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) |
Salvatore Papa, Esq. Chief Compliance Officer SA Funds – Investment Trust 10 Almaden Blvd., 15th Floor, San Jose, CA 95113 (Name and Address of Agent for Service) | ||
Copies to: | ||
Brian F. Link, Esq. Vice President and Managing Counsel State Street Bank and Trust Company 1 Lincoln Street, 8th Floor Boston, Massachusetts 02111 | Mark D. Perlow, Esq. Counsel to the Trust Dechert LLP One Bush Street, Suite 1600 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: June 30, 2020
Item 1. Report to Shareholders.
ANNUAL REPORT
|
TABLE OF CONTENTS
Page | ||
Management Discussion of Fund Performance | 1 | |
Portfolios of Investments | ||
SA U.S. Fixed Income Fund | 21 | |
SA Global Fixed Income Fund | 24 | |
SA U.S. Core Market Fund | 31 | |
SA U.S. Value Fund | 42 | |
SA U.S. Small Company Fund | 47 | |
SA International Value Fund | 65 | |
SA International Small Company Fund | 71 | |
SA Emerging Markets Value Fund | 72 | |
SA Real Estate Securities Fund | 87 | |
SA Worldwide Moderate Growth Fund | 89 | |
Statements of Assets and Liabilities | 90 | |
Statements of Operations | 96 | |
Statements of Changes in Net Assets | 98 | |
Financial Highlights | 111 | |
Notes to Financial Statements | 130 | |
Report of Independent Registered Public Accounting Firm | 148 | |
Proxy Voting Policies and Procedures | 149 | |
Additional Information | 150 | |
Trustees and Officers’ Information | 150 | |
Board Approval of Investment Advisory and Investment Sub-Advisory Agreements | 153 | |
Annual Report of Liquidity Risk Management Program Administrator | 158 | |
Tax Information Notice | 161 | |
Understanding Your Fund’s Expenses | 162 | |
Selected Financial Statements of DFA Investment Dimensions Group Inc. & The DFA Investment Trust Company | 164 |
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
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA U.S. Fixed Income Fund’s goal is to achieve a generally stable return consistent with preservation of capital. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisor LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by investing primarily in obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities, dollar-denominated obligations of foreign issuers issued in the United States, bank obligations, including those of U.S. banks and savings and loan associations and dollar denominated obligations of U.S. subsidiaries and branches of foreign banks, corporate debt obligations, commercial paper, obligations of supranational organizations and repurchase agreements. Generally, the Fund acquires obligations that mature within three years from the date of settlement.
For the fiscal year ended June 30, 2020, the Fund’s Investor Class and Select Class had a net return of 1.42% and 1.60%, respectively, compared to a return of 4.18% for the Fund’s benchmark index, the ICE BofA 1-3 Year U.S. Corporate/ Government Bond Index. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 2.75% and 2.58%, respectively, after deducting net operating expenses of each share class for the year. The Fund underperformed the benchmark index for the fiscal year primarily due to the Fund’s maturity allocation choices. The Fund maintained a significant fraction of its assets in money market securities with maturities less than one year during the fiscal year. The benchmark index, however, holds only securities with maturities ranging from one year to three years. The returns over the fiscal year to the 1-3 year securities held in the benchmark index were stronger, on average, than were the securities of less than one year in maturity that were held in the Fund, resulting in the Fund’s underperformance relative to its benchmark.
1
SA U.S. Fixed Income Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
Comparison of Change in Value of a $10,000 Investment in the
SA U.S. Fixed Income Fund - Investor Class vs. the ICE BofA 1-3 Year
U.S. Corporate/Government Bond Index from June 30, 2010 through June 30, 2020
The ICE BofA 1-3 Year U.S. Corporate/Government Bond Index is a subset of the ICE BofA Corporate/ Government Bond Index and includes investment grade debt securities with a remaining term to final maturity of less than 3 years but greater than one year. The index is unmanaged and reflects reinvested dividends and/ or other distributions, but does not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020
Since | One | Five | Ten | |||||||||
Inception | Year | Years | Years | |||||||||
SA U.S. Fixed Income Fund – Investor Class | 1.19% | (a) | 1.42% | 0.96 | % | 0.58 | % | |||||
SA U.S. Fixed Income Fund – Select Class | 1.59% | (b) | 1.60% | N/A | N/A |
(a) | From commencement of class operations on April 2, 2007. |
(b) | From commencement of class operations on July 3, 2017. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Returns would have been lower if Buckingham Strategic Partners, LLC (the “Adviser”) had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain of the periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2019 of Investor Class and Select Class were 0.64% and 0.41%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
2
SA Global Fixed Income Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA Global Fixed Income Fund’s goal is to maximize total return available from a universe of higher-quality fixed income investments maturing in five years or less from the date of settlement while targeting the duration of the FTSE World Government Bond Index 1-5 Years (hedged to USD), the Fund’s benchmark index. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisor LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by investing primarily in obligations issued or guaranteed by the U.S. and foreign governments of developed countries or their agencies or instrumentalities; obligations of supranational organizations, and obligations of other U.S. and foreign issuers including corporate debt obligations; commercial paper; bank obligations; and repurchase agreements. The Fund attempts to maximize its total return by allocating assets among countries depending on prevailing interest rates while targeting the duration of the Fund’s benchmark index. Securities in which the Fund invests may be denominated in currencies other than U.S. dollars. The Fund may also enter into forward foreign currency exchange contracts to attempt to protect against uncertainty in the level of future foreign currency rates, to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. The Fund may also lend its portfolio securities to seek to generate additional income.
For the fiscal year ended June 30, 2020, the Fund’s Investor Class and Select Class had a net return of 1.46% and 1.66%, respectively, compared to a return of 3.96% for the Fund’s benchmark index, the FTSE World Government Bond Index 1-5 Years (hedged to USD). The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 2.50% and 2.31%, respectively, after deducting net operating expenses of each share class for the year. The Fund’s underperformance relative to the benchmark across the fiscal year was primarily the result of the Fund’s holding of securities with maturities of less than one year. The Fund’s benchmark only includes securities with maturities greater than one year but less than five years. Global fixed income securities during the fiscal year with maturities between one and five years had stronger returns than global fixed income securities with maturities less than one year, hence the Fund’s holdings of those shorter maturity securities led to the Fund’s underperformance against its benchmark.
3
SA Global Fixed Income Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
Comparison of Change in Value of a $10,000 Investment in the
SA Global Fixed Income Fund - Investor Class vs. the FTSE World Government
Bond Index 1-5 Years (hedged to USD) from June 30, 2010 through June 30, 2020
The FTSE World Government Bond Index 1-5 Years (hedged to USD) is a comprehensive measure of the total return performance of the government bond markets of more than 20 countries with maturities ranging from one to five years. It is hedged to the U.S. dollar. The index is unmanaged and reflects reinvested dividends and/or other distributions, but does not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020:
Since | One | Five | Ten | ||||||||||
Inception | Year | Years | Years | ||||||||||
SA Global Fixed Income Fund – Investor Class | 2.80% | (a) | 1.46 | % | 1.47 | % | 1.39 | % | |||||
SA Global Fixed Income Fund – Select Class | 2.00% | (b) | 1.66 | % | N/A | N/A |
(a) | From commencement of class operations on July 29, 1999. | |
(b) | From commencement of class operations on July 3, 2017. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2019 of Investor Class and Select Class were 0.73% and 0.51%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
4
SA U.S. Core Market Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA U.S. Core Market Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisor LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of readily marketable equity securities of U.S. companies traded on a principal U.S. exchange or on the over-the-counter market in the United States. Currently the Sub-Adviser has narrowed the universe of eligible securities to those of companies whose market capitalizations generally are either in the highest 96% of total market capitalization, or companies whose market capitalizations are larger than the 1,500th largest U.S. company, whichever results in the higher market capitalization threshold. The Fund may also invest up to 5% of its total assets in the U.S. Micro Cap Portfolio, a portfolio of DFA Investment Dimensions Group, Inc., a separate registered investment company, to gain more efficient and cost effective exposure to securities whose market capitalizations are generally in the lowest 5% of total market capitalization or companies whose market capitalizations are smaller than the 1,500th largest U.S. company, whichever results in the higher market capitalization threshold. The Fund may also lend its portfolio securities to seek to generate additional income.
For the fiscal year ended June 30, 2020, the Fund’s Investor Class and Select Class had a net return of 6.31% and 6.56%, respectively, compared to a return of 6.53% for the Fund’s benchmark index, the Russell 3000 Index. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. After deducting net operating expenses of each share class for the year, the overall performance of the Fund’s Investor Class and Select Class, relative to its benchmark, was -0.22% and +0.03%, respectively. Across the fiscal year the Fund held a larger position than did the benchmark in stocks of companies with higher levels of operating profitability while also holding a smaller position than the benchmark in stocks of companies with lower levels of operating profitability. This strategy was successful during the fiscal year in helping the Fund’s Portfolio outperform its benchmark on a gross-of-expenses basis due to the fact that during the fiscal year the stocks of companies with higher profitability (in which the Fund had a strong position) performed better than the stocks of companies with lower profitability (stocks which the Fund sought to avoid).
5
SA U.S. Core Market Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
Comparison of Change in Value of a $10,000 Investment in the SA U.S. Core Market Fund -
Investor Class vs. the Russell 3000 Index from June 30, 2010 through June 30, 2020
The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Index is unmanaged and reflects reinvested dividends and/or other distributions, but does not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020
Since | One | Five | Ten | ||||||||||
Inception | Year | Years | Years | ||||||||||
SA U.S. Core Market Fund – Investor Class | 6.30% | (a) | 6.31 | % | 9.96 | % | 13.24 | % | |||||
SA U.S. Core Market Fund – Select Class | 10.65% | (b) | 6.56 | % | N/A | N/A |
(a) | From commencement of class operations on August 5, 1999. | |
(b) | From commencement of class operations on July 3, 2017. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2019 of Investor Class and Select Class were 0.90% and 0.68%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
6
SA U.S. Value Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA U.S. Value Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisor LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of readily marketable equity securities of large and mid-cap U.S. companies traded on a principal U.S. exchange or on the over-the-counter market in the United States that the Sub-Adviser believes are “value” stocks at the time of investment. The Sub-Adviser considers value stocks primarily to be those of companies with high book values (values that are derived from a company’s balance sheet) in relation to their market values (values that are derived by multiplying the market price per share of a company’s stock by the number of outstanding shares of that stock). Currently the Sub-Adviser considers large and mid-capitalization companies to be companies whose market capitalizations generally are either in the highest 90% of total market capitalization or companies whose market capitalizations are larger than the 1,000th largest U.S. company, whichever results in the higher market capitalization threshold. The Fund may also lend its portfolio securities to seek to generate additional income.
For the fiscal year ended June 30, 2020, the Fund’s Investor Class and Select Class had a net return of -13.42% and -13.26%, respectively, compared to a return of -8.84% for the Fund’s benchmark index, the Russell 1000 Value Index. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. Across the fiscal year the Fund maintained a larger position than that of the benchmark in the stocks of companies whose ratio of price-to-book-value was either below average or well below average in the marketplace (known as “value stocks”). The Fund also avoided investments in the stocks of companies whose ratio of price-to-book-value was above average in the marketplace (known as “growth stocks”). However, during the fiscal year, value stocks performed poorly relative to growth stocks, both in the marketplace and in the Fund. Due to the Fund’s positioning in favor of the weaker-performing value stocks while avoiding the stronger-performing growth stocks found in the benchmark, the Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 4.59% and 4.43%, respectively, after deducting the net operating expenses of each share class for the year.
7
SA U.S. Value Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
Comparison of Change in Value of a $10,000 Investment in the SA U.S. Value
Fund - Investor Class vs. the Russell 1000 Value Index from June 30, 2010
through June 30, 2020
The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower ratios of price-to-book-value. The Russell 1000 Value Index is constructed to provide a comprehensive representation of the large-cap value segment of the U.S. stock market. The Index is completely reconstituted annually to ensure newly qualifying equities are included and that the represented companies continue to reflect value characteristics. The Index is unmanaged and reflects reinvested dividends and/or other distributions, but does not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020
Since | One | Five | Ten | ||||||||||
Inception | Year | Years | Years | ||||||||||
SA U.S. Value Fund – Investor Class | 5.02% | (a) | -13.42 | % | 2.96 | % | 9.95 | % | |||||
SA U.S. Value Fund – Select Class | -0.94% | (b) | -13.26 | % | N/A | N/A |
(a) | From commencement of class operations on August 5, 1999. | |
(b) | From commencement of class operations on July 3, 2017. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratio for fiscal year 2019 of Investor Class and Select Class were 0.96% and 0.74%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
8
SA U.S. Small Company Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA U.S. Small Company Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisor LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of readily marketable equity securities of small capitalization companies traded on a principal U.S. exchange or on the over-the-counter market in the United States. Currently the Sub-Adviser considers small capitalization companies to be companies whose market capitalizations generally are either in the lowest 12.5% of total market capitalization, or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization threshold. The Fund may also lend its portfolio securities to seek to generate additional income.
For the fiscal year ended June 30, 2020, the Fund’s Investor Class and Select Class had a net return of -10.66% and -10.45%, respectively, compared to a return of -6.63% for the Fund’s benchmark index, the Russell 2000 Index. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 4.03% and 3.82%, respectively, after deducting the share classes’ net operating expenses for the year. The Fund’s underperformance relative to the benchmark index over the fiscal year in both the Investor Class and in the Select Class was primarily the result of the Fund’s avoidance of the stocks of smaller companies that simultaneously exhibit both “growth” characteristics and low rates of profitability, where “growth” companies are those that have above average ratios of price-to-book-value. Smaller companies that exhibited both of those characteristics performed particularly strongly in the benchmark index during the Fund’s fiscal year, and the Fund’s limited exposure to those stocks led to the Fund’s underperformance against its benchmark index.
9
SA U.S. Small Company Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
Comparison of Change in Value of a $10,000 Investment in the SA U.S. Small Company Fund -
Investor Class vs. the Russell 2000 Index from June 30, 2010 through June 30, 2020
The Russell 2000 Index measures the performance of the small capitalization segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 2000 of the smallest securities based on a combination of their market capitalization and current membership in the Russell 3000 Index. The Index is unmanaged and reflects reinvested dividends and/or other distributions, but does not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020
Since | One | Five | Ten | ||||||||||
Inception | Year | Years | Years | ||||||||||
SA U.S. Small Company Fund – Investor Class | 7.46% | (a) | -10.66 | % | 2.43 | % | 9.79 | % | |||||
SA U.S. Small Company Fund – Select Class | -0.56% | (b) | -10.45 | % | N/A | N/A |
(a) | From commencement of class operations on August 5, 1999. | |
(b) | From commencement of class operations on July 3, 2017. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2019 of Investor Class and Select Class were 1.15% and 0.92%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
10
SA International Value Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA International Value Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisor LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of readily marketable equity securities of large- and mid-cap non-U.S. companies that the Sub-Adviser believes are “value” stocks at the time of investment. The Fund’s Sub-Adviser considers value stocks primarily to be those of companies with high book values (values that are derived from a company’s balance sheet) in relation to their market values (values that are derived by multiplying the market price per share of a company’s stock by the number of outstanding shares of that stock). The Fund invests in companies in countries with developed markets designated by the Sub-Adviser as approved markets. Under normal market conditions, the Fund invests in companies organized or having a majority of their operating income from sources in at least three non-U.S. countries. The Fund may also lend its portfolio securities to seek to generate additional income.
For the fiscal year ended June 30, 2020, the Fund’s Investor Class and Select Class had a net return of -17.62% and -17.46%, respectively, compared to a return of -15.14% for the Fund’s benchmark index, the MSCI World Ex. U.S. Value Index (net div.). The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 2.48% and 2.32%, respectively, after deducting the net operating expenses of each share class for the year. With micro caps underperforming larger small and mid-caps for the year, the portfolio’s greater allocation to micro caps and consequent lesser allocation to mid-caps was the primary driver of underperformance. The portfolio’s exclusion of stocks with the lowest profitability and highest relative price also detracted from relative performance, as those stocks outperformed. Conversely, at the sector level, the portfolio’s general exclusion of real estate investment trusts (REITs) contributed positively to relative performance, as REITs underperformed the overall index.
11
SA International Value Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
Comparison of Change in Value of a $10,000 Investment in the SA International
Value Fund - Investor Class vs. the MSCI World Ex. U.S. Value Index (net div.)
from June 30, 2010 through June 30, 2020
The MSCI World Ex. U.S. Value Index (net div.) is composed of companies within the MSCI World Ex. U.S. Index having characteristics such as lower market-to-book value ratios. The MSCI World Ex. U.S. Index is an index of securities listed on the stock exchanges of 22 of 23 developed market countries (excluding the United States), covering approximately 85% of the equity market capitalization of those countries. The Index is unmanaged and reflects reinvested dividends and/or other distributions, but does not reflect sales charges, commissions, expenses or taxes. The Index reflects the impact of any withholding taxes applied to foreign investors in any of the component countries. You cannot invest directly in an index.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020
Since | One | Five | Ten | ||||||||||
Inception | Year | Years | Years | ||||||||||
SA International Value Fund – Investor Class | 2.89% | (a) | -17.62 | % | -2.69 | % | 2.25 | % | |||||
SA International Value Fund – Select Class | -5.58% | (b) | -17.46 | % | N/A | N/A |
(a) | From commencement of class operations on August 5, 1999. | |
(b) | From commencement of class operations on July 3, 2017. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2019 of Investor Class and Select Class were 1.12% and 0.90%, respectively (before expense reimbursement and /or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
12
SA International Small Company Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA International Small Company Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisor LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by investing substantially all its assets in the International Small Company Portfolio of DFA Investment Dimensions Group Inc. (the “DFA Portfolio”), a separate registered investment company with the same investment objective and investment policies as the Fund. The DFA Portfolio invests substantially all of its assets in the following series of The DFA Investment Trust Company: The Japanese Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series, The Asia Pacific Small Company Series and The Canadian Small Company Series (each a “Series”). Each Series invests in small companies using a market capitalization weighted approach in each country or region designated by the Fund’s Sub-Adviser as an approved market for investments. The DFA Portfolio may also have some exposure to small capitalization equity securities associated with other countries or regions but does not invest in emerging market countries. Each Series may also lend its portfolio securities to seek to generate additional income.
