brasil SA	6,200	$	49,726
	Banco Santander Brasil SA, ADR	114,655		933,292
	BM&FBOVESPA SA	168,604		885,843
	BR Malls Participacoes SA	34,200		332,236
	BRF - Brasil Foods SA	9,300		181,587
	BRF - Brasil Foods SA, ADR	5,215		101,953
	Brookfield Incorporacoes SA	27,100		71,918
	Cosan SA Industria e Comercio	15,500		224,367
	Fibria Celulose SA, ADR	35,799		278,158
	Gafisa SA	31,894		146,712
	Gerdau SA	6,900		45,316
	Gerdau SA, ADR	98,782		771,487
	Hypermarcas SA	15,400		70,178
	JBS SA*	94,584		308,308
	Magnesita Refratarios SA*	7,500		23,201
	Marfrig Alimentos SA	18,499		84,697
	MPX Energia SA*	4,200		104,705
	Petroleo Brasileiro SA, ADR	60,737		1,509,315
	Rossi Residencial SA	14,800		63,477
	Usinas Siderurgicas de Minas Gerais SA	25,400		233,540
				6,420,016
Chile — 2.2%
	Cencosud SA	6,318		36,364
	Cia General de Electricidad	18,040		86,467
	Empresas CMPC SA	133,020		488,807
	Empresas COPEC SA	28,567		383,001
	Enersis SA, ADR	29,100		513,033
				1,507,672
China — 15.7%
	Agile Property Holdings Ltd.	85,859		76,942
	Angang Steel Co., Ltd., H Shares	78,000		56,341
	Bank of China Ltd., H Shares	4,654,902		1,720,131
	Bank of Communications Co., Ltd., H Shares	539,400		378,509
	Beijing Capital International Airport Co., Ltd., H Shares	132,000		66,284
	Beijing Enterprises Holdings Ltd.	36,500		219,942
	Chaoda Modern Agriculture Holdings Ltd.	62,354		8,831
	China Agri-Industries Holdings Ltd.	77,000		58,494
	China Citic Bank Corp. Ltd., H Shares	554,000		313,144
	China Coal Energy Co.	243,000		262,192
	China Communication Services Corp. Ltd., H Shares	118,000		52,873
	China Communications Construction Co., Ltd.	323,000		252,857
	China Construction Bank Corp., H Shares	1,505,810		1,050,845
	China COSCO Holdings Co., Ltd., H Shares	141,000		69,169
	China Dongxiang Group Co.	165,000		28,043
	China Everbright Ltd.	72,000		112,543
	China Lumena New Materials Corp.	224,000		41,532
	China Merchants Holdings International Co., Ltd.	72,693		210,593
	China Minsheng Banking Corp. Ltd., H Shares	281,000		243,857
	China National Materials Co., Ltd., H Shares	18,000		6,397
	China Petroleum & Chemical Corp.	12,822		1,346,951
	China Railway Construction Corp. Ltd.	127,000		69,823
	China Resources Land Ltd.	154,000		246,667
	China Shipping Container Lines Co., Ltd., H Shares*	303,200		69,099
	China Shipping Development Co., Ltd., H Shares	105,543		65,908
	China Travel International Inv HK	208,000		35,084
	China Unicom Hong Kong Ltd.	42,000		88,471
	China Unicom Hong Kong Ltd., ADR	38,409		811,582
	China Yurun Food Group Ltd.	9,000		11,820
	China Zhongwang Holdings Ltd.	73,600		25,113
	Citic Pacific Ltd.	126,000		227,126
	Citic Resources Holdings Ltd.*	228,000		31,118
	COSCO Pacific Ltd.	76,000		88,657
	Country Garden Holdings Co.	143,000		53,579
	Dalian Port PDA Co., Ltd., H Shares	128,000		31,149
	Fosun International	163,500		84,207
	Franshion Properties China Ltd.	238,000		45,660
	Fushan International Energy Group Ltd.	188,000		63,178
	Geely Automobile Holdings Ltd.	200,000		43,777
	Glorious Property Holdings Ltd.*	228,000		40,218
	Greentown China Holdings Ltd.	34,500		14,970
	Guangshen Railway Co., Ltd., ADR	3,500		61,740
	Guangzhou Automobile Group Co., Ltd., H Shares	140,870		117,534
	Guangzhou R&F Properties Co., Ltd.	66,800		52,896
	Harbin Power Equipment Co., Ltd.	54,000		46,932
	Hidili Industry International Development Ltd.	60,000		17,768
	Hopson Development Holdings Ltd.	68,000		35,460
	Hunan Non-Ferrous Metal Corp. Ltd., H Shares*	96,000		28,059
	Industrial & Commercial Bank of China	157,795		93,865
	Kaisa Group Holdings Ltd.*	13,000		2,243
	Kingboard Chemical Holdings Ltd.	40,500		119,676
	Kingboard Laminates Holdings Ltd.	50,000		22,854
	KWG Property Holding Ltd.	72,000		24,289
	Lee & Man Paper Manufacturing Ltd.	76,000		24,464
	Maanshan Iron & Steel, H Shares	128,000		41,037
	Metallurgical Corp. of China Ltd., H Shares	131,000		30,023
	New World China Land Ltd.	148,800		29,888
	Nine Dragons Paper Holdings Ltd.	54,000		33,999
	Poly Hong Kong Investments Ltd.	150,000		64,893
	Semiconductor Manufacturing International Corp.*	994,000		47,994
	Semiconductor Manufacturing International Corp., ADR*	7,700		18,095
	Shanghai Industrial Holdings Ltd.	55,000		151,192
	Shenzhen International Holdings	627,500		40,397
	Shenzhen Investment Ltd.	108,000		19,329
	Shimao Property Holdings Ltd.	130,500		110,898
	Shougang Concord International Enterprises Co., Ltd.	264,000		15,636
	Shui On Land Ltd.	230,281		69,974
	Sino-Ocean Land Holdings Ltd.	228,434		105,885
	Sinofert Holdings Ltd.	120,000		33,837
	Sinotrans Ltd., H Shares	106,000		18,971
	Sinotrans Shipping Ltd.	74,573		18,147
	Sinotruk Hong Kong Ltd.	60,000		33,528
	Skyworth Digital Holdings Ltd.	56,000		19,684
	Soho China Ltd.	195,500		130,390
	TCC International Holdings Ltd.	64,000		21,920
	Tian An China Investment	10,000		5,112
	Travelsky Technology Ltd., H Shares	118,500		61,641
	Weiqiao Textile Co., H Shares	33,000		16,571
	Xinjiang Xinxin Mining Industry Co., Ltd., H Shares	66,000		17,846
	Yuexiu Property Co., Ltd.	515,800		74,382
				10,602,725

42

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Czech Republic — 0.3%
	Telefonica O2 Czech Republic AS	4,507	$	87,395
	Unipetrol*	14,712		127,338
				214,733
Hungary — 0.2%
	Egis Gyogyszergyar Nyrt	1,851		134,549
	OTP Bank Nyrt	2,446		32,325
				166,874
India — 7.1%
	Aditya Birla Nuvo Ltd.	2,706		37,723
	Allahabad Bank Ltd.	1,836		3,959
	Ambuja Cements Ltd.	9,569		28,146
	Amtek Auto Ltd.	7,584		13,724
	Arvind Ltd.*	11,397		14,250
	Ashok Leyland Ltd.	66,000		28,523
	Aurobindo Pharma Ltd.	5,739		9,207
	Bajaj Finserv Ltd.	1,407		11,316
	Bajaj Holdings and Investment Ltd.	1,407		18,044
	Bank of Baroda	4,881		60,386
	Bank of India	7,035		34,973
	Bhushan Steel Ltd.	7,490		43,864
	Bombay Rayon Fashions Ltd.	1,619		8,231
	Cairn India Ltd.*	37,422		221,904
	Canara Bank	5,493		37,754
	Central Bank Of India	22,808		28,346
	Corporation Bank	250		1,643
	DLF Ltd.	29,868		103,066
	Educomp Solutions Ltd.	5,729		20,713
	EID Parry India Ltd.	7,288		26,075
	Essar Ports Ltd.*	2,998		2,857
	Essar Shipping Ltd.*	1,499		528
	Federal Bank Ltd.	9,627		61,455
	Gitanjali Gems Ltd.	6,654		37,746
	HCL Infosystems Ltd.	6,893		5,049
	Hexa Tradex Ltd.*	2,323		1,531
	Hindalco Industries Ltd.	86,851		188,568
	Housing Development & Infrastructure Ltd.*	8,468		8,547
	ICICI Bank Ltd., ADR	32,610		861,882
	IDBI Bank Ltd.	16,131		23,602
	IFCI Ltd.	14,171		5,804
	Indiabulls Financial Services Ltd.	1,875		4,839
	Indiabulls Infra and Power Ltd.	3,507		511
	Indiabulls Real Estate Ltd.	1,189		1,034
	Indiabulls Wholesale Services Ltd.*	2,253		180
	Indian Bank	12,173		42,326
	Indian Hotels Co., Ltd.	19,676		20,082
	Indian Overseas Bank	26,718		36,954
	Infrastructure Development Finance Co., Ltd.	42,265		72,504
	ING Vysya Bank Ltd.	6,545		35,249
	Jaiprakash Associates Ltd.	65,004		64,202
	Jammu & Kashmir Bank Ltd.	2,469		30,987
	Jaypee Infratech Ltd.	42,410		31,146
	Jindal Saw Ltd.	11,615		28,543
	JSW Energy Ltd.	54,292		38,645
	JSW Steel Ltd.	10,487		99,716
	Mphasis Ltd.	2,597		14,637
	National Aluminium Co., Ltd.	72,404		69,466
	Oriental Bank Of Commerce	7,526		27,848
	Patni Computer Systems Ltd., ADR*	3,300		53,691
	Piramal Healthcare Ltd.	1,684		11,958
	PTC India Ltd.	3,148		2,315
	Reliance Capital Ltd.	8,971		39,673
	Reliance Communications Ltd.	57,695		76,159
	Reliance Industries Ltd.	39,139		510,823
	Reliance Industries Ltd., GDR, (b)	21,509		572,139
	Reliance Power Ltd.*	39,511		52,602
	Rural Electrification Corp. Ltd.	11,303		32,863
	Sesa Goa, Ltd.	15,374		47,478
	Shipping Corp. of India Ltd.	13,851		12,572
	Shree Renuka Sugars Ltd.	48,908		23,162
	Sintex Industries Ltd.	22,565		26,812
	State Bank of India Ltd.	1,500		45,843
	State Bank of India Ltd., GDR	1,400		89,600
	Steel Authority of India Ltd.	21,523		32,950
	Sterlite Industries India Ltd., ADR	26,322		182,411
	Suzlon Energy Ltd.*	48,515		16,536
	Syndicate Bank	19,381		25,000
	Tata Chemicals Ltd.	6,115		36,157
	Tata Communications Ltd.	10,678		42,819
	Tata Communications Ltd., ADR	1,300		10,348
	Tata Steel Ltd., ADR	23,636		148,768
	Tata Tea Ltd.	29,240		49,747
	The Great Eastern Shipping Co., Ltd.	5,045		17,908
	Union Bank Of India	6,100		19,677
	Unitech Ltd.*	81,467		29,454
	United Phosphorus Ltd.	11,000		26,358
	Videocon Industries Ltd.	6,099		20,259
				4,824,367
Indonesia — 3.0%
	AKR Corporindo Tbk PT	127,500		42,535
	Aneka Tambang Tbk PT	444,000		79,325
	Bakrie and Brothers Tbk PT*	584,500		3,287
	Bakrie Telecom Tbk PT*	845,500		24,244
	Bank Tabungan Negara Tbk PT	55,500		7,406
	Barito Pacific Tbk PT*	253,500		21,527
	Bumi Serpong Damai Tbk PT	412,500		44,582
	Ciputra Development Tbk PT	57,000		3,394
	Gajah Tunggal Tbk PT	191,000		63,193
	Holcim Indonesia Tbk PT	174,000		41,737
	Indika Energy Tbk PT	92,000		22,068
	Matahari Putra Prima Tbk PT	17,500		1,776
	Media Nusantara Citra Tbk PT	176,000		25,427
	PT Bank Danamon Indonesia Tbk	245,773		111,130
	PT Bank Mandiri Tbk	237,500		176,799
	PT Bank Negara Indonesia Persero Tbk	671,866		281,565
	PT Bank Pan Indonesia Tbk*	1,140,000		98,064
	PT Bumi Resources Tbk	725,500		174,024
	PT Global Mediacom Tbk	533,500		58,248
	PT Gudang Garam Tbk	14,500		99,225
	PT Indah Kiat Pulp and Paper Corp., Tbk*	249,000		33,777
	PT Indofood Sukses Makmur Tbk	536,500		272,170
	PT International Nickel Indonesia Tbk	349,000		123,165
	PT Lippo Karawaci Tbk	1,964,375		142,982
	PT Medco Energi Internasional Tbk	276,000		73,813
	Timah Tbk PT	130,000		23,943
				2,049,406
Korea — 14.4%
	BS Financial Group, Inc.*	8,140		78,079
	CJ Corp.*	1,214		81,144
	Daelim Industrial Co., Ltd.	1,996		155,591
	Daewoo Engineering & Construction Co., Ltd.*	4,710		42,930
	DGB Financial Group, Inc.*	5,580		62,484
	Dongkuk Steel Mill Co., Ltd.	2,380		42,352
	GS Engineering & Construction Corp.	477		38,135

43

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Korea (Continued)
	GS Holdings Corp.	3,350	$	147,435
	Hana Financial Group, Inc.	13,580		419,070
	Hanjin Heavy Industries & Construction Co., Ltd.*	2,605		41,947
	Hanjin Shipping Co., Ltd.	4,381		43,163
	Hanwha Chem Corp.	6,220		132,823
	Hanwha Corp.	2,710		77,983
	Hyosung Corp.	1,982		92,218
	Hyundai Development Co.	4,300		62,708
	Hyundai Motor Co.	5,327		984,940
	Hyundai Securities Co.	8,977		67,172
	Hyundai Steel Co.	3,820		317,339
	Industrial Bank of Korea	12,480		135,417
	KB Financial Group, Inc., ADR*	23,644		741,003
	KCC Corp.	487		120,693
	Kolon Industries, Inc.	541		29,727
	Korea Exchange Bank	20,440		130,411
	Korea Express Co., Ltd.*	282		18,359
	Korea Investment Holdings Co., Ltd.	3,470		109,492
	Korea Life Insurance Co., Ltd.	9,130		58,648
	LG Corp.	5,555		296,074
	LG Display Co., Ltd., ADR*	30,316		319,227
	LG Electronics, Inc.	7,392		477,400
	LG Innotek Co., Ltd.	565		33,253
	LG Uplus Corp.	20,310		130,464
	Lotte Chilsung Beverage Co., Ltd.	40		50,868
	Lotte Confectionery Co., Ltd.	54		80,016
	Lotte Shopping Co., Ltd.	826		243,426
	Mirae Asset Securities Co., Ltd.	1,180		32,317
	Nong Shim Co., Ltd.	200		40,365
	Pacific Corp.	369		81,680
	Poongsan Corp.	630		14,328
	POSCO, ADR	17,644		1,448,572
	Samsung C&T Corp.	5,831		344,697
	Samsung SDI Co., Ltd.	2,604		301,766
	Shinhan Financial Group Co., Ltd.	4,080		140,781
	Shinhan Financial Group Co., Ltd., ADR*	12,205		832,503
	SK Holdings Co., Ltd.	2,008		210,910
	SK Networks Co., Ltd.	6,830		59,881
	STX Offshore & Shipbuilding Co., Ltd.	4,700		45,694
	STX Pan Ocean Co., Ltd.	9,240		48,767
	Taekwang Industrial Co., Ltd.	18		19,375
	Tong Yang Securities, Inc.	1,000		3,780
	Woori Finance Holdings Co., Ltd.	11,330		92,745
	Woori Finance Holdings Co., Ltd., ADR*	3,675		89,743
	Woori Investment & Securities Co., Ltd.	7,170		65,974
				9,735,869
Malaysia — 3.9%
	Affin Holdings Berhad	96,900		94,149
	Alliance Financial Group Berhad	97,000		120,867
	AMMB Holdings Berhad	201,687		378,561
	Batu Kawan Berhad	18,800		103,548
	Berjaya Corp. Berhad	244,700		73,719
	Berjaya Land Berhad	215,200		64,492
	Boustead Holdings Berhad	41,440		75,559
	DRB-Hicom Berhad	44,100		28,380
	Eastern & Oriental Bhd	46,300		20,448
	Gamuda Berhad	50,000		53,470
	Genting Malaysia Bhd	21,500		25,976
	HAP Seng Consolidated Berhad	21,600		10,834
	Hong Leong Financial Group Berhad	26,900		98,944
	IGB Corp. Berhad	99,283		77,046
	IJM Corp. Berhad	138,180		246,283
	KLCC Property Holdings Berhad	72,000		71,546
	KNM Group Bhd	81,900		25,578
	Kulim Malaysia Berhad	30,000		39,937
	Malaysian Airline System Bhd*	49,400		20,259
	MISC Berhad	40,220		69,402
	MMC Corp. Berhad	109,900		96,032
	Oriental Holdings Berhad	36,360		61,479
	OSK Holdings Berhad	81,500		45,763
	Pharmaniaga Bhd*	720		1,174
	Pos Malaysia Berhad	38,700		31,619
	PPB Group Berhad	55,300		299,353
	Proton Holdings Berhad	27,000		41,054
	RHB Capital Berhad	48,711		114,940
	Shell Refining Co., Federation of Malaya Berhad	8,600		24,905
	TA Enterprise Berhad	92,600		17,381
	TA Global Berhad	55,560		5,083
	Time dotCom Bhd*	75,100		17,176
	Tradewinds Malaysia Bhd	5,500		17,420
	Wah Seong Corp. Bhd	3,500		2,285
	WCT Bhd	21,600		16,217
	YTL Corp. Berhad	282,540		131,911
				2,622,790
Mexico — 6.3%
	Alfa SAB de CV-Class A	31,400		342,224
	Cemex SAB de CV, ADR*	65,742		354,349
	Coca-Cola Femsa SAB de CV, ADR	3,000		285,630
	Corp. GEO SAB de CV-Series B*	34,571		42,685
	Desarrolladora Homex SAB de CV*	9,000		25,153
	Embotelladoras Arca SAB de CV	73,232		312,246
	Empresas ICA SAB de CV, ADR*	8,400		40,152
	Fomento Economico Mexicano SAB de CV, ADR	20,700		1,442,997
	Grupo Aeroportuario del Pacifico SAB de CV, ADR	5,200		175,552
	Grupo Aeroportuario del Sureste SAB de CV, ADR	1,900		106,286
	Grupo Carso SAB de CV-Ser A	47,917		116,027
	Grupo Comercial Chedraui SA de CV	9,500		23,963
	Grupo Financiero Banorte SAB de CV	103,000		311,848
	Grupo Financiero Inbursa SA	74,100		136,362
	Industrias CH SAB de CV- Ser B*	22,900		77,128
	Inmuebles Carso SAB de CV*	47,917		36,020
	Minera Frisco SAB de CV*	37,219		134,423
	Organizacion Soriana SAB de CV- Class B*	94,800		229,278
	Urbi Desarrollos Urbanos SAB DE CV*	36,800		41,877
				4,234,200
Philippines — 0.7%
	Megaworld Corp.	2,020,000		78,304
	Metropolitan Bank & Trust	80,019		123,983
	San Miguel Corp.	86,300		229,845
	Universal Robina Corp.	39,700		43,452
				475,584
Poland — 1.5%
	Asseco Poland SA	5,875		82,572
	Enea SA	7,208		37,598
	Grupa Lotos SA*	10,150		68,533
	Kredyt Bank SA	9,268		26,320
	Netia SA*	10,000		15,359
	Orbis SA*	677		7,436
	PGE SA	54,527		327,086
	Polimex Mostostal SA	38,014		18,287
	Polski Koncern Naftowy Orlen*	36,737		360,897

44

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Poland (Continued)
	Tauron Polska Energia SA	29,050	$	45,038
				989,126
Russia — 5.3%
	Gazprom OAO, ADR	237,661		2,534,982
	Lukoil OAO, ADR	14,376		761,209
	Magnitogorsk Iron & Steel Works, GDR	5,076		24,705
	RusHydro, ADR	7,478		22,808
	Surgutneftegaz, ADR	33,618		263,229
				3,606,933
South Africa — 8.6%
	ABSA Group Ltd.	13,962		243,869
	Aeci Ltd.	6,832		69,940
	African Rainbow Minerals Ltd.	5,732		121,420
	ArcelorMittal South Africa Ltd.	16,923		143,769
	Aveng Ltd.	21,904		89,542
	Barloworld Ltd.	23,324		217,073
	Caxton and CTP Publishers and Printers Ltd.	18,814		34,959
	Daewoo Securities Co., Ltd.	3,497		31,570
	DataTec Ltd.	6,000		30,399
	Gold Fields Ltd., ADR	50,300		767,075
	Grindrod Ltd.	15,332		26,590
	Harmony Gold Mining Co., Ltd., ADR	30,300		352,692
	Imperial Holdings Ltd.	9,604		146,929
	Investec Ltd.	25,999		141,935
	JD Group Ltd.	12,010		72,156
	Liberty Holdings Ltd.	8,197		80,705
	Medi-Clinic Corp. Ltd.	19,471		81,043
	Mmi Holdings Ltd.	9,420		19,954
	Mondi, Ltd.	8,490		60,263
	Mpact, Ltd.*	10,541		19,574
	Murray & Roberts Holdings Ltd.*	1,532		4,868
	Nedbank Group Ltd.	20,163		362,170
	Northam Platinum Ltd.	15,969		59,346
	Sanlam Ltd.	214,984		768,318
	Sappi Ltd., ADR*	44,820		128,185
	Sasol Ltd., ADR	9,800		464,520
	Standard Bank Group Ltd.	65,317		799,011
	Steinhoff International Holdings Ltd.*	137,280		390,793
	Telkom SA Ltd.	21,021		75,647
	Tongaat Hulett Ltd.	439		5,493
				5,809,808
Taiwan — 12.6%
	Ability Enterprise Co., Ltd.	6,000		5,152
	Acer, Inc.	211,000		244,595
	Advanced Semiconductor Engineering, Inc.	13,388		11,452
	Alpha Networks, Inc.	28,000		19,974
	Altek Corp.	15,151		12,059
	AmTRAN Technology Co., Ltd.	42,360		22,104
	Asia Cement Corp.	128,795		144,623
	Asia Optical Co., Inc.*	16,000		12,550
	Asustek Computer, Inc.	22,950		163,338
	AU Optronics Corp., ADR	68,934		297,795
	BES Engineering Corp.	111,000		29,107
	Capital Securities Corp.	156,661		54,067
	Cathay Real Estate Development Co., Ltd.	100,000		34,182
	Chang Hwa Commercial Bank	429,460		233,317
	Cheng Loong Corp.	41,000		14,489
	Cheng Uei Precision Industry Co., Ltd.	18,360		35,897
	Chimei Innolux Corp.*	378,856		152,648
	China Airlines Ltd.	103,000		44,902
	China Development Financial Holding Corp.	878,468		248,637
	China Manmade Fibers Corp.*	89,000		26,395
	China Motor Corp.	39,195		35,598
	China Petrochemical Development Corp.	7,952		7,078
	China Synthetic Rubber Corp.	56,203		52,901
	Chinatrust Financial Holding Co., Ltd.	622,951		388,843
	Chung Hung Steel Corp.	48,000		13,950
	CMC Magnetics Corp.*	165,000		27,247
	Compal Electronics, Inc.	297,000		296,225
	Compeq Manufacturing Co., Ltd.*	100,000		30,747
	D-Link Corp.	41,000		27,691
	E.Sun Financial Holding Co., Ltd.	322,650		139,060
	Elitegroup Computer Systems Co., Ltd.*	39,610		8,307
	Epistar Corp.	20,000		42,472
	Evergreen International Storage & Transport Corp.	17,000		7,944
	Evergreen Marine Corp. Taiwan Ltd.	105,599		53,359
	Everlight Electronics Co., Ltd.	30,000		52,214
	Far Eastern International Bank	69,205		25,713
	First Financial Holding Co., Ltd.	427,074		250,357
	Formosa Taffeta Co., Ltd.	67,000		62,068
	Formosan Rubber Group, Inc.	23,000		13,711
	Fubon Financial Holding Co., Ltd.	9,611		10,173
	Getac Technology Corp.	45,000		21,029
	Gigabyte Technology Co., Ltd.	27,000		18,904
	Gintech Energy Corp.	1,049		1,131
	Goldsun Development & Construction Co., Ltd.	66,953		23,107
	Grand Pacific Petrochemical	99,000		42,505
	Greatek Electronics, Inc.	41,000		32,498
	HannStar Display Corp.*	309,000		16,022
	Hey Song Corp.	26,000		21,639
	Hua Nan Financial Holdings Co., Ltd.	319,482		172,513
	Inotera Memories, Inc.*	104,000		17,174
	Inventec Co., Ltd.	205,104		75,189
	King Yuan Electronics Co., Ltd.	110,100		36,725
	King's Town Bank*	46,000		25,902
	Kinpo Electronics	122,000		25,384
	Lien Hwa Industrial Corp.	62,829		36,416
	LITE-ON IT Corp.	19,094		15,702
	Lite-On Technology Corp.	171,780		193,457
	Macronix International	343,017		137,075
	Masterlink Securities Corp.	55,000		16,984
	Mega Financial Holding Co., Ltd.	777,240		518,519
	Micro-Star International Co., Ltd.	76,374		32,538
	Mitac International	63,439		19,359
	Nan Ya Printed Circuit Board Corp.	6,200		12,593
	Neo Solar Power Corp.	17,000		10,696
	Nien Hsing Textile Co., Ltd.	16,625		11,009
	Pan-International Industrial	17,039		13,168
	Pegatron Corp.	142,249		154,797
	POU Chen Corp.	157,133		128,959
	President Securities Corp.	56,945		26,894
	Qisda Corp.	224,400		46,245
	Radium Life Tech Co., Ltd.	26,502		18,468
	Realtek Semiconductor Corp.	11,000		16,112
	Ritek Corp.*	140,399		21,190
	Sanyang Industry Co., Ltd.	55,573		30,192
	Shihlin Electric & Engineering Corp.	17,000		17,966
	Shin Kong Financial Holding Co., Ltd.*	364,849		103,385
	Shinkong Synthetic Fibers Corp.	97,151		25,797
	Silicon Integrated Systems Corp.	27,456		11,108
	Siliconware Precision Industries Co., ADR	10,775		46,979
	Sincere Navigation Corp.	27,000		22,649

45

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
	SinoPac Financial Holdings Co., Ltd.	462,049	$	140,695
	Sunplus Technology Co., Ltd.	20,999		6,914
	TA Chen Stainless Pipe*	72,000		35,312
	Ta Chong Bank Co., Ltd.*	136,800		31,897
	Taichung Commercial Bank*	140,055		40,334
	Tainan Spinning Co., Ltd.	58,833		19,819
	Taishin Financial Holding Co., Ltd.	359,059		124,513
	Taiwan Business Bank*	212,681		65,534
	Taiwan Cement Corp.	245,772		284,092
	Taiwan Cooperative Financial Holding*	337,562		202,901
	Taiwan Glass Industrial Corp.	81,497		83,976
	Tatung Co., Ltd.*	144,784		36,388
	Teco Electric and Machinery Co., Ltd.	247,000		145,611
	Ton Yi Industrial Corp.	61,950		28,644
	Tong Yang Industry Co., Ltd.	37,450		40,197
	Tung Ho Steel Enterprise Corp.	43,000		37,775
	U-Ming Marine Transport Corp.	20,000		29,625
	Unimicron Technology Corp.	97,000		114,046
	Union Bank Of Taiwan*	22,000		7,193
	United Microelectronics Corp.	1,215,513		509,826
	UPC Technology Corp.	19,000		9,726
	Walsin Lihwa Corp.	302,000		86,973
	Walsin Technology Corp.	58,163		15,502
	Wan Hai Lines Ltd.	76,650		37,086
	Waterland Financial Holdings	176,304		58,809
	Winbond Electronics Corp.*	311,000		43,139
	Wintek Corp.	103,099		73,207
	Wistron Corp.	77,000		97,525
	Yageo Corp.	227,000		58,776
	Yang Ming Marine Transport Corp.	117,365		46,901
	Yieh Phui Enterprise	133,543		43,928
	Young Fast Optoelectronics Co., Ltd.	5,000		10,271
	Yuanta Financial Holding Co., Ltd.*	346,503		176,805
	Yuen Foong Yu Paper Manufacturing Co., Ltd.	150,385		60,096
	Yulon Motor Co., Ltd.	91,272		156,747
				8,531,703
Thailand — 2.4%
	Bangkok Bank PCL, ADR	99,000		481,664
	Bangkok Expressway PCL	63,900		36,861
	Bank of Ayudhya PCL	124,600		87,674
	Delta Electronics Thai PCL	22,000		15,132
	Esso Thailand PCL	97,600		33,410
	IRPC PCL	901,900		116,632
	Kiatnakin Bank PCL	33,300		33,775
	Krung Thai Bank PCL	358,700		169,402
	Precious Shipping PCL	58,400		29,987
	PTT Global Chemical PCL*	86,228		166,717
	Sri Trang Agro-Industry PCL	9,100		5,076
	Thai Airways International PCL	41,400		26,244
	Thai Oil PCL	57,600		106,802
	Thai Plastic & Chemical PCL	75,800		70,875
	Thanachart Capital PCL	81,200		68,846
	Total Access Communication PCL	45,100		99,349
	TPI Polene PCL	113,900		54,513
				1,602,959
Turkey — 1.5%
	Aksigorta AS*	14,835		12,769
	Arcelik AS	20,351		65,768
	Asya Katilim Bankasi AS*	9,747		8,184
	Aygaz AS	4,982		23,256
	Eregli Demir ve Celik Fabrikalari TAS	84,977		147,181
	KOC Holding AS	61,514		184,501
	Petkim Petrokimya Holding AS*	15,985		16,629
	Sekerbank TAS	45,363		21,559
	Tekfen Holding AS	23,735		66,928
	Trakya Cam Sanayi AS	16,808		21,656
	Turk Hava Yollari*	30,509		34,154
	Turk Sise ve Cam Fabrikalari AS	53,209		80,077
	Turkiye Is Bankasi	123,665		216,148
	Turkiye Sinai Kalkinma Bankasi AS	28,595		27,632
	Turkiye Vakiflar Bankasi TAO	49,100		63,522
				989,964
	TOTAL COMMON STOCKS
	(Identified Cost $70,671,035)			64,384,729
PREFERRED STOCKS — 4.6%
Brazil — 4.6%
	Braskem SA, ADR	10,100		142,410
	Cia Brasileira de Distribuicao Grupo Pao de Acucar, ADR	396		14,426
	Gerdau SA	8,800		68,409
	Klabin SA, PF	69,121		296,458
	Petroleo Brasileiro SA	18,594		214,226
	Petroleo Brasileiro SA, ADR	77,403		1,818,197
	Suzano Papel e Celulose SA	24,800		89,614
	Telemar Norte Leste SA, PR A	4,700		112,835
	Usinas Siderurgicas de Minas Gerais SA, PF A	65,050		353,978
				3,110,553
	TOTAL PREFERRED STOCKS
	(Identified Cost $4,173,256)			3,110,553
SHORT-TERM INVESTMENTS — 0.0%
United States — 0.0%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	20		20
				21
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $21)			21
Total Investments — 99.8%
	(Identified Cost $74,844,312)#			67,495,303
	Cash and Other Assets, Less Liabilities — 0.2%			150,749
Net Assets — 100.0%			$	67,646,052

†	See Note 1.
*	Non-income producing security.
#	At December 31, 2011 the aggregate cost of investment securities for U.S federal income tax purposes was $74,844,312. Net unrealized depreciation aggregated $7,349,009 of which $7,306,109 related to appreciated investment securities and $14,655,118 related to depreciated investment securities.
(b)	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 normally to qualified institutional buyers.

Key to abbreviations:
ADR– American Depository Receipt
GDR– Global Depository Receipt

46

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 99.4%
Real Estate Investment Trusts (REITs) — 99.4%
	Acadia Realty Trust	9,122	$	183,717
	Agree Realty Corp.	1,800		43,884
	Alexander's, Inc.	977		361,519
	Alexandria Real Estate Equities, Inc.	13,826		953,579
	American Campus Communities, Inc.	15,413		646,729
	Apartment Investment & Management Co.	27,129		621,525
	Ashford Hospitality Trust, Inc.	11,583		92,664
	Associated Estates Realty Corp.	8,960		142,912
	AvalonBay Communities, Inc.	20,910		2,730,846
	BioMed Realty Trust, Inc.	29,836		539,435
	Boston Properties, Inc.	32,833		3,270,167
	Brandywine Realty Trust	30,194		286,843
	BRE Properties, Inc.	16,502		833,021
	Camden Property Trust	15,652		974,180
	CapLease, Inc.	6,049		24,438
	CBL & Associates Properties, Inc.	31,622		496,465
	Cedar Shopping Centers, Inc.	13,325		57,431
	Cogdell Spencer, Inc.	10,904		46,342
	Colonial Properties Trust	18,453		384,930
	CommonWealth REIT	18,134		301,750
	Corporate Office Properties Trust	15,973		339,586
	Cousins Properties, Inc.	21,935		140,603
	CubeSmart	25,900		275,576
	DCT Industrial Trust, Inc.	55,187		282,557
	DDR Corp.	50,375		613,064
	DiamondRock Hospitality Co.	38,052		366,821
	Digital Realty Trust, Inc.	22,213		1,480,941
	Douglas Emmett, Inc.	27,318		498,280
	Duke Realty Corp.	56,420		679,861
	DuPont Fabros Technology, Inc.	13,674		331,184
	EastGroup Properties, Inc.	5,858		254,706
	Education Realty Trust, Inc.	20,475		209,459
	Entertainment Properties Trust	10,577		462,321
	Equity Lifestyle Properties, Inc.	8,639		576,135
	Equity One, Inc.	19,203		326,067
	Equity Residential	65,949		3,761,071
	Essex Property Trust, Inc.	7,481		1,051,155
	Excel Trust, Inc.	5,342		64,104
	Extra Space Storage, Inc.	19,308		467,833
	Federal Realty Investment Trust	14,251		1,293,278
	FelCor Lodging Trust, Inc.*	24,513		74,765
	First Industrial Realty Trust, Inc.*	17,300		176,979
	First Potomac Realty Trust	11,300		147,465
	Franklin Street Properties Corp.	16,295		162,135
	General Growth Properties, Inc.	95,222		1,430,234
	Getty Realty Corp.	5,900		82,305
	Gladstone Commercial Corp.	756		13,268
	Glimcher Realty Trust	23,919		220,055
	Government Properties Income Trust	8,387		189,127
	HCP, Inc.	90,859		3,764,288
	Health Care REIT, Inc.	39,968		2,179,455
	Healthcare Realty Trust, Inc.	16,679		310,063
	Hersha Hospitality Trust	34,973		170,668
	Highwoods Properties, Inc.	16,361		485,431
	Home Properties, Inc.	10,723		617,323
	Hospitality Properties Trust	28,024		643,992
	Host Hotels & Resorts, Inc.	157,171		2,321,416
	Inland Real Estate Corp.	17,929		136,440
	Investors Real Estate Trust	9,316		67,960
	Kilroy Realty Corp.	13,003		495,024
	Kimco Realty Corp.	91,026		1,478,262
	Kite Realty Group Trust	12,812		57,782
	LaSalle Hotel Properties	18,751		453,962
	Lexington Realty Trust	31,614		236,789
	Liberty Property Trust	25,879		799,144
	LTC Properties, Inc.	5,345		164,947
	Mack-Cali Realty Corp.*	19,600		523,124
	Medical Properties Trust, Inc.	25,741		254,064
	MHI Hospitality Corp.	100		238
	Mid-America Apartment Communities, Inc.	8,069		504,716
	Mission West Properties, Inc.	4,004		36,116
	Monmouth Real Estate Investment Corp., Class A	6,321		57,837
	MPG Office Trust, Inc.*	10,100		20,099
	National Health Investors, Inc.	3,033		133,391
	National Retail Properties, Inc.	21,200		559,256
	Omega Healthcare Investors, Inc.	22,305		431,602
	One Liberty Properties, Inc.	1,927		31,796
	Parkway Properties, Inc.	5,400		53,244
	Pennsylvania Real Estate Investment Trust	11,406		119,079
	Piedmont Office Realty Trust, Inc., Class A	38,406		654,438
	Post Properties, Inc.	11,085		484,636
	Prologis, Inc.	101,860		2,912,177
	PS Business Parks, Inc.	4,782		265,066
	Public Storage	32,353		4,350,184
	Ramco-Gershenson Properties Trust	7,438		73,116
	Realty Income Corp.	29,614		1,035,305
	Regency Centers Corp.	19,804		745,026
	Retail Opportunity Investments Corp.	4,927		58,336
	Sabra Healthcare REIT, Inc.	7,019		84,860
	Saul Centers, Inc.	3,633		128,681
	Senior Housing Properties Trust	35,824		803,891
	Simon Property Group, Inc.	65,329		8,423,521
	SL Green Realty Corp.	19,652		1,309,609
	Sovran Self Storage, Inc.	6,100		260,287
	Strategic Hotels & Resorts, Inc.*	35,891		192,735
	Sun Communities, Inc.	4,300		157,079
	Sunstone Hotel Investors, Inc.*	25,978		211,721
	Supertel Hospitality, Inc.*	2,197		1,406
	Tanger Factory Outlet Centers	19,324		566,580
	Taubman Centers, Inc.	12,538		778,610
	The Macerich Co.	29,378		1,486,527
	UDR, Inc.	48,055		1,206,180
	UMH Properties, Inc.	1,815		16,898
	Universal Health Realty Income Trust	2,400		93,600
	Urstadt Biddle Properties, Inc.	1,000		16,840
	Urstadt Biddle Properties, Inc., Class A	4,000		72,320
	Ventas, Inc.	61,009		3,363,426
	Vornado Realty Trust	37,308		2,867,493
	Washington Real Estate Investment Trust	14,850		406,148
	Weingarten Realty Investors	25,900		565,138
	Whitestone REIT, Class B	200		2,380
	Winthrop Realty Trust	6,334		64,417
				79,729,451
	TOTAL COMMON STOCKS
	(Identified Cost $65,885,768)			79,729,451
SHORT-TERM INVESTMENTS — 0.2%
Other — 0.2%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	152,019		152,019
				152,020
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $152,020)			152,020

47

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2011 (Unaudited) (Continued)

Total Investments — 99.6%
	(Identified Cost $66,037,788)#		79,881,471
	Cash and Other Assets, Less Liabilities — 0.4%		356,862
Net Assets — 100.0%		$	80,238,333

†	See Note 1.
*	Non-income producing security.
#	At December 31, 2011 the aggregate cost of investment securities for U.S. federal income tax purposes was $66,037,788. Net unrealized appreciation aggregated $12,677,358 of which $16,234,009 related to appreciated investment securities and $3,556,651 related to depreciated investment securities.

Key to abbreviations:
REIT — Real Estate Investment Trust

48

DFA INVESTMENT DIMENSIONS GROUP INC.
THE DFA INVESTMENT TRUST COMPANY

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

Schedule of Investments/Summary Schedules of Portfolio Holdings

Investment Abbreviations
	ADR	American Depositary Receipt
	FNMA	Federal National Mortgage Association
	GDR	Global Depository Receipt
	P.L.C.	Public Limited Company
	STRIP	Separate Trading of Registered Interest and Principal of Securities

Investment Footnotes
	†	See Note B to Financial Statements included elsewhere in the Semi-Annual Report.
	††	Securities have generally been fair valued. See Note B to Financial Statements included elsewhere in the Semi-Annual Report.
	*	Non-Income Producing Securities.
	#	Total or Partial Securities on Loan.
	—	Amounts designated as — are either zero or rounded to zero.
	@	Security purchased with cash proceeds from Securities on Loan.
	§	Affiliated Fund.

THE JAPANESE SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2011
(Unaudited)

		Shares	Value††
COMMON STOCKS — (90.2%)
Consumer Discretionary — (20.6%)
#	Accordia Golf Co., Ltd.	4,489	$	3,248,574
	Aeon Fantasy Co., Ltd.	57,832		937,572
	Ahresty Corp.	24,200		115,026
#	Aichi Machine Industry Co., Ltd.	294,000		1,039,401
#	Aigan Co., Ltd.	96,200		450,659
	Aisan Industry Co., Ltd.	132,800		1,029,317
#	Akebono Brake Industry Co., Ltd.	326,700		1,402,001
	Alpen Co., Ltd.	70,600		1,240,776
	Alpha Corp.	30,200		343,838
	Alpine Electronics, Inc.	206,300		2,210,597
	Amiyaki Tei Co., Ltd.	235		559,548
	Amuse, Inc.	29,999		381,235
#*	Anrakutei Co., Ltd.	50,000		259,796
	AOI Advertising Promotion, Inc.	39,000		204,962
	AOKI Holdings, Inc.	97,100		1,582,559
	Aoyama Trading Co., Ltd.	250,500		4,685,577
	Arc Land Sakamoto Co., Ltd.	33,300		620,763
	Arnest One Corp.	183,900		1,878,631
	Asahi Co., Ltd.	38,800		829,651
#*	ASAHI TEC Corp.	1,772,000		738,089
#	Asatsu-DK, Inc.	120,400		3,155,320
*	Ashimori Industry Co., Ltd.	319,000		433,672
#	ASKUL Corp.	78,100		1,108,595
	Asti Corp.	46,000		124,613
#*	Atom Corp.	170,700		640,518
	Atsugi Co., Ltd.	750,000		894,978
	Autobacs Seven Co., Ltd.	97,200		4,444,813
	Avex Group Holdings, Inc.	152,900		1,952,921
	Belluna Co., Ltd.	6,950		51,344
*	Best Denki Co., Ltd.	304,500		738,411
#	Bic Camera, Inc.	2,531		1,408,059
	Bookoff Corp.	34,000		300,520
	Calsonic Kansei Corp.	617,000		3,506,189
	Can Do Co., Ltd.	297		320,760
*	Carchs Holdings Co., Ltd.	707,200		247,340
	Central Sports Co., Ltd.	2,400		31,079
	Chiyoda Co., Ltd.	120,900		2,142,787
	Chofu Seisakusho Co., Ltd.	88,800		2,246,112
	Chori Co., Ltd.	658,000		735,131
	Chuo Spring Co., Ltd.	202,000		713,882
#*	Clarion Co., Ltd.	496,000		882,124
	Cleanup Corp.	131,900		822,723
#	Colowide Co., Ltd.	213,950		1,492,549
	Corona Corp.	76,200		1,197,731
	Cross Plus, Inc.	22,000		231,768
	Daido Metal Co., Ltd.	144,000		1,585,623
	Daidoh, Ltd.	113,600		1,021,000
#*	Daiei, Inc. (The)	391,500		1,410,290
	Daikoku Denki Co., Ltd.	36,900		349,161
	Daimaruenawin Co., Ltd.	400		2,714
	Dainichi Co., Ltd.	54,900		505,729
	Daisyo Corp.	54,300		697,615
#	DCM Holdings Co., Ltd.	356,300		2,802,371
	Descente, Ltd.	231,000		1,215,437
#	Doshisha Co., Ltd.	54,800		1,580,376
	Doutor Nichires Holdings Co., Ltd.	140,986		1,852,167
	Dynic Corp.	127,000		225,424
	Eagle Industry Co., Ltd.	108,000		849,781

1

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Consumer Discretionary — (Continued)
#	Edion Corp.	307,200	$	2,495,481
	Exedy Corp.	120,600		3,462,476
	F&A Aqua Holdings, Inc.	60,638		605,213
	FCC Co., Ltd.	136,900		2,776,458
	Fine Sinter Co., Ltd.	49,000		147,193
	Foster Electric Co., Ltd.	86,500		1,233,423
	France Bed Holdings Co., Ltd.	750,000		1,284,029
#	F-Tech, Inc.	20,300		227,896
#	Fuji Co., Ltd.	97,000		2,270,196
	Fuji Corp, Ltd.	102,300		487,796
#*	Fuji Kiko Co., Ltd.	148,000		403,313
	Fuji Kyuko Co., Ltd.	311,000		1,835,398
	Fuji Oozx, Inc.	6,000		25,714
	Fujibo Holdings, Inc.	271,000		550,556
	Fujikura Rubber, Ltd.	72,900		274,254
#	Fujita Kanko, Inc.	394,100		1,299,646
#	Fujitsu General, Ltd.	285,000		1,625,637
*	FuKoKu Co., Ltd.	500		4,395
#	Funai Electric Co., Ltd.	84,200		2,013,324
#	Furukawa Battery Co., Ltd.	71,000		311,205
	Futaba Industrial Co., Ltd.	186,000		1,043,990
	G-7 Holdings, Inc.	29,200		139,664
*	Gajoen Kanko Co.	37,000		—
	Gakken Holdings Co., Ltd.	322,000		586,176
#*	Genki Sushi Co., Ltd.	19,400		240,532
#	Geo Holdings Corp.	1,394		1,442,762
	GLOBERIDE, Inc.	463,000		535,969
	Goldwin, Inc.	175,000		711,823
#*	Gourmet Kineya Co., Ltd.	87,000		473,298
*	GSI Creos Corp.	194,000		254,080
	Gulliver International Co., Ltd.	24,330		996,481
	Gunze, Ltd.	758,000		2,210,672
#	H2O Retailing Corp.	387,000		2,943,455
	Hagihara Industries, Inc.	2,700		42,245
	Hakuyosha Co., Ltd.	88,000		238,684
#	Happinet Corp.	72,200		660,066
*	Hard Off Corp Co., Ltd.	7,200		48,609
	Haruyama Trading Co., Ltd.	47,900		238,919
*	Haseko Corp.	5,986,000		3,960,106
	Heiwa Corp.	154,600		2,668,523
	Hiday Hidaka Corp.	23,200		381,105
	Hikari Tsushin, Inc.	95,800		2,379,826
	Himaraya Co., Ltd.	35,900		243,236
	HIS Co., Ltd.	101,800		2,901,179
#	Honeys Co., Ltd.	49,990		732,980
	Horipro, Inc.	41,800		567,226
	I Metal Technology Co., Ltd.	142,000		252,202
#	Ichibanya Co., Ltd.	21,800		637,136
	Ichikawa Co., Ltd.	63,000		121,027
#	Ichikoh Industries, Ltd.	285,000		464,908
#	Ikyu Corp.	534		228,923
#	Imasen Electric Industrial Co., Ltd.	56,000		624,743
	Imperial Hotel, Ltd.	10,950		257,577
#*	Impress Holdings, Inc.	110,400		145,986
	Intage, Inc.	15,100		275,338
	Ishizuka Glass Co., Ltd.	109,000		200,976
*	Izuhakone Railway Co., Ltd.	300		21,047
	Izumi Co., Ltd.	102,500		1,693,880
*	Izutsuya Co., Ltd.	350,000		190,567
*	Janome Sewing Machine Co., Ltd.	402,000		275,891
	Japan Vilene Co., Ltd.	139,000		589,766

2

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Consumer Discretionary — (Continued)
	Japan Wool Textile Co., Ltd. (The)	310,000	$	2,305,079
*	Jeans Mate Corp.	30,308		70,923
	Jidosha Buhin Kogyo Co., Ltd.	79,000		417,466
#*	Joban Kosan Co., Ltd.	240,000		251,142
#	Joshin Denki Co., Ltd.	205,000		2,252,744
	Juntendo Co., Ltd.	31,000		44,467
#*	JVC Kenwood Holdings, Inc.	481,530		1,657,097
	Kabuki-Za Co., Ltd.	39,000		1,835,273
#	Kadokawa Holdings, Inc.	88,600		3,069,056
#	Kanto Auto Works, Ltd.	168,000		1,396,806
	Kappa Create Co., Ltd.	53,100		1,256,125
	Kasai Kogyo Co., Ltd.	118,000		593,419
#	Kawai Musical Instruments Manufacturing Co., Ltd.	297,000		550,747
	Keihin Corp.	175,800		2,905,273
#	Keiyo Co., Ltd.	173,500		1,074,440
#	Kentucky Fried Chicken Japan, Ltd.	78,000		2,046,702
	Kimoto Co., Ltd.	55,100		347,195
#*	Kinki Nippon Tourist Co., Ltd.	224,000		238,481
#	Kinugawa Rubber Industrial Co., Ltd.	198,000		1,738,098
#	Kisoji Co., Ltd.	85,300		1,588,831
	Kohnan Shoji Co., Ltd.	101,800		1,666,676
#	Kojima Co., Ltd.	145,700		950,454
	Komatsu Seiren Co., Ltd.	145,000		692,792
	Komeri Co., Ltd.	121,500		3,735,557
	Konaka Co., Ltd.	116,660		828,487
	Kourakuen Corp.	19,400		298,835
	KU Holdings Co., Ltd.	68,200		336,314
#	Kura Corp.	54,800		720,390
	Kurabo Industries, Ltd.	1,067,000		2,022,251
	Kuraudia Co., Ltd.	5,700		77,456
	Kuroganeya Co., Ltd.	14,000		54,632
#	KYB Co., Ltd.	633,000		2,981,137
	Kyoritsu Maintenance Co., Ltd.	46,160		853,508
	Kyoto Kimono Yuzen Co., Ltd.	55,700		645,105
#*	Laox Co., Ltd.	423,000		159,090
	LEC, Inc.	13,200		195,440
#*	Look, Inc.	159,000		425,158
	Mamiya-Op Co., Ltd.	285,000		376,575
	Marche Corp.	23,000		208,963
	Mars Engineering Corp.	43,600		743,862
#*	Maruei Department Store Co., Ltd.	142,000		162,018
#*	Maruzen CHI Holdings Co., Ltd.	11,800		30,248
#	Maruzen Co., Ltd.	46,000		312,822
#*	Matsuya Co., Ltd.	158,400		896,501
	Matsuya Foods Co., Ltd.	46,900		969,656
#	Megane TOP Co., Ltd.	79,700		916,103
	Meiko Network Japan Co., Ltd.	26,300		236,250
	Meiwa Estate Co., Ltd.	12,300		56,759
*	Meiwa Industry Co., Ltd.	29,000		50,072
	Mikuni Corp.	108,000		201,050
*	Misawa Homes Co., Ltd.	109,100		877,809
	Mitsuba Corp.	152,690		1,190,266
	Mitsui Home Co., Ltd.	155,000		791,525
	Mizuno Corp.	435,000		2,238,187
	MOS Food Services, Inc.	115,300		2,296,119
	Mr Max Corp.	119,000		502,066
	Murakami Corp.	5,000		51,520
	Musashi Seimitsu Industry Co., Ltd.	85,200		1,832,151
*	Naigai Co., Ltd.	2,643,000		1,610,325
*	Nexyz Corp.	1,920		46,558
	Nice Holdings, Inc.	451,000		944,342

3

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Consumer Discretionary — (Continued)
	Nidec Copal Corp.	88,700	$	981,859
#	Nidec Tosok Corp.	109,300		1,295,218
	Nifco, Inc.	193,300		5,372,196
	Nihon Eslead Corp.	2,400		20,689
	Nihon Tokushu Toryo Co., Ltd.	56,000		216,980
	Nikkato Corp.	700		4,301
#*	Nippon Columbia Co., Ltd.	609,000		221,367
	Nippon Felt Co., Ltd.	67,200		338,431
#*	Nippon Piston Ring Co., Ltd.	285,000		562,542
	Nippon Seiki Co., Ltd.	169,400		1,834,307
	Nishimatsuya Chain Co., Ltd.	234,700		1,811,948
	Nissan Shatai Co., Ltd.	362,023		3,508,205
#*	Nissan Tokyo Sales Holdings Co., Ltd.	236,000		411,060
	Nissen Holdings Co., Ltd.	181,591		809,442
	Nissin Kogyo Co., Ltd.	162,100		2,320,877
	Nittan Valve Co., Ltd.	82,800		281,105
*	Nitto Kako Co., Ltd.	60,000		40,482
*	Noritsu Koki Co., Ltd.	101,700		455,089
	Omikenshi Co., Ltd.	127,000		72,426
	Onward Holdings Co., Ltd.	532,000		3,896,398
	Pacific Industrial Co., Ltd.	184,000		884,062
#	Pal Co., Ltd.	14,200		549,282
*	Paltac Corp.	9,450		120,929
	PanaHome Corp.	398,200		2,705,026
	Parco Co., Ltd.	268,200		2,040,386
	Paris Miki Holdings, Inc.	160,100		1,304,330
#*	PIA Corp.	26,700		274,586
	Piolax, Inc.	44,500		971,498
*	Pioneer Electronic Corp.	1,050,900		4,708,256
	Plenus Co., Ltd.	83,900		1,370,459
	Point, Inc.	66,930		2,838,979
	Press Kogyo Co., Ltd.	396,000		1,899,034
#*	Renown, Inc.	242,600		447,258
	RESORT SOLUTION Co., Ltd.	180,000		337,556
	Resorttrust, Inc.	139,408		2,058,328
	Rhythm Watch Co., Ltd.	650,000		1,195,580
	Right On Co., Ltd.	67,325		509,999
	Riken Corp.	362,000		1,353,836
#	Ringer Hut Co., Ltd.	72,700		999,272
	Riso Kyoiku Co., Ltd.	7,810		481,274
	Roland Corp.	92,800		839,073
#	Round One Corp.	266,600		1,728,634
#	Royal Holdings Co., Ltd.	135,300		1,612,774
	Ryohin Keikaku Co., Ltd.	97,300		4,751,101
#*	Sagami Chain Co., Ltd.	77,000		538,966
*	Sagami Co., Ltd.	225,000		239,517
	Saizeriya Co., Ltd.	145,800		2,422,674
#*	Sakai Ovex Co., Ltd.	214,000		313,446
	SAN HOLDINGS, Inc.	13,600		239,983
#	Sanden Corp.	497,000		1,491,289
#	Sangetsu Co., Ltd.	84,425		2,170,910
*	Sanko Marketing Foods Co., Ltd.	19		20,184
	Sankyo Seiko Co., Ltd.	30,200		104,405
	Sanoh Industrial Co., Ltd.	118,600		833,904
	Sanyo Housing Nagoya Co., Ltd.	354		340,069
	Sanyo Shokai, Ltd.	421,000		956,189
	Scroll Corp.	77,900		274,189
	Seiko Holdings Corp.	494,407		1,010,247
	Seiren Co., Ltd.	223,900		1,309,233
#	Senshukai Co., Ltd.	165,200		1,109,300
*	Seven Seas Holdings Co., Ltd.	319,000		86,566

4

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Consumer Discretionary — (Continued)
	Shikibo, Ltd.	523,000	$	692,831
	Shimachu Co., Ltd.	191,900		4,394,614
#	Shimojima Co., Ltd.	14,800		185,224
#*	Shinyei Kaisha	96,000		197,422
	Shiroki Corp.	285,000		802,364
	Shobunsha Publications, Inc.	339,400		2,543,707
#	Shochiku Co., Ltd.	404,400		3,828,903
	Shoei Co., Ltd.	1,600		9,845
*	Showa Corp.	320,400		1,840,818
	SKY Perfect JSAT Holdings, Inc.	7,630		3,805,754
	SNT Corp.	101,800		438,226
	Soft99 Corp.	70,600		419,941
	Sotoh Co., Ltd.	49,700		460,349
	SPK Corp.	16,800		286,191
	SRI Sports, Ltd.	14,300		155,537
	St. Marc Holdings Co., Ltd.	37,600		1,445,651
	Studio Alice Co., Ltd.	35,400		552,353
#	Suminoe Textile Co., Ltd.	323,000		565,016
	Sumitomo Forestry Co., Ltd.	436,666		3,869,447
#*	SxL Corp.	493,000		1,153,115
	T. RAD Co., Ltd.	268,000		883,496
#	Tac Co., Ltd.	15,400		32,571
#	Tachikawa Corp.	50,800		297,531
	Tachi-S Co., Ltd.	112,840		1,964,771
#	Tact Home Co., Ltd.	281		228,776
	Taiho Kogyo Co., Ltd.	92,800		803,122
	Takamatsu Construction Group Co., Ltd.	90,500		1,433,937
	Taka-Q Co., Ltd.	48,000		82,218
	Take & Give Needs Co., Ltd.	2,219		134,860
	Takihyo Co., Ltd.	19,000		102,239
	Tamron Co., Ltd.	65,200		1,571,771
*	TASAKI & Co., Ltd.	498,000		303,507
	Taya Co., Ltd.	5,000		42,782
#	TBK Co., Ltd.	78,000		370,331
*	TDF Corp.	11,000		18,871
	Teikoku Sen-I Co., Ltd.	79,000		493,545
#*	Ten Allied Co., Ltd.	50,000		169,790
#	T-GAIA Corp.	735		1,364,015
	Tigers Polymer Corp.	59,000		220,296
#	Toabo Corp.	130,000		91,144
	Toei Co., Ltd.	290,000		1,371,728
*	Tokai Kanko Co., Ltd.	505,999		131,236
	Tokai Rika Co., Ltd.	129,400		1,976,027
	Tokai Rubber Industries, Ltd.	159,700		1,765,856
#	Tokai Senko K.K.	215,000		242,929
	Token Corp.	24,380		822,430
*	Tokyo Derica Co., Ltd.	6,200		51,517
#*	Tokyo Dome Corp.	686,200		1,681,073
#	Tokyo Individualized Educational Institute, Inc.	93,100		166,299
	Tokyo Kaikan Co., Ltd.	12,000		43,780
	Tokyo Soir Co., Ltd.	49,000		116,014
#	Tokyotokeiba Co., Ltd.	828,000		1,126,739
#	Tokyu Recreation Co., Ltd.	77,000		470,853
#	Tomy Co., Ltd.	297,893		2,083,634
	Topre Corp.	185,700		1,823,449
#	Toridoll.corp.	52,200		487,468
	Totenko Co., Ltd.	57,000		83,487
#	Touei Housing Corp.	76,040		774,553
	Tow Co., Ltd.	7,000		41,631
	Toyo Tire & Rubber Co., Ltd.	775,000		1,754,484
	Toyobo Co., Ltd.	3,220,000		4,330,410

5

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Consumer Discretionary — (Continued)
	TPR CO., Ltd.	103,500	$	1,208,649
	TS TECH CO., Ltd.	191,600		3,013,819
*	TSI Holdings Co., Ltd.	292,895		1,444,458
*	Tsukamoto Co., Ltd.	52,000		56,484
	Tsutsumi Jewelry Co., Ltd.	49,300		1,167,890
	TV Asahi Corp.	326		537,142
	TV Tokyo Holdings Corp.	9,000		119,053
	Umenohana Co., Ltd.	18		37,853
	Unipres Corp.	130,200		3,721,717
#	United Arrows, Ltd.	71,300		1,374,529
#*	Unitika, Ltd.	1,967,000		1,068,323
	U-Shin, Ltd.	94,500		758,309
	Watabe Wedding Corp.	29,500		271,551
#	WATAMI Co., Ltd.	104,500		2,489,980
	Xebio Co., Ltd.	98,000		2,323,492
#	Yamatane Corp.	224,000		322,033
	Yellow Hat, Ltd.	73,700		1,173,167
	Yomiuri Land Co., Ltd.	225,000		708,532
	Yonex Co., Ltd.	40,000		257,204
	Yorozu Corp.	62,500		1,420,854
#	Yoshinoya Holdings Co., Ltd.	2,180		3,055,937
	Zenrin Co., Ltd.	130,000		1,161,449
#	Zensho Co., Ltd.	298,400		4,021,357
Total Consumer Discretionary				348,673,533
Consumer Staples — (9.4%)
*	Aderans Co., Ltd.	120,250		1,542,654
*	Aeon Hokkaido Corp.	391,700		1,811,039
	Ahjikan Co., Ltd.	10,500		105,982
	Ain Pharmaciez, Inc.	39,900		1,920,044
	Arcs Co., Ltd.	97,900		1,802,191
	Ariake Japan Co., Ltd.	103,700		1,997,097
	Cawachi, Ltd.	81,900		1,652,565
	Chubu Shiryo Co., Ltd.	89,000		574,067
	Chuo Gyorui Co., Ltd.	93,000		216,308
	Circle K Sunkus Co., Ltd.	164,000		2,712,962
	Coca-Cola Central Japan Co., Ltd.	111,200		1,416,064
	Cocokara fine, Inc.	59,560		1,536,781
	Cosmos Pharmaceutical Corp.	34,200		1,764,014
	CVS Bay Area, Inc.	51,000		79,900
	Daikokutenbussan Co., Ltd.	5,600		161,468
#	Dr. Ci:Labo Co., Ltd.	532		2,824,583
	Dydo Drinco, Inc.	49,800		1,972,393
	Echo Trading Co., Ltd.	11,000		100,884
	Ensuiko Sugar Refining Co., Ltd.	102,000		226,687
	Ezaki Glico Co., Ltd.	5,000		56,276
#	Fancl Corp.	157,800		2,150,149
#*	First Baking Co., Ltd.	183,000		196,833
	Fuji Oil Co., Ltd.	258,900		3,696,972
	Fujicco Co., Ltd.	116,600		1,446,118
#*	Fujiya Co., Ltd.	474,000		1,004,385
	Hagoromo Foods Corp.	40,000		635,267
	Harashin Narus Holdings Co., Ltd.	61,500		1,017,285
#*	Hayashikane Sangyo Co., Ltd.	299,000		248,012
#	Heiwado Co., Ltd.	152,800		1,961,414
#	Hohsui Corp.	120,000		157,938
	Hokkaido Coca-Cola Bottling Co., Ltd.	87,000		428,135
	Hokuto Corp.	106,700		2,326,760
	Inageya Co., Ltd.	175,000		2,066,002
	Ito En, Ltd.	80,800		1,388,310
	Itochu-Shokuhin Co., Ltd.	27,400		972,105

6

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Consumer Staples — (Continued)
#	Itoham Foods, Inc.	674,800	$	2,681,454
	Izumiya Co., Ltd.	447,000		2,371,656
	J-Oil Mills, Inc.	477,000		1,362,141
#	Kameda Seika Co., Ltd.	70,000		1,368,180
	Kasumi Co., Ltd.	203,100		1,293,581
	Kato Sangyo Co., Ltd.	109,300		2,105,437
#	Key Coffee, Inc.	79,000		1,424,687
	Kirindo Co., Ltd.	28,300		185,443
	Kose Corp.	107,000		2,672,979
	Kyodo Shiryo Co., Ltd.	330,000		394,440
#	Kyokuyo Co., Ltd.	370,000		854,715
	Life Corp.	183,400		3,328,899
#	Lion Corp.	82,000		483,733
	Mandom Corp.	81,100		2,141,340
	Marudai Food Co., Ltd.	465,000		1,704,828
#	Maruetsu, Inc. (The)	375,000		1,363,800
	Maruha Nichiro Holdings, Inc.	1,719,069		3,166,080
*	Maruya Co., Ltd.	7,400		15,882
#	Matsumotokiyoshi Holdings Co., Ltd.	114,900		2,325,051
*	Maxvalu Tohok Co., Ltd.	18,200		163,759
	Maxvalu Tokai Co., Ltd.	57,500		835,716
#	Megmilk Snow Brand Co., Ltd.	194,300		3,725,871
	Meito Sangyo Co., Ltd.	53,600		689,096
	Mikuni Coca-Cola Bottling Co., Ltd.	171,600		1,519,990
	Milbon Co., Ltd.	49,014		1,504,051
	Ministop Co., Ltd.	70,200		1,312,810
	Mitsubishi Shokuhin Co., Ltd.	87,800		2,297,857
	Mitsui Sugar Co., Ltd.	453,850		1,544,616
	Miyoshi Oil & Fat Co., Ltd.	261,000		344,545
	Morinaga & Co., Ltd.	933,000		2,193,291
	Morinaga Milk Industry Co., Ltd.	886,000		3,420,645
	Morishita Jinton Co., Ltd.	47,800		204,746
	Morozoff, Ltd.	108,000		385,752
#	Nagatanien Co., Ltd.	115,000		1,298,795
	Nakamuraya Co., Ltd.	203,000		1,001,142
#*	Nichimo Co., Ltd.	112,000		235,725
	Nichirei Corp.	1,031,000		4,983,287
#	Nihon Chouzai Co., Ltd.	20,300		706,097
	Niitaka Co., Ltd.	7,260		82,084
	Nippon Beet Sugar Manufacturing Co., Ltd.	543,000		1,076,863
	Nippon Flour Mills Co., Ltd.	557,000		2,461,256
#*	Nippon Formula Feed Manufacturing Co., Ltd.	267,000		380,995
	Nippon Suisan Kaisha, Ltd.	936,700		3,207,396
	Nisshin Oillio Group, Ltd. (The)	550,000		2,360,931
*	Nissin Sugar Holdings Co., Ltd.	14,900		301,213
	Nitto Fuji Flour Milling Co., Ltd.	64,000		242,639
	Noevir Holdings Co., Ltd.	6,800		74,979
	Oenon Holdings, Inc.	247,000		576,811
#	Oie Sangyo Co., Ltd.	20,900		214,062
	Okuwa Co., Ltd.	115,000		1,753,402
	Olympic Corp.	64,900		607,072
	Pietro Co., Ltd.	10,300		114,210
	Pigeon Corp.	72,300		2,946,825
	Poplar Co., Ltd.	25,760		156,785
	Prima Meat Packers, Ltd.	671,000		1,097,241
#	Riken Vitamin Co., Ltd.	79,200		2,342,601
	Rock Field Co., Ltd.	47,000		778,965
	S Foods, Inc.	73,762		617,091
	Sakata Seed Corp.	164,600		2,355,584
	San-A Co., Ltd.	22,800		901,205
#*	Sapporo Holdings, Ltd.	758,000		2,858,361

7

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Consumer Staples — (Continued)
	Shoei Foods Corp.	44,000	$	293,755
	Showa Sangyo Co., Ltd.	524,000		1,612,096
	Sogo Medical Co., Ltd.	23,000		772,317
	Sonton Food Industry Co., Ltd.	43,000		392,298
	Starzen Co., Ltd.	279,000		835,946
	Sugi Holdings Co., Ltd.	129,700		3,774,147
	Takara Holdings, Inc.	730,000		4,686,913
	Three F Co., Ltd.	17,700		106,334
#	Tobu Store Co., Ltd.	205,000		700,643
	TOHO Co., Ltd.	158,000		638,257
#	Tohto Suisan Co., Ltd.	120,000		203,750
	Torigoe Co., Ltd. (The)	84,500		747,072
	Toyo Sugar Refining Co., Ltd.	157,000		186,614
	Tsukiji Uoichiba Co., Ltd.	15,000		17,936
	Tsuruha Holdings, Inc.	64,600		3,603,653
#*	Unicafe, Inc.	15,060		66,576
	Uoriki Co., Ltd.	400		4,602
	Valor Co., Ltd.	175,400		2,724,428
	Warabeya Nichiyo Co., Ltd.	51,360		669,802
	Yaizu Suisankagaku Industry Co., Ltd.	41,000		372,204
	Yaoko Co., Ltd.	40,800		1,381,478
	Yokohama Reito Co., Ltd.	188,000		1,531,263
	Yomeishu Seizo Co., Ltd.	100,000		938,971
	Yonekyu Corp.	100,000		962,539
	Yuasa Funashoku Co., Ltd.	112,000		268,587
#	Yukiguni Maitake Co., Ltd.	101,856		449,094
	Yutaka Foods Corp.	6,000		119,973
Total Consumer Staples				159,351,580
Energy — (0.9%)
	AOC Holdings, Inc.	154,800		937,311
#	BP Castrol K.K.	66,500		292,403
#*	Fuji Kosan Co., Ltd.	277,000		254,785
	Itochu Enex Co., Ltd.	302,200		1,690,358
#	Japan Drilling Co., Ltd.	19,700		561,268
	Japan Oil Transportation Co., Ltd.	79,000		190,773
	Kanto Natural Gas Development Co., Ltd.	155,000		773,763
#	Kyoei Tanker Co., Ltd.	111,000		175,904
	MITSUUROKO HOLDINGS CO., LTD.	166,300		945,496
	Modec, Inc.	82,100		1,412,414
#	Nippon Gas Co., Ltd.	148,900		2,081,994
	Nippon Seiro Co., Ltd.	64,000		231,262
	Sala Corp.	128,500		766,494
	San-Ai Oil Co., Ltd.	273,000		1,156,527
	Shinko Plantech Co., Ltd.	164,000		1,322,875
	Sinanen Co., Ltd.	251,000		1,108,360
	Toa Oil Co., Ltd.	352,000		420,697
	Toyo Kanetsu K.K.	507,000		921,545
Total Energy				15,244,229
Financials — (10.2%)
	77 Bank, Ltd. (The)	43,000		184,553
	Aichi Bank, Ltd. (The)	53,800		3,112,295
	Airport Facilities Co., Ltd.	121,970		487,616
	Akita Bank, Ltd. (The)	791,400		2,277,783
	Aomori Bank, Ltd. (The)	828,000		2,520,542
	Asax Co., Ltd.	17		17,896
#	Awa Bank, Ltd. (The)	503,000		3,377,466
	Bank of Iwate, Ltd. (The)	67,500		2,914,224
	Bank of Kochi, Ltd. (The)	2,000		2,053
	Bank of Nagoya, Ltd. (The)	621,297		1,981,730

8

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Financials — (Continued)
	Bank of Okinawa, Ltd. (The)	94,000	$	3,979,271
	Bank of Saga, Ltd. (The)	625,000		1,565,636
	Bank of the Ryukyus, Ltd.	141,280		1,743,971
	Century Tokyo Leasing Corp.	146,715		2,762,285
*	Chiba Kogyo Bank, Ltd. (The)	180,300		950,085
	Chukyo Bank, Ltd. (The)	675,000		1,735,325
	Daibiru Corp.	209,700		1,316,348
	Daiko Clearing Services Corp.	49,700		161,240
*	Daikyo, Inc.	1,289,000		2,539,774
	Daisan Bank, Ltd. (The)	627,000		1,288,567
	Daishi Bank, Ltd. (The)	1,403,000		4,568,464
	Daito Bank, Ltd. (The)	488,000		386,059
	Ehime Bank, Ltd. (The)	641,000		1,899,877
	Eighteenth Bank, Ltd. (The)	1,079,000		2,732,409
	FIDEA Holdings Co., Ltd.	270,300		699,918
	Fukui Bank, Ltd. (The)	915,000		2,778,855
*	Fukushima Bank, Ltd.	846,000		438,097
	Fuyo General Lease Co., Ltd.	84,500		2,898,436
	Goldcrest Co., Ltd.	73,070		1,162,796
	Heiwa Real Estate Co., Ltd.	492,500		977,441
	Higashi-Nippon Bank, Ltd.	659,000		1,372,660
	Higo Bank, Ltd. (The)	663,000		3,739,868
	Hitachi Capital Corp.	6,000		82,853
	Hokkoku Bank, Ltd. (The)	996,000		3,640,166
	Hokuetsu Bank, Ltd. (The)	958,000		1,936,162
#	Hulic Co., Ltd.	39,200		456,598
	Hyakugo Bank, Ltd. (The)	1,045,609		4,134,014
	Hyakujishi Bank, Ltd. (The)	1,022,000		4,556,887
	IBJ Leasing Co., Ltd.	85,800		1,900,395
	Ichiyoshi Securities Co., Ltd.	165,800		705,651
	Iida Home Max Co., Ltd.	74,900		559,597
	Iwai Cosmo Holdings, Inc.	26,300		77,678
*	Japan Asia Investment Co., Ltd.	412,000		277,592
	Juroku Bank, Ltd.	1,337,000		4,357,179
#	kabu.com Securities Co., Ltd.	334,700		984,886
	Kagoshima Bank, Ltd. (The)	500,000		3,506,460
	Keihanshin Building Co., Ltd.	27,700		122,105
	Keiyo Bank, Ltd. (The)	471,000		2,329,756
*	Kenedix, Inc.	11,449		1,485,788
	Kirayaka Bank, Ltd.	98,000		93,986
	Kita-Nippon Bank, Ltd. (The)	49,406		1,206,434
	Kiyo Holdings, Inc.	2,635,900		4,103,204
	Kobayashi Yoko Co., Ltd.	230,900		515,109
#*	Kosei Securities Co., Ltd.	285,000		210,842
	Kyokuto Securities Co., Ltd.	67,000		359,656
#*	Leopalace21 Corp.	985,885		1,927,286
	Marusan Securities Co., Ltd.	287,400		877,869
#*	Matsui Securities Co., Ltd.	463,600		2,254,175
	Michinoku Bank, Ltd. (The)	736,000		1,386,989
	Mie Bank, Ltd. (The)	150,000		338,932
	Minato Bank, Ltd. (The)	1,063,000		1,924,376
	Mito Securities Co., Ltd.	254,000		316,823
	Miyazaki Bank, Ltd. (The)	605,000		1,482,039
	Monex Group, Inc.	8,052		1,168,603
	Musashino Bank, Ltd.	130,300		4,325,581
	Nagano Bank, Ltd. (The)	331,000		657,650
	Nanto Bank, Ltd. (The)	293,000		1,622,186
*	New Real Property K.K.	43,900		—
*	NIS Group Co., Ltd.	1,015,125		53,377
	Nisshin Fudosan Co., Ltd.	95,000		536,111
	Ogaki Kyoritsu Bank, Ltd. (The)	1,315,000		4,282,437

9

The Japanese Small Company Series
continued

		Shares	Value††
Financials — (Continued)
	Oita Bank, Ltd. (The)	685,900	$	1,975,516
	Okasan Securities Group, Inc.	804,000		2,539,330
	Ricoh Leasing Co., Ltd.	78,500		1,751,901
	San-in Godo Bank, Ltd. (The)	627,000		4,698,208
	Sankei Building Co., Ltd.	173,500		664,408
	Sapporo Hokuyo Holdings, Inc.	433,100		1,548,862
	Shiga Bank, Ltd.	179,000		1,217,028
	Shikoku Bank, Ltd.	811,000		3,047,654
#	Shimizu Bank, Ltd.	34,600		1,265,013
	Sumitomo Real Estate Sales Co., Ltd.	36,860		1,431,927
*	Sun Frontier Fudousan Co., Ltd.	208		22,650
#	Taiko Bank, Ltd. (The)	35,000		112,693
#*	Takagi Securities Co., Ltd.	206,000		165,024
*	Takara Leben Co., Ltd.	23,100		135,510
	TOC Co., Ltd.	435,250		1,971,626
	Tochigi Bank, Ltd.	726,000		2,596,517
	Toho Bank, Ltd.	915,200		2,649,420
	Toho Real Estate Co., Ltd.	140,700		723,566
	Tohoku Bank, Ltd. (The)	393,000		617,640
	Tokai Tokyo Financial Holdings, Inc.	997,000		2,697,348
	Tokyo Rakutenchi Co., Ltd.	218,000		797,396
	Tokyo Tatemono Co., Ltd.	1,726,000		5,200,495
	Tokyo Tatemono Real Estate Sales Co., Ltd.	7,000		18,965
#	Tokyo Theatres Co., Inc.	290,000		387,932
	Tokyo Tomin Bank, Ltd.	132,500		1,609,226
	Tokyu Livable, Inc.	103,200		791,251
	Tomato Bank, Ltd.	399,000		667,784
	TOMONY Holdings, Inc.	614,250		2,696,481
	Tosei Corp.	636		162,339
	Tottori Bank, Ltd.	328,000		614,344
	Towa Bank, Ltd.	1,384,000		1,598,099
	Toyo Securities Co., Ltd.	327,000		440,554
	Tsukuba Bank, Ltd.	241,500		791,984
	Yachiyo Bank, Ltd. (The)	29,800		705,737
	Yamagata Bank, Ltd.	646,500		3,153,909
	Yamanashi Chuo Bank, Ltd.	649,000		2,637,661
Total Financials				173,436,970
Health Care — (4.0%)
	As One Corp.	71,668		1,452,195
	ASKA Pharmaceutical Co., Ltd.	106,000		628,364
	BML, Inc.	41,500		978,778
#	CMIC Co., Ltd.	17,500		283,160
	Create Medic Co., Ltd.	28,000		293,161
	Eiken Chemical Co., Ltd.	74,800		1,011,180
	EPS Corp.	227		436,577
	FALCO SD HOLDINGS Co., Ltd.	34,300		389,280
	Fuso Pharmaceutical Industries, Ltd.	320,000		814,508
	Hitachi Medical Corp.	85,000		872,570
	Hogy Medical Co., Ltd.	49,000		2,070,887
	Iwaki & Co., Ltd.	55,000		132,628
	Japan Medical Dynamic Marketing, Inc.	44,900		181,708
	Jeol, Ltd.	273,000		681,832
	JMS Co., Ltd.	126,000		387,602
	Kaken Pharmaceutical Co., Ltd.	353,000		4,686,210
	Kawanishi Holdings, Ltd.	7,400		83,024
	Kawasumi Laboratories, Inc.	45,000		255,884
	Kissei Pharmaceutical Co., Ltd.	106,300		2,186,290
	KYORIN Holdings, Inc.	205,000		3,597,918
	Mochida Pharmaceutical Co., Ltd.	281,000		3,148,779
	Nagaileben Co., Ltd.	25,400		336,455

10

The Japanese Small Company Series
continued

		Shares	Value††
Health Care — (Continued)
#	Nichii Gakkan Co.	227,100	$	2,763,635
#	Nihon Kohden Corp.	159,200		3,915,865
	Nikkiso Co., Ltd.	252,000		2,139,998
	Nippon Chemiphar Co., Ltd.	131,000		485,410
	Nippon Shinyaku Co., Ltd.	239,000		2,954,226
#	Nipro Corp.	385,600		3,241,401
	Nissui Pharmaceutical Co., Ltd.	64,200		571,886
*	Paramount Bed Holdings Co., Ltd.	82,000		2,495,050
	Rion Co., Ltd.	5,000		40,310
	Rohto Pharmaceutical Co., Ltd.	360,000		4,620,581
#	Sawai Pharmaceutical Co., Ltd.	50,500		5,239,003
	Seikagaku Corp.	179,800		1,928,257
	Shin Nippon Biomedical Laboratories, Ltd.	24,700		62,976
	Ship Healthcare Holdings, Inc.	118,100		2,577,154
*	Techno Medica Co., Ltd.	1		3,622
	Toho Holdings Co., Ltd.	196,100		2,711,449
	Torii Pharmaceutical Co., Ltd.	65,200		1,221,539
#	Towa Pharmaceutical Co., Ltd.	42,600		1,810,812
#	Vital KSK Holdings, Inc.	150,600		1,093,788
#*	Wakamoto Pharmaceutical Co., Ltd.	100,000		281,405
	ZERIA Pharmaceutical Co., Ltd.	109,000		1,875,976
Total Health Care				66,943,333
Industrials — (24.6%)
#*	A&A Material Corp.	235,000		213,240
	Advan Co., Ltd.	96,900		836,228
#*	Advanex, Inc.	73,000		58,695
	Aeon Delight Co., Ltd.	85,600		1,725,620
	Aica Kogyo Co., Ltd.	244,300		3,300,748
	Aichi Corp.	132,000		519,210
	Aida Engineering, Ltd.	273,600		1,256,983
	Airtech Japan, Ltd.	18,300		82,372
	Alps Logistics Co., Ltd.	50,700		474,352
#	Altech Co., Ltd.	23,000		57,363
	Altech Corp.	37,150		317,961
	Amano Corp.	281,000		2,494,741
	Ando Corp.	450,000		564,284
	Anest Iwata Corp.	149,000		602,808
#	Asahi Diamond Industrial Co., Ltd.	241,000		2,899,962
	Asahi Holdings, Inc.	115,950		2,296,044
	Asahi Kogyosha Co., Ltd.	109,000		467,815
#	Asanuma Corp.	796,000		650,815
	Asia Air Survey Co., Ltd.	32,000		90,674
	Asunaro Aoki Construction Co., Ltd.	154,000		784,093
	Ataka Construction & Engineering Co., Ltd.	60,000		187,348
	Bando Chemical Industries, Ltd.	348,000		1,306,565
	Benefit One, Inc.	3		2,080
	Biken Techno Corp.	14,100		82,115
	Bunka Shutter Co., Ltd.	227,000		772,919
#	Central Glass Co., Ltd.	732,000		3,522,524
	Central Security Patrols Co., Ltd.	43,700		444,325
	Chiyoda Integre Co., Ltd.	5,400		64,537
	Chudenko Corp.	130,500		1,376,015
	Chugai Ro Co., Ltd.	340,000		1,089,681
	CKD Corp.	241,400		1,650,886
	COMSYS Holdings Corp.	378,300		3,967,301
#	Cosel Co., Ltd.	108,800		1,544,717
	CTI Engineering Co., Ltd.	44,000		299,338
	Dai-Dan Co., Ltd.	156,000		1,081,975
	Daido Kogyo Co., Ltd.	145,000		231,832
	Daifuku Co., Ltd.	366,000		1,878,313

