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, 2012

Item 1. Report to Shareholders.

SEMI-ANNUAL REPORT
December 31, 2012

TABLE OF CONTENTS

	Page
Portfolios of Investments
SA U.S. Fixed Income Fund	1
SA Global Fixed Income Fund	4
SA U.S. Core Market Fund	7
SA U.S. Value Fund	11
SA U.S. Small Company Fund	14
SA International Value Fund	18
SA International Small Company Fund	21
SA Emerging Markets Value Fund	22
SA Real Estate Securities Fund	24
Statements of Assets and Liabilities	26
Statements of Operations	28
Statements of Changes in Net Assets	30
Financial Highlights	36
Notes to Financial Statements	45
Proxy Voting Policies and Procedures	56
Quarterly Portfolio Schedule	56
Semi-Annual Portfolio Schedule	56
Trustees and Officers’ Information	56
Understanding Your Fund’s Expenses	59
Selected Financial Statements of DFA Investment Dimensions Group Inc.
& The DFA Investment Trust Company	64

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

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2012 (Unaudited)

		FACE
		AMOUNT			VALUE†
BONDS AND NOTES — 95.4%
Australia — 1.5%
	Commonwealth Bank of Australia,
	3.750%, 10/15/14	USD	$	3,000,000	$	3,155,271
	Westpac Banking Corp.,
	2.100%, 8/02/13	USD		2,650,000		2,675,922
						5,831,193
Canada — 6.0%
	Bank of Nova Scotia,
	2.250%, 1/22/13	USD		3,700,000		3,704,118
	Bank of Nova Scotia,
	2.375%, 12/17/13	USD		6,000,000		6,115,452
	Ontario Electricity Financial Corp.,
	7.450%, 3/31/13	USD		4,461,000		4,537,564
	Province of Ontario Canada,
	1.375%, 1/27/14	USD		1,000,000		1,011,140
	Royal Bank of Canada,
	1.125%, 1/15/14	USD		4,000,000		4,028,092
	Royal Bank of Canada MTN,
	2.100%, 7/29/13	USD		3,000,000		3,027,681
	Toronto-Dominion Bank (The),
	1.375%, 7/14/14	USD		1,000,000		1,013,539
						23,437,586
France — 0.9%
	Caisse d’Amortissement
	de la Dette Sociale,
	1.250%, 7/11/14	USD		2,000,000		2,024,260
	Sanofi, 1.625%, 3/28/14	USD		1,522,000		1,543,943
						3,568,203
Germany — 1.4%
	Kreditanstalt fuer Wiederaufbau,
	1.375%, 1/13/14	USD		3,500,000		3,538,983
	Landwirtschaftliche Rentenbank,
	3.250%, 3/15/13	USD		2,000,000		2,012,102
						5,551,085
Netherlands — 1.4%
	Cooperatieve Centrale
	Raiffeisen-Boerenleenbank BA,
	1.850%, 1/10/14	USD		5,400,000		5,473,170
Supranational — 1.6%
	European Investment Bank,
	1.500%, 5/15/14	USD		2,200,000		2,234,001
	European Investment Bank,
	3.000%, 4/08/14	USD		4,000,000		4,131,248
						6,365,249
United States — 82.6%
	3M Co. MTN, 4.375%, 8/15/13			1,000,000		1,025,740
	Bank of New York Mellon Corp.
	(The), 0.583%, 7/28/14(a)			350,000		350,779
	Bank of New York Mellon Corp.
	(The), 4.300%, 5/15/14			7,500,000		7,884,900
	Bank of New York Mellon Corp.
	(The), 5.125%, 8/27/13			2,194,000		2,262,249
	Berkshire Hathaway Finance
	Corp., 0.680%, 1/10/14(a)			6,098,000		6,120,136
	Berkshire Hathaway Finance
	Corp., 1.500%, 1/10/14			715,000		723,233
	Berkshire Hathaway, Inc.,
	1.010%, 8/15/14(a)			3,300,000		3,335,402
	Federal Home Loan Banks,
	0.340%, 12/18/13			4,400,000		4,407,814
	Federal Home Loan Banks,
	0.375%, 11/27/13			5,900,000		5,911,706
	Federal Home Loan Banks,
	0.375%, 1/29/14			6,700,000		6,715,035
	Federal Home Loan Banks,
	0.500%, 8/28/13			8,500,000		8,519,252
	Federal Home Loan Banks,
	2.375%, 3/14/14			41,200,000		42,282,036
	Federal Home Loan Banks,
	2.500%, 6/13/14			500,000		516,479
	Federal Home Loan Banks,
	3.125%, 12/13/13			800,000		822,480
	Federal Home Loan Banks,
	4.875%, 11/27/13			5,000,000		5,213,285
	Federal Home Loan Banks,
	5.125%, 8/14/13			1,600,000		1,649,398
	Federal Home Loan Mortgage
	Corp., 0.375%, 10/30/13			23,100,000		23,140,102
	Federal Home Loan Mortgage
	Corp., 0.375%, 11/27/13			6,700,000		6,713,293
	Federal Home Loan Mortgage
	Corp., 0.375%, 2/27/14			5,000,000		5,011,385
	Federal Home Loan Mortgage
	Corp., 0.500%, 10/15/13			6,000,000		6,016,254
	Federal Home Loan Mortgage
	Corp., 0.625%, 12/23/13			13,000,000		13,055,692
	Federal Home Loan Mortgage
	Corp., 1.375%, 2/25/14			10,800,000		10,948,284
	Federal Home Loan Mortgage
	Corp., 2.500%, 4/23/14			2,500,000		2,576,150
	Federal Home Loan Mortgage
	Corp., 3.000%, 7/28/14			2,000,000		2,085,210
	Federal Home Loan Mortgage
	Corp., 4.125%, 9/27/13			2,700,000		2,779,231
	Federal Home Loan Mortgage
	Corp., 4.500%, 7/15/13			1,000,000		1,023,586
	Federal Home Loan Mortgage
	Corp., 4.500%, 1/15/14			1,500,000		1,567,037

See notes to financial statements.
1

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES (Continued)
United States (Continued)
	Federal National
	Mortgage Association,
	0.750%, 12/18/13	$	33,150,000	$	33,348,933
	Federal National
	Mortgage Association,
	1.125%, 9/30/13		14,700,000		14,806,046
	Federal National
	Mortgage Association,
	2.750%, 3/13/14		5,500,000		5,668,795
	Federal National
	Mortgage Association,
	2.875%, 12/11/13		11,400,000		11,694,941
	Federal National
	Mortgage Association,
	3.000%, 9/16/14		2,500,000		2,619,742
	Federal National
	Mortgage Association,
	3.875%, 7/12/13		1,500,000		1,529,990
	Federal National
	Mortgage Association,
	4.625%, 10/15/14		3,400,000		3,664,673
	General Electric Capital Corp.,
	0.568%, 9/15/14(a)		500,000		499,611
	General Electric Capital Corp.,
	2.100%, 1/07/14		8,200,000		8,336,669
	General Electric Capital Corp.,
	4.750%, 9/15/14		500,000		534,016
	General Electric Capital Corp.
	MTN, 5.500%, 6/04/14		1,500,000		1,601,817
	International Business
	Machines Corp. (IBM),
	1.250%, 5/12/14		6,000,000		6,073,434
	International Business
	Machines Corp. (IBM),
	2.100%, 5/06/13		1,000,000		1,006,326
	JPMorgan Chase & Co. MTN,
	1.116%, 1/24/14(a)		1,200,000		1,208,369
	JPMorgan Chase & Co. MTN,
	1.650%, 9/30/13		8,750,000		8,824,121
	Microsoft Corp.,
	2.950%, 6/01/14		4,000,000		4,148,796
	PepsiCo, Inc.,
	0.390%, 5/10/13(a)		6,305,000		6,309,325
	Private Export Funding Corp.,
	Series Y, 3.550%, 4/15/13		3,055,000		3,085,183
	Procter & Gamble Co. (The),
	0.210%, 2/14/14(a)		5,000,000		4,998,190
	Toyota Motor Credit Corp.,
	1.250%, 11/17/14		1,000,000		1,014,596
	Toyota Motor Credit Corp. MTN,
	0.481%, 12/05/14(a)		500,000		499,954
	US Bancorp, 2.000%, 6/14/13		5,232,000		5,270,335
	US Bancorp MTN,
	2.875%, 11/20/14		4,600,000		4,793,002
	Wachovia Corp. MTN,
	0.503%, 8/01/13(a)		6,000,000		6,008,874
	Wal-Mart Stores, Inc.,
	3.000%, 2/03/14		500,000		514,722
	Wal-Mart Stores, Inc.,
	3.200%, 5/15/14		9,500,000		9,871,982
	Wells Fargo & Co.,
	4.375%, 1/31/13		3,100,000		3,109,272
					323,697,862
	TOTAL BONDS AND NOTES
	(Identified Cost $373,057,060)				373,924,348
SHORT-TERM INVESTMENTS — 4.0%
Australia — 0.4%
	National Australia Bank YCD,
	1.513%, 1/30/14(a)		1,630,000		1,646,318
Finland — 2.7%
	Nordea Bank YCD,
	0.793%, 4/05/13(a)		9,000,000		9,011,826
	Nordea Bank YCD,
	0.783%, 1/27/14(a)		1,500,000		1,505,536
					10,517,362
		SHARES		VALUE†
United States — 0.9%
	SSgA Government Money
	Market Fund		1		1
	SSgA Money Market Fund		3,691,728		3,691,728
					3,691,729
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $15,824,025)				15,855,409
Total Investments — 99.4%
	(Identified Cost $388,881,085)#				389,779,757
	Cash and Other Assets, Less
	Liabilities — 0.6%				2,442,291
Net Assets — 100.0%				$	392,222,048

See notes to financial statements.
2

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

†	See Note 1.
(a)	Variable or Floating Rate Bond. Rate disclosed is as of December 31, 2012.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $388,881,085. Net unrealized appreciation aggregated $898,672 of which $924,802 related to appreciated investment securities and $26,130 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.
3

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2012 (Unaudited)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES — 98.5%
Australia — 5.2%
	Commonwealth Bank of Australia,
	1.900%, 9/18/17(a)	USD	1,500,000	$	1,535,358
	National Australia Bank Ltd.,
	5.375%, 12/08/14	GBP	1,500,000		2,627,057
	Suncorp-Metway Ltd.,
	4.000%, 1/16/14	GBP	7,000,000		11,760,816
	Westpac Banking Corp.,
	2.900%, 9/10/14	USD	5,000,000		5,207,305
	Westpac Banking Corp.,
	3.000%, 8/04/15	USD	2,000,000		2,113,658
	Westpac Banking Corp.,
	3.750%, 12/01/14	CAD	6,000,000		6,214,980
					29,459,174
Austria — 4.9%
	Austria Government Bond,
	4.000%, 9/15/16(b)	EUR	10,500,000		15,721,560
	Austria Government Bond,
	4.300%, 9/15/17(b)	EUR	400,000		619,515
	Oesterreichische Kontrollbank
	AG, 1.750%, 10/05/15(a)	USD	3,000,000		3,094,785
	Oesterreichische Kontrollbank
	AG, 2.000%, 6/03/16(a)	USD	8,000,000		8,316,472
					27,752,332
Canada — 14.3%
	Bank of Nova Scotia,
	3.400%, 1/22/15	USD	5,000,000		5,274,020
	Bank of Nova Scotia,
	3.430%, 7/16/14	CAD	2,000,000		2,066,070
	Canada Housing Trust No 1,
	2.750%, 12/15/14(b)	CAD	14,000,000		14,491,203
	Province of Alberta Canada,
	2.750%, 12/01/14	CAD	13,800,000		14,272,394
	Province of Ontario Canada,
	0.950%, 5/26/15	USD	3,000,000		3,040,356
	Province of Ontario Canada,
	4.100%, 6/16/14	USD	9,800,000		10,332,650
	Royal Bank of Canada,
	2.875%, 4/19/16(a)	USD	4,500,000		4,766,504
	Royal Bank of Canada,
	4.970%, 6/05/14	CAD	6,000,000		6,336,885
	Royal Bank of Canada,
	5.060%, 7/17/13	CAD	4,000,000		4,102,463
	Toronto-Dominion Bank (The),
	2.375%, 10/19/16(a)	USD	15,499,999		16,302,760
					80,985,305
Denmark — 1.1%
	Denmark Government Bond,
	2.500%, 11/15/16	DKK	33,115,000		6,418,667
Finland — 3.7%
	Finland Government Bond,
	1.875%, 4/15/17	EUR	11,700,000		16,453,610
	Municipality Finance PLC,
	2.375%, 5/16/16	USD	4,000,000		4,212,636
					20,666,246
France — 8.8%
	Agence Francaise de
	Developpement,
	4.875%, 10/30/13	GBP	1,400,000		2,350,212
	Caisse d’Amortissement
	de la Dette Sociale,
	2.125%, 4/12/17(a)	USD	3,000,000		3,119,196
	Caisse d’Amortissement
	de la Dette Sociale,
	2.250%, 12/07/15	GBP	2,300,000		3,877,330
	Caisse d’Amortissement
	de la Dette Sociale,
	4.125%, 4/25/17	EUR	6,300,000		9,578,793
	France Government Bond OAT,
	5.000%, 10/25/16	EUR	2,500,000		3,872,719
	Reseau Ferre de France,
	2.375%, 12/23/15(a)	GBP	8,700,000		14,678,110
	Societe Financement de
	l’Economie Francaise,
	2.875%, 9/22/14	USD	8,500,000		8,847,123
	Total Capital SA,
	5.500%, 1/29/13	GBP	2,200,000		3,589,175
					49,912,658
Germany — 11.0%
	Bundesobligation,
	0.750%, 2/24/17	EUR	6,000,000		8,106,135
	Kreditanstalt fuer Wiederaufbau,
	3.750%, 9/07/16	GBP	2,600,000		4,670,195
	Kreditanstalt fuer Wiederaufbau,
	4.125%, 7/04/17	EUR	3,800,000		5,832,588
	Kreditanstalt fuer Wiederaufbau,
	5.500%, 12/07/15	GBP	1,600,000		2,959,436
	Kreditanstalt fuer Wiederaufbau,
	5.625%, 8/25/17	GBP	1,000,000		1,965,570
	Landeskreditbank Baden-
	Wuerttemberg Foerderbank,
	1.000%, 10/15/13	USD	2,400,000		2,411,894
	Landeskreditbank Baden-
	Wuerttemberg Foerderbank,
	2.250%, 7/15/16(a)	USD	13,200,000		13,845,150
	Landwirtschaftliche Rentenbank,
	0.875%, 9/12/17(a)	USD	1,000,000		1,001,573
	Landwirtschaftliche Rentenbank,
	2.500%, 2/15/16	USD	2,800,000		2,966,594
	Landwirtschaftliche Rentenbank,
	3.125%, 7/15/15	USD	1,000,000		1,066,153
	Landwirtschaftliche Rentenbank,
	3.250%, 12/07/16(a)	GBP	1,200,000		2,134,876

See notes to financial statements.
4

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES (Continued)
Germany (Continued)
	Landwirtschaftliche Rentenbank,
	4.375%, 11/27/17	EUR	3,700,000	$	5,777,278
	NRW.Bank, 1.625%, 12/15/13(a)	GBP	4,000,000		6,554,779
	NRW.Bank, 4.500%, 5/29/17	EUR	2,000,000		3,080,821
					62,373,042
Japan — 0.2%
	Development Bank of Japan,
	4.250%, 6/09/15	USD	1,000,000		1,089,596
Netherlands — 10.0%
	Bank Nederlandse Gemeenten
	NV, 2.750%, 7/01/15	USD	9,000,000		9,464,508
	Bank Nederlandse Gemeenten
	NV, 3.000%, 3/30/17	EUR	2,000,000		2,896,130
	Bank Nederlandse Gemeenten
	NV, 4.750%, 4/22/13(a)	GBP	1,400,000		2,303,229
	Nederlandse Waterschapsbank
	NV, 2.000%, 9/09/15	USD	2,400,000		2,485,207
	Nederlandse Waterschapsbank
	NV, 2.125%, 2/09/17(a)	USD	1,700,000		1,765,064
	Nederlandse Waterschapsbank
	NV, 2.375%, 6/04/15	EUR	8,100,000		11,234,371
	Nederlandse Waterschapsbank
	NV, 3.000%, 3/17/15	USD	1,000,000		1,051,537
	Netherlands Government Bond,
	4.000%, 7/15/16(b)	EUR	3,500,000		5,234,459
	NIBC Bank NV,
	3.500%, 4/07/14	EUR	3,000,000		4,125,818
	Rabobank Nederland NV,
	4.000%, 9/10/15	GBP	9,000,000		15,640,500
					56,200,823
New Zealand — 1.1%
	ASB Finance Ltd.,
	3.250%, 12/09/13	GBP	3,700,000		6,112,570
Norway — 2.7%
	Kommunalbanken AS,
	1.000%, 9/26/17	USD	4,780,000		4,782,227
	Kommunalbanken AS,
	2.250%, 12/30/13	GBP	1,700,000		2,808,567
	Kommunalbanken AS,
	2.375%, 1/19/16	USD	7,500,000		7,897,313
					15,488,107
Supranational — 15.0%
	Asian Development Bank,
	2.625%, 2/09/15	USD	2,622,000		2,745,596
	Council of Europe Development
	Bank, 1.500%, 1/15/15(a)	USD	9,985,000		10,196,802
	Council of Europe Development
	Bank, 5.000%, 1/29/14	USD	1,500,000		1,574,427
	Eurofima, 4.250%, 2/04/14(a)	USD	7,600,000		7,921,282
	Eurofima, 5.000%, 4/03/17(a)	USD	3,000,000		3,481,821
	Eurofima, 6.125%, 10/14/14	GBP	1,000,000		1,776,239
	European Bank for
	Reconstruction & Development,
	0.500%, 1/30/15	EUR	5,634,000		7,415,847
	European Bank for Reconstruction
	and Development,
	5.875%, 8/04/14	GBP	1,000,000		1,758,024
	European Financial Stability
	Facility, 2.750%, 12/05/16(a)	EUR	4,000,000		5,727,789
	European Investment Bank,
	2.750%, 3/23/15	USD	2,000,000		2,098,644
	European Investment Bank,
	2.875%, 1/15/15	USD	1,300,000		1,363,852
	European Investment Bank,
	3.000%, 12/07/15	GBP	500,000		865,022
	European Investment Bank,
	3.125%, 3/03/17	EUR	4,000,000		5,869,457
	European Investment Bank,
	3.250%, 12/07/16(a)	GBP	3,300,000		5,836,220
	International Finance
	Facility for Immunisation,
	3.375%, 5/15/14	GBP	8,800,000		14,809,142
	Nordic Investment Bank,
	2.500%, 7/15/15(a)	USD	1,000,000		1,052,749
	Nordic Investment Bank,
	2.625%, 10/06/14(a)	USD	2,000,000		2,081,900
	Nordic Investment Bank,
	5.000%, 2/01/17	USD	5,500,000		6,455,361
	Nordic Investment Bank,
	5.750%, 12/16/14	GBP	1,040,000		1,860,531
					84,890,705
Sweden — 4.1%
	Nordea Bank AB,
	3.875%, 12/15/15	GBP	4,100,000		7,143,659
	Svensk Exportkredit AB,
	1.750%, 5/30/17(a)	USD	1,700,000		1,746,731
	Svensk Exportkredit AB,
	2.125%, 7/13/16(a)	USD	3,000,000		3,120,357
	Svensk Exportkredit AB,
	3.250%, 9/16/14(a)	USD	10,400,000		10,888,134
					22,898,881
United Kingdom — 3.0%
	United Kingdom Gilt,
	1.750%, 1/22/17	GBP	10,000,000		16,939,845
United States — 13.4%
	Bank of New York Mellon Corp.
	(The), 2.300%, 7/28/16(a)	USD	2,285,000		2,390,457
	Bank of New York Mellon Corp.
	(The), 2.500%, 1/15/16	USD	1,500,000		1,572,990
	Bank of New York Mellon Corp.
	(The), 4.300%, 5/15/14	USD	3,000,000		3,153,960
	Bank of New York Mellon Corp.
	(The), 5.125%, 8/27/13	USD	3,000,000		3,093,321
	Berkshire Hathaway, Inc.,
	2.200%, 8/15/16(a)	USD	15,000,000		15,664,440

See notes to financial statements.
5

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES (Continued)
United States (Continued)
	Federal National
	Mortgage Association,
	0.875%, 12/20/17(a)	USD	6,000,000	$	6,019,014
	General Electric Capital Corp.,
	1.875%, 9/16/13	USD	4,000,000		4,040,156
	General Electric Capital Corp.,
	2.250%, 11/09/15	USD	10,520,000		10,871,673
	Google, Inc.,
	2.125%, 5/19/16(a)	USD	14,454,000		15,105,225
	Nestle Holdings, Inc.,
	2.125%, 3/12/14	USD	6,000,000		6,123,624
	Wal-Mart Stores, Inc.,
	2.250%, 7/08/15(a)	USD	1,000,000		1,041,719
	Wal-Mart Stores, Inc.,
	2.800%, 4/15/16(a)	USD	6,000,000		6,403,998
					75,480,577
	TOTAL BONDS AND NOTES
	(Identified Cost
	$533,988,931)				556,668,528
		SHARES		VALUE†
SHORT-TERM INVESTMENTS — 0.9%
United States — 0.9%
	SSgA Government Money
	Market Fund		1		1
	SSgA Money Market Fund		5,208,532		5,208,532
					5,208,533
	TOTAL SHORT-TERM
	INVESTMENTS
	(Identified Cost $5,208,533)				5,208,533
COLLATERAL FOR SECURITIES ON LOAN — 15.9%
Short-Term — 15.9%
	State Street Navigator Securities
	Lending Prime Portfolio		90,122,203		90,122,203
	TOTAL COLLATERAL FOR
	SECURITIES ON LOAN
	(Identified Cost $90,122,203)				90,122,203
	Total Investments — 115.3%
	(Identified Cost
	$629,319,667)#				651,999,264
	Liabilities, Less Cash and
	Other Assets — (15.3%)				(86,601,057	)
	Net Assets — 100.0%			$	565,398,207

†	See Note 1.
(a)	A portion or all of the security was held on loan. As of December 31, 2012, the market value of the securities on loan was $88,206,384.
(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. These securities have been deemed by the Fund to be liquid and at December 31, 2012 amounted to $36,066,737 or 6.38% of the net assets of the Fund.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $629,319,667. Net unrealized appreciation aggregated $22,679,597 of which $22,840,818 related to appreciated investment securities and $161,221 related to depreciated investment securities.

Key to abbreviations:
CAD — Canadian Dollar
DKK — Danish Krone
EUR — Euro Currency
GBP — British Pound
USD — U.S. Dollar

Ten Largest Industry Holdings as of December 31, 2012
(As a percentage of net assets):

Industry	Percentage
Financial	18.0	%
Banks	15.8	%
Supranational Organizations	14.0	%
Foreign Government/Agency-Germany	9.6	%
Foreign Government/Agency-France	7.5	%
Foreign Government/Agency-Canada	7.5	%
Foreign Government/Agency-Netherlands	7.2	%
Industrial	5.1	%
Foreign Government/Agency-Austria	4.1	%
Foreign Government/Agency-United Kingdom	3.0	%

Country Weightings
(% of portfolio market value)

See notes to financial statements.
6

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 95.4%
Aerospace & Defense — 2.2%
	United Technologies Corp.	23,264	$	1,907,881
	Other Securities^(a)	113,652		7,330,820
				9,238,701
Air Freight & Logistics — 0.7%
	Other Securities^	42,032		2,814,815
				2,814,815
Airlines — 0.2%
	Other Securities^(a)	54,075		766,586
				766,586
Auto Components — 0.4%
	Other Securities^(a)	47,643		1,609,788
				1,609,788
Automobiles — 0.6%
	Other Securities^(a)	130,541		2,336,781
				2,336,781
Beverages — 2.0%
	Coca-Cola Co. (The)	108,040		3,916,450
	PepsiCo, Inc.	42,256		2,891,578
	Other Securities^	34,662		1,563,155
				8,371,183
Biotechnology — 1.8%
	Amgen, Inc.	21,322		1,840,515
	Gilead Sciences, Inc.*	21,342		1,567,570
	Other Securities^(a)	59,179		3,913,084
				7,321,169
Building Products — 0.2%
	Other Securities^(a)	22,200		644,343
				644,343
Capital Markets — 2.0%
	Goldman Sachs Group, Inc. (The)	13,092		1,670,015
	Other Securities^(a)	213,438		6,785,559
				8,455,574
Chemicals — 2.6%
	Other Securities^(a)	176,404		10,717,284
				10,717,284
Commercial Banks — 2.9%
	US Bancorp	53,625		1,712,782
	Wells Fargo & Co.	140,820		4,813,228
	Other Securities^(a)	276,518		5,462,777
				11,988,787
Commercial Services & Supplies — 0.7%
	Other Securities^(a)	87,327		2,727,027
				2,727,027
Communications Equipment — 1.8%
	Cisco Systems, Inc.	143,621		2,822,153
	QUALCOMM, Inc.	47,664		2,956,121
	Other Securities^(a)	75,850		1,661,871
				7,440,145
Computers & Peripherals — 4.3%
	Apple, Inc.	25,557		13,622,648
	Other Securities^(a)	198,162		4,179,368
				17,802,016
Construction & Engineering — 0.3%
	Other Securities^	29,003		1,061,358
				1,061,358
Construction Materials — 0.1%
	Other Securities^(a)	5,591		348,783
				348,783
Consumer Finance — 0.8%
	American Express Co.	27,856		1,601,163
	Other Securities^	44,533		1,754,042
				3,355,205
Containers & Packaging — 0.3%
	Other Securities^(a)	37,329		1,163,036
				1,163,036
Distributors — 0.1%
	Other Securities^(a)	13,405		495,434
				495,434
Diversified Consumer Services — 0.1%
	Other Securities^(a)	23,152		506,357
				506,357
Diversified Financial Services — 3.1%
	Bank of America Corp.	302,087		3,504,209
	Citigroup, Inc.	83,266		3,294,003
	JPMorgan Chase & Co.	106,894		4,700,129
	Other Securities^	38,472		1,602,944
				13,101,285
Diversified Telecommunication Services — 2.4%
	AT&T, Inc.	156,925		5,289,942
	Verizon Communications, Inc.	79,614		3,444,898
	Other Securities^(a)	67,714		1,106,174
				9,841,014
Electric Utilities — 1.9%
	Other Securities^(a)	197,960		8,011,638
				8,011,638
Electrical Equipment — 0.8%
	Other Securities^(a)	66,249		3,396,190
				3,396,190
Electronic Equipment, Instruments & Components — 0.6%
	Other Securities^(a)	102,049		2,564,285
				2,564,285
Energy Equipment & Services — 1.9%
	Schlumberger Ltd.	37,072		2,568,719
	Other Securities^(a)	143,910		5,328,698
				7,897,417

See notes to financial statements.
7

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Food & Staples Retailing — 2.1%
CVS Caremark Corp.	34,429	$	1,664,642
Wal-Mart Stores, Inc.	50,725		3,460,967
Other Securities^(a)	84,627		3,828,435
			8,954,044
Food Products — 1.8%
Other Securities^(a)	199,098		7,450,102
			7,450,102
Gas Utilities — 0.2%
Other Securities^(a)	29,162		1,055,380
			1,055,380
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories	43,619		2,857,045
Other Securities^(a)	173,474		7,441,670
			10,298,715
Health Care Providers & Services — 2.0%
UnitedHealth Group, Inc.	28,846		1,564,607
Other Securities^(a)	139,244		6,827,816
			8,392,423
Health Care Technology — 0.1%
Other Securities^	9,354		425,310
			425,310
Hotels, Restaurants & Leisure — 1.9%
McDonald’s Corp.	26,684		2,353,796
Other Securities^(a)	126,106		5,471,629
			7,825,425
Household Durables — 0.5%
Other Securities^(a)	60,627		2,071,074
			2,071,074
Household Products — 1.9%
Procter & Gamble Co. (The)	74,738		5,073,963
Other Securities^	34,469		2,951,891
			8,025,854
Independent Power Producers & Energy Traders — 0.1%
Other Securities^	34,642		523,370
			523,370
Industrial Conglomerates — 2.1%
3M Co.	18,377		1,706,304
General Electric Co.	295,028		6,192,638
Other Securities^	18,086		1,015,684
			8,914,626
Insurance — 3.9%
Berkshire Hathaway, Inc., Class B*	49,185		4,411,894
Other Securities^(a)	316,139		11,793,250
			16,205,144
Internet & Catalog Retail — 1.0%
Amazon.com, Inc.*	10,049		2,523,706
Other Securities^(a)	24,777		1,622,328
			4,146,034
Internet Software & Services — 2.1%
eBay, Inc.*	32,708		1,668,762
Google, Inc., Class A*	7,189		5,099,661
Other Securities^(a)	57,822		2,136,652
			8,905,075
IT Services — 3.7%
International Business Machines Corp.	29,394		5,630,421
Visa, Inc., Class A	14,863		2,252,934
Other Securities^(a)	149,086		7,475,504
			15,358,859
Leisure Equipment & Products — 0.2%
Other Securities^(a)	16,797		684,000
			684,000
Life Sciences Tools & Services — 0.6%
Other Securities^(a)	41,281		2,310,547
			2,310,547
Machinery — 2.2%
Caterpillar, Inc.	17,650		1,581,087
Other Securities^(a)	134,631		7,586,072
			9,167,159
Marine — 0.0%
Other Securities^(a)	2,800		128,688
			128,688
Media — 3.5%
Comcast Corp., Class A	60,616		2,265,826
Comcast Corp., Class A Special	14,850		533,857
Walt Disney Co. (The)	46,092		2,294,921
Other Securities^(a)	330,203		9,602,979
			14,697,583
Metals & Mining — 0.8%
Other Securities^(a)	123,295		3,449,186
			3,449,186
Multi-Utilities — 1.1%
Other Securities^(a)	126,853		4,779,553
			4,779,553
Multiline Retail — 0.7%
Other Securities^(a)	68,582		3,057,028
			3,057,028
Office Electronics — 0.1%
Other Securities^	39,697		321,858
			321,858
Oil, Gas & Consumable Fuels — 8.3%
Chevron Corp.	53,138		5,746,343
ConocoPhillips	31,480		1,825,525
Exxon Mobil Corp.	129,601		11,216,967
Occidental Petroleum Corp.	21,783		1,668,796
Other Securities^(a)	351,764		14,247,896
			34,705,527

See notes to financial statements.
8

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Paper & Forest Products — 0.2%
Other Securities^	21,385	$	790,252
			790,252
Personal Products — 0.2%
Other Securities^(a)	23,788		735,114
			735,114
Pharmaceuticals — 4.6%
Johnson & Johnson	76,095		5,334,260
Merck & Co., Inc.	85,189		3,487,638
Pfizer, Inc.	199,631		5,006,745
Other Securities^(a)	127,233		5,330,929
			19,159,572
Professional Services — 0.2%
Other Securities^(a)	20,346		1,030,086
			1,030,086
Real Estate Investment Trusts (REITs) — 0.0%
Other Securities^	1,358		52,229
Real Estate Management & Development — 0.1%
Other Securities^(a)	16,906		455,642
			455,642
Road & Rail — 0.9%
Union Pacific Corp.	13,300		1,672,076
Other Securities^(a)	62,578		2,103,362
			3,775,438
Semiconductors & Semiconductor Equipment — 2.0%
Intel Corp.	134,522		2,775,189
Other Securities^(a)	274,348		5,507,805
			8,282,994
Software — 3.5%
Microsoft Corp.	207,059		5,534,687
Oracle Corp.	104,058		3,467,213
Other Securities^(a)	166,344		5,681,263
			14,683,163
Specialty Retail — 2.4%
Home Depot, Inc. (The)	43,721		2,704,144
Other Securities^(a)	199,611		7,448,207
			10,152,351
Textiles, Apparel & Luxury Goods — 0.7%
Other Securities^(a)	48,224		3,035,005
			3,035,005
Thrifts & Mortgage Finance — 0.1%
Other Securities^(a)	47,074		600,691
			600,691
Tobacco — 1.6%
Altria Group, Inc.	54,222		1,703,655
Philip Morris International, Inc.	47,031		3,933,673
Other Securities^(a)	15,391		862,280
			6,499,608
Trading Companies & Distributors — 0.3%
Other Securities^(a)	18,022		1,157,263
			1,157,263
Water Utilities — 0.1%
Other Securities^(a)	8,934		284,481
			284,481
Wireless Telecommunication Services — 0.3%
Other Securities^(a)	107,491		1,454,647
			1,454,647
TOTAL COMMON STOCKS
(Identified Cost $245,637,025)			397,977,301
MUTUAL FUNDS — 4.5%
Other — 4.5%
DFA U.S. Micro Cap Portfolio	1,290,773		18,845,290
TOTAL MUTUAL FUNDS
(Identified Cost $14,944,692)			18,845,290
SHORT-TERM INVESTMENTS — 0.0%
Other — 0.0%
SSgA Government Money Market Fund	1		1
SSgA Money Market Fund	169		169
			170
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $170)			170
COLLATERAL FOR SECURITIES ON LOAN — 4.5%
Short-Term — 4.5%
State Street Navigator Securities Lending
Prime Portfolio	18,820,469		18,820,469
TOTAL COLLATERAL FOR
SECURITIES ON LOAN
(Identified Cost $18,820,469)			18,820,469
Total Investments — 104.4%
(Identified Cost $279,402,356)#			435,643,230
Liabilities, Less Cash and
Other Assets — (4.4%)			(18,302,116	)
Net Assets — 100.0%		$	417,341,114

See notes to financial statements.
9

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

†	See Note 1.
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Some of the individual securities within this category may include non-income producing securities.
*	Non-income producing security.
(a)	A portion or all of the security/securities were held on loan. As of December 31, 2012, the market value of the securities on loan was $18,833,880.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $279,402,356. Net unrealized appreciation aggregated $156,240,874 of which $166,698,606 related to appreciated investment securities and $10,457,732, related to depreciated investment securities.

Key to abbreviations:
REIT — Real Estate Investment Trust

Portfolio Sectors
(% of portfolio market value)

See notes to financial statements.
10

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 99.8%
Aerospace & Defense — 1.1%
Northrop Grumman Corp.	38,682	$	2,614,129
Other Securities^(a)	16,686		1,143,733
			3,757,862
Air Freight & Logistics — 0.3%
Other Securities^	9,642		884,364
Airlines — 0.4%
Other Securities^	117,519		1,203,395
Auto Components — 0.0%
Other Securities^(a)	889		49,554
			49,554
Automobiles — 0.3%
Other Securities^	38,279		1,103,584
Beverages — 0.6%
Other Securities^	54,195		2,111,894
			2,111,894
Building Products — 0.4%
Other Securities^	43,417		1,413,307
			1,413,307
Capital Markets — 2.0%
Goldman Sachs Group, Inc. (The)	24,309		3,100,856
Morgan Stanley	110,473		2,112,244
Other Securities^	71,335		1,573,770
			6,786,870
Chemicals — 0.4%
Other Securities^	29,474		1,466,494
			1,466,494
Commercial Banks — 1.6%
SunTrust Banks, Inc.	81,987		2,324,331
Other Securities^(a)	339,919		3,043,280
			5,367,611
Commercial Services & Supplies — 1.1%
Other Securities^	108,495		3,576,490
			3,576,490
Communications Equipment — 0.0%
Other Securities^	3,474		60,490
			60,490
Computers & Peripherals — 0.5%
Other Securities^	57,673		1,583,558
			1,583,558
Construction & Engineering — 0.3%
Other Securities^	28,889		941,739
			941,739
Construction Materials — 0.3%
Other Securities^	19,042		991,136
Consumer Finance — 0.3%
Other Securities^	19,126		1,107,969
Containers & Packaging — 0.1%
Other Securities^	10,220		307,332
			307,332
Diversified Consumer Services — 0.0%
Other Securities^	6,894		95,206
Diversified Financial Services — 9.6%
Bank of America Corp.	977,429		11,338,177
Citigroup, Inc.	306,947		12,142,824
CME Group, Inc.	50,465		2,559,080
JPMorgan Chase & Co.	115,791		5,091,330
Other Securities^	29,133		748,911
			31,880,322
Diversified Telecommunication Services — 5.2%
AT&T, Inc.	419,977		14,157,424
CenturyLink, Inc.	72,865		2,850,479
Other Securities^(a)	41,385		177,128
			17,185,031
Electronic Equipment, Instruments & Components — 0.8%
Other Securities^	140,651		2,690,144
			2,690,144
Energy Equipment & Services — 2.5%
National Oilwell Varco, Inc.	50,996		3,485,577
Other Securities^(a)	189,401		5,003,131
			8,488,708
Food & Staples Retailing — 2.7%
CVS Caremark Corp.	171,916		8,312,139
Other Securities^(a)	39,184		730,520
			9,042,659
Food Products — 4.5%
Archer-Daniels-Midland Co.	99,142		2,715,499
Kraft Foods Group, Inc.	49,415		2,246,900
Mondelez International, Inc., Class A	214,553		5,464,665
Other Securities^	108,599		4,588,388
			15,015,452
Gas Utilities — 0.0%
Other Securities^	86		2,813
Health Care Equipment & Supplies — 0.9%
Other Securities^	250,276		2,846,794
			2,846,794
Health Care Providers & Services — 2.8%
Aetna, Inc.	52,665		2,438,389
Humana, Inc.	23,386		1,604,981
WellPoint, Inc.	52,818		3,217,673
Other Securities^(a)	49,205		2,129,236
			9,390,279

See notes to financial statements.
11

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure — 1.9%
Carnival Corp.	90,764	$	3,337,392
Other Securities^(a)	130,969		3,039,249
			6,376,641
Household Durables — 1.2%
Other Securities^(a)	104,122		4,041,576
			4,041,576
Household Products — 0.0%
Other Securities^	290		23,194
Independent Power Producers & Energy Traders — 0.2%
Other Securities^	27,286		627,305
Industrial Conglomerates — 4.0%
General Electric Co.	630,576		13,235,790
Insurance — 7.7%
Allstate Corp.	42,929		1,724,458
Hartford Financial Services
Group, Inc.	69,673		1,563,462
Loews Corp.	64,227		2,617,250
MetLife, Inc.	149,973		4,940,111
Prudential Financial, Inc.	72,188		3,849,786
Other Securities^(a)	414,094		11,071,106
			25,766,173
Internet & Catalog Retail — 0.6%
Liberty Media Corp. - Interactive,
Class A*	84,056		1,654,222
Other Securities^	3,237		219,339
			1,873,561
Internet Software & Services — 0.6%
Yahoo!, Inc.*	80,584		1,603,622
Other Securities^	8,050		373,689
			1,977,311
IT Services — 0.8%
Other Securities^	70,150		2,551,923
			2,551,923
Life Sciences Tools & Services — 1.3%
Thermo Fisher Scientific, Inc.	58,298		3,718,246
Other Securities^(a)	14,189		502,535
			4,220,781
Machinery — 1.0%
Other Securities^(a)	58,291		3,307,061
			3,307,061
Media — 11.5%
Comcast Corp., Class A	317,237		11,858,319
Comcast Corp., Class A Special	122,831		4,415,774
News Corp., Class A	223,971		5,720,219
News Corp., Class B	91,818		2,409,304
Time Warner Cable, Inc.	57,900		5,627,301
Time Warner, Inc.	144,891		6,930,137
Other Securities^(a)	35,373		1,498,082
			38,459,136
Metals & Mining — 1.1%
Other Securities^(a)	240,423		3,729,548
			3,729,548
Multiline Retail — 0.5%
Other Securities^(a)	60,518		1,703,324
			1,703,324
Office Electronics — 0.3%
Other Securities^	150,729		1,027,972
Oil, Gas & Consumable Fuels — 16.8%
Anadarko Petroleum Corp.	73,010		5,425,373
Apache Corp.	37,480		2,942,180
Chesapeake Energy Corp.(a)	105,066		1,746,197
Chevron Corp.	94,207		10,187,545
ConocoPhillips	156,461		9,073,173
Devon Energy Corp.	37,517		1,952,385
Hess Corp.	47,336		2,506,915
Marathon Oil Corp.	111,878		3,430,180
Marathon Petroleum Corp.	57,539		3,624,957
Phillips 66	85,280		4,528,368
Pioneer Natural Resources Co.(a)	17,531		1,868,629
Valero Energy Corp.	90,851		3,099,836
Other Securities^	126,952		5,551,239
			55,936,977
Paper & Forest Products — 1.2%
International Paper Co.	69,379		2,764,060
Other Securities^	33,067		1,335,544
			4,099,604
Pharmaceuticals — 4.1%
Pfizer, Inc.	530,855		13,313,843
Other Securities^	14,880		471,850
			13,785,693
Road & Rail — 4.4%
CSX Corp.	162,270		3,201,587
Norfolk Southern Corp.	49,802		3,079,756
Union Pacific Corp.	63,289		7,956,693
Other Securities^	27,003		439,339
			14,677,375
Semiconductors & Semiconductor Equipment — 0.2%
Other Securities^	117,755		795,351
			795,351

See notes to financial statements.
12

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Software — 0.3%
Other Securities^	85,074	$	903,486
Specialty Retail — 0.3%
Other Securities^(a)	55,491		888,559
			888,559
Thrifts & Mortgage Finance — 0.0%
Other Securities^(a)	2,461		24,661
			24,661
Wireless Telecommunication Services — 1.1%
Sprint Nextel Corp.*	464,664		2,634,645
Other Securities^(a)	71,868		1,086,273
			3,720,918
TOTAL COMMON STOCKS
(Identified Cost $270,705,336)			333,104,977
SHORT-TERM INVESTMENTS — 0.0%
Other — 0.0%
SSgA Government Money
Market Fund	1		1
SSgA Money Market Fund	51		51
			52
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $52)			52
COLLATERAL FOR SECURITIES ON LOAN — 3.9%
Short-Term — 3.9%
State Street Navigator Securities
Lending Prime Portfolio	12,865,208		12,865,208
TOTAL COLLATERAL FOR
SECURITIES ON LOAN
(Identified Cost $12,865,208)			12,865,208
Total Investments — 103.7%
(Identified Cost $283,570,596) #			345,970,237
Liabilities, Less Cash and
Other Assets — (3.7%)			(12,291,302	)
Net Assets — 100.0%		$	333,678,935

†	See Note 1.
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Some of the individual securities within this category may include non-income producing securities.
(a)	A portion or all of the security/securities were held on loan. As of December 31, 2012, the market value of the securities on loan was $14,793,186.
*	Non-income producing security.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $283,570,596. Net unrealized appreciation aggregated $62,399,641 of which $91,056,594 related to appreciated investment securities and $28,656,953 related to depreciated investment securities.

Portfolio Sectors
(% of portfolio market value)

See notes to financial statements.
13

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 99.6%
Aerospace & Defense — 2.1%
Teledyne Technologies, Inc.*	8,099	$	527,002
Other Securities^(a)	190,282		4,854,515
			5,381,517
Air Freight & Logistics — 0.5%
Other Securities^(a)	69,750		1,267,686
			1,267,686
Airlines — 0.7%
US Airways Group, Inc.*	40,550		547,425
Other Securities^(a)	106,383		1,144,261
			1,691,686
Auto Components — 1.0%
Other Securities^(a)	149,780		2,450,151
			2,450,151
Automobiles — 0.2%
Other Securities^(a)	19,900		612,907
			612,907
Beverages — 0.1%
Other Securities^(a)	21,632		285,225
			285,225
Biotechnology — 1.7%
Other Securities^(a)	426,367		4,277,099
			4,277,099
Building Products — 1.2%
A.O. Smith Corp.	8,652		545,682
USG Corp.*	21,212		595,421
Other Securities^(a)	92,789		1,919,715
			3,060,818
Capital Markets — 1.1%
Other Securities^(a)	230,790		2,933,276
			2,933,276
Chemicals — 2.5%
Chemtura Corp.*	24,516		521,210
Other Securities^(a)	257,093		5,868,081
			6,389,291
Commercial Banks — 7.6%
CapitalSource, Inc.	68,837		521,784
Investors Bancorp, Inc.	34,155		607,276
Other Securities^(a)	1,246,367		18,348,079
			19,477,139
Commercial Services & Supplies — 2.7%
Other Securities^(a)	380,148		6,969,854
			6,969,854
Communications Equipment — 1.8%
Other Securities^(a)	463,793		4,598,685
			4,598,685
Computers & Peripherals — 1.3%
3D Systems Corp.(a)*	13,906		741,885
Other Securities^(a)	167,744		2,532,621
			3,274,506
Construction & Engineering — 1.4%
EMCOR Group, Inc.	16,624		575,357
Shaw Group, Inc. (The)*	15,682		730,938
Other Securities^(a)	133,106		2,275,415
			3,581,710
Construction Materials — 0.4%
Eagle Materials, Inc.	11,300		661,050
Other Securities^(a)	14,432		451,470
			1,112,520
Consumer Finance — 1.1%
Other Securities^(a)	129,444		2,959,621
			2,959,621
Containers & Packaging — 0.4%
Other Securities^	114,313		905,586
			905,586
Distributors — 0.2%
Other Securities^(a)	17,695		611,101
			611,101
Diversified Consumer Services — 1.1%
Other Securities^(a)	159,810		2,923,002
			2,923,002
Diversified Financial Services — 0.5%
Other Securities^(a)	62,992		1,160,983
			1,160,983
Diversified Telecommunication Services — 0.5%
Other Securities^(a)	178,213		1,263,512
			1,263,512
Electric Utilities — 1.3%
Other Securities^(a)	102,651		3,296,190
			3,296,190
Electrical Equipment — 1.6%
Generac Holdings, Inc.(a)	15,486		531,325
Other Securities^(a)	142,446		3,627,748
			4,159,073

See notes to financial statements.
14

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components — 2.9%
FEI Co.	9,800	$	543,508
Other Securities^(a)	413,336		6,957,459
			7,500,967
Energy Equipment & Services — 2.1%
Helix Energy Solutions Group, Inc.*	26,225		541,284
Other Securities^(a)	377,292		4,830,505
			5,371,789
Food & Staples Retailing — 1.1%
Casey’s General Stores, Inc.	12,174		646,439
PriceSmart, Inc.(a)	7,300		562,465
Other Securities^(a)	71,369		1,707,456
			2,916,360
Food Products — 2.1%
Lancaster Colony Corp.	7,594		525,429
Other Securities^(a)	231,977		4,876,406
			5,401,835
Gas Utilities — 0.7%
Other Securities^(a)	40,194		1,701,704
			1,701,704
Health Care Equipment & Supplies — 3.0%
Thoratec Corp.*	15,718		589,739
Other Securities^(a)	373,803		7,222,084
			7,811,823
Health Care Providers & Services — 3.9%
Centene Corp.*	12,874		527,834
Magellan Health Services, Inc.*	11,300		553,700
PSS World Medical, Inc.*	24,238		699,993
Other Securities^(a)	437,292		8,337,350
			10,118,877
Health Care Technology — 0.4%
Other Securities^(a)	52,949		924,126
			924,126
Hotels, Restaurants & Leisure — 4.0%
Domino’s Pizza, Inc.	16,189		705,031
Life Time Fitness, Inc.(a)*	10,707		526,891
Other Securities^(a)	464,772		9,011,425
			10,243,347
Household Durables — 1.4%
Other Securities^(a)	202,470		3,621,817
			3,621,817
Household Products — 0.4%
Spectrum Brands Holdings, Inc.*	13,807		620,349
Other Securities^	20,374		405,887
			1,026,236
Independent Power Producers & Energy Traders — 0.2%
Other Securities^(a)	43,277		484,513
			484,513
Industrial Conglomerates — 0.1%
Other Securities^(a)	9,900		328,275
			328,275
Insurance — 4.3%
Aspen Insurance Holdings Ltd.	17,232		552,803
CNO Financial Group, Inc.	60,833		567,572
First American Financial Corp.	23,254		560,189
Other Securities^(a)	457,402		9,404,025
			11,084,589
Internet & Catalog Retail — 0.4%
HSN, Inc.(a)	9,762		537,691
Other Securities^(a)	84,458		592,826
			1,130,517
Internet Software & Services — 1.7%
Other Securities^(a)	372,318		4,252,567
			4,252,567
IT Services — 2.9%
MAXIMUS, Inc.	8,800		556,336
NeuStar, Inc., Class A*	12,293		515,445
Other Securities^(a)	349,973		6,443,423
			7,515,204
Leisure Equipment & Products — 0.6%
Brunswick Corp.	22,345		650,016
Other Securities^(a)	79,991		971,890
			1,621,906
Life Sciences Tools & Services — 0.4%
Other Securities^(a)	65,227		1,110,467
			1,110,467
Machinery — 4.3%
Manitowoc Co., Inc. (The)	32,949		516,640
Middleby Corp.*	4,140		530,789
Robbins & Myers, Inc.	11,014		654,782
Sauer-Danfoss, Inc.	10,900		581,733
Other Securities^(a)	392,159		8,834,800
			11,118,744
Marine — 0.1%
Other Securities^(a)	16,810		268,186
			268,186
Media — 1.8%
Other Securities^(a)	393,655		4,547,809
			4,547,809
Metals & Mining — 1.5%
Other Securities^(a)	310,881		3,900,195
			3,900,195

See notes to financial statements.
15

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Multi-Utilities — 0.4%
Other Securities^	32,500	$	1,125,457
			1,125,457
Multiline Retail — 0.3%
Other Securities^(a)	63,236		663,505
			663,505
Office Electronics — 0.2%
Other Securities^	9,827		386,005
Oil, Gas & Consumable Fuels — 3.0%
Western Refining, Inc.	19,043		536,822
Other Securities^(a)	581,728		7,153,237
			7,690,059
Paper & Forest Products — 0.9%
Louisiana-Pacific Corp.*	34,384		664,299
Other Securities^(a)	73,092		1,668,203
			2,332,502
Personal Products — 0.5%
Other Securities^(a)	56,083		1,335,385
			1,335,385
Pharmaceuticals — 0.8%
Medicines Co. (The)*	21,641		518,735
Viropharma, Inc.*	25,800		587,208
Other Securities^(a)	106,652		963,903
			2,069,846
Professional Services — 1.5%
Other Securities^(a)	226,626		3,819,726
			3,819,726
Real Estate Investment Trusts (REITs) — 0.2%
Other Securities^	11,341		436,175
Real Estate Management & Development — 0.7%
Altisource Portfolio Solutions SA*	5,967		517,070
Other Securities^(a)	68,442		1,321,727
			1,838,797
Road & Rail — 1.3%
AMERCO, Inc.	4,600		583,326
Avis Budget Group, Inc.*	26,153		518,352
Other Securities^(a)	141,108		2,256,579
			3,358,257
Semiconductors & Semiconductor
Equipment — 3.9%
Cymer, Inc.(a)*	8,635		780,863
Other Securities^(a)	904,789		9,297,833
			10,078,696
Software — 2.7%
Compuware Corp.*	53,853		585,382
Other Securities^(a)	322,086		6,431,412
			7,016,794
Specialty Retail — 4.6%
Aaron’s, Inc.	19,040		538,451
Buckle, Inc. (The)(a)	11,975		534,564
Cabela’s, Inc.*	16,600		693,050
Penske Auto Group, Inc.(a)	20,300		610,827
Pier 1 Imports, Inc.	32,366		647,320
Other Securities^(a)	545,991		8,940,963
			11,965,175
Textiles, Apparel & Luxury Goods — 1.6%
Warnaco Group, Inc. (The)*	8,174		585,013
Other Securities^(a)	157,865		3,600,967
			4,185,980
Thrifts & Mortgage Finance — 2.0%
Other Securities^(a)	456,505		5,246,530
			5,246,530
Tobacco — 0.2%
Other Securities^(a)	29,094		404,252
			404,252
Trading Companies & Distributors — 1.2%
Other Securities^(a)	129,243		3,177,882
			3,177,882
Transportation Infrastructure — 0.0%
Other Securities^(a)	1,531		20,225
Water Utilities — 0.2%
Other Securities^(a)	25,553		615,206
			615,206
Wireless Telecommunication Services — 0.1%
Other Securities^(a)	27,069		244,763
			244,763
TOTAL COMMON STOCKS
(Identified Cost $219,604,892)			256,656,208
PREFERRED STOCKS — 0.0%
Oil, Gas & Consumable Fuels — 0.0%
Other Securities^	13		889
TOTAL PREFERRED STOCKS
(Identified Cost $1,820)			889
RIGHTS & WARRANTS — 0.0%
Construction Materials — 0.0%
Other Securities^(b)*	670		—
Health Care Equipment & Supplies — 0.0%
Photomedex, Inc., expires 12/13/14(b)*	79		—
Oil, Gas & Consumable Fuels — 0.0%
Fieldpoint Petroleum Corp.,
expires 3/23/17(a)*	1,200		985
Pharmaceuticals — 0.0%
Other Securities^(b)*	14,384		—
			—

See notes to financial statements.
16

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

	SHARES	VALUE†
RIGHTS & WARRANTS (Continued)
Specialty Retail — 0.0%
Ligand Pharmaceuticals,
expires 12/31/11(b)*	1,800	$	—
TOTAL RIGHTS & WARRANTS
(Identified Cost $87,419)			985
SHORT-TERM INVESTMENTS — 0.2%
Other — 0.2%
SSgA Government
Money Market Fund	1		1
SSgA Money Market Fund	574,070		574,070
			574,071
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $574,071)			574,071
COLLATERAL FOR SECURITIES ON LOAN — 19.8%
Short-Term — 19.8%
State Street Navigator Securities
Lending Prime Portfolio	50,926,268		50,926,268
TOTAL COLLATERAL FOR
SECURITIES ON LOAN
(Identified Cost $50,926,268)			50,926,268
Total Investments — 119.6%
(Identified Cost $271,194,470) #			308,158,421
Liabilities, Less Cash and
Other Assets — (19.6%)			(50,507,397)
Net Assets — 100.0%		$	257,651,024

†	See Note 1.
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Some of the individual securities within this category may include non-income producing securities.
*	Non-income producing security.
(a)	A portion or all of the security/securities were held on loan. As of December 31, 2012, the market value of the securities on loan was $50,323,233.
(b)	Bankrupt security/delisted.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $271,194,470. Net unrealized appreciation aggregated $36,963,951 of which $67,624,210 related to appreciated investment securities and $30,660,259 related to depreciated investment securities.

Portfolio Sectors
(% of portfolio market value)

See notes to financial statements.
17

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 99.1%
Australia — 5.3%
Wesfarmers Ltd.	207,637	$	7,945,618
Other Securities^(a)	3,123,869		18,496,070
			26,441,688
Austria — 0.2%
Other Securities^(a)	29,624		1,026,499
			1,026,499
Belgium — 1.2%
Other Securities^(a)	118,880		6,215,437
			6,215,437
Canada — 11.3%
Canadian Natural Resources Ltd.	32,569		940,267
Canadian Natural Resources Ltd.	121,797		3,506,852
Goldcorp, Inc.	55,056		2,020,555
Goldcorp, Inc.	63,211		2,323,943
Manulife Financial Corp.	324,499		4,407,340
Sun Life Financial, Inc.	125,037		3,314,794
Suncor Energy, Inc.	259,369		8,529,165
Teck Resources Ltd., Class B	104,620		3,802,164
Thomson Reuters Corp.(a)	106,534		3,082,385
Other Securities^(a)	1,282,507		24,125,393
			56,052,858
Denmark — 1.5%
Other Securities^(a)	212,790		7,446,515
			7,446,515
Finland — 0.6%
Other Securities^(a)	312,602		3,175,904
			3,175,904
France — 9.8%
AXA SA	198,619		3,499,933
BNP Paribas SA	74,011		4,160,166
Cie de Saint-Gobain	77,815		3,309,380
Cie Generale des
Etablissements Michelin	28,432		2,686,690
France Telecom SA	358,763		3,948,929
GDF Suez	280,884		5,774,479
Societe Generale SA*	93,702		3,505,149
Vivendi SA	298,408		6,676,332
Other Securities^(a)	868,415		14,854,542
			48,415,600
Germany — 8.0%
Bayerische Motoren Werke AG	39,474		3,799,925
Daimler AG	153,469		8,370,255
Deutsche Bank AG	72,666		3,160,417
Deutsche Bank AG(a)	48,177		2,133,759
Deutsche Telekom AG	401,806		4,558,480
E.On AG	301,790		5,612,723
Muenchener Rueckversicherungs AG	18,030		3,236,625
Other Securities^(a)	595,969		9,084,722
			39,956,906
Greece — 0.1%
Other Securities^	38,113		281,584
			281,584
Hong Kong — 2.1%
Hutchison Whampoa Ltd.	428,000		4,467,278
Other Securities^	1,971,035		6,180,846
			10,648,124
Ireland — 0.1%
Other Securities^	12,757		259,477
Israel — 0.6%
Other Securities^	642,989		2,764,634
			2,764,634
Italy — 1.1%
Other Securities^(a)	3,185,760		5,385,054
			5,385,054
Japan — 18.2%
Mitsubishi Corp.	219,400		4,170,968
Mitsubishi UFJ Financial Group, Inc.	917,400		4,881,646
Mitsubishi UFJ Financial Group,
Inc., ADR	1,031,340		5,589,863
Sumitomo Corp.	218,000		2,767,934
Sumitomo Mitsui Financial Group, Inc.	119,600		4,300,271
Toyota Motor Corp., ADR	37,712		3,516,644
Other Securities^(a)	10,599,961		65,217,299
			90,444,625
Netherlands — 3.2%
Akzo Nobel NV	47,405		3,112,658
ING Groep NV*	308,587		2,876,084
Koninklijke Philips Electronics NV	129,253		3,394,238
Other Securities^(a)	432,870		6,399,721
			15,782,701
New Zealand — 0.1%
Other Securities^	113,218		486,529
Norway — 1.1%
Other Securities^(a)	922,993		5,682,807
			5,682,807
Portugal — 0.1%
Other Securities^(a)	275,605		348,846
			348,846
Singapore — 1.0%
Other Securities^(a)	2,435,089		4,806,162
			4,806,162
Spain — 1.7%
Banco Santander SA	464,674		3,741,416
Other Securities^(a)	1,994,974		4,524,736
			8,266,152

See notes to financial statements.
18

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Sweden — 3.3%
Nordea Bank AB	353,398	$	3,374,675
Svenska Cellulosa AB, Series B	131,362		2,848,165
Telefonaktiebolaget LM Ericsson	450,961		4,514,360
Other Securities^(a)	488,768		5,721,299
			16,458,499
Switzerland — 6.7%
Credit Suisse Group AG(a)*	156,384		3,805,945
Holcim Ltd.*	63,904		4,674,113
Swiss Re AG*	89,565		6,453,106
UBS AG*	368,590		5,750,592
Zurich Insurance Group AG*	17,402		4,630,894
Other Securities^	160,151		7,813,238
			33,127,888
United Kingdom — 21.8%
Aviva PLC	469,650		2,845,703
Barclays PLC	1,498,087		6,385,681
BP PLC, ADR	451,186		18,787,385
HSBC Holdings PLC, ADR	190,084		10,087,758
Kingfisher PLC	763,160		3,522,031
Lloyds Banking Group PLC*	5,763,788		4,486,274
Royal Dutch Shell PLC, ADR(a)	227,594		16,134,139
Vodafone Group PLC, ADR	7,062,161		17,718,700
Xstrata PLC	407,470		7,009,676
Other Securities^(a)	2,912,651		21,206,332
			108,183,679
TOTAL COMMON STOCKS
(Identified Cost $463,065,396)			491,658,168
PREFERRED STOCKS — 0.0%
Germany — 0.0%
Other Securities^	2,731		222,416
TOTAL PREFERRED STOCKS
(Identified Cost $169,209)			222,416
RIGHTS & WARRANTS — 0.0%
Spain — 0.0%
Repsol S.A.,(a)*	10,049		6,128
Singapore — 0.0%
Olam International Ltd.,
expires 01/21/13*	11,268		—
TOTAL RIGHTS & WARRANTS
(Identified Cost $6,285)			6,128
SHORT-TERM INVESTMENTS — 0.3%
United States — 0.3%
SSgA Government Money
Market Fund	1		1
SSgA Money Market Fund	1,535,118		1,535,118
			1,535,119
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $1,535,119)			1,535,119
COLLATERAL FOR SECURITIES ON LOAN — 10.0%
Short-Term — 10.0%
State Street Navigator Securities
Lending Prime Portfolio	49,863,926		49,863,926
TOTAL COLLATERAL FOR
SECURITIES ON LOAN
(Identified Cost $49,863,926)			49,863,926
Total Investments — 109.4%
(Identified Cost $514,639,935)#			543,285,757
Liabilities, Less Cash and
Other Assets — (9.4%)			(46,900,442	)
Net Assets — 100.0%		$	496,385,315

†	See Note 1.
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Some of the individual securities within this category may include non-income producing securities.
(a)	A portion or all of the security/securities were held on loan. As of December 31, 2012, the market value of the securities on loan was $48,575,863.
*	Non-income producing security.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $514,639,935. Net unrealized appreciation aggregated $28,645,822 of which $78,263,545 related to appreciated investment securities and $49,617,723 related to depreciated investment securities.

Key to abbreviations:
ADR — American Depository Receipt

See notes to financial statements.
19

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

Ten Largest Industry Holdings December 31, 2012
(As a percentage of net assets):

Industry	Percentage
Commercial Banks	16.6	%
Oil, Gas & Consumable Fuels	13.7	%
Insurance	8.4	%
Metals & Mining	7.2	%
Automobiles	4.0	%
Capital Markets	3.9	%
Wireless Telecommunication Services	3.6	%
Diversified Telecommunication Services	3.5	%
Food & Staples Retailing	3.3	%
Chemicals	2.9	%

Country Weightings
(% of portfolio market value)

See notes to financial statements.
20

SA International Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

	SHARES	VALUE†
MUTUAL FUNDS — 100.0%
Other — 100.0%
DFA International Small
Company Portfolio	13,594,439	$	216,559,409
TOTAL MUTUAL FUNDS
(Identified Cost $141,208,936)			216,559,409
Total Investments — 100.0%
(Identified Cost $141,208,936)#			216,559,409
Liabilities, Less Cash and
Other Assets — 0.0%			(74,707	)
Net Assets — 100.0%		$	216,484,702

†	See Note 1.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $141,208,936. Net unrealized appreciation aggregated $75,350,473, which related solely to appreciated investment securities.

See notes to financial statements.
21

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 95.8%
Brazil — 7.2%
Banco Santander Brasil SA, ADR	121,640	$	884,323
BM&FBOVESPA SA	168,604		1,152,848
Gerdau SA, ADR	109,250		982,158
JBS SA*	148,229		434,371
Petroleo Brasileiro SA	15,900		151,817
Petroleo Brasileiro SA, ADR	75,045		1,461,126
Other Securities^	362,873		1,692,876
			6,759,519
Chile — 1.7%
Empresas CMPC SA	133,020		491,792
Enersis SA, ADR	29,100		530,202
Other Securities^	193,311		577,657
			1,599,651
China — 15.7%
Bank of China Ltd., H Shares	4,779,902		2,146,095
Bank of Communications Co., Ltd.,
H Shares	581,400		437,315
China Construction Bank Corp., H Shares	1,505,810		1,208,401
China Petroleum & Chemical Corp., ADR	13,574		1,559,924
China Unicom Hong Kong Ltd., ADR	38,409		625,683
Industrial & Commercial Bank of China
Ltd., H Shares	662,000		469,755
Other Securities^	15,015,539		8,234,476
			14,681,649
Columbia — 0.2%
Other Securities^	18,110		217,843
			217,843
Czech Republic — 0.2%
Other Securities^	19,219		212,174
			212,174
Hungary — 0.4%
Other Securities^	15,415		402,474
			402,474
India — 7.8%
ICICI Bank Ltd., ADR	32,610		1,422,122
Reliance Industries Ltd.	80,341		1,227,403
Reliance Industries Ltd., GDR(a)	16,067		490,365
Other Securities^	1,310,397		4,132,068
			7,271,958
Indonesia — 3.1%
Bank Negara Indonesia Persero Tbk PT	1,109,366		425,905
Other Securities^	15,025,238		2,466,765
			2,892,670
Korea — 14.9%
Hana Financial Group, Inc.	16,650		539,668
KB Financial Group, Inc., ADR*	27,494		987,035
LG Corp.	7,969		485,327
LG Display Co., Ltd., ADR*	33,010		477,985
LG Electronics, Inc.	9,407		646,713
POSCO, ADR	22,412		1,841,146
Samsung C&T Corp.	7,619		445,508
Shinhan Financial Group Co., Ltd., ADR*	24,410		894,382
SK Innovation Co., Ltd.	5,072		824,350
Other Securities^	252,889		6,855,300
			13,997,414
Malaysia — 3.7%
AMMB Holdings Berhad	201,687		448,486
Other Securities^	3,153,452		2,985,945
			3,434,431
Mexico — 7.2%
Alfa SAB de CV, Class A	314,000		667,532
Cemex SAB de CV, ADR*	71,886		709,515
Fomento Economico Mexicano
SAB de CV, ADR	20,700		2,084,490
Grupo Financiero Banorte SAB de CV	112,200		724,518
Other Securities^	764,423		2,556,118
			6,742,173
Philippines — 0.9%
Other Securities^	2,864,669		867,433
			867,433
Poland — 1.7%
PGE SA	80,727		474,949
Polski Koncern Naftowy Orlen SA*	36,737		587,526
Other Securities^	135,392		520,094
			1,582,569
Russia — 5.0%
Gazprom OAO, ADR	461,723		4,367,900
Other Securities^	91,929		326,671
			4,694,571
South Africa — 8.3%
ABSA Group Ltd.	23,190		448,618
Gold Fields Ltd., ADR	60,627		757,231
Impala Platinum Holdings Ltd.	30,167		596,757
Nedbank Group Ltd.	20,163		447,142
Sanlam Ltd.	195,508		1,032,485
Sasol Ltd., ADR	12,700		549,783
Standard Bank Group Ltd.	77,450		1,086,081
Steinhoff International Holdings Ltd.*	141,970		459,361
Other Securities^	421,449		2,369,988
			7,747,446
Taiwan — 12.2%
Fubon Financial Holding Co., Ltd.	496,211		599,780
Mega Financial Holding Co., Ltd.	788,898		613,971
United Microelectronics Corp.	1,215,513		489,738
Other Securities^	16,950,314		9,692,472
			11,395,961
Thailand — 3.6%
Bangkok Bank PCL, ADR	99,000		632,707
PTT PCL	63,300		687,009
Other Securities^	3,579,453		2,052,626
			3,372,342

See notes to financial statements.
22

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

	SHARES	VALUE†
COMMON STOCKS (Continued)
Turkey — 2.0%
Turkiye Is Bankasi	153,274	$	530,975
Other Securities^	657,157		1,351,656
			1,882,631
TOTAL COMMON STOCKS
(Identified Cost $84,405,443)			89,754,909
PREFERRED STOCKS — 3.8%
Brazil — 3.7%
Petroleo Brasileiro SA	48,935		466,526
Petroleo Brasileiro SA, ADR	90,410		1,744,913
Usinas Siderurgicas de Minas Gerais
SA, PF A	96,030		600,334
Other Securities^	93,970		674,343
			3,486,116
Columbia — 0.1%
Other Securities^	2,556		56,414
TOTAL PREFERRED STOCKS
(Identified Cost $4,793,448)			3,542,530
RIGHTS & WARRANTS — 0.0%
Malaysia — 0.0%
WCT Bhd, expires 12/11/17*	8,920		860
TOTAL RIGHTS & WARRANTS
(Identified Cost $579)			860
SHORT-TERM INVESTMENTS — 0.3%
United States — 0.3%
SSgA Government Money Market Fund	1		1
SSgA Money Market Fund	271,554		271,554
			271,555
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $271,555)			271,555
Total Investments — 99.9%
(Identified Cost $89,471,025)#			93,569,854
Cash and Other Assets,
Less Liabilities — 0.1%			89,717
Net Assets — 100.0%		$	93,659,571

†	See Note 1.
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Some of the individual securities within this category may include non-income producing securities.
*	Non-income producing security.
(a)	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. These securities have been deemed by the Fund to be liquid and at December 31, 2012 amounted to $490,365 or 0.52% of the net assets of the Fund.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $89,471,025. Net unrealized appreciation aggregated $4,098,829, of which $14,660,317 related to appreciated investment securities and $10,561,488 related to depreciated investment securities.

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

Ten Largest Industry Holdings December 31, 2012
(As a percentage of net assets):

Industry	Percentage
Commercial Banks	24.3	%
Oil, Gas & Consumable Fuels	17.7	%
Metals & Mining	9.9	%
Industrial Conglomerates	4.2	%
Real Estate Management & Development	3.8	%
Diversified Financial Services	2.9	%
Beverages	2.7	%
Electronic Equipment, Instruments & Components	2.6	%
Chemicals	2.4	%
Construction Materials	2.0	%

Country Weightings
(% of portfolio market value)

See notes to financial statements.
23

SA Real Estate Securities Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

	SHARES	VALUE†
COMMON STOCKS — 99.4%
Real Estate Investment Trusts (REITs) — 99.4%
Alexandria Real Estate Equities, Inc.	13,923	$	965,142
American Campus Communities, Inc.	16,328		753,211
American Tower Corp. REIT	19,107		1,476,398
Apartment Investment &
Management Co.	30,555		826,818
AvalonBay Communities, Inc.	20,310		2,753,833
BioMed Realty Trust, Inc.	33,105		639,920
Boston Properties, Inc.	32,351		3,423,059
BRE Properties, Inc.	16,115		819,125
Camden Property Trust	17,335		1,182,420
CBL & Associates Properties, Inc.	30,390		644,572
DDR Corp.	52,264		818,454
Digital Realty Trust, Inc.	25,354		1,721,283
Douglas Emmett, Inc.	28,958		674,721
Duke Realty Corp.	57,120		792,254
EPR Properties	10,560		486,922
Equity Lifestyle Properties, Inc.	8,984		604,533
Equity Residential	64,549		3,657,992
Essex Property Trust, Inc.	7,481		1,097,089
Extra Space Storage, Inc.	20,505		746,177
Federal Realty Investment Trust	14,280		1,485,406
General Growth Properties, Inc.	93,644		1,858,833
HCP, Inc.	89,129		4,026,848
Health Care REIT, Inc.	44,337		2,717,415
Highwoods Properties, Inc.	16,061		537,240
Home Properties, Inc.	10,637		652,154
Hospitality Properties Trust	27,524		644,612
Host Hotels & Resorts, Inc.	155,371		2,434,664
Kilroy Realty Corp.	15,492		733,856
Kimco Realty Corp.	90,830		1,754,836
Liberty Property Trust	25,879		925,692
Macerich Co. (The)	29,737		1,733,667
Mack-Cali Realty Corp.	19,000		496,090
Mid-America Apartment
Communities, Inc.	8,580		555,555
National Retail Properties, Inc.	22,653		706,774
Omega Healthcare Investors, Inc.	22,840		544,734
Piedmont Office Realty Trust, Inc.,
Class A	37,606		678,788
Post Properties, Inc.	11,518		575,324
Prologis, Inc.	98,860		3,607,401
Public Storage	31,208		4,523,912
Realty Income Corp.	28,869		1,160,823
Regency Centers Corp.	19,504		919,029
Senior Housing Properties Trust	36,109		853,617
Simon Property Group, Inc.	65,429		10,343,671
SL Green Realty Corp.	19,852		1,521,656
Tanger Factory Outlet Centers	20,389		697,304
Taubman Centers, Inc.	12,728		1,001,948
UDR, Inc.	53,150		1,263,907
Ventas, Inc.	61,813		4,000,537
Vornado Realty Trust	35,808		2,867,505
Weingarten Realty Investors	25,000		669,250
Other Securities^	827,667		11,993,319
			92,570,290
TOTAL COMMON STOCKS
(Identified Cost $66,804,124)			92,570,290
SHORT-TERM INVESTMENTS — 0.2%
United States — 0.2%
SSgA Government Money Market Fund	1		1
SSgA Money Market Fund	167,047		167,047
			167,048
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $167,048)			167,048
Total Investments — 99.6%
(Identified Cost $66,971,172)			92,737,338
Cash and Other Assets,
Less Liabilities — 0.4%			349,053
Net Assets — 100.0%		$	93,086,391

†	See Note 1.
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Some of the individual securities within this category may include non-income producing securities.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $66,971,172. Net unrealized appreciation aggregated $25,766,166 of which $27,357,945 related to appreciated investment securities and $1,591,779 related to depreciated investment securities.

Key to abbreviations:
REIT — Real Estate Investment Trust

Portfolio Sectors
(% of portfolio market value)

See notes to financial statements.
24

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25

STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2012 (Unaudited)

	SA			SA			SA
	U.S. Fixed			Global Fixed			U.S. Core
	Income Fund			Income Fund			Market Fund
ASSETS
Investments in securities, at value	$	389,779,757		$	651,999,264		$	435,643,230
Cash		631			477			—
Foreign currency, at value		—			398,366			—
Receivable for investments sold		—			—			243,601
Dividends and interest receivable		1,600,112			5,502,436			400,223
Receivable for fund shares sold		1,386,607			1,484,975			908,552
Unrealized appreciation on forward foreign currency exchange
contracts (Note 1)		—			53,545			—
Receivable due from the Adviser (Note 2)		52,518			2,119			29,607
Receivable for tax reclaims		—			—			809
Total Assets		392,819,625			659,441,182			437,226,022
LIABILITIES
Payable for investments purchased		—			2,726			7,318
Payable for fund shares redeemed		326,138			667,344			421,575
Due to custodian bank		—			—			233,435
Collateral for securities on loan (Note 1)		—			90,122,203			18,820,469
Unrealized depreciation on forward foreign currency exchange
contracts (Note 1)		—			2,844,827			—
Advisory fee payable (Note 2)		82,919			144,512			194,789
Sub-Advisory fee payable (Note 2)		33,168			24,085			16,362
Administration fee payable (Note 2)		33,168			48,171			35,416
Sub-Administration fee payable (Note 2)		6,016			9,689			8,163
Custody and accounting fees payable		6,648			15,830			12,381
Trustees’ fees payable (Note 2)		7,002			7,002			7,002
Shareholder servicing fee payable (Note 2)		82,919			120,427			88,541
Transfer agent fee payable		9,276			11,109			9,640
Professional fees payable		7,171			7,172			18,877
Accrued expenses and other liabilities		3,152			17,878			10,940
Total Liabilities		597,577			94,042,975			19,884,908
NET ASSETS	$	392,222,048		$	565,398,207		$	417,341,114
NET ASSETS CONSIST OF:
Capital paid in	$	391,552,188		$	553,029,092		$	322,875,567
Undistributed/(overdistributed) net investment income		(208,215	)		5,630,146			82,543
Accumulated net realized gain/(loss)		(20,597	)		(13,219,146	)		(61,857,870	)
Net unrealized appreciation/(depreciation) on:
Investments		898,672			22,679,597			156,240,874
Foreign currency and forward currency transactions		—			(2,721,482	)		—
NET ASSETS	$	392,222,048		$	565,398,207		$	417,341,114
Shares of beneficial interest outstanding
($0.01 par value, unlimited shares authorized)		38,377,953			57,355,034			31,722,583
Net asset value per share	$	10.22		$	9.86		$	13.16
Identified cost of investments	$	388,881,085		$	629,319,667		$	279,402,356
Cost of foreign currency	$	—		$	396,485		$	—

See notes to financial statements.
26

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
$	345,970,237		$	308,158,421	$	543,285,757		$	216,559,409			$	93,569,854		$	92,737,338
	—			319,605		24,623			61,079				1,439			141
	—			—		2,972,809			—				293,275			—
	980,405			385,925		5,156,783			—				—			—
	367,048			166,761		759,684			—				39,484			308,311
	653,981			450,528		878,198			410,713				287,499			213,121
	—			—		—			—				—			—
	29,887			51,882		—			12,769				39,578			30,474
	—			180		164,482			—				1,770			—
	348,001,558			309,533,302		553,242,336			217,043,970				94,232,899			93,289,385
	—			358,891		5,709,863			61,000				142,568			—
	431,763			274,734		700,228			275,457				105,616			88,690
	680,731			—		—			—				—			—
	12,865,208			50,926,268		49,863,926			—				—			—
	—			—		—			—				—			—
	154,770			118,634		270,387			117,085				50,268			42,756
	28,140			75,494		83,196			—				38,668			11,661
	28,140			21,570		41,598			18,013				7,734			7,774
	5,795			5,042		8,283			3,705				1,481			1,476
	9,390			10,864		25,295			2,806				28,214			4,168
	7,002			7,002		7,002			7,002				7,002			7,002
	70,350			53,925		103,995			45,033				19,334			19,435
	12,425			11,734		12,249			11,667				11,022			8,742
	18,737			11,140		11,141			11,141				13,041			11,140
	10,172			6,980		19,858			6,359				148,380			150
	14,322,623			51,882,278		56,857,021			559,268				573,328			202,994
$	333,678,935		$	257,651,024	$	496,385,315		$	216,484,702			$	93,659,571		$	93,086,391
$	286,650,453		$	217,168,355	$	534,420,261		$	173,339,126			$	90,017,220		$	75,679,528
	47,839			33,235		70,747			11,737				(142,583	)		506,269
	(15,418,998	)		3,485,478		(66,690,078	)		(32,216,634	)			(176,219	)		(8,865,572	)
	62,399,641			36,963,951		28,645,822			75,350,473				4,098,829			25,766,166
	—			5		(61,437	)		—				(137,676	)		—
$	333,678,935		$	257,651,024	$	496,385,315		$	216,484,702			$	93,659,571		$	93,086,391
	26,818,154			14,141,269		49,824,391			12,925,271				8,918,024			10,879,842
$	12.44		$	18.22	$	9.96		$	16.75			$	10.50		$	8.56
$	283,570,596		$	271,194,470	$	514,639,935		$	141,208,936			$	89,471,025		$	66,971,172
$	—		$	—	$	3,020,872		$	—			$	289,873		$	—

27

STATEMENTS OF OPERATIONS—SIX MONTHS ENDED DECEMBER 31, 2012 (Unaudited)

	SA U.S. Fixed Income Fund			SA Global Fixed Income Fund			SA U.S. Core Market Fund
INVESTMENT INCOME
Income:
Dividends	$	—		$	—		$	5,129,417
Interest (1)		1,040,089			6,011,372			67,720
Other income		—			—			21,390
Taxes withheld		—			—			(4,320	)
Total Income		1,040,089			6,011,372			5,214,207
Expenses:
Advisory fees (Note 2)		480,117			854,519			1,153,699
Sub-Advisory fees (Note 2)		192,047			142,420			96,911
Shareholder Services fees (Note 2)		480,117			712,099			524,409
Administration fees (Note 2)		192,047			284,840			209,764
Sub-Administration fees (Note 2)		41,706			62,195			46,313
Trustees’ fees and expenses (Note 2)		13,891			13,891			13,891
Custody and accounting fees		33,241			77,809			56,574
Transfer agent fees		45,087			57,200			57,120
Professional fees		44,789			44,790			59,591
Registration fees		15,922			14,820			10,562
Other expenses		19,581			31,080			24,245
Total expenses before waivers and reimbursements:		1,558,545			2,295,663			2,253,079
Less: Fee waiver by Adviser (Note 2)		(310,241	)		(16,947	)		(155,444	)
Net expenses		1,248,304			2,278,716			2,097,635
Net investment income (loss)		(208,215	)		3,732,656			3,116,572
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on:
Investments		(19,806	)		563,896			3,437,076
Foreign currency and forward currency transactions		—			(10,358,744	)		3,738
Increase (decrease) in unrealized appreciation (depreciation) on:
Investments		474,307			13,849,678			18,144,202
Foreign currency and forward currency transactions		—			(753,612	)		—
Net realized and unrealized gain on investments and               foreign currency transactions		454,501			3,301,218			21,585,016
Net increase in net assets resulting from operations	$	246,286		$	7,033,874		$	24,701,588
(1) Interest income includes security lending income of:	$	—		$	96,884		$	67,707

See notes to financial statements.
28

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
$	3,846,338		$	3,459,829		$	5,567,612		$	2,374,899		$	1,035,333		$	1,782,463
	65,382			339,076			330,896			—			33			6
	6,834			19,837			—			—			—			—
	(998	)		(2,207	)		(330,542	)		—			(158,769	)		—
	3,917,556			3,816,535			5,567,966			2,374,899			876,597			1,782,469
	899,953			695,163			1,534,033			664,822			276,959			254,684
	163,628			442,376			472,010			—			213,045			69,459
	409,069			315,983			590,013			255,701			106,523			115,766
	163,628			126,393			236,005			102,280			42,609			46,306
	35,277			27,676			49,590			21,830			9,038			10,203
	13,891			13,891			13,891			13,891			13,891			13,891
	44,520			67,705			92,977			16,274			107,682			23,404
	59,555			57,590			61,255			57,171			44,418			43,968
	59,663			48,984			48,984			48,985			50,659			48,984
	9,627			8,609			11,024			8,285			9,998			8,210
	20,041			17,085			30,697			14,211			8,602			7,492
	1,878,852			1,821,455			3,140,479			1,203,450			883,424			642,367
	(160,760	)		(304,737	)		—			(78,367	)		(265,593	)		(179,305	)
	1,718,092			1,516,718			3,140,479			1,125,083			617,831			463,062
	2,199,464			2,299,817			2,427,487			1,249,816			258,766			1,319,407
	5,618,975			8,676,481			2,675,804			489,303			584,325			65,653
	—			(82	)		(22,282	)		—			(2,578	)		—
	29,380,809			10,515,696			58,126,407			24,812,566			10,444,757			445,960
	—			(9	)		(73,834	)		—			(66,234	)		—
	34,999,784			19,192,086			60,706,095			25,301,869			10,960,270			511,613
$	37,199,248		$	21,491,903		$	63,133,582		$	26,551,685		$	11,219,036		$	1,831,020
$	65,377		$	339,064		$	330,055		$	—		$	—		$	—

29

STATEMENTS OF CHANGES IN NET ASSETS

	SA U.S. Fixed Income Fund
	Six Months Ended 12/31/2012 (Unaudited)			Year Ended 06/30/2012
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income (loss)	$	(208,215	)	$	165,161
Net realized gain (loss) on investments and foreign currency transactions		(19,806	)		1,347,550
Net increase (decrease) in unrealized appreciation (depreciation)		474,307			(796,058	)
Net increase in net assets from operations		246,286			716,653
Distributions to shareholders from:
Net investment income		—			(249,537	)
Net realized gains		(1,132,175	)		(1,330,313	)
Total distributions		(1,132,175	)		(1,579,850	)
Share transactions
Proceeds from sale of shares		61,707,907			114,466,109
Value of distributions reinvested		1,064,154			1,527,870
Cost of shares redeemed		(38,364,609	)		(70,763,862	)
Total share transactions		24,407,452			45,230,117
Total increase (decrease) in net assets		23,521,563			44,366,920
NET ASSETS
Beginning of period		368,700,485			324,333,565
End of period	$	392,222,048		$	368,700,485
Undistributed/(overdistributed) net investment income, end of period	$	(208,215	)	$	—
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		6,020,348			11,161,629
Issued for distributions reinvested		104,125			149,442
Shares redeemed		(3,742,835	)		(6,901,575	)
Net increase (decrease) in fund shares		2,381,638			4,409,496

See notes to financial statements.
30

SA Global Fixed Income Fund						SA U.S. Core Market Fund
Six Months Ended 12/31/2012 (Unaudited)			Year Ended 06/30/2012			Six Months Ended 12/31/2012 (Unaudited)			Year Ended 06/30/2012
$	3,732,656		$	10,365,462		$	3,116,572		$	4,114,172
	(9,794,848	)		23,504,496			3,440,814			7,540,692
	13,096,066			(22,962,533	)		18,144,202			(360,402	)
	7,033,874			10,907,425			24,701,588			11,294,462
	(11,995,789	)		(15,194,625	)		(6,061,008	)		(2,578,093	)
	—			—			—			—
	(11,995,789	)		(15,194,625	)		(6,061,008	)		(2,578,093	)
	60,483,497			114,302,479			34,589,217			65,146,468
	11,389,934			14,656,342			5,706,428			2,457,802
	(57,349,583	)		(128,500,907	)		(47,174,247	)		(86,905,796	)
	14,523,848			457,914			(6,878,602	)		(19,301,526	)
	9,561,933			(3,829,286	)		11,761,978			(10,585,157	)
	555,836,274			559,665,560			405,579,136			416,164,293
$	565,398,207		$	555,836,274		$	417,341,114		$	405,579,136
$	5,630,146		$	13,893,279		$	82,543		$	3,026,979
	6,068,752			11,351,875			2,648,848			5,506,537
	1,152,243			1,472,062			428,732			214,655
	(5,756,934	)		(12,758,813	)		(3,608,212	)		(7,286,508	)
	1,464,061			65,124			(530,632	)		(1,565,316	)

31

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA U.S. Value Fund
	Six Months Ended 12/31/2012 (Unaudited)			Year Ended 06/30/2012
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	2,199,464		$	3,595,020
Net realized gain (loss) on investments and foreign currency transactions		5,618,975			4,445,306
Net increase (decrease) in unrealized appreciation (depreciation)		29,380,809			(20,618,983	)
Net increase (decrease) in net assets from operations		37,199,248			(12,578,657	)
Distributions to shareholders from:
Net investment income		(3,916,274	)		(2,875,897	)
Net realized gains		—			—
Total distributions		(3,916,274	)		(2,875,897	)
Share transactions
Proceeds from sale of shares		26,902,077			54,670,649
Value of distributions reinvested		3,706,832			2,751,411
Cost of shares redeemed		(38,880,906	)		(55,588,709	)
Total share transactions		(8,271,997	)		1,833,351
Total increase (decrease) in net assets		25,010,977			(13,621,203	)
NET ASSETS
Beginning of period		308,667,958			322,289,161
End of period	$	333,678,935		$	308,667,958
Undistributed net investment income, end of period	$	47,839		$	1,764,649
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		2,246,330			5,118,112
Issued for distributions reinvested		294,427			271,075
Shares redeemed		(3,236,363	)		(5,172,077	)
Net increase (decrease) in fund shares		(695,606	)		217,110

See notes to financial statements.
32

SA U.S. Small Company Fund						SA International Value Fund
Six Months Ended 12/31/2012 (Unaudited)			Year Ended 06/30/2012			Six Months Ended 12/31/2012 (Unaudited)			Year Ended 06/30/2012
$	2,299,817		$	747,875		$	2,427,487		$	11,808,905
	8,676,399			(4,576,893	)		2,653,522			(13,238,923	)
	10,515,687			(3,785,243	)		58,052,573			(106,268,138	)
	21,491,903			(7,614,261	)		63,133,582			(107,698,156	)
	(2,945,070	)		—			(13,791,111	)		(9,885,455	)
	(286,314	)		(1,250,197	)		—			—
	(3,231,384	)		(1,250,197	)		(13,791,111	)		(9,885,455	)
	18,744,980			37,320,147			38,725,964			96,255,168
	3,052,323			1,188,360			13,105,005			9,496,823
	(28,245,417	)		(50,433,267	)		(47,077,304	)		(82,212,535	)
	(6,448,114	)		(11,924,760	)		4,753,665			23,539,456
	11,812,405			(20,789,218	)		54,096,136			(94,044,155	)
	245,838,619			266,627,837			442,289,179			536,333,334
$	257,651,024		$	245,838,619		$	496,385,315		$	442,289,179
$	33,235		$	678,488		$	70,747		$	11,434,371
	1,068,369			2,327,749			4,071,032			10,281,936
	166,976			76,128			1,306,581			1,077,960
	(1,606,388	)		(3,118,369	)		(4,920,415	)		(8,628,464	)
	(371,043	)		(714,492	)		457,198			2,731,432

33

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA International Small Company Fund
	Six Months Ended 12/31/2012 (Unaudited)			Year Ended 06/30/2012
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,249,816		$	3,850,492
Net realized gain (loss) on investments and foreign currency transactions		489,303			2,570,614
Net increase (decrease) in unrealized appreciation (depreciation)		24,812,566			(44,112,495	)
Net increase (decrease) in net assets from operations		26,551,685			(37,691,389	)
Distributions to shareholders from:
Net investment income		(5,088,571	)		(2,370,316	)
Net realized gains		—			—
Total distributions		(5,088,571	)		(2,370,316	)
Share transactions
Proceeds from sale of shares		17,050,534			35,386,041
Value of distributions reinvested		4,800,348			2,258,132
Cost of shares redeemed		(19,300,831	)		(36,358,790	)
Total share transactions		2,550,051			1,285,383
Total increase (decrease) in net assets		24,013,165			(38,776,322	)
NET ASSETS
Beginning of period		192,471,537			231,247,859
End of period	$	216,484,702		$	192,471,537
Undistributed/(overdistributed) net investment income, end of period	$	11,737		$	3,850,492
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		1,071,985			2,248,200
Issued for distributions reinvested		286,588			156,380
Shares redeemed		(1,207,239	)		(2,303,918	)
Net increase in fund shares		151,334			100,662

See notes to financial statements.
34

SA Emerging Markets Value Fund						SA Real Estate Securities Fund
Six Months Ended 12/31/2012 (Unaudited)			Year Ended 06/30/2012			Six Months Ended 12/31/2012 (Unaudited)			Year Ended 06/30/2012
$	258,766		$	736,911		$	1,319,407		$	1,287,404
	581,747			319,678			65,653			(590,788	)
	10,378,523			(19,828,633	)		445,960			9,482,398
	11,219,036			(18,772,044	)		1,831,020			10,179,014
	(644,490	)		(635,931	)		(1,258,912	)		(1,063,764	)
	—			(1,898,558	)		—			—
	(644,490	)		(2,534,489	)		(1,258,912	)		(1,063,764	)
	13,363,015			27,827,845			10,369,242			18,991,024
	618,780			2,448,054			1,198,809			1,030,907
	(7,797,652	)		(11,743,368	)		(10,480,765	)		(16,255,656	)
	6,184,143			18,532,531			1,087,286			3,766,275
	16,758,689			(2,774,002	)		1,659,394			12,881,525
	76,900,882			79,674,884			91,426,997			78,545,472
$	93,659,571		$	76,900,882		$	93,086,391		$	91,426,997
$	(142,583	)	$	243,141		$	506,269		$	445,774
	1,367,604			2,740,827			1,217,825			2,512,715
	59,044			272,916			140,212			140,642
	(792,806	)		(1,153,766	)		(1,231,643	)		(2,129,638	)
	633,842			1,859,977			126,394			523,719

35

FINANCIAL HIGHLIGHTS
	SA U.S. Fixed
	Income Fund
	Six Months Ended
	December 31, 2012			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			June 30, 2012			June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008
Net Asset Value, Beginning of Period	$	10.24		$	10.27		$	10.28		$	10.27		$	10.09		$	10.11
Income from Investment Operations:
Net investment income (loss)		(0.01	)		0.01			0.02			0.07			0.21			0.27
Net realized and unrealized
gain on investments		0.02			0.01			0.06			0.12			0.18			0.05
Total from investment operations		0.01			0.02			0.08			0.19			0.39			0.32
Less Distributions:
Dividends from net
investment income		—			(0.01	)		(0.02	)		(0.07	)		(0.21	)		(0.34	)
Distributions from capital gains		(0.03	)		(0.04	)		(0.07	)		(0.11	)		—			(0.00	)(1)
Total distributions		(0.03	)		(0.05	)		(0.09	)		(0.18	)		(0.21	)		(0.34	)
Net asset value, end of period	$	10.22		$	10.24		$	10.27		$	10.28		$	10.27		$	10.09
Total return (2)		0.10	%		0.16	%		0.80	%		1.80	%		3.90	%		3.18	%
Net assets, end of period (000s)	$	392,222		$	368,700		$	324,334		$	231,308		$	162,975		$	125,966
Ratio of net expenses to
average net assets (3)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of gross expenses to
average net assets (3)(4)		0.81	%		0.83	%		0.89	%		0.91	%		0.94	%		1.06	%
Ratio of net investment income
(loss) to average net assets (3)		(0.11	)%		0.05	%		0.24	%		0.66	%		2.05	%		3.05	%
Portfolio turnover rate		6	%		95	%		92	%		104	%		46	%		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 (4)	$	(0.01	)	$	(0.01	)	$	(0.00	)(1)	$	0.05		$	0.18		$	0.24

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

See notes to financial statements.
36

FINANCIAL HIGHLIGHTS (Continued)
	SA Global Fixed
	Income Fund
	Six Months Ended
	December 31, 2012				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2012			June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008
Net Asset Value, Beginning of Period		$	9.95		$	10.03		$	10.24		$	9.93		$	10.34		$	10.30
Income from Investment Operations:
Net investment income			0.06			0.19			0.21			0.25			0.25			0.26
Net realized and unrealized
gain on investments			0.06			—			—			0.25			0.16			0.02
Total from investment operations			0.12			0.19			0.21			0.50			0.41			0.28
Less Distributions:
Dividends from net
investment income			(0.21	)		(0.27	)		(0.42	)		(0.19	)		(0.82	)		(0.24	)
Total distributions			(0.21	)		(0.27	)		(0.42	)		(0.19	)		(0.82	)		(0.24	)
Net asset value, end of period		$	9.86		$	9.95		$	10.03		$	10.24		$	9.93		$	10.34
Total return (1)			1.23	%		1.96	%		2.12	%		5.02	%		4.04	%		2.77	%
Net assets, end of period (000s)		$	565,398		$	555,836		$	559,666		$	472,374		$	405,761		$	601,370
Ratio of net expenses to
average net assets (2)			0.80	%		0.82	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of gross expenses to
average net assets (2)(3)			0.81	%		0.82	%		1.15	%		1.17	%		1.16	%		1.14	%
Ratio of net investment income
to average net assets (2)			1.31	%		1.85	%		2.32	%		2.54	%		2.43	%		2.48	%
Portfolio turnover rate			16	%		36	%		15	%		29	%		53	%		91	%
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		$	0.19		$	0.18		$	0.22		$	0.21		$	0.23

(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. Core
	Market Fund
	Six Months Ended
	December 31, 2012				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2012			June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008
Net Asset Value, Beginning of Period		$	12.57		$	12.31		$	9.48		$	8.42		$	11.48		$	13.56
Income from Investment Operations:
Net investment income			0.10			0.13			0.11			0.10			0.16			0.11
Net realized and unrealized
gain (loss) on investments			0.68			0.21			2.85			1.07			(3.08	)		(1.94	)
Total from investment operations			0.78			0.34			2.96			1.17			(2.92	)		(1.83	)
Less Distributions:
Dividends from net
investment income			(0.19	)		(0.08	)		(0.13	)		(0.11	)		(0.11	)		(0.11	)
Distributions from capital gains			—			—			—			—			(0.03	)		(0.14	)
Total distributions			(0.19	)		(0.08	)		(0.13	)		(0.11	)		(0.14	)		(0.25	)
Net asset value, end of period		$	13.16		$	12.57		$	12.31		$	9.48		$	8.42		$	11.48
Total return (1)			6.21	%		2.80	%		31.36	%		13.88	%		(25.36	)%		(13.70	)%
Net assets, end of period (000s)		$	417,341		$	405,579		$	416,164		$	324,603		$	299,711		$	508,533
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)			1.07	%		1.09	%		1.19	%		1.18	%		1.20	%		1.14	%
Ratio of net investment income to
average net assets (2)			1.49	%		1.04	%		0.93	%		0.95	%		1.50	%		0.91	%
Portfolio turnover rate			1	%		6	%		9	%		6	%		7	%		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)		$	0.10		$	0.12		$	0.09		$	0.08		$	0.14		$	0.10

(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.
38

FINANCIAL HIGHLIGHTS (Continued)
	SA U.S.
	Value Fund
	Six Months Ended
	December 31, 2012				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2012			June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008
Net Asset Value, Beginning of Period		$	11.22		$	11.81		$	8.81		$	7.42		$	11.25		$	14.86
Income from Investment Operations:
Net investment income			0.08			0.13			0.12			0.06			0.15			0.10
Net realized and unrealized
gain (loss) on investments			1.29			(0.62	)		2.98			1.42			(3.83	)		(3.33	)
Total from investment operations			1.37			(0.49	)		3.10			1.48			(3.68	)		(3.23	)
Less Distributions:
Dividends from net
investment income			(0.15	)		(0.10	)		(0.10	)		(0.09	)		(0.15	)		(0.07	)
Distributions from capital gains			—			—			—			—			—			(0.31	)
Total distributions			(0.15	)		(0.10	)		(0.10	)		(0.09	)		(0.15	)		(0.38	)
Net asset value, end of period		$	12.44		$	11.22		$	11.81		$	8.81		$	7.42		$	11.25
Total return (1)			12.17	%		(4.02	)%		35.33	%		19.92	%		(32.68	)%		(22.05	)%
Net assets, end of period (000s)		$	333,679		$	308,668		$	322,289		$	239,673		$	200,695		$	310,421
Ratio of net expenses to
average net assets (2)			1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of gross expenses to
average net assets (2)(3)			1.15	%		1.17	%		1.26	%		1.27	%		1.29	%		1.22	%
Ratio of net investment income
to average net assets (2)			1.34	%		1.21	%		1.09	%		0.67	%		1.82	%		0.82	%
Portfolio turnover rate			4	%		11	%		21	%		28	%		42	%		10	%
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)		$	0.08		$	0.12		$	0.09		$	0.04		$	0.13		$	0.08

(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 U.S.
	Small Company Fund
	Six Months Ended
	December 31, 2012				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2012			June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008
Net Asset Value, Beginning of Period		$	16.94		$	17.51		$	12.54		$	10.26		$	14.37		$	20.15
Income from Investment Operations:
Net investment income			0.17			0.05			0.03			0.00	(1)		0.09			0.03
Net realized and unrealized
gain (loss) on investments			1.34			(0.54	)		4.98			2.36			(3.41	)		(3.86	)
Total from investment operations			1.51			(0.49	)		5.01			2.36			(3.32	)		(3.83	)
Less Distributions:
Dividends from net
investment income			(0.21	)		—			(0.04	)		(0.08	)		(0.03	)		—
Distributions from capital gains			(0.02	)		(0.08	)		—			—			(0.76	)		(1.95	)
Total distributions			(0.23	)		(0.08	)		(0.04	)		(0.08	)		(0.79	)		(1.95	)
Net asset value, end of period		$	18.22		$	16.94		$	17.51		$	12.54		$	10.26		$	14.37
Total return (2)			8.91	%		(2.74	)%		39.96	%		23.06	%		(22.42	)%		(20.15	)%
Net assets, end of period (000s)		$	257,651		$	245,839		$	266,628		$	204,161		$	171,135		$	260,892
Ratio of net expenses to
average net assets (3)			1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of gross expenses to
average net assets (3)(4)			1.44	%		1.45	%		1.56	%		1.57	%		1.61	%		1.51	%
Ratio of net investment income
to average net assets (3)			1.82	%		0.31	%		0.17	%		0.03	%		0.77	%		0.17	%
Portfolio turnover rate			7	%		14	%		16	%		13	%		13	%		13	%
Without giving effect to the
expense waiver described
in Note 2 to the Financial
Statements, net investment
income (loss) per share
would have been (4)		$	0.14		$	0.01		$	(0.03	)	$	(0.04	)	$	0.04		$	(0.02	)

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

See notes to financial statements.
40

FINANCIAL HIGHLIGHTS (Continued)
	SA International
	Value Fund
	Six Months Ended
	December 31, 2012				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2012			June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008
Net Asset Value, Beginning of Period		$	8.96		$	11.50		$	8.96		$	8.51		$	14.43		$	19.79
Income from Investment Operations:
Net investment income			0.05			0.24			0.23			0.17			0.23			0.41
Net realized and unrealized
gain (loss) on investments			1.23			(2.57	)		2.50			0.51			(4.91	)		(3.50	)
Total from investment operations			1.28			(2.33	)		2.73			0.68			(4.68	)		(3.09	)
Less Distributions:
Dividends from net
investment income			(0.28	)		(0.21	)		(0.19	)		(0.23	)		(0.37	)		(0.34	)
Distributions from capital gains			—			—			—			—			(0.87	)		(1.93	)
Total distributions			(0.28	)		(0.21	)		(0.19	)		(0.23	)		(1.24	)		(2.27	)
Net asset value, end of period		$	9.96		$	8.96		$	11.50		$	8.96		$	8.51		$	14.43
Total return (1)			14.30	%		(20.23	)%		30.63	%		7.69	%		(31.33	)%		(17.01	)%
Net assets, end of period (000s)		$	496,385		$	442,289		$	536,333		$	420,271		$	406,657		$	632,869
Ratio of net expenses to
average net assets (2)			1.33	%		1.34	%		1.34	%		1.33	%		1.35	%		1.30	%
Ratio of gross expenses to
average net assets (2)(3)			1.33	%		1.34	%		1.34	%		1.33	%		1.35	%		1.30	%
Ratio of net investment income
to average net assets (2)			1.03	%		2.60	%		2.12	%		1.65	%		2.50	%		2.46	%
Portfolio turnover rate			7	%		22	%		25	%		20	%		27	%		20	%
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income per
share would have been (3)		$	0.05		$	0.24		$	0.23		$	0.17		$	0.23		$	0.41

(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 International
	Small Company Fund
	Six Months Ended
	December 31, 2012				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2012			June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008
Net Asset Value, Beginning of Period		$	15.07		$	18.25		$	13.64		$	12.29		$	19.79		$	24.61
Income from Investment Operations:
Net investment income			0.10			0.30			0.27			0.12			0.22			0.28
Net realized and unrealized
gain (loss) on investments			1.98			(3.29	)		4.54			1.43			(6.27	)		(4.04	)
Total from investment operations			2.08			(2.99	)		4.81			1.55			(6.05	)		(3.76	)
Less Distributions:
Dividends from net
investment income			(0.40	)		(0.19	)		(0.20	)		(0.20	)		(0.22	)		(0.33	)
Distributions from capital gains			—			—			—			—			(1.23	)		(0.73	)
Total distributions			(0.40	)		(0.19	)		(0.20	)		(0.20	)		(1.45	)		(1.06	)
Net asset value, end of period		$	16.75		$	15.07		$	18.25		$	13.64		$	12.29		$	19.79
Total return (1)			13.81	%		(16.35	)%		35.39	%		12.56	%		(29.10	)%		(15.49	)%
Net assets, end of period (000s)		$	216,485		$	192,472		$	231,248		$	174,186		$	156,285		$	245,999
Ratio of net expenses to
average net assets (2)†			1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of gross expenses to
average net assets (2)(3)†			1.18	%		1.18	%		1.19	%		1.18	%		1.22	%		1.13	%
Ratio of net investment income to
average net assets (2)†			1.22	%		1.92	%		1.58	%		0.84	%		1.62	%		1.26	%
Ratio of expenses to average
net assets for the DFA
Portfolio, (unaudited) (4)†						0.56	%		0.55	%		0.55	%		0.57	%		0.55	%
Ratio of expenses to average net
assets for the DFA Portfolio (5)†			0.56	%		0.57	%		0.56	%		0.57	%		0.55	%		0.55	%
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 (3)		$	0.10		$	0.29		$	0.26		$	0.11		$	0.20		$	0.27

†	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)	Gross expenses before waivers of expenses.
(4)	The DFA Portfolio expense ratios are for the six months ended April 30, 2012, 2011, 2010, 2009 and May 31, 2008, respectively and are unaudited.
(5)	The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2012, 2011, 2010, 2009, 2008 and November 30, 2007, respectively.

See notes to financial statements.
42

FINANCIAL HIGHLIGHTS (Continued)
	SA Emerging
	Markets Value Fund
	Six Months Ended
	December 31, 2012				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2012			June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008
Net Asset Value, Beginning of Period		$	9.28		$	12.40		$	10.04		$	7.76		$	10.70		$	11.33
Income from Investment Operations:
Net investment income			0.03			0.09			0.06			0.03			0.09			0.13
Net realized and unrealized
gain (loss) on investments			1.26			(2.85	)		2.54			2.27			(2.64	)		(0.67	)
Total from investment operations			1.29			(2.76	)		2.60			2.30			(2.55	)		(0.54	)
Less Distributions:
Dividends from net
investment income			(0.07	)		(0.09	)		(0.04	)		(0.02	)		(0.12	)		(0.09	)
Distributions from capital gains			—			(0.27	)		(0.20	)		—			(0.27	)		—
Total distributions			(0.07	)		(0.36	)		(0.24	)		(0.02	)		(0.39	)		(0.09	)
Net asset value, end of period		$	10.50		$	9.28		$	12.40		$	10.04		$	7.76		$	10.70
Total return (1)			13.93	%		(22.19	)%		25.98	%		29.61	%		(22.48	)%		(4.79	)%
Net assets, end of period (000s)		$	93,660		$	76,901		$	79,675		$	59,518		$	43,240		$	44,269
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)			2.07	%		2.10	%		2.08	%		2.11	%		2.44	%		2.44	%
Ratio of net investment income to
average net assets (2)			0.61	%		0.99	%		0.53	%		0.34	%		1.47	%		1.47	%
Portfolio turnover rate			3	%		13	%		14	%		25	%		11	%		8	%
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		$	(0.01	)	$	(0.03	)	$	0.03		$	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.
(4)	Amount rounds to less than $0.005 per share.

See notes to financial statements.
43

FINANCIAL HIGHLIGHTS (Continued)
	SA Real Estate
	Securities Fund
	Six Months Ended
	December 31, 2012				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)				June 30, 2012			June 30, 2011			June 30, 2010			June 30, 2009			June 30, 2008
Net Asset Value, Beginning of Period		$	8.50		$	7.68		$	5.89		$	3.92		$	7.26		$	8.93
Income from Investment Operations:
Net investment income			0.12			0.21			0.08			0.13			0.13			0.25
Net realized and unrealized
gain (loss) on investments			0.06			0.71			1.86			1.94			(3.28	)		(1.76	)
Total from investment operations			0.18			0.92			1.94			2.07			(3.15	)		(1.51	)
Less Distributions:
Dividends from net
investment income			(0.12	)		(0.10	)		(0.15	)		(0.10	)		(0.12	)		(0.11	)
Distributions from capital gains			—			—			—			—			(0.07	)		(0.05	)
Total distributions			(0.12	)		(0.10	)		(0.15	)		(0.10	)		(0.19	)		(0.16	)
Net asset value, end of period		$	8.56		$	8.50		$	7.68		$	5.89		$	3.92		$	7.26
Total return (1)			2.09	%		12.19	%		33.39	%		53.03	%		(43.60	)%		(16.94	)%
Net assets, end of period (000s)		$	93,086		$	91,427		$	78,545		$	53,998		$	29,738		$	36,660
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)			1.39	%		1.42	%		1.61	%		1.67	%		2.02	%		1.99	%
Ratio of net investment income to
average net assets (2)			2.85	%		2.77	%		1.16	%		2.57	%		3.32	%		4.17	%
Portfolio turnover rate			0%	(4)		4	%		7	%		3	%		7	%		1	%
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income per
share would have been (3)		$	0.11		$	0.18		$	0.04		$	0.09		$	0.09		$	0.19

(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 0.5%.

See notes to financial statements.
44

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (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 (the “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 (each a “Series”), an open-end management investment company. As of December 31, 2012, SA International Small Company Fund held approximately 3.22% 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 and the Series in which it invests 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

45

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (Unaudited) (Continued)

or last reported sale price. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Fixed income investments are generally valued at the last available mean price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures. Shares of registered open-end investment companies are valued at the investment company’s net asset value. 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 for which available quotations appear not to accurately reflect the current value of an investment, are valued at fair value as determined in good faith by 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. Any determinations of fair value made by the Pricing Committee are presented to the Board for ratification.

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

Fair Value Measurement — The Funds adopted provisions respecting fair value measurement which provide 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).

Fair value pricing involves subjective judgment and it is possible that the fair value determined for a security is materially different than the value that could be realized upon the sale of that security. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

46

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (Unaudited) (Continued)

     The tables below provide a summary of the inputs as of December 31, 2012 in valuing each Fund’s investments:

	Investments in Securities
	Unadjusted
	Quoted Prices in		Significant
	Active Markets for		Other			Significant
	Identical		Observable			Unobservable		Balance as of
	Investments		Inputs			Inputs		December 31, 2012
Description	(Level 1)		(Level 2)			(Level 3)		Total
SA U.S. Fixed Income Fund
Bonds and Notes	$	—	$	373,924,348		$	—	$	373,924,348
Short-Term Investments		15,855,409		—			—		15,855,409
Total Investments	$	15,855,409	$	373,924,348		$	—	$	389,779,757
SA Global Fixed Income Fund
Assets:
Bonds and Notes	$	—	$	556,668,528		$	—	$	556,668,528
Short-Term Investments		5,208,533		—			—		5,208,533
Collateral for Securities on Loan
Short-Term		90,122,203		—			—		90,122,203
Forward Foreign Currency Contracts		—		53,545			—		53,545
Total Investments	$	95,330,736	$	556,722,073		$	—	$	652,052,809
Liabilities:
Forward Foreign Currency Contracts	$	—	$	(2,844,827	)	$	—	$	(2,844,827	)
SA U.S. Core Market Fund
Common Stocks	$	397,977,301	$	—	†	$	—	$	397,977,301
Mutual Funds		18,845,290		—			—		18,845,290
Short-Term Investments		170		—			—		170
Collateral for Securities on Loan
Short-Term		18,820,469		—			—		18,820,469
Total Investments	$	435,643,230	$	—		$	—	$	435,643,230
SA U.S. Value Fund
Common Stocks	$	333,104,977	$	—		$	—	$	333,104,977
Short-Term Investments		52		—			—		52
Collateral for Securities on Loan
Short-Term		12,865,208		—			—		12,865,208
Total Investments	$	345,970,237	$	—		$	—	$	345,970,237
SA U.S. Small Company Fund
Common Stocks	$	256,643,138	$	13,070	†	$	—	$	256,656,208
Preferred Stocks		—		889			—		889
Rights & Warrants		985		—	†		—		985
Short-Term Investments		574,071		—			—		574,071
Collateral for Securities on Loan
Short-Term		50,926,268		—			—		50,926,268
Total Investments	$	308,144,462	$	13,959		$	—	$	308,158,421

47

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (Unaudited) (Continued)

	Investments in Securities
	Unadjusted
	Quoted Prices in		Significant
	Active Markets for		Other			Significant
	Identical		Observable			Unobservable		Balance as of
	Investments		Inputs			Inputs		December 31, 2012
Description	(Level 1)		(Level 2)			(Level 3)		Total
SA International Value Fund
Common Stocks	$	491,647,815	$	10,353		$	—	$	491,658,168
Preferred Stocks		222,416		—			—		222,416
Rights & Warrants		6,128		—	†		—		6,128
Short-Term Investments		1,535,119		—			—		1,535,119
Collateral for Securities on Loan
Short-Term		49,863,926		—			—		49,863,926
Total Investments	$	543,275,404	$	10,353		$	—	$	543,285,757
SA International Small Company Fund
Mutual Funds	$	216,559,409	$	—		$	—	$	216,559,409
Total Investments	$	216,559,409	$	—		$	—	$	216,559,409
SA Emerging Markets Value Fund
Common Stocks	$	89,709,629	$	45,280	†	$	—	$	89,754,909
Preferred Stocks		3,542,530		—			—		3,542,530
Rights & Warrants		860		—			—		860
Short-Term Investments		271,555		—			—		271,555
Total Investments	$	93,524,574	$	45,280		$	—	$	93,569,854
SA Real Estate Securities Fund
Common Stocks	$	92,570,290	$	—		$	—	$	92,570,290
Short-Term Investments		167,048		—			—		167,048
Total Investments	$	92,737,338	$	—		$	—	$	92,737,338

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

     Transfers between investment valuation 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, or 3 during the six months ended December 31, 2012.

In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update 2011-11 Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). Effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods, ASU 2011-11 is intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. Trust management is evaluating the implications of ASU 2011-11 and any impact it may have on the 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

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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (Unaudited) (Continued)

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 other 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, 2012, 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	$	88,206,384	$	90,122,203	$	—	$	90,025,443
SA U.S. Core Market Fund	$	18,833,880	$	18,820,469	$	158,201	$	19,136,423
SA U.S. Value Fund	$	14,793,186	$	12,865,208	$	1,934,792	$	13,230,575
SA U.S. Small Company Fund	$	50,323,233	$	50,926,268	$	—	$	51,759,744
SA International Value Fund	$	48,575,863	$	49,863,926	$	460,596	$	50,137,957

       * 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.

     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.

49

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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (Unaudited) (Continued)

     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 less developed or less efficient trading markets; less stringent accounting and financial reporting standards; social, political or economic instability; foreign currency exchange controls and foreign taxation issues; the risk of expropriation of assets or nationalization of a company or industry by foreign governments; changes in currency exchange rates; and settlement, custodial or other operational risks. 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 an underlying security transaction, a Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the applicable foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.

The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the 4:00 PM Eastern Time pricing for the forward currency exchange rate, and the change in market value is recorded as unrealized appreciation (depreciation) on foreign currency 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, 2012, 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)
Canadian Dollar (sell)	1/7/2013	47,688,986	$	47,933,977	$	47,938,338	$	(4,361	)
Danish Krone (sell)	1/7/2013	36,400,824	$	6,371,115	$	6,440,372	$	(69,257	)
Euro Currency (sell)	1/7/2013	85,582,361	$	111,634,007	$	112,968,356	$	(1,334,349	)
Pound Sterling (sell)	1/7/2013	87,064,356	$	139,993,303	$	141,430,163	$	(1,436,860	)
Pound Sterling (buy)	1/7/2013	2,503,328	$	4,012,942	$	4,066,487	$	53,545
							$	(2,791,282	)

50

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (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, 2012:

SA Global Fixed Income Fund
Asset Derivatives (1)
	Foreign
	Exchange
	Contracts Risk			Total
Forward Contracts	$	53,545		$	53,545
Liability Derivatives (2)
	Foreign
	Exchange
	Contracts Risk			Total
Forward Contracts	$	(2,844,827	)	$	(2,844,827	)

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

     Transactions in derivative instruments during the six months ended December 31, 2012, were as follows:

Realized Gain (Loss) (1)
	Foreign
	Exchange
	Contracts Risk			Total
Forward Contracts	$	1,803		$	1,803
Change in Unrealized Appreciation (Depreciation) (2)
	Foreign
	Exchange
	Contracts Risk			Total
Forward Contracts	$	(874,837	)	$	(874,837	)

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

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

     For the six months ended December 31, 2012, the average monthly principal amount of forward foreign currency exchange contracts was $402,688,081.

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

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

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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (Unaudited) (Continued)

     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.

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 (2010-2012), or expected to be taken in the Funds’ 2013 tax returns.

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, if any, 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, PFICs, non-REIT return of capital, 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.

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (Unaudited) (Continued)

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 of Mr. Reinhard’s family, each of which has an ownership interest in Werba Reinhard, Inc. 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 the DFA Investment Dimensions Group Inc. For its management services, the Sub-Adviser receives an investment advisory fee from the U.S. Micro Cap Portfolio.

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (Unaudited) (Continued)

     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.

The Adviser contractually agreed to waive its management fees and/or to reimburse expenses to the extent a Fund’s operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) exceed, in the aggregate, the rate per annum, 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	%

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. As of December 31, 2012 the following amounts are subject to this recapture through June 30, 2013, June 30, 2014 and June 30, 2015, respectively.

	Expires		Expires		Expires
Fund	June 30, 2013		June 30, 2014		June 30, 2015
SA U.S. Fixed Income Fund	$	503,586	$	666,067		$	614,326
SA Global Fixed Income Fund		1,403,642		1,509,521			23,901
SA U.S. Core Market Fund		639,920		726,592			347,861
SA U.S. Value Fund		556,259		616,019			346,997
SA U.S. Small Company Fund		774,384		888,650			604,296
SA International Value Fund		—		—			—
SA International Small Company Fund		153,408		188,413			166,407
SA Emerging Markets Value Fund		378,982		463,663			482,250
SA Real Estate Securities Fund		318,162		417,871			342,476

Trustees’ Fees and Expenses — For their services as Trustees, the Trustees of the Trust received an annual retainer fee of $80,000, 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 $8,000 per year.

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2012 (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. For the sub-administrative services provided, 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.Fees are calculated for the fund complex and then allocated to the Funds based upon each Fund’s total net assets, which may cause a Fund to pay less than the minimum annual charge.

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, 2012 were as follows:

	Purchases
	U.S. Government	Other
SA U.S. Fixed Income Fund	8,939,290	32,236,800
SA Global Fixed Income Fund	5,996,520	84,610,337
SA U.S. Core Market Fund	—	4,240,689
SA U.S. Value Fund	—	13,532,412
SA U.S. Small Company Fund	—	18,082,651
SA International Value Fund	—	30,120,119
SA International Small Company Fund	N/A	N/A
SA Emerging Markets Value Fund	—	8,732,244
SA Real Estate Securities Fund	—	1,505,722
	Sales
	U.S. Government	Other
SA U.S. Fixed Income Fund	3,056,660	17,146,707
SA Global Fixed Income Fund	1,538,100	92,756,947
SA U.S. Core Market Fund	—	12,604,316
SA U.S. Value Fund	—	23,420,517
SA U.S. Small Company Fund	—	18,952,057
SA International Value Fund	1,190,892	35,150,347
SA International Small Company Fund	N/A	N/A
SA Emerging Markets Value Fund	—	2,137,555
SA Real Estate Securities Fund	—	273,883

     N/A — Refer to the financial statements of the DFA Portfolio and the Series in which it invests, 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.

55

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 is responsible for managing the business and affairs of the Trust. The Board’s role in management of the Trust is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust have the responsibility for the day-to-day management of the Funds. The Board’s oversight role does not make the Board a guarantor of the Funds’ investments or activities. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fund’s activities, review contractual arrangements with companies that provide services to each Fund, and review each Fund’s performance. The Board 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”).

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

56

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).
Charles M. Roame Year of Birth: 1965	Trustee (since June 2012)	Managing Partner, Tiburon Strategic Advisors (provider of market research and strategy consulting to financial services firms) (since 1998).	9	Director, Envestnet, Inc. (provider of wealth management solutions) (since August 2011).
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.

     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.

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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 March 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).
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.

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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, 2012 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*
	7/01/12	12/31/12	7/01/12-12/31/12
Actual	$1,000.00	$1,001.00	$3.28
Hypothetical (5% return before expenses)	$1,000.00	$1,021.93	$3.31

*	Expenses are equal to the Fund’s annualized expense ratio of 0.65% multiplied by the average account value over the period, multiplied by 184/365 (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

SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

SA Global Fixed Income Fund

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	7/01/12	12/31/12	7/01/12-12/31/12
Actual	$1,000.00	$1,012.30	$4.06
Hypothetical (5% return before expenses)	$1,000.00	$1,021.17	$4.08

*	Expenses are equal to the Fund’s annualized expense ratio of 0.80% multiplied by the average account value over the period, multiplied by 184/365 (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*
	7/01/12	12/31/12	7/01/12-12/31/12
Actual	$1,000.00	$1,062.10	$5.20
Hypothetical (5% return before expenses)	$1,000.00	$1,020.16	$5.09

*	Expenses are equal to the Fund’s annualized expense ratio of 1.00% multiplied by the average account value over the period, multiplied by 184/365 (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*
	7/01/12	12/31/12	7/01/12-12/31/12
Actual	$1,000.00	$1,121.70	$5.62
Hypothetical (5% return before expenses)	$1,000.00	$1,019.91	$5.35

*	Expenses are equal to the Fund’s annualized expense ratio of 1.05% multiplied by the average account value over the period, multiplied by 184/365 (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.

60

SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

SA U.S. Small Company Fund

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	7/01/12	12/31/12	7/01/12-12/31/12
Actual	$1,000.00	$1,089.10	$6.32
Hypothetical (5% return before expenses)	$1,000.00	$1,019.16	$6.11

*	Expenses are equal to the Fund’s annualized expense ratio of 1.20% multiplied by the average account value over the period, multiplied by 184/365 (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*
	7/01/12	12/31/12	7/01/12-12/31/12
Actual	$1,000.00	$1,143.00	$7.18
Hypothetical (5% return before expenses)	$1,000.00	$1,018.50	$6.77

*	Expenses are equal to the Fund’s annualized expense ratio of 1.33% multiplied by the average account value over the period, multiplied by 184/365 (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*
	7/01/12	12/31/12	7/01/12-12/31/12
Actual	$1,000.00	$1,138.10	$5.93
Hypothetical (5% return before expenses)	$1,000.00	$1,019.66	$5.60

*	Expenses are equal to the Fund’s annualized expense ratio of 1.10% multiplied by the average account value over the period, multiplied by 184/365 (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, 2012, the total annual operating expenses of the DFA International Small Company Portfolio was 0.56%.

61

SA FUNDS

ADDITIONAL INFORMATION (Unaudited) (Continued)

SA Emerging Markets Value Fund

	Beginning	Ending	Expenses Paid
	Account Value	Account Value	During Period*
	7/01/12	12/31/12	7/01/12-12/31/12
Actual	$1,000.00	$1,139.30	$7.82
Hypothetical (5% return before expenses)	$1,000.00	$1,017.90	$7.37

*	Expenses are equal to the Fund’s annualized expense ratio of 1.45% multiplied by the average account value over the period, multiplied by 184/365 (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*
	7/01/12	12/31/12	7/01/12-12/31/12
Actual	$1,000.00	$1,020.89	$5.09
Hypothetical (5% return before expenses)	$1,000.00	$1,020.16	$5.09

*	Expenses are equal to the Fund’s annualized expense ratio of 1.00% multiplied by the average account value over the period, multiplied by 184/365 (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.

62

(This page has been left blank intentionally.)

63

Selected Financial Statements of DFA Investment Dimensions Group Inc.

International Small Company Portfolio

TABLE OF CONTENTS

	Page
Definitions of Abbreviations and Footnotes	65
Disclosure of Fund Expenses — October 31, 2012 (Unaudited)	66
Disclosure of Portfolio Holdings — October 31, 2012 (Unaudited)	67
Schedule of Investments — December 31, 2012 (Unaudited)	68
Schedule of Investments — October 31, 2012	69
Statement of Assets and Liabilities — December 31, 2012 (Unaudited)	70
Statement of Assets and Liabilities — October 31, 2012	71
Statement of Operations — October 31, 2012	72
Statements of Changes in Net Assets	73
Financial Highlights	74
Notes to Financial Statements — October 31, 2012	75
Report of Independent Registered Public Accounting Firm	81

64

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
	P.L.C.	Public Limited Company
	STRIP	Separate Trading of Registered Interest and Principal of Securities
	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.
	—	Amounts designated as — are either zero or rounded to zero.
	@	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.

65

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 table 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, 2012
EXPENSE TABLE
	Beginning	Ending		Expenses
	Account	Account	Annualized	Paid
	Value	Value	Expense	During
	05/01/12	10/31/12	Ratio*	Period*
Actual Fund Return
Institutional Class Shares	$1,000.00	$   993.37	0.56%	$2.81
Hypothetical 5% Annual Return
Institutional Class Shares	$1,000.00	$1,022.32	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 (366) 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).

66

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, 2012. 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 %

67

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

SCHEDULE OF INVESTMENTS

December 31, 2012
(Unaudited)

	Value†
AFFILIATED INVESTMENT COMPANIES — (100.0%)
Investment in The Continental Small Company Series
of The DFA Investment Trust Company	$	2,278,332,715
Investment in The United Kingdom Small Company Series
of The DFA Investment Trust Company		1,512,099,431
Investment in The Japanese Small Company Series
of The DFA Investment Trust Company		1,451,687,703
Investment in The Asia Pacific Small Company Series
of The DFA Investment Trust Company		811,906,933
Investment in The Canadian Small Company Series
of The DFA Investment Trust Company		670,090,242
TOTAL INVESTMENTS IN AFFILIATED
INVESTMENT COMPANIES (Cost $6,294,067,001)		6,724,117,024
TOTAL INVESTMENTS — (100.0%) (Cost $6,294,067,001)^	$	6,724,117,024

____________________

^ The cost for federal income tax purposes is $6,304,263,839.

Summary of the Portfolio’s investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1		Level 2	Level 3	Total
Affiliated Investment Companies	$	6,724,117,024	—	—	$	6,724,117,024
TOTAL	$	6,724,117,024	—	—	$	6,724,117,024

See accompanying Notes to Financial Statements.
68

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2012

	Value†
AFFILIATED INVESTMENT COMPANIES — (100.0%)
Investment in The Continental Small Company Series
of The DFA Investment Trust Company	$	2,138,832,833
Investment in The United Kingdom Small Company Series
of The DFA Investment Trust Company		1,433,515,437
Investment in The Japanese Small Company Series
of The DFA Investment Trust Company		1,392,642,047
Investment in The Asia Pacific Small Company Series
of The DFA Investment Trust Company		765,581,971
Investment in The Canadian Small Company Series
of The DFA Investment Trust Company		689,084,996
TOTAL INVESTMENTS IN AFFILIATED
INVESTMENT COMPANIES (Cost $6,321,775,249)		6,419,657,284
TOTAL INVESTMENTS — (100.0%) (Cost $6,321,775,249)	$	6,419,657,284

Summary of the Portfolio’s investments as of October 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1		Level 2	Level 3	Total
Affiliated Investment Companies	$	6,419,657,284	—	—	$	6,419,657,284
TOTAL	$	6,419,657,284	—	—	$	6,419,657,284

See accompanying Notes to Financial Statements.
69

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2012
(Unaudited)
(Amounts in thousands, except share and per share amounts)

ASSETS:
Investments in Affiliated Investment Companies at Value	$	6,724,117
Cash		8,140
Receivables:
Prepaid Expenses and Other Assets		40
Total Assets		6,732,297
LIABILITIES:
Payables:
Due to Advisor		2,272
Accrued Expenses and Other Liabilities		318
Total Liabilities		2,590
NET ASSETS	$	6,729,707
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Institutional Class Shares — based on net assets of $6,729,707 and shares outstanding
of 422,448,699	$	15.93
Investments in Affiliated Investment Companies at Cost	$	6,294,067
NET ASSETS CONSIST OF:
Paid-In Capital	$	6,315,574
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)		(50,607	)
Accumulated Net Realized Gain (Loss)		34,810
Net Unrealized Foreign Exchange Gain (Loss)		(148	)
Net Unrealized Appreciation (Depreciation)		430,078
NET ASSETS	$	6,729,707

See accompanying Notes to Financial Statements.
70

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

OCTOBER 31, 2012
(Amounts in thousands, except share and per share amounts)

ASSETS:
Investments in Affiliated Investment Companies at Value	$	6,419,657
Temporary Cash Investments at Value & Cost		7,220
Receivables:
Fund Shares Sold		4,639
Prepaid Expenses and Other Assets		39
Total Assets		6,431,555
LIABILITIES:
Payables:
Affiliated Investment Companies Purchased		500
Fund Shares Redeemed		5,449
Due to Advisor		2,141
Accrued Expenses and Other Liabilities		305
Total Liabilities		8,395
NET ASSETS	$	6,423,160
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Institutional Class Shares — based on net assets of $6,423,160 and shares outstanding
of 420,465,298	$	15.28
NUMBER OF SHARES AUTHORIZED		1,500,000,000
Investments in Affiliated Investment Companies at Cost	$	6,321,775
NET ASSETS CONSIST OF:
Paid-In Capital	$	6,292,303
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)		3,290
Accumulated Net Realized Gain (Loss)		30,107
Net Unrealized Foreign Exchange Gain (Loss)		(421	)
Net Unrealized Appreciation (Depreciation)		97,881
NET ASSETS	$	6,423,160

See accompanying Notes to Financial Statements.
71

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2012

(Amounts in thousands)

Investment Income*
Net Investment Income Received from
Affiliated Investment Companies:
Dividends (Net of Foreign Taxes Withheld of $13,197)	$	167,967
Interest		19
Income from Securities Lending		17,286
Expenses Allocated from Affiliated Investment Companies		(8,714	)
Total Net Investment Income Received from
Affiliated Investment Companies		176,558
Fund Investment Income
Interest		23
Total Fund Investment Income		23
Fund Expenses
Administrative Services Fees		23,665
Accounting & Transfer Agent Fees		78
Filing Fees		168
Shareholders’ Reports		203
Directors’/Trustees’ Fees & Expenses		50
Professional Fees		33
Other		60
Total Expenses		24,257
Net Investment Income (Loss)		152,324
Realized and Unrealized Gain (Loss)*
Net Realized Gain (Loss) on:
Investment Securities Sold		53,955
Futures		9
Foreign Currency Transactions**		401
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		133,610
Futures		(1	)
Translation of Foreign Currency Denominated Amounts		(530	)
Net Realized and Unrealized Gain (Loss)		187,444
Net Increase (Decrease) in Net Assets Resulting from Operations	$	339,768

____________________
 

*	Investment Income and Realized and Unrealized Gain (Loss) were allocated from each of the Portfolio’s Master Fund (Affiliated Investment Companies).
**	Net of foreign capital taxes withheld of $4.

See accompanying Notes to Financial Statements.
72

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,
	2012			2011
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	152,324		$	146,577
Net Realized Gain (Loss) on:
Investment Securities Sold		53,955			205,897
Futures		9			(271	)
Foreign Currency Transactions		401	*		(103	)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		133,610			(571,803	)
Futures		(1	)		—
Translation of Foreign Currency Denominated Amounts		(530	)		(340	)
Net Increase (Decrease) in Net Assets Resulting from Operations		339,768			(220,043	)
Distributions From:
Net Investment Income:
Institutional Class Shares		(163,885	)		(179,486	)
Net Long-Term Gains:
Institutional Class Shares		(108,621	)		—
Total Distributions		(272,506	)		(179,486	)
Capital Share Transactions (1):
Shares Issued		1,391,405			1,380,524
Shares Issued in Lieu of Cash Distributions		262,078			171,227
Shares Redeemed		(1,131,600	)		(829,801	)
Net Increase (Decrease) from Capital Share Transactions		521,883			721,950
Total Increase (Decrease) in Net Assets		589,145			322,421
Net Assets
Beginning of Period		5,834,015			5,511,594
End of Period	$	6,423,160		$	5,834,015
(1) Shares Issued and Redeemed:
Shares Issued		95,525			81,929
Shares Issued in Lieu of Cash Distributions		19,065			10,276
Shares Redeemed		(77,790	)		(50,113	)
Net Increase (Decrease) from Shares Issued and Redeemed		36,800			42,092
Undistributed Net Investment Income (Distributions in Excess of Net
Investment Income)	$	3,290		$	6,376

____________________
 

* Net of foreign capital taxes withheld of $4.

See accompanying Notes to Financial Statements.
73

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period)

													Period
	Year			Year			Year			Year			Dec. 1,			Year
	Ended			Ended			Ended			Ended			2007 to			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Nov. 30,
	2012			2011			2010			2009			2008			2007
Net Asset Value, Beginning
of Period	$	15.21		$	16.14		$	13.99		$	10.07		$	20.80		$	19.43
Income From Investment
Operations
Net Investment Income
(Loss)(A)		0.38			0.40			0.28			0.28			0.44			0.43
Net Gains (Losses) on
Securities (Realized and
Unrealized)		0.39			(0.83	)		2.13			3.91			(9.55	)		2.07
Total From Investment
Operations		0.77			(0.43	)		2.41			4.19			(9.11	)		2.50
Less Distributions
Net Investment Income		(0.42	)		(0.50	)		(0.26	)		(0.27	)		(0.45	)		(0.46	)
Net Realized Gains		(0.28	)		—			—			—			(1.17	)		(0.67	)
Total Distributions		(0.70	)		(0.50	)		(0.26	)		(0.27	)		(1.62	)		(1.13	)
Net Asset Value, End of
Period	$	15.28		$	15.21		$	16.14		$	13.99		$	10.07		$	20.80
Total Return		5.63	%		(2.92	)%		17.61	%		42.34	%		(47.13	)%(C)		13.29	%
Net Assets, End of Period
(thousands)	$	6,423,160		$	5,834,015		$	5,511,594		$	4,269,864		$	3,084,373		$	5,597,209
Ratio of Expenses to Average
Net Assets (D)		0.56	%		0.55	%		0.56	%		0.57	%		0.55	%(B)		0.55	%
Ratio of Expenses to Average
Net Assets (Excluding
Waivers and Assumption
of Expenses and/or
Recovery of Previously
Waived Fees) (D)		0.56	%		0.55	%		0.56	%		0.57	%		0.55	%(B)		0.55	%
Ratio of Net Investment
Income to Average
Net Assets		2.58	%		2.37	%		1.94	%		2.48	%		2.90	%(B)		2.03	%
See page 65 for the Definitions of Abbreviations and Footnotes.

See accompanying Notes to Financial Statements.
74

DFA INVESTMENT DIMENSIONS GROUP INC.

NOTES TO FINANCIAL STATEMENTS

October 31, 2012

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-seven 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 10/31/12
International Small Company Portfolio	The Japanese Small Company Series	83	%
	The Asia Pacific Small Company Series	76	%
	The United Kingdom Small Company Series	98	%
	The Continental Small Company Series	95	%
	The Canadian Small Company Series	100	%

The Portfolio also invests in short-term temporary cash investments.

     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 fair value of investments, 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 – inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies, futures contracts)
   
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
   
• Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

     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 previously in the Security Valuation note. Valuation hierarchy table has been included 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.

75

     The Portfolio had no material transfers between Level 1 and Level 2 during the year ended October 31, 2012.

2. Deferred Compensation Plan: Each eligible “Director/ Trustee” 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/Trustees may defer payment of all or a portion of their total fees earned as a Director/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.

Each Director/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 Director/Trustee shall have the right in a notice of election (the “Notice”) to defer the receipt of the Director’s/Trustee’s deferred compensation until a date specified by such Director/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 Director/Trustee ceases to be a member of the Board; and (ii) five years following the effective date of the Director’s/Trustee’s first deferral election. If a Director/Trustee who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Director’s/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 Director/Trustee ceases to be a member of the Board (unless the Director/Trustee files an amended Notice selecting a different distribution date). As of October 31, 2012, none of the Directors/Trustees 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, 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:

The Advisor, Dimensional Fund Advisors LP, provides administrative services to the Portfolio, including supervision of services provided by others, providing information to shareholders and the Board, and other administrative services.

For the year ended October 31, 2012, 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.

76

     Pursuant to a Fee Waiver and Expense Assumption Agreement for the International Small Company Portfolio, the Advisor has contractually agreed to waive its administration fee and to assume the other direct expenses of the Portfolio to (excluding expenses incurred through its investment in other investment companies and excluding any applicable 12b-1 fees) the extent necessary to limit the Portfolio Expenses of the Portfolio to 0.45% of its average net assets on an annualized basis. The Fund, on behalf of the Portfolio, is 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 for the Portfolio will remain in effect through February 28, 2013, and shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. For the year ended October 31, 2012, 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 other direct expenses of the Portfolio (excluding expenses incurred through its investment in other investment companies and excluding any applicable 12b-1 fees) (“the Portfolio Expenses”) to the extent necessary to limit the Portfolio Expenses of the Portfolio, on an annualized basis, to 0.45% of its average net assets (the “Expense Limitation Amount”). At any time that the Portfolio Expenses of the Portfolio are less than the Expense Limitation Amount of 0.45%, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed to the extent that such reimbursement will not cause the annualized Portfolio Expenses of the Portfolio to exceed the Expense Limitation Amount of 0.45%.

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, 2012, the total related amounts paid by the Fund to the CCO were $234 (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, 2012, the total liability for deferred compensation to Directors/Trustees was $142 (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, 2012, 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)
$7,038	$8,475	$(15,513)

77

     The tax character of dividends and distributions declared and paid during the year ended October 31, 2011 and the year ended October 31, 2012 were as follows (amounts in thousands):

	Net Investment
	Income
	and Short-Term			Long-Term
	Capital Gains			Capital Gains			Total
2011		$	188,546		$	5,851		$	194,397
2012			169,495		$	110,049			279,544

At October 31, 2012, 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
$5,610	$1,428	$7,038

At October 31, 2012, 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)
$41,410	$38,970	—	$80,380

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. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by these Portfolios after October 31, 2011 will not be subject to expiration and will retain their character as either short-term or long-term capital losses. In addition, such losses must be utilized prior to the losses incurred in the years preceding enactment. As of October 31, 2012, the Portfolio had no capital loss carryforwards to offset future realized capital gains.