For the fiscal year ended June 30, 2020, the Fund’s Investor Class and Select Class had a net return of -7.26% and -7.06%, respectively, compared to a return of -3.20% for the Fund’s benchmark index, the MSCI World Ex. U.S. Small Cap Index (net div.). The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 4.06% and 3.86%, respectively, after deducting the net operating expenses of each share class for the year. The Fund’s underperformance relative to its benchmark index across the fiscal year was due to two factors: (1) the Fund’s limited exposure to the stocks of companies with high ratios of price-to-book value (which performed well during the fiscal year); and (2) as well as the Fund’s strategy of maintaining greater holdings of the smallest capitalization stocks (and lesser holdings of larger capitalization stocks) than are present in the Fund’s benchmark index. Given the weakness over the fiscal year of smaller capitalization stocks (relative to the overall performance of the benchmark), the Fund’s strategy of holding the smaller capitalization stocks led to the underperformance relative to the benchmark.
13
SA International Small Company Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
Comparison of Change in Value of a $10,000 Investment in the SA International Small
Company Fund - Investor Class vs. the MSCI World Ex. U.S. Small Cap Index (net div.)
from June 30, 2010 through June 30, 2020
The MSCI World Ex. U.S. Small Cap Index (net div.) is a market capitalization weighted index designed to measure equity performance in 22 of 23 developed market countries (excluding the United States), covering approximately 14% of the market capitalization of those countries, and is composed of stocks which are categorized as small capitalization stocks. The index is unmanaged and reflects reinvested dividends and/or other distributions, but does not reflect sales charges, commissions, expenses or taxes. The Index reflects the impact of any withholding taxes applied to foreign investors in any of the component countries. You cannot invest directly in an index.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020
Since | One | Five | Ten | |||||||||
Inception | Year | Years | Years | |||||||||
SA International Small Company Fund – Investor Class | 6.10% | (a) | -7.26% | 1.56 | % | 5.87 | % | |||||
SA International Small Company Fund – Select Class | -2.26% | (b) | -7.06% | N/A | N/A |
(a) | From commencement of class operations on August 5, 1999. |
(b) | From commencement of class operations on July 3, 2017. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Return would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2019 of Investor Class and Select Class were 1.30% and 1.06%, respectively (before expense reimbursement and/or fee waivers, if any; and excluding the DFA Portfolio expenses which is included elsewhere in this report). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
14
SA Emerging Markets Value Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA Emerging Markets Value Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisor LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in a broad and diverse group of equity securities of companies in emerging markets, which may include frontier markets. The Fund intends to purchase securities of companies with small, medium and large market capitalizations in their respective markets that the Sub-Adviser considers to be “value” stocks at the time of investment. The Sub-Adviser considers value stocks primarily to be those of companies with high book values (values that are derived from a company’s balance sheet) in relation to their market values (values that are derived by multiplying the market price per share of a company’s stock by the number of outstanding shares of that stock).
For the fiscal year ended June 30, 2020, the Fund’s Investor Class and Select Class had a net return of -19.60% and -19.45%, respectively, compared to a return of -15.74% for the Fund’s benchmark index, the MSCI Emerging Markets Value Index (net div.). The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class underperformed the benchmark during the fiscal year by 3.86% and 3.72%, respectively, after deducting the net operating expenses of each share class for the year. The Fund’s underperformance relative to its benchmark index over the fiscal year was largely due to the Fund’s selection of stocks with lower ratios of price-to-book-value (“deeper value stocks”) than those generally found in the benchmark. Such stocks chosen for the Fund tended to have returns less than those of the benchmark, hence the Fund’s focus on holding those deeper value stocks led to underperformance relative to the Fund’s benchmark.
15
SA Emerging Markets Value Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
Comparison of Change in Value of a $10,000 Investment in the SA Emerging Markets Value Fund -
Investor Class vs. the MSCI Emerging Markets Value Index (net div.) from June 30, 2010
through June 30, 2020
The MSCI Emerging Markets Value Index (net div.) is comprised of companies within the MSCI Emerging Markets Index having value characteristics, such as low price-to-book-value ratios. The Index is unmanaged and reflects reinvested dividends and/or other distributions, but does not reflect sales charges, commissions, expenses or taxes. The Index reflects the impact of any withholding taxes applied to foreign investors in any of the component countries. You cannot invest directly in an index.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020
Since | One | Five | Ten | |||||||||
Inception | Year | Years | Years | |||||||||
SA Emerging Markets Value Fund – Investor Class | -0.02% | (a) | -19.60% | -1.54 | % | -0.83 | % | |||||
SA Emerging Markets Value Fund – Select Class | -5.14% | (b) | -19.45% | N/A | N/A |
(a) | From commencement of class operations on April 2, 2007. |
(b) | From commencement of class operations on July 3, 2017. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Returns would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain of the periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2019 of Investor Class and Select Class were 1.62% and 1.37%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
16
SA Real Estate Securities Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA Real Estate Securities Fund’s goal is to achieve long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser and Dimensional Fund Advisor LP (the “Sub-Adviser”) serves as the Fund’s investment sub-adviser. The Fund pursues its goal by generally investing in readily marketable equity securities of companies, the principal activities of which include development, ownership, management, construction or sale of residential, commercial or industrial real estate. Investments include, principally, equity securities of companies in the following sectors of the real estate industry: certain real estate investment trusts (“REITS”), companies engaged in residential construction and firms, excluding partnerships, the principal business of which is to develop commercial property. The Fund will make equity investments only in securities traded in the U.S. securities markets.
For the fiscal year ended June 30, 2020, the Fund’s Investor Class and Select Class had a net return of -7.47% and -7.35%, respectively, compared to a return of -17.71% for the Fund’s benchmark index, the Dow Jones U.S. Select REIT Index. The benchmark index is unmanaged and does not involve fees and expenses like the Fund. The Fund’s Investor Class and Select Class outperformed the benchmark during the fiscal year by 10.24% and 10.36%, respectively, after deducting the net operating expenses of each share class for the year. The Fund’s outperformance of its benchmark during the fiscal year was due primarily to the Fund’s investment in specialty REIT stocks not found in the benchmark, most notably cell tower REITs, data center REITs and triple net lease REITs.
17
SA Real Estate Securities Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
Comparison of Change in Value of a $10,000 Investment in the SA Real Estate Securities Fund -
Investor Class vs. the Dow Jones U.S. Select REIT Index from June 30, 2010 through June 30, 2020
The Dow Jones U.S. Select REIT Index is a float-adjusted market capitalization weighted index designed to measure the performance of publicly traded real estate companies that have a minimum total market capitalization of at least $200 million, at least 75% of total revenues of which are derived from ownership and operation of real estate assets, and the liquidity of company stock commensurate with that of other institutionally held real estate securities. The index is unmanaged and reflects reinvested dividends and/or other distributions, but does not reflect sales charges, commissions, expenses or taxes. You cannot invest directly in an index.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020
Since | One | Five | Ten | |||||||||
Inception | Year | Years | Years | |||||||||
SA Real Estate Securities Fund – Investor Class | 3.35% | (a) | -7.47% | 5.33 | % | 9.23 | % | |||||
SA Real Estate Securities Fund – Select Class | 2.39% | (b) | -7.35% | N/A | N/A |
(a) | From commencement of class operations on April 2, 2007. |
(b) | From commencement of class operations on July 3, 2017. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Returns would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain of the periods shown. As stated in the Fund’s most recent prospectuses, the total annual operating expense ratios for fiscal year 2019 of Investor Class and Select Class were 1.04% and 0.78%, respectively (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
18
SA Worldwide Moderate Growth Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
The SA Worldwide Moderate Growth Fund’s goal is to achieve long-term capital appreciation and current income with a greater emphasis on long-term capital appreciation. Buckingham Strategic Partners, LLC (the “Adviser”) serves as the Fund’s investment adviser. The Fund pursues its goal by investing in other mutual funds (“Underlying SA Funds”) managed by the Adviser comprising various asset categories and strategies. 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 in which the Fund invests. Actual allocations to fixed income investments or equity investments can deviate by up to 10%.
For the fiscal year ended June 30, 2020, the Fund had a net return of -7.33%, compared to a return of 2.22% for the Fund’s benchmark index, the Worldwide Moderate Growth Composite Index. Since the Fund invests only in Underlying SA Funds, the performance of the Fund across the fiscal year was primarily the result of the performance of its Underlying SA Funds. Most notably, the SA International Value Fund, the SA Emerging Markets Value Fund and the SA US Value Fund each underperformed the equity portion of the Fund’s benchmark Index, significantly contributing to the Fund’s 9.55% underperformance for the fiscal year relative to its benchmark index.
Comparison of Change in Value of a $10,000 Investment in the SA Worldwide
Moderate Growth Fund vs. the Benchmark since Commencement of Fund
Operations from July 1, 2015 through June 30, 2020
19
SA Worldwide Moderate Growth Fund
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Continued)
The MSCI ACWI Investable Market Index (IMI) (net div.) captures large, mid and small cap representation across 23 Developed Markets and 26 Emerging Markets countries. With more than 8,000 constituent securities, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set. The ICE BofA 1-3 Year U.S. Corporate/Government Bond Index tracks the performance of U.S. dollar-denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities with a remaining term to final maturity less than 3 years. The Worldwide Moderate Growth Composite Index is a weighted blend of the following indexes: 75% MSCI ACWI IMI (net div.) and 25% ICE BofA 1-3 Year U.S. Corporate/Government Bond Index. The Worldwide Moderate Growth Composite Index is rebalanced on an annual basis in January of each year. Investors cannot invest directly in an index. Indexes are unmanaged and reflect reinvested dividends and/or distributions, but do not reflect sales charges, commissions, expenses or taxes. The Index reflects the impact of any withholding taxes applied to foreign investors in any of the component countries that impose such withholding taxes.
PERFORMANCE INFORMATION – Average Annual Total Returns as of June 30, 2020
Since | One | ||||||
Inception | Year | ||||||
SA Worldwide Moderate Growth Fund | 2.58% | (a) | -7.33 | % |
(a) | From commencement of Fund operations on July 1, 2015. |
All returns include the reinvestment of income dividends and other distributions. Results represent past performance and do not indicate future results. Both the value of an investment in the Fund and the return on investment will fluctuate, so that redemption proceeds may be higher or lower than an investor’s original cost. The returns shown do not reflect the deduction of taxes that an investor would pay on Fund distributions or the redemption of Fund shares. Returns would have been lower if the Adviser had not reimbursed certain expenses and/or waived a portion of the Advisory fees during certain of the periods shown. As stated in the Fund’s most recent prospectus, the total annual operating expense ratio for fiscal year 2019 was 1.26% (before expense reimbursement and/or fee waivers, if any). Updated Fund performance information can be obtained by visiting http://www.sa-funds.com.
20
SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
FACE | ||||||||
AMOUNT | VALUE† | |||||||
YANKEE CORPORATE BONDS AND NOTES — 5.2% | ||||||||
Basic Material — 0.3% | ||||||||
LyondellBasell Industries NV, | ||||||||
6.000%, 11/15/21 | $ | 1,500,000 | $ | 1,588,144 | ||||
Communication — 0.6% | ||||||||
AT&T, Inc., (3-mo. USD LIBOR + | ||||||||
0.950%), 2.169%, 07/15/2021‡ | 3,000,000 | 3,024,917 | ||||||
Consumer, Non-cyclical — 1.1% | ||||||||
Campbell Soup Co., | ||||||||
(3-mo. USD LIBOR + 0.630%), | ||||||||
0.943%, 03/15/2021‡ | 3,000,000 | 3,003,292 | ||||||
Mylan NV, 3.150%, 6/15/21 | 3,000,000 | 3,062,985 | ||||||
6,066,277 | ||||||||
Financial — 2.5% | ||||||||
Bank of Montreal MTN, | ||||||||
3.100%, 7/13/20 | 5,600,000 | 5,604,758 | ||||||
Royal Bank of Canada GMTN, | ||||||||
(3-mo. USD LIBOR + 0.390%), | ||||||||
1.15%, 04/30/2021‡ | 8,000,000 | 8,024,489 | ||||||
13,629,247 | ||||||||
Technology — 0.7% | ||||||||
Apple, Inc., (3-mo. USD LIBOR + | ||||||||
0.500%), 0.948%, 02/09/2022‡ | 3,645,000 | 3,666,433 | ||||||
TOTAL YANKEE CORPORATE | ||||||||
BONDS AND NOTES (Identified | ||||||||
Cost $27,828,843) | 27,975,018 | |||||||
CORPORATE BONDS AND NOTES — 31.9% | ||||||||
Basic Materials — 0.7% | ||||||||
Eastman Chemical Co., | ||||||||
3.500%, 12/01/21 | 2,000,000 | 2,065,103 | ||||||
Westlake Chemical Corp., | ||||||||
3.600%, 7/15/22 | 1,500,000 | 1,553,169 | ||||||
3,618,272 | ||||||||
Communications — 1.2% | ||||||||
Alphabet, Inc., | ||||||||
3.625%, 5/19/21 | 863,000 | 887,953 | ||||||
Comcast Cable Communications | ||||||||
Holdings, Inc., | ||||||||
9.455%, 11/15/22 | 4,000,000 | 4,858,805 | ||||||
Walt Disney Co. (The), | ||||||||
3.000%, 9/15/22 | 1,000,000 | 1,055,319 | ||||||
6,802,077 | ||||||||
Consumer, Cyclical — 2.7% | ||||||||
BMW US Capital LLC, | ||||||||
3.100%, 4/12/21± | 500,000 | 508,147 | ||||||
Daimler Finance North America LLC, | ||||||||
3.000%, 2/22/21± | 1,500,000 | 1,518,277 | ||||||
VF Corp., 2.050%, 4/23/22 | 3,000,000 | 3,073,106 | ||||||
Walgreen Co., 3.100%, 9/15/22 | 2,000,000 | 2,096,732 | ||||||
Walmart, Inc., (3-mo. USD LIBOR + | ||||||||
0.230%), 0.535%, 06/23/2021‡ | 7,512,000 | 7,521,743 | ||||||
14,718,005 | ||||||||
Consumer, Non-cyclical — 1.9% | ||||||||
AbbVie, Inc., 3.375%, 9/15/20± | 1,000,000 | 1,006,261 | ||||||
Anthem, Inc., 3.300%, 1/15/23 | 4,000,000 | 4,262,990 | ||||||
Anthem, Inc., 4.350%, 8/15/20 | 1,000,000 | 1,004,424 | ||||||
Gilead Sciences, Inc., | ||||||||
2.550%, 9/01/20 | 1,910,000 | 1,916,943 | ||||||
Mylan, Inc., 3.125%, 1/15/23± | 1,100,000 | 1,157,073 | ||||||
Total System Services, Inc., | ||||||||
3.800%, 4/01/21 | 1,000,000 | 1,018,183 | ||||||
10,365,874 | ||||||||
Energy — 2.5% | ||||||||
Chevron Corp., (3-mo. USD LIBOR + | ||||||||
0.530%), 0.922%, 11/15/2021‡ | 7,645,000 | 7,673,926 | ||||||
ConocoPhillips Co., | ||||||||
2.400%, 12/15/22 | 2,719,000 | 2,840,658 | ||||||
EOG Resources, Inc., | ||||||||
2.625%, 3/15/23 | 2,000,000 | 2,096,895 | ||||||
Kinder Morgan Energy Partners LP, | ||||||||
3.950%, 9/01/22 | 449,000 | 473,583 | ||||||
Williams Cos., Inc. (The), | ||||||||
3.350%, 8/15/22 | 495,000 | 515,244 | ||||||
13,600,306 | ||||||||
Financial — 9.1% | ||||||||
American Express Co., | ||||||||
2.650%, 12/02/22 | 1,000,000 | 1,047,762 | ||||||
Aon Corp., 2.200%, 11/15/22 | 4,500,000 | 4,669,662 | ||||||
Bank of America Corp., | ||||||||
3.300%, 1/11/23 | 500,000 | 533,834 | ||||||
Bank of America Corp. MTN, | ||||||||
2.625%, 10/19/20 | 4,500,000 | 4,530,721 | ||||||
Berkshire Hathaway Finance Corp., | ||||||||
4.250%, 1/15/21 | 4,054,000 | 4,140,234 | ||||||
Capital One Financial Corp., | ||||||||
3.200%, 1/30/23 | 3,000,000 | 3,161,790 | ||||||
Capital One Financial Corp., | ||||||||
4.750%, 7/15/21 | 934,000 | 974,111 | ||||||
Citigroup, Inc., 2.700%, 3/30/21 | 1,285,000 | 1,306,016 | ||||||
Discover Financial Services, | ||||||||
3.850%, 11/21/22 | 1,079,000 | 1,143,769 | ||||||
Goldman Sachs Group, Inc. (The), | ||||||||
3.200%, 2/23/23 | 4,000,000 | 4,245,789 | ||||||
Goldman Sachs Group, Inc. (The), | ||||||||
2.625%, 4/25/21 | 1,000,000 | 1,016,006 | ||||||
HSBC USA, Inc., 2.750%, 8/07/20 | 1,685,000 | 1,688,800 | ||||||
KeyCorp MTN, 2.900%, 9/15/20 | 3,780,000 | 3,797,700 | ||||||
NatWest Markets PLC, | ||||||||
6.125%, 1/11/21 | 600,000 | 616,253 | ||||||
Regions Financial Corp., | ||||||||
2.750%, 8/14/22 | 3,374,000 | 3,515,381 | ||||||
Santander UK Group Holdings PLC, | ||||||||
2.875%, 8/05/21 | 750,000 | 766,968 | ||||||
Toronto-Dominion Bank (The) GMTN, | ||||||||
2.500%, 12/14/20 | 1,905,000 | 1,924,197 | ||||||
Toronto-Dominion Bank (The) MTN, | ||||||||
2.125%, 4/07/21 | 3,000,000 | 3,041,312 | ||||||
Unum Group, 5.625%, 9/15/20 | 1,365,000 | 1,377,218 |
The accompanying notes are an integral part of these financial statements.
