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)
10 Almaden Blvd., 15th Floor, San Jose, CA 95113
(Address of principal executive offices) (zip code)

Deborah Djeu, Esq.
Chief Compliance Officer
SA Funds – Investment Trust
10 Almaden Blvd., 15^th Floor,
San Jose, CA 95113
(Name and Address of Agent for Service)

Copies to:

Brian F. Link, Esq.	Mark D. Perlow, Esq.
Vice President and Managing Counsel	Counsel to the Trust
State Street Bank and Trust Company	Dechert LLP
100 Summer Street, 7th Floor	One Bush Street, Suite 1600
Boston, Massachusetts 02111	San Francisco, California 94104-4446

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

Date of fiscal year end: June 30
Date of reporting period: December 31, 2016

Item 1. Report to Shareholders.

SEMI-ANNUAL REPORT
December 31, 2016

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	8
SA U.S. Value Fund	12
SA U.S. Small Company Fund	15
SA International Value Fund	19
SA International Small Company Fund	22
SA Emerging Markets Value Fund	23
SA Real Estate Securities Fund	26
SA Worldwide Moderate Growth Fund	29
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	41
Notes to Financial Statements	51
Proxy Voting Policies and Procedures	67
Quarterly Portfolio Schedule	67
Semi-Annual Portfolio Schedule	67
Understanding Your Fund’s Expenses	68
Selected Financial Statements of DFA Investment Dimensions Group Inc.	70

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, 2016 (Unaudited)

		FACE
		AMOUNT			VALUE†
BONDS AND NOTES — 99.3%
Australia — 2.0%
	Australia & New Zealand
	Banking Group Ltd. MTN,
	1.875%, 10/06/17	USD		5,000,000	$	5,020,540
	Commonwealth Bank of Australia,
	1.125%, 3/13/17	USD		1,600,000		1,600,173
	National Australia Bank Ltd.
	MTN, 2.750%, 3/09/17	USD		3,880,000		3,891,524
	Westpac Banking Corp.,
	1.500%, 12/01/17	USD		2,000,000		2,000,874
						12,513,111
Canada — 6.3%
	Bank of Montreal,
	1.400%, 4/10/18	USD		1,500,000		1,496,405
	Bank of Montreal MTN,
	1.400%, 9/11/17	USD		6,450,000		6,450,980
	Province of Ontario Canada,
	1.200%, 2/14/18	USD		2,500,000		2,494,760
	Royal Bank of Canada GMTN,
	1.400%, 10/13/17	USD		2,000,000		2,000,070
	Royal Bank of Canada GMTN,
	1.800%, 7/30/18	USD		2,000,000		2,006,870
	Royal Bank of Canada GMTN,
	2.200%, 7/27/18	USD		3,812,000		3,838,326
	Royal Bank of Canada MTN,
	1.500%, 1/16/18	USD		2,400,000		2,396,995
	Toronto-Dominion Bank (The)
	GMTN, 1.450%, 9/06/18	USD		6,180,000		6,151,448
	Toronto-Dominion Bank (The)
	GMTN, 1.750%, 7/23/18	USD		1,646,000		1,648,953
	Toronto-Dominion Bank (The)
	MTN, 1.400%, 4/30/18	USD		7,500,000		7,483,343
	Toronto-Dominion Bank (The)
	MTN, 1.625%, 3/13/18	USD		2,125,000		2,127,582
						38,095,732
France — 1.7%
	Societe Generale SA,
	2.625%, 10/01/18	USD		1,500,000		1,519,260
	Societe Generale SA,
	2.750%, 10/12/17	USD		1,306,000		1,318,279
	Total Capital SA,
	2.125%, 8/10/18	USD		7,285,000		7,342,522
						10,180,061
Netherlands — 2.3%
	Cooperatieve Rabobank UA,
	1.700%, 3/19/18	USD		1,435,000		1,435,382
	Shell International Finance BV,
	1.125%, 8/21/17	USD		4,500,000		4,500,216
	Shell International Finance BV,
	1.900%, 8/10/18	USD		5,835,000		5,872,029
	Shell International Finance BV,
	2.000%, 11/15/18	USD		1,397,000		1,406,735
	Siemens
	Financieringsmaatschappij NV,
	1.450%, 5/25/18 ±	USD		1,000,000		999,102
						14,213,464
Norway — 0.1%
	Statoil ASA, 1.950%, 11/08/18	USD		444,000		445,556
Sweden — 1.1%
	Nordea Bank AB,
	3.125%, 3/20/17	USD		4,000,000		4,018,288
	Svensk Exportkredit AB,
	1.125%, 4/05/18	USD		1,500,000		1,494,576
	Svenska Handelsbanken AB
	MTN, 1.625%, 3/21/18	USD		1,000,000		998,987
						6,511,851
United Kingdom — 0.3%
	AstraZeneca PLC,
	1.750%, 11/16/18	USD		1,875,000		1,878,866
United States — 85.5%
	3M Co. MTN, 1.375%, 8/07/18		$	2,000,000		1,999,788
	Actavis, Inc., 1.875%, 10/01/17			2,000,000		2,004,190
	Aetna, Inc., 1.700%, 6/07/18			4,300,000		4,297,515
	American Express Co.,
	7.000%, 3/19/18			2,000,000		2,126,006
	American Express Credit Corp.,
	2.125%, 7/27/18			3,000,000		3,020,025
	Anthem, Inc., 2.375%, 2/15/17			3,500,000		3,503,993
	Apple, Inc., 1.000%, 5/03/18			2,876,000		2,865,779
	Apple, Inc., 1.300%, 2/23/18			3,700,000		3,703,352
	AT&T, Inc., 2.375%, 11/27/18			1,000,000		1,009,203
	AT&T, Inc., 5.500%, 2/01/18			4,500,000		4,676,688
	Bank of America Corp. MTN,
	5.650%, 5/01/18			2,000,000		2,096,196
	Berkshire Hathaway Finance
	Corp., 1.300%, 5/15/18			1,500,000		1,496,463
	Berkshire Hathaway Finance
	Corp., 1.450%, 3/07/18			9,235,000		9,245,648
	Berkshire Hathaway, Inc.,
	1.150%, 8/15/18			3,000,000		2,985,657
	Berkshire Hathaway, Inc.,
	1.550%, 2/09/18			4,037,000		4,045,793
	Cardinal Health, Inc.,
	1.700%, 3/15/18			927,000		926,342
	Cardinal Health, Inc.,
	1.900%, 6/15/17			1,470,000		1,474,192
	Caterpillar Financial Services
	Corp., 2.450%, 9/06/18			1,000,000		1,013,083
	Caterpillar Financial Services Corp.
	GMTN, 1.500%, 2/23/18			4,000,000		3,999,172
	Caterpillar Financial Services Corp.
	MTN, 1.000%, 3/03/17			943,300		943,104
	Chevron Corp.,
	1.344%, 11/09/17			17,250,000		17,242,720
	Cisco Systems, Inc.,
	1.400%, 2/28/18			9,710,000		9,728,313

See notes to financial statements
1

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES (Continued)
United States (Continued)
	Cisco Systems, Inc.,
	1.650%, 6/15/18	$	7,860,000	$	7,885,396
	Citigroup, Inc., 2.050%, 12/07/18		2,500,000		2,500,892
	Citigroup, Inc., 2.500%, 9/26/18		3,340,000		3,373,367
	Coca-Cola Co. (The),
	0.875%, 10/27/17		3,000,000		2,994,690
	Coca-Cola Co. (The),
	1.150%, 4/01/18		3,300,000		3,293,129
	Coca-Cola Co. (The),
	1.650%, 3/14/18		6,975,000		6,999,956
	Corning, Inc., 1.450%, 11/15/17		3,897,000		3,894,927
	Corning, Inc., 1.500%, 5/08/18		1,000,000		997,382
	Danaher Corp.,
	1.650%, 9/15/18		3,750,000		3,755,944
	Dover Corp., 5.450%, 3/15/18		1,500,000		1,572,484
	eBay, Inc., 2.500%, 3/09/18		5,746,000		5,798,122
	Exxon Mobil Corp.,
	1.305%, 3/06/18		4,349,000		4,348,726
	Exxon Mobil Corp.,
	1.439%, 3/01/18		13,600,000		13,618,686
	Federal Home Loan Banks,
	0.625%, 8/07/18		16,000,000		15,875,344
	Federal Home Loan Banks,
	0.875%, 10/01/18		15,000,000		14,920,035
	Federal Home Loan Banks,
	1.250%, 6/08/18		10,660,000		10,685,765
	Federal Home Loan Banks,
	1.750%, 12/14/18		9,400,000		9,500,223
	Federal Home Loan Mortgage
	Corp., 0.875%, 10/12/18		13,000,000		12,931,607
	Federal Home Loan
	Mortgage Corp. GMTN,
	0.750%, 4/09/18		2,500,000		2,491,087
	Federal National Mortgage
	Association, 1.125%, 7/20/18		5,000,000		5,000,845
	Federal National Mortgage
	Association, 1.125%, 10/19/18		4,750,000		4,744,998
	Federal National Mortgage
	Association, 1.125%, 12/14/18		6,600,000		6,587,645
	Federal National Mortgage
	Association, 1.625%, 11/27/18		10,000,000		10,077,260
	Federal National Mortgage
	Association, 1.875%, 9/18/18		14,500,000		14,670,520
	Ford Motor Credit Co. LLC,
	2.240%, 6/15/18		1,000,000		1,001,709
	Ford Motor Credit Co. LLC,
	2.551%, 10/05/18		1,500,000		1,509,078
	Ford Motor Credit Co. LLC,
	5.000%, 5/15/18		2,900,000		3,014,762
	General Electric Co.,
	5.250%, 12/06/17		5,000,000		5,180,380
	General Electric Co. GMTN,
	5.625%, 5/01/18		11,216,000		11,839,598
	Gilead Sciences, Inc.,
	1.850%, 9/04/18		4,793,000		4,812,273
	Goldman Sachs Group, Inc. (The),
	6.150%, 4/01/18		2,800,000		2,946,250
	Intercontinental Exchange, Inc.,
	2.500%, 10/15/18		2,000,000		2,028,280
	International Business Machines
	Corp., 1.125%, 2/06/18		3,000,000		2,993,664
	International Business Machines
	Corp., 5.700%, 9/14/17		13,000,000		13,391,014
	JPMorgan Chase & Co.,
	1.625%, 5/15/18		2,735,000		2,732,041
	JPMorgan Chase & Co.,
	6.000%, 1/15/18		1,700,000		1,773,581
	KeyBank NA, 1.700%, 6/01/18		4,500,000		4,498,402
	Kraft Foods Group, Inc.,
	2.250%, 6/05/17		3,431,000		3,442,309
	McDonald’s Corp. MTN,
	2.100%, 12/07/18		3,000,000		3,019,233
	Medtronic, Inc.,
	1.375%, 4/01/18		1,117,000		1,115,292
	Merck & Co., Inc.,
	1.100%, 1/31/18		1,793,000		1,789,613
	Microsoft Corp.,
	1.300%, 11/03/18		9,205,000		9,200,130
	Morgan Stanley MTN,
	6.250%, 8/28/17		2,000,000		2,061,050
	NetApp, Inc., 2.000%, 12/15/17		2,970,000		2,978,934
	PepsiCo, Inc., 5.000%, 6/01/18		2,000,000		2,100,784
	Pfizer, Inc., 1.100%, 5/15/17		3,000,000		3,000,204
	Pfizer, Inc., 1.200%, 6/01/18		14,100,000		14,065,991
	Philip Morris International, Inc.,
	5.650%, 5/16/18		4,188,000		4,414,994
	Southern Power Co.,
	1.500%, 6/01/18		3,500,000		3,485,307
	Stryker Corp., 1.300%, 4/01/18		6,000,000		5,976,642
	Toyota Motor Credit Corp.
	GMTN, 1.550%, 7/13/18		1,500,000		1,499,964
	Toyota Motor Credit Corp.
	MTN, 1.200%, 4/06/18		2,425,000		2,414,672
	Toyota Motor Credit Corp.
	MTN, 2.000%, 10/24/18		669,000		673,142
	United States Treasury Note,
	0.750%, 8/31/18		15,000,000		14,908,020
	United States Treasury Note,
	1.250%, 10/31/18		9,000,000		9,015,822
	United States Treasury Note,
	1.250%, 11/15/18		67,200,000		67,312,896
	United States Treasury Note,
	1.250%, 11/30/18		35,000,000		35,054,005
	United States Treasury Note,
	1.250%, 12/15/18		5,000,000		5,006,250
	United States Treasury Note,
	1.375%, 12/31/18		3,500,000		3,511,893
	Wal-Mart Stores, Inc.,
	1.950%, 12/15/18		1,200,000		1,211,764
	Walgreens Boots Alliance, Inc.,
	1.750%, 5/30/18		2,000,000		2,002,690
	Wells Fargo Bank NA,
	1.650%, 1/22/18		4,000,000		4,000,512

See notes to financial statements
2

SA U.S. Fixed Income Fund

PORTFOLIO OF INVESTMENTS –– AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES (Continued)
United States (Continued)
	Xerox Corp., 2.950%, 3/15/17	$	3,900,000	$	3,911,942
	Xerox Corp., 6.750%, 2/01/17		1,000,000		1,003,631
					518,820,970
	TOTAL BONDS AND NOTES
	(Identified Cost $603,955,159)				602,659,611
		SHARES		VALUE†
SHORT-TERM INVESTMENTS — 0.4%
Investment Company — 0.4%
	State Street Institutional U.S.
	Government Money Market
	Fund, 0.170%		2,338,890		2,338,890
	TOTAL SHORT-TERM
	INVESTMENTS
	(Identified Cost $2,338,890)				2,338,890
Total Investments — 99.7%
	(Identified Cost $606,294,049)#				604,998,501
	Cash and Other Assets, Less
	Liabilities — 0.3%				1,882,533
Net Assets — 100.0%				$	606,881,034

†	See Note 1
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at December 31, 2016 amounted to $999,102 or 0.16% of the net assets of the Fund.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $606,294,049. Net unrealized depreciation aggregated $1,295,548 of which $98,612 related to appreciated investment securities and $1,394,160 related to depreciated investment securities.

Key to abbreviations:
GMTN — Global Medium Term Note
MTN — Medium Term Note
USD — U.S. Dollar

Portfolio Sectors
(% of portfolio market value)⁺

+        Excludes Short-Term Investments

See notes to financial statements
3

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES — 98.9%
Australia — 9.0%
	Australia & New Zealand
	Banking Group Ltd MTN,
	1.450%, 5/15/18	USD	6,500,000	$	6,471,836
	Australia & New Zealand
	Banking Group Ltd MTN,
	2.250%, 6/13/19	USD	3,500,000		3,512,572
	Commonwealth Bank of Australia,
	2.300%, 9/06/19	USD	2,350,000		2,357,945
	Commonwealth Bank of Australia,
	2.300%, 3/12/20@	USD	3,000,000		2,986,182
	Commonwealth Bank of Australia,
	2.500%, 9/20/18@	USD	14,443,000		14,613,297
	National Australia Bank Ltd.,
	2.300%, 7/25/18	USD	6,925,000		6,980,538
	National Australia Bank Ltd.,
	2.400%, 12/09/19±	USD	8,000,000		8,067,240
	National Australia Bank Ltd.,
	2.625%, 7/23/20	USD	5,000,000		5,032,335
	Westpac Banking Corp.,
	2.250%, 1/17/19	USD	10,500,000		10,543,701
	Westpac Banking Corp.,
	2.600%, 11/23/20	USD	2,300,000		2,310,569
	Westpac Banking Corp.,
	4.875%, 11/19/19	USD	1,500,000		1,610,268
					64,486,483
Austria — 2.9%
	Oesterreichische Kontrollbank
	AG, 1.125%, 5/29/18	USD	10,000,000		9,964,480
	Oesterreichische Kontrollbank
	AG, 1.625%, 3/12/19	USD	11,000,000		11,002,013
					20,966,493
Canada — 12.7%
	Bank of Nova Scotia (The),
	2.050%, 6/05/19	USD	10,732,000		10,744,578
	Bank of Nova Scotia (The),
	2.350%, 10/21/20	USD	5,000,000		4,984,770
	Bank of Nova Scotia (The),
	2.800%, 7/21/21	USD	1,561,000		1,573,813
	Province of Alberta Canada,
	1.750%, 8/26/20@±	USD	2,000,000		1,982,050
	Province of Manitoba Canada,
	1.750%, 5/30/19@	USD	5,000,000		5,004,700
	Province of Ontario Canada,
	2.000%, 1/30/19	USD	2,500,000		2,517,475
	Province of Ontario Canada,
	2.500%, 9/10/21	USD	8,082,000		8,149,598
	Province of Ontario Canada,
	4.000%, 10/07/19	USD	7,000,000		7,398,839
	Province of Quebec Canada,
	3.500%, 7/29/20	USD	10,000,000		10,545,310
	Royal Bank of Canada,
	2.150%, 3/15/19	USD	5,000,000		5,021,295
	Royal Bank of Canada,
	2.150%, 3/06/20	USD	5,640,000		5,612,409
	Royal Bank of Canada,
	2.200%, 7/27/18	USD	4,700,000		4,732,458
	Royal Bank of Canada,
	2.500%, 1/19/21	USD	5,000,000		5,015,105
	Toronto-Dominion Bank (The),
	1.800%, 7/13/21	USD	9,750,000		9,447,691
	Toronto-Dominion Bank (The),
	2.500%, 12/14/20	USD	1,500,000		1,506,284
	Toronto-Dominion Bank (The)
	MTN, 2.125%, 4/07/21	USD	6,500,000		6,404,508
					90,640,883
Denmark — 1.1%
	Kommunekredit,
	1.125%, 3/15/18	USD	7,658,000		7,635,754
France — 7.4%
	Agence Francaise de
	Developpement,
	1.625%, 1/21/20	USD	15,000,000		14,838,165
	Caisse d’Amortissement de la
	Dette Sociale,
	2.000%, 3/22/21	USD	7,000,000		6,921,565
	Dexia Credit Local SA,
	1.875%, 1/29/20	USD	5,898,000		5,822,948
	Dexia Credit Local SA,
	2.250%, 1/30/19	USD	3,000,000		3,010,569
	Sanofi, 4.000%, 3/29/21	USD	3,500,000		3,728,424
	Total Capital International SA,
	2.100%, 6/19/19	USD	7,000,000		7,036,344
	Total Capital International SA,
	2.125%, 1/10/19	USD	6,000,000		6,049,488
	Total Capital SA,
	2.125%, 8/10/18	USD	4,342,000		4,376,284
	Total Capital SA,
	3.875%, 12/14/18	GBP	611,000		800,201
					52,583,988
Germany — 3.5%
	FMS Wertmanagement AoeR,
	1.375%, 6/08/21	USD	5,000,000		4,833,345
	KFW, 1.000%, 6/11/18	USD	8,500,000		8,463,144
	KFW, 1.625%, 3/15/21	USD	2,000,000		1,965,088
	Landwirtschaftliche Rentenbank,
	1.875%, 9/17/18	USD	10,000,000		10,085,730
					25,347,307
Ireland — 2.6%
	GE Capital International
	Funding Co., Unlimited Co.,
	2.342%, 11/15/20	USD	18,500,000		18,501,369
Japan — 2.0%
	Japan Finance Organization
	for Municipalities,
	2.125%, 3/06/19	USD	14,000,000		13,974,912

See notes to financial statements
4

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES (Continued)
Netherlands — 5.0%
	Bank Nederlandse Gemeenten
	NV, 1.625%, 4/19/21	USD	11,000,000	$	10,715,100
	Cooperatieve Centrale
	Raiffeisen-Boerenleenbank BA,
	2.250%, 1/14/19	USD	2,300,000		2,312,997
	Nederlandse Waterschapsbank
	NV, 1.875%, 3/13/19	USD	1,700,000		1,706,030
	Shell International Finance BV,
	1.750%, 9/12/21	USD	2,500,000		2,431,060
	Shell International Finance BV,
	2.125%, 5/11/20	USD	13,495,000		13,485,378
	Shell International Finance BV,
	2.250%, 11/10/20	USD	5,100,000		5,095,701
					35,746,266
Norway — 2.7%
	Kommunalbanken AS,
	1.625%, 1/15/20	USD	5,000,000		4,960,250
	Kommunalbanken AS,
	1.625%, 2/10/21	USD	5,000,000		4,891,765
	Statoil ASA, 1.950%, 11/08/18	USD	1,500,000		1,505,257
	Statoil ASA, 2.250%, 11/08/19	USD	8,000,000		8,069,744
					19,427,016
Singapore — 1.0%
	Singapore Government Bond,
	1.250%, 10/01/21	SGD	6,000,000		4,038,704
	Singapore Government Bond,
	1.625%, 10/01/19	SGD	5,000,000		3,460,277
					7,498,981
Supranational — 4.0%
	Council of Europe Development
	Bank, 1.625%, 3/16/21	USD	2,500,000		2,445,860
	EUROFIMA, 1.750%, 5/29/20	USD	5,000,000		4,972,430
	European Investment Bank,
	1.625%, 6/15/21	USD	2,250,000		2,198,572
	European Investment Bank,
	1.875%, 3/15/19	USD	19,000,000		19,135,888
					28,752,750
Sweden — 8.2%
	Kommuninvest I Sverige AB,
	2.000%, 11/12/19@	USD	3,000,000		3,016,470
	Kommuninvest I Sverige AB,
	2.500%, 12/01/20	SEK	15,000,000		1,802,401
	Nordea Bank AB,
	1.625%, 5/15/18	USD	1,680,000		1,676,302
	Nordea Bank AB,
	2.375%, 4/04/19	USD	15,000,000		15,105,390
	Nordea Bank AB,
	2.500%, 9/17/20±	USD	4,000,000		4,005,196
	Svensk Exportkredit AB,
	1.125%, 4/05/18	USD	3,000,000		2,989,152
	Svensk Exportkredit AB,
	1.750%, 8/28/20@	USD	4,000,000		3,976,464
	Svensk Exportkredit AB,
	1.750%, 3/10/21@	USD	3,500,000		3,436,849
	Svensk Exportkredit AB,
	1.875%, 6/17/19	USD	1,500,000		1,504,139
	Svenska Handelsbanken AB,
	5.125%, 3/30/20±	USD	5,000,000		5,408,665
	Svenska Handelsbanken AB
	MTN, 1.625%, 3/21/18	USD	3,700,000		3,696,252
	Svenska Handelsbanken AB
	MTN, 2.250%, 6/17/19	USD	6,595,000		6,617,944
	Sweden Government Bond,
	5.000%, 12/01/20	SEK	41,100,000		5,470,077
					58,705,301
Switzerland — 0.2%
	Novartis Capital Corp.,
	4.400%, 4/24/20	USD	1,000,000		1,073,144
United States — 36.6%
	3M Co MTN,
	2.000%, 8/07/20@	USD	2,500,000		2,498,700
	Alphabet, Inc., 3.625%, 5/19/21	USD	6,929,000		7,352,487
	Apple, Inc., 1.550%, 2/07/20	USD	10,000,000		9,882,210
	Apple, Inc., 2.100%, 5/06/19	USD	11,000,000		11,108,141
	Berkshire Hathaway, Inc.,
	1.550%, 2/09/18	USD	2,385,000		2,390,195
	Berkshire Hathaway, Inc.,
	2.100%, 8/14/19	USD	11,500,000		11,607,893
	Berkshire Hathaway, Inc.,
	2.200%, 3/15/21	USD	2,500,000		2,496,290
	Berkshire Hathaway, Inc.,
	3.750%, 8/15/21@	USD	1,200,000		1,271,647
	Chevron Corp.,
	1.961%, 3/03/20	USD	6,600,000		6,581,051
	Chevron Corp.,
	2.193%, 11/15/19	USD	11,000,000		11,114,169
	Chevron Corp.,
	2.419%, 11/17/20	USD	500,000		503,832
	Chevron Corp.,
	2.427%, 6/24/20	USD	3,000,000		3,030,435
	Cisco Systems, Inc.,
	2.125%, 3/01/19	USD	4,000,000		4,053,988
	Cisco Systems, Inc.,
	2.200%, 2/28/21	USD	7,950,000		7,937,558
	Cisco Systems, Inc.,
	4.450%, 1/15/20@	USD	8,000,000		8,577,552
	Coca-Cola Co. (The),
	1.875%, 10/27/20@	USD	2,000,000		1,984,092
	Coca-Cola Co. (The),
	3.150%, 11/15/20	USD	1,970,000		2,047,655
	Coca-Cola Co. (The),
	3.300%, 9/01/21	USD	10,645,000		11,115,200
	Colgate-Palmolive Co MTN,
	1.500%, 11/01/18	USD	6,424,000		6,439,752
	Exxon Mobil Corp.,
	1.819%, 3/15/19	USD	8,300,000		8,316,193

See notes to financial statements
5

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		FACE
		AMOUNT		VALUE†
BONDS AND NOTES (Continued)
United States (Continued)
	Exxon Mobil Corp.,
	1.912%, 3/06/20	USD	5,000,000	$	4,997,050
	Exxon Mobil Corp.,
	2.222%, 3/01/21	USD	5,005,000		5,019,384
	Federal National
	Mortgage Association,
	1.500%, 6/22/20@	USD	1,000,000		995,841
	International Business Machines
	Corp., 1.250%, 2/08/18	USD	16,000,000		15,983,712
	International Business Machines
	Corp., 2.250%, 2/19/21	USD	1,382,000		1,381,131
	Johnson & Johnson,
	1.650%, 12/05/18	USD	4,000,000		4,023,152
	Merck & Co., Inc.,
	1.850%, 2/10/20	USD	15,500,000		15,516,678
	Merck & Co., Inc.,
	3.875%, 1/15/21	USD	3,000,000		3,185,406
	Merck Sharp & Dohme Corp.,
	5.000%, 6/30/19	USD	1,250,000		1,354,255
	Microsoft Corp.,
	1.550%, 8/08/21	USD	7,000,000		6,793,864
	Microsoft Corp.,
	1.625%, 12/06/18@	USD	11,000,000		11,064,669
	Microsoft Corp.,
	2.000%, 11/03/20	USD	3,000,000		3,004,725
	Oracle Corp., 1.900%, 9/15/21	USD	6,000,000		5,867,082
	Oracle Corp., 2.800%, 7/08/21	USD	13,500,000		13,767,948
	Pfizer, Inc., 1.950%, 6/03/21	USD	4,000,000		3,958,620
	Pfizer, Inc., 2.100%, 5/15/19	USD	16,375,000		16,532,544
	Toyota Motor Credit Corp. MTN,
	1.375%, 1/10/18	USD	4,726,000		4,720,731
	Toyota Motor Credit Corp. MTN,
	2.100%, 1/17/19	USD	5,000,000		5,028,945
	Toyota Motor Credit Corp. MTN,
	2.125%, 7/18/19	USD	7,000,000		7,032,970
	Toyota Motor Credit Corp. MTN,
	2.150%, 3/12/20	USD	3,000,000		2,996,022
	Toyota Motor Credit Corp. MTN,
	2.000%, 10/24/18	USD	933,000		938,776
	United States Treasury Note,
	1.125%, 7/31/21	USD	1,000,000		966,777
	United States Treasury Note,
	1.875%, 6/30/20	USD	1,500,000		1,514,736
	US Bank NA/Cincinnati OH,
	2.125%, 10/28/19	USD	4,500,000		4,518,050
					261,472,108
	TOTAL BONDS AND NOTES
	(Identified Cost
	$711,381,158)				706,812,755
SHORT-TERM INVESTMENTS — 1.9%
Investment Company — 0.3%
	State Street Institutional U.S.
	Government Money Market
	Fund, 0.170%		2,290,087		2,290,087
Collateral For Securities On Loan — 1.6%
	State Street Navigator Securities
	Lending Government Money
	Market Portfolio		11,401,718		11,401,718
	TOTAL SHORT-TERM
	INVESTMENTS
	(Identified Cost $13,691,805)				13,691,805
Total Investments — 100.8%
	(Identified Cost $725,072,963)#				720,504,560
	Liabilities, Less Cash and Other
	Assets — (0.8%)				(5,959,672	)
Net Assets — 100.0%				$	714,544,888

†	See Note 1
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $21,580,155.
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at December 31, 2016 amounted to $19,463,151 or 2.72% of the net assets of the Fund.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $725,072,963. Net unrealized depreciation aggregated $4,568,403 of which $881,412 related to appreciated investment securities and $5,449,815 related to depreciated investment securities.

Key to abbreviations:
GBP — British Pound
MTN — Medium Term Note
SEK — Swedish Krona
SGD — Singapore Dollar
USD — U.S. Dollar

See notes to financial statements
6

SA Global Fixed Income Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

Country Weightings
(% of portfolio market value)⁺

+ Excludes Short-Term Investments

See notes to financial statements
7

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 95.4%
Aerospace & Defense — 2.7%
	Boeing Co. (The)	29,229	$	4,550,371
	Lockheed Martin Corp.	12,054		3,012,777
	Other Securities^	106,560		11,270,124
				18,833,272
Air Freight & Logistics — 1.0%
	United Parcel Service, Inc., Class B	33,744		3,868,412
	Other Securities^	27,992		2,854,967
				6,723,379
Airlines — 1.0%
	Other Securities^	134,834		7,102,099
Auto Components — 0.5%
	Other Securities^	73,339		3,411,811
Automobiles — 0.7%
	Other Securities^	215,067		4,605,981
Beverages — 2.4%
	Coca-Cola Co. (The)	169,850		7,041,981
	PepsiCo, Inc.	67,969		7,111,596
	Other Securities^	40,970		2,859,428
				17,013,005
Biotechnology — 3.1%
	AbbVie, Inc.	75,823		4,748,036
	Amgen, Inc.	23,546		3,442,661
	Celgene Corp.*	27,905		3,230,004
	Gilead Sciences, Inc.	65,679		4,703,273
	Other Securities^	44,029		5,409,753
				21,533,727
Building Products — 0.4%
	Other Securities^@	65,525		2,921,600
Capital Markets — 2.1%
	Other Securities^@	235,666		14,581,360
Chemicals — 2.5%
	Other Securities^	222,077		17,592,804
Commercial Banks — 4.1%
	Bank of America Corp.	139,262		3,077,712
	JPMorgan Chase & Co.	79,768		6,883,181
	Wells Fargo & Co.	99,974		5,509,567
	Other Securities^	305,014		13,052,089
				28,522,549
Commercial Services & Supplies — 0.6%
	Other Securities^	89,668		4,252,162
Communications Equipment — 0.9%
	Cisco Systems, Inc.	128,469		3,882,333
	Other Securities^	62,609		2,730,696
				6,613,029
Computers & Peripherals — 4.6%
	Apple, Inc.	245,388		28,420,838
	Other Securities^	135,658		3,344,351
				31,765,189
Construction & Engineering — 0.2%
	Other Securities^	23,796		1,052,348
Construction Materials — 0.1%
	Other Securities^	4,943		674,682
Consumer Finance — 0.9%
	Other Securities^	136,659		6,328,579
Containers & Packaging — 0.6%
	Other Securities^	83,274		3,842,412
Distributors — 0.1%
	Other Securities^	17,405		1,045,069
Diversified Consumer Services — 0.2%
	Other Securities^	37,354		1,161,837
Diversified Financial Services — 1.2%
	Berkshire Hathaway, Inc., Class B*	51,921		8,462,085
	Other Securities^	8,739		209,660
				8,671,745
Diversified Telecommunication Services — 3.2%
	AT&T, Inc.	241,453		10,268,996
	Verizon Communications, Inc.	201,557		10,759,113
	Other Securities^@	54,073		1,369,331
				22,397,440
Electric Utilities — 1.7%
	Other Securities^	223,610		12,140,435
Electrical Equipment — 0.6%
	Other Securities^	63,491		4,246,449
Electronic Equipment, Instruments & Components — 0.7%
	Other Securities^	116,113		4,869,553
Energy Equipment & Services — 0.6%
	Other Securities^@	111,703		4,189,656
Food & Staples Retailing — 2.3%
	Wal-Mart Stores, Inc.	63,562		4,393,406
	Other Securities^	212,369		11,420,385
				15,813,791
Food Products — 1.4%
	Other Securities^	173,949		10,056,940
Gas Utilities — 0.2%
	Other Securities^	19,861		1,116,510
Health Care Equipment & Supplies — 1.8%
	Other Securities^	167,559		12,245,087

See notes to financial statements
8

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Health Care Providers & Services — 2.7%
	UnitedHealth Group, Inc.	34,842	$	5,576,114
	Other Securities^	159,951		12,963,974
				18,540,088
Health Care Technology — 0.1%
	Other Securities ^@	19,011		693,046
Hotels, Restaurants & Leisure — 2.2%
	McDonald’s Corp.	26,982		3,284,249
	Starbucks Corp.	70,918		3,937,367
	Other Securities^	161,244		8,222,424
				15,444,040
Household Durables — 0.4%
	Other Securities^	55,114		3,099,130
Household Products — 1.7%
	Procter & Gamble Co. (The)	79,992		6,725,727
	Other Securities^	64,219		4,919,296
				11,645,023
Independent Power Producers & Energy Traders — 0.1%
	Other Securities^	42,778		519,491
Industrial Conglomerates — 1.7%
	3M Co.	29,721		5,307,279
	Honeywell International, Inc.	29,098		3,371,003
	Other Securities^	87,654		3,181,783
				11,860,065
Insurance — 2.0%
	Other Securities^	221,583		14,025,073
Internet & Catalog Retail — 2.7%
	Amazon.com, Inc.*	19,686		14,761,941
	Priceline Group, Inc. (The)*	2,025		2,968,771
	Other Securities^	26,402		1,283,698
				19,014,410
Internet Software & Services — 2.9%
	Alphabet, Inc., Class A*	6,607		5,235,717
	Alphabet, Inc., Class C*	6,925		5,344,854
	Facebook, Inc., Class A*	58,613		6,743,426
	Other Securities^	77,860		2,935,175
				20,259,172
IT Services — 4.9%
	Accenture PLC, Class A	30,549		3,578,204
	International Business Machines Corp.	44,625		7,407,304
	MasterCard, Inc., Class A	47,484		4,902,723
	Visa, Inc., Class A	70,380		5,491,048
	Other Securities^	226,035		12,499,108
				33,878,387
Leisure Equipment & Products — 0.2%
	Other Securities^	22,331		1,083,325
Life Sciences Tools & Services — 0.5%
	Other Securities^	37,571		3,694,547
Machinery — 2.0%
	Other Securities^	200,098		14,047,348
Marine — 0.0%
	Other Securities^	3,200		163,024
Media — 3.5%
	Comcast Corp., Class A	98,097		6,773,598
	Walt Disney Co. (The)	62,435		6,506,976
	Other Securities^	290,752		11,032,071
				24,312,645
Metals & Mining — 0.3%
	Other Securities^	98,673		2,389,661
Multi-Utilities — 0.9%
	Other Securities^	115,864		6,420,857
Multiline Retail — 0.7%
	Other Securities^	84,782		4,923,951
Oil, Gas & Consumable Fuels — 3.3%
	Exxon Mobil Corp.	75,147		6,782,768
	Other Securities^	368,491		16,268,059
				23,050,827
Paper & Forest Products — 0.0%
	Other Securities^	10,933		261,464
Personal Products — 0.2%
	Other Securities^	29,518		1,059,816
Pharmaceuticals — 4.2%
	Johnson & Johnson	90,418		10,417,058
	Merck & Co., Inc.	90,641		5,336,036
	Pfizer, Inc.	183,764		5,968,655
	Other Securities^	122,436		7,722,560
				29,444,309
Professional Services — 0.3%
	Other Securities^	36,750		2,380,622
Real Estate Management & Development — 0.1%
	Other Securities^	21,417		782,028
Road & Rail — 1.0%
	Union Pacific Corp.	30,668		3,179,658
	Other Securities^	65,100		3,706,711
				6,886,369
Semiconductors & Semiconductor Equipment — 3.1%
	Intel Corp.	155,933		5,655,690
	QUALCOMM, Inc.	45,357		2,957,276
	Texas Instruments, Inc.	41,523		3,029,933
	Other Securities^	223,425		9,759,008
				21,401,907

See notes to financial statements
9

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Software — 4.5%
	Microsoft Corp.	305,137	$	18,961,213
	Oracle Corp.	101,025		3,884,411
	Other Securities^	170,050		8,673,939
				31,519,563
Specialty Retail — 3.5%
	Home Depot, Inc. (The)	60,729		8,142,544
	Lowe’s Cos., Inc.	43,365		3,084,119
	Other Securities^@	228,408		12,917,984
				24,144,647
Textiles, Apparel & Luxury Goods — 0.8%
	Other Securities^	137,637		5,832,543
Thrifts & Mortgage Finance — 0.1%
	Other Securities^	23,300		444,784
Tobacco — 1.7%
	Altria Group, Inc.	96,309		6,512,415
	Philip Morris International, Inc.	50,318		4,603,594
	Other Securities^@	10,464		530,624
				11,646,633
Trading Companies & Distributors — 0.4%
	Other Securities^	43,424		2,730,953
Transportation Infrastructure — 0.0%
	Other Securities^	1,285		104,984
Water Utilities — 0.1%
	Other Securities^	9,668		507,481
Wireless Telecommunication Services — 0.2%
	Other Securities^	32,783		1,052,505
	TOTAL COMMON STOCKS
	(Identified Cost $359,590,833)			664,589,218
RIGHTS AND WARRANTS — 0.0%
Biotechnology — 0.0%
	Other Securities ^¶	1,858		2,062
Consumer Discretionary — 0.0%
	Other Securities ^¶	21,220		11,286
Health Care Providers & Services — 0.0%
	Other Securities^	7,172		32
	TOTAL RIGHTS AND WARRANTS
	(Identified Cost $13,814)			13,380
MUTUAL FUNDS — 4.2%
Other — 4.2%
	DFA U.S. Micro Cap Portfolio	1,412,127		29,499,340
	TOTAL MUTUAL FUNDS
	(Identified Cost $17,923,603)			29,499,340
Investment Company — 0.3%
	State Street Institutional U.S.
	Government Money Market Fund,
	0.170%	2,191,027		2,191,027
Collateral For Securities On Loan — 0.5%
	State Street Navigator Securities
	Lending Government Money Market
	Portfolio	3,299,309		3,299,309
SHORT-TERM INVESTMENTS — 0.8%
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $5,490,336)			5,490,336
Total Investments — 100.4%
	(Identified Cost $383,018,586)#			699,592,274
	Liabilities, Less Cash and
	Other Assets — (0.4%)			(2,497,558	)
Net Assets — 100.0%			$	697,094,716

†	See Note 1
*	Non-income producing security
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $22,860,086.
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non-income producing securities, bankrupt/delisted, and/or fair valued securities.
¶	Contingent value rights based on future performance.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $383,018,586. Net unrealized appreciation aggregated $316,573,688 of which $323,259,174 related to appreciated investment securities and $6,685,486 related to depreciated investment securities.

See notes to financial statements
10

SA U.S. Core Market Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

Portfolio Sectors
(% of portfolio market value)⁺

+        Excludes Short-Term Investments

See notes to financial statements
11

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 99.7%
Aerospace & Defense — 1.0%
	Other Securities^	92,441	$	5,784,718
Air Freight & Logistics — 0.5%
	Other Securities^	20,462		2,916,597
Airlines — 1.1%
	Southwest Airlines Co.	58,229		2,902,133
	Other Securities^	86,452		3,207,071
				6,109,204
Auto Components — 0.5%
	Other Securities^@	67,844		2,663,288
Automobiles — 1.9%
	Ford Motor Co.	419,903		5,093,424
	General Motors Co.	158,398		5,518,586
				10,612,010
Beverages — 0.2%
	Other Securities^	11,973		1,165,093
Biotechnology — 0.1%
	Other Securities^	3,956		567,409
Building Products — 0.3%
	Other Securities^	33,862		1,540,483
Capital Markets — 3.0%
	Bank of New York Mellon Corp. (The)	92,611		4,387,909
	Goldman Sachs Group, Inc. (The)	24,637		5,899,330
	Morgan Stanley	90,875		3,839,469
	Other Securities^	32,325		2,873,491
				17,000,199
Chemicals — 1.2%
	Other Securities^@	129,385		6,605,004
Commercial Banks — 13.0%
	Bank of America Corp.	538,411		11,898,883
	Citigroup, Inc.	212,682		12,639,691
	Fifth Third BanCorp.	127,987		3,451,809
	JPMorgan Chase & Co.	281,434		24,284,940
	PNC Financial Services Group,
	Inc. (The)	36,349		4,251,379
	Wells Fargo & Co.	88,253		4,863,623
	Other Securities^@	474,908		12,646,764
				74,037,089
Commercial Services & Supplies — 0.5%
	Other Securities^	48,088		2,743,420
Communications Equipment — 3.3%
	Cisco Systems, Inc.	558,956		16,891,650
	Other Securities^	90,239		1,924,937
				18,816,587
Computers & Peripherals — 2.0%
	Hewlett Packard Enterprise Co.	226,855		5,249,425
	HP, Inc.	255,741		3,795,196
	Other Securities^@	39,578		2,439,650
				11,484,271
Construction & Engineering — 0.3%
	Other Securities^	30,917		1,587,741
Construction Materials — 0.2%
	Other Securities^	10,532		1,318,080
Consumer Finance — 1.1%
	Capital One Financial Corp.	56,650		4,942,146
	Other Securities^	79,063		1,454,618
				6,396,764
Containers & Packaging — 0.6%
	Other Securities^	61,018		3,189,587
Distributors — 0.1%
	Other Securities^	22,712		696,123
Diversified Financial Services — 0.1%
	Other Securities^	14,013		437,912
Diversified Telecommunication Services — 4.7%
	AT&T, Inc.	544,137		23,142,147
	Other Securities^@	199,044		3,439,849
				26,581,996
Electrical Equipment — 0.5%
	Other Securities^	40,532		2,719,292
Electronic Equipment, Instruments & Components — 1.2%
	Other Securities^	185,910		6,600,342
Energy Equipment & Services — 1.5%
	Other Securities^@	239,162		8,233,071
Food & Staples Retailing — 2.8%
	CVS Health Corp.	99,326		7,837,815
	Wal-Mart Stores, Inc.	82,417		5,696,663
	Other Securities^	33,853		2,385,154
				15,919,632
Food Products — 3.1%
	Mondelez International, Inc., Class A	99,636		4,416,864
	Tyson Foods, Inc., Class A	48,892		3,015,659
	Other Securities^	144,348		10,342,132
				17,774,655
Health Care Equipment & Supplies — 2.4%
	Danaher Corp.	42,050		3,273,172
	Medtronic PLC	94,115		6,703,811
	Other Securities^	98,136		3,402,608
				13,379,591

See notes to financial statements
12

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Health Care Providers & Services — 4.9%
	Aetna, Inc.	44,742	$	5,548,455
	Anthem, Inc.	36,223		5,207,781
	Express Scripts Holding Co.*	71,055		4,887,873
	Humana, Inc.	21,137		4,312,582
	Other Securities^	81,567		7,768,371
				27,725,062
Hotels, Restaurants & Leisure — 1.2%
	Other Securities^	147,405		6,663,157
Household Durables — 1.4%
	Other Securities^@	160,003		8,183,225
Independent Power Producers & Energy Traders — 0.1%
	Other Securities^	68,177		816,025
Industrial Conglomerates — 0.3%
	Other Securities^	40,852		1,676,032
Insurance — 6.7%
	American International Group, Inc.	67,235		4,391,118
	Hartford Financial Services Group, Inc.	61,614		2,935,907
	Travelers Companies, Inc. (The)	27,179		3,327,253
	Other Securities^@	427,137		27,606,533
				38,260,811
Internet & Catalog Retail — 0.3%
	Other Securities^	72,385		1,459,460
Internet Software & Services — 0.2%
	Other Securities^	25,865		929,327
IT Services — 0.9%
	Other Securities^	237,401		5,193,066
Life Sciences Tools & Services — 0.6%
	Thermo Fisher Scientific, Inc.	23,812		3,359,873
	Other Securities^	372		41,782
				3,401,655
Machinery — 2.5%
	Caterpillar, Inc.@	35,868		3,326,398
	Stanley Black & Decker, Inc.	28,415		3,258,916
	Other Securities^	104,221		7,355,563
				13,940,877
Media — 6.4%
	Charter Communications, Inc., Class A*	23,379		6,731,282
	Comcast Corp., Class A	279,514		19,300,442
	Time Warner, Inc.	94,794		9,150,465
	Other Securities^@	52,303		1,341,120
				36,523,309
Metals & Mining — 1.7%
	Newmont Mining Corp.	87,348		2,975,946
	Other Securities^	234,373		6,871,304
				9,847,250
Multiline Retail — 0.5%
	Other Securities^@	66,578		2,923,186
Oil, Gas & Consumable Fuels — 11.1%
	Chevron Corp.	91,767		10,800,976
	ConocoPhillips	78,895		3,955,795
	Exxon Mobil Corp.	242,185		21,859,618
	Marathon Petroleum Corp.	64,008		3,222,803
	Phillips 66.	51,511		4,451,066
	Valero Energy Corp.	68,980		4,712,714
	Other Securities^	271,701		13,718,494
				62,721,466
Pharmaceuticals — 3.2%
	Allergan PLC*	14,401		3,024,354
	Pfizer, Inc.	430,824		13,993,164
	Other Securities^	29,840		1,257,021
				18,274,539
Professional Services — 0.1%
	Other Securities^	6,208		551,705
Real Estate Management & Development — 0.0%
	Other Securities^	500		50,520
Road & Rail — 2.2%
	CSX Corp.	143,799		5,166,698
	Norfolk Southern Corp.	39,083		4,223,700
	Other Securities^	41,861		3,321,826
				12,712,224
Semiconductors & Semiconductor Equipment — 6.3%
	Intel Corp.	530,175		19,229,447
	NVIDIA Corp.@	62,745		6,697,401
	QUALCOMM, Inc.	74,056		4,828,451
	Other Securities^@	160,087		5,263,831
				36,019,130
Software — 0.8%
	Other Securities^	137,584		4,540,972
Specialty Retail — 0.5%
	Other Securities^	114,098		3,037,803
Textiles, Apparel & Luxury Goods — 0.2%
	Other Securities^	12,422		1,121,194
Thrifts & Mortgage Finance — 0.0%
	Other Securities^	11,787		187,531
Trading Companies &
	Distributors — 0.1%
	Other Securities^	4,421		466,769
Transportation Infrastructure — 0.0%
	Other Securities^	2,420		197,714

See notes to financial statements
13

SA U.S. Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Wireless Telecommunication Services — 0.3%
	Other Securities^@	54,373	$	1,655,420
	TOTAL COMMON STOCKS
	(Identified Cost $387,345,252)			565,959,587
SHORT-TERM INVESTMENTS — 0.5%
Investment Company — 0.2%
	State Street Institutional U.S. Government
	Money Market Fund, 0.170%	1,301,019		1,301,019
Collateral For Securities On Loan — 0.3%
	State Street Navigator Securities Lending
	Government Money Market Portfolio	1,347,522		1,347,522
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $2,648,541)			2,648,541
Total Investments — 100.2%
	(Identified Cost $389,993,793)#			568,608,128
	Liabilities, Less Cash and
	Other Assets — (0.2%)			(924,795	)
	Net Assets — 100.0%		$	567,683,333

†	See Note 1
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non-income producing securities, bankrupt/delisted, and/or fair valued securities.
*	Non-income producing security
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $18,596,188.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $389,993,793. Net unrealized appreciation aggregated $178,614,335 of which $191,318,226 related to appreciated investment securities and $12,703,891 related to depreciated investment securities.

Portfolio Sectors
(% of portfolio market value)⁺

+        Excludes Short-Term Investments

See notes to financial statements
14

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 99.6%
Aerospace & Defense — 1.7%
	Other Securities^	210,707	$	6,837,872
Air Freight & Logistics — 0.4%
	Other Securities^	56,614		1,755,520
Airlines — 0.7%
	Other Securities^@	43,296		2,793,275
Auto Components — 1.7%
	Tenneco, Inc.*	14,371		897,756
	Other Securities^	207,166		6,049,478
				6,947,234
Automobiles — 0.3%
	Thor Industries, Inc.	11,128		1,113,356
	Other Securities^	10,123		320,393
				1,433,749
Beverages — 0.4%
	Other Securities^	36,320		1,617,163
Biotechnology — 0.6%
	Other Securities^	165,769		2,611,913
Building Products — 1.6%
	Other Securities^	209,561		6,762,597
Capital Markets — 1.8%
	Other Securities^@	353,264		7,618,242
Chemicals — 2.6%
	Chemtura Corp.*	27,875		925,450
	PolyOne Corp.	29,803		954,888
	Sensient Technologies Corp.	10,853		852,829
	Other Securities^	278,884		8,051,748
				10,784,915
Commercial Banks — 11.9%
	Associated Banc-Corp.	38,741		956,903
	BancorpSouth, Inc.	29,895		928,240
	Bank of Hawaii Corp.@	12,794		1,134,700
	FNB Corp.	54,993		881,538
	Fulton Financial Corp.	44,920		844,496
	Home Bancshares, Inc.	36,276		1,007,385
	MB Financial, Inc.	19,316		912,295
	Private Bancorp, Inc.	19,760		1,070,794
	TCF Financial Corp.	43,473		851,636
	Texas Capital Bancshares, Inc.*	11,663		914,379
	UMB Financial Corp.	11,656		898,911
	Webster Financial Corp.	16,775		910,547
	Other Securities^	1,177,912		37,804,521
				49,116,345
Commercial Services & Supplies — 3.3%
	Deluxe Corp.	12,510		895,841
	Other Securities^	461,474		12,841,829
				13,737,670
Communications Equipment — 1.9%
	Other Securities^	394,983		8,046,022
Computers & Peripherals — 0.4%
	Other Securities^	82,824		1,681,907
Construction & Engineering — 1.6%
	EMCOR Group, Inc.	15,815		1,119,069
	MasTec, Inc.*	22,810		872,483
	Other Securities^	160,085		4,786,873
				6,778,425
Construction Materials — 0.2%
	Other Securities^@	24,651		795,735
Consumer Finance — 0.8%
	Other Securities^	164,751		3,465,415
Containers & Packaging — 0.2%
	Other Securities^	26,069		979,042
Distributors — 0.2%
	Other Securities^	15,388		850,704
Diversified Consumer Services — 1.0%
	Other Securities^	175,481		4,188,152
Diversified Financial Services — 0.1%
	Other Securities^	25,619		325,998
Diversified Telecommunication Services — 0.7%
	Other Securities^	162,111		2,892,823
Electric Utilities — 1.3%
	Allete, Inc.	13,923		893,717
	Other Securities^@	110,060		4,538,213
				5,431,930
Electrical Equipment — 0.9%
	EnerSys	12,221		954,460
	Other Securities^	87,015		2,694,834
				3,649,294
Electronic Equipment, Instruments & Components — 3.5%
	Belden, Inc.	13,079		977,917
	Coherent, Inc.*	6,253		859,068
	Littelfuse, Inc.	6,629		1,006,083
	Other Securities^	399,042		11,521,732
				14,364,800

See notes to financial statements
15

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Energy Equipment & Services — 2.2%
	Patterson-UTI Energy, Inc.@	31,203	$	839,985
	Other Securities^	555,701		8,319,897
				9,159,882
Food & Staples Retailing — 0.7%
	Other Securities^	117,206		2,818,156
Food Products — 1.9%
	Fresh Del Monte Produce, Inc.	16,722		1,013,855
	Other Securities^@	178,471		7,009,052
				8,022,907
Gas Utilities — 1.3%
	ONE Gas, Inc.	13,260		848,110
	Southwest Gas Corp.	11,874		909,786
	WGL Holdings, Inc.	12,554		957,619
	Other Securities^	61,213		2,701,497
				5,417,012
Health Care Equipment & Supplies — 3.1%
	Masimo Corp.*	13,405		903,497
	Other Securities^	328,644		11,843,694
				12,747,191
Health Care Providers & Services — 2.5%
	Chemed Corp.@	5,381		863,166
	Other Securities^	360,540		9,408,867
				10,272,033
Health Care Technology — 0.4%
	Other Securities^	101,594		1,574,028
Hotels, Restaurants & Leisure — 4.0%
	Cheesecake Factory, Inc. (The)	14,048		841,194
	Papa John’s International, Inc.@	12,658		1,083,272
	Jack in the Box, Inc.	9,359		1,044,839
	Texas Roadhouse, Inc.	19,524		941,838
	Wendy’s Co. (The)@	69,630		941,398
	Other Securities^	427,175		11,504,351
				16,356,892
Household Durables — 1.4%
	Other Securities^@	202,675		5,719,157
Household Products — 0.5%
	Other Securities^	62,240		1,985,000
Independent Power Producers & Energy Traders — 0.3%
	Other Securities^	54,124		1,114,875
Industrial Conglomerates — 0.1%
	Other Securities^	9,755		245,826
Insurance — 4.2%
	Aspen Insurance Holdings Ltd.	19,284		1,060,620
	CNO Financial Group, Inc.	53,833		1,030,902
	Primerica, Inc.	13,776		952,610
	RLI Corp.	13,400		845,942
	Other Securities^	405,192		13,502,055
				17,392,129
Internet & Catalog Retail — 0.5%
	Other Securities^	85,598		2,064,362
Internet Software & Services — 1.3%
	Other Securities^	338,074		5,504,611
IT Services — 2.2%
	Science Applications
	International Corp.	11,148		945,350
	Other Securities^	338,393		8,030,259
				8,975,609
Leisure Equipment & Products — 0.4%
	Other Securities^	83,122		1,724,230
Life Sciences Tools & Services — 0.6%
	Other Securities^@	78,162		2,275,842
Machinery — 4.7%
	CLARCOR, Inc.	10,249		845,235
	Other Securities^	614,857		18,534,486
				19,379,721
Marine — 0.2%
	Other Securities^	16,033		732,353
Media — 1.5%
	Other Securities^	311,470		6,186,906
Metals & Mining — 1.7%
	United States Steel Corp.	26,257		866,743
	Other Securities^	409,701		5,962,604
				6,829,347
Multi-Utilities — 0.6%
	Other Securities^	45,243		2,291,860
Multiline Retail — 0.3%
	Other Securities^	76,092		1,294,059
Oil, Gas & Consumable Fuels — 2.1%
	RSP Permian, Inc.*	18,721		835,331
	Other Securities^	535,051		7,809,497
				8,644,828
Paper & Forest Products — 0.9%
	Other Securities^	141,282		3,760,456

See notes to financial statements
16

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Personal Products — 0.5%
	Other Securities^@	125,169	$	2,245,491
Pharmaceuticals — 0.9%
	Other Securities^@	178,848		3,843,643
Professional Services — 1.6%
	Other Securities^	238,071		6,720,195
Real Estate Management & Development — 0.6%
	Other Securities^	87,695		2,463,104
Road & Rail — 1.2%
	Landstar System, Inc.	10,561		900,853
	Other Securities^	149,160		3,916,894
				4,817,747
Semiconductors & Semiconductor Equipment — 3.6%
	Cirrus Logic, Inc.*	15,545		878,914
	Integrated Device Technology, Inc.*	38,007		895,445
	Other Securities^	637,775		13,103,805
				14,878,164
Software — 2.4%
	Mentor Graphics Corp.	32,443		1,196,822
	Other Securities^	473,313		8,595,358
				9,792,180
Specialty Retail — 3.4%
	Other Securities^	757,250		14,013,709
Textiles, Apparel & Luxury Goods — 0.9%
	Other Securities^	167,408		3,892,102
Thrifts & Mortgage Finance — 2.4%
	Washington Federal, Inc.	25,804		886,367
	Other Securities^	462,442		8,892,132
				9,778,499
Tobacco — 0.3%
	Other Securities^@	42,136		1,181,485
Trading Companies & Distributors — 1.5%
	Other Securities^	208,351		6,237,992
Transportation Infrastructure — 0.0%
	Other Securities^@	3,964		12,288
Water Utilities — 0.5%
	Other Securities^@	48,486		1,949,458
Wireless Telecommunication Services — 0.4%
	Other Securities^	61,613		1,458,336
	TOTAL COMMON STOCKS
	(Identified Cost $274,570,992)			411,240,407
RIGHTS AND WARRANTS — 0.0%
Pharmaceuticals — 0.0%
	Other Securities^¶	14,384		—
Software — 0.0%
	Other Securities^@¶	5,000		—
Wireless Telecommunication Services — 0.0%
	Other Securities^¶	2,600		—
	TOTAL RIGHTS AND WARRANTS
	(Identified Cost $19,319)			—
SHORT-TERM INVESTMENTS — 4.8%
Investment Company — 0.2%
	State Street Institutional U.S.
	Government Money Market Fund,
	0.170%	804,000		804,000
Collateral For Securities On Loan — 4.6%
	State Street Navigator Securities Lending Government Money Market Portfolio	18,935,730		18,935,730
	TOTAL SHORT-TERM INVESTMENTS (Identified Cost $19,739,730)			19,739,730
	Total Investments — 104.4%        (Identified Cost $294,330,041)#			430,980,137
	Liabilities, Less Cash and        Other Assets — (4.4%)			(18,170,495	)
Net Assets — 100.0%			$	412,809,642

See notes to financial statements
17

SA U.S. Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

†	See Note 1
*	Non-income producing security
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $38,956,598.
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non-income producing securities, bankrupt/delisted, and/or fair valued securities.
¶	Contingent value rights based on future performance.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $294,330,041. Net unrealized appreciation aggregated $136,650,096 of which $162,040,587 related to appreciated investment securities and $25,390,491 related to depreciated investment securities.

Portfolio Sectors
(% of portfolio market value)⁺

+        Excludes Short-Term Investments

See notes to financial statements
18

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 98.3%
Australia — 6.3%
	Australia & New Zealand Banking
	Group Ltd.	412,220	$	9,049,300
	BHP Billiton Ltd.	402,051		7,270,913
	BHP Billiton Ltd., ADR @	86,553		3,096,866
	Woodside Petroleum Ltd.	211,619		4,758,596
	Other Securities ^@	3,180,536		18,091,631
				42,267,306
Austria — 0.2%
	Other Securities ^	29,707		994,292
Belgium — 1.0%
	Other Securities ^	110,364		7,017,173
Canada — 7.6%
	Bank of Montreal	116,542		8,381,701
	Manulife Financial Corp. ¥	126,128		2,246,096
	Manulife Financial Corp.	111,272		1,982,867
	Suncor Energy, Inc.	266,726		8,721,015
	Suncor Energy, Inc.	65,644		2,145,902
	Other Securities ^@¥	2,108,802		28,105,201
				51,582,782
Denmark — 1.7%
	Other Securities ^	207,090		11,440,553
Finland — 0.8%
	Other Securities ^	349,537		5,253,404
France — 9.8%
	AXA SA	149,383		3,771,595
	BNP Paribas SA	111,531		7,108,761
	Cie de Saint-Gobain	114,199		5,319,965
	Engie SA	296,273		3,779,887
	Orange SA	358,763		5,451,407
	Renault SA	50,745		4,514,249
	Societe Generale SA	134,518		6,619,112
	Total SA	303,760		15,578,371
	Other Securities ^@	838,925		14,337,809
				66,481,156
Germany — 7.8%
	Allianz SE	75,950		12,551,962
	Bayerische Motoren Werke AG	63,112		5,896,095
	Daimler AG	169,178		12,594,192
	E.On AG	550,518		3,882,670
	Other Securities ^	720,631		17,447,267
				52,372,186
Hong Kong — 2.4%
	CK Hutchison Holdings Ltd.	377,124		4,274,834
	Other Securities ^@	4,374,997		12,056,799
				16,331,633
Ireland — 0.3%
	Other Securities ^	3,154,539		2,273,609
Israel — 0.5%
	Other Securities ^	502,581		3,393,106
Italy — 0.8%
	Other Securities ^@	2,978,262		5,107,560
Japan — 22.4%
	Hitachi Ltd.	699,000		3,779,833
	Honda Motor Co., Ltd.	245,500		7,173,326
	ITOCHU Corp.	256,800		3,410,084
	Mitsubishi UFJ Financial Group,
	Inc., ADR	1,031,340		6,353,054
	Mizuho Financial Group, Inc.	4,432,400		7,956,514
	Nissan Motor Co., Ltd.	426,800		4,292,649
	Sumitomo Mitsui Financial Group, Inc.	225,900		8,620,441
	Other Securities ^	12,106,033		109,651,304
				151,237,205
Netherlands — 3.4%
	ING Groep NV	513,355		7,224,925
	Koninklijke Philips NV	105,517		3,225,655
	Other Securities ^¢	941,667		12,593,520
				23,044,100
New Zealand — 0.1%
	Other Securities ^	108,665		703,825
Norway — 0.6%
	Other Securities ^	379,299		3,827,584
Portugal — 0.0%
	Other Securities ^	446,935		205,679
Singapore — 0.9%
	Other Securities ^	3,102,461		6,039,639
Spain — 2.7%
	Banco Santander SA	2,369,099		12,366,918
	Other Securities ^@	1,572,574		5,850,576
				18,217,494
Sweden — 2.2%
	Nordea Bank AB	329,011		3,658,246
	Other Securities ^@	1,156,704		10,869,616
				14,527,862

See notes to financial statements
19

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Switzerland — 7.8%
	ABB Ltd. *	239,563	$	5,053,337
	Adecco Group SA	49,724		3,254,546
	Cie Financiere Richemont SA	87,601		5,802,502
	LafargeHolcim Ltd. *µ	36,060		1,899,852
	LafargeHolcim Ltd. *=	35,941		1,888,450
	Novartis AG	81,820		5,953,905
	Swatch Group AG (The) µ	8,156		2,536,586
	Swiss Re AG	72,191		6,841,237
	UBS Group AG	263,220		4,122,910
	Zurich Insurance Group AG *	25,793		7,102,384
	Other Securities ^*µ	237,801		8,433,349
				52,889,058
United Kingdom — 19.0%
	Anglo American PLC *	245,068		3,503,452
	Barclays PLC, ADR	313,402		3,447,422
	BP PLC, ADR @	782,273		29,241,365
	Glencore PLC *	2,491,810		8,517,158
	HSBC Holdings PLC	386,814		3,131,505
	HSBC Holdings PLC, ADR @	425,068		17,079,232
	Royal Dutch Shell PLC, ADR,
	Class A @	303,319		16,494,487
	Royal Dutch Shell PLC, ADR,
	Class B @	253,799		14,712,728
	Vodafone Group PLC	7,028,749		17,311,464
	Other Securities ^@	2,516,598		15,080,674
				128,519,487
	TOTAL COMMON STOCKS
	(Identified Cost $661,927,436)			663,726,693
PREFERRED STOCKS — 0.8%
Germany — 0.8%
	Volkswagen AG, 4.550%	30,797		4,323,003
	Other Securities ^	24,473		1,546,255
				5,869,258
	TOTAL PREFERRED STOCKS
	(Identified Cost $9,328,586)			5,869,258
RIGHTS AND WARRANTS — 0.0%
Spain — 0.0%
	Other Securities ^	143,928		53,330
	TOTAL RIGHTS AND WARRANTS
	(Identified Cost $50,349)			53,330
SHORT-TERM INVESTMENTS — 4.9%
Investment Company — 0.5%
	State Street Institutional U.S.
	Government Money Market
	Fund, 0.170%	3,383,000		3,383,000
Collateral For Securities On Loan — 4.4%
	State Street Navigator Securities
	Lending Government Money
	Market Portfolio	29,617,358		29,617,358
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $33,000,358)			33,000,358
Total Investments — 104.0%
	(Identified Cost $704,306,729)#			702,649,639
	Liabilities, Less Cash and Other
	Assets — (4.0%)			(27,348,112	)
Net Assets — 100.0%			$	675,301,527

†	See Note 1
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $68,009,899.
*	Non-income producing security
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non-income producing securities, bankrupt/delisted, and/or fair valued securities.
¥	Traded on the Canada, Toronto Stock Exchange.
¢	Traded on the Netherlands, Euronext Amsterdam Stock Market.
µ	Traded on the Switzerland, Swiss Exchange.
=	Traded on the France, Euronext Paris Exchange.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $704,306,729. Net unrealized depreciation aggregated $1,657,090 of which $81,494,547 related to appreciated investment securities and $83,151,637 related to depreciated investment securities.

Key to abbreviations:
ADR — American Depository Receipt

See notes to financial statements
20

SA International Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

Ten largest industry holdings as of December 31, 2016
(As a percentage of net assets):

Industry	Percentage
Commercial Banks	20.2	%
Oil, Gas & Consumable Fuels	16.4	%
Insurance	9.4	%
Metals & Mining	7.8	%
Automobiles	7.6	%
Short-Term	4.9	%
Chemicals	3.6	%
Wireless Telecommunication Services	2.6	%
Real Estate Management & Development	1.9	%
Auto Components	1.7	%

Country Weightings
(% of portfolio market value)⁺

⁺ Excludes Short-Term Investments

See notes to financial statements
21

SA International Small Company Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
MUTUAL FUNDS — 100.0%
Other — 100.0%
	DFA International Small
	Company Portfolio£	18,352,025	$	316,939,477
	TOTAL MUTUAL FUNDS
	(Identified Cost $222,881,877)			316,939,477
Total Investments — 100.0%
	(Identified Cost $222,881,877)#			316,939,477
	Cash and Other Assets,
	Less Liabilities — 0.0%			103,040
Net Assets — 100.0%			$	317,042,517

†	See Note 1
£	Please refer to the Portfolio of Investments of the DFA International Small Company Portfolio included elsewhere in this report.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $222,881,877. Net unrealized appreciation aggregated $94,057,600, which related solely to appreciated investment securities.

See notes to financial statements
22

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 95.9%
Brazil — 4.7%
	Petroleo Brasileiro SA *	382,443	$	1,990,532
	Vale SA	169,416		1,336,714
	Other Securities ^	1,084,751		5,085,879
				8,413,125
Chile — 1.4%
	Other Securities ^	938,026		2,494,950
China — 16.1%
	Agricultural Bank of China Ltd.,
	H Shares	1,727,000		708,216
	Bank of China Ltd., H Shares	5,257,902		2,332,476
	China Construction Bank Corp.,
	H Shares	8,382,810		6,453,721
	China Petroleum & Chemical Corp.,
	H Shares	1,732,400		1,228,732
	CNOOC Ltd.	1,521,000		1,902,599
	Industrial & Commercial Bank of China
	Ltd., H Shares	5,440,000		3,262,106
	Other Securities ^	23,854,235		12,909,782
				28,797,632
Colombia — 0.5%
	Other Securities ^	125,579		975,730
Czech Republic — 0.2%
	Other Securities ^	28,833		382,924
Greece — 0.1%
	Other Securities ^	92,060		195,623
Hungary — 0.4%
	Other Securities ^	17,550		680,536
India — 11.9%
	Axis Bank Ltd.	180,957		1,200,603
	Bharti Airtel Ltd.	189,175		851,943
	ICICI Bank Ltd.	199,777		750,746
	Larsen & Toubro Ltd.	49,087		975,556
	Reliance Industries Ltd.	146,455		2,332,016
	Tata Motors Ltd.	174,932		1,211,147
	Other Securities ^±	4,875,148		13,888,877
				21,210,888
Indonesia — 3.2%
	Bank Mandiri Tbk PT	1,289,800		1,108,141
	Other Securities ^	49,390,822		4,566,279
				5,674,420
Korea — 16.0%
	Hana Financial Group, Inc.	29,388		760,370
	Hyundai Motor Co.	22,799		2,755,965
	KB Financial Group, Inc., ADR *	29,675		1,047,231
	Kia Motors Corp.	44,490		1,445,796
	LG Display Co., Ltd., ADR *	62,695		805,631
	LG Electronics, Inc.	19,054		814,031
	POSCO, ADR	28,384		1,491,579
	Shinhan Financial Group Co., Ltd.	20,589		771,363
	Shinhan Financial Group
	Co., Ltd., ADR *	24,410		918,792
	SK Hynix, Inc.	21,155		782,935
	SK Innovation Co., Ltd.	10,175		1,234,176
	Other Securities ^>	788,117		15,756,029
				28,583,898
Malaysia — 3.0%
	Other Securities ^	9,161,162		5,290,784
Mexico — 4.4%
	Cemex SAB de CV *	952,873		762,127
	Grupo Financiero Banorte SAB de CV	223,987		1,103,206
	Grupo Mexico SAB de CV, Series B	579,771		1,574,330
	Other Securities ^	1,919,992		4,402,268
				7,841,931
Philippines — 1.4%
	Other Securities ^	8,261,770		2,473,871
Poland — 1.5%
	Other Securities ^	483,233		2,718,375
Russia — 2.3%
	Gazprom PAO, ADR	432,870		2,185,993
	Lukoil PJSC, ADR	30,968		1,737,305
	Other Securities ^	96,618		221,139
				4,144,437
South Africa — 8.4%
	Barclays Africa Group Ltd.	72,512		890,656
	MTN Group Ltd.	215,960		1,983,994
	Sasol Ltd.	25,120		729,616
	Sasol Ltd., ADR	48,002		1,372,377
	Standard Bank Group Ltd.	207,913		2,297,319
	Steinhoff International Holdings NV	260,553		1,352,305
	Other Securities ^	1,740,929		6,368,862
				14,995,129

See notes to financial statements
23

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Taiwan — 16.0%
	Asustek Computer, Inc.	86,000		707,127
	Cathay Financial Holding Co., Ltd.	704,000		1,052,865
	China Steel Corp.	1,495,800		1,144,046
	CTBC Financial Holding Co., Ltd.	2,174,280		1,190,730
	Fubon Financial Holding Co., Ltd.	993,211		1,571,683
	Hon Hai Precision Industry Co., Ltd.	665,335		1,738,224
	Mega Financial Holding Co., Ltd.	1,210,850		864,115
	United Microelectronics Corp.	2,099,513		742,637
	Other Securities ^	33,244,314		19,538,064
				28,549,491
Thailand — 3.1%
	PTT Exploration & Production PCL	291,500		783,482
	PTT PCL	204,200		2,121,233
	Other Securities ^	7,734,001		2,544,642
				5,449,357
Turkey — 1.3%
	Other Securities ^	1,721,012		2,241,486
	TOTAL COMMON STOCKS
	(Identified Cost $185,492,837)			171,114,587
PREFERRED STOCKS — 3.5%
Brazil — 3.3%
	Petroleo Brasileiro SA, ADR 0.900% *	146,867		1,293,898
	Petroleo Brasileiro SA, 0.998% *	395,307		1,806,070
	Vale SA, 8.000%	254,690		1,826,425
	Other Securities ^	257,101		1,000,609
				5,927,002
Colombia — 0.2%
	Other Securities ^	60,056		225,074
	TOTAL PREFERRED STOCKS
	(Identified Cost $8,000,602)			6,152,076
RIGHTS AND WARRANTS — 0.0%
Thailand — 0.0%
	Other Securities ^	6,596		—
	TOTAL RIGHTS AND WARRANTS
	(Identified Cost $0)			—
SHORT-TERM INVESTMENTS — 1.7%
Investment Company — 0.4%
	State Street Institutional U.S.
	Government Money Market
	Fund, 0.170%	660,012		660,012
Collateral For Securities On Loan — 1.3%
	State Street Navigator Securities
	Lending Government Money
	Market Portfolio	2,362,815		2,362,815
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $3,022,827)			3,022,827
Total Investments — 101.1%
	(Identified Cost $196,516,266)#			180,289,490
	Liabilities, Less Cash and
	Other Assets — (1.1%)			(1,948,197	)
Net Assets — 100.0%			$	178,341,293

†	See Note 1
*	Non-income producing security
^	The Summary Portfolio of Investments does not reflect the Fund’s complete portfolio holdings. “Other Securities” are those securities that are not among the top 50 holdings of the Fund or do not represent more than 1% of the net assets of the Fund. Certain individual securities within this category may include non-income producing securities, bankrupt/delisted, and/or fair valued securities.
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at December 31, 2016 amounted to $277,791 or 0.17% of the net assets of the Fund.
>	Traded on the Korea (South), KRX KOSPI Market.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $196,516,266. Net unrealized depreciation aggregated $16,226,776 of which $16,486,394 related to appreciated investment securities and $32,713,170 related to depreciated investment securities.

Key to abbreviations:
ADR — American Depository Receipt

See notes to financial statements
24

SA Emerging Markets Value Fund

SUMMARY PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

Ten largest industry holdings as of December 31, 2016
(As a percentage of net assets):

Industry	Percentage
Commercial Banks	24.0	%
Oil, Gas & Consumable Fuels	14.4	%
Metals & Mining	8.2	%
Electronic Equipment, Instruments & Components	4.2	%
Automobiles	3.7	%
Chemicals	3.7	%
Real Estate Management & Development	3.2	%
Industrial Conglomerates	3.0	%
Computers & Peripherals	2.6	%
Insurance	2.3	%

Country Weightings
(% of portfolio market value)⁺

⁺ Excludes Short-Term Investments

See notes to financial statements
25

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 99.1%
Real Estate Investment Trusts (REITs) — 99.1%
	Acadia Realty Trust	17,192	$	561,835
	Agree Realty Corp.	5,009		230,664
	Alexander’s, Inc.	518		221,119
	Alexandria Real Estate Equities, Inc.	17,452		1,939,441
	American Assets Trust, Inc.	8,315		358,210
	American Campus Communities, Inc.	27,869		1,387,040
	American Homes 4 Rent., Class A	31,890		669,052
	Apartment Investment &        Management Co., Class A	35,040		1,592,568
	Apple Hospitality REIT, Inc.	24,002		479,560
	Ashford Hospitality Prime, Inc.	7,756		105,869
	Ashford Hospitality Trust, Inc.	19,998		155,184
	AvalonBay Communities, Inc.	30,117		5,335,227
	Bluerock Residential Growth        REIT, Inc.	3,300		45,276
	Boston Properties, Inc.	33,591		4,225,076
	Brandywine Realty Trust	39,490		651,980
	Brixmor Property Group, Inc.	54,447		1,329,596
	Camden Property Trust	19,725		1,658,281
	Care Capital Properties, Inc.	19,528		488,200
	CareTrust REIT, Inc.	11,450		175,414
	CBL & Associates Properties, Inc.	34,365		395,197
	Cedar Realty Trust, Inc.	17,672		115,398
	Chatham Lodging Trust	8,674		178,251
	Chesapeake Lodging Trust	14,236		368,143
	City Office REIT, Inc.	2,976		39,194
	Colony Starwood Homes	8,009		230,739
	Columbia Property Trust, Inc.	20,692		446,947
	CoreSite Realty Corp.@	7,619		604,720
	Corporate Office Properties Trust	20,988		655,245
	Cousins Properties, Inc.	67,428		573,812
	CubeSmart	40,685		1,089,137
	CyrusOne, Inc.	15,754		704,676
	DCT Industrial Trust, Inc.	20,528		982,881
	DDR Corp.	70,573		1,077,650
	DiamondRock Hospitality Co.	45,908		529,319
	Digital Realty Trust, Inc.	32,333		3,177,041
	Douglas Emmett, Inc.	32,605		1,192,039
	Duke Realty Corp.	77,881		2,068,519
	DuPont Fabros Technology, Inc.	16,321		716,982
	Easterly Government Properties, Inc.	1,300		26,026
	EastGroup Properties, Inc.	7,513		554,760
	Education Realty Trust, Inc.	14,022		593,131
	Empire State Realty Trust, Inc.,        Class A	25,972		524,375
	EPR Properties	14,464		1,038,081
	Equinix, Inc.	13,480		4,817,887
	Equity Commonwealth*	27,081		818,929
	Equity LifeStyle Properties, Inc.	18,280		1,317,988
	Equity One, Inc.	19,218		589,800
	Equity Residential	80,223		5,163,152
	Essex Property Trust, Inc.	14,520		3,375,900
	Extra Space Storage, Inc.	28,249		2,181,953
	Federal Realty Investment Trust	15,985		2,271,628
	FelCor Lodging Trust, Inc.	27,703		221,901
	First Industrial Realty Trust, Inc.	26,455		742,063
	First Potomac Realty Trust	12,872		141,206
	Forest City Realty Trust, Inc., Class A	41,437		863,547
	Four Corners Property Trust, Inc.	1,963		40,281
	Franklin Street Properties Corp.	22,915		296,978
	Gaming & Leisure Properties, Inc.	37,864		1,159,396
	General Growth Properties, Inc.	126,933		3,170,786
	Getty Realty Corp.	6,637		169,177
	Gladstone Commercial Corp.	5,964		119,876
	Gladstone Land Corp.@	1,515		17,029
	Global Net Lease, Inc.@	4,979		38,986
	Government Properties        Income Trust@	17,229		328,471
	Gramercy Property Trust	46,773		429,376
	HCP, Inc.	103,101		3,064,162
	Healthcare Realty Trust, Inc.	24,902		755,029
	Healthcare Trust of America, Inc.,        Class A	31,584		919,410
	Hersha Hospitality Trust	9,632		207,088
	Highwoods Properties, Inc.	22,688		1,157,315
	Hospitality Properties Trust	36,298		1,152,099
	Host Hotels & Resorts, Inc.	165,383		3,115,816
	Hudson Pacific Properties, Inc.	19,019		661,481
	Independence Realty Trust, Inc.	6,510		58,069
	Investors Real Estate Trust	26,116		186,207
	Iron Mountain, Inc.	49,787		1,617,082
	Kilroy Realty Corp.	20,805		1,523,342
	Kimco Realty Corp.	92,831		2,335,628
	Kite Realty Group Trust	19,357		454,502
	LaSalle Hotel Properties	25,244		769,185
	Lexington Realty Trust	48,883		527,936
	Liberty Property Trust	33,234		1,312,743
	Life Storage, Inc.	8,992		766,658
	LTC Properties, Inc.	8,869		416,666
	Macerich Co. (The)	27,104		1,920,047
	Mack-Cali Realty Corp.	19,584		568,328
	Medical Properties Trust, Inc.	58,588		720,632
	Mid-America Apartment        Communities, Inc.	26,488		2,593,705
	Monmouth Real Estate Investment        Corp., Class A	14,037		213,924
	Monogram Residential Trust, Inc.	7,657		82,849
	National Health Investors, Inc.	8,820		654,179
	National Retail Properties, Inc.	33,434		1,477,783
	National Storage Affiliates Trust	1,654		36,504
	New Senior Investment Group, Inc.	17,592		172,226
	New York REIT, Inc.	22,408		226,769
	NexPoint Residential Trust, Inc.	2,800		62,552
	NorthStar Realty Europe Corp.	7,232		90,906
	Omega Healthcare Investors, Inc.	43,595		1,362,780
	One Liberty Properties, Inc.	2,871		72,120
	Paramount Group, Inc.	23,557		376,676
	Parkway, Inc.*	10,766		239,543
	Pebblebrook Hotel Trust@	16,826		500,573
	Pennsylvania REIT	14,993		284,267
	Physicians Realty Trust	14,151		268,303
	Piedmont Office Realty Trust, Inc.,        Class A	32,747		684,740
	Prologis, Inc.	114,395		6,038,912

See notes to financial statements
26

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Real Estate Investment Trusts (REITs) (Continued)
	PS Business Parks, Inc.	4,655	$	542,401
	Public Storage	32,082		7,170,327
	QTS Realty Trust, Inc., Class A	8,920		442,878
	Quality Care Properties, Inc.*	20,620		319,610
	Ramco-Gershenson Properties Trust	18,901		313,379
	Realty Income Corp.	56,780		3,263,714
	Regency Centers Corp.	23,034		1,588,194
	Retail Opportunity Investments Corp.	24,585		519,481
	Retail Properties of America, Inc.,        Class A	53,599		821,673
	Rexford Industrial Realty, Inc.	12,916		299,522
	RLJ Lodging Trust	28,027		686,381
	Ryman Hospitality Properties	10,494		661,227
	Sabra Healthcare REIT, Inc.	15,652		382,222
	Saul Centers, Inc.	3,327		221,611
	Select Income REIT	15,667		394,808
	Senior Housing Properties Trust	53,916		1,020,630
	Seritage Growth Properties,        Class A@	164		7,004
	Silver Bay Realty Trust Corp.	7,694		131,875
	Simon Property Group, Inc.	68,122		12,103,236
	SL Green Realty Corp.	22,219		2,389,653
	Sotherly Hotels, Inc.	3,111		21,124
	Spirit Realty Capital, Inc.	109,173		1,185,619
	STAG Industrial, Inc.	16,666		397,817
	STORE Capital Corp.	19,575		483,698
	Summit Hotel Properties, Inc.	21,227		340,269
	Sun Communities, Inc.	13,063		1,000,756
	Sunstone Hotel Investors, Inc.	48,579		740,830
	Tanger Factory Outlet Centers, Inc.	21,805		780,183
	Taubman Centers, Inc.	13,717		1,014,098
	Terreno Realty Corp.	10,190		290,313
	Tier REIT, Inc.	2,000		34,780
	UDR, Inc.	59,824		2,182,380
	UMH Properties, Inc.	5,369		80,803
	Universal Health Realty        Income Trust	3,394		222,612
	Urban Edge Properties	22,808		627,448
	Urstadt Biddle Properties, Inc.	1,000		19,600
	Urstadt Biddle Properties, Inc.,        Class A	6,307		152,062
	Ventas, Inc.	76,469		4,780,842
	VEREIT, Inc.	197,221		1,668,490
	Vornado Realty Trust	37,435		3,907,091
	Washington Prime Group, Inc.	43,142		449,108
	Washington REIT	16,908		552,723
	Weingarten Realty Investors	27,738		992,743
	Welltower, Inc.	78,397		5,247,111
	Whitestone REIT	7,118		102,357
	WP Carey, Inc.	22,588		1,334,725
	Xenia Hotels & Resorts, Inc.	10,828		210,280
				169,516,589
	TOTAL COMMON STOCKS        (Identified Cost $112,750,561)			169,516,589
SHORT-TERM INVESTMENTS — 0.5%
Investment Company — 0.4%
	State Street Institutional U.S. Government        Money Market Fund, 0.170%	645,045		645,045
Collateral For Securities On Loan — 0.1%
	State Street Navigator Securities        Lending Government Money        Market Portfolio	265,531		265,531
	TOTAL SHORT-TERM INVESTMENTS        (Identified Cost $910,576)			910,576
Total Investments — 99.6%        (Identified Cost $113,661,137)#				170,427,165
	Cash and Other Assets,        Less Liabilities — 0.4%			617,788
Net Assets — 100.0%			$	171,044,953

†	See Note 1
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $1,249,108.
*	Non-income producing security
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $113,661,137. Net unrealized appreciation aggregated $56,766,028 of which $59,234,977 related to appreciated investment securities and $2,468,949 related to depreciated investment securities.

Key to abbreviations:
REIT — Real Estate Investment Trust

See notes to financial statements
27

SA Real Estate Securities Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

Portfolio Sectors
(% of portfolio market value)⁺

⁺ Excludes Short-Term Investments

See notes to financial statements
28

SA Worldwide Moderate Growth Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

	SHARES	VALUE†
MUTUAL FUNDS — 100.1%
Other — 100.1%
SA Emerging Markets Value Fund€	211,917	$	1,750,437
SA Global Fixed Income Fund€	236,013		2,258,641
SA International Value Fund€	322,673		3,297,718
SA Real Estate Securities Fund€	78,428		876,041
SA U.S. Core Market Fund€	155,547		3,098,490
SA U.S. Fixed Income Fund€	204,746		2,082,271
SA U.S. Small Company Fund€	61,170		1,548,205
SA U.S. Value Fund€	137,577		2,408,975
			17,320,778
TOTAL MUTUAL FUNDS
(Identified Cost $16,615,477)			17,320,778
Total Investments — 100.1%
(Identified Cost $16,615,477)#			17,320,778
Liabilities, Less Cash and
Other Assets — (0.1%)			(8,807	)
Net Assets — 100.0%		$	17,311,971

†	See Note 1
€	Affiliated company
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $16,615,477. Net unrealized appreciation aggregated $705,301 of which $740,388 related to appreciated investment securities and $35,087 related to depreciated investment securities.

See notes to financial statements
29

STATEMENTS OF ASSETS AND LIABILITIES — DECEMBER 31, 2016 (Unaudited)

	SA			SA			SA
	U.S. Fixed			Global Fixed			U.S. Core
	Income Fund			Income Fund			Market Fund
ASSETS
Investments in unaffiliated securities, at value	$	604,998,501		$	720,504,560		$	699,592,274
Investments in affiliated securities, at value		—			—			—
Cash		743			202			4,387
Foreign currency, at value		—			700			—
Receivable for investments sold		2,494,800			—			52,730
Dividends and interest receivable		2,457,417			4,340,038			712,969
Receivable for fund shares sold		1,513,875			1,534,659			1,123,210
Unrealized appreciation on forward foreign
currency exchange contracts (Note 1)		—			726,061			—
Receivable from the Adviser (Note 2)		—			—			—
Receivable for tax reclaims		—			—			—
Prepaid expenses		14,417			19,674			19,406
Other assets		—			—			1,151
Total Assets		611,479,753			727,125,894			701,506,127
LIABILITIES
Payable for investments purchased		3,511,895			—			—
Payable for fund shares redeemed		736,692			693,224			547,484
Collateral for securities on loan (Note 1)		—			11,401,718			3,299,309
Unrealized depreciation on forward foreign
currency exchange contracts (Note 1)		—			23,311			—
Advisory fee payable (Note 2)		86,692			151,257			266,539
Sub-Advisory fee payable (Note 2)		25,738			30,251			27,365
Administration fee payable (Note 2)		51,475			60,503			59,231
Sub-Administration fee payable (Note 2)		9,572			11,811			9,933
Custody and accounting fees payable		6,583			9,211			7,869
Trustees’ fees payable (Note 2)		108			108			108
Shareholder servicing fee payable (Note 2)		128,689			151,257			148,077
Transfer agent fee payable		12,892			13,136			15,023
Professional fees payable		20,089			24,770			23,142
Accrued expenses and other liabilities		8,294			10,449			7,331
Total Liabilities		4,598,719			12,581,006			4,411,411
NET ASSETS	$	606,881,034		$	714,544,888		$	697,094,716
NET ASSETS CONSIST OF:
Paid-in capital	$	608,175,443		$	718,922,799		$	375,902,179
Undistributed (overdistributed) net investment income (loss)		(25,702	)		63,702			24,404
Accumulated net realized gain (loss)		26,841			(575,528	)		4,594,445
Net unrealized appreciation (depreciation) on:
Investments (1)		(1,295,548	)		(4,568,403	)		316,573,688
Foreign currency and forward currency transactions		—			702,318			—
NET ASSETS	$	606,881,034		$	714,544,888		$	697,094,716
Shares of beneficial interest outstanding
($0.01 par value, unlimited shares authorized)		59,674,069			74,644,196			35,000,920
Net asset value per share	$	10.17		$	9.57		$	19.92
Identified cost of unaffiliated investments	$	606,294,049		$	725,072,963		$	383,018,586
Cost of foreign currency	$	—		$	704		$	—
(1) Net of deferred capital gain country tax of:	$	—		$	—		$	—

See notes to financial statements
30

SA		SA			SA			SA International			SA			SA			SA Worldwide
U.S. Value		U.S. Small			International			Small Company			Emerging Markets			Real Estate			Moderate
Fund		Company Fund			Value Fund			Fund			Value Fund			Securities Fund			Growth Fund
$	568,608,128	$	430,980,137		$	702,649,639		$	316,939,477		$	180,289,490		$	170,427,165		$	—
	—		—			—			—			—			—			17,320,778
	9,513		414			22,093			372			967			442			—
	—		—			860,562			—			583,244			—			—
	926,581		637,878			—			—			214,727			—			32,662
	584,322		361,179			680,170			—			72,314			819,039			—
	883,563		584,257			1,158,010			531,092			548,604			344,565			5,112
	—		—			—			—			—			—			—
	—		22,845			—			—			38,149			9,118			8,797
	—		—			697,702			—			11,726			—			—
	18,335		16,847			21,697			28,051			11,139			14,687			12,979
	—		—			—			—			—			—			3,722
	571,030,442		432,603,557			706,089,873			317,498,992			181,770,360			171,615,016			17,384,050
	1,067,819		99,310			—			—			527,890			—			—
	446,558		309,618			514,997			186,378			123,231			146,041			37,774
	1,347,522		18,935,730			29,617,358			—			2,362,815			265,531			—
	—		—			—			—			—			—			—
	217,448		158,382			285,710			132,731			75,307			49,422			—
	48,322		123,186			114,284			—			75,307			21,181			—
	48,322		35,196			57,142			26,546			15,061			14,121			—
	7,229		5,127			8,417			5,021			1,948			3,399			274
	3,933		4,279			11,118			931			11,672			2,805			1,875
	108		108			108			108			108			108			108
	120,805		87,990			142,855			66,365			37,654			35,302			—
	14,625		14,459			15,114			14,403			12,968			13,203			5,741
	19,979		19,883			21,243			23,992			17,076			18,259			20,976
	4,439		647			—			—			168,030			691			5,331
	3,347,109		19,793,915			30,788,346			456,475			3,429,067			570,063			72,079
$	567,683,333	$	412,809,642		$	675,301,527		$	317,042,517		$	178,341,293		$	171,044,953		$	17,311,971
$	381,284,381	$	268,756,337		$	712,752,420		$	245,684,245		$	206,854,124		$	114,418,391		$	16,349,636
	14,363		(254,800	)		2,959,153			(557,978	)		(863,389	)		718,027			(5,525	)
	7,770,254		7,658,009			(38,688,588	)		(22,141,350	)		(11,240,484	)		(3,912,244	)		262,559
	178,614,335		136,650,096			(1,657,090	)		94,057,600			(16,404,664	)		59,820,779			705,301
	—		—			(64,368	)		—			(4,294	)		—			—
$	567,683,333	$	412,809,642		$	675,301,527		$	317,042,517		$	178,341,293		$	171,044,953		$	17,311,971
	32,416,715		16,312,651			66,053,365			16,625,851			21,580,785			15,309,581			1,714,853
$	17.51	$	25.31		$	10.22		$	19.07		$	8.26		$	11.17		$	10.10
$	389,993,793	$	294,330,041		$	704,306,729		$	222,881,877		$	196,516,266		$	113,661,137		$	16,615,477
$	—	$	—		$	857,692		$	—		$	584,357		$	—		$	—
$	—	$	—		$	—		$	—		$	177,888		$	—		$	—

See notes to financial statements
31

STATEMENTS OF OPERATIONS—SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited)

	SA U.S.			SA Global			SA U.S.
	Fixed Income			Fixed Income			Core Market
	Fund			Fund			Fund
INVESTMENT INCOME
Income:
Unaffiliated dividends	$	—		$	—		$	7,059,355
Affiliated dividends		—			—			—
Interest (1)		3,422,551			6,189,469			50,665
Other income		—			36			6,600
Taxes withheld		—			—			—
Total Income		3,422,551			6,189,505			7,116,620
Expenses:
Advisory fees (Note 2)		462,126			913,675			1,553,232
Shareholder Services fees (Note 2)		770,210			913,675			862,907
Administration fees (Note 2)		308,084			365,470			345,163
Sub-Advisory fees (Note 2)		154,042			182,735			159,465
Expense recouped by the Adviser (Note 2)		52,470			—			—
Sub-Administration fees (Note 2)		56,827			67,928			62,604
Trustees’ fees and expenses (Note 2)		13,283			13,283			13,283
Custody and accounting fees		43,993			31,889			42,895
Transfer agent fees		64,894			66,479			76,379
Professional fees *		22,798			27,295			25,979
Registration fees		17,054			18,622			17,491
Other expenses **		36,766			42,611			42,677
Total expenses before waivers and reimbursements:		2,002,547			2,643,662			3,202,075
Less: Fee waiver by the Adviser (Note 2)		—			—			(6,792	)
Net expenses		2,002,547			2,643,662			3,195,283
Net investment income		1,420,004			3,545,843			3,921,337
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on:
Investments (2)		195,707			(3,013,237	)		20,108,837
Foreign currency and forward currency transactions		—			2,634,294			6
Capital gain distributions from Underlying Funds		—			—			—
Increase (decrease) in unrealized appreciation (depreciation) on:
Investments (3)		(3,289,826	)		(12,330,641	)		29,011,996
Foreign currency and forward currency transactions		—			(528,315	)		—
Net realized and unrealized gain (loss) on investments and foreign
currency transactions		(3,094,119	)		(13,237,899	)		49,120,839
Net increase (decrease) in net assets resulting from operations	$	(1,674,115	)	$	(9,692,056	)	$	53,042,176
(1) Interest income includes security lending income of:	$	—		$	41,454		$	50,217
(2) Net of capital gain country tax of:	$	—		$	—		$	—
(3) Net of increase of deferred capital gain country tax accrual of:	$	—		$	—		$	—
* Professional fees include, but are not limited to, fees associated
with legal, audit and tax services.
** Other expenses include, but are not limited to, fees associated
with insurance and printing services.

See notes to financial statements
32

SA U.S.		SA U.S.			SA International			SA International		SA			SA			SA
Value		Small Company			Value			Small Company		Emerging Markets			Real Estate			Worldwide Moderate
Fund		Fund			Fund			Fund		Value Fund			Securities Fund			Growth Fund
$	6,352,797	$	2,719,301		$	9,631,126		$	3,166,149	$	2,148,901		$	4,645,893		$	—
	—		—			—			—		—			—			231,154
	14,363		187,000			293,991			—		20,290			7,615			—
	18		24,773			95,175			2,486		38			—			—
	—		(894	)		(493,936	)		—		(318,828	)		—			—
	6,367,178		2,930,180			9,526,356			3,168,635		1,850,401			4,653,508			231,154
	1,226,423		878,208			1,628,783			801,867		449,962			310,134			—
	681,346		487,893			814,392			400,934		224,981			221,525			—
	272,538		195,157			325,757			160,374		89,992			88,610			—
	272,538		683,051			651,513			—		449,962			132,915			—
	47,235		—			—			—		—			—			—
	48,654		34,730			57,835			29,726		15,847			17,235			1,522
	13,283		13,283			13,283			13,283		13,283			13,283			13,283
	24,136		48,333			—			—		105,457			23,117			15,798
	74,957		73,903			77,076			73,619		66,637			68,233			—
	22,784		23,198			24,567			19,175		27,134			21,572			10,829
	16,174		14,700			17,543			13,911		12,561			11,993			10,454
	36,501		30,392			45,286			31,789		26,287			21,895			2,787
	2,736,569		2,482,848			3,656,035			1,544,678		1,482,103			930,512			54,673
	—		(140,961	)		—			—		(222,209	)		(44,413	)		(54,673	)
	2,736,569		2,341,887			3,656,035			1,544,678		1,259,894			886,099			—
	3,630,609		588,293			5,870,321			1,623,957		590,507			3,767,409			231,154
	17,645,721		16,089,174			2,696,897			48,735		(1,510,230	)		485,206			2,393
	—		—			(344,124	)		—		(9,525	)		—			—
	—		—			—			7,655,854		—			—			297,670
	50,722,744		50,488,780			80,030,534			9,379,745		13,474,298			(12,834,509	)		596,377
	—		—			25,069			—		(7,372	)		—			—
	68,368,465		66,577,954			82,408,376			17,084,334		11,947,171			(12,349,303	)		896,440
$	71,999,074	$	67,166,247		$	88,278,697		$	18,708,291	$	12,537,678		$	(8,581,894	)	$	1,127,594
$	13,762	$	186,372		$	294,814		$	—	$	21,827		$	7,427		$	—
$	—	$	—		$	—		$	—	$	23,670		$	—		$	—
$	—	$	—		$	—		$	—	$	43,965		$	—		$	—

See notes to financial statements
33

STATEMENTS OF CHANGES IN NET ASSETS

	SA U.S. Fixed Income Fund
	Six Months Ended
	December 31, 2016			Year Ended
	(Unaudited)			June 30, 2016
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,420,004		$	1,906,528
Net realized gain (loss) on investments and foreign currency transactions		195,707			(75,004	)
Net increase (decrease) in unrealized appreciation (depreciation)		(3,289,826	)		1,958,649
Net increase (decrease) in net assets from operations		(1,674,115	)		3,790,173
Distributions to shareholders from:
Net investment income		(1,565,995	)		(1,786,239	)
Net realized gains		—			(848,180	)
Total distributions		(1,565,995	)		(2,634,419	)
Share transactions
Proceeds from sale of shares		60,445,853			143,461,977
Value of distributions reinvested		1,525,865			2,583,017
Cost of shares redeemed		(66,964,315	)		(144,216,312	)
Total share transactions		(4,992,597	)		1,828,682
Total increase (decrease) in net assets		(8,232,707	)		2,984,436
NET ASSETS
Beginning of year		615,113,741			612,129,305
End of period	$	606,881,034		$	615,113,741
Undistributed net investment income (loss), end of period	$	(25,702	)	$	120,289
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		5,925,208			14,066,549
Shares issued for distributions reinvested		149,941			253,836
Shares redeemed		(6,564,491	)		(14,141,186	)
Net increase (decrease) in fund shares		(489,342	)		179,199

See notes to financial statements
34

SA Global Fixed Income Fund						SA U.S. Core Market Fund
Six Months Ended						Six Months Ended
December 31, 2016			Year Ended			December 31, 2016			Year Ended
(Unaudited)			June 30, 2016			(Unaudited)			June 30, 2016
$	3,545,843		$	6,743,599		$	3,921,337		$	7,236,062
	(378,943	)		(942,950	)		20,108,843			27,971,437
	(12,858,956	)		11,436,009			29,011,996			(27,830,841	)
	(9,692,056	)		17,236,658			53,042,176			7,376,658
	(4,863,643	)		(4,200,039	)		(8,632,903	)		(5,958,899	)
	(1,734,127	)		(521,751	)		(32,247,166	)		—
	(6,597,770	)		(4,721,790	)		(40,880,069	)		(5,958,899	)
	62,782,830			145,648,330			48,094,490			126,843,737
	6,458,680			4,651,680			40,305,496			5,877,205
	(71,355,891	)		(183,328,698	)		(72,068,726	)		(165,181,376	)
	(2,114,381	)		(33,028,688	)		16,331,260			(32,460,434	)
	(18,404,207	)		(20,513,820	)		28,493,367			(31,042,675	)
	732,949,095			753,462,915			668,601,349			699,644,024
$	714,544,888		$	732,949,095		$	697,094,716		$	668,601,349
$	63,702		$	1,381,502		$	24,404		$	4,735,970
	6,463,887			15,059,520			2,362,629			6,685,684
	671,023			482,301			2,004,251			310,143
	(7,344,774	)		(18,953,038	)		(3,541,582	)		(8,745,865	)
	(209,864	)		(3,411,217	)		825,298			(1,750,038	)

See notes to financial statements
35

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA U.S. Value Fund
	Six Months Ended
	December 31, 2016			Year Ended
	(Unaudited)			June 30, 2016
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	3,630,609		$	7,927,822
Net realized gain (loss) on investments and foreign currency transactions		17,645,721			18,881,361
Net increase (decrease) in unrealized appreciation (depreciation)		50,722,744			(35,202,715	)
Net increase (decrease) in net assets from operations		71,999,074			(8,393,532	)
Distributions to shareholders from:
Net investment income		(7,686,726	)		(6,964,473	)
Net realized gains		(19,834,192	)		(26,041,905	)
Total distributions		(27,520,918	)		(33,006,378	)
Share transactions
Proceeds from sale of shares		38,015,894			101,298,110
Value of distributions reinvested		27,138,156			32,564,376
Cost of shares redeemed		(61,164,244	)		(119,700,445	)
Total share transactions		3,989,806			14,162,041
Total increase (decrease) in net assets		48,467,962			(27,237,869	)
NET ASSETS
Beginning of year		519,215,371			546,453,240
End of period	$	567,683,333		$	519,215,371
Undistributed net investment income, end of period	$	14,363		$	4,070,480
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		2,227,831			6,304,051
Shares issued for distributions reinvested		1,534,096			2,099,573
Shares redeemed		(3,566,922	)		(7,503,188	)
Net increase in fund shares		195,005			900,436

See notes to financial statements
36

SA U.S. Small Company Fund						SA International Value Fund
Six Months Ended						Six Months Ended
December 31, 2016			Year Ended			December 31, 2016			Year Ended
(Unaudited)			June 30, 2016			(Unaudited)			June 30, 2016
$	588,293		$	1,530,003		$	5,870,321		$	15,882,717
	16,089,174			22,827,043			2,352,773			(13,989,583	)
	50,488,780			(46,118,483	)		80,055,603			(127,220,754	)
	67,166,247			(21,761,437	)		88,278,697			(125,327,620	)
	(1,239,503	)		(1,340,724	)		(19,000,049	)		(11,905,295	)
	(19,100,258	)		(27,243,542	)		—			—
	(20,339,761	)		(28,584,266	)		(19,000,049	)		(11,905,295	)
	24,935,694			69,178,100			48,235,781			155,830,245
	20,070,148			28,217,743			18,741,550			11,752,609
	(45,187,164	)		(85,285,331	)		(63,519,261	)		(138,494,707	)
	(181,322	)		12,110,512			3,458,070			29,088,147
	46,645,164			(38,235,191	)		72,736,718			(108,144,768	)
	366,164,478			404,399,669			602,564,809			710,709,577
$	412,809,642		$	366,164,478		$	675,301,527		$	602,564,809
$	(254,800	)	$	396,410		$	2,959,153		$	16,088,881
	1,030,860			3,037,867			4,854,779			16,003,874
	787,992			1,298,562			1,832,019			1,217,887
	(1,853,859	)		(3,760,085	)		(6,385,781	)		(14,136,387	)
	(35,007	)		576,344			301,017			3,085,374

See notes to financial statements
37

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA International Small Company Fund
	Six Months Ended
	December 31, 2016			Year Ended
	(Unaudited)			June 30, 2016
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	1,623,957		$	6,814,716
Net realized gain (loss) on investments and foreign currency transactions		7,704,589			3,323,085
Net increase (decrease) in unrealized appreciation (depreciation)		9,379,745			(26,660,828	)
Net increase (decrease) in net assets from operations		18,708,291			(16,523,027	)
Distributions to shareholders from:
Net investment income		(5,697,584	)		(3,046,363	)
Net realized gains		(6,714,423	)		(8,910,053	)
Total distributions		(12,412,007	)		(11,956,416	)
Share transactions
Proceeds from sale of shares		22,019,168			58,720,813
Value of distributions reinvested		12,249,956			11,806,935
Cost of shares redeemed		(31,025,388	)		(72,205,124	)
Total share transactions		3,243,736			(1,677,376	)
Total increase (decrease) in net assets		9,540,020			(30,156,819	)
NET ASSETS
Beginning of year		307,502,497			337,659,316
End of period	$	317,042,517		$	307,502,497
Net investment loss, end of period	$	(557,978	)	$	3,515,649
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		1,120,630			3,077,019
Shares issued for distributions reinvested		650,555			630,376
Shares redeemed		(1,575,866	)		(3,800,918	)
Net increase in fund shares		195,319			(93,523	)

See notes to financial statements
38

SA Emerging Markets Value Fund						SA Real Estate Securities Fund
Six Months Ended						Six Months Ended
December 31, 2016			Year Ended			December 31, 2016			Year Ended
(Unaudited)			June 30, 2016			(Unaudited)			June 30, 2016
$	590,507		$	2,302,833		$	3,767,409		$	4,123,760
	(1,519,755	)		(7,885,385	)		485,206			3,112,071
	13,466,926			(15,040,967	)		(12,834,509	)		29,215,746
	12,537,678			(20,623,519	)		(8,581,894	)		36,451,577
	(2,156,880	)		(1,817,756	)		(5,124,470	)		(3,077,193	)
	—			—			(935,057	)		—
	(2,156,880	)		(1,817,756	)		(6,059,527	)		(3,077,193	)
	16,844,762			57,015,554			13,356,086			33,128,827
	2,128,084			1,793,716			5,971,156			3,031,526
	(17,799,937	)		(36,800,838	)		(19,856,701	)		(43,564,419	)
	1,172,909			22,008,432			(529,459	)		(7,404,066	)
	11,553,707			(432,843	)		(15,170,880	)		25,970,318
	166,787,586			167,220,429			186,215,833			160,245,515
$	178,341,293		$	166,787,586		$	171,044,953		$	186,215,833
$	(863,389	)	$	702,984		$	718,027		$	2,075,088
	2,007,472			7,665,171			1,142,542			3,097,563
	262,079			251,926			546,309			285,454
	(2,118,627	)		(4,962,735	)		(1,677,834	)		(4,063,892	)
	150,924			2,954,362			11,017			(680,875	)

See notes to financial statements
39

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	SA Worldwide Moderate Growth Fund
	Six Months Ended
	December 31, 2016			Year Ended
	(Unaudited)			June 30, 2016(1)
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income	$	231,154		$	58,781
Net realized gain (loss) on investments and foreign currency transactions		300,063			54,945
Net increase (decrease) in unrealized appreciation (depreciation)		596,377			108,924
Net increase (decrease) in net assets from operations		1,127,594			222,650
Distributions to shareholders from:
Net investment income		(242,453	)		(55,637	)
Net realized gains		(90,385	)		—
Total distributions		(332,838	)		(55,637	)
Share transactions
Proceeds from sale of shares		6,046,875			12,218,002	(2)
Value of distributions reinvested		329,206			54,548
Cost of shares redeemed		(1,521,353	)		(777,076	)
Total share transactions		4,854,728			11,495,474
Total increase (decrease) in net assets		5,649,484			11,662,487
NET ASSETS
Beginning of year		11,662,487			—
End of period	$	17,311,971		$	11,662,487
Net investment loss, end of period	$	(5,525	)	$	5,774
CAPITAL SHARE TRANSACTIONS
Shares sold by subscription		608,795			1,305,312	(2)
Shares issued for distributions reinvested		32,627			5,840
Shares redeemed		(153,094	)		(84,627	)
Net increase in fund shares		488,328			1,226,525

(1)	Fund commenced operations on July 1, 2015.
(2)	On July 1, 2015, the SA Worldwide Moderate Growth Fund purchased 10,000 shares for a total of $100,000 to act as initial seed capital for the Fund.

See notes to financial statements
40

FINANCIAL HIGHLIGHTS

	SA U.S. Fixed Income Fund
	Six Months Ended
	December 31, 2016			Year Ended June 30
	(Unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	10.22		$	10.20		$	10.19		$	10.20		$	10.24		$	10.27
Income from investment operations:
Net investment income (loss)		0.02			0.03			0.00	(1)		(0.02	)		(0.01	)		0.01
Net realized and unrealized
gain (loss) on investments		(0.04	)		0.03			0.01			0.01			—			0.01
Total from investment operations		(0.02	)		0.06			0.01			(0.01	)		(0.01	)		0.02
Less distributions from:
Net investment income		(0.03	)		(0.03	)		—			—			—			(0.01	)
Capital gains		—			(0.01	)		(0.00	)(1)		(0.00	)(1)		(0.03	)		(0.04	)
Total distributions		(0.03	)		(0.04	)		(0.00	)(1)		(0.00	)(1)		(0.03	)		(0.05	)
Net asset value, end of period	$	10.17		$	10.22		$	10.20		$	10.19		$	10.20		$	10.24
Total return (2)		(0.23	)%		0.53	%		0.22	%		(0.07	)%		(0.10	)%		0.16	%
Net assets, end of period (000s)	$	606,881		$	615,114		$	612,129		$	564,205		$	430,976		$	368,700
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)		0.65	%		0.65	%		0.74	%(4)		0.75	%(4)		0.81	%(4)		0.83	%(4)
Ratio of net investment income
(loss) to average net assets (3)		0.46	%		0.31	%		(0.01	)%		(0.23	)%		(0.14	)%		0.05	%
Portfolio turnover rate		63	%		140	%		202	%		94	%		33	%		95	%
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income (loss)
per share would have been	$	0.02		$	0.03		$	(0.01	)(4)	$	(0.03	)(4)	$	(0.03	)(4)	$	(0.01	)(4)

(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
41

FINANCIAL HIGHLIGHTS (Continued)

	SA Global Fixed Income Fund
	Six Months Ended
	December 31, 2016			Year Ended June 30
	(Unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	9.79		$	9.63		$	9.69		$	9.68		$	9.95		$	10.03
Income from investment
operations:
Net investment income		0.05			0.06			0.11			0.10			0.11			0.19
Net realized and unrealized
gain (loss) on investments		(0.18	)		0.17			(0.01	)		—			(0.06	)		—
Total from investment operations		(0.13	)		0.23			0.10			0.10			0.05			0.19
Less distributions from:
Net investment income		(0.07	)		(0.06	)		(0.15	)		(0.09	)		(0.32	)		(0.27	)
Capital gains		(0.02	)		(0.01	)		(0.01	)		—			—			—
Total distributions		(0.09	)		(0.07	)		(0.16	)		(0.09	)		(0.32	)		(0.27	)
Net asset value, end of period	$	9.57		$	9.79		$	9.63		$	9.69		$	9.68		$	9.95
Total return (1)		(1.34	)%		2.32	%		1.00	%		0.99	%		0.48	%		1.96	%
Net assets, end of period (000s)	$	714,545		$	732,949		$	753,463		$	724,587		$	603,798		$	555,836
Ratio of net expenses to
average net assets (2)		0.72	%		0.73	%		0.79	%		0.80	%		0.80	%		0.82	%
Ratio of gross expenses to
average net assets (2)		0.72	%		0.73	%		0.79	%		0.80	%(3)		0.80	%(3)		0.82	%(3)
Ratio of net investment income
to average net assets (2)		0.97	%		0.91	%		1.04	%		1.00	%		1.19	%		1.85	%
Portfolio turnover rate		19	%		42	%		72	%		24	%		36	%		36	%
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income (loss)
per share would have been	$	0.05		$	0.06		$	0.11		$	0.10	(3)	$	0.11	(3)	$	0.19	(3)

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

See notes to financial statements
42

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Core Market Fund
	Six Months Ended
	December 31, 2016			Year Ended June 30
	(unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning
of  period	$	19.56		$	19.47		$	18.49		$	14.99		$	12.57		$	12.31
Income from investment
operations:
Net investment income		0.12			0.21			0.19			0.14			0.17			0.13
Net realized and unrealized
gain (loss) on investments		1.47			0.05			0.95			3.50			2.44			0.21
Total from investment operations		1.59			0.26			1.14			3.64			2.61			0.34
Less distributions from:
Net investment income		(0.26	)		(0.17	)		(0.16	)		(0.14	)		(0.19	)		(0.08	)
Capital gains		(0.97	)		—			—			—			—			—
Total distributions		(1.23	)		(0.17	)		(0.16	)		(0.14	)		(0.19	)		(0.08	)
Net asset value, end of period	$	19.92		$	19.56		$	19.47		$	18.49		$	14.99		$	12.57
Total return (1)		8.09	%		1.31	%		6.22	%		24.36	%		20.98	%		2.80	%
Net assets, end of period (000s)	$	697,095		$	668,601		$	699,644		$	662,126		$	482,418		$	405,579
Ratio of net expenses to
average net assets (2)		0.93	%		0.98	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of gross expenses to
average net assets (2)		0.93	%		0.98	%		1.00	%		1.00	%		1.07	%(3)		1.09	%(3)
Ratio of net investment income
to average net assets (2)		1.14	%		1.09	%		0.99	%		0.89	%		1.20	%		1.04	%
Portfolio turnover rate		6	%		11	%		10	%		11	%		5	%		6	%
Without giving effect to the expense
waiver described in Note 2
to the Financial Statements,
net investment income (loss)
per share would have been	$	0.12		$	0.21		$	0.19		$	0.14		$	0.16	(3)	$	0.12	(3)

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

See notes to financial statements
43

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Value Fund
	Six Months Ended
	December 31, 2016			Year Ended June 30,
	(Unaudited)			2016			2015			2014			2013			2012
Net asset value,
beginning of period	$	16.11		$	17.45		$	18.08		$	14.63		$	11.22		$	11.81
Income from investment
operations:
Net investment income		0.12			0.24			0.20			0.14			0.15			0.13
Net realized and unrealized
gain (loss) on investments		2.17			(0.52	)		0.23			3.77			3.41			(0.62	)
Total from investment
operations		2.29			(0.28	)		0.43			3.91			3.56			(0.49	)
Less distributions from:
Net investment income		(0.25	)		(0.22	)		(0.17	)		(0.13	)		(0.15	)		(0.10	)
Capital gains		(0.64	)		(0.84	)		(0.89	)		(0.33	)		—			—
Total distributions		(0.89	)		(1.06	)		(1.06	)		(0.46	)		(0.15	)		(0.10	)
Net asset value, end of period	$	17.51		$	16.11		$	17.45		$	18.08		$	14.63		$	11.22
Total return (1)		14.15	%		(1.35	)%		2.54	%		27.01	%		31.92	%		(4.02	)%
Net assets, end of period (000s)	$	567,683		$	519,215		$	546,453		$	526,814		$	383,854		$	308,668
Ratio of net expenses to
average net assets (2)		1.00	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of gross expenses to
average net assets (2)		1.00	%		1.05	%		1.05	%(3)		1.06	%(3)		1.14	%(3)		1.17	%(3)
Ratio of net investment income
to average net assets (2)		1.33	%		1.55	%		1.17	%		0.90	%		1.14	%		1.21	%
Portfolio turnover rate		9	%		21	%		23	%		20	%		21	%		11	%
Without giving effect to the
expense waiver described
in Note 2 to the Financial
Statements, net investment
income (loss) per share
would have been	$	0.12		$	0.24		$	0.20	(3)	$	0.14	(3)	$	0.14	(3)	$	0.12	(3)

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

See notes to financial statements
44

FINANCIAL HIGHLIGHTS (Continued)

	SA U.S. Small Company Fund
	Six Months Ended
	December 31, 2016			Year Ended June 30,
	(Unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	22.40		$	25.64		$	25.77		$	21.29		$	16.94		$	17.51
Income from investment operations:
Net investment income		0.04			0.09			0.07			0.01			0.18			0.05
Net realized and unrealized
gain (loss) on investments		4.18			(1.48	)		1.11			5.12			4.40			(0.54	)
Total from investment operations		4.22			(1.39	)		1.18			5.13			4.58			(0.49	)
Less distributions from:
Net investment income		(0.08	)		(0.09	)		(0.03	)		(0.03	)		(0.21	)		—
Capital gains		(1.23	)		(1.76	)		(1.28	)		(0.62	)		(0.02	)		(0.08	)
Total distributions		(1.31	)		(1.85	)		(1.31	)		(0.65	)		(0.23	)		(0.08	)
Net asset value, end of period	$	25.31		$	22.40		$	25.64		$	25.77		$	21.29		$	16.94
Total return (1)		18.79	%		(5.23	)%		4.81	%		24.29	%		27.26	%		(2.74	)%
Net assets, end of period (000s)	$	412,810		$	366,164		$	404,400		$	385,094		$	298,211		$	245,839
Ratio of net expenses to
average net assets (2)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of gross expenses to
average net assets (2)(3)		1.27	%		1.28	%		1.34	%		1.35	%		1.43	%		1.45	%
Ratio of net investment income
to average net assets (2)		0.30	%		0.42	%		0.27	%		0.05	%		0.96	%		0.31	%
Portfolio turnover rate		6	%		12	%		11	%		13	%		23	%		14	%
Without giving effect to the expense
waiver described in Note 2 to
the Financial Statements, net
investment income (loss) per
share would have been (3)	$	0.03		$	0.07		$	0.03		$	(0.01	)	$	0.14		$	0.01

(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
45

FINANCIAL HIGHLIGHTS (Continued)

	SA International Value Fund
	Six Months Ended
	December 31, 2016			Year Ended June 30,
	(Unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	9.16		$	11.34		$	12.59		$	10.16		$	8.96		$	11.50
Income from investment operations:
Net investment income		0.10			0.25			0.22			0.40			0.23			0.24
Net realized and unrealized
gain (loss) on investments		1.26			(2.24	)		(1.08	)		2.25			1.25			(2.57	)
Total from investment operations		1.36			(1.99	)		(0.86	)		2.65			1.48			(2.33	)
Less distributions from:
Net investment income		(0.30	)		(0.19	)		(0.39	)		(0.22	)		(0.28	)		(0.21	)
Capital gains		—			—			—			—			—			—
Total distributions		(0.30	)		(0.19	)		(0.39	)		(0.22	)		(0.28	)		(0.21	)
Net asset value, end of period	$	10.22		$	9.16		$	11.34		$	12.59		$	10.16		$	8.96
Total return (1)		14.80	%		(17.66	)%		(6.62	)%		26.23	%		16.59	%		(20.23	)%
Net assets, end of period (000s)	$	675,302		$	602,565		$	710,710		$	725,911		$	522,423		$	442,289
Ratio of net expenses to
average net assets (2)		1.12	%(3)		1.16	%		1.26	%		1.26	%		1.33	%		1.34	%
Ratio of gross expenses to
average net assets (2)		1.12	%(3)		1.16	%		1.26	%		1.26	%		1.33	%		1.34	%
Ratio of net investment income
to average net assets (2)		1.80	%		2.51	%		2.12	%		3.58	%		2.32	%		2.60	%
Portfolio turnover rate		8	%		21	%		21	%		15	%		17	%		22	%
Without giving effect to the expense
waiver described in Note 2 to
the Financial Statements, net
investment income (loss) per
share would have been	$	0.10		$	0.25		$	0.22		$	0.40		$	0.23		$	0.24

(1)	Periods less than one year are not annualized.
(2)	Annualized for periods less than one year.
(3)	Reflects the Fund’s receipt of a one-time reimbursement of custody expenses paid in prior years. Had such reimbursement not been included in this period, the annualized net and gross expense ratios would have been 1.15% and 1.15%, respectively.