During the year ended October 31, 2012, the Portfolio had no utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes.

At October 31, 2012, 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)
$6,375,771	$1,299,558	$(1,248,452)	$51,106

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 additional provision for income tax is required in the Portfolio’s financial statements. The Portfolio is not aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

78

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 Portfolio’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 July 6, 2013. There were no borrowings by the Portfolio under this line of credit during the year ended October 31, 2012.

The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 13, 2012 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 upon by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The agreement for the line of credit expires on January 11, 2013. The Fund 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, 2012, 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
0.88%	$2,384	24	$1	$11,057

*	Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2012 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, 2012.

79

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 December 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. Generally Accepted Accounting Principles and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. ASU No. 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. Management is evaluating any impact ASU No. 2011-11 may have on the financial statements.

J. Other:

At October 31, 2012, there were two shareholders that held approximate 44% 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.

80

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, 2012, 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, 2012 by correspondence with the transfer agent of the investee funds, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
December 21, 2012

81

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	65
Disclosure of Fund Expenses — October 31, 2012 (Unaudited)	83
Disclosure of Portfolio Holdings — October 31, 2012 (Unaudited)	85
Summary Schedules of Portfolio Holdings — December 31, 2012 (Unaudited)	86
The Japanese Small Company Series	86
The Asia Pacific Small Company Series	89
The United Kingdom Small Company Series	92
The Continental Small Company Series	95
The Canadian Small Company Series	99
Summary Schedules of Portfolio Holdings — October 31, 2012	102
The Japanese Small Company Series	102
The Asia Pacific Small Company Series	105
The United Kingdom Small Company Series	108
The Continental Small Company Series	111
The Canadian Small Company Series	115
Statements of Assets and Liabilities — December 31, 2012 (Unaudited)	118
Statements of Assets and Liabilities — October 31, 2012	119
Statements of Operations — October 31, 2012	120
Statements of Changes in Net Assets	121
Financial Highlights	124
Notes to Financial Statements — October 31, 2012	126
Report of Independent Registered Public Accounting Firm	134
Fund Management — October 31, 2012	135
Voting Proxies on Fund Portfolio Securities	144

82

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, 2012

EXPENSE TABLES

	Beginning		Ending			Expenses
	Account		Account		Annualized	Paid
	Value		Value		Expense	During
	05/01/12		10/31/12		Ratio*	Period*
The Japanese Small Company Series
Actual Fund Return	$	1,000.00	$	926.58	0.15%		$	0.73
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.38	0.15%		$	0.76
The Asia Pacific Small Company Series
Actual Fund Return	$	1,000.00	$	1,006.40	0.16%		$	0.81
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.33	0.16%		$	0.81

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	Beginning		Ending			Expenses
	Account		Account		Annualized	Paid
	Value		Value		Expense	During
	05/01/12		10/31/12		Ratio*	Period*
The United Kingdom Small Company Series
Actual Fund Return	$	1,000.00	$	1,073.28	0.13%		$	0.68
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.48	0.13%		$	0.66
The Continental Small Company Series
Actual Fund Return	$	1,000.00	$	999.29	0.16%		$	0.80
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.33	0.16%		$	0.81
The Canadian Small Company Series
Actual Fund Return	$	1,000.00	$	974.87	0.15%		$	0.74
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.38	0.15%		$	0.76

____________________

*       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 (366) to reflect the six-month period.

84

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, 2012. 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	Other	Trusts	Services	Utilities	Total
The Japanese Small
Company Series	22.5%	10.1%	0.9%	12.2%	5.3%	26.3%	10.9%	11.0%	—	—	0.3%	0.5%	100%
The Asia Pacific Small
Company Series	24.0%	4.6%	7.1%	11.7%	5.6%	21.3%	4.5%	15.2%	—	—	2.5%	3.5%	100%
The United Kingdom Small
Company Series	25.0%	4.0%	5.0%	14.4%	2.1%	28.4%	9.1%	7.4%	—	—	2.2%	2.4%	100%
The Continental Small
Company Series	13.3%	7.4%	4.5%	18.7%	9.5%	23.9%	10.1%	8.9%	—	—	1.6%	2.1%	100%
The Canadian Small
Company Series	11.2%	3.4%	25.3%	7.8%	2.0%	11.9%	5.2%	28.4%	—	—	0.5%	4.3%	100%

85

THE JAPANESE SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2012
(Unaudited)

				Percentage
	Shares	Value††		of Net Assets**
COMMON STOCKS — (88.1%)
Consumer Discretionary — (19.6%)
#Accordia Golf Co., Ltd.	5,208	$	4,849,231	0.3	%
Aoyama Trading Co., Ltd.	314,300		6,024,052	0.3	%
Autobacs Seven Co., Ltd.	115,100		4,825,387	0.3	%
*Haseko Corp.	6,934,500		5,514,174	0.3	%
#Nifco, Inc.	236,100		5,237,155	0.3	%
Onward Holdings Co., Ltd.	685,000		5,178,648	0.3	%
Shimachu Co., Ltd.	254,400		5,344,693	0.3	%
Toyobo Co., Ltd.	4,433,000		6,321,922	0.3	%
Other Securities			352,658,042	19.7	%
Total Consumer Discretionary			395,953,304	22.1	%
Consumer Staples — (8.0%)
Nichirei Corp.	1,248,000		6,519,394	0.4	%
#Sapporo Holdings, Ltd.	1,658,000		5,370,179	0.3	%
Takara Holdings, Inc.	834,500		6,640,313	0.4	%
Other Securities			143,232,533	8.0	%
Total Consumer Staples			161,762,419	9.1	%
Energy — (0.7%)
Other Securities			14,298,092	0.8	%
Financials — (10.6%)
Daishi Bank, Ltd. (The)	1,639,000		5,172,146	0.3	%
Higo Bank, Ltd. (The)	861,000		4,801,943	0.3	%
Hokkoku Bank, Ltd. (The)	1,288,000		4,758,005	0.2	%
Hyakugo Bank, Ltd. (The)	1,172,609		5,304,922	0.3	%
Juroku Bank, Ltd.	1,579,000		5,354,167	0.3	%
Kiyo Holdings, Inc.	3,320,900		4,856,469	0.3	%
Musashino Bank, Ltd.	167,500		5,470,754	0.3	%
Ogaki Kyoritsu Bank, Ltd. (The)	1,552,000		5,296,790	0.3	%
San-in Godo Bank, Ltd. (The)	837,000		5,892,566	0.3	%
Tokai Tokyo Financial Holdings, Inc.	1,129,000		5,189,115	0.3	%
Other Securities			162,420,032	9.1	%
Total Financials			214,516,909	12.0	%
Health Care — (3.9%)
Kaken Pharmaceutical Co., Ltd.	364,000		5,355,203	0.3	%
Nihon Kohden Corp.	173,900		5,283,751	0.3	%
Rohto Pharmaceutical Co., Ltd.	424,000		4,936,734	0.3	%
Other Securities			63,575,365	3.5	%
Total Health Care			79,151,053	4.4	%

86

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (24.9%)
	Fujikura, Ltd.	1,850,000	$	5,774,602	0.3	%
*	Furukawa Electric Co., Ltd.	2,194,000		4,934,556	0.3	%
	Glory, Ltd.	246,600		5,715,072	0.3	%
	Hitachi Zosen Corp.	3,894,500		5,488,598	0.3	%
#*	Kawasaki Kisen Kaisha, Ltd.	4,814,000		7,392,435	0.4	%
	Maeda Road Construction Co., Ltd.	316,000		4,828,035	0.3	%
#	Minebea Co., Ltd.	1,447,000		5,140,591	0.3	%
	Mitsui Engineering & Shipbuilding Co., Ltd.	3,173,000		4,895,240	0.3	%
#	Nippon Sheet Glass Co., Ltd.	4,761,000		6,294,753	0.3	%
	Nisshinbo Holdings, Inc.	730,000		6,178,971	0.3	%
*	NTN Corp.	2,445,000		6,626,835	0.4	%
	OKUMA Corp.	710,000		4,899,866	0.3	%
	Sankyu, Inc.	1,292,000		4,892,360	0.3	%
	Sanwa Holdings Corp.	1,123,000		4,957,384	0.3	%
	Seino Holdings Co., Ltd.	753,000		4,777,123	0.2	%
	Other Securities			422,540,719	23.6	%
Total Industrials				505,337,140	28.2	%
Information Technology — (9.2%)
	Alps Electric Co., Ltd.	859,600		5,203,813	0.3	%
#	Horiba, Ltd.	186,850		5,419,176	0.3	%
#	Seiko Epson Corp.	696,500		5,681,145	0.3	%
#	Taiyo Yuden Co., Ltd.	538,200		4,764,003	0.3	%
	Wacom Co., Ltd.	1,912		5,033,810	0.3	%
	Other Securities			161,039,961	9.0	%
Total Information Technology				187,141,908	10.5	%
Materials — (10.4%)
#	Hokuetsu Kishu Paper Co., Ltd.	862,199		5,003,946	0.3	%
	Mitsui Mining & Smelting Co., Ltd.	2,800,000		6,912,392	0.4	%
	Rengo Co., Ltd.	1,075,000		5,429,157	0.3	%
	Sumitomo Osaka Cement Co., Ltd.	1,848,000		6,730,139	0.4	%
#	Tosoh Corp.	2,648,000		6,371,117	0.3	%
	Other Securities			179,468,717	10.0	%
Total Materials				209,915,468	11.7	%
Telecommunication Services — (0.4%)
*	Softbank Corp.	202,949		7,436,308	0.4	%
	Other Securities			352,300	0.0	%
Total Telecommunication Services				7,788,608	0.4	%
Utilities — (0.4%)
	Other Securities			8,416,112	0.5	%
TOTAL COMMON STOCKS				1,784,281,013	99.7	%

87

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

		Shares/
		Face				Percentage
		Amount		Value†		of Net Assets**
		(000)
SECURITIES LENDING COLLATERAL — (11.9%)
§@	DFA Short Term Investment Fund		20,829,732	$	241,000,000	13.5	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13
	(Collateralized by U.S. Treasury Note 1.250%, 12/31/19, valued at $940,610)
	to be repurchased at $922,180	$	922		922,167	0.0	%
TOTAL SECURITIES LENDING COLLATERAL					241,922,167	13.5	%
TOTAL INVESTMENTS — (100.0%) (Cost $2,140,471,758)^				$	2,026,203,180	113.2	%

____________________

^       The cost for federal income tax purposes is $2,141,776,726.

Summary of the Series’ investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1	Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	—	$	395,953,304	—	$	395,953,304
Consumer Staples	—		161,762,419	—		161,762,419
Energy	—		14,298,092	—		14,298,092
Financials	—		214,516,909	—		214,516,909
Health Care	—		79,151,053	—		79,151,053
Industrials	—		505,337,140	—		505,337,140
Information Technology	—		187,141,908	—		187,141,908
Materials	—		209,915,468	—		209,915,468
Telecommunication Services	—		7,788,608	—		7,788,608
Utilities	—		8,416,112	—		8,416,112
Securities Lending Collateral	—		241,922,167	—		241,922,167
TOTAL	—	$	2,026,203,180	—	$	2,026,203,180

See accompanying Notes to Financial Statements.
88

THE ASIA PACIFIC SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2012
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (82.1%)
AUSTRALIA — (44.5%)
	Adelaide Brighton, Ltd.	1,442,564	$	4,723,821	0.4	%
	Aristocrat Leisure, Ltd.	2,580,305		8,531,930	0.8	%
	Arrium, Ltd.	6,037,433		5,884,284	0.6	%
#	Ausdrill, Ltd.	1,508,324		4,503,889	0.4	%
	Australian Infrastructure Fund NL	3,606,473		11,696,444	1.1	%
	Beach Energy, Ltd.	5,525,248		8,670,485	0.8	%
*	BlueScope Steel, Ltd.	2,262,062		8,274,173	0.8	%
	Boart Longyear, Ltd.	2,638,658		5,272,347	0.5	%
#	Bradken, Ltd.	1,022,589		5,910,127	0.6	%
#	carsales.com, Ltd.	1,220,399		9,391,786	0.9	%
#	CSR, Ltd.	2,491,176		5,106,490	0.5	%
#	David Jones, Ltd.	3,152,271		7,762,738	0.7	%
*	Downer EDI, Ltd.	1,857,964		7,964,963	0.8	%
#	DuluxGroup, Ltd.	2,216,961		8,791,497	0.8	%
#	Envestra, Ltd.	5,566,443		5,466,175	0.5	%
#*	Goodman Fielder, Ltd.	8,296,037		5,422,339	0.5	%
	GrainCorp, Ltd. Class A	828,668		10,746,006	1.0	%
	Independence Group NL	1,024,848		5,052,319	0.5	%
#	Invocare, Ltd.	633,106		5,814,325	0.5	%
	IOOF Holdings, Ltd.	1,074,600		8,167,123	0.8	%
#	Iress, Ltd.	603,773		5,220,193	0.5	%
#	JB Hi-Fi, Ltd.	582,072		6,299,947	0.6	%
#	Medusa Mining, Ltd.	834,363		4,753,073	0.4	%
#	Mineral Resources, Ltd.	484,937		4,989,065	0.5	%
#	Monadelphous Group, Ltd.	198,056		5,099,045	0.5	%
#	Myer Holdings, Ltd.	3,564,925		8,065,720	0.8	%
#	Navitas, Ltd.	1,189,617		5,867,735	0.6	%
	Nufarm, Ltd.	817,424		4,985,094	0.5	%
#*	Paladin Energy, Ltd.	4,096,983		4,523,395	0.4	%
#	Perpetual Trustees Australia, Ltd.	226,579		8,303,528	0.8	%
#	Primary Health Care, Ltd.	1,960,174		8,177,665	0.8	%
	Reece Australia, Ltd.	238,257		5,534,395	0.5	%
#	Resolute Mining, Ltd.	3,133,646		5,383,165	0.5	%
#	SAI Global, Ltd.	1,203,570		5,347,106	0.5	%
	Spark Infrastructure Group, Ltd.	3,454,752		6,039,886	0.6	%
#	Super Retail Group, Ltd.	1,291,875		13,495,893	1.3	%
	Other Securities			321,579,143	30.6	%
TOTAL AUSTRALIA				566,817,309	53.9	%
CHINA — (0.0%)
	Other Securities			596,144	0.1	%
HONG KONG — (19.1%)
#*	Esprit Holdings, Ltd.	7,747,350		11,005,599	1.1	%
#	Giordano International, Ltd.	7,480,000		7,251,849	0.7	%
#	Luk Fook Holdings International, Ltd.	2,011,000		6,454,311	0.6	%
	Melco International Development, Ltd.	5,984,000		7,104,467	0.7	%

89

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

						Percentage
		Shares		Value††		of Net Assets**
HONG KONG — (Continued)
	Pacific Basin Shipping, Ltd.		9,730,000	$	5,548,192	0.5	%
	Xinyi Glass Holdings, Ltd.		10,676,000		6,711,964	0.6	%
	Other Securities				198,821,863	18.9	%
TOTAL HONG KONG					242,898,245	23.1	%
NEW ZEALAND — (5.9%)
	Fisher & Paykel Healthcare Corp., Ltd.		3,195,772		6,549,416	0.6	%
	Port of Tauranga, Ltd.		528,322		5,761,357	0.5	%
#	Ryman Healthcare, Ltd.		1,685,604		6,360,268	0.6	%
	SKYCITY Entertainment Group, Ltd.		3,227,185		10,134,550	1.0	%
	Other Securities				46,250,151	4.4	%
TOTAL NEW ZEALAND					75,055,742	7.1	%
SINGAPORE — (12.6%)
#*	Biosensors International Group, Ltd.		4,951,237		4,942,857	0.5	%
#	Ezion Holdings, Ltd.		3,300,000		4,663,985	0.4	%
	Singapore Post, Ltd.		7,163,120		6,750,086	0.6	%
	Venture Corp., Ltd.		934,000		6,192,648	0.6	%
	Other Securities				138,241,007	13.2	%
TOTAL SINGAPORE					160,790,583	15.3	%
UNITED STATES — (0.0%)
	Other Securities				512,312	0.1	%
TOTAL COMMON STOCKS					1,046,670,335	99.6	%
RIGHTS/WARRANTS — (0.1%)
AUSTRALIA — (0.1%)
	Other Securities				607,058	0.1	%
SINGAPORE — (0.0%)
	Other Securities				833	0.0	%
TOTAL RIGHTS/WARRANTS					607,891	0.1	%
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (17.8%)
§@	DFA Short Term Investment Fund		19,619,706	$	227,000,000	21.6	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13
	(Collateralized by U.S. Treasury Note 1.250%, 12/31/19,
	valued at $478,889) to be repurchased at $469,506	$	469		469,499	0.0	%
TOTAL SECURITIES LENDING COLLATERAL					227,469,499	21.6	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,183,937,607)^			$	1,274,747,725	121.3	%

____________________

^       The cost for federal income tax purposes is $1,187,263,252.

90

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

Summary of the Series’ investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Australia		—	$	566,817,309	—	$	566,817,309
China		—		596,144	—		596,144
Hong Kong		—		242,898,245	—		242,898,245
New Zealand		—		75,055,742	—		75,055,742
Singapore		—		160,790,583	—		160,790,583
United States	$	512,312		—	—		512,312
Rights/Warrants
Australia		—		607,058	—		607,058
Singapore		—		833	—		833
Securities Lending Collateral		—		227,469,499	—		227,469,499
TOTAL	$	512,312	$	1,274,235,413	—	$	1,274,747,725

See accompanying Notes to Financial Statements.
91

THE UNITED KINGDOM SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2012
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (98.4%)
Consumer Discretionary — (25.3%)
	Aegis Group P.L.C.	3,314,004	$	12,742,312	0.8	%
*	Barratt Developments P.L.C.	4,462,504		15,241,563	1.0	%
*	Berkeley Group Holdings P.L.C. (The)	552,256		15,887,402	1.0	%
	Daily Mail & General Trust P.L.C. Series A	1,312,593		11,869,696	0.8	%
	Debenhams P.L.C.	5,756,729		10,747,804	0.7	%
	GKN P.L.C.	3,040,886		11,472,664	0.8	%
	Greene King P.L.C.	1,421,372		14,563,451	0.9	%
	Inchcape P.L.C.	2,005,227		14,250,362	0.9	%
	Informa P.L.C.	2,578,346		19,007,774	1.2	%
	ITV P.L.C.	7,841,182		13,602,684	0.9	%
	Ladbrokes P.L.C.	3,736,209		12,133,007	0.8	%
	Persimmon P.L.C.	1,429,557		18,765,322	1.2	%
	Taylor Wimpey P.L.C.	14,719,590		15,966,141	1.0	%
	UBM P.L.C.	1,008,603		11,928,181	0.8	%
	William Hill P.L.C.	3,062,912		17,452,032	1.1	%
	Other Securities			181,865,540	11.7	%
Total Consumer Discretionary				397,495,935	25.6	%
Consumer Staples — (3.9%)
	Tate & Lyle P.L.C.	961,931		11,901,264	0.8	%
	Other Securities			49,507,483	3.2	%
Total Consumer Staples				61,408,747	4.0	%
Energy — (4.7%)
*	Afren P.L.C.	4,970,604		10,786,217	0.7	%
	John Wood Group P.L.C.	1,017,921		12,168,833	0.8	%
*	Premier Oil P.L.C.	1,957,535		10,832,039	0.7	%
	Other Securities			39,452,825	2.5	%
Total Energy				73,239,914	4.7	%
Financials — (14.0%)
	Aberdeen Asset Management P.L.C.	2,429,928		14,621,957	0.9	%
	Amlin P.L.C.	2,286,869		14,216,783	0.9	%
	Catlin Group, Ltd.	1,602,895		13,188,147	0.9	%
	Hiscox, Ltd.	1,723,417		12,830,271	0.8	%
	IG Group Holdings P.L.C.	1,498,282		11,027,035	0.7	%
	London Stock Exchange Group P.L.C.	579,642		10,339,771	0.7	%
	Provident Financial P.L.C.	488,993		10,902,069	0.7	%
	Other Securities			132,766,400	8.6	%
Total Financials				219,892,433	14.2	%
Health Care — (2.0%)
	Other Securities			31,831,547	2.0	%
Industrials — (27.5%)
	Ashtead Group P.L.C.	2,502,187		17,599,038	1.1	%
	Babcock International Group P.L.C.	1,275,250		20,129,952	1.3	%

92

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Balfour Beatty P.L.C.	3,154,154	$	14,196,734	0.9	%
	BBA Aviation P.L.C.	2,792,163		10,189,335	0.7	%
	Cobham P.L.C.	4,694,331		17,057,097	1.1	%
	IMI P.L.C.	927,419		16,785,683	1.1	%
	Intertek Group P.L.C.	341,821		17,363,466	1.1	%
	Invensys P.L.C.	3,349,956		17,927,541	1.1	%
	Meggitt P.L.C.	2,407,994		15,078,335	1.0	%
*	Melrose Industries P.L.C.	4,640,545		17,257,132	1.1	%
	Rentokil Initial P.L.C.	6,497,265		10,244,207	0.7	%
	Rotork P.L.C.	359,430		15,003,933	1.0	%
	Spirax-Sarco Engineering P.L.C.	320,648		12,006,251	0.8	%
	Travis Perkins P.L.C.	935,651		16,765,081	1.1	%
	Other Securities			213,078,169	13.7	%
Total Industrials				430,681,954	27.8	%
Information Technology — (8.9%)
	Aveva Group P.L.C.	275,710		9,894,010	0.6	%
	Halma P.L.C.	1,549,740		11,661,623	0.8	%
	Spectris P.L.C.	515,234		17,387,534	1.1	%
	Telecity Group P.L.C.	749,168		9,675,125	0.6	%
	Other Securities			91,547,038	5.9	%
Total Information Technology				140,165,330	9.0	%
Materials — (7.6%)
	Croda International P.L.C.	481,499		18,819,504	1.2	%
	DS Smith P.L.C.	4,475,611		15,087,030	1.0	%
	Mondi P.L.C.	1,222,048		13,488,960	0.9	%
	Other Securities			71,913,636	4.6	%
Total Materials				119,309,130	7.7	%
Telecommunication Services — (2.2%)
	Inmarsat P.L.C.	1,703,509		16,420,227	1.1	%
	Other Securities			17,921,764	1.1	%
Total Telecommunication Services				34,341,991	2.2	%
Utilities — (2.3%)
	Drax Group P.L.C.	1,704,791		15,262,234	1.0	%
	Pennon Group P.L.C.	1,587,350		16,202,637	1.0	%
	Other Securities			4,215,761	0.3	%
Total Utilities				35,680,632	2.3	%
TOTAL COMMON STOCKS				1,544,047,613	99.5	%
PREFERRED STOCKS — (0.0%)
Consumer Staples — (0.0%)
	Other Securities			15,181	0.0	%
RIGHTS/WARRANTS — (0.0%)
	Other Securities			—	0.0	%

93

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares/
		Face				Percentage
		Amount		Value†		of Net Assets**
		(000)
SECURITIES LENDING COLLATERAL — (1.6%)
§@	DFA Short Term Investment Fund		2,074,330	$	24,000,000	1.5	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13
	(Collateralized by U.S. Treasury Note 1.250%, 12/31/19,
	valued at $1,066,021) to be repurchased at $1,045,133	$	1,045		1,045,118	0.1	%
TOTAL SECURITIES LENDING COLLATERAL					25,045,118	1.6	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,207,835,889)^			$	1,569,107,912	101.1	%

____________________

^       The cost for federal income tax purposes is $1,212,427,564.

Summary of the Series’ investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1	Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	—	$	397,495,935	—	$	397,495,935
Consumer Staples	—		61,408,747	—		61,408,747
Energy	—		73,239,914	—		73,239,914
Financials	—		219,892,433	—		219,892,433
Health Care	—		31,831,547	—		31,831,547
Industrials	—		430,681,954	—		430,681,954
Information Technology	—		140,165,330	—		140,165,330
Materials	—		119,309,130	—		119,309,130
Telecommunication Services	—		34,341,991	—		34,341,991
Utilities	—		35,680,632	—		35,680,632
Preferred Stocks
Consumer Staples	—		15,181	—		15,181
Rights/Warrants	—		—	—		—
Securities Lending Collateral	—		25,045,118	—		25,045,118
TOTAL	—	$	1,569,107,912	—	$	1,569,107,912

See accompanying Notes to Financial Statements.
94

THE CONTINENTAL SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2012
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (88.5%)
AUSTRIA — (2.3%)
	Other Securities		$	62,623,452	2.6	%
BELGIUM — (3.1%)
	Ackermans & van Haaren NV	118,073		9,747,544	0.4	%
#*	ThromboGenics NV	152,765		8,502,868	0.4	%
	Other Securities			65,199,667	2.7	%
TOTAL BELGIUM				83,450,079	3.5	%
DENMARK — (3.3%)
	GN Store Nord A.S.	812,990		11,815,174	0.5	%
*	Topdanmark A.S.	53,386		11,470,339	0.5	%
	Other Securities			65,355,559	2.7	%
TOTAL DENMARK				88,641,072	3.7	%
FINLAND — (6.1%)
	Elisa Oyj	432,751		9,594,021	0.4	%
#	KCI Konecranes Oyj	245,559		8,379,975	0.3	%
#	Kesko Oyj Series B	262,415		8,615,126	0.4	%
	Orion Oyj Series B	384,369		11,317,002	0.5	%
#	Outotec Oyj	163,942		9,262,125	0.4	%
#	Yit Oyj	479,016		9,429,198	0.4	%
	Other Securities			107,777,295	4.5	%
TOTAL FINLAND				164,374,742	6.9	%
FRANCE — (9.7%)
#*	Alcatel-Lucent SA	7,392,628		10,026,896	0.4	%
	Teleperformance SA	226,076		8,221,101	0.4	%
	Other Securities			243,424,859	10.2	%
TOTAL FRANCE				261,672,856	11.0	%
GERMANY — (12.8%)
*	Aareal Bank AG	423,110		8,860,444	0.4	%
	Aurubis AG	153,470		10,979,083	0.4	%
#	Deutsche Wohnen AG	647,023		12,012,068	0.5	%
	Fuchs Petrolub AG	129,590		9,076,063	0.4	%
	Rhoen-Klinikum AG	406,308		8,189,146	0.3	%
#	SGL Carbon SE	229,387		9,144,194	0.4	%
	Stada Arzneimittel AG	247,784		8,019,019	0.3	%
	Symrise AG	307,713		11,055,482	0.5	%
	Wirecard AG	381,688		9,422,953	0.4	%
	Other Securities			257,165,995	10.8	%
TOTAL GERMANY				343,924,447	14.4	%
GREECE — (2.2%)
	Other Securities			57,959,600	2.4	%

95

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
IRELAND — (2.8%)
	DCC P.L.C.	308,989	$	10,185,940	0.4	%
	Dragon Oil P.L.C.	987,524		8,931,261	0.4	%
	Paddy Power P.L.C.	180,573		14,960,161	0.6	%
	Other Securities			40,255,046	1.7	%
TOTAL IRELAND				74,332,408	3.1	%
ISRAEL — (2.6%)
	Other Securities			69,681,746	2.9	%
ITALY — (7.7%)
	Banca Popolare dell’Emilia Romagna Scarl	1,191,889		8,283,121	0.4	%
*	Banco Popolare Scarl	6,311,267		10,509,344	0.4	%
#*	Finmeccanica SpA	1,709,605		9,893,896	0.4	%
	Prysmian SpA	484,563		9,672,408	0.4	%
	Other Securities			168,771,904	7.1	%
TOTAL ITALY				207,130,673	8.7	%
NETHERLANDS — (5.3%)
	Aalberts Industries NV	469,415		9,686,915	0.4	%
	ASM International NV	218,510		7,900,802	0.3	%
	CSM NV	363,574		7,825,152	0.3	%
	Nutreco NV	173,920		14,785,502	0.6	%
#	Royal Imtech NV	349,305		8,188,007	0.4	%
*	SBM Offshore NV	804,422		11,344,600	0.5	%
	Other Securities			81,612,747	3.4	%
TOTAL NETHERLANDS				141,343,725	5.9	%
NORWAY — (3.3%)
	Other Securities			88,610,099	3.7	%
PORTUGAL — (1.2%)
*	Banco Espirito Santo SA	7,130,880		8,481,206	0.3	%
	Other Securities			25,225,522	1.1	%
TOTAL PORTUGAL				33,706,728	1.4	%
RUSSIA — (0.1%)
	Other Securities			2,685,652	0.1	%
SPAIN — (4.6%)
#	Viscofan SA	203,299		11,515,414	0.5	%
	Other Securities			112,129,121	4.7	%
TOTAL SPAIN				123,644,535	5.2	%
SWEDEN — (9.2%)
	Castellum AB	732,850		10,445,260	0.4	%
	Holmen AB Series B	273,916		8,141,881	0.3	%
	Husqvarna AB Series B	1,434,072		8,703,415	0.4	%
	Meda AB Series A	857,997		8,844,777	0.4	%
	Securitas AB Series B	1,133,353		9,935,747	0.4	%

96

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
SWEDEN — (Continued)
	Trelleborg AB Series B	999,202	$	12,496,345	0.5	%
	Other Securities			189,894,275	8.0	%
TOTAL SWEDEN				248,461,700	10.4	%
SWITZERLAND — (12.1%)
#	Clariant AG	1,021,075		13,927,185	0.6	%
*	Dufry AG	77,241		10,213,734	0.4	%
	Galenica Holding AG	18,828		10,942,953	0.5	%
*	GAM Holding AG	786,581		10,702,956	0.4	%
	Helvetia Holding AG	22,896		8,733,028	0.4	%
	Lonza Group AG	218,447		11,836,809	0.5	%
	PSP Swiss Property AG	148,327		14,039,021	0.6	%
	Swiss Life Holding AG	102,976		13,744,852	0.6	%
	Other Securities			230,089,102	9.6	%
TOTAL SWITZERLAND				324,229,640	13.6	%
UNITED KINGDOM — (0.1%)
	Other Securities			3,739,755	0.2	%
UNITED STATES — (0.0%)
	Other Securities			6,599	0.0	%
TOTAL COMMON STOCKS				2,380,219,508	99.7	%
RIGHTS/WARRANTS — (0.0%)
BELGIUM — (0.0%)
	Other Securities			917	0.0	%
ITALY — (0.0%)
	Other Securities			5,263	0.0	%
SPAIN — (0.0%)
	Other Securities			41,150	0.0	%
SWEDEN — (0.0%)
	Other Securities			81,431	0.0	%
TOTAL RIGHTS/WARRANTS				128,761	0.0	%

97

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

	Shares/
	Face
	Amount		Value†
	(000)
SECURITIES LENDING COLLATERAL — (11.5%)
§@DFA Short Term Investment Fund		26,361,279	$	305,000,000	12.8	%
@Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13
(Collateralized by U.S. Treasury Note 1.250%, 12/31/19,
valued at $3,023,811) to be repurchased at $2,964,561	$	2,965		2,964,520	0.1	%
TOTAL SECURITIES LENDING COLLATERAL				307,964,520	12.9	%
TOTAL INVESTMENTS — (100.0%)
(Cost $2,587,977,461)^			$	2,688,312,789	112.6	%

__________________

^ The cost for federal income tax purposes is $2,590,136,296.

Summary of the Portfolio’s investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Austria		—	$	62,623,452	—	$	62,623,452
Belgium		—		83,450,079	—		83,450,079
Denmark		—		88,641,072	—		88,641,072
Finland		—		164,374,742	—		164,374,742
France		—		261,672,856	—		261,672,856
Germany		—		343,924,447	—		343,924,447
Greece		—		57,959,600	—		57,959,600
Ireland		—		74,332,408	—		74,332,408
Israel	$	853,807		68,827,939	—		69,681,746
Italy		—		207,130,673	—		207,130,673
Netherlands		—		141,343,725	—		141,343,725
Norway		120,749		88,489,350	—		88,610,099
Portugal		—		33,706,728	—		33,706,728
Russia		—		2,685,652	—		2,685,652
Spain		—		123,644,535	—		123,644,535
Sweden		—		248,461,700	—		248,461,700
Switzerland		—		324,229,640	—		324,229,640
United Kingdom		—		3,739,755	—		3,739,755
United States		6,599		—	—		6,599
Rights/Warrants
Belgium		—		917	—		917
Italy		—		5,263	—		5,263
Spain		—		41,150	—		41,150
Sweden		—		81,431	—		81,431
Securities Lending Collateral		—		307,964,520	—		307,964,520
TOTAL	$	981,155	$	2,687,331,634	—	$	2,688,312,789

See accompanying Notes to Financial Statements.
98

THE CANADIAN SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2012
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (75.5%)
Consumer Discretionary — (7.3%)
#	Cineplex, Inc.	241,959	$	7,742,591	1.1	%
#	Corus Entertainment, Inc. Class B	306,018		7,562,001	1.1	%
	Dorel Industries, Inc. Class B	111,100		4,015,326	0.6	%
#*	Imax Corp.	260,537		5,848,790	0.9	%
	Linamar Corp.	202,280		4,717,901	0.7	%
#	RONA, Inc.	677,175		7,263,956	1.1	%
	Other Securities			28,580,843	4.2	%
Total Consumer Discretionary				65,731,408	9.7	%
Consumer Staples — (2.7%)
	Cott Corp.	473,596		3,808,955	0.6	%
	Maple Leaf Foods, Inc.	387,979		4,668,854	0.7	%
	North West Co., Inc. (The)	193,973		4,366,196	0.6	%
	Other Securities			11,393,993	1.7	%
Total Consumer Staples				24,237,998	3.6	%
Energy — (19.0%)
*	Celtic Exploration, Ltd.	323,700		8,555,417	1.3	%
*	Gran Tierra Energy, Inc.	1,065,607		5,892,066	0.9	%
*	Legacy Oil & Gas, Inc.	530,751		3,660,352	0.5	%
	Mullen Group, Ltd.	318,728		6,696,909	1.0	%
#	Parkland Fuel Corp.	265,671		5,055,949	0.7	%
	Pason Systems, Inc.	259,107		4,467,362	0.7	%
#*	Petrobank Energy & Resources, Ltd.	425,702		5,306,831	0.8	%
	ShawCor, Ltd. Class A	154,796		6,067,655	0.9	%
#	Trican Well Service, Ltd.	585,043		7,716,662	1.1	%
#*	Whitecap Resources, Inc.	490,635		4,266,606	0.6	%
	Other Securities			112,330,526	16.5	%
Total Energy				170,016,335	25.0	%
Financials — (6.2%)
#	Canadian Western Bank	271,572		7,764,660	1.1	%
#	Davis + Henderson Corp.	239,699		5,195,446	0.8	%
*	FirstService Corp.	135,548		3,826,468	0.6	%
	Granite Real Estate, Inc.	122,565		4,652,714	0.7	%
#	Home Capital Group, Inc.	120,600		7,161,800	1.0	%
	Laurentian Bank of Canada	112,197		4,990,043	0.7	%
	Other Securities			21,673,950	3.2	%
Total Financials				55,265,081	8.1	%
Health Care — (1.8%)
	Other Securities			16,409,253	2.4	%

99

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (9.2%)
#	Ritchie Brothers Auctioneers, Inc.	244,637	$	5,103,265	0.8	%
#	Russel Metals, Inc.	246,300		6,836,577	1.0	%
	Stantec, Inc.	182,098		7,276,963	1.1	%
#	Superior Plus Corp.	559,647		5,761,320	0.8	%
	Toromont Industries, Ltd.	211,911		4,495,146	0.7	%
	TransForce, Inc.	314,697		6,283,183	0.9	%
#*	Westport Innovations, Inc.	158,805		4,202,018	0.6	%
	Other Securities			42,475,013	6.2	%
Total Industrials				82,433,485	12.1	%
Information Technology — (4.1%)
*	Celestica, Inc.	874,907		7,098,120	1.0	%
	MacDonald Dettweiler & Associates, Ltd.	128,853		7,249,034	1.1	%
	Other Securities			22,360,407	3.3	%
Total Information Technology				36,707,561	5.4	%
Materials — (21.8%)
#	Alamos Gold, Inc.	382,920		6,717,557	1.0	%
#*	AuRico Gold, Inc.	892,052		7,344,834	1.1	%
#*	B2Gold Corp.	1,401,050		5,014,314	0.7	%
	Canexus Corp.	434,301		3,702,496	0.5	%
*	Canfor Corp.	411,155		6,853,272	1.0	%
#	CCL Industries, Inc. Class B	107,585		4,649,723	0.7	%
*	First Majestic Silver Corp.	431,070		8,693,344	1.3	%
*	Harry Winston Diamond Corp.	284,763		4,002,198	0.6	%
	HudBay Minerals, Inc.	734,374		7,397,635	1.1	%
	Sherritt International Corp.	1,571,926		9,086,734	1.3	%
#*	Silver Standard Resources, Inc.	340,397		5,074,985	0.8	%
#	West Fraser Timber Co., Ltd.	126,174		8,885,582	1.3	%
	Other Securities			117,438,863	17.3	%
Total Materials				194,861,537	28.7	%
Telecommunication Services — (0.2%)
	Other Securities			1,949,164	0.3	%
Utilities — (3.2%)
#	Algonquin Power & Utilities Corp.	592,367		4,073,379	0.6	%
#	Capital Power Corp.	287,449		6,568,529	1.0	%
#	Just Energy Group, Inc.	583,478		5,566,710	0.8	%
#	Northland Power, Inc.	250,207		4,696,255	0.7	%
	Other Securities			7,570,158	1.1	%
Total Utilities				28,475,031	4.2	%
TOTAL COMMON STOCKS				676,086,853	99.5	%
RIGHTS/WARRANTS — (0.0%)
	Other Securities			10,959	0.0	%

100

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

	Shares/
	Face				Percentage
	Amount		Value†		of Net Assets**
	(000)
SECURITIES LENDING COLLATERAL — (24.5%)
§@DFA Short Term Investment Fund		18,841,832	$	218,000,000	32.1	%
@Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13
��                 (Collateralized by U.S. Treasury Note 1.250%, 12/31/19, valued at $981,728)
to be repurchased at $962,491	$	962		962,478	0.1	%
TOTAL SECURITIES LENDING COLLATERAL				218,962,478	32.2	%
TOTAL INVESTMENTS — (100.0%)
(Cost $984,601,856)^			$	895,060,290	131.7	%

____________________

^ The cost for federal income tax purposes is $984,638,628.

Summary of the Series’ investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	65,731,408		—	—	$	65,731,408
Consumer Staples		24,237,998		—	—		24,237,998
Energy		170,016,335		—	—		170,016,335
Financials		55,265,081		—	—		55,265,081
Health Care		16,409,253		—	—		16,409,253
Industrials		82,433,485		—	—		82,433,485
Information Technology		36,707,561		—	—		36,707,561
Materials		194,737,782	$	123,755	—		194,861,537
Telecommunication Services		1,949,164		—	—		1,949,164
Utilities		28,475,031		—	—		28,475,031
Rights/Warrants		—		10,959	—		10,959
Securities Lending Collateral		—		218,962,478	—		218,962,478
TOTAL	$	675,963,098	$	219,097,192	—	$	895,060,290

See accompanying Notes to Financial Statements.
101

THE JAPANESE SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2012

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (88.0%)
Consumer Discretionary — (19.8%)
	Aoyama Trading Co., Ltd.	295,800	$	5,845,699	0.3	%
*	Haseko Corp.	6,870,500		4,385,674	0.3	%
#	Nifco, Inc.	228,400		5,190,359	0.3	%
	Onward Holdings Co., Ltd.	626,000		4,635,222	0.3	%
	Ryohin Keikaku Co., Ltd.	104,000		6,887,238	0.4	%
	Shimachu Co., Ltd.	227,000		5,015,422	0.3	%
	Toyobo Co., Ltd.	4,184,000		4,611,041	0.3	%
	Other Securities			339,597,220	20.1	%
Total Consumer Discretionary				376,167,875	22.3	%
Consumer Staples — (8.9%)
#	Nichirei Corp.	1,248,000		6,884,055	0.4	%
	Sapporo Holdings, Ltd.	1,621,000		4,526,839	0.3	%
	Takara Holdings, Inc.	834,500		6,250,961	0.4	%
*	Tsuruha Holdings, Inc.	73,200		5,548,589	0.3	%
	Other Securities			145,425,057	8.6	%
Total Consumer Staples				168,635,501	10.0	%
Energy — (0.8%)
	Other Securities			15,478,147	0.9	%
Financials — (10.7%)
	Daishi Bank, Ltd. (The)	1,494,000		4,936,839	0.3	%
	Higo Bank, Ltd. (The)	818,000		4,827,321	0.3	%
	Hokkoku Bank, Ltd. (The)	1,190,000		4,296,076	0.2	%
	Hyakugo Bank, Ltd. (The)	1,116,609		4,886,171	0.3	%
	Hyakujishi Bank, Ltd. (The)	1,097,000		4,300,766	0.2	%
	Juroku Bank, Ltd.	1,473,000		4,779,955	0.3	%
	Kiyo Holdings, Inc.	3,313,900		4,529,074	0.3	%
	Musashino Bank, Ltd.	152,300		4,362,228	0.2	%
	Ogaki Kyoritsu Bank, Ltd. (The)	1,410,000		4,963,527	0.3	%
	San-in Godo Bank, Ltd. (The)	791,000		5,471,237	0.3	%
*	Tokyo Tatemono Co., Ltd.	1,893,000		7,791,021	0.5	%
	Other Securities			147,759,131	8.8	%
Total Financials				202,903,346	12.0	%
Health Care — (4.7%)
	Kaken Pharmaceutical Co., Ltd.	364,000		5,637,927	0.3	%
	KYORIN Holdings, Inc.	214,000		4,524,370	0.3	%
	Nihon Kohden Corp.	173,900		6,468,886	0.4	%
	Rohto Pharmaceutical Co., Ltd.	424,000		5,843,559	0.3	%
#	Sawai Pharmaceutical Co., Ltd.	40,300		4,451,796	0.3	%
	Ship Healthcare Holdings, Inc.	155,600		5,188,557	0.3	%
	Toho Holdings Co., Ltd.	217,800		4,452,305	0.3	%
	Other Securities			51,968,098	3.1	%
Total Health Care				88,535,498	5.3	%

102

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (23.2%)
#	Fujikura, Ltd.	1,656,000	$	4,607,975	0.3	%
	Glory, Ltd.	246,600		5,985,033	0.3	%
	Hitachi Zosen Corp.	3,596,000		4,505,574	0.3	%
#*	Kawasaki Kisen Kaisha, Ltd.	4,568,000		5,790,221	0.3	%
#	Minebea Co., Ltd.	1,334,000		4,384,759	0.3	%
	Nisshinbo Holdings, Inc.	653,000		4,271,975	0.2	%
	OSG Corp.	329,000		4,312,629	0.3	%
	Sankyu, Inc.	1,251,000		4,358,022	0.3	%
	Other Securities			401,944,861	23.8	%
Total Industrials				440,161,049	26.1	%
Information Technology — (9.6%)
#	Alps Electric Co., Ltd.	808,000		4,776,946	0.3	%
#	Anritsu Corp.	392,000		4,931,192	0.3	%
	Horiba, Ltd.	179,850		4,907,305	0.3	%
	IT Holdings Corp.	376,801		4,696,096	0.3	%
	Net One Systems Co., Ltd.	434,500		4,836,269	0.3	%
	Wacom Co., Ltd.	1,731		5,027,984	0.3	%
	Other Securities			153,046,255	9.0	%
Total Information Technology				182,222,047	10.8	%
Materials — (9.6%)
	FP Corp.	61,200		4,600,656	0.3	%
#	Hokuetsu Kishu Paper Co., Ltd.	862,199		4,417,725	0.3	%
*	Mitsui Mining & Smelting Co., Ltd.	2,683,000		5,679,528	0.3	%
	Sumitomo Osaka Cement Co., Ltd.	1,848,000		6,016,617	0.3	%
	Toagosei Co., Ltd.	1,096,000		4,468,291	0.3	%
#	Tosoh Corp.	2,242,000		4,388,986	0.3	%
	Other Securities			153,829,756	9.1	%
Total Materials				183,401,559	10.9	%
Telecommunication Services — (0.3%)
#	eAccess, Ltd.	10,102		5,098,126	0.3	%
	Other Securities			117,808	0.0	%
Total Telecommunication Services				5,215,934	0.3	%
Utilities — (0.4%)
	Other Securities			8,485,467	0.5	%
TOTAL COMMON STOCKS				1,671,206,423	99.1	%

103

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

	Shares/
	Face				Percentage
	Amount		Value†		of Net Assets**
	(000)
SECURITIES LENDING COLLATERAL — (12.0%)
§@DFA Short Term Investment Fund		19,446,845	$	225,000,000	13.4	%
@Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%, 11/01/12
(Collateralized by FNMA 4.000%, 05/01/42 & 5.000%, 01/01/39, valued at
$4,044,497) to be repurchased at $3,965,232	$	3,965		3,965,193	0.2	%
TOTAL SECURITIES LENDING COLLATERAL				228,965,193	13.6	%
TOTAL INVESTMENTS — (100.0%)
(Cost $2,096,684,195)			$	1,900,171,616	112.7	%

Summary of the Series’ investments as of October 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	3,783	$	376,164,092	—	$	376,167,875
Consumer Staples		—		168,635,501	—		168,635,501
Energy		—		15,478,147	—		15,478,147
Financials		—		202,903,346	—		202,903,346
Health Care		—		88,535,498	—		88,535,498
Industrials		—		440,161,049	—		440,161,049
Information Technology		—		182,222,047	—		182,222,047
Materials		—		183,401,559	—		183,401,559
Telecommunication Services		—		5,215,934	—		5,215,934
Utilities		—		8,485,467	—		8,485,467
Securities Lending Collateral		—		228,965,193	—		228,965,193
TOTAL	$	3,783	$	1,900,167,833	—	$	1,900,171,616

See accompanying Notes to Financial Statements.
104

THE ASIA PACIFIC SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2012

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (83.0%)
AUSTRALIA — (47.4%)
#	Adelaide Brighton, Ltd.	1,885,757	$	6,199,102	0.6	%
	Ansell, Ltd.	503,479		8,157,816	0.8	%
#	Aristocrat Leisure, Ltd.	2,580,305		7,542,048	0.8	%
	Arrium, Ltd.	6,037,433		4,903,780	0.5	%
#*	Aurora Oil & Gas, Ltd.	1,114,903		4,512,172	0.4	%
	Australian Infrastructure Fund NL	3,606,473		11,122,393	1.1	%
#	Beach Energy, Ltd.	5,525,248		7,891,340	0.8	%
*	BlueScope Steel, Ltd.	13,572,369		6,673,452	0.7	%
#	Bradken, Ltd.	1,022,589		5,234,406	0.5	%
#	carsales.com, Ltd.	1,220,399		9,444,501	0.9	%
	Consolidated Media Holdings, Ltd.	1,276,820		4,543,366	0.5	%
#	CSR, Ltd.	2,491,176		4,522,744	0.5	%
#	David Jones, Ltd.	3,152,271		8,724,565	0.9	%
*	Downer EDI, Ltd.	1,857,964		6,916,092	0.7	%
	DUET Group	3,067,818		6,648,416	0.7	%
#	DuluxGroup, Ltd.	2,167,142		7,954,583	0.8	%
#	Envestra, Ltd.	5,566,443		5,224,266	0.5	%
#*	Goodman Fielder, Ltd.	8,296,037		5,025,633	0.5	%
	GrainCorp, Ltd. Class A	828,668		10,523,403	1.0	%
#	Invocare, Ltd.	633,106		5,785,092	0.6	%
	IOOF Holdings, Ltd.	1,074,600		7,031,533	0.7	%
#	Iress, Ltd.	603,773		4,795,961	0.5	%
#	JB Hi-Fi, Ltd.	582,072		6,187,633	0.6	%
#	Kingsgate Consolidated, Ltd.	786,887		4,513,292	0.4	%
#	Medusa Mining, Ltd.	844,923		5,382,014	0.5	%
#	Monadelphous Group, Ltd.	319,624		6,988,498	0.7	%
#	Myer Holdings, Ltd.	3,564,925		7,225,726	0.7	%
#	Navitas, Ltd.	1,189,617		5,081,804	0.5	%
	Nufarm, Ltd.	817,424		4,873,105	0.5	%
#*	Paladin Energy, Ltd.	4,096,983		4,805,465	0.5	%
#	Perpetual Trustees Australia, Ltd.	226,579		6,555,708	0.7	%
	Primary Health Care, Ltd.	1,960,174		7,906,484	0.8	%
	Reece Australia, Ltd.	238,457		5,014,858	0.5	%
#*	Resolute Mining, Ltd.	3,133,646		6,254,867	0.6	%
#	SAI Global, Ltd.	1,203,570		5,065,529	0.5	%
	Spark Infrastructure Group, Ltd.	5,307,759		9,307,506	0.9	%
#	Super Retail Group, Ltd.	1,291,875		12,068,742	1.2	%
	Other Securities			319,950,832	31.9	%
TOTAL AUSTRALIA				566,558,727	56.5	%
CHINA — (0.0%)
	Other Securities			287,710	0.0	%
HONG KONG — (17.0%)
#*	Esprit Holdings, Ltd.	5,164,900		6,678,378	0.7	%
	Giordano International, Ltd.	7,246,000		6,015,664	0.6	%
	Luk Fook Holdings International, Ltd.	1,746,000		4,361,261	0.4	%
	Melco International Development, Ltd.	5,117,000		4,932,333	0.5	%

105

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

						Percentage
		Shares		Value††		of Net Assets**
HONG KONG — (Continued)
#	Pacific Basin Shipping, Ltd.		9,730,000	$	5,180,604	0.5	%
#	Xinyi Glass Holdings, Ltd.		8,164,000		4,558,138	0.4	%
	Other Securities				172,204,874	17.2	%
TOTAL HONG KONG					203,931,252	20.3	%
NEW ZEALAND — (6.4%)
	Fisher & Paykel Healthcare Corp., Ltd.		3,117,358		6,022,656	0.6	%
	Port of Tauranga, Ltd.		528,322		5,622,732	0.6	%
#	Ryman Healthcare, Ltd.		1,685,604		5,610,636	0.6	%
	Sky Network Television, Ltd.		1,006,593		4,445,634	0.4	%
	SKYCITY Entertainment Group, Ltd.		3,227,185		10,293,066	1.0	%
	Other Securities				44,037,042	4.4	%
TOTAL NEW ZEALAND					76,031,766	7.6	%
SINGAPORE — (12.2%)
	Singapore Post, Ltd.		6,199,120		5,789,946	0.6	%
	Venture Corp., Ltd.		819,000		5,126,251	0.5	%
	Other Securities				134,956,595	13.4	%
TOTAL SINGAPORE					145,872,792	14.5	%
TOTAL COMMON STOCKS					992,682,247	98.9	%
RIGHTS/WARRANTS — (0.1%)
AUSTRALIA — (0.0%)
	Other Securities				579,555	0.0	%
HONG KONG — (0.1%)
	Other Securities				693,092	0.1	%
SINGAPORE — (0.0%)
	Other Securities				15,070	0.0	%
TOTAL RIGHTS/WARRANTS					1,287,717	0.1	%
		Shares/
		Face
		Amount			Value†
		(000)
SECURITIES LENDING COLLATERAL — (16.9%)
§@	DFA Short Term Investment Fund		17,286,085		200,000,000	19.9	%
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%, 11/01/12
	(Collateralized by FNMA 4.000%, 05/01/42 & 5.000%, 01/01/39,
	valued at $1,673,484) to be repurchased at $1,640,687	$	1,641		1,640,671	0.2	%
TOTAL SECURITIES LENDING COLLATERAL					201,640,671	20.1	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,153,289,637)			$	1,195,610,635	119.1	%

106

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

Summary of the Series’ investments as of October 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1	Level 2		Level 3	Total
Common Stocks
Australia	—	$	566,558,727	—	$	566,558,727
China	—		287,710	—		287,710
Hong Kong	—		203,931,252	—		203,931,252
New Zealand	—		76,031,766	—		76,031,766
Singapore	—		145,872,792	—		145,872,792
Rights/Warrants
Australia	—		579,555	—		579,555
Hong Kong	—		693,092	—		693,092
Singapore	—		15,070	—		15,070
Securities Lending Collateral	—		201,640,671	—		201,640,671
TOTAL	—	$	1,195,610,635	—	$	1,195,610,635

See accompanying Notes to Financial Statements.
107

THE UNITED KINGDOM SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2012

				Percentage
	Shares	Value††		of Net Assets**
COMMON STOCKS — (98.1%)
Consumer Discretionary — (24.5%)
Aegis Group P.L.C.	3,314,004	$	12,583,830	0.9	%
*Barratt Developments P.L.C.	4,366,245		13,384,802	0.9	%
*Berkeley Group Holdings P.L.C. (The)	548,179		13,489,734	0.9	%
Daily Mail & General Trust P.L.C. Series A	1,312,593		10,125,279	0.7	%
Debenhams P.L.C.	5,756,729		11,145,139	0.8	%
GKN P.L.C.	3,193,432		10,740,884	0.7	%
Greene King P.L.C.	1,421,372		13,637,335	0.9	%
Inchcape P.L.C.	2,005,227		13,040,981	0.9	%
Informa P.L.C.	2,578,346		16,689,745	1.1	%
ITV P.L.C.	8,151,944		11,412,918	0.8	%
Ladbrokes P.L.C.	3,736,209		10,821,643	0.7	%
Persimmon P.L.C.	1,429,557		18,394,004	1.3	%
Rightmove P.L.C.	404,934		10,542,022	0.7	%
Taylor Wimpey P.L.C.	14,517,978		14,349,169	1.0	%
UBM P.L.C.	1,008,603		11,402,231	0.8	%
William Hill P.L.C.	3,062,912		16,735,721	1.2	%
Other Securities			155,871,714	10.6	%
Total Consumer Discretionary			364,367,151	24.9	%
Consumer Staples — (3.9%)
Tate & Lyle P.L.C.	1,034,844		12,129,459	0.9	%
Other Securities			45,737,482	3.1	%
Total Consumer Staples			57,866,941	4.0	%
Energy — (4.9%)
*Afren P.L.C.	4,970,604		11,086,658	0.8	%
John Wood Group P.L.C.	1,017,921		13,991,092	0.9	%
*Premier Oil P.L.C.	1,957,535		11,099,271	0.8	%
Other Securities			37,081,172	2.5	%
Total Energy			73,258,193	5.0	%
Financials — (14.1%)
Aberdeen Asset Management P.L.C.	2,601,039		13,663,246	0.9	%
Amlin P.L.C.	2,265,989		13,660,008	0.9	%
Catlin Group, Ltd.	1,602,895		12,215,551	0.8	%
Hiscox, Ltd.	1,714,088		13,217,072	0.9	%
IG Group Holdings P.L.C	1,498,282		10,550,404	0.7	%
Provident Financial P.L.C.	496,498		11,004,838	0.8	%
Other Securities			135,535,536	9.3	%
Total Financials			209,846,655	14.3	%
Health Care — (2.1%)
Other Securities			31,080,323	2.1	%
Industrials — (27.8%)
Ashtead Group P.L.C.	2,502,187		15,116,530	1.0	%
Babcock International Group P.L.C.	1,401,502		22,154,294	1.5	%
Balfour Beatty P.L.C.	3,154,154		16,078,068	1.1	%

108

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

				Percentage
	Shares	Value††		of Net Assets**
Industrials — (Continued)
Cobham P.L.C.	4,694,331	$	16,320,407	1.1	%
Cookson Group P.L.C.	1,218,370		11,509,815	0.8	%
IMI P.L.C.	1,002,882		15,484,442	1.1	%
Intertek Group P.L.C.	378,948		17,273,414	1.2	%
Invensys P.L.C.	3,349,956		12,352,173	0.8	%
Meggitt P.L.C.	2,407,994		15,018,915	1.0	%
Melrose P.L.C.	4,749,372		18,500,491	1.3	%
Qinetiq Group P.L.C.	3,030,205		9,651,175	0.7	%
Rentokil Initial P.L.C.	7,256,414		10,329,224	0.7	%
Rotork P.L.C.	366,679		13,509,077	0.9	%
Spirax-Sarco Engineering P.L.C.	320,648		10,039,086	0.7	%
*Travis Perkins P.L.C.	930,166		16,254,661	1.1	%
Other Securities			194,040,413	13.2	%
Total Industrials			413,632,185	28.2	%
Information Technology — (8.9%)
Halma P.L.C.	1,549,740		10,329,189	0.7	%
Spectris P.L.C.	515,234		14,431,374	1.0	%
Telecity Group P.L.C.	826,400		12,038,001	0.8	%
Other Securities			95,317,734	6.5	%
Total Information Technology			132,116,298	9.0	%
Materials — (7.3%)
Croda International P.L.C.	499,699		17,791,547	1.2	%
DS Smith P.L.C.	4,475,611		15,451,908	1.1	%
Mondi P.L.C.	1,222,056		13,471,337	0.9	%
Other Securities			61,388,834	4.2	%
Total Materials			108,103,626	7.4	%
Telecommunication Services — (2.2%)
Inmarsat P.L.C.	1,658,096		15,190,469	1.0	%
Other Securities			17,064,461	1.2	%
Total Telecommunication Services			32,254,930	2.2	%
Utilities — (2.4%)
Drax Group P.L.C.	1,615,898		14,665,707	1.0	%
Pennon Group P.L.C.	1,434,955		16,622,307	1.1	%
Other Securities			3,904,650	0.3	%
Total Utilities			35,192,664	2.4	%
TOTAL COMMON STOCKS			1,457,718,966	99.5	%
PREFERRED STOCKS — (0.0%)
Consumer Staples — (0.0%)
Other Securities			15,064	0.0	%
RIGHTS/WARRANTS — (0.0%)
Other Securities			—	0.0	%

109

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

	Shares/
	Face			Percentage
	Amount	Value†		of Net Assets**
	(000)
SECURITIES LENDING COLLATERAL — (1.9%)
§@DFA Short Term Investment Fund	2,420,052	$	28,000,000	1.9	%
@Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%, 11/01/12
(Collateralized by FNMA 4.000%, 05/01/42 & 5.000%, 01/01/39,
valued at $224) to be repurchased at $220	—		220	0.0	%
TOTAL SECURITIES LENDING COLLATERAL			28,000,220	1.9	%
TOTAL INVESTMENTS — (100.0%)
(Cost $1,210,154,050)		$	1,485,734,250	101.4	%

Summary of the Series’ investments as of October 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1	Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	—	$	364,367,151	—	$	364,367,151
Consumer Staples	—		57,866,941	—		57,866,941
Energy	—		73,258,193	—		73,258,193
Financials	—		209,846,655	—		209,846,655
Health Care	—		31,080,323	—		31,080,323
Industrials	—		413,632,185	—		413,632,185
Information Technology	—		132,116,298	—		132,116,298
Materials	—		108,103,626	—		108,103,626
Telecommunication Services	—		32,254,930	—		32,254,930
Utilities	—		35,192,664	—		35,192,664
Preferred Stocks
Consumer Staples	—		15,064	—		15,064
Rights/Warrants	—		—	—		—
Securities Lending Collateral	—		28,000,220	—		28,000,220
TOTAL	—	$	1,485,734,250	—	$	1,485,734,250

See accompanying Notes to Financial Statements.
110

THE CONTINENTAL SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2012

				Percentage
	Shares	Value††		of Net Assets**
COMMON STOCKS — (88.4%)
AUSTRIA — (2.2%)
Other Securities		$	56,677,767	2.5	%
BELGIUM — (3.2%)
Ackermans & van Haaren NV	118,073		9,613,309	0.4	%
Other Securities			72,036,340	3.2	%
TOTAL BELGIUM			81,649,649	3.6	%
DENMARK — (3.4%)
GN Store Nord A.S.	803,034		12,585,533	0.5	%
*Topdanmark A.S.	53,386		10,826,718	0.5	%
Other Securities			62,778,523	2.8	%
TOTAL DENMARK			86,190,774	3.8	%
FINLAND — (6.1%)
Elisa Oyj	432,751		9,286,323	0.4	%
#KCI Konecranes Oyj	245,559		7,808,333	0.3	%
Kesko Oyj Series B	250,135		7,821,799	0.4	%
Orion Oyj Series B	384,369		9,510,594	0.4	%
#Outotec Oyj	163,942		8,010,462	0.4	%
Yit Oyj	479,016		9,445,723	0.4	%
Other Securities			102,256,708	4.6	%
TOTAL FINLAND			154,139,942	6.9	%
FRANCE — (9.8%)
#*Alcatel-Lucent SA	7,392,628		7,558,803	0.3	%
Gemalto NV	97,900		8,842,316	0.4	%
#Neopost SA	135,048		7,403,969	0.3	%
Societe BIC SA	62,449		7,620,209	0.4	%
Other Securities			216,651,765	9.7	%
TOTAL FRANCE			248,077,062	11.1	%
GERMANY — (12.9%)
*Aareal Bank AG	423,110		9,098,181	0.4	%
Aurubis AG	153,470		9,715,684	0.4	%
#Deutsche Wohnen AG	646,717		11,844,087	0.5	%
Fuchs Petrolub AG	136,940		8,534,620	0.4	%
Rhoen-Klinikum AG	406,308		7,913,041	0.4	%
#SGL Carbon SE	229,387		9,149,090	0.4	%
Stada Arzneimittel AG	247,784		7,504,291	0.3	%
Symrise AG	307,713		11,068,532	0.5	%
Wirecard AG	381,688		8,741,631	0.4	%
Other Securities			242,716,782	10.8	%
TOTAL GERMANY			326,285,939	14.5	%
GREECE — (2.0%)
Other Securities			50,142,446	2.2	%

111

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

				Percentage
	Shares	Value††		of Net Assets**
IRELAND — (2.7%)
DCC P.L.C.	308,989	$	8,838,285	0.4	%
Dragon Oil P.L.C.	990,437		8,866,393	0.4	%
Paddy Power P.L.C.	180,573		13,336,467	0.6	%
Other Securities			36,164,730	1.6	%
TOTAL IRELAND			67,205,875	3.0	%
ISRAEL — (2.6%)
Other Securities			64,711,886	2.9	%
ITALY — (7.5%)
*Banco Popolare Scarl	6,311,267		10,071,344	0.5	%
#*Finmeccanica SpA	1,593,106		7,900,845	0.4	%
Prysmian SpA	494,781		9,539,788	0.4	%
Other Securities			162,659,558	7.2	%
TOTAL ITALY			190,171,535	8.5	%
NETHERLANDS — (5.2%)
Aalberts Industries NV	469,415		8,532,614	0.4	%
CSM NV	363,574		7,426,298	0.3	%
Delta Lloyd NV	472,377		7,855,836	0.4	%
Nutreco NV	173,920		13,027,581	0.6	%
*PostNL NV	1,920,653		7,579,442	0.3	%
Royal Imtech NV	349,305		8,780,615	0.4	%
*SBM Offshore NV	804,422		10,530,512	0.5	%
Other Securities			68,339,691	3.0	%
TOTAL NETHERLANDS			132,072,589	5.9	%
NORWAY — (3.3%)
Other Securities			84,171,601	3.8	%
PORTUGAL — (1.2%)
Other Securities			29,375,131	1.3	%
SPAIN — (4.5%)
Viscofan SA	202,123		9,793,173	0.5	%
Other Securities			103,986,927	4.6	%
TOTAL SPAIN			113,780,100	5.1	%
SWEDEN — (9.4%)
Castellum AB	726,291		9,735,330	0.4	%
Holmen AB Series B	273,916		8,072,161	0.3	%
#Husqvarna AB Series B	1,434,072		8,330,008	0.4	%
Meda AB Series A	857,997		8,790,208	0.4	%
*Securitas AB Series B	1,133,353		8,253,893	0.4	%
Trelleborg AB Series B	999,202		10,888,078	0.5	%
Other Securities			183,427,230	8.2	%
TOTAL SWEDEN			237,496,908	10.6	%

112

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

					Percentage
	Shares		Value††		of Net Assets**
SWITZERLAND — (12.3%)
#Clariant AG		903,053	$	9,677,105	0.4	%
#*Dufry AG		77,241		9,824,040	0.4	%
Galenica Holding AG		18,828		11,057,552	0.5	%
*GAM Holding AG		780,910		10,921,334	0.5	%
Helvetia Holding AG		22,754		7,989,963	0.4	%
Lonza Group AG		206,376		10,467,022	0.5	%
PSP Swiss Property AG		148,327		13,621,861	0.6	%
Swiss Life Holding AG		102,976		13,004,543	0.6	%
Other Securities				225,523,358	10.0	%
TOTAL SWITZERLAND				312,086,778	13.9	%
UNITED KINGDOM — (0.1%)
Other Securities				3,239,110	0.1	%
TOTAL COMMON STOCKS				2,237,475,092	99.7	%
RIGHTS/WARRANTS — (0.0%)
BELGIUM — (0.0%)
Other Securities				1,250	0.0	%
ITALY — (0.0%)
Other Securities				8,763	0.0	%
TOTAL RIGHTS/WARRANTS				10,013	0.0	%
	Shares/
	Face
	Amount			Value†
	(000)
SECURITIES LENDING COLLATERAL — (11.6%)
§@DFA Short Term Investment Fund		25,324,114		293,000,000	13.1	%
@Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%, 11/01/12
(Collateralized by FNMA 4.000%, 05/01/42 & 5.000%, 01/01/39,
valued at $1,011,182) to be repurchased at $991,365	$	991		991,355	0.0	%
TOTAL SECURITIES LENDING COLLATERAL				293,991,355	13.1	%
TOTAL INVESTMENTS — (100.0%)
(Cost $2,583,421,711)			$	2,531,476,460	112.8	%

113

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

Summary of the Series’ investments as of October 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Austria		—	$	56,677,767	—	$	56,677,767
Belgium		—		81,649,649	—		81,649,649
Denmark		—		86,190,774	—		86,190,774
Finland		—		154,139,942	—		154,139,942
France		—		248,077,062	—		248,077,062
Germany		—		326,285,939	—		326,285,939
Greece		—		50,142,446	—		50,142,446
Ireland		—		67,205,875	—		67,205,875
Israel	$	849,217		63,862,669	—		64,711,886
Italy		—		190,171,535	—		190,171,535
Netherlands		—		132,072,589	—		132,072,589
Norway		—		84,171,601	—		84,171,601
Portugal		—		29,375,131	—		29,375,131
Spain		—		113,780,100	—		113,780,100
Sweden		—		237,496,908	—		237,496,908
Switzerland		—		312,086,778	—		312,086,778
United Kingdom		—		3,239,110	—		3,239,110
Rights/Warrants
Belgium		—		1,250	—		1,250
Italy		—		8,763	—		8,763
Securities Lending Collateral		—		293,991,355	—		293,991,355
TOTAL	$	849,217	$	2,530,627,243	—	$	2,531,476,460

See accompanying Notes to Financial Statements.
114

THE CANADIAN SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2012

				Percentage
	Shares	Value††		of Net Assets**
COMMON STOCKS — (75.6%)
Consumer Discretionary — (8.5%)
Aimia, Inc.	310,251	$	4,647,164	0.7	%
Astral Media, Inc. Class A	197,447		8,081,736	1.2	%
#Cineplex, Inc.	241,959		7,510,117	1.1	%
#Corus Entertainment, Inc. Class B	304,900		6,902,417	1.0	%
#*Imax Corp.	260,537		5,874,637	0.8	%
Linamar Corp.	200,980		4,427,094	0.6	%
#RONA, Inc.	677,175		6,956,511	1.0	%
Other Securities			32,434,102	4.7	%
Total Consumer Discretionary			76,833,778	11.1	%
Consumer Staples — (2.5%)
Maple Leaf Foods, Inc.	387,979		4,311,957	0.6	%
#North West Co., Inc. (The)	188,473		4,415,788	0.7	%
Other Securities			14,435,488	2.1	%
Total Consumer Staples			23,163,233	3.4	%
Energy — (19.2%)
#*BlackPearl Resources, Inc.	1,165,485		3,979,278	0.6	%
*Celtic Exploration, Ltd.	323,700		8,452,662	1.2	%
*Gran Tierra Energy, Inc.	1,065,607		5,366,712	0.8	%
Mullen Group, Ltd.	312,028		6,470,188	0.9	%
#Parkland Fuel Corp.	265,671		4,532,700	0.7	%
Pason Systems, Inc.	259,107		4,220,947	0.6	%
#*Petrobank Energy & Resources, Ltd.	425,702		5,847,941	0.8	%
ShawCor, Ltd. Class A	212,900		9,485,907	1.4	%
#Trican Well Service, Ltd.	564,307		6,734,958	1.0	%
Other Securities			118,885,028	17.2	%
Total Energy			173,976,321	25.2	%
Financials — (5.9%)
#Canadian Western Bank	271,572		8,037,715	1.2	%
#Davis & Henderson Corp.	239,699		5,030,379	0.7	%
Granite Real Estate, Inc.	143,257		5,252,637	0.8	%
#Home Capital Group, Inc.	120,600		6,140,185	0.9	%
Laurentian Bank of Canada	109,624		4,878,885	0.7	%
Other Securities			24,307,922	3.5	%
Total Financials			53,647,723	7.8	%
Health Care — (1.6%)
Other Securities			14,136,911	2.0	%
Industrials — (9.0%)
#Ritchie Brothers Auctioneers, Inc.	244,637		5,425,491	0.8	%
#Russel Metals, Inc.	246,300		6,880,370	1.0	%
Stantec, Inc.	182,098		6,272,011	0.9	%
#Superior Plus Corp.	559,647		5,468,991	0.8	%
Toromont Industries, Ltd.	274,167		5,380,399	0.8	%

115

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

				Percentage
	Shares	Value††		of Net Assets**
Industrials — (9.0%) (Continued)
TransForce, Inc.	314,697	$	5,744,106	0.8	%
#*Westport Innovations, Inc.	158,805		4,436,205	0.7	%
Other Securities			42,117,801	6.1	%
Total Industrials			81,725,374	11.9	%
Information Technology — (3.9%)
*Celestica, Inc.	874,907		6,351,015	0.9	%
Constellation Software, Inc.	36,819		4,223,264	0.6	%
MacDonald Dettweiler & Associates, Ltd.	128,853		7,224,799	1.0	%
Other Securities			17,654,949	2.6	%
Total Information Technology			35,454,027	5.1	%
Materials — (21.4%)
#Alamos Gold, Inc.	382,920		7,495,455	1.1	%
#*AuRico Gold, Inc.	892,052		7,449,025	1.1	%
#*B2Gold Corp.	1,401,050		5,793,578	0.8	%
*Canfor Corp.	411,155		5,862,175	0.9	%
#CCL Industries, Inc. Class B	107,585		3,983,473	0.6	%
*First Majestic Silver Corp.	431,070		9,965,869	1.4	%
*Harry Winston Diamond Corp.	284,763		4,085,761	0.6	%
#HudBay Minerals, Inc.	734,374		6,816,167	1.0	%
#*NovaGold Resources, Inc.	845,155		4,104,132	0.6	%
#*OceanaGold Corp.	1,151,416		4,035,000	0.6	%
Sherritt International Corp.	1,571,926		6,799,219	1.0	%
#*Silver Standard Resources, Inc.	340,397		5,170,285	0.7	%
#West Fraser Timber Co., Ltd.	126,174		7,641,818	1.1	%
Other Securities			115,503,398	16.8	%
Total Materials			194,705,355	28.3	%
Telecommunication Services — (0.4%)
Other Securities			3,228,819	0.5	%
Utilities — (3.2%)
#Algonquin Power & Utilities Corp.	574,574		3,975,275	0.6	%
Capital Power Corp.	287,449		6,161,986	0.9	%
#Just Energy Group, Inc.	583,478		5,970,608	0.9	%
#Northland Power, Inc.	297,306		5,763,048	0.8	%
Other Securities			7,611,960	1.1	%
Total Utilities			29,482,877	4.3	%
TOTAL COMMON STOCKS			686,354,418	99.6	%
RIGHTS/WARRANTS — (0.0%)
Other Securities			12,722	0.0	%

116

THE CANADIAN SMALL COMPANY SERIES
CONTINUED

	Shares/
	Face				Percentage
	Amount		Value†		of Net Assets**
	(000)
SECURITIES LENDING COLLATERAL — (24.4%)
§@DFA Short Term Investment Fund		19,101,124	$	221,000,000	32.1	%
@Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%,
11/01/12 (Collateralized by FNMA 4.000%, 05/01/42 & 5.000%,
01/01/39, valued at $448,986) to be repurchased at $440,186	$	440		440,182	0.0	%
TOTAL SECURITIES LENDING COLLATERAL				221,440,182	32.1	%
TOTAL INVESTMENTS — (100.0%)
(Cost $996,859,895)			$	907,807,322	131.7	%

Summary of the Series’ investments as of October 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	76,833,778		—	—	$	76,833,778
Consumer Staples		23,163,233		—	—		23,163,233
Energy		173,976,321		—	—		173,976,321
Financials		53,647,723		—	—		53,647,723
Health Care		14,136,911		—	—		14,136,911
Industrials		81,725,374		—	—		81,725,374
Information Technology		35,454,027		—	—		35,454,027
Materials		194,582,087	$	123,268	—		194,705,355
Telecommunication Services		3,228,819		—	—		3,228,819
Utilities		29,482,877		—	—		29,482,877
Rights/Warrants		1,807		10,915	—		12,722
Securities Lending Collateral		—		221,440,182	—		221,440,182
TOTAL	$	686,232,957	$	221,574,365	—	$	907,807,322

See accompanying Notes to Financial Statements.
117

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2012
(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 $227,173,
$207,879, $23,582, $286,948 and $206,754
of securities on loan, respectively)	$	1,784,281	$	1,047,278	$	1,544,063	$	2,380,348	$	676,098
Collateral Received from Securities on
Loan at Value & Cost		922		470		1,045		2,965		962
Affiliated Collateral Received from
Securities on Loan at Value & Cost		241,000		227,000		24,000		305,000		218,000
Foreign Currencies at Value		258		1,411		3,907		3,059		649
Cash		3,434		367		572		804		1,088
Receivables:
Investment Securities Sold		1,084		386		141		960		1,598
Dividends and Tax Reclaims		2,043		1,865		3,316		2,921		2,132
Securities Lending Income		287		334		34		617		274
Total Assets		2,033,309		1,279,111		1,577,078		2,696,674		900,801
LIABILITIES:
Payables:
Upon Return of Securities Loaned		241,922		227,470		25,045		307,965		218,962
Investment Securities Purchased		1,123		232		161		—		1,918
Due to Advisor		152		89		130		201		58
Unrealized Loss on Foreign Currency
Contracts		2		—		—		—		—
Accrued Expenses and Other Liabilities		73		50		61		170		54
Total Liabilities		243,272		227,841		25,397		308,336		220,992
NET ASSETS	$	1,790,037	$	1,051,270	$	1,551,681	$	2,388,338	$	679,809
Investments at Cost	$	1,898,550	$	956,468	$	1,182,791	$	2,280,013	$	765,640
Foreign Currencies at Cost	$	260	$	1,415	$	3,885	$	3,054	$	649

See accompanying Notes to Financial Statements.
118

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

OCTOBER 31, 2012

(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 $211,713,
$179,249, $26,517, $274,460 and $209,339
of securities on loan, respectively)	$	1,671,206	$	993,970	$	1,457,734	$	2,237,485	$	686,367
Collateral Received from Securities on
Loan at Value & Cost		3,965		1,641		—		991		440
Affiliated Collateral Received from
Securities on Loan at Value & Cost		225,000		200,000		28,000		293,000		221,000
Foreign Currencies at Value		1,629		7,889		2,526		2,359		1,190
Cash		987		421		187		335		466
Receivables:
Investment Securities Sold		4,651		2,087		310		1,981		772
Dividends and Tax Reclaims		12,702		2,144		4,225		2,774		421
Securities Lending Income		263		339		43		586		284
Fund Shares Sold		—		500		—		20		—
Total Assets		1,920,403		1,208,991		1,493,025		2,539,531		910,940
LIABILITIES:
Payables:
Upon Return of Securities Loaned		228,965		201,641		28,000		293,991		221,440
Investment Securities Purchased		4,385		2,837		—		10		296
Fund Shares Redeemed		62		90		3		—		—
Due to Advisor		141		83		121		188		58
Loan Payable		—		401		—		—		—
Unrealized Loss on Foreign Currency
Contracts		—		1		—		—		—
Accrued Expenses and Other Liabilities		119		78		63		163		60
Total Liabilities		233,672		205,131		28,187		294,352		221,854
NET ASSETS	$	1,686,731	$	1,003,860	$	1,464,838	$	2,245,179	$	689,086
Investments at Cost	$	1,867,719	$	951,649	$	1,182,154	$	2,289,430	$	775,420
Foreign Currencies at Cost	$	1,628	$	7,863	$	2,508	$	2,355	$	1,192

See accompanying Notes to Financial Statements.
119

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2012

(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 $2,646, $869, $23, $8,095
and $2,668, respectively)	$	35,255		$	37,078		$	43,186		$	56,091		$	14,549
Interest		—			—			—			20			—
Income from Securities Lending		2,692			3,507			337			9,906			2,591
Total Investment Income		37,947			40,585			43,523			66,017			17,140
Expenses
Investment Advisory Services Fees		1,638			918			1,246			1,999			705
Accounting & Transfer Agent Fees		176			110			140			209			90
Custodian Fees		481			424			115			818			197
Shareholders’ Reports		9			5			6			11			4
Directors’/Trustees’ Fees & Expenses		14			8			10			17			6
Professional Fees		45			26			33			77			20
Other		24			15			18			31			8
Total Expenses		2,387			1,506			1,568			3,162			1,030
Fees Paid Indirectly		(7	)		(3	)		(3	)		(8	)		(1	)
Net Expenses		2,380			1,503			1,565			3,154			1,029
Net Investment Income (Loss)		35,567			39,082			41,958			62,863			16,111
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold		15,297			27,956			(16,423	)		(4,064	)		26,982
Futures		(283	)		(140	)		236			69			—
Foreign Currency Transactions		593			(236	)		339			(359	)		111
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign Currency		(47,991	)		3,183			247,250			694			(63,323	)
Translation of Foreign Currency
Denominated Amounts		(76	)		(94	)		(35	)		(285	)		(7	)
Net Realized and Unrealized
Gain (Loss)		(32,460	)		30,669			231,367			(3,945	)		(36,237	)
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	3,107		$	69,751		$	273,325		$	58,918		$	(20,126	)

See accompanying Notes to Financial Statements.
120

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,
	2012			2011			2012			2011
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	35,567		$	29,896		$	39,082		$	36,987
Net Realized Gain (Loss) on:
Investment Securities Sold		15,297			17,637			27,956			71,818
Futures		(283	)		—			(140	)		—
Foreign Currency Transactions		593			93			(236	)		521
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign Currency		(47,991	)		66,983			3,183			(158,023	)
Translation of Foreign Currency
Denominated Amounts		(76	)		(598	)		(94	)		109
Net Increase (Decrease) in Net Assets
Resulting from Operations		3,107			114,011			69,751			(48,588	)
Transactions in Interest:
Contributions		385,924			212,545			161,440			80,765
Withdrawals		(205,115	)		(35,341	)		(134,065	)		(60,581	)
Net Increase (Decrease) from
Transactions in Interest		180,809			177,204			27,375			20,184
Total Increase (Decrease) in Net Assets		183,916			291,215			97,126			(28,404	)
Net Assets
Beginning of Period		1,502,815			1,211,600			906,734			935,138
End of Period	$	1,686,731		$	1,502,815		$	1,003,860		$	906,734

See accompanying Notes to Financial Statements.
121

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,
	2012			2011			2012			2011
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	41,958		$	42,984		$	62,863		$	61,832
Net Realized Gain (Loss) on:
Investment Securities Sold		(16,423	)		18,980			(4,064	)		66,872
Futures		236			—			69			(287	)
Foreign Currency Transactions		339			33			(359	)		(576	)
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and Foreign Currency		247,250			(66,130	)		694			(377,057	)
Translation of Foreign Currency
Denominated Amounts		(35	)		53			(285	)		52
Net Increase (Decrease) in Net Assets
Resulting from Operations		273,325			(4,080	)		58,918			(249,164	)
Transactions in Interest:
Contributions		92,609			125,970			260,944			225,654
Withdrawals		(34,941	)		(24,739	)		(76,446	)		(47,211	)
Net Increase (Decrease) from
Transactions in Interest		57,668			101,231			184,498			178,443
Total Increase (Decrease) in Net Assets		330,993			97,151			243,416			(70,721	)
Net Assets
Beginning of Period		1,133,845			1,036,694			2,001,763			2,072,484
End of Period	$	1,464,838		$	1,133,845		$	2,245,179		$	2,001,763

See accompanying Notes to Financial Statements.
122

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,
	2012			2011
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	16,111		$	13,890
Net Realized Gain (Loss) on:
Investment Securities Sold		26,982			38,405
Foreign Currency Transactions		111			(110	)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		(63,323	)		(68,747	)
Translation of Foreign Currency Denominated Amounts		(7	)		4
Net Increase (Decrease) in Net Assets Resulting from Operations		(20,126	)		(16,558	)
Transactions in Interest:
Contributions		11,500			130,949
Withdrawals		(38,550	)		(41,851	)
Net Increase (Decrease) from Transactions in Interest		(27,050	)		89,098
Total Increase (Decrease) in Net Assets		(47,176	)		72,540
Net Assets
Beginning of Period		736,262			663,722
End of Period	$	689,086		$	736,262

See accompanying Notes to Financial Statements.
123

THE DFA INVESTMENTTRUSTCOMPANY

FINANCIALHIGHLIGHTS

	The Japanese Small Company Series																		The Asia Pacific Small Company Series
													Period																		Period
	Year			Year			Year			Year			Dec. 1,			Year			Year			Year			Year			Year			Dec. 1,			Year
	Ended			Ended			Ended			Ended			2007 to			Ended			Ended			Ended			Ended			Ended			2007 to			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Nov. 30,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Nov. 30,
	2012			2011			2010			2009			2008			2007			2012			2011			2010			2009			2008			2007
Total Return		0.54	%		10.07	%		0.72	%		22.69	%		(26.87	)%(C)		(1.16	)%		7.48	%		(5.15	)%		28.91	%		84.98	%		(57.75	)%(C)		47.23	%
Net Assets, End of Period
(thousands)		$1,686,731			$1,502,815			$1,211,600			$1,183,036			$1,062,964			$1,504,821			$1,003,860			$906,734			$935,138			$680,997			$441,237			$1,205,154
Ratio of Expenses to Average
Net Assets		0.15	%		0.14	%		0.14	%		0.15	%		0.13	%(B)		0.13	%		0.16	%		0.16	%		0.17	%		0.18	%		0.15	%(B)		0.15	%
Ratio of Expenses to Average
Net Assets (Excluding Fees
Paid Indirectly)		0.15	%		0.14	%		0.14	%		0.15	%		0.13	%(B)		0.13	%		0.16	%		0.16	%		0.17	%		0.18	%		0.15	%(B)		0.15	%
Ratio of Net Investment Income to
Average Net Assets		2.17	%		2.07	%		1.95	%		2.15	%		2.64	%(B)		1.94	%		4.26	%		3.78	%		3.64	%		4.00	%		4.33	%(B)		3.58	%
Portfolio Turnover Rate		7	%		5	%		10	%		7	%		10	%(C)		9	%		18	%		17	%		18	%		23	%		20	%(C)		25	%

	The United Kingdom Small Company Series																		The Continental Small Company Series
													Period																		Period
	Year			Year			Year			Year			Dec. 1,			Year			Year			Year			Year			Year			Dec. 1,			Year
	Ended			Ended			Ended			Ended			2007 to			Ended			Ended			Ended			Ended			Ended			2007 to			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Nov. 30,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Nov. 30,
	2012			2011			2010			2009			2008			2007			2012			2011			2010			2009			2008			2007
Total Return		23.41	%		0.20	%		25.94	%		43.51	%		(50.77	)%(C)		2.42	%		2.29	%		(10.75	)%		15.37	%		43.78	%		(49.66	)%(C)		17.49	%
Net Assets, End of Period
(thousands)		$1,464,838			$1,133,845			$1,036,694			$770,472			$555,390			$1,158,580			$2,245,179			$2,001,763			$2,072,484			$1,630,892			$1,111,585			$2,256,122
Ratio of Expenses to Average
Net Assets		0.13	%		0.13	%		0.13	%		0.14	%		0.12	%(B)		0.12	%		0.16	%		0.15	%		0.15	%		0.16	%		0.14	%(B)		0.14	%
Ratio of Expenses to Average
Net Assets (Excluding Fees
Paid Indirectly)		0.13	%		0.13	%		0.13	%		0.14	%		0.12	%(B)		0.12	%		0.16	%		0.15	%		0.15	%		0.16	%		0.14	%(B)		0.14	%
Ratio of Net Investment Income to
Average Net Assets		3.37	%		3.76	%		2.86	%		4.02	%		3.79	%(B)		2.72	%		3.15	%		2.72	%		2.24	%		2.93	%		3.49	%(B)		2.16	%
Portfolio Turnover Rate		6	%		7	%		15	%		10	%		25	%(C)		12	%		9	%		10	%		12	%		7	%		18	%(C)		12	%
See page 65 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			Year			Period			Period
	Ended			Ended			Ended			Ended			Dec. 1, 2007			April 2, 2007(a)
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			to			to
	2012			2011			2010			2009			Oct. 31, 2008			Nov. 30, 2007
Total Return		(2.51	)%		0.27	%		43.17	%		61.67	%		(56.44	)%(C)		10.20	%(C)
Net Assets, End of Period (thousands)	$	689,086		$	736,262		$	663,722		$	365,181		$	232,873		$	213,529
Ratio of Expenses to Average Net Assets		0.15	%		0.14	%		0.15	%		0.17	%		0.18	%(B)		0.26	%(B)(E)
Ratio of Expenses to Average Net Assets
(Excluding Fees Paid Indirectly)		0.15	%		0.14	%		0.15	%		0.17	%		0.18	%(B)		0.26	%(B)(E)
Ratio of Net Investment Income to Average Net Assets		2.29	%		1.72	%		1.05	%		1.37	%		0.97	%(B)		0.47	%(B)(E)
Portfolio Turnover Rate		22	%		24	%		10	%		23	%		21	%(C)		6	%(C)
See page 65 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, 2012

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 twelve portfolios, five of which 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 fair value of investments, 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 – inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies, futures contracts)
   
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
   
• Level 3 – significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments)

     Securities held by the Domestic Equity Portfolio and the International Equity Portfolios, including over-the-counter securities, are valued at the last quoted sale price at the close of the exchanges on which they are principally traded (official closing price). International equity securities are subject to a fair value factor, as described later in this note. 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 which approximate fair value. 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.

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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. 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 Committee of Dimensional Fund Advisors LP) occur before the net asset value is calculated. When fair value pricing is used, the prices of securities used by the Domestic Equity Portfolio and International Equity Portfolios may differ from the quoted or published prices for the same securities on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.

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 previously in the Security Valuation note. Valuation hierarchy tables have been included 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 had no material transfers between Level 1 and Level 2 during the year ended October 31, 2012.

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 Director/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 Directors/Trustees may defer payment of all or a portion of their total fees earned as a Director/Trustee. These deferred amounts may be treated

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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.

     Each Director/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 Director/Trustee shall have the right in a notice of election (the “Notice”) to defer the receipt of the Director’s/Trustee’s deferred compensation until a date specified by such Director/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 Director/Trustee ceases to be a member of the Board of the Fund; and (ii) five years following the effective date of the Director’s/Trustee’s first deferral election. If a Director/Trustee who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Director’s/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 Director/Trustee ceases to be a member of the Board of the Fund (unless the Director/Trustee files an amended Notice selecting a different distribution date). As of October 31, 2012, none of the Directors/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:

The Advisor, Dimensional Fund Advisors LP, provides investment advisory services to the Trust. For the year ended October 31, 2012, 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	%

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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, 2012, expenses reduced were as follows (amounts in thousands):

	Fees Paid
	Indirectly
The Japanese Small Company Series		$	7
The Asia Pacific Small Company Series			3
The United Kingdom Small Company Series			3
The Continental Small Company Series			8
The Canadian Small Company Series			1

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, 2012, the total related amounts paid by the Trust to the CCO were $82 (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, 2012, 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	$	43
The Asia Pacific Small Company Series		21
The United Kingdom Small Company Series		25
The Continental Small Company Series		51
The Canadian Small Company Series		12

E. Purchases and Sales of Securities:

For the year ended October 31, 2012, 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	$	326,323	$	108,934
The Asia Pacific Small Company Series		226,329		161,647
The United Kingdom Small Company Series		174,201		73,000
The Continental Small Company Series		454,150		189,112
The Canadian Small Company Series		152,466		175,235

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.

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     AtOctober 31, 2012, 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	$	2,103,510	$190,394	$	(393,733	)	$	(203,339	)
The Asia Pacific Small Company Series		1,180,363	242,749		(227,501	)		15,248
The United Kingdom Small Company Series		1,220,692	426,464		(161,422	)		265,042
The Continental Small Company Series		2,588,006	453,225		(509,755	)		(56,530	)
The Canadian Small Company Series		1,004,183	105,385		(201,761	)		(96,376	)

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

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 on a tax return. Management has analyzed each Series’ tax positions and has concluded that no additional 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 Series’ 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:

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 inthe 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.

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     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.

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, 2012 (amounts in thousands):

Derivative Type	Location of Gain (Loss) on Derivatives Recognized in Income
Equity contracts	Net Realized Gain (Loss) on: Futures

	Realized Gain (Loss)
	on Derivatives
	Recognized in Income
	Equity
	Contracts
The Japanese Small Company Series*	$	(283	)
The Asia Pacific Small Company Series*		(140	)
The United Kingdom Small Company Series*		236
The Continental Small Company Series*		69

     *As of October 31, 2012, there were no futures contracts outstanding. During the year ended October 31, 2012, 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 July 6, 2013. There were no borrowings by the Series under this line of credit during the year ended October 31, 2012.

The Trust, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit effective January 13, 2012 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 upon by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The agreement for the line of credit expires on January 11, 2013. The Trust expects to enter into a new line of credit with substantially the same terms as its existing line of credit prior to its expiration.

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     For the year ended October 31, 2012, 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	0.87%		$	483	9	—		$	1,800
The Asia Pacific Small Company Series	0.86%			508	32	—			2,385
The United Kingdom Small Company Series	0.86%			304	10	—			2,542
The Continental Small Company Series	0.91%			1,700	10	—			3,042
The Canadian Small Company Series	0.79%			24	5	—			121

*Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2012 that each Series’ available line of credit was utilized.

At October 31, 2012, only The Asia Pacific Small Company Series had a loan outstanding in the amount of $401 (in thousands).

I. Securities Lending:

As of October 31, 2012, each Series had securities on loan to brokers/dealers, for which each such 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. Such 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.

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K. Recently Issued Accounting Standards:

     In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. Generally Accepted Accounting Principles and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. ASU No. 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. Management is evaluating any impact ASU No. 2011-11 may have on the financial statements.

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 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 events requiring recognition or disclosure in the financial statements.

133

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, 2012, 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, 2012 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 21, 2012

134

FUND MANAGEMENT

(Unaudited)

Trustees/Directors

     Each Board of Trustees/Directors (each, the “Board” and collectively, the “Boards”) of The DFA Investment Trust Company (“DFAITC”), DFA Investment Dimensions Group Inc. (“DFAIDG”), Dimensional Investment Group Inc. (“DIG”) 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, 2012.

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. The Nominating Committee did not meet during the fiscal year ended October 31, 2012.

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 seven Performance Committee meetings held during the fiscal year ended October 31, 2012.

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, 2012.

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.

135

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	Since Inception	100 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: 73	Since Inception	100 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 Mutal Insurance Company (1997-2010).
Roger G. Ibbotson Director of DFAIDG and DIG. Trustee of DFAITC and DEM. Yale School of Management P.O. Box 208200 New Haven, CT 06520-8200 Age: 68	Since Inception	100 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: 64	Since 2010	100 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, LP 6300 Bee Cave Road Building 1 Austin, TX 78746 Age: 70	Since Inception	100 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	Since 2000	100 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 (4 investment companies within the fund complex) (52 portfolios) (since 2009).

136

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: 65	Since Inception	100 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, Dimensional Cayman Commodity Fund I Ltd., Dimensional Japan Ltd. and Dimensional Advisors Ltd. Chairman, Director and Co-Chief Executive Officer of Dimensional Fund Advisors Canada ULC. President, Dimensional SmartNest (US) LLC. 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: 45	Since 2009	100 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, Dimensional Funds II PLC, Dimensional Japan Ltd. and Dimensional Advisors Ltd. Co-Chief Executive Officer of Dimensional Retirement Plan Services 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.

137

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 LLC (prior to April 6, 2009, 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: 49	Since 2008	Vice President of all the DFA Entities. Vice President Global Business Development of all the DFA Entities. Formerly, Chief Learning Officer of Dimensional (2008-2011); Regional Director of Dimensional (2004-2008).
Robyn G. Alcorta Vice President Age: 37	Since 2012	Vice President of all the DFA Entities. Formerly, Vice President Business Development at Capson Physicians Insurance Company (2010-2012); Vice President at Charles Schwab (2007-2010).
Darryl D. Avery Vice President Age: 46	Since 2005	Vice President of all the DFA Entities.
Arthur H. Barlow Vice President Age: 56	Since 1993	Vice President of all the DFA Entities.
John T. Blood Vice President Age: 43	Since 2011	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional (2010-January 2011); Chief Market Strategist at Commonwealth Financial (2007-2010); Director of Research at Commonwealth Financial (2000-2007).
Scott A. Bosworth Vice President Age: 43	Since 2007	Vice President of all the DFA Entities.
Valerie A. Brown Vice President and Assistant Secretary Age: 45	Since 2001	Vice President and Assistant Secretary of all the DFA Entities, DFA Australia Limited, Dimensional Fund Advisors Ltd., Dimensional Cayman Commodity Fund I Ltd., Dimensional Retirement Plan Services LLC, Dimensional Fund Advisors Pte. Ltd., Dimensional Hong Kong Limited. Director, Vice President and Assistant Secretary of Dimensional Fund Advisors Canada ULC.
David P. Butler Vice President Age: 48	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).
Douglas M. Byrkit Vice President Age: 41	Since 2012	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (December 2010-January 2012); Regional Director at Russell Investments (April 2006-December 2010).
James G. Charles Vice President Age: 56	Since 2011	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional (2008-2010); Vice President, Client Portfolio Manager at American Century Investments (2001-2008).
Joseph H. Chi Vice President Age: 46	Since 2009	Vice President of all the DFA Entities. Co-Head of Portfolio Management of Dimensional (since March 2012). Sr. Portfolio Manager of Dimensional (since January 2012). Formerly, Portfolio Manager for Dimensional (October 2005-January 2012).
Stephen A. Clark Vice President Age: 40	Since 2004	Vice President of all the DFA Entities, DFA Australia Limited and Dimensional Fund Advisors Canada ULC. Head of Institutional, North America (since March 2012). Formerly, Head of Portfolio Management of Dimensional (January 2006-March 2012).

138

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
Jeffrey D. Cornell Vice President Age: 36	Since 2012	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (August 2002-January 2012).
Robert P. Cornell Vice President Age: 63	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: 57	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: 46	Since 2004	Vice President and Global Chief Compliance Officer of all the DFA Entities, DFA Australia Limited, Dimensional Fund Advisors Ltd., Dimensional SmartNest LLC, Dimensional SmartNest (US) LLC and Dimensional Retirement Plan Services LLC. Chief Compliance Officer of Dimensional Fund Advisors Canada ULC.
James L. Davis Vice President Age: 55	Since 1999	Vice President of all the DFA Entities.
Robert T. Deere Vice President Age: 55	Since 1994	Vice President of all the DFA Entities, DFA Australia Limited and Dimensional Fund Advisors Canada ULC.
Peter F. Dillard Vice President Age: 40	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: 42	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: 47	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: 41	Since 2004	Vice President of all the DFA Entities.
Jed S. Fogdall Vice President Age: 38	Since 2008	Vice President of all the DFA Entities. Co-Head of Portfolio Management of Dimensional (since March 2012). Sr. Portfolio Manager of Dimensional (since January 2012). Formerly, Portfolio Manager for Dimensional (since September 2004).
Jeremy P. Freeman Vice President Age: 41	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: 45	Since 2007	Vice President of all the DFA Entities. Regional Director of Dimensional.
Tom M. Goodrum Vice President Age: 44	Since 2012	Vice President of all the DFA Entities. Formerly, Managing Director at BlackRock (2004-January 2012).
Henry F. Gray Vice President Age: 45	Since 2000	Vice President of all the DFA Entities.

139

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
John T. Gray Vice President Age: 38	Since 2007	Vice President of all the DFA Entities. Formerly, Regional Director of Dimensional (January 2005 to February 2007).
Christian Gunther Vice President Age: 37	Since 2011	Vice President of all the DFA Entities. Senior Trader for Dimensional Fund Advisors LP (since 2012). Formerly, Senior Trader for Dimensional Fund Advisors Ltd. (2009-2012); Trader for Dimensional Fund Advisors Ltd. (2008-2009); Trader for Dimensional Fund Advisors LP (2004-2008).
Joel H. Hefner Vice President Age: 44	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: 38	Since 2005	Vice President and Fund Controller of all the DFA Entities and Dimensional Cayman Commodity Fund I Ltd. and Dimensional Japan Ltd.
Kevin B. Hight Vice President Age: 44	Since 2005	Vice President of all the DFA Entities.
Christine W. Ho Vice President Age: 44	Since 2004	Vice President of all the DFA Entities.
Michael C. Horvath Vice President Age: 52	Since 2011	Vice President of all the DFA Entities. Formerly, Managing Director, Co-Head Global Consultant Relations at BlackRock (2004-2011).
Jeff J. Jeon Vice President Age: 38	Since 2004	Vice President of all the DFA Entities and Dimensional Cayman Commodity Fund I Ltd.
Stephen W. Jones Vice President Age: 44	Since 2012	Vice President of all the DFA Entities. Formerly, Facilities Manager for Dimensional Fund Advisors LP (October 2008-January 2012); General Manager at Intereity Investments (March 2007-October 2008).
Patrick M. Keating Vice President and Chief Operating Officer Age: 57	Since 2003	Vice President and Chief Operating Officer of all the DFA Entities, Dimensional Cayman Commodity Fund I Ltd., Dimensional Japan Ltd., Dimensional Advisors Ltd., Dimensional Fund Advisors Pte. Ltd., Dimensional Hong Kong Limited and Dimensional Retirement Plan Services LLC. Director, Vice President and Chief Privacy Officer of Dimensional Fund Advisors Canada ULC. Director of DFA Australia Limited, Dimensional Fund Advisors Ltd., Dimensional Japan Ltd., Dimensional Advisors Ltd. and Dimensional Fund Advisors Pte. Ltd. Director and Vice President of Dimensional Hong Kong Limited.
Glenn E. Kemp Vice President Age: 64	Since 2012	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (April 2006-January 2012).
David M. Kershner Vice President Age: 41	Since 2010	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (since June 2004).
Seyun Alice Kim Vice President Age: 32	Since 2012	Vice President of all the DFA Entities. Formerly, Accounting Manager for Dimensional Fund Advisors LP (January 2006-January 2012).
Timothy R. Kohn Vice President Age: 41	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).

140

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
Joseph F. Kolerich Vice President Age: 40	Since 2004	Vice President of all the DFA Entities. Sr. Portfolio Manager of Dimensional (since January 2012). Formerly, Portfolio Manager for Dimensional (April 2007-January 2012).
Stephen W. Kurad Vice President Age: 43	Since 2011	Vice President of all the DFA Entities. Regional Director for Dimensional (2007-2010).
Michael F. Lane Vice President Age: 45	Since 2004	Vice President of all the DFA Entities. Chief Executive Officer of Dimensional SmartNest (US) LLC (since 2012).
Francis R. Lao Vice President Age: 43	Since 2011	Vice President of all the DFA Entities. Formerly, Vice President - Global Operations at Janus Capital Group (2005-2011).
Juliet Lee Vice President Age: 41	Since 2005	Vice President of all the DFA Entities. Human Resources Manager of Dimensional (since January 2004).
Marlena I. Lee Vice President Age: 31	Since 2011	Vice President of all the DFA Entities. Formerly, Research Associate for Dimensional (July 2008-2010).
Apollo D. Lupescu Vice President Age: 43	Since 2009	Vice President of all the DFA Entities. Regional Director for Dimensional (since February 2004).
Kenneth M. Manell Vice President Age: 39	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: 42	Since 2008	Vice President of all the DFA Entities 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).
David R. Martin Vice President, Chief Financial Officer and Treasurer Age: 55	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., DFA Australia Limited, Dimensional Advisors Ltd., Dimensional Fund Advisors Pte. Ltd., Dimensional Hong Kong Limited and Dimensional Fund Advisors Canada ULC. Chief Financial Officer, Treasurer, and Vice President of Dimensional SmartNest LLC, Dimensional SmartNest (US) LLC, Dimensional Cayman Commodity Fund I Ltd. and Dimensional Retirement Plan Services LLC. Director of Dimensional Funds PLC and Dimensional Funds II PLC. Statutory Auditor of Dimensional Japan Ltd.
Catherine L. Newell Vice President and Secretary Age: 48	Vice President since 1997 and Secretary since 2000	Vice President and Secretary of all the DFA Entities and Dimensional Retirement Plan Services LLC (since June 2012). 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, Dimensional Cayman Commodity Fund I Ltd., Dimensional Japan Ltd. (since February 2012), Dimensional Advisors Ltd. (since March 2012), Dimensional Fund Advisors Pte. Ltd. (since June 2012) and Dimensional Hong Kong Limited (since August 2012). Director, Dimensional Funds PLC and Dimensional Funds II PLC (since 2002 and 2006, respectively). Director of Dimensional Japan Ltd., Dimensional Advisors Ltd., Dimensional Fund Advisors Pte. Ltd. and Dimensional Hong Kong Limited (since August 2012 and July 2012).
Christian A. Newton Vice President Age: 37	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: 48	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).

141

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
Carolyn L. O Vice President Age: 38	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: 35	Since 2007	Vice President of all the DFA Entities. Formerly, Research Associate of Dimensional (2004 to 2006).
Daniel C. Ong Vice President Age: 38	Since 2009	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (since July 2005).
Kyle K. Ozaki Vice President Age: 34	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: 51	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: 41	Since 2011	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (July 2006-2010).
Theodore W. Randall Vice President Age: 39	Since 2008	Vice President of all the DFA Entities. Formerly, Research Associate of Dimensional (2006-2008). Systems Developer of Dimensional (2001-2006).
Savina B. Rizova Vice President Age: 31	Since 2012	Vice President of all the DFA Entities. Formerly, Research Associate for Dimensional Fund Advisors LP (June 2011-January 2012); Research Assistant for Dimensional Fund Advisors LP (July 2004-August 2007).
L. Jacobo Rodriguez Vice President Age: 41	Since 2005	Vice President of all the DFA Entities.
Julie A. Saft Vice President Age: 53	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: 66	Since 2001	Vice President of all the DFA Entities and Dimensional Fund Advisors Canada ULC.
Walid A. Shinnawi Vice President Age: 50	Since 2010	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional (March 2006-January 2010).
Bruce A. Simmons Vice President Age: 47	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: 44	Since 2007	Vice President of all the DFA Entities. Regional Director of Dimensional (since December 2002).
Bryce D. Skaff Vice President Age: 37	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: 44	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: 56	Since 2004	Vice President of all the DFA Entities and Dimensional Fund Advisors Canada ULC.

142

Name, Position with the Fund and Age	Term of Office1 and Length of Service	Principal Occupation(s) During Past 5 Years
Carl G. Snyder Vice President Age: 49	Since 2000	Vice President of all the DFA Entities.
Lawrence R. Spieth Vice President Age: 64	Since 2004	Vice President of all the DFA Entities.
Bradley G. Steiman Vice President Age: 39	Since 2004	Vice President of all the DFA Entities and Director and Vice President of Dimensional Fund Advisors Canada ULC.
John H. Totten Vice President Age: 34	Since 2012	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (January 2008-January 2012).
Robert C. Trotter Vice President Age: 54	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: 46	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: 42	Since 2009	Vice President of all the DFA Entities. Portfolio Manager for Dimensional (since 2004).
Weston J. Wellington Vice President Age: 61	Since 1997	Vice President of all the DFA Entities.
Ryan J. Wiley Vice President Age: 36	Since 2007	Vice President of all the DFA Entities. Senior Trader of Dimensional (since 2007).
Paul E. Wise Vice President Age: 57	Since 2005	Vice President of all the DFA Entities. Chief Technology Officer for Dimensional (since 2004).
Faith A. Yando Vice President Age: 50	Since 2011	Vice President of all the DFA Entities. Formerly, Senior Vice President, Global Public Relations at Natixis Global Asset Management (2008-2011); Senior Vice President, Media Relations at Bank of America (2007-2008).
Joseph L. Young Vice President Age: 33	Since 2011	Vice President of all the DFA Entities. Formerly, 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.

143

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.

144

NOTICE TO SHAREHOLDERS
(Unaudited)

     For shareholders that do not have an October 31, 2012 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2012 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year November 1, 2011 to October 31, 2012, 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	61%	—	39%	100%	100%	100%	4%	91%	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).

145

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 U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 95.4%
Aerospace & Defense — 2.2%
	Alliant Techsystems, Inc.	975	$	60,411
	BE Aerospace, Inc.*	2,400		118,560
	Boeing Co. (The)	19,878		1,498,006
	Cubic Corp.	500		23,985
	Curtiss-Wright Corp.	1,576		51,740
	Engility Holdings, Inc.(a)*	495		9,534
	Esterline Technologies Corp.*	900		57,249
	Exelis, Inc.	5,089		57,353
	General Dynamics Corp.	8,201		568,083
	HEICO Corp., Class A	781		24,976
	Hexcel Corp.*	3,100		83,576
	Honeywell International, Inc.	20,020		1,270,670
	Huntington Ingalls Industries, Inc.	1,357		58,812
	L-3 Communications Holdings, Inc.	2,671		204,652
	Lockheed Martin Corp.	7,460		688,484
	Moog, Inc., Class A*	1,100		45,133
	Northrop Grumman Corp.	6,353		429,336
	Precision Castparts Corp.	4,141		784,388
	Raytheon Co.	9,121		525,005
	Rockwell Collins, Inc.(a)	3,914		227,677
	Spirit Aerosystems Holdings, Inc., Class A*	2,700		45,819
	Teledyne Technologies, Inc.*	900		58,563
	Textron, Inc.(a)	7,600		188,404
	TransDigm Group, Inc.	1,300		177,268
	Triumph Group, Inc.	1,120		73,136
	United Technologies Corp.	23,264		1,907,881
				9,238,701
Air Freight & Logistics — 0.7%
	Atlas Air Worldwide Holdings, Inc.*	558		24,725
	CH Robinson Worldwide, Inc.	4,700		297,134
	Expeditors International of Washington, Inc.	6,039		238,842
	FedEx Corp.	8,498		779,437
	HUB Group, Inc., Class A*	500		16,800
	United Parcel Service, Inc., Class B	19,337		1,425,717
	UTi Worldwide, Inc.	2,400		32,160
				2,814,815
Airlines — 0.2%
	Alaska Air Group, Inc.*	1,830		78,855
	Allegiant Travel Co.(a)	300		22,023
	Delta Air Lines, Inc.*	24,500		290,815
	JetBlue Airways Corp.(a)*	7,550		43,110
	Southwest Airlines Co.	6,841		70,052
	United Continental Holdings, Inc.*	8,654		202,331
	US Airways Group, Inc.*	4,400		59,400
				766,586
Auto Components — 0.4%
	Autoliv, Inc.(a)	2,300		154,997
	BorgWarner, Inc.*	3,154		225,889
	Cooper Tire & Rubber Co.	100		2,536
	Dana Holding Corp.	4,000		62,440
	Gentex Corp.(a)	3,900		73,398
	Goodyear Tire & Rubber Co. (The)*	6,400		88,384
	Johnson Controls, Inc.	19,115		586,831
	Lear Corp.	3,000		140,520
	Tenneco, Inc.*	1,600		56,176
	TRW Automotive Holdings Corp.*	3,074		164,797
	Visteon Corp.*	1,000		53,820
				1,609,788
Automobiles — 0.6%
	Ford Motor Co.	99,140		1,283,863
	General Motors Co.*	22,000		634,260
	Harley-Davidson, Inc.	6,316		308,473
	Tesla Motors, Inc.(a)*	1,485		50,297
	Thor Industries, Inc.(a)	1,600		59,888
				2,336,781
Beverages — 2.0%
	Beam, Inc.	4,200		256,578
	Boston Beer Co., Inc. (The), Class A*	79		10,622
	Brown-Forman Corp., Class B	3,300		208,725
	Coca-Cola Co. (The)	108,040		3,916,450
	Coca-Cola Enterprises, Inc.	8,050		255,426
	Constellation Brands, Inc., Class A*	4,600		162,794
	Dr Pepper Snapple Group, Inc.	6,100		269,498
	Molson Coors Brewing Co., Class B	4,077		174,455
	Monster Beverage Corp.*	4,256		225,057
	PepsiCo, Inc.	42,256		2,891,578
				8,371,183
Biotechnology — 1.8%
	Alexion Pharmaceuticals, Inc.*	5,500		515,955
	Alkermes PLC*	3,279		60,727
	Amgen, Inc.	21,322		1,840,515
	Ariad Pharmaceuticals, Inc.*	4,406		84,507
	Biogen Idec, Inc.*	6,156		902,901
	BioMarin Pharmaceutical, Inc.*	3,200		157,600
	Celgene Corp.*	11,825		930,864
	Cepheid, Inc.(a)*	1,603		54,197
	Cubist Pharmaceuticals, Inc.*	1,600		67,296
	Gilead Sciences, Inc.*	21,342		1,567,570
	Incyte Corp. Ltd.(a)*	2,960		49,166
	Medivation, Inc.*	2,096		107,231
	Myriad Genetics, Inc.*	2,380		64,855
	Onyx Pharmaceuticals, Inc.(a)*	1,900		143,507
	Regeneron Pharmaceuticals, Inc.*	2,300		393,461
	Seattle Genetics, Inc.(a)*	2,487		57,698
	Theravance, Inc.(a)*	237		5,278
	United Therapeutics Corp.*	1,200		64,104
	Vertex Pharmaceuticals, Inc.*	6,050		253,737
				7,321,169
Building Products — 0.2%
	A.O. Smith Corp.	1,050		66,224
	Armstrong World Industries, Inc.(a)	770		39,062
	Fortune Brands Home & Security, Inc.*	4,200		122,724
	Lennox International, Inc.	1,292		67,856
	Masco Corp.	9,000		149,940
	Owens Corning*	2,988		110,526
	Simpson Manufacturing Co., Inc.(a)	1,400		45,906
	USG Corp.(a)*	1,500		42,105
				644,343
Capital Markets — 2.0%
	Affiliated Managers Group, Inc.*	1,500		195,225
	American Capital Ltd.*	8,700		104,400
	Ameriprise Financial, Inc.	6,347		397,513
	Bank of New York Mellon Corp. (The)	33,783		868,223
	BlackRock, Inc.	3,883		802,655
	Charles Schwab Corp.(a)	30,835		442,791
	Cohen & Steers, Inc.	764		23,279
	E*Trade Financial Corp.*	5,800		51,910
	Eaton Vance Corp.(a)	3,600		114,660
	Federated Investors, Inc., Class B(a)	2,300		46,529
	Franklin Resources, Inc.	4,200		527,940
	Goldman Sachs Group, Inc. (The)	13,092		1,670,015
	Invesco Ltd.	12,100		315,689
	Janus Capital Group, Inc.(a)	4,300		36,636
	Jefferies Group, Inc.	3,600		66,852
	Knight Capital Group, Inc., Class A*	463		1,625

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Capital Markets (Continued)
	Lazard Ltd., Class A	1,424	$	42,492
	Legg Mason, Inc.(a)	3,600		92,592
	LPL Financial Holdings, Inc.	1,500		42,240
	Morgan Stanley	41,465		792,811
	Northern Trust Corp.	6,380		320,021
	Raymond James Financial, Inc.	3,300		127,149
	SEI Investments Co.	3,800		88,692
	State Street Corp.	13,238		622,318
	Stifel Financial Corp.*	1,200		38,364
	T Rowe Price Group, Inc.	6,761		440,344
	TD Ameritrade Holding Corp.	6,478		108,895
	Waddell & Reed Financial, Inc., Class A(a)	2,117		73,714
				8,455,574
Chemicals — 2.6%
	A. Schulman, Inc.	200		5,786
	Air Products & Chemicals, Inc.	5,972		501,767
	Airgas, Inc.	2,000		182,580
	Albemarle Corp.	2,581		160,332
	Ashland, Inc.	2,082		167,414
	Cabot Corp.	1,800		71,622
	Celanese Corp., Series A	4,400		195,932
	CF Industries Holdings, Inc.	1,924		390,880
	Chemtura Corp.*	650		13,819
	Cytec Industries, Inc.	1,300		89,479
	Dow Chemical Co. (The)	31,913		1,031,428
	Eastman Chemical Co.	3,736		254,235
	Ecolab, Inc.	8,199		589,508
	EI Du Pont de Nemours & Co.	25,434		1,143,767
	FMC Corp.	3,800		222,376
	Georgia Gulf Corp.	100		4,128
	H.B. Fuller Co.	1,500		52,230
	Huntsman Corp.	5,900		93,810
	International Flavors & Fragrances, Inc.	2,400		159,696
	Intrepid Potash, Inc.(a)	1,600		34,064
	LyondellBasell Industries NV, Class A	7,720		440,735
	Minerals Technologies, Inc.	1,200		47,904
	Monsanto Co.	14,704		1,391,733
	Mosaic Co. (The)	7,700		436,051
	NewMarket Corp.(a)	400		104,880
	Olin Corp.(a)	2,100		45,339
	PolyOne Corp.	2,300		46,966
	PPG Industries, Inc.	4,300		582,005
	Praxair, Inc.	8,109		887,530
	Rockwood Holdings, Inc.	2,100		103,866
	RPM International, Inc.	3,500		102,760
	Scotts Miracle-Gro Co. (The), Class A	1,300		57,265
	Sensient Technologies Corp.	1,400		49,784
	Sherwin Williams Co. (The)	2,500		384,550
	Sigma-Aldrich Corp.(a)	3,500		257,530
	Valspar Corp.	2,600		162,240
	W.R. Grace & Co.*	2,044		137,418
	Westlake Chemical Corp.	1,436		113,875
				10,717,284
Commercial Banks — 2.9%
	Associated Banc-Corp.(a)	4,819		63,225
	Bancorpsouth, Inc.	1,900		27,626
	Bank of Hawaii Corp.	1,200		52,860
	BB&T Corp.	20,004		582,316
	BOK Financial Corp.	696		37,904
	CapitalSource, Inc.	6,700		50,786
	Cathay General Bancorp	2,343		45,689
	Chemical Financial Corp.(a)	158		3,754
	CIT Group, Inc.*	4,915		189,916
	City National Corp.(a)	1,300		64,376
	Comerica, Inc.	5,200		157,768
	Commerce Bancshares, Inc.	2,204		77,270
	Cullen/Frost Bankers, Inc.(a)	1,600		86,832
	East West Bancorp, Inc.	3,900		83,811
	Fifth Third Bancorp	24,907		378,337
	First Horizon National Corp.(a)	7,245		71,798
	First Niagara Financial Group, Inc.	9,560		75,811
	First Republic Bank	1,500		49,170
	FirstMerit Corp.	3,043		43,180
	FNB Corp.(a)	3,051		32,402
	Fulton Financial Corp.	6,667		64,070
	Glacier Bancorp, Inc.(a)	600		8,826
	Hancock Holding Co.	2,100		66,654
	Huntington Bancshares, Inc.	22,492		143,724
	Iberiabank Corp.(a)	691		33,942
	International Bancshares Corp.	1,350		24,368
	Investors Bancorp, Inc.	1,700		30,226
	KeyCorp	24,200		203,764
	M&T Bank Corp.	3,168		311,953
	MB Financial, Inc.	1,200		23,700
	National Penn Bancshares, Inc.(a)	2,100		19,572
	Old National Bancorp	1,685		20,001
	PNC Financial Services Group, Inc.	14,967		872,726
	Popular, Inc.*	1,056		21,954
	Prosperity Bancshares, Inc.(a)	1,500		63,000
	Regions Financial Corp.	31,928		227,327
	Signature Bank(a)*	1,400		99,876
	SunTrust Banks, Inc.	15,536		440,446
	Susquehanna Bancshares, Inc.	3,200		33,536
	SVB Financial Group*	1,200		67,164
	Synovus Financial Corp.(a)	6,398		15,675
	TCF Financial Corp.(a)	4,000		48,600
	Texas Capital Bancshares, Inc.*	727		32,584
	Trustmark Corp.(a)	1,900		42,674
	UMB Financial Corp.(a)	1,100		48,224
	Umpqua Holdings Corp.	3,100		36,549
	United Bankshares, Inc.(a)	1,500		36,480
	US Bancorp	53,625		1,712,782
	Valley National Bancorp(a)	4,438		41,273
	Webster Financial Corp.	1,710		35,141
	Wells Fargo & Co.	140,820		4,813,228
	WesBanco, Inc.(a)	100		2,222
	Westamerica Bancorporation(a)	900		38,331
	Wintrust Financial Corp.(a)	800		29,360
	Zions Bancorporation	4,860		104,004
				11,988,787
Commercial Services & Supplies — 0.7%
	ADT Corp. (The)	6,178		287,215
	Avery Dennison Corp.(a)	2,900		101,268
	Cintas Corp.	3,292		134,643
	Clean Harbors, Inc.*	1,200		66,012
	Copart, Inc.*	2,900		85,550
	Corrections Corp. of America	3,000		106,410
	Covanta Holding Corp.	4,090		75,338
	Deluxe Corp.(a)	1,100		35,464
	Geo Group, Inc. (The)	1,958		55,216
	Iron Mountain, Inc.	4,095		127,150
	KAR Auction Services, Inc.	609		12,326
	Mine Safety Appliances Co.	1,100		46,981
	Pitney Bowes, Inc.(a)	5,600		59,584
	R.R. Donnelley & Sons Co.(a)	5,200		46,800
	Republic Services, Inc.	8,585		251,798
	Rollins, Inc.(a)	2,005		44,190

 

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Commercial Services & Supplies (Continued)
	Steelcase, Inc., Class A	1,272	$	16,205
	Stericycle, Inc.*	2,294		213,961
	Tetra Tech, Inc.*	1,800		47,610
	Tyco International Ltd.	12,357		361,442
	UniFirst Corp.	477		34,974
	Waste Connections, Inc.(a)	3,237		109,378
	Waste Management, Inc.(a)	12,078		407,512
				2,727,027
Communications Equipment — 1.8%
	Arris Group, Inc.*	3,550		53,037
	Aruba Networks, Inc.(a)*	2,700		56,025
	Brocade Communications Systems, Inc.*	11,756		62,659
	Cisco Systems, Inc.	143,621		2,822,153
	EchoStar Corp., Class A*	1,380		47,224
	F5 Networks, Inc.*	2,200		213,730
	Harris Corp.	3,200		156,672
	JDS Uniphase Corp.*	5,800		78,532
	Juniper Networks, Inc.*	15,256		300,086
	Loral Space & Communications, Inc.	365		19,951
	Motorola Solutions, Inc.	6,989		389,147
	Netgear, Inc.(a)*	1,000		39,420
	Plantronics, Inc.	1,300		47,931
	Polycom, Inc.*	4,800		50,208
	QUALCOMM, Inc.	47,664		2,956,121
	Riverbed Technology, Inc.*	4,100		80,852
	Tellabs, Inc.	10,354		23,607
	Viasat, Inc.(a)*	1,100		42,790
				7,440,145
Computers & Peripherals — 4.3%
	3D Systems Corp.(a)*	1,100		58,685
	Apple, Inc.	25,557		13,622,648
	Dell, Inc.	41,690		422,320
	Diebold, Inc.(a)	1,500		45,915
	Electronics for Imaging, Inc.*	99		1,880
	EMC Corp.*	58,549		1,481,289
	Hewlett-Packard Co.	54,850		781,612
	Lexmark International, Inc., Class A(a)	1,900		44,061
	NCR Corp.*	4,400		112,112
	NetApp, Inc.*	10,074		337,983
	SanDisk Corp.*	6,600		287,496
	Seagate Technology PLC	11,100		338,328
	Western Digital Corp.	6,300		267,687
				17,802,016
Construction & Engineering — 0.3%
	Aecom Technology Corp.*	2,900		69,020
	EMCOR Group, Inc.	1,400		48,454
	Fluor Corp.	4,700		276,078
	Jacobs Engineering Group, Inc.*	3,693		157,211
	KBR, Inc.	4,376		130,930
	MasTec, Inc.*	2,200		54,846
	Quanta Services, Inc.*	5,834		159,210
	Shaw Group, Inc. (The)*	1,700		79,237
	URS Corp.	2,200		86,372
				1,061,358
Construction Materials — 0.1%
	Eagle Materials, Inc.	1,100		64,350
	Martin Marietta Materials, Inc.(a)	1,200		113,136
	Vulcan Materials Co.	3,291		171,297
				348,783
Consumer Finance — 0.8%
	American Express Co.	27,856		1,601,163
	Capital One Financial Corp.	14,226		824,112
	Cash America International, Inc.	700		27,769
	Credit Acceptance Corp.*	318		32,334
	Discover Financial Services	14,736		568,073
	Nelnet, Inc., Class A	600		17,874
	Portfolio Recovery Associates, Inc.*	500		53,430
	SLM Corp.	13,453		230,450
				3,355,205
Containers & Packaging — 0.3%
	Aptargroup, Inc.(a)	2,100		100,212
	Ball Corp.	4,385		196,229
	Bemis Co., Inc.	3,200		107,072
	Crown Holdings, Inc.*	4,100		150,921
	Graphic Packaging Holding Co.*	5,578		36,034
	Greif, Inc., Class A	600		26,700
	Owens-Illinois, Inc.*	5,000		106,350
	Packaging Corp. of America	2,800		107,716
	Rock-Tenn Co., Class A	1,989		139,051
	Sealed Air Corp.(a)	3,900		68,289
	Silgan Holdings, Inc.	1,277		53,110
	Sonoco Products Co.	2,400		71,352
				1,163,036
Distributors — 0.1%
	Genuine Parts Co.(a)	4,405		280,070
	LKQ Corp.*	7,800		164,580
	Pool Corp.(a)	1,200		50,784
				495,434
Diversified Consumer Services — 0.1%
	Apollo Group, Inc., Class A*	2,750		57,530
	Coinstar, Inc.(a)*	1,000		52,010
	DeVry, Inc.(a)	1,900		45,087
	H&R Block, Inc.	8,200		152,274
	Hillenbrand, Inc.	1,000		22,610
	Service Corp. International	5,765		79,615
	Sotheby's, Class A(a)	1,900		63,878
	Weight Watchers International, Inc.(a)	637		33,353
				506,357
Diversified Financial Services — 3.1%
	Bank of America Corp.	302,087		3,504,209
	CBOE Holdings, Inc.	2,300		67,758
	Citigroup, Inc.	83,266		3,294,003
	CME Group, Inc.	8,910		451,826
	IntercontinentalExchange, Inc.*	2,100		260,001
	JPMorgan Chase & Co.	106,894		4,700,129
	Leucadia National Corp.	6,400		152,256
	Moody's Corp.	5,500		276,760
	MSCI, Inc., Class A*	3,162		97,991
	NASDAQ OMX Group, Inc. (The)	3,400		85,034
	NYSE Euronext	6,700		211,318
				13,101,285
Diversified Telecommunication Services — 2.4%
	AT&T, Inc.	156,925		5,289,942
	CenturyLink, Inc.	17,085		668,365
	Frontier Communications Corp.(a)	27,599		118,124
	Level 3 Communications, Inc.(a)*	3,888		89,851
	tw telecom, Inc.*	4,150		105,700
	Verizon Communications, Inc.	79,614		3,444,898
	Windstream Corp.(a)	14,992		124,134
				9,841,014
Electric Utilities — 1.9%
	Allete, Inc.	1,000		40,980
	American Electric Power Co., Inc.	13,500		576,180

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Electric Utilities (Continued)
	Cleco Corp.	1,800	$	72,018
	Duke Energy Corp.	19,525		1,245,695
	Edison International	8,608		388,996
	El Paso Electric Co.	1,200		38,292
	Entergy Corp.	4,600		293,250
	Exelon Corp.	23,383		695,410
	FirstEnergy Corp.	11,801		492,810
	Great Plains Energy, Inc.	3,484		70,760
	Hawaiian Electric Industries, Inc.(a)	2,800		70,392
	IDACORP, Inc.	1,400		60,690
	ITC Holdings Corp.(a)	1,518		116,749
	MGE Energy, Inc.(a)	500		25,475
	NextEra Energy, Inc.	11,012		761,920
	Northeast Utilities	8,340		325,927
	NV Energy, Inc.	7,100		128,794
	OGE Energy Corp.	2,900		163,299
	Pepco Holdings, Inc.(a)	6,200		121,582
	Pinnacle West Capital Corp.	3,200		163,136
	PNM Resources, Inc.(a)	2,100		43,071
	Portland General Electric Co.	2,100		57,456
	PPL Corp.	15,800		452,354
	Southern Co. (The)	24,358		1,042,766
	UIL Holdings Corp.	1,433		51,316
	UNS Energy Corp.(a)	1,100		46,662
	Westar Energy, Inc.	3,298		94,389
	Xcel Energy, Inc.	13,900		371,269
				8,011,638
Electrical Equipment — 0.8%
	Acuity Brands, Inc.(a)	1,000		67,730
	AMETEK, Inc.	6,862		257,805
	Babcock & Wilcox Co. (The)	2,750		72,050
	Belden, Inc.(a)	1,500		67,485
	Brady Corp., Class A(a)	1,600		53,440
	Eaton Corp. PLC	12,387		671,375
	Emerson Electric Co.	19,801		1,048,661
	EnerSys, Inc.*	1,800		67,734
	Franklin Electric Co., Inc.	600		37,302
	Generac Holdings, Inc.	1,000		34,310
	General Cable Corp.*	1,400		42,574
	GrafTech International Ltd.(a)*	3,700		34,743
	Hubbell, Inc., Class B	1,505		127,368
	II-VI, Inc.*	1,100		20,097
	Polypore International, Inc.(a)*	1,200		55,800
	Regal-Beloit Corp.	1,100		77,517
	Rockwell Automation, Inc.	4,144		348,055
	Roper Industries, Inc.	2,800		312,144
				3,396,190
Electronic Equipment, Instruments & Components — 0.6%
	Amphenol Corp., Class A	4,703		304,284
	Anixter International, Inc.	800		51,184
	Arrow Electronics, Inc.*	3,100		118,048
	Avnet, Inc.*	4,122		126,175
	Cognex Corp.	1,000		36,820
	Corning, Inc.	42,544		536,905
	Daktronics, Inc.	100		1,107
	Dolby Laboratories, Inc., Class A(a)	1,500		43,995
	FEI Co.(a)	800		44,368
	FLIR Systems, Inc.	4,400		98,164
	Ingram Micro, Inc., Class A*	4,200		71,064
	IPG Photonics Corp.(a)	700		46,655
	Itron, Inc.(a)*	1,000		44,550
	Jabil Circuit, Inc.	4,900		94,521
	Molex, Inc.	1,500		40,995
	Molex, Inc., Class A	2,000		44,640
	National Instruments Corp.	2,775		71,623
	OSI Systems, Inc.*	500		32,020
	TE Connectivity Ltd.	11,761		436,568
	Tech Data Corp.*	1,300		59,189
	Trimble Navigation Ltd.*	3,514		210,067
	Vishay Intertechnology, Inc.(a)*	4,830		51,343
				2,564,285
Energy Equipment & Services — 1.9%
	Atwood Oceanics, Inc.(a)*	1,800		82,422
	Baker Hughes, Inc.	11,956		488,283
	Bristow Group, Inc.	900		48,294
	Cameron International Corp.*	7,099		400,810
	CARBO Ceramics, Inc.	600		47,004
	Core Laboratories NV	1,279		139,808
	Diamond Offshore Drilling, Inc.	2,000		135,920
	Dresser-Rand Group, Inc.(a)*	1,900		106,666
	Dril-Quip, Inc.*	900		65,745
	FMC Technologies, Inc.*	6,933		296,940
	Halliburton Co.	25,240		875,576
	Helix Energy Solutions Group, Inc.*	2,601		53,685
	Helmerich & Payne, Inc.	3,200		179,232
	Lufkin Industries, Inc.(a)	911		52,956
	McDermott International, Inc.*	6,400		70,528
	Nabors Industries Ltd.*	8,100		117,045
	National Oilwell Varco, Inc.	11,807		807,008
	Oceaneering International, Inc.	3,200		172,128
	Oil States International, Inc.*	1,400		100,156
	Patterson-UTI Energy, Inc.(a)	4,300		80,109
	Rowan Companies PLC, Class A*	3,600		112,572
	Schlumberger Ltd.	37,072		2,568,719
	SEACOR Holdings, Inc.	500		41,900
	Superior Energy Services, Inc.*	3,984		82,548
	Tidewater, Inc.	1,400		62,552
	Transocean Ltd.	9,200		410,780
	Unit Corp.*	1,300		58,565
	Weatherford International Ltd.*	21,400		239,466
				7,897,417
Food & Staples Retailing — 2.1%
	Casey's General Stores, Inc.(a)	1,211		64,304
	Costco Wholesale Corp.	12,120		1,197,092
	CVS Caremark Corp.	34,429		1,664,642
	Fresh Market, Inc. (The)(a)*	1,100		52,899
	Harris Teeter Supermarkets, Inc.(a)	1,400		53,984
	Kroger Co. (The)	14,283		371,644
	PriceSmart, Inc.(a)	400		30,820
	Safeway, Inc.(a)	7,235		130,881
	Sysco Corp.	16,526		523,213
	United Natural Foods, Inc.(a)*	1,100		58,949
	Wal-Mart Stores, Inc.	50,725		3,460,967
	Walgreen Co.	23,852		882,763
	Weis Markets, Inc.(a)	600		23,502
	Whole Foods Market, Inc.	4,800		438,384
				8,954,044
Food Products — 1.8%
	Archer-Daniels-Midland Co.	18,677		511,563
	B&G Foods, Inc.(a)	1,370		38,785
	Bunge Ltd.	3,900		283,491
	Campbell Soup Co.(a)	5,400		188,406
	ConAgra Foods, Inc.	12,027		354,797
	Darling International, Inc.*	3,167		50,799
	Dean Foods Co.*	5,184		85,588
	Flowers Foods, Inc.	3,105		72,253

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Food Products (Continued)
	Fresh Del Monte Produce, Inc.	1,100	$	28,985
	General Mills, Inc.	17,920		724,147
	Green Mountain Coffee Roasters, Inc.(a)*	3,700		153,032
	Hain Celestial Group, Inc. (The)(a)*	1,400		75,908
	Hershey Co. (The)	4,400		317,768
	Hillshire Brands Co.	3,196		89,935
	HJ Heinz Co.	8,983		518,139
	Hormel Foods Corp.(a)	4,295		134,047
	Ingredion, Inc.	2,100		135,303
	J.M. Smucker Co. (The)	3,329		287,093
	Kellogg Co.	7,000		390,950
	Kraft Foods Group, Inc.	15,190		690,689
	Lancaster Colony Corp.	400		27,676
	McCormick & Co., Inc.	3,500		222,355
	Mead Johnson Nutrition Co.	5,800		382,162
	Mondelez International, Inc., Class A	46,071		1,173,428
	Pilgrim's Pride Corp.(a)*	400		2,900
	Post Holdings, Inc.*	720		24,660
	Ralcorp Holdings, Inc.*	1,500		134,475
	Smithfield Foods, Inc.*	4,200		90,594
	Snyders-Lance, Inc.(a)	954		23,001
	Tootsie Roll Industries, Inc.(a)	692		17,937
	TreeHouse Foods, Inc.(a)*	1,116		58,177
	Tyson Foods, Inc., Class A	8,302		161,059
				7,450,102
Gas Utilities — 0.2%
	AGL Resources, Inc.	3,357		134,179
	Atmos Energy Corp.	2,600		91,312
	National Fuel Gas Co.	2,000		101,380
	New Jersey Resources Corp.(a)	1,150		45,563
	Northwest Natural Gas Co.(a)	645		28,509
	ONEOK, Inc.	5,700		243,675
	Piedmont Natural Gas Co., Inc.	2,300		72,013
	Questar Corp.	5,200		102,752
	South Jersey Industries, Inc.	800		40,264
	Southwest Gas Corp.	1,000		42,410
	UGI Corp.	3,010		98,457
	WGL Holdings, Inc.(a)	1,400		54,866
				1,055,380
Health Care Equipment & Supplies — 2.5%
	Abbott Laboratories	43,619		2,857,045
	Alere, Inc.*	2,200		40,700
	Align Technology, Inc.(a)*	1,900		52,725
	Baxter International, Inc.	14,944		996,167
	Becton Dickinson and Co.	5,360		419,098
	Boston Scientific Corp.*	40,495		232,036
	CareFusion Corp.*	5,900		168,622
	Cooper Companies, Inc. (The)	1,446		133,726
	Covidien PLC	13,470		777,758
	CR Bard, Inc.	2,192		214,246
	Cyberonics, Inc.*	600		31,518
	DENTSPLY International, Inc.	3,734		147,904
	Edwards Lifesciences Corp.*	3,200		288,544
	Haemonetics Corp.*	1,600		65,344
	Hill-Rom Holdings, Inc.	1,606		45,771
	Hologic, Inc.*	6,896		138,127
	Idexx Laboratories, Inc.(a)*	1,600		148,480
	Integra LifeSciences Holdings Corp.*	91		3,546
	Intuitive Surgical, Inc.*	1,100		539,407
	Masimo Corp.(a)	1,401		29,435
	Medtronic, Inc.	27,564		1,130,675
	ResMed, Inc.(a)	4,200		174,594
	Sirona Dental Systems, Inc.*	1,600		103,136
	St. Jude Medical, Inc.	8,873		320,670
	STERIS Corp.	1,600		55,568
	Stryker Corp.	8,500		465,970
	Teleflex, Inc.	1,064		75,874
	Thoratec Corp.(a)*	1,658		62,208
	Varian Medical Systems, Inc.(a)*	3,000		210,720
	West Pharmaceutical Services, Inc.(a)	800		43,800
	Zimmer Holdings, Inc.	4,880		325,301
				10,298,715
Health Care Providers & Services — 2.0%
	Aetna, Inc.	9,200		425,960
	Air Methods Corp.(a)	1,200		44,268
	AmerisourceBergen Corp.	7,236		312,450
	Brookdale Senior Living, Inc.*	2,500		63,300
	Cardinal Health, Inc.	9,735		400,887
	Centene Corp.*	1,200		49,200
	Chemed Corp.(a)	700		48,013
	CIGNA Corp.	7,600		406,296
	Community Health Systems, Inc.	2,200		67,628
	Coventry Health Care, Inc.	3,950		177,079
	DaVita HealthCare Partners, Inc.*	2,700		298,431
	Express Scripts Holding Co.*	22,181		1,197,774
	HCA Holdings, Inc.	5,040		152,057
	Health Management Associates, Inc., Class A*	6,472		60,319
	Health Net, Inc.*	2,200		53,460
	Healthsouth Corp.(a)*	2,658		56,110
	Henry Schein, Inc.(a)*	2,586		208,070
	Humana, Inc.	4,424		303,619
	Laboratory Corp. of America Holdings*	2,700		233,874
	LifePoint Hospitals, Inc.*	1,533		57,871
	Magellan Health Services, Inc.*	900		44,100
	McKesson Corp.	6,500		630,240
	Mednax, Inc.(a)*	1,400		111,328
	MWI Veterinary Supply, Inc.*	339		37,290
	Omnicare, Inc.(a)	3,300		119,130
	Owens & Minor, Inc.(a)	1,650		47,042
	Patterson Cos., Inc.(a)	2,515		86,088
	Quest Diagnostics, Inc.	4,415		257,262
	Select Medical Holdings Corp.	1,900		17,917
	Team Health Holdings, Inc.*	500		14,385
	Tenet Healthcare Corp.*	3,125		101,469
	UnitedHealth Group, Inc.	28,846		1,564,607
	Universal Health Services, Inc., Class B	2,600		125,710
	VCA Antech, Inc.(a)*	2,600		54,730
	WellCare Health Plans, Inc.*	1,093		53,218
	WellPoint, Inc.	8,392		511,241
				8,392,423
Health Care Technology — 0.1%
	Allscripts Healthcare Solutions, Inc.*	4,343		40,911
	athenahealth, Inc.*	1,111		81,603
	Cerner Corp.*	3,900		302,796
				425,310
Hotels, Restaurants & Leisure — 1.9%
	Bally Technologies, Inc.*	1,100		49,181
	Brinker International, Inc.	1,850		57,332
	Buffalo Wild Wings, Inc.(a)*	400		29,128
	Carnival Corp.	12,634		464,552
	Cheesecake Factory, Inc. (The)(a)	1,750		57,260
	Chipotle Mexican Grill, Inc.*	800		237,968
	Choice Hotels International, Inc.(a)	700		23,534
	Cracker Barrel Old Country Store, Inc.	500		32,130
	Darden Restaurants, Inc.	3,300		148,731