21
SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
FACE | ||||||||
AMOUNT | VALUE† | |||||||
CORPORATE BONDS AND NOTES (Continued) | ||||||||
Financial (Continued) | ||||||||
USAA Capital Corp., | ||||||||
3.000%, 7/01/20± | $ | 950,000 | $ | 950,000 | ||||
Ventas Realty LP, 3.100%, 1/15/23 | 400,000 | 409,789 | ||||||
Wells Fargo & Co., | ||||||||
3.500%, 3/08/22 | 1,000,000 | 1,047,669 | ||||||
Wells Fargo & Co. GMTN, | ||||||||
2.600%, 7/22/20 | 3,000,000 | 3,003,685 | ||||||
48,908,666 | ||||||||
Government — 8.3% | ||||||||
Asian Development Bank, | ||||||||
(3-mo. USD LIBOR + 0.010%), | ||||||||
0.323%, 12/15/2021‡ | 10,000,000 | 9,990,255 | ||||||
Treasury Floating Rate Note, (3-mo. | ||||||||
Treasury money market yield + | ||||||||
0.114%), 0.264%, 04/30/2022‡ | 35,000,000 | 35,026,854 | ||||||
45,017,109 | ||||||||
Industrial — 1.8% | ||||||||
CNH Industrial Capital LLC, | ||||||||
3.875%, 10/15/21 | 500,000 | 512,758 | ||||||
General Electric Co., | ||||||||
3.150%, 9/07/22 | 3,000,000 | 3,143,010 | ||||||
Penske Truck Leasing Co. | ||||||||
LP / PTL Finance Corp., | ||||||||
4.250%, 1/17/23± | 2,500,000 | 2,660,253 | ||||||
Ryder System, Inc., | ||||||||
2.500%, 9/01/22 | 2,600,000 | 2,678,019 | ||||||
Ryder System, Inc., | ||||||||
2.875%, 6/01/22 | 515,000 | 533,126 | ||||||
9,527,166 | ||||||||
Technology — 3.0% | ||||||||
IBM Credit LLC, (3-mo. USD LIBOR + | ||||||||
0.260%), 1.395%, 01/20/2021‡ | 6,000,000 | 6,010,692 | ||||||
Micron Technology, Inc., | ||||||||
2.497%, 4/24/23 | 2,600,000 | 2,704,360 | ||||||
Oracle Corp., 2.500%, 10/15/22 | 3,000,000 | 3,139,016 | ||||||
VMware, Inc., 2.950%, 8/21/22 | 3,983,000 | 4,121,491 | ||||||
15,975,559 | ||||||||
Utilities — 0.7% | ||||||||
Edison International, | ||||||||
2.950%, 3/15/23 | 681,000 | 697,324 | ||||||
NextEra Energy Capital Holdings, | ||||||||
Inc., 3.342%, 9/01/20 | 3,000,000 | 3,014,342 | ||||||
3,711,666 | ||||||||
TOTAL CORPORATE | ||||||||
BONDS AND NOTES | ||||||||
(Identified Cost $170,640,202) | 172,244,700 | |||||||
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 21.2% | ||||||||
Agency Securities — 5.3% | ||||||||
Federal Farm Credit Banks, | ||||||||
(1-mo. USD LIBOR + 0.045%), | ||||||||
0.24%, 04/16/2021‡ | 28,350,000 | 28,366,188 | ||||||
U.S. Treasury Securities — 15.9% | ||||||||
Treasury Floating Rate Note, | ||||||||
(3-mo. Treasury money | ||||||||
market yield + 0.045%), | ||||||||
0.195%, 10/31/2020‡ | 24,750,000 | 24,753,555 | ||||||
Treasury Floating Rate Note, | ||||||||
(3-mo. Treasury money | ||||||||
market yield + 0.115%), | ||||||||
0.265%, 01/31/2021‡ | 1,000,000 | 1,000,609 | ||||||
Treasury Floating Rate Note, | ||||||||
(3-mo. Treasury money | ||||||||
market yield + 0.139%), | ||||||||
0.289%, 04/30/2021‡ | 60,000,000 | 60,060,006 | ||||||
85,814,170 | ||||||||
TOTAL U.S. GOVERNMENT & | ||||||||
AGENCY OBLIGATIONS | ||||||||
(Identified Cost $114,097,492) | 114,180,358 | |||||||
SHORT-TERM INVESTMENTS — 41.5% | ||||||||
Agency Securities — 2.6% | ||||||||
Federal Home Loan Bank Discount | ||||||||
Notes, 0.000%, 7/27/20# | 5,000,000 | 4,999,603 | ||||||
Federal Home Loan Bank Discount | ||||||||
Notes, 0.000%, 7/29/20# | 7,000,000 | 6,999,401 | ||||||
Federal Home Loan Bank Discount | ||||||||
Notes, 0.000%, 9/15/20# | 2,000,000 | 1,999,451 | ||||||
13,998,455 | ||||||||
Commercial Papers — 23.9% | ||||||||
American Honda Finance Corp., | ||||||||
1.850%, 8/21/20 | 4,000,000 | 3,989,517 | ||||||
Banque Et Caisse Epargne, | ||||||||
0.450%, 10/06/20 | 10,600,000 | 10,594,431 | ||||||
BNG Bank NV, 1.710%, 8/21/20 | 4,550,000 | 4,538,977 | ||||||
BP Capital Markets PLC, | ||||||||
1.350%, 10/20/20 | 5,000,000 | 4,995,364 | ||||||
Campbell Soup Co., | ||||||||
0.450%, 12/01/20 | 1,000,000 | 996,043 | ||||||
Chevron Corp., 0.200%, 10/01/20 | 1,350,000 | 1,349,292 | ||||||
CPPIB Capital, Inc., | ||||||||
1.680%, 7/20/20 | 9,000,000 | 8,992,067 | ||||||
DBS Bank Ltd., 0.010%, 8/06/20 | 4,250,000 | 4,242,945 | ||||||
Dow Chemical Co., | ||||||||
0.010%, 7/29/20 | 4,000,000 | 3,994,867 | ||||||
Eni Finance USA, Inc., | ||||||||
2.280%, 9/18/20 | 3,750,000 | 3,743,000 | ||||||
Erste Abwicklungsanstalt, | ||||||||
0.700%, 7/13/20 | 5,000,000 | 4,998,833 | ||||||
Exxon Mobil Corp., | ||||||||
0.250%, 9/25/20 | 9,545,000 | 9,540,825 | ||||||
Exxon Mobil Corp., | ||||||||
0.390%, 2/01/21 | 6,500,000 | 6,487,559 | ||||||
Harley-Davidson Finance Corp., | ||||||||
1.850%, 7/07/20 | 3,750,000 | 3,748,844 | ||||||
John Deere Ltd., 0.150%, 7/22/20 | 3,500,000 | 3,499,694 | ||||||
Landesbank Hessen-Thueringen | ||||||||
Girozentrale, 1.700%, 7/27/20 | 6,000,000 | 5,992,633 |
The accompanying notes are an integral part of these financial statements.
22
SA U.S. Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
FACE | ||||||||
AMOUNT | VALUE† | |||||||
SHORT-TERM INVESTMENTS (Continued) | ||||||||
Commercial Papers (Continued) | ||||||||
Merck & Co., Inc., | ||||||||
0.010%, 8/04/20 | $ | 5,500,000 | $ | 5,496,364 | ||||
Merck & Co., Inc., | ||||||||
0.700%, 7/08/20 | 11,250,000 | 11,248,469 | ||||||
Mondelez International, Inc., | ||||||||
0.240%, 7/17/20 | 4,000,000 | 3,999,573 | ||||||
National Australia Bank Ltd., | ||||||||
0.150%, 7/07/20 | 3,500,000 | 3,499,912 | ||||||
Pfizer, Inc., 0.010%, 10/13/20 | 2,800,000 | 2,798,326 | ||||||
Pfizer, Inc., 0.200%, 11/18/20 | 5,000,000 | 4,995,222 | ||||||
Pfizer, Inc., 0.870%, 8/18/20 | 8,000,000 | 7,990,720 | ||||||
Toronto Dominion Bank, | ||||||||
1.670%, 7/15/20 | 3,000,000 | 2,998,052 | ||||||
Walt Disney Co. (The), | ||||||||
0.010%, 8/28/20 | 2,000,000 | 1,994,651 | ||||||
Walt Disney Co. (The), | ||||||||
0.480%, 2/22/21 | 2,000,000 | 1,993,575 | ||||||
128,719,755 | ||||||||
Government — 11.3% | ||||||||
U.S. Cash Management Bill, | ||||||||
0.000%, 9/08/20# | 10,000,000 | 9,997,700 | ||||||
U.S. Cash Management Bill, | ||||||||
0.000%, 9/22/20# | 13,000,000 | 12,996,178 | ||||||
U.S. Cash Management Bill, | ||||||||
0.000%, 9/29/20# | 10,000,000 | 9,996,687 | ||||||
U.S. Cash Management Bill, | ||||||||
0.000%, 10/06/20# | 14,000,000 | 13,995,285 | ||||||
U.S. Cash Management Bill, | ||||||||
0.000%, 10/13/20# | 6,000,000 | 5,997,400 | ||||||
U.S. Cash Management Bill, | ||||||||
0.000%, 10/20/20# | 8,000,000 | 7,996,547 | ||||||
60,979,797 | ||||||||
U.S. Treasury Securities — 3.1% | ||||||||
U.S. Treasury Bill, | ||||||||
0.000%, 10/01/20# | 17,000,000 | 16,993,700 | ||||||
SHARES | ||||||||
Investment Company — 0.6% | ||||||||
State Street Institutional | ||||||||
U.S. Government | ||||||||
Money Market Fund | ||||||||
0.116% | 3,277,757 | 3,277,757 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Identified Cost $223,923,864) | 223,969,464 | |||||||
Total Investments — 99.8% | ||||||||
(Identified Cost $536,490,401) | 538,369,540 | |||||||
Cash and Other Assets, | ||||||||
Less Liabilities — 0.2% | 1,022,031 | |||||||
Net Assets — 100.0% | $ | 539,391,571 |
† | 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 June 30, 2020 amounted to $7,800,011 or 1.45% of the net assets of the Fund. | ||
# | Zero coupon bond | ||
‡ | Floating rate or variable rate note. Rate shown is as of June 30, 2020. |
Key to abbreviations:
GMTN — Global Medium Term Note
MTN — Medium Term Note
LIBOR — London Interbank Offered Rate.
Portfolio Sectors as of June 30, 2020
(As a percentage of investment (excluding
short-term money market investment)) (Unaudited)
The accompanying notes are an integral part of these financial statements.
23
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
FACE | |||||||||
AMOUNT | VALUE† | ||||||||
BONDS AND NOTES — 91.9% | |||||||||
Australia — 4.2% | |||||||||
Australia & New Zealand | |||||||||
Banking Group Ltd., | |||||||||
(3-mo. Swap + 0.760%), | |||||||||
0.900%, 01/16/2025‡ | AUD | 4,000,000 | $ | 2,778,916 | |||||
Australia & New Zealand | |||||||||
Banking Group Ltd., | |||||||||
0.975%, 2/08/22 | AUD | 500,000 | 348,245 | ||||||
Australia & New Zealand | |||||||||
Banking Group Ltd., | |||||||||
(3-mo. Swap + 1.000%), | |||||||||
1.101%, 03/07/2022‡ | AUD | 1,000,000 | 697,967 | ||||||
Commonwealth Bank of Australia, | |||||||||
0.500%, 7/11/22 | EUR | 500,000 | 568,365 | ||||||
Commonwealth Bank of Australia, | |||||||||
0.913%, 4/25/23 | AUD | 500,000 | 348,128 | ||||||
Commonwealth Bank of Australia, | |||||||||
(3-mo. Swap + 0.880%), | |||||||||
0.993%, 07/25/2022‡ | AUD | 1,000,000 | 697,324 | ||||||
National Australia Bank Ltd., | |||||||||
(3-mo. Swap + 0.800%), | |||||||||
0.896%, 02/10/2023‡ | AUD | 2,000,000 | 1,393,045 | ||||||
National Australia Bank Ltd., | |||||||||
(3-mo. Swap + 0.770%), | |||||||||
0.897%, 01/21/2025‡ | AUD | 3,100,000 | 2,155,610 | ||||||
National Australia Bank Ltd., | |||||||||
0.998%, 5/16/23 | AUD | 1,000,000 | 698,529 | ||||||
National Australia Bank Ltd., | |||||||||
1.030%, 9/26/23 | AUD | 2,500,000 | 1,748,456 | ||||||
National Australia Bank Ltd., | |||||||||
(3-mo. Swap + 0.900%), | |||||||||
1.140%, 07/05/2022‡ | AUD | 1,000,000 | 697,414 | ||||||
National Australia Bank Ltd. | |||||||||
GMTN, 0.350%, 9/07/22 | EUR | 3,150,000 | 3,573,649 | ||||||
National Australia Bank Ltd. | |||||||||
GMTN, 0.875%, 1/20/22 | EUR | 1,500,000 | 1,710,675 | ||||||
Toyota Finance Australia Ltd., | |||||||||
0.000%, 4/09/21# | EUR | 3,000,000 | 3,364,877 | ||||||
Toyota Finance Australia Ltd., | |||||||||
0.500%, 4/06/23 | EUR | 4,900,000 | 5,537,572 | ||||||
Westpac Banking Corp., | |||||||||
0.250%, 1/17/22 | EUR | 1,000,000 | 1,128,649 | ||||||
Westpac Banking Corp., | |||||||||
0.718%, 5/16/22 | AUD | 500,000 | 346,780 | ||||||
Westpac Banking Corp., | |||||||||
1.048%, 11/16/23 | AUD | 1,000,000 | 700,001 | ||||||
Westpac Banking Corp., | |||||||||
(3-mo. Swap + 1.110%), | |||||||||
1.205%, 02/07/2022‡ | AUD | 1,000,000 | 698,888 | ||||||
29,193,090 | |||||||||
Austria — 0.9% | |||||||||
Oesterreichische Kontrollbank | |||||||||
AG, 0.368%, 11/22/21 | USD | 6,000,000 | 6,028,508 | ||||||
Canada — 17.9% | |||||||||
Bank of Montreal, (3-mo. EUR | |||||||||
EURIBOR + 0.500%), 0.098%, | |||||||||
09/28/2021‡ | EUR | 4,277,000 | 4,823,645 | ||||||
Bank of Montreal, | |||||||||
0.250%, 11/17/21 | EUR | 300,000 | 338,013 | ||||||
Bank of Montreal, | |||||||||
1.610%, 10/28/21 | CAD | 10,000,000 | 7,445,713 | ||||||
Bank of Montreal, | |||||||||
(3-mo. USD LIBOR + 0.460%), | |||||||||
1.771%, 04/13/2021‡ | USD | 1,000,000 | 1,002,981 | ||||||
Bank of Montreal, | |||||||||
1.880%, 3/31/21 | CAD | 2,500,000 | 1,862,699 | ||||||
Bank of Montreal MTN, | |||||||||
1.091%, 9/07/23 | AUD | 3,000,000 | 2,080,672 | ||||||
Bank of Montreal MTN, | |||||||||
1.160%, 10/06/22 | AUD | 1,000,000 | 693,967 | ||||||
Bank of Nova Scotia (The), | |||||||||
0.375%, 4/06/22 | EUR | 2,500,000 | 2,818,817 | ||||||
Bank of Nova Scotia (The), | |||||||||
(3-mo. USD LIBOR + 0.440%), | |||||||||
1.575%, 04/20/2021‡ | USD | 3,250,000 | 3,260,499 | ||||||
Bank of Nova Scotia (The), | |||||||||
1.750%, 12/23/22 | GBP | 1,000,000 | 1,271,508 | ||||||
Canadian Imperial | |||||||||
Bank of Commerce, | |||||||||
0.750%, 3/22/23 | EUR | 2,300,000 | 2,635,637 | ||||||
Canadian Imperial | |||||||||
Bank of Commerce, | |||||||||
(3-mo. USD LIBOR + 0.310%), | |||||||||
1.683%, 10/05/2020‡ | USD | 757,000 | 757,571 | ||||||
Canadian Imperial | |||||||||
Bank of Commerce, | |||||||||
1.850%, 7/14/20 | CAD | 4,500,000 | 3,316,264 | ||||||
Export Development Canada, | |||||||||
0.372%, 11/15/21 | GBP | 2,000,000 | 2,477,698 | ||||||
Export Development Canada, | |||||||||
0.374%, 5/29/24 | GBP | 1,500,000 | 1,856,960 | ||||||
Province of British | |||||||||
Columbia Canada, | |||||||||
3.700%, 12/18/20 | CAD | 5,000,000 | 3,741,713 | ||||||
Province of Manitoba Canada, | |||||||||
1.500%, 12/15/22 | GBP | 825,000 | 1,049,379 | ||||||
Province of Ontario Canada, | |||||||||
(CDOR + 0.260%), | |||||||||
0.928%, 10/27/2021‡ | CAD | 4,500,000 | 3,333,533 | ||||||
Province of Ontario Canada, | |||||||||
3.000%, 9/28/20 | EUR | 938,000 | 1,062,640 | ||||||
Province of Ontario Canada, | |||||||||
4.000%, 6/02/21 | CAD | 18,922,000 | 14,414,366 | ||||||
Province of Quebec Canada, | |||||||||
(CDOR + 0.405%), | |||||||||
1.108%, 10/13/2024‡ | CAD | 9,000,000 | 6,727,062 | ||||||
Province of Quebec Canada, | |||||||||
2.375%, 1/22/24 | EUR | 5,321,000 | 6,520,209 | ||||||
Province of Quebec Canada, | |||||||||
4.500%, 12/01/20 | CAD | 10,000,000 | 7,495,728 | ||||||
Royal Bank of Canada, | |||||||||
(3-mo. EUR EURIBOR | |||||||||
+ 0.500%), 0.310%, | |||||||||
07/24/2020‡ | EUR | 500,000 | 562,000 | ||||||
Royal Bank of Canada, (3-mo. | |||||||||
EUR EURIBOR + 0.600%), | |||||||||
0.376%, 01/19/2021‡ | EUR | 2,100,000 | 2,365,330 | ||||||
Royal Bank of Canada, | |||||||||
1.583%, 9/13/21 | CAD | 22,500,000 | 16,759,152 |
The accompanying notes are an integral part of these financial statements.