11

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Daihen Corp.	448,000	$	1,560,950
#	Daiho Corp.	763,000		909,952
#*	Daiichi Chuo K.K.	478,000		618,403
	Daiichi Jitsugyo Co., Ltd.	188,000		773,376
#	Daiseki Co., Ltd.	153,963		2,501,642
*	Daiseki Eco. Solution Co., Ltd.	84		164,679
#*	Daisue Construction Co., Ltd.	271,500		144,528
	Daiwa Industries, Ltd.	178,000		897,939
	Daiwa Odakyu Construction Co., Ltd.	63,500		162,561
#*	Danto Holdings Corp.	441,000		439,364
#	Denyo Co., Ltd.	85,100		1,135,560
*	Dijet Industrial Co., Ltd.	80,000		146,447
	DMW Corp.	4,800		85,598
*	Dream Incubator, Inc.	168		123,527
	Duskin Co., Ltd.	212,500		4,178,565
	Ebara Corp.	221,000		758,430
*	Ebara Jitsugyo Co., Ltd.	1,800		28,058
#*	Enshu, Ltd.	143,000		165,573
	Freesia Macross Corp.	1,355,000		262,434
#*	Fudo Tetra Corp.	364,100		690,077
	Fujikura, Ltd.	1,170,000		3,407,846
*	Fujisash Co., Ltd.	49,300		34,364
	Fujitec Co., Ltd.	319,000		1,987,463
#	Fukuda Corp.	630,000		1,997,204
	Fukusima Industries Corp.	29,700		361,714
	Fukuyama Transporting Co., Ltd.	606,400		3,660,790
	Funai Consulting, Inc.	99,300		694,854
*	Furukawa Co., Ltd.	1,391,000		1,136,797
#	Furusato Industries, Ltd.	50,600		399,110
	Futaba Corp.	154,300		2,452,836
	Gecoss Corp.	112,400		446,674
	Glory, Ltd.	62,400		1,342,244
	Hamai Co., Ltd.	92,000		90,898
	Hamakyorex Co., Ltd.	4,800		142,694
	Hanwa Co., Ltd.	774,000		3,366,063
#*	Hazama Corp.	285,800		646,309
	Hibiya Engineering, Ltd.	125,900		1,353,371
	Hisaka Works, Ltd.	7,000		76,782
*	Hitachi Cable, Ltd.	755,000		1,595,305
	Hitachi Koki Co., Ltd.	213,200		1,617,934
	Hitachi Metals Techno, Ltd.	56,500		330,877
	Hitachi Tool Engineering, Ltd.	94,000		999,842
	Hitachi Transport System, Ltd.	50,500		866,096
	Hitachi Zosen Corp.	2,951,000		3,700,498
	Hokuetsu Industries Co., Ltd.	85,000		215,688
	Hokuriku Electrical Construction Co., Ltd.	56,000		148,922
	Hoshizaki Electric Co., Ltd.	123,200		2,890,310
	Hosokawa Micron Corp.	140,000		658,986
#*	Howa Machinery, Ltd.	379,000		328,955
#	Ichiken Co., Ltd.	87,000		143,685
	Ichinen Holdings Co., Ltd.	71,100		362,587
	Idec Corp.	137,000		1,442,224
	IHI Transport Machinery Co., Ltd.	73,000		416,565
#	Iino Kaiun Kaisha, Ltd.	354,300		1,480,270
	Inaba Denki Sangyo Co., Ltd.	86,300		2,416,285
	Inaba Seisakusho Co., Ltd.	58,800		719,016
	Inabata & Co., Ltd.	317,300		1,895,513
	Inui Steamship Co., Ltd.	95,900		325,082
#*	Iseki & Co., Ltd.	718,000		1,532,361
	Ishii Iron Works Co., Ltd.	110,000		204,789
#*	Ishikawa Seisakusho, Ltd.	101,000		81,512

12

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Ishikawajima Construction Materials Co., Ltd.	202,000	$	394,997
	Itoki Corp.	174,200		379,575
#*	Iwasaki Electric Co., Ltd.	48,000		99,773
	Iwatani International Corp.	887,000		2,953,617
	Jalux, Inc.	40,800		382,653
#	Jamco Corp.	80,000		440,919
	Japan Airport Terminal Co., Ltd.	163,900		2,132,893
#	Japan Foundation Engineering Co., Ltd.	162,500		491,794
	Japan Kenzai Co., Ltd.	92,540		420,347
	Japan Pulp & Paper Co., Ltd.	464,000		1,625,243
	Japan Transcity Corp.	231,000		765,326
#	JFE Shoji Holdings, Inc.	411,000		1,706,745
#	Juki Corp.	370,000		831,832
	Kamei Corp.	153,000		1,452,135
	Kanaden Corp.	116,000		743,074
	Kanagawa Chuo Kotsu Co., Ltd.	192,000		1,034,818
	Kanamoto Co., Ltd.	112,000		875,832
	Kandenko Co., Ltd.	431,000		2,088,522
*	Kanematsu Corp.	1,529,625		1,428,607
#*	Kanematsu-NNK Corp.	113,000		223,597
	Katakura Industries Co., Ltd.	115,100		1,070,531
	Kato Works Co., Ltd.	287,000		841,218
	KAWADA TECHNOLOGIES, Inc.	102,600		1,347,930
	Kawagishi Bridge Works Co., Ltd.	38,000		90,152
	Kawasaki Kinkai Kisen Kaisha, Ltd.	99,000		247,617
*	Kawasaki Kisen Kaisha, Ltd.	1,980,000		3,565,303
	Keihin Co., Ltd. (The)	199,000		227,245
#*	KI HOLDINGS CO., LTD.	102,000		111,793
#	Kimura Chemical Plants Co., Ltd.	59,900		232,972
*	King Jim Co., Ltd.	4,800		35,232
	Kinki Sharyo Co., Ltd.	185,000		587,571
	Kintetsu World Express, Inc.	79,000		2,294,594
	Kitagawa Iron Works Co., Ltd.	335,000		572,370
	Kitano Construction Corp.	242,000		586,204
	Kitazawa Sangyo Co., Ltd.	54,500		109,486
	Kito Corp.	45		32,291
#	Kitz Corp.	416,800		1,669,860
	Kodensha Co., Ltd. (The)	25,000		57,757
	Koike Sanso Kogyo Co., Ltd.	149,000		392,476
	Kokuyo Co., Ltd.	303,525		2,139,952
#	KOMAIHALTEC, Inc.	167,000		390,696
	Komatsu Wall Industry Co., Ltd.	48,300		488,842
	Komori Corp.	407,800		2,731,486
	Kondotec, Inc.	81,000		517,866
#*	Kosaido Co., Ltd.	356,100		905,408
	KRS Corp.	37,200		409,500
*	Kumagai Gumi Co., Ltd.	583,800		521,506
	Kuroda Electric Co., Ltd.	115,400		1,243,613
	Kyodo Printing Co., Ltd.	540,000		1,260,955
#	Kyoei Sangyo Co., Ltd.	97,000		180,171
	Kyokuto Boeki Kaisha, Ltd.	58,000		154,535
	Kyokuto Kaihatsu Kogyo Co., Ltd.	210,100		1,378,870
	Kyosan Electric Manufacturing Co., Ltd.	225,000		947,109
	Kyowa Exeo Corp.	335,600		3,163,585
	Kyudenko Corp.	204,000		1,245,462
*	Lonseal Corp.	116,000		117,535
	Maeda Corp.	845,000		3,109,079
	Maeda Road Construction Co., Ltd.	289,000		3,033,462
*	Maezawa Industries, Inc.	35,700		78,544
	Maezawa Kasei Industries Co., Ltd.	50,700		514,961
	Maezawa Kyuso Industries Co., Ltd.	50,400		690,548

13

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
#	Makino Milling Machine Co., Ltd.	436,000	$	2,675,776
*	Marubeni Construction Material Lease Co., Ltd.	75,000		138,337
	Maruka Machinery Co., Ltd.	28,100		242,421
	Maruwn Corp.	66,000		164,319
#	Maruyama Manufacturing Co., Inc.	150,000		327,347
	Maruzen Showa Unyu Co., Ltd.	306,000		984,824
#	Matsuda Sangyo Co., Ltd.	80,682		1,231,623
	Matsui Construction Co., Ltd.	128,600		508,254
	Max Co., Ltd.	189,000		2,365,428
#	Meidensha Corp.	773,050		2,592,071
	Meiji Shipping Co., Ltd.	105,700		297,631
	Meitec Corp.	137,300		2,646,410
	Meito Transportation Co., Ltd.	22,000		173,717
	Meiwa Trading Co., Ltd.	140,000		384,336
	Mesco, Inc.	30,000		246,586
	Minebea Co., Ltd.	50,000		208,252
	Mirait Holdings Corp.	274,685		2,063,865
	Mitani Corp.	53,100		624,319
#	Mitsubishi Kakoki Kaisha, Ltd.	229,000		389,282
	Mitsubishi Pencil Co., Ltd.	104,500		1,883,374
*	Mitsubishi Research Institute, Inc.	200		3,640
	Mitsuboshi Belting, Ltd.	287,000		1,471,437
*	Mitsui Engineering & Shipbuilding Co., Ltd.	763,000		1,185,054
	Mitsui Matsushima Co., Ltd.	372,000		679,793
	Mitsui-Soko Co., Ltd.	485,000		1,823,797
	Mitsumura Printing Co., Ltd.	93,000		294,416
#	Miura Co., Ltd.	137,600		3,875,611
*	Miura Printing Corp.	18,000		17,855
*	Miyachi Corp.	600		4,861
#*	Miyaji Engineering Group, Inc.	1,349,175		2,401,556
#*	Miyakoshi Holdings, Inc.	45,000		118,098
*	Mori Denki Manufacturing Co., Ltd.	625,000		56,512
#	Mori Seiki Co., Ltd.	428,400		3,782,860
	Morita Holdings Corp.	156,000		884,337
#	Moshi Moshi Hotline, Inc.	217,300		2,046,243
	Mystar Engineering Corp.	15,600		82,123
#	NAC CO., LTD.	25,400		478,959
	Nachi-Fujikoshi Corp.	704,000		3,105,133
*	Nagase & Co., Ltd.	23,400		254,652
	Naikai Zosen Corp.	73,000		311,555
	Nakano Corp.	98,000		218,880
	Narasaki Sangyo Co., Ltd.	56,000		83,573
	NEC Capital Solutions, Ltd.	45,100		655,559
	NEC Networks & System Integration Corp.	109,600		1,597,016
	Nichias Corp.	436,000		2,405,116
	Nichiban Co., Ltd.	122,000		395,139
	Nichiden Corp.	3,400		111,823
	Nichiha Corp.	98,380		1,054,375
	Nichireki Co., Ltd.	96,000		452,435
	Nihon M&A Center, Inc.	150		782,795
*	Nihon Trim Co., Ltd.	1,000		23,004
	Nikko Co., Ltd.	127,000		450,823
	Nippo Corp.	256,000		2,451,145
	Nippon Carbon Co., Ltd.	421,000		1,179,532
	Nippon Conveyor Co., Ltd.	168,000		169,145
	Nippon Densetsu Kogyo Co., Ltd.	191,000		1,841,411
	Nippon Denwa Shisetu Co., Ltd.	203,000		666,510
	Nippon Filcon Co., Ltd.	70,900		369,632
	Nippon Hume Corp.	112,000		415,417
	Nippon Jogesuido Sekkei Co., Ltd.	289		380,525
	Nippon Kanzai Co., Ltd.	43,000		778,532

14

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Nippon Koei Co., Ltd.	272,000	$	980,395
	Nippon Konpo Unyu Soko Co., Ltd.	261,000		2,809,750
	Nippon Parking Development Co., Ltd.	3,089		142,118
	Nippon Road Co., Ltd. (The)	26,000		74,206
	Nippon Seisen Co., Ltd.	103,000		499,570
	Nippon Sharyo, Ltd.	291,000		1,112,937
	Nippon Shindo Co., Ltd.	8,000		10,783
	Nippon Signal Co., Ltd.	218,600		1,294,893
	Nippon Steel Trading Co., Ltd.	294,000		789,486
	Nippon Thompson Co., Ltd.	272,000		1,578,313
	Nippon Tungsten Co., Ltd.	80,000		151,689
#	Nippon Yusoki Co., Ltd.	138,000		372,252
	Nishimatsu Construction Co., Ltd.	1,855,000		3,183,245
*	Nishishiba Electric Co., Ltd.	101,000		151,795
	Nissei Corp.	104,600		921,884
	Nissei Plastic Industrial Co., Ltd.	374,100		1,669,725
#	Nissha Printing Co., Ltd.	122,700		1,516,983
	Nisshinbo Holdings, Inc.	39,000		350,670
	Nissin Corp.	350,000		854,062
	Nissin Electric Co., Ltd.	193,000		1,077,030
	Nitchitsu Co., Ltd.	58,000		130,099
	Nitta Corp.	105,800		1,984,239
#	Nitto Boseki Co., Ltd.	888,000		3,080,112
	Nitto Kogyo Corp.	149,000		1,709,711
#	Nitto Kohki Co., Ltd.	67,900		1,539,317
	Nitto Seiko Co., Ltd.	122,000		322,417
#	Nittoc Construction Co., Ltd.	316,000		409,613
	Noda Corp.	169,300		625,313
	Nomura Co., Ltd.	205,000		602,182
	Noritake Co., Ltd.	531,000		1,583,871
	Noritz Corp.	113,300		2,056,437
	NS United Kaiun Kaisha, Ltd.	470,000		704,209
*	Oak Capital Corp.	53,135		76,700
	Obara Corp.	24,400		275,791
#	Obayashi Road Corp.	175,000		419,195
	Oiles Corp.	123,842		2,338,961
*	Okamoto Machine Tool Works, Ltd.	163,000		205,869
	Okamura Corp.	286,900		1,954,093
	Okano Valve Manufacturing Co., Ltd.	45,000		141,323
#	Oki Electric Cable Co., Ltd.	90,000		171,301
*	OKK Corp.	255,000		287,299
	OKUMA Corp.	586,000		3,731,709
	Okumura Corp.	754,400		3,091,459
	Onoken Co., Ltd.	58,900		478,031
	Organo Corp.	163,000		1,240,166
*	Original Engineering Consultants Co., Ltd.	13,500		21,151
	OSG Corp.	289,400		3,638,305
	Oyo Corp.	100,900		1,163,520
	P.S. Mitsubishi Construction Co., Ltd.	76,800		221,185
	Park24 Co., Ltd.	208,300		2,755,091
#	Pasco Corp.	62,000		219,114
	Pasona Group, Inc.	186		180,228
	Penta-Ocean Construction Co., Ltd.	1,087,500		3,324,341
	Pilot Corp.	763		1,481,175
	Pronexus, Inc.	133,200		666,493
	Raito Kogyo Co., Ltd.	193,700		1,060,037
*	Rasa Industries, Ltd.	202,000		312,289
	Rheon Automatic Machinery Co., Ltd.	64,000		157,160
	Ryobi, Ltd.	575,200		2,100,336
*	Sailor Pen Co., Ltd.	69,000		30,335
	Sakai Heavy Industries, Ltd.	183,000		315,345

15

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
*	Sakurada Co., Ltd.	57,000	$	14,106
#*	Sanix, Inc.	135,300		380,346
	Sanki Engineering Co., Ltd.	340,000		1,771,909
#	Sanko Metal Industrial Co., Ltd.	118,000		318,616
*	Sankyo-Tateyama Holdings, Inc.	1,710,000		2,500,604
	Sankyu, Inc.	1,049,000		3,952,045
	Sanritsu Corp.	16,700		110,375
	Sanwa Holdings Corp.	859,000		2,563,700
	Sanyo Denki Co., Ltd.	210,000		1,069,343
	Sanyo Engineering & Construction, Inc.	48,000		161,437
	Sanyo Industries, Ltd.	77,000		146,619
#	Sasebo Heavy Industries Co., Ltd.	573,000		927,738
*	Sata Construction Co., Ltd.	12,000		9,338
	SATO HOLDINGS CORP.	109,300		1,352,917
	Sato Shoji Corp.	65,300		381,434
	Sawafuji Electric Co., Ltd.	42,000		121,378
	Secom Joshinetsu Co., Ltd.	33,900		1,015,071
	Seibu Electric Industry Co., Ltd.	67,000		302,441
	Seika Corp.	285,000		757,165
#*	Seikitokyu Kogyo Co., Ltd.	307,000		182,964
	Seino Holdings Co., Ltd.	375,000		2,899,835
	Sekisui Jushi Co., Ltd.	142,000		1,431,758
#	Senko Co., Ltd.	384,000		1,521,179
	Senshu Electric Co., Ltd.	37,300		456,229
	Shibusawa Warehouse Co., Ltd.	231,000		644,043
	Shibuya Kogyo Co., Ltd.	80,100		844,287
#	Shima Seiki Manufacturing Co., Ltd.	115,300		1,959,337
	Shin Nippon Air Technologies Co., Ltd.	88,780		480,098
	Shin-Keisei Electric Railway Co., Ltd.	174,000		790,136
	Shin-Kobe Electric Machinery Co., Ltd.	102,000		2,257,020
	Shinmaywa Industries, Ltd.	418,000		1,671,583
	Shinnihon Corp.	194,800		520,435
	Shinsho Corp.	202,000		473,323
	Shinwa Co., Ltd.	1,800		19,789
#	Sho-Bond Corp.	100,600		2,211,550
	Shoko Co., Ltd.	316,000		491,937
#	Showa Aircraft Industry Co., Ltd.	112,000		639,836
#	Sinfonia Technology Co., Ltd.	496,000		1,008,827
	Sintokogio, Ltd.	201,000		1,762,579
	Soda Nikka Co., Ltd.	67,000		295,752
#	Sodick Co., Ltd.	81,800		398,646
	Sohgo Security Services Co., Ltd.	252,800		2,664,936
	Sotetsu Holdings, Inc.	554,000		1,697,363
	Space Co., Ltd.	73,420		451,843
	Subaru Enterprise Co., Ltd.	59,000		182,334
	Sugimoto & Co., Ltd.	34,100		307,578
	Sumikin Bussan Corp.	31,000		78,481
*	Sumiseki Holdings, Inc.	107,100		91,381
	Sumitomo Densetsu Co., Ltd.	98,100		558,930
*	Sumitomo Mitsui Construction Co., Ltd.	416,800		275,868
	Sumitomo Precision Products Co., Ltd.	156,000		957,932
	Sumitomo Warehouse Co., Ltd.	564,000		2,671,394
	Suzuki Metal Industry Co., Ltd.	71,000		136,109
*	SWCC Showa Holdings Co., Ltd.	1,732,000		1,568,136
	Tadano, Ltd.	445,579		2,817,414
	Taihei Dengyo Kaisha, Ltd.	158,000		1,218,797
	Taihei Kogyo Co., Ltd.	256,000		1,362,138
	Taiheiyo Kouhatsu, Inc.	95,000		88,937
	Taikisha, Ltd.	131,000		2,794,318
	Takada Kiko Co., Ltd.	272,000		646,199
	Takano Co., Ltd.	51,100		302,580

16

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
#	Takaoka Electric Manufacturing Co., Ltd.	262,000	$	561,795
#	Takara Printing Co., Ltd.	38,055		277,281
	Takara Standard Co., Ltd.	501,000		3,786,757
#	Takasago Thermal Engineering Co., Ltd.	291,400		2,483,926
#	Takashima & Co., Ltd.	137,000		334,396
	Takigami Steel Construction Co., Ltd.	50,000		142,860
	Takisawa Machine Tool Co., Ltd.	191,000		252,105
#*	Takuma Co., Ltd.	316,000		1,297,788
	Tanseisha Co., Ltd.	74,000		182,690
#	Tatsuta Electric Wire & Cable Co., Ltd.	215,000		910,162
	TECHNO ASSOCIE Co., Ltd.	58,400		492,048
	Techno Ryowa, Ltd.	71,390		374,052
	Teikoku Electric Manufacturing Co., Ltd.	31,800		567,844
	Tekken Corp.	763,000		861,835
#	Temp Holdings Co., Ltd.	48,600		437,509
	Teraoka Seisakusho Co., Ltd.	53,600		242,167
	TOA Corp.	780,000		1,314,061
#	TOA ROAD Corp.	155,000		294,062
#*	Tobishima Corp.	347,400		320,944
	Tocalo Co., Ltd.	57,100		1,204,226
	Toda Corp.	865,000		3,149,723
	Toenec Corp.	212,000		1,146,805
#	TOKAI Holdings Corp.	214,000		1,063,576
	Tokai Lease Co., Ltd.	92,000		194,967
#	Toko Electric Corp.	76,000		282,164
	Tokyo Energy & Systems, Inc.	143,000		740,966
#	TOKYO KEIKI, Inc.	265,000		451,873
#*	Tokyo Kikai Seisakusho, Ltd.	300,000		179,667
	Tokyo Sangyo Co., Ltd.	78,000		245,758
	Tokyu Community Corp.	32,600		1,015,715
	Tokyu Construction Co., Ltd.	33,650		81,155
	Toli Corp.	236,000		428,616
#	Tomoe Corp.	115,500		420,979
	Tomoe Engineering Co., Ltd.	9,300		166,747
	Tonami Holdings Co., Ltd.	331,000		731,210
	Toppan Forms Co., Ltd.	202,900		1,542,311
	Torishima Pump Manufacturing Co., Ltd.	85,800		1,098,079
	Toshiba Machine Co., Ltd.	440,000		2,215,833
	TOSHIBA PLANT SYSTEMS & SERVICES CORP.	191,450		1,935,969
	Tosho Printing Co., Ltd.	243,000		408,902
	Totetsu Kogyo Co., Ltd.	122,000		1,049,496
#*	Totoku Electric Co., Ltd.	61,000		56,686
#	Toyo Construction Co., Ltd.	600,000		544,661
	Toyo Electric Manufacturing Co., Ltd.	159,000		614,528
	Toyo Engineering Corp.	581,400		2,075,473
#	Toyo Machinery & Metal Co., Ltd.	42,400		104,295
	Toyo Tanso Co., Ltd.	45,000		1,847,254
#	Toyo Wharf & Warehouse Co., Ltd.	274,000		444,147
*	Trancom Co., Ltd.	4,700		89,052
	Trinity Industrial Corp.	56,000		198,671
	Trusco Nakayama Corp.	98,900		1,800,181
	Tsubakimoto Chain Co.	584,700		3,013,524
	Tsubakimoto Kogyo Co., Ltd.	97,000		261,059
#*	Tsudakoma Corp.	27,000		61,928
#	Tsugami Corp.	267,000		1,851,185
	Tsukishima Kikai Co., Ltd.	127,000		1,039,772
	Tsurumi Manufacturing Co., Ltd.	94,000		693,867
#	Tsuzuki Denki Co., Ltd.	75,000		803,501
	TTK Co., Ltd.	62,000		308,273
	Uchida Yoko Co., Ltd.	331,000		905,451
#	Ueki Corp.	430,000		967,143

17

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Union Tool Co.	59,400	$	1,025,686
	Utoc Corp.	92,900		295,757
#*	Wakachiku Construction Co., Ltd.	1,204,000		1,630,626
#	Weathernews, Inc.	26,700		734,835
	Yahagi Construction Co., Ltd.	141,500		699,094
	Yamabiko Corp.	28,782		324,173
	Yamato Corp.	82,000		322,439
	Yamaura Corp.	40,500		117,899
	Yamazen Co., Ltd.	305,500		2,232,787
	Yasuda Warehouse Co., Ltd. (The)	95,800		593,003
	Yokogawa Bridge Holdings Corp.	139,400		912,765
	Yondenko Corp.	132,800		576,075
	Yuasa Trading Co., Ltd.	810,000		1,188,133
	Yuken Kogyo Co., Ltd.	156,000		317,737
	Yurtec Corp.	256,000		1,275,995
	Yusen Logistics Co., Ltd.	69,000		883,930
	Yushin Precision Equipment Co., Ltd.	55,934		1,045,348
Total Industrials				416,976,747
Information Technology — (9.8%)
	A&D Co., Ltd.	30,600		103,504
	Ai Holdings Corp.	182,600		784,382
#	Aichi Tokei Denki Co., Ltd.	113,000		401,356
	Aiphone Co., Ltd.	70,900		1,347,855
#	ALLIED TELESIS HOLDINGS K.K.	470,700		414,571
	Alpha Systems, Inc.	27,300		417,446
	Alps Electric Co., Ltd.	490,200		3,356,157
#	Anritsu Corp.	458,000		5,029,089
#	AOI Electronic Co., Ltd.	35,200		461,282
*	Apic Yamada Corp.	31,000		50,310
*	Argo Graphics, Inc.	100		1,302
	Arisawa Manufacturing Co., Ltd.	79,300		293,387
	Asahi Net, Inc.	34,000		158,518
*	Axell Corp.	3,300		66,407
	CAC Corp.	62,700		513,206
	Canon Electronics, Inc.	82,100		2,054,240
	Capcom Co., Ltd.	205,600		4,861,819
	Chino Corp.	151,000		375,913
*	CMK Corp.	263,200		833,484
	Computer Engineering & Consulting, Ltd.	61,500		294,223
	Core Corp.	45,700		405,049
	Cresco, Ltd.	23,200		191,857
	Cybernet Systems Co., Ltd.	85		21,125
#	Cybozu, Inc.	1,221		396,047
*	Daiko Denshi Tsushin, Ltd.	12,000		31,908
	Daito Electron Co., Ltd.	5,900		32,200
	Daiwabo Holdings Co., Ltd.	685,000		1,557,494
	Denki Kogyo Co., Ltd.	255,000		1,106,375
#	DKK TOA Corp.	31,000		104,142
	DTS Corp.	89,600		1,039,320
#	Dwango Co., Ltd.	436		714,235
#	eAccess, Ltd.	7,290		1,728,983
	Eizo Nanao Corp.	76,800		1,568,942
#	Elematec Corp.	26,800		445,270
*	Elna Co., Ltd.	92,000		90,357
#*	Elpida Memory, Inc.	463,600		2,144,886
#	Enplas Corp.	32,000		662,346
	ESPEC Corp.	82,200		493,486
	Excel Co., Ltd.	1,700		16,898
	Faith, Inc.	1,831		192,343
#*	FDK Corp.	431,000		435,556

18

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Information Technology — (Continued)
	Fuji Electronics Co., Ltd.	16,200	$	229,926
#	Fuji Soft, Inc.	100,600		1,802,919
*	Fujitsu Component, Ltd.	139		48,558
	Fujitsu Frontech, Ltd.	77,500		508,428
	Future Architect, Inc.	1,172		457,746
#	GMO Internet, Inc.	252,400		962,877
	Hakuto Co., Ltd.	73,700		715,431
	Hioki EE Corp.	12,300		213,414
	Hitachi Kokusai Electric, Inc.	249,500		2,019,484
	Hochiki Corp.	97,000		494,939
	Hokuriku Electric Industry Co., Ltd.	299,000		426,787
	Horiba, Ltd.	160,950		4,828,595
	Hosiden Corp.	262,900		1,751,094
	Icom, Inc.	49,700		1,270,985
#*	Ikegami Tsushinki Co., Ltd.	174,000		110,765
	Ines Corp.	202,300		1,422,089
	I-Net Corp.	47,800		287,277
	Information Services International-Dentsu, Ltd.	76,700		758,971
	Innotech Corp.	18,200		120,506
#	Internet Initiative Japan, Inc.	485		1,741,351
#*	Ishii Hyoki Co., Ltd.	23,700		80,724
	IT Holdings Corp.	357,401		4,278,832
	ITC Networks Corp.	51,000		323,847
	ITFOR, Inc.	20,500		70,337
	Iwatsu Electric Co., Ltd.	309,000		276,961
	Japan Aviation Electronics Industry, Ltd.	252,600		1,737,367
#	Japan Cash Machine Co., Ltd.	79,315		588,290
	Japan Digital Laboratory Co., Ltd.	109,700		1,082,080
	Japan Radio Co., Ltd.	81,000		183,835
#	Jastec Co., Ltd.	61,400		346,647
	JBCC Holdings, Inc.	73,200		492,802
	JBIS Holdings, Inc.	79,600		243,516
	JFE Systems, Inc.	174		154,512
	JIEC Co., Ltd.	199		224,747
	Kaga Electronics Co., Ltd.	100,400		1,047,321
	Kanematsu Electronics, Ltd.	83,100		858,457
	Koa Corp.	151,600		1,330,875
#*	Kubotek Corp.	370		103,938
	Kyoden Co., Ltd.	156,900		227,973
	Kyowa Electronic Instruments Co., Ltd.	52,000		154,535
	Macnica, Inc.	50,100		1,150,800
#	Macromill, Inc.	83,100		840,988
	Marubun Corp.	98,500		402,576
#	Maruwa Co., Ltd.	38,400		1,766,840
#	Megachips Corp.	84,800		1,408,119
*	Meisei Electric Co., Ltd.	305,000		334,657
	Melco Holdings, Inc.	49,600		1,339,500
	Mimasu Semiconductor Industry Co., Ltd.	86,881		723,008
	Miroku Jyoho Service Co., Ltd.	105,000		328,509
	Mitsui High-Tec, Inc.	131,600		556,086
	Mitsui Knowledge Industry Co., Ltd.	3,643		664,480
	Mitsumi Electric Co., Ltd.	328,500		2,432,831
*	Moritex Corp.	7,700		31,829
#	Mutoh Holdings Co., Ltd.	160,000		429,456
*	Nagano Japan Radio Co., Ltd.	83,000		110,714
	Nagano Keiki Co., Ltd.	2,800		28,074
	Nakayo Telecommunications, Inc.	541,000		1,734,179
	NEC Fielding, Ltd.	95,000		1,221,843
	NEC Mobiling, Ltd.	46,800		1,565,633
	Net One Systems Co., Ltd.	1,984		5,400,355
*	New Japan Radio Co., Ltd.	37,000		52,789

19

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Information Technology — (Continued)
#	Nichicon Corp.	270,300	$	2,707,716
	Nidec Copal Electronics Corp.	38,700		230,264
#	Nidec Sankyo Corp.	191,000		1,210,858
	NIFTY Corp.	250		276,155
	Nihon Dempa Kogyo Co., Ltd.	71,100		847,968
#*	Nihon Inter Electronics Corp.	104,700		132,882
	Nihon Unisys, Ltd.	240,875		1,529,724
*	Nippon Avionics Co., Ltd.	78,000		103,374
#	Nippon Ceramic Co., Ltd.	86,600		1,607,790
#	Nippon Chemi-Con Corp.	604,000		2,033,593
	Nippon Systemware Co., Ltd.	27,900		110,726
	Nohmi Bosai, Ltd.	123,000		766,873
	NS Solutions Corp.	79,400		1,572,308
	NSD Co., Ltd.	170,300		1,331,889
	Obic Business Consultants Co., Ltd.	21,900		1,021,558
	Okaya Electric Industries Co., Ltd.	73,000		318,643
*	Oki Electric Industry Co., Ltd.	2,681,000		2,395,262
*	ONO Sokki Co., Ltd.	103,000		284,473
	Optex Co., Ltd.	21,600		282,773
	Origin Electric Co., Ltd.	105,000		309,487
	Osaki Electric Co., Ltd.	126,000		1,199,206
	Panasonic Electric Works Information Systems Co., Ltd.	13,600		349,715
#	Panasonic Electric Works SUNX Co., Ltd.	109,000		530,515
	PCA Corp.	17,500		189,346
#*	Pixela Corp.	18,400		40,930
	Riken Keiki Co., Ltd.	77,500		562,385
	Riso Kagaku Corp.	48,900		697,205
	Roland DG Corp.	54,400		602,872
	Ryoden Trading Co., Ltd.	141,000		801,539
	Ryosan Co., Ltd.	140,600		2,973,076
	Ryoyo Electro Corp.	113,200		1,253,821
	Sanken Electric Co., Ltd.	496,000		1,551,000
	Sanko Co., Ltd.	21,000		52,620
	Sanshin Electronics Co., Ltd.	139,500		1,154,522
	Satori Electric Co., Ltd.	79,080		473,223
	Saxa Holdings, Inc.	307,000		433,162
#	SCSK Corp.	214,863		3,430,034
#	Shibaura Mechatronics Corp.	142,000		354,838
	Shindengen Electric Manufacturing Co., Ltd.	311,000		1,299,700
#	Shinkawa, Ltd.	68,300		310,507
#	Shinko Electric Industries Co., Ltd.	309,200		2,096,472
	Shinko Shoji Co., Ltd.	81,400		645,224
	Shizuki Electric Co., Inc.	103,000		374,006
#	Siix Corp.	79,500		1,008,093
#	Simplex Holdings, Inc.	1,082		348,941
#	SMK Corp.	290,000		934,032
	Softbank Technology Corp.	100		770
	So-net Entertainment Corp.	504		1,831,078
	Soshin Electric Co., Ltd.	4,600		18,994
	SRA Holdings, Inc.	49,700		509,022
	Star Micronics Co., Ltd.	180,700		1,627,203
#	Sumida Corp.	61,549		407,542
	Sun-Wa Technos Corp.	3,900		35,268
#	Systena Corp.	1,096		754,360
	Tachibana Eletech Co., Ltd.	62,400		577,818
#	Taiyo Yuden Co., Ltd.	467,300		3,475,194
#	Tamura Corp.	280,000		667,567
*	Teac Corp.	332,000		116,451
#	Tecmo Koei Holdings Co., Ltd.	150,730		1,238,429
	Teikoku Tsushin Kogyo Co., Ltd.	172,000		270,082
	TKC Corp.	86,800		1,798,788

20

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Information Technology — (Continued)
#*	Toko, Inc.	334,000	$	571,366
	Tokyo Denpa Co., Ltd.	24,900		114,979
#	Tokyo Electron Device, Ltd.	342		605,253
	Tokyo Seimitsu Co., Ltd.	161,000		3,051,138
#	Tomen Devices Corp.	2,000		43,550
	Tomen Electronics Corp.	50,600		611,184
#	Topcon Corp.	254,800		1,168,801
	Tose Co., Ltd.	22,100		144,559
	Toshiba TEC Corp.	540,000		1,915,492
#	Toukei Computer Co., Ltd.	26,810		358,715
	Towa Corp.	70,900		377,940
	Toyo Corp.	116,900		1,229,066
	Transcosmos, Inc.	122,300		1,456,907
*	UKC Holdings Corp.	2,100		19,813
*	Ulvac, Inc.	180,700		2,207,117
	Uniden Corp.	377,000		1,257,708
#	Wacom Co., Ltd.	1,580		2,396,261
	XNET Corp.	21		30,836
	Y. A. C. Co., Ltd.	34,100		269,835
*	Yamaichi Electronics Co., Ltd.	75,700		166,056
*	Yaskawa Information Systems Corp.	40,000		88,180
	Yokowo Co., Ltd.	69,500		322,147
#	Zuken, Inc.	94,600		651,740
Total Information Technology				166,828,783
Materials — (10.2%)
	Achilles Corp.	703,000		956,632
	Adeka Corp.	364,400		3,567,982
	Agro-Kanesho Co., Ltd.	14,000		66,559
	Aichi Steel Corp.	450,000		2,298,981
	Alconix Corp.	10,800		211,326
	Arakawa Chemical Industries, Ltd.	67,700		596,141
	Araya Industrial Co., Ltd.	276,000		429,572
	Asahi Organic Chemicals Industry Co., Ltd.	343,000		909,288
	Chuetsu Pulp & Paper Co., Ltd.	568,000		957,813
*	Chugai Mining Co., Ltd.	852,400		166,096
	Chugoku Marine Paints, Ltd.	249,000		1,538,153
#*	Chugokukogyo Co., Ltd.	62,000		68,054
	Chuo Denki Kogyo Co., Ltd.	90,000		468,160
#*	Co-Op Chemical Co., Ltd.	159,000		216,210
#	Dai Nippon Toryo, Ltd.	518,000		543,101
#	Daiichi Kigenso Kagaku-Kyogyo Co., Ltd.	14,300		566,700
	Daiichi Kogyo Seiyaku Co., Ltd.	121,000		338,666
	Daiken Corp.	401,000		1,201,556
#*	Daiki Aluminium Industry Co., Ltd.	51,000		208,797
	Dainichiseika Colour & Chemicals Manufacturing Co., Ltd.	319,000		1,378,392
#	Daio Paper Corp.	314,500		2,196,959
	Daiso Co., Ltd.	355,000		1,104,305
	DC Co., Ltd.	113,900		316,318
	Dynapac Co., Ltd.	25,000		66,943
	Earth Chemical Co., Ltd.	50,300		1,853,140
	Ebara-Udylite Co., Ltd.	2,700		68,368
	FP Corp.	61,200		3,965,084
	Fuji Seal International, Inc.	80,400		1,449,793
	Fujikura Kasei Co., Ltd.	96,500		460,420
	Fujimi, Inc.	25,000		283,082
*	Fujimori Kogyo Co., Ltd.	500		6,897
#	Fumakilla, Ltd.	85,000		326,641
#	Furukawa-Sky Aluminum Corp.	321,000		795,058
	Geostar Corp.	38,000		85,350
	Godo Steel, Ltd.	899,000		2,225,634

21

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Materials — (Continued)
	Gun Ei Chemical Industry Co., Ltd.	347,000	$	897,748
	Harima Chemicals, Inc.	73,300		573,497
#	Hodogaya Chemical Co., Ltd.	265,000		826,726
	Hokkan Holdings, Ltd.	283,000		808,654
	Hokko Chemical Industry Co., Ltd.	90,000		260,077
#	Hokuetsu Kishu Paper Co., Ltd.	862,199		5,789,984
*	Hokushin Co., Ltd.	61,400		120,392
	Honshu Chemical Industry Co., Ltd.	35,000		237,940
	Ihara Chemical Industry Co., Ltd.	155,000		570,165
#	Ise Chemical Corp.	83,000		443,004
#*	Ishihara Sangyo Kaisha, Ltd.	1,374,500		1,588,697
	Japan Carlit Co., Ltd.	59,800		307,709
	Japan Pure Chemical Co., Ltd.	7		18,622
	JSP Corp.	103,900		1,635,667
#	Kanto Denka Kogyo Co., Ltd.	195,000		714,014
*	Katakura Chikkarin Co., Ltd.	43,000		107,956
	Kawakin Holdings Co., Ltd.	11,000		33,463
	Kawasaki Kasei Chemicals, Ltd.	121,000		160,654
	Koatsu Gas Kogyo Co., Ltd.	163,493		993,522
	Kohsoku Corp.	61,900		508,489
	Konishi Co., Ltd.	66,900		914,639
#	Kumiai Chemical Industry Co., Ltd.	233,000		873,902
	Kureha Corp.	573,500		2,842,958
*	Kurimoto, Ltd.	702,000		1,454,489
	Kurosaki Harima Corp.	221,000		669,257
	Kyoei Steel, Ltd.	63,700		1,176,930
	Kyowa Leather Cloth Co., Ltd.	71,700		263,249
	Lintec Corp.	50,200		908,442
	MEC Co., Ltd.	61,200		213,896
*	Mitsubishi Paper Mills, Ltd.	1,159,000		1,052,113
	Mitsubishi Steel Manufacturing Co., Ltd.	554,000		1,389,763
	Mitsui Mining & Smelting Co., Ltd.	256,000		658,281
	Mory Industries, Inc.	154,000		512,520
	Nakabayashi Co., Ltd.	181,000		443,327
*	Nakayama Steel Works, Ltd.	639,000		579,643
	Neturen Co., Ltd.	152,800		1,139,674
	Nichia Steel Works, Ltd.	175,900		443,400
	Nihon Kagaku Sangyo Co., Ltd.	78,000		551,192
	Nihon Nohyaku Co., Ltd.	225,000		924,172
	Nihon Parkerizing Co., Ltd.	240,000		2,870,591
	Nihon Seiko Co., Ltd.	18,000		59,673
	Nihon Yamamura Glass Co., Ltd.	490,000		1,226,897
#	Nippon Carbide Industries Co., Inc.	209,000		303,077
#	Nippon Chemical Industrial Co., Ltd.	281,000		466,054
#	Nippon Chutetsukan K.K.	50,000		98,432
#	Nippon Chuzo K.K.	111,000		180,965
	Nippon Coke & Engineering Co., Ltd.	863,000		1,106,791
#	Nippon Concrete Industries Co., Ltd.	180,000		396,618
	Nippon Denko Co., Ltd.	394,000		1,771,207
	Nippon Fine Chemical Co., Ltd.	85,600		567,467
#	Nippon Kasei Chemical Co., Ltd.	309,000		529,512
#*	Nippon Kinzoku Co., Ltd.	222,000		400,549
	Nippon Koshuha Steel Co., Ltd.	366,000		403,178
	Nippon Light Metal Co., Ltd.	2,138,000		2,823,901
#*	Nippon Metal Industry Co., Ltd.	556,000		454,251
	Nippon Paint Co., Ltd.	5,200		35,915
	Nippon Pigment Co., Ltd.	43,000		102,594
	Nippon Pillar Packing Co., Ltd.	83,000		606,177
	Nippon Soda Co., Ltd.	557,000		2,509,833
	Nippon Synthetic Chemical Industry Co., Ltd. (The)	256,000		1,466,612
#	Nippon Valqua Industries, Ltd.	328,000		847,336

22

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Materials — (Continued)
#*	Nippon Yakin Kogyo Co., Ltd.	509,500	$	799,160
*	Nisshin Steel Co., Ltd.	209,000		319,779
	Nittetsu Mining Co., Ltd.	375,000		1,483,160
	Nitto FC Co., Ltd.	72,000		432,656
#	NOF Corp.	726,000		3,699,516
	Ohara, Inc.	3,100		31,853
	Okabe Co., Ltd.	186,900		929,038
	Okamoto Industries, Inc.	400,000		1,532,557
	Okura Industrial Co., Ltd.	305,000		936,901
	Osaka Organic Chemical Industry, Ltd.	66,000		336,428
	Osaka Steel Co., Ltd.	77,700		1,488,897
	Pacific Metals Co., Ltd.	614,000		2,967,610
#	Pack Corp. (The)	66,200		958,465
	Riken Technos Corp.	197,000		555,299
*	S Science Co., Ltd.	2,704,000		105,130
#	S.T. Chemical Co., Ltd.	77,000		970,727
	Sakai Chemical Industry Co., Ltd.	401,000		1,472,701
	Sakata INX Corp.	196,000		880,568
	Sanyo Chemical Industries, Ltd.	305,000		1,990,079
	Sanyo Special Steel Co., Ltd.	480,300		2,538,171
	Sekisui Plastics Co., Ltd.	209,000		799,577
	Shikoku Chemicals Corp.	184,000		979,921
	Shinagawa Refractories Co., Ltd.	224,000		646,842
	Shin-Etsu Polymer Co., Ltd.	224,100		934,812
	Shinko Wire Co., Ltd.	184,000		291,088
	Somar Corp.	43,000		106,391
#	Stella Chemifa Corp.	42,600		1,292,346
#	Sumitomo Bakelite Co., Ltd.	624,000		3,481,035
*	Sumitomo Light Metal Industries, Ltd.	1,767,000		1,625,728
	Sumitomo Osaka Cement Co., Ltd.	1,676,000		4,565,205
	Sumitomo Pipe & Tube Co., Ltd.	108,100		852,913
	Sumitomo Seika Chemicals Co., Ltd.	223,000		934,234
	T. Hasegawa Co., Ltd.	121,300		1,862,221
	Taiheiyo Cement Corp.	85,000		162,677
	Taisei Lamick Co., Ltd.	18,900		591,889
	Taiyo Holdings Co., Ltd.	68,300		1,760,262
	Takasago International Corp.	356,000		1,646,758
	Takiron Co., Ltd.	304,000		1,030,357
	Tayca Corp.	151,000		598,267
	Tenma Corp.	87,000		775,077
#	Titan Kogyo K.K.	78,000		386,932
	Toagosei Co., Ltd.	1,096,000		4,483,673
#	Toda Kogyo Corp.	161,000		1,429,454
#	Toho Titanium Co., Ltd.	132,900		2,274,807
	Toho Zinc Co., Ltd.	551,000		2,090,262
#	Tokai Carbon Co., Ltd.	825,000		4,468,390
	Tokushu Tokai Paper Co., Ltd.	501,580		1,126,121
#	Tokuyama Corp.	1,202,000		3,812,193
	Tokyo Ohka Kogyo Co., Ltd.	180,800		3,580,325
#	Tokyo Rope Manufacturing Co., Ltd.	558,000		1,084,114
	Tokyo Steel Manufacturing Co., Ltd.	316,400		2,562,872
	Tokyo Tekko Co., Ltd.	3,000		8,530
	TOMOEGAWA CO., LTD.	125,000		258,267
	Tomoku Co., Ltd.	294,000		780,865
	Topy Industries, Ltd.	781,000		1,914,048
	Toyo Ink SC Holdings Co., Ltd.	735,000		2,716,386
	Toyo Kohan Co., Ltd.	247,000		853,242
	TYK Corp.	138,000		328,784
#	Ube Material Industries, Ltd.	226,000		691,700
	Wood One Co., Ltd.	169,000		611,550
	Yodogawa Steel Works, Ltd.	786,500		3,405,352

23

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares		Value††
Materials — (Continued)
*	Yuki Gosei Kogyo Co., Ltd.		64,000	$	154,755
	Yushiro Chemical Industry Co., Ltd.		47,100		520,021
Total Materials					173,637,566
Utilities — (0.5%)
	Hokkaido Gas Co., Ltd.		210,000		725,468
	Hokuriku Gas Co., Ltd.		99,000		263,737
	Okinawa Electric Power Co., Ltd.		63,871		2,722,445
	Saibu Gas Co., Ltd.		1,279,000		3,369,842
	Shizuoka Gas Co., Ltd.		241,500		1,528,644
Total Utilities					8,610,136
TOTAL COMMON STOCKS					1,529,702,877
RIGHTS/WARRANTS — (0.0%)
*	Oak Capital Corp. Warrants 08/31/12		53,135		25,542
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (9.8%)
§@DFA Short Term Investment Fund			166,000,000		166,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12 (Collateralized
	by U.S. Treasury Note 1.375%, 09/30/18, valued at $667,386) to be repurchased at
	$654,306	$	654		654,300
TOTAL SECURITIES LENDING COLLATERAL					166,654,300
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,832,235,713)^			$	1,696,382,719

____________________

^     The cost for federal income taxes is $1,833,532,699.

24

THE ASIA PACIFIC SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2011
(Unaudited)

		Shares	Value††
COMMON STOCKS — (83.2%)
AUSTRALIA — (52.6%)
*	ABM Resources NL	4,447,721	$	253,241
*	Acacia Coal, Ltd.	1,958,775		97,796
#*	A-Cap Resources, Ltd.	332,583		81,864
*	Acer Energy, Ltd.	229,729		29,205
#	Acrux, Ltd.	494,126		1,447,826
	Adelaide Brighton, Ltd.	1,927,272		5,693,709
#	Aditya Birla Minerals, Ltd.	878,000		617,784
*	ADX Energy, Ltd.	473,905		32,833
*	AED Oil, Ltd.	363,401		53,894
*	African Iron, Ltd.	37,307		13,530
*	Ainsworth Game Technology, Ltd.	326,556		163,037
*	AJ Lucas Group, Ltd.	317,969		334,975
#*	Alchemia, Ltd.	724,903		223,079
#	Alesco Corp., Ltd.	457,971		542,020
#*	Alkane Resources, Ltd.	938,520		868,206
*	Alliance Resources, Ltd.	444,483		95,432
*	Allied Gold Mining P.L.C.	17,047		38,196
#*	Altona Mining, Ltd.	1,108,169		227,824
*	Amadeus Energy, Ltd.	819,137		171,948
#	Amalgamated Holdings, Ltd.	462,247		2,664,352
	Amcom Telecommunications, Ltd.	529,694		438,992
#*	Ampella Mining, Ltd.	225,174		343,405
	Ansell, Ltd.	503,479		7,475,505
#*	Antares Energy, Ltd.	937,175		410,803
#	AP Eagers, Ltd.	44,147		537,434
	APA Group, Ltd.	666,450		3,058,727
#*	Apex Minerals NL	3,458,027		17,682
#	APN News & Media, Ltd.	1,865,918		1,357,880
#*	Aquarius Platinum, Ltd.	1,035,154		2,478,197
#*	Arafura Resources, Ltd.	1,093,749		409,235
#	ARB Corp., Ltd.	339,077		2,683,548
	Ariadne Australia, Ltd.	267,324		89,248
#	Aristocrat Leisure, Ltd.	1,897,825		4,262,477
#	ASG Group, Ltd.	356,085		314,429
#*	Aspire Mining, Ltd.	902,429		341,119
#*	Astron, Ltd.	87,221		227,930
#*	Atlantic, Ltd.	238,482		304,914
#*	Aurora Oil & Gas, Ltd.	1,265,748		4,387,027
	Ausdrill, Ltd.	1,127,632		3,455,631
#	Ausenco, Ltd.	196,579		497,004
*	Ausgold, Ltd.	52,096		48,043
#	Austal, Ltd.	581,980		1,279,052
*	Austar United Communications, Ltd.	2,887,442		3,524,390
	Austbrokers Holdings, Ltd.	89,395		551,154
#	Austin Engineering, Ltd.	179,622		725,931
*	Austpac Resources NL	2,524,951		121,474
*	Australian Agricultural Co., Ltd.	923,263		1,259,011
#	Australian Infrastructure Fund NL	3,166,751		6,232,048
	Australian Pharmaceutical Industries, Ltd.	5,528,865		1,502,797
*	Australian Worldwide Exploration, Ltd.	2,047,923		2,724,894
	Automotive Holdings Group NL	559,572		991,554
*	Autron Corporation, Ltd.	989,247		—
*	Avanco Resources, Ltd.	2,010,636		206,201
#	AVJennings, Ltd.	5,185,036		2,006,702
*	Azimuth Resources, Ltd.	386,980		197,142
#*	Azumah Resources, Ltd.	737,953		311,722
*	Ballarat South Gold, Ltd.	1,996		—
#*	Bandanna Energy, Ltd.	622,869		394,271

25

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
#	Bank of Queensland, Ltd.	398,694	$	2,969,579
#*	Bannerman Resources, Ltd.	332,217		68,394
#*	BC Iron, Ltd.	252,005		681,273
	Beach Energy, Ltd.	4,828,492		6,084,689
#*	Beadell Resources, Ltd.	1,500,515		924,568
#*	Berkeley Resources, Ltd.	434,006		160,638
	Beyond International, Ltd.	61,256		43,857
#	Billabong International, Ltd.	843,248		1,525,603
#*	Bionomics, Ltd.	207,468		125,713
*	Biota Holdings, Ltd.	1,027,571		838,782
*	Bisalloy Steel Group, Ltd.	469,001		126,245
#	Blackmores, Ltd.	76,842		2,239,868
*	BlueScope Steel, Ltd.	10,743,876		4,431,884
#*	BMA Gold, Ltd.	1,829,221		953,946
#	Boart Longyear Group	2,239,911		6,368,916
*	Boom Logistics, Ltd.	211,688		48,924
*	Boulder Steel, Ltd.	1,667,795		59,771
	Bradken, Ltd.	785,359		5,736,837
#	Breville Group, Ltd.	598,466		1,674,940
#	Brickworks, Ltd.	132,797		1,469,191
*	Brockman Resources, Ltd.	10,283		21,411
	BSA, Ltd.	642,847		131,124
#	BT Investment Management, Ltd.	193,869		356,901
*	Buccaneer Energy, Ltd.	2,801,232		169,217
*	Buru Energy, Ltd.	256,598		321,563
	Cabcharge Australia, Ltd.	503,044		2,295,576
	Calliden Group, Ltd.	633,393		122,574
	Campbell Brothers, Ltd.	183,237		9,175,496
#*	Cape Lambert Resources, Ltd.	373,413		181,579
*	Cape Range Wireless, Ltd.	7,260		—
#*	Capral, Ltd.	58,499		10,463
#	Cardno, Ltd.	332,245		1,763,182
#*	Carnarvon Petroleum, Ltd.	3,885,525		384,373
*	Carnegie Wave Energy, Ltd.	1,008,948		57,538
#	carsales.com, Ltd.	961,726		4,687,260
#	Cash Converters International, Ltd.	1,180,931		645,534
*	CDS Technologies, Ltd.	13,276		—
	Cedar Woods Properties, Ltd.	111,357		381,528
*	Centaurus Metals, Ltd.	143,557		73,396
*	Central Petroleum, Ltd.	1,759,865		92,423
*	Centrex Metals, Ltd.	51,889		14,818
#*	Ceramic Fuel Cells, Ltd.	4,248,715		457,751
#*	Cerro Resources NL	1,961,035		211,817
#*	CGA Mining, Ltd.	10,124		20,660
#*	Chalice Gold Mines, Ltd.	320,684		86,662
	Challenger, Ltd.	412,725		1,740,980
	Chandler Macleod Group, Ltd.	338,118		126,000
*	Chemeq, Ltd.	166,742		—
*	ChemGenex Pharmaceuticals, Ltd.	115,291		2,948
*	Chesser Resources, Ltd.	156,921		77,057
#*	Citigold Corp., Ltd.	3,765,806		262,340
#	Clarius Group, Ltd.	1,099,217		421,532
#*	Clinuvel Pharmaceuticals, Ltd.	118,435		186,356
#	Clough, Ltd.	1,527,345		1,077,740
	Clover Corp., Ltd.	269,348		80,344
*	CO2 Group, Ltd.	844,559		137,612
#*	Coal of Africa, Ltd.	601,070		511,375
#*	Coalspur Mines, Ltd.	1,239,823		1,935,865
#*	Cobar Consolidated Resources, Ltd.	112,626		60,089
*	Cockatoo Coal, Ltd.	3,265,604		1,247,106
#	Codan, Ltd.	156,399		195,257

26

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
*	Coffey International, Ltd.	1,048,636	$	457,508
	Collection House, Ltd.	1,774,073		1,268,235
*	Comet Ridge, Ltd.	65,567		10,705
#	Consolidated Media Holdings, Ltd.	1,276,820		3,395,462
*	Continental Coal, Ltd.	564,114		98,534
*	Cooper Energy, Ltd.	336,842		113,446
	Coventry Group, Ltd.	144,778		344,170
#	Credit Corp. Group, Ltd.	110,382		505,961
*	Crusader Resources, Ltd.	155,861		125,152
#	CSG, Ltd.	674,612		409,648
	CSR, Ltd.	2,491,176		4,987,698
	CTI Logistics, Ltd.	6,000		8,653
#*	Cudeco, Ltd.	399,317		1,513,940
#*	Cue Energy Resources, Ltd.	1,264,976		270,680
#	Customers, Ltd.	494,648		500,722
*	Data#3, Ltd.	205,654		240,853
#	David Jones, Ltd.	1,881,866		4,548,695
#	Decmil Group, Ltd.	470,416		986,810
*	Deep Yellow, Ltd.	850,894		113,445
#*	Devine, Ltd.	497,498		370,658
#*	Discovery Metals, Ltd.	1,249,162		1,676,876
	Domino’s Pizza Enterprises, Ltd.	13,757		110,840
#*	Downer EDI, Ltd.	1,768,446		5,772,439
*	Dragon Mining, Ltd.	170,143		212,638
#*	Drillsearch Energy, Ltd.	726,602		599,871
	DUET Group, Ltd.	4,437,176		7,965,931
#	DuluxGroup, Ltd.	1,538,157		4,532,941
#	DWS, Ltd.	242,161		310,090
#*	Dyesol, Ltd.	383,671		101,921
#*	Elders, Ltd.	1,380,363		366,900
#*	Elemental Minerals, Ltd.	388,188		418,648
*	Ellect Holdings, Ltd.	482		—
#	Emeco Holdings, Ltd.	2,143,907		2,113,699
*	Endeavour Mining Corp.	381,222		931,892
#*	Energy Resources of Australia, Ltd.	638,803		799,695
#*	Energy World Corp., Ltd.	3,906,481		2,725,458
*	Engenco, Ltd.	22,880		24,964
#	Envestra, Ltd.	5,142,027		3,752,254
#*	Equatorial Resources, Ltd.	176,571		302,271
	Euroz, Ltd.	74,221		94,988
*	Evolution Mining, Ltd.	1,257,818		1,939,047
#	Exco Resources, Ltd.	429,909		81,394
#*	Extract Resources, Ltd.	262,940		2,274,542
#	Fantastic Holdings, Ltd.	355,613		801,544
*	FAR, Ltd.	5,163,174		148,633
	Finbar Group, Ltd.	58,051		52,707
*	Finders Resources, Ltd.	7,442		2,740
	FKP Property Group, Ltd.	3,090,231		1,509,471
#	Fleetwood Corp., Ltd.	284,707		3,484,578
#	FlexiGroup, Ltd.	597,372		1,137,846
#	Flight Centre, Ltd.	192,954		3,179,152
#*	Flinders Mines, Ltd.	6,909,293		1,975,219
*	Focus Minerals, Ltd.	18,734,882		978,109
*	Forest Enterprises Australia, Ltd.	2,849,173		—
#	Forge Group, Ltd.	242,109		1,188,942
#*	Forte Energy NL	1,036,232		28,617
	G8 Education, Ltd.	67,817		39,554
#*	Galaxy Resources, Ltd.	760,450		548,312
	Gazal Corp., Ltd.	104,542		178,887
#*	Geodynamics, Ltd.	1,015,653		161,211
#*	Gindalbie Metals, Ltd.	2,600,255		1,398,848

27

The Asia Pacific Small Company Series
continued

		Shares	Value††
AUSTRALIA — (Continued)
#*	Gloucester Coal, Ltd.	232,730	$	2,046,602
#*	Gold Road Resources, Ltd.	111,697		35,648
*	Golden Rim Resources, Ltd.	722,577		81,862
#	Goodman Fielder, Ltd.	8,296,037		3,673,797
	GrainCorp, Ltd.	759,612		6,078,950
#	Grange Resources, Ltd.	1,245,669		712,691
#*	Great Southern, Ltd.	9,302,784		—
#*	Greenland Minerals & Energy, Ltd.	711,078		330,623
#*	Gryphon Minerals, Ltd.	1,030,817		1,214,095
#	GUD Holdings, Ltd.	432,916		3,121,416
*	Gujarat NRE Coking Coal, Ltd.	119,865		22,209
#*	Gunns, Ltd.	2,872,620		368,447
#	GWA Group, Ltd.	1,061,543		2,320,665
#*	Hastie Group, Ltd.	81,042		46,578
*	Havilah Resources NL	258,836		177,702
	HFA Holdings, Ltd.	235,865		201,695
	HGL, Ltd.	102,586		111,601
#*	Highlands Pacific, Ltd.	2,651,500		367,553
#*	Hillgrove Resources, Ltd.	909,242		181,523
#	Hills Holdings, Ltd.	986,165		1,135,253
#*	Horizon Oil, Ltd.	4,076,594		836,909
*	Hutchison Telecommunications Australia, Ltd.	7,262,431		434,561
#*	Icon Energy, Ltd.	1,077,030		182,164
*	IDM International, Ltd.	23,969		3,310
#	iiNet, Ltd.	581,396		1,696,892
	Iluka Resources, Ltd.	401,932		6,366,203
#	Imdex, Ltd.	891,692		1,687,076
#	IMF Australia, Ltd.	314,016		417,856
#*	IMX Resources, Ltd.	594,082		190,453
#	Independence Group NL	1,024,848		3,959,817
*	Indo Mines, Ltd.	81,968		22,921
#*	Indophil Resources NL	3,118,946		1,320,565
#	Industrea, Ltd.	1,462,998		1,463,816
#	Infigen Energy, Ltd.	1,622,704		447,584
#	Infomedia, Ltd.	1,458,074		320,326
#*	Integra Mining, Ltd.	3,188,345		1,760,940
#	Integrated Research, Ltd.	261,513		125,540
#*	Intrepid Mines, Ltd.	1,794,707		2,007,539
#	Invocare, Ltd.	572,622		4,509,447
#	IOOF Holdings, Ltd.	989,055		5,164,887
	Iress Market Technology, Ltd.	476,807		3,377,336
#*	Iron Ore Holdings, Ltd.	336,216		472,788
#*	Ivanhoe Australia, Ltd.	396,947		577,160
#	JB Hi-Fi, Ltd.	450,518		5,193,555
#*	Jupiter Mines, Ltd.	465,443		129,185
#	K&S Corp., Ltd.	210,812		254,195
#*	Kagara, Ltd.	1,743,898		456,084
*	Kagara, Ltd.	201,495		52,553
#*	Kangaroo Resources, Ltd.	2,874,627		426,817
*	Karoon Gas Australia, Ltd.	667,086		3,072,000
#*	Kasbah Resources, Ltd.	478,599		73,591
*	KBL Mining, Ltd.	204,110		56,437
#	Kingsgate Consolidated, Ltd.	573,622		3,359,677
#*	Kingsrose Mining, Ltd.	608,858		882,332
*	Lednium, Ltd.	195,019		15,957
#*	Lemarne Corp., Ltd.	25,882		14,061
*	Linc Energy, Ltd.	1,497,847		1,676,871
#*	Liquefied Natural Gas, Ltd.	595,144		162,135
	Little World Beverages, Ltd.	502		1,645
	Lycopodium, Ltd.	56,126		343,629
#	M2 Telecommunications Group, Ltd.	377,934		1,080,077

28

The Asia Pacific Small Company Series
continued

		Shares	Value††
AUSTRALIA — (Continued)
*	MacMahon Holdings, Ltd.	3,174,294	$	1,812,132
#*	Macmin Silver, Ltd.	2,951,370		240,600
*	Macquarie Atlas Roads Group NL	311,785		430,333
#	Macquarie Telecom Group, Ltd.	35,019		254,838
#*	Magma Metals, Ltd.	240,771		27,276
*	Manhattan Corp., Ltd.	7,972		1,802
#*	Marengo Mining, Ltd.	1,428,204		313,991
#	Matrix Composites & Engineering, Ltd.	130,877		407,070
	MaxiTRANS Industries, Ltd.	942,578		367,004
	Mayne Pharma Group, Ltd.	205,191		79,648
#	McGuigan Simeon Wines, Ltd.	2,437,348		733,868
#	McMillan Shakespeare, Ltd.	228,148		2,000,886
#	McPherson’s, Ltd.	303,441		537,098
#	Medusa Mining, Ltd.	617,332		2,832,694
#	Melbourne IT, Ltd.	440,506		697,763
#*	MEO Australia, Ltd.	681,039		121,381
#	Mermaid Marine Australia, Ltd.	906,563		2,631,833
#*	Mesoblast, Ltd.	169,618		1,192,383
*	Metals X, Ltd.	173,131		41,602
#*	Metgasco, Ltd.	667,052		272,742
*	Metminco, Ltd.	1,879,249		230,969
*	MetroCoal, Ltd.	68,725		34,068
#*	MHM Metals, Ltd.	287,217		264,435
#	Mincor Resources NL	990,706		685,327
#*	Minemakers, Ltd.	102,785		28,814
#*	Mineral Deposits, Ltd.	222,046		1,153,561
	Mineral Resources, Ltd.	388,955		4,376,479
#*	Mirabela Nickel, Ltd.	1,647,279		1,882,381
#*	Molopo Energy, Ltd.	1,186,993		774,119
#*	Moly Mines, Ltd.	25,253		8,002
#	Monadelphous Group, Ltd.	319,624		6,571,746
*	Morning Star Gold NL	332,749		78,469
#	Mortgage Choice, Ltd.	631,109		826,100
#	Mount Gibson Iron, Ltd.	2,962,399		3,385,503
#	MSF Sugar, Ltd.	81,056		366,903
#*	Murchison Metals, Ltd.	1,229,022		546,805
#	Myer Holdings, Ltd.	2,954,756		5,833,130
	MyState, Ltd.	25,088		86,245
#*	Nanosonics, Ltd.	259,364		158,865
#	National Can Industries, Ltd.	97,017		104,686
#*	Navigator Resources, Ltd.	1,876,284		27,052
#	Navitas, Ltd.	1,157,537		4,138,972
#*	New Guinea Energy, Ltd.	359,345		16,834
*	NewSat, Ltd.	38,743		23,191
#*	Nexbis, Ltd.	580,630		48,662
*	Nexus Energy, Ltd.	4,594,720		963,824
#	NIB Holdings, Ltd.	542,247		833,505
*	Nido Petroleum, Ltd.	6,093,154		248,021
#*	Noble Mineral Resources, Ltd.	859,168		423,880
#	Norfolk Group, Ltd.	302,473		327,452
*	North Australian Diamonds, Ltd.	16,663		4,408
#*	Northern Iron, Ltd.	499,291		327,388
*	Northern Star Resources, Ltd.	940,055		762,965
*	Norton Gold Fields, Ltd.	515,173		93,026
	NRW Holdings, Ltd.	798,432		2,108,199
#*	Nucoal Resources NL	429,538		120,569
*	Nufarm, Ltd.	754,110		3,197,378
	Oakton, Ltd.	378,695		479,090
#*	Oilex, Ltd.	247,428		56,267
*	OneSteel, Ltd.	3,720,920		2,660,380
#*	Orocobre, Ltd.	257,530		334,276

29

The Asia Pacific Small Company Series
continued

		Shares	Value††
AUSTRALIA — (Continued)
#	OrotonGroup, Ltd.	89,486	$	695,696
*	Otto Energy, Ltd.	1,518,553		140,280
#	Pacific Brands, Ltd.	4,412,120		2,480,064
*	Pacific Niugini, Ltd.	200,616		90,450
#*	Paladin Energy, Ltd.	2,824,953		3,972,632
#*	Pan Pacific Petroleum NL	1,094,343		157,630
*	PanAust, Ltd.	1,780,618		5,843,964
#*	Pancontinental Oil & Gas NL	1,057,588		83,166
#	Panoramic Resources, Ltd.	971,509		1,151,683
*	PaperlinX, Ltd.	2,771,649		237,720
*	Papillon Resources, Ltd.	32,010		18,843
	Patties Foods, Ltd.	36,136		61,486
#	Peet, Ltd.	1,096,798		896,005
#*	Peninsula Energy, Ltd.	5,178,834		189,656
#*	Perilya, Ltd.	1,461,946		494,148
#	Perpetual Trustees Australia, Ltd.	190,719		3,977,522
#*	Perseus Mining, Ltd.	1,605,654		3,982,596
#*	Pharmaxis, Ltd.	1,018,699		1,088,168
*	Photon Group, Ltd.	371,433		20,194
*	Plantcorp NL	4,329		—
#*	Platinum Australia, Ltd.	1,251,560		105,611
#*	Pluton Resources, Ltd.	538,056		123,238
	PMP, Ltd.	2,395,607		1,203,807
*	Poseidon Nickel, Ltd.	452,002		82,968
#	Premier Investments, Ltd.	262,755		1,277,171
#*	Prima Biomed, Ltd.	2,338,194		381,923
#	Primary Health Care, Ltd.	1,960,174		6,168,563
#	Prime Media Group, Ltd.	1,777,139		1,223,591
#	PrimeAg, Ltd.	64,299		70,079
	Programmed Maintenance Service, Ltd.	549,269		1,242,825
*	QRxPharma, Ltd.	109,867		169,238
*	Quickstep Holdings, Ltd.	462,355		80,166
#	Ramelius Resources, Ltd.	1,268,789		1,395,700
*	Range Resources, Ltd.	51,250		6,488
#	RCR Tomlinson, Ltd.	1,056,974		1,712,705
#	REA Group, Ltd.	211,832		2,712,118
	Reckon, Ltd.	215,815		516,995
*	Red 5, Ltd.	9,022		15,056
#*	Red Fork Energy, Ltd.	605,587		520,949
	Redflex Holdings, Ltd.	377,855		643,976
	Reece Australia, Ltd.	238,457		4,476,495
#*	Reed Resources, Ltd.	698,001		218,320
#*	Regis Resources, Ltd.	1,195,060		4,153,550
#	Reject Shop, Ltd. (The)	117,972		1,241,853
*	Resolute Mining, Ltd.	2,026,007		3,429,526
#*	Resource & Investment NL	283,117		185,485
*	Resource Equipment, Ltd.	118,411		40,537
*	Resource Generation, Ltd.	338,381		128,346
	Retail Food Group, Ltd.	53,237		133,070
#*	Rex Minerals, Ltd.	403,087		576,231
#*	Rialto Energy, Ltd.	1,264,038		308,894
#	Ridley Corp., Ltd.	1,283,068		1,375,612
*	RiverCity Motorway Group, Ltd.	1,563,354		—
#*	Robust Resources, Ltd.	136,513		187,138
#*	Roc Oil Co., Ltd.	6,490,268		1,688,226
	Runge, Ltd.	30,702		11,481
#	Ruralco Holdings, Ltd.	88,146		295,102
#	SAI Global, Ltd.	1,064,331		4,901,978
*	Salinas Energy, Ltd.	1,265,718		660,290
#	Salmat, Ltd.	664,807		1,636,802
#*	Samson Oil & Gas, Ltd.	5,178,299		507,130

30

The Asia Pacific Small Company Series
continued

		Shares	Value††
AUSTRALIA — (Continued)
#*	Sandfire Resources NL	394,850	$	2,655,623
*	Santos, Ltd.	182,362		2,282,174
*	Saracen Mineral Holdings, Ltd.	1,959,658		1,517,601
	Schaffer Corp., Ltd.	33,766		112,338
#	Sedgman, Ltd.	401,236		751,634
#	Seek, Ltd.	666,916		3,866,846
#	Select Harvests, Ltd.	292,826		514,521
*	Senex Energy, Ltd.	2,170,206		1,409,230
#	Servcorp, Ltd.	301,327		805,553
#*	Service Stream, Ltd.	1,432,710		439,071
	Seven Group Holdings, Ltd.	544,133		3,939,065
	Seven West Media, Ltd.	603,065		1,997,399
#	Sigma Pharmaceuticals, Ltd.	4,898,960		2,758,769
*	Sihayo Gold, Ltd.	603,971		64,730
#*	Silex System, Ltd.	532,291		1,335,282
#*	Silver Lake Resources, Ltd.	660,551		2,053,592
*	Sipa Resources International NL	416,066		59,095
#	Sirtex Medical, Ltd.	218,046		998,857
#	Skilled Group, Ltd.	490,220		829,230
	Slater & Gordon, Ltd.	24,701		45,208
#	SMS Management & Technology, Ltd.	426,040		1,971,218
*	Southern Cross Electrical Engineering, Ltd.	16,785		14,081
	Southern Cross Media Group, Ltd.	2,546,520		2,803,844
#	SP Telemedia, Ltd.	1,519,352		2,065,858
	Spark Infrastructure Group, Ltd.	5,543,872		7,788,490
#	Specialty Fashion Group, Ltd.	809,557		376,513
#	Spotless Group, Ltd.	1,215,571		2,949,267
#*	St. Barbara, Ltd.	1,636,736		3,287,198
#*	Starpharma Holdings, Ltd.	818,617		952,927
*	Straits Resources, Ltd.	878,069		581,312
*	Strike Energy, Ltd.	88,132		9,512
	Structural Systems, Ltd.	138,772		114,977
#	STW Communications Group, Ltd.	885,459		761,532
#*	Sundance Energy Australia, Ltd.	786,380		335,145
#*	Sundance Resources, Ltd.	8,756,539		3,539,328
*	Sunland Group, Ltd.	741,191		500,236
#	Super Retail Group, Ltd.	1,268,454		6,882,737
*	Swick Mining Services, Ltd.	71,883		22,189
#	Symex Holdings, Ltd.	513,662		76,000
#	Talent2 International, Ltd.	472,312		241,533
*	Talisman Mining, Ltd.	217,981		74,826
#*	Tanami Gold NL	531,462		364,859
*	Tap Oil, Ltd.	1,450,696		883,690
#	Tassal Group, Ltd.	626,912		896,228
#	Technology One, Ltd.	1,322,653		1,348,002
#	Ten Network Holdings, Ltd.	3,492,166		2,993,778
*	Terramin Australia, Ltd.	155,209		21,414
#*	Texon Petroleum, Ltd.	738,375		422,542
#	TFS Corp., Ltd.	1,393,854		881,921
#	Thakral Holdings Group, Ltd.	2,559,697		1,408,590
	ThinkSmart, Ltd.	146,612		60,812
#	Thorn Group, Ltd.	370,228		609,646
*	Thundelarra Exploration, Ltd.	260,965		39,938
#*	Tiger Resources, Ltd.	1,751,101		657,174
*	TNG, Ltd.	87,408		7,179
*	Toro Energy, Ltd.	70,156		6,313
	Tox Free Solutions, Ltd.	428,631		949,181
#	Transfield Services, Ltd.	1,880,286		4,164,576
#*	Transpacific Industries Group, Ltd.	4,533,180		3,786,246
#	Troy Resources NL	396,528		1,740,186
#	Trust Co., Ltd. (The)	85,563		443,421

31

The Asia Pacific Small Company Series
continued

		Shares	Value††
AUSTRALIA — (Continued)
	UGL, Ltd.	143,161	$	1,739,745
*	Unity Mining, Ltd.	92,075		9,348
#	UXC, Ltd.	1,169,545		478,428
#*	Venture Minerals, Ltd.	450,858		129,224
*	Venturex Resources, Ltd.	42,171		3,023
	Village Roadshow, Ltd.	855,994		2,626,275
#*	Virgin Australia Holdings, Ltd.	7,648,897		2,221,611
	Warrnambool Cheese & Butter Factory Co. Holding, Ltd.	1,203		4,484
#	Watpac, Ltd.	711,698		771,053
#	WDS, Ltd.	375,342		229,823
*	Webfirm Group, Ltd.	124,813		7,449
#	Webjet, Ltd.	356,064		906,103
	Webster, Ltd.	144,737		69,458
#	Western Areas NL	596,079		3,107,351
*	Western Desert Resouurces, Ltd.	46,483		21,170
*	Westgold Resources, Ltd.	59,310		11,894
#*	White Energy Co., Ltd.	643,913		250,052
	WHK Group, Ltd.	1,202,433		1,014,374
#	Wide Bay Australia, Ltd.	81,906		614,013
#*	WildHorse Energy, Ltd.	212,714		32,729
*	Willmott Forests, Ltd.	17,224		—
#*	Windimurra Vanadium, Ltd.	537,429		—
#	Wotif.com Holdings, Ltd.	505,776		1,842,098
#	WPG Resources, Ltd.	702,896		55,219
#*	YTC Resources, Ltd.	73,367		31,629
TOTAL AUSTRALIA				518,724,650
HONG KONG — (15.4%)
	Aeon Credit Service (Asia) Co., Ltd.	580,000		421,723
	Aeon Stores Hong Kong Co., Ltd.	234,000		530,134
	Alco Holdings, Ltd.	1,426,000		464,056
	Allan International Holdings, Ltd.	720,000		189,924
	Allied Group, Ltd.	683,200		1,603,512
	Allied Overseas, Ltd.	50,000		23,215
	Allied Properties, Ltd.	12,297,857		1,694,758
*	Amax Holdings, Ltd.	9,312,000		104,022
*	Apac Resources, Ltd.	12,620,000		534,920
*	Apollo Solar Energy Technology Holdings, Ltd.	11,692,000		427,551
	APT Satellite Holdings, Ltd.	1,275,000		212,421
*	Artel Solutions Group Holdings, Ltd.	7,885,000		103,079
*	Artini China Co., Ltd.	2,481,000		47,466
	Arts Optical International Holdings, Ltd.	730,000		196,397
	Asia Financial Holdings, Ltd.	2,474,908		862,181
	Asia Satellite Telecommunications Holdings, Ltd.	962,000		1,955,085
	Asia Standard Hotel Group, Ltd.	11,797,218		788,671
	Asia Standard International Group, Ltd.	13,365,185		2,061,718
	Associated International Hotels, Ltd.	980,000		1,891,761
	Aupu Group Holding Co., Ltd.	2,504,000		189,813
	Automated Systems Holdings, Ltd.	394,000		47,256
	Bauhaus International Holdings, Ltd.	662,000		158,143
*	Beijing Yu Sheng Tang Pharmaceutical Group, Ltd.	2,440,000		10,639
*	Bel Global Resources Holdings, Ltd.	2,576,000		47,098
*	Bio-Dynamic Group, Ltd.	2,544,000		254,551
*	Birmingham International Holdings, Ltd.	6,502,000		127,251
	Bonjour Holdings, Ltd.	4,356,000		664,949
	Bossini International Holdings, Ltd.	3,871,500		287,798
#*	Burwill Holdings, Ltd.	8,888,960		119,879
	Cafe de Coral Holdings, Ltd.	1,006,000		2,303,114
*	Capital Estate, Ltd.	5,151,000		124,627
*	Carico Holdings, Ltd.	13,640,000		621,021
	Century City International Holdings, Ltd.	6,419,460		428,679