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (Continued)
	Domino's Pizza, Inc.	1,290	$	56,180
	Hyatt Hotels Corp., Class A(a)*	1,000		38,570
	International Game Technology	7,300		103,441
	International Speedway Corp., Class A(a)	300		8,286
	Las Vegas Sands Corp.	11,500		530,840
	Life Time Fitness, Inc.(a)*	1,300		63,973
	Marriott International, Inc., Class A	7,066		263,350
	Marriott Vacations Worldwide Corp.*	751		31,294
	McDonald's Corp.	26,684		2,353,796
	MGM Resorts International*	9,600		111,744
	Panera Bread Co., Class A*	700		111,181
	Papa John's International, Inc.*	500		27,470
	Royal Caribbean Cruises Ltd.	4,000		136,000
	Six Flags Entertainment Corp.	1,126		68,911
	Starbucks Corp.	20,100		1,077,762
	Starwood Hotels & Resorts Worldwide, Inc.	5,700		326,952
	Texas Roadhouse, Inc.	1,354		22,747
	Vail Resorts, Inc.(a)	1,000		54,090
	Wendy's Co. (The)(a)	9,400		44,180
	Wyndham Worldwide Corp.	4,421		235,241
	Wynn Resorts Ltd.	1,864		209,681
	Yum! Brands, Inc.	12,800		849,920
				7,825,425
Household Durables — 0.5%
	DR Horton, Inc.	8,800		174,064
	Garmin Ltd.(a)	3,286		134,135
	Harman International Industries, Inc.	1,900		84,816
	Jarden Corp.*	2,655		137,263
	Kid Brands, Inc.(a)*	100		155
	Leggett & Platt, Inc.(a)	4,300		117,046
	Lennar Corp., Class A(a)	4,200		162,414
	M.D.C. Holdings, Inc.	929		34,150
	Meritage Homes Corp.*	700		26,145
	Mohawk Industries, Inc.*	1,843		166,736
	Newell Rubbermaid, Inc.	8,200		182,614
	NVR, Inc.*	100		92,000
	PulteGroup, Inc.*	9,847		178,822
	Ryland Group, Inc. (The)(a)	1,100		40,150
	Standard Pacific Corp.(a)*	2,600		19,110
	Tempur-Pedic International, Inc.*	1,800		56,682
	Toll Brothers, Inc.*	4,500		145,485
	Tupperware Brands Corp.	1,700		108,970
	Whirlpool Corp.	2,067		210,317
				2,071,074
Household Products — 1.9%
	Central Garden and Pet Co., Class A*	200		2,090
	Church & Dwight Co., Inc.	4,100		219,637
	Clorox Co. (The)	3,466		253,780
	Colgate-Palmolive Co.	13,057		1,364,979
	Energizer Holdings, Inc.	1,900		151,962
	Kimberly-Clark Corp.	10,929		922,735
	Procter & Gamble Co. (The)	74,738		5,073,963
	Spectrum Brands Holdings, Inc.*	817		36,708
				8,025,854
Independent Power Producers & Energy Traders — 0.1%
	AES Corp.	18,700		200,090
	Calpine Corp.*	8,894		161,248
	NRG Energy, Inc.	7,048		162,032
				523,370
Industrial Conglomerates — 2.1%
	3M Co.	18,377		1,706,304
	Carlisle Cos., Inc.	1,635		96,073
	Danaher Corp.	16,451		919,611
	General Electric Co.	295,028		6,192,638
				8,914,626
Insurance — 3.9%
	ACE Ltd.	9,674		771,985
	Aflac, Inc.	13,236		703,096
	Alleghany Corp.*	127		42,598
	Allied World Assurance Co., Holdings Ltd.	1,000		78,800
	Allstate Corp.	13,443		540,005
	Alterra Capital Holdings Ltd.	2,083		58,720
	American Financial Group, Inc.	1,900		75,088
	American International Group, Inc.*	15,909		561,588
	American National Insurance Co.	189		12,907
	Amtrust Financial Services, Inc.(a)	200		5,738
	Aon PLC	8,385		466,206
	Arch Capital Group Ltd.*	3,938		173,351
	Arthur J Gallagher & Co.	3,200		110,880
	Aspen Insurance Holdings Ltd.	2,100		67,368
	Assurant, Inc.	2,400		83,280
	Assured Guaranty Ltd.	4,400		62,612
	Axis Capital Holdings Ltd.	3,400		117,776
	Berkshire Hathaway, Inc., Class B*	49,185		4,411,894
	Brown & Brown, Inc.	3,300		84,018
	Chubb Corp. (The)	7,407		557,895
	Cincinnati Financial Corp.(a)	4,614		180,684
	CNA Financial Corp.	6,891		193,017
	CNO Financial Group, Inc.(a)	6,200		57,846
	Endurance Specialty Holdings Ltd.	1,200		47,628
	Enstar Group Ltd.(a)*	300		33,594
	Erie Indemnity Co., Class A	830		57,453
	Everest Re Group Ltd.	1,400		153,930
	FBL Financial Group, Inc., Class A(a)	90		3,079
	Fidelity National Financial, Inc., Class A	6,204		146,104
	First American Financial Corp.	3,300		79,497
	Genworth Financial, Inc., Class A*	12,500		93,875
	Hanover Insurance Group, Inc. (The)	1,100		42,614
	Hartford Financial Services Group, Inc.	12,100		271,524
	HCC Insurance Holdings, Inc.	2,761		102,737
	Kemper Corp.(a)	1,200		35,400
	Lincoln National Corp.	8,333		215,825
	Loews Corp.	8,959		365,079
	Markel Corp.*	211		91,452
	Marsh & McLennan Cos., Inc.	15,400		530,838
	MBIA, Inc.(a)*	3,900		30,615
	Mercury General Corp.	800		31,752
	MetLife, Inc.	23,492		773,826
	Montpelier Re Holdings Ltd.	1,300		29,718
	Old Republic International Corp.	5,500		58,575
	OneBeacon Insurance Group Ltd., Class A	300		4,170
	PartnerRe Ltd.	1,867		150,275
	Platinum Underwriters Holdings Ltd.	1,200		55,200
	Primerica, Inc.	800		24,008
	Principal Financial Group, Inc.	8,200		233,864
	ProAssurance Corp.	1,800		75,942
	Progressive Corp. (The)	16,400		346,040
	Protective Life Corp.(a)	2,200		62,876
	Prudential Financial, Inc.	13,134		700,436
	Reinsurance Group of America, Inc.	2,081		111,375
	RenaissanceRe Holdings Ltd.	1,400		113,764
	RLI Corp.(a)	500		32,330
	StanCorp Financial Group, Inc.	1,400		51,338
	Torchmark Corp.	2,700		139,509
	Travelers Companies, Inc. (The)	10,528		756,121
	Unum Group	8,151		169,704

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Insurance (Continued)
	Validus Holdings Ltd.	1,741	$	60,204
	Willis Group Holdings PLC	4,700		157,591
	WR Berkley Corp.	3,405		128,505
	XL Group PLC	8,756		219,425
				16,205,144
Internet & Catalog Retail — 1.0%
	Amazon.com, Inc.*	10,049		2,523,706
	Expedia, Inc.	2,664		163,703
	HSN, Inc.(a)	900		49,572
	Liberty Media Corp. - Interactive, Class A*	15,637		307,736
	Liberty Ventures, Series A*	781		52,921
	NetFlix, Inc.(a)*	1,500		139,170
	Priceline.com, Inc.*	1,331		826,817
	TripAdvisor, Inc.*	1,964		82,409
				4,146,034
Internet Software & Services — 2.1%
	Akamai Technologies, Inc.*	5,154		210,850
	AOL, Inc.*	3,127		92,591
	CoStar Group, Inc.(a)*	765		68,368
	Dealertrack Technologies, Inc.(a)*	900		25,848
	eBay, Inc.*	32,708		1,668,762
	Equinix, Inc.*	1,371		282,700
	Google, Inc., Class A*	7,189		5,099,661
	IAC/InterActiveCorp	2,253		106,567
	j2 Global, Inc.(a)	1,500		45,870
	LinkedIn Corp., Class A*	2,200		252,604
	Liquidity Services, Inc.(a)*	250		10,215
	Rackspace Hosting, Inc.(a)*	2,900		215,383
	VeriSign, Inc.*	4,300		166,926
	Yahoo!, Inc.*	33,102		658,730
				8,905,075
IT Services — 3.7%
	Accenture PLC, Class A	21,143		1,406,009
	Acxiom Corp.*	1,500		26,190
	Alliance Data Systems Corp.(a)*	1,500		217,140
	Amdocs Ltd.	4,430		150,576
	Automatic Data Processing, Inc.	13,651		778,244
	Broadridge Financial Solutions, Inc.	3,675		84,084
	CACI International, Inc., Class A*	200		11,006
	Cardtronics, Inc.*	504		11,965
	Cognizant Technology Solutions Corp., Class A*	8,442		625,130
	Computer Sciences Corp.	4,600		184,230
	Convergys Corp.(a)	3,200		52,512
	CoreLogic, Inc.*	2,308		62,131
	DST Systems, Inc.	1,100		66,660
	Fidelity National Information Services, Inc.	6,698		233,157
	Fiserv, Inc.*	3,750		296,362
	FleetCor Technologies, Inc.*	230		12,340
	Gartner, Inc., Class A*	2,400		110,448
	Genpact Ltd.	5,390		83,545
	Global Payments, Inc.	2,380		107,814
	Heartland Payment Systems, Inc.	1,000		29,500
	International Business Machines Corp.	29,394		5,630,421
	Jack Henry & Associates, Inc.	2,400		94,224
	Lender Processing Services, Inc.	2,639		64,972
	Mastercard, Inc., Class A	2,900		1,424,712
	MAXIMUS, Inc.	800		50,576
	NeuStar, Inc., Class A*	1,900		79,667
	Paychex, Inc.(a)	8,962		279,077
	SAIC, Inc.	7,300		82,636
	Sapient Corp.*	3,176		33,539
	Syntel, Inc.	600		32,154
	Teradata Corp.*	4,600		284,694
	Total System Services, Inc.	4,582		98,146
	VeriFone Systems, Inc.(a)*	2,900		86,072
	Visa, Inc., Class A	14,863		2,252,934
	Western Union Co. (The)	17,126		233,085
	WEX, Inc.(a)*	1,100		82,907
				15,358,859
Leisure Equipment & Products — 0.2%
	Brunswick Corp.(a)	1,897		55,184
	Hasbro, Inc.(a)	3,300		118,470
	Mattel, Inc.	9,800		358,876
	Polaris Industries, Inc.	1,800		151,470
				684,000
Life Sciences Tools & Services — 0.6%
	Agilent Technologies, Inc.	9,800		401,212
	Bio-Rad Laboratories, Inc., Class A*	600		63,030
	Bruker Corp.(a)*	300		4,581
	Charles River Laboratories International, Inc.*	1,088		40,767
	Covance, Inc.*	1,900		109,763
	Illumina, Inc.(a)*	3,620		201,236
	Life Technologies Corp.*	4,823		236,713
	Mettler-Toledo International, Inc.*	900		173,970
	Parexel International Corp.(a)*	1,600		47,344
	PerkinElmer, Inc.	2,900		92,046
	Techne Corp.	1,000		68,340
	Thermo Fisher Scientific, Inc.	10,250		653,745
	Waters Corp.*	2,500		217,800
				2,310,547
Machinery — 2.2%
	Actuant Corp., Class A(a)	1,500		41,865
	AGCO Corp.*	2,600		127,712
	Barnes Group, Inc.	1,800		40,428
	Caterpillar, Inc.	17,650		1,581,087
	Chart Industries, Inc.(a)*	800		53,336
	CLARCOR, Inc.	1,300		62,114
	CNH Global NV	16		645
	Colfax Corp.(a)*	1,300		52,455
	Crane Co.	1,500		69,420
	Cummins, Inc.	4,900		530,915
	Deere & Co.	10,166		878,546
	Donaldson Co., Inc.	4,200		137,928
	Dover Corp.	5,100		335,121
	Flowserve Corp.	1,500		220,200
	Gardner Denver, Inc.	1,500		102,750
	Graco, Inc.	1,550		79,809
	Harsco Corp.(a)	2,000		47,000
	IDEX Corp.	2,100		97,713
	Illinois Tool Works, Inc.	11,400		693,234
	Ingersoll Rand PLC	8,311		398,596
	ITT Corp.	2,544		59,682
	Joy Global, Inc.	2,900		184,962
	Kennametal, Inc.(a)	2,100		84,000
	Lincoln Electric Holdings, Inc.	2,243		109,189
	Manitowoc Co., Inc. (The)(a)	3,300		51,744
	Middleby Corp.(a)*	500		64,105
	Mueller Industries, Inc.	1,000		50,030
	Nordson Corp.	1,500		94,680
	Oshkosh Corp.*	2,600		77,090
	PACCAR, Inc.	9,309		420,860
	Pall Corp.	3,200		192,832
	Parker Hannifin Corp.	4,209		358,017
	Pentair Ltd.	5,664		278,386

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Machinery (Continued)
	Robbins & Myers, Inc.(a)	1,056	$	62,779
	Sauer-Danfoss, Inc.	526		28,073
	Snap-On, Inc.	1,600		126,384
	SPX Corp.	1,400		98,210
	Stanley Black & Decker, Inc.	4,622		341,889
	Terex Corp.(a)*	2,600		73,086
	Timken Co.	2,600		124,358
	Toro Co. (The)	1,727		74,226
	Trinity Industries, Inc.	2,400		85,968
	Valmont Industries, Inc.	700		95,585
	WABCO Holdings, Inc.*	1,899		123,796
	Wabtec Corp.	1,400		122,556
	Watts Water Technologies, Inc., Class A	900		38,691
	Woodward, Inc.(a)	1,500		57,195
	Xylem, Inc.	5,089		137,912
				9,167,159
Marine — 0.0%
	Kirby Corp.(a)*	1,600		99,024
	Matson, Inc.	1,200		29,664
				128,688
Media — 3.5%
	AMC Networks, Inc., Class A*	1,725		85,387
	Cablevision Systems Corp., Class A(a)	6,000		89,640
	CBS Corp., Class A	1,300		49,374
	CBS Corp., Class B	16,452		625,999
	Charter Communications, Inc., Class A*	1,152		87,828
	Cinemark Holdings, Inc.	2,400		62,352
	Clear Channel Outdoor Holdings, Inc., Class A*	231		1,622
	Comcast Corp., Class A	60,616		2,265,826
	Comcast Corp., Class A Special	14,850		533,857
	CTC Media, Inc.	797		6,201
	DIRECTV*	16,443		824,781
	Discovery Communications, Inc., Class A*	4,020		255,190
	Discovery Communications, Inc., Class C*	2,220		129,870
	DISH Network Corp., Class A	5,500		200,200
	DreamWorks Animation SKG, Inc., Class A(a)*	2,400		39,768
	Gannett Co., Inc.(a)	6,000		108,060
	Interpublic Group of Cos., Inc. (The)	12,095		133,287
	John Wiley & Sons, Inc., Class A	1,300		50,609
	Lamar Advertising Co., Class A(a)*	1,800		69,750
	Liberty Global, Inc., Series A*	3,952		248,936
	Liberty Global, Inc., Series C*	2,973		174,664
	Liberty Media Corp. - Liberty Capital, Class A*	3,257		377,844
	Lions Gate Entertainment Corp.*	1,900		31,160
	Live Nation Entertainment, Inc.*	4,494		41,839
	Madison Square Garden Co. (The), Class A*	1,825		80,939
	McGraw-Hill Companies, Inc. (The)	7,086		387,392
	Meredith Corp.(a)	900		31,005
	Morningstar, Inc.(a)	700		43,981
	New York Times Co. (The), Class A(a)*	700		5,971
	News Corp., Class A	42,444		1,084,020
	News Corp., Class B	12,500		328,000
	Omnicom Group, Inc.	7,300		364,708
	Regal Entertainment Group, Class A(a)	2,586		36,075
	Scripps Networks Interactive, Inc., Class A	2,435		141,035
	Sirius XM Radio, Inc.(a)	97,412		281,521
	Time Warner Cable, Inc.	8,771		852,453
	Time Warner, Inc.	27,300		1,305,759
	Viacom, Inc., Class A	294		15,955
	Viacom, Inc., Class B	12,439		656,033
	Virgin Media, Inc.(a)	7,000		257,250
	Walt Disney Co. (The)	46,092		2,294,921
	Washington Post Co. (The), Class B(a)	100		36,521
				14,697,583
Metals & Mining — 0.8%
	Alcoa, Inc.	30,700		266,476
	Allegheny Technologies, Inc.	2,400		72,864
	Allied Nevada Gold Corp.(a)*	2,115		63,725
	Carpenter Technology Corp.	1,300		67,119
	Cliffs Natural Resources, Inc.(a)	4,187		161,451
	Coeur d'Alene Mines Corp.*	2,464		60,614
	Commercial Metals Co.	3,500		52,010
	Compass Minerals International, Inc.(a)	1,000		74,710
	Freeport-McMoRan Copper & Gold, Inc.	26,333		900,589
	Hecla Mining Co.(a)	5,900		34,397
	Newmont Mining Corp.	13,200		613,008
	Nucor Corp.	8,694		375,407
	Reliance Steel & Aluminum Co.	2,000		124,200
	Royal Gold, Inc.(a)	1,500		121,965
	Southern Copper Corp.	4,604		174,307
	Steel Dynamics, Inc.	5,800		79,634
	United States Steel Corp.(a)	3,923		93,642
	Walter Energy, Inc.(a)	1,775		63,687
	Worthington Industries, Inc.(a)	1,900		49,381
				3,449,186
Multi-Utilities — 1.1%
	Alliant Energy Corp.	3,200		140,512
	Ameren Corp.	7,000		215,040
	Avista Corp.	1,300		31,343
	Black Hills Corp.	1,000		36,340
	Centerpoint Energy, Inc.	11,350		218,488
	CMS Energy Corp.	7,278		177,438
	Consolidated Edison, Inc.	8,198		455,317
	Dominion Resources, Inc.	15,993		828,437
	DTE Energy Co.	4,900		294,245
	Integrys Energy Group, Inc.(a)	2,277		118,905
	MDU Resources Group, Inc.	5,425		115,227
	NiSource, Inc.	7,800		194,142
	NorthWestern Corp.	1,000		34,730
	PG&E Corp.	11,858		476,454
	Public Service Enterprise Group, Inc.	14,121		432,103
	SCANA Corp.(a)	3,400		155,176
	Sempra Energy	6,500		461,110
	TECO Energy, Inc.(a)	5,800		97,208
	Vectren Corp.	1,900		55,860
	Wisconsin Energy Corp.	6,553		241,478
				4,779,553
Multiline Retail — 0.7%
	Big Lots, Inc.*	1,700		48,382
	Dillard's, Inc., Class A	1,096		91,812
	Dollar General Corp.*	6,600		290,994
	Dollar Tree, Inc.*	6,616		268,345
	Family Dollar Stores, Inc.	2,662		168,797
	J.C. Penney Co., Inc.(a)	4,700		92,637
	Kohl's Corp.	6,410		275,502
	Macy's, Inc.	11,300		440,926
	Nordstrom, Inc.	4,600		246,100
	Saks, Inc.(a)*	3,600		37,836
	Sears Canada, Inc.	509		5,128
	Sears Holdings Corp.(a)*	1,189		49,177
	Target Corp.	17,600		1,041,392
				3,057,028

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Office Electronics — 0.1%
	Xerox Corp.	38,122	$	259,992
	Zebra Technologies Corp., Class A*	1,575		61,866
				321,858
Oil, Gas & Consumable Fuels — 8.3%
	Alpha Natural Resources, Inc.(a)*	3,688		35,921
	Anadarko Petroleum Corp.	13,700		1,018,047
	Apache Corp.	10,875		853,688
	Berry Petroleum Co., Class A(a)	1,600		53,680
	Cabot Oil & Gas Corp.	6,000		298,440
	Cheniere Energy, Inc.(a)*	5,300		99,534
	Chesapeake Energy Corp.(a)	18,800		312,456
	Chevron Corp.	53,138		5,746,343
	Cimarex Energy Co.	2,410		139,129
	Cobalt International Energy, Inc.*	4,964		121,916
	Concho Resources, Inc.*	2,800		225,568
	ConocoPhillips	31,480		1,825,525
	Consol Energy, Inc.	6,000		192,600
	Continental Resources, Inc.*	1,100		80,839
	CVR Energy, Inc.(b)*	1,522		—
	Denbury Resources, Inc.*	11,108		179,950
	Devon Energy Corp.	10,849		564,582
	Energen Corp.	2,100		94,689
	Energy XXI Bermuda Ltd.	1,891		60,871
	EOG Resources, Inc.	7,400		893,846
	EQT Corp.	4,277		252,257
	EXCO Resources, Inc.(a)	3,600		24,372
	Exxon Mobil Corp.	129,601		11,216,967
	Gulfport Energy Corp.*	229		8,752
	Hess Corp.	7,800		413,088
	HollyFrontier Corp.	5,894		274,366
	Kinder Morgan, Inc.	23,350		824,956
	Kodiak Oil & Gas Corp.(a)*	6,200		54,870
	Marathon Oil Corp.	19,643		602,254
	Marathon Petroleum Corp.	9,901		623,763
	McMoRan Exploration Co.*	2,587		41,521
	Murphy Oil Corp.	5,221		310,911
	Newfield Exploration Co.*	3,900		104,442
	Noble Energy, Inc.	4,959		504,529
	Oasis Petroleum, Inc.*	1,558		49,544
	Occidental Petroleum Corp.	21,783		1,668,796
	Peabody Energy Corp.	7,900		210,219
	Phillips 66	17,090		907,479
	Pioneer Natural Resources Co.	3,002		319,983
	Plains Exploration & Production Co.*	3,717		174,476
	QEP Resources, Inc.	5,200		157,404
	Range Resources Corp.	4,700		295,301
	Rosetta Resources, Inc.*	1,400		63,504
	SandRidge Energy, Inc.(a)*	10,354		65,748
	Ship Finance International Ltd.(a)	1,200		19,956
	SM Energy Co.	1,900		99,199
	Southwestern Energy Co.*	10,000		334,100
	Spectra Energy Corp.	17,724		485,283
	Targa Resources Corp.	700		36,988
	Teekay Corp.(a)	1,000		32,100
	Tesoro Corp.	3,900		171,795
	Ultra Petroleum Corp.(a)*	4,500		81,585
	Valero Energy Corp.	15,918		543,122
	Western Refining, Inc.(a)	2,000		56,380
	Whiting Petroleum Corp.*	3,200		138,784
	Williams Companies, Inc. (The)	17,500		572,950
	World Fuel Services Corp.(a)	2,000		82,340
	WPX Energy, Inc.*	5,633		83,819
				34,705,527
Paper & Forest Products — 0.2%
	Buckeye Technologies, Inc.	300		8,613
	Domtar Corp.	1,000		83,520
	International Paper Co.	11,845		471,905
	Louisiana-Pacific Corp.*	2,900		56,028
	MeadWestvaco Corp.	5,340		170,186
				790,252
Personal Products — 0.2%
	Avon Products, Inc.	12,500		179,500
	Estee Lauder Companies, Inc. (The), Class A	6,600		395,076
	Herbalife Ltd.(a)	3,200		105,408
	Nu Skin Enterprises, Inc., Class A	1,488		55,130
				735,114
Pharmaceuticals — 4.6%
	Allergan, Inc.	8,100		743,013
	Bristol-Myers Squibb Co.	44,500		1,450,255
	Eli Lilly & Co.	29,300		1,445,076
	Endo Health Solutions, Inc.*	3,209		84,300
	Forest Laboratories, Inc.*	7,847		277,156
	Hospira, Inc.*	4,720		147,453
	Impax Laboratories, Inc.*	1,700		34,833
	Jazz Pharmaceuticals PLC*	1,100		58,520
	Johnson & Johnson	76,095		5,334,260
	Medicines Co. (The)*	1,632		39,119
	Merck & Co., Inc.	85,189		3,487,638
	Mylan, Inc.*	11,825		324,951
	Perrigo Co.(a)	2,300		239,269
	Pfizer, Inc.	199,631		5,006,745
	Questcor Pharmaceuticals, Inc.(a)	1,600		42,752
	Salix Pharmaceuticals Ltd.*	1,600		64,768
	Viropharma, Inc.*	1,800		40,968
	Warner Chilcott PLC, Class A	2,400		28,896
	Watson Pharmaceuticals, Inc.*	3,600		309,600
				19,159,572
Professional Services — 0.2%
	Advisory Board Co. (The)(a)*	1,000		46,790
	Corporate Executive Board Co. (The)	1,000		47,460
	Dun & Bradstreet Corp.(a)	1,200		94,380
	Equifax, Inc.	3,389		183,413
	IHS, Inc., Class A*	1,300		124,800
	Manpower, Inc.	2,400		101,856
	Nielsen Holdings NV*	900		27,531
	Robert Half International, Inc.	3,700		117,734
	Towers Watson & Co., Class A	1,500		84,315
	Verisk Analytics, Inc., Class A*	3,957		201,807
				1,030,086
Real Estate Investment Trusts (REITs) — 0.0%
	Ryman Hospitality Properties	1,358		52,229
Real Estate Management & Development — 0.1%
	Alexander & Baldwin, Inc.*	1,200		35,244
	Altisource Asset Management Corp.(a)*	40		3,280
	Altisource Portfolio Solutions SA*	400		34,662
	Altisource Residential Corp., Class B*	133		2,107
	CBRE Group, Inc.*	8,400		167,160
	Forest City Enterprises, Inc., Class A(a)*	3,000		48,450
	Howard Hughes Corp. (The)*	233		17,013
	Jones Lang LaSalle, Inc.	1,100		92,334
	St. Joe Co. (The)*	2,400		55,392
				455,642

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Road & Rail — 0.9%
	AMERCO, Inc.	300	$	38,043
	Avis Budget Group, Inc.*	2,328		46,141
	Con-way, Inc.	1,500		41,730
	CSX Corp.	29,409		580,240
	Genesee & Wyoming, Inc., Class A*	1,300		98,904
	Hertz Global Holdings, Inc.*	7,400		120,398
	JB Hunt Transport Services, Inc.	2,500		149,275
	Kansas City Southern	2,900		242,092
	Landstar System, Inc.	1,200		62,952
	Norfolk Southern Corp.	8,804		544,439
	Old Dominion Freight Line, Inc.*	2,137		73,256
	Ryder System, Inc.	1,600		79,888
	Union Pacific Corp.	13,300		1,672,076
	Werner Enterprises, Inc.(a)	1,200		26,004
				3,775,438
Semiconductors & Semiconductor Equipment — 2.0%
	Advanced Micro Devices, Inc.(a)*	6,000		14,400
	Altera Corp.	9,023		310,752
	Analog Devices, Inc.	8,100		340,686
	Applied Materials, Inc.	34,500		394,680
	Atmel Corp.*	12,900		84,495
	Avago Technologies Ltd.	6,400		202,624
	Broadcom Corp., Class A*	13,802		458,364
	Cirrus Logic, Inc.(a)*	577		16,716
	Cree, Inc.(a)*	2,900		98,542
	Cymer, Inc.(a)*	700		63,301
	Cypress Semiconductor Corp.(a)*	1,844		19,989
	Fairchild Semiconductor International, Inc.*	3,875		55,800
	First Solar, Inc.(a)*	1,600		49,408
	Hittite Microwave Corp.*	800		49,680
	Intel Corp.	134,522		2,775,189
	Kla-Tencor Corp.	4,900		234,024
	Lam Research Corp.*	4,962		179,277
	Linear Technology Corp.	6,200		212,660
	LSI Corp.*	14,994		106,158
	Marvell Technology Group Ltd.	14,700		106,722
	Maxim Integrated Products, Inc.	8,300		244,020
	Microchip Technology, Inc.(a)	5,350		174,356
	Micron Technology, Inc.*	27,301		173,361
	Microsemi Corp.*	2,900		61,016
	MKS Instruments, Inc.	1,300		33,514
	Nvidia Corp.	16,500		202,785
	ON Semiconductor Corp.*	11,830		83,402
	Semtech Corp.*	1,800		52,110
	Silicon Laboratories, Inc.*	1,400		58,534
	Skyworks Solutions, Inc.*	5,200		105,560
	Teradyne, Inc.(a)*	4,800		81,072
	Texas Instruments, Inc.	31,523		975,322
	Xilinx, Inc.	7,367		264,475
				8,282,994
Software — 3.5%
	ACI Worldwide, Inc.*	584		25,515
	Activision Blizzard, Inc.	13,438		142,712
	Adobe Systems, Inc.*	14,008		527,821
	ANSYS, Inc.*	2,600		175,084
	Aspen Technology, Inc.*	1,715		47,403
	Autodesk, Inc.*	6,300		222,705
	BMC Software, Inc.*	4,500		178,470
	CA, Inc.	9,376		206,084
	Cadence Design Systems, Inc.*	7,100		95,921
	Citrix Systems, Inc.*	5,079		333,944
	Commvault Systems, Inc.	1,260		87,835
	Compuware Corp.*	5,600		60,872
	Concur Technologies, Inc.(a)*	1,400		94,528
	Electronic Arts, Inc.*	9,400		136,582
	Factset Research Systems, Inc.(a)	1,250		110,075
	Fair Isaac Corp.	950		39,929
	Fortinet, Inc.*	2,600		54,782
	Informatica Corp.*	3,000		90,960
	Intuit, Inc.	7,847		466,896
	Mentor Graphics Corp.*	3,300		56,166
	Micros Systems, Inc.(a)*	2,300		97,612
	Microsoft Corp.	207,059		5,534,687
	NetSuite, Inc.(a)*	788		53,032
	Nuance Communications, Inc.(a)*	6,700		149,544
	Oracle Corp.	104,058		3,467,213
	Parametric Technology Corp.*	3,480		78,335
	Progress Software Corp.*	1,950		40,931
	Red Hat, Inc.*	5,400		285,984
	Rovi Corp.*	3,151		48,620
	Salesforce.com, Inc.*	3,700		621,970
	Solarwinds, Inc.*	1,750		91,787
	Solera Holdings, Inc.	1,984		106,084
	SS&C Technologies Holdings, Inc.(a)*	995		23,004
	Symantec Corp.*	20,392		383,574
	Synopsys, Inc.*	4,200		133,728
	TIBCO Software, Inc.*	4,600		101,246
	Tyler Technologies, Inc.*	700		33,908
	Ultimate Software Group, Inc.*	700		66,087
	VMware, Inc.*	2,247		211,533
				14,683,163
Specialty Retail — 2.4%
	Aaron's, Inc.	2,250		63,630
	Abercrombie & Fitch Co., Class A	2,500		119,925
	Advance Auto Parts, Inc.	2,100		151,935
	American Eagle Outfitters, Inc.	5,750		117,932
	Ann, Inc.*	1,550		52,452
	Ascena Retail Group, Inc.*	4,000		73,960
	AutoNation, Inc.*	961		38,152
	AutoZone, Inc.*	760		269,367
	Bed Bath & Beyond, Inc.*	6,421		358,998
	Best Buy Co., Inc.(a)	8,309		98,462
	Buckle, Inc. (The)(a)	900		40,176
	Cabela's, Inc.(a)*	1,100		45,925
	Carmax, Inc.*	6,346		238,229
	Chico's FAS, Inc.	5,400		99,684
	Children's Place Retail Stores, Inc. (The)*	700		31,003
	Dick's Sporting Goods, Inc.(a)	2,800		127,372
	DSW, Inc., Class A	700		45,983
	Express, Inc.*	200		3,018
	Foot Locker, Inc.	4,100		131,692
	GameStop Corp., Class A(a)	3,288		82,496
	Gap, Inc. (The)	10,016		310,897
	Genesco, Inc.*	700		38,500
	GNC Holdings, Inc., Class A	2,114		70,354
	Group 1 Automotive, Inc.(a)	500		30,995
	Guess?, Inc.	1,900		46,626
	Hibbett Sports, Inc.(a)*	700		36,890
	Home Depot, Inc. (The)	43,721		2,704,144
	Jos. A. Bank Clothiers, Inc.(a)*	750		31,935
	Lowe's Cos., Inc.	32,470		1,153,334
	Ltd. Brands, Inc.	6,978		328,385
	Men's Wearhouse, Inc. (The)(a)	1,750		54,530
	O'Reilly Automotive, Inc.*	3,300		295,086
	Office Depot, Inc.(a)*	1,500		4,920
	Penske Auto Group, Inc.	1,000		30,090
	PetSmart, Inc.	3,057		208,915

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Specialty Retail (Continued)
	Pier 1 Imports, Inc.(a)	3,200	$	64,000
	Rent-A-Center, Inc.(a)	1,700		58,412
	Ross Stores, Inc.	6,400		346,560
	Sally Beauty Holdings, Inc.*	4,602		108,469
	Select Comfort Corp.*	1,400		36,638
	Signet Jewelers Ltd.(a)	2,400		128,160
	Staples, Inc.(a)	19,850		226,290
	Tiffany & Co.	3,406		195,300
	TJX Cos., Inc.	19,983		848,278
	Tractor Supply Co.	2,100		185,556
	Ulta Salon Cosmetics & Fragrance, Inc.	1,600		157,216
	Urban Outfitters, Inc.*	3,100		122,016
	Vitamin Shoppe, Inc.(a)*	600		34,416
	Williams-Sonoma, Inc.	2,400		105,048
				10,152,351
Textiles, Apparel & Luxury Goods — 0.7%
	Carter's, Inc.(a)*	1,400		77,910
	Coach, Inc.	7,810		433,533
	Columbia Sportswear Co.(a)	400		21,344
	Fossil, Inc.*	1,369		127,454
	Hanesbrands, Inc.(a)*	2,601		93,168
	Iconix Brand Group, Inc.(a)*	1,472		32,855
	Lululemon Athletica, Inc.(a)*	1,800		137,214
	NIKE, Inc., Class B	19,676		1,015,281
	PVH Corp.	1,700		188,717
	Ralph Lauren Corp.	1,600		239,872
	Steven Madden Ltd.*	1,096		46,328
	Under Armour, Inc., Class A(a)*	2,200		106,766
	VF Corp.	2,500		377,425
	Warnaco Group, Inc. (The)*	1,000		71,570
	Wolverine World Wide, Inc.(a)	1,600		65,568
				3,035,005
Thrifts & Mortgage Finance — 0.1%
	Capitol Federal Financial, Inc.	3,239		37,864
	Hudson City Bancorp, Inc.	13,407		108,999
	New York Community Bancorp, Inc.(a)	10,665		139,711
	Northwest Bancshares, Inc.(a)	1,875		22,763
	Ocwen Financial Corp.*	3,000		103,770
	People's United Financial, Inc.(a)	9,310		112,558
	TFS Financial Corp.(a)*	2,631		25,310
	Washington Federal, Inc.	2,947		49,716
				600,691
Tobacco — 1.6%
	Altria Group, Inc.	54,222		1,703,655
	Lorillard, Inc.	3,700		431,679
	Philip Morris International, Inc.	47,031		3,933,673
	Reynolds American, Inc.	9,667		400,504
	Vector Group Ltd.(a)	2,024		30,097
				6,499,608
Trading Companies & Distributors — 0.3%
	Applied Industrial Technologies, Inc.	964		40,498
	Beacon Roofing Supply, Inc.(a)*	1,100		36,608
	Fastenal Co.	7,580		353,910
	GATX Corp.	1,100		47,630
	MSC Industrial Direct Co., Class A	1,400		105,532
	Textainer Group Holdings Ltd.(a)	621		19,537
	United Rentals, Inc.(a)*	1,657		75,426
	Watsco, Inc.(a)	800		59,920
	WESCO International, Inc.(a)*	1,100		74,173
	WW Grainger, Inc.	1,700		344,029
				1,157,263
Water Utilities — 0.1%
	American Water Works Co., Inc.	4,900		181,937
	Aqua America, Inc.(a)	4,034		102,544
				284,481
Wireless Telecommunication Services — 0.3%
	Crown Castle International Corp.*	8,103		584,712
	MetroPCS Communications, Inc.*	8,400		83,496
	SBA Communications Corp., Class A(a)*	3,478		247,008
	Sprint Nextel Corp.*	85,067		482,330
	Telephone & Data Systems, Inc.	2,213		48,996
	United States Cellular Corp.*	230		8,105
				1,454,647
	TOTAL COMMON STOCKS
	(Identified Cost $245,637,025)			397,977,301
MUTUAL FUNDS — 4.5%
Other — 4.5%
	DFA U.S. Micro Cap Portfolio	1,290,773		18,845,290
	TOTAL MUTUAL FUNDS
	(Identified Cost $14,944,692)			18,845,290
SHORT-TERM INVESTMENTS — 0.0%
Other — 0.0%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	169		169
				170
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $170)			170
COLLATERAL FOR SECURITIES ON LOAN — 4.5%
Short-Term — 4.5%
	State Street Navigator Securities Lending Prime Portfolio	18,820,469		18,820,469
	TOTAL COLLATERAL FOR SECURITIES ON LOAN
	(Identified Cost $18,820,469)			18,820,469
Total Investments — 104.4%
	(Identified Cost $279,402,356)#			435,643,230
	Liabilities, Less Cash and Other Assets — (4.4%)			(18,302,116	)
Net Assets — 100.0%			$	417,341,114

†	See Note 1.
*	Non-income producing security.
(a)	A portion or all of the security was held on loan. As of December 31, 2012, the market value of the securities on loan was $18,833,880.
(b)	Contingent value rights based on future performance.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $279,402,356. Net unrealized appreciation aggregated $156,240,874 of which $166,698,606 related to appreciated investment securities and $10,457,732, related to depreciated investment securities.

Key to abbreviations:
REIT — Real Estate Investment Trust

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 99.8%
Aerospace & Defense — 1.1%
	Engility Holdings, Inc.(a)*	1,877	$	36,151
	General Dynamics Corp.	3,286		227,621
	L-3 Communications Holdings, Inc.	11,264		863,048
	Northrop Grumman Corp.	38,682		2,614,129
	Triumph Group, Inc.	259		16,913
				3,757,862
Air Freight & Logistics — 0.3%
	FedEx Corp.	9,642		884,364
Airlines — 0.4%
	Southwest Airlines Co.	117,519		1,203,395
Auto Components — 0.0%
	Autoliv, Inc.(a)	250		16,848
	Lear Corp.	229		10,726
	TRW Automotive Holdings Corp.*	410		21,980
				49,554
Automobiles — 0.3%
	General Motors Co.*	38,279		1,103,584
Beverages — 0.6%
	Beam, Inc.	421		25,719
	Constellation Brands, Inc., Class A*	29,029		1,027,336
	Molson Coors Brewing Co., Class B	24,745		1,058,839
				2,111,894
Building Products — 0.4%
	Fortune Brands Home & Security, Inc.*	24,799		724,627
	Owens Corning*	18,618		688,680
				1,413,307
Capital Markets — 2.0%
	American Capital Ltd.*	16,790		201,480
	Bank of New York Mellon Corp. (The)	31,981		821,912
	E*Trade Financial Corp.*	1,787		15,994
	Goldman Sachs Group, Inc. (The)	24,309		3,100,856
	Legg Mason, Inc.	20,777		534,384
	Morgan Stanley	110,473		2,112,244
				6,786,870
Chemicals — 0.4%
	Ashland, Inc.	12,433		999,738
	Cytec Industries, Inc.	2,388		164,366
	Dow Chemical Co. (The)	4,227		136,617
	Huntsman Corp.	10,426		165,773
				1,466,494
Commercial Banks — 1.6%
	CIT Group, Inc.*	3,306		127,744
	First Niagara Financial Group, Inc.	900		7,137
	KeyCorp	126,159		1,062,259
	Regions Financial Corp.	184,756		1,315,463
	SunTrust Banks, Inc.	81,987		2,324,331
	Zions Bancorporation(a)	24,798		530,677
				5,367,611
Commercial Services & Supplies — 1.1%
	ADT Corp. (The)	23,196		1,078,382
	Republic Services, Inc.	38,907		1,141,142
	Tyco International Ltd.	46,392		1,356,966
				3,576,490
Communications Equipment — 0.0%
	Brocade Communications Systems, Inc.*	547		2,916
	Juniper Networks, Inc.*	2,927		57,574
				60,490
Computers & Peripherals — 0.5%
	Hewlett-Packard Co.	30,700		437,475
	Western Digital Corp.	26,973		1,146,083
				1,583,558
Construction & Engineering — 0.3%
	Jacobs Engineering Group, Inc.*	589		25,074
	Quanta Services, Inc.*	16,240		443,190
	URS Corp.	12,060		473,475
				941,739
Construction Materials — 0.3%
	Vulcan Materials Co.	19,042		991,136
Consumer Finance — 0.3%
	Capital One Financial Corp.	19,126		1,107,969
Containers & Packaging — 0.1%
	Rock-Tenn Co., Class A	2,450		171,279
	Sealed Air Corp.	7,770		136,053
				307,332
Diversified Consumer Services — 0.0%
	Service Corp. International	6,894		95,206
Diversified Financial Services — 9.6%
	Bank of America Corp.	977,429		11,338,177
	Citigroup, Inc.	306,947		12,142,824
	CME Group, Inc.	50,465		2,559,080
	JPMorgan Chase & Co.	115,791		5,091,330
	NASDAQ OMX Group, Inc. (The)	26,025		650,885
	NYSE Euronext	3,108		98,026
				31,880,322
Diversified Telecommunication Services — 5.2%
	AT&T, Inc.	419,977		14,157,424
	CenturyLink, Inc.	72,865		2,850,479
	Frontier Communications Corp.(a)	41,385		177,128
				17,185,031
Electronic Equipment, Instruments & Components — 0.8%
	Arrow Electronics, Inc.*	16,754		637,992
	Avnet, Inc.*	21,600		661,176
	Corning, Inc.	79,044		997,535
	Ingram Micro, Inc., Class A*	23,253		393,441
				2,690,144
Energy Equipment & Services — 2.5%
	Baker Hughes, Inc.	6,770		276,487
	Helmerich & Payne, Inc.(a)	16,667		933,519
	Nabors Industries Ltd.*	45,962		664,151
	National Oilwell Varco, Inc.	50,996		3,485,577
	Noble Corp.	16,914		588,945
	Patterson-UTI Energy, Inc.(a)	23,910		445,443
	Rowan Companies PLC, Class A*	19,250		601,947
	Tidewater, Inc.	7,774		347,342
	Transocean Ltd.	16,787		749,540
	Weatherford International Ltd.(a)*	35,367		395,757
				8,488,708
Food & Staples Retailing — 2.7%
	CVS Caremark Corp.	171,916		8,312,139
	Safeway, Inc.(a)	38,038		688,107
	Walgreen Co.	1,146		42,413
				9,042,659
Food Products — 4.5%
	Archer-Daniels-Midland Co.	99,142		2,715,499
	Bunge Ltd.	16,022		1,164,639
	J.M. Smucker Co. (The)	17,926		1,545,938
	Kraft Foods Group, Inc.	49,415		2,246,900
	Mondelez International, Inc., Class A	214,553		5,464,665
	Ralcorp Holdings, Inc.*	5,381		482,407
	Smithfield Foods, Inc.*	23,763		512,568

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Food Products (Continued)
	Tyson Foods, Inc., Class A	45,507	$	882,836
				15,015,452
Gas Utilities — 0.0%
	UGI Corp.	86		2,813
Health Care Equipment & Supplies — 0.9%
	Boston Scientific Corp.*	178,629		1,023,544
	CareFusion Corp.*	29,859		853,370
	Hologic, Inc.*	39,197		785,116
	Teleflex, Inc.	2,591		184,764
				2,846,794
Health Care Providers & Services — 2.8%
	Aetna, Inc.	52,665		2,438,389
	CIGNA Corp.	8,530		456,014
	Coventry Health Care, Inc.	22,712		1,018,179
	Humana, Inc.	23,386		1,604,981
	Omnicare, Inc.(a)	17,426		629,079
	Universal Health Services, Inc., Class B	537		25,964
	WellPoint, Inc.	52,818		3,217,673
				9,390,279
Hotels, Restaurants & Leisure — 1.9%
	Carnival Corp.	90,764		3,337,392
	Hyatt Hotels Corp., Class A(a)*	457		17,626
	MGM Resorts International*	77,590		903,148
	Penn National Gaming, Inc.(a)*	6,557		322,014
	Royal Caribbean Cruises Ltd.	34,910		1,186,940
	Wyndham Worldwide Corp.	11,455		609,521
				6,376,641
Household Durables — 1.2%
	DR Horton, Inc.(a)	42,255		835,804
	Lennar Corp., Class A(a)	25,133		971,893
	Mohawk Industries, Inc.*	11,468		1,037,510
	Toll Brothers, Inc.(a)*	19,799		640,102
	Whirlpool Corp.	5,467		556,267
				4,041,576
Household Products — 0.0%
	Energizer Holdings, Inc.	290		23,194
Independent Power Producers & Energy Traders — 0.2%
	NRG Energy, Inc.	27,286		627,305
Industrial Conglomerates — 4.0%
	General Electric Co.	630,576		13,235,790
Insurance — 7.7%
	Allied World Assurance Co., Holdings Ltd.	5,578		439,546
	Allstate Corp.	42,929		1,724,458
	Alterra Capital Holdings Ltd.	1,399		39,438
	American Financial Group, Inc.	14,278		564,267
	American International Group, Inc.*	32,264		1,138,919
	American National Insurance Co.	2,679		182,949
	Assurant, Inc.	13,249		459,740
	Assured Guaranty Ltd.	602		8,566
	Axis Capital Holdings Ltd.	19,277		667,755
	CNA Financial Corp.	25,969		727,392
	Everest Re Group Ltd.	7,352		808,352
	Genworth Financial, Inc., Class A*	74,443		559,067
	Hartford Financial Services Group, Inc.	69,673		1,563,462
	Lincoln National Corp.	45,189		1,170,395
	Loews Corp.	64,227		2,617,250
	MetLife, Inc.	149,973		4,940,111
	Old Republic International Corp.(a)	41,075		437,449
	PartnerRe Ltd.	5,112		411,465
	Principal Financial Group, Inc.	15,417		439,693
	Prudential Financial, Inc.	72,188		3,849,786
	Reinsurance Group of America, Inc.	11,742		628,432
	Unum Group	43,328		902,089
	Validus Holdings Ltd.	10,899		376,887
	XL Group PLC	44,242		1,108,705
				25,766,173
Internet & Catalog Retail — 0.6%
	Liberty Media Corp. - Interactive, Class A*	84,056		1,654,222
	Liberty Ventures, Series A*	3,237		219,339
				1,873,561
Internet Software & Services — 0.6%
	AOL, Inc.*	400		11,844
	IAC/InterActiveCorp	7,650		361,845
	Yahoo!, Inc.*	80,584		1,603,622
				1,977,311
IT Services — 0.8%
	Computer Sciences Corp.	24,561		983,668
	Fidelity National Information Services, Inc.	44,793		1,559,244
	SAIC, Inc.	796		9,011
				2,551,923
Life Sciences Tools & Services — 1.3%
	Life Technologies Corp.(a)*	3,009		147,682
	PerkinElmer, Inc.	11,180		354,853
	Thermo Fisher Scientific, Inc.	58,298		3,718,246
				4,220,781
Machinery — 1.0%
	AGCO Corp.*	8,547		419,829
	Ingersoll Rand PLC	19,481		934,309
	Pentair Ltd.	11,131		547,089
	SPX Corp.	2,450		171,867
	Stanley Black & Decker, Inc.(a)	16,682		1,233,967
				3,307,061
Media — 11.5%
	CBS Corp., Class A(a)	7,504		285,002
	CBS Corp., Class B	14,951		568,886
	Comcast Corp., Class A	317,237		11,858,319
	Comcast Corp., Class A Special	122,831		4,415,774
	Gannett Co., Inc.(a)	9,792		176,354
	Madison Square Garden Co. (The), Class A*	2,100		93,135
	News Corp., Class A	223,971		5,720,219
	News Corp., Class B	91,818		2,409,304
	Time Warner Cable, Inc.	57,900		5,627,301
	Time Warner, Inc.	144,891		6,930,137
	Washington Post Co. (The), Class B(a)	1,026		374,705
				38,459,136
Metals & Mining — 1.1%
	Alcoa, Inc.(a)	169,185		1,468,526
	Cliffs Natural Resources, Inc.(a)	4,534		174,831
	Freeport-McMoRan Copper & Gold, Inc.	13,856		473,875
	Nucor Corp.	8,898		384,215
	Reliance Steel & Aluminum Co.	12,193		757,185
	Steel Dynamics, Inc.	28,316		388,779
	United States Steel Corp.(a)	3,441		82,137
				3,729,548
Multiline Retail — 0.5%
	Dillard's, Inc., Class A	3,115		260,944
	J.C. Penney Co., Inc.(a)	34,744		684,804
	Sears Canada, Inc.	5,740		57,806
	Sears Holdings Corp.(a)*	16,919		699,770
				1,703,324

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Office Electronics — 0.3%
	Xerox Corp.	150,729	$	1,027,972
Oil, Gas & Consumable Fuels — 16.8%
	Anadarko Petroleum Corp.	73,010		5,425,373
	Apache Corp.	37,480		2,942,180
	Chesapeake Energy Corp.(a)	105,066		1,746,197
	Chevron Corp.	94,207		10,187,545
	Cimarex Energy Co.	110		6,350
	ConocoPhillips	156,461		9,073,173
	Denbury Resources, Inc.*	33,941		549,844
	Devon Energy Corp.	37,517		1,952,385
	EOG Resources, Inc.	3,903		471,443
	Hess Corp.	47,336		2,506,915
	HollyFrontier Corp.	7,268		338,325
	Marathon Oil Corp.	111,878		3,430,180
	Marathon Petroleum Corp.	57,539		3,624,957
	Murphy Oil Corp.	20,268		1,206,959
	Newfield Exploration Co.*	352		9,427
	Noble Energy, Inc.	1,840		187,202
	Occidental Petroleum Corp.	9,059		694,010
	Phillips 66	85,280		4,528,368
	Pioneer Natural Resources Co.(a)	17,531		1,868,629
	Plains Exploration & Production Co.*	21,222		996,161
	QEP Resources, Inc.	13,345		403,953
	Tesoro Corp.	13,360		588,508
	Valero Energy Corp.	90,851		3,099,836
	Whiting Petroleum Corp.*	2,284		99,057
				55,936,977
Paper & Forest Products — 1.2%
	Domtar Corp.	5,454		455,518
	International Paper Co.	69,379		2,764,060
	MeadWestvaco Corp.	27,613		880,026
				4,099,604
Pharmaceuticals — 4.1%
	Endo Health Solutions, Inc.*	5,935		155,913
	Forest Laboratories, Inc.*	8,945		315,937
	Pfizer, Inc.	530,855		13,313,843
				13,785,693
Road & Rail — 4.4%
	CSX Corp.	162,270		3,201,587
	Hertz Global Holdings, Inc.*	27,003		439,339
	Norfolk Southern Corp.	49,802		3,079,756
	Union Pacific Corp.	63,289		7,956,693
				14,677,375
Semiconductors & Semiconductor Equipment — 0.2%
	Applied Materials, Inc.	9,353		106,998
	Micron Technology, Inc.*	108,402		688,353
				795,351
Software — 0.3%
	Activision Blizzard, Inc.	85,074		903,486
Specialty Retail — 0.3%
	Best Buy Co., Inc.(a)	6,172		73,138
	GameStop Corp., Class A(a)	18,743		470,262
	Orchard Supply Hardware Stores Corp., Class A(a)*	854		6,328
	Staples, Inc.(a)	29,722		338,831
				888,559
Thrifts & Mortgage Finance — 0.0%
	Hudson City Bancorp, Inc.	1,286		10,455
	People's United Financial, Inc.(a)	1,175		14,206
				24,661
Wireless Telecommunication Services — 1.1%
	MetroPCS Communications, Inc.*	48,793		485,002
	Sprint Nextel Corp.*	464,664		2,634,645
	Telephone & Data Systems, Inc.	16,175		358,115
	United States Cellular Corp.(a)*	6,900		243,156
				3,720,918
	TOTAL COMMON STOCKS
	(Identified Cost $270,705,336)			333,104,977
SHORT-TERM INVESTMENTS — 0.0%
Other — 0.0%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	51		51
				52
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $52)			52
COLLATERAL FOR SECURITIES ON LOAN — 3.9%
Short-Term — 3.9%
	State Street Navigator Securities Lending
	Prime Portfolio	12,865,208		12,865,208
	TOTAL COLLATERAL FOR SECURITIES ON LOAN
	(Identified Cost $12,865,208)			12,865,208
Total Investments — 103.7%
	(Identified Cost $283,570,596)#			345,970,237
	Liabilities, Less Cash and Other Assets — (3.7%)			(12,291,302	)
Net Assets — 100.0%			$	333,678,935

†	See Note 1.
(a)	A portion or all of the security was held on loan. As of December 31, 2012, the market value of the securities on loan was $14,793,186.
*	Non-income producing security.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $283,570,596 Net unrealized appreciation aggregated $62,399,641 of which $91,056,594 related to appreciated investment securities and $28,656,953 related to depreciated investment securities.

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 99.6%
Aerospace & Defense — 2.1%
	AAR Corp.	9,000	$	168,120
	Aerovironment, Inc.*	7,512		163,311
	Alliant Techsystems, Inc.	5,515		341,709
	Allied Defense Group, Inc. (The)(a) (b)*	1,000		3,150
	American Science & Engineering, Inc.	2,000		130,420
	Astronics Corp.*	2,340		53,539
	CPI Aerostructures, Inc.(a)*	1,342		13,433
	Cubic Corp.	6,700		321,399
	Curtiss-Wright Corp.	10,953		359,587
	DigitalGlobe, Inc.*	9,173		224,188
	Ducommun, Inc.*	2,055		33,229
	Engility Holdings, Inc.(a)*	229		4,411
	Esterline Technologies Corp.*	7,325		465,943
	Exelis, Inc.	28,022		315,808
	GenCorp, Inc.(a)*	11,383		104,155
	GeoEye, Inc.*	4,700		144,431
	HEICO Corp.(a)	4,568		204,464
	HEICO Corp., Class A	6,093		194,854
	Hexcel Corp.*	12,159		327,807
	Huntington Ingalls Industries, Inc.	9,951		431,276
	Innovative Solutions & Support, Inc.	4,950		17,028
	Kratos Defense & Security Solutions, Inc.(a)*	905		4,552
	LMI Aerospace, Inc.*	2,400		46,416
	Moog, Inc., Class A*	9,505		389,990
	National Presto Industries, Inc.(a)	1,000		69,100
	Orbital Sciences Corp.*	13,200		181,764
	SIFCO Industries, Inc.	1,187		18,695
	Sparton Corp.*	1,324		18,364
	Sypris Solutions, Inc.	4,000		15,840
	Taser International, Inc.*	9,791		87,532
	Teledyne Technologies, Inc.*	8,099		527,002
				5,381,517
Air Freight & Logistics — 0.5%
	Air Transport Services Group, Inc.*	13,990		56,100
	Atlas Air Worldwide Holdings, Inc.*	5,768		255,580
	Echo Global Logistics, Inc.(a)*	2,729		49,040
	Forward Air Corp.	6,430		225,114
	HUB Group, Inc., Class A*	8,300		278,880
	Pacer International, Inc.*	6,954		27,121
	Park-Ohio Holdings Corp.*	3,058		65,166
	UTi Worldwide, Inc.	20,284		271,806
	XPO Logistics, Inc.(a)*	2,237		38,879
				1,267,686
Airlines — 0.7%
	Allegiant Travel Co.(a)	4,800		352,368
	ATA Holdings Corp.(b)*	600		—
	Hawaiian Holdings, Inc.(a)*	11,300		74,241
	JetBlue Airways Corp.(a)*	56,467		322,427
	Republic Airways Holdings, Inc.*	9,900		56,232
	Skywest, Inc.(a)	14,100		175,686
	Spirit Airlines, Inc.*	9,216		163,307
	US Airways Group, Inc.*	40,550		547,425
				1,691,686
Auto Components — 1.0%
	Cooper Tire & Rubber Co.	15,600		395,616
	Dana Holding Corp.	25,035		390,796
	Dorman Products, Inc.(a)	8,481		299,719
	Drew Industries, Inc.	4,800		154,800
	Exide Technologies*	17,000		58,140
	Federal Mogul Corp.*	15,600		125,112
	Fuel Systems Solutions, Inc.*	4,600		67,620
	Gentherm, Inc.*	4,518		60,089
	Modine Manufacturing Co.*	8,400		68,292
	Motorcar Parts of America, Inc.(a)*	2,441		16,037
	Shiloh Industries, Inc.	3,600		37,080
	Spartan Motors, Inc.	6,900		34,017
	Standard Motor Products, Inc.	8,436		187,448
	Stoneridge, Inc.*	6,100		31,232
	Strattec Security Corp.	700		18,067
	Superior Industries International, Inc.	5,600		114,240
	Tenneco, Inc.*	10,920		383,401
	Tower International, Inc.*	1,049		8,445
				2,450,151
Automobiles — 0.2%
	Thor Industries, Inc.	13,400		501,562
	Winnebago Industries, Inc.(a)*	6,500		111,345
				612,907
Beverages — 0.1%
	Central European Distribution Corp.(a)*	867		1,882
	Coca-Cola Bottling Co., Consolidated	1,262		83,923
	Craft Brew Alliance, Inc.(a)*	3,511		22,751
	MGP Ingredients, Inc.(a)	5,072		17,346
	National Beverage Corp.	10,920		159,323
				285,225
Biotechnology — 1.7%
	Acorda Therapeutics, Inc.*	9,310		231,447
	Affymax, Inc.*	8,885		168,815
	Alkermes PLC*	23,333		432,127
	Allos Therapeutics, Inc.*	20,200		202
	Alnylam Pharmaceuticals, Inc.*	5,655		103,204
	AMAG Pharmaceuticals, Inc.*	1,800		26,478
	Arena Pharmaceuticals, Inc.(a)*	54,161		488,532
	Ariad Pharmaceuticals, Inc.*	1,684		32,299
	Arqule, Inc.*	5,584		15,579
	Astex Pharmaceuticals, Inc.*	17,535		51,027
	AVEO Pharmaceuticals, Inc.(a)*	6,191		49,838
	Biota Pharmaceuticals, Inc.	1,516		6,049
	Celldex Therapeutics, Inc.*	6,027		40,441
	Celsion Corp.(a)*	2,900		23,751
	Cleveland Biolabs, Inc.(a)*	1,100		1,463
	Codexis, Inc.(a)*	7,350		16,243
	Dynavax Technologies Corp.(a)*	9,900		28,314
	Emergent Biosolutions, Inc.*	8,443		135,426
	Enzon Pharmaceuticals, Inc.(a)	13,152		58,263
	Exelixis, Inc.(a)*	118		539
	GTx, Inc.*	8,162		34,280
	iBio, Inc.(a)*	2,200		1,364
	Immunomedics, Inc.(a)*	11,226		32,780
	Incyte Corp. Ltd.(a)*	23,653		392,876
	Maxygen, Inc.	12,058		29,663
	MediciNova, Inc.(a)*	4,071		6,799
	Medivation, Inc.*	6,092		311,667
	Molecular Insight Pharmaceuticals, Inc.(b)*	3,500		—
	Momenta Pharmaceuticals, Inc.(a)*	10,706		126,117
	Myrexis, Inc.*	3,735		10,570
	Myriad Genetics, Inc.*	17,560		478,510
	Nanosphere, Inc.(a)*	4,259		12,266
	Orexigen Therapeutics, Inc.(a)*	4,716		24,853
	PDL BioPharma, Inc.(a)	34,451		242,879
	Progenics Pharmaceuticals, Inc.(a)*	6,971		20,774
	Repligen Corp.(a)*	9,894		62,233
	Rigel Pharmaceuticals, Inc.*	15,660		101,790
	Sangamo Biosciences, Inc.(a)*	5,574		33,500
	Seattle Genetics, Inc.(a)*	9,456		219,379
	Spectrum Pharmaceuticals, Inc.(a)	12,000		134,280

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Biotechnology (Continued)
	Synageva BioPharma Corp.(a)*	1,242	$	57,492
	Targacept, Inc.*	1,758		7,700
	Theravance, Inc.(a)*	295		6,570
	Trius Therapeutics, Inc.*	2,691		12,863
	Trubion Pharmaceuticals, Inc.(c)*	2,700		—
	Vical, Inc.*	609		1,772
	Zalicus, Inc.(a)*	6,284		4,085
				4,277,099
Building Products — 1.2%
	A.O. Smith Corp.	8,652		545,682
	AAON, Inc.(a)	5,850		122,089
	Ameresco, Inc., Class A*	4,779		46,882
	American Woodmark Corp.(a)*	3,200		89,024
	Apogee Enterprises, Inc.	6,300		151,011
	Builders FirstSource, Inc.(a)*	9,152		51,068
	Gibraltar Industries, Inc.*	6,800		108,256
	Griffon Corp.	13,636		156,269
	Insteel Industries, Inc.(a)	4,000		49,920
	Lennox International, Inc.	5,965		313,282
	NCI Building Systems, Inc.*	2,390		33,221
	Patrick Industries, Inc.*	1,187		18,470
	PGT, Inc.(a)*	3,525		15,862
	Quanex Building Products Corp.	9,125		186,241
	Simpson Manufacturing Co., Inc.	12,100		396,759
	Trex Co., Inc.(a)*	580		21,593
	Universal Forest Products, Inc.	4,200		159,768
	USG Corp.*	21,212		595,421
				3,060,818
Capital Markets — 1.1%
	Artio Global Investors, Inc.	1,461		2,776
	Calamos Asset Management, Inc., Series A	4,127		43,622
	Cohen & Steers, Inc.	1,371		41,774
	Cowen Group, Inc., Class A*	18,846		46,173
	Duff & Phelps Corp., Class A	13,784		215,306
	Epoch Holding Corp.	4,818		134,422
	Evercore Partners, Inc., Class A	7,119		214,923
	Federated Investors, Inc., Class B(a)	3,067		62,046
	Firstcity Financial Corp.*	2,100		20,454
	FXCM, Inc., Class A	1,929		19,425
	GAMCO Investors, Inc., Class A	1,700		90,219
	GFI Group, Inc.	25,121		81,392
	Greenhill & Co., Inc.	4,701		244,405
	Harris & Harris Group, Inc.*	7,000		23,100
	HFF, Inc., Class A(a)	8,368		124,683
	ICG Group, Inc.*	8,600		98,298
	Intl. FCStone, Inc.(a)*	2,912		50,698
	Investment Technology Group, Inc.*	9,700		87,300
	Janus Capital Group, Inc.(a)	26,889		229,094
	JMP Group, Inc.	3,620		21,974
	KBW, Inc.(a)	7,474		114,352
	Knight Capital Group, Inc., Class A*	23,916		83,945
	MCG Capital Corp.	7,612		35,015
	Medallion Financial Corp.	3,487		40,937
	Oppenheimer Holdings, Inc., Class A	2,133		36,837
	Piper Jaffray Cos.*	4,324		138,930
	Pzena Investment Management, Inc., Class A	794		4,288
	Safeguard Scientifics, Inc.(a)*	3,700		54,575
	Stifel Financial Corp.*	12,573		401,959
	SWS Group, Inc.*	5,901		31,216
	Teton Advisors, Inc.(a)	25		525
	Virtus Investment Partners, Inc.*	905		109,451
	Westwood Holdings Group, Inc.	713		29,162
				2,933,276
Chemicals — 2.5%
	A. Schulman, Inc.	6,827		197,505
	American Pacific Corp.*	1,000		15,450
	American Vanguard Corp.(a)	6,233		193,659
	Arabian American Development Co.(a)*	2,693		22,379
	Balchem Corp.	6,525		237,510
	Calgon Carbon Corp.(a)*	14,175		201,002
	Chase Corp.	1,800		33,480
	Chemtura Corp.*	24,516		521,210
	Core Molding Technologies, Inc.*	1,500		9,900
	Ferro Corp.*	14,100		58,938
	Flotek Industries, Inc.(a)*	6,395		78,019
	FutureFuel Corp.	5,680		67,251
	Georgia Gulf Corp.	7,683		317,154
	H.B. Fuller Co.	12,300		428,286
	Hawkins, Inc.(a)	1,824		70,479
	Innophos Holdings, Inc.	4,800		223,200
	Innospec, Inc.	5,100		175,899
	Intrepid Potash, Inc.(a)	9,838		209,451
	KMG Chemicals, Inc.(a)	2,500		43,925
	Koppers Holdings, Inc.	4,400		167,860
	Kraton Performance Polymers, Inc.*	7,917		190,246
	Kronos Worldwide, Inc.(a)	1,360		26,520
	Landec Corp.*	10,074		95,602
	LSB Industries, Inc.*	5,556		196,794
	Minerals Technologies, Inc.	8,800		351,296
	Northern Technologies International Corp.(a)*	800		9,120
	Olin Corp.	20,077		433,463
	OM Group, Inc.*	6,900		153,180
	Omnova Solutions, Inc.*	11,640		81,596
	Penford Corp.*	3,648		26,922
	PolyOne Corp.	22,400		457,408
	Quaker Chemical Corp.	2,987		160,880
	Sensient Technologies Corp.	11,357		403,855
	Spartech Corp.*	1,500		13,605
	Stepan Co.	3,400		188,836
	Tredegar Corp.	8,700		177,654
	Valhi, Inc.	1,644		20,550
	Zep, Inc.	4,300		62,092
	Zoltek Cos., Inc.(a)*	8,660		67,115
				6,389,291
Commercial Banks — 7.6%
	1st Source Corp.	5,867		129,602
	1st United Bancorp, Inc.	5,096		31,850
	Access National Corp.	2,336		30,368
	American National Bankshares, Inc.(a)	1,452		29,316
	Ameris Bancorp*	4,905		61,263
	AmeriServ Financial, Inc.*	4,400		13,244
	Arrow Financial Corp.(a)	2,594		64,720
	Associated Banc-Corp.	7,347		96,393
	Bancfirst Corp.(a)	3,000		127,080
	Bancorp, Inc.*	5,853		64,207
	Bancorpsouth, Inc.	23,646		343,813
	Bank of Hawaii Corp.(a)	10,216		450,015
	Bank of the Ozarks, Inc.(a)	8,000		267,760
	Banner Corp.	4,200		129,066
	Bar Harbor Bankshares	452		15,210
	BBCN Bancorp, Inc.	19,513		225,765
	Boston Private Financial Holdings, Inc.	17,867		160,982
	Bridge Bancorp, Inc.	400		8,136
	Bryn Mawr Bank Corp.	2,508		55,853

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Commercial Banks (Continued)
	Camden National Corp.	2,000	$	67,940
	Capital City Bank Group, Inc.*	264		3,002
	CapitalSource, Inc.	68,837		521,784
	Cardinal Financial Corp.	6,692		108,879
	Cathay General Bancorp	24,870		484,965
	Center Bancorp, Inc.	3,180		36,824
	Centerstate Banks, Inc.	4,385		37,404
	Central Pacific Financial Corp.*	1,375		21,436
	Chemical Financial Corp.	6,514		154,773
	City Holding Co.(a)	6,502		226,595
	CNB Financial Corp.	1,780		29,156
	CoBiz Financial, Inc.	8,151		60,888
	Columbia Banking System, Inc.	9,041		162,196
	Community Bank System, Inc.(a)	9,634		263,586
	Community Trust Bancorp, Inc.(a)	4,498		147,444
	CVB Financial Corp.	26,555		276,172
	Enterprise Bancorp, Inc.	300		4,956
	Enterprise Financial Services Corp.	3,156		41,249
	Fidelity Southern Corp.(a)*	1,013		9,674
	Financial Institutions, Inc.	3,105		57,846
	First BanCorp(a)*	2,739		12,545
	First Bancorp(a)	3,400		43,588
	First Bancorp, Inc.(a)	1,683		27,719
	First Busey Corp., Class A	18,934		88,043
	First California Financial Group, Inc.*	1,155		8,917
	First Citizens BancShares, Inc., Class A	200		32,700
	First Commonwealth Financial Corp.(a)	24,467		166,865
	First Community Bancshares, Inc.	3,962		63,273
	First Financial Bancorp	13,758		201,142
	First Financial Bankshares, Inc.(a)	7,102		277,049
	First Financial Corp.(a)	3,200		96,768
	First Interstate Bancsystem, Inc.	2,918		45,025
	First Merchants Corp.	6,125		90,895
	First Midwest Bancorp, Inc.	18,728		234,475
	FirstMerit Corp.	27,260		386,819
	FNB Corp.(a)	34,434		365,689
	Fulton Financial Corp.	48,534		466,412
	German American Bancorp, Inc.(a)	2,400		52,128
	Glacier Bancorp, Inc.(a)	17,991		264,648
	Great Southern Bancorp, Inc.	3,025		76,986
	Guaranty Bancorp(a)*	7,800		15,210
	Hanmi Financial Corp.*	6,103		82,940
	Heartland Financial USA, Inc.	5,400		141,210
	Heritage Commerce Corp.*	3,712		25,910
	Heritage Financial Corp/WA	1,956		28,734
	Home Bancshares, Inc.	7,169		236,720
	Horizon Bancorp	466		9,157
	Hudson Valley Holding Corp.	3,597		56,005
	Iberiabank Corp.	7,535		370,119
	Independent Bank Corp.(a)	4,384		126,917
	International Bancshares Corp.	15,200		274,360
	Investors Bancorp, Inc.	34,155		607,276
	Lakeland Bancorp, Inc.(a)	5,815		59,197
	Lakeland Financial Corp.	3,189		82,404
	Macatawa Bank Corp.*	3,307		9,557
	MainSource Financial Group, Inc.	4,530		57,395
	MB Financial, Inc.	13,631		269,212
	MBT Financial Corp.(a)*	4,700		11,139
	Mercantile Bank Corp.	1,265		20,872
	Merchants Bancshares, Inc.	1,081		28,938
	Metro Bancorp, Inc.*	4,280		56,582
	MetroCorp Bancshares, Inc.*	1,146		12,595
	Midsouth Bancorp, Inc.(a)	2,100		34,335
	National Penn Bancshares, Inc.(a)	37,911		353,330
	NBT Bancorp, Inc.(a)	7,860		159,322
	New Century Bancorp, Inc.*	200		1,100
	NewBridge Bancorp*	3,549		16,432
	Northrim BanCorp, Inc.	664		15,040
	Old National Bancorp	23,700		281,319
	OmniAmerican Bancorp, Inc.*	3,585		82,921
	Oriental Financial Group, Inc.	9,336		124,636
	Pacific Continental Corp.	3,047		29,647
	Pacific Mercantile Bancorp*	2,500		15,725
	Pacific Premier Bancorp, Inc.*	1,400		14,336
	PacWest Bancorp	9,156		226,886
	Park National Corp.(a)	3,450		222,973
	Park Sterling Corp.*	3,688		19,288
	Peapack Gladstone Financial Corp.(a)	1,312		18,473
	Penns Woods Bancorp, Inc.	476		17,807
	Peoples Bancorp, Inc.	2,300		46,989
	Pinnacle Financial Partners, Inc.*	9,756		183,803
	Popular, Inc.*	7,754		161,206
	PrivateBancorp, Inc.	16,928		259,337
	Prosperity Bancshares, Inc.(a)	8,827		370,734
	Renasant Corp.(a)	6,155		117,807
	Republic Bancorp, Inc., Class A(a)	7,344		155,179
	S&T Bancorp, Inc.	10,071		181,983
	S.Y. Bancorp, Inc.	2,891		64,816
	Sandy Spring Bancorp, Inc.	6,300		122,346
	SCBT Financial Corp.(a)	2,608		104,789
	Sierra Bancorp	2,405		27,489
	Simmons First National Corp., Class A(a)	3,100		78,616
	Southern Community Financial Corp.*	3,300		726
	Southside Bancshares, Inc.(a)	3,484		73,373
	Southwest Bancorp, Inc.*	3,700		41,440
	StellarOne Corp.	4,223		59,713
	Sterling Bancorp	6,040		55,024
	Suffolk Bancorp*	2,200		28,820
	Sun Bancorp, Inc.(a)*	2,965		10,496
	Susquehanna Bancshares, Inc.	44,647		467,901
	SVB Financial Group*	1,625		90,951
	Synovus Financial Corp.	154,695		379,003
	Taylor Capital Group, Inc.*	4,417		79,727
	TCF Financial Corp.(a)	32,253		391,874
	Texas Capital Bancshares, Inc.(a)*	9,200		412,344
	Tompkins Financial Corp.	2,420		95,929
	TowneBank(a)	5,769		89,362
	Trico Bancshares	3,800		63,650
	Trustmark Corp.(a)	13,700		307,702
	UMB Financial Corp.(a)	8,900		390,176
	Umpqua Holdings Corp.(a)	22,906		270,062
	Union First Market Bankshares Corp.	4,860		76,642
	United Bankshares, Inc.(a)	10,300		250,496
	United Community Banks, Inc/GA*	3,054		28,769
	Univest Corp. of Pennsylvania	3,100		53,010
	Valley National Bancorp(a)	7,220		67,146
	Virginia Commerce Bancorp, Inc.*	5,786		51,785
	Washington Banking Co.	2,374		32,334
	Washington Trust Bancorp, Inc.	3,000		78,930
	Webster Financial Corp.	18,456		379,271
	WesBanco, Inc.	5,363		119,166
	West Bancorporation, Inc.(a)	5,350		57,673
	West Coast Bancorp/OR	3,519		77,946
	Westamerica Bancorporation(a)	6,300		268,317
	Western Alliance Bancorp(a)*	15,997		168,448
	Wilshire Bancorp, Inc.*	12,773		74,977
	Wintrust Financial Corp.(a)	7,350		269,745
				19,477,139

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Commercial Services & Supplies — 2.7%
	ABM Industries, Inc.	12,860	$	256,557
	ACCO Brands Corp.*	13,420		98,503
	Acorn Energy, Inc.	4,341		33,903
	ARC Document Solutions, Inc.*	5,300		13,568
	AT Cross Co., Class A*	1,436		15,480
	Brink's Co. (The)	11,652		332,431
	Casella Waste Systems, Inc., Class A*	4,381		19,189
	Ceco Environmental Corp.	3,800		37,810
	Command Security Corp.(a)*	4,300		6,665
	Consolidated Graphics, Inc.*	2,500		87,300
	Courier Corp.	1,857		20,427
	Covanta Holding Corp.	4,872		89,742
	Deluxe Corp.(a)	11,800		380,432
	EnergySolutions, Inc.*	4,308		13,441
	EnerNOC, Inc.*	5,200		61,100
	Ennis, Inc.	5,800		89,726
	G&K Services, Inc., Class A	4,300		146,845
	Geo Group, Inc. (The)	17,051		480,838
	Heritage-Crystal Clean, Inc.(a)*	712		10,687
	Herman Miller, Inc.	12,502		267,793
	HNI Corp.	10,511		315,961
	Innerworkings, Inc.(a)*	8,238		113,520
	Interface, Inc.	20,182		324,527
	Intersections, Inc.(a)	4,476		42,432
	KAR Auction Services, Inc.	6,344		128,403
	Kimball International, Inc., Class B	6,325		73,433
	Knoll, Inc.	11,450		175,872
	Mcgrath Rentcorp	5,300		153,806
	Metalico, Inc.*	8,295		16,258
	Mine Safety Appliances Co.	9,200		392,932
	Mobile Mini, Inc.(a)*	10,131		211,029
	Multi-Color Corp.(a)	3,091		74,153
	NL Industries, Inc.(a)	11,700		133,965
	Quad/Graphics, Inc.(a)	1,128		23,000
	R.R. Donnelley & Sons Co.(a)	36,054		324,486
	Schawk, Inc.	5,600		73,696
	Standard Parking Corp.*	4,000		87,960
	Steelcase, Inc., Class A	19,823		252,545
	SYKES Enterprises, Inc.*	11,326		172,382
	Team, Inc.*	4,200		159,768
	Tetra Tech, Inc.*	13,589		359,429
	TMS International Corp., Class A*	1,233		15,437
	TRC Cos., Inc.(a)*	7,000		40,740
	UniFirst Corp.	3,000		219,960
	United Stationers, Inc.	12,800		396,672
	US Ecology, Inc.	3,766		88,652
	Versar, Inc.*	2,000		7,720
	Viad Corp.	4,500		122,220
	Virco Manufacturing*	2,494		6,459
				6,969,854
Communications Equipment — 1.8%
	Acme Packet, Inc.(a)*	987		21,832
	ADTRAN, Inc.(a)	11,712		228,852
	Anaren, Inc.*	3,900		75,855
	Arris Group, Inc.*	29,127		435,157
	Aviat Networks, Inc.*	10,088		33,190
	Aware, Inc.(a)	4,900		26,852
	Bel Fuse, Inc., Class B	1,890		36,950
	Black Box Corp.	3,700		90,058
	CalAmp Corp.*	5,912		49,188
	Calix, Inc.*	10,028		77,115
	Clearfield, Inc.*	1,600		7,184
	Communications Systems, Inc.	1,418		14,747
	Comtech Telecommunications Corp.	5,325		135,148
	Digi International, Inc.*	7,600		71,972
	EchoStar Corp., Class A*	3,236		110,736
	Emcore Corp.(a)*	2,152		9,254
	Emulex Corp.*	21,600		157,680
	Extreme Networks*	21,300		77,532
	Finisar Corp.(a)*	15,065		245,559
	Globecomm Systems, Inc.*	8,871		100,242
	Harmonic, Inc.*	27,125		137,524
	Infinera Corp.(a)*	23,205		134,821
	InterDigital, Inc.(a)	1,606		66,007
	Ixia*	14,258		242,101
	KVH Industries, Inc.*	3,300		46,134
	Loral Space & Communications, Inc.	4,385		239,684
	Netgear, Inc.(a)*	8,761		345,359
	Numerex Corp., Class A(a)*	2,359		30,997
	Oplink Communications, Inc.*	4,200		65,436
	Optical Cable Corp.	374		1,406
	PC-Tel, Inc.	4,100		29,520
	Plantronics, Inc.(a)	11,000		405,570
	Polycom, Inc.*	850		8,891
	Procera Networks, Inc.*	173		3,209
	Relm Wireless Corp.(a)*	2,000		3,360
	Riverbed Technology, Inc.*	1,716		33,840
	ShoreTel, Inc.*	8,783		37,240
	Sonus Networks, Inc.*	82,636		140,481
	Sycamore Networks, Inc.	6,549		14,670
	Symmetricom, Inc.*	21,384		123,386
	Tellabs, Inc.	22,721		51,804
	Telular Corp.	4,597		43,534
	Tessco Technologies, Inc.(a)	1,000		22,140
	UTStarcom Holdings Corp.(a)*	14,700		15,288
	Viasat, Inc.(a)*	8,400		326,760
	Westell Technologies, Inc., Class A(a)*	13,200		24,420
				4,598,685
Computers & Peripherals — 1.3%
	3D Systems Corp.(a)*	13,906		741,885
	Astro-Med, Inc.(a)	575		5,808
	Avid Technology, Inc.*	2,704		20,496
	Cray, Inc.*	9,648		153,886
	Datalink Corp.*	3,145		26,890
	Diebold, Inc.	14,312		438,090
	Dot Hill Systems Corp.*	5,685		5,330
	Electronics for Imaging, Inc.*	11,600		220,284
	Fusion-io, Inc.*	3,060		70,166
	Imation Corp.*	5,188		24,228
	Immersion Corp.(a)*	4,661		32,021
	Intermec, Inc.*	10,766		106,153
	Interphase Corp.*	1,200		3,108
	Intevac, Inc.*	4,883		22,315
	Lexmark International, Inc., Class A(a)	5,314		123,232
	QLogic Corp.*	25,117		244,388
	Qualstar Corp.*	3,000		4,320
	Rimage Corp.(a)	4,700		31,396
	Silicon Graphics International Corp.(a)*	5,367		54,904
	STEC, Inc.*	10,200		50,286
	Stratasys Ltd.*	4,214		337,752
	Super Micro Computer, Inc.(a)*	8,716		88,903
	Synaptics, Inc.*	13,601		407,622
	Transact Technologies, Inc.	1,515		10,938
	USA Technologies, Inc.(a)*	1,931		3,360
	Video Display Corp.*	1,990		7,622

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Computers & Peripherals (Continued)
	Xyratex Ltd.(a)	4,652	$	39,123
				3,274,506
Construction & Engineering — 1.4%
	Aegion Corp.(a)*	8,030		178,186
	Argan, Inc.	3,057		55,026
	Comfort Systems USA, Inc.	8,930		108,589
	Dycom Industries, Inc.*	8,000		158,400
	EMCOR Group, Inc.	16,624		575,357
	Furmanite Corp.*	10,379		55,735
	Granite Construction, Inc.	8,594		288,930
	Great Lakes Dredge & Dock Corp.	13,510		120,644
	Integrated Electrical Services, Inc.*	—		—
	Layne Christensen Co.*	4,921		119,433
	MasTec, Inc.*	20,202		503,636
	Michael Baker Corp.	1,700		42,381
	MYR Group, Inc.*	7,125		158,531
	Northwest Pipe Co.*	2,100		50,106
	Orion Marine Group, Inc.*	5,211		38,092
	Pike Electric Corp.	7,600		72,580
	Primoris Services Corp.(a)	10,357		155,769
	Shaw Group, Inc. (The)*	15,682		730,938
	Sterling Construction Co., Inc.*	3,741		37,186
	Tutor Perini Corp.*	9,649		132,191
				3,581,710
Construction Materials — 0.4%
	Eagle Materials, Inc.	11,300		661,050
	Headwaters, Inc.*	6,553		56,094
	Texas Industries, Inc.(a)*	6,200		316,262
	United States Lime & Minerals, Inc.*	1,679		79,114
				1,112,520
Consumer Finance — 1.1%
	Asset Acceptance Capital Corp.(a)*	5,000		22,500
	Asta Funding, Inc.	2,600		24,726
	Atlanticus Holdings Corp.(a)*	5,476		18,344
	Cash America International, Inc.	6,500		257,855
	Consumer Portfolio Services, Inc.*	10,500		56,280
	Credit Acceptance Corp.*	4,082		415,058
	DFC Global Corp.(a)*	10,498		194,318
	Encore Capital Group, Inc.*	6,000		183,720
	Ezcorp, Inc., Class A*	11,029		219,036
	First Cash Financial Services, Inc.*	7,400		367,188
	First Marblehead Corp. (The)(a)*	18,037		14,013
	Green Dot Corp., Class A(a)*	6,285		76,677
	Nelnet, Inc., Class A	9,000		268,110
	Netspend Holdings, Inc.(a)*	14,201		167,856
	Portfolio Recovery Associates, Inc.*	3,600		384,696
	QC Holdings, Inc.	5,600		18,144
	World Acceptance Corp.(a)*	3,636		271,100
				2,959,621
Containers & Packaging — 0.4%
	AEP Industries, Inc.*	1,000		59,230
	Boise, Inc.	25,804		205,142
	Graphic Packaging Holding Co.*	79,328		512,459
	Greif, Inc., Class A	164		7,298
	Myers Industries, Inc.	8,017		121,457
				905,586
Distributors — 0.2%
	Core-Mark Holding Co., Inc.	2,102		99,530
	Pool Corp.	11,103		469,879
	VOXX International Corp.*	3,800		25,574
	Weyco Group, Inc.(a)	690		16,118
				611,101
Diversified Consumer Services — 1.1%
	American Public Education, Inc.(a)*	4,715		170,259
	Ascent Capital Group, Inc., Class A*	2,620		162,283
	Bridgepoint Education, Inc.(a)*	13,163		135,579
	Capella Education Co.*	3,000		84,690
	Career Education Corp.*	13,047		45,925
	Carriage Services, Inc.(a)	3,900		46,293
	Coinstar, Inc.(a)*	7,100		369,271
	Collectors Universe(a)	1,242		12,457
	Grand Canyon Education, Inc.(a)*	10,562		247,890
	Hillenbrand, Inc.	15,646		353,756
	ITT Educational Services, Inc.*	6,143		106,335
	K12, Inc.(a)*	7,906		161,599
	Learning Tree International, Inc.(a)*	5,000		27,250
	Lincoln Educational Services Corp.(a)	5,874		32,836
	Mac-Gray Corp.	2,474		31,049
	Matthews International Corp., Class A	6,900		221,490
	Regis Corp.(a)	13,486		228,183
	Spectrum Group International, Inc.*	7,402		15,840
	Steiner Leisure Ltd.*	3,146		151,606
	Stewart Enterprises, Inc., Class A(a)	18,484		141,218
	Strayer Education, Inc.(a)	2,100		117,957
	Universal Technical Institute, Inc.	5,900		59,236
				2,923,002
Diversified Financial Services — 0.5%
	Interactive Brokers Group, Inc., Class A	11,372		155,569
	MarketAxess Holdings, Inc.	8,912		314,594
	Marlin Business Services Corp.	2,800		56,168
	MicroFinancial, Inc.	2,171		15,805
	NewStar Financial, Inc.(a)*	13,144		184,147
	PHH Corp.*	12,300		279,825
	Pico Holdings, Inc.*	4,793		97,154
	Primus Guaranty Ltd.(a)*	3,700		32,375
	Resource America, Inc., Class A	3,800		25,346
				1,160,983
Diversified Telecommunication Services — 0.5%
	Atlantic Tele-Network, Inc.	3,600		132,156
	Cbeyond, Inc.*	3,909		35,337
	Cincinnati Bell, Inc.(a)*	51,900		284,412
	Consolidated Communications Holdings, Inc.(a)	8,840		140,733
	General Communication, Inc., Class A*	16,861		161,697
	Hawaiian Telcom Holdco, Inc.(a)*	187		3,646
	HickoryTech Corp.	4,037		39,280
	IDT Corp., Class B(a)	4,900		46,746
	Iridium Communications, Inc.*	13,394		90,276
	Lumos Networks Corp.	4,685		46,944
	Neutral Tandem, Inc.	6,825		17,540
	Orbcomm, Inc.*	7,997		31,348
	Premiere Global Services, Inc.*	13,860		135,551
	Primus Telecommunications Group, Inc.(a)	1,134		12,327
	Vonage Holdings Corp.*	36,084		85,519
				1,263,512
Electric Utilities — 1.3%
	Allete, Inc.	7,400		303,252
	Cleco Corp.	6,921		276,909
	El Paso Electric Co.	11,500		366,965
	Empire District Electric Co. (The)	7,700		156,926
	IDACORP, Inc.	10,600		459,510
	MGE Energy, Inc.	4,500		229,275
	Otter Tail Corp.(a)	7,214		180,350

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Electric Utilities (Continued)
	PNM Resources, Inc.	17,350	$	355,849
	Portland General Electric Co.	14,100		385,776
	UIL Holdings Corp.	5,166		184,994
	Unitil Corp.	2,200		57,024
	UNS Energy Corp.	8,000		339,360
				3,296,190
Electrical Equipment — 1.6%
	Allied Motion Technologies, Inc.	1,600		10,432
	American Superconductor Corp.(a)*	4,411		11,557
	AZZ, Inc.	5,400		207,522
	Belden, Inc.	10,530		473,745
	Brady Corp., Class A	11,473		383,198
	Coleman Cable, Inc.	2,781		25,780
	Encore Wire Corp.	5,200		157,612
	EnerSys, Inc.*	11,800		444,034
	Espey Manufacturing & Electronics Corp.(a)	150		3,780
	Franklin Electric Co., Inc.	5,300		329,501
	Generac Holdings, Inc.(a)	15,486		531,325
	General Cable Corp.*	11,499		349,685
	Global Power Equipment Group, Inc.(a)	3,290		56,423
	II-VI, Inc.*	23,822		435,228
	LSI Industries, Inc.	4,900		34,349
	Magnetek, Inc.*	979		10,084
	Ocean Power Technologies, Inc.(a)*	1,700		3,672
	Orion Energy Systems, Inc.(a)*	3,100		5,146
	Polypore International, Inc.(a)*	7,515		349,447
	Powell Industries, Inc.*	2,600		107,978
	PowerSecure International, Inc.*	5,500		42,955
	Preformed Line Products Co.	850		50,507
	SL Industries, Inc.	986		17,748
	Thermon Group Holdings, Inc.*	1,914		43,122
	Ultralife Corp.*	3,600		11,664
	Vicor Corp.*	11,546		62,579
				4,159,073
Electronic Equipment, Instruments & Components — 2.9%
	ADDvantage Technologies Group, Inc.(a)*	2,400		4,752
	Aeroflex Holding Corp.*	132		924
	Agilysys, Inc.*	5,376		44,997
	Anixter International, Inc.	7,071		452,403
	Badger Meter, Inc.	3,000		142,230
	Benchmark Electronics, Inc.*	14,710		244,480
	Checkpoint Systems, Inc.*	8,500		91,290
	Cognex Corp.	9,915		365,070
	Coherent, Inc.	6,900		349,278
	CTS Corp.	6,500		69,095
	Daktronics, Inc.	9,792		108,397
	DTS, Inc.*	4,196		70,073
	Echelon Corp.(a)*	6,379		15,629
	Electro Rent Corp.	6,482		99,693
	Electro Scientific Industries, Inc.	7,067		70,317
	eMagin Corp.	3,154		11,260
	Fabrinet(a)*	5,128		67,382
	FARO Technologies, Inc.*	3,250		115,960
	FEI Co.	9,800		543,508
	Frequency Electronics, Inc.	1,400		11,494
	GSI Group, Inc.*	8,322		72,069
	I.D. Systems, Inc.*	2,750		16,005
	IEC Electronics Corp.(a)*	800		5,408
	Insight Enterprises, Inc.*	10,250		178,043
	Intellicheck Mobilisa, Inc.(a)*	3,500		2,275
	IntriCon Corp.*	1,000		4,030
	Iteris, Inc.(a)*	7,798		13,257
	Itron, Inc.*	7,476		333,056
	Kemet Corp.(a)*	8,936		44,948
	KEY Tronic Corp.*	1,700		17,408
	Littelfuse, Inc.	4,865		300,219
	LoJack Corp.*	6,666		18,598
	Measurement Specialties, Inc.*	3,300		113,388
	Mercury Computer Systems, Inc.*	6,770		62,284
	Mesa Laboratories, Inc.	740		37,081
	Methode Electronics, Inc.	12,397		124,342
	MOCON, Inc.(a)	600		8,634
	MTS Systems Corp.	3,800		193,534
	Multi-Fineline Electronix, Inc.*	6,500		131,365
	NAPCO Security Technologies, Inc.*	4,850		17,654
	NetList, Inc.(a)*	3,200		2,368
	Newport Corp.*	13,303		178,925
	OSI Systems, Inc.*	4,180		267,687
	PAR Technology Corp.*	3,000		14,700
	Park Electrochemical Corp.	4,194		107,912
	PC Connection, Inc.	6,200		71,300
	PC Mall, Inc.*	2,200		13,662
	Perceptron, Inc.	1,100		6,490
	Plexus Corp.*	8,900		229,620
	Power-One, Inc.*	29,175		119,909
	Radisys Corp.*	8,500		25,330
	RealD, Inc.(a)*	7,304		81,878
	Research Frontiers, Inc.(a)*	2,600		9,724
	Richardson Electronics Ltd.(a)	2,700		30,564
	Rofin-Sinar Technologies, Inc.*	7,200		156,096
	Rogers Corp.*	3,900		193,674
	Sanmina Corp.*	17,544		194,212
	Scansource, Inc.*	6,012		191,001
	SYNNEX Corp.(a)*	8,279		284,632
	Tech Data Corp.*	3,715		169,144
	TTM Technologies, Inc.*	16,816		154,707
	Ultimate Electrs, Inc.(b)*	1,600		—
	Viasystems Group, Inc.(a)*	2,056		25,083
	Vishay Intertechnology, Inc.(a)*	28,915		307,366
	Vishay Precision Group, Inc.(a)*	2,771		36,633
	Zygo Corp.*	3,600		56,520
				7,500,967
Energy Equipment & Services — 2.1%
	Basic Energy Services, Inc.*	9,300		106,113
	Bolt Technology Corp.	2,382		33,991
	Bristow Group, Inc.	8,471		454,554
	C&J Energy Services, Inc.*	8,622		184,856
	CARBO Ceramics, Inc.(a)	1,892		148,219
	Dawson Geophysical Co.*	1,100		29,018
	ENGlobal Corp.*	6,100		3,233
	Exterran Holdings, Inc.(a)*	15,753		345,306
	Geospace Technologies Corp.*	2,000		177,740
	Global Geophysical Services, Inc.*	13,166		50,689
	Gulf Island Fabrication, Inc.	3,600		86,508
	Gulfmark Offshore, Inc., Class A	5,929		204,254
	Heckmann Corp.(a)*	37,809		152,370
	Helix Energy Solutions Group, Inc.*	26,225		541,284
	Hercules Offshore, Inc.*	35,312		218,228
	Hornbeck Offshore Services, Inc.*	7,200		247,248
	ION Geophysical Corp.(a)*	58,175		378,719
	Key Energy Services, Inc.*	29,959		208,215
	Lufkin Industries, Inc.(a)	5,478		318,436
	Matrix Service Co.*	6,538		75,187
	Mitcham Industries, Inc.*	2,601		35,452
	Natural Gas Services Group, Inc.*	2,500		41,050
	Newpark Resources, Inc.(a)*	19,900		156,215

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Energy Equipment & Services (Continued)
	Parker Drilling Co.*	28,039	$	128,980
	PHI, Inc.(a)*	2,300		77,027
	Pioneer Energy Services Corp.*	12,313		89,392
	RigNet, Inc.(a)*	948		19,368
	SEACOR Holdings, Inc.	5,219		437,352
	Steel Excel, Inc.*	2,972		74,152
	Tesco Corp.*	7,980		90,892
	Tetra Technologies, Inc.*	16,850		127,892
	TGC Industries, Inc.	6,500		53,235
	Unit Corp.*	528		23,786
	Willbros Group, Inc.*	9,856		52,828
				5,371,789
Food & Staples Retailing — 1.1%
	Andersons, Inc. (The)(a)	4,100		175,890
	Arden Group, Inc., Class A(a)	344		30,950
	Casey's General Stores, Inc.	12,174		646,439
	Harris Teeter Supermarkets, Inc.	10,900		420,304
	Ingles Markets, Inc., Class A(a)	2,600		44,876
	Nash Finch Co.	2,253		47,944
	Pantry, Inc. (The)*	5,100		61,863
	PriceSmart, Inc.(a)	7,300		562,465
	Spartan Stores, Inc.	6,657		102,252
	SUPERVALU, Inc.(a)	20,887		51,591
	Susser Holdings Corp.*	4,500		155,205
	United Natural Foods, Inc.*	5,562		298,068
	Village Super Market, Inc., Class A	2,076		68,217
	Weis Markets, Inc.(a)	6,390		250,296
				2,916,360
Food Products — 2.1%
	Alico, Inc.(a)	1,300		47,619
	B&G Foods, Inc.	12,409		351,299
	Boulder Brands, Inc.*	17,615		227,233
	Bridgford Foods Corp.	101		702
	Cal-Maine Foods, Inc.	5,100		205,122
	Calavo Growers, Inc.(a)	5,041		127,084
	Chiquita Brands International, Inc.*	8,777		72,410
	Coffee Holding Co., Inc.(a)	600		4,200
	Darling International, Inc.*	29,400		471,576
	Diamond Foods, Inc.(a)	4,637		63,388
	Dole Food Co., Inc.*	18,868		216,416
	Farmer Bros. Co.(a)*	3,200		46,176
	Fresh Del Monte Produce, Inc.	14,020		369,427
	Hain Celestial Group, Inc. (The)(a)*	8,094		438,857
	Inventure Foods, Inc.*	1,023		6,639
	J&J Snack Foods Corp.	4,500		287,730
	John B. Sanfilippo & Son, Inc.	2,650		48,177
	Lancaster Colony Corp.	7,594		525,429
	Lifeway Foods, Inc.(a)	3,800		33,212
	Omega Protein Corp.*	4,197		25,686
	Overhill Farms, Inc.*	1,600		6,928
	Pilgrim's Pride Corp.*	38,028		275,703
	Post Holdings, Inc.*	7,839		268,486
	Rocky Mountain Chocolate Factory, Inc.(a)	1,260		13,305
	Sanderson Farms, Inc.	5,434		258,387
	Scheid Vineyards, Inc., Class A*	20		290
	Seneca Foods Corp., Class A*	1,249		37,969
	Snyders-Lance, Inc.	16,940		408,423
	Tootsie Roll Industries, Inc.(a)	6,875		178,200
	TreeHouse Foods, Inc.*	7,400		385,762
				5,401,835
Gas Utilities — 0.7%
	Chesapeake Utilities Corp.	2,043		92,752
	Delta Natural Gas Co., Inc.	400		7,820
	Gas Natural, Inc.(a)	300		2,799
	Laclede Group, Inc. (The)(a)	4,500		173,745
	New Jersey Resources Corp.(a)	9,451		374,449
	Northwest Natural Gas Co.	6,800		300,560
	RGC Resources, Inc.	400		7,608
	South Jersey Industries, Inc.	6,400		322,112
	Southwest Gas Corp.	9,900		419,859
				1,701,704
Health Care Equipment & Supplies — 3.0%
	Abaxis, Inc.(a)	2,731		101,320
	Accuray, Inc.*	17,223		110,744
	Alere, Inc.*	23		426
	Align Technology, Inc.(a)*	16,175		448,856
	Alphatec Holdings, Inc.(a)*	14,824		24,460
	Analogic Corp.	3,000		222,900
	Angiodynamics, Inc.*	6,163		67,731
	Anika Therapeutics, Inc.*	4,100		40,754
	Arthrocare Corp.*	6,568		227,187
	Atrion Corp.	494		96,824
	Biolase, Inc.(a)*	5,833		10,791
	Bovie Medical Corp.*	4,900		11,858
	Cantel Medical Corp.	5,925		176,150
	CAS Medical Systems, Inc.(a)*	1,129		2,427
	Conceptus, Inc.(a)*	12,100		254,221
	Conmed Corp.	7,150		199,843
	CryoLife, Inc.	6,300		39,249
	Cutera, Inc.*	3,899		35,091
	Cyberonics, Inc.*	6,200		325,686
	Cynosure, Inc., Class A*	2,435		58,708
	Digirad Corp.*	2,100		4,305
	Exactech, Inc.*	2,535		42,968
	Greatbatch, Inc.(a)*	7,881		183,154
	Haemonetics Corp.*	11,800		481,912
	Hill-Rom Holdings, Inc.	12,409		353,656
	ICU Medical, Inc.*	2,950		179,744
	Integra LifeSciences Holdings Corp.*	6,543		254,981
	Invacare Corp.	9,357		152,519
	Iridex Corp.*	671		2,536
	LeMaitre Vascular, Inc.(a)	6,218		35,691
	Masimo Corp.	14,180		297,922
	Merit Medical Systems, Inc.*	15,874		220,649
	Misonix, Inc.(a)*	2,200		17,732
	Natus Medical, Inc.*	8,702		97,288
	Neogen Corp.(a)*	2,951		133,739
	NuVasive, Inc.*	9,713		150,163
	Orthofix International NV*	3,696		145,364
	Palomar Medical Technologies, Inc.*	3,882		35,753
	PhotoMedex, Inc.(a)*	2,582		37,465
	Quidel Corp.(a)*	8,803		164,352
	Rochester Medical Corp.(a)*	1,500		15,120
	RTI Biologics, Inc.*	11,039		47,137
	Solta Medical, Inc.(a)*	14,556		38,865
	Spectranetics Corp.*	7,200		106,344
	Staar Surgical Co.*	5,280		32,208
	STERIS Corp.	14,088		489,276
	SurModics, Inc.*	3,700		82,732
	Symmetry Medical, Inc.*	11,100		116,772
	Theragenics Corp.*	7,500		11,925
	Thoratec Corp.*	15,718		589,739
	Tornier NV*	1,066		17,898
	TranS1, Inc.(a)*	6,472		16,051
	Uroplasty, Inc.*	2,952		9,535
	Utah Medical Products, Inc.	831		29,958
	Vascular Solutions, Inc.*	6,500		102,700

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (Continued)
	West Pharmaceutical Services, Inc.(a)	7,400	$	405,150
	Wright Medical Group, Inc.*	8,500		178,415
	Young Innovations, Inc.	1,900		74,879
				7,811,823
Health Care Providers & Services — 3.9%
	Acadia Healthcare Co., Inc.*	1,075		25,080
	Air Methods Corp.(a)	10,044		370,523
	Almost Family, Inc.	1,325		26,845
	Amedisys, Inc.*	6,496		73,210
	AMN Healthcare Services, Inc.*	9,000		103,950
	Amsurg Corp.*	7,750		232,578
	Assisted Living Concepts, Inc., Class A(a)	4,248		41,418
	Bio-Reference Labs, Inc.(a)*	6,683		191,735
	BioScrip, Inc.*	13,810		148,734
	Brookdale Senior Living, Inc.*	4,203		106,420
	Capital Senior Living Corp.*	9,398		175,649
	Centene Corp.*	12,874		527,834
	Chemed Corp.(a)	5,500		377,245
	Chindex International, Inc.*	2,640		27,720
	Community Health Systems, Inc.	1,072		32,953
	Corvel Corp.*	2,550		114,317
	Cross Country Healthcare, Inc.*	6,900		33,120
	Emeritus Corp.*	9,685		239,413
	Ensign Group, Inc. (The)	5,064		137,690
	ExamWorks Group, Inc.(a)*	6,663		93,215
	Five Star Quality Care, Inc.*	12,800		64,128
	Gentiva Health Services, Inc.*	6,500		65,325
	Hanger, Inc.*	8,636		236,281
	Health Management Associates, Inc., Class A*	50,175		467,631
	Health Net, Inc.*	2,682		65,173
	Healthsouth Corp.*	19,091		403,011
	Healthways, Inc.(a)*	6,798		72,739
	IPC The Hospitalist Co., Inc.*	2,665		105,827
	Kindred Healthcare, Inc.(a)*	11,383		123,164
	Landauer, Inc.	1,800		110,178
	LCA-Vision, Inc.(a)*	5,917		16,863
	LHC Group, Inc.*	3,800		80,940
	LifePoint Hospitals, Inc.(a)*	12,378		467,269
	Magellan Health Services, Inc.*	11,300		553,700
	Medcath Corp.(a) (b)*	3,122		4,277
	Molina Healthcare, Inc.*	11,450		309,837
	MWI Veterinary Supply, Inc.*	2,292		252,120
	National Healthcare Corp.(a)	3,000		141,060
	National Research Corp.	1,475		79,945
	Owens & Minor, Inc.(a)	14,178		404,215
	PDI, Inc.*	3,600		27,360
	PharMerica Corp.*	5,650		80,456
	Providence Service Corp. (The)*	4,498		76,421
	PSS World Medical, Inc.*	24,238		699,993
	Psychemedics Corp.	400		4,300
	RadNet, Inc.*	8,150		20,620
	Select Medical Holdings Corp.	32,321		304,787
	Skilled Healthcare Group, Inc., Class A(a)*	3,695		23,537
	Sunrise Senior Living, Inc.*	11,840		170,259
	Team Health Holdings, Inc.*	14,045		404,075
	Tenet Healthcare Corp.*	14,754		479,062
	Triple-S Management Corp., Class B*	4,035		74,526
	U.S. Physical Therapy, Inc.	2,650		72,981
	Universal American Corp.(a)	16,273		139,785
	Vanguard Health Systems, Inc.*	2,711		33,210
	VCA Antech, Inc.(a)*	17,829		375,300
	WellCare Health Plans, Inc.*	593		28,873
				10,118,877
Health Care Technology — 0.4%
	Allscripts Healthcare Solutions, Inc.*	1,785		16,815
	Arrhythmia Research Technology, Inc.(a)	200		460
	Computer Programs & Systems, Inc.	1,836		92,424
	Epocrates, Inc.(a)*	575		5,072
	HealthStream, Inc.(a)*	6,062		147,367
	MedAssets, Inc.*	13,939		233,757
	Medidata Solutions, Inc.*	4,602		180,352
	Merge Healthcare, Inc.*	9,013		22,262
	Omnicell, Inc.*	9,363		139,228
	Quality Systems, Inc.(a)	4,774		82,877
	Simulations Plus, Inc.	800		3,512
				924,126
Hotels, Restaurants & Leisure — 4.0%
	AFC Enterprises, Inc.*	6,349		165,899
	Ambassadors Group, Inc.	3,300		14,058
	Ameristar Casinos, Inc.	9,200		241,408
	Bally Technologies, Inc.*	10,699		478,352
	Biglari Holdings, Inc.*	332		129,487
	BJ's Restaurants, Inc.*	5,454		179,437
	Bluegreen Corp.(a)*	7,100		66,598
	Bob Evans Farms, Inc.	7,000		281,400
	Boyd Gaming Corp.(a)*	16,663		110,642
	Bravo Brio Restaurant Group, Inc.*	2,802		37,631
	Brinker International, Inc.	16,410		508,546
	Buffalo Wild Wings, Inc.(a)*	3,233		235,427
	Caribou Coffee Co., Inc.(a)*	5,058		81,889
	Carrols Restaurant Group, Inc.(a)*	8,600		51,428
	CEC Entertainment, Inc.	5,150		170,928
	Cheesecake Factory, Inc. (The)(a)	13,476		440,935
	Choice Hotels International, Inc.(a)	8,072		271,381
	Churchill Downs, Inc.	3,820		253,839
	Cracker Barrel Old Country Store, Inc.	5,000		321,300
	DineEquity, Inc.*	3,900		261,300
	Domino's Pizza, Inc.	16,189		705,031
	Dover Downs Gaming & Entertainment, Inc.	3,400		7,480
	Dover Motorsports, Inc.	4,000		6,760
	Einstein Noah Restaurant Group, Inc.	3,600		43,956
	Entertainment Gaming Asia, Inc.*	2,182		4,189
	Famous Dave's Of America, Inc.(a)*	2,145		19,713
	Fiesta Restaurant Group, Inc.*	8,600		131,752
	Frisch's Restaurants, Inc.(a)	695		12,858
	Full House Resorts, Inc.*	4,300		14,835
	Gaming Partners International Corp.(a)	1,300		9,035
	International Speedway Corp., Class A	6,832		188,700
	Interval Leisure Group, Inc.	15,989		310,027
	Isle of Capri Casinos, Inc.*	3,087		17,287
	Jack in the Box, Inc.*	14,400		411,840
	Kona Grill, Inc.*	1,540		13,352
	Krispy Kreme Doughnuts, Inc.(a)*	15,525		145,624
	Life Time Fitness, Inc.(a)*	10,707		526,891
	Luby's, Inc.*	7,260		48,569
	Marcus Corp.	4,500		56,115
	Marriott Vacations Worldwide Corp.*	1,353		56,380
	Monarch Casino & Resort, Inc.*	3,600		39,276
	MTR Gaming Group, Inc.*	6,300		26,271
	Multimedia Games Holding Co., Inc.*	6,030		88,701
	Nathan's Famous, Inc.*	1,385		46,675
	Orient-Express Hotels Ltd., Class A*	24,567		287,188
	Papa John's International, Inc.*	6,315		346,946
	Pinnacle Entertainment, Inc.*	13,499		213,689

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (Continued)
	Red Lion Hotels Corp.(a)*	4,500	$	35,505
	Red Robin Gourmet Burgers, Inc.*	3,300		116,457
	Rick's Cabaret International, Inc.(a)*	2,209		17,782
	Ruby Tuesday, Inc.(a)*	14,262		112,099
	Ruth's Hospitality Group, Inc.*	8,054		58,553
	Scientific Games Corp., Class A*	19,954		173,001
	SHFL Entertainment, Inc.*	13,762		199,549
	Sonic Corp.*	15,175		157,972
	Speedway Motorsports, Inc.(a)	10,200		181,968
	Texas Roadhouse, Inc.	15,300		257,040
	Town Sports International Holdings, Inc.	8,000		85,200
	Vail Resorts, Inc.	8,330		450,570
	Wendy's Co. (The)(a)	26,812		126,016
	WMS Industries, Inc.*	10,892		190,610
				10,243,347
Household Durables — 1.4%
	American Greetings Corp., Class A(a)	9,420		159,104
	Bassett Furniture Industries, Inc.	2,600		32,422
	Beazer Homes USA, Inc.(a)*	3,304		55,805
	Blyth, Inc.(a)	4,000		62,200
	California Coastal Communities, Inc.(b)*	1,800		—
	Cavco Industries, Inc.*	1,100		54,978
	CSS Industries, Inc.	2,100		45,969
	Dixie Group, Inc. (The)(a)*	2,300		7,613
	Emerson Radio Corp.*	1,300		2,249
	Ethan Allen Interiors, Inc.	7,100		182,541
	Flexsteel Industries, Inc.	319		6,842
	Helen of Troy Ltd.*	7,111		237,436
	Hooker Furniture Corp.(a)	2,500		36,325
	iRobot Corp.*	5,127		96,080
	KB Home(a)	18,500		292,300
	La-Z-Boy, Inc.	12,086		171,017
	Libbey, Inc.*	4,508		87,230
	Lifetime Brands, Inc.	3,200		33,952
	M.D.C. Holdings, Inc.	11,867		436,231
	M/I Homes, Inc.*	6,041		160,086
	Meritage Homes Corp.*	7,928		296,111
	NACCO Industries, Inc., Class A	1,000		60,690
	Orleans Homebuilders, Inc.(b)*	4,953		—
	Ryland Group, Inc. (The)	11,100		405,150
	Sealy Corp.(a)*	10,800		23,436
	Skullcandy, Inc.*	758		5,905
	Standard Pacific Corp.(a)*	44,971		330,537
	Stanley Furniture Co., Inc.(a)*	927		4,171
	Tempur-Pedic International, Inc.*	8,316		261,871
	Universal Electronics, Inc.*	2,800		54,180
	Zagg, Inc.(a)*	2,634		19,386
				3,621,817
Household Products — 0.4%
	Central Garden and Pet Co.*	5,300		53,106
	Central Garden and Pet Co., Class A*	8,850		92,482
	Orchids Paper Products Co.	1,224		24,749
	Spectrum Brands Holdings, Inc.*	13,807		620,349
	WD-40 Co.	5,000		235,550
				1,026,236
Independent Power Producers & Energy Traders — 0.2%
	Atlantic Power Corp.(a)	24,268		277,383
	Genie Energy Ltd.(a)	4,900		34,790
	Ormat Technologies, Inc.(a)	8,635		166,483
	Synthesis Energy Systems, Inc.(a)*	5,474		5,857
				484,513
Industrial Conglomerates — 0.1%
	Raven Industries, Inc.(a)	7,200		189,792
	Standex International Corp.	2,700		138,483
				328,275
Insurance — 4.3%
	American Equity Investment Life Holding Co.(a)	15,659		191,196
	American National Insurance Co.	63		4,302
	American Safety Insurance Holdings Ltd.*	1,683		31,842
	Amerisafe, Inc.*	3,900		106,275
	Amtrust Financial Services, Inc.(a)	16,605		476,397
	Argo Group International Holdings Ltd.	6,959		233,753
	Aspen Insurance Holdings Ltd.	17,232		552,803
	Baldwin & Lyons, Inc., Class B	1,818		43,377
	Citizens, Inc., Class A*	11,958		132,136
	CNO Financial Group, Inc.	60,833		567,572
	Crawford & Co., Class A(a)	10,528		59,378
	Crawford & Co., Class B	3,991		31,848
	Donegal Group, Inc., Class A	4,648		65,258
	Eastern Insurance Holdings, Inc.	1,700		29,036
	eHealth, Inc.*	4,659		128,029
	EMC Insurance Group, Inc.	3,800		90,744
	Employers Holdings, Inc.	8,742		179,910
	Endurance Specialty Holdings Ltd.	10,080		400,075
	Enstar Group Ltd.*	2,824		316,232
	FBL Financial Group, Inc., Class A(a)	6,600		225,786
	First Acceptance Corp.*	15,539		19,424
	First American Financial Corp.	23,254		560,189
	Global Indemnity PLC*	3,524		77,986
	Greenlight Capital Re Ltd., Class A*	7,603		175,477
	Hallmark Financial Services*	5,700		53,523
	Hanover Insurance Group, Inc. (The)	7,376		285,746
	Hilltop Holdings, Inc.*	14,115		191,117
	Homeowners Choice, Inc.(a)	2,348		48,815
	Horace Mann Educators Corp.	9,218		183,991
	Independence Holding Co.(a)	3,520		33,510
	Infinity Property & Casualty Corp.	4,300		250,432
	Investors Title Co.(a)	292		17,520
	Kemper Corp.	13,679		403,531
	Maiden Holdings Ltd.	16,273		149,549
	MBIA, Inc.(a)*	46,492		364,962
	Meadowbrook Insurance Group, Inc.	13,262		76,654
	Mercury General Corp.	2,536		100,654
	Montpelier Re Holdings Ltd.	15,417		352,433
	National Financial Partners Corp.(a)*	9,600		164,544
	National Interstate Corp.	4,200		121,044
	Navigators Group, Inc. (The)*	3,600		183,852
	OneBeacon Insurance Group Ltd., Class A	4,825		67,068
	Phoenix Companies, Inc. (The)*	304		7,518
	Platinum Underwriters Holdings Ltd.	7,812		359,352
	Primerica, Inc.	15,395		462,004
	Protective Life Corp.	12,115		346,247
	RLI Corp.	5,800		375,028
	Safety Insurance Group, Inc.	3,900		180,063
	SeaBright Holdings, Inc.	4,800		53,136
	Selective Insurance Group, Inc.	13,800		265,926
	StanCorp Financial Group, Inc.	8,398		307,955
	State Auto Financial Corp.	9,900		147,906
	Stewart Information Services Corp.(a)	3,258		84,708
	Symetra Financial Corp.	25,025		324,825
	Tower Group, Inc.	8,548		151,898
	Unico American Corp.	1,700		20,757
	United Fire Group, Inc.	6,100		133,224
	Universal Insurance Holdings, Inc.(a)	8,650		37,887

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Insurance (Continued)
	Validus Holdings Ltd.	2,261	$	78,185
				11,084,589
Internet & Catalog Retail — 0.4%
	1-800-Flowers.com, Inc., Class A*	9,768		35,848
	Blue Nile, Inc.(a)*	466		17,941
	Gaiam, Inc., Class A*	2,400		7,584
	Hollywood Media Corp.(a)*	10,017		13,523
	HSN, Inc.(a)	9,762		537,691
	NutriSystem, Inc.	6,496		53,202
	Orbitz Worldwide, Inc.*	20,694		56,288
	Overstock.com, Inc.(a)*	2,600		37,206
	PetMed Express, Inc.(a)	8,500		94,350
	Shutterfly, Inc.(a)*	8,113		242,335
	US Auto Parts Network, Inc.(a)*	6,100		11,163
	Valuevision Media, Inc., Class A(a)*	7,971		14,348
	Vitacost.com, Inc.(a)*	1,333		9,038
				1,130,517
Internet Software & Services — 1.7%
	Active Network, Inc. (The)(a)*	793		3,894
	AOL, Inc.*	8,187		242,417
	Bankrate, Inc.(a)*	838		10,433
	Blucora, Inc.*	9,900		155,529
	comScore, Inc.*	2,169		29,889
	Constant Contact, Inc.*	3,730		53,003
	CoStar Group, Inc.*	5,232		467,584
	Dealertrack Technologies, Inc.*	8,700		249,864
	Demand Media, Inc.(a)*	7,316		67,966
	Dice Holdings, Inc.*	21,227		194,864
	Digital River, Inc.*	8,400		120,876
	Earthlink, Inc.	26,700		172,482
	Envestnet, Inc.*	4,901		68,369
	Internap Network Services Corp.*	18,988		131,777
	Ipass, Inc.(a)*	14,400		26,352
	j2 Global, Inc.(a)	9,900		302,742
	Keynote Systems, Inc.	3,480		49,033
	KIT Digital, Inc.*	9,981		4,791
	Limelight Networks, Inc.*	23,946		53,160
	Market Leader, Inc.*	7,323		47,966
	Monster Worldwide, Inc.(a)*	4,294		24,132
	Move, Inc.*	9,601		72,872
	NIC, Inc.	15,366		251,080
	Onvia, Inc.(a)*	181		662
	Perficient, Inc.*	7,000		82,460
	QuinStreet, Inc.*	9,301		62,503
	RealNetworks, Inc.*	7,600		57,456
	Reis, Inc.*	2,638		34,373
	Responsys, Inc.*	1,377		8,207
	Soundbite Communications, Inc.(a)	700		2,002
	Spark Networks, Inc.(a)*	6,600		51,480
	Stamps.com, Inc.*	3,476		87,595
	support.com, Inc.(a)*	11,250		47,025
	TechTarget, Inc.*	10,402		57,731
	Tower Automotive, Inc.(b)*	6,500		—
	United Online, Inc.	31,957		178,640
	Valueclick, Inc.*	16,915		328,320
	VistaPrint NV(a)*	7,215		237,085
	Web.com Group, Inc.(a)*	8,914		131,927
	XO Group, Inc.*	6,500		60,450
	Zix Corp.*	8,420		23,576
				4,252,567
IT Services — 2.9%
	Acxiom Corp.*	19,589		342,024
	Booz Allen Hamilton Holding Corp.(a)	6,370		88,670
	CACI International, Inc., Class A*	6,700		368,701
	Cardtronics, Inc.*	10,264		243,667
	Cass Information Systems, Inc.(a)	1,793		75,665
	Ciber, Inc.*	15,799		52,769
	Computer Task Group, Inc.*	4,027		73,412
	Convergys Corp.(a)	29,137		478,138
	CoreLogic, Inc.*	16,824		452,902
	CSG Systems International, Inc.*	10,600		192,708
	Dynamics Research Corp.(a)*	2,200		12,870
	Edgewater Technology, Inc.*	2,300		8,740
	Euronet Worldwide, Inc.*	11,728		276,781
	ExlService Holdings, Inc.*	7,800		206,700
	Forrester Research, Inc.	8,761		234,795
	Global Cash Access Holdings, Inc.*	21,692		170,065
	Hackett Group, Inc. (The)	8,900		38,092
	Heartland Payment Systems, Inc.	9,197		271,311
	Higher One Holdings, Inc.(a)*	2,831		29,839
	iGate Corp.*	16,379		258,297
	Innodata, Inc.(a)*	5,684		21,486
	Lender Processing Services, Inc.	14,786		364,031
	Lionbridge Technologies, Inc.*	7,037		28,289
	Mantech International Corp., Class A(a)	5,280		136,963
	Mattersight Corp.(a)*	2,167		10,770
	MAXIMUS, Inc.	8,800		556,336
	ModusLink Global Solutions, Inc.*	3,550		10,295
	MoneyGram International, Inc.*	1,663		22,101
	NeuStar, Inc., Class A*	12,293		515,445
	Official Payments Holdings, Inc.*	3,900		21,996
	Online Resources Corp.*	7,229		16,410
	PRGX Global, Inc.*	3,839		24,762
	Sapient Corp.*	32,503		343,232
	Syntel, Inc.	9,300		498,387
	TeleTech Holdings, Inc.*	13,200		234,960
	TNS, Inc.*	4,841		100,354
	Unisys Corp.*	8,067		139,559
	Virtusa Corp.*	7,876		129,403
	WEX, Inc.*	6,160		464,279
				7,515,204
Leisure Equipment & Products — 0.6%
	Arctic Cat, Inc.*	3,625		121,039
	Black Diamond, Inc.*	1,900		15,580
	Brunswick Corp.	22,345		650,016
	Callaway Golf Co.(a)	14,609		94,959
	Cybex International, Inc.(a)*	4,100		10,209
	Escalade, Inc.(a)	1,950		10,335
	Jakks Pacific, Inc.	5,129		64,215
	Johnson Outdoors, Inc., Class A*	1,000		19,920
	Leapfrog Enterprises, Inc.(a)*	12,889		111,232
	Marine Products Corp.	10,020		57,314
	Nautilus, Inc.*	3,121		10,955
	Smith & Wesson Holding Corp.(a)*	12,562		106,023
	Steinway Musical Instruments, Inc.*	2,573		54,419
	Sturm Ruger & Co., Inc.(a)	6,513		295,690
				1,621,906
Life Sciences Tools & Services — 0.4%
	Affymetrix, Inc.(a)*	1,353		4,289
	Albany Molecular Research, Inc.*	3,398		17,941
	BioClinica, Inc.*	3,200		18,304
	Cambrex Corp.*	7,028		79,979
	Charles River Laboratories International, Inc.*	12,156		455,485
	Enzo Biochem, Inc.(a)*	1,949		5,262
	Furiex Pharmaceuticals, Inc.*	1,597		30,758

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Life Sciences Tools & Services (Continued)
	Harvard Bioscience, Inc.*	10,123	$	44,339
	Luminex Corp.*	856		14,347
	Parexel International Corp.*	14,526		429,824
	pSivida Corp.(a)*	1,891		2,288
	Strategic Diagnostics, Inc.*	7,150		7,651
				1,110,467
Machinery — 4.3%
	Accuride Corp.(a)*	1,836		5,894
	Actuant Corp., Class A	18,251		509,385
	Adept Technology, Inc.*	1,000		2,610
	Alamo Group, Inc.	2,600		84,864
	Albany International Corp., Class A	7,000		158,760
	Altra Holdings, Inc.	9,567		210,952
	American Railcar Industries, Inc.	5,900		187,207
	Ampco-Pittsburgh Corp.	2,200		43,956
	Astec Industries, Inc.	5,264		175,449
	Barnes Group, Inc.	13,700		307,702
	Blount International, Inc.*	11,988		189,650
	Briggs & Stratton Corp.(a)	11,900		250,852
	Cascade Corp.	2,400		154,320
	Chart Industries, Inc.*	6,034		402,287
	CIRCOR International, Inc.	3,584		141,891
	Columbus McKinnon Corp.*	4,066		67,170
	Commercial Vehicle Group, Inc.*	6,000		49,260
	Douglas Dynamics, Inc.(a)	6,195		89,146
	Dynamic Materials Corp.	2,800		38,920
	Eastern Co. (The)(a)	500		7,910
	Energy Recovery, Inc.*	8,000		27,200
	EnPro Industries, Inc.(a)*	6,974		285,237
	ESCO Technologies, Inc.	5,822		217,801
	Federal Signal Corp.*	13,749		104,630
	Flow International Corp.*	8,079		28,276
	FreightCar America, Inc.	2,400		53,808
	Gorman-Rupp Co. (The)	4,364		130,178
	Graham Corp.	1,900		37,050
	Greenbrier Cos., Inc.*	6,166		99,704
	Hardinge, Inc.	2,400		23,856
	Harsco Corp.	15,460		363,310
	Hurco Cos., Inc.*	1,000		23,000
	Hyster-Yale Materials Handling, Inc.	2,000		97,600
	ITT Corp.	13,848		324,874
	John Bean Technologies Corp.	6,469		114,954
	Kadant, Inc.*	3,400		90,134
	Kaydon Corp.	7,475		178,877
	Key Technology, Inc.*	1,100		11,484
	LB Foster Co., Class A	1,776		77,149
	Lindsay Corp.(a)	2,399		192,208
	Lydall, Inc.*	3,767		54,019
	Manitex International, Inc.*	1,300		9,282
	Manitowoc Co., Inc. (The)	32,949		516,640
	Meritor, Inc.*	14,900		70,477
	Met-Pro Corp.	4,417		42,801
	Mfri, Inc.*	1,900		10,773
	Middleby Corp.*	4,140		530,789
	Miller Industries, Inc.	2,958		45,109
	Mueller Industries, Inc.	8,775		439,013
	Mueller Water Products, Inc., Class A	38,191		214,252
	NN, Inc.*	4,300		39,388
	Omega Flex, Inc.	488		6,032
	PMFG, Inc.(a)*	2,118		19,253
	RBC Bearings, Inc.*	4,700		235,329
	Robbins & Myers, Inc.	11,014		654,782
	Sauer-Danfoss, Inc.	10,900		581,733
	Sun Hydraulics Corp.	5,700		148,656
	Supreme Industries, Inc., Class A*	1,197		4,082
	Tennant Co.	3,939		173,119
	Terex Corp.*	1,916		53,859
	Titan International, Inc.(a)	8,474		184,055
	Toro Co. (The)	10,509		451,677
	Trimas Corp.*	10,000		279,600
	Trinity Industries, Inc.	11,028		395,023
	Twin Disc, Inc.(a)	2,200		38,346
	Wabash National Corp.*	4,316		38,715
	Watts Water Technologies, Inc., Class A	7,500		322,425
				11,118,744
Marine — 0.1%
	Baltic Trading Ltd.	2,723		8,114
	Genco Shipping & Trading Ltd.(a)*	3,877		13,531
	International Shipholding Corp.	710		11,701
	Matson, Inc.	9,500		234,840
				268,186
Media — 1.8%
	AH Belo Corp., Class A	494		2,297
	Arbitron, Inc.	6,200		289,416
	Ballantyne Strong, Inc.*	3,464		11,431
	Beasley Broadcasting Group, Inc., Class A	1,657		8,103
	Belo Corp., Class A	23,424		179,662
	Carmike Cinemas, Inc.*	3,862		57,930
	Central European Media Enterprises Ltd., Class A*	5,904		36,192
	Crown Media Holdings, Inc., Class A(a)*	11,600		21,460
	CTC Media, Inc.	9,899		77,014
	Cumulus Media, Inc., Class A(a)*	1,510		4,032
	Digital Generation, Inc.(a)*	5,600		60,816
	DreamWorks Animation SKG, Inc., Class A*	17,520		290,306
	Entercom Communications Corp., Class A(a)*	2,000		13,960
	EW Scripps Co. (The), Class A*	9,673		104,565
	Fisher Communications, Inc.	1,100		29,689
	Gray Television, Inc.*	6,176		13,587
	Harris Interactive, Inc.*	14,810		17,772
	Harte-Hanks, Inc.	20,583		121,440
	Here Media, Inc.*	499		1
	Here Media, Inc., Special Shares*	499		—
	Journal Communications, Inc., Class A*	16,694		90,315
	Lin TV Corp., Class A*	5,092		38,343
	Lions Gate Entertainment Corp.(a)*	22,251		364,916
	Live Nation Entertainment, Inc.*	42,522		395,880
	Madison Square Garden Co. (The), Class A*	6,138		272,220
	Martha Stewart Living Omnimedia, Class A*	1,221		2,991
	McClatchy Co. (The), Class A(a)*	13,196		43,151
	Meredith Corp.(a)	9,000		310,050
	National CineMedia, Inc.	12,983		183,450
	Navarre Corp.(a)*	5,272		9,384
	New York Times Co. (The), Class A(a)*	31,959		272,610
	Nexstar Broadcasting Group, Inc., Class A*	2,098		22,218
	Outdoor Channel Holdings, Inc.	9,100		69,160
	Radio One, Inc.(a)*	6,700		5,092
	Regal Entertainment Group, Class A(a)	26,218		365,741
	Rentrak Corp.*	1,900		37,031
	Saga Communications, Inc., Class A	837		38,920
	Scholastic Corp.(a)	8,100		239,436
	Sinclair Broadcast Group, Inc., Class A(a)	10,500		132,510
	Valassis Communications, Inc.(a)	10,800		278,424

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Media (Continued)
	World Wrestling Entertainment, Inc., Class A	4,600	$	36,294
				4,547,809
Metals & Mining — 1.5%
	A.M. Castle & Co.(a)*	5,100		75,327
	AMCOL International Corp.(a)	7,925		243,139
	Century Aluminum Co.(a)*	19,815		173,579
	Coeur d'Alene Mines Corp.*	770		18,942
	Commercial Metals Co.	29,035		431,460
	Contango ORE, Inc.(a)*	350		3,052
	Friedman Industries, Inc.	700		7,084
	General Moly, Inc.(a)*	18,758		75,220
	Globe Specialty Metals, Inc.	14,315		196,831
	Haynes International, Inc.	2,200		114,114
	Hecla Mining Co.(a)	59,121		344,675
	Horsehead Holding Corp.*	8,674		88,562
	Kaiser Aluminum Corp.(a)	4,533		279,641
	Materion Corp.	4,600		118,588
	McEwen Mining, Inc.*	37,571		143,897
	Metals USA Holdings Corp.	7,762		135,757
	Mines Management, Inc.(a)*	8,088		8,331
	Noranda Aluminum Holding Corp.	12,992		79,381
	Olympic Steel, Inc.(a)	2,400		53,136
	Revett Minerals, Inc.*	2,266		6,390
	RTI International Metals, Inc.(a)*	6,900		190,164
	Schnitzer Steel Industries, Inc., Class A(a)	5,061		153,500
	Stillwater Mining Co.*	22,822		291,665
	SunCoke Energy, Inc.*	10,023		156,259
	Universal Stainless & Alloy*	1,400		51,478
	Worthington Industries, Inc.(a)	17,700		460,023
				3,900,195
Multi-Utilities — 0.4%
	Avista Corp.	12,400		298,964
	Black Hills Corp.	7,800		283,452
	CH Energy Group, Inc.	3,800		247,836
	NorthWestern Corp.	8,500		295,205
				1,125,457
Multiline Retail — 0.3%
	ALCO Stores, Inc.(a)*	200		1,756
	Bon-Ton Stores, Inc. (The)(a)	2,700		32,724
	Fred's, Inc., Class A(a)	8,987		119,617
	Gordmans Stores, Inc.*	2,170		32,593
	Saks, Inc.(a)*	39,776		418,046
	Tuesday Morning Corp.*	9,403		58,769
				663,505
Office Electronics — 0.2%
	Zebra Technologies Corp., Class A*	9,827		386,005
Oil, Gas & Consumable Fuels — 3.0%
	Abraxas Petroleum Corp.(a)*	19,200		42,048
	Adams Resources & Energy, Inc.	900		31,563
	Alon USA Energy, Inc.	11,141		201,541
	Approach Resources, Inc.*	7,841		196,103
	Barnwell Industries, Inc.(a)*	2,159		6,974
	Berry Petroleum Co., Class A	1,429		47,943
	Bill Barrett Corp.(a)*	10,895		193,822
	Black Ridge Oil and Gas, Inc.(a)*	2,059		947
	BPZ Resources, Inc.(a)*	14,739		46,428
	Callon Petroleum Co.*	9,264		43,541
	Carrizo Oil & Gas, Inc.(a)*	9,054		189,410
	Cheniere Energy, Inc.*	2,000		37,560
	Clayton Williams Energy, Inc.*	2,100		84,000
	Clean Energy Fuels Corp.(a)*	21,441		266,940
	Cloud Peak Energy, Inc.*	15,189		293,603
	Comstock Resources, Inc.(a)*	11,774		178,141
	Contango Oil & Gas Co.	3,500		148,260
	Crimson Exploration, Inc.*	8,391		22,991
	Crosstex Energy, Inc.	15,460		221,696
	CVR Energy, Inc.(c)*	21,682		—
	Delek US Holdings, Inc.	12,078		305,815
	DHT Holdings, Inc.	476		1,952
	Double Eagle Petroleum Co.(a)*	1,550		6,107
	Emerald Oil, Inc.*	294		1,541
	Endeavour International Corp.(a)*	8,674		44,931
	EPL Oil & Gas, Inc.*	9,173		206,851
	Evolution Petroleum Corp.*	1,923		15,634
	EXCO Resources, Inc.(a)	41,732		282,526
	FieldPoint Petroleum Corp.(a)*	1,200		4,620
	Forest Oil Corp.(a)*	18,116		121,196
	FX Energy, Inc.*	2,450		10,069
	Gevo, Inc.(a)*	1,075		1,656
	Green Plains Renewable Energy, Inc.*	7,838		61,999
	Gulfport Energy Corp.*	11,682		446,486
	Halcon Resources Corp.*	11,379		78,743
	Harvest Natural Resources, Inc.*	7,400		67,118
	HKN, Inc.(a)*	104		7,930
	Houston American Energy Corp.(a)*	6,452		1,419
	James River Coal Co.(a)*	2,514		8,045
	Magnum Hunter Resources Corp.(a)*	21,783		86,914
	McMoRan Exploration Co.*	13,592		218,152
	Miller Energy Resources, Inc.*	148		586
	Nordic American Tankers Ltd.(a)	4,131		36,146
	Northern Oil and Gas, Inc.*	13,240		222,697
	Overseas Shipholding Group, Inc.*	2,209		1,878
	Panhandle Oil and Gas, Inc., Class A(a)	1,289		36,388
	PDC Energy, Inc.*	5,900		195,939
	Penn Virginia Corp.(a)	7,864		34,680
	Petroquest Energy, Inc.*	12,273		60,751
	Quicksilver Resources, Inc.(a)*	2,476		7,081
	Rentech, Inc.	37,814		99,451
	Rex American Resources Corp.*	1,575		30,382
	Rex Energy Corp.*	10,555		137,426
	Royale Energy, Inc.(a)*	1,600		4,128
	SemGroup Corp., Class A*	8,201		320,495
	Ship Finance International Ltd.(a)	16,636		276,657
	Stone Energy Corp.*	10,392		213,244
	Swift Energy Co.*	9,200		141,588
	Synergy Resources Corp.(a)*	5,822		31,381
	Targa Resources Corp.	7,980		421,663
	Teekay Corp.(a)	6,917		222,036
	Triangle Petroleum Corp.(a)*	7,356		44,062
	Vaalco Energy, Inc.*	13,164		113,869
	W&T Offshore, Inc.(a)	15,533		248,994
	Warren Resources, Inc.*	4,599		12,923
	Western Refining, Inc.	19,043		536,822
	Zion Oil & Gas, Inc.(a)*	3,151		5,577
				7,690,059
Paper & Forest Products — 0.9%
	Buckeye Technologies, Inc.	10,000		287,100
	Clearwater Paper Corp.*	5,312		208,018
	Deltic Timber Corp.(a)	2,800		197,736
	KapStone Paper and Packaging Corp.	11,229		249,171
	Louisiana-Pacific Corp.*	34,384		664,299
	Mercer International, Inc.(a)*	9,357		66,996
	Neenah Paper, Inc.	3,300		93,951
	P. H. Glatfelter Co.	10,600		185,288
	Resolute Forest Products*	3,094		40,965