24
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
FACE | |||||||||
AMOUNT | VALUE† | ||||||||
BONDS AND NOTES (Continued) | |||||||||
Canada (Continued) | |||||||||
Royal Bank of Canada, | |||||||||
2.030%, 3/15/21 | CAD | 2,000,000 | $ | 1,488,701 | |||||
Royal Bank of Canada GMTN, | |||||||||
(3-mo. USD LIBOR + 0.390%), | |||||||||
1.150%, 04/30/2021‡ | USD | 320,000 | 320,980 | ||||||
Toronto-Dominion Bank (The), | |||||||||
(3-mo. EUR EURIBOR | |||||||||
+ 0.480%), 0.128%, | |||||||||
09/08/2020‡ | EUR | 289,000 | 324,976 | ||||||
Toronto-Dominion Bank (The), | |||||||||
0.246%, 7/13/20 | EUR | 250,000 | 280,932 | ||||||
Toronto-Dominion Bank (The), | |||||||||
0.625%, 3/08/21 | EUR | 2,330,000 | 2,631,882 | ||||||
Toronto-Dominion Bank (The), | |||||||||
0.625%, 7/20/23 | EUR | 7,463,000 | 8,558,726 | ||||||
Toronto-Dominion Bank (The), | |||||||||
(3-mo. Swap + 1.000%), | |||||||||
1.175%, 07/10/2024‡ | AUD | 1,000,000 | 684,445 | ||||||
Toronto-Dominion Bank (The), | |||||||||
3.005%, 5/30/23 | CAD | 5,000,000 | 3,902,696 | ||||||
Total Capital Canada Ltd., | |||||||||
1.125%, 3/18/22 | EUR | 2,000,000 | 2,288,312 | ||||||
Total Capital Canada Ltd., | |||||||||
1.875%, 7/09/20 | EUR | 1,000,000 | 1,123,816 | ||||||
Toyota Credit Canada, Inc. MTN, | |||||||||
2.200%, 2/25/21 | CAD | 2,452,000 | 1,823,666 | ||||||
124,102,888 | |||||||||
Denmark — 1.1% | |||||||||
Kommunekredit, | |||||||||
0.125%, 8/28/23 | EUR | 5,000,000 | 5,709,366 | ||||||
Kommunekredit, | |||||||||
0.250%, 3/29/23 | EUR | 1,000,000 | 1,144,116 | ||||||
Kommunekredit, | |||||||||
0.250%, 5/15/23 | EUR | 350,000 | 400,610 | ||||||
7,254,092 | |||||||||
Finland — 0.5% | |||||||||
OP Corporate Bank PLC, | |||||||||
0.750%, 3/03/22 | EUR | 900,000 | 1,023,889 | ||||||
OP Corporate Bank PLC, | |||||||||
2.500%, 5/20/22 | GBP | 1,642,000 | 2,105,140 | ||||||
3,129,029 | |||||||||
France — 12.2% | |||||||||
Agence Francaise de | |||||||||
Developpement, | |||||||||
0.500%, 10/25/22 | EUR | 300,000 | 343,657 | ||||||
Agence Francaise de | |||||||||
Developpement, | |||||||||
3.125%, 1/04/24 | EUR | 10,000,000 | 12,606,701 | ||||||
Agence Francaise de | |||||||||
Developpement EPIC, | |||||||||
(3-mo. USD LIBOR + 0.120%), | |||||||||
0.438%, 06/07/2021‡ | USD | 4,000,000 | 4,001,491 | ||||||
Bpifrance Financement SA, | |||||||||
0.100%, 2/19/21 | EUR | 600,000 | 676,095 | ||||||
Caisse d’Amortissement | |||||||||
de la Dette Sociale, | |||||||||
0.125%, 11/25/22 | EUR | 2,800,000 | 3,186,776 | ||||||
Caisse d’Amortissement | |||||||||
de la Dette Sociale, | |||||||||
0.125%, 10/25/23 | EUR | 1,500,000 | 1,715,597 | ||||||
Caisse d’Amortissement | |||||||||
de la Dette Sociale, | |||||||||
0.500%, 5/25/23 | EUR | 6,200,000 | 7,147,955 | ||||||
Caisse des Depots et | |||||||||
Consignations, | |||||||||
(3-mo. USD LIBOR + 0.090%), | |||||||||
0.392%, 10/02/2020‡ | USD | 2,400,000 | 2,399,797 | ||||||
Caisse des Depots | |||||||||
et Consignations, | |||||||||
1.000%, 1/25/21 | GBP | 600,000 | 746,772 | ||||||
Dexia Credit Local SA, | |||||||||
0.250%, 6/02/22 | EUR | 5,850,000 | 6,640,438 | ||||||
Dexia Credit Local SA, | |||||||||
0.625%, 1/21/22 | EUR | 300,000 | 341,920 | ||||||
Dexia Credit Local SA, | |||||||||
(3-mo. USD LIBOR + 0.320%), | |||||||||
0.651%, 09/04/2020‡ | USD | 2,475,000 | 2,477,104 | ||||||
Dexia Credit Local SA, | |||||||||
0.750%, 1/25/23 | EUR | 1,200,000 | 1,383,832 | ||||||
Dexia Credit Local SA, | |||||||||
0.875%, 9/07/21 | GBP | 3,000,000 | 3,742,562 | ||||||
Dexia Credit Local SA, | |||||||||
1.125%, 6/15/22 | GBP | 4,900,000 | 6,164,628 | ||||||
Dexia Credit Local SA, | |||||||||
2.000%, 1/22/21 | EUR | 200,000 | 227,652 | ||||||
Sanofi, 0.500%, 3/21/23 | EUR | 14,200,000 | 16,200,976 | ||||||
Sanofi, 1.125%, 3/10/22 | EUR | 500,000 | 572,100 | ||||||
SNCF Reseau, | |||||||||
0.100%, 5/27/21 | EUR | 2,000,000 | 2,256,257 | ||||||
SNCF Reseau, | |||||||||
6.000%, 10/12/20 | EUR | 1,142,000 | 1,305,850 | ||||||
Total Capital International SA, | |||||||||
0.250%, 7/12/23 | EUR | 2,700,000 | 3,051,213 | ||||||
Total Capital International SA, | |||||||||
2.125%, 3/15/23 | EUR | 2,000,000 | 2,371,487 | ||||||
UNEDIC ASSEO, | |||||||||
0.125%, 5/25/22 | EUR | 2,000,000 | 2,267,000 | ||||||
UNEDIC ASSEO, | |||||||||
0.875%, 10/25/22@ | EUR | 2,500,000 | 2,887,591 | ||||||
84,715,451 | |||||||||
Germany — 10.9% | |||||||||
Deutsche Bahn Finance GMBH, | |||||||||
(3-mo. EUR EURIBOR | |||||||||
+ 0.300%), 0.067%, | |||||||||
07/23/2020‡ | EUR | 296,000 | 332,614 | ||||||
Deutsche Bahn Finance GMBH, | |||||||||
2.750%, 6/20/22 | GBP | 1,780,000 | 2,303,417 | ||||||
Deutsche Bahn Finance GMBH, | |||||||||
4.375%, 9/23/21 | EUR | 500,000 | 592,773 | ||||||
Erste Abwicklungsanstalt, | |||||||||
0.000%, 2/25/21# | EUR | 1,500,000 | 1,689,688 |
The accompanying notes are an integral part of these financial statements.
25
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
FACE | |||||||||
AMOUNT | VALUE† | ||||||||
BONDS AND NOTES (Continued) | |||||||||
Germany (Continued) | |||||||||
Kreditanstalt fuer Wiederaufbau, | |||||||||
0.125%, 2/24/23 | EUR | 400,000 | $ | 457,582 | |||||
Kreditanstalt fuer Wiederaufbau, | |||||||||
0.125%, 1/15/24 | EUR | 2,500,000 | 2,875,520 | ||||||
Kreditanstalt fuer Wiederaufbau, | |||||||||
6.250%, 5/19/21 | AUD | 2,000,000 | 1,451,523 | ||||||
Land Baden-Wuerttemberg, | |||||||||
0.370%, 7/19/21 | EUR | 1,520,000 | 1,720,586 | ||||||
Land Berlin, 0.250%, 7/15/20 | EUR | 125,000 | 140,471 | ||||||
Landeskreditbank Baden- | |||||||||
Wuerttemberg Foerderbank, | |||||||||
(3-mo. USD LIBOR + 0.120%), | |||||||||
0.426%, 09/27/2021‡ | USD | 10,000,000 | 10,003,330 | ||||||
Landeskreditbank Baden- | |||||||||
Wuerttemberg Foerderbank, | |||||||||
0.431%, 3/15/22 | USD | 3,000,000 | 2,999,430 | ||||||
Landeskreditbank Baden- | |||||||||
Wuerttemberg Foerderbank, | |||||||||
1.125%, 5/17/21 | GBP | 510,000 | 636,984 | ||||||
Landwirtschaftliche Rentenbank, | |||||||||
(3-mo. EUR EURIBOR | |||||||||
+ 0.050%), 0.000%, | |||||||||
01/15/2021‡ | EUR | 4,000,000 | 4,505,327 | ||||||
Landwirtschaftliche Rentenbank, | |||||||||
0.050%, 6/12/23 | EUR | 3,500,000 | 3,991,869 | ||||||
Landwirtschaftliche Rentenbank, | |||||||||
0.375%, 1/22/24 | EUR | 4,250,000 | 4,917,943 | ||||||
Landwirtschaftliche Rentenbank | |||||||||
MTN, 4.250%, 1/09/25 | AUD | 3,780,000 | 3,014,264 | ||||||
NRW Bank, 0.125%, 3/10/23 | EUR | 4,900,000 | 5,581,488 | ||||||
NRW Bank, 0.125%, 7/07/23 | EUR | 6,300,000 | 7,192,351 | ||||||
NRW Bank, 0.250%, 2/02/24 | EUR | 2,000,000 | 2,298,527 | ||||||
NRW Bank, | |||||||||
(3-mo. USD LIBOR + 0.040%), | |||||||||
0.488%, 02/08/2021‡ | USD | 1,000,000 | 1,000,220 | ||||||
State of North Rhine-Westphalia | |||||||||
Germany, 0.200%, 4/17/23 | EUR | 8,500,000 | 9,716,332 | ||||||
State of North Rhine-Westphalia | |||||||||
Germany, 0.375%, 2/16/23 | EUR | 900,000 | 1,032,484 | ||||||
State of North Rhine-Westphalia | |||||||||
Germany, (3-mo. GBP | |||||||||
LIBOR + 0.060%), 0.678%, | |||||||||
10/29/2021‡ | GBP | 6,000,000 | 7,427,719 | ||||||
75,882,442 | |||||||||
Luxembourg — 4.4% | |||||||||
European Financial Stability | |||||||||
Facility, 0.100%, 1/19/21 | EUR | 500,000 | 563,710 | ||||||
European Financial Stability | |||||||||
Facility, 0.125%, 10/17/23 | EUR | 2,000,000 | 2,296,831 | ||||||
European Financial Stability | |||||||||
Facility, 0.200%, 1/17/24 | EUR | 2,000,000 | 2,305,634 | ||||||
Nestle Finance International Ltd., | |||||||||
0.750%, 11/08/21 | EUR | 1,250,000 | 1,419,768 | ||||||
Nestle Finance International Ltd., | |||||||||
0.750%, 5/16/23@ | EUR | 3,000,000 | 3,448,344 | ||||||
Novartis Finance SA, | |||||||||
0.125%, 9/20/23 | EUR | 3,500,000 | 3,967,245 | ||||||
Novartis Finance SA, | |||||||||
0.500%, 8/14/23 | EUR | 13,460,000 | 15,387,534 | ||||||
Novartis Finance SA, | |||||||||
0.750%, 11/09/21@ | EUR | 1,217,000 | 1,384,169 | ||||||
30,773,235 | |||||||||
Netherlands — 7.5% | |||||||||
Allianz Finance II BV, | |||||||||
0.148%, 12/07/20 | EUR | 500,000 | 562,544 | ||||||
Allianz Finance II BV, | |||||||||
3.500%, 2/14/22 | EUR | 500,000 | 594,950 | ||||||
Bank Nederlandse Gemeenten | |||||||||
NV, 0.250%, 2/22/23 | EUR | 2,000,000 | 2,284,780 | ||||||
Bank Nederlandse Gemeenten | |||||||||
NV, 1.000%, 3/15/22 | GBP | 500,000 | 627,580 | ||||||
BNG Bank NV, | |||||||||
0.050%, 7/11/23 | EUR | 12,000,000 | 13,658,177 | ||||||
BNG Bank NV, | |||||||||
0.250%, 1/10/24 | EUR | 3,000,000 | 3,442,870 | ||||||
Cooperatieve Centrale | |||||||||
Raiffeisen-Boerenleenbank BA, | |||||||||
4.750%, 6/06/22 | EUR | 5,370,000 | 6,603,975 | ||||||
Cooperatieve Centrale | |||||||||
Raiffeisen-Boerenleenbank BA | |||||||||
GMTN, 4.000%, 1/11/22 | EUR | 1,000,000 | 1,194,919 | ||||||
Nederlandse Waterschapsbank | |||||||||
NV, 0.125%, 9/25/23 | EUR | 3,000,000 | 3,431,125 | ||||||
Nederlandse Waterschapsbank NV, | |||||||||
(3-mo. USD LIBOR + 0.070%), | |||||||||
0.383%, 12/15/2021‡ | USD | 5,000,000 | 4,999,442 | ||||||
Nederlandse Waterschapsbank NV, | |||||||||
(3-mo. USD LIBOR + 0.070%), | |||||||||
0.383%, 12/15/2021‡ | USD | 3,000,000 | 2,999,665 | ||||||
Shell International Finance BV, | |||||||||
1.000%, 4/06/22 | EUR | 600,000 | 686,667 | ||||||
Shell International Finance BV, | |||||||||
1.250%, 3/15/22 | EUR | 625,000 | 718,824 | ||||||
Shell International Finance BV, | |||||||||
1.625%, 3/24/21 | EUR | 3,788,000 | 4,312,155 | ||||||
Toyota Motor Finance | |||||||||
Netherlands BV, | |||||||||
0.250%, 1/10/22 | EUR | 912,000 | 1,025,402 | ||||||
Toyota Motor Finance | |||||||||
Netherlands BV, | |||||||||
0.625%, 9/26/23 | EUR | 4,000,000 | 4,545,405 | ||||||
51,688,480 | |||||||||
New Zealand — 0.2% | |||||||||
ANZ New Zealand Int’l Ltd., | |||||||||
0.400%, 3/01/22 | EUR | 355,000 | 401,220 | ||||||
ASB Finance Ltd., | |||||||||
0.500%, 6/10/22 | EUR | 800,000 | 905,665 | ||||||
1,306,885 | |||||||||
Norway — 0.4% | |||||||||
Equinor ASA, 0.875%, 2/17/23 | EUR | 500,000 | 573,384 | ||||||
Equinor ASA, 2.000%, 9/10/20 | EUR | 2,222,000 | 2,506,784 | ||||||
3,080,168 |
The accompanying notes are an integral part of these financial statements.