See notes to financial statements
46

FINANCIAL HIGHLIGHTS (Continued)

	SA International Small Company Fund
	Six Months Ended
	December 31, 2016			Year Ended June 30,
	(Unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning
of period	$	18.72		$	20.43		$	22.05		$	17.30		$	15.07		$	18.25
Income from investment
operations:
Net investment income		0.11			0.42			0.23			0.15			0.24			0.30
Net realized and unrealized
gain (loss) on investments		1.02			(1.40	)		(1.42	)		4.95			2.39			(3.29	)
Total from investment operations		1.13			(0.98	)		(1.19	)		5.10			2.63			(2.99	)
Less distributions from:
Net investment income		(0.36	)		(0.19	)		(0.31	)		(0.35	)		(0.40	)		(0.19	)
Capital gains		(0.42	)		(0.54	)		(0.12	)		—			—			—
Total distributions		(0.78	)		(0.73	)		(0.43	)		(0.35	)		(0.40	)		(0.19	)
Net asset value, end of period	$	19.07		$	18.72		$	20.43		$	22.05		$	17.30		$	15.07
Total return (1)		6.07	%		(4.81	)%		(5.21	)%		29.68	%		17.55	%		(16.35	)%
Net assets, end of period (000s)	$	317,043		$	307,502		$	337,659		$	337,334		$	233,313		$	192,472
Ratio of net expenses to
average net assets (2)†		0.96	%(4)		1.04	%		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of gross expenses to
average net assets (2)†		0.96	%(4)		1.04	%		1.12	%(3)		1.10	%(3)		1.17	%(3)		1.18	%(3)
Ratio of net investment income
to average net assets (2)†		1.01	%		2.15	%		1.15	%		0.75	%		1.46	%		1.92	%
Ratio of expenses to average
net assets for the DFA
Portfolio (unaudited) (5)†		0.53	%		0.53	%		0.53	%		0.53	%		0.56	%		0.56	%
Ratio of expenses to average net
assets for the DFA Portfolio (6)†		0.53	%		0.54	%		0.53	%		0.54	%		0.56	%		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 (loss) per share
would have been	$	0.11		$	0.42		$	0.23	(3)	$	0.15	(3)	$	0.23	(3)	$	0.29	(3)

†	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)	Reflects the Fund’s receipt of a one-time reimbursement of custody expenses paid in prior years. Had such reimbursement not been included in this period, the annualized net and gross expense ratios would have been 0.97% and 0.97%, respectively.
(5)	The DFA Portfolio expense ratios are as of April 30, 2016, 2015, 2014, 2013 and 2012, respectively and are unaudited.
(6)	The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2016, 2015, 2014, 2013, 2012 and 2011, respectively.

See notes to financial statements
47

FINANCIAL HIGHLIGHTS (Continued)

	SA Emerging Markets Value Fund
	Six Months Ended
	December 31, 2016			Year Ended June 30,
	(Unaudited)			2016			2015			2014			2013			2012
Net asset value, beginning of period	$	7.78		$	9.05		$	10.51		$	9.32		$	9.28		$	12.40
Income from investment operations:
Net investment income		0.03			0.11			0.11			0.10			0.08			0.09
Net realized and unrealized
gain (loss) on investments		0.55			(1.29	)		(1.43	)		1.26			0.03			(2.85	)
Total from investment operations		0.58			(1.18	)		(1.32	)		1.36			0.11			(2.76	)
Less distributions from:
Net investment income		(0.10	)		(0.09	)		(0.13	)		(0.08	)		(0.07	)		(0.09	)
Capital gains		—			—			(0.01	)		(0.09	)		—			(0.27	)
Total distributions		(0.10	)		(0.09	)		(0.14	)		(0.17	)		(0.07	)		(0.36	)
Net asset value, end of period	$	8.26		$	7.78		$	9.05		$	10.51		$	9.32		$	9.28
Total return (1)		7.50	%		(12.95	)%		(12.53	)%		14.70	%		1.13	%		(22.19	)%
Net assets, end of period (000s)	$	178,341		$	166,788		$	167,220		$	162,333		$	96,991		$	76,901
Ratio of net expenses to
average net assets (2)		1.40	%		1.40	%		1.45	%		1.45	%		1.45	%		1.45	%
Ratio of gross expenses to
average net assets (2)(3)		1.65	%		1.72	%		1.83	%		1.93	%		2.03	%		2.10	%
Ratio of net investment income
to average net assets (2)		0.66	%		1.52	%		1.17	%		1.12	%		0.90	%		0.99	%
Portfolio turnover rate		10	%		13	%		14	%		10	%		7	%		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 (3)	$	0.02		$	0.09		$	0.07		$	0.06		$	0.03		$	0.03

(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
48

FINANCIAL HIGHLIGHTS (Continued)

	SA Real Estate Securities Fund
	Six Months Ended
	December 31, 2016				Year Ended June 30,
	(Unaudited)				2016			2015			2014			2013			2012
Net asset value, beginning of period		$	12.17		$	10.03		$	9.94		$	9.04		$	8.50		$	7.68
Income from investment operations:
Net investment income			0.26			0.26			0.19			0.20			0.15			0.21
Net realized and unrealized
gain (loss) on investments			(0.85	)		2.07			0.13			0.86			0.51			0.71
Total from investment operations			(0.59	)		2.33			0.32			1.06			0.66			0.92
Less distributions from:
Net investment income			(0.35	)		(0.19	)		(0.23	)		(0.16	)		(0.12	)		(0.10	)
Capital gains			(0.06	)		—			—			—			—			—
Total distributions			(0.41	)		(0.19	)		(0.23	)		(0.16	)		(0.12	)		(0.10	)
Net asset value, end of period		$	11.17		$	12.17		$	10.03		$	9.94		$	9.04		$	8.50
Total return (1)			(4.77	)%		23.56	%		3.12	%		12.10	%		7.81	%		12.19	%
Net assets, end of period (000s)		$	171,045		$	186,216		$	160,246		$	150,198		$	105,040		$	91,427
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)			1.05	%		1.06	%		1.23	%		1.31	%		1.38	%		1.42	%
Ratio of net investment income
to average net assets (2)			4.25	%		2.43	%		1.85	%		2.43	%		1.67	%		2.77	%
Portfolio turnover rate			3	%		7	%		3	%		0	%(4)		2	%		4	%
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)		$	0.26		$	0.25		$	0.17		$	0.18		$	0.11		$	0.18

(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
49

FINANCIAL HIGHLIGHTS (Continued)

	SA Worldwide Moderate Growth Fund
	Six Months Ended
	December 31,				Year Ended
	2016 (Unaudited)				June 30, 2016‡
Net asset value, beginning of period		$	9.51			$	10.00
Income from investment operations:
Net investment income			0.14				0.10
Net realized and unrealized gain (loss) on investments			0.64				(0.49	)
Total from investment operations			0.78				(0.39	)
Less distributions from:
Net investment income			(0.14	)			(0.10	)
Capital gains			(0.05	)			—
Total distributions			(0.19	)			(0.10	)
Net asset value, end of period		$	10.10			$	9.51
Total return (1)			8.29	%			(3.89	)%
Net assets, end of period (000s)		$	17,312			$	11,662
Ratio of net expenses to average net assets (2)			—	%			—	%
Ratio of gross expenses to average net assets (2)(3)			0.74	%			2.72	%
Ratio of net investment income to average net assets (2)			3.15	%			1.11	%
Portfolio turnover rate			5	%			5	%
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)		$	0.11			$	(0.02	)

‡	Fund commenced operations on July 1, 2015.
(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
50

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited)

1. Organization and Significant Accounting Policies

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

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

All of the Funds commenced investment operations on August 5, 1999, except SA Global Fixed Income Fund, which commenced operations on July 29, 1999, SA U.S. Fixed Income Fund, SA Emerging Markets Value Fund, and SA Real Estate Securities Fund, which commenced operations on April 2, 2007, and SA Worldwide Moderate Growth Fund, which commenced operations on July 1, 2015.

SA International Small Company Fund invests substantially all of its assets in the International Small Company Portfolio (the “DFA Portfolio”), a series of DFA Investment Dimensions Group Inc., 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, 2016, SA International Small Company Fund held approximately 3.31% 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.

SA Worldwide Moderate Growth Fund invests substantially all of its assets in the Underlying SA Funds managed by LWI Financial Inc. (the “Adviser”) comprising various asset categories and strategies. The Adviser has established an asset allocation target for the Fund. This target is the approximate percentage of the Fund’s assets that will be invested in equity investments and fixed income investments. Under normal market conditions, the Fund currently expects that it will invest approximately 75% of its assets in equity investments and approximately 25% of its assets in fixed income investments as represented by the holdings of the Underlying SA Funds. The performance of the SA Worldwide Moderate Growth Fund is directly affected by the performance of the Underlying SA Funds. The financial statements of the Underlying SA Funds are included elsewhere in the report and should be read in conjunction with the financial statements of SA Worldwide Moderate Growth Fund.

51

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

Use of Estimates — The Funds are investment companies that follow the accounting and reporting guidance of Accounting Standards Codification Topic 946 applicable to investment companies.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts 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 prices, at the mean between the most recent quoted bid and asked prices. Domestic equity securities traded on the over-the-counter markets are valued at the mean between the most recent quoted bid and asked prices in the absence of an official closing price or last reported sale price.

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

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

Shares of registered open-end investment companies are valued at the investment company’s net asset value. Forward currency contracts are valued based on prices received from independent pricing services. Securities for which market quotations are not readily available, or for which available quotations appear not to accurately reflect the current value of an investment, are valued at fair value as determined in good faith by a pricing committee (the “Pricing Committee”) (or its designee) appointed by the Board of Trustees of the Trust (the “Board” or the “Trustees”) pursuant to procedures approved by 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 (or its designee). Any determinations of fair value made by the Pricing Committee (or its designee) 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.

52

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

Fair Value Measurement — The Board has adopted provisions respecting fair value measurement which provide enhanced guidance to the Pricing Committee (or its designee) for using fair value to measure assets and liabilities. The Funds value their investments based on a three-level hierarchy of inputs that establishes classification of fair value measurements for disclosure purposes. If inputs used to measure a financial instrument fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. The three-level hierarchy of inputs is summarized in the three broad levels below.

Level 1 – 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.

The tables below provide a summary of the inputs as of December 31, 2016, in valuing each Fund’s investments:

	Investments in Securities
	Unadjusted Quoted
	Prices in Active					Significant
	Markets for Identical		Significant Other			Unobservable		Balance as of
	Investments		Observable Inputs			Inputs		December 31, 2016
	(Level 1)		(Level 2)*			(Level 3)		Total
SA U.S. Fixed Income Fund
Bonds and Notes	$	—	$	602,659,611		$	—	$	602,659,611
Short-Term Investments		2,338,890		—			—		2,338,890
Total Investments	$	2,338,890	$	602,659,611		$	—	$	604,998,501
SA Global Fixed Income Fund
Assets
Bonds and Notes	$	—	$	706,812,755		$	—	$	706,812,755
Short-Term Investments		13,691,805		—			—		13,691,805
Other Financial Instruments
Forward Foreign Currency Contracts	$	—	$	726,061		$	—	$	726,061
Total Investments	$	13,691,805	$	707,538,816		$	—	$	721,230,621
Liabilities
Other Financial Instruments
Forward Foreign Currency Contracts	$	—	$	(23,311	)	$	—	$	(23,311	)
SA U.S. Core Market Fund
Common Stocks	$	664,589,218	$	—		$	—	$	664,589,218
Rights and Warrants		32		—			13,348		13,380
Mutual Funds		29,499,340		—			—		29,499,340
Short-Term Investments		5,490,336		—			—		5,490,336
Total Investments	$	699,578,926	$	—		$	13,348	$	699,592,274

53

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

	Investments in Securities
	Unadjusted Quoted
	Prices in Active					Significant
	Markets for Identical		Significant Other			Unobservable			Balance as of
	Investments		Observable Inputs			Inputs			December 31, 2016
	(Level 1)		(Level 2)*			(Level 3)				Total
SA U.S. Value Fund
Common Stocks	$	565,959,587	$	—		$	—		$	565,959,587
Short-Term Investments		2,648,541		—			—			2,648,541
Total Investments	$	568,608,128	$	—		$	—		$	568,608,128
SA U.S. Small Company Fund
Common Stocks	$	411,032,060	$	208,347		$	—	†	$	411,240,407
Rights and Warrants		—		—			—	†		—
Short-Term Investments		19,739,730		—			—			19,739,730
Total Investments	$	430,771,790	$	208,347		$	—		$	430,980,137
SA International Value Fund
Common Stocks	$	663,726,693	$	—		$	—	†	$	663,726,693
Preferred Stocks		5,869,258		—			—			5,869,258
Rights and Warrants		53,330		—			—			53,330
��    Short-Term Investments		33,000,358		—			—			33,000,358
Total Investments	$	702,649,639	$	—		$	—		$	702,649,639
SA International Small Company Fund
Mutual Funds	$	316,939,477	$	—		$	—		$	316,939,477
Total Investments	$	316,939,477	$	—		$	—		$	316,939,477
SA Emerging Markets Value Fund
Common Stocks	$	170,975,992	$	78,556		$	60,039	†	$	171,114,587
Preferred Stocks		6,152,076		—			—			6,152,076
Rights and Warrants		—		—	†		—			—
Short-Term Investments		3,022,827		—			—			3,022,827
Total Investments	$	180,150,895	$	78,556		$	60,039		$	180,289,490
SA Real Estate Securities Fund
Common Stocks	$	169,516,589	$	—		$	—		$	169,516,589
Short-Term Investments		910,576		—			—			910,576
Total Investments	$	170,427,165	$	—		$	—		$	170,427,165
SA Worldwide Moderate Growth Fund
Mutual Funds†	$	17,320,778	$	—		$	—		$	17,320,778
Total Investments	$	17,320,778	$	—		$	—		$	17,320,778

*	The end of period timing recognition is used for transfers between levels of the Fund’s assets and liabilities.
†	Contains securities with a market value of $0.

54

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

Transfers between investment valuation levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. The Funds’ policy is to recognize transfers between the levels as of the end of the year. The table presents the fiscal year-to-date activity of Level 3 securities held at the beginning and the end of the period.

														Net Change
														in Unrealized
														Appreciation
						Total								(Depreciation)
	Beginning					realized and					Ending			on Investments
	Balance				Accrued	unrealized			Transfers	Transfers	Balance			Held at
	June 30,				discounts	gains			in to	out of	December 31,			December 31,
	2016		Purchases	Sales	(premiums)	(losses)*			Level 3	Level 3	2016			2016*
SA U.S. Core Market Fund
Rights and Warrants	$	13,348	—	—	—		—		—	—		$	13,348		—
SA Emerging Markets
Value Fund
Common Stocks(1)		111,743	—	—	—		(58,491	)	42,426	—			95,678		(58,491	)

⁽¹⁾ Level 3 at December 31, 2016 included securities with a fair value of $0.

* All net realized and changes in unrealized gains (losses) are reflected on the accompanying Statement of Operations.

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 Funds. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the collateral decreases below the value of the securities loaned.

Upon entering into a securities lending transaction, a fund maintains cash or other securities as collateral in an amount equal to or exceeding 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies or instrumentalities, a loan of sovereign debt issued by non-U.S. governments, or a loan of non-U.S. corporate debt, 102% of the current 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 equity 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 Government Money Market Portfolio, which is a money market fund registered under the 1940 Act. A portion of the income received on the collateral is rebated to the borrower of the securities, and the remainder is split between the Agent and the Fund.

55

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

As of December 31, 2016, the following Funds had securities on loan, which were collateralized by short-term investments. The value of securities on loan and the value of the related collateral were as follows:

							Total
							Collateral
					Value of		(Including
	Value of		Value of Cash		Non-Cash		Calculated
	Securities		Collateral		Collateral*		Mark)†
SA Global Fixed Income Fund	$	21,580,155	$	11,401,718	$	10,614,080	$	22,015,798
SA U.S Core Market Fund	$	22,860,086	$	3,299,309	$	20,293,156	$	23,592,464
SA U.S. Value Fund	$	18,596,188	$	1,347,522	$	18,052,218	$	19,399,740
SA U.S. Small Company Fund	$	38,956,598	$	18,935,730	$	21,272,580	$	40,208,310
SA International Value Fund	$	68,009,899	$	29,617,358	$	40,690,966	$	70,308,323
SA Emerging Markets Value Fund	$	3,155,922	$	2,362,815	$	1,057,769	$	3,420,585
SA Real Estate Securities Fund	$	1,249,108	$	265,531	$	1,009,318	$	1,274,849

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

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

The Funds have adopted the disclosure provisions of FASB Accounting Standards Update No. 2014-11 (“ASU No. 2014-11”), Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU No. 2014-11 is intended to provide increased transparency about the types of collateral pledged in repurchase agreements and other similar transactions that are accounted for as secured borrowing.

	Remaining Contractual Maturity of the Agreements
	As of December 31, 2016
	Overnight and				Between
Securities Lending Transaction(1)	Continuous		<30 days		30 & 90 days		>90 days		Total
SA Global Fixed Income Fund
Bonds and Notes	$	11,401,718	$	—	$	—	$	—	$	11,401,718
Total Borrowings	$	11,401,718	$	—	$	—	$	—	$	11,401,718
Gross amount of recognized liabilities for securities lending transactions									$	11,401,718
SA U.S. Core Market Fund
Common Stocks	$	3,299,309	$	—	$	—	$	—	$	3,299,309
Total Borrowings	$	3,299,309	$	—	$	—	$	—	$	3,299,309
Gross amount of recognized liabilities for securities lending transactions									$	3,299,309
SA U.S. Value Fund
Common Stocks	$	1,347,522	$	—	$	—	$	—	$	1,347,522
Total Borrowings	$	1,347,522	$	—	$	—	$	—	$	1,347,522
Gross amount of recognized liabilities for securities lending transactions									$	1,347,522

56

SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

 

	Remaining Contractual Maturity of the Agreements
	As of December 31, 2016
	Overnight and				Between
Securities Lending Transaction(1)	Continuous		<30 days		30 & 90 days		>90 days		Total
SA U.S. Small Company Fund
Common Stocks	$	18,935,730	$	—	$	—	$	—	$	18,935,730
Total Borrowings	$	18,935,730	$	—	$	—	$	—	$	18,935,730
Gross amount of recognized liabilities for securities lending transactions									$	18,935,730
SA International Value Fund
Common Stocks	$	29,617,358	$	—	$	—	$	—	$	29,617,358
Total Borrowings	$	29,617,358	$	—	$	—	$	—	$	29,617,358
Gross amount of recognized liabilities for securities lending transactions									$	29,617,358
SA Emerging Markets Value Fund
Common Stocks	$	2,362,815	$	—	$	—	$	—	$	2,362,815
Total Borrowings	$	2,362,815	$	—	$	—	$	—	$	2,362,815
Gross amount of recognized liabilities for securities lending transactions									$	2,362,815
SA Real Estate Securities Fund
Common Stocks	$	265,531	$	—	$	—	$	—	$	265,531
Total Borrowings	$	265,531	$	—	$	—	$	—	$	265,531
Gross amount of recognized liabilities for securities lending transactions									$	265,531

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

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

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

Investing in foreign securities may involve certain sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. Investments in foreign securities are subject to fluctuations in currency exchange rates, which may negatively affect the value of the Fund’s portfolio. Additional risks may include exposure to less developed or less efficient trading markets; social, political or economic instability; nationalization

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of assets, currency controls or redenomination; changes in tax policy; high transaction costs; settlement, custodial or other operation risks, and less stringent accounting, auditing, financial reporting, and legal standards and practices. As a result, foreign securities can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities.

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

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

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

At December 31, 2016, 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)
Pound Sterling (sell)	1/20/2017	650,886	$	804,160	$	802,536		$	1,624
Swedish Krona (sell)	1/03/2017	67,879,210	$	7,998,352	$	7,450,575		$	547,776
Swedish Krona (buy)	1/03/2017	67,879,210	$	7,427,954	$	7,450,575		$	22,621
Swedish Krona (sell)	1/30/2017	66,629,149	$	7,302,386	$	7,325,697		$	(23,311	)
Singapore Dollar (sell)	1/09/2017	10,923,346	$	7,696,670	$	7,542,631		$	154,039
								$	702,750

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

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

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

The following tables, grouped into appropriate risk categories, discloses the amounts related to the SA Global Fixed Income Fund’s use of derivative instruments and hedging activities at December 31, 2016, on a gross basis:

			Gain or (Loss) on Derivatives
			Recognized in Income
	Asset Derivative	Liability Derivative		Change in
Risk Type	Fair Value(1)	Fair Value(2)	Realized Gain(3)	Appreciation(4)
Foreign currency	$726,061	$23,311	$2,642,412	$(541,981)

Forward Currency Contracts Assets and Collateral Held by Counterparty as of December 31, 2016:

	Gross Amounts of	Financial
	Assets Presented in	Instruments
	Statements of	Available for	Collateral	Net Amount (not
Counterparty	Assets & Liabilities	Offset	Received	less than $0)
State Street Bank and Trust Co.	$726,061	—	—	$726,061

⁽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 held, at value.

⁽³⁾ Statement of Operations location: Realized gain (loss) on: Foreign currency and forward currency transactions.

⁽⁴⁾ Statement of Operations location: Increase (decrease) in unrealized appreciation (depreciation) on: Foreign currency and forward currency translations.

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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

For the six months ended December 31, 2016, the average monthly principal amount of forward foreign currency exchange contracts was $17,551,527.

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

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

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

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

Foreign Taxes — Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, or capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by each Fund and are disclosed in its Statement of Operations. Foreign taxes payable as of December 31, 2016, if any, are reflected in each Fund’s Statement of Assets and Liabilities.

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is “more likely than not” to be sustained upon examination by the tax authorities based on the technical merits of the tax position. As of June 30, 2016, and for all open tax year, each Fund has determined that no liability for unrecognized tax benefits is required in each Fund’s financial statements related to uncertain tax positions taken on a tax return (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitation.

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The Trust 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 (2013- 2015), or expected to be taken in the Funds’ 2016 tax returns.

As of June 30, 2016, for U.S. federal income tax purposes, the SA Emerging Markets Value Fund had an amount of $9,686,308 in unlimited long-term losses available to offset future net realized gains.

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

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

2. Agreements and Transactions with Affiliates

The Trust has an Investment Advisory and Administrative Services Agreement with the Adviser (the “Investment Advisory Agreement”) under which the Adviser manages the investments of, and provides administrative services to, each Fund. The Adviser is an indirect, wholly-owned subsidiary of Loring Ward Holdings, Inc., a U.S. company based in San Jose, California. Loring Ward Holdings, Inc. is controlled by Mr. Eli Reinhard through his sole ownership

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interest in Arcadia Loring Ward, LLC and Mr. Reinhard’s role as the sole trustee of ten trusts administered for the benefit of Mr. Reinhard’s family, each of which has an ownership interest in Loring Ward Holdings, Inc. For the advisory services provided to the Funds, the Adviser is entitled to a fee from each Fund computed daily and payable monthly at an annual rate based on each Fund’s average daily net assets as follows:

	Advisory Fees
SA U.S. Fixed Income Fund	0.15%
SA Global Fixed Income Fund	0.25%
SA U.S. Core Market Fund	0.45%
SA U.S. Value Fund	0.45%
SA U.S. Small Company Fund	0.45%
SA International Value Fund	0.50%
SA International Small Company Fund	0.50%
SA Emerging Markets Value Fund	0.50%
SA Real Estate Securities Fund	0.35%
SA Worldwide Moderate Growth Fund	0.00%*

* The management fee for the SA Worldwide Moderate Growth Fund has two components. There is no management fee on assets invested in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, money market funds or held in cash or cash equivalents. The Fund is subject to a management fee of 0.25% on assets invested in any other investments. The Fund does not currently intend to make investments that would be subject to a management fee.

For the administrative services provided to the Funds, the Adviser is entitled to a fee from each Fund, except the SA Worldwide Moderate Growth 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 (the “Sub-Advisory Agreement”) with Dimensional Fund Advisors LP (the “Sub-Adviser”). For the sub-advisory services provided to the Funds, except the SA Worldwide Moderate Growth Fund, 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

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SA FUNDS

NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

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 Series in which the DFA Portfolio invests.

	Sub-Advisory
	Fees
SA U.S. Fixed Income Fund		0.05	%
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.

The Trust has a Shareholder Servicing Agreement with the Adviser. For the shareholder services provided to the Funds, the Adviser is entitled to a fee from each Fund computed daily and payable monthly at the annual rate of 0.25% of the average daily net assets of each Fund except the SA Worldwide Moderate Growth Fund. There is no shareholder servicing fee on assets of the SA Worldwide Moderate Growth Fund that are invested in the Underlying SA Funds, any other investment companies advised or sub-advised by the Adviser, money market funds or held in cash or cash equivalents. The SA Worldwide Moderate Growth Fund is subject to a shareholder servicing fee of 0.25% on assets invested in any other investment. The SA Worldwide Moderate Growth Fund does not currently intend to make investments that would be subject to a shareholder servicing fee.

The Adviser has contractually agreed to waive its advisory fees and/or to reimburse expenses to the extent each Fund’s (with the exception of the SA Worldwide Moderate Growth Fund) 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. In addition, the Adviser has contractually agreed to waive fees and/or reimburse expenses so that the SA Worldwide Moderate Growth Fund’s total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) do not exceed the total annual acquired fund fees and expenses related to the Fund’s investments in the Underlying SA Funds, any other

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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

investment companies advised or sub-advised by the Adviser, or any money market fund. This agreement will remain in effect until July 1, 2025, at which time the agreement may be continued, modified or eliminated and net expenses will be adjusted as necessary. These agreements may only be amended or terminated during their terms with the approval of the Board.

	Expense
	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	1.20%
SA International Small Company Fund	1.10%
SA Emerging Markets Value Fund	1.40%
SA Real Estate Securities Fund	1.00%
SA Worldwide Moderate Growth Fund	0.00%

The Adviser may elect to recapture any amounts waived or reimbursed pursuant to the above agreement, subject to the following conditions: (1) the Adviser must request reimbursement within three years from the end of the year in which the waiver/reimbursement is made, (2) the Board must approve the reimbursement, (3) reimbursement will be permitted if, and to the extent that, the relevant Fund does not exceed its operating expense limitation after giving effect to the reimbursement, and (4) the Adviser may not request or receive reimbursements for the reductions and waivers before payment of the relevant Fund’s operating expenses for the current fiscal year. During the six months ended December 31, 2016, the Adviser recaptured $140,961 from SA U.S. Small Company Fund, $222,209 from SA Emerging Markets Value Fund, and $44,123 from SA Real Estate Securities Fund pursuant to these conditions. As of December 31, 2016 the following amounts are subject to this recapture through June 30, 2017, June 30, 2018 and June 30, 2019, respectively.

	Expires	Expires	Expires
	June 30, 2017	June 30, 2018	June 30, 2019
SA U.S. Fixed Income Fund	$489,141	$545,837	$	—
SA U.S. Value Fund	30,908	16,327		—
SA U.S. Small Company Fund	502,642	528,001		310,516
SA Emerging Markets Value Fund	592,997	623,893		480,239
SA Real Estate Securities Fund	371,620	383,400		108,097

Trustees’ Fees and Expenses — For their services as Trustees, the Trustees of the Trust received an annual retainer fee of $85,000, 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 $8,500 per year.

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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (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. 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: 0.02% of the first $1.5 billion of net assets and 0.0175% 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 and SA Worldwide Moderate Growth Fund, which are subject to a minimum fee of $50,000 annually per Fund. 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, 2016 were as follows:

	Purchases		Sales
	U.S. Government	Other	U.S. Government	Other
SA U.S. Fixed Income Fund	$244,443,064	$137,411,314	$254,012,564	$130,543,900
SA Global Fixed Income Fund	4,513,079	129,136,548	1,013,120	134,841,453
SA U.S. Core Market Fund	0	41,923,460	0	61,257,107
SA U.S. Value Fund	0	47,994,167	0	65,074,858
SA U.S. Small Company Fund	0	24,392,817	0	43,294,805
SA International Value Fund	0	49,668,574	0	60,007,675
SA International Small Company Fund	N/A	N/A	N/A	N/A
SA Emerging Markets Value Fund	0	17,915,676	0	17,654,478
SA Real Estate Securities Fund	0	5,352,973	0	9,343,652
SA Worldwide Moderate Growth Fund	0	5,749,920	0	696,391

N/A — Refer to the financial statements of the DFA Portfolio and the Series in which SA International Small Company Fund invests, which are included elsewhere in this report.

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NOTES TO FINANCIAL STATEMENTS — DECEMBER 31, 2016 (Unaudited) (Continued)

4. Capital Shares and Affiliated Ownership

The SA Worldwide Moderate Growth Fund invests in Underlying Securities and other Investment Companies, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the “Affiliated Underlying Funds”). A summary of the transactions with each Affiliated Underlying Fund during the six months ended December 31, 2016 follows:

	Balance				Balance of
	of Shares				Shares			Realized
	Held at	Gross	Gross		Held at	Value at		Gain			Distributions
	6/30/2016	Additions	Sales		12/31/2016	12/31/2016		(Loss)			Received(a)
SA Emerging Markets Value Fund	151,396	73,782	(13,261	)	211,917	$	1,750,437	$	5,542			$	20,984
SA Global Fixed Income Fund	151,939	88,924	(4,850	)	236,013		2,258,641		487				18,998
SA International Value Fund	242,188	95,970	(15,485	)	322,673		3,297,718		(19,291	)			91,362
SA Real Estate Securities Fund	48,234	34,447	(4,253	)	78,428		876,041		5,820				30,959
SA U.S. Core Market Fund	108,087	51,105	(3,645	)	155,547		3,098,490		2,401				177,915
SA U.S. Fixed Income Fund	134,277	74,448	(3,979	)	204,746		2,082,271		8				4,931
SA U.S. Small Company Fund	47,508	18,667	(5,005	)	61,170		1,548,205		2,335				74,570
SA U.S. Value Fund	102,578	40,182	(5,183	)	137,577		2,408,975		(433	)			114,628
Totals						$	17,320,778	$	(3,131	)		$	534,347

^(a) Distributions received include distributions from net investment income and from capital gains from the Affiliated Underlying Funds

5. Recent Accounting Pronouncements

In May 2015, the Financial Accounting Standards Board issued ASU No. 2015-07 entitled Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The amendment removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the Net Asset Value per Share practical expedient. The Fund is required to apply ASU No. 2015-07 for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The Trust Manager is currently evaluating the impact of ASU No. 2015-07.

6. Subsequent Events

Effective January 1, 2017, the annual compensation of each Trustee increased from $85,000 to $90,000. In addition, the Chairman of the Board’s annual supplemental compensation was increased by 10% from $8,500 to $9,000. The Trustees approved these increases at the Board meeting on December 2, 2016.

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ADDITIONAL INFORMATION (Unaudited)

Proxy Voting Policies and Procedures

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

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 (844) 366-0905.

Semi-Annual Portfolio Schedule

The Trust files a complete schedule of 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 (844) 366-0905.

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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 period, July 1, 2016 through December 31, 2016. Expenses paid during the period in the tables below are equal to the Fund’s annualized expense ratio, 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 an agreement between the Fund and the Adviser and may be recovered by the Adviser under certain circumstances.

You can find additional information about the Fund’s expenses, including the expense limitation agreement, in the Notes to Financial Statements section of this report and in the Fund’s current prospectus.

Actual Expenses

The table below shows the actual account values and actual Fund expenses, based on the 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.

	Actual Expenses
	Beginning			Ending		Annual		Expenses
	Account			Account		Expense		Paid During
	Value			Value		Ratio		Period
SA U.S. Fixed Income Fund		$	1,000	$	997.70	0.65	%		$	3.27
SA Global Fixed Income Fund			1,000		986.60	0.72				3.61
SA U.S. Core Market Fund			1,000		1,080.90	0.93				4.88
SA U.S. Value Fund			1,000		1,141.50	1.00				5.40
SA U.S. Small Company Fund			1,000		1,187.90	1.20				6.62
SA International Value Fund			1,000		1,148.00	1.12				6.06
SA International Small Company Fund			1,000		1,060.70	0.96				4.99
SA Emerging Markets Value Fund			1,000		1,075.00	1.40				7.32
SA Real Estate Securities Fund			1,000		952.30	1.00				4.92
SA Worldwide Moderate Growth Fund			1,000		1,082.90	0.00				0.00

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ADDITIONAL INFORMATION (Unaudited) (Continued)

Hypothetical Example for Comparison Purposes

The 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.

	Hypothetical Expenses
	Beginning			Ending		Annual			Expenses
	Account			Account		Expense			Paid During
	Value			Value		Ratio			Period
SA U.S. Fixed Income Fund		$	1,000	$	1,021.93		0.65	%		$	3.31
SA Global Fixed Income Fund			1,000		1,021.58		0.72				3.67
SA U.S. Core Market Fund			1,000		1,020.52		0.93				4.74
SA U.S. Value Fund			1,000		1,020.16		1.00				5.09
SA U.S. Small Company Fund			1,000		1,019.16		1.20				6.11
SA International Value Fund			1,000		1,019.56		1.12				5.70
SA International Small Company Fund			1,000		1,020.37		0.96				4.89
SA Emerging Markets Value Fund			1,000		1,018.15		1.40				7.12
SA Real Estate Securities Fund			1,000		1,020.16		1.00				5.09
SA Worldwide Moderate Growth Fund			1,000		1,025.21		0.00				0.00

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs, 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.

69

Selected Financial Statements of DFA Investment Dimensions Group Inc.

International Small Company Portfolio

TABLE OF CONTENTS

	Page
Definitions of Abbreviations and Footnotes	71
Disclosure of Fund Expenses — October 31, 2016 (Unaudited)	72
Disclosure of Portfolio Holdings — October 31, 2016 (Unaudited)	73
Summary Schedule of Investments — December 31, 2016 (Unaudited)	74
Schedule of Investments — October 31, 2016	75
Statement of Assets and Liabilities — December 31, 2016 (Unaudited)	76
Statement of Assets and Liabilities — October 31, 2016	77
Statement of Operations — October 31, 2016	78
Statement of Changes in Net Assets	79
Financial Highlights	80
Notes to Financial Statements — October 31, 2016	81
Report of Independent Registered Public Accounting Firm	88

70

DFA INVESTMENT DIMENSIONS GROUP INC.

THE DFA INVESTMENT TRUST COMPANY

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

Schedules of Investments/Summary Schedules of Portfolio Holdings

Investment Abbreviations
	ADR	American Depositary Receipt
	P.L.C.	Public Limited Company
Investment Footnotes
	†	See Note B to Financial Statements.
	††	Securities that have generally been fair value factored. See Note B to Financial Statements.
	*	Non-Income Producing Securities.
	#	Total or Partial Securities on Loan.
	@	Security purchased with cash proceeds from Securities on Loan.
	§	Affiliated Fund.
Financial Highlights
	(A)	Computed using average shares outstanding.
	(B)	Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund(s).
All Statements, Schedules and Notes to Financial Statements
	—	Amounts designated as — are either zero or rounded to zero.
	SEC	Securities and Exchange Commission

71

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

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, 2016

EXPENSE TABLES

	Beginning		Ending				Expenses
	Account		Account		Annualized		Paid
	Value		Value		Expense		During
	05/01/16		10/31/16		Ratio*		Period*
International Small Company Portfolio*****
Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,023.90	0.54	%	$	2.75
Hypothetical 5% Annual Return
Institutional Class Shares	$	1,000.00	$	1,022.42	0.54	%	$	2.75

____________________

***** The Portfolio is a Fund of Funds. The expenses shown reflect the direct expenses of the Fund of Funds and the Fund of Funds’ portion of the expenses of its Master Funds.

72

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, 2016. They are 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 regulations also require that the Summary Schedule of Portfolio Holdings identify each category of investments that are held.

A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400 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 their Disclosures of Portfolio Holdings, which are included elsewhere within the report. Refer to the Schedule of Investments/Summary Schedule of Portfolio Holdings for each of the underlying Affiliated Investment Company’s holdings, which reflect the investments by category or country.

FUND OF FUNDS	Affiliated Investment Companies
International Small Company Portfolio	100.0%

73

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2016
(Unaudited)

	Value†
AFFILIATED INVESTMENT COMPANIES — (100.0%)
Investment in The Continental Small Company Series
of The DFA Investment Trust Company		3,841,873,777
Investment in The Japanese Small Company Series
of The DFA Investment Trust Company		2,527,485,071
Investment in The United Kingdom Small Company Series
of The DFA Investment Trust Company		1,700,080,135
Investment in The Asia Pacific Small Company Series
of The DFA Investment Trust Company		1,233,057,322
Investment in The Canadian Small Company Series
of The DFA Investment Trust Company		975,749,776
TOTAL INVESTMENTS IN AFFILIATED
INVESTMENT COMPANIES (Cost $9,539,310,019)		10,278,246,081
TOTAL INVESTMENTS — (100.0%) (Cost $9,539,310,019)^	$	10,278,246,081

____________________

^ The cost for federal income tax purposes is $8,621,224,928.

Summary of the Portfolio’s investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1			Level 2	Level 3	Total
Affiliated Investment Companies	$	10,278,246,081		—	—	$	10,278,246,081
Futures Contracts**		(521,202	)	—	—		(521,202	)
TOTAL	$	10,277,724,879		—	—	$	10,277,724,879

____________________

** Not reflected in the Summary Schedule of Portfolio Holdings, valued at the unrealized appreciation/(depreciation) on the investment.

74

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

SCHEDULE OF INVESTMENTS

October 31, 2016

	Value†
AFFILIATED INVESTMENT COMPANIES — (100.0%)
Investment in The Continental Small Company Series
of The DFA Investment Trust Company	$	3,831,133,408
Investment in The Japanese Small Company Series
of The DFA Investment Trust Company		2,622,939,356
Investment in The United Kingdom Small Company Series
of The DFA Investment Trust Company		1,623,793,646
Investment in The Asia Pacific Small Company Series
of The DFA Investment Trust Company		1,304,060,854
Investment in The Canadian Small Company Series
of The DFA Investment Trust Company		912,080,702
TOTAL INVESTMENTS IN AFFILIATED
INVESTMENT COMPANIES (Cost $9,548,011,247)		10,294,007,966
TOTAL INVESTMENTS — (100.0%) (Cost $9,548,011,247)	$	10,294,007,966

Summary of the Portfolio’s investments as of October 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1			Level 2	Level 3	Total
Affiliated Investment Companies	$	10,294,007,966		—	—	$	10,294,007,966
Futures Contracts**		(2,788,124	)	—	—		(2,788,124	)
TOTAL	$	10,291,219,842		—	—	$	10,291,219,842

____________________

** Not reflected in the Schedule of Investments, valued at the unrealized appreciation/(depreciation) on the investment. (Note H)

See accompanying Notes to Financial Statements.
75

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2016
(Unaudited)
(Amounts in thousands, except share and per share amounts)

ASSETS:
Investments in Affiliated Investment Companies at Value	$	10,278,246
Segregated Cash for Futures Contracts		2,692
Cash		88,402
Receivables:
Fund Shares Sold		11,365
Prepaid Expenses and Other Assets		119
Total Assets		10,380,824
LIABILITIES:
Payables:
Fund Shares Redeemed		12,817
Due to Advisor		3,488
Futures Margin Variation		246
Accrued Expenses and Other Liabilities		531
Total Liabilities		17,082
NET ASSETS	$	10,363,742
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Institutional Class Shares — based on net assets of $10,363,742 and
shares outstanding of 600,117,023	$	17.27
NUMBER OF SHARES AUTHORIZED		1,500,000,000
Investments in Affiliated Investment Companies at Cost	$	9,539,310
NET ASSETS CONSIST OF:
Paid-In Capital	$	9,674,899
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)		(76,781	)
Accumulated Net Realized Gain (Loss)		27,758
Net Unrealized Foreign Exchange Gain (Loss)		(549	)
Net Unrealized Appreciation (Depreciation)		738,415
NET ASSETS	$	10,363,742

See accompanying Notes to Financial Statements.
76

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENTS OF ASSETS AND LIABILITIES

OCTOBER 31, 2016
(Amounts in thousands, except share and per share amounts)

ASSETS:
Investments in Affiliated Investment Companies at Value	$	10,294,008
Investments at Value		—
Segregated Cash for Futures Contracts		3,866
Cash		97,178
Receivables:
Fund Shares Sold		2,600
Prepaid Expenses and Other Assets		110
Total Assets		10,397,762
LIABILITIES:
Payables:
Fund Shares Redeemed		6,350
Due to Advisor		3,567
Futures Margin Variation		2
Accrued Expenses and Other Liabilities		482
Total Liabilities		10,401
NET ASSETS	$	10,387,361
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE:
Institutional Class Shares — based on net assets of $10,387,361 and shares outstanding of        584,367,957, respectively	$	17.78
NUMBER OF SHARES AUTHORIZED		1,500,000,000
Investments in Affiliated Investment Companies at Cost	$	9,548,011
NET ASSETS CONSIST OF:
Paid-In Capital	$	9,407,620
Undistributed Net Investment Income (Distributions in Excess of Net Investment Income)		(18,870	)
Accumulated Net Realized Gain (Loss)		256,462
Net Unrealized Foreign Exchange Gain (Loss)		(1,059	)
Net Unrealized Appreciation (Depreciation)		743,208
NET ASSETS	$	10,387,361

See accompanying Notes to Financial Statements.
77

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO*

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016
(Amounts in thousands)

Investment Income
Net Investment Income Allocated from Affiliated Investment Companies:
Dividends (Net of Foreign Taxes Withheld of $20,552)	$	262,595
Income from Securities Lending		27,016
Expenses Allocated from Affiliated Investment Companies		(12,006	)
Total Net Investment Income Received from Affiliated Investment Companies		277,605
Fund Expenses
Investment Management Fees		38,540
Accounting & Transfer Agent Fees		58
Custodian Fees		6
Filing Fees		279
Shareholders’ Reports		280
Directors’/Trustees’ Fees & Expenses		66
Professional Fees		66
Other		77
Total Expenses		39,372
Net Expenses		39,372
Net Investment Income (Loss)		238,233
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold**		261,664
Futures		17,796
Foreign Currency Transactions		673
Forward Currency Contracts		—
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		13,423
Futures		(2,771	)
Translation of Foreign Currency Denominated Amounts		(814	)
Net Realized and Unrealized Gain (Loss)		289,971
Net Increase (Decrease) in Net Assets Resulting from Operations	$	528,204

____________________

*	Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolio’s Master Fund (Affiliated Investment Company).
**	Net of foreign capital gain taxes withheld of $0.

See accompanying Notes to Financial Statements.
78

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)

	Year				Year
	Ended				Ended
	Oct. 31, 2016				Oct. 31, 2015
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)		$	238,233			$	208,124
Net Realized Gain (Loss) on:
Investment Securities Sold*			261,664				376,613
Futures			17,796				(4,583	)
Foreign Currency Transactions			673				(2,876	)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency			13,423				(293,604	)
Futures			(2,771	)			(22	)
Translation of Foreign Currency Denominated Amounts			(814	)			344
Net Increase (Decrease) in Net Assets Resulting from Operations			528,204				283,996
Distributions From:
Net Investment Income:
Institutional Class Shares			(283,791	)			(208,535	)
Net Short-Term Gains:
Institutional Class Shares			—				(27,069	)
Net Long-Term Gains:
Institutional Class Shares			(207,859	)			(250,320	)
Total Distributions			(491,650	)			(485,924	)
Capital Share Transactions (1):
Shares Issued			2,126,348				1,961,417
Shares Issued in Lieu of Cash Distributions			473,837				472,853
Shares Redeemed			(1,572,870	)			(1,753,367	)
Net Increase (Decrease) from Capital Share Transactions			1,027,315				680,903
Total Increase (Decrease) in Net Assets			1,063,869				478,975
Net Assets
Beginning of Year			9,323,492				8,844,517
End of Year		$	10,387,361			$	9,323,492
(1) Shares Issued and Redeemed:
Shares Issued			124,163				110,551
Shares Issued in Lieu of Cash Distributions			27,874				28,178
Shares Redeemed			(92,160	)			(99,058	)
Net Increase (Decrease) from Shares Issued and Redeemed			59,877				39,671
Undistributed Net Investment Income (Distributions in Excess of Net
Investment Income)		$	(18,870	)		$	34,648

____________________

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

See accompanying Notes to Financial Statements.

79

DFA INVESTMENT DIMENSIONS GROUP INC.

INTERNATIONAL SMALL COMPANY PORTFOLIO

FINANCIAL HIGHLIGHTS

(for a share outstanding throughout each period)

	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,
	2016			2015			2014			2013			2012
Net Asset Value, Beginning of Year	$	17.78		$	18.24		$	19.40		$	15.28		$	15.21
Income from Investment Operations
Net Investment Income (Loss) (A)		0.43			0.41			0.42			0.42			0.38
Net Gains (Losses) on Securities
(Realized and Unrealized)		0.48			0.12			(0.62	)		4.16			0.39
Total from Investment Operations		0.91			0.53			(0.20	)		4.58			0.77
Less Distributions
Net Investment Income		(0.51	)		(0.42	)		(0.42	)		(0.37	)		(0.42	)
Net Realized Gains		(0.40	)		(0.57	)		(0.54	)		(0.09	)		(0.28	)
Total Distributions		(0.91	)		(0.99	)		(0.96	)		(0.46	)		(0.70	)
Net Asset Value, End of Year	$	17.78		$	17.78		$	18.24		$	19.40		$	15.28
Total Return		5.43	%		3.30	%		(1.09	)%		30.66	%		5.63	%
Net Assets, End of Year (thousands)	$	10,387,361		$	9,323,492		$	8,844,517		$	8,520,717		$	6,423,160
Ratio of Expenses to Average Net Assets (B)		0.53	%		0.54	%		0.53	%		0.54	%		0.56	%
Ratio of Expenses to Average Net Assets
(Excluding Fees (Waived), (Expenses
Reimbursed), and/or Previously Waived
Fees Recovered by Advisor) (B)		0.53	%		0.54	%		0.53	%		0.54	%		0.56	%
Ratio of Net Investment Income to Average
Net Assets		2.47	%		2.30	%		2.15	%		2.47	%		2.58	%

See page 1 for the Definitions of Abbreviations and Footnotes.

See accompanying Notes to Financial Statements.

80

DFA INVESTMENT DIMENSIONS GROUP INC.

NOTES TO FINANCIAL STATEMENTS

A. Organization:

DFA Investment Dimensions Group Inc. (the “Fund”) is an open-end management investment company registered under the Investment Company Act of 1940, whose shares are generally offered to institutional investors, retirement plans and clients of registered investment advisors. The Fund consists of ninety-five operational portfolios, of which 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 10/31/16
International Small Company Portfolio	The Continental Small Company Series	92%
	The Japanese Small Company Series	84%
	The United Kingdom Small Company Series	96%
	The Asia Pacific Small Company Series	84%
	The Canadian Small Company Series	98%

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

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.

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

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

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

81

Each Director has the option to receive their distribution of proceeds in one of the following methods: lump sum; annual installments over a period of agreed upon years; or quarterly installments over a period of agreed-upon years. Each Director shall have the right in a notice of election (the “Notice”) to defer the receipt of the Director’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 ceases to be a member of the Board; and (ii) five years following the effective date of the Director’s first deferral election. If a Director who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Director’s deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Director/Trustee ceases to be a member of the Board (unless the Director files an amended Notice selecting a different distribution date). As of October 31, 2016, none of the Directors have requested or received a distribution of proceeds of a deferred fee account.

3. Other: Security transactions are accounted for as of the trade date. Costs used in determining realized gains and losses on the sale of investment securities/affiliated investment companies and foreign currency 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 gains 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 the Portfolio are directly charged. Common expenses of the Fund or Portfolios are allocated using methods approved by the Board, generally based on average net assets.

International Small Company Portfolio recognizes its pro-rata share of net investment income and realized and unrealized gains/losses on a daily basis from their respective Master Fund within DFAITC, which are treated as partnerships for federal income tax purposes.

The Portfolio may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Portfolio accrues such taxes when the related income or capital gains are earned or throughout the holding period. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. 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 investment management services to the Portfolio.

For the year ended October 31, 2016, the International Small Company Portfolio’s investment management fees were accrued daily and paid monthly to the Advisor based on an effective annual rate of 0.40% of average daily net assets.

Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement (the “Fee Waiver Agreement”), effective July 21, 2015, the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the other direct expenses of a class of the Portfolio (excluding expenses incurred through its investment in other investment companies) (“Portfolio Expenses”) to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.45% of the average net assets of a class of the Portfolio on an annualized basis (the “Expense Limitation Amount”). At any time that the Portfolio Expenses of a class of the Portfolio are less than Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount listed above. 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 such reimbursement. Prior to July 21, 2015, the Advisor had contractually agreed to waive its administration fee and to assume Portfolio Expenses to the extent necessary to limit the Portfolio Expenses of the Portfolio, on an annualized basis, to the Expense Limitation Amount listed above. At any time that the Portfolio Expenses of the Portfolio were less than the Expense Limitation Amount listed above, the Advisor retained the right to seek reimbursement for any fees previously waived and/or expenses previously assumed to the extent that the amount of such reimbursement was within thirty-six months and did not cause the annualized Portfolio Expenses of the Portfolio to exceed the applicable Expense Limitation Amount then in effect.

82

Fees Paid to Officers and Directors/Trustees:

Certain Officers and Directors of the Advisor are also Officers and Directors of the Fund; however, such Officers and Directors (with the exception of the Chief Compliance Officer (“CCO”)) receive no compensation from the Fund. For the year ended October 31, 2016, the total related amounts paid by the Fund to the CCO were $291 (in thousands). The total related amounts paid by each of the Portfolios are included in Other Expenses on the Statement of Operations.

D. Deferred Compensation:

At October 31, 2016, the total liability for deferred compensation to Directors was $257 and is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities (amounts in thousands).

E. Federal Income Taxes:

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

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under 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 or losses, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of October 31, 2016, primarily attributable to realized gains on securities considered to be “passive foreign investment companies”, non-deductible expenses, realized foreign capital gains tax, tax-equalization, non-deductible 90 day stock issuance cost, net foreign currency gains/losses, distributions received from real estate investment trusts 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
	Increase	(Decrease)	(Decrease)
	(Decrease)	Undistributed	Accumulated
	Paid-In	Net Investment	Net Realized
	Capital	Income	Gains (Losses)
International Small Company Portfolio	22,671	(7,960)	(14,711)

The tax character of dividends and distributions declared and paid during the years ended October 31, 2015 and October 31, 2016 were as follows (amounts in thousands):

	Net Investment
	Income and
	Short-Term	Long-Term
	Capital Gains	Capital Gains	Total
International Small Company Portfolio
2015	235,604	250,320	485,924
2016	283,791	207,859	491,650

At October 31, 2016, the following net investment income and short-term capital gains and long-term capital gains distributions designated for federal income tax purposes are due to the 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
International Small Company Portfolio	(11,313)	(10,494)	(21,808)

83

At October 31, 2016, the components of distributable earnings (accumulated losses) were as follows (amounts in thousands):

	Undistributed				Total Net
	Net Investment				Distributable
	Income and	Undistributed		Unrealized	Earnings
	Short-Term	Long-Term	Capital Loss	Appreciation	(Accumulated
	Capital Gains	Capital Gains	Carryforwards	(Depreciation)	Losses)
International Small Company Portfolio	$81,583	$251,071	—	$647,525	$980,179

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 the Portfolio 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, 2016, the Portfolio did not have any capital loss carryforwards available to offset future realized capital gains.

At October 31, 2016, the total cost and aggregate gross unrealized appreciation (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes, as follows (amounts in thousands):

				Net
				Unrealized
	Federal	Unrealized	Unrealized	Appreciation
	Tax Cost	Appreciation	Depreciation	(Depreciation)
International Small Company Portfolio	$9,645,400	$901,692	$(253,084)	$648,608

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

F. Financial Instruments:

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

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

Derivative Financial instruments:

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

2. Futures Contracts: The Portfolio may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio. The Portfolio, however, does not intend to sell futures contracts to establish short positions in individual securities. Upon entering into a futures contract, the Portfolio 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 Portfolio as unrealized gains or losses until the contracts are closed.

84

When the contracts are closed, the Portfolio records a realized gain or loss, which is presented in the Statements of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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

At October 31, 2016, the Portfolio had outstanding futures contracts (dollar amounts in thousands):

		Expiration	Number of	Contract			Unrealized				Cash
	Description	Date	Contracts*	Value			Gain (Loss)				Collateral
International Small
Company Portfolio	Russell 2000 Index®	12/16/16	270		$	32,111		$	(1,548	)	$1,450
International Small
Company Portfolio	S&P 500 Emini Index®	12/16/16	505			53,533			(1,240	)	2,416
					$	85,644		$	(2,788	)	$3,866

The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2016 (amounts in thousands):

	Futures
International Small Company Portfolio	$69,319

Securities have been segregated as collateral for open futures contracts.

The following is a summary of the location of derivatives on the Portfolio’s Statements of Assets and Liabilities as of October 31, 2016:

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Equity contracts	Receivables: Futures	Payables: Futures
	Margin Variation	Margin Variation

The following is a summary of the Portfolio’s derivative instrument holdings categorized by primary risk exposure as of October 31, 2016 (amounts in thousands):

	Liability Derivatives Value
	Total Value
	at	Equity
	October 31, 2016	Contracts*
International Small Company Portfolio	(2,788)	(2,788)

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

The following is a summary of the location on the Portfolio’s Statements of Operations of realized and change in unrealized gains and losses from the Portfolio’s derivative instrument holdings through the year ended October 31, 2016:

Derivative Type	Location of Gain (Loss) on Derivatives
Equity contracts	Net Realized Gain (Loss) on: Futures
	Change in Unrealized Appreciation (Depreciation) of: Futures

85

The following is a summary of the realized and change in unrealized gains and losses from the Portfolios’ derivative instrument holdings categorized by primary risk exposure through the year ended October 31, 2016 (amounts in thousands):

	Realized Gain (Loss) on
	Derivatives
		Equity
	Total	Contracts
International Small Company Portfolio	17,796	17,796
	Change in Unrealized
	Appreciation (Depreciation) on
	Derivatives
		Equity
	Total	Contracts
International Small Company Portfolio	(2,771)	(2,771)

G. Line of Credit and Interfund Lending:

The Fund, together with other Dimensional-advised portfolios, has entered into a $500 million uncommitted, unsecured discretionary line of credit effective March 30, 2016 with its domestic custodian bank. A line of credit with similar terms was in effect through March 29, 2016. 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. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The agreement for the line of credit expires on March 29, 2017.

The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit with its international custodian bank effective January 8, 2016. A line of credit with similar terms was in effect through January 7, 2016. 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 line of credit agreement expires on January 7, 2017.

For the year ended October 31, 2016, borrowings by the Portfolio under the lines 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
International Small Company Portfolio	1.00%	$3,790	13	$1	$18,387

* Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2016, that the Portfolio’s available line of credit was utilized.

There were no outstanding borrowings by the Portfolio under the lines of credit as of October 31, 2016.

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

The Portfolio did not utilize the interfund lending program during the year ended October 31, 2016.

86

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. Other:

At October 31, 2016, the following number of shareholders held the following approximate percentages of the stated Portfolio’s outstanding shares. One or more of the shareholders may be omnibus accounts, which typically hold shares for the benefit of several other underlying investors.

		Approximate
	Number of	Percentage of
	Shareholders	Ownership Shares
International Small Company Portfolio – Institutional Class Shares	4	61%

J. Subsequent Event Evaluations:

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

87

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

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”) as of October 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. 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 as of October 31, 2016 by correspondence with the transfer agent of the investee funds, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
December 20, 2016

88

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
Disclosure of Fund Expenses — October 31, 2016 (Unaudited)	90
Disclosure of Portfolio Holdings — October 31, 2016 (Unaudited)	92
Summary Schedules of Portfolio Holdings — December 31, 2016 (Unaudited)	93
The Japanese Small Company Series	94
The Asia Pacific Small Company Series	96
The United Kingdom Small Company Series	99
The Continental Small Company Series	102
The Canadian Small Company Series	106
Summary Schedules of Portfolio Holdings — October 31, 2016	109
The Japanese Small Company Series	109
The Asia Pacific Small Company Series	112
The United Kingdom Small Company Series	115
The Continental Small Company Series	119
The Canadian Small Company Series	123
Statements of Assets and Liabilities — December 31, 2016 (Unaudited)	126
Statements of Assets and Liabilities — October 31, 2016 (Unaudited)	127
Statements of Operations — October 31, 2016 (Unaudited)	129
Statements of Changes in Net Assets	131
Financial Highlights	134
Notes to Financial Statements — October 31, 2016	136
Report of Independent Registered Public Accounting Firm	145
Fund Management — October 31, 2016	146
Voting Proxies on Fund Portfolio Securities	159

89

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, 2016

EXPENSE TABLES

	Beginning		Ending			Expenses
	Account		Account		Annualized	Paid
	Value		Value		Expense	During
	05/01/16		10/31/16		Ratio*	Period*
The Japanese Small Company Series
Actual Fund Return	$	1,000.00	$	1,136.10	0.13%	$0.70
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.48	0.13%	$0.66
The Asia Pacific Small Company Series
Actual Fund Return	$	1,000.00	$	1,065.90	0.13%	$0.68
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.48	0.13%	$0.66
The United Kingdom Small Company Series
Actual Fund Return	$	1,000.00	$	884.20	0.12%	$0.57
Hypothetical 5% Annual Return	$	1,000.00	$	1,024.53	0.12%	$0.61

90

	Beginning	Ending		Expenses
	Account	Account	Annualized	Paid
	Value	Value	Expense	During
	05/01/16	10/31/16	Ratio*	Period*
The Continental Small Company Series
Actual Fund Return	$1,000.00	$1,017.80	0.13%	$0.66
Hypothetical 5% Annual Return	$1,000.00	$1,024.48	0.13%	$0.66
The Canadian Small Company Series
Actual Fund Return	$1,000.00	$1,004.00	0.12%	$0.60
Hypothetical 5% Annual Return	$1,000.00	$1,024.53	0.12%	$0.61

____________________

*      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.

91

THE 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 29, 2015. They are 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.

A fund is required to file a complete Schedule of Investments with the SEC on Form N-CSR within ten days after mailing the annual and semi-annual reports to shareholders. It will be available upon request, without charge, by calling collect: (512) 306-7400 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.

DOMESTIC AND INTERNATIONAL EQUITY PORTFOLIOS

	Consumer		Consumer					Health				Information				Real	Telecommunication
	Discretionary		Staples	Energy		Financials		Care		Industrials		Technology		Materials		Estate	Services	Utilities	Total
The Japanese Small
Company Series	19.4	%	8.5%	1.0	%	9.4	%	4.4	%	28.6	%	13.1	%	12.7	%	2.0%	0.1%	0.8%	100%
The Asia Pacific Small
Company Series	25.4	%	5.9%	2.8	%	10.1	%	6.6	%	16.0	%	6.1	%	14.5	%	6.2%	3.1%	3.3%	100%
The United Kingdom Small
Company Series	20.2	%	5.6%	5.2	%	14.0	%	3.9	%	27.5	%	10.0	%	8.4	%	2.5%	0.7%	2.0%	100%
The Continental Small
Company Series	12.8	%	6.1%	3.0	%	11.6	%	9.2	%	26.3	%	9.4	%	10.4	%	6.0%	2.7%	2.5%	100%
The Canadian Small
Company Series	9.5	%	4.4%	23.6	%	6.0	%	1.6	%	12.6	%	3.9	%	29.1	%	2.0%	0.5%	6.8%	100%

92

THE JAPANESE SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (92.0%)
Consumer Discretionary — (17.8%)
	Aoyama Trading Co., Ltd.	304,000	$	10,563,899	0.4	%
	Shimachu Co., Ltd.	297,200		7,908,168	0.3	%
	Toyo Tire & Rubber Co., Ltd.	623,700		7,746,745	0.3	%
	Wacoal Holdings Corp.	676,000		7,869,935	0.3	%
	Other Securities			547,758,675	17.9	%
Total Consumer Discretionary				581,847,422	19.2	%
Consumer Staples — (7.4%)
	Ain Holdings, Inc.	124,600		8,235,354	0.3	%
	Morinaga Milk Industry Co., Ltd.	1,164,000		8,368,211	0.3	%
	Takara Holdings, Inc.	980,300		9,002,362	0.3	%
	Other Securities			215,978,548	7.1	%
Total Consumer Staples				241,584,475	8.0	%
Energy — (1.0%)
	Other Securities			32,397,781	1.1	%
Financials — (9.0%)
	77 Bank, Ltd. (The)	1,749,760		8,427,668	0.3	%
	Daishi Bank, Ltd. (The)	2,071,000		9,273,305	0.3	%
	North Pacific Bank, Ltd.	2,303,600		9,486,865	0.3	%
	San-In Godo Bank, Ltd. (The)	957,000		7,973,031	0.3	%
	Other Securities			261,303,828	8.6	%
Total Financials				296,464,697	9.8	%
Health Care — (4.0%)
	Nipro Corp.	702,100		7,661,180	0.3	%
#	Rohto Pharmaceutical Co., Ltd.	546,700		8,575,059	0.3	%
	Tsumura & Co.	359,800		9,902,975	0.3	%
	Other Securities			103,585,426	3.4	%
Total Health Care				129,724,640	4.3	%
Industrials — (26.6%)
	Aica Kogyo Co., Ltd.	314,300		8,273,967	0.3	%
	Fujikura, Ltd.	1,935,000		10,478,704	0.4	%
	Furukawa Electric Co., Ltd.	462,800		13,505,376	0.5	%
	Glory, Ltd.	268,900		8,473,658	0.3	%
	GS Yuasa Corp.	2,130,000		8,831,089	0.3	%
	Hanwa Co., Ltd.	1,221,000		7,965,602	0.3	%
	Mitsui Engineering & Shipbuilding Co., Ltd.	5,109,000		7,900,418	0.3	%
	Nishimatsu Construction Co., Ltd.	1,794,000		8,670,321	0.3	%
	Nisshinbo Holdings, Inc.	870,500		8,381,913	0.3	%
	NTN Corp.	2,488,000		10,037,113	0.3	%
	OKUMA Corp.	849,000		8,077,795	0.3	%
#	OSG Corp.	452,700		8,888,747	0.3	%
	Penta-Ocean Construction Co., Ltd.	1,724,600		8,320,221	0.3	%
	Pilot Corp.	188,800		7,783,466	0.3	%
	Sankyu, Inc.	1,540,000		9,292,447	0.3	%
	Sanwa Holdings Corp.	1,232,600		11,723,223	0.4	%

93

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Ushio, Inc.	655,900	$	8,342,207	0.3	%
	Other Securities			717,742,707	23.3	%
Total Industrials				872,688,974	28.8	%
Information Technology — (12.0%)
	Citizen Watch Co., Ltd.	1,523,200		9,081,490	0.3	%
	Horiba, Ltd.	212,650		9,820,736	0.3	%
	Ibiden Co., Ltd.	620,978		8,328,189	0.3	%
	Taiyo Yuden Co., Ltd.	678,700		8,119,220	0.3	%
	TIS, Inc.	505,101		10,795,796	0.4	%
	Topcon Corp.	595,400		8,932,130	0.3	%
	Ulvac, Inc.	252,600		7,711,327	0.3	%
	Other Securities			332,108,333	10.8	%
Total Information Technology				394,897,221	13.0	%
Materials — (11.5%)
	Denka Co., Ltd.	1,949,000		8,580,724	0.3	%
	Mitsui Mining & Smelting Co., Ltd.	3,627,000		9,117,334	0.3	%
	Nippon Kayaku Co., Ltd.	683,000		8,421,941	0.3	%
	NOF Corp.	870,000		8,345,792	0.3	%
	Showa Denko KK	845,099		12,071,509	0.4	%
	Sumitomo Osaka Cement Co., Ltd.	2,493,000		9,393,234	0.3	%
*	Tokuyama Corp.	2,159,000		8,172,315	0.3	%
	Toyobo Co., Ltd.	5,688,000		8,453,957	0.3	%
	Ube Industries, Ltd.	6,661,000		13,918,861	0.5	%
#	Zeon Corp.	770,000		7,583,490	0.3	%
	Other Securities			283,156,849	9.2	%
Total Materials				377,216,006	12.5	%
Real Estate — (1.9%)
	Leopalace21 Corp.	1,960,700		10,829,792	0.4	%
	Other Securities			50,765,146	1.6	%
Total Real Estate				61,594,938	2.0	%
Telecommunication Services — (0.1%)
	Other Securities			2,223,722	0.1	%
Utilities — (0.7%)
	Hokkaido Electric Power Co., Inc.	1,082,100		8,434,319	0.3	%
	Other Securities			15,171,608	0.5	%
Total Utilities				23,605,927	0.8	%
TOTAL COMMON STOCKS				3,014,245,803	99.6	%
TOTAL INVESTMENT SECURITIES				3,014,245,803
			Value†
SECURITIES LENDING COLLATERAL — (8.0%)
	§@DFA Short Term Investment Fund	22,781,334		263,625,595	8.7	%
TOTAL INVESTMENTS — (100.0%) (Cost $2,944,292,033)^			$	3,277,871,398	108.3	%

____________________

^       The cost for federal income tax purposes is $2,944,292,033.

94

The Japanese Small Company Series
continued

Summary of the Series’ investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	1,155,861	$	580,691,561	—	$	581,847,422
Consumer Staples		4,124,406		237,460,069	—		241,584,475
Energy		—		32,397,781	—		32,397,781
Financials		5,227,900		291,236,797	—		296,464,697
Health Care		—		129,724,640	—		129,724,640
Industrials		—		872,688,974	—		872,688,974
Information Technology		—		394,897,221	—		394,897,221
Materials		—		377,216,006	—		377,216,006
Real Estate		—		61,594,938	—		61,594,938
Telecommunication Services		—		2,223,722	—		2,223,722
Utilities		—		23,605,927	—		23,605,927
Securities Lending Collateral		—		263,625,595	—		263,625,595
TOTAL	$	10,508,167	$	3,267,363,231	—	$	3,277,871,398

See accompanying Notes to Financial Statements.
95

THE ASIA PACIFIC SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (86.0%)
AUSTRALIA — (43.3%)
	Adelaide Brighton, Ltd.	3,668,074	$	14,347,509	1.0	%
#	Alumina, Ltd.	7,413,478		9,693,819	0.7	%
	Ansell, Ltd.	563,728		10,030,349	0.7	%
	Bank of Queensland, Ltd.	923,162		7,889,368	0.5	%
	Beach Energy, Ltd.	13,573,519		8,260,061	0.6	%
	BlueScope Steel, Ltd.	1,511,506		10,045,567	0.7	%
	Boral, Ltd.	3,427,616		13,343,977	0.9	%
	carsales.com, Ltd.	1,702,940		13,912,570	0.9	%
	Cleanaway Waste Management, Ltd.	10,357,050		9,173,336	0.6	%
	CSR, Ltd.	3,350,138		11,138,076	0.8	%
	Downer EDI, Ltd.	2,910,872		12,745,830	0.9	%
	DuluxGroup, Ltd.	3,101,823		13,926,770	0.9	%
	Fairfax Media, Ltd.	15,303,894		9,805,179	0.7	%
	GrainCorp, Ltd. Class A	1,251,687		8,625,073	0.6	%
#	InvoCare, Ltd.	905,619		9,050,224	0.6	%
#	IOOF Holdings, Ltd.	1,900,338		12,596,047	0.9	%
#	IRESS, Ltd.	1,123,183		9,597,858	0.7	%
#	JB Hi-Fi, Ltd.	962,791		19,460,401	1.3	%
	Magellan Financial Group, Ltd.	493,135		8,428,794	0.6	%
#*	Metcash, Ltd.	5,144,197		8,459,988	0.6	%
#	Mineral Resources, Ltd.	1,168,088		10,167,310	0.7	%
	nib holdings, Ltd.	2,713,689		9,286,375	0.6	%
#	Northern Star Resources, Ltd.	4,806,957		12,285,908	0.8	%
	Nufarm, Ltd.	1,280,776		8,439,156	0.6	%
	Orora, Ltd.	3,956,731		8,508,962	0.6	%
	OZ Minerals, Ltd.	2,198,276		12,419,670	0.8	%
#	Perpetual, Ltd.	356,426		12,503,310	0.9	%
	Primary Health Care, Ltd.	3,292,878		9,672,775	0.7	%
#	Sims Metal Management, Ltd.	1,382,214		12,705,601	0.9	%
#	Spark Infrastructure Group	11,913,246		20,435,277	1.4	%
#	Super Retail Group, Ltd.	1,280,749		9,534,725	0.7	%
	Tabcorp Holdings, Ltd.	3,586,818		12,426,532	0.8	%
#	Vocus Communications, Ltd.	4,260,609		11,864,629	0.8	%
#*	Whitehaven Coal, Ltd.	4,143,411		7,756,054	0.5	%
	Other Securities			359,532,639	24.0	%
TOTAL AUSTRALIA				738,069,719	50.0	%
CHINA — (0.2%)
	Other Securities			2,848,817	0.2	%
HONG KONG — (24.2%)
#	Dah Sing Financial Holdings, Ltd.	1,435,744		9,692,762	0.7	%
#*	Esprit Holdings, Ltd.	14,664,650		11,494,234	0.8	%
	Hopewell Holdings, Ltd.	3,243,000		11,148,993	0.8	%
	Luk Fook Holdings International, Ltd.	3,154,000		8,219,240	0.6	%
	Man Wah Holdings, Ltd.	13,578,800		9,168,694	0.6	%
#	Vitasoy International Holdings, Ltd.	5,433,000		10,885,584	0.7	%
	VTech Holdings, Ltd.	735,400		9,817,835	0.7	%
	Xinyi Glass Holdings, Ltd.	17,658,000		14,385,560	1.0	%
	Other Securities			328,092,875	22.0	%
TOTAL HONG KONG				412,905,777	27.9	%

96

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
NEW ZEALAND — (7.5%)
	Fisher & Paykel Healthcare Corp., Ltd.	2,108,984	$	12,473,749	0.8	%
#	Ryman Healthcare, Ltd.	1,681,908		9,470,224	0.6	%
	SKYCITY Entertainment Group, Ltd.	5,162,402		14,085,503	1.0	%
	Other Securities			92,577,268	6.3	%
TOTAL NEW ZEALAND				128,606,744	8.7	%
SINGAPORE — (10.8%)
#*	Noble Group, Ltd.	75,184,800		8,768,142	0.6	%
	SATS, Ltd.	2,695,900		9,019,882	0.6	%
#	Singapore Post, Ltd.	10,300,000		10,402,463	0.7	%
	UOL Group, Ltd.	1,967,864		8,112,659	0.6	%
	Venture Corp., Ltd.	1,994,100		13,582,050	0.9	%
	Other Securities			134,277,389	9.1	%
TOTAL SINGAPORE				184,162,585	12.5	%
TOTAL COMMON STOCKS				1,466,593,642	99.3	%
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
	Other Securities			28,211	0.0	%
BERMUDA — (0.0%)
	Other Securities			9,305	0.0	%
SINGAPORE — (0.0%)
	Other Securities			28,247	0.0	%
TOTAL RIGHTS/WARRANTS				65,763	0.0	%
TOTAL INVESTMENT SECURITIES				1,466,659,405
			Value†
SECURITIES LENDING COLLATERAL — (14.0%)
	§@DFA Short Term Investment Fund	20,548,587		237,788,253	16.1	%
TOTAL INVESTMENTS — (100.0%) (Cost $1,812,819,807)^			$	1,704,447,658	115.4	%

____________________

^      The cost for federal income tax purposes is $1,812,819,807.

97

The Asia Pacific Small Company Series
continued

Summary of the Series’ investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Australia	$	977,582	$	737,092,137	—	$	738,069,719
China		—		2,848,817	—		2,848,817
Hong Kong		237,551		412,668,226	—		412,905,777
New Zealand		376,334		128,230,410	—		128,606,744
Singapore		306,508		183,856,077	—		184,162,585
Rights/Warrants
Australia		—		28,211	—		28,211
Bermuda		—		9,305	—		9,305
Hong Kong		—		—	—		—
Singapore		—		28,247	—		28,247
Securities Lending Collateral		—		237,788,253	—		237,788,253
TOTAL	$	1,897,975	$	1,702,549,683	—	$	1,704,447,658

See accompanying Notes to Financial Statements.
98

THE UNITED KINGDOM SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (96.6%)
Consumer Discretionary — (19.3%)
	B&M European Value Retail SA	3,300,251	$	11,307,266	0.6	%
	Bellway P.L.C.	637,459		19,431,469	1.1	%
	Daily Mail & General Trust P.L.C. Class A	1,271,481		12,176,097	0.7	%
	Domino’s Pizza Group P.L.C.	2,536,833		11,257,720	0.6	%
	Greene King P.L.C.	1,786,209		15,348,504	0.9	%
	Inchcape P.L.C.	2,190,976		18,934,318	1.1	%
	UBM P.L.C.	1,950,843		17,560,077	1.0	%
	WH Smith P.L.C.	680,498		13,038,881	0.7	%
	William Hill P.L.C.	4,185,519		14,949,611	0.8	%
	Other Securities			217,149,732	12.3	%
Total Consumer Discretionary				351,153,675	19.8	%
Consumer Staples — (5.3%)
	Booker Group P.L.C.	8,105,070		17,519,847	1.0	%
	Tate & Lyle P.L.C.	2,319,044		20,181,815	1.1	%
	Other Securities			58,639,690	3.3	%
Total Consumer Staples				96,341,352	5.4	%
Energy — (5.6%)
	Amec Foster Wheeler P.L.C.	2,037,469		11,765,464	0.7	%
	John Wood Group P.L.C.	1,887,172		20,378,522	1.1	%
	Petrofac, Ltd.	1,141,776		12,218,826	0.7	%
#*	Tullow Oil P.L.C.	5,009,214		19,308,190	1.1	%
	Other Securities			37,485,129	2.1	%
Total Energy				101,156,131	5.7	%
Financials — (13.0%)
	Beazley P.L.C.	2,740,810		13,100,391	0.7	%
	Close Brothers Group P.L.C.	785,896		13,958,020	0.8	%
	Henderson Group P.L.C.	5,628,395		16,244,585	0.9	%
	Hiscox, Ltd.	1,494,924		18,732,398	1.1	%
	Intermediate Capital Group P.L.C.	1,340,691		11,542,751	0.7	%
	Jupiter Fund Management P.L.C.	2,162,762		11,777,958	0.7	%
	Man Group P.L.C.	8,025,798		11,677,493	0.7	%
	Phoenix Group Holdings	1,466,980		13,279,377	0.7	%
	Saga P.L.C.	4,624,740		11,138,116	0.6	%
	Tullett Prebon P.L.C.	2,563,777		13,634,997	0.8	%
	Other Securities			101,293,587	5.7	%
Total Financials				236,379,673	13.4	%
Health Care — (3.5%)
	*BTG P.L.C.	1,870,654		13,584,615	0.8	%
	Indivior P.L.C.	3,662,912		13,346,335	0.7	%
	Other Securities			36,545,253	2.1	%
Total Health Care				63,476,203	3.6	%

99

The United Kingdom Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (27.4%)
	Aggreko P.L.C.	1,332,278	$	15,039,277	0.8	%
	Balfour Beatty P.L.C.	3,549,781		11,722,644	0.7	%
	BBA Aviation P.L.C.	5,623,297		19,605,290	1.1	%
	Cobham P.L.C.	8,760,026		17,637,802	1.0	%
	G4S P.L.C.	4,186,631		12,100,926	0.7	%
	Hays P.L.C.	6,566,676		12,049,293	0.7	%
	Howden Joinery Group P.L.C.	3,165,528		14,938,171	0.8	%
	IMI P.L.C.	1,291,794		16,520,476	0.9	%
	Meggitt P.L.C.	3,090,230		17,451,115	1.0	%
	Melrose Industries P.L.C.	10,887,020		26,462,934	1.5	%
	Rentokil Initial P.L.C.	8,861,710		24,243,686	1.4	%
	Rotork P.L.C.	3,918,039		11,627,202	0.7	%
	Spirax-Sarco Engineering P.L.C.	355,118		18,275,928	1.0	%
	Weir Group P.L.C. (The)	1,080,278		25,104,799	1.4	%
	Other Securities			257,055,424	14.6	%
Total Industrials				499,834,967	28.3	%
Information Technology — (9.5%)
	Electrocomponents P.L.C.	2,396,207		14,062,924	0.8	%
	Halma P.L.C.	1,951,180		21,586,831	1.2	%
#	Micro Focus International P.L.C.	539,522		14,489,419	0.8	%
	Playtech P.L.C.	1,111,348		11,306,677	0.6	%
	Rightmove P.L.C.	477,301		22,927,820	1.3	%
	Spectris P.L.C.	613,329		17,476,706	1.0	%
	Other Securities			70,589,289	4.0	%
Total Information Technology				172,439,666	9.7	%
Materials — (7.8%)
	DS Smith P.L.C.	4,938,232		24,797,760	1.4	%
	RPC Group P.L.C.	1,638,321		21,475,299	1.2	%
	Other Securities			96,487,380	5.5	%
Total Materials				142,760,439	8.1	%
Real Estate — (2.5%)
	Other Securities			45,964,718	2.6	%
Telecommunication Services — (0.7%)
	Other Securities			13,365,743	0.8	%
Utilities — (2.0%)
	Pennon Group P.L.C.	1,994,817		20,302,685	1.1	%
	Other Securities			15,415,665	0.9	%
Total Utilities				35,718,350	2.0	%
TOTAL COMMON STOCKS				1,758,590,917	99.4	%
TOTAL INVESTMENT SECURITIES				1,758,590,917
			Value†
SECURITIES LENDING COLLATERAL — (3.4%)
§ @	DFA Short Term Investment Fund	5,356,427		61,984,568	3.5	%
TOTAL INVESTMENTS — (100.0%)
	(Cost $1,731,563,401)^		$	1,820,575,485	102.9	%

____________________

^ The cost for federal income tax purposes is $1,731,563,401.

100

The United Kingdom Small Company Series
continued

Summary of the Series’ investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary		—	$	351,153,675	—	$	351,153,675
Consumer Staples		—		96,341,352	—		96,341,352
Energy		—		101,156,131	—		101,156,131
Financials	$	8,825,450		227,554,223	—		236,379,673
Health Care		—		63,476,203	—		63,476,203
Industrials		—		499,834,967	—		499,834,967
Information Technology		1,309,557		171,130,109	—		172,439,666
Materials		—		142,760,439	—		142,760,439
Real Estate		—		45,964,718	—		45,964,718
Telecommunication Services		—		13,365,743	—		13,365,743
Utilities		—		35,718,350	—		35,718,350
Securities Lending Collateral		—		61,984,568	—		61,984,568
TOTAL	$	10,135,007	$	1,810,440,478	—	$	1,820,575,485

See accompanying Notes to Financial Statements.
101

THE CONTINENTAL SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (89.9%)
AUSTRIA — (3.0%)
	ANDRITZ AG	310,627	$	15,566,678	0.4	%
	Other Securities			121,572,943	2.9	%
TOTAL AUSTRIA				137,139,621	3.3	%
BELGIUM — (4.2%)
	Ackermans & van Haaren NV	134,383		18,666,762	0.5	%
	Umicore SA	412,343		23,458,773	0.6	%
	Other Securities			149,301,875	3.5	%
TOTAL BELGIUM				191,427,410	4.6	%
DENMARK — (4.2%)
	GN Store Nord A.S.	826,732		17,097,087	0.4	%
	Jyske Bank A.S.	345,747		16,441,309	0.4	%
*	TDC A.S.	4,165,514		21,353,969	0.5	%
	Other Securities			138,783,599	3.4	%
TOTAL DENMARK				193,675,964	4.7	%
FINLAND — (6.7%)
	Amer Sports Oyj	641,324		17,018,455	0.4	%
	Elisa Oyj	734,075		23,829,141	0.6	%
	Huhtamaki Oyj	467,536		17,327,232	0.4	%
	Kesko Oyj Class B	345,206		17,227,737	0.4	%
	Metso Oyj	549,230		15,625,000	0.4	%
	Nokian Renkaat Oyj	623,433		23,177,911	0.6	%
	Orion Oyj Class B	436,647		19,401,023	0.5	%
*	Outokumpu Oyj	3,022,031		26,909,215	0.7	%
	Other Securities			143,868,736	3.3	%
TOTAL FINLAND				304,384,450	7.3	%
FRANCE — (12.5%)
	Arkema SA	298,145		29,143,870	0.7	%
	Edenred	946,779		18,746,715	0.5	%
	Lagardere SCA	619,304		17,189,044	0.4	%
	Rexel SA	1,596,995		26,238,437	0.6	%
	Rubis SCA	203,675		16,774,964	0.4	%
	SEB SA	120,657		16,349,482	0.4	%
	STMicroelectronics NV	2,136,887		24,220,433	0.6	%
	Teleperformance	336,308		33,716,824	0.8	%
*	Ubisoft Entertainment SA	521,852		18,544,365	0.5	%
	Other Securities			369,336,180	8.8	%
TOTAL FRANCE				570,260,314	13.7	%

102

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
GERMANY — (15.0%)
	Aareal Bank AG	409,233	$	15,348,599	0.4	%
*	Dialog Semiconductor P.L.C.	382,079		16,053,013	0.4	%
	Freenet AG	652,809		18,346,927	0.4	%
	Hugo Boss AG	261,242		15,948,572	0.4	%
#	K+S AG	990,931		23,605,024	0.6	%
*	KUKA AG	134,984		16,316,193	0.4	%
	Lanxess AG	484,758		31,743,525	0.8	%
	LEG Immobilien AG	306,750		23,791,358	0.6	%
#	MTU Aero Engines AG	249,839		28,818,892	0.7	%
	Osram Licht AG	343,036		17,963,212	0.4	%
*	QIAGEN NV	744,663		20,867,950	0.5	%
	Stada Arzneimittel AG	306,492		15,833,942	0.4	%
	Other Securities			441,349,607	10.5	%
TOTAL GERMANY				685,986,814	16.5	%
IRELAND — (1.2%)
	Kingspan Group P.L.C.	622,048		16,815,462	0.4	%
	Other Securities			37,082,604	0.9	%
TOTAL IRELAND				53,898,066	1.3	%
ISRAEL — (1.8%)
	Other Securities			84,469,736	2.0	%
ITALY — (8.7%)
#	Mediaset SpA	4,351,208		18,740,361	0.5	%
	Prysmian SpA	1,026,230		26,302,604	0.6	%
	Other Securities			351,973,004	8.4	%
TOTAL ITALY				397,015,969	9.5	%
NETHERLANDS — (4.7%)
	Aalberts Industries NV	600,156		19,443,822	0.5	%
	Delta Lloyd NV	2,709,093		15,141,665	0.4	%
#	Gemalto NV	304,031		17,558,209	0.4	%
	Other Securities			162,396,444	3.9	%
TOTAL NETHERLANDS				214,540,140	5.2	%
NORWAY — (2.7%)
	Other Securities			122,009,871	2.9	%
PORTUGAL — (0.9%)
	Other Securities			41,090,554	1.0	%

103

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SPAIN — (5.1%)
	Gamesa Corp. Tecnologica SA	1,203,576	$	24,333,507	0.6	%
	Other Securities			209,676,210	5.0	%
TOTAL SPAIN				234,009,717	5.6	%
SWEDEN — (7.6%)
	Other Securities			345,727,344	8.3	%
SWITZERLAND — (11.6%)
	Baloise Holding AG	131,033		16,488,511	0.4	%
	Flughafen Zuerich AG	104,871		19,433,325	0.5	%
	Georg Fischer AG	22,511		18,410,048	0.4	%
	Helvetia Holding AG	36,269		19,514,567	0.5	%
	Logitech International SA	650,486		16,189,561	0.4	%
	PSP Swiss Property AG	201,709		17,420,956	0.4	%
	Straumann Holding AG	44,803		17,457,993	0.4	%
	Temenos Group AG	318,043		22,107,453	0.5	%
	Other Securities			383,375,647	9.3	%
TOTAL SWITZERLAND				530,398,061	12.8	%
TOTAL COMMON STOCKS				4,106,034,031	98.7	%
PREFERRED STOCKS — (0.7%)
GERMANY — (0.7%)
	Other Securities			32,397,362	0.8	%
TOTAL PREFERRED STOCKS				32,397,362	0.8	%
RIGHTS/WARRANTS — (0.0%)
NORWAY — (0.0%)
	Other Securities			88,315	0.0	%
SPAIN — (0.0%)
	Other Securities			132,136	0.0	%
TOTAL RIGHTS/WARRANTS				220,451	0.0	%
TOTAL INVESTMENT SECURITIES				4,138,651,844
			Value†
SECURITIES LENDING COLLATERAL — (9.4%)
§@	DFA Short Term Investment Fund	37,009,517		428,274,127	10.3	%
TOTAL INVESTMENTS — (100.0%) (Cost $3,937,134,875)^			$	4,566,925,971	109.8	%

____________________

^ The cost for federal income tax purposes is $3,937,134,875.

104

The Continental Small Company Series
continued

Summary of the Series’ investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Austria		—	$	137,139,621	—	$	137,139,621
Belgium		—		191,427,410	—		191,427,410
Denmark		—		193,675,964	—		193,675,964
Finland		—		304,384,450	—		304,384,450
France		—		570,260,314	—		570,260,314
Germany		—		685,986,814	—		685,986,814
Greece		—		—	—		—
Ireland		—		53,898,066	—		53,898,066
Israel		—		84,469,736	—		84,469,736
Italy		—		397,015,969	—		397,015,969
Netherlands	$	154,357		214,385,783	—		214,540,140
Norway		—		122,009,871	—		122,009,871
Portugal		—		41,090,554	—		41,090,554
Spain		—		234,009,717	—		234,009,717
Sweden		—		345,727,344	—		345,727,344
Switzerland		—		530,398,061	—		530,398,061
Preferred Stocks
Germany		—		32,397,362	—		32,397,362
Rights/Warrants
Austria		—		—	—		—
Italy		—		—	—		—
Norway		—		88,315	—		88,315
Spain		—		132,136	—		132,136
Securities Lending Collateral		—		428,274,127	—		428,274,127
TOTAL	$	154,357	$	4,566,771,614	—	$	4,566,925,971

See accompanying Notes to Financial Statements.
105

THE CANADIAN SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (84.5%)
Consumer Discretionary — (7.8%)
	Cineplex, Inc.	321,092	$	12,249,158	1.2	%
#	Corus Entertainment, Inc. Class B	740,938		6,953,278	0.7	%
#	Enercare, Inc.	527,359		7,007,101	0.7	%
#*	IMAX Corp.	259,917		8,161,394	0.8	%
	Linamar Corp.	179,512		7,713,140	0.8	%
	Other Securities			49,678,761	5.0	%
Total Consumer Discretionary				91,762,832	9.2	%
Consumer Staples — (3.6%)
	Cott Corp.	600,036		6,792,945	0.7	%
	Maple Leaf Foods, Inc.	305,864		6,405,910	0.6	%
	Premium Brands Holdings Corp.	144,762		7,435,138	0.8	%
	Other Securities			22,115,899	2.2	%
Total Consumer Staples				42,749,892	4.3	%
Energy — (21.8%)
*	Advantage Oil & Gas, Ltd.	1,116,844		7,586,204	0.8	%
*	Birchcliff Energy, Ltd.	1,028,636		7,178,579	0.7	%
#	Enbridge Income Fund Holdings, Inc.	251,755		6,519,585	0.7	%
	Enerplus Corp.	721,959		6,850,451	0.7	%
#	Gibson Energy, Inc.	702,339		9,928,421	1.0	%
#	Mullen Group, Ltd.	551,525		8,145,638	0.8	%
*	Parex Resources, Inc.	765,891		9,640,307	1.0	%
#	Parkland Fuel Corp.	477,625		10,006,771	1.0	%
	Precision Drilling Corp.	1,782,881		9,720,098	1.0	%
*	Raging River Exploration, Inc.	1,094,651		8,609,478	0.9	%
#	Secure Energy Services, Inc.	837,639		7,305,517	0.7	%
	ShawCor, Ltd.	319,981		8,541,406	0.9	%
	Veresen, Inc.	1,597,192		15,595,417	1.6	%
	Whitecap Resources, Inc.	1,466,035		13,277,463	1.3	%
	Other Securities			128,777,589	12.7	%
Total Energy				257,682,924	25.8	%
Financials — (5.5%)
#	Canadian Western Bank	468,032		10,576,167	1.1	%
#	Home Capital Group, Inc.	325,263		7,592,256	0.8	%
	Laurentian Bank of Canada	197,446		8,489,597	0.9	%
	TMX Group, Ltd.	191,063		10,177,504	1.0	%
	Other Securities			28,089,262	2.7	%
Total Financials				64,924,786	6.5	%
Health Care — (1.3%)
	Other Securities			15,576,783	1.6	%
Industrials — (10.7%)
	MacDonald Dettwiler & Associates, Ltd.	172,507		8,594,193	0.9	%
	New Flyer Industries, Inc.	254,471		7,740,361	0.8	%
	Russel Metals, Inc.	362,155		6,899,732	0.7	%
#	Stantec, Inc.	410,229		10,363,809	1.0	%

106

The Canadian Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	TFI International, Inc.	491,359	$	12,768,417	1.3	%
	Toromont Industries, Ltd.	398,385		12,565,899	1.3	%
	Other Securities			67,233,905	6.6	%
Total Industrials				126,166,316	12.6	%
Information Technology — (3.3%)
	Other Securities			39,674,251	4.0	%
Materials — (22.7%)
	Alamos Gold, Inc. Class A	1,545,462		10,658,757	1.1	%
*	B2Gold Corp.	5,284,073		12,554,421	1.3	%
	HudBay Minerals, Inc.	1,453,305		8,312,950	0.8	%
*	IAMGOLD Corp.	2,443,241		9,444,323	0.9	%
*	Lundin Mining Corp.	2,567,823		12,240,023	1.2	%
	Methanex Corp.	188,866		8,283,856	0.8	%
*	New Gold, Inc.	2,777,383		9,743,026	1.0	%
	OceanaGold Corp.	3,061,665		8,916,032	0.9	%
	Pan American Silver Corp.	990,673		14,941,443	1.5	%
*	Silver Standard Resources, Inc.	760,590		6,803,475	0.7	%
#	Stella-Jones, Inc.	204,600		6,640,947	0.7	%
	West Fraser Timber Co., Ltd.	266,200		9,518,685	1.0	%
	Other Securities			150,803,972	15.0	%
Total Materials				268,861,910	26.9	%
Real Estate — (1.7%)
	FirstService Corp.	163,033		7,739,711	0.8	%
	Other Securities			12,998,563	1.3	%
Total Real Estate				20,738,274	2.1	%
Telecommunication Services — (0.4%)
	Other Securities			4,559,893	0.4	%
Utilities — (5.7%)
#	Algonquin Power & Utilities Corp.	1,268,653		10,762,267	1.1	%
	Capital Power Corp.	535,609		9,266,895	0.9	%
#	Northland Power, Inc.	536,896		9,317,154	0.9	%
#	Superior Plus Corp.	737,043		6,999,068	0.7	%
	TransAlta Corp.	1,451,525		8,032,496	0.8	%
	Other Securities			23,271,113	2.4	%
Total Utilities				67,648,993	6.8	%
TOTAL COMMON STOCKS				1,000,346,854	100.2	%
TOTAL INVESTMENT SECURITIES				1,000,346,854
			Value†
SECURITIES LENDING COLLATERAL — (15.5%)
§@	DFA Short Term Investment Fund	15,843,339		183,339,124	18.4	%
TOTAL INVESTMENTS — (100.0%) (Cost $1,372,271,170)^			$	1,183,685,978	118.6	%

____________________

^ The cost for federal income tax purposes is $1,372,271,170.

107

The Canadian Small Company Series
continued

Summary of the Series’ investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	91,756,086	$	6,746	—	$	91,762,832
Consumer Staples		42,749,892		—	—		42,749,892
Energy		257,624,002		58,922	—		257,682,924
Financials		64,924,786		—	—		64,924,786
Health Care		15,576,783		—	—		15,576,783
Industrials		126,166,316		—	—		126,166,316
Information Technology		39,674,251		—	—		39,674,251
Materials		268,861,752		158	—		268,861,910
Real Estate		20,738,274		—	—		20,738,274
Telecommunication Services		4,559,893		—	—		4,559,893
Utilities		67,648,993		—	—		67,648,993
Rights/Warrants		—		—	—		—
Securities Lending Collateral		—		183,339,124	—		183,339,124
TOTAL	$	1,000,281,028	$	183,404,950	—	$	1,183,685,978

See accompanying Notes to Financial Statements.
108

THE JAPANESE SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2016

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (91.7%)
Consumer Discretionary — (17.8%)
	Aoyama Trading Co., Ltd.	304,000	$	10,709,561	0.4%
	Shimachu Co., Ltd.	297,200		7,974,727	0.3%
	Toyo Tire & Rubber Co., Ltd.	623,700		9,673,815	0.3%
	Other Securities			575,455,539	18.3%
Total Consumer Discretionary				603,813,642	19.3%
Consumer Staples — (7.7%)
	Ain Holdings, Inc.	124,600		8,409,946	0.3%
	Morinaga Milk Industry Co., Ltd.	1,164,000		9,375,501	0.3%
	Takara Holdings, Inc.	980,300		9,284,173	0.3%
	Other Securities			235,670,534	7.5%
Total Consumer Staples				262,740,154	8.4%
Energy — (1.0%)
	Other Securities			32,552,672	1.0%
Financials — (8.7%)
	77 Bank, Ltd. (The)	1,749,760		7,904,201	0.3%
	Daishi Bank, Ltd. (The)	2,071,000		8,905,139	0.3%
	North Pacific Bank, Ltd.	2,303,600		8,591,023	0.3%
	Other Securities			268,141,185	8.5%
Total Financials				293,541,548	9.4%
Health Care — (4.1%)
	Nipro Corp.	702,100		8,670,187	0.3%
	Rohto Pharmaceutical Co., Ltd.	546,700		9,592,173	0.3%
	Ship Healthcare Holdings, Inc.	279,700		8,181,874	0.3%
	Tsumura & Co.	359,800		10,225,153	0.3%
	Other Securities			101,447,537	3.2%
Total Health Care				138,116,924	4.4%
Industrials — (26.2%)
	Aica Kogyo Co., Ltd.	314,300		8,968,870	0.3%
#	Chiyoda Corp.	993,000		8,661,260	0.3%
	Daifuku Co., Ltd.	444,100		8,024,354	0.3%
	Fujikura, Ltd.	1,935,000		11,369,097	0.4%
	Furukawa Electric Co., Ltd.	462,800		13,615,795	0.4%
	Glory, Ltd.	268,900		8,889,500	0.3%
	GS Yuasa Corp.	2,130,000		9,197,857	0.3%
	Japan Steel Works, Ltd. (The)	398,400		8,557,307	0.3%
	Nishimatsu Construction Co., Ltd.	1,794,000		8,378,134	0.3%
	Nisshinbo Holdings, Inc.	870,500		8,666,919	0.3%
#	NTN Corp.	2,488,000		9,417,732	0.3%
#	OSG Corp.	452,700		9,641,884	0.3%
	Penta-Ocean Construction Co., Ltd.	1,724,600		10,277,125	0.3%
	Pilot Corp.	188,800		8,441,250	0.3%
	Sankyu, Inc.	1,540,000		9,068,678	0.3%
	Sanwa Holdings Corp.	1,232,600		12,275,880	0.4%

109

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Ushio, Inc.	655,900	$	7,912,689	0.3%
	Other Securities			726,289,505	22.9%
Total Industrials				887,653,836	28.3%
Information Technology — (12.0%)
	Citizen Watch Co., Ltd.	1,437,500		8,078,459	0.3%
	Horiba, Ltd.	212,650		10,168,702	0.3%
	Ibiden Co., Ltd.	620,978		9,014,732	0.3%
	TIS, Inc.	505,101		11,429,663	0.4%
#	Topcon Corp.	595,400		8,886,823	0.3%
	Ulvac, Inc.	252,600		7,975,585	0.3%
	Other Securities			350,942,720	11.1%
Total Information Technology				406,496,684	13.0%
Materials — (11.6%)
	ADEKA Corp.	544,000		8,223,372	0.3%
	Denka Co., Ltd.	1,949,000		8,841,805	0.3%
	Dowa Holdings Co., Ltd.	1,464,000		10,872,844	0.4%
	FP Corp.	148,000		7,971,867	0.3%
	Mitsui Mining & Smelting Co., Ltd.	3,627,000		8,080,917	0.3%
	NOF Corp.	870,000		9,456,776	0.3%
	Rengo Co., Ltd.	1,261,000		7,908,112	0.3%
	Showa Denko KK	845,099		11,166,525	0.4%
	Sumitomo Osaka Cement Co., Ltd.	2,493,000		10,325,300	0.3%
#*	Tokuyama Corp.	2,159,000		9,231,383	0.3%
	Toyobo Co., Ltd.	5,688,000		9,310,397	0.3%
	Ube Industries, Ltd.	6,661,000		13,745,559	0.4%
	Other Securities			278,920,108	8.7%
Total Materials				394,054,965	12.6%
Real Estate — (1.8%)
	Leopalace21 Corp.	1,960,700		12,748,059	0.4%
	Other Securities			50,288,777	1.6%
Total Real Estate				63,036,836	2.0%
Telecommunication Services — (0.1%)
	Other Securities			2,374,986	0.1%
Utilities — (0.7%)
	Hokkaido Electric Power Co., Inc.	1,082,100		8,229,493	0.3%
	Other Securities			15,378,862	0.4%
Total Utilities				23,608,355	0.7%
TOTAL COMMON STOCKS				3,107,990,602	99.2%
TOTAL INVESTMENT SECURITIES				3,107,990,602
			Value†
SECURITIES LENDING COLLATERAL — (8.3%)
§@	DFA Short Term Investment Fund	24,279,430		280,961,564	9.0%
TOTAL INVESTMENTS — (100.0%) (Cost $2,964,543,542)			$	3,388,952,166	108.2%

110

THE JAPANESE SMALL COMPANY SERIES
CONTINUED

Summary of the Series’ investments as of October 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	796,842	$	603,016,800	—	$	603,813,642
Consumer Staples		—		262,740,154	—		262,740,154
Energy		—		32,552,672	—		32,552,672
Financials		4,973,609		288,567,939	—		293,541,548
Health Care		—		138,116,924	—		138,116,924
Industrials		—		887,653,836	—		887,653,836
Information Technology		—		406,496,684	—		406,496,684
Materials		—		394,054,965	—		394,054,965
Real Estate		—		63,036,836	—		63,036,836
Telecommunication Services		—		2,374,986	—		2,374,986
Utilities		—		23,608,355	—		23,608,355
Securities Lending Collateral		—		280,961,564	—		280,961,564
TOTAL	$	5,770,451	$	3,383,181,715	—	$	3,388,952,166

See accompanying Notes to Financial Statements.
111

THE ASIA PACIFIC SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2016

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (85.5%)
AUSTRALIA — (44.3%)
	Adelaide Brighton, Ltd.	3,668,074	$	14,902,982	1.0%
#	Alumina, Ltd.	9,800,265		11,778,711	0.8%
	Ansell, Ltd.	563,728		9,287,434	0.6%
#	Bendigo & Adelaide Bank, Ltd.	1,000,124		8,445,910	0.5%
	BlueScope Steel, Ltd.	2,354,984		13,971,247	0.9%
	Boral, Ltd.	2,174,013		10,386,960	0.7%
	carsales.com, Ltd.	1,702,940		13,782,286	0.9%
	Cleanaway Waste Management, Ltd.	10,357,050		9,119,140	0.6%
	CSR, Ltd.	3,350,138		9,302,355	0.6%
#	Downer EDI, Ltd.	2,910,872		12,865,733	0.8%
	DuluxGroup, Ltd.	3,101,823		15,169,738	1.0%
	Evolution Mining, Ltd.	4,976,497		8,775,916	0.6%
	Fairfax Media, Ltd.	15,303,894		9,586,076	0.6%
#	InvoCare, Ltd.	905,619		8,985,727	0.6%
#	IOOF Holdings, Ltd.	1,900,338		11,830,056	0.8%
#	IRESS, Ltd.	1,123,183		9,672,022	0.6%
	JB Hi-Fi, Ltd.	962,791		20,754,808	1.3%
	Mineral Resources, Ltd.	1,168,088		10,276,124	0.7%
#	nib holdings, Ltd.	2,713,689		9,937,859	0.6%
#	Northern Star Resources, Ltd.	4,806,957		15,547,800	1.0%
	Nufarm, Ltd.	1,280,776		8,597,852	0.6%
	Orora, Ltd.	3,956,731		8,718,958	0.6%
	OZ Minerals, Ltd.	2,198,276		11,231,748	0.7%
#	Perpetual, Ltd.	356,426		12,238,862	0.8%
	Primary Health Care, Ltd.	3,292,878		9,598,026	0.6%
#	Sims Metal Management, Ltd.	1,382,214		10,514,951	0.7%
	Sirtex Medical, Ltd.	413,240		8,746,855	0.6%
	Spark Infrastructure Group	11,913,246		20,084,154	1.3%
	Star Entertainment Grp, Ltd. (The)	4,207,608		15,921,346	1.0%
#	Super Retail Group, Ltd.	1,280,749		9,521,373	0.6%
#	Tabcorp Holdings, Ltd.	3,586,818		13,177,917	0.9%
#	Vocus Communications, Ltd.	4,260,609		18,472,126	1.2%
#*	Whitehaven Coal, Ltd.	4,143,411		9,528,724	0.6%
	Other Securities			409,368,233	26.0%
TOTAL AUSTRALIA				800,100,009	51.4%
CHINA — (0.2%)
	Other Securities			3,344,793	0.2%
HONG KONG — (23.1%)
	Cafe de Coral Holdings, Ltd.	2,330,000		8,226,629	0.5%
	Dah Sing Financial Holdings, Ltd.	1,408,144		9,551,504	0.6%
#*	Esprit Holdings, Ltd.	14,507,050		11,964,200	0.8%
#	Guotai Junan International Holdings, Ltd.	22,013,797		8,406,293	0.6%
	Hopewell Holdings, Ltd.	3,184,000		11,148,424	0.7%
	Luk Fook Holdings International, Ltd.	3,142,000		9,213,353	0.6%
	Man Wah Holdings, Ltd.	13,578,800		9,012,166	0.6%

112

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
HONG KONG — (Continued)
#	Vitasoy International Holdings, Ltd.	5,277,000	$	11,020,785	0.7%
	VTech Holdings, Ltd.	700,400		8,591,259	0.6%
#	Xinyi Glass Holdings, Ltd.	17,658,000		15,182,993	1.0%
	Other Securities			315,322,094	20.2%
TOTAL HONG KONG				417,639,700	26.9%
NEW ZEALAND — (7.4%)
	Fisher & Paykel Healthcare Corp., Ltd.	2,455,045		15,543,967	1.0%
#	Ryman Healthcare, Ltd.	1,772,699		11,251,074	0.7%
	SKYCITY Entertainment Group, Ltd.	5,162,402		14,391,898	0.9%
	Other Securities			93,352,887	6.1%
TOTAL NEW ZEALAND				134,539,826	8.7%
SINGAPORE — (10.5%)
#*	Noble Group, Ltd.	75,184,800		8,939,601	0.6%
	SATS, Ltd.	2,695,900		9,378,680	0.6%
#	Singapore Post, Ltd.	10,132,100		11,641,927	0.8%
	Venture Corp., Ltd.	1,994,100		13,622,092	0.9%
	Other Securities			145,991,424	9.3%
TOTAL SINGAPORE				189,573,724	12.2%
UNITED STATES — (0.0%)
	Other Securities			54,219	0.0%
TOTAL COMMON STOCKS				1,545,252,271	99.4%
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
	Other Securities			96,131	0.0%
HONG KONG — (0.0%)
	Other Securities			1,362	0.0%
SINGAPORE — (0.0%)
	Other Securities			35,970	0.0%
TOTAL RIGHTS/WARRANTS				133,463	0.0%
TOTAL INVESTMENT SECURITIES				1,545,385,734
			Value†
SECURITIES LENDING COLLATERAL — (14.5%)
§@	DFA Short Term Investment Fund	22,627,303		261,843,149	16.8%
TOTAL INVESTMENTS — (100.0%) (Cost $1,857,750,342)			$	1,807,228,883	116.2%

113

THE ASIA PACIFIC SMALL COMPANY SERIES
CONTINUED

Summary of the Series’ investments as of October 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Australia		—	$	800,100,009	—	$	800,100,009
China		—		3,344,793	—		3,344,793
Hong Kong	$	941,157		416,698,543	—		417,639,700
New Zealand		412,321		134,127,505	—		134,539,826
Singapore		315,107		189,258,617	—		189,573,724
United States		54,219		—	—		54,219
Rights/Warrants
Australia		—		96,131	—		96,131
Hong Kong		—		1,362	—		1,362
New Zealand		—		—	—		—
Singapore		—		35,970	—		35,970
Securities Lending Collateral		—		261,843,149	—		261,843,149
TOTAL	$	1,722,804	$	1,805,506,079	—	$	1,807,228,883

See accompanying Notes to Financial Statements.
114

THE UNITED KINGDOM SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2016

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (96.6%)
Consumer Discretionary — (19.6%)
	Bellway P.L.C.	637,459	$	18,446,930	1.1%
	Daily Mail & General Trust P.L.C. Class A	1,271,481		11,670,462	0.7%
	Greene King P.L.C.	1,786,209		15,978,447	1.0%
	GVC Holdings P.L.C.	1,240,374		10,567,421	0.6%
	Inchcape P.L.C.	2,190,976		17,419,824	1.0%
	Informa P.L.C.	1,305,509		10,740,551	0.6%
	UBM P.L.C.	1,950,843		17,128,208	1.0%
	WH Smith P.L.C.	680,498		12,248,606	0.7%
	William Hill P.L.C.	4,105,574		14,851,757	0.9%
	Other Securities			208,464,577	12.4%
Total Consumer Discretionary				337,516,783	20.0%
Consumer Staples — (5.4%)
	Booker Group P.L.C.	7,989,596		17,523,270	1.0%
	Tate & Lyle P.L.C.	2,319,044		22,116,631	1.3%
	Other Securities			54,160,367	3.3%
Total Consumer Staples				93,800,268	5.6%
Energy — (5.0%)
	Amec Foster Wheeler P.L.C.	2,037,469		11,116,254	0.7%
	John Wood Group P.L.C.	1,887,172		17,737,852	1.0%
	Petrofac, Ltd.	1,141,776		11,244,821	0.7%
#*	Tullow Oil P.L.C.	5,000,074		16,143,884	0.9%
	Other Securities			30,000,063	1.8%
Total Energy				86,242,874	5.1%
Financials — (13.5%)
	Beazley P.L.C.	2,740,810		12,203,670	0.7%
	Close Brothers Group P.L.C.	785,896		12,753,035	0.8%
	Henderson Group P.L.C.	5,628,395		15,924,719	0.9%
	Hiscox, Ltd.	1,493,459		18,648,536	1.1%
	ICAP P.L.C.	2,697,973		15,997,519	1.0%
	IG Group Holdings P.L.C.	1,792,534		18,101,357	1.1%
	Jupiter Fund Management P.L.C.	2,162,762		11,403,328	0.7%
	Man Group P.L.C.	7,936,721		12,099,824	0.7%
	Phoenix Group Holdings	1,208,721		10,797,905	0.6%
	Other Securities			105,371,972	6.3%
Total Financials				233,301,865	13.9%
Health Care — (3.8%)
*	BTG P.L.C.	1,870,654		15,053,103	0.9%
	Indivior P.L.C.	3,662,912		14,068,115	0.9%
	Other Securities			36,308,225	2.1%
Total Health Care				65,429,443	3.9%

115

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (26.6%)
	Aggreko P.L.C.	1,332,278	$	13,026,413	0.8%
	Balfour Beatty P.L.C.	3,549,781		11,769,319	0.7%
	BBA Aviation P.L.C.	5,623,297		17,781,017	1.0%
	Cobham P.L.C.	8,502,869		14,835,365	0.9%
	G4S P.L.C.	4,118,797		11,063,582	0.7%
	Hays P.L.C.	6,566,676		10,967,970	0.6%
	Howden Joinery Group P.L.C.	3,165,528		14,495,414	0.9%
	IMI P.L.C.	1,282,137		15,573,467	0.9%
	Meggitt P.L.C.	3,040,190		16,173,674	1.0%
	Melrose Industries P.L.C.	10,887,020		22,467,470	1.3%
	Rentokil Initial P.L.C.	8,861,710		24,718,157	1.5%
	Spirax-Sarco Engineering P.L.C.	355,118		19,146,216	1.1%
	Weir Group P.L.C. (The)	1,070,092		22,228,790	1.3%
	Other Securities			243,821,126	14.5%
Total Industrials				458,067,980	27.2%
Information Technology — (9.6%)
	Electrocomponents P.L.C.	2,396,207		10,916,359	0.7%
	Halma P.L.C.	1,951,180		24,978,831	1.5%
#	Micro Focus International P.L.C.	539,522		14,127,662	0.8%
*	Paysafe Group P.L.C.	2,265,858		11,976,435	0.7%
	Playtech P.L.C.	1,111,348		12,606,141	0.8%
	Rightmove P.L.C.	477,301		21,787,416	1.3%
	Spectris P.L.C.	613,329		15,356,848	0.9%
	Other Securities			54,527,225	3.2%
Total Information Technology				166,276,917	9.9%
Materials — (8.1%)
	Centamin P.L.C.	6,065,603		11,748,394	0.7%
	DS Smith P.L.C.	4,938,232		24,079,775	1.4%
	RPC Group P.L.C.	1,638,321		18,998,878	1.1%
	Other Securities			84,422,273	5.1%
Total Materials				139,249,320	8.3%
Real Estate — (2.4%)
	Other Securities			42,003,507	2.5%
Telecommunication Services — (0.6%)
	Other Securities			11,042,463	0.6%
Utilities — (2.0%)
	Pennon Group P.L.C.	1,994,817		20,358,554	1.2%
	Other Securities			13,528,264	0.8%
Total Utilities				33,886,818	2.0%
TOTAL COMMON STOCKS				1,666,818,238	99.0%
PREFERRED STOCKS — (0.0%)
	Other Securities			28,411	0.0%

116

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

					Percentage
		Shares	Value††		of Net Assets**
RIGHTS/WARRANTS — (0.1%)
	Other Securities		$	2,265,507	0.1%
TOTAL INVESTMENT SECURITIES				1,669,112,156
			Value†
SECURITIES LENDING COLLATERAL — (3.3%)
§@	DFA Short Term Investment Fund	4,889,717		56,583,806	3.4%
TOTAL INVESTMENTS — (100.0%) (Cost $1,690,364,152)			$	1,725,695,962	102.5%

117

THE UNITED KINGDOM SMALL COMPANY SERIES
CONTINUED

Summary of the Series’ investments as of October 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1	Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	—	$	337,516,783	—	$	337,516,783
Consumer Staples	—		93,800,268	—		93,800,268
Energy	—		86,242,874	—		86,242,874
Financials	—		233,301,865	—		233,301,865
Health Care	—		65,429,443	—		65,429,443
Industrials	—		458,067,980	—		458,067,980
Information Technology	—		166,276,917	—		166,276,917
Materials	—		139,249,320	—		139,249,320
Real Estate	—		42,003,507	—		42,003,507
Telecommunication Services	—		11,042,463	—		11,042,463
Utilities	—		33,886,818	—		33,886,818
Preferred Stocks	—		28,411	—		28,411
Rights/Warrants	—		2,265,507	—		2,265,507
Securities Lending Collateral	—		56,583,806	—		56,583,806
TOTAL	—	$	1,725,695,962	—	$	1,725,695,962

See accompanying Notes to Financial Statements.
118

THE CONTINENTAL SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2016

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (91.4%)
AUSTRIA — (3.1%)
	ANDRITZ AG	310,627	$	16,241,244	0.4	%
	Other Securities			122,038,613	2.9	%
TOTAL AUSTRIA				138,279,857	3.3	%
BELGIUM — (4.3%)
	Ackermans & van Haaren NV	134,383		18,652,359	0.5	%
	Umicore SA	412,343		25,063,062	0.6	%
	Other Securities			147,950,280	3.5	%
TOTAL BELGIUM				191,665,701	4.6	%
DENMARK — (4.5%)
	GN Store Nord A.S.	826,732		16,756,414	0.4	%
	Jyske Bank A.S.	345,747		15,676,272	0.4	%
*	TDC A.S.	4,148,072		22,870,392	0.6	%
	Other Securities			148,738,122	3.5	%
TOTAL DENMARK				204,041,200	4.9	%
FINLAND — (6.5%)
	Amer Sports Oyj	641,324		17,449,969	0.4	%
	Elisa Oyj	734,075		24,731,862	0.6	%
	Huhtamaki Oyj	467,536		18,868,806	0.5	%
	Kesko Oyj Class B	345,206		17,153,261	0.4	%
	Nokian Renkaat Oyj	623,433		20,910,928	0.5	%
	Orion Oyj Class B	436,647		18,585,395	0.5	%
#*	Outokumpu Oyj	3,022,031		21,068,282	0.5	%
	Other Securities			153,616,179	3.6	%
TOTAL FINLAND				292,384,682	7.0	%
FRANCE — (12.5%)
	Arkema SA	298,145		28,270,807	0.7	%
	Edenred	946,779		21,911,853	0.5	%
	Eurofins Scientific SE	38,653		17,565,704	0.4	%
	Lagardere SCA	619,304		15,771,620	0.4	%
	Rexel SA	1,596,995		22,149,109	0.5	%
	Rubis SCA	203,675		18,573,358	0.5	%
	SEB SA	120,657		17,757,736	0.4	%
#	STMicroelectronics NV	2,136,887		20,281,219	0.5	%
	Teleperformance	336,308		35,533,493	0.9	%
*	Ubisoft Entertainment SA	521,852		17,756,325	0.4	%
	Other Securities			344,488,930	8.3	%
TOTAL FRANCE				560,060,154	13.5	%

119

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
GERMANY — (15.4%)
*	Dialog Semiconductor P.L.C.	382,079	$	15,026,045	0.4	%
	Freenet AG	652,809		18,715,461	0.5	%
	Gerresheimer AG	198,146		14,946,146	0.4	%
#	K+S AG	990,931		20,066,101	0.5	%
	KION Group AG	258,832		15,638,698	0.4	%
*	KUKA AG	135,482		15,374,609	0.4	%
	Lanxess AG	484,758		31,084,953	0.8	%
	LEG Immobilien AG	306,750		25,874,994	0.6	%
	MTU Aero Engines AG	249,839		26,089,184	0.6	%
	Osram Licht AG	343,036		19,483,339	0.5	%
*	QIAGEN NV	744,663		18,212,580	0.4	%
	Rheinmetall AG	223,411		15,508,712	0.4	%
	Stada Arzneimittel AG	306,492		15,370,132	0.4	%
	Other Securities			439,286,005	10.4	%
TOTAL GERMANY				690,676,959	16.7	%
IRELAND — (1.2%)
	Other Securities			53,214,050	1.3	%
ISRAEL — (1.8%)
	Other Securities			82,999,079	2.0	%
ITALY — (8.6%)
	Prysmian SpA	1,026,230		25,519,884	0.6	%
	Other Securities			358,680,759	8.7	%
TOTAL ITALY				384,200,643	9.3	%
NETHERLANDS — (4.7%)
	Aalberts Industries NV	600,156		18,953,870	0.5	%
	Delta Lloyd NV	2,709,093		16,366,532	0.4	%
#	Gemalto NV	304,031		16,518,507	0.4	%
	Other Securities			158,514,893	3.8	%
TOTAL NETHERLANDS				210,353,802	5.1	%
NORWAY — (2.6%)
	Other Securities			118,249,011	2.9	%
PORTUGAL — (0.9%)
	Other Securities			41,152,687	1.0	%
SPAIN — (5.4%)
	Distribuidora Internacional de Alimentacion SA	2,929,226		15,645,268	0.4	%
	Gamesa Corp. Tecnologica SA	1,203,576		27,788,671	0.7	%
	Other Securities			199,203,293	4.7	%
TOTAL SPAIN				242,637,232	5.8	%
SWEDEN — (7.8%)
	Other Securities			348,471,161	8.4	%

120

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SWITZERLAND — (12.1%)
	Baloise Holding AG	193,722	$	23,833,522	0.6	%
	Flughafen Zuerich AG	104,871		19,277,802	0.5	%
	Georg Fischer AG	22,511		19,958,153	0.5	%
	Helvetia Holding AG	36,269		18,869,464	0.5	%
#	Logitech International SA	650,486		15,732,970	0.4	%
	PSP Swiss Property AG	201,709		18,048,619	0.4	%
	Straumann Holding AG	45,962		17,244,502	0.4	%
	Temenos Group AG	318,043		20,539,697	0.5	%
	Other Securities			386,994,688	9.2	%
TOTAL SWITZERLAND				540,499,417	13.0	%
TOTAL COMMON STOCKS				4,098,885,635	98.8	%
PREFERRED STOCKS — (0.8%)
GERMANY — (0.8%)
	Other Securities			34,254,167	0.9	%
TOTAL PREFERRED STOCKS				34,254,167	0.9	%
RIGHTS/WARRANTS — (0.0%)
SPAIN — (0.0%)
	Other Securities			55,356	0.0	%
TOTAL RIGHTS/WARRANTS				55,356	0.0	%
TOTAL INVESTMENT SECURITIES				4,133,195,158
			Value†
SECURITIES LENDING COLLATERAL — (7.8%)
§@	DFA Short Term Investment Fund	30,261,802		350,189,570	8.4	%
TOTAL INVESTMENTS — (100.0%) (Cost $3,879,139,342)			$	4,483,384,728	108.1	%

121

The Continental Small Company Series
continued

Summary of the Series’ investments as of October 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Austria		—	$	138,279,857	—	$	138,279,857
Belgium		—		191,665,701	—		191,665,701
Denmark		—		204,041,200	—		204,041,200
Finland		—		292,384,682	—		292,384,682
France		—		560,060,154	—		560,060,154
Germany	$	1,885,545		688,791,414	—		690,676,959
Ireland		—		53,214,050	—		53,214,050
Israel		—		82,999,079	—		82,999,079
Italy		—		384,200,643	—		384,200,643
Netherlands		—		210,353,802	—		210,353,802
Norway		—		118,249,011	—		118,249,011
Portugal		—		41,152,687	—		41,152,687
Spain		—		242,637,232	—		242,637,232
Sweden		124,117		348,347,044	—		348,471,161
Switzerland		—		540,499,417	—		540,499,417
Preferred Stocks
Germany		—		34,254,167	—		34,254,167
Rights/Warrants
Spain		—		55,356	—		55,356
Securities Lending Collateral		—		350,189,570	—		350,189,570
TOTAL	$	2,009,662	$	4,481,375,066	—	$	4,483,384,728

See accompanying Notes to Financial Statements.
122

THE CANADIAN SMALL COMPANY SERIES

SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS

October 31, 2016

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (81.3%)
Consumer Discretionary — (7.7%)
	Cineplex, Inc.	318,474	$	12,109,278	1.3	%
#	Corus Entertainment, Inc. Class B	740,938		6,115,100	0.7	%
#	Enercare, Inc.	509,859		7,366,784	0.8	%
#*I	MAX Corp.	259,917		7,862,489	0.9	%
	Linamar Corp.	144,412		5,873,164	0.6	%
	Other Securities			49,050,359	5.2	%
Total Consumer Discretionary				88,377,174	9.5	%
Consumer Staples — (3.6%)
	Cott Corp.	600,036		7,868,958	0.9	%
	Premium Brands Holdings Corp.	132,462		6,410,280	0.7	%
	Other Securities			26,731,797	2.8	%
Total Consumer Staples				41,011,035	4.4	%
Energy — (19.2%)
*	Advantage Oil & Gas, Ltd.	1,100,531		7,425,487	0.8	%
#	Enbridge Income Fund Holdings, Inc.	251,755		6,389,130	0.7	%
#	Gibson Energy, Inc.	702,339		8,812,619	0.9	%
#	Mullen Group, Ltd.	536,825		7,440,227	0.8	%
*	Parex Resources, Inc.	765,891		8,810,630	0.9	%
#	Parkland Fuel Corp.	474,825		11,090,932	1.2	%
#	Precision Drilling Corp.	1,736,481		7,741,860	0.8	%
*	Raging River Exploration, Inc.	1,087,151		8,713,095	0.9	%
	ShawCor, Ltd.	319,981		8,003,700	0.9	%
#	Veresen, Inc.	1,597,192		14,467,966	1.6	%
#	Whitecap Resources, Inc.	1,466,035		11,716,913	1.3	%
	Other Securities			119,454,762	12.8	%
Total Energy				220,067,321	23.6	%
Financials — (4.8%)
#	Canadian Western Bank	441,032		8,368,198	0.9	%
#	Home Capital Group, Inc.	325,263		6,438,330	0.7	%
	Laurentian Bank of Canada	196,746		7,271,080	0.8	%
	TMX Group, Ltd.	191,063		8,815,991	0.9	%
	Other Securities			24,707,351	2.7	%
Total Financials				55,600,950	6.0	%
Health Care — (1.3%)
	Other Securities			14,491,248	1.5	%
Industrials — (10.3%)
	MacDonald Dettwiler & Associates, Ltd.	172,507		9,873,527	1.1	%
	New Flyer Industries, Inc.	254,471		7,114,488	0.8	%
	Russel Metals, Inc.	362,155		5,764,564	0.6	%
#	Stantec, Inc.	410,229		9,126,395	1.0	%
	Toromont Industries, Ltd.	390,325		11,465,597	1.2	%
	TransForce, Inc.	474,880		10,773,577	1.2	%

123

The Canadian Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Westshore Terminals Investment Corp.	318,149	$	6,136,222	0.7	%
	Other Securities			57,383,009	6.0	%
Total Industrials				117,637,379	12.6	%
Information Technology — (3.1%)
	Other Securities			35,787,691	3.8	%
Materials — (23.7%)
	Alamos Gold, Inc. Class A	1,545,462		12,121,272	1.3	%
*	B2Gold Corp.	5,268,073		15,239,039	1.6	%
*	Endeavour Mining Corp.	316,838		6,188,881	0.7	%
*	Fortuna Silver Mines, Inc.	876,406		5,991,682	0.6	%
	HudBay Minerals, Inc.	1,398,004		5,888,856	0.6	%
*	IAMGOLD Corp.	2,443,241		9,781,707	1.1	%
*	Lundin Mining Corp.	2,567,823		10,050,750	1.1	%
#	Methanex Corp.	267,966		9,739,314	1.0	%
*	New Gold, Inc.	2,668,183		10,523,140	1.1	%
	OceanaGold Corp.	3,061,665		9,358,702	1.0	%
	Pan American Silver Corp.	990,673		15,820,633	1.7	%
*	SEMAFO, Inc.	1,661,946		6,517,435	0.7	%
#*	Silver Standard Resources, Inc.	760,590		8,347,040	0.9	%
#	Stella-Jones, Inc.	204,600		7,260,837	0.8	%
	West Fraser Timber Co., Ltd.	213,500		7,309,267	0.8	%
	Other Securities			131,140,488	14.1	%
Total Materials				271,279,043	29.1	%
Real Estate — (1.6%)
	FirstService Corp.	160,533		6,504,860	0.7	%
	Other Securities			12,104,751	1.3	%
Total Real Estate				18,609,611	2.0	%
Telecommunication Services — (0.4%)
	Other Securities			4,507,968	0.5	%
Utilities — (5.6%)
	Algonquin Power & Utilities Corp.	1,173,558		10,368,048	1.1	%
	Capital Power Corp.	523,509		8,059,689	0.9	%
#	Northland Power, Inc.	536,896		9,606,728	1.0	%
	Superior Plus Corp.	702,443		6,253,015	0.7	%
	TransAlta Corp.	1,446,740		6,374,587	0.7	%
	Other Securities			23,050,047	2.4	%
Total Utilities				63,712,114	6.8	%
TOTAL COMMON STOCKS				931,081,534	99.8	%
TOTAL INVESTMENT SECURITIES				931,081,534
			Value†
SECURITIES LENDING COLLATERAL — (18.7%)
§@	DFA Short Term Investment Fund	18,505,165		214,141,764	22.9	%
TOTAL INVESTMENTS — (100.0%) (Cost $1,376,781,398)			$	1,145,223,298	122.7	%

124

The Canadian Small Company Series
continued

Summary of the Series’ investments as of October 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in
	Securities
	(Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	88,194,376	$	182,798	—	$	88,377,174
Consumer Staples		41,011,035		—	—		41,011,035
Energy		220,008,340		58,981	—		220,067,321
Financials		55,600,950		—	—		55,600,950
Health Care		14,491,248		—	—		14,491,248
Industrials		117,637,379		—	—		117,637,379
Information Technology		35,787,691		—	—		35,787,691
Materials		271,278,805		238	—		271,279,043
Real Estate		18,609,611		—	—		18,609,611
Telecommunication Services		4,507,968		—	—		4,507,968
Utilities		63,712,114		—	—		63,712,114
Securities Lending Collateral		—		214,141,764	—		214,141,764
TOTAL	$	930,839,517	$	214,383,781	—	$	1,145,223,298

See accompanying Notes to Financial Statements.
125

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2016
(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 $256,204, $250,871,
$58,849, $408,062 and $176,804 of securities on
loan, respectively)	$	3,014,246	$	1,466,659	$	1,758,591	$	4,138,652	$	1,000,347
Collateral from Securities on Loan Invested in Affiliate at
Value (including cost of $263,605, $238,252, $61,978,
$428,245 and $197,495)		263,626		237,788		61,985		428,274		183,339
Foreign Currencies at Value		5,493		5,665		576		2,478		543
Cash		8,347		6,284		5,298		16,621		18,118
Receivables:
Investment Securities Sold		673		138		1,063		348		—
Dividends, Interest and Tax Reclaims		3,246		1,196		4,724		5,141		1,967
Securities Lending Income		492		396		79		1,044		410
Unrealized Gain on Foreign Currency Contracts		—		—		—		1		25
Prepaid Expenses and Other Assets		—		—		1		—		—
Total Assets		3,296,123		1,718,126		1,832,317		4,592,559		1,204,749
LIABILITIES:
Payables:
Upon Return of Securities Loaned		263,552		237,741		61,973		428,215		183,298
Investment Securities Purchased		5,941		3,044		1,197		2,732		23,137
Due to Advisor		258		127		149		345		83
Unrealized Loss on Foreign Currency Contracts		—		—		1		1		—
Accrued Expenses and Other Liabilities		217		114		121		309		60
Total Liabilities		269,968		241,026		63,441		431,602		206,578
NET ASSETS	$	3,026,155	$	1,477,100	$	1,768,876	$	4,160,957	$	998,171
Investments at Cost	$	2,680,687	$	1,574,568	$	1,669,586	$	3,508,890	$	1,174,776
Foreign Currencies at Cost	$	5,467	$	5,636	$	578	$	2,473	$	543

____________________

* The Series received non-cash collateral consisting of short and/or long term U.S. Treasury securities with a market value of $6,508, $31,161, $0, $8,325 and $2,805, respectively.