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Paper & Forest Products (Continued)
	Schweitzer-Mauduit International, Inc.	6,200	$	241,986
	Wausau Paper Corp.	11,200		96,992
				2,332,502
Personal Products — 0.5%
	CCA Industries, Inc.(a)	556		2,407
	Elizabeth Arden, Inc.(a)*	10,900		490,609
	Inter Parfums, Inc.	6,746		131,277
	Medifast, Inc.*	3,300		87,087
	Natural Alternatives International, Inc.*	1,000		4,910
	Natures Sunshine Products, Inc.	2,700		39,096
	Nutraceutical International Corp.	2,300		38,042
	Prestige Brands Holdings, Inc.*	11,200		224,336
	Revlon, Inc., Class A*	13,381		194,025
	United-Guardian, Inc.(a)	600		11,634
	USANA Health Sciences, Inc.(a)*	3,400		111,962
				1,335,385
Pharmaceuticals — 0.8%
	Akorn, Inc.(a)*	4,529		60,507
	Corcept Therapeutics, Inc.(a)*	4,500		6,435
	Cumberland Pharmaceuticals, Inc.*	5,912		24,830
	Depomed, Inc.(a)*	7,736		47,886
	Endocyte, Inc.(a)*	894		8,028
	Hi-Tech Pharmacal Co., Inc.(a)	2,678		93,677
	Impax Laboratories, Inc.*	14,300		293,007
	Lannett Co., Inc.*	4,650		23,064
	Medicines Co. (The)*	21,641		518,735
	Obagi Medical Products, Inc.*	4,700		63,873
	Pain Therapeutics, Inc.(a)*	5,500		14,905
	Pozen, Inc.*	10,087		50,536
	Santarus, Inc.*	11,847		130,080
	Sciclone Pharmaceuticals, Inc.(a)*	18,255		78,679
	Sucampo Pharmaceuticals, Inc., Class A*	3,198		15,670
	Transcept Pharmaceuticals, Inc.*	2,528		11,250
	Viropharma, Inc.*	25,800		587,208
	XenoPort, Inc.*	5,338		41,476
				2,069,846
Professional Services — 1.5%
	Acacia Research Corp.*	7,978		204,636
	Advisory Board Co. (The)*	5,186		242,653
	Barrett Business Services, Inc.	2,100		79,989
	CBIZ, Inc.(a)*	15,700		92,787
	CDI Corp.(a)	4,800		82,224
	Competitive Technologies, Inc.(a)*	1,800		1,152
	Corporate Executive Board Co. (The)	8,393		398,332
	CRA International, Inc.*	2,200		43,494
	Dolan Media Co. (The)*	6,400		24,896
	Exponent, Inc.*	2,610		145,716
	Franklin Covey Co.*	4,000		51,600
	FTI Consulting, Inc.*	9,847		324,951
	GP Strategies Corp.*	3,999		82,579
	Heidrick & Struggles International, Inc.	3,700		56,462
	Hill International, Inc.*	9,200		33,672
	Hudson Global, Inc.*	2,471		11,070
	Huron Consulting Group, Inc.*	5,651		190,382
	ICF International, Inc.*	4,955		116,145
	Insperity, Inc.	5,700		185,592
	Kelly Services, Inc., Class A	8,211		129,241
	Kforce, Inc.	10,079		144,432
	Korn/Ferry International*	11,693		185,451
	Mastech Holdings, Inc.(a)	849		4,160
	Mistras Group, Inc.*	5,383		132,906
	National Technical Systems, Inc.*	1,400		10,780
	Navigant Consulting, Inc.*	13,900		155,124
	Odyssey Marine Exploration, Inc.(a)*	10,650		31,631
	On Assignment, Inc.*	12,485		253,196
	Pendrell Corp.*	11,761		14,936
	RCM Technologies, Inc.(a)	2,995		15,125
	Resources Connection, Inc.	11,115		132,713
	RPX Corp.*	1,493		13,497
	SmartPros Ltd.(a)	1,000		1,250
	TrueBlue, Inc.*	11,123		175,187
	Volt Information Sciences, Inc.(a)*	4,949		30,931
	VSE Corp.(a)	850		20,834
				3,819,726
Real Estate Investment Trusts (REITs) — 0.2%
	Ryman Hospitality Properties	11,341		436,175
Real Estate Management & Development — 0.7%
	Alexander & Baldwin, Inc.*	9,817		288,325
	Altisource Asset Management Corp.(a)*	596		48,872
	Altisource Portfolio Solutions SA*	5,967		517,070
	Altisource Residential Corp., Class B*	1,989		31,506
	AV Homes, Inc.(a)*	2,349		33,403
	Consolidated-Tomoka Land Co.(a)	1,100		34,111
	Forestar Group, Inc.*	8,034		139,229
	Kennedy-Wilson Holdings, Inc.(a)	8,476		118,494
	St. Joe Co. (The)(a)*	14,178		327,228
	Tejon Ranch Co.*	8,031		225,511
	Thomas Properties Group, Inc.(a)	13,872		75,048
				1,838,797
Road & Rail — 1.3%
	AMERCO, Inc.	4,600		583,326
	Arkansas Best Corp.(a)	5,700		54,435
	Avis Budget Group, Inc.*	26,153		518,352
	Celadon Group, Inc.	5,010		90,531
	Con-way, Inc.	13,191		366,974
	Covenant Transportation Group, Inc., Class A*	1,500		8,295
	Heartland Express, Inc.(a)	23,624		308,766
	Knight Transportation, Inc.	20,700		302,841
	Marten Transport Ltd.	4,614		84,851
	Old Dominion Freight Line, Inc.*	4,208		144,250
	P.A.M. Transportation Services, Inc.	3,196		32,695
	Quality Distribution, Inc.*	6,100		36,600
	Roadrunner Transportation Systems, Inc.*	6,056		109,856
	Saia, Inc.*	3,200		73,984
	Swift Transportation Co.*	21,134		192,742
	Universal Truckload Services, Inc.	3,300		60,225
	USA Truck, Inc.(a)*	1,900		6,517
	Werner Enterprises, Inc.	17,675		383,017
				3,358,257
Semiconductors & Semiconductor Equipment — 3.9%
	Advanced Energy Industries, Inc.*	9,400		129,814
	Alpha & Omega Semiconductor Ltd.(a)*	3,174		26,662
	Amkor Technology, Inc.(a)*	43,398		184,441
	Amtech Systems, Inc.(a)*	2,200		7,084
	Anadigics, Inc.(a)*	14,200		35,784
	Applied Micro Circuits Corp.*	14,675		123,270
	ATMI, Inc.*	7,200		150,336
	Axcelis Technologies, Inc.*	20,139		27,993
	AXT, Inc.*	12,200		34,282
	Brooks Automation, Inc.	16,574		133,421
	Cabot Microelectronics Corp.(a)	5,200		184,652
	Cascade Microtech, Inc.*	3,500		19,600
	Ceva, Inc.*	4,175		65,756
	Cirrus Logic, Inc.(a)*	5,749		166,549

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (Continued)
	Cohu, Inc.	5,200	$	56,368
	Cyberoptics Corp.(a)*	1,700		12,614
	Cymer, Inc.(a)*	8,635		780,863
	Diodes, Inc.*	9,250		160,487
	DSP Group, Inc.*	2,800		16,128
	Entegris, Inc.*	33,988		312,010
	Entropic Communications, Inc.*	13,401		70,891
	Exar Corp.*	11,669		103,854
	Fairchild Semiconductor International, Inc.*	26,822		386,237
	First Solar, Inc.(a)*	8,469		261,523
	FormFactor, Inc.*	1,840		8,390
	GigOptix, Inc.(a)*	1,578		3,030
	GSI Technology, Inc.*	6,498		40,742
	GT Advanced Technologies, Inc.(a)*	33,248		100,409
	Hittite Microwave Corp.*	3,315		205,861
	Inphi Corp.*	2,744		26,288
	Integrated Device Technology, Inc.*	33,300		243,090
	Integrated Silicon Solution, Inc.*	5,884		52,956
	International Rectifier Corp.(a)*	14,106		250,099
	Intersil Corp., Class A	31,221		258,822
	IXYS Corp.	7,000		63,980
	Kopin Corp.(a)*	16,230		54,046
	Kulicke & Soffa Industries, Inc.*	18,199		218,206
	Lattice Semiconductor Corp.*	32,718		130,545
	LTX-Credence Corp.*	10,591		69,477
	Magnachip Semiconductor Corp.*	4,917		78,279
	MaxLinear, Inc., Class A*	276		1,386
	MEMSIC, Inc.*	1,209		4,038
	Micrel, Inc.	15,500		147,250
	Microsemi Corp.*	21,875		460,250
	Mindspeed Technologies, Inc.(a)*	2,549		11,929
	MIPS Technologies, Inc.*	16,294		127,419
	MKS Instruments, Inc.	12,552		323,591
	Monolithic Power Systems, Inc.	8,400		187,152
	MoSys, Inc.*	2,637		9,177
	Nanometrics, Inc.*	5,800		83,636
	Omnivision Technologies, Inc.*	12,416		174,817
	PDF Solutions, Inc.*	8,956		123,414
	Pericom Semiconductor Corp.*	5,500		44,165
	Photronics, Inc.*	12,617		75,197
	Pixelworks, Inc.(a)*	1,533		3,434
	PLX Technology, Inc.*	6,900		25,047
	PMC - Sierra, Inc.*	56,112		292,344
	Power Integrations, Inc.(a)	6,500		218,465
	Rambus, Inc.*	426		2,079
	RF Micro Devices, Inc.*	58,119		260,373
	Rubicon Technology, Inc.*	4,400		26,884
	Rudolph Technologies, Inc.(a)*	7,386		99,342
	Semtech Corp.*	14,810		428,749
	Sigma Designs, Inc.*	7,899		40,680
	Silicon Image, Inc.*	16,700		82,832
	Silicon Laboratories, Inc.*	9,015		376,917
	Spansion, Inc., Class A*	15,456		214,993
	SunPower Corp.*	3,530		19,839
	Supertex, Inc.	2,900		50,895
	Tessera Technologies, Inc.	11,500		188,830
	TriQuint Semiconductor, Inc.*	32,800		158,752
	Ultra Clean Holdings*	4,750		23,322
	Ultratech, Inc.*	5,300		197,690
	Veeco Instruments, Inc.*	8,400		247,968
	Volterra Semiconductor Corp.*	5,300		91,001
				10,078,696
Software — 2.7%
	Accelrys, Inc.*	13,277		120,157
	ACI Worldwide, Inc.*	6,131		267,863
	Actuate Corp.*	14,300		80,080
	Advent Software, Inc.(a)*	9,458		202,212
	American Software, Inc., Class A	5,100		39,576
	AsiaInfo-Linkage, Inc.*	15,273		165,712
	Aspen Technology, Inc.*	4,065		112,357
	Blackbaud, Inc.	5,600		127,848
	Bottomline Technologies, Inc.*	7,590		200,300
	Bsquare Corp.(a)*	2,300		6,785
	Commvault Systems, Inc.*	4,942		344,507
	Compuware Corp.*	53,853		585,382
	Comverse Technology, Inc.*	14,004		53,775
	Comverse, Inc.*	1,400		39,942
	Digimarc Corp.	1,256		25,999
	Ebix, Inc.(a)	9,036		145,209
	Ellie Mae, Inc.*	976		27,084
	EPIQ Systems, Inc.	8,450		107,991
	ePlus, Inc.(a)	1,200		49,608
	Fair Isaac Corp.	10,900		458,127
	Gerber Scientific(a) (c)*	5,000		—
	GSE Systems, Inc.(a)*	2,896		6,255
	Guidance Software, Inc.*	1,433		17,010
	Interactive Intelligence Group*	3,800		127,452
	Manhattan Associates, Inc.*	5,462		329,577
	Mentor Graphics Corp.*	27,195		462,859
	Monotype Imaging Holdings, Inc.	7,120		113,778
	NetScout Systems, Inc.*	10,385		269,906
	Pervasive Software, Inc.*	5,000		44,550
	Progress Software Corp.*	14,794		310,526
	PROS Holdings, Inc.*	701		12,821
	QAD, Inc., Class A(a)	4,909		70,690
	QAD, Inc., Class B(a)	1,219		15,811
	Rosetta Stone, Inc.(a)*	4,230		52,198
	Seachange International, Inc.*	7,100		68,657
	Solarwinds, Inc.*	3,373		176,914
	SS&C Technologies Holdings, Inc.*	15,749		364,117
	Synchronoss Technologies, Inc.*	1,528		32,226
	Take-Two Interactive Software, Inc.*	17,890		196,969
	TeleCommunication Systems, Inc., Class A*	10,596		26,172
	TeleNav, Inc.*	8,331		66,481
	Tyler Technologies, Inc.*	8,205		397,450
	Ultimate Software Group, Inc.*	3,459		326,564
	Verint Systems, Inc.*	8,369		245,714
	Websense, Inc.*	8,084		121,583
				7,016,794
Specialty Retail — 4.6%
	Aaron's, Inc.	19,040		538,451
	Aeropostale, Inc.*	20,169		262,399
	America's Car-Mart, Inc.*	2,516		101,948
	Ann, Inc.*	12,800		433,152
	Asbury Automotive Group, Inc.*	9,700		310,691
	Barnes & Noble, Inc.(a)*	14,343		216,436
	Bebe Stores, Inc.	22,995		91,750
	Big 5 Sporting Goods Corp.	4,049		53,042
	Body Central Corp.*	2,461		24,512
	Books-A-Million, Inc.(a)*	3,928		10,448
	Boyds Collection Ltd.(a) (b)*	10,600		—
	Brown Shoe Co., Inc.(a)	9,937		182,543
	Buckle, Inc. (The)(a)	11,975		534,564
	Cabela's, Inc.*	16,600		693,050
	Cache, Inc.(a)*	3,300		7,986
	Casual Male Retail Group, Inc.*	8,925		37,485
	Cato Corp. (The), Class A	7,100		194,753

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Specialty Retail (Continued)
	Chico's FAS, Inc.	7,212	$	133,133
	Children's Place Retail Stores, Inc. (The)*	6,000		265,740
	Citi Trends, Inc.*	3,000		41,280
	Coldwater Creek, Inc.(a)*	840		4,040
	Conn's, Inc.(a)*	7,199		220,865
	Destination Maternity Corp.(a)	2,800		60,368
	DSW, Inc., Class A	2,706		177,757
	Express, Inc.*	21,004		316,950
	Finish Line Inc. (The), Class A	12,124		229,507
	Friedmans, Inc., Class A(b)*	1,600		—
	Genesco, Inc.*	5,569		306,295
	Group 1 Automotive, Inc.(a)	4,900		303,751
	Guess?, Inc.(a)	2,464		60,467
	Haverty Furniture Cos., Inc.	4,500		73,395
	hhgregg, Inc.(a)*	9,379		65,841
	Hibbett Sports, Inc.(a)*	6,450		339,915
	Hot Topic, Inc.(a)	9,875		95,294
	Jos. A. Bank Clothiers, Inc.(a)*	6,612		281,539
	Kirkland's, Inc.*	5,977		63,296
	Lithia Motors, Inc., Class A	4,855		181,674
	Lumber Liquidators Holdings, Inc.*	4,973		262,724
	MarineMax, Inc.*	5,699		50,949
	Men's Wearhouse, Inc. (The)	12,801		398,879
	Monro Muffler Brake, Inc.(a)	7,750		271,017
	New York & Co., Inc.*	22,433		85,470
	Office Depot, Inc.(a)*	60,988		200,041
	OfficeMax, Inc.	11,316		110,444
	Pacific Sunwear of California, Inc.(a)*	4,122		6,554
	Penske Auto Group, Inc.(a)	20,300		610,827
	PEP Boys-Manny Moe & Jack (The)	11,700		115,011
	Perfumania Holdings, Inc.(a)*	1,156		5,687
	Pier 1 Imports, Inc.	32,366		647,320
	RadioShack Corp.(a)	20,906		44,321
	Rent-A-Center, Inc.	13,202		453,621
	Rue21, Inc.(a)*	5,056		143,540
	Select Comfort Corp.*	13,569		355,101
	Shoe Carnival, Inc.	3,360		68,846
	Sonic Automotive, Inc., Class A	10,127		211,553
	Sport Chalet, Inc.*	800		1,312
	Stage Stores, Inc.	8,600		213,108
	Stein Mart, Inc.	11,157		84,124
	Systemax, Inc.(a)	7,400		71,410
	Tandy Leather Factory, Inc.	2,200		12,144
	Trans World Entertainment(a)	5,400		18,792
	Vitamin Shoppe, Inc.*	5,222		299,534
	West Marine, Inc.*	4,005		43,054
	Wet Seal, Inc. (The)*	20,875		57,615
	Winmark Corp.(a)	1,162		66,234
	Zale Corp.(a)*	6,123		25,166
	Zumiez, Inc.*	6,000		116,460
				11,965,175
Textiles, Apparel & Luxury Goods — 1.6%
	Cherokee, Inc.	1,700		23,307
	Columbia Sportswear Co.(a)	8,700		464,232
	CROCS, Inc.*	22,600		325,214
	Culp, Inc.	2,400		36,024
	Delta Apparel, Inc.*	1,153		16,119
	G-III Apparel Group Ltd.*	4,639		158,793
	Heelys, Inc.(a)*	2,200		4,906
	Iconix Brand Group, Inc.(a)*	16,998		379,395
	Jones Group, Inc. (The)(a)	19,161		211,921
	Lakeland Industries, Inc.*	440		2,187
	Maidenform Brands, Inc.*	5,100		99,399
	Movado Group, Inc.	4,000		122,720
	Oxford Industries, Inc.	4,374		202,779
	Perry Ellis International, Inc.	3,333		66,327
	Quiksilver, Inc.*	11,425		48,556
	R.G. Barry Corp.	1,900		26,923
	Rocky Brands, Inc.*	1,000		13,020
	Skechers U.S.A., Inc., Class A*	8,898		164,613
	Steven Madden Ltd.*	10,371		438,382
	Superior Uniform Group, Inc.(a)	1,100		12,584
	True Religion Apparel, Inc.	5,400		137,268
	Unifi, Inc.*	4,533		58,974
	Vera Bradley, Inc.(a)*	5,440		136,544
	Warnaco Group, Inc. (The)*	8,174		585,013
	Wolverine World Wide, Inc.(a)	11,000		450,780
				4,185,980
Thrifts & Mortgage Finance — 2.0%
	Astoria Financial Corp.	21,700		203,112
	Bank Mutual Corp.	8,663		37,251
	BankFinancial Corp.	4,900		36,358
	Beneficial Mutual Bancorp, Inc.*	17,310		164,445
	Berkshire Hills Bancorp, Inc.	4,639		110,687
	BofI Holding, Inc.*	3,191		88,933
	Brookline Bancorp, Inc.	19,118		162,503
	Cape Bancorp, Inc.	236		2,051
	Capitol Federal Financial, Inc.	41,921		490,056
	CFS Bancorp, Inc.	1,800		11,232
	Charter Financial Corp.	2,028		21,497
	Citizens Community Bancorp, Inc.*	400		2,370
	Clifton Savings Bancorp, Inc.(a)	4,173		47,030
	Dime Community Bancshares, Inc.	10,050		139,594
	Doral Financial Corp.(a)*	6,300		4,562
	ESB Financial Corp.	696		9,654
	ESSA Bancorp, Inc.	1,900		20,691
	Federal Agricultural Mortgage Corp., Class C	1,400		45,500
	First Defiance Financial Corp.	1,100		21,109
	First Federal Bancshares of Arkansas, Inc.(a)*	1,754		17,101
	First Federal of Northern Michigan Bancorp, Inc.*	300		1,350
	First Financial Holdings, Inc.	2,800		36,624
	First Financial Northwest, Inc.(a)*	2,239		16,904
	First Pactrust Bancorp, Inc.	1,673		20,528
	Flagstar Bancorp, Inc.*	3,187		61,828
	Flushing Financial Corp.	7,140		109,528
	Fox Chase Bancorp, Inc.	3,230		53,779
	Hampden Bancorp, Inc.(a)	300		4,503
	HF Financial Corp.	110		1,445
	Hingham Institution for Savings(a)	213		13,334
	Home Bancorp, Inc.*	994		18,140
	Home Federal Bancorp, Inc.	4,062		50,491
	HopFed Bancorp, Inc.(a)	415		3,656
	Kearny Financial Corp.(a)	17,221		167,905
	Meridian Interstate Bancorp, Inc.*	3,210		53,864
	MGIC Investment Corp.(a)*	44,075		117,239
	New Hampshire Thrift Bancshares, Inc.(a)	200		2,560
	Northeast Community Bancorp, Inc.	2,200		11,594
	Northfield Bancorp, Inc.	8,158		124,409
	Northwest Bancshares, Inc.	27,000		327,780
	OceanFirst Financial Corp.	3,912		53,790
	Ocwen Financial Corp.*	13,072		452,160
	Oritani Financial Corp.	12,152		186,169
	Provident Financial Holdings, Inc.	1,779		31,132
	Provident Financial Services, Inc.	14,515		216,564

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (Continued)
	Provident New York Bancorp(a)	10,000	$	93,100
	Pulaski Financial Corp.	2,040		18,258
	Radian Group, Inc.(a)	27,036		165,190
	Rockville Financial, Inc.	7,084		91,384
	Roma Financial Corp.(a)	4,854		73,392
	SI Financial Group, Inc.(a)	2,065		23,747
	Simplicity Bancorp, Inc.(a)	2,068		30,917
	Territorial Bancorp, Inc.	2,302		52,601
	Timberland Bancorp, Inc.*	2,600		18,044
	Tree.com, Inc.	900		16,227
	Trustco Bank Corp. NY(a)	17,234		90,996
	United Financial Bancorp, Inc.	4,912		77,217
	ViewPoint Financial Group, Inc.	8,008		167,688
	Walker & Dunlop, Inc.*	1,794		29,888
	Washington Federal, Inc.	23,270		392,565
	Waterstone Financial, Inc.(a)*	6,900		53,820
	Westfield Financial, Inc.	5,000		36,150
	WSFS Financial Corp.	1,002		42,334
				5,246,530
Tobacco — 0.2%
	Alliance One International, Inc.(a)*	20,000		72,800
	Universal Corp.	5,600		279,496
	Vector Group Ltd.	3,494		51,956
				404,252
Trading Companies & Distributors — 1.2%
	Aceto Corp.	7,018		70,461
	Aircastle Ltd.	15,000		188,100
	Applied Industrial Technologies, Inc.	9,834		413,126
	Beacon Roofing Supply, Inc.(a)*	11,700		389,376
	BlueLinx Holdings, Inc.(a)*	14,231		39,989
	CAI International, Inc.*	4,585		100,641
	DXP Enterprises, Inc.*	2,600		127,582
	GATX Corp.	10,233		443,089
	H&E Equipment Services, Inc.	8,700		131,109
	Houston Wire & Cable Co.	5,746		70,504
	Kaman Corp., Class A(a)	5,778		212,630
	Lawson Products, Inc.	1,575		15,593
	Rush Enterprises, Inc., Class A*	6,000		124,020
	SeaCube Container Leasing Ltd.	2,665		50,235
	TAL International Group, Inc.(a)	7,400		269,212
	Textainer Group Holdings Ltd.(a)	10,100		317,746
	Titan Machinery, Inc.(a)*	3,710		91,637
	Watsco, Inc.	1,468		109,953
	Willis Lease Finance Corp.(a)*	900		12,879
				3,177,882
Transportation Infrastructure — 0.0%
	Wesco Aircraft Holdings, Inc.(a)*	1,531		20,225
Water Utilities — 0.2%
	American States Water Co.	3,550		170,329
	Artesian Resources Corp., Class A(a)	1,300		29,159
	California Water Service Group	8,600		157,810
	Connecticut Water Service, Inc.(a)	1,900		56,582
	Consolidated Water Co., Ltd.	2,195		16,243
	Middlesex Water Co.(a)	2,337		45,712
	SJW Corp.(a)	4,400		117,040
	York Water Co.(a)	1,271		22,331
				615,206
Wireless Telecommunication Services — 0.1%
	Boingo Wireless, Inc.(a)*	532		4,016
	Leap Wireless International, Inc.(a)*	17,252		114,726
	NTELOS Holdings Corp.	733		9,610
	Shenandoah Telecommunications Co.(a)	4,552		69,691
	USA Mobility, Inc.	4,000		46,720
				244,763
	TOTAL COMMON STOCKS
	(Identified Cost $219,604,892)			256,656,208
PREFERRED STOCKS — 0.0%
Oil, Gas & Consumable Fuels — 0.0%
	DHT Holdings, Inc., Class A*	13		889
	TOTAL PREFERRED STOCKS
	(Identified Cost $1,820)			889
RIGHTS & WARRANTS — 0.0%
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		—
Health Care Equipment & Supplies — 0.0%
	Photomedex, Inc., expires 12/13/14(b)*	79t		—
Oil, Gas & Consumable Fuels — 0.0%
	FieldPoint Petroleum Corp., expires 3/23/17(a)*	1,200		985
Pharmaceuticals — 0.0%
	FRD Acquisition Co.(c)*	656		—
	Fresenius Kabi Pharmaceuticals Holding, Inc., expires 6/30/11(b)*	13,728		—
Specialty Retail — 0.0%
	Ligand Pharmaceuticals, expires 12/31/11(b)*	1,800		—
	TOTAL RIGHTS & WARRANTS
	(Identified Cost $87,419)			985
SHORT-TERM INVESTMENTS — 0.2%
Other — 0.2%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	574,070		574,070
				574,071
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $574,071)			574,071
COLLATERAL FOR SECURITIES ON LOAN— 19.8%
Short-Term — 19.8%
	State Street Navigator Securities
	Lending Prime Portfolio	50,926,268		50,926,268
	TOTAL COLLATERAL FOR SECURITIES ON LOAN
	(Identified Cost $50,926,268)			50,926,268
Total Investments — 119.6%
	(Identified Cost $271,194,470)#			308,158,421
	Liabilities, Less Cash and Other Assets — (19.6%)			(50,507,397	)
Net Assets — 100.0%			$	257,651,024

†	See Note 1.
*	Non-income producing security.
(a)	A portion or all of the security was held on loan. As of December 31, 2012, the market value of the securities on loan was $50,323,233.
(b)	Bankrupt security/delisted.
(c)	Contingent value rights based on future performance.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $271,194,470. Net unrealized appreciation aggregated $36,963,951 of which $67,624,210 related to appreciated investment securities and $30,660,259 related to depreciated investment securities.

Key to abbreviations:
REIT — Real Estate Investment Trust

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

		SHARES		VALUE†
COMMON STOCKS — 99.1%
Australia — 5.3%
	Alumina Ltd.(a)	256,850	$	240,053
	Asciano Ltd.	137,297		664,404
	Bank of Queensland Ltd.(a)	90,675		692,086
	Beach Energy Ltd.	1,825		2,805
	Bendigo and Adelaide Bank Ltd.(a)	81,043		715,352
	BlueScope Steel Ltd.(a)*	40,703		145,823
	Boral Ltd.(a)	149,918		680,332
	Caltex Australia Ltd.	54,126		1,079,739
	Downer EDI Ltd.*	14,976		62,985
	Echo Entertainment Group Ltd.	139,940		499,903
	Fairfax Media Ltd.(a)	358,477		189,853
	GrainCorp Ltd.	28,186		361,481
	Harvey Norman Holdings Ltd.(a)	42,022		82,912
	Incitec Pivot Ltd.	278,323		933,549
	Lend Lease Group(a)	55,513		534,968
	Macquarie Group Ltd.	53,220		1,961,401
	Newcrest Mining Ltd.	13,971		321,791
	Origin Energy Ltd.	221,281		2,670,150
	OZ Minerals Ltd.	32,061		223,068
	Primary Health Care Ltd.(a)	48,970		203,412
	Qantas Airways Ltd.*	197,873		306,167
	Santos Ltd.	148,428		1,710,899
	Seven Group Holdings Ltd.	5,495		48,218
	Sims Metal Management Ltd.(a)	38,790		372,604
	Suncorp Group Ltd.	220,615		2,329,922
	TABCORP Holdings Ltd.(a)	117,319		371,581
	Tatts Group Ltd.	193,713		605,495
	Toll Holdings Ltd.	95,693		453,138
	Treasury Wine Estates Ltd.	6,566		31,979
	Wesfarmers Ltd.	207,637		7,945,618
				26,441,688
Austria — 0.2%
	Erste Group Bank AG*	20,746		657,893
	Raiffeisen Bank International AG(a)	8,878		368,606
				1,026,499
Belgium — 1.2%
	Ageas	35,476		1,040,252
	Belgacom SA	918		26,906
	Delhaize Group SA(a)	17,993		718,434
	KBC Groep NV	17,523		604,836
	S.A. D'ieteren SA	2,077		83,453
	Solvay SA	13,524		1,952,009
	UCB SA	31,369		1,789,547
				6,215,437
Canada — 11.3%
	Aimia, Inc.	22,400		334,863
	Astral Media, Inc., Class A	9,729		452,168
	AuRico Gold, Inc.(a)*	5,525		45,491
	Cameco Corp.	9,592		188,908
	Canadian Natural Resources Ltd.	32,569		940,267
	Canadian Natural Resources Ltd.	121,797		3,506,852
	Canadian Tire Corp. Ltd., Class A	18,300		1,276,419
	Crescent Point Energy Corp.	8,984		339,779
	Empire Co., Ltd., Class A	7,800		462,260
	Enerplus Corp.(a)	32,310		419,020
	Ensign Energy Services, Inc.(a)	16,271		251,418
	Fairfax Financial Holdings Ltd.(a)	2,700		973,243
	Genworth MI Canada, Inc.(a)	3,100		70,402
	George Weston Ltd.	7,700		547,136
	Goldcorp, Inc.	55,056		2,020,555
	Goldcorp, Inc.	63,211		2,323,943
	HudBay Minerals, Inc.	800		8,059
	Husky Energy, Inc.(a)	62,150		1,836,946
	IAMGOLD Corp.(a)	19,359		221,674
	Industrial Alliance Insurance & Financial Services, Inc.	18,285		576,841
	Inmet Mining Corp.	9,029		671,797
	Kinross Gold Corp.	203,700		1,978,227
	Loblaw Cos., Ltd.(a)	14,700		619,655
	Lundin Mining Corp.*	58,141		299,268
	Magna International, Inc.(a)	50,224		2,508,423
	Manulife Financial Corp.	324,499		4,407,340
	Nexen, Inc.	90,992		2,430,539
	Pan American Silver Corp.(a)	6,906		129,414
	Pan American Silver Corp.	8,150		152,650
	Pengrowth Energy Corp.(a)	40,723		202,653
	Penn West Petroleum Ltd.(a)	59,572		646,806
	PetroBakken Energy Ltd., Class A(a)	7,732		79,675
	Precision Drilling Corp.	40,259		332,692
	Progressive Waste Solutions Ltd.(a)	7,491		161,764
	Quebecor, Inc., Class B	3,525		137,038
	Research In Motion Ltd.(a)*	35,700		423,505
	Sun Life Financial, Inc.	125,037		3,314,794
	Suncor Energy, Inc.	259,369		8,529,165
	Talisman Energy, Inc.	166,377		1,881,714
	Teck Resources Ltd., Class B	104,620		3,802,164
	Thomson Reuters Corp.(a)	106,534		3,082,385
	TransAlta Corp.(a)	32,569		495,067
	TransCanada Corp.(a)	4,600		217,444
	Uranium One, Inc.*	43,004		101,598
	Yamana Gold, Inc.	154,108		2,650,837
				56,052,858
Denmark — 1.5%
	A P Moller - Maersk A/S, Class A	54		382,528
	A P Moller - Maersk A/S, Class B	273		2,057,534
	Carlsberg A/S, Class B	21,154		2,073,371
	Danske Bank A/S*	118,786		2,010,134
	FLSmidth & Co. A/S(a)	2,049		118,612
	H Lundbeck A/S	6,315		92,620
	Jyske Bank A/S*	9,528		264,821
	Rockwool International A/S, B Shares	570		63,935
	TDC A/S	54,061		382,960
				7,446,515
Finland — 0.6%
	Kesko Oyj, B Shares	6,878		224,877
	Neste Oil Oyj(a)	18,872		243,372
	Stora Enso Oyj, R Shares	133,259		922,571
	UPM-Kymmene Oyj	153,593		1,785,084
				3,175,904
France — 9.8%
	Arkema SA	1,137		118,877
	AXA SA	198,619		3,499,933
	BNP Paribas SA	74,011		4,160,166
	Bollore SA	1,451		493,368
	Bouygues SA	21,751		643,110
	Cap Gemini SA	21,722		942,161
	Casino Guichard Perrachon SA	9,523		906,289
	CIC	292		40,450
	Cie de Saint-Gobain	77,815		3,309,380
	Cie Generale de Geophysique-Veritas*	10,208		304,379
	Cie Generale de Geophysique-Veritas, ADR	9,901		302,178
	Cie Generale des Etablissements Michelin	28,432		2,686,690
	Ciments Francais SA	2,122		125,230
	CNP Assurances	23,137		354,413
	Credit Agricole SA*	186,204		1,495,326
	EDF SA(a)	32,593		601,436

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
France (Continued)
	Eiffage SA	241	$	10,679
	France Telecom SA	358,763		3,948,929
	GDF Suez	280,884		5,774,479
	Lafarge SA	38,431		2,446,565
	Lagardere SCA	29,198		974,482
	Natixis	161,411		543,289
	Peugeot SA(a)*	25,314		182,804
	PPR	652		121,217
	Renault SA	35,128		1,886,451
	Rexel SA	14,433		294,145
	Sanofi	386		36,373
	SCOR SE	14,662		394,997
	Societe Generale SA*	93,702		3,505,149
	STMicroelectronics NV	228,137		1,616,464
	Vallourec SA	381		19,859
	Vivendi SA	298,408		6,676,332
				48,415,600
Germany — 8.0%
	Allianz SE	9,155		1,266,419
	Bayerische Motoren Werke AG	39,474		3,799,925
	Celesio AG	6,399		110,183
	Commerzbank AG*	386,373		731,330
	Daimler AG	153,469		8,370,255
	Deutsche Bank AG	72,666		3,160,417
	Deutsche Bank AG(a)	48,177		2,133,759
	Deutsche Lufthansa AG	50,963		957,906
	Deutsche Post AG	9,793		214,576
	Deutsche Telekom AG	401,806		4,558,480
	E.On AG	301,790		5,612,723
	Fraport AG Frankfurt Airport Services Worldwide(a)	1,171		67,909
	HeidelbergCement AG	18,376		1,111,626
	Metro AG	2,666		73,899
	Muenchener Rueckversicherungs AG	18,030		3,236,625
	RWE AG	52,911		2,181,799
	Salzgitter AG	4,020		209,197
	Suedzucker AG	3,495		142,964
	ThyssenKrupp AG	46,312		1,085,661
	Volkswagen AG	4,335		931,253
				39,956,906
Greece — 0.1%
	Hellenic Petroleum SA	26,868		262,437
	National Bank of Greece SA*	11,245		19,147
				281,584
Hong Kong — 2.1%
	Cathay Pacific Airways Ltd.	129,000		237,001
	Foxconn International Holdings Ltd.*	240,000		116,736
	Henderson Land Development Co., Ltd.	192,057		1,355,402
	Hongkong & Shanghai Hotels Ltd. (The)	68,495		95,617
	Hopewell Holdings Ltd.	81,000		347,478
	Hutchison Whampoa Ltd.	428,000		4,467,278
	New World Development Co., Ltd.	766,862		1,191,227
	Orient Overseas International Ltd.	35,000		226,911
	Tsim Sha Tsui Properties	59,621		142,152
	Wharf Holdings Ltd.	166,000		1,298,941
	Wheelock & Co., Ltd.	233,000		1,169,381
				10,648,124
Ireland — 0.1%
	CRH PLC, ADR	12,757		259,477
Israel — 0.6%
	Bank Hapoalim B.M.*	113,462		484,497
	Bank Leumi Le-Israel*	172,350		584,613
	Bezeq The Israeli Telecommunication Corp. Ltd.	152,013		173,776
	Elbit Systems Ltd.	4,721		188,575
	Israel Chemicals Ltd.	42,327		505,850
	Israel Discount Bank Ltd., Series A*	138,248		227,251
	Mellanox Technologies Ltd.*	403		24,265
	NICE Systems Ltd.*	15,844		530,457
	Oil Refineries Ltd.*	2,959		1,587
	Paz Oil Co., Ltd.*	257		38,461
	Strauss Group Ltd.	405		5,302
				2,764,634
Italy — 1.1%
	Banca Monte dei Paschi di Siena SpA(a)*	569,246		169,586
	Banco Popolare Scarl*	36,181		60,078
	Fiat SpA(a)*	123,198		616,312
	Finmeccanica SpA(a)*	61,153		351,289
	Parmalat SpA	24,691		57,360
	Telecom Italia SpA	1,864,713		1,681,088
	UniCredit SpA*	397,841		1,946,134
	Unione di Banche Italiane SCPA	108,737		503,207
				5,385,054
Japan — 18.2%
	77 Bank Ltd. (The)	60,000		238,933
	Aeon Co., Ltd.(a)	106,700		1,215,593
	Alfresa Holdings Corp.	3,400		132,256
	Amada Co., Ltd.	51,000		326,716
	Asahi Glass Co., Ltd.(a)	112,000		809,280
	Asahi Kasei Corp.	124,000		725,665
	Asatsu-DK, Inc.(a)	1,100		26,054
	Bank of Kyoto Ltd. (The)(a)	45,000		378,138
	Bank of Yokohama Ltd. (The)	45,000		207,768
	Canon Marketing Japan, Inc.(a)	8,000		114,042
	Chugoku Bank Ltd. (The)(a)	24,000		332,706
	Citizen Holdings Co., Ltd.	64,400		335,994
	Coca-Cola West Co., Ltd.	7,200		110,782
	COMSYS Holdings Corp.	9,000		114,896
	Cosmo Oil Co., Ltd.(a)	111,000		245,998
	Dai Nippon Printing Co., Ltd.	119,000		924,419
	Daicel Corp.	45,000		294,511
	Daishi Bank Ltd. (The)	40,000		125,584
	Daiwa Securities Group, Inc.	123,000		674,381
	Denki Kagaku Kogyo KK	18,000		60,876
	Fuji Media Holdings, Inc.	84		126,143
	FUJIFILM Holdings Corp.	113,700		2,261,270
	Fujikura Ltd.	65,000		200,323
	Fujitsu Ltd.	227,000		943,268
	Fukuoka Financial Group, Inc.	153,000		607,514
	Glory Ltd.	7,800		179,526
	Gunma Bank Ltd. (The)	55,000		267,271
	H2O Retailing Corp.	9,000		83,523
	Hachijuni Bank Ltd. (The)	68,000		338,293
	Hakuhodo DY Holdings, Inc.(a)	2,090		134,372
	Higo Bank Ltd. (The)	29,000		160,674
	Hiroshima Bank Ltd. (The)	21,000		87,505
	Hitachi Capital Corp.	3,800		77,680
	Hitachi Chemical Co., Ltd.	600		8,948
	Hitachi High-Technologies Corp.	1,800		36,879
	Hokkoku Bank Ltd. (The)	38,000		139,482
	Hokuhoku Financial Group, Inc.	172,000		252,138
	House Foods Corp.	8,700		130,648
	Hyakujushi Bank Ltd. (The)	35,000		128,470
	Ibiden Co., Ltd.(a)	11,300		178,171
	Idemitsu Kosan Co., Ltd.	7,300		630,276

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Japan (Continued)
	Inpex Corp.	318	$	1,679,287
	Isetan Mitsukoshi Holdings Ltd.	57,300		556,895
	Iyo Bank Ltd. (The)	30,000		236,510
	J Front Retailing Co., Ltd.	112,000		616,656
	JFE Holdings, Inc.	57,200		1,057,706
	Joyo Bank Ltd. (The)(a)	91,000		429,607
	JTEKT Corp.	11,100		104,293
	Juroku Bank Ltd. (The)	33,000		111,225
	JX Holdings, Inc.	446,500		2,489,288
	Kagoshima Bank Ltd. (The)	22,000		137,635
	Kajima Corp.	41,000		134,403
	Kamigumi Co., Ltd.	32,000		253,754
	Kaneka Corp.	55,000		276,159
	Kawasaki Kisen Kaisha Ltd.*	49,000		74,092
	Keiyo Bank (The)	24,000		105,269
	Kinden Corp.	34,000		220,165
	Kobe Steel Ltd.*	86,000		108,201
	Konica Minolta Holdings, Inc.	70,000		497,720
	Kyocera Corp.	16,400		1,470,861
	Kyowa Hakko Kirin Co., Ltd.(a)	37,000		362,590
	LIXIL Group Corp.	12,600		278,804
	Marui Group Co., Ltd.	55,700		441,691
	Mazda Motor Corp.*	236,000		473,989
	Medipal Holdings Corp.	19,700		217,158
	MEIJI Holdings Co., Ltd.	9,100		392,844
	Mitsubishi Chemical Holdings Corp.	206,500		1,015,398
	Mitsubishi Corp.	219,400		4,170,968
	Mitsubishi Gas Chemical Co., Inc.	62,000		375,714
	Mitsubishi Heavy Industries Ltd.	370,000		1,772,378
	Mitsubishi Logistics Corp.	10,000		142,090
	Mitsubishi Materials Corp.	181,000		610,054
	Mitsubishi Tanabe Pharma Corp.	27,700		360,018
	Mitsubishi UFJ Financial Group, Inc.	917,400		4,881,646
	Mitsubishi UFJ Financial Group, Inc., ADR	1,031,340		5,589,863
	Mitsui & Co., Ltd.	149,000		2,206,579
	Mitsui & Co., Ltd., ADR(a)	2,885		866,943
	Mitsui Chemicals, Inc.(a)	126,000		324,326
	Mitsui Engineering & Shipbuilding Co., Ltd.(a)	44,000		67,040
	Mitsui OSK Lines Ltd.	172,000		504,277
	Nagase & Co., Ltd.	24,000		263,450
	Nanto Bank Ltd. (The)	1,000		4,513
	NEC Corp.*	285,000		595,429
	Nippon Electric Glass Co., Ltd.	32,000		179,881
	Nippon Express Co., Ltd.	132,000		540,890
	Nippon Meat Packers, Inc.	27,067		373,349
	Nippon Paper Group, Inc.(a)	14,200		195,540
	Nippon Sheet Glass Co., Ltd.(a)	16,000		20,869
	Nippon Shokubai Co., Ltd.	18,000		183,252
	Nippon Steel Sumitomo Metal Corp.(a)	812,275		1,968,924
	Nippon Television Holdings, Inc.	10,300		136,842
	Nippon Yusen KK(a)	228,000		528,978
	Nishi-Nippon City Bank Ltd. (The)	89,000		218,815
	Nisshin Seifun Group, Inc.	30,000		373,290
	Nisshin Steel Holdings Co., Ltd.*	15,999		145,890
	Nisshinbo Holdings, Inc.	23,000		192,209
	NOK Corp.	100		1,544
	Nomura Holdings, Inc.(a)	156,700		909,795
	North Pacific Bank Ltd.*	32,000		89,387
	NTN Corp.	32,000		85,323
	Obayashi Corp.	99,000		553,079
	Oji Holdings Corp.(a)	88,000		300,664
	Onward Holdings Co., Ltd.	28,000		210,723
	Panasonic Corp.(a)	263,000		1,584,648
	Panasonic Corp., ADR(a)	98,061		595,230
	Rengo Co., Ltd.(a)	18,000		90,171
	Ricoh Co., Ltd.(a)	127,000		1,329,590
	Rohm Co., Ltd.	14,400		465,235
	San-In Godo Bank Ltd. (The)	22,000		153,887
	Sankyo Co., Ltd.	3,800		150,228
	SBI Holdings, Inc.(a)	32,700		287,614
	Seiko Epson Corp.(a)	28,000		225,267
	Seino Holdings Co., Ltd.	23,000		144,953
	Sekisui House Ltd.(a)	158,000		1,717,966
	Sharp Corp.(a)	154,000		538,605
	Shiga Bank Ltd. (The)(a)	30,000		184,914
	Shimizu Corp.	90,000		335,546
	Shinsei Bank Ltd.	193,000		380,943
	Showa Denko KK(a)	165,000		249,495
	Showa Shell Sekiyu KK	29,700		167,295
	SKY Perfect JSAT Holdings, Inc.	167		69,298
	Sohgo Security Services Co., Ltd.	7,900		97,661
	Sojitz Corp.	149,700		219,448
	Sony Corp., ADR(a)	212,565		2,380,728
	Sumitomo Bakelite Co., Ltd.	36,000		149,178
	Sumitomo Chemical Co., Ltd.	91,000		282,553
	Sumitomo Corp.	218,000		2,767,934
	Sumitomo Electric Industries Ltd.	144,800		1,651,323
	Sumitomo Forestry Co., Ltd.	28,200		265,285
	Sumitomo Heavy Industries Ltd.	20,000		93,957
	Sumitomo Metal Mining Co., Ltd.	41,000		571,686
	Sumitomo Mitsui Financial Group, Inc.	119,600		4,300,271
	Sumitomo Mitsui Trust Holdings, Inc.	227,000		788,677
	Suzuken Co., Ltd.	11,400		319,624
	Suzuki Motor Corp.	2,000		51,757
	Taisei Corp.	181,000		597,518
	Takashimaya Co., Ltd.	45,000		318,405
	TDK Corp.(a)	16,100		577,954
	Teijin Ltd.(a)	67,000		164,726
	Toda Corp.	30,000		90,725
	TOKAI RIKA Co., Ltd.	5,900		81,177
	Tokyo Broadcasting System Holdings, Inc.	6,900		71,999
	Tokyo Tatemono Co., Ltd.	43,000		217,891
	Toppan Printing Co., Ltd.(a)	163,000		1,000,935
	Tosoh Corp.	49,000		116,512
	Toyo Seikan Kaisha Ltd.	47,000		624,967
	Toyota Motor Corp., ADR	37,712		3,516,644
	Toyota Tsusho Corp.	28,400		692,995
	Ube Industries Ltd.	19,000		45,178
	UNY Co., Ltd.	39,000		287,655
	Wacoal Holdings Corp.	14,000		144,791
	Yamada Denki Co., Ltd.(a)	9,950		381,875
	Yamaguchi Financial Group, Inc.	51,000		447,394
	Yamaha Corp.(a)	32,700		342,721
	Yamato Kogyo Co., Ltd.	2,000		57,898
				90,444,625
Netherlands — 3.2%
	Aegon NV	221,158		1,402,081
	Akzo Nobel NV	47,405		3,112,658
	ArcelorMittal	149,597		2,554,154
	ArcelorMittal-NY Registered(a)	29,788		520,396
	ING Groep NV*	308,587		2,876,084
	Koninklijke DSM NV	31,703		1,916,147
	Koninklijke Philips Electronics NV	129,253		3,394,238
	TNT Express NV	624		6,943
				15,782,701

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
New Zealand — 0.1%
	Contact Energy Ltd.*	113,218	$	486,529
Norway — 1.1%
	Aker ASA, Series A	481		18,348
	Cermaq ASA*	833		12,552
	DnB ASA	101,878		1,290,488
	Marine Harvest ASA*	277,181		255,349
	Norsk Hydro ASA	267,912		1,343,959
	Orkla ASA	156,896		1,369,161
	Petroleum Geo-Services ASA	5,242		89,933
	Statoil ASA	14,171		354,418
	Stolt-Nielsen Ltd.	167		3,455
	Storebrand ASA*	70,912		342,200
	Subsea 7 SA(a)	24,977		593,669
	Veripos, Inc.*	2,343		9,275
				5,682,807
Portugal — 0.1%
	Banco Espirito Santo SA*	269,431		318,294
	Portugal Telecom SGPS SA(a)	6,174		30,552
				348,846
Singapore — 1.0%
	CapitaLand Ltd.	363,000		1,099,505
	Golden Agri-Resources Ltd.(a)	1,200,000		638,533
	Indofood Agri Resources Ltd.(a)	31,000		33,879
	Keppel Land Ltd.(a)	134,000		442,078
	Neptune Orient Lines Ltd.(a)*	150,749		141,302
	Olam International Ltd.	36,000		45,827
	Overseas Union Enterprise Ltd.(a)	64,000		145,651
	Singapore Airlines Ltd.(a)	165,340		1,455,041
	United Industrial Corp. Ltd.	171,000		398,960
	Venture Corp. Ltd.	20,000		131,963
	Wilmar International Ltd.(a)	100,000		273,423
				4,806,162
Spain — 1.7%
	Acciona SA	8,496		630,356
	Banco de Sabadell SA*	316,881		826,078
	Banco Espanol de Credito SA(a)	13,917		65,305
	Banco Popular Espanol SA*	1,196,156		925,216
	Banco Santander SA	464,674		3,741,416
	Bankinter SA(a)	6,575		27,251
	CaixaBank(a)	133,848		465,886
	CaixaBank(a)	2,974		10,353
	EDP Renovaveis SA*	18,086		95,347
	Gas Natural SDG SA	11,817		211,819
	Iberdrola SA	92,555		512,495
	International Consolidated Airlines Group SA*	183,620		551,224
	Repsol SA	10,049		203,406
				8,266,152
Sweden — 3.3%
	Boliden AB	38,387		720,736
	Holmen AB, B Shares	18,717		553,755
	Husqvarna AB, Class B	4,519		27,233
	Meda AB, A Shares	17,381		178,937
	Nordea Bank AB	353,398		3,374,675
	SSAB AB, A Shares(a)	42,025		365,440
	SSAB AB, B Shares	279,497		2,374,574
	SSAB Svenskt Stal AB, Series B	17,977		133,269
	Svenska Cellulosa AB, Series A	922		20,005
	Svenska Cellulosa AB, Series B	131,362		2,848,165
	Swedbank AB, A Shares	68,639		1,340,451
	Telefonaktiebolaget LM Ericsson	450,961		4,514,360
	Telefonaktiebolaget LM Ericsson, A Shares	698		6,858
	TeliaSonera AB	6		41
				16,458,499
Switzerland — 6.7%
	ABB Ltd.*	88,943		1,823,300
	Adecco SA*	32,604		1,712,454
	Alpiq Holding AG*	161		23,059
	Aryzta AG*	8,626		441,839
	Baloise Holding AG	9,842		844,691
	Banque Cantonale Vaudoise	93		49,289
	Clariant AG*	3,072		41,480
	Credit Suisse Group AG(a)*	156,384		3,805,945
	Givaudan SA*	1,357		1,428,733
	Holcim Ltd.*	63,904		4,674,113
	Lonza Group AG*	5,819		314,028
	Novartis AG	2,648		166,323
	Sulzer AG	1,644		259,007
	Swiss Life Holding AG*	5,342		709,035
	Swiss Re AG*	89,565		6,453,106
	UBS AG*	368,590		5,750,592
	Zurich Insurance Group AG*	17,402		4,630,894
				33,127,888
United Kingdom — 21.8%
	Anglo American PLC	36,498		1,122,937
	Aviva PLC	469,650		2,845,703
	Barclays PLC	1,498,087		6,385,681
	Barclays PLC, ADR	122,013		2,113,265
	BP PLC, ADR	451,186		18,787,385
	Carnival PLC(a)	36,295		1,406,431
	Carnival PLC, ADR	24,609		942,636
	Eurasian Natural Resources Corp. PLC	6,258		28,871
	Evraz PLC	1,926		8,100
	HSBC Holdings PLC	180,214		1,893,791
	HSBC Holdings PLC, ADR	190,084		10,087,758
	Investec PLC	71,730		493,703
	J Sainsbury PLC	294,885		1,653,118
	Kazakhmys PLC	42,677		539,361
	Kingfisher PLC	763,160		3,522,031
	Lloyds Banking Group PLC*	5,763,788		4,486,274
	Lloyds Banking Group PLC, ADR(a)*	27,715		88,688
	Mondi PLC	36,769		399,888
	Old Mutual PLC	790,398		2,288,020
	Pearson PLC, ADR	37,990		742,325
	Resolution Ltd.	212,339		853,712
	Rexam PLC	113,774		805,816
	Royal Bank of Scotland Group PLC*	230,284		1,213,905
	Royal Bank of Scotland Group PLC, ADR(a)*	26,038		280,950
	Royal Dutch Shell PLC, A Shares	4,808		165,736
	Royal Dutch Shell PLC, ADR(a)	227,594		16,134,139
	RSA Insurance Group PLC	40,593		82,888
	Vedanta Resources PLC(a)	2,183		41,029
	Vodafone Group PLC	13,561		341,602
	Vodafone Group PLC, ADR	7,062,161		17,718,700
	WM Morrison Supermarkets PLC	429,973		1,836,975
	WPP PLC	129,121		1,862,585
	Xstrata PLC	407,470		7,009,676
				108,183,679
	TOTAL COMMON STOCKS
	(Identified Cost $463,065,396)			491,658,168

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
PREFERRED STOCKS — 0.0%
Germany — 0.0%
	Porsche Automobil Holding SE	2,731	$	222,416
	TOTAL PREFERRED STOCKS
	(Identified Cost $169,209)			222,416
RIGHTS & WARRANTS — 0.0%
Spain — 0.0%
	Repsol S.A.,(a)*	10,049		6,128
Singapore — 0.0%
	Olam International Ltd., expires 01/21/13*	11,268		—
	TOTAL RIGHTS & WARRANTS
	(Identified Cost $6,285)			6,128
SHORT-TERM INVESTMENTS — 0.3%
United States — 0.3%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	1,535,118		1,535,118
				1,535,119
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $1,535,119)			1,535,119
COLLATERAL FOR SECURITIES ON LOAN — 10.0%
Short-Term — 10.0%
	State Street Navigator Securities Lending Prime Portfolio	49,863,926		49,863,926
	TOTAL COLLATERAL FOR SECURITIES ON LOAN
	(Identified Cost $49,863,926)			49,863,926
Total Investments — 109.4%
	(Identified Cost $514,639,935)#			543,285,757
	Liabilities, Less Cash and Other Assets — (9.4%)			(46,900,442	)
Net Assets — 100.0%			$	496,385,315

†	See Note 1.
(a)	A portion or all of the security was held on loan. As of September 30, 2012, the market value of the securities on loan was $48,575,863.
*	Non-income producing security.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $514,639,935. Net unrealized appreciation aggregated $28,645,822 of which $78,263,545 related to appreciated investment securities and $49,617,723 related to depreciated investment securities.

Key to abbreviations:
ADR — American Depository Receipt

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 95.8%
Brazil — 7.2%
	Banco do Brasil SA	2,100	$	26,256
	Banco Santander Brasil SA	19,400		141,840
	Banco Santander Brasil SA, ADR	121,640		884,323
	BM&FBOVESPA SA	168,604		1,152,848
	Fibria Celulose SA, ADR*	36,899		419,542
	Gerdau SA	11,300		85,047
	Gerdau SA, ADR	109,250		982,158
	Hypermarcas SA*	15,400		125,005
	JBS SA*	148,229		434,371
	Magnesita Refratarios SA	7,500		30,220
	Marfrig Alimentos SA*	26,090		108,055
	MPX Energia SA*	9,600		52,278
	OSX Brasil SA*	4,200		21,846
	PDG Realty SA Empreendimentos e Participacoes	195,584		316,182
	Petroleo Brasileiro SA	15,900		151,817
	Petroleo Brasileiro SA, ADR	75,045		1,461,126
	Usinas Siderurgicas de Minas Gerais SA	25,400		169,581
	Vale SA, ADR	9,400		197,024
				6,759,519
Chile — 1.7%
	Cia General de Electricidad SA	18,040		104,377
	Cia Sud Americana de Vapores SA*	109,025		9,681
	Empresas CMPC SA	133,020		491,792
	Empresas COPEC SA	28,567		403,250
	Enersis SA, ADR	29,100		530,202
	Inversiones Aguas Metropolitanas SA	22,070		44,486
	Ripley Corp. SA	14,607		13,913
	Vina Concha y Toro SA	1,002		1,950
				1,599,651
China — 15.7%
	Agile Property Holdings Ltd.	129,859		182,620
	Agricultural Bank of China Ltd., H Shares	604,000		299,239
	Aluminum Corp. of China Ltd., H Shares*	20,000		9,160
	Angang Steel Co., Ltd., H Shares*	78,000		57,160
	Bank of China Ltd., H Shares	4,779,902		2,146,095
	Bank of Communications Co., Ltd., H Shares	581,400		437,315
	BBMG Corp., H Shares	59,000		53,361
	Beijing Capital International Airport Co., Ltd., H Shares	132,000		94,348
	Beijing Enterprises Holdings Ltd.	36,500		237,577
	Beijing Enterprises Water Group Ltd.	64,000		16,514
	Chaoda Modern Agriculture Holdings Ltd.*	62,354		8,849
	China Agri-Industries Holdings Ltd.	167,700		93,902
	China Citic Bank Corp. Ltd., H Shares	554,000		328,790
	China Coal Energy Co., Ltd., H Shares	378,000		410,634
	China Communication Services Corp. Ltd., H Shares	163,600		94,772
	China Communications Construction Co., Ltd., H Shares	407,000		392,252
	China Construction Bank Corp., H Shares	1,505,810		1,208,401
	China COSCO Holdings Co., Ltd., H Shares*	252,000		123,223
	China Everbright Ltd.	72,000		138,782
	China Lumena New Materials Corp.	224,000		48,841
	China Merchants Holdings International Co., Ltd.	74,892		239,628
	China Minsheng Banking Corp. Ltd., H Shares	321,000		370,663
	China Molybdenum Co., Ltd., H Shares	65,000		28,513
	China National Materials Co., Ltd., H Shares	121,000		37,155
	China Petroleum & Chemical Corp., ADR	13,574		1,559,924
	China Petroleum & Chemical Corp., H Shares	30,000		33,983
	China Railway Construction Corp. Ltd., H Shares	145,000		164,814
	China Resources Land Ltd.	96,000		261,958
	China Rongsheng Heavy Industries Group Holdings Ltd.	80,500		12,879
	China Shipping Container Lines Co., Ltd., H Shares*	303,200		86,843
	China Shipping Development Co., Ltd., H Shares	87,543		50,035
	China Southern Airlines Co., Ltd., H Shares	110,000		55,775
	China Travel International Inv HK	208,000		42,669
	China Unicom Hong Kong Ltd.	54,000		86,391
	China Unicom Hong Kong Ltd., ADR	38,409		625,683
	China Yurun Food Group Ltd.*	96,000		69,856
	China ZhengTong Auto Services Holdings Ltd.*	64,000		44,341
	China Zhongwang Holdings Ltd.*	154,000		57,222
	Chongqing Rural Commercial Bank Co., Ltd., H Shares	115,000		63,058
	Citic Pacific Ltd.	72,000		107,384
	Citic Resources Holdings Ltd.*	228,000		35,005
	COSCO Pacific Ltd.	117,436		166,665
	Country Garden Holdings Co., Ltd.*	150,022		78,584
	Dalian Port PDA Co., Ltd., H Shares	86,000		20,416
	Dongfeng Motor Group Co., Ltd., H Shares	16,000		24,689
	Evergrande Real Estate Group Ltd.	171,000		93,764
	Fosun International Ltd.	163,500		103,785
	Franshion Properties China Ltd.	238,000		85,671
	GCL-Poly Energy Holdings Ltd.	567,000		114,119
	Glorious Property Holdings Ltd.*	228,000		42,653
	GOME Electrical Appliances Holding Ltd.*	744,000		89,270
	Greentown China Holdings Ltd.	34,500		63,206
	Guangshen Railway Co., Ltd., ADR	3,500		69,090
	Guangzhou Automobile Group Co., Ltd., H Shares	156,870		139,447
	Guangzhou R&F Properties Co., Ltd.	66,800		111,177
	Harbin Electric Co., Ltd., H Shares	54,000		46,330
	Hopson Development Holdings Ltd.*	58,000		92,790
	Hunan Non-Ferrous Metal Corp. Ltd., H Shares*	54,000		20,762
	Industrial & Commercial Bank of China Ltd., H Shares	662,000		469,755
	Kaisa Group Holdings Ltd.*	13,000		4,042
	Kingboard Chemical Holdings Ltd.	40,000		141,920
	Kingboard Laminates Holdings Ltd.	50,000		22,965
	KWG Property Holding Ltd.	72,000		54,064
	Lee & Man Paper Manufacturing Ltd.	131,000		82,310
	Lonking Holdings Ltd.	111,000		29,072
	Maanshan Iron & Steel, H Shares*	72,000		21,737
	Maoye International Holdings Ltd.	82,000		16,610
	Metallurgical Corp. of China Ltd., H Shares*	187,000		36,431
	Minth Group Ltd.	36,000		41,384
	New World China Land Ltd.	148,800		71,800
	Nine Dragons Paper Holdings Ltd.	102,000		92,119
	Poly Property Group Co., Ltd.*	150,000		117,471
	Renhe Commercial Holdings Co., Ltd.*	550,000		58,187
	Semiconductor Manufacturing International Corp.*	1,420,000		70,534

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES		VALUE†
COMMON STOCKS (Continued)
China (Continued)
	Semiconductor Manufacturing International Corp., ADR*	2,052	$	5,233
	Shanghai Industrial Holdings Ltd.	55,000		193,366
	Shenzhen International Holdings	627,500		66,386
	Shenzhen Investment Ltd.	112,280		45,631
	Shimao Property Holdings Ltd.	130,500		247,165
	Shougang Fushan Resources Group Ltd.	188,000		68,885
	Shui On Land Ltd.	230,281		111,414
	Sino-Ocean Land Holdings Ltd.	232,354		174,471
	Sinofert Holdings Ltd.	156,000		37,637
	Sinotrans Ltd., H Shares	106,000		17,095
	Sinotrans Shipping Ltd.	74,573		17,992
	Sinotruk Hong Kong Ltd.	60,000		45,827
	Skyworth Digital Holdings Ltd.	181,623		93,028
	Soho China Ltd.	195,500		156,383
	Sunac China Holdings Ltd.	53,000		41,028
	TCC International Holdings Ltd.	64,000		18,413
	Tian An China Investment	10,000		6,773
	Travelsky Technology Ltd., H Shares	118,500		63,448
	Yuexiu Property Co., Ltd.	515,800		163,041
				14,681,649
Columbia — 0.2%
	Cementos Argos SA	8,594		49,122
	Grupo de Inversiones Suramericana SA	4,470		96,129
	Grupo Nutresa SA	5,046		72,592
				217,843
Czech Republic — 0.2%
	Telefonica Czech Republic AS	4,507		76,728
	Unipetrol, AS*	14,712		135,446
				212,174
Hungary — 0.4%
	EGIS Pharmaceuticals PLC	1,851		147,461
	OTP Bank PLC	13,564		255,013
				402,474
India — 7.8%
	Adani Enterprises Ltd.	12,957		64,087
	Aditya Birla Nuvo Ltd.	2,706		54,150
	Allahabad Bank Ltd.	1,836		5,697
	Amtek Auto Ltd.	7,584		12,195
	Arvind Ltd.	11,397		20,760
	Ashok Leyland Ltd.	66,000		32,524
	Aurobindo Pharma Ltd.	5,739		19,828
	Bajaj Holdings and Investment Ltd.	1,407		24,977
	Bank of Baroda	4,881		77,077
	Bank of India	7,035		44,157
	Bhushan Steel Ltd.	7,490		65,365
	Bombay Rayon Fashions Ltd.*	1,619		7,210
	Cairn India Ltd.	37,422		217,470
	Canara Bank	5,493		49,832
	Central Bank Of India	22,808		34,863
	Corporation Bank	250		2,108
	DLF Ltd.	43,285		181,546
	Educomp Solutions Ltd.	5,729		14,581
	EID Parry India Ltd.	7,288		27,435
	Essar Oil Ltd.*	15,426		19,779
	Essar Ports Ltd.	2,998		5,138
	Federal Bank Ltd.	9,627		94,232
	Gitanjali Gems Ltd.	6,654		64,135
	Great Eastern Shipping Co., Ltd. (The)	5,045		24,290
	Hexa Tradex Ltd.*	2,323		1,715
	Hindalco Industries Ltd.	100,344		238,086
	Housing Development & Infrastructure Ltd.*	19,968		40,654
	ICICI Bank Ltd., ADR	32,610		1,422,122
	IDBI Bank Ltd.	16,131		32,783
	IFCI Ltd.	14,171		8,639
	Indiabulls Financial Services Ltd.	1,875		9,336
	Indiabulls Infrastructure and Power Ltd.*	3,507		432
	Indian Bank	12,173		44,257
	Indian Hotels Co., Ltd.	5,200		5,979
	Indian Overseas Bank	26,718		41,718
	Infrastructure Development Finance Co., Ltd.	28,677		89,710
	ING Vysya Bank Ltd.	6,545		62,726
	Jaiprakash Associates Ltd.	65,004		114,905
	Jammu & Kashmir Bank Ltd.	2,469		58,357
	Jaypee Infratech Ltd.	42,410		39,670
	Jindal Saw Ltd.	11,615		27,326
	JSW Energy Ltd.	54,292		67,382
	JSW Steel Ltd.	10,487		155,104
	Mphasis Ltd.	2,597		18,291
	National Aluminium Co., Ltd.	72,404		65,017
	Oriental Bank of Commerce	7,526		48,227
	Piramal Healthcare Ltd.	5,669		53,927
	PTC India Ltd.	3,148		4,237
	Reliance Capital Ltd.	8,971		78,429
	Reliance Communications Ltd.	45,829		61,646
	Reliance Industries Ltd.	80,341		1,227,403
	Reliance Industries Ltd., GDR(a)	16,067		490,365
	Reliance Power Ltd.*	70,155		119,529
	Sesa Goa Ltd.	25,874		92,087
	Shree Renuka Sugars Ltd.*	48,908		28,386
	Sintex Industries Ltd.	22,565		26,791
	State Bank of India Ltd.	8,634		375,947
	State Bank of India Ltd., GDR	1,400		125,510
	Steel Authority of India Ltd.	62,625		103,613
	Sterlite Industries India Ltd., ADR	26,322		226,632
	Suzlon Energy Ltd.*	23,982		8,163
	Syndicate Bank	19,381		45,242
	Tata Chemicals Ltd.	6,115		39,448
	Tata Communications Ltd.	10,678		45,731
	Tata Communications Ltd., ADR	1,300		11,167
	Tata Global Beverages Ltd.	6,772		19,763
	Tata Steel Ltd., ADR	27,257		213,270
	Union Bank of India	6,100		30,595
	Unitech Ltd.*	62,501		38,329
	United Phosphorus Ltd.	11,000		26,110
	Videocon Industries Ltd.	6,099		23,766
				7,271,958
Indonesia — 3.1%
	Adaro Energy Tbk PT	1,292,500		213,237
	Alam Sutera Realty Tbk PT	520,000		32,374
	Aneka Tambang Tbk PT	534,000		70,923
	Bakrie and Brothers Tbk PT*	584,500		3,032
	Bank Danamon Indonesia Tbk PT	298,273		174,863
	Bank Mandiri Tbk PT	237,500		199,611
	Bank Negara Indonesia Persero Tbk PT	1,109,366		425,905
	Bank Pan Indonesia Tbk PT*	1,140,000		74,521
	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT	143,000		15,728
	Bank Tabungan Negara Tbk PT	401,090		60,346
	Bhakti Investama Tbk PT	1,922,500		107,720
	Bumi Resources Minerals Tbk PT*	291,500		7,562
	Bumi Resources Tbk PT	318,500		19,498
	Bumi Serpong Damai Tbk PT	170,000		19,580
	Ciputra Development Tbk PT	1,081,500		89,774

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Indonesia (Continued)
	Gajah Tunggal Tbk PT	257,000	$	59,333
	Garuda Indonesia Persero Tbk PT*	350,500		24,003
	Global Mediacom Tbk PT	654,500		162,988
	Holcim Indonesia Tbk PT	213,000		64,093
	Indah Kiat Pulp and Paper Corp., Tbk PT*	249,000		17,569
	Indika Energy Tbk PT	223,500		32,931
	Indofood Sukses Makmur Tbk PT	536,500		325,658
	Indomobil Sukses Internasional Tbk PT	76,000		41,795
	Japfa Comfeed Indonesia Tbk PT	74,000		47,222
	Lippo Karawaci Tbk PT	2,178,375		226,031
	Matahari Putra Prima Tbk PT	84,500		10,083
	Medco Energi Internasional Tbk PT	276,000		46,680
	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT	144,500		34,485
	Sinar Mas Multiartha Tbk PT	7,500		3,560
	Timah Tbk PT	284,500		45,461
	United Tractors Tbk PT	66,000		134,911
	Vale Indonesia Tbk PT	415,000		101,193
				2,892,670
Korea — 14.9%
	BS Financial Group, Inc.	8,140		100,365
	CJ Corp.	1,214		134,375
	CJ E&M Corp.*	535		13,243
	CJ Korea Express Co., Ltd.*	282		26,473
	Daelim Industrial Co., Ltd.	2,458		199,749
	Daewoo Engineering & Construction Co., Ltd.*	4,660		43,310
	Daewoo Securities Co., Ltd.	8,857		99,277
	Daewoo Shipbuilding & Marine Engineering Co., Ltd.	4,750		120,461
	Daou Technology, Inc.	4,180		61,495
	DGB Financial Group, Inc.	9,150		124,356
	Dongkuk Steel Mill Co., Ltd.	1,140		14,588
	Doosan Corp.	538		64,827
	Doosan Heavy Industries & Construction Co., Ltd.	3,080		130,039
	GS Engineering & Construction Corp.	1,605		85,904
	GS Holdings Corp.	4,493		302,170
	Hana Financial Group, Inc.	16,650		539,668
	Hanjin Heavy Industries & Construction Co., Ltd.*	2,605		30,416
	Hanjin Shipping Co., Ltd.*	5,641		62,966
	Hanwha Chem Corp.	8,670		148,607
	Hanwha Corp.	2,710		86,572
	Hanwha Life Insurance Co., Ltd.	14,250		103,290
	Hite Jinro Co., Ltd.	1,300		36,915
	Hyosung Corp.	1,982		136,259
	Hyundai Development Co.	4,300		86,958
	Hyundai Heavy Industries Co., Ltd.	1,835		414,796
	Hyundai Motor Co.	461		94,088
	Hyundai Securities Co.	8,977		75,551
	Hyundai Steel Co.	5,135		421,132
	Industrial Bank of Korea	12,480		138,139
	KB Financial Group, Inc.	1,370		48,500
	KB Financial Group, Inc., ADR*	27,494		987,035
	KCC Corp.	487		135,104
	Kolon Industries, Inc.	1,185		70,508
	Korea Exchange Bank*	20,440		145,485
	Korea Investment Holdings Co., Ltd.	3,470		137,915
	LG Corp.	7,969		485,327
	LG Display Co., Ltd.*	4,160		120,653
	LG Display Co., Ltd., ADR*	33,010		477,985
	LG Electronics, Inc.	9,407		646,713
	LG Hausys Ltd.	526		38,913
	LG Innotek Co., Ltd.*	281		21,602
	LG International Corp.	1,930		87,164
	LG Uplus Corp.	20,310		147,975
	Lotte Chilsung Beverage Co., Ltd.	40		56,605
	Lotte Confectionery Co., Ltd.	54		82,217
	Lotte Shopping Co., Ltd.	974		342,991
	Mirae Asset Securities Co., Ltd.	1,180		39,239
	Neo Holdings Co., Ltd.(b)*	538		—
	Nong Shim Co., Ltd.	200		50,720
	Poongsan Corp.	2,070		64,967
	POSCO	336		109,534
	POSCO, ADR	22,412		1,841,146
	Samsung C&T Corp.	7,619		445,508
	Samsung SDI Co., Ltd.	2,604		367,283
	Seah Besteel Corp.	440		11,775
	Shinhan Financial Group Co., Ltd.	8,700		315,713
	Shinhan Financial Group Co., Ltd., ADR*	24,410		894,382
	Shinsegae Co., Ltd.	345		70,413
	SK Broadband Co., Ltd.*	1,883		8,205
	SK Chemicals Co., Ltd.	779		43,440
	SK Holdings Co., Ltd.	2,446		408,971
	SK Innovation Co., Ltd.	5,072		824,350
	SK Networks Co., Ltd.	6,830		53,909
	STX Corp.	3,240		25,422
	STX Offshore & Shipbuilding Co., Ltd.	4,700		32,048
	STX Pan Ocean Co., Ltd.	4,940		21,757
	Taekwang Industrial Co., Ltd.	18		15,889
	Woori Finance Holdings Co., Ltd.	16,870		185,943
	Woori Finance Holdings Co., Ltd., ADR*	3,675		122,561
	Woori Investment & Securities Co., Ltd.	10,440		115,558
				13,997,414
Malaysia — 3.7%
	Affin Holdings Berhad	96,900		109,005
	AirAsia BHD	49,900		44,711
	Alliance Financial Group Berhad	97,000		139,568
	AMMB Holdings Berhad	201,687		448,486
	Batu Kawan Berhad	18,800		116,808
	Berjaya Corp. Berhad	244,700		47,212
	Berjaya Land Berhad	215,200		60,169
	Boustead Holdings Berhad	45,584		77,514
	DRB-Hicom Berhad	90,000		80,347
	Eastern & Oriental Bhd	46,300		23,619
	Gamuda Berhad	50,000		59,516
	Genting Malaysia Bhd	124,200		144,183
	HAP Seng Consolidated Berhad	63,800		36,302
	Hap Seng Plantations Holdings Berhad	19,600		18,075
	Hong Leong Financial Group Berhad	26,900		116,115
	IGB Corp. Berhad	99,283		74,673
	IJM Corp. Berhad	138,180		225,028
	IJM Land Bhd	20,400		16,010
	IJM Plantations Bhd	26,300		25,629
	Jaya Tiasa Holdings BHD	5,700		3,709
	Kulim Malaysia Berhad	49,400		79,156
	Mah Sing Group Bhd	56,000		37,907
	Malaysia Airports Holdings Bhd	15,600		26,578
	Malaysian Resources Corp. Bhd	105,000		53,221
	Media Prima Bhd	30,700		23,492
	MISC Berhad*	85,520		120,254
	MMC Corp. Berhad	109,900		94,518
	Multi-Purpose Holdings BHD	32,100		36,635
	Oriental Holdings Berhad	23,560		67,028
	OSK Holdings Berhad	83,537		39,337
	Pos Malaysia Berhad	38,700		44,041

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES		VALUE†
COMMON STOCKS (Continued)
Malaysia (Continued)
	PPB Group Berhad	55,300	$	209,771
	RHB Capital Berhad	50,249		126,362
	Shell Refining Co., Federation of Malaya Berhad	8,600		23,623
	Sunway Bhd*	46,200		35,957
	Supermax Corp. Bhd	45,100		28,464
	TA Enterprise Berhad	92,600		15,443
	TA Global Berhad	55,560		4,361
	TAN Chong Motor Holdings BHD	9,600		14,535
	Time dotCom Bhd*	57,980		74,892
	Tradewinds Malaysia Bhd	5,500		16,079
	UEM Land Holdings Bhd*	74,300		51,024
	Wah Seong Corp. Bhd	3,500		1,889
	WCT Bhd	51,290		39,415
	YTL Corp. Berhad	488,909		303,770
				3,434,431
Mexico — 7.2%
	Alfa SAB de CV, Class A	314,000		667,532
	Arca Continental SAB de CV	48,331		359,801
	Cemex SAB de CV*	279,274		275,033
	Cemex SAB de CV, ADR*	71,886		709,515
	Controladora Comercial Mexicana SAB de CV	36,957		129,401
	Empresas ICA SAB de CV, ADR*	1,800		18,108
	Fomento Economico Mexicano SAB de CV, ADR	20,700		2,084,490
	Grupo Aeroportuario del Pacifico SAB de CV, ADR	5,200		297,284
	Grupo Aeroportuario del Sureste SAB de CV, ADR	1,900		216,600
	Grupo Carso SAB de CV- Ser A	47,917		235,502
	Grupo Comercial Chedraui SA de CV	19,630		63,782
	Grupo Financiero Banorte SAB de CV	112,200		724,518
	Grupo Financiero Inbursa SA	74,100		224,599
	Industrias CH SAB de CV- Ser B*	22,900		172,747
	Inmuebles Carso SAB de CV*	47,917		39,664
	Minera Frisco SAB de CV*	24,436		103,027
	OHL Mexico SAB de CV*	13,200		28,971
	Organizacion Soriana SAB de CV, Class B	94,800		361,560
	TV Azteca SAB de CV	46,061		30,039
				6,742,173
Philippines — 0.9%
	Alliance Global Group, Inc.	411,300		167,876
	JG Summit Holdings, Inc.	54,700		52,619
	Megaworld Corp.	2,020,000		136,265
	Metropolitan Bank & Trust	80,019		198,769
	Robinsons Land Corp.	165,600		83,682
	San Miguel Corp.	86,300		221,516
	SM Development Corp.	46,750		6,706
				867,433
Poland — 1.7%
	Asseco Poland SA	6,993		102,461
	Enea SA	9,208		46,796
	Grupa Lotos SA*	10,150		135,108
	Kredyt Bank SA*	9,268		49,407
	Netia SA*	10,000		13,828
	Orbis SA	677		8,312
	PGE SA	80,727		474,949
	Polski Koncern Naftowy Orlen SA*	36,737		587,526
	Tauron Polska Energia SA	88,456		135,750
	Zaklady Azotowe Pulawy SA	640		28,432
				1,582,569
Russia — 5.0%
	Federal Hydrogenerating Co., ADR	49,024		113,098
	Federal Hydrogenerating Co., JSC, ADR	18,124		41,812
	Gazprom OAO, ADR	461,723		4,367,900
	Lukoil OAO, ADR	890		58,873
	Magnitogorsk Iron & Steel Works, GDR*	8,609		37,587
	Magnitogorsk Iron & Steel Works, GDR*	11,936		52,113
	Mechel, ADR	3,346		23,188
				4,694,571
South Africa — 8.3%
	ABSA Group Ltd.	23,190		448,618
	Aeci Ltd.	6,832		64,311
	African Bank Investments Ltd.	25,482		96,788
	African Rainbow Minerals Ltd.	9,374		209,982
	ArcelorMittal South Africa Ltd.*	4,488		19,058
	Aveng Ltd.	32,243		116,611
	Barloworld Ltd.	23,324		240,737
	Caxton and CTP Publishers and Printers Ltd.	18,814		38,838
	DataTec Ltd.	9,936		57,489
	Gold Fields Ltd., ADR	60,627		757,231
	Grindrod Ltd.	15,332		28,666
	Harmony Gold Mining Co., Ltd., ADR	34,777		311,602
	Illovo Sugar Ltd.	3,926		13,680
	Impala Platinum Holdings Ltd.	30,167		596,757
	Imperial Holdings Ltd.	5,746		134,732
	Investec Ltd.	25,999		180,329
	JD Group Ltd.	12,010		63,751
	Liberty Holdings Ltd.	8,197		107,492
	Mediclinic International Ltd.	949		6,140
	Mmi Holdings Ltd.	86,681		226,684
	Mondi Ltd.	9,297		101,069
	Nedbank Group Ltd.	20,163		447,142
	Northam Platinum Ltd.	15,969		71,580
	Royal Bafokeng Platinum Ltd.*	2,402		16,292
	Sanlam Ltd.	195,508		1,032,485
	Sappi Ltd., ADR*	44,800		161,280
	Sasol Ltd., ADR	12,700		549,783
	Standard Bank Group Ltd.	77,450		1,086,081
	Steinhoff International Holdings Ltd.*	141,970		459,361
	Telkom SA SOC Ltd.*	21,021		41,658
	Tongaat Hulett Ltd.	3,850		61,219
				7,747,446
Taiwan — 12.2%
	Ability Enterprise Co., Ltd.	6,000		5,620
	Acer, Inc.*	225,000		195,255
	Alpha Networks, Inc.	28,000		18,754
	Altek Corp.	34,151		20,051
	AmTRAN Technology Co., Ltd.	70,360		54,759
	Asia Cement Corp.	140,898		181,223
	Asia Optical Co., Inc.*	16,000		14,904
	AU Optronics Corp.*	85,000		38,052
	AU Optronics Corp., ADR*	60,438		271,971
	BES Engineering Corp.	111,000		30,732
	Capital Securities Corp.	156,661		60,153
	Cathay Real Estate Development Co., Ltd.	100,000		48,383
	Chang Hwa Commercial Bank	459,522		252,398
	Cheng Loong Corp.	41,000		17,366
	Cheng Uei Precision Industry Co., Ltd.	18,543		39,910
	Chin-Poon Industrial Co., Ltd.	6,000		6,467
	China Airlines Ltd.*	141,111		58,312

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
	China Development Financial Holding Corp.*	1,138,468	$	297,956
	China Manmade Fibers Corp.*	89,000		34,633
	China Motor Corp.	71,195		66,809
	China Petrochemical Development Corp.	144,525		89,585
	China Synthetic Rubber Corp.	56,203		63,095
	Chinatrust Financial Holding Co., Ltd.	711,635		420,281
	Chung Hung Steel Corp.*	48,000		15,620
	CMC Magnetics Corp.*	213,000		35,868
	Compal Electronics, Inc.	359,000		241,691
	Compeq Manufacturing Co., Ltd.	100,000		43,046
	Coretronic Corp.	38,000		29,443
	CSBC Corp.	8,240		5,065
	D-Link Corp.	72,000		45,497
	E Ink Holdings, Inc.	18,000		13,730
	E.Sun Financial Holding Co., Ltd.	338,782		189,580
	Elitegroup Computer Systems Co., Ltd.	39,610		12,263
	Entie Commercial Bank	7,000		3,881
	Epistar Corp.	72,000		130,666
	Eternal Chemical Co., Ltd.	31,000		26,848
	Evergreen International Storage & Transport Corp.	17,000		11,796
	Evergreen Marine Corp. Taiwan Ltd.*	105,599		63,092
	Everlight Electronics Co., Ltd.	30,000		39,361
	Far Eastern International Bank	72,900		29,246
	Farglory Land Development Co., Ltd.	41,000		73,560
	First Financial Holding Co., Ltd.	571,418		348,294
	Formosa Epitaxy, Inc.*	19,000		13,348
	Formosa Taffeta Co., Ltd.	67,000		64,603
	Formosan Rubber Group, Inc.	23,000		16,514
	Fubon Financial Holding Co., Ltd.	496,211		599,780
	Getac Technology Corp.	45,000		24,407
	Gigabyte Technology Co., Ltd.	52,000		46,558
	Gintech Energy Corp.*	21,049		19,716
	Goldsun Development & Construction Co., Ltd.	66,953		25,823
	Grand Pacific Petrochemical	99,000		52,161
	Green Energy Technology, Inc.*	40,149		34,081
	HannStar Display Corp.*	134,000		14,766
	Hey Song Corp.	15,000		19,913
	Ho Tung Chemical Corp.*	34,000		16,158
	Hua Nan Financial Holdings Co., Ltd.	335,456		194,072
	Hung Sheng Construction Co., Ltd.	4,000		2,307
	Innolux Corp.*	376,302		202,153
	Inotera Memories, Inc.*	311,000		41,447
	Inventec Co., Ltd.	212,282		81,509
	Jih Sun Financial Holdings Co., Ltd.	81,071		23,144
	King Yuan Electronics Co., Ltd.	110,100		70,142
	King's Town Bank*	46,000		34,454
	Kinpo Electronics	122,000		27,224
	Lealea Enterprise Co., Ltd.	55,620		22,027
	Lien Hwa Industrial Corp.	62,829		41,000
	LITE-ON IT Corp.	31,249		26,849
	Lite-On Technology Corp.	184,698		245,191
	Macronix International	356,044		106,302
	Masterlink Securities Corp.	113,000		35,878
	Mega Financial Holding Co., Ltd.	788,898		613,971
	Micro-Star International Co., Ltd.	76,374		36,689
	Mitac International	138,439		49,580
	Motech Industries, Inc.*	11,000		10,322
	Nan Ya Printed Circuit Board Corp.	16,200		20,028
	Neo Solar Power Corp.*	17,000		11,152
	Nien Hsing Textile Co., Ltd.	14,962		10,434
	Pan-International Industrial*	17,039		15,843
	Pegatron Corp.*	153,249		198,165
	POU Chen Corp.	190,133		199,699
	Powertech Technology, Inc.	59,000		95,391
	President Securities Corp.*	58,653		34,135
	Qisda Corp.*	224,400		56,411
	Radium Life Tech Co., Ltd.	37,047		31,448
	Realtek Semiconductor Corp.	11,110		23,453
	Ritek Corp.*	270,399		36,967
	Sanyang Industry Co., Ltd.*	55,573		33,873
	Shihlin Electric & Engineering Corp.	17,000		21,075
	Shin Kong Financial Holding Co., Ltd.*	536,849		151,410
	Shinkong Synthetic Fibers Corp.	97,151		32,485
	Silicon Integrated Systems Corp.*	27,456		10,779
	Sincere Navigation Corp.	27,000		24,081
	Sino-American Silicon Products, Inc.	19,000		22,671
	SinoPac Financial Holdings Co., Ltd.	521,008		223,374
	TA Chen Stainless Pipe	72,000		37,811
	Ta Chong Bank Co., Ltd.*	140,904		48,522
	Taichung Commercial Bank	145,377		50,313
	Tainan Spinning Co., Ltd.	58,833		29,681
	Taishin Financial Holding Co., Ltd.	441,331		175,535
	Taiwan Business Bank*	221,188		66,572
	Taiwan Cement Corp.	286,772		384,153
	Taiwan Cooperative Financial Holding	402,104		226,399
	Taiwan Fertilizer Co., Ltd.	67,000		174,889
	Taiwan Glass Industrial Corp.	85,164		87,982
	Tatung Co., Ltd.*	139,784		35,284
	Teco Electric and Machinery Co., Ltd.	247,000		189,254
	Ton Yi Industrial Corp.	61,950		36,160
	Tong Yang Industry Co., Ltd.	38,948		34,939
	Tripod Technology Corp.	40,000		85,816
	Tung Ho Steel Enterprise Corp.	43,000		43,979
	U-Ming Marine Transport Corp.	20,000		31,991
	Unimicron Technology Corp.	110,000		116,671
	Union Bank Of Taiwan*	71,760		26,194
	United Microelectronics Corp.	1,215,513		489,738
	UPC Technology Corp.	43,046		24,162
	Walsin Lihwa Corp.*	302,000		103,166
	Walsin Technology Corp.*	3,163		774
	Wan Hai Lines Ltd.*	76,650		44,213
	Winbond Electronics Corp.*	311,000		54,084
	Wintek Corp.*	146,099		77,479
	Wistron Corp.	156,400		162,114
	WT Microelectronics Co., Ltd.	21,000		26,106
	Yageo Corp.*	227,000		72,073
	Yang Ming Marine Transport Corp.*	117,365		56,179
	YFY, Inc.	150,385		72,761
	Yieh Phui Enterprise Co., Ltd.	136,213		44,655
	Young Fast Optoelectronics Co., Ltd.	5,000		10,193
	Yuanta Financial Holding Co., Ltd.	763,503		393,070
	Yulon Motor Co., Ltd.	91,272		172,870
				11,395,961
Thailand — 3.6%
	Bangchak Petroleum PCL	74,000		76,806
	Bangkok Bank PCL, ADR	99,000		632,707
	Bangkok Expressway PCL	63,900		72,590
	Bank of Ayudhya PCL	126,400		134,292
	Banpu PCL	7,650		100,533
	Delta Electronics Thai PCL	56,500		59,104
	Esso Thailand PCL	97,600		32,225
	IRPC PCL	901,900		121,472
	Kiatnakin Bank PCL	33,300		52,797
	Krung Thai Bank PCL	448,375		293,151
	MBK PCL	400		1,425

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Thailand (Continued)
	Precious Shipping PCL	58,400	$	27,110
	PTT Global Chemical PCL	185,028		423,405
	PTT PCL	63,300		687,009
	Sri Trang Agro-Industry PCL	67,800		38,787
	Thai Airways International PCL*	96,000		69,356
	Thai Oil PCL	71,700		158,213
	Thai Plastic & Chemical PCL	8,100		8,142
	Thaicom PCL*	52,800		39,872
	Thanachart Capital PCL	81,200		100,206
	TMB Bank PCL	989,400		60,160
	Total Access Communication PCL	45,100		130,479
	TPI Polene PCL	113,900		52,501
				3,372,342
Turkey — 2.0%
	Aksigorta AS	14,835		18,129
	Asya Katilim Bankasi AS*	9,747		12,075
	Cimsa Cimento Sanayi VE Tica AS	4,854		24,869
	Dogan Sirketler Grubu Holding AS*	69,540		35,862
	Eregli Demir ve Celik Fabrikalari TAS	122,129		167,727
	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D	36,171		25,548
	KOC Holding AS	74,071		384,483
	Petkim Petrokimya Holding AS	30,112		46,756
	Sekerbank TAS*	45,363		45,771
	Tekfen Holding AS	23,735		96,326
	Trakya Cam Sanayi AS*	19,329		26,437
	Turk Hava Yollari*	41,159		144,430
	Turk Sise ve Cam Fabrikalari AS	58,981		97,533
	Turkiye Is Bankasi	153,274		530,975
	Turkiye Sinai Kalkinma Bankasi AS	39,318		50,471
	Turkiye Vakiflar Bankasi TAO	67,813		175,239
				1,882,631
	TOTAL COMMON STOCKS
	(Identified Cost $84,405,443)			89,754,909
PREFERRED STOCKS — 3.8%
Brazil — 3.7%
	Braskem SA, PF A	9,600		60,015
	Braskem SA, ADR	10,100		134,835
	Gerdau SA	8,800		77,062
	Klabin SA, PF	8,670		54,158
	Petroleo Brasileiro SA	48,935		466,526
	Petroleo Brasileiro SA, ADR	90,410		1,744,913
	Suzano Papel e Celulose SA*	47,700		163,543
	Usinas Siderurgicas de Minas Gerais SA, PF A	96,030		600,334
	Vale SA, PF ADR	9,100		184,730
				3,486,116
Columbia — 0.1%
	Grupo de Inversiones Suramericana SA	2,556		56,414
	TOTAL PREFERRED STOCKS
	(Identified Cost $4,793,448)			3,542,530
RIGHTS & WARRANTS — 0.0%
Malaysia — 0.0%
	WCT Bhd, expires 12/11/17*	8,920		860
	TOTAL RIGHTS & WARRANTS
	(Identified Cost $579)			860
SHORT-TERM INVESTMENTS — 0.3%
United States — 0.3%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	271,554		271,554
				271,555
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $271,555)			271,555
Total Investments — 99.9%
	(Identified Cost $89,471,025)#			93,569,854
	Cash and Other Assets, Less Liabilities — 0.1%			89,717
Net Assets — 100.0%			$	93,659,571

†	See Note 1.
*	Non-income producing security.
(a)	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.
(b)	Bankrupt security/delisted.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $89,471,025. Net unrealized appreciation aggregated $4,098,829, of which $14,660,317 related to appreciated investment securities and $10,561,488 related to depreciated investment securities.

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

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited)

		SHARES		VALUE†
COMMON STOCKS — 99.4%
Real Estate Investment Trusts (REITs) — 99.4%
	Acadia Realty Trust	10,158	$	254,763
	Agree Realty Corp.	2,350		62,957
	Alexander's, Inc.	676		223,621
	Alexandria Real Estate Equities, Inc.	13,923		965,142
	American Campus Communities, Inc.	16,328		753,211
	American Tower Corp. REIT	19,107		1,476,398
	Apartment Investment & Management Co.	30,555		826,818
	Ashford Hospitality Trust, Inc.	12,145		127,644
	Associated Estates Realty Corp.	9,860		158,943
	AvalonBay Communities, Inc.	20,310		2,753,833
	BioMed Realty Trust, Inc.	33,105		639,920
	Boston Properties, Inc.	32,351		3,423,059
	Brandywine Realty Trust	31,994		390,007
	BRE Properties, Inc.	16,115		819,125
	Camden Property Trust	17,335		1,182,420
	Campus Crest Communities, Inc.	6,111		74,921
	CapLease, Inc.	6,203		34,551
	CBL & Associates Properties, Inc.	30,390		644,572
	Cedar Realty Trust, Inc.	13,325		70,356
	Colonial Properties Trust	17,917		382,886
	CommonWealth REIT	18,134		287,243
	Corporate Office Properties Trust	15,707		392,361
	Cousins Properties, Inc.	21,935		183,157
	CubeSmart	25,500		371,535
	DCT Industrial Trust, Inc.	54,287		352,323
	DDR Corp.	52,264		818,454
	DiamondRock Hospitality Co.	35,652		320,868
	Digital Realty Trust, Inc.	25,354		1,721,283
	Douglas Emmett, Inc.	28,958		674,721
	Duke Realty Corp.	57,120		792,254
	DuPont Fabros Technology, Inc.	14,655		354,065
	EastGroup Properties, Inc.	6,111		328,833
	Education Realty Trust, Inc.	20,475		217,854
	EPR Properties	10,560		486,922
	Equity Lifestyle Properties, Inc.	8,984		604,533
	Equity One, Inc.	13,403		281,597
	Equity Residential	64,549		3,657,992
	Essex Property Trust, Inc.	7,481		1,097,089
	Excel Trust, Inc.	5,342		67,683
	Extra Space Storage, Inc.	20,505		746,177
	Federal Realty Investment Trust	14,280		1,485,406
	FelCor Lodging Trust, Inc.*	24,513		114,476
	First Industrial Realty Trust, Inc.*	18,500		260,480
	First Potomac Realty Trust	11,300		139,668
	Franklin Street Properties Corp.	16,295		200,591
	General Growth Properties, Inc.	93,644		1,858,833
	Getty Realty Corp.	5,900		106,554
	Gladstone Commercial Corp.	756		13,570
	Glimcher Realty Trust	28,345		314,346
	Government Properties Income Trust	8,387		201,036
	HCP, Inc.	89,129		4,026,848
	Health Care REIT, Inc.	44,337		2,717,415
	Healthcare Realty Trust, Inc.	17,845		428,458
	Hersha Hospitality Trust	34,973		174,865
	Highwoods Properties, Inc.	16,061		537,240
	Home Properties, Inc.	10,637		652,154
	Hospitality Properties Trust	27,524		644,612
	Host Hotels & Resorts, Inc.	155,371		2,434,664
	Inland Real Estate Corp.	20,029		167,843
	Investors Real Estate Trust	10,491		91,586
	Kilroy Realty Corp.	15,492		733,856
	Kimco Realty Corp.	90,830		1,754,836
	Kite Realty Group Trust	12,812		71,619
	LaSalle Hotel Properties	18,221		462,631
	Lexington Realty Trust	30,814		322,006
	Liberty Property Trust	25,879		925,692
	LTC Properties, Inc.	5,388		189,604
	Macerich Co. (The)	29,737		1,733,667
	Mack-Cali Realty Corp.	19,000		496,090
	Medical Properties Trust, Inc.	28,850		345,046
	MHI Hospitality Corp.	100		333
	Mid-America Apartment Communities, Inc.	8,580		555,555
	Mission West Properties, Inc.	4,004		36,476
	Monmouth Real Estate Investment Corp., Class A	6,321		65,486
	MPG Office Trust, Inc.*	10,100		31,108
	National Health Investors, Inc.	3,049		172,360
	National Retail Properties, Inc.	22,653		706,774
	Omega Healthcare Investors, Inc.	22,840		544,734
	One Liberty Properties, Inc.	1,927		39,099
	Parkway Properties, Inc.	5,400		75,546
	Pennsylvania Real Estate Investment Trust	11,406		201,202
	Piedmont Office Realty Trust, Inc., Class A	37,606		678,788
	Post Properties, Inc.	11,518		575,324
	Prologis, Inc.	98,860		3,607,401
	PS Business Parks, Inc.	4,582		297,738
	Public Storage	31,208		4,523,912
	Ramco-Gershenson Properties Trust	8,530		113,534
	Realty Income Corp.	28,869		1,160,823
	Regency Centers Corp.	19,504		919,029
	Retail Opportunity Investments Corp.	6,492		83,487
	RLJ Lodging Trust	3,631		70,332
	Rouse Properties, Inc. REIT	3,272		55,362
	Sabra Healthcare REIT, Inc.	7,674		166,679
	Saul Centers, Inc.	3,133		134,061
	Senior Housing Properties Trust	36,109		853,617
	Simon Property Group, Inc.	65,429		10,343,671
	SL Green Realty Corp.	19,852		1,521,656
	Sovran Self Storage, Inc.	6,700		416,070
	Strategic Hotels & Resorts, Inc.*	37,591		240,582
	Sun Communities, Inc.	5,536		220,831
	Sunstone Hotel Investors, Inc.*	29,059		311,222
	Supertel Hospitality, Inc.*	2,197		2,241
	Tanger Factory Outlet Centers	20,389		697,304
	Taubman Centers, Inc.	12,728		1,001,948
	UDR, Inc.	53,150		1,263,907
	UMH Properties, Inc.	1,915		19,782
	Universal Health Realty Income Trust	2,400		121,464
	Urstadt Biddle Properties, Inc.	1,000		17,810
	Urstadt Biddle Properties, Inc., Class A	4,100		80,688
	Ventas, Inc.	61,813		4,000,537
	Vornado Realty Trust	35,808		2,867,505
	Washington Real Estate Investment Trust	15,250		398,788
	Weingarten Realty Investors	25,000		669,250
	Whitestone REIT, Class B	605		8,500
	Winthrop Realty Trust	6,334		69,991
				92,570,290
	TOTAL COMMON STOCKS
	(Identified Cost $66,804,124)			92,570,290
SHORT-TERM INVESTMENTS — 0.2%
United States — 0.2%
	SSgA Government Money Market Fund	1		1
	SSgA Money Market Fund	167,047		167,047
				167,048
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $167,048)			167,048

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2012 (Unaudited) (Continued)

Total Investments — 99.6%
(Identified Cost $66,971,172)#		92,737,338
Cash and Other Assets, Less Liabilities — 0.4%		349,053
Net Assets — 100.0%	$	93,086,391

†	See Note 1.
*	Non-income producing security.
#	At December 31, 2012 the aggregate cost of investment securities for U.S. federal income tax purposes was $66,971,172. Net unrealized appreciation aggregated $25,766,166 of which $27,357,945 related to appreciated investment securities and $1,591,779 related to depreciated investment securities.

Key to abbreviations:
REIT — Real Estate Investment Trust

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
	P.L.C.	Public Limited Company
	STRIP	Separate Trading of Registered Interest and Principal of Securities
	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.
	—	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, 2012
(Unaudited)

		Shares	Value††
COMMON STOCKS — (88.1%)
Consumer Discretionary — (19.6%)
#	Accordia Golf Co., Ltd.	5,208	$	4,849,231
	Aeon Fantasy Co., Ltd.	57,832		775,303
	Ahresty Corp.	78,500		437,352
	Aigan Co., Ltd.	96,200		345,044
	Aisan Industry Co., Ltd.	168,600		1,413,221
#	Akebono Brake Industry Co., Ltd.	250,800		1,176,181
#	Alpen Co., Ltd.	90,500		1,590,507
	Alpha Corp.	30,400		339,187
	Alpine Electronics, Inc.	226,900		2,097,777
	Amiyaki Tei Co., Ltd.	235		574,531
	Amuse, Inc.	31,999		617,212
#*	Anrakutei Co., Ltd.	40,000		175,263
	AOI Pro, Inc.	39,000		254,968
	AOKI Holdings, Inc.	97,100		2,212,343
	Aoyama Trading Co., Ltd.	314,300		6,024,052
*	Arata Corp.	64,000		270,577
	Arcland Sakamoto Co., Ltd.	61,300		949,423
	Arnest One Corp.	221,200		3,623,457
#	Asahi Co., Ltd.	68,400		980,376
#	Asatsu-DK, Inc.	144,600		3,447,656
*	Ashimori Industry Co., Ltd.	319,000		460,036
	ASKUL Corp.	94,200		1,260,479
	Asti Corp.	28,000		63,069
#	Atom Corp.	153,700		810,526
#	Atsugi Co., Ltd.	858,000		1,034,519
	Autobacs Seven Co., Ltd.	115,100		4,825,387
	Avex Group Holdings, Inc.	167,400		3,377,749
	Belluna Co., Ltd.	43,050		305,357
	Best Bridal, Inc.	208		188,983
#*	Best Denki Co., Ltd.	304,500		507,379
#	Bic Camera, Inc.	3,935		1,950,577
	Bookoff Corp.	43,600		341,944
#	Calsonic Kansei Corp.	784,000		3,228,814
#	Can Do Co., Ltd.	654		784,400
*	Carchs Holdings Co., Ltd.	731,400		287,426
	Central Sports Co., Ltd.	12,000		176,133
	Chiyoda Co., Ltd.	121,500		3,041,120
	Chofu Seisakusho Co., Ltd.	88,800		1,968,463
#	Chori Co., Ltd.	69,200		746,451
	Chuo Spring Co., Ltd.	202,000		695,758
*	Clarion Co., Ltd.	607,000		1,053,861
	Cleanup Corp.	131,900		941,075
#	Colowide Co., Ltd.	88,450		799,491
	Corona Corp.	76,600		948,232
#	Cross Plus, Inc.	22,000		220,889
*	DA Consortium, Inc.	66		16,435
	Daido Metal Co., Ltd.	145,000		1,266,535
#	Daidoh, Ltd.	120,500		810,378
#*	Daiei, Inc. (The)	560,100		1,293,748
	Daiichikosho Co., Ltd.	61,400		1,426,060
#	Daikoku Denki Co., Ltd.	38,700		809,119
	Daimaruenawin Co., Ltd.	400		3,260
	Dainichi Co., Ltd.	54,900		614,818
	Daisyo Corp.	54,300		668,562
#	DCM Holdings Co., Ltd.	464,700		3,055,799
	Descente, Ltd.	232,000		1,426,572
#	Doshisha Co., Ltd.	55,400		1,451,031
	Doutor Nichires Holdings Co., Ltd.	154,086		2,009,140

1

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
	Dunlop Sports Co., Ltd.	57,100	$	670,019
	Dynic Corp.	128,000		241,667
	Eagle Industry Co., Ltd.	123,000		1,021,248
#	Edion Corp.	431,400		1,912,156
	Exedy Corp.	156,800		3,478,202
	F&A Aqua Holdings, Inc.	81,520		834,353
	FCC Co., Ltd.	163,600		3,397,925
#	Fields Corp.	60,500		825,640
	Fine Sinter Co., Ltd.	49,000		145,792
	First Juken Co., Ltd.	23,900		263,728
#	Foster Electric Co., Ltd.	96,000		1,558,939
#	France Bed Holdings Co., Ltd.	629,000		1,224,764
#	F-Tech, Inc.	29,100		396,899
#	Fuji Co., Ltd.	96,300		2,026,144
	Fuji Corp, Ltd.	113,600		630,006
#*	Fuji Kiko Co., Ltd.	148,000		454,112
	Fuji Kyuko Co., Ltd.	297,000		1,725,624
	Fuji Oozx, Inc.	6,000		24,590
#	Fujibo Holdings, Inc.	458,000		1,630,620
	Fujikura Rubber, Ltd.	72,900		219,387
#	Fujita Kanko, Inc.	346,100		1,181,941
	Fujitsu General, Ltd.	285,000		2,703,290
	FuKoKu Co., Ltd.	20,300		175,890
	Funai Electric Co., Ltd.	84,200		1,101,849
#	Furukawa Battery Co., Ltd.	56,000		348,826
#*	Futaba Industrial Co., Ltd.	273,600		1,188,329
	G-7 Holdings, Inc.	29,200		149,581
*	Gajoen Kanko Co.	37,000		—
#	Gakken Holdings Co., Ltd.	322,000		830,298
	Genki Sushi Co., Ltd.	19,400		237,181
#	Geo Holdings Corp.	1,531		1,601,704
	GLOBERIDE, Inc.	476,000		551,893
#	Goldwin, Inc.	180,000		1,068,567
*	Gourmet Kineya Co., Ltd.	87,000		547,371
	GSI Creos Corp.	239,000		316,468
	G-Tekt Corp.	26,400		563,735
#	Gulliver International Co., Ltd.	30,490		1,084,853
	Gunze, Ltd.	880,000		2,306,342
	H.I.S. Co., Ltd.	101,800		3,455,344
#	Hagihara Industries, Inc.	4,300		65,073
	HAJIME CONSTRUCTION Co., Ltd.	48,000		1,784,724
	Hakuyosha Co., Ltd.	78,000		188,554
#	Happinet Corp.	74,600		604,751
	Hard Off Corp Co., Ltd.	36,800		250,444
	Haruyama Trading Co., Ltd.	47,900		278,027
*	Haseko Corp.	6,934,500		5,514,174
	Hiday Hidaka Corp.	43,220		811,595
	Higashi Nihon House Co., Ltd.	176,000		743,454
	HI-LEX Corp.	20,700		345,732
#	Himaraya Co., Ltd.	35,900		276,801
	Hiramatsu, Inc.	353		401,918
	H-One Co., Ltd.	43,300		422,133
#	Honeys Co., Ltd.	84,750		1,115,918
	Hoosiers Corp.	1,406		1,091,474
	I Metal Technology Co., Ltd.	142,000		237,390
#	Ichibanya Co., Ltd.	33,700		1,050,277
	Ichikawa Co., Ltd.	63,000		119,196
#*	Ichikoh Industries, Ltd.	285,000		452,781
	Ikyu Corp.	857		613,739
	Imasen Electric Industrial Co., Ltd.	67,800		799,993
	Imperial Hotel, Ltd.	11,500		307,106

2

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
	Impress Holdings, Inc.	41,800	$	61,555
	Intage, Inc.	26,900		579,038
*	Izuhakone Railway Co., Ltd.	300		18,699
*	Izutsuya Co., Ltd.	431,000		296,246
*	Janome Sewing Machine Co., Ltd.	913,000		997,826
	Japan Vilene Co., Ltd.	145,000		605,742
	Japan Wool Textile Co., Ltd. (The)	310,000		2,017,192
	Jidosha Buhin Kogyo Co., Ltd.	79,000		298,513
#*	Joban Kosan Co., Ltd.	105,000		163,136
#	Joshin Denki Co., Ltd.	205,000		2,006,944
	JVC Kenwood Holdings, Inc.	809,630		3,010,945
#	Kadokawa Group Holdings, Inc.	88,600		2,365,206
#	Kappa Create Holdings Co., Ltd.	56,000		1,207,405
	Kasai Kogyo Co., Ltd.	127,000		596,363
#	Kawai Musical Instruments Manufacturing Co., Ltd.	384,000		715,150
	Keihin Corp.	227,200		3,258,776
#	Keiyo Co., Ltd.	175,100		969,608
#	Kentucky Fried Chicken Japan, Ltd.	77,000		1,817,418
#	Kimoto Co., Ltd.	93,800		769,776
#*	Kinki Nippon Tourist Co., Ltd.	315,000		428,783
#	Kinugawa Rubber Industrial Co., Ltd.	256,000		1,610,966
#	Kisoji Co., Ltd.	70,700		1,380,895
#	Kohnan Shoji Co., Ltd.	164,500		2,011,381
#	Kojima Co., Ltd.	145,700		513,019
	Komatsu Seiren Co., Ltd.	146,000		666,798
	Komeri Co., Ltd.	146,000		3,688,368
	Konaka Co., Ltd.	116,660		794,793
*	Koshidaka Holdings Co., Ltd.	15,000		351,073
#	Kourakuen Corp.	30,000		426,271
#	K’s Holdings Corp.	400		10,182
	KU Holdings Co., Ltd.	68,200		424,396
	Kura Corp.	58,400		808,720
	Kurabo Industries, Ltd.	1,158,000		1,977,457
	Kuraudia Co., Ltd.	5,700		69,268
	Kuroganeya Co., Ltd.	11,100		40,680
#	KYB Co., Ltd.	775,000		3,157,703
	Kyoritsu Maintenance Co., Ltd.	52,660		1,137,525
	Kyoto Kimono Yuzen Co., Ltd.	59,500		676,048
#*	Laox Co., Ltd.	24,000		9,950
	LEC, Inc.	30,200		335,500
#	Look, Inc.	184,000		779,191
	Mamiya-Op Co., Ltd.	285,000		489,712
	Marche Corp.	23,000		200,137
	Mars Engineering Corp.	46,500		931,411
#*	Maruei Department Store Co., Ltd.	142,000		168,681
#*	Maruzen CHI Holdings Co., Ltd.	11,800		28,891
	Maruzen Co., Ltd.	46,000		323,841
#*	Matsuya Co., Ltd.	116,800		1,192,149
#	Matsuya Foods Co., Ltd.	47,300		847,081
#	Megane TOP Co., Ltd.	141,300		1,670,391
	Meiko Network Japan Co., Ltd.	55,000		615,238
#	Meiwa Estate Co., Ltd.	23,500		130,684
	Mikuni Corp.	108,000		223,172
	Misawa Homes Co., Ltd.	109,100		1,607,010
	Mitsuba Corp.	180,690		1,308,662
	Mitsui Home Co., Ltd.	155,000		906,314
	Mizuno Corp.	457,000		2,053,322
#*	Monogatari Corp. (The)	11,700		281,625
#	MOS Food Services, Inc.	121,900		2,243,057
	Mr Max Corp.	119,000		484,129
	Murakami Corp.	7,000		92,133

3

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
	Musashi Seimitsu Industry Co., Ltd.	104,300	$	2,195,043
	Nafco Co., Ltd.	13,300		198,316
*	Nagawa Co., Ltd.	7,800		135,555
*	Naigai Co., Ltd.	2,643,000		1,629,976
*	Nakayamafuku Co., Ltd.	4,200		30,444
	NEC Mobiling, Ltd.	46,800		1,901,271
*	Next Co., Ltd.	11,100		108,236
#	Nice Holdings, Inc.	460,000		1,192,058
#	Nidec Copal Corp.	88,700		692,524
#	Nidec Tosok Corp.	109,300		798,196
#	Nifco, Inc.	236,100		5,237,155
	Nihon Eslead Corp.	46,000		457,302
#	Nihon Plast Co., Ltd.	1,600		9,189
	Nihon Tokushu Toryo Co., Ltd.	56,000		227,882
	Nikkato Corp.	700		3,448
*	Nippon Columbia Co., Ltd.	788,000		274,594
	Nippon Felt Co., Ltd.	67,200		322,057
#	Nippon Piston Ring Co., Ltd.	411,000		800,594
	Nippon Seiki Co., Ltd.	200,400		2,159,385
	Nishimatsuya Chain Co., Ltd.	264,200		2,090,359
	Nissan Shatai Co., Ltd.	171,023		2,150,261
#*	Nissan Tokyo Sales Holdings Co., Ltd.	236,000		885,323
#	Nissen Holdings Co., Ltd.	181,591		685,348
	Nissin Kogyo Co., Ltd.	185,300		2,869,373
	Nittan Valve Co., Ltd.	82,800		269,348
	Noritsu Koki Co., Ltd.	101,700		419,559
	Ohashi Technica, Inc.	600		3,986
	Ohsho Food Service Corp.	23,300		551,036
	Onward Holdings Co., Ltd.	685,000		5,178,648
*	OPT, Inc.	17,800		140,047
#*	Otsuka Kagu, Ltd.	25,800		227,925
	Pacific Industrial Co., Ltd.	185,500		1,016,355
	Pal Co., Ltd.	26,850		1,209,064
	Paltac Corp.	124,234		1,412,112
	PanaHome Corp.	406,200		2,727,434
#	Parco Co., Ltd.	58,100		630,431
	Paris Miki Holdings, Inc.	160,600		849,958
	PIA Corp.	19,700		261,326
	Piolax, Inc.	50,400		1,162,242
*	Pioneer Electronic Corp.	1,433,100		3,590,504
	Plenus Co., Ltd.	103,200		1,670,384
#	Point, Inc.	81,840		2,989,697
	Press Kogyo Co., Ltd.	503,000		2,291,133
	Pressance Corp.	21,600		536,244
#	Proto Corp.	31,200		539,137
	Renaissance, Inc.	12,300		90,485
#*	Renown, Inc.	242,900		313,782
#	Resort Solution Co., Ltd.	180,000		358,683
	Resorttrust, Inc.	171,208		3,370,577
#	Rhythm Watch Co., Ltd.	650,000		1,178,532
	Right On Co., Ltd.	67,325		513,721
	Riken Corp.	476,000		1,767,293
#	Ringer Hut Co., Ltd.	67,100		828,483
#	Riso Kyoiku Co., Ltd.	10,591		848,793
	Roland Corp.	92,800		743,247
	Round One Corp.	374,100		2,146,729
#	Royal Holdings Co., Ltd.	133,900		1,544,676
	Ryohin Keikaku Co., Ltd.	57,300		3,204,667
#*	Sagami Chain Co., Ltd.	74,000		571,405
#	Saizeriya Co., Ltd.	150,900		2,068,183
#	Sakai Ovex Co., Ltd.	297,000		426,247

4

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
	San Holdings, Inc.	13,600	$	193,878
#	Sanden Corp.	607,000		2,577,924
	Sangetsu Co., Ltd.	130,325		3,181,775
#	Sanko Marketing Foods Co., Ltd.	185		189,652
#	Sankyo Seiko Co., Ltd.	132,100		447,605
	Sanoh Industrial Co., Ltd.	126,700		839,848
*	Sanyo Electric Railway Co., Ltd.	7,000		26,115
	Sanyo Housing Nagoya Co., Ltd.	425		454,215
	Sanyo Shokai, Ltd.	678,000		1,808,121
	Scroll Corp.	112,500		334,837
#*	Seiko Holdings Corp.	236,407		570,641
	Seiren Co., Ltd.	247,900		1,547,383
#	Senshukai Co., Ltd.	165,200		1,014,207
#	Septeni Holdings Co., Ltd.	401		276,306
#*	Seria Co., Ltd.	77,900		1,238,831
*	Seven Seas Holdings Co., Ltd.	432,200		75,242
*	Shidax Corp.	24,800		120,840
	Shikibo, Ltd.	700,000		886,763
	Shimachu Co., Ltd.	254,400		5,344,693
	Shimojima Co., Ltd.	22,700		246,041
	Shiroki Corp.	285,000		729,733
	Shobunsha Publications, Inc.	320,700		2,036,690
#	Shochiku Co., Ltd.	307,400		3,163,725
	Shoei Co., Ltd.	1,300		7,530
	Showa Corp.	320,400		3,182,851
	SKY Perfect JSAT Holdings, Inc.	8,199		3,424,068
	SNT Corp.	103,800		446,572
	Soft99 Corp.	70,600		426,993
	Sotoh Co., Ltd.	49,700		455,024
	SPK Corp.	16,800		273,881
	St. Marc Holdings Co., Ltd.	42,200		1,500,635
*	Starbucks Coffee Japan, Ltd.	586		394,891
#*	Start Today Co., Ltd.	279,900		2,597,097
	Starts Corp., Inc.	8,500		66,086
	Studio Alice Co., Ltd.	47,000		675,964
	Suminoe Textile Co., Ltd.	328,000		650,918
	Sumitomo Forestry Co., Ltd.	436,666		4,128,861
*	Suncall Corp.	2,000		9,608
#*	SxL Corp.	524,000		878,004
	T. RAD Co., Ltd.	321,000		841,946
#	Tachikawa Corp.	50,800		265,431
#	Tachi-S Co., Ltd.	112,840		1,935,098
	Tact Home Co., Ltd.	533		665,030
	Taiho Kogyo Co., Ltd.	92,800		1,004,177
	Takamatsu Construction Group Co., Ltd.	90,500		1,410,750
	Take & Give Needs Co., Ltd.	4,136		408,590
	Takihyo Co., Ltd.	51,000		254,655
#	Tamron Co., Ltd.	77,700		2,201,217
#	TBK Co., Ltd.	104,000		557,704
*	Ten Allied Co., Ltd.	50,000		164,651
	T-Gaia Corp.	42,400		400,667
	Tigers Polymer Corp.	59,000		200,833
	Toa Corp.	46,000		326,625
	Toabo Corp.	245,000		176,464
#*	Toei Animation Co., Ltd.	14,800		350,993
	Toei Co., Ltd.	369,000		1,920,415
*	Tohokushinsha Film Corp.	2,800		20,912
	Tokai Rika Co., Ltd.	277,200		3,859,154
	Tokai Rubber Industries, Ltd.	199,500		2,012,245
	Token Corp.	36,900		2,062,600
#	Tokyo Derica Co., Ltd.	42,700		493,546

5

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
#*	Tokyo Dome Corp.	812,200	$	2,950,836
	Tokyo Kaikan Co., Ltd.	12,000		44,069
	Tokyo Soir Co., Ltd.	49,000		124,964
#	Tokyotokeiba Co., Ltd.	828,000		1,692,500
#	Tokyu Recreation Co., Ltd.	77,000		407,224
#	Tomy Co., Ltd.	298,693		1,656,338
	Topre Corp.	190,400		1,742,596
	Toridoll.Corp.	81,100		862,900
	Touei Housing Corp.	76,240		1,054,884
#	Toyo Tire & Rubber Co., Ltd.	990,000		2,958,138
	Toyobo Co., Ltd.	4,433,000		6,321,922
	TPR Co., Ltd.	106,300		1,452,032
	TS Tech Co., Ltd.	232,200		4,185,830
	TSI Holdings Co., Ltd.	437,395		2,531,884
*	Tsukamoto Co., Ltd.	124,000		197,680
	Tsutsumi Jewelry Co., Ltd.	49,300		1,265,731
	TV Asahi Corp.	32,600		453,343
	Tv Tokyo Holdings Corp.	25,000		267,916
	Umenohana Co., Ltd.	44		91,151
	Unipres Corp.	170,300		3,748,662
	United Arrows, Ltd.	100,000		2,302,860
*	Unitika, Ltd.	2,608,000		1,424,177
*	Usen Corp.	591,150		838,412
	U-Shin, Ltd.	119,100		627,040
*	Village Vanguard Co., Ltd.	150		165,842
	VT Holdings Co., Ltd.	131,300		1,258,025
	Watabe Wedding Corp.	29,500		218,941
#	WATAMI Co., Ltd.	107,800		2,144,414
	Wowow, Inc.	117		249,094
	Xebio Co., Ltd.	127,400		2,598,166
	Yamatane Corp.	419,000		598,142
	Yamato International, Inc.	15,800		67,912
#	Yellow Hat, Ltd.	88,600		1,340,307
	Yomiuri Land Co., Ltd.	217,000		809,972
	Yonex Co., Ltd.	40,000		223,540
	Yorozu Corp.	80,400		1,187,892
#	Yoshinoya Holdings Co., Ltd.	1,872		2,288,079
	Zenrin Co., Ltd.	137,300		1,783,214
#	Zensho Co., Ltd.	313,600		3,618,201
#	Zojirushi Corp.	28,000		88,849
Total Consumer Discretionary				395,953,304
Consumer Staples — (8.0%)
*	Aderans Co., Ltd.	39,350		518,834
*	Aeon Hokkaido Corp.	377,500		1,775,740
	Ahjikan Co., Ltd.	9,000		79,645
	Ain Pharmaciez, Inc.	53,300		2,915,585
	Arcs Co., Ltd.	161,600		3,306,768
	Ariake Japan Co., Ltd.	102,000		1,866,556
	Artnature, Inc.	12,300		185,491
	Belc Co., Ltd.	13,500		192,911
	Cawachi, Ltd.	83,300		1,657,461
	Chubu Shiryo Co., Ltd.	92,800		561,009
	Chuo Gyorui Co., Ltd.	93,000		203,212
#	Coca-Cola Central Japan Co., Ltd.	134,300		1,661,764
	Cocokara fine, Inc.	73,460		2,299,610
	Cosmos Pharmaceutical Corp.	7,300		725,467
	CREATE SD HOLDINGS Co., Ltd.	13,600		384,714
	Daikokutenbussan Co., Ltd.	23,100		697,055
#	Dr. Ci:Labo Co., Ltd.	632		1,976,542
	Dydo Drinco, Inc.	49,800		2,023,245

6

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Staples — (Continued)
	Echo Trading Co., Ltd.	11,000	$	93,961
#	Ensuiko Sugar Refining Co., Ltd.	102,000		257,474
	Ezaki Glico Co., Ltd.	5,000		51,561
	Fancl Corp.	204,700		2,143,906
#*	First Baking Co., Ltd.	183,000		168,062
	Fuji Oil Co., Ltd.	313,900		4,542,055
	Fujicco Co., Ltd.	116,600		1,382,170
#*	Fujiya Co., Ltd.	276,000		621,640
*	HABA Laboratories, Inc.	100		3,209
	Hagoromo Foods Corp.	39,000		516,216
	Harashin Narus Holdings Co., Ltd.	61,500		1,078,113
*	Hayashikane Sangyo Co., Ltd.	105,000		90,345
	Heiwado Co., Ltd.	153,400		2,130,551
	Hohsui Corp.	126,000		163,094
#	Hokkaido Coca-Cola Bottling Co., Ltd.	87,000		398,975
#	Hokuto Corp.	117,900		2,312,366
	Inageya Co., Ltd.	171,800		1,967,138
	Ito En, Ltd.	18,300		336,914
	Itochu-Shokuhin Co., Ltd.	27,400		927,145
	Itoham Foods, Inc.	722,800		3,163,078
*	Iwatsuka Confectionery Co., Ltd.	300		11,772
	Izumiya Co., Ltd.	447,000		2,281,536
	J-Oil Mills, Inc.	477,000		1,330,942
*	Kakiyasu Honten Co., Ltd.	1,900		25,183
#	Kameda Seika Co., Ltd.	69,100		1,563,581
	Kasumi Co., Ltd.	211,100		1,333,706
	Kato Sangyo Co., Ltd.	109,300		1,953,924
*	Kenko Mayonnaise Co., Ltd.	12,300		107,778
	KEY Coffee, Inc.	59,800		1,072,420
	Kirindo Co., Ltd.	28,300		189,516
	Kose Corp.	162,400		3,396,344
#	Kusuri No Aoki Co., Ltd.	20,100		1,086,000
	Kyodo Shiryo Co., Ltd.	392,000		445,812
#	Kyokuyo Co., Ltd.	296,000		664,926
#	Life Corp.	183,400		2,670,189
#	Lion Corp.	57,000		289,985
	Mandom Corp.	93,200		2,568,986
	Marudai Food Co., Ltd.	465,000		1,541,462
#	Maruetsu, Inc. (The)	375,000		1,239,403
	Maruha Nichiro Holdings, Inc.	2,052,069		3,587,068
#	Matsumotokiyoshi Holdings Co., Ltd.	152,100		3,593,394
*	Maxvalu Tohok Co., Ltd.	8,200		76,927
	Maxvalu Tokai Co., Ltd.	57,500		825,496
	Megmilk Snow Brand Co., Ltd.	222,200		3,485,926
	Meito Sangyo Co., Ltd.	53,600		613,129
	Mikuni Coca-Cola Bottling Co., Ltd.	171,600		1,619,763
	Milbon Co., Ltd.	50,514		1,595,802
	Ministop Co., Ltd.	75,800		1,271,548
	Mitsubishi Shokuhin Co., Ltd.	87,800		2,219,873
#	Mitsui Sugar Co., Ltd.	454,850		1,311,676
	Miyoshi Oil & Fat Co., Ltd.	263,000		314,217
	Morinaga & Co., Ltd.	939,000		2,012,177
	Morinaga Milk Industry Co., Ltd.	949,000		3,037,693
	Morishita Jinton Co., Ltd.	46,800		205,272
	Morozoff, Ltd.	127,000		430,414
	Nagatanien Co., Ltd.	123,000		1,181,793
	Nakamuraya Co., Ltd.	185,000		845,413
	Natori Co., Ltd.	5,000		47,720
	Nichimo Co., Ltd.	170,000		386,319
	Nichirei Corp.	1,248,000		6,519,394
#	Nihon Chouzai Co., Ltd.	20,300		480,774

7

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Staples — (Continued)
	Niitaka Co., Ltd.	7,260	$	76,681
	Nippon Beet Sugar Manufacturing Co., Ltd.	546,000		1,018,675
	Nippon Flour Mills Co., Ltd.	573,000		2,324,757
#	Nippon Formula Feed Manufacturing Co., Ltd.	375,000		449,242
#	Nippon Suisan Kaisha, Ltd.	1,204,900		2,491,827
	Nisshin Oillio Group, Ltd. (The)	565,000		2,095,373
	Nissin Sugar Holdings Co., Ltd.	15,500		299,172
	Nitto Fuji Flour Milling Co., Ltd.	64,000		222,626
#	Noevir Holdings Co., Ltd.	41,900		625,560
	Oenon Holdings, Inc.	281,000		644,152
#	OIE Sangyo Co., Ltd.	20,900		199,278
	Okuwa Co., Ltd.	115,000		1,451,150
	Olympic Corp.	64,900		613,068
*	OUG Holdings, Inc.	9,000		15,986
	Pietro Co., Ltd.	5,000		50,845
	Pigeon Corp.	95,800		4,584,673
	Poplar Co., Ltd.	25,760		159,954
	Prima Meat Packers, Ltd.	741,000		1,255,788
*	Qol Co., Ltd.	200		1,715
	Riken Vitamin Co., Ltd.	79,200		1,815,518
	Rock Field Co., Ltd.	52,200		869,649
#*	Rokko Butter Co., Ltd.	7,600		51,388
	S Foods, Inc.	73,762		688,120
	S.T. Chemical Co., Ltd.	75,100		803,758
	Sakata Seed Corp.	164,600		2,066,615
	San-A Co., Ltd.	35,500		1,326,480
#	Sapporo Holdings, Ltd.	1,658,000		5,370,179
#	Shoei Foods Corp.	44,000		310,186
	Showa Sangyo Co., Ltd.	524,000		1,704,600
	Sogo Medical Co., Ltd.	24,200		815,790
	Starzen Co., Ltd.	295,000		832,833
	Takara Holdings, Inc.	834,500		6,640,313
	Three F Co., Ltd.	2,900		15,081
#	Tobu Store Co., Ltd.	205,000		636,730
	Toho Co., Ltd.	170,000		640,983
#	Tohto Suisan Co., Ltd.	138,000		215,020
#	Torigoe Co., Ltd. (The)	86,600		613,410
	Toyo Sugar Refining Co., Ltd.	157,000		165,921
	Tsuruha Holdings, Inc.	21,400		1,687,686
	Uoriki Co., Ltd.	1,500		17,200
	Valor Co., Ltd.	176,100		2,772,360
	Warabeya Nichiyo Co., Ltd.	69,760		1,292,860
	Welcia Holdings Co., Ltd.	36,100		1,257,657
	Yaizu Suisankagaku Industry Co., Ltd.	41,000		358,076
	Yamaya Corp.	10,600		143,120
	Yaoko Co., Ltd.	40,800		1,511,467
#	Yokohama Reito Co., Ltd.	203,700		1,436,582
	Yomeishu Seizo Co., Ltd.	100,000		845,038
	Yonekyu Corp.	100,000		849,679
	Yuasa Funashoku Co., Ltd.	112,000		257,943
	Yukiguni Maitake Co., Ltd.	79,656		247,364
	Yutaka Foods Corp.	6,000		107,456
Total Consumer Staples				161,762,419
Energy — (0.7%)
	AOC Holdings, Inc.	197,800		908,552
#	BP Castrol K.K.	66,500		279,380
*	Fuji Kosan Co., Ltd.	33,100		178,472
	Itochu Enex Co., Ltd.	302,200		1,571,111
#	Japan Drilling Co., Ltd.	22,200		666,289
	Japan Oil Transportation Co., Ltd.	79,000		180,198

8

The Japanese Small Company Series
continued

		Shares	Value††
Energy — (Continued)
	Kanto Natural Gas Development Co., Ltd.	155,000	$	846,621
#*	Kyoei Tanker Co., Ltd.	111,000		257,647
	Mitsuuroko Holdings Co., Ltd.	166,300		916,358
	Modec, Inc.	14,000		305,413
#	Nippon Gas Co., Ltd.	148,900		2,039,494
	Nippon Seiro Co., Ltd.	64,000		172,798
#	Sala Corp.	128,500		729,504
	San-Ai Oil Co., Ltd.	273,000		1,135,400
	Shinko Plantech Co., Ltd.	199,000		1,575,081
	Sinanen Co., Ltd.	251,000		1,045,854
	Toa Oil Co., Ltd.	352,000		379,805
#	Toyo Kanetsu K.K.	536,000		1,110,115
Total Energy				14,298,092
Financials — (10.6%)
	77 Bank, Ltd. (The)	155,000		621,016
	Aichi Bank, Ltd. (The)	54,200		3,041,677
	Airport Facilities Co., Ltd.	127,170		594,483
*	Aizawa Securities Co., Ltd.	8,700		21,330
	Akita Bank, Ltd. (The)	925,400		2,648,294
	Aomori Bank, Ltd. (The)	1,004,000		2,877,329
	Asax Co., Ltd.	17		17,897
	Awa Bank, Ltd. (The)	673,000		3,842,698
	Bank of Iwate, Ltd. (The)	79,800		3,491,388
	Bank of Kochi, Ltd. (The)	3,000		3,204
	Bank of Nagoya, Ltd. (The)	829,297		3,003,490
	Bank of Okinawa, Ltd. (The)	96,000		3,864,205
	Bank of Saga, Ltd. (The)	665,000		1,537,217
	Bank of the Ryukyus, Ltd.	208,680		2,420,051
*	Chiba Kogyo Bank, Ltd. (The)	189,700		1,245,217
	Chukyo Bank, Ltd. (The)	675,000		1,419,198
#*	Cosmos Initia Co., Ltd.	56,800		298,180
	Daibiru Corp.	269,900		2,511,565
	Daikyo, Inc.	1,732,000		4,739,331
	Daisan Bank, Ltd. (The)	679,000		1,206,796
	Daishi Bank, Ltd. (The)	1,639,000		5,172,146
	Daito Bank, Ltd. (The)	627,000		611,689
	Ehime Bank, Ltd. (The)	682,000		1,820,663
	Eighteenth Bank, Ltd. (The)	1,088,000		2,865,749
	FIDEA Holdings Co., Ltd.	422,000		935,392
	Fukui Bank, Ltd. (The)	1,050,000		2,088,511
	Fukushima Bank, Ltd. (The)	1,086,000		974,239
	Fuyo General Lease Co., Ltd.	84,500		2,750,907
	Goldcrest Co., Ltd.	93,690		1,594,639
	Heiwa Real Estate Co., Ltd.	220,000		3,010,746
	Higashi-Nippon Bank, Ltd.	688,000		1,515,759
	Higo Bank, Ltd. (The)	861,000		4,801,943
	Hokkoku Bank, Ltd. (The)	1,288,000		4,758,005
	Hokuetsu Bank, Ltd. (The)	999,000		2,032,419
	Hyakugo Bank, Ltd. (The)	1,172,609		5,304,922
	Hyakujishi Bank, Ltd. (The)	1,190,000		4,403,531
	IBJ Leasing Co., Ltd.	69,100		1,940,416
#*	Ichigo Group Holdings Co., Ltd.	150		30,057
	Ichiyoshi Securities Co., Ltd.	168,500		1,198,201
#	Iida Home Max Co., Ltd.	96,000		1,138,875
	Iwai Cosmo Holdings, Inc.	65,200		353,726
*	Japan Asia Investment Co., Ltd.	210,000		179,368
#*	Jimoto Holdings, Inc.	132,800		380,556
*	Jowa Holdings Co., Ltd.	2,800		56,576
	Juroku Bank, Ltd.	1,579,000		5,354,167
#	kabu.com Securities Co., Ltd.	333,600		1,534,282

9

The Japanese Small Company Series
continued

		Shares	Value††
Financials — (Continued)
	Kabuki-Za Co., Ltd.	39,000	$	2,180,974
#	Kagoshima Bank, Ltd. (The)	721,000		4,533,301
*	Kansai Urban Banking Corp.	221,000		297,717
	Keihanshin Building Co., Ltd.	37,100		191,164
	Keiyo Bank, Ltd. (The)	802,000		3,538,568
#*	Kenedix, Inc.	12,801		3,075,629
	Kita-Nippon Bank, Ltd. (The)	49,406		1,332,971
	Kiyo Holdings, Inc.	3,320,900		4,856,469
	Kobayashi Yoko Co., Ltd.	207,400		429,993
	Kosei Securities Co., Ltd.	285,000		476,541
	Kyokuto Securities Co., Ltd.	116,200		1,186,993
*	Leopalace21 Corp.	249,385		1,034,894
	Marusan Securities Co., Ltd.	333,900		1,805,806
	Michinoku Bank, Ltd. (The)	740,000		1,486,649
	Mie Bank, Ltd. (The)	234,000		502,761
	Minato Bank, Ltd. (The)	1,063,000		1,847,944
	Mito Securities Co., Ltd.	294,000		854,269
	Miyazaki Bank, Ltd. (The)	751,000		1,831,295
#	Monex Group, Inc.	11,057		2,786,989
	Musashino Bank, Ltd.	167,500		5,470,754
	Nagano Bank, Ltd. (The)	386,000		680,333
	Nanto Bank, Ltd. (The)	587,000		2,668,056
*	New Real Property K.K.	43,900		—
	Nisshin Fudosan Co., Ltd.	95,000		593,432
*	North Pacific Bank, Ltd.	770,300		2,168,221
	Ogaki Kyoritsu Bank, Ltd. (The)	1,552,000		5,296,790
	Oita Bank, Ltd. (The)	856,900		2,797,771
	Okasan Securities Group, Inc.	832,000		4,216,207
#	Osaka Securities Exchange Co., Ltd.	26,200		1,303,730
*	Relo Holdings, Inc.	26,300		981,169
	Ricoh Leasing Co., Ltd.	87,700		2,219,056
	San-in Godo Bank, Ltd. (The)	837,000		5,892,566
*	Sawada Holdings Co., Ltd.	15,900		97,084
*	Senshu Ikeda Holdings, Inc.	234,100		1,339,175
	Shiga Bank, Ltd.	206,000		1,277,428
	Shikoku Bank, Ltd.	904,000		2,432,060
*	SHIMANE BANK, Ltd. (The)	2,200		29,686
	Shimizu Bank, Ltd.	41,700		1,218,916
	Sumitomo Real Estate Sales Co., Ltd.	51,570		2,441,193
	Taiko Bank, Ltd. (The)	103,000		256,176
*	Takagi Securities Co., Ltd.	206,000		352,036
	Takara Leben Co., Ltd.	168,200		1,830,380
	TOC Co., Ltd.	435,250		2,693,613
	Tochigi Bank, Ltd.	726,000		2,514,178
	Toho Bank, Ltd.	1,075,200		3,499,659
	Toho Real Estate Co., Ltd.	140,700		922,981
	Tohoku Bank, Ltd. (The)	445,000		708,290
	Tokai Tokyo Financial Holdings, Inc.	1,129,000		5,189,115
#	Tokyo Rakutenchi Co., Ltd.	218,000		888,034
#*	Tokyo Tatemono Co., Ltd.	270,000		1,390,782
#	Tokyo Theatres Co., Inc.	385,000		513,072
	Tokyo Tomin Bank, Ltd.	167,400		1,519,217
#	Tokyu Livable, Inc.	115,400		1,877,369
	Tomato Bank, Ltd.	432,000		798,816
	TOMONY Holdings, Inc.	718,450		3,179,568
#	Tosei Corp.	1,493		884,953
	Tottori Bank, Ltd.	331,000		665,762
	Towa Bank, Ltd.	1,387,000		1,513,678
	Toyo Securities Co., Ltd.	380,000		1,062,329
	Tsukuba Bank, Ltd. (The)	317,900		1,107,962
	Yachiyo Bank, Ltd. (The)	51,500		1,096,996