32

The Asia Pacific Small Company Series
continued

		Shares	Value††
HONG KONG — (Continued)
*	Century Sunshine Group Holdings, Ltd.	3,655,000	$	101,736
	Champion Technology Holdings, Ltd.	14,734,387		194,874
	Chen Hsong Holdings, Ltd.	898,000		277,902
	Cheuk Nang Holdings, Ltd.	386,457		137,817
	Chevalier International Holdings, Ltd.	737,482		737,194
	Chevalier Pacific Holdings, Ltd.	5,497,500		138,571
*	China Best Group Holding, Ltd.	3,721,400		42,798
*	China Billion Resources, Ltd.	4,876,000		54,620
*	China Boon Holdings, Ltd.	6,200,000		103,567
*	China CBM Group, Ltd.	6,930,301		93,295
*	China Digicontent Co., Ltd.	2,710,000		3,489
*	China Digital Licensing Group, Ltd.	2,190,000		76,078
*	China Electronics Corp. Holdings Co., Ltd.	2,888,250		240,647
*	China Energy Development Holdings, Ltd.	21,966,000		287,960
*	China Financial Services Holdings, Ltd.	954,000		56,995
*	China Flavors & Fragrances Co., Ltd.	144,924		25,146
*	China Gamma Group, Ltd.	7,500,000		150,480
*	China Infrastructure Investment, Ltd.	8,680,000		223,527
*	China Investments Holdings, Ltd.	149,000		4,203
#*	China Mandarin Holdings, Ltd.	5,012,400		77,204
	China Metal International Holdings, Ltd.	2,582,000		444,383
*	China Motion Telecom International, Ltd.	5,080,000		74,542
	China Motor Bus Co., Ltd.	50,000		400,347
*	China Ocean Shipbuilding Industry Group, Ltd.	4,137,500		54,215
*	China Oriental Culture Group, Ltd.	3,600,000		168,842
*	China Pipe Group, Ltd.	100,000		385
#*	China Public Procurement, Ltd.	5,230,000		—
*	China Renji Medical Group, Ltd.	12,784,000		98,761
#*	China Resources and Transportation Group, Ltd.	32,400,000		1,268,191
#*	China Solar Energy Holdings, Ltd.	37,990,000		258,872
*	China Strategic Holdings, Ltd.	12,585,000		248,884
#	China Taisan Technology Group Holdings, Ltd.	564,915		40,015
	China Ting Group Holdings, Ltd.	2,443,151		146,124
*	China Tycoon Beverage Holdings, Ltd.	2,732,000		53,987
*	China WindPower Group, Ltd.	14,630,000		543,867
*	China Yunnan Tin Minerals Group Co., Ltd.	9,428,000		31,417
	China-Hongkong Photo Products Holdings, Ltd.	2,123,000		144,402
	Chinney Investments, Ltd.	1,144,000		130,790
	Chong Hing Bank, Ltd.	878,000		1,558,151
	Chow Sang Sang Holdings International, Ltd.	24,680		55,313
	Chu Kong Shipping Development Co., Ltd.	2,188,000		328,639
*	Chuang’s China Investments, Ltd.	3,388,000		171,536
	Chuang’s Consortium International, Ltd.	3,569,965		338,974
*	Chun Wo Development Holdings, Ltd.	2,002,926		92,574
#	Citic Telecom International Holdings, Ltd.	4,388,000		900,640
*	City e-Solutions, Ltd.	186,000		15,794
#	City Telecom, Ltd.	1,540,751		804,279
	CK Life Sciences International Holdings, Inc.	12,548,000		555,949
*	Climax International Co., Ltd.	40,700		131
	CNT Group, Ltd.	8,315,264		416,253
*	COL Capital, Ltd.	2,725,840		350,133
	Computer & Technologies Holdings, Ltd.	432,000		89,034
	Continental Holdings, Ltd.	5,148,250		53,547
	Cosmos Machinery Enterprises, Ltd.	1,616,400		120,246
*	Cosway Corp., Ltd.	1,950,000		261,225
*	CP Lotus Corp., Ltd.	11,420,000		403,801
	Cross-Harbour Holdings, Ltd. (The)	659,520		535,032
	CSI Properties, Ltd.	22,229,625		642,032
*	CST Mining Group, Ltd.	71,688,000		579,254
*	Culture Landmark Investment, Ltd.	10,196,000		110,310
*	Culturecom Holdings, Ltd.	1,020,000		119,185

33

The Asia Pacific Small Company Series
continued

		Shares	Value††
HONG KONG — (Continued)
	Dah Sing Banking Group, Ltd.	1,071,840	$	911,029
	Dah Sing Financial Holdings, Ltd.	520,550		1,553,607
*	Dan Form Holdings Co., Ltd.	3,261,260		221,807
#*	Dejin Resources Group Co., Ltd.	23,892,000		202,707
	Dickson Concepts International, Ltd.	924,500		479,983
*	Doxen Energy Group, Ltd.	542,796		76,924
	DVN Holdings, Ltd.	2,183,000		75,768
	Dynamic Holdings, Ltd.	374,000		57,927
	Eagle Nice International Holdings, Ltd.	1,078,000		208,977
#	EcoGreen Fine Chemicals Group, Ltd.	1,112,000		230,091
*	eForce Holdings, Ltd.	80,960		2,131
*	EganaGoldpfeil Holdings, Ltd.	4,121,757		—
*	e-Kong Group, Ltd.	620,000		24,702
	Emperor Entertainment Hotel, Ltd.	2,440,000		347,844
	Emperor International Holdings, Ltd.	5,836,753		898,086
#	Emperor Watch & Jewellery, Ltd.	11,770,000		1,475,446
*	ENM Holdings, Ltd.	15,112,000		1,006,615
*	Enviro Energy International Holdings, Ltd.	4,138,000		103,507
*	EPI Holdings, Ltd.	4,259,927		91,351
*	eSun Holdings, Ltd.	2,438,000		343,814
	EVA Precision Industrial Holdings, Ltd.	5,544,000		1,338,806
*	Ezcom Holdings, Ltd.	72,576		449
	Fairwood, Ltd.	337,600		440,954
	Far East Consortium International, Ltd.	4,570,342		644,597
*	Far East Technology International, Ltd.	179,520		17,798
*	First Natural Foods Holdings, Ltd.	2,365,000		—
#*	Fook Woo Group Holdings, Ltd.	952,000		166,704
*	Foundation Group, Ltd.	2,350,000		35,402
	Fountain SET Holdings, Ltd.	4,622,000		557,371
	Four Seas Mercantile Holdings, Ltd.	592,000		148,242
*	Frasers Property China, Ltd.	16,477,000		349,564
*	Freeman Corp., Ltd.	6,328,888		27,647
	Fujikon Industrial Holdings, Ltd.	912,000		109,194
*	Genting Hong Kong, Ltd.	17,000		4,800
	Get Nice Holdings, Ltd.	19,044,000		733,322
	Giordano International, Ltd.	7,162,000		5,164,890
*	Global Tech Holdings, Ltd.	5,098,000		19,918
#	Glorious Sun Enterprises, Ltd.	2,662,000		808,083
	Gold Peak Industries Holding, Ltd.	3,118,642		284,749
	Golden Resources Development International, Ltd.	3,330,500		156,380
*	Goldin Financial Holdings, Ltd.	480,000		44,441
*	Goldin Properties Holdings, Ltd.	2,040,000		534,072
	Golik Holdings, Ltd.	250,500		16,698
*	Good Fellow Resources Holdings, Ltd.	1,670,000		70,751
*	Grande Holdings, Ltd.	882,000		46,561
	Great Eagle Holdings, Ltd.	248,160		485,925
*	Greenheart Group, Ltd.	1,626,000		137,489
*	G-Resources Group, Ltd.	53,682,000		2,997,388
*	Group Sense International, Ltd.	2,448,000		51,104
	Guangnan Holdings, Ltd.	2,249,600		288,524
	Haitong International Securities Group, Ltd.	1,203,586		393,443
*	Hang Fung Gold Technology, Ltd.	1,972,482		—
#	Hang Ten Group Holdings, Ltd.	2,254,000		766,261
	Hanny Holdings, Ltd.	747,979		22,591
*	Hans Energy Co., Ltd.	7,556,000		153,805
	Harbour Centre Development, Ltd.	957,500		1,097,047
*	Hengli Commercial Properties Group, Ltd.	336,000		16,623
	High Fashion International, Ltd.	268,000		96,669
	HKR International, Ltd.	5,895,136		1,840,466
	Hon Kwok Land Investment Co., Ltd.	314,800		102,828
*	Hong Fok Land, Ltd.	1,210,000		1,558

34

The Asia Pacific Small Company Series
continued

		Shares	Value††
HONG KONG — (Continued)
	Hong Kong Ferry Holdings, Ltd.	809,300	$	634,655
	Hong Kong Food Investment Holdings, Ltd.	202,184		21,929
	Hongkong Chinese, Ltd.	4,774,000		821,954
	Hop Fung Group Holdings, Ltd.	888,000		53,363
	Hsin Chong Construction Group, Ltd.	1,569,658		249,821
*	Huafeng Group Holdings, Ltd.	6,713,325		146,398
	Hung Hing Printing Group, Ltd.	1,188,000		235,761
	Hutchison Harbour Ring, Ltd.	9,432,000		799,735
	Hutchison Telecommunications Hong Kong Holdings, Ltd.	378,000		145,195
*	Hybrid Kinetic Group, Ltd.	14,884,000		160,511
*	HyComm Wireless, Ltd.	89,090		12,319
*	I-Cable Communications, Ltd.	531,000		26,921
*	IDT International, Ltd.	6,240,183		72,096
*	Imagi International Holdings, Ltd.	17,320,000		419,257
	iOne Holdings, Ltd.	3,140,000		34,230
	IPE Group, Ltd.	2,060,000		182,543
#	IT, Ltd.	2,802,532		1,537,855
	ITC Corp., Ltd.	893,645		40,811
#*	ITC Properties Group, Ltd.	3,645,747		945,976
#*	Jinchuan Group International Resources Co., Ltd.	1,319,000		353,173
*	Jinhui Holdings, Ltd.	384,000		67,570
*	Jiuzhou Development Co., Ltd.	2,558,000		161,290
	JLF Investment Co., Ltd.	3,293,500		214,806
	Joyce Boutique Holdings, Ltd.	1,530,000		143,147
	Junefield Department Store Group, Ltd.	306,000		18,905
#	K Wah International Holdings, Ltd.	5,583,405		1,411,921
	Kam Hing International Holdings, Ltd.	1,974,000		167,138
	Kantone Holdings, Ltd.	14,737,991		134,518
*	Karl Thomson Holdings, Ltd.	1,188,000		50,732
	Karrie International Holdings, Ltd.	1,383,600		64,946
	Keck Seng Investments (Hong Kong), Ltd.	904,600		378,318
	Kin Yat Holdings, Ltd.	586,000		94,325
*	King Pacific International Holdings, Ltd.	1,404,200		22,058
*	King Stone Energy Group, Ltd.	2,822,000		270,831
	Kingmaker Footwear Holdings, Ltd.	1,476,955		203,241
	Kingston Financial Group, Ltd.	11,683,000		1,199,776
	Kith Holdings, Ltd.	204,000		27,784
*	Kiu Hung Energy Holdings, Ltd.	10,810,000		95,770
*	Ko Yo Chemical Group, Ltd.	16,260,000		229,822
	Kowloon Development Co., Ltd.	1,588,000		1,389,328
*	KTP Holdings, Ltd.	560,400		51,474
	Kwoon Chung Bus Holdings, Ltd.	556,000		117,198
*	Lai Sun Development Co., Ltd.	63,116,466		843,018
*	Lai Sun Garment International, Ltd.	2,770,000		210,152
	Lam Soon Hong Kong, Ltd.	302,310		173,859
*	Leading Spirit High-Tech Holdings Co., Ltd.	2,310,000		2,974
#	Lee & Man Chemical Co., Ltd.	1,420,000		851,656
#	Lee & Man Handbags, Ltd.	1,420,000		112,658
	Lee’s Pharmaceutical Holdings, Ltd.	5,000		1,865
	Lerado Group Holdings Co., Ltd.	1,900,000		173,308
	Li Heng Chemical Fibre Technologies, Ltd.	2,023,000		191,746
	Lippo China Resources, Ltd.	8,092,000		163,192
	Lippo, Ltd.	1,195,700		355,476
*	Lisi Group Holdings, Ltd.	4,262,000		166,954
	Liu Chong Hing Investment, Ltd.	775,200		770,382
*	Longrun Tea Group Co., Ltd.	1,900,000		88,047
	Luen Thai Holdings, Ltd.	1,345,000		95,315
	Luks Industrial Group, Ltd.	428,913		85,280
*	Lung Cheong International Holdings, Ltd.	6,790,000		244,137
	Lung Kee (Bermuda) Holdings, Ltd.	1,597,875		736,178
*	Madex International Holdings, Ltd.	3,182,000		58,041

35

The Asia Pacific Small Company Series
continued

		Shares	Value††
HONG KONG — (Continued)
	Magnificent Estates, Ltd.	13,184,000	$	439,987
	Mainland Headwear Holdings, Ltd.	765,600		78,789
	Man Yue Technology Holdings, Ltd.	1,064,000		205,202
#*	Mascotte Holdings, Ltd.	12,352,000		367,389
	Matrix Holdings, Ltd.	1,067,414		241,871
*	Mei Ah Entertainment Group, Ltd.	11,040,000		177,600
	Melbourne Enterprises, Ltd.	40,500		583,665
#	Melco International Development, Ltd.	3,309,000		2,446,163
#	Midland Holdings, Ltd.	2,934,000		1,521,805
	Ming Fai International Holdings, Ltd.	1,680,000		217,921
*	Ming Fung Jewellery Group, Ltd.	9,050,000		544,687
	Miramar Hotel & Investment Co., Ltd.	772,000		815,646
	Modern Beauty Salon Holdings, Ltd.	160,000		15,032
*	Mongolia Energy Corp., Ltd.	10,603,000		964,575
*	Nan Nan Resources Enterprise, Ltd.	330,000		36,831
	Nanyang Holdings, Ltd.	137,500		345,124
	National Electronics Holdings, Ltd.	2,266,000		195,106
	Natural Beauty Bio-Technology, Ltd.	4,470,000		776,995
#	Neo-Neon Holdings, Ltd.	1,898,000		314,283
	Net2Gather China Holdings, Ltd.	8,139,720		125,404
	New Century Group Hong Kong, Ltd.	13,351,464		270,878
*	New Focus Auto Tech Holdings, Ltd.	104,000		22,331
*	New Smart Energy Group, Ltd.	23,975,000		277,824
#*	New Times Energy Corp., Ltd.	1,297,600		98,354
	Neway Group Holdings, Ltd.	24,579,087		176,803
	NewOcean Green Energy Holdings, Ltd.	3,032,000		592,688
*	Next Media, Ltd.	3,725,183		325,208
*	Ngai LiK Industrial Holdings, Ltd.	252,200		13,963
*	Norstar Founders Group, Ltd.	3,256,000		—
*	North Asia Resources Holdings, Ltd.	2,108,600		60,190
*	Orange Sky Golden Harvest Entertainment Holdings, Ltd.	6,229,706		232,390
*	Orient Power Holdings, Ltd.	804,000		19,462
#	Oriental Watch Holdings, Ltd.	1,604,800		733,320
	Pacific Andes International Holdings, Ltd.	5,262,919		459,204
	Pacific Basin Shipping, Ltd.	7,551,000		3,024,603
*	Pacific Century Premium Developments, Ltd.	4,403,000		639,785
	Pacific Textile Holdings, Ltd.	1,750,000		989,612
	Paliburg Holdings, Ltd.	3,152,830		907,465
*	Pan Asia Environmental Protection Group, Ltd.	1,258,432		105,260
*	Paul Y Engineering Group (BVI), Ltd.	77,759		3,004
	Paul Y Engineering Group, Ltd.	107,666		6,154
#*	Peace Mark Holdings, Ltd.	2,738,022		—
	Pearl Oriental Oil, Ltd.	5,886,800		468,628
	Pegasus International Holdings, Ltd.	226,000		35,058
	Pico Far East Holdings, Ltd.	3,910,000		698,726
*	PME Group, Ltd.	7,020,000		160,325
*	PNG Resources Holdings, Ltd.	16,626,362		209,782
	Pokfulam Development Co., Ltd.	234,000		223,222
	Polytec Asset Holdings, Ltd.	10,763,526		1,117,920
	Public Financial Holdings, Ltd.	3,194,000		1,423,458
	PYI Corp., Ltd.	12,919,134		315,515
*	Pyxis Group, Ltd.	1,936,000		42,376
	Raymond Industrial, Ltd.	1,383,400		129,363
	Regal Hotels International Holdings, Ltd.	2,415,800		729,398
	Richfield Group Holdings, Ltd.	3,248,000		156,186
*	Rising Development Holdings, Ltd.	2,278,000		284,057
	Rivera Holdings, Ltd.	5,710,000		167,138
	Roadshow Holdings, Ltd.	1,456,000		118,177
	S.A.S. Dragon Holdings, Ltd.	1,212,000		248,928
	Sa Sa International Holdings, Ltd.	326,000		179,266
	Safety Godown Co., Ltd.	398,000		266,183

36

The Asia Pacific Small Company Series
continued

		Shares	Value††
HONG KONG — (Continued)
	Samling Global, Ltd.	6,160,000	$	300,207
	Samson Paper Holdings, Ltd.	1,800,000		86,542
*	San Miguel Brewery Hong Kong, Ltd.	612,800		99,367
*	Sanyuan Group, Ltd.	415,000		8,015
	SEA Holdings, Ltd.	1,140,000		488,197
*	SEEC Media Group, Ltd.	136,000		4,005
*	Sheng Yuan Holdings, Ltd.	210,000		11,207
#	Shenyin Wanguo, Ltd.	1,297,500		343,919
	Shenzhen High-Tech Holdings, Ltd.	812,000		45,413
*	Shougang Concord Grand Group, Ltd.	2,451,000		81,777
*	Shougang Concord Technology Holdings, Ltd.	4,201,809		162,303
*	Shun Ho Resources Holdings, Ltd.	483,000		65,341
*	Shun Ho Technology Holdings, Ltd.	1,037,452		133,367
	Shun Tak Holdings, Ltd.	4,569,941		1,699,119
	Sing Tao News Corp., Ltd.	1,974,000		279,015
	Singamas Container Holdings, Ltd.	5,922,000		1,115,532
*	Sino Dragon New Energy Holdings, Ltd.	5,816,000		258,352
*	Sino Gas Group, Ltd.	4,980,000		134,358
*	Sinocan Holdings, Ltd.	350,000		1,758
*	Sinocop Resources Holdings, Ltd.	3,980,000		399,712
*	Sino-Tech International Holdings, Ltd.	27,990,000		304,967
#*	Sinotel Technologies, Ltd.	763,000		63,926
	SIS International Holdings, Ltd.	34,000		12,464
*	Skyfame Realty Holdings, Ltd.	1,975,750		248,578
	SmarTone Telecommunications Holdings, Ltd.	1,463,000		2,526,336
*	SMI Publishing Group, Ltd.	250,511		484
	SOCAM Development, Ltd.	938,771		864,218
*	Solomon Systech International, Ltd.	6,312,000		141,899
*	Soundwill Holdings, Ltd.	12,000		13,498
	South China (China), Ltd.	6,744,000		390,043
	South China Financial Holdings, Ltd.	4,872,000		38,165
*	South China Land, Ltd.	20,847,170		248,772
	Southeast Asia Properties & Finance, Ltd.	289,891		72,765
	Stella International Holdings, Ltd.	323,574		702,368
	Styland Holdings, Ltd.	129,347		966
*	Success Universe Group, Ltd.	5,552,000		142,783
	Sun Hing Vision Group Holdings, Ltd.	358,000		128,367
	Sun Hung Kai & Co., Ltd.	1,422,621		745,898
*	Sun Innovation Holdings, Ltd.	10,735,655		150,003
	Sunwah Kingsway Capital Holdings, Ltd.	5,750,000		111,770
*	Sunway International Holdings, Ltd.	866,000		26,019
*	Superb Summit International Timber Co., Ltd.	12,186,600		298,362
#	Sustainable Forest Holdings, Ltd.	10,775,250		208,717
	Synergis Holdings, Ltd.	322,033		27,324
*	Tack Fiori International Group, Ltd.	44,480		859
*	Tack Hsin Holdings, Ltd.	1,024,000		231,133
	Tai Cheung Holdings, Ltd.	1,919,000		1,172,466
	Tai Sang Land Development, Ltd.	576,984		215,977
*	Talent Property Group, Ltd.	5,106,420		141,913
	Tan Chong International, Ltd.	1,212,000		287,607
#*	Taung Gold International, Ltd.	11,460,000		220,572
	Techtronic Industries Co., Ltd.	2,592,000		2,658,755
*	Termbray Industries International (Holdings), Ltd.	2,304,900		175,150
	Tern Properties Co., Ltd.	51,200		21,966
	Texwinca Holdings, Ltd.	1,934,000		2,141,797
#*	Theme International Holdings, Ltd.	4,130,000		125,213
	Tian Teck Land, Ltd.	1,054,000		848,718
	Tianda Holdings, Ltd.	306,000		17,353
#*	Titan Petrochemicals Group, Ltd.	11,860,000		486,431
*	Tom Group, Ltd.	3,612,000		315,110
	Tongda Group Holdings, Ltd.	10,120,000		279,198

37

The Asia Pacific Small Company Series
continued

		Shares	Value††
HONG KONG — (Continued)
#	Top Form International, Ltd.	2,760,000	$	127,683
*	Topsearch International Holdings, Ltd.	3,850,000		104,066
	Town Health International Investments, Ltd.	1,175,165		176,647
	Tradelink Electronic Commerce, Ltd.	804,000		104,191
	Transport International Holdings, Ltd.	876,941		1,715,046
	Trinity, Ltd.	960,000		691,800
	Tristate Holdings, Ltd.	188,000		95,429
*	TSC Group Holdings, Ltd.	1,928,000		291,200
#	Tse Sui Luen Jewellery International, Ltd.	300,000		204,387
	Tungtex Holdings Co., Ltd.	910,000		102,992
	Tysan Holdings, Ltd.	1,040,773		187,289
#	United Laboratories International Holdings, Ltd. (The)	2,146,000		1,231,975
	Universal Technologies Holdings, Ltd.	6,000,000		366,324
*	U-Right International Holdings, Ltd.	4,746,000		8,555
*	Value Convergence Holdings, Ltd.	1,216,000		118,591
#	Value Partners Group, Ltd.	2,782,000		1,416,830
	Van Shung Chong Holdings, Ltd.	2,171,335		117,425
*	Vantage International Holdings, Ltd.	2,778,000		146,317
	Varitronix International, Ltd.	1,072,293		453,079
	Vedan International Holdings, Ltd.	3,272,000		199,832
	Veeko International Holdings, Ltd.	4,423,751		128,383
	Victory City International Holdings, Ltd.	3,363,076		327,993
*	Vision Values Holdings, Ltd.	281,400		7,968
	Vitasoy International Holdings, Ltd.	3,623,000		2,664,442
*	Vongroup, Ltd.	10,865,000		48,748
*	VST Holdings, Ltd.	2,312,000		287,541
	Wah Ha Realty Co., Ltd.	278,600		97,212
#*	Wah Nam International Holdings, Ltd.	22,765,720		1,924,440
	Wai Kee Holdings, Ltd.	7,960,738		1,340,591
	Wang On Group, Ltd.	8,391,286		66,854
*	Warderly International Holdings, Ltd.	520,000		32,138
	Water Oasis Group, Ltd.	1,632,000		255,498
	Win Hanverky Holdings, Ltd.	1,712,000		147,213
*	Winfoong International, Ltd.	1,031,000		8,192
	Wing On Co. International, Ltd.	781,000		1,547,767
	Wing Tai Properties, Ltd.	1,957,331		615,794
*	Winteam Pharmaceutical Group, Ltd.	4,264,000		706,356
*	Wo Kee Hong Holdings, Ltd.	1,175,000		30,576
	Wong’s International (Holdings), Ltd.	737,641		131,695
	Wong’s Kong King International Holdings, Ltd.	120,000		11,582
	Xingye Copper International Group, Ltd.	1,615,000		205,089
	Y. T. Realty Group, Ltd.	865,000		203,910
	Yangtzekiang Garment, Ltd.	606,500		155,115
	Yau Lee Holdings, Ltd.	534,000		66,590
	Yeebo (International Holdings), Ltd.	572,000		91,616
#	YGM Trading, Ltd.	362,000		934,300
	Yugang International, Ltd.	93,492,000		516,136
TOTAL HONG KONG				151,640,732
MALAYSIA — (0.0%)
*	Autoways Holdings Berhad	10,000		4,069
*	Rekapacific Berhad	473,000		—
TOTAL MALAYSIA				4,069
NEW ZEALAND — (5.9%)
	Abano Healthcare Group, Ltd.	26,266		85,733
#	Air New Zealand, Ltd.	2,209,230		1,546,434
	Auckland International Airport, Ltd.	1,384,681		2,712,071
	Cavalier Corp., Ltd.	283,674		425,325
	CDL Investments (New Zealand), Ltd.	395,965		92,653
	Colonial Motor Co., Ltd.	148,846		301,718

38

The Asia Pacific Small Company Series
continued

		Shares	Value††
NEW ZEALAND — (Continued)
	Ebos Group, Ltd.	175,913	$	896,498
*	Fisher & Paykel Appliances Holdings, Ltd.	3,104,317		869,823
	Fisher & Paykel Healthcare Corp., Ltd.	2,826,030		5,520,467
	Freightways, Ltd.	777,409		2,226,456
	Hallenstein Glasson Holdings, Ltd.	242,461		660,188
*	Heartland New Zealand, Ltd.	173,369		66,103
	Hellaby Holdings, Ltd.	344,804		645,870
	Infratil, Ltd.	2,260,467		3,303,938
	Mainfreight, Ltd.	424,578		3,266,592
#	Methven, Ltd.	70,490		59,183
	Michael Hill International, Ltd.	1,534,152		1,060,565
	Millennium & Copthorne Hotels (New Zealand), Ltd.	1,387,344		429,157
	New Zealand Exchange, Ltd.	370,853		663,737
	New Zealand Oil & Gas, Ltd.	1,873,428		1,024,365
	New Zealand Refining Co., Ltd.	614,710		1,339,498
	Northland Port Corp. (New Zealand), Ltd.	217,513		258,753
#	Nuplex Industries, Ltd.	1,013,819		1,803,955
*	Pike River Coal, Ltd.	490,805		—
	Port of Tauranga, Ltd.	528,322		4,090,750
	Pumpkin Patch, Ltd.	606,913		301,604
*	Pyne Gould Corp., Ltd.	173,369		46,514
*	Pyne Gould Guinness, Ltd.	336,600		99,526
*	Rakon, Ltd.	346,364		121,266
	Restaurant Brands New Zealand, Ltd.	406,610		655,084
*	Richina Pacific, Ltd.	274,180		76,832
*	Rubicon, Ltd.	1,113,829		314,481
	Ryman Healthcare, Ltd.	1,673,055		3,525,028
#	Sanford, Ltd.	393,618		1,253,130
	Scott Technology, Ltd.	35,843		42,477
*	Seafresh Fisheries, Ltd.	80,520		1,755
	Skellerup Holdings, Ltd.	277,959		294,067
	Sky City Entertainment Group, Ltd.	3,025,486		8,083,163
	Sky Network Television, Ltd.	991,419		4,091,030
	South Port (New Zealand), Ltd.	30,744		85,075
	Steel & Tube Holdings, Ltd.	389,046		639,277
*	Tenon, Ltd.	19,132		10,794
*	Tourism Holdings, Ltd.	274,867		126,235
	Tower, Ltd.	902,876		1,073,876
	TrustPower, Ltd.	34,905		192,867
	Vector, Ltd.	970,171		1,861,978
	Warehouse Group, Ltd.	584,483		1,367,042
TOTAL NEW ZEALAND				57,612,933
SINGAPORE — (9.3%)
#*	Abterra, Ltd.	528,800		303,347
	Advanced Holdings, Ltd.	691,000		69,452
	Armstrong Industrial Corp., Ltd.	1,236,000		214,467
*	Asiasons Capital, Ltd.	1,048,000		153,961
*	Asiatravel.com Holdings, Ltd.	17,879		4,124
#	ASL Marine Holdings, Ltd.	719,600		265,903
	A-Sonic Aerospace, Ltd.	408,996		14,031
*	AusGroup, Ltd.	1,915,000		464,012
	Baker Technology, Ltd.	1,272,000		239,789
#*	Ban Joo & Co., Ltd.	2,179,000		18,557
	Banyan Tree Holdings, Ltd.	955,000		441,458
	Beng Kuang Marine, Ltd.	922,000		107,900
	Best World International, Ltd.	221,500		24,611
	Beyonics Technology, Ltd.	6,510,300		1,279,212
#	BH Global Marine, Ltd.	621,000		91,604
*	Biosensors International Group, Ltd.	3,419,237		3,763,725
	Bonvests Holdings, Ltd.	978,000		662,517

39

The Asia Pacific Small Company Series
continued

		Shares	Value††
SINGAPORE — (Continued)
	Boustead Singapore, Ltd.	887,000	$	554,668
	Breadtalk Group, Ltd.	385,800		160,816
#	Broadway Industrial Group, Ltd.	922,000		213,025
	Brothers Holdings, Ltd.	454,628		59,587
	Bukit Sembawang Estates, Ltd.	423,003		1,281,392
*	Bund Center Investment, Ltd.	1,014,000		99,298
	CEI Contract Manufacturing, Ltd.	432,000		34,307
	Cerebos Pacific, Ltd.	545,000		2,084,318
	CH Offshore, Ltd.	1,539,400		416,915
*	Changjiang Fertilizer Holdings, Ltd.	515		80
	China Aviation Oil Singapore Corp., Ltd.	936,000		710,881
*	China Dairy Group, Ltd.	1,502,000		105,379
*	China Energy, Ltd.	3,110,000		134,324
	China Merchants Holdings Pacific, Ltd.	809,000		393,987
	China Sunsine Chemical Holdings, Ltd.	28,000		5,350
	China XLX Fertiliser, Ltd.	618,000		151,979
	Chip Eng Seng Corp., Ltd.	1,972,800		569,970
	Chosen Holdings, Ltd.	1,202,000		109,662
	Chuan Hup Holdings, Ltd.	3,967,000		635,391
#	Creative Technology, Ltd.	272,200		457,022
	CSC Holdings, Ltd.	1,829,000		132,064
	CSE Global, Ltd.	2,046,000		1,185,410
	CWT, Ltd.	1,046,700		797,956
	Datapulse Technology, Ltd.	27,000		3,906
*	Delong Holdings, Ltd.	1,361,000		271,270
	Ellipsiz, Ltd.	123,000		6,401
	EnGro Corp, Ltd.	354,000		205,085
*	Enviro-Hub Holdings, Ltd.	1,445,666		109,923
	Etika International Holdings, Ltd.	179,000		35,165
	Eu Yan Sang International, Ltd.	562,800		291,133
*	euNetworks Group, Ltd.	411,000		5,721
#	Ezion Holdings, Ltd.	1,968,000		1,001,051
#	Ezra Holdings, Ltd.	2,321,000		1,499,844
	F.J. Benjamin Holdings, Ltd.	1,210,000		270,490
	Falcon Energy Group, Ltd.	1,007,000		144,811
*	Federal International 2000, Ltd.	1,675,350		43,917
#	First Resources, Ltd.	1,203,000		1,399,870
	Food Empire Holdings, Ltd.	1,094,400		265,465
#	Fragrance Group, Ltd.	2,749,000		666,216
	Freight Links Express Holdings, Ltd.	4,140,737		178,205
*	Fu Yu Corp., Ltd.	3,544,750		168,870
#*	Gallant Venture, Ltd.	2,386,000		440,896
	GK Goh Holdings, Ltd.	1,458,000		786,016
	Global Yellow Pages, Ltd.	299,000		19,852
#*	GMG Global, Ltd.	8,978,000		774,471
	Goodpack, Ltd.	1,160,000		1,238,381
	GP Batteries International, Ltd.	343,000		270,925
	GP Industries, Ltd.	2,872,209		810,401
*	Grand Banks Yachts, Ltd.	240,000		38,672
	GuocoLand, Ltd.	433,314		587,722
	GuocoLeisure, Ltd.	1,460,000		668,971
	Guthrie GTS, Ltd.	282,000		98,843
*	Healthway Medical Corp., Ltd.	4,193,776		255,357
	Hersing Corp., Ltd.	1,285,000		217,260
*	HG Metal Manufacturing, Ltd.	426,000		29,356
	Hiap Seng Engineering, Ltd.	612,000		132,087
	Hi-P International, Ltd.	1,203,000		561,520
	Ho Bee Investment, Ltd.	1,063,000		839,395
*	Hong Fok Corp., Ltd.	2,769,700		863,242
	Hong Leong Asia, Ltd.	522,000		629,685
	Hotel Grand Central, Ltd.	1,182,535		633,254

40

The Asia Pacific Small Company Series
continued

		Shares	Value††
SINGAPORE — (Continued)
	Hotel Properties, Ltd.	1,346,400	$	1,802,778
	Hour Glass, Ltd.	622,744		513,576
	HTL International Holdings, Ltd.	1,063,843		253,969
#*	Huan Hsin Holdings, Ltd.	1,106,400		56,431
	HupSteel, Ltd.	1,572,875		235,832
	Hwa Hong Corp., Ltd.	2,186,000		733,116
#	Hyflux, Ltd.	2,347,500		2,180,122
	IFS Capital, Ltd.	421,080		113,747
*	Informatics Education, Ltd.	2,722,000		119,300
	InnoTek, Ltd.	846,000		217,887
	IPC Corp., Ltd.	724,000		61,474
	Isetan (Singapore), Ltd.	122,500		315,119
	Jadason Enterprises, Ltd.	728,000		31,820
*	Jasper Investments, Ltd.	90,680		4,276
*	Jaya Holdings, Ltd.	1,468,000		530,707
*	JES International Holdings, Ltd.	2,096,000		252,325
*	Jiutian Chemical Group, Ltd.	2,337,000		76,355
#*	Jurong Technologies Industrial Corp., Ltd.	2,227,680		—
	K1 Ventures, Ltd.	3,349,500		196,226
#	Keppel Telecommunications & Transportation, Ltd.	1,409,600		1,207,977
	Khong Guan Flour Milling, Ltd.	35,000		42,230
	Kian Ann Engineering, Ltd.	1,276,000		186,895
	Kian Ho Bearings, Ltd.	664,500		113,007
	Koh Brothers Group, Ltd.	1,312,000		186,249
*	Lafe Corp., Ltd.	1,234,800		55,516
	LC Development, Ltd.	2,829,504		298,802
	Lee Kim Tah Holdings, Ltd.	1,600,000		741,350
	Lion Asiapac, Ltd.	473,000		58,504
	Lum Chang Holdings, Ltd.	1,042,030		225,109
	M1, Ltd.	1,427,000		2,751,573
#*	Manhattan Resources, Ltd.	960,000		698,933
#*	Marco Polo Marine, Ltd.	608,000		154,726
	Memstar Technology, Ltd.	1,114,000		49,016
	Memtech International, Ltd.	1,322,000		99,192
#	Mercator Lines Singapore, Ltd.	555,000		49,334
	Metro Holdings, Ltd.	2,085,792		1,053,296
*	Miclyn Express Offshore, Ltd.	45,953		93,099
#	Midas Holdings, Ltd.	4,612,000		1,172,467
*	Mirach Energy, Ltd.	460,000		33,882
	Miyoshi Precision, Ltd.	353,500		18,918
	Multi-Chem, Ltd.	1,263,000		97,596
*	Nam Cheong, Ltd.	871,740		87,091
	Nera Telecommunications, Ltd.	1,079,000		350,140
	New Toyo International Holdings, Ltd.	1,624,000		293,088
	Novo Group, Ltd.	55,500		9,521
	NSL, Ltd.	417,000		424,424
#*	Oceanus Group, Ltd.	5,528,000		290,104
#	OKP Holdings, Ltd.	207,000		84,350
	Orchard Parade Holdings, Ltd.	990,359		977,298
	OSIM International, Ltd.	1,356,000		1,207,257
	Ossia International, Ltd.	522,554		50,286
#	Otto Marine, Ltd.	2,451,000		221,210
	Pan Pacific Hotels Group, Ltd.	1,669,500		2,376,052
	Pan-United Corp., Ltd.	2,006,000		680,669
*	Penguin International, Ltd.	400,000		21,048
	Petra Foods, Ltd.	871,000		1,242,051
	Popular Holdings, Ltd.	2,763,650		346,649
	PSC Corp., Ltd.	1,823,419		265,322
	QAF, Ltd.	907,561		406,414
	Qian Hu Corp., Ltd.	674,600		44,359
#	Raffles Education Corp., Ltd.	2,355,593		770,115

41

The Asia Pacific Small Company Series
continued

		Shares	Value††
SINGAPORE — (Continued)
#	Raffles Medical Group, Ltd.	774,067	$	1,265,524
#	Rotary Engineering, Ltd.	1,143,600		505,081
	Roxy-Pacific Holdings, Ltd.	214,000		64,450
*	S i2i, Ltd.	13,387,000		431,601
	San Teh, Ltd.	999,087		461,341
	Sapphire Corp., Ltd.	704,000		71,969
	SBS Transit, Ltd.	953,500		1,257,128
	SC Global Developments, Ltd.	416,000		317,142
*	Seroja Investments, Ltd.	17,767		2,577
	Sim Lian Group, Ltd.	2,281,855		838,037
*	Sinarmas Land, Ltd.	4,095,000		628,366
	Sing Investments & Finance, Ltd.	198,450		220,303
	Singapore Land, Ltd.	60,000		257,814
	Singapore Post, Ltd.	3,282,120		2,364,182
	Singapore Reinsurance Corp., Ltd.	1,514,530		337,402
	Singapore Shipping Corp., Ltd.	1,689,000		224,406
	Singapura Finance, Ltd.	174,062		187,392
	Sinostar PEC Holdings, Ltd.	160,000		19,877
*	Sinwa, Ltd.	388,500		30,742
	SMB United, Ltd.	1,253,000		380,533
#	Sound Global, Ltd.	1,432,000		553,268
	Stamford Land Corp., Ltd.	2,927,000		1,263,292
	Straco Corp., Ltd.	130,000		18,762
	Sunningdale Tech, Ltd.	2,086,000		158,146
#	Sunvic Chemical Holdings, Ltd.	1,056,000		357,461
#	Super Group, Ltd.	1,022,000		1,035,180
	Superbowl Holdings, Ltd.	522,000		114,454
#*	Swiber Holdings, Ltd.	1,697,000		699,575
#*	Swissco Holdings, Ltd.	579,000		87,706
	Tat Hong Holdings, Ltd.	1,116,800		759,232
#	Technics Oil & Gas, Ltd.	583,000		383,982
	Thakral Corp., Ltd.	6,028,000		120,022
#*	Tiger Airways Holdings, Ltd.	1,798,500		879,275
	Tiong Woon Corp. Holding, Ltd.	901,000		149,472
*	Transcu Group, Ltd.	4,936,000		190,278
	Trek 2000 International, Ltd.	973,000		228,515
#	Tuan Sing Holdings, Ltd.	3,613,475		723,415
	UMS Holdings, Ltd.	1,082,000		316,268
	United Engineers, Ltd.	730,014		1,057,554
#	United Envirotech, Ltd.	1,098,000		274,176
	United Industrial Corp., Ltd.	230,000		484,234
	United Overseas Insurance, Ltd.	187,250		463,415
	UOB-Kay Hian Holdings, Ltd.	1,475,400		1,746,691
	Venture Corp., Ltd.	469,000		2,243,919
	Vicom, Ltd.	120,000		333,753
#	WBL Corp., Ltd.	597,000		1,289,882
	Wee Hur Holdings, Ltd.	979,000		203,669
	Wheelock Properties, Ltd.	1,210,000		1,409,978
	Wing Tai Holdings, Ltd.	2,128,000		1,549,121
	Xpress Holdings, Ltd.	3,079,000		63,916
	YHI International, Ltd.	1,174,000		244,037
*	Yoma Strategic Holdings, Ltd.	132,000		21,776
	Yongnam Holdings, Ltd.	3,921,000		694,010
TOTAL SINGAPORE				92,090,580
TOTAL COMMON STOCKS				820,072,964
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
*	AJ Lucas Group, Ltd. Rights 01/27/12	158,984		—
*	Centrebet International, Ltd. Claim Units	81,336		—
*	Centrebet International, Ltd. Litigation Rights	81,336		—

42

The Asia Pacific Small Company Series
continued

		Shares		Value††
AUSTRALIA — (Continued)
*	IDM International, Ltd. Warrants 06/08/13		545	$	8
*	NewSat, Ltd. Rights 01/25/12		9,686		—
TOTAL AUSTRALIA					8
HONG KONG — (0.0%)
*	Success Universe Group, Ltd. Rights 01/09/12		3,701,333		4,766
SINGAPORE — (0.0%)
*	Transcu Group, Ltd. Warrants 09/01/13		1,018,000		15,697
TOTAL RIGHTS/WARRANTS					20,471
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (16.8%)
§@	DFA Short Term Investment Fund		165,000,000		165,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12 (Collateralized
	by U.S. Treasury Note 1.375%, 09/30/18, valued at $866,063) to be repurchased at
	$849,089	$	849		849,081
TOTAL SECURITIES LENDING COLLATERAL					165,849,081
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,034,796,383)^			$	985,942,516

____________________

^       The cost for federal income tax purposes is $1,038,719,321.

43

THE UNITED KINGDOM SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2011
(Unaudited)

		Shares	Value††
COMMON STOCKS — (99.1%)
Consumer Discretionary — (22.1%)
	4imprint Group P.L.C.	96,735	$	342,384
*	888 Holdings P.L.C.	120,972		80,762
	Aegis Group P.L.C.	3,302,990		7,402,581
	Aga Rangemaster Group P.L.C.	453,866		501,705
	Arena Leisure P.L.C.	1,368,472		787,405
	Avon Rubber P.L.C.	26,060		127,383
*	Barratt Developments P.L.C.	3,809,758		5,478,867
	Bellway P.L.C.	481,114		5,323,144
*	Berkeley Group Holdings P.L.C. (The)	511,780		10,139,684
	Bloomsbury Publishing P.L.C.	271,841		423,830
	Bovis Homes Group P.L.C.	875,787		5,976,578
#	Bwin.Party Digital Entertainment P.L.C.	1,651,275		4,197,611
#	Carpetright P.L.C.	176,546		1,312,052
	Carphone Warehouse Group P.L.C.	388,934		1,864,478
	Centaur Media P.L.C.	556,967		286,487
	Chime Communications P.L.C.	222,427		590,342
	Churchill China P.L.C.	18,500		77,471
	Cineworld Group P.L.C.	85,773		273,320
*	Clinton Cards P.L.C.	740,506		118,098
	Creston P.L.C.	13,626		15,140
	Daily Mail & General Trust P.L.C. Series A	1,077,408		6,684,189
	Debenhams P.L.C.	4,585,455		4,161,870
	Dignity P.L.C.	214,913		2,740,522
*	Dixons Retail P.L.C.	12,909,628		1,965,031
	Domino’s Pizza UK & IRL P.L.C.	251,341		1,570,701
	Dunelm Group P.L.C.	141,435		944,958
*	Enterprise Inns P.L.C.	1,808,533		786,194
	Euromoney Institutional Investor P.L.C.	292,779		2,846,377
*	Findel P.L.C.	4,998,346		270,987
*	Forminster P.L.C.	43,333		2,524
	French Connection Group P.L.C.	373,475		231,497
	Fuller Smith & Turner P.L.C.	129,026		1,435,990
	Future P.L.C.	1,301,863		183,929
	Game Group P.L.C.	1,527,764		177,798
	Games Workshop Group P.L.C.	101,889		710,692
	GKN P.L.C.	3,414,280		9,695,522
	Greene King P.L.C.	1,421,372		10,748,766
	Halfords Group P.L.C.	752,842		3,379,768
	Haynes Publishing Group P.L.C.	14,703		49,765
	Headlam Group P.L.C.	330,383		1,310,026
	Henry Boot P.L.C.	426,786		811,712
	HMV Group P.L.C.	1,482,545		80,499
	Home Retail Group P.L.C.	2,403,649		3,098,449
	Hornby P.L.C.	154,220		331,146
*	Howden Joinery Group P.L.C.	2,029,836		3,166,616
	Huntsworth P.L.C.	854,550		469,160
	Inchcape P.L.C.	1,915,975		8,717,127
	Informa P.L.C.	2,292,105		12,851,263
	ITV P.L.C.	8,448,636		8,925,370
	JD Sports Fashion P.L.C.	120,013		1,161,065
	JD Wetherspoon P.L.C.	462,380		2,979,487
*	JJB Sports P.L.C.	24,720		2,015
	John Menzies P.L.C.	244,534		2,009,860
*	Johnston Press P.L.C.	507,412		49,250
	Kesa Electricals P.L.C.	2,105,278		2,205,586
	Ladbrokes P.L.C.	3,578,739		7,218,497
	Laura Ashley Holdings P.L.C.	1,500,394		460,194
	Lookers P.L.C.	1,097,970		864,551

44

The United Kingdom Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
	Marston’s P.L.C.	2,308,218	$	3,291,020
	Mecom Group P.L.C.	220,112		700,450
	Millennium & Copthorne Hotels P.L.C.	1,048,561		6,615,856
*	Mitchells & Butlers P.L.C.	987,029		3,582,587
	Mothercare P.L.C.	342,220		883,468
	N Brown Group P.L.C.	862,304		3,112,354
	Pace P.L.C.	919,304		1,025,762
*	Pendragon P.L.C.	2,428,575		287,035
	Persimmon P.L.C.	1,177,634		8,591,189
	Photo-Me International P.L.C.	3,631		2,732
*	Punch Taverns P.L.C.	2,380,301		369,646
*	Redrow P.L.C.	1,485,274		2,612,337
	Restaurant Group P.L.C.	780,418		3,611,852
	Rightmove P.L.C.	378,372		7,310,653
	Smiths News P.L.C.	705,619		895,232
*	Spirit Pub Co. P.L.C.	2,380,301		1,585,243
*	Sportech P.L.C.	329,794		227,367
*	Sports Direct International P.L.C.	670,447		2,219,631
	St. Ives Group P.L.C.	665,998		856,936
*	Stylo P.L.C.	64,096		4,728
#*	SuperGroup P.L.C.	54,686		430,086
*	Tandem Group P.L.C. Non-Voting Shares	327,365		—
*	Taylor Wimpey P.L.C.	12,108,224		7,057,285
	Ted Baker P.L.C.	149,926		1,523,644
#	Thomas Cook Group P.L.C.	3,076,507		704,037
	Topps Tiles P.L.C.	810,881		333,805
*	Torotrak P.L.C.	22,750		12,404
*	Trinity Mirror P.L.C.	1,688,565		1,258,242
	TUI Travel P.L.C.	949,580		2,449,243
	UBM P.L.C.	917,439		6,808,558
	UTV Media P.L.C.	230,855		332,099
	Vitec Group P.L.C. (The)	160,303		1,383,194
*	Wagon P.L.C.	237,979		4,620
	WH Smith P.LC.	620,413		5,111,668
	Whitbread P.L.C.	103,235		2,506,374
	William Hill P.L.C.	2,873,883		9,033,316
	Wilmington Group P.L.C.	346,234		439,375
#*	Yell Group P.L.C.	6,919,067		567,664
Total Consumer Discretionary				238,359,967
Consumer Staples — (4.2%)
	A.G. Barr P.L.C.	137,531		2,585,262
	Anglo-Eastern Plantations P.L.C.	108,153		1,165,255
	Booker Group P.L.C.	2,566,631		2,946,611
	Britvic P.L.C.	920,135		4,593,210
	Cranswick P.L.C.	202,347		2,322,857
	Dairy Crest Group P.L.C.	560,392		2,923,902
	Devro P.L.C.	654,975		2,624,721
*	European Home Retail P.L.C.	109,256		—
	Fiberweb P.L.C.	482,639		401,061
	Greggs P.L.C.	422,420		3,319,775
	Hilton Food Group, Ltd.	1,604		6,867
*	McBride P.L.C.	832,651		1,442,820
*	Premier Foods P.L.C.	7,951,806		716,563
	PZ Cussons P.L.C.	1,287,639		6,999,863
	R.E.A. Holdings P.L.C.	49,233		433,032
	Robert Wiseman Dairies P.L.C.	221,312		881,344
	Tate & Lyle P.L.C.	1,074,000		11,741,438
	Thorntons P.L.C.	313,060		97,726
	Young & Co.’s Brewery P.L.C.	26,250		213,002

45

The United Kingdom Small Company Series
continued

		Shares	Value††
Consumer Staples — (Continued)
	Young & Co.’s Brewery P.L.C. Series A	13,436	$	137,730
Total Consumer Staples				45,553,039
Energy — (4.7%)
*	Afren P.L.C.	3,944,497		5,248,507
	Anglo Pacific Group P.L.C.	440,799		1,887,585
*	Cadogan Petroleum P.L.C.	110,970		42,782
*	EnQuest P.L.C.	1,929,639		2,766,621
*	Exillon Energy P.L.C.	146,023		568,511
	Fortune Oil P.L.C.	6,170,225		1,153,051
*	Hardy Oil & Gas P.L.C.	69,032		157,209
*	Heritage Oil P.L.C.	653,846		1,953,104
	Hunting P.L.C.	462,895		5,386,077
	James Fisher & Sons P.L.C.	171,886		1,359,599
	JKX Oil & Gas P.L.C.	456,676		964,132
	John Wood Group P.L.C.	1,034,385		10,288,678
	Lamprell P.L.C.	482,383		2,008,746
	Melrose Resources P.L.C.	336,039		616,023
*	Premier Oil P.L.C.	1,778,192		10,013,866
*	Salamander Energy P.L.C.	567,570		1,776,644
*	Soco International P.L.C.	892,380		4,050,572
*	UK Coal P.L.C.	1,470,907		650,376
Total Energy				50,892,083
Financials — (13.0%)
	Aberdeen Asset Management P.L.C.	2,820,342		9,285,387
*	Admiral Group P.L.C.	49,277		653,306
	Amlin P.L.C.	1,905,352		9,279,530
	Arbuthnot Banking Group P.L.C.	55,997		289,178
	Ashmore Group P.L.C.	1,040,465		5,392,153
*	BCB Holdings, Ltd.	5,979		2,538
	Beazley P.L.C.	2,052,831		4,277,738
	Brewin Dolphin Holdings P.L.C.	962,833		2,048,891
	Capital & Counties Properties P.L.C.	519,115		1,489,931
*	Capital & Regional P.L.C.	1,493,345		729,605
	Catlin Group, Ltd.	1,357,851		8,408,376
	Charles Stanley Group P.L.C.	126,349		521,679
	Charles Taylor Consulting P.L.C.	139,215		269,005
	Chesnara P.L.C.	323,615		883,816
	Close Brothers Group P.L.C.	561,047		5,395,445
	Collins Stewart Hawkpoint P.L.C.	585,111		785,985
	Daejan Holdings P.L.C.	32,436		1,399,328
	Development Securities P.L.C.	460,015		1,074,761
*	DTZ Holdings P.L.C.	224,770		24,295
#	F&C Asset Management P.L.C.	1,905,097		1,934,443
	GlobeOp Financial Services SA	24,996		110,349
	Hansard Global P.L.C.	16,468		38,867
	Hardy Underwriting Group P.L.C.	161,307		473,974
	Hargreaves Lansdown P.L.C.	661,513		4,419,858
	Helical Bar P.L.C.	657,998		1,904,313
	Henderson Group P.L.C.	3,869,133		6,161,244
	Hiscox, Ltd.	1,562,751		9,050,013
*	ICAP P.L.C.	213,082		1,147,751
	IG Group Holdings P.L.C.	1,317,769		9,752,922
*	Industrial & Commercial Holdings P.L.C.	5,000		116
	Intermediate Capital Group P.L.C.	597,502		2,121,304
	International Personal Finance P.L.C.	711,644		1,891,151
	Investec P.L.C.	239,236		1,259,007
*	IP Group P.L.C.	441,218		536,069
	Jardine Lloyd Thompson Group P.L.C.	485,644		5,200,428
*	Jupiter Fund Management P.L.C.	176,329		592,390

46

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Financials — (Continued)
	Lancashire Holdings, Ltd.	566,254	$	6,373,947
*	Liontrust Asset Management P.L.C.	129,935		146,247
	London Stock Exchange Group P.L.C.	579,642		7,128,631
	LSL Property Services P.L.C.	137,031		503,699
*	MWB Group Holdings P.L.C.	379,622		92,689
	Novae Group P.L.C.	212,950		1,115,452
	Phoenix Group Holdings P.L.C.	42,673		347,788
	Provident Financial P.L.C.	499,581		7,301,768
*	Puma Brandenburg, Ltd. Capital Shares	1,193,004		92,643
*	Puma Brandenburg, Ltd. Income Shares	1,193,004		38,601
*	Quintain Estates & Development P.L.C.	1,157,466		678,051
	Rathbone Brothers P.L.C.	165,692		2,726,327
	Raven Russia, Ltd.	181,450		146,744
	S&U P.L.C.	21,140		199,415
	Safestore Holdings P.L.C.	350,351		542,739
	Savills P.L.C.	543,867		2,767,778
	Shore Capital Group, Ltd.	1,002,751		256,786
	St. James’s Place P.L.C.	791,622		3,976,876
	St. Modwen Properties P.L.C.	630,419		1,108,826
	Tullett Prebon P.L.C.	872,729		3,655,767
	Unite Group P.L.C.	641,711		1,669,453
*	Waterloo Investment Holdings, Ltd.	5,979		650
Total Financials				139,676,023
Health Care — (1.9%)
#*	Alizyme P.L.C.	660,805		41,049
	Assura Group, Ltd.	55,851		25,402
	Bioquell P.L.C.	90,893		151,814
*	BTG P.L.C.	1,160,406		5,648,620
	Consort Medical P.L.C.	116,271		970,864
	Corin Group P.L.C.	126,637		84,571
	Dechra Pharmaceuticals P.L.C.	245,802		1,980,100
	Genus P.L.C.	205,779		3,333,352
	Hikma Pharmaceuticals P.L.C.	539,988		5,192,775
*	Optos P.L.C.	27,973		94,603
*	Oxford Biomedica P.L.C.	2,821,652		155,587
*	Renovo Group P.L.C.	87,461		22,477
*	Southern Cross Healthcare P.L.C.	191,826		18,619
	Synergy Health P.L.C.	135,291		1,779,732
*	Vectura Group P.L.C.	1,349,073		1,179,626
Total Health Care				20,679,191
Industrials — (30.7%)
*	AEA Technology Group P.L.C.	539,970		4,022
#	Air Partner P.L.C.	37,086		179,083
	Alumasc Group P.L.C.	124,366		231,716
	Ashtead Group P.L.C.	2,124,586		7,441,350
*	Autologic Holdings P.L.C.	80,000		17,351
	Babcock International Group P.L.C.	1,446,405		16,501,362
	Balfour Beatty P.L.C.	2,828,972		11,628,302
	BBA Aviation P.L.C.	2,792,163		7,708,203
	Berendsen P.L.C.	709,591		4,781,347
	Bodycote P.L.C.	1,253,236		5,109,094
	Braemar Shipping Services P.L.C.	81,108		373,869
	Brammer P.L.C.	194,030		722,682
	Bunzl P.L.C.	227,489		3,121,475
	Camellia P.L.C.	2,481		384,195
	Cape P.L.C.	195,647		995,798
	Carillion P.L.C.	1,773,138		8,273,953
	Carr’s Milling Industries P.L.C.	35,330		437,306
	Castings P.L.C.	162,757		677,361

47

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Industrials — (Continued)
	Charter International P.L.C.	664,438	$	9,741,359
	Chemring Group P.L.C.	783,476		4,868,266
	Clarkson P.L.C.	61,518		1,089,985
	Cobham P.L.C.	3,090,004		8,798,519
	Communisis P.L.C.	561,133		236,822
#*	Connaught P.L.C.	307,612		—
	Cookson Group P.L.C.	1,135,834		8,964,334
	Costain Group P.L.C.	139,449		408,108
	De La Rue P.L.C.	387,017		5,352,432
*	easyJet P.L.C.	690,633		4,200,443
*	Eleco P.L.C.	80,000		12,390
	Fenner P.L.C.	715,591		4,451,178
	Firstgroup P.L.C.	1,789,126		9,376,858
	Galliford Try P.L.C.	233,981		1,723,277
	Go-Ahead Group P.L.C.	173,516		3,717,790
*	Hampson Industries P.L.C.	712,146		42,818
	Harvey Nash Group P.L.C.	6,308		4,990
	Hays P.L.C.	5,445,665		5,409,609
*	Helphire P.L.C.	956,560		28,572
	Hogg Robinson Group P.L.C.	152,400		134,387
	Homeserve P.L.C.	1,162,452		5,178,301
	Hyder Consulting P.L.C.	171,164		954,302
	IMI P.L.C.	1,053,765		12,438,291
*	Impellam Group P.L.C.	34,877		144,574
	Interserve P.L.C.	529,664		2,638,656
	Intertek Group P.L.C.	456,070		14,402,128
	Invensys P.L.C.	2,426,737		7,935,997
	ITE Group P.L.C.	1,059,501		3,356,430
	J Smart & Co. (Contractors) P.L.C.	112,500		122,105
	Keller Group P.L.C.	276,404		1,148,986
	Kier Group P.L.C.	158,443		3,349,419
	Latchways P.L.C.	36,248		607,575
	Lavendon Group P.L.C.	504,595		684,779
	Low & Bonar P.L.C.	828,300		514,060
	Management Consulting Group P.L.C.	1,290,496		609,557
	Mears Group P.L.C.	196,480		670,690
	Meggitt P.L.C.	2,465,596		13,496,107
	Melrose P.L.C.	1,583,124		8,356,075
	Michael Page International P.L.C.	1,310,832		7,101,476
	Mitie Group P.L.C.	1,286,774		4,852,525
	MJ Gleeson Group P.L.C.	195,875		335,022
	Morgan Crucible Co. P.L.C.	1,252,304		5,109,112
	Morgan Sindall P.L.C.	169,608		1,567,270
*	Mouchel Group P.L.C.	434,192		35,842
	National Express Group P.L.C.	1,701,575		5,886,392
*	Northgate P.L.C.	473,070		1,410,095
	PayPoint P.L.C.	105,160		900,842
	Qinetiq P.L.C.	2,474,225		5,073,575
	Regus P.L.C.	3,337,697		4,373,909
*	Renold P.L.C.	57,486		22,725
*	Rentokil Initial P.L.C.	6,753,492		6,570,816
	Ricardo P.L.C.	217,815		1,238,169
*	Richmond Oil & Gas P.L.C.	220,000		—
	Robert Walters P.L.C.	387,999		973,275
	Rotork P.L.C.	366,679		10,977,031
	RPS Group P.L.C.	836,994		2,334,230
	Senior P.L.C.	1,762,689		4,673,266
	Severfield-Rowen P.L.C.	371,550		957,551
	Shanks Group P.L.C.	1,786,148		2,511,701
	SIG P.L.C.	2,074,440		2,699,758
	Speedy Hire P.L.C.	1,274,296		394,195

48

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Industrials — (Continued)
	Spirax-Sarco Engineering P.L.C.	319,520	$	9,292,347
	Stagecoach Group P.L.C.	1,718,521		7,258,447
	Sthree P.L.C.	330,670		1,162,776
	T. Clarke P.L.C.	147,457		92,319
	Tarsus Group P.L.C.	212,372		427,830
	Travis Perkins P.L.C.	922,110		11,379,408
	Tribal Group P.L.C.	132,810		89,377
*	Trifast P.L.C.	359,985		201,624
	UK Mail Group P.L.C.	197,261		632,476
	Ultra Electronics Holdings P.L.C.	283,178		6,496,284
	Umeco P.L.C.	196,406		1,114,443
#	Volex P.L.C.	229,354		928,636
	Vp P.L.C.	167,297		582,740
	Wincanton P.L.C.	479,763		463,865
	WS Atkins P.L.C.	501,683		4,825,260
	WSP Group P.L.C.	276,589		890,477
#	XP Power, Ltd	73,546		1,069,231
Total Industrials				330,664,955
Information Technology — (10.0%)
	Acal P.L.C.	104,729		282,479
	Alphameric P.L.C.	95,741		34,987
*	Alterian P.L.C.	179,139		305,083
	Anite P.L.C.	1,166,924		1,700,043
	Aveva Group P.L.C.	289,692		6,439,922
	Computacenter P.L.C.	446,179		2,315,593
	CSR P.L.C.	683,977		1,947,752
	Dialight P.L.C.	111,362		1,204,503
	Diploma P.L.C.	482,456		2,542,996
	Domino Printing Sciences P.L.C.	455,803		3,622,594
	E2V Technologies P.L.C.	354,068		578,839
	Electrocomponents P.L.C.	1,730,514		5,055,652
	Fidessa Group P.L.C.	137,261		3,226,316
	Halma P.L.C.	1,541,075		7,904,969
*	Imagination Technologies Group P.L.C.	961,901		8,200,427
*	Innovation Group P.L.C.	3,208,091		1,009,933
	Kewill P.L.C.	368,863		441,754
*	Kofax P.L.C.	317,667		1,163,021
	Laird P.L.C.	917,292		2,198,834
	Logica P.L.C.	6,339,968		6,084,872
	Micro Focus International P.L.C.	568,939		3,428,340
*	Misys P.L.C.	1,604,251		5,784,975
	Moneysupermarket.com Group P.L.C.	483,650		789,276
*	NCC Group P.L.C.	1,703		22,140
	Oxford Instruments P.L.C.	217,414		3,205,158
	Phoenix IT Group, Ltd.	204,552		513,198
	Premier Farnell P.L.C.	1,467,203		4,100,583
	Psion P.L.C.	500,223		343,569
	PV Crystalox Solar P.L.C.	956,033		63,516
	Renishaw P.L.C.	188,423		2,886,649
	RM P.L.C.	363,499		330,822
	SDL P.L.C.	338,168		3,489,898
	Spectris P.L.C.	515,234		10,295,072
	Spirent Communications P.L.C.	2,622,105		4,786,205
*	Telecity Group P.L.C.	656,917		6,600,743
	TT electronics P.L.C.	635,179		1,325,128
	Vislink P.L.C.	274,226		87,530
*	Wolfson Microelectronics P.L.C.	504,759		1,024,480
	Xaar P.L.C.	251,590		939,579
*	Xchanging P.L.C.	730,123		734,000
Total Information Technology				107,011,430

49

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Materials — (7.3%)
	African Barrick Gold, Ltd.	175,432	$	1,251,642
*	Allied Gold Mining PLC	964		2,164
	British Polythene Industries P.L.C.	102,332		539,603
	Carclo P.L.C.	214,230		971,330
*	Centamin P.L.C.	2,940,820		3,763,256
	Croda International P.L.C.	520,183		14,562,102
	DS Smith P.L.C.	2,106,170		6,471,970
	Elementis P.L.C.	1,966,934		4,192,933
	Ferrexpo P.L.C.	888,830		3,710,230
	Filtrona P.L.C.	753,961		4,454,603
*	Gem Diamonds, Ltd.	424,075		1,278,458
	Hill & Smith Holdings P.L.C.	289,549		1,126,863
	Hochschild Mining P.L.C.	640,518		3,841,308
*	International Ferro Metals, Ltd.	238,075		68,424
*	Inveresk P.L.C.	125,000		3,203
*	Lonmin P.L.C.	215,607		3,285,051
	Marshalls P.L.C.	722,366		1,009,475
	Mondi P.L.C.	1,231,343		8,697,714
*	Namakwa Diamonds, Ltd.	6,057		739
	New World Resources P.L.C. Series A	77,748		533,028
	Petropavlovsk P.L.C.	646,643		6,188,094
	Porvair P.L.C.	146,460		212,327
	RPC Group P.L.C.	622,691		3,457,646
#*	Talvivaara Mining Co. P.L.C.	349,633		1,082,964
	Victrex P.L.C.	340,523		5,793,281
	Yule Catto & Co. P.L.C.	831,772		2,122,260
	Zotefoams P.L.C.	96,852		176,094
Total Materials				78,796,762
Telecommunication Services — (2.5%)
	Cable & Wireless Communications P.L.C.	9,400,024		5,566,230
	Cable & Wireless Worldwide P.L.C.	6,594,754		1,664,944
*	Colt Group SA	1,287,437		1,821,857
	Inmarsat P.L.C.	1,347,950		8,441,793
	Kcom Group P.L.C.	2,643,350		2,872,432
	TalkTalk Telecom Group P.L.C.	1,746,112		3,668,449
	Telecom Plus P.L.C.	265,603		3,188,610
Total Telecommunication Services				27,224,315
Utilities — (2.7%)
	Dee Valley Group P.L.C.	12,109		244,163
	Drax Group P.L.C.	1,479,700		12,514,618
	Pennon Group P.L.C.	1,445,401		16,006,243
Total Utilities				28,765,024
TOTAL COMMON STOCKS				1,067,622,789
PREFERRED STOCKS — (0.0%)
Consumer Staples — (0.0%)
	R.E.A. Holdings P.L.C.	5,414		9,292
RIGHTS/WARRANTS — (0.0%)
*	SFI Holdings, Ltd. Litigation Certificate	26,713		—
*	Ultraframe P.L.C. Litigation Notes	319,285		—
TOTAL RIGHTS/WARRANTS				—

50

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (0.9%)
§@	DFA Short Term Investment Fund		7,000,000	$	7,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12 (Collateralized
	by U.S. Treasury Note 1.375%, 09/30/18, valued at $2,235,983) to be repurchased at
	$2,192,159	$	2,192		2,192,140
TOTAL SECURITIES LENDING COLLATERAL					9,192,140
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,118,700,276)^			$	1,076,824,221

____________________

^     The cost for federal income tax purposes is $1,123,288,705.

51

THE CONTINENTAL SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2011
(Unaudited)

		Shares	Value††
COMMON STOCKS — (83.6%)
AUSTRIA — (1.9%)
	Agrana Beteiligungs AG	17,322	$	1,792,739
#*	A-TEC Industries AG	21,828		23,731
	Atrium European Real Estate, Ltd.	346,698		1,562,777
	Austria Email AG	715		6,962
	Austria Technologie & Systemtechnik AG	38,888		422,710
	BKS Bank AG	3,120		71,070
#	BWT AG	32,881		554,858
*	CA Immobilien Anlagen AG	163,483		1,753,247
*	Constantia Packaging AG Escrow Shares	18,095		—
*	DO & CO Restaurants & Catering AG	1,359		45,925
*	EAG-Beteiligungs AG	1,650		779
#	EVN AG	96,845		1,349,736
#	Flughafen Wien AG	43,364		1,641,053
	Frauenthal Holding AG	12,084		147,047
#*	Intercell AG	104,732		256,543
	Josef Manner & Co. AG	870		60,804
#	Kapsch TrafficCom AG	16,512		1,248,210
	Lenzing AG	33,289		2,748,609
#	Mayr-Melnhof Karton AG	32,872		2,785,303
	Oberbank AG	37,973		2,325,075
#	Oesterreichischen Post AG	112,815		3,397,264
#	Palfinger AG	48,572		773,848
#*	Polytec Holding AG	48,001		336,419
#	RHI AG	98,844		1,930,870
	Rosenbauer International AG	12,941		605,419
#*	S IMMO AG	169,918		989,407
*	S&T System Integration & Technology Distribution AG	6,318		14,336
#	Schoeller-Bleckmann Oilfield Equipment AG	37,937		3,349,165
	Semperit Holding AG	35,539		1,367,309
#	Strabag SE	101,540		2,900,664
	UBM Realitaetenentwicklung AG	1,440		46,593
#	Uniqa Versicherungen AG	184,842		2,250,257
#*	Warimpex Finanz und Beteiligungs AG	10,047		10,119
#	Wienerberger AG	398,730		3,589,132
	Wolford AG	11,252		340,719
#	Zumtobel AG	98,271		1,359,646
TOTAL AUSTRIA				42,058,345
BELGIUM — (3.0%)
#*	Ablynx NV	69,930		308,239
	Ackermans & van Haaren NV	94,712		7,040,950
*	Agfa-Gevaert NV	598,923		949,352
	Arseus NV	68,759		980,558
#	Atenor Group NV	3,415		107,234
	Banque Nationale de Belgique SA	952		2,779,156
	Barco NV	55,666		2,782,111
#	Bekaert NV	72,959		2,329,860
	Co.Br.Ha Societe Commerciale de Brasserie SA	115		223,679
	Compagnie d’Entreprises SA	41,428		2,030,540
*	Compagnie du Bois Sauvage SA	87		—
	Compagnie Immobiliere de Belgique SA	10,535		336,453
	Compagnie Maritime Belge SA	64,746		1,417,695
#*	Deceuninck NV	268,523		252,988
#*	Devgen NV	48,195		332,239
	D’Ieteren SA	129,060		5,680,627
#	Duvel Moorgat SA	8,799		807,998
	Econocom Group SA	65,485		1,317,020
	Elia System Operator SA	124,286		4,808,416

52

The Continental Small Company Series
continued

		Shares	Value††
BELGIUM — (Continued)
#*	Euronav SA	86,554	$	417,643
#	EVS Broadcast Equipment SA	44,026		2,245,397
#	Exmar NV	132,340		980,938
	Floridienne SA	2,033		342,155
*	Galapagos NV	78,747		1,056,618
	Gimv NV	13,874		660,833
	Hamon & Compagnie International SA	3,876		73,415
	Henex SA	4,294		222,652
	Image Recognition Integrated Systems (I.R.I.S.) SA	6,284		207,444
	Ion Beam Applications SA	79,751		491,833
	Jensen-Group NV	12,030		117,491
	Kinepolis Group NV	15,819		1,128,691
#	Lotus Bakeries NV	1,361		732,566
	Melexis NV	93,665		1,253,854
#	Nyrstar NV	552,850		4,341,553
	Omega Pharma SA	85,437		3,966,832
#*	Picanol NV	16,620		217,083
*	RealDolmen NV	7,428		160,409
	Recticel SA	68,845		405,582
	Resilux SA	4,095		272,701
	Rosier SA	655		211,361
	Roularta Media Group NV	8,511		160,781
*	SAPEC SA	3,531		194,434
	Sioen Industries NV	52,140		353,316
	Sipef NV	27,048		2,027,484
	Softimat SA	24,253		128,878
*	Spector Photo Group SA	8,349		4,101
	Telenet Group Holding NV	6,645		253,031
#	Ter Beke NV	2,281		150,605
	Tessenderlo Chemie NV	107,469		2,848,370
#*	ThromboGenics NV	111,651		2,723,397
*	TiGenix NV	22,164		20,918
	Van de Velde NV	27,539		1,256,310
	VPK Packaging Group SA	12,084		472,987
TOTAL BELGIUM				64,586,778
DENMARK — (2.7%)
*	Aarhus Lokalbank A.S.	7,872		6,485
*	Aktieselskabet Skjern Bank A.S.	3,276		45,954
	Alk-Abello A.S.	25,725		1,434,409
*	Alm. Brand A.S.	466,665		661,343
*	Amagerbanken A.S.	647,900		—
	Ambu A.S. Series B	23,899		598,281
*	Arkil Holdings A.S. Series B	736		49,900
	Auriga Industries A.S. Series B	96,829		1,254,675
*	Bang & Olufsen Holdings A.S.	138,857		1,302,856
*	Bavarian Nordic A.S.	96,869		645,309
	BoConcept Holding A.S.	5,650		77,777
	Brodrene Hartmann A.S. Series B	11,730		206,143
*	Brondbyernes IF Fodbold A.S. Series B	13,156		29,816
	D/S Norden A.S.	110,869		2,589,249
*	Dalhoff Larsen & Horneman A.S.	40,950		45,730
*	Dantherm Holding A.S.	3,104		7,524
#	DFDS A.S.	18,568		1,144,754
*	Djursland Bank A.S.	8,970		206,373
#	East Asiatic Co., Ltd. A.S.	55,571		1,142,980
*	F.E. Bording A.S.	600		45,967
*	Fionia Holding A.S.	17,880		—
	Fluegger A.S. Series B	4,198		229,824
*	Genmab A.S.	140,715		919,193
	GN Store Nord A.S.	798,612		6,702,503

53

The Continental Small Company Series
continued

		Shares	Value††
DENMARK — (Continued)
*	GPV Industri A.S. Series B	2,200	$	11,492
	Gronlandsbanken A.S.	768		39,463
*	H&H International A.S. Series B	17,280		127,414
	Harboes Bryggeri A.S.	12,252		184,693
	Hojgaard Holding A.S. Series B	2,750		43,009
#	IC Companys A.S.	35,278		628,238
*	Incentive A.S.	3,575		11,516
	Jeudan A.S.	4,620		305,654
*	Jyske Bank A.S.	171,851		4,213,178
	Lan & Spar Bank A.S.	5,150		242,108
*	Lastas A.S. Series B	10,343		52,240
	Lollands Bank A.S.	248		4,303
*	Mols-Linien A.S.	27,490		66,776
#*	NeuroSearch A.S.	79,539		245,138
#	NKT Holding A.S.	92,105		3,046,388
	Nordjyske Bank A.S.	17,600		202,495
	Norresundby Bank A.S.	7,350		189,549
	North Media A.S.	36,665		145,252
*	Ostjydsk Bank A.S.	3,305		100,574
#*	Pandora A/S	107,011		1,000,702
#*	Parken Sport & Entertainment A.S.	33,556		406,351
	Per Aarsleff A.S. Series B	6,396		447,461
	Ringkjoebing Landbobank A.S.	16,763		1,686,676
	Roblon A.S. Series B	540		60,006
#	Rockwool International A.S. Series B	20,954		1,677,153
	Royal Unibrew A.S.	40,267		2,250,207
*	Salling Bank A.S.	430		14,989
	Schouw & Co. A.S.	74,017		1,191,816
	SimCorp A.S.	19,486		2,978,275
*	Sjaelso Gruppen A.S.	18,337		4,572
*	SKAKO A.S.	1,577		4,757
	Solar Holdings A.S. Series B	18,041		721,649
*	Spar Nord Bank A.S.	126,467		704,163
*	Sparbank A.S.	10,930		75,733
*	Sparekassen Faaborg A.S.	1,972		85,945
	Sydbank A.S.	279,299		4,366,115
	Thrane & Thrane A.S.	16,739		745,112
	Tivoli A.S.	969		502,988
#*	TK Development A.S.	153,640		358,017
*	Topdanmark A.S.	53,386		8,304,872
#*	TopoTarget A.S.	415,899		181,482
*	Topsil Semiconductor Materials A.S.	194,350		16,196
#*	Torm A.S.	123,250		80,517
	United International Enterprises A.S.	3,155		389,771
*	Vestas Wind Systems A.S.	3,191		34,320
*	Vestjysk Bank A.S.	27,573		89,386
TOTAL DENMARK				57,585,756
FINLAND — (5.5%)
	Ahlstrom Oyj	22,304		359,724
	Aktia Oyj Series A	13,711		86,591
#	Alma Media Oyj	277,852		2,206,154
	Amer Sports Oyj Series A	421,831		4,901,919
	Aspo Oyj	77,875		684,605
	Atria P.L.C.	20,043		154,144
*	Bank of Aland P.L.C. Series B	22,078		247,076
	BasWare Oyj	34,550		734,317
#*	Biotie Therapies Corp. Oyj	774,610		502,723
	Cargotec Oyj Series B	132,519		3,916,879
	Citycon Oyj	649,070		1,938,128
*	Componenta Oyj	34,813		151,852

54

The Continental Small Company Series
continued

		Shares	Value††
FINLAND — (Continued)
	Comptel P.L.C.	324,863	$	204,990
	Cramo Oyj	155,694		1,589,429
	Digia P.L.C.	55,020		172,230
*	Efore Oyj	114,965		106,873
*	Elcoteq SE	3,041		905
*	Elektrobit Corp. Oyj	2,476		1,219
#	Elisa Oyj	494,801		10,302,204
*	eQ P.L.C.	67,120		135,099
	Etteplan Oyj	62,600		181,338
*	Finnair Oyj	277,805		826,043
*	Finnlines Oyj	124,906		1,243,918
	Fiskars Oyj Abp	181,663		3,272,794
#	F-Secure Oyj	463,536		1,205,299
*	GeoSentric Oyj	244,900		3,170
*	Glaston Oyj Abp	131,940		76,481
	HKScan Oyj Series A	99,158		721,564
	Huhtamaki Oyj	362,987		4,287,832
	Ilkka-Yhtyma Oyj	61,503		525,683
#	KCI Konecranes Oyj	245,559		4,592,333
#	Kemira Oyj	368,427		4,360,102
	Kesko Oyj Series B	76,731		2,572,190
	Laennen Tehtaat Oyj	18,920		359,675
	Lassila & Tikanoja Oyj	125,791		1,870,729
#	Lemminkainen Oyj	22,035		532,903
#*	M-real Oyj Series B	1,549,706		2,652,654
*	Neo Industrial Oyj	15,900		51,349
*	Neste Oil Oyj	285,400		2,870,363
	Nordic Aluminium Oyj	10,440		340,109
	Okmetic Oyj	54,904		348,746
	Olvi Oyj Series A	62,708		1,196,887
#	Oriola-KD Oyj Series A	5,045		12,347
#	Oriola-KD Oyj Series B	346,706		771,378
	Orion Oyj Series A	128,371		2,515,963
#	Orion Oyj Series B	337,043		6,548,837
#	Outokumpu Oyj	381,565		2,495,890
	Outotec Oyj	133,044		6,230,991
	PKC Group Oyj	55,424		820,024
	Pohjola Bank P.L.C. Series A	331,849		3,215,529
	Ponsse Oyj	25,336		229,144
#	Poyry Oyj	187,165		1,309,902
	Raisio P.L.C. Series V	490,304		1,514,555
	Ramirent Oyj	314,761		2,230,706
	Rapala VMC Oyj	113,258		826,020
#	Rautaruukki Oyj Series K	323,076		2,958,896
	Raute Oyj Series A	10,298		82,668
	Ruukki Group Oyj	604,909		697,154
	Saga Furs Oyj	8,490		180,395
#	Sanoma Oyj	276,990		3,170,114
	Sievi Capital P.L.C.	123,479		313,181
	SRV Group P.L.C.	7,277		37,611
	Stockmann Oyj Abp Series A	43,914		774,888
#	Stockmann Oyj Abp Series B	107,109		1,658,308
	Technopolis Oyj	177,167		766,333
	Teleste Oyj	53,559		207,648
#	Tieto Oyj	291,983		4,144,140
#	Tikkurila Oyj	118,741		1,977,470
	Tulikivi Oyj	62,013		50,669
#	Uponor Oyj Series A	217,678		1,931,823
	Vacon Oyj	45,190		1,801,798
	Vaisala Oyj Series A	39,132		828,158
	Viking Line Abp	10,400		296,583