26
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
FACE | |||||||||
AMOUNT | VALUE† | ||||||||
BONDS AND NOTES (Continued) | |||||||||
Singapore — 0.9% | |||||||||
DBS Bank Ltd. MTN, | |||||||||
(3-mo. Swap + 0.630%), | |||||||||
0.730%, 09/13/2022‡ | AUD | 2,500,000 | $ | 1,727,883 | |||||
Oversea-Chinese Banking | |||||||||
Corp., Ltd. MTN, | |||||||||
0.840%, 10/06/20 | AUD | 1,000,000 | 690,632 | ||||||
United Overseas Bank Ltd. MTN, | |||||||||
(3-mo. Swap + 0.530%), | |||||||||
0.643%, 07/25/2022‡ | AUD | 5,000,000 | 3,447,703 | ||||||
5,866,218 | |||||||||
Supranational — 19.7% | |||||||||
African Development Bank, | |||||||||
0.250%, 1/24/24 | EUR | 7,977,000 | 9,165,283 | ||||||
Asian Development Bank, | |||||||||
0.316%, 10/12/23 | GBP | 998,000 | 1,235,916 | ||||||
Asian Development Bank, | |||||||||
(3-mo. USD LIBOR + 0.010%), | |||||||||
0.323%, 12/15/2021‡ | USD | 2,000,000 | 1,998,051 | ||||||
Asian Development Bank, | |||||||||
(SONIA + 0.260%), | |||||||||
0.325%, 02/01/2022‡ | GBP | 2,500,000 | 3,100,360 | ||||||
Asian Development Bank, | |||||||||
0.352%, 3/19/24 | GBP | 4,069,000 | 5,041,774 | ||||||
Asian Development Bank GMTN, | |||||||||
0.200%, 5/25/23 | EUR | 7,435,000 | 8,498,473 | ||||||
EUROFIMA, 0.415%, 3/11/22 | USD | 7,300,000 | 7,335,697 | ||||||
EUROFIMA, | |||||||||
(3-mo. USD LIBOR + 0.090%), | |||||||||
0.482%, 11/15/2021‡ | USD | 8,000,000 | 8,031,040 | ||||||
EUROFIMA, 4.000%, 10/27/21 | EUR | 500,000 | 594,738 | ||||||
European Bank for Reconstruction | |||||||||
& Development, | |||||||||
(SONIA + 0.250%), | |||||||||
0.314%, 02/27/2023‡ | GBP | 772,000 | 956,968 | ||||||
European Bank for Reconstruction | |||||||||
& Development, | |||||||||
(SOFR + 0.260%), | |||||||||
0.332%, 08/19/2022‡ | USD | 2,687,000 | 2,687,000 | ||||||
European Bank for | |||||||||
Reconstruction & Development | |||||||||
GMTN, 0.364%, 2/28/24 | GBP | 4,329,000 | 5,368,191 | ||||||
European Investment Bank, | |||||||||
(SONIA + 0.280%), | |||||||||
0.346%, 01/10/2022‡ | GBP | 9,500,000 | 11,789,477 | ||||||
European Investment Bank, | |||||||||
(SOFR + 0.280%), | |||||||||
0.360%, 03/05/2024‡ | USD | 5,257,000 | 5,253,106 | ||||||
European Investment Bank, | |||||||||
(SONIA + 0.310%), | |||||||||
0.376%, 01/15/2025‡ | GBP | 1,550,000 | 1,925,715 | ||||||
European Investment Bank, | |||||||||
(SONIA + 0.350%), | |||||||||
0.412%, 06/29/2023‡ | GBP | 700,000 | 870,386 | ||||||
European Investment Bank, | |||||||||
1.500%, 5/12/22 | NOK | 4,200,000 | 445,979 | ||||||
European Stability Mechanism, | |||||||||
0.100%, 7/31/23 | EUR | 7,078,000 | 8,104,755 | ||||||
Inter-American Development | |||||||||
Bank, (SOFR + 0.260%), | |||||||||
0.341%, 09/16/2022‡ | USD | 5,000,000 | 4,985,512 | ||||||
Inter-American Development Bank, | |||||||||
(3-mo. USD LIBOR - 0.020%), | |||||||||
0.971%, 10/25/2021‡ | USD | 1,500,000 | 1,499,553 | ||||||
Inter-American Development Bank, | |||||||||
(3-mo. USD LIBOR + 0.200%), | |||||||||
1.419%, 07/15/2021‡ | USD | 126,000 | 126,180 | ||||||
Inter-American Development Bank | |||||||||
MTN, 4.750%, 8/27/24 | AUD | 6,500,000 | 5,229,134 | ||||||
Inter-American Investment Corp., | |||||||||
(3-mo. USD LIBOR + 0.090%), | |||||||||
1.401%, 10/12/2021‡ | USD | 9,900,000 | 9,945,540 | ||||||
International Bank for | |||||||||
Reconstruction & Development, | |||||||||
0.334%, 5/15/24 | GBP | 6,023,000 | 7,458,065 | ||||||
International Bank for | |||||||||
Reconstruction & Development, | |||||||||
(SOFR + 0.300%), 0.367%, | |||||||||
08/06/2024‡ | USD | 5,000,000 | 4,997,938 | ||||||
International Bank for | |||||||||
Reconstruction & Development, | |||||||||
1.000%, 12/19/22 | GBP | 6,400,000 | 8,096,287 | ||||||
International Finance Corp., | |||||||||
0.316%, 1/18/22 | GBP | 1,000,000 | 1,240,346 | ||||||
International Finance Corp., | |||||||||
(3-mo. USD LIBOR + 0.180%), | |||||||||
0.493%, 12/15/2021‡ | USD | 4,000,000 | 4,004,250 | ||||||
International Finance Corp. GMTN, | |||||||||
(1-mo. USD LIBOR + 0.130%), | |||||||||
0.320%, 08/23/2021‡ | USD | 5,000,000 | 4,999,429 | ||||||
Nordic Investment Bank GMTN, | |||||||||
1.375%, 7/15/20 | NOK | 13,420,000 | 1,394,855 | ||||||
136,379,998 | |||||||||
Sweden — 4.2% | |||||||||
Kommuninvest I Sverige AB, | |||||||||
0.250%, 6/01/22 | SEK | 99,380,000 | 10,712,923 | ||||||
Kommuninvest I Sverige AB, | |||||||||
0.750%, 2/22/23 | SEK | 42,250,000 | 4,615,098 | ||||||
Kommuninvest I Sverige AB, | |||||||||
1.000%, 11/13/23 | SEK | 17,370,000 | 1,922,755 | ||||||
Skandinaviska Enskilda Banken | |||||||||
AB GMTN, 0.300%, 2/17/22 | EUR | 918,000 | 1,036,990 | ||||||
Svensk Exportkredit AB, | |||||||||
(3-mo. USD LIBOR + 0.120%), | |||||||||
0.433%, 12/13/2021‡ | USD | 1,000,000 | 1,001,060 | ||||||
Svensk Exportkredit AB, | |||||||||
0.625%, 12/07/20 | GBP | 2,000,000 | 2,482,821 | ||||||
Svensk Exportkredit AB, | |||||||||
(3-mo. USD LIBOR + 0.120%), | |||||||||
1.339%, 07/15/2021‡ | USD | 5,000,000 | 5,004,938 | ||||||
Svenska Handelsbanken AB, | |||||||||
0.250%, 2/28/22 | EUR | 250,000 | 282,372 | ||||||
Svenska Handelsbanken AB, | |||||||||
1.125%, 12/14/22 | EUR | 1,633,000 | 1,887,965 | ||||||
28,946,922 |
The accompanying notes are an integral part of these financial statements.
27
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
FACE | |||||||||
AMOUNT | VALUE† | ||||||||
BONDS AND NOTES (Continued) | |||||||||
United States — 7.0% | |||||||||
3M Co., 0.950%, 5/15/23 | EUR | 3,120,000 | $ | 3,610,759 | |||||
3M Co., 1.875%, 11/15/21 | EUR | 500,000 | 576,777 | ||||||
Apple, Inc., | |||||||||
(3-mo. USD LIBOR + 1.130%), | |||||||||
1.490%, 02/23/2021‡ | USD | 500,000 | 503,644 | ||||||
Berkshire Hathaway, Inc., | |||||||||
0.625%, 1/17/23 | EUR | 1,767,000 | 2,014,200 | ||||||
Berkshire Hathaway, Inc., | |||||||||
0.750%, 3/16/23 | EUR | 400,000 | 457,690 | ||||||
Berkshire Hathaway, Inc., | |||||||||
1.300%, 3/15/24 | EUR | 560,000 | 656,272 | ||||||
Coca-Cola Co. (The), | |||||||||
0.750%, 3/09/23 | EUR | 3,220,000 | 3,678,800 | ||||||
Johnson & Johnson, | |||||||||
0.250%, 1/20/22 | EUR | 1,650,000 | 1,869,958 | ||||||
Merck & Co., Inc., | |||||||||
1.125%, 10/15/21 | EUR | 1,000,000 | 1,137,103 | ||||||
Nestle Holdings, Inc., | |||||||||
1.750%, 12/09/20 | GBP | 1,000,000 | 1,246,404 | ||||||
Oracle Corp., 1.900%, 9/15/21 | USD | 855,000 | 869,805 | ||||||
Oracle Corp., 2.250%, 1/10/21 | EUR | 1,378,000 | 1,565,777 | ||||||
Pfizer, Inc., 0.250%, 3/06/22 | EUR | 5,075,000 | 5,729,826 | ||||||
Pfizer, Inc., 2.200%, 12/15/21 | USD | 752,000 | 770,792 | ||||||
Procter & Gamble Co. (The), | |||||||||
1.125%, 11/02/23 | EUR | 2,000,000 | 2,342,522 | ||||||
Procter & Gamble Co. (The), | |||||||||
2.000%, 11/05/21 | EUR | 794,000 | 917,950 | ||||||
Procter & Gamble Co. (The), | |||||||||
2.000%, 8/16/22 | EUR | 1,600,000 | 1,879,365 | ||||||
Toyota Motor Credit Corp., | |||||||||
0.000%, 7/21/21# | EUR | 400,000 | 448,707 | ||||||
Toyota Motor Credit Corp., | |||||||||
0.750%, 7/21/22 | EUR | 2,500,000 | 2,840,027 | ||||||
Toyota Motor Credit Corp., | |||||||||
1.800%, 7/23/20 | EUR | 500,000 | 562,335 | ||||||
Treasury Floating Rate Note, | |||||||||
(3-mo. Treasury money market | |||||||||
yield + 0.114%), | |||||||||
0.264%, 04/30/2022‡ | USD | 14,000,000 | 14,010,741 | ||||||
Walmart, Inc., 1.900%, 4/08/22 | EUR | 1,000,000 | 1,158,097 | ||||||
48,847,551 | |||||||||
TOTAL BONDS AND NOTES | |||||||||
(Identified Cost | |||||||||
$643,255,266) | 637,194,957 | ||||||||
SHORT-TERM INVESTMENTS — 10.4% | |||||||||
Canada — 0.7% | |||||||||
Canadian Imperial Bank | |||||||||
of Commerce, | |||||||||
(1-mo. USD LIBOR + 0.180%), | |||||||||
0.355%, 07/08/2020‡ | USD | 5,000,000 | 5,000,000 | ||||||
Singapore — 2.5% | |||||||||
Oversea-Chinese Banking | |||||||||
Corp., Ltd., | |||||||||
(1-mo. USD LIBOR + 0.050%), | |||||||||
0.000%, 08/11/2020‡ | USD | 15,000,000 | 15,000,000 | ||||||
Oversea-Chinese Banking | |||||||||
Corp., Ltd., | |||||||||
(1-mo. USD LIBOR + 0.140%), | |||||||||
0.330%, 10/22/2020‡ | USD | 2,000,000 | 2,000,305 | ||||||
17,000,305 | |||||||||
Sovereign — 2.9% | |||||||||
Landesbank Hessen-Thuringen, | |||||||||
0.300%, 7/24/20 | USD | 5,000,000 | 4,999,042 | ||||||
Loreal USA Inc., | |||||||||
0.280%, 11/04/20 | USD | 5,000,000 | 4,995,731 | ||||||
Nederlandse Waterschapsbank | |||||||||
NV, 0.600%, 08/14/20 | USD | 10,000,000 | 9,992,667 | ||||||
19,987,440 | |||||||||
United States — 1.7% | |||||||||
Exxon Mobil Corp., | |||||||||
0.390%, 2/01/21 | USD | 5,000,000 | 5,000,000 | ||||||
Exxon Mobil Corp., | |||||||||
0.010%, 2/03/21 | USD | 2,000,000 | 1,996,100 | ||||||
Shell International Finance BV | |||||||||
0.500%, 5/25/21 | USD | 5,000,000 | 4,975,051 | ||||||
11,971,151 | |||||||||
SHARES | |||||||||
Investment Company — 2.0% | |||||||||
State Street Institutional U.S. | |||||||||
Government Money Market | |||||||||
Fund 0.116% | 14,346,535 | 14,346,535 | |||||||
Collateral For Securities On Loan — 0.6% | |||||||||
State Street Navigator Securities | |||||||||
Lending Government Money | |||||||||
Market Portfolio, 0.130% | 3,994,320 | 3,994,320 | |||||||
TOTAL SHORT-TERM | |||||||||
INVESTMENTS (Identified Cost | |||||||||
$72,288,417) | 72,299,751 | ||||||||
Total Investments — 102.3% | |||||||||
(Identified Cost | |||||||||
$715,543,683) | 709,494,708 | ||||||||
Liabilities, Less Cash and Other | |||||||||
Assets — (2.3%) | (15,648,209 | ) | |||||||
Net Assets — 100.0% | $ | 693,846,499 |
The accompanying notes are an integral part of these financial statements.
28
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
† | See Note 1 | ||
# | Zero coupon bond | ||
@ | A portion or all of the security was held on loan. As of June 30, 2020, the fair value of the securities on loan was $4,150,153. | ||
± | 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2020 amounted to $19,999,442 or 2.88% of the net assets of the Fund. | ||
‡ | Floating rate or variable rate note. Rate shown is as of June 30, 2020. | ||
Key to abbreviations: |
AUD — Australian Dollar |
CAD — Canadian Dollar |
DKK — Danish Krone |
EUR — Euro Currency |
GBP — British Pound |
GMTN — Global Medium Term Note |
MTN — Medium Term Note |
NOK — Norwegian Krone |
SEK — Swedish Krona |
USD — U.S. Dollar |
LIBOR — London Interbank Offered Rate. |
Country Weightings as of June 30, 2020
(As a percentage of total investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
29
SA Global Fixed Income Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
Forward Foreign Currency Exchange Contracts sold outstanding as of June 30, 2020 | |||||||||||||||||||
Settlement | Currency | Currency | Unrealized | Unrealized | |||||||||||||||
Date | Purchased | Sold | Counterparty | Total Value | Appreciation | Depreciation | |||||||||||||
07/06/20 | USD | 16,793,822 | GBP | 13,493,101 | HSBC Bank USA | $ | 16,719,695 | $ | 74,127 | $ | — | ||||||||
07/06/20 | USD | 1,295,373 | GBP | 1,042,054 | State Street Bank and Trust Co. | 1,291,240 | 4,133 | — | |||||||||||
07/06/20 | USD | 14,253,772 | GBP | 11,572,413 | State Street Bank and Trust Co. | 14,339,715 | — | (85,943 | ) | ||||||||||
07/14/20 | USD | 48,182,519 | GBP | 39,543,558 | State Street Bank and Trust Co. | 49,002,083 | — | (819,564 | ) | ||||||||||
07/16/20 | USD | 20,514,208 | SEK | 204,697,602 | State Street Bank and Trust Co. | 21,971,069 | — | (1,456,861 | ) | ||||||||||
07/17/20 | USD | 112,817,579 | EUR | 103,606,143 | State Street Bank and Trust Co. | 116,438,582 | — | (3,621,003 | ) | ||||||||||
07/20/20 | USD | 122,283,482 | EUR | 112,568,619 | State Street Bank and Trust Co. | 126,519,505 | — | (4,236,023 | ) | ||||||||||
07/23/20 | USD | 21,919,751 | AUD | 31,599,481 | Citibank N.A. London | 21,809,456 | 110,295 | — | |||||||||||
07/23/20 | USD | 2,865,383 | AUD | 4,130,880 | State Street Bank and Trust Co. | 2,851,067 | 14,316 | — | |||||||||||
07/23/20 | USD | 7,743,703 | AUD | 11,276,345 | State Street Bank and Trust Co. | 7,782,753 | — | (39,050 | ) | ||||||||||
07/24/20 | USD | 24,242,514 | CAD | 32,871,384 | State Street Bank and Trust Co. | 24,214,325 | 28,189 | — | |||||||||||
07/24/20 | USD | 64,722,400 | CAD | 90,936,476 | State Street Bank and Trust Co. | 66,987,304 | — | (2,264,904 | ) | ||||||||||
07/31/20 | USD | 106,439,255 | EUR | 95,645,060 | State Street Bank and Trust Co. | 107,524,667 | — | (1,085,412 | ) | ||||||||||
08/03/20 | USD | 1,888,308 | NOK | 17,923,063 | State Street Bank and Trust Co. | 1,862,312 | 25,996 | — | |||||||||||
08/11/20 | USD | 8,997,524 | DKK | 61,876,224 | State Street Bank and Trust Co. | 9,336,942 | — | (339,418 | ) | ||||||||||
$ | 257,056 | $ | (13,948,178 | ) | |||||||||||||||
Forward Foreign Currency Exchange Contracts purchased outstanding as of June 30, 2020 | |||||||||||||||||||
Settlement | Currency | Currency | Unrealized | Unrealized | |||||||||||||||
Date | Purchased | Sold | Counterparty | Total Value | Appreciation | Depreciation | |||||||||||||
07/16/20 | SEK | 43,774,184 | USD | 4,447,316 | State Street Bank and Trust Co. | $ | 4,698,470 | $ | 251,154 | $ | — | ||||||||
07/17/20 | EUR | 9,987,299 | USD | 11,065,298 | Bank of America N.A. | 11,224,305 | 159,007 | — | |||||||||||
07/17/20 | EUR | 6,521,828 | USD | 7,239,310 | Citibank N.A. London | 7,329,608 | 90,298 | — | |||||||||||
07/17/20 | EUR | 1,526,218 | USD | 1,700,463 | State Street Bank and Trust Co. | 1,715,252 | 14,789 | — | |||||||||||
07/20/20 | EUR | 15,071,963 | USD | 16,528,848 | State Street Bank and Trust Co. | 16,939,865 | 411,017 | — | |||||||||||
07/20/20 | EUR | 746,169 | USD | 845,348 | State Street Bank and Trust Co. | 838,643 | — | (6,705 | ) | ||||||||||
07/24/20 | CAD | 20,183,674 | USD | 14,862,531 | HSBC Bank USA | 14,868,070 | 5,539 | — | |||||||||||
07/24/20 | CAD | 3,034,757 | USD | 2,227,353 | State Street Bank and Trust Co. | 2,235,519 | 8,166 | — | |||||||||||
07/24/20 | CAD | 1,966,028 | USD | 1,449,293 | State Street Bank and Trust Co. | 1,448,252 | — | (1,041 | ) | ||||||||||
08/11/20 | DKK | 61,876,224 | USD | 9,188,047 | State Street Bank and Trust Co. | 9,336,941 | 148,894 | — | |||||||||||
$ | 1,088,864 | $ | (7,746 | ) | |||||||||||||||
Total | $ | 1,345,920 | $ | (13,955,924 | ) |
The accompanying notes are an integral part of these financial statements.