See accompanying Notes to Financial Statements.
126

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

OCTOBER 31, 2016

 (Amounts in thousands)

	The		The
	Japanese		Asia Pacific
	Small		Small
	Company		Company
	Series*		Series*
ASSETS:
Investments at Value (including $271,364 and $262,488 of securities on loan, respectively)	$	3,107,991	$	1,545,386
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $280,916        and $261,799)		280,962		261,843
Foreign Currencies at Value		2,507		2,689
Cash		1,795		392
Receivables:
Investment Securities Sold		4,478		6,989
Dividends, Interest and Tax Reclaims		19,244		1,409
Securities Lending Income		684		420
Futures Margin Variation		—		—
Total Assets		3,417,661		1,819,128
LIABILITIES:
Payables:
Upon Return of Securities Loaned		280,889		261,796
Investment Securities Purchased		3,734		1,368
Due to Advisor		261		134
Futures Margin Variation		—		—
Accrued Expenses and Other Liabilities		183		94
Total Liabilities		285,067		263,392
NET ASSETS	$	3,132,594	$	1,555,736
Investments at Cost	$	2,683,628	$	1,595,952
Foreign Currencies at Cost	$	2,500	$	2,692

____________________

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

See accompanying Notes to Financial Statements.
127

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

OCTOBER 31, 2016

(Amounts in thousands)

	The United		The		The
	Kingdom		Continental		Canadian
	Small		Small		Small
	Company		Company		Company
	Series		Series*		Series*
ASSETS:
Investments at Value (including $53,170, $327,025, $202,280 of securities        on loan, respectively)	$	1,669,112	$	4,133,195	$	931,082
Collateral from Securities on Loan Invested in Affiliate at Value        (including cost of $56,574, $350,137, $214,106)		56,584		350,190		214,142
Foreign Currencies at Value		5,978		1,645		279
Cash		2,698		5,855		4,248
Receivables:
Investment Securities Sold		936		2,988		55
Dividends, Interest and Tax Reclaims		4,896		5,730		705
Securities Lending Income		93		1,051		375
Unrealized Gain on Foreign Currency Contracts		—		—		1
Total Assets		1,740,297		4,500,654		1,150,887
LIABILITIES:
Payables:
Upon Return of Securities Loaned		56,573		350,129		214,100
Investment Securities Purchased		—		1,969		3,384
Due to Advisor		148		359		81
Unrealized Loss on Foreign Currency Contracts		—		—		5
Accrued Expenses and Other Liabilities		111		272		53
Total Liabilities		56,832		352,729		217,623
NET ASSETS	$	1,683,465	$	4,147,925	$	933,264
Investments at Cost	$	1,633,790	$	3,529,003	$	1,162,676
Foreign Currencies at Cost	$	5,962	$	1,647	$	279

____________________

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

See accompanying Notes to Financial Statements.
128

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

(Amounts in thousands)

	The			The
	Japanese			Asia Pacific
	Small			Small
	Company			Company
	Series			Series
Investment Income
Dividends (Net of Foreign Taxes Withheld of $5,758 and $1,317, respectively)	$	52,010		$	52,135
Income from Securities Lending		5,693			5,042
Total Investment Income		57,703			57,177
Expenses
Investment Management Fees		2,725			1,385
Accounting & Transfer Agent Fees		138			78
Custodian Fees		441			250
Shareholders’ Reports		11			5
Directors’/Trustees’ Fees & Expenses		19			9
Professional Fees		54			27
Other		104			54
Total Expenses		3,492			1,808
Fees Paid Indirectly (Note C)		(15	)		(10	)
Net Expenses		3,477			1,798
Net Investment Income (Loss)		54,226			55,379
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold**		122,152			(8,246	)
Futures		—			—
Foreign Currency Transactions		2,170			309
Forward Currency Contracts		(36	)		(18	)
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		214,787			168,801
Futures		—			—
Translation of Foreign Currency Denominated Amounts		(688	)		22
Net Realized and Unrealized Gain (Loss)		338,385			160,868
Net Increase (Decrease) in Net Assets
Resulting from Operations	$	392,611		$	216,247

____________________

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

See accompanying Notes to Financial Statements.
129

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED OCTOBER 31, 2016

(Amounts in thousands)

	The United			The			The
	Kingdom			Continental			Canadian
	Small			Small			Small
	Company			Company			Company
	Series			Series			Series
Investment Income
Dividends (Net of Foreign Taxes Withheld of $50, $12,963, $2,757, respectively)	$	79,890		$	89,305		$	16,189
Interest		—			—			—
Income from Securities Lending		1,716			14,119			3,503
Total Investment Income		81,606			103,424			19,692
Expenses
Investment Management Fees		1,820			3,945			747
Accounting & Transfer Agent Fees		94			204			37
Custodian Fees		106			610			56
Shareholders’ Reports		8			14			3
Directors’/Trustees’ Fees & Expenses		13			27			5
Professional Fees		39			183			13
Other		76			165			22
Total Expenses		2,156			5,148			883
Fees Paid Indirectly (Note C)		(15	)		(36	)		(13	)
Net Expenses		2,141			5,112			870
Net Investment Income (Loss)		79,465			98,312			18,822
Realized and Unrealized Gain (Loss)
Net Realized Gain (Loss) on:
Investment Securities Sold*		71,244			122,507			(24,152	)
Futures		—			687			—
Foreign Currency Transactions		(1,277	)		(394	)		229
Forward Currency Contracts		—			(5	)		—
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		(469,059	)		27,064			135,836
Futures		—			19			—
Translation of Foreign Currency Denominated Amounts		(215	)		(32	)		(6	)
Net Realized and Unrealized Gain (Loss)		(399,307	)		149,846			111,907
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(319,842	)	$	248,158		$	130,729

____________________

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

See accompanying Notes to Financial Statements.
130

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)

	The Japanese Small
	Company Series
	Year			Year
	Ended			Ended
	Oct. 31,			Oct. 31,
	2016			2015
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	54,226		$	43,264
Net Realized Gain (Loss) on:
Investment Securities Sold*		122,152			69,828
Futures		—			—
Foreign Currency Transactions		2,170			(1,869	)
Forward Currency Contracts		(36	)		—
In-Kind Redemptions		—			27,130
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		214,787			85,013
Futures		—			—
Translation of Foreign Currency Denominated Amounts		(688	)		382
Net Increase (Decrease) in Net Assets Resulting from Operations		392,611			223,748
Transactions in Interest:
Contributions		224,138			102,092
Withdrawals		(115,843	)		(199,561	)
Net Increase (Decrease) from Transactions in Interest		108,295			(97,469	)
Total Increase (Decrease) in Net Assets		500,906			126,279
Net Assets
Beginning of Year		2,631,688			2,505,409
End of Year	$	3,132,594		$	2,631,688

____________________

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

See accompanying Notes to Financial Statements.
131

THE DFA INVESTMENT TRUST COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)

	The Asia Pacific Small						The United Kingdom Small						The Continental Small
	Company Series						Company Series						Company Series
	Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,
	2016			2015			2016			2015			2016			2015
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	55,379		$	54,891		$	79,465		$	71,555		$	98,312		$	82,887
Net Realized Gain (Loss) on:
Investment Securities Sold*		(8,246	)		(15,143	)		71,244			82,685			122,507			115,635
Futures		—			—			—			—			687			(4,875	)
Foreign Currency Transactions		309			(913	)		(1,277	)		144			(394	)		(1,002	)
Forward Currency Contracts		(18	)		—			—			—			(5	)		—
In-Kind Redemptions		—			18,027			—			42,293			—			58,734
Change in Unrealized Appreciation
(Depreciation) of:
Investment Securities and
Foreign Currency		168,801			(224,570	)		(469,059	)		(104	)		27,064			55,052
Futures		—			—			—			—			19			(19	)
Translation of Foreign Currency
Denominated Amounts		22			(13	)		(215	)		86			(32	)		(57	)
Net Increase (Decrease)
in Net Assets Resulting
from Operations		216,247			(167,721	)		(319,842	)		196,659			248,158			306,355
Transactions in Interest:
Contributions		137,711			119,899			112,811			12,907			441,553			454,912
Withdrawals		(26,496	)		(177,690	)		(193,617	)		(121,351	)		(195,529	)		(259,801	)
Net Increase (Decrease) from
Transactions in Interest		111,215			(57,791	)		(80,806	)		(108,444	)		246,024			195,111
Total Increase (Decrease) in
Net Assets		327,462			(225,512	)		(400,648	)		88,215			494,182			501,466
Net Assets
Beginning of Year		1,228,274			1,453,786			2,084,113			1,995,898			3,653,743			3,152,277
End of Year	$	1,555,736		$	1,228,274		$	1,683,465		$	2,084,113		$	4,147,925		$	3,653,743

____________________

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

See accompanying Notes to Financial Statements.
132

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,
	2016			2015
Increase (Decrease) in Net Assets
Operations:
Net Investment Income (Loss)	$	18,822		$	19,902
Net Realized Gain (Loss) on:
Investment Securities Sold*		(24,152	)		(9,138	)
Futures		—			—
Foreign Currency Transactions		229			149
Forward Currency Contracts		—			—
In-Kind Redemptions		—			8,042
Change in Unrealized Appreciation (Depreciation) of:
Investment Securities and Foreign Currency		135,836			(228,267	)
Futures		—			—
Translation of Foreign Currency Denominated Amounts		(6	)		11
Net Increase (Decrease) in Net Assets Resulting from Operations		130,729			(209,301	)
Transactions in Interest:
Contributions		187,903			20,480
Withdrawals		(8,500	)		(37,476	)
Net Increase (Decrease) from Transactions in Interest		179,403			(16,996	)
Total Increase (Decrease) in Net Assets		310,132			(226,297	)
Net Assets
Beginning of Year		623,132			849,429
End of Year	$	933,264		$	623,132

____________________

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

See accompanying Notes to Financial Statements.
133

THE DFA INVESTMENTTRUSTCOMPANY

FINANCIALHIGHLIGHTS

	The Japanese Small Company Series															The Asia Pacific Small Company Series
	Year			Year			Year			Year			Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,
	2016			2015			2014			2013			2012			2016			2015			2014			2013			2012
Total Return		14.53	%		9.04	%		2.46	%		30.62	%		0.54	%		16.69	%		(11.83	)%		(3.46	)%		10.97	%		7.48	%
Net Assets, End of Year (thousands)	$	3,132,594		$	2,631,688		$	2,505,409		$	2,281,624		$	1,686,731		$	1,555,736		$	1,228,274		$	1,453,786		$	1,265,498		$	1,003,860
Ratio of Expenses to Average
Net Assets		0.13	%		0.13	%		0.13	%		0.14	%		0.15	%		0.13	%		0.13	%		0.13	%		0.15	%		0.16	%
Ratio of Expenses to Average
Net Assets (Excluding Fees
Paid Indirectly)		0.13	%		0.13	%		0.13	%		0.14	%		0.15	%		0.13	%		0.13	%		0.13	%		0.15	%		0.16	%
Ratio of Net Investment Income to
Average Net Assets		1.99	%		1.69	%		1.71	%		1.87	%		2.17	%		4.00	%		4.17	%		3.96	%		4.64	%		4.26	%
Portfolio Turnover Rate		10	%		6	%		9	%		16	%		7	%		10	%		7	%		7	%		9	%		18	%
	The United Kingdom Small Company Series															The Continental Small Company Series
	Year			Year			Year			Year			Year			Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,
	2016			2015			2014			2013			2012			2016			2015			2014			2013			2012
Total Return		(15.82)	%		9.95	%		1.22	%		37.42	%		23.41	%		6.10	%		9.81	%		(2.25	)%		43.67	%		2.29	%
Net Assets, End of Year (thousands)	$	1,683,465		$	2,084,113		$	1,995,898		$	1,988,287		$	1,464,838		$	4,147,925		$	3,653,743		$	3,152,277		$	3,217,766		$	2,245,179
Ratio of Expenses to Average
Net Assets		0.12	%		0.11	%		0.11	%		0.12	%		0.13	%		0.13	%		0.13	%		0.13	%		0.14	%		0.16	%
Ratio of Expenses to Average
Net Assets (Excluding Fees
Paid Indirectly)		0.12	%		0.11	%		0.11	%		0.12	%		0.13	%		0.13	%		0.13	%		0.13	%		0.14	%		0.16	%
Ratio of Net Investment Income to
Average Net Assets		4.36	%		3.44	%		2.98	%		3.29	%		3.37	%		2.49	%		2.44	%		2.40	%		2.67	%		3.15	%
Portfolio Turnover Rate		15	%		10	%		8	%		17	%		6	%		9	%		14	%		13	%		13	%		9	%
See page 1 for the Definitions of Abbreviations and Footnotes.

See accompanying Notes to Financial Statements.
134

THE DFA INVESTMENT TRUST COMPANY

FINANCIAL HIGHLIGHTS

	The Canadian Small Company Series
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,			Oct. 31,
	2016			2015			2014			2013			2012
Total Return		20.77	%		(25.00	)%		(3.83	)%		5.71	%		(2.51	)%
Net Assets, End of Year (thousands)	$	933,264		$	623,132		$	849,429		$	741,204		$	689,086
Ratio of Expenses to Average Net Assets		0.12	%		0.12	%		0.12	%		0.13	%		0.15	%
Ratio of Expenses to Average Net Assets
(Excluding Fees Paid Indirectly)		0.12	%		0.12	%		0.12	%		0.13	%		0.15	%
Ratio of Net Investment Income to Average Net Assets		2.52	%		2.73	%		2.42	%		2.99	%		2.29	%
Portfolio Turnover Rate		8	%		18	%		5	%		14	%		22	%
See page 1 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

A. Organization:

The DFA Investment Trust Company (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940. The Trust consists of eleven portfolios, five of which are included in this section of the report (collectively, the “Series”). The remaining operational portfolios are presented in separate reports. The Series are investment companies, and accordingly, follow the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Certification (“ASC”) Topic 946, “Financial Services-Investment Companies.”

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

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 utilize 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 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 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 International Equity Portfolios value the securities within the range of the most recent quoted bid and asked prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end investment companies are valued using their respective net asset values or public offering prices, as appropriate, for purchase orders placed at the close of the New York Stock Exchange (NYSE). These securities are generally categorized as Level 1 in the hierarchy.

Securities for which no market quotations are readily available (including restricted securities), or for which market quotations have become unreliable, are valued in good faith at fair value in accordance with procedures adopted by the Board of Trustees of the Trust. Fair value pricing may also be used if events that have a significant effect on the value of an investment (as determined in the discretion of Dimensional Fund Advisors LP) occur before the net asset value is

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calculated. When fair value pricing is used, the prices of securities used by the 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, 2:00 a.m. ET), which is fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset values of the 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 Trustees of the International Equity Portfolios has determined that movements in relevant indices or other appropriate market indicators, after the close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate that market quotations may be unreliable. Fair valuation of portfolio securities may occur on a daily basis. The fair value pricing by the 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. Over-the-counter derivative contracts, which include forward currency contracts, do not require material subjectivity as pricing inputs are observed from quoted markets and are categorized as Level 2 in the hierarchy.

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Series recognize transfers between the levels as of the end of the period. As of October 31, 2016, the Series had no significant transfers of securities.

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 recent 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 currency rates when determining the realized gain or loss upon the sale or maturity of foreign currency denominated debt obligations pursuant to U.S. federal income tax regulations; such amounts are categorized as foreign exchange gain or loss for income tax reporting purposes.

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

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

Each Trustee has the option to receive their distribution of proceeds in one of the following methods: lump sum; annual installments over a period of agreed upon years; or quarterly installments over a period of agreed upon years. Each Trustee shall have the right in a notice of election (the “Notice”) to defer the receipt of the Trustee’s deferred compensation until a date specified by such Trustee in the Notice, which date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Trustee ceases to be a member of the Board; and (ii) five years following the effective date of the Trustee’s first deferral election. If a Trustee who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Trustee’s deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Trustee ceases to be a member of the Board (unless the Trustee files an amended Notice selecting a different distribution date). As of October 31, 2016, none of the Trustees have requested or received a distribution of proceeds of a deferred fee account.

4. Other: Security transactions are accounted for as of the trade date. Costs used in determining realized gains and losses on the sale of investment securities and foreign currency 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 gains 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 Trustees, generally based on average net assets.

The International Equity 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 management services to the Series. For the year ended October 31, 2016, the Series’ investment management fees were accrued daily and paid monthly to the Advisor based on the following effective annual rates of average daily net assets:

The Japanese Small Company Series	0.10%
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. The impact of such credits is generally less than one basis point of each Series’ net assets. During the year ended October 31, 2016, expenses reduced were as follows (amounts in thousands):

	Fees Paid
	Indirectly
The Japanese Small Company Series	$	15
The Asia Pacific Small Company Series		10
The United Kingdom Small Company Series		15
The Continental Small Company Series		36
The Canadian Small Company Series		13

Fees Paid to Officers and Directors/Trustees:

Certain Officers and Trustees of the Advisor are also Officers and Trustees of the Trust; however, such Officers and Trustees (with the exception of the Chief Compliance Officer (“CCO”)) receive no compensation from the Trust. For the year ended October 31, 2016, the total related amounts paid by the Trust to the CCO were $83 (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, 2016, the total liability for deferred compensation to Trustees is included in Accrued Expenses and Other Liabilities on the Statement of Assets and Liabilities as follows (amounts in thousands):

The Japanese Small Company Series	$75
The Asia Pacific Small Company Series	39
The United Kingdom Small Company Series	50
The Continental Small Company Series	95
The Canadian Small Company Series	23

E. Purchases and Sales of Securities:

For the year ended October 31, 2016, 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	$	435,288	$	279,916
The Asia Pacific Small Company Series		305,915		130,653
The United Kingdom Small Company Series		317,512		275,930
The Continental Small Company Series		698,769		338,855
The Canadian Small Company Series		264,983		63,519

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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At October 31, 2016, the total cost and aggregate gross unrealized appreciation (depreciation) of securities for federal income tax purposes were different from amounts reported for financial reporting purposes, as follows (amounts in thousands):

								Net
								Unrealized
	Federal		Unrealized		Unrealized			Appreciation
	Tax Cost		Appreciation		(Depreciation)			(Depreciation)
The Japanese Small Company Series	$	2,964,544	$	692,022	$	(267,614	)	$	424,408
The Asia Pacific Small Company Series		1,857,750		330,139		(380,660	)		(50,521	)
The United Kingdom Small Company Series		1,690,364		319,739		(284,407	)		35,332
The Continental Small Company Series		3,879,139		1,155,725		(551,479	)		604,246
The Canadian Small Company Series		1,376,781		117,905		(349,463	)		(231,558	)

The difference between book basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of losses on wash sales and 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 Series’ tax positions and has concluded that no additional provision for income tax is required in any Series’ financial statements. The Series are not aware of any tax positions for which it is more likely than not that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Series’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

G. Financial Instruments:

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

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

Derivative Financial Instruments:

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

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

Risks may arise upon entering into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities, 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

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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.

3. Forward Currency Contracts: The International Equity Portfolios may acquire and sell forward currency contracts to hedge against adverse changes in the relationship of the U.S. dollar to foreign currencies (foreign exchange rate risk). The decision to hedge a Series’ currency exposure with respect to a foreign market will be based primarily on the Series’ existing exposure to a given foreign currency. Each contract is valued daily and the change in value is recorded by the Series as an unrealized gain or loss, which is presented in the Statements of Operations as the change in unrealized appreciation or depreciation from translation of foreign currency denominated amounts. When the contract is closed or offset with the same counterparty, the Series records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset. This is presented in the Statements of Operations as a net realized gain or loss on foreign currency transactions. At October 31, 2016, the International Equity Portfolios had no outstanding forward currency contracts.

The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2016 (amounts in thousands):

	Forward
	Currency
	Contracts
The Asia Pacific Small Company Series*	$	341
The Canadian Small Company Series*		114

*The Series had derivative activity during the period but it did not have open forward currency contract positions at October 31, 2016.

The following is a summary of the location of derivatives on the Series’ Statements of Assets and Liabilities as of October 31, 2016:

	Location on the Statements of Assets and Liabilities
Derivative Type	Asset Derivatives	Liability Derivatives
Equity contracts	Receivables: Futures Margin Variation	Payables: Futures Margin Variation

The following is a summary of the realized and change in unrealized gains and losses from the Series’ derivative instrument holdings categorized by primary risk exposure through the year ended October 31, 2016 (amounts in thousands):

	Realized Gain (Loss) on
	Derivatives Recognized in Income
		Foreign
		Exchange	Equity
	Total	Contracts	Contracts
The Japanese Small Company Series	$(36)	(36)	—
The Asia Pacific Small Company Series	(18)	(18)	—
The Continental Small Company Series	682	(5)	687
	Change in Unrealized
	Appreciation (Depreciation)
	on Derivatives
		Foreign
		Exchange	Equity
	Total	Contracts	Contracts
The Continental Small Company Series	$19	—	$19

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H. Line of Credit and Interfund Lending Program:

The Trust, together with other Dimensional-advised portfolios, has entered into a $500 million uncommitted, unsecured discretionary line of credit effective March 30, 2016 with its domestic custodian bank. A line of credit with similar terms was in effect through March 29, 2016. 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. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The agreement for the line of credit expires on March 29, 2017.

The Trust, together with other Dimensional-advised portfolios, has also entered into an additional $500 million unsecured line of credit with its international custodian bank effective January 8, 2016. A line of credit with similar terms was in effect through January 7, 2016. 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 line of credit agreement expires on January 7, 2017.

For the year ended October 31, 2016, borrowings by the Series under the lines 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	1.06%	$	4,697	23	$	3	$	35,507
The Asia Pacific Small Company Series	1.07%		120	11		—		188
The United Kingdom Small Company Series	1.02%		3,099	17		1		18,012
The Continental Small Company Series	1.10%		8,539	14		4		33,487

*Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2016, that each Series’ available line of credit was utilized.

There we no outstanding borrowings by the Series under the lines of credit as of October 31, 2016.

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

The Series did not utilize the interfund lending program during the year ended October 31, 2016.

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I. Affiliated Trades:

Cross trades for the year ended October 31, 2016, if any, were executed by the Series pursuant to procedures adopted by the Board of Trustees of the Trust to ensure compliance with Rule 17a-7 under the Investment Company Act of 1940 (the “1940 Act”). Cross trading is the buying or selling of portfolio securities between series of investment companies, or between a series of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment adviser (or affiliated investment advisers), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews such transactions for compliance with the requirements and restrictions set forth by Rule 17a-7 under the 1940 Act.

For the year ended October 31, 2016, cross trades by the Portfolios under Rule 17a-7 were as follows (amounts in thousands):

					Realized
Portfolio	Purchases		Sales		Gain (Loss)
The Japanese Small Company Series	$	42,370	$	46,367	$	3,752
The Asia Pacific Small Company Series		29,585		29,869		(873	)
The Continental Small Company Series		36,654		49,457		1,095
The Canadian Small Company Series		29,808		29,863		1,183

J. Securities Lending:

As of October 31, 2016, each Series had securities on loan to brokers/dealers, for which each such Series received cash collateral. In addition, the following Series received non-cash collateral consisting of short and/or long term U.S. government securities (amounts in thousands):

	Market		Overestimated
	Value		Cash
The Japanese Small Company Series	$	8,397	$	—
The Asia Pacific Small Company Series		22,601		—
The Continental Small Company Series		4,118		—
The Canadian Small Company Series		—		(529	)

Each Series invests the cash collateral, as described below, and records a liability for the return of the collateral, during the period the securities are on loan. Loans of securities are expected at all times to be secured by collateral in an amount (i) equal to at least 100% of the current market value of the loaned securities with respect to securities of the U.S. government or its agencies, (ii) generally equal to 102% of the current market value of the loaned securities with respect to U.S. securities, and (iii) generally equal to 105% of the current market value of the loaned securities with respect to foreign securities. However, daily market fluctuations could cause the Series’ collateral to be lower or higher than the expected thresholds. If this were to occur, the collateral would be adjusted the next business day to ensure adequate collateralization. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. If the borrower fails to return loaned securities, 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. In the event of the bankruptcy of the borrower, a Series could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

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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.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2016:

	Remaining Contractual Maturity of the Agreements
	As of October 31, 2016
	Overnight and			Between
	Continuous		<30 days	30 & 90 days	>90 days	Total
Securities Lending Transactions
The Japanese Small Company Series
Common Stocks	$	280,961,564	$—	$—	$—	$	280,961,564
The Asia Pacific Small Company Series
Common Stocks	$	261,843,149	$—	$—	$—	$	261,843,149
The United Kingdom Small Company Series
Common Stocks	$	56,583,806	$—	$—	$—	$	56,583,806
The Continental Small Company Series
Common Stocks	$	350,189,570	$—	$—	$—	$	350,189,570
The Canadian Small Company Series
Common Stocks	$	214,141,764	$—	$—	$—	$	214,141,764

K. 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.

L. Subsequent Event Evaluations:

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

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

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”) as of October 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. 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 as of October 31, 2016 by correspondence with the custodian, brokers and the transfer agent of the investee fund, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
December 20, 2016

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FUND MANAGEMENT

(Unaudited)

Trustees/Directors

Each Board of Trustees/Directors (each, the “Board” and collectively, the “Boards”) of The DFA Investment Trust Company (“DFAITC”), DFA Investment Dimensions Group Inc. (“DFAIDG”), Dimensional Investment Group Inc. (“DIG”), 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 three standing committees: an Audit Committee, a Nominating Committee, and an Investment Strategy Committee (the “Strategy Committee”). The Audit Committee is composed 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, 2016.

Each Board’s Nominating Committee is composed 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, 2016.

Each Board’s Strategy Committee consists of both interested and disinterested Trustees/Directors. The Strategy Committee is composed of John P. Gould, Edward P. Lazear, Myron S. Scholes, and Eduardo A. Repetto. The Strategy Committee assists the Board in carrying out its fiduciary duties with respect to the oversight of the Fund and its performance. At the request of the Board or the Advisor, the Strategy Committee 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 Strategy Committee was formed on December 17, 2010, and there were three Strategy Committee meetings held during the fiscal year ended October 31, 2016.

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 http://us.dimensional.com

146

Name, Position with the Fund, Address and Year of Birth	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 1947	Since Inception	122 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 1939	DFAIDG-Since 1986 DIG-Since 1993 DFAITC-Since 1992 DEM-Since 1993	122 portfolios in 4 investment companies	Steven G. Rothmeier Professor and Distinguished Service Professor of Economics, University of Chicago Booth School of Business (since 1965). Member and Chair, Competitive Markets Advisory Council, Chicago Mercantile Exchange (futures trading exchange) (since 2004). Trustee, Harbor Fund (registered investment company) (29 Portfolios) (since 1994). Formerly, Member of the Board of Milwaukee 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 1943	DFAIDG-Since 1981 DIG-Since 1993 DFAITC-Since 1992 DEM-Since 1993	122 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 and asset manager) (since 2001). Consultant to Morningstar Inc. (since 2006). Formerly, Director, BIRR Portfolio Analysis, Inc. (sofware Products) (1990-2010).
Edward P. Lazear Director of DFAIDG and DIG Trustee of DFAITC and DEM Stanford University Graduate School of Business 434 Galvez Mall Stanford, CA 94305 1948	DFAIDG-Since 2010 DIG-Since 2010 DFAITC-Since 2010 DEM-Since 2010	122 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 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 Advisers, LP 6300 Bee Cave Road Building 1 Austin, TX 78746 1941	DFAIDG-Since 1981 DIG-Since 1993 DFAITC-Since 1992 DEM-Since 1993	122 portfolios in 4 investment companies	Chief Investment Strategist, Janus Capital Group Inc. (since 2014). Frank E. Buck Professor of Finance Emeritus, Graduate School of Business, Stanford University (since 1981). Chairman, Ruapay Inc. (since 2013). Formerly, Chairman, Platinum Grove Asset Management, L.P. (hedge fund) (formerly, Oak Hill Platinum Partners) (1999-2009). Formerly, Director, American Centruy Fund Complex (registered investment companies) (43 Portfolios) (1980-2014).
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 1953	DFAIDG-Since 2000 DIG-Since 2000 DFAITC-Since 2000 DEM-Since 2000	122 portfolios in 4 investment companies	Boris and Irene Stern Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (since 1980). 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) (33 portfolios) (since 2009). Formerly, Co-Director Investment Research, Fundamental Investment Advisors (hedge fund) (2008-2011).

147

Name, Position with the Fund, Address and Year of Birth	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/Trustee, President and Co-Chief Executive Officer 6300 Bee Cave Road Building One Austin, TX 78746 1946	DFAIDG-Since 1981 DIG-Since 1992 DFAITC-Since 1992 DEM-Since 1993	122 portfolios in 4 investment companies	Chairman, Director/Trustee, President, Co-Chief Executive Officer and formerly, Chief Executive Officer (until 1/1/2010) of the following companies: Dimensional Holdings Inc., Dimensional Fund Advisors LP, DFA Securities LLC, DEM, DFAIDG, DIG and DFAITC (collectively, the “DFA Entities”). Director of Dimensional Fund Advisors Ltd. and formerly, Chief Investment Officer. Director of DFA Australia Limited and formerly, President and Chief Investment Officer. Director of Dimensional Advisors Ltd., Dimensional Funds plc and Dimensional Funds II plc. Formerly, President, Dimensional SmartNest (US) LLC (2009-2014). Formerly, Limited Partner, Oak Hill Partners (2001-2010). Limited Partner, VSC Investors, LLC (since 2007). Trustee, University of Chicago. Trustee, University of Kansas Endowment Association. Formerly, Director, SA Funds (registered investment company). Chairman, Director and Co-Chief Executive Officer of Dimensional Fund Advisors Canada ULC. Director and President (since 2012) of Dimensional Japan Ltd. Chairman, Director, President, and Co-Chief Executive Officer of Dimensional Cayman Commodity Fund I Ltd. (since 2010).
Eduardo A. Repetto Director/Trustee, Co-Chief Executive Officer and Co-Chief Investment Officer 6300 Bee Cave Road, Building One Austin, TX 78746 1967	DFAIDG-Since 2009 DIG-Since 2009 DFAITC-Since 2009 DEM-Since 2009	122 portfolios in 4 investment companies	Co-Chief Executive Officer (beginning January 2010), Co-Chief Investment Officer (since June 2014), Director/Trustee, and formerly, Chief Investment Officer (March 2007-June 2014) of the DFA Entities. Director, Co-Chief Executive Officer and Chief Investment Officer (since 2010) of Dimensional Cayman Commodity Fund I Ltd. Director, Co-Chief Executive Officer, President and Co-Chief Investment Officer of Dimensional Fund Advisors Canada ULC and formerly, Chief Investment Officer (until April 2014). Co-Chief Investment Officer, Vice President, and Director of DFA Australia Limited and formerly, Chief Investment Officer (until April 2014). Director of Dimensional Fund Advisors Ltd., Dimensional Funds plc, Dimensional Funds II plc and Dimensional Advisors Ltd. Formerly, Vice President of the DFA Entities and Dimensional Fund Advisors Canada ULC. Director and Chief Investment Officer (since December 2012) of Dimensional Japan Ltd.

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 DFAIDG, DIG, DFAITC and DEM. Each disinterested Trustee/Director also serves on the Independent Review Committee of the Dimensional Funds, mutual funds registered in the provinces of Canada and managed by an affiliate of Dimensional Fund Advisors LP (the “Advisor”), Dimensional Fund Advisors Canada ULC.
*	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 the Advisor.

148

Officers

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

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
April A. Aandal 1963	Vice President	Since 2008	Vice President of all the DFA Entities.
Robyn G. Alcorta 1974	Vice President	Since 2012	Vice President of all the DFA Entities. Formerly, Vice President, Business Development at Capson Physicians Insurance Company (2010-2012).
Magdalia S. Armstrong 1977	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (January 2011 – January 2016).
Darryl D. Avery 1966	Vice President	Since 2005	Vice President of all the DFA Entities.
Arthur H. Barlow 1955	Vice President	Since 1993	Vice President of all the DFA Entities. Director and Managing Director of Dimensional Fund Advisors Ltd (since September 2013). Director of Dimensional Funds plc and Dimensional Funds II plc (since November 2013).
Lana Bergstein 1974	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Client Service Manager for Dimensional Fund Advisors LP (February 2008 – January 2014).
Stanley W. Black 1970	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Senior Research Associate (January 2012 – January 2014) and Research Associate (2006 – 2011) for Dimensional Fund Advisors LP.
Aaron T. Borders 1973	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (April 2008 – January 2014).
Scott A. Bosworth 1968	Vice President	Since 2007	Vice President of all the DFA Entities.
Valerie A. Brown 1967	Vice President and Assistant Secretary	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 Fund Advisors Pte. and Dimensional Hong Kong Limited. Director, Vice President, Director and Assistant Secretary of Dimensional Fund Advisors Canada ULC.
David P. Butler 1964	Vice President	Since 2007	Vice President of all the DFA Entities. Head of Global Financial Services for Dimensional Fund Advisors LP (since 2008).
Douglas M. Byrkit 1970	Vice President	Since 2012	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (December 2010 – January 2012).
Hunt M. Cairns 1973	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director (January 2010 – January 2014) for Dimensional Fund Advisors LP.
David K. Campbell 1966	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, DC Relationship Manager for Dimensional Fund Advisors LP (October 2010 – January 2016).
Dennis M. Chamberlain 1972	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Regional Director (January 2012 – January 2015) for Dimensional Fund Advisors LP; Principal for Chamberlain Financial Group (October 2010 – December 2011).
Ryan J. Chaplinski 1971	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Regional Director (June 2011 – January 2015) for Dimensional Fund Advisors LP; Sales Executive for Vanguard (2004 – June 2011).
James G. Charles 1956	Vice President	Since 2011	Vice President of all the DFA Entities.

149

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Joseph H. Chi 1966	Vice President	Since 2009	Vice President of all the DFA Entities. Co-Head of Portfolio Management (since March 2012) and Senior Portfolio Manager (since January 2012) for Dimensional Fund Advisors LP. Vice President of Dimensional Fund Advisors Canada ULC (since April 2016). Formerly, Portfolio Manager for Dimensional Fund Advisors LP (October 2005 to January 2012).
Pil Sun Choi 1972	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Counsel for Dimensional Fund Advisors LP (April 2012 – January 2014); Vice President and Counsel for AllianceBernstein L.P. (2006 – 2012).
Stephen A. Clark 1972	Vice President	Since 2004	Vice President of all the DFA Entities. Director and Vice President of Dimensional Japan Ltd (since February 2016). President and Director of Dimensional Fund Advisors Canada ULC (since February 2016), Vice President of DFA Australia Limited (since April 2008) and Director (since Oct 2016). Director of Dimensional Advisors Ltd, Dimensional Fund Advisors Pte. Ltd., and Dimensional Hong Kong Limited, (since April 2016), Vice President of Dimensional Fund Advisors Pte Ltd. (since June 2016), Head of Global Institutional Services for Dimensional Fund Advisors LP (since January 2014). Formerly, Vice President of Dimensional Fund Advisors Canada ULC (December 2010 – February 2016); Head of Institutional, North America (March 2012 to December 2013) and Head of Portfolio Management (January 2006 to March 2012) for Dimensional Fund Advisors LP.
Matthew B. Cobb 1971	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (September 2011 – March 2013); Vice President at MullinTBG (2005-2011).
Rose C. Cooke 1971	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (August 2010 – March 2014).
Ryan Cooper 1979	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (2003 – March 2014).
Jeffrey D. Cornell 1976	Vice President	Since 2012	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (August 2002 – January 2012).
Robert P. Cornell 1949	Vice President	Since 2007	Vice President of all the DFA Entities.
John W. Crill (Wes) 1982	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Senior Associate, Research (January 2015 – January 2016); Associate, Research (January 2014 – January 2015); Analyst, Research (July 2010 – January 2014) for Dimensional Fund Advisors LP.
Christopher S. Crossan 1965	Vice President and Global Chief Compliance Officer	Since 2004	Vice President and Global Chief Compliance Officer of all the DFA Entities, DFA Australia Limited and Dimensional Fund Advisors Ltd. Chief Compliance Officer and Chief Privacy Officer of Dimensional Fund Advisors Canada ULC, Chief Compliance Officer of Dimensional Fund Advisors Pte. Ltd. Formerly, Vice President and Global Chief Compliance Officer for Dimensional SmartNest (US) LLC (October 2010 – 2014).
John T. Curnutte 1980	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Manager, Research Systems (November 2012 – January 2016) for Dimensional Fund Advisors LP; Assistant Vice President, Oaktree Capital Management (April 2011 – October 2012.
John Dashtara 1980	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Regional Director (July 2013 – January 2015) for Dimensional Fund Advisors LP; Relationship Manager for Blackrock, Inc. (July 2011 – July 2013); Vice President for Towers Watson (formerly, WellsCanning) (June 2009 – July 2011).
James L. Davis 1956	Vice President	Since 1999	Vice President of all the DFA Entities.
Robert T. Deere 1957	Vice President	Since 1994	Vice President of all the DFA Entities, DFA Australia Limited and Dimensional Fund Advisors Canada ULC.

150

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Johnathon K. DeKinder 1979	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director (January 2012 – January 2014) and Senior Associate (August 2010 – December 2011) for Dimensional Fund Advisors LP.
Mark J. Dennis 1976	Vice President	Since 2015	Vice President of all DFA Entities. Formerly, Regional Director (May 2011 – January 2015) for Dimensional Fund Advisors LP; Vice President, Portfolio Specialist (January 2007 – May 2011) for Morgan Stanley Investment Management.
Massimiliano DeSantis 1971	Vice President	Since 2015	Vice President of all DFA Entities. Formerly, Senior Associate, Research (November 2012 – January 2015) for Dimensional Fund Advisors LP; Senior Consultant, NERA Economic Consulting, New York (May 2010 – November 2012).
Peter F. Dillard 1972	Vice President	Since 2010	Vice President of all the DFA Entities. Chief Data Officer for Dimensional Fund Advisors LP (since January 2016).
Robert W. Dintzner 1970	Vice President	Since 2001	Vice President of all the DFA Entities.
Karen M. Dolan 1979	Vice President	Since 2014	Vice President of all the DFA Entities. Head of Marketing for Dimensional Fund Advisors LP (since February 2013). Formerly, Senior Manager of Research and Marketing for Dimensional Fund Advisors LP (June 2012 – January 2013); Director of Mutual Fund Analysis at Morningstar (January 2008 – May 2012).
L. Todd Erskine 1959	Vice President	Since 2015	Vice President of all DFA Entities. Formerly, Regional Director (May 2008 – January 2015) for Dimensional Fund Advisors LP.
Richard A. Eustice 1965	Vice President and Assistant Secretary	Since 1998	Vice President and Assistant Secretary of all the DFA Entities and DFA Australia Limited. Chief Operating Officer for Dimensional Fund Advisors Pte. Ltd. (since April 2013). Formerly, Chief Operating Officer for Dimensional Fund Advisors Ltd. (July 2008 – March 2013).
Gretchen A. Flicker 1971	Vice President	Since 2004	Vice President of all the DFA Entities.
Jed S. Fogdall 1974	Vice President	Since 2008	Vice President of all the DFA Entities. Co-Head of Portfolio Management (since March 2012) and Senior Portfolio Manager (since January 2012) of Dimensional Fund Advisors LP. Vice President of Dimensional Fund Advisors Canada ULC (since April 2016). Formerly, Portfolio Manager of Dimensional Fund Advisors LP (September 2004 – January 2012).
Edward A. Foley 1976	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (August 2011 – January 2014); Senior Vice President of First Trust Advisors L.P. (2007 – July 2011).
Deborah J.G. Foster 1959	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Senior Associate (May 2011 – January 2015) for Dimensional Fund Advisors LP.
Jeremy P. Freeman 1970	Vice President	Since 2009	Vice President of all the DFA Entities.
Kimberly A. Ginsburg 1970	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Vice President for Dimensional SmartNest (US) LLC (January 2012 - November 2014); Senior Vice President for Morningstar (July 2004 – July 2011).
Mark R. Gochnour 1967	Vice President	Since 2007	Vice President of all the DFA Entities.
Tom M. Goodrum 1968	Vice President	Since 2012	Vice President of all the DFA Entities. Formerly, Managing Director at BlackRock (2004 – January 2012).
Henry F. Gray 1967	Vice President	Since 2000	Vice President of all the DFA Entities.

151

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
John T. Gray 1974	Vice President	Since 2007	Vice President of all the DFA Entities.
Christian Gunther 1975	Vice President	Since 2011	Vice President of all the DFA Entities. Senior Trader for Dimensional Fund Advisors LP (since 2012). Formerly, Senior Trader (2009-2012).
Robert W. Hawkins 1974	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Counsel for Dimensional Fund Advisors LP (January 2011 – January 2014).
Joel H. Hefner 1967	Vice President	Since 2007	Vice President of all the DFA Entities.
Kevin B. Hight 1967	Vice President	Since 2005	Vice President of all the DFA Entities.
Gregory K. Hinkle 1958	Vice President, Chief Financial Officer, and Treasurer	Since 2016	Vice President, Chief Financial Officer, and Treasurer of all the DFA Entities. Interim Chief Financial Officer, interim Treasurer and Vice President of Dimensional Advisors Ltd., Dimensional Hong Kong Limited, Dimensional Cayman Commodity Fund I Ltd., Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd, DFA Australia Ltd. Formerly, interim Chief Financial Officer and interim Treasurer (April 2016 – September 2016), and Controller (August 2015 – September 2016) of all the DFA Entities); Vice President of T. Rowe Price Group, Inc. and Director of Investment Treasury and Treasurer of the T. Rowe Price Funds (March 2008 – July 2015).
Christine W. Ho 1967	Vice President	Since 2004	Vice President of all the DFA Entities.
Michael C. Horvath 1960	Vice President	Since 2011	Vice President of all the DFA Entities. Formerly, Managing Director, Co-Head Global Consultant Relations at BlackRock (2004-2011).
Mark A. Hunter 1971	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Senior Compliance Officer (November 2010 – January 2015) for Dimensional Fund Advisors LP.
Alan R. Hutchison 1977	Vice President	Since 2016	Vice President of all the DFA Entities. Portfolio Manager for Dimensional Fund Advisors LP (January 2013 – Present). Formerly, Investment Associate for Dimensional Fund Advisors LP (January 2010 - January 2013).
Shahryar S. Jaberzadeh 1983	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (April 2006 – January 2016).
Jeremy R. James 1977	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Manager, IT Service Management (October 2014 – January 2016); Manager, Managed DC Systems (October 2005 – October 2014) for Dimensional Fund Advisors LP.
Jeff J. Jeon 1973	Vice President	Since 2004	Vice President of all the DFA Entities and Dimensional Cayman Commodity Fund I Ltd.
Garret D. Jones 1971	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Manager of Sales and Marketing Systems (January 2011 – January 2014) for Dimensional Fund Advisors LP.
Stephen W. Jones 1968	Vice President	Since 2012	Vice President of all the DFA Entities. Formerly, Facilities Manager for Dimensional Fund Advisors LP (October 2008 – January 2012).
Scott P. Kaup 1975	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Senior Manager, Investment Operations (January 2014 – January 2015) and Investment Operations Manager (May 2008 – January 2014) for Dimensional Fund Advisors LP.
David M. Kavanaugh 1978	Vice President	Since 2014	Vice President of all the DFA Entities. Head of Operations for Financial Advisor Services for Dimensional Fund Advisors LP (since July 2014). Formerly, Counsel of Dimensional Fund Advisors LP (August 2011 – January 2014); Associate at Andrews Kurth LLP (2006 – 2011).

152

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Patrick M. Keating 1954	Vice President	Since 2003	Vice President of DFAIDG, DIG, DFAITC, DEM, Dimensional Holdings Inc., Dimensional Fund Advisors LP and Dimensional Japan Ltd. Chief Operating Officer and Director of Dimensional Japan Ltd. Formerly, Vice President of DFA Securities LLC, Dimensional Cayman Commodity Fund I Ltd. and Dimensional Advisors Ltd (until February 2015); Chief Operating Officer of Dimensional Holdings Inc., DFA Securities LLC, Dimensional Fund Advisors LP, Dimensional Cayman Commodity Fund I Ltd., Dimensional Advisors Ltd. and Dimensional Fund Advisors Pte. Ltd. (until February 2015); Director, Vice President, and Chief Privacy Officer of Dimensional Fund Advisors Canada ULC (until February 2015); Director of DFA Australia Limited, Dimensional Fund Advisors Ltd. and Dimensional Advisors Ltd. (until February 2015); and Director and Vice President of Dimensional Hong Kong Limited and Dimensional Fund Advisors Pte. Ltd. (until February 2015).
Andrew K. Keiper 1977	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (October 2004 – January 2013).
David M. Kershner 1971	Vice President	Since 2010	Vice President of all the DFA Entities. Portfolio Manager for Dimensional Fund Advisors LP (since June 2004).
Arun C. Keswani 1975	Vice President	Since 2016	Vice President of all the DFA Entities. Senior Portfolio Manager for Dimensional Fund Advisors LP (January 2015 – Present). Formerly, Portfolio Manager (January 2013 – January 2015) and Investment Associate (October 2011 – January 2013) for Dimensional Fund Advisors LP; Investment Banking Associate at Morgan Stanley (August 2010 – September 2011).
Kimberly L. Kiser 1972	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Creative Director for Dimensional Fund Advisors LP (September 2012 – January 2014); Vice President and Global Creative Director at Morgan Stanley (2007 – 2012); Visiting Assistant Professor, Graduate Communications Design at Pratt Institute (2004 – 2012).
Natalia Y. Knych 1971	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Manager, RFP, Institutional (January 2015 – January 2016); Senior Associate, Institutional (April 2007 – January 2015) for Dimensional Fund Advisors LP.
Timothy R. Kohn 1971	Vice President	Since 2011	Vice President of all the DFA Entities. Head of Defined Contribution Sales for Dimensional Fund Advisors LP (since August 2010).
Joseph F. Kolerich 1971	Vice President	Since 2004	Vice President of all the DFA Entities. Senior Portfolio Manager of Dimensional Fund Advisors LP (since January 2012). Formerly, Portfolio Manager for Dimensional (April 2001 – January 2012).
Mark D. Krasniewski 1981	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Senior Associate, Investment Analytics and Data (January 2012 – December 2012) and Systems Developer (June 2007 – December 2011) for Dimensional Fund Advisors LP.
Kahne L. Krause 1966	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director (May 2010 – January 2014) for Dimensional Fund Advisors LP.
Stephen W. Kurad 1968	Vice President	Since 2011	Vice President of all the DFA Entities.
Michael F. Lane 1967	Vice President	Since 2004	Vice President of all the DFA Entities. Formerly, Chief Executive Officer for Dimensional SmartNest (US) LLC (July 2012 – November 2014).
Francis R. Lao 1969	Vice President	Since 2011	Vice President of all the DFA Entities. Formerly, Vice President – Global Operations at Janus Capital Group (2005-2011).
David F. LaRusso 1978	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Senior Trader (January 2010 – December 2012) for Dimensional Fund Advisors LP.
Juliet H. Lee 1971	Vice President	Since 2005	Vice President of all the DFA Entities.

153

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Marlena I. Lee 1980	Vice President	Since 2011	Vice President of all the DFA Entities.
Paul A. Lehman 1971	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Regional Director (July 2013 – January 2015) for Dimensional Fund Advisors LP; Chief Investment Officer (April 2005 – April 2013) for First Citizens Bancorporation.
John B. Lessley 1960	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (January 2008 – January 2013).
Joy L. Lopez 1971	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Senior Tax Manager (February 2013 – January 2015) for Dimensional Fund Advisors LP; Vice President and Tax Manager, North America (August 2006 – April 2012) for Pacific Investment Management Company.
Apollo D. Lupescu 1969	Vice President	Since 2009	Vice President of all the DFA Entities.
Timothy P. Luyet 1972	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Senior Manager, Marketing Operations (January 2014 – January 2015), Manager, Client Systems (October 2011 – January 2014) and RFP Manager (April 2010 – October 2011) for Dimensional Fund Advisors LP.
Peter Magnusson 1969	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (January 2011 – January 2014).
Kenneth M. Manell 1972	Vice President	Since 2010	Vice President of all the DFA Entities and Dimensional Cayman Commodity Fund I Ltd.
Aaron M. Marcus 1970	Vice President	Since 2008	Vice President of all DFA Entities and Head of Global Human Resources for Dimensional Fund Advisors LP.
Duane R. Mattson 1965	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Senior Compliance Officer (May 2012 – January 2015) for Dimensional Fund Advisors LP; Chief Compliance Officer (April 2010 – April 2012) for Al Frank Asset Management.
Bryan R. McClune 1975	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director of Dimensional Fund Advisors LP (January 2009 – January 2014).
Philip P. McInnis 1984	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director (January 2009 – January 2014) and Senior Associate (2011) for Dimensional Fund Advisors LP.
Francis L. McNamara 1959	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Manager, Project Management Office for Dimensional Fund Advisors LP (October 2006 – January 2016).
Travis A. Meldau 1981	Vice President	Since 2015	Vice President of all the DFA Entities. Portfolio Manager (since September 2011) for Dimensional Fund Advisors LP. Formerly, Portfolio Manager for Wells Capital Management (October 2004 – September 2011).
Tracy R. Mitchell 1974	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (September 2013 – January 2016); Managing Director, Client Services, Charles Schwab (December 2009 – August 2013).
Jonathan G. Nelson 1971	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Manager, Investment Systems (2011 – January 2013) for Dimensional Fund Advisors LP.

154

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Catherine L. Newell 1964	Vice President and Secretary	Vice President since 1997 and Secretary since 2000	Vice President and Secretary of all the DFA Entities. Director, Vice President and Secretary of DFA Australia Limited and Dimensional Fund Advisors Ltd. (since February 2002, April 1997, and May 2002, respectively). Vice President and Secretary of Dimensional Fund Advisors Canada ULC (since June 2003), Dimensional 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). Director of 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). Formerly, Vice President and Secretary of Dimensional SmartNest (US) LLC (October 2010 – November 2014).
John R. Nicholson 1977	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Regional Director (June 2011 – January 2015) for Dimensional Fund Advisors LP; Sales Executive for Vanguard (July 2008 – May 2011).
Pamela B. Noble 1964	Vice President	Since 2011	Vice President of all the DFA Entities. Formerly, Portfolio Manager for Dimensional Fund Advisors LP (2008 - 2010).
Selwyn Notelovitz 1961	Vice President and Deputy Chief Compliance Officer	Since 2013	Vice President and Deputy Chief Compliance Officer of all the DFA Entities. Deputy Chief Compliance Officer of Dimensional Fund Advisors LP (since December 2012). Formerly, Chief Compliance Officer of Wellington Management Company, LLP (2004 – 2011).
Carolyn L. O 1974	Vice President	Since 2010	Vice President of all the DFA Entities, Dimensional Cayman Commodity Fund I Ltd., and Dimensional Fund Advisors Canada ULC (since April 2016). Deputy General Counsel, Funds (since 2011).
Gerard K. O’Reilly 1976	Vice President and Co-Chief Investment Officer	Vice President since 2007 and Co-Chief Investment Officer since 2014	Vice President and Co-Chief Investment Officer of all the DFA Entities, Dimensional Fund Advisors Canada ULC, and Dimensional Japan Ltd. Director of Dimensional Funds plc and Dimensional Fund II plc.
Randy C. Olson 1980	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Senior Compliance Officer for Dimensional Fund Advisors LP (July 2014 – January 2016); Vice President Regional Head of Investment Compliance, Asia, PIMCO Asia Private Limited (July 2012 – July 2014); Country Compliance Officer, Janus Capital, Singapore Private Limited (May 2011 – June 2012).
Daniel C. Ong 1973	Vice President	Since 2009	Vice President of all the DFA Entities. Portfolio Manager for Dimensional Fund Advisors LP (since July 2005).
Kyle K. Ozaki 1978	Vice President	Since 2010	Vice President of all the DFA Entities.
Matthew A. Pawlak 1977	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (2012 – January 2013); Senior Consultant (June 2011-December 2011) and Senior Investment Analyst and Consultant (July 2008-June 2011) at Hewitt EnnisKnupp.
Mary T. Phillips 1981	Vice President	Since 2016	Vice President of all the DFA Entities. Senior Portfolio Manager (January 2015 – present). Formerly, Portfolio Manager (April 2014 – January 2015) and Investment Associate for Dimensional Fund Advisors LP (July 2012 – March 2014).
Jeffrey L. Pierce 1984	Vice President	Since 2015	Vice President of all the DFA Entities. Senior Manager, Advisor Benchmarking (since January 2015) for Dimensional Fund Advisors LP. Formerly, Manager, Advisor Benchmarking (April 2012 – December 2014) for Dimensional Fund Advisors LP; Senior Manager, Research and Consulting (October 2010 – April 2012) for Crain Communications Inc.
Olivian T. Pitis 1974	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Regional Director (May 2011 – January 2015) for Dimensional Fund Advisors LP.

155

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Brian P. Pitre 1976	Vice President	Since 2015	Vice President of all the DFA Entities. Counsel for Dimensional Fund Advisors LP (since February 2015). Formerly, Chief Financial Officer and General Counsel for Relentless (March 2014 – January 2015); Vice President of all the DFA Entities (January 2013 – March 2014); Counsel for Dimensional Fund Advisors LP (January 2009 - March 2014).
David A. Plecha 1961	Vice President	Since 1993	Vice President of all the DFA Entities, DFA Australia Limited, Dimensional Fund Advisors Ltd. and Dimensional Fund Advisors Canada ULC.
Allen Pu 1970	Vice President	Since 2011	Vice President of all the DFA Entities. Senior Portfolio Manager for Dimensional Fund Advisors LP (since January 2015). Formerly, Portfolio Manager for Dimensional Fund Advisors LP (2006 – January 2015).
David J. Rapozo 1967	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (January 2011 – January 2014).
Mark A. Regier 1969	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Planning and Analysis Manager for Dimensional Fund Advisors LP (July 2007 – January 2014).
Cory T. Riedberger 1979	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Regional Director (March 2011 – January 2015) for Dimensional Fund Advisors LP.
Savina B. Rizova 1981	Vice President	Since 2012	Vice President of all the DFA Entities. Formerly, Research Associate (June 2011 – January 2012) for Dimensional Fund Advisors LP.
Michael F. Rocque 1968	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Senior Fund Accounting Manager (July 2013 – January 2015) for Dimensional Fund Advisors LP; Senior Financial Consultant and Chief Accounting Officer (July 2002 – July 2013) for MFS Investment Management.
L. Jacobo Rodríguez 1971	Vice President	Since 2005	Vice President of all the DFA Entities.
Austin S. Rosenthal 1978	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Vice President for Dimensional SmartNest (US) LLC (September 2010 - November 2014).
Oliver J. Rowe 1960	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Senior Manager, Human Resources for Dimensional Fund Advisors LP (January 2012 – January 2014); Director of Human Resources at Spansion, Inc. (March 2009 – December 2011).
Joseph S. Ruzicka 1987	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Manager Investment Analytics and Data (January 2014 – January 2015), Senior Associate, Investment Analytics and Data (January 2013 – January 2014), Associate, Investment Analytics and Data (January 2012 – January 2013), and Investment Data Analyst (April 2010 – January 2012) for Dimensional Fund Advisors LP.
Julie A. Saft 1959	Vice President	Since 2010	Vice President of all the DFA Entities.
Joel P. Schneider 1980	Vice President	Since 2015	Vice President of all the DFA Entities. Portfolio Manager (since 2013) for Dimensional Fund Advisors LP. Formerly, Investment Associate (April 2011 – January 2013) for Dimensional Fund Advisors LP.
Ashish Shrestha 1978	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Regional Director (September 2009 – January 2015) for Dimensional Fund Advisors LP.
Bruce A. Simmons 1965	Vice President	Since 2009	Vice President of all the DFA Entities.
Ted R. Simpson 1968	Vice President	Since 2007	Vice President of all the DFA Entities.

156

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Bhanu P. Singh 1981	Vice President	Since 2014	Vice President of all the DFA Entities. Senior Portfolio Manager for Dimensional Fund Advisors LP (since January 2015). Formerly, Portfolio Manager (January 2012 – January 2015) and Investment Associate for Dimensional Fund Advisors LP (August 2010 – December 2011).
Bryce D. Skaff 1975	Vice President	Since 2007	Vice President of all the DFA Entities.
Lukas J. Smart 1977	Vice President	Since 2014	Vice President of all the DFA Entities. Portfolio Manager of Dimensional Fund Advisors LP (since January 2010).
Andrew D. Smith 1968	Vice President	Since 2011	Vice President of all the DFA Entities.
Grady M. Smith 1956	Vice President	Since 2004	Vice President of all the DFA Entities and Dimensional Fund Advisors Canada ULC.
Matthew Snider 1976	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (September 2011 – January 2016); Sales Executive, Vanguard (May 2008 – August 2011).
Lawrence R. Spieth 1947	Vice President	Since 2004	Vice President of all the DFA Entities.
Charlene L. St. John 1965	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Senior Manager for Dimensional Fund Advisors LP (September 2014 - January 2016); Vice President of Marketing, Forward Management/Salient (January 2008 – February 2014).
Brent M. Stone 1971	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Project Manager (September 2012 – December 2015) and Manager, Corporate Systems for Dimensional Fund Advisors LP (January 2011 – September 2012).
Richard H. Tatlow V 1971	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (April 2010 – January 2013).
Blake T. Tatsuta 1973	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Manager, Investment Analytics and Data (2012 – January 2013) and Research Assistant (2002-2011) for Dimensional Fund Advisors LP.
James J. Taylor 1983	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Accounting Manager for Dimensional Fund Advisors LP (November 2009 – January 2016).
Erik T. Totten 1980	Vice President	Since 2013	Vice President of all the DFA Entities. Formerly, Regional Director (2010 – January 2013) for Dimensional Fund Advisors LP.
John H. Totten 1978	Vice President	Since 2012	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (January 2008 - January 2012).
Robert C. Trotter 1958	Vice President	Since 2009	Vice President of all the DFA Entities.
Dave C. Twardowski 1982	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Research Associate (June 2011 – January 2015) for Dimensional Fund Advisors LP.
Karen E. Umland 1966	Vice President	Since 1997	Vice President of all the DFA Entities, DFA Australia Limited, Dimensional Fund Advisors Ltd., and Dimensional Fund Advisors Canada ULC.
Benjamin C. Walker 1979	Vice President	Since 2014	Vice President of all the DFA Entities. Formerly, Regional Director for Dimensional Fund Advisors LP (September 2008 – January 2014).
Brian J. Walsh 1970	Vice President	Since 2009	Vice President of all the DFA Entities. Portfolio Manager for Dimensional Fund Advisors LP (since 2004).

157

Name and Year of Birth	Position	Term of Office1 and Length of Service	Principal Occupation During Past 5 Years
Jessica Walton 1974	Vice President	Since 2015	Vice President of all the DFA Entities. Formerly, Regional Director (January 2012 – January 2015) for Dimensional Fund Advisors LP; Director of Marketing and Investor Relations for Treaty Oak Capital Management (July 2011 – October 2011); Vice President for Rockspring Capital (October 2010 – July 2011).
Griffin S. Watkins 1985	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Regional Director (January 2014 – January 2016) and Senior Associate (January 2011 – December 2013). for Dimensional Fund Advisors LP.
Timothy P. Wei 1968	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Counsel for Dimensional Fund Advisors LP (July 2014 – January 2016); Assistant General Counsel, Teacher Retirement System of Texas (October 2008 – June 2014).
Weston J. Wellington 1951	Vice President	Since 1997	Vice President of all the DFA Entities.
Ryan J. Wiley 1976	Vice President	Since 2007	Vice President of all the DFA Entities.
Kristina M. Williams 1975	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Client Service Supervisor for Dowling & Yahnke (July 2014-January 2016); Head of Operations for The Elements Financial Group (January 2013-June 2014); Head of Operations for Vericimetry Advisors LLC (July 2011-December 2012).
Jeremy J. Willis 1976	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Manager, Client Systems for Dimensional Fund Advisors LP (May 2012 – January 2016); Vice President, Implementations, Citigroup (August 2006 – October 2011).
Stacey E. Winning 1981	Vice President	Since 2015	Vice President of all the DFA Entities. Head of Global Recruiting and Development (since June 2014) for Dimensional Fund Advisors LP. Formerly, Senior Manager, Recruiting (December 2012 – June 2014) for Dimensional Fund Advisors LP; Co-Head of Global Recruiting (May 2009 – November 2012) for Two Sigma Investments.
Cecelia K. Wong 1981	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Client Service Manager for Dimensional Fund Advisors LP (June 2005 – January 2016).
Craig A. Wright 1982	Vice President	Since 2016	Vice President of all the DFA Entities. Formerly, Accounting Manager for Dimensional Fund Advisors LP (November 2011 – January 2016); Senior Associate, PricewaterhouseCoopers LP (July 2009 – November 2011).
Joseph L. Young 1978	Vice President	Since 2011	Vice President of all the DFA Entities.

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

158

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

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

159

PORTFOLIOS OF INVESTMENTS SA U.S. FIXED INCOME FUND SA GLOBAL FIXED INCOME FUND SA U.S. CORE MARKET FUND SA U.S. VALUE FUND SA U.S. SMALL COMPANY FUND SA INTERNATIONAL VALUE FUND SA INTERNATIONAL SMALL COMPANY FUND SA EMERGING MARKETS VALUE FUND SA REAL ESTATE SECURITIES FUND SA WORLDWIDE MODERATE GROWTH FUND LWI FINANCIAL INC. 10 Almaden Blvd., 15th Floor | San Jose, CA 95113 1-844-366-0905 | sa-funds.com Member FINRA/SIPC, this report is prepared for the general information of shareholders and is not an offer of shares of the SA Funds. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.

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, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 95.4%
Aerospace & Defense — 2.7%
	Arconic, Inc.	4,935	$	91,495
	BE Aerospace, Inc.	4,563		274,647
	Boeing Co. (The)	29,229		4,550,371
	BWX Technologies, Inc.	5,045		200,286
	Cubic Corp.	500		23,975
	Curtiss-Wright Corp.	1,160		114,098
	DigitalGlobe, Inc.*	1,509		43,233
	Engility Holdings, Inc.*	495		16,682
	Esterline Technologies Corp.*	736		65,651
	General Dynamics Corp.	10,584		1,827,433
	HEICO Corp.	677		52,231
	HEICO Corp., Class A	1,226		83,245
	Hexcel Corp.	3,100		159,464
	Huntington Ingalls Industries, Inc.	1,972		363,223
	KLX, Inc.*	1,200		54,132
	L3 Technologies, Inc.	826		125,643
	Lockheed Martin Corp.	12,054		3,012,777
	Moog, Inc., Class A*	1,100		72,248
	Northrop Grumman Corp.	7,231		1,681,786
	Orbital ATK, Inc.	573		50,269
	Raytheon Co.	9,666		1,372,572
	Rockwell Collins, Inc.	5,848		542,460
	Spirit Aerosystems Holdings, Inc.,        Class A	5,105		297,877
	Teledyne Technologies, Inc.*	800		98,400
	Textron, Inc.	8,122		394,404
	TransDigm Group, Inc.	1,620		403,315
	Triumph Group, Inc.	1,120		29,680
	United Technologies Corp.	25,637		2,810,328
	Vectrus, Inc.*	366		8,729
	Wesco Aircraft Holdings, Inc.*	844		12,618
				18,833,272
Air Freight & Logistics — 1.0%
	CH Robinson Worldwide, Inc.@	6,400		468,864
	Expeditors International of        Washington, Inc.	7,407		392,275
	FedEx Corp.	9,639		1,794,782
	Forward Air Corp.	536		25,396
	HUB Group, Inc., Class A*	982		42,962
	United Parcel Service, Inc., Class B	33,744		3,868,412
	XPO Logistics, Inc.*	3,028		130,688
				6,723,379
Airlines — 1.0%
	Alaska Air Group, Inc.	5,828		517,118
	Allegiant Travel Co.	800		133,120
	American Airlines Group, Inc.	27,103		1,265,439
	Copa Holdings SA, Class A	1,041		94,554
	Delta Air Lines, Inc.	36,650		1,802,814
	Hawaiian Holdings, Inc.*	2,703		154,071
	JetBlue Airways Corp.*	10,625		238,213
	Skywest, Inc.	500		18,225
	Southwest Airlines Co.	30,212		1,505,766
	Spirit Airlines, Inc.@*	2,600		150,436
	United Continental Holdings, Inc.*	16,772		1,222,343
				7,102,099
Auto Components — 0.5%
	Adient PLC*	2,642		154,821
	American Axle & Manufacturing        Holdings, Inc.*	4,031		77,798
	Autoliv, Inc.@	2,700		305,505
	BorgWarner, Inc.@	7,568		298,482
	Cooper Tire & Rubber Co.	2,400		93,240
	Dana, Inc.	6,712		127,394
	Delphi Automotive PLC	13,800		929,430
	Dorman Products, Inc.@*	1,109		81,024
	Federal-Mogul Holdings Corp.*	1,249		12,877
	Gentex Corp.	10,100		198,869
	Gentherm, Inc.*	1,000		33,850
	Goodyear Tire & Rubber Co. (The)	12,112		373,897
	Horizon Global Corp.*	587		14,088
	LCI Industries	900		96,975
	Lear Corp.	2,724		360,576
	Tenneco, Inc.@*	2,500		156,175
	Visteon Corp.	1,205		96,810
				3,411,811
Automobiles — 0.7%
	Ford Motor Co.	148,394		1,800,019
	General Motors Co.	56,248		1,959,680
	Harley-Davidson, Inc.@	7,722		450,502
	Tesla Motors, Inc.*	1,103		235,700
	Thor Industries, Inc.	1,600		160,080
				4,605,981
Beverages — 2.4%
	Boston Beer Co., Inc. (The),        Class A@*	422		71,677
	Brown-Forman Corp., Class A	1,902		87,968
	Brown-Forman Corp., Class B	11,440		513,885
	Coca-Cola Bottling Co., Consolidated	200		35,770
	Coca-Cola Co. (The)	169,850		7,041,981
	Constellation Brands, Inc., Class A	3,898		597,602
	Dr Pepper Snapple Group, Inc.	8,222		745,489
	Molson Coors Brewing Co., Class B	2,775		270,035
	Monster Beverage Corp.*	12,111		537,002
	PepsiCo, Inc.	67,969		7,111,596
				17,013,005
Biotechnology — 3.1%
	AbbVie, Inc.	75,823		4,748,036
	Alexion Pharmaceuticals, Inc.*	1,781		217,905
	Alkermes PLC*	1,979		109,993
	Alnylam Pharmaceuticals, Inc.@*	810		30,326
	Amgen, Inc.	23,546		3,442,661
	Aptevo Therapeutics, Inc.*	51		124
	Biogen, Inc.*	9,175		2,601,846
	BioMarin Pharmaceutical, Inc.*	1,527		126,497
	Celgene Corp.*	27,905		3,230,004
	Emergent BioSolutions, Inc.*	102		3,350
	Exelixis, Inc.*	6,333		94,425
	Gilead Sciences, Inc.	65,679		4,703,273
	Incyte Corp.*	5,067		508,068
	Insys Therapeutics, Inc.@*	201		1,849

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Biotechnology (Continued)
	Ionis Pharmaceuticals, Inc.@*	1,162	$	55,578
	Ligand Pharmaceuticals, Inc.*	374		38,002
	Myriad Genetics, Inc.@*	2,380		39,675
	Neurocrine Biosciences, Inc.*	1,008		39,010
	Opko Health, Inc.@*	3,300		30,690
	Regeneron Pharmaceuticals, Inc.*	2,508		920,662
	Seattle Genetics, Inc.*	1,502		79,261
	TESARO, Inc.@*	616		82,840
	Ultragenyx Pharmaceutical, Inc.@*	618		43,452
	United Therapeutics Corp.@*	1,803		258,604
	Vertex Pharmaceuticals, Inc.*	1,732		127,596
				21,533,727
Building Products — 0.4%
	A.O. Smith Corp.	4,700		222,545
	AAON, Inc.	400		13,220
	Allegion PLC	4,647		297,408
	Apogee Enterprises, Inc.	400		21,424
	Armstrong Flooring, Inc.*	711		14,156
	Armstrong World Industries, Inc.@*	1,422		59,440
	Builders FirstSource, Inc.*	1,300		14,261
	Fortune Brands Home & Security, Inc.	4,126		220,576
	Johnson Controls International PLC	26,423		1,088,363
	Lennox International, Inc.	1,236		189,318
	Masco Corp.	11,358		359,140
	Owens Corning	3,497		180,305
	Simpson Manufacturing Co., Inc.	1,080		47,250
	Trex Co., Inc.*	800		51,520
	Universal Forest Products, Inc.	597		61,001
	USG Corp.@*	2,828		81,673
				2,921,600
Capital Markets — 2.1%
	Affiliated Managers Group, Inc.*	1,930		280,429
	Ameriprise Financial, Inc.	5,167		573,227
	Artisan Partners Asset Management,        Inc., Class A	1,440		42,840
	Bank of New York Mellon Corp. (The)	22,232		1,053,352
	BGC Partners, Inc., Class A	7,600		77,748
	BlackRock, Inc.	2,592		986,360
	CBOE Holdings, Inc.	3,888		287,284
	Charles Schwab Corp. (The)	25,698		1,014,300
	CME Group, Inc.	3,590		414,106
	Cohen & Steers, Inc.	500		16,800
	Donnelley Financial Solutions, Inc.*	1,074		24,681
	E*Trade Financial Corp.*	4,507		156,168
	Eaton Vance Corp.	5,845		244,789
	Evercore Partners, Inc., Class A	1,380		94,806
	FactSet Research Systems, Inc.	1,947		318,198
	Federated Investors, Inc., Class B	3,536		99,998
	Financial Engines, Inc.	700		25,725
	Franklin Resources, Inc.	8,861		350,718
	GAMCO Investors, Inc., Class A	200		6,178
	Goldman Sachs Group, Inc. (The)	5,595		1,339,723
	Interactive Brokers Group, Inc.,        Class A	2,247		82,038
	Intercontinental Exchange, Inc.	10,435		588,743
	Invesco Ltd.	8,325		252,580
	Janus Capital Group, Inc.	4,300		57,061
	Legg Mason, Inc.	1,900		56,829
	LPL Financial Holdings, Inc.	2,967		104,468
	MarketAxess Holdings, Inc.	1,300		190,996
	Moody’s Corp.	5,690		536,396
	Morgan Stanley	22,940		969,215
	Morningstar, Inc.	700		51,492
	MSCI, Inc., Class A	3,286		258,871
	Nasdaq, Inc.	1,536		103,096
	Northern Trust Corp.	4,761		423,967
	NorthStar Asset Management Group, Inc.	4,703		70,169
	Raymond James Financial, Inc.	2,600		180,102
	S&P Global, Inc.	12,709		1,366,726
	SEI Investments Co.	4,110		202,870
	State Street Corp.	4,356		338,548
	Stifel Financial Corp.*	1,686		84,216
	T. Rowe Price Group, Inc.	10,102		760,277
	TD Ameritrade Holding Corp.	7,939		346,140
	Virtus Investment Partners, Inc.	200		23,610
	Waddell & Reed Financial, Inc.,        Class A@	3,561		69,475
	WisdomTree Investments, Inc.@	5,031		56,045
				14,581,360
Chemicals — 2.5%
	AdvanSix, Inc.*	1,163		25,749
	Air Products & Chemicals, Inc.	6,940		998,111
	Albemarle Corp.	3,067		264,007
	Ashland Global Holdings, Inc.	1,329		145,246
	Axalta Coating Systems Ltd.*	5,614		152,701
	Balchem Corp.	1,093		91,725
	Cabot Corp.	1,800		90,972
	Celanese Corp., Series A	2,723		214,409
	CF Industries Holdings, Inc.@	5,854		184,284
	Dow Chemical Co. (The)	35,427		2,027,133
	Eastman Chemical Co.	6,348		477,433
	Ecolab, Inc.	8,393		983,827
	EI Du Pont de Nemours & Co.	28,819		2,115,315
	Flotek Industries, Inc.@*	1,026		9,634
	FMC Corp.	1,919		108,539
	GCP Applied Technologies, Inc.*	3,212		85,921
	H.B. Fuller Co.	1,077		52,030
	Huntsman Corp.	6,809		129,916
	Ingevity Corp.*	830		45,534
	International Flavors &        Fragrances, Inc.	3,158		372,107
	LyondellBasell Industries NV, Class A	17,535		1,504,152
	Minerals Technologies, Inc.	1,316		101,661
	Monsanto Co.	19,039		2,003,093
	Mosaic Co. (The)	4,187		122,805
	NewMarket Corp.	462		195,814
	Olin Corp.@	3,768		96,498
	Platform Specialty Products Corp.*	1,155		11,331
	PolyOne Corp.	2,800		89,712
	PPG Industries, Inc.	10,610		1,005,404
	Praxair, Inc.	14,061		1,647,809
	RPM International, Inc.	4,928		265,274

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Chemicals (Continued)
	Scotts Miracle-Gro Co. (The),        Class A	2,064	$	197,215
	Sensient Technologies Corp.	1,000		78,580
	Sherwin Williams Co. (The)	3,887		1,044,592
	Trinseo SA	1,665		98,734
	Tronox Ltd., Class A	771		7,949
	Valspar Corp. (The)	3,512		363,878
	W.R. Grace & Co.	2,716		183,710
				17,592,804
Commercial Banks — 4.1%
	Associated Banc-Corp.	4,367		107,865
	BancorpSouth, Inc.	2,260		70,173
	Bank of America Corp.	139,262		3,077,712
	Bank of Hawaii Corp.	1,300		115,297
	Bank of the Ozarks, Inc.	2,453		129,003
	BankUnited, Inc.	2,100		79,149
	BB&T Corp.	8,677		407,993
	Cathay General Bancorp	2,343		89,104
	Chemical Financial Corp.	1,945		105,361
	CIT Group, Inc.	2,643		112,803
	Citigroup, Inc.	40,085		2,382,252
	Citizens Financial Group, Inc.	6,158		219,410
	Columbia Banking System, Inc.	1,612		72,024
	Comerica, Inc.	3,113		212,026
	Commerce Bancshares, Inc.	2,416		139,669
	Community Bank System, Inc.	1,228		75,878
	Cullen/Frost Bankers, Inc.	681		60,085
	CVB Financial Corp.	2,712		62,186
	Eagle Bancorp, Inc.*	460		28,037
	East West Bancorp, Inc.	3,444		175,059
	Fifth Third Bancorp	18,398		496,194
	First Citizens Bancshares, Inc.,        Class A	46		16,330
	First Financial Bankshares, Inc.	705		31,866
	First Horizon National Corp.	5,445		108,954
	First Midwest Bancorp, Inc.	1,735		43,774
	First Republic Bank	2,906		267,759
	FNB Corp.	4,017		64,393
	Fulton Financial Corp.	5,467		102,780
	Glacier Bancorp, Inc.	3,134		113,545
	Great Western Bancorp, Inc.	1,288		56,144
	Hancock Holding Co.	2,100		90,510
	Hilltop Holdings, Inc.	2,327		69,345
	Home Bancshares, Inc.	1,846		51,263
	Hope Bancorp, Inc.	2,893		63,328
	Huntington Bancshares, Inc.	17,050		225,401
	Iberiabank Corp.	891		74,621
	International Bancshares Corp.	1,350		55,080
	Investors Bancorp, Inc.	5,282		73,684
	JPMorgan Chase & Co.	79,768		6,883,181
	KeyCorp.	13,595		248,381
	LegacyTexas Financial Group, Inc.	399		17,181
	M&T Bank Corp.	1,384		216,499
	MB Financial, Inc.	1,600		75,568
	Old National Bancorp	2,800		50,820
	PacWest Bancorp	1,900		103,436
	People’s United Financial, Inc.	2,892		55,989
	Pinnacle Financial Partners, Inc.	641		44,421
	PNC Financial Services        Group, Inc. (The)	9,592		1,121,880
	Popular, Inc.	2,182		95,615
	Private Bancorp, Inc.	2,000		108,380
	Prosperity Bancshares, Inc.	1,226		88,002
	Regions Financial Corp.	15,317		219,952
	ServisFirst Bancshares, Inc.	434		16,249
	Signature Bank*	1,100		165,220
	Simmons First National Corp., Class A	600		37,290
	South State Corp.	799		69,833
	Sterling Bancorp	2,975		69,615
	SunTrust Banks, Inc.	10,671		585,304
	SVB Financial Group*	1,100		188,826
	Synovus Financial Corp.	3,279		134,701
	TCF Financial Corp.	4,700		92,073
	Texas Capital Bancshares, Inc.*	827		64,837
	Trustmark Corp.	1,900		67,735
	UMB Financial Corp.	900		69,408
	Umpqua Holdings Corp.	3,100		58,218
	United Bankshares, Inc.@	1,262		58,367
	United Community Banks, Inc.	396		11,730
	US Bancorp	34,532		1,773,909
	Valley National Bancorp	5,707		66,429
	Webster Financial Corp.	1,276		69,261
	Wells Fargo & Co.	99,974		5,509,567
	Westamerica Bancorp	500		31,465
	Western Alliance Bancorp*	2,242		109,208
	Wintrust Financial Corp.	1,100		79,827
	Zions Bancorp	3,209		138,115
				28,522,549
Commercial Services & Supplies — 0.6%
	ABM Industries, Inc.	1,200		49,008
	Brady Corp., Class A	1,200		45,060
	Brink’s Co. (The)	1,230		50,738
	Cintas Corp.	3,459		399,722
	Civeo Corp.*	3,200		7,040
	Clean Harbors, Inc.*	1,735		96,553
	Copart, Inc.*	4,171		231,115
	Covanta Holding Corp.@	3,570		55,692
	Deluxe Corp.	2,000		143,220
	Essendant, Inc.	900		18,810
	Healthcare Services Group, Inc.	2,053		80,416
	Herman Miller, Inc.	2,059		70,418
	HNI Corp.	1,066		59,611
	Interface, Inc.	1,200		22,260
	KAR Auction Services, Inc.	5,425		231,213
	LSC Communications, Inc.	1,074		31,876
	Mobile Mini, Inc.	1,083		32,761
	MSA Safety, Inc.	1,100		76,263
	Pitney Bowes, Inc.	9,123		138,578
	Republic Services, Inc.	7,222		412,015
	Rollins, Inc.	4,221		142,585
	RR Donnelley & Sons Co.	2,865		46,757
	Steelcase, Inc., Class A.	3,679		65,854
	Stericycle, Inc.*	1,894		145,914
	Tetra Tech, Inc.	1,092		47,120

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Commercial Services & Supplies (Continued)
	UniFirst Corp.	477	$	68,521
	Waste Management, Inc.	20,670		1,465,710
	West Corp.	700		17,332
				4,252,162
Communications Equipment — 0.9%
	ADTRAN, Inc.	1,300		29,055
	Arista Networks, Inc.*	864		83,609
	ARRIS International PLC*	4,019		121,092
	Brocade Communications        Systems, Inc.	11,672		145,783
	Ciena Corp.*	4,911		119,878
	Cisco Systems, Inc.	128,469		3,882,333
	CommScope Holding Co., Inc.*	6,010		223,572
	EchoStar Corp., Class A*	1,040		53,446
	F5 Networks, Inc.*	2,800		405,216
	Finisar Corp.*	2,900		87,783
	Harris Corp.	3,277		335,794
	InterDigital, Inc.	1,772		161,872
	Juniper Networks, Inc.	4,904		138,587
	Lumentum Holdings, Inc.*	1,020		39,423
	Motorola Solutions, Inc.	4,325		358,499
	NETGEAR, Inc.*	426		23,153
	NetScout Systems, Inc.*	2,150		67,725
	Palo Alto Networks, Inc.@*	756		94,538
	Plantronics, Inc.	1,300		71,188
	Ubiquiti Networks, Inc.*	932		53,870
	Viasat, Inc.*	1,131		74,895
	Viavi Solutions, Inc.*	5,100		41,718
				6,613,029
Computers & Peripherals — 4.6%
	3D Systems Corp.@*	1,421		18,885
	Apple, Inc.	245,388		28,420,838
	Electronics for Imaging, Inc.*	1,399		61,360
	Hewlett Packard Enterprise Co.	41,903		969,635
	HP, Inc.	56,387		836,783
	NCR Corp.*	4,927		199,839
	NetApp, Inc.	7,606		268,264
	Seagate Technology PLC	15,309		584,345
	Stratasys Ltd.@*	981		16,226
	Western Digital Corp.	5,725		389,014
				31,765,189
Construction & Engineering — 0.2%
	AECOM*	2,636		95,845
	Chicago Bridge & Iron Co. NV	2,347		74,517
	Dycom Industries, Inc.@*	1,788		143,559
	EMCOR Group, Inc.	1,700		120,292
	Fluor Corp.	3,842		201,782
	Granite Construction, Inc.	245		13,475
	Jacobs Engineering Group, Inc.*	1,095		62,415
	KBR, Inc.	2,987		49,853
	MasTec, Inc.*	2,200		84,150
	Primoris Services Corp.	1,000		22,780
	Quanta Services, Inc.*	3,524		122,811
	Valmont Industries, Inc.	432		60,869
				1,052,348
Construction Materials — 0.1%
	Eagle Materials, Inc.	1,471		144,938
	Martin Marietta Materials, Inc.	988		218,872
	Vulcan Materials Co.	2,484		310,872
				674,682
Consumer Finance — 0.9%
	Ally Financial, Inc.	14,704		279,670
	American Express Co.	32,806		2,430,269
	Capital One Financial Corp.	11,832		1,032,224
	Credit Acceptance Corp.*	284		61,773
	Discover Financial Services	13,305		959,157
	FirstCash, Inc.	1,400		65,800
	Navient Corp.	13,453		221,033
	Nelnet, Inc., Class A	156		7,917
	OneMain Holdings, Inc.@*	893		19,771
	PRA Group, Inc.*	1,500		58,650
	Santander Consumer        USA Holdings, Inc.*	3,992		53,892
	SLM Corp.*	15,724		173,278
	Synchrony Financial	26,610		965,145
				6,328,579
Containers & Packaging — 0.6%
	Aptargroup, Inc.	2,499		183,552
	Avery Dennison Corp.	4,556		319,922
	Ball Corp.	3,343		250,959
	Bemis Co., Inc.	3,733		178,512
	Berry Plastics Group, Inc.*	4,752		231,565
	Crown Holdings, Inc.*	6,068		318,995
	Graphic Packaging Holding Co.	13,226		165,061
	Greif, Inc., Class A	1,000		51,310
	International Paper Co.	14,819		786,296
	Owens-Illinois, Inc.*	6,988		121,661
	Packaging Corp. of America	4,365		370,239
	Sealed Air Corp.	9,671		438,483
	Silgan Holdings, Inc.	1,968		100,722
	Sonoco Products Co.	3,106		163,686
	WestRock Co.	3,180		161,449
				3,842,412
Distributors — 0.1%
	Core-Mark Holding Co., Inc.	724		31,182
	Genuine Parts Co.	5,605		535,502
	LKQ Corp.*	9,191		281,704
	Pool Corp.	1,885		196,681
				1,045,069
Diversified Consumer Services — 0.2%
	Apollo Education Group, Inc.*	4,463		44,184
	Bright Horizons Family        Solutions, Inc.*	1,729		121,064
	DeVry Education Group, Inc.@	1,600		49,920
	Graham Holdings Co., Class B	100		51,195
	Grand Canyon Education, Inc.*	2,002		117,017

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Diversified Consumer Services (Continued)
	H&R Block, Inc.	8,277	$	190,288
	Houghton Mifflin Harcourt Co.*	2,049		22,232
	Service Corp. International	9,025		256,310
	ServiceMaster Global Holdings, Inc.*	6,209		233,893
	Sotheby’s	1,900		75,734
				1,161,837
Diversified Financial Services — 1.2%
	Berkshire Hathaway, Inc., Class B*	51,921		8,462,085
	FNFV Group*	2,320		31,784
	Leucadia National Corp.	4,626		107,555
	Voya Financial, Inc.	1,793		70,321
				8,671,745
Diversified Telecommunication Services — 3.2%
	AT&T, Inc.	241,453		10,268,996
	CenturyLink, Inc.	19,042		452,819
	Cogent Communications Holdings, Inc.	1,228		50,778
	Frontier Communications Corp.@	18,754		63,388
	Level 3 Communications, Inc.*	6,484		365,438
	SBA Communications Corp., Class A*	3,900		402,714
	Verizon Communications, Inc.	201,557		10,759,113
	Windstream Holdings, Inc.@	4,665		34,194
				22,397,440
Electric Utilities — 1.7%
	Allete, Inc.	1,400		89,866
	Alliant Energy Corp.	5,892		223,248
	American Electric Power Co., Inc.	14,430		908,513
	Avangrid, Inc.	1,433		54,282
	Duke Energy Corp.	18,792		1,458,635
	Edison International	10,408		749,272
	El Paso Electric Co.	1,200		55,800
	Entergy Corp.	4,316		317,097
	Eversource Energy	8,109		447,860
	Exelon Corp.	29,315		1,040,389
	FirstEnergy Corp.	10,397		321,995
	Great Plains Energy, Inc.	4,084		111,697
	Hawaiian Electric Industries, Inc.	3,245		107,312
	IDACORP, Inc.	1,576		126,947
	MGE Energy, Inc.	573		37,417
	NextEra Energy, Inc.	14,718		1,758,212
	OGE Energy Corp.	5,840		195,348
	PG&E Corp.	13,322		809,578
	Pinnacle West Capital Corp.	3,190		248,916
	PNM Resources, Inc.	2,600		89,180
	Portland General Electric Co.	2,100		90,993
	PPL Corp.	19,020		647,631
	Southern Co. (The)	27,660		1,360,595
	Westar Energy, Inc.	4,860		273,861
	Xcel Energy, Inc.	15,130		615,791
				12,140,435
Electrical Equipment — 0.6%
	Acuity Brands, Inc.	1,379		318,356
	AMETEK, Inc.	7,303		354,926
	Babcock & Wilcox Enterprises, Inc.*	1,486		24,652
	Eaton Corp. PLC	9,300		623,937
	Emerson Electric Co.	26,180		1,459,535
	EnerSys	1,200		93,720
	Generac Holdings, Inc.*	2,200		89,628
	Hubbell, Inc.	1,994		232,700
	Regal Beloit Corp.	967		66,965
	Rockwell Automation, Inc.@	5,603		753,043
	Sensata Technologies Holding NV*	5,879		228,987
				4,246,449
Electronic Equipment, Instruments & Components — 0.7%
	Amphenol Corp., Class A	11,806		793,363
	Anixter International, Inc.*	800		64,840
	Arrow Electronics, Inc.*	2,885		205,700
	Avnet, Inc.	2,642		125,786
	Belden, Inc.	1,699		127,034
	CDW Corp.	6,754		351,816
	Cognex Corp.	1,853		117,888
	Coherent, Inc.*	580		79,683
	Corning, Inc.	13,249		321,553
	Daktronics, Inc.	100		1,070
	Dolby Laboratories, Inc., Class A	1,700		76,823
	Flex Ltd.*	21,283		305,837
	FLIR Systems, Inc.	3,073		111,212
	IPG Photonics Corp.*	763		75,316
	Itron, Inc.*	545		34,253
	Jabil Circuit, Inc.	5,400		127,818
	Keysight Technologies, Inc.*	5,963		218,067
	Knowles Corp.*	1,850		30,913
	Littelfuse, Inc.	380		57,673
	Methode Electronics, Inc.	400		16,540
	National Instruments Corp.	1,558		48,018
	OSI Systems, Inc.*	572		43,541
	Plexus Corp.*	900		48,636
	Sanmina Corp.*	900		32,985
	SYNNEX Corp.	735		88,950
	TE Connectivity Ltd.	11,810		818,197
	Tech Data Corp.*	1,300		110,084
	Trimble, Inc.*	5,941		179,121
	Universal Display Corp.@*	99		5,574
	VeriFone Systems, Inc.*	2,891		51,257
	Vishay Intertechnology, Inc.@	4,130		66,906
	Zebra Technologies Corp., Class A*	1,552		133,099
				4,869,553
Energy Equipment & Services — 0.6%
	Archrock, Inc.	1,688		22,282
	Atwood Oceanics, Inc.@	1,100		14,443
	Baker Hughes, Inc.	5,494		356,945
	Bristow Group, Inc.	1,083		22,180
	CARBO Ceramics, Inc.*	300		3,138
	Core Laboratories NV	1,811		217,392
	Diamond Offshore Drilling, Inc.	1,386		24,532
	Dril-Quip, Inc.@*	900		54,045
	Era Group, Inc.*	400		6,788
	Exterran Corp.*	844		20,172
	FMC Technologies, Inc.*	3,165		112,453
	Forum Energy Technologies, Inc.*	1,368		30,096
	Gulfmark Offshore, Inc., Class A@*	600		1,050

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Energy Equipment & Services (Continued)
	Halliburton Co.	9,916	$	536,356
	Helix Energy Solutions Group, Inc.*	2,643		23,311
	Helmerich & Payne, Inc.	952		73,685
	Hornbeck Offshore Services, Inc.*	900		6,498
	McDermott International, Inc.*	6,400		47,296
	Nabors Industries Ltd.	8,800		144,320
	National Oilwell Varco, Inc.	4,522		169,304
	Noble Corp. PLC@	5,783		34,235
	Oceaneering International, Inc.	2,700		76,167
	Oil States International, Inc.*	1,400		54,600
	Pacific Drilling SA@*	2		8
	Patterson-UTI Energy, Inc.@	4,300		115,756
	Rowan Cos. PLC, Class A@	2,805		52,986
	Schlumberger Ltd.	20,262		1,700,995
	SEACOR Holdings, Inc.*	500		35,640
	Superior Energy Services, Inc.	2,568		43,348
	Tidewater, Inc.	1,400		4,774
	Transocean Ltd.*	6,878		101,382
	U.S. Silica Holdings, Inc.	212		12,016
	Unit Corp.*	1,300		34,931
	Weatherford International PLC@*	7,321		36,532
				4,189,656
Food & Staples Retailing — 2.3%
	Andersons, Inc. (The)	486		21,724
	Casey’s General Stores, Inc.	1,701		202,215
	Costco Wholesale Corp.	17,536		2,807,689
	CVS Health Corp.	34,931		2,756,405
	Kroger Co. (The)	43,800		1,511,538
	PriceSmart, Inc.	600		50,100
	Rite Aid Corp.*	44,924		370,174
	Sprouts Farmers Market, Inc.*	4,416		83,551
	SUPERVALU, Inc.*	5,600		26,152
	Sysco Corp.	21,676		1,200,200
	United Natural Foods, Inc.*	1,400		66,808
	Wal-Mart Stores, Inc.	63,562		4,393,406
	Walgreens Boots Alliance, Inc.	23,392		1,935,922
	Weis Markets, Inc.	600		40,104
	Whole Foods Market, Inc.	11,307		347,803
				15,813,791
Food Products — 1.4%
	Archer-Daniels-Midland Co.	8,248		376,521
	B&G Foods, Inc.	2,370		103,806
	Blue Buffalo Pet Products, Inc.*	2,386		57,359
	Bunge Ltd.	3,123		225,606
	Cal-Maine Foods, Inc.@	1,089		48,107
	Campbell Soup Co.	8,657		523,489
	ConAgra Brands, Inc.	6,911		273,330
	Darling Ingredients, Inc.*	6,645		85,787
	Dean Foods Co.	4,792		104,370
	Flowers Foods, Inc.@	5,407		107,978
	Fresh Del Monte Produce, Inc.	1,100		66,693
	General Mills, Inc.	24,938		1,540,420
	Hain Celestial Group, Inc. (The)*	2,595		101,283
	Hershey Co. (The)	7,200		744,696
	Hormel Foods Corp.@	9,190		319,904
	Ingredion, Inc.	2,464		307,901
	J&J Snack Foods Corp.	457		60,977
	J.M. Smucker Co. (The)	2,349		300,813
	Kellogg Co.	11,146		821,572
	Kraft Heinz Co. (The)	8,932		779,942
	Lamb Weston Holdings, Inc.*	4,692		177,592
	Lancaster Colony Corp.	722		102,084
	McCormick & Co., Inc.	4,223		394,133
	Mead Johnson Nutrition Co.	6,182		437,438
	Mondelez International, Inc., Class A	14,408		638,707
	Pilgrim’s Pride Corp.@	1,700		32,283
	Pinnacle Foods, Inc.	3,213		171,735
	Post Holdings, Inc.*	1,507		121,148
	Sanderson Farms, Inc.@	839		79,067
	Snyders-Lance, Inc.@	1,354		51,912
	Tootsie Roll Industries, Inc.@	339		13,475
	TreeHouse Foods, Inc.@*	916		66,126
	Tyson Foods, Inc., Class A	8,281		510,772
	WhiteWave Foods Co., Class A*	5,574		309,914
				10,056,940
Gas Utilities — 0.2%
	Atmos Energy Corp.	3,300		244,695
	National Fuel Gas Co.@	1,600		90,624
	New Jersey Resources Corp.	2,300		81,650
	Northwest Natural Gas Co.	456		27,269
	ONE Gas, Inc.	1,600		102,336
	South Jersey Industries, Inc.	1,600		53,904
	Southwest Gas Corp.	1,343		102,901
	Spire, Inc.	963		62,161
	UGI Corp.	5,299		244,178
	WGL Holdings, Inc.	1,400		106,792
				1,116,510
Health Care Equipment & Supplies — 1.8%
	Abbott Laboratories	30,360		1,166,128
	ABIOMED, Inc.*	957		107,835
	Alere, Inc.*	2,200		85,734
	Align Technology, Inc.*	2,300		221,099
	Baxter International, Inc.	9,977		442,380
	Becton Dickinson & Co.	5,839		966,646
	Boston Scientific Corp.*	14,210		307,362
	Cantel Medical Corp.	1,074		84,578
	Cooper Companies, Inc. (The)	939		164,259
	CR Bard, Inc.	3,279		736,660
	Danaher Corp.	10,617		826,427
	Dentsply Sirona, Inc.	2,030		117,192
	DexCom, Inc.@*	883		52,715
	Edwards Lifesciences Corp.*	6,748		632,288
	Globus Medical, Inc., Class A@*	1,500		37,215
	Haemonetics Corp.*	1,000		40,200
	Halyard Health, Inc.*	1,856		68,635
	Hill-Rom Holdings, Inc.	1,280		71,859
	Hologic, Inc.*	6,826		273,859
	ICU Medical, Inc.*	98		14,440
	Idexx Laboratories, Inc.*	3,159		370,456
	Integra LifeSciences Holdings Corp.@*	584		50,101
	Intuitive Surgical, Inc.*	725		459,773
	LivaNova PLC*	1,115		50,142

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (Continued)
	Masimo Corp.*	1,500	$	101,100
	Medtronic PLC	18,950		1,349,809
	Neogen Corp.*	167		11,022
	NuVasive, Inc.*	1,369		92,216
	ResMed, Inc.@	4,096		254,157
	SeaSpine Holdings Corp.*	266		2,101
	St. Jude Medical, Inc.	10,312		826,919
	STERIS PLC	1,291		87,001
	Stryker Corp.	10,173		1,218,827
	Teleflex, Inc.	764		123,119
	Varian Medical Systems, Inc.*	3,205		287,745
	West Pharmaceutical Services, Inc.	1,773		150,404
	Wright Medical Group NV*	427		9,812
	Zimmer Biomet Holdings, Inc.	3,710		382,872
				12,245,087
Health Care Providers & Services — 2.7%
	Acadia Healthcare Co., Inc.@*	916		30,320
	Aetna, Inc.	10,865		1,347,369
	Air Methods Corp.@*	1,200		38,220
	AmerisourceBergen Corp.	6,392		499,790
	AMN Healthcare Services, Inc.*	1,300		49,985
	Anthem, Inc.	5,244		753,930
	Brookdale Senior Living, Inc.*	3,601		44,724
	Cardinal Health, Inc.	13,412		965,262
	Centene Corp.*	2,669		150,825
	Chemed Corp.@	690		110,683
	CIGNA Corp.	8,271		1,103,269
	Community Health Systems, Inc.*	4,567		25,530
	DaVita, Inc.*	5,848		375,442
	Diplomat Pharmacy, Inc.*	170		2,142
	Envision Healthcare Corp.@*	3,353		212,211
	Express Scripts Holding Co.*	23,331		1,604,939
	HCA Holdings, Inc.*	10,031		742,495
	HealthEquity, Inc.@*	400		16,208
	Healthsouth Corp.@	3,958		163,228
	Henry Schein, Inc.*	2,586		392,322
	Humana, Inc.	3,785		772,254
	Kindred Healthcare, Inc.	1,371		10,762
	Laboratory Corp. of America Holdings*	2,802		359,721
	LifePoint Health, Inc.*	1,533		87,074
	Magellan Health, Inc.*	708		53,277
	McKesson Corp.	9,082		1,275,567
	Mednax, Inc.*	2,600		173,316
	Molina Healthcare, Inc.@*	1,439		78,080
	Owens & Minor, Inc.	1,695		59,817
	Patterson Cos., Inc.@	2,215		90,881
	Premier, Inc., Class A*	455		13,814
	Quest Diagnostics, Inc.	4,438		407,852
	Quorum Health Corp.*	1,141		8,295
	Select Medical Holdings Corp.*	2,804		37,153
	Surgical Care Affiliates, Inc.*	822		38,034
	Team Health Holdings, Inc.*	3,194		138,779
	Tenet Healthcare Corp.*	4,329		64,242
	UnitedHealth Group, Inc.	34,842		5,576,114
	Universal Health Services, Inc., Class B	3,403		362,011
	VCA, Inc.*	2,228		152,952
	WellCare Health Plans, Inc.*	1,103		151,199
				18,540,088
Health Care Technology — 0.1%
	Allscripts Healthcare Solutions, Inc.*	5,500		56,155
	athenahealth, Inc.@*	948		99,701
	Cerner Corp.*	9,114		431,730
	HMS Holdings Corp.*	1,549		28,130
	Veeva Systems, Inc., Class A@*	1,900		77,330
				693,046
Hotels, Restaurants & Leisure — 2.2%
	Aramark	8,191		292,583
	Belmond Ltd., Class A*	1,547		20,653
	Bloomin’ Brands, Inc.	6,102		110,019
	Bob Evans Farms, Inc.	800		42,568
	Brinker International, Inc.@	1,448		71,720
	Buffalo Wild Wings, Inc.*	843		130,159
	Carnival Corp.	8,038		418,458
	Cheesecake Factory, Inc. (The)	1,877		112,395
	Chipotle Mexican Grill, Inc.@*	475		179,227
	Choice Hotels International, Inc.	1,000		56,050
	Churchill Downs, Inc.	115		17,302
	ClubCorp Holdings, Inc.	110		1,579
	Cracker Barrel Old Country Store, Inc.@	1,060		176,999
	Darden Restaurants, Inc.	3,965		288,335
	Dave & Buster’s Entertainment, Inc.*	1,491		83,943
	DineEquity, Inc.	590		45,430
	Domino’s Pizza, Inc.	1,789		284,880
	Dunkin’ Brands Group, Inc.	2,994		157,005
	Fiesta Restaurant Group, Inc.@*	484		14,447
	Hilton Worldwide Holdings, Inc.	16,346		444,611
	Hyatt Hotels Corp., Class A*	300		16,578
	ILG, Inc.	4,076		74,061
	International Game Technology PLC	1,437		36,672
	J Alexander’s Holdings, Inc.*	400		4,300
	Jack in the Box, Inc.	1,189		132,740
	La Quinta Holdings, Inc.*	615		8,739
	Las Vegas Sands Corp.	18,663		996,791
	Marriott International, Inc., Class A	6,996		578,429
	Marriott Vacations Worldwide Corp.	295		25,031
	McDonald’s Corp.	26,982		3,284,249
	MGM Resorts International*	9,774		281,785
	Norwegian Cruise Line Holdings Ltd.*	4,276		181,858
	Panera Bread Co., Class A@*	1,166		239,135
	Papa John’s International, Inc.	761		65,126
	Pinnacle Entertainment, Inc.@*	112		1,624
	Royal Caribbean Cruises Ltd.	3,273		268,517
	SeaWorld Entertainment, Inc.	2,000		37,860
	Six Flags Entertainment Corp.	2,952		177,002
	Sonic Corp.	1,700		45,067
	Starbucks Corp.	70,918		3,937,367
	Texas Roadhouse, Inc.	1,857		89,582
	Vail Resorts, Inc.	1,332		214,865
	Wendy’s Co. (The)@	7,777		105,145
	Wyndham Worldwide Corp.	4,979		380,246
	Wynn Resorts Ltd.	2,638		228,213