10

The Japanese Small Company Series
continued

		Shares	Value††
Financials — (Continued)
	Yamagata Bank, Ltd.	714,500	$	3,193,934
	Yamanashi Chuo Bank, Ltd.	785,000		3,271,405
Total Financials				214,516,909
Health Care — (3.9%)
	As One Corp.	72,368		1,511,328
	ASKA Pharmaceutical Co., Ltd.	111,000		605,159
	BML, Inc.	51,300		1,251,479
	CMIC Holdings Co., Ltd.	45,600		642,980
	Create Medic Co., Ltd.	28,000		255,188
	Daito Pharmaceutical Co., Ltd.	27,500		429,196
	Eiken Chemical Co., Ltd.	74,800		961,235
#	EPS Corp.	665		1,711,283
	FALCO SD HOLDINGS Co., Ltd.	36,300		412,859
*	Fuji Pharma Co., Ltd.	7,000		112,770
	Fuso Pharmaceutical Industries, Ltd.	357,000		1,298,242
	Hitachi Medical Corp.	85,000		1,222,614
	Hogy Medical Co., Ltd.	60,600		2,884,285
	Iwaki & Co., Ltd.	66,000		139,243
	Japan Medical Dynamic Marketing, Inc.	44,900		129,799
*	Jeol, Ltd.	192,000		514,438
	JMS Co., Ltd.	130,000		466,342
	Kaken Pharmaceutical Co., Ltd.	364,000		5,355,203
	Kawanishi Holdings, Ltd.	3,000		27,641
	Kawasumi Laboratories, Inc.	46,300		273,811
	Kissei Pharmaceutical Co., Ltd.	106,300		1,956,797
	KYORIN Holdings, Inc.	214,000		4,149,622
#*	Mani, Inc.	12,100		484,963
#	Medical System Network Co., Ltd.	67,100		311,775
#*	Message Co., Ltd.	659		1,524,089
#	Mochida Pharmaceutical Co., Ltd.	295,000		3,623,667
	Nagaileben Co., Ltd.	58,000		771,461
*	Nakanishi, Inc.	3,600		358,642
	Nichii Gakkan Co.	234,000		1,858,793
	Nihon Kohden Corp.	173,900		5,283,751
	Nikkiso Co., Ltd.	318,000		3,388,468
	Nippon Chemiphar Co., Ltd.	151,000		895,546
	Nippon Shinyaku Co., Ltd.	239,000		2,696,862
#	Nipro Corp.	610,300		4,327,362
	Nissui Pharmaceutical Co., Ltd.	64,800		684,629
	Paramount Bed Holdings Co., Ltd.	15,700		470,287
	Rion Co., Ltd.	5,000		35,822
	Rohto Pharmaceutical Co., Ltd.	424,000		4,936,734
#	Sawai Pharmaceutical Co., Ltd.	14,000		1,405,342
#	Seikagaku Corp.	179,800		1,918,898
	Ship Healthcare Holdings, Inc.	157,300		4,180,754
	Shofu, Inc.	4,000		37,103
*	Software Service, Inc.	700		25,044
	Taiko Pharmaceutical Co., Ltd.	27,000		266,245
	Techno Medica Co., Ltd.	47		255,591
	Toho Holdings Co., Ltd.	217,800		3,816,146
	Tokai Corp.	24,400		611,710
	Torii Pharmaceutical Co., Ltd.	65,200		1,449,147
#	Towa Pharmaceutical Co., Ltd.	49,800		2,611,374
	Tsukui Corp.	60,700		1,139,609
	Vital KSK Holdings, Inc.	151,300		1,397,780
#*	Wakamoto Pharmaceutical Co., Ltd.	100,000		278,830
#	ZERIA Pharmaceutical Co., Ltd.	108,000		1,793,115
Total Health Care				79,151,053

11

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (24.9%)
#*	A&A Material Corp.	235,000	$	247,204
	Advan Co., Ltd.	96,200		1,000,121
#*	Advanex, Inc.	73,000		68,677
	Aeon Delight Co., Ltd.	95,600		1,871,362
	Aica Kogyo Co., Ltd.	246,200		3,978,975
	Aichi Corp.	142,500		733,668
	Aida Engineering, Ltd.	276,800		2,196,042
	Alinco, Inc.	13,400		117,130
	Alps Logistics Co., Ltd.	50,700		489,311
	Altech Corp.	37,150		272,277
	Ando Corp.	450,000		721,297
	Anest Iwata Corp.	163,000		667,994
#*	Arrk Corp.	339,200		632,580
#	Asahi Diamond Industrial Co., Ltd.	259,400		2,566,937
	Asahi Kogyosha Co., Ltd.	109,000		368,871
#*	Asanuma Corp.	796,000		725,753
	Asia Air Survey Co., Ltd.	30,000		95,717
	Asunaro Aoki Construction Co., Ltd.	154,000		982,002
	Ataka Construction & Engineering Co., Ltd.	60,000		236,923
	Bando Chemical Industries, Ltd.	392,000		1,317,171
#	Benefit One, Inc.	225		253,071
	Bunka Shutter Co., Ltd.	227,000		1,059,116
	Central Glass Co., Ltd.	953,000		3,219,305
	Central Security Patrols Co., Ltd.	43,700		409,897
	Chiyoda Integre Co., Ltd.	21,100		211,540
	Chudenko Corp.	130,500		1,216,068
#	Chugai Ro Co., Ltd.	345,000		893,576
	CKD Corp.	269,200		1,700,126
#	Cosel Co., Ltd.	103,400		1,274,566
	CTI Engineering Co., Ltd.	45,100		315,281
	Dai-Dan Co., Ltd.	156,000		991,318
	Daido Kogyo Co., Ltd.	145,000		236,645
	Daifuku Co., Ltd.	439,500		2,830,292
*	Daihatsu Diesel Manufacturing Co., Ltd.	12,000		35,622
#	Daihen Corp.	510,000		1,502,338
	Daiho Corp.	763,000		1,137,137
#*	Daiichi Chuo K.K.	596,000		560,306
	Daiichi Jitsugyo Co., Ltd.	200,000		927,539
#	Daiseki Co., Ltd.	179,463		2,482,147
#	Daiseki Eco. Solution Co., Ltd.	97		156,789
	Daiwa Industries, Ltd.	178,000		998,337
	Daiwa Odakyu Construction Co., Ltd.	48,500		117,605
*	Danto Holdings Corp.	165,000		180,452
	Denyo Co., Ltd.	85,100		1,044,112
	Dijet Industrial Co., Ltd.	80,000		141,209
	DMW Corp.	4,800		84,693
*	Dream Incubator, Inc.	212		234,841
	Duskin Co., Ltd.	237,600		4,305,188
	Ebara Jitsugyo Co., Ltd.	10,500		147,852
	Eidai Co., Ltd.	17,000		70,096
	Emori & Co., Ltd.	10,300		106,957
#*	en-japan, Inc.	285		253,837
*	Enshu, Ltd.	187,000		239,995
	Fujikura, Ltd.	1,850,000		5,774,602
*	Fujisash Co., Ltd.	72,000		70,372
	Fujitec Co., Ltd.	334,000		2,425,637
#	Fukuda Corp.	575,000		2,732,434
	Fukushima Industries Corp.	29,700		619,076
	Fukuyama Transporting Co., Ltd.	629,400		3,200,622
#	Funai Consulting, Inc.	103,800		643,336
*	Furukawa Co., Ltd.	1,495,000		1,517,017

12

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
*	Furukawa Electric Co., Ltd.	2,194,000	$	4,934,556
#	Furusato Industries, Ltd.	50,600		439,142
	Futaba Corp.	154,300		1,746,291
	Gecoss Corp.	112,400		750,947
	Glory, Ltd.	246,600		5,715,072
	Hamakyorex Co., Ltd.	27,000		866,422
	Hanwa Co., Ltd.	927,000		3,630,586
#*	Harmonic Drive Systems, Inc.	700		14,024
#	Hazama Corp.	390,600		1,230,136
	Hibiya Engineering, Ltd.	125,900		1,438,539
	Hisaka Works, Ltd.	107,000		884,999
#*	Hitachi Cable, Ltd.	877,000		1,435,466
#	Hitachi Koki Co., Ltd.	257,000		2,109,236
	Hitachi Metals Techno, Ltd.	56,500		367,896
	Hitachi Zosen Corp.	3,894,500		5,488,598
	Hokuetsu Industries Co., Ltd.	85,000		213,620
	Hokuriku Electrical Construction Co., Ltd.	56,000		165,113
	Hosokawa Micron Corp.	149,000		929,336
	Howa Machinery, Ltd.	549,000		574,840
	Ichiken Co., Ltd.	87,000		164,631
	Ichinen Holdings Co., Ltd.	76,600		455,013
	Idec Corp.	135,600		1,260,712
#	Iino Kaiun Kaisha, Ltd.	426,400		1,563,664
	Inaba Denki Sangyo Co., Ltd.	89,600		2,573,947
	Inaba Seisakusho Co., Ltd.	58,800		731,826
	Inabata & Co., Ltd.	317,300		2,139,443
#*	Inui Steamship Co., Ltd.	105,900		335,923
	Iseki & Co., Ltd.	830,000		2,161,685
	Ishii Iron Works Co., Ltd.	114,000		216,097
*	Ishikawa Seisakusho, Ltd.	95,000		82,692
#	Itoki Corp.	183,100		903,311
#*	Iwasaki Electric Co., Ltd.	299,000		641,696
	Iwatani Corp.	902,000		3,355,691
	Jalux, Inc.	40,800		401,596
	Jamco Corp.	80,000		454,404
	Japan Airport Terminal Co., Ltd.	196,000		2,023,389
#	Japan Foundation Engineering Co., Ltd.	162,500		624,060
	Japan Pulp & Paper Co., Ltd.	464,000		1,529,112
	Japan Transcity Corp.	231,000		846,211
	JK Holdings Co., Ltd.	92,540		482,188
#	JP-Holdings, Inc.	53,900		589,759
	Kamei Corp.	153,000		1,383,400
	Kanaden Corp.	116,000		691,474
	Kanagawa Chuo Kotsu Co., Ltd.	192,000		1,041,996
	Kanamoto Co., Ltd.	124,000		1,904,796
	Kandenko Co., Ltd.	487,000		2,189,648
*	Kanematsu Corp.	2,100,625		2,896,201
#*	Kanematsu-NNK Corp.	125,000		206,504
	Katakura Industries Co., Ltd.	115,100		1,019,742
	Kato Works Co., Ltd.	287,000		893,747
	KAWADA TECHNOLOGIES, Inc.	100,200		1,484,822
	Kawasaki Kinkai Kisen Kaisha, Ltd.	99,000		255,232
#*	Kawasaki Kisen Kaisha, Ltd.	4,814,000		7,392,435
	Keihin Co., Ltd. (The)	199,000		274,699
*	KI Holdings Co., Ltd.	92,000		130,336
	Kimura Chemical Plants Co., Ltd.	81,100		332,934
	King Jim Co., Ltd.	20,000		146,835
	Kinki Sharyo Co., Ltd.	185,000		621,992
	Kintetsu World Express, Inc.	79,000		2,641,789
	Kitagawa Iron Works Co., Ltd.	410,000		695,600
	Kitano Construction Corp.	242,000		598,591

13

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Kitazawa Sangyo Co., Ltd.	54,500	$	103,390
	Kito Corp.	188		162,151
	Kitz Corp.	443,300		2,096,505
	Kodensha Co., Ltd. (The)	12,000		22,662
	Koike Sanso Kogyo Co., Ltd.	149,000		321,112
	Kokusai Co., Ltd.	10,100		72,830
#	Kokuyo Co., Ltd.	394,025		2,826,920
#	KOMAIHALTEC, Inc.	167,000		500,326
	Komatsu Wall Industry Co., Ltd.	48,300		647,371
	Komori Corp.	407,800		3,393,568
#	Kondotec, Inc.	85,000		456,374
#*	Kosaido Co., Ltd.	356,100		1,256,009
	KRS Corp.	37,200		391,734
*	Kumagai Gumi Co., Ltd.	681,800		799,995
#	Kuroda Electric Co., Ltd.	149,400		1,767,032
	Kyodo Printing Co., Ltd.	540,000		1,393,255
*	Kyokuto Boeki Kaisha, Ltd.	58,000		98,718
	Kyokuto Kaihatsu Kogyo Co., Ltd.	210,100		2,312,458
	Kyoritsu Printing Co., Ltd.	5,400		14,277
	Kyosan Electric Manufacturing Co., Ltd.	230,000		790,421
	Kyowa Exeo Corp.	425,100		4,275,671
	Kyudenko Corp.	206,000		1,063,205
*	Lonseal Corp.	116,000		125,321
	Maeda Corp.	845,000		4,469,226
	Maeda Road Construction Co., Ltd.	316,000		4,828,035
	Maezawa Industries, Inc.	35,700		83,201
	Maezawa Kasei Industries Co., Ltd.	50,700		520,470
	Maezawa Kyuso Industries Co., Ltd.	50,400		625,521
	Makino Milling Machine Co., Ltd.	514,000		3,194,245
	Marubeni Construction Material Lease Co., Ltd.	75,000		139,843
*	Marufuji Sheet Piling Co., Ltd.	1,000		2,646
	Maruka Machinery Co., Ltd.	28,100		309,295
	Maruwn Corp.	59,400		146,470
	Maruyama Manufacturing Co., Inc.	180,000		347,725
	Maruzen Showa Unyu Co., Ltd.	306,000		880,477
	Matsuda Sangyo Co., Ltd.	80,682		981,048
	Matsui Construction Co., Ltd.	128,600		512,409
	Max Co., Ltd.	189,000		2,301,848
#	Meidensha Corp.	856,050		2,903,000
#	Meiji Shipping Co., Ltd.	107,200		392,278
	Meisei Industrial Co., Ltd.	119,000		402,474
	Meitec Corp.	156,900		3,454,475
	Meito Transportation Co., Ltd.	22,000		152,885
#	Meiwa Trading Co., Ltd.	166,400		711,528
	Mesco, Inc.	30,000		216,025
#	Minebea Co., Ltd.	1,447,000		5,140,591
	Mirait Holdings Corp.	310,485		2,818,755
	Mitani Corp.	53,900		687,628
	Mitsubishi Kakoki Kaisha, Ltd.	246,000		441,067
	Mitsubishi Pencil Co., Ltd.	104,500		1,747,886
	Mitsubishi Research Institute, Inc.	9,800		202,157
	Mitsuboshi Belting Co., Ltd.	287,000		1,596,132
	Mitsui Engineering & Shipbuilding Co., Ltd.	3,173,000		4,895,240
	Mitsui Matsushima Co., Ltd.	626,000		1,051,067
	Mitsui-Soko Co., Ltd.	513,000		2,054,184
	Mitsumura Printing Co., Ltd.	93,000		267,195
#	Miura Co., Ltd.	138,400		3,634,573
	Miyachi Corp.	34,400		234,782
#*	Miyaji Engineering Group, Inc.	851,175		1,774,050
#	Mori Seiki Co., Ltd.	504,600		4,418,244
	Morita Holdings Corp.	168,000		1,403,915

14

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Moshi Moshi Hotline, Inc.	217,300	$	2,767,601
#	NAC Co., Ltd.	25,400		605,580
#	Nachi-Fujikoshi Corp.	850,000		3,473,047
	Nagase & Co., Ltd.	23,400		259,275
	Nakabayashi Co., Ltd.	181,000		390,374
	Nakano Corp.	5,500		13,338
	Namura Shipbuilding Co., Ltd.	56,100		183,695
	Narasaki Sangyo Co., Ltd.	56,000		98,372
	NEC Capital Solutions, Ltd.	45,100		679,603
#	Nichias Corp.	484,000		2,647,420
	Nichiban Co., Ltd.	122,000		375,770
	Nichiden Corp.	21,200		514,937
	Nichiha Corp.	107,480		1,247,205
	Nichireki Co., Ltd.	103,000		603,859
#	Nihon M&A Center, Inc.	51,900		1,731,892
	Nihon Trim Co., Ltd.	8,950		241,523
	Nikko Co., Ltd.	127,000		558,452
	Nippo Corp.	271,000		3,747,405
#	Nippon Carbon Co., Ltd.	599,000		1,245,685
	Nippon Conveyor Co., Ltd.	194,000		173,338
	Nippon Densetsu Kogyo Co., Ltd.	191,000		1,813,328
	Nippon Denwa Shisetsu Co., Ltd.	203,000		600,331
#	Nippon Filcon Co., Ltd.	70,900		302,967
	Nippon Hume Corp.	112,000		600,092
#	Nippon Jogesuido Sekkei Co., Ltd.	29,500		395,938
#	Nippon Kanzai Co., Ltd.	43,000		760,582
	Nippon Koei Co., Ltd.	298,000		1,097,588
	Nippon Konpo Unyu Soko Co., Ltd.	284,100		3,327,218
	Nippon Parking Development Co., Ltd.	7,887		411,849
	Nippon Road Co., Ltd. (The)	325,000		1,521,865
	Nippon Seisen Co., Ltd.	103,000		376,475
#	Nippon Sharyo, Ltd.	340,000		1,303,230
#	Nippon Sheet Glass Co., Ltd.	4,761,000		6,294,753
#	Nippon Signal Co., Ltd.	254,300		1,799,021
	Nippon Steel Trading Co., Ltd.	294,000		786,019
	Nippon Thompson Co., Ltd.	341,000		1,531,857
	Nippon Tungsten Co., Ltd.	80,000		129,182
	Nippon Yusoki Co., Ltd.	138,000		612,271
	Nishimatsu Construction Co., Ltd.	1,855,000		3,888,863
	Nishio Rent All Co., Ltd.	39,300		550,533
*	Nishishiba Electric Co., Ltd.	45,000		58,999
#	Nissei Corp.	104,600		1,185,304
	Nissei Plastic Industrial Co., Ltd.	337,000		1,633,825
#*	Nissha Printing Co., Ltd.	152,400		1,814,355
	Nisshinbo Holdings, Inc.	730,000		6,178,971
	Nissin Corp.	350,000		863,809
	Nissin Electric Co., Ltd.	221,000		1,135,000
	Nitchitsu Co., Ltd.	58,000		106,511
	Nitta Corp.	108,400		1,738,698
	Nitto Boseki Co., Ltd.	863,000		3,411,043
	Nitto Kogyo Corp.	149,000		2,026,554
#	Nitto Kohki Co., Ltd.	68,300		1,449,926
	Nitto Seiko Co., Ltd.	122,000		358,587
#	Nittoc Construction Co., Ltd.	143,500		644,136
#	Nittoku Engineering Co., Ltd.	74,900		834,012
	Noda Corp.	169,300		797,385
	Nomura Co., Ltd.	205,000		793,509
	Noritake Co., Ltd.	531,000		1,291,501
	Noritz Corp.	143,200		2,394,622
*	NS United Kaiun Kaisha, Ltd.	470,000		687,660
*	NTN Corp.	2,445,000		6,626,835

15

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Obara Corp.	48,000	$	536,921
	Obayashi Road Corp.	175,000		764,663
*	Odelic Co., Ltd.	10,400		224,534
	Oiles Corp.	123,842		2,495,717
*	Okamoto Machine Tool Works, Ltd.	163,000		198,212
	Okamura Corp.	289,900		2,084,434
	Okano Valve Manufacturing Co., Ltd.	28,000		76,295
	OKI Electric Cable Co., Ltd.	90,000		136,799
*	OKK Corp.	296,000		392,833
	OKUMA Corp.	710,000		4,899,866
	Okumura Corp.	799,400		3,272,780
	Onoken Co., Ltd.	62,700		556,731
	Organo Corp.	184,000		1,045,888
	OSG Corp.	339,500		4,711,293
	Oyo Corp.	100,900		1,225,292
#	P.S. Mitsubishi Construction Co., Ltd.	35,700		230,575
#	Pasco Corp.	79,000		240,752
	Pasona Group, Inc.	413		241,258
#	Penta-Ocean Construction Co., Ltd.	1,465,000		3,962,794
	Pilot Corp.	774		1,441,695
	Pronexus, Inc.	133,200		756,798
	Raito Kogyo Co., Ltd.	238,500		1,374,776
	Rheon Automatic Machinery Co., Ltd.	64,000		148,511
	Ryobi, Ltd.	653,200		1,772,379
#	Sakai Heavy Industries, Ltd.	224,000		775,872
	Sakai Moving Service Co., Ltd.	4,500		96,783
*	Sanix, Inc.	88,100		256,897
	Sanki Engineering Co., Ltd.	340,000		1,663,919
#	Sanko Metal Industrial Co., Ltd.	131,000		352,017
*	Sankyo Tateyama, Inc.	171,000		3,039,649
	Sankyu, Inc.	1,292,000		4,892,360
	Sanritsu Corp.	15,800		98,145
	Sanwa Holdings Corp.	1,123,000		4,957,384
	Sanyo Denki Co., Ltd.	210,000		1,150,426
	Sanyo Engineering & Construction, Inc.	48,000		153,007
	Sanyo Industries, Ltd.	77,000		147,860
	Sasebo Heavy Industries Co., Ltd.	616,000		734,205
#*	Sata Construction Co., Ltd.	177,000		177,321
	Sato Holdings Corp.	111,200		1,797,713
	Sato Shoji Corp.	65,300		442,588
	Sawafuji Electric Co., Ltd.	10,000		25,581
	Secom Joshinetsu Co., Ltd.	33,900		928,786
	Seibu Electric Industry Co., Ltd.	67,000		288,631
	Seika Corp.	285,000		786,960
#*	Seikitokyu Kogyo Co., Ltd.	563,000		586,146
	Seino Holdings Co., Ltd.	753,000		4,777,123
	Sekisui Jushi Co., Ltd.	147,000		1,541,859
#	Senko Co., Ltd.	427,000		1,871,858
#	Senshu Electric Co., Ltd.	37,300		419,551
	Shibusawa Warehouse Co., Ltd.	231,000		718,666
	Shibuya Kogyo Co., Ltd.	80,100		830,977
#	Shima Seiki Manufacturing Co., Ltd.	135,000		2,202,070
	Shin Nippon Air Technologies Co., Ltd.	88,780		496,578
	Shin-Keisei Electric Railway Co., Ltd.	174,000		714,600
#	Shinmaywa Industries, Ltd.	440,000		2,982,087
	Shinnihon Corp.	194,800		559,803
	Shinsho Corp.	211,000		415,274
	Shinwa Co., Ltd.	7,100		78,400
#	SHO-BOND Holdings Co., Ltd.	102,800		3,847,708
	Shoko Co., Ltd.	323,000		488,022
	Showa Aircraft Industry Co., Ltd.	112,000		717,155

16

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Sinfonia Technology Co., Ltd.	530,000	$	1,006,799
*	Sinko Industries, Ltd.	10,500		67,830
	Sintokogio, Ltd.	232,700		1,850,527
	Soda Nikka Co., Ltd.	67,000		282,326
	Sodick Co., Ltd.	235,800		1,103,369
	Sohgo Security Services Co., Ltd.	286,400		3,562,477
	Sotetsu Holdings, Inc.	597,000		2,080,840
#	Space Co., Ltd.	73,420		574,223
	Subaru Enterprise Co., Ltd.	59,000		207,686
	Sugimoto & Co., Ltd.	34,100		306,312
	Sumikin Bussan Corp.	364,000		942,168
#	Sumitomo Densetsu Co., Ltd.	98,100		1,069,520
#*	Sumitomo Mitsui Construction Co., Ltd.	485,300		588,535
	Sumitomo Precision Products Co., Ltd.	156,000		755,045
	Sumitomo Warehouse Co., Ltd.	650,000		3,354,815
	SWCC Showa Holdings Co., Ltd.	1,732,000		1,490,797
	Tadano, Ltd.	564,579		4,739,504
	Taihei Dengyo Kaisha, Ltd.	158,000		974,585
	Taihei Kogyo Co., Ltd.	256,000		1,055,392
	Taiheiyo Kouhatsu, Inc.	257,000		250,328
#	Taikisha, Ltd.	142,200		2,685,656
	Takada Kiko Co., Ltd.	224,000		554,339
	Takano Co., Ltd.	51,100		248,836
#*	Takaoka Toko Holdings Co., Ltd.	44,820		657,543
#	Takara Printing Co., Ltd.	38,055		254,752
	Takara Standard Co., Ltd.	501,000		3,550,179
	Takasago Thermal Engineering Co., Ltd.	291,400		2,291,572
#	Takashima & Co., Ltd.	211,000		658,594
*	Takeei Corp.	10,300		235,019
#*	Takeuchi Manufacturing Co., Ltd.	25,000		341,719
	Takigami Steel Construction Co., Ltd.	50,000		141,564
	Takisawa Machine Tool Co., Ltd.	261,000		343,982
	Takuma Co., Ltd.	365,000		2,070,440
#	Tanseisha Co., Ltd.	93,000		351,510
	Tatsuta Electric Wire & Cable Co., Ltd.	237,000		2,067,892
	TECHNO ASSOCIE Co., Ltd.	58,400		468,928
	Techno Ryowa, Ltd.	71,390		345,170
	Teikoku Electric Manufacturing Co., Ltd.	31,800		500,756
	Teikoku Sen-I Co., Ltd.	97,000		712,036
#	Tekken Corp.	763,000		1,157,469
#	Temp Holdings Co., Ltd.	48,600		600,957
	Teraoka Seisakusho Co., Ltd.	53,600		209,546
	Toa Corp.	829,000		1,370,855
#	TOA ROAD Corp.	201,000		704,959
#*	Tobishima Corp.	297,300		408,235
	Tocalo Co., Ltd.	73,100		1,225,291
	Toda Corp.	1,019,000		3,107,135
	Toenec Corp.	212,000		1,115,334
	TOKAI Holdings Corp.	284,600		915,772
	Tokai Lease Co., Ltd.	98,000		213,396
	Tokyo Energy & Systems, Inc.	143,000		820,344
	Tokyo Keiki, Inc.	287,000		514,612
*	Tokyo Kikai Seisakusho, Ltd.	300,000		170,414
	Tokyo Sangyo Co., Ltd.	78,000		247,124
	Tokyu Community Corp.	32,900		1,120,580
#	Tokyu Construction Co., Ltd.	277,620		799,449
	Toli Corp.	236,000		503,932
#	Tomoe Corp.	118,400		395,728
	Tomoe Engineering Co., Ltd.	28,000		499,806
	Tonami Holdings Co., Ltd.	331,000		682,514
#	Toppan Forms Co., Ltd.	235,000		2,111,637

17

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Torishima Pump Manufacturing Co., Ltd.	100,000	$	805,445
	Toshiba Machine Co., Ltd.	571,000		2,832,840
#	Toshiba Plant Systems & Services Corp.	191,450		2,758,279
	Tosho Printing Co., Ltd.	243,000		377,861
#	Totetsu Kogyo Co., Ltd.	129,400		1,772,776
#	Toyo Construction Co., Ltd.	313,000		1,114,122
#	Toyo Electric Manufacturing Co., Ltd.	170,000		479,318
	Toyo Engineering Corp.	588,400		2,787,641
	Toyo Machinery & Metal Co., Ltd.	42,400		103,027
#	Toyo Tanso Co., Ltd.	57,600		1,182,767
#	Toyo Wharf & Warehouse Co., Ltd.	274,000		463,745
	Trancom Co., Ltd.	25,400		521,695
	Trinity Industrial Corp.	52,000		179,316
	Trusco Nakayama Corp.	98,900		1,809,662
	Tsubakimoto Chain Co., Ltd.	691,700		3,903,693
	Tsubakimoto Kogyo Co., Ltd.	97,000		273,435
#*	Tsudakoma Corp.	247,000		424,790
	Tsugami Corp.	368,000		2,429,751
	Tsukishima Kikai Co., Ltd.	127,000		1,101,892
	Tsurumi Manufacturing Co., Ltd.	94,000		745,309
	TTK Co., Ltd.	62,000		284,745
	Uchida Yoko Co., Ltd.	331,000		955,089
#	Ueki Corp.	406,000		890,414
	Union Tool Co., Ltd.	59,700		926,227
	Utoc Corp.	92,900		271,021
#*	Wakachiku Construction Co., Ltd.	1,204,000		1,478,090
*	Wakita & Co., Ltd.	88,000		722,625
#	Weathernews, Inc.	30,000		826,043
#	Yahagi Construction Co., Ltd.	141,900		716,139
	YAMABIKO Corp.	28,882		450,178
	Yamato Corp.	82,000		296,838
	Yamaura Corp.	34,500		118,182
	Yamazen Co., Ltd.	305,500		2,292,039
	Yasuda Warehouse Co., Ltd. (The)	95,800		669,728
	Yokogawa Bridge Holdings Corp.	148,400		1,366,719
	Yondenko Corp.	132,800		525,498
	Yuasa Trading Co., Ltd.	894,000		1,603,490
	Yuken Kogyo Co., Ltd.	157,000		269,905
	Yurtec Corp.	256,000		901,082
	Yusen Logistics Co., Ltd.	93,300		932,185
#	Yushin Precision Equipment Co., Ltd.	46,834		916,035
Total Industrials				505,337,140
Information Technology — (9.2%)
#*	1st Holdings, Inc.	42,000		264,897
	A&D Co., Ltd.	44,300		169,058
#	Ai Holdings Corp.	251,400		1,790,874
	Aichi Tokei Denki Co., Ltd.	113,000		378,142
#	Aiphone Co., Ltd.	71,400		1,199,638
	Allied Telesis Holdings K.K.	470,700		403,171
	Alpha Systems, Inc.	33,560		425,284
	Alps Electric Co., Ltd.	859,600		5,203,813
	Amano Corp.	288,700		2,522,884
	AOI Electronic Co., Ltd.	35,200		552,900
	Argo Graphics, Inc.	8,800		114,299
	Arisawa Manufacturing Co., Ltd.	159,700		579,113
#	Asahi Net, Inc.	63,000		306,541
	Axell Corp.	36,900		815,118
*	Bit-isle, Inc.	71,900		727,419
	CAC Corp.	63,700		501,759
#	Canon Electronics, Inc.	117,000		2,562,064

18

The Japanese Small Company Series
continued

		Shares	Value††
Information Technology — (Continued)
	Chino Corp.	151,000	$	355,873
	CMK Corp.	263,200		1,035,031
	Computer Engineering & Consulting, Ltd.	61,500		382,572
	Core Corp.	45,400		388,861
	Cresco, Ltd.	23,200		175,533
	Cybernet Systems Co., Ltd.	85		22,052
	Cybozu, Inc.	1,320		377,345
	Dai-ichi Seiko Co., Ltd.	46,500		744,759
	Daishinku Corp.	117,000		393,500
	Daito Electron Co., Ltd.	5,900		23,836
	Daiwabo Holdings Co., Ltd.	1,010,000		2,070,361
#	Denki Kogyo Co., Ltd.	319,000		1,294,224
#	Digital Garage, Inc.	803		1,559,670
	DKK Toa Corp.	31,000		104,299
	DTS Corp.	103,800		1,273,247
	Eizo Nanao Corp.	92,300		1,477,620
	Elecom Co., Ltd.	23,100		394,733
#	Elematec Corp.	27,071		360,099
	EM Systems Co., Ltd.	10,800		219,899
#	Enplas Corp.	45,000		2,019,071
	ESPEC Corp.	104,500		797,269
	Excel Co., Ltd.	19,700		168,662
*	F@N Communications, Inc.	15,500		322,831
	Faith, Inc.	2,238		233,675
#*	FDK Corp.	167,000		139,697
#*	Ferrotec Corp.	157,100		573,499
	Fuji Electronics Co., Ltd.	35,900		495,032
#	Fuji Soft, Inc.	100,600		1,913,699
	Fujitsu Frontech, Ltd.	77,500		410,500
	Furuno Electric Co., Ltd.	37,400		173,135
	Furuya Metal Co., Ltd.	4,300		114,071
	Future Architect, Inc.	1,148		457,719
	GMO Internet, Inc.	364,500		2,367,830
	GMO Payment Gateway, Inc.	15,100		229,428
	Gurunavi, Inc.	36,600		375,097
	Hakuto Co., Ltd.	73,700		677,408
#	Hioki EE Corp.	28,300		449,585
	Hitachi Kokusai Electric, Inc.	249,500		1,836,670
	Hochiki Corp.	97,000		490,958
	Hokuriku Electric Industry Co., Ltd.	345,000		421,170
#	Horiba, Ltd.	186,850		5,419,176
	Hosiden Corp.	298,300		1,836,451
	Icom, Inc.	49,700		1,109,757
*	Ikegami Tsushinki Co., Ltd.	174,000		119,364
#	Ines Corp.	202,300		1,260,161
	I-Net Corp.	47,800		356,274
*	Infocom Corp.	213		250,797
	Information Services International-Dentsu, Ltd.	76,700		745,821
#	Innotech Corp.	68,400		334,254
	Internet Initiative Japan, Inc.	114,500		2,626,202
*	Iriso Electronics Co., Ltd.	23,300		365,414
	IT Holdings Corp.	392,501		4,738,236
	ITC Networks Corp.	96,300		738,975
	Itfor, Inc.	35,400		135,090
*	Iwatsu Electric Co., Ltd.	424,000		358,720
#	Japan Aviation Electronics Industry, Ltd.	287,600		2,138,396
	Japan Cash Machine Co., Ltd.	79,315		658,687
	Japan Digital Laboratory Co., Ltd.	109,700		1,231,643
*	Japan Radio Co., Ltd.	251,000		694,372
#	Jastec Co., Ltd.	61,400		365,259
	JBCC Holdings, Inc.	75,900		553,153

19

The Japanese Small Company Series
continued

		Shares	Value††
Information Technology — (Continued)
	JFE Systems, Inc.	160	$	144,326
	JIEC Co., Ltd.	86		100,384
*	Justsystems Corp.	81,700		484,153
	Kaga Electronics Co., Ltd.	103,300		915,352
	Kanematsu Electronics, Ltd.	83,100		958,937
	Koa Corp.	163,100		1,317,621
	Kyoden Co., Ltd.	156,900		235,652
#	Kyoei Sangyo Co., Ltd.	97,000		164,051
	Kyowa Electronic Instruments Co., Ltd.	56,000		163,030
	Lasertec Corp.	44,100		801,153
	Macnica, Inc.	50,300		998,414
#	Macromill, Inc.	105,800		1,136,596
	Marubun Corp.	98,500		423,981
#	Maruwa Co., Ltd.	46,700		1,588,136
#*	Marvelous AQL, Inc.	1,419		518,671
#	Megachips Corp.	60,400		1,168,240
#*	Meiko Electronics Co., Ltd.	44,200		350,989
	Meisei Electric Co., Ltd.	307,000		291,986
#	Melco Holdings, Inc.	65,200		1,149,959
*	Micronics Japan Co., Ltd.	8,000		25,532
	Mimasu Semiconductor Industry Co., Ltd.	86,881		709,823
*	Miraial Co., Ltd.	17,800		336,334
#	Miroku Jyoho Service Co., Ltd.	105,000		404,542
*	Mitsui High-Tec, Inc.	131,600		939,540
	Mitsui Knowledge Industry Co., Ltd.	3,643		598,393
*	Mitsumi Electric Co., Ltd.	487,400		2,851,970
#	MTI, Ltd.	412		385,168
#	Mutoh Holdings Co., Ltd.	160,000		393,899
*	Nagano Japan Radio Co., Ltd.	36,000		46,747
	Nagano Keiki Co., Ltd.	5,300		42,711
	Nakayo Telecommunications, Inc.	485,000		1,499,762
	NEC Fielding, Ltd.	95,000		1,137,738
	NEC Networks & System Integration Corp.	117,000		2,079,694
	NET One Systems Co., Ltd.	436,400		4,309,156
	Nichicon Corp.	280,400		2,409,882
	Nidec Copal Electronics Corp.	62,800		299,903
	NIFTY Corp.	363		568,192
	Nihon Dempa Kogyo Co., Ltd.	85,400		1,120,909
	Nihon Unisys, Ltd.	239,075		1,595,231
#	Nippon Ceramic Co., Ltd.	88,600		1,347,370
#*	Nippon Chemi-Con Corp.	749,000		1,603,735
	Nippon Kodoshi Corp.	2,300		18,174
	Nippon Systemware Co., Ltd.	27,900		108,275
	Nohmi Bosai, Ltd.	123,000		834,144
	NS Solutions Corp.	85,100		1,513,824
	NSD Co., Ltd.	183,000		1,601,820
#*	Nuflare Technology, Inc.	136		832,884
	OBIC Business Consultants Co., Ltd.	24,400		1,376,592
	Ohara, Inc.	24,700		186,046
	Okaya Electric Industries Co., Ltd.	73,000		269,754
#*	OKI Electric Industry Co., Ltd.	3,198,000		3,922,503
	ONO Sokki Co., Ltd.	103,000		466,462
	Optex Co., Ltd.	41,900		485,897
	Origin Electric Co., Ltd.	145,000		713,119
#	Osaki Electric Co., Ltd.	169,000		929,323
	Panasonic Industrial Devices SUNX Co., Ltd.	110,800		431,187
	Panasonic Information Systems Co., Ltd.	13,700		302,757
	PCA Corp.	17,500		202,471
#*	Renesas Electronics Corp.	153,200		547,974
	Riken Keiki Co., Ltd.	78,500		481,523
	Riso Kagaku Corp.	77,200		1,447,614

20

The Japanese Small Company Series
continued

		Shares	Value††
Information Technology — (Continued)
	Roland DG Corp.	54,400	$	642,711
	Ryoden Trading Co., Ltd.	148,000		841,411
	Ryosan Co., Ltd.	169,000		2,997,764
	Ryoyo Electro Corp.	113,200		1,056,352
	Sanken Electric Co., Ltd.	543,000		2,102,471
	Sanko Co., Ltd.	7,000		18,759
	Sanshin Electronics Co., Ltd.	139,500		941,468
	Satori Electric Co., Ltd.	79,080		389,616
	Saxa Holdings, Inc.	307,000		574,427
	SCSK Corp.	12,063		188,916
#	Seiko Epson Corp.	696,500		5,681,145
*	Shibaura Electronics Co., Ltd.	10,100		115,735
#*	Shibaura Mechatronics Corp.	152,000		319,390
	Shindengen Electric Manufacturing Co., Ltd.	391,000		1,096,968
	Shinkawa, Ltd.	68,300		331,681
#	Shinko Electric Industries Co., Ltd.	366,300		2,916,282
	Shinko Shoji Co., Ltd.	125,200		1,047,316
	Shizuki Electric Co., Inc.	103,000		364,046
#	Siix Corp.	83,900		974,422
	Simplex Holdings, Inc.	1,762		508,129
#	SMK Corp.	300,000		812,545
	Softbank Technology Corp.	500		4,614
	Soshin Electric Co., Ltd.	4,600		16,564
	SRA Holdings, Inc.	49,700		528,669
	Star Micronics Co., Ltd.	196,400		1,972,074
	Sumida Corp.	51,349		297,628
	Sun-Wa Technos Corp.	12,600		92,135
	Systena Corp.	1,111		980,450
	Tachibana Eletech Co., Ltd.	62,400		505,489
#	Taiyo Yuden Co., Ltd.	538,200		4,764,003
	Tamura Corp.	368,000		826,454
#*	Teac Corp.	87,000		35,054
	Tecmo Koei Holdings Co., Ltd.	150,730		1,269,030
	Teikoku Tsushin Kogyo Co., Ltd.	176,000		317,516
*	Thine Electronics, Inc.	3,300		22,031
	TKC Corp.	91,300		1,589,926
#	Tokyo Electron Device, Ltd.	342		564,702
	Tokyo Seimitsu Co., Ltd.	196,900		3,227,410
	Tomen Devices Corp.	2,400		49,767
	Tomen Electronics Corp.	53,000		662,180
#	Topcon Corp.	76,900		661,558
	Tose Co., Ltd.	22,100		139,911
	Toshiba TEC Corp.	631,000		3,213,212
	Toukei Computer Co., Ltd.	26,810		374,976
	Towa Corp.	96,900		609,336
	Toyo Corp.	142,200		1,594,360
	Transcosmos, Inc.	127,200		1,372,034
	UKC Holdings Corp.	45,600		908,491
#*	Ulvac, Inc.	220,400		2,062,512
	Uniden Corp.	377,000		858,269
#*	UT Holdings Co., Ltd.	333		183,584
#	V Technology Co., Ltd.	178		448,445
	Wacom Co., Ltd.	1,912		5,033,810
*	Wellnet Corp.	11,500		103,738
	Y.A.C. Co., Ltd.	37,700		214,672
*	Yamaichi Electronics Co., Ltd.	75,700		136,901
*	Yashima Denki Co., Ltd.	1,800		7,360
	Yokowo Co., Ltd.	71,000		332,169
*	Zappallas, Inc.	453		440,223
	Zuken, Inc.	94,600		635,196
Total Information Technology				187,141,908

21

The Japanese Small Company Series
continued

		Shares	Value††
Materials — (10.4%)
	Achilles Corp.	711,000	$	949,759
	Adeka Corp.	429,100		3,707,652
	Agro-Kanesho Co., Ltd.	14,000		73,182
	Aichi Steel Corp.	526,000		2,474,220
	Alconix Corp.	19,900		326,162
	Arakawa Chemical Industries, Ltd.	67,700		516,842
	Araya Industrial Co., Ltd.	276,000		388,244
#	Asahi Holdings, Inc.	120,250		2,033,317
	Asahi Organic Chemicals Industry Co., Ltd.	343,000		816,198
#	Asahi Printing Co., Ltd.	800		19,498
*	C Uyemura & Co., Ltd.	8,900		281,545
	Chuetsu Pulp & Paper Co., Ltd.	568,000		975,637
#*	Chugai Mining Co., Ltd.	852,400		187,401
	Chugoku Marine Paints, Ltd.	297,000		1,787,078
*	Chugokukogyo Co., Ltd.	62,000		62,443
	Chuo Denki Kogyo Co., Ltd.	90,000		331,807
*	Co-Op Chemical Co., Ltd.	159,000		192,322
	Dai Nippon Toryo, Ltd.	547,000		820,313
#	Daiichi Kigenso Kagaku-Kyogyo Co., Ltd.	14,300		192,803
	Daiichi Kogyo Seiyaku Co., Ltd.	151,000		390,202
	Daiken Corp.	401,000		1,088,375
	Daiki Aluminium Industry Co., Ltd.	96,000		243,366
	Dainichiseika Colour & Chemicals Manufacturing Co., Ltd.	325,000		1,359,629
#	Daio Paper Corp.	419,500		3,095,967
	Daiso Co., Ltd.	358,000		971,700
	DC Co., Ltd.	113,900		428,835
	Dynapac Co., Ltd.	25,000		64,436
#	Earth Chemical Co., Ltd.	37,000		1,239,882
	FP Corp.	61,200		4,071,377
	Fuji Seal International, Inc.	107,800		2,177,938
	Fujikura Kasei Co., Ltd.	110,100		467,070
	Fujimi, Inc.	3,600		64,081
	Fujimori Kogyo Co., Ltd.	44,600		1,202,996
	Fumakilla, Ltd.	82,000		269,868
#	Furukawa-Sky Aluminum Corp.	426,000		1,226,628
	Godo Steel, Ltd.	899,000		1,796,744
#	Gun Ei Chemical Industry Co., Ltd.	347,000		805,991
	Harima Chemicals, Inc.	73,300		373,412
*	Hitachi Metals, Ltd.	6,800		57,990
#	Hodogaya Chemical Co., Ltd.	265,000		518,592
	Hokkan Holdings, Ltd.	283,000		805,980
	Hokko Chemical Industry Co., Ltd.	90,000		242,763
#	Hokuetsu Kishu Paper Co., Ltd.	862,199		5,003,946
	Honshu Chemical Industry Co., Ltd.	31,000		157,929
	Ihara Chemical Industry Co., Ltd.	168,000		914,096
	Ise Chemical Corp.	83,000		488,398
*	Ishihara Sangyo Kaisha, Ltd.	1,647,500		1,306,389
	Ishizuka Glass Co., Ltd.	109,000		177,559
	Japan Carlit Co., Ltd.	59,800		306,947
	Japan Pure Chemical Co., Ltd.	70		157,732
	JCU Corp.	6,300		242,598
	JSP Corp.	103,900		1,437,657
#	Kanto Denka Kogyo Co., Ltd.	148,000		318,030
	Katakura Chikkarin Co., Ltd.	43,000		101,808
	Kawakin Holdings Co., Ltd.	11,000		37,809
	Kawasaki Kasei Chemicals, Ltd.	121,000		143,241
	Koatsu Gas Kogyo Co., Ltd.	163,493		867,667
*	Kogi Corp.	30,000		61,954
	Kohsoku Corp.	61,900		537,612
	Konishi Co., Ltd.	68,200		1,175,072
#	Kumiai Chemical Industry Co., Ltd.	242,000		1,354,838

22

The Japanese Small Company Series
continued

		Shares	Value††
Materials — (Continued)
	Kureha Corp.	632,500	$	2,299,677
	Kurimoto, Ltd.	702,000		2,496,102
	Kurosaki Harima Corp.	221,000		596,536
#	Kyoei Steel, Ltd.	83,100		1,585,388
	Kyowa Leather Cloth Co., Ltd.	71,700		223,881
	Lintec Corp.	220,300		4,122,844
	MEC Co., Ltd.	63,300		217,636
*	Mitsubishi Paper Mills, Ltd.	1,285,000		1,285,114
	Mitsubishi Steel Manufacturing Co., Ltd.	691,000		1,387,353
	Mitsui Mining & Smelting Co., Ltd.	2,800,000		6,912,392
	Mory Industries, Inc.	154,000		443,387
*	Nakayama Steel Works, Ltd.	639,000		349,452
	Neturen Co., Ltd.	152,800		1,010,353
#*	New Japan Chemical Co., Ltd.	115,700		439,767
	Nichia Steel Works, Ltd.	175,900		444,773
#	Nihon Kagaku Sangyo Co., Ltd.	78,000		477,573
	Nihon Nohyaku Co., Ltd.	230,000		1,221,566
	Nihon Parkerizing Co., Ltd.	240,000		3,452,346
	Nihon Yamamura Glass Co., Ltd.	490,000		1,045,489
#	Nippon Carbide Industries Co., Inc.	324,000		1,155,064
*	Nippon Chemical Industrial Co., Ltd.	333,000		449,050
	Nippon Chutetsukan K.K.	50,000		139,778
	Nippon Chuzo K.K.	111,000		147,290
	Nippon Coke & Engineering Co., Ltd.	1,084,500		1,405,299
#	Nippon Concrete Industries Co., Ltd.	180,000		676,214
#	Nippon Denko Co., Ltd.	459,000		1,377,456
	Nippon Fine Chemical Co., Ltd.	85,600		571,394
#	Nippon Kasei Chemical Co., Ltd.	309,000		402,554
#*	Nippon Kinzoku Co., Ltd.	222,000		318,559
#	Nippon Koshuha Steel Co., Ltd.	376,000		385,588
*	Nippon Light Metal Holdings Co., Ltd.	2,388,000		2,842,880
#*	Nippon Paper Group, Inc.	148,100		2,057,733
	Nippon Pigment Co., Ltd.	5,000		11,022
	Nippon Pillar Packing Co., Ltd.	101,000		673,708
	Nippon Soda Co., Ltd.	671,000		3,089,252
	Nippon Synthetic Chemical Industry Co., Ltd. (The)	256,000		1,863,398
	Nippon Valqua Industries, Ltd.	364,000		921,120
*	Nippon Yakin Kogyo Co., Ltd.	727,500		963,088
*	Nisshin Steel Holdings Co., Ltd.	318,892		2,907,886
	Nittetsu Mining Co., Ltd.	375,000		1,658,769
	Nitto FC Co., Ltd.	72,000		436,468
	NOF Corp.	728,000		3,272,786
	Okabe Co., Ltd.	190,900		1,245,324
	Okamoto Industries, Inc.	400,000		1,409,334
	Okura Industrial Co., Ltd.	305,000		946,346
#	Osaka Organic Chemical Industry, Ltd.	66,000		294,034
	Osaka Steel Co., Ltd.	77,700		1,440,071
#	Osaka Titanium Technologies Co., Ltd.	95,900		2,145,416
	Pacific Metals Co., Ltd.	735,000		3,482,982
#	Pack Corp. (The)	66,500		1,113,720
#*	Rasa Industries, Ltd.	377,000		412,641
	Rengo Co., Ltd.	1,075,000		5,429,157
	Riken Technos Corp.	197,000		567,295
*	S Science Co., Ltd.	2,704,000		93,634
	Sakai Chemical Industry Co., Ltd.	459,000		1,381,296
	Sakata INX Corp.	196,000		1,011,510
	Sanyo Chemical Industries, Ltd.	305,000		1,810,829
#	Sanyo Special Steel Co., Ltd.	551,300		1,977,656
	Sekisui Plastics Co., Ltd.	209,000		525,567
#	Shikoku Chemicals Corp.	184,000		1,054,836
	Shinagawa Refractories Co., Ltd.	224,000		508,830

23

The Japanese Small Company Series
continued

		Shares	Value††
Materials — (Continued)
	Shin-Etsu Polymer Co., Ltd.	224,100	$	853,790
	Shinko Wire Co., Ltd.	184,000		335,714
	Somar Corp.	42,000		84,929
	Stella Chemifa Corp.	49,300		969,651
	Sumitomo Bakelite Co., Ltd.	981,000		4,108,177
	Sumitomo Light Metal Industries, Ltd.	2,296,000		2,245,350
	Sumitomo Osaka Cement Co., Ltd.	1,848,000		6,730,139
	Sumitomo Pipe & Tube Co., Ltd.	108,100		884,188
	Sumitomo Seika Chemicals Co., Ltd.	225,000		839,105
	T&K Toka Co., Ltd.	8,400		120,832
	T. Hasegawa Co., Ltd.	121,300		1,586,945
	Taisei Lamick Co., Ltd.	22,000		604,648
	Taiyo Holdings Co., Ltd.	82,400		2,329,525
	Takasago International Corp.	367,000		1,968,540
	Takiron Co., Ltd.	304,000		1,059,036
*	Tanaka Chemical Corp.	1,100		4,094
	Tayca Corp.	151,000		422,849
	Tenma Corp.	87,000		930,880
#	Titan Kogyo K.K.	95,000		267,435
#	Toagosei Co., Ltd.	1,096,000		4,302,119
#	Toda Kogyo Corp.	220,000		1,013,427
	Toho Titanium Co., Ltd.	3,600		35,837
	Toho Zinc Co., Ltd.	673,000		2,955,046
	Tokai Carbon Co., Ltd.	1,019,000		4,287,867
	Tokushu Tokai Paper Co., Ltd.	501,580		1,265,494
#	Tokuyama Corp.	1,710,000		3,770,900
	Tokyo Ohka Kogyo Co., Ltd.	180,800		3,575,799
#	Tokyo Rope Manufacturing Co., Ltd.	619,000		954,967
	Tokyo Steel Manufacturing Co., Ltd.	587,100		2,872,681
	Tokyo Tekko Co., Ltd.	142,000		531,136
	Tomoegawa Co., Ltd.	125,000		232,034
	Tomoku Co., Ltd.	294,000		799,065
	Topy Industries, Ltd.	1,000,000		2,380,092
#	Tosoh Corp.	2,648,000		6,371,117
	Toyo Ink SC Holdings Co., Ltd.	938,000		4,030,797
	Toyo Kohan Co., Ltd.	247,000		884,074
	TYK Corp.	138,000		267,350
	Ube Material Industries, Ltd.	226,000		619,476
	Wood One Co., Ltd.	169,000		542,789
	Yodogawa Steel Works, Ltd.	786,500		2,698,389
*	Yuki Gosei Kogyo Co., Ltd.	64,000		173,676
	Yushiro Chemical Industry Co., Ltd.	49,700		525,519
Total Materials				209,915,468
Telecommunication Services — (0.4%)
*	Japan Communications, Inc.	2,056		127,155
	Okinawa Cellular Telephone Co.	10,600		225,145
*	Softbank Corp.	202,949		7,436,308
Total Telecommunication Services				7,788,608
Utilities — (0.4%)
#	Hokkaido Gas Co., Ltd.	217,000		590,144
	Hokuriku Gas Co., Ltd.	99,000		245,084
	Okinawa Electric Power Co., Ltd.	75,071		2,340,531
	Saibu Gas Co., Ltd.	1,364,000		3,485,809
	Shizuoka Gas Co., Ltd.	259,000		1,754,544
Total Utilities				8,416,112
TOTAL COMMON STOCKS				1,784,281,013

24

The Japanese Small Company Series
continued

		Shares/
		Face
		Amount
		(000)		Value†
SECURITIES LENDING COLLATERAL — (11.9%)
§@	DFA Short Term Investment Fund		20,829,732		241,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13 (Collateralized
	by U.S. Treasury Note 1.250%, 12/31/19, valued at $940,610) to be repurchased at
	$922,180	$	922		922,167
TOTAL SECURITIES LENDING COLLATERAL					241,922,167
TOTAL INVESTMENTS — (100.0%)
	(Cost $2,140,471,758)^			$	2,026,203,180

____________________

^ The cost for federal income tax purposes is $2,141,776,726.

Summary of the Series’ investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in Securities (Market Value)
	Level 1	Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	—	$	395,953,304	—	$	395,953,304
Consumer Staples	—		161,762,419	—		161,762,419
Energy	—		14,298,092	—		14,298,092
Financials	—		214,516,909	—		214,516,909
Health Care	—		79,151,053	—		79,151,053
Industrials	—		505,337,140	—		505,337,140
Information Technology	—		187,141,908	—		187,141,908
Materials	—		209,915,468	—		209,915,468
Telecommunication Services	—		7,788,608	—		7,788,608
Utilities	—		8,416,112	—		8,416,112
Securities Lending Collateral	—		241,922,167	—		241,922,167
TOTAL	—	$	2,026,203,180	—	$	2,026,203,180

See accompanying Notes to Financial Statements.
25

THE ASIA PACIFIC SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2012
(Unaudited)

		Shares	Value††
COMMON STOCKS — (82.1%)
AUSTRALIA — (44.5%)
*	AAT Corp., Ltd.	9,992	$	—
*	ABM Resources NL	4,447,721		192,605
	Acrux, Ltd.	431,235		1,298,110
	Adelaide Brighton, Ltd.	1,442,564		4,723,821
#	Aditya Birla Minerals, Ltd.	878,000		449,604
*	AED Oil, Ltd.	363,401		—
*	Ainsworth Game Technology, Ltd.	361,760		1,059,146
*	AJ Lucas Group, Ltd.	317,969		419,569
*	Alchemia, Ltd.	724,903		291,641
#*	Alcyone Resources, Ltd.	4,280,423		162,387
#*	Alkane Resources, Ltd.	1,255,636		910,185
*	Alliance Resources, Ltd.	444,483		88,963
*	Altona Mining, Ltd.	1,108,169		334,522
*	Amadeus Energy, Ltd.	819,137		170,127
	Amalgamated Holdings, Ltd.	462,896		3,265,346
	Amcom Telecommunications, Ltd.	601,302		938,642
*	Ampella Mining, Ltd.	108,829		34,822
	Ansell, Ltd.	280,617		4,497,091
#*	Antares Energy, Ltd.	937,175		490,615
	AP Eagers, Ltd.	225,373		1,028,505
#	APN News & Media, Ltd.	2,209,800		584,358
#*	Aquarius Platinum, Ltd.	1,550,854		1,377,777
#*	Aquila Resources, Ltd.	262,152		717,560
#*	Arafura Resources, Ltd.	1,093,749		208,266
	ARB Corp., Ltd.	347,600		3,948,568
	Aristocrat Leisure, Ltd.	2,580,305		8,531,930
	Arrium, Ltd.	6,037,433		5,884,284
#	ASG Group, Ltd.	515,668		306,720
*	Aspire Mining, Ltd.	333,813		24,050
*	Astron Corp., Ltd.	33,786		41,225
*	Atlantic, Ltd.	238,482		60,258
	Atlas Iron, Ltd.	1,811,443		3,466,431
#*	Aurora Oil & Gas, Ltd.	1,165,110		4,479,810
#	Ausdrill, Ltd.	1,508,324		4,503,889
	Ausenco, Ltd.	343,044		1,150,864
#*	Austal, Ltd.	1,105,762		655,863
	Austbrokers Holdings, Ltd.	108,377		973,840
#	Austin Engineering, Ltd.	188,444		848,454
*	Austpac Resources NL	2,524,951		83,905
*	Australian Agricultural Co., Ltd.	932,240		1,135,849
	Australian Infrastructure Fund NL	3,606,473		11,696,444
	Australian Pharmaceutical Industries, Ltd.	2,452,401		1,202,505
	Automotive Holdings Group, Ltd.	615,927		2,129,496
#*	Avanco Resources, Ltd.	2,010,636		163,211
*	Avita Medical, Ltd.	58,058		7,329
#	AVJennings, Ltd.	5,185,036		1,924,976
	AWE, Ltd.	2,111,897		2,706,426
#*	Azimuth Resources, Ltd.	334,414		80,689
#*	Azumah Resources, Ltd.	737,953		57,188
*	Ballarat South Gold, Ltd.	1,996		—
#*	Bandanna Energy, Ltd.	622,869		166,545
	Bank of Queensland, Ltd.	3,352		25,870
*	Bannerman Resources, Ltd.	332,217		32,082
#*	Bathurst Resources, Ltd.	862,619		335,894
#	BC Iron, Ltd.	258,613		960,099
	Beach Energy, Ltd.	5,525,248		8,670,485
#*	Beadell Resources, Ltd.	1,500,515		1,550,337
*	Berkeley Resources, Ltd.	434,006		191,271

1

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
	Beyond International, Ltd.	61,256	$	79,553
#	Billabong International, Ltd.	1,600,753		1,397,420
*	Bionomics, Ltd.	345,313		130,277
*	Bisalloy Steel Group, Ltd.	93,800		134,422
#	Blackmores, Ltd.	79,054		2,770,088
#*	Blackthorn Resources, Ltd.	161,814		220,255
*	BlueScope Steel, Ltd.	2,262,062		8,274,173
	Boart Longyear, Ltd.	2,638,658		5,272,347
#*	Boom Logistics, Ltd.	775,503		223,431
*	Boulder Steel, Ltd.	1,266,304		23,012
#	Bradken, Ltd.	1,022,589		5,910,127
#	Breville Group, Ltd.	598,466		4,156,991
	Brickworks, Ltd.	132,797		1,595,938
	BSA, Ltd.	666,656		135,729
	BT Investment Management, Ltd.	193,869		475,036
*	Buccaneer Energy, Ltd.	3,660,894		196,400
*	Buru Energy, Ltd.	192,610		489,227
#	Cabcharge Australia, Ltd.	562,463		2,596,398
*	Calliden Group, Ltd.	389,687		64,847
#*	Cape Lambert Resources, Ltd.	373,413		110,327
*	Capral, Ltd.	58,499		13,263
	Cardno, Ltd.	505,707		3,704,143
#*	Carnarvon Petroleum, Ltd.	4,944,854		376,367
*	Carnegie Wave Energy, Ltd.	263,165		11,243
#	carsales.com, Ltd.	1,220,399		9,391,786
#	Cash Converters International, Ltd.	1,256,872		1,531,755
*	CDS Technologies, Ltd.	13,276		—
	Cedar Woods Properties, Ltd.	143,995		676,270
*	Centaurus Metals, Ltd.	143,557		49,514
#*	Central Petroleum, Ltd.	1,759,865		244,512
*	Centrebet International, Ltd. Claim Units	81,336		—
*	Centrex Metals, Ltd.	13,701		2,301
#*	Ceramic Fuel Cells, Ltd.	3,869,086		240,682
#*	Cerro Resources NL	1,961,035		268,747
#*	CGA Mining, Ltd.	10,124		25,143
#*	Chalice Gold Mines, Ltd.	320,684		63,656
	Challenger, Ltd.	198,545		739,802
	Chandler Macleod Group, Ltd.	338,118		176,759
*	ChemGenex Pharmaceuticals, Ltd.	115,291		—
*	Chesser Resources, Ltd.	148,340		51,494
*	Citigold Corp., Ltd.	3,765,806		214,736
	Clarius Group, Ltd.	1,083,392		331,181
*	Clinuvel Pharmaceuticals, Ltd.	117,432		223,667
#	Clough, Ltd.	1,527,345		1,481,635
	Clover Corp., Ltd.	269,348		161,824
*	CO2 Group, Ltd.	726,417		84,864
*	Coal of Africa, Ltd.	668,800		166,922
#*	Coalspur Mines, Ltd.	1,239,823		953,689
*	Cobar Consolidated Resources, Ltd.	75,663		33,012
#*	Cockatoo Coal, Ltd.	3,318,970		407,875
#	Codan, Ltd.	174,346		437,897
#*	Coffey International, Ltd.	1,048,636		364,746
	Collection House, Ltd.	1,909,459		1,965,454
*	Continental Coal, Ltd.	658,378		30,048
*	Cooper Energy, Ltd.	336,842		209,306
	Coventry Group, Ltd.	144,778		453,221
	Credit Corp. Group, Ltd.	110,382		936,633
*	Crusader Resources, Ltd.	155,861		59,270
#	CSG, Ltd.	706,106		420,291
#	CSR, Ltd.	2,491,176		5,106,490
	CTI Logistics, Ltd.	7,200		10,985

2

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
#*	Cudeco, Ltd.	399,317	$	1,811,364
*	Cue Energy Resources, Ltd.	1,378,665		201,720
	Data#3, Ltd.	322,153		431,253
#	David Jones, Ltd.	3,152,271		7,762,738
#	Decmil Group, Ltd.	655,425		1,767,190
*	Deep Yellow, Ltd.	1,039,981		66,590
	Devine, Ltd.	497,498		371,841
*	Discovery Metals, Ltd.	1,368,337		2,351,077
	Domino’s Pizza Enterprises, Ltd.	14,892		163,238
*	Downer EDI, Ltd.	1,857,964		7,964,963
*	Dragon Mining, Ltd.	171,966		120,450
#*	Drillsearch Energy, Ltd.	1,654,628		2,664,469
	DUET Group	1,673,559		3,630,602
#	DuluxGroup, Ltd.	2,216,961		8,791,497
#	DWS, Ltd.	281,849		448,066
*	EHG Corp., Ltd.	482		—
#*	Elders, Ltd.	1,419,921		171,617
*	Elemental Minerals, Ltd.	388,188		154,724
#	Emeco Holdings, Ltd.	2,172,998		1,407,913
*	Empire Oil & Gas NL	510,093		6,953
#*	Energy Resources of Australia, Ltd.	684,442		916,262
#*	Energy World Corp., Ltd.	4,025,738		1,556,502
*	Enero Group, Ltd.	20,635		7,337
*	Engenco, Ltd.	22,880		4,277
*	Entek Energy, Ltd.	864,244		46,428
#	Envestra, Ltd.	5,566,443		5,466,175
#*	Equatorial Resources, Ltd.	176,571		244,031
*	Ethane Pipeline Income Fund	43,496		81,192
#	Euroz, Ltd.	81,100		83,969
#*	Evolution Mining, Ltd.	1,644,550		2,959,743
#	Fairfax Media, Ltd.	5,383,380		2,876,950
	Fantastic Holdings, Ltd.	355,613		1,165,140
*	FAR, Ltd.	8,225,394		295,806
	Finbar Group, Ltd.	58,051		69,712
*	Finders Resources, Ltd.	7,442		1,586
#*	FKP Property Group, Ltd.	843,156		1,005,576
#	Fleetwood Corp., Ltd.	316,248		3,241,498
	FlexiGroup, Ltd.	597,372		2,314,436
#*	Flinders Mines, Ltd.	6,909,293		507,482
*	Focus Minerals, Ltd.	19,167,915		623,243
#	Forge Group, Ltd.	252,731		1,311,829
#	G8 Education, Ltd.	85,161		145,040
#*	Galaxy Resources, Ltd.	760,450		320,826
	Gazal Corp., Ltd.	90,790		213,790
#*	Geodynamics, Ltd.	1,015,653		118,372
#*	Gindalbie Metals, Ltd.	2,927,610		779,515
*	Global Construction Services, Ltd.	1,832		1,410
*	Gold Road Resources, Ltd.	141,504		19,461
*	Golden Rim Resources, Ltd.	650,713		49,675
#*	Goodman Fielder, Ltd.	8,296,037		5,422,339
	GrainCorp, Ltd. Class A	828,668		10,746,006
#	Grange Resources, Ltd.	1,245,669		465,779
#*	Great Southern, Ltd.	9,302,784		—
*	Greencross, Ltd.	3,642		13,320
#*	Greenland Minerals & Energy, Ltd.	796,390		225,900
#*	Gryphon Minerals, Ltd.	1,931,531		1,053,070
#	GUD Holdings, Ltd.	469,856		4,245,899
*	Gujarat NRE Coking Coal, Ltd.	119,865		20,757
#*	Gunns, Ltd.	2,872,620		—
#	GWA Group, Ltd.	1,263,739		3,049,079
*	Hastie Group, Ltd.	81,042		—

3

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
*	Havilah Resources NL	181,606	$	108,160
	HFA Holdings, Ltd.	235,865		194,173
	HGL, Ltd.	87,337		51,452
*	Highlands Pacific, Ltd.	2,651,500		414,980
*	Hillgrove Resources, Ltd.	1,123,437		123,976
#	Hills Holdings, Ltd.	1,006,582		944,809
#*	Horizon Oil, Ltd.	4,487,756		2,043,144
*	Hutchison Telecommunications Australia, Ltd.	2,871,964		88,076
*	Icon Energy, Ltd.	1,446,013		360,028
*	IDM International, Ltd.	23,969		971
#	iiNet, Ltd.	664,344		3,174,342
#	Imdex, Ltd.	1,061,080		1,901,061
#	IMF Australia, Ltd.	314,016		535,206
*	IMX Resources, Ltd.	123,459		21,310
	Independence Group NL	1,024,848		5,052,319
*	Indophil Resources NL	3,118,946		782,687
#*	Infigen Energy, Ltd.	1,898,770		495,558
	Infomedia, Ltd.	1,458,074		577,298
#*	Integra Mining, Ltd.	3,714,022		1,928,420
	Integrated Research, Ltd.	261,513		374,048
#*	Intrepid Mines, Ltd.	1,794,707		395,121
#	Invocare, Ltd.	633,106		5,814,325
	IOOF Holdings, Ltd.	1,074,600		8,167,123
#	Iress, Ltd.	603,773		5,220,193
*	Iron Ore Holdings, Ltd.	336,216		267,370
#*	Ivanhoe Australia, Ltd.	516,032		267,415
#	JB Hi-Fi, Ltd.	582,072		6,299,947
*	Jupiter Mines, Ltd.	465,443		48,131
#	K&S Corp., Ltd.	228,651		421,470
#*	Kagara, Ltd.	1,945,393		242,424
*	Kangaroo Resources, Ltd.	2,874,627		105,159
*	Karoon Gas Australia, Ltd.	667,086		3,782,604
*	Kasbah Resources, Ltd.	478,599		81,051
#	Kingsgate Consolidated, Ltd.	786,887		3,668,049
#	Kingsrose Mining, Ltd.	709,616		631,262
*	Lednium, Ltd.	195,019		16,201
#*	Linc Energy, Ltd.	1,497,847		1,876,391
*	Liquefied Natural Gas, Ltd.	595,144		201,033
	Lycopodium, Ltd.	59,494		362,715
#	M2 Telecommunications Group, Ltd.	611,388		2,682,345
*	MACA, Ltd.	26,394		62,743
#	Macmahon Holdings, Ltd.	6,319,933		1,512,859
*	Macquarie Atlas Roads Group NL	1,409,053		2,454,790
	Macquarie Telecom Group, Ltd.	35,019		325,198
#*	Marengo Mining, Ltd.	1,428,204		195,956
#	Matrix Composites & Engineering, Ltd.	160,282		313,794
*	Maverick Drilling & Exploration, Ltd.	114,368		87,935
	MaxiTRANS Industries, Ltd.	942,578		1,016,248
*	Mayne Pharma Group, Ltd.	676,405		212,689
	McGuigan Simeon Wines, Ltd.	2,437,348		1,246,921
#	McMillan Shakespeare, Ltd.	235,687		3,417,581
	McPherson’s, Ltd.	315,566		650,106
#	Medusa Mining, Ltd.	834,363		4,753,073
	Melbourne IT, Ltd.	440,506		820,193
#*	MEO Australia, Ltd.	681,039		53,730
	Mermaid Marine Australia, Ltd.	1,099,905		3,936,500
#*	Mesoblast, Ltd.	232,844		1,301,839
*	Metals X, Ltd.	238,372		36,469
*	Metgasco, Ltd.	667,052		134,011
*	Metminco, Ltd.	1,879,249		118,985
*	MetroCoal, Ltd.	68,725		13,011

4

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
*	MHM Metals, Ltd.	279,627	$	91,772
	Miclyn Express Offshore, Ltd.	662,257		1,692,210
#	Mincor Resources NL	1,004,969		1,038,334
*	Minemakers, Ltd.	113,803		20,388
#*	Mineral Deposits, Ltd.	306,156		1,257,698
#	Mineral Resources, Ltd.	484,937		4,989,065
#*	Mirabela Nickel, Ltd.	2,693,751		1,381,917
#*	Molopo Energy, Ltd.	1,186,993		349,429
*	Moly Mines, Ltd.	25,253		3,594
#	Monadelphous Group, Ltd.	198,056		5,099,045
*	Morning Star Gold NL	332,749		38,010
#	Mortgage Choice, Ltd.	631,109		1,150,008
	Mount Gibson Iron, Ltd.	3,121,745		2,763,957
#	Myer Holdings, Ltd.	3,564,925		8,065,720
	MyState, Ltd.	61,242		225,495
*	Nanosonics, Ltd.	203,014		102,733
#	Navitas, Ltd.	1,189,617		5,867,735
#*	NewSat, Ltd.	454,496		245,426
*	Nexus Energy, Ltd.	4,998,176		811,368
	NIB Holdings, Ltd.	1,353,222		2,832,362
*	Nido Petroleum, Ltd.	6,093,154		174,261
*	Noble Mineral Resources, Ltd.	859,168		109,291
	Norfolk Group, Ltd.	361,653		200,348
*	Northern Iron, Ltd.	799,125		456,180
#	Northern Star Resources, Ltd.	1,454,940		1,889,950
#	NRW Holdings, Ltd.	1,174,775		2,349,885
*	NuCoal Resources, Ltd.	429,538		104,211
	Nufarm, Ltd.	817,424		4,985,094
#	Oakton, Ltd.	378,695		501,917
*	OPUS Group, Ltd.	65,187		27,077
#*	Orocobre, Ltd.	257,530		394,332
#	OrotonGroup, Ltd.	89,607		644,033
#*	Otto Energy, Ltd.	1,936,175		192,275
	Pacific Brands, Ltd.	4,412,120		2,869,102
*	Pacific Niugini, Ltd.	200,616		33,658
#*	Paladin Energy, Ltd.	4,096,983		4,523,395
	Pan Pacific Petroleum NL	1,094,343		108,725
	PanAust, Ltd.	575,009		2,045,080
*	Pancontinental Oil & Gas NL	1,006,891		96,948
	Panoramic Resources, Ltd.	971,509		495,073
*	PaperlinX, Ltd.	2,814,406		217,896
*	Papillon Resources, Ltd.	32,010		57,345
	Patties Foods, Ltd.	39,601		63,924
*	Peak Resources, Ltd.	288,357		47,573
#*	Peet, Ltd.	1,096,798		1,274,641
*	Peninsula Energy, Ltd.	5,178,834		213,113
#*	Perilya, Ltd.	1,482,070		533,647
#	Perpetual Trustees Australia, Ltd.	226,579		8,303,528
#*	Perseus Mining, Ltd.	1,605,654		3,548,588
*	Pharmaxis, Ltd.	949,046		1,225,062
*	Phosphagenics, Ltd.	1,842,963		283,638
#*	Platinum Australia, Ltd.	1,442,661		100,375
#*	Pluton Resources, Ltd.	538,056		139,766
	PMP, Ltd.	2,395,607		359,595
*	Poseidon Nickel, Ltd.	436,181		78,734
#	Premier Investments, Ltd.	278,643		1,899,658
#*	Prima Biomed, Ltd.	2,338,194		275,331
#	Primary Health Care, Ltd.	1,960,174		8,177,665
	Prime Media Group, Ltd.	1,777,139		1,621,779
	PrimeAg, Ltd.	219,553		256,098
	Programmed Maintenance Service, Ltd.	550,149		1,097,786

5

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
*	QRxPharma, Ltd.	167,593	$	157,561
*	Quickstep Holdings, Ltd.	462,355		77,133
#*	Ramelius Resources, Ltd.	1,512,836		706,075
*	Range Resources, Ltd.	1,456,711		91,809
#	RCR Tomlinson, Ltd.	1,056,974		2,056,997
	REA Group, Ltd.	178,094		3,338,628
#	Reckon, Ltd.	271,858		665,960
*	Red 5, Ltd.	9,022		11,837
#*	Red Fork Energy, Ltd.	1,175,289		925,149
	Redflex Holdings, Ltd.	377,855		596,974
	Reece Australia, Ltd.	238,257		5,534,395
*	Reed Resources, Ltd.	698,001		131,916
*	Regis Resources, Ltd.	330		1,771
#	Reject Shop, Ltd. (The)	122,036		1,911,171
#	Resolute Mining, Ltd.	3,133,646		5,383,165
#*	Resource & Investment NL	353,895		60,678
*	Resource Equipment, Ltd.	118,411		44,002
*	Resource Generation, Ltd.	338,381		100,694
#	Retail Food Group, Ltd.	89,936		296,947
#*	Rex Minerals, Ltd.	469,315		322,693
*	Rialto Energy, Ltd.	1,967,580		229,547
#	Ridley Corp., Ltd.	1,283,068		1,469,305
*	RiverCity Motorway Group, Ltd.	1,563,354		—
*	Robust Resources, Ltd.	136,513		50,260
*	Roc Oil Co., Ltd.	6,490,268		3,007,762
	RungePincockMinarco, Ltd.	30,702		19,071
#	Ruralco Holdings, Ltd.	89,348		311,254
#	SAI Global, Ltd.	1,203,570		5,347,106
#*	Salinas Energy, Ltd.	1,931,867		514,084
#	Salmat, Ltd.	664,807		1,771,490
#*	Samson Oil & Gas, Ltd.	7,175,499		266,397
*	Sandfire Resources NL	234,484		2,139,315
#*	Saracen Mineral Holdings, Ltd.	2,686,129		1,076,661
	Schaffer Corp., Ltd.	33,766		138,855
#	Sedgman, Ltd.	443,054		576,005
#	Select Harvests, Ltd.	311,834		444,651
#*	Senex Energy, Ltd.	3,522,445		2,591,950
#	Servcorp, Ltd.	301,327		1,086,850
	Service Stream, Ltd.	1,432,710		537,558
#	Seven West Media, Ltd.	1,179,615		2,023,646
#	Sigma Pharmaceuticals, Ltd.	4,898,960		3,780,944
*	Sihayo Gold, Ltd.	603,971		69,111
*	Silex System, Ltd.	545,788		1,658,034
*	Silver Chef, Ltd.	4,214		25,334
#*	Silver Lake Resources, Ltd.	1,125,179		3,922,246
	Sims Metal Management, Ltd.	74,889		719,361
*	Sipa Resources International NL	706,804		77,950
#	Sirtex Medical, Ltd.	219,105		3,000,296
#	Skilled Group, Ltd.	492,016		1,333,144
	Slater & Gordon, Ltd.	29,756		65,517
#	SMS Management & Technology, Ltd.	435,122		2,114,994
	Southern Cross Electrical Engineering, Ltd.	21,171		25,400
	Southern Cross Media Group, Ltd.	2,546,520		2,815,035
	Spark Infrastructure Group, Ltd.	3,454,752		6,039,886
#*	Specialty Fashion Group, Ltd.	809,557		538,441
#*	St. Barbara, Ltd.	1,946,083		2,967,474
*	Starpharma Holdings, Ltd.	897,231		1,230,281
#*	Straits Resources, Ltd.	917,602		80,931
*	Strike Energy, Ltd.	1,268,010		167,161
	Structural Systems, Ltd.	138,772		69,502
	STW Communications Group, Ltd.	1,251,369		1,451,335

6

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
#*	Sundance Energy Australia, Ltd.	1,009,945	$	831,956
#*	Sundance Resources, Ltd.	8,756,539		3,427,131
*	Sunland Group, Ltd.	741,191		782,685
#	Super Retail Group, Ltd.	1,291,875		13,495,893
	Swick Mining Services, Ltd.	106,166		33,941
*	Talisman Mining, Ltd.	200,624		58,693
#*	Tanami Gold NL	569,930		324,089
*	Tap Oil, Ltd.	1,450,696		947,801
	Tassal Group, Ltd.	626,912		933,190
#	Technology One, Ltd.	1,322,653		2,076,615
#*	Ten Network Holdings, Ltd.	9,333,985		2,805,842
#*	Texon Petroleum, Ltd.	871,211		352,571
#*	TFS Corp., Ltd.	1,393,854		660,347
#	Thorn Group, Ltd.	370,228		782,266
*	Tiger Resources, Ltd.	1,984,487		620,051
*	Toro Energy, Ltd.	70,156		8,085
#	Tox Free Solutions, Ltd.	461,406		1,425,345
#	TPG Telecom, Ltd.	1,569,063		4,261,969
	Transfield Services, Ltd.	2,144,148		4,388,185
*	Transpacific Industries Group, Ltd.	4,533,180		3,730,855
*	Treasury Group, Ltd.	616		3,366
	Troy Resources, Ltd.	415,918		1,579,896
	Trust Co., Ltd. (The)	89,605		408,625
#	UGL, Ltd.	211,805		2,417,851
*	Unity Mining, Ltd.	2,433,889		342,839
#	UXC, Ltd.	1,210,731		1,360,548
*	VDM Group, Ltd.	1,684,753		19,245
#*	Venture Minerals, Ltd.	450,858		100,312
*	Venturex Resources, Ltd.	42,171		1,234
	Village Roadshow, Ltd.	855,994		3,564,418
#*	Virgin Australia Holdings, Ltd. (B43DQC7)	7,648,897		3,363,282
*	Virgin Australia Holdings, Ltd. (B7L5734)	7,648,897		39,715
*	Vocus Communications, Ltd.	1,610		3,074
	Warrnambool Cheese & Butter Factory Co. Holding, Ltd.	1,203		4,490
#	Watpac, Ltd.	711,698		442,272
	WDS, Ltd.	375,342		190,113
#	Webjet, Ltd.	390,881		1,783,810
	Webster, Ltd.	180,921		111,179
#	Western Areas NL	821,191		3,873,158
#*	Western Desert Resouurces, Ltd.	225,143		171,378
#*	White Energy Co., Ltd.	643,913		157,514
	WHK Group, Ltd.	1,202,433		1,227,166
#	Wide Bay Australia, Ltd.	84,697		547,330
#*	Windimurra Vanadium, Ltd.	537,429		—
#	Wotif.com Holdings, Ltd.	588,604		3,264,947
*	Yancoal Australia, Ltd.	213,764		225,228
#*	YTC Resources, Ltd.	104,200		31,982
TOTAL AUSTRALIA				566,817,309
CHINA — (0.0%)
#*	China Public Procurement, Ltd.	5,230,000		—
*	JES International Holdings, Ltd.	1,938,000		319,073
*	Madex International Holdings, Ltd.	3,182,000		51,898
*	Skyfame Realty Holdings, Ltd.	2,611,625		225,173
TOTAL CHINA				596,144
HONG KONG — (19.1%)
	Aeon Credit Service (Asia) Co., Ltd.	580,000		589,653
#	Aeon Stores Hong Kong Co., Ltd.	248,000		661,116
	Alco Holdings, Ltd.	1,426,000		299,294
	Allan International Holdings, Ltd.	720,000		207,484

7

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
	Allied Group, Ltd.	683,200	$	2,221,534
	Allied Overseas, Ltd.	50,000		33,225
	Allied Properties, Ltd.	12,297,857		2,281,460
*	Apac Resources, Ltd.	12,720,000		328,836
	APT Satellite Holdings, Ltd.	1,275,000		321,549
	Artel Solutions Group Holdings, Ltd.	4,470,000		113,120
	Arts Optical International Holdings, Ltd.	730,000		200,940
#	Asia Financial Holdings, Ltd.	2,474,908		1,020,846
	Asia Satellite Telecommunications Holdings, Ltd.	962,000		3,076,192
*	Asia Standard Hotel Group, Ltd.	11,777,218		1,208,333
	Asia Standard International Group, Ltd.	13,425,937		2,393,807
#	Associated International Hotels, Ltd.	980,000		2,623,249
	Aupu Group Holding Co., Ltd.	2,504,000		214,252
*	Auto Italia Holdings, Ltd.	425,000		13,743
	Automated Systems Holdings, Ltd.	268,000		37,985
	Bauhaus International Holdings, Ltd.	368,000		54,109
*	Bel Global Resources Holdings, Ltd.	2,576,000		47,194
*	Bio-Dynamic Group, Ltd.	2,708,000		219,797
*	Birmingham International Holdings, Ltd.	6,502,000		127,509
#	Bonjour Holdings, Ltd.	9,218,000		1,166,453
	Bossini International Holdings, Ltd.	3,871,500		206,456
*	Brightoil Petroleum Holdings, Ltd.	3,813,000		778,733
#*	Brockman Mining, Ltd.	23,482,814		1,345,966
*	Burwill Holdings, Ltd.	8,888,960		142,745
	Cafe de Coral Holdings, Ltd.	958,000		2,738,180
*	Capital Estate, Ltd.	229,000		3,925
*	Carico Holdings, Ltd.	14,760,000		571,462
*	Celestial Asia Securities Holdings	307,572		19,830
	Century City International Holdings, Ltd.	6,419,460		478,383
	Century Sunshine Group Holdings, Ltd.	3,655,000		241,577
	Champion Technology Holdings, Ltd.	14,881,730		219,313
*	Chaoyue Group, Ltd.	1,605,000		88,833
	Chen Hsong Holdings, Ltd.	1,098,000		335,223
	Cheuk Nang Holdings, Ltd.	488,457		380,964
#*	Cheung Wo International Holdings, Ltd.	501,400		31,008
	Chevalier International Holdings, Ltd.	737,482		1,021,197
*	China Best Group Holding, Ltd.	661,400		7,520
*	China Billion Resources, Ltd.	4,876,000		—
*	China Boon Holdings, Ltd.	6,200,000		73,783
*	China Daye Non-Ferrous Metals Mining, Ltd.	3,855,837		157,618
*	China Digicontent Co., Ltd.	2,710,000		3,496
*	China Electronics Corp. Holdings Co., Ltd.	2,888,250		262,280
*	China Energy Development Holdings, Ltd.	23,576,000		425,710
*	China Environmental Investment Holdings, Ltd.	7,470,000		184,146
*	China Financial Services Holdings, Ltd.	954,000		67,202
*	China Flavors & Fragrances Co., Ltd.	156,137		21,776
*	China Gamma Group, Ltd.	7,400,000		110,151
*	China Infrastructure Investment, Ltd.	7,776,000		169,548
	China Metal International Holdings, Ltd.	2,582,000		436,162
	China Motor Bus Co., Ltd.	50,000		412,761
*	China Nuclear Industry 23 International Corp., Ltd.	1,024,000		271,229
*	China Oriental Culture Group, Ltd.	776,000		29,755
*	China Outdoor Media Group, Ltd.	3,895,000		38,126
*	China Renji Medical Group, Ltd.	12,784,000		—
#*	China Resources & Transportation Group, Ltd.	32,900,000		1,324,779
*	China Solar Energy Holdings, Ltd.	37,990,000		148,602
*	China Strategic Holdings, Ltd.	12,585,000		263,104
	China Ting Group Holdings, Ltd.	2,443,151		138,843
*	China Tycoon Beverage Holdings, Ltd.	2,732,000		29,961
	China WindPower Group, Ltd.	16,050,000		597,395
	China-Hongkong Photo Products Holdings, Ltd.	2,123,000		160,326

8

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
	Chinney Investments, Ltd.	1,144,000	$	172,507
#	Chong Hing Bank, Ltd.	929,000		1,967,677
	Chow Sang Sang Holdings International, Ltd.	1,456,000		3,437,255
	Chu Kong Shipping Enterprise Group Co., Ltd.	2,188,000		446,677
	Chuang’s China Investments, Ltd.	3,550,494		216,904
	Chuang’s Consortium International, Ltd.	5,210,781		674,388
	Chun Wo Development Holdings, Ltd.	2,002,926		148,920
	Citic Telecom International Holdings, Ltd.	5,923,000		1,621,451
#	City Telecom, Ltd.	2,401,751		843,399
	CK Life Sciences International Holdings, Inc.	15,060,000		1,376,371
	CNT Group, Ltd.	8,315,264		398,001
	COL Capital, Ltd.	2,369,840		335,027
*	Continental Holdings, Ltd.	1,578,250		19,876
	Convenience Retail Asia, Ltd.	26,000		18,546
	Cosmos Machinery Enterprises, Ltd.	1,292,400		91,775
*	CP Lotus Corp., Ltd.	11,420,000		252,382
	Cross-Harbour Holdings, Ltd. (The)	679,520		566,958
	CSI Properties, Ltd.	24,216,383		993,610
*	CST Mining Group, Ltd.	71,688,000		1,013,649
*	Culture Landmark Investment, Ltd.	509,800		61,498
*	Culturecom Holdings, Ltd.	2,875,000		618,458
	Dah Sing Banking Group, Ltd.	1,605,997		1,767,711
	Dah Sing Financial Holdings, Ltd.	651,027		2,976,443
	Dan Form Holdings Co., Ltd.	3,668,260		540,966
	Dickson Concepts International, Ltd.	1,153,500		615,386
*	Dingyi Group Investment, Ltd.	5,497,500		184,479
	Dorsett Hospitality International, Ltd.	2,637,000		647,290
*	DVN Holdings, Ltd.	1,631,000		54,895
	Dynamic Holdings, Ltd.	56,000		11,257
	Eagle Nice International Holdings, Ltd.	1,078,000		229,485
	EcoGreen Fine Chemicals Group, Ltd.	1,112,000		191,491
*	EganaGoldpfeil Holdings, Ltd.	4,121,757		—
	Emperor Entertainment Hotel, Ltd.	3,140,000		773,143
	Emperor International Holdings, Ltd.	6,208,753		1,735,585
	Emperor Watch & Jewellery, Ltd.	23,650,000		2,963,563
*	ENM Holdings, Ltd.	15,112,000		1,250,233
*	Enviro Energy International Holdings, Ltd.	4,138,000		88,251
*	EPI Holdings, Ltd.	13,579,927		322,864
#*	Esprit Holdings, Ltd.	7,747,350		11,005,599
*	eSun Holdings, Ltd.	3,662,000		713,916
	EVA Precision Industrial Holdings, Ltd.	6,292,000		1,043,984
*	Ezcom Holdings, Ltd.	72,576		449
#	Fairwood, Ltd.	466,600		975,717
	Far East Consortium International, Ltd.	4,773,539		1,291,970
#*	Fook Woo Group Holdings, Ltd.	952,000		167,042
	Fountain SET Holdings, Ltd.	4,622,000		445,580
	Four Seas Mercantile Holdings, Ltd.	592,000		182,545
	Fujikon Industrial Holdings, Ltd.	124,000		44,711
	Get Nice Holdings, Ltd.	19,812,000		902,371
#	Giordano International, Ltd.	7,480,000		7,251,849
*	Global Tech Holdings, Ltd.	4,598,000		16,610
	Glorious Sun Enterprises, Ltd.	2,682,000		785,828
	Gold Peak Industries Holding, Ltd.	3,118,642		319,791
	Golden Resources Development International, Ltd.	3,330,500		164,846
*	Goldin Financial Holdings, Ltd.	480,000		72,515
*	Goldin Properties Holdings, Ltd.	3,044,000		1,932,804
*	Grande Holdings, Ltd.	882,000		46,656
#	Great Eagle Holdings, Ltd.	70,160		234,731
*	Greenheart Group, Ltd.	626,000		44,410
*	G-Resources Group, Ltd.	83,661,000		3,979,771
*	Group Sense International, Ltd.	2,198,000		51,612

9

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
	Guangnan Holdings, Ltd.	2,249,600	$	293,176
	Guotai Junan International Holdings, Ltd.	1,571,000		655,263
	Haitong International Securities Group, Ltd.	1,367,586		596,400
*	Hang Fung Gold Technology, Ltd.	1,972,482		—
*	Hans Energy Co., Ltd.	2,848,000		72,386
#	Harbour Centre Development, Ltd.	957,500		1,595,339
	High Fashion International, Ltd.	268,000		95,361
	HKR International, Ltd.	5,895,136		3,043,710
	Hon Kwok Land Investment Co., Ltd.	314,800		124,335
	Hong Kong & Shanghai Hotels, Ltd.	402,000		564,630
	Hong Kong Aircraft Engineering Co., Ltd.	20,400		282,037
	Hong Kong Ferry Holdings, Ltd.	809,300		788,224
	Hongkong Chinese, Ltd.	5,024,000		833,101
*	Hop Hing Group Holdings, Ltd.	540,000		27,422
	Hsin Chong Construction Group, Ltd.	1,729,658		250,561
*	Huafeng Group Holdings, Ltd.	5,113,325		180,587
	Hung Hing Printing Group, Ltd.	1,298,000		184,690
	Hutchison Telecommunications Hong Kong Holdings, Ltd.	7,178,000		3,321,015
*	Hybrid Kinetic Group, Ltd.	10,646,000		164,074
*	HyComm Wireless, Ltd.	89,090		16,337
*	IDT International, Ltd.	1,630,183		29,891
*	Imagi International Holdings, Ltd.	27,136,000		349,668
	IPE Group, Ltd.	2,060,000		166,099
#*	IRC, Ltd,	4,174,000		640,839
	IT, Ltd.	3,374,532		1,425,881
	ITC Corp., Ltd.	659,645		43,339
	ITC Properties Group, Ltd.	3,645,747		1,222,955
*	Jinhui Holdings, Ltd.	121,000		23,597
	Jiuzhou Development Co., Ltd.	2,558,000		302,252
*	JLF Investment Co., Ltd.	3,173,500		155,099
	Johnson Electric Holdings, Ltd.	2,394,000		1,606,462
	K Wah International Holdings, Ltd.	6,354,390		3,107,874
	Kam Hing International Holdings, Ltd.	1,974,000		145,237
	Kantone Holdings, Ltd.	9,835,145		92,384
	Karrie International Holdings, Ltd.	1,621,200		47,014
	Keck Seng Investments (Hong Kong), Ltd.	904,600		463,142
	Kin Yat Holdings, Ltd.	586,000		70,406
*	King Pacific International Holdings, Ltd.	1,404,200		22,102
*	King Stone Energy Group, Ltd.	4,270,000		302,042
	Kingmaker Footwear Holdings, Ltd.	1,484,955		216,233
	Kingston Financial Group, Ltd.	13,465,000		1,176,973
*	Ko Yo Chemical Group, Ltd.	16,260,000		247,856
	Kowloon Development Co., Ltd.	1,738,000		2,093,553
*	Kwoon Chung Bus Holdings, Ltd.	530,000		115,294
*	Lai Sun Development Co., Ltd.	65,128,466		2,553,339
*	Lai Sun Garment International, Ltd.	2,948,000		507,696
	Lam Soon Hong Kong, Ltd.	302,310		153,523
*	Leading Spirit High-Tech Holdings Co., Ltd.	2,310,000		2,980
	Lee & Man Chemical Co., Ltd.	1,420,000		797,116
	Lee’s Pharmaceutical Holdings, Ltd.	295,000		199,300
	Lerado Group Holdings Co., Ltd.	1,900,000		179,393
	Lippo China Resources, Ltd.	9,912,000		256,327
	Lippo, Ltd.	1,195,700		562,336
*	Lisi Group Holdings, Ltd.	4,214,000		163,105
#	Liu Chong Hing Investment, Ltd.	779,200		909,064
	Luen Thai Holdings, Ltd.	737,000		112,290
#	Luk Fook Holdings International, Ltd.	2,011,000		6,454,311
	Luks Group (Vietnam Holdings) Co., Ltd.	428,913		98,606
*	Lung Cheong International Holdings, Ltd.	4,642,000		209,898
	Lung Kee (Bermuda) Holdings, Ltd.	1,597,875		589,117
	Magnificent Estates, Ltd.	13,220,000		736,918

10

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
	Mainland Headwear Holdings, Ltd.	663,600	$	86,814
	Man Wah Holdings, Ltd.	1,269,200		1,071,296
	Man Yue Technology Holdings, Ltd.	1,064,000		181,553
	Matrix Holdings, Ltd.	1,067,414		248,982
*	Mei Ah Entertainment Group, Ltd.	11,040,000		186,312
	Melbourne Enterprises, Ltd.	40,500		759,691
	Melco International Development, Ltd.	5,984,000		7,104,467
	Midland Holdings, Ltd.	3,930,000		1,898,602
	Ming Fai International Holdings, Ltd.	1,680,000		181,602
*	Ming Fung Jewellery Group, Ltd.	9,740,000		440,757
	Miramar Hotel & Investment Co., Ltd.	839,000		1,083,294
	Modern Beauty Salon Holdings, Ltd.	160,000		19,920
*	Mongolia Energy Corp., Ltd.	10,603,000		520,710
#*	Mongolian Mining Corp.	5,279,500		2,616,432
*	Nan Nan Resources Enterprise, Ltd.	194,000		20,000
	Nanyang Holdings, Ltd.	137,500		480,036
	National Electronics Holdings, Ltd.	2,434,000		324,779
	Natural Beauty Bio-Technology, Ltd.	4,470,000		463,288
#*	Neo-Neon Holdings, Ltd.	3,033,000		806,858
*	Neptune Group, Ltd.	80,000		1,569
	New Century Group Hong Kong, Ltd.	13,351,464		270,952
*	New Focus Auto Tech Holdings, Ltd.	104,000		13,317
*	New Smart Energy Group, Ltd.	28,525,000		321,367
#*	New Times Energy Corp., Ltd.	1,297,600		152,883
#	NewOcean Green Energy Holdings, Ltd.	4,380,000		2,588,153
*	Next Media, Ltd.	3,931,183		716,382
*	Norstar Founders Group, Ltd.	3,256,000		—
*	North Asia Resources Holdings, Ltd.	1,438,600		54,576
*	Orange Sky Golden Harvest Entertainment Holdings, Ltd.	6,229,706		367,951
*	Orient Power Holdings, Ltd.	804,000		19,501
#	Oriental Watch Holdings, Ltd.	2,942,800		1,041,211
	Pacific Andes International Holdings, Ltd.	10,497,378		541,204
	Pacific Basin Shipping, Ltd.	9,730,000		5,548,192
	Pacific Textile Holdings, Ltd.	2,216,000		2,006,291
	Paliburg Holdings, Ltd.	3,152,830		1,138,070
*	Pan Asia Environmental Protection Group, Ltd.	1,014,000		63,049
#*	Peace Mark Holdings, Ltd.	2,738,022		—
*	Pearl Oriental Oil, Ltd.	12,756,800		1,082,302
	Pegasus International Holdings, Ltd.	226,000		30,366
	Pico Far East Holdings, Ltd.	4,412,000		1,315,611
	Playmates Holdings, Ltd.	196,000		149,486
*	PME Group, Ltd.	990,000		62,120
*	PNG Resources Holdings, Ltd.	17,018,362		247,501
	Pokfulam Development Co., Ltd.	234,000		393,343
*	Poly Capital Holdings, Ltd.	1,154,000		17,762
#	Polytec Asset Holdings, Ltd.	10,763,526		1,493,282
	Public Financial Holdings, Ltd.	3,194,000		1,516,116
	PYI Corp., Ltd.	17,045,973		377,962
*	Pyxis Group, Ltd.	1,936,000		42,462
	Raymond Industrial, Ltd.	1,383,400		149,334
	Regal Hotels International Holdings, Ltd.	2,579,800		1,192,431
	Richfield Group Holdings, Ltd.	6,592,000		338,113
*	Rising Development Holdings, Ltd.	2,278,000		68,118
	Rivera Holdings, Ltd.	5,710,000		202,234
	S.A.S. Dragon Holdings, Ltd.	1,026,000		201,879
	SA SA International Holdings, Ltd.	5,416,000		4,497,308
	Safety Godown Co., Ltd.	398,000		609,863
*	San Miguel Brewery Hong Kong, Ltd.	408,800		59,635
*	Sandmartin International Holdings, Ltd.	84,000		7,261
*	Sanyuan Group, Ltd.	415,000		8,031
	SEA Holdings, Ltd.	1,158,000		901,594

11

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
*	SEEC Media Group, Ltd.	136,000	$	3,714
*	Sheng Yuan Holdings, Ltd.	200,000		11,578
#	Shenyin Wanguo, Ltd.	1,442,500		502,333
	Shenzhen High-Tech Holdings, Ltd.	812,000		115,239
*	Shougang Concord Technology Holdings, Ltd.	4,361,809		274,065
*	Shun Ho Resources Holdings, Ltd.	359,000		66,548
*	Shun Ho Technology Holdings, Ltd.	1,037,452		193,083
	Shun Tak Holdings, Ltd.	8,175,419		4,485,708
*	Sing Pao Media Enterprises, Ltd.	250,511		485
	Sing Tao News Corp., Ltd.	1,974,000		308,833
	Singamas Container Holdings, Ltd.	7,906,000		1,933,828
*	Sinocan Holdings, Ltd.	350,000		1,761
*	Sinocop Resources Holdings, Ltd.	2,780,000		245,621
*	Sino-Tech International Holdings, Ltd.	29,380,000		265,339
	SIS International Holdings, Ltd.	34,000		13,462
	Sitoy Group Holdings, Ltd.	33,000		21,517
	SmarTone Telecommunications Holdings, Ltd.	1,824,500		3,344,987
	SOCAM Development, Ltd.	1,070,771		1,213,059
*	Solomon Systech International, Ltd.	6,312,000		152,890
	Soundwill Holdings, Ltd.	232,000		474,905
*	South China (China), Ltd.	6,744,000		605,778
*	South China Land, Ltd.	20,095,170		313,141
	Southeast Asia Properties & Finance, Ltd.	131,891		39,918
	Stella International Holdings, Ltd.	106,500		290,129
	Stelux Holdings International, Ltd.	1,973,400		656,962
*	Styland Holdings, Ltd.	137,438		2,873
*	Success Universe Group, Ltd.	5,552,000		143,283
	Sun Hing Vision Group Holdings, Ltd.	358,000		118,857
#	Sun Hung Kai & Co., Ltd.	2,241,429		1,463,651
*	Sun Innovation Holdings, Ltd.	10,445,655		154,848
*	Sunway International Holdings, Ltd.	638,000		12,356
*	Superb Summit International Group, Ltd.	19,531,600		627,463
#*	Sustainable Forest Holdings, Ltd.	13,677,750		280,584
	Tai Cheung Holdings, Ltd.	2,019,000		1,664,080
	Tai Sang Land Development, Ltd.	598,984		274,159
*	Talent Property Group, Ltd.	5,106,420		92,894
#	Tan Chong International, Ltd.	1,212,000		380,871
#	Tao Heung Holdings, Ltd.	286,000		166,841
#*	Taung Gold International, Ltd.	14,590,000		299,298
	Termbray Industries International (Holdings), Ltd.	2,304,900		295,825
	Tern Properties Co., Ltd.	51,200		19,606
	Texwinca Holdings, Ltd.	2,090,000		1,989,480
*	Theme International Holdings, Ltd.	1,180,000		54,397
	Tian Teck Land, Ltd.	1,054,000		1,140,941
#*	Titan Petrochemicals Group, Ltd.	13,140,000		4,238
*	Tom Group, Ltd.	3,390,000		405,112
	Tongda Group Holdings, Ltd.	12,200,000		619,696
*	Topsearch International Holdings, Ltd.	2,368,000		70,268
*	Town Health International Investments, Ltd.	1,175,165		76,006
	Tradelink Electronic Commerce, Ltd.	1,820,000		313,017
#	Transport International Holdings, Ltd.	965,341		2,017,340
#	Trinity, Ltd.	4,714,000		3,120,819
	Tristate Holdings, Ltd.	188,000		96,158
*	TSC Group Holdings, Ltd.	1,928,000		527,591
#	Tse Sui Luen Jewellery International, Ltd.	300,000		153,098
	Tungtex Holdings Co., Ltd.	514,000		51,993
	Tysan Holdings, Ltd.	1,040,773		193,285
#*	United Laboratories International Holdings, Ltd. (The)	3,210,000		1,552,866
	Universal Technologies Holdings, Ltd.	7,250,000		467,337
*	Up Energy Development Group, Ltd.	674,000		95,654
*	U-Right International Holdings, Ltd.	4,746,000		8,572

12

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
*	Value Convergence Holdings, Ltd.	1,420,000	$	210,969
#	Value Partners Group, Ltd.	3,752,000		2,528,032
	Van Shung Chong Holdings, Ltd.	789,335		91,464
	Varitronix International, Ltd.	1,097,293		441,289
	Vedan International Holdings, Ltd.	3,272,000		212,932
	Veeko International Holdings, Ltd.	627,116		16,097
	Victory City International Holdings, Ltd.	4,372,249		439,319
*	Vision Values Holdings, Ltd.	29,400		713
	Vitasoy International Holdings, Ltd.	3,837,000		3,947,786
*	Vongroup, Ltd.	1,420,000		6,770
	VST Holdings, Ltd.	3,182,000		696,482
	Wai Kee Holdings, Ltd.	7,946,738		1,667,790
	Wang On Group, Ltd.	17,191,286		200,883
*	Warderly International Holdings, Ltd.	520,000		32,203
	Water Oasis Group, Ltd.	1,346,000		187,543
	Win Hanverky Holdings, Ltd.	1,712,000		178,028
	Wing On Co. International, Ltd.	781,000		2,151,120
	Wing Tai Properties, Ltd.	1,957,331		1,279,878
	Wong’s International (Holdings), Ltd.	737,641		247,308
	Wong’s Kong King International Holdings, Ltd.	120,000		12,076
	Xingye Copper International Group, Ltd.	511,000		61,263
	Xinyi Glass Holdings, Ltd.	10,676,000		6,711,964
	Y. T. Realty Group, Ltd.	749,000		217,428
	Yangtzekiang Garment, Ltd.	606,500		237,163
	Yau Lee Holdings, Ltd.	534,000		105,899
	Yeebo (International Holdings), Ltd.	572,000		82,509
#	YGM Trading, Ltd.	441,000		1,042,725
*	Yugang International, Ltd.	93,492,000		752,612
TOTAL HONG KONG				242,898,245
NEW ZEALAND — (5.9%)
	Abano Healthcare Group, Ltd.	29,157		149,876
	Air New Zealand, Ltd.	2,261,316		2,431,245
	Auckland International Airport, Ltd.	998,794		2,210,779
*	Cavalier Corp., Ltd.	283,674		396,148
	CDL Investments New Zealand, Ltd.	329,115		129,190
	Chorus, Ltd.	337,861		826,652
	Colonial Motor Co., Ltd.	148,846		471,850
*	Diligent Board Member Services, Inc.	16,378		74,035
	Ebos Group, Ltd.	212,321		1,458,837
	Fisher & Paykel Healthcare Corp., Ltd.	3,195,772		6,549,416
#	Freightways, Ltd.	793,614		2,796,860
	Hallenstein Glasson Holdings, Ltd.	243,961		1,060,403
*	Heartland New Zealand, Ltd.	173,369		99,210
	Hellaby Holdings, Ltd.	353,056		978,610
	Infratil, Ltd.	2,355,616		4,420,216
	Kathmandu Holdings, Ltd.	63,221		104,443
#	Mainfreight, Ltd.	441,928		4,292,217
	Methven, Ltd.	93,877		106,643
	Michael Hill International, Ltd.	1,534,152		1,564,451
	Millennium & Copthorne Hotels (New Zealand), Ltd.	1,387,344		551,662
	New Zealand Oil & Gas, Ltd.	2,036,646		1,479,645
#	New Zealand Refining Co., Ltd.	591,259		1,249,904
	Northland Port Corp. (New Zealand), Ltd.	188,167		377,258
#	Nuplex Industries, Ltd.	1,015,379		2,668,629
	NZX, Ltd.	889,823		893,595
#	Opus International Consultants, Ltd.	12,925		21,500
*	Pike River Coal, Ltd.	490,805		—
	Port of Tauranga, Ltd.	528,322		5,761,357
*	Pumpkin Patch, Ltd.	606,913		673,485
*	Pyne Gould Guinness, Ltd.	565,923		207,298

13

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
NEW ZEALAND — (Continued)
#*	Rakon, Ltd.	346,364	$	106,328
#	Restaurant Brands New Zealand, Ltd.	423,620		926,231
*	Richina Pacific, Ltd.	274,180		81,569
*	Rubicon, Ltd.	1,485,105		368,343
#	Ryman Healthcare, Ltd.	1,685,604		6,360,268
	Sanford, Ltd.	393,618		1,393,818
	Scott Technology, Ltd.	36,510		77,692
*	Seafresh Fisheries, Ltd.	80,520		1,863
	Skellerup Holdings, Ltd.	396,054		523,172
#	Sky Network Television, Ltd.	1,006,593		4,089,132
	SKYCITY Entertainment Group, Ltd.	3,227,185		10,134,550
	South Port New Zealand, Ltd.	27,744		73,820
#	Steel & Tube Holdings, Ltd.	389,046		787,915
	Tourism Holdings, Ltd.	274,867		157,269
	Tower, Ltd.	990,910		1,589,321
#	TrustPower, Ltd.	59,522		415,898
	Vector, Ltd.	986,035		2,228,979
	Warehouse Group, Ltd.	588,314		1,458,292
#*	Xero, Ltd.	43,883		275,868
TOTAL NEW ZEALAND				75,055,742
SINGAPORE — (12.6%)
#*	Abterra, Ltd.	531,800		320,744
*	Amara Holdings, Ltd.	48,000		18,072
	Amtek Engineering, Ltd.	1,120,000		458,680
	Armstrong Industrial Corp., Ltd.	1,318,000		285,356
#	ASL Marine Holdings, Ltd.	721,600		401,175
#	AusGroup, Ltd.	2,951,000		1,257,377
#	Baker Technology, Ltd.	1,272,000		343,953
*	Banyan Tree Holdings, Ltd.	960,000		504,981
	Beng Kuang Marine, Ltd.	922,000		94,715
	BH Global Marine, Ltd.	423,000		64,006
#*	Biosensors International Group, Ltd.	4,951,237		4,942,857
	Bonvests Holdings, Ltd.	978,000		905,233
	Boustead Singapore, Ltd.	1,254,000		1,046,710
	Breadtalk Group, Ltd.	747,800		418,399
#	Broadway Industrial Group, Ltd.	1,216,000		313,288
#	Bukit Sembawang Estates, Ltd.	514,003		2,842,026
	Bund Center Investment, Ltd.	1,100,000		179,302
	CH Offshore, Ltd.	1,587,400		636,237
	China Aviation Oil Singapore Corp., Ltd.	1,104,000		910,701
*	China Dairy Group, Ltd.	675,000		62,474
*	China Energy, Ltd.	564,000		30,934
	China Merchants Holdings Pacific, Ltd.	813,000		506,691
	Chip Eng Seng Corp., Ltd.	2,697,800		1,338,916
	Chosen Holdings, Ltd.	681,000		63,275
	Chuan Hup Holdings, Ltd.	3,967,000		857,730
#	Cosco Corp Singapore, Ltd.	5,577,000		4,156,757
	Creative Technology, Ltd.	272,200		683,717
	CSC Holdings, Ltd.	1,849,000		169,469
	CSE Global, Ltd.	2,603,000		1,678,062
	CWT, Ltd.	1,072,700		1,085,158
	Datapulse Technology, Ltd.	89,000		14,624
#*	Delong Holdings, Ltd.	1,361,000		345,389
	DMX Technologies Group, Ltd.	1,511,000		275,949
*	Dyna-Mac Holdings, Ltd.	1,678,000		668,308
*	Elec & Eltek International Co., Ltd.	12,000		24,720
	Ellipsiz, Ltd.	123,000		8,205
	EnGro Corp, Ltd.	354,000		263,600
	Enviro-Hub Holdings, Ltd.	1,445,666		128,404
	Eu Yan Sang International, Ltd.	673,800		329,008

14

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
SINGAPORE — (Continued)
*	euNetworks Group, Ltd.	411,000	$	5,023
#	Ezion Holdings, Ltd.	3,300,000		4,663,985
#*	Ezra Holdings, Ltd.	3,489,000		3,307,268
	F.J. Benjamin Holdings, Ltd.	1,305,000		338,332
*	Falcon Energy Group, Ltd.	1,212,000		242,798
	Food Empire Holdings, Ltd.	1,154,400		539,512
	Fragrance Group, Ltd.	5,892,000		1,261,334
	Freight Links Express Holdings, Ltd.	6,042,111		343,534
*	Fu Yu Corp., Ltd.	611,500		31,703
#*	Gallant Venture, Ltd.	3,872,000		917,027
	GK Goh Holdings, Ltd.	1,458,000		934,591
	Global Yellow Pages, Ltd.	299,000		20,525
#	GMG Global, Ltd.	15,662,000		1,726,277
	Goodpack, Ltd.	1,155,000		1,747,721
#	GP Batteries International, Ltd.	343,000		274,075
	GP Industries, Ltd.	2,643,209		865,526
*	Grand Banks Yachts, Ltd.	166,000		48,631
	GuocoLand, Ltd.	386,314		764,565
#	GuocoLeisure, Ltd.	2,829,000		1,532,122
	Guthrie GTS, Ltd.	975,000		531,829
	Hanwell Holdings, Ltd.	1,823,419		395,084
#*	Healthway Medical Corp., Ltd.	5,915,776		457,824
	HG Metal Manufacturing, Ltd.	426,000		29,354
*	Hiap Hoe, Ltd.	104,000		54,161
	Hiap Seng Engineering, Ltd.	612,000		154,023
#	Hi-P International, Ltd.	1,279,000		818,703
*	HLH Group, Ltd.	860,000		18,482
	Ho Bee Investment, Ltd.	1,277,000		2,015,094
*	Hong Fok Corp., Ltd.	3,323,640		1,585,940
*	Hong Fok Land, Ltd.	1,210,000		1,561
	Hong Leong Asia, Ltd.	591,000		821,006
	Hotel Grand Central, Ltd.	1,266,047		960,041
#	Hotel Properties, Ltd.	1,346,400		3,343,071
	Hour Glass, Ltd.	622,744		865,172
	HTL International Holdings, Ltd.	1,063,843		275,237
*	Huan Hsin Holdings, Ltd.	770,400		30,868
	HupSteel, Ltd.	1,572,875		242,918
	Hwa Hong Corp., Ltd.	2,186,000		621,361
#	Hyflux, Ltd.	3,141,500		3,324,606
	IFS Capital, Ltd.	248,080		82,609
#	Indofood Agri Resources, Ltd.	2,924,000		3,231,584
*	Innopac Holdings, Ltd.	2,303,000		145,506
	InnoTek, Ltd.	950,000		271,036
#*	Interra Resources, Ltd.	1,760,000		596,737
	IPC Corp., Ltd.	4,067,000		482,152
	Isetan (Singapore), Ltd.	122,500		496,658
*	Jaya Holdings, Ltd.	1,790,000		976,205
*	Jiutian Chemical Group, Ltd.	2,337,000		97,341
#*	Jurong Technologies Industrial Corp., Ltd.	2,227,680		—
	K1 Ventures, Ltd.	3,382,500		416,319
	Keppel Telecommunications & Transportation, Ltd.	1,409,600		1,586,279
	K-Green Trust, Ltd.	598,000		503,561
	Kian Ann Engineering, Ltd.	1,276,000		458,874
	Koh Brothers Group, Ltd.	1,312,000		303,324
	Lafe Corp., Ltd.	1,234,800		82,000
	LC Development, Ltd.	3,036,504		378,578
	Lee Kim Tah Holdings, Ltd.	1,600,000		1,047,887
*	Li Heng Chemical Fibre Technologies, Ltd.	2,053,000		217,980
	Lian Beng Group, Ltd.	1,265,000		423,565
	Lion Asiapac, Ltd.	142,000		21,407
	Low Keng Huat Singapore, Ltd.	246,000		118,700

15

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
SINGAPORE — (Continued)
	Lum Chang Holdings, Ltd.	1,042,030	$	274,875
	M1, Ltd.	1,239,000		2,755,552
*	Manhattan Resources, Ltd.	957,000		412,052
	Marco Polo Marine, Ltd.	608,000		192,691
	Memstar Technology, Ltd.	6,159,000		447,308
	Memtech International, Ltd.	1,222,000		70,594
#	Mercator Lines Singapore, Ltd.	555,000		58,471
*	Mermaid Maritime PCL (Foreign)	119,000		33,781
	Metro Holdings, Ltd.	2,085,792		1,415,480
*	Mewah International, Inc.	1,083,000		492,159
#	Midas Holdings, Ltd.	6,338,000		2,221,697
	Nam Cheong, Ltd.	3,450,740		759,159
	Nera Telecommunications, Ltd.	1,079,000		438,589
	New Toyo International Holdings, Ltd.	1,624,000		359,042
	NSL, Ltd.	422,000		495,947
*	Oceanus Group, Ltd.	8,780,000		241,366
#	OKP Holdings, Ltd.	207,000		86,963
	Orchard Parade Holdings, Ltd.	990,359		1,803,280
#	OSIM International, Ltd.	1,465,000		2,091,899
*	Ossia International, Ltd.	398,554		36,222
#*	Otto Marine, Ltd.	4,977,500		367,390
#	Overseas Union Enterprise, Ltd.	1,435,000		3,290,299
	Pan Pacific Hotels Group, Ltd.	1,669,500		3,194,245
	Pan-United Corp., Ltd.	2,006,000		1,284,287
*	Penguin International, Ltd.	400,000		23,912
	Petra Foods, Ltd.	831,000		2,344,267
	Popular Holdings, Ltd.	2,763,650		534,992
	QAF, Ltd.	1,121,151		708,415
	Qian Hu Corp., Ltd.	481,600		37,126
#*	Raffles Education Corp., Ltd.	3,708,710		1,045,088
	Raffles Medical Group, Ltd.	1,009,223		2,173,020
	Rickmers Maritime	53,000		15,086
	Rotary Engineering, Ltd.	1,196,600		440,345
	Roxy-Pacific Holdings, Ltd.	445,000		207,104
*	S I2I, Ltd.	14,461,000		263,142
	San Teh, Ltd.	999,087		245,365
*	Sapphire Corp., Ltd.	704,000		73,754
	SBS Transit, Ltd.	953,500		1,167,182
	SC Global Developments, Ltd.	566,000		850,751
	See Hup Seng, Ltd.	64,000		10,570
*	Seroja Investments, Ltd.	17,767		2,530
#*	Sheng Siong Group, Ltd.	724,000		316,532
	Sim Lian Group, Ltd.	2,281,855		1,433,043
	Sinarmas Land, Ltd.	4,095,000		1,108,360
	Sing Holdings, Ltd.	616,000		213,846
	Sing Investments & Finance, Ltd.	297,675		336,598
	Singapore Land, Ltd.	60,000		368,031
	Singapore Post, Ltd.	7,163,120		6,750,086
	Singapore Reinsurance Corp., Ltd.	1,514,530		321,727
	Singapore Shipping Corp., Ltd.	1,689,000		254,799
	Singapura Finance, Ltd.	174,062		216,506
*	Sinostar PEC Holdings, Ltd.	160,000		14,408
#	Sound Global, Ltd.	1,432,000		688,068
	Stamford Land Corp., Ltd.	2,938,000		1,393,180
	Straco Corp., Ltd.	130,000		28,235
	STX OSV Holdings, Ltd.	3,328,000		3,602,765
	Sunningdale Tech, Ltd.	2,398,000		249,987
#*	Sunvic Chemical Holdings, Ltd.	1,455,000		528,129
	Super Group, Ltd.	1,115,000		2,966,554
#*	Swiber Holdings, Ltd.	3,104,000		1,572,474
	Tat Hong Holdings, Ltd.	1,524,800		1,706,003

16

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
SINGAPORE — (Continued)
#	Technics Oil & Gas, Ltd.	1,028,000	$	887,778
	Thakral Corp., Ltd.	6,028,000		149,658
*	Tiger Airways Holdings, Ltd.	1,032,500		613,654
	Tiong Woon Corp. Holding, Ltd.	1,595,250		396,906
*	Transcu Group, Ltd.	4,936,000		44,448
	Trek 2000 International, Ltd.	714,000		141,410
#*	Triyards Holdings, Ltd.	348,900		212,787
	Tuan Sing Holdings, Ltd.	3,814,475		1,058,045
	UMS Holdings, Ltd.	1,178,000		403,916
#	United Engineers, Ltd.	1,062,014		2,950,050
#	United Envirotech, Ltd.	1,647,000		680,032
	United Industrial Corp., Ltd.	152,000		355,796
	United Overseas Insurance, Ltd.	187,250		590,910
	UOB-Kay Hian Holdings, Ltd.	1,657,400		2,215,353
#	UPP Holdings, Ltd.	1,212,000		384,193
	Venture Corp., Ltd.	934,000		6,192,648
	Vicom, Ltd.	120,000		481,706
#	WBL Corp., Ltd.	630,000		2,043,812
	Wee Hur Holdings, Ltd.	1,251,000		338,047
	Wheelock Properties, Ltd.	1,210,000		1,987,476
	Wing Tai Holdings, Ltd.	2,062,567		3,169,319
	Xpress Holdings, Ltd.	915,000		26,089
*	Yeo Hiap Seng, Ltd.	218,731		513,810
	YHI International, Ltd.	1,174,000		305,209
	Yoma Strategic Holdings, Ltd.	2,000		1,181
	Yongnam Holdings, Ltd.	4,701,000		926,634
TOTAL SINGAPORE				160,790,583
UNITED STATES — (0.0%)
	Biota Pharmaceuticals, Inc.	128,399		512,312
TOTAL COMMON STOCKS				1,046,670,335
RIGHTS/WARRANTS — (0.1%)
AUSTRALIA — (0.1%)
*	Centrebet International, Ltd. Litigation Rights	81,336		—
*	Engenco, Ltd. Rights 01/18/13	34,320		998
*	Yancoal Australia, Ltd. Contigent Value Rights	232,730		606,060
TOTAL AUSTRALIA				607,058
SINGAPORE — (0.0%)
*	Transcu Group, Ltd. Warrants 09/01/13	1,018,000		833
TOTAL RIGHTS/WARRANTS				607,891

17

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

		Shares/
		Face
		Amount
		(000)		Value†
SECURITIES LENDING COLLATERAL — (17.8%)
§@	DFA Short Term Investment Fund		19,619,706		227,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13 (Collateralized
	by U.S. Treasury Note 1.250%, 12/31/19, valued at $478,889) to be repurchased at
	$469,506	$	469		469,499
TOTAL SECURITIES LENDING COLLATERAL					227,469,499
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,183,937,607)^			$	1,274,747,725

____________________ 

^ The cost for federal income tax purposes is $1,187,263,252.

Summary of the Series’ investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in Securities (Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Australia		—	$	566,817,309	—	$	566,817,309
China		—		596,144	—		596,144
Hong Kong		—		242,898,245	—		242,898,245
New Zealand		—		75,055,742	—		75,055,742
Singapore		—		160,790,583	—		160,790,583
United States	$	512,312		—	—		512,312
Rights/Warrants
Australia		—		607,058	—		607,058
Singapore		—		833	—		833
Securities Lending Collateral		—		227,469,499	—		227,469,499
TOTAL	$	512,312	$	1,274,235,413	—	$	1,274,747,725

See accompanying Notes to Financial Statements.
18

THE UNITED KINGDOM SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2012
(Unaudited)

		Shares	Value††
COMMON STOCKS — (98.4%)
Consumer Discretionary — (25.3%)
	4imprint Group P.L.C.	96,735	$	556,879
	888 Holdings P.L.C.	508,610		994,467
	Aegis Group P.L.C.	3,314,004		12,742,312
	Aga Rangemaster Group P.L.C.	453,866		518,392
*	Barratt Developments P.L.C.	4,462,504		15,241,563
	Bellway P.L.C.	481,114		8,129,036
*	Berkeley Group Holdings P.L.C. (The)	552,256		15,887,402
#	Betfair Group P.L.C.	99,044		1,112,713
	Bloomsbury Publishing P.L.C.	274,284		519,560
	Bovis Homes Group P.L.C.	875,787		8,264,296
	Bwin.Party Digital Entertainment P.L.C.	2,344,508		4,266,369
*	Carpetright P.L.C.	172,241		1,935,711
	Centaur Media P.L.C.	556,967		416,194
	Chime Communications P.L.C.	250,604		939,853
	Cineworld Group P.L.C.	240,433		1,021,108
*	Clinton Cards P.L.C.	740,506		—
	Creston P.L.C.	22,394		28,822
	Daily Mail & General Trust P.L.C. Series A	1,312,593		11,869,696
	Darty P.L.C.	2,027,773		1,904,797
	Debenhams P.L.C.	5,756,729		10,747,804
	Dignity P.L.C.	218,423		3,877,511
#*	Dixons Retail P.L.C.	16,762,047		7,901,324
	Domino’s Pizza Group P.L.C.	467,183		3,813,787
	Dunelm Group P.L.C.	188,285		2,159,309
*	Enterprise Inns P.L.C.	2,192,595		3,693,570
	Euromoney Institutional Investor P.L.C.	295,537		4,189,720
	Fiberweb P.L.C.	548,009		615,544
*	Findel P.L.C.	4,998,346		760,012
*	Forminster P.L.C.	43,333		2,640
	French Connection Group P.L.C.	111,997		56,710
	Fuller Smith & Turner P.L.C. Series A	132,932		1,652,553
*	Future P.L.C.	1,301,863		383,629
	Games Workshop Group P.L.C.	101,889		1,110,594
	GKN P.L.C.	3,040,886		11,472,664
	Greene King P.L.C.	1,421,372		14,563,451
	Halfords Group P.L.C.	817,302		4,447,117
	Headlam Group P.L.C.	337,290		1,809,187
	Henry Boot P.L.C.	430,392		954,526
*	Hibu P.L.C.	2,244,209		11,900
*	HMV Group P.L.C.	467,359		14,691
#	Home Retail Group P.L.C.	3,162,895		6,599,674
#	Hornby P.L.C.	154,220		174,853
	Howden Joinery Group P.L.C.	2,574,989		7,338,230
	Huntsworth P.L.C.	854,940		567,278
	Inchcape P.L.C.	2,005,227		14,250,362
	Informa P.L.C.	2,578,346		19,007,774
	ITV P.L.C.	7,841,182		13,602,684
	JD Sports Fashion P.L.C.	120,013		1,336,845
	JD Wetherspoon P.L.C.	462,380		4,038,810
	John Menzies P.L.C.	244,534		2,571,346
*	Johnston Press P.L.C.	685,029		148,997
	Ladbrokes P.L.C.	3,736,209		12,133,007
	Laura Ashley Holdings P.L.C.	1,500,394		699,702
	Lookers P.L.C.	1,114,193		1,377,975
	Low & Bonar P.L.C.	852,013		736,789
*	M.J. Gleeson Group P.L.C.	195,875		566,570
	Marston’s P.L.C.	2,854,528		5,719,981
	Mecom Group P.L.C.	280,207		347,337

1

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Consumer Discretionary — (Continued)
	Millennium & Copthorne Hotels P.L.C.	1,048,561	$	8,692,678
*	Mitchells & Butlers P.L.C.	987,029		5,246,234
#	Mothercare P.L.C.	436,844		2,410,629
*	MWB Group Holdings P.L.C.	335,122		26,539
	N Brown Group P.L.C.	874,754		5,279,953
#*	Ocado Group P.L.C.	717,280		1,024,683
*	Pendragon P.L.C.	2,770,379		788,796
*	Perform Group PLC.	5,280		33,804
	Persimmon P.L.C.	1,429,557		18,765,322
	Photo-Me International P.L.C.	19,902		20,536
*	Punch Taverns P.L.C.	2,380,301		309,970
	Rank Group P.L.C.	7,233		17,047
*	Redrow P.L.C.	1,498,271		4,137,404
	Restaurant Group P.L.C.	794,689		5,042,636
	Rightmove P.L.C.	400,392		9,413,122
	Smiths News P.L.C.	827,397		2,159,998
	Spirit Pub Co. P.L.C.	2,555,512		2,692,748
*	Sportech P.L.C.	361,100		411,459
	Sportingbet P.L.C.	983,711		859,175
*	Sports Direct International P.L.C.	712,343		4,507,004
*	SuperGroup P.L.C.	134,907		1,242,483
	Taylor Wimpey P.L.C.	14,719,590		15,966,141
	Ted Baker P.L.C.	147,009		2,641,179
#*	Thomas Cook Group P.L.C.	3,644,362		2,891,029
	Topps Tiles P.L.C.	810,881		674,841
*	Torotrak P.L.C.	45,292		19,497
*	Trinity Mirror P.L.C.	1,688,565		2,570,366
	TUI Travel P.L.C.	1,536,840		7,131,366
	UBM P.L.C.	1,008,603		11,928,181
	UTV Media P.L.C.	230,855		455,437
	Vitec Group P.L.C. (The)	160,973		1,658,187
	WH Smith P.LC	620,413		6,790,066
	Whitbread P.L.C.	32,528		1,307,128
	William Hill P.L.C.	3,062,912		17,452,032
	Wilmington Group P.L.C.	346,234		874,392
	Young & Co.’s Brewery P.L.C. Non-Voting Shares	26,250		248,246
Total Consumer Discretionary				397,495,935
Consumer Staples — (3.9%)
#	A.G. Barr P.L.C.	424,100		3,431,601
	Anglo-Eastern Plantations P.L.C.	108,153		1,199,688
	Booker Group P.L.C.	5,764,474		9,198,913
	Britvic P.L.C.	961,388		6,406,991
	Cranswick P.L.C.	228,043		3,155,416
	Dairy Crest Group P.L.C.	648,891		4,111,110
	Devro P.L.C.	710,417		3,580,883
*	European Home Retail P.L.C.	109,256		—
	Greencore Group P.L.C.	1,723,906		2,870,122
	Greggs P.L.C.	479,826		3,579,395
	Hilton Food Group, Ltd.	14,353		63,833
*	McBride P.L.C.	832,651		1,817,175
*	Premier Foods P.L.C.	862,890		1,594,346
#	PZ Cussons P.L.C.	1,287,639		8,033,171
	R.E.A. Holdings P.L.C.	50,639		349,233
	Tate & Lyle P.L.C.	961,931		11,901,264
*	Thorntons P.L.C.	179,394		115,606
Total Consumer Staples				61,408,747
Energy — (4.7%)
*	Afren P.L.C.	4,970,604		10,786,217
	Anglo Pacific Group P.L.C.	438,805		1,943,584

2

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Energy — (Continued)
*	Cadogan Petroleum P.L.C.	31,888	$	7,588
*	Cairn Energy P.L.C.	1,599,981		6,986,830
*	Coalfield Resources P.L.C.	1,156,778		125,517
*	EnQuest P.L.C.	2,767,503		5,458,118
#*	Essar Energy P.L.C.	647,978		1,274,062
*	Exillon Energy P.L.C.	185,748		518,866
	Fortune Oil P.L.C.	6,170,225		1,065,415
*	Hardy Oil & Gas P.L.C.	74,781		108,929
*	Heritage Oil P.L.C.	653,846		2,046,065
	Hunting P.L.C.	541,277		7,035,443
	James Fisher & Sons P.L.C.	178,893		2,364,546
#*	JKX Oil & Gas P.L.C.	456,676		579,340
	John Wood Group P.L.C.	1,017,921		12,168,833
#	Lamprell P.L.C.	636,126		971,796
*	Petroceltic International P.L.C.	2,090,535		239,121
*	Premier Oil P.L.C.	1,957,535		10,832,039
*	Salamander Energy P.L.C.	976,320		3,022,975
*	Soco International P.L.C.	970,105		5,704,630
Total Energy				73,239,914
Financials — (14.0%)
	Aberdeen Asset Management P.L.C.	2,429,928		14,621,957
	Admiral Group P.L.C.	41,232		785,414
	Amlin P.L.C.	2,286,869		14,216,783
	Ashmore Group P.L.C.	1,151,468		6,799,315
	Beazley P.L.C.	2,327,584		6,775,515
	Brewin Dolphin Holdings P.L.C.	1,096,652		3,715,680
	Capital & Counties Properties P.L.C.	472,683		1,875,312
*	Capital & Regional P.L.C.	1,493,345		682,449
	Catlin Group, Ltd.	1,602,895		13,188,147
#	Charles Stanley Group P.L.C.	126,349		617,022
	Charles Taylor P.L.C.	139,215		386,672
	Chesnara P.L.C.	370,991		1,180,797
	Close Brothers Group P.L.C.	640,426		8,993,879
	Daejan Holdings P.L.C.	32,083		1,610,422
	Development Securities P.L.C.	495,640		1,163,660
	F&C Asset Management P.L.C.	2,141,878		3,575,879
	Hansard Global P.L.C.	16,468		26,053
	Hargreaves Lansdown P.L.C.	734,280		8,212,544
	Helical Bar P.L.C.	660,484		2,478,761
	Henderson Group P.L.C.	4,181,650		9,105,305
	Hiscox, Ltd.	1,723,417		12,830,271
	ICAP P.L.C.	1,805,106		9,127,827
	IG Group Holdings P.L.C.	1,498,282		11,027,035
*	Industrial & Commercial Holdings P.L.C.	5,000		122
	Intermediate Capital Group P.L.C.	572,350		2,988,273
	International Personal Finance P.L.C.	690,825		4,237,550
#*	IP Group P.L.C.	851,769		1,677,330
	Jardine Lloyd Thompson Group P.L.C.	518,004		6,708,355
	Jupiter Fund Management P.L.C.	665,490		3,046,019
	Lancashire Holdings, Ltd.	696,049		8,862,349
*	Liontrust Asset Management P.L.C.	129,935		248,554
	London Stock Exchange Group P.L.C.	579,642		10,339,771
	LSL Property Services P.L.C.	154,365		652,307
*	Man Group P.L.C.	5,068,910		6,952,032
	Novae Group P.L.C.	222,253		1,440,310
	Phoenix Group Holdings P.L.C.	130,444		1,165,862
	Provident Financial P.L.C.	488,993		10,902,069
*	Puma Brandenburg, Ltd. Class A	1,193,004		94,471
*	Puma Brandenburg, Ltd. Class B	1,193,004		39,362
*	Quintain Estates & Development P.L.C.	1,703,830		1,485,036

3

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Financials — (Continued)
	Rathbone Brothers P.L.C.	165,692	$	3,500,487
*	Raven Russia, Ltd.	313,889		324,362
	S&U P.L.C.	21,140		311,821
	Safestore Holdings P.L.C.	629,617		1,102,556
	Savills P.L.C.	581,131		4,473,032
	Shore Capital Group, Ltd.	846,652		240,986
	St. James’s Place P.L.C.	846,493		5,852,195
	St. Modwen Properties P.L.C.	686,837		2,573,180
	Tullett Prebon P.L.C.	1,003,860		4,182,626
	Unite Group P.L.C.	770,842		3,494,037
*	Waterloo Investment Holdings, Ltd.	5,979		680
Total Financials				219,892,433
Health Care — (2.0%)
#*	Alizyme P.L.C.	660,805		—
	Assura Group, Ltd.	72,977		39,717
	Bioquell P.L.C.	90,893		229,378
*	BTG P.L.C.	1,273,722		6,969,625
	Consort Medical P.L.C.	119,338		1,503,825
*	Corin Group P.L.C.	126,637		144,355
	Dechra Pharmaceuticals P.L.C.	344,360		3,375,432
	Genus P.L.C.	252,093		5,733,068
	Hikma Pharmaceuticals P.L.C.	590,810		7,365,114
*	Optos P.L.C.	78,266		215,335
*	Oxford Biomedica P.L.C.	2,821,652		107,256
*	Renovo Group P.L.C.	87,461		24,120
*	Southern Cross Healthcare Group P.L.C.	191,826		—
	Synergy Health P.L.C.	223,092		3,957,553
	United Drug P.L.C.	18,590		84,134
*	Vectura Group P.L.C.	1,514,341		2,075,213
*	Vernalis P.L.C.	19,974		7,422
Total Health Care				31,831,547
Industrials — (27.5%)
#	Air Partner P.L.C.	37,086		180,930
	Alumasc Group P.L.C.	124,366		177,442
	Ashtead Group P.L.C.	2,502,187		17,599,038
	Avon Rubber P.L.C.	33,937		205,310
	Babcock International Group P.L.C.	1,275,250		20,129,952
	Balfour Beatty P.L.C.	3,154,154		14,196,734
	BBA Aviation P.L.C.	2,792,163		10,189,335
	Berendsen P.L.C.	773,744		7,524,596
	Bodycote P.L.C.	1,253,236		9,371,205
	Braemar Shipping Services P.L.C.	81,108		510,619
	Brammer P.L.C.	245,955		1,259,559
	Bunzl P.L.C.	138,009		2,284,300
	Camellia P.L.C.	2,481		399,967
	Cape P.L.C.	432,603		1,491,636
	Carillion P.L.C.	1,787,034		9,311,902
	Carr’s Milling Industries P.L.C.	35,330		614,788
	Castings P.L.C.	162,757		842,438
	Chemring Group P.L.C.	783,476		2,944,640
	Clarkson P.L.C.	61,518		1,200,172
	Cobham P.L.C.	4,694,331		17,057,097
	Communisis P.L.C.	591,619		370,203
#	Costain Group P.L.C.	157,259		653,253
	De La Rue P.L.C.	436,203		6,487,315
	easyJet P.L.C.	692,439		8,709,386
*	Eleco P.L.C.	80,000		9,737
	Fenner P.L.C.	720,665		4,696,299
	Firstgroup P.L.C.	1,902,231		6,566,912

4

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Industrials — (Continued)
	Galliford Try P.L.C.	265,338	$	3,238,330
	Go-Ahead Group P.L.C.	187,428		3,929,953
*	Hampson Industries P.L.C.	110,209		—
	Harvey Nash Group P.L.C.	14,285		14,591
	Hays P.L.C.	5,445,665		7,405,965
	Hogg Robinson Group P.L.C.	250,887		210,173
	Homeserve P.L.C.	1,255,219		4,823,612
	Hyder Consulting P.L.C.	171,856		1,137,429
	IMI P.L.C.	927,419		16,785,683
	Interserve P.L.C.	576,831		3,679,724
	Intertek Group P.L.C.	341,821		17,363,466
	Invensys P.L.C.	3,349,956		17,927,541
	ITE Group P.L.C.	1,059,501		4,272,400
	Keller Group P.L.C.	283,837		3,224,016
	Kier Group P.L.C.	168,347		3,656,229
	Latchways P.L.C.	36,248		590,281
	Lavendon Group P.L.C.	519,855		1,170,571
	Management Consulting Group P.L.C.	1,290,496		456,329
	Mears Group P.L.C.	285,789		1,526,377
	Meggitt P.L.C.	2,407,994		15,078,335
*	Melrose Industries P.L.C.	4,640,545		17,257,132
	Michael Page International P.L.C.	1,310,832		8,568,298
	Mitie Group P.L.C.	1,526,552		6,562,252
	Morgan Crucible Co. P.L.C.	1,316,331		5,896,531
	Morgan Sindall Group P.L.C.	170,811		1,428,157
	National Express Group P.L.C.	1,736,783		5,819,583
	Northgate P.L.C.	524,702		2,670,975
	PayPoint P.L.C.	134,390		1,806,409
	Porvair P.L.C.	146,460		371,445
	Qinetiq Group P.L.C.	3,030,205		9,109,069
	Regus P.L.C.	3,337,697		5,984,714
*	Renold P.L.C.	89,220		33,361
	Rentokil Initial P.L.C.	6,497,265		10,244,207
	Ricardo P.L.C.	218,157		1,332,955
*	Richmond Oil & Gas P.L.C.	220,000		—
	Robert Walters P.L.C.	387,999		1,209,536
	Rotork P.L.C.	359,430		15,003,933
	RPS Group P.L.C.	935,257		3,233,417
	Senior P.L.C.	1,849,203		6,053,487
*	Serco Group P.L.C.	12,121		106,177
	Severfield-Rowen P.L.C.	371,550		590,559
	Shanks Group P.L.C.	1,806,619		2,602,749
	SIG P.L.C.	2,504,043		4,965,921
	Speedy Hire P.L.C.	1,471,138		927,271
	Spirax-Sarco Engineering P.L.C.	320,648		12,006,251
	St. Ives Group P.L.C.	665,998		1,104,714
	Stagecoach Group P.L.C.	1,877,233		9,463,930
	Sthree P.L.C.	353,790		1,938,014
#	T. Clarke P.L.C.	147,457		129,036
	Tarsus Group P.L.C.	212,076		638,349
	Travis Perkins P.L.C.	935,651		16,765,081
	Tribal Group P.L.C.	139,275		238,044
	Trifast P.L.C.	359,985		293,076
	UK Mail Group P.L.C.	197,261		951,309
	Ultra Electronics Holdings P.L.C.	285,303		7,774,271
	Vesuvius P.L.C.	1,218,370		6,848,001
#	Volex P.L.C.	229,354		348,399
	Vp P.L.C.	167,297		930,318
*	Wincanton P.L.C.	462,355		530,665
	WS Atkins P.L.C.	501,683		6,251,681

5

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Industrials — (Continued)
#	XP Power, Ltd.	73,546	$	1,216,907
Total Industrials				430,681,954
Information Technology — (8.9%)
	Acal P.L.C.	104,729		329,316
	Anite P.L.C.	1,253,216		2,916,657
	Aveva Group P.L.C.	275,710		9,894,010
	Computacenter P.L.C.	460,793		3,220,874
	CSR P.L.C.	868,517		4,743,425
	Dialight P.L.C.	117,423		2,030,092
	Diploma P.L.C.	505,533		4,568,584
	Domino Printing Sciences P.L.C.	475,431		4,530,948
	E2V Technologies P.L.C.	415,037		826,648
	Electrocomponents P.L.C.	1,877,117		7,312,808
	Fidessa Group P.L.C.	138,383		3,442,735
	Halma P.L.C.	1,549,740		11,661,623
*	Imagination Technologies Group P.L.C.	857,819		5,594,562
*	Innovation Group P.L.C.	3,662,929		1,436,073
*	Kofax P.L.C.	318,110		1,531,838
	Laird P.L.C.	1,156,529		3,909,966
	Micro Focus International P.L.C.	573,743		5,478,684
	Moneysupermarket.com Group P.L.C.	628,190		1,610,621
	NCC Group P.L.C.	107,994		271,732
	Oxford Instruments P.L.C.	226,537		5,294,936
	Pace P.L.C.	1,356,764		4,140,946
	Phoenix IT Group, Ltd.	204,614		615,233
	Premier Farnell P.L.C.	1,467,203		4,673,981
*	PV Crystalox Solar P.L.C.	384,786		71,910
	Renishaw P.L.C.	188,423		6,397,291
	RM P.L.C.	363,499		470,228
	SDL P.L.C.	347,207		2,900,207
	Sepura P.L.C.	16,237		24,991
	Spectris P.L.C.	515,234		17,387,534
	Spirent Communications P.L.C.	2,633,737		6,549,888
	Telecity Group P.L.C.	749,168		9,675,125
	TT electronics P.L.C.	643,621		1,524,852
	Vislink P.L.C.	274,226		112,828
*	Wolfson Microelectronics P.L.C.	504,759		1,627,957
	Xaar P.L.C.	252,455		1,150,082
*	Xchanging P.L.C.	1,100,065		2,236,145
Total Information Technology				140,165,330
Materials — (7.6%)
	African Barrick Gold P.L.C.	361,989		2,620,742
*	Alent P.L.C.	1,218,370		6,111,742
	AZ Electronic Materials SA	371,802		2,139,184
	British Polythene Industries P.L.C.	119,701		767,273
	Carclo P.L.C.	219,174		1,434,590
*	Centamin P.L.C.	3,531,782		2,301,905
	Croda International P.L.C.	481,499		18,819,504
	DS Smith P.L.C.	4,475,611		15,087,030
	Elementis P.L.C.	1,966,934		7,510,272
	Ferrexpo P.L.C.	888,830		3,732,018
	Filtrona P.L.C.	802,884		7,220,784
*	Gem Diamonds, Ltd.	431,630		1,022,347
	Hill & Smith Holdings P.L.C.	314,263		2,038,919
#	Hochschild Mining P.L.C.	657,160		5,208,087
*	International Ferro Metals, Ltd.	423,652		68,413
#	Lonmin P.L.C.	1,199,172		5,675,307
	Marshalls P.L.C.	725,204		1,147,799
	Mondi P.L.C.	1,222,048		13,488,960

6

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
Materials — (Continued)
	New World Resources P.L.C. Series A	132,319	$	740,184
*	Petra Diamonds, Ltd.	362,381		666,871
	Petropavlovsk P.L.C.	646,643		3,853,039
	RPC Group P.L.C.	707,796		4,586,372
	Synthomer P.L.C.	964,922		2,970,410
#*	Talvivaara Mining Co. P.L.C.	418,283		704,590
	Victrex P.L.C.	340,523		9,075,632
	Zotefoams P.L.C.	96,852		317,156
Total Materials				119,309,130
Telecommunication Services — (2.2%)
	Cable & Wireless Communications P.L.C.	9,968,902		5,759,569
*	Colt Group SA	1,298,816		2,095,314
	Inmarsat P.L.C.	1,703,509		16,420,227
	Kcom Group P.L.C.	2,643,350		3,166,037
	TalkTalk Telecom Group P.L.C.	1,806,489		6,900,844
Total Telecommunication Services				34,341,991
Utilities — (2.3%)
	Dee Valley Group P.L.C.	12,109		263,878
	Drax Group P.L.C.	1,704,791		15,262,234
	Pennon Group P.L.C.	1,587,350		16,202,637
	Telecom Plus P.L.C.	262,681		3,951,883
Total Utilities				35,680,632
TOTAL COMMON STOCKS				1,544,047,613
PREFERRED STOCKS — (0.0%)
Consumer Staples — (0.0%)
	R.E.A. Holdings P.L.C.	8,452		15,181
RIGHTS/WARRANTS — (0.0%)
*	SFI Holdings, Ltd. Litigation Certificate	26,713		—

7

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

		Shares/
		Face
		Amount
		(000)		Value†
SECURITIES LENDING COLLATERAL — (1.6%)
§@	DFA Short Term Investment Fund		2,074,330		24,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13 (Collateralized
	by U.S. Treasury Note 1.250%, 12/31/19, valued at $1,066,021) to be repurchased at
	$1,045,133	$	1,045		1,045,118
TOTAL SECURITIES LENDING COLLATERAL					25,045,118
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,207,835,889)^			$	1,569,107,912

____________________

^     The cost for federal income tax purposes is $1,212,427,564.