55

The Continental Small Company Series
continued

		Shares	Value††
FINLAND — (Continued)
#	Yit Oyj	390,890	$	6,240,392
TOTAL FINLAND				119,328,738
FRANCE — (9.6%)
#	ABC Arbitrage SA	26,282		209,123
#*	Air France-KLM	252,948		1,291,862
#	Akka Technologies SA	8,695		181,965
	Ales Groupe SA	32,210		471,207
*	Altamir Amboise SA	68,287		530,631
	ALTEN SA	68,354		1,603,848
#*	Altran Technologies SA	676,432		2,434,812
	April SA	74,171		1,126,880
#*	Archos SA	32,722		280,021
	Arkema SA	130,795		9,190,786
*	Artprice.com SA	3,246		214,078
	Assystem	55,571		851,163
#*	Atari SA	56,179		115,316
	AtoS	71,224		3,111,711
	Aubay SA	10,285		61,417
	Audika SA	21,251		359,458
#	Aurea SA	3,551		23,167
#	Avenir Telecom SA	17,841		12,424
*	Axway Software SA	22,982		490,007
*	Baccarat SA	1,090		197,299
	Banque Tarneaud SA	1,430		177,714
#	Beneteau SA	179,820		1,876,556
#*	Bigben Interactive SA	10,448		97,195
*	BioAlliance Pharma SA	22,124		92,177
	Boiron SA	28,682		744,524
	Boizel Chanoine Champagne SA	7,266		422,458
	Bonduelle SCA	13,650		1,103,696
	Bongrain SA	34,266		2,142,890
#	Bourbon SA	182,469		4,997,012
*	Boursorama SA	54,045		386,915
*	Bull SA	309,488		1,140,067
	Burelle SA	3,894		851,633
	Cafom SA	5,092		59,216
	CBo Territoria SA	28,320		93,321
#	Cegedim SA	16,591		364,886
	CEGID Group SA	8,757		162,254
	CFAO SA	35,382		1,197,025
*	Cie des Alpes	4,636		86,028
*	Cie Generale de Geophysique - Veritas SA	12,983		301,361
	Ciments Francais SA	6,053		467,541
#*	Club Mediterranee SA	81,291		1,379,871
	Compagnie Industrielle et Financiere D’Entreprises SA	1,200		78,693
*	CS Communication & Systemes SA	5,100		16,241
	Damartex SA	21,101		491,722
#*	Derichebourg SA	548,515		1,650,964
	Devoteam SA	16,890		221,139
*	Dynaction SA	12,745		100,589
*	Eiffage SA	38,250		921,575
#	Electricite de Strasbourg SA	21,886		2,891,259
	Entrepose Contracting SA	3,437		295,757
	Esso SA Francaise	9,411		824,117
#	Establissements Maurel et Prom SA	323,678		4,916,266
*	Etam Developpement SA	1,148		15,672
	Euler Hermes SA	39,146		2,310,539
#*	Euro Disney SCA	138,383		632,082
#	Eurofins Scientific SA	12,661		920,538
	Exel Industries SA Series A	10,680		440,002

56

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
FRANCE — (Continued)
	Faiveley Transport SA	20,842	$	1,295,591
	Faurecia SA	97,449		1,836,632
	Fimalac SA	31,490		1,193,095
	Fleury Michon SA	4,694		172,213
	Flo Groupe SA	29,358		134,679
#*	GameLoft SA	84,916		530,490
*	Gascogne SA	6,907		205,718
	Gaumont SA	14,043		767,595
#*	GECI International SA	59,392		104,073
	Gemalto NV	109,597		5,311,776
	Gevelot SA	3,584		217,680
#*	GFI Informatique SA	134,770		395,207
	GL Events SA	21,143		379,798
	GPE Groupe Pizzorno SA	5,200		72,058
	Groupe Crit SA	24,255		360,140
*	Groupe Go Sport SA	1,125		14,075
#	Groupe Gorge SA	18,510		194,954
#	Groupe Guillin SA	1,200		73,567
*	Groupe Open SA	27,590		168,273
#*	Groupe Partouche SA	61,786		96,333
#	Groupe Steria SCA	82,770		1,402,970
	Guerbet SA	6,577		536,954
	Guyenne et Gascogne SA	25,083		2,624,844
*	Haulotte Group SA	61,352		370,240
	Havas SA	1,237,226		5,074,669
*	Hi-Media SA	100,249		285,466
*	Idsud SA	2,227		62,113
	Ingenico SA	118,736		4,277,410
#	Interparfums SA	15,050		318,435
	Ipsen SA	57,266		1,795,243
	Ipsos SA	89,607		2,541,671
*	Jacquet Metal Service SA	48,141		495,834
*	Kaufman & Broad SA	1,917		34,974
	Korian SA	8,204		133,831
#	Laurent-Perrier SA	12,546		1,177,345
	LDC SA	19		1,955
#	Lectra SA	83,499		496,849
	Lisi SA	16,907		1,109,038
*	LVL Medical Groupe SA	18,786		291,241
	M6 Metropole Television SA	155,729		2,315,958
	Maisons France Confort SA	6,671		164,610
#*	Manitou BF SA	48,911		738,422
	Manutan International SA	14,553		635,987
#*	Maurel & Prom Nigeria	323,678		816,894
*	Medica SA	59,126		993,319
	Mersen SA	64,007		1,928,429
#*	METabolic EXplorer SA	3,034		11,289
	MGI Coutier SA	2,753		118,943
	Montupet SA	1,081		5,312
	Mr. Bricolage SA	30,731		367,126
#	Naturex SA	12,810		859,439
#	Neopost SA	91,985		6,185,863
	Nexans SA	131,823		6,807,411
	Nexity SA	83,910		1,892,806
*	NicOx SA	33,240		43,511
	Norbert Dentressangle SA	20,989		1,464,810
*	NRJ Group SA	12,748		110,993
	Oeneo SA	113,285		282,482
#	Orpea SA	101,314		3,298,686
	Osiatis SA	1,400		9,132
#	PagesJaunes Groupe SA	384,634		1,392,787

57

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
FRANCE — (Continued)
	Paris Orleans et Cie SA	1,401	$	26,464
*	Parrot SA	18,832		421,916
	Pierre & Vacances SA	18,411		608,629
	Plastic Omnium SA	95,424		1,886,891
	Plastivaloire SA	4,552		105,529
	PSB Industries SA	8,438		221,301
	Rallye SA	95,651		2,666,339
#*	Recylex SA	55,481		214,376
	Remy Cointreau SA	82,777		6,638,753
	Robertet SA	3,167		491,515
#*	Rodriguez Group SA	31,298		126,268
	Rougier SA	6,115		238,226
	Rubis SA	78,288		4,080,517
*	Rue du Commerce SA	136		1,578
#*	S.T. Dupont SA	300,960		151,147
#	Sa des Ciments Vicat SA	29,610		1,693,070
	Sabeton SA	13,500		223,856
	Saft Groupe SA	75,425		2,127,315
	Samse SA	8,342		600,498
	Sartorius Stedim Biotech SA	5,122		324,377
	Seche Environnement SA	4,452		164,674
#	Sechilienne SA	60,146		849,535
	Securidev SA	2,500		113,161
#	Sequana SA	46,996		259,786
*	Societe Anonyme d’Explosifs et de Produits Chimiques SA	524		135,278
	Societe BIC SA	74,331		6,575,875
	Societe d’Edition de Canal Plus SA	306,742		1,698,707
#	Societe des Bains de Mer et du Cercle des Etrangers a Monaco SA	46,150		2,446,069
	Societe Internationale de Plantations d’Heveas SA	4,451		342,194
	Societe Pour l’Informatique Industrielle SA	40,908		220,800
	Societe Television Francaise 1 SA	303,495		2,952,218
#*	Soitec SA	383,996		1,878,142
#	Somfy SA	21,738		4,275,790
	Sopra Group SA	22,982		1,060,812
*	Spir Communication SA	2,956		81,117
*	Stallergenes SA	3,386		184,894
#*	Ste Industrielle d’Aviation Latecoere SA	16,344		199,791
	STEF-TFE SA	29,121		1,319,325
*	Store Electronic SA	2,100		27,467
	Sucriere de Pithiviers Le Vieil SA	1,745		3,599,821
	Sword Group SA	17,347		270,103
	Synergie SA	54,902		646,188
#*	Technicolor SA	321,494		481,327
	Teleperformance SA	181,538		4,032,869
	Tessi SA	5,050		456,494
#*	Theolia SA	347,281		385,329
*	Thermador Groupe	431		59,583
#	Tonnellerie Francois Freres SA	3,839		144,621
	Total Gabon SA	662		253,328
	Touax SA	1,317		37,135
	Toupargel Groupe SA	111		1,295
#*	Transgene SA	13,430		133,429
	Trigano SA	29,525		443,769
*	UbiSoft Entertainment SA	304,461		2,025,519
	Union Financiere de France Banque SA	16,828		435,778
	Valeo SA	196,323		7,769,667
	Viel et Compagnie SA	158,130		509,404
#	Vilmorin & Cie SA	20,195		1,922,219
	Virbac SA	17,494		2,709,837
#*	Vivalis SA	12,089		86,042
	VM Materiaux SA	6,914		207,926

58

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
FRANCE — (Continued)
	Vranken Pommery Monopole SA	14,162	$	501,559
#	Zodiac Aerospace SA	89,170		7,532,929
TOTAL FRANCE				206,908,279
GERMANY — (12.1%)
	A.S. Creation Tapeton AG	6,853		216,871
*	AAP Implantate AG	47,250		42,733
*	Aareal Bank AG	423,110		7,633,993
*	Abwicklungsgesellschaft Roesch AG Medizintechnik	7,300		274
*	ADVA AG Optical Networking	128,074		599,090
	AGROB Immobilien AG	5,800		67,351
#*	Air Berlin P.L.C.	117,774		380,211
#	Aixtron SE	314,748		4,000,180
*	Aligna AG	318,087		5,317
	Allgeier Holding AG	3,177		44,067
#	Amadeus Fire AG	16,192		557,547
*	Andreae-Noris Zahn AG	26,412		989,582
#	Asian Bamboo AG	29,133		559,983
#	AUGUSTA Technologie AG	28,595		529,412
	Aurubis AG	152,783		8,130,677
	Baader Bank AG	132,511		348,862
#*	Balda AG	127,634		715,885
#	Bauer AG	22,556		615,083
#	BayWa AG	20,761		731,910
	Bechtle AG	43,981		1,488,857
#	Bertrandt AG	23,001		1,506,616
*	Beta Systems Software AG	8,550		21,563
*	Bijou Brigitte AG	812		76,625
	Bilfinger Berger SE	125,406		10,677,964
*	Biolitec AG	26,229		62,778
#	Biotest AG	20,784		1,106,859
*	BKN International AG	33,408		562
*	BMP Media Vestors AG	42,481		30,340
*	Borussia Dortmund GmbH & Co. KGaA	208,512		512,312
*	CANCOM AG	1,156		13,167
#	Carl Zeiss Meditec AG	86,687		1,828,006
	CAT Oil AG	47,541		272,466
#*	Celesio AG	119,149		1,884,688
	CENIT AG	1,487		11,534
*	Centrosolar Group AG	12,706		21,322
	Centrotec Sustainable AG	42,634		621,010
#	Centrotherm Photovoltaics AG	28,152		360,036
	Cewe Color Holding AG	15,268		619,351
*	Colonia Real Estate AG	3,523		13,664
	Comdirect Bank AG	139,558		1,349,665
#	CompuGroup Medical AG	14,015		157,602
#*	Conergy AG	221,174		89,691
#*	Constantin Medien AG	359,780		595,558
	CropEnergies AG	57,113		361,682
	CTS Eventim AG	106,100		3,183,442
*	Curanum AG	100,137		258,121
#	DAB Bank AG	130,043		557,724
	Data Modul AG	11,455		170,555
	Delticom AG	6,024		518,931
	Deufol AG	113,203		143,010
#	Deutsche Beteiligungs AG	29,695		597,723
	Deutsche Wohnen AG	243,836		3,238,157
*	Deutz AG	263,835		1,402,118
*	Dialog Semiconductor P.L.C.	166,323		2,698,605
	DIC Asset AG	13,115		90,862
	Dierig Holding AG	10,500		177,359

59

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
GERMANY — (Continued)
#	Douglas Holding AG	105,346	$	3,786,632
	Dr. Hoenle AG	14,858		175,800
	Draegerwerk AG & Co. KGaA	921		59,387
	Drillisch AG	158,285		1,451,764
	Duerr AG	36,111		1,586,907
	DVB Bank SE	173,470		5,376,462
#	Eckert & Ziegler AG	7,196		210,259
#	Elmos Semiconductor AG	34,592		355,427
#	ElreingKlinger AG	105,909		2,624,994
#*	Epigenomics AG	5,535		9,310
	Erlus AG	2,970		115,167
#*	Euromicron AG	11,385		234,400
	Euwax AG	17,978		1,152,427
#*	Evotec AG	1,165,338		3,514,703
	Fielmann AG	46,199		4,386,562
*	First Sensor AG	3,931		46,176
*	FJA AG	217		359
#	Freenet AG	372,758		4,820,504
#	Fuchs Petrolub AG	139,623		5,418,709
#	GAGFAH SA	281,532		1,446,024
	GBW AG	28,417		624,148
	Gerresheimer AG	89,828		3,737,131
	Gerry Weber International AG	89,108		2,712,309
#*	Gesco AG	10,010		818,523
	GFK SE	72,083		2,853,736
	GFT Technologies AG	66,050		231,914
#*	Gigaset AG	151,718		482,757
*	Gildemeister AG	134,092		1,688,615
#*	Grammer AG	38,035		639,901
	Grenkeleasing AG	33,471		1,688,196
	H&R AG	21,428		458,011
	Hamborner REIT AG	28,257		233,994
	Hamburger Hafen und Logistik AG	55,006		1,622,767
#*	Hansa Group AG	146,815		610,872
	Hawesko Holding AG	19,463		885,626
#*	Heidelberger Druckmaschinen AG	734,833		1,177,592
	Homag Group AG	13,586		137,041
*	IKB Deutsche Industriebank AG	21,843		12,269
	Indus Holding AG	45,532		1,110,620
	Innovation in Traffic Systems AG	23,949		439,726
#	Interseroh SE	21,642		1,482,486
#*	Intershop Communications AG	62,598		166,648
	Isra Vision Systems AG	10,917		215,116
#*	IVG Immobilien AG	480,972		1,304,188
*	Jenoptik AG	162,963		960,901
*	Joyou AG	2,461		25,148
*	Kampa AG	35,505		1,664
#	Kloeckner & Co. SE	341,221		4,367,470
	Koenig & Bauer AG	7,004		90,148
#	Kontron AG	189,937		1,242,153
#	Krones AG	72,618		3,444,865
#	KSB AG	3,584		2,009,594
#*	Kuka AG	102,786		1,878,077
	KWS Saat AG	17,224		3,432,641
	Leifheit AG	12,500		331,064
#	Leoni AG	115,635		3,845,985
#*	Loewe AG	25,187		81,372
#	LPKF Laser & Electronics AG	20,347		249,764
#*	Manz AG	5,470		154,066
#*	Masterflex AG	19,347		129,827
*	Maxdata Computer AG	94,120		14,740

60

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
GERMANY — (Continued)
	Mediclin AG	119,554	$	577,023
#*	Medigene AG	87,499		109,787
#	Mensch und Maschine Software AG	27,532		165,698
	MLP AG	216,957		1,436,997
	Mobotix AG	4,367		124,189
*	Mologen AG	24,513		222,675
*	Morphosys AG	62,322		1,412,254
#*	MPC Muenchmeyer Petersen Capital AG	5,101		9,213
	MTU Aero Engines Holding AG	142,908		9,124,965
#	Muehlbauer Holding & Co. AG	14,905		422,349
#	MVV Energie AG	114,055		3,366,808
	Nemetschek AG	24,668		821,969
*	Nexus AG	33,813		306,110
#*	Nordex SE	126,718		648,165
#	OHB AG	35,659		525,205
	Oldenburgische Landesbank AG	4,234		167,316
	P&I Personal & Informatik AG	17,889		638,796
*	Patrizia Immobilien AG	41,860		185,458
#	Pfeiffer Vacuum Technology AG	34,071		2,976,006
*	Pfleiderer AG	98,494		35,088
	Phoenix Solar AG	10,092		28,056
	PNE Wind AG	167,451		400,755
#	Praktiker AG	195,237		344,345
	Progress-Werk Oberkirch AG	6,250		253,224
#	PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie	30,993		589,541
	PVA TePla AG	46,019		182,801
#*	Q-Cells SE	226,583		151,534
#*	QSC AG	306,094		825,507
	R Stahl AG	14,410		505,179
#	Rational AG	15,420		3,345,798
*	REALTECH AG	13,541		87,801
	Renk AG	18,838		1,487,560
	Rheinmetall AG	126,352		5,595,512
	Rhoen-Klinikum AG	406,308		7,732,812
	Ruecker AG	18,869		251,044
	S.A.G. Solarstrom AG	21,788		95,906
*	SAF-Holland SA	54,481		250,079
	Schaltbau Holding AG	1,921		174,765
*	Sedo Holding AG	69,691		239,227
	Sektkellerei Schloss Wachenheim AG	14,520		139,761
*	SER Systems AG	9,400		207
#*	SGL Carbon SE	229,387		11,290,812
#*	Singulus Technologies AG	236,814		620,895
	Sinner AG	2,660		53,895
	Sixt AG	81,198		1,432,218
*	SKW Stahl-Metallurgie Holding AG	15,276		224,161
#*	Sky Deutschland AG	1,051,866		1,908,833
*	SM Wirtschaftsberatungs AG	18,133		112,414
#*	SMA Solar Technology AG	20,774		1,157,927
#*	SMT Scharf AG	2,431		69,961
	Software AG	163,367		6,022,864
*	Solar Millennium AG	26,755		10,390
*	Solar-Fabrik AG	11,580		23,322
#	Solarworld AG	285,203		1,200,720
*	Solon SE	23,485		11,217
	Stada Arzneimittel AG	185,987		4,627,570
	STINAG Stuttgart Invest AG	35,003		768,649
	Stoehr & Co. AG	6,000		13,770
	STRATEC Biomedical AG	27,909		1,145,046
*	Stroer Out-of-Home Media AG	12,572		206,376
*	Sunways AG	15,010		29,899

61

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
GERMANY — (Continued)
#*	Suss Microtec AG	59,969	$	435,143
#	Symrise AG	330,233		8,794,596
	Syzygy AG	30,656		139,782
#*	TAG Immobilien AG	194,383		1,548,598
	Takkt AG	126,507		1,393,521
#	TDS Informationstechnologie AG	89,063		564,756
#	Telegate AG	16,807		115,269
*	Tipp24 SE	9,654		411,878
*	Tom Tailor Holding AG	15,736		250,367
	Tomorrow Focus AG	113,715		492,432
#*	TUI AG	468,655		2,907,045
	UMS United Medical Systems International AG	6,203		48,127
	UmweltBank AG	17,805		572,082
	United Internet AG	11,771		209,821
	VBH Holding AG	9,415		47,295
*	Verbio AG	50,804		210,851
#	Vossloh AG	37,975		3,636,175
	VTG AG	32,073		551,348
#	Wacker Neuson SE	45,820		565,212
*	Wanderer-Werke AG	7,903		552
	Washtec AG	1,983		18,851
	Wincor Nixdorf AG	119,287		5,327,867
	Wirecard AG	284,730		4,570,462
	Wuerttembergische Lebensversicherung AG	27,308		471,197
	Wuerttembergische Metallwarenfabrik AG	29,451		1,121,800
	XING AG	5,288		280,505
#	Zhongde Waste Technology AG	4,008		19,487
#*	zooplus AG	4,427		246,169
TOTAL GERMANY				259,094,803
GREECE — (1.8%)
*	Aegean Airlines S.A.	5,746		9,653
*	Aegek S.A.	120,000		13,445
*	Agricultural Bank of Greece S.A.	63,660		24,310
*	Alfa Alfa Energy S.A.	3,810		6,854
*	Alpha Bank A.E.	584,671		402,800
*	Alumil Aluminum Industry S.A.	48,665		15,463
*	Alysida S.A.	2,376		6,123
*	Anek Lines S.A.	498,242		76,388
*	Astir Palace Hotels S.A.	93,886		179,262
*	Athens Medical Center S.A.	150,874		50,596
*	Atlantic Supermarkets S.A.	34,730		3,596
*	Attica Bank S.A.	184,869		49,593
*	Atti-Kat S.A.	56,554		1,901
*	Autohellas S.A.	83,520		121,916
*	Babis Vovos International Construction S.A.	40,085		22,675
*	Balafas S.A.	15,200		3,738
*	Balkan Real Estate S.A.	5,450		2,674
	Bank of Cyprus Public Co., Ltd. S.A.	2,354,228		1,848,317
	Bank of Greece S.A.	133,571		2,153,633
*	Daios Plastics S.A.	16,350		116,178
*	Diagnostic & Therapeutic Center of Athens Hygeia S.A.	275,576		89,069
*	Dionic S.A.	16,092		22,069
*	EFG Eurobank Ergasias S.A.	971,907		473,354
*	Elastron S.A.	95,358		49,782
*	Elbisco Holding S.A.	28,098		13,608
	Elektrak S.A.	37,647		71,885
*	Elektroniki Athinon S.A.	7,497		7,843
	Ellaktor S.A.	531,699		829,021
*	Elval - Hellenic Aluminium Industry S.A.	28,590		43,792
*	Etma Rayon S.A.	11,242		20,515

62

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
GREECE — (Continued)
	Euro Reliance General Insurance Co. S.A.	54,730	$	29,717
*	Euromedica S.A.	33,079		18,713
	EYDAP Athens Water Supply & Sewage Co. S.A.	108,270		432,514
*	F.G. Europe S.A.	4,536		2,688
*	Folli Follie Group S.A.	124,720		1,246,531
*	Forthnet S.A.	253,290		35,675
*	Fourlis Holdings S.A.	146,787		271,214
	Frigoglass S.A.	113,901		530,950
	GEK Terna S.A.	296,155		230,940
*	Geniki Bank S.A.	31,074		10,434
*	Halkor S.A.	226,556		125,782
*	Hellenic Cables S.A.	65,236		95,711
	Hellenic Exchanges S.A.	259,239		965,152
	Hellenic Petroleum S.A.	325,823		2,680,973
*	Hellenic Sugar Industry S.A.	78,005		91,681
*	Hellenic Telecommunication Organization Co. S.A.	460,012		1,708,760
*	Heracles General Cement Co. S.A.	77,436		185,604
*	Iaso S.A.	206,042		176,080
	Inform P. Lykos S.A.	23,285		20,128
*	Informatics S.A.	3,778		1,516
*	Intracom Holdings S.A.	313,001		67,418
*	Intracom Technical & Steel Constructions S.A.	74,651		34,052
	Intralot S.A.-Integrated Lottery Systems & Services	433,742		375,451
*	Ionian Hotel Enterprises S.A.	16,914		306,472
*	Ipirotiki Software & Publications S.A.	22,110		55,515
	JUMBO S.A.	322,485		1,581,794
	Karelia Tobacco Co., Inc. S.A.	5,787		598,220
*	Kathimerini Publishing S.A.	47,170		156,380
*	Lambrakis Press S.A.	115,149		17,010
*	Lamda Development S.A.	905		2,921
*	Lan-Net S.A.	12,688		19,706
*	Lavipharm S.A.	57,739		14,872
	Loulis Mills S.A.	41,702		71,397
*	Marfin Investment Group S.A.	2,380,237		1,131,057
*	Marfin Popular Bank PCL	3,674,665		1,396,536
	Metka S.A.	99,168		762,587
*	Michaniki S.A.	155,442		43,904
	Motor Oil (Hellas) Corinth Refineries S.A.	217,638		1,662,867
*	Mytilineos Holdings S.A.	353,384		1,423,606
*	National Bank of Greece S.A.	511,564		1,057,505
*	Neorion Holdings S.A.	14,991		5,198
*	OPAP S.A.	61,283		539,310
*	Pegasus Publishing S.A.	94,144		92,603
*	Piraeus Bank S.A.	4,630,988		1,504,355
	Piraeus Port Authority S.A.	19,968		219,547
*	Promota Hellas S.A.	8,860		2,637
*	Proton Bank S.A.	141,214		—
	Public Power Corp. S.A.	420,190		2,057,901
*	Real Estate Development & Services S.A.	94,497		70,142
	S&B Industrial Minerals S.A.	68,336		361,120
*	Sarantis S.A.	74,884		187,802
*	Selected Textile S.A.	61,219		40,254
*	Sfakianakis S.A.	17,776		23,062
*	Sidenor Steel Products Manufacturing Co. S.A.	203,373		267,863
*	Spyroy Agricultural Products S.A.	61,348		25,378
*	T Bank S.A.	228,007		14,165
*	Technical Olympic S.A.	2,237		3,514
*	Teletypos S.A. Mega Channel	77,669		24,222
	Terna Energy S.A.	132,478		223,974
*	Themeliodomi S.A.	37,422		17,920
	Thessaloniki Port Authority S.A.	6,936		85,234

63

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
GREECE — (Continued)
	Thessaloniki Water Supply & Sewage Co. S.A.	11,146	$	45,922
	Thrace Plastics Co. S.A.	99,700		59,933
	Titan Cement Co. S.A.	195,743		2,928,361
*	TT Hellenic Postbank S.A.	695,353		357,498
*	Varvaressos S.A. European Spinning Mills	10,832		1,293
*	Viohalco S.A.	603,593		2,353,554
TOTAL GREECE				37,882,848
IRELAND — (2.8%)
	Abbey P.L.C.	83,845		553,199
*	Aer Lingus Group P.L.C.	763,185		626,348
*	Aminex P.L.C.	496,086		25,717
	C&C Group P.L.C. (B010DT8)	399,607		1,472,874
	C&C Group P.L.C. (B011Y09)	1,014,594		3,767,111
	DCC P.L.C. (0242493)	308,989		7,296,468
	DCC P.L.C. (4189477)	18,170		429,326
	Donegal Creameries P.L.C.	26,085		111,056
	Dragon Oil P.L.C.	1,324,770		9,406,480
*	Elan Corp. P.L.C.	74,754		1,036,272
	FBD Holdings P.L.C.	125,728		1,056,929
	Fyffes P.L.C.	1,020,533		474,918
	Glanbia P.L.C. (0066950)	700,613		4,192,284
	Glanbia P.L.C. (4058629)	69,229		413,927
	Grafton Group P.L.C.	557,027		1,717,988
	Greencore Group P.L.C. (0386410)	1,129,199		906,158
	Greencore Group P.L.C. (5013832)	347,358		282,953
	IFG Group P.L.C.	337,495		458,260
*	Independent News & Media P.L.C. (B59HWB1)	387,242		102,712
*	Independent News & Media P.L.C. (B5TR5N4)	318,060		84,407
	Irish Continental Group P.L.C.	91,000		1,787,739
*	Kenmare Resources P.L.C. (0487948)	4,136,548		2,885,409
*	Kenmare Resources P.L.C. (4490737)	334,447		233,045
	Kingspan Group P.L.C. (0492793)	351,640		2,891,954
	Kingspan Group P.L.C. (4491235)	78,980		649,418
*	McInerney Holdings P.L.C.	697,135		35,730
	Paddy Power P.L.C. (0258810)	180,573		10,388,718
	Paddy Power P.L.C. (4828974)	10,071		579,741
*	Providence Resources P.L.C.	62,580		190,988
*	Smurfit Kappa Group P.L.C.	456,586		2,753,442
	Total Produce P.L.C.	871,395		429,004
	United Drug P.L.C. (3302480)	820,214		2,173,800
	United Drug P.L.C. (3335969)	63,911		169,286
TOTAL IRELAND				59,583,661
ISRAEL — (2.2%)
*	Africa Israel Investments, Ltd.	254,834		774,436
*	Africa Israel Properties, Ltd.	31,703		205,430
	Africa Israel Residences, Ltd.	594		6,268
*	Airport City, Ltd.	64,912		275,716
*	Alon Holdings Blue Square Israel, Ltd.	46,194		189,200
*	AL-ROV Israel, Ltd.	15,025		306,868
	Alrov Properties & Lodgings, Ltd.	3,721		58,615
*	Alvarion, Ltd.	186,966		167,410
	Amot Investments, Ltd.	65,457		159,107
*	AudioCodes, Ltd.	159,083		609,081
	Avgol Industries 1953, Ltd.	214,865		161,006
*	Azorim Investment Development & Construction Co., Ltd.	189		165
	Bayside Land Corp.	2,122		429,063
*	Big Shopping Centers 2004, Ltd.	1,832		40,182
*	Biocell, Ltd.	16,731		95,769
*	BioLineRX, Ltd.	499,334		150,571

64

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
ISRAEL — (Continued)
*	Blue Square Real Estate, Ltd.	3,782	$	68,420
	British Israel Investments, Ltd.	27,461		95,056
*	Ceragon Networks, Ltd.	27,850		221,703
*	Clal Biotechnology Industries, Ltd.	146,663		709,902
	Clal Industries & Investments, Ltd.	285,112		1,321,891
	Clal Insurance Enterprises Holdings, Ltd.	83,321		1,242,632
*	Compugen, Ltd.	27,479		139,199
	Delek Automotive Systems, Ltd.	107,838		654,974
	Delta-Galil Industries, Ltd.	15,443		107,645
	Direct Insurance - I.D.I. Insurance Co., Ltd.	30,880		62,251
	DS Apex Holdings, Ltd.	38,130		158,397
*	El Al Israel Airlines, Ltd.	738,714		119,026
*	Elbit Medical Imaging, Ltd.	53,265		122,771
*	Electra Real Estate, Ltd.	19,237		42,112
	Electra, Ltd.	5,423		421,854
*	Elron Electronic Industries, Ltd.	57,768		230,571
*	Evogene, Ltd.	56,711		223,884
*	EZchip Semiconductor, Ltd.	49,025		1,406,532
*	First International Bank of Israel, Ltd.	98,118		877,097
	FMS Enterprises Migun, Ltd.	10,300		152,168
	Formula Systems (1985), Ltd.	36,549		555,522
	Frutarom Industries, Ltd.	162,348		1,447,828
*	Gilat Satellite Networks, Ltd.	76,929		302,660
*	Given Imaging, Ltd.	31,987		547,608
	Golf & Co., Ltd.	57,649		208,566
	Granite Hacarmel Investments, Ltd.	144,714		176,698
*	Hadera Paper, Ltd.	9,516		368,550
	Harel Insurance Investments & Finances, Ltd.	34,574		1,266,041
*	Hot Telecommunications Systems, Ltd.	92,836		1,155,923
*	Industrial Building Corp., Ltd.	241,071		374,816
*	Israel Cold Storage & Supply Co., Ltd.	1,076		12,225
*	Israel Discount Bank, Ltd. Series A	843,743		1,132,491
	Israel Land Development Co., Ltd. (The)	22,615		154,308
	Ituran Location & Control, Ltd.	84,441		1,162,470
*	Jerusalem Oil Exploration, Ltd.	30,438		499,131
*	Kamada, Ltd.	110,315		595,790
	Kardan Vehicle, Ltd.	293		1,867
*	Kardan Yazamut	95,268		12,524
	Maabarot Products, Ltd.	21,999		190,459
*	Magic Software Enterprises, Ltd.	3,179		16,628
	Matrix IT, Ltd.	171,428		850,008
	Melisron, Ltd.	36,615		588,622
*	Mellanox Technologies, Ltd.	89,067		2,911,822
*	Menorah Mivtachim Holdings, Ltd.	101,061		762,156
	Migdal Insurance & Financial Holding, Ltd.	934,324		1,274,437
	Mizrahi Tefahot Bank, Ltd.	64,286		510,477
*	Naphtha Israel Petroleum Corp., Ltd.	103,666		307,552
	Neto Me Holdings, Ltd.	5,411		228,611
*	NICE Systems, Ltd.	18,938		650,889
*	NICE Systems, Ltd. Sponsored ADR	51,458		1,772,728
*	Nitsba Holdings 1995, Ltd.	84,868		680,607
*	Oil Refineries, Ltd.	3,239,580		1,634,317
	Ormat Industries, Ltd.	293,852		1,400,488
	Osem Investments, Ltd.	89,710		1,313,048
	Paz Oil Co., Ltd.	14,646		1,777,749
	Phoenix Holdings, Ltd. (The)	195,715		507,666
	Plasson Industries, Ltd.	6,571		144,126
*	RADVision, Ltd.	20,382		167,309
	Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.	27,880		864,935
*	Retalix, Ltd.	65,875		1,070,072
	Scailex Corp, Ltd.	29,002		124,996

65

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
ISRAEL — (Continued)
	Shikun & Binui, Ltd.	794,937	$	1,305,860
*	Space Communication, Ltd.	11,241		181,776
	Strauss Group, Ltd.	122,758		1,507,984
*	Suny Electronic, Ltd.	33,820		69,753
	Super-Sol, Ltd. Series B	368,517		1,299,236
*	Tower Semiconductor, Ltd.	1,325,086		800,826
	Union Bank of Israel, Ltd.	130,630		368,574
TOTAL ISRAEL				47,265,701
ITALY — (6.7%)
	ACEA SpA	280,731		1,770,132
	Acegas-APS SpA	110,973		469,909
#*	Acotel Group SpA	810		20,454
#*	Aedes SpA	1,412,879		111,568
#*	Aeffe SpA	76,830		58,161
	Aeroporto de Firenze SpA	17,399		225,178
#	Alerion Cleanpower SpA	67,767		361,524
#	Amplifon SpA	189,650		800,559
	Ansaldo STS SpA	321,559		3,049,684
#	Arnoldo Mondadori Editore SpA	392,186		685,022
	Ascopiave SpA	137,754		240,637
	Astaldi SpA	228,281		1,457,364
	Autogrill SpA	397,526		3,864,314
	Azimut Holding SpA	454,770		3,632,584
#	Banca Finnat Euramerica SpA	685,945		255,633
	Banca Generali SpA	140,519		1,306,323
	Banca IFIS SpA	102,347		529,678
	Banca Piccolo Credito Valtellinese Scarl	826,041		1,868,985
#	Banca Popolare dell’Emilia Romagna Scarl	777,413		5,540,413
*	Banca Popolare dell’Etruria e del Lazio Scarl	142,043		206,146
#	Banca Popolare di Milano Scarl	11,537,798		4,565,012
	Banca Popolare di Sondrio Scarl	922,722		7,404,493
	Banca Profilo SpA	564,974		179,122
	Banco di Desio e della Brianza SpA	232,296		892,242
#	Banco Popolare Scarl	1,895,684		2,445,600
#	BasicNet SpA	105,627		290,149
#	Beghelli SpA	427,981		248,282
#	Benetton Group SpA	220,256		839,771
*	Biesse SpA	54,004		198,893
	Bonifica Terreni Ferraresi e Imprese Agricole SpA	10,867		276,159
#	Brembo SpA	162,145		1,383,252
#*	Brioschi Sviluppo Immobiliare SpA	174,780		18,752
*	Buongiorno SpA	395,420		522,572
*	Buzzi Unicem SpA	284,221		2,475,709
#	C.I.R. SpA - Compagnie Industriali Riunite	1,614,226		2,574,250
	Cairo Communication SpA	28,815		104,463
	Caltagirone Editore SpA	6,120		7,588
	Caltagirone SpA	246,310		442,778
*	Carraro SpA	113,633		216,765
	Cembre SpA	40,330		288,029
	Cementir Holding SpA	336,239		691,266
*	Class Editore SpA	165,655		54,339
	Credito Artigiano SpA	361,183		384,966
	Credito Bergamasco SpA	129,374		3,274,875
#	Credito Emiliano SpA	376,390		1,334,545
	CSP International Fashion Group SpA	12,861		12,289
*	Dada SpA	6,181		16,997
*	d’Amico International Shipping S.A.	133,519		76,569
#	Danieli & Co. SpA	58,099		1,221,945
	Datalogic SpA	42,401		315,102
	Davide Campari - Milano SpA	990,609		6,584,272

66

The Continental Small Company Series
continued

		Shares	Value††
ITALY — (Continued)
*	DeA Capital SpA	243,327	$	418,134
	De’Longhi SpA	305,654		2,690,887
#	DiaSorin SpA	77,818		1,959,972
*	Digital Multimedia Technologies SpA	39,294		954,613
*	EEMS Italia SpA	101,107		81,422
	Elica SpA	44,844		45,025
	Emak SpA	57,399		36,446
	Engineering Ingegneria Informatica SpA	13,822		395,833
	ERG SpA	242,145		2,744,245
	Esprinet SpA	104,855		354,151
#*	Eurotech SpA	103,698		175,330
#	Falck Renewables SpA	452,790		496,101
*	Fiera Milano SpA	37,863		174,123
*	Finmeccanica SpA	52,103		191,847
#*	Fondiaria - Sai SpA	366,128		292,873
*	Gas Plus SpA	6,463		41,169
	Gefran SpA	32,485		118,776
#*	Gemina SpA	2,562,430		1,975,242
#	Geox SpA	305,569		854,213
*	Gruppo Ceramiche Ricchetti SpA	55,510		11,945
#	Gruppo Editoriale L’Espresso SpA	670,242		941,274
	Gruppo MutuiOnline SpA	18,403		80,909
#	Hera SpA	1,822,830		2,594,073
*	I Grandi Viaggi SpA	98,547		85,827
	Immsi SpA	743,533		538,158
	Impregilo SpA	1,243,552		3,837,325
	Indesit Co. SpA	185,473		888,307
	Industria Macchine Automatiche SpA	58,626		1,002,297
	Industria Romagnola Conduttori Elettrici SpA	43,452		104,033
	Intek SpA	267,440		122,014
	Interpump Group SpA	255,327		1,711,845
	Iren SpA	1,758,434		1,652,492
	Isagro SpA	10,591		34,218
#	Italcementi SpA	279,135		1,641,586
	Italmobiliare SpA	46,873		881,977
*	Juventus Football Club SpA	69,408		27,220
*	Kerself SpA	35,065		71,976
	KME Group SpA	1,654,192		647,045
#	Landi Renzo SpA	203,171		320,421
#*	Lottomatica SpA	177,645		2,658,532
#	Maire Tecnimont SpA	601,549		768,458
#	Marcolin SpA	60,205		246,625
#*	Mariella Burani SpA	32,721		—
	Marr SpA	132,607		1,110,602
#	Mediolanum SpA	634,523		2,458,575
#*	Milano Assicurazioni SpA	1,476,243		428,122
*	Monrif SpA	315,834		117,900
*	Montefibre SpA	108,372		15,280
	Nice SpA	40,071		123,977
*	Pagnossin SpA	9,000		—
*	PanariaGroup Industrie Ceramiche SpA	42,000		53,089
	Piaggio & C. SpA	511,332		1,198,922
*	Pininfarina SpA	82,321		339,197
	Piquadro SpA	7,354		14,604
	Pirelli & Co. SpA	657,369		5,510,580
*	Poltrona Frau SpA	140,932		159,524
*	Prelios SpA	2,389,900		253,535
#*	Premafin Finanziaria SpA	961,257		173,621
	Prysmian SpA	653,038		8,068,757
#*	RCS MediaGroup SpA	308,389		269,617
	Recordati SpA	408,182		2,944,228

67

The Continental Small Company Series
continued

		Shares	Value††
ITALY — (Continued)
	Reply SpA	12,068	$	249,575
*	Retelit SpA	113,922		51,408
*	Richard-Ginori 1735 SpA	8,489		2,578
	Sabaf SpA	24,109		348,265
	SAES Getters SpA	30,068		258,462
*	Safilo Group SpA	140,163		882,432
*	Saras SpA	1,269,180		1,584,147
	SAVE SpA	5,818		47,178
	Screen Service Broadcasting Technologies SpA	152,715		96,694
#*	Seat Pagine Gialle SpA	2,988,837		95,830
#*	Snai SpA	41,423		106,056
	Societa Cattolica di Assicurazioni Scrl	180,734		3,373,008
	Societa Iniziative Autostradali e Servizi SpA	217,716		1,636,542
	Sogefi SpA	186,290		468,448
	Sol SpA	166,511		882,343
*	Sorin SpA	1,139,193		1,744,699
#*	Stefanel SpA	112,528		44,820
	Tamburi Investment Partners SpA	36,591		71,176
#*	Telecom Italia Media SpA	1,206,455		251,344
#*	Tiscali SpA	3,437,478		150,215
#	Tod’s SpA	47,508		3,859,211
#	Trevi Finanziaria SpA	138,583		879,076
*	Uni Land SpA	51,835		33,812
*	Unipol Gruppo Finanziario SpA	3,295,121		1,061,515
	Vianini Industria SpA	59,070		96,062
	Vianini Lavori SpA	175,180		746,524
	Vittoria Assicurazioni SpA	121,346		470,287
#*	Yoox SpA	101,604		1,092,432
	Zignago Vetro SpA	28,411		165,552
TOTAL ITALY				144,654,094
NETHERLANDS — (4.5%)
	Aalberts Industries NV	384,012		6,424,692
	Accell Group NV	78,668		1,436,671
*	AFC Ajax NV	18,134		173,416
#*	AMG Advanced Metallurgical Group NV	103,749		1,014,000
#	Amsterdam Commodities NV	60,751		812,359
#	APERAM NV	98,594		1,384,011
#	Arcadis NV	193,913		3,027,732
#	ASM International NV	205,174		6,008,507
*	Atag Group NV	4,630		1,738
*	Ballast Nedam	339		5,868
	Batenburg Techniek NV	10,306		212,791
#	BE Semiconductor Industries NV	147,135		971,827
	Beter Bed Holding NV	72,418		1,310,339
	BinckBank NV	207,515		2,230,159
#	Brunel International NV	51,660		1,517,927
*	Crown Van Gelder NV	17,878		83,359
#	CSM NV	271,908		4,226,511
	Delta Lloyd NV	91,074		1,525,797
	DOCdata NV	22,463		422,085
#	Exact Holding NV	61,464		1,270,147
	Fornix Biosciences NV	2,224		1,713
#	Grontmij NV	78,097		528,632
	Heijmans NV	66,281		698,412
	Hunter Douglas NV	7,522		281,902
#	Imtech NV	272,621		7,030,961
#*	Kardan NV	122,078		312,191
	KAS Bank NV	50,870		562,806
#	Kendrion NV	39,829		848,515
#	Koninklijke Bam Groep NV	909,266		3,817,873

68

The Continental Small Company Series
continued

		Shares	Value††
NETHERLANDS — (Continued)
	Koninklijke Ten Cate NV	110,282	$	3,022,513
	Koninklijke Wessanen NV	328,280		1,196,873
#*	LBi International NV	148,925		332,795
	Macintosh Retail Group NV	51,952		678,321
	Mediq NV	247,085		3,752,720
	Nederlandsche Apparatenfabriek NV	28,810		746,293
	Nutreco NV	145,366		9,546,244
#*	Ordina NV	192,481		239,876
#*	Pharming Group NV	1,210,244		128,160
*	PostNL NV	749,799		2,379,010
*	Qurius NV	79,233		15,644
*	Roto Smeets Group NV	11,826		138,953
	Royal Reesink NV	1,428		141,445
	SBM Offshore NV	380,277		7,795,170
	Sligro Food Group NV	98,516		2,646,586
*	SNS Reaal Groep NV	590,383		1,282,899
#	Stern Groep NV	1,274		34,306
	Telegraaf Media Groep NV	163,704		2,106,363
	TKH Group NV	136,825		2,989,741
#*	TomTom NV	547,355		2,153,287
	Unit 4 NV	91,177		2,155,794
	USG People NV	237,495		1,957,994
*	Wavin NV	168,212		2,065,035
*	Xeikon NV	60,525		231,682
TOTAL NETHERLANDS				95,880,645
NORWAY — (2.8%)
#	ABG Sundal Collier Holding ASA	743,363		456,913
#	Acta Holding ASA	588,069		118,591
	AF Gruppen ASA	2,718		19,980
	Aktiv Kapital ASA	82,564		372,823
*	Algeta ASA	77,466		1,973,600
*	Archer, Ltd. ASA	43,582		116,827
	Arendals Fosse Kompani ASA	100		28,085
	Atea ASA	246,557		2,463,373
	Austevoll Seafood ASA	240,343		840,193
	Bonheur ASA	68,100		1,318,901
	BW Offshore, Ltd. ASA	1,004,602		1,581,584
#	BWG Homes ASA	241,807		386,435
	Cermaq ASA	265,931		3,114,050
#*	Clavis Pharma ASA	47,089		375,252
*	Copeinca ASA	76,559		428,370
*	Deep Sea Supply P.L.C.	337,427		421,172
*	Det Norske Oljeselskap ASA	169,996		2,492,273
#*	DNO International ASA	3,379,836		4,213,577
*	Dockwise, Ltd.	43,489		698,449
#*	DOF ASA	143,497		513,721
*	EDB ErgoGroup ASA	266,739		432,684
*	Eitzen Chemical ASA	297,422		7,921
	Ekornes ASA	109,590		1,791,318
*	Electromagnetic GeoServices ASA	326,537		720,225
#*	Eltek ASA	1,292,456		699,351
	Farstad Shipping ASA	59,843		1,505,940
*	Fornebu Utvikling ASA	120,455		31,346
#	Frontline, Ltd. ASA	93,902		397,468
*	Funcom NV	2,338		6,078
	Ganger Rolf ASA	54,510		967,321
	Golar LNG, Ltd.	27,613		1,212,147
#	Golden Ocean Group, Ltd.	871,300		546,773
#	Grieg Seafood ASA	122,305		88,414
#*	Havila Shipping ASA	22,400		128,822

69

The Continental Small Company Series
continued

		Shares	Value††
NORWAY — (Continued)
#*	Hurtigruten ASA	686,470	$	346,556
#*	Intex Resources ASA	45,445		36,014
*	Jason Shipping ASA	5,820		2,228
#*	Kongsberg Automotive Holding ASA	1,766,658		425,808
	Kongsberg Gruppen ASA	13,922		269,322
*	Kverneland ASA	423,895		752,875
	Leroey Seafood Group ASA	47,686		669,685
*	Natural ASA	388,026		83,222
#	Nordic Semiconductor ASA	537,446		1,282,173
#*	Norse Energy Corp. ASA	540,000		23,366
*	Norske Skogindustrier ASA Series A	71,223		53,571
	Northern Offshore, Ltd.	207,383		439,986
#*	Norwegian Air Shuttle ASA	75,844		698,290
#*	Norwegian Energy Co.	720,771		558,601
	Odfjell ASA Series A	138,810		833,716
	Olav Thon Eiendomsselskap ASA	12,879		1,691,912
#	Opera Software ASA	295,148		1,431,060
#*	Panoro Energy ASA	122,537		86,781
*	PCI Biotech ASA	3,357		21,778
*	Petrolia ASA	699,740		53,818
#*	Photocure ASA	33,562		194,346
*	Pronova BioPharma ASA	669,131		874,576
	Prosafe ASA	499,634		3,416,956
*	Q-Free ASA	103,196		287,148
#*	Renewable Energy Corp. ASA	910,709		502,178
	Salmar ASA	16,094		80,339
#*	Scana Industrier ASA	319,755		105,640
*	Seabird Exploration P.L.C.	117,944		4,530
#*	Sevan Marine ASA	23,858		33,039
#*	Sevan Marine ASA I-11 Shares	71,571		98,127
*	Siem Offshore, Inc. ASA	319,069		442,208
	Solstad Offshore ASA	57,727		823,113
*	Songa Offshore SE	845,806		2,575,423
	SpareBanken 1 SMN	273,273		1,791,407
	Stolt-Nielsen, Ltd.	20,635		413,264
#	Tomra Systems ASA	619,160		4,139,357
*	TTS Marine ASA	75,639		119,525
	Veidekke ASA	327,908		2,113,592
	Wilh Wilhelmsen Holding ASA	62,749		1,424,670
TOTAL NORWAY				59,670,177
PORTUGAL — (1.0%)
#	Altri SGPS SA	470,719		729,044
#*	Banco BPI SA	1,997,111		1,238,421
#*	Banco Comercial Portugues SA	8,921,215		1,563,147
#*	Banco Espirito Santo SA	1,147,346		1,998,078
*	Banif SGPS SA	585,123		256,418
#*	Brisa SA	765,199		2,516,531
	Corticeira Amorim SGPS SA	223,729		390,441
	Ibersol SGPS SA	20,401		107,233
*	Impresa SGPS SA	369,303		224,495
*	Investimentos Participacoes e Gestao SA	232,518		42,131
#	Mota-Engil SGPS SA	359,581		481,232
	Novabase SGPS SA	65,729		177,570
*	ParaRede SGPS SA	66,955		10,418
#	Portucel-Empresa Produtora de Pasta de Papel SA	815,988		1,937,351
	Redes Energeticas Nacionais SA	722,306		1,971,430
*	Sag Gest - Solucoes Automovel Globais SGPS SA	251,556		136,758
	Sociedade de Investimento e Gestao SGPS SA	267,754		1,856,072
*	Sonae Capital SGPS SA	41,386		14,433
#*	Sonae Industria SGPS SA	443,755		363,100

70

The Continental Small Company Series
continued

		Shares	Value††
PORTUGAL — (Continued)
#	Sonae SGPS SA	3,216,938	$	1,906,668
	Sonaecom SGPS SA	565,634		886,645
*	Sumol & Compal SA	67,967		104,820
	Teixeira Duarte SA	734,737		199,346
	Toyota Caetano Portugal SA	53,308		275,975
#	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA	621,293		1,863,909
TOTAL PORTUGAL				21,251,666
SPAIN — (4.8%)
#	Abengoa SA	168,206		3,552,992
*	Adolfo Dominguez SA	20,351		136,083
	Almirall SA	186,806		1,279,485
#*	Amper SA	96,925		207,345
#	Antena 3 de Television SA	279,539		1,674,451
*	Azkoyen SA	70,532		102,698
	Banco de Sabadell SA Convertible Shares	212,446		927,982
#*	Banco de Valencia SA	535,721		424,976
#	Banco Pastor SA	343,327		1,480,756
#	Bankinter SA	1,006,147		6,156,407
*	Baron de Ley SA	13,910		781,680
#	Bolsas y Mercados Espanoles SA	236,082		6,338,306
#	Caja de Ahorros del Mediterraneo SA	116,412		200,638
	Campofrio Food Group SA	95,179		791,570
#*	Cementos Portland Valderrivas SA	45,565		401,089
#*	Cie Automotive SA	114,494		828,946
#*	Codere SA	67,023		527,933
	Compania Vinicola del Norte de Espana SA	16,119		312,888
	Construcciones y Auxiliar de Ferrocarriles SA	7,518		3,731,866
*	Corporacion Dermoestetica SA	19,777		15,165
#*	Deoleo SA	1,403,240		778,830
	Dinamia Capital Privado Sociedad de Capital Riesgo SA	20,213		103,217
*	Distribuidora Internacional de Alimentacion SA	96,278		433,430
	Duro Felguera SA	276,209		1,803,663
	Ebro Foods SA	340,839		6,312,169
#	Elecnor SA	198,254		2,557,091
*	Ercros SA	303,500		266,215
#	Faes Farma SA	614,031		992,297
*	Fersa Energias Renovables SA	93,691		85,869
	Fluidra SA	51,323		126,734
	Fomento de Construcciones y Contratas SA	48,395		1,249,456
#	Gamesa Corp Tecnologica SA	1,081,002		4,464,820
*	General de Alquiler de Maquinaria SA	30,716		15,062
*	Grifols SA	6,257		104,841
	Grupo Catalana Occidente SA	166,328		2,635,501
#	Grupo Empresarial Ence SA	867,472		1,949,309
#*	Grupo Ezentis SA	1,009,562		339,320
*	Grupo Tavex SA	244,131		98,025
	Iberpapel Gestion SA	25,850		438,009
#	Indra Sistemas SA	371,374		4,708,258
*	Inmobiliaria Colonial SA	108,920		322,348
	Inmobiliaria del Sur SA	2,902		21,765
#*	Jazztel P.L.C.	779,346		3,756,787
*	La Seda de Barcelona SA Series B	10,928,289		720,326
#	Laboratorios Farmaceuticos Rovi SA	47,773		314,459
#	Mediaset Espana Comunicacion SA	582,684		3,307,599
#	Melia Hotels International SA	214,757		1,077,910
#	Miquel y Costas & Miquel SA	34,815		831,879
*	Natra SA	109,456		127,065
#*	Natraceutical SA	645,689		130,224
#*	NH Hoteles SA	521,131		1,458,888
*	Nicolas Correa SA	15,000		19,974

71

The Continental Small Company Series
continued

		Shares	Value††
SPAIN — (Continued)
#	Obrascon Huarte Lain SA	156,289	$	3,897,943
	Papeles y Cartones de Europa SA	226,938		731,344
	Pescanova SA	43,729		1,459,816
	Prim SA	39,424		204,086
#*	Promotora de Informaciones SA Series A	933,834		1,047,114
#	Prosegur Cia de Seguridad SA	87,574		3,816,422
#*	Quabit Inmobiliaria SA	788,621		82,484
#*	Realia Business SA	297,777		419,557
*	Renta Corp Real Estate SA	20,828		27,165
#*	Reyal Urbis SA	24,393		15,067
#	Sacyr Vallehermoso SA	356,705		1,820,181
*	Service Point Solutions SA	727,483		213,714
*	Sociedad Nacional Industrias Aplicaciones Celulosa Espanola SA	227,522		280,238
#	Solaria Energia y Medio Ambiente SA	231,009		286,837
#	Tecnicas Reunidas SA	96,655		3,459,681
	Telecomunicaciones y Energia SA	146,125		264,791
#*	Tubacex SA	427,191		1,026,626
#*	Tubos Reunidos SA	416,951		825,188
	Unipapel SA	47,385		731,274
#*	Vertice Trescientos Sesenta Grados SA	57,183		11,097
	Vidrala SA	72,437		1,737,409
#	Viscofan SA	183,430		6,785,197
#*	Vocento SA	196,990		394,999
#*	Vueling Airlines SA	60,195		299,907
#*	Zeltia SA	637,268		1,412,092
TOTAL SPAIN				102,674,825
SWEDEN — (8.8%)
	Aarhuskarlshamn AB	91,608		2,651,746
	Acando AB	224,754		472,948
#*	Active Biotech AB	145,913		466,584
#	AddNode AB	16,806		67,611
	AddTech AB Series B	64,962		1,479,845
	AF AB Series B	113,629		1,832,253
#*	Alliance Oil Co., Ltd. AB GDR	227,095		2,813,701
*	Anoto Group AB	80,683		31,018
*	Arise Windpower AB	2,638		12,816
	Aros Quality Group AB	41,400		218,260
	Atrium Ljungberg AB Series B	26,686		283,475
	Avanza Bank Holding AB	67,915		1,620,674
	Axfood AB	93,882		3,455,230
	Axis Communications AB	183,851		3,683,526
	B&B Tools AB Series B	92,589		802,191
*	BE Group AB	170,187		492,697
#	Beiger Electronics AB	53,856		473,521
#	Beijer Alma AB	64,479		1,064,978
	Bergs Timber AB Series B	8,074		12,938
*	Betsson AB	104,736		2,299,328
	Bilia AB Series A	113,425		1,589,161
	Billerud AB	355,810		3,009,615
	BioGaia AB Series B	49,122		1,161,398
*	BioInvent International AB	190,404		443,919
	Biotage AB	143,915		108,573
*	Bjorn Borg AB	64,280		328,717
#*	Black Earth Farming, Ltd. AB	44,076		88,529
	Bong Ljungdahl AB	24,800		64,548
*	Boras Waefveri AB Series B	6,564		1,259
	Brinova Fastigheter AB	98		1,415
*	Bure Equity AB	284,971		659,623
*	Byggmax Group AB	55,356		212,771
#	Cantena AB	56,762		473,929

72

The Continental Small Company Series
continued

		Shares	Value††
SWEDEN — (Continued)
	Castellum AB	569,221	$	7,043,794
*	Catella AB	226,140		229,308
*	CDON Group AB	67,801		371,347
#	Clas Ohlson AB Series B	133,394		1,558,089
	Cloetta AB	55,296		270,862
#*	Concentric AB	164,760		952,163
	Concordia Maritime AB Series B	70,300		132,362
	Connecta AB	29,886		327,358
*	Consilium AB Series B	10,856		27,555
	CyberCom Group AB	49,332		71,441
*	Dedicare AB Series B	16,575		55,655
*	Diamyd Medical AB	17,274		22,393
	DORO AB	94,695		374,577
	Duni AB	122,608		962,059
	East Capital Explorer AB	51,309		399,586
	Elekta AB Series B	255,842		11,062,417
*	Enea AB	56,200		236,979
#*	Eniro AB	343,664		569,458
	Fabege AB	516,241		4,034,534
	Fagerhult AB	16,891		390,901
*	Fastighets AB Balder Series B	196,938		721,167
	Fenix Outdoor AB	6,455		143,562
	G & L Beijer AB Series B	28,958		919,085
*	Global Health Partner AB	827		934
	Gunnebo AB	174,854		607,531
#	Hakon Invest AB	173,328		2,418,806
	Haldex AB	196,886		717,321
	Heba Fastighets AB Series B	43,722		381,093
#	Hexpol AB	90,282		2,633,576
#*	HIQ International AB	198,652		833,645
	HMS Networks AB	7,040		96,655
	Hoganas AB Series B	94,864		2,916,283
	Holmen AB Series B	197,696		5,661,638
#*	HQ AB (B1VVHM9)	19,037		2,755
#*	HQ AB (B4BMKQ8)	28,555		3,693
	Hufvudstaden AB Series A	189,483		1,926,154
*	Husqvarna AB Series A	29,425		135,005
*	Husqvarna AB Series B	603,255		2,769,738
	Industrial & Financial Systems AB Series B	73,987		945,272
	Indutrade AB	46,767		1,242,184
	Intrum Justitia AB	241,545		3,773,213
	JM AB	299,638		4,860,732
#*	KappAhl AB	384,267		333,757
#*	Karo Bio AB	904,968		194,570
	Klovern AB	387,861		1,456,592
	KNOW IT AB	72,015		495,551
	Kungsleden AB	502,887		3,352,376
	Lagercrantz Group AB Series B	74,627		462,836
	Lennart Wallenstam Byggnads AB Series B	385,959		3,552,062
	Lindab International AB	186,119		1,007,485
	Loomis AB Series B	247,640		3,557,526
*	Lundin Petroleum AB	439,229		10,757,873
	Meda AB Series A	770,903		7,999,630
#*	Medivir AB Series B	84,833		817,877
	Mekonomen AB	68,473		2,233,784
*	Micronic Mydata AB	374,226		647,598
*	Midsona AB Series B	1,733		3,349
*	MQ Holding AB	7,197		21,599
*	NCC AB Series A	17,161		301,832
	NCC AB Series B	297,398		5,209,591
	Nederman Holding AB	3,347		48,457

73

The Continental Small Company Series
continued

		Shares	Value††
SWEDEN — (Continued)
#*	Net Entertainment NE AB	78,296	$	728,833
#*	Net Insight AB Series B	1,181,753		351,074
#	New Wave Group AB Series B	176,018		585,602
#	NIBE Industrier AB Series B	269,369		3,970,941
#*	Nobia AB	596,780		2,118,365
	Nolato AB Series B	75,775		557,560
#*	Nordic Mines AB	94,674		887,936
	Nordnet AB Series B	290,879		658,012
*	Observer AB	5,113		27,418
	OEM International AB Series B	44,400		354,468
#*	Opcon AB	55,670		21,591
#	Orc Group AB	74,009		921,065
#*	Orexo AB	72,042		289,370
	Oriflame Cosmetics SA SDR	119,547		3,765,180
*	PA Resources AB	2,515,097		771,199
*	Partnertech AB	28,800		89,146
	Peab AB Series B	604,361		3,005,185
	Poolia AB Series B	29,527		60,798
	Pricer AB Series B	252,242		416,627
	ProAct IT Group AB	29,271		670,135
	Proffice AB Series B	231,361		719,787
	RaySearch Laboratories AB	45,598		95,709
	Readsoft AB Series B	71,271		193,156
#*	Rederi AB Transatlantic	112,133		148,609
*	Rezidor Hotel Group AB	264,241		846,169
#*	RNB Retail & Brands AB	411,548		159,778
	Rottneros AB	207,512		63,557
	Saab AB Series B	167,907		3,466,381
	Sagax AB	1,718		41,111
#*	SAS AB	573,665		665,052
	Seco Tools AB Series B	89,660		1,322,456
*	Sectra AB	20,046		154,423
*	Securitas AB Series B	254,999		2,193,356
#*	Semcon AB	39,900		138,705
	Sigma AB Series B	25,800		19,419
	Sintercast AB	11,800		76,938
#	Skistar AB	97,008		1,149,849
*	SSAB AB Series A	341,913		2,994,087
*	SSAB AB Series B	60,099		458,494
*	Studsvik AB	18,826		86,887
	Sweco AB Series B	187,009		1,559,409
*	Swedish Orphan Biovitrum AB	486,703		1,065,302
*	Swedol AB Class B	6,059		25,978
	Systemair AB	12,847		154,463
*	TradeDoubler AB	145,091		572,353
	Trelleborg AB Series B	928,357		8,022,870
#	Unibet Group P.L.C. SDR	95,019		2,185,925
	Uniflex AB Series B	18,150		83,215
	VBG AB Series B	1,084		11,908
	Vitrolife AB	51,263		333,606
	Wihlborgs Fastigheter AB	225,805		2,979,497
TOTAL SWEDEN				189,874,976
SWITZERLAND — (13.4%)
	Acino Holding AG	9,235		987,810
*	Addex Pharmaceuticals, Ltd.	1,491		8,747
	Advanced Digital Broadcast Holdings SA	2,024		17,683
*	Affichage Holding SA	5,703		825,646
	AFG Arbonia-Forster Holding AG	46,165		863,045
	Allreal Holding AG	34,985		5,081,494
	ALSO-Actebis Holding AG	16,195		722,694

74

The Continental Small Company Series
continued

		Shares	Value††
SWITZERLAND — (Continued)
	Aryzta AG	242,276	$	11,688,187
	Ascom Holding AG	160,822		1,434,469
	Austriamicrosystems AG	35,754		1,459,485
*	Autoneum Holding AG	15,956		830,398
#	Bachem Holdings AG	24,136		835,216
	Baloise Holding AG	8,111		554,913
	Bank Coop AG	31,671		2,108,480
	Bank Sarasin & Cie AG Series B	182,505		5,317,553
	Banque Cantonale de Geneve SA	4,021		838,767
	Banque Cantonale du Jura SA	4,500		287,132
	Banque Cantonale Vaudoise AG	6,943		3,365,282
	Banque Privee Edmond de Rothschild SA	157		4,011,882
	Barry Callebaut AG	4,093		4,026,832
	Basellandschaftliche Kantonalbank AG	446		616,812
*	Basilea Pharmaceutica AG	20,383		772,237
	Basler Kantonalbank AG	1,295		182,506
	Belimo Holdings AG	1,830		3,297,281
	Bell AG	79		148,154
	Bellevue Group AG	27,519		405,461
	Berner Kantonalbank AG	23,232		6,163,467
#*	BKW SA	27,437		1,064,706
*	Bobst Group AG	39,409		977,543
	Bossard Holding AG	8,386		907,145
	Bucher Industries AG	33,342		5,809,506
	Burckhardt Compression Holding AG	6,936		1,726,763
	Calida Holding AG	7,920		235,664
	Carlo Gavazzi Holding AG	1,069		203,402
	Centralschweizerische Kraftwerke AG	145		50,816
	Cham Paper Holding AG	649		108,568
	Charles Voegele Holding AG	32,044		625,604
*	Cicor Technologies	4,889		175,617
	Cie Financiere Tradition SA	6,784		504,861
*	Clariant AG	699,758		6,870,204
	Coltene Holding AG	16,008		541,821
	Conzzeta AG	1,345		2,580,337
*	Cytos Biotechnology AG	1,934		4,017
	Daetwyler Holding AG	29,754		1,759,133
*	Dufry AG	65,162		5,980,744
#	EFG International AG	205,702		1,552,233
*	ELMA Electronic AG	472		215,806
	Emmi AG	13,244		2,746,818
	EMS-Chemie Holding AG	27,979		4,721,298
	Energiedienst Holding AG	71,249		3,641,889
	Flughafen Zuerich AG	14,025		4,864,627
	Forbo Holding AG	6,314		3,304,178
#	Galenica Holding AG	18,828		10,997,155
	GAM Holding AG	780,910		8,456,882
*	Gategroup Holding AG	65,671		1,582,155
	George Fisher AG	15,351		5,230,235
*	Gottex Fund Management Holdings, Ltd.	824		2,267
	Gurit Holding AG	1,489		644,822
	Helvetia Holding AG	22,754		7,130,595
	Highlight Communications AG	27,009		120,277
#	Huber & Suhner AG	22,577		949,207
	Implenia AG	49,733		1,250,723
	Inficon Holding AG	4,954		810,477
*	Interroll Holding AG	2,404		712,628
	Intershop Holding AG	3,559		1,212,183
*	Jungfraubahn Holding AG	229		13,596
	Kaba Holding AG	11,858		4,138,074
*	Kardex AG	21,055		267,218

75

The Continental Small Company Series
continued

		Shares	Value††
SWITZERLAND — (Continued)
	Komax Holding AG	9,976	$	727,578
	Kudelski SA	115,691		1,042,972
*	Kuoni Reisen Holding AG Series B	13,163		3,147,047
#	LEM Holding SA	3,667		1,501,802
	Liechtensteinische Landesbank AG	8,445		372,303
#*	LifeWatch AG	55,532		259,629
#*	Logitech International SA	676,961		5,251,689
	Lonza Group AG	146,907		8,656,139
	Luzerner Kantonalbank AG	17,399		5,774,332
	Metall Zug AG	233		914,565
#*	Meyer Burger Technology AG	200,895		3,137,076
*	Micronas Semiconductor Holding AG	155,041		1,027,143
*	Mikron Holding AG	585		3,297
	Mobilezone Holding AG	119,357		1,206,800
	Mobimo Holding AG	11,983		2,650,557
*	Myriad Group AG	12,956		52,336
	Nobel Biocare Holding AG	478,680		5,554,545
*	OC Oerlikon Corp. AG	372,542		1,987,036
	Orascom Development Holding AG	8,205		125,021
	Orell Fuessli Holding AG	4,930		555,490
*	Orior AG	348		17,957
*	Panalpina Welttransport Holding AG	46,070		4,701,198
*	Parco Industriale e Immobiliare SA	600		2,236
	Partners Group Holding AG	15,663		2,728,679
#*	Petroplus Holdings AG	370,438		680,854
	Phoenix Mecano AG	3,100		1,614,632
	PSP Swiss Property AG	148,327		12,399,222
	PubliGroupe SA	2,171		296,179
*	Rieters Holdings AG	15,956		2,390,181
	Romande Energie Holding SA	2,714		3,461,879
*	Schaffner Holding AG	2,066		503,905
*	Schmolz & Bickenbach AG	72,817		413,148
	Schweiter Technologies AG	4,191		2,247,565
	Schweizerische National-Versicherungs-Gesellschaft AG	45,720		1,568,781
*	Siegfried Holding AG	8,325		795,274
	Societa Elettrica Sopracenerina SA	2,340		477,081
	St. Galler Kantonalbank AG	9,942		3,742,931
	Straumann Holding AG	21,440		3,692,645
	Sulzer AG	64,067		6,822,251
	Swiss Life Holding AG	94,071		8,615,819
	Swisslog Holding AG	914,407		671,055
	Swissquote Group Holding SA	47,450		1,665,797
#	Tamedia AG	14,891		1,845,726
	Tecan Group AG	41,765		2,819,894
#*	Temenos Group AG	259,801		4,241,305
*	Tornos Holding AG	38,028		332,564
*	U-Blox AG	13,855		605,224
	Uster Technologies AG	2,848		124,603
	Valartis Group AG	936		17,159
	Valiant Holding AG	45,575		5,762,301
	Valora Holding AG	12,070		2,519,777
	Vaudoise Assurances Holding SA	3,219		903,350
	Verwaltungs und Privat-Bank AG	7,692		678,722
	Vetropack Holding AG	234		408,280
	Villars Holding SA	150		83,765
#*	Von Roll Holding AG	149,133		405,353
	Vontobel Holdings AG	121,104		2,704,440
	VZ Holding AG	818		83,891
	Walliser Kantonalbank AG	1,416		1,202,927
	WMH Walter Meier Holding AG	4,738		1,042,286
#	Ypsomed Holdings AG	6,709		391,994

76

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares		Value††
SWITZERLAND — (Continued)
	Zehnder Group AG		35,840	$	1,956,664
#*	Zueblin Immobilien Holding AG		261,040		665,607
	Zuger Kantonalbank AG		623		3,341,303
TOTAL SWITZERLAND					287,137,188
TOTAL COMMON STOCKS					1,795,438,480
RIGHTS/WARRANTS — (0.0%)
BELGIUM — (0.0%)
*	Agfa-Gevaert NV STRIP VVPR		122,950		159
*	Deceuninck NV STRIP VVPR		247,412		320
#*	Nyrstar NV STRIP VVPR		178,031		464
*	RealDolmen NV STRIP VVPR		6,067		79
*	SAPEC SA STRIP VVPR		75		357
#*	Tessenderlo Chemie NV STRIP VVPR		3,985		307
*	Zenitel NV STRIP VVPR		8,654		11
TOTAL BELGIUM					1,697
ITALY — (0.0%)
*	Intek SpA Warrants 12/30/11		62,985		—
#*	Juventus Football Club SpA Rights 01/18/12		196,980		25,876
*	KME Group SpA Warrants 12/30/11		104,975		14
TOTAL ITALY					25,890
TOTAL RIGHTS/WARRANTS					27,587
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (16.4%)
§@	DFA Short Term Investment Fund		353,000,000	$	353,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12
	(Collateralized by U.S. Treasury Note 1.375%, 09/30/18, valued at $172,911)
	to be repurchased at $169,523	$	170		169,521
TOTAL SECURITIES LENDING COLLATERAL					353,169,521
TOTAL INVESTMENTS — (100.0%)
(Cost $2,412,394,669)^				$	2,148,635,588

____________________

^       The cost for federal income tax purposes is $2,413,711,366.