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (Continued)
	Yum China Holdings, Inc.*	10,694	$	279,327
	Yum! Brands, Inc.	12,717		805,368
				15,444,040
Household Durables — 0.4%
	CalAtlantic Group, Inc.@	1,929		65,605
	DR Horton, Inc.	6,639		181,444
	Garmin Ltd.@	2,389		115,843
	GoPro, Inc., Class A@*	1,515		13,196
	Harman International Industries, Inc.	2,025		225,099
	Helen of Troy Ltd.*	818		69,080
	KB Home@	922		14,577
	La-Z-Boy, Inc.	1,500		46,575
	Leggett & Platt, Inc.	4,900		239,512
	Lennar Corp., Class A	3,700		158,841
	Meritage Homes Corp.*	900		31,320
	Mohawk Industries, Inc.*	1,866		372,603
	Newell Brands, Inc.	4,648		207,533
	NVR, Inc.*	159		265,371
	PulteGroup, Inc.	7,850		144,283
	Taylor Morrison Home Corp.,        Class A*	469		9,033
	Tempur Sealy International, Inc.@*	2,741		187,155
	Toll Brothers, Inc.*	2,700		83,700
	TopBuild Corp.*	1,706		60,733
	TRI Pointe Group, Inc.*	854		9,804
	Tupperware Brands Corp.	2,245		118,132
	Whirlpool Corp.	2,639		479,691
				3,099,130
Household Products — 1.7%
	Church & Dwight Co., Inc.	10,788		476,722
	Clorox Co. (The)	5,655		678,713
	Colgate-Palmolive Co.	27,465		1,797,309
	Energizer Holdings, Inc.	1,802		80,387
	HRG Group, Inc.*	2,369		36,862
	Kimberly-Clark Corp.	15,072		1,720,017
	Procter & Gamble Co. (The)	79,992		6,725,727
	Spectrum Brands Holdings, Inc.@	817		99,944
	WD-40 Co.	251		29,342
				11,645,023
Independent Power Producers & Energy Traders — 0.1%
	AES Corp.	23,347		271,292
	Calpine Corp.*	10,515		120,187
	Dynegy, Inc.*	1,700		14,382
	NRG Energy, Inc.	5,265		64,549
	NRG Yield, Inc., Class A	475		7,296
	NRG Yield, Inc., Class C	475		7,505
	Ormat Technologies, Inc.	441		23,646
	Pattern Energy Group, Inc.	560		10,634
				519,491
Industrial Conglomerates — 1.7%
	3M Co.	29,721		5,307,279
	Carlisle Cos., Inc.	1,461		161,134
	General Electric Co.	83,254		2,630,826
	Honeywell International, Inc.	29,098		3,371,003
	Raven Industries, Inc.	939		23,663
	Roper Technologies, Inc.	2,000		366,160
				11,860,065
Insurance — 2.0%
	Aflac, Inc.	9,074		631,550
	Alleghany Corp.*	225		136,827
	Allied World Assurance Co.,        Holdings Ltd.	2,343		125,843
	Allstate Corp. (The)	8,601		637,506
	American Equity Investment        Life Holding Co.	3,500		78,890
	American Financial Group, Inc.	853		75,166
	American International Group, Inc.	16,007		1,045,417
	American National Insurance Co.	117		14,579
	Amtrust Financial Services, Inc.	2,204		60,346
	Aon PLC	10,845		1,209,543
	Arch Capital Group Ltd.*	1,734		149,627
	Arthur J. Gallagher & Co.	3,180		165,233
	Aspen Insurance Holdings Ltd.	1,050		57,750
	Assurant, Inc.	1,751		162,598
	Assured Guaranty Ltd.	3,800		143,526
	Axis Capital Holdings Ltd.	1,300		84,851
	Brown & Brown, Inc.	4,168		186,976
	Chubb Ltd.	4,047		534,690
	Cincinnati Financial Corp.	1,449		109,762
	CNO Financial Group, Inc.	5,300		101,495
	Endurance Specialty Holdings Ltd.	1,350		124,740
	Enstar Group Ltd.*	300		59,310
	Erie Indemnity Co., Class A	1,030		115,824
	Everest Re Group Ltd.	328		70,979
	First American Financial Corp.	3,390		124,176
	FNF Group	3,562		120,966
	Genworth Financial, Inc., Class A*	12,668		48,265
	Hanover Insurance Group, Inc. (The)	696		63,343
	Hartford Financial Services Group, Inc.	9,198		438,285
	Kemper Corp.	1,200		53,160
	Lincoln National Corp.	2,076		137,577
	Loews Corp.	2,022		94,690
	Markel Corp.*	100		90,450
	Marsh & McLennan Cos., Inc.	20,780		1,404,520
	MBIA, Inc.*	3,900		41,730
	Mercury General Corp.	800		48,168
	MetLife, Inc.	14,080		758,771
	National General Holdings Corp.	1,173		29,313
	Old Republic International Corp.	2,900		55,100
	Primerica, Inc.	1,400		96,810
	Principal Financial Group, Inc.	6,395		370,015
	ProAssurance Corp.	917		51,535
	Progressive Corp. (The)	12,327		437,608
	Prudential Financial, Inc.	6,803		707,920
	Reinsurance Group of America, Inc.	777		97,770
	RenaissanceRe Holdings Ltd.	816		111,156
	RLI Corp.	1,000		63,130
	Selective Insurance Group, Inc.	829		35,688
	Torchmark Corp.	2,328		171,713
	Travelers Companies, Inc. (The)	11,978		1,466,347
	Unum Group	3,955		173,743
	Validus Holdings Ltd.	1,760		96,818

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Insurance (Continued)
	White Mountains Insurance Group Ltd.	84	$	70,228
	Willis Towers Watson PLC	1,900		232,332
	WR Berkley Corp.	1,931		128,431
	XL Group Ltd.	3,282		122,287
				14,025,073
Internet & Catalog Retail — 2.7%
	Amazon.com, Inc.*	19,686		14,761,941
	Expedia, Inc.@	2,480		280,934
	HSN, Inc.	1,490		51,107
	Lands’ End, Inc.@*	357		5,409
	Liberty Expedia Holdings, Inc.,        Class A*	1,430		56,728
	Liberty Interactive Corp. QVC Group,        Class A*	9,939		198,581
	Liberty TripAdvisor Holdings, Inc.,        Class A*	2,162		32,538
	Liberty Ventures, Series A*	2,145		79,086
	Netflix, Inc.*	3,622		448,404
	Priceline Group, Inc. (The)*	2,025		2,968,771
	Shutterfly, Inc.*	562		28,201
	TripAdvisor, Inc.*	2,215		102,710
				19,014,410
Internet Software & Services — 2.9%
	Akamai Technologies, Inc.*	5,452		363,539
	Alphabet, Inc., Class A*	6,607		5,235,717
	Alphabet, Inc., Class C*	6,925		5,344,854
	Bankrate, Inc.*	1,027		11,348
	Cimpress NV*	1,180		108,100
	CommerceHub, Inc., Series A*	357		5,359
	CommerceHub, Inc., Series C*	715		10,746
	CoStar Group, Inc.*	421		79,354
	eBay, Inc.*	43,234		1,283,618
	Envestnet, Inc.@*	90		3,173
	Facebook, Inc., Class A*	58,613		6,743,426
	GrubHub, Inc.*	800		30,096
	IAC/InterActiveCorp	1,298		84,097
	j2 Global, Inc.@	1,413		115,583
	LogMeIn, Inc.	671		64,785
	NIC, Inc.	1,910		45,649
	Shutterstock, Inc.*	191		9,076
	Twitter, Inc.*	5,571		90,807
	VeriSign, Inc.@*	3,200		243,424
	Web.com Group, Inc.*	1,185		25,063
	WebMD Health Corp.*	1,031		51,107
	Yahoo!, Inc.*	6,519		252,090
	Zillow Group, Inc., Class A@*	436		15,892
	Zillow Group, Inc., Class C*	1,159		42,269
				20,259,172
IT Services — 4.9%
	Accenture PLC, Class A	30,549		3,578,204
	Acxiom Corp.*	2,292		61,426
	Alliance Data Systems Corp.@	2,927		668,819
	Amdocs Ltd.	2,698		157,158
	Automatic Data Processing, Inc.	18,744		1,926,508
	Blackhawk Network Holdings, Inc.@*	1,743		65,667
	Booz Allen Hamilton Holding Corp.	5,575		201,090
	Broadridge Financial Solutions, Inc.	5,758		381,755
	CACI International, Inc., Class A*	756		93,971
	Cardtronics PLC, Class A*	1,505		82,128
	Cognizant Technology Solutions Corp.,
	Class A*	19,308		1,081,827
	Computer Sciences Corp.	5,162		306,726
	Convergys Corp.	3,200		78,592
	CoreLogic, Inc.*	3,207		118,114
	CSRA, Inc.	7,110		226,382
	DST Systems, Inc.	1,060		113,579
	EPAM Systems, Inc.*	1,205		77,494
	Euronet Worldwide, Inc.*	1,400		101,402
	ExlService Holdings, Inc.*	546		27,540
	Fidelity National Information
	Services, Inc.	6,542		494,837
	Fiserv, Inc.*	9,400		999,032
	FleetCor Technologies, Inc.*	2,330		329,742
	Gartner, Inc., Class A*	2,845		287,544
	Genpact Ltd.*	4,492		109,335
	Global Payments, Inc.	3,167		219,821
	International Business
	Machines Corp.	44,625		7,407,304
	Jack Henry & Associates, Inc.	3,000		266,340
	Leidos Holdings, Inc.	5,049		258,206
	MasterCard, Inc., Class A	47,484		4,902,723
	MAXIMUS, Inc.	3,001		167,426
	NeuStar, Inc., Class A*	1,900		63,460
	Paychex, Inc.	14,712		895,667
	PayPal Holdings, Inc.*	19,870		784,269
	Sabre Corp.@	8,718		217,514
	Science Applications International Corp.	1,571		133,221
	Syntel, Inc.@	1,200		23,748
	Teradata Corp.*	3,627		98,546
	Total System Services, Inc.	5,258		257,800
	Travelport Worldwide Ltd.	4,076		57,472
	Unisys Corp.@*	917		13,709
	Vantiv, Inc., Class A*	6,385		380,674
	Visa, Inc., Class A	70,380		5,491,048
	Western Union Co. (The)@	23,670		514,112
	WEX, Inc.*	663		73,991
	Xerox Corp.	9,446		82,464
				33,878,387
Leisure Equipment & Products — 0.2%
	Brunswick Corp.	2,766		150,858
	Hasbro, Inc.	4,346		338,076
	Mattel, Inc.@	10,566		291,093
	Polaris Industries, Inc.	2,893		238,354
	Vista Outdoor, Inc.*	1,760		64,944
				1,083,325
Life Sciences Tools & Services — 0.5%
	Agilent Technologies, Inc.	7,050		321,198
	Bio-Rad Laboratories, Inc.,
	Class A@*	308		56,142
	Bio-Techne Corp.	612		62,932
	Bruker Corp.	2,422		51,298

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Life Sciences Tools & Services (Continued)
	Cambrex Corp.*	882	$	47,584
	Charles River Laboratories        International, Inc.*	1,850		140,951
	Illumina, Inc.*	4,674		598,459
	INC Research Holdings, Inc.,        Class A*	1,903		100,098
	Mettler-Toledo International, Inc.*	1,316		550,825
	Parexel International Corp.@*	2,045		134,397
	PerkinElmer, Inc.	2,130		111,080
	Thermo Fisher Scientific, Inc.	8,067		1,138,254
	VWR Corp.*	1,812		45,354
	Waters Corp.*	2,500		335,975
				3,694,547
Machinery — 2.0%
	Actuant Corp., Class A	1,508		39,133
	AGCO Corp.	2,007		116,125
	Allison Transmission Holdings, Inc.	6,306		212,449
	Barnes Group, Inc.	1,200		56,904
	Caterpillar, Inc.@	19,921		1,847,473
	Chart Industries, Inc.*	663		23,881
	CLARCOR, Inc.	1,500		123,705
	Colfax Corp.*	1,602		57,560
	Crane Co.	1,500		108,180
	Cummins, Inc.	5,162		705,491
	Deere & Co.@	11,270		1,161,261
	Donaldson Co., Inc.	5,304		223,192
	Dover Corp.	4,973		372,627
	EnPro Industries, Inc.	200		13,472
	Flowserve Corp.	3,614		173,653
	Fortive Corp.	6,738		361,359
	Franklin Electric Co., Inc.	1,200		46,680
	Graco, Inc.	2,723		226,254
	Greenbrier Cos., Inc. (The)	500		20,775
	Harsco Corp.	2,911		39,590
	Hillenbrand, Inc.	1,890		72,481
	Hyster-Yale Materials Handling, Inc.	300		19,131
	IDEX Corp.	2,500		225,150
	Illinois Tool Works, Inc.	15,547		1,903,886
	Ingersoll-Rand PLC	7,939		595,743
	ITT, Inc.	2,181		84,121
	John Bean Technologies Corp.	1,592		136,832
	Joy Global, Inc.	2,250		63,000
	Kennametal, Inc.	2,100		65,646
	Lincoln Electric Holdings, Inc.	1,491		114,315
	Manitowoc Co., Inc. (The)*	5,372		32,125
	Manitowoc Foodservice, Inc.*	5,372		103,841
	Middleby Corp.@*	1,500		193,215
	Mueller Industries, Inc.	1,390		55,544
	Mueller Water Products, Inc., Class A	5,028		66,923
	Nordson Corp.	2,147		240,571
	Oshkosh Corp.	2,000		129,220
	PACCAR, Inc.	12,002		766,928
	Parker Hannifin Corp.	4,653		651,420
	Pentair PLC	2,837		159,071
	Proto Labs, Inc.*	473		24,289
	RBC Bearings, Inc.*	421		39,073
	Rexnord Corp.*	3,100		60,729
	Snap-On, Inc.	1,800		308,286
	SPX Corp.*	700		16,604
	SPX FLOW, Inc.*	700		22,442
	Stanley Black & Decker, Inc.	4,505		516,678
	Terex Corp.	2,693		84,910
	Timken Co., (The)	1,644		65,267
	Toro Co. (The)	4,654		260,391
	Trimas Corp.*	1,468		34,498
	Trinity Industries, Inc.	4,800		133,248
	WABCO Holdings, Inc.*	2,200		233,530
	Wabtec Corp.@	3,000		249,060
	Watts Water Technologies, Inc., Class A	400		26,080
	Woodward, Inc.	1,750		120,837
	Xylem, Inc.	4,897		242,499
				14,047,348
Marine — 0.0%
	Kirby Corp.*	1,600		106,400
	Matson, Inc.	1,600		56,624
				163,024
Media — 3.5%
	AMC Networks, Inc., Class A*	2,046		107,088
	Cable One, Inc.	211		131,185
	CBS Corp., Class A	1,116		72,149
	CBS Corp., Class B	15,888		1,010,795
	Charter Communications, Inc.,        Class A*	2,913		838,711
	Cinemark Holdings, Inc.	4,417		169,436
	Clear Channel Outdoor Holdings, Inc.,        Class A	1,565		7,903
	Comcast Corp., Class A	98,097		6,773,598
	Cumulus Media, Inc., Class A*	276		282
	Discovery Communications, Inc.,        Class A*	5,911		162,021
	Discovery Communications, Inc.,        Class C*	10,813		289,572
	DISH Network Corp., Class A*	10,182		589,843
	Gannett Co., Inc.	3,120		30,295
	Interpublic Group of Cos., Inc. (The)	14,910		349,043
	John Wiley & Sons, Inc., Class A	1,300		70,850
	Liberty Braves Group, Class A*	126		2,582
	Liberty Braves Group, Class C*	117		2,409
	Liberty Broadband Corp., Class A*	315		22,825
	Liberty Broadband Corp., Class C*	1,048		77,625
	Liberty Media Group, Class A@*	315		9,875
	Liberty Media Group, Class C@*	294		9,211
	Liberty SiriusXM Group, Class A*	1,263		43,599
	Liberty SiriusXM Group, Class C*	1,178		39,958
	Lions Gate Entertainment Corp.,        Class A@	632		17,001
	Lions Gate Entertainment Corp.,        Class B@*	3,112		76,368
	Live Nation Entertainment, Inc.*	5,674		150,928
	Madison Square Garden Co.        (The), Class A*	447		76,665
	Meredith Corp.	900		53,235
	MSG Networks, Inc., Class A*	1,643		35,324

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Media (Continued)
	New York Times Co. (The), Class A	701	$	9,323
	News Corp., Class A	6,361		72,897
	News Corp., Class B	1,525		17,995
	Nexstar Broadcasting Group, Inc.,        Class A@	900		56,970
	Omnicom Group, Inc.	11,518		980,297
	Regal Entertainment Group, Class A	2,586		53,272
	Scripps Networks Interactive, Inc.,        Class A@	3,567		254,577
	Sinclair Broadcast Group, Inc.,        Class A@	2,200		73,370
	Sirius XM Holdings, Inc.@	59,371		264,201
	TEGNA, Inc.	6,935		148,340
	Time Warner, Inc.	24,747		2,388,828
	Time, Inc.	2,965		52,925
	Twenty-First Century Fox, Inc.,        Class B	17,373		473,414
	Twenty-First Century Fox, Inc.,        Class A	43,545		1,221,002
	Viacom, Inc., Class A@	294		11,319
	Viacom, Inc., Class B	14,432		506,563
	Walt Disney Co. (The)	62,435		6,506,976
				24,312,645
Metals & Mining — 0.3%
	AK Steel Holding Corp.*	4,103		41,892
	Alcoa Corp.	1,645		46,192
	Allegheny Technologies, Inc.@	3,100		49,383
	Carpenter Technology Corp.	1,500		54,255
	Commercial Metals Co.	3,500		76,230
	Compass Minerals International, Inc.@	1,484		116,271
	Freeport-McMoRan, Inc.*	38,835		512,234
	Hecla Mining Co.	7,576		39,698
	Newmont Mining Corp.	12,386		421,991
	Nucor Corp.	6,200		369,024
	Reliance Steel & Aluminum Co.	1,390		110,561
	Royal Gold, Inc.	1,700		107,695
	Southern Copper Corp.	2,789		89,081
	Steel Dynamics, Inc.	3,895		138,584
	Stillwater Mining Co.*	1,623		26,146
	SunCoke Energy, Inc.*	1,575		17,860
	TimkenSteel Corp.@*	1,300		20,124
	United States Steel Corp.	2,823		93,187
	Worthington Industries, Inc.	1,249		59,253
				2,389,661
Multi-Utilities — 0.9%
	Ameren Corp.	6,985		366,433
	Avista Corp.	1,575		62,984
	Black Hills Corp.@	1,500		92,010
	Centerpoint Energy, Inc.	11,464		282,473
	CMS Energy Corp.	9,645		401,425
	Consolidated Edison, Inc.	8,292		610,955
	Dominion Resources, Inc.	19,684		1,507,598
	DTE Energy Co.	4,500		443,295
	MDU Resources Group, Inc.	5,125		147,446
	NiSource, Inc.	9,152		202,625
	NorthWestern Corp.	1,200		68,244
	Public Service Enterprise Group, Inc.	15,286		670,750
	SCANA Corp.	3,636		266,446
	Sempra Energy	6,382		642,284
	Vectren Corp.	2,300		119,945
	WEC Energy Group, Inc.	9,138		535,944
				6,420,857
Multiline Retail — 0.7%
	Big Lots, Inc.@	1,950		97,910
	Dillard’s, Inc., Class A	915		57,361
	Dollar General Corp.	11,236		832,251
	Dollar Tree, Inc.*	8,858		683,660
	J.C. Penney Co., Inc.@*	4,700		39,057
	Kohl’s Corp.@	8,612		425,261
	Macy’s, Inc.	15,108		541,017
	Nordstrom, Inc.	6,801		325,972
	Target Corp.	26,602		1,921,462
				4,923,951
Oil, Gas & Consumable Fuels — 3.3%
	Anadarko Petroleum Corp.	7,595		529,599
	Antero Resources Corp.*	1,854		43,847
	Apache Corp.	3,851		244,423
	Cabot Oil & Gas Corp.	3,890		90,870
	Cheniere Energy, Inc.@*	6,794		281,475
	Chesapeake Energy Corp.*	21,432		150,453
	Chevron Corp.	25,011		2,943,795
	Cimarex Energy Co.	1,115		151,528
	Cobalt International Energy, Inc.@*	7,771		9,481
	Concho Resources, Inc.*	1,671		221,575
	ConocoPhillips	13,582		681,001
	CONSOL Energy, Inc.	6,400		116,672
	Continental Resources, Inc.*	1,746		89,989
	CVR Energy, Inc.@	600		15,234
	Delek US Holdings, Inc.	1,900		45,733
	Denbury Resources, Inc.*	5,421		19,949
	Devon Energy Corp.	6,226		284,341
	Diamondback Energy, Inc.*	605		61,141
	Energen Corp.	2,396		138,177
	EnLink Midstream LLC	1,100		20,955
	EOG Resources, Inc.	12,435		1,257,178
	EQT Corp.	3,262		213,335
	Exxon Mobil Corp.	75,147		6,782,768
	GasLog Ltd.	343		5,522
	Green Plains, Inc.	300		8,355
	Gulfport Energy Corp.*	3,029		65,548
	Hess Corp.	2,999		186,808
	HollyFrontier Corp.	2,161		70,794
	Kinder Morgan, Inc.	31,532		653,028
	Kosmos Energy Ltd.@*	3,400		23,834
	Laredo Petroleum, Inc.*	2,562		36,227
	Marathon Oil Corp.	9,800		169,638
	Marathon Petroleum Corp.	17,081		860,028
	Murphy Oil Corp.@	2,327		72,440
	Newfield Exploration Co.*	2,082		84,321
	Noble Energy, Inc.	3,720		141,583

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (Continued)
	Oasis Petroleum, Inc.*	3,512	$	53,172
	Occidental Petroleum Corp.	6,200		441,626
	ONEOK, Inc.	9,360		537,358
	Parsley Energy, Inc., Class A*	3,133		110,407
	PBF Energy, Inc., Class A	2,220		61,894
	PDC Energy, Inc.*	1,026		74,467
	Phillips 66	6,896		595,883
	Pioneer Natural Resources Co.	2,254		405,878
	QEP Resources, Inc.	4,300		79,163
	Range Resources Corp.	2,234		76,760
	Rice Energy, Inc.*	2,602		55,553
	RSP Permian, Inc.*	1,319		58,854
	Scorpio Tankers, Inc.	5,186		23,493
	SemGroup Corp., Class A	841		35,112
	SM Energy Co.	2,100		72,408
	Southwestern Energy Co.*	14,665		158,675
	Spectra Energy Corp.	17,531		720,349
	Synergy Resources Corp.@*	1,700		15,147
	Targa Resources Corp.	3,319		186,096
	Teekay Corp.@	2,035		16,341
	Tesoro Corp.	4,856		424,657
	Valero Energy Corp.	15,563		1,063,264
	Western Refining, Inc.	3,200		121,120
	Whiting Petroleum Corp.*	5,395		64,848
	Williams Companies, Inc. (The)	21,318		663,843
	World Fuel Services Corp.	1,600		73,456
	WPX Energy, Inc.*	6,133		89,358
				23,050,827
Paper & Forest Products — 0.0%
	Domtar Corp.	2,000		78,060
	KapStone Paper & Packaging Corp.	2,832		62,446
	Louisiana-Pacific Corp.*	3,743		70,855
	Resolute Forest Products, Inc.*	1,425		7,624
	Schweitzer-Mauduit International, Inc.	933		42,479
				261,464
Personal Products — 0.2%
	Avon Products, Inc.*	14,900		75,096
	Edgewell Personal Care Co.*	1,061		77,442
	Estee Lauder Companies, Inc.        (The), Class A	9,234		706,309
	Herbalife Ltd.@*	2,291		110,289
	Nu Skin Enterprises, Inc., Class A	1,688		80,653
	Revlon, Inc., Class A*	344		10,027
				1,059,816
Pharmaceuticals — 4.2%
	Akorn, Inc.*	3,779		82,495
	Allergan PLC*	5,595		1,175,006
	Bristol-Myers Squibb Co.	31,714		1,853,366
	Catalent, Inc.*	3,906		105,306
	Eli Lilly & Co.	30,615		2,251,733
	Endo International PLC*	2,551		42,015
	Horizon Pharma PLC*	2,542		41,129
	Impax Laboratories, Inc.*	1,887		25,003
	Jazz Pharmaceuticals PLC*	1,878		204,758
	Johnson & Johnson	90,418		10,417,058
	Lannett Co., Inc.@*	997		21,984
	Mallinckrodt PLC*	2,574		128,237
	Merck & Co., Inc.	90,641		5,336,036
	Mylan NV*	7,971		304,094
	Perrigo Co. PLC	1,701		141,574
	Pfizer, Inc.	183,764		5,968,655
	Prestige Brands Holdings, Inc.*	1,608		83,777
	Taro Pharmaceutical Industries        Ltd.@*	475		50,003
	Zoetis, Inc.	22,643		1,212,080
				29,444,309
Professional Services — 0.3%
	Advisory Board Co. (The)*	800		26,600
	CEB, Inc.	1,546		93,688
	Dun & Bradstreet Corp.	1,200		145,584
	Equifax, Inc.	4,110		485,925
	FTI Consulting, Inc.*	1,200		54,096
	Huron Consulting Group, Inc.*	334		16,917
	Insperity, Inc.	171		12,133
	Korn/Ferry International	800		23,544
	Manpowergroup, Inc.	2,190		194,625
	Nielsen Holdings PLC	10,130		424,954
	On Assignment, Inc.*	1,277		56,392
	Robert Half International, Inc.	6,151		300,046
	TriNet Group, Inc.*	165		4,227
	Verisk Analytics, Inc., Class A*	6,676		541,891
				2,380,622
Real Estate Management & Development — 0.1%
	Alexander & Baldwin, Inc.	1,272		57,075
	Altisource Asset Management        Corp.@*	40		2,140
	Altisource Portfolio Solutions SA@*	400		10,636
	CBRE Group, Inc., Class A*	10,202		321,261
	HFF, Inc., Class A	799		24,170
	Howard Hughes Corp. (The)*	589		67,205
	Jones Lang LaSalle, Inc.	1,300		131,352
	Kennedy-Wilson Holdings, Inc.	1,369		28,064
	Realogy Holdings Corp.	5,446		140,125
				782,028
Road & Rail — 1.0%
	AMERCO	336		124,182
	Avis Budget Group, Inc.*	4,512		165,500
	CSX Corp.	25,213		905,903
	Genesee & Wyoming, Inc., Class A*	1,018		70,659
	Heartland Express, Inc.@	1,283		26,122
	Hertz Global Holdings, Inc.*	3,948		85,119
	JB Hunt Transport Services, Inc.	4,393		426,429
	Kansas City Southern	2,591		219,846
	Knight Transportation, Inc.@	1,500		49,575
	Landstar System, Inc.	1,847		157,549
	Norfolk Southern Corp.	9,212		995,541
	Old Dominion Freight Line, Inc.*	2,371		203,408
	Ryder System, Inc.	2,122		157,962
	Swift Transportation Co.@*	3,554		86,576
	Union Pacific Corp.	30,668		3,179,658

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Road & Rail (Continued)
	Werner Enterprises, Inc.	1,200	$	32,340
				6,886,369
Semiconductors & Semiconductor Equipment — 3.1%
	Advanced Energy Industries, Inc.*	1,099		60,170
	Advanced Micro Devices, Inc.@*	21,408		242,767
	Amkor Technology, Inc.*	246		2,595
	Analog Devices, Inc.	6,496		471,740
	Applied Materials, Inc.	34,230		1,104,602
	Broadcom Ltd.	5,197		918,674
	Cavium, Inc.@*	870		54,323
	Cirrus Logic, Inc.*	1,900		107,426
	Cree, Inc.*	3,245		85,636
	Cypress Semiconductor Corp.@	4,692		53,676
	Entegris, Inc.*	4,137		74,052
	First Solar, Inc.@*	1,200		38,508
	Integrated Device Technology, Inc.*	3,400		80,104
	Intel Corp.	155,933		5,655,690
	Intersil Corp., Class A	2,035		45,381
	Kla-Tencor Corp.	6,527		513,544
	Lam Research Corp.	3,562		376,610
	Linear Technology Corp.	9,378		584,718
	Marvell Technology Group Ltd.	4,536		62,914
	Maxim Integrated Products, Inc.	6,609		254,909
	Microchip Technology, Inc.@	4,417		283,351
	Micron Technology, Inc.*	37,552		823,140
	Microsemi Corp.@*	1,846		99,629
	MKS Instruments, Inc.	1,183		70,270
	Monolithic Power Systems, Inc.	706		57,843
	NVIDIA Corp.@	15,382		1,641,875
	ON Semiconductor Corp.*	13,130		167,539
	Power Integrations, Inc.	73		4,953
	Qorvo, Inc.@*	1,548		81,626
	QUALCOMM, Inc.	45,357		2,957,276
	Rambus, Inc.*	825		11,360
	Semtech Corp.*	600		18,930
	Silicon Laboratories, Inc.*	600		39,000
	Skyworks Solutions, Inc.	7,317		546,287
	Synaptics, Inc.@*	1,074		57,545
	Teradyne, Inc.	2,878		73,101
	Tessera Holding Corp.	1,797		79,427
	Texas Instruments, Inc.	41,523		3,029,933
	Veeco Instruments, Inc.*	312		9,095
	Versum Materials, Inc.*	3,951		110,905
	Xilinx, Inc.	7,467		450,783
				21,401,907
Software — 4.5%
	ACI Worldwide, Inc.*	4,317		78,354
	Activision Blizzard, Inc.	12,581		454,300
	Adobe Systems, Inc.*	9,085		935,301
	ANSYS, Inc.*	1,467		135,683
	Aspen Technology, Inc.@*	3,299		180,389
	Autodesk, Inc.*	2,729		201,973
	Blackbaud, Inc.	1,688		108,032
	CA, Inc.	9,776		310,584
	Cadence Design Systems, Inc.*	10,300		259,766
	CDK Global, Inc.	4,892		292,003
	Citrix Systems, Inc.*	5,243		468,252
	Covisint Corp.*	785		1,492
	Dell Technologies, Inc., Class V*	6,122		336,526
	Electronic Arts, Inc.*	9,752		768,068
	Ellie Mae, Inc.@*	328		27,447
	Fair Isaac Corp.	1,150		137,103
	FireEye, Inc.*	1,314		15,637
	Fortinet, Inc.*	2,008		60,481
	Guidewire Software, Inc.*	839		41,388
	Intuit, Inc.	11,110		1,273,317
	Manhattan Associates, Inc.*	3,523		186,825
	Microsoft Corp.	305,137		18,961,213
	MicroStrategy, Inc., Class A*	297		58,628
	Nuance Communications, Inc.*	4,400		65,560
	Oracle Corp.	101,025		3,884,411
	Paycom Software, Inc.@*	932		42,397
	Pegasystems, Inc.	704		25,344
	Proofpoint, Inc.@*	578		40,836
	PTC, Inc.*	1,100		50,897
	Red Hat, Inc.*	5,521		384,814
	Salesforce.com, Inc.*	5,134		351,474
	ServiceNow, Inc.*	1,383		102,812
	Splunk, Inc.@*	1,116		57,083
	SS&C Technologies Holdings, Inc.@	3,681		105,277
	Symantec Corp.	12,225		292,055
	Synchronoss Technologies, Inc.*	800		30,640
	Synopsys, Inc.*	2,768		162,924
	Tableau Software, Inc., Class A*	700		29,505
	Take-Two Interactive Software, Inc.*	2,296		113,170
	TiVo Corp.*	1,378		28,800
	Tyler Technologies, Inc.@*	739		105,507
	Ultimate Software Group, Inc.*	550		100,292
	Verint Systems, Inc.*	1,038		36,589
	VMware, Inc., Class A@*	1,425		112,190
	Workday, Inc., Class A@*	873		57,697
	Zynga, Inc., Class A*	18,104		46,527
				31,519,563
Specialty Retail — 3.5%
	Aaron’s, Inc.	2,250		71,977
	Abercrombie & Fitch Co., Class A	2,500		30,000
	Advance Auto Parts, Inc.	2,947		498,397
	American Eagle Outfitters, Inc.@	7,250		109,982
	Asbury Automotive Group, Inc.*	1,176		72,559
	Ascena Retail Group, Inc.*	5,534		34,255
	AutoNation, Inc.*	3,240		157,626
	AutoZone, Inc.@*	960		758,198
	Bed Bath & Beyond, Inc.@	7,503		304,922
	Best Buy Co., Inc.	10,525		449,102
	Buckle, Inc. (The)	900		20,520
	Burlington Stores, Inc.*	3,757		318,406
	Cabela’s, Inc.*	1,580		92,509
	Carmax, Inc.@*	6,946		447,253
	Chico’s FAS, Inc.	2,500		35,975
	Children’s Place, Inc. (The)	506		51,081
	Conn’s, Inc.*	600		7,590

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Specialty Retail (Continued)
	CST Brands, Inc.	3,093	$	148,928
	Dick’s Sporting Goods, Inc.	4,100		217,710
	DSW, Inc., Class A	2,490		56,398
	Express, Inc.*	2,600		27,976
	Five Below, Inc.@*	2,400		95,904
	Foot Locker, Inc.	5,009		355,088
	GameStop Corp., Class A	3,588		90,633
	Gap, Inc. (The)	11,172		250,700
	Genesco, Inc.*	700		43,470
	GNC Holdings, Inc., Class A@	3,256		35,946
	Group 1 Automotive, Inc.	680		52,999
	Guess?, Inc.	1,900		22,990
	Hibbett Sports, Inc.*	557		20,776
	Home Depot, Inc. (The)	60,729		8,142,544
	L Brands, Inc.	7,995		526,391
	Lithia Motors, Inc., Class A@	900		87,147
	Lowe’s Cos., Inc.	43,365		3,084,119
	Lumber Liquidators Holdings, Inc.@*	853		13,426
	Michaels Companies, Inc. (The)*	1,873		38,303
	Monro Muffler Brake, Inc.	783		44,788
	Murphy USA, Inc.*	2,086		128,226
	O’Reilly Automotive, Inc.*	4,697		1,307,692
	Office Depot, Inc.	14,200		64,184
	Penske Auto Group, Inc.	1,318		68,325
	Pier 1 Imports, Inc.	3,200		27,328
	Rent-A-Center, Inc.@	1,700		19,125
	RH*	1,047		32,143
	Ross Stores, Inc.	18,898		1,239,709
	Sally Beauty Holdings, Inc.*	5,102		134,795
	Select Comfort Corp.*	1,700		38,454
	Signet Jewelers Ltd.@	2,400		226,224
	Staples, Inc.	5,510		49,866
	Tiffany & Co.@	4,018		311,114
	TJX Cos., Inc.	31,596		2,373,807
	Tractor Supply Co.	6,137		465,246
	Ulta Salon Cosmetics &        Fragrance, Inc.*	2,100		535,374
	Urban Outfitters, Inc.@*	3,400		96,832
	Vitamin Shoppe, Inc.*	676		16,055
	Williams-Sonoma, Inc.@	4,000		193,560
				24,144,647
Textiles, Apparel & Luxury Goods — 0.8%
	Carter’s, Inc.	2,255		194,809
	Coach, Inc.	7,810		273,506
	Columbia Sportswear Co.	858		50,021
	Deckers Outdoor Corp.*	977		54,116
	Fossil Group, Inc.*	2,139		55,315
	G-III Apparel Group Ltd.@*	1,271		37,571
	Hanesbrands, Inc.	17,125		369,386
	Iconix Brand Group, Inc.*	1,972		18,418
	Kate Spade & Co.*	3,274		61,126
	Lululemon Athletica, Inc.*	3,400		220,966
	Michael Kors Holdings Ltd.*	8,573		368,468
	NIKE, Inc., Class B	54,656		2,778,165
	PVH Corp.	1,250		112,800
	Ralph Lauren Corp.	1,100		99,352
	Skechers U.S.A., Inc., Class A*	3,300		81,114
	Steven Madden Ltd.*	1,944		69,498
	Under Armour, Inc., Class A@*	5,400		156,870
	Under Armour, Inc., Class C*	5,438		136,874
	VF Corp.	11,695		623,928
	Wolverine World Wide, Inc.	3,200		70,240
				5,832,543
Thrifts & Mortgage Finance — 0.1%
	Astoria Financial Corp.	741		13,820
	BofI Holding, Inc.@*	2,800		79,940
	Capitol Federal Financial, Inc.	4,009		65,988
	EverBank Financial Corp.	41		797
	New York Community Bancorp, Inc.	5,639		89,716
	Northwest Bancshares, Inc.	1,400		25,242
	Ocwen Financial Corp.*	3,425		18,461
	PHH Corp.*	405		6,140
	Provident Financial Services, Inc.	800		22,640
	TFS Financial Corp.	1,093		20,811
	Washington Federal, Inc.	2,947		101,229
				444,784
Tobacco — 1.7%
	Altria Group, Inc.	96,309		6,512,415
	Philip Morris International, Inc.	50,318		4,603,594
	Reynolds American, Inc.	8,789		492,535
	Vector Group Ltd.@	1,675		38,089
				11,646,633
Trading Companies & Distributors — 0.4%
	Air Lease Corp.	3,438		118,027
	Applied Industrial Technologies, Inc.	1,164		69,142
	Beacon Roofing Supply, Inc.*	1,400		64,498
	DXP Enterprises, Inc.*	295		10,248
	Fastenal Co.	11,794		554,082
	GATX Corp.@	1,100		67,738
	HD Supply Holdings, Inc.*	5,845		248,471
	Herc Holdings, Inc.*	1,316		52,851
	MRC Global, Inc.*	3,000		60,780
	MSC Industrial Direct Co., Class A	1,509		139,417
	NOW, Inc.*	2,249		46,037
	Textainer Group Holdings Ltd.	52		387
	Triton International Ltd.	773		12,213
	United Rentals, Inc.*	4,687		494,853
	Veritiv Corp.*	226		12,147
	Watsco, Inc.	800		118,496
	WESCO International, Inc.*	1,300		86,515
	WW Grainger, Inc.	2,476		575,051
				2,730,953
Transportation Infrastructure — 0.0%
	Macquarie Infrastructure Corp.	1,285		104,984
Water Utilities — 0.1%
	American States Water Co.	180		8,201
	American Water Works Co., Inc.	4,991		361,149
	Aqua America, Inc.	3,709		111,418
	California Water Service Group	788		26,713
				507,481

See notes to financial statements

SA U.S. Core Market Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Wireless Telecommunication Services — 0.2%
	Shenandoah Telecommunications Co.	510	$	13,923
	Sprint Corp.@*	15,015		126,426
	T-Mobile US, Inc.@*	14,245		819,230
	Telephone & Data Systems, Inc.	2,613		75,438
	United States Cellular Corp.*	400		17,488
				1,052,505
	TOTAL COMMON STOCKS        (Identified Cost $359,590,833)			664,589,218
RIGHTS AND WARRANTS — 0.0%
Biotechnology — 0.0%
	Dyax Corp. CVR ~¶§*	1,858		2,062
Consumer Discretionary — 0.0%
	Safeway Casa Ley CVR ~¶§*	10,610		10,768
	Safeway PDC, LLC CVR ~¶§*	10,610		518
				11,286
Health Care Providers & Services — 0.0%
	Health Systems, Inc., CVR*	7,172		32
	TOTAL RIGHTS AND WARRANTS        (Identified Cost $13,814)			13,380
MUTUAL FUNDS — 4.2%
Other — 4.2%
	DFA U.S. Micro Cap Portfolio	1,412,127		29,499,340
	TOTAL MUTUAL FUNDS        (Identified Cost $17,923,603)			29,499,340
SHORT-TERM INVESTMENTS — 0.8%
Investment Company — 0.3%
	State Street Institutional U.S.        Government Money Market        Fund, 0.170%	2,191,027		2,191,027
Collateral For Securities On Loan — 0.5%
	State Street Navigator Securities Lending        Government Money Market Portfolio	3,299,309		3,299,309
	TOTAL SHORT-TERM INVESTMENTS        (Identified Cost $5,490,336)			5,490,336
Total Investments — 100.4%
	(Identified Cost $383,018,586)#			699,592,274
	Liabilities, Less Cash and        Other Assets — (0.4%)			(2,497,558	)
Net Assets — 100.0%			$	697,094,716

†	See Note 1
*	Non-income producing security
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $22,860,086.
~	Bankrupt/delisted security
¶	Contingent value rights based on future performance.
§	Fair valued security. Fair values are determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $383,018,586. Net unrealized appreciation aggregated $316,573,688 of which $323,259,174 related to appreciated investment securities and $6,685,486 related to depreciated investment securities.

Key to abbreviations:
CVR — Contingent Value Rights

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 99.6%
Aerospace & Defense — 1.7%
	AAR Corp.	10,684	$	353,106
	Aerojet Rocketdyne Holdings, Inc.*	17,568		315,346
	Aerovironment, Inc.*	7,907		212,145
	Astronics Corp.*@	4,849		164,090
	Astronics Corp., Class B*@	598		20,153
	BWX Technologies, Inc.	11,997		476,281
	CPI Aerostructures, Inc.*	1,342		12,413
	Cubic Corp.	6,500		311,675
	Curtiss-Wright Corp.	6,457		635,110
	DigitalGlobe, Inc.*	18,452		528,650
	Ducommun, Inc.*	3,610		92,272
	Engility Holdings, Inc.*	5,031		169,545
	Esterline Technologies Corp.*	7,884		703,253
	HEICO Corp., Class A	3,050		207,095
	Innovative Solutions & Support, Inc.*	3,248		10,816
	KEYW Holding Corp. (The)*	2,370		27,942
	KLX, Inc.*	9,583		432,289
	Kratos Defense &        Security Solutions, Inc.*	17,754		131,380
	LMI Aerospace, Inc.*	2,400		20,688
	Mercury Systems, Inc.*	8,267		249,829
	Moog, Inc., Class A*	8,996		590,857
	National Presto Industries, Inc.	918		97,675
	SIFCO Industries, Inc.*	1,187		9,081
	Sparton Corp.*	1,324		31,577
	Taser International, Inc.*@	13,491		327,022
	Teledyne Technologies, Inc.*	517		63,591
	Triumph Group, Inc.	9,084		240,726
	Vectrus, Inc.*	2,243		53,495
	Wesco Aircraft Holdings, Inc.*	23,396		349,770
				6,837,872
Air Freight & Logistics — 0.4%
	Air Transport Services Group, Inc.*	15,898		253,732
	Atlas Air Worldwide Holdings, Inc.*	6,303		328,701
	Echo Global Logistics, Inc.*	6,700		167,835
	Forward Air Corp.	6,951		329,338
	HUB Group, Inc., Class A*	11,481		502,294
	Park-Ohio Holdings Corp.	3,551		151,273
	Radiant Logistics, Inc.*	5,730		22,347
				1,755,520
Airlines — 0.7%
	Allegiant Travel Co.	4,532		754,125
	ATA Holdings Corp.*~§	600		—
	Copa Holdings SA, Class A	3,630		329,713
	Hawaiian Holdings, Inc.*	12,656		721,392
	Skywest, Inc.	12,976		472,975
	Spirit Airlines, Inc.*@	8,902		515,070
				2,793,275
Auto Components — 1.7%
	American Axle & Manufacturing        Holdings, Inc.*	23,588		455,248
	Cooper Tire & Rubber Co.	15,551		604,156
	Cooper-Standard Holding, Inc.*	2,464		254,728
	Dana, Inc.	32,214		611,422
	Dorman Products, Inc.*@	8,380		612,243
	Federal-Mogul Holdings Corp.*	13,611		140,330
	Fox Factory Holding Corp.*	6,593		182,956
	Gentherm, Inc.*	9,644		326,449
	Horizon Global Corp.*	7,663		183,912
	LCI Industries	5,572		600,383
	Modine Manufacturing Co.*	11,514		171,559
	Motorcar Parts of America, Inc.*	4,392		118,233
	Shiloh Industries, Inc.*	3,600		24,876
	Spartan Motors, Inc.	10,808		99,974
	Standard Motor Products, Inc.	8,131		432,732
	Stoneridge, Inc.*	13,800		244,122
	Strattec Security Corp.	700		28,210
	Superior Industries International, Inc.	6,600		173,910
	Sypris Solutions, Inc.*	4,000		3,520
	Tenneco, Inc.*	14,371		897,756
	Tower International, Inc.	6,346		179,909
	Visteon Corp.	7,195		578,046
	VOXX International Corp.*	4,800		22,560
				6,947,234
Automobiles — 0.3%
	Thor Industries, Inc.	11,128		1,113,356
	Winnebago Industries, Inc.	10,123		320,393
				1,433,749
Beverages — 0.4%
	Boston Beer Co., Inc. (The),        Class A*@	1,852		314,562
	Coca-Cola Bottling Co., Consolidated	1,262		225,709
	Craft Brew Alliance, Inc.*	9,433		159,418
	MGP Ingredients, Inc.@	5,354		267,593
	National Beverage Corp.	10,920		557,793
	Primo Water Corp.*	7,499		92,088
				1,617,163
Biotechnology — 0.6%
	Acorda Therapeutics, Inc.*	12,403		233,176
	Adamas Pharmaceuticals, Inc.*@	2,419		40,881
	AMAG Pharmaceuticals, Inc.*	2,638		91,802
	Amicus Therapeutics, Inc.*@	1,429		7,102
	Aptevo Therapeutics, Inc.*	4,906		11,971
	Aviragen Therapeutics, Inc.*	1,516		1,865
	BioSpecifics Technologies Corp.*	2,311		128,723
	Cara Therapeutics, Inc.*@	4,673		43,412
	Chimerix, Inc.*	2,211		10,171
	Concert Pharmaceuticals, Inc.*	3,010		30,973
	Emergent BioSolutions, Inc.*	9,812		322,226
	Enanta Pharmaceuticals, Inc.*	835		27,973
	Epizyme, Inc.*	940		11,374
	Five Prime Therapeutics, Inc.*	4,603		230,656
	Insys Therapeutics, Inc.*@	11,096		102,083
	Karyopharm Therapeutics, Inc.*	1,236		11,618
	Ligand Pharmaceuticals, Inc.*	3,443		349,843
	Molecular Insight
	Pharmaceuticals, Inc.*~§	3,500		—
	Myriad Genetics, Inc.*@	19,349		322,548

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Biotechnology (Continued)
	Otonomy, Inc.*	2,246	$	35,711
	PDL BioPharma, Inc.	18,702		39,648
	PTC Therapeutics, Inc.*	5,972		65,155
	Recro Pharma, Inc.*	1,313		10,583
	Repligen Corp.*	6,722		207,172
	Retrophin, Inc.*	8,373		158,501
	Rigel Pharmaceuticals, Inc.*	9,661		22,993
	Spectrum Pharmaceuticals, Inc.*	15,253		67,571
	Stemline Therapeutics, Inc.*@	1,284		13,739
	Zafgen, Inc.*	3,913		12,443
				2,611,913
Building Products — 1.6%
	AAON, Inc.	14,109		466,302
	Advanced Drainage Systems, Inc.@	8,118		167,231
	American Woodmark Corp.*	7,156		538,489
	Apogee Enterprises, Inc.	11,866		635,543
	Armstrong Flooring, Inc.*	6,993		139,231
	Armstrong World Industries, Inc.*@	15,180		634,524
	Builders FirstSource, Inc.*	24,352		267,141
	Continental Building Products, Inc.*	9,323		215,361
	CSW Industrials, Inc.*	302		11,129
	Gibraltar Industries, Inc.*	8,000		333,200
	Griffon Corp.	12,945		339,159
	Insteel Industries, Inc.	8,468		301,800
	NCI Building Systems, Inc.*	12,026		188,207
	Patrick Industries, Inc.*	3,786		288,872
	PGT Innovations, Inc.*	20,987		240,301
	Ply Gem Holdings, Inc.*	10,477		170,251
	Quanex Building Products Corp.	9,211		186,983
	Simpson Manufacturing Co., Inc.	12,600		551,250
	Trex Co., Inc.*	8,162		525,633
	Universal Forest Products, Inc.	5,500		561,990
				6,762,597
Capital Markets — 1.8%
	Artisan Partners Asset Management, Inc.,        Class A	9,304		276,794
	BGC Partners, Inc., Class A	53,525		547,561
	Calamos Asset Management, Inc.,        Series A	5,037		43,066
	Cohen & Steers, Inc.	7,453		250,421
	Cowen Group, Inc., Class A*@	6,131		95,030
	Diamond Hill Investment Group, Inc.	191		40,183
	Donnelley Financial Solutions, Inc.*	2,974		68,343
	Evercore Partners, Inc., Class A	9,789		672,504
	Federated Investors, Inc., Class B	20,626		583,303
	Fifth Street Asset Management, Inc.	728		4,878
	Financial Engines, Inc.@	2,009		73,831
	Gain Capital Holdings, Inc.	9,997		65,780
	GAMCO Investors, Inc., Class A	1,700		52,513
	Greenhill & Co., Inc.	7,133		197,584
	Interactive Brokers Group, Inc., Class A	16,151		589,673
	Intl FCStone, Inc.*	3,859		152,816
	Investment Technology Group, Inc.	9,700		191,478
	Janus Capital Group, Inc.	44,921		596,102
	KCG Holdings, Inc., Class A*	15,787		209,178
	Ladenburg Thalmann        Financial Services, Inc.*	16,604		40,514
	LPL Financial Holdings, Inc.	3,619		127,425
	Manning & Napier, Inc.@	2,524		19,056
	MarketAxess Holdings, Inc.	3,081		452,661
	Moelis & Co., Class A@	3,839		130,142
	NorthStar Asset Management        Group, Inc.	28,137		419,804
	OM Asset Management PLC	5,801		84,114
	Oppenheimer Holdings, Inc., Class A	2,133		39,674
	Piper Jaffray Cos.*	4,033		292,392
	Pzena Investment        Management, Inc., Class A	1,895		21,053
	Safeguard Scientifics, Inc.*	5,834		78,467
	Silvercrest Asset Management Group,        Inc., Class A	759		9,981
	Stifel Financial Corp.*	12,616		630,169
	Virtus Investment Partners, Inc.	1,071		126,432
	Waddell & Reed Financial, Inc.,        Class A@	442		8,623
	Westwood Holdings Group, Inc.	1,013		60,770
	WisdomTree Investments, Inc.@	32,848		365,927
				7,618,242
Chemicals — 2.6%
	A. Schulman, Inc.	6,827		228,363
	American Vanguard Corp.	8,140		155,881
	Balchem Corp.	7,283		611,189
	Cabot Corp.	9,527		481,495
	Calgon Carbon Corp.	17,075		290,275
	Chase Corp.	2,101		175,539
	Chemtura Corp.*	27,875		925,450
	Core Molding Technologies, Inc.*	1,500		25,665
	Ferro Corp.*	31,788		455,522
	Flotek Industries, Inc.*@	15,037		141,197
	FutureFuel Corp.	10,473		145,575
	GCP Applied Technologies, Inc.*	2,256		60,348
	H.B. Fuller Co.	13,143		634,938
	Hawkins, Inc.	2,085		112,486
	Innophos Holdings, Inc.	5,400		282,204
	Innospec, Inc.	5,850		400,725
	Intrepid Potash, Inc.*	10,268		21,357
	KMG Chemicals, Inc.	3,001		116,709
	Koppers Holdings, Inc.*	4,597		185,259
	Kraton Corp.*	6,776		192,980
	Kronos Worldwide, Inc.	10,857		129,633
	LSB Industries, Inc.*	5,556		46,782
	Minerals Technologies, Inc.	9,665		746,621
	Northern Technologies        International Corp.*	800		11,000
	Olin Corp.@	12,737		326,195
	Omnova Solutions, Inc.*	20,358		203,580
	PolyOne Corp.	29,803		954,888
	Quaker Chemical Corp.	3,387		433,333
	Rayonier Advanced Materials, Inc.	14,733		227,772
	Sensient Technologies Corp.	10,853		852,829
	Stepan Co.	3,991		325,187

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Chemicals (Continued)
	Trecora Resources*	3,438	$	47,616
	Tredegar Corp.	8,700		208,800
	Trinseo SA	8,507		504,465
	Tronox Ltd., Class A	11,384		117,369
	Valhi, Inc.	1,644		5,688
				10,784,915
Commercial Banks — 11.9%
	1st Source Corp.	7,264		324,410
	Access National Corp.@	2,671		74,147
	American National Bankshares, Inc.	1,452		50,530
	Ameris Bancorp	12,574		548,226
	AmeriServ Financial, Inc.	4,400		16,280
	Arrow Financial Corp.	3,976		161,028
	Associated Banc-Corp.	38,741		956,903
	Banc of California, Inc.	8,558		148,481
	Bancfirst Corp.	3,000		279,150
	Bancorp, Inc. (The)*	8,408		66,087
	BancorpSouth, Inc.	29,895		928,240
	Bank of Hawaii Corp.@	12,794		1,134,700
	Bank of Marin Bancorp	443		30,899
	BankUnited, Inc.	3,110		117,216
	Banner Corp.	6,700		373,927
	Bar Harbor Bankshares	678		32,090
	Berkshire Hills Bancorp, Inc.	6,399		235,803
	Blue Hills Bancorp, Inc.	894		16,763
	BNC Bancorp	5,605		178,800
	Boston Private Financial Holdings, Inc.	21,569		356,967
	Bridge Bancorp, Inc.	1,132		42,903
	Brookline Bancorp, Inc.	18,706		306,778
	Bryn Mawr Bank Corp.	4,700		198,105
	Camden National Corp.	4,293		190,824
	Capital Bank Financial Corp., Class A	6,376		250,258
	Capital City Bank Group, Inc.	664		13,599
	Cardinal Financial Corp.	8,280		271,501
	Carolina Financial Corp.	868		26,726
	Cascade Bancorp*	9,720		78,926
	Cathay General Bancorp	21,914		833,389
	Centerstate Banks, Inc.	9,586		241,280
	Central Pacific Financial Corp.	7,849		246,616
	Century Bancorp, Inc., Class A	200		12,000
	Chemical Financial Corp.	14,135		765,693
	Citizens & Northern Corp.	852		22,322
	City Holding Co.	6,502		439,535
	CNB Financial Corp.	1,780		47,597
	CoBiz Financial, Inc.	11,363		191,921
	Columbia Banking System, Inc.	14,910		666,179
	Community Bank System, Inc.	9,634		595,285
	Community Trust Bancorp, Inc.	4,634		229,846
	Connectone Bancorp, Inc.	3,802		98,662
	CU Bancorp*	1,197		42,853
	Customers Bancorp, Inc.*	5,348		191,565
	CVB Financial Corp.	27,325		626,562
	Eagle Bancorp, Inc.*	6,777		413,058
	Enterprise Bancorp, Inc.	331		12,432
	Enterprise Financial Services Corp.	3,837		164,991
	Farmers Capital Bank Corp.	767		32,252
	Farmers National Banc Corp.	710		10,082
	FCB Financial Holdings, Inc., Class A*	5,732		273,416
	Fidelity Southern Corp.	7,069		167,323
	Financial Institutions, Inc.	3,105		106,191
	First Bancorp, Inc.	1,683		55,707
	First Bancorp/Puerto Rico*	35,131		232,216
	First Bancorp/Southern Pines NC	3,813		103,485
	First Busey Corp.	7,922		243,839
	First Business Financial Services, Inc.	551		13,070
	First Citizens Bancshares, Inc., Class A	295		104,725
	First Commonwealth Financial Corp.	23,740		336,633
	First Community Bancshares, Inc.	4,452		134,183
	First Connecticut Bancorp, Inc.	477		10,804
	First Financial Bancorp	15,133		430,534
	First Financial Bankshares, Inc.@	13,804		623,941
	First Financial Corp.	2,698		142,454
	First Financial Northwest, Inc.	2,239		44,198
	First Foundation, Inc.*	1,275		36,338
	First Horizon National Corp.	38,809		776,568
	First Interstate Bancsystem, Inc.	5,224		222,281
	First Merchants Corp.	8,330		313,624
	First Midwest Bancorp, Inc.	18,632		470,085
	First NBC Bank Holding Co.*	4,253		31,047
	First of Long Island Corp. (The)	2,016		57,557
	Flushing Financial Corp.	7,140		209,845
	FNB Corp.	54,993		881,538
	Franklin Financial Network, Inc.*	500		20,925
	Fulton Financial Corp.	44,920		844,496
	German American Bancorp, Inc.	2,400		126,264
	Glacier Bancorp, Inc.	19,481		705,797
	Great Southern Bancorp, Inc.	3,323		181,602
	Great Western Bancorp, Inc.	71		3,095
	Guaranty Bancorp	4,394		106,335
	Hancock Holding Co.	17,160		739,596
	Hanmi Financial Corp.	8,053		281,050
	Heartland Financial USA, Inc.	5,400		259,200
	Heritage Commerce Corp.	8,770		126,551
	Heritage Financial Corp.	4,648		119,686
	Heritage Oaks Bancorp	1,418		17,484
	Hilltop Holdings, Inc.	25,969		773,876
	Home Bancshares, Inc.	36,276		1,007,385
	HomeTrust Bancshares, Inc.*	701		18,156
	Hope Bancorp, Inc.	34,605		757,503
	Horizon Bancorp	3,884		108,752
	Iberiabank Corp.	9,378		785,407
	Independent Bank Corp.	4,840		340,978
	International Bancshares Corp.	15,750		642,600
	Lakeland Bancorp, Inc.	6,732		131,274
	Lakeland Financial Corp.	5,055		239,405
	LegacyTexas Financial Group, Inc.	11,096		477,794
	Macatawa Bank Corp.	5,469		56,932
	MainSource Financial Group, Inc.	5,357		184,281
	MB Financial, Inc.	19,316		912,295
	MBT Financial Corp.	5,012		56,886
	Mercantile Bank Corp.	2,751		103,713
	Merchants Bancshares, Inc.	1,081		58,590
	Midsouth Bancorp, Inc.	2,100		28,560

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Commercial Banks (Continued)
	National Bank Holdings Corp., Class A	5,759	$	183,655
	NBT Bancorp, Inc.	10,025		419,847
	Northrim Bancorp, Inc.	1,164		36,782
	OFG Bancorp	10,569		138,454
	Old Line Bancshares, Inc.	221		5,300
	Old National Bancorp	29,051		527,276
	Opus Bank	4,401		132,250
	Pacific Continental Corp.	6,270		137,000
	Pacific Mercantile Bancorp*	2,500		18,250
	Pacific Premier Bancorp, Inc.*	5,398		190,819
	Park National Corp.	3,450		412,827
	Park Sterling Corp.	10,219		110,263
	Peapack Gladstone Financial Corp.	2,840		87,699
	Penns Woods Bancorp, Inc.	476		24,038
	People’s Utah Bancorp	1,346		36,140
	Peoples Bancorp, Inc.	3,092		100,366
	Pinnacle Financial Partners, Inc.	9,240		640,332
	Popular, Inc.	16,479		722,110
	Preferred Bank	2,640		138,389
	Premier Financial Bancorp, Inc.	1,381		27,758
	Private Bancorp, Inc.	19,760		1,070,794
	Prosperity Bancshares, Inc.	1,027		73,718
	QCR Holdings, Inc.	1,536		66,509
	Renasant Corp.	8,712		367,821
	Republic Bancorp, Inc., Class A	7,344		290,382
	S&T Bancorp, Inc.	8,302		324,110
	Sandy Spring Bancorp, Inc.	6,300		251,937
	Seacoast Banking Corp. of Florida*	5,668		125,036
	Select Bancorp, Inc.*	200		1,970
	ServisFirst Bancshares, Inc.	5,778		216,328
	Sierra Bancorp	3,246		86,311
	Simmons First National Corp., Class A	5,764		358,233
	South State Corp.	4,736		413,926
	Southside Bancshares, Inc.	5,993		225,756
	Southwest Bancorp, Inc.	5,110		148,190
	State Bank Financial Corp.	4,771		128,149
	Sterling Bancorp	32,230		754,182
	Stock Yards Bancorp, Inc.	4,336		203,575
	Stonegate Bank	274		11,434
	Suffolk Bancorp	3,195		136,810
	Sun Bancorp, Inc.	1,651		42,926
	Synovus Financial Corp.	3,643		149,654
	TCF Financial Corp.	43,473		851,636
	Texas Capital Bancshares, Inc.*	11,663		914,379
	Tompkins Financial Corp.	2,420		228,787
	TowneBank	6,582		218,852
	Trico Bancshares	5,350		182,863
	TriState Capital Holdings, Inc.*	3,742		82,698
	Trustmark Corp.	17,352		618,599
	UMB Financial Corp.	11,656		898,911
	Umpqua Holdings Corp.	4,737		88,961
	Union Bankshares Corp.	9,688		346,249
	United Bankshares, Inc.@	17,021		787,221
	United Community Banks, Inc.	15,888		470,603
	Univest Corp. of Pennsylvania	5,066		156,539
	Valley National Bancorp	57,348		667,531
	Veritex Holdings, Inc.*	597		15,946
	Washington Trust Bancorp, Inc.	3,000		168,150
	Webster Financial Corp.	16,775		910,547
	WesBanco, Inc.	8,410		362,135
	West Bancorp, Inc.	4,412		108,976
	Westamerica Bancorp	6,329		398,284
	Western Alliance Bancorp*	10,513		512,088
	Wintrust Financial Corp.	11,283		818,807
	Xenith Bankshares, Inc.*	460		12,972
	Yadkin Financial Corp.	6,563		224,848
				49,116,345
Commercial Services & Supplies — 3.3%
	ABM Industries, Inc.	14,023		572,699
	ACCO Brands Corp.*	26,340		343,737
	ARC Document Solutions, Inc.*	11,111		56,444
	Brady Corp., Class A	11,602		435,655
	Brink’s Co. (The)	11,715		483,244
	Casella Waste Systems, Inc., Class A*	18,957		235,256
	Ceco Environmental Corp.	6,316		88,108
	Cenveo, Inc.*@	409		2,859
	Civeo Corp.*	7,095		15,609
	Clean Harbors, Inc.*	12,448		692,731
	Command Security Corp.*	4,300		11,825
	Covanta Holding Corp.@	31,607		493,069
	Deluxe Corp.	12,510		895,841
	Ennis, Inc.	5,800		100,630
	Essendant, Inc.	12,825		268,043
	Fuel Tech, Inc.*	4,500		5,175
	G&K Services, Inc., Class A	4,600		443,670
	Healthcare Services Group, Inc.	15,886		622,255
	Heritage-Crystal Clean, Inc.*	712		11,178
	Herman Miller, Inc.	14,286		488,581
	HNI Corp.	11,460		640,843
	Hudson Technologies, Inc.*	7,854		62,911
	Innerworkings, Inc.*	10,302		101,475
	Interface, Inc.	19,482		361,391
	Intersections, Inc.*@	3,104		12,385
	Kimball International, Inc., Class B	14,278		250,722
	Knoll, Inc.	12,851		358,928
	LSC Communications, Inc.	2,974		88,268
	Matthews International Corp., Class A	8,044		618,181
	Mcgrath Rentcorp	5,300		207,707
	Mobile Mini, Inc.	14,147		427,947
	MSA Safety, Inc.	8,900		617,037
	Multi-Color Corp.	4,321		335,310
	NL Industries, Inc.*	5,586		45,526
	Performant Financial Corp.*	7,231		16,993
	Quad/Graphics, Inc.	4,591		123,406
	RR Donnelley & Sons Co.	7,931		129,434
	SP Plus Corp.*	4,000		112,600
	Steelcase, Inc., Class A	26,730		478,467
	Team, Inc.*	8,031		315,217
	Tetra Tech, Inc.	15,308		660,540
	TRC Cos., Inc.*	7,000		74,200
	UniFirst Corp.	3,000		430,950
	US Ecology, Inc.	5,445		267,622

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Commercial Services & Supplies (Continued)
	Versar, Inc.*	2,000	$	2,760
	Viad Corp.	4,500		198,450
	Virco Manufacturing Corp.*	2,494		10,724
	VSE Corp.	1,700		66,028
	West Corp.	18,378		455,039
				13,737,670
Communications Equipment — 1.9%
	ADTRAN, Inc.	20,619		460,835
	Bel Fuse, Inc., Class B	4,393		135,744
	Black Box Corp.	5,203		79,346
	CalAmp Corp.*	13,756		199,462
	Calix, Inc.*	13,728		105,706
	Ciena Corp.*	31,072		758,468
	Clearfield, Inc.*	1,600		33,120
	Communications Systems, Inc.	1,418		6,565
	Comtech Telecommunications Corp.	4,325		51,251
	Digi International, Inc.*	7,600		104,500
	EMCORE Corp.	4,428		38,524
	Extreme Networks, Inc.*	21,668		108,990
	Finisar Corp.*	25,900		783,993
	Harmonic, Inc.*@	24,420		122,100
	Infinera Corp.*	22,351		189,760
	InterDigital, Inc.	9,067		828,270
	Ixia*	18,986		305,675
	KVH Industries, Inc.*	5,534		65,301
	Lumentum Holdings, Inc.*	5,125		198,081
	NETGEAR, Inc.*	8,512		462,627
	NetScout Systems, Inc.*	12,873		405,499
	Oclaro, Inc.*	7,713		69,031
	Optical Cable Corp.*	374		1,197
	PC-Tel, Inc.	4,100		22,058
	Plantronics, Inc.	11,041		604,605
	Relm Wireless Corp.	2,000		9,500
	ShoreTel, Inc.*	20,766		148,477
	Sonus Networks, Inc.*	17,744		111,787
	Tessco Technologies, Inc.	1,000		13,000
	Ubiquiti Networks, Inc.*	11,643		672,965
	Viasat, Inc.*	8,465		560,552
	Viavi Solutions, Inc.*	47,559		389,033
				8,046,022
Computers & Peripherals — 0.4%
	AstroNova, Inc.	1,572		22,401
	Avid Technology, Inc.*	18,069		79,504
	Concurrent Computer Corp.	1,362		7,287
	Cray, Inc.*	9,970		206,379
	Diebold Nixdorf, Inc.@	14,553		366,008
	Eastman Kodak Co.*	800		12,400
	Electronics for Imaging, Inc.*	12,878		564,829
	Immersion Corp.*@	3,781		40,192
	Intevac, Inc.*@	4,883		41,750
	Super Micro Computer, Inc.*	11,510		322,855
	Transact Technologies, Inc.	1,515		9,999
	USA Technologies, Inc.*	1,931		8,303
				1,681,907
Construction & Engineering — 1.6%
	Aegion Corp.*	10,061		238,446
	Ameresco, Inc., Class A*	4,779		26,285
	Argan, Inc.	5,881		414,905
	Comfort Systems USA, Inc.	8,930		297,369
	Dycom Industries, Inc.*@	9,800		786,842
	EMCOR Group, Inc.	15,815		1,119,069
	Goldfield Corp. (The)*	7,136		36,394
	Granite Construction, Inc.	9,422		518,210
	Great Lakes Dredge & Dock Corp.*	15,377		64,583
	IES Holdings, Inc.*	6,062		116,087
	KBR, Inc.	27,114		452,533
	Layne Christensen Co.*	1,221		13,272
	MasTec, Inc.*	22,810		872,483
	MYR Group, Inc.*	5,036		189,756
	Northwest Pipe Co.*	2,795		48,130
	NV5 Global, Inc.*	1,729		57,749
	Orion Marine Group, Inc.*	5,671		56,426
	Primoris Services Corp.	16,878		384,481
	Sterling Construction Co., Inc.*	5,877		49,719
	Tutor Perini Corp.*	11,189		313,292
	Valmont Industries, Inc.	5,127		722,394
				6,778,425
Construction Materials — 0.2%
	Headwaters, Inc.*	19,917		468,448
	United States Lime & Minerals, Inc.	1,679		127,184
	US Concrete, Inc.*@	3,055		200,103
				795,735
Consumer Finance — 0.8%
	Asta Funding, Inc.*	2,600		25,480
	Atlanticus Holdings Corp.*	5,476		15,607
	Consumer Portfolio Services, Inc.*	7,272		37,233
	Encore Capital Group, Inc.*	6,224		178,317
	Enova International, Inc.*	10,026		125,826
	Ezcorp, Inc., Class A*	11,381		121,208
	FirstCash, Inc.	13,459		632,573
	Green Dot Corp., Class A*	12,631		297,460
	Nelnet, Inc., Class A	9,709		492,732
	PRA Group, Inc.*	12,540		490,314
	Regional Management Corp.*	3,000		78,840
	SLM Corp.*	66,797		736,103
	World Acceptance Corp.*	3,636		233,722
				3,465,415
Containers & Packaging — 0.2%
	AEP Industries, Inc.	1,000		116,100
	Greif, Inc., Class A	4,826		247,622
	Greif, Inc., Class B	503		33,978
	Myers Industries, Inc.	11,631		166,323
	Silgan Holdings, Inc.	8,109		415,019
				979,042
Distributors — 0.2%
	Core-Mark Holding Co., Inc.	11,498		495,219
	Pool Corp.	3,200		333,888
	Weyco Group, Inc.	690		21,597
				850,704

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Diversified Consumer Services — 1.0%
	American Public Education, Inc.*	3,569	$	87,619
	Apollo Education Group, Inc.*	24,712		244,649
	Ascent Capital Group, Inc., Class A*	2,620		42,601
	Bridgepoint Education, Inc.*	11,558		117,082
	Bright Horizons Family Solutions, Inc.*	2,118		148,302
	Cambium Learning Group, Inc.*	1,370		6,836
	Capella Education Co.	2,200		193,160
	Career Education Corp.*	20,047		202,274
	Carriage Services, Inc.	5,101		146,093
	Collectors Universe, Inc.	1,790		38,002
	DeVry Education Group, Inc.@	15,103		471,214
	Graham Holdings Co., Class B	523		267,750
	Grand Canyon Education, Inc.*	13,010		760,434
	Houghton Mifflin Harcourt Co.*	29,496		320,032
	K12, Inc.*	7,149		122,677
	Regis Corp.*	11,780		171,046
	Sotheby’s	14,093		561,747
	Strayer Education, Inc.*	3,342		269,465
	Universal Technical Institute, Inc.	5,900		17,169
				4,188,152
Diversified Financial Services — 0.1%
	A-Mark Precious Metals, Inc.	1,256		24,492
	FNFV Group*	4,237		58,047
	Marlin Business Services Corp.	2,800		58,520
	NewStar Financial, Inc.*	13,144		121,582
	Pico Holdings, Inc.*	4,182		63,357
				325,998
Diversified Telecommunication Services — 0.7%
	Alaska Communications        Systems Group, Inc.*	2,448		4,015
	ATN International, Inc.	3,600		288,468
	Cincinnati Bell, Inc.*	10,380		231,993
	Cogent Communications Holdings, Inc.	11,951		494,174
	Consolidated Communications        Holdings, Inc.	13,459		361,374
	FairPoint Communications, Inc.*	2,829		52,902
	General Communication, Inc., Class A*	14,261		277,376
	Hawaiian Telcom Holdco, Inc.*	187		4,634
	IDT Corp., Class B	9,094		168,603
	Inteliquent, Inc.	15,093		345,932
	Lumos Networks Corp.*	8,561		133,723
	Orbcomm, Inc.*	16,422		135,810
	Straight Path        Communications, Inc., Class B*	928		31,468
	Vonage Holdings Corp.*	52,898		362,351
				2,892,823
Electric Utilities — 1.3%
	Allete, Inc.	13,923		893,717
	El Paso Electric Co.	11,005		511,733
	Empire District Electric Co. (The)	11,448		390,262
	Genie Energy Ltd., Class B*	4,900		28,175
	Hawaiian Electric Industries, Inc.	18,884		624,494
	IDACORP, Inc.	7,578		610,408
	MGE Energy, Inc.	7,437		485,636
	Otter Tail Corp.	8,433		344,067
	PNM Resources, Inc.	21,371		733,025
	Portland General Electric Co.	18,004		780,113
	Spark Energy, Inc., Class A@	1,000		30,300
				5,431,930
Electrical Equipment — 0.9%
	Allied Motion Technologies, Inc.	2,799		59,871
	AZZ, Inc.	7,298		466,342
	Babcock & Wilcox Enterprises, Inc.*	6,318		104,816
	Encore Wire Corp.	5,600		242,760
	EnerSys	12,221		954,460
	Espey Manufacturing &        Electronics Corp.	565		14,704
	Generac Holdings, Inc.*	15,486		630,900
	General Cable Corp.@	11,120		211,836
	LSI Industries, Inc.	4,900		47,726
	Orion Energy Systems, Inc.*	3,100		6,727
	Powell Industries, Inc.	2,600		101,400
	Preformed Line Products Co.	850		49,402
	Regal Beloit Corp.	6,719		465,291
	Thermon Group Holdings, Inc.*	8,204		156,614
	Ultralife Corp.*	3,600		17,820
	Vicor Corp.*	7,856		118,625
				3,649,294
Electronic Equipment, Instruments & Components — 3.5%
	ADDvantage Technologies Group, Inc.*	2,400		4,248
	Agilysys, Inc.*	7,363		76,281
	Anixter International, Inc.*	8,602		697,192
	AVX Corp.	15,085		235,779
	Badger Meter, Inc.	6,000		221,700
	Belden, Inc.	13,079		977,917
	Benchmark Electronics, Inc.*	7,901		240,980
	Cognex Corp.	2,265		144,099
	Coherent, Inc.*	6,253		859,068
	Control4 Corp.*	1,880		19,176
	CTS Corp.	9,329		208,970
	Daktronics, Inc.	16,961		181,483
	Electro Scientific Industries, Inc.*	7,067		41,837
	ePlus, Inc.*	1,200		138,240
	Fabrinet*	9,194		370,518
	FARO Technologies, Inc.*	4,180		150,480
	Frequency Electronics, Inc.*	1,400		15,120
	I.D. Systems, Inc.*	2,750		14,905
	IEC Electronics Corp.*	800		2,856
	II-VI, Inc.*	21,222		629,232
	Insight Enterprises, Inc.*	9,272		374,960
	IntriCon Corp.*	1,000		6,900
	InvenSense, Inc.*	1,685		21,551
	Itron, Inc.*	9,844		618,695
	Kemet Corp.*	8,936		59,246
	Key Tronic Corp.*	1,700		13,294
	Kimball Electronics, Inc.*	5,879		106,998
	Knowles Corp.*	11,920		199,183
	Littelfuse, Inc.	6,629		1,006,083
	Maxwell Technologies, Inc.*@	7,005		35,866

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (Continued)
	Mesa Laboratories, Inc.@	860	$	105,565
	Methode Electronics, Inc.	11,077		458,034
	MOCON, Inc.	600		11,700
	MTS Systems Corp.	3,800		215,460
	NAPCO Security Technologies, Inc.*	4,850		41,225
	Novanta, Inc.*	4,922		103,362
	OSI Systems, Inc.*	5,346		406,938
	PAR Technology Corp.*	3,000		16,740
	Park Electrochemical Corp.	5,535		103,228
	PC Connection, Inc.	6,200		174,158
	PCM, Inc.*	5,438		122,355
	Perceptron, Inc.*	1,100		7,304
	Plexus Corp.*	9,156		494,790
	Radisys Corp.*@	15,948		70,650
	Richardson Electronics Ltd.	2,700		17,010
	Rogers Corp.*	3,742		287,423
	Sanmina Corp.*	21,944		804,248
	Scansource, Inc.*	6,290		253,801
	SYNNEX Corp.	6,819		825,235
	Systemax, Inc.	8,559		75,062
	Tech Data Corp.*	9,625		815,045
	TTM Technologies, Inc.*@	20,635		281,255
	Universal Display Corp.*@	500		28,150
	VeriFone Systems, Inc.*	18,762		332,650
	Vishay Intertechnology, Inc.	34,292		555,530
	Vishay Precision Group, Inc.*	4,187		79,134
	Wayside Technology Group, Inc.	315		5,891
				14,364,800
Energy Equipment & Services — 2.2%
	Archrock, Inc.	20,013		264,172
	Atwood Oceanics, Inc.@	9,099		119,470
	Bristow Group, Inc.	9,706		198,779
	CARBO Ceramics, Inc.*	4,505		47,122
	Dawson Geophysical Co.*	5,627		45,241
	Diamond Offshore Drilling, Inc.	20,830		368,691
	Dril-Quip, Inc.*@	8,636		518,592
	ENGlobal Corp.*	2,100		5,019
	Ensco PLC, Class A	4,073		39,590
	Era Group, Inc.*	5,219		88,566
	Exterran Corp.*	10,006		239,143
	Forum Energy Technologies, Inc.*	20,325		447,150
	Frank’s International NV	12,111		149,086
	Geospace Technologies Corp.*	2,574		52,407
	Gulf Island Fabrication, Inc.	3,600		42,840
	Gulfmark Offshore, Inc., Class A*@	6,282		10,994
	Helix Energy Solutions Group, Inc.*	26,950		237,699
	Hornbeck Offshore Services, Inc.*@	9,178		66,265
	ION Geophysical Corp.*@	2,918		17,508
	Matrix Service Co.*	7,876		178,785
	McDermott International, Inc.*	51,671		381,849
	Mitcham Industries, Inc.*	2,601		10,794
	Nabors Industries Ltd.	41,414		679,190
	Natural Gas Services Group, Inc.*	2,700		86,805
	Newpark Resources, Inc.*	35,623		267,173
	Noble Corp. PLC@	39,010		230,939
	Oceaneering International, Inc.	9,417		265,654
	Oil States International, Inc.*	8,226		320,814
	Pacific Drilling SA*@	508		2,062
	Parker Drilling Co.*	28,864		75,046
	Patterson-UTI Energy, Inc.@	31,203		839,985
	PHI, Inc.*	2,300		41,446
	Pioneer Energy Services Corp.*	14,380		98,503
	RigNet, Inc.*	3,277		75,863
	Rowan Cos. PLC, Class A@	21,417		404,567
	RPC, Inc.@	3,729		73,871
	SEACOR Holdings, Inc.*	5,019		357,754
	Superior Energy Services, Inc.	33,300		562,104
	Tesco Corp.	10,822		89,282
	Tetra Technologies, Inc.*	17,573		88,216
	Tidewater, Inc.	7,841		26,738
	Unit Corp.*	11,332		304,491
	US Silica Holdings, Inc.	13,049		739,617
				9,159,882
Food & Staples Retailing — 0.7%
	Andersons, Inc. (The)	8,013		358,181
	Chefs’ Warehouse Inc. (The)*	5,365		84,767
	Ingles Markets, Inc., Class A	2,846		136,893
	Natural Grocers by Vitamin        Cottage, Inc.*@	2,967		35,278
	PriceSmart, Inc.	7,615		635,852
	Smart & Final Stores, Inc.*@	220		3,102
	SpartanNash Co.	9,360		370,094
	SUPERVALU, Inc.*	63,930		298,553
	United Natural Foods, Inc.*	8,554		408,197
	Village Super Market, Inc., Class A	1,946		60,131
	Weis Markets, Inc.	6,390		427,108
				2,818,156
Food Products — 1.9%
	B&G Foods, Inc.	14,705		644,079
	Cal-Maine Foods, Inc.@	10,494		463,572
	Calavo Growers, Inc.	5,041		309,517
	Coffee Holding Co., Inc.*	600		2,790
	Darling Ingredients, Inc.*	37,935		489,741
	Dean Foods Co.	22,086		481,033
	Farmer Bros. Co.*	5,356		196,565
	Fresh Del Monte Produce, Inc.	16,722		1,013,855
	Inventure Foods, Inc.*@	3,661		36,061
	J&J Snack Foods Corp.	4,900		653,807
	John B. Sanfilippo & Son, Inc.	2,650		186,534
	Lancaster Colony Corp.	5,562		786,411
	Landec Corp.*	9,074		125,221
	Lifeway Foods, Inc.*	3,800		43,738
	Limoneira Co.	810		17,423
	Omega Protein Corp.*	5,237		131,187
	Post Holdings, Inc.*	7,886		633,956
	Rocky Mountain Chocolate Factory, Inc.	1,260		12,839
	Sanderson Farms, Inc.@	6,194		583,723
	Seneca Foods Corp., Class A*	1,738		69,607
	Snyders-Lance, Inc.@	21,746		833,742
	Tootsie Roll Industries, Inc.@	7,736		307,506
				8,022,907

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Gas Utilities — 1.3%
	Chesapeake Utilities Corp.	3,064	$	205,135
	Delta Natural Gas Co., Inc.	400		11,732
	Gas Natural, Inc.	836		10,492
	New Jersey Resources Corp.	21,532		764,386
	Northwest Natural Gas Co.	6,553		391,869
	ONE Gas, Inc.	13,260		848,110
	RGC Resources, Inc.	400		10,068
	South Jersey Industries, Inc.	17,084		575,560
	Southwest Gas Corp.	11,874		909,786
	Spire, Inc.	11,344		732,255
	WGL Holdings, Inc.	12,554		957,619
				5,417,012
Health Care Equipment & Supplies — 3.1%
	Abaxis, Inc.	7,231		381,580
	Accuray, Inc.*	14,899		68,535
	Alere, Inc.*	13,837		539,228
	Analogic Corp.	5,580		462,861
	Angiodynamics, Inc.*	9,660		162,964
	Anika Therapeutics, Inc.*	7,139		349,525
	Atrion Corp.	566		287,075
	Bovie Medical Corp.*@	4,900		17,591
	Cantel Medical Corp.	10,310		811,912
	Conmed Corp.	7,150		315,816
	CryoLife, Inc.	15,417		295,236
	Cutera, Inc.*	2,299		39,888
	Cynosure, Inc., Class A*	6,160		280,896
	Electromed, Inc.*	2,929		11,365
	Exactech, Inc.*	3,109		84,876
	Globus Medical, Inc., Class A*@	18,325		454,643
	Haemonetics Corp.*	12,126		487,465
	Halyard Health, Inc.*	9,638		356,413
	Hill-Rom Holdings, Inc.	11,689		656,220
	ICU Medical, Inc.*	4,198		618,575
	Inogen, Inc.*	3,628		243,693
	Integer Holdings Corp.*	7,181		211,480
	Integra LifeSciences Holdings Corp.*@	8,892		762,845
	Invacare Corp.	8,104		105,757
	Iridex Corp.*	671		9,434
	LeMaitre Vascular, Inc.	7,298		184,931
	LivaNova PLC*	5,780		259,927
	Masimo Corp.*	13,405		903,497
	Meridian Bioscience, Inc.	9,934		175,832
	Merit Medical Systems, Inc.*	11,860		314,290
	Misonix, Inc.*	2,200		22,990
	Natus Medical, Inc.*	8,702		302,830
	Neogen Corp.*	7,095		468,270
	NuVasive, Inc.*	11,981		807,040
	Nuvectra Corp.*	2,393		12,037
	OraSure Technologies, Inc.*	15,720		138,022
	Orthofix International NV*	3,915		141,645
	Quidel Corp.*@	8,803		188,560
	RTI Surgical, Inc.*	13,049		42,409
	SeaSpine Holdings Corp.*	2,964		23,416
	Span-America Medical Systems, Inc.	500		9,120
	SurModics, Inc.*	5,316		135,026
	Utah Medical Products, Inc.	831		60,455
	Vascular Solutions, Inc.*	6,160		345,576
	Wright Medical Group NV*	8,505		195,445
				12,747,191
Health Care Providers & Services — 2.5%
	Aceto Corp.	11,515		252,985
	Addus HomeCare Corp.*	5,190		181,910
	Adeptus Health, Inc., Class A*@	2,200		16,808
	Air Methods Corp.*@	11,576		368,696
	Alliance HealthCare Services, Inc.*	190		1,824
	Almost Family, Inc.*	3,282		144,736
	Amedisys, Inc.*	8,123		346,283
	AMN Healthcare Services, Inc.*	12,336		474,319
	BioScrip, Inc.*@	9,341		9,715
	BioTelemetry, Inc.*	12,558		280,671
	Brookdale Senior Living, Inc.*	5,231		64,969
	Capital Senior Living Corp.*	9,398		150,838
	Chemed Corp.@	5,381		863,166
	Corvel Corp.*	5,100		186,660
	Cross Country Healthcare, Inc.*	4,677		73,008
	Digirad Corp.	2,100		10,500
	Diplomat Pharmacy, Inc.*	6,252		78,775
	Ensign Group, Inc. (The)	12,996		288,641
	Envision Healthcare Corp.*@	7,305		462,333
	Five Star Quality Care, Inc.*	6,297		17,002
	Genesis Healthcare, Inc.*	4,555		19,359
	HealthEquity, Inc.*@	7,664		310,545
	HealthSouth Corp.@	2,195		90,522
	Healthways, Inc.*	9,735		221,471
	Kindred Healthcare, Inc.	17,194		134,973
	Landauer, Inc.	2,730		131,313
	LHC Group, Inc.*	3,800		173,660
	LifePoint Health, Inc.*	11,178		634,910
	Magellan Health, Inc.*	7,580		570,395
	Medcath Corp.*~§	3,122		—
	Molina Healthcare, Inc.*@	10,975		595,504
	National Healthcare Corp.	3,000		227,370
	National Research Corp., Class A	4,425		84,075
	National Research Corp., Class B	737		30,711
	Nobilis Health Corp.*@	1,318		2,768
	Owens & Minor, Inc.	19,632		692,813
	PharMerica Corp.*	7,236		181,985
	Providence Service Corp. (The)*	4,498		171,149
	Psychemedics Corp.	1,935		47,756
	Quorum Health Corp.*	1,795		13,050
	RadNet, Inc.*	14,650		94,493
	Select Medical Holdings Corp.*	33,903		449,215
	Surgical Care Affiliates, Inc.*	8,633		399,449
	Tenet Healthcare Corp.*	16,691		247,694
	Triple-S Management Corp., Class B*	5,369		111,138
	U.S. Physical Therapy, Inc.	2,650		186,030
	Universal American Corp.*	17,673		175,846
				10,272,033

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Health Care Technology — 0.4%
	Allscripts Healthcare Solutions, Inc.*	46,706	$	476,868
	Arrhythmia Research Technology, Inc.*	200		760
	Computer Programs & Systems, Inc.@	2,670		63,012
	HealthStream, Inc.*	6,062		151,853
	HMS Holdings Corp.*	20,254		367,813
	Omnicell, Inc.*	8,824		299,134
	Quality Systems, Inc.	14,776		194,304
	Simulations Plus, Inc.	2,102		20,284
				1,574,028
Hotels, Restaurants & Leisure — 4.0%
	Belmond Ltd., Class A*	24,303		324,445
	Biglari Holdings, Inc.*	1		473
	BJ’s Restaurants, Inc.*	6,741		264,921
	Bloomin’ Brands, Inc.	28,360		511,331
	Bob Evans Farms, Inc.	8,100		431,001
	Bravo Brio Restaurant Group, Inc.*	4,343		16,503
	Brinker International, Inc.@	14,448		715,609
	Buffalo Wild Wings, Inc.*	4,994		771,074
	Carrols Restaurant Group, Inc.*	12,779		194,880
	Cheesecake Factory, Inc. (The)	14,048		841,194
	Choice Hotels International, Inc.	13,792		773,042
	Churchill Downs, Inc.	1,540		231,693
	Chuy’s Holdings, Inc.*	4,008		130,060
	ClubCorp Holdings, Inc.	13,876		199,121
	Cracker Barrel Old Country        Store, Inc.@	3,395		566,897
	Dave & Buster’s Entertainment, Inc.*	8,459		476,242
	Del Frisco’s Restaurant Group, Inc.*	5,669		96,373
	Del Taco Restaurants, Inc.*	2,400		33,888
	Denny’s Corp.*	20,830		267,249
	DineEquity, Inc.	5,483		422,191
	Dover Motorsports, Inc.	4,000		9,200
	El Pollo Loco Holdings, Inc.*@	2,900		35,670
	Famous Dave’s of America, Inc.*	2,145		10,618
	Fiesta Restaurant Group, Inc.*@	8,023		239,487
	Gaming Partners International Corp.	1,300		15,353
	ILG, Inc.	23,589		428,612
	International Game Technology PLC	1,039		26,515
	International Speedway Corp., Class A	6,688		246,118
	Intrawest Resorts Holdings, Inc.*	5,008		89,393
	Isle of Capri Casinos, Inc.*	5,718		141,177
	Jack in the Box, Inc.	9,359		1,044,839
	Jamba, Inc.*@	4,407		45,392
	Kona Grill, Inc.*@	3,389		42,532
	La Quinta Holdings, Inc.*	25,321		359,811
	Lindblad Expeditions Holdings, Inc.*	732		6,917
	Luby’s, Inc.*	7,260		31,073
	Marcus Corp. (The)	4,500		141,750
	Marriott Vacations Worldwide Corp.	8,070		684,739
	Monarch Casino & Resort, Inc.*	1,490		38,412
	Nathan’s Famous, Inc.*	1,385		89,886
	Noodles & Co.*	810		3,321
	Papa John’s International, Inc.@	12,658		1,083,272
	Papa Murphy’s Holdings, Inc.*@	672		2,836
	Penn National Gaming, Inc.*	8,352		115,174
	Pinnacle Entertainment, Inc.*@	15,578		225,881
	Popeyes Louisiana Kitchen, Inc.*	6,875		415,800
	Potbelly Corp.*	3,872		49,949
	RCI Hospitality Holdings, Inc.	2,209		37,774
	Red Lion Hotels Corp.*	4,500		37,575
	Red Robin Gourmet Burgers, Inc.*	3,800		214,320
	Ruby Tuesday, Inc.*	16,960		54,781
	Ruth’s Hospitality Group, Inc.	9,286		169,934
	SeaWorld Entertainment, Inc.	18,699		353,972
	Shake Shack, Inc., Class A*	2,567		91,873
	Sonic Corp.	13,946		369,708
	Speedway Motorsports, Inc.	10,200		221,034
	Texas Roadhouse, Inc.	19,524		941,838
	Town Sports International        Holdings, Inc.*	8,000		20,000
	Wendy’s Co. (The)@	69,630		941,398
	Wingstop, Inc.	364		10,771
				16,356,892
Household Durables — 1.4%
	Bassett Furniture Industries, Inc.	2,600		79,040
	Beazer Homes USA, Inc.*	1,643		21,852
	CalAtlantic Group, Inc.@	5,120		174,131
	California Coastal        Communities, Inc.*~§	1,800		—
	Cavco Industries, Inc.*	1,100		109,835
	Century Communities, Inc.*	614		12,894
	CSS Industries, Inc.	2,100		56,847
	Dixie Group, Inc. (The)*	1,200		4,320
	Ethan Allen Interiors, Inc.	6,796		250,433
	Flexsteel Industries, Inc.	1,266		78,074
	Green Brick Partners, Inc.*	2,837		28,512
	Helen of Troy Ltd.*	7,429		627,379
	Hooker Furniture Corp.	2,500		94,875
	Installed Building Products, Inc.*	6,010		248,213
	iRobot Corp.*	6,627		387,348
	KB Home@	22,962		363,029
	La-Z-Boy, Inc.	12,996		403,526
	Libbey, Inc.	10,888		211,881
	Lifetime Brands, Inc.	3,200		56,800
	M.D.C. Holdings, Inc.	12,413		318,518
	M/I Homes, Inc.*	5,641		142,040
	Meritage Homes Corp.*	10,314		358,927
	NACCO Industries, Inc., Class A	1,000		90,550
	Orleans Homebuilders, Inc.*@~§	4,953		—
	Taylor Morrison Home Corp., Class A*	7,918		152,501
	Tempur Sealy International, Inc.*@	244		16,660
	TopBuild Corp.*	1,536		54,682
	TRI Pointe Group, Inc.*	31,575		362,481
	Tupperware Brands Corp.@	11,712		616,285
	Universal Electronics, Inc.*	3,832		247,356
	WCI Communities, Inc.*	1,041		24,411
	William Lyon Homes, Class A*@	4,109		78,194
	ZAGG, Inc.*@	6,699		47,563
				5,719,157

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Household Products — 0.5%
	Central Garden & Pet Co.*	3,317	$	109,760
	Central Garden & Pet Co., Class A*	7,899		244,079
	Energizer Holdings, Inc.	11,460		511,231
	HRG Group, Inc.*	32,243		501,701
	Orchids Paper Products Co.@	2,619		68,565
	WD-40 Co.	4,702		549,664
				1,985,000
Independent Power Producers & Energy Traders — 0.3%
	Dynegy, Inc.*	12,990		109,895
	NRG Yield, Inc., Class A	6,260		96,154
	NRG Yield, Inc., Class C	11,658		184,196
	Ormat Technologies, Inc.	8,194		439,362
	Pattern Energy Group, Inc.	15,022		285,268
				1,114,875
Industrial Conglomerates — 0.1%
	Raven Industries, Inc.	9,755		245,826
Insurance — 4.2%
	Allied World Assurance Co.,        Holdings Ltd.	10,329		554,771
	Ambac Financial Group, Inc.*	10,842		243,945
	American Equity Investment        Life Holding Co.	20,884		470,725
	American National Insurance Co.	1,163		144,921
	AMERISAFE, Inc.	8,359		521,184
	Argo Group International Holdings Ltd.	9,260		610,234
	Aspen Insurance Holdings Ltd.	19,284		1,060,620
	Atlas Financial Holdings, Inc.*	393		7,094
	Baldwin & Lyons, Inc., Class B	1,818		45,814
	Citizens, Inc.*	11,958		117,428
	CNO Financial Group, Inc.	53,833		1,030,902
	Crawford & Co., Class A	10,528		99,700
	Crawford & Co., Class B@	4,545		57,085
	Donegal Group, Inc., Class A	5,354		93,588
	eHealth, Inc.*@	7,651		81,483
	EMC Insurance Group, Inc.	5,700		171,057
	Employers Holdings, Inc.	8,660		342,936
	Endurance Specialty Holdings Ltd.	7,731		714,344
	Enstar Group Ltd.*	2,516		497,413
	FBL Financial Group, Inc., Class A	6,600		515,790
	Federated National Holding Co.	3,383		63,228
	Fidelity & Guaranty Life	263		6,233
	First Acceptance Corp.*	15,539		16,161
	First American Financial Corp.	3,923		143,699
	Genworth Financial, Inc., Class A*	14,918		56,838
	Global Indemnity Ltd.*	3,524		134,652
	Greenlight Capital Re Ltd., Class A*	7,410		168,948
	Hallmark Financial Services, Inc.*	5,700		66,291
	Hanover Insurance Group, Inc. (The)	5,413		492,637
	HCI Group, Inc.@	3,748		147,971
	Heritage Insurance Holdings, Inc.	3,869		60,627
	Horace Mann Educators Corp.	12,678		542,618
	Independence Holding Co.	3,520		68,816
	Infinity Property & Casualty Corp.	3,270		287,433
	Investors Title Co.	292		46,189
	Kemper Corp.	15,116		669,639
	Maiden Holdings Ltd.	18,753		327,240
	MBIA, Inc.*	35,223		376,886
	Mercury General Corp.	12,517		753,649
	National General Holdings Corp.	17,357		433,751
	Navigators Group, Inc. (The)	3,600		423,900
	OneBeacon Insurance        Group Ltd., Class A	6,225		99,911
	Primerica, Inc.	13,776		952,610
	ProAssurance Corp.	11,624		653,269
	RLI Corp.	13,400		845,942
	Safety Insurance Group, Inc.	3,996		294,505
	Selective Insurance Group, Inc.	13,673		588,623
	State Auto Financial Corp.	9,900		265,419
	State National Cos., Inc.	2,779		38,517
	Stewart Information Services Corp.	5,055		232,934
	Unico American Corp.*	1,700		18,275
	United Fire Group, Inc.	6,100		299,937
	United Insurance Holdings Corp.	4,721		71,476
	Universal Insurance Holdings, Inc.	12,620		358,408
	WMIH Corp.*	2,492		3,863
				17,392,129
Internet & Catalog Retail — 0.5%
	1-800-Flowers.com, Inc., Class A*	13,623		145,766
	Blue Nile, Inc.	3,142		127,660
	CafePress, Inc.*	2,322		6,827
	FTD Cos., Inc.*	6,039		143,970
	HSN, Inc.	13,151		451,079
	Liberty TripAdvisor        Holdings, Inc., Class A*	11,266		169,553
	NutriSystem, Inc.	7,768		269,161
	Overstock.com, Inc.*	4,154		72,695
	PetMed Express, Inc.	5,572		128,546
	Shutterfly, Inc.*	10,368		520,266
	US Auto Parts Network, Inc.*	8,193		28,839
				2,064,362
Internet Software & Services — 1.3%
	Actua Corp.*	12,110		169,540
	Angie’s List, Inc.*	4,421		36,385
	Bankrate, Inc.*	13,455		148,678
	Bazaarvoice, Inc.*	10,930		53,010
	Blucora, Inc.*	10,400		153,400
	Carbonite, Inc.*	7,052		115,653
	Care.com, Inc.*	534		4,576
	Cimpress NV*	6,915		633,483
	CommerceHub, Inc., Series A*	298		4,473
	comScore, Inc.*	511		16,137
	DHI Group, Inc.*	21,431		133,944
	EarthLink Holdings Corp.	29,174		164,541
	Envestnet, Inc.*@	7,051		248,548
	GTT Communications, Inc.*	7,000		201,250
	Internap Corp.*	14,992		23,088
	IntraLinks Holdings, Inc.*	14,256		192,741
	Inuvo, Inc.*	3,400		5,678
	j2 Global, Inc.@	6,984		571,291

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Internet Software & Services (Continued)
	Leaf Group Ltd.*	803	$	5,260
	Limelight Networks, Inc.*	30,774		77,550
	Liquidity Services, Inc.*	4,750		46,313
	LogMeIn, Inc.	200		19,310
	MeetMe, Inc.*@	24,045		118,542
	NIC, Inc.	16,603		396,812
	Numerex Corp., Class A*	2,359		17,457
	QuinStreet, Inc.*	9,301		34,972
	Qumu Corp.*	3,400		8,092
	RealNetworks, Inc.*	11,295		54,894
	Reis, Inc.	2,969		66,060
	RetailMeNot, Inc.*	7,590		70,587
	Shutterstock, Inc.*	8,258		392,420
	Stamps.com, Inc.*	2,485		284,905
	TechTarget, Inc.*	3,038		25,914
	Travelzoo, Inc.*	2,482		23,331
	Web.com Group, Inc.*	14,150		299,272
	WebMD Health Corp.*	9,013		446,774
	XO Group, Inc.*	10,260		199,557
	Yelp, Inc.*	812		30,962
	YuMe, Inc.*	2,573		9,211
				5,504,611
IT Services — 2.2%
	Acxiom Corp.*	29,790		798,372
	Blackhawk Network Holdings, Inc.*@	13,958		525,868
	CACI International, Inc., Class A*	6,111		759,597
	Cardtronics PLC, Class A*	12,536		684,090
	Cass Information Systems, Inc.	2,759		202,980
	Ciber, Inc.*	17,360		10,968
	Computer Task Group, Inc.	4,027		16,954
	Convergys Corp.	23,323		572,813
	CoreLogic, Inc.*	9,502		349,959
	CSG Systems International, Inc.	9,625		465,850
	Datalink Corp.*	7,595		85,520
	Edgewater Technology, Inc.*	2,300		17,250
	EPAM Systems, Inc.*	566		36,399
	Euronet Worldwide, Inc.*	521		37,736
	Everi Holdings, Inc.*	16,896		36,664
	ExlService Holdings, Inc.*	9,262		467,175
	Forrester Research, Inc.	8,761		376,285
	Hackett Group, Inc. (The)	14,155		249,977
	Innodata, Inc.*	5,684		13,926
	Lionbridge Technologies, Inc.*	21,926		127,171
	Mantech International Corp., Class A	5,860		247,585
	ModusLink Global Solutions, Inc.*	6,850		10,001
	MoneyGram International, Inc.*	9,824		116,021
	NCI, Inc., Class A	134		1,869
	Perficient, Inc.*	7,956		139,150
	PFSweb, Inc.*	4,255		36,168
	Planet Payment, Inc.*	10,115		41,269
	PRGX Global, Inc.*	4,649		27,429
	Science Applications International Corp.	11,148		945,350
	SYKES Enterprises, Inc.*	11,744		338,932
	TeleTech Holdings, Inc.	16,779		511,760
	Travelport Worldwide Ltd.	21,337		300,852
	Unisys Corp.*@	13,257		198,192
	Virtusa Corp.*	8,976		225,477
				8,975,609
Leisure Equipment & Products — 0.4%
	American Outdoor Brands Corp.*	11,555		243,579
	Arctic Cat, Inc.	3,625		54,448
	Black Diamond, Inc.*	1,900		10,165
	Callaway Golf Co.	21,022		230,401
	Escalade, Inc.	1,950		25,740
	Jakks Pacific, Inc.*@	5,129		26,414
	Johnson Outdoors, Inc., Class A	1,000		39,690
	Malibu Boats, Inc., Class A*	2,439		46,536
	Marine Products Corp.	4,652		64,523
	Nautilus, Inc.*	11,702		216,487
	Sturm Ruger & Co., Inc.@	6,113		322,155
	Vista Outdoor, Inc.*	12,035		444,092
				1,724,230
Life Sciences Tools & Services — 0.6%
	Albany Molecular Research, Inc.*@	8,825		165,557
	Bruker Corp.	5,966		126,360
	Cambrex Corp.*	7,454		402,143
	Charles River Laboratories        International, Inc.*	4,754		362,207
	Enzo Biochem, Inc.*	14,189		98,472
	Fluidigm Corp.*	1,136		8,270
	Harvard Bioscience, Inc.*	10,123		30,875
	INC Research Holdings, Inc., Class A*	8,565		450,519
	Luminex Corp.*@	10,896		220,426
	Parexel International Corp.*@	6,254		411,013
				2,275,842
Machinery — 4.7%
	Actuant Corp., Class A	16,193		420,208
	Alamo Group, Inc.	2,600		197,860
	Albany International Corp., Class A	11,847		548,516
	Altra Industrial Motion Corp.	12,275		452,947
	American Railcar Industries, Inc.@	5,900		267,211
	Astec Industries, Inc.	4,892		330,014
	Barnes Group, Inc.	17,454		827,669
	Blue Bird Corp.*	895		13,828
	Briggs & Stratton Corp.	11,874		264,315
	Chart Industries, Inc.*	6,711		241,730
	CIRCOR International, Inc.	4,348		282,098
	CLARCOR, Inc.	10,249		845,235
	Colfax Corp.*	413		14,839
	Columbus McKinnon Corp.	5,051		136,579
	Commercial Vehicle Group, Inc.*	10,768		59,547
	Crane Co.	3,749		270,378
	DMC Global, Inc.	3,484		55,221
	Douglas Dynamics, Inc.	5,987		201,463
	Eastern Co. (The)	500		10,450
	Energy Recovery, Inc.*	2,616		27,076
	EnPro Industries, Inc.	6,545		440,871
	ESCO Technologies, Inc.	5,761		326,361
	Federal Signal Corp.	16,169		252,398

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Machinery (Continued)
	Franklin Electric Co., Inc.	13,269	$	516,164
	FreightCar America, Inc.	2,400		35,832
	Global Brass & Copper Holdings, Inc.	6,925		237,528
	Gorman-Rupp Co. (The)	5,455		168,832
	Graham Corp.	1,900		42,085
	Greenbrier Cos., Inc. (The)@	6,690		277,969
	Hardinge, Inc.	1,500		16,620
	Harsco Corp.	19,401		263,854
	Hillenbrand, Inc.	18,458		707,864
	Hurco Cos., Inc.	1,000		33,100
	Hyster-Yale Materials Handling, Inc.	2,000		127,540
	ITT, Inc.	6,391		246,501
	John Bean Technologies Corp.	8,769		753,696
	Joy Global, Inc.	9,106		254,968
	Kadant, Inc.	3,400		208,080
	Kennametal, Inc.	14,622		457,084
	Key Technology, Inc.*	1,100		12,826
	LB Foster Co., Class A	2,471		33,606
	Lindsay Corp.	2,399		178,989
	Lydall, Inc.*	3,767		232,989
	Manitex International, Inc.*	1,300		8,918
	Manitowoc Co., Inc. (The)*	32,658		195,295
	Manitowoc Foodservice, Inc.*	32,658		631,279
	Meritor, Inc.*	24,635		305,967
	Mfri, Inc.*	1,900		15,390
	Miller Industries, Inc.	2,958		78,239
	Mueller Industries, Inc.	17,150		685,314
	Mueller Water Products, Inc., Class A	41,506		552,445
	NN, Inc.	7,482		142,532
	Omega Flex, Inc.	488		27,211
	Proto Labs, Inc.*	5,527		283,811
	RBC Bearings, Inc.*	5,604		520,107
	Rexnord Corp.*	24,475		479,465
	SPX Corp.*	6,967		165,257
	SPX FLOW, Inc.*	6,533		209,448
	Standex International Corp.	3,825		336,026
	Sun Hydraulics Corp.	6,200		247,814
	Supreme Industries, Inc., Class A	6,980		109,586
	Tennant Co.	4,939		351,657
	Terex Corp.	11,454		361,145
	Timken Co. (The)	17,684		702,055
	Titan International, Inc.@	14,568		163,307
	Trimas Corp.*	12,810		301,035
	Twin Disc, Inc.	2,200		32,120
	Wabash National Corp.*@	20,517		324,579
	Watts Water Technologies, Inc., Class A	7,800		508,560
	Woodward, Inc.	4,871		336,343
	Xerium Technologies, Inc.*	2,113		11,875
				19,379,721
Marine — 0.2%
	Kirby Corp.*	5,302		352,583
	Matson, Inc.	10,731		379,770
				732,353
Media — 1.5%
	AH Belo Corp., Class A	3,878		24,625
	AMC Entertainment
	Holdings, Inc., Class A	6,707		225,691
	Ballantyne Strong, Inc.*	3,464		27,712
	Beasley Broadcast Group, Inc., Class A	1,657		10,273
	Clear Channel Outdoor
	Holdings, Inc., Class A	3,398		17,160
	Cumulus Media, Inc., Class A*	5,136		5,239
	Entercom Communications
	Corp., Class A	4,435		67,856
	Entravision Communications
	Corp., Class A	18,319		128,233
	EW Scripps Co. (The), Class A*@	22,625		437,341
	Gannett Co., Inc.	19,363		188,015
	Global Eagle Entertainment, Inc.*	2,123		13,715
	Gray Television, Inc.*	15,960		173,166
	Harte-Hanks, Inc.	17,183		25,946
	John Wiley & Sons, Inc., Class A	10,578		576,501
	Lions Gate Entertainment
	Corp., Class B*@	5,731		140,639
	McClatchy Co. (The), Class A*	73		962
	Media General, Inc.*	3,965		74,661
	Meredith Corp.	8,903		526,612
	MSG Networks, Inc., Class A*	12,409		266,793
	National CineMedia, Inc.	15,891		234,074
	New York Times Co. (The), Class A	38,149		507,382
	Nexstar Broadcasting
	Group, Inc., Class A	8,989		569,004
	Radio One, Inc.*@	6,700		19,430
	Reading International, Inc., Class A*	2,200		36,520
	Regal Entertainment Group, Class A	21,304		438,862
	Saga Communications, Inc., Class A	1,116		56,135
	Salem Media Group, Inc., Class A	1,041		6,506
	Scholastic Corp.	7,171		340,551
	Sinclair Broadcast
	Group, Inc., Class A@.	18,743		625,079
	Time, Inc.	20,834		371,887
	tronc, Inc.@	2,800		38,836
	World Wrestling
	Entertainment, Inc., Class A	625		11,500
				6,186,906
Metals & Mining — 1.7%
	AK Steel Holding Corp.*	20,706		211,408
	Ampco-Pittsburgh Corp.	2,200		36,850
	Carpenter Technology Corp.	9,739		352,259
	Century Aluminum Co.*	20,953		179,358
	Cliffs Natural Resources, Inc.*@	11,460		96,378
	Coeur Mining, Inc.*	22,496		204,489
	Commercial Metals Co.	31,042		676,095
	Compass Minerals International, Inc.@	7,742		606,586
	Ferroglobe PLC	24,025		260,191
	Ferroglobe Representation &
	Warranty Insurance Trust~§	24,025		—

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Metals & Mining (Continued)
	Friedman Industries, Inc.	700	$	4,662
	Gold Resource Corp.	16,351		71,127
	Haynes International, Inc.	2,521		108,378
	Hecla Mining Co.	87,123		456,524
	Kaiser Aluminum Corp.	4,533		352,169
	Materion Corp.	5,300		209,880
	McEwen Mining, Inc.@	21,736		63,252
	Olympic Steel, Inc.	1,900		46,037
	Real Industry, Inc.*	1,320		8,052
	Ryerson Holding Corp.*	9,188		122,660
	Schnitzer Steel Industries, Inc., Class A	9,223		237,031
	Stillwater Mining Co.*	32,208		518,871
	SunCoke Energy, Inc.*	17,109		194,016
	TimkenSteel Corp.*@	7,647		118,375
	United States Steel Corp.	26,257		866,743
	Universal Stainless &
	Alloy Products, Inc.*	1,400		18,914
	Worthington Industries, Inc.	17,054		809,042
				6,829,347
Multi-Utilities — 0.6%
	Avista Corp.	16,713		668,353
	Black Hills Corp.@	12,049		739,086
	NorthWestern Corp.	11,897		676,582
	Unitil Corp.	4,584		207,839
				2,291,860
Multiline Retail — 0.3%
	Big Lots, Inc.@	13,429		674,270
	Bon-Ton Stores, Inc. (The)*	2,700		3,969
	Dillard’s, Inc., Class A	1,249		78,300
	Fred’s, Inc., Class A@	9,237		171,439
	Gordmans Stores, Inc.*@	2,170		1,487
	J.C. Penney Co., Inc.*@	37,504		311,658
	Tuesday Morning Corp.*	9,803		52,936
				1,294,059
Oil, Gas & Consumable Fuels — 2.1%
	Abraxas Petroleum Corp.*	14,400		37,008
	Adams Resources & Energy, Inc.	900		35,685
	Alon USA Energy, Inc.	16,621		189,147
	Approach Resources, Inc.*	1,249		4,184
	Barnwell Industries, Inc.*	2,159		3,541
	Bill Barrett Corp.*	11,138		77,855
	Callon Petroleum Co.*	13,793		211,998
	Clayton Williams Energy, Inc.*	2,100		250,446
	Clean Energy Fuels Corp.*	15,954		45,628
	Cloud Peak Energy, Inc.*@	14,607		81,945
	CONSOL Energy, Inc.	1,325		24,155
	Contango Oil & Gas Co.*	4,510		42,123
	CVR Energy, Inc.@	334		8,480
	Delek US Holdings, Inc.	14,875		358,041
	DHT Holdings, Inc.@	19,547		80,925
	Dorian LPG Ltd.*@	1,202		9,868
	Eclipse Resources Corp.*	4,008		10,701
	EnLink Midstream LLC	17,997		342,843
	EP Energy Corp., Class A*@	9,937		65,087
	Evolution Petroleum Corp.	3,835		38,350
	GasLog Ltd.	18,166		292,473
	Gastar Exploration, Inc.*	472		732
	Green Plains, Inc.	9,194		256,053
	Gulfport Energy Corp.*	4,889		105,798
	International Seaways, Inc.*	134		1,881
	Jones Energy, Inc., Class A*@	1,074		5,370
	Kosmos Energy Ltd.*@	30,371		212,901
	Laredo Petroleum, Inc.*	7,352		103,957
	Northern Oil & Gas, Inc.*	8,420		23,155
	Oasis Petroleum, Inc.*	33,182		502,375
	Overseas Shipholding
	Group, Inc., Class A	404		1,547
	Panhandle Oil & Gas, Inc., Class A	3,073		72,369
	Par Pacific Holdings, Inc.*@	2,890		42,021
	Parsley Energy, Inc., Class A*	5,390		189,944
	PBF Energy, Inc., Class A	20,151		561,810
	PDC Energy, Inc.*	9,518		690,816
	PetroQuest Energy, Inc.*	471		1,559
	Renewable Energy Group, Inc.*@	10,144		98,397
	Rex American Resources Corp.*	1,575		155,531
	Rice Energy, Inc.*	6,705		143,152
	Ring Energy, Inc.*	5,341		69,380
	RSP Permian, Inc.*	18,721		835,331
	Scorpio Tankers, Inc.@	42,198		191,157
	SemGroup Corp., Class A	11,286		471,191
	Ship Finance International Ltd.@	20,026		297,386
	SM Energy Co.	9,500		327,560
	Synergy Resources Corp.*@	35,804		319,014
	Teekay Corp.	5,035		40,431
	Teekay Tankers Ltd., Class A@	13,575		30,680
	Vaalco Energy, Inc.*	14,113		14,678
	Western Refining, Inc.	3,742		141,635
	World Fuel Services Corp.	2,684		123,222
	WPX Energy, Inc.*	27,681		403,312
				8,644,828
Paper & Forest Products — 0.9%
	Boise Cascade Co.*	9,706		218,385
	Clearwater Paper Corp.*	5,623		368,588
	Deltic Timber Corp.	2,800		215,796
	Domtar Corp.	13,884		541,892
	KapStone Paper & Packaging Corp.	25,673		566,090
	Louisiana-Pacific Corp.*	38,019		719,700
	Mercer International, Inc.	13,909		148,131
	Neenah Paper, Inc.	3,300		281,160
	P. H. Glatfelter Co.	11,389		272,083
	Resolute Forest Products, Inc.*	8,572		45,860
	Schweitzer-Mauduit International, Inc.	8,407		382,771
				3,760,456
Personal Products — 0.5%
	Avon Products, Inc.*	75,554		380,792
	CCA Industries, Inc.*	556		1,460
	Inter Parfums, Inc.	10,446		342,107
	Medifast, Inc.	5,232		217,808