Summary of the Series’ investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in Securities (Market Value)
	Level 1	Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	—	$	397,495,935	—	$	397,495,935
Consumer Staples	—		61,408,747	—		61,408,747
Energy	—		73,239,914	—		73,239,914
Financials	—		219,892,433	—		219,892,433
Health Care	—		31,831,547	—		31,831,547
Industrials	—		430,681,954	—		430,681,954
Information Technology	—		140,165,330	—		140,165,330
Materials	—		119,309,130	—		119,309,130
Telecommunication Services	—		34,341,991	—		34,341,991
Utilities	—		35,680,632	—		35,680,632
Preferred Stocks
Consumer Staples	—		15,181	—		15,181
Rights/Warrants	—		—	—		—
Securities Lending Collateral	—		25,045,118	—		25,045,118
TOTAL	—	$	1,569,107,912	—	$	1,569,107,912

See accompanying Notes to Financial Statements.
8

THE CONTINENTAL SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2012
(Unaudited)

			Shares	Value††
COMMON STOCKS — (88.5%)
AUSTRIA — (2.3%)
		Agrana Beteiligungs AG	17,322	$	2,234,692
	#*	AMAG Austria Metall AG	16,102		491,592
	*	A-TEC Industries AG	21,828		—
		Atrium European Real Estate, Ltd.	614,001		3,613,391
		Austria Email AG	715		8,494
		Austria Technologie & Systemtechnik AG	42,211		450,696
		BKS Bank AG	3,120		71,212
		CA Immobilien Anlagen AG	163,483		2,270,003
		DO & CO AG	3,018		134,304
	*	EAG-Beteiligungs AG	1,160		770
	#	EVN AG	147,938		2,307,280
		Flughafen Wien AG	45,527		2,599,119
		Frauenthal Holding AG	4,212		48,966
	#*	Intercell AG	254,689		611,931
		Josef Manner & Co. AG	870		58,004
	#	Kapsch TrafficCom AG	22,171		1,389,585
	#	Lenzing AG	50,516		4,541,786
	#	Mayr-Melnhof Karton AG	44,618		4,765,140
		Oberbank AG	37,973		2,406,133
	#	Oesterreichischen Post AG	149,011		6,144,161
		Palfinger AG	55,587		1,207,421
	#	Polytec Holding AG	79,815		625,226
		RHI AG	113,647		3,742,362
		Rosenbauer International AG	13,895		843,264
	#	S IMMO AG	230,283		1,464,336
	*	S&T AG	8,182		24,843
		Schoeller-Bleckmann Oilfield Equipment AG	51,519		5,398,695
		Semperit Holding AG	48,121		1,989,906
		Strabag SE	102,680		2,773,874
	*	Telekom Austria AG	50,320		382,093
		UBM Realitaetenentwicklung AG	2,880		51,320
	#*	Uniqa Versicherungen AG	248,568		3,228,797
	#	Wienerberger AG	507,174		4,669,161
	#	Wolford AG	11,252		371,559
		Zumtobel AG	128,443		1,703,336
TOTAL AUSTRIA					62,623,452
BELGIUM — (3.1%)
	#*	Ablynx NV	88,257		681,518
		Ackermans & van Haaren NV	118,073		9,747,544
	*	Agfa-Gevaert NV	777,925		1,359,274
		Arseus NV	94,298		1,924,327
		Atenor Group NV	4,859		206,397
		Banque Nationale de Belgique	955		3,038,867
		Barco NV	58,733		4,252,215
	#	Bekaert NV	136,903		3,986,906
		Co.Br.Ha Societe Commerciale de Brasserie SA	115		251,724
		Compagnie d’Entreprises SA	41,428		2,394,430
	*	Compagnie du Bois Sauvage SA	87		2
		Compagnie Immobiliere de Belgique SA	10,604		395,903
		Compagnie Maritime Belge SA	66,098		1,252,687
	#*	Deceuninck NV	298,827		462,591
		D’ieteren SA NV	129,060		5,163,303
		Duvel Moorgat SA	8,799		1,096,779
		Econocom Group	265,744		2,018,145
		Elia System Operator SA	131,112		5,910,080
	*	Euronav SA	88,337		535,589
		EVS Broadcast Equipment SA	56,205		3,304,764

1

The Continental Small Company Series
continued

			Shares	Value††
BELGIUM — (Continued)
		Exmar NV	132,340	$	1,353,247
		Floridienne SA	2,033		252,175
	*	Galapagos NV	99,665		2,096,821
		Gimv NV	13,215		661,637
		Hamon SA	4,148		64,544
		Image Recognition Integrated Systems (I.R.I.S.) SA	6,284		352,659
	*	Ion Beam Applications SA	88,290		642,287
		Jensen-Group NV	12,030		184,978
		Kinepolis Group NV	19,582		2,121,442
		Lotus Bakeries NV	1,361		992,651
		Melexis NV	93,665		1,585,353
		Mobistar SA	86,524		2,224,109
		Nyrstar NV	616,535		3,703,783
	#*	Picanol NV	18,470		454,578
	*	RealDolmen NV (5529094)	120		17
	*	RealDolmen NV (B3M0622)	7,555		163,383
		Recticel SA	88,220		616,202
		Resilux SA	4,095		290,442
	*	RHJ International	1,383		7,312
		Rosier SA	655		189,074
		Roularta Media Group NV	8,707		118,438
		SAPEC SA	3,377		224,277
		Sioen Industries NV	52,140		454,115
		Sipef NV	29,621		2,290,747
		Softimat SA	22,765		101,363
		Telenet Group Holding NV	606		28,650
		Ter Beke NV	2,260		144,415
		Tessenderlo Chemie NV	125,636		4,150,105
	#*	ThromboGenics NV	152,765		8,502,868
		Van de Velde NV	33,273		1,495,362
TOTAL BELGIUM					83,450,079
DENMARK — (3.3%)
		Alk-Abello A.S.	28,709		1,980,066
	*	Alm. Brand A.S.	484,611		1,206,093
	*	Amagerbanken A.S.	647,900		—
		Ambu A.S. Series B	27,124		767,470
	*	Arkil Holdings A.S. Series B	504		35,480
	*	Auriga Industries A.S. Series B	96,829		1,501,696
	#*	Bang & Olufsen Holdings A.S.	151,427		1,819,096
	*	BankNordik A.S.	292		3,952
	#*	Bavarian Nordic A.S.	102,093		902,842
		BoConcept Holding A.S.	5,650		105,644
	#	Brodrene Hartmann A.S. Series B	11,730		229,816
	*	Brondbyernes IF Fodbold A.S. Series B	12,915		28,861
		D/S Norden A.S.	110,869		3,214,246
	*	Dalhoff Larsen & Horneman A.S.	853		594
		DFDS A.S.	18,568		837,624
	*	Djursland Bank A.S.	8,970		215,688
		East Asiatic Co., Ltd. A.S.	55,571		940,715
		F.E. Bording A.S.	576		67,258
		Fluegger A.S. Series B	4,198		240,627
	*	Genmab A.S.	180,420		2,488,662
		GN Store Nord A.S.	812,990		11,815,174
	*	GPV Industri A.S. Series B	2,200		11,677
	#*	Greentech Energy Systems A.S.	8,355		14,916
		Gronlandsbanken A.S.	768		76,921
	*	H&H International A.S. Series B	18,111		83,677
		Harboes Bryggeri A.S.	12,252		179,137
	*	Hojgaard Holding A.S. Series B	2,727		37,986
		IC Companys A.S.	35,278		841,951

2

The Continental Small Company Series
continued

			Shares	Value††
DENMARK — (Continued)
	*	Incentive A.S.	3,575	$	11,701
		Jeudan A.S.	4,620		355,999
	*	Jyske Bank A.S.	235,393		6,568,363
		Lan & Spar Bank A.S.	5,150		250,645
	*	Lastas A.S. Series B	9,839		24,544
	*	Lollands Bank A.S.	209		4,035
	*	Mols-Linien A.S.	23,028		57,468
	*	NeuroSearch A.S.	30,030		19,879
		NKT Holding A.S.	95,298		3,445,061
		Nordjyske Bank A.S.	17,600		259,192
		Norresundby Bank A.S.	7,350		195,675
		North Media A.S.	36,665		111,269
	*	Ostjydsk Bank A.S.	3,305		133,011
	#	Pandora A.S.	236,869		5,255,228
	#*	Parken Sport & Entertainment A.S.	33,556		370,836
		Per Aarsleff A.S. Series B	7,235		537,748
		Ringkjoebing Landbobank A.S.	18,121		2,464,459
		Roblon A.S. Series B	540		85,091
		Rockwool International A.S. Series B	29,056		3,266,629
		Royal Unibrew A.S.	45,850		4,001,631
	*	Salling Bank A.S.	384		11,613
		Schouw & Co. A.S.	74,017		1,952,136
		SimCorp A.S.	19,486		4,347,259
	*	Skjern Bank A.S.	2,474		10,505
	#	Solar Holdings A.S. Series B	22,896		1,048,474
	*	Spar Nord Bank A.S.	290,284		1,326,917
	*	Sparekassen Faaborg A.S.	1,972		57,477
	*	Sydbank A.S.	309,693		5,489,952
		Tivoli A.S.	969		501,487
	#*	TK Development A.S.	153,640		291,219
	*	Topdanmark A.S.	53,386		11,470,339
	*	TopoTarget A.S.	332,263		125,746
	*	Topsil Semiconductor Materials A.S.	194,350		13,085
	*	Torm A.S.	116,264		35,685
		United International Enterprises A.S.	6,811		1,169,766
	#*	Vestas Wind Systems A.S.	588,304		3,329,114
	*	Vestjysk Bank A.S.	29,541		67,943
	*	Zealand Pharma A.S.	21,826		326,022
TOTAL DENMARK					88,641,072
FINLAND — (6.1%)
		Ahlstrom Oyj	30,908		542,002
		Aktia Oyj Series A	14,830		113,538
	#	Alma Media Oyj	277,852		1,673,631
		Amer Sports Oyj	495,357		7,381,906
		Aspo Oyj	83,192		702,182
		Atria P.L.C.	23,261		192,732
	*	Bank of Aland P.L.C. Series B	22,078		205,950
		BasWare Oyj	34,550		924,487
	*	Biotie Therapies Corp. Oyj	924,173		497,971
	#	Cargotec Oyj Series B	137,187		3,651,542
		Citycon Oyj	982,759		3,339,491
	*	Componenta Oyj	34,813		88,936
		Comptel P.L.C.	337,600		177,434
		Cramo Oyj	148,755		1,564,863
		Digia P.L.C.	48,912		168,557
		Efore Oyj	60,233		54,239
	*	Elcoteq SE	3,041		—
	*	Elektrobit Corp. Oyj	16,849		14,533
		Elisa Oyj	432,751		9,594,021
		eQ P.L.C.	67,120		178,470

3

The Continental Small Company Series
continued

			Shares	Value††
FINLAND — (Continued)
		Etteplan Oyj	57,413	$	203,528
	*	Finnair Oyj	299,812		940,532
	*	Finnlines Oyj	124,906		1,290,603
		Fiskars Oyj Abp	188,091		4,146,204
		F-Secure Oyj	463,536		950,280
	*	GeoSentric Oyj	244,900		3,233
	*	Glaston Oyj Abp	53,612		18,526
		HKScan Oyj Series A	103,320		493,525
		Huhtamaki Oyj	373,956		6,066,963
		Ilkka-Yhtyma Oyj	61,503		393,188
	#	KCI Konecranes Oyj	245,559		8,379,975
		Kemira Oyj	459,125		7,210,335
	#	Kesko Oyj Series B	262,415		8,615,126
		Laennen Tehtaat Oyj	18,920		358,705
		Lassila & Tikanoja Oyj	137,644		2,121,612
	#	Lemminkainen Oyj	22,983		434,856
	#*	Mesta Board Oyj	1,549,706		4,565,924
	*	Neo Industrial Oyj	14,567		33,716
	#	Neste Oil Oyj	491,349		6,369,964
		Okmetic Oyj	54,991		363,848
		Olvi Oyj Series A	63,465		1,646,312
		Oriola-KD Oyj Series A	5,045		15,150
		Oriola-KD Oyj Series B	450,616		1,325,593
		Orion Oyj Series A	130,940		3,816,156
		Orion Oyj Series B	384,369		11,317,002
	#*	Outokumpu Oyj	3,488,317		3,703,283
	#	Outotec Oyj	163,942		9,262,125
		PKC Group Oyj	73,207		1,505,851
		Pohjola Bank P.L.C. Series A	238,995		3,578,637
		Ponsse Oyj	25,697		201,825
		Poyry Oyj	187,165		728,338
		Raisio P.L.C. Series V	541,284		2,206,710
		Ramirent Oyj	314,761		2,611,769
		Rapala VMC Oyj	113,258		727,942
	#	Rautaruukki Oyj Series K	381,885		3,021,568
		Raute Oyj Series A	9,858		117,625
	*	Ruukki Group Oyj	604,909		360,392
		Saga Furs Oyj	11,244		397,333
	#	Sanoma Oyj	328,616		3,229,155
	*	Scanfil P.L.C.	123,479		134,728
		Sievi Capital P.L.C.	123,479		148,574
		SRV Group P.L.C.	7,277		31,363
		Stockmann Oyj Abp Series A	43,914		816,316
	#	Stockmann Oyj Abp Series B	133,517		2,398,220
	#*	Stonesoft Oyj	105,479		195,028
		Technopolis Oyj	301,916		1,507,971
		Teleste Oyj	53,559		296,594
	#	Tieto Oyj	291,983		5,769,068
	#	Tikkurila Oyj	168,347		3,288,171
	#	Uponor Oyj Series A	241,740		3,088,781
	#	Vacon Oyj	45,416		2,411,705
		Vaisala Oyj Series A	39,132		825,412
		Viking Line Abp	10,366		233,719
	#	Yit Oyj	479,016		9,429,198
TOTAL FINLAND					164,374,742
FRANCE — (9.7%)
		ABC Arbitrage SA	22,399		170,857
	*	Air France-KLM	722,730		6,795,003
		Akka Technologies SA	18,624		591,049
	#*	Alcatel-Lucent SA	7,392,628		10,026,896

4

The Continental Small Company Series
continued

			Shares	Value††
FRANCE — (Continued)
		Ales Groupe SA	27,710	$	523,535
		Altamir Amboise SA	81,618		798,765
		Alten SA	80,247		2,773,929
	*	Altran Technologies SA	676,432		5,217,950
		April SA	74,171		1,481,910
	#*	Archos SA	75,094		361,649
		Arkema SA	27,360		2,872,778
	*	Artprice.com SA	4,948		203,688
		Assystem	56,773		1,119,231
	*	Atari SA	70,771		81,398
		AtoS SA	9,347		653,806
		Aubay SA	10,285		69,052
	#	Audika Groupe SA	21,251		234,312
		Aurea SA	3,637		22,090
	*	Avenir Telecom SA	5,460		3,294
		Axway Software SA	22,982		409,873
	*	Baccarat SA	377		83,673
	#	Beneteau SA	179,820		1,962,540
	*	Bigben Interactive SA	13,573		150,355
	#*	BioAlliance Pharma SA	31,348		198,517
		Boiron SA	29,090		1,000,708
		Boizel Chanoine Champagne SA	7,266		312,701
		Bonduelle SCA	17,768		1,673,861
		Bongrain SA	34,266		2,072,963
	#	Bourbon SA	187,047		5,210,016
	*	Boursorama SA	69,079		456,300
	*	Bull SA	351,752		1,447,410
	#	Burelle SA	3,866		932,148
		Cafom SA	2,929		12,971
		Catering International Services SA	4,484		150,347
	#*	Cegedim SA	16,591		406,234
		Cegid Group	17,915		359,031
		Cie des Alpes	6,721		127,961
		Ciments Francais SA	10,266		599,415
	*	Club Mediterranee SA	88,951		1,578,973
		Compagnie Industrielle et Financiere D’Entreprises SA	1,200		71,341
		Damartex SA	20,486		338,891
		Derichebourg SA	548,515		2,317,185
		Devoteam SA	24,812		311,614
	*	Dynaction SA	4,032		36,750
		Eiffage SA	161,428		7,232,988
		Electricite de Strasbourg SA	21,886		2,615,366
	#*	Eramet SA	13		1,927
		Esso SA Francaise	9,436		671,735
		Establissements Maurel et Prom SA	346,748		5,844,549
	*	Etam Developpement SA	1,949		42,638
		Euler Hermes SA	52,633		4,557,962
	#*	Euro Disney SCA	138,383		946,944
		Eurofins Scientific SA	27,293		4,439,674
		Exel Industries SA Series A	10,680		534,284
		Faiveley Transport SA	26,671		1,700,207
		Faurecia SA	156,393		2,456,154
		Fimalac SA	31,490		1,459,956
		Fleury Michon SA	4,694		242,462
	*	GameLoft SE	233,869		1,644,241
	*	Gascogne SA	6,907		48,845
		Gaumont SA	13,980		714,150
		GEA SA	1,000		95,250
	#*	GECI International SA	59,392		140,327
		Gemalto NV	65,369		5,857,167
		Gevelot SA	3,584		216,861

5

The Continental Small Company Series
continued

			Shares	Value††
FRANCE — (Continued)
		GFI Informatique SA	140,208	$	504,126
		GL Events SA	32,082		711,123
	*	GPE Groupe Pizzorno SA	3,499		53,740
		Groupe Crit SA	24,255		486,587
		Groupe Flo SA	29,358		115,554
		Groupe Gorge SA	12,311		97,566
		Groupe Open SA	27,590		177,782
	*	Groupe Partouche SA	61,786		78,817
	#	Groupe Steria SCA	93,209		1,759,185
		Guerbet SA	6,577		842,906
	#*	Haulotte Group SA	61,352		447,902
		Havas SA	1,151,952		6,373,949
	#*	Hi-Media SA	134,290		369,802
	*	Idsud SA	1,395		34,299
		Ingenico SA	113,226		6,441,381
		Interparfums SA	18,376		563,591
		Ipsen SA	84,243		2,541,641
		Ipsos SA	130,650		4,877,564
		Jacquet Metal Service SA	48,715		566,878
		Korian SA	8,745		153,329
		L.D.C. SA	19		2,054
	#	Laurent-Perrier SA	12,546		1,160,354
		Lectra SA	83,499		521,221
		Lisi SA	16,907		1,371,477
		M6 Metropole Television SA	195,527		3,073,718
		Maisons France Confort SA	12,874		408,549
	#	Manitou BF SA	48,911		842,542
		Manutan International SA	14,553		647,808
	*	Maurel et Prom Nigeria SA	323,678		958,821
		Medica SA	150,601		2,997,914
		Mersen SA	70,824		1,962,638
		MGI Coutier SA	2,753		134,171
		Montupet SA	8,207		86,263
		Mr. Bricolage SA	30,731		380,258
		Naturex SA	12,977		976,879
	#	Neopost SA	141,147		7,497,480
	#	Nexans SA	131,823		5,899,137
		Nexity SA	99,242		3,366,374
		NextRadioTV SA	3,451		55,944
	*	NicOx SA	194,496		606,788
		Norbert Dentressangle SA	20,989		1,618,345
	#	NRJ Group SA	37,959		295,288
		Oeneo SA	158,017		477,324
		Orpea SA	113,448		5,014,203
		Osiatis SA	685		4,910
	#*	PagesJaunes Groupe SA	425,405		1,058,321
	*	Parrot SA	31,200		1,175,320
	#*	Peugeot SA	656,217		4,788,768
		Pierre & Vacances SA	19,136		399,354
		Plastic Omnium SA	104,862		3,189,070
		Plastivaloire SA	4,552		78,026
		PSB Industries SA	8,438		231,898
		Rallye SA	99,787		3,364,088
	#*	Recylex SA	68,471		338,221
		Remy Cointreau SA	47,504		5,196,178
		Robertet SA	3,167		522,773
	*	Rodriguez Group SA	3,886		16,721
	*	Rougier SA	1,843		81,981
		Rubis SCA	109,277		7,488,949
	*	S.T. Dupont SA	331,047		166,363
		SA des Ciments Vicat	46,178		2,885,724

6

The Continental Small Company Series
continued

			Shares	Value††
FRANCE — (Continued)
		Sabeton SA	13,500	$	225,131
		Saft Groupe SA	102,751		2,418,137
		Samse SA	8,342		590,473
		Sartorius Stedim Biotech SA	9,046		880,255
	#	Seche Environnement SA	6,437		234,517
		Sechilienne SA	75,881		1,452,592
		Securidev SA	2,500		79,580
	*	Sequana SA	35,319		386,602
		Societe Anonyme d’Explosifs et de Produits Chimiques SA	485		121,934
		Societe BIC SA	44,940		5,386,881
		Societe d’Edition de Canal Plus SA	298,376		1,955,664
		Societe des Bains de Mer et du Cercle des Etrangers a Monaco SA	46,150		1,999,557
		Societe Internationale de Plantations d’Heveas SA	5,133		421,160
		Societe Pour l’Informatique Industrielle SA	40,908		216,129
		Societe Television Francaise 1 SA	427,727		5,032,167
	#*	Soitec SA	400,615		1,390,985
		Somfy SA	21,738		3,744,275
		Sopra Group SA	22,982		1,484,439
	#*	Spir Communication SA	4,687		84,928
		Stallergenes SA	12,288		697,835
	*	Ste Industrielle d’Aviation Latecoere SA	27,234		281,089
		Stef SA	29,121		1,485,097
		Store Electronic SA	3,620		54,058
		Sword Group SA	23,381		386,883
		Synergie SA	60,624		564,423
	*	Technicolor SA	439,328		1,118,895
		Teleperformance SA	226,076		8,221,101
		Tessi SA	5,427		569,454
	#*	Theolia SA	182,298		322,187
		Thermador Groupe	4,730		358,161
		Tonnellerie Francois Freres SA	3,898		191,224
		Total Gabon SA	937		425,598
	#	Touax SA	2,639		75,653
	*	Transgene SA	34,856		374,369
		Trigano SA	33,459		454,911
	*	UbiSoft Entertainment SA	415,431		4,375,100
		Union Financiere de France Banque SA	16,828		353,145
		Valeo SA	149,480		7,508,420
	*	Vetoquinol SA	40		1,401
		Viel et Compagnie SA	158,130		538,510
	#	Vilmorin & Cie SA	20,195		2,500,896
		Virbac SA	17,539		3,469,272
	#*	Vivalis SA	24,838		219,438
		VM Materiaux SA	6,914		139,016
	#	Vranken-Pommery Monopole SA	18,881		518,090
		Zodiac Aerospace SA	19,299		2,136,630
TOTAL FRANCE					261,672,856
GERMANY — (12.8%)
		A.S. Creation Tapeton AG	6,853		307,035
	*	AAP Implantate AG	25,576		45,046
	*	Aareal Bank AG	423,110		8,860,444
	*	Abwicklungsgesellschaft Roesch AG Medizintechnik	7,300		241
	*	Adler Modemaerkte AG	1,147		7,459
	*	ADVA Optical Networking SE	169,035		892,337
		AGROB Immobilien AG	5,800		86,214
	#*	Air Berlin P.L.C.	156,429		317,074
	#	Aixtron SE	352,829		4,207,580
		ALBA SE	21,642		1,832,207
	*	Aligna AG	318,087		7,977
		Allgeier SE	20,152		268,141

7

The Continental Small Company Series
continued

			Shares	Value††
GERMANY — (Continued)
		Amadeus Fire AG	17,593	$	958,268
	*	Analytik Jena AG	597		8,693
	*	Andreae-Noris Zahn AG	26,412		1,080,596
	#	Asian Bamboo AG	29,133		202,064
		Atoss Software AG	303		8,300
		Aurubis AG	153,470		10,979,083
		Baader Bank AG	117,534		308,531
		Balda AG	127,634		569,140
	#	Bauer AG	35,345		905,275
		BayWa AG	45,994		1,986,414
	#	Bechtle AG	63,405		2,570,214
		Bertrandt AG	23,001		2,309,321
	*	Beta Systems Software AG	8,020		21,814
	#	Bijou Brigitte AG	11,566		946,287
		Bilfinger SE	47,394		4,595,416
		Biotest AG	20,784		1,386,036
	*	BKN International AG	33,408		132
	*	BMP Media Vestors AG	8,401		6,990
		Borussia Dortmund GmbH & Co. KGaA	241,558		868,308
		CANCOM AG	39,490		706,089
		Carl Zeiss Meditec AG	114,961		3,314,378
		CAT Oil AG	52,155		466,446
		Celesio AG	196,117		3,396,948
		CENIT AG	20,976		198,730
		Centrotec Sustainable AG	42,634		761,077
		Cewe Color Holding AG	17,622		724,134
	*	Colonia Real Estate AG	16,334		99,829
		Comdirect Bank AG	139,558		1,455,461
		CompuGroup Medical AG	48,369		940,462
	*	Conergy AG	219,329		80,344
	#*	Constantin Medien AG	359,780		727,443
		CropEnergies AG	80,712		551,488
		CTS Eventim AG	106,100		3,738,595
	#*	Curanum AG	109,042		359,827
	#	DAB Bank AG	130,043		624,810
		Data Modul AG	11,455		256,705
		Delticom AG	15,867		679,530
		Deufol AG	112,955		151,891
		Deutsche Beteiligungs AG	29,148		752,680
	#	Deutsche Wohnen AG	647,023		12,012,068
	*	Deutz AG	277,664		1,306,591
	*	Dialog Semiconductor P.L.C.	221,152		3,917,524
		DIC Asset AG	13,115		126,990
		Dierig Holding AG	9,408		154,299
	#	Dr. Hoenle AG	14,858		231,168
		Draegerwerk AG & Co. KGaA	3,020		228,039
	#	Drillisch AG	172,204		2,546,887
		Duerr AG	45,514		4,078,446
		DVB Bank SE	173,470		5,513,625
		Eckert & Ziegler AG	16,185		506,040
	#	Elmos Semiconductor AG	36,014		341,450
		ElreingKlinger AG	107,487		3,645,541
		Erlus AG	2,970		149,625
	#	Euromicron AG	25,730		621,152
		Euwax AG	14,880		1,110,728
	#*	Evotec AG	1,165,338		4,077,763
		Fielmann AG	32,343		3,126,051
	#*	First Sensor AG	18,636		202,477
	*	FJA AG	217		303
	#	Freenet AG	388,032		7,191,623
		Fuchs Petrolub AG	129,590		9,076,063

8

The Continental Small Company Series
continued

			Shares	Value††
GERMANY — (Continued)
	*	GAGFAH SA	281,532	$	3,305,492
		GBW AG	28,417		829,849
		Gerresheimer AG	117,580		6,247,642
		Gerry Weber International AG	89,108		4,316,043
		Gesco AG	10,279		929,202
		GFK SE	72,083		3,667,233
		GFT Technologies AG	66,050		283,116
	#*	Gigaset AG	175,782		225,682
		Gildemeister AG	200,603		4,087,628
		Grammer AG	47,961		1,019,771
	#	Grenkeleasing AG	32,703		2,194,046
	*	GSW Immobilien AG	65,807		2,788,018
		H&R AG	50,783		791,044
		Hamborner REIT AG	22,740		224,655
		Hamburger Hafen und Logistik AG	72,183		1,705,741
	#	Hansa Group AG	146,815		580,051
		Hawesko Holding AG	19,480		1,030,187
	#*	Heidelberger Druckmaschinen AG	857,979		1,402,448
		Highlight Communications AG	74,825		393,780
	*	Homag Group AG	14,489		219,606
		Indus Holding AG	80,555		2,156,856
		Innovation in Traffic Systems AG	23,949		729,799
	*	Intershop Communications AG	62,598		148,707
		Isra Vision AG	11,617		394,486
	#*	IVG Immobilien AG	400,498		1,021,914
		Jenoptik AG	181,410		1,780,230
	*	Joyou AG	4,817		59,073
	*	Kampa AG	35,505		1,493
	*	Kloeckner & Co. SE	400,577		4,789,459
	*	Koenig & Bauer AG	10,773		182,051
		Kontron AG	189,937		1,034,787
	#	Krones AG	72,618		4,524,428
		KSB AG	3,584		2,200,271
	*	Kuka AG	102,786		3,775,835
		KWS Saat AG	17,224		5,546,489
	#	Leifheit AG	12,500		479,114
		Leoni AG	126,718		4,820,861
	*	Loewe AG	25,187		91,201
	*	Lotto24 AG	543		2,502
	#	LPKF Laser & Electronics AG	33,127		692,358
	#*	Manz AG	6,751		159,089
	*	Masterflex SE	19,347		123,624
	*	Maxdata Computer AG	94,120		15,032
	*	Mediclin AG	119,554		663,656
	#*	Medigene AG	95,039		125,582
		Mensch und Maschine Software AG	8,184		52,774
		MLP AG	216,957		1,442,146
	*	Mobotix AG	13,494		324,205
	*	Mologen AG	26,267		405,314
	*	Morphosys AG	79,379		3,078,255
		MTU Aero Engines Holding AG	42,072		3,839,496
	#	Muehlbauer Holding & Co. AG	14,905		397,489
	#	MVV Energie AG	114,055		3,533,164
	#	Nemetschek AG	24,668		1,084,526
		Nexus AG	42,103		539,322
	#*	Nordex SE	194,652		773,342
		NORMA Group AG	68,101		1,889,313
		OHB AG	35,659		714,700
	*	Oldenburgische Landesbank AG	4,234		118,353
		P&I Personal & Informatik AG	17,889		724,781
	*	Patrizia Immobilien AG	83,326		716,079

9

The Continental Small Company Series
continued

			Shares	Value††
GERMANY — (Continued)
		Pfeiffer Vacuum Technology AG	36,286	$	4,421,915
		PNE Wind AG	186,108		548,034
	#*	Praktiker AG	423,775		649,542
		Progress-Werk Oberkirch AG	7,812		290,567
		PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie	33,692		684,330
		PVA TePla AG	46,019		126,575
		QSC AG	413,146		1,154,882
	*	R Stahl AG	14,410		512,657
		Rational AG	15,420		4,454,312
		REALTECH AG	11,124		66,184
		Rheinmetall AG	158,370		7,693,598
		Rhoen-Klinikum AG	406,308		8,189,146
	*	RIB Software AG	5,493		31,863
	*	SAF-Holland SA	192,394		1,344,479
	*	Salzgitter AG	124,477		6,523,704
		Schaltbau Holding AG	10,192		418,387
	*	Sedo Holding AG	65,721		118,846
		Sektkellerei Schloss Wachenheim AG	7,479		83,556
	*	SER Systems AG	9,400		211
	#	SGL Carbon SE	229,387		9,144,194
	*	SHW AG	1,848		70,949
	#*	Singulus Technologies AG	236,814		438,197
		Sinner AG	2,660		51,080
		Sixt AG	81,198		1,682,177
		SKW Stahl-Metallurgie Holding AG	18,672		328,052
	#*	Sky Deutschland AG	1,121,049		6,217,098
	*	SM Wirtschaftsberatung AG	18,126		117,474
	#	SMA Solar Technology AG	27,498		696,589
		SMT Scharf AG	9,605		268,935
		Software AG	173,056		7,382,850
	#	Solarworld AG	296,380		416,486
		Stada Arzneimittel AG	247,784		8,019,019
		STINAG Stuttgart Invest AG	35,003		720,759
	*	Stoehr & Co. AG	6,000		9,659
		STRATEC Biomedical AG	30,369		1,515,031
	#*	Stroer Out-of-Home Media AG	59,099		519,350
	#*	Suss Microtec AG	73,062		821,567
		Symrise AG	307,713		11,055,482
		Syzygy AG	30,656		146,907
	#	TAG Immobilien AG	455,809		5,728,178
		Takkt AG	126,507		1,755,468
	#	Telegate AG	16,807		161,499
	*	Tipp24 SE	16,840		839,001
	#	Tom Tailor Holding AG	69,640		1,485,618
		Tomorrow Focus AG	113,715		584,953
	*	TUI AG	551,279		5,764,926
		UMS United Medical Systems International AG	3,304		39,852
		UmweltBank AG	17,656		719,845
	#*	VBH Holding AG	9,415		29,204
	*	Verbio AG	52,498		88,975
	#	Vossloh AG	37,975		3,741,713
		VTG AG	35,516		570,157
	#*	Wacker Chemie AG	1,980		130,237
		Wacker Neuson SE	59,969		823,363
	*	Wanderer-Werke AG	7,903		2,170
	*	Washtec AG	5,625		67,061
		Wincor Nixdorf AG	119,287		5,625,871
		Wirecard AG	381,688		9,422,953
		Wuerttembergische Lebensversicherung AG	23,634		486,877
	#	XING AG	11,101		616,182

10

The Continental Small Company Series
continued

			Shares	Value††
GERMANY — (Continued)
	*	zooplus AG	5,162	$	218,354
TOTAL GERMANY					343,924,447
GREECE — (2.2%)
	*	Aegean Airlines S.A.	5,746		15,315
	*	Aegek S.A.	5,028		871
	*	Alfa Alfa Energy S.A.	3,810		6,990
	*	Alpha Bank A.E.	674,977		1,309,411
	*	Alumil Aluminum Industry S.A.	37,850		33,905
	*	Alysida S.A.	2,376		6,244
	*	Anek Lines S.A.	494,192		117,755
	*	Astir Palace Hotels S.A.	93,886		431,219
	*	Athens Medical Center S.A.	75,593		79,947
	*	Atlantic Supermarkets S.A.	34,730		3,667
	*	Attica Bank S.A.	120,802		90,298
		Autohellas S.A.	59,308		141,740
	*	Babis Vovos International Construction S.A.	21,073		8,456
	*	Balafas S.A.	15,200		3,812
	*	Balkan Real Estate S.A.	3,398		1,585
	*	Bank of Cyprus P.L.C.	4,342,301		1,478,400
		Bank of Greece S.A.	133,571		2,355,496
	*	Cyprus Popular Bank PCL	102,823		5,979
	*	Daios Plastics S.A.	16,300		102,749
	*	Diagnostic & Therapeutic Center of Athens Hygeia S.A.	85,353		70,255
	*	Elastron S.A.	69,660		77,825
	*	Elektrak S.A.	32,707		70,512
	*	Elektroniki Athinon SA	7,497		4,750
	*	Ellaktor S.A.	544,614		1,389,585
	*	Elval - Hellenic Aluminium Industry S.A.	28,590		71,369
	*	Etma Rayon S.A.	11,242		20,923
		Euro Reliance General Insurance Co. S.A.	40,776		52,527
	*	Eurobank Ergasias SA	971,907		830,711
	*	Euromedica S.A.	33,079		23,174
		EYDAP Athens Water Supply & Sewage Co. S.A.	116,677		801,908
	*	Folli Follie Group S.A.	150,049		2,573,940
	*	Forthnet S.A.	21,107		25,702
	*	Fourlis Holdings S.A.	146,787		385,525
	*	Frigoglass S.A.	115,348		805,316
	*	GEK Terna Holding Real Estate Construction S.A.	296,155		790,212
	*	Halkor S.A.	142,942		166,560
	*	Hellenic Cables S.A.	53,577		133,512
		Hellenic Exchanges S.A.	296,505		1,712,256
		Hellenic Petroleum S.A.	326,121		3,208,427
	*	Hellenic Sugar Industry S.A.	25,405		45,975
	*	Hellenic Telecommunication Organization Co. S.A.	707,121		4,828,994
		Heracles General Cement Co. S.A.	31,000		50,677
	*	Iaso S.A.	206,042		367,155
	*	Inform P. Lykos S.A.	16,173		28,606
	*	Informatics S.A.	3,778		1,546
	*	Intracom Holdings S.A.	247,375		205,149
	*	Intracom Technical & Steel Constructions S.A.	7,688		10,820
		Intralot S.A.-Integrated Lottery Systems & Services	551,157		1,404,595
	*	Ionian Hotel Enterprises S.A.	16,914		290,235
	*	Ipirotiki Software & Publications S.A.	22,110		56,617
		JUMBO S.A.	400,965		3,173,929
		Karelia Tobacco Co., Inc. S.A.	3,578		570,573
	*	Kathimerini Publishing S.A.	25,040		18,776
	*	Lamda Development S.A.	905		4,865
	*	Lan-Net S.A.	12,688		20,097
	*	Loulis Mills S.A.	25,704		92,042
	*	Marfin Investment Group Holdings S.A.	2,380,237		1,357,003

11

The Continental Small Company Series
continued

			Shares	Value††
GREECE — (Continued)
		Metka S.A.	101,638	$	1,311,822
	*	Michaniki S.A.	155,442		69,596
		Motor Oil (Hellas) Corinth Refineries S.A.	246,966		2,734,818
	*	Mytilineos Holdings S.A.	367,558		2,186,471
	*	National Bank of Greece S.A.	1,343,567		2,323,853
	*	Neorion Holdings S.A.	14,991		2,473
		OPAP S.A.	168,712		1,209,773
	*	Piraeus Bank S.A.	4,777,477		2,176,348
		Piraeus Port Authority S.A.	21,267		479,892
	*	Promota Hellas S.A.	8,860		2,690
	*	Proton Bank S.A.	141,214		—
	*	Public Power Corp. S.A.	528,487		4,160,050
	*	Real Estate Development & Services S.A.	87,302		75,823
		S&B Industrial Minerals S.A.	68,336		493,688
	*	Sarantis S.A.	74,884		431,326
	*	Selected Textile S.A.	60,619		35,074
	*	Sfakianakis S.A.	16,775		8,978
	*	Sidenor Steel Products Manufacturing Co. S.A.	79,509		186,186
	*	T Bank S.A.	228,007		—
	*	Technical Olympic S.A.	2,237		4,134
	*	Teletypos S.A. Mega Channel	10,798		2,804
		Terna Energy S.A.	144,697		636,031
	*	Themeliodomi S.A.	37,422		18,276
		Thessaloniki Port Authority S.A.	6,936		210,748
		Thessaloniki Water Supply & Sewage Co. S.A.	15,807		127,667
	*	Thrace Plastics Co. S.A.	33,856		55,663
	*	Titan Cement Co. S.A.	203,501		3,783,157
	*	TT Hellenic Postbank S.A.	695,353		154,197
	*	Viohalco Hellenic Copper & Aluminum Industry S.A.	603,593		3,141,580
TOTAL GREECE					57,959,600
IRELAND — (2.8%)
		Aer Lingus Group P.L.C.	752,359		1,094,568
	*	Aminex P.L.C.	496,086		32,707
		C&C Group P.L.C. (B010DT8)	399,607		2,449,388
		C&C Group P.L.C. (B011Y09)	1,014,594		6,128,783
		DCC P.L.C. (0242493)	308,989		10,185,940
		DCC P.L.C. (4189477)	19,143		624,603
		Donegal Creameries P.L.C.	22,368		98,170
		Dragon Oil P.L.C.	987,524		8,931,261
	*	Elan Corp. P.L.C.	36,913		378,494
		FBD Holdings P.L.C.	125,728		1,726,193
		Fyffes P.L.C.	728,959		531,151
		Glanbia P.L.C. (0066950)	700,613		7,766,686
		Glanbia P.L.C. (4058629)	69,229		761,446
		Grafton Group P.L.C.	584,079		3,024,729
		IFG Group P.L.C.	337,495		600,511
	*	Independent News & Media P.L.C. (B59HWB1)	406,791		16,143
	*	Independent News & Media P.L.C. (B5TR5N4)	318,060		12,595
		Irish Continental Group P.L.C.	23,420		598,891
	*	Kenmare Resources P.L.C. (0487948)	4,136,548		2,146,988
	*	Kenmare Resources P.L.C. (4490737)	409,813		213,286
		Kingspan Group P.L.C.	452,246		5,001,250
	*	McInerney Holdings P.L.C.	697,135		—
		Paddy Power P.L.C. (0258810)	180,573		14,960,161
		Paddy Power P.L.C. (4828974)	10,071		831,389
	*	Providence Resources P.L.C.	17,018		175,810
		Smurfit Kappa Group P.L.C.	479,215		5,724,642
		Total Produce P.L.C.	393,604		316,623
TOTAL IRELAND					74,332,408

12

The Continental Small Company Series
continued

			Shares	Value††
ISRAEL — (2.6%)
	*	Africa Israel Investments, Ltd.	326,135	$	654,029
	*	Africa Israel Properties, Ltd.	38,596		361,837
		Africa Israel Residences, Ltd.	594		6,586
	*	Airport City, Ltd.	107,456		512,893
	*	Allot Communications, Ltd.	19,348		349,918
		Alon Holdings Blue Square Israel, Ltd.	46,194		110,826
	*	AL-ROV Israel, Ltd.	15,910		392,582
	*	Alrov Properties & Lodgings, Ltd.	5,723		109,741
	*	Alvarion, Ltd.	51,611		18,970
		Amot Investments, Ltd.	201,029		511,652
	*	AudioCodes, Ltd.	159,083		489,048
		Avgol Industries 1953, Ltd.	353,269		329,659
	*	Azorim Investment Development & Construction Co., Ltd.	302		284
		Babylon, Ltd.	134,822		784,390
		Bayside Land Corp.	2,422		494,207
		Big Shopping Centers 2004, Ltd.	2,001		50,857
	*	Biocell, Ltd.	16,731		108,636
	*	BioLineRX, Ltd.	499,334		126,661
		Blue Square Real Estate, Ltd.	3,782		82,296
		Cellcom Israel, Ltd.	107,732		899,527
	*	Ceragon Networks, Ltd.	71,706		321,283
	*	Clal Biotechnology Industries, Ltd.	146,663		359,424
		Clal Industries, Ltd.	287,129		919,074
		Clal Insurance Enterprises Holdings, Ltd.	83,735		1,262,644
	*	Compugen, Ltd.	37,175		186,780
		Delek Automotive Systems, Ltd.	124,131		966,071
		Delek Group, Ltd.	2,224		523,341
		Delta-Galil Industries, Ltd.	32,915		392,192
		Direct Insurance - I.D.I. Insurance Co., Ltd.	35,764		98,676
		DS Apex Holdings, Ltd.	38,130		186,056
	*	El Al Israel Airlines, Ltd.	77,144		9,743
	*	Elbit Medical Imaging, Ltd.	53,265		93,984
		Elbit Systems, Ltd.	76,111		3,054,012
		Electra, Ltd.	6,502		635,012
		Elron Electronic Industries, Ltd.	59,066		277,471
	*	Evogene, Ltd.	98,635		494,015
	*	EZchip Semiconductor, Ltd.	106,730		3,542,386
	*	First International Bank of Israel, Ltd.	98,118		1,445,822
		FMS Enterprises Migun, Ltd.	10,300		119,616
	*	Formula Systems (1985), Ltd.	36,549		568,917
		Frutarom Industries, Ltd.	165,324		2,070,960
	*	Gilat Satellite Networks, Ltd.	87,921		469,362
	*	Given Imaging, Ltd.	49,560		877,289
		Golf & Co., Ltd.	57,649		146,990
	*	Hadera Paper, Ltd.	9,528		468,200
		Harel Insurance Investments & Finances, Ltd.	37,881		1,715,047
		Industrial Building Corp., Ltd.	342,619		414,095
	*	Israel Cold Storage & Supply Co., Ltd.	1,076		13,955
	*	Israel Discount Bank, Ltd. Series A	2,759,605		4,584,065
		Israel Land Development Co., Ltd. (The)	22,615		84,243
		Ituran Location & Control, Ltd.	84,441		1,139,178
	*	Jerusalem Oil Exploration, Ltd.	39,274		785,786
	*	Kamada, Ltd.	110,786		993,515
	*	Kardan Yazamut, Ltd.	82,924		6,142
		Maabarot Products, Ltd.	21,999		209,220
		Magic Software Enterprises, Ltd.	38,625		180,506
		Matrix IT, Ltd.	182,457		794,093
	*	Mazor Robotics, Ltd.	7,919		17,912
		Melisron, Ltd.	50,301		907,509
	*	Mellanox Technologies, Ltd.	90,669		5,616,199
	*	Menorah Mivtachim Holdings, Ltd.	108,046		1,016,676

13

The Continental Small Company Series
continued

			Shares	Value††
ISRAEL — (Continued)
		Migdal Insurance & Financial Holding, Ltd.	1,053,422	$	1,646,850
	*	Mizrahi Tefahot Bank, Ltd.	64,217		665,978
	*	Naphtha Israel Petroleum Corp., Ltd.	131,727		576,438
		Neto Me Holdings, Ltd.	5,411		194,519
	*	NICE Systems, Ltd.	2,772		92,843
	*	NICE Systems, Ltd. Sponsored ADR	25,502		853,807
	*	Nitsba Holdings (1995), Ltd.	106,868		920,901
	*	Nova Measuring Instruments, Ltd.	47,603		384,579
	*	Oil Refineries, Ltd.	3,533,465		1,902,063
		Ormat Industries, Ltd.	293,852		1,767,995
		Osem Investments, Ltd.	127,098		2,187,173
		Partner Communications Co., Ltd.	192,794		1,156,687
		Paz Oil Co., Ltd.	19,100		2,861,629
	*	Phoenix Holdings, Ltd. (The)	211,116		589,143
		Plasson Industries, Ltd.	8,863		252,764
		Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.	28,291		965,894
	*	Retalix, Ltd.	77,067		2,299,616
	*	Scailex Corp, Ltd.	1,026		1,396
		Shikun & Binui, Ltd.	871,508		1,624,323
	*	Space Communication, Ltd.	13,852		198,459
		Strauss Group, Ltd.	148,904		1,953,284
	*	Suny Electronic, Ltd.	3,679		2,721
		Super-Sol, Ltd. Series B	381,641		1,077,116
	*	Tower Semiconductor, Ltd.	88,339		713,478
	*	Union Bank of Israel, Ltd.	130,630		430,030
TOTAL ISRAEL					69,681,746
ITALY — (7.7%)
	#	A2A SpA	3,652,248		2,116,338
		ACEA SpA	280,731		1,689,875
		Acegas-APS SpA	110,973		775,986
	#*	Acotel Group SpA	3,478		106,396
	*	Aedes SpA	1,494,875		113,452
		Aeroporto de Firenze SpA	17,390		229,488
		Alerion Cleanpower SpA	92,062		444,776
	#	Amplifon SpA	320,929		1,598,432
		Ansaldo STS SpA	352,492		3,299,370
	*	Arnoldo Mondadori Editore SpA	427,498		633,684
	*	Ascopiave SpA	164,564		277,738
		Astaldi SpA	228,281		1,535,974
		Autogrill SpA	439,780		5,081,464
		Azimut Holding SpA	454,770		6,544,508
	#	Banca Carige SpA	2,301,699		2,358,044
	#	Banca Finnat Euramerica SpA	685,945		244,420
		Banca Generali SpA	159,296		2,729,833
		Banca IFIS SpA	102,347		744,426
	#*	Banca Monte Dei Paschi di Siena SpA	8,733,630		2,612,226
		Banca Piccolo Credito Valtellinese Scarl	1,015,903		1,565,806
		Banca Popolare dell’Emilia Romagna Scarl	1,191,889		8,283,121
	#*	Banca Popolare dell’Etruria e del Lazio Scarl	297,428		215,992
	*	Banca Popolare di Milano Scarl	12,995,381		7,781,375
		Banca Popolare di Sondrio Scarl	1,128,884		6,553,295
		Banca Profilo SpA	732,338		238,664
		Banco di Desio e della Brianza SpA	232,296		606,124
	*	Banco Popolare Scarl	6,311,267		10,509,344
		BasicNet SpA	105,627		190,361
		Beghelli SpA	427,981		192,796
	*	Biesse SpA	54,004		176,969
		Bonifica Terreni Ferraresi e Imprese Agricole SpA	10,867		520,162
		Brembo SpA	162,145		2,093,074
	*	Brioschi Sviluppo Immobiliare SpA	174,780		19,612

14

The Continental Small Company Series
continued

			Shares	Value††
ITALY — (Continued)
		Buzzi Unicem SpA	291,869	$	4,104,362
		C.I.R. SpA - Compagnie Industriali Riunite	1,795,934		1,893,428
		Cairo Communication SpA	89,082		291,117
		Caltagirone Editore SpA	6,277		7,194
		Caltagirone SpA	242,870		376,237
	*	Carraro SpA	113,633		322,871
		Cembre SpA	40,330		337,574
		Cementir Holding SpA	336,239		728,092
		Credito Bergamasco SpA	129,374		2,421,075
		Credito Emiliano SpA	376,390		2,053,084
		CSP International Fashion Group SpA	7,505		9,643
	*	d’Amico International Shipping S.A.	83,006		34,881
	#	Danieli & Co. SpA	58,099		1,676,259
		Datalogic SpA	65,558		572,146
	#	Davide Campari - Milano SpA	428,086		3,289,795
	*	DeA Capital SpA	241,155		427,433
	*	Delclima SpA	238,104		212,077
		De’Longhi SpA	277,572		3,988,849
	#	DiaSorin SpA	77,818		3,117,621
	*	EEMS Italia SpA	33,167		16,370
	*	EI Towers SpA	39,294		1,071,319
		Engineering Ingegneria Informatica SpA	18,153		603,800
	#	ERG SpA	242,145		2,462,122
		Esprinet SpA	104,855		468,631
	#*	Eurotech SpA	103,698		151,046
		Falck Renewables SpA	452,790		583,225
		Fiera Milano SpA	37,863		196,608
	#*	Finmeccanica SpA	1,709,605		9,893,896
	#*	Fondiaria-Sai SpA	943,740		1,184,151
	*	Gas Plus SpA	14,596		95,294
		Gefran SpA	31,893		109,941
	*	Gemina SpA	2,562,430		3,649,626
	#	Geox SpA	343,770		997,744
	*	Gruppo Ceramiche Ricchetti SpA	19,666		4,594
		Gruppo Editoriale L’Espresso SpA	670,242		784,563
		Gruppo MutuiOnline SpA	51,809		227,617
		Hera SpA	1,822,830		2,958,980
	*	I Grandi Viaggi SpA	96,916		50,640
		Immsi SpA	743,533		440,261
		Impregilo SpA	1,252,064		5,869,253
		Indesit Co. SpA	185,473		1,423,703
		Industria Macchine Automatiche SpA	58,626		1,118,221
		Industria Romagnola Conduttori Elettrici SpA	43,300		80,336
	*	Intek Group SpA	1,654,192		724,024
	#	Interpump Group SpA	275,866		2,120,290
		Iren SpA	1,758,434		1,067,731
		Italcementi SpA	279,135		1,567,588
	*	Italmobiliare SpA	46,873		794,675
	*	Juventus Football Club SpA	1,130,867		317,008
	*	Landi Renzo SpA	203,171		399,182
		Lottomatica Group SpA	185,318		4,234,288
	*	Maire Tecnimont SpA	485,884		260,905
		Marcolin SpA	60,205		337,925
	#*	Mariella Burani SpA	32,721		—
		Marr SpA	131,906		1,379,255
		Mediaset SpA	2,909,042		6,043,714
		Mediobanca SpA	8,209		50,708
	#	Mediolanum SpA	758,652		3,851,166
	#*	Milano Assicurazioni SpA	2,324,306		968,788
	*	Molecular Medicine SpA	259,547		147,490
	*	Monrif SpA	287,978		105,887

15

The Continental Small Company Series
continued

			Shares	Value††
ITALY — (Continued)
		Nice SpA	40,195	$	139,166
	*	Pagnossin SpA	9,000		—
		Piaggio & C. SpA	682,441		1,839,223
	*	Pininfarina SpA	71,410		279,998
	*	Poltrona Frau SpA	154,017		198,175
	#*	Prelios SpA	2,389,900		251,994
	#*	Premafin Finanziaria SpA	961,257		163,099
	*	Prima Industrie SpA	88		1,073
		Prysmian SpA	484,563		9,672,408
	#*	RCS MediaGroup SpA	450,383		749,086
		Recordati SpA	408,182		3,732,317
		Reply SpA	12,998		359,537
	#*	Retelit SpA	218,028		139,310
	*	Richard-Ginori 1735 SpA	8,489		782
	#	Sabaf SpA	24,109		280,518
		SAES Getters SpA	30,068		275,703
	*	Safilo Group SpA	140,163		1,239,015
	*	Saras SpA	1,382,380		1,815,934
		SAVE SpA	12,599		133,630
	#*	Snai SpA	95,483		67,769
	*	Societa Cattolica di Assicurazioni Scrl	194,890		3,019,978
		Societa Iniziative Autostradali e Servizi SpA	220,635		2,067,504
		Sogefi SpA	186,290		476,993
		Sol SpA	166,511		876,134
	*	Sorin SpA	1,151,064		2,544,602
		Tamburi Investment Partners SpA	37,478		74,373
	#*	Telecom Italia Media SpA	1,649,819		334,043
	#*	Tiscali SpA	3,467,783		176,784
	#	Tod’s SpA	47,508		6,032,109
	#	Trevi Finanziaria SpA	154,707		833,326
	*	Uni Land SpA	51,835		—
		Unione di Banche Italiane ScpA	1,286,614		5,999,637
	#*	Unipol Gruppo Finanziario SpA	970,174		1,931,623
		Vianini Industria SpA	57,659		76,184
		Vianini Lavori SpA	175,180		706,247
		Vittoria Assicurazioni SpA	121,346		781,187
	#*	Yoox SpA	163,646		2,591,962
		Zignago Vetro SpA	85,130		509,822
TOTAL ITALY					207,130,673
NETHERLANDS — (5.3%)
		Aalberts Industries NV	469,415		9,686,915
	#	Accell Group NV	93,631		1,653,751
	*	AFC Ajax NV	18,134		149,419
	#*	AMG Advanced Metallurgical Group NV	137,180		1,185,008
	#	Amsterdam Commodities NV	74,466		1,372,557
		APERAM NV	251,040		3,831,627
	#	Arcadis NV	270,478		6,422,112
		ASM International NV	218,510		7,900,802
	*	Atag Group NV	4,630		1,772
		Ballast Nedam NV	702		9,124
		Batenburg Techniek NV	6,922		124,910
		BE Semiconductor Industries NV	154,577		1,182,042
		Beter Bed Holding NV	83,857		1,470,360
		BinckBank NV	256,224		2,113,868
		Brunel International NV	51,660		2,504,120
	*	Crown Van Gelder NV	9,818		69,780
		CSM NV	363,574		7,825,152
		Delta Lloyd NV	472,377		7,784,993
		DOCdata NV	22,463		388,966
	#	Exact Holding NV	64,313		1,365,555

16

The Continental Small Company Series
continued

			Shares	Value††
NETHERLANDS — (Continued)
	*	Grontmij NV	248,386	$	943,772
		Heijmans NV	79,498		746,474
		Hunter Douglas NV	8,764		341,547
	#*	Kardan NV	75,774		79,256
	#	KAS Bank NV	54,562		547,198
		Kendrion NV	41,207		873,053
	#	Koninklijke Bam Groep NV	1,192,261		5,143,583
		Koninklijke Ten Cate NV	140,083		3,678,747
	#	Koninklijke Wessanen NV	380,493		1,105,436
	*	LBi International NV	515,485		1,951,434
		Macintosh Retail Group NV	52,801		623,011
		Mediq NV	274,364		4,655,021
	#	Nederlandsche Apparatenfabriek NV	28,810		1,098,400
		Nutreco NV	173,920		14,785,502
	*	Ordina NV	330,458		491,605
	*	PostNL NV	1,920,653		7,492,944
	*	Roto Smeets Group NV	10,320		89,111
	#	Royal Imtech NV	349,305		8,188,007
		Royal Reesink NV	1,239		124,797
	*	SBM Offshore NV	804,422		11,344,600
		Sligro Food Group NV	104,081		3,003,150
	#*	SNS Reaal Groep NV	705,718		972,981
		Stern Groep NV	1,094		19,853
	#	Telegraaf Media Groep NV	163,812		1,741,059
		TKH Group NV	177,582		4,596,548
	#*	TomTom NV	550,231		2,786,849
		Unit4 NV	130,956		3,953,124
		USG People NV	330,320		2,671,041
	*	Van Lanschot NV	54		1,008
	*	Xeikon NV	58,445		251,781
TOTAL NETHERLANDS					141,343,725
NORWAY — (3.3%)
	#	ABG Sundal Collier Holding ASA	1,106,985		862,255
		AF Gruppen ASA	2,718		27,536
	#*	Agasti Holding ASA	227,087		56,981
	#*	Algeta ASA	145,487		4,075,029
	*	Archer, Ltd.	496,831		413,561
		Arendals Fosse Kompani ASA	90		26,693
		Atea ASA	296,910		3,176,618
		Austevoll Seafood ASA	355,354		1,827,786
	*	Bakkafrost	5,392		58,717
	#*	Bionor Pharma ASA	103,563		48,408
		Bonheur ASA	68,100		1,679,163
	#	BW Offshore, Ltd.	1,221,619		1,140,522
	*	BWG Homes ASA	346,255		754,881
		Cermaq ASA	285,677		4,332,945
	#*	Clavis Pharma ASA	139,784		197,298
		Copeinca ASA	99,489		737,802
	*	Deep Sea Supply P.L.C.	373,810		672,238
	#*	Det Norske Oljeselskap ASA	177,985		2,671,664
	*	DNO International ASA	3,907,920		6,597,463
	#*	Dockwise, Ltd.	70,575		1,698,622
	#*	DOF ASA	186,228		916,928
		Ekornes ASA	112,551		1,898,013
	*	Electromagnetic GeoServices ASA	566,149		1,350,708
	#*	Eltek ASA	1,292,456		920,280
		EVRY ASA	267,383		422,216
		Farstad Shipping ASA	63,540		1,539,976
	#*	Frontline, Ltd.	214,780		717,837
		Ganger Rolf ASA	54,510		1,235,852

17

The Continental Small Company Series
continued

			Shares	Value††
NORWAY — (Continued)
	*	Golar LNG, Ltd.	3,283	$	120,749
	#*	Golden Ocean Group, Ltd.	1,019,402		726,395
	*	Grieg Seafood ASA	144,008		321,076
	*	Havila Shipping ASA	22,400		98,070
	*	Hoegh LNG Holdings, Ltd.	23,442		197,866
	*	Hurtigruten ASA	759,030		410,538
	*	Intex Resources ASA	45,445		39,157
	*	Jason Shipping ASA	5,308		860
	*	Kongsberg Automotive Holding ASA	1,784,754		481,036
		Kongsberg Gruppen ASA	9,642		217,012
		Kvaerner ASA	807,447		2,381,650
		Leroey Seafood Group ASA	81,749		1,904,817
	*	Morpol ASA	12,028		24,542
	*	Natural ASA	476,317		119,672
	#*	Nordic Semiconductor ASA	580,280		1,524,661
	#*	Norske Skogindustrier ASA Series A	660,997		475,032
		Northern Offshore, Ltd.	350,656		630,791
	#*	Norwegian Air Shuttle ASA	130,053		3,399,050
	*	Norwegian Energy Co. ASA	809,521		557,678
	*	Odfjell ASA Series A	138,810		604,008
		Olav Thon Eiendomsselskap ASA	12,852		2,066,876
	#	Opera Software ASA	349,386		2,001,689
	#*	Panoro Energy ASA	520,180		253,600
	*	PCI Biotech Holding ASA	3,157		17,893
	*	Petrolia E & P Holdings	43,750		35,030
	#*	Photocure ASA	34,222		235,334
		Pronova BioPharma ASA	717,584		1,592,744
		Prosafe ASA	781,319		6,703,933
	*	Q-Free ASA	139,384		481,204
	#*	Renewable Energy Corp. ASA	3,941,817		768,246
	#*	Salmar ASA	28,597		231,563
	*	Scana Industrier ASA	548,479		123,036
	#*	Sevan Drilling AS	330,159		235,620
	*	Sevan Marine ASA	125,574		459,703
	*	Siem Offshore, Inc. ASA	567,901		785,276
		Solstad Offshore ASA	58,780		1,066,457
	#*	Songa Offshore SE	845,806		1,145,342
		SpareBank 1 SMN	394,981		2,483,113
	*	SpareBank 1 SR Bank ASA	83,353		560,709
		Stolt-Nielsen, Ltd.	46,324		960,020
	*	Storebrand ASA	132,651		650,582
		Tomra Systems ASA	669,803		6,094,715
	#	TTS Marine ASA	180,762		306,055
		Veidekke ASA	333,849		2,657,217
		Wilh Wilhelmsen ASA	60,770		547,946
		Wilh Wilhelmsen Holding ASA	64,934		1,853,544
TOTAL NORWAY					88,610,099
PORTUGAL — (1.2%)
		Altri SGPS SA	594,472		1,247,241
	#*	Banco BPI SA	2,123,556		2,660,660
	#*	Banco Comercial Portugues SA	38,839,916		3,860,906
	*	Banco Espirito Santo SA	7,130,880		8,481,206
	*	BANIF - Banco Internacional do Funchal SA	686,791		130,541
		Corticeira Amorim SGPS SA	207,426		436,699
		Ibersol SGPS SA	20,401		107,236
	*	Impresa SGPS SA	306,740		125,514
	*	INAPA - Investimentos Participacoes e Gestao SA	232,518		37,405
	#	Mota-Engil SGPS SA	359,581		747,433
		Novabase SGPS SA	65,729		198,946
	*	ParaRede SGPS SA	65,791		9,532

18

The Continental Small Company Series
continued

			Shares	Value††
PORTUGAL — (Continued)
		Portucel SA	881,646	$	2,652,805
		REN - Redes Energeticas Nacionais SGPS SA	832,962		2,267,872
	*	SAG GEST - Solucoes Automovel Globais SGPS SA	241,182		102,831
		Sociedade de Investimento e Gestao SGPS SA	315,078		2,370,200
	*	Sonae Capital SGPS SA	37,542		6,938
	#*	Sonae Industria SGPS SA	443,755		287,787
		Sonae SGPS SA	3,774,580		3,428,605
		Sonaecom SGPS SA	565,634		1,103,077
		Sumol & Compal SA	67,967		99,214
	*	Teixeira Duarte SA	734,737		316,092
	*	Toyota Caetano Portugal SA	53,308		86,196
		Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA	746,473		2,941,792
TOTAL PORTUGAL					33,706,728
RUSSIA — (0.1%)
	*	Alliance Oil Co., Ltd. SDR	318,480		2,615,668
	*	Black Earth Farming, Ltd. SDR	51,193		69,984
TOTAL RUSSIA					2,685,652
SPAIN — (4.6%)
	#	Abengoa SA	199,714		637,803
	#*	Abengoa SA Series B	798,856		2,467,427
	*	Acciona SA	19,537		1,459,004
	#	Acerinox SA	265,951		2,956,967
	*	Adolfo Dominguez SA	19,312		99,796
		Adveo Group International SA	47,385		712,226
	#*	Almirall SA	221,590		2,188,729
	*	Amper SA	96,925		205,405
		Antena 3 de Television SA	307,606		1,594,721
	*	Azkoyen SA	61,293		110,187
	*	Banco de Sabadell SA	253,516		663,017
	#*	Banco Espanol de Credito SA	30,648		145,249
	*	Banco Popular Espanol SA	996,066		778,559
	#	Bankinter SA	1,126,294		4,714,395
	*	Baron de Ley SA	13,910		824,457
	#	Bolsas y Mercados Espanoles SA	307,499		7,535,850
	#*	Caja de Ahorros del Mediterraneo SA	116,412		—
	#*	Campofrio Food Group SA	95,179		611,378
	#*	Cementos Portland Valderrivas SA	45,565		179,334
	#	Cie Automotive SA	131,131		901,045
	*	Codere SA	73,816		361,957
		Compania Vinicola del Norte de Espana SA	16,119		309,053
		Construcciones y Auxiliar de Ferrocarriles SA	7,820		3,611,332
	*	Deoleo SA	1,893,651		690,310
		Dinamia Capital Privado Sociedad de Capital Riesgo SA	20,438		148,857
		Distribuidora Internacional de Alimentacion SA	96,278		615,138
		Duro Felguera SA	276,209		1,758,345
		Ebro Foods SA	373,198		7,409,264
	#	Elecnor SA	198,254		2,490,121
		Ence Energia y Celulosa SA	925,182		2,625,441
	*	Ercros SA	347,602		184,080
		Faes Farma SA	885,422		1,948,529
	*	Fersa Energias Renovables SA	93,691		41,914
		Fluidra SA	51,811		152,104
	#	Fomento de Construcciones y Contratas SA	196,344		2,444,948
	#	Gamesa Corp Tecnologica SA	1,113,758		2,470,989
	*	Grifols SA	882		30,842
	#	Grupo Catalana Occidente SA	191,220		3,492,337
	#*	Grupo Ezentis SA	1,019,505		212,239
	*	Grupo Tavex SA	244,131		67,804
		Iberpapel Gestion SA	25,850		447,129

19

The Continental Small Company Series
continued

			Shares	Value††
SPAIN — (Continued)
	#	Indra Sistemas SA	462,730	$	6,189,476
	#*	Inmobiliaria Colonial SA	108,920		235,126
		Inmobiliaria del Sur SA	2,902		15,823
	*	Jazztel P.L.C.	969,815		6,759,592
	*	La Seda de Barcelona SA	80,921		100,649
		Laboratorios Farmaceuticos Rovi SA	58,812		413,264
	#	Mediaset Espana Comunicacion SA	772,677		5,250,612
		Melia Hotels International SA	232,123		1,787,451
		Miquel y Costas & Miquel SA	36,030		973,721
	*	Natra SA	86,085		102,834
	*	Natraceutical SA	249,241		42,649
	#*	NH Hoteles SA	521,131		1,799,367
	*	Nicolas Correa SA	14,074		12,815
		Obrascon Huarte Lain SA	182,042		5,319,329
		Papeles y Cartones de Europa SA	226,938		613,534
	#	Pescanova SA	65,593		1,217,348
		Prim SA	39,424		272,890
	#*	Promotora de Informaciones SA Series A	1,297,266		407,659
	#	Prosegur Cia de Seguridad SA	875,740		5,149,995
	*	Realia Business SA	297,777		292,705
	#*	Sacyr Vallehermoso SA	689,900		1,531,231
	*	Service Point Solutions SA	342,289		55,848
	*	Sociedad Nacional Industrias Aplicaciones Celulosa Espanola SA	227,522		191,359
	*	Solaria Energia y Medio Ambiente SA	98,171		91,289
		Tecnicas Reunidas SA	129,933		6,085,955
		Telecomunicaciones y Energia SA	146,125		207,863
	#*	Tubacex SA	460,618		1,212,671
		Tubos Reunidos SA	469,007		1,123,766
		Vidrala SA	74,508		2,061,159
	#	Viscofan SA	203,299		11,515,414
	*	Vocento SA	196,990		267,473
	*	Vueling Airlines SA	72,219		697,666
	#*	Zeltia SA	830,418		1,347,720
TOTAL SPAIN					123,644,535
SWEDEN — (9.2%)
		Aarhuskarlshamn AB	111,342		4,737,721
		Acando AB	282,290		662,799
	*	Active Biotech AB	179,412		1,514,153
		AddNode Group AB	22,291		125,214
	#	AddTech AB Series B	77,394		2,222,095
	*	Aerocrine AB Series B	11,711		25,055
		AF AB Series B	129,635		3,109,724
	*	Anoto Group AB	80,683		20,640
		AQ Group AB	26,029		176,911
	*	Arise Windpower AB	16,677		62,970
		Atrium Ljungberg AB Series B	31,097		413,501
		Avanza Bank Holding AB	77,172		1,563,003
		Axfood AB	94,702		3,581,646
	#	Axis Communications AB	183,851		5,063,748
		B&B Tools AB Series B	97,917		993,220
		BE Group AB	215,340		551,438
	#	Beiger Electronics AB	53,856		516,090
		Beijer Alma AB	80,235		1,439,136
	*	Betsson AB	136,308		4,217,196
		Bilia AB Series A	113,425		1,635,014
	#	BillerudKorsnas AB (7240371)	427,537		4,050,624
	#*	BillerudKorsnas AB (B9B9DX2)	213,768		2,005,159
		BioGaia AB Series B	60,050		1,619,765
		Biotage AB	143,915		183,553
	#*	Bjorn Borg AB	81,716		440,005

20

The Continental Small Company Series
continued

			Shares	Value††
SWEDEN — (Continued)
	*	Bong Ljungdahl AB	24,140	$	32,847
	*	Boras Waefveri AB Series B	6,564		1,332
		Bure Equity AB	326,825		1,103,784
		Byggmax Group AB	150,938		674,570
		Cantena AB	56,202		544,168
		Castellum AB	732,850		10,445,260
	*	Catella AB	214,370		182,753
	*	CDON Group AB	153,464		949,826
	*	Cision AB	11,445		94,204
	#	Clas Ohlson AB Series B	152,790		2,032,532
	*	Cloetta AB	59,529		123,813
	#	Concentric AB	202,603		1,748,044
		Concordia Maritime AB Series B	78,854		123,719
	#	Connecta AB	39,264		286,179
	*	Corem Property Group AB Class B	120		371
	*	CyberCom Group AB	191,193		44,461
	*	Dios Fastigheter AB	1,784		9,612
		DORO AB	94,731		356,426
		Duni AB	140,875		1,284,503
		East Capital Explorer AB	47,726		360,511
		Elekta AB Series B	196,423		3,072,372
	#*	Enea AB	63,008		393,793
	#*	Eniro AB	420,612		713,242
		Fabege AB	581,336		5,894,123
		Fagerhult AB	18,323		468,613
	*	Fastighets AB Balder Series B	279,717		1,613,634
		Fenix Outdoor AB	6,455		175,764
		G & L Beijer AB Series B	59,356		990,683
		Gunnebo AB	190,542		719,627
		Hakon Invest AB	223,343		4,068,486
	#	Haldex AB	218,520		1,130,974
		Heba Fastighets AB Series B	43,722		431,103
		Hexpol AB	115,947		6,152,441
	*	HIQ International AB	246,152		1,367,141
		HMS Networks AB	7,040		121,399
		Hoganas AB Series B	115,764		4,456,842
		Holmen AB Series B	273,916		8,141,881
		Hufvudstaden AB Series A	189,483		2,399,751
		Husqvarna AB Series A	37,223		225,290
		Husqvarna AB Series B	1,434,072		8,703,415
		Industrial & Financial Systems AB Series B	89,522		1,426,311
	#	Indutrade AB	54,779		1,661,908
		Intrum Justitia AB	288,224		4,318,640
	#	JM AB	372,482		6,680,504
	#*	KappAhl AB	1,460,468		977,099
	*	Karo Bio AB	505,337		27,159
		Klovern AB	387,861		1,531,686
		KNOW IT AB	75,523		540,149
		Kungsleden AB	621,807		3,414,967
		Lagercrantz Group AB Series B	76,298		831,414
		Lindab International AB	330,563		2,185,536
		Loomis AB Series B	318,925		5,131,696
		Meda AB Series A	857,997		8,844,777
	#*	Medivir AB Series B	125,734		1,346,266
		Mekonomen AB	93,177		2,967,410
	*	Micronic Mydata AB	390,070		615,327
		Modern Times Group AB Series B	11,301		396,057
		MQ Holding AB	37,437		99,080
		NCC AB Series A	22,771		476,745
		NCC AB Series B	364,909		7,672,164
		Nederman Holding AB	3,537		74,719

21

The Continental Small Company Series
continued

			Shares	Value††
SWEDEN — (Continued)
	*	Net Entertainment NE AB Series B	132,617	$	1,634,078
	#*	Net Insight AB Series B	1,189,130		286,115
	#	New Wave Group AB Series B	197,176		763,686
	#	NIBE Industrier AB Series B	344,688		4,989,019
	#*	Nobia AB	666,139		2,724,302
		Nolato AB Series B	88,207		1,066,526
	#*	Nordic Mines AB	177,844		53,610
		Nordnet AB Series B	385,945		1,000,838
		OEM International AB Series B	45,688		471,437
	#*	Orexo AB	76,505		585,348
		Oriflame Cosmetics SA SDR	73,169		2,340,192
	*	PA Resources AB	2,515,097		77,350
	*	Partnertech AB	26,377		85,149
	#	Peab AB Series B	714,633		3,416,519
		Poolia AB Series B	26,050		43,034
	#	Pricer AB Series B	452,718		618,992
		ProAct IT Group AB	31,571		499,304
	#	Probi AB	28,553		195,622
		Proffice AB Series B	261,425		901,188
	*	RaySearch Laboratories AB	71,767		230,020
		Readsoft AB Series B	87,941		294,417
	*	Rederi AB Transatlantic	112,133		86,642
	*	Rezidor Hotel Group AB	347,496		1,241,149
	*	RNB Retail & Brands AB	411,548		89,745
	#	Rottneros AB	207,512		64,183
		Saab AB Series B	253,955		5,289,503
		Sagax AB	3,119		90,406
	#*	SAS AB	581,421		705,461
	*	Sectra AB	22,873		153,001
		Securitas AB Series B	1,133,353		9,935,747
	*	Semcon AB	63,596		472,512
		Sigma AB Series B	20,898		15,239
		Sintercast AB	13,048		88,290
		Skistar AB	97,008		1,281,018
	#	SSAB AB Series A	824,806		7,266,918
		SSAB AB Series B	317,495		2,374,672
		Studsvik AB	18,826		86,173
		Sweco AB Series B	187,009		2,100,780
	*	Swedish Orphan Biovitrum AB	597,701		3,382,445
		Swedol AB Class B	29,796		116,652
		Systemair AB	18,463		247,396
	#	TradeDoubler AB	181,607		349,633
	#*	Transmode Holding AB	13,447		150,252
		Trelleborg AB Series B	999,202		12,496,345
		Unibet Group P.L.C. SDR	132,830		4,252,519
		Uniflex AB Series B	17,950		91,158
		VBG AB Series B	137		1,922
		Vitrolife AB	60,303		373,617
		Wallenstam AB Series B	398,541		4,890,326
		Wihlborgs Fastigheter AB	288,443		4,514,455
	*	Xvivo Perfusion AB	60,303		187,312
TOTAL SWEDEN					248,461,700
SWITZERLAND — (12.1%)
		Acino Holding AG	15,747		1,898,182
	*	Addex Pharmaceuticals, Ltd.	464		4,896
	*	Advanced Digital Broadcast Holdings SA	2,024		28,424
	*	AFG Arbonia-Forster Holding AG	49,390		1,254,066
		Allreal Holding AG	44,115		6,807,570
		ALSO-Actebis Holding AG	16,195		817,957
		AMS AG	35,754		3,850,512

22

The Continental Small Company Series
continued

			Shares	Value††
SWITZERLAND — (Continued)
		APG SGA SA	6,041	$	1,307,774
		Aryzta AG	126,751		6,522,026
		Ascom Holding AG	160,822		1,558,980
	*	Autoneum Holding AG	15,956		777,690
	#	Bachem Holdings AG	24,136		962,639
		Baloise Holding AG	13,573		1,172,338
		Bank Coop AG	31,671		1,875,180
		Banque Cantonale de Geneve SA	4,021		910,271
		Banque Cantonale du Jura SA	4,442		305,393
		Banque Cantonale Vaudoise AG	4,230		2,252,773
		Banque Privee Edmond de Rothschild SA	157		3,134,068
		Barry Callebaut AG	1,918		1,855,549
	*	Basilea Pharmaceutica AG	19,266		943,392
	#	Basler Kantonalbank AG	585		63,515
		Belimo Holdings AG	1,851		3,556,644
		Bell AG	186		408,587
		Bellevue Group AG	27,519		276,340
	#	Berner Kantonalbank AG	23,232		6,450,546
		BKW AG	27,539		945,814
	*	Bobst Group AG	39,810		1,140,522
		Bossard Holding AG	9,964		1,459,465
		Bucher Industries AG	33,342		6,596,112
		Burckhardt Compression Holding AG	9,474		3,113,174
		Burkhalter Holding AG	1,246		433,095
		Calida Holding AG	5,995		167,133
		Carlo Gavazzi Holding AG	1,069		227,451
		Centralschweizerische Kraftwerke AG	122		44,250
	*	Cham Paper Holding AG	791		135,896
	#*	Charles Voegele Holding AG	32,044		580,346
	*	Cicor Technologies	4,889		155,921
		Cie Financiere Tradition SA	8,027		441,591
	#	Clariant AG	1,021,075		13,927,185
		Coltene Holding AG	16,008		539,020
		Conzzeta AG	1,345		2,435,316
	*	Cosmo Pharmaceuticals SpA	1,287		43,655
		Daetwyler Holding AG	29,754		2,810,255
	*	Dufry AG	77,241		10,213,734
	#	EFG International AG	205,905		1,988,153
	*	ELMA Electronic AG	440		195,899
		Emmi AG	13,244		3,323,075
		EMS-Chemie Holding AG	16,720		3,941,809
		Energiedienst Holding AG	71,249		3,078,602
		Flughafen Zuerich AG	15,104		6,993,706
		Forbo Holding AG	6,494		4,166,777
		Galenica Holding AG	18,828		10,942,953
	*	GAM Holding AG	786,581		10,702,956
		Gategroup Holding AG	88,404		2,331,289
		George Fisher AG	16,141		6,522,689
		Gurit Holding AG	1,799		718,326
		Helvetia Holding AG	22,896		8,733,028
		Huber & Suhner AG	37,530		1,792,113
		Implenia AG	65,242		2,854,904
		Inficon Holding AG	6,227		1,496,049
		Interroll Holding AG	2,404		875,665
		Intershop Holding AG	4,933		1,747,100
		Jungfraubahn Holding AG	1,336		92,160
		Kaba Holding AG	11,858		5,031,646
	*	Kardex AG	21,055		562,258
		Komax Holding AG	11,434		893,756
		Kudelski SA	173,269		1,810,855
	*	Kuoni Reisen Holding AG Series B	14,420		4,336,819

23

The Continental Small Company Series
continued

			Shares	Value††
SWITZERLAND — (Continued)
		LEM Holding SA	3,667	$	2,026,452
		Liechtensteinische Landesbank AG	11,378		360,651
	*	LifeWatch AG	50,096		406,827
	#	Logitech International SA	676,961		5,197,030
		Lonza Group AG	218,447		11,836,809
		Luzerner Kantonalbank AG	17,399		6,372,677
	*	MCH Group AG	116		6,966
	#	Metall Zug AG	400		844,510
	#*	Meyer Burger Technology AG	222,481		1,668,695
		Micronas Semiconductor Holding AG	155,041		1,408,890
		Mikron Holding AG	585		3,200
		Mobilezone Holding AG	138,514		1,467,515
		Mobimo Holding AG	25,751		6,179,779
	*	Myriad Group AG	62,707		165,488
	#	Nobel Biocare Holding AG	478,680		4,070,286
	*	OC Oerlikon Corp. AG	637,624		7,261,485
	*	Orascom Development Holding AG	12,879		179,125
		Orell Fuessli Holding AG	4,930		498,891
		Orior AG	15,275		855,709
		Panalpina Welttransport Holding AG	43,594		4,440,840
	*	Parco Industriale e Immobiliare SA	600		2,296
		Phoenix Mecano AG	3,100		1,458,230
		PSP Swiss Property AG	148,327		14,039,021
		PubliGroupe SA	4,569		716,339
		Rieters Holdings AG	15,956		2,798,392
		Romande Energie Holding SA	2,714		3,156,273
		Schaffner Holding AG	2,066		520,747
	#	Schmolz & Bickenbach AG	139,656		440,227
		Schweiter Technologies AG	4,424		2,546,889
		Schweizerische National-Versicherungs-Gesellschaft AG	56,056		2,483,289
		Siegfried Holding AG	13,144		1,642,047
		Societa Elettrica Sopracenerina SA	2,340		468,776
		St. Galler Kantonalbank AG	10,021		4,105,475
	#	Straumann Holding AG	24,168		2,967,735
		Sulzer AG	22,245		3,415,638
		Swiss Life Holding AG	102,976		13,744,852
		Swisslog Holding AG	1,010,299		1,303,542
		Swissquote Group Holding SA	47,450		1,494,465
		Tamedia AG	14,891		1,673,657
		Tecan Group AG	37,714		3,137,460
	*	Temenos Group AG	152,647		2,682,346
	*	Tornos Holding AG	38,028		239,656
		U-Blox AG	19,368		830,926
	*	Valartis Group AG	936		20,445
		Valiant Holding AG	47,292		4,501,323
		Valora Holding AG	12,202		2,469,010
		Vaudoise Assurances Holding SA	3,826		1,227,506
		Verwaltungs und Privat-Bank AG	8,823		624,528
		Vetropack Holding AG	534		984,528
		Villars Holding SA	150		79,982
	#*	Von Roll Holding AG	193,633		431,691
		Vontobel Holdings AG	121,104		3,741,213
		VZ Holding AG	801		101,424
		Walliser Kantonalbank AG	1,416		1,352,681
	*	Walter Meier AG	4,738		4,299
		WMH Walter Meier Holding AG	4,738		1,229,229
		Ypsomed Holdings AG	7,831		481,961
		Zehnder Group AG	39,704		1,919,910
	*	Zueblin Immobilien Holding AG	261,040		768,768
	*	Zug Estates Holding AG Class B	277		362,929

24

The Continental Small Company Series
continued

			Shares		Value††
SWITZERLAND — (Continued)
		Zuger Kantonalbank AG		623	$	3,270,276
TOTAL SWITZERLAND						324,229,640
UNITED KINGDOM — (0.1%)
		United Drug P.L.C.		826,323		3,739,755
UNITED STATES — (0.0%)
	*	Prothena Corp. P.L.C.		900		6,599
TOTAL COMMON STOCKS						2,380,219,508
RIGHTS/WARRANTS — (0.0%)
BELGIUM — (0.0%)
	*	Agfa-Gevaert NV STRIP VVPR		122,950		162
	*	Deceuninck NV STRIP VVPR		247,412		327
	*	Nyrstar NV STRIP VVPR		178,031		235
	*	RealDolmen NV STRIP VVPR (5640683)		20		—
	*	RealDolmen NV STRIP VVPR (B3B08L5)		6,067		8
	*	SAPEC SA STRIP VVPR		75		69
	*	Tessenderlo Chemie NV STRIP VVPR		9,955		105
	*	Zenitel NV STRIP VVPR		8,654		11
TOTAL BELGIUM						917
ITALY — (0.0%)
	#*	Seat Pagine Gialle SpA Warrants 08/31/14		2,988,837		5,263
SPAIN — (0.0%)
	*	Faes Farma SA Rights 01/09/13		885,422		39,736
	*	Grifols SA Rights 12/25/12		1,193		1,414
TOTAL SPAIN						41,150
SWEDEN — (0.0%)
	*	East Capital Explorer AB Rights 01/14/13		47,726		10,054
	*	Nordic Mines AB Rights 01/17/13		533,532		71,377
TOTAL SWEDEN						81,431
TOTAL RIGHTS/WARRANTS						128,761
			Shares/
			Face
			Amount		Value†
			(000)
SECURITIES LENDING COLLATERAL — (11.5%)
	§@	DFA Short Term Investment Fund		26,361,279	$	305,000,000
	@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13 (Collateralized
		by U.S. Treasury Note 1.250%, 12/31/19, valued at $3,023,811) to be repurchased at
		$2,964,561	$	2,965		2,964,520
TOTAL SECURITIES LENDING COLLATERAL						307,964,520
TOTAL INVESTMENTS — (100.0%)
		(Cost $2,587,977,461)^			$	2,688,312,789

____________________

^       The cost for federal income tax purposes is $2,590,136,296.

25

The Continental Small Company Series
continued

Summary of the Portfolio’s investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in Securities (Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Austria		—	$	62,623,452	—	$	62,623,452
Belgium		—		83,450,079	—		83,450,079
Denmark		—		88,641,072	—		88,641,072
Finland		—		164,374,742	—		164,374,742
France		—		261,672,856	—		261,672,856
Germany		—		343,924,447	—		343,924,447
Greece		—		57,959,600	—		57,959,600
Ireland		—		74,332,408	—		74,332,408
Israel	$	853,807		68,827,939	—		69,681,746
Italy		—		207,130,673	—		207,130,673
Netherlands		—		141,343,725	—		141,343,725
Norway		120,749		88,489,350	—		88,610,099
Portugal		—		33,706,728	—		33,706,728
Russia		—		2,685,652	—		2,685,652
Spain		—		123,644,535	—		123,644,535
Sweden		—		248,461,700	—		248,461,700
Switzerland		—		324,229,640	—		324,229,640
United Kingdom		—		3,739,755	—		3,739,755
United States		6,599		—	—		6,599
Rights/Warrants
Belgium		—		917	—		917
Italy		—		5,263	—		5,263
Spain		—		41,150	—		41,150
Sweden		—		81,431	—		81,431
Securities Lending Collateral		—		307,964,520	—		307,964,520
TOTAL	$	981,155	$	2,687,331,634	—	$	2,688,312,789

See accompanying Notes to Financial Statements.
26

THE CANADIAN SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2012
(Unaudited)

		Shares	Value††
COMMON STOCKS — (75.5%)
Consumer Discretionary — (7.3%)
	AlarmForce Industries, Inc.	4,310	$	50,869
	Astral Media, Inc. Class A	62,911		2,923,872
	AutoCanada, Inc.	35,845		553,152
#*	Ballard Power Systems, Inc.	559,352		343,023
*	Bauer Performance Sports, Ltd.	3,900		41,521
	BMTC Group, Inc. Class A	16,981		247,536
	Brick, Ltd. (The)	203,490		1,096,518
*	Brookfield Residential Properties, Inc.	22,148		393,886
#	Cineplex, Inc.	241,959		7,742,591
#*	Coastal Contacts, Inc.	106,572		642,842
	Cogeco Cable, Inc.	61,264		2,343,516
	Cogeco, Inc.	10,755		365,240
#	Corus Entertainment, Inc. Class B	306,018		7,562,001
*	DHX Media, Ltd.	46,826		81,911
	Dorel Industries, Inc. Class B	111,100		4,015,326
	easyhome, Ltd.	3,600		32,645
#	Gamehost, Inc.	13,578		173,359
	Glacier Media, Inc.	137,300		241,555
	Glentel, Inc.	65,122		1,178,442
*	Great Canadian Gaming Corp.	293,000		2,813,059
#*	Imax Corp.	260,537		5,848,790
	Indigo Books & Music, Inc.	746		8,010
*	Le Chateau, Inc. Class A	59,800		220,034
	Leon’s Furniture, Ltd.	143,275		1,871,059
	Linamar Corp.	202,280		4,717,901
*	Martinrea International, Inc.	318,256		2,479,626
*	MEGA Brands, Inc.	52,171		516,098
#*	Mood Media Corp.	209,374		393,616
	MTY Food Group, Inc.	3,700		82,764
	Quebecor, Inc. Class B	71,602		2,783,602
	Reitmans Canada, Ltd.	14,756		172,527
	Reitmans Canada, Ltd. Class A	204,000		2,471,298
#	RONA, Inc.	677,175		7,263,956
#*	Sears Canada, Inc.	8,849		89,406
	Torstar Corp. Class B	248,810		1,953,560
*	TVA Group, Inc. Class B	7,000		59,747
#	Uni-Select, Inc.	66,381		1,577,608
#	Whistler Blackcomb Holdings, Inc.	30,645		378,942
Total Consumer Discretionary				65,731,408
Consumer Staples — (2.7%)
#	Alliance Grain Traders, Inc.	73,950		970,933
	Andrew Peller, Ltd. Class A	400		4,062
*	Atrium Innovations, Inc.	130,236		1,564,613
	Canada Bread Co., Ltd.	13,321		671,876
	Colabor Group, Inc.	81,751		636,124
	Corby Distilleries, Ltd. Class A	70,235		1,249,783
	Cott Corp.	473,596		3,808,955
	High Liner Foods, Inc.	8,197		259,828
	Liquor Stores N.A., Ltd.	90,617		1,690,813
	Maple Leaf Foods, Inc.	387,979		4,668,854
	North West Co., Inc. (The)	193,973		4,366,196
#	Premium Brands Holdings Corp.	88,843		1,531,776
	Rogers Sugar, Inc.	268,380		1,616,162
*	SunOpta, Inc.	212,694		1,197,433
*	Sun-Rype Products, Ltd.	100		590
Total Consumer Staples				24,237,998

1

The Canadian Small Company Series
continued

		Shares	Value††
Energy — (19.0%)
*	Advantage Oil & Gas, Ltd.	1,098,231	$	3,533,064
	Akita Drilling, Ltd. Class A	42,000		443,350
#*	Anderson Energy, Ltd.	722,895		170,786
*	Angle Energy, Inc.	350,368		1,257,478
#*	Antrim Energy, Inc.	732,618		382,991
*	Arsenal Energy, Inc.	542,150		288,871
#	AvenEx Energy Corp.	203,616		542,457
#*	Bankers Petroleum, Ltd.	947,749		3,058,484
*	Bellatrix Exploration, Ltd.	573,351		2,461,253
*	Bengal Energy, Ltd.	600		338
#*	Birchcliff Energy, Ltd.	384,649		2,884,771
#*	BlackPearl Resources, Inc.	1,165,485		3,550,236
#*	BNK Petroleum, Inc.	290,319		145,933
#	Bonterra Energy Corp.	61,962		2,843,014
*	C&C Energia, Ltd.	92,605		884,435
#	Calfrac Well Services, Ltd.	138,582		3,489,976
*	Calmena Energy Services, Inc.	119,771		17,459
#*	Calvalley Petroleums, Inc. Class A	348,139		629,989
#*	Canacol Energy, Ltd.	126,242		404,856
#	Canadian Energy Services & Technology Corp.	179,083		1,908,394
	CanElson Drilling, Inc.	29,454		144,501
#	Canyon Services Group, Inc.	206,470		2,355,921
#	Cathedral Energy Services, Ltd.	149,851		881,299
*	Celtic Exploration, Ltd.	323,700		8,555,417
#*	Cequence Energy, Ltd.	605,749		876,926
*	Chinook Energy, Inc.	140,019		202,702
*	Connacher Oil & Gas, Ltd.	2,187,935		395,927
#*	Corridor Resources, Inc.	367,780		262,515
#*	Crew Energy, Inc.	424,369		2,768,830
*	Crocotta Energy, Inc.	223,920		675,339
#*	DeeThree Exploration, Ltd.	314,494		2,058,265
#*	Delphi Energy Corp.	596,404		683,523
#*	Denison Mines Corp.	2,168,583		2,681,569
#	Enbridge Income Fund Holdings, Inc.	133,783		3,245,384
#	Enerflex, Ltd.	279,959		3,371,779
	Ensign Energy Services, Inc.	171,964		2,657,170
#*	Epsilon Energy, Ltd.	222,758		855,470
*	Equal Energy, Ltd.	145,841		451,584
	Essential Energy Services, Ltd.	541,273		1,142,730
#*	Fairborne Energy, Ltd.	544,251		766,011
#*	Forsys Metals Corp.	109,974		88,448
*	Gran Tierra Energy, Inc.	1,065,607		5,892,066
#*	Ithaca Energy, Inc.	988,654		1,977,904
#*	Ivanhoe Energy, Inc.	1,018,248		726,808
*	Laramide Resources, Ltd.	20,368		16,791
*	Legacy Oil & Gas, Inc.	530,751		3,660,352
*	Long Run Exploration, Ltd.	481,656		2,372,690
*	Mega Uranium, Ltd.	796,410		96,078
*	MGM Energy Corp.	19,000		4,775
	Mullen Group, Ltd.	318,728		6,696,909
#	Niko Resources, Ltd.	137,364		1,470,721
#*	North American Energy Partners, Inc.	60,356		201,450
*	Nuvista Energy, Ltd.	499,247		2,946,195
#*	Pace Oil & Gas, Ltd.	211,668		700,098
*	Paramount Resources, Ltd. Class A	27,330		879,220
*	Parex Resources, Inc.	250,418		1,460,163
#	Parkland Fuel Corp.	265,671		5,055,949
	Pason Systems, Inc.	259,107		4,467,362
	Pembina Pipeline Corp.	—		14
	Pengrowth Energy Corp.	4,242		21,110
#*	Perpetual Energy, Inc.	395,093		456,778

2

The Canadian Small Company Series
continued

		Shares	Value††
Energy — (Continued)
#	PetroBakken Energy, Ltd. Class A	186,105	$	1,917,740
#*	Petrobank Energy & Resources, Ltd.	425,702		5,306,831
#	Petrominerales, Ltd.	366,131		3,165,504
#	Peyto Exploration & Development Corp.	80,520		1,861,027
#	PHX Energy Services Corp.	75,422		695,305
*	Pine Cliff Energy, Ltd.	63,810		56,452
#	Poseidon Concepts Corp.	165,977		233,606
	Pulse Seismic, Inc.	271,180		741,540
#*	Questerre Energy Corp. Class A	745,460		524,602
*	RMP Energy, Inc.	542,736		1,636,883
*	Rock Energy, Inc.	114,652		126,789
#	Savanna Energy Services Corp.	398,137		2,873,855
#*	Secure Energy Services, Inc.	290,212		2,894,243
	ShawCor, Ltd. Class A	154,796		6,067,655
*	Sonde Resources Corp.	85,873		140,719
#*	Southern Pacific Resource Corp.	1,650,425		2,140,392
#*	SouthGobi Resources, Ltd.	455,682		939,125
*	Sprott Resource Corp.	456,426		1,996,032
	Strad Energy Services, Ltd.	10,500		42,118
*	Surge Energy, Inc.	239,278		1,323,041
*	TAG Oil, Ltd.	104,722		600,096
#*	Tethys Petroleum, Ltd.	384,489		201,000
#	TORC Oil & Gas, Ltd.	231,935		540,956
	Total Energy Services, Inc.	125,773		1,895,383
*	TransGlobe Energy Corp.	286,808		2,690,177
#	Trican Well Service, Ltd.	585,043		7,716,662
	Trinidad Drilling, Ltd.	506,051		3,500,182
#*	Tuscany International Drilling, Inc.	275,042		63,597
	Twin Butte Energy, Ltd.	881,866		2,287,337
*	UEX Corp.	608,088		360,684
#*	Uranium One, Inc.	1,029,719		2,432,733
#*	Ur-Energy, Inc.	309,416		258,184
#	Veresen, Inc.	278,043		3,306,775
	Western Energy Services Corp.	31,287		222,692
#*	Whitecap Resources, Inc.	490,635		4,266,606
#*	Winstar Resources, Ltd.	78,401		228,574
*	Xtreme Drilling & Coil Services Corp.	128,043		213,684
#	Zargon Oil & Gas, Ltd.	110,225		928,607
	ZCL Composite, Inc.	96,000		496,069
Total Energy				170,016,335
Financials — (6.2%)
#	AGF Management, Ltd. Class B	334,079		3,331,722
	Alaris Royalty Corp.	15,133		360,715
	Altus Group, Ltd.	48,622		403,758
#	Brookfield Real Estate Services, Inc.	8,075		102,449
#	Canaccord Financial, Inc.	333,881		2,248,922
#	Canadian Western Bank	271,572		7,764,660
#	Cash Store Financial Services, Inc. (The)	51,170		184,165
	Clairvest Group, Inc.	1,900		38,097
#	Davis + Henderson Corp.	239,699		5,195,446
*	EGI Financial Holdings, Inc.	14,650		138,444
	E-L Financial Corp., Ltd.	1,343		587,318
	Equitable Group, Inc.	52,295		1,716,529
*	Equity Financial Holdings, Inc.	800		6,434
	Fiera Capital Corp.	36,300		271,876
	Firm Capital Mortgage Investment Corp.	2,494		34,124
	First National Financial Corp.	14,948		282,520
*	FirstService Corp.	135,548		3,826,468
#*	Genesis Land Development Corp.	71,117		233,077
	Genworth MI Canada, Inc.	149,254		3,389,613

3

The Canadian Small Company Series
continued

		Shares	Value††
Financials — (Continued)
	Gluskin Sheff & Associates, Inc.	63,507	$	955,765
#	GMP Capital, Inc.	275,024		1,617,463
	Granite Real Estate, Inc.	122,565		4,652,714
	Guardian Capital Group, Ltd. Class A	11,327		119,681
#	Home Capital Group, Inc.	120,600		7,161,800
#	Killam Properties, Inc.	210,366		2,641,471
*	Kingsway Financial Services, Inc.	46,281		176,806
	Laurentian Bank of Canada	112,197		4,990,043
#*	Mainstreet Equity Corp.	13,994		468,765
	Melcor Developments, Ltd.	12,681		200,790
*	Pacific & Western Credit Corp.	8,800		12,474
#	Sprott Resource Lending Corp.	750,703		1,162,242
#	Sprott, Inc.	248,356		988,730
Total Financials				55,265,081
Health Care — (1.8%)
	Amica Mature Lifestyles, Inc.	7,203		66,259
*	Bioniche Life Sciences, Inc.	41,500		13,351
#*	Burcon NutraScience Corp.	47,138		219,412
*	Cangene Corp.	140,432		261,183
#	CML HealthCare, Inc.	360,097		2,403,784
	Extendicare, Inc.	250,400		1,925,767
*	Helix BioPharma Corp.	1,954		2,220
*	IMRIS, Inc.	86,179		317,096
#	Leisureworld Senior Care Corp.	132,532		1,672,139
#	Medical Facilities Corp.	22,460		312,503
#	Nordion, Inc.	464,108		3,023,444
*	Oncolytics Biotech, Inc.	127,075		509,731
*	Paladin Labs, Inc.	52,575		2,205,116
*	Patheon, Inc.	19,756		66,337
*	ProMetic Life Sciences, Inc.	247,137		70,809
*	QLT, Inc.	226,610		1,776,976
#*	Resverlogix Corp.	111,820		179,865
*	Theratechnologies, Inc.	213,101		67,484
*	Transition Therapeutics, Inc.	50,610		111,935
*	TSO3, Inc.	167,645		133,145
#*	YM Biosciences, Inc.	375,008		1,070,697
Total Health Care				16,409,253
Industrials — (9.2%)
	Aecon Group, Inc.	278,767		2,984,687
#	AG Growth International, Inc.	69,332		2,185,836
*	Air Canada Class A	313,328		554,396
	Algoma Central Corp.	26,690		378,871
*	Armtec Infrastructure, Inc.	48,017		111,028
*	ATS Automation Tooling System, Inc.	370,020		3,269,806
	Badger Daylighting, Ltd.	14,096		437,320
#	Bird Construction, Inc.	104,028		1,382,578
#	Black Diamond Group, Ltd.	131,691		2,654,473
	CanWel Building Materials Group, Ltd.	104,497		267,887
	Cervus Equipment Corp.	2,880		54,259
	Chorus Aviation, Inc.	7,593		29,465
#	Churchill Corp. Class A (The)	91,759		802,557
	Clarke, Inc.	44,894		215,285
	Contrans Group, Inc. Class A	92,385		928,772
	DirectCash Payments, Inc.	30,998		728,595
#	Exchange Income Corp.	38,940		1,009,222
	Exco Technologies, Ltd.	35,400		219,582
	Genivar, Inc.	164,050		3,265,497
*	GLV, Inc. Class A	86,250		171,685
*	Heroux-Devtek, Inc.	109,847		978,430

4

The Canadian Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	HNZ Group, Inc.	23,888	$	518,730
	Horizon North Logistics, Inc.	330,070		2,279,663
	IBI Group, Inc.	32,601		211,397
	K-Bro Linen, Inc.	12,126		351,821
#	Morneau Shepell, Inc.	136,192		1,738,854
	New Flyer Industries, Inc.	21,834		188,992
	Newalta Corp.	166,722		2,597,960
	Richelieu Hardware, Ltd.	64,293		2,388,284
#	Ritchie Brothers Auctioneers, Inc.	244,637		5,103,265
	Rocky Mountain Dealerships, Inc.	57,441		687,190
#	Russel Metals, Inc.	246,300		6,836,577
	Stantec, Inc.	182,098		7,276,963
#	Student Transportation, Inc.	318,114		1,960,429
#	Superior Plus Corp.	559,647		5,761,320
	Toromont Industries, Ltd.	211,911		4,495,146
	Transcontinental, Inc. Class A	287,702		3,224,970
	TransForce, Inc.	314,697		6,283,183
	Vicwest, Inc.	33,393		421,315
#	Wajax Corp.	67,648		2,770,664
	WaterFurnace Renewable Energy, Inc.	34,316		498,163
	Westjet Airlines, Ltd.	320		6,350
#*	Westport Innovations, Inc.	158,805		4,202,018
Total Industrials				82,433,485
Information Technology — (4.1%)
#*	5N Plus, Inc.	194,548		524,167
	Aastra Technologies, Ltd.	32,728		545,192
*	Absolute Software Corp.	175,557		900,111
	Calian Technologies, Ltd.	17,882		376,624
*	Celestica, Inc.	874,907		7,098,120
*	COM DEV International, Ltd.	328,153		1,049,087
	Computer Modelling Group, Ltd.	127,087		2,723,932
	Constellation Software, Inc.	25,319		3,054,214
*	Descartes Systems Group, Inc. (The)	250,048		2,327,782
#*	DragonWave, Inc.	159,183		508,899
	Enghouse Systems, Ltd.	52,143		917,365
	Evertz Technologies, Ltd.	133,981		2,136,261
*	EXFO, Inc.	101,377		544,238
*	Hemisphere GPS, Inc.	20,300		14,898
	MacDonald Dettweiler & Associates, Ltd.	128,853		7,249,034
	Mediagrif Interactive Technologies, Inc.	7,276		140,736
*	Points International, Ltd.	43,356		479,457
*	Pure Technologies, Ltd.	8,034		37,073
*	Redknee Solutions, Inc.	127,436		266,479
#*	Sandvine Corp.	601,476		798,179
*	Sierra Wireless, Inc.	129,764		1,033,207
*	Smart Technologies, Inc. Class A	13,981		21,645
	Softchoice Corp.	25,431		305,264
*	Vecima Network, Inc.	21,676		109,611
	Wi-Lan, Inc.	765,533		3,486,342
*	Wireless Matrix Corp.	111,939		59,644
Total Information Technology				36,707,561
Materials — (21.8%)
	Aberdeen International, Inc.	122,333		39,970
#*	Ainsworth Lumber Co., Ltd.	276,460		750,419
#*	Alacer Gold Corp.	650,319		3,399,677
#	Alamos Gold, Inc.	382,920		6,717,557
#*	Alexco Resource Corp.	272,868		976,586
#*	Almaden Minerals, Ltd.	98,343		314,397
#*	Altius Minerals Corp.	112,600		1,100,304

5

The Canadian Small Company Series
continued

		Shares	Value††
Materials — (Continued)
	Amerigo Resources, Ltd.	522,854	$	299,615
#*	Argonaut Gold, Inc.	368,728		3,510,460
#*	Atna Resource, Ltd.	522,577		572,644
#*	Augusta Resource Corp.	308,545		753,759
#*	Aura Minerals, Inc.	530,169		165,228
#*	AuRico Gold, Inc.	892,052		7,344,834
#*	Aurizon Mines, Ltd.	694,168		2,393,683
#*	Avalon Rare Metals, Inc.	352,025		491,922
#*	B2Gold Corp.	1,401,050		5,014,314
#*	Brigus Gold Corp.	894,312		836,142
*	Canada Lithium Corp.	866,292		574,799
*	Canadian Zinc Corp.	16,925		6,551
*	Canam Group, Inc. Class A	194,100		1,166,903
	Canexus Corp.	434,301		3,702,496
*	Canfor Corp.	411,155		6,853,272
#	Canfor Pulp Products, Inc.	202,846		2,084,132
#*	Capstone Mining Corp.	1,227,437		2,973,885
*	Cardero Resource Corp.	319,643		134,965
*	Carpathian Gold, Inc.	587,371		186,008
	Cascades, Inc.	489,976		2,019,606
#	CCL Industries, Inc. Class B	107,585		4,649,723
#*	China Gold International Resources Corp., Ltd.	722,757		2,477,733
#*	Claude Resources, Inc.	934,700		516,824
*	Cline Mining Corp.	285,100		17,197
*	Colossus Minerals, Inc.	45,928		212,856
#*	Copper Mountain Mining Corp.	609,345		2,407,486
#*	Duluth Metals, Ltd.	388,214		963,998
#*	Dundee Precious Metals, Inc.	410,967		3,499,438
*	Dynasty Metals & Mining, Inc.	108,369		190,656
#*	Eastern Platinum, Ltd.	3,177,460		527,074
*	Eastmain Resources, Inc.	274,250		206,783
#*	Eco Oro Minerals Corp.	261,445		189,243
*	EcoSynthetix, Inc.	1,500		5,203
*	Elgin Mining, Inc.	4,362		3,201
#*	Endeavour Mining Corp.	1,378,843		2,869,414
*	Endeavour Silver Corp.	389,940		3,073,419
#*	Energy Fuels, Inc.	2,398,488		421,972
#*	Entree Gold, Inc.	286,898		129,792
#*	Excellon Resources, Inc.	918,400		517,044
#*	Exeter Resource Corp.	70,137		86,023
*	First Majestic Silver Corp.	431,070		8,693,344
*	Formation Metals, Inc.	69,581		16,788
*	Fortress Paper, Ltd. Class A	69,284		560,708
#*	Fortuna Silver Mines, Inc.	658,170		2,745,959
*	Fortune Minerals, Ltd.	214,672		107,908
#*	Golden Star Resources, Ltd.	1,137,694		2,127,386
#*	Goldgroup Mining, Inc.	112,715		42,493
*	Great Basin Gold, Ltd.	1,537,875		123,686
#*	Great Panther Silver, Ltd.	708,280		1,096,563
#*	Guyana Goldfields, Inc.	390,559		1,228,963
*	Hanfeng Evergreen, Inc.	45,837		72,348
*	Harry Winston Diamond Corp.	284,763		4,002,198
#*	High River Gold Mines, Ltd.	600,542		833,164
	HudBay Minerals, Inc.	734,374		7,397,635
*	Imperial Metals Corp.	181,428		2,206,976
*	International Forest Products, Ltd. Class A	230,847		1,854,295
#*	International Minerals Corp.	76,000		307,148
#*	International Tower Hill Mines, Ltd.	220,027		482,215
	Intertape Polymer Group, Inc.	292,929		2,355,918
#*	Jaguar Mining, Inc.	274,437		176,576
*	Katanga Mining, Ltd.	1,007,162		607,517

6

The Canadian Small Company Series
continued

		Shares	Value††
Materials — (Continued)
#*	Keegan Resources, Inc.	271,644	$	1,078,711
#*	Kimber Resources, Inc.	21,200		7,673
#*	Kirkland Lake Gold, Inc.	247,980		1,458,413
#*	Labrador Iron Mines Holdings, Ltd.	123,133		136,168
#*	Lake Shore Gold Corp.	1,419,989		1,070,666
#*	MAG Silver Corp.	129,247		1,321,446
#	Major Drilling Group International, Inc.	322,900		3,181,281
*	MBAC Fertilizer Corp.	97,039		345,348
#*	McEwen Mining - Minera Andes Andes Acquisition Corp.	348,364		1,320,330
#*	Mercator Minerals, Ltd.	905,221		445,922
#	Migao Corp.	169,168		253,403
*	Minco Base Metals Corp.	2,780		—
#*	Minco Silver Corp.	125,224		195,131
*	Nautilus Minerals, Inc.	89,354		35,034
#*	Nevada Copper Corp.	160,491		564,711
*	Nevsun Resources, Ltd.	612,087		2,615,230
#*	New Millennium Iron Corp.	53,257		68,532
*	NGEx Resources, Inc.	260,900		891,786
#*	Norbord, Inc.	112,168		3,404,395
#*	North American Palladium, Ltd.	565,789		762,197
#*	Northern Dynasty Minerals, Ltd.	148,624		470,660
#*	NovaGold Resources, Inc.	671,410		3,037,443
*	OceanaGold Corp.	1,151,416		3,299,020
*	Oromin Explorations, Ltd.	168,799		135,759
#*	Orvana Minerals Corp.	302,452		264,535
*	Peregrine Diamonds, Ltd.	51,941		22,715
*	Petaquilla Minerals, Ltd.	528,482		244,397
*	Phoscan Chemical Corp.	432,579		123,942
*	Pilot Gold, Inc.	76,450		163,706
#*	Platinum Group Metals, Ltd.	241,887		196,972
#*	PolyMet Mining Corp.	423,377		387,326
#*	Primero Mining Corp.	274,879		1,768,599
#*	Queenston Mining, Inc.	220,773		1,083,113
#*	Richmont Mines, Inc.	114,244		343,410
#*	Rubicon Minerals Corp.	508,405		1,303,340
*	Sabina Gold & Silver Corp.	383,055		1,020,504
#*	San Gold Corp.	1,018,995		809,295
#*	Scorpio Mining Corp.	928,070		961,005
#*	Seabridge Gold, Inc.	116,848		2,102,724
	SEMAFO, Inc.	978,485		3,364,249
	Sherritt International Corp.	1,571,926		9,086,734
*	Shore Gold, Inc.	291,302		60,035
#*	Silver Standard Resources, Inc.	340,397		5,074,985
*	St. Andrew Goldfields, Ltd.	726,528		357,896
	Stella-Jones, Inc.	33,040		2,545,346
*	Stornoway Diamond Corp.	297,297		206,228
#*	Sulliden Gold Corp., Ltd.	659,525		616,626
#*	Tanzanian Royalty Exploration Corp.	350,339		1,528,573
*	Taseko Mines, Ltd.	838,452		2,554,046
*	Tembec, Inc.	360,559		1,087,440
*	Teranga Gold Corp.	148,466		337,321
#*	Thompson Creek Metals Co., Inc.	650,871		2,695,877
*	Timminco, Ltd.	69,822		69
*	Timmins Gold Corp.	725,550		2,180,954
*	US Silver & Gold, Inc.	52,133		90,147
#*	Veris Gold Corp.	158,868		279,500
*	Virginia Mines, Inc.	90,962		921,782
*	Wesdome Gold Mines, Ltd.	325,464		278,118
#	West Fraser Timber Co., Ltd.	126,174		8,885,582
#*	Western Forest Products, Inc.	306,074		403,093

7

The Canadian Small Company Series
continued

		Shares		Value††
Materials — (Continued)
	Winpak, Ltd.		68,995	$	1,023,099
Total Materials					194,861,537
Telecommunication Services — (0.2%)
*	AXIA NetMedia Corp.		182,767		246,213
	Manitoba Telecom Services, Inc.		52,185		1,702,951
Total Telecommunication Services					1,949,164
Utilities — (3.2%)
#	Algonquin Power & Utilities Corp.		592,367		4,073,379
*	Alterra Power Corp.		1,064,070		459,988
*	Boralex, Inc. Class A		97,733		900,987
#	Capital Power Corp.		287,449		6,568,529
#	Capstone Infrastructure Corp.		346,247		1,402,810
#	Innergex Renewable Energy, Inc.		255,982		2,663,530
#	Just Energy Group, Inc.		583,478		5,566,710
*	Maxim Power Corp.		92,234		250,359
#	Northland Power, Inc.		250,207		4,696,255
*	Ram Power Corp.		577,537		148,057
	Valener, Inc.		108,111		1,744,427
Total Utilities					28,475,031
TOTAL COMMON STOCKS					676,086,853
RIGHTS/WARRANTS — (0.0%)
#*	Duluth Metals, Ltd. Warrants 01/18/13		24,225		10,959
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (24.5%)
§@	DFA Short Term Investment Fund		18,841,832		218,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.25%, 01/02/13 (Collateralized
	by U.S. Treasury Note 1.250%, 12/31/19, valued at $981,728) to be repurchased at
	$962,491	$	962		962,478
TOTAL SECURITIES LENDING COLLATERAL					218,962,478
TOTAL INVESTMENTS — (100.0%)
	(Cost $984,601,856)^			$	895,060,290

____________________

^       The cost for federal income tax purposes is $984,638,628.

8

The Canadian Small Company Series
continued

Summary of the Series’ investments as of December 31, 2012, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investment in Securities (Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	65,731,408		—	—	$	65,731,408
Consumer Staples		24,237,998		—	—		24,237,998
Energy		170,016,335		—	—		170,016,335
Financials		55,265,081		—	—		55,265,081
Health Care		16,409,253		—	—		16,409,253
Industrials		82,433,485		—	—		82,433,485
Information Technology		36,707,561		—	—		36,707,561
Materials		194,737,782	$	123,755	—		194,861,537
Telecommunication Services		1,949,164		—	—		1,949,164
Utilities		28,475,031		—	—		28,475,031
Rights/Warrants		—		10,959	—		10,959
Securities Lending Collateral		—		218,962,478	—		218,962,478
TOTAL	$	675,963,098	$	219,097,192	—	$	895,060,290

See accompanying Notes to Financial Statements.