77

THE CANADIAN SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2011
(Unaudited)

		Shares	Value††
COMMON STOCKS — (76.1%)
Consumer Discretionary — (8.4%)
*	AlarmForce Industries, Inc.	4,310	$	43,787
	Astral Media, Inc. Class A	195,947		6,826,168
	AutoCanada, Inc.	600		3,769
*	Azure Dynamics Corp.	1,049,423		66,957
#*	Ballard Power Systems, Inc.	559,352		603,963
	BMTC Group, Inc. Class A	14,059		259,445
*	Brick, Ltd. (The)	125,224		378,591
*	Brookfield Residential Properties, Inc.	800		6,345
#	Cineplex, Inc.	197,159		4,977,599
*	Coastal Contacts, Inc.	234,745		587,583
#	Cogeco Cable, Inc.	66,661		3,360,042
	Cogeco, Inc.	4,889		232,225
#	Corus Entertainment, Inc. Class B	295,300		5,948,030
#	Dollarama, Inc.	197,346		8,620,267
	Dorel Industries, Inc. Class B	107,500		2,696,074
	easyhome, Ltd.	3,600		18,552
	Gamehost, Inc.	2,833		31,493
	Glacier Media, Inc.	137,300		283,023
	Glentel, Inc.	60,400		1,078,455
*	Great Canadian Gaming Corp.	284,300		2,338,586
	Groupe Aeroplan, Inc.	696,151		8,159,061
#*	Imax Corp.	259,237		4,755,965
	Indigo Books & Music, Inc.	746		5,309
	Le Chateau, Inc. Class A	73,800		119,529
	Leon’s Furniture, Ltd.	143,275		1,743,912
	Linamar Corp.	191,380		2,630,007
*	Martinrea International, Inc.	271,156		1,982,932
	MDC Partners, Inc. Class A	1,698		23,051
#*	MEGA Brands, Inc.	37,306		304,307
#*	Mood Media Corp.	57,338		135,641
	Quebecor, Inc. Class B	111,093		3,804,697
	Reitmans Canada, Ltd.	13,456		198,786
	Reitmans Canada, Ltd. Class A	202,400		2,944,361
	RONA, Inc.	677,175		6,474,292
*	Sears Canada, Inc.	26,345		269,980
	Torstar Corp. Class B	234,377		1,904,924
	TVA Group, Inc. Class B	7,000		59,333
#	Uni-Select, Inc.	59,151		1,524,136
#	Yellow Media, Inc.	393,969		71,543
Total Consumer Discretionary				75,472,720
Consumer Staples — (2.5%)
	Alliance Grain Traders, Inc.	70,568		1,438,721
	Andrew Peller, Ltd. Class A	400		3,652
*	Atrium Innovations, Inc.	130,236		1,518,728
#*	BioExx Specialty Proteins, Ltd.	540,917		84,954
	Canada Bread Co., Ltd.	14,021		597,862
	Colabor Group, Inc.	67,124		698,419
	Corby Distilleries, Ltd. Class A	63,258		1,018,337
#*	Cott Corp.	473,596		2,975,229
*	GLG Life Tech Corp.	28,148		24,867
	High Liner Foods, Inc.	3,500		56,172
	Jean Coutu Group PJC, Inc. Class A (The)	400,161		5,008,150
#	Liquor Stores N.A., Ltd.	46,446		686,147
	Maple Leaf Foods, Inc.	334,926		3,560,489
#	North West Co., Inc. (The)	136,273		2,695,363
#	Premium Brands Holdings Corp.	72,405		1,183,355
	Rogers Sugar, Inc.	87,976		454,237

78

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Consumer Staples — (Continued)
*	SunOpta, Inc.	193,373	$	958,561
*	Sun-Rype Products, Ltd.	100		612
Total Consumer Staples				22,963,855
Energy — (19.7%)
*	Advantage Oil & Gas, Ltd.	1,098,231		4,570,797
	Akita Drilling, Ltd. Class A	42,000		409,796
#	AltaGas, Ltd.	276,864		8,653,104
#*	Anderson Energy, Ltd.	608,395		322,487
*	Angle Energy, Inc.	302,132		1,883,228
#*	Antrim Energy, Inc.	568,800		658,831
#*	Arsenal Energy, Inc.	490,450		332,182
#	AvenEx Energy Corp.	134,840		692,234
#*	Bankers Petroleum, Ltd.	813,220		3,544,242
#*	Bellatrix Exploration, Ltd.	533,443		2,570,999
*	Bengal Energy, Ltd.	600		471
#*	Birchcliff Energy, Ltd.	355,600		4,747,151
*	BlackPearl Resources, Inc.	954,830		3,852,124
#*	BNK Petroleum, Inc.	164,191		249,812
#	Bonterra Energy Corp.	50,962		2,577,239
*	C&C Energia, Ltd.	48,832		362,855
	Calfrac Well Services, Ltd.	126,564		3,540,686
*	Calmena Energy Services, Inc.	95,771		22,562
*	Calvalley Petroleum, Inc. Class A	345,539		600,348
#	Canadian Energy Services & Technology Corp.	147,683		1,616,359
	Canyon Services Group, Inc.	145,892		1,711,322
#	Cathedral Energy Services, Ltd.	125,006		887,159
*	CE Franklin, Ltd.	20,400		165,403
*	Celtic Exploration, Ltd.	269,000		6,038,802
*	Cequence Energy, Ltd.	394,862		1,143,404
*	Chinook Energy, Inc.	95,783		153,253
#*	CIC Energy Corp.	31,465		29,342
#*	Connacher Oil & Gas, Ltd.	1,609,005		1,200,337
#*	Corridor Resources, Inc.	367,780		357,401
*	Crew Energy, Inc.	403,769		4,458,799
*	Crocotta Energy, Inc.	124,020		440,689
*	Delphi Energy Corp.	432,969		901,001
#*	Denison Mines Corp.	2,168,583		2,703,411
#	Enbridge Income Fund Holdings, Inc.	76,206		1,503,549
	Enerflex, Ltd.	279,959		3,643,933
	Ensign Energy Services, Inc.	226,952		3,620,093
*	Epsilon Energy, Ltd.	193,780		536,402
*	Equal Energy, Ltd.	86,320		388,917
*	Essential Energy Services, Ltd.	341,006		689,543
*	Fairborne Energy, Ltd.	544,251		1,581,333
*	Flint Energy Services, Ltd.	189,506		2,375,452
#*	Forsys Metals Corp.	109,974		78,803
*	GeoMark Exploration, Ltd.	81,040		65,230
*	Gran Tierra Energy, Inc.	969,291		4,681,140
*	Guide Exploration, Ltd. Class A	611,603		1,897,095
#*	Ivanhoe Energy, Inc.	939,785		1,033,187
#	Keyera Corp.	92,981		4,563,485
*	Legacy Oil & Gas, Inc.	476,295		4,899,702
#*	Mega Uranium, Ltd.	796,410		156,350
#*	MGM Energy Corp.	19,000		4,476
*	Midway Energy, Ltd.	305,540		971,730
#	Mullen Group, Ltd.	274,057		5,286,106
#	NAL Energy Corp.	542,913		4,199,415
#*	North American Energy Partners, Inc.	58,256		372,838
	Nuvista Energy, Ltd.	481,347		2,475,836
#*	Open Range Energy Corp.	244,459		448,725

79

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Energy — (Continued)
#*	Pace Oil & Gas, Ltd.	178,777	$	754,592
*	Paramount Resources, Ltd. Class A	136,127		5,678,918
#	Parkland Fuel Corp.	202,167		2,518,281
	Pason Systems, Inc.	237,900		2,802,258
#	Perpetual Energy, Inc.	394,093		452,603
#	PetroBakken Energy, Ltd. Class A	207,305		2,610,771
#*	Petrobank Energy & Resources, Ltd.	259,385		2,693,785
#	Petrominerales, Ltd.	58,900		957,432
#	Peyto Exploration & Development Corp.	101,471		2,429,328
#	PHX Energy Services Corp.	31,216		326,945
#	Poseidon Concepts Corp.	216,077		2,640,650
*	Precision Drilling Corp.	43,254		445,808
#	Progress Energy Resources Corp.	116,557		1,514,812
#	Provident Energy, Ltd.	231,814		2,241,343
	Pulse Seismic, Inc.	266,280		457,413
#*	Questerre Energy Corp.	724,660		433,907
*	RMP Energy, Inc.	450,693		982,124
#*	Rock Energy, Inc.	105,433		214,230
*	Savanna Energy Services Corp.	324,088		2,370,018
*	Secure Energy Services, Inc.	89,527		603,731
	ShawCor, Ltd. Class A	222,500		6,307,534
*	Sonde Resources Corp.	82,870		215,564
#*	Southern Pacific Resource Corp.	1,456,343		2,001,355
*	SouthGobi Resources, Ltd.	455,682		2,683,771
*	Sprott Resource Corp.	386,304		1,505,401
*	Terra Energy Corp.	115,780		61,371
#*	Tethys Petroleum, Ltd.	290,489		148,274
	Total Energy Services, Inc.	115,129		1,961,855
*	TransGlobe Energy Corp.	224,571		1,778,933
#	Trilogy Energy Corp.	191,610		7,066,295
	Trinidad Drilling, Ltd.	482,433		3,679,514
*	Twin Butte Energy, Ltd.	545,545		1,140,624
#*	UEX Corp.	608,088		393,951
#	Uranium One, Inc.	179,870		381,369
#*	Ur-Energy, Inc.	309,416		264,237
#	Veresen, Inc.	283,972		4,264,806
*	Vero Energy, Inc.	218,138		445,376
*	Westfire Energy, Ltd.	152,738		854,583
#*	Whitecap Resources, Inc.	71,600		582,640
*	Winstar Resources, Ltd.	78,401		293,980
*	Xtreme Coil Drilling Corp.	115,619		425,591
#	Zargon Oil & Gas, Ltd.	75,607		1,011,557
*	ZCL Composite, Inc.	90,700		262,640
Total Energy				177,731,340
Financials — (5.9%)
#	AGF Management, Ltd. Class B	330,879		5,138,165
	Altus Group, Ltd.	11,426		39,255
	Brookfield Real Estate Services, Inc.	8,075		99,793
#	Canaccord Capital, Inc.	289,695		2,218,033
#	Canadian Western Bank	266,672		6,753,509
#	Cash Store Financial Services, Inc. (The)	51,170		300,867
	Clairvest Group, Inc.	1,900		29,262
	Davis & Henderson Corp.	216,244		3,576,649
#*	Dundee Capital Markets, Inc.	189,580		206,561
*	EGI Financial Holdings, Inc.	14,650		101,525
	E-L Financial Corp., Ltd.	711		237,291
	Equitable Group, Inc.	52,295		1,283,313
*	Equity Financial Holdings, Inc.	800		7,452
	Fiera Sceptre, Inc.	36,300		224,125
	Firm Capital Mortgage Investment Corp.	2,494		32,290

80

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Financials — (Continued)
	First National Financial Corp.	11,240	$	192,528
*	FirstService Corp.	112,879		2,986,100
*	Genesis Land Development Corp.	69,817		197,372
#	Genworth MI Canada, Inc.	79,056		1,590,820
	Gluskin Sheff + Associates, Inc.	61,507		900,191
	GMP Capital, Inc.	253,000		1,758,272
	Guardian Capital Group, Ltd. Class A	8,727		82,237
	Home Capital Group, Inc.	120,600		5,812,476
#	Killam Properties, Inc.	115,599		1,312,864
*	Kingsway Financial Services, Inc.	223,835		116,449
	Laurentian Bank of Canada	92,400		4,338,152
*	Mainstreet Equity Corp.	4,697		110,607
	Melcor Developments, Ltd.	10,257		132,598
	MI Developments, Inc.	48,148		1,540,263
*	Pacific & Western Credit Corp.	8,800		11,229
#	Sprott Resource Lending Corp.	750,703		1,046,379
	Sprott, Inc.	248,556		1,412,652
	TMX Group, Inc.	231,476		9,472,623
#*	Westaim Corp.	165,381		86,039
Total Financials				53,347,941
Health Care — (1.7%)
#*	AEterna Zentaris, Inc.	295,803		452,960
*	Bioniche Life Sciences, Inc.	46,000		25,737
#*	Burcon NutraScience Corp.	61,538		431,597
*	Cangene Corp.	140,432		272,938
*	Cardiome Pharma Corp.	278,700		733,169
#	CML HealthCare, Inc.	208,565		1,977,657
	Futuremed Healthcare Products Corp.	34,438		272,124
*	Helix BioPharma Corp.	13,153		24,531
#*	IMRIS, Inc.	74,879		202,862
#	Leisureworld Senior Care Corp.	59,274		656,305
	MDS, Inc.	464,108		3,895,090
#*	Oncolytics Biotech, Inc.	205,321		806,168
*	Paladin Labs, Inc.	50,700		2,077,269
*	Patheon, Inc.	17,320		21,762
*	ProMetic Life Sciences, Inc.	648,697		89,146
*	QLT, Inc.	226,610		1,630,480
#*	Resverlogix Corp.	112,020		155,041
#*	Theratechnologies, Inc.	277,500		759,975
*	Transition Therapeutics, Inc.	50,610		71,040
*	TSO3, Inc.	151,452		275,029
#*	YM Biosciences, Inc.	242,157		396,959
Total Health Care				15,227,839
Industrials — (7.4%)
#	Aecon Group, Inc.	226,967		2,330,380
#	AG Growth International, Inc.	46,339		1,704,820
*	Air Canada Class A	313,328		313,712
	Algoma Central Corp.	2,569		257,215
*	ATS Automation Tooling System, Inc.	343,717		2,176,171
#	Bird Construction, Inc.	57,219		647,593
#	Black Diamond Group, Ltd.	95,091		1,723,072
	CAE, Inc.	79,988		776,522
#	Canadian Helicopters Group, Inc.	14,988		353,974
#	CanWel Building Materials Group, Ltd.	42,200		82,847
	Cargojet, Inc.	1,944		16,869
	Chorus Aviation, Inc.	2,381		7,385
#	Churchill Corp. Class A (The)	76,845		862,173
*	Clarke, Inc.	48,894		192,936
	Contrans Group, Inc. Class A	80,442		631,692

81

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Industrials — (Continued)
	DirectCash Payments, Inc.	14,154	$	277,870
#*	Electrovaya, Inc.	141,865		108,618
#	Exchange Income Corp.	14,111		351,961
	Exco Technologies, Ltd.	10,400		33,484
*	Garda World Security Corp. Class A	108,840		780,977
#	Genivar, Inc.	74,593		1,927,154
#*	GLV, Inc. Class A	64,773		227,619
*	Heroux-Devtek, Inc.	88,827		585,931
	Horizon North Logistics, Inc.	210,945		964,912
	IBI Group, Inc.	11,496		148,954
	K-Bro Linen, Inc.	7,158		156,264
	Morneau Shepell, Inc.	49,882		511,183
	Newalta Corp.	166,722		2,030,940
	Progressive Waste Solutions, Ltd.	209,167		4,091,974
	Richelieu Hardware, Ltd.	61,562		1,734,915
#	Ritchie Brothers Auctioneers, Inc.	244,637		5,379,012
#	Rocky Mountain Dealerships, Inc.	40,341		351,635
	Russel Metals, Inc.	243,400		5,356,592
*	Stantec, Inc.	168,695		4,565,321
#	Student Transportation, Inc.	221,438		1,425,898
#	Superior Plus Corp.	391,430		2,209,298
*	Swisher Hygiene, Inc.	35,140		131,424
	Toromont Industries, Ltd.	282,567		5,913,451
#	Transcontinental, Inc. Class A	271,264		3,357,682
#	TransForce, Inc.	312,897		3,977,439
	Vicwest, Inc.	22,293		199,133
#	Wajax Corp.	37,742		1,428,546
	WaterFurnace Renewable Energy, Inc.	29,581		451,809
	Westjet Airlines, Ltd.	1,420		16,183
#*	Westport Innovations, Inc.	189,501		6,281,668
Total Industrials				67,055,208
Information Technology — (3.4%)
#*	5N Plus, Inc.	183,848		925,782
	Aastra Technologies, Ltd.	26,544		361,129
#*	Absolute Software Corp.	160,300		777,307
*	AXIA NetMedia Corp.	182,767		218,872
	Calian Technologies, Ltd.	15,406		262,677
*	Celestica, Inc.	847,607		6,231,731
#*	COM DEV International, Ltd.	288,576		580,693
	Computer Modelling Group, Ltd.	112,238		1,691,144
#	Constellation Software, Inc.	25,116		1,891,928
*	Descartes Systems Group, Inc. (The)	203,354		1,461,155
#*	DragonWave, Inc.	146,883		504,629
#	Enghouse Systems, Ltd.	38,278		459,900
	Evertz Technologies, Ltd.	133,981		1,597,908
*	EXFO, Inc.	83,677		502,678
	Gennum Corp.	130,300		786,596
	MacDonald Dettweiler & Associates, Ltd.	111,753		5,165,594
*	March Networks Corp.	8,829		41,599
	Mediagrif Interactive Technologies, Inc.	1,586		24,909
*	Miranda Technologies, Inc.	84,901		759,213
*	Points International, Ltd.	46,889		356,702
*	Redknee Solutions, Inc.	122,828		115,142
*	Ruggedcom, Inc.	32,125		759,963
#*	Sandvine Corp.	511,691		572,592
*	Sierra Wireless, Inc.	127,100		892,039
*	Smart Technologies, Inc. Class A	10,681		39,212
*	Softchoice Corp.	6,773		68,278
*	Vecima Network, Inc.	30,729		88,982

82

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Information Technology — (Continued)
	Wi-Lan, Inc.	666,819	$	3,842,187
Total Information Technology				30,980,541
Materials — (24.1%)
	Aberdeen International, Inc.	122,333		78,053
*	Ainsworth Lumber Co., Ltd.	227,838		219,172
*	Alacer Gold Corp.	144,558		1,488,504
	Alamos Gold, Inc.	423,220		7,290,808
#*	Alexco Resource Corp.	231,426		1,574,265
#*	Almaden Minerals, Ltd.	108,300		273,208
*	Altius Minerals Corp.	112,600		1,192,593
#	Amerigo Resources, Ltd.	504,854		282,470
*	Anvil Mining, Ltd.	387,530		2,792,118
*	Argonaut Gold, Inc.	353,205		2,409,595
#*	Atna Resource, Ltd.	156,447		128,997
#*	Augusta Resource Corp.	308,545		960,086
*	Aura Minerals, Inc.	526,169		645,606
#*	AuRico Gold, Inc.	967,321		7,776,549
#*	Aurizon Mines, Ltd.	615,868		3,022,665
#*	Avalon Rare Metals, Inc.	352,025		832,766
#*	Avion Gold Corp.	1,620,486		2,576,871
#*	B2Gold Corp.	1,023,831		3,115,461
#*	Baja Mining Corp.	886,518		696,161
#*	Brigus Gold Corp.	664,229		652,004
#*	Canadian Zinc Corp.	280,925		181,998
	Canam Group, Inc. Class A	194,100		781,163
#*	Canexus Corp.	65,500		415,342
#*	Canfor Corp.	379,755		3,969,954
	Canfor Pulp Products, Inc.	136,336		1,662,128
*	Capstone Mining Corp.	1,040,232		2,838,621
#*	Cardero Resource Corp.	224,360		224,635
#*	Carpathian Gold, Inc.	587,371		250,804
	Cascades, Inc.	489,976		2,130,644
*	Catalyst Paper Corp.	540,689		18,576
	CCL Industries, Inc. Class B	100,740		3,096,117
#*	China Gold International Resources Corp., Ltd.	722,757		1,816,204
#*	Claude Resources, Inc.	934,700		1,247,796
#*	Cline Mining Corp.	519,100		820,369
*	Colossus Minerals, Inc.	311,816		1,845,645
#*	Copper Mountain Mining Corp.	366,515		2,025,501
#*	Crocodile Gold Corp.	343,215		175,187
#*	Duluth Metals, Ltd.	388,214		796,434
#*	Dundee Precious Metals, Inc.	372,067		3,002,101
*	Dynasty Metals & Mining, Inc.	108,369		227,641
*	Eastern Platinum, Ltd.	3,177,460		1,684,249
#*	Eastmain Resources, Inc.	274,250		271,894
#*	Eco Oro Minerals Corp.	261,445		382,383
#*	Endeavour Mining Corp.	403,333		962,061
*	Endeavour Silver Corp.	293,999		2,854,135
*	Entree Gold, Inc.	286,898		352,022
*	Euro Goldfields, Ltd.	521,960		6,086,758
*	Excellon Resources, Inc.	805,400		450,629
*	Exeter Resource Corp.	74,037		194,041
*	Fibrek, Inc.	97,662		96,823
#*	First Majestic Silver Corp.	354,783		5,982,991
*	First Nickel, Inc.	50,300		5,431
#*	Formation Capital Corp.	154,881		85,137
*	Fortress Paper, Ltd.	44,933		1,172,779
*	Fortuna Silver Mines, Inc.	460,768		2,528,288
#*	Fortune Minerals, Ltd.	214,672		151,719
#*	Golden Star Resources, Ltd.	1,045,109		1,713,209

83

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Materials — (Continued)
*	Grande Cache Coal Corp.	334,014	$	3,249,157
#*	Great Basin Gold, Ltd.	1,488,730		1,388,264
#*	Great Panther Silver, Ltd.	546,209		1,066,951
*	Guyana Goldfields, Inc.	230,342		1,695,769
*	Hanfeng Evergreen, Inc.	81,388		219,698
*	Harry Winston Diamond Corp.	266,629		2,842,298
#*	High River Gold Mines, Ltd.	597,342		703,618
#	HudBay Minerals, Inc.	657,566		6,545,000
*	Imperial Metals Corp.	168,580		2,068,466
#*	Inter-Citic Minerals, Inc.	283,484		269,919
*	International Forest Products, Ltd. Class A	188,500		795,632
#*	International Minerals Corp.	33,000		187,877
#*	International Tower Hill Mines, Ltd.	220,027		956,780
*	Intertape Polymer Group, Inc.	171,190		556,210
#*	Jaguar Mining, Inc.	362,916		2,315,538
#*	Katanga Mining, Ltd.	1,003,662		1,152,672
#*	Keegan Resources, Inc.	271,644		1,037,247
*	Kimber Resources, Inc.	21,200		18,313
#*	Kirkland Lake Gold, Inc.	213,280		3,228,248
*	La Mancha Resources, Inc.	344,099		925,479
*	Labrador Iron Mines Holdings, Ltd.	123,133		603,125
#*	Lake Shore Gold Corp.	1,280,732		1,609,165
#*	Laramide Resources, Ltd.	20,368		14,395
*	Lundin Mining Corp.	177,800		675,422
#*	MAG Silver Corp.	156,360		1,028,331
#	Major Drilling Group International, Inc.	319,200		4,869,073
*	MDN, Inc.	220,980		46,636
#*	Mercator Minerals, Ltd.	905,221		1,341,726
	Methanex Corp.	289,704		6,631,556
#*	Migao Corp.	156,300		615,227
*	Minco Base Metals Corp.	2,780		—
#*	Minco Silver Corp.	125,224		244,609
#*	Minefinders Corp.	305,883		3,251,743
#*	Minera Andes, Inc.	731,944		1,099,263
#*	Nautilus Minerals, Inc.	89,354		157,877
#*	Neo Material Technologies, Inc.	405,900		2,920,488
#*	Nevada Copper Corp.	160,491		816,043
#*	NGEx Resources, Inc.	287,000		760,638
*	Norbord, Inc.	78,010		620,251
#*	North American Palladium, Ltd.	444,465		1,138,703
*	Northern Dynasty Minerals, Ltd.	203,498		1,228,479
*	Northland Resources SA	54,983		79,877
#*	NovaGold Resources, Inc.	612,655		5,219,971
*	OceanaGold Corp.	1,077,616		2,380,011
*	Oromin Explorations, Ltd.	168,799		178,948
#*	Orvana Minerals Corp.	302,452		320,636
#*	Peregrine Diamonds, Ltd.	260,272		150,734
#*	Petaquilla Minerals, Ltd.	519,282		300,738
*	Phoscan Chemical Corp.	432,579		133,754
*	Pilot Gold, Inc.	86,150		109,088
#*	Platinum Group Metals, Ltd.	241,887		218,440
#*	PolyMet Mining Corp.	423,377		436,364
*	Primero Mining Corp.	156,629		499,675
*	Quadra FNX Mining, Ltd.	483,002		7,149,615
#*	Queenston Mining, Inc.	220,773		1,068,379
*	Richmont Mines, Inc.	103,444		1,110,849
#*	Rubicon Minerals Corp.	508,405		1,931,315
#*	Sabina Gold & Silver Corp.	383,055		1,443,859
#*	San Gold Corp.	898,095		1,666,159
#*	Scorpio Mining Corp.	782,699		1,498,172
*	Seabridge Gold, Inc.	121,852		1,973,554

84

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Materials — (Continued)
*	SEMAFO, Inc.	922,285	$	5,975,049
	Sherritt International Corp.	1,571,926		8,424,752
*	Shore Gold, Inc.	837,013		353,291
*	Silver Standard Resources, Inc.	194,193		2,687,726
	Silvercorp Metals, Inc.	36,000		231,107
#*	St. Andrew Goldfields, Ltd.	580,353		290,533
	Stella-Jones, Inc.	32,540		1,293,615
*	Stornoway Diamond Corp.	297,297		262,643
#*	Sulliden Gold Corp., Ltd.	659,525		796,285
#*	Tanzanian Royalty Exploration Corp.	350,339		845,972
#*	Taseko Mines, Ltd.	793,230		2,172,380
#*	Tembec, Inc.	280,756		768,892
#*	Thompson Creek Metals Co., Inc.	610,028		4,263,460
*	Timminco, Ltd.	69,822		10,281
#*	Torex Gold Resources, Inc.	818,006		1,373,046
*	Virginia Mines, Inc.	99,162		827,364
	Wesdome Gold Mines, Ltd.	325,464		479,211
	West Fraser Timber Co., Ltd.	131,316		5,336,424
*	Western Forest Products, Inc.	116,719		96,239
	Winpak, Ltd.	66,195		779,720
#*	Yukon-Nevada Gold Corp.	1,741,678		495,791
Total Materials				217,039,166
Telecommunication Services — (0.3%)
	Manitoba Telecom Services, Inc.	74,117		2,158,578
*	Wireless Matrix Corp.	111,939		96,693
Total Telecommunication Services				2,255,271
Utilities — (2.7%)
#	Algonquin Power & Utilities Corp.	456,886		2,879,223
#*	Alterra Power Corp.	909,570		366,060
#	Atlantic Power Corp.	268,030		3,820,167
*	Boralex, Inc. Class A	94,733		663,015
*	Capital Power Corp.	83,342		2,055,019
#	Capstone Infrastructure Corp.	218,803		818,296
#	Innergex Renewable Energy, Inc.	239,796		2,424,441
#	Just Energy Group, Inc.	507,878		5,713,160
*	Maxim Power Corp.	92,234		181,073
#	Northland Power, Inc.	249,185		4,385,656
#*	Ram Power Corp.	554,037		187,625
	Valener, Inc.	42,710		669,944
Total Utilities				24,163,679
TOTAL COMMON STOCKS				686,237,560
RIGHTS/WARRANTS — (0.0%)
#*	Compton Petroleum Corp. Warrants 08/23/14	7,790		15,293
*	Duluth Metals, Ltd. Warrants 01/18/13	24,225		10,701
TOTAL RIGHTS/WARRANTS				25,994

85

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (23.9%)
§@	DFA Short Term Investment Fund		215,000,000	$	215,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.08%, 01/03/12
	(Collateralized by U.S. Treasury Note 1.375%, 09/30/18, valued at $430,027)
	to be repurchased at $421,599	$	422		421,595
TOTAL SECURITIES LENDING COLLATERAL					215,421,595
TOTAL INVESTMENTS — (100.0%)
(Cost $967,169,070)^				$	901,685,149

____________________

^       The cost for federal income tax purposes is $967,171,653.

86

THE JAPANESE SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

OCTOBER 31, 2011

		SHARES	VALUE††
COMMON STOCKS — (89.2%)
Consumer Discretionary — (20.6%)
#	Accordia Golf Co., Ltd.	4,489	$	3,304,974
	Aeon Fantasy Co., Ltd.	57,832		813,401
	Ahresty Corp.	16,200		99,168
#	Aichi Machine Industry Co., Ltd.	294,000		903,803
#	Aigan Co., Ltd.	96,200		482,159
	Aisan Industry Co., Ltd.	132,800		1,237,235
#	Akebono Brake Industry Co., Ltd.	326,700		1,554,039
	Alpen Co., Ltd.	70,600		1,211,230
	Alpha Corp.	30,200		337,502
	Alpine Electronics, Inc.	206,300		2,422,496
#	Amiyaki Tei Co., Ltd.	235		573,783
	Amuse, Inc.	29,999		386,815
#*	Anrakutei Co., Ltd.	50,000		257,728
	AOI Advertising Promotion, Inc.	39,000		200,467
	AOKI Holdings, Inc.	97,100		1,293,877
	Aoyama Trading Co., Ltd.	250,500		3,957,036
	Arc Land Sakamoto Co., Ltd.	24,000		439,358
#	Arnest One Corp.	183,900		1,814,341
#	Asahi Co., Ltd.	35,100		777,609
*	ASAHI TEC CORP.	1,772,000		517,596
#	Asatsu-DK, Inc.	120,400		2,825,709
*	Ashimori Industry Co., Ltd.	319,000		425,490
#	ASKUL Corp.	75,200		1,072,159
	Asti Corp.	46,000		118,040
#*	Atom Corp.	170,700		583,174
	Atsugi Co., Ltd.	750,000		882,810
	Autobacs Seven Co., Ltd.	97,200		4,450,886
	Avex Group Holdings, Inc.	152,900		1,808,877
	Belluna Co., Ltd.	6,950		54,307
*	Best Denki Co., Ltd.	304,500		832,756
#	Bic Camera, Inc.	2,531		1,339,794
#	Bookoff Corp.	33,500		276,311
	Calsonic Kansei Corp.	617,000		3,620,527
	Can Do Co., Ltd.	261		284,326
#*	Carchs Holdings Co., Ltd.	707,200		250,491
	Central Sports Co., Ltd.	1,000		11,693
#*	CHI Group Co., Ltd.	11,000		28,580
	Chiyoda Co., Ltd.	120,900		2,136,446
	Chofu Seisakusho Co., Ltd.	88,800		2,264,662
	Chori Co., Ltd.	658,000		723,912
	Chuo Spring Co., Ltd.	202,000		686,526
#*	Clarion Co., Ltd.	496,000		839,994
	Cleanup Corp.	131,900		786,854
	Colowide Co., Ltd.	210,950		1,362,816
	Corona Corp.	76,200		1,326,609
	Cross Plus, Inc.	22,000		203,050
	Daido Metal Co., Ltd.	144,000		1,472,278
	Daidoh, Ltd.	113,600		1,120,156
#*	Daiei, Inc. (The)	379,250		1,438,499
	Daikoku Denki Co., Ltd.	36,900		330,399
	Daimaruenawin Co., Ltd.	400		2,608
	Dainichi Co., Ltd.	54,900		611,975
#	Daisyo Corp.	54,300		642,824
	DCM Holdings Co., Ltd.	350,600		2,804,167
	Descente, Ltd.	231,000		1,305,652
#	Doshisha Co., Ltd.	54,800		1,361,439
	Doutor Nichires Holdings Co., Ltd.	140,986		1,685,540
	Dynic Corp.	127,000		209,173

87

The Japanese Small Company Series
continued

		SHARES	VALUE††
Consumer Discretionary — (Continued)
	Eagle Industry Co., Ltd.	108,000	$	1,204,605
#	Edion Corp.	300,500		2,404,363
	Exedy Corp.	119,700		3,467,778
	F&A Aqua Holdings, Inc.	60,638		584,978
	FCC Co., Ltd.	132,600		2,801,595
	Fine Sinter Co., Ltd.	49,000		143,757
	Foster Electric Co., Ltd.	86,500		1,266,681
#	France Bed Holdings Co., Ltd.	750,000		1,040,053
#	F-Tech, Inc.	20,100		243,015
#	Fuji Co., Ltd.	97,000		2,140,373
	Fuji Corp, Ltd.	102,300		482,555
#*	Fuji Kiko Co., Ltd.	148,000		456,462
	Fuji Kyuko Co., Ltd.	311,000		1,775,095
	Fuji Oozx, Inc.	6,000		22,681
	Fujibo Holdings, Inc.	205,000		398,474
	Fujikura Rubber, Ltd.	72,900		284,197
	Fujita Kanko, Inc.	394,100		1,295,507
#	Fujitsu General, Ltd.	285,000		1,685,201
#	Funai Electric Co., Ltd.	84,200		1,654,922
#	Furukawa Battery Co., Ltd.	71,000		350,173
	Futaba Industrial Co., Ltd.	163,800		1,043,968
#	G-7 Holdings, Inc.	29,200		137,848
*	Gajoen Kanko Co.	37,000		—
	Gakken Holdings Co., Ltd.	322,000		569,543
#*	Genki Sushi Co., Ltd.	19,400		234,076
#	GEO Co., Ltd.	1,351		1,360,404
#	GLOBERIDE, Inc.	463,000		482,313
	Goldwin, Inc.	175,000		572,615
*	Gourmet Kineya Co., Ltd.	87,000		457,307
#*	GSI Creos Corp.	194,000		238,950
	Gulliver International Co., Ltd.	21,640		956,056
	Gunze, Ltd.	758,000		2,298,876
	H2O Retailing Corp.	387,000		2,791,996
*	Hagihara Industries, Inc.	2,700		40,220
	Hakuyosha Co., Ltd.	88,000		232,140
#	Happinet Corp.	36,100		565,584
	Haruyama Trading Co., Ltd.	47,900		216,614
*	Haseko Corp.	5,986,000		3,763,301
	Heiwa Corp.	154,600		2,561,878
	Hiday Hidaka Corp.	21,800		329,809
#	Hikari Tsushin, Inc.	95,800		2,230,336
	Himaraya Co., Ltd.	35,900		242,339
	HIS Co., Ltd.	101,800		2,631,014
	Hitachi Koki Co., Ltd.	200,900		1,506,655
#	Honeys Co., Ltd.	38,980		561,193
	Horipro, Inc.	41,800		355,473
	I Metal Technology Co., Ltd.	142,000		253,332
#	Ichibanya Co., Ltd.	17,200		517,299
	Ichikawa Co., Ltd.	63,000		119,666
#	Ichikoh Industries, Ltd.	285,000		469,380
#	Ikyu Corp.	526		232,137
#	Imasen Electric Industrial Co., Ltd.	54,800		680,652
	Imperial Hotel, Ltd.	10,950		263,466
#*	Impress Holdings, Inc.	110,400		121,139
	Intage, Inc.	14,800		290,674
	Ishizuka Glass Co., Ltd.	109,000		213,193
*	Izuhakone Railway Co., Ltd.	300		20,721
	Izumi Co., Ltd.	96,700		1,470,954
*	Izutsuya Co., Ltd.	350,000		197,702
*	Janome Sewing Machine Co., Ltd.	364,000		258,423
	Japan Vilene Co., Ltd.	139,000		577,591

88

The Japanese Small Company Series
continued

		SHARES	VALUE††
Consumer Discretionary — (Continued)
	Japan Wool Textile Co., Ltd. (The)	310,000	$	2,494,671
#*	Jeans Mate Corp.	30,308		74,467
	Jidosha Buhin Kogyo Co., Ltd.	79,000		432,657
#*	Joban Kosan Co., Ltd.	221,000		223,749
#	Joshin Denki Co., Ltd.	205,000		2,182,951
	Juntendo Co., Ltd.	31,000		51,227
#*	JVC Kenwood Holdings, Inc.	468,130		1,901,943
	Kabuki-Za Co., Ltd.	39,000		1,845,759
#	Kadokawa Holdings, Inc.	88,600		2,760,645
	Kanto Auto Works, Ltd.	168,000		1,391,862
	Kappa Create Co., Ltd.	52,050		1,118,619
	Kasai Kogyo Co., Ltd.	118,000		694,961
#	Kawai Musical Instruments Manufacturing Co., Ltd.	256,000		515,914
	Keihin Corp.	165,500		2,552,727
#	Keiyo Co., Ltd.	173,500		1,010,162
#	Kentucky Fried Chicken Japan, Ltd.	78,000		1,994,571
#	Kimoto Co., Ltd.	39,300		309,725
#*	Kinki Nippon Tourist Co., Ltd.	213,000		228,241
#*	Kinugawa Rubber Industrial Co., Ltd.	198,000		1,494,213
#	Kisoji Co., Ltd.	85,300		1,528,476
	Koekisha Co., Ltd.	13,600		214,934
	Kohnan Shoji Co., Ltd.	96,800		1,678,162
#	Kojima Co., Ltd.	145,700		998,758
	Komatsu Seiren Co., Ltd.	145,000		656,117
	Komeri Co., Ltd.	121,500		3,827,963
	Konaka Co., Ltd.	116,660		412,281
	Kourakuen Corp.	19,100		272,743
	KU Holdings Co., Ltd.	68,200		324,103
#	Kura Corp.	54,800		696,420
	Kurabo Industries, Ltd.	1,067,000		2,023,461
	Kuraudia Co., Ltd.	5,700		73,273
	Kuroganeya Co., Ltd.	14,000		54,334
#	KYB Co., Ltd.	633,000		3,637,518
	Kyoritsu Maintenance Co., Ltd.	46,160		743,428
	Kyoto Kimono Yuzen Co., Ltd.	55,700		647,943
	Kyowa Leather Cloth Co., Ltd.	71,700		247,335
#*	Laox Co., Ltd.	419,000		204,849
	LEC, Inc.	900		16,998
#*	Look, Inc.	159,000		347,917
	Mamiya-Op Co., Ltd.	285,000		329,543
	Marche Corp.	23,000		203,242
	Mars Engineering Corp.	43,600		691,298
#*	Maruei Department Store Co., Ltd.	142,000		148,769
#	Maruzen Co., Ltd.	46,000		292,356
#*	Matsuya Co., Ltd.	158,400		920,587
	Matsuya Foods Co., Ltd.	46,900		892,770
#	Megane TOP Co., Ltd.	76,200		889,847
	Meiko Network Japan Co., Ltd.	22,900		189,614
	Meiwa Estate Co., Ltd.	12,300		56,213
*	Meiwa Industry Co., Ltd.	29,000		41,940
	Mikuni Corp.	108,000		225,259
*	Misawa Homes Co., Ltd.	105,100		626,723
	Misawa Resort Co., Ltd.	180,000		333,802
*	Mitsuba Corp.	152,690		1,219,107
	Mitsui Home Co., Ltd.	155,000		777,893
#	Mizuno Corp.	435,000		2,108,000
	MOS Food Services, Inc.	115,300		2,199,027
	Mr Max Corp.	119,000		449,185
	Murakami Corp.	5,000		49,650
	Musashi Seimitsu Industry Co., Ltd.	85,100		2,011,718
*	Naigai Co., Ltd.	2,643,000		1,168,238

89

The Japanese Small Company Series
continued

		SHARES	VALUE††
Consumer Discretionary — (Continued)
#*	Nexyz Corp.	1,920	$	48,169
	Nice Holdings, Inc.	451,000		915,757
	Nidec Copal Corp.	88,700		940,070
#	Nidec Tosok Corp.	109,300		1,314,125
#	Nifco, Inc.	191,700		4,999,788
	Nihon Eslead Corp.	1,700		14,238
	Nihon Tokushu Toryo Co., Ltd.	56,000		214,634
	Nikkato Corp.	700		3,990
#*	Nippon Columbia Co., Ltd.	563,000		205,825
	Nippon Felt Co., Ltd.	67,200		325,657
#*	Nippon Piston Ring Co., Ltd.	277,000		531,375
	Nippon Seiki Co., Ltd.	169,400		1,701,948
	Nishimatsuya Chain Co., Ltd.	234,700		1,813,576
	Nissan Shatai Co., Ltd.	362,023		3,245,662
#*	Nissan Tokyo Sales Holdings Co., Ltd.	236,000		328,498
	Nissen Holdings Co., Ltd.	181,591		1,099,103
	Nissin Kogyo Co., Ltd.	151,100		2,129,232
	Nittan Valve Co., Ltd.	82,800		272,352
*	Nitto Kako Co., Ltd.	60,000		40,854
*	Noritsu Koki Co., Ltd.	101,700		457,339
	Omikenshi Co., Ltd.	127,000		70,458
	Onward Holdings Co., Ltd.	495,000		3,644,194
	Pacific Industrial Co., Ltd.	181,000		902,872
#	Pal Co., Ltd.	12,900		468,876
*	Paltac Corp.	300		5,349
	PanaHome Corp.	398,200		2,744,628
*	Paramount Bed Holdings Co., Ltd.	82,000		1,942,492
	Parco Co., Ltd.	268,200		2,010,327
#	Paris Miki Holdings, Inc.	160,100		1,291,859
#	PGM Holdings K.K.	2,086		1,370,744
#*	PIA Corp.	26,700		265,831
	Piolax, Inc.	44,500		962,481
#*	Pioneer Electronic Corp.	981,300		3,934,768
	Plenus Co., Ltd.	83,900		1,290,904
	Point, Inc.	66,930		2,886,833
	Press Kogyo Co., Ltd.	396,000		1,851,540
#*	Renown, Inc.	242,600		458,157
	Resorttrust, Inc.	139,408		2,085,363
	Rhythm Watch Co., Ltd.	650,000		885,267
#	Right On Co., Ltd.	67,325		458,578
	Riken Corp.	362,000		1,483,057
#	Ringer Hut Co., Ltd.	72,700		977,257
	Riso Kyoiku Co., Ltd.	7,533		420,776
	Roland Corp.	92,800		810,710
	Round One Corp.	266,600		1,946,499
#	Royal Holdings Co., Ltd.	135,300		1,520,728
	Ryohin Keikaku Co., Ltd.	94,300		4,475,211
#*	Sagami Chain Co., Ltd.	77,000		486,780
*	Sagami Co., Ltd.	225,000		228,693
	Saizeriya Co., Ltd.	145,800		2,362,916
#*	Sakai Ovex Co., Ltd.	205,000		285,769
#	Sanden Corp.	497,000		1,704,654
#	Sangetsu Co., Ltd.	76,525		2,001,546
	Sankyo Seiko Co., Ltd.	28,100		91,231
	Sanoh Industrial Co., Ltd.	118,600		1,020,458
	Sanyo Housing Nagoya Co., Ltd.	354		332,783
	Sanyo Shokai, Ltd.	421,000		992,892
	Scroll Corp.	77,300		258,496
#	Seiko Holdings Corp.	477,407		1,181,542
	Seiren Co., Ltd.	223,900		1,329,567
	Senshukai Co., Ltd.	165,200		1,098,359

90

The Japanese Small Company Series
continued

		SHARES	VALUE††
Consumer Discretionary — (Continued)
*	Seven Seas Holdings Co., Ltd.	331,000	$	96,331
#	Shikibo, Ltd.	521,000		606,230
	Shimachu Co., Ltd.	187,000		4,033,239
#	Shimojima Co., Ltd.	14,100		171,167
*	Shinyei Kaisha	96,000		160,727
	Shiroki Corp.	285,000		807,916
	Shobunsha Publications, Inc.	339,400		2,450,183
#	Shochiku Co., Ltd.	404,400		3,668,953
	Shoei Co., Ltd.	1,600		10,766
*	Showa Corp.	320,400		1,855,737
	SKY Perfect JSAT Holdings, Inc.	7,630		3,708,231
	SNT Corp.	101,800		393,975
	Soft99 Corp.	70,600		402,529
	Sotoh Co., Ltd.	49,700		483,959
	SPK Corp.	16,800		271,078
	SRI Sports, Ltd.	12,200		129,928
	St. Marc Holdings Co., Ltd.	37,600		1,390,628
	Studio Alice Co., Ltd.	31,700		548,860
#	Suminoe Textile Co., Ltd.	323,000		545,050
	Sumitomo Forestry Co., Ltd.	436,666		3,778,511
#*	SxL Corp.	493,000		1,020,901
#	T. RAD Co., Ltd.	268,000		974,377
#	Tac Co., Ltd.	15,400		36,723
#	Tachikawa Corp.	50,800		285,929
	Tachi-S Co., Ltd.	112,840		1,927,318
#	Tact Home Co., Ltd.	221		185,785
	Taiho Kogyo Co., Ltd.	92,800		801,335
	Takamatsu Construction Group Co., Ltd.	90,500		1,433,890
	Taka-Q Co., Ltd.	48,000		83,691
	Take & Give Needs Co., Ltd.	2,096		129,105
	Takihyo Co., Ltd.	18,000		99,303
#	Tamron Co., Ltd.	65,200		1,755,368
*	TASAKI & Co., Ltd.	498,000		314,316
	Taya Co., Ltd.	5,000		41,898
#	TBK Co., Ltd.	72,000		305,676
*	TDF Corp.	11,000		17,837
	Teikoku Piston Ring Co., Ltd.	103,500		1,204,621
	Teikoku Sen-I Co., Ltd.	78,000		506,682
#	Telepark Corp.	735		1,353,129
#*	Ten Allied Co., Ltd.	50,000		164,039
	Tigers Polymer Corp.	59,000		233,886
*	Toabo Corp.	130,000		85,469
	Toei Co., Ltd.	284,000		1,332,316
*	Tokai Kanko Co., Ltd.	505,999		128,102
	Tokai Rika Co., Ltd.	72,600		1,169,456
	Tokai Rubber Industries, Ltd.	154,200		1,936,764
	Tokai Senko K.K.	215,000		228,327
*	Token Corp.	20,690		743,744
*	Tokyo Dome Corp.	680,200		1,546,187
#	Tokyo Individualized Educational Institute, Inc.	93,100		147,442
	Tokyo Kaikan Co., Ltd.	12,000		45,229
	Tokyo Soir Co., Ltd.	49,000		120,265
	Tokyotokeiba Co., Ltd.	828,000		1,132,005
	Tokyu Recreation Co., Ltd.	77,000		470,759
#	Tomy Co., Ltd.	297,893		2,044,250
	Topre Corp.	185,700		1,798,324
#	Toridoll.corp	36,600		346,604
	Totenko Co., Ltd.	57,000		81,382
#	Touei Housing Corp.	76,040		746,075
#	Tow Co., Ltd.	7,000		39,461
	Toyo Tire & Rubber Co., Ltd.	767,000		1,861,477

91

The Japanese Small Company Series
continued

		SHARES	VALUE††
Consumer Discretionary — (Continued)
	Toyobo Co., Ltd.	3,218,000	$	4,570,007
	TS TECH CO., Ltd.	185,600		2,786,025
*	TSI Holdings Co., Ltd.	281,495		1,452,153
*	Tsukamoto Co., Ltd.	52,000		58,838
	Tsutsumi Jewelry Co., Ltd.	49,300		1,148,801
	TV Asahi Corp.	326		513,587
	TV Tokyo Holdings Corp.	6,200		84,193
	Umenohana Co., Ltd.	13		25,221
	Unipres Corp.	130,200		3,551,438
#	United Arrows, Ltd.	71,300		1,386,865
#*	Unitika, Ltd.	1,765,000		1,018,291
	U-Shin, Ltd.	94,500		825,862
	Watabe Wedding Corp.	29,500		233,291
#	Watami Food Service Co., Ltd.	104,500		2,435,280
	Xebio Co., Ltd.	98,000		2,372,938
#	Yamatane Corp.	185,000		297,853
	Yellow Hat, Ltd.	73,700		948,606
	Yokohama Reito Co., Ltd.	183,600		1,370,494
	Yomiuri Land Co., Ltd.	225,000		714,692
	Yonex Co., Ltd.	40,000		253,029
	Yorozu Corp.	62,500		1,473,837
#	Yoshinoya Holdings Co., Ltd.	2,180		2,776,426
	Zenrin Co., Ltd.	130,000		1,162,440
#	Zensho Co., Ltd.	298,400		3,723,858
Total Consumer Discretionary				342,967,393
Consumer Staples — (9.0%)
*	Aderans Co., Ltd.	120,250		1,235,071
*	Aeon Hokkaido Corp.	391,700		1,644,380
	Ahjikan Co., Ltd.	10,500		107,668
	Ain Pharmaciez, Inc.	39,900		1,630,476
#	Arcs Co., Ltd.	80,700		1,436,801
	Ariake Japan Co., Ltd.	103,700		1,797,762
	Cawachi, Ltd.	81,900		1,556,557
	Chubu Shiryo Co., Ltd.	89,000		545,034
	Chuo Gyorui Co., Ltd.	93,000		205,137
	Circle K Sunkus Co., Ltd.	161,900		2,639,616
	Coca-Cola Central Japan Co., Ltd.	111,200		1,475,811
	Cocokara fine, Inc.	59,560		1,480,552
	Cosmos Pharmaceutical Corp.	34,200		1,586,318
	CVS Bay Area, Inc.	51,000		62,861
	Daikokutenbussan Co., Ltd.	4,700		134,888
	Dr. Ci:Labo Co., Ltd.	532		2,862,356
	Dydo Drinco, Inc.	49,800		1,891,725
	Echo Trading Co., Ltd.	11,000		98,193
	Ensuiko Sugar Refining Co., Ltd.	102,000		244,728
	Ezaki Glico Co., Ltd.	5,000		59,387
#	Fancl Corp.	157,800		2,202,282
#*	First Baking Co., Ltd.	183,000		180,047
	Fuji Oil Co., Ltd.	258,900		3,674,846
	Fujicco Co., Ltd.	116,600		1,441,598
#*	Fujiya Co., Ltd.	474,000		932,069
	Hagoromo Foods Corp.	40,000		585,385
	Harashin Narus Holdings Co., Ltd.	61,500		968,454
#*	Hayashikane Sangyo Co., Ltd.	299,000		240,571
#	Heiwado Co., Ltd.	152,800		1,850,098
#	Hohsui Corp.	120,000		130,200
	Hokkaido Coca-Cola Bottling Co., Ltd.	87,000		431,012
	Hokuto Corp.	106,700		2,203,817
	Inageya Co., Ltd.	175,000		1,991,123
#	Ito En, Ltd.	80,800		1,369,659

92

The Japanese Small Company Series
continued

		SHARES	VALUE††
Consumer Staples — (Continued)
	Itochu-Shokuhin Co., Ltd.	27,400	$	941,849
#	Itoham Foods, Inc.	674,800		2,323,507
	Izumiya Co., Ltd.	447,000		2,021,323
	J-Oil Mills, Inc.	477,000		1,372,894
#	Kameda Seika Co., Ltd.	70,000		1,319,325
	Kasumi Co., Ltd.	203,100		1,292,993
	Kato Sangyo Co., Ltd.	109,300		2,134,985
#	Key Coffee, Inc.	79,000		1,400,407
	Kirindo Co., Ltd.	28,300		171,086
	Kose Corp.	84,900		2,022,915
	Kyodo Shiryo Co., Ltd.	330,000		364,379
#	Kyokuyo Co., Ltd.	370,000		831,309
	Life Corp.	183,400		3,201,475
	Lion Corp.	82,000		457,012
	Mandom Corp.	81,100		2,070,828
	Marudai Food Co., Ltd.	465,000		1,549,520
#	Maruetsu, Inc. (The)	375,000		1,321,589
	Maruha Nichiro Holdings, Inc.	1,719,069		3,104,963
*	Maruya Co., Ltd.	7,400		15,871
#	Matsumotokiyoshi Holdings Co., Ltd.	111,200		2,106,654
*	Maxvalu Tohok Co., Ltd.	18,200		150,038
	Maxvalu Tokai Co., Ltd.	57,500		777,254
#	Megmilk Snow Brand Co., Ltd.	194,300		3,735,258
	Meito Sangyo Co., Ltd.	53,600		685,252
	Mikuni Coca-Cola Bottling Co., Ltd.	171,600		1,483,088
#	Milbon Co., Ltd.	49,014		1,504,306
	Ministop Co., Ltd.	70,200		1,262,800
	Mitsubishi Shokuhin Co., Ltd.	87,800		2,037,602
	Mitsui Sugar Co., Ltd.	453,850		1,890,801
	Miyoshi Oil & Fat Co., Ltd.	261,000		341,996
	Morinaga & Co., Ltd.	933,000		2,206,157
	Morinaga Milk Industry Co., Ltd.	886,000		3,507,044
	Morishita Jinton Co., Ltd.	47,800		183,537
	Morozoff, Ltd.	108,000		382,213
#	Nagatanien Co., Ltd.	115,000		1,255,032
	Nakamuraya Co., Ltd.	203,000		1,033,567
#*	Nichimo Co., Ltd.	112,000		196,414
	Nichirei Corp.	1,019,000		4,522,962
#	Nihon Chouzai Co., Ltd.	20,300		742,037
	Niitaka Co., Ltd.	7,260		85,973
	Nippon Beet Sugar Manufacturing Co., Ltd.	543,000		1,118,533
	Nippon Flour Mills Co., Ltd.	557,000		2,491,532
#*	Nippon Formula Feed Manufacturing Co., Ltd.	267,000		352,018
#	Nippon Suisan Kaisha, Ltd.	936,700		3,164,110
	Nisshin Oillio Group, Ltd. (The)	550,000		2,459,082
*	Nisshin Sugar Holdings Co., Ltd.	14,900		323,805
	Nitto Flour Milling Co., Ltd.	64,000		247,475
	Noevir Holdings Co., Ltd.	6,800		75,948
	Oenon Holdings, Inc.	247,000		558,602
#	Oie Sangyo Co., Ltd.	20,900		209,924
	Okuwa Co., Ltd.	115,000		1,604,428
	Olympic Corp.	64,900		575,237
	Pietro Co., Ltd.	10,300		110,585
	Pigeon Corp.	72,300		2,671,220
	Poplar Co., Ltd.	25,760		142,835
	Prima Meat Packers, Ltd.	671,000		875,616
#	Riken Vitamin Co., Ltd.	79,200		2,252,070
	Rock Field Co., Ltd.	47,000		755,765
	S Foods, Inc.	73,762		554,004
	Sakata Seed Corp.	164,600		2,329,224
	San-A Co., Ltd.	22,500		866,412

93

The Japanese Small Company Series
continued

		SHARES	VALUE††
Consumer Staples — (Continued)
#*	Sapporo Holdings, Ltd.	694,000	$	2,587,229
#	Shoei Foods Corp.	44,000		297,827
	Showa Sangyo Co., Ltd.	524,000		1,579,946
	Sogo Medical Co., Ltd.	23,000		769,057
	Sonton Food Industry Co., Ltd.	43,000		371,359
	Starzen Co., Ltd.	279,000		813,723
	Sugi Holdings Co., Ltd.	129,700		3,384,856
	Takara Holdings, Inc.	714,000		4,219,127
	Three F Co., Ltd.	17,700		104,249
#	Tobu Store Co., Ltd.	205,000		669,889
	TOHO Co., Ltd.	158,000		617,080
#	Tohto Suisan Co., Ltd.	120,000		202,645
	Torigoe Co., Ltd. (The)	84,500		752,576
	Toyo Sugar Refining Co., Ltd.	157,000		183,580
	Tsukiji Uoichiba Co., Ltd.	15,000		18,786
	Tsuruha Holdings, Inc.	64,600		3,300,432
#*	Unicafe, Inc.	15,060		67,001
	Uoriki Co., Ltd.	400		4,624
	Valor Co., Ltd.	175,400		2,608,675
	Warabeya Nichiyo Co., Ltd.	51,360		661,815
#	Yaizu Suisankagaku Industry Co., Ltd.	41,000		379,303
	Yaoko Co., Ltd.	40,800		1,338,217
	Yomeishu Seizo Co., Ltd.	100,000		920,746
	Yonekyu Corp.	100,000		873,708
	Yuasa Funashoku Co., Ltd.	112,000		256,645
#	Yukiguni Maitake Co., Ltd.	101,856		484,408
	Yutaka Foods Corp.	6,000		109,843
Total Consumer Staples				150,220,468
Energy — (0.9%)
	AOC Holdings, Inc.	154,800		888,213
	BP Castrol K.K.	66,500		277,840
#*	Fuji Kosan Co., Ltd.	264,000		225,718
	Itochu Enex Co., Ltd.	302,200		1,568,266
#	Japan Drilling Co., Ltd.	16,900		553,978
	Japan Oil Transportation Co., Ltd.	79,000		185,410
	Kanto Natural Gas Development Co., Ltd.	155,000		802,721
#	Kyoei Tanker Co., Ltd.	111,000		157,291
	Mitsuuroko Co., Ltd.	166,300		989,246
#	Modec, Inc.	82,100		1,433,247
#	Nippon Gas Co., Ltd.	148,900		2,270,555
#	Nippon Seiro Co., Ltd.	64,000		241,838
	Sala Corp.	128,500		769,754
	San-Ai Oil Co., Ltd.	273,000		1,185,245
	Shinko Plantech Co., Ltd.	164,000		1,456,725
	Sinanen Co., Ltd.	251,000		1,141,115
	Toa Oil Co., Ltd.	337,000		435,347
	Toyo Kanetsu K.K.	507,000		932,727
Total Energy				15,515,236
Financials — (10.1%)
	77 Bank, Ltd. (The)	43,000		169,374
	Aichi Bank, Ltd. (The)	53,800		2,986,018
	Airport Facilities Co., Ltd.	120,570		459,808
	Akita Bank, Ltd. (The)	785,400		2,250,223
	Aomori Bank, Ltd. (The)	819,000		2,361,846
	Asax Co., Ltd.	17		21,402
#	Awa Bank, Ltd. (The)	503,000		3,343,186
	Bank of Iwate, Ltd. (The)	67,100		3,045,057
	Bank of Kochi, Ltd. (The)	2,000		1,936
	Bank of Nagoya, Ltd. (The)	612,297		1,937,813

94

The Japanese Small Company Series
continued

		SHARES	VALUE††
Financials — (Continued)
	Bank of Okinawa, Ltd. (The)	92,500	$	3,692,807
	Bank of Saga, Ltd. (The)	624,000		1,479,192
	Bank of the Ryukyus, Ltd.	135,880		1,661,699
	Century Tokyo Leasing Corp.	223,890		4,476,323
*	Chiba Kogyo Bank, Ltd. (The)	180,300		979,948
#	Chukyo Bank, Ltd. (The)	675,000		1,611,549
	Daibiru Corp.	209,700		1,416,563
	Daiko Clearing Services Corp.	49,700		153,060
*	Daikyo, Inc.	1,289,000		2,197,472
	Daisan Bank, Ltd. (The)	621,000		1,308,154
	Daishi Bank, Ltd. (The)	1,398,000		4,448,525
	Daito Bank, Ltd. (The)	485,000		344,008
	Ehime Bank, Ltd. (The)	641,000		1,852,463
	Eighteenth Bank, Ltd. (The)	1,079,000		2,762,389
*	FIDEA Holdings Co., Ltd.	264,800		691,768
	Fukui Bank, Ltd. (The)	912,000		2,639,668
	Fukushima Bank, Ltd.	846,000		406,203
#	Fuyo General Lease Co., Ltd.	84,500		2,903,499
	Goldcrest Co., Ltd.	73,070		1,340,580
	Heiwa Real Estate Co., Ltd.	427,500		926,365
	Higashi-Nippon Bank, Ltd.	659,000		1,329,239
	Higo Bank, Ltd. (The)	657,000		3,587,195
	Hitachi Capital Corp.	6,000		73,319
	Hokkoku Bank, Ltd. (The)	988,000		3,327,636
	Hokuetsu Bank, Ltd. (The)	920,000		1,727,221
	Hulic Co., Ltd.	39,200		419,664
	Hyakugo Bank, Ltd. (The)	1,045,609		4,066,286
	Hyakujishi Bank, Ltd. (The)	1,022,000		3,913,596
#	IBJ Leasing Co., Ltd.	85,800		1,920,228
	Ichiyoshi Securities Co., Ltd.	165,800		959,798
	Iida Home Max Co., Ltd.	73,000		589,795
	Iwai Cosmo Holdings, Inc.	26,300		89,586
#*	Japan Asia Investment Co., Ltd.	345,000		262,778
	Juroku Bank, Ltd.	1,331,000		3,980,608
#	kabu.com Securities Co., Ltd.	328,200		922,597
	Kagoshima Bank, Ltd. (The)	467,000		3,057,962
	Keihanshin Real Estate Co., Ltd.	26,000		120,388
	Keiyo Bank, Ltd. (The)	424,000		2,059,792
*	Kenedix, Inc.	9,893		1,466,630
	Kirayaka Bank, Ltd.	98,000		90,356
	Kita-Nippon Bank, Ltd. (The)	49,406		1,147,135
	Kiyo Holdings, Inc.	2,635,900		3,720,995
	Kobayashi Yoko Co., Ltd.	231,400		521,441
#*	Kosei Securities Co., Ltd.	285,000		220,156
	Kyokuto Securities Co., Ltd.	65,800		415,397
#*	Leopalace21 Corp.	985,885		2,689,036
	Marusan Securities Co., Ltd.	284,100		1,020,612
#*	Matsui Securities Co., Ltd.	444,400		2,091,319
	Michinoku Bank, Ltd. (The)	736,000		1,420,654
	Mie Bank, Ltd. (The)	142,000		327,616
	Minato Bank, Ltd. (The)	1,063,000		1,825,985
	Mito Securities Co., Ltd.	254,000		336,119
	Miyazaki Bank, Ltd. (The)	586,000		1,235,930
	Mizuho Financial Group, Inc.	56,580		79,194
#	Monex Group, Inc.	7,893		1,206,070
	Musashino Bank, Ltd.	130,300		4,143,571
	Nagano Bank, Ltd. (The)	321,000		651,179
	Nanto Bank, Ltd. (The)	293,000		1,561,912
*	New Real Property K.K.	43,900		—
*	NIS Group Co., Ltd.	1,015,125		65,373
	Nisshin Fudosan Co., Ltd.	95,000		538,433

95

The Japanese Small Company Series
continued

		SHARES	VALUE††
Financials — (Continued)
	Ogaki Kyoritsu Bank, Ltd. (The)	1,315,000	$	4,076,621
	Oita Bank, Ltd. (The)	676,900		1,921,150
	Okasan Securities Group, Inc.	795,000		2,440,385
	Ricoh Leasing Co., Ltd.	78,500		1,716,865
	San-in Godo Bank, Ltd. (The)	592,000		4,303,496
	Sankei Building Co., Ltd.	173,500		722,622
	Sapporo Hokuyo Holdings, Inc.	342,700		1,134,899
	Shiga Bank, Ltd.	179,000		1,152,586
#	Shikoku Bank, Ltd.	802,000		2,824,417
#	Shimizu Bank, Ltd.	34,200		1,259,078
	Sumitomo Real Estate Sales Co., Ltd.	36,340		1,461,622
*	Sun Frontier Fudousan Co., Ltd.	208		21,833
#	Taiko Bank, Ltd. (The)	31,000		87,028
#*	Takagi Securities Co., Ltd.	206,000		183,260
#	TOC Co., Ltd.	435,250		1,915,504
	Tochigi Bank, Ltd.	726,000		2,546,200
	Toho Bank, Ltd.	915,200		2,376,487
	Toho Real Estate Co., Ltd.	140,700		726,367
	Tohoku Bank, Ltd. (The)	389,000		618,458
	Tokai Tokyo Financial Holdings, Inc.	997,000		2,769,054
	Tokyo Rakutenchi Co., Ltd.	218,000		753,717
	Tokyo Tatemono Co., Ltd.	1,552,000		4,870,859
	Tokyo Tatemono Real Estate Sales Co., Ltd.	7,000		20,687
#	Tokyo Theatres Co., Inc.	290,000		417,482
	Tokyo Tomin Bank, Ltd.	127,000		1,475,640
#	Tokyu Livable, Inc.	103,200		929,151
	Tomato Bank, Ltd.	397,000		694,746
	TOMONY Holdings, Inc.	612,950		2,430,634
#	Tosei Corp.	570		158,347
	Tottori Bank, Ltd.	328,000		698,207
	Towa Bank, Ltd.	1,370,000		1,593,908
	Toyo Securities Co., Ltd.	327,000		484,243
	Tsukuba Bank, Ltd.	231,600		765,314
	Yachiyo Bank, Ltd. (The)	28,500		698,576
	Yamagata Bank, Ltd.	635,500		3,040,381
	Yamanashi Chuo Bank, Ltd.	637,000		2,559,633
Total Financials				168,901,156
Health Care — (3.8%)
	As One Corp.	71,668		1,369,420
	ASKA Pharmaceutical Co., Ltd.	106,000		769,605
	BML, Inc.	41,500		999,339
#	CMIC Co., Ltd.	17,500		290,257
	Create Medic Co., Ltd.	28,000		282,219
	Eiken Chemical Co., Ltd.	74,800		946,083
	EPS Co., Ltd.	195		408,695
	FALCO SD HOLDINGS Co., Ltd.	34,300		320,876
	Fuso Pharmaceutical Industries, Ltd.	320,000		819,464
	Hitachi Medical Corp.	85,000		919,469
	Hogy Medical Co., Ltd.	49,000		2,076,091
	Iwaki & Co., Ltd.	55,000		140,942
	Japan Medical Dynamic Marketing, Inc.	44,900		97,484
	Jeol, Ltd.	273,000		722,897
	JMS Co., Ltd.	126,000		384,528
	Kaken Pharmaceutical Co., Ltd.	353,000		4,430,753
	Kawanishi Holdings, Ltd.	7,400		84,897
	Kawasumi Laboratories, Inc.	45,000		267,311
#	Kissei Pharmaceutical Co., Ltd.	106,300		1,996,621
	KYORIN Holdings, Inc.	205,000		3,772,136
*	M3, Inc.	263		1,189,398
	Mochida Pharmaceutical Co., Ltd.	281,000		2,872,266

96

The Japanese Small Company Series
continued

		SHARES	VALUE††
Health Care — (Continued)
	Nagaileben Co., Ltd.	22,600	$	311,448
#	Nichii Gakkan Co.	227,100		2,268,612
#	Nihon Kohden Corp.	159,200		3,716,689
	Nikkiso Co., Ltd.	252,000		2,095,486
#	Nippon Chemiphar Co., Ltd.	131,000		510,708
	Nippon Shinyaku Co., Ltd.	239,000		2,779,496
#	Nipro Corp.	385,600		3,269,240
	Nissui Pharmaceutical Co., Ltd.	64,200		549,462
	Rion Co., Ltd.	5,000		35,895
	Rohto Pharmaceutical Co., Ltd.	360,000		4,147,178
#	Sawai Pharmaceutical Co., Ltd.	50,500		4,723,834
	Seikagaku Corp.	179,800		1,950,077
#	Shin Nippon Biomedical Laboratories, Ltd.	24,700		67,658
	Ship Healthcare Holdings, Inc.	105,900		2,574,568
*	Techno Medica Co., Ltd.	1		3,477
#	Toho Holdings Co., Ltd.	196,100		2,474,563
	Torii Pharmaceutical Co., Ltd.	65,200		1,219,214
#	Towa Pharmaceutical Co., Ltd.	42,300		1,859,806
#	Vital KSK Holdings, Inc.	150,600		1,247,596
#*	Wakamoto Pharmaceutical Co., Ltd.	100,000		289,821
	ZERIA Pharmaceutical Co., Ltd.	109,000		1,790,502
Total Health Care				63,046,081
Industrials — (24.1%)
#*	A&A Material Corp.	235,000		238,924
	Advan Co., Ltd.	96,900		880,364
#*	Advanex, Inc.	73,000		57,970
	Aeon Delight Co., Ltd.	85,600		1,722,876
	Aica Kogyo Co., Ltd.	244,300		3,304,876
	Aichi Corp.	132,000		525,100
	Aida Engineering, Ltd.	273,600		1,365,315
	Airtech Japan, Ltd.	18,300		76,303
	Alps Logistics Co., Ltd.	50,700		458,542
#	Altech Co., Ltd.	23,000		52,903
	Altech Corp.	37,150		310,140
	Amano Corp.	281,000		2,365,182
	Ando Corp.	450,000		580,901
	Anest Iwata Corp.	149,000		611,296
#	Asahi Diamond Industrial Co., Ltd.	241,000		3,548,979
	Asahi Holdings, Inc.	115,950		2,278,835
	Asahi Kogyosha Co., Ltd.	109,000		445,989
#*	Asanuma Corp.	796,000		824,216
	Asia Air Survey Co., Ltd.	32,000		85,822
	Asunaro Aoki Construction Co., Ltd.	154,000		779,278
	Ataka Construction & Engineering Co., Ltd.	60,000		185,139
	Bando Chemical Industries, Ltd.	348,000		1,351,800
	Benefit One, Inc.	3		2,018
	Biken Techno Corp.	14,100		77,599
	Bunka Shutter Co., Ltd.	227,000		711,124
#	Central Glass Co., Ltd.	732,000		3,272,182
	Central Security Patrols Co., Ltd.	43,700		430,278
	Chiyoda Integre Co., Ltd.	3,700		49,014
	Chudenko Corp.	130,500		1,412,644
	Chugai Ro Co., Ltd.	340,000		999,310
	CKD Corp.	241,400		1,620,723
	COMSYS Holdings Corp.	359,800		3,521,792
	Cosel Co., Ltd.	108,800		1,518,761
	CTI Engineering Co., Ltd.	44,000		302,971
	Dai-Dan Co., Ltd.	156,000		1,016,944
	Daido Kogyo Co., Ltd.	145,000		254,696
	Daifuku Co., Ltd.	366,000		1,898,771

97

The Japanese Small Company Series
continued

		SHARES	VALUE††
Industrials — (Continued)
	Daihen Corp.	448,000	$	1,534,348
#*	Daiho Corp.	763,000		962,941
#*	Daiichi Chuo K.K.	475,000		639,587
	Daiichi Jitsugyo Co., Ltd.	188,000		762,740
#	Daiseki Co., Ltd.	144,463		2,641,657
#*	Daiseki Eco. Solution Co., Ltd.	71		166,771
#*	Daisue Construction Co., Ltd.	271,500		150,036
	Daiwa Industries, Ltd.	178,000		879,013
	Daiwa Odakyu Construction Co., Ltd.	63,500		162,881
#*	Danto Holdings Corp.	441,000		414,201
#	Denyo Co., Ltd.	85,100		1,213,209
*	Dijet Industrial Co., Ltd.	80,000		148,985
	DMW Corp.	4,800		88,267
*	Dream Incubator, Inc.	168		127,885
	Duskin Co., Ltd.	212,500		4,129,397
*	Ebara Jitsugyo Co., Ltd.	1,800		27,897
#*	Enshu, Ltd.	142,000		155,658
	Freesia Macross Corp.	1,355,000		239,106
#*	Fudo Tetra Corp.	230,500		487,008
	Fujikura, Ltd.	768,000		2,451,282
*	Fujisash Co., Ltd.	49,300		35,826
	Fujitec Co., Ltd.	319,000		1,613,610
#	Fukuda Corp.	630,000		2,256,089
	Fukusima Industries Corp.	29,700		356,013
	Fukuyama Transporting Co., Ltd.	595,400		3,056,861
	Funai Consulting, Inc.	99,300		660,327
*	Furukawa Co., Ltd.	1,391,000		1,347,595
#	Furusato Industries, Ltd.	50,600		388,343
	Futaba Corp.	154,300		2,910,326
	Gecoss Corp.	112,400		434,981
	Glory, Ltd.	51,000		1,091,607
	Hamai Co., Ltd.	92,000		98,103
	Hamakyorex Co., Ltd.	3,600		103,000
	Hanwa Co., Ltd.	773,000		3,234,617
*	Hazama Corp.	285,800		514,083
	Hibiya Engineering, Ltd.	125,900		1,234,736
	Hisaka Works, Ltd.	4,000		47,371
*	Hitachi Cable, Ltd.	755,000		1,784,193
	Hitachi Metals Techno, Ltd.	56,500		302,635
	Hitachi Tool Engineering, Ltd.	94,000		933,103
	Hitachi Transport System, Ltd.	50,500		878,713
	Hitachi Zosen Corp.	2,951,000		3,989,842
	Hokuetsu Industries Co., Ltd.	85,000		228,421
	Hokuriku Electrical Construction Co., Ltd.	56,000		152,912
	Hoshizaki Electric Co., Ltd.	123,200		2,753,156
	Hosokawa Micron Corp.	140,000		588,554
*	Howa Machinery, Ltd.	379,000		299,349
#	Ichiken Co., Ltd.	87,000		132,838
	Ichinen Holdings Co., Ltd.	71,100		347,412
*	Idec Corp.	137,000		1,416,936
	IHI Transport Machinery Co., Ltd.	73,000		379,285
#	Iino Kaiun Kaisha, Ltd.	354,300		1,667,684
	Inaba Denki Sangyo Co., Ltd.	86,300		2,468,339
	Inaba Seisakusho Co., Ltd.	58,800		663,037
	Inabata & Co., Ltd.	317,300		1,721,055
	Inui Steamship Co., Ltd.	87,900		343,907
#*	Iseki & Co., Ltd.	718,000		1,577,267
	Ishii Iron Works Co., Ltd.	110,000		194,497
*	Ishikawa Seisakusho, Ltd.	101,000		66,892
	Ishikawajima Construction Materials Co., Ltd.	202,000		223,356
	Itoki Corp.	174,200		383,745

98

The Japanese Small Company Series
continued

		SHARES	VALUE††
Industrials — (Continued)
*	Iwasaki Electric Co., Ltd.	14,000	$	31,637
#	Iwatani International Corp.	887,000		3,060,517
	Jalux, Inc.	40,800		372,774
*	Jamco Corp.	80,000		477,567
	Japan Airport Terminal Co., Ltd.	163,900		2,168,182
#	Japan Foundation Engineering Co., Ltd.	162,500		553,662
	Japan Kenzai Co., Ltd.	92,540		400,530
	Japan Pulp & Paper Co., Ltd.	464,000		1,556,729
	Japan Transcity Corp.	231,000		681,351
#	JFE Shoji Holdings, Inc.	411,000		1,667,207
#	Juki Corp.	208,000		464,735
	Kamei Corp.	153,000		992,797
	Kanaden Corp.	116,000		753,872
	Kanagawa Chuo Kotsu Co., Ltd.	192,000		1,001,045
	Kanamoto Co., Ltd.	112,000		758,632
	Kandenko Co., Ltd.	431,000		1,893,553
*	Kanematsu Corp.	1,526,625		1,287,203
#*	Kanematsu-NNK Corp.	113,000		193,152
	Katakura Industries Co., Ltd.	115,100		1,143,936
	Kato Works Co., Ltd.	287,000		739,032
	KAWADA TECHNOLOGIES, Inc.	102,600		1,537,074
	Kawagishi Bridge Works Co., Ltd.	38,000		90,517
	Kawasaki Kinkai Kisen Kaisha, Ltd.	99,000		251,235
	Keihin Co., Ltd. (The)	199,000		232,617
#	Kimura Chemical Plants Co., Ltd.	59,900		240,895
*	King Jim Co., Ltd.	4,800		34,199
*	Kinki Sharyo Co., Ltd.	185,000		616,142
	Kintetsu World Express, Inc.	79,000		2,406,591
	Kitagawa Iron Works Co., Ltd.	335,000		485,799
	Kitano Construction Corp.	242,000		523,361
	Kitazawa Sangyo Co., Ltd.	54,500		105,309
	Kito Corp.	23		15,985
#	Kitz Corp.	416,800		1,914,546
	Kodensha Co., Ltd. (The)	25,000		53,929
	Koike Sanso Kogyo Co., Ltd.	149,000		380,362
#*	Koito Industries, Ltd.	102,000		106,967
	Kokuyo Co., Ltd.	300,425		2,237,378
#	Komai Tekko, Inc.	167,000		414,606
	Komatsu Wall Industry Co., Ltd.	48,300		439,979
	Komori Corp.	407,800		2,546,297
	Kondotec, Inc.	40,500		452,485
#*	Kosaido Co., Ltd.	356,100		950,241
	KRS Corp.	37,200		412,806
*	Kumagai Gumi Co., Ltd.	583,800		521,499
	Kuroda Electric Co., Ltd.	115,400		1,256,573
	Kyodo Printing Co., Ltd.	540,000		1,229,996
#	Kyoei Sangyo Co., Ltd.	97,000		161,745
#	Kyokuto Boeki Kaisha, Ltd.	58,000		145,421
	Kyokuto Kaihatsu Kogyo Co., Ltd.	210,100		1,139,660
	Kyosan Electric Manufacturing Co., Ltd.	225,000		994,415
	Kyowa Exeo Corp.	335,600		2,952,011
	Kyudenko Corp.	204,000		1,233,861
*	Lonseal Corp.	116,000		112,027
	Maeda Corp.	845,000		3,080,594
	Maeda Road Construction Co., Ltd.	289,000		2,874,057
*	Maezawa Industries, Inc.	35,700		81,291
	Maezawa Kasei Industries Co., Ltd.	50,700		546,461
	Maezawa Kyuso Industries Co., Ltd.	50,400		674,369
	Makino Milling Machine Co., Ltd.	389,000		2,582,091
*	Marubeni Construction Material Lease Co., Ltd.	75,000		129,653
	Maruka Machinery Co., Ltd.	28,100		235,402

99

The Japanese Small Company Series
continued

		SHARES	VALUE††
Industrials — (Continued)
	Maruwn Corp.	66,000	$	158,195
	Maruyama Manufacturing Co., Inc.	150,000		333,146
	Maruzen Showa Unyu Co., Ltd.	306,000		1,000,363
	Matsuda Sangyo Co., Ltd.	80,682		1,191,557
	Matsui Construction Co., Ltd.	128,600		508,838
	Max Co., Ltd.	189,000		2,257,949
#	Meidensha Corp.	773,050		2,910,510
	Meiji Shipping Co., Ltd.	105,700		296,788
	Meitec Corp.	137,300		2,556,745
	Meito Transportation Co., Ltd.	22,000		162,997
#	Meiwa Trading Co., Ltd.	140,000		394,492
	Mesco, Inc.	30,000		235,263
*	Minebea Co., Ltd.	50,000		178,178
	Mirait Holdings Corp.	274,685		2,101,231
	Mitani Corp.	52,600		582,033
#	Mitsubishi Kakoki Kaisha, Ltd.	229,000		439,776
	Mitsubishi Pencil Co., Ltd.	104,500		1,796,876
	Mitsuboshi Belting, Ltd.	287,000		1,505,813
#	Mitsui Engineering & Shipbuilding Co., Ltd.	611,000		970,463
	Mitsui Matsushima Co., Ltd.	338,000		591,974
	Mitsui-Soko Co., Ltd.	485,000		1,699,083
	Mitsumura Printing Co., Ltd.	93,000		296,277
#	Miura Co., Ltd.	137,600		3,691,708
*	Miura Printing Corp.	18,000		21,438
#*	Miyaji Engineering Group, Inc.	1,349,175		1,326,930
#*	Miyakoshi Holdings, Inc.	45,000		134,689
*	Mori Denki Mfg. Co., Ltd.	625,000		62,726
#	Mori Seiki Co., Ltd.	385,600		3,476,863
	Morita Holdings Corp.	156,000		840,228
#	Moshi Moshi Hotline, Inc.	217,300		2,088,822
	Mystar Engineering Corp.	15,600		75,178
#	NAC CO., Ltd.	25,400		475,730
	Nachi-Fujikoshi Corp.	663,000		3,674,507
	Naikai Zosen Corp.	73,000		291,950
	Nakano Corp.	98,000		224,628
	Narasaki Sangyo Co., Ltd.	56,000		87,133
	NEC Capital Solutions, Ltd.	45,100		646,827
	NEC Networks & System Integration Corp.	109,600		1,647,949
	Nichias Corp.	436,000		2,368,289
	Nichiban Co., Ltd.	122,000		409,643
	Nichiden Corp.	2,600		84,089
	Nichiha Corp.	98,380		1,146,711
	Nichireki Co., Ltd.	96,000		470,398
#	Nihon M&A Center, Inc.	86		485,424
	Nikko Co., Ltd.	127,000		465,618
	Nippo Corp.	256,000		2,254,541
	Nippon Carbon Co., Ltd.	421,000		1,240,172
	Nippon Conveyor Co., Ltd.	168,000		151,555
	Nippon Densetsu Kogyo Co., Ltd.	191,000		1,895,150
	Nippon Denwa Shisetu Co., Ltd.	203,000		647,203
	Nippon Filcon Co., Ltd.	70,900		371,910
	Nippon Hume Corp.	112,000		418,743
#	Nippon Jogesuido Sekkei Co., Ltd.	289		377,746
	Nippon Kanzai Co., Ltd.	43,000		794,276
	Nippon Koei Co., Ltd.	272,000		957,195
	Nippon Konpo Unyu Soko Co., Ltd.	261,000		2,687,399
	Nippon Parking Development Co., Ltd.	2,983		133,558
	Nippon Road Co., Ltd. (The)	20,000		51,540
	Nippon Seisen Co., Ltd.	103,000		528,248
	Nippon Sharyo, Ltd.	291,000		1,173,975
	Nippon Shindo Co., Ltd.	8,000		11,349

100

The Japanese Small Company Series
continued

		SHARES	VALUE††
Industrials — (Continued)
	Nippon Signal Co., Ltd.	218,600	$	1,601,820
	Nippon Steel Trading Co., Ltd.	294,000		764,949
	Nippon Thompson Co., Ltd.	272,000		1,751,929
#	Nippon Tungsten Co., Ltd.	80,000		176,832
#	Nippon Yusoki Co., Ltd.	138,000		370,599
	Nishimatsu Construction Co., Ltd.	1,855,000		3,047,174
*	Nishishiba Electric Co., Ltd.	101,000		155,240
	Nissei Corp.	104,600		943,718
	Nissei Plastic Industrial Co., Ltd.	374,100		1,122,002
#	Nissha Printing Co., Ltd.	114,500		1,349,253
	Nisshinbo Holdings, Inc.	39,000		354,068
	Nissin Corp.	350,000		815,494
	Nissin Electric Co., Ltd.	175,000		1,076,357
	Nitchitsu Co., Ltd.	58,000		122,378
	Nitta Corp.	105,800		1,920,482
	Nitto Boseki Co., Ltd.	888,000		2,657,215
	Nitto Kogyo Corp.	149,000		1,723,056
#	Nitto Kohki Co., Ltd.	67,900		1,538,124
	Nitto Seiko Co., Ltd.	122,000		312,253
#	Nittoc Construction Co., Ltd.	316,000		375,284
	Noda Corp.	169,300		664,053
	Nomura Co., Ltd.	205,000		603,214
	Noritake Co., Ltd.	531,000		1,690,971
	Noritz Corp.	106,700		2,168,752
*	NS United Kaiun Kaisha, Ltd.	470,000		703,519
#*	Oak Capital Corp.	53,135		63,239
	Obara Corp.	20,200		251,851
#	Obayashi Road Corp.	175,000		425,775
	Oiles Corp.	123,842		2,223,399
*	Okamoto Machine Tool Works, Ltd.	163,000		212,026
	Okamura Corp.	286,900		1,740,456
	Okano Valve Manufacturing Co., Ltd.	45,000		149,588
#	Oki Electric Cable Co., Ltd.	90,000		158,359
*	OKK Corp.	255,000		290,284
	OKUMA Corp.	517,000		3,805,376
	Okumura Corp.	754,400		2,977,541
	Onoken Co., Ltd.	58,900		479,164
	Organo Corp.	163,000		1,278,308
*	Original Engineering Consultants Co., Ltd.	14,000		24,153
	OSG Corp.	289,400		3,708,430
	Oyo Corp.	100,900		1,005,137
	P.S. Mitsubishi Construction Co., Ltd.	76,800		222,022
	Park24 Co., Ltd.	208,300		2,394,989
#	Pasco Corp.	55,000		176,121
	Pasona Group, Inc.	156		150,808
#	Penta-Ocean Construction Co., Ltd.	1,087,500		3,455,646
	Pilot Corp.	763		1,567,607
	Pronexus, Inc.	133,200		653,871
	Raito Kogyo Co., Ltd.	193,700		805,699
#*	Rasa Industries, Ltd.	160,000		258,771
	Rheon Automatic Machinery Co., Ltd.	64,000		143,963
	Ryobi, Ltd.	575,200		2,321,680
*	Sailor Pen Co., Ltd.	69,000		32,091
	Sakai Heavy Industries, Ltd.	183,000		326,686
*	Sakurada Co., Ltd.	57,000		13,096
#*	Sanix, Inc.	135,300		430,221
	Sanki Engineering Co., Ltd.	340,000		1,830,560
#	Sanko Metal Industrial Co., Ltd.	118,000		380,589
*	Sankyo-Tateyama Holdings, Inc.	1,710,000		2,151,124
	Sankyu, Inc.	969,000		3,836,727
	Sanritsu Corp.	16,700		109,233

101

The Japanese Small Company Series
continued

		SHARES	VALUE††
Industrials — (Continued)
	Sanwa Holdings Corp.	844,000	$	2,528,040
	Sanyo Denki Co., Ltd.	210,000		1,243,423
	Sanyo Engineering & Construction, Inc.	48,000		149,261
#	Sanyo Industries, Ltd.	77,000		138,789
#	Sasebo Heavy Industries Co., Ltd.	573,000		855,610
	Sato Corp.	109,300		1,330,434
	Sato Shoji Corp.	65,300		363,401
	Sawafuji Electric Co., Ltd.	42,000		126,588
	Secom Joshinetsu Co., Ltd.	33,900		989,760
	Seibu Electric Industry Co., Ltd.	67,000		289,698
	Seika Corp.	285,000		705,386
#*	Seikitokyu Kogyo Co., Ltd.	307,000		188,586
	Seino Holdings Co., Ltd.	375,000		2,813,398
	Sekisui Jushi Co., Ltd.	142,000		1,339,430
#	Senko Co., Ltd.	384,000		1,455,997
	Senshu Electric Co., Ltd.	37,300		458,564
	Shibusawa Warehouse Co., Ltd.	231,000		665,111
	Shibuya Kogyo Co., Ltd.	80,100		812,302
#	Shima Seiki Manufacturing Co., Ltd.	104,000		1,935,582
	Shin Nippon Air Technologies Co., Ltd.	88,780		453,537
	Shin-Keisei Electric Railway Co., Ltd.	174,000		770,239
#	Shin-Kobe Electric Machinery Co., Ltd.	102,000		1,750,478
	Shinmaywa Industries, Ltd.	418,000		1,413,192
	Shinnihon Corp.	194,800		495,439
	Shinsho Corp.	202,000		466,127
	Shinwa Co., Ltd.	1,500		16,634
#	Sho-Bond Corp.	100,600		2,244,089
	Shoko Co., Ltd.	316,000		465,823
#	Showa Aircraft Industry Co., Ltd.	112,000		727,865
#	Sinfonia Technology Co., Ltd.	496,000		1,231,749
	Sintokogio, Ltd.	201,000		1,819,042
	Soda Nikka Co., Ltd.	67,000		289,272
#	Sodick Co., Ltd.	72,200		398,630
	Sohgo Security Services Co., Ltd.	252,800		2,649,967
	Sotetsu Holdings, Inc.	554,000		1,704,722
	Space Co., Ltd.	73,420		441,937
	Subaru Enterprise Co., Ltd.	59,000		172,650
	Sugimoto & Co., Ltd.	34,100		303,230
	Sumikin Bussan Corp.	31,000		68,623
*	Sumiseki Holdings, Inc.	107,100		93,625
	Sumitomo Densetsu Co., Ltd.	98,100		578,212
*	Sumitomo Mitsui Construction Co., Ltd.	367,300		245,985
#	Sumitomo Precision Products Co., Ltd.	156,000		1,010,819
	Sumitomo Warehouse Co., Ltd.	556,000		2,491,907
	Suzuki Metal Industry Co., Ltd.	71,000		150,968
*	SWCC Showa Holdings Co., Ltd.	1,732,000		1,642,536
	Tadano, Ltd.	442,579		2,953,445
	Taihei Dengyo Kaisha, Ltd.	146,000		961,133
	Taihei Kogyo Co., Ltd.	256,000		1,374,981
	Taiheiyo Kouhatsu, Inc.	95,000		80,472
	Taikisha, Ltd.	131,000		2,836,686
	Takada Kiko Co., Ltd.	272,000		568,131
	Takano Co., Ltd.	51,100		294,457
#	Takaoka Electric Manufacturing Co., Ltd.	262,000		681,982
#*	Takara Printing Co., Ltd.	38,055		295,068
	Takara Standard Co., Ltd.	501,000		3,667,023
#	Takasago Thermal Engineering Co., Ltd.	291,400		2,319,637
#	Takashima & Co., Ltd.	137,000		295,779
	Takigami Steel Construction Co., Ltd.	50,000		135,568
	Takisawa Machine Tool Co., Ltd.	191,000		223,956
#*	Takuma Co., Ltd.	316,000		1,490,630