30
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
SHARES | VALUE† | ||||||
COMMON STOCKS — 95.2% | |||||||
Aerospace & Defense — 2.1% | |||||||
Aerojet Rocketdyne Holdings, Inc.* | 2,690 | $ | 106,632 | ||||
Axon Enterprise, Inc.* | 500 | 49,065 | |||||
Boeing Co. (The) | 12,139 | 2,225,079 | |||||
BWX Technologies, Inc. | 3,963 | 224,464 | |||||
Curtiss-Wright Corp. | 1,160 | 103,565 | |||||
General Dynamics Corp. | 5,638 | 842,655 | |||||
HEICO Corp. | 1,321 | 131,638 | |||||
HEICO Corp., Class A | 2,193 | 178,159 | |||||
HEXCEL Corp. | 1,976 | 89,355 | |||||
Huntington Ingalls Industries, Inc. | 1,299 | 226,662 | |||||
L3Harris Technologies, Inc. | 4,867 | 825,784 | |||||
Lockheed Martin Corp. | 8,754 | 3,194,510 | |||||
Mercury Systems, Inc.* | 613 | 48,218 | |||||
Northrop Grumman Corp. | 4,634 | 1,424,677 | |||||
Raytheon Technologies Corp. | 32,514 | 2,003,513 | |||||
Teledyne Technologies, Inc.* | 660 | 205,227 | |||||
Textron, Inc. | 4,852 | 159,679 | |||||
TransDigm Group, Inc. | 1,174 | 518,967 | |||||
12,557,849 | |||||||
Air Freight & Logistics — 0.7% | |||||||
CH Robinson Worldwide, Inc. | 4,134 | 326,834 | |||||
Expeditors International of Washington, Inc. | 3,965 | 301,499 | |||||
FedEx Corp. | 5,856 | 821,128 | |||||
United Parcel Service, Inc., Class B | 24,285 | 2,700,006 | |||||
XPO Logistics, Inc.*@ | 2,858 | 220,781 | |||||
4,370,248 | |||||||
Airlines — 0.2% | |||||||
Alaska Air Group, Inc. | 3,201 | 116,068 | |||||
American Airlines Group, Inc. | 4,400 | 57,508 | |||||
Delta Air Lines, Inc. | 16,628 | 466,415 | |||||
JetBlue Airways Corp.* | 3,600 | 39,240 | |||||
Southwest Airlines Co. | 13,943 | 476,572 | |||||
United Continental Holdings, Inc.* | 6,959 | 240,851 | |||||
1,396,654 | |||||||
Auto Components — 0.2% | |||||||
Aptiv PLC | 7,686 | 598,893 | |||||
Autoliv, Inc. | 2,200 | 141,922 | |||||
BorgWarner, Inc. | 3,685 | 130,081 | |||||
Gentex Corp. | 6,416 | 165,340 | |||||
Lear Corp. | 1,420 | 154,808 | |||||
1,191,044 | |||||||
Automobiles — 0.4% | |||||||
Ford Motor Co. | 4,900 | 29,792 | |||||
General Motors Co. | 7,100 | 179,630 | |||||
Tesla, Inc.* | 2,038 | 2,200,653 | |||||
Thor Industries, Inc. | 1,179 | 125,599 | |||||
2,535,674 | |||||||
Beverages — 2.3% | |||||||
Boston Beer Co., Inc. (The), Class A* | 261 | 140,066 | |||||
Brown-Forman Corp., Class A | 1,902 | 109,498 | |||||
Brown-Forman Corp., Class B | 10,404 | 662,318 | |||||
Coca-Cola Co. (The) | 118,172 | 5,279,925 | |||||
Constellation Brands, Inc., Class A | 2,222 | 388,739 | |||||
Keurig Dr Pepper, Inc. | 3,375 | 95,850 | |||||
Molson Coors Brewing Co., Class B | 1,400 | 48,104 | |||||
Monster Beverage Corp.* | 9,438 | 654,242 | |||||
PepsiCo, Inc. | 47,881 | 6,332,741 | |||||
13,711,483 | |||||||
Biotechnology — 2.7% | |||||||
AbbVie, Inc. | 38,744 | 3,803,886 | |||||
ACADIA Pharmaceuticals, Inc.*@ | 971 | 47,064 | |||||
Alexion Pharmaceuticals, Inc.* | 902 | 101,240 | |||||
Alkermes PLC* | 1,579 | 30,641 | |||||
Alnylam Pharmaceuticals, Inc.* | 1,281 | 189,729 | |||||
Amgen, Inc. | 20,611 | 4,861,310 | |||||
Arena Pharmaceuticals, Inc.* | 1,048 | 65,972 | |||||
Biogen, Inc.* | 5,330 | 1,426,041 | |||||
BioMarin Pharmaceutical, Inc.* | 1,433 | 176,746 | |||||
Emergent BioSolutions, Inc.* | 750 | 59,310 | |||||
Exact Sciences Corp.*@ | 1,754 | 152,493 | |||||
Exelixis, Inc.* | 3,578 | 84,942 | |||||
Gilead Sciences, Inc. | 31,121 | 2,394,450 | |||||
Global Blood Therapeutics, Inc.* | 871 | 54,986 | |||||
Immunomedics, Inc.* | 2,630 | 93,207 | |||||
Incyte Corp.* | 1,173 | 121,957 | |||||
Ionis Pharmaceuticals, Inc.* | 1,498 | 88,322 | |||||
Neurocrine Biosciences, Inc.* | 608 | 74,176 | |||||
Regeneron Pharmaceuticals, Inc.* | 1,450 | 904,293 | |||||
Sarepta Therapeutics, Inc.* | 770 | 123,462 | |||||
Seattle Genetics, Inc.* | 1,165 | 197,957 | |||||
United Therapeutics Corp.* | 835 | 101,035 | |||||
Vertex Pharmaceuticals, Inc.* | 3,914 | 1,136,273 | |||||
16,289,492 | |||||||
Building Products — 0.5% | |||||||
A.O. Smith Corp. | 3,947 | 185,983 | |||||
AAON, Inc. | 600 | 32,574 | |||||
Allegion PLC | 3,463 | 353,988 | |||||
Armstrong World Industries, Inc. | 1,690 | 131,752 | |||||
Carrier Global Corp. | 12,472 | 277,128 | |||||
Fortune Brands Home & Security, Inc. | 3,330 | 212,887 | |||||
Johnson Controls International PLC | 1 | 34 | |||||
Lennox International, Inc. | 835 | 194,547 | |||||
Masco Corp. | 7,363 | 369,696 | |||||
Owens Corning | 2,802 | 156,239 | |||||
Simpson Manufacturing Co., Inc. | 1,080 | 91,109 | |||||
Trane Technologies PLC | 5,719 | 508,877 | |||||
Trex Co., Inc.* | 2,000 | 260,140 | |||||
2,774,954 |
The accompanying notes are an integral part of these financial statements.
31
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Capital Markets — 2.3% | |||||||
Affiliated Managers Group, Inc. | 600 | $ | 44,736 | ||||
Ameriprise Financial, Inc. | 3,627 | 544,195 | |||||
Ares Management Corp., Class A | 2,300 | 91,310 | |||||
BlackRock, Inc. | 1,229 | 668,687 | |||||
Blackstone Group, Inc. (The), Class A | 6,683 | 378,659 | |||||
CBOE Holdings, Inc. | 2,123 | 198,033 | |||||
Charles Schwab Corp. (The) | 19,336 | 652,397 | |||||
CME Group, Inc. | 2,177 | 353,850 | |||||
Cohen & Steers, Inc. | 485 | 33,004 | |||||
E*Trade Financial Corp. | 5,476 | 272,321 | |||||
Eaton Vance Corp. | 3,368 | 130,005 | |||||
FactSet Research Systems, Inc. | 1,387 | 455,588 | |||||
Franklin Resources, Inc. | 4,676 | 98,056 | |||||
Goldman Sachs Group, Inc. (The) | 1,169 | 231,018 | |||||
Hamilton Lane, Inc. Class A | 723 | 48,708 | |||||
Houlihan Lokey, Inc. | 1,466 | 81,568 | |||||
Interactive Brokers Group, Inc., Class A | 2,083 | 87,007 | |||||
Intercontinental Exchange, Inc. | 7,466 | 683,886 | |||||
Janus Henderson Group PLC | 1 | 21 | |||||
KKR & Co., Inc. | 7,268 | 224,436 | |||||
Legg Mason, Inc. | 1,900 | 94,525 | |||||
LPL Financial Holdings, Inc. | 2,767 | 216,933 | |||||
MarketAxess Holdings, Inc. | 992 | 496,913 | |||||
Moody’s Corp. | 5,423 | 1,489,861 | |||||
Morgan Stanley | 19,694 | 951,220 | |||||
Morningstar, Inc. | 700 | 98,679 | |||||
MSCI, Inc. | 2,007 | 669,977 | |||||
Nasdaq, Inc. | 2,219 | 265,104 | |||||
Northern Trust Corp. | 3,260 | 258,648 | |||||
Raymond James Financial, Inc. | 2,130 | 146,608 | |||||
S&P Global, Inc. | 8,369 | 2,757,418 | |||||
SEI Investments Co. | 3,532 | 194,189 | |||||
State Street Corp. | 1,628 | 103,459 | |||||
Stifel Financial Corp. | 1,686 | 79,967 | |||||
T. Rowe Price Group, Inc. | 5,629 | 695,181 | |||||
TD Ameritrade Holding Corp. | 4,481 | 163,019 | |||||
13,959,186 | |||||||
Chemicals — 1.4% | |||||||
Air Products & Chemicals, Inc. | 4,088 | 987,088 | |||||
Albemarle Corp. | 956 | 73,813 | |||||
Ashland Global Holdings, Inc. | 970 | 67,027 | |||||
Balchem Corp. | 893 | 84,710 | |||||
Celanese Corp. | 2,723 | 235,104 | |||||
CF Industries Holdings, Inc. | 2,192 | 61,683 | |||||
Corteva, Inc. | 4,128 | 110,589 | |||||
Dow, Inc. | 5,563 | 226,748 | |||||
DuPont de Nemours, Inc. | 2,950 | 156,734 | |||||
Eastman Chemical Co. | 3,324 | 231,483 | |||||
Ecolab, Inc. | 5,708 | 1,135,607 | |||||
FMC Corp. | 2,554 | 254,429 | |||||
Huntsman Corp. | 5,594 | 100,524 | |||||
International Flavors & Fragrances, Inc. | 1,158 | 141,809 | |||||
Linde PLC | 4,843 | 1,027,249 | |||||
LyondellBasell Industries NV, Class A | 7,020 | 461,354 | |||||
NewMarket Corp. | 353 | 141,369 | |||||
PPG Industries, Inc. | 6,902 | 732,026 | |||||
RPM International, Inc. | 3,184 | 238,991 | |||||
Scotts Miracle-Gro Co. (The) | 1,264 | 169,970 | |||||
Sherwin Williams Co. (The) | 2,581 | 1,491,431 | |||||
Valvoline, Inc. | 2,246 | 43,415 | |||||
W.R. Grace & Co. | 1,744 | 88,613 | |||||
8,261,766 | |||||||
Commercial Banks — 1.9% | |||||||
Bank of America Corp. | 95,132 | 2,259,385 | |||||
Bank of Hawaii Corp. | 900 | 55,269 | |||||
Bank OZK | 1,078 | 25,301 | |||||
Citigroup, Inc. | 10,651 | 544,266 | |||||
Comerica, Inc. | 242 | 9,220 | |||||
Commerce Bancshares, Inc. | 2,060 | 122,508 | |||||
Community Bank System, Inc. | 1,414 | 80,626 | |||||
CVB Financial Corp. | 2,712 | 50,823 | |||||
East West Bancorp, Inc. | 2,039 | 73,893 | |||||
Fifth Third Bancorp | 9,854 | 189,985 | |||||
First Citizens Bancshares, Inc., Class A | 112 | 45,362 | |||||
First Financial Bankshares, Inc. | 3,094 | 89,386 | |||||
First Horizon National Corp. | 1 | 10 | |||||
First Republic Bank | 1,536 | 162,801 | |||||
FNB Corp. | 27 | 202 | |||||
Hilltop Holdings, Inc. | 2,327 | 42,933 | |||||
Huntington Bancshares, Inc. | 7,349 | 66,398 | |||||
JPMorgan Chase & Co. | 53,340 | 5,017,160 | |||||
KeyCorp | 3,204 | 39,025 | |||||
PacWest Bancorp | 1,422 | 28,028 | |||||
PNC Financial Services Group, Inc. (The) | 2,775 | 291,958 | |||||
Popular, Inc. | 2,182 | 81,105 | |||||
Prosperity Bancshares, Inc. | 1,026 | 60,924 | |||||
Regions Financial Corp. | 4,842 | 53,843 | |||||
Signature Bank | 385 | 41,164 | |||||
SVB Financial Group* | 882 | 190,097 | |||||
Synovus Financial Corp. | 329 | 6,754 | |||||
TCF Financial Corp. | 1 | 29 | |||||
Truist Financial Corp. | 3,769 | 141,526 | |||||
UMB Financial Corp. | 900 | 46,395 | |||||
US Bancorp | 23,286 | 857,391 | |||||
Valley National Bancorp | 2 | 16 | |||||
Wells Fargo & Co. | 31,501 | 806,426 | |||||
Western Alliance Bancorp | 2,242 | 84,905 | |||||
Zions Bancorp NA | 2,092 | 71,128 | |||||
11,636,242 |
The accompanying notes are an integral part of these financial statements.