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Personal Products (Continued)
	Natural Alternatives International, Inc.*	1,000	$	11,300
	Natural Health Trends Corp.@	1,100		27,335
	Natures Sunshine Products, Inc.	1,700		25,500
	Nu Skin Enterprises, Inc., Class A	8,645		413,058
	Nutraceutical International Corp.	2,300		80,385
	Revlon, Inc., Class A*	11,462		334,117
	United-Guardian, Inc.	600		9,300
	USANA Health Sciences, Inc.*@	6,574		402,329
				2,245,491
Pharmaceuticals — 0.9%
	Akorn, Inc.*	5,685		124,104
	Amphastar Pharmaceuticals, Inc.*	6,749		124,317
	ANI Pharmaceuticals, Inc.*	885		53,649
	Aralez Pharmaceuticals, Inc.*@	707		3,118
	Catalent, Inc.*	19,051		513,615
	Cumberland Pharmaceuticals, Inc.*	5,912		32,516
	Depomed, Inc.*@	11,562		208,347
	Horizon Pharma PLC*	7,317		118,389
	Impax Laboratories, Inc.*	18,471		244,741
	Innoviva, Inc.*@	1,313		14,049
	Juniper Pharmaceuticals, Inc.*	1,500		8,400
	Lannett Co., Inc.*@	9,415		207,601
	Lipocine, Inc.*@	4,394		16,170
	Medicines Co. (The)*@	15,577		528,683
	Phibro Animal Health Corp., Class A	3,593		105,275
	Prestige Brands Holdings, Inc.*	15,321		798,224
	Sciclone Pharmaceuticals, Inc.*	17,503		189,032
	Sucampo Pharmaceuticals, Inc.,
	Class A*	13,942		188,914
	Supernus Pharmaceuticals, Inc.*	12,411		313,378
	Tetraphase Pharmaceuticals, Inc.*	2,448		9,865
	Titan Pharmaceuticals, Inc.*@	2,529		10,116
	Zogenix, Inc.*@	2,563		31,140
				3,843,643
Professional Services — 1.6%
	Acacia Research Corp.	7,978		51,857
	Advisory Board Co. (The)*	9,942		330,572
	Barrett Business Services, Inc.	2,602		166,788
	CBIZ, Inc.*	15,700		215,090
	CDI Corp.	4,800		35,520
	CEB, Inc.	9,267		561,580
	CRA International, Inc.	2,200		80,520
	Exponent, Inc.	6,651		401,055
	Franklin Covey Co.*	5,596		112,759
	FTI Consulting, Inc.*	10,148		457,472
	GP Strategies Corp.*	5,007		143,200
	Heidrick & Struggles International, Inc.	4,281		103,386
	Hill International, Inc.*	9,200		40,020
	Hudson Global, Inc.	2,471		3,361
	Huron Consulting Group, Inc.*	5,494		278,271
	ICF International, Inc.*	4,955		273,516
	Insperity, Inc.	5,700		404,415
	Kelly Services, Inc., Class A	7,420		170,066
	Kforce, Inc.	11,164		257,888
	Korn/Ferry International	13,550		398,777
	Mastech Digital, Inc.*	1,061		7,225
	Mistras Group, Inc.*	6,408		164,558
	Navigant Consulting, Inc.*	11,322		296,410
	On Assignment, Inc.*	15,403		680,197
	Pendrell Corp.*	2,266		15,296
	RCM Technologies, Inc.*	2,995		19,048
	Resources Connection, Inc.	11,493		221,240
	RPX Corp.*	14,391		155,423
	TriNet Group, Inc.*	13,099		335,596
	TrueBlue, Inc.*	10,021		247,018
	Volt Information Sciences, Inc.*	2,024		13,864
	Willdan Group, Inc.*	3,462		78,207
				6,720,195
Real Estate Management & Development — 0.6%
	Alexander & Baldwin, Inc.	13,989		627,686
	Altisource Asset Management Corp.*@	596		31,886
	Altisource Portfolio Solutions SA*@	5,434		144,490
	AV Homes, Inc.*	2,349		37,114
	Consolidated-Tomoka Land Co.	995		53,153
	Forestar Group, Inc.*	10,487		139,477
	Griffin Industrial Realty, Inc.	420		13,327
	HFF, Inc., Class A	9,968		301,532
	Kennedy-Wilson Holdings, Inc.	22,178		454,649
	Marcus & Millichap, Inc.*	7,383		197,274
	RE/MAX Holdings, Inc., Class A	3,519		197,064
	RMR Group, Inc. (The), Class A	1,159		45,780
	St. Joe Co. (The)*@	2,649		50,331
	Stratus Properties, Inc.*	313		10,251
	Tejon Ranch Co.*	6,256		159,090
				2,463,104
Road & Rail — 1.2%
	AMERCO	1,235		456,444
	ArcBest Corp.	6,195		171,292
	Avis Budget Group, Inc.*	979		35,910
	Celadon Group, Inc.@	5,488		39,239
	Covenant Transportation Group, Inc.,
	Class A*	3,731		72,157
	Heartland Express, Inc.@	22,347		454,985
	Knight Transportation, Inc.@	20,988		693,653
	Landstar System, Inc.	10,561		900,853
	Marten Transport Ltd.	8,967		208,931
	P.A.M. Transportation Services, Inc.*	1,523		39,568
	Roadrunner Transportation
	Systems, Inc.*	8,254		85,759
	Saia, Inc.*	7,375		325,606
	Swift Transportation Co.*@	18,903		460,477
	Universal Truckload Services, Inc.	3,300		53,955
	USA Truck, Inc.*	1,900		16,549
	Werner Enterprises, Inc.	21,804		587,618
	YRC Worldwide, Inc.*	16,171		214,751
				4,817,747

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment — 3.6%
	Advanced Energy Industries, Inc.*	15,048	$	823,878
	Alpha & Omega Semiconductor Ltd.*	6,435		136,872
	Ambarella, Inc.*@	3,901		211,161
	Amkor Technology, Inc.*	66,467		701,227
	Amtech Systems, Inc.*	2,200		9,350
	Axcelis Technologies, Inc.*	13,370		194,534
	AXT, Inc.*	12,200		58,560
	Brooks Automation, Inc.	16,972		289,712
	Cabot Microelectronics Corp.	5,995		378,704
	Cavium, Inc.*@	942		58,819
	Ceva, Inc.*	4,958		166,341
	Cirrus Logic, Inc.*	15,545		878,914
	Cohu, Inc.	4,866		67,637
	Cree, Inc.*	11,395		300,714
	Cyberoptics Corp.*	1,700		44,370
	Diodes, Inc.*	11,325		290,713
	DSP Group, Inc.*	2,800		36,540
	Entegris, Inc.*	35,542		636,202
	Exar Corp.*	16,656		179,552
	FormFactor, Inc.*	16,807		188,238
	GigPeak, Inc.*@	2,684		6,764
	GSI Technology, Inc.*	4,125		25,575
	Integrated Device Technology, Inc.*	38,007		895,445
	Intersil Corp., Class A	35,197		784,893
	IXYS Corp.	8,202		97,604
	Kopin Corp.*	28,174		80,014
	Kulicke & Soffa Industries, Inc.*	18,438		294,086
	Lattice Semiconductor Corp.*	28,018		206,213
	MACOM Technology Solutions        Holdings, Inc.*@	3,168		146,615
	Magnachip Semiconductor Corp.*	5,846		36,245
	MaxLinear, Inc., Class A*	9,792		213,466
	MKS Instruments, Inc.	13,879		824,413
	Monolithic Power Systems, Inc.	2,385		195,403
	Nanometrics, Inc.*	8,125		203,613
	NeoPhotonics Corp.*	17,049		184,300
	NVE Corp.	200		14,286
	PDF Solutions, Inc.*	10,588		238,759
	Photronics, Inc.*	16,333		184,563
	Power Integrations, Inc.	8,577		581,949
	Rambus, Inc.*	28,336		390,187
	Rudolph Technologies, Inc.*	8,906		207,955
	Semtech Corp.*	18,554		585,379
	Sigma Designs, Inc.*	15,433		92,598
	Silicon Laboratories, Inc.*	10,644		691,860
	SolarEdge Technologies, Inc.*@	1,621		20,100
	SunPower Corp.*@	19,307		127,619
	Synaptics, Inc.*@	10,527		564,037
	Tessera Holding Corp.	14,056		621,275
	Ultra Clean Holdings, Inc.*	6,729		65,271
	Ultratech, Inc.*	11,337		271,861
	Veeco Instruments, Inc.*	9,575		279,111
	Xcerra Corp.*	12,391		94,667
				14,878,164
Software — 2.4%
	ACI Worldwide, Inc.*	34,283		622,236
	American Software, Inc., Class A	9,433		97,443
	Aspen Technology, Inc.*@	7,809		426,996
	Aware, Inc.*	4,900		29,890
	Barracuda Networks, Inc.*	8,761		187,748
	Blackbaud, Inc.	11,875		760,000
	Bottomline Technologies de, Inc.*	7,935		198,534
	Bsquare Corp.*	2,300		13,455
	Covisint Corp.*	7,419		14,096
	Datawatch Corp.*	2,445		13,448
	Ebix, Inc.@	2,155		122,943
	Ellie Mae, Inc.*@	2,220		185,770
	EnerNOC, Inc.*	6,500		39,000
	Fair Isaac Corp.	6,592		785,898
	Globant SA*	760		25,346
	Glu Mobile, Inc.*@	14,543		28,213
	GSE Systems, Inc.*@	2,896		10,136
	Mentor Graphics Corp.	32,443		1,196,822
	MicroStrategy, Inc., Class A*	1,426		281,492
	Monotype Imaging Holdings, Inc.	10,597		210,350
	Paycom Software, Inc.*@	14,902		677,892
	Pegasystems, Inc.	18,834		678,024
	Progress Software Corp.	13,610		434,567
	QAD, Inc., Class A	4,909		149,234
	QAD, Inc., Class B	1,219		31,145
	Qualys, Inc.*	6,337		200,566
	Rosetta Stone, Inc.*	772		6,879
	Rubicon Project, Inc. (The)*	6,490		48,156
	Seachange International, Inc.*	7,100		16,330
	Silver Spring Networks, Inc.*	8,114		107,997
	Synchronoss Technologies, Inc.*	11,475		439,493
	Tangoe, Inc.*	3,351		26,406
	TeleNav, Inc.*	8,331		58,734
	TiVo Corp.*	30,394		635,235
	VASCO Data Security       International, Inc.*	7,796		106,415
	Verint Systems, Inc.*	12,694		447,464
	Zedge, Inc., Class B*	2,411		7,546
	Zix Corp.*	14,383		71,052
	Zynga, Inc., Class A*	155,342		399,229
				9,792,180
Specialty Retail — 3.4%
	Aaron’s, Inc.	18,376		587,848
	Abercrombie & Fitch Co., Class A@	14,745		176,940
	America’s Car-Mart, Inc.*	2,516		110,075
	American Eagle Outfitters, Inc.@	38,979		591,311
	Asbury Automotive Group, Inc.*	8,762		540,615
	Ascena Retail Group, Inc.*	43,780		270,998
	Barnes & Noble Education, Inc.*	10,227		117,304
	Barnes & Noble, Inc.	15,776		175,902
	bebe stores, Inc.*@	1,921		9,778
	Big 5 Sporting Goods Corp.	6,183		107,275
	Boot Barn Holdings, Inc.*	1,195		14,961
	Buckle, Inc. (The)@	12,544		286,003

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Specialty Retail (Continued)
	Build-A-Bear Workshop, Inc.*	3,739	$	51,411
	Cabela’s, Inc.*	2,975		174,186
	Caleres, Inc.	11,677		383,239
	Cato Corp. (The), Class A	6,792		204,303
	Chico’s FAS, Inc.	32,315		465,013
	Children’s Place, Inc. (The)@	4,800		484,560
	Christopher & Banks Corp.*	7,704		18,027
	Citi Trends, Inc.	3,643		68,634
	Conn’s, Inc.*	8,299		104,982
	CST Brands, Inc.	7,795		375,329
	Destination Maternity Corp.	2,800		14,476
	Destination XL Group, Inc.*	9,525		40,481
	DSW, Inc., Class A	17,801		403,193
	Express, Inc.*	18,936		203,751
	Finish Line Inc. (The), Class A@	14,724		276,959
	Five Below, Inc.*@	13,253		529,590
	Francesca’s Holdings Corp.*	8,973		161,783
	GameStop Corp., Class A	7,712		194,805
	Genesco, Inc.*	6,525		405,203
	GNC Holdings, Inc., Class A@	9,345		103,169
	Group 1 Automotive, Inc.	6,400		498,816
	Guess?, Inc.	19,715		238,552
	Haverty Furniture Cos., Inc.	4,500		106,650
	hhgregg, Inc.*@	7,855		11,233
	Hibbett Sports, Inc.*@	6,748		251,700
	Kirkland’s, Inc.*	5,977		92,703
	Lithia Motors, Inc., Class A@	7,255		702,502
	Lumber Liquidators Holdings, Inc.*@	6,687		105,253
	MarineMax, Inc.*	5,699		110,276
	Monro Muffler Brake, Inc.	9,650		551,980
	Murphy USA, Inc.*	11,781		724,178
	New York & Co., Inc.*	17,542		39,820
	Office Depot, Inc.	129,524		585,449
	Penske Auto Group, Inc.	5,415		280,714
	Perfumania Holdings, Inc.*	1,156		1,763
	Pier 1 Imports, Inc.	25,113		214,465
	Rent-A-Center, Inc.@	12,778		143,753
	Select Comfort Corp.*	13,560		306,727
	Shoe Carnival, Inc.	3,860		104,143
	Sonic Automotive, Inc., Class A@	9,895		226,596
	Sportsman’s Warehouse        Holdings, Inc.*@	7,232		67,909
	Stage Stores, Inc.@	7,304		31,919
	Stein Mart, Inc.	12,554		68,796
	Tailored Brands, Inc.	3,260		83,293
	Tandy Leather Factory, Inc.*	3,611		29,249
	Tile Shop Holdings, Inc.*	4,471		87,408
	Tilly’s, Inc., Class A*	2,125		28,029
	Trans World Entertainment Corp.*	5,400		17,820
	Urban Outfitters, Inc.*@	1,362		38,790
	Vitamin Shoppe, Inc.*	7,763		184,371
	West Marine, Inc.*	5,255		55,020
	Winmark Corp.	1,162		146,586
	Zumiez, Inc.*	10,304		225,142
				14,013,709
Textiles, Apparel & Luxury Goods — 0.9%
	Cherokee, Inc.*	1,700		17,850
	Columbia Sportswear Co.	1,363		79,463
	Crocs, Inc.*	21,632		148,396
	Culp, Inc.	4,958		184,190
	Deckers Outdoor Corp.*	7,708		426,946
	Delta Apparel, Inc.*	1,153		23,902
	Fossil Group, Inc.*	2,477		64,055
	G-III Apparel Group Ltd.*@	12,918		381,856
	Iconix Brand Group, Inc.*	13,700		127,958
	Kate Spade & Co.*	21,772		406,483
	Lakeland Industries, Inc.*	440		4,576
	Movado Group, Inc.	4,486		128,972
	Oxford Industries, Inc.	4,436		266,737
	Perry Ellis International, Inc.*	3,333		83,025
	Rocky Brands, Inc.	1,000		11,550
	Sequential Brands Group, Inc.*	1,723		8,064
	Steven Madden Ltd.*	18,385		657,264
	Superior Uniform Group, Inc.	2,200		43,164
	Unifi, Inc.*	4,533		147,912
	Vera Bradley, Inc.*	7,472		87,572
	Vince Holding Corp.*	3,729		15,102
	Wolverine World Wide, Inc.	26,290		577,065
				3,892,102
Thrifts & Mortgage Finance — 2.4%
	Astoria Financial Corp.	26,701		497,974
	Atlantic Coast Financial Corp.*	1,765		12,002
	Bank Mutual Corp.	10,012		94,613
	BankFinancial Corp.	4,900		72,618
	Bear State Financial, Inc.	1,232		12,505
	Beneficial Bancorp, Inc.	19,038		350,299
	BofI Holding, Inc.*@	16,994		485,179
	Capitol Federal Financial, Inc.	38,288		630,221
	Charter Financial Corp.	307		5,118
	Citizens Community Bancorp, Inc.	400		4,972
	Clifton Bancorp, Inc.	4,918		83,213
	Dime Community Bancshares, Inc.	9,230		185,523
	ESSA Bancorp, Inc.	1,900		29,868
	EverBank Financial Corp.	16,352		318,046
	Federal Agricultural Mortgage Corp.,        Class C	1,400		80,178
	First Defiance Financial Corp.	1,100		55,814
	Flagstar Bancorp, Inc.*	13,420		361,535
	Hingham Institution for Savings@	213		41,914
	Home Bancorp, Inc.	994		38,378
	HomeStreet, Inc.*	4,321		136,544
	HopFed Bancorp, Inc.	415		5,586
	Impac Mortgage Holdings, Inc.*@	301		4,220
	Kearny Financial Corp.	23,771		369,639
	Lake Sunapee Bank Group	200		4,718
	LendingTree, Inc.*	2,115		214,355
	Meridian Bancorp, Inc.	11,660		220,374
	Meta Financial Group, Inc.	2,736		281,534
	MGIC Investment Corp.*	38,605		393,385
	Nationstar Mortgage Holdings, Inc.*	4,024		72,673
	NMI Holdings, Inc., Class A*	4,062		43,260

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (Continued)
	Northfield Bancorp, Inc.	14,040	$	280,379
	Northwest Bancshares, Inc.	25,789		464,976
	OceanFirst Financial Corp.	5,554		166,787
	Oritani Financial Corp.	13,840		259,500
	PennyMac Financial        Services, Inc., Class A*	1,561		25,991
	PHH Corp.*	13,064		198,050
	Provident Financial Holdings, Inc.	1,124		22,727
	Provident Financial Services, Inc.	15,994		452,630
	Radian Group, Inc.	22,936		412,389
	SI Financial Group, Inc.	2,065		31,801
	Southern Missouri Bancorp, Inc.	300		10,614
	Territorial Bancorp, Inc.	2,302		75,598
	Timberland Bancorp, Inc.	2,600		53,716
	Trustco Bank Corp. NY	24,992		218,680
	United Community Financial Corp.	13,392		119,724
	United Financial Bancorp, Inc.	13,701		248,810
	Walker & Dunlop, Inc.*	7,823		244,078
	Washington Federal, Inc.	25,804		886,367
	Waterstone Financial, Inc.	8,664		159,418
	Western New England Bancorp, Inc.	5,000		46,750
	WSFS Financial Corp.	6,327		293,256
				9,778,499
Tobacco — 0.3%
	Alliance One International, Inc.*	1,792		34,406
	Universal Corp.	5,600		357,000
	Vector Group Ltd.@	34,744		790,079
				1,181,485
Trading Companies & Distributors — 1.5%
	Air Lease Corp.	13,048		447,938
	Aircastle Ltd.	15,000		312,750
	Applied Industrial Technologies, Inc.	12,730		756,162
	Beacon Roofing Supply, Inc.*	14,009		645,395
	BMC Stock Holdings, Inc.*	7,486		145,977
	CAI International, Inc.*	4,585		39,752
	DXP Enterprises, Inc.*@	7,010		243,527
	GATX Corp.@	11,502		708,293
	H&E Equipment Services, Inc.	12,565		292,136
	Herc Holdings, Inc.*	5,162		207,306
	Houston Wire & Cable Co.	5,746		37,349
	Huttig Building Products, Inc.*	1,858		12,281
	Kaman Corp., Class A	7,224		353,470
	Lawson Products, Inc.*	1,575		37,485
	MRC Global, Inc.*	23,031		466,608
	Neff Corp., Class A*	1,000		14,100
	NOW, Inc.*	21,709		444,383
	Rush Enterprises, Inc., Class A*	8,185		261,102
	Textainer Group Holdings Ltd.	13,035		97,111
	Titan Machinery, Inc.*	3,710		54,055
	Triton International Ltd.	9,264		146,371
	Univar, Inc.*	1,103		31,292
	WESCO International, Inc.*	6,914		460,127
	Willis Lease Finance Corp.*	900		23,022
				6,237,992
Transportation Infrastructure — 0.0%
	Sino-Global Shipping America Ltd.*@	3,964		12,288
Water Utilities — 0.5%
	American States Water Co.	13,456		613,055
	Artesian Resources Corp., Class A	2,052		65,541
	California Water Service Group	11,688		396,223
	Connecticut Water Service, Inc.	3,754		209,661
	Consolidated Water Co., Ltd.	2,822		30,619
	Middlesex Water Co.	5,644		242,353
	Pure Cycle Corp.*	1,000		5,500
	SJW Corp.	4,400		246,312
	York Water Co.@	3,670		140,194
				1,949,458
Wireless Telecommunication Services — 0.4%
	Boingo Wireless, Inc.*	15,932		194,211
	Shenandoah Telecommunications Co.	19,824		541,195
	Spok Holdings, Inc.	4,608		95,616
	Telephone & Data Systems, Inc.	20,316		586,523
	United States Cellular Corp.*	933		40,791
				1,458,336
	TOTAL COMMON STOCKS        (Identified Cost $274,570,992)			411,240,407
RIGHTS AND WARRANTS — 0.0%
Pharmaceuticals — 0.0%
	FRD Acquisition Co. CVR*~§¶	656		—
	Fresenius Kabi Pharmaceuticals Holding,        Inc., CVR*~§¶	13,728		—
				—
Software — 0.0%
	Gerber Scientific CVR*@§¶	5,000		—
Wireless Telecommunication Services — 0.0%
	Leap Wireless International, Inc. CVR,        expires 3/31/17*§¶	2,600		—
	TOTAL RIGHTS AND WARRANTS        (Identified Cost $19,319)			—

See notes to financial statements

SA U.S. Small Company Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
SHORT-TERM INVESTMENTS — 4.8%
Investment Company — 0.2%
	State Street Institutional U.S. Government        Money Market Fund, 0.170%	804,000	$	804,000
Collateral For Securities On Loan — 4.6%
	State Street Navigator Securities Lending        Government Money Market Portfolio	18,935,730		18,935,730
	TOTAL SHORT-TERM INVESTMENTS        (Identified Cost $19,739,730)			19,739,730
Total Investments — 104.4%
	(Identified Cost $294,330,041)#			430,980,137
	Liabilities, Less Cash and        Other Assets — (4.4%)			(18,170,495	)
Net Assets — 100.0%			$	412,809,642

†	See Note 1
*	Non-income producing security
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $38,956,598.
~	Bankrupt/delisted security
§	Fair valued security. Fair values are determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1
¶	Contingent value rights based on future performance.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $294,330,041. Net unrealized appreciation aggregated $136,650,096 of which $162,040,587 related to appreciated investment securities and $25,390,491 related to depreciated investment securities.

Key to abbreviations:
CVR — Contingent Value Rights

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 99.7%
Aerospace & Defense — 1.0%
	Arconic, Inc.	38,186	$	707,968
	L3 Technologies, Inc.	9,636		1,465,732
	Northrop Grumman Corp.	7,390		1,718,766
	Orbital ATK, Inc.	2,155		189,058
	Textron, Inc.	35,074		1,703,194
				5,784,718
Air Freight & Logistics — 0.5%
	FedEx Corp.	14,216		2,647,019
	XPO Logistics, Inc.*	6,246		269,578
				2,916,597
Airlines — 1.1%
	JetBlue Airways Corp.*	61,307		1,374,503
	Southwest Airlines Co.	58,229		2,902,133
	United Continental Holdings, Inc.*	25,145		1,832,568
				6,109,204
Auto Components — 0.5%
	Adient PLC*	972		56,959
	BorgWarner, Inc.@	18,580		732,795
	Gentex Corp.	12,955		255,084
	Goodyear Tire & Rubber Co. (The)	30,139		930,391
	Lear Corp.	5,198		688,059
				2,663,288
Automobiles — 1.9%
	Ford Motor Co.	419,903		5,093,424
	General Motors Co.	158,398		5,518,586
				10,612,010
Beverages — 0.2%
	Molson Coors Brewing Co., Class B	11,973		1,165,093
Biotechnology — 0.1%
	United Therapeutics Corp.*	3,956		567,409
Building Products — 0.3%
	Johnson Controls International PLC	9,720		400,367
	Owens Corning	19,528		1,006,864
	USG Corp.*	4,614		133,252
				1,540,483
Capital Markets — 3.0%
	Bank of New York Mellon Corp. (The)	92,611		4,387,909
	CME Group, Inc.	12,336		1,422,957
	Goldman Sachs Group, Inc. (The)	24,637		5,899,330
	Morgan Stanley	90,875		3,839,469
	Nasdaq, Inc.	9,718		652,272
	State Street Corp.	10,271		798,262
				17,000,199
Chemicals — 1.2%
	Albemarle Corp.	8,223		707,836
	Ashland Global Holdings, Inc.	9,009		984,593
	CF Industries Holdings, Inc.@	17,389		547,406
	Dow Chemical Co. (The)	18,037		1,032,077
	Eastman Chemical Co.	22,022		1,656,275
	Ingevity Corp.*	3,495		191,736
	Mosaic Co. (The)	46,665		1,368,684
	Olin Corp.	4,545		116,397
				6,605,004
Commercial Banks — 13.0%
	Bank of America Corp.	538,411		11,898,883
	BB&T Corp.	44,415		2,088,393
	BOK Financial Corp.	765		63,526
	CIT Group, Inc.	9,004		384,291
	Citigroup, Inc.	212,682		12,639,691
	Citizens Financial Group, Inc.	15,542		553,762
	Comerica, Inc.	6,521		444,145
	Fifth Third Bancorp	127,987		3,451,809
	Huntington Bancshares, Inc.	95,253		1,259,245
	JPMorgan Chase & Co.	281,434		24,284,940
	KeyCorp	70,333		1,284,984
	M&T Bank Corp.	5,838		913,238
	PacWest Bancorp	5,207		283,469
	People’s United Financial, Inc.	5,834		112,946
	PNC Financial Services        Group, Inc. (The)	36,349		4,251,379
	Regions Financial Corp.	155,307		2,230,209
	SunTrust Banks, Inc.	34,538		1,894,409
	Wells Fargo & Co.	88,253		4,863,623
	Zions Bancorp@	26,351		1,134,147
				74,037,089
Commercial Services & Supplies — 0.5%
	Republic Services, Inc.	48,088		2,743,420
Communications Equipment — 3.3%
	ARRIS International PLC*	11,809		355,805
	Brocade Communications Systems, Inc.	46,325		578,599
	Cisco Systems, Inc.	558,956		16,891,650
	EchoStar Corp., Class A*	3,599		184,953
	Juniper Networks, Inc.	28,506		805,580
				18,816,587
Computers & Peripherals — 2.0%
	Hewlett Packard Enterprise Co.	226,855		5,249,425
	HP, Inc.	255,741		3,795,196
	NetApp, Inc.	7,640		269,463
	Western Digital Corp.@	31,938		2,170,187
				11,484,271
Construction & Engineering — 0.3%
	AECOM*	6,180		224,705
	EMCOR Group, Inc.	1,400		99,064
	Fluor Corp.	14,785		776,508
	Jacobs Engineering Group, Inc.*	8,552		487,464
				1,587,741
Construction Materials — 0.2%
	Vulcan Materials Co.	10,532		1,318,080

See notes to financial statements

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Consumer Finance — 1.1%
	Ally Financial, Inc.	63,046	$	1,199,135
	Capital One Financial Corp.	56,650		4,942,146
	Navient Corp.	13,397		220,113
	Santander Consumer USA
	Holdings, Inc.*	2,620		35,370
				6,396,764
Containers & Packaging — 0.6%
	International Paper Co.	40,045		2,124,788
	WestRock Co.	20,973		1,064,799
				3,189,587
Distributors — 0.1%
	LKQ Corp.*	22,712		696,123
Diversified Financial Services — 0.1%
	Leucadia National Corp.	6,993		162,587
	Voya Financial, Inc.	7,020		275,325
				437,912
Diversified Telecommunication Services — 4.7%
	AT&T, Inc.	544,137		23,142,147
	CenturyLink, Inc.	84,635		2,012,620
	Frontier Communications Corp.@	94,769		320,319
	Level 3 Communications, Inc.*	19,640		1,106,910
				26,581,996
Electrical Equipment — 0.5%
	Eaton Corp. PLC	40,532		2,719,292
Electronic Equipment, Instruments & Components — 1.2%
	Arrow Electronics, Inc.*	17,315		1,234,560
	Avnet, Inc.	21,265		1,012,427
	Corning, Inc.	67,872		1,647,253
	Flex Ltd.*	37,947		545,298
	Jabil Circuit, Inc.	17,551		415,432
	SYNNEX Corp.	1,651		199,804
	TE Connectivity Ltd.	22,309		1,545,568
				6,600,342
Energy Equipment & Services — 1.5%
	Baker Hughes, Inc.	27,661		1,797,135
	FMC Technologies, Inc.*	19,634		697,596
	Helmerich & Payne, Inc.@	18,327		1,418,510
	National Oilwell Varco, Inc.@	42,885		1,605,614
	Schlumberger Ltd.	22,471		1,886,440
	Transocean Ltd.*@	29,532		435,302
	Weatherford International PLC*@	78,652		392,474
				8,233,071
Food & Staples Retailing — 2.8%
	CVS Health Corp.	99,326		7,837,815
	Wal-Mart Stores, Inc.	82,417		5,696,663
	Walgreens Boots Alliance, Inc.	25,843		2,138,767
	Whole Foods Market, Inc.	8,010		246,387
				15,919,632
Food Products — 3.1%
	Archer-Daniels-Midland Co.	60,447		2,759,406
	Bunge Ltd.	23,481		1,696,267
	Ingredion, Inc.	3,073		384,002
	J.M. Smucker Co. (The)	18,460		2,363,988
	Kraft Heinz Co. (The)	18,870		1,647,728
	Mondelez International, Inc., Class A	99,636		4,416,864
	Pinnacle Foods, Inc.	15,318		818,747
	Post Holdings, Inc.*	4,623		371,643
	Seaboard Corp.*	76		300,351
	Tyson Foods, Inc., Class A	48,892		3,015,659
				17,774,655
Health Care Equipment & Supplies — 2.4%
	Abbott Laboratories	51,781		1,988,908
	Boston Scientific Corp.*	41,960		907,595
	Danaher Corp.	42,050		3,273,172
	Medtronic PLC	94,115		6,703,811
	STERIS PLC	376		25,339
	Teleflex, Inc.	1,139		183,550
	Zimmer Biomet Holdings, Inc.	2,880		297,216
				13,379,591
Health Care Providers & Services — 4.9%
	Aetna, Inc.	44,742		5,548,455
	Anthem, Inc.	36,223		5,207,781
	Centene Corp.*	12,702		717,790
	CIGNA Corp.	10,533		1,404,997
	DaVita, Inc.*	8,165		524,193
	Envision Healthcare Corp.*@	219		13,861
	Express Scripts Holding Co.*	71,055		4,887,873
	Humana, Inc.	21,137		4,312,582
	Laboratory Corp. of America Holdings*	13,266		1,703,089
	Mednax, Inc.*@	6,080		405,293
	Quest Diagnostics, Inc.	22,080		2,029,152
	Universal Health Services, Inc., Class B	6,456		686,789
	WellCare Health Plans, Inc.*	2,066		283,207
				27,725,062
Hotels, Restaurants & Leisure — 1.2%
	Carnival Corp.	27,130		1,412,388
	Hyatt Hotels Corp., Class A*	3,874		214,077
	MGM Resorts International*	84,812		2,445,130
	Royal Caribbean Cruises Ltd.	31,589		2,591,562
				6,663,157

See notes to financial statements

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Household Durables — 1.4%
	DR Horton, Inc.	51,376	$	1,404,106
	Garmin Ltd.@	7,023		340,545
	Harman International Industries, Inc.	3,771		419,184
	Lennar Corp., Class A	28,692		1,231,748
	Mohawk Industries, Inc.*	10,083		2,013,374
	PulteGroup, Inc.	38,222		702,520
	Toll Brothers, Inc.*	11,379		352,749
	Whirlpool Corp.	9,457		1,718,999
				8,183,225
Independent Power Producers & Energy Traders — 0.1%
	Calpine Corp.*	23,886		273,017
	NRG Energy, Inc.	44,291		543,008
				816,025
Industrial Conglomerates — 0.3%
	Carlisle Cos., Inc.	4,894		539,759
	General Electric Co.	35,958		1,136,273
				1,676,032
Insurance — 6.7%
	Aflac, Inc.	27,103		1,886,369
	Alleghany Corp.*	701		426,292
	Allied World Assurance Co.,
	Holdings Ltd.	7,656		411,204
	Allstate Corp. (The)	25,783		1,911,036
	American Financial Group, Inc.	12,362		1,089,340
	American International Group, Inc.	67,235		4,391,118
	Arch Capital Group Ltd.*	2,302		198,640
	Assurant, Inc.	9,601		891,549
	Assured Guaranty Ltd.	13,828		522,284
	Axis Capital Holdings Ltd.	12,616		823,446
	Chubb Ltd.	8,167		1,079,024
	CNA Financial Corp.	7,604		315,566
	Endurance Specialty Holdings Ltd.	1,516		140,078
	Everest Re Group Ltd.	6,500		1,406,600
	First American Financial Corp.	5,621		205,897
	Hartford Financial Services Group, Inc.	61,614		2,935,907
	Lincoln National Corp.	26,059		1,726,930
	Loews Corp.	37,469		1,754,673
	MetLife, Inc.	46,445		2,502,921
	Old Republic International Corp.	23,484		446,196
	Principal Financial Group, Inc.	40,855		2,363,870
	Prudential Financial, Inc.	25,348		2,637,713
	Reinsurance Group of America, Inc.	9,075		1,141,907
	RenaissanceRe Holdings Ltd.@	3,401		463,284
	Travelers Companies, Inc. (The)	27,179		3,327,253
	Unum Group	32,590		1,431,679
	Validus Holdings Ltd.	5,533		304,370
	WR Berkley Corp.	6,915		459,917
	XL Group Ltd.	28,603		1,065,748
				38,260,811
Internet & Catalog Retail — 0.3%
	Liberty Interactive Corp. QVC Group,
	Class A*	71,603		1,430,628
	Liberty Ventures, Series A*	782		28,832
				1,459,460
Internet Software & Services — 0.2%
	CommerceHub, Inc., Series C*	2,998		45,060
	Yahoo!, Inc.*	22,867		884,267
				929,327
IT Services — 0.9%
	Amdocs Ltd.	8,428		490,931
	Fidelity National Information
	Services, Inc.	36,595		2,768,046
	Leidos Holdings, Inc.	6,004		307,044
	Xerox Corp.	186,374		1,627,045
				5,193,066
Life Sciences Tools & Services — 0.6%
	Bio-Rad Laboratories, Inc., Class A*	172		31,352
	PerkinElmer, Inc.	200		10,430
	Thermo Fisher Scientific, Inc.	23,812		3,359,873
				3,401,655
Machinery — 2.5%
	AGCO Corp.	11,477		664,059
	Caterpillar, Inc.@	35,868		3,326,398
	Cummins, Inc.	7,596		1,038,145
	Dover Corp.	19,819		1,485,038
	Ingersoll-Rand PLC	21,416		1,607,057
	Oshkosh Corp.	3,003		194,024
	PACCAR, Inc.	14,232		909,425
	Pentair PLC	25,335		1,420,533
	Stanley Black & Decker, Inc.	28,415		3,258,916
	Trinity Industries, Inc.	1,343		37,282
				13,940,877
Media — 6.4%
	CBS Corp., Class A	1,291		83,463
	Charter Communications, Inc., Class A*	23,379		6,731,282
	Comcast Corp., Class A	279,514		19,300,442
	Liberty Braves Group, Class A*	438		8,975
	Liberty Braves Group, Class C*	877		18,057
	Liberty Media Group, Class A*@	1,097		34,391
	Liberty Media Group, Class C*@	2,194		68,738
	Liberty SiriusXM Group, Class A*	4,389		151,508
	Liberty SiriusXM Group, Class C*	8,778		297,750
	Madison Square Garden Co. (The),
	Class A*	443		75,979
	News Corp., Class A	8,320		95,347
	News Corp., Class B	1,734		20,461
	TEGNA, Inc.	22,742		486,451
	Time Warner, Inc.	94,794		9,150,465
				36,523,309

See notes to financial statements

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Metals & Mining — 1.7%
	Alcoa Corp.	12,728	$	357,402
	Freeport-McMoRan, Inc.*	133,393		1,759,454
	Newmont Mining Corp.	87,348		2,975,946
	Nucor Corp.	44,717		2,661,556
	Reliance Steel & Aluminum Co.	12,373		984,148
	Steel Dynamics, Inc.	31,162		1,108,744
				9,847,250
Multiline Retail — 0.5%
	Kohl’s Corp.@	39,722		1,961,473
	Macy’s, Inc.	26,856		961,713
				2,923,186
Oil, Gas & Consumable Fuels — 11.1%
	Anadarko Petroleum Corp.	21,958		1,531,131
	Apache Corp.	5,567		353,338
	Chevron Corp.	91,767		10,800,976
	Concho Resources, Inc.*	6,539		867,071
	ConocoPhillips	78,895		3,955,795
	CONSOL Energy, Inc.	4,388		79,993
	EOG Resources, Inc.	16,400		1,658,040
	Exxon Mobil Corp.	242,185		21,859,618
	Hess Corp.	20,959		1,305,536
	HollyFrontier Corp.	15,834		518,722
	Kinder Morgan, Inc.	29,336		607,549
	Marathon Oil Corp.	51,156		885,510
	Marathon Petroleum Corp.	64,008		3,222,803
	Noble Energy, Inc.	35,505		1,351,320
	Occidental Petroleum Corp.	28,855		2,055,342
	PDC Energy, Inc.*	1,283		93,120
	Phillips 66	51,511		4,451,066
	Southwestern Energy Co.*	1,031		11,155
	Targa Resources Corp.	15,155		849,741
	Tesoro Corp.	17,735		1,550,926
	Valero Energy Corp.	68,980		4,712,714
				62,721,466
Pharmaceuticals — 3.2%
	Allergan PLC*	14,401		3,024,354
	Mallinckrodt PLC*	10,165		506,420
	Mylan NV*	19,675		750,601
	Pfizer, Inc.	430,824		13,993,164
				18,274,539
Professional Services — 0.1%
	Manpowergroup, Inc.	6,208		551,705
Real Estate Management & Development — 0.0%
	Jones Lang LaSalle, Inc.	500		50,520
Road & Rail — 2.2%
	AMERCO	188		69,483
	CSX Corp.	143,799		5,166,698
	Hertz Global Holdings, Inc.*	9,240		199,214
	Kansas City Southern	13,489		1,144,542
	Norfolk Southern Corp.	39,083		4,223,700
	Ryder System, Inc.	1,899		141,361
	Union Pacific Corp.	17,045		1,767,226
				12,712,224
Semiconductors & Semiconductor Equipment — 6.3%
	First Solar, Inc.*@	7,096		227,711
	Intel Corp.	530,175		19,229,447
	Lam Research Corp.	23,431		2,477,360
	Marvell Technology Group Ltd.	18,929		262,545
	Micron Technology, Inc.*	96,568		2,116,771
	NVIDIA Corp.@	62,745		6,697,401
	ON Semiconductor Corp.*	14,063		179,444
	QUALCOMM, Inc.	74,056		4,828,451
				36,019,130
Software — 0.8%
	CA, Inc.	75,041		2,384,052
	Dell Technologies, Inc., Class V*	16,758		921,187
	Nuance Communications, Inc.*	2,812		41,899
	SS&C Technologies Holdings, Inc.	3,456		98,842
	Symantec Corp.	35,201		840,952
	Synopsys, Inc.*	4,316		254,040
				4,540,972
Specialty Retail — 0.5%
	AutoNation, Inc.*	4,083		198,638
	Bed Bath & Beyond, Inc.	6,574		267,167
	Best Buy Co., Inc.	45,609		1,946,136
	Penske Auto Group, Inc.	2,395		124,157
	Staples, Inc.	55,437		501,705
				3,037,803
Textiles, Apparel & Luxury Goods — 0.2%
	PVH Corp.	9,516		858,724
	Ralph Lauren Corp.	2,906		262,470
				1,121,194
Thrifts & Mortgage Finance — 0.0%
	New York Community Bancorp, Inc.	11,787		187,531
Trading Companies & Distributors — 0.1%
	United Rentals, Inc.*	4,421		466,769
Transportation Infrastructure — 0.0%
	Macquarie Infrastructure Corp.	2,420		197,714
Wireless Telecommunication Services — 0.3%
	Sprint Corp.*@	29,977		252,406
	T-Mobile US, Inc.*@	24,396		1,403,014
				1,655,420
TOTAL COMMON STOCKS
	(Identified Cost $387,345,252)			565,959,587

See notes to financial statements

SA U.S. Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

	SHARES	VALUE†
SHORT-TERM INVESTMENTS — 0.5%
Investment Company — 0.2%
State Street Institutional U.S. Government
Money Market Fund, 0.170%	1,301,019	$	1,301,019
Collateral For Securities On Loan — 0.3%
State Street Navigator Securities Lending
Government Money Market Portfolio	1,347,522		1,347,522
TOTAL SHORT-TERM INVESTMENTS
(Identified Cost $2,648,541)			2,648,541
Total Investments — 100.2%
(Identified Cost $389,993,793)#			568,608,128
Liabilities, Less Cash and
Other Assets — (0.2%)			(924,795	)
Net Assets — 100.0%		$	567,683,333

†	See Note 1
*	Non-income producing security
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $18,596,188.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $389,993,793. Net unrealized appreciation aggregated $178,614,335 of which $191,318,226 related to appreciated investment securities and $12,703,891 related to depreciated investment securities.

See notes to financial statements

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 98.3%
Australia — 6.3%
	Aurizon Holdings Ltd.	280,816	$	1,023,387
	Australia & New Zealand
	Banking Group Ltd.	412,220		9,049,300
	Bank of Queensland Ltd.	58,107		497,744
	Bendigo & Adelaide Bank Ltd.	68,660		629,761
	BHP Billiton Ltd.	402,051		7,270,913
	BHP Billiton Ltd., ADR@	86,553		3,096,866
	BlueScope Steel Ltd.	136,906		916,848
	Boral Ltd.	193,802		756,628
	Crown Resorts Ltd.	12,415		103,749
	Fortescue Metals Group Ltd.@	463,439		1,969,856
	Incitec Pivot Ltd.	253,567		658,752
	National Australia Bank Ltd.	19,340		428,052
	Newcrest Mining Ltd.	189,724		2,772,516
	Origin Energy Ltd.	261,406		1,243,162
	QBE Insurance Group Ltd.	190,746		1,709,636
	Rio Tinto Ltd.	24,644		1,065,282
	Santos Ltd.	294,384		854,018
	South32 Ltd.	369,297		732,884
	South32 Ltd., ADR	27,785		275,072
	Star Entertainment Group Ltd. (The)	113,959		425,173
	Suncorp Group Ltd.	156,947		1,531,286
	Treasury Wine Estates Ltd.	64,592		497,825
	Woodside Petroleum Ltd.	211,619		4,758,596
				42,267,306
Austria — 0.2%
	Erste Group Bank AG*	9,138		267,652
	OMV AG	20,569		726,640
				994,292
Belgium — 1.0%
	Ageas	34,647		1,371,681
	KBC Groep NV	32,412		2,007,192
	Proximus	6,735		193,971
	Solvay SA	21,530		2,523,588
	UCB SA	8,916		571,667
	Umicore SA	6,124		349,074
				7,017,173
Canada — 7.6%
	AltaGas Ltd.@	25,283		638,360
	Bank of Montreal	116,542		8,381,701
	Blackberry Ltd.@*	41,542		286,224
	Blackberry Ltd.@¥*	1,615		11,114
	Cameco Corp.@¥	27,448		287,022
	Cameco Corp.@	49,846		521,888
	Canadian Natural Resources Ltd.¥	8,567		273,029
	Canadian Natural Resources Ltd.	43,357		1,382,221
	Cenovus Energy, Inc.@	85,947		1,300,378
	Crescent Point Energy Corp.@¥	46,074		626,262
	Crescent Point Energy Corp.@	109,595		1,489,396
	Empire Co., Ltd., Class A	57,934		678,302
	Enbridge Income Fund
	Holdings, Inc.@	4,700		121,714
	Encana Corp.	128,227		1,505,385
	Fairfax Financial Holdings Ltd.	3,960		1,912,680
	Finning International, Inc.	80		1,566
	First Quantum Minerals Ltd.	116,246		1,155,837
	Genworth MI Canada, Inc.@	3,068		76,914
	Goldcorp, Inc.@	118,744		1,614,918
	Goldcorp, Inc.¥	8,798		119,784
	Husky Energy, Inc.*	84,483		1,025,009
	Imperial Oil Ltd.@	3,300		114,708
	Industrial Alliance Insurance &
	Financial Services, Inc.	28,427		1,130,390
	Kinross Gold Corp.*	345,631		1,078,609
	Lundin Mining Corp.*	122,562		584,215
	Magna International, Inc.	18,483		802,162
	Manulife Financial Corp.¥	126,128		2,246,096
	Manulife Financial Corp.	111,272		1,982,867
	Maple Leaf Foods, Inc.	7,763		162,586
	Silver Wheaton Corp.@	21,030		406,300
	Sun Life Financial, Inc.¥	30,213		1,160,005
	Sun Life Financial, Inc.	50,072		1,923,265
	Suncor Energy, Inc.¥	266,726		8,721,015
	Suncor Energy, Inc.	65,644		2,145,902
	Teck Resources Ltd., Class B¥	75,600		1,512,957
	Teck Resources Ltd., Class B@	37,025		741,611
	Tourmaline Oil Corp.*	58,150		1,555,257
	Turquoise Hill Resources Ltd.*	106,042		340,402
	Whitecap Resources, Inc.@	55,800		505,365
	WSP Global, Inc.@	17,882		595,201
	Yamana Gold, Inc.@	165,308		464,165
				51,582,782
Denmark — 1.7%
	AP Moeller - Maersk A/S, Class A	508		767,485
	AP Moeller - Maersk A/S, Class B	925		1,476,071
	Carlsberg A/S, Class B	13,642		1,177,317
	Danske Bank A/S	70,374		2,134,387
	DSV A/S	34,914		1,553,271
	H Lundbeck A/S*	3,061		124,520
	ISS A/S	29,861		1,007,981
	Novozymes A/S, B Shares	6,176		212,935
	Tryg A/S	2,321		41,967
	Vestas Wind Systems A/S	45,308		2,944,619
				11,440,553
Finland — 0.8%
	Fortum Oyj@	60,298		924,797
	Neste Oil Oyj	8,812		338,572
	Nokia Oyj	48,272		233,133
	Stora Enso Oyj, R Shares	140,861		1,513,912
	UPM-Kymmene Oyj	91,294		2,242,990
				5,253,404

See notes to financial statements

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
France — 9.8%
	AXA SA	149,383	$	3,771,595
	BNP Paribas SA	111,531		7,108,761
	Bollore SA	72,853		256,907
	Bouygues SA	54,784		1,963,321
	Casino Guichard Perrachon SA	14,968		718,319
	Cie de Saint-Gobain	114,199		5,319,965
	Cie Generale des
	Etablissements Michelin	23,216		2,583,132
	CNP Assurances	41,115		761,723
	Credit Agricole SA	58,593		726,566
	Electricite de France SA@	48,286		492,018
	Engie SA	296,273		3,779,887
	Natixis SA	153,346		865,210
	Orange SA	358,763		5,451,407
	Peugeot SA*	127,344		2,077,085
	Renault SA	50,745		4,514,249
	SCOR SE	27,061		935,188
	Societe Generale SA	134,518		6,619,112
	STMicroelectronics NV@	153,028		1,735,691
	Total SA	303,760		15,578,371
	Vivendi SA	64,331		1,222,649
				66,481,156
Germany — 7.8%
	Allianz SE	75,950		12,551,962
	Bayerische Motoren Werke AG	63,112		5,896,095
	Commerzbank AG	126,955		968,350
	Daimler AG	169,178		12,594,192
	Deutsche Bank AG*	124,546		2,254,283
	Deutsche Lufthansa AG	59,537		768,981
	E.On AG	550,518		3,882,670
	Evonik Industries AG	11,652		348,094
	Fraport AG Frankfurt Airport
	Services Worldwide	5,611		331,764
	Hannover Rueck SE	5,114		553,399
	HeidelbergCement AG	25,503		2,379,338
	Linde AG	12,049		1,979,876
	Metro AG	49,876		1,658,275
	Muenchener Rueckversicherungs AG	11,046		2,088,894
	RWE AG*	140,259		1,744,410
	Talanx AG*	13,218		442,046
	Telefonica Deutschland Holding AG	72,027		308,584
	Uniper SE*	57,491		793,693
	Volkswagen AG	5,747		827,280
				52,372,186
Hong Kong — 2.4%
	Cathay Pacific Airways Ltd.@	343,000		451,170
	CK Hutchison Holdings Ltd.	377,124		4,274,834
	Guoco Group Ltd.	5,000		55,129
	Hang Lung Group Ltd. @	185,000		644,142
	Hang Lung Properties Ltd.	312,000		661,458
	Henderson Land	21,944		116,731
	Development Co., Ltd.
	Hopewell Holdings Ltd.	63,500		219,050
	Kerry Properties Ltd.	95,000		257,883
	MTR Corp. Ltd.	109,539		532,545
	New World Development Co., Ltd.	1,748,907		1,849,383
	NWS Holdings Ltd.	179,137		291,997
	Shangri-La Asia Ltd.	273,143		288,131
	Sino Land Co., Ltd.	79,243		118,744
	Sun Hung Kai Properties Ltd.	173,677		2,194,899
	Swire Pacific Ltd., Series A	136,500		1,303,479
	Swire Pacific Ltd., Series B	147,500		253,363
	Tsim Sha Tsui Properties	60,907		175,939
	Wharf Holdings Ltd. (The)	179,000		1,189,948
	Wheelock & Co., Ltd.	251,000		1,412,876
	Yue Yuen Industrial Holdings Ltd.	11,000		39,932
				16,331,633
Ireland — 0.3%
	Bank of Ireland*	3,111,363		766,392
	CRH PLC, ADR	42,861		1,473,561
	Paddy Power Betfair PLC	315		33,656
				2,273,609
Israel — 0.5%
	Azrieli Group	2,868		124,413
	Bank Hapoalim B.M.	243,823		1,450,133
	Bank Leumi Le-Israel*	215,232		886,172
	Israel Discount Bank Ltd., Series A*	—		1
	Mizrahi Tefahot Bank Ltd.	25,043		366,343
	Teva Pharmaceutical
	Industries Ltd., ADR	15,615		566,044
				3,393,106
Italy — 0.8%
	Assicurazioni Generali SpA	21,673		322,135
	Mediobanca SpA	71,656		584,950
	Telecom Italia SpA@*	2,041,106		1,798,354
	UniCredit SpA@	808,247		2,326,091
	UnipolSai SpA@	35,580		76,030
				5,107,560
Japan — 22.4%
	Aeon Co., Ltd.	165,400		2,343,550
	Aisin Seiki Co., Ltd.	36,200		1,570,344
	Alfresa Holdings Corp.	21,700		359,083
	Amada Holdings Co., Ltd.	39,400		439,932
	Aoyama Trading Co., Ltd.	4,500		156,706
	Asahi Glass Co., Ltd.	208,000		1,416,625
	Asahi Kasei Corp.	169,000		1,474,186
	Bank of Kyoto Ltd. (The)	40,000		297,070
	Brother Industries Ltd.	27,600		498,040
	Calsonic Kansei Corp.	12,000		183,683
	Canon Marketing Japan, Inc.	8,000		134,571

See notes to financial statements

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Japan (Continued)
	Chiba Bank Ltd. (The)	79,000	$	484,646
	Chugoku Bank Ltd. (The)	19,700		282,837
	Citizen Watch Co., Ltd.	64,400		385,160
	Coca-Cola East Japan Co., Ltd.	4,500		99,183
	Coca-Cola West Co., Ltd.	15,200		448,034
	COMSYS Holdings Corp.	2,500		45,797
	Concordia Financial Group Ltd.	144,000		693,171
	Credit Saison Co., Ltd.	2,900		51,536
	Dai Nippon Printing Co., Ltd.	60,000		592,941
	Dai-ichi Life Holdings, Inc. (The)	88,500		1,473,549
	Daido Steel Co., Ltd.	14,000		57,976
	Daiwa Securities Group, Inc.	55,000		338,965
	Denka Co., Ltd.	67,000		295,803
	Denso Corp.	23,300		1,009,351
	DIC Corp.	13,300		403,979
	Dowa Holdings Co., Ltd.	6,000		45,895
	Ebara Corp.	16,800		478,665
	Fuji Media Holdings, Inc.	3,800		53,192
	FUJIFILM Holdings Corp.	59,800		2,269,202
	Fukuoka Financial Group, Inc.	90,000		399,658
	Glory Ltd.	11,200		353,609
	Gunma Bank Ltd. (The)	47,000		257,369
	H2O Retailing Corp.	14,000		213,698
	Hachijuni Bank Ltd. (The)	48,000		278,451
	Hankyu Hanshin Holdings, Inc.	50,400		1,617,112
	Heiwa Corp.	1,600		36,579
	Hiroshima Bank Ltd. (The)	48,000		224,240
	Hitachi Capital Corp.	9,900		243,699
	Hitachi Chemical Co., Ltd.	24,000		600,231
	Hitachi Construction
	Machinery Co., Ltd.	24,800		537,059
	Hitachi Ltd.	699,000		3,779,833
	Hitachi Metals Ltd.	18,100		245,308
	Hitachi Transport System Ltd.	7,700		156,339
	Hokuhoku Financial Group, Inc.	20,000		345,155
	Honda Motor Co., Ltd.	245,500		7,173,326
	Ibiden Co., Ltd.	32,600		438,758
	Idemitsu Kosan Co., Ltd.	11,500		305,519
	Iida Group Holdings Co., Ltd.	26,800		508,369
	Isetan Mitsukoshi Holdings Ltd.	26,300		283,534
	ITOCHU Corp.	256,800		3,410,084
	Iyo Bank Ltd. (The)	29,500		203,440
	J Front Retailing Co., Ltd.	69,600		937,925
	JFE Holdings, Inc.	92,200		1,404,201
	JGC Corp.	3,100		56,337
	JSR Corp.	24,400		384,763
	JTEKT Corp.	37,900		606,400
	JX Holdings, Inc.	243,400		1,030,246
	K’s Holdings Corp.@	7,800		136,613
	Kamigumi Co., Ltd.	25,000		238,289
	Kaneka Corp.	80,000		651,636
	Kawasaki Heavy Industries Ltd.	57,000		178,986
	Kawasaki Kisen Kaisha Ltd.@	195,000		442,139
	Kinden Corp.	3,000		37,425
	Kobe Steel Ltd.*	61,800		590,636
	Komatsu Ltd.	88,200		1,997,942
	Konica Minolta, Inc.	142,000		1,410,584
	Kuraray Co., Ltd.	76,400		1,147,879
	Kurita Water Industries Ltd.	3,100		68,273
	Kyocera Corp.	14,900		740,952
	Kyushu Financial Group, Inc.	44,870		304,444
	LIXIL Group Corp.	32,900		747,094
	Marubeni Corp.	329,200		1,866,898
	Mazda Motor Corp.	135,400		2,215,057
	Mebuki Financial Group, Inc.	83,070		307,759
	Medipal Holdings Corp.	24,200		381,609
	Mitsubishi Chemical Holdings Corp.	429,900		2,788,143
	Mitsubishi Corp.	62,600		1,333,681
	Mitsubishi Gas Chemical Co., Inc.	32,700		558,173
	Mitsubishi Heavy Industries Ltd.	441,000		2,009,639
	Mitsubishi Materials Corp.	35,500		1,090,439
	Mitsubishi Motors Corp.	124,600		710,020
	Mitsubishi UFJ Financial Group, Inc.	234,800		1,446,870
	Mitsubishi UFJ Financial
	Group, Inc., ADR	1,031,340		6,353,054
	Mitsubishi UFJ Lease &
	Finance Co., Ltd.	110,200		569,504
	Mitsui & Co., Ltd.	27,500		378,118
	Mitsui & Co., Ltd., ADR	2,885		793,375
	Mitsui Chemicals, Inc.	236,000		1,060,107
	Mitsui Fudosan Co., Ltd.	11,000		254,588
	Mitsui OSK Lines Ltd.@	209,000		579,388
	Mizuho Financial Group, Inc.	4,432,400		7,956,514
	MS&AD Insurance Group
	Holdings, Inc.	42,428		1,315,586
	NEC Corp.	734,000		1,946,866
	NH Foods Ltd.	16,067		433,723
	NHK Spring Co., Ltd.	42,200		402,231
	Nikon Corp.	46,300		719,804
	Nippo Corp.	11,000		205,271
	Nippon Electric Glass Co., Ltd.	44,000		237,929
	Nippon Express Co., Ltd.	246,000		1,323,927
	Nippon Paper Industries Co., Ltd.	30,700		520,094
	Nippon Shokubai Co., Ltd.	4,600		287,316
	Nippon Steel Sumitomo Metal Corp.	134,827		3,007,435
	Nippon Yusen KK	501,000		930,199
	Nissan Motor Co., Ltd.	426,800		4,292,649
	Nisshinbo Holdings, Inc.	23,000		221,981
	NOK Corp.	17,600		356,292
	Nomura Holdings, Inc.	221,800		1,307,742
	Nomura Real Estate Holdings, Inc.	16,600		282,360
	NSK Ltd.	25,400		294,260
	NTN Corp.	45,000		182,118

See notes to financial statements

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Japan (Continued)
	Obayashi Corp.	17,000	$	162,473
	Oji Holdings Corp.	226,000		920,436
	Resona Holdings, Inc.	477,800		2,450,833
	Ricoh Co., Ltd.	230,800		1,951,062
	Rohm Co., Ltd.	6,900		397,322
	Sankyo Co., Ltd.	5,400		174,417
	SBI Holdings, Inc.	41,400		526,732
	Sega Sammy Holdings, Inc.	3,100		46,125
	Seino Holdings Co., Ltd.	18,400		204,348
	Sekisui Chemical Co., Ltd.	40,000		637,947
	Sekisui House Ltd.	100,700		1,676,251
	Shinsei Bank Ltd.	185,000		310,246
	Shizuoka Bank Ltd. (The)	58,000		487,324
	Showa Denko KK	8,900		127,475
	Sojitz Corp.	145,400		353,314
	Sompo Holdings, Inc.	27,643		936,610
	Sumco Corp.	5,300		68,475
	Sumitomo Chemical Co., Ltd.	491,000		2,335,795
	Sumitomo Corp.	55,600		654,356
	Sumitomo Electric Industries Ltd.	177,700		2,564,202
	Sumitomo Forestry Co., Ltd.	38,000		503,307
	Sumitomo Heavy Industries Ltd.	117,000		753,805
	Sumitomo Metal Mining Co., Ltd.	78,000		1,005,741
	Sumitomo Mitsui Financial Group, Inc.	225,900		8,620,441
	Sumitomo Mitsui Trust Holdings, Inc.	31,600		1,130,976
	Sumitomo Rubber Industries Ltd.	42,800		679,673
	Suzuken Co., Ltd.	9,240		302,005
	T&D Holdings, Inc.	165,100		2,183,205
	Taiheiyo Cement Corp.	207,000		655,316
	Takashimaya Co., Ltd.	47,000		387,662
	TDK Corp.	26,700		1,836,732
	Teijin Ltd.	53,199		1,078,318
	THK Co., Ltd.	15,500		342,956
	TOKAI RIKA Co., Ltd.	11,500		230,738
	Tokio Marine Holdings, Inc.	23,300		956,122
	Tokyo Tatemono Co., Ltd.@	9,900		132,395
	Tokyu Fudosan Holdings Corp.	101,100		596,868
	Toppan Printing Co., Ltd.	60,000		572,920
	Tosoh Corp.	128,000		905,720
	Toyo Seikan Group Holdings Ltd.	18,400		343,519
	Toyoda Gosei Co., Ltd.	14,500		339,191
	Toyota Motor Corp.	30,290		1,782,542
	Toyota Motor Corp., ADR	10,414		1,220,521
	Toyota Tsusho Corp.	65,600		1,709,108
	Ube Industries Ltd.	247,000		517,775
	Yamada Denki Co., Ltd.@	136,300		734,708
	Yamaguchi Financial Group, Inc.@	23,000		250,516
	Yokohama Rubber Co., Ltd. (The)	24,000		430,409
	Zeon Corp.	2,000		19,748
				151,237,205
Netherlands — 3.4%
	Aegon NV	196,914		1,083,668
	Akzo Nobel NV	2,487		155,479
	ArcelorMittal*	46,375		342,498
	ArcelorMittal-NY Registered*	239,502		1,748,365
	Boskalis Westminster NV	9,197		319,384
	Fiat Chrysler Automobiles NV	222,459		2,029,096
	Gemalto NV	3,984		230,321
	ING Groep NV	513,355		7,224,925
	Koninklijke Ahold Delhaize NV	136,115		2,869,929
	Koninklijke DSM NV	37,404		2,242,705
	Koninklijke Philips NV¢	8,490		259,173
	Koninklijke Philips NV	105,517		3,225,655
	NN Group NV	38,740		1,312,902
				23,044,100
New Zealand — 0.1%
	Auckland International Airport Ltd.	28,519		123,826
	Fletcher Building Ltd.	76,960		566,719
	Fonterra Co-operative Group Ltd.	3,186		13,280
				703,825
Norway — 0.6%
	DNB ASA	113,847		1,692,804
	Norsk Hydro ASA	144,894		692,980
	Statoil ASA	29,016		532,247
	Storebrand ASA*	56,200		298,853
	Subsea 7 SA*	29,227		369,934
	Yara International ASA	6,115		240,766
				3,827,584
Portugal — 0.0%
	Banco Espirito Santo SA§*	414,564		—
	EDP Renovaveis SA	32,371		205,679
				205,679
Singapore — 0.9%
	CapitaLand Ltd.@	194,100		404,780
	City Developments Ltd.	74,000		423,105
	DBS Group Holdings Ltd.	135,860		1,626,774
	Frasers Centrepoint Ltd.	45,000		48,942
	Golden Agri-Resources Ltd.	811,000		240,811
	Hutchison Port Holdings Trust	1,160,800		504,948
	Keppel Corp. Ltd.	358,100		1,431,757
	Sembcorp Industries Ltd.	80,900		159,213
	Singapore Airlines Ltd.	132,240		883,031
	United Industrial Corp. Ltd.	63,243		120,970
	UOL Group Ltd.	47,218		195,308
				6,039,639

See notes to financial statements

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Spain — 2.7%
	Banco de Sabadell SA@	576,189	$	802,433
	Banco Popular Espanol SA@	281,068		271,605
	Banco Santander SA	2,369,099		12,366,918
	CaixaBank SA	252,915		835,966
	Iberdrola SA	266,463		1,748,590
	Mapfre SA	52,011		158,773
	Repsol SA	143,928		2,033,209
				18,217,494
Sweden — 2.2%
	Boliden AB	77,171		2,015,123
	Millicom International Cellular SA	5,454		233,052
	Nordea Bank AB	329,011		3,658,246
	SSAB AB, B Shares	84,920		890,623
	Svenska Cellulosa AB, Series A	244		6,864
	Svenska Cellulosa AB, Series B	80,970		2,286,741
	Svenska Handelsbanken AB,
	A Shares	27,515		382,346
	Swedbank AB, A Shares	3,027		73,195
	Tele2 AB, B Shares@	37,132		297,729
	Telefonaktiebolaget LM Ericsson	408,846		2,400,858
	Telefonaktiebolaget LM Ericsson,
	A Shares	698		4,060
	Telia Co. AB	396,003		1,595,644
	Trelleborg AB	34,724		683,381
				14,527,862
Switzerland — 7.8%
	ABB Ltd.*	239,563		5,053,337
	Adecco Group SA	49,724		3,254,546
	Baloise Holding AG	10,839		1,365,652
	Banque Cantonale Vaudoise	63		39,905
	Cie Financiere Richemont SA	87,601		5,802,502
	Clariant AG*	72,927		1,258,300
	Credit Suisse Group AG*	111,703		1,602,652
	Dufry AG*	7,464		930,893
	Flughafen Zuerich AG	1,343		249,134
	Helvetia Holding AG	352		189,602
	Julius Baer Group Ltd.*	16,881		749,806
	LafargeHolcim Ltd.*µ	36,060		1,899,852
	LafargeHolcim Ltd.*=	35,941		1,888,450
	Novartis AG	81,820		5,953,905
	Swatch Group AG (The)µ	11,473		701,359
	Swatch Group AG (The)µ	8,156		2,536,586
	Swiss Life Holding AG*	4,756		1,346,046
	Swiss Re AG	72,191		6,841,237
	UBS Group AG	263,220		4,122,910
	Zurich Insurance Group AG*	25,793		7,102,384
				52,889,058
United Kingdom — 19.0%
	Anglo American PLC*	245,068		3,503,452
	Antofagasta PLC@	61,941		515,269
	Aviva PLC	122,471		734,139
	Barclays PLC, ADR	313,402		3,447,422
	Barratt Developments PLC	96,613		550,560
	BHP Billiton PLC, ADR	60,076		1,889,991
	BP PLC, ADR@	782,273		29,241,365
	Carnival PLC	10,045		514,204
	Carnival PLC, ADR	7,555		384,070
	Coca-Cola European Partners PLC	3,617		114,299
	Glencore PLC*	2,491,810		8,517,158
	HSBC Holdings PLC	386,814		3,131,505
	HSBC Holdings PLC, ADR@	425,068		17,079,232
	J Sainsbury PLC@	422,622		1,298,452
	Kingfisher PLC	407,694		1,760,054
	Lloyds Banking Group PLC, ADR	240,107		744,332
	Pearson PLC	44,520		449,082
	Pearson PLC, ADR	74,580		745,054
	Royal Bank of Scotland Group PLC*	83,038		229,847
	Royal Bank of Scotland Group PLC,
	ADR@*	81,693		451,762
	Royal Dutch Shell PLC, A Shares	18,215		503,400
	Royal Dutch Shell PLC, ADR,
	Class A@	303,319		16,494,487
	Royal Dutch Shell PLC, ADR,
	Class B@	253,799		14,712,728
	Royal Mail PLC	94,049		535,602
	Standard Chartered PLC*	319,612		2,613,853
	Vodafone Group PLC	7,028,749		17,311,464
	WM Morrison Supermarkets PLC@	368,150		1,046,704
				128,519,487
	TOTAL COMMON STOCKS
	(Identified Cost $661,927,436)			663,726,693
PREFERRED STOCKS — 0.8%
Germany — 0.8%
	Bayerische Motoren
	Werke AG, 4.500%	9,670		740,023
	Porsche Automobil
	Holding SE, 4.640%	14,803		806,232
	Volkswagen AG, 4.550%	30,797		4,323,003
				5,869,258
	TOTAL PREFERRED STOCKS
	(Identified Cost $9,328,586)			5,869,258

See notes to financial statements

SA International Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
RIGHTS AND WARRANTS — 0.0%
Spain — 0.0%
	Repsol SA, expires 1/12/2017*	143,928	$	53,330
	TOTAL RIGHTS AND WARRANTS
	(Identified Cost $50,349)			53,330
SHORT-TERM INVESTMENTS — 4.9%
Investment Company — 0.5%
	State Street Institutional U.S.
	Government Money
	Market Fund, 0.170%	3,383,000		3,383,000
Collateral For Securities On Loan — 4.4%
	State Street Navigator Securities
	Lending Government Money
	Market Portfolio	29,617,358		29,617,358
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $33,000,358)			33,000,358
Total Investments — 104.0%
	(Identified Cost $704,306,729)#			702,649,639
	Liabilities, Less Cash and
	Other Assets — (4.0%)			(27,348,112	)
Net Assets — 100.0%			$	675,301,527

†	See Note 1
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $68,009,899.
*	Non-income producing security
¥	Traded on the Canada, Toronto Stock Exchange.
¢	Traded on the Netherlands, Euronext Amsterdam Stock Market.
§	Fair valued security. Fair values are determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1
µ	Traded on the Switzerland, Swiss Exchange.
=	Traded on the France, Euronext Paris Exchange.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $704,306,729. Net unrealized depreciation aggregated $1,657,090 of which $81,494,547 related to appreciated investment securities and $83,151,637 related to depreciated investment securities.

Key to abbreviations:
ADR — American Depository Receipt

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited)

		SHARES	VALUE†
COMMON STOCKS — 95.9%
Brazil — 4.7%
	Aliansce Shopping Centers SA	3,347	$	14,860
	B2W Cia Digital*	8,916		27,942
	Banco Bradesco SA	9,863		88,306
	Banco do Brasil SA	66,769		576,256
	Banco Santander Brasil SA	40,193		364,672
	BM&F BOVESPA SA	52,702		267,178
	Cia Siderurgica Nacional SA*	101,942		339,838
	Cosan SA Industria e Comercio	8,600		100,805
	Cyrela Brazil Realty SA
	Empreendimentos e Participacoes	35,900		113,280
	Duratex SA*	47,495		99,231
	Embraer SA, ADR	11,177		215,157
	Estacio Participacoes SA	9,900		48,060
	Even Construtora e
	Incorporadora SA	34,300		38,993
	Ez Tec Empreendimentos e
	Participacoes SA	8,658		41,631
	Fibria Celulose SA	11,200		109,739
	Fibria Celulose SA, ADR@	42,916		412,423
	Gerdau SA	25,800		62,623
	Gerdau SA, ADR	137,953		433,172
	Guararapes Confeccoes SA	1,200		22,417
	International Meal Co.
	Alimentacao SA*	10,400		15,881
	Iochpe Maxion SA	10,397		37,247
	JBS SA	129,293		452,865
	Kroton Educacional SA	37,674		154,298
	Magnesita Refratarios SA*	1,500		10,946
	MRV Engenharia e Participacoes SA	58,421		196,370
	Petroleo Brasileiro SA*	382,443		1,990,532
	Petroleo Brasileiro SA, ADR*	34,495		348,744
	Porto Seguro SA	14,438		119,330
	Rumo Logistica Operadora
	Multimodal SA*	72,097		136,011
	SLC Agricola SA	8,505		37,812
	Sul America SA	20,400		112,822
	Usinas Siderurgicas de Minas
	Gerais SA*	8,500		21,572
	Vale SA	169,416		1,336,714
	Via Varejo SA	19,800		65,398
				8,413,125
Chile — 1.4%
	CAP SA	16,619		118,602
	Cencosud SA	20,119		56,471
	Cencosud SA, ADR	28,050		235,620
	Empresas CMPC SA	112,729		229,078
	Empresas COPEC SA	56,080		537,444
	Enel Chile SA, ADR	40,302		183,374
	Enersis Americas SA, ADR	40,302		330,879
	ENTEL Chile SA*	21,165		224,955
	Grupo Security SA	133,299		44,975
	Inversiones Aguas Metropolitanas SA	36,299		52,357
	Latam Airlines Group SA, ADR@*	44,483		363,871
	Ripley Corp. SA	107,262		63,953
	Salfacorp SA	30,886		22,134
	Sigdo Koppers SA	10,144		12,722
	Sociedad Matriz SAAM SA	240,287		18,515
				2,494,950
China — 16.1%
	361 Degrees International Ltd.	71,000		27,468
	Agile Group Holdings Ltd.	227,091		115,676
	Agricultural Bank of China Ltd.,
	H Shares	1,727,000		708,216
	Angang Steel Co., Ltd., H Shares*	116,000		68,961
	Bank of China Ltd., H Shares	5,257,902		2,332,476
	Bank of Chongqing Co., Ltd.,
	H Shares	46,500		39,397
	Bank of Communications Co., Ltd.,
	H Shares	489,400		354,057
	BBMG Corp., H Shares	40,000		13,824
	Beijing Capital Land Ltd., H Shares	136,000		51,036
	Beijing Enterprises Holdings Ltd.	29,500		139,426
	Bosideng International
	Holdings Ltd.	64,000		5,530
	BYD Electronic
	International Co., Ltd.	47,500		37,365
	C C Land Holdings Ltd.	115,000		33,219
	China Aerospace International
	Holdings Ltd.	318,000		40,188
	China Agri-Industries Holdings Ltd.*	167,700		65,527
	China Aoyuan Property Group Ltd.	156,000		35,809
	China BlueChemical Ltd., H Shares	192,000		53,234
	China Citic Bank Corp. Ltd.,
	H Shares	485,000		308,344
	China Coal Energy Co., Ltd.,
	H Shares*	161,000		76,405
	China Communication
	Services Corp. Ltd., H Shares	227,600		144,992
	China Communications
	Construction Co., Ltd., H Shares	166,000		190,950
	China Construction Bank Corp.,
	H Shares	8,382,810		6,453,721
	China Everbright Bank Co., Ltd.,
	H Shares	213,000		96,962
	China Everbright Ltd.	42,000		79,943
	China Evergrande Group@	365,000		227,345
	China Galaxy Securities Co., Ltd.,
	H Shares	40,500		36,507
	China Hongqiao Group Ltd.@	162,500		142,917
	China Jinmao Holdings Group Ltd.	380,000		102,418
	China Lumena New
	Materials Corp.@*§~	224,000		—
	China Merchants Bank Co., Ltd.,
	H Shares	156,500		366,906
	China Merchants Port
	Holdings Co., Ltd.	80,515		199,769
	China Minsheng Banking Corp. Ltd.,
	H Shares	301,400		322,214
	China Modern Dairy Holdings Ltd.@*	239,000		58,868
	China National Building
	Material Co., Ltd., H Shares@	394,000		191,551

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
China (Continued)
	China National Materials Co., Ltd.,
	H Shares	121,000	$	28,243
	China Oil & Gas Group Ltd.*	200,000		15,733
	China Oilfield Services Ltd., H Shares	124,000		115,133
	China Overseas Grand Oceans
	Group Ltd.*	77,000		25,122
	China Overseas Land &
	Investment Ltd.	94,000		249,107
	China Petroleum &
	Chemical Corp., ADR	6,621		470,223
	China Petroleum & Chemical Corp.,
	H Shares	1,732,400		1,228,732
	China Resources Cement
	Holdings Ltd.	166,000		64,435
	China Resources Enterprise Ltd.*	45,456		90,273
	China Resources Land Ltd.	148,000		332,855
	China SCE Property Holdings Ltd.	151,000		45,371
	China Shanshui Cement
	Group Ltd.@*§	125,000		16,426
	China Shenhua Energy Co., Ltd.	191,500		360,552
	China Singyes Solar Technologies
	Holdings Ltd.	36,000		17,177
	China South City Holdings Ltd.@	204,000		42,618
	China Southern Airlines Co., Ltd.,
	H Shares	98,000		50,930
	China Travel International Investment
	Hong Kong Ltd.@	374,000		102,730
	China Unicom Hong Kong Ltd.	132,000		153,712
	China Unicom Hong Kong Ltd., ADR	55,304		638,761
	China Yurun Food Group Ltd.@*	23,000		3,441
	China ZhengTong Auto Services
	Holdings Ltd.	91,500		26,667
	China Zhongwang Holdings Ltd.@	154,000		65,536
	Chongqing Rural Commercial
	Bank Co., Ltd., H Shares	226,000		132,607
	CIFI Holdings Group Co., Ltd.	266,000		71,693
	CIMC Enric Holdings Ltd.@	4,000		1,883
	CITIC Ltd.	471,000		674,202
	Citic Resources Holdings Ltd.@*	150,000		18,376
	CNOOC Ltd.	1,521,000		1,902,599
	Comba Telecom Systems
	Holdings Ltd.	193,600		34,453
	Concord New Energy Group Ltd.	420,000		22,206
	Coolpad Group Ltd.*	240,200		24,780
	COSCO SHIPPING Development Co.,
	Ltd., H Shares*	70,200		14,485
	COSCO SHIPPING Energy
	Transportation Co., Ltd., H Shares	36,000		20,102
	COSCO SHIPPING Ports Ltd.	145,835		146,503
	Country Garden Holdings Co., Ltd.	544,000		304,463
	Dah Chong Hong Holdings Ltd.	35,000		13,360
	Dongfeng Motor Group Co., Ltd.,
	H Shares	168,000		164,003
	Dongyue Group Ltd.*§	234,000		15,504
	Fantasia Holdings Group Co., Ltd.*	142,500		18,193
	Fosun International Ltd.	123,000		174,162
	Fufeng Group Ltd.	155,000		76,556
	Fullshare Holdings Ltd.	197,500		92,198
	Future Land Development
	Holdings Ltd.	170,000		34,857
	GCL-Poly Energy Holdings Ltd.@*	723,000		86,710
	Glorious Property Holdings Ltd.*	228,000		22,346
	GOME Electrical Appliances
	Holding Ltd.@	972,000		117,826
	Greentown China Holdings Ltd.@*	76,000		61,549
	Guangshen Railway Co., Ltd., ADR	2,674		80,808
	Guangzhou R&F Properties Co., Ltd.,
	H Shares	109,600		132,574
	Harbin Electric Co., Ltd., H Shares	54,000		25,209
	Hengdeli Holdings Ltd.*	184,000		26,813
	Hopson Development Holdings Ltd.	58,000		51,684
	Hua Han Health Industry
	Holdings Ltd.	640,000		42,917
	Huabao International Holdings Ltd.*	94,000		39,881
	Huaneng Renewables Corp. Ltd.,
	H Shares	312,000		101,391
	Huishang Bank Corp. Ltd., H Shares	64,000		32,600
	Industrial & Commercial Bank of
	China Ltd., H Shares	5,440,000		3,262,106
	Intime Retail Group Co., Ltd.§	3,500		3,173
	Jiangxi Copper Co., Ltd., H Shares	92,000		128,369
	Joy City Property Ltd.	118,000		14,913
	Ju Teng International Holdings Ltd.	56,000		17,332
	K Wah International Holdings Ltd.	45,000		20,891
	Kaisa Group Holdings Ltd.@*§	172,000		12,976
	Kingboard Chemical Holdings Ltd.	75,000		227,287
	Kingboard Laminates Holdings Ltd.	50,000		49,133
	Kunlun Energy Co., Ltd.	296,000		221,394
	KWG Property Holding Ltd.	147,500		83,693
	Logan Property Holdings Co., Ltd.	62,000		23,426
	Longfor Properties Co., Ltd.	133,500		169,404
	Lonking Holdings Ltd.	281,000		59,791
	Maanshan Iron & Steel Co., Ltd.,
	H Shares*	116,000		33,807
	Maoye International Holdings Ltd.*	82,000		7,614
	Metallurgical Corp. of China Ltd.,
	H Shares	76,000		29,598
	Mingfa Group
	International Co., Ltd.*§	91,000		8,318
	MMG Ltd.@*	131,999		33,874
	Nine Dragons Paper Holdings Ltd.	128,000		116,041
	PetroChina Co., Ltd., H Shares	314,000		234,047
	Poly Property Group Co., Ltd.@*	229,000		75,895
	Powerlong Real Estate
	Holdings Ltd.	183,000		53,570
	Renhe Commercial
	Holdings Co., Ltd.@*	726,000		18,631
	Semiconductor Manufacturing
	International Corp.@*	149,800		235,291
	Shandong Chenming Paper
	Holdings Ltd., H Shares	45,000		46,367
	Shanghai Electric Group Co., Ltd.,
	H Shares*	42,000		18,794
	Shanghai Industrial Holdings Ltd.	45,000		121,865

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
China (Continued)
	Shenzhen International Holdings Ltd.	31,001	$	45,175
	Shenzhen Investment Ltd.	238,830		95,785
	Shimao Property Holdings Ltd.	147,500		192,875
	Shougang Fushan Resources
	Group Ltd.	176,000		34,499
	Shunfeng International Clean
	Energy Ltd.*	220,000		13,760
	Sino-Ocean Land Holdings Ltd.	246,212		110,175
	Sinofert Holdings Ltd.@	244,000		33,039
	Sinopec Engineering Group Co., Ltd.,
	H Shares	43,000		35,877
	Sinotrans Ltd., H Shares	122,000		54,436
	Sinotrans Shipping Ltd.*	51,573		9,710
	Sinotruk Hong Kong Ltd.	60,000		42,788
	Skyworth Digital Holdings Ltd.	129,591		73,866
	SOHO China Ltd.	131,000		64,533
	Sunac China Holdings Ltd.@	145,000		120,607
	TCC International Holdings Ltd.	196,000		45,749
	Tian An China Investment Co., Ltd.	10,000		5,855
	Tianjin Port Development
	Holdings Ltd.	70,000		10,742
	Truly International Holdings Ltd.@	178,000		69,322
	West China Cement Ltd.*	198,000		22,214
	Xingda International Holdings Ltd.	70,000		31,685
	Yanzhou Coal Mining Co., Ltd.,
	H Shares	66,000		45,024
	Yingde Gases Group Co., Ltd.§	101,500		39,791
	Yuexiu Property Co., Ltd.	863,033		117,972
	Yuzhou Properties Co., Ltd.	153,000		53,272
	Zhongsheng Group Holdings Ltd.	35,500		31,725
	Zoomlion Heavy Industry Science &
	Technology Co., Ltd., H Shares	57,000		25,065
				28,797,632
Colombia — 0.5%
	Almacenes Exito SA	23,686		117,562
	Cementos Argos SA	10,173		40,191
	Ecopetrol SA, ADR@*	26,868		243,156
	Grupo Argos SA	33,565		215,567
	Grupo de Inversiones
	Suramericana SA	22,514		286,487
	Grupo Nutresa SA	8,773		72,767
				975,730
Czech Republic — 0.2%
	CEZ, AS	18,401		308,231
	Unipetrol, AS	10,432		74,693
				382,924
Greece — 0.1%
	Alpha Bank AE*	927		1,854
	Ellaktor SA*	11,652		13,370
	GEK Terna Holding Real Estate
	Construction SA*	8,282		19,877
	Hellenic Petroleum SA*	9,036		42,042
	Marfin Investment Group
	Holdings SA*	45,244		7,144
	Mytilineos Holdings SA*	16,096		104,202
	Piraeus Bank SA*	524		115
	Titan Cement Co. SA	299		7,019
				195,623
Hungary — 0.4%
	MOL Hungarian Oil & Gas PLC	4,292		301,461
	OTP Bank PLC	13,258		379,075
				680,536
India — 11.9%
	ACC Ltd.	6,589		129,120
	Adani Enterprises Ltd.	48,033		54,353
	Adani Ports & Special Economic
	Zone Ltd.	51,806		204,148
	Adani Power Ltd.*	220,211		97,338
	Adani Transmissions Ltd.*	48,033		39,951
	Aditya Birla Fashion & Retail Ltd.*	57,350		117,032
	Aditya Birla Nuvo Ltd.	11,029		208,490
	Allahabad Bank Ltd.*	1,836		1,634
	Ambuja Cements Ltd.	74,140		225,031
	Apollo Tyres Ltd.	62,493		170,113
	Arvind Ltd.	27,861		144,498
	Ashoka Buildcon Ltd.	4,899		11,369
	Axis Bank Ltd.	180,957		1,200,603
	Bajaj Finserv Ltd.	6,329		268,565
	Bajaj Holdings & Investment Ltd.	5,460		146,093
	Balkrishna Industries Ltd.	4,079		66,110
	Balrampur Chini Mills Ltd.	11,931		22,088
	Bank of Baroda*	63,461		143,435
	Bank of India*	22,041		34,781
	Bharat Electronics Ltd.	2,797		56,665
	Bharat Heavy Electricals Ltd.	68,415		121,921
	Bharti Airtel Ltd.	189,175		851,943
	Birla Corp., Ltd.	2,074		19,169
	Cairn India Ltd.	81,823		292,053
	Canara Bank*	23,213		89,883
	Ceat Ltd.	3,536		60,441
	Century Textiles & Industries Ltd.	4,065		47,700
	Cipla Ltd.	13,689		114,361
	Container Corp. of India Ltd.	2,946		48,147
	Coromandel International Ltd.	7,470		32,430
	Corporation Bank*	735		450
	Cox & Kings Ltd.	11,953		31,630
	Crompton Greaves Consumer
	Electricals Ltd.*	49,779		106,606
	Crompton Greaves Ltd.*	49,779		43,530
	Cyient Ltd.	6,096		45,403
	DCB Bank Ltd.*	3,524		5,610
	Dewan Housing Finance Corp. Ltd.	35,252		126,813
	DLF Ltd.	35,103		57,410
	EID Parry India Ltd.*	7,288		27,382
	EIH Ltd.	13,530		19,028
	Engineers India Ltd.*	11,771		26,293
	Engineers India Ltd.	11,771		26,293

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
India (Continued)
	Exide Industries Ltd.	41,825	$	111,110
	Federal Bank Ltd.	155,672		153,332
	GAIL India Ltd.	42,704		274,679
	GAIL India Ltd., GDR	155		5,929
	Gateway Distriparks Ltd.	5,474		19,720
	Great Eastern Shipping Co., Ltd. (The)	11,618		62,130
	Gujarat Fluorochemicals Ltd.	5,933		40,693
	Gujarat State Petronet Ltd.	33,607		69,002
	Himachal Futuristic
	Communications Ltd.*	111,266		20,492
	Hindalco Industries Ltd.	169,579		386,781
	ICICI Bank Ltd.	199,777		750,746
	ICICI Bank Ltd., ADR	74,950		561,375
	IDBI Bank Ltd.*	16,131		16,518
	Idea Cellular Ltd.	194,607		212,184
	IDFC Bank Ltd.	28,677		25,478
	IDFC Ltd.*	28,677		22,753
	IFCI Ltd.	131,851		52,647
	IIFL Holdings Ltd.	30,722		117,895
	India Cements Ltd. (The)	73,961		127,010
	Indiabulls Housing Finance Ltd.	21,960		209,990
	Indian Bank	12,173		39,674
	Indian Hotels Co., Ltd. (The)	47,733		69,205
	Jain Irrigation Systems Ltd.	44,473		57,926
	Jaiprakash Associates Ltd.*	179,807		21,459
	Jammu & Kashmir Bank Ltd. (The)	24,690		21,536
	Jindal Steel & Power Ltd.*	85,132		86,361
	JSW Energy Ltd.	116,585		104,269
	JSW Steel Ltd.	14,671		350,314
	Jubilant Life Sciences Ltd.	13,390		123,602
	Karnataka Bank Ltd. (The)	25,825		42,655
	Karur Vysya Bank Ltd. (The)	21,915		26,381
	Kaveri Seed Co., Ltd.*	5,328		32,139
	KPIT Technologies Ltd.	21,169		41,795
	L&T Finance Holdings Ltd.	78,014		100,233
	Larsen & Toubro Ltd.	49,087		975,556
	LIC Housing Finance Ltd.	24,674		202,496
	Mahindra & Mahindra Financial
	Services Ltd.	44,270		176,017
	Mahindra & Mahindra Ltd.	38,681		672,287
	Manappuram Finance Ltd.	39,514		39,211
	Mphasis Ltd.	17,602		145,728
	MRF Ltd.	256		183,787
	Muthoot Finance Ltd.	15,546		64,181
	National Aluminium Co., Ltd.	84,641		82,059
	NCC Ltd.	58,777		70,018
	NIIT Technologies Ltd.	6,690		42,548
	Oberoi Realty Ltd.	14,000		60,676
	Oriental Bank of Commerce	14,300		22,323
	PC Jeweller Ltd.	3,805		22,201
	Persistent Systems Ltd.	4,682		42,415
	Petronet LNG Ltd.	34,695		187,456
	Piramal Enterprises Ltd.	6,642		158,539
	Power Finance Corp., Ltd.	129,380		231,996
	Prestige Estates Projects Ltd.	5,865		14,863
	PTC India Ltd.	28,037		30,404
	Ramco Cements Ltd. (The)	6,184		49,439
	Raymond Ltd.	1,722		12,508
	Redington India Ltd.	23,584		32,664
	Reliance Communications Ltd.*	167,238		83,779
	Reliance Industries Ltd.	146,455		2,332,016
	Reliance Industries Ltd., GDR±	9,730		306,981
	Reliance Power Ltd.	91,910		55,726
	Rural Electrification Corp. Ltd.	117,454		215,370
	Shriram City Union Finance Ltd.	837		22,322
	Shriram Transport Finance Co., Ltd.	20,278		254,558
	Sintex Industries Ltd.	60,470		66,823
	Sobha Ltd.	6,105		22,034
	South Indian Bank Ltd. (The)	67,916		19,663
	SRF Ltd.	2,665		60,470
	State Bank of India	127,435		469,972
	State Bank of India Ltd., GDR	2,800		102,900
	Syndicate Bank*	19,381		17,605
	Tata Chemicals Ltd.	12,834		94,936
	Tata Global Beverages Ltd.	61,016		109,680
	Tata Motors Ltd.	174,932		1,211,147
	Tata Steel Ltd.	42,573		245,264
	Tech Mahindra Ltd.	32,802		236,119
	Tube Investments of India Ltd.	8,913		76,175
	TV18 Broadcast Ltd.*	55,772		29,953
	Union Bank of India	37,465		67,621
	UPL Ltd.	30,684		292,441
	VA Tech Wabag Ltd.	1,790		12,343
	Vardhman Textiles Ltd.	3,096		50,815
	Vedanta Ltd.	144,721		461,222
	Vedanta Ltd., ADR	14,869		184,673
	Videocon Industries Ltd.*	3,464		5,311
	Wipro Ltd.	68,731		481,836
	Wockhardt Ltd.	4,111		39,735
	Yes Bank Ltd.	8,955		152,395
	Zensar Technologies Ltd.	1,122		15,705
				21,210,888
Indonesia — 3.2%
	Adaro Energy Tbk PT	3,002,600		377,763
	Adhi Karya Persero Tbk PT	265,600		41,006
	Agung Podomoro Land Tbk PT*	1,262,900		19,685
	Alam Sutera Realty Tbk PT*	2,593,800		67,769
	Aneka Tambang Tbk PT*	1,015,016		67,429
	Astra Agro Lestari Tbk PT	39,844		49,611
	Astra International Tbk PT	113,700		69,836
	Bank Bukopin Tbk PT	428,300		20,346
	Bank CIMB Niaga Tbk PT*	54,229		3,401
	Bank Danamon Indonesia Tbk PT	378,773		104,305
	Bank Mandiri Tbk PT	1,289,800		1,108,141
	Bank Negara Indonesia
	Persero Tbk PT	1,027,766		421,481
	Bank Pan Indonesia Tbk PT*	967,400		53,854
	Bank Pembangunan Daerah
	Jawa Barat Dan Banten Tbk PT	649,700		163,480
	Bank Pembangunan Daerah
	Jawa Timur Tbk PT	69,000		2,919
	Bank Tabungan Negara Tbk PT	671,490		86,724
	Bumi Serpong Damai Tbk PT	805,600		104,942

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Indonesia (Continued)
	Ciputra Development Tbk PT	1,610,377	$	159,573
	Eagle High Plantations Tbk PT*	1,380,100		28,068
	Gajah Tunggal Tbk PT*	517,400		41,092
	Garuda Indonesia Persero Tbk PT*	400,470		10,047
	Global Mediacom Tbk PT	1,084,300		49,497
	Gudang Garam Tbk PT	13,000		61,659
	Hanson International Tbk PT*	6,335,700		79,475
	Holcim Indonesia Tbk PT	308,000		20,575
	Indah Kiat Pulp &
	Paper Corp., Tbk PT	344,500		24,420
	Indo Tambangraya Megah Tbk PT	64,900		81,291
	Indocement Tunggal
	Prakarsa Tbk PT	19,000		21,718
	Indofood Sukses Makmur Tbk PT	802,500		472,059
	Intiland Development Tbk PT	1,370,300		50,855
	Japfa Comfeed Indonesia Tbk PT	565,400		61,062
	Lippo Cikarang Tbk PT*	74,400		27,888
	Lippo Karawaci Tbk PT	3,218,075		171,981
	Medco Energi Internasional Tbk PT*	379,700		37,202
	Mitra Adiperkasa Tbk PT*	51,800		20,762
	MNC Investama Tbk PT*	4,910,300		49,203
	Modernland Realty Tbk PT*	1,758,100		44,629
	Multipolar Tbk PT*	1,293,500		32,836
	Panin Financial Tbk PT*	2,998,200		38,277
	Perusahaan Perkebunan London
	Sumatra Indonesia Tbk PT	844,800		109,108
	Salim Ivomas Pratama Tbk PT	964,200		35,355
	Semen Indonesia Persero Tbk PT	362,500		246,869
	Sinar Mas Multiartha Tbk PT	7,500		4,774
	Sri Rejeki Isman Tbk PT	996,900		17,019
	Surya Semesta Internusa Tbk PT	1,030,600		33,200
	Tambang Batubara Bukit Asam
	Persero Tbk PT	127,900		118,668
	Tiga Pilar Sejahtera Food Tbk*	168,600		24,340
	Timah Tbk PT	762,382		60,832
	United Tractors Tbk PT	316,000		498,423
	Vale Indonesia Tbk PT*	362,800		75,940
	XL Axiata Tbk PT*	600,900		103,031
				5,674,420
Korea — 16.0%
	Asiana Airlines, Inc.*	12,488		43,632
	BNK Financial Group, Inc.	36,464		262,053
	CJ E&M Corp.	1,328		77,956
	CJ Hellovision Co., Ltd.	4,225		32,777
	CJ O Shopping Co., Ltd.	354		47,745
	Daeduck Electronics Co.	3,845		25,977
	Daeduck GDS Co., Ltd.	4,539		48,479
	Daelim Industrial Co., Ltd.	3,115		224,637
	Daesang Holdings Co., Ltd.	3,626		30,922
	Daewoo Engineering &
	Construction Co., Ltd.*	18,273		76,856
	Daewoo Shipbuilding & Marine
	Engineering Co., Ltd.*§	12,811		35,639
	Daishin Securities Co., Ltd.	5,898		50,786
	Daou Technology, Inc.	2,100		31,297
	DGB Financial Group, Inc.	21,254		171,925
	Dong Ah Tire & Rubber Co., Ltd.	1,550		31,955
	Dongkuk Steel Mill Co., Ltd.*	5,154		47,153
	Dongwon Development Co., Ltd.	12,028		42,424
	Doosan Corp.	1,027		89,282
	Doosan Heavy Industries &
	Construction Co., Ltd.	4,983		112,219
	Doosan Infracore Co., Ltd.*	19,877		145,152
	E-Mart Co., Ltd.	2,514		380,909
	Eugene Corp.	10,995		46,518
	GS Engineering & Construction Corp.*	5,034		110,450
	GS Holdings Corp.	8,604		385,392
	Halla Holdings Corp.	930		46,662
	Hana Financial Group, Inc.	29,388		760,370
	Handsome Co., Ltd.	1,970		56,843
	Hanil Cement Co., Ltd.	309		19,444
	Hanjin Kal Corp.	5,540		70,408
	Hanjin Transportation Co., Ltd.	2,144		51,124
	Hankook Tire Co., Ltd.	3,921		188,291
	Hansol Holdings Co., Ltd.*	10,320		57,248
	Hansol Paper Co., Ltd.	437		7,128
	Hanwha Chem Corp.	15,695		320,969
	Hanwha Corp.>	8,404		243,882
	Hanwha General Insurance Co., Ltd.	4,793		28,691
	Hanwha Investment &
	Securities Co., Ltd.*	18,065		31,185
	Hanwha Life Insurance Co., Ltd.	37,615		203,366
	Hanwha Techwin Co., Ltd.	389		13,994
	Heungkuk Fire & Marine
	Insurance Co., Ltd.*	1,548		4,749
	Humax Co., Ltd.	1,390		15,824
	Hy-Lok Corp.	918		16,037
	Hyosung Corp.	952		114,685
	Hyundai Department Store Co., Ltd.	2,366		213,524
	Hyundai Engineering &
	Construction Co., Ltd.	11,588		410,636
	Hyundai Greenfood Co., Ltd.	2,006		25,577
	Hyundai Heavy Industries Co., Ltd.*	4,822		580,892
	Hyundai Home Shopping
	Network Corp.	431		39,788
	Hyundai Hy Communications & Networks
	Co., Ltd.	3,997		13,684
	Hyundai Marine & Fire
	Insurance Co., Ltd.	2,703		70,495
	Hyundai Mobis Co., Ltd.	1,845		403,279
	Hyundai Motor Co.	22,799		2,755,965
	Hyundai Rotem Co., Ltd.*	2,813		42,272
	Hyundai Steel Co.	13,422		633,428
	Hyundai Wia Corp.	2,659		160,711
	Ilshin Spinning Co., Ltd.	296		30,267
	Industrial Bank of Korea	38,675		406,667
	Interpark Holdings Corp.	7,348		30,541
	JB Financial Group Co., Ltd.	10,318		49,377
	KB Capital Co., Ltd.	980		21,745
	KB Financial Group, Inc.	4,355		154,325
	KB Financial Group, Inc., ADR*	29,675		1,047,231
	KB Insurance Co., Ltd.	5,730		124,060
	KCC Corp.	454		135,132

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Korea (Continued)
	KH Vatec Co., Ltd.	2,458	$	27,576
	Kia Motors Corp.	44,490		1,445,796
	KISWIRE Ltd.	840		27,923
	Kolon Industries, Inc.	2,613		160,094
	Korea Investment Holdings Co., Ltd.	4,714		163,534
	Korea Line Corp.*	3,081		43,876
	Korean Air Lines Co., Ltd.*	4,632		104,889
	Korean Reinsurance Co.	9,715		91,696
	Kumho Tire Co., Inc.*	5,182		36,383
	Kwangju Bank	1,074		9,604
	LF Corp.	2,480		44,249
	LG Chem Ltd.	384		82,981
	LG Corp.	13,099		650,720
	LG Display Co., Ltd.	6,336		164,984
	LG Display Co., Ltd., ADR*	62,695		805,631
	LG Electronics, Inc.	19,054		814,031
	LG Hausys Ltd.	907		71,866
	LG Innotek Co., Ltd.	1,536		112,421
	LG International Corp.	3,030		73,379
	LG Uplus Corp.	26,566		251,847
	Lotte Chemical Corp.	379		115,790
	Lotte Chilsung Beverage Co., Ltd.	92		111,210
	Lotte Confectionery Co., Ltd.	640		94,585
	LOTTE Fine Chemicals Co., Ltd.	2,019		51,236
	Lotte Food Co., Ltd.	93		49,973
	LOTTE Himart Co., Ltd.	1,781		62,227
	Lotte Shopping Co., Ltd.	1,161		212,917
	LS Corp.	2,609		128,095
	Mando Corp.	264		51,257
	Meritz Fire & Marine
	Insurance Co., Ltd.	2,167		27,451
	Mirae Asset Life Insurance Co., Ltd.	13,679		58,327
	Mirae Asset Securities Co., Ltd.§	6,038		107,554
	Namyang Dairy Products Co., Ltd.	26		15,801
	NH Investment & Securities Co., Ltd.	14,888		118,951
	NHN Entertainment Corp.*	1,327		55,264
	Nong Shim Co., Ltd.	284		78,183
	Nong Shim Holdings Co., Ltd.	185		18,457
	OCI Co., Ltd.*	2,081		135,597
	Pan Ocean Co., Ltd.*	24,376		80,426
	Poongsan Corp.	2,993		100,361
	Posco Daewoo Corp.	4,166		93,130
	POSCO, ADR	28,384		1,491,579
	S&T Dynamics Co., Ltd.	1,950		15,015
	S&T Motiv Co., Ltd.	920		37,210
	S-Oil Corp.	1,379		96,706
	Samsung Card Co., Ltd.	3,348		110,048
	Samsung Electro-Mechanics Co., Ltd.	8,433		354,691
	Samsung Electronics Co., Ltd.	371		553,520
	Samsung Heavy Industries Co., Ltd.*	29,124		223,048
	Samsung Life Insurance Co., Ltd.	5,872		546,945
	Samsung SDI Co., Ltd.	3,484		314,420
	Samsung Securities Co., Ltd.	5,314		139,472
	Samyang Corp.	295		25,646
	Samyang Holdings Corp.	471		46,601
	SeAH Besteel Corp.	1,570		33,212
	SeAH Steel Corp.	446		34,194
	Sebang Co., Ltd.	1,306		16,382
	Sebang Global Battery Co., Ltd.	589		18,239
	Shinhan Financial Group Co., Ltd.	20,589		771,363
	Shinhan Financial
	Group Co., Ltd., ADR*	24,410		918,792
	Shinsegae Co., Ltd.	895		130,419
	SK Chemicals Co., Ltd.	2,335		129,529
	SK Gas Co., Ltd.	599		64,225
	SK Holdings Co., Ltd.	1,525		289,773
	SK Hynix, Inc.	21,155		782,935
	SK Innovation Co., Ltd.	10,175		1,234,176
	SK Networks Co., Ltd.	13,860		79,410
	SKC Co., Ltd.	3,360		91,803
	SL Corp.	532		9,492
	Ssangyong Cement
	Industrial Co., Ltd.*	3,374		41,344
	Sung Kwang Bend Co., Ltd.	4,581		33,605
	Sungwoo Hitech Co., Ltd.	5,817		37,037
	Taekwang Industrial Co., Ltd.	36		28,226
	Taewoong Co., Ltd.*	2,152		40,000
	Taeyoung Engineering &
	Construction Co., Ltd.*	5,008		22,473
	Tongyang Life Insurance Co., Ltd.	6,487		68,211
	Tongyang, Inc.	18,180		44,931
	Unid Co., Ltd.	1,035		38,305
	Woori Bank	35,181		371,384
	Woori Bank, ADR@*	3,083		98,656
	Young Poong Corp.	19		16,738
	Youngone Corp.	1,575		39,968
	Youngone Holdings Co., Ltd.	357		17,587
	Yuanta Securities Korea Co., Ltd.*	9,125		23,685
				28,583,898
Malaysia — 3.0%
	Affin Holdings Bhd	65,370		34,827
	AirAsia Bhd	212,600		108,527
	Alliance Financial Group Berhad	167,400		138,816
	AMMB Holdings Berhad	305,987		293,982
	Batu Kawan Berhad	18,800		77,111
	Berjaya Corp. Berhad	455,775		34,544
	Berjaya Land Berhad*	215,200		31,661
	Boustead Holdings Berhad	114,039		67,874
	Boustead Plantations Bhd	11,600		4,292
	Bumi Armada Bhd*	491,700		66,313
	Cahya Mata Sarawak Bhd	22,500		20,062
	CIMB Group Holdings Bhd	423,329		425,594
	Coastal Contracts Bhd	55,400		17,166
	DRB-Hicom Berhad	191,500		49,092
	Eco World Development Group Bhd*	61,000		18,221
	Felda Global Ventures Holdings Bhd	258,800		89,420
	Genting Bhd	314,300		560,499
	Genting Malaysia Bhd	280,700		286,582
	HAP Seng Consolidated Berhad	63,500		125,415
	Hap Seng Plantations
	Holdings Berhad	19,600		11,010
	Hong Leong Financial Group Berhad	35,521		112,597
	Hong Leong Industries Bhd	9,900		20,745

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Malaysia (Continued)
	IJM Corp. Berhad	421,460	$	300,640
	IOI Properties Group Bhd	132,900		62,214
	Jaya Tiasa Holdings Bhd	54,200		16,190
	KNM Group Bhd*	258,360		19,581
	KSL Holdings Bhd*	91,419		20,583
	Mah Sing Group Bhd	205,885		65,630
	Malayan Banking Bhd	63,069		115,284
	Malaysia Airports Holdings Bhd	102,400		138,329
	Malaysia Building Society Bhd	100,100		20,082
	Malaysian Resources Corp. Bhd	168,400		49,927
	Media Prima Bhd	105,700		27,097
	MISC Berhad	152,820		250,385
	MMC Corp. Berhad	137,800		71,572
	Multi-Purpose Holdings Bhd	86,100		41,649
	Oriental Holdings Berhad	23,560		35,503
	OSK Holdings Berhad	49,637		15,491
	Parkson Holdings Bhd*	87,151		12,142
	Pos Malaysia Berhad	21,200		18,478
	PPB Group Berhad	25,900		91,568
	Press Metal Bhd	210,560		74,630
	RHB Capital Berhad	130,771		137,301
	SapuraKencana Petroleum Bhd*	564,500		203,854
	Selangor Properties Bhd	6,500		6,520
	SP Setia Bhd Group	93,775		65,429
	Star Publications Malaysia Bhd	2,200		1,099
	Sunway Bhd	110,600		74,703
	Supermax Corp. Bhd	71,200		33,489
	Ta Ann Holdings Bhd	33,360		29,374
	TA Enterprise Bhd	140,200		14,064
	TA Global Berhad	55,560		3,034
	TAN Chong Motor Holdings Bhd	9,600		3,809
	Time dotCom Bhd	42,580		74,036
	UEM Sunrise Bhd	225,600		52,804
	UMW Holdings Bhd	75,700		77,118
	UMW Oil & Gas Corp. Bhd*	110,500		21,553
	Unisem M Bhd	81,900		43,086
	UOA Development Bhd	99,100		51,914
	Wah Seong Corp. Bhd	3,573		641
	WCT Holdings Bhd	158,992		61,314
	YTL Corp. Berhad	851,809		294,317
				5,290,784
Mexico — 4.4%
	Alfa SAB de CV, Class A	316,744		392,079
	Alpek SA de CV	61,784		73,796
	Axtel SAB de CV*	61,878		10,507
	Cemex SAB de CV*	952,873		762,127
	Cemex SAB de CV, ADR@*	54,111		434,511
	Coca-Cola Femsa SAB de CV, ADR	1,151		73,135
	Coca-Cola Femsa SAB de CV,
	Series L	28,260		179,133
	Consorcio ARA SAB de CV	33,090		10,312
	Credito Real SAB de CV SOFOM ER	20,141		26,641
	Fomento Economico Mexicano
	SAB de CV	46,223		351,840
	Fomento Economico Mexicano
	SAB de CV, ADR	1,052		80,173
	Genomma Lab Internacional
	SAB de CV, Series B*	44,630		46,310
	Grupo Aeromexico SAB de CV*	5,400		10,157
	Grupo Aeroportuario del Pacifico
	SAB de CV, ADR@	2,939		242,526
	Grupo Aeroportuario del Sureste
	SAB de CV, ADR	1,215		174,826
	Grupo Carso SAB de CV, Series A	47,917		192,711
	Grupo Comercial Chedraui SA de CV	54,670		97,553
	Grupo Elektra SAB de CV	5,444		68,326
	Grupo Financiero Banorte SAB de CV	223,987		1,103,206
	Grupo Financiero Inbursa SA	165,066		250,191
	Grupo Financiero Interacciones
	SA de CV	16,197		63,164
	Grupo Financiero Santander Mexico
	SAB de CV, Class B	230,955		332,122
	Grupo Herdez SAB de CV	24,163		43,734
	Grupo Industrial Saltillo SAB de CV	5,300		9,455
	Grupo Mexico SAB de CV, Series B	579,771		1,574,330
	Grupo Sanborns SAB de CV	49,041		51,242
	Grupo Simec SAB de CV, Series B*	9,186		44,003
	Industrias Bachoco
	SAB de CV, ADR@	1,639		80,344
	Industrias Bachoco
	SAB de CV, Series B	3,309		13,536
	Industrias CH SAB de CV, Series B*	9,563		61,120
	Industrias Penoles SAB de CV	16,671		309,050
	La Comer SAB de CV*	37,216		28,061
	Megacable Holdings SAB de CV	1,300		4,387
	Mexichem SAB de CV	121,912		276,586
	Minera Frisco SAB de CV, Class A1*	20,406		15,357
	OHL Mexico SAB de CV	97,166		95,574
	Organizacion Cultiba SAB de CV	907		826
	Organizacion Soriana SAB de CV,
	Class B*	103,520		224,622
	TV Azteca SAB de CV	219,826		34,358
				7,841,931
Philippines — 1.4%
	Alliance Global Group, Inc.	479,100		123,166
	Bank of the Philippine Islands	41,850		74,755
	BDO Unibank, Inc.	196,550		443,213
	Bloomberry Resorts Corp.*	110,000		13,608
	Cebu Air, Inc.	23,560		44,075
	China Banking Corp.	9,504		7,265
	Cosco Capital, Inc.	170,500		29,153
	DMCI Holdings, Inc.	47,300		12,616
	Emperador, Inc.	147,300		20,741
	Energy Development Corp.	306,100		31,711
	Filinvest Land, Inc.	1,435,000		44,165
	First Philippine Holdings Corp.	33,750		46,097
	JG Summit Holdings, Inc.	355,780		484,154
	Lopez Holdings Corp.	414,200		64,989
	LT Group, Inc.	220,200		55,634
	Megaworld Corp.	1,270,700		91,253
	Metropolitan Bank & Trust	38,258		55,872

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Philippines (Continued)
	Petron Corp.	421,800	$	84,424
	Philippine National Bank	30,748		33,771
	Premium Leisure Corp.	846,000		19,911
	Rizal Commercial Banking Corp.	34,780		23,472
	Robinsons Land Corp.	319,900		167,310
	Robinsons Retail Holdings, Inc.	22,800		34,054
	San Miguel Corp.	67,120		124,620
	Security Bank Corp.	48,450		185,175
	Top Frontier Investment Holdings, Inc.*	8,630		45,483
	Travellers International Hotel
	Group, Inc.	183,800		12,164
	Union Bank of the Philippines	2,590		3,887
	Vista Land & Lifescapes, Inc.	975,500		97,133
				2,473,871
Poland — 1.5%
	Asseco Poland SA	17,044		219,778
	Bank Millennium SA*	93,801		116,336
	Enea SA*	36,048		81,836
	Grupa Azoty SA	5,997		89,812
	Grupa Lotos SA*	18,791		171,760
	Kernel Holding SA	8,100		123,591
	KGHM Polska Miedz SA	18,104		400,095
	Lubelski Wegiel Bogdanka SA*	963		15,994
	Netia SA	36,890		40,552
	Orbis SA	1,581		27,580
	PGE SA	157,586		393,527
	PKP Cargo SA*	3,933		44,174
	Polski Koncern Naftowy Orlen SA	31,174		635,451
	Powszechna Kasa Oszczednosci
	Bank Polski SA*	53,221		357,889
				2,718,375
Russia — 2.3%
	Gazprom PAO, ADR	432,870		2,185,993
	Lukoil PJSC, ADR	30,968		1,737,305
	Magnitogorsk Iron & Steel
	OJSC, GDR	11,936		83,313
	Magnitogorsk Iron & Steel
	Works, GDR	2,645		18,462
	RusHydro PJSC, ADR	82,037		119,364
				4,144,437
South Africa — 8.4%
	Aeci Ltd.	22,951		168,952
	African Bank Investments Ltd.*	72,611		28
	African Rainbow Minerals Ltd.	16,931		121,431
	Alexander Forbes Group Holdings Ltd.	70,087		40,571
	ArcelorMittal South Africa Ltd.*	23,974		20,075
	Aveng Ltd.*	43,063		24,896
	Barclays Africa Group Ltd.	72,512		890,656
	Barloworld Ltd.	39,661		340,477
	Bid Corp., Ltd.	5,021		89,626
	Bidvest Group Ltd. (The)	5,021		66,264
	Blue Label Telecoms Ltd.	3,193		4,231
	Caxton & CTP Publishers &
	Printers Ltd.	18,814		17,370
	Clover Industries Ltd.	8,698		12,002
	Consolidated Infrastructure Group Ltd.*	8,948		15,624
	DataTec Ltd.	43,259		155,854
	Exxaro Resources Ltd.	27,762		180,919
	Gold Fields Ltd., ADR	163,422		491,900
	Grindrod Ltd.	36,236		35,487
	Group Five Ltd.	12,182		21,785
	Harmony Gold Mining Co., Ltd., ADR	55,043		121,645
	Hudaco Industries Ltd.	1,852		15,405
	Impala Platinum Holdings Ltd.*	77,694		241,787
	Imperial Holdings Ltd.	38,000		504,794
	Investec Ltd.	36,632		242,057
	KAP Industrial Holdings Ltd.	93,894		51,139
	Kumba Iron Ore Ltd.@*	8,122		94,031
	Lewis Group Ltd.@	12,796		39,309
	Liberty Holdings Ltd.	21,825		176,396
	Metair Investments Ltd.	17,195		27,545
	Mmi Holdings Ltd.	165,787		284,767
	Mondi Ltd.	9,365		190,924
	Mpact Ltd.	8,681		17,857
	MTN Group Ltd.	215,960		1,983,994
	Murray & Roberts Holdings Ltd.	41,444		34,764
	Nampak Ltd.	66,852		90,345
	Nedbank Group Ltd.	27,286		473,113
	Northam Platinum Ltd.*	32,643		96,262
	Omnia Holdings Ltd.	11,411		153,711
	Raubex Group Ltd.	16,897		30,266
	RCL Foods Ltd.	15,951		14,750
	Reunert Ltd.	18,781		93,114
	Royal Bafokeng Platinum Ltd.*	4,240		10,994
	Sanlam Ltd.	13,414		61,436
	Sappi Ltd.*	44,625		292,274
	Sappi Ltd., ADR*	44,800		297,920
	Sasol Ltd.	25,120		729,616
	Sasol Ltd., ADR	48,002		1,372,377
	Sibanye Gold Ltd.	74,520		137,767
	Standard Bank Group Ltd.	207,913		2,297,319
	Steinhoff International Holdings NV	260,553		1,352,305
	Super Group Ltd.*	56,256		158,236
	Telkom SA SOC Ltd.	55,054		296,601
	Tongaat Hulett Ltd.	20,152		191,913
	Trencor Ltd.	21,056		43,695
	Wilson Bayly Holmes-Ovcon Ltd.	6,827		76,553
				14,995,129
Taiwan — 16.0%
	A-DATA Technology Co., Ltd.	20,000		32,703
	Ability Enterprise Co., Ltd.	25,195		13,133
	AcBel Polytech, Inc.	46,000		34,326
	Acer, Inc.*	332,884		135,306
	Alpha Networks, Inc.	25,200		15,325
	Altek Corp.	23,905		16,429
	Ambassador Hotel (The)	20,000		14,490
	AmTRAN Technology Co., Ltd.	99,360		68,287
	Arcadyan Technology Corp.	17,000		30,066
	Ardentec Corp.	61,092		45,304

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
	Asia Cement Corp.	269,269	$	220,151
	Asia Optical Co., Inc.*	41,000		38,800
	Asia Pacific Telecom Co., Ltd.*	192,000		61,659
	Asia Polymer Corp.	26,775		15,826
	Asia Vital Components Co., Ltd.	53,000		41,277
	Asustek Computer, Inc.	86,000		707,127
	AU Optronics Corp.	868,000		317,801
	AU Optronics Corp., ADR	73,574		260,452
	BES Engineering Corp.	229,000		44,054
	Capital Securities Corp.	239,661		72,057
	Career Technology MFG. Co., Ltd.	39,000		21,721
	Casetek Holdings Ltd.	16,000		42,645
	Cathay Financial Holding Co., Ltd.	704,000		1,052,865
	Cathay Real Estate Development
	Co., Ltd.*	70,000		39,530
	Chang Hwa Commercial Bank Ltd.	568,824		302,688
	Cheng Loong Corp.	114,000		45,807
	Cheng Uei Precision Industry Co., Ltd.	62,543		71,025
	Chia Hsin Cement Corp.§	22,000		5,959
	Chin-Poon Industrial Co., Ltd.	55,000		103,587
	China Airlines Ltd.	422,111		121,804
	China Bills Finance Corp.	110,000		44,370
	China Development Financial
	Holding Corp.	1,191,468		297,969
	China Life Insurance Co., Ltd.	534,508		531,539
	China Metal Products	31,000		30,684
	China Motor Corp.	71,195		57,877
	China Steel Corp.	1,495,800		1,144,046
	China Synthetic Rubber Corp.	61,261		54,268
	Chipbond Technology Corp.	97,000		138,296
	ChipMOS TECHNOLOGIES, Inc.	34,000		24,528
	Chung Hung Steel Corp.*	105,000		31,016
	Chung Hwa Pulp Corp.	79,367		22,681
	Chung-Hsin Electric & Machinery
	Manufacturing Corp.	87,000		52,234
	Clevo Co.	71,000		61,243
	CMC Magnetics Corp.*	288,337		31,223
	Compal Electronics, Inc.	648,000		370,958
	Compeq Manufacturing Co., Ltd.	118,000		56,933
	Continental Holdings Corp.	42,000		13,618
	Coretronic Corp.	64,800		68,160
	CSBC Corp.	67,240		28,791
	CTBC Financial Holding Co., Ltd.	2,174,280		1,190,730
	D-Link Corp.*	77,112		25,721
	Depo Auto Parts Ind Co., Ltd.	5,000		13,295
	Dynapack International
	Technology Corp.	23,000		26,476
	E Ink Holdings, Inc.	138,000		98,269
	E.Sun Financial Holding Co., Ltd.	1,075,442		612,317
	Elite Semiconductor Memory
	Technology, Inc.	45,000		46,426
	Elitegroup Computer Systems Co., Ltd.	58,877		28,499
	Entie Commercial Bank Co., Ltd.	45,000		20,316
	Epistar Corp.*	128,828		92,537
	Eternal Materials Co., Ltd.	40,046		40,942
	Eva Airways Corp.	324,728		147,104
	Evergreen International Storage &
	Transport Corp.	54,000		21,447
	Evergreen Marine Corp. Taiwan Ltd.*	220,794		76,044
	Everlight Chemical Industrial Corp.	26,000		16,256
	Everlight Electronics Co., Ltd.	51,000		72,950
	Far Eastern Department Stores Ltd.	134,220		66,633
	Far Eastern International Bank	301,174		85,038
	Far Eastern New Century Corp.	495,338		371,938
	Farglory Land Development Co., Ltd.	51,721		59,297
	Federal Corp.	75,590		30,373
	Feng Hsin Iron & Steel Co.	63,000		88,453
	First Financial Holding Co., Ltd.	1,052,744		561,829
	Formosa Chemicals & Fibre Corp.	87,000		259,955
	Formosa Taffeta Co., Ltd.	67,000		61,327
	Formosan Rubber Group, Inc.	61,200		30,383
	Foxconn Technology Co., Ltd.	137,127		362,932
	Fubon Financial Holding Co., Ltd.	993,211		1,571,683
	Gemtek Technology Corp.	47,000		34,343
	Genius Electronic Optical Co., Ltd.*	9,000		31,276
	Getac Technology Corp.	45,000		53,128
	Gigabyte Technology Co., Ltd.	76,000		101,635
	Gigastorage Corp.*	77,000		58,534
	Gintech Energy Corp.*	51,762		31,077
	Gloria Material Technology Corp.	94,392		55,061
	Goldsun Building Materials Co., Ltd.	193,953		39,899
	Grand Pacific Petrochemical	168,000		109,467
	Great Wall Enterprise Co., Ltd.	66,300		59,863
	Greatek Electronics, Inc.	33,000		39,933
	Green Energy Technology, Inc.*	40,149		20,056
	HannStar Display Corp.*	443,770		108,227
	Hey Song Corp.	19,750		19,794
	Ho Tung Chemical Corp.*	105,013		27,012
	Holy Stone Enterprise Co., Ltd.	18,200		18,155
	Hon Hai Precision Industry Co., Ltd.	665,335		1,738,224
	HTC Corp.*	64,000		156,877
	Hua Nan Financial Holdings Co., Ltd.	727,091		366,602
	Huaku Development Co., Ltd.	27,000		50,684
	Hung Poo Real Estate
	Development Corp.	21,000		16,746
	Hung Sheng Construction Co., Ltd.	66,000		38,295
	Ichia Technologies, Inc.*	72,000		35,521
	Innolux Corp.	1,455,757		523,962
	Inventec Co., Ltd.	364,282		249,795
	ITEQ Corp.	20,000		20,665
	Jih Sun Financial Holdings Co., Ltd.	235,822		50,488
	KEE TAI Properties Co., Ltd.	99,000		29,827
	Kindom Construction Corp.	42,000		25,477
	King Yuan Electronics Co., Ltd.	185,100		144,731
	King’s Town Bank Co., Ltd.	103,000		89,964
	Kinpo Electronics	230,000		84,924
	Kinsus Interconnect Technology Corp.	44,000		97,204
	Kuoyang Construction Co., Ltd.	39,000		14,461
	LCY Chemical Corp.	61,000		84,225
	Lealea Enterprise Co., Ltd.	109,406		27,972
	Lextar Electronics Corp.	40,000		16,383
	Li Peng Enterprise Co., Ltd.*	91,245		23,017
	Lien Hwa Industrial Corp.	66,975		45,822
	Lite-On Technology Corp.	302,874		456,721

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Taiwan (Continued)
	Long Chen Paper Co., Ltd.	89,698	$	45,504
	Lotes Co., Ltd.	12,000		35,446
	Macronix International*	577,044		82,898
	Masterlink Securities Corp.	120,725		33,638
	Mega Financial Holding Co., Ltd.	1,210,850		864,115
	Mercuries & Associates Holdings Ltd.	28,350		20,100
	Mercuries Life Insurance Co., Ltd.*	77,306		40,777
	Micro-Star International Co., Ltd.	40,374		92,200
	Mitac Holdings Corp.	48,059		46,226
	Motech Industries, Inc.*	34,000		29,855
	Nan Ya Printed Circuit Board Corp.	24,200		18,509
	Neo Solar Power Corp.*	91,849		43,033
	Nien Hsing Textile Co., Ltd.	19,358		14,566
	OptoTech Corp.	72,000		31,164
	Orient Semiconductor Electronics Ltd.*	62,000		21,834
	Oriental Union Chemical Corp.*	58,000		41,571
	Pan-International Industrial Corp.	34,380		26,295
	Pegatron Corp.	287,249		686,282
	POU Chen Corp.	146,133		182,275
	Powertech Technology, Inc.	107,000		288,839
	President Securities Corp.	104,825		38,380
	Prince Housing & Development Corp.	148,970		48,533
	Qisda Corp.	315,400		147,283
	Radiant Opto-Electronics Corp.	54,000		94,164
	Radium Life Tech Co., Ltd.*	99,488		28,924
	Realtek Semiconductor Corp.	19,000		60,132
	Rich Development Co., Ltd.	120,978		29,992
	Ritek Corp.*	117,247		18,553
	Ruentex Development Co., Ltd.*	43,097		49,209
	Sampo Corp.	62,000		35,204
	Sanyang Industry Co., Ltd.	24,573		15,783
	Shihlin Electric & Engineering Corp.	27,000		33,929
	Shin Kong Financial Holding Co., Ltd.*	881,813		216,151
	Shin Zu Shing Co., Ltd.	16,000		41,007
	Shining Building Business Co., Ltd.*	64,900		20,842
	Shinkong Synthetic Fibers Corp.	186,151		52,272
	Sigurd Microelectronics Corp.	53,000		38,316
	Simplo Technology Co., Ltd.	5,000		14,412
	Sincere Navigation Corp.	27,000		16,336
	Sino-American Silicon Products, Inc.	93,000		96,379
	SinoPac Financial Holdings Co., Ltd.	1,104,571		311,195
	Sirtec International Co., Ltd.	15,000		20,316
	Solar Applied Materials
	Technology Co.*§	25,000		6,787
	Synnex Technology International Corp.	127,300		128,370
	Systex Corp.	20,000		36,055
	TA Chen Stainless Pipe Co., Ltd.*	84,918		46,373
	Taichung Commercial Bank Co., Ltd.	178,605		50,873
	Taiflex Scientific Co., Ltd.	37,740		39,755
	Tainan Spinning Co., Ltd.	142,427		53,914
	Taishin Financial Holding Co., Ltd.	949,647		347,694
	Taiwan Business Bank	466,276		117,911
	Taiwan Cement Corp.	499,772		545,068
	Taiwan Cogeneration Corp.	19,000		13,147
	Taiwan Cooperative Financial
	Holding Co., Ltd.	733,482		319,756
	Taiwan Fertilizer Co., Ltd.	87,000		108,382
	Taiwan Glass Industrial Corp.*	169,321		69,874
	Taiwan Hon Chuan Enterprise Co., Ltd.	36,925		60,379
	Taiwan PCB Techvest Co., Ltd.	28,000		26,107
	Taiwan Styrene Monomer	46,000		28,474
	Taiwan Surface Mounting
	Technology Co., Ltd.	27,518		22,541
	Taiwan Union Technology Corp.	46,000		53,166
	Tatung Co., Ltd.*	323,784		95,842
	Teco Electric & Machinery Co., Ltd.	247,000		213,823
	Test Rite International Co., Ltd.	36,000		22,452
	Ton Yi Industrial Corp.	120,000		51,568
	Tong Hsing Electronic Industries Ltd.	17,000		58,022
	Tong Yang Industry Co., Ltd.	2,921		5,755
	TPK Holding Co., Ltd.*	35,000		64,616
	Tripod Technology Corp.	71,000		160,377
	TSRC Corp.	90,000		92,432
	Tung Ho Steel Enterprise Corp.	119,000		78,093
	TXC Corp.	56,000		70,806
	U-Ming Marine Transport Corp.	47,000		36,604
	Unimicron Technology Corp.	197,000		75,795
	Union Bank of Taiwan	147,593		40,987
	Unitech Printed Circuit Board Corp.	92,000		26,062
	United Microelectronics Corp.	2,099,513		742,637
	Universal Cement Corp.	45,472		34,779
	UPC Technology Corp.	127,125		49,305
	USI Corp.	127,000		62,458
	Wah Lee Industrial Corp.	25,000		35,605
	Walsin Lihwa Corp.	385,000		141,557
	Wan Hai Lines Ltd.	133,650		67,594
	Wei Chuan Foods Corp.*	41,000		22,263
	Win Semiconductors Corp.	36,699		103,507
	Winbond Electronics Corp.	389,000		120,337
	Wisdom Marine Lines Co., Ltd.*	53,178		50,243
	Wistron Corp.	407,601		315,543
	WPG Holdings Ltd.	231,000		272,363
	WT Microelectronics Co., Ltd.	63,751		85,057
	Yageo Corp.	66,578		121,055
	Yang Ming Marine Transport Corp.*	189,365		28,320
	Yeong Guan Energy Technology
	Group Co., Ltd.	9,000		28,763
	YFY, Inc.	150,385		45,168
	Yieh Phui Enterprise Co., Ltd.*	143,105		49,953
	Yuanta Financial Holding Co., Ltd.	1,088,815		405,404
	Yulon Motor Co., Ltd.	111,272		92,528
	Zhen Ding Technology Holding Ltd.	54,000		106,898
				28,549,491
Thailand — 3.1%
	AP Thailand PCL	308,500		64,611
	Asia Aviation PCL, NUDR	299,900		50,667
	Bangchak Petroleum PCL	74,000		69,225
	Bangkok Bank PCL, NUDR	23,100		102,887
	Bangkok Insurance PCL	2,100		20,173
	Bangkokland PCL	1,039,700		49,937
	Banpu PCL	178,550		95,731
	Charoen Pokphand Foods PCL	346,800		285,687
	Esso Thailand PCL*	67,600		24,163

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

		SHARES	VALUE†
COMMON STOCKS (Continued)
Thailand (Continued)
	Hana Microelectronics PCL	43,900	$	48,423
	Indorama Ventures PCL	128,400		120,116
	IRPC PCL	1,153,000		154,547
	Kasikornbank PCL, NUDR	12,000		59,480
	Kiatnakin Bank PCL	58,000		95,559
	Krung Thai Bank PCL	560,075		276,827
	MBK PCL	15,500		6,276
	Precious Shipping PCL*	87,600		20,059
	PTT Exploration & Production PCL	291,500		783,482
	PTT Global Chemical PCL	194,328		341,874
	PTT PCL	204,200		2,121,233
	Quality Houses PCL	280,800		20,230
	Sansiri PCL	950,800		44,074
	Thai Airways International PCL*	92,500		58,635
	Thai Oil PCL	109,500		220,923
	Thaicom PCL	48,300		26,166
	Thanachart Capital PCL	81,200		99,770
	Thoresen Thai Agencies PCL	166,348		42,272
	Tisco Financial Group PCL	22,000		37,014
	TMB Bank PCL	278,300		16,320
	TPI Polene PCL	1,068,700		73,414
	Vinythai PCL	42,500		19,582
				5,449,357
Turkey — 1.3%
	Akbank TAS	118,570		262,899
	Aksa Akrilik Kimya Sanayii	9,237		24,043
	Anadolu Efes Biracilik Ve Malt
	Sanayii AS	8,559		42,784
	Dogan Sirketler Grubu Holding AS*	220,612		47,539
	EIS Eczacibasi Ilac ve Sinai ve Finansal
	Yatirimlar Sanayi ve Ticaret AS	8,587		7,596
	Eregli Demir ve Celik Fabrikalari TAS	22,426		32,683
	Kardemir Karabuk Demir Celik Sanayi
	ve Ticaret AS, Class D	116,190		37,885
	KOC Holding AS	27,408		107,242
	Koza Altin Isletmeleri AS*	2,999		13,894
	Koza Anadolu Metal Madencilik
	Isletmeleri AS*	13,776		8,359
	Sekerbank TAS*	54,778		18,327
	Selcuk Ecza Deposu Ticaret ve
	Sanayi AS	11,784		10,258
	Tekfen Holding AS	26,275		48,126
	Trakya Cam Sanayi AS	56,975		45,879
	Turk Hava Yollari*	102,444		145,523
	Turk Sise ve Cam Fabrikalari AS	136,525		148,258
	Turkiye Garanti Bankasi AS	188,742		407,784
	Turkiye Halk Bankasi AS	102,935		272,594
	Turkiye Is Bankasi	215,333		316,262
	Turkiye Sinai Kalkinma Bankasi AS	86,052		34,402
	Turkiye Vakiflar Bankasi TAO	90,420		111,522
	Yapi ve Kredi Bankasi AS*	100,385		97,627
				2,241,486
	TOTAL COMMON STOCKS
	(Identified Cost $185,492,837)			171,114,587
PREFERRED STOCKS — 3.5%
Brazil — 3.3%
	Banco ABC Brasil SA, 7.120%	16,778		71,809
	Banco Bradesco SA, 4.600%	58		517
	Banco do Estado do Rio Grande do
	Sul SA, PF B, 10.740%	22,800		72,294
	Cia Brasileira de Distribuicao, 2.550%	28,643		481,828
	Marcopolo SA, 0.058%	88,210		74,260
	Petroleo Brasileiro SA, 0.900% ADR*	146,867		1,293,898
	Petroleo Brasileiro SA, 0.998%*	395,307		1,806,070
	Suzano Papel e Celulose SA,
	PF A, 2.330%	55,800		243,451
	Usinas Siderurgicas de Minas Gerais SA,
	PF A, 1.910%*	44,812		56,450
	Vale SA, 8.000%	254,690		1,826,425
				5,927,002
Colombia — 0.2%
	Avianca Holdings SA, 2.500%	41,262		49,482
	Grupo Argos SA, 1.430%	8,921		53,906
	Grupo de Inversiones Suramericana
	SA, 1.120%	9,873		121,686
				225,074
	TOTAL PREFERRED STOCKS
	(Identified Cost $8,000,602)			6,152,076
RIGHTS AND WARRANTS — 0.0%
Thailand — 0.0%
	TPI Polene PCL 3/1/2017*§~	6,596		—
	TOTAL RIGHTS AND WARRANTS
	(Identified Cost $0)			—
SHORT-TERM INVESTMENTS — 1.7%
Investment Company — 0.4%
	State Street Institutional U.S.
	Government Money Market
	Fund, 0.170%	660,012		660,012
Collateral For Securities On Loan — 1.3%
	State Street Navigator Securities
	Lending Government Money
	Market Portfolio	2,362,815		2,362,815
	TOTAL SHORT-TERM INVESTMENTS
	(Identified Cost $3,022,827)			3,022,827
	Total Investments — 101.1%
	(Identified Cost $196,516,266)#			180,289,490
	Liabilities, Less Cash and
	Other Assets — (1.1%)			(1,948,197	)
	Net Assets — 100.0%		$	178,341,293

See notes to financial statements

SA Emerging Markets Value Fund

PORTFOLIO OF INVESTMENTS — AS OF DECEMBER 31, 2016 (Unaudited) (Continued)

†	See Note 1
@	A portion or all of the security/securities were held on loan. As of December 31, 2016, the market value of the securities on loan was $3,155,922.
*	Non-income producing security
§	Fair valued security. Fair values are determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1
~	Bankrupt/delisted security
±	144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at December 31, 2016 amounted to $277,791 or 0.17% of the net assets of the Fund.
>	Traded on the Korea (South), KRX KOSPI Market.
#	At December 31, 2016, the aggregate cost of investment securities for U.S. federal income tax purposes was $196,516,266. Net unrealized depreciation aggregated $16,226,776 of which $16,486,394 related to appreciated investment securities and $32,713,170 related to depreciated investment securities.