102

The Japanese Small Company Series
continued

		SHARES	VALUE††
Industrials — (Continued)
#	Tanseisha Co., Ltd.	74,000	$	211,330
#	Tatsuta Electric Wire & Cable Co., Ltd.	215,000		967,408
	TECHNO ASSOCIE Co., Ltd.	58,400		484,226
	Techno Ryowa, Ltd.	71,390		372,873
	Teikoku Electric Manufacturing Co., Ltd.	31,800		627,678
	Tekken Corp.	763,000		875,044
#	Temp Holdings Co., Ltd.	48,600		416,401
	Teraoka Seisakusho Co., Ltd.	53,600		233,111
	TOA Corp.	780,000		1,373,589
#	TOA ROAD Corp.	155,000		286,433
#*	Tobishima Corp.	321,300		313,733
	Tocalo Co., Ltd.	55,100		1,117,826
	Toda Corp.	865,000		3,069,263
	Toenec Corp.	212,000		1,100,850
#	TOKAI Holdings Corp.	214,000		1,081,761
	Tokai Lease Co., Ltd.	92,000		193,204
#	Toko Electric Corp.	76,000		335,740
	Tokyo Energy & Systems, Inc.	143,000		676,352
#	TOKYO KEIKI, Inc.	265,000		403,296
#*	Tokyo Kikai Seisakusho, Ltd.	300,000		181,499
	Tokyo Sangyo Co., Ltd.	78,000		242,167
	Tokyu Community Corp.	32,600		1,014,194
	Tokyu Construction Co., Ltd.	14,950		40,907
	Toli Corp.	236,000		423,868
#	Tomoe Corp.	115,500		401,033
*	Tomoe Engineering Co., Ltd.	2,800		49,268
	Tonami Holdings Co., Ltd.	331,000		665,102
	Toppan Forms Co., Ltd.	202,900		1,588,084
#	Torishima Pump Manufacturing Co., Ltd.	85,800		1,186,256
	Toshiba Machine Co., Ltd.	440,000		2,179,800
	Toshiba Plant Kensetsu Co., Ltd.	191,450		2,046,635
	Tosho Printing Co., Ltd.	243,000		447,794
	Totetsu Kogyo Co., Ltd.	122,000		1,044,495
#*	Totoku Electric Co., Ltd.	61,000		53,939
#	Toyo Construction Co., Ltd.	379,000		385,517
#	Toyo Electric Manufacturing Co., Ltd.	159,000		702,041
	Toyo Engineering Corp.	581,400		1,922,093
#	Toyo Machinery & Metal Co., Ltd.	42,400		105,275
	Toyo Tanso Co., Ltd.	44,400		2,060,160
#	Toyo Wharf & Warehouse Co., Ltd.	274,000		452,104
*	Trancom Co., Ltd.	3,200		65,058
	Trinity Industrial Corp.	56,000		192,991
	Trusco Nakayama Corp.	98,900		1,832,287
	Tsubakimoto Chain Co.	584,700		3,000,799
	Tsubakimoto Kogyo Co., Ltd.	97,000		261,202
*	Tsudakoma Corp.	12,000		22,415
#	Tsugami Corp.	267,000		1,469,744
	Tsukishima Kikai Co., Ltd.	127,000		980,323
	Tsurumi Manufacturing Co., Ltd.	94,000		725,086
#	Tsuzuki Denki Co., Ltd.	75,000		709,685
	TTK Co., Ltd.	62,000		307,826
	Uchida Yoko Co., Ltd.	331,000		917,556
#*	Ueki Corp.	430,000		912,451
#	Union Tool Co.	59,400		1,066,063
	Utoc Corp.	92,900		302,963
#*	Wakachiku Construction Co., Ltd.	1,204,000		1,824,945
	Weathernews, Inc.	26,700		835,910
	Yahagi Construction Co., Ltd.	141,500		690,229
	Yamabiko Corp.	28,782		326,309
	Yamato Corp.	82,000		330,372
	Yamaura Corp.	40,500		108,316

103

The Japanese Small Company Series
continued

		SHARES	VALUE††
Industrials — (Continued)
#	Yamazen Co., Ltd.	305,500	$	2,162,930
	Yasuda Warehouse Co., Ltd. (The)	95,800		568,569
	Yokogawa Bridge Holdings Corp.	139,400		803,611
	Yondenko Corp.	132,800		533,697
	Yuasa Trading Co., Ltd.	810,000		1,131,790
	Yuken Kogyo Co., Ltd.	156,000		346,320
	Yurtec Corp.	256,000		1,270,104
	Yusen Logistics Co., Ltd.	67,700		900,901
	Yushin Precision Equipment Co., Ltd.	55,934		1,078,864
Total Industrials				401,802,802
Information Technology — (9.6%)
*	A&D Co., Ltd.	30,000		109,265
	Ai Holdings Corp.	182,600		765,504
#	Aichi Tokei Denki Co., Ltd.	113,000		351,667
	Aiphone Co., Ltd.	70,900		1,238,027
#	ALLIED TELESIS HOLDINGS K.K.	470,700		389,067
	Alpha Systems, Inc.	27,300		385,261
	Alps Electric Co., Ltd.	33,000		248,492
#	Anritsu Corp.	458,000		5,178,398
#	AOI Electronic Co., Ltd.	35,200		475,474
*	Apic Yamada Corp.	31,000		51,371
*	Argo Graphics, Inc.	100		1,255
	Arisawa Manufacturing Co., Ltd.	67,600		300,424
	Asahi Net, Inc.	26,000		114,283
	CAC Corp.	62,700		461,830
#	Canon Electronics, Inc.	82,100		1,996,467
	Capcom Co., Ltd.	205,600		5,378,552
	Chino Corp.	151,000		374,721
*	CMK Corp.	263,200		963,550
	Computer Engineering & Consulting, Ltd.	61,500		287,564
	Core Corp.	45,700		376,564
	Cresco, Ltd.	23,200		143,659
	Cybernet Systems Co., Ltd.	85		21,112
#	Cybozu, Inc.	1,221		263,858
*	Daiko Denshi Tsushin, Ltd.	12,000		21,124
	Dainippon Screen Manufacturing Co., Ltd.	1,000		7,678
	Daito Electron Co., Ltd.	5,900		45,312
#	Daiwabo Holdings Co., Ltd.	618,000		1,450,463
	Denki Kogyo Co., Ltd.	248,000		939,369
	DKK TOA Corp.	31,000		104,991
#	DTS Corp.	89,600		1,054,872
#	Dwango Co., Ltd.	409		724,636
#	eAccess, Ltd.	6,475		1,748,697
	Eizo Nanao Corp.	76,800		1,472,360
#	Elematec Corp.	17,200		282,752
*	Elna Co., Ltd.	92,000		85,370
#	Enplas Corp.	25,600		545,922
	ESPEC Corp.	81,800		513,125
	Excel Co., Ltd.	1,700		15,490
#	Faith, Inc.	1,774		186,544
#*	FDK Corp.	431,000		458,279
	Fuji Electronics Co., Ltd.	13,500		177,951
#	Fuji Soft, Inc.	100,600		1,595,632
*	Fujitsu Component, Ltd.	139		49,158
	Fujitsu Frontech, Ltd.	77,500		521,795
	Future Architect, Inc.	1,172		478,700
#	GMO Internet, Inc.	236,300		1,018,492
	Hakuto Co., Ltd.	73,700		668,655
	Hioki EE Corp.	12,300		223,738
	Hitachi Business Solution Co., Ltd.	42,500		362,554

104

The Japanese Small Company Series
continued

		SHARES	VALUE††
Information Technology — (Continued)
	Hitachi Kokusai Electric, Inc.	249,500	$	1,858,086
	Hochiki Corp.	97,000		492,487
	Hokuriku Electric Industry Co., Ltd.	289,000		447,998
	Horiba, Ltd.	160,950		5,105,623
	Hosiden Corp.	262,900		1,812,123
	Icom, Inc.	49,700		1,214,745
#*	Ikegami Tsushinki Co., Ltd.	174,000		105,178
	Ines Corp.	202,300		1,320,767
	I-Net Corp.	47,800		269,795
	Information Services International-Dentsu, Ltd.	76,700		676,209
#	Innotech Corp.	9,200		63,746
	Internet Initiative Japan, Inc.	485		1,767,427
#*	Ishii Hyoki Co., Ltd.	23,700		88,878
	IT Holdings Corp.	357,401		3,671,509
	ITC Networks Corp.	50,300		309,033
	ITFOR, Inc.	17,300		64,503
	Iwatsu Electric Co., Ltd.	303,000		266,608
#	Japan Aviation Electronics Industry, Ltd.	252,600		1,758,916
	Japan Business Computer Co., Ltd.	73,200		470,598
#	Japan Cash Machine Co., Ltd.	79,315		654,387
	Japan Digital Laboratory Co., Ltd.	109,700		1,037,899
	Japan Radio Co., Ltd.	55,000		133,209
#	Jastec Co., Ltd.	61,400		400,387
	JBIS Holdings, Inc.	79,600		256,852
	JIEC Co., Ltd.	199		232,400
	Kaga Electronics Co., Ltd.	100,400		964,361
	Kanematsu Electronics, Ltd.	83,100		829,932
	Kawatetsu Systems, Inc.	174		140,952
	Koa Corp.	151,600		1,480,777
#*	Kubotek Corp.	370		113,596
	Kyoden Co., Ltd.	156,900		223,881
	Kyowa Electronic Instruments Co., Ltd.	52,000		166,339
	Macnica, Inc.	50,100		1,058,656
#	Macromill, Inc.	69,700		816,671
	Marubun Corp.	98,500		380,067
#	Maruwa Co., Ltd.	36,500		1,579,163
#	Megachips Corp.	84,800		1,169,906
*	Meisei Electric Co., Ltd.	305,000		312,557
	Melco Holdings, Inc.	49,600		1,380,083
	Mimasu Semiconductor Industry Co., Ltd.	86,881		727,653
	Miroku Jyoho Service Co., Ltd.	105,000		316,598
	Mitsui High-Tec, Inc.	131,600		592,294
#	Mitsui Knowledge Industry Co., Ltd.	3,643		580,561
	Mitsumi Electric Co., Ltd.	317,700		2,521,159
*	Moritex Corp.	7,700		29,146
	Mutoh Holdings Co., Ltd.	160,000		263,854
#*	Nagano Japan Radio Co., Ltd.	83,000		120,900
	Nagano Keiki Co., Ltd.	2,200		20,538
	Nakayo Telecommunications, Inc.	541,000		1,231,624
	NEC Fielding, Ltd.	95,000		1,149,163
	NEC Mobiling, Ltd.	46,800		1,562,583
	Net One Systems Co., Ltd.	1,984		5,160,385
*	New Japan Radio Co., Ltd.	37,000		61,503
#	Nichicon Corp.	270,300		3,191,538
	Nidec Copal Electronics Corp.	34,600		218,001
#	Nidec Sankyo Corp.	191,000		1,215,843
	NIFTY Corp.	195		226,273
#	Nihon Dempa Kogyo Co., Ltd.	71,100		972,194
#*	Nihon Inter Electronics Corp.	104,700		139,536
#	Nihon Unisys, Ltd.	240,875		1,363,798
*	Nippon Avionics Co., Ltd.	78,000		99,548

105

The Japanese Small Company Series
continued

		SHARES	VALUE††
Information Technology — (Continued)
	Nippon Ceramic Co., Ltd.	86,600	$	1,576,210
	Nippon Chemi-Con Corp.	570,000		2,171,220
	Nippon Systemware Co., Ltd.	27,900		104,309
	Nohmi Bosai, Ltd.	123,000		761,175
	NS Solutions Corp.	79,400		1,727,570
	NSD Co., Ltd.	170,300		1,356,624
#	Obic Business Consultants Co., Ltd.	21,700		1,060,758
	Okaya Electric Industries Co., Ltd.	73,000		323,842
*	Oki Electric Industry Co., Ltd.	2,665,000		2,268,129
*	ONO Sokki Co., Ltd.	103,000		280,888
	Optex Co., Ltd.	20,400		248,167
	Origin Electric Co., Ltd.	105,000		381,386
#	Osaki Electric Co., Ltd.	123,000		1,093,037
	Panasonic Electric Works Information Systems Co., Ltd.	13,500		366,775
	PCA Corp.	17,500		206,623
#*	Pixela Corp.	18,400		45,571
	Riken Keiki Co., Ltd.	77,500		543,680
*	Riso Kagaku Corp.	48,900		839,510
	Roland DG Corp.	54,400		571,134
	Ryoden Trading Co., Ltd.	141,000		814,245
	Ryosan Co., Ltd.	140,000		2,878,667
	Ryoyo Electro Corp.	113,200		1,028,310
#	Sanken Electric Co., Ltd.	463,000		1,737,086
	Sanko Co., Ltd.	21,000		48,383
	Sanshin Electronics Co., Ltd.	139,500		1,169,515
	Satori Electric Co., Ltd.	79,080		481,803
	Saxa Holdings, Inc.	307,000		466,407
#	Shibaura Mechatronics Corp.	138,000		425,661
#	Shindengen Electric Manufacturing Co., Ltd.	311,000		1,323,322
#	Shinkawa, Ltd.	68,300		364,323
#	Shinko Electric Industries Co., Ltd.	297,700		2,151,065
	Shinko Shoji Co., Ltd.	81,400		628,612
	Shizuki Electric Co., Inc.	103,000		380,868
#	Siix Corp.	79,500		1,015,351
#	Simplex Holdings, Inc.	952		351,129
#	SMK Corp.	277,000		912,208
	Softbank Technology Corp.	100		815
	So-net Entertainment Corp.	498		1,973,936
	Soshin Electric Co., Ltd.	4,600		20,549
	SRA Holdings, Inc.	49,700		475,620
	Star Micronics Co., Ltd.	162,400		1,590,568
#	Sumida Corp.	61,549		477,781
#	Sumisho Computer Systems Corp.	214,863		3,364,222
	Sun-Wa Technos Corp.	3,000		25,578
#	Sunx, Ltd.	109,000		603,592
#	Systena Corp.	1,096		759,834
	Tachibana Eletech Co., Ltd.	62,400		499,733
#	Taiyo Yuden Co., Ltd.	412,000		3,192,309
#	Tamura Corp.	269,000		688,994
*	Teac Corp.	332,000		117,307
	Tecmo Koei Holdings Co., Ltd.	150,730		1,352,335
	Teikoku Tsushin Kogyo Co., Ltd.	172,000		298,289
	TKC, Corp.	86,800		1,687,172
#*	Toko, Inc.	325,000		695,260
	Tokyo Denpa Co., Ltd.	24,900		123,600
	Tokyo Electron Device, Ltd.	342		597,491
	Tokyo Seimitsu Co., Ltd.	161,000		2,918,201
#	Tomen Devices Corp.	2,000		45,008
	Tomen Electronics Corp.	50,600		598,606
#	Topcon Corp.	236,700		1,219,915
	Tose Co., Ltd.	22,100		139,608

106

The Japanese Small Company Series
continued

		SHARES	VALUE††
Information Technology — (Continued)
	Toshiba TEC Corp.	525,000	$	1,934,664
	Toukei Computer Co., Ltd.	26,810		381,200
	Towa Corp.	70,900		310,052
	Toyo Corp.	116,900		1,231,269
	Trans Cosmos, Inc.	122,300		1,385,968
*	UKC Holdings Corp.	1,600		15,435
*	Ulvac, Inc.	176,200		2,476,963
	Uniden Corp.	377,000		1,466,924
#	Wacom Co., Ltd.	1,580		2,175,503
	XNET Corp.	21		30,834
	Y. A. C. Co., Ltd.	31,700		269,933
#*	Yamaichi Electronics Co., Ltd.	75,700		183,803
*	Yaskawa Information Systems Corp.	40,000		86,035
	Yokowo Co., Ltd.	69,500		375,023
#	Zuken, Inc.	94,600		697,891
Total Information Technology				160,082,403
Materials — (10.6%)
	Achilles Corp.	703,000		974,989
	Adeka Corp.	354,300		3,543,247
	Agro-Kanesho Co., Ltd.	14,000		67,865
	Aichi Steel Corp.	410,000		2,155,638
	Alconix Corp.	8,300		180,870
	Arakawa Chemical Industries, Ltd.	67,700		563,442
	Araya Industrial Co., Ltd.	276,000		416,829
	Asahi Organic Chemicals Industry Co., Ltd.	343,000		886,353
	Chuetsu Pulp & Paper Co., Ltd.	568,000		862,934
*	Chugai Mining Co., Ltd.	852,400		216,622
	Chugoku Marine Paints, Ltd.	242,000		1,703,326
*	Chugokukogyo Co., Ltd.	62,000		64,455
	Chuo Denki Kogyo Co., Ltd.	90,000		344,645
#*	Co-Op Chemical Co., Ltd.	159,000		191,765
#	Dai Nippon Toryo, Ltd.	518,000		533,936
#	Daiichi Kigenso Kagaku-Kyogyo Co., Ltd.	14,300		610,396
	Daiichi Kogyo Seiyaku Co., Ltd.	121,000		349,874
	Daiken Corp.	401,000		1,224,174
	Daiki Aluminium Industry Co., Ltd.	14,000		46,044
	Dainichiseika Colour & Chemicals Manufacturing Co., Ltd.	319,000		1,432,956
#	Daio Paper Corp.	293,500		2,206,047
	Daiso Co., Ltd.	355,000		1,189,956
#	DC Co., Ltd.	113,900		322,511
	Dynapac Co., Ltd.	25,000		67,062
*	Earth Chemical Co., Ltd.	50,300		1,831,002
	Ebara-Udylite Co., Ltd.	2,700		70,022
	FP Corp.	61,200		3,896,208
	Fuji Seal International, Inc.	77,800		1,472,417
	Fujikura Kasei Co., Ltd.	96,500		453,657
	Fujimi, Inc.	21,600		258,576
#	Fumakilla, Ltd.	85,000		328,270
#	Furukawa-Sky Aluminum Corp.	320,000		946,359
	Geostar Corp.	38,000		66,180
	Godo Steel, Ltd.	899,000		2,126,918
	Gun Ei Chemical Industry Co., Ltd.	347,000		929,080
	Harima Chemicals, Inc.	73,300		594,257
#	Hodogaya Chemical Co., Ltd.	265,000		862,705
	Hokkan Holdings, Ltd.	283,000		871,637
	Hokko Chemical Industry Co., Ltd.	90,000		255,343
#	Hokuetsu Kishu Paper Co., Ltd.	862,199		5,674,954
*	Hokushin Co., Ltd.	61,400		108,542
	Honshu Chemical Industry Co., Ltd.	35,000		225,348
	Ihara Chemical Industry Co., Ltd.	155,000		547,912

107

The Japanese Small Company Series
continued

		SHARES	VALUE††
Materials — (Continued)
#	Ise Chemical Corp.	83,000	$	455,870
#*	Ishihara Sangyo Kaisha, Ltd.	1,374,500		1,661,288
	Japan Carlit Co., Ltd.	59,800		306,762
	Japan Pure Chemical Co., Ltd.	2		4,970
	JSP Corp.	103,900		1,525,061
#	Kanto Denka Kogyo Co., Ltd.	195,000		955,903
*	Katakura Chikkarin Co., Ltd.	43,000		103,565
	Kawakin Holdings Co., Ltd.	11,000		37,340
	Kawasaki Kasei Chemicals, Ltd.	121,000		151,892
	Koatsu Gas Kogyo Co., Ltd.	163,493		915,554
	Kohsoku Corp.	61,900		484,207
	Konishi Co., Ltd.	66,900		879,324
#	Kumiai Chemical Industry Co., Ltd.	233,000		822,473
	Kureha Corp.	573,500		2,561,320
	Kurimoto, Ltd.	702,000		1,055,129
#	Kurosaki Harima Corp.	221,000		752,205
	Kyoei Steel, Ltd.	63,700		1,126,475
	MEC Co., Ltd.	61,200		217,122
*	Mitsubishi Paper Mills, Ltd.	1,159,000		1,094,393
	Mitsubishi Steel Manufacturing Co., Ltd.	554,000		1,483,032
	Mitsui Mining & Smelting Co., Ltd.	7,000		19,078
	Mory Industries, Inc.	154,000		576,195
	Nakabayashi Co., Ltd.	181,000		422,536
*	Nakayama Steel Works, Ltd.	639,000		634,196
	Neturen Co., Ltd.	152,800		1,144,958
	Nichia Steel Works, Ltd.	175,900		446,545
	Nihon Kagaku Sangyo Co., Ltd.	78,000		543,572
#	Nihon Nohyaku Co., Ltd.	225,000		988,727
	Nihon Parkerizing Co., Ltd.	240,000		3,230,875
	Nihon Seiko Co., Ltd.	18,000		66,087
	Nihon Yamamura Glass Co., Ltd.	490,000		1,132,536
#	Nippon Carbide Industries Co., Inc.	201,000		294,538
#	Nippon Chemical Industrial Co., Ltd.	281,000		500,107
#	Nippon Chutetsukan K.K.	50,000		109,321
#	Nippon Chuzo K.K.	111,000		199,128
	Nippon Coke & Engineering Co., Ltd.	863,000		1,174,904
#	Nippon Concrete Industries Co., Ltd.	180,000		430,401
	Nippon Denko Co., Ltd.	394,000		2,101,369
	Nippon Fine Chemical Co., Ltd.	85,600		546,043
#	Nippon Kasei Chemical Co., Ltd.	309,000		571,605
#*	Nippon Kinzoku Co., Ltd.	222,000		373,202
#	Nippon Koshuha Steel Co., Ltd.	366,000		385,988
	Nippon Light Metal Co., Ltd.	2,002,000		2,905,062
#*	Nippon Metal Industry Co., Ltd.	556,000		543,802
	Nippon Paint Co., Ltd.	34,200		260,398
	Nippon Pigment Co., Ltd.	43,000		109,141
	Nippon Pillar Packing Co., Ltd.	83,000		530,273
	Nippon Soda Co., Ltd.	557,000		2,564,038
	Nippon Synthetic Chemical Industry Co., Ltd. (The)	256,000		1,422,081
#	Nippon Valqua Industries, Ltd.	328,000		823,114
*	Nippon Yakin Kogyo Co., Ltd.	409,000		716,389
	Nittetsu Mining Co., Ltd.	375,000		1,522,225
	Nitto FC Co., Ltd.	72,000		416,953
#	NOF Corp.	726,000		3,403,317
	Ohara, Inc.	3,100		30,113
	Okabe Co., Ltd.	186,900		911,355
	Okamoto Industries, Inc.	400,000		1,634,911
	Okura Industrial Co., Ltd.	305,000		1,128,362
	Osaka Organic Chemical Industry, Ltd.	66,000		310,446
	Osaka Steel Co., Ltd.	77,700		1,307,595
	Pacific Metals Co., Ltd.	546,000		3,154,129

108

The Japanese Small Company Series
continued

		SHARES	VALUE††
Materials — (Continued)
	Pack Corp. (The)	66,200	$	994,615
	Riken Technos Corp.	197,000		600,908
*	S Science Co., Ltd.	2,704,000		137,973
#	S.T. Chemical Co., Ltd.	77,000		1,001,668
	Sakai Chemical Industry Co., Ltd.	375,000		1,486,335
	Sakata INX Corp.	196,000		862,160
	Sanyo Chemical Industries, Ltd.	305,000		1,972,347
	Sanyo Special Steel Co., Ltd.	480,300		2,613,185
	Sekisui Plastics Co., Ltd.	209,000		824,430
	Shikoku Chemicals Corp.	184,000		1,031,679
	Shinagawa Refractories Co., Ltd.	224,000		616,277
	Shin-Etsu Polymer Co., Ltd.	224,100		1,072,455
	Shinko Wire Co., Ltd.	184,000		266,482
	Somar Corp.	43,000		106,544
#	Stella Chemifa Corp.	42,600		1,233,870
#	Sumitomo Bakelite Co., Ltd.	591,000		3,460,413
*	Sumitomo Light Metal Industries, Ltd.	1,757,000		1,498,306
#	Sumitomo Osaka Cement Co., Ltd.	1,640,000		4,968,204
	Sumitomo Pipe & Tube Co., Ltd.	108,100		688,879
	Sumitomo Seika Chemicals Co., Ltd.	223,000		1,006,024
	T. Hasegawa Co., Ltd.	121,300		1,921,467
	Taiheiyo Cement Corp.	2,664,000		5,175,243
	Taisei Lamick Co., Ltd.	18,500		551,153
#	Taiyo Holdings Co., Ltd.	66,000		1,725,532
	Takasago International Corp.	356,000		1,662,330
	Takiron Co., Ltd.	304,000		1,018,030
	Tayca Corp.	151,000		583,248
	Tenma Corp.	87,000		755,331
#	Titan Kogyo K.K.	63,000		312,077
	Toagosei Co., Ltd.	1,096,000		4,895,489
#	Toda Kogyo Corp.	161,000		1,194,398
#	Toho Titanium Co., Ltd.	120,500		2,570,847
	Toho Zinc Co., Ltd.	528,000		2,152,981
	Tokai Carbon Co., Ltd.	825,000		4,092,463
	Tokushu Tokai Paper Co., Ltd.	501,580		1,066,815
#	Tokuyama Corp.	810,000		2,919,347
	Tokyo Ohka Kogyo Co., Ltd.	169,200		3,515,968
#	Tokyo Rope Manufacturing Co., Ltd.	558,000		1,271,339
	Tokyo Steel Manufacturing Co., Ltd.	229,300		1,922,185
	Tokyo Tekko Co., Ltd.	3,000		8,484
#	Tomoegawa Paper Co., Ltd.	125,000		263,043
	Tomoku Co., Ltd.	294,000		775,649
	Topy Industries, Ltd.	781,000		1,887,000
	Toyo Ink Manufacturing Co., Ltd.	724,000		2,868,747
	Toyo Kohan Co., Ltd.	247,000		974,688
	TYK Corp.	138,000		272,624
#	Ube Material Industries, Ltd.	226,000		782,021
	Wood One Co., Ltd.	169,000		622,864
	Yodogawa Steel Works, Ltd.	786,500		3,124,879
*	Yuki Gosei Kogyo Co., Ltd.	64,000		130,824
	Yushiro Chemical Industry Co., Ltd.	47,100		546,658
Total Materials				175,861,301
Utilities — (0.5%)
	Hokkaido Gas Co., Ltd.	210,000		708,766
	Hokuriku Gas Co., Ltd.	99,000		265,593
	Okinawa Electric Power Co., Ltd.	62,571		2,551,409
	Saibu Gas Co., Ltd.	1,270,000		3,132,006

109

The Japanese Small Company Series
continued

		SHARES		VALUE††
Utilities — (Continued)
	Shizuoka Gas Co., Ltd.		241,500	$	1,459,705
Total Utilities					8,117,479
TOTAL COMMON STOCKS					1,486,514,319
RIGHTS/WARRANTS — (0.0%)
	*Oak Capital Corp. Warrants 11/30/11		55,735		—
		SHARES/
		FACE
		AMOUNT		VALUE†
		(000)
SECURITIES LENDING COLLATERAL — (10.8%)
§@	DFA Short Term Investment Fund	179,334,778			179,334,778
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%,
	11/01/11 (Collateralized by FNM A 3.500%, 11/01/31, valued at
	$383,050) to be repurchased at $375,540	$	376		375,539
TOTAL SECURITIES LENDING COLLATERAL					179,710,317
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,814,743,819)			$	1,666,224,636

110

THE ASIA PACIFIC SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

OCTOBER 31, 2011

		SHARES	VALUE††
COMMON STOCKS — (82.0%)
AUSTRALIA — (51.7%)
*	ABM Resources NL	4,447,721	$	290,936
#*	A-Cap Resources, Ltd.	332,583		99,614
*	Acer Energy, Ltd.	229,729		28,427
#	Acrux, Ltd.	494,126		1,749,486
#*	Adamus Resources, Ltd.	1,337,620		973,720
	Adelaide Brighton, Ltd.	1,927,272		5,766,974
#	Aditya Birla Minerals, Ltd.	878,000		891,877
*	ADX Energy, Ltd.	473,905		49,467
*	AED Oil, Ltd.	363,401		55,533
*	African Iron, Ltd.	37,307		10,851
*	Ainsworth Game Technology, Ltd.	326,556		117,784
*	AJ Lucas Group, Ltd.	317,969		452,394
*	Alchemia, Ltd.	724,903		210,930
#	Alesco Corp., Ltd.	457,971		675,535
#*	Alkane Resources, Ltd.	938,520		1,137,424
*	Alliance Resources, Ltd.	444,483		62,232
*	Allied Gold Mining P.L.C.	17,047		43,521
#*	Allied Healthcare Group, Ltd.	310,840		13,061
#*	Altona Mining, Ltd.	1,108,169		287,829
*	Amadeus Energy, Ltd.	819,137		173,432
	Amalgamated Holdings, Ltd.	462,247		2,745,180
	Amcom Telecommunications, Ltd.	482,578		422,263
*	Ampella Mining, Ltd.	225,174		426,612
	Ansell, Ltd.	503,479		7,363,989
#*	Antares Energy, Ltd.	934,515		394,325
	AP Eagers, Ltd.	44,147		533,632
#	APA Group, Ltd.	1,403,768		6,401,846
*	Apex Minerals NL	3,458,027		28,671
#	APN News & Media, Ltd.	1,762,638		1,616,607
*	Aquarius Platinum, Ltd.	348,079		1,021,115
#*	Arafura Resources, Ltd.	1,093,749		690,611
	ARB Corp., Ltd.	339,077		2,847,494
	Ariadne Australia, Ltd.	267,324		88,707
#	Aristocrat Leisure, Ltd.	1,611,890		3,816,054
#	ASG Group, Ltd.	351,392		320,870
#*	Aspire Mining, Ltd.	902,429		394,778
*	Astron, Ltd.	87,221		264,514
*	Atlantic, Ltd.	238,482		398,179
	Atlas Iron, Ltd.	41,166		133,517
#*	Aurora Oil & Gas, Ltd.	1,265,748		3,811,235
	Ausdrill, Ltd.	1,006,775		3,070,980
#	Ausenco, Ltd.	173,244		487,963
#*	Ausgold, Ltd.	52,096		65,271
#	Austal, Ltd.	581,980		1,383,966
*	Austar United Communications, Ltd.	2,887,442		3,496,638
	Austbrokers Holdings, Ltd.	86,074		567,304
#	Austin Engineering, Ltd.	172,059		708,425
*	Austpac Resources NL	2,524,951		121,305
*	Australian Agricultural Co., Ltd.	921,392		1,352,018
#	Australian Infrastructure Fund NL	3,159,690		6,272,817
	Australian Pharmaceutical Industries, Ltd.	5,528,865		1,736,287
*	Australian Worldwide Exploration, Ltd.	1,952,017		2,815,086
	Automotive Holdings Group NL	548,754		1,200,419
*	Autron Corporation, Ltd.	989,247		13,553
#*	Avanco Resources, Ltd.	2,010,636		228,676
#	AVJennings, Ltd.	5,185,036		2,400,232
#*	Azumah Resources, Ltd.	737,953		306,717
*	Ballarat South Gold, Ltd.	1,996		—

111

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
AUSTRALIA — (Continued)
#*	Bandanna Energy, Ltd.	622,869	$	531,615
#	Bank of Queensland, Ltd.	384,781		3,383,389
#*	Bannerman Resources, Ltd.	332,217		92,978
#*	BC Iron, Ltd.	243,697		615,413
	Beach Energy, Ltd.	4,828,492		5,934,225
*	Beadell Resources, Ltd.	1,500,515		1,230,504
#*	Berkeley Resources, Ltd.	434,006		145,690
	Beyond International, Ltd.	61,256		44,545
#	Billabong International, Ltd.	703,518		3,142,876
*	Bionomics, Ltd.	207,468		89,668
*	Biota Holdings, Ltd.	1,027,571		863,989
*	Bisalloy Steel Group, Ltd.	469,001		101,058
#	Blackmores, Ltd.	76,842		2,372,615
*	BlueScope Steel, Ltd.	3,577,801		3,129,953
#*	BMA Gold, Ltd.	1,829,221		1,049,182
	Boart Longyear Group	1,792,094		6,100,440
*	Boom Logistics, Ltd.	51,533		16,202
*	Boulder Steel, Ltd.	1,667,795		86,559
*	Bow Energy, Ltd.	928,159		1,442,061
	Bradken, Ltd.	708,039		5,710,618
	Breville Group, Ltd.	598,466		1,918,394
#	Brickworks, Ltd.	132,797		1,558,928
*	Brockman Resources, Ltd.	7,285		13,002
	BSA, Ltd.	642,847		135,425
#	BT Investment Management, Ltd.	172,259		363,762
*	Buccaneer Energy, Ltd.	2,428,539		175,894
*	Buru Energy, Ltd.	88,374		83,899
	Cabcharge Australia, Ltd.	501,916		2,209,763
	Calliden Group, Ltd.	633,393		113,310
	Campbell Brothers, Ltd.	261,443		12,585,834
#*	Cape Lambert Resources, Ltd.	373,413		164,264
*	Cape Range Wireless, Ltd.	7,260		—
*	Capral, Ltd.	58,499		12,134
#	Cardno, Ltd.	316,614		1,740,510
#*	Carnarvon Petroleum, Ltd.	3,885,525		541,232
*	Carnegie Wave Energy, Ltd.	1,008,948		75,912
#	carsales.com, Ltd.	809,574		4,185,086
#	Cash Converters International, Ltd.	1,180,931		534,117
#*	Catalpa Resources, Ltd.	907,492		1,641,675
*	CDS Technologies, Ltd.	13,276		—
	Cedar Woods Properties, Ltd.	111,357		408,187
	Cellnet Group, Ltd.	520,067		185,425
*	Centaurus Metals, Ltd.	143,557		109,455
*	Central Petroleum, Ltd.	1,759,865		98,979
*	Centrebet International, Ltd. Claim Units	81,336		—
*	Centrex Metals, Ltd.	51,889		16,345
#*	Ceramic Fuel Cells, Ltd.	3,181,070		430,481
#*	Cerro Resources NL	1,961,035		324,307
*	CGA Mining, Ltd.	10,124		24,798
#*	Chalice Gold Mines, Ltd.	320,684		86,935
	Challenger, Ltd.	1,063,324		5,069,014
	Chandler Macleod Group, Ltd.	338,118		124,506
*	Chemeq, Ltd.	166,742		—
*	ChemGenex Pharmaceuticals, Ltd.	115,291		3,038
*	Chesser Resources, Ltd.	156,921		95,677
#*	Citigold Corp., Ltd.	3,765,806		284,705
#	Clarius Group, Ltd.	1,099,217		605,202
#*	Clinuvel Pharmaceuticals, Ltd.	118,435		185,220
#	Clough, Ltd.	1,527,345		1,287,423
	Clover Corp., Ltd.	269,348		83,302
#*	CO2 Group, Ltd.	844,559		140,905

112

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
AUSTRALIA — (Continued)
#*	Coal of Africa, Ltd.	589,980	$	491,234
#*	Coalspur Mines, Ltd.	1,239,823		2,404,728
*	Cockatoo Coal, Ltd.	3,240,540		1,291,889
#	Codan, Ltd.	156,399		212,699
	Coffey International, Ltd.	1,048,636		415,588
	Collection House, Ltd.	1,698,942		1,441,834
*	Comet Ridge, Ltd.	65,567		10,669
#	ConnectEast Group, Ltd.	30,321		17,416
#	Consolidated Media Holdings, Ltd.	1,276,820		3,506,949
*	Continental Coal, Ltd.	461,945		102,357
*	Cooper Energy, Ltd.	336,842		135,432
#	Count Financial, Ltd.	858,791		1,251,875
	Coventry Group, Ltd.	144,778		332,344
	Credit Corp. Group, Ltd.	110,382		453,765
*	Crusader Resources, Ltd.	155,861		182,570
#	CSG, Ltd.	674,612		803,472
	CSR, Ltd.	2,025,158		5,158,339
*	CTI Logistics, Ltd.	6,000		7,272
#*	Cudeco, Ltd.	399,317		1,317,225
#*	Cue Energy Resources, Ltd.	1,225,966		299,321
#	Customers, Ltd.	477,130		532,432
	Data#3, Ltd.	19,405		257,487
#	David Jones, Ltd.	1,783,074		6,294,519
	Decmil Group, Ltd.	326,140		720,547
*	Deep Yellow, Ltd.	850,894		109,311
#	Devine, Ltd.	1,989,993		468,948
#*	Discovery Metals, Ltd.	1,249,162		1,803,263
	Domino’s Pizza Enterprises, Ltd.	11,342		79,925
#*	Downer EDI, Ltd.	1,591,674		5,054,618
*	Dragon Mining, Ltd.	168,012		234,717
#*	Drillsearch Energy, Ltd.	409,967		262,341
	DUET Group, Ltd.	4,437,176		7,732,961
#	DuluxGroup, Ltd.	1,193,687		3,288,564
	DWS Advanced Business Solutions, Ltd.	223,802		313,375
#*	Dyesol, Ltd.	383,671		133,883
#*	Eastern Star Gas, Ltd.	3,259,013		3,005,391
#*	Elders, Ltd.	1,380,363		401,341
#*	Elemental Minerals, Ltd.	388,188		505,628
*	Ellect Holdings, Ltd.	482		—
*	Ellex Medical Lasers, Ltd.	164,826		22,975
	Emeco Holdings, Ltd.	2,143,907		2,221,058
#*	Energy Resources of Australia, Ltd.	638,803		1,307,761
#*	Energy World Corp., Ltd.	3,906,481		2,352,188
*	Engenco, Ltd.	228,803		22,092
	Envestra, Ltd.	5,142,027		3,464,898
#*	Equatorial Resources, Ltd.	176,571		426,114
	Euroz, Ltd.	74,221		108,616
*	Exco Resources, Ltd.	429,909		315,750
*	Extract Resources, Ltd.	262,940		2,105,378
#	Fantastic Holdings, Ltd.	355,613		838,354
*	FAR, Ltd.	2,769,553		89,101
	Finbar Group, Ltd.	58,051		58,271
*	Finders Resources, Ltd.	7,442		2,956
#	FKP Property Group, Ltd.	2,647,008		1,364,198
#	Fleetwood Corp., Ltd.	284,707		3,637,381
#	FlexiGroup, Ltd.	597,372		1,407,028
#	Flight Centre, Ltd.	192,954		4,006,413
#*	Flinders Mines, Ltd.	6,909,293		1,109,458
#*	Focus Minerals, Ltd.	14,997,678		932,181
*	Forest Enterprises Australia, Ltd.	2,849,173		—
#	Forge Group, Ltd.	236,028		1,168,263

113

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
AUSTRALIA — (Continued)
#*	Forte Energy NL	1,036,232	$	39,026
	G8 Education, Ltd.	67,817		35,436
#*	Galaxy Resources, Ltd.	760,450		507,429
	Gazal Corp., Ltd.	104,542		196,883
#*	Geodynamics, Ltd.	1,015,653		248,163
#*	Gindalbie Metals, Ltd.	2,600,255		1,478,320
*	Gloucester Coal, Ltd.	226,467		1,616,400
*	Golden Rim Resources, Ltd.	722,577		82,543
#	Goodman Fielder, Ltd.	8,233,537		4,788,349
	GrainCorp, Ltd.	693,457		5,712,269
	Grange Resources, Ltd.	1,234,843		578,110
#*	Great Southern, Ltd.	9,302,784		—
#*	Greenland Minerals & Energy, Ltd.	711,078		392,362
#*	Gryphon Minerals, Ltd.	857,705		1,259,787
	GUD Holdings, Ltd.	432,916		3,548,539
*	Gujarat NRE Coking Coal, Ltd.	119,865		30,893
#*	Gunns, Ltd.	2,872,620		793,573
#	GWA Group, Ltd.	1,019,230		2,441,808
*	Hastie Group, Ltd.	810,423		89,134
*	Havilah Resources NL	258,836		145,834
*	HFA Holdings, Ltd.	235,865		229,659
	HGL, Ltd.	102,586		127,030
*	Highlands Pacific, Ltd.	2,651,500		593,922
*	Hillgrove Resources, Ltd.	909,242		225,398
#	Hills Holdings, Ltd.	986,165		1,123,434
#*	Horizon Oil, Ltd.	3,560,142		884,645
*	Hutchison Telecommunications Australia, Ltd.	7,610,556		495,224
#*	Icon Energy, Ltd.	1,014,750		148,758
#	iiNet, Ltd.	489,281		1,326,167
	Iluka Resources, Ltd.	573,137		9,528,200
	Imdex, Ltd.	813,645		1,776,663
	IMF Australia, Ltd.	314,016		475,928
*	IMX Resources, Ltd.	594,082		230,687
#	Independence Group NL	892,724		4,935,443
*	Indo Mines, Ltd.	81,968		29,672
#*	Indophil Resources NL	3,118,946		1,234,785
#	Industrea, Ltd.	1,420,051		1,904,824
*	Industrial Minerals Corp., Ltd.	23,969		4,325
#	Infigen Energy, Ltd.	1,622,704		490,078
	Infomedia, Ltd.	1,458,074		336,522
#*	Integra Mining, Ltd.	3,188,345		1,767,756
	Integrated Research, Ltd.	261,513		136,043
#*	Intrepid Mines, Ltd.	1,794,707		2,132,485
#	Invocare, Ltd.	572,622		4,172,041
#	IOOF Holdings, Ltd.	989,055		6,550,695
	Iress Market Technology, Ltd.	434,895		3,465,758
#*	Iron Ore Holdings, Ltd.	336,216		444,493
#*	Ivanhoe Australia, Ltd.	396,947		441,385
#	JB Hi-Fi, Ltd.	407,557		6,726,320
#*	Jupiter Mines, Ltd.	465,443		162,596
	K&S Corp., Ltd.	210,812		278,801
*	Kagara, Ltd.	1,731,649		724,189
#*	Kangaroo Resources, Ltd.	2,778,905		453,398
*	Karoon Gas Australia, Ltd.	667,086		3,078,403
#*	Kasbah Resources, Ltd.	478,599		99,482
*	Kimberley Metals, Ltd.	204,110		65,643
#	Kingsgate Consolidated, Ltd.	560,879		4,421,985
#*	Kingsrose Mining, Ltd.	464,332		756,934
*	Lednium, Ltd.	195,019		16,442
	Lemarne Corp., Ltd.	25,882		100,746
*	Linc Energy, Ltd.	1,232,302		2,645,397

114

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
AUSTRALIA — (Continued)
#*	Liquefied Natural Gas, Ltd.	595,144	$	214,302
	Little World Beverages, Ltd.	502		1,807
	Lycopodium, Ltd.	56,126		361,363
#	M2 Telecommunications Group, Ltd.	345,036		1,026,043
*	MacMahon Holdings, Ltd.	3,174,294		2,011,281
*	Macmin Silver, Ltd.	371,910		39,084
	Macquarie Telecom Group, Ltd.	35,019		304,442
#*	Magma Metals, Ltd.	240,771		30,109
*	Manhattan Corp., Ltd.	7,972		2,863
#*	Marengo Mining, Ltd.	1,428,204		295,240
#	Matrix Composites & Engineering, Ltd.	130,877		437,499
	MaxiTRANS Industries, Ltd.	942,578		342,164
	Mayne Pharma Group, Ltd.	205,191		82,332
*	McGuigan Simeon Wines, Ltd.	2,437,348		705,680
#	McMillan Shakespeare, Ltd.	228,148		2,273,908
	McPherson’s, Ltd.	303,441		734,177
#	Medusa Mining, Ltd.	579,085		4,070,719
#	Melbourne IT, Ltd.	437,638		649,414
#*	MEO Australia, Ltd.	681,039		137,903
#	Mermaid Marine Australia, Ltd.	906,563		2,921,190
#*	Mesoblast, Ltd.	232,262		1,974,685
*	Metals X, Ltd.	173,131		43,428
#*	Metgasco, Ltd.	667,052		338,844
*	Metminco, Ltd.	1,879,249		406,261
*	MetroCoal, Ltd.	68,725		49,321
#*	MHM Metals, Ltd.	226,490		173,805
*	Mikoh Corp., Ltd.	777,771		19,541
#	Mincor Resources NL	990,706		876,217
*	Mineral Deposits, Ltd.	155,272		1,049,157
	Mineral Resources, Ltd.	419,678		4,920,651
#*	Mirabela Nickel, Ltd.	1,206,109		2,073,822
#*	Molopo Energy, Ltd.	1,186,993		900,996
#*	Moly Mines, Ltd.	25,253		13,282
#	Monadelphous Group, Ltd.	318,887		6,064,967
*	Morning Star Gold NL	332,749		113,604
	Mortgage Choice, Ltd.	631,109		829,865
#	Mount Gibson Iron, Ltd.	2,962,399		4,738,207
	MSF Sugar, Ltd.	76,721		268,679
#*	Murchison Metals, Ltd.	1,229,022		380,868
#	Myer Holdings, Ltd.	2,456,107		6,703,584
	MyState, Ltd.	802		3,082
#*	Nanosonics, Ltd.	259,364		149,509
	National Can Industries, Ltd.	97,017		109,403
#*	Navigator Resources, Ltd.	1,876,284		53,230
#	Navitas, Ltd.	1,157,537		5,013,315
#*	New Guinea Energy, Ltd.	359,345		21,357
*	Newland Resources, Ltd.	1,958,775		133,608
*	Nexbis, Ltd.	580,630		35,148
*	Nexus Energy, Ltd.	4,137,686		918,998
#	NIB Holdings, Ltd.	478,733		753,829
*	Nido Petroleum, Ltd.	6,093,154		330,320
#*	Noble Mineral Resources, Ltd.	859,168		548,082
	Norfolk Group, Ltd.	302,473		366,505
*	North Australian Diamonds, Ltd.	16,663		6,097
#*	Northern Iron, Ltd.	390,502		473,036
*	Northern Star Resources, Ltd.	739,223		441,639
*	Norton Gold Fields, Ltd.	299,909		61,677
	NRW Holdings, Ltd.	650,440		1,654,955
#*	Nucoal Resources NL	429,538		156,383
*	Nufarm, Ltd.	638,490		3,141,961
	Oakton, Ltd.	378,695		666,729

115

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
AUSTRALIA — (Continued)
#*	Oilex, Ltd.	247,428	$	65,691
#*	Orocobre, Ltd.	257,530		317,630
#	OrotonGroup, Ltd.	89,486		773,346
*	Otto Energy, Ltd.	1,518,553		115,364
#	Pacific Brands, Ltd.	4,412,120		2,756,610
*	Pacific Niugini, Ltd.	200,616		79,684
*	Paladin Energy, Ltd.	1,158,193		1,768,701
*	Pan Pacific Petroleum NL	1,094,343		132,374
*	PanAust, Ltd.	1,780,618		6,016,882
#*	Pancontinental Oil & Gas NL	1,057,588		115,189
#	Panoramic Resources, Ltd.	943,159		1,353,475
*	PaperlinX, Ltd.	2,771,649		275,217
	Patties Foods, Ltd.	36,136		62,164
#	Peet, Ltd.	1,096,798		1,396,187
#*	Peninsula Energy, Ltd.	5,178,834		225,034
*	Perilya, Ltd. (6681584)	891,134		424,090
*	Perilya, Ltd. (B3R3QH1)	445,567		216,007
#	Perpetual Trustees Australia, Ltd.	167,142		3,950,909
#*	Perseus Mining, Ltd.	1,605,654		5,309,539
#*	Pharmaxis, Ltd.	764,024		1,037,608
*	Photon Group, Ltd.	240,874		10,347
*	PlantCorp. NL	4,329		—
#*	Platinum Australia, Ltd.	1,251,560		232,135
#*	Pluton Resources, Ltd.	538,056		154,966
	PMP, Ltd.	2,395,607		1,435,567
*	Poseidon Nickel, Ltd.	452,002		101,408
#	Premier Investments, Ltd.	217,219		1,159,812
#*	Prima Biomed, Ltd.	2,338,194		459,056
#	Primary Health Care, Ltd.	1,866,288		6,495,676
	Prime Media Group, Ltd.	1,777,139		1,236,596
#	PrimeAg, Ltd.	64,299		73,783
	Programmed Maintenance Service, Ltd.	549,269		1,134,986
*	QRxPharma, Ltd.	109,867		183,543
*	Quickstep Holdings, Ltd.	462,355		108,066
*	Ramelius Resources, Ltd.	1,125,876		1,462,619
*	Range Resources, Ltd.	51,250		7,801
#	RCR Tomlinson, Ltd.	1,056,974		1,568,081
#	REA Group, Ltd.	211,832		2,874,987
	Reckon, Ltd.	207,249		575,917
*	Red 5, Ltd.	90,225		17,598
*	Red Fork Energy, Ltd.	382,887		218,375
	Redflex Holdings, Ltd.	377,855		698,167
	Reece Australia, Ltd.	238,457		4,689,436
#*	Reed Resources, Ltd.	633,326		241,474
#*	Regis Resources, Ltd.	1,195,060		3,775,884
#	Reject Shop, Ltd. (The)	117,972		1,226,036
*	Resolute Mining, Ltd.	1,882,950		3,317,183
*	Resource & Investment NL	283,117		199,791
*	Resource Equipment, Ltd.	118,411		51,139
#*	Resource Generation, Ltd.	338,381		171,498
	Retail Food Group, Ltd.	53,237		141,791
#*	Rex Minerals, Ltd.	403,087		709,112
#*	Rialto Energy, Ltd.	1,264,038		446,925
#	Ridley Corp., Ltd.	1,283,068		1,569,013
*	RiverCity Motorway Group, Ltd.	1,563,354		—
#*	Robust Resources, Ltd.	136,513		199,558
#*	Roc Oil Co., Ltd.	6,490,268		2,016,511
	Rock Building Society, Ltd.	31,054		89,929
	Runge, Ltd.	30,702		12,706
#	Ruralco Holdings, Ltd.	88,146		333,834
#	SAI Global, Ltd.	1,064,331		5,301,870

116

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
AUSTRALIA — (Continued)
*	Salinas Energy, Ltd.	1,161,854	$	418,259
#	Salmat, Ltd.	664,807		1,951,353
#*	Samson Oil & Gas, Ltd.	4,815,117		556,378
#*	Sandfire Resources NL	394,850		2,801,816
#*	Saracen Mineral Holdings, Ltd.	1,594,324		1,278,330
	Schaffer Corp., Ltd.	33,766		145,183
#	Sedgman, Ltd.	372,558		760,587
#	Seek, Ltd.	666,916		4,323,680
#	Select Harvests, Ltd.	292,826		503,866
*	Senex Energy, Ltd.	1,875,375		988,884
#	Servcorp, Ltd.	301,327		873,712
#*	Service Stream, Ltd.	1,432,710		508,243
	Seven Group Holdings, Ltd.	641,345		5,152,442
#	Seven West Media, Ltd.	1,335,509		5,003,193
#	Sigma Pharmaceuticals, Ltd.	4,898,960		3,569,851
*	Sihayo Gold, Ltd.	603,971		62,609
*	Silex System, Ltd.	532,291		1,251,727
*	Silver Lake Resources, Ltd.	603,018		2,068,181
*	Sipa Resources International NL	130,098		19,538
#	Sirtex Medical, Ltd.	218,046		1,071,885
#	Skilled Group, Ltd.	485,248		924,602
	Slater & Gordon, Ltd.	24,701		50,574
#	SMS Management & Technology, Ltd.	373,130		2,116,297
*	Southern Cross Electrical Engineering, Ltd.	16,785		14,564
#	Southern Cross Media Group, Ltd.	2,546,520		3,278,716
#	SP Telemedia, Ltd.	1,494,571		2,235,722
	Spark Infrastructure Group, Ltd.	4,783,165		6,094,155
#	Specialty Fashion Group, Ltd.	809,557		515,540
#	Spotless Group, Ltd.	1,196,861		2,492,269
#*	St. Barbara, Ltd.	1,636,736		3,792,059
*	Starpharma Holdings, Ltd.	652,875		758,527
*	Straits Resources, Ltd.	878,069		635,910
*	Strike Energy, Ltd.	88,132		11,007
	Structural Systems, Ltd.	138,772		108,539
	STW Communications Group, Ltd.	840,071		808,970
#*	Sundance Energy Australia, Ltd.	751,727		365,129
#*	Sundance Resources, Ltd.	8,756,539		3,955,560
#*	Sunland Group, Ltd.	741,191		692,507
#	Super Retail Group, Ltd.	909,056		5,150,189
*	Super Retail Group, Ltd. (B3XZSK8)	359,398		2,045,348
*	Swick Mining Services, Ltd.	71,883		25,474
	Symex Holdings, Ltd.	513,662		193,152
	Talent2 International, Ltd.	472,312		631,877
*	Talisman Mining, Ltd.	217,981		99,817
#*	Tanami Gold NL	510,409		528,453
*	Tap Oil, Ltd.	1,465,268		1,119,840
	Tassal Group, Ltd.	626,912		1,021,480
	Technology One, Ltd.	1,322,653		1,505,696
#	Ten Network Holdings, Ltd.	3,492,166		3,376,725
#*	Terramin Australia, Ltd.	155,209		24,219
#*	Texon Petroleum, Ltd.	644,848		426,666
#	TFS Corp., Ltd.	1,323,074		915,870
	Thakral Holdings Group, Ltd.	2,559,697		1,404,384
	ThinkSmart, Ltd.	146,612		66,670
#	Thorn Group, Ltd.	370,228		642,616
*	Thundelarra Exploration, Ltd.	260,965		49,767
#*	Tiger Resources, Ltd.	1,751,101		850,563
*	TNG, Ltd.	87,408		9,596
*	Toro Energy, Ltd.	70,156		5,989
	Tox Free Solutions, Ltd.	355,104		809,607
#	Transfield Services, Ltd.	1,784,320		4,258,408

117

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
AUSTRALIA — (Continued)
*	Transpacific Industries Group, Ltd. (B0736RR)	1,181,222	$	927,440
#*	Transpacific Industries Group, Ltd. (B0736T2)	2,759,327		2,166,493
#	Troy Resources NL	352,784		1,499,267
	Trust Co., Ltd. (The)	82,756		488,210
	UGL, Ltd.	332,576		4,601,399
*	Unity Mining, Ltd.	92,075		12,590
#*	UXC, Ltd.	1,169,545		670,485
#*	Venture Minerals, Ltd.	450,858		161,969
*	Venturex Resources, Ltd.	42,171		3,313
	Village Roadshow, Ltd.	855,994		2,590,489
#*	Virgin Blue Holdings, Ltd.	7,648,897		2,982,245
	Warrnambool Cheese & Butter Factory Co. Holding, Ltd.	1,203		4,998
#	Watpac, Ltd.	711,698		853,828
	WDS, Ltd.	375,342		292,133
*	Webfirm Group, Ltd.	124,813		9,126
#	Webjet, Ltd.	356,064		898,156
*	Webster, Ltd.	144,737		60,902
#	Western Areas NL	558,671		3,362,850
*	Westgold Resources, Ltd.	59,310		11,181
#*	White Energy Co., Ltd.	643,913		1,115,658
	WHK Group, Ltd.	1,202,433		1,071,613
#	Wide Bay Australia, Ltd.	81,906		670,445
#*	WildHorse Energy, Ltd.	212,714		39,033
*	Willmott Forests, Ltd.	17,224		—
#*	Windimurra Vanadium, Ltd.	537,429		—
#	Wotif.com Holdings, Ltd.	505,776		1,948,971
#*	WPG Resources, Ltd.	702,896		84,098
*	YTC Resources, Ltd.	16,666		8,402
TOTAL AUSTRALIA				562,036,493
HONG KONG — (15.4%)
	Aeon Credit Service (Asia) Co., Ltd.	580,000		427,631
	Aeon Stores Hong Kong Co., Ltd.	234,000		510,318
	AlCo. Holdings, Ltd.	1,426,000		447,996
	Allan International Holdings, Ltd.	720,000		215,461
	Allied Group, Ltd.	683,200		1,749,241
	Allied Overseas, Ltd.	50,000		21,345
#	Allied Properties, Ltd.	12,297,857		1,697,752
*	Amax Holdings, Ltd.	9,312,000		94,447
*	Apac Resources, Ltd.	12,620,000		463,989
*	Apollo Solar Energy Technology Holdings, Ltd.	11,692,000		419,197
	APT Satellite Holdings, Ltd.	1,275,000		211,421
#*	Artel Solutions Group Holdings, Ltd.	7,885,000		149,153
*	Artini China Co., Ltd.	2,481,000		59,630
	Arts Optical International Holdings, Ltd.	730,000		234,936
	Asia Financial Holdings, Ltd.	2,474,908		909,429
	Asia Satellite Telecommunications Holdings, Ltd.	962,000		1,791,203
	Asia Standard Hotel Group, Ltd.	11,797,218		884,453
	Asia Standard International Group, Ltd.	13,365,185		2,214,906
	Associated International Hotels, Ltd.	980,000		1,949,232
	Aupu Group Holding Co., Ltd.	2,504,000		210,680
	Automated Systems Holdings, Ltd.	394,000		40,364
	Bauhaus International Holdings, Ltd.	662,000		237,606
*	Beijing Yu Sheng Tang Pharmaceutical Group, Ltd.	2,440,000		36,163
*	Bel Global Resources Holdings, Ltd.	2,576,000		47,085
*	Bio-Dynamic Group, Ltd.	2,544,000		278,925
*	Birmingham International Holdings, Ltd.	6,502,000		127,214
	Bonjour Holdings, Ltd.	4,356,000		688,366
	Bossini International Holdings, Ltd.	3,871,500		367,357
#*	Burwill Holdings, Ltd.	8,888,960		180,188
#	Cafe de Coral Holdings, Ltd.	1,106,000		2,504,349

118

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
HONG KONG — (Continued)
*	Capital Estate, Ltd.	5,151,000	$	167,581
	Century City International Holdings, Ltd.	6,419,460		415,559
*	Century Sunshine Group Holdings, Ltd.	3,655,000		92,630
	Champion Technology Holdings, Ltd.	14,734,387		210,610
	Chen Hsong Holdings, Ltd.	898,000		351,818
	Cheuk Nang Holdings, Ltd.	379,041		149,755
	Chevalier International Holdings, Ltd.	737,482		821,287
	Chevalier Pacific Holdings, Ltd.	5,497,500		136,843
#	Chigo Holding, Ltd.	722,000		33,507
*	China Best Group Holding, Ltd.	3,721,400		48,799
*	China Billion Resources, Ltd.	4,876,000		54,605
*	China Boon Holdings, Ltd.	6,200,000		191,183
*	China CBM Group, Ltd.	6,930,301		603,339
*	China Digicontent Co., Ltd.	2,710,000		3,488
*	China Digital Licensing Group, Ltd.	2,190,000		63,741
*	China Electronics Corp. Holdings Co., Ltd.	2,888,250		212,292
*	China Energy Development Holdings, Ltd.	21,966,000		306,045
*	China Financial Services Holdings, Ltd.	954,000		58,106
*	China Flavors & Fragrances Co., Ltd.	144,924		27,501
*	China Gamma Group, Ltd.	7,500,000		171,521
*	China Infrastructure Investment, Ltd.	8,680,000		200,296
*	China Investments Holdings, Ltd.	149,000		3,330
#*	China Mandarin Holdings, Ltd.	5,012,400		100,752
	China Metal International Holdings, Ltd.	2,582,000		460,100
*	China Motion Telecom International, Ltd.	5,080,000		74,476
	China Motor Bus Co., Ltd.	50,000		426,410
*	China Ocean Shipbuilding Industry Group, Ltd.	4,137,500		61,400
*	China Oriental Culture Group, Ltd.	3,600,000		169,712
	China Overseas Grand Oceans Group, Ltd.	15,000		11,442
*	China Pipe Group, Ltd.	100,000		404
#*	China Public Procurement, Ltd.	5,230,000		—
*	China Renji Medical Group, Ltd.	12,784,000		98,733
#*	China Resources and Transportation Group, Ltd.	32,400,000		1,150,363
*	China Solar Energy Holdings, Ltd.	37,990,000		324,053
*	China Strategic Holdings, Ltd.	12,585,000		288,429
#	China Taisan Technology Group Holdings, Ltd.	564,915		43,711
	China Ting Group Holdings, Ltd.	2,443,151		165,430
*	China Tycoon Beverage Holdings, Ltd.	2,732,000		63,390
*	China WindPower Group, Ltd.	14,630,000		685,916
*	China Yunnan Tin Minerals Group Co., Ltd.	9,428,000		54,834
	China-Hongkong Photo Products Holdings, Ltd.	2,123,000		148,271
	Chinney Investments, Ltd.	1,144,000		148,401
	Chong Hing Bank, Ltd.	878,000		1,633,855
#	Chow Sang Sang Holdings International, Ltd.	393,680		1,209,220
	Chu Kong Shipping Development Co., Ltd.	2,188,000		343,574
*	Chuang’s China Investments, Ltd.	3,388,000		171,662
	Chuang’s Consortium International, Ltd.	3,569,965		356,371
*	Chun Wo Development Holdings, Ltd.	2,002,926		89,161
#	Citic Telecom International Holdings, Ltd.	4,388,000		972,859
*	City e-Solutions, Ltd.	186,000		20,676
#	City Telecom, Ltd.	1,540,751		734,713
	CK Life Sciences International Holdings, Inc.	12,548,000		543,064
*	Climax International Co., Ltd.	40,700		131
	CNT Group, Ltd.	8,315,264		393,980
*	COL Capital, Ltd.	2,725,840		353,730
	Computer & Technologies Holdings, Ltd.	432,000		83,012
	Continental Holdings, Ltd.	5,148,250		73,028
	Cosmos Machinery Enterprises, Ltd.	1,616,400		114,800
*	Cosway Corp., Ltd.	1,950,000		256,827
*	CP Lotus Corp., Ltd.	11,420,000		319,479
	Cross-Harbour Holdings, Ltd. (The)	659,520		522,684

119

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
HONG KONG — (Continued)
	CSI Properties, Ltd.	22,229,625	$	545,048
*	CST Mining Group, Ltd.	71,688,000		993,897
*	Culture Landmark Investment, Ltd.	10,196,000		143,807
*	Culturecom Holdings, Ltd.	965,000		90,898
	Dah Sing Banking Group, Ltd.	1,071,840		1,042,793
	Dah Sing Financial Holdings, Ltd.	480,950		1,489,976
*	Dan Form Holdings Co., Ltd.	3,261,260		263,880
	DBA Telecommunication Asia Holdings, Ltd.	1,812,000		537,146
#*	Dejin Resources Group Co., Ltd.	23,892,000		249,106
	Dickson Concepts International, Ltd.	924,500		530,454
*	Digitalhongkong.com	25,388		3,151
*	Doxen Energy Group, Ltd.	542,796		103,830
*	Dragonite International, Ltd.	330,000		2,719
	DVN Holdings, Ltd.	2,183,000		80,406
	Dynamic Holdings, Ltd.	374,000		58,703
	Eagle Nice International Holdings, Ltd.	1,078,000		170,049
	EcoGreen Fine Chemicals Group, Ltd.	1,112,000		296,154
*	Eforce Holdings, Ltd.	2,024,000		3,826
*	EganaGoldpfeil Holdings, Ltd.	4,121,757		—
*	e-Kong Group, Ltd.	620,000		30,874
	Emperor Entertainment Hotel, Ltd.	2,440,000		398,523
	Emperor International Holdings, Ltd.	5,836,753		968,640
#	Emperor Watch & Jewellery, Ltd.	9,550,000		1,554,693
#*	ENM Holdings, Ltd.	15,112,000		1,180,784
*	Enviro Energy International Holdings, Ltd.	4,138,000		123,224
*	EPI Holdings, Ltd.	4,259,927		103,476
*	eSun Holdings, Ltd.	2,322,000		425,147
	EVA Precision Industrial Holdings, Ltd.	5,544,000		1,431,744
*	Ezcom Holdings, Ltd.	72,576		448
	Fairwood, Ltd.	337,600		438,858
	Far East Consortium International, Ltd.	4,570,342		793,937
*	Far East Technology International, Ltd.	179,520		17,793
*	First Natural Foods Holdings, Ltd.	2,365,000		—
#*	Fook Woo Group Holdings, Ltd.	952,000		179,884
*	Foundation Group, Ltd.	2,350,000		35,392
	Fountain SET Holdings, Ltd.	4,622,000		562,041
	Four Seas Mercantile Holdings, Ltd.	592,000		159,306
*	Frasers Property China, Ltd.	16,477,000		353,644
*	Freeman Corp., Ltd.	6,328,888		37,912
	Fujikon Industrial Holdings, Ltd.	912,000		107,627
*	Genting Hong Kong, Ltd.	17,000		5,327
	Get Nice Holdings, Ltd.	19,044,000		846,356
	Giordano International, Ltd.	7,162,000		5,374,945
*	Global Tech Holdings, Ltd.	5,498,000		23,222
#	Glorious Sun Enterprises, Ltd.	2,662,000		871,411
	Gold Peak Industries Holding, Ltd.	3,118,642		317,473
	Golden Resources Development International, Ltd.	3,330,500		170,145
	Goldin Financial Holdings, Ltd.	480,000		49,268
*	Goldin Properties Holdings, Ltd.	2,040,000		700,772
	Golik Holdings, Ltd.	250,500		17,395
*	Good Fellow Resources Holdings, Ltd.	1,670,000		64,001
*	Grande Holdings, Ltd.	882,000		46,548
	Great Eagle Holdings, Ltd.	355,499		784,126
*	Greenheart Group, Ltd.	1,626,000		124,788
*	G-Resources Group, Ltd.	52,053,000		3,139,591
*	Group Sense International, Ltd.	2,448,000		51,150
*	Guangnan Holdings, Ltd.	2,249,600		299,724
*	Guojin Resources Holdings, Ltd.	594,295		2,892
	Haitong International Securities Group, Ltd.	1,203,586		469,270
*	Hang Fung Gold Technology, Ltd.	1,972,482		—
#	Hang Ten Group Holdings, Ltd.	2,254,000		490,401

120

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
HONG KONG — (Continued)
	Hannstar Board International Holdings, Ltd.	1,446,000	$	227,542
	Hanny Holdings, Ltd.	747,979		20,856
*	Hans Energy Co., Ltd.	7,556,000		116,166
	Harbour Centre Development, Ltd.	957,500		1,064,500
*	Hengli Commercial Properties Group, Ltd.	336,000		20,233
	High Fashion International, Ltd.	268,000		98,882
	HKR International, Ltd.	5,895,136		2,437,443
	Hon Kwok Land Investment Co., Ltd.	314,800		102,989
*	Hong Fok Land, Ltd.	1,210,000		1,558
	Hong Kong Ferry Holdings, Ltd.	809,300		632,312
	Hong Kong Food Investment Holdings, Ltd.	202,184		22,187
	Hongkong Chinese, Ltd.	4,774,000		757,355
	Hop Fung Group Holdings, Ltd.	888,000		62,256
#	Hsin Chong Construction Group, Ltd.	1,569,658		267,097
*	Huafeng Group Holdings, Ltd.	6,713,325		153,347
	Hung Hing Printing Group, Ltd.	1,188,000		281,437
	Hutchison Harbour Ring, Ltd.	9,432,000		804,893
	Hutchison Telecommunications Hong Kong Holdings, Ltd.	1,218,000		433,039
*	Hybrid Kinetic Group, Ltd.	14,884,000		140,586
*	HyComm Wireless, Ltd.	89,090		20,463
*	I-Cable Communications, Ltd.	531,000		32,147
*	IDT International, Ltd.	6,240,183		87,568
*	Imagi International Holdings, Ltd.	17,320,000		450,204
	iOne Holdings, Ltd.	3,140,000		24,868
	IPE Group, Ltd.	2,060,000		164,345
#	IT, Ltd.	2,802,532		1,745,406
	ITC Corp., Ltd.	893,645		30,420
*	ITC Properties Group, Ltd.	3,645,747		821,611
#*	Jinchuan Group International Resources Co., Ltd.	1,104,000		254,715
*	Jinhui Holdings, Ltd.	384,000		65,441
*	Jiuzhou Development Co., Ltd.	2,558,000		160,199
	JLF Investment Co., Ltd.	3,293,500		204,931
	Joyce Boutique Holdings, Ltd.	1,530,000		140,857
	Junefield Department Store Group, Ltd.	306,000		21,798
#	K Wah International Holdings, Ltd.	5,583,405		1,508,992
	Kam Hing International Holdings, Ltd.	1,974,000		196,332
	Kantone Holdings, Ltd.	14,737,990		169,978
*	Karl Thomson Holdings, Ltd.	1,188,000		53,049
	Karrie International Holdings, Ltd.	1,383,600		66,092
	Keck Seng Investments (Hong Kong), Ltd.	904,600		374,820
	Kin Yat Holdings, Ltd.	586,000		116,068
*	King Pacific International Holdings, Ltd.	1,404,200		22,051
*	King Stone Energy Group, Ltd.	2,822,000		296,700
	Kingmaker Footwear Holdings, Ltd.	1,476,955		237,387
#	Kingston Financial Group, Ltd.	11,717,000		1,244,024
	Kith Holdings, Ltd.	204,000		29,994
*	Kiu Hung Energy Holdings, Ltd.	10,810,000		115,879
*	Ko Yo Chemical Group, Ltd.	16,260,000		288,280
*	Kowloon Development Co., Ltd.	1,588,000		1,528,034
*	KTP Holdings, Ltd.	560,400		54,447
	Kwoon Chung Bus Holdings, Ltd.	556,000		123,470
*	Lai Sun Development Co., Ltd.	44,552,800		931,040
*	Lai Sun Garment International, Ltd.	2,770,000		254,737
	Lam Soon Hong Kong, Ltd.	302,310		194,860
*	Leading Spirit High-Tech Holdings Co., Ltd.	2,310,000		2,973
#	Lee & Man Handbags, Ltd.	1,420,000		102,358
#	Lee & Man Holdings, Ltd.	1,420,000		959,599
	Lee’s Pharmaceutical Holdings, Ltd.	5,000		1,894
	Lerado Group Holdings Co., Ltd.	1,900,000		178,324
	Li Heng Chemical Fibre Technologies, Ltd.	2,023,000		197,607
	Lippo China Resources, Ltd.	8,092,000		185,270

121

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
HONG KONG — (Continued)
	Lippo, Ltd.	1,195,700	$	386,791
*	Lisi Group Holdings, Ltd.	4,262,000		198,010
	Liu Chong Hing Investment, Ltd.	775,200		737,180
*	Longrun Tea Group Co., Ltd.	1,900,000		88,927
	Luen Thai Holdings, Ltd.	1,345,000		110,164
	Luk Fook Holdings International, Ltd.	94,000		403,608
#	Luks Industrial Group, Ltd.	428,913		91,953
*	Lung Cheong International Holdings, Ltd.	6,790,000		244,369
	Lung Kee (Bermuda) Holdings, Ltd.	1,597,875		844,700
*	Madex International Holdings, Ltd.	3,182,000		52,108
	Magnificent Estates, Ltd.	13,184,000		419,189
	Mainland Headwear Holdings, Ltd.	765,600		66,003
	Man Yue Technology Holdings, Ltd.	1,064,000		202,204
#*	Mascotte Holdings, Ltd.	7,688,000		364,416
	Matrix Holdings, Ltd.	1,067,414		241,801
*	Mei Ah Entertainment Group, Ltd.	11,040,000		190,731
	Melbourne Enterprises, Ltd.	40,500		590,839
#	Melco International Development, Ltd.	3,309,000		2,644,969
#	Midland Holdings, Ltd.	2,934,000		1,435,058
	Ming Fai International Holdings, Ltd.	1,680,000		244,533
*	Ming Fung Jewellery Group, Ltd.	9,050,000		651,929
	Miramar Hotel & Investment Co., Ltd.	772,000		814,549
	Modern Beauty Salon Holdings, Ltd.	160,000		16,558
*	Mongolia Energy Corp., Ltd.	10,603,000		1,031,156
*	Nan Nan Resources Enterprise, Ltd.	330,000		34,180
	Nanyang Holdings, Ltd.	137,500		371,102
	National Electronics Holdings, Ltd.	2,266,000		207,440
	Natural Beauty Bio-Technology, Ltd.	4,470,000		680,125
#	Neo-Neon Holdings, Ltd.	1,898,000		324,180
	Net2Gather China Holdings, Ltd.	8,139,720		180,246
	New Century Group Hong Kong, Ltd.	13,351,464		308,898
*	New Focus Auto Tech Holdings, Ltd.	104,000		30,327
*	New Smart Energy Group, Ltd.	23,975,000		308,606
#*	New Times Energy Corp., Ltd.	25,952,000		162,072
	Neway Group Holdings, Ltd.	24,579,087		255,120
	NewOcean Green Energy Holdings, Ltd.	3,032,000		600,952
*	Next Media, Ltd.	3,725,183		323,415
*	Ngai LiK Industrial Holdings, Ltd.	252,200		19,478
*	Norstar Founders Group, Ltd.	3,256,000		—
#*	North Asia Resources Holdings, Ltd.	2,108,600		118,222
#*	Orange Sky Golden Harvest Entertainment Holdings, Ltd.	6,229,706		300,800
*	Orient Power Holdings, Ltd.	804,000		19,456
#	Oriental Watch Holdings, Ltd.	1,604,800		925,908
	Pacific Andes International Holdings, Ltd.	5,262,919		509,184
	Pacific Basin Shipping, Ltd.	7,551,000		3,443,034
*	Pacific Century Premium Developments, Ltd.	4,403,000		666,786
	Pacific Textile Holdings, Ltd.	1,750,000		984,777
	Paliburg Holdings, Ltd.	3,152,830		992,121
*	Pan Asia Environmental Protection Group, Ltd.	1,258,432		124,128
	Paul Y Engineering Group, Ltd.	77,759		8,399
#*	Peace Mark Holdings, Ltd.	2,738,022		—
	Pearl Oriental Innovation, Ltd.	5,886,800		599,538
	Pegasus International Holdings, Ltd.	226,000		35,650
	Pico Far East Holdings, Ltd.	3,910,000		696,139
*	PME Group, Ltd.	6,410,000		173,260
*	PNG Resources Holdings, Ltd.	16,626,362		221,551
	Pokfulam Development Co., Ltd.	234,000		233,657
	Polytec Asset Holdings, Ltd.	10,763,526		942,232
	Public Financial Holdings, Ltd.	3,194,000		1,351,210
	PYI Corp., Ltd.	12,919,134		396,819
*	Pyxis Group, Ltd.	1,936,000		42,364

122

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
HONG KONG — (Continued)
*	QPL International Holdings, Ltd.	603,000	$	16,940
	Raymond Industrial, Ltd.	1,383,400		136,351
	Regal Hotels International Holdings, Ltd.	2,415,800		804,992
*	Richfield Group Holdings, Ltd.	2,624,000		154,366
*	Rising Development Holdings, Ltd.	2,278,000		302,667
	Rivera Holdings, Ltd.	5,710,000		150,673
	Roadshow Holdings, Ltd.	1,456,000		113,571
	Royale Furniture Holdings, Ltd.	1,480,387		448,025
	S.A.S. Dragon Holdings, Ltd.	1,212,000		269,022
#	Sa Sa International Holdings, Ltd.	1,168,000		694,370
	Safety Godown Co., Ltd.	398,000		254,510
	Samling Global, Ltd.	6,160,000		354,096
	Samson Paper Holdings, Ltd.	1,800,000		80,748
*	San Miguel Brewery Hong Kong, Ltd.	612,800		93,197
*	Sanyuan Group, Ltd.	415,000		8,013
	SEA Holdings, Ltd.	1,140,000		503,127
*	SEEC Media Group, Ltd.	136,000		4,664
*	Sheng Yuan Holdings, Ltd.	210,000		12,530
#	Shenyin Wanguo, Ltd.	1,297,500		386,282
	Shenzhen High-Tech Holdings, Ltd.	812,000		46,196
*	Shougang Concord Grand Group, Ltd.	2,451,000		86,267
*	Shougang Concord Technology Holdings, Ltd.	4,201,809		195,624
*	Shun Ho Resources Holdings, Ltd.	483,000		63,036
*	Shun Ho Technology Holdings, Ltd.	1,037,452		131,650
	Shun Tak Holdings, Ltd.	4,333,941		2,029,820
	Sing Tao News Corp., Ltd.	1,974,000		310,544
	Singamas Container Holdings, Ltd.	5,922,000		1,329,703
*	Sino Dragon New Energy Holdings, Ltd.	5,816,000		334,178
*	Sino Gas Group, Ltd.	4,980,000		149,199
*	Sinocan Holdings, Ltd.	350,000		1,757
*	Sinocop Resources Holdings, Ltd.	3,980,000		401,328
*	Sino-Tech International Holdings, Ltd.	27,990,000		323,435
#*	Sinotel Technologies, Ltd.	763,000		80,093
	SIS International Holdings, Ltd.	34,000		11,922
*	Skyfame Realty Holdings, Ltd.	2,737,750		304,440
	SmarTone Telecommunications Holdings, Ltd.	2,051,500		3,794,252
*	SMI Publishing Group, Ltd.	250,511		484
	SOCAM Development, Ltd.	938,771		895,959
*	Solomon Systech International, Ltd.	6,312,000		165,885
*	Soundwill Holdings, Ltd.	12,000		12,953
	South China (China), Ltd.	6,744,000		419,928
	South China Financial Holdings, Ltd.	4,872,000		37,715
*	South China Land, Ltd.	20,847,170		308,451
	Southeast Asia Properties & Finance, Ltd.	289,891		60,134
*	Starlight International Holdings, Ltd.	3,125,325		41,970
	Stella International Holdings, Ltd.	442,074		997,820
	Styland Holdings, Ltd.	129,347		291
*	Success Universe Group, Ltd.	5,552,000		153,980
	Sun Hing Vision Group Holdings, Ltd.	358,000		131,146
	Sun Hung Kai & Co., Ltd.	1,422,621		830,136
#*	Sun Innovation Holdings, Ltd.	10,735,655		187,623
	Sunwah Kingsway Capital Holdings, Ltd.	5,750,000		106,464
*	Sunway International Holdings, Ltd.	866,000		28,278
*	Superb Summit International Timber Co., Ltd.	12,186,600		338,700
#	Sustainable Forest Holdings, Ltd.	10,775,250		271,679
	Synergis Holdings, Ltd.	322,033		28,891
*	Tack Fat Group International, Ltd.	44,480		830
*	Tack Hsin Holdings, Ltd.	1,024,000		306,408
	Tai Cheung Holdings, Ltd.	1,919,000		1,326,205
	Tai Sang Land Development, Ltd.	576,984		213,551
*	Talent Property Group, Ltd.	5,106,420		143,299