32
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Commercial Services & Supplies — 0.6% | |||||||
Brink’s Co. (The) | 1,230 | $ | 55,977 | ||||
Casella Waste Systems, Inc., Class A* | 700 | 36,484 | |||||
Cintas Corp. | 2,524 | 672,293 | |||||
Clean Harbors, Inc.* | 1,200 | 71,976 | |||||
Copart, Inc.* | 6,410 | 533,761 | |||||
Iaa, Inc.* | 3,452 | 133,144 | |||||
MSA Safety, Inc. | 764 | 87,432 | |||||
Republic Services, Inc. | 5,388 | 442,085 | |||||
Rollins, Inc. | 5,072 | 215,002 | |||||
Stericycle, Inc.* | 1,544 | 86,433 | |||||
Tetra Tech, Inc. | 1,092 | 86,399 | |||||
UniFirst Corp. | 477 | 85,359 | |||||
Waste Management, Inc. | 12,149 | 1,286,701 | |||||
3,793,046 | |||||||
Communications Equipment — 1.1% | |||||||
Arista Networks, Inc.* | 798 | 167,604 | |||||
Ciena Corp.* | 2,569 | 139,137 | |||||
Cisco Systems, Inc. | 106,497 | 4,967,020 | |||||
EchoStar Corp., Class A* | 840 | 23,486 | |||||
F5 Networks, Inc.* | 1,495 | 208,523 | |||||
Juniper Networks, Inc. | 4,954 | 113,248 | |||||
Lumentum Holdings, Inc.* | 1,528 | 124,425 | |||||
Motorola Solutions, Inc. | 4,032 | 565,004 | |||||
Ubiquiti, Inc. | 493 | 86,058 | |||||
Viasat, Inc.* | 415 | 15,924 | |||||
Viavi Solutions, Inc.* | 5,100 | 64,974 | |||||
6,475,403 | |||||||
Computers & Peripherals — 5.7% | |||||||
Apple, Inc. | 88,722 | 32,365,786 | |||||
Dell Technologies, Inc., Class C* | 3,966 | 217,892 | |||||
Hewlett Packard Enterprise Co. | 3,473 | 33,792 | |||||
HP, Inc. | 33,008 | 575,329 | |||||
NCR Corp.* | 3,427 | 59,356 | |||||
NetApp, Inc. | 7,606 | 337,478 | |||||
Seagate Technology PLC | 8,650 | 418,747 | |||||
Western Digital Corp. | 3,176 | 140,220 | |||||
Xerox Holdings Corp. | 1 | 15 | |||||
34,148,615 | |||||||
Construction & Engineering — 0.1% | |||||||
AECOM* | 1,355 | 50,921 | |||||
EMCOR Group, Inc. | 1,700 | 112,438 | |||||
Jacobs Engineering Group, Inc. | 1,857 | 157,474 | |||||
MasTec, Inc.* | 2,200 | 98,714 | |||||
Quanta Services, Inc. | 3,524 | 138,246 | |||||
Valmont Industries, Inc. | 432 | 49,084 | |||||
606,877 | |||||||
Construction Materials — 0.1% | |||||||
Eagle Materials, Inc. | 880 | 61,794 | |||||
Martin Marietta Materials, Inc. | 664 | 137,162 | |||||
Vulcan Materials Co. | 1,851 | 214,438 | |||||
413,394 | |||||||
Consumer Finance — 0.5% | |||||||
American Express Co. | 19,986 | 1,902,667 | |||||
Capital One Financial Corp. | 7,451 | 466,358 | |||||
Credit Acceptance Corp.*@ | 284 | 118,999 | |||||
Discover Financial Services | 7,681 | 384,741 | |||||
FirstCash, Inc. | 1,260 | 85,025 | |||||
SLM Corp. | 9,696 | 68,163 | |||||
Synchrony Financial | 1 | 22 | |||||
3,025,975 | |||||||
Containers & Packaging — 0.5% | |||||||
Amcor PLC | 12,061 | 123,143 | |||||
AptarGroup, Inc. | 1,821 | 203,915 | |||||
Avery Dennison Corp. | 3,141 | 358,357 | |||||
Ball Corp. | 7,723 | 536,671 | |||||
Berry Plastics Group, Inc.* | 4,752 | 210,609 | |||||
Crown Holdings, Inc.* | 5,201 | 338,741 | |||||
Graphic Packaging Holding Co. | 9,342 | 130,694 | |||||
International Paper Co. | 6,725 | 236,787 | |||||
Packaging Corp. of America | 2,912 | 290,618 | |||||
Sealed Air Corp. | 4,059 | 133,338 | |||||
Silgan Holdings, Inc. | 3,389 | 109,770 | |||||
Sonoco Products Co. | 2,906 | 151,955 | |||||
2,824,598 | |||||||
Distributors — 0.1% | |||||||
Genuine Parts Co. | 3,610 | 313,926 | |||||
LKQ Corp.* | 5,800 | 151,960 | |||||
Pool Corp. | 1,468 | 399,105 | |||||
864,991 | |||||||
Diversified Consumer Services — 0.1% | |||||||
Bright Horizons Family | |||||||
Solutions, Inc.* | 1,422 | 166,658 | |||||
Chegg, Inc.* | 1,910 | 128,467 | |||||
Grand Canyon Education, Inc.* | 834 | 75,502 | |||||
H&R Block, Inc.@ | 1,600 | 22,848 | |||||
Service Corp. International | 4,767 | 185,389 | |||||
ServiceMaster Global Holdings, Inc.* | 3,309 | 118,098 | |||||
696,962 | |||||||
Diversified Financial Services — 0.7% | |||||||
Berkshire Hathaway, Inc., Class B* | 22,583 | 4,031,291 | |||||
Equitable Holdings, Inc. | 5,987 | 115,489 | |||||
Jefferies Financial Group, Inc. | 1,620 | 25,191 | |||||
Voya Financial, Inc. | 489 | 22,812 | |||||
4,194,783 | |||||||
Diversified Telecommunication Services — 1.7% | |||||||
AT&T, Inc. | 59,812 | 1,808,117 | |||||
CenturyLink, Inc. | 449 | 4,503 | |||||
Cogent Communications | |||||||
Holdings, Inc. | 1,228 | 94,998 | |||||
GCI Liberty, Inc., Class A* | 1,444 | 102,697 | |||||
Iridium Communications, Inc.* | 3,043 | 77,414 | |||||
Verizon Communications, Inc. | 144,437 | 7,962,812 | |||||
10,050,541 |
The accompanying notes are an integral part of these financial statements.
33
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Electric Utilities — 2.0% | |||||||
Allete, Inc. | 883 | $ | 48,221 | ||||
Alliant Energy Corp. | 4,621 | 221,069 | |||||
American Electric Power Co., Inc. | 11,151 | 888,066 | |||||
Avangrid, Inc. | 1,433 | 60,157 | |||||
Duke Energy Corp. | 16,428 | 1,312,433 | |||||
Edison International | 8,608 | 467,500 | |||||
El Paso Electric Co. | 1,200 | 80,400 | |||||
Entergy Corp. | 4,510 | 423,083 | |||||
Evergy, Inc. | 4,970 | 294,671 | |||||
Eversource Energy | 7,365 | 613,284 | |||||
Exelon Corp. | 22,871 | 829,989 | |||||
FirstEnergy Corp. | 12,570 | 487,465 | |||||
Hawaiian Electric Industries, Inc. | 2,245 | 80,955 | |||||
IDACORP, Inc. | 1,054 | 92,088 | |||||
MGE Energy, Inc. | 1,137 | 73,348 | |||||
NextEra Energy, Inc. | 10,877 | 2,612,329 | |||||
NRG Energy, Inc. | 8,467 | 275,685 | |||||
OGE Energy Corp. | 4,603 | 139,747 | |||||
Pinnacle West Capital Corp. | 2,769 | 202,940 | |||||
PNM Resources, Inc. | 2,600 | 99,944 | |||||
Portland General Electric Co. | 2,100 | 87,801 | |||||
PPL Corp. | 14,400 | 372,096 | |||||
Southern Co. (The) | 24,124 | 1,250,829 | |||||
Xcel Energy, Inc. | 11,715 | 732,187 | |||||
11,746,287 | |||||||
Electrical Equipment — 0.5% | |||||||
Acuity Brands, Inc. | 1,000 | 95,740 | |||||
AMETEK, Inc. | 3,933 | 351,492 | |||||
Eaton Corp. PLC | 7,313 | 639,741 | |||||
Emerson Electric Co. | 9,630 | 597,349 | |||||
EnerSys | 700 | 45,066 | |||||
Generac Holdings, Inc.* | 1,586 | 193,381 | |||||
Hubbell, Inc. | 1,444 | 181,020 | |||||
nVent Electric PLC | 554 | 10,376 | |||||
Regal Beloit Corp. | 967 | 84,439 | |||||
Rockwell Automation, Inc. | 4,141 | 882,033 | |||||
Sensata Technologies Holding PLC* | 2,621 | 97,580 | |||||
3,178,217 | |||||||
Electronic Equipment, Instruments & Components — 0.7% | |||||||
Amphenol Corp., Class A | 7,282 | 697,688 | |||||
Arrow Electronics, Inc.* | 830 | 57,013 | |||||
Avnet, Inc. | 718 | 20,021 | |||||
CDW Corp. | 5,074 | 589,497 | |||||
Cognex Corp. | 2,453 | 146,493 | |||||
Coherent, Inc.* | 378 | 49,511 | |||||
Corning, Inc. | 8,949 | 231,779 | |||||
Dolby Laboratories, Inc., Class A | 938 | 61,786 | |||||
Flex Ltd.* | 1,194 | 12,239 | |||||
FLIR Systems, Inc. | 3,073 | 124,672 | |||||
IPG Photonics Corp.* | 471 | 75,544 | |||||
Itron, Inc.* | 500 | 33,125 | |||||
Jabil, Inc. | 5,400 | 173,232 | |||||
Keysight Technologies, Inc.* | 3,985 | 401,608 | |||||
Littelfuse, Inc. | 380 | 64,839 | |||||
National Instruments Corp. | 483 | 18,697 | |||||
Novanta, Inc.* | 1,061 | 113,283 | |||||
SYNNEX Corp. | 1,139 | 136,418 | |||||
TE Connectivity Ltd. | 6,135 | 500,309 | |||||
Trimble, Inc.* | 1,453 | 62,755 | |||||
Zebra Technologies Corp., Class A* | 1,624 | 415,663 | |||||
3,986,172 | |||||||
Energy Equipment & Services — 0.0% | |||||||
ChampionX Corp.* | 6,956 | 67,891 | |||||
Helmerich & Payne, Inc. | 22 | 429 | |||||
National Oilwell Varco, Inc. | 360 | 4,410 | |||||
72,730 | |||||||
Entertainment — 1.4% | |||||||
Activision Blizzard, Inc. | 12,571 | 954,139 | |||||
Cinemark Holdings, Inc. | 2,216 | 25,595 | |||||
Electronic Arts, Inc.* | 5,210 | 687,980 | |||||
Liberty Media Corp-Liberty Formula One, Class A* | 315 | 9,192 | |||||
Live Nation Entertainment, Inc.* | 3,717 | 164,775 | |||||
Madison Square Garden Entertainment Corp.* | 314 | 23,550 | |||||
Netflix, Inc.* | 8,538 | 3,885,132 | |||||
Take-Two Interactive Software, Inc.* | 1,964 | 274,115 | |||||
Walt Disney Co. (The) | 20,769 | 2,315,951 | |||||
Zynga, Inc., Class A* | 10,858 | 103,585 | |||||
8,444,014 | |||||||
Food & Staples Retailing — 1.6% | |||||||
BJ’s Wholesale Club Holdings, Inc.* | 2,341 | 87,249 | |||||
Casey’s General Stores, Inc. | 986 | 147,427 | |||||
Costco Wholesale Corp. | 10,279 | 3,116,695 | |||||
Kroger Co. (The) | 22,455 | 760,102 | |||||
Sprouts Farmers Market, Inc.* | 2,446 | 62,593 | |||||
Sysco Corp. | 17,047 | 931,789 | |||||
Walgreens Boots Alliance, Inc. | 7,503 | 318,052 | |||||
Walmart, Inc. | 32,487 | 3,891,293 | |||||
9,315,200 | |||||||
Food Products — 0.9% | |||||||
Archer-Daniels-Midland Co. | 1,142 | 45,566 | |||||
Campbell Soup Co. | 6,357 | 315,498 | |||||
Conagra Brands, Inc. | 1 | 35 | |||||
Darling Ingredients, Inc.* | 4,810 | 118,422 | |||||
Flowers Foods, Inc. | 3,652 | 81,659 | |||||
General Mills, Inc. | 14,279 | 880,300 | |||||
Hain Celestial Group, Inc. (The)* | 1,080 | 34,031 | |||||
Hershey Co. (The) | 5,359 | 694,634 | |||||
Hormel Foods Corp. | 5,226 | 252,259 | |||||
Ingredion, Inc. | 1,990 | 165,170 | |||||
J&J Snack Foods Corp. | 160 | 20,341 | |||||
J.M. Smucker Co. (The) | 1,655 | 175,115 | |||||
Kellogg Co. | 7,139 | 471,602 | |||||
Kraft Heinz Co. (The) | 1,166 | 37,184 | |||||
Lamb Weston Holdings, Inc. | 5,431 | 347,204 | |||||
Lancaster Colony Corp. | 722 | 111,903 | |||||
McCormick & Co., Inc. | 3,095 | 555,274 |
The accompanying notes are an integral part of these financial statements.
34
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Food Products (Continued) | |||||||
Mondelez International, Inc., Class A | 16,383 | $ | 837,663 | ||||
Pilgrim’s Pride Corp.* | 1,700 | 28,713 | |||||
Post Holdings, Inc.* | 1,937 | 169,720 | |||||
Sanderson Farms, Inc. | 405 | 46,935 | |||||
Tyson Foods, Inc., Class A | 5,064 | 302,371 | |||||
5,691,599 | |||||||
Gas Utilities — 0.1% | |||||||
Atmos Energy Corp. | 2,360 | 235,009 | |||||
National Fuel Gas Co. | 1,600 | 67,088 | |||||
New Jersey Resources Corp. | 2,300 | 75,095 | |||||
ONE Gas, Inc. | 953 | 73,429 | |||||
South Jersey Industries, Inc. | 1,600 | 39,984 | |||||
Southwest Gas Corp. | 1,343 | 92,734 | |||||
Spire, Inc. | 963 | 63,279 | |||||
UGI Corp. | 5,299 | 168,508 | |||||
815,126 | |||||||
Health Care Equipment & Supplies — 2.6% | |||||||
Abbott Laboratories | 23,927 | 2,187,646 | |||||
ABIOMED, Inc.* | 1,270 | 306,781 | |||||
Align Technology, Inc.* | 2,522 | 692,138 | |||||
Baxter International, Inc. | 9,285 | 799,438 | |||||
Becton Dickinson & Co. | 2,950 | 705,846 | |||||
Boston Scientific Corp.* | 24,678 | 866,445 | |||||
Cooper Companies, Inc. (The) | 939 | 266,338 | |||||
Danaher Corp. | 6,437 | 1,138,255 | |||||
DENTSPLY SIRONA, Inc. | 637 | 28,066 | |||||
DexCom, Inc.* | 947 | 383,914 | |||||
Edwards Lifesciences Corp.* | 11,751 | 812,112 | |||||
Envista Holdings Corp. | 2,222 | 46,862 | |||||
Globus Medical, Inc., Class A* | 1,500 | 71,565 | |||||
Haemonetics Corp.* | 1,000 | 89,560 | |||||
Hill-Rom Holdings, Inc. | 1,695 | 186,077 | |||||
Hologic, Inc.* | 6,492 | 370,044 | |||||
ICU Medical, Inc.* | 98 | 18,062 | |||||
Idexx Laboratories, Inc.* | 2,754 | 909,261 | |||||
Insulet Corp.* | 852 | 165,510 | |||||
Integra LifeSciences Holdings Corp.* | 1,168 | 54,884 | |||||
Intuitive Surgical, Inc.* | 1,903 | 1,084,386 | |||||
Masimo Corp.* | 934 | 212,943 | |||||
Medtronic PLC | 15,125 | 1,386,962 | |||||
Neogen Corp.* | 222 | 17,227 | |||||
NuVasive, Inc.* | 1,369 | 76,199 | |||||
Penumbra, Inc.*@ | 389 | 69,561 | |||||
ResMed, Inc. | 3,407 | 654,144 | |||||
STERIS PLC | 1,118 | 171,546 | |||||
Stryker Corp. | 6,002 | 1,081,500 | |||||
Teleflex, Inc. | 364 | 132,489 | |||||
Varian Medical Systems, Inc.* | 1,668 | 204,363 | |||||
West Pharmaceutical Services, Inc. | 1,311 | 297,820 | |||||
Wright Medical Group NV* | 1,712 | 50,881 | |||||
Zimmer Biomet Holdings, Inc. | 986 | 117,689 | |||||
15,656,514 | |||||||
Health Care Providers & Services — 2.5% | |||||||
Amedisys, Inc.* | 980 | 194,569 | |||||
AmerisourceBergen Corp. | 3,916 | 394,615 | |||||
AMN Healthcare Services, Inc.* | 1,226 | 55,464 | |||||
Anthem, Inc. | 4,246 | 1,116,613 | |||||
Cardinal Health, Inc. | 8,835 | 461,099 | |||||
Centene Corp.* | 6,805 | 432,458 | |||||
Chemed Corp. | 521 | 235,007 | |||||
CIGNA Corp. | 6,459 | 1,212,031 | |||||
CVS Health Corp. | 5,622 | 365,261 | |||||
DaVita, Inc.* | 2,810 | 222,383 | |||||
Encompass Health Corp. | 2,746 | 170,060 | |||||
Guardant Health, Inc.* | 673 | 54,601 | |||||
HCA Holdings, Inc. | 6,512 | 632,055 | |||||
Henry Schein, Inc.* | 3,048 | 177,973 | |||||
Humana, Inc. | 3,060 | 1,186,515 | |||||
Laboratory Corp. of America Holdings* | 1,916 | 318,267 | |||||
LHC Group, Inc.* | 573 | 99,885 | |||||
McKesson Corp. | 3,571 | 547,863 | |||||
Molina Healthcare, Inc.* | 1,312 | 233,510 | |||||
Pennant Group Inc.(The)* | 870 | 19,662 | |||||
Quest Diagnostics, Inc. | 2,647 | 301,652 | |||||
UnitedHealth Group, Inc. | 22,146 | 6,531,963 | |||||
Universal Health Services, Inc., Class B | 2,001 | 185,873 | |||||
15,149,379 | |||||||
Health Care Technology — 0.2% | |||||||
Cerner Corp. | 6,999 | 479,781 | |||||
Change Healthcare, Inc.* | 7,084 | 79,341 | |||||
HMS Holdings Corp.* | 1,836 | 59,468 | |||||
Omnicell, Inc.* | 700 | 49,434 | |||||
Teladoc Health, Inc.* | 659 | 125,764 | |||||
Veeva Systems, Inc., Class A* | 1,900 | 445,398 | |||||
1,239,186 | |||||||
Hotels, Restaurants & Leisure — 1.7% | |||||||
Caesars Entertainment Corp.*@ | 6,077 | 73,714 | |||||
Chipotle Mexican Grill, Inc.* | 571 | 600,898 | |||||
Choice Hotels International, Inc. | 1,000 | 78,900 | |||||
Churchill Downs, Inc. | 450 | 59,918 | |||||
Darden Restaurants, Inc. | 3,621 | 274,363 | |||||
Domino’s Pizza, Inc. | 936 | 345,796 | |||||
Dunkin’ Brands Group, Inc. | 2,456 | 160,205 | |||||
Hilton Worldwide Holdings, Inc. | 5,230 | 384,143 | |||||
Hyatt Hotels Corp., Class A@ | 300 | 15,087 | |||||
Las Vegas Sands Corp. | 10,300 | 469,062 | |||||
Marriott International, Inc., Class A | 6,996 | 599,767 | |||||
Marriott Vacations Worldwide Corp. | 750 | 61,658 | |||||
McDonald’s Corp. | 17,329 | 3,196,681 | |||||
MGM Resorts International | 7,904 | 132,787 | |||||
Planet Fitness, Inc. Class A* | 2,043 | 123,745 | |||||
Royal Caribbean Cruises Ltd.@ | 3,090 | 155,427 | |||||
Starbucks Corp. | 27,323 | 2,010,700 | |||||
Texas Roadhouse, Inc. | 1,857 | 97,622 |
The accompanying notes are an integral part of these financial statements.