Key to abbreviations:
ADR — American Depository Receipt
GDR — Global Depository Receipt
MTN — Medium Term Note

See notes to financial statements

DFA INVESTMENT DIMENSIONS GROUP INC.

THE DFA INVESTMENT TRUST COMPANY

DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES

Schedules of Investments/Summary Schedules of Portfolio Holdings

Investment Abbreviations
	ADR	American Depositary Receipt
	P.L.C.	Public Limited Company
Investment Footnotes
	†	See Note B to Financial Statements.
	††	Securities that have generally been fair value factored. See Note B to Financial Statements.
	*	Non-Income Producing Securities.
	#	Total or Partial Securities on Loan.
	@	Security purchased with cash proceeds from Securities on Loan.
	§	Affiliated Fund.
Financial Highlights
	(A)	Computed using average shares outstanding.
	(B)	Represents the combined ratios for the respective portfolio and its respective pro-rata share of its Master Fund(s).
All Statements, Schedules and Notes to Financial Statements
	—	Amounts designated as — are either zero or rounded to zero.
	SEC	Securities and Exchange Commission

THE JAPANESE SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (92.0%)
Consumer Discretionary — (17.8%)
#	Accordia Golf Co., Ltd.	375,789	$	3,858,233	0.1	%
	Adastria Co., Ltd.	194,640		5,035,976	0.2	%
#	Aeon Fantasy Co., Ltd.	49,332		1,347,144	0.1	%
*	AGORA Hospitality Group Co., Ltd.	591,000		196,881	0.0	%
	Ahresty Corp.	137,600		1,540,686	0.1	%
	Aigan Co., Ltd.	37,800		63,019	0.0	%
	Aisan Industry Co., Ltd.	201,800		1,723,634	0.1	%
#*	Akebono Brake Industry Co., Ltd.	588,400		1,522,166	0.1	%
#	Alpen Co., Ltd.	111,900		2,005,878	0.1	%
	Alpha Corp.	30,400		293,220	0.0	%
	Alpine Electronics, Inc.	277,500		3,600,402	0.1	%
	Amiyaki Tei Co., Ltd.	25,600		853,153	0.0	%
	Amuse, Inc.	70,298		1,080,378	0.0	%
*	Anrakutei Co., Ltd.	2,200		85,896	0.0	%
#*	AOI Pro, Inc.	46,500		346,537	0.0	%
	AOKI Holdings, Inc.	268,400		3,294,544	0.1	%
	Aoyama Trading Co., Ltd.	304,000		10,563,899	0.4	%
	Arata Corp.	27,200		615,012	0.0	%
	Arcland Sakamoto Co., Ltd.	176,200		2,041,167	0.1	%
	Arcland Service Holdings Co., Ltd.	38,700		948,889	0.0	%
	Asahi Broadcasting Corp.	24,800		148,159	0.0	%
	Asahi Co., Ltd.	103,300		1,134,631	0.0	%
	Asante, Inc.	16,100		239,807	0.0	%
	Asatsu-DK, Inc.	207,400		5,014,787	0.2	%
#	Ashimori Industry Co., Ltd.	254,000		346,731	0.0	%
#	ASKUL Corp.	42,000		1,433,725	0.1	%
	Atom Corp.	420,300		2,586,623	0.1	%
	Atsugi Co., Ltd.	961,000		1,026,226	0.0	%
	Autobacs Seven Co., Ltd.	455,700		6,837,024	0.2	%
	Avex Group Holdings, Inc.	225,400		3,235,349	0.1	%
	Belluna Co., Ltd.	291,800		1,794,377	0.1	%
	Best Denki Co., Ltd.	351,100		458,702	0.0	%
	Bic Camera, Inc.	546,600		4,996,911	0.2	%
	Bookoff Corp.	59,400		399,577	0.0	%
#	BRONCO BILLY Co., Ltd.	62,800		1,573,354	0.1	%
	Calsonic Kansei Corp.	241,000		3,693,896	0.1	%
	Can Do Co., Ltd.	65,500		986,148	0.0	%
	Central Automotive Products, Ltd.	1,400		12,711	0.0	%
	Central Sports Co., Ltd.	33,800		805,849	0.0	%
#	CHIMNEY Co., Ltd.	27,800		682,877	0.0	%
	Chiyoda Co., Ltd.	102,100		2,421,389	0.1	%
	Chofu Seisakusho Co., Ltd.	109,200		2,447,746	0.1	%
	Chori Co., Ltd.	71,800		1,077,896	0.0	%
	Chuo Spring Co., Ltd.	196,000		530,681	0.0	%
	Clarion Co., Ltd.	677,000		2,422,207	0.1	%
	Cleanup Corp.	129,700		1,054,186	0.0	%
	Coco's Japan Co., Ltd.	2,100		34,482	0.0	%
	Colowide Co., Ltd.	357,500		5,932,400	0.2	%
	Corona Corp.	86,700		851,213	0.0	%
	Create Restaurants Holdings, Inc.	174,300		1,518,316	0.1	%
#*	Cross Plus, Inc.	5,300		27,786	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Consumer Discretionary — (Continued)
*	D.A. Consortium Holdings, Inc.	118,700	$	889,679	0.0	%
	Daido Metal Co., Ltd.	193,000		1,923,150	0.1	%
#	Daidoh, Ltd.	139,800		486,586	0.0	%
	Daiichikosho Co., Ltd.	101,900		4,021,896	0.1	%
	Daikoku Denki Co., Ltd.	51,800		793,414	0.0	%
	Daikyonishikawa Corp.	221,700		2,842,862	0.1	%
	Dainichi Co., Ltd.	49,300		299,450	0.0	%
	Daisyo Corp.	47,200		641,522	0.0	%
#	DCM Holdings Co., Ltd.	530,600		4,708,766	0.2	%
	Descente, Ltd.	250,600		2,878,545	0.1	%
#*	DLE, Inc.	43,400		234,206	0.0	%
	Doshisha Co., Ltd.	146,100		2,620,392	0.1	%
	Doutor Nichires Holdings Co., Ltd.	195,386		3,588,361	0.1	%
	Dunlop Sports Co., Ltd.	76,600		678,339	0.0	%
	Dynic Corp.	174,000		261,708	0.0	%
	Eagle Industry Co., Ltd.	147,200		1,955,871	0.1	%
#	EDION Corp.	513,900		4,812,395	0.2	%
#	ES-Con Japan, Ltd.	209,400		781,830	0.0	%
	Exedy Corp.	193,000		5,420,973	0.2	%
#	F-Tech, Inc.	40,800		457,596	0.0	%
	FCC Co., Ltd.	231,400		4,152,461	0.1	%
	Fields Corp.	75,900		879,726	0.0	%
	Fine Sinter Co., Ltd.	9,800		155,301	0.0	%
	First Juken Co., Ltd.	22,400		288,677	0.0	%
	FJ Next Co., Ltd.	36,800		230,808	0.0	%
	Foster Electric Co., Ltd.	140,200		2,641,266	0.1	%
	France Bed Holdings Co., Ltd.	139,600		1,108,081	0.0	%
#	FTGroup Co., Ltd.	74,000		448,958	0.0	%
#	Fuji Co., Ltd.	110,400		2,301,318	0.1	%
	Fuji Corp.	5,000		93,716	0.0	%
	Fuji Corp., Ltd.	149,600		961,919	0.0	%
	Fuji Kiko Co., Ltd.	137,400		582,071	0.0	%
#	Fuji Kyuko Co., Ltd.	250,000		2,309,951	0.1	%
	Fuji Oozx, Inc.	6,000		19,560	0.0	%
	Fujibo Holdings, Inc.	67,100		1,901,544	0.1	%
#	Fujikura Rubber, Ltd.	88,400		500,118	0.0	%
#	Fujio Food System Co., Ltd.	8,300		187,707	0.0	%
	Fujishoji Co., Ltd.	47,100		524,012	0.0	%
#	Fujita Kanko, Inc.	147,000		442,007	0.0	%
	FuKoKu Co., Ltd.	40,800		324,144	0.0	%
#	Funai Electric Co., Ltd.	121,700		956,617	0.0	%
#	Furukawa Battery Co., Ltd. (The)	89,000		564,392	0.0	%
	Futaba Industrial Co., Ltd.	344,700		2,008,548	0.1	%
	G-7 Holdings, Inc.	32,000		438,335	0.0	%
	G-Tekt Corp.	110,800		2,145,748	0.1	%
	Gakken Holdings Co., Ltd.	313,000		853,305	0.0	%
	Gakkyusha Co., Ltd.	10,500		129,495	0.0	%
#	Genki Sushi Co., Ltd.	13,700		246,980	0.0	%
#	Geo Holdings Corp.	223,300		2,595,734	0.1	%
	Gfoot Co., Ltd.	8,500		58,489	0.0	%
#	GLOBERIDE, Inc.	62,299		1,027,773	0.0	%
#	Gokurakuyu Holdings Co., Ltd.	18,000		134,381	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Consumer Discretionary — (Continued)
	Goldwin, Inc.	4,000	$	178,154	0.0	%
	Golf Digest Online, Inc.	49,500		375,391	0.0	%
#	Gourmet Kineya Co., Ltd.	85,000		731,672	0.0	%
	GSI Creos Corp.	306,000		324,011	0.0	%
	Gunze, Ltd.	1,080,000		3,584,839	0.1	%
	H-One Co., Ltd.	84,200		763,137	0.0	%
	H2O Retailing Corp.	326,600		4,974,395	0.2	%
	Hagihara Industries, Inc.	35,500		788,615	0.0	%
#	Hakuyosha Co., Ltd.	6,500		149,027	0.0	%
#	Handsman Co., Ltd.	18,200		305,130	0.0	%
#	Happinet Corp.	93,800		1,023,915	0.0	%
	Hard Off Corp. Co., Ltd.	57,900		606,568	0.0	%
	Haruyama Holdings, Inc.	47,900		351,831	0.0	%
	Heiwa Corp.	200,400		4,578,404	0.2	%
	HI-LEX Corp.	62,500		1,573,822	0.1	%
	Hiday Hidaka Corp.	97,447		2,320,686	0.1	%
#	Himaraya Co., Ltd.	35,900		261,483	0.0	%
#	Hiramatsu, Inc.	174,500		1,001,743	0.0	%
#	HIS Co., Ltd.	247,200		6,481,648	0.2	%
	Honeys Co., Ltd.	106,040		1,103,290	0.0	%
	Hoosiers Holdings	181,100		938,234	0.0	%
#	Hotland Co., Ltd.	32,300		311,513	0.0	%
	I K K, Inc.	21,700		125,794	0.0	%
*	IBJ, Inc.	103,500		569,061	0.0	%
	Ichibanya Co., Ltd.	47,058		1,500,209	0.1	%
#	Ichikoh Industries, Ltd.	286,000		920,444	0.0	%
#	IDOM, Inc.	420,500		2,313,920	0.1	%
	IJT Technology Holdings Co., Ltd.	124,680		492,064	0.0	%
	Imasen Electric Industrial	93,900		803,658	0.0	%
	Imperial Hotel, Ltd.	13,000		230,664	0.0	%
#	Intage Holdings, Inc.	95,900		1,620,492	0.1	%
*	Izuhakone Railway Co., Ltd.	300		—	0.0	%
*	Izutsuya Co., Ltd.	61,699		209,526	0.0	%
#*	Janome Sewing Machine Co., Ltd.	106,400		726,541	0.0	%
	Japan Wool Textile Co., Ltd. (The)	343,000		2,549,630	0.1	%
#	Jin Co., Ltd.	84,100		3,864,939	0.1	%
#	Joban Kosan Co., Ltd.	35,399		483,527	0.0	%
	Jolly - Pasta Co., Ltd.	1,000		11,295	0.0	%
	Joshin Denki Co., Ltd.	205,000		1,731,838	0.1	%
	Joyful Honda Co., Ltd.	18,900		507,427	0.0	%
#	JP-Holdings, Inc.	374,800		815,361	0.0	%
	JVC Kenwood Corp.	885,430		2,411,812	0.1	%
#	K's Holdings Corp.	48,000		839,212	0.0	%
*	Kadokawa Dwango	328,233		4,735,019	0.2	%
#	Kappa Create Co., Ltd.	144,100		1,609,833	0.1	%
	Kasai Kogyo Co., Ltd.	143,900		1,702,828	0.1	%
	Kawai Musical Instruments Manufacturing Co., Ltd.	45,200		891,599	0.0	%
	Keihin Corp.	267,500		4,675,204	0.2	%
#	Keiyo Co., Ltd.	179,800		860,694	0.0	%
#	KFC Holdings Japan, Ltd.	88,700		1,453,098	0.1	%
#*	Kintetsu Department Store Co., Ltd.	216,000		641,907	0.0	%
	Kitamura Co., Ltd.	2,000		13,822	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Consumer Discretionary — (Continued)
#*	KNT-CT Holdings Co., Ltd.	697,000	$	863,417	0.0	%
#	Kohnan Shoji Co., Ltd.	188,500		3,541,108	0.1	%
#*	Kojima Co., Ltd.	176,000		434,505	0.0	%
#	Komatsu Seiren Co., Ltd.	193,700		1,250,423	0.1	%
#	Komehyo Co., Ltd.	18,600		219,189	0.0	%
	Komeri Co., Ltd.	202,200		4,558,800	0.2	%
#	Konaka Co., Ltd.	117,560		586,435	0.0	%
#	Koshidaka Holdings Co., Ltd.	56,300		954,171	0.0	%
	Kourakuen Holdings Corp.	48,400		677,151	0.0	%
#	KU Holdings Co., Ltd.	130,900		915,977	0.0	%
	Kura Corp.	69,200		2,905,770	0.1	%
	Kurabo Industries, Ltd.	1,241,000		2,424,821	0.1	%
	KYB Corp.	1,157,000		5,597,718	0.2	%
	Kyoritsu Maintenance Co., Ltd.	83,831		4,879,933	0.2	%
#*	Laox Co., Ltd.	172,800		1,055,095	0.0	%
	LEC, Inc.	41,600		1,147,430	0.1	%
	Look, Inc.	228,000		327,342	0.0	%
#	Mamiya-Op Co., Ltd.	25,800		270,477	0.0	%
	Mars Engineering Corp.	50,500		970,601	0.0	%
#*	Maruzen CHI Holdings Co., Ltd.	41,700		132,946	0.0	%
#	Matsuya Co., Ltd.	188,500		1,646,317	0.1	%
#	Matsuya Foods Co., Ltd.	52,100		1,680,244	0.1	%
#	Meiko Network Japan Co., Ltd.	146,800		1,361,389	0.1	%
	Meiwa Estate Co., Ltd.	62,800		381,938	0.0	%
	Mikuni Corp.	118,000		398,739	0.0	%
#	Misawa Homes Co., Ltd.	164,000		1,461,442	0.1	%
	Mitsuba Corp.	208,690		3,377,868	0.1	%
	Mitsui Home Co., Ltd.	165,000		718,762	0.0	%
	Mizuno Corp.	594,000		2,885,468	0.1	%
#	Monogatari Corp. (The)	31,500		1,124,456	0.0	%
	Morito Co., Ltd.	18,700		144,541	0.0	%
	Mr Max Corp.	99,200		354,610	0.0	%
	Murakami Corp.	12,300		236,169	0.0	%
	Musashi Seimitsu Industry Co., Ltd.	145,900		3,784,183	0.1	%
#	Nafco Co., Ltd.	35,800		546,950	0.0	%
	Nagawa Co., Ltd.	16,800		654,450	0.0	%
*	Naigai Co., Ltd.	544,000		283,484	0.0	%
#	Nakayamafuku Co., Ltd.	12,300		85,315	0.0	%
#	Next Co., Ltd.	319,300		2,156,016	0.1	%
	NHK Spring Co., Ltd.	123,200		1,171,686	0.1	%
	Nice Holdings, Inc.	444,000		573,069	0.0	%
	Nichirin Co., Ltd.	15,600		234,637	0.0	%
	Nihon Eslead Corp.	35,000		403,925	0.0	%
	Nihon House Holdings Co., Ltd.	233,300		984,444	0.0	%
	Nihon Plast Co., Ltd.	44,500		415,882	0.0	%
	Nihon Tokushu Toryo Co., Ltd.	78,800		1,154,991	0.1	%
	Nippon Felt Co., Ltd.	58,200		255,277	0.0	%
	Nippon Piston Ring Co., Ltd.	48,600		848,669	0.0	%
	Nippon Seiki Co., Ltd.	244,400		5,199,618	0.2	%
	Nippon View Hotel Co., Ltd.	4,300		54,949	0.0	%
	Nishikawa Rubber Co., Ltd.	15,000		227,757	0.0	%
	Nishimatsuya Chain Co., Ltd.	172,700		2,064,448	0.1	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Consumer Discretionary — (Continued)
	Nissan Shatai Co., Ltd.	248,800	$	2,414,949	0.1	%
	Nissan Tokyo Sales Holdings Co., Ltd.	208,000		592,926	0.0	%
	Nissei Build Kogyo Co., Ltd.	388,000		1,758,114	0.1	%
	Nissin Kogyo Co., Ltd.	230,200		3,632,609	0.1	%
	Nittan Valve Co., Ltd.	86,000		293,181	0.0	%
	Nojima Corp.	129,700		1,393,098	0.1	%
	Ohashi Technica, Inc.	36,600		439,888	0.0	%
#	Ohsho Food Service Corp.	66,700		2,511,466	0.1	%
	Onward Holdings Co., Ltd.	736,000		5,149,882	0.2	%
	Ootoya Holdings Co., Ltd.	9,400		160,040	0.0	%
#*	OPT Holdings, Inc.	86,700		533,157	0.0	%
#	Otsuka Kagu, Ltd.	55,600		507,379	0.0	%
#	Pacific Industrial Co., Ltd.	248,400		3,152,746	0.1	%
#	PAL GROUP Holdings Co., Ltd.	75,500		1,790,833	0.1	%
	PALTAC Corp.	214,634		5,062,176	0.2	%
	PanaHome Corp.	507,200		4,098,866	0.1	%
	PAPYLESS Co., Ltd.	3,100		119,173	0.0	%
	Parco Co., Ltd.	123,400		1,088,626	0.0	%
	Paris Miki Holdings, Inc.	159,100		632,872	0.0	%
#	PC Depot Corp.	234,241		1,240,547	0.1	%
	People Co., Ltd.	17,000		337,367	0.0	%
	PIA Corp.	15,600		390,141	0.0	%
	Piolax, Inc.	56,700		3,759,296	0.1	%
*	Pioneer Corp.	1,938,300		3,898,866	0.1	%
	Plenus Co., Ltd.	133,800		2,608,827	0.1	%
	Press Kogyo Co., Ltd.	577,600		2,545,621	0.1	%
	Pressance Corp.	214,000		2,650,242	0.1	%
	Proto Corp.	64,100		734,339	0.0	%
#	Raccoon Co., Ltd.	30,400		122,162	0.0	%
	Renaissance, Inc.	60,600		771,800	0.0	%
#*	Renown, Inc.	306,000		295,481	0.0	%
#	Resol Holdings Co., Ltd.	168,000		477,681	0.0	%
	Rhythm Watch Co., Ltd.	559,000		873,919	0.0	%
#	Riberesute Corp.	36,900		247,114	0.0	%
#	Ride On Express Co., Ltd.	18,700		138,300	0.0	%
#	Right On Co., Ltd.	87,425		751,411	0.0	%
	Riken Corp.	54,100		2,045,480	0.1	%
	Ringer Hut Co., Ltd.	122,100		2,366,659	0.1	%
	Riso Kyoiku Co., Ltd.	211,700		1,072,971	0.0	%
	Round One Corp.	456,600		3,160,255	0.1	%
#	Royal Holdings Co., Ltd.	186,600		2,979,960	0.1	%
#	Sac's Bar Holdings, Inc.	103,450		1,048,346	0.0	%
	Saizeriya Co., Ltd.	194,300		4,362,662	0.2	%
#	Sakai Ovex Co., Ltd.	29,799		446,281	0.0	%
	San Holdings, Inc.	15,400		204,452	0.0	%
	Sanden Holdings Corp.	714,000		2,266,591	0.1	%
#	Sanei Architecture Planning Co., Ltd.	50,300		745,023	0.0	%
	Sangetsu Corp.	328,750		5,689,231	0.2	%
#	Sanko Marketing Foods Co., Ltd.	27,800		226,506	0.0	%
	Sankyo Seiko Co., Ltd.	183,400		625,419	0.0	%
	Sanoh Industrial Co., Ltd.	136,500		965,552	0.0	%
#	Sanrio Co., Ltd.	306,400		5,768,593	0.2	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Consumer Discretionary — (Continued)
	Sanyo Electric Railway Co., Ltd.	296,000	$	1,539,782	0.1	%
	Sanyo Housing Nagoya Co., Ltd.	46,100		430,532	0.0	%
#	Sanyo Shokai, Ltd.	694,000		1,043,805	0.0	%
	Sato Restaurant Systems Co., Ltd.	41,700		291,414	0.0	%
#	Scroll Corp.	166,300		488,768	0.0	%
#	Seiko Holdings Corp.	979,407		3,466,074	0.1	%
	Seiren Co., Ltd.	306,800		3,759,753	0.1	%
	Senshukai Co., Ltd.	174,500		1,056,047	0.0	%
#	Septeni Holdings Co., Ltd.	609,000		2,082,471	0.1	%
#	SFP Dining Co., Ltd.	49,600		628,008	0.0	%
#	Shidax Corp.	105,200		392,338	0.0	%
	Shikibo, Ltd.	779,000		912,733	0.0	%
	Shimachu Co., Ltd.	297,200		7,908,168	0.3	%
	Shimojima Co., Ltd.	27,900		266,834	0.0	%
	Shobunsha Publications, Inc.	258,500		1,466,704	0.1	%
	Shochiku Co., Ltd.	54,000		598,903	0.0	%
	Shoei Co., Ltd.	44,400		793,418	0.0	%
	Showa Corp.	317,500		2,204,727	0.1	%
	SKY Perfect JSAT Holdings, Inc.	764,600		3,512,810	0.1	%
#	Snow Peak, Inc.	22,200		578,524	0.0	%
	SNT Corp.	90,600		511,478	0.0	%
#	Soft99 Corp.	68,600		468,663	0.0	%
#	Sotoh Co., Ltd.	41,400		403,533	0.0	%
	SPK Corp.	19,800		403,517	0.0	%
	St Marc Holdings Co., Ltd.	101,400		3,079,268	0.1	%
	Starts Corp., Inc.	178,400		3,010,636	0.1	%
	Step Co., Ltd.	40,700		469,181	0.0	%
#	Studio Alice Co., Ltd.	57,700		1,067,779	0.0	%
	Suminoe Textile Co., Ltd.	323,000		694,626	0.0	%
	Sumitomo Riko Co., Ltd.	235,200		2,304,005	0.1	%
#	Sun Corp.	52,500		317,565	0.0	%
	Suncall Corp.	27,000		127,360	0.0	%
	T RAD Co., Ltd.	412,000		1,024,414	0.0	%
	T-Gaia Corp.	155,100		2,520,006	0.1	%
	Tachi-S Co., Ltd.	166,140		2,782,613	0.1	%
#	Tachikawa Corp.	52,400		395,092	0.0	%
	Taiho Kogyo Co., Ltd.	98,200		1,372,027	0.1	%
#*	Takata Corp.	168,000		1,232,265	0.1	%
	Take And Give Needs Co., Ltd.	54,070		337,268	0.0	%
	Takihyo Co., Ltd.	79,000		307,207	0.0	%
#	Tama Home Co., Ltd.	95,900		430,187	0.0	%
	Tamron Co., Ltd.	128,500		2,128,808	0.1	%
#	TASAKI & Co., Ltd.	88,900		1,194,106	0.1	%
	TBK Co., Ltd.	115,600		491,401	0.0	%
	Tear Corp.	7,100		38,892	0.0	%
	Tenpos Busters Co., Ltd.	5,000		74,909	0.0	%
	Tigers Polymer Corp.	50,600		345,832	0.0	%
	Toa Corp.	127,800		1,145,522	0.0	%
#*	Toabo Corp.	54,799		256,057	0.0	%
	Toei Animation Co., Ltd.	26,100		1,345,829	0.1	%
	Toei Co., Ltd.	449,000		3,884,796	0.1	%
	Tohokushinsha Film Corp.	22,500		140,040	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Consumer Discretionary — (Continued)
	Tokai Rika Co., Ltd.	318,800	$	6,382,027	0.2	%
	Token Corp.	47,550		3,372,554	0.1	%
	Tokyo Dome Corp.	567,100		5,580,234	0.2	%
#	Tokyo Individualized Educational Institute, Inc.	112,900		912,840	0.0	%
	Tokyo Radiator Manufacturing Co., Ltd.	1,700		14,152	0.0	%
#	Tokyotokeiba Co., Ltd.	758,000		1,737,098	0.1	%
#	Tokyu Recreation Co., Ltd.	83,000		559,519	0.0	%
	Tomy Co., Ltd.	440,593		4,668,519	0.2	%
	Topre Corp.	264,300		6,599,452	0.2	%
	Toridoll Holdings Corp.	146,300		3,149,669	0.1	%
	Torikizoku Co., Ltd.	43,700		934,337	0.0	%
	Tosho Co., Ltd.	51,200		2,352,431	0.1	%
#	Tow Co., Ltd.	69,300		385,335	0.0	%
	Toyo Tire & Rubber Co., Ltd.	623,700		7,746,745	0.3	%
	TPR Co., Ltd.	131,000		3,676,080	0.1	%
	TS Tech Co., Ltd.	291,000		7,481,017	0.3	%
	TSI Holdings Co., Ltd.	436,295		2,610,842	0.1	%
#	Tsukada Global Holdings, Inc.	109,400		636,152	0.0	%
	Tsukamoto Corp. Co., Ltd.	190,000		207,819	0.0	%
	Tsutsumi Jewelry Co., Ltd.	48,600		811,891	0.0	%
	TV Asahi Holdings Corp.	63,100		1,243,209	0.1	%
	Tv Tokyo Holdings Corp.	86,300		1,708,010	0.1	%
#*	Tyo, Inc.	352,400		458,308	0.0	%
#	U-Shin, Ltd.	114,300		747,646	0.0	%
	Umenohana Co., Ltd.	1,000		22,856	0.0	%
	Unipres Corp.	230,700		4,580,688	0.2	%
#	United Arrows, Ltd.	155,700		4,294,125	0.2	%
#*	Unitika, Ltd.	3,992,000		2,860,432	0.1	%
*	Universal Entertainment Corp.	116,400		3,355,774	0.1	%
	Usen Corp.	685,080		2,479,843	0.1	%
	ValueCommerce Co., Ltd.	57,700		161,571	0.0	%
#	Vector, Inc.	166,500		1,671,161	0.1	%
	VIA Holdings, Inc.	30,000		266,182	0.0	%
#	Village Vanguard Co., Ltd.	32,100		323,891	0.0	%
#	VT Holdings Co., Ltd.	504,700		2,485,122	0.1	%
	Wacoal Holdings Corp.	676,000		7,869,935	0.3	%
#	WATAMI Co., Ltd.	141,100		1,332,132	0.1	%
	Watts Co., Ltd.	3,300		31,400	0.0	%
	Workman Co., Ltd.	2,200		64,368	0.0	%
	Wowow, Inc.	49,200		1,473,389	0.1	%
	Xebio Holdings Co., Ltd.	159,900		2,465,266	0.1	%
	Yachiyo Industry Co., Ltd.	24,000		212,987	0.0	%
	Yamato International, Inc.	13,900		47,867	0.0	%
	Yellow Hat, Ltd.	92,700		2,000,202	0.1	%
#	Yomiuri Land Co., Ltd.	239,000		987,342	0.0	%
	Yondoshi Holdings, Inc.	17,520		369,499	0.0	%
	Yorozu Corp.	110,100		1,580,000	0.1	%
	Yoshinoya Holdings Co., Ltd.	54,500		747,169	0.0	%
#	Yume No Machi Souzou Iinkai Co., Ltd.	14,300		334,203	0.0	%
	Yutaka Giken Co., Ltd.	3,100		61,294	0.0	%
	Zenrin Co., Ltd.	161,500		2,927,966	0.1	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Consumer Discretionary — (Continued)
#	Zojirushi Corp.	232,300	$	3,112,010	0.1	%
Total Consumer Discretionary				581,847,422	19.2	%
Consumer Staples — (7.4%)
	Aeon Hokkaido Corp.	273,900		1,382,056	0.0	%
	Ain Holdings, Inc.	124,600		8,235,354	0.3	%
	Albis Co., Ltd.	9,500		263,840	0.0	%
	Arcs Co., Ltd.	232,800		5,226,793	0.2	%
	Ariake Japan Co., Ltd.	115,800		6,187,610	0.2	%
	Artnature, Inc.	113,600		686,716	0.0	%
	Axial Retailing, Inc.	88,900		3,049,524	0.1	%
	Belc Co., Ltd.	59,400		2,288,154	0.1	%
	Bourbon Corp.	9,300		190,424	0.0	%
	C'BON COSMETICS Co., Ltd.	3,000		61,368	0.0	%
	Cawachi, Ltd.	91,800		2,287,333	0.1	%
	Chubu Shiryo Co., Ltd.	119,300		1,035,457	0.0	%
#	Chuo Gyorui Co., Ltd.	93,000		220,312	0.0	%
	Ci:z Holdings Co., Ltd.	157,300		4,419,456	0.2	%
	Coca-Cola East Japan Co., Ltd.	108,400		2,386,331	0.1	%
	Cocokara fine, Inc.	109,660		4,022,363	0.1	%
	Cota Co., Ltd.	4,500		49,296	0.0	%
	Create SD Holdings Co., Ltd.	164,400		3,514,999	0.1	%
#	Daikokutenbussan Co., Ltd.	38,300		1,605,706	0.1	%
	DyDo Group Holdings, Inc.	47,100		2,448,022	0.1	%
#	Earth Chemical Co., Ltd.	26,300		1,068,805	0.0	%
	Eco's Co., Ltd.	22,000		245,599	0.0	%
	FamilyMart UNY Holdings Co., Ltd.	—		27	0.0	%
	Fancl Corp.	95,300		1,331,689	0.0	%
	Feed One Co., Ltd.	812,440		1,075,335	0.0	%
*	First Baking Co., Ltd.	183,000		214,377	0.0	%
	Fuji Oil Holdings, Inc.	362,600		7,112,207	0.2	%
	Fujicco Co., Ltd.	90,400		1,864,369	0.1	%
#	Genky Stores, Inc.	24,200		1,161,794	0.0	%
#	HABA Laboratories, Inc.	3,300		109,809	0.0	%
	Hagoromo Foods Corp.	39,000		432,570	0.0	%
	Halows Co., Ltd.	19,300		395,713	0.0	%
*	Hayashikane Sangyo Co., Ltd.	24,200		178,184	0.0	%
	Heiwado Co., Ltd.	182,000		4,290,317	0.1	%
#	Hokkaido Coca-Cola Bottling Co., Ltd.	87,000		486,732	0.0	%
	Hokuto Corp.	152,100		2,742,821	0.1	%
#	House Foods Group, Inc.	99,700		2,062,810	0.1	%
	Ichimasa Kamaboko Co., Ltd.	3,300		32,252	0.0	%
#	Inageya Co., Ltd.	177,800		2,248,446	0.1	%
	Itochu-Shokuhin Co., Ltd.	26,800		1,001,679	0.0	%
	Iwatsuka Confectionery Co., Ltd.	2,200		76,816	0.0	%
	J-Oil Mills, Inc.	56,300		1,918,065	0.1	%
	Kadoya Sesame Mills, Inc.	400		12,790	0.0	%
#	Kakiyasu Honten Co., Ltd.	27,700		457,757	0.0	%
	Kameda Seika Co., Ltd.	72,000		3,283,803	0.1	%
	Kaneko Seeds Co., Ltd.	28,700		371,626	0.0	%
	Kato Sangyo Co., Ltd.	119,100		2,784,135	0.1	%
#	Kenko Mayonnaise Co., Ltd.	58,500		1,648,517	0.1	%

The Japanese Small Company Series
continued

		Shares	Value††		Percentage of Net Assets**
Consumer Staples — (Continued)
#	Key Coffee, Inc.	109,700	$	2,042,005	0.1	%
	Kirindo Holdings Co., Ltd.	29,300		208,182	0.0	%
	Kobe Bussan Co., Ltd.	78,000		2,730,949	0.1	%
#	Kotobuki Spirits Co., Ltd.	107,100		2,553,153	0.1	%
	Kusuri no Aoki Holdings Co., Ltd.	92,700		4,124,406	0.1	%
	Kyokuyo Co., Ltd.	58,699		1,369,656	0.0	%
	Life Corp.	165,100		4,645,666	0.2	%
	Mandom Corp.	104,400		4,494,644	0.2	%
	Marudai Food Co., Ltd.	602,000		2,537,073	0.1	%
	Maruha Nichiro Corp.	244,307		6,582,885	0.2	%
#	Maxvalu Nishinihon Co., Ltd.	5,600		79,551	0.0	%
#	Maxvalu Tokai Co., Ltd.	49,300		795,653	0.0	%
	Medical System Network Co., Ltd.	143,300		527,813	0.0	%
	Megmilk Snow Brand Co., Ltd.	88,700		2,438,199	0.1	%
	Meito Sangyo Co., Ltd.	52,200		617,541	0.0	%
	Milbon Co., Ltd.	66,576		2,515,734	0.1	%
	Ministop Co., Ltd.	92,800		1,620,108	0.1	%
	Mitsubishi Shokuhin Co., Ltd.	81,100		2,406,662	0.1	%
	Mitsui Sugar Co., Ltd.	112,770		2,415,575	0.1	%
	Miyoshi Oil & Fat Co., Ltd.	379,000		469,255	0.0	%
	Morinaga & Co., Ltd.	40,300		1,676,431	0.1	%
	Morinaga Milk Industry Co., Ltd.	1,164,000		8,368,211	0.3	%
	Morozoff, Ltd.	189,000		815,312	0.0	%
	Nagatanien Holdings Co., Ltd.	138,000		1,647,461	0.1	%
	Nakamuraya Co., Ltd.	18,400		784,677	0.0	%
	Natori Co., Ltd.	39,700		645,731	0.0	%
	Nichimo Co., Ltd.	170,000		251,115	0.0	%
	Nihon Chouzai Co., Ltd.	28,760		1,070,357	0.0	%
	Niitaka Co., Ltd.	2,060		25,522	0.0	%
	Nippon Beet Sugar Manufacturing Co., Ltd.	66,100		1,310,086	0.0	%
	Nippon Flour Mills Co., Ltd.	361,000		5,009,985	0.2	%
	Nippon Suisan Kaisha, Ltd.	1,570,900		7,541,841	0.3	%
	Nisshin Oillio Group, Ltd. (The)	793,000		3,642,215	0.1	%
	Nissin Sugar Co., Ltd.	62,600		884,313	0.0	%
	Nitto Fuji Flour Milling Co., Ltd.	6,400		210,056	0.0	%
	Noevir Holdings Co., Ltd.	61,300		1,916,156	0.1	%
	Oenon Holdings, Inc.	307,000		679,475	0.0	%
#	OIE Sangyo Co., Ltd.	20,900		195,446	0.0	%
	Okuwa Co., Ltd.	123,000		1,234,215	0.0	%
	Olympic Group Corp.	63,100		337,176	0.0	%
#	OUG Holdings, Inc.	34,000		76,107	0.0	%
	Prima Meat Packers, Ltd.	956,000		3,396,448	0.1	%
	Qol Co., Ltd.	90,900		1,085,777	0.0	%
	Riken Vitamin Co., Ltd.	74,100		2,995,110	0.1	%
	Rock Field Co., Ltd.	132,000		1,785,278	0.1	%
	Rokko Butter Co., Ltd.	69,000		1,489,291	0.1	%
#	S Foods, Inc.	77,062		1,996,993	0.1	%
	S&B Foods, Inc.	499		21,293	0.0	%
	Sagami Rubber Industries Co., Ltd.	2,000		15,463	0.0	%
	Sakata Seed Corp.	154,500		4,357,664	0.1	%
	San-A Co., Ltd.	101,200		4,887,735	0.2	%
	Sapporo Holdings, Ltd.	200,000		5,138,430	0.2	%

The Japanese Small Company Series
continued

		Shares	Value††		Percentage of Net Assets**
Consumer Staples — (Continued)
#	Shoei Foods Corp.	75,600	$	1,428,164	0.1	%
	Showa Sangyo Co., Ltd.	609,000		3,124,156	0.1	%
	Sogo Medical Co., Ltd.	55,800		2,045,373	0.1	%
	ST Corp.	81,200		1,052,888	0.0	%
#	Starzen Co., Ltd.	55,800		2,301,764	0.1	%
	Takara Holdings, Inc.	980,300		9,002,362	0.3	%
	Tobu Store Co., Ltd.	19,000		460,686	0.0	%
	Toho Co., Ltd.	44,100		953,302	0.0	%
	Tohto Suisan Co., Ltd.	17,299		269,678	0.0	%
#	Torigoe Co., Ltd. (The)	82,000		545,935	0.0	%
	Toyo Sugar Refining Co., Ltd.	157,000		154,394	0.0	%
	Transaction Co., Ltd.	9,500		134,068	0.0	%
	United Super Markets Holdings, Inc.	300,300		2,529,309	0.1	%
	Valor Holdings Co., Ltd.	220,500		5,737,992	0.2	%
	Warabeya Nichiyo Holdings Co., Ltd.	85,460		1,802,216	0.1	%
	Watahan & Co., Ltd.	27,500		385,324	0.0	%
	YA-MAN, Ltd.	800		39,814	0.0	%
#	Yaizu Suisankagaku Industry Co., Ltd.	46,100		437,638	0.0	%
	Yakuodo Co., Ltd.	54,300		1,012,856	0.0	%
	Yamatane Corp.	53,500		725,559	0.0	%
#	Yamaya Corp.	25,600		373,843	0.0	%
	Yamazawa Co., Ltd.	700		10,546	0.0	%
	Yaoko Co., Ltd.	111,400		4,431,528	0.2	%
#	Yokohama Reito Co., Ltd.	291,700		2,555,311	0.1	%
	Yomeishu Seizo Co., Ltd.	49,800		799,536	0.0	%
	Yuasa Funashoku Co., Ltd.	125,000		335,351	0.0	%
	Yutaka Foods Corp.	6,000		98,644	0.0	%
Total Consumer Staples				241,584,475	8.0	%
Energy — (1.0%)
#	BP Castrol K.K.	57,400		680,338	0.0	%
	Cosmo Energy Holdings Co., Ltd.	363,000		5,089,753	0.2	%
	Fuji Kosan Co., Ltd.	33,100		128,341	0.0	%
*	Fuji Oil Co., Ltd.	284,800		927,181	0.0	%
	Itochu Enex Co., Ltd.	302,200		2,368,205	0.1	%
#	Japan Drilling Co., Ltd.	41,100		857,119	0.0	%
	Japan Oil Transportation Co., Ltd.	8,400		174,072	0.0	%
	Japan Petroleum Exploration Co., Ltd.	190,600		4,225,502	0.2	%
	Mitsuuroko Group Holdings Co., Ltd.	181,700		1,078,087	0.0	%
#	Modec, Inc.	108,300		1,726,278	0.1	%
	Nippon Coke & Engineering Co., Ltd.	1,272,800		1,163,465	0.0	%
	Nippon Gas Co., Ltd.	206,100		5,904,166	0.2	%
	Sala Corp.	208,100		1,158,110	0.0	%
	San-Ai Oil Co., Ltd.	310,000		2,213,817	0.1	%
	Shinko Plantech Co., Ltd.	237,200		1,721,630	0.1	%
	Sinanen Holdings Co., Ltd.	52,000		948,329	0.0	%
	Toa Oil Co., Ltd.	415,000		507,051	0.0	%
	Toyo Kanetsu K.K.	568,000		1,526,337	0.1	%
Total Energy				32,397,781	1.1	%
Financials — (9.0%)
	77 Bank, Ltd. (The)	1,749,760		8,427,668	0.3	%

The Japanese Small Company Series
continued

		Shares	Value††		Percentage of Net Assets**
Financials — (Continued)
#	Accretive Co., Ltd.	57,800	$	236,420	0.0	%
	Advance Create Co., Ltd.	3,200		48,471	0.0	%
	Aichi Bank, Ltd. (The)	51,700		2,916,724	0.1	%
	Aizawa Securities Co., Ltd.	162,800		911,475	0.0	%
	Akita Bank, Ltd. (The)	1,079,400		3,486,958	0.1	%
	Anicom Holdings, Inc.	88,500		1,829,299	0.1	%
	Aomori Bank, Ltd. (The)	1,186,000		3,973,469	0.1	%
	Asax Co., Ltd.	1,700		23,556	0.0	%
	Awa Bank, Ltd. (The)	1,178,000		7,178,698	0.2	%
#	Bank of Iwate, Ltd. (The)	99,400		4,000,471	0.1	%
	Bank of Kochi, Ltd. (The)	301,000		342,089	0.0	%
#	Bank of Nagoya, Ltd. (The)	102,430		3,630,519	0.1	%
	Bank of Okinawa, Ltd. (The)	132,960		4,836,381	0.2	%
	Bank of Saga, Ltd. (The)	808,000		2,059,881	0.1	%
	Bank of the Ryukyus, Ltd.	227,380		2,980,862	0.1	%
	Bank of Toyama, Ltd. (The)	300		11,514	0.0	%
	Chiba Kogyo Bank, Ltd. (The)	259,600		1,311,512	0.0	%
#	Chukyo Bank, Ltd. (The)	70,000		1,403,730	0.1	%
#	Daisan Bank, Ltd. (The)	85,500		1,328,950	0.1	%
	Daishi Bank, Ltd. (The)	2,071,000		9,273,305	0.3	%
	Daito Bank, Ltd. (The)	873,000		1,246,907	0.0	%
	Dream Incubator, Inc.	8,300		143,072	0.0	%
#	DSB Co., Ltd.	55,800		298,311	0.0	%
	eGuarantee, Inc.	39,200		828,549	0.0	%
#	Ehime Bank, Ltd. (The)	190,600		2,245,189	0.1	%
	Eighteenth Bank, Ltd. (The)	1,048,000		3,121,321	0.1	%
	FIDEA Holdings Co., Ltd.	874,800		1,559,153	0.1	%
#	Financial Products Group Co., Ltd.	409,700		3,529,693	0.1	%
	Fukui Bank, Ltd. (The)	1,317,000		3,313,824	0.1	%
	Fukushima Bank, Ltd. (The)	1,421,000		1,177,922	0.0	%
	Fuyo General Lease Co., Ltd.	92,800		4,425,142	0.2	%
	GCA Corp.	119,400		837,743	0.0	%
	GMO Click Holdings, Inc.	19,500		143,848	0.0	%
	Gunma Bank, Ltd. (The)	458,100		2,503,384	0.1	%
	Hokkoku Bank, Ltd. (The)	1,742,000		6,184,349	0.2	%
	Hokuetsu Bank, Ltd. (The)	130,000		2,941,461	0.1	%
	Hokuhoku Financial Group, Inc.	364,900		6,286,485	0.2	%
	Hyakugo Bank, Ltd. (The)	1,614,609		6,552,965	0.2	%
	Hyakujushi Bank, Ltd. (The)	1,584,000		5,370,322	0.2	%
	IBJ Leasing Co., Ltd.	116,300		2,596,496	0.1	%
	Ichiyoshi Securities Co., Ltd.	229,400		1,755,176	0.1	%
	IwaiCosmo Holdings, Inc.	106,900		998,857	0.0	%
	Iyo Bank, Ltd. (The)	419,200		2,885,094	0.1	%
	J Trust Co., Ltd.	171,900		1,735,738	0.1	%
	Jaccs Co., Ltd.	449,000		1,983,489	0.1	%
	Jafco Co., Ltd.	218,500		7,153,050	0.2	%
	Japan Securities Finance Co., Ltd.	352,600		1,917,755	0.1	%
	Jimoto Holdings, Inc.	533,300		902,679	0.0	%
	Juroku Bank, Ltd. (The)	2,085,000		7,295,171	0.2	%
	kabu.com Securities Co., Ltd.	1,026,600		3,527,332	0.1	%
	Kansai Urban Banking Corp.	149,200		1,859,500	0.1	%
	Keiyo Bank, Ltd. (The)	1,576,000		7,130,615	0.2	%

The Japanese Small Company Series
continued

		Shares	Value††		Percentage of Net Assets**
Financials — (Continued)
	Kita-Nippon Bank, Ltd. (The)	49,506	$	1,319,513	0.0	%
	Kiyo Bank, Ltd. (The)	396,690		6,327,307	0.2	%
	Kosei Securities Co., Ltd. (The)	67,000		113,420	0.0	%
	Kyokuto Securities Co., Ltd.	128,800		1,899,766	0.1	%
	Kyushu Financial Group, Inc.	410,520		2,781,478	0.1	%
*	M&A Capital Partners Co., Ltd.	27,300		746,201	0.0	%
#	Marusan Securities Co., Ltd.	119,100		1,002,118	0.0	%
	Matsui Securities Co., Ltd.	77,900		669,937	0.0	%
#	Michinoku Bank, Ltd. (The)	846,000		1,611,176	0.1	%
	Mie Bank, Ltd. (The)	52,300		1,041,547	0.0	%
#	Minato Bank, Ltd. (The)	108,400		1,936,943	0.1	%
	Mito Securities Co., Ltd.	338,500		941,527	0.0	%
	Miyazaki Bank, Ltd. (The)	931,000		2,866,109	0.1	%
#	Monex Group, Inc.	1,215,700		3,375,164	0.1	%
#	Money Partners Group Co., Ltd.	88,700		412,428	0.0	%
	Musashino Bank, Ltd. (The)	206,000		5,925,765	0.2	%
#	Nagano Bank, Ltd. (The)	51,799		900,263	0.0	%
	Nanto Bank, Ltd. (The)	121,600		4,615,158	0.2	%
	New Real Property K.K.	43,900		—	0.0	%
*	Nishi-Nippon Financial Holdings, Inc.	499,600		5,227,900	0.2	%
	North Pacific Bank, Ltd.	2,303,600		9,486,865	0.3	%
	OAK Capital Corp.	265,200		391,103	0.0	%
	Ogaki Kyoritsu Bank, Ltd. (The)	1,857,000		7,218,214	0.2	%
#	Oita Bank, Ltd. (The)	1,014,900		3,785,395	0.1	%
	Okasan Securities Group, Inc.	775,000		4,773,121	0.2	%
	Pocket Card Co., Ltd.	26,900		129,049	0.0	%
	Ricoh Leasing Co., Ltd.	96,900		2,981,520	0.1	%
	San-In Godo Bank, Ltd. (The)	957,000		7,973,031	0.3	%
#	Sawada Holdings Co., Ltd.	142,000		1,143,590	0.0	%
	Senshu Ikeda Holdings, Inc.	1,424,200		6,558,571	0.2	%
#	Shiga Bank, Ltd. (The)	1,365,000		7,418,540	0.3	%
	Shikoku Bank, Ltd. (The)	1,210,000		2,954,883	0.1	%
	Shimane Bank, Ltd. (The)	16,600		194,174	0.0	%
	Shimizu Bank, Ltd. (The)	48,000		1,502,276	0.1	%
#	Sparx Group Co., Ltd.	573,900		1,111,680	0.0	%
	Taiko Bank, Ltd. (The)	219,000		491,881	0.0	%
#	Takagi Securities Co., Ltd.	224,000		430,875	0.0	%
	Tochigi Bank, Ltd. (The)	705,000		3,458,875	0.1	%
	Toho Bank, Ltd. (The)	1,323,200		4,938,084	0.2	%
	Tohoku Bank, Ltd. (The)	588,000		783,934	0.0	%
	Tokai Tokyo Financial Holdings, Inc.	1,190,900		6,319,583	0.2	%
	Tokyo TY Financial Group, Inc.	155,338		5,406,780	0.2	%
	Tomato Bank, Ltd.	48,400		663,004	0.0	%
	TOMONY Holdings, Inc.	913,950		4,722,278	0.2	%
	Tottori Bank, Ltd. (The)	35,300		576,759	0.0	%
	Towa Bank, Ltd. (The)	2,066,000		1,957,780	0.1	%
	Toyo Securities Co., Ltd.	419,000		1,011,425	0.0	%
	Tsukuba Bank, Ltd.	495,100		1,466,925	0.1	%
#	Yamagata Bank, Ltd. (The)	854,500		3,599,088	0.1	%
	Yamanashi Chuo Bank, Ltd. (The)	976,000		4,639,150	0.2	%
Total Financials				296,464,697	9.8	%

The Japanese Small Company Series
continued

		Shares	Value††		Percentage of Net Assets**
Health Care — (4.0%)
	As One Corp.	86,768	$	3,604,592	0.1	%
#	ASKA Pharmaceutical Co., Ltd.	131,300		1,911,206	0.1	%
	Biofermin Pharmaceutical Co., Ltd.	13,900		347,055	0.0	%
	BML, Inc.	136,600		3,252,084	0.1	%
#	CMIC Holdings Co., Ltd.	72,200		934,154	0.0	%
	Create Medic Co., Ltd.	28,000		229,189	0.0	%
#	Daiken Medical Co., Ltd.	101,500		697,515	0.0	%
	Daito Pharmaceutical Co., Ltd.	69,580		1,337,982	0.1	%
	Dvx, Inc.	7,700		90,173	0.0	%
	Eiken Chemical Co., Ltd.	95,200		2,502,921	0.1	%
	EPS Holdings, Inc.	198,600		2,311,744	0.1	%
	FALCO HOLDINGS Co., Ltd.	45,700		574,366	0.0	%
#	FINDEX, Inc.	98,600		797,945	0.0	%
	Fuji Pharma Co., Ltd.	46,200		1,065,631	0.0	%
	Fukuda Denshi Co., Ltd.	2,400		132,196	0.0	%
	Fuso Pharmaceutical Industries, Ltd.	41,500		988,039	0.0	%
	Hogy Medical Co., Ltd.	71,300		4,390,969	0.2	%
	Iwaki & Co., Ltd.	154,000		294,816	0.0	%
	Japan Lifeline Co., Ltd.	99,400		1,974,102	0.1	%
	Japan Medical Dynamic Marketing, Inc.	108,100		762,740	0.0	%
	Jeol, Ltd.	512,000		2,229,827	0.1	%
	JMS Co., Ltd.	157,000		406,041	0.0	%
	Kawasumi Laboratories, Inc.	69,100		399,832	0.0	%
	Kissei Pharmaceutical Co., Ltd.	163,700		4,070,983	0.1	%
	KYORIN Holdings, Inc.	276,100		5,908,329	0.2	%
#	Linical Co., Ltd.	80,000		857,885	0.0	%
	Mani, Inc.	134,700		3,202,374	0.1	%
	Menicon Co., Ltd.	40,800		1,148,331	0.1	%
	Mochida Pharmaceutical Co., Ltd.	78,399		5,433,309	0.2	%
#	N Field Co., Ltd.	67,900		786,249	0.0	%
	Nagaileben Co., Ltd.	51,200		1,115,042	0.0	%
	Nakanishi, Inc.	117,700		4,549,248	0.2	%
	ND Software Co., Ltd.	5,200		54,660	0.0	%
#	Nichi-iko Pharmaceutical Co., Ltd.	264,250		3,769,726	0.1	%
#	NichiiGakkan Co., Ltd.	244,000		1,755,952	0.1	%
	Nikkiso Co., Ltd.	391,100		3,708,386	0.1	%
	Nippon Chemiphar Co., Ltd.	17,100		795,788	0.0	%
	Nipro Corp.	702,100		7,661,180	0.3	%
	Nissui Pharmaceutical Co., Ltd.	69,700		768,371	0.0	%
	Paramount Bed Holdings Co., Ltd.	114,200		4,562,138	0.2	%
	Rion Co., Ltd.	44,300		612,603	0.0	%
#	Rohto Pharmaceutical Co., Ltd.	546,700		8,575,059	0.3	%
	Seed Co., Ltd.	12,200		208,416	0.0	%
*	Shin Nippon Biomedical Laboratories, Ltd.	22,500		112,384	0.0	%
	Ship Healthcare Holdings, Inc.	279,700		7,170,039	0.2	%
	Shofu, Inc.	35,700		411,629	0.0	%
	Software Service, Inc.	18,000		865,382	0.0	%
	Taiko Pharmaceutical Co., Ltd.	51,400		813,795	0.0	%
	Techno Medica Co., Ltd.	26,400		443,031	0.0	%
#	Toho Holdings Co., Ltd.	321,000		6,397,573	0.2	%
	Tokai Corp.	59,700		2,030,985	0.1	%
	Torii Pharmaceutical Co., Ltd.	81,400		1,797,679	0.1	%

The Japanese Small Company Series
continued

		Shares	Value††		Percentage of Net Assets**
Health Care — (Continued)
#	Towa Pharmaceutical Co., Ltd.	59,100	$	2,313,071	0.1	%
	Tsukui Corp.	339,000		2,291,857	0.1	%
	Tsumura & Co.	359,800		9,902,975	0.3	%
	Uchiyama Holdings Co., Ltd.	24,200		88,983	0.0	%
#	Vital KSK Holdings, Inc.	206,600		1,747,341	0.1	%
#	Wakamoto Pharmaceutical Co., Ltd.	107,000		227,815	0.0	%
	WIN-Partners Co., Ltd.	41,600		358,128	0.0	%
	ZERIA Pharmaceutical Co., Ltd.	128,099		1,972,825	0.1	%
Total Health Care				129,724,640	4.3	%
Industrials — (26.6%)
#	A&A Material Corp.	127,000		138,842	0.0	%
	Abist Co., Ltd.	6,000		184,162	0.0	%
	Advan Co., Ltd.	167,700		1,724,516	0.1	%
	Advanex, Inc.	22,099		308,329	0.0	%
	Aeon Delight Co., Ltd.	111,400		3,108,021	0.1	%
	Aica Kogyo Co., Ltd.	314,300		8,273,967	0.3	%
	Aichi Corp.	202,700		1,418,798	0.1	%
#	Aida Engineering, Ltd.	344,200		3,255,077	0.1	%
	AIT Corp.	22,700		211,687	0.0	%
	Ajis Co., Ltd.	10,700		500,413	0.0	%
#	Alinco, Inc.	70,300		632,347	0.0	%
	Alps Logistics Co., Ltd.	98,600		568,770	0.0	%
	Altech Corp.	44,750		945,430	0.0	%
	Anest Iwata Corp.	185,100		1,810,167	0.1	%
#*	Arrk Corp.	422,400		424,804	0.0	%
	Asahi Diamond Industrial Co., Ltd.	328,200		2,391,137	0.1	%
	Asahi Kogyosha Co., Ltd.	25,000		624,086	0.0	%
	Asanuma Corp.	383,000		1,250,886	0.0	%
	Asunaro Aoki Construction Co., Ltd.	142,800		953,464	0.0	%
	Bando Chemical Industries, Ltd.	231,000		2,042,693	0.1	%
	Benefit One, Inc.	96,900		2,394,940	0.1	%
	Bunka Shutter Co., Ltd.	346,100		2,660,626	0.1	%
	Canare Electric Co., Ltd.	3,500		62,933	0.0	%
	Career Design Center Co., Ltd.	28,800		312,389	0.0	%
	Central Glass Co., Ltd.	1,214,000		5,648,659	0.2	%
#	Central Security Patrols Co., Ltd.	48,200		863,679	0.0	%
	Chilled & Frozen Logistics Holdings Co., Ltd.	22,000		251,992	0.0	%
#	Chiyoda Corp.	993,000		6,854,261	0.2	%
	Chiyoda Integre Co., Ltd.	74,300		1,494,444	0.1	%
	Chudenko Corp.	157,900		3,479,451	0.1	%
	Chugai Ro Co., Ltd.	373,000		716,340	0.0	%
	Chuo Warehouse Co., Ltd.	900		8,246	0.0	%
	CKD Corp.	341,900		3,867,162	0.1	%
	Comany, Inc.	3,100		45,271	0.0	%
	Cosel Co., Ltd.	120,800		1,291,512	0.1	%
	Creek & River Co., Ltd.	18,700		133,886	0.0	%
	CTI Engineering Co., Ltd.	72,300		642,302	0.0	%
	CTS Co., Ltd.	900		11,283	0.0	%
	Dai-Dan Co., Ltd.	160,000		1,333,848	0.1	%
	Daido Kogyo Co., Ltd.	200,000		446,769	0.0	%
	Daifuku Co., Ltd.	303,400		6,445,671	0.2	%

The Japanese Small Company Series
continued

		Shares	Value††		Percentage of Net Assets**
Industrials — (Continued)
	Daihatsu Diesel Manufacturing Co., Ltd.	86,000	$	522,992	0.0	%
	Daihen Corp.	641,000		3,951,242	0.1	%
	Daiho Corp.	521,000		2,456,246	0.1	%
	Daiichi Jitsugyo Co., Ltd.	260,000		1,483,817	0.1	%
#*	Daikokuya Holdings Co., Ltd.	389,900		289,741	0.0	%
	Daiseki Co., Ltd.	216,263		4,425,425	0.2	%
#	Daiseki Eco. Solution Co., Ltd.	22,200		273,020	0.0	%
#	Daisue Construction Co., Ltd.	41,100		335,252	0.0	%
	Daiwa Industries, Ltd.	173,000		1,311,499	0.1	%
#*	Danto Holdings Corp.	165,000		272,338	0.0	%
	Denyo Co., Ltd.	86,300		1,167,630	0.0	%
#	DMG Mori Co., Ltd.	434,800		5,265,372	0.2	%
	DMW Corp.	4,800		75,295	0.0	%
	Duskin Co., Ltd.	224,100		4,601,611	0.2	%
#	Ebara Jitsugyo Co., Ltd.	39,300		451,741	0.0	%
#	EF-ON, Inc.	50,300		407,387	0.0	%
	Eidai Co., Ltd.	124,000		537,241	0.0	%
	en-japan, Inc.	134,500		2,404,838	0.1	%
	Endo Lighting Corp.	60,200		449,436	0.0	%
#*	Enshu, Ltd.	197,000		166,663	0.0	%
°	Escrow Agent Japan Co., Ltd.	3,500		46,065	0.0	%
	F&M Co., Ltd.	9,400		74,214	0.0	%
	Freund Corp.	34,300		460,677	0.0	%
	Fudo Tetra Corp.	1,050,500		1,839,430	0.1	%
	Fuji Machine Manufacturing Co., Ltd.	119,900		1,368,921	0.1	%
	Fujikura, Ltd.	1,935,000		10,478,704	0.4	%
	Fujisash Co., Ltd.	505,600		430,630	0.0	%
#	Fujitec Co., Ltd.	436,800		5,109,339	0.2	%
#	Fukuda Corp.	395,000		3,780,221	0.1	%
	Fukushima Industries Corp.	85,300		2,455,629	0.1	%
#	Fukuyama Transporting Co., Ltd.	774,400		4,387,675	0.2	%
	FULLCAST Holdings Co., Ltd.	121,700		999,767	0.0	%
#	Funai Soken Holdings, Inc.	159,360		2,499,392	0.1	%
	Furukawa Co., Ltd.	1,800,000		3,267,949	0.1	%
	Furukawa Electric Co., Ltd.	462,800		13,505,376	0.5	%
	Furusato Industries, Ltd.	52,000		753,079	0.0	%
#	Futaba Corp.	206,300		3,459,746	0.1	%
	Gecoss Corp.	104,400		989,474	0.0	%
	Giken, Ltd.	13,000		210,894	0.0	%
	Glory, Ltd.	268,900		8,473,658	0.3	%
	GS Yuasa Corp.	2,130,000		8,831,089	0.3	%
#	Hamakyorex Co., Ltd.	92,400		1,712,880	0.1	%
#	Haneda Zenith Holdings Co., Ltd.	132,100		335,629	0.0	%
	Hanwa Co., Ltd.	1,221,000		7,965,602	0.3	%
	Hazama Ando Corp.	1,082,400		7,122,602	0.2	%
	Helios Techno Holdings Co., Ltd.	11,900		51,860	0.0	%
	Hibiya Engineering, Ltd.	118,200		1,676,899	0.1	%
	Hirakawa Hewtech Corp.	24,400		268,639	0.0	%
	Hirano Tecseed Co., Ltd.	12,800		126,834	0.0	%
#	Hirata Corp.	29,500		1,672,608	0.1	%
	Hisaka Works, Ltd.	109,500		824,470	0.0	%
	Hitachi Koki Co., Ltd.	311,600		3,916,935	0.1	%

The Japanese Small Company Series
continued

		Shares	Value††		Percentage of Net Assets**
Industrials — (Continued)
	Hitachi Transport System, Ltd.	278,000	$	5,632,096	0.2	%
	Hitachi Zosen Corp.	991,379		5,172,876	0.2	%
#	Hito Communications, Inc.	35,100		459,487	0.0	%
	Hokuetsu Industries Co., Ltd.	107,600		731,303	0.0	%
#	Hokuriku Electrical Construction Co., Ltd.	23,000		167,790	0.0	%
	Hosokawa Micron Corp.	204,000		1,315,287	0.1	%
#	Howa Machinery, Ltd.	72,100		377,905	0.0	%
#	Ichiken Co., Ltd.	143,000		524,696	0.0	%
	Ichinen Holdings Co., Ltd.	114,200		1,114,395	0.0	%
	Idec Corp.	161,700		1,506,697	0.1	%
	Iino Kaiun Kaisha, Ltd.	541,400		2,130,047	0.1	%
	Inaba Denki Sangyo Co., Ltd.	138,700		4,768,471	0.2	%
	Inaba Seisakusho Co., Ltd.	49,700		572,423	0.0	%
	Inabata & Co., Ltd.	296,300		3,259,739	0.1	%
	Interworks, Inc.	6,800		59,624	0.0	%
	Inui Global Logistics Co., Ltd.	71,880		606,839	0.0	%
#	Iseki & Co., Ltd.	1,110,000		2,131,599	0.1	%
#	Ishii Iron Works Co., Ltd.	11,000		173,844	0.0	%
#	Itoki Corp.	215,800		1,361,013	0.1	%
	Iwasaki Electric Co., Ltd.	372,000		593,993	0.0	%
	Iwatani Corp.	1,087,000		5,768,978	0.2	%
#	JAC Recruitment Co., Ltd.	93,100		1,043,717	0.0	%
#	Jalux, Inc.	39,500		676,095	0.0	%
#	Jamco Corp.	68,400		1,406,492	0.1	%
	Japan Foundation Engineering Co., Ltd.	119,500		362,220	0.0	%
	Japan Pulp & Paper Co., Ltd.	529,000		1,665,113	0.1	%
	Japan Steel Works, Ltd. (The)	398,400		7,047,871	0.2	%
	Japan Transcity Corp.	242,000		882,805	0.0	%
	JK Holdings Co., Ltd.	89,940		450,461	0.0	%
	Juki Corp.	185,800		1,674,913	0.1	%
	Kamei Corp.	148,700		1,515,299	0.1	%
	Kanaden Corp.	110,600		1,005,025	0.0	%
#	Kanagawa Chuo Kotsu Co., Ltd.	190,000		1,183,773	0.0	%
	Kanamoto Co., Ltd.	171,600		4,532,183	0.2	%
	Kandenko Co., Ltd.	626,000		5,638,821	0.2	%
	Kanematsu Corp.	2,438,625		4,097,957	0.1	%
#	Katakura Industries Co., Ltd.	137,300		1,604,186	0.1	%
	Kato Works Co., Ltd.	61,800		1,599,886	0.1	%
	KAWADA TECHNOLOGIES, Inc.	53,700		3,626,086	0.1	%
	Kawasaki Kinkai Kisen Kaisha, Ltd.	96,000		240,491	0.0	%
#	Kawasaki Kisen Kaisha, Ltd.	3,035,000		6,857,818	0.2	%
	Keihin Co., Ltd.	249,000		325,160	0.0	%
	KFC, Ltd.	2,000		35,705	0.0	%
#*	KI Holdings Co., Ltd.	88,000		253,927	0.0	%
#	Kimura Chemical Plants Co., Ltd.	39,900		114,066	0.0	%
	King Jim Co., Ltd.	13,000		93,908	0.0	%
#	Kinki Sharyo Co., Ltd.	15,299		341,943	0.0	%
	Kintetsu World Express, Inc.	191,200		2,645,366	0.1	%
	Kitagawa Iron Works Co., Ltd.	49,600		964,703	0.0	%
	Kitano Construction Corp.	259,000		711,027	0.0	%
#	Kito Corp.	108,500		1,171,078	0.0	%
	Kitz Corp.	543,500		2,967,331	0.1	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Kobelco Eco-Solutions Co., Ltd.	97,000	$	368,765	0.0	%
	Koike Sanso Kogyo Co., Ltd.	145,000		363,898	0.0	%
#	Kokusai Co., Ltd.	41,700		290,036	0.0	%
	Kokuyo Co., Ltd.	525,125		6,032,719	0.2	%
	KOMAIHALTEC, Inc.	22,700		414,434	0.0	%
	Komatsu Wall Industry Co., Ltd.	40,000		649,092	0.0	%
	Komori Corp.	348,700		4,555,588	0.2	%
	Kondotec, Inc.	124,000		898,534	0.0	%
	Konoike Transport Co., Ltd.	119,200		1,564,538	0.1	%
#*	Kosaido Co., Ltd.	248,600		764,273	0.0	%
	KRS Corp.	38,100		795,072	0.0	%
	Kumagai Gumi Co., Ltd.	2,175,000		5,569,902	0.2	%
	Kuroda Electric Co., Ltd.	219,100		4,321,591	0.2	%
	Kyodo Printing Co., Ltd.	506,000		1,729,671	0.1	%
	Kyokuto Boeki Kaisha, Ltd.	64,000		132,725	0.0	%
	Kyokuto Kaihatsu Kogyo Co., Ltd.	185,700		2,490,639	0.1	%
	Kyoritsu Printing Co., Ltd.	119,300		324,275	0.0	%
	Kyowa Exeo Corp.	481,800		6,920,845	0.2	%
	Kyudenko Corp.	219,000		5,868,830	0.2	%
	Like Co., Ltd.	22,300		363,196	0.0	%
#	Link And Motivation, Inc.	251,400		919,636	0.0	%
	Lonseal Corp.	11,600		204,802	0.0	%
	Maeda Corp.	821,000		7,140,937	0.2	%
	Maeda Kosen Co., Ltd.	109,900		1,202,245	0.0	%
	Maeda Road Construction Co., Ltd.	387,000		6,454,215	0.2	%
	Maezawa Industries, Inc.	35,700		110,347	0.0	%
	Maezawa Kasei Industries Co., Ltd.	54,000		551,414	0.0	%
	Maezawa Kyuso Industries Co., Ltd.	49,100		638,240	0.0	%
	Makino Milling Machine Co., Ltd.	655,000		5,111,023	0.2	%
	Marubeni Construction Material Lease Co., Ltd.	75,000		142,236	0.0	%
	Marufuji Sheet Piling Co., Ltd.	58,000		126,374	0.0	%
	Maruka Machinery Co., Ltd.	32,200		437,923	0.0	%
#	Maruwa Unyu Kikan Co., Ltd.	34,300		847,433	0.0	%
	Maruyama Manufacturing Co., Inc.	230,000		373,282	0.0	%
	Maruzen Co., Ltd.	46,000		451,304	0.0	%
	Maruzen Showa Unyu Co., Ltd.	304,000		1,185,029	0.0	%
	Matsuda Sangyo Co., Ltd.	83,782		1,074,975	0.0	%
	Matsui Construction Co., Ltd.	135,300		1,225,970	0.0	%
	Max Co., Ltd.	191,000		2,330,004	0.1	%
	Meidensha Corp.	1,175,050		4,032,951	0.1	%
	Meiji Shipping Co., Ltd.	111,000		405,521	0.0	%
#	Meisei Industrial Co., Ltd.	251,000		1,221,334	0.0	%
	Meitec Corp.	181,300		6,925,850	0.2	%
#	Meiwa Corp.	158,000		548,274	0.0	%
	Mesco, Inc.	22,000		209,265	0.0	%
	METAWATER Co., Ltd.	61,500		1,454,134	0.1	%
	Mie Kotsu Group Holdings, Inc.	165,700		548,659	0.0	%
	Mirait Holdings Corp.	374,085		3,371,366	0.1	%
	Mitani Corp.	68,200		1,866,039	0.1	%
	Mitsubishi Kakoki Kaisha, Ltd.	168,000		308,360	0.0	%
	Mitsubishi Nichiyu Forklift Co., Ltd.	189,100		1,370,400	0.1	%
#	Mitsubishi Pencil Co., Ltd.	100,300		5,266,070	0.2	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Mitsuboshi Belting, Ltd.	328,000	$	2,789,067	0.1	%
	Mitsui Engineering & Shipbuilding Co., Ltd.	5,109,000		7,900,418	0.3	%
	Mitsui Matsushima Co., Ltd.	84,700		933,630	0.0	%
	Mitsui-Soko Holdings Co., Ltd.	626,000		1,837,500	0.1	%
	Mitsumura Printing Co., Ltd.	93,000		174,096	0.0	%
#	Miyaji Engineering Group, Inc.	332,175		543,025	0.0	%
	Morita Holdings Corp.	227,700		3,224,617	0.1	%
#	NAC Co., Ltd.	61,700		515,316	0.0	%
#	Nachi-Fujikoshi Corp.	1,045,000		4,515,343	0.2	%
	Nagase & Co., Ltd.	481,100		6,273,890	0.2	%
	Naigai Trans Line, Ltd.	3,800		34,919	0.0	%
	Nakabayashi Co., Ltd.	211,000		481,061	0.0	%
	Nakano Corp.	38,100		197,113	0.0	%
	Namura Shipbuilding Co., Ltd.	314,028		2,141,541	0.1	%
	Narasaki Sangyo Co., Ltd.	103,000		259,689	0.0	%
	NDS Co., Ltd.	24,100		599,063	0.0	%
#	NEC Capital Solutions, Ltd.	48,900		757,175	0.0	%
	Nichias Corp.	587,000		5,646,503	0.2	%
	Nichiban Co., Ltd.	141,000		975,216	0.0	%
	Nichiden Corp.	24,700		664,189	0.0	%
	Nichiha Corp.	178,680		4,404,705	0.2	%
	Nichireki Co., Ltd.	148,000		1,164,907	0.0	%
	Nihon Dengi Co., Ltd.	4,700		80,348	0.0	%
	Nihon Flush Co., Ltd.	15,700		174,706	0.0	%
	Nihon Trim Co., Ltd.	30,700		1,183,387	0.0	%
	Nikkato Corp.	700		2,433	0.0	%
	Nikko Co., Ltd.	31,800		573,687	0.0	%
	Nikkon Holdings Co., Ltd.	356,800		7,429,645	0.3	%
	Nippi, Inc.	27,000		190,755	0.0	%
	Nippo Corp.	227,000		4,229,117	0.1	%
	Nippon Air Conditioning Services Co., Ltd.	40,300		209,700	0.0	%
#	Nippon Carbon Co., Ltd.	665,000		1,287,561	0.1	%
	Nippon Densetsu Kogyo Co., Ltd.	227,300		3,625,224	0.1	%
	Nippon Dry-Chemical Co., Ltd.	300		5,969	0.0	%
	Nippon Filcon Co., Ltd.	70,900		348,328	0.0	%
	Nippon Hume Corp.	129,400		764,341	0.0	%
	Nippon Kanzai Co., Ltd.	88,700		1,374,433	0.1	%
	Nippon Koei Co., Ltd.	78,000		1,722,413	0.1	%
#	Nippon Parking Development Co., Ltd.	1,224,400		1,735,458	0.1	%
	Nippon Rietec Co., Ltd.	7,000		66,761	0.0	%
	Nippon Road Co., Ltd. (The)	384,000		1,495,429	0.1	%
#	Nippon Seisen Co., Ltd.	100,000		503,788	0.0	%
#*	Nippon Sharyo, Ltd.	422,000		1,005,652	0.0	%
*	Nippon Sheet Glass Co., Ltd.	584,800		4,243,063	0.1	%
	Nippon Steel & Sumikin Bussan Corp.	95,560		3,682,655	0.1	%
	Nippon Thompson Co., Ltd.	410,000		1,728,012	0.1	%
	Nippon Tungsten Co., Ltd.	62,000		93,631	0.0	%
	Nishi-Nippon Railroad Co., Ltd.	1,441,000		6,581,286	0.2	%
	Nishimatsu Construction Co., Ltd.	1,794,000		8,670,321	0.3	%
	Nishio Rent All Co., Ltd.	93,700		2,868,168	0.1	%
#	Nissei ASB Machine Co., Ltd.	52,300		1,054,850	0.0	%
	Nissei Corp.	37,900		324,266	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Nissei Plastic Industrial Co., Ltd.	184,500	$	1,593,452	0.1	%
#	Nissha Printing Co., Ltd.	165,400		3,978,914	0.1	%
	Nisshinbo Holdings, Inc.	870,500		8,381,913	0.3	%
	Nissin Corp.	409,000		1,264,382	0.1	%
	Nissin Electric Co., Ltd.	279,000		3,071,758	0.1	%
	Nitta Corp.	105,000		2,853,482	0.1	%
	Nitto Boseki Co., Ltd.	934,000		3,643,533	0.1	%
	Nitto Kogyo Corp.	161,500		2,198,838	0.1	%
	Nitto Kohki Co., Ltd.	68,500		1,517,273	0.1	%
	Nitto Seiko Co., Ltd.	149,000		530,723	0.0	%
#	Nittoc Construction Co., Ltd.	158,500		637,240	0.0	%
#	Nittoku Engineering Co., Ltd.	81,900		1,132,055	0.0	%
	NJS Co., Ltd.	30,200		357,805	0.0	%
	Noda Corp.	153,600		901,887	0.0	%
	Nomura Co., Ltd.	220,200		3,178,952	0.1	%
	Noritake Co., Ltd.	64,200		1,561,287	0.1	%
	Noritz Corp.	172,400		2,904,495	0.1	%
	NS United Kaiun Kaisha, Ltd.	599,000		1,021,406	0.0	%
	NTN Corp.	2,488,000		10,037,113	0.3	%
	Obara Group, Inc.	79,200		3,525,154	0.1	%
	Obayashi Road Corp.	166,300		993,423	0.0	%
#	Odelic Co., Ltd.	20,300		723,552	0.0	%
	Oiles Corp.	151,350		2,716,681	0.1	%
	Okabe Co., Ltd.	242,100		1,985,534	0.1	%
#	Okamoto Machine Tool Works, Ltd.	205,000		245,065	0.0	%
	Okamura Corp.	381,900		3,425,017	0.1	%
#	OKK Corp.	425,000		427,878	0.0	%
	OKUMA Corp.	849,000		8,077,795	0.3	%
	Okumura Corp.	999,400		5,612,204	0.2	%
	Onoken Co., Ltd.	84,600		982,436	0.0	%
	Organo Corp.	228,000		917,728	0.0	%
#	OSG Corp.	452,700		8,888,747	0.3	%
#	OSJB Holdings Corp.	677,200		1,375,149	0.1	%
#	Outsourcing, Inc.	81,300		2,529,046	0.1	%
	Oyo Corp.	111,300		1,332,704	0.1	%
	Paraca, Inc.	5,400		94,130	0.0	%
#	Pasco Corp.	137,000		458,998	0.0	%
#	Pasona Group, Inc.	126,800		869,673	0.0	%
	Pegasus Sewing Machine Manufacturing Co., Ltd.	43,600		266,221	0.0	%
	Penta-Ocean Construction Co., Ltd.	1,724,600		8,320,221	0.3	%
	Pilot Corp.	188,800		7,783,466	0.3	%
	Prestige International, Inc.	284,800		2,009,810	0.1	%
	Pronexus, Inc.	126,400		1,189,425	0.0	%
#	PS Mitsubishi Construction Co., Ltd.	147,700		487,090	0.0	%
	Punch Industry Co., Ltd.	5,600		43,014	0.0	%
	Quick Co., Ltd.	35,600		317,485	0.0	%
	Raito Kogyo Co., Ltd.	313,100		3,207,252	0.1	%
	Relia, Inc.	198,500		1,956,148	0.1	%
	Rheon Automatic Machinery Co., Ltd.	110,500		829,474	0.0	%
	Rix Corp.	900		11,416	0.0	%
	Ryobi, Ltd.	820,200		3,210,584	0.1	%
	Sakai Heavy Industries, Ltd.	237,000		661,675	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
#	Sakai Moving Service Co., Ltd.	60,800	$	1,399,749	0.1	%
	Sanki Engineering Co., Ltd.	297,600		2,474,415	0.1	%
	Sanko Metal Industrial Co., Ltd.	13,600		365,547	0.0	%
#	Sankyo Tateyama, Inc.	166,200		2,258,260	0.1	%
	Sankyu, Inc.	1,540,000		9,292,447	0.3	%
#	Sanoyas Holdings Corp.	141,400		325,819	0.0	%
	Sansei Technologies, Inc.	4,300		30,765	0.0	%
	Sanwa Holdings Corp.	1,232,600		11,723,223	0.4	%
	Sanyo Denki Co., Ltd.	262,000		1,824,819	0.1	%
	Sanyo Engineering & Construction, Inc.	48,000		252,455	0.0	%
	Sanyo Industries, Ltd.	99,000		163,962	0.0	%
	Sanyo Trading Co., Ltd.	19,200		262,295	0.0	%
#	Sata Construction Co., Ltd.	85,399		321,297	0.0	%
	Sato Holdings Corp.	154,500		3,087,627	0.1	%
	Sato Shoji Corp.	66,800		484,187	0.0	%
	SBS Holdings, Inc.	114,100		793,396	0.0	%
	Secom Joshinetsu Co., Ltd.	32,900		962,365	0.0	%
	Seibu Electric Industry Co., Ltd.	15,600		298,672	0.0	%
	Seika Corp.	313,000		911,030	0.0	%
	Seikitokyu Kogyo Co., Ltd.	178,300		752,494	0.0	%
	Seino Holdings Co., Ltd.	258,600		2,865,407	0.1	%
	Sekisui Jushi Corp.	180,900		2,851,618	0.1	%
#	Senko Co., Ltd.	564,500		3,803,282	0.1	%
	Senshu Electric Co., Ltd.	35,800		580,913	0.0	%
	Shibusawa Warehouse Co., Ltd. (The)	263,000		782,357	0.0	%
	Shibuya Corp.	104,400		2,181,729	0.1	%
#	Shima Seiki Manufacturing, Ltd.	161,400		5,450,319	0.2	%
	Shin Nippon Air Technologies Co., Ltd.	86,280		932,319	0.0	%
#	Shin-Keisei Electric Railway Co., Ltd.	181,000		637,551	0.0	%
	Shinmaywa Industries, Ltd.	550,000		4,934,274	0.2	%
	Shinnihon Corp.	186,700		1,499,643	0.1	%
	Shinsho Corp.	29,000		602,102	0.0	%
	Shinwa Co., Ltd.	27,100		403,837	0.0	%
*	Shoko Co., Ltd.	198,000		171,042	0.0	%
	Showa Aircraft Industry Co., Ltd.	15,837		151,660	0.0	%
	Sinfonia Technology Co., Ltd.	684,000		1,535,269	0.1	%
	Sinko Industries, Ltd.	110,700		1,324,103	0.1	%
	Sintokogio, Ltd.	265,000		2,303,070	0.1	%
	Soda Nikka Co., Ltd.	76,800		331,772	0.0	%
	Sodick Co., Ltd.	285,400		2,354,683	0.1	%
	Space Co., Ltd.	66,220		697,570	0.0	%
#	Srg Takamiya Co., Ltd.	118,600		628,448	0.0	%
#	Star Micronics Co., Ltd.	208,000		2,826,095	0.1	%
#	Subaru Enterprise Co., Ltd.	55,000		237,857	0.0	%
	Sugimoto & Co., Ltd.	31,500		402,984	0.0	%
	Sumitomo Densetsu Co., Ltd.	104,400		1,144,397	0.0	%
	Sumitomo Mitsui Construction Co., Ltd.	5,237,600		5,491,645	0.2	%
	Sumitomo Precision Products Co., Ltd.	189,000		571,461	0.0	%
	Sumitomo Warehouse Co., Ltd. (The)	819,000		4,320,212	0.2	%
*	SWCC Showa Holdings Co., Ltd.	1,562,000		1,144,178	0.0	%
#	Tadano, Ltd.	591,700		7,438,111	0.3	%
	Taihei Dengyo Kaisha, Ltd.	189,000		1,831,905	0.1	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
#	Taiheiyo Kouhatsu, Inc.	407,000	$	347,856	0.0	%
	Taikisha, Ltd.	147,000		3,579,394	0.1	%
	Takamatsu Construction Group Co., Ltd.	80,000		1,698,897	0.1	%
#	Takano Co., Ltd.	49,400		359,362	0.0	%
	Takaoka Toko Co., Ltd.	61,420		1,136,687	0.0	%
	Takara Printing Co., Ltd.	51,955		686,603	0.0	%
	Takara Standard Co., Ltd.	253,500		4,144,354	0.1	%
#	Takasago Thermal Engineering Co., Ltd.	355,200		4,562,851	0.2	%
	Takashima & Co., Ltd.	225,000		365,162	0.0	%
	Takeei Corp.	129,400		1,062,479	0.0	%
	Takeuchi Manufacturing Co., Ltd.	208,300		4,616,385	0.2	%
	Takigami Steel Construction Co., Ltd. (The)	53,000		201,105	0.0	%
	Takisawa Machine Tool Co., Ltd.	368,000		496,682	0.0	%
	Takuma Co., Ltd.	438,000		3,737,058	0.1	%
#	Tanseisha Co., Ltd.	213,249		1,459,432	0.1	%
	Tatsuta Electric Wire and Cable Co., Ltd.	257,400		999,519	0.0	%
	TECHNO ASSOCIE Co., Ltd.	56,800		524,787	0.0	%
	Techno Ryowa, Ltd.	69,390		455,974	0.0	%
	TechnoPro Holdings, Inc.	154,000		4,922,257	0.2	%
	Teikoku Electric Manufacturing Co., Ltd.	96,000		834,285	0.0	%
#	Teikoku Sen-I Co., Ltd.	103,100		1,345,991	0.1	%
#	Tekken Corp.	464,000		1,356,679	0.1	%
	Teraoka Seisakusho Co., Ltd.	53,600		173,165	0.0	%
	Toa Corp.	110,300		1,878,251	0.1	%
	TOA ROAD Corp.	266,000		787,305	0.0	%
#	Tobishima Corp.	1,073,200		1,682,539	0.1	%
	Tocalo Co., Ltd.	83,100		1,801,506	0.1	%
	Toda Corp.	1,230,000		6,464,095	0.2	%
	Toenec Corp.	212,000		1,040,414	0.0	%
	Togami Electric Manufacturing Co., Ltd.	20,000		79,110	0.0	%
#	TOKAI Holdings Corp.	528,400		3,686,662	0.1	%
#	Tokai Lease Co., Ltd.	162,000		287,285	0.0	%
	Tokyo Energy & Systems, Inc.	139,000		1,186,648	0.0	%
	Tokyo Keiki, Inc.	354,000		680,299	0.0	%
*	Tokyo Kikai Seisakusho, Ltd.	17,000		10,612	0.0	%
	Tokyo Sangyo Co., Ltd.	81,000		331,083	0.0	%
	Tokyu Construction Co., Ltd.	352,500		2,830,529	0.1	%
	Toli Corp.	261,000		830,358	0.0	%
	Tomoe Corp.	152,000		466,358	0.0	%
#	Tomoe Engineering Co., Ltd.	37,200		536,770	0.0	%
	Tonami Holdings Co., Ltd.	308,000		939,356	0.0	%
	Toppan Forms Co., Ltd.	298,500		3,107,838	0.1	%
#	Torishima Pump Manufacturing Co., Ltd.	117,100		1,136,084	0.0	%
	Toshiba Machine Co., Ltd.	698,000		2,791,119	0.1	%
#	Toshiba Plant Systems & Services Corp.	262,650		3,455,138	0.1	%
#	Tosho Printing Co., Ltd.	227,000		948,760	0.0	%
	Totech Corp.	900		12,423	0.0	%
	Totetsu Kogyo Co., Ltd.	148,900		3,852,682	0.1	%
	Toyo Construction Co., Ltd.	428,400		1,498,558	0.1	%
	Toyo Denki Seizo K.K.	42,600		577,292	0.0	%
	Toyo Engineering Corp.	892,400		2,376,318	0.1	%
	Toyo Machinery & Metal Co., Ltd.	87,400		334,629	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Toyo Tanso Co., Ltd.	67,000	$	1,074,502	0.0	%
#	Toyo Wharf & Warehouse Co., Ltd.	340,000		533,921	0.0	%
	Trancom Co., Ltd.	42,300		2,069,399	0.1	%
	Trinity Industrial Corp.	19,000		85,414	0.0	%
#	Trusco Nakayama Corp.	242,200		5,064,527	0.2	%
	Trust Tech, Inc.	48,900		693,032	0.0	%
	Tsubakimoto Chain Co.	864,700		7,011,336	0.2	%
	Tsubakimoto Kogyo Co., Ltd.	117,000		335,616	0.0	%
#*	Tsudakoma Corp.	294,000		413,698	0.0	%
	Tsugami Corp.	395,000		2,261,964	0.1	%
	Tsukishima Kikai Co., Ltd.	171,300		1,793,106	0.1	%
	Tsurumi Manufacturing Co., Ltd.	106,000		1,531,825	0.1	%
	TTK Co., Ltd.	62,000		256,779	0.0	%
	Uchida Yoko Co., Ltd.	297,000		1,233,960	0.0	%
	Ueki Corp.	348,000		767,151	0.0	%
#	Union Tool Co.	55,600		1,443,010	0.1	%
	Ushio, Inc.	655,900		8,342,207	0.3	%
	Utoc Corp.	98,700		343,556	0.0	%
#	Wakachiku Construction Co., Ltd.	1,052,000		1,382,078	0.1	%
	Wakita & Co., Ltd.	219,800		1,827,978	0.1	%
	WDB Holdings Co., Ltd.	19,100		224,837	0.0	%
	Weathernews, Inc.	28,900		887,958	0.0	%
#	World Holdings Co., Ltd.	43,300		758,003	0.0	%
#	Yahagi Construction Co., Ltd.	159,400		1,471,062	0.1	%
	YAMABIKO Corp.	210,828		2,927,477	0.1	%
	YAMADA Consulting Group Co., Ltd.	4,100		167,152	0.0	%
	Yamato Corp.	82,000		406,573	0.0	%
	Yamaura Corp.	16,200		77,353	0.0	%
	Yamazen Corp.	345,700		2,884,088	0.1	%
	Yasuda Logistics Corp.	94,300		610,039	0.0	%
	Yokogawa Bridge Holdings Corp.	198,000		2,300,495	0.1	%
	Yondenko Corp.	128,800		493,182	0.0	%
	Yuasa Trading Co., Ltd.	105,000		2,615,557	0.1	%
#	Yuken Kogyo Co., Ltd.	196,000		368,157	0.0	%
#	Yumeshin Holdings Co., Ltd.	179,600		1,208,534	0.0	%
	Yurtec Corp.	249,000		1,686,632	0.1	%
	Yusen Logistics Co., Ltd.	109,500		1,137,980	0.0	%
#	Yushin Precision Equipment Co., Ltd.	42,100		1,040,978	0.0	%
	Zenitaka Corp. (The)	63,000		272,129	0.0	%
#	Zuiko Corp.	21,100		745,338	0.0	%
Total Industrials				872,688,974	28.8	%
Information Technology — (12.0%)
#	A&D Co., Ltd.	113,900		455,515	0.0	%
#	Ai Holdings Corp.	247,200		4,900,007	0.2	%
	Aichi Tokei Denki Co., Ltd.	18,700		592,248	0.0	%
	Aiphone Co., Ltd.	71,900		1,207,509	0.0	%
#	Aisan Technology Co., Ltd.	12,000		416,869	0.0	%
	Alpha Systems, Inc.	33,260		529,574	0.0	%
	Amano Corp.	377,600		6,618,477	0.2	%
	Anritsu Corp.	873,500		4,698,096	0.2	%
	AOI Electronic Co., Ltd.	26,900		698,382	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Information Technology — (Continued)
	Argo Graphics, Inc.	32,700	$	656,955	0.0	%
	Arisawa Manufacturing Co., Ltd.	200,900		1,103,990	0.0	%
#	ArtSpark Holdings, Inc.	32,000		477,978	0.0	%
	Asahi Net, Inc.	77,400		324,135	0.0	%
#	Ateam, Inc.	62,600		1,230,287	0.0	%
	Axell Corp.	44,900		375,822	0.0	%
	Azbil Corp.	190,300		5,347,311	0.2	%
	Broadband Tower, Inc.	234,500		459,948	0.0	%
#	Broadleaf Co., Ltd.	266,000		1,435,725	0.1	%
	CAC Holdings Corp.	61,900		467,472	0.0	%
	Canon Electronics, Inc.	133,800		2,014,068	0.1	%
	Capcom Co., Ltd.	294,600		6,915,406	0.2	%
	Chino Corp.	35,900		335,745	0.0	%
	Citizen Watch Co., Ltd.	1,523,200		9,081,490	0.3	%
*	CMK Corp.	271,300		1,595,707	0.1	%
#	COLOPL, Inc.	259,900		2,195,958	0.1	%
	Computer Engineering & Consulting, Ltd.	80,000		1,264,808	0.1	%
	Computer Institute of Japan, Ltd.	26,700		120,355	0.0	%
#	Comture Corp.	19,100		533,696	0.0	%
	CONEXIO Corp.	114,700		1,461,565	0.1	%
#*	COOKPAD, Inc.	287,400		2,632,788	0.1	%
	Cresco, Ltd.	28,500		581,769	0.0	%
#	CROOZ, Inc.	40,500		949,383	0.0	%
	Cube System, Inc.	12,300		71,105	0.0	%
	Cybernet Systems Co., Ltd.	4,600		25,273	0.0	%
	Dai-ichi Seiko Co., Ltd.	55,600		623,123	0.0	%
#	Daishinku Corp.	40,999		499,509	0.0	%
	Daitron Co., Ltd.	5,900		47,197	0.0	%
	Daiwabo Holdings Co., Ltd.	1,186,000		2,896,790	0.1	%
	Denki Kogyo Co., Ltd.	313,000		1,531,692	0.1	%
	Densan System Co., Ltd.	3,700		55,408	0.0	%
*	Dexerials Corp.	209,000		1,981,657	0.1	%
	Digital Arts, Inc.	58,800		1,325,015	0.1	%
	Digital Garage, Inc.	118,500		2,040,278	0.1	%
#	Dip Corp.	174,100		3,587,511	0.1	%
	DKK-Toa Corp.	38,200		173,008	0.0	%
	DTS Corp.	123,600		2,629,180	0.1	%
	Eizo Corp.	104,800		3,111,678	0.1	%
	Elecom Co., Ltd.	102,900		1,723,230	0.1	%
	Elematec Corp.	52,271		816,116	0.0	%
	EM Systems Co., Ltd.	42,600		585,531	0.0	%
	Enplas Corp.	59,300		1,745,555	0.1	%
	ESPEC Corp.	118,000		1,347,991	0.1	%
#	Excel Co., Ltd.	49,300		644,858	0.0	%
#	F@N Communications, Inc.	279,800		1,770,967	0.1	%
#	Faith, Inc.	27,910		291,710	0.0	%
#*	FDK Corp.	552,000		457,510	0.0	%
	Ferrotec Corp.	187,500		2,428,815	0.1	%
	Forval Corp.	4,700		29,221	0.0	%
	Fuji Soft, Inc.	117,500		2,783,365	0.1	%
	Fujitsu Frontech, Ltd.	75,300		944,766	0.0	%
	Fukui Computer Holdings, Inc.	26,300		655,042	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Information Technology — (Continued)
	Furuno Electric Co., Ltd.	137,500	$	993,176	0.0	%
	Furuya Metal Co., Ltd.	11,800		167,806	0.0	%
	Future Corp.	129,200		800,512	0.0	%
#	GMO internet, Inc.	410,800		5,226,498	0.2	%
#	GMO Payment Gateway, Inc.	98,500		4,367,200	0.2	%
	Gree, Inc.	672,200		3,532,519	0.1	%
	Gurunavi, Inc.	172,800		3,423,961	0.1	%
	Hagiwara Electric Co., Ltd.	19,500		351,524	0.0	%
	Hakuto Co., Ltd.	84,500		750,895	0.0	%
#	Hearts United Group Co., Ltd.	84,800		1,221,250	0.0	%
	Hibino Corp.	1,300		42,048	0.0	%
#	Hioki EE Corp.	53,500		963,384	0.0	%
	Hitachi Kokusai Electric, Inc.	332,500		6,926,599	0.2	%
	Hitachi Maxell, Ltd.	142,200		2,423,526	0.1	%
#	Hochiki Corp.	140,000		1,707,571	0.1	%
#	Hokuriku Electric Industry Co., Ltd.	482,000		551,853	0.0	%
	Honda Tsushin Kogyo Co., Ltd.	17,900		195,454	0.0	%
	Horiba, Ltd.	212,650		9,820,736	0.3	%
	Hosiden Corp.	362,000		2,924,228	0.1	%
	I-Net Corp.	59,290		550,429	0.0	%
	I-O Data Device, Inc.	6,400		66,049	0.0	%
	Ibiden Co., Ltd.	620,978		8,328,189	0.3	%
	Icom, Inc.	50,200		970,424	0.0	%
#	Ikegami Tsushinki Co., Ltd.	339,000		478,987	0.0	%
#	Imagica Robot Holdings, Inc.	87,500		514,001	0.0	%
	Ines Corp.	183,900		1,911,936	0.1	%
	Infocom Corp.	80,400		1,134,563	0.0	%
#	Infomart Corp.	433,800		2,531,470	0.1	%
	Information Services International-Dentsu, Ltd.	75,900		1,161,151	0.0	%
	Innotech Corp.	105,000		514,925	0.0	%
	Internet Initiative Japan, Inc.	192,400		2,897,987	0.1	%
#	Iriso Electronics Co., Ltd.	55,300		3,159,988	0.1	%
#	Istyle, Inc.	179,300		1,269,035	0.1	%
	Itfor, Inc.	112,800		608,471	0.0	%
*	Iwatsu Electric Co., Ltd.	572,000		410,636	0.0	%
	Japan Asia Group, Ltd.	79,600		293,665	0.0	%
#	Japan Aviation Electronics Industry, Ltd.	421,000		5,911,464	0.2	%
#*	Japan Display, Inc.	2,144,300		6,089,716	0.2	%
#	Japan Material Co., Ltd.	118,600		1,827,267	0.1	%
#	Japan Radio Co., Ltd.	71,000		848,478	0.0	%
	Jastec Co., Ltd.	51,100		461,427	0.0	%
#	JBCC Holdings, Inc.	87,500		567,155	0.0	%
	Justsystems Corp.	198,400		1,913,981	0.1	%
	Kaga Electronics Co., Ltd.	105,100		1,703,918	0.1	%
	Kanematsu Electronics, Ltd.	74,100		1,587,809	0.1	%
#*	KLab, Inc.	191,400		1,081,471	0.0	%
	Koa Corp.	195,900		1,862,661	0.1	%
	Kyosan Electric Manufacturing Co., Ltd.	279,000		938,525	0.0	%
	Kyowa Electronics Instruments Co., Ltd.	135,100		451,644	0.0	%
#	LAC Co., Ltd.	87,300		771,110	0.0	%
#	Lasertec Corp.	106,800		2,081,627	0.1	%
*	Livesense, Inc.	2,700		10,184	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Information Technology — (Continued)
	Macnica Fuji Electronics Holdings, Inc.	193,550	$	2,543,346	0.1	%
	Mamezou Holdings Co., Ltd.	85,300		737,411	0.0	%
	MarkLines Co., Ltd.	500		12,157	0.0	%
	Marubun Corp.	95,700		560,650	0.0	%
	Maruwa Co., Ltd.	56,800		1,877,305	0.1	%
#	Marvelous, Inc.	196,300		1,297,753	0.1	%
	MCJ Co., Ltd.	165,400		1,619,233	0.1	%
	Media Do Co., Ltd.	14,000		164,727	0.0	%
	Megachips Corp.	1,700		37,572	0.0	%
*	Meiko Electronics Co., Ltd.	121,800		933,059	0.0	%
	Melco Holdings, Inc.	75,500		2,049,176	0.1	%
#	Micronics Japan Co., Ltd.	191,600		1,890,457	0.1	%
	Mimaki Engineering Co., Ltd.	69,100		410,397	0.0	%
	Mimasu Semiconductor Industry Co., Ltd.	92,281		1,305,509	0.1	%
	Miraial Co., Ltd.	29,800		254,612	0.0	%
	Miroku Jyoho Service Co., Ltd.	104,100		1,598,616	0.1	%
#	Mitsubishi Research Institute, Inc.	36,500		1,026,027	0.0	%
	Mitsui High-Tec, Inc.	139,000		989,528	0.0	%
#*	Mitsumi Electric Co., Ltd.	527,600		2,888,458	0.1	%
	MTI, Ltd.	189,500		1,175,363	0.0	%
	Mutoh Holdings Co., Ltd.	146,000		314,071	0.0	%
	Nagano Keiki Co., Ltd.	14,900		88,434	0.0	%
#	Nakayo, Inc.	390,000		1,312,803	0.1	%
	NEC Networks & System Integration Corp.	136,600		2,462,795	0.1	%
	NET One Systems Co., Ltd.	525,900		3,359,887	0.1	%
*	New Japan Radio Co., Ltd.	96,000		324,235	0.0	%
#	Nexyz Group Corp.	48,000		576,086	0.0	%
	Nichicon Corp.	334,200		2,909,920	0.1	%
	Nihon Dempa Kogyo Co., Ltd.	102,700		780,880	0.0	%
	Nihon Unisys, Ltd.	351,175		4,408,314	0.2	%
#	Nippon Ceramic Co., Ltd.	62,200		1,062,750	0.0	%
	Nippon Chemi-Con Corp.	950,000		2,064,745	0.1	%
#	Nippon Kodoshi Corp.	25,000		192,823	0.0	%
	Nippon Signal Co., Ltd.	316,400		2,673,457	0.1	%
	Nippon Systemware Co., Ltd.	39,900		487,089	0.0	%
	Nohmi Bosai, Ltd.	145,900		2,148,948	0.1	%
	Noritsu Koki Co., Ltd.	117,500		846,115	0.0	%
	NS Solutions Corp.	192,200		3,450,759	0.1	%
	NSD Co., Ltd.	177,280		2,780,467	0.1	%
#	Nuflare Technology, Inc.	25,300		1,533,838	0.1	%
#	Ohara, Inc.	47,600		337,315	0.0	%
#	Okaya Electric Industries Co., Ltd.	73,000		254,077	0.0	%
	Oki Electric Industry Co., Ltd.	493,000		6,905,580	0.2	%
	ONO Sokki Co., Ltd.	58,400		436,924	0.0	%
#	Optex Group Co., Ltd.	76,000		1,659,706	0.1	%
#*	Optim Corp.	11,900		544,933	0.0	%
	Origin Electric Co., Ltd.	173,000		463,458	0.0	%
	Osaki Electric Co., Ltd.	246,000		2,556,808	0.1	%
	Panasonic Industrial Devices SUNX Co., Ltd.	111,600		761,139	0.0	%
	PCA Corp.	2,500		30,172	0.0	%
	Poletowin Pitcrew Holdings, Inc.	76,100		644,204	0.0	%
	Renesas Easton Co., Ltd.	2,400		10,748	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Information Technology — (Continued)
	Riken Keiki Co., Ltd.	83,800	$	1,200,477	0.0	%
	Riso Kagaku Corp.	179,500		3,025,552	0.1	%
#	Roland DG Corp.	57,100		1,488,514	0.1	%
	Rorze Corp.	49,400		734,481	0.0	%
*	RVH, Inc.	58,700		454,522	0.0	%
	Ryoden Corp.	178,000		1,120,924	0.0	%
	Ryosan Co., Ltd.	191,900		5,785,488	0.2	%
#	Ryoyo Electro Corp.	122,600		1,540,051	0.1	%
#	Sakura Internet, Inc.	79,100		637,909	0.0	%
*	Sanken Electric Co., Ltd.	698,000		3,044,568	0.1	%
	Sanshin Electronics Co., Ltd.	164,300		1,581,086	0.1	%
	Satori Electric Co., Ltd.	85,880		534,861	0.0	%
#	Saxa Holdings, Inc.	298,000		557,061	0.0	%
#	Scala, Inc.	62,800		412,378	0.0	%
	Shibaura Electronics Co., Ltd.	29,100		594,632	0.0	%
	Shibaura Mechatronics Corp.	200,000		438,168	0.0	%
	Shindengen Electric Manufacturing Co., Ltd.	450,000		1,668,110	0.1	%
#*	Shinkawa, Ltd.	94,400		657,265	0.0	%
	Shinko Electric Industries Co., Ltd.	470,400		3,168,893	0.1	%
	Shinko Shoji Co., Ltd.	127,300		1,350,894	0.1	%
	Shizuki Electric Co., Inc.	100,000		569,356	0.0	%
#	Siix Corp.	92,900		3,129,749	0.1	%
	SK-Electronics Co., Ltd.	10,400		82,175	0.0	%
	SMK Corp.	372,000		1,321,460	0.1	%
#	SMS Co., Ltd.	150,200		3,321,450	0.1	%
#	Softbank Technology Corp.	29,000		803,743	0.0	%
#*	Softbrain Co., Ltd.	161,300		545,254	0.0	%
	Softcreate Holdings Corp.	25,400		287,406	0.0	%
#	Sourcenext Corp.	64,200		317,754	0.0	%
	SRA Holdings	57,400		1,259,701	0.0	%
	Sumida Corp.	112,849		1,019,911	0.0	%
	Sun-Wa Technos Corp.	40,500		325,518	0.0	%
	Suzuden Corp.	1,200		10,573	0.0	%
	Systena Corp.	116,600		1,776,834	0.1	%
	Tabuchi Electric Co., Ltd.	154,600		525,488	0.0	%
	Tachibana Eletech Co., Ltd.	85,260		968,547	0.0	%
	Taiyo Yuden Co., Ltd.	678,700		8,119,220	0.3	%
	Takachiho Koheki Co., Ltd.	300		2,577	0.0	%
	TAKEBISHI Corp.	600		6,112	0.0	%
	Tamura Corp.	457,000		1,722,584	0.1	%
	TDC Software Engineering, Inc.	1,700		16,645	0.0	%
	TechMatrix Corp.	46,400		809,134	0.0	%
#	Tecnos Japan, Inc.	98,800		1,063,854	0.0	%
	Teikoku Tsushin Kogyo Co., Ltd.	198,000		297,524	0.0	%
	TIS, Inc.	505,101		10,795,796	0.4	%
	TKC Corp.	104,700		2,847,300	0.1	%
	Tokyo Electron Device, Ltd.	37,200		501,172	0.0	%
	Tokyo Seimitsu Co., Ltd.	240,800		7,119,187	0.2	%
	Tomen Devices Corp.	2,400		42,004	0.0	%
	Topcon Corp.	595,400		8,932,130	0.3	%
	Torex Semiconductor, Ltd.	23,700		362,485	0.0	%
	Tose Co., Ltd.	22,100		156,364	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Information Technology — (Continued)
*	Toshiba TEC Corp.	806,000	$	3,853,512	0.1	%
	Toukei Computer Co., Ltd.	22,710		401,058	0.0	%
	Towa Corp.	131,400		1,847,809	0.1	%
	Toyo Corp.	141,000		1,249,424	0.0	%
	Transcosmos, Inc.	154,000		3,590,222	0.1	%
#	Tri Chemical Laboratories, Inc.	29,200		579,817	0.0	%
	UKC Holdings Corp.	77,800		1,392,591	0.1	%
	Ulvac, Inc.	252,600		7,711,327	0.3	%
*	Uniden Holdings Corp.	376,000		532,911	0.0	%
	UNIRITA, Inc.	3,500		52,762	0.0	%
*	UT Group Co., Ltd.	189,500		1,558,754	0.1	%
#	V Technology Co., Ltd.	26,300		2,930,926	0.1	%
#*	V-Cube, Inc.	67,700		376,569	0.0	%
#	VeriServe Corp.	11,700		310,219	0.0	%
	Vitec Holdings Co., Ltd.	45,100		479,680	0.0	%
#	Voyage Group, Inc.	33,500		299,206	0.0	%
#	Wacom Co., Ltd.	920,300		2,403,653	0.1	%
	Wellnet Corp.	80,700		891,840	0.0	%
#	Y A C Co., Ltd.	48,900		531,331	0.0	%
#	Yamaichi Electronics Co., Ltd.	146,000		1,415,621	0.1	%
	Yashima Denki Co., Ltd.	25,600		133,543	0.0	%
	Yokowo Co., Ltd.	86,200		708,691	0.0	%
*	Zappallas, Inc.	55,900		199,506	0.0	%
	Zuken, Inc.	81,600		833,350	0.0	%
Total Information Technology				394,897,221	13.0	%
Materials — (11.5%)
	Achilles Corp.	91,900		1,230,809	0.0	%
	ADEKA Corp.	544,000		7,379,983	0.3	%
	Agro-Kanesho Co., Ltd.	62,400		648,373	0.0	%
	Aichi Steel Corp.	65,400		2,736,108	0.1	%
	Alconix Corp.	57,200		813,634	0.0	%
	Arakawa Chemical Industries, Ltd.	89,500		1,428,347	0.1	%
	Araya Industrial Co., Ltd.	268,000		363,538	0.0	%
	Asahi Holdings, Inc.	178,650		3,096,991	0.1	%
	Asahi Printing Co., Ltd.	800		17,936	0.0	%
	Asahi Yukizai Corp.	412,000		767,296	0.0	%
	Asia Pile Holdings Corp.	41,600		189,613	0.0	%
#	C Uyemura & Co., Ltd.	24,500		1,068,439	0.0	%
	Carlit Holdings Co., Ltd.	76,400		362,368	0.0	%
	Chuetsu Pulp & Paper Co., Ltd.	552,000		1,121,961	0.0	%
*	Chugai Mining Co., Ltd.	1,012,400		251,476	0.0	%
	Chugoku Marine Paints, Ltd.	347,000		2,550,250	0.1	%
	Dai Nippon Toryo Co., Ltd.	740,000		1,496,469	0.1	%
	Daido Steel Co., Ltd.	1,685,000		6,950,752	0.2	%
#	Daiichi Kigenso Kagaku-Kogyo Co., Ltd.	17,600		601,374	0.0	%
	Daiken Corp.	84,200		1,482,121	0.1	%
	Daiki Aluminium Industry Co., Ltd.	157,000		677,015	0.0	%
	Dainichiseika Color & Chemicals Manufacturing Co., Ltd.	408,000		2,193,610	0.1	%
#	Daio Paper Corp.	497,300		5,250,522	0.2	%
	Denka Co., Ltd.	1,949,000		8,580,724	0.3	%
#	DKS Co., Ltd.	247,000		784,261	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Materials — (Continued)
	Dowa Holdings Co., Ltd.	889,000	$	6,760,356	0.2	%
	Dynapac Co., Ltd.	25,000		56,604	0.0	%
	FP Corp.	148,000		6,774,649	0.2	%
	Fuji Seal International, Inc.	264,200		5,633,103	0.2	%
	Fujikura Kasei Co., Ltd.	145,500		815,759	0.0	%
	Fujimi, Inc.	103,500		1,932,249	0.1	%
	Fujimori Kogyo Co., Ltd.	88,500		2,202,290	0.1	%
	Fumakilla, Ltd.	94,000		573,715	0.0	%
	Fuso Chemical Co., Ltd.	80,400		1,723,437	0.1	%
#	Geostr Corp.	23,700		181,405	0.0	%
	Godo Steel, Ltd.	87,400		1,575,434	0.1	%
	Gun-Ei Chemical Industry Co., Ltd.	28,600		813,391	0.0	%
	Hakudo Co., Ltd.	1,000		12,049	0.0	%
	Harima Chemicals Group, Inc.	73,300		470,871	0.0	%
#	Hodogaya Chemical Co., Ltd.	37,000		851,982	0.0	%
	Hokkan Holdings, Ltd.	275,000		1,105,926	0.0	%
	Hokko Chemical Industry Co., Ltd.	104,000		393,980	0.0	%
#	Hokuetsu Kishu Paper Co., Ltd.	857,799		4,862,093	0.2	%
	Honshu Chemical Industry Co., Ltd.	14,000		95,942	0.0	%
	Ihara Chemical Industry Co., Ltd.	199,100		1,918,114	0.1	%
	Ise Chemicals Corp.	81,000		341,981	0.0	%
*	Ishihara Sangyo Kaisha, Ltd.	191,150		1,495,769	0.1	%
#	Ishizuka Glass Co., Ltd.	119,000		199,154	0.0	%
	JCU Corp.	30,400		1,470,022	0.1	%
	JSP Corp.	75,800		1,760,802	0.1	%
	Kanto Denka Kogyo Co., Ltd.	255,000		2,291,604	0.1	%
	Katakura & Co-op Agri Corp.	39,000		76,322	0.0	%
	Kawakin Holdings Co., Ltd.	11,000		32,578	0.0	%
	Kimoto Co., Ltd.	228,000		486,951	0.0	%
	Koatsu Gas Kogyo Co., Ltd.	158,493		1,020,291	0.0	%
#	Kogi Corp.	55,000		120,690	0.0	%
	Kohsoku Corp.	60,200		570,757	0.0	%
	Konishi Co., Ltd.	193,600		2,080,894	0.1	%
	Krosaki Harima Corp.	275,000		719,846	0.0	%
#	Kumiai Chemical Industry Co., Ltd.	40,800		248,065	0.0	%
	Kureha Corp.	87,650		3,289,782	0.1	%
	Kurimoto, Ltd.	61,500		1,189,394	0.0	%
	Kuriyama Holdings Corp.	1,000		14,340	0.0	%
	Kyoei Steel, Ltd.	106,200		2,019,110	0.1	%
	Kyowa Leather Cloth Co., Ltd.	47,700		346,140	0.0	%
	Lintec Corp.	286,700		6,238,233	0.2	%
#	MEC Co., Ltd.	109,500		905,873	0.0	%
	Mitani Sekisan Co., Ltd.	31,700		813,555	0.0	%
*	Mitsubishi Paper Mills, Ltd.	167,900		1,078,981	0.0	%
	Mitsubishi Steel Manufacturing Co., Ltd.	849,000		1,650,416	0.1	%
	Mitsui Mining & Smelting Co., Ltd.	3,627,000		9,117,334	0.3	%
#	MORESCO Corp.	41,300		551,893	0.0	%
	Mory Industries, Inc.	30,400		501,413	0.0	%
*	Nakayama Steel Works, Ltd.	86,700		535,661	0.0	%
	Neturen Co., Ltd.	181,700		1,395,678	0.1	%
#*	New Japan Chemical Co., Ltd.	182,300		247,366	0.0	%
	Nicca Chemical Co., Ltd.	1,400		13,379	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Materials — (Continued)
#	Nichia Steel Works, Ltd.	164,900	$	386,927	0.0	%
	Nihon Kagaku Sangyo Co., Ltd.	71,000		548,320	0.0	%
#	Nihon Nohyaku Co., Ltd.	266,000		1,463,817	0.1	%
	Nihon Parkerizing Co., Ltd.	553,500		6,472,538	0.2	%
	Nihon Yamamura Glass Co., Ltd.	503,000		876,239	0.0	%
	Nippon Carbide Industries Co., Inc.	434,000		558,553	0.0	%
	Nippon Chemical Industrial Co., Ltd.	477,000		972,187	0.0	%
#	Nippon Concrete Industries Co., Ltd.	253,600		735,616	0.0	%
*	Nippon Denko Co., Ltd.	673,414		1,380,630	0.1	%
	Nippon Fine Chemical Co., Ltd.	81,000		622,920	0.0	%
*	Nippon Kasei Chemical Co., Ltd.	192,000		261,498	0.0	%
	Nippon Kayaku Co., Ltd.	683,000		8,421,941	0.3	%
#*	Nippon Kinzoku Co., Ltd.	29,300		318,277	0.0	%
#	Nippon Koshuha Steel Co., Ltd.	460,000		333,810	0.0	%
#	Nippon Light Metal Holdings Co., Ltd.	3,065,900		6,454,879	0.2	%
#	Nippon Paper Industries Co., Ltd.	290,600		4,909,641	0.2	%
	Nippon Pillar Packing Co., Ltd.	116,800		1,219,789	0.0	%
	Nippon Soda Co., Ltd.	827,000		3,879,592	0.1	%
#	Nippon Valqua Industries, Ltd.	97,799		1,284,740	0.0	%
	Nippon Yakin Kogyo Co., Ltd.	831,300		1,353,045	0.1	%
#	Nisshin Steel Co., Ltd.	582,592		7,155,520	0.2	%
#	Nitta Gelatin, Inc.	77,400		489,539	0.0	%
	Nittetsu Mining Co., Ltd.	34,400		1,622,269	0.1	%
#	Nitto FC Co., Ltd.	74,500		583,370	0.0	%
	NOF Corp.	870,000		8,345,792	0.3	%
	Nozawa Corp.	1,200		10,787	0.0	%
	Okamoto Industries, Inc.	405,000		3,725,660	0.1	%
	Okura Industrial Co., Ltd.	284,000		1,202,037	0.0	%
	Osaka Organic Chemical Industry, Ltd.	69,700		573,742	0.0	%
	Osaka Soda Co., Ltd.	424,000		1,688,437	0.1	%
	Osaka Steel Co., Ltd.	83,300		1,540,559	0.1	%
#*	OSAKA Titanium Technologies Co., Ltd.	46,200		639,911	0.0	%
#*	Pacific Metals Co., Ltd.	941,000		2,985,297	0.1	%
	Pack Corp. (The)	80,200		1,789,061	0.1	%
#*	Rasa Industries, Ltd.	480,000		557,051	0.0	%
	Rengo Co., Ltd.	1,261,000		6,847,835	0.2	%
#	Riken Technos Corp.	212,600		972,876	0.0	%
	Sakai Chemical Industry Co., Ltd.	570,000		1,901,909	0.1	%
	Sakata INX Corp.	252,400		3,109,891	0.1	%
	Sanyo Chemical Industries, Ltd.	69,800		2,974,734	0.1	%
	Sanyo Special Steel Co., Ltd.	650,300		3,067,141	0.1	%
#	Seiko PMC Corp.	5,700		57,383	0.0	%
	Sekisui Plastics Co., Ltd.	134,000		933,567	0.0	%
	Shikoku Chemicals Corp.	225,000		2,040,536	0.1	%
	Shin-Etsu Polymer Co., Ltd.	258,500		2,015,913	0.1	%
	Shinagawa Refractories Co., Ltd.	264,000		551,369	0.0	%
#	Shinko Wire Co., Ltd.	184,000		218,360	0.0	%
	Showa Denko K.K.	845,099		12,071,509	0.4	%
	Soken Chemical & Engineering Co., Ltd.	1,100		11,123	0.0	%
#	Stella Chemifa Corp.	61,800		1,645,765	0.1	%
	Sumitomo Bakelite Co., Ltd.	1,163,000		6,503,906	0.2	%
	Sumitomo Osaka Cement Co., Ltd.	2,493,000		9,393,234	0.3	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Materials — (Continued)
	Sumitomo Seika Chemicals Co., Ltd.	55,800	$	2,185,308	0.1	%
	T Hasegawa Co., Ltd.	134,800		2,240,537	0.1	%
#	T&K Toka Co., Ltd.	80,000		699,232	0.0	%
	Taisei Lamick Co., Ltd.	29,600		805,005	0.0	%
	Taiyo Holdings Co., Ltd.	104,900		4,066,935	0.1	%
	Takasago International Corp.	87,200		2,302,438	0.1	%
	Takiron Co., Ltd.	295,000		1,306,693	0.1	%
#*	Tanaka Chemical Corp.	62,500		447,406	0.0	%
	Tayca Corp.	175,000		956,288	0.0	%
	Tenma Corp.	80,800		1,385,962	0.1	%
	Toagosei Co., Ltd.	658,000		6,458,490	0.2	%
#	Toda Kogyo Corp.	253,000		606,544	0.0	%
#	Toho Titanium Co., Ltd.	183,700		1,228,751	0.0	%
	Toho Zinc Co., Ltd.	800,000		3,080,965	0.1	%
	Tokai Carbon Co., Ltd.	1,289,000		4,153,891	0.1	%
	Tokushu Tokai Paper Co., Ltd.	57,258		1,933,788	0.1	%
*	Tokuyama Corp.	2,159,000		8,172,315	0.3	%
	Tokyo Ohka Kogyo Co., Ltd.	220,600		7,418,901	0.3	%
	Tokyo Rope Manufacturing Co., Ltd.	84,800		1,421,406	0.1	%
	Tokyo Steel Manufacturing Co., Ltd.	652,000		4,976,080	0.2	%
	Tokyo Tekko Co., Ltd.	251,000		1,009,301	0.0	%
#	Tomoegawa Co., Ltd.	125,000		246,459	0.0	%
#	Tomoku Co., Ltd.	339,000		948,314	0.0	%
	Topy Industries, Ltd.	114,200		2,935,494	0.1	%
	Toyo Ink SC Holdings Co., Ltd.	1,157,000		5,279,144	0.2	%
	Toyo Kohan Co., Ltd.	286,000		902,655	0.0	%
	Toyobo Co., Ltd.	5,688,000		8,453,957	0.3	%
	TYK Corp.	138,000		222,709	0.0	%
#	UACJ Corp.	1,486,415		4,060,486	0.1	%
	Ube Industries, Ltd.	6,661,000		13,918,861	0.5	%
#	W-Scope Corp.	148,900		2,231,140	0.1	%
	Wood One Co., Ltd.	164,000		382,673	0.0	%
	Yamato Kogyo Co., Ltd.	188,800		5,265,510	0.2	%
	Yodogawa Steel Works, Ltd.	144,700		3,771,063	0.1	%
	Yotai Refractories Co., Ltd.	8,000		23,236	0.0	%
	Yuki Gosei Kogyo Co., Ltd.	36,200		78,594	0.0	%
	Yushiro Chemical Industry Co., Ltd.	61,400		753,350	0.0	%
#	Zeon Corp.	770,000		7,583,490	0.3	%
Total Materials				377,216,006	12.5	%
Real Estate — (1.9%)
	AD Works Co., Ltd.	572,000		220,283	0.0	%
	Airport Facilities Co., Ltd.	132,770		652,962	0.0	%
	Anabuki Kosan, Inc.	2,200		49,835	0.0	%
	Aoyama Zaisan Networks Co., Ltd.	3,800		23,196	0.0	%
#	Apamanshop Holdings Co., Ltd.	40,900		335,823	0.0	%
#	Ardepro Co., Ltd.	872,800		1,169,610	0.0	%
#*	Ascot Corp.	42,600		186,564	0.0	%
	CRE, Inc.	1,000		12,909	0.0	%
	Daibiru Corp.	303,600		2,598,097	0.1	%
	Daikyo, Inc.	1,904,000		3,810,273	0.1	%
	Dear Life Co., Ltd.	3,300		10,771	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Real Estate — (Continued)
	Goldcrest Co., Ltd.	101,790	$	1,827,382	0.1	%
	Grandy House Corp.	27,800		94,957	0.0	%
	Heiwa Real Estate Co., Ltd.	236,600		3,219,416	0.1	%
	Ichigo, Inc.	1,238,500		4,574,099	0.2	%
#	Japan Property Management Center Co., Ltd.	75,300		836,982	0.0	%
#	Kabuki-Za Co., Ltd.	36,000		1,564,661	0.1	%
	Keihanshin Building Co., Ltd.	197,900		1,034,030	0.0	%
#	Kenedix, Inc.	1,201,100		4,267,937	0.1	%
#	Land Business Co., Ltd.	59,500		138,369	0.0	%
	Leopalace21 Corp.	1,960,700		10,829,792	0.4	%
	Mugen Estate Co., Ltd.	66,300		411,082	0.0	%
	Nisshin Fudosan Co.	186,100		859,481	0.0	%
	Open House Co., Ltd.	179,100		4,249,832	0.1	%
*	Properst Co., Ltd.	26,600		52,096	0.0	%
#	Raysum Co., Ltd.	78,500		522,589	0.0	%
#	SAMTY Co., Ltd.	76,900		746,952	0.0	%
	Sankyo Frontier Co., Ltd.	10,000		102,378	0.0	%
#	Shinoken Group Co., Ltd.	76,100		1,348,941	0.1	%
	Star Mica Co., Ltd.	28,200		473,760	0.0	%
*	Striders Corp.	103,000		64,227	0.0	%
	Sumitomo Real Estate Sales Co., Ltd.	106,460		2,477,071	0.1	%
	Sun Frontier Fudousan Co., Ltd.	163,300		1,439,162	0.1	%
#	Takara Leben Co., Ltd.	552,800		3,211,210	0.1	%
#	TOC Co., Ltd.	323,950		2,579,180	0.1	%
	Tokyo Rakutenchi Co., Ltd.	207,000		951,221	0.0	%
#	Tokyo Theatres Co., Inc.	468,000		647,752	0.0	%
	Tosei Corp.	201,700		1,509,135	0.1	%
	Unizo Holdings Co., Ltd.	92,900		2,456,442	0.1	%
	Urbanet Corp. Co., Ltd.	11,300		34,479	0.0	%
Total Real Estate				61,594,938	2.0	%
Telecommunication Services — (0.1%)
*	Broadmedia Corp.	257,200		201,849	0.0	%
	Freebit Co., Ltd.	23,300		159,357	0.0	%
#	Okinawa Cellular Telephone Co.	43,600		1,300,047	0.1	%
#	WirelessGate, Inc.	38,700		562,469	0.0	%
Total Telecommunication Services				2,223,722	0.1	%
Utilities — (0.7%)
#	eRex Co., Ltd.	29,400		849,382	0.0	%
	Hiroshima Gas Co., Ltd.	102,000		325,873	0.0	%
	Hokkaido Electric Power Co., Inc.	1,082,100		8,434,319	0.3	%
	Hokkaido Gas Co., Ltd.	281,000		663,254	0.0	%
	Hokuriku Gas Co., Ltd.	9,900		233,352	0.0	%
	K&O Energy Group, Inc.	79,000		1,244,741	0.1	%
	Okinawa Electric Power Co., Inc. (The)	214,834		4,826,055	0.2	%
	Saibu Gas Co., Ltd.	1,861,000		4,007,671	0.1	%
	Shizuoka Gas Co., Ltd.	315,100		2,220,447	0.1	%
	Toell Co., Ltd.	12,500		103,509	0.0	%