123

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
HONG KONG — (Continued)
	Tan Chong International, Ltd.	1,212,000	$	280,493
#	Techtronic Industries Co., Ltd.	4,086,000		3,535,343
*	Termbray Industries International (Holdings), Ltd.	2,304,900		183,544
	Tern Properties Co., Ltd.	51,200		22,068
	Texhong Textile Group, Ltd.	212,000		61,595
	Texwinca Holdings, Ltd.	2,136,000		2,706,129
*	Theme International Holdings, Ltd.	4,130,000		150,600
	Tian Teck Land, Ltd.	1,054,000		911,235
	Tianda Holdings, Ltd.	306,000		17,332
#*	Titan Petrochemicals Group, Ltd.	11,860,000		467,401
*	Tom Group, Ltd.	3,612,000		302,858
	Tongda Group Holdings, Ltd.	10,120,000		315,282
#	Top Form International, Ltd.	2,760,000		147,532
*	Topsearch International Holdings, Ltd.	3,850,000		141,935
	Town Health International Investments, Ltd.	1,175,165		120,885
	Tradelink Electronic Commerce, Ltd.	804,000		101,947
	Transport International Holdings, Ltd.	870,541		1,777,940
	Trinity, Ltd.	1,788,000		1,616,026
	Tristate Holdings, Ltd.	188,000		97,054
*	TSC Group Holdings, Ltd.	1,928,000		258,880
#	Tse Sui Luen Jewellery International, Ltd.	300,000		249,031
	Tungtex Holdings Co., Ltd.	910,000		117,100
	Tysan Holdings, Ltd.	1,040,773		198,922
#	United Laboratories International Holdings, Ltd. (The)	1,948,000		1,503,467
	Universal Technologies Holdings, Ltd.	6,000,000		397,355
*	U-Right International Holdings, Ltd.	4,746,000		8,553
*	Value Convergence Holdings, Ltd.	1,216,000		128,545
#	Value Partners Group, Ltd.	2,678,000		1,540,991
	Van Shung Chong Holdings, Ltd.	2,171,335		119,988
*	Vantage International Holdings, Ltd.	2,778,000		175,495
	Varitronix International, Ltd.	1,072,293		488,221
	Vedan International Holdings, Ltd.	3,272,000		195,975
	Veeko International Holdings, Ltd.	4,423,751		137,936
	Victory City International Holdings, Ltd.	3,225,076		347,435
*	Vision Values Holdings, Ltd.	281,400		6,834
*	Vital Group Holdings, Ltd.	470,000		61,919
	Vitasoy International Holdings, Ltd.	3,623,000		2,557,528
*	Vongroup, Ltd.	10,865,000		52,152
*	VST Holdings, Ltd.	2,312,000		367,850
	Wah Ha Realty Co., Ltd.	278,600		101,462
#*	Wah Nam International Holdings, Ltd.	22,765,720		1,929,225
	Wai Kee Holdings, Ltd.	7,960,738		1,336,802
	Wai Yuen Tong Medicine Holdings, Ltd.	1,664,341		16,492
	Wang On Group, Ltd.	8,391,286		77,639
*	Warderly International Holdings, Ltd.	520,000		32,129
	Water Oasis Group, Ltd.	1,632,000		146,555
	Win Hanverky Holdings, Ltd.	1,712,000		145,799
*	Winfoong International, Ltd.	1,331,000		11,810
#*	Wing Hing International Holdings, Ltd.	7,970,000		303,592
	Wing On Co. International, Ltd.	781,000		1,552,912
	Wing Tai Properties, Ltd.	1,957,331		678,495
*	Winteam Pharmaceutical Group, Ltd.	4,264,000		605,673
*	Wo Kee Hong Holdings, Ltd.	725,000		43,091
	Wong’s International (Holdings), Ltd.	737,641		135,515
	Wong’s Kong King International Holdings, Ltd.	120,000		12,015
	Xingye Copper International Group, Ltd.	1,615,000		228,189
	Y. T. Realty Group, Ltd.	865,000		214,931
	Yangtzekiang Garment, Ltd.	606,500		159,459
	Yau Lee Holdings, Ltd.	534,000		67,909
	Yeebo (International Holdings), Ltd.	572,000		106,136
#	YGM Trading, Ltd.	362,000		845,982

124

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
HONG KONG — (Continued)
	Yugang International, Ltd.	93,492,000	$	618,808
TOTAL HONG KONG				168,120,916
MALAYSIA — (0.0%)
*	Autoways Holdings Berhad	10,000		4,205
*	Rekapacific Berhad	473,000		—
TOTAL MALAYSIA				4,205
NEW ZEALAND — (5.5%)
	Abano Healthcare Group, Ltd.	26,266		94,479
#	Air New Zealand, Ltd.	2,209,230		1,867,093
	Auckland International Airport, Ltd.	1,384,681		2,614,436
	Cavalier Corp., Ltd.	283,674		662,832
	CDL Investments (New Zealand), Ltd.	395,965		98,518
	Colonial Motor Co., Ltd.	148,846		318,601
	Ebos Group, Ltd.	175,110		976,174
*	Fisher & Paykel Appliances Holdings, Ltd.	3,072,837		1,121,184
	Fisher & Paykel Healthcare Corp., Ltd.	2,659,497		4,946,589
	Freightways, Ltd.	747,545		2,043,139
	Hallenstein Glasson Holdings, Ltd.	242,461		731,171
*	Heartland New Zealand, Ltd.	173,369		72,551
	Hellaby Holdings, Ltd.	344,804		774,852
	Infratil, Ltd.	2,240,331		3,335,483
	Mainfreight, Ltd.	410,596		3,216,458
	Methven, Ltd.	70,490		67,493
	Michael Hill International, Ltd.	1,534,152		1,073,236
	Millennium & Copthorne Hotels (New Zealand), Ltd.	1,387,344		430,391
	New Zealand Exchange, Ltd.	358,081		673,519
	New Zealand Oil & Gas, Ltd.	1,873,428		1,051,685
	New Zealand Refining Co., Ltd.	614,710		1,574,896
	Northland Port Corp. (New Zealand), Ltd.	217,513		243,451
#	Nuplex Industries, Ltd.	1,009,646		2,118,717
*	Pike River Coal, Ltd.	490,805		—
	Port of Tauranga, Ltd.	528,322		4,135,066
	Pumpkin Patch, Ltd.	606,913		340,991
	Pyne Gould Corp., Ltd.	173,369		44,733
*	Pyne Gould Guinness, Ltd.	336,600		111,074
*	Rakon, Ltd.	346,364		192,272
	Restaurant Brands New Zealand, Ltd.	395,866		687,827
*	Richina Pacific, Ltd.	274,180		79,827
*	Rubicon, Ltd.	1,113,829		353,766
	Ryman Healthcare, Ltd.	1,665,657		3,629,957
	Sanford, Ltd.	393,618		1,512,302
	Scott Technology, Ltd.	34,446		43,607
*	Seafresh Fisheries, Ltd.	80,520		1,823
	Skellerup Holdings, Ltd.	274,790		289,834
	Sky City Entertainment Group, Ltd.	2,938,887		8,361,441
	Sky Network Television, Ltd.	940,466		4,163,442
	South Port (New Zealand), Ltd.	30,744		84,538
	Steel & Tube Holdings, Ltd.	389,046		735,053
*	Tenon, Ltd.	19,132		9,764
	Tourism Holdings, Ltd.	274,867		135,085
	Tower, Ltd.	889,946		978,723
*	TrustPower, Ltd.	29,925		175,153
	Vector, Ltd.	968,771		2,020,989
	Warehouse Group, Ltd.	524,171		1,425,476
TOTAL NEW ZEALAND				59,619,691
SINGAPORE — (9.4%)
#*	Abterra, Ltd.	528,800		347,031

125

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
SINGAPORE — (Continued)
	Advanced Holdings, Ltd.	691,000	$	75,532
	Armstrong Industrial Corp., Ltd.	1,236,000		238,628
*	Asiasons Capital, Ltd.	1,023,000		151,277
*	Asiatravel.com Holdings, Ltd.	17,879		4,985
	ASL Marine Holdings, Ltd.	719,600		305,030
	A-Sonic Aerospace, Ltd.	408,996		17,202
	AusGroup, Ltd.	1,915,000		561,265
	Baker Technology, Ltd.	1,272,000		274,669
#*	Ban Joo & Co., Ltd.	2,179,000		12,021
	Banyan Tree Holdings, Ltd.	955,000		596,489
	Beng Kuang Marine, Ltd.	922,000		112,654
	Best World International, Ltd.	221,500		27,989
	Beyonics Technology, Ltd.	6,510,300		1,288,007
#	BH Global Marine, Ltd.	621,000		96,166
*	Biosensors International Group, Ltd.	3,419,237		3,811,638
	Bonvests Holdings, Ltd.	978,000		734,570
	Boustead Singapore, Ltd.	887,000		579,335
#	Breadtalk Group, Ltd.	385,800		157,376
#	Broadway Industrial Group, Ltd.	922,000		247,924
	Brothers Holdings, Ltd.	454,628		65,216
	Bukit Sembawang Estates, Ltd.	409,003		1,266,478
*	Bund Center Investment, Ltd.	1,014,000		131,975
	CEI Contract Manufacturing, Ltd.	432,000		34,405
	Cerebos Pacific, Ltd.	545,000		2,076,105
	CH Offshore, Ltd.	1,539,400		497,971
*	Changjiang Fertilizer Holdings, Ltd.	515		78
	China Aviation Oil Singapore Corp., Ltd.	936,000		708,691
*	China Dairy Group, Ltd.	1,502,000		157,617
*	China Energy, Ltd.	3,110,000		134,129
	China Merchants Holdings Pacific, Ltd.	809,000		371,823
	China Sunsine Chemical Holdings, Ltd.	28,000		5,330
	China XLX Fertiliser, Ltd.	618,000		152,285
	Chip Eng Seng Corp., Ltd.	1,972,800		583,874
	Chosen Holdings, Ltd.	1,202,000		115,535
	Chuan Hup Holdings, Ltd.	3,967,000		689,673
*	Compact Metal Industries, Ltd.	643,000		2,050
#	Creative Technology, Ltd.	272,200		592,314
	CSC Holdings, Ltd.	1,829,000		145,682
	CSE Global, Ltd.	2,046,000		1,362,271
	CWT, Ltd.	1,046,700		867,024
	Datapulse Technology, Ltd.	27,000		4,716
*	Delong Holdings, Ltd.	1,361,000		354,551
*	Digiland International, Ltd.	11,763,000		9,374
	Ellipsiz, Ltd.	123,000		9,027
	EnGro Corp, Ltd.	354,000		227,251
*	Enviro-Hub Holdings, Ltd.	1,445,666		112,445
	Etika International Holdings, Ltd.	179,000		37,962
	Eu Yan Sang International, Ltd.	562,800		336,082
*	Eucon Holdings, Ltd.	1,274,000		19,890
*	euNetworks Group, Ltd.	411,000		4,850
	Ezion Holdings, Ltd.	1,968,000		903,026
#	Ezra Holdings, Ltd.	2,321,000		1,784,785
	F.J. Benjamin Holdings, Ltd.	1,210,000		334,611
	Falcon Energy Group, Ltd.	1,007,000		206,329
*	Federal International 2000, Ltd.	1,675,350		50,047
#	First Resources, Ltd.	2,043,000		2,287,368
	Food Empire Holdings, Ltd.	1,094,400		288,559
*	Fragrance Group, Ltd.	2,749,000		703,431
	Freight Links Express Holdings, Ltd.	4,140,737		195,163
*	Fu Yu Corp., Ltd.	3,544,750		182,422
#*	Gallant Venture, Ltd.	2,386,000		553,124

126

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
SINGAPORE — (Continued)
	GK Goh Holdings, Ltd.	1,458,000	$	843,242
	Global Yellow Pages, Ltd.	299,000		24,335
#*	GMG Global, Ltd.	4,489,000		831,899
	Goodpack, Ltd.	1,160,000		1,546,016
	GP Batteries International, Ltd.	343,000		277,280
	GP Industries, Ltd.	2,872,209		983,127
*	Grand Banks Yachts, Ltd.	250,000		57,778
*	GuocoLand, Ltd.	463,564		697,302
*	GuocoLeisure, Ltd.	1,161,000		558,206
	Guthrie GTS, Ltd.	234,000		88,669
*	Healthway Medical Corp., Ltd.	4,193,776		289,174
	Hersing Corp., Ltd.	1,285,000		245,137
*	HG Metal Manufacturing, Ltd.	426,000		27,720
	Hiap Seng Engineering, Ltd.	612,000		133,203
	Hi-P International, Ltd.	1,203,000		546,815
	Ho Bee Investment, Ltd.	1,063,000		1,078,936
*	Hong Fok Corp., Ltd.	2,769,700		939,296
	Hong Leong Asia, Ltd.	522,000		810,445
	Hotel Grand Central, Ltd.	1,182,535		672,972
	Hotel Properties, Ltd.	1,346,400		2,151,806
	Hour Glass, Ltd.	622,744		552,206
	HTL International Holdings, Ltd.	1,063,843		280,639
#*	Huan Hsin Holdings, Ltd.	1,106,400		272,250
	HupSteel, Ltd.	1,572,875		247,061
	Hwa Hong Corp., Ltd.	2,186,000		778,159
#	Hyflux, Ltd.	2,347,500		2,665,905
	IFS Capital, Ltd.	421,080		127,752
*	Informatics Education, Ltd.	2,722,000		126,384
	InnoTek, Ltd.	846,000		250,019
	Intraco, Ltd.	390,500		61,219
	IPC Corp., Ltd.	724,000		62,105
	Isetan (Singapore), Ltd.	122,500		317,792
	Jadason Enterprises, Ltd.	728,000		33,936
*	Jasper Investments, Ltd.	90,680		4,949
*	Jaya Holdings, Ltd.	1,468,000		557,274
*	JES International Holdings, Ltd.	2,096,000		296,608
*	Jiutian Chemical Group, Ltd.	2,337,000		99,635
#*	Jurong Technologies Industrial Corp., Ltd.	2,227,680		—
	K1 Ventures, Ltd.	3,349,500		275,134
#	Keppel Telecommunications & Transportation, Ltd.	1,409,600		1,343,207
	Khong Guan Flour Milling, Ltd.	35,000		40,724
	Kian Ann Engineering, Ltd.	1,276,000		221,172
	Kian Ho Bearings, Ltd.	664,500		127,488
	Koh Brothers Group, Ltd.	1,312,000		190,796
*	Lafe Corp., Ltd.	1,234,800		56,853
	LC Development, Ltd.	2,631,504		312,182
	Lee Kim Tah Holdings, Ltd.	1,600,000		725,444
*	Lion Asiapac, Ltd.	473,000		67,403
	Lum Chang Holdings, Ltd.	1,042,030		247,473
	M1, Ltd.	1,701,000		3,322,079
#*	Manhattan Resources, Ltd.	960,000		760,219
#*	MarCo. Polo Marine, Ltd.	608,000		177,936
	Memstar Technology, Ltd.	1,114,000		41,137
	Memtech International, Ltd.	1,322,000		104,198
#	Mercator Lines Singapore, Ltd.	555,000		61,380
	Metro Holdings, Ltd.	2,085,792		1,092,788
#	Midas Holdings, Ltd.	4,612,000		1,496,064
*	Mirach Energy, Ltd.	460,000		41,419
	Miyoshi Precision, Ltd.	353,500		19,202
	Multi-Chem, Ltd.	1,263,000		128,493
	Nam Cheong, Ltd.	871,740		84,452

127

The Asia Pacific Small Company Series
continued

		SHARES	VALUE††
SINGAPORE — (Continued)
	Nera Telecommunications, Ltd.	1,079,000	$	308,405
	New Toyo International Holdings, Ltd.	1,624,000		289,332
	Novo Group, Ltd.	55,500		9,288
	NSL, Ltd.	417,000		417,089
#*	Oceanus Group, Ltd.	5,528,000		483,054
#	OKP Holdings, Ltd.	207,000		91,738
	Orchard Parade Holdings, Ltd.	990,359		1,124,995
#	OSIM International, Ltd.	1,356,000		1,333,086
	Ossia International, Ltd.	522,554		55,223
#	Otto Marine, Ltd.	2,451,000		258,888
	Pan Pacific Hotels Group, Ltd.	1,669,500		2,486,716
	Pan-United Corp., Ltd.	2,006,000		696,524
*	Penguin International, Ltd.	400,000		24,868
	Petra Foods, Ltd.	871,000		1,177,343
	Popular Holdings, Ltd.	2,763,650		348,972
	PSC Corp., Ltd.	1,823,419		273,576
	QAF, Ltd.	907,561		431,196
	Qian Hu Corp., Ltd.	674,600		45,374
#	Raffles Education Corp., Ltd.	2,355,593		824,494
#	Raffles Medical Group, Ltd.	773,067		1,374,977
	Rotary Engineering, Ltd.	1,143,600		579,050
	Roxy-Pacific Holdings, Ltd.	214,000		67,738
*	S i2i, Ltd.	13,387,000		616,320
	San Teh, Ltd.	999,087		465,959
*	Sapphire Corp., Ltd.	704,000		89,755
	SBS Transit, Ltd.	953,500		1,333,875
	SC Global Developments, Ltd.	416,000		375,874
*	Seroja Investments, Ltd.	17,767		2,807
	Sim Lian Group, Ltd.	2,070,000		853,522
*	Sinarmas Land, Ltd.	4,095,000		670,881
	Sing Investments & Finance, Ltd.	198,450		228,686
	Singapore Land, Ltd.	60,000		279,584
	Singapore Post, Ltd.	3,458,120		2,815,957
	Singapore Reinsurance Corp., Ltd.	1,514,530		317,185
	Singapore Shipping Corp., Ltd.	1,689,000		247,780
	Singapura Finance, Ltd.	174,062		212,241
	Sinostar PEC Holdings, Ltd.	160,000		15,104
*	Sinwa, Ltd.	388,500		33,839
	SMB United, Ltd.	1,253,000		296,867
#	Sound Global, Ltd.	1,432,000		629,770
	Stamford Land Corp., Ltd.	2,927,000		1,341,727
	Straco Corp., Ltd.	130,000		17,499
	Sunningdale Tech, Ltd.	2,086,000		161,173
#	Sunvic Chemical Holdings, Ltd.	1,056,000		468,167
#	Super Group, Ltd.	1,022,000		1,215,833
	Superbowl Holdings, Ltd.	522,000		111,294
#*	Swiber Holdings, Ltd.	1,697,000		800,557
#*	Swissco Holdings, Ltd.	579,000		93,712
	Tat Hong Holdings, Ltd.	1,116,800		592,401
#	Technics Oil & Gas, Ltd.	583,000		408,744
	Thakral Corp., Ltd.	6,028,000		122,939
#*	Tiger Airways Holdings, Ltd.	1,798,500		1,093,290
	Tiong Woon Corp. Holding, Ltd.	901,000		162,853
*	Transcu Group, Ltd.	4,936,000		196,685
	Trek 2000 International, Ltd.	973,000		236,507
#	Tuan Sing Holdings, Ltd.	3,613,475		838,754
#	UMS Holdings, Ltd.	1,082,000		289,371
#	United Engineers, Ltd.	730,014		1,086,442
#	United Envirotech, Ltd.	1,098,000		303,145
	United Industrial Corp., Ltd.	230,000		493,090
	United Overseas Insurance, Ltd.	187,250		477,720

128

The Asia Pacific Small Company Series
continued

		SHARES		VALUE††
SINGAPORE — (Continued)
	UOB-Kay Hian Holdings, Ltd.		1,475,400	$	1,802,916
	Venture Corp., Ltd.		431,000		2,298,702
	Vicom, Ltd.		120,000		327,593
#	WBL Corp., Ltd.		597,000		1,490,487
#	Wee Hur Holdings, Ltd.		979,000		216,528
	Wheelock Properties, Ltd.		1,210,000		1,540,296
	Wing Tai Holdings, Ltd.		1,974,000		2,002,434
	Xpress Holdings, Ltd.		3,079,000		80,902
	YHI International, Ltd.		1,174,000		284,908
*	Yoma Strategic Holdings, Ltd.		132,000		8,489
	Yongnam Holdings, Ltd.		3,921,000		727,790
TOTAL SINGAPORE					102,160,701
TOTAL COMMON STOCKS					891,942,006
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
*	Arafura Resources, Ltd. Rights 11/22/11		364,583		3,842
*	Centrebet International, Ltd. Litigation Rights		81,336		—
*	Industrial Minerals Corp., Ltd. Warrants 06/08/13		545		22
TOTAL AUSTRALIA					3,864
HONG KONG — (0.0%)
*	Allied Properties, Ltd. Warrants 06/13/16		2,449,571		40,990
SINGAPORE — (0.0%)
*	Sinarmas Land, Ltd. Warrants 11/18/15		877,451		62,935
*	Transcu Group, Ltd. Warrants 09/01/13		1,018,000		16,226
TOTAL SINGAPORE					79,161
TOTAL RIGHTS/WARRANTS					124,015
		SHARES/
		FACE
		AMOUNT		VALUE†
		(000)
SECURITIES LENDING COLLATERAL — (18.0%)
§@	DFA Short Term Investment Fund	194,946,384			194,946,384
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%,
	11/01/11 (Collateralized by FNMA 3.500%, 11/01/31, valued at
	$507,060) to be repurchased at $497,120	$	497		497,118
TOTAL SECURITIES LENDING COLLATERAL					195,443,502
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,048,582,657)			$	1,087,509,523

129

THE UNITED KINGDOM SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

OCTOBER 31, 2011

		SHARES	VALUE††
COMMON STOCKS — (99.5%)
Consumer Discretionary — (22.6%)
	4imprint Group P.L.C.	96,735	$	396,550
*	888 Holdings P.L.C.	87,404		46,174
	Aegis Group P.L.C.	3,302,990		7,250,104
	Aga Rangemaster Group P.L.C.	453,866		555,794
	Arena Leisure P.L.C.	1,368,472		835,738
	Avon Rubber P.L.C.	21,719		106,210
*	Barratt Developments P.L.C.	3,809,758		5,428,184
	Bellway P.L.C.	481,114		5,474,561
*	Berkeley Group Holdings P.L.C. (The)	511,780		10,262,607
	Bloomsbury Publishing P.L.C.	271,841		429,238
	Bovis Homes Group P.L.C.	873,848		6,594,489
	Bwin.Party Digital Entertainment P.L.C.	1,648,895		2,890,559
#	Carpetright P.L.C.	176,546		1,305,026
	Carphone Warehouse Group P.L.C.	417,635		2,349,014
	Centaur Media P.L.C.	556,967		344,391
	Chime Communications P.L.C.	222,427		722,511
	Churchill China P.L.C.	30,000		131,209
	Cineworld Group P.L.C.	58,664		179,236
*	Clinton Cards P.L.C.	740,506		136,923
	Creston P.L.C.	13,626		19,204
	Daily Mail & General Trust P.L.C. Series A	1,068,559		7,147,691
	Debenhams P.L.C.	4,585,455		4,779,639
	Dignity P.L.C.	214,913		2,816,271
*	Dixons Retail P.L.C.	12,217,921		2,319,710
	Domino’s Pizza UK & IRL P.L.C.	225,442		1,653,521
	Dunelm Group P.L.C.	122,119		982,824
*	Enterprise Inns P.L.C.	1,808,533		804,725
	Euromoney Institutional Investor P.L.C.	292,779		3,183,200
*	Findel P.L.C.	4,998,346		307,111
*	Forminster P.L.C.	43,333		2,613
	French Connection Group P.L.C.	373,475		470,749
	Fuller Smith & Turner P.L.C.	129,026		1,446,867
	Future P.L.C.	1,324,863		220,400
	Game Group P.L.C.	1,527,764		473,763
	Games Workshop Group P.L.C.	101,889		712,204
	GKN P.L.C.	3,414,280		10,379,451
	Greene King P.L.C.	1,421,372		10,248,985
	Halfords Group P.L.C.	752,842		3,947,998
	Haynes Publishing Group P.L.C.	14,703		53,219
	Headlam Group P.L.C.	330,383		1,415,107
	Henry Boot P.L.C.	426,786		799,475
#	HMV Group P.L.C.	1,545,882		112,427
	Home Retail Group P.L.C.	2,403,649		3,878,574
	Hornby P.L.C.	154,220		321,344
*	Howden Joinery Group P.L.C.	1,985,001		3,748,715
	Huntsworth P.L.C.	852,060		854,180
	Inchcape P.L.C.	1,915,975		10,215,753
	Informa P.L.C.	2,227,041		12,932,542
*	ITV P.L.C.	8,448,636		8,656,619
*	JD Sports Fashion P.L.C.	120,013		1,608,429
	JD Wetherspoon P.L.C.	462,380		3,200,157
*	JJB Sports P.L.C.	156,013		28,922
	John Menzies P.L.C.	244,534		1,927,674
*	Johnston Press P.L.C.	507,412		39,951
	Kesa Electricals P.L.C.	2,105,278		3,480,437
	Ladbrokes P.L.C.	3,578,739		7,926,071
	Laura Ashley Holdings P.L.C.	1,500,394		480,325
	Lookers P.L.C.	1,097,970		953,238

130

The United Kingdom Small Company Series
continued

		SHARES	VALUE††
Consumer Discretionary — (Continued)
	Marston’s P.L.C.	2,175,504	$	3,382,623
	Mecom Group P.L.C.	200,000		496,967
	Millennium & Copthorne Hotels P.L.C.	1,048,561		7,496,839
*	Mitchells & Butlers P.L.C.	987,029		3,801,743
	Mothercare P.L.C.	342,220		923,322
	N Brown Group P.L.C.	862,304		3,654,064
	Pace P.L.C.	834,489		1,059,376
*	Pendragon P.L.C.	2,428,575		371,246
	Persimmon P.L.C.	1,135,393		9,054,346
	Photo-Me International P.L.C.	3,631		3,604
*	Punch Taverns P.L.C.	2,380,301		401,000
*	Redrow P.L.C.	1,485,274		2,777,962
	Restaurant Group P.L.C.	780,418		3,755,317
	Rightmove P.L.C.	378,372		7,916,679
	Smiths News P.L.C.	705,619		1,085,533
*	Spirit Pub Co. P.L.C.	2,380,301		1,827,527
*	Sportech P.L.C.	329,794		211,801
*	Sports Direct International P.L.C.	670,447		2,469,624
	St. Ives Group P.L.C.	665,998		958,395
*	Stylo P.L.C.	64,096		4,895
*	SuperGroup P.L.C.	29,413		294,381
*	Tandem Group P.L.C. Non-Voting Shares	327,365		—
*	Taylor Wimpey P.L.C.	11,523,893		6,820,670
	Ted Baker P.L.C.	149,926		1,797,251
	Thomas Cook Group P.L.C.	3,076,507		2,552,802
	Topps Tiles P.L.C.	810,881		409,022
*	Torotrak P.L.C.	22,750		12,983
*	Trinity Mirror P.L.C.	1,688,565		1,314,893
	TUI Travel P.L.C.	770,956		2,109,652
	UBM P.L.C.	917,439		7,467,863
	UTV Media P.L.C.	230,855		443,437
	Vitec Group P.L.C. (The)	160,303		1,543,814
*	Wagon P.L.C.	237,979		4,783
	WH Smith P.LC	620,413		5,457,360
	Whitbread P.L.C.	103,235		2,743,095
	William Hill P.L.C.	2,873,883		9,975,029
	Wilmington Group P.L.C.	346,234		469,962
#*	Yell Group P.L.C.	6,668,448		387,122
Total Consumer Discretionary				255,445,585
Consumer Staples — (4.1%)
	A.G. Barr P.L.C.	136,709		2,655,108
	Anglo-Eastern Plantations P.L.C.	108,153		1,113,352
	Booker Group P.L.C.	2,013,499		2,434,972
	Britvic P.L.C.	920,135		4,872,566
	Cranswick P.L.C.	199,793		2,219,528
	Dairy Crest Group P.L.C.	560,392		3,107,552
	Devro P.L.C.	654,975		2,586,838
*	European Home Retail P.L.C.	109,256		—
	Fiberweb P.L.C.	482,639		316,914
	Greggs P.L.C.	422,420		3,465,462
*	Hilton Food Group, Ltd.	1,604		7,130
	McBride P.L.C.	832,651		1,825,247
*	McBride P.L.C. Redeemable B Shares	39,967,248		64,263
*	Premier Foods P.L.C.	7,951,806		500,658
	PZ Cussons P.L.C.	1,287,639		7,603,992
	R.E.A. Holdings P.L.C.	49,233		454,065
	Robert Wiseman Dairies P.L.C.	221,312		1,026,273
	Tate & Lyle P.L.C.	1,074,000		11,236,585
	Thorntons P.L.C.	313,060		215,248
	Young & Co.’s Brewery P.L.C.	35,000		291,174

131

The United Kingdom Small Company Series
continued

		SHARES	VALUE††
Consumer Staples — (Continued)
	Young & Co.’s Brewery P.L.C. Series A	20,936	$	226,689
Total Consumer Staples				46,223,616
Energy — (4.7%)
*	Afren P.L.C.	3,944,497		6,238,755
	Anglo Pacific Group P.L.C.	448,773		1,939,193
*	Cadogan Petroleum P.L.C.	89,523		60,002
*	EnQuest P.L.C.	1,922,771		3,324,326
*	Exillon Energy P.L.C.	106,183		510,821
	Fortune Oil P.L.C.	6,170,225		946,455
*	Hardy Oil & Gas P.L.C.	65,370		160,820
*	Heritage Oil P.L.C.	583,397		2,041,911
	Hunting P.L.C.	462,895		4,931,050
	James Fisher & Sons P.L.C.	171,886		1,531,260
	JKX Oil & Gas P.L.C.	456,676		1,154,387
	John Wood Group P.L.C.	1,034,385		10,241,235
	Lamprell P.L.C.	459,120		1,779,769
	Melrose Resources P.L.C.	336,039		601,932
*	Premier Oil P.L.C.	1,778,192		10,468,183
*	Salamander Energy P.L.C.	538,491		1,715,751
*	Soco International P.L.C.	892,380		4,710,888
*	UK Coal P.L.C.	1,470,907		800,384
Total Energy				53,157,122
Financials — (13.4%)
	Aberdeen Asset Management P.L.C.	2,820,342		8,684,151
	Amlin P.L.C.	1,905,352		8,788,141
	Arbuthnot Banking Group P.L.C.	60,497		309,681
	Ashmore Group P.L.C.	1,022,611		5,705,401
*	BCB Holdings, Ltd.	5,979		3,845
	Beazley P.L.C.	2,046,568		4,128,440
	Brewin Dolphin Holdings P.L.C.	926,221		1,872,438
	Capital & Counties Properties P.L.C.	682,254		1,968,921
*	Capital & Regional P.L.C.	1,493,345		814,476
	Catlin Group, Ltd.	1,357,851		8,637,469
	Charles Stanley Group P.L.C.	126,349		595,256
	Charles Taylor Consulting P.L.C.	139,215		289,862
	Chesnara P.L.C.	306,964		953,638
	Close Brothers Group P.L.C.	561,047		6,376,108
	Collins Stewart Hawkpoint P.L.C.	493,302		482,192
	Daejan Holdings P.L.C.	32,842		1,448,701
	Development Securities P.L.C.	460,015		1,434,412
*	DTZ Holdings P.L.C.	224,770		71,480
	Evolution Group P.L.C.	1,034,580		1,434,810
	F&C Asset Management P.L.C.	1,764,254		2,074,987
	GlobeOp Financial Services SA	21,502		98,512
	Hansard Global P.L.C.	16,468		43,694
	Hardy Underwriting Group P.L.C.	161,307		570,073
	Hargreaves Lansdown P.L.C.	616,496		4,954,059
	Helical Bar P.L.C.	657,998		2,105,708
	Henderson Group P.L.C.	3,838,880		7,392,054
	Hiscox, Ltd.	1,562,751		9,550,834
	IG Group Holdings P.L.C.	1,317,769		9,826,558
*	Industrial & Commercial Holdings P.L.C.	5,000		121
	Intermediate Capital Group P.L.C.	892,250		3,493,734
	International Personal Finance P.L.C.	845,821		3,713,360
*	IP Group P.L.C.	393,072		443,883
	Jardine Lloyd Thompson Group P.L.C.	638,821		7,365,218
*	Jupiter Fund Management P.L.C.	92,588		352,381
	Lancashire Holdings, Ltd.	545,449		6,262,160
*	Liontrust Asset Management P.L.C.	129,935		120,354

132

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continued

		SHARES	VALUE††
Financials — (Continued)
	London Stock Exchange Group P.L.C.	579,642	$	8,368,165
	LSL Property Services P.L.C.	137,031		519,422
*	MWB Group Holdings P.L.C.	379,622		148,650
	Novae Group P.L.C.	212,950		1,003,785
	Phoenix Group Holdings P.L.C.	32,406		271,092
	Provident Financial P.L.C.	541,018		9,615,833
*	Puma Brandenburg, Ltd. Capital Shares	1,193,004		123,807
*	Puma Brandenburg, Ltd. Income Shares	1,193,004		49,523
*	Quintain Estates & Development P.L.C.	959,280		573,252
	Rathbone Brothers P.L.C.	168,876		3,107,508
*	Raven Russia, Ltd.	141,602		125,773
*	Rutland Trust P.L.C.	85,288		—
	S&U P.L.C.	21,140		209,950
	Safestore Holdings P.L.C.	294,888		490,617
	Savills P.L.C.	543,867		2,709,304
	Shore Capital Group, Ltd.	1,193,004		364,796
	St. James’s Place P.L.C.	791,622		4,477,026
	St. Modwen Properties P.L.C.	630,419		1,261,687
	Tullett Prebon P.L.C.	830,878		4,685,140
*	Unite Group P.L.C.	567,169		1,606,760
*	Waterloo Investment Holdings, Ltd.	5,979		673
Total Financials				152,079,875
Health Care — (1.9%)
#*	Alizyme P.L.C.	660,805		42,500
	Assura Group, Ltd.	55,851		35,003
	Axis-Shield P.L.C.	234,766		1,767,600
	Bioquell P.L.C.	90,893		160,248
*	BTG P.L.C.	1,131,735		5,017,212
	Consort Medical P.L.C.	116,271		961,181
	Corin Group P.L.C.	126,637		81,468
	Dechra Pharmaceuticals P.L.C.	238,079		1,878,821
	Genus P.L.C.	192,290		3,165,902
	Hikma Pharmaceuticals P.L.C.	532,214		5,764,299
*	Optos P.L.C.	6,631		21,942
*	Oxford Biomedica P.L.C.	2,821,652		242,118
*	Renovo Group P.L.C.	95,255		22,429
*	Southern Cross Healthcare P.L.C.	191,826		19,277
	Synergy Health P.L.C.	106,913		1,429,399
*	Vectura Group P.L.C.	1,349,073		1,319,507
Total Health Care				21,928,906
Industrials — (30.5%)
*	AEA Technology Group P.L.C.	539,970		17,264
#	Air Partner P.L.C.	37,086		206,537
	Alumasc Group P.L.C.	124,366		284,648
	Ashtead Group P.L.C.	2,124,586		5,286,824
*	Autologic Holdings P.L.C.	80,000		23,032
	Babcock International Group P.L.C.	1,446,405		16,346,634
	Balfour Beatty P.L.C.	2,828,972		11,412,635
	BBA Aviation P.L.C.	2,792,163		7,949,170
	Berendsen P.L.C.	709,591		5,286,736
	Bodycote P.L.C.	1,253,236		5,670,081
	Braemar Shipping Services P.L.C.	81,108		482,355
	Brammer P.L.C.	189,963		825,162
	Bunzl P.L.C.	227,489		2,942,709
	Camellia P.L.C.	2,481		353,821
	Cape P.L.C.	147,406		1,140,986
	Carillion P.L.C.	1,773,138		9,848,482
	Carr’s Milling Industries P.L.C.	35,330		425,412
	Castings P.L.C.	162,757		741,383

133

The United Kingdom Small Company Series
continued

		SHARES	VALUE††
Industrials — (Continued)
	Charter International P.L.C.	664,438	$	9,570,201
	Chemring Group P.L.C.	783,476		6,410,587
	Clarkson P.L.C.	64,187		1,077,461
	Cobham P.L.C.	2,256,164		6,510,754
	Communisis P.L.C.	561,133		228,673
#*	Connaught P.L.C.	307,612		—
	Cookson Group P.L.C.	1,135,834		8,730,616
	Costain Group P.L.C.	139,449		438,000
	De La Rue P.L.C.	387,017		5,242,912
*	easyJet P.L.C.	690,633		3,957,984
*	Eleco P.L.C.	80,000		11,293
	Fenner P.L.C.	715,591		3,903,932
	Firstgroup P.L.C.	1,763,210		9,443,194
	Galliford Try P.L.C.	229,513		1,714,797
	Go-Ahead Group P.L.C.	173,516		3,866,709
*	Hampson Industries P.L.C.	712,146		92,050
	Harvey Nash Group P.L.C.	6,308		6,266
	Hays P.L.C.	5,445,665		6,914,072
*	Helphire P.L.C.	956,560		43,340
	Hogg Robinson Group P.L.C.	142,542		120,459
	Homeserve P.L.C.	1,162,452		6,528,576
	Hyder Consulting P.L.C.	171,164		931,997
	IMI P.L.C.	1,053,765		13,887,888
*	Impellam Group P.L.C.	34,877		156,360
	Interserve P.L.C.	529,664		2,807,051
	Intertek Group P.L.C.	506,207		16,690,015
	Invensys P.L.C.	2,110,010		7,633,539
	ITE Group P.L.C.	1,059,501		3,194,156
	Keller Group P.L.C.	276,404		1,629,137
	Kier Group P.L.C.	152,839		3,447,458
	Latchways P.L.C.	39,288		757,934
	Lavendon Group P.L.C.	500,631		734,886
	Low & Bonar P.L.C.	828,300		596,345
	Management Consulting Group P.L.C.	1,207,875		645,171
	Mears Group P.L.C.	160,046		681,196
	Meggitt P.L.C.	2,465,596		15,216,658
	Melrose P.L.C.	1,583,124		8,361,271
	Michael Page International P.L.C.	1,310,832		8,438,432
	Mitie Group P.L.C.	1,286,774		5,193,280
*	MJ Gleeson Group P.L.C.	195,875		350,354
	Morgan Crucible Co. P.L.C.	1,252,304		5,683,256
	Morgan Sindall P.L.C.	169,608		1,508,754
*	Mouchel Group P.L.C.	469,006		101,074
	National Express Group P.L.C.	1,701,575		6,285,227
*	Northgate P.L.C.	453,699		1,878,151
	PayPoint P.L.C.	105,160		852,521
	Qinetiq P.L.C.	2,474,225		4,637,257
	Regus P.L.C.	3,337,697		4,051,062
*	Renold P.L.C.	20,048		9,672
*	Rentokil Initial P.L.C.	6,753,492		7,788,542
	Ricardo P.L.C.	217,815		1,282,939
*	Richmond Oil & Gas P.L.C.	220,000		—
	Robert Walters P.L.C.	387,999		1,278,520
	Rotork P.L.C.	366,679		9,890,187
	RPS Group P.L.C.	836,994		2,423,962
	Senior P.L.C.	1,762,689		4,699,945
	Severfield-Rowen P.L.C.	371,550		953,159
	Shanks Group P.L.C.	1,786,148		3,168,547
*	SIG P.L.C.	2,074,440		3,196,261
	Smart (J) & Co. (Contractors) P.L.C.	22,500		135,672
	Speedy Hire P.L.C.	1,262,151		415,851

134

The United Kingdom Small Company Series
continued

		SHARES	VALUE††
Industrials — (Continued)
	Spirax-SarCo. Engineering P.L.C.	319,520	$	9,815,375
	Stagecoach Group P.L.C.	1,718,521		6,831,289
	Sthree P.L.C.	330,670		1,510,365
	T Clarke P.L.C.	148,717		102,127
	Tarsus Group P.L.C.	212,372		437,003
	Travis Perkins P.L.C.	922,110		13,042,544
	Tribal Group P.L.C.	132,810		96,699
*	Trifast P.L.C.	359,985		234,334
	UK Mail Group P.L.C.	197,261		652,009
	Ultra Electronics Holdings P.L.C.	283,178		7,224,994
	UmeCo. P.L.C.	196,406		792,754
#	Volex P.L.C.	229,354		1,118,991
	Vp P.L.C.	167,297		584,623
	Wincanton P.L.C.	479,763		557,300
	WS Atkins P.L.C.	501,683		4,614,757
	WSP Group P.L.C.	276,589		1,022,749
#	XP Power, Ltd.	73,546		1,183,333
Total Industrials				345,470,680
Information Technology — (10.1%)
	Acal P.L.C.	104,729		414,988
	Alphameric P.L.C.	127,141		55,064
*	Alterian P.L.C.	179,139		254,115
	Anite P.L.C.	1,166,924		1,247,869
	Aveva Group P.L.C.	289,692		7,334,814
	Computacenter P.L.C.	446,179		2,727,992
	CSR P.L.C.	683,977		1,983,714
	Dialight P.L.C.	111,362		1,340,507
	Diploma P.L.C.	482,456		2,488,642
	Domino Printing Sciences P.L.C.	455,803		4,186,572
	E2V Technologies P.L.C.	346,435		606,146
	Electrocomponents P.L.C.	1,730,514		6,087,562
	Fidessa Group P.L.C.	137,261		3,582,625
	Halma P.L.C.	1,541,075		8,281,224
*	Imagination Technologies Group P.L.C.	961,901		7,071,566
*	Innovation Group P.L.C.	3,208,091		1,014,103
	Kewill P.L.C.	368,863		406,677
*	Kofax P.L.C.	317,667		1,395,918
	Laird P.L.C.	915,289		2,189,761
	Logica P.L.C.	6,339,968		9,513,413
	Micro Focus International P.L.C.	568,939		3,078,051
*	Misys P.L.C.	1,604,251		7,512,729
	Moneysupermarket.com Group P.L.C.	483,650		817,704
*	NCC Group P.L.C.	694		7,397
	Oxford Instruments P.L.C.	217,414		2,676,982
	Phoenix IT Group, Ltd.	204,552		640,295
	Premier Farnell P.L.C.	1,467,203		4,116,268
	Psion P.L.C.	500,223		402,048
	PV Crystalox Solar P.L.C.	956,033		116,984
	Renishaw P.L.C.	188,423		2,951,907
	RM P.L.C.	363,499		391,222
	SDL P.L.C.	338,168		3,574,969
	Spectris P.L.C.	515,234		10,526,946
	Spirent Communications P.L.C.	2,622,105		5,257,721
*	Telecity Group P.L.C.	633,394		6,082,300
	TT electronics P.L.C.	635,179		1,602,182
#	Vislink P.L.C.	274,226		69,306
*	Wolfson Microelectronics P.L.C.	504,759		950,189
	Xaar P.L.C.	251,590		984,190
*	Xchanging P.L.C.	701,347		767,877
Total Information Technology				114,710,539

135

The United Kingdom Small Company Series
continued

		SHARES	VALUE†
Materials — (7.3%)
	African Barrick Gold, Ltd.	73,625	$	637,671
	British Polythene Industries P.L.C.	102,332		527,324
	Carclo P.L.C.	214,230		1,001,103
*	Centamin Egypt, Ltd.	2,597,619		4,557,087
*	Central Rand Gold, Ltd.	388,384		2,496
	Croda International P.L.C.	520,183		14,624,049
	DS Smith P.L.C.	2,106,170		7,195,643
	Elementis P.L.C.	1,966,934		4,540,691
	Ferrexpo P.L.C.	888,830		4,574,970
	Filtrona P.L.C.	753,961		4,801,881
*	Gem Diamonds, Ltd.	424,075		1,508,644
	Hill & Smith Holdings P.L.C.	289,549		1,240,858
	Hochschild Mining P.L.C.	640,518		4,588,505
*	International Ferro Metals, Ltd.	175,625		59,396
*	Inveresk P.L.C.	125,000		3,316
*	Lonmin P.L.C.	74,647		1,298,202
	Marshalls P.L.C.	721,612		997,620
	Mondi P.L.C.	1,078,021		8,199,053
*	Namakwa Diamonds, Ltd.	6,057		738
	New World Resources P.L.C. Series A	61,691		516,193
	Petropavlovsk P.L.C.	621,750		7,318,337
	Porvair P.L.C.	146,460		217,364
	RPC Group P.L.C.	622,691		3,533,056
#*	Talvivaara Mining Co. P.L.C.	325,263		1,206,473
	Victrex P.L.C.	340,523		6,926,455
	Yule Catto & Co. P.L.C.	831,772		2,270,194
	Zotefoams P.L.C.	96,852		209,979
Total Materials				82,557,298
Telecommunication Services — (2.3%)
	Cable & Wireless Communications P.L.C.	9,309,312		5,410,100
*	Cable & Wireless Worldwide P.L.C.	6,285,045		2,812,350
*	Colt Group SA	1,287,437		2,087,847
*	Inmarsat P.L.C.	758,673		5,723,284
	Kcom Group P.L.C.	2,643,350		3,104,340
	TalkTalk Telecom Group P.L.C.	1,692,557		3,523,642
*	Telecom Plus P.L.C.	265,603		3,158,429
Total Telecommunication Services				25,819,992
Utilities — (2.6%)
	Dee Valley Group P.L.C.	12,109		240,136
	Drax Group P.L.C.	1,479,700		12,880,863
	Pennon Group P.L.C.	1,445,401		16,146,166
Total Utilities				29,267,165
TOTAL COMMON STOCKS				1,126,660,778
PREFERRED STOCKS — (0.0%)
Consumer Staples — (0.0%)
	R.E.A. Holdings P.L.C.	5,414		9,625
RIGHTS/WARRANTS — (0.0%)
*	Management Consulting Group P.L.C. Warrants 12/31/11	52,718		9,536
*	SFI Holdings, Ltd. Litigation Certificate	26,713		—
*	Ultraframe P.L.C. Litigation Notes	319,285		—
TOTAL RIGHTS/WARRANTS				9,536

136

The United Kingdom Small Company Series
continued

		SHARES/
		FACE
		AMOUNT		VALUE†
		(000)
SECURITIES LENDING COLLATERAL — (0.5%)
§@	DFA Short Term Investment Fund		3,124,051	$	3,124,051
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%,
	11/01/11 (Collateralized by FNM A 3.500%, 11/01/31, valued at
	$2,571,372) to be repurchased at $2,520,961	$	2,521		2,520,953
TOTAL SECURITIES LENDING COLLATERAL					5,645,004
TOTAL INVESTMENTS — (100.0%)
(Cost $1,103,961,462)				$	1,132,324,943

137

THE CONTINENTAL SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

OCTOBER 31, 2011

		SHARES	VALUE††
COMMON STOCKS — (86.7%)
AUSTRIA — (2.1%)
	Agrana Beteiligungs AG	17,322	$	1,967,310
	Andritz AG	52,680		4,656,516
#*	A-TEC Industries AG	21,828		25,371
	Atrium European Real Estate, Ltd.	288,925		1,456,338
	Austria Email AG	715		6,913
*	Austria Technologie & Systemtechnik AG	38,157		494,794
	BKS Bank AG	3,120		76,885
	BWT AG	29,870		572,454
*	CA Immobilien Anlagen AG	163,483		2,091,683
*	Constantia Packaging AG Escrow Shares	18,095		—
*	DO & CO Restaurants & Catering AG	203		7,723
*	EAG-Beteiligungs AG	1,650		1,735
#	EVN AG	80,076		1,160,325
#	Flughafen Wien AG	42,954		1,930,640
	Frauenthal Holding AG	12,084		153,681
#*	Intercell AG	104,732		280,126
	Josef Manner & Co. AG	870		60,251
#	Kapsch TrafficCom AG	12,655		948,214
#	Lenzing AG	32,907		3,494,771
#	Mayr-Melnhof Karton AG	32,872		3,043,114
	Oberbank AG	37,973		2,468,629
#	Oesterreichischen Post AG	105,958		3,195,653
#	Palfinger AG	48,572		1,000,134
#*	Polytec Holding AG	34,049		305,936
#	RHI AG	98,844		2,150,752
	Rosenbauer International AG	12,941		533,460
*	S IMMO AG	113,456		665,465
*	S&T System Integration & Technology Distribution AG	6,318		21,362
#	Schoeller-Bleckmann Oilfield Equipment AG	35,247		2,784,922
	Semperit Holding AG	29,431		1,272,608
*	Strabag SE	101,540		3,122,214
	UBM Realitaetenentwicklung AG	1,440		49,813
#	Uniqa Versicherungen AG	184,842		2,876,601
#*	Warimpex Finanz und Beteiligungs AG	10,047		16,858
#	Wienerberger AG	343,922		4,155,389
	Wolford AG	11,252		417,629
#	Zumtobel AG	85,416		1,769,642
TOTAL AUSTRIA				49,235,911
BELGIUM — (2.9%)
*	Ablynx NV	69,930		369,701
	Ackermans & van Haaren NV	87,214		7,026,076
*	Agfa-Gevaert NV	598,923		1,496,095
	Arseus NV	48,662		773,048
	Atenor Group NV	2,205		86,177
	Banque Nationale de Belgique SA	952		3,031,378
	Barco NV	55,666		3,010,093
#	Bekaert SA	15,700		696,824
	Co.Br.Ha Societe Commerciale de Brasserie SA	115		256,192
	Compagnie d’Entreprises SA	41,428		2,325,908
*	Compagnie du Bois Sauvage SA	87		4
	Compagnie Immobiliere de Belgique SA	10,535		370,766
	Compagnie Maritime Belge SA	64,746		1,518,232
#*	Deceuninck NV	268,523		421,568
#*	Devgen NV	38,445		262,258
*	D’ieteren SA	129,060		7,344,614
	Duvel Moorgat SA	8,799		838,576
	Econocom Group SA	65,485		1,158,516

138

The Continental Small Company Series
continued

		SHARES	VALUE††
BELGIUM — (Continued)
	Elia System Operator SA	124,286	$	5,043,453
#*	Euronav SA	86,554		382,928
	EVS Broadcast Equipment SA	35,362		1,809,804
	Exmar NV	132,340		993,833
	Floridienne SA	2,033		380,977
*	Galapagos NV	44,568		375,096
	Gimv NV	13,874		706,397
	Hamon & Compagnie International SA	3,876		97,629
	Henex SA	5,455		330,228
	Image Recognition Integrated Systems (I.R.I.S.) SA	6,284		224,095
	Ion Beam Applications SA	79,751		622,465
	Jensen-Group NV	12,030		141,679
*	Kinepolis Group NV	13,363		1,036,017
#	Lotus Bakeries NV	1,361		773,992
#	Melexis NV	93,665		1,317,195
#	Nyrstar NV	545,316		4,769,202
#	Omega Pharma SA	85,437		4,034,256
*	Option NV	61,536		33,236
*	Picanol NV	16,620		229,231
*	RealDolmen NV	6,745		167,492
	Recticel SA	62,884		428,681
	Resilux SA	4,095		305,376
	Rosier SA	655		244,683
	Roularta Media Group NV	8,180		172,497
*	SAPEC SA	3,531		229,807
	Sioen Industries NV	52,140		390,037
	Sipef NV	25,469		2,010,085
	Softimat SA	25,531		134,236
*	Spector Photo Group SA	8,349		5,542
	Telenet Group Holding NV	35,417		1,366,038
	Ter Beke NV	2,281		166,061
	Tessenderlo Chemie NV	103,618		3,215,078
#*	ThromboGenics NV	86,580		2,268,336
*	TiGenix NV	22,164		25,463
	Van de Velde NV	27,539		1,344,271
	VPK Packaging Group SA	12,084		480,192
TOTAL BELGIUM				67,241,614
DENMARK — (2.6%)
*	Aarhus Lokalbank A.S.	7,872		7,406
*	Aktieselskabet Skjern Bank A.S.	3,276		54,405
*	Alk-Abello A.S.	24,459		1,449,337
*	Alm. Brand A.S.	466,665		676,583
*	Amagerbanken A.S.	647,900		—
	Ambu A.S. Series B	23,899		549,110
*	Arkil Holdings A.S. Series B	780		67,699
	Auriga Industries A.S. Series B	96,829		1,492,494
*	Bang & Olufsen Holdings A.S.	128,288		1,495,066
*	Bavarian Nordic A.S.	66,632		490,267
#	BoConcept Holding A.S.	5,650		98,854
	Brodrene Hartmann A.S. Series B	11,730		209,946
*	Brondbyernes IF Fodbold A.S. Series B	13,508		42,947
#	D/S Norden A.S.	98,813		2,881,866
*	Dalhoff Larsen & Horneman A.S.	40,950		62,188
*	Dantherm Holding A.S.	3,547		9,267
	DFDS A.S.	18,568		1,236,803
*	DiBa Bank A.S.	423		2,596
*	Djursland Bank A.S.	8,970		232,311
#	East Asiatic Co., Ltd. A.S.	55,571		1,301,995
*	F.E. Bording A.S.	600		47,419
*	Fionia Holding A.S.	17,880		—

139

The Continental Small Company Series
continued

		SHARES	VALUE††
DENMARK — (Continued)
	Fluegger A.S. Series B	4,198	$	272,981
*	Genmab A.S.	140,715		821,899
	GN Store Nord A.S.	798,612		5,885,792
*	GPV Industri A.S. Series B	2,200		12,273
	Gronlandsbanken A.S.	768		46,417
*	H&H International A.S. Series B	17,280		136,290
	Harboes Bryggeri A.S.	12,252		214,625
	Hojgaard Holding A.S. Series B	2,750		56,796
	IC Companys A.S.	35,278		935,271
*	Incentive A.S.	3,575		12,299
	Jeudan A.S.	4,620		320,312
*	Jyske Bank A.S.	162,232		4,715,477
	Lan & Spar Bank A.S.	5,150		260,967
*	Lastas A.S. Series B	10,870		67,463
	Lollands Bank A.S.	310		6,354
*	Mols-Linien A.S.	27,490		60,732
*	NeuroSearch A.S.	79,539		300,378
#	NKT Holding A.S.	92,105		3,495,503
	Nordjyske Bank A.S.	17,600		245,066
	Norresundby Bank A.S.	7,350		211,709
	North Media A.S.	36,665		190,654
*	Ostjydsk Bank A.S.	3,405		112,622
#*	Parken Sport & Entertainment A.S.	33,556		506,890
	Per Aarsleff A.S. Series B	6,080		473,912
	Ringkjoebing Landbobank A.S.	16,422		1,793,257
	Roblon A.S. Series B	540		60,036
#	Rockwool International A.S. Series B	12,814		1,250,456
	Royal Unibrew A.S.	37,715		1,968,820
*	Salling Bank A.S.	430		22,599
	Schouw & Co. A.S.	74,017		1,612,934
	SimCorp A.S.	17,973		3,080,043
*	Sjaelso Gruppen A.S.	78,110		21,052
*	SKAKO A.S.	1,577		5,532
	Solar Holdings A.S. Series B	16,132		664,449
*	Spar Nord Bank A.S.	124,439		873,134
*	Sparbank A.S.	10,930		69,036
*	Sparekassen Faaborg A.S.	1,972		95,322
	Sydbank A.S.	279,299		5,172,253
	Thrane & Thrane A.S.	15,703		738,327
	Tivoli A.S.	969		521,153
#*	TK Development A.S.	153,640		419,460
*	Topdanmark A.S.	53,386		8,789,962
#*	TopoTarget A.S.	378,484		129,444
#*	Topsil Semiconductor Materials A.S.	194,350		16,571
#*	Torm A.S.	123,250		135,008
	United International Enterprises A.S.	2,256		246,475
*	Vestjysk Bank A.S.	27,573		149,771
TOTAL DENMARK				59,606,335
FINLAND — (5.8%)
	Ahlstrom Oyj	21,405		369,026
	Aktia Oyj Series A	7,053		55,484
#	Alma Media Oyj	277,852		2,420,489
	Amer Sports Oyj Series A	421,831		5,808,883
	Aspo Oyj	77,875		747,830
	Atria P.L.C.	17,705		155,125
*	Bank of Aland P.L.C. Series B	22,078		293,275
	BasWare Oyj	34,550		885,841
#*	Biotie Therapies Corp. Oyj	774,610		505,561
	Cargotec Oyj Series B	132,519		4,434,610
*	Citycon Oyj	384,363		1,415,552

140

The Continental Small Company Series
continued

		SHARES	VALUE††
FINLAND — (Continued)
*	Componenta Oyj	34,813	$	184,791
*	Comptel P.L.C.	324,863		299,331
	Cramo Oyj	155,694		1,848,782
	Digia P.L.C.	55,020		223,877
*	Efore Oyj	114,965		142,929
*	Elcoteq SE	3,041		968
*	Elektrobit Corp. Oyj	2,476		1,608
#	Elisa Oyj	494,801		10,431,808
*	eQ P.L.C.	67,120		152,138
	Etteplan Oyj	62,600		185,724
*	Finnair Oyj	264,846		1,036,807
*	Finnlines Oyj	124,906		1,282,329
	Fiskars Oyj Abp	181,663		3,626,860
#	F-Secure Oyj	463,536		1,374,498
*	GeoSentric Oyj	244,900		3,389
*	Glaston Oyj Abp	131,940		108,619
	HKScan Oyj Series A	99,158		791,281
	Huhtamaki Oyj	362,987		4,146,975
	Ilkka-Yhtyma Oyj	61,503		549,746
#	KCI Konecranes Oyj	245,559		5,589,266
#	Kemira Oyj	368,427		5,045,993
	Kesko Oyj Series B	107,555		3,817,582
	Laennen Tehtaat Oyj	18,920		379,460
	Lassila & Tikanoja Oyj	125,791		1,961,816
	Lemminkainen Oyj	21,103		589,345
#*	M-real Oyj Series B	1,549,706		3,356,158
*	Neo Industrial Oyj	16,402		66,442
*	Neste Oil Oyj	258,824		3,131,542
	Nordic Aluminium Oyj	10,440		395,875
	Okmetic Oyj	54,904		373,228
	Olvi Oyj Series A	62,708		1,347,282
#	Oriola-KD Oyj Series A	5,045		14,116
	Oriola-KD Oyj Series B	323,025		898,352
	Orion Oyj Series A	128,371		2,614,864
	Orion Oyj Series B	337,043		7,013,846
#	Outokumpu Oyj	381,565		3,225,000
	Outotec Oyj	133,044		6,176,081
	PKC Group Oyj	55,424		917,393
	Pohjola Bank P.L.C. Series A	403,547		4,640,145
	Ponsse Oyj	25,336		257,541
#	Poyry Oyj	187,165		1,689,469
	Raisio P.L.C. Series V	490,304		1,583,025
	Ramirent Oyj	314,761		2,694,084
	Rapala VMC Oyj	113,258		874,243
	Rautaruukki Oyj Series K	323,076		3,443,713
	Raute Oyj Series A	10,390		100,740
	Ruukki Group Oyj	604,909		814,574
	Saga Furs Oyj	8,490		190,129
#	Sanoma Oyj	276,990		3,716,138
	Sievi Capital P.L.C.	123,479		359,104
*	SRV Group P.L.C.	7,277		44,296
	Stockmann Oyj Abp Series A	43,914		907,723
#	Stockmann Oyj Abp Series B	107,109		1,903,705
*	Technopolis Oyj	121,527		572,243
#	Teleste Oyj	53,559		233,376
	Tieto Oyj	291,983		4,622,834
	Tikkurila Oyj	118,741		2,308,117
	Tulikivi Oyj	79,440		86,373
#	Uponor Oyj Series A	217,678		2,252,087
	Vacon Oyj	45,190		2,275,532
	Vaisala Oyj Series A	39,132		942,666

141

The Continental Small Company Series
continued

		SHARES	VALUE††
FINLAND — (Continued)
	Viking Line Abp	10,400	$	334,348
	Yit Oyj	390,890		6,168,452
TOTAL FINLAND				133,412,434
FRANCE — (10.1%)
	ABC Arbitrage SA	26,282		235,042
#*	Air France-KLM	237,715		1,805,272
#	Akka Technologies SA	7,320		173,395
	Ales Groupe SA	32,239		495,074
*	Altamir Amboise SA	55,025		509,486
	ALTEN SA	68,354		1,946,468
#*	Altran Technologies SA	676,432		3,426,985
	April SA	74,171		1,288,362
#*	Archos SA	32,722		311,025
*	Arkema SA	139,427		9,475,335
*	Artprice.com SA	3,246		152,698
	Assystem	55,571		1,010,015
#*	Atari SA	33,339		62,349
	AtoS	105,405		5,095,777
	Aubay SA	10,285		73,367
#	Audika SA	21,251		469,829
#	Aurea SA	3,551		30,022
*	Avanquest Software SA	5,228		12,549
*	Avenir Telecom SA	17,841		16,056
*	Axway Software SA	22,982		470,643
*	Baccarat SA	1,090		235,475
	Banque Tarneaud SA	1,430		195,468
	Beneteau SA	179,820		2,565,971
#*	Bigben Interactive SA	10,448		109,939
*	BioAlliance Pharma SA	20,080		102,409
	Boiron SA	28,682		816,191
	Boizel Chanoine Champagne SA	7,266		526,768
	Bonduelle SCA	13,650		1,232,517
	Bongrain SA	34,266		2,430,916
#	Bourbon SA	182,469		5,064,639
*	Boursorama SA	42,063		363,907
*	Bull SA	309,488		1,463,262
	Burelle SA	3,894		1,023,495
	Cafom SA	5,092		58,429
	CBo Territoria SA	28,320		111,864
	Cegedim SA	16,591		492,177
	CEGID Group SA	4,416		103,259
	CFAO SA	25,339		978,797
*	Cie des Alpes	1,055		26,586
*	Cie Generale de Geophysique - Veritas SA	142,257		3,108,230
	Ciments Francais SA	4,853		428,613
*	Club Mediterranee SA	75,641		1,429,822
	Compagnie Industrielle et Financiere D’Entreprises SA	1,200		90,755
*	CS Communication & Systemes SA	7,643		28,144
	Damartex SA	21,101		597,591
	Derichebourg SA	548,515		2,184,779
	Devoteam SA	13,383		231,272
*	Dynaction SA	13,501		127,170
*	Eiffage SA	11,355		385,123
	Electricite de Strasbourg SA	21,886		3,144,713
	Entrepose Contracting SA	889		99,296
	ESSO SA Francaise	9,411		968,707
	Establissements Maurel et Prom SA	323,678		6,507,280
*	Etam Developpement SA	1,148		21,226
	Euler Hermes SA	37,816		2,730,174
#*	Euro Disney SCA	138,383		951,289

142

The Continental Small Company Series
continued

		SHARES	VALUE††
FRANCE — (Continued)
#	Eurofins Scientific SA	10,894	$	978,566
	Exel Industries SA Series A	10,680		546,537
	Faiveley Transport SA	9,465		647,689
	Faurecia SA	87,585		2,315,764
	Fimalac SA	31,490		1,311,019
	Fleury Michon SA	4,694		191,392
	Flo Groupe SA	29,358		192,501
#*	GameLoft SA	72,585		403,344
*	Gascogne SA	6,907		311,677
	Gaumont SA	14,043		663,499
#*	GECI International SA	59,392		129,936
	Gemalto NV	109,597		4,984,962
	Gevelot SA	3,584		255,992
*	GFI Informatique SA	134,770		550,893
	GL Events SA	20,234		513,350
	GPE Groupe Pizzorno SA	5,200		101,272
	Groupe Crit SA	24,255		516,907
*	Groupe Go Sport SA	1,695		23,449
	Groupe Gorge SA	18,510		192,289
	Groupe Guillin SA	1,200		92,703
*	Groupe Open SA	27,590		181,000
*	Groupe Partouche SA	47,224		114,994
#	Groupe Steria SCA	71,983		1,372,959
	Guerbet SA	6,577		645,278
#	Guyenne et Gascogne SA	25,083		2,873,344
*	Haulotte Group SA	61,352		684,893
	Havas SA	1,237,226		5,326,202
*	Hi-Media SA	100,249		357,850
*	Idsud SA	2,227		72,059
	Ingenico SA	118,736		4,693,902
	Interparfums SA	11,184		337,915
*	Ipsen SA	55,251		1,823,442
	Ipsos SA	89,607		2,932,159
*	Jacquet Metal Service SA	48,141		669,199
*	Kaufman & Broad SA	3,733		74,535
	Korian SA	8,204		159,053
	Laurent-Perrier SA	12,546		1,292,502
	LDC SA	19		1,959
	Lectra SA	83,499		629,273
	Lisi SA	16,907		1,364,230
*	LVL Medical Groupe SA	18,786		317,958
	M6 Metropole Television SA	155,729		2,662,141
	Maisons France Confort SA	5,260		187,609
#*	Manitou BF SA	48,911		982,231
	Manutan International SA	14,553		746,168
*	Medica SA	11,566		230,359
	Mersen SA	64,007		2,498,711
#*	METabolic EXplorer SA	3,034		15,396
	MGI Coutier SA	2,753		154,731
	Montupet SA	1,081		5,876
	Mr. Bricolage SA	30,731		449,676
#	Naturex SA	11,133		845,142
#	Neopost SA	91,985		6,996,144
#	Nexans SA	131,823		8,292,007
	Nexity SA	83,910		2,417,512
#*	NicOx SA	13,013		19,389
	Norbert Dentressangle SA	20,989		1,860,590
*	NRJ Group SA	12,748		125,678
	Oeneo SA	113,285		296,792
	Orpea SA	101,314		4,359,288
	Osiatis SA	1,400		10,096

143

The Continental Small Company Series
continued

		SHARES	VALUE††
FRANCE — (Continued)
#	PagesJaunes Groupe SA	384,634	$	1,641,194
	Paris Orleans et Cie SA	2,265		51,380
*	Parrot SA	17,614		414,851
	Pierre & Vacances SA	18,411		717,369
	Plastic Omnium SA	95,424		2,652,877
	Plastivaloire SA	4,552		114,418
	PSB Industries SA	8,438		286,029
	Rallye SA	95,651		3,058,226
*	Recylex SA	55,481		246,572
	Remy Cointreau SA	82,777		6,781,256
	Robertet SA	3,167		543,728
#*	Rodriguez Group SA	31,298		140,303
	Rougier SA	6,115		245,362
	Rubis SA	75,949		4,316,083
*	Rue du Commerce SA	136		1,685
*	Sa des Ciments Vicat SA	21,047		1,375,486
	Sabeton SA	13,500		241,006
	Saft Groupe SA	75,425		2,291,721
	Samse SA	8,342		692,082
	Sartorius Stedim Biotech SA	2,950		199,463
	SEB SA	286		23,977
	Seche Environnement SA	3,547		160,903
#	Sechilienne SA	60,146		1,121,939
	Securidev SA	2,500		126,338
#	Sequana SA	46,996		287,618
*	Societe Anonyme d’Explosifs et de Produits Chimiques SA	524		160,497
	Societe BIC SA	74,331		6,633,340
	Societe d’Edition de Canal Plus SA	306,742		1,865,560
	Societe des Bains de Mer et du Cercle des Etrangers a Monaco
	SA	46,150		2,561,492
	Societe Internationale de Plantations d’Heveas SA	2,482		271,427
	Societe Pour l’Informatique Industrielle SA	40,908		265,159
*	Societe Television Francaise 1 SA	204,984		2,752,300
#*	Soitec SA	383,996		1,916,259
	Somfy SA	21,738		5,182,199
	Sopra Group SA	22,982		1,457,404
*	Spir Communication SA	934		35,300
#*	ST Dupont SA	88,031		56,001
*	Stallergenes SA	846		55,075
#*	Ste Industrielle d’Aviation Latecoere SA	12,186		148,567
	STEF-TFE SA	29,121		1,471,842
*	Store Electronic SA	118		1,723
	Sucriere de Pithiviers Le Vieil SA	1,745		3,986,931
*	Sword Group SA	10,447		188,315
	Synergie SA	54,902		686,065
#*	Technicolor SA	321,494		870,458
	Teleperformance SA	181,538		3,833,091
	Tessi SA	5,050		438,404
#*	Theolia SA	264,526		375,863
	Tonnellerie Francois Freres SA	3,839		149,638
	Total Gabon SA	523		220,112
	Touax SA	1,317		43,476
	Toupargel Groupe SA	111		1,764
#*	Transgene SA	11,052		133,620
	Trigano SA	23,420		426,789
#*	UbiSoft Entertainment SA	225,444		1,350,483
	Union Financiere de France Banque SA	16,828		499,552
	Valeo SA	229,231		11,506,324
	Viel et Compagnie SA	158,130		631,851
#	Vilmorin & Cie SA	20,195		2,218,324
	Virbac SA	17,494		3,022,271
#*	Vivalis SA	11,168		92,255

144

The Continental Small Company Series
continued

		SHARES	VALUE††
FRANCE — (Continued)
	VM Materiaux SA	6,914	$	292,803
	Vranken Pommery Monopole SA	14,162		574,879
	Zodiac Aerospace SA	89,170		6,991,700
*	Zueblin Immobiliere France SA	1,365		5,037
TOTAL FRANCE				233,106,001
GERMANY — (12.8%)
	A.S. Creation Tapeton AG	6,853		218,222
*	AAP Implantate AG	47,250		59,408
*	Aareal Bank AG	423,110		8,478,484
*	Abwicklungsgesellschaft Roesch AG Medizintechnik	7,300		283
#*	ADVA AG Optical Networking	128,074		756,576
	AGROB Immobilien AG	5,800		70,947
#*	Air Berlin P.L.C.	117,774		430,956
#	Aixtron SE	314,748		4,456,496
*	Aligna AG	318,087		11,444
*	Allgeier Holding AG	1,692		26,143
	Amadeus Fire AG	16,192		619,125
*	Andreae-Noris Zahn AG	26,412		1,044,867
#*	Asian Bamboo AG	29,133		432,614
	AUGUSTA Technologie AG	28,595		621,970
	Aurubis AG	152,783		8,620,221
	Baader Bank AG	132,511		400,304
#*	Balda AG	127,634		905,048
	Bauer AG	22,556		520,127
#	BayWa AG	20,761		914,150
	Bechtle AG	41,242		1,538,538
#	Bertrandt AG	23,001		1,289,810
*	Beta Systems Software AG	8,550		21,941
	Bilfinger Berger SE	162,980		14,547,368
*	Biolitec AG	26,843		82,863
	Biotest AG	20,784		1,194,442
*	BKN International AG	33,408		786
*	BMP Media Vestors AG	43,506		40,090
*	Borussia Dortmund GmbH & Co. KGaA	208,512		620,368
#	Carl Zeiss Meditec AG	86,687		1,651,939
*	CAT Oil AG	47,541		304,367
	Celesio AG	119,149		1,879,200
	CENIT AG	1,487		9,952
*	Centrosolar Group AG	20,542		51,986
	Centrotec Sustainable AG	42,634		827,207
#	Centrotherm Photovoltaics AG	28,152		531,158
	Cewe Color Holding AG	15,268		593,663
*	Colonia Real Estate AG	2,965		13,909
#	Comdirect Bank AG	139,558		1,440,160
#	CompuGroup Medical AG	14,015		180,363
#*	Conergy AG	221,174		94,603
#*	Constantin Medien AG	359,780		747,892
	CropEnergies AG	53,810		396,220
	CTS Eventim AG	106,100		3,507,457
*	Curanum AG	100,137		297,139
	DAB Bank AG	130,043		556,485
	Data Modul AG	11,455		194,882
	Delticom AG	6,024		671,218
	Deufol AG	113,203		171,620
	Deutsche Beteiligungs AG	29,695		634,475
	Deutsche Wohnen AG	194,621		2,865,477
*	Deutz AG	263,835		1,649,888
#*	Dialog Semiconductor P.L.C.	166,323		3,201,672
	DIC Asset AG	13,115		119,630
	Dierig Holding AG	10,500		170,932

145

The Continental Small Company Series
continued

		SHARES	VALUE††
GERMANY — (Continued)
#	Douglas Holding AG	105,346	$	4,255,553
	Dr. Hoenle AG	14,858		217,100
	Draegerwerk AG & Co. KGaA	921		73,157
	Drillisch AG	158,285		1,810,038
	Duerr AG	36,111		1,574,362
	DVB Bank SE	173,470		5,679,236
	Eckert & Ziegler AG	6,924		254,562
#	Elmos Semiconductor AG	34,592		369,172
#	ElreingKlinger AG	105,909		2,922,403
#*	Epigenomics AG	5,535		31,228
	Erlus AG	2,970		121,100
#*	Euromicron AG	6,147		172,172
	Euwax AG	17,978		1,220,218
*	Evotec AG	1,165,338		3,901,874
#	Fielmann AG	52,283		5,493,398
*	First Sensor AG	3,931		54,693
*	FJA AG	217		463
#	Freenet AG	372,758		4,805,524
#	Fuchs Petrolub AG	139,623		6,591,425
#*	GAGFAH SA	281,532		1,803,131
	GBW AG	28,417		673,744
	Gerresheimer AG	89,828		3,980,890
	Gerry Weber International AG	89,108		2,766,373
*	Gesco AG	10,010		807,227
	GFK SE	72,083		3,333,216
	GFT Technologies AG	66,050		251,872
#*	Gigaset AG	125,274		447,806
*	Gildemeister AG	120,934		1,756,181
#*	Grammer AG	32,013		586,614
	Grenkeleasing AG	33,471		1,842,093
	H&R AG	21,428		467,355
	Hamborner REIT AG	28,257		245,966
#	Hamburger Hafen und Logistik AG	55,006		1,691,178
#*	Hansa Group AG	146,815		807,804
	Hawesko Holding AG	19,463		899,359
#*	Heidelberger Druckmaschinen AG	734,833		1,443,449
*	Homag Group AG	13,586		158,895
*	IKB Deutsche Industriebank AG	21,843		14,840
	Indus Holding AG	45,532		1,188,274
	Innovation in Traffic Systems AG	23,949		569,632
#	Interseroh SE	21,642		1,517,948
#*	Intershop Communications AG	62,598		211,747
	Isra Vision Systems AG	10,917		241,656
*	IVG Immobilien AG	480,972		2,143,529
*	Jenoptik AG	162,963		1,076,789
*	Kampa AG	35,505		3,193
	Kloeckner & Co. SE	341,221		5,085,802
#	Koenig & Bauer AG	6,358		99,664
	Kontron AG	189,937		1,344,350
#	Krones AG	72,618		3,701,907
	KSB AG	3,584		2,270,480
#*	Kuka AG	102,786		1,955,717
	KWS Saat AG	17,224		3,512,270
	Leifheit AG	12,500		286,178
	Leoni AG	115,635		4,827,488
*	Loewe AG	25,187		109,636
#	LPKF Laser & Electronics AG	20,347		287,806
#*	Manz AG	5,470		164,546
#*	Masterflex AG	19,347		138,096
*	Maxdata Computer AG	94,120		15,758
	Mediclin AG	119,554		619,472

146

The Continental Small Company Series
continued

		SHARES	VALUE††
GERMANY — (Continued)
#*	Medigene AG	87,499	$	117,182
#	Mensch und Maschine Software AG	27,532		188,118
#	MLP AG	216,957		1,459,522
*	Mobotix AG	562		50,119
*	Mologen AG	24,513		249,631
*	Morphosys AG	62,322		1,518,325
#*	MPC Muenchmeyer Petersen Capital AG	5,101		13,949
	MTU Aero Engines Holding AG	176,697		11,832,506
#	Muehlbauer Holding & Co. AG	14,905		567,892
#	MVV Energie AG	114,055		3,783,688
	Nemetschek AG	24,668		948,576
*	Nexus AG	33,813		319,348
#*	Nordex SE	126,718		783,583
#	OHB AG	35,659		615,302
	Oldenburgische Landesbank AG	4,234		178,050
	P&I Personal & Informatik AG	17,889		653,220
*	Patrizia Immobilien AG	34,823		190,877
	Pfeiffer Vacuum Technology AG	34,071		3,443,404
*	Pfleiderer AG	108,541		57,393
#*	Phoenix Solar AG	15,055		105,587
	PNE Wind AG	167,451		377,286
#	Praktiker AG	195,237		772,922
	Progress-Werk Oberkirch AG	6,250		282,853
#	PSI AG Gesellschaft Fuer Produkte und Systeme der
	Informationstechnologie	30,993		729,187
	PVA TePla AG	46,019		226,459
#*	Q-Cells SE	226,583		224,988
*	QSC AG	306,094		1,006,197
	R Stahl AG	14,410		471,760
#	Rational AG	15,420		3,550,159
*	REALTECH AG	13,541		108,061
	Renk AG	18,838		1,757,478
	Repower Systems SE	4,765		943,176
	Rheinmetall AG	126,352		6,700,932
	Rhoen-Klinikum AG	406,308		8,107,235
*	Roth & Rau AG	216		6,538
	Ruecker AG	18,949		256,202
	S.A.G. Solarstrom AG	21,788		103,389
*	SAF-Holland SA	54,481		335,967
	Schaltbau Holding AG	1,557		164,894
*	Sedo Holding AG	69,691		212,626
	Sektkellerei Schloss Wachenheim AG	14,520		148,608
*	SER Systems AG	9,400		221
#*	SGL Carbon SE	229,387		14,257,094
#*	Singulus Technologies AG	236,814		900,922
	Sinner AG	2,660		51,872
	Sixt AG	81,198		1,705,464
*	SKW Stahl-Metallurgie Holding AG	14,708		296,064
*	Sky Deutschland AG	1,051,866		3,099,550
*	SM Wirtschaftsberatungs AG	18,841		123,182
#*	SMA Solar Technology AG	13,470		809,594
#*	SMT Scharf AG	942		27,012
	Software AG	192,899		7,988,782
#*	Solar Millennium AG	34,471		109,214
*	Solar-Fabrik AG	13,966		45,826
#	Solarworld AG	285,203		1,391,755
*	Solon SE	24,350		44,513
	Stada Arzneimittel AG	185,987		4,492,842
	STINAG Stuttgart Invest AG	35,003		772,648
	Stoehr & Co. AG	6,000		27,892
	STRATEC Biomedical AG	27,909		1,133,004
*	Sunways AG	15,188		45,890

147

The Continental Small Company Series
continued

		SHARES	VALUE††
GERMANY — (Continued)
#*	Suss Microtec AG	59,969	$	628,585
	Symrise AG	330,233		8,548,072
	Syzygy AG	30,656		143,426
*	TAG Immobilien AG	137,518		1,174,133
	Takkt AG	126,507		1,608,901
*	TDS Informationstechnologie AG	89,063		506,290
	Telegate AG	16,807		136,537
*	Tipp24 SE	7,589		353,250
#*	Tom Tailor Holding AG	6,943		108,028
	Tomorrow Focus AG	113,715		605,594
#*	TUI AG	468,655		3,056,971
	UMS United Medical Systems International AG	7,531		63,493
	UmweltBank AG	17,805		587,925
	United Internet AG	11,771		231,962
	VBH Holding AG	9,415		47,647
#*	Verbio AG	50,804		235,272
#	Vossloh AG	37,975		3,970,068
	VTG AG	28,856		578,606
#	Wacker Neuson SE	42,575		529,689
*	Wanderer-Werke AG	7,903		774
	Washtec AG	1,318		16,738
	Wincor Nixdorf AG	119,287		6,679,841
	Wirecard AG	284,730		4,528,892
	Wuerttembergische Lebensversicherung AG	27,308		553,478
	Wuerttembergische Metallwarenfabrik AG	29,451		1,153,409
#	XING AG	5,288		442,458
	Zhongde Waste Technology AG	4,008		29,905
#*	zooplus AG	2,612		215,522
TOTAL GERMANY				293,206,690
GREECE — (1.9%)
*	Aegean Airlines S.A.	5,746		12,689
*	Aegek S.A.	120,000		13,791
*	Agricultural Bank of Greece S.A.	75,249		25,128
*	Alfa Alfa Energy S.A.	3,810		7,328
*	Alpha Bank A.E	584,671		777,542
*	Alumil Aluminum Industry S.A.	48,665		19,558
*	Alysida S.A.	2,376		6,546
*	Anek Lines S.A.	504,442		68,374
*	Astir Palace Hotels S.A.	93,886		245,842
*	Athens Medical Center S.A.	150,874		70,435
*	Atlantic Supermarkets S.A.	34,730		3,844
*	Attica Bank S.A.	184,869		57,388
*	Atti-Kat S.A.	56,554		1,562
*	Autohellas S.A.	83,520		145,437
*	Babis Vovos International Construction S.A.	59,807		37,814
*	Balafas S.A.	15,200		3,996
*	Balkan Real Estate S.A.	5,450		2,839
*	Bank of Cyprus Public Co., Ltd. S.A.	2,310,600		3,164,144
	Bank of Greece S.A.	133,571		2,733,471
*	Daios Plastics S.A.	16,350		138,003
*	Diagnostic & Therapeutic Center of Athens Hygeia S.A.	275,576		113,477
*	EFG Eurobank Ergasias S.A.	971,907		892,581
*	Elastron S.A.	97,711		59,022
*	ElbisCo. Holding S.A.	28,098		20,962
	Elektrak S.A.	37,647		77,653
*	Elektroniki Athinon S.A.	22,490		2,816
	Ellaktor S.A.	522,735		973,263
*	Elval - Hellenic Aluminium Industry S.A.	28,590		54,908
*	Etma Rayon S.A.	11,242		21,933
	Euro Reliance General Insurance Co. S.A.	54,730		31,601