9

THE JAPANESE SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

October 31, 2012

		Shares	Value††
COMMON STOCKS — (88.0%)
Consumer Discretionary — (19.8%)
	Accordia Golf Co., Ltd.	5,176	$	3,683,799
	Aeon Fantasy Co., Ltd.	57,832		774,747
	Ahresty Corp.	74,500		297,933
	Aigan Co., Ltd.	96,200		374,809
	Aisan Industry Co., Ltd.	168,600		1,282,820
#	Akebono Brake Industry Co., Ltd.	362,300		1,561,513
#	Alpen Co., Ltd.	83,400		1,530,047
	Alpha Corp.	30,400		335,696
	Alpine Electronics, Inc.	217,400		1,889,487
	Amiyaki Tei Co., Ltd.	235		581,471
	Amuse, Inc.	31,699		607,817
#*	Anrakutei Co., Ltd.	47,000		234,815
	AOI Pro, Inc.	39,000		264,548
	AOKI Holdings, Inc.	97,100		2,158,533
	Aoyama Trading Co., Ltd.	295,800		5,845,699
*	Arata Corp.	48,000		196,562
	Arcland Sakamoto Co., Ltd.	58,400		846,493
	Arnest One Corp.	216,200		3,207,510
#	Asahi Co., Ltd.	65,600		986,852
	Asatsu-DK, Inc.	135,800		3,120,174
*	Ashimori Industry Co., Ltd.	319,000		408,698
	ASKUL Corp.	96,100		1,443,780
	Asti Corp.	46,000		114,063
#	Atom Corp.	181,200		917,238
	Atsugi Co., Ltd.	784,000		894,066
#	Autobacs Seven Co., Ltd.	89,900		3,689,148
	Avex Group Holdings, Inc.	160,000		3,164,325
	Belluna Co., Ltd.	36,950		274,184
	Best Bridal, Inc.	104		115,131
*	Best Denki Co., Ltd.	304,500		424,012
#	Bic Camera, Inc.	3,323		1,623,533
	Bookoff Corp.	43,300		356,990
	Calsonic Kansei Corp.	739,000		2,986,791
#	Can Do Co., Ltd.	551		750,686
*	Carchs Holdings Co., Ltd.	707,200		309,981
#	Central Sports Co., Ltd.	8,800		125,875
	Chiyoda Co., Ltd.	121,500		3,475,556
	Chofu Seisakusho Co., Ltd.	88,800		2,043,009
#	Chori Co., Ltd.	69,200		756,247
	Chuo Spring Co., Ltd.	202,000		689,444
#*	Clarion Co., Ltd.	591,000		924,125
	Cleanup Corp.	131,900		864,999
	Colowide Co., Ltd.	148,950		1,319,029
	Corona Corp.	76,200		939,114
#	Cross Plus, Inc.	22,000		225,967
#	Daido Metal Co., Ltd.	144,000		985,459
#	Daidoh, Ltd.	119,400		681,800
#*	Daiei, Inc. (The)	521,250		986,421
*	Daiichikosho Co., Ltd.	61,400		1,519,128
#	Daikoku Denki Co., Ltd.	38,700		979,785
	Daimaruenawin Co., Ltd.	400		3,281
	Dainichi Co., Ltd.	54,900		540,030
#	Daisyo Corp.	54,300		682,030
#	DCM Holdings Co., Ltd.	435,600		2,968,047
	Descente, Ltd.	232,000		1,357,791
#	Doshisha Co., Ltd.	55,400		1,541,893
	Doutor Nichires Holdings Co., Ltd.	143,886		1,811,111
	Dunlop Sports Co., Ltd.	46,700		595,304

1

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
	Dynic Corp.	128,000	$	243,748
	Eagle Industry Co., Ltd.	119,000		744,548
#	Edion Corp.	376,200		1,607,800
	Exedy Corp.	146,700		2,867,539
	F&A Aqua Holdings, Inc.	70,220		830,362
#	FCC Co., Ltd.	152,200		2,733,458
#	Fields Corp.	31,100		447,904
	Fine Sinter Co., Ltd.	49,000		150,735
*	First Juken Co., Ltd.	8,300		87,210
	Foster Electric Co., Ltd.	111,200		1,619,134
	France Bed Holdings Co., Ltd.	687,000		1,456,733
	Freesia Macross Corp.	252,000		37,898
#	F-Tech, Inc.	29,000		455,478
#	Fuji Co., Ltd.	97,000		2,045,978
	Fuji Corp, Ltd.	111,800		601,557
#*	Fuji Kiko Co., Ltd.	148,000		458,338
	Fuji Kyuko Co., Ltd.	306,000		1,916,643
	Fuji Oozx, Inc.	6,000		22,754
#	Fujibo Holdings, Inc.	429,000		1,772,678
	Fujikura Rubber, Ltd.	72,900		241,312
#	Fujita Kanko, Inc.	383,100		1,237,050
	Fujitsu General, Ltd.	285,000		2,474,641
	FuKoKu Co., Ltd.	13,200		115,275
	Funai Electric Co., Ltd.	84,200		1,137,760
#	Furukawa Battery Co., Ltd.	71,000		305,245
#*	Futaba Industrial Co., Ltd.	257,900		969,460
	G-7 Holdings, Inc.	29,200		149,271
*	Gajoen Kanko Co.	37,000		—
	Gakken Holdings Co., Ltd.	322,000		883,159
	Genki Sushi Co., Ltd.	19,600		255,182
#	Geo Holdings Corp.	1,509		1,696,041
	GLOBERIDE, Inc.	476,000		650,582
#	Goldwin, Inc.	180,000		1,102,888
#*	Gourmet Kineya Co., Ltd.	87,000		568,808
	GSI Creos Corp.	239,000		323,172
#	G-Tekt Corp.	17,600		335,050
#	Gulliver International Co., Ltd.	28,270		1,082,428
	Gunze, Ltd.	878,000		2,198,841
#	H.I.S. Co., Ltd.	101,800		3,076,945
#	Hagihara Industries, Inc.	4,300		66,383
*	HAJIME CONSTRUCTION Co., Ltd.	34,400		1,084,271
	Hakuyosha Co., Ltd.	86,000		225,369
#	Happinet Corp.	73,400		618,892
	Hard Off Corp Co., Ltd.	33,200		230,377
	Haruyama Trading Co., Ltd.	47,900		237,940
*	Haseko Corp.	6,870,500		4,385,674
	Hiday Hidaka Corp.	37,120		606,360
#*	Higashi Nihon House Co., Ltd.	172,000		618,760
*	HI-LEX Corp.	9,700		144,283
#	Himaraya Co., Ltd.	35,900		298,931
	Hiramatsu, Inc.	178		159,854
	H-One Co., Ltd.	26,100		203,320
#	Honeys Co., Ltd.	81,930		1,305,432
#	Hoosiers Corp.	1,227		948,127
	I Metal Technology Co., Ltd.	142,000		218,482
#	Ichibanya Co., Ltd.	33,700		1,082,054
	Ichikawa Co., Ltd.	63,000		118,262
#*	Ichikoh Industries, Ltd.	285,000		400,955
	Ikyu Corp.	731		376,784
	Imasen Electric Industrial Co., Ltd.	65,000		754,625
	Imperial Hotel, Ltd.	11,500		303,697

2

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
	Impress Holdings, Inc.	41,800	$	66,067
	Intage, Inc.	22,900		472,948
*	Izuhakone Railway Co., Ltd.	300		20,293
#*	Izutsuya Co., Ltd.	375,000		230,085
*	Janome Sewing Machine Co., Ltd.	880,000		628,410
	Japan Vilene Co., Ltd.	145,000		615,834
	Japan Wool Textile Co., Ltd. (The)	310,000		2,128,302
	Jidosha Buhin Kogyo Co., Ltd.	79,000		247,284
*	Joban Kosan Co., Ltd.	189,000		258,089
#	Joshin Denki Co., Ltd.	205,000		2,244,853
#	JVC Kenwood Holdings, Inc.	809,630		2,873,783
#	Kadokawa Group Holdings, Inc.	88,600		2,723,555
#	Kappa Create Holdings Co., Ltd.	63,450		1,367,426
	Kasai Kogyo Co., Ltd.	122,000		496,309
#	Kawai Musical Instruments Manufacturing Co., Ltd.	384,000		803,679
#	Keihin Corp.	204,700		2,471,293
#	Keiyo Co., Ltd.	175,100		934,315
	Kentucky Fried Chicken Japan, Ltd.	78,000		1,996,874
	Kimoto Co., Ltd.	77,300		412,897
#*	Kinki Nippon Tourist Co., Ltd.	300,000		360,653
#	Kinugawa Rubber Industrial Co., Ltd.	233,000		1,362,811
#	Kisoji Co., Ltd.	81,900		1,679,727
#	Kohnan Shoji Co., Ltd.	139,700		1,691,587
#	Kojima Co., Ltd.	145,700		509,219
	Komatsu Seiren Co., Ltd.	146,000		676,890
	Komeri Co., Ltd.	146,000		3,523,839
#	Konaka Co., Ltd.	116,660		1,152,199
*	Koshidaka Holdings Co., Ltd.	5,500		150,850
#	Kourakuen Corp.	31,600		459,897
*	K’s Holdings Corp.	400		10,697
	KU Holdings Co., Ltd.	68,200		383,774
#	Kura Corp.	55,400		771,880
	Kurabo Industries, Ltd.	1,090,000		1,679,797
	Kuraudia Co., Ltd.	5,700		71,276
	Kuroganeya Co., Ltd.	11,100		43,505
#	KYB Co., Ltd.	733,000		2,638,094
	Kyoritsu Maintenance Co., Ltd.	52,560		1,124,971
	Kyoto Kimono Yuzen Co., Ltd.	57,300		692,785
#*	Laox Co., Ltd.	322,000		96,759
	LEC, Inc.	24,200		302,420
#	Look, Inc.	184,000		906,249
	Mamiya-Op Co., Ltd.	285,000		528,447
#	Marche Corp.	23,000		208,322
	Mars Engineering Corp.	45,700		1,088,816
#*	Maruei Department Store Co., Ltd.	142,000		145,917
*	Maruzen CHI Holdings Co., Ltd.	11,800		32,691
	Maruzen Co., Ltd.	46,000		320,588
#*	Matsuya Co., Ltd.	139,800		1,466,299
	Matsuya Foods Co., Ltd.	47,300		856,811
#	Megane TOP Co., Ltd.	141,300		1,625,929
#	Meiko Network Japan Co., Ltd.	47,100		477,884
	Meiwa Estate Co., Ltd.	23,500		104,032
	Meiwa Industry Co., Ltd.	7,000		14,064
	Mikuni Corp.	108,000		224,646
	Misawa Homes Co., Ltd.	109,100		1,604,945
	Mitsuba Corp.	161,690		1,026,026
	Mitsui Home Co., Ltd.	155,000		755,816
	Mizuno Corp.	447,000		2,084,106
*	Monogatari Corp. (The)	1,900		42,724
	MOS Food Services, Inc.	120,300		2,301,047
	Mr Max Corp.	119,000		463,642

3

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
	Murakami Corp.	7,000	$	80,186
#	Musashi Seimitsu Industry Co., Ltd.	102,700		2,144,781
	Nafco Co., Ltd.	1,300		21,975
*	Nagawa Co., Ltd.	4,400		82,748
*	Naigai Co., Ltd.	2,643,000		1,555,663
*	Nakayamafuku Co., Ltd.	4,200		32,764
	NEC Mobiling, Ltd.	46,800		1,946,954
#	Nice Holdings, Inc.	460,000		991,052
#	Nidec Copal Corp.	88,700		670,513
#	Nidec Tosok Corp.	109,300		718,442
#	Nifco, Inc.	228,400		5,190,359
	Nihon Eslead Corp.	29,500		253,854
#	Nihon Plast Co., Ltd.	1,600		8,113
	Nihon Tokushu Toryo Co., Ltd.	56,000		239,104
	Nikkato Corp.	700		3,780
*	Nippon Columbia Co., Ltd.	707,000		203,600
	Nippon Felt Co., Ltd.	67,200		334,895
#	Nippon Piston Ring Co., Ltd.	350,000		564,761
	Nippon Seiki Co., Ltd.	186,400		1,791,370
#	Nishimatsuya Chain Co., Ltd.	259,200		2,088,302
	Nissan Shatai Co., Ltd.	298,023		3,261,153
#*	Nissan Tokyo Sales Holdings Co., Ltd.	236,000		957,834
#	Nissen Holdings Co., Ltd.	181,591		709,106
	Nissin Kogyo Co., Ltd.	178,000		2,558,240
	Nittan Valve Co., Ltd.	82,800		268,639
	Noritsu Koki Co., Ltd.	101,700		407,873
	Ohashi Technica, Inc.	600		4,065
*	Ohsho Food Service Corp.	15,200		367,676
	Omikenshi Co., Ltd.	22,000		12,407
	Onward Holdings Co., Ltd.	626,000		4,635,222
*	OPT, Inc.	18		21,096
*	Otsuka Kagu, Ltd.	3,400		33,242
	Pacific Industrial Co., Ltd.	185,500		1,090,577
*	Pal Co., Ltd.	26,400		1,348,152
	Paltac Corp.	107,434		1,573,437
	PanaHome Corp.	398,200		2,489,259
#	Parco Co., Ltd.	53,600		562,480
	Paris Miki Holdings, Inc.	160,600		872,970
	PIA Corp.	25,200		363,093
	Piolax, Inc.	47,300		983,840
#*	Pioneer Electronic Corp.	1,294,100		3,100,263
	Plenus Co., Ltd.	101,200		1,646,328
#	Point, Inc.	79,640		3,033,238
	Press Kogyo Co., Ltd.	488,000		2,040,998
	Pressance Corp.	12,400		228,673
	Proto Corp.	15,900		261,981
	Renaissance, Inc.	9,000		58,396
#*	Renown, Inc.	242,600		315,689
#	Resort Solution Co., Ltd.	180,000		360,698
	Resorttrust, Inc.	163,508		3,048,195
#	Rhythm Watch Co., Ltd.	650,000		1,206,632
	Right On Co., Ltd.	67,325		556,033
	Riken Corp.	458,000		1,533,330
#	Ringer Hut Co., Ltd.	79,500		1,015,519
#	Riso Kyoiku Co., Ltd.	10,250		767,515
	Roland Corp.	92,800		622,163
	Round One Corp.	352,300		1,782,442
#	Royal Holdings Co., Ltd.	140,200		1,748,891
	Ryohin Keikaku Co., Ltd.	104,000		6,887,238
#*	Sagami Chain Co., Ltd.	84,000		682,000
#	Saizeriya Co., Ltd.	150,900		2,120,094

4

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
#	Sakai Ovex Co., Ltd.	297,000	$	416,732
	SAN HOLDINGS, Inc.	13,600		231,834
#	Sanden Corp.	615,000		1,849,704
	Sangetsu Co., Ltd.	125,925		3,352,827
#	Sanko Marketing Foods Co., Ltd.	120		146,637
#	Sankyo Seiko Co., Ltd.	102,400		344,975
	Sanoh Industrial Co., Ltd.	126,700		747,744
*	Sanyo Electric Railway Co., Ltd.	1,000		3,783
	Sanyo Housing Nagoya Co., Ltd.	415		441,422
	Sanyo Shokai, Ltd.	678,000		1,995,957
	Scroll Corp.	99,500		308,383
*	Seiko Holdings Corp.	479,407		1,262,191
	Seiren Co., Ltd.	239,700		1,493,924
#	Senshukai Co., Ltd.	165,200		1,040,690
	Septeni Holdings Co., Ltd.	339		326,783
*	Seria Co., Ltd.	49,800		1,006,863
*	Seven Seas Holdings Co., Ltd.	549,200		89,420
*	Shidax Corp.	9,500		44,890
	Shikibo, Ltd.	590,000		701,810
	Shimachu Co., Ltd.	227,000		5,015,422
#	Shimojima Co., Ltd.	19,600		227,283
	Shiroki Corp.	285,000		622,812
	Shobunsha Publications, Inc.	320,700		2,122,247
	Shochiku Co., Ltd.	344,400		3,356,628
	Shoei Co., Ltd.	1,600		8,716
	Showa Corp.	320,400		2,964,674
	SKY Perfect JSAT Holdings, Inc.	8,199		3,746,371
	SNT Corp.	103,800		420,291
	Soft99 Corp.	70,600		421,760
	Sotoh Co., Ltd.	49,700		471,127
	SPK Corp.	16,800		283,510
	St. Marc Holdings Co., Ltd.	39,600		1,477,173
*	Starbucks Coffee Japan, Ltd.	304		214,030
#*	Start Today Co., Ltd.	218,500		2,394,260
	Starts Corp., Inc.	1,000		6,241
	Studio Alice Co., Ltd.	45,400		698,205
	Suminoe Textile Co., Ltd.	328,000		608,225
	Sumitomo Forestry Co., Ltd.	436,666		3,907,773
#*	SxL Corp.	460,000		728,288
	T. RAD Co., Ltd.	296,000		675,758
	Tachikawa Corp.	50,800		285,996
	Tachi-S Co., Ltd.	112,840		2,070,721
	Tact Home Co., Ltd.	516		543,786
	Taiho Kogyo Co., Ltd.	92,800		898,537
	Takamatsu Construction Group Co., Ltd.	90,500		1,482,860
	Taka-Q Co., Ltd.	10,000		32,908
	Take & Give Needs Co., Ltd.	3,610		296,406
	Takihyo Co., Ltd.	41,000		211,272
	Tamron Co., Ltd.	76,900		2,089,871
#	TBK Co., Ltd.	89,000		437,689
*	Ten Allied Co., Ltd.	50,000		169,620
#	T-GAIA Corp.	125,800		1,209,734
	Tigers Polymer Corp.	59,000		194,565
	Toa Corp.	32,000		227,555
	Toabo Corp.	183,000		123,918
*	Toei Animation Co., Ltd.	6,400		152,674
	Toei Co., Ltd.	344,000		1,887,351
*	Tohokushinsha Film Corp.	2,800		19,635
	Tokai Rika Co., Ltd.	224,600		2,818,761
	Tokai Rubber Industries, Ltd.	188,700		1,671,674
#	Token Corp.	35,150		1,543,438

5

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
#	Tokyo Derica Co., Ltd.	37,900	$	593,354
#*	Tokyo Dome Corp.	806,200		2,718,214
	Tokyo Kaikan Co., Ltd.	12,000		44,159
	Tokyo Soir Co., Ltd.	49,000		134,893
#	Tokyotokeiba Co., Ltd.	828,000		1,234,800
	Tokyu Recreation Co., Ltd.	77,000		443,335
#	Tomy Co., Ltd.	297,893		1,643,806
	Topre Corp.	189,000		1,631,967
	Toridoll.Corp.	79,600		1,199,557
	Touei Housing Corp.	76,240		811,549
	Tow Co., Ltd.	3,200		20,809
	Toyo Tire & Rubber Co., Ltd.	916,000		2,225,460
	Toyobo Co., Ltd.	4,184,000		4,611,041
	TPR Co., Ltd.	104,400		1,168,809
	TS Tech Co., Ltd.	232,200		3,955,138
	TSI Holdings Co., Ltd.	409,495		2,499,119
*	Tsukamoto Co., Ltd.	124,000		197,277
	Tsutsumi Jewelry Co., Ltd.	49,300		1,132,106
	TV Asahi Corp.	32,600		420,318
	TV Tokyo Holdings Corp.	17,200		193,304
	Umenohana Co., Ltd.	44		95,081
	Unipres Corp.	166,700		3,842,968
#	United Arrows, Ltd.	97,600		2,500,721
#*	Unitika, Ltd.	2,595,000		1,299,730
#*	Usen Corp.	355,450		369,802
	U-Shin, Ltd.	112,900		484,160
*	Village Vanguard Co., Ltd.	120		119,074
	VT Holdings Co., Ltd.	104,800		743,976
	Watabe Wedding Corp.	29,500		240,320
#	WATAMI Co., Ltd.	105,600		2,362,040
#	West Holdings Corp.	32,000		407,468
	Wowow, Inc.	89		208,402
	Xebio Co., Ltd.	120,600		2,359,859
#*	Yamatane Corp.	361,000		470,033
	Yamato International, Inc.	4,200		18,688
#	Yellow Hat, Ltd.	84,100		1,128,609
	Yomiuri Land Co., Ltd.	225,000		709,978
	Yonex Co., Ltd.	40,000		230,155
	Yorozu Corp.	70,000		1,038,738
#	Yoshinoya Holdings Co., Ltd.	2,328		2,952,417
	Zenrin Co., Ltd.	131,800		1,614,637
#	Zensho Co., Ltd.	313,600		3,814,086
#*	Zojirushi Corp.	16,000		54,931
Total Consumer Discretionary				376,167,875
Consumer Staples — (8.9%)
*	Aderans Co., Ltd.	82,650		1,081,583
*	Aeon Hokkaido Corp.	389,700		1,742,309
	Ahjikan Co., Ltd.	10,500		97,368
	Ain Pharmaciez, Inc.	48,100		3,406,124
	Arcs Co., Ltd.	139,700		2,948,545
	Ariake Japan Co., Ltd.	103,700		2,211,230
	Artnature, Inc.	6,700		105,677
	Belc Co., Ltd.	13,400		197,919
	Cawachi, Ltd.	81,900		1,747,043
	Chubu Shiryo Co., Ltd.	89,000		569,197
	Chuo Gyorui Co., Ltd.	93,000		215,605
	Coca-Cola Central Japan Co., Ltd.	121,400		1,492,185
	Cocokara fine, Inc.	69,260		2,332,495
#	Cosmos Pharmaceutical Corp.	37,300		3,678,433
*	CREATE SD HOLDINGS Co., Ltd.	12,300		327,441

6

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Staples — (Continued)
	CVS Bay Area, Inc.	27,000	$	25,679
	Daikokutenbussan Co., Ltd.	22,200		705,644
#	Dr. Ci:Labo Co., Ltd.	617		1,983,096
	Dydo Drinco, Inc.	49,800		2,124,910
	Echo Trading Co., Ltd.	11,000		95,618
#	Ensuiko Sugar Refining Co., Ltd.	102,000		233,861
	Ezaki Glico Co., Ltd.	5,000		56,378
	Fancl Corp.	181,300		1,948,245
#*	First Baking Co., Ltd.	183,000		183,572
	Fuji Oil Co., Ltd.	268,900		3,579,115
	Fujicco Co., Ltd.	116,600		1,495,445
#*	Fujiya Co., Ltd.	375,000		930,469
*	HABA Laboratories, Inc.	100		3,365
	Hagoromo Foods Corp.	40,000		550,892
	Harashin Narus Holdings Co., Ltd.	61,500		1,145,894
*	Hayashikane Sangyo Co., Ltd.	284,000		228,042
	Heiwado Co., Ltd.	152,800		2,126,346
	Hohsui Corp.	127,000		162,428
	Hokkaido Coca-Cola Bottling Co., Ltd.	87,000		434,772
#	Hokuto Corp.	113,700		2,272,553
	Inageya Co., Ltd.	172,800		2,111,716
#	Ito En, Ltd.	18,300		344,366
	Itochu-Shokuhin Co., Ltd.	27,400		1,001,647
	Itoham Foods, Inc.	674,800		2,696,635
	Izumiya Co., Ltd.	447,000		2,212,376
	J-Oil Mills, Inc.	477,000		1,237,399
#	Kameda Seika Co., Ltd.	70,100		1,740,206
	Kasumi Co., Ltd.	210,300		1,372,711
	Kato Sangyo Co., Ltd.	109,300		1,976,914
*	Kenko Mayonnaise Co., Ltd.	900		8,850
	Key Coffee, Inc.	73,600		1,431,100
	Kirindo Co., Ltd.	28,300		187,942
	Kose Corp.	150,100		3,239,496
	Kusuri No Aoki Co., Ltd.	20,100		1,047,009
	Kyodo Shiryo Co., Ltd.	387,000		441,749
#	Kyokuyo Co., Ltd.	371,000		823,350
#	Life Corp.	183,400		2,832,577
#	Lion Corp.	57,000		329,317
#	Mandom Corp.	91,000		2,401,540
	Marudai Food Co., Ltd.	465,000		1,631,417
#	Maruetsu, Inc. (The)	375,000		1,235,510
	Maruha Nichiro Holdings, Inc.	2,030,069		3,335,894
#	Matsumotokiyoshi Holdings Co., Ltd.	152,100		3,662,852
*	Maxvalu Tohok Co., Ltd.	15,800		137,219
	Maxvalu Tokai Co., Ltd.	57,500		812,123
	Megmilk Snow Brand Co., Ltd.	222,200		3,751,649
	Meito Sangyo Co., Ltd.	53,600		681,680
	Mikuni Coca-Cola Bottling Co., Ltd.	171,600		1,425,616
	Milbon Co., Ltd.	52,314		1,692,486
	Ministop Co., Ltd.	75,800		1,279,234
#	Mitsubishi Shokuhin Co., Ltd.	87,800		2,140,536
#	Mitsui Sugar Co., Ltd.	454,850		1,465,481
	Miyoshi Oil & Fat Co., Ltd.	261,000		323,928
	Morinaga & Co., Ltd.	933,000		2,055,602
	Morinaga Milk Industry Co., Ltd.	921,000		3,045,581
#	Morishita Jinton Co., Ltd.	47,800		226,365
	Morozoff, Ltd.	127,000		442,182
	Nagatanien Co., Ltd.	123,000		1,210,485
	Nakamuraya Co., Ltd.	198,000		977,224
	Natori Co., Ltd.	2,500		27,321
#	Nichimo Co., Ltd.	161,000		330,689

7

The Japanese Small Company Series
continued

		Shares	Value††
Consumer Staples — (Continued)
#	Nichirei Corp.	1,248,000	$	6,884,055
#	Nihon Chouzai Co., Ltd.	20,300		539,258
	Niitaka Co., Ltd.	7,260		85,519
	Nippon Beet Sugar Manufacturing Co., Ltd.	543,000		1,040,161
	Nippon Flour Mills Co., Ltd.	557,000		2,330,628
#	Nippon Formula Feed Manufacturing Co., Ltd.	363,000		464,373
#	Nippon Suisan Kaisha, Ltd.	1,182,600		2,592,458
	Nisshin Oillio Group, Ltd. (The)	550,000		2,024,970
	Nissin Sugar Holdings Co., Ltd.	15,500		294,825
	Nitto Fuji Flour Milling Co., Ltd.	64,000		235,754
#	Noevir Holdings Co., Ltd.	34,300		524,085
	Oenon Holdings, Inc.	261,000		641,550
#	Oie Sangyo Co., Ltd.	20,900		211,677
	Okuwa Co., Ltd.	115,000		1,548,732
	Olympic Corp.	64,900		560,509
*	OUG Holdings, Inc.	9,000		16,691
	Pietro Co., Ltd.	5,100		54,645
	Pigeon Corp.	91,800		4,229,895
#	Poplar Co., Ltd.	25,760		165,185
	Prima Meat Packers, Ltd.	701,000		1,265,569
*	Qol Co., Ltd.	200		1,833
#	Riken Vitamin Co., Ltd.	79,200		2,081,120
	Rock Field Co., Ltd.	50,100		898,876
	S Foods, Inc.	73,762		688,276
	S.T. Chemical Co., Ltd.	75,100		830,416
	Sakata Seed Corp.	164,600		2,126,954
	San-A Co., Ltd.	29,200		1,133,740
	Sapporo Holdings, Ltd.	1,621,000		4,526,839
#	Shoei Foods Corp.	44,000		329,608
	Showa Sangyo Co., Ltd.	524,000		1,752,117
	Sogo Medical Co., Ltd.	23,300		839,958
	Starzen Co., Ltd.	293,000		873,352
	Takara Holdings, Inc.	834,500		6,250,961
	Three F Co., Ltd.	4,100		23,427
#	Tobu Store Co., Ltd.	205,000		664,905
	Toho Co., Ltd.	170,000		655,822
#	Tohto Suisan Co., Ltd.	138,000		210,925
	Torigoe Co., Ltd. (The)	86,600		676,352
	Toyo Sugar Refining Co., Ltd.	157,000		167,335
*	Tsuruha Holdings, Inc.	73,200		5,548,589
	Uoriki Co., Ltd.	1,500		18,207
	Valor Co., Ltd.	175,400		2,999,455
	Warabeya Nichiyo Co., Ltd.	51,360		1,048,756
	Welcia Holdings Co., Ltd.	25,500		937,094
	Yaizu Suisankagaku Industry Co., Ltd.	41,000		378,416
	Yamaya Corp.	10,400		149,418
	Yaoko Co., Ltd.	40,800		1,666,609
#	Yokohama Reito Co., Ltd.	189,100		1,284,264
	Yomeishu Seizo Co., Ltd.	100,000		882,609
	Yonekyu Corp.	100,000		812,399
	Yuasa Funashoku Co., Ltd.	112,000		260,910
#	Yukiguni Maitake Co., Ltd.	99,056		323,897
	Yutaka Foods Corp.	6,000		114,071
Total Consumer Staples				168,635,501
Energy — (0.8%)
	AOC Holdings, Inc.	182,800		627,654
	BP Castrol K.K.	66,500		288,320
#*	Fuji Kosan Co., Ltd.	33,100		182,207
	Itochu Enex Co., Ltd.	302,200		1,579,981
	Japan Drilling Co., Ltd.	22,200		642,747

8

The Japanese Small Company Series
continued

		Shares	Value††
Energy — (Continued)
	Japan Oil Transportation Co., Ltd.	79,000	$	178,056
	Kanto Natural Gas Development Co., Ltd.	155,000		819,978
#*	Kyoei Tanker Co., Ltd.	111,000		231,763
	Mitsuuroko Holdings Co., Ltd.	166,300		1,083,496
	Modec, Inc.	50,100		1,017,588
#	Nippon Gas Co., Ltd.	148,900		2,603,182
	Nippon Seiro Co., Ltd.	64,000		177,238
#	Sala Corp.	128,500		789,513
	San-Ai Oil Co., Ltd.	273,000		1,196,988
	Shinko Plantech Co., Ltd.	188,400		1,547,811
	Sinanen Co., Ltd.	251,000		1,072,930
	Toa Oil Co., Ltd.	352,000		396,989
	Toyo Kanetsu K.K.	536,000		1,041,706
Total Energy				15,478,147
Financials — (10.7%)
	77 Bank, Ltd. (The)	155,000		590,263
	Aichi Bank, Ltd. (The)	54,200		3,000,817
	Airport Facilities Co., Ltd.	125,070		576,718
*	Aizawa Securities Co., Ltd.	300		536
	Akita Bank, Ltd. (The)	895,400		2,457,897
	Aomori Bank, Ltd. (The)	900,000		2,673,081
	Asax Co., Ltd.	17		16,552
	Awa Bank, Ltd. (The)	673,000		4,022,474
	Bank of Iwate, Ltd. (The)	72,700		3,369,803
	Bank of Kochi, Ltd. (The)	3,000		2,971
	Bank of Nagoya, Ltd. (The)	752,297		2,575,420
	Bank of Okinawa, Ltd. (The)	96,000		3,996,314
	Bank of Saga, Ltd. (The)	626,000		1,373,186
	Bank of the Ryukyus, Ltd.	177,580		2,233,074
*	Chiba Kogyo Bank, Ltd. (The)	181,900		912,428
	Chukyo Bank, Ltd. (The)	675,000		1,521,063
*	Cosmos Initia Co., Ltd.	53,000		351,379
	Daibiru Corp.	238,900		1,932,870
	Daikyo, Inc.	1,585,000		4,228,516
	Daisan Bank, Ltd. (The)	674,000		1,198,020
	Daishi Bank, Ltd. (The)	1,494,000		4,936,839
	Daito Bank, Ltd. (The)	562,000		492,729
	Ehime Bank, Ltd. (The)	664,000		1,697,874
	Eighteenth Bank, Ltd. (The)	1,088,000		2,852,620
	FIDEA Holdings Co., Ltd.	396,600		785,221
	Fukui Bank, Ltd. (The)	1,003,000		2,114,541
	Fukushima Bank, Ltd. (The)	1,026,000		655,383
	Fuyo General Lease Co., Ltd.	84,500		2,364,507
	Goldcrest Co., Ltd.	84,690		1,273,361
	Heiwa Real Estate Co., Ltd.	174,300		2,039,045
	Higashi-Nippon Bank, Ltd.	662,000		1,427,634
	Higo Bank, Ltd. (The)	818,000		4,827,321
	Hokkoku Bank, Ltd. (The)	1,190,000		4,296,076
	Hokuetsu Bank, Ltd. (The)	965,000		1,850,251
*	Hulic Co., Ltd.	48,000		381,971
	Hyakugo Bank, Ltd. (The)	1,116,609		4,886,171
	Hyakujishi Bank, Ltd. (The)	1,097,000		4,300,766
	IBJ Leasing Co., Ltd.	85,800		2,168,568
*	Ichigo Group Holdings Co., Ltd.	19		2,714
	Ichiyoshi Securities Co., Ltd.	166,400		869,919
#	Iida Home Max Co., Ltd.	88,100		777,302
	Iwai Cosmo Holdings, Inc.	53,800		182,532
	J Trust Co., Ltd.	17,200		253,101
*	Japan Asia Investment Co., Ltd.	469,000		282,990
#*	Jimoto Holdings, Inc.	132,800		213,501

9

The Japanese Small Company Series
continued

		Shares	Value††
Financials — (Continued)
*	Jowa Holdings Co., Ltd.	700	$	12,843
	Juroku Bank, Ltd.	1,473,000		4,779,955
#	kabu.com Securities Co., Ltd.	438,600		1,210,591
	Kabuki-Za Co., Ltd.	39,000		2,244,717
#	Kagoshima Bank, Ltd. (The)	668,000		4,258,892
*	Kansai Urban Banking Corp.	160,000		196,629
	Keihanshin Building Co., Ltd.	33,600		160,883
	Keiyo Bank, Ltd. (The)	709,000		3,108,261
*	Kenedix, Inc.	11,449		1,487,416
	Kita-Nippon Bank, Ltd. (The)	49,406		1,349,780
	Kiyo Holdings, Inc.	3,313,900		4,529,074
	Kobayashi Yoko Co., Ltd.	208,500		465,280
#	Kosei Securities Co., Ltd.	285,000		265,169
	Kyokuto Securities Co., Ltd.	100,900		766,558
*	Leopalace21 Corp.	646,085		1,945,226
	Marusan Securities Co., Ltd.	303,000		936,606
#	Matsui Securities Co., Ltd.	525,200		3,541,825
	Michinoku Bank, Ltd. (The)	736,000		1,437,895
	Mie Bank, Ltd. (The)	208,000		443,277
	Minato Bank, Ltd. (The)	1,063,000		1,903,855
	Mito Securities Co., Ltd.	263,000		466,386
	Miyazaki Bank, Ltd. (The)	703,000		1,726,380
#	Monex Group, Inc.	10,334		1,761,112
	Musashino Bank, Ltd.	152,300		4,362,228
	Nagano Bank, Ltd. (The)	360,000		685,314
	Nanto Bank, Ltd. (The)	550,000		2,804,461
*	New Real Property K.K.	43,900		—
	Nisshin Fudosan Co., Ltd.	95,000		506,992
*	North Pacific Bank, Ltd.	770,300		1,990,612
	Ogaki Kyoritsu Bank, Ltd. (The)	1,410,000		4,963,527
	Oita Bank, Ltd. (The)	789,900		2,652,826
	Okasan Securities Group, Inc.	832,000		3,143,114
*	Osaka Securities Exchange Co., Ltd.	193		719,420
*	Relo Holdings, Inc.	19,000		631,932
	Ricoh Leasing Co., Ltd.	84,600		1,970,679
	San-in Godo Bank, Ltd. (The)	791,000		5,471,237
*	Sawada Holdings Co., Ltd.	6,500		35,785
#	SBI Holdings, Inc.	70,160		491,328
	Senshu Ikeda Holdings, Inc.	234,100		1,459,537
#	Shiga Bank, Ltd.	206,000		1,347,543
	Shikoku Bank, Ltd.	893,000		2,214,979
*	SHIMANE BANK, Ltd. (The)	600		8,033
	Shimizu Bank, Ltd.	40,300		1,182,933
#*	Sparx Group Co., Ltd.	1,477		96,814
	Sumitomo Real Estate Sales Co., Ltd.	45,150		2,125,942
	Sun Frontier Fudousan Co., Ltd.	208		66,815
	Taiko Bank, Ltd. (The)	84,000		206,394
*	Takagi Securities Co., Ltd.	206,000		215,117
*	Takara Leben Co., Ltd.	168,200		1,803,333
	TOC Co., Ltd.	435,250		2,317,834
	Tochigi Bank, Ltd.	726,000		2,547,864
	Toho Bank, Ltd.	947,200		3,167,725
	Toho Real Estate Co., Ltd.	140,700		769,379
	Tohoku Bank, Ltd. (The)	433,000		624,076
	Tokai Tokyo Financial Holdings, Inc.	1,129,000		4,067,662
#	Tokyo Rakutenchi Co., Ltd.	218,000		817,247
*	Tokyo Tatemono Co., Ltd.	1,893,000		7,791,021
#	Tokyo Theatres Co., Inc.	362,000		462,521
	Tokyo Tomin Bank, Ltd.	151,400		1,303,300
#	Tokyu Livable, Inc.	110,800		1,442,768
	Tomato Bank, Ltd.	422,000		745,995

10

The Japanese Small Company Series
continued

		Shares	Value††
Financials — (Continued)
	TOMONY Holdings, Inc.	691,550	$	2,902,394
	Tosei Corp.	1,398		523,692
	Tottori Bank, Ltd.	330,000		678,304
	Towa Bank, Ltd.	1,384,000		1,368,829
	Toyo Securities Co., Ltd.	331,000		570,083
	Tsukuba Bank, Ltd. (The)	282,200		905,231
	Yachiyo Bank, Ltd. (The)	42,500		758,789
	Yamagata Bank, Ltd.	681,500		3,005,490
	Yamanashi Chuo Bank, Ltd.	744,000		3,011,318
Total Financials				202,903,346
Health Care — (4.7%)
	As One Corp.	72,368		1,495,964
	Asahi Intecc Co., Ltd.	6,400		189,980
	ASKA Pharmaceutical Co., Ltd.	106,000		552,345
	BML, Inc.	45,100		1,136,844
	CMIC Holdings Co., Ltd.	37,000		564,919
	Create Medic Co., Ltd.	28,000		280,838
	Daito Pharmaceutical Co., Ltd.	23,700		405,968
	Eiken Chemical Co., Ltd.	74,800		1,027,868
	EPS Corp.	583		1,739,879
	FALCO SD HOLDINGS Co., Ltd.	36,300		428,923
	Fuso Pharmaceutical Industries, Ltd.	344,000		1,111,107
	Hitachi Medical Corp.	85,000		1,044,570
	Hogy Medical Co., Ltd.	57,400		2,936,786
	Iwaki & Co., Ltd.	66,000		142,050
#	Japan Medical Dynamic Marketing, Inc.	44,900		134,549
	JCR Pharmaceuticals Co., Ltd.	10,200		118,767
*	Jeol, Ltd.	296,000		616,135
	JMS Co., Ltd.	126,000		394,226
	Kaken Pharmaceutical Co., Ltd.	364,000		5,637,927
	Kawanishi Holdings, Ltd.	3,000		27,825
	Kawasumi Laboratories, Inc.	46,300		252,365
	Kissei Pharmaceutical Co., Ltd.	106,300		1,812,061
	KYORIN Holdings, Inc.	214,000		4,524,370
*	Mani, Inc.	10,000		371,402
#	Medical System Network Co., Ltd.	27,400		149,425
#*	Message Co., Ltd.	433		1,335,317
#	Mochida Pharmaceutical Co., Ltd.	295,000		3,805,742
#	Nagaileben Co., Ltd.	50,900		747,389
*	Nakanishi, Inc.	2,900		316,498
	Nichii Gakkan Co.	234,000		2,131,110
	Nichi-iko Pharmaceutical Co., Ltd.	21,100		446,397
	Nihon Kohden Corp.	173,900		6,468,886
	Nikkiso Co., Ltd.	303,000		3,618,127
	Nippon Chemiphar Co., Ltd.	151,000		1,002,377
	Nippon Shinyaku Co., Ltd.	239,000		2,879,212
#	Nipro Corp.	585,900		4,005,903
	Nissui Pharmaceutical Co., Ltd.	64,200		671,212
	Paramount Bed Holdings Co., Ltd.	47,000		1,638,445
	Rion Co., Ltd.	5,000		34,216
	Rohto Pharmaceutical Co., Ltd.	424,000		5,843,559
#	Sawai Pharmaceutical Co., Ltd.	40,300		4,451,796
	Seikagaku Corp.	179,800		2,061,135
#*	Shin Nippon Biomedical Laboratories, Ltd.	24,700		118,187
	Ship Healthcare Holdings, Inc.	155,600		5,188,557
	Shofu, Inc.	4,000		44,771
	Taiko Pharmaceutical Co., Ltd.	22,500		211,070
	Techno Medica Co., Ltd.	24		139,842
	Toho Holdings Co., Ltd.	217,800		4,452,305
	Tokai Corp.	18,200		448,652

11

The Japanese Small Company Series
continued

		Shares	Value††
Health Care — (Continued)
	Torii Pharmaceutical Co., Ltd.	65,200	$	1,443,252
#	Towa Pharmaceutical Co., Ltd.	46,900		2,980,142
#	Tsukui Corp.	60,700		1,414,962
	Vital KSK Holdings, Inc.	151,300		1,532,391
#*	Wakamoto Pharmaceutical Co., Ltd.	100,000		265,977
#	ZERIA Pharmaceutical Co., Ltd.	109,000		1,740,976
Total Health Care				88,535,498
Industrials — (23.2%)
#*	A&A Material Corp.	235,000		197,335
	Advan Co., Ltd.	96,900		1,016,602
#*	Advanex, Inc.	73,000		66,794
#	Aeon Delight Co., Ltd.	87,100		1,792,145
#	Aica Kogyo Co., Ltd.	246,200		4,167,837
	Aichi Corp.	132,000		526,393
	Aida Engineering, Ltd.	276,800		1,761,887
	Airtech Japan, Ltd.	2,600		10,913
	Alinco, Inc.	4,800		38,963
	Alps Logistics Co., Ltd.	50,700		499,924
	Altech Co., Ltd.	5,300		14,310
#	Altech Corp.	37,150		294,573
	Ando Corp.	450,000		507,544
	Anest Iwata Corp.	155,000		587,167
#*	Arrk Corp.	221,700		482,312
	Asahi Diamond Industrial Co., Ltd.	253,200		2,242,333
	Asahi Kogyosha Co., Ltd.	109,000		360,461
#*	Asanuma Corp.	796,000		539,425
	Asia Air Survey Co., Ltd.	30,000		99,849
	Asunaro Aoki Construction Co., Ltd.	154,000		833,906
	Ataka Construction & Engineering Co., Ltd.	60,000		243,694
	Bando Chemical Industries, Ltd.	360,000		1,096,115
#	Benefit One, Inc.	143		146,962
	Bunka Shutter Co., Ltd.	227,000		969,203
	Central Glass Co., Ltd.	898,000		2,599,139
	Central Security Patrols Co., Ltd.	43,700		432,425
	Chiyoda Integre Co., Ltd.	14,400		148,378
	Chudenko Corp.	130,500		1,161,805
#	Chugai Ro Co., Ltd.	342,000		916,924
	CKD Corp.	262,700		1,339,948
	COMSYS Holdings Corp.	5,900		78,432
#	Cosel Co., Ltd.	111,900		1,444,946
	CTI Engineering Co., Ltd.	44,600		271,876
	Dai-Dan Co., Ltd.	156,000		921,632
	Daido Kogyo Co., Ltd.	145,000		232,807
	Daifuku Co., Ltd.	406,500		2,032,094
*	Daihatsu Diesel Manufacturing Co., Ltd.	12,000		30,385
#	Daihen Corp.	487,000		1,305,181
	Daiho Corp.	763,000		889,588
#*	Daiichi Chuo K.K.	596,000		470,394
	Daiichi Jitsugyo Co., Ltd.	198,000		828,523
#	Daiseki Co., Ltd.	179,263		2,418,095
#	Daiseki Eco. Solution Co., Ltd.	97		136,189
*	Daisue Construction Co., Ltd.	117,500		66,300
	Daiwa Industries, Ltd.	178,000		756,427
	Daiwa Odakyu Construction Co., Ltd.	48,500		91,664
*	Danto Holdings Corp.	206,000		209,168
	Denyo Co., Ltd.	85,100		901,934
	Dijet Industrial Co., Ltd.	80,000		137,427
	DMW Corp.	4,800		83,151
*	Dream Incubator, Inc.	173		146,201
	Duskin Co., Ltd.	223,500		4,244,799

12

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Ebara Jitsugyo Co., Ltd.	8,900	$	135,626
	Eidai Co., Ltd.	17,000		68,167
	Emori & Co., Ltd.	10,300		104,390
#*	en-japan, Inc.	108		115,530
*	Enshu, Ltd.	194,000		150,769
#*	Fudo Tetra Corp.	317,300		418,044
#	Fujikura, Ltd.	1,656,000		4,607,975
#*	Fujisash Co., Ltd.	72,000		63,276
	Fujitec Co., Ltd.	323,000		1,935,605
#	Fukuda Corp.	575,000		2,182,878
	Fukushima Industries Corp.	29,700		522,397
#	Fukuyama Transporting Co., Ltd.	629,400		3,303,851
	Funai Consulting, Inc.	101,600		668,207
*	Furukawa Co., Ltd.	1,407,000		1,252,037
#*	Furukawa Electric Co., Ltd.	2,035,000		4,058,161
#	Furusato Industries, Ltd.	50,600		443,863
	Futaba Corp.	154,300		1,821,536
	Gecoss Corp.	112,400		762,429
	Glory, Ltd.	246,600		5,985,033
	Hamakyorex Co., Ltd.	19,700		614,132
	Hanwa Co., Ltd.	883,000		3,086,635
#	Hazama Corp.	390,600		865,990
#	Hibiya Engineering, Ltd.	125,900		1,420,732
	Hisaka Works, Ltd.	81,000		563,568
*	Hitachi Cable, Ltd.	823,000		1,081,538
	Hitachi Koki Co., Ltd.	233,100		1,671,996
	Hitachi Metals Techno, Ltd.	56,500		344,395
	Hitachi Tool Engineering, Ltd.	94,000		879,594
	Hitachi Zosen Corp.	3,596,000		4,505,574
	Hokuetsu Industries Co., Ltd.	85,000		181,233
	Hokuriku Electrical Construction Co., Ltd.	56,000		160,824
	Hoshizaki Electric Co., Ltd.	27,700		754,219
	Hosokawa Micron Corp.	142,000		785,754
	Howa Machinery, Ltd.	524,000		492,957
	Ichiken Co., Ltd.	87,000		162,499
	Ichinen Holdings Co., Ltd.	74,800		453,952
	Idec Corp.	137,300		1,078,124
#	Iino Kaiun Kaisha, Ltd.	401,600		1,146,883
	Inaba Denki Sangyo Co., Ltd.	87,400		2,385,844
	Inaba Seisakusho Co., Ltd.	58,800		722,645
	Inabata & Co., Ltd.	317,300		2,050,848
#*	Inui Steamship Co., Ltd.	95,900		235,387
	Iseki & Co., Ltd.	765,000		1,755,106
	Ishii Iron Works Co., Ltd.	114,000		184,353
*	Ishikawa Seisakusho, Ltd.	101,000		78,530
#	Itoki Corp.	174,200		1,083,689
#*	Iwasaki Electric Co., Ltd.	221,000		316,027
	Iwatani Corp.	887,000		3,476,470
	Jalux, Inc.	40,800		425,837
	Jamco Corp.	80,000		385,536
#	Japan Airport Terminal Co., Ltd.	182,600		1,984,872
*	Japan Bridge Corp.	11,300		36,200
#	Japan Foundation Engineering Co., Ltd.	162,500		599,391
	Japan Pulp & Paper Co., Ltd.	464,000		1,383,167
	Japan Transcity Corp.	231,000		790,131
	JK Holdings Co., Ltd.	92,540		449,295
#	JP-Holdings, Inc.	43,700		544,056
#	Juki Corp.	345,000		423,597
	Kamei Corp.	153,000		1,321,878
	Kanaden Corp.	116,000		675,719
	Kanagawa Chuo Kotsu Co., Ltd.	192,000		1,130,004

13

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
#	Kanamoto Co., Ltd.	124,000	$	1,513,324
	Kandenko Co., Ltd.	461,000		2,147,099
*	Kanematsu Corp.	2,078,625		2,451,964
#*	Kanematsu-NNK Corp.	125,000		205,251
*	Katakura Industries Co., Ltd.	115,100		994,588
	Kato Works Co., Ltd.	287,000		792,377
	KAWADA TECHNOLOGIES, Inc.	100,200		1,298,136
	Kawasaki Kinkai Kisen Kaisha, Ltd.	99,000		234,365
#*	Kawasaki Kisen Kaisha, Ltd.	4,568,000		5,790,221
	Keihin Co., Ltd. (The)	199,000		229,442
*	KI Holdings Co., Ltd.	92,000		117,588
	Kimura Chemical Plants Co., Ltd.	74,900		236,512
	King Jim Co., Ltd.	19,300		155,325
	Kinki Sharyo Co., Ltd.	185,000		596,123
	Kintetsu World Express, Inc.	79,000		2,225,082
#	Kitagawa Iron Works Co., Ltd.	369,000		614,951
	Kitano Construction Corp.	242,000		585,133
	Kitazawa Sangyo Co., Ltd.	54,500		104,015
	Kito Corp.	99		82,875
	Kitz Corp.	443,300		1,872,180
	Kodensha Co., Ltd. (The)	14,000		26,892
	Koike Sanso Kogyo Co., Ltd.	149,000		315,546
	Kokusai Co., Ltd.	5,500		42,001
	Kokuyo Co., Ltd.	372,325		2,892,829
	KOMAIHALTEC, Inc.	167,000		441,334
	Komatsu Wall Industry Co., Ltd.	48,300		649,613
	Komori Corp.	407,800		2,135,987
	Kondotec, Inc.	81,600		479,878
#*	Kosaido Co., Ltd.	356,100		1,248,449
#	KRS Corp.	37,200		438,177
*	Kumagai Gumi Co., Ltd.	626,800		565,721
	Kuroda Electric Co., Ltd.	134,700		1,517,913
	Kyodo Printing Co., Ltd.	540,000		1,211,082
*	Kyokuto Boeki Kaisha, Ltd.	58,000		87,293
	Kyokuto Kaihatsu Kogyo Co., Ltd.	210,100		1,749,819
	Kyoritsu Printing Co., Ltd.	5,400		19,133
	Kyosan Electric Manufacturing Co., Ltd.	225,000		732,975
	Kyowa Exeo Corp.	390,700		4,100,745
	Kyudenko Corp.	204,000		923,191
*	Lonseal Corp.	116,000		114,900
	Maeda Corp.	845,000		3,737,980
	Maeda Road Construction Co., Ltd.	291,000		3,653,982
	Maezawa Industries, Inc.	35,700		83,309
	Maezawa Kasei Industries Co., Ltd.	50,700		529,642
	Maezawa Kyuso Industries Co., Ltd.	50,400		637,266
#	Makino Milling Machine Co., Ltd.	481,000		2,261,527
	Marubeni Construction Material Lease Co., Ltd.	75,000		111,874
	Marufuji Sheet Piling Co., Ltd.	1,000		2,245
	Maruka Machinery Co., Ltd.	28,100		340,435
	Maruwn Corp.	59,400		139,289
	Maruyama Manufacturing Co., Inc.	158,000		303,099
	Maruzen Showa Unyu Co., Ltd.	306,000		893,055
	Matsuda Sangyo Co., Ltd.	80,682		1,073,038
	Matsui Construction Co., Ltd.	128,600		447,843
	Max Co., Ltd.	189,000		2,067,378
#	Meidensha Corp.	807,050		2,842,881
#	Meiji Shipping Co., Ltd.	107,200		390,628
	Meisei Industrial Co., Ltd.	44,000		139,015
	Meitec Corp.	144,000		3,170,488
*	Meito Transportation Co., Ltd.	22,000		163,135
#	Meiwa Trading Co., Ltd.	140,000		555,686

14

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Mesco, Inc.	30,000	$	228,643
#	Minebea Co., Ltd.	1,334,000		4,384,759
	Mirait Holdings Corp.	281,685		2,282,739
	Mitani Corp.	53,700		584,173
	Mitsubishi Kakoki Kaisha, Ltd.	230,000		377,693
	Mitsubishi Pencil Co., Ltd.	104,500		1,849,663
	Mitsubishi Research Institute, Inc.	7,100		157,849
	Mitsuboshi Belting Co., Ltd.	287,000		1,589,769
	Mitsui Engineering & Shipbuilding Co., Ltd.	2,593,000		3,118,696
*	Mitsui Matsushima Co., Ltd.	601,000		851,273
	Mitsui-Soko Co., Ltd.	492,000		1,504,572
	Mitsumura Printing Co., Ltd.	93,000		278,503
#	Miura Co., Ltd.	137,600		3,144,655
	Miyachi Corp.	24,500		155,044
#*	Miyaji Engineering Group, Inc.	851,175		1,450,099
#	Mori Seiki Co., Ltd.	474,500		2,971,917
	Morita Holdings Corp.	156,000		1,310,664
	Moshi Moshi Hotline, Inc.	217,300		3,272,790
#	NAC Co., Ltd.	25,400		563,023
	Nachi-Fujikoshi Corp.	785,000		2,440,547
	Nagase & Co., Ltd.	23,400		249,622
	Nakano Corp.	5,500		10,077
	Namura Shipbuilding Co., Ltd.	14,500		43,230
	Narasaki Sangyo Co., Ltd.	56,000		88,510
	NEC Capital Solutions, Ltd.	45,100		633,180
#	Nichias Corp.	436,000		2,136,756
	Nichiban Co., Ltd.	122,000		382,317
*	Nichiden Corp.	19,000		512,547
	Nichiha Corp.	107,480		1,153,871
	Nichireki Co., Ltd.	96,000		455,126
#	Nihon M&A Center, Inc.	51,900		1,559,975
	Nihon Trim Co., Ltd.	6,300		170,617
	Nikko Co., Ltd.	127,000		477,268
	Nippo Corp.	259,000		2,935,556
	Nippon Carbon Co., Ltd.	533,000		909,005
	Nippon Conveyor Co., Ltd.	194,000		172,589
	Nippon Densetsu Kogyo Co., Ltd.	191,000		1,738,089
	Nippon Denwa Shisetsu Co., Ltd.	203,000		617,627
	Nippon Filcon Co., Ltd.	70,900		346,817
	Nippon Hume Corp.	112,000		568,437
	Nippon Jogesuido Sekkei Co., Ltd.	295		414,056
#	Nippon Kanzai Co., Ltd.	43,000		797,267
	Nippon Koei Co., Ltd.	282,000		921,124
	Nippon Konpo Unyu Soko Co., Ltd.	263,100		3,170,044
#	Nippon Parking Development Co., Ltd.	7,133		386,845
	Nippon Road Co., Ltd. (The)	254,000		938,893
	Nippon Seisen Co., Ltd.	103,000		366,450
#	Nippon Sharyo, Ltd.	324,000		1,177,854
#*	Nippon Sheet Glass Co., Ltd.	4,441,000		3,678,326
#	Nippon Signal Co., Ltd.	234,600		1,314,481
	Nippon Steel Trading Co., Ltd.	294,000		685,457
	Nippon Thompson Co., Ltd.	297,000		1,027,572
	Nippon Tungsten Co., Ltd.	80,000		121,213
	Nippon Yusoki Co., Ltd.	138,000		370,259
	Nishimatsu Construction Co., Ltd.	1,855,000		2,904,239
	Nishio Rent All Co., Ltd.	15,900		189,064
*	Nishishiba Electric Co., Ltd.	45,000		54,708
	Nissei Corp.	104,600		926,281
	Nissei Plastic Industrial Co., Ltd.	337,000		1,276,409
#*	Nissha Printing Co., Ltd.	139,400		1,064,993
	Nisshinbo Holdings, Inc.	653,000		4,271,975

15

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Nissin Corp.	350,000	$	868,108
#	Nissin Electric Co., Ltd.	203,000		1,174,825
	Nitchitsu Co., Ltd.	58,000		120,009
	Nitta Corp.	107,400		1,652,052
	Nitto Boseki Co., Ltd.	905,000		2,975,346
	Nitto Kogyo Corp.	149,000		2,281,474
#	Nitto Kohki Co., Ltd.	68,300		1,543,804
	Nitto Seiko Co., Ltd.	122,000		319,273
#	Nittoc Construction Co., Ltd.	113,000		406,671
#	Nittoku Engineering Co., Ltd.	58,200		650,040
#	Noda Corp.	169,300		722,822
	Nomura Co., Ltd.	205,000		741,287
	Noritake Co., Ltd.	531,000		1,238,394
	Noritz Corp.	132,900		2,183,371
*	NS United Kaiun Kaisha, Ltd.	470,000		512,413
#*	NTN Corp.	2,301,000		4,128,033
	Obara Corp.	36,200		396,850
#	Obayashi Road Corp.	175,000		445,303
*	Odelic Co., Ltd.	1,400		28,537
	Oiles Corp.	123,842		2,327,402
*	Okamoto Machine Tool Works, Ltd.	163,000		167,546
	Okamura Corp.	289,900		2,103,667
	Okano Valve Manufacturing Co., Ltd.	42,000		107,747
	Oki Electric Cable Co., Ltd.	90,000		132,013
*	OKK Corp.	288,000		328,319
	OKUMA Corp.	656,000		4,009,393
	Okumura Corp.	780,400		2,512,185
	Onoken Co., Ltd.	58,900		470,981
	Organo Corp.	174,000		1,027,681
	OSG Corp.	329,000		4,312,629
	Oyo Corp.	100,900		1,226,243
#	P.S. Mitsubishi Construction Co., Ltd.	76,800		323,188
#	Pasco Corp.	74,000		211,247
	Pasona Group, Inc.	359		221,574
#	Penta-Ocean Construction Co., Ltd.	1,411,500		3,394,298
	Pilot Corp.	774		1,392,572
	Pronexus, Inc.	133,200		782,421
#	Raito Kogyo Co., Ltd.	238,500		1,139,368
	Rheon Automatic Machinery Co., Ltd.	64,000		142,025
	Ryobi, Ltd.	583,200		1,187,246
#	Sakai Heavy Industries, Ltd.	190,000		521,712
	Sakai Moving Service Co., Ltd.	2,000		43,151
*	Sakurada Co., Ltd.	10,000		1,634
#*	Sanix, Inc.	126,100		369,585
	Sanki Engineering Co., Ltd.	340,000		1,571,488
#	Sanko Metal Industrial Co., Ltd.	122,000		301,259
	Sankyo-Tateyama Holdings, Inc.	1,710,000		3,706,721
	Sankyu, Inc.	1,251,000		4,358,022
	Sanritsu Corp.	16,700		102,454
	Sanwa Holdings Corp.	1,039,000		4,153,730
	Sanyo Denki Co., Ltd.	210,000		1,137,932
	Sanyo Engineering & Construction, Inc.	48,000		151,291
	Sanyo Industries, Ltd.	77,000		144,759
	Sasebo Heavy Industries Co., Ltd.	584,000		519,820
#*	Sata Construction Co., Ltd.	128,000		88,012
	Sato Holdings Corp.	111,200		1,547,465
	Sato Shoji Corp.	65,300		392,312
	Sawafuji Electric Co., Ltd.	30,000		73,320
	Secom Joshinetsu Co., Ltd.	33,900		880,882
	Seibu Electric Industry Co., Ltd.	67,000		286,225
	Seika Corp.	285,000		742,542

16

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
#*	Seikitokyu Kogyo Co., Ltd.	542,000	$	346,077
	Seino Holdings Co., Ltd.	720,000		4,151,386
	Sekisui Jushi Co., Ltd.	144,000		1,403,445
#	Senko Co., Ltd.	400,000		1,618,796
#	Senshu Electric Co., Ltd.	37,300		436,746
	Shibusawa Warehouse Co., Ltd.	231,000		669,343
	Shibuya Kogyo Co., Ltd.	80,100		903,649
#	Shima Seiki Manufacturing Co., Ltd.	123,700		1,574,239
	Shin Nippon Air Technologies Co., Ltd.	88,780		486,161
	Shin-Keisei Electric Railway Co., Ltd.	174,000		782,277
#	Shinmaywa Industries, Ltd.	440,000		2,387,528
	Shinnihon Corp.	194,800		453,688
	Shinsho Corp.	205,000		365,152
	Shinwa Co., Ltd.	7,100		79,025
	SHO-BOND Holdings Co., Ltd.	101,600		3,072,690
	Shoko Co., Ltd.	323,000		493,757
	Showa Aircraft Industry Co., Ltd.	112,000		550,522
#	Sinfonia Technology Co., Ltd.	502,000		837,079
	Sintokogio, Ltd.	201,000		1,418,476
	Soda Nikka Co., Ltd.	67,000		286,223
	Sodick Co., Ltd.	217,900		827,854
	Sohgo Security Services Co., Ltd.	269,300		3,784,416
	Sotetsu Holdings, Inc.	597,000		2,026,057
#	Space Co., Ltd.	73,420		660,856
	Subaru Enterprise Co., Ltd.	59,000		183,191
	Sugimoto & Co., Ltd.	34,100		318,123
	Sumikin Bussan Corp.	228,000		557,247
#*	Sumiseki Holdings, Inc.	133,200		116,661
	Sumitomo Densetsu Co., Ltd.	98,100		884,935
#*	Sumitomo Mitsui Construction Co., Ltd.	1,020,000		639,559
	Sumitomo Precision Products Co., Ltd.	156,000		660,623
	Sumitomo Warehouse Co., Ltd.	608,000		2,543,728
	Suzuki Metal Industry Co., Ltd.	1,000		1,316
	SWCC Showa Holdings Co., Ltd.	1,732,000		1,236,592
	Tadano, Ltd.	509,579		3,759,339
	Taihei Dengyo Kaisha, Ltd.	158,000		1,021,179
	Taihei Kogyo Co., Ltd.	256,000		1,020,202
	Taiheiyo Kouhatsu, Inc.	166,000		149,836
	Taikisha, Ltd.	136,700		2,902,418
	Takada Kiko Co., Ltd.	247,000		472,997
	Takano Co., Ltd.	51,100		253,111
#*	Takaoka Toko Holdings Co., Ltd.	44,820		656,888
#	Takara Printing Co., Ltd.	38,055		276,140
	Takara Standard Co., Ltd.	501,000		3,759,850
	Takasago Thermal Engineering Co., Ltd.	291,400		2,292,885
#	Takashima & Co., Ltd.	211,000		708,728
*	Takeuchi Manufacturing Co., Ltd.	10,600		93,853
	Takigami Steel Construction Co., Ltd.	50,000		133,307
	Takisawa Machine Tool Co., Ltd.	244,000		290,519
	Takuma Co., Ltd.	365,000		1,857,675
#	Tanseisha Co., Ltd.	84,000		249,625
#	Tatsuta Electric Wire & Cable Co., Ltd.	237,000		2,357,613
	TECHNO ASSOCIE Co., Ltd.	58,400		465,297
	Techno Ryowa, Ltd.	71,390		342,576
	Teikoku Electric Manufacturing Co., Ltd.	31,800		404,923
	Teikoku Sen-I Co., Ltd.	97,000		727,242
	Tekken Corp.	763,000		974,984
#	Temp Holdings Co., Ltd.	48,600		583,905
	Teraoka Seisakusho Co., Ltd.	53,600		211,599
	TOA Corp.	784,000		1,120,746
#	TOA ROAD Corp.	161,000		429,591

17

The Japanese Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
*	Tobishima Corp.	479,600	$	444,738
	Tocalo Co., Ltd.	68,300		992,648
	Toda Corp.	1,019,000		3,076,754
	Toenec Corp.	212,000		1,163,171
	TOKAI Holdings Corp.	229,700		935,026
	Tokai Lease Co., Ltd.	98,000		205,078
	Tokyo Energy & Systems, Inc.	143,000		622,802
	Tokyo Keiki, Inc.	287,000		453,986
*	Tokyo Kikai Seisakusho, Ltd.	300,000		146,450
	Tokyo Sangyo Co., Ltd.	78,000		248,170
	Tokyu Community Corp.	32,900		1,180,355
	Tokyu Construction Co., Ltd.	191,490		350,110
	Toli Corp.	236,000		484,604
#	Tomoe Corp.	115,500		377,823
#	Tomoe Engineering Co., Ltd.	20,800		350,978
	Tonami Holdings Co., Ltd.	331,000		734,332
	Toppan Forms Co., Ltd.	213,400		2,010,269
	Torishima Pump Manufacturing Co., Ltd.	90,400		631,765
	Toshiba Machine Co., Ltd.	563,000		2,442,184
	Toshiba Plant Systems & Services Corp.	191,450		2,590,332
	Tosho Printing Co., Ltd.	243,000		380,838
	Totetsu Kogyo Co., Ltd.	129,400		1,482,216
#	Toyo Construction Co., Ltd.	287,300		875,819
	Toyo Electric Manufacturing Co., Ltd.	162,000		443,944
	Toyo Engineering Corp.	581,400		2,406,470
	Toyo Machinery & Metal Co., Ltd.	42,400		97,241
#	Toyo Tanso Co., Ltd.	51,600		978,922
#	Toyo Wharf & Warehouse Co., Ltd.	274,000		433,398
#	Trancom Co., Ltd.	19,400		366,993
	Trinity Industrial Corp.	56,000		177,238
	Trusco Nakayama Corp.	98,900		1,783,049
	Tsubakimoto Chain Co., Ltd.	620,700		3,040,807
	Tsubakimoto Kogyo Co., Ltd.	97,000		280,878
#*	Tsudakoma Corp.	211,000		269,562
#	Tsugami Corp.	333,000		2,077,456
	Tsukishima Kikai Co., Ltd.	127,000		1,074,552
	Tsurumi Manufacturing Co., Ltd.	94,000		706,492
	TTK Co., Ltd.	62,000		279,563
	Uchida Yoko Co., Ltd.	331,000		899,901
#	Ueki Corp.	406,000		793,841
#	Union Tool Co., Ltd.	59,700		903,957
	Utoc Corp.	92,900		271,131
#*	Wakachiku Construction Co., Ltd.	1,204,000		1,071,306
*	Wakita & Co., Ltd.	47,000		331,552
#	Weathernews, Inc.	33,000		1,093,380
	Yahagi Construction Co., Ltd.	141,500		602,777
	Yamabiko Corp.	28,882		371,919
	Yamato Corp.	82,000		274,284
	Yamaura Corp.	34,500		96,059
	Yamazen Co., Ltd.	305,500		1,883,270
	Yasuda Warehouse Co., Ltd. (The)	95,800		629,270
	Yokogawa Bridge Holdings Corp.	140,400		1,021,730
	Yondenko Corp.	132,800		481,098
	Yuasa Trading Co., Ltd.	894,000		1,479,770
	Yuken Kogyo Co., Ltd.	157,000		269,600
	Yurtec Corp.	256,000		857,500
	Yusen Logistics Co., Ltd.	85,400		723,361
#	Yushin Precision Equipment Co., Ltd.	53,034		930,157
Total Industrials				440,161,049

18

The Japanese Small Company Series
continued

		Shares	Value††
Information Technology — (9.6%)
*	1st Holdings, Inc.	20,700	$	133,169
	A&D Co., Ltd.	44,300		142,632
	Ai Holdings Corp.	251,400		1,600,438
	Aichi Tokei Denki Co., Ltd.	113,000		386,863
	Aiphone Co., Ltd.	71,400		1,237,393
	Allied Telesis Holdings K.K.	470,700		419,039
	Alpha Systems, Inc.	32,760		386,887
#	Alps Electric Co., Ltd.	808,000		4,776,946
	Amano Corp.	281,000		2,306,092
#	Anritsu Corp.	392,000		4,931,192
	AOI Electronic Co., Ltd.	35,200		519,822
	Argo Graphics, Inc.	5,100		66,236
	Arisawa Manufacturing Co., Ltd.	138,600		329,745
	Asahi Net, Inc.	63,000		305,220
	Axell Corp.	33,500		822,271
*	Bit-isle, Inc.	57,800		537,368
	CAC Corp.	63,500		534,688
	Canon Electronics, Inc.	102,600		2,162,191
#	Capcom Co., Ltd.	74,900		1,428,479
	Chino Corp.	151,000		370,954
	CMK Corp.	263,200		858,966
	Computer Engineering & Consulting, Ltd.	61,500		353,100
	Core Corp.	45,700		418,300
	Cresco, Ltd.	23,200		152,186
	Cybernet Systems Co., Ltd.	85		23,388
#	Cybozu, Inc.	1,347		428,384
*	DA Consortium, Inc.	9		2,699
*	Dai-ichi Seiko Co., Ltd.	40,400		552,524
	Daishinku Corp.	97,000		275,018
	Daito Electron Co., Ltd.	5,900		24,417
	Daiwabo Holdings Co., Ltd.	971,000		1,799,248
#	Denki Kogyo Co., Ltd.	319,000		1,467,489
#*	Digital Garage, Inc.	783		1,510,044
	DKK TOA Corp.	31,000		108,638
	DTS Corp.	101,400		1,400,783
	Dwango Co., Ltd.	308		509,427
	Eizo Nanao Corp.	81,900		1,284,895
	Elecom Co., Ltd.	16,700		264,818
#	Elematec Corp.	20,271		259,352
	EM Systems Co., Ltd.	8,400		190,643
#	Enplas Corp.	42,400		1,514,655
	ESPEC Corp.	96,800		775,676
	Excel Co., Ltd.	12,800		107,578
*	F@N Communications, Inc.	76		150,907
	Faith, Inc.	1,942		204,912
#*	FDK Corp.	355,000		284,588
*	Ferrotec Corp.	131,700		518,378
	Fuji Electronics Co., Ltd.	28,600		383,227
#	Fuji Soft, Inc.	100,600		2,135,786
	Fujitsu Frontech, Ltd.	77,500		411,369
	Furuno Electric Co., Ltd.	10,000		38,843
	Furuya Metal Co., Ltd.	1,800		48,870
	Future Architect, Inc.	1,172		453,479
#	GMO Internet, Inc.	321,000		2,246,764
	GMO Payment Gateway, Inc.	8,100		131,116
#*	GungHo Online Entertainment, Inc.	185		907,653
	Gurunavi, Inc.	25,800		286,015
	Hakuto Co., Ltd.	73,700		671,410
	Hioki EE Corp.	28,200		481,313
	Hitachi Kokusai Electric, Inc.	249,500		1,692,719
	Hochiki Corp.	97,000		491,329

19

The Japanese Small Company Series
continued

		Shares	Value††
Information Technology — (Continued)
#	Hokuriku Electric Industry Co., Ltd.	330,000	$	360,028
	Horiba, Ltd.	179,850		4,907,305
	Hosiden Corp.	275,600		1,494,641
	Icom, Inc.	49,700		1,038,833
*	Ikegami Tsushinki Co., Ltd.	174,000		102,493
	Ines Corp.	202,300		1,290,780
	I-Net Corp.	47,800		341,980
*	Infocom Corp.	76		94,856
	Information Services International-Dentsu, Ltd.	76,700		668,694
	Innotech Corp.	61,800		258,037
	Internet Initiative Japan, Inc.	102,200		2,670,395
*	Iriso Electronics Co., Ltd.	13,900		192,702
	IT Holdings Corp.	376,801		4,696,096
	ITC Networks Corp.	85,900		688,386
	ITFOR, Inc.	34,300		122,871
*	Iwatsu Electric Co., Ltd.	354,000		248,385
	Japan Aviation Electronics Industry, Ltd.	252,600		2,013,882
#	Japan Cash Machine Co., Ltd.	79,315		676,078
	Japan Digital Laboratory Co., Ltd.	109,700		1,143,185
#*	Japan Radio Co., Ltd.	230,000		527,726
#	Jastec Co., Ltd.	61,400		422,226
	JBCC Holdings, Inc.	75,900		525,368
	JFE Systems, Inc.	163		145,521
	JIEC Co., Ltd.	156		184,695
*	Justsystems Corp.	28,600		76,381
	Kaga Electronics Co., Ltd.	103,300		941,125
	Kanematsu Electronics, Ltd.	83,100		923,413
	Koa Corp.	157,400		1,230,981
	Kyoden Co., Ltd.	156,900		232,426
#	Kyoei Sangyo Co., Ltd.	97,000		159,118
	Kyowa Electronic Instruments Co., Ltd.	56,000		173,660
	Lasertec Corp.	41,000		745,508
	Macnica, Inc.	50,100		987,116
#	Macromill, Inc.	105,800		1,293,985
	Marubun Corp.	98,500		410,718
#	Maruwa Co., Ltd.	45,400		1,337,270
*	Marvelous AQL, Inc.	1,031		336,169
#	Megachips Corp.	99,400		2,220,758
#	Meiko Electronics Co., Ltd.	31,700		245,683
	Meisei Electric Co., Ltd.	307,000		257,676
#	Melco Holdings, Inc.	62,700		1,308,708
*	Micronics Japan Co., Ltd.	8,000		29,091
	Mimasu Semiconductor Industry Co., Ltd.	86,881		682,900
*	Miraial Co., Ltd.	7,400		141,049
	Miroku Jyoho Service Co., Ltd.	105,000		450,096
*	Mitsui High-Tec, Inc.	131,600		978,336
	Mitsui Knowledge Industry Co., Ltd.	3,643		594,728
*	Mitsumi Electric Co., Ltd.	424,500		2,043,200
	MTI, Ltd.	383		369,374
#	Mutoh Holdings Co., Ltd.	160,000		350,925
*	Nagano Japan Radio Co., Ltd.	44,000		56,191
	Nagano Keiki Co., Ltd.	5,300		46,867
	Nakayo Telecommunications, Inc.	485,000		1,603,711
	NEC Fielding, Ltd.	95,000		1,115,363
	NEC Networks & System Integration Corp.	109,600		2,002,215
	Net One Systems Co., Ltd.	434,500		4,836,269
*	New Japan Radio Co., Ltd.	2,000		3,713
	Nichicon Corp.	270,300		1,840,139
	Nidec Copal Electronics Corp.	56,800		290,291
	Nifty Corp.	324		503,493
#	Nihon Dempa Kogyo Co., Ltd.	83,400		905,328

20

The Japanese Small Company Series
continued

		Shares	Value††
Information Technology — (Continued)
	Nihon Unisys, Ltd.	251,575	$	1,829,210
#	Nippon Ceramic Co., Ltd.	88,600		1,186,323
#*	Nippon Chemi-Con Corp.	655,000		952,682
	Nippon Kodoshi Corp.	2,300		20,723
	Nippon Systemware Co., Ltd.	27,900		110,779
	Nohmi Bosai, Ltd.	123,000		778,717
	NS Solutions Corp.	79,400		1,607,145
	NSD Co., Ltd.	183,000		1,751,916
#*	Nuflare Technology, Inc.	117		890,443
	Obic Business Consultants Co., Ltd.	23,550		1,244,257
	Ohara, Inc.	14,300		108,929
	Okaya Electric Industries Co., Ltd.	73,000		288,940
#*	Oki Electric Industry Co., Ltd.	3,198,000		3,212,793
	ONO Sokki Co., Ltd.	103,000		453,548
#	Optex Co., Ltd.	38,200		409,230
	Origin Electric Co., Ltd.	141,000		547,185
	Osaki Electric Co., Ltd.	152,000		815,227
	Panasonic Industrial Devices SUNX Co., Ltd.	110,800		446,962
	Panasonic Information Systems Co., Ltd.	13,600		326,111
	PCA Corp.	17,500		218,725
#*	Renesas Electronics Corp.	153,200		567,395
	Riken Keiki Co., Ltd.	78,500		487,814
	Riso Kagaku Corp.	71,100		1,153,566
	Roland DG Corp.	54,400		587,279
	Ryoden Trading Co., Ltd.	147,000		832,478
	Ryosan Co., Ltd.	158,500		2,675,469
	Ryoyo Electro Corp.	113,200		1,131,124
#	Sanken Electric Co., Ltd.	531,000		1,658,727
	Sanko Co., Ltd.	9,000		24,819
	Sanshin Electronics Co., Ltd.	139,500		1,048,127
	Satori Electric Co., Ltd.	79,080		428,223
	Saxa Holdings, Inc.	307,000		503,574
	SCSK Corp.	145,263		2,473,606
#	Seiko Epson Corp.	663,300		3,688,714
*	Shibaura Electronics Co., Ltd.	5,700		65,238
#*	Shibaura Mechatronics Corp.	147,000		244,915
#	Shindengen Electric Manufacturing Co., Ltd.	346,000		802,771
	Shinkawa, Ltd.	68,300		292,131
	Shinko Electric Industries Co., Ltd.	342,500		2,132,507
	Shinko Shoji Co., Ltd.	89,900		777,886
	Shizuki Electric Co., Inc.	103,000		361,274
#	Siix Corp.	83,900		1,236,936
	Simplex Holdings, Inc.	1,569		477,712
#	SMK Corp.	294,000		737,234
	Softbank Technology Corp.	500		4,961
	Soshin Electric Co., Ltd.	4,600		17,104
	SRA Holdings, Inc.	49,700		541,749
	Star Micronics Co., Ltd.	196,400		1,838,473
	Sumida Corp.	53,049		248,564
	Sun-Wa Technos Corp.	12,600		92,615
	Systena Corp.	1,117		963,662
	Tachibana Eletech Co., Ltd.	62,400		506,611
#	Taiyo Yuden Co., Ltd.	499,400		4,236,718
	Tamura Corp.	344,000		753,970
#*	Teac Corp.	351,000		114,277
	Tecmo Koei Holdings Co., Ltd.	150,730		1,233,800
	Teikoku Tsushin Kogyo Co., Ltd.	176,000		290,921
*	Thine Electronics, Inc.	33		27,284
	TKC Corp.	86,800		1,694,256
#*	Toko, Inc.	232,000		532,047
#	Tokyo Electron Device, Ltd.	342		577,329

21

The Japanese Small Company Series
continued

		Shares	Value††
Information Technology — (Continued)
	Tokyo Seimitsu Co., Ltd.	183,100	$	2,766,587
	Tomen Devices Corp.	2,400		51,683
	Tomen Electronics Corp.	52,600		667,415
#	Topcon Corp.	198,200		940,354
	Tose Co., Ltd.	22,100		138,329
	Toshiba TEC Corp.	631,000		2,948,840
#	Toukei Computer Co., Ltd.	26,810		378,958
#	Towa Corp.	95,200		534,717
	Toyo Corp.	139,400		1,593,786
	Transcosmos, Inc.	122,300		1,362,218
	UKC Holdings Corp.	24,600		459,182
#*	Ulvac, Inc.	211,000		1,335,832
	Uniden Corp.	377,000		880,189
*	UT Holdings Co., Ltd.	113		60,976
#	V Technology Co., Ltd.	195		348,570
	Wacom Co., Ltd.	1,731		5,027,984
*	Wellnet Corp.	10,700		90,873
	Y.A.C. Co., Ltd.	37,700		228,073
*	Yamaichi Electronics Co., Ltd.	75,700		122,575
*	Yashima Denki Co., Ltd.	100		426
	Yokowo Co., Ltd.	69,500		336,481
*	Zappallas, Inc.	374		333,718
	Zuken, Inc.	94,600		592,908
Total Information Technology				182,222,047
Materials — (9.6%)
	Achilles Corp.	703,000		907,159
	Adeka Corp.	389,900		2,940,581
	Agro-Kanesho Co., Ltd.	14,000		75,192
	Aichi Steel Corp.	484,000		1,802,354
	Alconix Corp.	16,600		272,359
	Arakawa Chemical Industries, Ltd.	67,700		527,203
	Araya Industrial Co., Ltd.	276,000		370,009
#	Asahi Holdings, Inc.	115,950		1,955,572
	Asahi Organic Chemicals Industry Co., Ltd.	343,000		812,337
#	Asahi Printing Co., Ltd.	800		21,268
*	C Uyemura & Co., Ltd.	2,700		88,917
	Chuetsu Pulp & Paper Co., Ltd.	568,000		967,938
#*	Chugai Mining Co., Ltd.	852,400		149,713
	Chugoku Marine Paints, Ltd.	287,000		1,416,891
*	Chugokukogyo Co., Ltd.	62,000		62,230
	Chuo Denki Kogyo Co., Ltd.	90,000		304,539
#*	Co-Op Chemical Co., Ltd.	159,000		178,959
	Dai Nippon Toryo, Ltd.	533,000		561,676
#	Daiichi Kigenso Kagaku-Kyogyo Co., Ltd.	14,300		210,345
	Daiichi Kogyo Seiyaku Co., Ltd.	146,000		355,096
	Daiken Corp.	401,000		884,647
	Daiki Aluminium Industry Co., Ltd.	66,000		170,421
	Dainichiseika Colour & Chemicals Manufacturing Co., Ltd.	319,000		1,338,760
#	Daio Paper Corp.	411,500		2,273,096
	Daiso Co., Ltd.	355,000		983,567
	DC Co., Ltd.	113,900		334,442
	Dynapac Co., Ltd.	25,000		68,932
	Earth Chemical Co., Ltd.	50,100		1,860,283
	FP Corp.	61,200		4,600,656
	Fuji Seal International, Inc.	88,400		1,883,257
	Fujikura Kasei Co., Ltd.	96,500		408,054
	Fujimi, Inc.	59,700		1,165,821
	Fujimori Kogyo Co., Ltd.	26,000		615,968
	Fumakilla, Ltd.	85,000		289,240
#	Furukawa-Sky Aluminum Corp.	409,000		959,237

22

The Japanese Small Company Series
continued

		Shares	Value††
Materials — (Continued)
	Geostar Corp.	14,000	$	24,587
	Godo Steel, Ltd.	899,000		1,340,483
	Gun Ei Chemical Industry Co., Ltd.	347,000		843,169
	Harima Chemicals, Inc.	73,300		336,751
#	Hodogaya Chemical Co., Ltd.	265,000		494,777
	Hokkan Holdings, Ltd.	283,000		797,872
	Hokko Chemical Industry Co., Ltd.	90,000		247,043
#	Hokuetsu Kishu Paper Co., Ltd.	862,199		4,417,725
#*	Hokushin Co., Ltd.	61,400		137,087
	Honshu Chemical Industry Co., Ltd.	32,000		159,362
	Ihara Chemical Industry Co., Ltd.	161,000		761,542
	Ise Chemical Corp.	83,000		521,528
#*	Ishihara Sangyo Kaisha, Ltd.	1,503,500		1,167,836
	Ishizuka Glass Co., Ltd.	109,000		181,416
	Japan Carlit Co., Ltd.	59,800		300,383
	Japan Pure Chemical Co., Ltd.	59		133,045
	JCU Corp.	5,600		194,768
	JSP Corp.	103,900		1,344,626
#	Kanto Denka Kogyo Co., Ltd.	203,000		320,870
	Katakura Chikkarin Co., Ltd.	43,000		99,278
	Kawakin Holdings Co., Ltd.	11,000		39,698
	Kawasaki Kasei Chemicals, Ltd.	121,000		136,577
	Koatsu Gas Kogyo Co., Ltd.	163,493		850,738
*	KOGI Corp.	30,000		52,558
	Kohsoku Corp.	61,900		531,349
	Konishi Co., Ltd.	66,900		1,002,749
#*	Kumiai Chemical Industry Co., Ltd.	242,000		1,097,098
	Kureha Corp.	594,500		2,312,052
#	Kurimoto, Ltd.	702,000		2,146,613
	Kurosaki Harima Corp.	221,000		509,946
#	Kyoei Steel, Ltd.	76,600		1,194,512
	Kyowa Leather Cloth Co., Ltd.	71,700		234,553
	Lintec Corp.	218,400		3,777,789
	MEC Co., Ltd.	63,300		177,674
*	Mitsubishi Paper Mills, Ltd.	1,159,000		987,025
	Mitsubishi Steel Manufacturing Co., Ltd.	593,000		1,011,894
*	Mitsui Mining & Smelting Co., Ltd.	2,683,000		5,679,528
	Mory Industries, Inc.	154,000		426,460
	Nakabayashi Co., Ltd.	181,000		382,990
#*	Nakayama Steel Works, Ltd.	639,000		312,232
	Neturen Co., Ltd.	152,800		932,628
#*	New Japan Chemical Co., Ltd.	115,700		393,619
	Nichia Steel Works, Ltd.	175,900		405,623
	Nihon Kagaku Sangyo Co., Ltd.	78,000		485,407
	Nihon Nohyaku Co., Ltd.	230,000		1,020,190
	Nihon Parkerizing Co., Ltd.	240,000		3,622,056
	Nihon Yamamura Glass Co., Ltd.	490,000		1,019,044
#	Nippon Carbide Industries Co., Inc.	270,000		671,150
*	Nippon Chemical Industrial Co., Ltd.	297,000		368,736
	Nippon Chutetsukan K.K.	50,000		111,098
	Nippon Chuzo K.K.	111,000		118,358
	Nippon Coke & Engineering Co., Ltd.	1,032,500		1,216,653
#	Nippon Concrete Industries Co., Ltd.	180,000		558,950
	Nippon Denko Co., Ltd.	444,000		1,039,843
	Nippon Fine Chemical Co., Ltd.	85,600		566,456
#	Nippon Kasei Chemical Co., Ltd.	309,000		387,347
#*	Nippon Kinzoku Co., Ltd.	222,000		292,293
	Nippon Koshuha Steel Co., Ltd.	376,000		344,285
*	Nippon Light Metal Holdings Co., Ltd.	2,388,000		2,155,822
#	Nippon Paper Group, Inc.	139,700		1,597,673
	Nippon Pigment Co., Ltd.	9,000		19,158

23

The Japanese Small Company Series
continued

		Shares	Value††
Materials — (Continued)
	Nippon Pillar Packing Co., Ltd.	83,000	$	518,203
	Nippon Soda Co., Ltd.	655,000		2,847,172
	Nippon Synthetic Chemical Industry Co., Ltd. (The)	256,000		1,680,416
	Nippon Valqua Industries, Ltd.	340,000		912,129
#*	Nippon Yakin Kogyo Co., Ltd.	618,500		550,785
#*	Nisshin Steel Holdings Co., Ltd.	318,892		2,113,164
	Nittetsu Mining Co., Ltd.	375,000		1,508,470
	Nitto FC Co., Ltd.	72,000		454,209
	NOF Corp.	728,000		3,475,952
	Okabe Co., Ltd.	190,900		1,203,656
	Okamoto Industries, Inc.	400,000		1,557,684
	Okura Industrial Co., Ltd.	305,000		829,905
#	Osaka Organic Chemical Industry, Ltd.	66,000		296,522
	Osaka Steel Co., Ltd.	77,700		1,286,223
#	Osaka Titanium Technologies Co., Ltd.	89,600		1,774,132
#	Pacific Metals Co., Ltd.	735,000		2,498,511
	Pack Corp. (The)	66,300		1,178,483
#*	Rasa Industries, Ltd.	370,000		329,434
	Rengo Co., Ltd.	915,000		3,999,241
	Riken Technos Corp.	197,000		496,681
*	S Science Co., Ltd.	2,704,000		67,744
	Sakai Chemical Industry Co., Ltd.	410,000		1,104,027
	Sakata INX Corp.	196,000		968,977
	Sanyo Chemical Industries, Ltd.	305,000		1,720,944
	Sanyo Special Steel Co., Ltd.	522,300		1,557,334
	Sekisui Plastics Co., Ltd.	209,000		474,314
	Shikoku Chemicals Corp.	184,000		998,929
	Shinagawa Refractories Co., Ltd.	224,000		438,151
	Shin-Etsu Polymer Co., Ltd.	224,100		747,195
	Shinko Wire Co., Ltd.	184,000		283,737
	Somar Corp.	42,000		86,781
	Stella Chemifa Corp.	45,900		862,368
#	Sumitomo Bakelite Co., Ltd.	922,000		3,290,841
#	Sumitomo Light Metal Industries, Ltd.	2,296,000		1,869,545
	Sumitomo Osaka Cement Co., Ltd.	1,848,000		6,016,617
	Sumitomo Pipe & Tube Co., Ltd.	108,100		757,389
	Sumitomo Seika Chemicals Co., Ltd.	223,000		779,795
	T&K Toka Co., Ltd.	2,000		24,937
	T. Hasegawa Co., Ltd.	121,300		1,535,812
	Taisei Lamick Co., Ltd.	21,300		625,479
	Taiyo Holdings Co., Ltd.	74,400		2,093,404
	Takasago International Corp.	356,000		1,812,952
	Takiron Co., Ltd.	304,000		1,085,218
*	Tanaka Chemical Corp.	1,100		4,442
	Tayca Corp.	151,000		426,148
	Tenma Corp.	87,000		863,332
#	Titan Kogyo K.K.	111,000		303,089
	Toagosei Co., Ltd.	1,096,000		4,468,291
#	Toda Kogyo Corp.	161,000		478,008
#	Toho Titanium Co., Ltd.	85,300		758,545
	Toho Zinc Co., Ltd.	624,000		2,119,639
	Tokai Carbon Co., Ltd.	1,004,000		3,225,506
	Tokushu Tokai Paper Co., Ltd.	501,580		1,237,154
#	Tokuyama Corp.	1,639,000		3,144,841
	Tokyo Ohka Kogyo Co., Ltd.	180,800		3,686,263
#	Tokyo Rope Manufacturing Co., Ltd.	581,000		641,365
	Tokyo Steel Manufacturing Co., Ltd.	555,700		1,785,364
	Tokyo Tekko Co., Ltd.	94,000		324,000
	TOMOEGAWA CO., LTD.	125,000		223,957
	Tomoku Co., Ltd.	294,000		805,953
#	Topy Industries, Ltd.	848,000		1,647,131

24

The Japanese Small Company Series
continued

		Shares	Value††
Materials — (Continued)
#	Tosoh Corp.	2,242,000	$	4,388,986
	Toyo Ink SC Holdings Co., Ltd.	867,000		3,194,599
	Toyo Kohan Co., Ltd.	247,000		616,363
	TYK Corp.	138,000		262,871
	Ube Material Industries, Ltd.	226,000		616,790
	Wood One Co., Ltd.	169,000		476,242
	Yodogawa Steel Works, Ltd.	786,500		2,532,949
*	Yuki Gosei Kogyo Co., Ltd.	64,000		173,244
	Yushiro Chemical Industry Co., Ltd.	47,100		451,734
Total Materials				183,401,559
Telecommunication Services — (0.3%)
#	eAccess, Ltd.	10,102		5,098,126
*	Japan Communications, Inc.	767		49,073
	Okinawa Cellular Telephone Co.	3,300		68,735
Total Telecommunication Services				5,215,934
Utilities — (0.4%)
#	Hokkaido Gas Co., Ltd.	210,000		594,596
	Hokuriku Gas Co., Ltd.	99,000		254,186
	Okinawa Electric Power Co., Ltd.	70,571		2,161,361
	Saibu Gas Co., Ltd.	1,406,000		3,699,081
	Shizuoka Gas Co., Ltd.	249,500		1,776,243
Total Utilities				8,485,467
TOTAL COMMON STOCKS				1,671,206,423

		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (12.0%)
§@	DFA Short Term Investment Fund		19,446,845		225,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%, 11/01/12 (Collateralized
	by FNMA 4.000%, 05/01/42 & 5.000%, 01/01/39, valued at $4,044,497) to be
	repurchased at $3,965,232	$	3,965		3,965,193
TOTAL SECURITIES LENDING COLLATERAL					228,965,193
TOTAL INVESTMENTS — (100.0%)
(Cost $2,096,684,195)				$	1,900,171,616

25

THE ASIA PACIFIC SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

October 31, 2012

		Shares	Value††
COMMON STOCKS — (83.0%)
AUSTRALIA — (47.4%)
*	AAT Corp., Ltd.	9,992	$	—
*	ABM Resources NL	4,447,721		239,793
#*	Acer Energy, Ltd.	229,729		68,252
	Acrux, Ltd.	703,625		2,363,956
#	Adelaide Brighton, Ltd.	1,885,757		6,199,102
#	Aditya Birla Minerals, Ltd.	878,000		418,219
*	AED Oil, Ltd.	363,401		—
#*	Ainsworth Game Technology, Ltd.	361,760		893,570
*	AJ Lucas Group, Ltd.	317,969		263,762
*	Alchemia, Ltd.	724,903		407,801
*	Alcyone Resources, Ltd.	4,043,277		205,481
#*	Alkane Resources, Ltd.	1,255,636		1,104,448
*	Alliance Resources, Ltd.	444,483		112,728
*	Altona Mining, Ltd.	1,108,169		309,930
#	Alumina, Ltd.	79,006		78,866
*	Amadeus Energy, Ltd.	819,137		165,959
	Amalgamated Holdings, Ltd.	462,896		3,266,040
#	Amcom Telecommunications, Ltd.	556,812		738,767
*	Ampella Mining, Ltd.	108,829		54,146
	Ansell, Ltd.	503,479		8,157,816
#*	Antares Energy, Ltd.	937,175		504,742
	AP Eagers, Ltd.	225,085		888,258
#	APN News & Media, Ltd.	2,209,800		846,930
#*	Aquarius Platinum, Ltd.	1,550,854		920,168
#*	Aquila Resources, Ltd.	171,615		477,707
#*	Arafura Resources, Ltd.	1,093,749		226,701
	ARB Corp., Ltd.	347,600		3,703,932
#	Aristocrat Leisure, Ltd.	2,580,305		7,542,048
	Arrium, Ltd.	6,037,433		4,903,780
#	ASG Group, Ltd. (6207214)	514,931		336,307
*	ASG Group, Ltd. (B844JF1)	737		482
*	Aspire Mining, Ltd.	636,763		55,907
*	Astron Corp., Ltd.	33,786		42,756
#*	Atlantic, Ltd.	238,482		74,328
*	Atlas Iron, Ltd.	1,147,150		1,821,748
#*	Aurora Oil & Gas, Ltd.	1,114,903		4,512,172
	Ausdrill, Ltd.	1,466,628		4,328,026
	Ausenco, Ltd.	343,044		1,122,532
#*	Ausgold, Ltd.	52,096		8,633
#*	Austal, Ltd.	581,980		739,810
	Austbrokers Holdings, Ltd.	103,298		836,289
	Austin Engineering, Ltd.	188,444		845,989
*	Austpac Resources NL	2,524,951		94,315
*	Australian Agricultural Co., Ltd.	923,263		1,245,148
	Australian Infrastructure Fund NL	3,606,473		11,122,393
	Australian Pharmaceutical Industries, Ltd.	2,452,401		1,196,525
	Automotive Holdings Group, Ltd.	586,489		1,940,569
#*	Avanco Resources, Ltd.	2,010,636		260,300
*	Avita Medical, Ltd.	58,058		7,853
#	AVJennings, Ltd.	5,185,036		1,751,655
	AWE, Ltd.	2,111,897		2,909,476
#*	Azimuth Resources, Ltd.	334,414		128,439
#*	Azumah Resources, Ltd.	737,953		95,582
*	Ballarat South Gold, Ltd.	1,996		—
#*	Bandanna Energy, Ltd.	622,869		219,008
	Bank of Queensland, Ltd.	94,112		739,052
#*	Bannerman Resources, Ltd.	332,217		28,908
#*	Bathurst Resources, Ltd.	767,231		345,280

1

The Asia Pacific Small Company Series
continued

		Shares	Value††
AUSTRALIA — (Continued)
#	BC Iron, Ltd.	258,613	$	743,423
#	Beach Energy, Ltd.	5,525,248		7,891,340
#*	Beadell Resources, Ltd.	1,500,515		1,514,583
*	Berkeley Resources, Ltd.	434,006		211,499
	Beyond International, Ltd.	61,256		76,305
#	Billabong International, Ltd.	1,600,753		1,466,159
*	Bionomics, Ltd.	345,313		112,973
#*	Biota Holdings, Ltd.	1,027,571		634,672
*	Bisalloy Steel Group, Ltd.	93,800		132,427
#	Blackmores, Ltd.	79,054		2,435,634
#*	Blackthorn Resources, Ltd.	123,339		155,075
*	BlueScope Steel, Ltd.	13,572,369		6,673,452
	Boart Longyear, Ltd.	2,638,658		3,985,039
*	Boom Logistics, Ltd.	763,163		245,353
*	Boulder Steel, Ltd.	1,285,101		42,106
#	Bradken, Ltd.	1,022,589		5,234,406
#	Breville Group, Ltd.	598,466		3,715,325
	Brickworks, Ltd.	132,797		1,533,558
	BSA, Ltd.	666,656		124,342
#	BT Investment Management, Ltd.	193,869		446,791
*	Buccaneer Energy, Ltd.	3,660,894		227,966
*	Buru Energy, Ltd. (B3CCKH1)	373,526		1,074,150
*	Buru Energy, Ltd. (B83VSV2)	32,251		93,070
#	Cabcharge Australia, Ltd.	562,463		3,450,894
*	Calliden Group, Ltd.	389,687		65,906
#*	Cape Lambert Resources, Ltd.	373,413		98,744
*	Capral, Ltd.	58,499		12,423
	Cardno, Ltd.	505,707		4,215,933
#*	Carnarvon Petroleum, Ltd.	4,479,867		375,570
*	Carnegie Wave Energy, Ltd.	263,165		10,917
#	carsales.com, Ltd.	1,220,399		9,444,501
#	Cash Converters International, Ltd.	1,192,545		1,095,093
*	CDS Technologies, Ltd.	13,276		—
	Cedar Woods Properties, Ltd.	136,814		602,270
*	Centaurus Metals, Ltd.	143,557		49,976
#*	Central Petroleum, Ltd.	1,759,865		355,947
*	Centrebet International, Ltd. Claim Units	81,336		—
*	Centrex Metals, Ltd.	13,701		2,629
#*	Ceramic Fuel Cells, Ltd.	3,882,106		318,027
#*	Cerro Resources NL	1,961,035		196,959
#*	CGA Mining, Ltd.	10,124		29,939
#*	Chalice Gold Mines, Ltd.	320,684		85,120
	Challenger, Ltd.	198,545		664,730
	Chandler Macleod Group, Ltd.	338,118		150,754
*	ChemGenex Pharmaceuticals, Ltd.	115,291		—
*	Chesser Resources, Ltd.	148,340		66,151
*	Citigold Corp., Ltd.	3,765,806		219,181
#	Clarius Group, Ltd.	1,126,662		455,590
*	Clinuvel Pharmaceuticals, Ltd.	118,435		198,663
#	Clough, Ltd.	1,527,345		1,235,354
	Clover Corp., Ltd.	269,348		148,175
*	CO2 Group, Ltd.	774,201		84,444
*	Coal of Africa, Ltd.	668,800		148,652
#*	Coalspur Mines, Ltd.	1,239,823		1,206,639
*	Cobar Consolidated Resources, Ltd.	75,663		44,734
#*	Cockatoo Coal, Ltd.	3,318,970		566,694
#	Codan, Ltd.	170,881		381,084
#*	Coffey International, Ltd.	1,048,636		407,043
	Collection House, Ltd.	1,909,459		1,940,538
	Consolidated Media Holdings, Ltd.	1,276,820		4,543,366
*	Continental Coal, Ltd.	658,378		37,516

2

The Asia Pacific Small Company Series
continued

		Shares	Value††
AUSTRALIA — (Continued)
#*	Cooper Energy, Ltd.	336,842	$	205,568
	Coventry Group, Ltd.	144,778		447,626
	Credit Corp. Group, Ltd.	110,382		804,852
*	Crusader Resources, Ltd.	155,861		85,870
#	CSG, Ltd.	674,612		339,225
#	CSR, Ltd.	2,491,176		4,522,744
	CTI Logistics, Ltd.	7,200		10,366
#*	Cudeco, Ltd.	399,317		1,935,776
*	Cue Energy Resources, Ltd.	1,378,665		192,708
	Data#3, Ltd.	305,808		364,991
#	David Jones, Ltd.	3,152,271		8,724,565
#	Decmil Group, Ltd.	655,425		1,759,229
*	Deep Yellow, Ltd.	1,039,981		81,898
	Devine, Ltd.	497,498		377,510
#*	Discovery Metals, Ltd.	1,368,337		2,450,958
	Domino’s Pizza Enterprises, Ltd.	14,892		145,782
*	Downer EDI, Ltd.	1,857,964		6,916,092
*	Dragon Mining, Ltd.	171,966		137,989
#*	Drillsearch Energy, Ltd.	1,599,467		2,510,767
	DUET Group	3,067,818		6,648,416
#	DuluxGroup, Ltd.	2,167,142		7,954,583
	DWS, Ltd.	278,315		437,345
*	Dyesol, Ltd.	16,947		2,640
#*	Elders, Ltd.	1,419,921		242,999
#*	Elemental Minerals, Ltd.	388,188		235,242
*	Ellect Holdings, Ltd.	482		—
#	Emeco Holdings, Ltd.	2,172,998		1,564,917
*	Empire Oil & Gas NL	427,500		6,664
#*	Energy Resources of Australia, Ltd.	684,442		1,000,342
*	Energy World Corp., Ltd.	4,025,738		1,520,113
*	Enero Group, Ltd.	20,635		8,589
*	Engenco, Ltd.	22,880		9,516
*	Entek Energy, Ltd.	920,744		64,907
#	Envestra, Ltd.	5,566,443		5,224,266
#*	Equatorial Resources, Ltd.	176,571		325,330
*	Ethane Pipeline Income Fund	13,710		24,816
#	Euroz, Ltd.	81,100		86,774
#*	Evolution Mining, Ltd.	1,644,550		3,417,837
	Exco Resources, Ltd.	429,909		116,147
#	Fairfax Media, Ltd.	3,329,535		1,363,151
	Fantastic Holdings, Ltd.	355,613		1,051,622
*	FAR, Ltd.	8,225,394		280,964
	Finbar Group, Ltd.	58,051		71,409
*	Finders Resources, Ltd.	7,442		1,349
#	FKP Property Group, Ltd.	5,902,095		1,352,077
#	Fleetwood Corp., Ltd.	316,248		3,378,625
	FlexiGroup, Ltd.	597,372		2,455,729
	Flight Centre, Ltd.	11,770		324,731
*	Flinders Mines, Ltd.	6,909,293		615,746
*	Focus Minerals, Ltd.	19,167,915		715,815
#	Forge Group, Ltd.	252,731		1,044,237
*	Forte Energy NL	471,243		9,798
	G8 Education, Ltd.	77,843		111,776
#*	Galaxy Resources, Ltd.	760,450		397,143
	Gazal Corp., Ltd.	100,938		214,887
#*	Geodynamics, Ltd.	1,015,653		136,738
#*	Gindalbie Metals, Ltd.	2,600,255		928,143
*	Global Construction Services, Ltd.	1,832		1,167
*	Gold Road Resources, Ltd.	141,504		22,873
*	Golden Rim Resources, Ltd.	722,577		82,452
#*	Goodman Fielder, Ltd.	8,296,037		5,025,633

3

The Asia Pacific Small Company Series
continued

		Shares	Value††
AUSTRALIA — (Continued)
	GrainCorp, Ltd. Class A	828,668	$	10,523,403
#	Grange Resources, Ltd.	1,245,669		322,163
#*	Great Southern, Ltd.	9,302,784		—
*	Greenland Minerals & Energy, Ltd.	796,390		255,847
#*	Gryphon Minerals, Ltd.	1,673,195		1,353,812
#	GUD Holdings, Ltd.	469,856		4,089,811
*	Gujarat NRE Coking Coal, Ltd.	119,865		19,871
#*	Gunns, Ltd.	2,872,620		—
#	GWA Group, Ltd.	1,263,740		2,288,957
*	Hastie Group, Ltd.	81,042		—
*	Havilah Resources NL	245,913		118,624
	HFA Holdings, Ltd.	235,865		188,411
	HGL, Ltd.	87,337		48,936
*	Highlands Pacific, Ltd.	2,651,500		384,401
*	Hillgrove Resources, Ltd.	1,123,437		102,376
#	Hills Holdings, Ltd.	1,006,582		794,151
*	Horizon Oil, Ltd.	4,487,756		1,810,362
*	Hutchison Telecommunications Australia, Ltd.	2,944,144		98,741
#*	Icon Energy, Ltd.	1,701,528		458,238
*	IDM International, Ltd.	23,969		970
#	iiNet, Ltd.	664,344		2,866,956
#	Imdex, Ltd.	1,061,080		1,471,137
#	IMF Australia, Ltd.	314,016		483,492
*	IMX Resources, Ltd.	456,257		68,569
#	Independence Group NL	1,024,848		4,234,731
*	Indo Mines, Ltd.	22,124		3,448
*	Indophil Resources NL	3,118,946		906,030
#	Industrea, Ltd.	1,478,422		1,933,549
#*	Infigen Energy, Ltd.	1,798,730		447,294
	Infomedia, Ltd.	1,458,074		544,840
*	Integra Mining, Ltd.	3,714,022		2,092,681
	Integrated Research, Ltd.	261,513		324,348
#*	Intrepid Mines, Ltd.	1,794,707		633,428
#	Invocare, Ltd.	633,106		5,785,092
	IOOF Holdings, Ltd.	1,074,600		7,031,533
#	Iress, Ltd.	603,773		4,795,961
*	Iron Ore Holdings, Ltd.	336,216		285,749
#*	Ivanhoe Australia, Ltd.	396,947		360,214
#	JB Hi-Fi, Ltd.	582,072		6,187,633
*	Jupiter Mines, Ltd.	465,443		64,944
#	K&S Corp., Ltd.	228,651		403,633
#*	Kagara, Ltd.	1,945,393		242,331
#*	Kangaroo Resources, Ltd.	2,874,627		125,537
*	Karoon Gas Australia, Ltd.	667,086		3,849,352
*	Kasbah Resources, Ltd.	478,599		79,333
#	Kingsgate Consolidated, Ltd.	786,887		4,513,292
#	Kingsrose Mining, Ltd.	688,387		699,058
*	Lednium, Ltd.	195,019		16,195
#*	Linc Energy, Ltd.	1,497,847		852,317
#*	Liquefied Natural Gas, Ltd.	595,144		188,042
	Lycopodium, Ltd.	57,046		362,796
#	M2 Telecommunications Group, Ltd.	611,388		2,426,240
	Macmahon Holdings, Ltd.	3,791,959		1,254,261
*	Macquarie Atlas Roads Group NL	1,535,838		2,462,690
	Macquarie Telecom Group, Ltd.	35,019		350,502
#*	Marengo Mining, Ltd.	1,428,204		236,894
#	Matrix Composites & Engineering, Ltd.	158,693		272,924
#*	Maverick Drilling & Exploration, Ltd.	114,368		122,380
	MaxiTRANS Industries, Ltd.	942,578		948,131
*	Mayne Pharma Group, Ltd.	505,278		133,615
	McGuigan Simeon Wines, Ltd.	2,437,348		1,305,000

4

The Asia Pacific Small Company Series
continued

		Shares	Value††
AUSTRALIA — (Continued)
#	McMillan Shakespeare, Ltd.	235,687	$	3,154,201
	McPherson’s, Ltd.	303,441		582,834
#	Medusa Mining, Ltd.	844,923		5,382,014
	Melbourne IT, Ltd.	440,506		813,889
#*	MEO Australia, Ltd.	681,039		165,679
#	Mermaid Marine Australia, Ltd.	1,099,905		3,696,672
#*	Mesoblast, Ltd.	169,618		1,017,252
*	Metals X, Ltd.	238,372		30,876
*	Metgasco, Ltd.	667,052		145,081
*	Metminco, Ltd.	1,879,249		159,724
*	MetroCoal, Ltd.	68,725		15,645
#*	MHM Metals, Ltd.	287,217		77,518
	Miclyn Express Offshore, Ltd.	662,257		1,525,234
#	Mincor Resources NL	1,004,969		1,245,444
*	Minemakers, Ltd.	113,803		17,666
#*	Mineral Deposits, Ltd.	306,156		1,550,338
#	Mineral Resources, Ltd.	484,937		4,358,291
#*	Mirabela Nickel, Ltd.	2,693,751		1,253,843
#*	Molopo Energy, Ltd.	1,186,993		676,836
#*	Moly Mines, Ltd.	25,253		3,411
#	Monadelphous Group, Ltd.	319,624		6,988,498
*	Morning Star Gold NL	332,749		37,995
#	Mortgage Choice, Ltd.	631,109		1,133,592
	Mount Gibson Iron, Ltd.	3,121,745		2,277,582
	Murchison Metals, Ltd.	685,443		31,276
#	Myer Holdings, Ltd.	3,564,925		7,225,726
	MyState, Ltd.	43,788		170,572
*	Nanosonics, Ltd.	259,364		141,458
#	Navitas, Ltd.	1,189,617		5,081,804
*	Neon Energy, Ltd.	65,782		18,096
*	New Guinea Energy, Ltd.	79,187		2,542
*	NewSat, Ltd.	405,515		210,332
*	Nexus Energy, Ltd.	4,998,176		621,107
	NIB Holdings, Ltd.	1,322,671		2,487,422
*	Nido Petroleum, Ltd.	6,093,154		226,661
#*	Noble Mineral Resources, Ltd.	859,168		120,368
	Norfolk Group, Ltd.	361,653		243,875
#*	Northern Iron, Ltd.	799,125		501,493
*	Northern Star Resources, Ltd.	1,454,940		1,939,634
	NRW Holdings, Ltd.	1,174,775		2,491,755
*	NuCoal Resources, Ltd.	429,538		64,532
	Nufarm, Ltd.	817,424		4,873,105
#	Oakton, Ltd.	378,695		491,007
*	Oilex, Ltd.	23,182		1,342
*	OPUS Group, Ltd.	65,187		31,639
#*	Orocobre, Ltd.	257,530		496,075
#	OrotonGroup, Ltd.	89,607		604,276
*	Otto Energy, Ltd.	1,936,175		174,688
	Pacific Brands, Ltd.	4,412,120		2,837,818
*	Pacific Niugini, Ltd.	200,616		33,310
#*	Paladin Energy, Ltd.	4,096,983		4,805,465
*	Pan Pacific Petroleum NL	1,094,343		119,274
	PanAust, Ltd.	1,025,303		3,534,660
*	Pancontinental Oil & Gas NL	1,006,891		87,295
	Panoramic Resources, Ltd.	971,509		627,823
*	PaperlinX, Ltd.	2,814,406		151,843
*	Papillon Resources, Ltd.	32,010		61,468
	Patties Foods, Ltd.	39,601		67,789
*	Peak Resources, Ltd.	288,357		56,683
#*	Peet, Ltd.	1,096,798		1,058,783
*	Peninsula Energy, Ltd.	5,178,834		192,706

5

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
#*	Perilya, Ltd.	1,482,070	$	475,586
#	Perpetual Trustees Australia, Ltd.	226,579		6,555,708
#*	Perseus Mining, Ltd.	1,605,654		4,309,705
#*	Pharmaxis, Ltd.	1,018,699		1,365,308
*	Phosphagenics, Ltd.	1,659,005		265,907
#*	Platinum Australia, Ltd.	1,442,661		100,337
#*	Pluton Resources, Ltd.	538,056		103,357
	PMP, Ltd.	2,395,607		496,580
*	Poseidon Nickel, Ltd.	436,181		51,950
#	Premier Investments, Ltd.	278,643		1,781,621
#*	Prima Biomed, Ltd.	2,338,194		302,939
	Primary Health Care, Ltd.	1,960,174		7,906,484
	Prime Media Group, Ltd.	1,777,139		1,455,403
*	PrimeAg, Ltd.	213,399		254,567
	Programmed Maintenance Service, Ltd.	550,149		1,179,887
*	QRxPharma, Ltd.	167,593		125,451
*	Quickstep Holdings, Ltd.	462,355		81,256
*	Ramelius Resources, Ltd.	1,512,836		692,945
*	Range Resources, Ltd.	1,456,711		90,557
#	RCR Tomlinson, Ltd.	1,056,974		2,011,646
	REA Group, Ltd.	189,011		3,383,011
#	Reckon, Ltd.	271,858		696,410
*	Red 5, Ltd.	9,022		11,700
#*	Red Fork Energy, Ltd.	1,175,289		839,337
	Redflex Holdings, Ltd.	377,855		599,346
	Reece Australia, Ltd.	238,457		5,014,858
*	Reed Resources, Ltd.	698,001		130,464
*	Regis Resources, Ltd.	515,563		2,874,665
#	Reject Shop, Ltd. (The)	122,036		1,797,826
#*	Resolute Mining, Ltd.	3,133,646		6,254,867
#*	Resource & Investment NL	353,895		73,277
*	Resource Equipment, Ltd.	118,411		41,406
*	Resource Generation, Ltd.	338,381		140,522
#	Retail Food Group, Ltd.	89,936		296,904
#*	Rex Minerals, Ltd.	469,315		388,700
*	Rialto Energy, Ltd.	1,967,580		244,541
#	Ridley Corp., Ltd.	1,283,068		1,532,395
*	RiverCity Motorway Group, Ltd.	1,563,354		—
*	Robust Resources, Ltd.	136,513		89,233
*	Roc Oil Co., Ltd.	6,490,268		2,888,811
	Runge, Ltd.	30,702		13,371
#	Ruralco Holdings, Ltd.	88,651		297,716
#	SAI Global, Ltd.	1,203,570		5,065,529
#*	Salinas Energy, Ltd.	1,842,511		506,472
#	Salmat, Ltd.	664,807		1,779,897
#*	Samson Oil & Gas, Ltd.	7,175,499		254,871
*	Sandfire Resources NL	299,154		2,612,129
*	Saracen Mineral Holdings, Ltd.	2,686,129		1,402,007
	Schaffer Corp., Ltd.	33,766		132,310
	Sedgman, Ltd.	443,054		454,487
	Seek, Ltd.	4		28
#	Select Harvests, Ltd.	311,834		378,403
#*	Senex Energy, Ltd.	3,522,445		2,701,597
	Servcorp, Ltd.	301,327		976,118
	Service Stream, Ltd.	1,432,710		572,200
#	Seven West Media, Ltd.	447,449		564,107
#	Sigma Pharmaceuticals, Ltd.	4,898,960		3,427,443
*	Sihayo Gold, Ltd.	603,971		78,538
*	Silex System, Ltd.	545,788		1,969,212
#*	Silver Lake Resources, Ltd.	1,125,179		4,123,914
*	Sipa Resources International NL	706,804		48,994

6

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
AUSTRALIA — (Continued)
#*	Sirtex Medical, Ltd.	219,105	$	2,500,206
	Skilled Group, Ltd.	492,016		1,356,516
	Slater & Gordon, Ltd.	24,701		50,740
#	SMS Management & Technology, Ltd.	435,122		2,247,122
	Southern Cross Electrical Engineering, Ltd.	21,171		26,771
	Southern Cross Media Group, Ltd.	2,546,520		2,745,745
	Spark Infrastructure Group, Ltd.	5,307,759		9,307,506
#*	Specialty Fashion Group, Ltd.	809,557		504,178
*	St. Barbara, Ltd.	1,946,083		3,843,800
#*	Starpharma Holdings, Ltd.	938,555		1,582,706
#*	Straits Resources, Ltd.	917,602		92,169
*	Strike Energy, Ltd.	1,230,120		261,139
	Structural Systems, Ltd.	138,772		90,679
	STW Communications Group, Ltd.	1,095,072		1,147,155
#*	Sundance Energy Australia, Ltd.	1,009,945		830,902
*	Sundance Resources, Ltd.	8,756,539		3,222,143
*	Sunland Group, Ltd.	741,191		797,285
#	Super Retail Group, Ltd.	1,291,875		12,068,742
	Swick Mining Services, Ltd.	87,194		28,060
*	Talisman Mining, Ltd.	217,981		54,223
#*	Tanami Gold NL	569,930		432,312
*	Tap Oil, Ltd.	1,450,696		1,060,222
	Tassal Group, Ltd.	626,912		942,089
#	Technology One, Ltd.	1,322,653		1,912,561
#	Ten Network Holdings, Ltd.	5,185,547		1,507,673
#*	Texon Petroleum, Ltd.	871,211		347,319
#	TFS Corp., Ltd.	1,393,854		556,436
	Thorn Group, Ltd.	370,228		758,655
*	Tiger Resources, Ltd.	1,751,101		561,394
*	Tissue Therapies, Ltd.	41,469		15,903
*	Toro Energy, Ltd.	70,156		9,464
#*	Tox Free Solutions, Ltd.	461,406		1,353,963
#	TPG Telecom, Ltd.	1,569,063		3,883,595
	Transfield Services, Ltd.	2,144,148		3,531,666
*	Transpacific Industries Group, Ltd.	4,533,180		3,590,693
#	Troy Resources, Ltd.	415,918		1,912,038
	Trust Co., Ltd. (The)	89,605		432,806
#*	UGL, Ltd.	29,808		330,281
*	Unity Mining, Ltd.	2,433,889		344,245
#	UXC, Ltd.	1,169,545		1,066,424
*	VDM Group, Ltd.	1,684,753		19,135
#*	Venture Minerals, Ltd.	450,858		126,216
*	Venturex Resources, Ltd.	42,171		1,750
	Village Roadshow, Ltd.	855,994		3,322,767
#*	Virgin Australia Holdings, Ltd. (B43DQC7)	7,648,897		3,884,086
*	Virgin Australia Holdings, Ltd. (B7L5734)	7,648,897		39,700
	Warrnambool Cheese & Butter Factory Co. Holding, Ltd.	1,203		4,673
#	Watpac, Ltd.	711,698		442,838
	WDS, Ltd.	375,342		249,189
#	Webjet, Ltd.	356,064		1,477,954
	Webster, Ltd.	180,921		112,300
#	Western Areas NL	765,031		3,472,009
#*	Western Desert Resouurces, Ltd.	225,143		151,235
#*	White Energy Co., Ltd.	643,913		233,411
	WHK Group, Ltd.	1,202,433		1,316,878
#	Wide Bay Australia, Ltd.	84,697		580,518
#*	Windimurra Vanadium, Ltd.	537,429		—
#	Wotif.com Holdings, Ltd.	588,604		2,834,354
*	Yancoal Australia, Ltd.	213,764		225,688
#*	YTC Resources, Ltd.	104,200		26,435
TOTAL AUSTRALIA				566,558,727

7

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
CHINA — (0.0%)
#*	China Public Procurement, Ltd.	5,230,000	$	—
*	Madex International Holdings, Ltd.	3,182,000		51,246
*	Skyfame Realty Holdings, Ltd.	2,659,625		236,464
TOTAL CHINA				287,710
HONG KONG — (17.0%)
	Aeon Credit Service (Asia) Co., Ltd.	580,000		533,325
#	Aeon Stores Hong Kong Co., Ltd.	242,000		602,632
	Alco Holdings, Ltd.	1,426,000		299,577
	Allan International Holdings, Ltd.	720,000		186,421
	Allied Group, Ltd.	683,200		1,813,449
	Allied Overseas, Ltd.	50,000		27,568
	Allied Properties, Ltd.	12,297,857		1,701,401
*	Apac Resources, Ltd.	12,720,000		433,988
	APT Satellite Holdings, Ltd.	1,275,000		352,708
*	Artel Solutions Group Holdings, Ltd.	6,645,000		72,914
	Arts Optical International Holdings, Ltd.	730,000		210,833
	Asia Financial Holdings, Ltd.	2,474,908		961,963
	Asia Satellite Telecommunications Holdings, Ltd.	962,000		3,066,878
*	Asia Standard Hotel Group, Ltd.	11,777,218		1,080,365
	Asia Standard International Group, Ltd.	13,425,937		2,383,441
#	Associated International Hotels, Ltd.	980,000		2,427,372
	Aupu Group Holding Co., Ltd.	2,504,000		212,626
*	Auto Italia Holdings	875,000		30,388
	Automated Systems Holdings, Ltd.	318,000		46,237
	Bauhaus International Holdings, Ltd.	462,000		84,415
*	Beijing Yu Sheng Tang Pharmaceutical Group, Ltd.	1,154,000		14,646
*	Bel Global Resources Holdings, Ltd.	2,576,000		47,199
*	Bio-Dynamic Group, Ltd.	2,916,000		217,411
*	Birmingham International Holdings, Ltd.	6,502,000		127,522
#	Bonjour Holdings, Ltd.	8,720,000		1,122,102
	Bossini International Holdings, Ltd.	3,871,500		194,041
*	Brightoil Petroleum Holdings, Ltd.	2,777,000		556,779
#*	Brockman Mining, Ltd.	23,270,814		1,152,512
#*	Burwill Holdings, Ltd.	8,888,960		113,096
	Cafe de Coral Holdings, Ltd.	866,000		2,561,114
*	Capital Estate, Ltd.	684,000		11,851
*	Carico Holdings, Ltd.	22,420,000		924,433
	Century City International Holdings, Ltd.	6,419,460		421,317
	Century Sunshine Group Holdings, Ltd.	3,655,000		197,967
	Champion Technology Holdings, Ltd.	14,881,730		201,001
*	Chaoyue Group, Ltd.	1,735,000		101,321
	Chen Hsong Holdings, Ltd.	1,042,000		281,619
	Cheuk Nang Holdings, Ltd.	442,457		244,202
	Chevalier International Holdings, Ltd.	737,482		940,741
*	China Best Group Holding, Ltd.	1,581,400		17,518
*	China Billion Resources, Ltd.	4,876,000		—
*	China Boon Holdings, Ltd.	6,200,000		71,069
*	China Daye Non-Ferrous Metals Mining, Ltd.	3,467,837		140,963
*	China Digicontent Co., Ltd.	2,710,000		3,497
*	China Electronics Corp. Holdings Co., Ltd.	2,888,250		248,794
*	China Energy Development Holdings, Ltd.	23,576,000		381,753
*	China Environmental Investment Holdings, Ltd.	7,470,000		181,126
*	China Financial Services Holdings, Ltd.	954,000		58,143
*	China Flavors & Fragrances Co., Ltd.	156,137		28,447
*	China Gamma Group, Ltd.	7,400,000		114,459
*	China Infrastructure Investment, Ltd.	7,918,000		183,048
#*	China Mandarin Holdings, Ltd.	501,400		36,150
	China Metal International Holdings, Ltd.	2,582,000		449,039
	China Motor Bus Co., Ltd.	50,000		409,150
*	China Nuclear Industry 23 International Corp., Ltd.	1,024,000		229,550

8

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
*	China Oriental Culture Group, Ltd.	312,000	$	13,453
*	China Outdoor Media Group, Ltd.	710,000		7,218
*	China Renji Medical Group, Ltd.	12,784,000		—
#*	China Resources & Transportation Group, Ltd.	32,900,000		1,185,561
*	China Solar Energy Holdings, Ltd.	37,990,000		141,778
*	China Strategic Holdings, Ltd.	12,585,000		267,452
	China Ting Group Holdings, Ltd.	2,443,151		125,900
*	China Tycoon Beverage Holdings, Ltd.	2,732,000		29,964
	China WindPower Group, Ltd.	15,410,000		409,132
	China-Hongkong Photo Products Holdings, Ltd.	2,123,000		152,910
	Chinney Investments, Ltd.	1,144,000		156,382
	Chong Hing Bank, Ltd.	878,000		1,593,353
	Chow Sang Sang Holdings International, Ltd.	1,100,000		2,335,512
	Chu Kong Shipping Enterprise Group Co., Ltd.	2,188,000		357,846
	Chuang’s China Investments, Ltd.	3,550,494		198,588
	Chuang’s Consortium International, Ltd.	5,210,781		617,282
	Chun Wo Development Holdings, Ltd.	2,002,926		152,120
	Citic Telecom International Holdings, Ltd.	5,543,000		1,270,274
#	City Telecom, Ltd.	2,401,751		541,663
	CK Life Sciences International Holdings, Inc.	15,060,000		1,202,313
	CNT Group, Ltd.	8,315,264		407,171
	COL Capital, Ltd.	2,457,840		290,573
*	Continental Holdings, Ltd.	2,508,250		29,391
	Cosmos Machinery Enterprises, Ltd.	1,292,400		75,614
*	CP Lotus Corp., Ltd.	11,420,000		207,204
	Cross-Harbour Holdings, Ltd. (The)	659,520		537,186
	CSI Properties, Ltd.	17,906,383		739,578
*	CST Mining Group, Ltd.	71,688,000		1,013,695
*	Culture Landmark Investment, Ltd.	509,800		40,126
*	Culturecom Holdings, Ltd.	2,475,000		472,013
	Dah Sing Banking Group, Ltd.	1,481,197		1,468,363
	Dah Sing Financial Holdings, Ltd.	651,027		2,497,700
	Dan Form Holdings Co., Ltd.	3,668,260		509,381
*	Dejin Resources Group Co., Ltd.	947,500		9,141
	Dickson Concepts International, Ltd.	1,066,500		549,437
*	Dingyi Group Investment, Ltd.	5,497,500		209,227
	Dorsett Hospitality International, Ltd.	2,179,000		482,205
*	DVN Holdings, Ltd.	1,631,000		53,538
	Dynamic Holdings, Ltd.	56,000		10,596
	Eagle Nice International Holdings, Ltd.	1,078,000		234,182
	EcoGreen Fine Chemicals Group, Ltd.	1,112,000		202,118
*	EganaGoldpfeil Holdings, Ltd.	4,121,757		—
	Emperor Entertainment Hotel, Ltd.	3,140,000		586,074
	Emperor International Holdings, Ltd.	6,208,753		1,484,468
	Emperor Watch & Jewellery, Ltd.	23,650,000		2,243,876
*	ENM Holdings, Ltd.	15,112,000		1,260,848
*	Enviro Energy International Holdings, Ltd.	4,138,000		70,750
*	EPI Holdings, Ltd.	12,819,927		346,829
#*	Esprit Holdings, Ltd.	5,164,900		6,678,378
*	eSun Holdings, Ltd.	2,790,000		416,259
	EVA Precision Industrial Holdings, Ltd.	6,292,000		654,822
*	Ezcom Holdings, Ltd.	72,576		450
	Fairwood, Ltd.	423,600		887,397
#	Far East Consortium International, Ltd.	4,773,539		949,638
#*	Fook Woo Group Holdings, Ltd.	952,000		167,060
	Fountain SET Holdings, Ltd.	4,622,000		392,549
	Four Seas Mercantile Holdings, Ltd.	592,000		157,797
*	Frasers Property China, Ltd.	17,131,000		958,747
	Get Nice Holdings, Ltd.	19,348,000		808,395
	Giordano International, Ltd.	7,246,000		6,015,664
*	Global Tech Holdings, Ltd.	4,598,000		16,516

9

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
	Glorious Sun Enterprises, Ltd.	2,682,000	$	739,622
	Gold Peak Industries Holding, Ltd.	3,118,642		293,715
	Golden Resources Development International, Ltd.	3,330,500		154,468
*	Goldin Financial Holdings, Ltd.	480,000		61,303
*	Goldin Properties Holdings, Ltd.	3,044,000		1,761,833
*	Good Fellow Resources Holdings, Ltd.	810,000		24,670
*	Grande Holdings, Ltd.	882,000		46,660
	Great Eagle Holdings, Ltd.	70,160		207,088
*	Greenheart Group, Ltd.	876,000		58,482
*	G-Resources Group, Ltd.	80,853,000		3,897,642
*	Group Sense International, Ltd.	2,378,000		53,179
	Guangnan Holdings, Ltd.	2,249,600		269,119
	Guotai Junan International Holdings, Ltd.	1,152,000		339,382
	Haitong International Securities Group, Ltd.	1,367,586		472,199
*	Hang Fung Gold Technology, Ltd.	1,972,482		—
*	Hans Energy Co., Ltd.	4,504,000		51,185
#	Harbour Centre Development, Ltd.	957,500		1,457,520
	High Fashion International, Ltd.	268,000		89,443
	HKR International, Ltd.	5,895,136		2,819,319
	Hon Kwok Land Investment Co., Ltd.	314,800		117,083
	Hong Kong & Shanghai Hotels, Ltd.	191,500		252,548
*	Hong Kong Aircraft Engineering Co., Ltd.	12,800		174,404
	Hong Kong Ferry Holdings, Ltd.	809,300		763,394
	Hongkong Chinese, Ltd.	5,024,000		828,753
*	Hop Fung Group Holdings, Ltd.	452,000		14,433
	Hsin Chong Construction Group, Ltd.	1,711,658		235,739
*	Huafeng Group Holdings, Ltd.	5,113,325		155,828
	Hung Hing Printing Group, Ltd.	1,298,000		190,563
	Hutchison Telecommunications Hong Kong Holdings, Ltd.	5,248,000		2,169,665
*	Hybrid Kinetic Group, Ltd.	12,788,000		155,677
*	HyComm Wireless, Ltd.	89,090		17,395
*	IDT International, Ltd.	1,704,183		28,512
*	Imagi International Holdings, Ltd.	26,656,000		380,627
	IPE Group, Ltd.	2,060,000		151,103
*	IRC, Ltd.	3,210,000		395,223
	IT, Ltd.	3,012,532		1,192,943
	ITC Corp., Ltd.	659,645		41,998
	ITC Properties Group, Ltd.	3,645,747		1,176,646
*	Jinhui Holdings, Ltd.	207,000		37,403
	Jiuzhou Development Co., Ltd.	2,558,000		270,283
*	JLF Investment Co., Ltd.	3,173,500		147,109
	Johnson Electric Holdings, Ltd.	1,229,500		784,598
	Joyce Boutique Holdings, Ltd.	1,530,000		112,086
	K Wah International Holdings, Ltd.	6,354,390		2,875,434
	Kam Hing International Holdings, Ltd.	1,974,000		153,877
	Kantone Holdings, Ltd.	9,835,145		85,697
*	Karfun Investment, Ltd.	538,000		5,554
*	Karl Thomson Holdings, Ltd.	436,000		70,644
	Karrie International Holdings, Ltd.	1,951,200		50,514
	Keck Seng Investments (Hong Kong), Ltd.	904,600		407,331
	Kin Yat Holdings, Ltd.	586,000		68,728
*	King Pacific International Holdings, Ltd.	1,404,200		22,105
*	King Stone Energy Group, Ltd.	3,925,000		247,318
	Kingmaker Footwear Holdings, Ltd.	1,484,955		211,436
	Kingston Financial Group, Ltd.	13,039,000		1,006,280
*	Ko Yo Chemical Group, Ltd.	16,260,000		253,628
	Kowloon Development Co., Ltd.	1,738,000		1,994,609
*	Kwoon Chung Bus Holdings, Ltd.	530,000		114,756
*	Lai Sun Development Co., Ltd.	65,128,466		1,602,236
*	Lai Sun Garment International, Ltd.	2,824,000		360,698
	Lam Soon Hong Kong, Ltd.	302,310		138,024

10

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
*	Leading Spirit High-Tech Holdings Co., Ltd.	2,310,000	$	2,981
	Lee & Man Chemical Co., Ltd.	1,420,000		745,367
	Lee’s Pharmaceutical Holdings, Ltd.	150,000		91,872
	Lerado Group Holdings Co., Ltd.	1,900,000		181,088
	Lippo China Resources, Ltd.	9,850,000		253,464
	Lippo, Ltd.	1,195,700		512,937
*	Lisi Group Holdings, Ltd.	4,214,000		168,203
	Liu Chong Hing Investment, Ltd.	775,200		805,958
	Luen Thai Holdings, Ltd.	849,000		113,855
	Luk Fook Holdings International, Ltd.	1,746,000		4,361,261
	Luks Group (Vietnam Holdings) Co., Ltd.	428,913		98,724
*	Lung Cheong International Holdings, Ltd.	6,790,000		240,157
	Lung Kee (Bermuda) Holdings, Ltd.	1,597,875		494,295
	Magnificent Estates, Ltd.	13,184,000		637,998
	Mainland Headwear Holdings, Ltd.	663,600		86,336
#*	Man Wah Holdings, Ltd.	976,800		596,528
	Man Yue Technology Holdings, Ltd.	1,064,000		175,274
	Matrix Holdings, Ltd.	1,067,414		250,445
*	Mei Ah Entertainment Group, Ltd.	11,040,000		194,420
	Melbourne Enterprises, Ltd.	40,500		727,978
	Melco International Development, Ltd.	5,117,000		4,932,333
#	Midland Holdings, Ltd.	3,646,000		1,834,139
	Ming Fai International Holdings, Ltd.	1,680,000		151,349
*	Ming Fung Jewellery Group, Ltd.	9,390,000		428,248
	Miramar Hotel & Investment Co., Ltd.	839,000		1,054,936
	Modern Beauty Salon Holdings, Ltd.	160,000		19,776
*	Mongolia Energy Corp., Ltd.	10,603,000		497,266
#*	Mongolian Mining Corp.	4,552,500		2,224,299
*	Nan Nan Resources Enterprise, Ltd.	194,000		21,245
	Nanyang Holdings, Ltd.	137,500		475,097
	National Electronics Holdings, Ltd.	2,434,000		320,053
	Natural Beauty Bio-Technology, Ltd.	4,470,000		449,502
#*	Neo-Neon Holdings, Ltd.	3,033,000		654,120
*	Neptune Group, Ltd.	80,000		1,575
*	Net2Gather China Holdings, Ltd.	349,572		27,669
	New Century Group Hong Kong, Ltd.	13,351,464		271,868
*	New Focus Auto Tech Holdings, Ltd.	104,000		14,973
*	New Smart Energy Group, Ltd.	23,975,000		228,592
#*	New Times Energy Corp., Ltd.	1,297,600		166,859
	NewOcean Green Energy Holdings, Ltd.	4,380,000		1,681,749
*	Next Media, Ltd.	3,931,183		833,912
*	Norstar Founders Group, Ltd.	3,256,000		—
*	North Asia Resources Holdings, Ltd.	1,438,600		59,366
*	Orange Sky Golden Harvest Entertainment Holdings, Ltd.	6,229,706		316,971
*	Orient Power Holdings, Ltd.	804,000		19,503
#	Oriental Watch Holdings, Ltd.	2,846,800		848,620
	Pacific Andes International Holdings, Ltd.	10,279,378		575,778
#	Pacific Basin Shipping, Ltd.	9,730,000		5,180,604
	Pacific Textile Holdings, Ltd.	2,091,000		1,379,107
	Paliburg Holdings, Ltd.	3,152,830		991,684
*	Pan Asia Environmental Protection Group, Ltd.	1,140,000		83,170
#*	Peace Mark Holdings, Ltd.	2,738,022		—
*	Pearl Oriental Oil, Ltd.	12,756,800		1,099,743
	Pegasus International Holdings, Ltd.	226,000		31,919
	Pico Far East Holdings, Ltd.	4,276,000		1,047,401
	Playmates Holdings, Ltd.	174,000		100,927
*	PME Group, Ltd.	5,360,000		117,515
*	PNG Resources Holdings, Ltd.	17,018,362		263,330
	Pokfulam Development Co., Ltd.	234,000		387,298
	Polytec Asset Holdings, Ltd.	10,763,526		1,258,081
	Public Financial Holdings, Ltd.	3,194,000		1,439,013

11

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
*	PYI Corp., Ltd.	14,249,973	$	301,255
*	Pyxis Group, Ltd.	1,936,000		42,467
	Raymond Industrial, Ltd.	1,383,400		144,454
	Regal Hotels International Holdings, Ltd.	2,539,800		1,115,029
	Richfield Group Holdings, Ltd.	6,456,000		306,859
*	Rising Development Holdings, Ltd.	2,278,000		93,915
	Rivera Holdings, Ltd.	5,710,000		170,972
	S.A.S. Dragon Holdings, Ltd.	1,052,000		217,040
	SA SA International Holdings, Ltd.	3,572,000		2,445,801
	Safety Godown Co., Ltd.	398,000		592,115
*	San Miguel Brewery Hong Kong, Ltd.	408,800		59,320
*	Sandmartin International Holdings, Ltd.	84,000		9,652
*	Sanyuan Group, Ltd.	415,000		8,032
	SEA Holdings, Ltd.	1,158,000		803,784
*	SEEC Media Group, Ltd.	136,000		3,964
*	Sheng Yuan Holdings, Ltd.	210,000		10,824
#	Shenyin Wanguo, Ltd.	1,412,500		380,487
	Shenzhen High-Tech Holdings, Ltd.	812,000		95,461
*	Shougang Concord Technology Holdings, Ltd.	4,201,809		230,175
*	Shun Ho Resources Holdings, Ltd.	483,000		80,024
*	Shun Ho Technology Holdings, Ltd.	1,037,452		169,261
	Shun Tak Holdings, Ltd.	8,089,419		3,223,300
*	Sing Pao Media Enterprises, Ltd.	250,511		485
	Sing Tao News Corp., Ltd.	1,974,000		274,278
	Singamas Container Holdings, Ltd.	7,906,000		1,988,177
*	Sinocan Holdings, Ltd.	350,000		1,761
*	Sinocop Resources Holdings, Ltd.	3,370,000		269,601
*	Sino-Tech International Holdings, Ltd.	29,380,000		265,366
	SIS International Holdings, Ltd.	34,000		12,270
	SmarTone Telecommunications Holdings, Ltd.	1,644,500		3,309,357
	SOCAM Development, Ltd.	1,036,771		1,064,823
*	Solomon Systech International, Ltd.	6,312,000		175,437
	Soundwill Holdings, Ltd.	150,000		272,081
*	South China (China), Ltd.	6,744,000		521,052
*	South China Financial Holdings, Ltd.	2,022,000		13,793
*	South China Land, Ltd.	20,095,170		294,776
	Southeast Asia Properties & Finance, Ltd.	131,891		38,299
	Stella International Holdings, Ltd.	152,000		399,422
	Stelux Holdings International, Ltd.	1,617,400		361,829
*	Styland Holdings, Ltd.	137,438		2,341
*	Success Universe Group, Ltd.	5,552,000		128,105
	Sun Hing Vision Group Holdings, Ltd.	358,000		119,987
#	Sun Hung Kai & Co., Ltd.	1,848,429		1,054,995
*	Sun Innovation Holdings, Ltd.	10,945,655		112,244
	Sunwah Kingsway Capital Holdings, Ltd.	1,160,000		19,499
*	Sunway International Holdings, Ltd.	850,000		19,747
*	Superb Summit International Group, Ltd.	16,746,600		490,883
#*	Sustainable Forest Holdings, Ltd.	13,677,750		280,613
	Tai Cheung Holdings, Ltd.	1,975,000		1,564,896
	Tai Sang Land Development, Ltd.	598,984		262,056
*	Talent Property Group, Ltd.	5,106,420		94,985
#	Tan Chong International, Ltd.	1,212,000		333,350
#	Tao Heung Holdings, Ltd.	230,000		125,576
#*	Taung Gold International, Ltd.	14,590,000		299,328
	Termbray Industries International (Holdings), Ltd.	2,304,900		252,089
	Tern Properties Co., Ltd.	51,200		19,608
	Texwinca Holdings, Ltd.	1,676,000		1,328,223
*	Theme International Holdings, Ltd.	3,370,000		56,376
	Tian Teck Land, Ltd.	1,054,000		1,082,858
#*	Titan Petrochemicals Group, Ltd.	13,140,000		4,239
*	Tom Group, Ltd.	3,638,000		435,496

12

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
HONG KONG — (Continued)
	Tongda Group Holdings, Ltd.	11,860,000	$	487,778
*	Topsearch International Holdings, Ltd.	2,420,000		68,839
*	Town Health International Investments, Ltd.	1,175,165		62,819
	Tradelink Electronic Commerce, Ltd.	1,470,000		240,226
#	Transport International Holdings, Ltd.	954,941		1,962,014
	Trinity, Ltd.	3,520,000		2,455,722
	Tristate Holdings, Ltd.	188,000		92,102
*	TSC Group Holdings, Ltd.	1,928,000		299,930
#	Tse Sui Luen Jewellery International, Ltd.	300,000		154,888
	Tungtex Holdings Co., Ltd.	642,000		68,679
	Tysan Holdings, Ltd.	1,040,773		198,595
#*	United Laboratories International Holdings, Ltd. (The)	3,210,000		1,699,732
	Universal Technologies Holdings, Ltd.	6,630,000		384,208
*	Up Energy Development Group, Ltd.	674,000		66,965
*	U-Right International Holdings, Ltd.	4,746,000		8,573
*	Value Convergence Holdings, Ltd.	1,216,000		187,586
#	Value Partners Group, Ltd.	3,517,000		1,909,232
	Van Shung Chong Holdings, Ltd.	1,601,335		115,328
	Varitronix International, Ltd.	1,097,293		396,931
	Vedan International Holdings, Ltd.	3,272,000		214,997
	Veeko International Holdings, Ltd.	1,267,116		31,444
#	Victory City International Holdings, Ltd.	3,704,249		390,822
*	Vision Values Holdings, Ltd.	121,400		3,139
	Vitasoy International Holdings, Ltd.	3,769,000		3,564,786
*	Vongroup, Ltd.	4,085,000		19,482
	VST Holdings, Ltd.	3,000,000		524,553
	Wai Kee Holdings, Ltd.	7,946,738		1,492,060
	Wang On Group, Ltd.	15,191,286		165,951
*	Warderly International Holdings, Ltd.	520,000		32,206
	Water Oasis Group, Ltd.	1,560,000		197,664
	Win Hanverky Holdings, Ltd.	1,712,000		171,909
	Wing On Co. International, Ltd.	781,000		2,169,295
	Wing Tai Properties, Ltd.	1,957,331		1,208,980
	Wong’s International (Holdings), Ltd.	737,641		203,892
	Wong’s Kong King International Holdings, Ltd.	120,000		12,697
	Xingye Copper International Group, Ltd.	716,000		82,870
#	Xinyi Glass Holdings, Ltd.	8,164,000		4,558,138
	Y. T. Realty Group, Ltd.	749,000		193,999
	Yangtzekiang Garment, Ltd.	606,500		224,469
	Yau Lee Holdings, Ltd.	534,000		88,752
	Yeebo (International Holdings), Ltd.	572,000		84,653
#	YGM Trading, Ltd.	426,000		1,021,634
*	Yugang International, Ltd.	93,492,000		664,041
TOTAL HONG KONG				203,931,252
NEW ZEALAND — (6.4%)
*	Abano Healthcare Group, Ltd.	29,157		137,952
	Air New Zealand, Ltd.	2,261,316		2,303,593
	Auckland International Airport, Ltd.	1,137,263		2,508,643
*	Cavalier Corp., Ltd.	283,674		440,827
	CDL Investments New Zealand, Ltd.	395,965		139,137
	Chorus, Ltd.	279,041		775,152
	Colonial Motor Co., Ltd.	148,846		458,513
*	Diligent Board Member Services, Inc.	6,215		19,423
	Ebos Group, Ltd.	203,702		1,374,484
*	Fisher & Paykel Appliances Holdings, Ltd.	3,131,412		3,284,557
	Fisher & Paykel Healthcare Corp., Ltd.	3,117,358		6,022,656
#	Freightways, Ltd.	793,614		2,792,775
	Hallenstein Glasson Holdings, Ltd.	243,961		996,771
*	Heartland New Zealand, Ltd.	173,369		98,273
	Hellaby Holdings, Ltd.	353,056		898,918

13

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
NEW ZEALAND — (Continued)
	Infratil, Ltd.	2,312,698	$	4,297,908
*	Kathmandu Holdings, Ltd.	36,968		54,739
#	Mainfreight, Ltd.	439,219		3,844,692
	Methven, Ltd.	70,490		77,629
	Michael Hill International, Ltd.	1,534,152		1,500,361
	Millennium & Copthorne Hotels (New Zealand), Ltd.	1,387,344		536,578
	New Zealand Oil & Gas, Ltd.	2,036,646		1,446,982
#	New Zealand Refining Co., Ltd.	591,259		1,371,363
	Northland Port Corp. (New Zealand), Ltd.	192,300		336,174
#	Nuplex Industries, Ltd.	1,013,819		2,515,860
	NZX, Ltd.	880,152		903,578
#	Opus International Consultants, Ltd.	12,925		22,111
*	Pike River Coal, Ltd.	490,805		—
	Port of Tauranga, Ltd.	528,322		5,622,732
#*	Pumpkin Patch, Ltd.	606,913		623,807
*	Pyne Gould Guinness, Ltd.	554,775		154,763
*	Rakon, Ltd.	346,364		119,697
#	Restaurant Brands New Zealand, Ltd.	413,600		867,326
*	Richina Pacific, Ltd.	274,180		81,175
*	Rubicon, Ltd.	1,485,105		340,402
#	Ryman Healthcare, Ltd.	1,685,604		5,610,636
	Sanford, Ltd.	393,618		1,408,126
	Scott Technology, Ltd.	36,510		63,078
*	Seafresh Fisheries, Ltd.	80,520		1,854
	Skellerup Holdings, Ltd.	361,864		496,520
	Sky Network Television, Ltd.	1,006,593		4,445,634
	SKYCITY Entertainment Group, Ltd.	3,227,185		10,293,066
	South Port New Zealand, Ltd.	27,744		74,690
#	Steel & Tube Holdings, Ltd.	389,046		693,584
	Tourism Holdings, Ltd.	274,867		162,524
	Tower, Ltd.	967,919		1,535,599
#	TrustPower, Ltd.	55,801		391,790
	Vector, Ltd.	986,035		2,203,960
	Warehouse Group, Ltd.	588,314		1,523,015
*	Xero, Ltd.	35,277		158,139
TOTAL NEW ZEALAND				76,031,766
SINGAPORE — (12.2%)
#*	Abterra, Ltd.	531,800		371,312
	Amtek Engineering, Ltd.	918,000		449,949
	Armstrong Industrial Corp., Ltd.	1,264,000		273,727
#*	Asiasons Capital, Ltd.	1,048,000		590,235
*	Asiatravel.com Holdings, Ltd.	17,000		4,170
#	ASL Marine Holdings, Ltd.	721,600		393,297
*	AusGroup, Ltd.	2,951,000		1,116,019
#	Baker Technology, Ltd.	1,272,000		330,602
*	Banyan Tree Holdings, Ltd.	960,000		525,588
	Beng Kuang Marine, Ltd.	922,000		87,159
#	BH Global Marine, Ltd.	621,000		95,677
#*	Biosensors International Group, Ltd.	4,355,237		3,859,154
	Bonvests Holdings, Ltd.	978,000		832,928
	Boustead Singapore, Ltd.	1,155,000		899,204
	Breadtalk Group, Ltd.	650,800		319,632
#	Broadway Industrial Group, Ltd.	1,093,000		254,754
#	Bukit Sembawang Estates, Ltd.	492,003		2,167,076
*	Bund Center Investment, Ltd.	1,100,000		157,709
#	Cerebos Pacific, Ltd.	545,000		2,944,723
	CH Offshore, Ltd.	1,539,400		655,666
	China Aviation Oil Singapore Corp., Ltd.	1,061,000		841,333
*	China Dairy Group, Ltd.	675,000		55,137
*	China Energy, Ltd.	768,000		33,113

14

The Asia Pacific Small Company Series
CONTINUED

		Shares	Value††
SINGAPORE — (Continued)
	China Merchants Holdings Pacific, Ltd.	813,000	$	480,403
	Chip Eng Seng Corp., Ltd.	2,467,800		937,472
	Chosen Holdings, Ltd.	681,000		69,974
	Chuan Hup Holdings, Ltd.	3,967,000		910,586
#*	Cosco Corp Singapore, Ltd.	4,839,000		3,473,656
	Creative Technology, Ltd.	272,200		697,862
*	CSC Holdings, Ltd.	1,849,000		164,312
	CSE Global, Ltd.	2,383,000		1,686,616
	CWT, Ltd.	1,072,700		1,095,762
	Datapulse Technology, Ltd.	27,000		4,867
#*	Delong Holdings, Ltd.	1,361,000		309,737
	DMX Technologies Group, Ltd.	1,211,000		212,435
#*	Dyna-Mac Holdings, Ltd.	1,084,000		398,693
	Ellipsiz, Ltd.	123,000		8,434
	EnGro Corp, Ltd.	354,000		266,042
	Enviro-Hub Holdings, Ltd.	1,445,666		118,119
	Eu Yan Sang International, Ltd.	673,800		336,520
*	euNetworks Group, Ltd.	411,000		4,529
#	Ezion Holdings, Ltd.	3,014,000		3,181,306
#*	Ezra Holdings, Ltd.	3,489,000		3,174,317
	F.J. Benjamin Holdings, Ltd.	1,305,000		346,961
*	Falcon Energy Group, Ltd.	1,180,000		230,402
	Food Empire Holdings, Ltd.	1,094,400		432,912
	Fragrance Group, Ltd.	5,816,000		1,258,973
	Freight Links Express Holdings, Ltd.	6,042,111		326,363
*	Fu Yu Corp., Ltd.	611,500		30,643
*	Gallant Venture, Ltd.	3,789,000		849,599
	GK Goh Holdings, Ltd.	1,458,000		885,278
	Global Yellow Pages, Ltd.	299,000		21,319
#	GMG Global, Ltd.	15,662,000		1,612,669
	Goodpack, Ltd.	1,184,000		1,879,358
	GP Batteries International, Ltd.	343,000		267,300
	GP Industries, Ltd.	2,732,209		858,642
*	Grand Banks Yachts, Ltd.	166,000		48,013
	GuocoLand, Ltd.	447,314		793,228
#	GuocoLeisure, Ltd.	2,512,000		1,273,848
	Guthrie GTS, Ltd.	888,000		442,652
	Hanwell Holdings, Ltd.	1,823,419		380,623
*	Healthway Medical Corp., Ltd.	5,065,776		336,003
	HG Metal Manufacturing, Ltd.	426,000		27,905
	Hiap Seng Engineering, Ltd.	612,000		148,402
	Hi-P International, Ltd.	1,279,000		750,905
*	HLH Group, Ltd.	604,000		12,305
	Ho Bee Investment, Ltd.	1,196,000		1,442,058
*	Hong Fok Corp., Ltd.	3,323,640		1,369,879
*	Hong Fok Land, Ltd.	1,210,000		1,561
	Hong Leong Asia, Ltd.	591,000		815,352
	Hotel Grand Central, Ltd.	1,266,047		936,391
#	Hotel Properties, Ltd.	1,346,400		2,906,831
	Hour Glass, Ltd.	622,744		861,277
	HTL International Holdings, Ltd.	1,063,843		298,000
*	Huan Hsin Holdings, Ltd.	770,400		30,460
	HupSteel, Ltd.	1,572,875		255,513
	Hwa Hong Corp., Ltd.	2,186,000		647,889
#	Hyflux, Ltd.	3,141,500		3,463,212
	IFS Capital, Ltd.	248,080		78,283
#*	Indofood Agri Resources, Ltd.	2,464,000		2,535,330
*	Inno-Pacific Holdings, Ltd.	2,303,000		88,557
	InnoTek, Ltd.	950,000		252,298
*	Interra Resources, Ltd.	1,370,000		442,207
	IPC Corp., Ltd.	4,067,000		435,403

15

The Asia Pacific Small Company Series
continued

		Shares	Value††
SINGAPORE — (Continued)
	Isetan (Singapore), Ltd.	122,500	$	513,103
*	Jaya Holdings, Ltd.	1,468,000		666,419
*	JES International Holdings, Ltd.	1,938,000		231,792
*	Jiutian Chemical Group, Ltd.	2,337,000		91,328
#*	Jurong Technologies Industrial Corp., Ltd.	2,227,680		—
	K1 Ventures, Ltd.	3,382,500		346,302
#	Keppel Telecommunications & Transportation, Ltd.	1,409,600		1,487,928
	K-Green Trust, Ltd.	539,000		446,445
	Kian Ann Engineering, Ltd.	1,276,000		443,017
	Koh Brothers Group, Ltd.	1,312,000		247,385
	Lafe Corp., Ltd.	1,234,800		76,935
	LC Development, Ltd.	3,036,504		392,880
	Lee Kim Tah Holdings, Ltd.	1,600,000		982,031
*	Li Heng Chemical Fibre Technologies, Ltd.	2,053,000		238,404
*	Lian Beng Group, Ltd.	1,149,000		365,947
	Lion Asiapac, Ltd.	142,000		21,540
*	LionGold Corp., Ltd.	298,000		260,096
*	Low Keng Huat Singapore, Ltd.	211,000		82,773
	Lum Chang Holdings, Ltd.	1,042,030		277,047
	M1, Ltd.	1,154,000		2,467,111
*	Manhattan Resources, Ltd.	957,000		383,640
	Marco Polo Marine, Ltd.	608,000		166,996
	Memstar Technology, Ltd.	4,404,000		226,700
	Memtech International, Ltd.	1,222,000		75,736
#	Mercator Lines Singapore, Ltd.	555,000		52,769
	Metro Holdings, Ltd.	2,085,792		1,348,822
*	Mewah International, Inc.	835,000		296,795
#	Midas Holdings, Ltd.	5,800,000		1,914,925
	Nam Cheong, Ltd.	3,341,740		655,322
	Nera Telecommunications, Ltd.	1,079,000		459,641
	New Toyo International Holdings, Ltd.	1,624,000		358,315
	NSL, Ltd.	422,000		490,941
*	Oceanus Group, Ltd.	8,780,000		221,915
#	OKP Holdings, Ltd.	207,000		85,552
	Orchard Parade Holdings, Ltd.	990,359		2,063,514
	OSIM International, Ltd.	1,465,000		1,945,552
*	Ossia International, Ltd.	398,554		37,411
#*	Otto Marine, Ltd.	4,977,500		341,974
#	Overseas Union Enterprise, Ltd.	1,255,000		2,721,053
	Pan Pacific Hotels Group, Ltd.	1,669,500		3,097,251
	Pan-United Corp., Ltd.	2,006,000		1,114,079
*	Penguin International, Ltd.	400,000		23,368
	Petra Foods, Ltd.	876,000		1,878,406
	Popular Holdings, Ltd.	2,763,650		565,086
	QAF, Ltd.	1,040,151		676,552
	Qian Hu Corp., Ltd.	481,600		34,788
#	Raffles Education Corp., Ltd.	3,580,710		965,883
#	Raffles Medical Group, Ltd.	1,040,223		2,084,128
*	Rickmers Maritime	53,000		15,817
	Rotary Engineering, Ltd.	1,167,600		400,832
	Roxy-Pacific Holdings, Ltd.	445,000		191,476
*	S i2i, Ltd.	14,461,000		284,045
	San Teh, Ltd.	999,087		241,769
*	Sapphire Corp., Ltd.	704,000		67,618
	SBS Transit, Ltd.	953,500		1,144,096
	SC Global Developments, Ltd.	517,000		472,920
	See Hup Seng, Ltd.	64,000		9,913
*	Seroja Investments, Ltd.	17,767		2,447
#*	Sheng Siong Group, Ltd.	602,000		233,891
	Sim Lian Group, Ltd.	2,281,855		1,528,000
	Sinarmas Land, Ltd.	4,095,000		927,529