The Japanese Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Utilities — (Continued)
	West Holdings Corp.	96,800	$	697,324	0.0	%
Total Utilities				23,605,927	0.8	%
TOTAL COMMON STOCKS				3,014,245,803	99.6	%
TOTAL INVESTMENT SECURITIES				3,014,245,803
			Value†
SECURITIES LENDING COLLATERAL — (8.0%)
§@	DFA Short Term Investment Fund	22,781,334		263,625,595	8.7	%
TOTAL INVESTMENTS — (100.0%) (Cost $2,944,292,033)^			$	3,277,871,398	108.3	%

__________________

^      The cost for federal income tax purposes is $2,944,292,033.

The Japanese Small Company Series
continued

Summary of the Series' investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	1,155,861	$	580,691,561	—	$	581,847,422
Consumer Staples		4,124,406		237,460,069	—		241,584,475
Energy		—		32,397,781	—		32,397,781
Financials		5,227,900		291,236,797	—		296,464,697
Health Care		—		129,724,640	—		129,724,640
Industrials		—		872,688,974	—		872,688,974
Information Technology		—		394,897,221	—		394,897,221
Materials		—		377,216,006	—		377,216,006
Real Estate		—		61,594,938	—		61,594,938
Telecommunication Services		—		2,223,722	—		2,223,722
Utilities		—		23,605,927	—		23,605,927
Securities Lending Collateral		—		263,625,595	—		263,625,595
TOTAL	$	10,508,167	$	3,267,363,231	—	$	3,277,871,398

THE ASIA PACIFIC SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (86.0%)
AUSTRALIA — (43.3%)
*	3P Learning, Ltd.	16,559	$	13,727	0.0%
*	AAT Corp., Ltd.	99		—	0.0%
#*	Acrux, Ltd.	660,428		147,601	0.0%
	Adacel Technologies, Ltd.	15,787		27,970	0.0%
	Adelaide Brighton, Ltd.	3,668,074		14,347,509	1.0%
*	AED Oil, Ltd.	363,401		—	0.0%
#	Ainsworth Game Technology, Ltd.	801,969		1,219,688	0.1%
*	Alkane Resources, Ltd.	1,463,658		358,524	0.0%
	ALS, Ltd.	1,315,878		5,717,962	0.4%
#	Altium, Ltd.	222,654		1,297,775	0.1%
*	Altona Mining, Ltd.	1,108,169		106,462	0.0%
#	Alumina, Ltd.	7,413,478		9,693,819	0.7%
#	AMA Group, Ltd.	207,879		147,537	0.0%
	Amaysim Australia, Ltd.	59,140		84,742	0.0%
	Ansell, Ltd.	563,728		10,030,349	0.7%
*	Antares Energy, Ltd.	199,346		20	0.0%
#	AP Eagers, Ltd.	234,655		1,560,515	0.1%
*	APN News & Media, Ltd.	1,801,612		3,680,267	0.3%
	APN Outdoor Group, Ltd.	320,081		1,361,126	0.1%
	APN Property Group, Ltd.	26,661		8,067	0.0%
	Appen, Ltd.	23,436		47,937	0.0%
#	ARB Corp., Ltd.	478,040		6,077,079	0.4%
#	Ardent Leisure Group	598,078		1,006,662	0.1%
#*	Arrium, Ltd.	17,951,296		91	0.0%
	Asaleo Care, Ltd.	780,908		832,496	0.1%
*	Atlas Iron, Ltd.	2,098,007		41,003	0.0%
	AUB Group, Ltd.	261,159		1,980,775	0.1%
*	Ausdrill, Ltd.	1,723,145		1,563,046	0.1%
#	Austal, Ltd.	1,199,248		1,501,279	0.1%
#*	Australian Agricultural Co., Ltd.	2,474,967		3,020,399	0.2%
	Australian Pharmaceutical Industries, Ltd.	2,416,756		3,582,702	0.2%
	Australian Vintage, Ltd.	4,105,188		1,480,351	0.1%
#	Auswide Bank, Ltd.	94,385		346,610	0.0%
	Automotive Holdings Group, Ltd.	1,705,372		4,853,240	0.3%
*	Avanco Resources, Ltd.	2,444,368		118,344	0.0%
	Aveo Group	839,791		2,023,240	0.1%
#	AVJennings, Ltd.	7,051,385		3,078,704	0.2%
#*	AWE, Ltd.	3,834,269		1,705,837	0.1%
	Bank of Queensland, Ltd.	923,162		7,889,368	0.5%
#	Bapcor, Ltd.	641,446		2,734,096	0.2%
	Beach Energy, Ltd.	13,573,519		8,260,061	0.6%
#*	Beadell Resources, Ltd.	5,672,449		1,076,155	0.1%
#	Bega Cheese, Ltd.	570,837		1,742,530	0.1%
#	Bellamy's Australia, Ltd.	270,885		1,305,834	0.1%
#*	Billabong International, Ltd.	756,968		685,007	0.1%
#	Blackmores, Ltd.	81,784		6,087,286	0.4%
#	Blue Sky Alternative Investments, Ltd.	37,325		188,398	0.0%
	BlueScope Steel, Ltd.	1,511,506		10,045,567	0.7%
*	Boart Longyear, Ltd.	2,546,867		229,093	0.0%
*	Boom Logistics, Ltd.	166,262		12,570	0.0%
	Boral, Ltd.	3,427,616		13,343,977	0.9%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
AUSTRALIA — (Continued)
*	Bradken, Ltd.	1,242,062	$	2,880,409	0.2	%
#	Breville Group, Ltd.	786,318		4,907,059	0.3	%
	Brickworks, Ltd.	228,958		2,242,665	0.2	%
#	BT Investment Management, Ltd.	613,273		4,684,641	0.3	%
#*	Buccaneer Energy, Ltd.	3,283,586		—	0.0	%
#*	Buru Energy, Ltd.	316,943		46,819	0.0	%
#	Cabcharge Australia, Ltd.	863,423		2,413,723	0.2	%
	Capilano Honey, Ltd.	4,776		58,553	0.0	%
*	Capitol Health, Ltd.	164,543		15,396	0.0	%
*	Capral, Ltd.	58,499		6,839	0.0	%
#*	Cardno, Ltd.	1,615,947		1,101,007	0.1	%
*	Carnarvon Petroleum, Ltd.	5,095,141		363,337	0.0	%
*	Carnegie Clean Energy, Ltd.	563,165		24,797	0.0	%
	carsales.com, Ltd.	1,702,940		13,912,570	0.9	%
#	Cash Converters International, Ltd.	2,406,480		580,085	0.0	%
*	CDS Technologies, Ltd.	13,276		—	0.0	%
	Cedar Woods Properties, Ltd.	323,002		1,174,940	0.1	%
	Cleanaway Waste Management, Ltd.	10,357,050		9,173,336	0.6	%
#*	Clinuvel Pharmaceuticals, Ltd.	44,995		241,833	0.0	%
	Codan, Ltd.	425,680		620,918	0.0	%
#	Collection House, Ltd.	2,175,227		2,288,303	0.2	%
	Collins Foods, Ltd.	324,217		1,535,082	0.1	%
*	Cooper Energy, Ltd.	719,967		183,904	0.0	%
#	Corporate Travel Management, Ltd.	238,654		3,147,540	0.2	%
	Costa Group Holdings, Ltd.	85,344		211,384	0.0	%
#	Cover-More Group, Ltd.	353,468		490,963	0.0	%
#	Credit Corp. Group, Ltd.	148,153		1,912,787	0.1	%
#	CSG, Ltd.	1,003,475		528,453	0.0	%
	CSR, Ltd.	3,350,138		11,138,076	0.8	%
#*	CuDeco, Ltd.	387,893		145,325	0.0	%
	Data#3, Ltd.	581,410		643,929	0.0	%
#	Decmil Group, Ltd.	867,988		646,896	0.0	%
*	Devine, Ltd.	224,413		76,041	0.0	%
	Dicker Data, Ltd.	12,339		20,110	0.0	%
	Donaco International, Ltd.	28,566		7,519	0.0	%
	Downer EDI, Ltd.	2,910,872		12,745,830	0.9	%
*	DSHE Holdings, Ltd.	91,564		—	0.0	%
	DuluxGroup, Ltd.	3,101,823		13,926,770	0.9	%
	DWS, Ltd.	395,621		370,725	0.0	%
	Eclipx Group, Ltd.	150,597		406,578	0.0	%
#*	Elders, Ltd.	478,012		1,368,685	0.1	%
*	Emeco Holdings, Ltd.	1,193,646		57,318	0.0	%
#*	Energy Resources of Australia, Ltd.	1,156,799		362,531	0.0	%
#*	Energy World Corp., Ltd.	4,185,404		784,627	0.1	%
*	Enero Group, Ltd.	12,387		8,293	0.0	%
#	EQT Holdings, Ltd.	22,542		284,251	0.0	%
#	ERM Power, Ltd.	783,474		725,350	0.1	%
#	Estia Health, Ltd.	201,546		377,335	0.0	%
	Euroz, Ltd.	101,762		76,794	0.0	%
	Event Hospitality and Entertainment, Ltd.	495,773		4,922,350	0.3	%
	Evolution Mining, Ltd.	4,976,497		7,441,627	0.5	%
	Fairfax Media, Ltd.	15,303,894		9,805,179	0.7	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
AUSTRALIA — (Continued)
#*	FAR, Ltd.	1,592,550	$	86,036	0.0	%
	Finbar Group, Ltd.	154,390		102,862	0.0	%
#*	Fleetwood Corp., Ltd.	394,575		560,447	0.0	%
#	FlexiGroup, Ltd.	1,034,377		1,683,378	0.1	%
#	Flight Centre Travel Group, Ltd.	165,496		3,729,714	0.3	%
#	G8 Education, Ltd.	1,470,843		3,801,459	0.3	%
#	Gateway Lifestyle	120,201		187,075	0.0	%
	Gazal Corp., Ltd.	22,520		36,594	0.0	%
#	GBST Holdings, Ltd.	32,801		88,893	0.0	%
#	Genworth Mortgage Insurance Australia, Ltd.	200,049		471,507	0.0	%
	Global Construction Services, Ltd.	4,832		1,971	0.0	%
	GrainCorp, Ltd. Class A	1,251,687		8,625,073	0.6	%
	Grange Resources, Ltd.	1,724,297		174,476	0.0	%
#	Greencross, Ltd.	188,425		931,329	0.1	%
#	GUD Holdings, Ltd.	882,277		6,653,541	0.5	%
	GWA Group, Ltd.	1,958,668		4,173,525	0.3	%
#	Hansen Technologies, Ltd.	190,397		537,646	0.0	%
	Healthscope, Ltd.	1,336,318		2,202,854	0.2	%
	HFA Holdings, Ltd.	310,766		537,812	0.0	%
#*	Hills, Ltd.	1,277,876		423,781	0.0	%
*	Horizon Oil, Ltd.	4,073,887		164,377	0.0	%
*	IDM International, Ltd.	958		—	0.0	%
	Iluka Resources, Ltd.	1,381,380		7,192,789	0.5	%
#*	Imdex, Ltd.	1,586,552		657,941	0.0	%
#	IMF Bentham, Ltd.	762,337		961,018	0.1	%
	Independence Group NL	2,082,153		6,386,883	0.4	%
#*	Infigen Energy	2,347,820		1,522,455	0.1	%
	Infomedia, Ltd.	2,051,811		1,079,550	0.1	%
	Integrated Research, Ltd.	339,277		684,871	0.1	%
#	InvoCare, Ltd.	905,619		9,050,224	0.6	%
#	IOOF Holdings, Ltd.	1,900,338		12,596,047	0.9	%
#	IRESS, Ltd.	1,123,183		9,597,858	0.7	%
#	iSelect, Ltd.	140,276		191,251	0.0	%
#	iSentia Group, Ltd.	305,169		629,842	0.0	%
#	Japara Healthcare, Ltd.	200,671		326,707	0.0	%
#	JB Hi-Fi, Ltd.	962,791		19,460,401	1.3	%
*	Jupiter Mines, Ltd.	405,443		5,384	0.0	%
	K&S Corp., Ltd.	265,983		307,073	0.0	%
*	Karoon Gas Australia, Ltd.	775,139		999,106	0.1	%
#*	Kingsgate Consolidated, Ltd.	1,717,937		351,561	0.0	%
*	Kingsrose Mining, Ltd.	937,248		67,637	0.0	%
*	Lednium Technology Pty, Ltd.	195,019		—	0.0	%
#*	Lynas Corp., Ltd.	3,390,978		178,095	0.0	%
	MACA, Ltd.	700,787		864,728	0.1	%
*	Macmahon Holdings, Ltd.	6,881,875		496,397	0.0	%
	Macquarie Atlas Roads Group	565,764		2,058,719	0.1	%
	Magellan Financial Group, Ltd.	493,135		8,428,794	0.6	%
	Mantra Group, Ltd.	700,704		1,552,054	0.1	%
	MaxiTRANS Industries, Ltd.	915,613		339,841	0.0	%
#*	Mayne Pharma Group, Ltd.	6,419,629		6,210,582	0.4	%
	McMillan Shakespeare, Ltd.	427,034		3,343,786	0.2	%
	McPherson's, Ltd.	558,677		414,494	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
AUSTRALIA — (Continued)
*	Medusa Mining, Ltd.	1,263,898	$	450,249	0.0	%
	Melbourne IT, Ltd.	441,811		598,435	0.0	%
#*	Mesoblast, Ltd.	143,272		147,511	0.0	%
#*	Metals X, Ltd.	1,642,001		661,941	0.0	%
#*	Metcash, Ltd.	5,144,197		8,459,988	0.6	%
#	Michael Hill International, Ltd.	1,490,263		1,349,675	0.1	%
*	Millennium Minerals, Ltd.	45,061		7,221	0.0	%
*	Mincor Resources NL	1,067,643		161,135	0.0	%
#	Mineral Resources, Ltd.	1,168,088		10,167,310	0.7	%
#*	MMA Offshore, Ltd.	2,189,075		425,672	0.0	%
#	Monadelphous Group, Ltd.	792,858		6,407,684	0.4	%
	Monash IVF Group, Ltd.	107,778		159,315	0.0	%
#	Money3 Corp., Ltd.	29,801		34,242	0.0	%
*	Morning Star Gold NL	332,749		72	0.0	%
	Mortgage Choice, Ltd.	680,426		1,170,932	0.1	%
*	Mount Gibson Iron, Ltd.	4,617,886		1,159,889	0.1	%
#	Myer Holdings, Ltd.	5,669,367		5,635,998	0.4	%
	MyState, Ltd.	193,507		617,894	0.0	%
	Navitas, Ltd.	1,459,890		5,237,276	0.4	%
#*	Nearmap, Ltd.	199,803		94,155	0.0	%
#*	NetComm Wireless, Ltd.	36,441		56,612	0.0	%
	New Hope Corp., Ltd.	212,522		253,552	0.0	%
*	NEXTDC, Ltd.	42,329		110,899	0.0	%
	nib holdings, Ltd.	2,713,689		9,286,375	0.6	%
	Nick Scali, Ltd.	168,860		749,189	0.1	%
#	Nine Entertainment Co. Holdings, Ltd.	596,849		457,774	0.0	%
#	Northern Star Resources, Ltd.	4,806,957		12,285,908	0.8	%
#*	NRW Holdings, Ltd.	2,147,851		1,025,957	0.1	%
	Nufarm, Ltd.	1,280,776		8,439,156	0.6	%
#	OFX Group, Ltd.	557,214		674,373	0.1	%
	oOh!media, Ltd.	49,189		162,073	0.0	%
#*	Orocobre, Ltd.	389,899		1,265,781	0.1	%
	Orora, Ltd.	3,956,731		8,508,962	0.6	%
#	OrotonGroup, Ltd.	131,885		211,936	0.0	%
	OZ Minerals, Ltd.	2,198,276		12,419,670	0.8	%
#	Pacific Current Group, Ltd.	30,242		91,768	0.0	%
	Pacific Smiles Group, Ltd.	247,728		363,617	0.0	%
	Pact Group Holdings, Ltd.	255,068		1,239,352	0.1	%
#*	Paladin Energy, Ltd.	9,564,569		593,375	0.0	%
*	Panoramic Resources, Ltd.	1,781,726		348,241	0.0	%
#	Peet, Ltd.	1,645,757		1,152,189	0.1	%
#*	Peninsula Energy, Ltd.	209,095		84,633	0.0	%
#	Perpetual, Ltd.	356,426		12,503,310	0.9	%
#*	Perseus Mining, Ltd.	3,800,711		898,975	0.1	%
#	Platinum Asset Management, Ltd.	349,770		1,329,215	0.1	%
*	Pluton Resources, Ltd.	20,710		—	0.0	%
#	PMP, Ltd.	2,327,074		1,132,722	0.1	%
	Premier Investments, Ltd.	594,567		6,183,574	0.4	%
*	Prima Biomed, Ltd.	1,409,121		36,636	0.0	%
	Primary Health Care, Ltd.	3,292,878		9,672,775	0.7	%
#	Prime Media Group, Ltd.	2,031,951		454,512	0.0	%
	Pro Medicus, Ltd.	3,343		11,564	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
AUSTRALIA — (Continued)
#	Programmed Maintenance Services, Ltd.	1,681,782	$	2,329,325	0.2	%
#	Qube Holdings, Ltd.	2,674,107		4,697,417	0.3	%
#*	Ramelius Resources, Ltd.	2,088,879		745,045	0.1	%
#	RCG Corp., Ltd.	418,699		448,814	0.0	%
	RCR Tomlinson, Ltd.	1,055,209		2,091,116	0.1	%
	Reckon, Ltd.	372,996		427,628	0.0	%
*	Red 5, Ltd.	9,022		563	0.0	%
	Reece, Ltd.	228,772		7,389,850	0.5	%
#	Regis Healthcare, Ltd.	319,693		1,054,713	0.1	%
	Regis Resources, Ltd.	2,618,798		5,506,895	0.4	%
#	Reject Shop, Ltd. (The)	265,486		1,621,537	0.1	%
#	Resolute Mining, Ltd.	4,897,793		4,455,267	0.3	%
#	Retail Food Group, Ltd.	1,099,481		5,558,579	0.4	%
	Ridley Corp., Ltd.	1,365,765		1,230,402	0.1	%
*	RiverCity Motorway Group	1,563,354		—	0.0	%
*	RungePincockMinarco, Ltd.	30,702		12,008	0.0	%
	Ruralco Holdings, Ltd.	115,893		249,251	0.0	%
#*	Salmat, Ltd.	645,788		261,575	0.0	%
	Sandfire Resources NL	650,878		2,634,636	0.2	%
*	Saracen Mineral Holdings, Ltd.	6,350,203		4,454,554	0.3	%
#	SeaLink Travel Group, Ltd.	30,221		99,975	0.0	%
#	Select Harvests, Ltd.	532,021		2,541,236	0.2	%
*	Senetas Corp., Ltd.	131,335		9,473	0.0	%
#*	Senex Energy, Ltd.	6,438,932		1,224,217	0.1	%
	Servcorp, Ltd.	319,070		1,805,798	0.1	%
	Service Stream, Ltd.	1,778,827		1,407,786	0.1	%
	Seven Group Holdings, Ltd.	559,015		3,152,563	0.2	%
#	Seven West Media, Ltd.	7,785,820		4,509,929	0.3	%
	SG Fleet Group, Ltd.	60,289		144,801	0.0	%
	Shine Corporate, Ltd.	15,573		8,367	0.0	%
	Sigma Pharmaceuticals, Ltd.	7,584,855		7,052,760	0.5	%
#*	Silex Systems, Ltd.	511,695		146,016	0.0	%
#	Silver Chef, Ltd.	107,708		688,318	0.1	%
#*	Silver Lake Resources, Ltd.	3,044,995		1,380,862	0.1	%
#	Sims Metal Management, Ltd.	1,382,214		12,705,601	0.9	%
	Sirtex Medical, Ltd.	413,240		4,212,184	0.3	%
#*	Slater & Gordon, Ltd.	2,016,208		326,738	0.0	%
	SmartGroup Corp., Ltd.	36,277		164,017	0.0	%
#	SMS Management & Technology, Ltd.	575,318		552,164	0.0	%
	Southern Cross Media Group, Ltd.	3,965,374		4,411,843	0.3	%
#	Spark Infrastructure Group	11,913,246		20,435,277	1.4	%
*	Specialty Fashion Group, Ltd.	786,397		288,496	0.0	%
	SpeedCast International, Ltd.	95,790		241,715	0.0	%
	Spotless Group Holdings, Ltd.	3,040,648		2,167,417	0.2	%
*	St Barbara, Ltd.	3,864,261		5,583,335	0.4	%
	Star Entertainment Grp, Ltd. (The)	1,234,530		4,594,496	0.3	%
	Steadfast Group, Ltd.	1,838,882		2,926,230	0.2	%
*	Strike Energy, Ltd.	1,576,787		90,951	0.0	%
#*	Sundance Energy Australia, Ltd.	5,606,547		885,354	0.1	%
	Sunland Group, Ltd.	729,757		849,577	0.1	%
#	Super Retail Group, Ltd.	1,280,749		9,534,725	0.7	%
*	Superloop, Ltd.	2,718		5,365	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
AUSTRALIA — (Continued)
#*	Syrah Resources, Ltd.	167,002	$	366,365	0.0	%
	Tabcorp Holdings, Ltd.	3,586,818		12,426,532	0.8	%
	Tassal Group, Ltd.	918,653		2,747,930	0.2	%
	Technology One, Ltd.	1,645,166		6,686,052	0.5	%
#*	Ten Network Holdings, Ltd.	1,309,458		872,416	0.1	%
#	TFS Corp., Ltd.	2,070,093		2,475,987	0.2	%
	Thorn Group, Ltd.	617,981		855,819	0.1	%
*	Tiger Resources, Ltd.	9,447,997		245,078	0.0	%
*	Toro Energy, Ltd.	70,156		2,077	0.0	%
#	Tox Free Solutions, Ltd.	1,156,521		2,157,866	0.2	%
	Treasury Wine Estates, Ltd.	507,715		3,905,662	0.3	%
*	Tribune Resources, Ltd.	3,093		11,952	0.0	%
#*	Troy Resources, Ltd.	2,230,415		229,394	0.0	%
#	Villa World, Ltd.	275,888		453,621	0.0	%
#	Village Roadshow, Ltd.	831,506		2,731,567	0.2	%
*	Virgin Australia Holdings, Ltd.(B43DQC7)	11,885,050		2,016,803	0.1	%
*	Virgin Australia Holdings, Ltd.()	7,648,897		—	0.0	%
	Virtus Health, Ltd.	212,311		954,699	0.1	%
#	Vita Group, Ltd.	100,413		233,647	0.0	%
#	Vocus Group, Ltd.	4,260,609		11,864,629	0.8	%
#*	Watpac, Ltd.	760,701		424,244	0.0	%
#	Webjet, Ltd.	594,951		4,540,582	0.3	%
	Webster, Ltd.	23,507		23,122	0.0	%
#*	Western Areas, Ltd.	1,821,505		3,999,271	0.3	%
#*	Westgold Resources, Ltd.	820,999		977,582	0.1	%
#*	Whitehaven Coal, Ltd.	4,143,411		7,756,054	0.5	%
*	WorleyParsons, Ltd.	550,059		3,828,959	0.3	%
	WPP AUNZ, Ltd.	2,447,007		2,130,462	0.1	%
TOTAL AUSTRALIA				738,069,719	50.0	%
CHINA — (0.2%)
#	China Everbright Water, Ltd.	3,794,800		1,306,240	0.1	%
	K Wah International Holdings, Ltd.	2,487,632		1,150,000	0.1	%
*	Lifestyle China Group, Ltd.	1,649,000		392,577	0.0	%
TOTAL CHINA				2,848,817	0.2	%
HONG KONG — (24.2%)
*	13 Holdings, Ltd. (The)	54,500		16,034	0.0	%
	Aeon Credit Service Asia Co., Ltd.	564,000		397,417	0.0	%
	Aeon Stores Hong Kong Co., Ltd.	248,000		225,911	0.0	%
	Agritrade Resources, Ltd.	3,065,000		638,854	0.1	%
	Alco Holdings, Ltd.	1,614,000		479,332	0.0	%
	Allan International Holdings	32,000		7,760	0.0	%
	Allied Group, Ltd.	663,200		3,450,820	0.2	%
	Allied Properties HK, Ltd.	12,007,857		2,669,431	0.2	%
*	Anxian Yuan China Holdings, Ltd.	3,100,000		39,560	0.0	%
*	Apac Resources, Ltd.	31,747,350		433,806	0.0	%
*	Applied Development Holdings, Ltd.	5,550,000		592,965	0.0	%
	APT Satellite Holdings, Ltd.	2,977,500		1,428,379	0.1	%
	Arts Optical International Hldgs, Ltd.	730,000		280,622	0.0	%
	Asia Financial Holdings, Ltd.	2,404,908		1,151,465	0.1	%
*	Asia Satellite Telecommunications Holdings, Ltd.	934,500		1,164,347	0.1	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
HONG KONG — (Continued)
	Asia Standard Hotel Group, Ltd.	11,437,218	$	375,366	0.0	%
	Asia Standard International Group, Ltd.	13,316,917		2,705,514	0.2	%
	ASM Pacific Technology, Ltd.	400,200		4,232,273	0.3	%
	Associated International Hotels, Ltd.	952,000		2,697,882	0.2	%
*	Auto Italia Holdings	1,900,000		29,328	0.0	%
*	BeijingWest Industries International, Ltd.	419,600		104,442	0.0	%
*	Bel Global Resources Holdings, Ltd.	2,576,000		—	0.0	%
#	BEP International Holdings, Ltd.	19,310,000		1,102,855	0.1	%
	Bestway International Holdings, Ltd.	1,495,000		227,494	0.0	%
	Bonjour Holdings, Ltd.	13,988,600		629,385	0.1	%
	Bossini International Holdings, Ltd.	3,699,500		200,122	0.0	%
	Bright Smart Securities & Commodities Group, Ltd.	5,126,000		1,677,585	0.1	%
#	Brightoil Petroleum Holdings, Ltd.	6,187,000		1,751,409	0.1	%
#*	Brockman Mining, Ltd.	22,810,814		393,433	0.0	%
*	Burwill Holdings, Ltd.	30,792,960		1,006,758	0.1	%
	Cafe de Coral Holdings, Ltd.	2,388,000		7,728,869	0.5	%
*	Cash Financial Services Group, Ltd.	3,438,000		185,450	0.0	%
*	CCT Land Holdings, Ltd.	480,000		743	0.0	%
	Century City International Holdings, Ltd.	6,235,460		432,843	0.0	%
*	CGN Mining Co., Ltd.	825,000		62,492	0.0	%
*	Champion Technology Holdings, Ltd.	17,285,089		319,983	0.0	%
	Chen Hsong Holdings	1,212,000		303,295	0.0	%
	Cheuk Nang Holdings, Ltd.	649,742		455,871	0.0	%
#	Chevalier International Holdings, Ltd.	820,989		1,258,532	0.1	%
*	China Billion Resources, Ltd.	2,438,000		9,090	0.0	%
*	China Chuanglian Education Group, Ltd.	4,664,000		93,070	0.0	%
*	China Digicontent Co., Ltd.	2,710,000		—	0.0	%
*	China Energy Development Holdings, Ltd.	52,140,000		582,977	0.0	%
*	China Environmental Energy Investment, Ltd.	196,000		12,197	0.0	%
*	China Ever Grand Financial Leasing Group Co., Ltd.	810,000		9,891	0.0	%
	China Flavors & Fragrances Co., Ltd.	517,028		163,055	0.0	%
*	China Healthcare Enterprise Group, Ltd.	7,756,000		111,598	0.0	%
#	China LNG Group, Ltd.	9,920,000		231,260	0.0	%
*	China Ludao Technology Co., Ltd.	580,000		133,079	0.0	%
*	China Medical & Healthcare Group, Ltd.	42,916,800		2,151,347	0.2	%
	China Metal International Holdings, Inc.	2,670,000		842,678	0.1	%
#	China Motor Bus Co., Ltd.	51,800		595,047	0.0	%
*	China National Culture Group, Ltd.	7,410,000		36,122	0.0	%
#*	China Smarter Energy Group Holdings, Ltd.	196,000		21,189	0.0	%
*	China Solar Energy Holdings, Ltd.	1,669,500		7,266	0.0	%
*	China Star Entertainment, Ltd.	1,850,000		113,918	0.0	%
#*	China Strategic Holdings, Ltd.	51,391,250		1,163,870	0.1	%
	China Ting Group Holdings, Ltd.	2,565,151		155,181	0.0	%
*	China Wah Yan Healthcare, Ltd.	11,685,000		64,617	0.0	%
#	Chinese Estates Holdings, Ltd.	55,000		95,496	0.0	%
	Chinney Investments, Ltd.	1,144,000		255,159	0.0	%
	Chong Hing Bank, Ltd.	75,000		144,543	0.0	%
	Chow Sang Sang Holdings International, Ltd.	2,321,000		4,299,010	0.3	%
	Chuang's China Investments, Ltd.	7,391,407		451,960	0.0	%
	Chuang's Consortium International, Ltd.	6,883,043		1,283,050	0.1	%
	CITIC Telecom International Holdings, Ltd.	11,973,125		3,586,913	0.3	%
	CK Life Sciences International Holdings, Inc.	22,408,000		1,987,109	0.1	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
HONG KONG — (Continued)
*	CMMB Vision Holdings, Ltd.	3,032,000	$	241,344	0.0	%
	CNQC International Holdings, Ltd.	2,482,500		967,830	0.1	%
	CNT Group, Ltd.	8,303,264		673,131	0.1	%
*	Common Splendor International Health Industry Group, Ltd.	7,584,000		654,161	0.1	%
*	Continental Holdings, Ltd.	450,000		7,575	0.0	%
	Convenience Retail Asia, Ltd.	142,000		67,898	0.0	%
*	Convoy Global Holdings, Ltd.	45,144,000		1,339,294	0.1	%
#*	Cowell e Holdings, Inc.	1,683,000		420,716	0.0	%
*	CP Lotus Corp.	11,880,000		215,988	0.0	%
*	Crocodile Garments	1,427,000		187,068	0.0	%
#	Cross-Harbour Holdings, Ltd. (The)	847,956		1,223,917	0.1	%
#	CSI Properties, Ltd.	37,036,383		1,308,832	0.1	%
#	CW Group Holdings, Ltd.	2,624,000		515,325	0.0	%
	Dah Sing Banking Group, Ltd.	3,773,516		6,916,604	0.5	%
#	Dah Sing Financial Holdings, Ltd.	1,435,744		9,692,762	0.7	%
	Dickson Concepts International, Ltd.	1,252,000		448,820	0.0	%
*	Ding He Mining Holdings, Ltd.	2,832,000		47,370	0.0	%
*	Dragonite International, Ltd.	56,000		12,171	0.0	%
	Dynamic Holdings, Ltd.	18,000		11,378	0.0	%
	Eagle Nice International Holdings, Ltd.	1,846,000		519,488	0.0	%
	EcoGreen International Group, Ltd.	1,634,640		353,488	0.0	%
*	EganaGoldpfeil Holdings, Ltd.	4,121,757		—	0.0	%
	Emperor Capital Group, Ltd.	29,067,000		2,573,793	0.2	%
	Emperor Entertainment Hotel, Ltd.	4,405,000		1,035,561	0.1	%
	Emperor International Holdings, Ltd.	8,756,753		1,979,635	0.1	%
*	Emperor Watch & Jewellery, Ltd.	26,450,000		953,691	0.1	%
#*	Enerchina Holdings, Ltd.	4,914,000		195,144	0.0	%
*	ENM Holdings, Ltd.	14,680,000		1,093,612	0.1	%
*	EPI Holdings, Ltd.	1,950,001		46,839	0.0	%
#*	Esprit Holdings, Ltd.	14,664,650		11,494,234	0.8	%
*	eSun Holdings, Ltd.	4,344,000		391,162	0.0	%
*	Eternity Investment, Ltd.	830,000		25,433	0.0	%
*	Ezcom Holdings, Ltd.	72,576		—	0.0	%
#	Fairwood Holdings, Ltd.	719,100		2,624,850	0.2	%
	Far East Consortium International, Ltd.	9,262,798		3,940,344	0.3	%
*	Far East Holdings International, Ltd.	720,000		83,153	0.0	%
	FIH Mobile, Ltd.	11,798,000		3,719,105	0.3	%
	First Pacific Co., Ltd.	4,658,000		3,249,434	0.2	%
	First Shanghai Investments, Ltd.	4,648,000		702,783	0.1	%
	Fountain SET Holdings, Ltd.	5,446,000		686,811	0.1	%
	Four Seas Mercantile Holdings, Ltd.	610,000		306,656	0.0	%
*	Freeman FinTech Corp., Ltd.	1,820,000		115,825	0.0	%
	Fulum Group Holdings, Ltd.	76,000		11,439	0.0	%
	Future Bright Holdings, Ltd.	3,288,000		346,077	0.0	%
	G-Resources Group, Ltd.	167,529,600		3,057,855	0.2	%
#*	GCL New Energy Holdings, Ltd.	21,846,000		1,276,847	0.1	%
#	Get Nice Financial Group, Ltd.	966,600		118,154	0.0	%
#	Get Nice Holdings, Ltd.	40,426,000		1,374,567	0.1	%
	Giordano International, Ltd.	10,852,000		5,851,280	0.4	%
#*	Global Brands Group Holding, Ltd.	29,114,000		3,851,150	0.3	%
	Glorious Sun Enterprises, Ltd.	4,240,000		529,515	0.0	%
	Gold Peak Industries Holdings, Ltd.	3,029,642		285,193	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
HONG KONG — (Continued)
	Golden Resources Development International, Ltd.	3,330,500	$	184,327	0.0	%
#*	Good Resources Holdings, Ltd.	4,260,000		262,109	0.0	%
*	Grande Holdings, Ltd. (The)	882,000		51,074	0.0	%
	Great Eagle Holdings, Ltd.	474,467		2,256,892	0.2	%
	Guangnan Holdings, Ltd.	2,363,600		285,733	0.0	%
	Guoco Group, Ltd.	2,000		22,023	0.0	%
#	Guotai Junan International Holdings, Ltd.	23,731,797		7,267,081	0.5	%
#	Haitong International Securities Group, Ltd.	10,217,015		5,823,915	0.4	%
	Hanison Construction Holdings, Ltd.	2,103,649		378,379	0.0	%
*	Hao Tian Development Group, Ltd.	16,639,200		608,096	0.1	%
	Harbour Centre Development, Ltd.	935,500		1,722,678	0.1	%
	High Fashion International, Ltd.	268,000		67,896	0.0	%
#	HKBN, Ltd.	1,752,000		1,917,610	0.1	%
*	HKR International, Ltd.	5,957,536		2,723,419	0.2	%
	Hon Kwok Land Investment Co., Ltd.	314,800		122,816	0.0	%
#	Hong Kong Aircraft Engineering Co., Ltd.	109,600		731,040	0.1	%
*	Hong Kong Building & Loan Agency, Ltd. (The)	200,000		9,630	0.0	%
	Hong Kong Ferry Holdings Co., Ltd.	855,300		965,948	0.1	%
	Hong Kong Shanghai Alliance Holdings, Ltd.	1,248,002		124,463	0.0	%
*	Hong Kong Television Network, Ltd.	2,688,751		456,222	0.0	%
*	HongDa Financial Holding, Ltd.	1,560,000		70,290	0.0	%
#	Hongkong & Shanghai Hotels, Ltd. (The)	1,629,612		1,803,916	0.1	%
	Hongkong Chinese, Ltd.	5,038,000		881,845	0.1	%
	Hop Hing Group Holdings, Ltd.	1,812,000		31,209	0.0	%
	Hopewell Holdings, Ltd.	3,243,000		11,148,993	0.8	%
#*	Hsin Chong Group Holdings, Ltd.	12,089,658		551,706	0.0	%
*	Huarong Investment Stock Corp., Ltd.	150,000		29,674	0.0	%
	Hung Hing Printing Group, Ltd.	2,628,000		439,841	0.0	%
	Hutchison Telecommunications Hong Kong Holdings, Ltd.	11,810,000		3,800,487	0.3	%
*	I-CABLE Communications, Ltd.	4,437,000		444,823	0.0	%
	IGG, Inc.	6,386,000		4,278,635	0.3	%
#*	Imagi International Holdings, Ltd.	17,138,400		330,506	0.0	%
*	International Standard Resources Holdings, Ltd.	32,591,500		419,400	0.0	%
*	iOne Holdings, Ltd.	11,400,000		307,526	0.0	%
	IPE Group, Ltd.	3,345,000		862,039	0.1	%
*	IRC, Ltd.	10,590,266		441,232	0.0	%
	IT, Ltd.	4,224,532		1,679,921	0.1	%
	ITC Corp., Ltd.	1,619,150		197,457	0.0	%
	ITC Properties Group, Ltd.	4,859,749		1,962,837	0.1	%
*	Jinhui Holdings Co., Ltd.	102,000		14,458	0.0	%
	Johnson Electric Holdings, Ltd.	2,186,250		5,761,358	0.4	%
	Kader Holdings Co., Ltd.	92,000		9,365	0.0	%
	Kam Hing International Holdings, Ltd.	1,830,000		117,631	0.0	%
*	Kantone Holdings, Ltd.	919,364		87,435	0.0	%
	Karrie International Holdings, Ltd.	138,000		12,041	0.0	%
	Keck Seng Investments	878,600		633,877	0.1	%
	Kerry Logistics Network, Ltd.	1,934,000		2,434,598	0.2	%
*	King Pacific International Holdings, Ltd.	1,404,200		—	0.0	%
	Kingmaker Footwear Holdings, Ltd.	1,830,955		581,872	0.0	%
#	Kingston Financial Group, Ltd.	6,867,000		2,953,371	0.2	%
*	Kong Sun Holdings, Ltd.	175,000		7,678	0.0	%
	Kowloon Development Co., Ltd.	2,541,000		2,401,823	0.2	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
HONG KONG — (Continued)
*	Kwan On Holdings, Ltd.	1,830,000	$	506,713	0.0	%
	Kwoon Chung Bus Holdings, Ltd.	20,000		10,203	0.0	%
	L'Occitane International SA	560,250		1,058,592	0.1	%
*	L'sea Resources International Holdings, Ltd.	5,480,000		70,405	0.0	%
	Lai Sun Development Co., Ltd.	87,547,466		1,629,425	0.1	%
	Lai Sun Garment International, Ltd.	3,321,680		692,850	0.1	%
	Lam Soon Hong Kong, Ltd.	302,310		337,068	0.0	%
*	Landing International Development, Ltd.	23,185,000		297,968	0.0	%
	Landsea Green Properties Co., Ltd.	948,000		71,982	0.0	%
*	Leading Spirit High-Tech Holdings Co., Ltd.	2,310,000		—	0.0	%
	Lifestyle International Holdings, Ltd.	1,877,000		2,414,249	0.2	%
	Lippo China Resources, Ltd.	20,922,000		623,127	0.1	%
	Lippo, Ltd.	1,161,700		679,349	0.1	%
	Lisi Group Holdings, Ltd.	10,142,000		914,485	0.1	%
#	Liu Chong Hing Investment, Ltd.	1,289,200		1,719,597	0.1	%
	Luen Thai Holdings, Ltd.	1,207,000		508,307	0.0	%
	Luk Fook Holdings International, Ltd.	3,154,000		8,219,240	0.6	%
	Luks Group Vietnam Holdings Co., Ltd.	514,913		184,980	0.0	%
	Lung Kee Bermuda Holdings	1,567,875		524,742	0.0	%
#*	Macau Legend Development, Ltd.	14,957,000		3,013,410	0.2	%
	Magnificent Hotel Investment, Ltd.	13,170,000		293,123	0.0	%
#	Major Holdings, Ltd.	780,000		120,285	0.0	%
*	Man Sang International, Ltd.	132,000		9,170	0.0	%
	Man Wah Holdings, Ltd.	13,578,800		9,168,694	0.6	%
#*	Mason Financial Holdings, Ltd.	19,270,000		459,428	0.0	%
#	Master Glory Group, Ltd.(BYTP1T9)	17,655,296		895,039	0.1	%
#	Master Glory Group, Ltd.(BYTP1T9)	197,430		10,057	0.0	%
	Matrix Holdings, Ltd.	1,067,414		449,450	0.0	%
	Melbourne Enterprises, Ltd.	39,500		875,559	0.1	%
#	Melco International Development, Ltd.	4,978,000		6,727,584	0.5	%
#*	Midland Holdings, Ltd.	5,182,000		1,334,713	0.1	%
#*	Midland IC&I, Ltd.	25,910,000		149,803	0.0	%
	Ming Fai International Holdings, Ltd.	2,038,000		322,591	0.0	%
	Miramar Hotel & Investment	901,000		1,887,406	0.1	%
#*	Mongolian Mining Corp.	8,115,500		376,365	0.0	%
#	NagaCorp, Ltd.	10,544,000		6,063,743	0.4	%
	Nanyang Holdings, Ltd.	133,500		688,583	0.1	%
	National Electronic Hldgs	2,668,600		333,147	0.0	%
*	National United Resources Holdings, Ltd.	18,280,000		251,057	0.0	%
*	Neo-Neon Holdings, Ltd.	2,337,500		346,547	0.0	%
*	Neptune Group, Ltd.	2,785,000		118,211	0.0	%
*	NetMind Financial Holdings, Ltd.	130,048,000		1,004,612	0.1	%
*	New Century Group Hong Kong, Ltd.	13,351,464		240,421	0.0	%
*	New Times Energy Corp., Ltd.	2,276,400		65,249	0.0	%
	Newocean Energy Holdings, Ltd.	7,864,000		2,081,967	0.1	%
*	Next Digital, Ltd.	4,295,183		204,572	0.0	%
*	Nine Express, Ltd.	10,260,000		617,799	0.1	%
*	O Luxe Holdings, Ltd.	10,414,500		993,789	0.1	%
*	Orange Sky Golden Harvest Entertainment Holdings, Ltd.	9,489,706		694,343	0.1	%
	Orient Overseas International, Ltd.	1,440,500		5,959,443	0.4	%
*	Orient Power Holdings, Ltd.	804,000		—	0.0	%
#	Oriental Watch Holdings	3,070,800		592,945	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
HONG KONG — (Continued)
*	Pacific Andes International Holdings, Ltd.	19,435,067	$	68,672	0.0	%
#*	Pacific Basin Shipping, Ltd.	29,772,000		4,856,896	0.3	%
#	Pacific Textiles Holdings, Ltd.	6,390,000		6,926,164	0.5	%
	Pak Fah Yeow International, Ltd.	5,000		2,305	0.0	%
	Paliburg Holdings, Ltd.	3,104,830		969,436	0.1	%
*	Pan Asia Environmental Protection Group, Ltd.	214,000		48,169	0.0	%
#*	Paradise Entertainment, Ltd.	3,652,000		720,537	0.1	%
#*	Peace Mark Holdings, Ltd.	2,712,022		—	0.0	%
*	Pearl Oriental Oil, Ltd.	11,849,400		403,476	0.0	%
*	Pegasus Entertainment Holdings, Ltd.	664,000		27,788	0.0	%
	Pegasus International Holdings, Ltd.	226,000		36,388	0.0	%
	Perfect Shape Beauty Technology, Ltd.	1,172,000		87,614	0.0	%
#	Pico Far East Holdings, Ltd.	5,218,000		1,598,216	0.1	%
	Playmates Holdings, Ltd.	692,000		905,711	0.1	%
	Playmates Toys, Ltd.	6,208,000		1,141,695	0.1	%
#	Pokfulam Development Co.	234,000		473,847	0.0	%
	Polytec Asset Holdings, Ltd.	11,323,526		762,128	0.1	%
	Public Financial Holdings, Ltd.	3,102,000		1,396,768	0.1	%
*	PYI Corp., Ltd.	24,147,973		428,376	0.0	%
*	Pyxis Group, Ltd.	1,936,000		—	0.0	%
*	Qianhai Health Holdings, Ltd.	157,499		2,930	0.0	%
#	Quam, Ltd.	2,500,000		417,830	0.0	%
	Raymond Industrial, Ltd.	30,400		4,189	0.0	%
#	Regal Hotels International Holdings, Ltd.	2,871,800		1,575,593	0.1	%
#*	Rentian Technology Holdings, Ltd.	6,070,000		421,663	0.0	%
	Rivera Holdings, Ltd.	5,710,000		389,544	0.0	%
	SA SA International Holdings, Ltd.	11,234,688		4,452,728	0.3	%
	Safety Godown Co., Ltd.	400,000		923,131	0.1	%
	SAS Dragon Holdings, Ltd.	2,120,000		436,932	0.0	%
#	SEA Holdings, Ltd.	1,162,000		2,884,150	0.2	%
*	SEEC Media Group, Ltd.	4,840,000		78,982	0.0	%
	Shangri-La Asia, Ltd.	652,000		686,590	0.1	%
#	Shenwan Hongyuan HK, Ltd.	4,201,250		1,818,095	0.1	%
*	Shougang Concord Grand Group, Ltd.	1,158,000		36,777	0.0	%
	Shun Ho Property Investments, Ltd.	1,254,757		439,755	0.0	%
*	Shun Tak Holdings, Ltd.	13,787,419		4,749,929	0.3	%
*	Silver base Group Holdings, Ltd.	3,641,515		217,434	0.0	%
#*	Sincere Watch Hong Kong, Ltd.	4,030,000		103,465	0.0	%
*	Sing Pao Media Enterprises, Ltd.	250,511		—	0.0	%
	Sing Tao News Corp., Ltd.	1,974,000		256,631	0.0	%
#*	Singamas Container Holdings, Ltd.	10,968,000		1,183,691	0.1	%
*	Sinocan Holdings, Ltd.	350,000		—	0.0	%
	SIS International Holdings	34,000		18,277	0.0	%
#	SITC International Holdings Co., Ltd.	452,000		274,240	0.0	%
	Sitoy Group Holdings, Ltd.	1,132,000		294,662	0.0	%
#*	Skyway Securities Group, Ltd.	12,270,000		323,072	0.0	%
	SmarTone Telecommunications Holdings, Ltd.	3,918,031		5,259,634	0.4	%
*	SOCAM Development, Ltd.	1,744,771		585,795	0.0	%
*	Solartech International Holdings, Ltd.	7,100,000		425,203	0.0	%
*	Solomon Systech International, Ltd.	9,504,000		409,312	0.0	%
	Soundwill Holdings, Ltd.	552,000		1,002,635	0.1	%
*	South China Assets Holdings, Ltd.	1,679,170		15,561	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
HONG KONG — (Continued)
*	South China Financial Holdings, Ltd.	16,950,000	$	152,352	0.0	%
*	South China Holdings Co., Ltd.	17,774,503		904,559	0.1	%
#	Stella International Holdings, Ltd.	1,547,500		2,489,555	0.2	%
*	Stelux Holdings International, Ltd.	3,011,400		205,205	0.0	%
*	Success Universe Group, Ltd.	6,716,000		172,873	0.0	%
	Sun Hing Vision Group Holdings, Ltd.	358,000		128,886	0.0	%
	Sun Hung Kai & Co., Ltd.	4,688,429		2,894,315	0.2	%
	Sunwah Kingsway Capital Holdings, Ltd.	7,690,000		139,604	0.0	%
#	TAI Cheung Holdings, Ltd.	2,040,000		1,791,578	0.1	%
	Tai Sang Land Development, Ltd.	781,910		447,184	0.0	%
*	Talent Property Group, Ltd.	8,445,000		157,504	0.0	%
#	Tan Chong International, Ltd.	1,176,000		363,202	0.0	%
	Tao Heung Holdings, Ltd.	1,166,000		288,316	0.0	%
*	TCL Display Technology Holdings, Ltd.	1,728,000		160,007	0.0	%
#	Television Broadcasts, Ltd.	2,094,300		6,876,290	0.5	%
*	Termbray Industries International Holdings, Ltd.	2,304,900		211,273	0.0	%
	Tern Properties Co., Ltd.	51,200		29,385	0.0	%
#	Texwinca Holdings, Ltd.	6,672,000		4,355,310	0.3	%
	Tian Teck Land, Ltd.	1,024,000		1,093,116	0.1	%
*	Titan Petrochemicals Group, Ltd.	13,140,000		130,053	0.0	%
#*	TOM Group, Ltd.	572,000		129,458	0.0	%
#	Town Health International Medical Group, Ltd.	2,672,000		430,001	0.0	%
	Tradelink Electronic Commerce, Ltd.	5,160,000		1,062,123	0.1	%
#	Transport International Holdings, Ltd.	1,252,941		3,566,141	0.3	%
#*	Trinity, Ltd.	8,046,000		600,619	0.0	%
*	Tristate Holdings, Ltd.	100,000		22,268	0.0	%
*	TSC Group Holdings, Ltd.	3,386,000		482,940	0.0	%
#	Tsui Wah Holdings, Ltd.	1,602,000		267,452	0.0	%
#*	United Laboratories International Holdings, Ltd. (The)	5,470,000		3,707,906	0.3	%
*	Universal Technologies Holdings, Ltd.	7,410,000		319,749	0.0	%
*	Up Energy Development Group, Ltd.	3,929,000		49,046	0.0	%
	Upbest Group, Ltd.	72,000		11,341	0.0	%
*	Value Convergence Holdings, Ltd.	3,156,000		738,202	0.1	%
#	Value Partners Group, Ltd.	3,009,000		2,376,968	0.2	%
	Vanke Property Overseas, Ltd.	49,000		31,484	0.0	%
	Vantage International Holdings, Ltd.	2,536,000		342,426	0.0	%
	Varitronix International, Ltd.	2,769,293		1,155,492	0.1	%
	Vedan International Holdings, Ltd.	3,360,000		423,818	0.0	%
	Victory City International Holdings, Ltd.	23,509,660		770,584	0.1	%
#	Vitasoy International Holdings, Ltd.	5,433,000		10,885,584	0.7	%
*	VS International Group, Ltd.	488,000		18,834	0.0	%
#	VST Holdings, Ltd.	5,123,600		1,791,218	0.1	%
	VTech Holdings, Ltd.	735,400		9,817,835	0.7	%
	Wai Kee Holdings, Ltd.	7,640,738		2,444,975	0.2	%
	Wang On Group, Ltd.	4,000,000		34,985	0.0	%
	Win Hanverky Holdings, Ltd.	2,734,000		442,730	0.0	%
*	Winfull Group Holdings, Ltd.	9,512,000		217,448	0.0	%
	Wing On Co. International, Ltd.	759,000		2,329,788	0.2	%
	Wing Tai Properties, Ltd.	1,923,331		1,159,290	0.1	%
	Wonderful Sky Financial Group Holdings, Ltd.	270,000		72,425	0.0	%
	Wong's International Holdings, Ltd.	737,641		255,434	0.0	%
	Wong's Kong King International	322,000		39,387	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
HONG KONG — (Continued)
*	Xinyi Automobile Glass Hong Kong Enterprises, Ltd.	76,500	$	14,559	0.0	%
	Xinyi Glass Holdings, Ltd.	17,658,000		14,385,560	1.0	%
	Yangtzekiang Garment, Ltd.	606,500		223,942	0.0	%
*	Yat Sing Holdings, Ltd.	120,000		61,106	0.0	%
*	Yau Lee Holdings, Ltd.	424,000		52,420	0.0	%
	Yeebo International Holdings, Ltd.	2,612,000		1,519,042	0.1	%
	YGM Trading, Ltd.	447,000		421,444	0.0	%
	YT Realty Group, Ltd.	749,000		273,098	0.0	%
	Yugang International, Ltd.	90,818,000		1,727,269	0.1	%
TOTAL HONG KONG				412,905,777	27.9	%
NEW ZEALAND — (7.5%)
#*	a2 Milk Co., Ltd.	1,585,984		2,340,022	0.2	%
	Abano Healthcare Group, Ltd.	30,725		179,350	0.0	%
	Air New Zealand, Ltd.	3,693,701		5,625,186	0.4	%
	Briscoe Group, Ltd.	2,235		6,187	0.0	%
	Chorus, Ltd.	2,169,937		5,980,935	0.4	%
	Colonial Motor Co., Ltd. (The)	144,588		702,977	0.1	%
#	Contact Energy, Ltd.	2,259,220		7,305,638	0.5	%
#	EBOS Group, Ltd.	451,590		5,236,095	0.4	%
	Fisher & Paykel Healthcare Corp., Ltd.	2,108,984		12,473,749	0.8	%
	Freightways, Ltd.	974,609		4,566,094	0.3	%
	Genesis Energy, Ltd.	661,422		964,477	0.1	%
	Hallenstein Glasson Holdings, Ltd.	242,445		513,298	0.0	%
#	Heartland Bank, Ltd.	651,773		679,318	0.0	%
	Hellaby Holdings, Ltd.	384,437		942,526	0.1	%
	Infratil, Ltd.	3,268,694		6,244,414	0.4	%
	Kathmandu Holdings, Ltd.	663,170		898,531	0.1	%
#	Mainfreight, Ltd.	539,049		7,752,534	0.5	%
#	Mercury NZ, Ltd.	173,490		356,411	0.0	%
	Methven, Ltd.	93,877		86,746	0.0	%
	Metlifecare, Ltd.	574,517		2,214,249	0.2	%
	Metro Performance Glass, Ltd.	10,753		14,339	0.0	%
	Millennium & Copthorne Hotels New Zealand, Ltd.	395,725		682,288	0.0	%
	New Zealand Oil & Gas, Ltd.	1,659,791		726,336	0.1	%
	New Zealand Refining Co., Ltd. (The)	574,344		1,036,756	0.1	%
	NZME, Ltd.	945,851		374,443	0.0	%
	NZX, Ltd.	952,265		693,500	0.1	%
#	Opus International Consultants, Ltd.	12,925		7,996	0.0	%
*	Orion Health Group, Ltd.	4,001		5,562	0.0	%
#*	Pacific Edge, Ltd.	442,720		181,365	0.0	%
	PGG Wrightson, Ltd.	999,976		341,916	0.0	%
*	Pike River Coal, Ltd.	490,805		—	0.0	%
#	Port of Tauranga, Ltd.	2,576,525		6,888,205	0.5	%
	Restaurant Brands New Zealand, Ltd.	580,362		2,047,210	0.1	%
*	Richina Pacific, Ltd.	274,180		—	0.0	%
*	Rubicon, Ltd.	1,442,620		220,533	0.0	%
#	Ryman Healthcare, Ltd.	1,681,908		9,470,224	0.6	%
	Sanford, Ltd.	382,357		1,801,073	0.1	%
	Scales Corp., Ltd.	6,694		16,036	0.0	%
	Scott Technology, Ltd.	39,805		59,404	0.0	%
#	Skellerup Holdings, Ltd.	563,985		595,007	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
NEW ZEALAND — (Continued)
	SKY Network Television, Ltd.	2,080,268	$	6,566,315	0.4	%
	SKYCITY Entertainment Group, Ltd.	5,162,402		14,085,503	1.0	%
	Steel & Tube Holdings, Ltd.	441,625		727,253	0.1	%
	Summerset Group Holdings, Ltd.	531,772		1,727,879	0.1	%
	Tilt Renewables, Ltd.	81,096		109,295	0.0	%
	Tourism Holdings, Ltd.	342,879		881,007	0.1	%
	Tower, Ltd.	887,040		514,423	0.0	%
#	Trade Me Group, Ltd.	1,693,962		5,890,499	0.4	%
	Trustpower, Ltd.	81,096		267,039	0.0	%
	Vector, Ltd.	1,381,288		3,106,200	0.2	%
	Warehouse Group, Ltd. (The)	698,604		1,382,560	0.1	%
#*	Xero, Ltd.	173,810		2,110,153	0.1	%
#	Z Energy, Ltd.	199,895		1,007,688	0.1	%
TOTAL NEW ZEALAND				128,606,744	8.7	%
SINGAPORE — (10.8%)
*	Abterra, Ltd.	531,800		139,396	0.0	%
	Accordia Golf Trust	3,040,700		1,322,347	0.1	%
	Amara Holdings, Ltd.	922,800		258,474	0.0	%
	Ascendas India Trust	1,141,600		798,124	0.1	%
	ASL Marine Holdings, Ltd.	610,750		54,279	0.0	%
	Aspial Corp., Ltd.	75,877		13,853	0.0	%
	Baker Technology, Ltd.	289,580		123,375	0.0	%
#*	Banyan Tree Holdings, Ltd.	1,022,900		340,037	0.0	%
#	Best World International, Ltd.	1,033,625		953,708	0.1	%
	Bonvests Holdings, Ltd.	950,000		804,785	0.1	%
*	Boustead Projects, Ltd.	497,612		249,957	0.0	%
	Boustead Singapore, Ltd.	1,827,636		1,012,605	0.1	%
	Breadtalk Group, Ltd.	894,200		715,982	0.1	%
*	Broadway Industrial Group, Ltd.	835,330		109,296	0.0	%
	Bukit Sembawang Estates, Ltd.	606,203		1,871,553	0.1	%
	Bund Center Investment, Ltd.	659,825		319,020	0.0	%
#	Centurion Corp., Ltd.	825,900		188,390	0.0	%
#	China Aviation Oil Singapore Corp., Ltd.	2,336,199		2,255,620	0.2	%
#	Chip Eng Seng Corp., Ltd.	3,445,300		1,498,845	0.1	%
	Chuan Hup Holdings, Ltd.	3,853,500		622,191	0.1	%
#*	Cityneon Holdings, Ltd.	486,200		316,742	0.0	%
	Civmec, Ltd.	53,200		19,528	0.0	%
#*	COSCO Corp. Singapore, Ltd.	8,095,300		1,565,227	0.1	%
*	Creative Technology, Ltd.	272,200		180,911	0.0	%
	CSE Global, Ltd.	3,443,600		1,087,566	0.1	%
#	CWT, Ltd.	1,799,000		2,396,568	0.2	%
#	Del Monte Pacific, Ltd.	2,363,364		552,683	0.0	%
#	Delfi, Ltd.	788,500		1,206,739	0.1	%
*	DMX Technologies Group, Ltd.	2,096,000		62,539	0.0	%
#*	Dyna-Mac Holdings, Ltd.	2,007,300		227,007	0.0	%
	Elec & Eltek International Co., Ltd.	147,000		123,864	0.0	%
	EnGro Corp., Ltd.	354,000		212,773	0.0	%
#*	Ezion Holdings, Ltd.	12,591,378		3,319,449	0.2	%
#*	Ezra Holdings, Ltd.	19,242,923		645,568	0.1	%
	Falcon Energy Group, Ltd.	2,008,800		204,664	0.0	%
	Far East Orchard, Ltd.	1,074,985		1,093,585	0.1	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SINGAPORE — (Continued)
#	First Resources, Ltd.	4,935,500	$	6,465,176	0.4	%
*	First Ship Lease Trust	160,900		17,691	0.0	%
	First Sponsor Group, Ltd.	440,661		408,230	0.0	%
*	Food Empire Holdings, Ltd.	1,306,400		404,907	0.0	%
#	Fragrance Group, Ltd.	6,077,000		672,559	0.1	%
	Frasers Centrepoint, Ltd.	461,300		501,323	0.0	%
	Fu Yu Corp., Ltd.	1,539,300		200,507	0.0	%
#*	Gallant Venture, Ltd.	4,992,500		409,367	0.0	%
*	Geo Energy Resources, Ltd.	432,000		66,960	0.0	%
	GK Goh Holdings, Ltd.	1,484,065		842,421	0.1	%
	GL, Ltd.	3,401,300		1,786,209	0.1	%
*	Global Premium Hotels, Ltd.	559,480		114,052	0.0	%
	Golden Agri-Resources, Ltd.	17,549,200		5,195,891	0.4	%
	GP Batteries International, Ltd.	235,000		127,301	0.0	%
	GP Industries, Ltd.	2,567,609		1,024,251	0.1	%
	GSH Corp., Ltd.	60,860		21,401	0.0	%
#	GuocoLand, Ltd.	606,014		752,535	0.1	%
*	Halcyon Agri Corp., Ltd.	1,669,048		703,726	0.1	%
*	Hanwell Holdings, Ltd.	1,771,219		293,782	0.0	%
	Haw Par Corp., Ltd.	30,400		190,507	0.0	%
#	Health Management International, Ltd.	1,065,100		470,571	0.0	%
	Hi-P International, Ltd.	1,271,600		447,638	0.0	%
	Hiap Hoe, Ltd.	498,000		244,689	0.0	%
	Ho Bee Land, Ltd.	1,604,700		2,248,192	0.2	%
#	Hong Fok Corp., Ltd.	3,551,394		1,540,709	0.1	%
*	Hong Fok Land, Ltd.	1,210,000		—	0.0	%
	Hong Leong Asia, Ltd.	690,700		320,642	0.0	%
	Hotel Grand Central, Ltd.	1,461,261		1,362,760	0.1	%
	Hour Glass, Ltd. (The)	1,814,832		788,785	0.1	%
	Hutchison Port Holdings Trust	112,400		48,773	0.0	%
	Hwa Hong Corp., Ltd.	2,123,500		438,745	0.0	%
#	Hyflux, Ltd.	3,262,300		1,159,501	0.1	%
#	Indofood Agri Resources, Ltd.	3,432,100		1,241,386	0.1	%
*	InnoTek, Ltd.	512,500		98,388	0.0	%
#	Innovalues, Ltd.	1,659,300		1,139,237	0.1	%
	IPC Corp., Ltd.	225,970		85,465	0.0	%
	Isetan Singapore, Ltd.	119,000		306,508	0.0	%
	Japfa, Ltd.	2,179,700		1,359,378	0.1	%
#*	Jurong Technologies Industrial Corp., Ltd.	2,227,680		—	0.0	%
	k1 Ventures, Ltd.	1,005,220		620,328	0.1	%
	Keppel Infrastructure Trust	6,740,532		2,209,977	0.2	%
	Keppel Telecommunications & Transportation, Ltd.	1,369,300		1,618,877	0.1	%
*	Koh Brothers Eco Engineering, Ltd.	143,200		4,476	0.0	%
	Koh Brothers Group, Ltd.	1,432,000		256,440	0.0	%
#*	KrisEnergy, Ltd.	296,200		37,528	0.0	%
	KSH Holdings, Ltd.	57,200		21,329	0.0	%
	Lian Beng Group, Ltd.	2,253,500		723,711	0.1	%
	Low Keng Huat Singapore, Ltd.	889,800		352,875	0.0	%
	Lum Chang Holdings, Ltd.	1,094,030		264,299	0.0	%
#	M1, Ltd.	2,667,000		3,604,064	0.3	%
#	Mandarin Oriental International, Ltd.	91,700		116,837	0.0	%
*	Marco Polo Marine, Ltd.	882,000		33,490	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SINGAPORE — (Continued)
	Metro Holdings, Ltd.	2,689,592	$	1,846,275	0.1	%
	Mewah International, Inc.	89,000		16,924	0.0	%
	Midas Holdings, Ltd.	8,558,700		1,271,143	0.1	%
#*	Nam Cheong, Ltd.	7,506,340		319,790	0.0	%
#	Nera Telecommunications, Ltd.	1,143,400		315,312	0.0	%
	New Toyo International Holdings, Ltd.	1,624,000		325,169	0.0	%
#*	Noble Group, Ltd.	75,184,800		8,768,142	0.6	%
	NSL, Ltd.	409,900		449,037	0.0	%
	Olam International, Ltd.	290,300		394,733	0.0	%
#	OUE, Ltd.	1,996,500		2,417,744	0.2	%
#	Overseas Education, Ltd.	65,300		16,784	0.0	%
#	Oxley Holdings, Ltd.	1,442,400		427,710	0.0	%
#	Pacc Offshore Services Holdings, Ltd.	478,200		105,591	0.0	%
	Pacific Radiance, Ltd.	145,200		14,396	0.0	%
	Pan-United Corp., Ltd.	1,948,600		791,861	0.1	%
	Penguin International, Ltd.	446,032		70,746	0.0	%
#	Q&M Dental Group Singapore, Ltd.	2,188,300		1,078,924	0.1	%
	QAF, Ltd.	1,359,162		1,303,383	0.1	%
*	Raffles Education Corp., Ltd.	4,176,710		548,211	0.0	%
#	Raffles Medical Group, Ltd.	4,319,173		4,261,461	0.3	%
	RHT Health Trust	2,131,100		1,346,713	0.1	%
*	Rickmers Maritime	1,008,350		18,104	0.0	%
#	Riverstone Holdings, Ltd.	1,089,000		660,133	0.1	%
#	Rotary Engineering, Ltd.	1,443,100		376,996	0.0	%
#*	Rowsley, Ltd.	298,400		25,278	0.0	%
	Roxy-Pacific Holdings, Ltd.	297,500		90,168	0.0	%
	San Teh, Ltd.	248,387		35,472	0.0	%
	SATS, Ltd.	2,695,900		9,019,882	0.6	%
#	SBS Transit, Ltd.	926,200		1,356,041	0.1	%
#	SembCorp Industries, Ltd.	3,431,700		6,729,881	0.5	%
#	SembCorp Marine, Ltd.	3,089,000		2,929,127	0.2	%
#	Sheng Siong Group, Ltd.	4,266,400		2,781,322	0.2	%
#	SHS Holdings, Ltd.	2,304,100		316,643	0.0	%
	SIA Engineering Co., Ltd.	245,200		569,793	0.0	%
#*	SIIC Environment Holdings, Ltd.	4,246,920		1,714,513	0.1	%
#	Sinarmas Land, Ltd.	6,788,400		1,987,600	0.1	%
	Sing Holdings, Ltd.	1,134,000		242,743	0.0	%
	Sing Investments & Finance, Ltd.	297,675		247,621	0.0	%
#	Singapore Post, Ltd.	10,300,000		10,402,463	0.7	%
	Singapore Reinsurance Corp., Ltd.	1,514,530		321,332	0.0	%
	Singapore Shipping Corp., Ltd.	1,640,700		283,023	0.0	%
*	Singapura Finance, Ltd.	348,124		206,864	0.0	%
#	Sino Grandness Food Industry Group, Ltd.	2,981,300		491,061	0.0	%
	Stamford Land Corp., Ltd.	3,188,100		1,058,936	0.1	%
#	Straco Corp., Ltd.	130,000		68,165	0.0	%
	Sunningdale Tech, Ltd.	793,060		602,468	0.1	%
*	SunVic Chemical Holdings, Ltd.	1,137,845		70,950	0.0	%
#	Super Group, Ltd.	3,509,900		3,099,255	0.2	%
#*	Swiber Holdings, Ltd.	2,895,250		163,541	0.0	%
#*	Tat Hong Holdings, Ltd.	2,218,800		527,532	0.0	%
	Thakral Corp., Ltd.	139,165		23,944	0.0	%
	Tiong Woon Corp. Holding, Ltd.	228,100		38,902	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SINGAPORE — (Continued)
#	Tuan Sing Holdings, Ltd.	4,167,162	$	814,521	0.1	%
#	UMS Holdings, Ltd.	2,656,700		1,118,184	0.1	%
	United Engineers, Ltd.	3,219,528		5,683,010	0.4	%
	United Industrial Corp., Ltd.	19,552		37,396	0.0	%
	United Overseas Insurance, Ltd.	181,850		595,898	0.0	%
#	UOB-Kay Hian Holdings, Ltd.	1,955,133		1,713,366	0.1	%
	UOL Group, Ltd.	1,967,864		8,112,659	0.6	%
	UPP Holdings, Ltd.	2,972,500		553,634	0.0	%
	Valuetronics Holdings, Ltd.	1,619,300		580,876	0.0	%
#*	Vard Holdings, Ltd.	4,915,200		845,194	0.1	%
	Venture Corp., Ltd.	1,994,100		13,582,050	0.9	%
	Vibrant Group, Ltd.	1,974,019		462,761	0.0	%
	Vicom, Ltd.	119,500		469,466	0.0	%
#	Wee Hur Holdings, Ltd.	2,670,400		414,133	0.0	%
#	Wheelock Properties Singapore, Ltd.	1,293,200		1,321,812	0.1	%
#	Wing Tai Holdings, Ltd.	3,573,667		3,914,251	0.3	%
	Yeo Hiap Seng, Ltd.	223,731		205,443	0.0	%
	YHI International, Ltd.	458,900		104,673	0.0	%
#*	Yongnam Holdings, Ltd.	2,977,200		405,131	0.0	%
*	Yuuzoo Corp., Ltd.	4,202,500		425,172	0.0	%
	Zhongmin Baihui Retail Group, Ltd.	26,900		21,509	0.0	%
TOTAL SINGAPORE				184,162,585	12.5	%
TOTAL COMMON STOCKS				1,466,593,642	99.3	%
RIGHTS/WARRANTS — (0.0%)
AUSTRALIA — (0.0%)
*	Centrebet International, Ltd. Claim Units Rights	81,336		—	0.0	%
*	Centrebet International, Ltd. Litigation Rights	81,336		—	0.0	%
*	Corporate Travel Management, Ltd. 1/17/17	11,364		28,211	0.0	%
*	Estia Health, Ltd. Rights 1/11/17	50,387		—	0.0	%
TOTAL AUSTRALIA				28,211	0.0	%
HONG KONG — (0.0%)
*	Enerchina Holdings, Ltd. Rights 03/06/17	1,603,500		9,305	0.0	%
*	Enviro Energy International Holdings, Ltd. Warrants 11/17/16	1,171,800		—	0.0	%
TOTAL HONG KONG				9,305	0.0	%
SINGAPORE — (0.0%)
*	Ezion Holdings, Ltd. Warrants 04/24/20	492,843		28,247	0.0	%

The Asia Pacific Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SINGAPORE — (Continued)
*	Krisenergy, Ltd. 1/16/17	27,547	$	—	0.0	%
TOTAL SINGAPORE				28,247	0.0	%
TOTAL RIGHTS/WARRANTS				65,763	0.0	%
TOTAL INVESTMENT SECURITIES				1,466,659,405
			Value†
SECURITIES LENDING COLLATERAL — (14.0%)
§@	DFA Short Term Investment Fund	20,548,587		237,788,253	16.1	%
TOTAL INVESTMENTS — (100.0%) (Cost $1,812,819,807)			$	1,704,447,658	115.4	%

^ The cost for federal income tax purposes is $1,812,819,807.

The Asia Pacific Small Company Series
continued

Summary of the Series' investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

		Investments in Securities (Market Value)
		Level 1		Level 2		Level 3	Total
Common Stocks
	Australia	$	977,582	$	737,092,137	—	$	738,069,719
	China		—		2,848,817	—		2,848,817
	Hong Kong		237,551		412,668,226	—		412,905,777
	New Zealand		376,334		128,230,410	—		128,606,744
	Singapore		306,508		183,856,077	—		184,162,585
Rights/Warrants
	Australia		—		28,211	—		28,211
	Bermuda		—		9,305	—		9,305
	Hong Kong		—		—	—		—
	Singapore		—		28,247	—		28,247
Securities Lending Collateral			—		237,788,253	—		237,788,253
TOTAL		$	1,897,975	$	1,702,549,683	—	$	1,704,447,658

THE UNITED KINGDOM SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (96.6%)
Consumer Discretionary — (19.3%)
	4imprint Group P.L.C.	96,987	$	2,124,857	0.1	%
	888 Holdings P.L.C.	1,003,090		2,684,591	0.2	%
	AA P.L.C.	2,961,476		10,116,249	0.6	%
	B&M European Value Retail SA	3,300,251		11,307,266	0.6	%
	Bellway P.L.C.	637,459		19,431,469	1.1	%
	Berkeley Group Holdings P.L.C.	262,704		9,081,369	0.5	%
	Bloomsbury Publishing P.L.C.	274,093		572,633	0.0	%
	Bovis Homes Group P.L.C.	833,940		8,417,028	0.5	%
	Card Factory P.L.C.	623,214		1,951,505	0.1	%
#*	Carpetright P.L.C.	82,608		154,505	0.0	%
#	Centaur Media P.L.C.	537,905		284,761	0.0	%
	Cineworld Group P.L.C.	1,228,419		8,539,773	0.5	%
	Connect Group P.L.C.	1,312,384		2,467,696	0.1	%
	Crest Nicholson Holdings P.L.C.	1,155,163		6,431,668	0.4	%
	Daily Mail & General Trust P.L.C. Class A	1,271,481		12,176,097	0.7	%
	Debenhams P.L.C.	6,545,871		4,619,884	0.3	%
	Dignity P.L.C.	251,989		7,677,257	0.4	%
	Domino's Pizza Group P.L.C.	2,536,833		11,257,720	0.6	%
	Dunelm Group P.L.C.	374,998		3,717,028	0.2	%
*	Enterprise Inns P.L.C.	2,902,133		4,357,064	0.2	%
	Entertainment One, Ltd.	544,866		1,545,966	0.1	%
	Euromoney Institutional Investor P.L.C.	282,895		3,994,863	0.2	%
*	Findel P.L.C.	239,314		550,532	0.0	%
*	Forminster P.L.C.	43,333		—	0.0	%
	Fuller Smith & Turner P.L.C. Class A	134,418		1,613,967	0.1	%
*	Future P.L.C.	781,879		132,409	0.0	%
	Games Workshop Group P.L.C.	96,572		850,358	0.1	%
	Greene King P.L.C.	1,786,209		15,348,504	0.9	%
*	Groupe Fnac SA	53,282		3,528,037	0.2	%
*	GVC Holdings P.L.C.	1,254,675		9,924,681	0.6	%
	Halfords Group P.L.C.	1,155,920		5,220,559	0.3	%
	Headlam Group P.L.C.	390,021		2,345,173	0.1	%
	Henry Boot P.L.C.	417,992		1,038,510	0.1	%
	Huntsworth P.L.C.	938,084		438,538	0.0	%
	Inchcape P.L.C.	2,190,976		18,934,318	1.1	%
	Informa P.L.C.	116,716		977,633	0.1	%
	ITE Group P.L.C.	1,527,105		2,900,990	0.2	%
#	J D Wetherspoon P.L.C.	481,928		5,272,587	0.3	%
	JD Sports Fashion P.L.C.	2,325,390		9,116,377	0.5	%
#*	Jimmy Choo P.L.C.	146,913		253,415	0.0	%
	John Menzies P.L.C.	471,800		3,463,659	0.2	%
#	Ladbrokes Coral Group P.L.C	5,357,119		7,654,251	0.4	%
	Laura Ashley Holdings P.L.C.	1,465,488		359,398	0.0	%
	Lookers P.L.C.	1,876,000		2,696,391	0.2	%
	Marston's P.L.C.	3,507,036		5,888,181	0.3	%
	Millennium & Copthorne Hotels P.L.C.	1,000,376		5,701,582	0.3	%
	Mitchells & Butlers P.L.C.	1,050,403		3,253,654	0.2	%
	MJ Gleeson P.L.C.	189,171		1,273,084	0.1	%
*	Mothercare P.L.C.	596,178		832,505	0.1	%
	N Brown Group P.L.C.	882,575		2,419,153	0.1	%
#*	Ocado Group P.L.C.	2,584,145		8,406,458	0.5	%

The United Kingdom Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Consumer Discretionary — (Continued)
	Pendragon P.L.C.	6,452,203	$	2,478,360	0.1	%
	Pets at Home Group P.L.C.	1,206,630		3,558,856	0.2	%
	Photo-Me International P.L.C.	1,062,418		2,146,962	0.1	%
*	Punch Taverns P.L.C.	133,442		311,147	0.0	%
	Rank Group P.L.C.	556,279		1,339,131	0.1	%
#	Redrow P.L.C.	1,386,677		7,337,013	0.4	%
	Restaurant Group P.L.C. (The)	977,184		3,905,677	0.2	%
*	Sportech P.L.C.	371,065		402,398	0.0	%
*	Sports Direct International P.L.C.	422,490		1,448,177	0.1	%
	SSP Group P.L.C.	1,378,674		6,586,321	0.4	%
	STV Group P.L.C.	4,868		21,513	0.0	%
	SuperGroup P.L.C.	239,090		4,846,271	0.3	%
	Tarsus Group P.L.C.	207,820		725,188	0.0	%
	Ted Baker P.L.C.	153,478		5,319,393	0.3	%
#*	Thomas Cook Group P.L.C.	6,943,222		7,458,257	0.4	%
	Topps Tiles P.L.C.	925,429		999,909	0.1	%
*	Tribal Group P.L.C.	39,352		28,182	0.0	%
	Trinity Mirror P.L.C.	1,612,879		2,108,455	0.1	%
	UBM P.L.C.	1,950,843		17,560,077	1.0	%
	Vitec Group P.L.C. (The)	159,712		1,277,743	0.1	%
	WH Smith P.L.C.	680,498		13,038,881	0.7	%
	William Hill P.L.C.	4,185,519		14,949,611	0.8	%
Total Consumer Discretionary				351,153,675	19.8	%
Consumer Staples — (5.3%)
	A.G. Barr P.L.C.	553,074		3,416,498	0.2	%
	Anglo-Eastern Plantations P.L.C.	104,452		867,716	0.1	%
	Booker Group P.L.C.	8,105,070		17,519,847	1.0	%
	Britvic P.L.C.	1,162,274		8,115,425	0.5	%
	Cranswick P.L.C.	267,585		7,719,759	0.4	%
#	Dairy Crest Group P.L.C.	790,454		6,030,257	0.3	%
	Devro P.L.C.	930,843		2,178,756	0.1	%
	Greencore Group P.L.C.	3,643,038		11,048,210	0.6	%
	Greggs P.L.C.	562,228		6,703,810	0.4	%
	Hilton Food Group P.L.C.	32,989		251,982	0.0	%
	McBride P.L.C.	995,483		2,219,200	0.1	%
	McColl's Retail Group P.L.C.	22,532		51,909	0.0	%
*	Premier Foods P.L.C.	4,643,015		2,680,294	0.2	%
	PZ Cussons P.L.C.	1,392,526		5,735,793	0.3	%
*	REA Holdings P.L.C.	50,639		219,821	0.0	%
	Stock Spirits Group P.L.C.	629,381		1,400,260	0.1	%
	Tate & Lyle P.L.C.	2,319,044		20,181,815	1.1	%
Total Consumer Staples				96,341,352	5.4	%
Energy — (5.6%)
#*	Afren P.L.C.	5,446,344		—	0.0	%
	Amec Foster Wheeler P.L.C.	2,037,469		11,765,464	0.7	%
	Anglo Pacific Group P.L.C.	650,526		1,035,986	0.1	%
*	Cairn Energy P.L.C.	3,385,007		9,835,070	0.6	%
#*	EnQuest P.L.C.	5,248,159		2,719,128	0.1	%
	Gulf Marine Services P.L.C.	31,549		19,065	0.0	%
	Hunting P.L.C.	855,838		6,608,325	0.4	%

The United Kingdom Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Energy — (Continued)
	James Fisher & Sons P.L.C.	255,650	$	4,905,575	0.3	%
	John Wood Group P.L.C.	1,887,172		20,378,522	1.1	%
*	Lamprell P.L.C.	1,137,514		1,289,316	0.1	%
*	Ophir Energy P.L.C.	3,356,189		3,972,291	0.2	%
	Petrofac, Ltd.	1,141,776		12,218,826	0.7	%
#*	Premier Oil P.L.C.	2,986,706		2,720,612	0.1	%
	Soco International P.L.C.	1,115,663		2,189,305	0.1	%
	Stobart Group, Ltd.	999,060		2,190,456	0.1	%
#*	Tullow Oil P.L.C.	5,009,214		19,308,190	1.1	%
Total Energy				101,156,131	5.7	%
Financials — (13.0%)
	Aberdeen Asset Management P.L.C.	1,974,486		6,242,904	0.4	%
*	Aldermore Group P.L.C.	540,542		1,582,314	0.1	%
	Arrow Global Group P.L.C.	830,179		3,048,981	0.2	%
	Ashmore Group P.L.C.	1,895,266		6,587,418	0.4	%
	Beazley P.L.C.	2,740,810		13,100,391	0.7	%
	BGEO Group P.L.C.	184,238		6,783,570	0.4	%
	Brewin Dolphin Holdings P.L.C.	1,582,577		5,968,148	0.3	%
	Charles Stanley Group P.L.C.	122,025		439,145	0.0	%
	Charles Taylor P.L.C.	192,071		572,612	0.0	%
	Chesnara P.L.C.	629,962		2,840,834	0.2	%
	Close Brothers Group P.L.C.	785,896		13,958,020	0.8	%
	esure Group P.L.C.	1,432,087		3,543,406	0.2	%
	Hansard Global P.L.C.	16,468		21,468	0.0	%
	Henderson Group P.L.C.	5,628,395		16,244,585	0.9	%
	Hiscox, Ltd.	1,494,924		18,732,398	1.1	%
	IG Group Holdings P.L.C.	1,792,534		10,894,001	0.6	%
*	Industrial & Commercial Holdings P.L.C.	5,000		—	0.0	%
	Intermediate Capital Group P.L.C.	1,340,691		11,542,751	0.7	%
	International Personal Finance P.L.C.	1,060,000		2,248,602	0.1	%
#*	IP Group P.L.C.	1,626,154		3,567,206	0.2	%
	Jardine Lloyd Thompson Group P.L.C.	622,168		7,549,806	0.4	%
	JRP Group P.L.C.	1,097,189		2,018,947	0.1	%
	Jupiter Fund Management P.L.C.	2,162,762		11,777,958	0.7	%
	Lancashire Holdings, Ltd.	1,084,204		9,281,505	0.5	%
	Man Group P.L.C.	8,025,798		11,677,493	0.7	%
*	NEX Group P.L.C.	1,541,699		8,825,450	0.5	%
	Novae Group P.L.C.	324,392		2,750,223	0.2	%
	OneSavings Bank P.L.C.	439,887		1,827,890	0.1	%
	Paragon Group of Cos. P.L.C. (The)	1,079,643		5,501,644	0.3	%
	Phoenix Group Holdings	1,466,980		13,279,377	0.7	%
	Rathbone Brothers P.L.C.	198,409		4,834,764	0.3	%
	S&U P.L.C.	20,417		557,810	0.0	%
	Saga P.L.C.	4,624,740		11,138,116	0.6	%
*	Shawbrook Group P.L.C.	226,307		758,764	0.0	%
	TP ICAP P.L.C.	2,563,777		13,634,997	0.8	%
	Virgin Money Holdings UK P.L.C.	816,196		3,045,659	0.2	%
*	Waterloo Investment Holdings, Ltd.	5,979		516	0.0	%
Total Financials				236,379,673	13.4	%

The United Kingdom Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Health Care — (3.5%)
#*	Alizyme P.L.C.	660,805	$	—	0.0	%
*	BTG P.L.C.	1,870,654		13,584,615	0.8	%
*	Cambian Group P.L.C.	209,345		319,264	0.0	%
#*	Circassia Pharmaceuticals P.L.C.	285,098		330,839	0.0	%
	Consort Medical P.L.C.	243,634		3,181,854	0.2	%
	Dechra Pharmaceuticals P.L.C.	437,070		7,241,869	0.4	%
	Genus P.L.C.	310,228		6,869,069	0.4	%
	Indivior P.L.C.	3,662,912		13,346,335	0.7	%
	Spire Healthcare Group P.L.C.	874,903		3,636,235	0.2	%
	UDG Healthcare P.L.C.	1,224,291		10,081,703	0.6	%
*	Vectura Group P.L.C.	2,891,647		4,884,420	0.3	%
Total Health Care				63,476,203	3.6	%
Industrials — (27.4%)
	Aggreko P.L.C.	1,332,278		15,039,277	0.8	%
	Air Partner P.L.C.	40,969		254,138	0.0	%
	Alumasc Group P.L.C. (The)	120,110		228,708	0.0	%
	Avon Rubber P.L.C.	101,804		1,304,569	0.1	%
	Balfour Beatty P.L.C.	3,549,781		11,722,644	0.7	%
	BBA Aviation P.L.C.	5,623,297		19,605,290	1.1	%
	Berendsen P.L.C.	823,219		8,826,147	0.5	%
	Bodycote P.L.C.	1,121,708		8,894,204	0.5	%
	Braemar Shipping Services P.L.C.	84,411		290,257	0.0	%
#	Brammer P.L.C.	668,388		1,357,791	0.1	%
	Cape P.L.C.	685,676		1,237,385	0.1	%
#	Carillion P.L.C.	2,653,376		7,698,853	0.4	%
	Carr's Group P.L.C.	343,111		631,700	0.0	%
	Castings P.L.C.	157,187		807,790	0.0	%
*	Chemring Group P.L.C.	1,487,205		3,116,476	0.2	%
#	Clarkson P.L.C.	104,310		2,782,778	0.2	%
	Cobham P.L.C.	8,760,026		17,637,802	1.0	%
	Communisis P.L.C.	1,025,909		547,211	0.0	%
	Costain Group P.L.C.	486,534		2,110,705	0.1	%
	De La Rue P.L.C.	611,081		4,630,901	0.3	%
*	Dialight P.L.C.	103,553		1,009,202	0.1	%
	Diploma P.L.C.	586,339		7,522,556	0.4	%
	Fenner P.L.C.	1,085,686		3,147,885	0.2	%
*	Firstgroup P.L.C.	6,359,105		8,105,995	0.5	%
*	Flybe Group P.L.C.	320,823		173,939	0.0	%
	G4S P.L.C.	4,186,631		12,100,926	0.7	%
	Galliford Try P.L.C.	430,288		6,844,216	0.4	%
	Go-Ahead Group P.L.C.	220,066		6,059,105	0.3	%
	Goodwin P.L.C.	383		8,263	0.0	%
	Grafton Group P.L.C.	1,000,382		6,765,849	0.4	%
	Harvey Nash Group P.L.C.	46,693		35,517	0.0	%
	Hays P.L.C.	6,566,676		12,049,293	0.7	%
	Hogg Robinson Group P.L.C.	134,014		112,609	0.0	%
	HomeServe P.L.C.	1,369,369		10,459,646	0.6	%
	Howden Joinery Group P.L.C.	3,165,528		14,938,171	0.8	%
	IMI P.L.C.	1,291,794		16,520,476	0.9	%
	Interserve P.L.C.	841,666		3,544,062	0.2	%
	IWG P.L.C.	3,349,423		10,131,395	0.6	%

The United Kingdom Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	John Laing Group P.L.C.	738,465	$	2,467,088	0.1	%
	Keller Group P.L.C.	403,236		4,210,141	0.2	%
	Kier Group P.L.C.	541,660		9,174,237	0.5	%
	Lavendon Group P.L.C.	844,223		2,754,295	0.1	%
	Management Consulting Group P.L.C.	1,467,589		70,013	0.0	%
	Mears Group P.L.C.	550,537		3,090,698	0.2	%
	Meggitt P.L.C.	3,090,230		17,451,115	1.0	%
	Melrose Industries P.L.C.	10,887,020		26,462,934	1.5	%
	# Mitie Group P.L.C.	1,998,966		5,519,610	0.3	%
	Morgan Advanced Materials P.L.C.	1,499,667		5,262,562	0.3	%
	Morgan Sindall Group P.L.C.	191,927		1,765,409	0.1	%
	National Express Group P.L.C.	2,195,042		9,565,341	0.5	%
	Norcros P.L.C.	27,976		62,206	0.0	%
	Northgate P.L.C.	801,556		4,871,081	0.3	%
	Pagegroup P.L.C.	1,368,971		6,574,715	0.4	%
	PayPoint P.L.C.	246,900		3,059,843	0.2	%
	Polypipe Group P.L.C.	631,474		2,516,427	0.1	%
	QinetiQ Group P.L.C.	3,269,092		10,582,846	0.6	%
*	Renold P.L.C.	193,435		105,159	0.0	%
	Rentokil Initial P.L.C.	8,861,710		24,243,686	1.4	%
	Ricardo P.L.C.	271,798		3,228,224	0.2	%
	Robert Walters P.L.C.	381,498		1,605,198	0.1	%
	Rotork P.L.C.	3,918,039		11,627,202	0.7	%
	RPS Group P.L.C.	1,250,133		3,423,841	0.2	%
	Senior P.L.C.	2,337,741		5,590,610	0.3	%
*	Serco Group P.L.C.	2,627,163		4,634,899	0.3	%
	Severfield P.L.C.	1,262,597		1,167,718	0.1	%
	Shanks Group P.L.C.	3,324,590		3,776,010	0.2	%
	SIG P.L.C.	3,113,733		3,963,648	0.2	%
	Speedy Hire P.L.C.	2,827,989		1,778,232	0.1	%
	Spirax-Sarco Engineering P.L.C.	355,118		18,275,928	1.0	%
	St. Ives P.L.C.	654,912		1,027,843	0.1	%
	Stagecoach Group P.L.C.	2,052,864		5,464,306	0.3	%
	Sthree P.L.C.	407,731		1,560,954	0.1	%
	T Clarke P.L.C.	147,457		107,863	0.0	%
	Travis Perkins P.L.C.	177,453		3,172,184	0.2	%
	Trifast P.L.C.	447,201		1,131,989	0.1	%
	Tyman P.L.C.	154,929		527,612	0.0	%
	Ultra Electronics Holdings P.L.C.	392,382		9,379,121	0.5	%
	Vesuvius P.L.C.	1,389,950		6,758,303	0.4	%
*	Volex P.L.C.	307,047		182,206	0.0	%
	Vp P.L.C.	160,962		1,519,378	0.1	%
	Weir Group P.L.C. (The)	1,080,278		25,104,799	1.4	%
	Wilmington P.L.C.	334,384		1,118,302	0.1	%
	Wincanton P.L.C.	626,212		1,896,243	0.1	%
*	Wizz Air Holdings P.L.C.	141,798		3,128,334	0.2	%
	WS Atkins P.L.C.	502,623		9,019,693	0.5	%
	XP Power, Ltd.	74,988		1,601,190	0.1	%
Total Industrials				499,834,967	28.3	%
Information Technology — (9.5%)
	Acal P.L.C.	293,479		816,470	0.1	%

The United Kingdom Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Information Technology — (Continued)
	AVEVA Group P.L.C.	322,264	$	7,472,003	0.4	%
	Computacenter P.L.C.	389,033		3,828,864	0.2	%
	E2V Technologies P.L.C.	846,513		2,852,907	0.2	%
	Electrocomponents P.L.C.	2,396,207		14,062,924	0.8	%
	FDM Group Holdings P.L.C.	26,428		183,341	0.0	%
	Fidessa Group P.L.C.	205,277		5,782,241	0.3	%
*	Gocompare.Com Group P.L.C.	1,496,630		1,309,557	0.1	%
	Halma P.L.C.	1,951,180		21,586,831	1.2	%
*	Imagination Technologies Group P.L.C.	1,260,452		3,906,779	0.2	%
	Laird P.L.C.	1,470,974		2,779,819	0.2	%
#	Micro Focus International P.L.C.	539,522		14,489,419	0.8	%
	Moneysupermarket.com Group P.L.C.	2,403,304		8,704,621	0.5	%
	NCC Group P.L.C.	700,295		1,566,744	0.1	%
	Oxford Instruments P.L.C.	255,490		2,297,417	0.1	%
*	Paysafe Group P.L.C.	2,313,667		10,570,178	0.6	%
	Playtech P.L.C.	1,111,348		11,306,677	0.6	%
	Renishaw P.L.C.	172,556		5,363,769	0.3	%
	Rightmove P.L.C.	477,301		22,927,820	1.3	%
	RM P.L.C.	318,504		528,947	0.0	%
	SDL P.L.C.	395,868		2,152,720	0.1	%
*	Sepura P.L.C.	429,568		100,464	0.0	%
	Spectris P.L.C.	613,329		17,476,706	1.0	%
	Spirent Communications P.L.C.	2,954,007		3,594,807	0.2	%
	TT Electronics P.L.C.	828,017		1,671,738	0.1	%
	Xaar P.L.C.	370,936		1,827,266	0.1	%
	Zoopla Property Group P.L.C.	833,606		3,278,637	0.2	%
Total Information Technology				172,439,666	9.7	%
Materials — (7.8%)
	Acacia Mining P.L.C.	900,534		4,126,450	0.2	%
#	Carclo P.L.C.	213,640		356,975	0.0	%
	Centamin P.L.C.	6,065,603		10,267,021	0.6	%
	Croda International P.L.C.	224,656		8,835,640	0.5	%
	DS Smith P.L.C.	4,938,232		24,797,760	1.4	%
	Elementis P.L.C.	2,601,104		8,885,609	0.5	%
	Essentra P.L.C.	1,251,793		7,107,509	0.4	%
*	Evraz P.L.C.	1,496,580		4,077,791	0.2	%
*	Ferrexpo P.L.C.	433,035		712,766	0.0	%
	Gem Diamonds, Ltd.	633,596		860,773	0.1	%
	Hill & Smith Holdings P.L.C.	416,549		6,160,074	0.4	%
	Hochschild Mining P.L.C.	1,480,894		3,816,349	0.2	%
*	KAZ Minerals P.L.C.	1,307,816		5,766,878	0.3	%
*	Lonmin P.L.C.	1,647,895		2,853,788	0.2	%
	Low & Bonar P.L.C.	1,119,286		904,574	0.1	%
	Marshalls P.L.C.	1,079,270		3,888,897	0.2	%
*	Petra Diamonds, Ltd.	3,007,687		5,773,766	0.3	%
#*	Petropavlovsk P.L.C.	13,101,159		1,117,439	0.1	%
	RPC Group P.L.C.	1,638,321		21,475,299	1.2	%
	Synthomer P.L.C.	1,317,365		6,213,216	0.4	%
	Vedanta Resources P.L.C.	365,710		3,924,466	0.2	%
	Victrex P.L.C.	443,677		10,549,955	0.6	%

The United Kingdom Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Materials — (Continued)
	Zotefoams P.L.C.	93,537	$	287,444	0.0	%
Total Materials				142,760,439	8.1	%
Real Estate — (2.5%)
#	Capital & Counties Properties P.L.C.	2,645,264		9,685,293	0.5	%
*	CLS Holdings P.L.C.	21,962		413,004	0.0	%
	Countrywide P.L.C.	649,114		1,399,306	0.1	%
	Daejan Holdings P.L.C.	36,075		2,749,662	0.2	%
	Foxtons Group P.L.C.	725,836		910,723	0.1	%
	Grainger P.L.C.	1,794,861		5,267,476	0.3	%
	Harworth Group P.L.C.	30,680		34,017	0.0	%
	Helical P.L.C.	619,438		2,249,056	0.1	%
	LSL Property Services P.L.C.	328,694		925,649	0.1	%
*	Raven Russia, Ltd.	1,046,108		576,039	0.0	%
	Savills P.L.C.	715,881		6,191,933	0.3	%
	St. Modwen Properties P.L.C.	1,098,776		4,133,624	0.2	%
	U & I Group P.L.C.	642,624		1,342,341	0.1	%
	UNITE Group P.L.C. (The)	1,349,912		10,086,595	0.6	%
Total Real Estate				45,964,718	2.6	%
Telecommunication Services — (0.7%)
	Inmarsat P.L.C.	458,644		4,243,646	0.3	%
	KCOM Group P.L.C.	3,197,302		3,734,073	0.2	%
#	TalkTalk Telecom Group P.L.C.	2,586,447		5,388,024	0.3	%
Total Telecommunication Services				13,365,743	0.8	%
Utilities — (2.0%)
	Dee Valley Group P.L.C.	12,109		270,253	0.0	%
	Drax Group P.L.C.	2,261,324		10,517,539	0.6	%
	Pennon Group P.L.C.	1,994,817		20,302,685	1.1	%
	Telecom Plus P.L.C.	319,153		4,627,873	0.3	%
Total Utilities				35,718,350	2.0	%
TOTAL COMMON STOCKS				1,758,590,917	99.4	%
TOTAL INVESTMENT SECURITIES				1,758,590,917
			Value†
SECURITIES LENDING COLLATERAL — (3.4%)
§@	DFA Short Term Investment Fund	5,356,427		61,984,568	3.5	%
TOTAL INVESTMENTS — (100.0%) (Cost $1,731,563,401)^			$	1,820,575,485	102.9	%

____________________

^ The cost for federal income tax purposes is $1,731,563,401.