148

The Continental Small Company Series
continued

		SHARES	VALUE††
GREECE — (Continued)
*	Euromedica S.A.	33,079	$	16,962
	EYDAP Athens Water Supply & Sewage Co. S.A.	108,270		444,878
*	F.G. Europe S.A.	4,536		2,798
*	Folli Follie Group S.A.	115,021		1,385,132
*	Forthnet S.A.	254,703		55,460
*	Fourlis Holdings S.A.	146,787		632,380
	Frigoglass S.A.	112,792		887,078
	GEK Terna S.A.	296,155		408,024
*	Geniki Bank S.A.	31,074		12,189
*	Halkor S.A.	226,556		210,248
*	Hellenic Cables S.A.	65,236		133,636
	Hellenic Exchanges S.A.	251,904		1,230,463
	Hellenic Petroleum S.A.	324,378		2,842,377
*	Hellenic Sugar Industry S.A.	78,005		110,069
*	Hellenic Telecommunication Organization Co. S.A.	233,793		1,286,395
*	Heracles General Cement Co. S.A.	77,436		222,291
*	Iaso S.A.	206,042		210,234
	Inform P. Lykos S.A.	32,660		34,198
*	Informatics S.A.	3,778		1,621
*	Intracom Holdings S.A.	315,975		109,416
*	Intracom Technical & Steel Constructions S.A.	75,202		45,000
	Intralot S.A.-Integrated Lottery Systems & Services	431,249		619,603
*	Ionian Hotel Enterprises S.A.	16,914		327,605
*	Ipirotiki Software & Publications S.A.	22,110		59,352
	JUMBO S.A.	277,018		1,501,458
	Karelia Tobacco Co., Inc. S.A.	5,787		463,660
*	Kathimerini Publishing S.A.	47,170		209,162
*	Lambrakis Press S.A.	115,149		17,343
*	Lamda Development S.A.	905		3,572
*	Lan-Net S.A.	12,688		21,068
*	Lavipharm S.A.	65,331		21,541
	Loulis Mills S.A.	41,702		84,062
*	Marfin Investment Group S.A.	2,342,108		1,269,365
*	Marfin Popular Bank PCL	3,674,665		1,253,209
	Metka S.A.	99,168		927,459
*	Michaniki S.A.	158,545		30,228
	Motor Oil (Hellas) Corinth Refineries S.A.	184,802		1,662,678
*	Mytilineos Holdings S.A.	340,799		1,575,081
*	Neorion Holdings S.A.	14,991		1,694
	OPAP S.A.	4,388		50,679
*	Pegasus Publishing S.A.	94,144		65,667
*	Piraeus Bank S.A.	4,630,988		1,320,799
	Piraeus Port Authority S.A.	19,885		320,580
*	Promota Hellas S.A.	8,860		2,820
*	Proton Bank S.A.	141,214		—
	Public Power Corp. S.A.	306,969		2,618,062
*	Real Estate Development & Services S.A.	94,497		86,541
	S&B Industrial Minerals S.A.	68,336		372,538
*	Sarantis S.A.	74,884		214,257
*	Selected Textile S.A.	67,947		33,585
*	Sfakianakis S.A.	17,776		25,622
*	Sidenor Steel Products Manufacturing Co. S.A.	203,373		496,523
*	Spyroy Agricultural Products S.A.	61,348		34,568
*	T Bank S.A.	228,007		5,885
*	Technical Olympic S.A.	2,237		4,108
*	Teletypos S.A. Mega Channel	77,669		50,665
	Terna Energy S.A.	118,894		299,575
*	Themeliodomi S.A.	37,422		19,159
	Thessaloniki Port Authority S.A.	6,936		98,834
	Thessaloniki Water Supply & Sewage Co. S.A.	11,146		47,899
	Thrace Plastics Co. S.A.	102,616		62,766

149

The Continental Small Company Series
continued

		SHARES	VALUE††
GREECE — (Continued)
	Titan Cement Co. S.A.	190,572	$	3,680,333
*	TT Hellenic Postbank S.A.	695,353		342,657
*	Varvaressos S.A. European Spinning Mills	36,350		3,687
*	ViohalCo. S.A.	603,593		2,714,599
TOTAL GREECE				43,085,344
IRELAND — (2.9%)
	Abbey P.L.C.	84,370		617,526
*	Aer Lingus Group P.L.C.	763,185		760,367
*	Allied Irish Banks P.L.C.	279,051		38,612
*	Aminex P.L.C.	496,086		27,240
	C&C Group P.L.C. (B010DT8)	399,607		1,597,731
	C&C Group P.L.C. (B011Y09)	1,014,594		4,086,189
	DCC P.L.C.	308,989		8,564,908
	DCC P.L.C. (4189477)	18,170		502,707
	Donegal Creameries P.L.C.	26,085		123,060
	Dragon Oil P.L.C.	1,339,680		12,083,896
*	Elan Corp. P.L.C.	74,754		886,522
	FBD Holdings P.L.C.	125,728		1,122,829
	Fyffes P.L.C.	1,020,533		560,501
	Glanbia P.L.C. (0066950)	700,613		4,558,021
	Glanbia P.L.C. (4058629)	69,229		451,926
	Grafton Group P.L.C.	555,000		2,141,482
	Greencore Group P.L.C. (0386410)	1,129,199		1,139,245
	Greencore Group P.L.C. (5013832)	347,358		348,130
	IFG Group P.L.C.	337,495		521,977
*	Independent News & Media P.L.C. (B59HWB1)	387,242		148,084
*	Independent News & Media P.L.C. (B5TR5N4)	318,060		122,262
	Irish Continental Group P.L.C.	91,000		1,859,741
*	Kenmare Resources P.L.C. (0487948)	4,136,548		2,736,956
*	Kenmare Resources P.L.C. (4490737)	314,971		203,742
	Kingspan Group P.L.C. (0492793)	351,640		3,127,188
	Kingspan Group P.L.C. (4491235)	66,637		592,012
*	McInerney Holdings P.L.C.	697,135		38,199
	Paddy Power P.L.C.	180,573		9,997,277
	Paddy Power P.L.C. (4828974)	10,071		553,966
*	Providence Resources P.L.C.	62,580		182,712
*	Smurfit Kappa Group P.L.C.	456,586		3,131,024
	Total Produce P.L.C.	871,395		461,084
	United Drug P.L.C. (3302480)	820,214		2,555,475
*	United Drug P.L.C. (3335969)	53,080		163,805
TOTAL IRELAND				66,006,396
ISRAEL — (2.4%)
*	Africa Israel Investments, Ltd.	254,834		1,034,089
*	Africa Israel Properties, Ltd.	31,703		310,312
	Africa Israel Residences, Ltd.	594		6,855
*	Airport City, Ltd.	54,010		235,029
	Alon Holdings Blue Square Israel, Ltd.	44,917		264,107
*	AL-ROV Israel, Ltd.	15,025		380,219
	Alrov Properties & Lodgings, Ltd.	3,721		63,597
*	Alvarion, Ltd.	186,966		216,515
	Amot Investments, Ltd.	65,457		179,523
*	AudioCodes, Ltd.	159,083		565,068
	Avgol Industries 1953, Ltd.	166,877		128,612
*	Azorim Investment Development & Construction Co., Ltd.	189		306
	Bayside Land Corp.	2,122		453,461
*	Big Shopping Centers 2004, Ltd.	1,832		41,405
*	Biocell, Ltd.	16,731		120,160
*	BioLineRX, Ltd.	535,468		208,989
*	Blue Square Real Estate, Ltd.	3,782		76,007

150

The Continental Small Company Series
continued

		SHARES	VALUE††
ISRAEL — (Continued)
	British Israel Investments, Ltd.	27,461	$	98,021
*	Ceragon Networks, Ltd.	18,636		188,088
*	Clal Biotechnology Industries, Ltd.	146,663		768,797
	Clal Industries & Investments, Ltd.	285,112		1,344,286
	Clal Insurance Enterprises Holdings, Ltd.	83,321		1,449,025
*	Compugen, Ltd.	27,479		116,894
	Delek Automotive Systems, Ltd.	107,838		825,670
	Delta-Galil Industries, Ltd.	14,983		96,621
	Direct Insurance - I.D.I. Insurance Co., Ltd.	30,880		69,747
	DS Apex Holdings, Ltd.	38,130		191,962
*	El Al Israel Airlines, Ltd.	738,714		150,487
*	Elbit Medical Imaging, Ltd.	53,265		243,918
*	Electra Real Estate, Ltd.	19,237		62,219
	Electra, Ltd.	4,994		481,773
*	Elron Electronic Industries, Ltd.	57,768		229,334
*	Evogene, Ltd.	54,299		221,869
*	EZchip Semiconductor, Ltd.	49,025		1,750,412
*	First International Bank of Israel, Ltd.	98,118		1,022,471
	FMS Enterprises Migun, Ltd.	10,300		182,530
	Formula Systems (1985), Ltd.	36,549		567,191
	Frutarom Industries, Ltd.	162,348		1,492,233
	Fundtech, Ltd.	10,817		246,915
*	Gilat Satellite Networks, Ltd.	73,122		281,937
*	Given Imaging, Ltd.	31,987		489,864
	Golf & Co., Ltd.	57,649		258,994
	Granite Hacarmel Investments, Ltd.	144,714		230,346
*	Hadera Paper, Ltd.	9,516		461,070
	Harel Insurance Investments & Finances, Ltd.	34,332		1,484,675
*	Hot Telecommunications Systems, Ltd.	92,836		1,219,074
*	Industrial Building Corp., Ltd.	195,485		334,312
*	Israel Cold Storage & Supply Co., Ltd.	1,076		12,000
*	Israel Discount Bank, Ltd. Series A	971,957		1,606,586
	Israel Land Development Co., Ltd. (The)	22,615		162,064
	Ituran Location & Control, Ltd.	84,441		1,098,297
*	Jerusalem Oil Exploration, Ltd.	29,594		458,205
*	Kamada, Ltd.	110,315		670,511
	Kardan Vehicle, Ltd.	293		2,184
#*	Kardan Yazamut	95,268		18,922
	Maabarot Products, Ltd.	21,999		206,094
*	Magic Software Enterprises, Ltd.	3,179		15,573
	Matrix IT, Ltd.	171,428		882,985
	Melisron, Ltd.	29,510		504,434
*	Mellanox Technologies, Ltd.	84,859		2,691,458
*	Menorah Mivtachim Holdings, Ltd.	101,061		910,500
	Migdal Insurance & Financial Holding, Ltd.	934,324		1,347,925
	Mizrahi Tefahot Bank, Ltd.	163,782		1,409,308
*	Naphtha Israel Petroleum Corp., Ltd.	103,666		335,785
*	Neto Me Holdings, Ltd.	5,411		253,048
*	NICE Systems, Ltd.	32,666		1,163,358
*	NICE Systems, Ltd. Sponsored ADR	66,570		2,380,543
*	Nitsba Holdings 1995, Ltd.	72,932		624,071
*	Oil Refineries, Ltd.	3,239,580		1,858,336
*	Orckit Communications, Ltd.	29,866		41,680
	Ormat Industries, Ltd.	293,852		1,782,334
	Osem Investments, Ltd.	101,782		1,410,121
	Paz Oil Co., Ltd.	12,287		1,745,239
	Phoenix Holdings, Ltd. (The)	195,715		536,603
	Plasson Industries, Ltd.	3,838		88,756
*	RADVision, Ltd.	20,382		104,720
	Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.	27,880		915,597
*	Retalix, Ltd.	65,875		976,818

151

The Continental Small Company Series
continued

		SHARES	VALUE††
ISRAEL — (Continued)
	Scailex Corp, Ltd.	29,002	$	239,584
	Shikun & Binui, Ltd.	794,937		1,574,995
*	Space Communication, Ltd.	11,241		176,809
*	Strauss Group, Ltd.	122,758		1,612,205
*	Suny Electronic, Ltd.	33,820		194,460
	Super-Sol, Ltd. Series B	368,517		1,589,740
*	Tower Semiconductor, Ltd.	1,325,086		1,060,838
	Union Bank of Israel, Ltd.	130,630		482,828
TOTAL ISRAEL				53,990,503
ITALY — (7.1%)
	ACEA SpA	280,731		2,128,447
	Acegas-APS SpA	110,973		577,582
*	Acotel Group SpA	810		30,449
*	Aedes SpA	1,412,879		163,532
#*	Aeffe SpA	76,830		68,342
	Aeroporto de Firenze SpA	17,399		219,810
#	Alerion Cleanpower SpA	67,767		443,448
#	Amplifon SpA	189,650		911,223
	Ansaldo STS SpA	321,559		3,401,940
	Arnoldo Mondadori Editore SpA	392,186		805,488
	Ascopiave SpA	137,754		281,182
	Astaldi SpA	228,281		1,343,734
	Autogrill SpA	397,526		4,597,612
	Azimut Holding SpA	454,770		3,544,836
	Banca Carige SpA	15,054		29,424
	Banca Finnat Euramerica SpA	685,945		324,098
#	Banca Generali SpA	140,519		1,404,887
	Banca IFIS SpA	102,347		589,422
#	Banca Piccolo Credito Valtellinese Scarl	803,224		2,329,317
#	Banca Popolare dell’Emilia Romagna Scarl	727,034		5,862,015
*	Banca Popolare dell’Etruria e del Lazio Scarl	101,302		198,959
#*	Banca Popolare di Milano Scarl	1,769,606		1,089,018
#	Banca Popolare di Sondrio Scarl	922,722		7,039,189
	Banca Profilo SpA	564,974		220,320
	Banco di Desio e della Brianza SpA	232,296		993,539
#	Banco Popolare Scarl	1,470,932		2,183,024
#	BasicNet SpA	105,627		335,023
	Beghelli SpA	427,981		289,407
#	Benetton Group SpA	220,256		1,267,220
*	Biesse SpA	54,004		287,533
	Bonifica Terreni Ferraresi e Imprese Agricole SpA	10,867		336,307
	Brembo SpA	162,145		1,726,161
*	Brioschi Sviluppo Immobiliare SpA	174,780		28,970
*	Buongiorno SpA	395,420		552,002
#*	Buzzi Unicem SpA	284,221		2,598,627
#	C.I.R. SpA - Compagnie Industriali Riunite	1,614,226		3,227,320
	Cairo Communication SpA	28,815		115,978
	Caltagirone Editore SpA	6,120		10,906
	Caltagirone SpA	246,310		511,017
*	Carraro SpA	113,633		365,322
	Cembre SpA	40,330		411,439
	Cementir Holding SpA	336,239		787,937
*	Class Editore SpA	165,655		77,677
	Credito Artigiano SpA	361,183		449,725
#	Credito Bergamasco SpA	129,374		3,607,577
	Credito Emiliano SpA	376,390		1,600,976
	CSP International Fashion Group SpA	13,481		16,365
*	Dada SpA	6,181		19,760
*	d’Amico International Shipping S.A.	133,519		106,589
#	Danieli & Co. SpA	58,099		1,472,262

152

The Continental Small Company Series
continued

		SHARES	VALUE††
ITALY — (Continued)
	Datalogic SpA	37,322	$	279,272
	Davide Campari - Milano SpA	990,609		7,652,926
*	DeA Capital SpA	243,327		508,563
	De’Longhi SpA	305,654		3,340,205
	DiaSorin SpA	77,818		2,519,016
*	Digital Multimedia Technologies SpA	39,294		976,316
*	EEMS Italia SpA	110,285		116,037
	Elica SpA	44,844		63,993
	Emak SpA	57,399		190,515
	Engineering Ingegneria Informatica SpA	9,609		316,047
#	ERG SpA	242,145		2,979,223
#*	ErgyCapital SpA	5,992		2,802
	Esprinet SpA	104,855		429,422
#*	Eurotech SpA	103,698		247,140
#	Falck Renewables SpA	452,790		514,919
#*	Fiera Milano SpA	37,863		205,156
*	Fondiaria - Sai SpA	366,128		804,393
*	Gas Plus SpA	975		8,685
	Gefran SpA	32,485		159,462
#*	Gemina SpA	2,562,430		2,181,183
#	Geox SpA	305,569		1,218,886
*	Gruppo Ceramiche Ricchetti SpA	100,487		23,634
	Gruppo Editoriale L’Espresso SpA	670,242		1,183,843
	Gruppo MutuiOnline SpA	13,650		76,498
	Hera SpA	1,822,830		2,980,482
*	I Grandi Viaggi SpA	98,547		99,939
	Immsi SpA	743,533		643,590
	Impregilo SpA	1,243,552		3,657,642
	Indesit Co. SpA	185,473		1,266,328
	Industria Macchine Automatiche SpA	58,626		1,148,292
	Industria Romagnola Conduttori Elettrici SpA	43,452		120,614
	Intek SpA	267,440		141,990
	Interpump Group SpA	255,327		1,637,312
	Iren SpA	1,758,434		2,126,950
	Isagro SpA	10,591		42,951
#	Italcementi SpA	279,135		1,856,294
	Italmobiliare SpA	46,873		1,312,573
#*	Juventus Football Club SpA	165,717		137,781
*	Kerself SpA	38,610		91,300
	KME Group SpA	1,654,192		749,042
#	Landi Renzo SpA	203,171		414,532
*	Lottomatica SpA	177,645		3,391,231
#	Maire Tecnimont SpA	601,549		991,702
#	Marcolin SpA	60,205		324,783
#*	Mariella Burani SpA	32,721		—
	Marr SpA	132,607		1,422,132
*	Mediolanum SpA	634,523		2,431,848
#*	Milano Assicurazioni SpA	1,476,243		629,543
*	Monrif SpA	315,834		152,802
	Montefibre SpA	135,004		24,463
	Nice SpA	40,071		152,788
*	Pagnossin SpA	9,000		—
*	PanariaGroup Industrie Ceramiche SpA	42,000		62,431
	Piaggio & C. SpA	511,332		1,699,430
*	Pininfarina SpA	82,321		358,312
	Piquadro SpA	7,354		19,107
	Pirelli & Co. SpA	657,369		5,801,554
*	Poltrona Frau SpA	140,932		169,192
*	Prelios SpA	2,389,900		701,391
#*	Premafin Finanziaria SpA	961,257		311,954
	Prysmian SpA	653,038		9,872,100

153

The Continental Small Company Series
continued

		SHARES	VALUE††
ITALY — (Continued)
#*	RCS MediaGroup SpA	257,601	$	247,592
	Recordati SpA	408,182		3,553,480
	Reply SpA	8,854		206,486
*	Retelit SpA	113,922		55,595
*	Richard-Ginori 1735 SpA	14,080		5,777
	Sabaf SpA	24,109		462,369
	SAES Getters SpA	30,068		256,967
*	Safilo Group SpA	140,163		1,161,447
*	Saras SpA	1,269,180		2,086,954
	SAVE SpA	5,818		53,013
	Screen Service Broadcasting Technologies SpA	152,715		74,504
#*	Seat Pagine Gialle SpA	2,988,837		162,776
*	Snai SpA	2,304		7,257
	Societa Cattolica di Assicurazioni Scrl	180,734		4,023,189
	Societa Iniziative Autostradali e Servizi SpA	217,716		1,799,340
	Sogefi SpA	186,290		645,002
	Sol SpA	166,511		1,041,883
*	Sorin SpA	1,139,193		2,381,133
#*	Stefanel SpA	112,528		56,388
	Tamburi Investment Partners SpA	36,591		74,511
#*	Telecom Italia Media SpA	1,206,455		279,265
#*	Tiscali SpA	3,437,478		237,543
	Tod’s SpA	47,508		4,742,258
#	Trevi Finanziaria SpA	138,583		1,545,232
*	Uni Land SpA	51,835		36,149
*	Unipol Gruppo Finanziario SpA	3,245,411		1,330,744
	Vianini Industria SpA	59,070		95,776
	Vianini Lavori SpA	175,180		953,600
	Vittoria Assicurazioni SpA	121,346		514,138
#*	Yoox SpA	101,604		1,454,911
	Zignago Vetro SpA	28,411		189,143
TOTAL ITALY				163,659,870
NETHERLANDS — (4.6%)
	Aalberts Industries NV	384,012		6,753,750
	Accell Group NV	78,668		1,775,677
*	AFC Ajax NV	18,134		167,210
#*	AMG Advanced Metallurgical Group NV	103,749		1,282,116
#	Amsterdam Commodities NV	60,751		865,957
#	Arcadis NV	193,913		3,803,206
#	ASM International NV	205,174		5,776,428
*	Atag Group NV	4,630		1,858
	Batenburg Beheer NV	10,306		270,948
#	BE Semiconductor Industries NV	136,793		925,503
	Beter Bed Holding NV	72,418		1,491,883
*	BinckBank NV	184,527		2,140,578
	Brunel International NV	51,660		1,858,191
*	Crown Van Gelder NV	17,892		99,969
	CSM NV	271,908		3,984,958
	Delta Lloyd NV	81,014		1,422,564
	DOCdata NV	22,463		371,214
	Exact Holding NV	61,464		1,622,329
	Fornix Biosciences NV	22,083		17,869
#	Grontmij NV	77,715		1,213,909
	Heijmans NV	66,281		1,016,525
	Hunter Douglas NV	3,870		177,370
#	Imtech NV	272,621		8,053,728
#*	Kardan NV	97,650		309,421
	KAS Bank NV	50,870		625,853
#	Kendrion NV	39,829		1,016,312
	Koninklijke Bam Groep NV	876,605		3,641,267

154

The Continental Small Company Series
continued

		SHARES	VALUE††
NETHERLANDS — (Continued)
	Koninklijke Ten Cate NV	110,282	$	3,785,891
*	Koninklijke Wessanen NV	300,030		1,497,696
#*	LBi International NV	148,925		321,706
	Macintosh Retail Group NV	51,332		820,320
	Mediq NV	247,085		3,921,288
#	Nederlandsche Apparatenfabriek NV	28,810		818,076
	Nutreco NV	145,366		9,658,003
#*	Ordina NV	192,481		346,214
#*	Pharming Group NV	1,152,540		144,135
	PostNL NV	539,573		2,732,069
*	Punch Graphix NV	60,525		234,771
*	Qurius NV	233,092		52,115
*	Roto Smeets Group NV	11,826		138,231
	Royal Reesink NV	1,428		152,126
	SBM Offshore NV	563,703		12,385,902
	Sligro Food Group NV	98,516		3,224,648
*	SNS Reaal Groep NV	507,589		1,414,884
#	Stern Groep NV	1,274		38,262
	Telegraaf Media Groep NV	163,704		2,249,826
	TKH Group NV	129,083		3,182,637
#*	TomTom NV	547,355		2,730,674
	Unit 4 NV	83,556		2,365,988
	USG People NV	237,495		2,103,513
*	Wavin NV	168,212		1,245,448
TOTAL NETHERLANDS				106,251,016
NORWAY — (2.8%)
#	ABG Sundal Collier Holding ASA	743,363		535,122
#	Acta Holding ASA	588,069		156,798
	AF Gruppen ASA	2,718		22,826
	Aker ASA Series A	2,312		65,632
#	Aktiv Kapital ASA	82,564		457,575
*	Algeta ASA	77,466		2,698,938
	Arendals Fosse Kompani ASA	100		29,588
	Atea ASA	246,557		2,176,477
	Austevoll Seafood ASA	240,343		946,860
	Bonheur ASA	68,100		1,513,613
	BW Offshore, Ltd. ASA	1,004,602		1,875,108
#	BWG Homes ASA	241,807		554,373
*	Camillo Eitze & Co. ASA	58,200		8,363
*	Cermaq ASA	265,931		2,949,686
*	Clavis Pharma ASA	21,574		162,834
*	Copeinca ASA	76,559		494,036
*	Deep Sea Supply P.L.C.	337,427		485,507
#*	Det Norske Oljeselskap ASA	169,996		2,525,116
#*	DNO International ASA	3,379,836		3,951,697
*	Dockwise, Ltd.	43,489		708,432
*	DOF ASA	143,497		678,736
*	EDB ErgoGroup ASA	266,739		502,911
*	Eitzen Chemical ASA	297,422		13,351
	Ekornes ASA	109,590		2,233,718
*	Electromagnetic GeoServices ASA	326,537		799,761
*	Eltek ASA	1,292,456		739,558
	Farstad Shipping ASA	59,843		1,636,954
*	Fornebu Utvikling ASA	120,455		37,084
#*	Frontline, Ltd. ASA	60,211		306,393
	Ganger Rolf ASA	54,510		1,063,681
	Golar LNG, Ltd.	27,613		1,102,713
#	Golden Ocean Group, Ltd.	863,548		665,497
#*	Grieg Seafood ASA	122,305		84,642
#*	Havila Shipping ASA	22,400		164,608

155

The Continental Small Company Series
continued

		SHARES	VALUE††
NORWAY — (Continued)
#*	Hurtigruten ASA	608,100	$	356,974
*	Intex Resources ASA	45,445		35,782
*	Kongsberg Automotive Holding ASA	1,766,658		636,864
	Kongsberg Gruppen ASA	26,196		561,514
*	Kverneland ASA	423,895		394,540
	Leroey Seafood Group ASA	39,304		608,181
*	Natural ASA	388,026		107,494
#	Nordic Semiconductor ASA	537,446		1,335,778
#*	Norse Energy Corp. ASA	1,872,731		90,059
#*	Norske Skogindustrier ASA Series A	541,477		304,776
	Northern Offshore, Ltd.	182,074		354,564
#*	Norwegian Air Shuttle ASA	75,844		992,473
#*	Norwegian Energy Co.	720,771		772,986
*	Odfjell ASA Series A	138,810		886,149
	Olav Thon Eiendomsselskap ASA	12,960		1,861,003
*	Opera Software ASA	295,148		1,328,200
#*	Panoro Energy ASA	122,537		116,116
*	PCI Biotech ASA	3,357		22,535
*	Petrolia ASA	707,748		71,167
#*	Photocure ASA	33,562		222,648
*	Pronova BioPharma ASA	669,131		601,362
	Prosafe ASA	594,067		4,490,405
*	Q-Free ASA	81,437		277,837
	Salmar ASA	16,094		97,689
*	Scana Industrier ASA	319,755		122,590
*	Seabird Exploration P.L.C.	215,858		12,647
#*	Sevan Marine ASA	2,385,768		119,313
*	Siem Offshore, Inc. ASA	319,069		525,076
	Solstad Offshore ASA	57,727		859,164
*	Songa Offshore SE	845,806		3,384,848
	SpareBanken 1 SMN	273,273		2,171,054
	Stolt-Nielsen, Ltd.	20,635		408,078
#	Tomra Systems ASA	619,160		4,540,005
*	TTS Marine ASA	75,639		126,619
	Veidekke ASA	327,908		2,257,287
	Wilh Wilhelmsen Holding ASA	62,749		1,518,111
TOTAL NORWAY				64,920,076
PORTUGAL — (0.9%)
#	Altri SGPS SA	441,547		720,999
#*	Banco BPI SA	1,997,111		1,363,711
#*	Banco Comercial Portugues SA	8,314,951		1,759,203
*	Banif SGPS SA	556,422		243,590
#*	Brisa SA	680,569		2,316,341
	Corticeira Amorim SGPS SA	223,729		367,350
	Ibersol SGPS SA	20,401		145,513
*	Impresa SGPS SA	369,303		224,505
*	Investimentos Participacoes e Gestao SA	232,518		51,478
#	Mota-Engil SGPS SA	359,581		511,963
	Novabase SGPS SA	65,729		201,647
*	ParaRede SGPS SA	66,955		13,944
	Portucel-Empresa Produtora de Pasta de Papel SA	815,988		2,047,587
	Redes Energeticas Nacionais SA	647,384		1,872,701
*	Sag Gest - Solucoes Automovel Globais SGPS SA	251,556		167,077
	Sociedade de Investimento e Gestao SGPS SA	267,754		2,015,723
*	Sonae Capital SGPS SA	41,386		13,641
#*	Sonae Industria SGPS SA	443,755		468,773
	Sonae SGPS SA	2,981,987		2,147,036
	Sonaecom SGPS SA	565,634		1,010,176
*	Sumol & Compal SA	67,967		116,884
	Teixeira Duarte SA	734,737		202,102

156

The Continental Small Company Series
continued

		SHARES	VALUE††
PORTUGAL — (Continued)
	Toyota Caetano Portugal SA	53,308	$	274,396
#	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA	621,293		1,934,469
TOTAL PORTUGAL				20,190,809
SPAIN — (5.4%)
#	Abengoa SA	168,206		3,907,675
*	Adolfo Dominguez SA	20,351		165,367
#	Almirall SA	176,170		1,310,746
#*	Amper SA	96,925		292,226
#	Antena 3 de Television SA	279,539		1,673,804
*	Azkoyen SA	70,532		165,328
	Banco de Sabadell SA Convertible Shares	212,446		180,786
#*	Banco de Valencia SA	535,721		653,874
#	Banco Pastor SA	343,327		1,612,771
#	Bankinter SA	1,006,147		6,142,583
*	Baron de Ley SA	13,910		837,884
#	Bolsas y Mercados Espanoles SA	236,082		6,761,301
#	Caja de Ahorros del Mediterraneo SA	116,412		225,159
	Campofrio Food Group SA	95,179		808,811
#*	Cementos Portland Valderrivas SA	45,565		630,875
#*	Cie Automotive SA	114,494		946,543
#*	Codere SA	64,206		734,306
	Compania Vinicola del Norte de Espana SA	16,119		334,398
	Construcciones y Auxiliar de Ferrocarriles SA	7,518		3,987,969
*	Corporacion Dermoestetica SA	21,236		23,948
#*	Deoleo SA	1,371,618		689,867
	Dinamia Capital Privado Sociedad de Capital Riesgo SA	19,817		114,501
*	Dinamia Capital Privado Sociedad de Capital Riesgo SA Issue-11 Shares	396		2,279
	Duro Felguera SA	276,209		1,847,835
	Ebro Foods SA	340,839		6,906,928
#	Elecnor SA	198,254		2,689,202
*	Ercros SA	291,279		354,757
#	Faes Farma SA	602,381		1,233,624
*	Fersa Energias Renovables SA	87,062		97,248
	Fluidra SA	51,323		170,951
#	Fomento de Construcciones y Contratas SA	69,047		1,787,511
	Gamesa Corp. Tecnologica SA	1,081,002		5,220,452
#*	General de Alquiler de Maquinaria SA	32,241		27,159
#*	Grifols SA	457,616		8,508,217
	Grupo Catalana Occidente SA	166,328		3,065,280
#	Grupo Empresarial Ence SA	867,472		2,571,330
*	Grupo Ezentis SA	1,009,562		205,531
*	Grupo Tavex SA	244,131		129,098
	Iberpapel Gestion SA	25,850		480,563
#	Indra Sistemas SA	371,374		6,222,848
#*	Inmobiliaria Colonial SA	108,920		469,229
	Inmobiliaria del Sur SA	2,902		26,635
#*	Jazztel P.L.C.	779,346		4,482,696
*	La Seda de Barcelona SA Series B	10,928,289		910,340
#	Laboratorios Farmaceuticos Rovi SA	47,773		343,279
#	Mediaset Espana Comunicacion SA	542,744		3,591,777
#	Melia Hotels International SA	214,757		1,574,444
	Miquel y Costas & Miquel SA	26,111		590,813
*	Miquel y Costas & Miquel SA Issue-11 Shares	8,704		198,714
*	Natra SA	109,456		153,307
#*	Natraceutical SA	645,689		157,245
#*	NH Hoteles SA	521,131		2,550,165
*	Nicolas Correa SA	24,485		44,059
#	Obrascon Huarte Lain SA	156,289		4,357,796
	Papeles y Cartones de Europa SA	226,938		903,774
	Pescanova SA	43,729		1,506,251

157

The Continental Small Company Series
continued

		SHARES	VALUE††
SPAIN — (Continued)
	Prim SA	39,424	$	212,268
#*	Promotora de Informaciones SA Series A	910,275		939,749
#	Prosegur Cia de Seguridad SA	87,574		4,353,976
#*	Quabit Inmobiliaria SA	788,621		120,733
*	Realia Business SA	297,777		455,867
*	Renta Corp. Real Estate SA	20,828		32,994
#*	Reyal Urbis SA	24,393		20,455
#	Sacyr Vallehermoso SA	311,251		2,173,551
*	Service Point Solutions SA	727,483		273,243
#*	Sociedad Nacional Industrias Aplicaciones Celulosa Espanola SA	227,522		400,421
	Solaria Energia y Medio Ambiente SA	231,009		475,448
#	Tecnicas Reunidas SA	96,655		3,889,119
	Telecomunicaciones y Energia SA	146,125		297,276
#*	Tubacex SA	427,191		1,124,514
*	Tubos Reunidos SA	416,951		987,043
	Unipapel SA	47,385		833,989
#*	Vertice Trescientos Sesenta Grados SA	57,183		12,245
	Vidrala SA	68,988		1,937,322
	Viscofan SA	183,430		7,043,085
#*	Vocento SA	196,990		525,313
#*	Vueling Airlines SA	60,195		424,830
#*	Zeltia SA	637,268		1,459,246
TOTAL SPAIN				123,574,746
SWEDEN — (8.3%)
	Aarhuskarlshamn AB	88,601		2,387,795
	Acando AB	224,754		497,126
#*	Active Biotech AB	145,913		653,209
#	AddNode AB	16,806		75,800
	AddTech AB Series B	64,026		1,445,596
	AF AB Series B	109,179		1,839,246
#*	Alliance Oil Co., Ltd. GDR	168,037		2,172,448
*	Anoto Group AB	80,683		34,712
	Aros Quality Group AB	41,400		294,159
	Atrium Ljungberg AB Series B	25,834		297,830
	Avanza Bank Holding AB	67,915		1,810,634
	Axfood AB	93,882		3,560,096
	Axis Communications AB	183,851		4,084,033
#	B&B Tools AB Series B	92,589		845,933
*	BE Group AB	170,187		653,476
#	Beiger Electronics AB	53,856		508,196
#	Beijer Alma AB	62,074		1,164,201
	Bergs Timber AB Series B	10,861		22,390
*	Betsson AB	104,736		2,465,556
	Bilia AB Series A	113,425		1,650,971
	Billerud AB	355,810		2,763,255
	BioGaia AB Series B	45,558		1,151,545
*	BioInvent International AB	152,143		423,176
	Biotage AB	143,915		115,725
*	Bjorn Borg AB	64,280		378,730
*	Black Earth Farming, Ltd.	44,076		130,135
	Bong Ljungdahl AB	24,800		93,906
*	Boras Waefveri AB Series B	6,564		1,329
	Brinova Fastigheter AB	98		1,481
*	Bure Equity AB	284,971		840,588
*	Byggmax Group AB	1,100		5,147
#	Cantena AB	56,762		578,661
*	Castellum AB	548,218		7,421,699
*	Catella AB	226,140		290,128
*	CDON Group AB	11,067		55,966
#	Clas Ohlson AB Series B	124,325		1,524,924

158

The Continental Small Company Series
continued

		SHARES	VALUE††
SWEDEN — (Continued)
	Cloetta AB	55,296	$	261,496
#*	Concentric AB	145,352		892,079
	Concordia Maritime AB Series B	70,300		148,264
	Connecta AB	25,172		266,272
*	Consilium AB Series B	14,965		36,699
	CyberCom Group AB	49,332		89,508
*	Dedicare AB Series B	16,575		62,140
#*	Diamyd Medical AB	52,148		63,903
#	DORO AB	94,695		337,325
*	Duni AB	103,417		878,238
	East Capital Explorer AB	51,309		413,291
	Elekta AB Series B	255,842		10,216,832
*	Enea AB	56,200		214,349
#*	Eniro AB	343,664		530,994
*	Fabege AB	500,592		4,296,699
	Fagerhult AB	16,891		397,960
*	Fastighets AB Balder Series B	196,938		804,407
	Fenix Outdoor AB	4,571		119,908
	G & L Beijer AB Series B	28,958		969,332
*	Global Health Partner AB	827		1,308
#	Gunnebo AB	174,854		705,264
#	Hakon Invest AB	168,274		2,352,573
	Haldex AB	173,128		739,058
	Heba Fastighets AB Series B	43,722		389,929
	Hexpol AB	90,282		2,323,024
#*	HIQ International AB	181,737		802,381
	HMS Networks AB	7,040		104,387
	Hoganas AB Series B	91,448		2,914,791
	Holmen AB Series B	181,073		5,123,381
*	HQ AB	19,037		9,911
	Hufvudstaden AB Series A	189,483		2,055,698
*	Husqvarna AB Series A	12,008		61,222
*	Husqvarna AB Series B	222,394		1,129,519
	Industrial & Financial Systems AB Series B	69,650		983,243
	Indutrade AB	44,403		1,188,397
	Intrum Justitia AB	241,545		3,963,154
#	JM AB	299,638		5,436,757
#	KappAhl AB	195,033		423,445
#*	Karo Bio AB	904,968		147,537
*	Klovern AB	387,861		1,618,584
	KNOW IT AB	72,015		529,892
*	Kungsleden AB	488,858		3,737,988
	Lagercrantz Group AB Series B	70,775		522,851
	Lammhults Design Group AB	19,547		70,481
	Lennart Wallenstam Byggnads AB Series B	385,959		3,809,445
*	Lindab International AB	175,890		1,085,866
	Loomis AB Series B	241,411		3,320,916
*	Lundin Petroleum AB	439,229		10,719,305
*	Meda AB Series A	750,311		7,635,753
*	Medivir AB Series B	84,833		1,166,427
	Mekonomen AB	64,824		2,365,090
*	Micronic Mydata AB	338,267		602,079
*	Midsona AB Series B	1,733		3,989
*	MQ Holding AB	229		744
*	NCC AB Series A	6,526		118,826
	NCC AB Series B	297,398		5,450,599
	Nederman Holding AB	3,347		50,015
#*	Net Entertainment NE AB	67,146		677,312
#*	Net Insight AB Series B	1,181,753		438,909
	New Wave Group AB Series B	152,864		695,307
#	NIBE Industrier AB Series B	237,265		3,545,502

159

The Continental Small Company Series
continued

		SHARES		VALUE††
SWEDEN — (Continued)
*	Nobia AB	493,534	$	2,134,617
	Nolato AB Series B	75,775		629,768
*	Nordic Mines AB	94,674		782,587
	Nordnet AB Series B	252,192		693,653
*	Observer AB	5,113		33,891
	OEM International AB Series B	44,400		366,734
#*	Opcon AB	11,134		4,680
*	Opcon AB Issue-11 Shares	44,536		17,357
#	Orc Group AB	70,376		641,788
#*	Orexo AB	72,042		314,481
	Oriflame Cosmetics SA SDR	119,547		4,756,260
*	PA Resources AB	2,194,495		583,149
*	Partnertech AB	28,800		103,188
	Peab AB Series B	589,201		3,206,591
	Poolia AB Series B	33,150		80,931
#	Pricer AB Series B	252,242		459,749
	ProAct IT Group AB	29,271		639,680
	Proffice AB Series B	231,361		822,099
	Profilgruppen AB	13,582		80,297
	RaySearch Laboratories AB	45,598		132,777
	Readsoft AB Series B	63,310		179,456
#*	Rederi AB Transatlantic	112,133		257,149
*	Rezidor Hotel Group AB	264,241		954,383
*	RNB Retail & Brands AB	411,548		183,103
	Rottneros AB	207,512		72,931
	Saab AB Series B	166,049		3,198,279
	Sagax AB	1,718		44,340
#*	SAS AB	573,665		949,620
	Seco Tools AB Series B	89,660		1,209,699
*	Sectra AB	17,656		116,472
	Securitas AB Series B	345,289		3,146,372
#*	Semcon AB	39,900		165,248
	Sigma AB Series B	25,800		21,598
	Sintercast AB	11,800		87,209
#	Skistar AB	97,008		1,400,748
	SSAB AB Series A	306,432		2,962,288
	SSAB AB Series B	46,838		396,851
*	Studsvik AB	21,900		116,867
	Sweco AB Series B	187,009		1,652,666
*	Swedish Orphan Biovitrum AB	464,573		1,136,135
	Systemair AB	9,379		108,077
*	TradeDoubler AB	138,527		613,723
	Trelleborg AB Series B	928,357		7,858,668
*	Unibet Group P.L.C. SDR	42,094		976,345
	Uniflex AB Series B	18,150		97,341
	VBG AB Series B	1,084		14,124
	Vitrolife AB	45,755		313,556
	Wihlborgs Fastigheter AB	225,805		3,085,052
TOTAL SWEDEN				190,062,934
SWITZERLAND — (14.1%)
	Acino Holding AG	8,754		899,412
*	Addex Pharmaceuticals, Ltd.	1,491		10,856
	Advanced Digital Broadcast Holdings SA	2,024		27,445
*	Affichage Holding SA	5,703		896,487
	AFG Arbonia-Forster Holding AG	46,165		1,060,070
	Allreal Holding AG	34,985		5,628,997
	ALSO-Actebis Holding AG	16,195		858,023
*	Aryzta AG	289,931		13,979,948
	Ascom Holding AG	160,822		1,717,485
	Austriamicrosystems AG	35,754		1,693,394

160

The Continental Small Company Series
continued

		SHARES	VALUE††
SWITZERLAND — (Continued)
*	Autoneum Holding AG	15,956	$	1,078,734
#	Bachem Holdings AG	24,136		1,118,787
	Baloise Holding AG	8,111		660,688
	Bank Coop AG	31,671		2,297,334
	Bank Sarasin & Cie AG Series B	182,505		6,937,974
	Banque Cantonale de Geneve SA	4,021		889,678
	Banque Cantonale du Jura SA	4,500		327,821
	Banque Cantonale Vaudoise AG	8,060		4,172,586
	Banque Privee Edmond de Rothschild SA	157		4,374,321
	Barry Callebaut AG	4,962		4,704,527
	Basellandschaftliche Kantonalbank AG	520		746,079
*	Basilea Pharmaceutica AG	20,383		914,657
*	Basler Kantonalbank AG	4,137		648,617
	Belimo Holdings AG	1,830		3,277,900
	Bell AG	54		110,706
	Bellevue Group AG	27,519		457,815
	Berner Kantonalbank AG	23,232		6,534,128
*	BKW FMB Energie AG	27,437		1,240,377
*	Bobst Group AG	39,409		787,880
	Bossard Holding AG	8,386		1,011,000
	Bucher Industries AG	33,342		5,755,982
	Burckhardt Compression Holding AG	6,936		1,533,098
	Calida Holding AG	7,920		239,274
	Carlo Gavazzi Holding AG	1,069		249,164
	Centralschweizerische Kraftwerke AG	145		54,129
	Cham Paper Holding AG	649		112,386
	Charles Voegele Holding AG	32,044		986,569
*	Cicor Technologies	4,889		209,116
	Cie Financiere Tradition SA	6,784		588,829
*	Clariant AG	699,758		7,577,735
	Coltene Holding AG	16,008		650,987
	Conzzeta AG	1,345		2,807,457
*	Cytos Biotechnology AG	1,934		3,986
	Daetwyler Holding AG	29,754		1,957,302
*	Dufry AG	65,162		6,975,452
	EFG International AG	205,702		1,717,354
*	ELMA Electronic AG	472		231,167
	Emmi AG	13,244		2,652,271
#	EMS-Chemie Holding AG	28,622		5,046,817
	Energiedienst Holding AG	71,249		4,213,663
	Flughafen Zuerich AG	14,025		5,378,478
	Forbo Holding AG	6,314		2,983,847
#	Galenica Holding AG	18,828		10,906,687
	GAM Holding AG	780,910		9,336,078
*	Gategroup Holding AG	65,671		2,229,073
	George Fisher AG	15,351		6,360,877
*	Gottex Fund Management Holdings, Ltd.	824		3,205
	Gurit Holding AG	1,489		734,046
	Helvetia Holding AG	22,754		8,313,855
	Highlight Communications AG	8,169		39,130
	Huber & Suhner AG	17,212		924,793
	Implenia AG	49,733		1,172,914
	Inficon Holding AG	4,954		844,262
*	Interroll Holding AG	2,404		830,190
	Intershop Holding AG	3,559		1,300,403
	Jungfraubahn Holding AG	229		14,129
	Kaba Holding AG	11,858		4,585,629
*	Kardex AG	21,055		315,558
	Komax Holding AG	9,976		768,220
	Kudelski SA	107,664		1,114,608
*	Kuoni Reisen Holding AG Series B	13,163		4,489,476

161

The Continental Small Company Series
continued

		SHARES	VALUE††
SWITZERLAND — (Continued)
#	LEM Holding SA	3,667	$	1,589,753
	Liechtensteinische Landesbank AG	8,371		463,816
*	LifeWatch AG	55,532		198,881
#*	Logitech International SA	676,961		6,533,795
	Lonza Group AG	140,493		9,345,357
#	Luzerner Kantonalbank AG	17,399		6,295,945
	Metall Zug AG	233		885,104
#*	Meyer Burger Technology AG	200,895		4,808,703
*	Micronas Semiconductor Holding AG	155,041		1,270,630
*	Mikron Holding AG	585		4,058
*	Mobilezone Holding AG	119,357		1,250,288
	Mobimo Holding AG	11,582		2,905,695
*	NIBE Industrier AB Series B	24,214		339,294
	Nobel Biocare Holding AG	478,680		5,861,913
*	OC Oerlikon Corp. AG	372,542		2,230,911
	Orascom Development Holding AG	8,205		181,494
	Orell Fuessli Holding AG	4,930		602,486
*	Panalpina Welttransport Holding AG	46,070		4,556,172
*	Parco Industriale e Immobiliare SA	600		2,392
	Partners Group Holding AG	23,084		4,318,193
#*	Petroplus Holdings AG	370,438		2,209,628
	Phoenix Mecano AG	3,100		1,638,317
*	Precious Woods Holding AG	49		649
*	PSP Swiss Property AG	148,327		13,494,819
	PubliGroupe SA	2,161		332,312
*	Rieters Holdings AG	15,956		3,319,779
	Romande Energie Holding SA	2,714		4,016,590
*	Schaffner Holding AG	2,066		595,601
*	Schmolz & Bickenbach AG	72,817		591,888
	Schweiter Technologies AG	4,191		2,345,215
	Schweizerische National-Versicherungs-Gesellschaft AG	45,720		1,601,437
*	Siegfried Holding AG	8,325		848,626
	Societa Elettrica Sopracenerina SA	2,340		519,096
	St. Galler Kantonalbank AG	9,942		4,319,506
	Straumann Holding AG	21,440		3,774,012
*	Sulzer AG	64,067		7,466,988
	Swiss Life Holding AG	93,938		11,537,216
	Swisslog Holding AG	914,407		746,037
	Swissquote Group Holding SA	47,450		1,996,888
#	Tamedia AG	14,891		1,814,701
	Tecan Group AG	41,765		2,632,878
#*	Temenos Group AG	259,801		4,941,166
*	Tornos Holding AG	38,028		370,730
*	U-Blox AG	11,680		510,978
	Uster Technologies AG	2,848		113,511
	Valartis Group AG	936		16,487
#	Valiant Holding AG	45,575		6,309,348
	Valora Holding AG	12,070		2,506,775
	Vaudoise Assurances Holding SA	3,219		947,501
	Verwaltungs und Privat-Bank AG	7,692		773,266
	Vetropack Holding AG	184		344,666
	Villars Holding SA	150		86,845
#*	Von Roll Holding AG	126,544		443,931
	Vontobel Holdings AG	121,104		3,613,419
	VZ Holding AG	818		93,313
	Walliser Kantonalbank AG	1,416		1,263,386
	WMH Walter Meier Holding AG	4,738		1,150,753
#	Ypsomed Holdings AG	6,709		425,096
	Zehnder Group AG	35,840		2,128,973
#*	Zueblin Immobilien Holding AG	261,040		893,343

162

The Continental Small Company Series
continued

			SHARES		VALUE††
SWITZERLAND — (Continued)
		Zuger Kantonalbank AG		623	$	3,540,878
TOTAL SWITZERLAND						325,193,350
TOTAL COMMON STOCKS						1,992,744,029
RIGHTS/WARRANTS — (0.1%)
BELGIUM — (0.0%)
*		Agfa-Gevaert NV STRIP VVPR		122,950		170
*		Deceuninck NV STRIP VVPR		247,412		342
#*		Nyrstar NV STRIP VVPR		178,031		246
*		RealDolmen NV STRIP VVPR		6,067		84
*		SAPEC SA STRIP VVPR		75		109
*		Tessenderlo Chemie NV STRIP VVPR		3,985		439
*		Zenitel NV STRIP VVPR		8,654		12
TOTAL BELGIUM						1,402
ITALY — (0.1%)
*		Banca Popolare di Milano Scarl Rights 11/18/11		1,769,606		1,667,499
*		Intek SpA Warrants 12/30/11		62,985		166
*		KME Group SpA Warrants 12/30/11		104,975		261
TOTAL ITALY						1,667,926
NORWAY — (0.0%)
*		DOF ASA Rights 10/31/11		20,735		—
TOTAL RIGHTS/WARRANTS						1,669,328
			SHARES/
			FACE
			AMOUNT		VALUE†
			(000)
SECURITIES LENDING COLLATERAL — (13.2%)
§@		DFA Short Term Investment Fund		303,408,660		303,408,660
@		Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%,
		11/01/11 (Collateralized by FNMA 3.500%, 11/01/31, valued at
		$1,237,089) to be repurchased at $1,212,836	$	1,213		1,212,832
TOTAL SECURITIES LENDING COLLATERAL						304,621,492
TOTAL INVESTMENTS — (100.0%)
	(Cost $2,351,668,120)				$	2,299,034,849

163

THE CANADIAN SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

OCTOBER 31, 2011

		SHARES	VALUE††
COMMON STOCKS — (77.5%)
Consumer Discretionary — (7.9%)
*	AlarmForce Industries, Inc.	4,310	$	48,602
	Astral Media, Inc. Class A	195,947		6,727,170
#*	Azure Dynamics Corp.	1,049,423		121,077
#*	Ballard Power Systems, Inc.	559,352		830,540
	BMTC Group, Inc. Class A	13,065		284,435
*	Brick, Ltd. (The)	93,107		269,957
#	Cineplex, Inc.	191,278		5,079,637
#*	Coastal Contacts, Inc.	234,745		732,437
	Cogeco Cable, Inc.	66,661		3,172,040
	Cogeco, Inc.	4,489		205,456
#	Corus Entertainment, Inc. Class B	295,300		5,655,658
#	Dollarama, Inc.	197,346		7,428,565
	Dorel Industries, Inc. Class B	107,500		2,614,296
	easyhome, Ltd.	3,600		22,357
	Gamehost, Inc.	2,433		26,533
	Glacier Media, Inc.	137,300		260,343
	Glentel, Inc.	59,700		931,362
*	Great Canadian Gaming Corp.	284,300		2,338,861
	Groupe Aeroplan, Inc.	696,151		8,017,872
*	Imax Corp.	186,337		3,594,944
	Indigo Books & Music, Inc.	746		4,977
	Le Chateau, Inc. Class A	73,800		273,950
	Leon’s Furniture, Ltd.	143,275		1,696,158
	Linamar Corp.	191,380		3,037,503
*	Martinrea International, Inc.	270,856		1,913,044
	MDC Partners, Inc. Class A	1,698		28,483
*	MEGA Brands, Inc.	37,306		323,749
#*	Mood Media Corp.	46,738		139,733
	Quebecor, Inc. Class B	108,793		3,765,597
	Reitmans Canada, Ltd.	13,456		211,273
	Reitmans Canada, Ltd. Class A	202,400		3,173,827
	RONA, Inc.	677,175		6,522,077
*	Sears Canada, Inc.	28,360		430,201
	Torstar Corp. Class B	234,377		2,454,874
	TVA Group, Inc. Class B	7,000		70,228
	Uni-Select, Inc.	57,156		1,486,314
#	Yellow Media, Inc.	1,222,317		447,600
Total Consumer Discretionary				74,341,730
Consumer Staples — (2.4%)
	Alliance Grain Traders, Inc.	60,868		1,271,404
	Andrew Peller, Ltd. Class A	400		3,612
*	Atrium Innovations, Inc.	130,236		1,710,348
#*	BioExx Specialty Proteins, Ltd.	540,917		168,231
	Canada Bread Co., Ltd.	14,021		604,306
	Colabor Group, Inc.	57,986		587,568
	Corby Distilleries, Ltd. Class A	63,258		1,031,929
#*	Cott Corp.	473,596		3,325,981
#*	GLG Life Tech Corp.	39,937		70,518
	High Liner Foods, Inc.	3,500		53,163
	Jean Coutu Group PJC, Inc. Class A (The)	400,161		5,118,688
#	Liquor Stores N.A., Ltd.	35,769		520,342
	Maple Leaf Foods, Inc.	334,926		3,797,004
#	North West Co., Inc. (The)	105,773		1,992,894
#	Premium Brands Holdings Corp.	65,605		1,030,066
	Rogers Sugar, Inc.	49,376		258,088
*	SunOpta, Inc.	193,373		1,026,279

164

The Canadian Small Company Series
continued

		SHARES	VALUE††
Consumer Staples — (Continued)
*	Sun-Rype Products, Ltd.	100	$	713
Total Consumer Staples				22,571,134
Energy — (19.8%)
*	Advantage Oil & Gas, Ltd.	1,098,231		5,828,585
	Akita Drilling, Ltd. Class A	42,000		414,206
#	AltaGas, Ltd.	276,864		8,169,120
#*	Anderson Energy, Ltd.	558,395		347,334
*	Angle Energy, Inc.	287,932		1,854,551
#*	Antrim Energy, Inc.	512,200		549,841
#*	Arsenal Energy, Inc.	486,950		302,893
#	AvenEx Energy Corp.	100,544		553,786
#*	Bankers Petroleum, Ltd.	810,182		4,307,965
#*	Bellatrix Exploration, Ltd.	490,944		2,280,482
*	Bengal Energy, Ltd.	600		656
#*	Birchcliff Energy, Ltd.	355,600		5,394,203
*	BlackPearl Resources, Inc.	954,830		4,550,231
*	BNK Petroleum, Inc.	127,691		263,901
#	Bonterra Energy Corp.	46,062		2,485,292
*	C&C Energia, Ltd.	39,632		333,597
	Calfrac Well Services, Ltd.	126,564		3,923,579
*	Calmena Energy Services, Inc.	95,771		25,942
*	Calvalley Petroleum, Inc. Class A	345,539		485,332
#	Canadian Energy Services & Technology Corp.	132,183		1,648,392
	Canyon Services Group, Inc.	138,592		1,662,965
#	Cathedral Energy Services, Ltd.	121,906		819,433
*	CE Franklin, Ltd.	20,400		173,965
*	Celtic Exploration, Ltd.	269,000		6,663,266
*	Cequence Energy, Ltd.	278,462		1,273,927
*	Chinook Energy, Inc.	92,783		145,213
#*	CIC Energy Corp.	31,465		68,502
#*	Connacher Oil & Gas, Ltd.	1,534,505		708,174
*	Corridor Resources, Inc.	367,780		907,689
*	Crew Energy, Inc.	358,669		3,943,830
*	Crocotta Energy, Inc.	113,720		339,991
#	Daylight Energy, Ltd.	739,288		7,305,730
*	Delphi Energy Corp.	416,369		881,403
#*	Denison Mines Corp.	2,168,583		3,415,777
#	Enbridge Income Fund Holdings, Inc.	68,006		1,287,457
	Enerflex, Ltd.	279,959		2,881,745
	Ensign Energy Services, Inc.	226,952		3,413,103
#*	Epsilon Energy, Ltd.	193,780		592,956
*	Equal Energy, Ltd.	75,353		422,597
#*	Essential Energy Services, Ltd.	274,264		489,782
*	Fairborne Energy, Ltd.	544,251		1,943,851
*	Flint Energy Services, Ltd.	172,550		2,068,696
#*	Forsys Metals Corp.	109,974		76,129
#*	Galleon Energy, Inc. Class A	611,603		1,718,072
*	GeoMark Exploration, Ltd.	82,540		72,458
*	Gran Tierra Energy, Inc.	969,291		5,941,678
#*	Ivanhoe Energy, Inc.	939,785		1,159,705
#	Keyera Corp.	92,651		4,226,577
*	Legacy Oil & Gas, Inc.	438,795		3,970,836
#*	Mega Uranium, Ltd.	796,410		255,682
#*	MGM Energy Corp.	14,000		3,511
*	Midway Energy, Ltd.	286,140		1,079,394
#	Mullen Group, Ltd.	274,057		5,507,260
#	NAL Energy Corp.	517,913		4,588,083
#*	North American Energy Partners, Inc.	53,156		369,039
	Nuvista Energy, Ltd.	481,347		2,969,936
#*	Open Range Energy Corp.	244,459		2,815,540

165

The Canadian Small Company Series
continued

		SHARES	VALUE††
Energy — (Continued)
#*	Pace Oil & Gas, Ltd.	175,677	$	893,587
*	Paramount Resources, Ltd. Class A	136,127		4,953,425
#	Parkland Fuel Corp.	197,967		2,061,598
#	Pason Systems, Inc.	237,900		3,226,895
#	Perpetual Energy, Inc.	394,093		648,420
#	PetroBakken Energy, Ltd. Class A	171,305		1,560,521
#*	Petrobank Energy & Resources, Ltd.	251,385		2,262,276
#	Peyto Exploration & Development Corp.	101,471		2,214,190
	PHX Energy Services Corp.	28,916		297,355
*	Precision Drilling Corp.	278,079		3,225,075
#	Progress Energy Resources Corp.	116,557		1,649,982
#	Provident Energy, Ltd.	230,627		2,089,352
	Pulse Seismic, Inc.	263,880		503,007
#*	Questerre Energy Corp.	700,260		702,543
#*	RMP Energy, Inc.	446,093		998,031
*	Rock Energy, Inc.	102,033		247,725
*	Savanna Energy Services Corp.	315,188		2,659,374
*	Secure Energy Services, Inc.	67,427		531,028
	ShawCor, Ltd. Class A	222,500		5,323,928
*	Sonde Resources Corp.	75,670		223,954
#*	Southern Pacific Resource Corp.	1,391,443		2,052,091
*	SouthGobi Resources, Ltd.	455,682		3,803,636
*	Sprott Resource Corp.	349,600		1,525,719
*	Terra Energy Corp.	115,780		72,018
#*	Tethys Petroleum, Ltd.	274,989		171,049
	Total Energy Services, Inc.	104,829		1,504,994
*	TransGlobe Energy Corp.	221,040		2,275,265
#	Trilogy Energy Corp.	191,610		6,528,293
	Trinidad Drilling, Ltd.	482,433		3,775,247
*	Twin Butte Energy, Ltd.	531,245		1,012,657
*	UEX Corp.	608,088		451,452
#*	Uranium One, Inc.	179,870		541,369
#*	Ur-Energy, Inc.	309,416		391,135
#	Veresen, Inc.	283,972		4,105,379
*	Vero Energy, Inc.	218,138		667,490
*	Westfire Energy, Ltd.	140,738		648,094
*	Winstar Resources, Ltd.	78,401		239,903
*	Xtreme Coil Drilling Corp.	97,707		313,682
#	Zargon Oil & Gas, Ltd.	58,907		831,524
*	ZCL Composite, Inc.	90,700		300,286
Total Energy				187,367,389
Financials — (5.6%)
#	AGF Management, Ltd. Class B	330,879		5,304,687
	Altus Group, Ltd.	10,326		31,390
	Brookfield Real Estate Services, Inc.	8,075		108,882
	Canaccord Capital, Inc.	289,695		2,740,731
	Canadian Western Bank	255,372		7,301,833
#	Cash Store Financial Services, Inc. (The)	51,170		494,374
	Clairvest Group, Inc.	1,900		31,462
	Davis & Henderson Corp.	200,244		3,415,248
#*	Dundee Capital Markets, Inc.	189,580		152,159
*	EGI Financial Holdings, Inc.	14,650		106,191
	E-L Financial Corp., Ltd.	309		120,903
	Equitable Group, Inc.	52,295		1,342,068
*	Equity Financial Holdings, Inc.	800		7,625
	Fiera Sceptre, Inc.	36,300		220,331
	Firm Capital Mortgage Investment Corp.	2,494		31,527
	First Capital Realty, Inc.	9,200		150,172
	First National Financial Corp.	6,583		100,058
*	FirstService Corp.	112,879		3,153,930

166

The Canadian Small Company Series
continued

		SHARES	VALUE††
Financials — (Continued)
*	Genesis Land Development Corp.	69,817	$	213,636
	Genworth MI Canada, Inc.	59,756		1,318,918
	Gluskin Sheff + Associates, Inc.	61,507		996,577
	GMP Capital, Inc.	253,000		1,807,234
	Guardian Capital Group, Ltd. Class A	6,788		69,123
	Home Capital Group, Inc.	120,600		5,454,375
*	Killam Properties, Inc.	85,316		916,714
*	Kingsway Financial Services, Inc.	223,835		159,441
	Laurentian Bank of Canada	92,400		4,262,405
*	Mainstreet Equity Corp.	3,897		69,045
*	Melcor Developments, Ltd.	8,659		107,809
*	MI Developments, Inc.	800		25,395
*	Pacific & Western Credit Corp.	8,800		12,360
#	Sprott Resource Lending Corp.	750,703		1,077,006
#	Sprott, Inc.	247,356		1,739,619
	TMX Group, Inc.	231,476		10,171,707
#*	Westaim Corp.	145,481		77,356
Total Financials				53,292,291
Health Care — (1.6%)
#*	AEterna Zentaris, Inc.	262,354		442,192
*	Bioniche Life Sciences, Inc.	46,000		27,690
#*	Burcon NutraScience Corp.	61,538		478,475
*	Cangene Corp.	140,432		274,735
*	Cardiome Pharma Corp.	278,700		922,709
#	CML HealthCare, Inc.	128,198		1,246,289
	Futuremed Healthcare Products Corp.	34,438		279,857
*	Helix BioPharma Corp.	13,153		27,447
#*	IMRIS, Inc.	74,879		256,170
#	Leisureworld Senior Care Corp.	50,378		537,264
	MDS, Inc.	464,108		4,074,186
#*	Oncolytics Biotech, Inc.	205,321		972,275
*	Paladin Labs, Inc.	50,700		1,885,068
*	Patheon, Inc.	17,320		24,327
*	ProMetic Life Sciences, Inc.	648,697		78,097
*	QLT, Inc.	226,610		1,561,887
#*	Resverlogix Corp.	112,020		130,367
#*	Theratechnologies, Inc.	277,500		857,487
*	Transition Therapeutics, Inc.	50,610		81,240
*	TSO3, Inc.	150,052		222,801
#*	YM Biosciences, Inc.	242,157		432,445
Total Health Care				14,813,008
Industrials — (7.0%)
	Aecon Group, Inc.	218,667		1,974,420
#	AG Growth International, Inc.	41,539		1,329,415
*	Air Canada Class A	313,328		452,663
#*	Alexco Resource Corp.	224,026		1,714,892
	Algoma Central Corp.	2,569		244,851
*	ATS Automation Tooling System, Inc.	337,817		2,104,684
	Bird Construction, Inc.	42,319		451,742
#*	Black Diamond Group, Ltd.	91,391		1,426,681
	CAE, Inc.	79,988		853,045
	Canadian Helicopters Group, Inc.	14,988		364,343
*	CanWel Building Materials Group, Ltd.	4,500		9,120
	Cargojet, Inc.	1,944		14,062
#	Churchill Corp. Class A (The)	73,613		1,111,488
*	Clarke, Inc.	48,894		202,100
	Contrans Group, Inc. Class A	79,242		564,453
	DirectCash Payments, Inc.	13,254		257,035
#*	Electrovaya, Inc.	141,865		176,486

167

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continued

		SHARES	VALUE††
Industrials — (Continued)
	Exchange Income Corp.	14,111	$	293,616
	Exco Technologies, Ltd.	10,400		34,432
*	Garda World Security Corp. Class A	107,340		865,828
	Genivar, Inc.	69,393		1,605,420
#*	GLV, Inc. Class A	61,573		271,805
*	Heroux-Devtek, Inc.	88,127		592,376
	Horizon North Logistics, Inc.	204,345		922,551
	IBI Group, Inc.	8,296		101,957
	K-Bro Linen, Inc.	5,758		108,372
	Morneau Shepell, Inc.	26,865		269,526
	Newalta Corp.	166,722		1,975,407
	Progressive Waste Solutions, Ltd.	209,167		4,406,829
	Richelieu Hardware, Ltd.	60,962		1,627,488
#	Ritchie Brothers Auctioneers, Inc.	244,637		4,869,424
	Rocky Mountain Dealerships, Inc.	38,741		355,247
	Russel Metals, Inc.	243,400		5,601,802
*	Stantec, Inc.	168,695		4,148,196
#	Student Transportation, Inc.	221,438		1,348,511
#	Superior Plus Corp.	391,430		2,709,673
#*	Swisher Hygiene, Inc.	214,309		934,387
	Toromont Industries, Ltd.	282,567		5,301,232
#	Transcontinental, Inc. Class A	271,264		3,456,286
	TransForce, Inc.	312,897		3,776,424
	Vicwest, Inc.	19,193		155,585
#	Wajax Corp.	19,455		702,859
	WaterFurnace Renewable Energy, Inc.	27,314		520,384
	Westjet Airlines, Ltd.	1,420		18,734
#*	Westport Innovations, Inc.	189,501		5,718,776
Total Industrials				65,944,607
Information Technology — (4.3%)
*	5N Plus, Inc.	174,648		1,182,719
	Aastra Technologies, Ltd.	25,044		395,729
#*	Absolute Software Corp.	160,100		825,597
*	AXIA NetMedia Corp.	182,767		201,699
	Calian Technologies, Ltd.	12,829		242,615
*	Celestica, Inc.	847,607		7,032,566
#*	COM DEV International, Ltd.	271,685		526,062
	Computer Modelling Group, Ltd.	110,238		1,529,563
#*	Constellation Software, Inc.	24,516		1,715,813
*	Descartes Systems Group, Inc. (The)	191,571		1,431,857
#*	DragonWave, Inc.	146,283		554,753
*	Enghouse Systems, Ltd.	37,378		368,999
	Evertz Technologies, Ltd.	133,981		1,688,288
*	EXFO, Inc.	83,477		506,683
	Gennum Corp.	130,300		801,343
	MacDonald Dettweiler & Associates, Ltd.	111,753		5,023,980
*	March Networks Corp.	8,829		50,932
	Mediagrif Interactive Technologies, Inc.	100		1,280
*	Miranda Technologies, Inc.	84,901		587,727
	Mosaid Technologies, Inc.	42,937		1,960,004
*	Open Text Corp.	107,738		6,594,528
*	Points International, Ltd.	46,289		415,173
*	Redknee Solutions, Inc.	122,828		135,551
*	Ruggedcom, Inc.	30,225		492,454
*	Sandvine Corp.	454,830		720,975
*	Sierra Wireless, Inc.	127,100		942,332
*	Softchoice Corp.	6,773		59,457
*	Vecima Network, Inc.	30,729		89,405
	Wi-Lan, Inc.	666,819		4,963,930
Total Information Technology				41,042,014

168

The Canadian Small Company Series
continued

		SHARES	VALUE††
Materials — (26.6%)
	Aberdeen International, Inc.	122,333	$	81,003
*	Ainsworth Lumber Co., Ltd.	227,838		347,443
*	Alacer Gold Corp.	359,258		4,144,938
	Alamos Gold, Inc.	423,220		7,833,869
#*	Almaden Minerals, Ltd.	108,300		300,969
*	Altius Minerals Corp.	112,600		1,262,973
	Amerigo Resources, Ltd.	504,854		334,290
*	Anvil Mining, Ltd.	387,530		2,799,314
#*	Argonaut Gold, Inc.	353,205		2,161,576
#*	Atna Resource, Ltd.	145,447		113,819
#*	Augusta Resource Corp.	308,545		1,145,339
#*	Aura Minerals, Inc.	479,469		755,221
#*	AuRico Gold, Inc.	967,320		9,365,074
#*	Aurizon Mines, Ltd.	609,380		3,448,110
#*	Avalon Rare Metals, Inc.	352,025		1,172,534
#*	Avion Gold Corp.	1,405,943		3,004,423
#*	B2Gold Corp.	924,431		3,403,724
#*	Baja Mining Corp.	886,518		853,832
#*	Brigus Gold Corp.	611,029		803,058
#*	Canadian Zinc Corp.	280,925		186,015
	Canam Group, Inc. Class A	194,100		765,300
*	Canexus Corp.	5,600		34,946
#*	Canfor Corp.	379,755		3,840,412
	Canfor Pulp Products, Inc.	136,336		1,832,859
#*	Capstone Mining Corp.	1,040,232		3,527,448
#*	Cardero Resource Corp.	200,960		217,744
*	Carpathian Gold, Inc.	587,371		253,393
	Cascades, Inc.	489,976		2,236,660
*	Catalyst Paper Corp.	540,689		35,259
	CCL Industries, Inc. Class B	100,740		2,930,986
#*	China Gold International Resources Corp., Ltd.	722,757		2,182,592
#*	Claude Resources, Inc.	934,700		1,828,608
#*	Cline Mining Corp.	519,100		1,098,872
#*	Colossus Minerals, Inc.	311,816		2,221,112
*	Copper Mountain Mining Corp.	366,515		1,956,218
*	Crocodile Gold Corp.	317,715		165,750
*	Crosshair Exploration & Mining Corp.	35,900		18,729
#*	Crystallex International Corp.	1,068,921		193,033
*	Detour Gold Corp.	237,256		7,854,977
#*	Duluth Metals, Ltd.	388,214		1,039,911
#*	Dundee Precious Metals, Inc.	372,067		2,986,241
*	Dynasty Metals & Mining, Inc.	108,369		248,974
#*	Eastern Platinum, Ltd.	3,072,960		2,003,937
*	Eastmain Resources, Inc.	274,250		365,942
#*	ECo. Oro Minerals Corp.	261,445		660,990
#*	Endeavour Mining Corp.	397,033		828,521
*	Endeavour Silver Corp.	290,399		3,149,449
*	Entree Gold, Inc.	286,898		544,005
*	Euro Goldfields, Ltd.	521,960		5,875,487
*	Excellon Resources, Inc.	770,400		494,664
#*	Exeter Resource Corp.	74,037		267,402
*	Fibrek, Inc.	97,662		87,203
*	First Majestic Silver Corp.	350,583		5,954,723
*	First Nickel, Inc.	50,300		5,803
#*	Formation Capital Corp.	72,881		34,731
*	Fortress Paper, Ltd.	41,133		1,578,880
#*	Fortuna Silver Mines, Inc.	425,568		2,702,629
#*	Fortune Minerals, Ltd.	214,672		208,911
*	Golden Minerals, Co.	6,859		48,082
#*	Golden Star Resources, Ltd.	974,609		1,926,240
*	Grande Cache Coal Corp.	334,014		3,307,467

169

The Canadian Small Company Series
continued

		SHARES	VALUE††
Materials — (Continued)
#*	Great Basin Gold, Ltd.	1,333,830	$	1,873,451
#*	Great Panther Silver, Ltd.	546,209		1,435,734
#*	Guyana Goldfields, Inc.	230,342		2,024,375
#*	Hanfeng Evergreen, Inc.	147,991		458,783
*	Harry Winston Diamond Corp.	266,629		3,231,380
*	High River Gold Mines, Ltd.	519,142		687,502
#	HudBay Minerals, Inc.	611,960		6,704,392
*	Imperial Metals Corp.	84,290		1,780,090
#*	Inter-Citic Minerals, Inc.	283,484		307,161
*	International Forest Products, Ltd. Class A	174,500		721,284
*	International Minerals Corp.	3,200		22,184
#*	International Tower Hill Mines, Ltd.	220,027		1,108,137
*	Intertape Polymer Group, Inc.	154,552		457,415
#*	Jaguar Mining, Inc.	362,916		1,875,112
#*	Katanga Mining, Ltd.	1,003,662		1,429,847
*	Keegan Resources, Inc.	271,644		1,621,552
*	Kimber Resources, Inc.	21,200		28,926
#*	Kirkland Lake Gold, Inc.	210,980		3,943,373
*	La Mancha Resources, Inc.	344,099		766,391
*	Labrador Iron Mines Holdings, Ltd.	123,133		852,388
#*	Lake Shore Gold Corp.	1,280,732		1,901,664
*	Laramide Resources, Ltd.	20,368		19,208
#*	MAG Silver Corp.	156,360		1,466,733
	Major Drilling Group International, Inc.	319,200		4,268,810
*	MDN, Inc.	220,980		53,208
#*	Mercator Minerals, Ltd.	905,221		1,843,590
#	Methanex Corp.	289,704		7,469,669
#*	Migao Corp.	156,300		606,853
*	Minco Base Metals Corp.	2,780		—
#*	Minco Silver Corp.	125,224		288,954
#*	Minefinders Corp.	272,841		3,867,814
#*	Minera Andes, Inc.	731,944		1,402,571
#*	Nautilus Minerals, Inc.	89,354		237,560
#*	Neo Material Technologies, Inc.	405,900		3,139,693
#*	Nevada Copper Corp.	160,491		816,342
#*	NGEx Resources, Inc.	287,000		849,411
*	Norbord, Inc.	78,010		685,596
#*	North American Palladium, Ltd.	418,765		1,399,034
*	Northern Dynasty Minerals, Ltd.	203,498		1,651,667
#*	Northland Resources SA	54,983		80,537
#*	NovaGold Resources, Inc.	612,655		5,624,071
#*	OceanaGold Corp.	1,077,616		2,724,447
*	Oromin Explorations, Ltd.	168,799		165,962
#*	Orvana Minerals Corp.	302,452		518,879
#*	Peregrine Diamonds, Ltd.	260,272		276,788
#*	Petaquilla Minerals, Ltd.	491,782		360,171
*	Phoscan Chemical Corp.	432,579		138,877
*	Pilot Gold, Inc.	86,150		127,918
#*	Platinum Group Metals, Ltd.	241,887		315,478
#*	Platmin, Ltd.	108,562		30,496
*	Polaris Miner Corp.	29,838		9,130
#*	PolyMet Mining Corp.	423,377		552,185
#*	Primero Mining Corp.	104,423		293,338
*	Quadra FNX Mining, Ltd.	408,502		4,713,091
*	Queenston Mining, Inc.	220,773		1,346,677
*	Richmont Mines, Inc.	103,444		1,261,980
#*	Rubicon Minerals Corp.	508,405		2,060,653
*	Sabina Gold & Silver Corp.	383,055		1,660,193
#*	San Gold Corp.	700,717		1,448,184
#*	Scorpio Mining Corp.	746,699		1,513,250
#*	Seabridge Gold, Inc.	121,852		2,867,969

170

The Canadian Small Company Series
continued

		SHARES	VALUE††
Materials — (Continued)
#*	SEMAFO, Inc.	905,185	$	6,947,244
	Sherritt International Corp.	1,571,926		9,036,505
*	Shore Gold, Inc.	837,013		411,474
*	Silver Standard Resources, Inc.	194,193		3,791,318
#	Silvercorp Metals, Inc.	620,630		5,771,999
#*	St. Andrew Goldfields, Ltd.	513,853		304,162
	Stella-Jones, Inc.	32,540		1,298,009
#*	Stornoway Diamond Corp.	297,297		450,382
*	Sulliden Gold Corp., Ltd.	659,525		1,204,249
#*	Tanzanian Royalty Exploration Corp.	350,339		1,335,629
#*	Taseko Mines, Ltd.	793,230		2,880,855
*	Tembec, Inc.	257,356		826,224
#*	Thompson Creek Metals Co., Inc.	584,600		4,199,384
*	Timminco, Ltd.	69,822		13,309
#*	Torex Gold Resources, Inc.	818,006		1,247,423
#*	Virginia Mines, Inc.	99,162		835,677
	Wesdome Gold Mines, Ltd.	325,464		822,844
	West Fraser Timber Co., Ltd.	131,316		5,664,999
*	Western Forest Products, Inc.	116,219		90,946
	Winpak, Ltd.	66,195		780,327
#*	Yukon-Nevada Gold Corp.	1,708,678		634,272
Total Materials				250,967,973
Telecommunication Services — (0.3%)
#	Manitoba Telecom Services, Inc.	74,117		2,374,272
*	Wireless Matrix Corp.	111,939		93,212
Total Telecommunication Services				2,467,484
Utilities — (2.0%)
#	Algonquin Power & Utilities Corp.	409,186		2,298,913
*	Alterra Power Corp.	909,570		428,892
#	Atlantic Power Corp.	233,230		3,142,492
*	Boralex, Inc. Class A	94,733		570,251
#	Capstone Infrastructure Corp.	149,466		913,216
#	Innergex Renewable Energy, Inc.	188,190		1,782,306
#	Just Energy Group, Inc.	467,883		5,050,836
*	Maxim Power Corp.	92,234		189,696
#	Northland Power, Inc.	211,085		3,502,730
	Pacific Northern Gas, Ltd.	9,998		367,822
#*	Ram Power Corp.	454,560		141,373
	Valener, Inc.	40,005		589,991
Total Utilities				18,978,518
TOTAL COMMON STOCKS				731,786,148
RIGHTS/WARRANTS — (0.0%)
#*	Compton Petroleum Corp. Warrants 08/23/14	7,790		32,434
*	Duluth Metals, Ltd. Warrants 01/18/13	24,225		10,937
TOTAL RIGHTS/WARRANTS				43,371

171

The Canadian Small Company Series
continued

		SHARES/
		FACE
		AMOUNT		VALUE†
		(000)
SECURITIES LENDING COLLATERAL — (22.5%)
§@	DFA Short Term Investment Fund		210,374,890	$	210,374,890
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.11%,
	11/01/11 (Collateralized by FNMA 3.500%, 11/01/31, valued at
	$2,366,389) to be repurchased at $2,319,996	$	2,320		2,319,989
TOTAL SECURITIES LENDING COLLATERAL					212,694,879
TOTAL INVESTMENTS — (100.0%)
	(Cost $970,256,943)			$	944,524,398

172

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Alexander B. Potts, the registrant’s President and Chief Executive Officer, and Michael Clinton, the registrant’s Treasurer and Chief Financial and Accounting Officer, reviewed the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) and evaluated their effectiveness. Based on their review, Messrs. Potts and Clinton determined that the disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant onForm N-CSR and Form N-Q is accumulated and communicated to the registrant’s management to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) The certifications required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”) are filed herewith.

(a)(3) Not applicable.

(b) The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are filed herewith.

The certifications provided pursuant to Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SA FUNDS – INVESTMENT TRUST

By:	/s/ Alexander B. Potts
	Alexander B. Potts
	President and Chief Executive Officer
Date:	March 1, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Alexander B. Potts
	Alexander B. Potts
	President and Chief Executive Officer
Date:	March 1, 2012
By:	/s/ Michael Clinton
	Michael Clinton
	Treasurer and Chief Financial and Accounting Officer
Date:	March 1, 2012