16

The Asia Pacific Small Company Series
continued

		Shares	Value††
SINGAPORE — (Continued)
*	Sing Holdings, Ltd.	548,000	$	172,597
	Sing Investments & Finance, Ltd.	198,450		223,522
#	Singapore Land, Ltd.	60,000		337,020
	Singapore Post, Ltd.	6,199,120		5,789,946
	Singapore Reinsurance Corp., Ltd.	1,514,530		295,477
	Singapore Shipping Corp., Ltd.	1,689,000		249,981
	Singapura Finance, Ltd.	174,062		227,127
*	Sinostar PEC Holdings, Ltd.	160,000		16,444
#	Sound Global, Ltd.	1,432,000		589,932
	Stamford Land Corp., Ltd.	2,938,000		1,335,405
	Straco Corp., Ltd.	130,000		26,300
	STX OSV Holdings, Ltd.	3,176,000		3,965,561
	Sunningdale Tech, Ltd.	2,398,000		243,259
#*	Sunvic Chemical Holdings, Ltd.	1,213,000		355,989
#	Super Group, Ltd.	1,064,000		2,125,212
#*	Swiber Holdings, Ltd.	2,521,000		1,194,856
	Tat Hong Holdings, Ltd.	1,241,800		1,337,701
#	Technics Oil & Gas, Ltd.	947,000		801,868
	Thakral Corp., Ltd.	6,028,000		137,505
*	Tiger Airways Holdings, Ltd.	1,970,500		1,197,690
	Tiong Woon Corp. Holding, Ltd.	1,498,250		343,105
*	Transcu Group, Ltd.	4,936,000		64,745
	Trek 2000 International, Ltd.	714,000		147,087
#*	Triyards Holdings, Ltd.	348,900		233,115
#	Tuan Sing Holdings, Ltd.	3,747,475		931,397
	UMS Holdings, Ltd.	1,178,000		389,456
#	United Engineers, Ltd.	1,015,014		2,050,418
#	United Envirotech, Ltd.	1,440,000		429,286
	United Industrial Corp., Ltd.	163,000		372,488
	United Overseas Insurance, Ltd.	187,250		549,525
	UOB-Kay Hian Holdings, Ltd.	1,584,400		2,082,050
	Venture Corp., Ltd.	819,000		5,126,251
	Vicom, Ltd.	120,000		480,823
#	WBL Corp., Ltd.	615,000		1,782,205
	Wee Hur Holdings, Ltd.	1,207,000		276,985
	Wheelock Properties, Ltd.	1,210,000		1,795,186
	Wing Tai Holdings, Ltd.	1,874,567		2,652,645
	Xpress Holdings, Ltd.	3,079,000		65,216
	YHI International, Ltd.	1,174,000		314,569
	Yoma Strategic Holdings, Ltd.	2,000		865
	Yongnam Holdings, Ltd.	4,419,000		851,423
TOTAL SINGAPORE				145,872,792
TOTAL COMMON STOCKS				992,682,247
RIGHTS/WARRANTS — (0.1%)
AUSTRALIA — (0.0%)
*	Centrebet International, Ltd. Litigation Rights	81,336		—
*	Gujarat NRE Coking Coal, Ltd. Rights 11/15/12	29,966		—
*	Yancoal Australia, Ltd. Contigent Value Rights	232,730		579,555
TOTAL AUSTRALIA				579,555
HONG KONG — (0.1%)
*	Esprit Holdings, Ltd. Rights 11/19/12	2,582,450		693,092
SINGAPORE — (0.0%)
*	Sing Investments & Finance, Ltd. Rights 11/05/12	99,225		14,235
*	Transcu Group, Ltd. Warrants 09/01/13	1,018,000		835
TOTAL SINGAPORE				15,070
TOTAL RIGHTS/WARRANTS				1,287,717

17

The Asia Pacific Small Company Series
continued

		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (16.9%)
§@	DFA Short Term Investment Fund		17,286,085		200,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%, 11/01/12 (Collateralized
	by FNMA 4.000%, 05/01/42 & 5.000%, 01/01/39, valued at $1,673,484) to be
	repurchased at $1,640,687	$	1,641		1,640,671
TOTAL SECURITIES LENDING COLLATERAL					201,640,671
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,153,289,637)			$	1,195,610,635

18

THE UNITED KINGDOM SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

October 31, 2012

		Shares	Value††
COMMON STOCKS — (98.1%)
Consumer Discretionary — (24.5%)
	4imprint Group P.L.C.	96,735	$	543,525
	888 Holdings P.L.C.	508,610		861,283
	Aegis Group P.L.C.	3,314,004		12,583,830
	Aga Rangemaster Group P.L.C.	453,866		399,923
*	Barratt Developments P.L.C.	4,366,245		13,384,802
	Bellway P.L.C.	481,114		7,864,489
*	Berkeley Group Holdings P.L.C. (The)	548,179		13,489,734
	Betfair Group P.L.C.	91,793		1,115,154
	Bloomsbury Publishing P.L.C.	272,216		565,717
	Bovis Homes Group P.L.C.	875,787		7,249,764
	Bwin.Party Digital Entertainment P.L.C.	2,344,508		4,554,800
*	Carpetright P.L.C.	177,223		1,974,132
	Centaur Media P.L.C.	556,967		457,811
	Chime Communications P.L.C.	246,173		858,453
	Cineworld Group P.L.C.	198,435		776,982
*	Clinton Cards P.L.C.	740,506		—
	Creston P.L.C.	22,394		30,349
	Daily Mail & General Trust P.L.C. Series A	1,312,593		10,125,279
	Darty P.L.C.	2,066,186		1,796,501
	Debenhams P.L.C.	5,756,729		11,145,139
	Dignity P.L.C.	218,423		3,297,087
*	Dixons Retail P.L.C.	15,301,236		5,105,084
	Domino’s Pizza Group P.L.C.	465,012		3,800,122
	Dunelm Group P.L.C.	188,285		2,040,143
*	Enterprise Inns P.L.C.	2,178,467		2,561,410
	Euromoney Institutional Investor P.L.C.	295,537		3,820,353
	Fiberweb P.L.C.	531,419		566,810
*	Findel P.L.C.	4,998,346		548,300
*	Forminster P.L.C.	43,333		2,622
	French Connection Group P.L.C.	205,623		80,126
	Fuller Smith & Turner P.L.C. Series A	132,875		1,588,719
*	Future P.L.C.	1,301,863		360,702
	Games Workshop Group P.L.C.	101,889		1,109,098
	GKN P.L.C.	3,193,432		10,740,884
	Greene King P.L.C.	1,421,372		13,637,335
	Halfords Group P.L.C.	792,627		4,430,415
	Headlam Group P.L.C.	336,384		1,736,703
	Henry Boot P.L.C.	430,392		904,753
#*	hibu P.L.C.	4,312,932		25,756
*	HMV Group P.L.C.	791,347		35,342
#	Home Retail Group P.L.C.	3,162,895		5,839,305
	Hornby P.L.C.	154,220		149,341
	Howden Joinery Group P.L.C.	2,315,316		6,365,464
	Huntsworth P.L.C.	854,940		646,224
	Inchcape P.L.C.	2,005,227		13,040,981
	Informa P.L.C.	2,578,346		16,689,745
	ITV P.L.C.	8,151,944		11,412,918
	JD Sports Fashion P.L.C.	120,013		1,471,955
	JD Wetherspoon P.L.C.	462,380		3,746,651
	John Menzies P.L.C.	244,534		2,392,948
*	Johnston Press P.L.C.	507,412		102,458
	Ladbrokes P.L.C.	3,736,209		10,821,643
	Laura Ashley Holdings P.L.C.	1,500,394		640,612
	Lookers P.L.C.	1,114,193		1,365,690
	Low & Bonar P.L.C.	831,280		727,128
	M.J. Gleeson Group P.L.C.	195,875		475,612
	Marston’s P.L.C.	2,854,528		5,653,375
	Mecom Group P.L.C.	274,098		344,488

1

The United Kingdom Small Company Series
continued

		Shares	Value††
Consumer Discretionary — (Continued)
	Millennium & Copthorne Hotels P.L.C.	1,048,561	$	8,508,761
*	Mitchells & Butlers P.L.C.	987,029		5,222,667
#	Mothercare P.L.C.	436,844		1,960,059
*	MWB Group Holdings P.L.C.	335,122		26,364
	N Brown Group P.L.C.	874,754		4,751,622
#*	Ocado Group P.L.C.	717,280		768,503
*	Pendragon P.L.C.	2,748,586		620,979
*	Perform Group PLC	8,744		56,712
	Persimmon P.L.C.	1,429,557		18,394,004
	Photo-Me International P.L.C.	17,330		14,006
*	Punch Taverns P.L.C.	2,380,301		249,276
	Rank Group P.L.C.	3,252		7,692
*	Redrow P.L.C.	1,498,271		3,821,045
	Restaurant Group P.L.C.	794,689		4,815,167
	Rightmove P.L.C.	404,934		10,542,022
	Smiths News P.L.C.	805,283		2,020,271
	Spirit Pub Co. P.L.C.	2,505,265		2,448,933
*	Sportech P.L.C.	361,100		373,447
#	Sportingbet P.L.C.	983,711		852,335
*	Sports Direct International P.L.C.	710,804		4,580,439
*	SuperGroup P.L.C.	118,236		1,276,712
	Taylor Wimpey P.L.C.	14,517,978		14,349,169
	Ted Baker P.L.C.	148,966		2,274,888
*	Thomas Cook Group P.L.C.	3,320,407		1,100,079
	Topps Tiles P.L.C.	810,881		617,189
*	Torotrak P.L.C.	45,292		21,846
*	Trinity Mirror P.L.C.	1,688,565		1,653,544
	TUI Travel P.L.C.	1,536,840		6,235,459
	UBM P.L.C.	1,008,603		11,402,231
	UTV Media P.L.C.	230,855		496,458
	Vitec Group P.L.C. (The)	160,973		1,850,631
#	WH Smith P.L.C.	620,413		6,225,889
	Whitbread P.L.C.	34,852		1,324,493
	William Hill P.L.C.	3,062,912		16,735,721
	Wilmington Group P.L.C.	346,234		712,569
Total Consumer Discretionary				364,367,151
Consumer Staples — (3.9%)
#	A.G. Barr P.L.C.	424,100		3,045,773
	Anglo-Eastern Plantations P.L.C.	108,153		1,221,816
	Booker Group P.L.C.	5,398,487		8,938,689
	Britvic P.L.C.	961,388		5,579,509
	Cranswick P.L.C.	215,761		2,601,564
	Dairy Crest Group P.L.C.	639,100		3,685,047
	Devro P.L.C.	672,640		3,565,512
*	European Home Retail P.L.C.	109,256		—
	Greencore Group P.L.C.	1,566,557		2,300,488
	Greggs P.L.C.	479,826		3,628,784
	Hilton Food Group, Ltd.	11,461		51,709
*	McBride P.L.C.	832,651		1,841,618
*	McBride P.L.C. Redeemable B Shares	24,979,530		40,311
*	Premier Foods P.L.C.	860,448		1,484,965
#	PZ Cussons P.L.C.	1,287,639		7,041,764
	R.E.A. Holdings P.L.C.	50,639		392,914
	Tate & Lyle P.L.C.	1,034,844		12,129,459
	Thorntons P.L.C.	179,394		88,926
	Young & Co.’s Brewery P.L.C. Non-Voting Shares	26,250		228,093
Total Consumer Staples				57,866,941
Energy — (4.9%)
*	Afren P.L.C.	4,970,604		11,086,658

2

The United Kingdom Small Company Series
continued

		Shares	Value††
Energy — (Continued)
	Anglo Pacific Group P.L.C.	438,805	$	1,773,306
*	Cadogan Petroleum P.L.C.	39,742		9,823
*	Cairn Energy P.L.C.	1,353,844		6,136,442
*	EnQuest P.L.C.	2,767,503		5,188,032
#*	Essar Energy P.L.C.	572,688		1,269,119
*	Exillon Energy P.L.C.	162,141		408,683
*	Fortune Oil P.L.C.	6,170,225		847,154
*	Hardy Oil & Gas P.L.C.	74,781		156,569
*	Heritage Oil P.L.C.	653,846		2,045,410
	Hunting P.L.C.	541,277		6,556,258
	James Fisher & Sons P.L.C.	178,323		2,251,005
*	JKX Oil & Gas P.L.C.	456,676		590,848
	John Wood Group P.L.C.	1,017,921		13,991,092
#	Lamprell P.L.C.	596,806		714,651
*	Petroceltic International P.L.C.	5,866,873		654,351
*	Premier Oil P.L.C.	1,957,535		11,099,271
*	Salamander Energy P.L.C.	976,320		3,034,643
*	SOCO International P.L.C.	970,105		5,300,652
*	UK Coal P.L.C.	1,282,146		144,226
Total Energy				73,258,193
Financials — (14.1%)
	Aberdeen Asset Management P.L.C.	2,601,039		13,663,246
	Admiral Group P.L.C.	41,232		738,864
	Amlin P.L.C.	2,265,989		13,660,008
	Arbuthnot Banking Group P.L.C.	48,497		505,733
	Ashmore Group P.L.C.	1,141,118		6,568,968
	Beazley P.L.C.	2,304,463		6,589,227
	Brewin Dolphin Holdings P.L.C.	1,089,299		3,178,539
	Capital & Counties Properties P.L.C.	472,683		1,726,612
*	Capital & Regional P.L.C.	1,493,345		579,093
	Catlin Group, Ltd.	1,602,895		12,215,551
#	Charles Stanley Group P.L.C.	126,349		586,856
	Charles Taylor P.L.C.	139,215		405,243
	Chesnara P.L.C.	367,992		1,115,581
	Close Brothers Group P.L.C.	637,738		8,726,585
	Daejan Holdings P.L.C.	32,083		1,497,609
	Development Securities P.L.C.	474,030		1,224,870
	F&C Asset Management P.L.C.	2,141,878		3,426,195
	Hansard Global P.L.C.	16,468		22,901
	Hargreaves Lansdown P.L.C.	734,280		8,763,124
	Helical Bar P.L.C.	660,484		2,056,719
	Henderson Group P.L.C.	4,116,420		7,791,870
	Hiscox, Ltd.	1,714,088		13,217,072
	ICAP P.L.C.	1,805,106		9,496,771
	IG Group Holdings P.L.C.	1,498,282		10,550,404
*	Industrial & Commercial Holdings P.L.C.	5,000		121
	Intermediate Capital Group P.L.C.	572,350		2,825,037
	International Personal Finance P.L.C.	690,825		3,880,579
#*	IP Group P.L.C.	851,769		1,624,970
	Jardine Lloyd Thompson Group P.L.C.	518,004		6,226,680
	Jupiter Fund Management P.L.C.	605,835		2,563,270
	Lancashire Holdings, Ltd.	685,288		9,556,371
*	Liontrust Asset Management P.L.C.	129,935		235,053
	London Stock Exchange Group P.L.C.	579,642		9,146,032
	LSL Property Services P.L.C.	162,024		590,418
	Man Group P.L.C.	4,362,669		5,543,977
	Novae Group P.L.C.	217,826		1,308,824
	Phoenix Group Holdings P.L.C.	121,881		972,335
	Provident Financial P.L.C.	496,498		11,004,838
*	Puma Brandenburg, Ltd. Class A	1,193,004		92,829

3

The United Kingdom Small Company Series
continued

		Shares	Value††
Financials — (Continued)
*	Puma Brandenburg, Ltd. Class B	1,193,004	$	38,678
*	Quintain Estates & Development P.L.C.	1,564,238		1,352,637
	Rathbone Brothers P.L.C.	165,692		3,466,529
*	Raven Russia, Ltd.	252,791		265,357
	S&U P.L.C.	21,140		303,695
	Safestore Holdings P.L.C.	599,761		1,056,444
	Savills P.L.C.	574,918		3,757,301
	Shore Capital Group, Ltd.	890,380		237,145
	St. James’s Place P.L.C.	846,493		5,435,424
	St. Modwen Properties P.L.C.	667,078		2,173,933
	Tullett Prebon P.L.C.	1,003,860		4,437,965
	Unite Group P.L.C.	751,758		3,441,897
*	Waterloo Investment Holdings, Ltd.	5,979		675
Total Financials				209,846,655
Health Care — (2.1%)
#*	Alizyme P.L.C.	660,805		—
	Assura Group, Ltd.	55,851		30,261
	Bioquell P.L.C.	90,893		193,755
*	BTG P.L.C.	1,273,722		7,032,917
	Consort Medical P.L.C.	119,338		1,474,871
	Corin Group P.L.C.	126,637		117,379
	Dechra Pharmaceuticals P.L.C.	343,154		3,414,171
	Genus P.L.C.	250,709		5,905,930
	Hikma Pharmaceuticals P.L.C.	590,810		7,056,284
*	Optos P.L.C.	78,266		257,193
*	Oxford Biomedica P.L.C.	2,821,652		115,891
*	Renovo Group P.L.C.	87,461		23,996
*	Southern Cross Healthcare Group P.L.C.	191,826		—
	Synergy Health P.L.C.	221,547		3,322,624
*	Vectura Group P.L.C.	1,514,341		2,127,145
*	Vernalis P.L.C.	19,974		7,906
Total Health Care				31,080,323
Industrials — (27.8%)
#	Air Partner P.L.C.	37,086		185,555
	Alumasc Group P.L.C.	124,366		164,660
	Ashtead Group P.L.C.	2,502,187		15,116,530
	Avon Rubber P.L.C.	31,280		161,419
	Babcock International Group P.L.C.	1,401,502		22,154,294
	Balfour Beatty P.L.C.	3,154,154		16,078,068
	BBA Aviation P.L.C.	2,792,163		9,122,178
	Berendsen P.L.C.	773,744		7,035,834
	Bodycote P.L.C.	1,253,236		7,651,954
	Braemar Shipping Services P.L.C.	81,108		546,733
	Brammer P.L.C.	244,607		949,530
	Bunzl P.L.C.	147,479		2,442,920
	Camellia P.L.C.	2,481		387,764
	Cape P.L.C.	432,603		1,881,522
	Carillion P.L.C.	1,787,034		8,894,503
	Carr’s Milling Industries P.L.C.	35,330		537,483
	Castings P.L.C.	162,757		911,981
	Chemring Group P.L.C.	783,476		3,976,353
	Clarkson P.L.C.	61,518		1,322,809
	Cobham P.L.C.	4,694,331		16,320,407
	Communisis P.L.C.	561,718		335,858
	Cookson Group P.L.C.	1,218,370		11,509,815
#	Costain Group P.L.C.	157,259		598,352
	De La Rue P.L.C.	446,761		7,640,869
	easyJet P.L.C.	692,439		6,997,805
*	Eleco P.L.C.	80,000		10,020

4

The United Kingdom Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
	Fenner P.L.C.	719,811	$	4,205,451
	Firstgroup P.L.C.	1,842,109		5,672,508
	Galliford Try P.L.C.	249,089		2,970,718
	Go-Ahead Group P.L.C.	187,428		3,932,585
*	Hampson Industries P.L.C.	110,209		409
	Harvey Nash Group P.L.C.	8,623		7,985
	Hays P.L.C.	5,445,665		7,180,401
	Hogg Robinson Group P.L.C.	250,887		198,572
	Homeserve P.L.C.	1,233,259		4,398,496
	Hyder Consulting P.L.C.	171,856		1,095,617
	IMI P.L.C.	1,002,882		15,484,442
	Interserve P.L.C.	576,831		3,633,984
	Intertek Group P.L.C.	378,948		17,273,414
	Invensys P.L.C.	3,349,956		12,352,173
	ITE Group P.L.C.	1,059,501		3,305,306
	Keller Group P.L.C.	280,343		2,749,917
	Kier Group P.L.C.	168,347		3,502,140
	Latchways P.L.C.	36,248		585,018
	Lavendon Group P.L.C.	512,546		1,167,947
	Management Consulting Group P.L.C.	1,290,496		516,423
#	Mears Group P.L.C.	263,980		1,253,498
	Meggitt P.L.C.	2,407,994		15,018,915
	Melrose P.L.C.	4,749,372		18,500,491
	Michael Page International P.L.C.	1,310,832		7,650,621
	Mitie Group P.L.C.	1,526,552		7,192,493
	Morgan Crucible Co. P.L.C.	1,297,193		5,299,961
	Morgan Sindall Group P.L.C.	170,811		1,824,263
	National Express Group P.L.C.	1,725,133		4,745,183
	Northgate P.L.C.	503,561		2,058,185
	PayPoint P.L.C.	132,776		1,649,580
	Porvair P.L.C.	146,460		324,684
	Qinetiq Group P.L.C.	3,030,205		9,651,175
	Regus P.L.C.	3,337,697		5,411,927
*	Renold P.L.C.	89,220		27,128
	Rentokil Initial P.L.C.	7,256,414		10,329,224
	Ricardo P.L.C.	217,815		1,271,551
*	Richmond Oil & Gas P.L.C.	220,000		—
	Robert Walters P.L.C.	387,999		1,249,681
	Rotork P.L.C.	366,679		13,509,077
	RPS Group P.L.C.	892,257		3,384,468
	Senior P.L.C.	1,849,203		5,811,564
	Severfield-Rowen P.L.C.	371,550		845,669
	Shanks Group P.L.C.	1,786,148		2,362,814
	SIG P.L.C.	2,467,815		4,180,720
	Speedy Hire P.L.C.	1,341,345		698,883
	Spirax-Sarco Engineering P.L.C.	320,648		10,039,086
	St. Ives Group P.L.C.	665,998		1,102,060
	Stagecoach Group P.L.C.	1,869,535		8,291,263
	Sthree P.L.C.	353,790		1,720,244
	T. Clarke P.L.C.	147,457		108,529
	Tarsus Group P.L.C.	212,372		643,035
*	Travis Perkins P.L.C.	930,166		16,254,661
	Tribal Group P.L.C.	139,275		211,088
	Trifast P.L.C.	359,985		254,234
	UK Mail Group P.L.C.	197,261		838,700
	Ultra Electronics Holdings P.L.C.	285,303		7,807,153
#	Volex P.L.C.	229,354		602,309
	Vp P.L.C.	167,297		884,883
*	Wincanton P.L.C.	462,355		506,133
	WS Atkins P.L.C.	501,683		5,785,306

5

The United Kingdom Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
#	XP Power, Ltd.	73,546	$	1,163,024
Total Industrials				413,632,185
Information Technology — (8.9%)
	Acal P.L.C.	104,729		293,040
	Anite P.L.C.	1,253,216		2,861,159
	Aveva Group P.L.C.	289,692		9,322,073
	Computacenter P.L.C.	460,793		2,728,327
	CSR P.L.C.	837,090		4,778,596
	Dialight P.L.C.	126,282		2,268,618
	Diploma P.L.C.	505,533		3,652,449
	Domino Printing Sciences P.L.C.	475,431		4,168,220
	E2V Technologies P.L.C.	415,037		778,743
	Electrocomponents P.L.C.	1,877,117		6,519,602
	Fidessa Group P.L.C.	138,383		2,971,089
	Halma P.L.C.	1,549,740		10,329,189
*	Imagination Technologies Group P.L.C.	928,414		6,859,020
*	Innovation Group P.L.C.	3,551,263		1,262,926
*	Kofax P.L.C.	317,667		1,447,479
	Laird P.L.C.	1,133,292		3,855,314
	Micro Focus International P.L.C.	556,396		5,160,899
	Moneysupermarket.com Group P.L.C.	676,611		1,465,350
	NCC Group P.L.C.	17,999		261,794
	Oxford Instruments P.L.C.	226,537		4,915,896
	Pace P.L.C.	1,356,764		4,073,114
	Phoenix IT Group, Ltd.	204,614		570,543
	Premier Farnell P.L.C.	1,467,203		3,926,043
*	PV Crystalox Solar P.L.C.	384,786		45,789
	Renishaw P.L.C.	188,423		5,372,296
	RM P.L.C.	363,499		473,661
	SDL P.L.C.	347,207		2,976,087
	Sepura P.L.C.	5,137		7,476
	Spectris P.L.C.	515,234		14,431,374
	Spirent Communications P.L.C.	2,633,737		6,149,662
	Telecity Group P.L.C.	826,400		12,038,001
	TT electronics P.L.C.	643,621		1,300,719
	Vislink P.L.C.	274,226		115,160
*	Wolfson Microelectronics P.L.C.	504,759		1,697,318
	Xaar P.L.C.	252,429		1,072,512
*	Xchanging P.L.C.	1,100,065		1,966,760
Total Information Technology				132,116,298
Materials — (7.3%)
	African Barrick Gold P.L.C.	361,989		2,481,984
	AZ Electronic Materials SA	292,428		1,677,416
	British Polythene Industries P.L.C.	119,701		736,714
	Carclo P.L.C.	221,307		1,290,230
*	Centamin P.L.C.	3,531,782		3,647,652
	Croda International P.L.C.	499,699		17,791,547
	DS Smith P.L.C.	4,475,611		15,451,908
	Elementis P.L.C.	1,966,934		6,657,512
	Ferrexpo P.L.C.	888,830		3,001,341
	Filtrona P.L.C.	802,884		7,438,164
*	Gem Diamonds, Ltd.	431,630		1,177,475
	Hill & Smith Holdings P.L.C.	311,720		1,874,496
#	Hochschild Mining P.L.C.	647,638		5,177,851
*	International Ferro Metals, Ltd.	423,652		94,132
#	Lonmin P.L.C.	428,276		3,553,829
	Marshalls P.L.C.	722,366		1,045,594
	Mondi P.L.C.	1,222,056		13,471,337
	New World Resources P.L.C. Series A	132,319		548,215

6

The United Kingdom Small Company Series
continued

		Shares	Value††
Materials — (Continued)
*	Petra Diamonds, Ltd.	362,381	$	583,475
	Petropavlovsk P.L.C.	646,643		4,222,023
	RPC Group P.L.C.	707,602		4,842,279
#*	Talvivaara Mining Co. P.L.C.	418,283		881,222
	Victrex P.L.C.	340,523		7,849,216
	Yule Catto & Co. P.L.C.	962,661		2,285,497
	Zotefoams P.L.C.	96,852		322,517
Total Materials				108,103,626
Telecommunication Services — (2.2%)
	Cable & Wireless Communications P.L.C.	9,991,391		6,049,966
*	Colt Group SA	1,298,816		2,317,964
	Inmarsat P.L.C.	1,658,096		15,190,469
	KCOM Group P.L.C.	2,643,350		3,243,205
	TalkTalk Telecom Group P.L.C.	1,776,695		5,453,326
Total Telecommunication Services				32,254,930
Utilities — (2.4%)
	Dee Valley Group P.L.C.	12,109		260,115
	Drax Group P.L.C.	1,615,898		14,665,707
	Pennon Group P.L.C.	1,434,955		16,622,307
	Telecom Plus P.L.C.	265,603		3,644,535
Total Utilities				35,192,664
TOTAL COMMON STOCKS				1,457,718,966
PREFERRED STOCKS — (0.0%)
Consumer Staples — (0.0%)
*	R.E.A. Holdings P.L.C.	8,452		15,064
	RIGHTS/WARRANTS — (0.0%)
*	SFI Holdings, Ltd. Litigation Certificate	26,713		—
TOTAL RIGHTS/WARRANTS				—
		Shares/
		Face
		Amount	Value†
		(000)
SECURITIES LENDING COLLATERAL — (1.9%)
§@	DFA Short Term Investment Fund	2,420,052		28,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%, 11/01/12 (Collateralized
	by FNMA 4.000%, 05/01/42 & 5.000%, 01/01/39, valued at $224) to be repurchased at
	$220	—		220
TOTAL SECURITIES LENDING COLLATERAL				28,000,220
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,210,154,050)		$	1,485,734,250

7

THE CONTINENTAL SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

October 31, 2012

		Shares	Value††
COMMON STOCKS — (88.4%)
AUSTRIA — (2.2%)
	Agrana Beteiligungs AG	17,322	$	2,086,369
*	AMAG Austria Metall AG	13,167		364,864
*	A-TEC Industries AG	21,828		—
	Atrium European Real Estate, Ltd.	610,894		3,464,231
	Austria Email AG	715		5,666
	Austria Technologie & Systemtechnik AG	42,211		371,216
	BKS Bank AG	3,120		70,267
#	BWT AG	39,087		808,228
	CA Immobilien Anlagen AG	163,483		2,027,165
	DO & CO AG	2,924		120,468
*	EAG-Beteiligungs AG	1,650		1,069
#	EVN AG	147,842		2,091,265
	Flughafen Wien AG	45,527		2,064,513
	Frauenthal Holding AG	4,212		50,124
#*	Intercell AG	254,689		626,995
	Josef Manner & Co. AG	870		56,393
	Kapsch TrafficCom AG	22,171		1,294,428
#	Lenzing AG	50,402		4,486,569
	Mayr-Melnhof Karton AG	39,013		3,856,345
#	Oberbank AG	37,973		2,352,401
#	Oesterreichischen Post AG	147,545		5,686,026
	Palfinger AG	55,397		1,113,768
#*	Polytec Holding AG	79,815		569,658
	RHI AG	112,207		3,175,268
	Rosenbauer International AG	13,836		724,485
#	S IMMO AG	226,536		1,446,437
*	S&T System Integration & Technology Distribution AG	6,318		24,437
	Schoeller-Bleckmann Oilfield Equipment AG	51,365		4,955,866
	Semperit Holding AG	47,021		1,981,734
	Strabag SE	102,680		2,581,393
	UBM Realitaetenentwicklung AG	2,880		47,408
#*	Uniqa Versicherungen AG	248,568		2,872,784
#	Wienerberger AG	496,488		3,561,534
	Wolford AG	11,252		364,403
	Zumtobel AG	128,443		1,373,990
TOTAL AUSTRIA				56,677,767
BELGIUM — (3.2%)
#*	Ablynx NV	88,257		595,520
	Ackermans & van Haaren NV	118,073		9,613,309
*	Agfa-Gevaert NV	769,380		1,257,195
	Arseus NV	94,203		1,763,355
	Atenor Group NV	4,672		211,470
	Banque Nationale de Belgique	955		3,042,741
	Barco NV	58,733		4,040,279
#	Bekaert NV	136,903		3,738,318
	Co.Br.Ha Societe Commerciale de Brasserie SA	115		245,670
	Compagnie d’Entreprises SA	41,428		2,038,337
*	Compagnie du Bois Sauvage SA	87		5
	Compagnie Immobiliere de Belgique SA	10,604		361,037
	Compagnie Maritime Belge SA	66,098		1,182,497
#*	Deceuninck NV	298,827		496,562
#*	Devgen NV	73,663		1,516,299
	D’ieteren SA NV	129,060		6,229,223
	Duvel Moorgat SA	8,799		1,060,600
	Econocom Group	265,744		1,844,115
	Elia System Operator SA	131,072		5,354,602
*	Euronav SA	88,337		487,785

1

The Continental Small Company Series
continued

		Shares	Value††
BELGIUM — (Continued)
	EVS Broadcast Equipment SA	56,205	$	3,262,713
	Exmar NV	132,340		987,261
	Floridienne SA	2,033		292,421
*	Galapagos NV	99,665		2,026,835
#	Gimv NV	13,215		638,937
	Hamon SA	4,148		58,465
	Image Recognition Integrated Systems (I.R.I.S.) SA	6,284		342,324
*	Ion Beam Applications SA	81,148		683,237
	Jensen-Group NV	12,030		182,555
	Kinepolis Group NV	19,582		1,953,895
	Lotus Bakeries NV	1,361		1,010,899
	Melexis NV	93,665		1,480,708
	Mobistar SA	84,370		2,230,962
	Nyrstar NV	616,535		3,585,618
*	Picanol NV	17,778		431,388
*	RealDolmen NV (5529094)	120		20
*	RealDolmen NV (B3M0622)	7,555		180,695
	Recticel SA	87,697		581,620
	Resilux SA	4,095		262,929
	Rosier SA	655		188,635
	Roularta Media Group NV	8,707		131,555
	SAPEC SA	3,419		176,980
	Sioen Industries NV	52,140		418,151
	Sipef NV	29,621		2,258,025
	Softimat SA	22,765		101,017
	Telenet Group Holding NV	606		27,763
	Ter Beke NV	2,260		140,750
	Tessenderlo Chemie NV	122,318		3,549,307
#*	ThromboGenics NV	152,765		7,335,477
	Van de Velde NV	33,273		1,534,979
	VPK Packaging Group SA	12,084		514,609
TOTAL BELGIUM				81,649,649
DENMARK — (3.4%)
	Alk-Abello A.S.	28,123		1,871,400
*	Alm. Brand A.S.	484,611		1,207,289
*	Amagerbanken A.S.	647,900		—
	Ambu A.S. Series B	26,910		716,997
*	Arkil Holdings A.S. Series B	586		40,179
*	Auriga Industries A.S. Series B	96,829		1,438,589
#*	Bang & Olufsen Holdings A.S.	147,514		1,820,773
*	BankNordik A.S.	292		3,123
#*	Bavarian Nordic A.S.	100,943		920,384
	BoConcept Holding A.S.	5,650		127,759
	Brodrene Hartmann A.S. Series B	11,730		250,270
*	Brondbyernes IF Fodbold A.S. Series B	12,915		32,581
	D/S Norden A.S.	110,869		2,924,056
*	Dalhoff Larsen & Horneman A.S.	9,669		6,130
	DFDS A.S.	18,568		900,236
*	Djursland Bank A.S.	8,970		216,155
	East Asiatic Co., Ltd. A.S.	55,571		1,073,159
	F.E. Bording A.S.	576		68,055
	Fluegger A.S. Series B	4,198		240,764
#*	Genmab A.S.	174,543		2,430,351
	GN Store Nord A.S.	803,034		12,585,533
*	GPV Industri A.S. Series B	2,200		11,468
*	Greentech Energy Systems A.S.	8,355		16,839
	Gronlandsbanken A.S.	768		63,162
*	H&H International A.S. Series B	18,111		92,099
	Harboes Bryggeri A.S.	12,252		186,187
*	Hojgaard Holding A.S. Series B	2,727		35,473

2

The Continental Small Company Series
continued

		Shares	Value††
DENMARK — (Continued)
#	IC Companys A.S.	35,278	$	617,996
*	Incentive A.S.	3,575		11,491
	Jeudan A.S.	4,620		358,008
*	Jyske Bank A.S.	229,630		6,990,086
	Lan & Spar Bank A.S.	5,150		254,567
*	Lastas A.S. Series B	9,839		27,182
*	Lollands Bank A.S.	209		4,031
*	Mols-Linien A.S.	23,640		64,077
*	NeuroSearch A.S.	43,007		33,923
#	NKT Holding A.S.	92,105		3,087,266
	Nordjyske Bank A.S.	17,600		251,187
	Norresundby Bank A.S.	7,350		217,112
	North Media A.S.	36,665		124,114
*	Ostjydsk Bank A.S.	3,305		128,754
#*	Pandora A.S.	236,869		3,761,058
#*	Parken Sport & Entertainment A.S.	33,556		393,125
	Per Aarsleff A.S. Series B	7,235		502,789
#	Ringkjoebing Landbobank A.S.	17,872		2,473,888
	Roblon A.S. Series B	540		78,517
	Rockwool International A.S. Series B	28,851		2,715,724
	Royal Unibrew A.S.	45,850		3,649,711
*	Salling Bank A.S.	384		14,815
	Schouw & Co. A.S.	74,017		1,691,619
	SimCorp A.S.	19,486		4,252,211
*	Skjern Bank A.S.	2,897		46,397
	Solar Holdings A.S. Series B	22,263		1,379,635
*	Spar Nord Bank A.S.	274,852		1,211,212
*	Sparbank A.S.	7,749		66,881
*	Sparekassen Faaborg A.S.	1,972		62,808
*	Sydbank A.S.	307,380		5,630,616
	Tivoli A.S.	969		497,858
#*	TK Development A.S.	153,640		373,934
*	Topdanmark A.S.	53,386		10,826,718
*	TopoTarget A.S.	332,263		140,545
*	Topsil Semiconductor Materials A.S.	194,350		12,244
*	Torm A.S.	116,681		60,350
*	United International Enterprises A.S.	6,796		1,159,308
#*	Vestas Wind Systems A.S.	588,304		3,401,289
*	Vestjysk Bank A.S.	29,541		73,492
*	Zealand Pharma A.S.	14,793		265,225
TOTAL DENMARK				86,190,774
FINLAND — (6.1%)
#	Ahlstrom Oyj	29,300		487,487
	Aktia Oyj Series A	14,830		110,107
#	Alma Media Oyj	277,852		1,715,228
	Amer Sports Oyj	495,357		7,019,289
	Aspo Oyj	83,192		634,457
	Atria P.L.C.	23,261		156,194
*	Bank of Aland P.L.C. Series B	22,078		215,814
	BasWare Oyj	34,550		962,103
*	Biotie Therapies Corp. Oyj	917,186		461,918
#	Cargotec Oyj Series B	134,915		2,975,615
	Citycon Oyj	982,759		3,218,976
*	Componenta Oyj	34,813		94,274
	Comptel P.L.C.	337,600		179,236
#	Cramo Oyj	148,755		1,513,054
	Digia P.L.C.	48,912		185,283
	Efore Oyj	60,233		52,386
*	Elcoteq SE	3,041		—
*	Elektrobit Corp. Oyj	16,849		15,385

3

The Continental Small Company Series
continued

		Shares	Value††
FINLAND — (Continued)
	Elisa Oyj	432,751	$	9,286,323
	eQ P.L.C.	67,120		161,107
	Etteplan Oyj	57,413		200,161
*	Finnair Oyj	298,520		851,016
*	Finnlines Oyj	124,906		1,276,664
	Fiskars Oyj Abp	182,790		3,771,952
	F-Secure Oyj	463,536		975,175
*	GeoSentric Oyj	244,900		3,174
*	Glaston Oyj Abp	56,393		19,666
	HKScan Oyj Series A	101,202		442,768
	Huhtamaki Oyj	373,956		6,322,742
	Ilkka-Yhtyma Oyj	61,503		398,650
#	KCI Konecranes Oyj	245,559		7,808,333
#	Kemira Oyj	459,125		6,108,053
	Kesko Oyj Series B	250,135		7,821,799
	Laennen Tehtaat Oyj	18,920		347,214
	Lassila & Tikanoja Oyj	137,644		2,110,841
#	Lemminkainen Oyj	22,983		470,051
#*	Mesta Board Oyj	1,549,706		4,651,911
*	Neo Industrial Oyj	14,567		33,828
#	Neste Oil Oyj	477,554		5,980,291
	Okmetic Oyj	54,991		330,162
	Olvi Oyj Series A	62,708		1,629,592
#	Oriola-KD Oyj Series A	5,045		14,379
	Oriola-KD Oyj Series B	450,090		1,219,361
	Orion Oyj Series A	130,940		3,245,195
	Orion Oyj Series B	384,369		9,510,594
#*	Outokumpu Oyj	3,488,317		2,964,328
#	Outotec Oyj	163,942		8,010,462
	PKC Group Oyj	73,207		1,329,514
	Pohjola Bank P.L.C. Series A	331,849		4,526,882
#	Ponsse Oyj	25,697		204,620
#	Poyry Oyj	187,165		777,080
	Raisio P.L.C. Series V	541,284		2,139,118
	Ramirent Oyj	314,761		2,355,602
	Rapala VMC Oyj	113,258		728,285
#	Rautaruukki Oyj Series K	373,835		2,370,641
	Raute Oyj Series A	9,858		94,327
*	Ruukki Group Oyj	604,909		378,681
	Saga Furs Oyj	11,244		283,369
#	Sanoma Oyj	328,616		3,195,438
*	Scanfil P.L.C.	123,479		136,393
	Sievi Capital P.L.C.	123,479		153,478
	SRV Group P.L.C.	7,277		31,894
	Stockmann Oyj Abp Series A	43,914		857,285
#	Stockmann Oyj Abp Series B	132,971		2,501,296
#*	Stonesoft Oyj	69,779		114,163
	Technopolis Oyj	301,916		1,373,463
	Teleste Oyj	53,559		276,928
#	Tieto Oyj	291,983		5,604,136
#	Tikkurila Oyj	168,347		3,190,089
*	Tulikivi Oyj	4,463		3,239
#	Uponor Oyj Series A	241,740		2,727,429
	Vacon Oyj	45,416		2,330,350
	Vaisala Oyj Series A	39,132		812,070
	Viking Line Abp	10,366		235,851
	Yit Oyj	479,016		9,445,723
TOTAL FINLAND				154,139,942
FRANCE — (9.8%)
	ABC Arbitrage SA	22,399		179,912

4

The Continental Small Company Series
continued

		Shares	Value††
FRANCE — (Continued)
#*	Air France-KLM	722,730	$	6,041,925
	Akka Technologies SA	22,790		644,127
#*	Alcatel-Lucent SA	7,392,628		7,558,803
	Ales Groupe SA	29,486		531,704
	Altamir Amboise SA	81,618		732,381
	Alten SA	80,004		2,517,695
*	Altran Technologies SA	676,432		4,556,571
	April SA	74,171		1,311,924
#*	Archos SA	75,094		303,886
	Arkema SA	27,360		2,496,577
*	Artprice.com SA	10,649		440,219
	Assystem	56,624		1,050,794
*	Atari SA	93,971		116,862
	AtoS SA	21,169		1,421,323
	Aubay SA	10,285		62,666
#	Audika Groupe SA	21,251		252,277
#	Aurea SA	3,637		20,639
	Avenir Telecom SA	8,000		4,666
	Axway Software SA	22,982		359,650
*	Baccarat SA	377		78,392
	Banque Tarneaud SA	1,430		152,097
#	Beneteau SA	179,820		1,797,051
#*	Bigben Interactive SA	13,117		151,878
*	BioAlliance Pharma SA	35,932		190,664
	Boiron SA	29,066		930,500
	Boizel Chanoine Champagne SA	7,266		349,316
	Bonduelle SCA	16,034		1,475,163
	Bongrain SA	34,266		2,047,059
	Bourbon SA	184,935		4,993,033
*	Boursorama SA	69,079		414,658
*	Bull SA	351,752		1,027,272
#	Burelle SA	3,866		905,857
	Cafom SA	3,655		18,431
	Catering International Services SA	1,111		143,995
*	Cegedim SA	16,591		296,406
	Cegid Group	17,915		345,695
	CFAO SA	83,122		4,012,603
	Cie des Alpes	6,721		120,078
	Ciments Francais SA	10,266		624,319
*	Club Mediterranee SA	87,746		1,394,815
	Compagnie Industrielle et Financiere D’Entreprises SA	1,200		65,341
	Damartex SA	20,518		346,322
	Derichebourg SA	548,515		1,551,410
	Devoteam SA	24,812		286,313
*	Dynaction SA	4,262		40,888
	Eiffage SA	136,700		4,704,027
	Electricite de Strasbourg SA	21,886		2,682,632
	Eramet SA	13		1,653
	Esso SA Francaise	9,436		675,319
	Establissements Maurel et Prom SA	328,284		4,575,625
*	Etam Developpement SA	1,949		35,228
	Euler Hermes SA	52,633		3,631,988
*	Euro Disney SCA	138,383		927,945
	Eurofins Scientific SA	26,702		4,133,376
	Exel Industries SA Series A	10,680		523,528
	Faiveley Transport SA	25,507		1,422,710
	Faurecia SA	142,901		2,151,589
	Fimalac SA	31,490		1,404,605
	Fleury Michon SA	4,694		224,837
*	GameLoft SA	225,468		1,545,817
*	Gascogne SA	6,907		29,950

5

The Continental Small Company Series
continued

		Shares	Value††
FRANCE — (Continued)
	Gaumont SA	13,980	$	715,533
	GEA SA	1,000		85,453
#*	GECI International SA	59,392		137,795
	Gemalto NV	97,900		8,842,316
	Gevelot SA	3,584		223,107
	GFI Informatique SA	139,600		508,550
	GL Events SA	27,467		605,389
*	GPE Groupe Pizzorno SA	3,499		54,862
#	Groupe Crit SA	24,255		388,694
	Groupe Flo SA	29,358		112,708
	Groupe Gorge SA	13,211		119,865
	Groupe Guillin SA	1,061		84,752
	Groupe Open SA	27,590		154,679
*	Groupe Partouche SA	61,786		71,360
	Groupe Steria SCA	86,854		1,403,888
	Guerbet SA	6,577		717,938
*	Haulotte Group SA	61,352		379,679
	Havas SA	1,086,746		5,499,932
#*	Hi-Media SA	134,290		347,264
*	Idsud SA	1,395		31,715
	Ingenico SA	120,489		6,379,679
#	Interparfums SA	21,452		567,081
	Ipsen SA	83,088		2,146,408
	Ipsos SA	128,384		4,513,352
	Jacquet Metal Service SA	48,343		471,362
*	Kaufman & Broad SA	270		6,171
	Korian SA	8,745		134,834
	L.D.C. SA	19		1,873
	Laurent-Perrier SA	12,546		1,070,118
	Lectra SA	83,499		486,496
	Lisi SA	16,907		1,122,136
	M6 Metropole Television SA	192,886		2,690,878
	Maisons France Confort SA	12,636		377,852
#	Manitou BF SA	48,911		759,790
	Manutan International SA	14,553		585,248
*	Maurel et Prom Nigeria SA	323,678		814,221
	Medica SA	146,000		2,610,521
	Mersen SA	70,824		1,792,554
	MGI Coutier SA	2,753		117,659
	Montupet SA	8,127		72,443
#	Mr. Bricolage SA	30,731		348,038
*	Naturex SA	12,649		885,319
#	Neopost SA	135,048		7,403,969
#	Nexans SA	131,823		5,613,234
	Nexity SA	99,242		3,059,898
	NextRadioTV SA	3,451		50,924
*	NicOx SA	252,978		787,837
	Norbert Dentressangle SA	20,989		1,427,239
	NRJ Group SA	37,352		251,255
	Oeneo SA	158,017		428,509
#	Orpea SA	113,448		4,638,599
	Osiatis SA	685		4,609
#*	PagesJaunes Groupe SA	384,634		700,090
*	Parrot SA	29,582		1,026,272
#*	Peugeot SA	597,148		3,830,406
	Pierre & Vacances SA	18,411		310,749
#	Plastic Omnium SA	96,698		2,673,506
	Plastivaloire SA	4,552		79,593
	PSB Industries SA	8,438		246,564
	Rallye SA	99,265		3,028,913
#*	Recylex SA	66,087		355,061

6

The Continental Small Company Series
continued

		Shares	Value††
FRANCE — (Continued)
	Remy Cointreau SA	65,997	$	6,842,601
	Robertet SA	3,167		529,667
*	Rodriguez Group SA	3,886		20,074
*	Rougier SA	1,843		80,454
	Rubis SCA	108,827		6,640,032
*	S.T. Dupont SA	334,647		143,306
	SA des Ciments Vicat	45,541		2,454,793
	Sabeton SA	13,500		215,771
	Saft Groupe SA	98,568		2,192,299
	Samse SA	8,342		568,648
	Sartorius Stedim Biotech SA	9,046		818,597
#	Seche Environnement SA	6,437		210,900
#	Sechilienne SA	74,888		1,284,269
	Securidev SA	2,500		74,457
*	Sequana SA	211,916		328,937
	Societe Anonyme d’Explosifs et de Produits Chimiques SA	485		113,444
	Societe BIC SA	62,449		7,620,209
	Societe d’Edition de Canal Plus SA	306,157		1,838,106
	Societe des Bains de Mer et du Cercle des Etrangers a Monaco SA	46,150		1,707,450
	Societe Internationale de Plantations d’Heveas SA	5,133		398,509
#	Societe Pour l’Informatique Industrielle SA	40,908		243,284
	Societe Television Francaise 1 SA	416,273		3,577,458
#*	Soitec SA	400,615		1,204,787
	Somfy SA	21,738		3,739,126
	Sopra Group SA	22,982		1,084,709
*	Spir Communication SA	4,687		89,318
	Stallergenes SA	11,930		692,622
*	Ste Industrielle d’Aviation Latecoere SA	27,234		309,276
	Stef SA	29,121		1,517,217
	Store Electronic SA	3,620		42,803
#	Sword Group SA	22,260		360,249
	Synergie SA	60,624		559,176
*	Technicolor SA	525,779		1,335,740
	Teleperformance SA	223,377		6,764,033
	Tessi SA	5,374		501,650
#*	Theolia SA	182,298		340,598
	Thermador Groupe	4,528		342,198
	Tonnellerie Francois Freres SA	3,898		179,816
	Total Gabon SA	937		419,932
	Touax SA	2,639		85,524
#*	Transgene SA	42,377		448,539
	Trigano SA	32,351		350,988
*	UbiSoft Entertainment SA	398,686		3,709,528
	Union Financiere de France Banque SA	16,828		400,029
	Valeo SA	149,480		6,582,118
	Viel et Compagnie SA	158,130		551,280
#	Vilmorin & Cie SA	20,195		2,399,615
	Virbac SA	17,539		3,055,264
*	Vivalis SA	25,963		247,488
	VM Materiaux SA	6,914		145,464
	Vranken-Pommery Monopole SA	14,162		448,724
	Zodiac Aerospace SA	47,538		4,874,261
TOTAL FRANCE				248,077,062
GERMANY — (12.9%)
	A.S. Creation Tapeton AG	6,853		304,225
*	AAP Implantate AG	25,576		42,984
*	Aareal Bank AG	423,110		9,098,181
*	Abwicklungsgesellschaft Roesch AG Medizintechnik	7,300		255
*	ADVA Optical Networking SE	169,035		950,953
	AGROB Immobilien AG	5,800		79,135

7

The Continental Small Company Series
continued

		Shares	Value††
GERMANY — (Continued)
#*	Air Berlin P.L.C.	156,429	$	310,211
#	Aixtron SE	352,829		4,628,050
	ALBA SE	21,642		1,745,321
*	Aligna AG	318,087		7,833
	Allgeier SE	19,930		274,599
	Amadeus Fire AG	17,321		803,891
*	Analytik Jena AG	597		7,676
*	Andreae-Noris Zahn AG	26,412		1,044,409
	Asian Bamboo AG	29,133		223,723
	Atoss Software AG	303		7,991
	Aurubis AG	153,470		9,715,684
	Baader Bank AG	118,094		278,736
	Balda AG	127,634		838,470
#	Bauer AG	34,231		741,068
#	BayWa AG	45,827		2,076,871
	Bechtle AG	63,405		2,392,760
	Bertrandt AG	23,001		1,925,019
*	Beta Systems Software AG	8,020		16,668
#	Bijou Brigitte AG	11,350		792,659
	Bilfinger SE	62,183		6,093,431
	Biotest AG	20,784		1,279,624
*	BKN International AG	33,408		130
*	BMP Media Vestors AG	8,724		8,038
*	Borussia Dortmund GmbH & Co. KGaA	241,558		803,508
	CANCOM AG	39,490		612,543
	Carl Zeiss Meditec AG	114,703		3,148,265
	CAT Oil AG	51,243		370,178
*	Celesio AG	143,486		2,781,658
	CENIT AG	19,347		165,893
	Centrotec Sustainable AG	42,634		770,325
#*	Centrotherm Photovoltaics AG	10,160		11,646
	Cewe Color Holding AG	16,681		734,989
*	Colonia Real Estate AG	16,334		83,344
	Comdirect Bank AG	139,558		1,371,610
*	CompuGroup Medical AG	46,927		853,207
*	Conergy AG	264,578		108,907
*	Constantin Medien AG	359,780		669,202
	CropEnergies AG	77,958		473,802
	CTS Eventim AG	106,100		3,150,234
#*	Curanum AG	108,695		264,581
#	DAB Bank AG	130,043		569,816
	Data Modul AG	11,455		216,284
#	Delticom AG	15,867		889,780
	Deufol AG	112,955		119,225
	Deutsche Beteiligungs AG	29,148		736,161
#	Deutsche Wohnen AG	646,717		11,844,087
*	Deutz AG	263,835		1,157,307
*	Dialog Semiconductor P.L.C.	221,152		4,404,049
	DIC Asset AG	13,115		122,395
	Dierig Holding AG	9,408		125,678
#	Douglas Holding AG	105,346		5,142,377
	Dr. Hoenle AG	14,858		219,278
	Draegerwerk AG & Co. KGaA	3,020		243,590
	Drillisch AG	172,204		2,122,553
	Duerr AG	40,668		3,050,739
	DVB Bank SE	173,470		5,393,186
	Eckert & Ziegler AG	12,438		363,461
	Elmos Semiconductor AG	35,507		307,573
	ElreingKlinger AG	106,886		2,979,682
	Erlus AG	2,970		128,927
#	Euromicron AG	25,641		668,219

8

The Continental Small Company Series
continued

		Shares	Value††
GERMANY — (Continued)
	Euwax AG	14,880	$	1,055,692
#*	Evotec AG	1,165,338		4,179,266
	Fielmann AG	32,343		3,151,324
#*	First Sensor AG	18,636		205,979
*	FJA AG	217		262
#	Freenet AG	381,911		6,321,467
	Fuchs Petrolub AG	136,940		8,534,620
*	GAGFAH SA	281,532		3,204,062
	GBW AG	28,417		837,939
	Gerresheimer AG	117,580		5,836,134
	Gerry Weber International AG	89,108		4,051,965
	Gesco AG	10,279		869,814
	GFK SE	72,083		3,283,764
	GFT Technologies AG	66,050		279,249
#*	Gigaset AG	175,782		243,968
	Gildemeister AG	200,603		3,723,063
	Grammer AG	46,658		909,204
	Grenkeleasing AG	32,703		2,207,305
*	GSW Immobilien AG	39,738		1,633,392
	H&R AG	49,089		808,752
	Hamborner REIT AG	22,740		209,188
#	Hamburger Hafen und Logistik AG	70,353		1,710,555
#*	Hansa Group AG	146,815		429,009
	Hawesko Holding AG	19,463		968,932
#*	Heidelberger Druckmaschinen AG	822,580		1,234,592
	Highlight Communications AG	72,348		340,259
*	Homag Group AG	14,489		186,974
	Indus Holding AG	79,715		2,006,945
	Innovation in Traffic Systems AG	23,949		772,936
*	Intershop Communications AG	62,598		155,392
	Isra Vision AG	11,143		310,333
#*	IVG Immobilien AG	400,498		997,068
	Jenoptik AG	180,277		1,708,122
*	Joyou AG	4,817		54,670
*	Kampa AG	35,505		1,335
*	Kloeckner & Co. SE	381,858		3,462,048
*	Koenig & Bauer AG	9,557		173,902
	Kontron AG	189,937		892,809
#	Krones AG	72,618		4,284,051
	KSB AG	3,584		1,907,911
*	Kuka AG	102,786		3,085,492
	KWS Saat AG	17,224		4,947,117
	Leifheit AG	12,500		432,797
	Leoni AG	126,718		4,233,795
*	Loewe AG	25,187		118,879
*	Lotto24 AG	543		2,395
#	LPKF Laser & Electronics AG	33,127		678,113
#*	Manz AG	6,640		180,815
*	Masterflex SE	19,347		125,646
*	Maxdata Computer AG	94,120		14,761
*	Mediclin AG	119,554		644,271
#*	Medigene AG	95,039		134,365
	Mensch und Maschine Software AG	10,746		69,770
#	MLP AG	216,957		1,395,988
#	Mobotix AG	13,494		334,029
*	Mologen AG	26,889		446,959
#*	Morphosys AG	79,379		2,698,569
	MTU Aero Engines Holding AG	69,681		5,857,687
	Muehlbauer Holding & Co. AG	14,905		379,067
#	MVV Energie AG	114,055		3,269,280
#	Nemetschek AG	24,668		1,098,939

9

The Continental Small Company Series
continued

		Shares	Value††
GERMANY — (Continued)
	Nexus AG	33,813	$	412,395
#*	Nordex SE	194,652		681,160
	NORMA Group AG	58,517		1,617,824
	OHB AG	35,659		697,258
*	Oldenburgische Landesbank AG	4,234		115,297
	P&I Personal & Informatik AG	17,889		708,516
*	Patrizia Immobilien AG	76,360		539,303
	Pfeiffer Vacuum Technology AG	36,268		3,707,878
#	PNE Wind AG	186,108		460,870
#*	Praktiker AG	217,326		405,931
	Progress-Werk Oberkirch AG	7,812		290,565
	PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie	33,752		645,028
	PVA TePla AG	46,019		138,378
	QSC AG	411,987		1,124,020
*	R Stahl AG	14,410		498,672
	Rational AG	15,420		3,903,402
	REALTECH AG	11,124		63,386
	Rheinmetall AG	152,317		7,279,886
	Rhoen-Klinikum AG	406,308		7,913,041
*	RIB Software AG	5,493		34,119
	Ruecker AG	10,247		216,060
	S.A.G. Solarstrom AG	1,968		8,134
*	SAF-Holland SA	167,238		1,087,946
	Salzgitter AG	110,698		4,787,236
	Schaltbau Holding AG	9,506		318,520
*	Sedo Holding AG	65,721		137,146
	Sektkellerei Schloss Wachenheim AG	7,479		87,141
*	SER Systems AG	9,400		207
#	SGL Carbon SE	229,387		9,149,090
*	SHW AG	1,716		64,467
#*	Singulus Technologies AG	236,814		382,211
	Sinner AG	2,660		52,375
#	Sixt AG	81,198		1,510,909
	SKW Stahl-Metallurgie Holding AG	18,284		340,414
#*	Sky Deutschland AG	1,121,049		4,886,199
*	SM Wirtschaftsberatungs AG	18,126		117,469
#*	SMA Solar Technology AG	27,498		590,659
	SMT Scharf AG	9,389		273,130
	Software AG	173,056		6,949,619
#	Solarworld AG	294,977		510,102
	Stada Arzneimittel AG	247,784		7,504,291
	STINAG Stuttgart Invest AG	35,003		717,137
*	Stoehr & Co. AG	6,000		14,901
*	STRATEC Biomedical AG	32,070		1,351,329
*	Stroer Out-of-Home Media AG	57,987		511,332
*	Suss Microtec AG	73,062		689,580
	Symrise AG	307,713		11,068,532
	Syzygy AG	30,656		135,186
#	TAG Immobilien AG	352,218		4,071,242
	Takkt AG	126,507		1,624,289
	Telegate AG	16,807		130,507
*	Tipp24 SE	16,840		830,725
	Tom Tailor Holding AG	66,580		1,419,731
	Tomorrow Focus AG	113,715		505,627
*	TUI AG	550,143		5,162,297
	UMS United Medical Systems International AG	3,304		38,217
	UmweltBank AG	17,656		771,410
*	VBH Holding AG	9,415		31,728
*	Verbio AG	52,498		112,037
#	Vossloh AG	37,975		3,830,512
	VTG AG	34,864		547,784

10

The Continental Small Company Series
continued

		Shares	Value††
GERMANY — (Continued)
	Wacker Chemie AG	418	$	23,611
#	Wacker Neuson SE	58,348		795,312
*	Wanderer-Werke AG	7,903		2,397
*	Washtec AG	5,625		66,448
	Wincor Nixdorf AG	119,287		5,319,427
	Wirecard AG	381,688		8,741,631
	Wuerttembergische Lebensversicherung AG	23,873		516,531
	XING AG	11,101		631,583
*	zooplus AG	5,878		254,802
TOTAL GERMANY				326,285,939
GREECE — (2.0%)
*	Aegean Airlines S.A.	5,746		11,693
*	Aegek S.A.	26,135		4,266
*	Alfa Alfa Energy S.A.	3,810		6,864
*	Alpha Bank A.E.	674,977		1,582,482
*	Alumil Aluminum Industry S.A.	39,150		14,989
*	Alysida S.A.	2,376		6,132
*	Anek Lines S.A.	494,192		81,294
*	Astir Palace Hotels S.A.	93,886		406,493
*	Athens Medical Center S.A.	105,147		62,903
*	Atlantic Supermarkets S.A.	34,730		3,601
*	Attica Bank S.A.	120,802		95,601
	Autohellas S.A.	73,796		116,720
*	Babis Vovos International Construction S.A.	21,073		8,303
*	Balafas S.A.	15,200		3,743
*	Balkan Real Estate S.A.	5,450		2,260
*	Bank of Cyprus P.L.C.	4,342,301		1,837,133
	Bank of Greece S.A.	133,571		2,230,582
*	Cyprus Popular Bank PCL	662,422		53,654
*	Daios Plastics S.A.	16,350		105,324
*	Diagnostic & Therapeutic Center of Athens Hygeia S.A.	125,558		49,887
*	Elastron S.A.	76,043		55,535
*	Elektrak S.A.	33,937		72,562
*	Elektroniki Athinon SA	7,497		4,664
*	Ellaktor S.A.	544,614		1,065,177
*	Elval - Hellenic Aluminium Industry S.A.	28,590		44,162
*	Etma Rayon S.A.	11,242		20,545
	Euro Reliance General Insurance Co. S.A.	40,957		31,911
*	Eurobank Ergasias SA.	971,907		1,132,535
*	Euromedica S.A.	33,079		16,510
	EYDAP Athens Water Supply & Sewage Co. S.A.	116,677		666,530
*	Folli Follie Group S.A.	150,049		2,049,635
*	Forthnet S.A.	21,107		25,433
*	Fourlis Holdings S.A.	146,787		379,528
*	Frigoglass S.A.	115,348		669,033
*	GEK Terna Holding Real Estate Construction S.A.	296,155		521,186
*	Halkor S.A.	186,762		128,895
*	Hellenic Cables S.A.	54,724		88,431
	Hellenic Exchanges S.A.	296,505		1,324,660
	Hellenic Petroleum S.A.	326,121		2,556,031
*	Hellenic Sugar Industry S.A.	33,478		39,343
*	Hellenic Telecommunication Organization Co. S.A.	707,121		3,118,247
*	Heracles General Cement Co. S.A.	33,094		90,450
*	Iaso S.A.	206,042		187,965
*	Inform P. Lykos S.A.	16,186		21,673
*	Informatics S.A.	3,778		1,518
*	Intracom Holdings S.A.	247,375		102,256
*	Intracom Technical & Steel Constructions S.A.	13,420		12,747
	Intralot S.A.-Integrated Lottery Systems & Services	551,157		1,108,735
*	Ionian Hotel Enterprises S.A.	16,914		306,921

11

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
GREECE — (Continued)
*	Ipirotiki Software & Publications S.A.	22,110	$	55,596
	JUMBO S.A.	400,965		2,654,772
	Karelia Tobacco Co., Inc. S.A.	3,613		514,966
*	Kathimerini Publishing S.A.	25,040		13,372
*	Lamda Development S.A.	905		4,019
*	Lan-Net S.A.	12,688		19,735
*	Loulis Mills S.A.	25,704		54,923
*	Marfin Investment Group Holdings S.A.	2,380,237		1,060,299
	Metka S.A.	101,638		924,732
*	Michaniki S.A.	155,442		38,280
	Motor Oil (Hellas) Corinth Refineries S.A.	246,966		2,151,470
*	Mytilineos Holdings S.A.	367,558		1,668,808
*	National Bank of Greece S.A.	1,343,567		3,147,579
*	Neorion Holdings S.A.	14,991		2,429
	OPAP S.A.	168,712		1,078,344
*	Piraeus Bank S.A.	4,777,477		2,578,847
	Piraeus Port Authority S.A.	21,267		346,953
*	Promota Hellas S.A.	8,860		2,641
*	Proton Bank S.A.	141,214		—
*	Public Power Corp. S.A.	528,487		3,034,329
*	Real Estate Development & Services S.A.	87,302		69,278
	S&B Industrial Minerals S.A.	68,336		479,816
*	Sarantis S.A.	74,884		250,332
*	Selected Textile S.A.	60,619		29,311
*	Sfakianakis S.A.	16,775		19,134
*	Sidenor Steel Products Manufacturing Co. S.A.	105,996		153,732
*	T Bank S.A.	228,007		—
*	Technical Olympic S.A.	2,237		3,816
*	Teletypos S.A. Mega Channel	77,669		26,663
	Terna Energy S.A.	144,697		432,337
*	Themeliodomi S.A.	37,422		17,947
	Thessaloniki Port Authority S.A.	6,936		129,927
	Thessaloniki Water Supply & Sewage Co. S.A.	15,807		89,008
*	Thrace Plastics Co. S.A.	33,856		33,241
*	Titan Cement Co. S.A.	203,501		3,791,759
*	TT Hellenic Postbank S.A.	695,353		151,414
*	Viohalco Hellenic Copper & Aluminum Industry S.A.	603,593		2,585,895
TOTAL GREECE				50,142,446
IRELAND — (2.7%)
	Aer Lingus Group P.L.C.	752,359		1,005,119
*	Aminex P.L.C.	496,086		36,972
	C&C Group P.L.C. (B010DT8)	399,607		1,918,593
	C&C Group P.L.C. (B011Y09)	1,014,594		4,860,715
	DCC P.L.C. (0242493)	308,989		8,838,285
	DCC P.L.C. (4189477)	19,143		546,947
	Donegal Creameries P.L.C.	23,135		98,955
	Dragon Oil P.L.C.	990,437		8,866,393
*	Elan Corp. P.L.C.	45,034		490,108
	FBD Holdings P.L.C.	125,728		1,572,655
	Fyffes P.L.C.	760,156		493,836
	Glanbia P.L.C. (0066950)	700,613		6,647,356
	Glanbia P.L.C. (4058629)	69,229		656,257
	Grafton Group P.L.C.	584,079		2,546,481
	IFG Group P.L.C.	337,495		612,593
*	Independent News & Media P.L.C. (B59HWB1)	406,791		44,827
*	Independent News & Media P.L.C. (B5TR5N4)	318,060		35,041
	Irish Continental Group P.L.C.	23,420		571,465
*	Kenmare Resources P.L.C. (0487948)	4,136,548		2,615,262
*	Kenmare Resources P.L.C. (4490737)	409,813		258,728
	Kingspan Group P.L.C.	450,404		4,697,362

12

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
IRELAND — (Continued)
*	McInerney Holdings P.L.C.	697,135	$	—
	Paddy Power P.L.C. (0258810)	180,573		13,336,467
	Paddy Power P.L.C. (4828974)	10,071		742,983
*	Providence Resources P.L.C.	17,054		171,530
	Smurfit Kappa Group P.L.C.	475,119		5,238,349
	Total Produce P.L.C.	479,366		302,596
TOTAL IRELAND				67,205,875
ISRAEL — (2.6%)
*	Africa Israel Investments, Ltd.	326,135		830,002
*	Africa Israel Properties, Ltd.	37,844		293,801
	Africa Israel Residences, Ltd.	594		6,483
*	Airport City, Ltd.	107,236		483,836
*	Allot Communications, Ltd.	13,400		302,522
*	Alon Holdings Blue Square Israel, Ltd.	46,194		119,723
*	AL-ROV Israel, Ltd.	15,910		357,465
*	Alrov Properties & Lodgings, Ltd.	5,723		100,618
*	Alvarion, Ltd.	84,517		38,195
	Amot Investments, Ltd.	200,291		466,908
*	AudioCodes, Ltd.	159,083		361,052
	Avgol Industries 1953, Ltd.	353,269		265,927
*	Azorim Investment Development & Construction Co., Ltd.	302		292
	Babylon, Ltd.	129,307		1,067,224
	Bayside Land Corp.	2,413		452,568
	Big Shopping Centers 2004, Ltd.	2,001		45,179
*	Biocell, Ltd.	16,731		97,401
*	BioLineRX, Ltd.	499,334		158,990
	Blue Square Real Estate, Ltd.	3,782		72,856
*	Cellcom Israel, Ltd.	104,952		936,690
*	Ceragon Networks, Ltd.	71,706		314,816
*	Clal Biotechnology Industries, Ltd.	146,663		453,201
	Clal Industries, Ltd.	285,112		1,007,008
	Clal Insurance Enterprises Holdings, Ltd.	83,321		1,132,475
*	Compugen, Ltd.	37,175		135,106
	Delek Automotive Systems, Ltd.	124,131		776,797
	Delek Group, Ltd.	2,224		422,904
	Delta-Galil Industries, Ltd.	32,226		338,834
	Direct Insurance - I.D.I. Insurance Co., Ltd.	35,764		91,795
	DS Apex Holdings, Ltd.	38,130		178,893
*	El Al Israel Airlines, Ltd.	421,312		49,636
*	Elbit Medical Imaging, Ltd.	53,265		123,257
	Elbit Systems, Ltd.	70,858		2,494,716
	Electra, Ltd.	6,502		551,126
	Elron Electronic Industries, Ltd.	57,768		273,537
*	Evogene, Ltd.	90,699		397,878
*	EZchip Semiconductor, Ltd.	106,730		3,352,308
*	First International Bank of Israel, Ltd.	98,118		1,165,396
	FMS Enterprises Migun, Ltd.	10,300		137,876
*	Formula Systems (1985), Ltd.	36,549		581,380
	Frutarom Industries, Ltd.	162,348		1,748,421
*	Gilat Satellite Networks, Ltd.	87,921		391,864
*	Given Imaging, Ltd.	48,376		870,980
	Golf & Co., Ltd.	57,649		179,355
*	Hadera Paper, Ltd.	9,516		414,648
	Harel Insurance Investments & Finances, Ltd.	37,881		1,427,352
	Hot Telecommunications Systems, Ltd.	92,836		921,909
*	Industrial Building Corp., Ltd.	342,619		456,272
*	Israel Cold Storage & Supply Co., Ltd.	1,076		12,302
*	Israel Discount Bank, Ltd. Series A	2,459,139		3,468,988
	Israel Land Development Co., Ltd. (The)	22,615		86,044
	Ituran Location & Control, Ltd.	84,441		1,051,743

13

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
ISRAEL — (Continued)
*	Jerusalem Oil Exploration, Ltd.	39,274	$	660,581
*	Kamada, Ltd.	110,315		879,002
*	Kardan Yazamut, Ltd.	95,268		9,981
	Maabarot Products, Ltd.	21,999		194,984
*	Magic Software Enterprises, Ltd.	38,625		175,665
	Matrix IT, Ltd.	181,750		792,577
	Melisron, Ltd.	49,762		833,567
*	Mellanox Technologies, Ltd.	93,933		7,088,884
*	Menorah Mivtachim Holdings, Ltd.	108,046		827,963
	Migdal Insurance & Financial Holding, Ltd.	1,008,721		1,359,198
*	Mizrahi Tefahot Bank, Ltd.	64,217		583,122
*	Naphtha Israel Petroleum Corp., Ltd.	129,930		498,424
	Neto Me Holdings, Ltd.	5,411		180,968
*	NICE Systems, Ltd.	2,772		92,592
*	NICE Systems, Ltd. Sponsored ADR	25,502		849,217
*	Nitsba Holdings (1995), Ltd.	106,360		841,481
*	Nova Measuring Instruments, Ltd.	45,138		318,525
*	Oil Refineries, Ltd.	3,533,465		1,701,386
	Ormat Industries, Ltd.	293,852		1,560,850
	Osem Investments, Ltd.	124,960		1,887,046
	Partner Communications Co., Ltd.	191,918		1,104,521
	Paz Oil Co., Ltd.	18,628		2,454,728
*	Phoenix Holdings, Ltd. (The)	200,757		417,480
	Plasson Industries, Ltd.	8,863		239,974
	Rami Levi Chain Stores Hashikma Marketing 2006, Ltd.	27,880		831,132
*	Retalix, Ltd.	72,061		1,421,604
*	Scailex Corp, Ltd.	7,701		6,812
	Shikun & Binui, Ltd.	864,351		1,442,313
*	Space Communication, Ltd.	13,852		171,456
*	Strauss Group, Ltd.	145,239		1,641,730
*	Suny Electronic, Ltd.	21,817		18,531
	Super-Sol, Ltd. Series B	368,517		995,493
*	Tower Semiconductor, Ltd.	88,339		734,952
*	Union Bank of Israel, Ltd.	130,630		428,598
TOTAL ISRAEL				64,711,886
ITALY — (7.5%)
#*	A2A SpA	3,304,676		1,628,388
	ACEA SpA	280,731		1,544,854
	Acegas-APS SpA	110,973		799,678
#*	Acotel Group SpA	3,478		112,032
*	Aedes SpA	1,494,875		123,770
	Aeroporto de Firenze SpA	17,390		231,595
*	Aion Renewables SpA	12,160		13,028
	Alerion Cleanpower SpA	74,701		364,790
	Amplifon SpA	320,929		1,488,505
	Ansaldo STS SpA	352,492		2,868,571
*	Arnoldo Mondadori Editore SpA	419,339		566,981
*	Ascopiave SpA	164,564		283,499
	Astaldi SpA	228,281		1,469,688
	Autogrill SpA	437,299		4,476,307
	Azimut Holding SpA	454,770		5,777,415
#*	Banca Carige SpA	2,142,365		1,983,355
#	Banca Finnat Euramerica SpA	685,945		230,995
	Banca Generali SpA	156,535		2,298,834
	Banca IFIS SpA	102,347		702,891
#*	Banca Monte Dei Paschi di Siena SpA	8,733,630		2,414,241
	Banca Piccolo Credito Valtellinese Scarl	1,015,903		1,617,665
	Banca Popolare dell’Emilia Romagna Scarl	1,085,022		6,465,667
*	Banca Popolare dell’Etruria e del Lazio Scarl	297,428		328,070
*	Banca Popolare di Milano Scarl	12,870,403		7,092,416

14

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
ITALY — (Continued)
	Banca Popolare di Sondrio Scarl	1,122,536	$	6,429,349
	Banca Profilo SpA	732,338		228,810
	Banco di Desio e della Brianza SpA	232,296		617,228
*	Banco Popolare Scarl	6,311,267		10,071,344
	BasicNet SpA	105,627		242,331
	Beghelli SpA	427,981		227,677
*	Biesse SpA	54,004		184,259
	Bonifica Terreni Ferraresi e Imprese Agricole SpA	10,867		579,309
	Brembo SpA	162,145		1,655,495
*	Brioschi Sviluppo Immobiliare SpA	174,780		19,855
#	Buzzi Unicem SpA	291,869		3,473,124
	C.I.R. SpA - Compagnie Industriali Riunite	1,627,217		1,863,260
	Cairo Communication SpA	86,858		272,676
	Caltagirone Editore SpA	6,277		7,415
	Caltagirone SpA	242,875		356,171
#*	Carraro SpA	113,633		295,666
	Cembre SpA	40,330		321,467
	Cementir Holding SpA	336,239		709,476
	Credito Bergamasco SpA	129,374		2,358,318
	Credito Emiliano SpA	376,390		1,817,892
	CSP International Fashion Group SpA	8,113		9,839
*	d’Amico International Shipping S.A.	98,072		42,124
#	Danieli & Co. SpA	58,099		1,664,239
	Datalogic SpA	65,558		562,622
	Davide Campari - Milano SpA	523,862		4,251,455
*	DeA Capital SpA	241,155		400,395
*	Delclima SpA	238,104		204,309
	De’Longhi SpA	305,654		4,075,104
	DiaSorin SpA	77,818		2,613,254
*	EEMS Italia SpA	33,167		15,487
*	EI Towers SpA	39,294		1,037,160
*	Engineering Ingegneria Informatica SpA	15,735		556,723
	ERG SpA	242,145		1,757,947
	Esprinet SpA	104,855		429,122
#*	Eurotech SpA	103,698		152,113
#	Falck Renewables SpA	452,790		553,218
	Fiera Milano SpA	37,863		192,101
#*	Finmeccanica SpA	1,593,106		7,900,845
*	Fondiaria-Sai SpA	943,740		1,227,456
*	Gas Plus SpA	14,596		92,429
	Gefran SpA	31,923		116,905
*	Gemina SpA	2,562,430		2,446,794
#	Geox SpA	343,770		982,933
*	Gruppo Ceramiche Ricchetti SpA	19,666		4,544
	Gruppo Editoriale L’Espresso SpA	670,242		665,521
	Gruppo MutuiOnline SpA	51,809		236,505
#	Hera SpA	1,822,830		3,073,159
*	I Grandi Viaggi SpA	96,916		54,218
	Immsi SpA	743,533		370,239
	Impregilo SpA	1,252,064		5,056,053
	Indesit Co. SpA	185,473		1,150,533
	Industria Macchine Automatiche SpA	58,626		1,026,810
	Industria Romagnola Conduttori Elettrici SpA	43,300		81,326
*	Intek SpA	267,440		149,110
#	Interpump Group SpA	275,866		2,099,673
	Iren SpA	1,758,434		991,205
#	Italcementi SpA	279,135		1,412,708
*	Italmobiliare SpA	46,873		722,681
*	Juventus Football Club SpA	1,255,083		349,345
*	KME Group SpA	1,654,192		749,153
*	Landi Renzo SpA	203,171		369,887

15

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
ITALY — (Continued)
	Lottomatica Group SpA	185,318	$	3,988,670
*	Maire Tecnimont SpA	541,573		432,404
	Marcolin SpA	60,205		327,506
#*	Mariella Burani SpA	32,721		—
	Marr SpA	131,906		1,245,928
#	Mediaset SpA	2,909,042		5,110,042
	Mediobanca SpA	8,209		46,936
#	Mediolanum SpA	758,652		3,724,227
#*	Milano Assicurazioni SpA	2,324,306		989,441
*	Molecular Medicine SpA	300,810		165,738
*	Monrif SpA	290,064		115,169
	Nice SpA	40,195		133,537
*	Pagnossin SpA	9,000		—
#	Piaggio & C. SpA	682,441		1,683,000
*	Pininfarina SpA	73,457		294,940
	Pirelli & C. SpA	11,737		136,344
*	Poltrona Frau SpA	152,285		192,413
#*	Prelios SpA	2,389,900		256,951
#*	Premafin Finanziaria SpA	961,257		194,153
*	Prima Industrie SpA	88		1,066
	Prysmian SpA	494,781		9,539,788
#*	RCS MediaGroup SpA	450,383		821,214
	Recordati SpA	408,182		3,270,424
	Reply SpA	12,998		338,186
*	Retelit SpA	177,195		124,082
*	Richard-Ginori 1735 SpA	8,489		768
	Sabaf SpA	24,109		272,933
	SAES Getters SpA	30,068		277,481
*	Safilo Group SpA	140,163		1,184,826
*	Saras SpA	1,351,714		1,808,842
	SAVE SpA	11,877		110,293
*	Screen Service Broadcasting Technologies SpA	5,366		1,448
*	Seat Pagine Gialle SpA	2,034,205		20,545
*	Snai SpA	95,483		88,034
*	Societa Cattolica di Assicurazioni Scrl	189,771		2,957,185
	Societa Iniziative Autostradali e Servizi SpA	220,635		1,837,294
	Sogefi SpA	186,290		447,459
	Sol SpA	166,511		1,008,630
*	Sorin SpA	1,151,064		2,700,166
	Tamburi Investment Partners SpA	37,478		71,668
#*	Telecom Italia Media SpA	1,649,819		351,255
#*	Tiscali SpA	3,467,783		202,360
	Tod’s SpA	47,508		5,568,387
#	Trevi Finanziaria SpA	154,707		1,045,470
*	Uni Land SpA	51,835		—
	Unione di Banche Italiane ScpA	1,040,716		4,099,577
#*	Unipol Gruppo Finanziario SpA	970,174		2,124,082
	Vianini Industria SpA	57,659		80,331
	Vianini Lavori SpA	175,180		707,247
	Vittoria Assicurazioni SpA	121,346		737,335
*	Yoox SpA	157,902		2,392,856
	Zignago Vetro SpA	83,038		481,303
TOTAL ITALY				190,171,535
NETHERLANDS — (5.2%)
	Aalberts Industries NV	469,415		8,532,614
#	Accell Group NV	93,631		1,544,281
*	AFC Ajax NV	18,134		160,779
#*	AMG Advanced Metallurgical Group NV	137,180		1,075,328
#*	Amsterdam Commodities NV	73,969		1,333,484
	APERAM NV	247,006		3,582,067

16

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
NETHERLANDS — (Continued)
#	Arcadis NV	270,260	$	5,773,645
#	ASM International NV	215,172		6,812,916
*	Atag Group NV	4,630		1,740
	Ballast Nedam NV	702		9,103
	Batenburg Techniek NV	7,085		125,070
#	BE Semiconductor Industries NV	154,577		1,042,807
	Beter Bed Holding NV	83,095		1,535,546
	BinckBank NV	251,217		2,013,859
	Brunel International NV	51,660		2,490,908
*	Crown Van Gelder NV	9,818		62,910
	CSM NV	363,574		7,426,298
	Delta Lloyd NV	472,377		7,855,836
	DOCdata NV	22,463		375,731
#	Exact Holding NV	64,260		1,442,007
#*	Grontmij NV	244,473		920,620
	Heijmans NV	79,498		674,391
	Hunter Douglas NV	8,764		324,577
*	Kardan NV	75,774		78,542
#	KAS Bank NV	54,562		547,437
	Kendrion NV	41,207		832,161
#	Koninklijke Bam Groep NV	1,185,068		4,411,164
	Koninklijke Ten Cate NV	140,083		3,105,364
#	Koninklijke Wessanen NV	380,493		1,075,578
#*	LBi International NV	515,485		1,908,630
	Macintosh Retail Group NV	52,801		596,006
	Mediq NV	274,364		4,453,143
	Nederlandsche Apparatenfabriek NV	28,810		1,066,383
	Nutreco NV	173,920		13,027,581
*	Ordina NV	330,458		437,187
*	PostNL NV	1,920,653		7,579,442
*	Roto Smeets Group NV	10,393		100,272
	Royal Imtech NV	349,305		8,780,615
	Royal Reesink NV	1,239		118,309
*	SBM Offshore NV	804,422		10,530,512
	Sligro Food Group NV	104,081		2,833,129
#*	SNS Reaal Groep NV	705,718		1,039,112
#	Stern Groep NV	1,100		21,042
#	Telegraaf Media Groep NV	163,812		1,520,951
	TKH Group NV	177,347		4,057,380
#*	TomTom NV	547,355		2,733,313
	Unit4 NV	129,411		3,554,210
	USG People NV	330,320		2,320,126
	Van Lanschot NV	54		1,036
*	Xeikon NV	58,445		227,447
TOTAL NETHERLANDS				132,072,589
NORWAY — (3.3%)
#	ABG Sundal Collier Holding ASA	1,097,526		783,144
	AF Gruppen ASA	2,718		27,361
#*	Agasti Holding ASA	227,087		59,348
*	Algeta ASA	145,487		3,913,014
*	Archer, Ltd.	492,707		651,228
	Arendals Fosse Kompani ASA	90		26,039
	Atea ASA	296,910		3,145,321
	Austevoll Seafood ASA	347,903		1,646,707
*	Bakkafrost	4,578		38,948
*	Bionor Pharma ASA	67,738		40,678
	Bonheur ASA	68,100		1,459,131
	BW Offshore, Ltd.	1,221,619		718,664
*	BWG Homes ASA	346,255		708,105
	Cermaq ASA	285,677		3,909,381

17

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
NORWAY — (Continued)
*	Clavis Pharma ASA	139,784	$	1,659,620
	Copeinca ASA	98,638		764,893
*	Deep Sea Supply P.L.C.	371,781		566,969
#*	Det Norske Oljeselskap ASA	173,708		2,676,083
#*	DNO International ASA	3,907,920		6,831,052
*	Dockwise, Ltd.	70,575		1,129,092
#*	DOF ASA	186,228		768,484
	Ekornes ASA	112,551		1,721,217
*	Electromagnetic GeoServices ASA	566,149		1,233,199
*	Eltek ASA	1,292,456		861,849
	EVRY ASA	267,383		393,073
	Farstad Shipping ASA	63,540		1,359,896
#*	Frontline, Ltd.	214,780		673,433
	Ganger Rolf ASA	54,510		1,145,190
	Golar LNG, Ltd.	8,434		334,753
*	Golden Ocean Group, Ltd.	1,019,402		771,211
*	Grieg Seafood ASA	144,008		254,291
*	Havila Shipping ASA	22,400		121,249
*	Hoegh LNG Holdings, Ltd.	8,442		62,118
*	Hurtigruten ASA	759,030		402,290
*	Intex Resources ASA	45,445		29,336
*	Jason Shipping ASA	5,518		1,921
*	Kongsberg Automotive Holding ASA	1,784,754		538,087
	Kongsberg Gruppen ASA	10,370		200,316
	Kvaerner ASA	807,447		2,049,368
	Leroey Seafood Group ASA	81,749		1,684,741
*	Morpol ASA	12,028		19,093
*	Natural ASA	476,317		107,956
#*	Nordic Semiconductor ASA	580,280		1,673,509
#*	Norske Skogindustrier ASA Series A	660,997		554,004
	Northern Offshore, Ltd.	348,830		635,010
#*	Norwegian Air Shuttle ASA	130,053		2,811,075
#*	Norwegian Energy Co. ASA	809,521		516,720
	Odfjell ASA Series A	138,810		442,184
	Olav Thon Eiendomsselskap ASA	12,852		1,980,573
#	Opera Software ASA	349,386		1,922,983
#*	Panoro Energy ASA	520,180		359,009
*	PCI Biotech Holding ASA	3,157		18,135
*	Petrolia E & P Holdings	43,748		49,877
#*	Photocure ASA	34,222		220,969
*	Pronova BioPharma ASA	717,584		1,419,744
	Prosafe ASA	781,319		6,497,719
*	Q-Free ASA	139,029		390,388
#*	Renewable Energy Corp. ASA	3,941,817		690,679
*	Salmar ASA	27,303		170,495
*	Scana Industrier ASA	548,479		120,207
#*	Sevan Drilling AS	330,159		255,684
*	Sevan Marine ASA	122,199		322,545
*	Siem Offshore, Inc. ASA	567,901		768,266
	Solstad Offshore ASA	58,705		870,505
#*	Songa Offshore SE	845,806		1,037,683
	SpareBank 1 SMN	394,981		2,559,213
*	SpareBank 1 SR Bank ASA	67,432		435,257
	Stolt-Nielsen, Ltd.	46,134		845,808
*	Storebrand ASA	132,651		667,548
	Tomra Systems ASA	669,803		5,502,605
	TTS Marine ASA	180,762		299,113
	Veidekke ASA	333,849		2,779,882
#*	Wilh Wilhelmsen ASA	56,941		406,228
	Wilh Wilhelmsen Holding ASA	64,934		1,460,135
TOTAL NORWAY				84,171,601

18

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
PORTUGAL — (1.2%)
	Altri SGPS SA	594,472	$	1,048,161
#*	Banco BPI SA	2,123,556		2,368,448
#*	Banco Comercial Portugues SA	38,839,916		3,531,849
*	Banco Espirito Santo SA	7,130,880		6,940,071
#*	Banif SGPS SA	686,791		128,175
	Corticeira Amorim SGPS SA	208,154		380,160
	Ibersol SGPS SA	20,401		89,782
*	Impresa SGPS SA	319,594		132,306
*	INAPA - Investimentos Participacoes e Gestao SA	232,518		39,275
	Mota-Engil SGPS SA	359,581		608,859
	Novabase SGPS SA	65,729		176,222
*	ParaRede SGPS SA	65,791		10,241
	Portucel-Empresa Produtora de Pasta de Papel SA	881,646		2,458,623
	REN - Redes Energeticas Nacionais SGPS SA	832,962		2,148,971
*	SAG GEST - Solucoes Automovel Globais SGPS SA	241,182		122,058
#	Sociedade de Investimento e Gestao SGPS SA	315,078		2,229,855
*	Sonae Capital SGPS SA	37,542		7,260
#*	Sonae Industria SGPS SA	443,755		301,417
#	Sonae SGPS SA	3,774,580		2,802,019
	Sonaecom SGPS SA	565,634		1,027,771
	Sumol & Compal SA	67,967		98,591
*	Teixeira Duarte SA	734,737		247,571
*	Toyota Caetano Portugal SA	53,308		109,170
	Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA	746,473		2,368,276
TOTAL PORTUGAL				29,375,131
SPAIN — (4.5%)
#	Abengoa SA	199,714		698,999
#*	Abengoa SA Series B	798,856		2,767,708
	Acciona SA	19,537		1,200,859
#*	Acerinox SA	236,733		2,471,061
*	Adolfo Dominguez SA	19,487		100,148
	Adveo Group International SA	47,385		697,500
#*	Almirall SA	221,459		1,983,102
*	Amper SA	96,925		237,678
	Antena 3 de Television SA	307,606		1,234,548
*	Azkoyen SA	62,948		135,940
	Banco de Sabadell SA Convertible Shares	212,446		662,242
#	Banco Espanol de Credito SA	30,648		112,191
	Banco Popular Espanol SA	86,168		134,747
#	Bankinter SA	1,126,294		4,473,496
#*	Baron de Ley SA	13,910		785,893
#	Bolsas y Mercados Espanoles SA	304,982		6,589,836
#*	Caja de Ahorros del Mediterraneo SA	116,412		—
*	Campofrio Food Group SA	95,179		697,514
#*	Cementos Portland Valderrivas SA	45,565		218,723
#	Cie Automotive SA	131,131		909,413
*	Codere SA	73,816		309,663
	Compania Vinicola del Norte de Espana SA	16,119		305,064
	Construcciones y Auxiliar de Ferrocarriles SA	7,740		3,685,075
*	Deoleo SA	1,893,651		810,600
	Dinamia Capital Privado Sociedad de Capital Riesgo SA	20,438		138,305
	Distribuidora Internacional de Alimentacion SA	96,278		583,264
	Duro Felguera SA	276,209		1,672,053
	Ebro Foods SA	368,664		6,771,446
#	Elecnor SA	198,254		2,356,622
	Ence Energia y Celulosa SA	925,182		2,258,852
*	Ercros SA	347,602		240,582
#	Faes Farma SA	867,236		1,502,728
*	Fersa Energias Renovables SA	93,691		44,979
	Fluidra SA	51,811		132,806

19

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
SPAIN — (Continued)
#	Fomento de Construcciones y Contratas SA	196,344	$	2,572,335
#	Gamesa Corp Tecnologica SA	1,113,758		2,275,406
*	Grifols SA	1,193		41,434
#	Grupo Catalana Occidente SA	191,220		3,122,654
*	Grupo Ezentis SA	1,019,505		235,430
*	Grupo Tavex SA	244,131		79,740
	Iberpapel Gestion SA	25,850		442,125
#	Indra Sistemas SA	462,730		5,294,527
#*	Inmobiliaria Colonial SA	108,920		212,739
	Inmobiliaria del Sur SA	2,902		15,666
*	Jazztel P.L.C.	957,794		6,349,140
*	La Seda de Barcelona SA	80,921		112,133
	Laboratorios Farmaceuticos Rovi SA	58,812		395,611
#	Mediaset Espana Comunicacion SA	772,677		4,158,770
#	Melia Hotels International SA	232,123		1,727,324
	Miquel y Costas & Miquel SA	35,995		980,490
*	Natra SA	86,085		117,715
*	Natraceutical SA	270,920		50,228
#*	NH Hoteles SA	521,131		1,891,975
*	Nicolas Correa SA	14,074		14,212
	Obrascon Huarte Lain SA	180,950		4,743,459
	Papeles y Cartones de Europa SA	226,938		545,555
#	Pescanova SA	65,593		1,217,611
	Prim SA	39,424		243,267
#*	Promotora de Informaciones SA Series A	1,297,266		565,565
#	Prosegur Cia de Seguridad SA	875,740		4,777,912
*	Realia Business SA	297,777		227,773
#*	Sacyr Vallehermoso SA	645,056		1,285,221
*	Service Point Solutions SA	351,017		63,940
*	Sociedad Nacional Industrias Aplicaciones Celulosa Espanola SA	227,522		238,775
	Solaria Energia y Medio Ambiente SA	98,171		111,099
	Tecnicas Reunidas SA	128,763		6,342,583
	Telecomunicaciones y Energia SA	146,125		222,507
#*	Tubacex SA	455,998		1,176,991
	Tubos Reunidos SA	468,386		1,168,348
	Vidrala SA	73,575		1,902,671
	Viscofan SA	202,123		9,793,173
*	Vocento SA	196,990		249,996
#*	Vueling Airlines SA	72,219		482,953
#*	Zeltia SA	820,890		1,407,410
TOTAL SPAIN				113,780,100
SWEDEN — (9.4%)
	Aarhuskarlshamn AB	111,342		4,385,979
	Acando AB	282,290		667,301
*	Active Biotech AB	179,412		1,650,436
#	AddNode Group AB	22,291		110,828
#	AddTech AB Series B	76,643		1,910,822
*	Aerocrine AB Series B	11,711		25,205
	AF AB Series B	129,635		2,879,523
#*	Alliance Oil Co., Ltd. SDR	350,897		2,700,089
*	Anoto Group AB	80,683		29,108
	AQ Group AB	26,029		174,389
*	Arise Windpower AB	16,677		58,896
*	Atrium Ljungberg AB Series B	31,048		408,271
	Avanza Bank Holding AB	77,172		1,516,889
	Axfood AB	94,702		3,505,672
#	Axis Communications AB	183,851		4,297,359
	B&B Tools AB Series B	97,424		668,902
	BE Group AB	215,340		525,772
	Beiger Electronics AB	53,856		409,622

20

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
SWEDEN — (Continued)
	Beijer Alma AB	79,816	$	1,344,257
*	Betsson AB	136,308		3,724,452
	Bilia AB Series A	113,425		1,456,065
#	Billerud AB	427,537		4,078,275
	BioGaia AB Series B	59,469		1,537,418
	Biotage AB	143,915		173,995
*	Bjorn Borg AB	81,716		430,987
#*	Black Earth Farming, Ltd. SDR	82,755		152,122
*	Bong Ljungdahl AB	24,800		34,962
*	Boras Waefveri AB Series B	6,564		1,306
	Bure Equity AB	326,825		1,133,421
	Byggmax Group AB	150,938		695,078
	Cantena AB	56,202		493,589
	Castellum AB	726,291		9,735,330
*	Catella AB	215,308		181,313
*	CDON Group AB	207,523		1,166,308
*	Cision AB	11,445		89,739
	Clas Ohlson AB Series B	152,790		1,952,892
*	Cloetta AB	59,529		125,199
#	Concentric AB	202,603		1,527,236
	Concordia Maritime AB Series B	78,854		119,239
#	Connecta AB	37,403		277,031
*	Corem Property Group AB Class B	120		341
*	CyberCom Group AB	191,193		35,480
#	DORO AB	94,731		303,044
	Duni AB	140,875		1,276,695
	East Capital Explorer AB	47,726		352,620
	Elekta AB Series B	502,184		7,148,728
#*	Enea AB	63,008		402,041
#*	Eniro AB	420,612		592,855
	Fabege AB	577,549		5,735,995
	Fagerhult AB	18,323		453,043
*	Fastighets AB Balder Series B	279,717		1,533,969
	Fenix Outdoor AB	6,455		150,971
	G & L Beijer AB Series B	59,356		923,074
	Gunnebo AB	190,542		738,219
	Hakon Invest AB	223,343		3,838,082
#	Haldex AB	218,520		954,840
	Heba Fastighets AB Series B	43,722		421,735
	Hexpol AB	115,947		5,184,598
*	HIQ International AB	246,152		1,123,591
	HMS Networks AB	7,040		112,442
	Hoganas AB Series B	115,764		3,860,644
	Holmen AB Series B	273,916		8,072,161
	Hufvudstaden AB Series A	189,483		2,406,675
	Husqvarna AB Series A	37,223		215,854
#	Husqvarna AB Series B	1,434,072		8,330,008
	Industrial & Financial Systems AB Series B	89,522		1,379,156
	Indutrade AB	54,779		1,536,670
	Intrum Justitia AB	288,215		4,170,251
#	JM AB	372,482		6,709,537
#*	KappAhl AB	730,234		527,038
#*	Karo Bio AB	1,017,632		52,099
	Klovern AB	387,861		1,502,265
	KNOW IT AB	75,523		546,956
	Kungsleden AB	621,807		3,041,476
	Lagercrantz Group AB Series B	76,298		683,087
	Lindab International AB	330,563		2,481,080
	Loomis AB Series B	318,925		4,382,666
	Meda AB Series A	857,997		8,790,208
#*	Medivir AB Series B	125,346		1,143,993

21

THE CONTINENTAL SMALL COMPANY SERIES
CONTINUED

		Shares	Value††
SWEDEN — (Continued)
	Mekonomen AB	93,177	$	2,612,735
*	Micronic Mydata AB	390,070		605,557
	Modern Times Group AB Series B	14,189		432,115
	MQ Holding AB	37,437		106,193
	NCC AB Series A	22,771		421,345
	NCC AB Series B	364,909		6,837,356
	Nederman Holding AB	3,537		69,232
*	Net Entertainment NE AB	132,617		1,463,354
#*	Net Insight AB Series B	1,189,130		283,415
#	New Wave Group AB Series B	197,176		597,310
#	NIBE Industrier AB Series B	344,688		5,219,502
#*	Nobia AB	666,139		2,684,066
	Nolato AB Series B	88,207		1,023,141
#*	Nordic Mines AB	177,844		131,670
	Nordnet AB Series B	385,945		956,037
	OEM International AB Series B	45,688		443,327
#*	Orexo AB	76,505		554,507
	Oriflame Cosmetics SA SDR	152,281		4,208,214
*	PA Resources AB	2,515,097		171,273
*	Partnertech AB	26,634		89,945
#	Peab AB Series B	714,633		3,374,657
	Poolia AB Series B	26,319		47,307
#	Pricer AB Series B	452,718		600,822
	ProAct IT Group AB	31,571		452,242
	Probi AB	28,553		211,970
	Proffice AB Series B	261,425		756,825
*	RaySearch Laboratories AB	73,879		198,455
	Readsoft AB Series B	87,941		259,881
*	Rederi AB Transatlantic	112,133		98,534
*	Rezidor Hotel Group AB	347,496		1,237,087
*	RNB Retail & Brands AB	411,548		120,819
	Rottneros AB	207,512		57,856
	Saab AB Series B	253,292		4,818,837
	Sagax AB	3,119		82,430
#*	SAS AB	581,421		566,117
*	Sectra AB	22,873		141,617
*	Securitas AB Series B	1,133,353		8,253,893
*	Semcon AB	63,596		423,744
	Sigma AB Series B	20,898		16,772
	Sintercast AB	13,048		88,841
	Skistar AB	97,008		1,165,722
#	SSAB AB Series A	824,806		5,908,719
	SSAB AB Series B	304,782		1,884,924
	Studsvik AB	18,826		72,542
	Sweco AB Series B	187,009		1,969,767
*	Swedish Orphan Biovitrum AB	596,468		3,367,947
	Swedol AB Class B	29,796		101,096
	Systemair AB	18,266		211,204
*	TradeDoubler AB	181,607		319,354
*	Transmode Holding AB	11,431		118,698
	Trelleborg AB Series B	999,202		10,888,078
#	Unibet Group P.L.C. SDR	134,781		3,801,141
	Uniflex AB Series B	17,950		77,003
	VBG AB Series B	137		1,666
	Vitrolife AB	60,303		395,952
	Wallenstam AB Series B	398,541		4,380,964
	Wihlborgs Fastigheter AB	288,130		4,398,197
#*	Xvivo Perfusion AB	60,303		245,470
TOTAL SWEDEN				237,496,908

22

The Continental Small Company Series
continued

		Shares	Value††
SWITZERLAND — (12.3%)
	Acino Holding AG	15,421	$	1,890,822
*	Addex Pharmaceuticals, Ltd.	1,491		16,972
*	Advanced Digital Broadcast Holdings SA	2,024		28,264
*	AFG Arbonia-Forster Holding AG	48,048		1,089,029
	Allreal Holding AG	42,229		6,384,386
	ALSO-Actebis Holding AG	16,195		789,410
	AMS AG	35,754		3,808,754
	APG SGA SA	5,937		1,131,059
	Aryzta AG	130,432		6,516,059
	Ascom Holding AG	160,822		1,375,641
*	Autoneum Holding AG	15,956		816,084
#	Bachem Holdings AG	24,136		967,880
	Baloise Holding AG	13,573		1,132,884
	Bank Coop AG	31,671		1,877,126
	Banque Cantonale de Geneve SA	4,021		889,682
	Banque Cantonale du Jura SA	4,442		310,906
	Banque Cantonale Vaudoise AG	5,168		2,740,561
	Banque Privee Edmond de Rothschild SA	157		3,200,291
	Barry Callebaut AG	2,352		2,246,322
*	Basilea Pharmaceutica AG	21,943		1,079,073
#	Basler Kantonalbank AG	192		20,892
	Belimo Holdings AG	1,851		3,262,423
	Bell AG	177		376,291
	Bellevue Group AG	27,519		274,508
#	Berner Kantonalbank AG	23,232		6,326,813
	BKW AG	27,437		1,061,431
*	Bobst Group AG	39,735		1,213,284
	Bossard Holding AG	9,822		1,317,189
	Bucher Industries AG	33,342		6,256,438
	Burckhardt Compression Holding AG	9,355		2,681,322
	Burkhalter Holding AG	1,159		379,550
	Calida Holding AG	5,995		164,340
	Carlo Gavazzi Holding AG	1,069		223,647
	Centralschweizerische Kraftwerke AG	122		43,345
*	Cham Paper Holding AG	791		134,471
*	Charles Voegele Holding AG	32,044		568,815
*	Cicor Technologies	4,889		167,219
	Cie Financiere Tradition SA	8,027		486,941
#	Clariant AG	903,053		9,677,105
	Coltene Holding AG	16,008		465,625
	Conzzeta AG	1,345		2,472,203
*	Cosmo Pharmaceuticals SpA	665		20,217
	Daetwyler Holding AG	29,754		2,588,567
#*	Dufry AG	77,241		9,824,040
#	EFG International AG	205,905		1,883,077
*	ELMA Electronic AG	472		207,078
	Emmi AG	13,244		3,289,846
	EMS-Chemie Holding AG	21,344		5,149,691
	Energiedienst Holding AG	71,249		3,233,684
	Flughafen Zuerich AG	15,028		6,431,100
	Forbo Holding AG	6,494		4,104,208
	Galenica Holding AG	18,828		11,057,552
*	GAM Holding AG	780,910		10,921,334
	Gategroup Holding AG	88,404		2,342,953
	George Fisher AG	15,889		5,582,685
*	Gottex Fund Management Holdings, Ltd.	824		2,393
	Gurit Holding AG	1,799		733,361
	Helvetia Holding AG	22,754		7,989,963
	Huber & Suhner AG	36,607		1,627,790
	Implenia AG	65,242		2,770,127
	Inficon Holding AG	6,097		1,304,260

23

The Continental Small Company Series
continued

		Shares	Value††
SWITZERLAND — (Continued)
	Interroll Holding AG	2,404	$	907,578
	Intershop Holding AG	3,991		1,388,540
	Jungfraubahn Holding AG	1,336		90,087
#	Kaba Holding AG	11,858		4,483,878
*	Kardex AG	21,055		555,718
	Komax Holding AG	11,434		831,589
	Kudelski SA	173,269		1,894,556
*	Kuoni Reisen Holding AG Series B	14,420		3,856,152
#	LEM Holding SA	3,667		1,843,433
*	Liechtensteinische Landesbank AG	11,378		371,085
*	LifeWatch AG	53,006		423,311
#	Logitech International SA	676,961		4,902,474
	Lonza Group AG	206,376		10,467,022
	Luzerner Kantonalbank AG	17,399		6,296,506
*	MCH Group AG	116		6,000
#	Metall Zug AG	391		822,083
#*	Meyer Burger Technology AG	222,481		2,161,994
	Micronas Semiconductor Holding AG	155,041		1,333,145
	Mikron Holding AG	585		3,380
	Mobilezone Holding AG	138,514		1,450,683
	Mobimo Holding AG	25,751		5,971,639
*	Myriad Group AG	75,277		202,109
	Nobel Biocare Holding AG	478,680		4,288,009
*	OC Oerlikon Corp. AG	637,624		6,421,927
*	Orascom Development Holding AG	12,879		220,309
	Orell Fuessli Holding AG	4,930		513,417
	Orior AG	14,800		773,482
	Panalpina Welttransport Holding AG	45,690		4,321,551
*	Parco Industriale e Immobiliare SA	600		2,255
	Phoenix Mecano AG	3,100		1,529,519
	PSP Swiss Property AG	148,327		13,621,861
	PubliGroupe SA	2,764		376,428
	Rieters Holdings AG	15,956		2,551,478
	Romande Energie Holding SA	2,714		3,491,767
	Schaffner Holding AG	2,066		511,926
#	Schmolz & Bickenbach AG	139,656		528,150
	Schweiter Technologies AG	4,424		2,166,411
	Schweizerische National-Versicherungs-Gesellschaft AG	54,960		2,223,247
*	Siegfried Holding AG	13,144		1,638,472
	Societa Elettrica Sopracenerina SA	2,340		458,579
	St. Galler Kantonalbank AG	10,021		4,108,852
#	Straumann Holding AG	24,168		2,978,065
	Sulzer AG	30,255		4,387,187
	Swiss Life Holding AG	102,976		13,004,543
	Swisslog Holding AG	914,407		982,296
	Swissquote Group Holding SA	47,450		1,465,017
	Tamedia AG	14,891		1,664,227
	Tecan Group AG	39,704		2,962,819
*	Temenos Group AG	207,131		3,412,156
*	Tornos Holding AG	38,028		263,372
	U-Blox AG	19,001		841,719
*	Valartis Group AG	936		18,620
	Valiant Holding AG	47,292		4,658,021
	Valora Holding AG	12,202		2,319,287
*	Vaudoise Assurances Holding SA	3,614		1,118,705
	Verwaltungs und Privat-Bank AG	8,823		658,230
	Vetropack Holding AG	488		832,070
	Villars Holding SA	150		78,607
#*	Von Roll Holding AG	187,632		424,720
	Vontobel Holdings AG	121,104		3,377,433
	VZ Holding AG	801		95,517

24

The Continental Small Company Series
continued

		Shares		Value††
SWITZERLAND — (Continued)
	Walliser Kantonalbank AG		1,416	$	1,334,092
	WMH Walter Meier Holding AG		4,738		1,063,028
	Ypsomed Holdings AG		8,003		476,006
	Zehnder Group AG		39,704		2,338,328
*	Zueblin Immobilien Holding AG		261,040		781,644
*	Zug Estates Holding AG Class B		258		339,820
	Zuger Kantonalbank AG		623		3,271,664
TOTAL SWITZERLAND					312,086,778
UNITED KINGDOM — (0.1%)
	United Drug P.L.C.		888,565		3,239,110
TOTAL COMMON STOCKS					2,237,475,092
RIGHTS/WARRANTS — (0.0%)
BELGIUM — (0.0%)
*	Agfa-Gevaert NV STRIP VVPR		122,950		159
*	Deceuninck NV STRIP VVPR		247,412		321
*	Nyrstar NV STRIP VVPR		178,031		231
*	RealDolmen NV STRIP VVPR (5640683)		20		—
*	RealDolmen NV STRIP VVPR (B3B08L5)		6,067		8
*	SAPEC SA STRIP VVPR		75		68
*	Tessenderlo Chemie NV STRIP VVPR		9,955		452
*	Zenitel NV STRIP VVPR		8,654		11
TOTAL BELGIUM					1,250
ITALY — (0.0%)
*	Seat Pagine Gialle SpA Warrants 08/31/14		2,988,837		8,763
TOTAL RIGHTS/WARRANTS					10,013
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (11.6%)
§@	DFA Short Term Investment Fund		25,324,114		293,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%,           11/01/12 (Collateralized by FNMA 4.000%, 05/01/42 & 5.000%,           01/01/39, valued at $1,011,182) to be repurchased at $991,365	$	991		991,355
TOTAL SECURITIES LENDING COLLATERAL					293,991,355
TOTAL INVESTMENTS — (100.0%)
(Cost $2,583,421,711)				$	2,531,476,460

25

THE CANADIAN SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

October 31, 2012

		Shares	Value††
COMMON STOCKS — (75.6%)
Consumer Discretionary — (8.5%)
	Aimia, Inc.	310,251	$	4,647,164
	AlarmForce Industries, Inc.	4,310		49,584
	Astral Media, Inc. Class A	197,447		8,081,736
	AutoCanada, Inc.	30,477		424,160
#*	Ballard Power Systems, Inc.	559,352		403,237
	BMTC Group, Inc. Class A	16,581		235,579
	Brick, Ltd. (The)	203,090		671,036
*	Brookfield Residential Properties, Inc.	13,737		237,535
#	Cineplex, Inc.	241,959		7,510,117
#*	Coastal Contacts, Inc.	117,872		826,140
	Cogeco Cable, Inc.	61,264		2,340,760
	Cogeco, Inc.	8,522		285,759
#	Corus Entertainment, Inc. Class B	304,900		6,902,417
*	DHX Media, Ltd.	12,600		22,078
	Dollarama, Inc.	57,546		3,635,121
	Dorel Industries, Inc. Class B	111,100		3,972,346
	easyhome, Ltd.	3,600		22,889
	Gamehost, Inc.	10,774		136,462
	Glacier Media, Inc.	137,300		254,323
	Glentel, Inc.	65,122		1,075,206
*	Great Canadian Gaming Corp.	293,000		2,816,320
#*	Imax Corp.	260,537		5,874,637
	Indigo Books & Music, Inc.	746		7,462
	Le Chateau, Inc. Class A	59,800		233,512
	Leon’s Furniture, Ltd.	143,275		1,661,201
	Linamar Corp.	200,980		4,427,094
*	Martinrea International, Inc.	318,256		2,287,938
*	MEGA Brands, Inc.	41,106		400,462
#*	Mood Media Corp.	208,174		487,737
*	MTY Food Group, Inc.	1,500		29,437
	Quebecor, Inc. Class B	97,793		3,411,372
	Reitmans Canada, Ltd.	14,256		173,855
	Reitmans Canada, Ltd. Class A	204,000		2,536,851
#	RONA, Inc.	677,175		6,956,511
*	Sears Canada, Inc.	8,849		102,688
	Torstar Corp. Class B	236,877		1,909,246
*	TVA Group, Inc. Class B	7,000		49,412
#	Uni-Select, Inc.	63,381		1,455,145
#	Whistler Blackcomb Holdings, Inc.	23,437		279,249
Total Consumer Discretionary				76,833,778
Consumer Staples — (2.5%)
#	Alliance Grain Traders, Inc.	73,950		1,021,787
	Andrew Peller, Ltd. Class A	400		4,005
*	Atrium Innovations, Inc.	130,236		1,341,806
	Canada Bread Co., Ltd.	13,521		679,198
	Colabor Group, Inc.	72,724		609,462
	Corby Distilleries, Ltd. Class A	70,235		1,227,838
*	Cott Corp.	473,596		3,618,060
	High Liner Foods, Inc.	7,297		178,270
	Liquor Stores N.A., Ltd.	86,917		1,596,053
	Maple Leaf Foods, Inc.	387,979		4,311,957
#	North West Co., Inc. (The)	188,473		4,415,788
#	Premium Brands Holdings Corp.	86,016		1,565,728
	Rogers Sugar, Inc.	216,966		1,362,079
*	SunOpta, Inc.	205,185		1,230,596
*	Sun-Rype Products, Ltd.	100		606
Total Consumer Staples				23,163,233

1

The Canadian Small Company Series
continued

		Shares	Value††
Energy — (19.2%)
*	Advantage Oil & Gas, Ltd.	1,098,231	$	3,958,580
	Akita Drilling, Ltd. Class A	42,000		464,681
#*	Anderson Energy, Ltd.	722,895		235,235
*	Angle Energy, Inc.	310,632		1,166,328
#*	Antrim Energy, Inc.	680,756		565,735
*	Arsenal Energy, Inc.	533,150		325,629
#	AvenEx Energy Corp.	174,033		601,165
#*	Bankers Petroleum, Ltd.	942,620		2,680,391
*	Bellatrix Exploration, Ltd.	569,051		2,370,215
*	Bengal Energy, Ltd.	600		469
#*	Birchcliff Energy, Ltd.	359,000		2,943,890
#*	BlackPearl Resources, Inc.	1,165,485		3,979,278
#*	BNK Petroleum, Inc.	290,319		188,944
#	Bonterra Energy Corp.	61,962		2,779,372
*	C&C Energia, Ltd.	90,405		526,816
	Calfrac Well Services, Ltd.	138,582		3,178,887
#*	Calmena Energy Services, Inc.	119,771		24,584
*	Calvalley Petroleums, Inc. Class A	348,139		766,864
#*	Canacol Energy, Ltd.	1,262,416		448,719
#	Canadian Energy Services & Technology Corp.	179,083		1,836,105
*	CanElson Drilling, Inc.	8,100		38,523
#	Canyon Services Group, Inc.	190,870		2,041,043
#	Cathedral Energy Services, Ltd.	140,033		841,250
*	Celtic Exploration, Ltd.	323,700		8,452,662
*	Cequence Energy, Ltd.	524,063		970,730
*	Chinook Energy, Inc.	131,919		244,356
#*	Connacher Oil & Gas, Ltd.	2,187,935		985,803
#*	Corridor Resources, Inc.	367,780		272,498
#*	Crew Energy, Inc.	416,069		3,203,575
*	Crocotta Energy, Inc.	202,420		652,608
*	Crown Point Energy, Inc.	6,915		2,527
#*	DeeThree Exploration, Ltd.	314,494		2,179,022
#*	Delphi Energy Corp.	564,604		763,169
#*	Denison Mines Corp.	2,168,583		2,800,973
#	Enbridge Income Fund Holdings, Inc.	133,783		3,114,348
#	Enerflex, Ltd.	279,959		3,231,967
	Ensign Energy Services, Inc.	226,952		3,392,634
#*	Epsilon Energy, Ltd.	211,658		608,219
*	Equal Energy, Ltd.	121,446		375,738
*	Essential Energy Services, Ltd.	478,578		1,015,855
#*	Fairborne Energy, Ltd.	544,251		866,442
#*	Forsys Metals Corp.	109,974		79,280
*	Gran Tierra Energy, Inc.	1,065,607		5,366,712
#*	Ithaca Energy, Inc.	485,500		938,188
#*	Ivanhoe Energy, Inc.	988,849		613,854
*	Laramide Resources, Ltd.	20,368		18,558
*	Legacy Oil & Gas, Inc.	530,751		3,794,305
*	Long Run Exploration, Ltd.	439,756		1,805,256
*	Mega Uranium, Ltd.	796,410		119,611
*	MGM Energy Corp.	19,000		4,471
	Mullen Group, Ltd.	312,028		6,470,188
*	Niko Resources, Ltd.	137,364		1,749,457
#*	North American Energy Partners, Inc.	60,356		179,482
#*	Nuvista Energy, Ltd.	481,347		2,515,776
#*	Pace Oil & Gas, Ltd.	199,507		561,316
#*	Paramount Resources, Ltd. Class A	27,330		924,910
*	Parex Resources, Inc.	184,101		827,648
#	Parkland Fuel Corp.	265,671		4,532,700
	Pason Systems, Inc.	259,107		4,220,947
#	Pembina Pipeline Corp.	94,580		2,644,912
#	Pengrowth Energy Corp.	410,832		2,463,964

2

The Canadian Small Company Series
continued

		Shares	Value††
Energy — (Continued)
#*	Perpetual Energy, Inc.	395,093	$	577,558
#	PetroBakken Energy, Ltd. Class A	186,105		2,349,721
#*	Petrobank Energy & Resources, Ltd.	425,702		5,847,941
#	Petrominerales, Ltd.	366,131		2,936,380
#	Peyto Exploration & Development Corp.	80,520		1,967,156
#	PHX Energy Services Corp.	67,529		574,715
*	Pine Cliff Energy, Ltd.	63,810		41,528
#	Poseidon Concepts Corp.	165,977		2,454,548
	Progress Energy Resources Corp.	13,766		277,319
#	Pulse Seismic, Inc.	271,180		705,950
#*	Questerre Energy Corp. Class A	736,160		545,440
*	RMP Energy, Inc.	477,526		1,109,247
#*	Rock Energy, Inc.	114,652		132,015
#	Savanna Energy Services Corp.	355,777		2,475,745
*	Second Wave Petroleum, Inc.	12,200		9,650
#*	Secure Energy Services, Inc.	254,412		2,432,675
	ShawCor, Ltd. Class A	212,900		9,485,907
*	Sonde Resources Corp.	87,173		82,045
#*	Southern Pacific Resource Corp.	1,650,425		2,230,862
#*	SouthGobi Resources, Ltd.	455,682		926,192
#*	Sprott Resource Corp.	410,237		1,597,819
	Strad Energy Services, Ltd.	9,200		38,965
*	Surge Energy, Inc.	217,909		1,472,727
*	TAG Oil, Ltd.	43,300		303,479
#*	Tethys Petroleum, Ltd.	340,989		184,364
	Total Energy Services, Inc.	124,973		1,895,711
*	TransGlobe Energy Corp.	286,808		3,089,916
#	Trican Well Service, Ltd.	564,307		6,734,958
	Trinidad Drilling, Ltd.	506,051		3,354,250
#*	Tuscany International Drilling, Inc.	275,042		85,370
#	Twin Butte Energy, Ltd.	799,666		2,377,980
*	UEX Corp.	608,088		334,867
#*	Uranium One, Inc.	42,037		91,334
#*	Ur-Energy, Inc.	309,416		278,823
#	Veresen, Inc.	278,043		3,588,460
#	Vero Energy, Inc.	231,935		622,364
*	Western Energy Services Corp.	17,900		128,145
#*	Whitecap Resources, Inc.	490,635		3,905,430
#*	Winstar Resources, Ltd.	78,401		257,477
*	Xtreme Drilling & Coil Services Corp.	128,043		179,485
#	Zargon Oil & Gas, Ltd.	105,225		902,907
	ZCL Composite, Inc.	93,500		461,532
Total Energy				173,976,321
Financials — (5.9%)
#	AGF Management, Ltd. Class B	334,079		3,334,936
*	Alaris Royalty Corp.	5,513		124,198
	Altus Group, Ltd.	40,245		329,616
#	Brookfield Real Estate Services, Inc.	8,075		97,991
	Canaccord Financial, Inc.	327,281		1,635,176
#	Canadian Western Bank	271,572		8,037,715
#	Cash Store Financial Services, Inc. (The)	51,170		246,948
	Clairvest Group, Inc.	1,900		33,853
#	Davis & Henderson Corp.	239,699		5,030,379
*	EGI Financial Holdings, Inc.	14,650		130,548
	E-L Financial Corp., Ltd.	1,043		417,273
	Equitable Group, Inc.	52,295		1,549,869
*	Equity Financial Holdings, Inc.	800		6,440
	Fiera Capital Corp.	36,300		290,763
	Firm Capital Mortgage Investment Corp.	2,494		34,161
	First National Financial Corp.	20,340		345,194

3

The Canadian Small Company Series
continued

		Shares	Value††
Financials — (Continued)
*	FirstService Corp.	135,548	$	3,896,454
#*	Genesis Land Development Corp.	70,317		242,193
	Genworth MI Canada, Inc.	149,254		3,057,559
	Gluskin Sheff & Associates, Inc.	62,507		898,098
#	GMP Capital, Inc.	264,670		1,393,907
	Granite Real Estate, Inc.	143,257		5,252,637
	Guardian Capital Group, Ltd. Class A	11,327		114,092
#	Home Capital Group, Inc.	120,600		6,140,185
#	Killam Properties, Inc.	206,566		2,665,968
*	Kingsway Financial Services, Inc.	46,281		153,846
	Laurentian Bank of Canada	109,624		4,878,885
#*	Mainstreet Equity Corp.	13,494		428,160
	Melcor Developments, Ltd.	12,081		186,280
*	Pacific & Western Credit Corp.	8,800		13,657
#	Sprott Resource Lending Corp.	750,703		1,067,332
	Sprott, Inc.	248,356		1,099,107
*	TMX Group, Ltd.	10,056		514,303
Total Financials				53,647,723
Health Care — (1.6%)
*	AEterna Zentaris, Inc.	54,327		116,949
*	Amica Mature Lifestyles, Inc.	1,600		15,331
*	Bioniche Life Sciences, Inc.	46,000		21,186
#*	Burcon NutraScience Corp.	57,338		243,991
*	Cangene Corp.	140,432		232,003
*	Cardiome Pharma Corp.	53,665		15,045
#	CML HealthCare, Inc.	356,997		3,027,549
*	Helix BioPharma Corp.	1,954		1,819
#*	IMRIS, Inc.	88,979		358,143
#	Leisureworld Senior Care Corp.	109,653		1,376,770
#	Medical Facilities Corp.	10,510		149,429
#	Nordion, Inc.	464,108		3,020,478
*	Oncolytics Biotech, Inc.	194,221		402,541
*	Paladin Labs, Inc.	50,700		2,163,538
*	Patheon, Inc.	18,420		68,424
*	ProMetic Life Sciences, Inc.	247,137		34,642
*	QLT, Inc.	226,610		1,703,971
#*	Resverlogix Corp.	112,020		234,415
#*	Theratechnologies, Inc.	277,500		86,133
*	Transition Therapeutics, Inc.	50,610		114,522
*	TSO3, Inc.	187,345		196,958
#*	YM Biosciences, Inc.	343,095		553,074
Total Health Care				14,136,911
Industrials — (9.0%)
#	Aecon Group, Inc.	242,867		2,798,898
#	AG Growth International, Inc.	61,828		1,981,591
*	Air Canada Class A	313,328		555,285
	Algoma Central Corp.	2,669		315,336
#*	Armtec Infrastructure, Inc.	48,017		110,577
*	ATS Automation Tooling System, Inc.	370,020		3,445,493
	Badger Daylighting, Ltd.	12,046		351,339
#	Bird Construction, Inc.	97,110		1,417,636
#	Black Diamond Group, Ltd.	119,791		2,588,325
#	CanWel Building Materials Group, Ltd.	95,000		252,065
	Cervus Equipment Corp.	500		10,643
	Chorus Aviation, Inc.	3,981		12,197
	Churchill Corp. Class A (The)	91,759		771,740
	Clarke, Inc.	44,894		198,230
	Contrans Group, Inc. Class A	89,385		839,481
	DirectCash Payments, Inc.	26,395		642,201

4

The Canadian Small Company Series
continued

		Shares	Value††
Industrials — (Continued)
#	Exchange Income Corp.	31,527	$	830,198
	Exco Technologies, Ltd.	22,200		108,027
*	Garda World Security Corp. Class A	114,740		1,375,157
	Genivar, Inc.	129,906		2,836,796
*	GLV, Inc. Class A	86,250		193,442
*	Heroux-Devtek, Inc.	98,475		1,309,385
	HNZ Group, Inc.	21,888		542,187
	Horizon North Logistics, Inc.	330,070		2,524,891
	IBI Group, Inc.	32,601		303,569
	K-Bro Linen, Inc.	10,198		299,175
#	Morneau Shepell, Inc.	127,575		1,641,390
	New Flyer Industries, Inc.	7,700		59,750
	Newalta Corp.	166,722		2,345,376
	Richelieu Hardware, Ltd.	63,793		2,218,304
#	Ritchie Brothers Auctioneers, Inc.	244,637		5,425,491
	Rocky Mountain Dealerships, Inc.	55,341		608,959
#	Russel Metals, Inc.	246,300		6,880,370
	Stantec, Inc.	182,098		6,272,011
#	Student Transportation, Inc.	264,696		1,701,475
#	Superior Plus Corp.	559,647		5,468,991
	Toromont Industries, Ltd.	274,167		5,380,399
	Transcontinental, Inc. Class A	287,702		2,967,039
	TransForce, Inc.	314,697		5,744,106
	Vicwest, Inc.	32,393		384,337
#	Wajax Corp.	67,648		3,027,650
	WaterFurnace Renewable Energy, Inc.	31,626		524,065
	Westjet Airlines, Ltd.	1,420		25,592
#*	Westport Innovations, Inc.	158,805		4,436,205
Total Industrials				81,725,374
Information Technology — (3.9%)
*	5N Plus, Inc.	183,848		404,972
	Aastra Technologies, Ltd.	32,028		525,917
*	Absolute Software Corp.	175,557		703,107
	Calian Technologies, Ltd.	16,706		343,738
*	Celestica, Inc.	874,907		6,351,015
*	COM DEV International, Ltd.	309,553		945,318
	Computer Modelling Group, Ltd.	127,087		2,513,110
	Constellation Software, Inc.	36,819		4,223,264
*	Descartes Systems Group, Inc. (The)	241,645		2,104,943
#*	DragonWave, Inc.	159,183		393,674
	Enghouse Systems, Ltd.	52,143		743,968
	Evertz Technologies, Ltd.	133,981		1,943,814
*	EXFO, Inc.	101,377		456,767
*	Hemisphere GPS, Inc.	20,300		14,025
	MacDonald Dettweiler & Associates, Ltd.	128,853		7,224,799
	Mediagrif Interactive Technologies, Inc.	6,876		122,133
*	Points International, Ltd.	53,347		496,748
*	Redknee Solutions, Inc.	122,928		180,930
#*	Sandvine Corp.	590,976		704,142
*	Sierra Wireless, Inc.	127,100		1,018,073
*	Smart Technologies, Inc. Class A	13,981		18,898
	Softchoice Corp.	21,172		262,225
*	Vecima Network, Inc.	21,676		113,290
#	Wi-Lan, Inc.	671,909		3,579,030
*	Wireless Matrix Corp.	111,939		66,127
Total Information Technology				35,454,027
Materials — (21.4%)
	Aberdeen International, Inc.	122,333		42,870
#*	Ainsworth Lumber Co., Ltd.	229,138		619,447

5

The Canadian Small Company Series
continued

		Shares	Value††
Materials — (Continued)
*	Alacer Gold Corp.	423,558	$	2,324,003
#	Alamos Gold, Inc.	382,920		7,495,455
*	Alexco Resource Corp.	272,868		1,051,857
#*	Almaden Minerals, Ltd.	98,343		251,089
*	Altius Minerals Corp.	112,600		1,167,996
	Amerigo Resources, Ltd.	522,854		303,635
#*	Argonaut Gold, Inc.	368,728		3,924,484
#*	Atna Resource, Ltd.	507,501		660,577
#*	Augusta Resource Corp.	308,545		834,114
#*	Aura Minerals, Inc.	530,169		159,250
#*	AuRico Gold, Inc.	892,052		7,449,025
#*	Aurizon Mines, Ltd.	694,168		3,176,318
#*	Avalon Rare Metals, Inc.	352,025		563,945
#*	B2Gold Corp.	1,401,050		5,793,578
#*	Brigus Gold Corp.	717,805		697,142
*	Canada Lithium Corp.	652,000		417,802
*	Canadian Zinc Corp.	32,925		14,835
*	Canam Group, Inc. Class A	194,100		1,088,320
	Canexus Corp.	409,254		3,515,794
*	Canfor Corp.	411,155		5,862,175
#	Canfor Pulp Products, Inc.	202,846		1,838,054
#*	Capstone Mining Corp.	1,198,432		2,963,832
*	Cardero Resource Corp.	319,643		176,024
*	Carpathian Gold, Inc.	587,371		179,372
	Cascades, Inc.	489,976		2,394,075
#	CCL Industries, Inc. Class B	107,585		3,983,473
#*	China Gold International Resources Corp., Ltd.	722,757		3,075,562
*	Claude Resources, Inc.	934,700		673,826
#*	Cline Mining Corp.	519,100		135,135
*	Colossus Minerals, Inc.	219,716		1,247,349
#*	Copper Mountain Mining Corp.	366,515		1,482,574
#*	Duluth Metals, Ltd.	388,214		874,575
#*	Dundee Precious Metals, Inc.	410,967		3,781,514
#*	Dynasty Metals & Mining, Inc.	108,369		213,754
#*	Eastern Platinum, Ltd.	3,177,460		524,937
*	Eastmain Resources, Inc.	274,250		233,404
#*	Eco Oro Minerals Corp.	261,445		319,362
*	EcoSynthetix, Inc.	1,500		4,446
#*	Endeavour Mining Corp.	1,378,843		3,175,309
#*	Endeavour Silver Corp.	389,940		3,541,182
#*	Energy Fuels, Inc.	2,398,488		408,253
#*	Entree Gold, Inc.	286,898		132,138
#*	Excellon Resources, Inc.	870,400		374,740
#*	Exeter Resource Corp.	70,137		98,315
*	First Majestic Silver Corp.	431,070		9,965,869
*	Formation Metals, Inc.	140,581		36,597
*	Fortress Paper, Ltd. Class A	69,284		903,900
#*	Fortuna Silver Mines, Inc.	481,068		2,668,452
*	Fortune Minerals, Ltd.	214,672		103,172
#*	Golden Star Resources, Ltd.	1,045,709		2,104,506
#*	Goldgroup Mining, Inc.	112,715		42,885
*	Great Basin Gold, Ltd.	1,537,875		123,184
#*	Great Panther Silver, Ltd.	675,880		1,346,685
#*	Guyana Goldfields, Inc.	297,242		883,914
*	Hanfeng Evergreen, Inc.	47,637		78,938
*	Harry Winston Diamond Corp.	284,763		4,085,761
*	High River Gold Mines, Ltd.	600,542		835,798
#	HudBay Minerals, Inc.	734,374		6,816,167
*	Imperial Metals Corp.	181,428		2,319,735
#*	Inter-Citic Minerals, Inc.	283,484		567,678
*	International Forest Products, Ltd. Class A	201,050		1,288,330

6

The Canadian Small Company Series
continued

		Shares	Value††
Materials — (Continued)
#*	International Minerals Corp.	75,200	$	425,412
#*	International Tower Hill Mines, Ltd.	220,027		533,132
	Intertape Polymer Group, Inc.	270,787		1,881,614
#*	Jaguar Mining, Inc.	274,437		283,024
#*	Katanga Mining, Ltd.	1,007,162		484,043
*	Keegan Resources, Inc.	271,644		1,071,617
#*	Kimber Resources, Inc.	21,200		12,736
#*	Kirkland Lake Gold, Inc.	247,980		2,448,143
#*	Labrador Iron Mines Holdings, Ltd.	123,133		118,356
#*	Lake Shore Gold Corp.	1,419,989		1,137,413
#*	MAG Silver Corp.	156,360		1,991,388
#	Major Drilling Group International, Inc.	322,900		3,339,732
*	MBAC Fertilizer Corp.	80,639		258,368
#*	Mercator Minerals, Ltd.	905,221		448,645
#	Migao Corp.	164,100		377,902
*	Minco Base Metals Corp.	2,780		—
#*	Minco Silver Corp.	125,224		240,731
*	Minera Andes Acquisition Corp.	316,695		1,531,551
#*	Nautilus Minerals, Inc.	89,354		62,626
#*	Nevada Copper Corp.	160,491		564,028
*	Nevsun Resources, Ltd.	308,402		1,460,567
*	New Millennium Iron Corp.	23,800		32,647
*	NGEx Resources, Inc.	260,900		820,251
#*	Norbord, Inc.	112,168		2,331,522
#*	North American Palladium, Ltd.	565,789		866,741
*	Northern Dynasty Minerals, Ltd.	148,624		528,276
*	NovaCopper, Inc.	46,923		103,830
#*	NovaGold Resources, Inc.	845,155		4,104,132
#*	OceanaGold Corp.	1,151,416		4,035,000
*	Oromin Explorations, Ltd.	168,799		133,518
#*	Orvana Minerals Corp.	302,452		263,463
*	Peregrine Diamonds, Ltd.	120,403		66,305
*	Petaquilla Minerals, Ltd.	528,482		338,652
*	Phoscan Chemical Corp.	432,579		125,605
#*	Pilot Gold, Inc.	76,450		120,177
#*	Platinum Group Metals, Ltd.	241,887		244,612
#*	PolyMet Mining Corp.	423,377		462,058
#*	Primero Mining Corp.	230,277		1,708,488
#*	Queenston Mining, Inc.	220,773		901,881
*	Resolute Forest Products	2,488		30,342
*	Richmont Mines, Inc.	114,244		455,260
#*	Rubicon Minerals Corp.	508,405		1,802,006
#*	Sabina Gold & Silver Corp.	383,055		1,112,250
#*	San Gold Corp.	1,018,995		999,865
#*	Scorpio Mining Corp.	842,899		886,152
#*	Seabridge Gold, Inc.	121,852		2,088,717
#	SEMAFO, Inc.	978,485		3,918,839
	Sherritt International Corp.	1,571,926		6,799,219
*	Shore Gold, Inc.	364,464		82,107
#*	Silver Standard Resources, Inc.	340,397		5,170,285
*	St. Andrew Goldfields, Ltd.	646,028		294,311
	Stella-Jones, Inc.	33,040		2,015,316
*	Stornoway Diamond Corp.	297,297		181,578
#*	Sulliden Gold Corp., Ltd.	659,525		607,522
#*	Tanzanian Royalty Exploration Corp.	350,339		1,771,426
*	Taseko Mines, Ltd.	810,234		2,214,707
*	Tembec, Inc.	358,859		812,036
*	Teranga Gold Corp.	109,840		235,352
#*	Thompson Creek Metals Co., Inc.	650,871		1,707,416
*	Timminco, Ltd.	69,822		84
*	Timmins Gold Corp.	435,398		1,342,704

7

The Canadian Small Company Series
continued

		Shares		Value††
Materials — (Continued)
*	Torex Gold Resources, Inc.		23,993	$	49,968
#*	Veris Gold Corp.		174,268		526,948
*	Virginia Mines, Inc.		95,762		1,028,812
*	Wesdome Gold Mines, Ltd.		325,464		306,319
#	West Fraser Timber Co., Ltd.		126,174		7,641,818
*	Western Forest Products, Inc.		221,019		289,897
	Winpak, Ltd.		67,395		1,059,426
Total Materials					194,705,355
Telecommunication Services — (0.4%)
*	AXIA NetMedia Corp.		182,767		226,915
	Manitoba Telecom Services, Inc.		89,417		3,001,904
Total Telecommunication Services					3,228,819
Utilities — (3.2%)
#	Algonquin Power & Utilities Corp.		574,574		3,975,275
*	Alterra Power Corp.		1,033,070		449,948
*	Boralex, Inc. Class A		97,733		944,304
	Capital Power Corp.		287,449		6,161,986
	Capstone Infrastructure Corp.		277,990		1,146,752
#	Innergex Renewable Energy, Inc.		291,261		3,167,053
#	Just Energy Group, Inc.		583,478		5,970,608
*	Maxim Power Corp.		92,234		159,765
#	Northland Power, Inc.		297,306		5,763,048
*	Ram Power Corp.		577,537		167,695
#*	Valener, Inc.		98,899		1,576,443
Total Utilities					29,482,877
TOTAL COMMON STOCKS					686,354,418
RIGHTS/WARRANTS — (0.0%)
#*	Duluth Metals, Ltd. Warrants 01/18/13		24,225		10,915
*	MGM Energy Corp. Rights 12/04/12		19,000		1,807
TOTAL RIGHTS/WARRANTS					12,722
		Shares/
		Face
		Amount		Value†
		(000)
SECURITIES LENDING COLLATERAL — (24.4%)
§@	DFA Short Term Investment Fund		19,101,124		221,000,000
@	Repurchase Agreement, Deutsche Bank Securities, Inc. 0.35%,           11/01/12 (Collateralized by FNMA 4.000%, 05/01/42 & 5.000%,           01/01/39, valued at $448,986) to be repurchased at $440,186	$	440		440,182
TOTAL SECURITIES LENDING COLLATERAL					221,440,182
TOTAL INVESTMENTS — (100.0%)
(Cost $996,859,895)				$	907,807,322

8

(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, 2013

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, 2013
By:	/s/ Michael Clinton
	Michael Clinton
	Treasurer and Chief Financial and Accounting Officer
Date:	March 1, 2013