The United Kingdom Small Company Series
continued

Summary of the Series' investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary		—	$	351,153,675	—	$	351,153,675
Consumer Staples		—		96,341,352	—		96,341,352
Energy		—		101,156,131	—		101,156,131
Financials	$	8,825,450		227,554,223	—		236,379,673
Health Care		—		63,476,203	—		63,476,203
Industrials		—		499,834,967	—		499,834,967
Information Technology		1,309,557		171,130,109	—		172,439,666
Materials		—		142,760,439	—		142,760,439
Real Estate		—		45,964,718	—		45,964,718
Telecommunication Services		—		13,365,743	—		13,365,743
Utilities		—		35,718,350	—		35,718,350
Securities Lending Collateral		—		61,984,568	—		61,984,568
TOTAL	$	10,135,007	$	1,810,440,478	—	$	1,820,575,485

THE CONTINENTAL SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (89.9%)
AUSTRIA — (3.0%)
	Agrana Beteiligungs AG	16,785	$	1,992,288	0.0%
	ANDRITZ AG	310,627		15,566,678	0.4%
	Atrium European Real Estate, Ltd.	722,120		2,978,528	0.1%
#	Austria Technologie & Systemtechnik AG	154,803		1,513,264	0.0%
	BUWOG AG	336,656		7,815,424	0.2%
	CA Immobilien Anlagen AG	332,305		6,100,501	0.1%
#	Conwert Immobilien Invest SE	367,906		6,278,708	0.2%
#	DO & CO AG	29,227		1,920,754	0.0%
	EVN AG	200,982		2,371,279	0.1%
*	FACC AG	23,201		124,774	0.0%
	Flughafen Wien AG	4,221		103,937	0.0%
#	IMMOFINANZ AG	3,445,943		6,707,742	0.2%
	Josef Manner & Co. AG	870		52,658	0.0%
	Kapsch TrafficCom AG	30,685		1,204,328	0.0%
	Lenzing AG	51,632		6,248,595	0.2%
	Mayr Melnhof Karton AG	49,358		5,236,091	0.1%
	Oberbank AG	45,050		2,860,479	0.1%
	Oesterreichische Post AG	203,557		6,823,308	0.2%
	Palfinger AG	79,849		2,401,310	0.1%
	POLYTEC Holding AG	92,160		1,006,205	0.0%
	Porr Ag	48,724		1,996,297	0.0%
*	Raiffeisen Bank International AG	533,683		9,728,498	0.2%
	RHI AG	147,894		3,765,641	0.1%
#	Rosenbauer International AG	18,560		1,057,491	0.0%
	S IMMO AG	330,386		3,472,565	0.1%
	Schoeller-Bleckmann Oilfield Equipment AG	61,970		4,982,068	0.1%
	Semperit AG Holding	68,546		1,856,348	0.0%
	Strabag SE	104,184		3,690,122	0.1%
	Telekom Austria AG	399,167		2,356,087	0.1%
	UBM Development AG	314		10,267	0.0%
#	UNIQA Insurance Group AG	598,622		4,526,689	0.1%
#	Verbund AG	308,524		4,918,407	0.1%
	Vienna Insurance Group AG Wiener Versicherung Gruppe	98,712		2,208,572	0.1%
	Voestalpine AG	4,113		160,831	0.0%
	Wienerberger AG	573,239		9,943,961	0.2%
	Wolford AG	11,252		245,424	0.0%
	Zumtobel Group AG	163,135		2,913,502	0.1%
TOTAL AUSTRIA				137,139,621	3.3%
BELGIUM — (4.2%)
#*	Ablynx NV	303,349		3,445,566	0.1%
	Ackermans & van Haaren NV	134,383		18,666,762	0.5%
*	AGFA-Gevaert NV	965,465		3,726,032	0.1%
	Atenor	7,383		353,640	0.0%
	Banque Nationale de Belgique	986		3,109,551	0.1%
	Barco NV	65,535		5,517,719	0.1%
	Bekaert SA	183,930		7,434,357	0.2%
	bpost SA	447,777		10,585,719	0.3%
#*	Celyad SA	17,193		321,160	0.0%
#	Cie d'Entreprises CFE	49,147		5,335,884	0.1%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
BELGIUM — (Continued)
#*	Cie Immobiliere de Belgique SA	14,788	$	824,621	0.0%
	Co.Br.Ha Societe Commerciale de Brasserie SA	111		332,041	0.0%
	D'ieteren SA	131,557		5,810,620	0.1%
#*	Dalenys	20,562		143,639	0.0%
	Deceuninck NV	358,205		855,589	0.0%
	Econocom Group SA	343,333		5,034,015	0.1%
	Elia System Operator SA	169,789		8,874,156	0.2%
	Euronav NV	679,242		5,402,820	0.1%
	EVS Broadcast Equipment SA	74,156		2,590,033	0.1%
#	Exmar NV	174,456		1,413,074	0.0%
#*	Fagron	224,088		2,287,892	0.1%
*	Galapagos NV	175,431		11,235,509	0.3%
	Gimv NV	29,320		1,622,643	0.0%
#	Ion Beam Applications	115,719		5,063,244	0.1%
	Jensen-Group NV	13,482		490,262	0.0%
#	Kinepolis Group NV	94,699		4,232,013	0.1%
#	Lotus Bakeries	1,454		3,821,284	0.1%
#*	MDxHealth	180,487		908,842	0.0%
	Melexis NV	113,838		7,614,682	0.2%
#*	Nyrstar NV	745,541		6,110,157	0.2%
	Ontex Group NV	314,694		9,342,629	0.2%
*	Orange Belgium SA	167,280		3,492,190	0.1%
	Picanol	28,800		2,351,623	0.1%
	RealDolmen	8,137		211,399	0.0%
	RealDolmen NV	120		2	0.0%
	Recticel SA	218,046		1,520,525	0.0%
	Resilux	5,006		826,559	0.0%
	Roularta Media Group NV	10,263		262,752	0.0%
	Sioen Industries NV	50,430		1,484,913	0.0%
	Sipef SA	25,871		1,646,468	0.0%
*	Telenet Group Holding NV	49,363		2,736,028	0.1%
	TER Beke SA	2,260		333,660	0.0%
*	Tessenderlo Chemie NV	190,301		6,954,441	0.2%
#*	ThromboGenics NV	159,152		424,162	0.0%
	Umicore SA	412,343		23,458,773	0.6%
	Van de Velde NV	35,498		2,470,472	0.1%
*	Viohalco SA	583,796		747,288	0.0%
TOTAL BELGIUM				191,427,410	4.6%
DENMARK — (4.2%)
	ALK-Abello A.S.	30,494		3,962,870	0.1%
	Alm Brand A.S.	468,716		3,572,938	0.1%
#	Ambu A.S. Class B	124,859		5,005,794	0.1%
	Arkil Holding A.S. Class B	504		62,416	0.0%
*	Bang & Olufsen A.S.	210,691		2,383,531	0.1%
	BankNordik P/F	1,753		33,643	0.0%
#*	Bavarian Nordic A.S.	146,880		5,166,434	0.1%
	Brodrene Hartmann A.S.	13,519		646,711	0.0%
#*	D/S Norden A.S.	136,704		2,133,716	0.1%
	DFDS A.S.	157,956		7,201,732	0.2%
	Djurslands Bank A.S.	8,970		295,244	0.0%
	FLSmidth & Co. A.S.	260,041		10,782,456	0.3%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
DENMARK — (Continued)
	Fluegger A.S. Class B	4,198	$	194,585	0.0%
	GN Store Nord A.S.	826,732		17,097,087	0.4%
*	GPV Industri A.S. Class B	2,200		—	0.0%
	Gronlandsbanken A.S.	1,125		97,833	0.0%
*	H+H International A.S. Class B	44,617		475,626	0.0%
	Harboes Bryggeri A.S. Class B	16,516		324,876	0.0%
	IC Group A.S.	39,094		818,187	0.0%
*	Jeudan A.S.	5,970		606,552	0.0%
	Jyske Bank A.S.	345,747		16,441,309	0.4%
	Lan & Spar Bank	4,981		320,616	0.0%
	Matas A.S.	180,232		2,458,696	0.1%
	NKT Holding A.S.	135,151		9,530,483	0.2%
#	NNIT A.S.	13,778		397,565	0.0%
	Nordjyske Bank A.S.	36,553		543,792	0.0%
*	Parken Sport & Entertainment A.S.	33,556		327,872	0.0%
	Per Aarsleff Holding A.S.	108,010		2,691,494	0.1%
	Ringkjoebing Landbobank A.S.	23,199		4,803,958	0.1%
	Roblon A.S. Class B	2,700		87,595	0.0%
	Rockwool International A.S. Class B	39,532		6,966,697	0.2%
	Royal Unibrew A.S.	227,860		8,785,776	0.2%
	RTX A.S.	36,014		719,866	0.0%
*	Santa Fe Group A.S.	127,806		1,011,275	0.0%
	Schouw & Co. AB	71,589		5,329,173	0.1%
	SimCorp A.S.	210,233		10,238,372	0.3%
	Solar A.S. Class B	27,904		1,424,088	0.0%
	Spar Nord Bank A.S.	354,296		4,058,440	0.1%
	Sydbank A.S.	359,022		11,123,091	0.3%
*	TDC A.S.	4,165,514		21,353,969	0.5%
*	Tivoli A.S.	9,370		585,115	0.0%
*	TK Development A.S.	608,784		815,291	0.0%
*	Topdanmark A.S.	491,266		12,448,897	0.3%
	Tryg A.S.	65,070		1,175,068	0.0%
	United International Enterprises	10,218		1,797,002	0.1%
*	Vestjysk Bank A.S.	53,413		98,377	0.0%
*	William Demant Holding A.S.	365,410		6,346,974	0.2%
#*	Zealand Pharma A.S.	62,015		932,882	0.0%
TOTAL DENMARK				193,675,964	4.7%
FINLAND — (6.7%)
	Ahlstrom Oyj	48,392		767,840	0.0%
	Aktia Bank Oyj	92,898		950,627	0.0%
#	Alandsbanken Abp Class B	21,354		322,877	0.0%
	Alma Media Oyj	42,130		223,137	0.0%
	Amer Sports Oyj	641,324		17,018,455	0.4%
#	Apetit Oyj	18,766		255,969	0.0%
	Aspo Oyj	92,762		797,986	0.0%
	Atria Oyj	42,958		519,152	0.0%
#*	BasWare Oyj	43,305		1,649,987	0.0%
#	Bittium Oyj	124,764		743,136	0.0%
	Cargotec Oyj Class B	235,592		10,606,831	0.3%
#	Caverion Corp.	522,975		4,352,098	0.1%
	Citycon Oyj	2,200,212		5,404,017	0.1%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
FINLAND — (Continued)
#	Comptel Oyj	360,144	$	897,161	0.0%
	Cramo Oyj	191,199		4,782,274	0.1%
	Digia Oyj	48,912		161,957	0.0%
	Elisa Oyj	734,075		23,829,141	0.6%
	F-Secure Oyj	529,757		1,935,177	0.1%
*	Finnair Oyj	450,180		1,908,815	0.0%
#	Fiskars Oyj Abp	190,312		3,522,987	0.1%
*	Glaston Oyj Abp	46,084		19,563	0.0%
	HKScan Oyj Class A	172,657		579,004	0.0%
	Huhtamaki Oyj	467,536		17,327,232	0.4%
	Ilkka-Yhtyma Oyj	61,503		175,193	0.0%
	Kemira Oyj	653,778		8,333,971	0.2%
	Kesko Oyj Class A	11,168		516,222	0.0%
	Kesko Oyj Class B	345,206		17,227,737	0.4%
	Konecranes Oyj	262,339		9,295,572	0.2%
	Lassila & Tikanoja Oyj	171,857		3,475,223	0.1%
	Lemminkainen Oyj	30,098		646,072	0.0%
#	Metsa Board Oyj	1,336,761		9,531,201	0.2%
	Metso Oyj	549,230		15,625,000	0.4%
#	Munksjo Oyj	24,345		404,075	0.0%
	Nokian Renkaat Oyj	623,433		23,177,911	0.6%
	Olvi Oyj Class A	68,749		2,025,162	0.1%
	Oriola-KD Oyj Class A	6,054		27,041	0.0%
	Oriola-KD Oyj Class B	628,439		2,844,610	0.1%
	Orion Oyj Class A	126,645		5,637,535	0.1%
	Orion Oyj Class B	436,647		19,401,023	0.5%
*	Outokumpu Oyj	3,022,031		26,909,215	0.7%
#*	Outotec Oyj	900,395		4,707,879	0.1%
#	PKC Group Oyj	115,436		1,920,892	0.1%
	Ponsse Oy	47,631		1,201,558	0.0%
*	Poyry Oyj	188,253		656,116	0.0%
*	QT Group Oyj	48,912		288,588	0.0%
	Raisio Oyj Class V	573,332		2,152,806	0.1%
	Ramirent Oyj	378,668		2,941,623	0.1%
	Rapala VMC Oyj	109,543		475,747	0.0%
	Revenio Group Oyj	23,248		744,852	0.0%
	Sanoma Oyj	754,064		6,540,586	0.2%
	Sponda Oyj	515,835		2,371,018	0.1%
	SRV Group Oyj	23,502		134,377	0.0%
*	Stockmann Oyj Abp Class A	42,474		316,631	0.0%
#*	Stockmann Oyj Abp Class B	157,936		1,170,732	0.0%
	Technopolis Oyj	905,646		2,977,591	0.1%
	Teleste Oyj	46,406		432,568	0.0%
	Tieto Oyj	295,694		8,045,775	0.2%
#	Tikkurila Oyj	209,297		4,134,590	0.1%
#	Uponor Oyj	283,661		4,922,881	0.1%
	Vaisala Oyj Class A	47,987		1,702,997	0.0%
	Valmet Oyj	526,890		7,736,062	0.2%
	Viking Line Abp	10,366		220,730	0.0%
	YIT Oyj	598,077		4,759,665	0.1%
TOTAL FINLAND				304,384,450	7.3%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
FRANCE — (12.5%)
	ABC Arbitrage	144,886	$	1,096,243	0.0%
	Actia Group	48,398		384,440	0.0%
#*	Air France-KLM	993,402		5,403,547	0.1%
	Akka Technologies	51,478		1,875,613	0.1%
	Albioma SA	95,177		1,656,119	0.0%
	Altamir	111,564		1,499,266	0.0%
	Alten SA	136,617		9,591,439	0.2%
	Altran Technologies SA	771,932		11,265,755	0.3%
	April SA	74,473		939,986	0.0%
#*	Archos	138,714		196,958	0.0%
	Arkema SA	298,145		29,143,870	0.7%
	Assystem	62,634		1,745,003	0.1%
	Aubay	29,713		828,473	0.0%
*	Ausy	980		56,580	0.0%
	Axway Software SA	30,384		978,808	0.0%
	Bastide le Confort Medical	8,920		222,984	0.0%
#	Beneteau SA	193,357		2,796,995	0.1%
*	Bigben Interactive	3,583		26,386	0.0%
#	BioMerieux	67,996		10,148,786	0.3%
	Boiron SA	38,334		3,396,290	0.1%
	Bonduelle SCA	74,889		1,971,482	0.1%
#	Bourbon Corp.	93,321		1,202,460	0.0%
	Burelle SA	3,717		3,717,219	0.1%
	Casino Guichard Perrachon SA	3,794		181,788	0.0%
#	Catering International Services	14,124		251,269	0.0%
#*	Cegedim SA	23,645		652,542	0.0%
*	Cegid Group SA	26,749		—	0.0%
#*	CGG SA	97,011		1,394,889	0.0%
	Chargeurs SA	95,815		1,609,833	0.0%
	Cie des Alpes	38,937		774,480	0.0%
	Cie Plastic Omnium SA	318,364		10,153,109	0.3%
*	Coface SA	136,925		893,094	0.0%
	Derichebourg SA	549,528		2,429,164	0.1%
	Devoteam SA	27,976		1,692,231	0.1%
	Dom Security	2,414		129,706	0.0%
	Edenred	946,779		18,746,715	0.5%
	Electricite de Strasbourg SA	21,168		2,329,251	0.1%
	Elior Group	353,796		8,082,219	0.2%
	Elis SA	126,804		2,261,298	0.1%
*	Eramet	28,909		1,722,284	0.1%
*	Esso SA Francaise	14,895		645,103	0.0%
#*	Etablissements Maurel et Prom	844,597		3,744,513	0.1%
	Euler Hermes Group	56,627		4,973,268	0.1%
	Eurofins Scientific SE	30,496		12,992,630	0.3%
	Euronext NV	224,956		9,271,797	0.2%
	Eutelsat Communications SA	33,157		641,179	0.0%
	Exel Industries Class A	10,330		830,058	0.0%
	Faiveley Transport SA	34,183		3,603,082	0.1%
	Faurecia	306,467		11,870,459	0.3%
#	Fimalac	272		29,165	0.0%
	Fleury Michon SA	5,962		404,117	0.0%
#	Gaumont SA	13,521		788,862	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
FRANCE — (Continued)
	Gaztransport Et Technigaz SA	72,536	$	3,133,663	0.1%
	GEA	2,433		237,518	0.0%
	Gevelot SA	3,466		529,785	0.0%
	GL Events	48,589		869,362	0.0%
	Groupe Crit	23,258		1,664,686	0.0%
*	Groupe Fnac SA	49,162		3,321,392	0.1%
#*	Groupe Gorge	22,858		508,313	0.0%
	Groupe Open	26,685		638,075	0.0%
	Guerbet	32,666		2,446,418	0.1%
	Haulotte Group SA	74,466		1,101,289	0.0%
	Havas SA	519,269		4,372,004	0.1%
*	Herige SADCS	4,147		112,894	0.0%
#*	HiPay Group SA	24,579		279,425	0.0%
*	ID Logistics Group	5,586		793,803	0.0%
	Imerys SA	145,098		10,992,929	0.3%
	Ingenico Group SA	43,343		3,458,158	0.1%
#	Interparfums SA	54,443		1,570,745	0.0%
	Ipsen SA	162,032		11,707,628	0.3%
	IPSOS	168,064		5,280,248	0.1%
	Jacquet Metal Service	68,090		1,419,093	0.0%
	Korian SA	196,034		5,742,225	0.1%
	Lagardere SCA	619,304		17,189,044	0.4%
#	Lanson-BCC	8,795		312,933	0.0%
	Laurent-Perrier	12,372		937,789	0.0%
	Le Noble Age	24,612		915,313	0.0%
	Lectra	115,852		2,197,000	0.1%
	Linedata Services	8,608		423,792	0.0%
	LISI	94,248		3,039,987	0.1%
	Maisons France Confort SA	15,298		764,556	0.0%
	Manitou BF SA	48,399		952,299	0.0%
	Manutan International	14,076		1,032,927	0.0%
	Mersen SA	117,956		2,521,629	0.1%
#*	METabolic EXplorer SA	151,621		392,065	0.0%
	Metropole Television SA	293,607		5,457,763	0.1%
	MGI Coutier	55,136		1,652,792	0.0%
	Mr Bricolage	30,731		397,056	0.0%
#*	Naturex	31,570		2,824,130	0.1%
	Neopost SA	176,348		5,507,617	0.1%
*	Nexans SA	188,998		9,774,725	0.2%
	Nexity SA	171,171		8,005,939	0.2%
#*	Nicox	76,283		684,258	0.0%
*	NRJ Group	71,278		716,594	0.0%
#	Oeneo SA	107,682		897,543	0.0%
#*	Onxeo SA(B04P0G6)	160,610		422,128	0.0%
#*	Onxeo SA(BPFJVR0)	48,958		128,870	0.0%
#	Orpea	182,255		14,714,274	0.4%
#*	Parrot SA	25,254		275,763	0.0%
#*	Pierre & Vacances SA	26,157		1,044,324	0.0%
	Plastivaloire	1,182		175,240	0.0%
	PSB Industries SA	8,161		433,816	0.0%
#	Rallye SA	128,234		2,483,172	0.1%
	Remy Cointreau SA	55,277		4,711,676	0.1%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
FRANCE — (Continued)
	Rexel SA	1,596,995	$	26,238,437	0.6%
#	Robertet SA	3,063		1,128,694	0.0%
	Rothschild & Co.	21,871		591,476	0.0%
	Rubis SCA	203,675		16,774,964	0.4%
	Samse SA	8,068		1,240,006	0.0%
	Sartorius Stedim Biotech	101,854		6,426,099	0.2%
	Savencia SA	33,142		2,333,934	0.1%
	SEB SA	120,657		16,349,482	0.4%
	Seche Environnement SA	11,799		359,635	0.0%
#*	Sequana SA	289,137		514,010	0.0%
*	SES-imagotag SA	14,048		403,057	0.0%
*	Societe des Bains de Mer et du Cercle des Etrangers a Monaco	60,258		1,908,180	0.1%
#*	Societe Internationale de Plantations d'Heveas SA	7,523		416,279	0.0%
	Societe Marseillaise du Tunnel Prado-Carenage SA	3,434		115,531	0.0%
#	Societe pour l'Informatique Industrielle	39,566		800,118	0.0%
*	SOITEC	1,279,868		1,977,675	0.1%
#*	Solocal Group	170,329		551,637	0.0%
	Somfy SA	20,959		8,547,645	0.2%
	Sopra Steria Group	74,501		8,452,791	0.2%
	SPIE SA	97,080		2,043,254	0.1%
*	Stallergenes Greer P.L.C.	12,201		396,994	0.0%
#*	Ste Industrielle d'Aviation Latecoere SA	310,883		1,370,261	0.0%
	Stef SA	28,166		2,366,656	0.1%
	STMicroelectronics NV	2,136,887		24,220,433	0.6%
	Sword Group	32,374		989,405	0.0%
	Synergie SA	69,989		2,577,783	0.1%
	Tarkett SA	54,324		1,948,424	0.1%
	Technicolor SA	1,482,868		8,017,791	0.2%
	Teleperformance	336,308		33,716,824	0.8%
#	Television Francaise 1	626,436		6,217,608	0.2%
	Tessi SA	6,807		1,153,681	0.0%
#	TFF Group	5,065		533,191	0.0%
#	Thermador Groupe	13,789		1,211,428	0.0%
	Total Gabon	1,515		248,658	0.0%
*	Touax SA	5,568		64,472	0.0%
	Trigano SA	46,958		3,672,516	0.1%
*	Ubisoft Entertainment SA	521,852		18,544,365	0.5%
	Union Financiere de France BQE SA	16,855		422,247	0.0%
#*	Vallourec SA	989,735		6,800,520	0.2%
#*	Valneva SE	218,939		712,191	0.0%
	Vetoquinol SA	16,625		796,691	0.0%
	Vicat SA	86,767		5,265,394	0.1%
	VIEL & Cie SA	161,700		739,920	0.0%
#	Vilmorin & Cie SA	27,056		1,703,588	0.1%
#*	Virbac SA	22,063		3,880,218	0.1%
	Vranken-Pommery Monopole SA	18,262		432,417	0.0%
*	Worldline SA	23,932		674,260	0.0%
TOTAL FRANCE				570,260,314	13.7%
GERMANY — (15.0%)
	Aareal Bank AG	409,233		15,348,599	0.4%
	Adler Modemaerkte AG	41,855		206,981	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
GERMANY — (Continued)
#*	ADLER Real Estate AG	111,691	$	1,705,857	0.0%
*	ADVA Optical Networking SE	194,362		1,573,737	0.0%
#*	AIXTRON SE	396,410		1,289,864	0.0%
*	Aligna AG	318,087		—	0.0%
	All for One Steeb AG	569		31,376	0.0%
#	Allgeier SE	26,260		477,916	0.0%
#	Amadeus Fire AG	30,007		2,318,181	0.1%
*	AS Creation Tapeten	7,109		223,344	0.0%
	Aurubis AG	180,566		10,392,016	0.3%
	Axel Springer SE	194,300		9,421,372	0.2%
	Basler AG	3,576		226,899	0.0%
	Bauer AG	33,835		406,052	0.0%
	BayWa AG(5838057)	78,978		2,557,588	0.1%
	BayWa AG(5838068)	124		4,107	0.0%
	Bechtle AG	80,333		8,352,754	0.2%
#	Bertrandt AG	27,357		2,779,922	0.1%
	Bijou Brigitte AG	19,236		1,116,487	0.0%
#*	Bilfinger SE	178,040		6,854,985	0.2%
	Biotest AG	60,306		1,008,477	0.0%
*	BKN International AG	33,408		—	0.0%
#	Borussia Dortmund GmbH & Co. KGaA	473,904		2,622,162	0.1%
	BRAAS Monier Building Group SA	20,914		554,149	0.0%
#	CANCOM SE	86,805		4,117,546	0.1%
	Carl Zeiss Meditec AG	160,352		5,900,231	0.1%
#	CENIT AG	50,111		1,052,664	0.0%
	CENTROTEC Sustainable AG	44,227		710,927	0.0%
	Cewe Stiftung & Co. KGAA	31,218		2,769,360	0.1%
#	Clere AG	21,096		353,782	0.0%
	Comdirect Bank AG	182,514		1,851,845	0.0%
#	CompuGroup Medical SE	119,816		4,913,500	0.1%
*	Constantin Medien AG	340,089		739,281	0.0%
	CropEnergies AG	116,924		627,274	0.0%
#	CTS Eventim AG & Co. KGaA	216,083		6,804,500	0.2%
	Data Modul AG	11,455		590,968	0.0%
#*	DEAG Deutsche Entertainment AG	13,697		40,958	0.0%
#	Delticom AG	28,981		546,191	0.0%
	Deutsche Beteiligungs AG	48,698		1,575,687	0.0%
	Deutsche EuroShop AG	220,384		8,964,095	0.2%
#	Deutsche Lufthansa AG	28,830		371,640	0.0%
	Deutsche Pfandbriefbank AG	22,610		216,563	0.0%
	Deutz AG	599,311		3,362,525	0.1%
*	Dialog Semiconductor P.L.C.	382,079		16,053,013	0.4%
	DIC Asset AG	265,874		2,543,528	0.1%
	DMG Mori AG	200,984		9,118,820	0.2%
	Dr Hoenle AG	25,078		741,009	0.0%
	Draegerwerk AG & Co. KGaA	9,773		669,551	0.0%
#	Drillisch AG	225,064		9,667,300	0.2%
	Duerr AG	133,802		10,728,441	0.3%
	Eckert & Ziegler AG	17,297		486,416	0.0%
	Elmos Semiconductor AG	53,988		806,152	0.0%
#	ElringKlinger AG	167,277		2,791,725	0.1%
*	Euromicron AG	32,612		200,625	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
GERMANY — (Continued)
*	Evotec AG	1,103,203	$	8,619,214	0.2%
#	Fielmann AG	114,167		7,534,145	0.2%
*	First Sensor AG	19,888		303,505	0.0%
	Francotyp-Postalia Holding AG Class A	53,729		310,497	0.0%
	Fraport AG Frankfurt Airport Services Worldwide	179,584		10,596,881	0.3%
	Freenet AG	652,809		18,346,927	0.4%
	Fuchs Petrolub SE	147,943		5,746,090	0.1%
	Gerresheimer AG	198,146		14,695,756	0.4%
	Gerry Weber International AG	98,127		1,133,164	0.0%
#	Gesco AG	43,467		1,028,847	0.0%
	GFK SE	76,920		3,511,750	0.1%
#	GFT Technologies SE	90,843		1,956,453	0.1%
	Grammer AG	79,765		3,979,831	0.1%
	GRENKE AG	36,620		5,738,572	0.1%
*	H&R GmbH & Co. KGaA	33,528		527,156	0.0%
	Hamburger Hafen und Logistik AG	113,533		2,109,767	0.1%
#*	Heidelberger Druckmaschinen AG	1,401,673		3,729,128	0.1%
	Hella KGaA Hueck & Co.	106,323		4,001,660	0.1%
*	Highlight Communications AG	94,846		566,740	0.0%
*	HolidayCheck Group AG	114,390		278,964	0.0%
	Hornbach Baumarkt AG	21,270		619,170	0.0%
	Hugo Boss AG	261,242		15,948,572	0.4%
	Indus Holding AG	129,827		7,041,709	0.2%
#	Init Innovation In Traffic Systems AG	23,180		363,699	0.0%
	Isra Vision AG	18,038		1,919,045	0.0%
	Jenoptik AG	262,122		4,518,808	0.1%
#	K+S AG	990,931		23,605,024	0.6%
*	Kampa AG	7,101		127	0.0%
	KION Group AG	258,832		14,370,732	0.3%
*	Kloeckner & Co. SE	555,392		6,935,224	0.2%
*	Koenig & Bauer AG	69,890		3,137,272	0.1%
#*	Kontron AG	437,004		1,310,822	0.0%
#	Krones AG	75,044		6,854,020	0.2%
	KSB AG	3,466		1,359,670	0.0%
*	KUKA AG	134,984		16,316,193	0.4%
#	KWS Saat SE	15,970		4,737,273	0.1%
	Lanxess AG	484,758		31,743,525	0.8%
	LEG Immobilien AG	306,750		23,791,358	0.6%
	Leifheit AG	13,935		827,806	0.0%
	Leoni AG	159,356		5,666,025	0.1%
#*	LPKF Laser & Electronics AG	76,947		561,847	0.0%
#*	Manz AG	20,001		697,731	0.0%
*	MasterFlex SE	19,347		134,032	0.0%
*	Mediclin AG	88,966		549,743	0.0%
#*	Medigene AG	56,083		700,022	0.0%
	MLP AG	296,006		1,298,227	0.0%
*	msg life ag	11,646		35,488	0.0%
#	MTU Aero Engines AG	249,839		28,818,892	0.7%
	MVV Energie AG	1,278		28,901	0.0%
	Nemetschek SE	107,874		6,271,885	0.2%
	Nexus AG	49,542		933,061	0.0%
#*	Nordex SE	307,691		6,590,488	0.2%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
GERMANY — (Continued)
	Norma Group SE	202,672	$	8,633,124	0.2%
	OHB SE	34,003		663,199	0.0%
	Osram Licht AG	343,036		17,963,212	0.4%
	paragon AG	4,815		210,617	0.0%
*	Patrizia Immobilien AG	263,203		4,368,080	0.1%
#*	Petro Welt Technologies AG	6,474		47,622	0.0%
	Pfeiffer Vacuum Technology AG	52,225		4,871,024	0.1%
	PNE Wind AG	367,537		842,970	0.0%
	Progress-Werk Oberkirch AG	7,571		318,521	0.0%
	PSI AG Gesellschaft Fuer Produkte und Systeme der        Informationstechnologie	27,232		349,849	0.0%
	Puma SE	10,528		2,763,792	0.1%
*	PVA TePla AG	46,019		110,283	0.0%
*	QIAGEN NV	744,663		20,867,950	0.5%
#	QSC AG	498,723		1,005,203	0.0%
#	R Stahl AG	14,952		447,347	0.0%
	Rational AG	14,449		6,444,141	0.2%
	Rheinmetall AG	223,411		14,993,275	0.4%
	RHOEN-KLINIKUM AG	235,088		6,345,761	0.2%
#	RIB Software AG	157,104		2,061,265	0.1%
#	S&T AG	15,456		141,323	0.0%
	SAF-Holland SA	248,917		3,568,069	0.1%
	Salzgitter AG	212,972		7,472,264	0.2%
#	Schaltbau Holding AG	27,311		883,824	0.0%
	Schloss Wachenheim AG	7,479		120,574	0.0%
*	SER Systems AG	9,400		—	0.0%
#*	SGL Carbon SE	266,687		2,341,879	0.1%
	SHW AG	25,624		879,159	0.0%
*	Siltronic AG	6,953		321,566	0.0%
#	Sixt Leasing SE	7,617		143,656	0.0%
	Sixt SE	80,910		4,333,633	0.1%
#	SMA Solar Technology AG	59,062		1,557,381	0.0%
*	SMT Scharf AG	18,103		263,633	0.0%
	Softing AG	21,576		291,551	0.0%
	Software AG	309,788		11,227,782	0.3%
#*	Solarworld AG	13,177		33,652	0.0%
*	Stabilus SA	30,774		1,653,157	0.0%
	Stada Arzneimittel AG	306,492		15,833,942	0.4%
	STRATEC Biomedical AG	8,807		424,246	0.0%
#	Stroeer SE & Co. KGaA	116,515		5,107,090	0.1%
	Suedzucker AG	438,206		10,445,333	0.3%
#*	Suess MicroTec AG	105,674		710,833	0.0%
	Surteco SE	25,640		637,915	0.0%
	TAG Immobilien AG	798,736		10,525,702	0.3%
	Takkt AG	163,454		3,693,533	0.1%
	Technotrans AG	32,047		772,238	0.0%
	TLG Immobilien AG	152,128		2,863,875	0.1%
*	Tom Tailor Holding AG	108,631		592,711	0.0%
	VERBIO Vereinigte BioEnergie AG	127,536		972,016	0.0%
#*	Vossloh AG	68,437		4,295,675	0.1%
#	VTG AG	80,128		2,392,969	0.1%
#	Wacker Chemie AG	77,716		8,066,094	0.2%
	Wacker Neuson SE	146,155		2,367,300	0.1%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
GERMANY — (Continued)
	Washtec AG	42,100	$	2,191,163	0.1%
	XING AG	16,563		3,056,716	0.1%
	Zeal Network SE	33,676		1,306,745	0.0%
TOTAL GERMANY				685,986,814	16.5%
GREECE — (0.0%)
*	Alfa Alfa Energy SA	3,810		—	0.0%
*	Alysida SA	2,376		—	0.0%
*	Atlantic Supermarkets SA	34,730		—	0.0%
*	Babis Vovos International Construction SA	21,073		—	0.0%
*	Balafas SA	15,200		—	0.0%
*	Elektroniki Athinon SA	7,497		—	0.0%
*	Etma Rayon SA	11,242		—	0.0%
*	Informatics SA	3,778		—	0.0%
*	Ipirotiki Software & Publications SA	22,110		—	0.0%
*	Lan-Net SA	12,688		—	0.0%
*	Neorion Holdings SA	14,991		—	0.0%
*	Promota Hellas SA	8,860		—	0.0%
*	T Bank SA	228,007		—	0.0%
*	Themeliodomi SA	37,422		—	0.0%
TOTAL GREECE				—	0.0%
IRELAND — (1.2%)
	C&C Group P.L.C.(B010DT8)	399,607		1,669,304	0.1%
	C&C Group P.L.C.(B011Y09)	1,077,904		4,360,781	0.1%
	Datalex P.L.C.	60,575		216,000	0.0%
*	FBD Holdings P.L.C.	125,728		860,235	0.0%
	Glanbia P.L.C.(0066950)	700,613		11,684,912	0.3%
	Glanbia P.L.C.(4058629)	26,140		433,884	0.0%
	IFG Group P.L.C.	302,015		566,331	0.0%
*	Independent News & Media P.L.C.	1,593,163		213,590	0.0%
	Irish Continental Group P.L.C.(BLP5857)	366,782		1,733,972	0.1%
	Irish Continental Group P.L.C.(BLP59W1)	234,200		1,066,637	0.0%
	Kingspan Group P.L.C.	622,048		16,815,462	0.4%
	Paddy Power Betfair P.L.C.	4,809		511,689	0.0%
	Smurfit Kappa Group P.L.C.	601,045		13,765,269	0.3%
TOTAL IRELAND				53,898,066	1.3%
ISRAEL — (1.8%)
*	ADO Group, Ltd.	49,052		557,175	0.0%
#*	Africa Israel Investments, Ltd.	1,160,746		172,708	0.0%
	Africa Israel Properties, Ltd.	78,320		1,344,486	0.0%
	Africa Israel Residences, Ltd.	594		11,510	0.0%
#*	Airport City, Ltd.	316,100		3,141,883	0.1%
	Albaad Massuot Yitzhak, Ltd.	466		7,428	0.0%
#*	Allot Communications, Ltd.	127,151		611,907	0.0%
	Alrov Properties and Lodgings, Ltd.	44,380		964,138	0.0%
	Amot Investments, Ltd.	452,653		1,920,303	0.1%
	Arad, Ltd.	1,053		10,590	0.0%
	Ashtrom Properties, Ltd.	23,018		82,256	0.0%
#*	AudioCodes, Ltd.	163,675		1,019,081	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
ISRAEL — (Continued)
	Avgol Industries 1953, Ltd.	407,132	$	489,230	0.0%
*	Azorim-Investment Development & Construction Co., Ltd.	380,820		341,057	0.0%
	Bayside Land Corp.	3,610		1,309,350	0.0%
#	Big Shopping Centers, Ltd.	17,790		1,167,569	0.0%
*	BioLine RX, Ltd.	59,630		53,356	0.0%
#	Blue Square Real Estate, Ltd.	22,369		852,889	0.0%
	Brack Capital Properties NV	12,827		1,147,370	0.0%
#*	Cellcom Israel, Ltd.	283,451		2,272,990	0.1%
*	Ceragon Networks, Ltd.	109,184		276,555	0.0%
#*	Clal Biotechnology Industries, Ltd.	174,162		108,279	0.0%
*	Clal Insurance Enterprises Holdings, Ltd.	88,091		1,127,682	0.0%
*	Cohen Development & Industrial Buildings, Ltd.	2,564		64,928	0.0%
#*	Compugen, Ltd.	185,531		941,595	0.0%
	Delek Automotive Systems, Ltd.	168,811		1,493,900	0.0%
#	Delta-Galil Industries, Ltd.	56,527		1,641,185	0.1%
	Direct Insurance Financial Investments, Ltd.	73,126		652,217	0.0%
	El Al Israel Airlines	1,470,062		972,122	0.0%
	Electra Consumer Products 1970, Ltd.	12,719		174,706	0.0%
#	Electra, Ltd.	8,540		1,370,680	0.0%
#	Elron Electronic Industries, Ltd.	62,094		287,966	0.0%
#	Energix-Renewable Energies, Ltd.	78,065		48,142	0.0%
*	Equital, Ltd.	7,312		138,596	0.0%
#*	Evogene, Ltd.	70,559		358,627	0.0%
#	First International Bank Of Israel, Ltd.	180,262		2,641,629	0.1%
	FMS Enterprises Migun, Ltd.	11,414		306,301	0.0%
	Formula Systems 1985, Ltd.	44,239		1,793,289	0.1%
	Fox Wizel, Ltd.	19,541		315,485	0.0%
	Frutarom Industries, Ltd.	678		34,607	0.0%
*	Gilat Satellite Networks, Ltd.	113,132		570,594	0.0%
#*	Hadera Paper, Ltd.	10,176		346,988	0.0%
	Harel Insurance Investments & Financial Services, Ltd.	552,043		2,530,343	0.1%
	Hilan, Ltd.	45,185		681,615	0.0%
#	IDI Insurance Co., Ltd.	22,850		1,103,417	0.0%
#	Industrial Buildings Corp., Ltd.	475,849		567,833	0.0%
*	Israel Discount Bank, Ltd. Class A	2,736,507		5,679,010	0.2%
	Israel Land Development Co., Ltd. (The)	22,310		118,639	0.0%
*	Jerusalem Oil Exploration	45,662		1,954,179	0.1%
#*	Kamada, Ltd.	126,672		691,987	0.0%
*	Kenon Holdings, Ltd.	27,135		318,773	0.0%
	Kerur Holdings, Ltd.	7,088		183,143	0.0%
	Klil Industries, Ltd.	550		46,728	0.0%
	Maabarot Products, Ltd.	21,999		340,944	0.0%
	Magic Software Enterprises, Ltd.	92,863		635,664	0.0%
#	Matrix IT, Ltd.	178,144		1,423,443	0.0%
	Maytronics, Ltd.	129,036		494,794	0.0%
#*	Mazor Robotics, Ltd.	228,777		2,524,400	0.1%
	Meitav DS Investments, Ltd.	44,186		203,019	0.0%
#	Melisron, Ltd.	52,894		2,254,544	0.1%
*	Menora Mivtachim Holdings, Ltd.	123,424		1,118,162	0.0%
#*	Migdal Insurance & Financial Holding, Ltd.	1,543,756		1,260,981	0.0%
#	Mivtach Shamir Holdings, Ltd.	22,547		458,976	0.0%
#*	Naphtha Israel Petroleum Corp., Ltd.	160,542		1,033,695	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
ISRAEL — (Continued)
	Neto ME Holdings, Ltd.	5,555	$	430,943	0.0%
#*	Nova Measuring Instruments, Ltd.	119,308		1,587,818	0.1%
*	Oil Refineries, Ltd.	5,367,932		1,888,561	0.1%
#*	Partner Communications Co., Ltd.	459,954		2,197,938	0.1%
	Paz Oil Co., Ltd.	23,314		3,417,965	0.1%
*	Perion Network, Ltd.	16,455		22,566	0.0%
*	Phoenix Holdings, Ltd. (The)	280,698		971,964	0.0%
#	Plasson Industries, Ltd.	13,484		397,633	0.0%
#	Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.	32,629		1,317,705	0.0%
#*	Redhill Biopharma, Ltd.	45,309		47,503	0.0%
#	Sapiens International Corp. NV	109,799		1,572,699	0.1%
	Scope Metals Group, Ltd.	830		16,628	0.0%
	Shapir Engineering and Industry, Ltd.	37,161		80,876	0.0%
#	Shikun & Binui, Ltd.	1,044,647		1,992,399	0.1%
	Shufersal, Ltd.	392,383		1,464,734	0.0%
*	Space Communication, Ltd.	17,611		111,066	0.0%
	Strauss Group, Ltd.	136,109		2,149,189	0.1%
*	Summit Real Estate Holdings, Ltd.	104,998		564,642	0.0%
	Tadiran Holdings, Ltd.	6,059		135,080	0.0%
#*	Tower Semiconductor, Ltd.	251,518		4,779,928	0.1%
*	Union Bank of Israel	126,346		554,261	0.0%
TOTAL ISRAEL				84,469,736	2.0%
ITALY — (8.7%)
	A2A SpA	8,290,391		10,706,874	0.3%
	ACEA SpA	302,509		3,671,061	0.1%
*	Aedes SIIQ SpA	691,904		280,723	0.0%
#*	Aeffe SpA	167,738		195,777	0.0%
	Amplifon SpA	515,448		4,908,749	0.1%
	Anima Holding SpA	761,265		4,126,530	0.1%
	Ansaldo STS SpA	572,443		7,134,411	0.2%
*	Arnoldo Mondadori Editore SpA	724,145		892,387	0.0%
	Ascopiave SpA	424,667		1,216,855	0.0%
#	Astaldi SpA	288,057		1,637,000	0.1%
	Autogrill SpA	728,145		6,570,418	0.2%
#	Azimut Holding SpA	623,078		10,363,894	0.3%
#*	Banca Carige SpA	1,893,751		633,451	0.0%
#	Banca Finnat Euramerica SpA	616,149		241,559	0.0%
	Banca Generali SpA	284,313		6,762,305	0.2%
	Banca IFIS SpA	147,336		4,025,937	0.1%
	Banca Mediolanum SpA	1,097,031		7,869,130	0.2%
#*	Banca Monte dei Paschi di Siena SpA	19,884		310,592	0.0%
#*	Banca Popolare dell'Etruria e del Lazio SC	1,058,027		—	0.0%
#	Banca Popolare di Milano Scarl	22,383,595		8,418,715	0.2%
	Banca Popolare di Sondrio SCPA	2,316,219		7,599,380	0.2%
	Banca Profilo SpA	1,221,744		222,736	0.0%
	Banco di Desio e della Brianza SpA	224,677		464,623	0.0%
	Banco Popolare SC	2,966,423		7,138,856	0.2%
#	BasicNet SpA	170,033		599,882	0.0%
	Biesse SpA	68,574		1,378,608	0.0%
	BPER Banca	2,548,728		13,527,093	0.3%
	Brembo SpA	161,253		9,755,032	0.2%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
ITALY — (Continued)
#	Brunello Cucinelli SpA	101,511	$	2,173,154	0.1%
	Buzzi Unicem SpA	409,864		9,698,138	0.2%
#	Cairo Communication SpA	339,858		1,359,239	0.0%
*	Caltagirone Editore SpA	6,277		4,851	0.0%
	Cembre SpA	39,007		570,633	0.0%
	Cementir Holding SpA	325,211		1,437,086	0.0%
	Cerved Information Solutions SpA	620,171		5,140,515	0.1%
	CIR-Compagnie Industriali Riunite SpA	2,065,487		2,244,979	0.1%
	Credito Emiliano SpA	471,853		2,824,856	0.1%
#	Credito Valtellinese SC	5,732,088		2,238,119	0.1%
	d'Amico International Shipping SA	830,428		290,316	0.0%
	Danieli & C Officine Meccaniche SpA	72,897		1,480,743	0.0%
	Datalogic SpA	111,466		2,192,488	0.1%
	Davide Campari-Milano SpA	1,402,760		13,701,107	0.3%
	De' Longhi SpA	274,771		6,522,245	0.2%
	DeA Capital SpA	526,890		664,955	0.0%
	DiaSorin SpA	116,636		6,897,597	0.2%
#*	Ei Towers SpA	87,314		4,700,616	0.1%
	El.En. SpA	48,277		1,191,795	0.0%
	Elica SpA	4,665		9,119	0.0%
#	ERG SpA	319,564		3,427,882	0.1%
	Esprinet SpA	169,978		1,266,494	0.0%
*	Eurotech SpA	90,850		144,826	0.0%
	Falck Renewables SpA	704,182		684,476	0.0%
*	Fincantieri SpA	2,268,686		1,127,638	0.0%
#	FinecoBank Banca Fineco SpA	922,158		5,155,956	0.1%
	FNM SpA	627,039		326,045	0.0%
#	Geox SpA	453,868		1,053,507	0.0%
*	Gruppo Editoriale L'Espresso SpA	481,852		374,034	0.0%
#	Gruppo MutuiOnline SpA	103,077		917,081	0.0%
	Hera SpA	3,352,671		7,716,829	0.2%
	IMMSI SpA	1,202,186		467,518	0.0%
	Industria Macchine Automatiche SpA	70,748		4,284,711	0.1%
	Infrastrutture Wireless Italiane SpA	257,283		1,193,916	0.0%
*	Intek Group SpA	1,768,514		378,089	0.0%
	Interpump Group SpA	425,898		6,968,000	0.2%
	Iren SpA	2,952,554		4,830,393	0.1%
	Italmobiliare SpA	45,336		2,133,398	0.1%
*	Juventus Football Club SpA	2,188,514		692,988	0.0%
	La Doria SpA	65,929		621,997	0.0%
#	Maire Tecnimont SpA	643,190		1,741,725	0.1%
#	MARR SpA	182,251		3,322,447	0.1%
#	Mediaset SpA	4,351,208		18,740,361	0.5%
	Moncler SpA	664,534		11,547,291	0.3%
#	Nice SpA	71,162		190,653	0.0%
	OVS SpA	81,957		411,670	0.0%
	Parmalat SpA	1,761,867		5,493,177	0.1%
#	Piaggio & C SpA	961,442		1,603,247	0.1%
#*	Prelios SpA	127,326		12,382	0.0%
#	Prima Industrie SpA	15,358		255,504	0.0%
	Prysmian SpA	1,026,230		26,302,604	0.6%
	RAI Way SpA	13,096		49,352	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
ITALY — (Continued)
	Recordati SpA	474,431	$	13,442,019	0.3%
#	Reno de Medici SpA	840,050		269,419	0.0%
	Reply SpA	23,664		2,937,633	0.1%
*	Retelit SpA	732,206		823,705	0.0%
*	Richard-Ginori 1735 SpA	8,489		—	0.0%
	Sabaf SpA	25,688		281,147	0.0%
#	SAES Getters SpA	40,332		505,327	0.0%
*	Safilo Group SpA	176,776		1,481,956	0.0%
*	Saipem SpA	26,968,903		15,084,034	0.4%
#	Salini Impregilo SpA	1,159,746		3,655,579	0.1%
#	Salvatore Ferragamo SpA	262,482		6,190,812	0.2%
	Saras SpA	1,637,194		2,955,395	0.1%
	SAVE SpA	85,250		1,558,780	0.0%
	Servizi Italia SpA	34,833		131,033	0.0%
#*	Snai SpA	117,457		161,859	0.0%
	Societa Cattolica di Assicurazioni SCRL	852,357		4,990,274	0.1%
	Societa Iniziative Autostradali e Servizi SpA	349,366		2,978,515	0.1%
*	Sogefi SpA	284,842		729,168	0.0%
	SOL SpA	161,050		1,348,960	0.0%
	Tamburi Investment Partners SpA	418,473		1,582,847	0.0%
#*	Tiscali SpA	9,160,788		438,810	0.0%
#	Tod's SpA	70,079		4,551,561	0.1%
#*	Trevi Finanziaria Industriale SpA	509,518		524,388	0.0%
	TXT e-solutions SpA	28,342		223,695	0.0%
#	Unione di Banche Italiane SpA	1,455,627		3,985,606	0.1%
	Unipol Gruppo Finanziario SpA	2,168,748		7,798,551	0.2%
#	UnipolSai SpA	4,147,843		8,847,027	0.2%
	Vittoria Assicurazioni SpA	124,843		1,330,004	0.0%
#*	Yoox Net-A-Porter Group SpA	280,998		7,945,800	0.2%
	Zignago Vetro SpA	142,878		830,745	0.0%
TOTAL ITALY				397,015,969	9.5%
NETHERLANDS — (4.7%)
	Aalberts Industries NV	600,156		19,443,822	0.5%
	Accell Group	142,072		3,274,646	0.1%
	AFC Ajax NV	18,134		166,963	0.0%
	AMG Advanced Metallurgical Group NV	171,531		2,665,610	0.1%
	Amsterdam Commodities NV	92,796		2,042,069	0.1%
#	APERAM SA	270,393		12,339,630	0.3%
	Arcadis NV	376,441		5,275,601	0.1%
#	ASM International NV	290,828		13,038,622	0.3%
*	Atag Group NV	4,630		—	0.0%
	BE Semiconductor Industries NV	196,836		6,547,545	0.2%
	Beter Bed Holding NV	97,492		1,733,251	0.0%
	BinckBank NV	265,526		1,535,389	0.0%
	Boskalis Westminster	431,756		14,978,510	0.4%
	Brunel International NV	118,473		1,916,658	0.1%
	Corbion NV	334,113		8,935,323	0.2%
	Delta Lloyd NV	2,709,093		15,141,665	0.4%
	Flow Traders	5,391		185,546	0.0%
*	Fugro NV	381,770		5,829,592	0.1%
#	Gemalto NV(B9MS8P5)	304,031		17,558,209	0.4%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
NETHERLANDS — (Continued)
	Gemalto NV(B011JK4)	2,670	$	154,357	0.0%
#*	Heijmans NV	126,289		734,319	0.0%
	Hunter Douglas NV	9,827		552,850	0.0%
	IMCD Group NV	50,186		2,138,272	0.1%
	KAS Bank NV	80,799		716,531	0.0%
	Kendrion NV	67,325		1,895,258	0.0%
#	Koninklijke BAM Groep NV	1,407,837		6,508,471	0.2%
	Koninklijke Vopak NV	180,802		8,530,249	0.2%
	Nederland Apparatenfabriek	27,865		979,819	0.0%
#*	OCI NV	292,497		5,101,457	0.1%
#*	Ordina NV	866,273		1,911,580	0.0%
*	PostNL NV	2,511,108		10,787,947	0.3%
	Refresco Group NV	26,486		402,079	0.0%
	SBM Offshore NV	949,667		14,868,291	0.4%
#	Sligro Food Group NV	134,261		4,672,163	0.1%
#*	SNS Reaal NV	705,718		—	0.0%
	Telegraaf Media Groep NV	170,034		849,024	0.0%
	TKH Group NV	223,860		8,853,241	0.2%
#*	TomTom NV	575,952		5,174,624	0.1%
	Van Lanschot NV	25,348		532,818	0.0%
	Wessanen	469,148		6,568,139	0.2%
TOTAL NETHERLANDS				214,540,140	5.2%
NORWAY — (2.7%)
#	ABG Sundal Collier Holding ASA	1,786,130		1,021,131	0.0%
	AF Gruppen ASA	18,991		339,563	0.0%
#*	Akastor ASA	917,989		1,719,223	0.0%
#	Aker ASA Class A	130,540		4,876,914	0.1%
	Aker BP ASA	465,731		8,322,095	0.2%
#*	Aker Solutions ASA	629,094		3,007,644	0.1%
#	American Shipping Co. ASA	201,106		565,204	0.0%
	Arendals Fossekompani A.S.	90		30,870	0.0%
	Atea ASA	352,576		3,244,125	0.1%
	Austevoll Seafood ASA	517,682		5,016,394	0.1%
	Avance Gas Holding, Ltd.	17,315		53,060	0.0%
#*	Axactor AB	4,237,217		1,298,123	0.0%
	Bakkafrost P/F	172,423		6,839,223	0.2%
*	Biotec Pharmacon ASA	139,685		182,889	0.0%
	Bonheur ASA	140,320		1,172,755	0.0%
	Borregaard ASA	468,193		4,581,262	0.1%
#	BW LPG, Ltd.	259,105		1,088,480	0.0%
*	BW Offshore, Ltd.	863,791		2,764,113	0.1%
#*	Deep Sea Supply P.L.C.	254,547		40,862	0.0%
#*	DNO ASA	3,249,546		3,181,219	0.1%
	Ekornes ASA	111,584		1,375,168	0.0%
	Entra ASA	24,798		246,512	0.0%
#*	Fred Olsen Energy ASA	147,008		538,320	0.0%
#	Frontline, Ltd.	173,160		1,240,779	0.0%
	Grieg Seafood ASA	257,604		2,435,979	0.1%
#*	Hexagon Composites ASA	394,620		1,228,858	0.0%
#	Hoegh LNG Holdings, Ltd.	220,215		2,452,547	0.1%
*	Kongsberg Automotive ASA	2,171,519		1,425,315	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
NORWAY — (Continued)
#	Kongsberg Gruppen ASA	5,129	$	73,967	0.0%
*	Kvaerner ASA	1,616,475		2,261,805	0.1%
#*	Nordic Semiconductor ASA	703,953		2,855,506	0.1%
#*	Norske Skogindustrier ASA	1,270,388		417,744	0.0%
#*	Norwegian Air Shuttle ASA	149,161		4,954,631	0.1%
#	Ocean Yield ASA	230,469		1,731,934	0.1%
*	Odfjell Drilling, Ltd.	15,249		30,525	0.0%
*	Odfjell SE Class A	134,257		455,302	0.0%
#	Olav Thon Eiendomsselskap ASA	115,054		2,130,221	0.1%
#	Opera Software ASA	514,924		2,224,082	0.1%
#*	Petroleum Geo-Services ASA	1,043,141		3,514,867	0.1%
#*	PhotoCure ASA	57,224		278,245	0.0%
#*	Prosafe SE	51,519		220,339	0.0%
#	Protector Forsikring ASA	285,028		2,268,445	0.1%
*	Q-Free ASA	179,836		163,982	0.0%
#*	REC Silicon ASA	14,281,005		1,881,819	0.1%
#	Scatec Solar ASA	166,203		740,424	0.0%
#*	Seadrill, Ltd.	343,714		1,181,021	0.0%
	Selvaag Bolig ASA	139,333		644,622	0.0%
#*	Sevan Marine ASA	124,800		245,389	0.0%
*	Solstad Offshore ASA	72,220		96,224	0.0%
#*	Songa Offshore	89,043		323,978	0.0%
	SpareBank 1 SMN	131,684		986,546	0.0%
	SpareBank 1 SR-Bank ASA	200,102		1,407,467	0.0%
	Stolt-Nielsen, Ltd.	121,666		1,494,001	0.0%
*	Storebrand ASA	762,009		4,047,778	0.1%
#	TGS Nopec Geophysical Co. ASA	351,607		7,794,678	0.2%
	Tomra Systems ASA	647,834		6,786,652	0.2%
#*	Treasure ASA	249,256		481,803	0.0%
	Veidekke ASA	395,147		5,646,275	0.1%
#	Wilh Wilhelmsen ASA	306,364		1,198,922	0.0%
	Wilh Wilhelmsen Holding ASA Class A	61,068		1,399,443	0.0%
#	XXL ASA	157,112		1,782,607	0.1%
TOTAL NORWAY				122,009,871	2.9%
PORTUGAL — (0.9%)
	Altri SGPS SA	577,518		2,348,466	0.1%
*	Banco BPI SA	2,573,144		3,060,601	0.1%
#*	Banco Comercial Portugues SA Class R	4,200,763		4,728,012	0.1%
*	Banco Espirito Santo SA	4,777,921		—	0.0%
	CTT-Correios de Portugal SA	692,539		4,694,176	0.1%
	EDP Renovaveis SA	182,845		1,161,271	0.0%
	Ibersol SGPS SA	24,481		321,803	0.0%
	Mota-Engil SGPS SA	677,759		1,147,255	0.0%
	Navigator Co. SA (The)	2,010,412		6,909,430	0.2%
	NOS SGPS SA	1,079,047		6,404,019	0.2%
	Novabase SGPS SA	65,729		172,089	0.0%
#	REN - Redes Energeticas Nacionais SGPS SA	1,346,999		3,821,761	0.1%
	Semapa-Sociedade de Investimento e Gestao	104,857		1,479,639	0.0%
#	Sonae Capital SGPS SA	252,051		198,278	0.0%
	Sonae SGPS SA	4,901,591		4,504,519	0.1%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
PORTUGAL — (Continued)
	Teixeira Duarte SA	710,639	$	139,235	0.0%
TOTAL PORTUGAL				41,090,554	1.0%
SPAIN — (5.1%)
	Acciona SA	148,641		10,918,093	0.3%
	Acerinox SA	839,895		11,097,837	0.3%
#	Adveo Group International SA	104,096		373,591	0.0%
	Almirall SA	289,516		4,491,210	0.1%
#*	Amper SA	2,752,422		639,799	0.0%
	Applus Services SA	407,282		4,127,591	0.1%
#	Atresmedia Corp. de Medios de Comunicacion SA	353,910		3,863,341	0.1%
	Azkoyen SA	64,022		395,705	0.0%
#	Banco Popular Espanol SA	1,383,720		1,333,209	0.0%
*	Baron de Ley	13,360		1,683,895	0.0%
#	Bolsas y Mercados Espanoles SHMSF SA	410,153		12,059,099	0.3%
#*	Caja de Ahorros del Mediterraneo	116,412		—	0.0%
#	Cellnex Telecom SA	557,498		8,002,399	0.2%
*	Cementos Portland Valderrivas SA	68,410		430,960	0.0%
	Cia de Distribucion Integral Logista Holdings SA	141,672		3,278,167	0.1%
	Cie Automotive SA	249,123		4,847,823	0.1%
#	Clinica Baviera SA	3,698		37,003	0.0%
	Construcciones y Auxiliar de Ferrocarriles SA	91,240		3,675,164	0.1%
#*	Deoleo SA	1,012,691		244,558	0.0%
#	Distribuidora Internacional de Alimentacion SA	2,929,226		14,366,618	0.4%
#*	Duro Felguera SA	420,986		495,201	0.0%
	Ebro Foods SA	366,900		7,678,558	0.2%
*	eDreams ODIGEO SA	279,986		874,321	0.0%
	Elecnor SA	191,752		1,811,642	0.0%
	Ence Energia y Celulosa SA	1,037,062		2,732,543	0.1%
*	Ercros SA	793,700		1,536,242	0.0%
*	Euskaltel SA	18,315		162,111	0.0%
	Faes Farma SA	1,379,422		4,870,217	0.1%
	Fluidra SA	159,343		722,793	0.0%
	Gamesa Corp. Tecnologica SA	1,203,576		24,333,507	0.6%
	Grupo Catalana Occidente SA	203,062		6,637,137	0.2%
#*	Grupo Ezentis SA	946,893		515,772	0.0%
	Iberpapel Gestion SA	37,248		897,606	0.0%
*	Indra Sistemas SA	587,934		6,430,483	0.2%
	Inmobiliaria Colonial SA	1,007,155		6,970,161	0.2%
	Inmobiliaria del Sur SA	2,902		24,176	0.0%
#	Laboratorios Farmaceuticos Rovi SA	68,607		884,208	0.0%
*	Liberbank SA	1,775,702		1,835,116	0.0%
	Mediaset Espana Comunicacion SA	943,903		11,056,647	0.3%
	Melia Hotels International SA	459,423		5,348,372	0.1%
	Miquel y Costas & Miquel SA	67,651		1,761,131	0.0%
*	NH Hotel Group SA	1,249,728		5,044,310	0.1%
	Nmas1 Dinamia SA	20,438		172,940	0.0%
#	Obrascon Huarte Lain SA	747,423		2,585,074	0.1%
	Papeles y Cartones de Europa SA	286,581		1,579,833	0.0%
*	Pescanova SA	68,547		—	0.0%
*	Pharma Mar SA	983,996		2,800,387	0.1%
	Prim SA	39,424		368,980	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SPAIN — (Continued)
#*	Promotora de Informaciones SA Class A	284,300	$	1,567,147	0.0%
	Prosegur Cia de Seguridad SA	1,304,355		8,139,664	0.2%
#*	Quabit Inmobiliaria SA	164,890		333,940	0.0%
*	Realia Business SA	755,842		681,786	0.0%
#*	Sacyr SA	1,590,914		3,699,965	0.1%
	Saeta Yield SA	87,546		748,345	0.0%
#*	Solaria Energia y Medio Ambiente SA	207,171		166,820	0.0%
#*	Talgo SA	176,744		839,269	0.0%
#	Tecnicas Reunidas SA	165,741		6,778,337	0.2%
	Tecnocom Telecomunicaciones y Energia SA	147,909		653,562	0.0%
	Tubacex SA	655,565		1,876,566	0.1%
#*	Tubos Reunidos SA	510,636		464,311	0.0%
	Vidrala SA	82,427		4,247,239	0.1%
#	Viscofan SA	229,641		11,307,938	0.3%
#*	Vocento SA	231,302		300,266	0.0%
	Zardoya Otis SA	735,771		6,209,032	0.2%
TOTAL SPAIN				234,009,717	5.6%
SWEDEN — (7.6%)
#	AAK AB	121,469		7,987,653	0.2%
	Acando AB	433,023		1,229,168	0.0%
*	AddLife AB	84,566		1,273,140	0.0%
	AddNode Group AB	22,737		140,755	0.0%
	AddTech AB Class B	273,971		4,275,465	0.1%
	AF AB Class B	294,773		5,393,615	0.1%
#*	Anoto Group AB	4,862,822		79,996	0.0%
*	Arise AB	36,861		80,830	0.0%
#	Atrium Ljungberg AB Class B	102,923		1,604,492	0.0%
	Avanza Bank Holding AB	95,405		3,857,539	0.1%
	B&B Tools AB Class B	123,792		2,592,669	0.1%
*	BE Group AB	1,335		6,091	0.0%
	Beijer Alma AB	109,736		2,801,785	0.1%
	Beijer Electronics AB	53,995		242,203	0.0%
	Beijer Ref AB	71,389		1,689,705	0.0%
	Betsson AB	443,610		4,269,586	0.1%
	Bilia AB Class A	317,389		7,282,751	0.2%
	BillerudKorsnas AB	343,224		5,748,355	0.1%
	BioGaia AB Class B	80,672		2,654,422	0.1%
	Biotage AB	313,327		1,576,368	0.0%
#	Bjorn Borg AB	33,945		125,406	0.0%
#*	Bonava AB	9,670		148,278	0.0%
*	Bonava AB Class B	169,639		2,627,974	0.1%
	Bulten AB	78,904		768,864	0.0%
	Bure Equity AB	316,106		3,583,648	0.1%
#	Byggmax Group AB	343,939		2,373,385	0.1%
	Catena AB	53,725		757,298	0.0%
#	Cavotec SA	16,457		38,721	0.0%
	Clas Ohlson AB Class B	176,242		2,589,315	0.1%
	Cloetta AB Class B	1,234,003		3,887,055	0.1%
	Com Hem Holding AB	202,663		1,930,946	0.1%
	Concentric AB	225,779		2,816,958	0.1%
	Concordia Maritime AB Class B	100,760		153,671	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SWEDEN — (Continued)
	Corem Property Group AB Class B	2,296	$	9,327	0.0%
#	Dios Fastigheter AB	254,122		1,671,935	0.0%
#*	Doro AB	151,342		879,697	0.0%
	Duni AB	203,817		2,792,453	0.1%
#	Dustin Group AB	83,591		586,814	0.0%
	East Capital Explorer AB	52,072		381,267	0.0%
	Elanders AB Class B	10,907		126,910	0.0%
#	Elekta AB Class B	1,454,797		12,843,801	0.3%
	Eltel AB	62,791		430,731	0.0%
	Enea AB	63,008		662,607	0.0%
	Fabege AB	651,224		10,617,300	0.3%
#	Fagerhult AB	61,882		1,584,776	0.0%
	Fenix Outdoor International AG	8,198		606,925	0.0%
	Granges AB	249,848		2,354,274	0.1%
	Gunnebo AB	149,602		633,648	0.0%
	Haldex AB	218,762		2,787,658	0.1%
	Heba Fastighets AB Class B	42,288		528,252	0.0%
	Hemfosa Fastigheter AB	672,254		6,251,857	0.2%
	Hexpol AB	767,636		7,096,420	0.2%
	HIQ International AB	281,281		1,897,994	0.1%
	HMS Networks AB	6,927		230,734	0.0%
#	Hoist Finance AB	70,420		654,210	0.0%
	Holmen AB Class B	264,932		9,483,663	0.2%
	Hufvudstaden AB Class A	235,964		3,723,297	0.1%
	Indutrade AB	377,535		7,566,238	0.2%
#	Intrum Justitia AB	385,511		12,997,167	0.3%
	Inwido AB	164,661		1,706,049	0.1%
	ITAB Shop Concept AB Class B	57,019		508,388	0.0%
	JM AB	385,931		11,125,610	0.3%
	KappAhl AB	307,283		1,700,498	0.0%
#*	Karo Pharma AB	30,450		93,955	0.0%
*	Karolinska Development AB Class B	5,146		3,390	0.0%
#	Kindred Group P.L.C.	1,048,368		9,820,098	0.2%
	Klovern AB Class B	2,268,287		2,374,019	0.1%
	KNOW IT AB	70,555		693,392	0.0%
	Kungsleden AB	819,649		5,183,809	0.1%
	Lagercrantz Group AB Class B	244,772		2,238,988	0.1%
	Lifco AB Class B	17,777		453,962	0.0%
	Lindab International AB	388,746		3,107,105	0.1%
	Loomis AB Class B	312,800		9,287,920	0.2%
*	Medivir AB Class B	149,493		1,609,397	0.0%
#	Mekonomen AB	149,584		2,812,765	0.1%
#	Modern Times Group MTG AB Class B	319,844		9,453,717	0.2%
	MQ Holding AB	165,718		658,014	0.0%
#	Mycronic AB	460,561		4,944,724	0.1%
	NCC AB Class B	449,781		11,110,119	0.3%
	Nederman Holding AB	4,621		94,667	0.0%
*	Net Insight AB Class B	1,123,665		1,093,869	0.0%
	NetEnt AB	876,576		6,745,629	0.2%
	New Wave Group AB Class B	241,923		1,464,147	0.0%
	Nibe Industrier AB Class B	342,597		2,694,010	0.1%
	Nobia AB	745,291		6,929,721	0.2%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SWEDEN — (Continued)
	Nolato AB Class B	134,540	$	3,880,641	0.1%
	Nordnet AB Class B	388,808		1,591,132	0.0%
	OEM International AB Class B	44,190		732,150	0.0%
	Opus Group AB	883,206		629,182	0.0%
	Oriflame Holding AG	150,200		4,529,020	0.1%
	Pandox AB	5,098		79,055	0.0%
	Peab AB	816,406		6,461,610	0.2%
	Pricer AB Class B	788,670		804,438	0.0%
	Proact IT Group AB	39,943		639,866	0.0%
	Probi AB	14,628		763,020	0.0%
#*	Qliro Group AB	424,463		401,583	0.0%
	Ratos AB Class B	1,069,160		5,055,199	0.1%
	RaySearch Laboratories AB	81,567		1,648,947	0.0%
	Recipharm AB Class B	88,879		1,181,109	0.0%
	Rezidor Hotel Group AB	413,235		1,606,574	0.0%
	Rottneros AB	26,323		23,227	0.0%
	Saab AB Class B	45,651		1,702,506	0.0%
	Sagax AB Class B	83,213		744,701	0.0%
#*	SAS AB	738,160		1,127,713	0.0%
	Scandi Standard AB	215,392		1,344,339	0.0%
	Sectra AB Class B	58,461		828,303	0.0%
#	Semcon AB	100,425		505,907	0.0%
#*	Sensys Gatso Group AB	409,923		63,276	0.0%
	SkiStar AB	110,113		1,841,365	0.1%
#*	SSAB AB Class A(B17H0S8)	1,081,113		4,083,183	0.1%
#*	SSAB AB Class A(BPRBWK4)	189,016		715,533	0.0%
*	SSAB AB Class B(B17H3F6)	2,535,211		7,980,355	0.2%
#*	SSAB AB Class B(BPRBWM6)	1,131,651		3,536,052	0.1%
	Sweco AB Class B	316,495		6,247,091	0.2%
	Swedol AB Class B	48,327		137,182	0.0%
	Systemair AB	48,630		650,392	0.0%
	Thule Group AB (The)	226,270		3,532,438	0.1%
	Transcom Worldwide AB	35,939		345,702	0.0%
	VBG Group AB Class B	137		2,408	0.0%
#	Victoria Park AB Class B	358,165		880,691	0.0%
	Vitrolife AB	71,728		3,044,317	0.1%
	Wallenstam AB Class B	790,622		6,141,173	0.2%
	Wihlborgs Fastigheter AB	342,126		6,349,940	0.2%
TOTAL SWEDEN				345,727,344	8.3%
SWITZERLAND — (11.6%)
	Allreal Holding AG	61,547		9,141,238	0.2%
*	Alpiq Holding AG	11,235		930,735	0.0%
	ALSO Holding AG	16,232		1,434,222	0.0%
#	ams AG	372,640		10,559,441	0.3%
	APG SGA SA	7,581		3,326,487	0.1%
*	Arbonia AG	183,624		2,954,875	0.1%
	Aryzta AG	317,447		13,960,144	0.3%
#	Ascom Holding AG	210,467		3,302,298	0.1%
	Autoneum Holding AG	16,300		4,272,696	0.1%
	Bachem Holding AG Class B	23,344		2,069,095	0.1%
	Baloise Holding AG	131,033		16,488,511	0.4%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SWITZERLAND — (Continued)
	Bank Coop AG	30,632	$	1,263,312	0.0%
	Banque Cantonale de Geneve	3,968		1,160,330	0.0%
	Banque Cantonale du Jura SA	4,442		244,025	0.0%
	Banque Cantonale Vaudoise	11,753		7,440,417	0.2%
#	Basler Kantonalbank	5,896		388,076	0.0%
	Belimo Holding AG	2,156		6,519,913	0.2%
	Bell AG	4,181		1,800,683	0.0%
	Bellevue Group AG	49,926		768,942	0.0%
#	Berner Kantonalbank AG	22,665		4,091,728	0.1%
	BFW Liegenschaften AG	620		23,966	0.0%
	BKW AG	64,177		3,100,411	0.1%
	Bobst Group SA	44,716		3,104,244	0.1%
#	Bossard Holding AG Class A	32,905		4,631,416	0.1%
	Bucher Industries AG	32,887		8,089,998	0.2%
#	Burckhardt Compression Holding AG	11,640		3,058,149	0.1%
	Burkhalter Holding AG	20,988		2,831,175	0.1%
	Calida Holding AG	25,084		857,000	0.0%
	Carlo Gavazzi Holding AG	1,415		337,250	0.0%
	Cembra Money Bank AG	119,427		8,687,456	0.2%
	Cham Paper Holding AG	1,894		607,556	0.0%
*	Cicor Technologies	5,936		162,641	0.0%
	Cie Financiere Tradition SA	9,458		761,166	0.0%
	Clariant AG	815,669		14,058,301	0.3%
	Coltene Holding AG	20,595		1,496,642	0.0%
	Conzzeta AG	6,116		4,323,930	0.1%
	Daetwyler Holding AG	37,940		5,153,809	0.1%
	DKSH Holding AG	91,087		6,252,464	0.2%
	dormakaba Holding AG	16,675		12,379,205	0.3%
	Edmond de Rothschild Suisse SA	139		1,910,845	0.1%
	EFG International AG	299,186		1,805,514	0.0%
	Emmi AG	12,810		7,745,366	0.2%
	Energiedienst Holding AG	68,912		1,637,532	0.0%
#*	Evolva Holding SA	417,920		298,622	0.0%
	Feintool International Holding AG	7,642		819,096	0.0%
	Flughafen Zuerich AG	104,871		19,433,325	0.5%
	Forbo Holding AG	6,853		8,827,228	0.2%
	GAM Holding AG	925,197		10,707,383	0.3%
	Georg Fischer AG	22,511		18,410,048	0.4%
	Gurit Holding AG	2,329		1,849,781	0.0%
	Helvetia Holding AG	36,269		19,514,567	0.5%
#	HOCHDORF Holding AG	3,854		1,171,765	0.0%
	Huber & Suhner AG	69,938		3,879,576	0.1%
	Implenia AG	85,074		6,279,937	0.2%
	Inficon Holding AG	9,382		3,375,595	0.1%
	Interroll Holding AG	3,127		3,407,147	0.1%
	Intershop Holding AG	8,065		3,967,797	0.1%
	Jungfraubahn Holding AG	4,567		437,325	0.0%
	Kardex AG	35,549		3,322,973	0.1%
	Komax Holding AG	18,489		4,558,996	0.1%
	Kudelski SA	195,049		3,375,831	0.1%
*	Lastminute.com NV	3,079		43,543	0.0%
	LEM Holding SA	3,773		3,525,536	0.1%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SWITZERLAND — (Continued)
	Liechtensteinische Landesbank AG	29,463	$	1,167,292	0.0%
	Logitech International SA	650,486		16,189,561	0.4%
	Luzerner Kantonalbank AG	16,857		6,633,259	0.2%
	MCH Group AG	1,404		95,265	0.0%
	Metall Zug AG Class B	880		2,797,633	0.1%
#*	Meyer Burger Technology AG	2,370,456		1,550,499	0.0%
#	Mobilezone Holding AG	133,170		1,894,141	0.1%
	Mobimo Holding AG	32,716		8,178,173	0.2%
#	OC Oerlikon Corp. AG	929,429		9,118,189	0.2%
#*	Orascom Development Holding AG	60,240		301,839	0.0%
#	Orell Fuessli Holding AG	5,028		617,717	0.0%
	Orior AG	28,059		2,058,863	0.1%
	Panalpina Welttransport Holding AG	63,044		7,861,325	0.2%
*	Parco Industriale e Immobiliare SA	600		—	0.0%
#	Phoenix Mecano AG	3,019		1,390,564	0.0%
	Plazza AG	5,852		1,289,899	0.0%
	PSP Swiss Property AG	201,709		17,420,956	0.4%
	Rieter Holding AG	17,376		3,018,509	0.1%
	Romande Energie Holding SA	2,625		3,314,060	0.1%
#	Schaffner Holding AG	2,950		703,888	0.0%
#*	Schmolz + Bickenbach AG	2,676,034		1,785,871	0.0%
	Schweiter Technologies AG	4,417		4,984,919	0.1%
	SFS Group AG	28,472		2,322,636	0.1%
	Siegfried Holding AG	21,530		4,500,211	0.1%
	St Galler Kantonalbank AG	11,780		4,578,710	0.1%
	Straumann Holding AG	44,803		17,457,993	0.4%
	Sulzer AG	107,928		11,110,421	0.3%
	Sunrise Communications Group AG	123,442		8,112,601	0.2%
	Swiss Prime Site AG	139,414		11,407,769	0.3%
	Swissquote Group Holding SA	45,894		1,074,151	0.0%
	Tamedia AG	14,493		2,221,518	0.1%
	Tecan Group AG	39,022		6,085,498	0.2%
	Temenos Group AG	318,043		22,107,453	0.5%
	Thurgauer Kantonalbank	659		57,272	0.0%
	u-blox Holding AG	30,554		5,730,852	0.1%
	Valiant Holding AG	83,882		8,346,339	0.2%
	Valora Holding AG	15,777		4,479,447	0.1%
	Vaudoise Assurances Holding SA	5,091		2,408,243	0.1%
	Vetropack Holding AG	949		1,652,901	0.0%
*	Von Roll Holding AG	250,484		152,423	0.0%
	Vontobel Holding AG	136,975		7,184,752	0.2%
	VP Bank AG	6,787		719,432	0.0%
	VZ Holding AG	10,596		3,173,675	0.1%
	Walliser Kantonalbank	16,716		1,255,522	0.0%
	Walter Meier AG	22,913		813,445	0.0%
	Ypsomed Holding AG	16,382		2,971,804	0.1%
*	Zehnder Group AG	57,019		1,799,504	0.0%
#	Zug Estates Holding AG Class B	612		993,665	0.0%

The Continental Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
SWITZERLAND — (Continued)
	Zuger Kantonalbank AG	608	$	2,968,127	0.1%
TOTAL SWITZERLAND				530,398,061	12.8%
TOTAL COMMON STOCKS				4,106,034,031	98.7%
PREFERRED STOCKS — (0.7%)
GERMANY — (0.7%)
	Biotest AG	88,910		1,251,830	0.0%
	Draegerwerk AG & Co. KGaA	31,651		2,644,825	0.1%
	Fuchs Petrolub SE	212,417		8,898,003	0.2%
	Jungheinrich AG	245,511		7,030,585	0.2%
	Sartorius AG	117,188		8,682,441	0.2%
	Sixt SE	60,257		2,474,165	0.1%
	STO SE & Co. KGaA	8,021		782,859	0.0%
#	Villeroy & Boch AG	41,209		632,654	0.0%
TOTAL GERMANY				32,397,362	0.8%
TOTAL PREFERRED STOCKS				32,397,362	0.8%
RIGHTS/WARRANTS — (0.0%)
AUSTRIA — (0.0%)
*	Intercell AG Rights 05/16/13	254,689		—	0.0%
ITALY — (0.0%)
*	Banca Popolare Di Milano Scarl Rights	22,383,595		—	0.0%
#*	Credito Valtellinese Rights	5,732,088		—	0.0%
TOTAL ITALY				—	0.0%
NORWAY — (0.0%)
*	Petroleum Geo Services Rights	113,825		88,315	0.0%
SPAIN — (0.0%)
*	Faes Farma SA	1,379,422		132,136	0.0%
TOTAL RIGHTS/WARRANTS				220,451	0.0%
TOTAL INVESTMENT SECURITIES				4,138,651,844
			Value†
SECURITIES LENDING COLLATERAL — (9.4%)
§@     DFA Short Term Investment Fund		37,009,517		428,274,127	10.3%
TOTAL INVESTMENTS — (100.0%) (Cost $3,937,134,875)^			$	4,566,925,971	109.8%

____________________

^ The cost for federal income tax purposes is $3,937,134,875.

The Continental Small Company Series
continued

Summary of the Series' investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Austria		—	$	137,139,621	—	$	137,139,621
Belgium		—		191,427,410	—		191,427,410
Denmark		—		193,675,964	—		193,675,964
Finland		—		304,384,450	—		304,384,450
France		—		570,260,314	—		570,260,314
Germany		—		685,986,814	—		685,986,814
Greece		—		—	—		—
Ireland		—		53,898,066	—		53,898,066
Israel		—		84,469,736	—		84,469,736
Italy		—		397,015,969	—		397,015,969
Netherlands	$	154,357		214,385,783	—		214,540,140
Norway		—		122,009,871	—		122,009,871
Portugal		—		41,090,554	—		41,090,554
Spain		—		234,009,717	—		234,009,717
Sweden		—		345,727,344	—		345,727,344
Switzerland		—		530,398,061	—		530,398,061
Preferred Stocks
Germany		—		32,397,362	—		32,397,362
Rights/Warrants
Austria		—		—	—		—
Italy		—		—	—		—
Norway		—		88,315	—		88,315
Spain		—		132,136	—		132,136
Securities Lending Collateral		—		428,274,127	—		428,274,127
TOTAL	$	154,357	$	4,566,771,614	—	$	4,566,925,971

THE CANADIAN SMALL COMPANY SERIES

SCHEDULE OF INVESTMENTS

December 31, 2016
(Unaudited)

					Percentage
		Shares	Value††		of Net Assets**
COMMON STOCKS — (84.5%)
Consumer Discretionary — (7.8%)
	Aimia, Inc.	487,793	$	3,226,159	0.3	%
#*	Amaya, Inc.	17,000		240,696	0.0	%
#	AutoCanada, Inc.	137,166		2,361,954	0.2	%
#	BMTC Group, Inc.	17,481		173,814	0.0	%
*	BRP, Inc.	174,422		3,682,913	0.4	%
	Cineplex, Inc.	321,092		12,249,158	1.2	%
	Cogeco Communications, Inc.	85,848		4,235,334	0.4	%
	Cogeco, Inc.	38,068		1,608,176	0.2	%
#	Corus Entertainment, Inc. Class B	740,938		6,953,278	0.7	%
*	Craft Oil, Ltd.	349,041		—	0.0	%
	DHX Media, Ltd.(BRF12P5)	375,910		1,973,832	0.2	%
	DHX Media, Ltd.(BRF12N3)	2,500		13,146	0.0	%
	Dorel Industries, Inc. Class B	169,797		4,906,806	0.5	%
#	Enercare, Inc.	527,359		7,007,101	0.7	%
#	Gamehost, Inc.	46,573		387,805	0.0	%
*	Glacier Media, Inc.	171,625		88,200	0.0	%
	goeasy, Ltd.	3,600		65,423	0.0	%
*	Great Canadian Gaming Corp.	299,800		5,577,778	0.6	%
#	Hudson's Bay Co.	365,311		3,588,763	0.4	%
#*	IMAX Corp.	259,917		8,161,394	0.8	%
*	Indigo Books & Music, Inc.	2,302		30,844	0.0	%
*	Intertain Group, Ltd. (The)	348,348		2,433,623	0.3	%
#	Leon's Furniture, Ltd.	138,675		1,867,385	0.2	%
	Linamar Corp.	179,512		7,713,140	0.8	%
	Martinrea International, Inc.	476,656		3,049,548	0.3	%
#	MTY Food Group, Inc.	73,963		2,785,215	0.3	%
#	Pizza Pizza Royalty Corp.	104,726		1,377,471	0.1	%
	Reitmans Canada, Ltd. Class A	260,312		1,130,316	0.1	%
#*	Sears Canada, Inc.	50,217		83,031	0.0	%
#	Torstar Corp. Class B	352,389		501,294	0.1	%
*	TVA Group, Inc. Class B	7,000		16,944	0.0	%
	Uni-Select, Inc.	105,705		2,321,707	0.2	%
#*	Yellow Pages, Ltd.	147,535		1,943,838	0.2	%
	Zenith Capital Corp.	111,820		6,746	0.0	%
Total Consumer Discretionary				91,762,832	9.2	%
Consumer Staples — (3.6%)
	AGT Food & Ingredients, Inc.	125,802		3,433,051	0.4	%
	Andrew Peller, Ltd. Class A	25,900		225,695	0.0	%
	Clearwater Seafoods, Inc.	90,557		785,751	0.1	%
	Corby Spirit and Wine, Ltd.	70,767		1,175,892	0.1	%
	Cott Corp.(22163N106)	96,682		1,095,407	0.1	%
	Cott Corp.(2228952)	600,036		6,792,945	0.7	%
	High Liner Foods, Inc.	87,391		1,298,515	0.1	%
	Jean Coutu Group PJC, Inc. (The) Class A	154,993		2,414,966	0.2	%
#	Liquor Stores N.A., Ltd.	181,111		1,420,399	0.1	%
	Maple Leaf Foods, Inc.	305,864		6,405,910	0.6	%
*	Neptune Technologies & Bioressources, Inc.	22,102		21,400	0.0	%
	North West Co., Inc. (The)	266,936		5,471,328	0.6	%
	Premium Brands Holdings Corp.	144,762		7,435,138	0.8	%

The Canadian Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Consumer Staples — (Continued)
#	Rogers Sugar, Inc.	510,071	$	2,587,110	0.3	%
#*	SunOpta, Inc.	306,745		2,186,385	0.2	%
Total Consumer Staples				42,749,892	4.3	%
Energy — (21.8%)
*	Advantage Oil & Gas, Ltd.	1,116,844		7,586,204	0.8	%
#*	Africa Oil Corp.	374,599		742,139	0.1	%
	AKITA Drilling, Ltd. Class A	40,600		255,517	0.0	%
#*	Athabasca Oil Corp.	1,791,785		2,735,753	0.3	%
#*	Baytex Energy Corp.	1,304,806		6,375,100	0.6	%
#*	Bellatrix Exploration, Ltd.	1,120,054		1,067,791	0.1	%
*	Birchcliff Energy, Ltd.	1,028,636		7,178,579	0.7	%
#*	BlackPearl Resources, Inc.	1,397,501		1,696,590	0.2	%
	Bonavista Energy Corp.	1,157,876		4,148,053	0.4	%
	Bonterra Energy Corp.	175,395		3,800,127	0.4	%
#	Calfrac Well Services, Ltd.	512,149		1,815,685	0.2	%
#*	Canacol Energy, Ltd.	719,842		2,455,498	0.2	%
	Canadian Energy Services & Technology Corp.	953,842		5,441,798	0.5	%
	Canyon Services Group, Inc.	401,132		2,100,293	0.2	%
*	Cequence Energy, Ltd.	863,916		228,422	0.0	%
#*	Chinook Energy, Inc.	496,199		168,153	0.0	%
*	Corridor Resources, Inc.	1,246		520	0.0	%
*	Crew Energy, Inc.	860,700		4,814,253	0.5	%
#*	Delphi Energy Corp.	911,939		1,147,862	0.1	%
#*	Denison Mines Corp.	2,713,471		1,414,687	0.1	%
#	Enbridge Income Fund Holdings, Inc.	251,755		6,519,585	0.7	%
	Enerflex, Ltd.	445,163		5,653,021	0.6	%
#*	Energy Fuels, Inc.	108,528		178,637	0.0	%
	Enerplus Corp.	721,959		6,850,451	0.7	%
#	Ensign Energy Services, Inc.	758,725		5,300,593	0.5	%
#*	Epsilon Energy, Ltd.	260,061		563,645	0.1	%
*	Essential Energy Services Trust	779,741		482,021	0.1	%
#	Freehold Royalties, Ltd.	477,614		5,040,622	0.5	%
*	GASFRAC Energy Services, Inc.	91,560		9	0.0	%
#	Gibson Energy, Inc.	702,339		9,928,421	1.0	%
*	Gran Tierra Energy, Inc.	1,603,812		4,849,720	0.5	%
	Granite Oil Corp.	195,608		858,102	0.1	%
#*	Ithaca Energy, Inc.	1,679,779		2,114,346	0.2	%
#*	Kelt Exploration, Ltd.	251,041		1,265,816	0.1	%
*	Lightstream Resources, Ltd.	687,816		58,913	0.0	%
*	McCoy Global, Inc.	10,437		15,314	0.0	%
#*	MEG Energy Corp.	717,075		4,929,507	0.5	%
#	Mullen Group, Ltd.	551,525		8,145,638	0.8	%
#	Newalta Corp.	494,282		854,083	0.1	%
	North American Energy Partners, Inc.	129,534		499,748	0.1	%
#	Northern Blizzard Resources, Inc.	174,800		505,138	0.1	%
*	NuVista Energy, Ltd.	854,869		4,418,717	0.4	%
*	Painted Pony Petroleum, Ltd.	553,861		3,803,373	0.4	%
#*	Paramount Resources, Ltd. Class A	303,969		4,090,954	0.4	%
*	Parex Resources, Inc.	765,891		9,640,307	1.0	%
#	Parkland Fuel Corp.	477,625		10,006,771	1.0	%
	Pason Systems, Inc.	356,252		5,211,179	0.5	%

The Canadian Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Energy — (Continued)
#	Pengrowth Energy Corp.	2,992,716	$	4,301,897	0.4	%
*	Penn West Petroleum, Ltd.	2,531,535		4,468,579	0.4	%
*	Perpetual Energy, Inc.	41,575		72,767	0.0	%
*	Petrus Resources, Ltd.	19,582		47,399	0.0	%
#	PHX Energy Services Corp.	151,074		462,454	0.0	%
#*	Pine Cliff Energy, Ltd.	248,300		208,974	0.0	%
	Precision Drilling Corp.	1,782,881		9,720,098	1.0	%
#*	Pulse Seismic, Inc.	268,280		467,564	0.0	%
*	Questerre Energy Corp. Class A	745,460		483,037	0.1	%
*	Raging River Exploration, Inc.	1,094,651		8,609,478	0.9	%
#*	RMP Energy, Inc.	982,111		555,919	0.1	%
#*	Savanna Energy Services Corp.	520,779		814,535	0.1	%
#	Secure Energy Services, Inc.	837,639		7,305,517	0.7	%
	ShawCor, Ltd.	319,981		8,541,406	0.9	%
#*	Spartan Energy Corp.	1,623,143		4,025,670	0.4	%
#*	Sprott Resource Corp.	455,390		167,890	0.0	%
*	Strad Energy Services, Ltd.	39,947		50,430	0.0	%
#	Surge Energy, Inc.	1,302,723		3,211,569	0.3	%
	TORC Oil & Gas, Ltd.	732,501		4,511,811	0.5	%
	Total Energy Services, Inc.	178,778		1,941,372	0.2	%
	TransGlobe Energy Corp.	448,945		759,025	0.1	%
*	Trican Well Service, Ltd.	830,838		2,846,501	0.3	%
#*	Trilogy Energy Corp.	387,642		2,179,792	0.2	%
	Trinidad Drilling, Ltd.	1,372,323		3,413,814	0.3	%
	Veresen, Inc.	1,597,192		15,595,417	1.6	%
#	Western Energy Services Corp.	463,897		1,071,076	0.1	%
	Whitecap Resources, Inc.	1,466,035		13,277,463	1.3	%
*	Xtreme Drilling Corp.	224,819		468,844	0.0	%
#	ZCL Composites, Inc.	118,527		1,144,971	0.1	%
Total Energy				257,682,924	25.8	%
Financials — (5.5%)
	AGF Management, Ltd. Class B	449,269		2,098,027	0.2	%
#	Alaris Royalty Corp.	176,560		3,149,452	0.3	%
#	Callidus Capital Corp.	84,120		1,156,560	0.1	%
	Canaccord Genuity Group, Inc.	674,378		2,395,846	0.2	%
#	Canadian Western Bank	468,032		10,576,167	1.1	%
#	Chesswood Group, Ltd.	26,142		232,672	0.0	%
	Clairvest Group, Inc.	1,900		42,800	0.0	%
#	Clarke, Inc.	17,242		120,199	0.0	%
	E-L Financial Corp., Ltd.	1,878		1,027,994	0.1	%
#	Echelon Financial Holdings, Inc.	14,650		121,115	0.0	%
#	Equitable Group, Inc.	58,995		2,656,566	0.3	%
*	Equity Financial Holdings, Inc.	800		5,899	0.0	%
	Fiera Capital Corp.	180,437		1,717,488	0.2	%
	Firm Capital Mortgage Investment Corp.	46,946		481,121	0.1	%
#	First National Financial Corp.	54,637		1,095,873	0.1	%
#	Genworth MI Canada, Inc.	249,970		6,266,704	0.6	%
	Gluskin Sheff + Associates, Inc.	162,696		2,113,297	0.2	%
#	GMP Capital, Inc.	294,287		966,600	0.1	%
	Guardian Capital Group, Ltd. Class A	25,297		471,969	0.0	%
#	Home Capital Group, Inc.	325,263		7,592,256	0.8	%

The Canadian Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Financials — (Continued)
*	Kingsway Financial Services, Inc.	14,370	$	89,476	0.0	%
	Laurentian Bank of Canada	197,446		8,489,597	0.9	%
	Sprott, Inc.	915,388		1,711,260	0.2	%
#*	Street Capital Group, Inc.	120,227		168,344	0.0	%
	TMX Group, Ltd.	191,063		10,177,504	1.0	%
Total Financials				64,924,786	6.5	%
Health Care — (1.3%)
#	Concordia International Corp.(BDD7WR9)	47,100		99,978	0.0	%
	Concordia International Corp.(20653P102)	65,542		138,949	0.0	%
*	CRH Medical Corp.	207,180		1,106,379	0.1	%
#	Extendicare, Inc.	561,871		4,134,574	0.4	%
*	Knight Therapeutics, Inc.	491,558		3,932,025	0.4	%
	Medical Facilities Corp.	177,969		2,328,913	0.3	%
#*	Merus Labs International, Inc.	384,845		332,492	0.0	%
*	Novelion Therapeutics, Inc.	43,802		366,362	0.1	%
#	Sienna Senior Living, Inc.	231,915		2,815,488	0.3	%
#*	Theratechnologies, Inc.	157,601		321,623	0.0	%
Total Health Care				15,576,783	1.6	%
Industrials — (10.7%)
	Aecon Group, Inc.	408,101		4,635,266	0.5	%
#	Ag Growth International, Inc.	91,331		3,572,565	0.3	%
*	Air Canada	312,200		3,178,620	0.3	%
	Algoma Central Corp.	25,790		235,301	0.0	%
*	ATS Automation Tooling Systems, Inc.	522,530		4,872,510	0.5	%
#	Badger Daylighting, Ltd.	225,381		5,388,396	0.5	%
#*	Ballard Power Systems, Inc.	122,047		201,798	0.0	%
#	Bird Construction, Inc.	204,133		1,377,459	0.1	%
#	Black Diamond Group, Ltd.	252,541		850,173	0.1	%
	CanWel Building Materials Group, Ltd.	138,770		620,132	0.1	%
	Cargojet, Inc.	3,049		103,870	0.0	%
#	Cervus Equipment Corp.	34,597		408,418	0.0	%
#	DirectCash Payments, Inc.	78,722		1,112,832	0.1	%
*	DIRTT Environmental Solutions	70,700		330,160	0.0	%
#	Exchange Income Corp.	113,984		3,544,358	0.3	%
	Exco Technologies, Ltd.	128,615		1,032,637	0.1	%
#	Finning International, Inc.	238,878		4,677,394	0.5	%
*	Heroux-Devtek, Inc.	148,254		1,623,159	0.2	%
	HNZ Group, Inc.	23,088		230,596	0.0	%
#	Horizon North Logistics, Inc.	518,783		757,319	0.1	%
#	K-Bro Linen, Inc.	30,453		956,015	0.1	%
	Logistec Corp. Class B	300		7,843	0.0	%
	MacDonald Dettwiler & Associates, Ltd.	172,507		8,594,193	0.9	%
	Magellan Aerospace Corp.	75,876		1,016,088	0.1	%
	Morneau Shepell, Inc.	271,111		3,874,889	0.4	%
	New Flyer Industries, Inc.	254,471		7,740,361	0.8	%
	Richelieu Hardware, Ltd.	245,655		4,676,529	0.5	%
#	Rocky Mountain Dealerships, Inc.	82,555		595,805	0.1	%
	Russel Metals, Inc.	362,155		6,899,732	0.7	%
#	Stantec, Inc.(2854238)	410,229		10,363,809	1.0	%
	Stantec, Inc.(85472N109)	3,715		93,804	0.0	%

The Canadian Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Industrials — (Continued)
	Stuart Olson, Inc.	88,659	$	384,972	0.0	%
#	Student Transportation, Inc.	505,490		2,827,416	0.3	%
	TFI International, Inc.	491,359		12,768,417	1.3	%
	Toromont Industries, Ltd.	398,385		12,565,899	1.3	%
	Transcontinental, Inc. Class A	360,976		5,965,857	0.6	%
	Wajax Corp.	106,738		1,833,224	0.2	%
#	WestJet Airlines, Ltd.	6,379		109,464	0.0	%
*	Westport Fuel Systems, Inc.	3,750		4,245	0.0	%
	Westshore Terminals Investment Corp.	318,149		6,134,791	0.6	%
Total Industrials				126,166,316	12.6	%
Information Technology — (3.3%)
#*	5N Plus, Inc.	359,429		479,185	0.1	%
#	Absolute Software Corp.	234,888		1,116,140	0.1	%
#*	Avigilon Corp.	199,393		1,903,860	0.2	%
	Calian Group, Ltd.	25,255		461,217	0.0	%
*	Celestica, Inc.(15101Q108)	36,408		431,435	0.0	%
*	Celestica, Inc.(2263362)	519,635		6,157,519	0.6	%
#	Computer Modelling Group, Ltd.	407,452		2,764,598	0.3	%
*	Descartes Systems Group, Inc. (The)	268,938		5,734,700	0.6	%
#	DH Corp.	270,455		4,487,944	0.5	%
	Enghouse Systems, Ltd.	99,557		4,147,930	0.4	%
	Evertz Technologies, Ltd.	143,053		1,799,550	0.2	%
#*	EXFO, Inc.	686		2,984	0.0	%
#	Mediagrif Interactive Technologies, Inc.	11,670		164,709	0.0	%
*	Mitel Networks Corp.	385,524		2,618,685	0.3	%
*	Points International, Ltd.(730843208)	3,323		25,388	0.0	%
*	Points International, Ltd.(2556879)	36,359		278,112	0.0	%
	Pure Technologies, Ltd.	67,445		241,117	0.0	%
#*	Redknee Solutions, Inc.	56,511		65,659	0.0	%
#	Sandvine Corp.	1,036,169		2,168,573	0.2	%
*	Sierra Wireless, Inc.(826516106)	10,722		168,335	0.0	%
#*	Sierra Wireless, Inc.(2418968)	161,792		2,532,952	0.3	%
#*	Solium Capital, Inc.	96,906		609,158	0.1	%
	Vecima Networks, Inc.	6,059		41,698	0.0	%
	Wi-LAN, Inc.	780,333		1,272,803	0.1	%
Total Information Technology				39,674,251	4.0	%
Materials — (22.7%)
	Acadian Timber Corp.	35,988		491,848	0.1	%
#	AirBoss of America Corp.	80,062		706,614	0.1	%
*	Alacer Gold Corp.	1,485,088		2,477,635	0.2	%
	Alamos Gold, Inc. Class A	1,545,462		10,658,757	1.1	%
#*	Almaden Minerals, Ltd. Class B	50,744		49,510	0.0	%
#	Altius Minerals Corp.	127,600		1,205,056	0.1	%
*	Americas Silver Corp.	81,208		211,693	0.0	%
*	Argonaut Gold, Inc.	923,902		1,458,811	0.1	%
*	Asanko Gold, Inc.	771,844		2,368,448	0.2	%
*	AuRico Metals, Inc.	679,583		511,212	0.1	%
*	B2Gold Corp.	5,284,073		12,554,421	1.3	%
#*	Banro Corp.	184,289		34,314	0.0	%
	Caledonia Mining Corp. P.L.C.	2,700		2,916	0.0	%

The Canadian Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Materials — (Continued)
	Canam Group, Inc.	237,796	$	1,597,527	0.2	%
	Canexus Corp.	753,464		914,718	0.1	%
*	Canfor Corp.	322,770		3,670,873	0.4	%
	Canfor Pulp Products, Inc.	206,915		1,558,046	0.2	%
*	Capstone Mining Corp.	2,219,255		2,082,644	0.2	%
	Cascades, Inc.	477,193		4,300,477	0.4	%
	Centerra Gold, Inc.	1,111,077		5,205,136	0.5	%
#*	China Gold International Resources Corp., Ltd.	1,219,957		1,799,065	0.2	%
*	Continental Gold, Inc.	464,000		1,520,575	0.2	%
#*	Copper Mountain Mining Corp.	684,831		479,456	0.0	%
*	Detour Gold Corp.	79,500		1,082,974	0.1	%
	Dominion Diamond Corp.(257287102)	20,700		200,376	0.0	%
	Dominion Diamond Corp.(B95LX89)	487,201		4,720,877	0.5	%
#*	Dundee Precious Metals, Inc.	665,722		1,115,611	0.1	%
#*	Eastern Platinum, Ltd.	299,296		98,082	0.0	%
#*	Eastmain Resources, Inc.	49,500		18,802	0.0	%
*	EcoSynthetix, Inc.	1,500		2,536	0.0	%
*	Eldorado Gold Corp.	1,179,508		3,795,088	0.4	%
*	Endeavour Mining Corp.	321,438		4,802,472	0.5	%
#*	Endeavour Silver Corp.	197,026		697,035	0.1	%
#*	Exeter Resource Corp.	4,111		3,093	0.0	%
#*	First Majestic Silver Corp.	571,687		4,368,608	0.4	%
#*	Fortress Paper, Ltd. Class A	16,706		87,098	0.0	%
*	Fortuna Silver Mines, Inc.	876,406		4,954,323	0.5	%
#*	Golden Star Resources, Ltd.	1,118,762		824,917	0.1	%
#*	Great Panther Silver, Ltd.	700,801		1,158,737	0.1	%
*	Guyana Goldfields, Inc.	287,744		1,311,580	0.1	%
*	Hanfeng Evergreen, Inc.	45,837		—	0.0	%
	HudBay Minerals, Inc.	1,453,305		8,312,950	0.8	%
*	IAMGOLD Corp.	2,443,241		9,444,323	0.9	%
#*	Imperial Metals Corp.	244,960		1,105,618	0.1	%
*	Interfor Corp.	394,708		4,418,472	0.4	%
*	International Tower Hill Mines, Ltd.	13,001		7,262	0.0	%
	Intertape Polymer Group, Inc.	328,477		6,160,243	0.6	%
*	Ivanhoe Mines, Ltd. Class A	1,914,589		3,621,983	0.4	%
*	Kirkland Lake Gold, Ltd.	531,244		2,777,591	0.3	%
*	Klondex Mines, Ltd.	499,610		2,325,671	0.2	%
#	Labrador Iron Ore Royalty Corp.	290,156		4,023,911	0.4	%
	Lucara Diamond Corp.	1,407,865		3,187,658	0.3	%
*	Lundin Mining Corp.	2,567,823		12,240,023	1.2	%
*	Lydian International, Ltd.	91,514		22,493	0.0	%
*	Major Drilling Group International, Inc.	559,212		2,923,821	0.3	%
	Mandalay Resources Corp.	1,371,135		816,972	0.1	%
#	Methanex Corp.(59151K108)	92,958		4,071,560	0.4	%
	Methanex Corp.(2654416)	188,866		8,283,856	0.8	%
#*	Midas Gold Corp.	293,884		190,429	0.0	%
*	Minco Base Metals Corp.	2,780		—	0.0	%
*	Nautilus Minerals, Inc.	227,078		24,523	0.0	%
	Nevsun Resources, Ltd.	1,477,819		4,567,794	0.5	%
*	New Gold, Inc.	2,777,383		9,743,026	1.0	%
	Norbord, Inc.	195,580		4,939,575	0.5	%
#*	Northern Dynasty Minerals, Ltd.	148,624		306,624	0.0	%

The Canadian Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Materials — (Continued)
#*	Novagold Resources, Inc.	46,529	$	212,779	0.0	%
	OceanaGold Corp.	3,061,665		8,916,032	0.9	%
*	Orbite Technologies, Inc.	73,500		15,875	0.0	%
	Osisko Gold Royalties, Ltd.	630,175		6,143,808	0.6	%
	Pan American Silver Corp.	990,673		14,941,443	1.5	%
*	Pilot Gold, Inc.	153,861		50,995	0.0	%
*	Platinum Group Metals, Ltd.	105,831		152,915	0.0	%
#*	PolyMet Mining Corp.	613,665		457,055	0.0	%
*	Pretium Resources, Inc.(B57Q8S9)	114,400		947,476	0.1	%
#*	Pretium Resources, Inc.(74139C102)	325,217		2,679,788	0.3	%
#*	Primero Mining Corp.	1,071,138		845,645	0.1	%
#*	RB Energy, Inc.	396,013		158	0.0	%
*	Richmont Mines, Inc.	256,813		1,667,903	0.2	%
*	Royal Nickel Corp.	385,500		78,958	0.0	%
#*	Sabina Gold & Silver Corp.	924,221		674,589	0.1	%
*	Sandstorm Gold, Ltd.	767,972		3,014,347	0.3	%
#*	Seabridge Gold, Inc.	111,235		914,635	0.1	%
*	SEMAFO, Inc.	1,661,946		5,471,122	0.5	%
#*	Sherritt International Corp.	2,013,361		1,994,392	0.2	%
*	Silver Standard Resources, Inc.	760,590		6,803,475	0.7	%
#	Stella-Jones, Inc.	204,600		6,640,947	0.7	%
#*	Stornoway Diamond Corp.	1,252,797		933,078	0.1	%
	Tahoe Resources, Inc.	39,600		373,098	0.0	%
#*	Tanzanian Royalty Exploration Corp.	298,950		149,180	0.0	%
*	Taseko Mines, Ltd.	976,266		843,458	0.1	%
*	Tembec, Inc.	403,476		721,217	0.1	%
#*	Teranga Gold Corp.	2,220,363		1,356,048	0.1	%
#*	Timmins Gold Corp.	1,530,103		472,940	0.0	%
*	Torex Gold Resources, Inc.	168,160		2,603,840	0.3	%
*	Trevali Mining Corp.	1,173,759		987,858	0.1	%
*	Wesdome Gold Mines, Ltd.	402,664		626,796	0.1	%
	West Fraser Timber Co., Ltd.	266,200		9,518,685	1.0	%
	Western Forest Products, Inc.	2,211,609		3,113,202	0.3	%
	Winpak, Ltd.	153,235		5,183,729	0.5	%
	Yamana Gold, Inc.	262,157		736,105	0.1	%
Total Materials				268,861,910	26.9	%
Real Estate — (1.7%)
#	Altus Group, Ltd.	211,914		4,886,499	0.5	%
#	Brookfield Real Estate Services, Inc.	14,069		165,246	0.0	%
	Colliers International Group, Inc.	162,348		5,984,138	0.6	%
	FirstService Corp.(BYL7ZF7)	163,033		7,739,711	0.8	%
	FirstService Corp.(33767E103)	1,234		58,590	0.0	%
	Genesis Land Development Corp.	76,842		171,123	0.0	%
	Information Services Corp.	3,674		49,638	0.0	%
#*	Mainstreet Equity Corp.	26,949		664,768	0.1	%
	Melcor Developments, Ltd.	42,540		459,412	0.0	%
	Morguard Corp.	4,268		559,149	0.1	%
Total Real Estate				20,738,274	2.1	%

The Canadian Small Company Series
continued

					Percentage
		Shares	Value††		of Net Assets**
Telecommunication Services — (0.4%)
#	Manitoba Telecom Services, Inc.	161,284	$	4,559,893	0.4	%
Utilities — (5.7%)
#	Algonquin Power & Utilities Corp.	1,268,653		10,762,267	1.1	%
	Alterra Power Corp.	110,442		428,558	0.1	%
	Boralex, Inc. Class A	285,291		4,069,059	0.4	%
	Capital Power Corp.	535,609		9,266,895	0.9	%
#	Innergex Renewable Energy, Inc.	520,627		5,440,284	0.6	%
#	Just Energy Group, Inc.	727,176		3,975,326	0.4	%
*	Maxim Power Corp.	92,234		202,652	0.0	%
#	Northland Power, Inc.	536,896		9,317,154	0.9	%
#	Superior Plus Corp.	737,043		6,999,068	0.7	%
	TransAlta Corp.	1,451,525		8,032,496	0.8	%
	TransAlta Renewables, Inc.	456,746		4,878,217	0.5	%
#	Valener, Inc.	273,976		4,277,017	0.4	%
Total Utilities				67,648,993	6.8	%
TOTAL COMMON STOCKS				1,000,346,854	100.2	%
RIGHTS/WARRANTS — (0.0%)
*	QLT, Inc. Rights 11/23/17 Class A	219,010		—	0.0	%
*	QLT, Inc. Rights 11/23/17	219,010		—	0.0	%
TOTAL RIGHTS/WARRANTS				—	0.0	%
TOTAL INVESTMENT SECURITIES				1,000,346,854
			Value†
SECURITIES LENDING COLLATERAL — (15.5%)
§@	DFA Short Term Investment Fund	15,843,339		183,339,124	18.4	%
TOTAL INVESTMENTS — (100.0%) (Cost $1,372,271,170)^			$	1,183,685,978	118.6	%

^      The cost for federal income tax purposes is $1,372,271,170.

The Canadian Small Company Series
continued

Summary of the Series' investments as of December 31, 2016, based on their valuation inputs, is as follows (See Security Valuation Note):

	Investments in Securities (Market Value)
	Level 1		Level 2		Level 3	Total
Common Stocks
Consumer Discretionary	$	91,756,086	$	6,746	—	$	91,762,832
Consumer Staples		42,749,892		—	—		42,749,892
Energy		257,624,002		58,922	—		257,682,924
Financials		64,924,786		—	—		64,924,786
Health Care		15,576,783		—	—		15,576,783
Industrials		126,166,316		—	—		126,166,316
Information Technology		39,674,251		—	—		39,674,251
Materials		268,861,752		158	—		268,861,910
Real Estate		20,738,274		—	—		20,738,274
Telecommunication Services		4,559,893		—	—		4,559,893
Utilities		67,648,993		—	—		67,648,993
Rights/Warrants		—		—	—		—
Securities Lending Collateral		—		183,339,124	—		183,339,124
TOTAL	$	1,000,281,028	$	183,404,950	—	$	1,183,685,978

(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 on Form 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, 2017

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, 2017

By:	/s/ Michael Clinton
	Michael Clinton
	Treasurer and Chief Financial and Accounting Officer

Date: March 1, 2017