35
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Hotels, Restaurants & Leisure (Continued) | |||||||
Vail Resorts, Inc. | 1,101 | $ | 200,547 | ||||
Wendy’s Co. (The) | 5,687 | 123,863 | |||||
Wingstop, Inc. | 489 | 67,956 | |||||
Wyndham Hotels & Resorts, Inc. | 1,765 | 75,224 | |||||
Wynn Resorts Ltd. | 1,864 | 138,849 | |||||
Yum! Brands, Inc. | 7,051 | 612,802 | |||||
10,059,714 | |||||||
Household Durables — 0.4% | |||||||
DR Horton, Inc. | 6,639 | 368,133 | |||||
Garmin Ltd. | 2,389 | 232,927 | |||||
Helen of Troy Ltd.* | 496 | 93,526 | |||||
KB Home | 381 | 11,689 | |||||
Leggett & Platt, Inc. | 4,300 | 151,145 | |||||
Lennar Corp., Class A | 3,122 | 192,378 | |||||
Lennar Corp., B Shares | 72 | 3,318 | |||||
Meritage Homes Corp.* | 900 | 68,508 | |||||
Mohawk Industries, Inc.* | 600 | 61,056 | |||||
Newell Brands, Inc. | 1,165 | 18,500 | |||||
NVR, Inc.* | 109 | 355,204 | |||||
PulteGroup, Inc. | 5,849 | 199,041 | |||||
Tempur Sealy International, Inc.* | 860 | 61,877 | |||||
Toll Brothers, Inc. | 1,650 | 53,774 | |||||
TopBuild Corp.* | 500 | 56,885 | |||||
Whirlpool Corp. | 1,555 | 201,419 | |||||
2,129,380 | |||||||
Household Products — 1.8% | |||||||
Church & Dwight Co., Inc. | 5,860 | 452,978 | |||||
Clorox Co. (The) | 4,448 | 975,758 | |||||
Colgate-Palmolive Co. | 19,090 | 1,398,534 | |||||
Energizer Holdings, Inc. | 925 | 43,928 | |||||
Kimberly-Clark Corp. | 7,662 | 1,083,024 | |||||
Procter & Gamble Co. (The) | 57,148 | 6,833,186 | |||||
WD-40 Co. | 404 | 80,113 | |||||
10,867,521 | |||||||
Independent Power Producers & Energy Traders — 0.1% | |||||||
AES Corp. (The) | 17,413 | 252,314 | |||||
Clearway Energy, Inc., Class C | 2,400 | 55,344 | |||||
Ormat Technologies, Inc. | 741 | 47,046 | |||||
Vistra Energy Corp. | 3,161 | 58,858 | |||||
413,562 | |||||||
Industrial Conglomerates — 1.1% | |||||||
3M Co. | 19,982 | 3,116,992 | |||||
Carlisle Cos., Inc. | 1,432 | 171,367 | |||||
Honeywell International, Inc. | 16,186 | 2,340,334 | |||||
Roper Technologies, Inc. | 1,844 | 715,952 | |||||
6,344,645 | |||||||
Insurance — 1.4% | |||||||
Aflac, Inc. | 7,771 | 279,989 | |||||
Alleghany Corp. | 167 | 81,686 | |||||
Allstate Corp. (The) | 2,511 | 243,542 | |||||
Aon PLC, Class A | 7,576 | 1,459,138 | |||||
Arch Capital Group Ltd.* | 993 | 28,449 | |||||
Arthur J. Gallagher & Co. | 3,602 | 351,159 | |||||
Assurant, Inc. | 1,143 | 118,060 | |||||
Assured Guaranty Ltd. | 1,129 | 27,559 | |||||
Axis Capital Holdings Ltd. | 1,300 | 52,728 | |||||
Brown & Brown, Inc. | 4,399 | 179,303 | |||||
Chubb Ltd. | 1,225 | 155,110 | |||||
Cincinnati Financial Corp. | 714 | 45,717 | |||||
CNO Financial Group, Inc. | 5,300 | 82,521 | |||||
Enstar Group Ltd.* | 300 | 45,831 | |||||
Erie Indemnity Co., Class A | 830 | 159,277 | |||||
Everest Re Group Ltd. | 50 | 10,310 | |||||
Fidelity National Financial, Inc. | 5,659 | 173,505 | |||||
First American Financial Corp. | 2,790 | 133,976 | |||||
Globe Life, Inc. | 641 | 47,581 | |||||
Hanover Insurance Group, Inc. (The) | 696 | 70,526 | |||||
Hartford Financial Services Group, Inc. | 1,936 | 74,633 | |||||
Kemper Corp. | 1,200 | 87,024 | |||||
Kinsale Capital Group, Inc. | 257 | 39,889 | |||||
Lincoln National Corp. | 1,001 | 36,827 | |||||
Loews Corp. | 572 | 19,614 | |||||
Markel Corp.* | 100 | 92,317 | |||||
Marsh & McLennan Cos., Inc. | 11,636 | 1,249,357 | |||||
MBIA, Inc.* | 3,900 | 28,275 | |||||
Mercury General Corp. | 800 | 32,600 | |||||
MetLife, Inc. | 318 | 11,613 | |||||
Old Republic International Corp. | 2,863 | 46,696 | |||||
Primerica, Inc. | 1,400 | 163,240 | |||||
Principal Financial Group, Inc. | 3,893 | 161,715 | |||||
Progressive Corp. (The) | 13,705 | 1,097,908 | |||||
Reinsurance Group of America, Inc. | 777 | 60,948 | |||||
RenaissanceRe Holdings Ltd. | 783 | 133,917 | |||||
RLI Corp. | 700 | 57,470 | |||||
Selective Insurance Group, Inc. | 829 | 43,721 | |||||
Travelers Companies, Inc. (The) | 6,176 | 704,373 | |||||
Unum Group | 1,700 | 28,203 | |||||
W. R. Berkley Corp. | 1,770 | 101,403 | |||||
White Mountains Insurance Group Ltd. | 84 | 74,590 | |||||
Willis Towers Watson PLC | 1,216 | 239,491 | |||||
8,331,791 | |||||||
Interactive Media & Services — 4.7% | |||||||
Alphabet, Inc., Class A* | 5,236 | 7,424,910 | |||||
Alphabet, Inc., Class C* | 5,345 | 7,555,746 | |||||
Facebook, Inc., Class A* | 53,868 | 12,231,807 | |||||
IAC/InterActiveCorp* | 956 | 309,170 | |||||
Match Group, Inc.*@ | 1,404 | 150,298 | |||||
Snap, Inc., Class A* | 3,870 | 90,906 | |||||
Twitter, Inc.* | 2,730 | 81,327 | |||||
Zillow Group, Inc., Class A* | 436 | 25,061 | |||||
Zillow Group, Inc., Class C*@ | 1,159 | 66,770 | |||||
27,935,995 |
The accompanying notes are an integral part of these financial statements.
36
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Internet & Catalog Retail — 5.5% | |||||||
Amazon.com, Inc.* | 10,463 | $ | 28,865,534 | ||||
Booking Holdings, Inc.* | 1,342 | 2,136,920 | |||||
eBay, Inc. | 25,961 | 1,361,654 | |||||
Etsy, Inc.* | 2,466 | 261,963 | |||||
Expedia Group, Inc. | 1,515 | 124,533 | |||||
GrubHub, Inc.* | 800 | 56,240 | |||||
Qurate Retail, Inc., Series A* | 3,600 | 34,200 | |||||
Wayfair, Inc., Class A*@ | 542 | 107,105 | |||||
32,948,149 | |||||||
IT Services — 6.8% | |||||||
Accenture PLC, Class A | 18,506 | 3,973,608 | |||||
Akamai Technologies, Inc.* | 2,286 | 244,808 | |||||
Amdocs Ltd. | 2,698 | 164,254 | |||||
Automatic Data Processing, Inc. | 14,821 | 2,206,699 | |||||
Black Knight, Inc.* | 2,949 | 213,979 | |||||
Booz Allen Hamilton Holding Corp. | 5,147 | 400,385 | |||||
Broadridge Financial Solutions, Inc. | 4,218 | 532,269 | |||||
CACI International, Inc., Class A* | 656 | 142,273 | |||||
Cognizant Technology Solutions Corp., Class A | 11,445 | 650,305 | |||||
EPAM Systems, Inc.* | 1,012 | 255,034 | |||||
Euronet Worldwide, Inc.* | 1,435 | 137,502 | |||||
Fidelity National Information Services, Inc. | 7,262 | 973,762 | |||||
Fiserv, Inc.* | 6,864 | 670,064 | |||||
FleetCor Technologies, Inc.* | 2,021 | 508,342 | |||||
Gartner, Inc.* | 1,555 | 188,668 | |||||
Genpact Ltd. | 4,492 | 164,048 | |||||
Global Payments, Inc. | 3,431 | 581,966 | |||||
GoDaddy, Inc., Class A* | 4,882 | 357,997 | |||||
International Business Machines Corp. | 25,494 | 3,078,910 | |||||
Jack Henry & Associates, Inc. | 1,984 | 365,116 | |||||
KBR, Inc. | 2,987 | 67,357 | |||||
Leidos Holdings, Inc. | 2,174 | 203,639 | |||||
MasterCard, Inc., Class A | 31,172 | 9,217,560 | |||||
MAXIMUS, Inc. | 1,704 | 120,047 | |||||
MongoDB, Inc.*@ | 284 | 64,281 | |||||
Okta, Inc.* | 1,243 | 248,886 | |||||
Paychex, Inc. | 9,713 | 735,760 | |||||
PayPal Holdings, Inc.* | 19,389 | 3,378,146 | |||||
Perspecta, Inc. | 3,641 | 84,580 | |||||
Science Applications International Corp. | 1,371 | 106,499 | |||||
Square, Inc., Class A* | 3,898 | 409,056 | |||||
Twilio, Inc., Class A* | 1,065 | 233,682 | |||||
VeriSign, Inc.* | 2,583 | 534,242 | |||||
Visa, Inc., Class A | 47,858 | 9,244,730 | |||||
Western Union Co. (The) | 9,941 | 214,924 | |||||
WEX, Inc.* | 663 | 109,402 | |||||
40,782,780 | |||||||
Leisure Equipment & Products — 0.1% | |||||||
Brunswick Corp. | 2,397 | 153,432 | |||||
Hasbro, Inc. | 2,087 | 156,421 | |||||
Polaris Industries, Inc. | 1,795 | 166,127 | |||||
475,980 | |||||||
Life Sciences Tools & Services — 1.0% | |||||||
Agilent Technologies, Inc. | 5,595 | 494,430 | |||||
Bio-Rad Laboratories, Inc., Class A* | 290 | 130,932 | |||||
Bio-Techne Corp. | 473 | 124,905 | |||||
Bruker Corp. | 2,844 | 115,694 | |||||
Charles River Laboratories International, Inc.* | 1,272 | 221,773 | |||||
Illumina, Inc.* | 2,286 | 846,620 | |||||
IQVIA Holdings, Inc.* | 2,629 | 373,003 | |||||
Medpace Holdings, Inc.* | 500 | 46,510 | |||||
Mettler-Toledo International, Inc.* | 875 | 704,856 | |||||
PerkinElmer, Inc. | 1,576 | 154,590 | |||||
PRA Health Sciences, Inc.* | 1,053 | 102,446 | |||||
Syneos Health, Inc.* | 927 | 53,998 | |||||
Thermo Fisher Scientific, Inc. | 6,555 | 2,375,139 | |||||
Waters Corp.* | 2,267 | 408,967 | |||||
6,153,863 | |||||||
Machinery — 2.0% | |||||||
AGCO Corp. | 1,297 | 71,932 | |||||
Allison Transmission Holdings, Inc. | 4,543 | 167,092 | |||||
Caterpillar, Inc. | 18,883 | 2,388,699 | |||||
Crane Co. | 1,115 | 66,298 | |||||
Cummins, Inc. | 3,435 | 595,148 | |||||
Deere & Co. | 8,703 | 1,367,676 | |||||
Donaldson Co., Inc. | 4,104 | 190,918 | |||||
Dover Corp. | 3,693 | 356,596 | |||||
Flowserve Corp. | 1,775 | 50,623 | |||||
Fortive Corp. | 5,025 | 339,991 | |||||
Graco, Inc. | 5,179 | 248,540 | |||||
IDEX Corp. | 1,854 | 293,006 | |||||
Illinois Tool Works, Inc. | 11,123 | 1,944,857 | |||||
Ingersoll Rand, Inc.* | 5,047 | 141,922 | |||||
ITT, Inc. | 2,281 | 133,986 | |||||
John Bean Technologies Corp. | 1,192 | 102,536 | |||||
Lincoln Electric Holdings, Inc. | 1,491 | 125,602 | |||||
Middleby Corp.* | 1,500 | 118,410 | |||||
Nordson Corp. | 1,255 | 238,086 | |||||
Oshkosh Corp. | 2,000 | 143,240 | |||||
Otis Worldwide Corp. | 6,236 | 354,579 | |||||
PACCAR, Inc. | 7,927 | 593,336 | |||||
Parker-Hannifin Corp. | 2,988 | 547,611 | |||||
Pentair PLC | 554 | 21,046 | |||||
RBC Bearings, Inc.* | 421 | 56,431 | |||||
Rexnord Corp. | 1,200 | 34,980 | |||||
Snap-On, Inc. | 1,424 | 197,238 | |||||
Stanley Black & Decker, Inc. | 2,408 | 335,627 | |||||
Timken Co., (The) | 1,644 | 74,786 | |||||
Toro Co. (The) | 3,554 | 235,772 |
The accompanying notes are an integral part of these financial statements.
37
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Machinery (Continued) | |||||||
Wabtec Corp. | 1,144 | $ | 65,860 | ||||
Watts Water Technologies, Inc., Class A | 400 | 32,400 | |||||
Woodward, Inc. | 1,254 | 97,248 | |||||
Xylem, Inc. | 3,144 | 204,234 | |||||
11,936,306 | |||||||
Marine — 0.0% | |||||||
Kirby Corp.* | 749 | 40,116 | |||||
Media — 1.3% | |||||||
Altice USA, Inc., Class A* | 5,718 | 128,884 | |||||
Cable One, Inc. | 145 | 257,353 | |||||
Charter Communications, Inc., Class A* | 3,374 | 1,720,875 | |||||
Comcast Corp., Class A | 106,625 | 4,156,242 | |||||
Discovery, Inc., Class A*@ | 3,611 | 76,192 | |||||
Discovery, Inc., Class C* | 4,579 | 88,191 | |||||
DISH Network Corp., Class A* | 4,598 | 158,677 | |||||
Interpublic Group of Cos., Inc. (The) | 10,877 | 186,649 | |||||
Liberty Broadband Corp., Class A* | 315 | 38,490 | |||||
Liberty Broadband Corp., Class C* | 1,507 | 186,808 | |||||
Liberty SiriusXM Group, Class A* | 1,263 | 43,599 | |||||
Liberty SiriusXM Group, Class C* | 1,178 | 40,582 | |||||
New York Times Co. (The), Class A | 2,341 | 98,392 | |||||
News Corp., Class A | 1,498 | 17,766 | |||||
News Corp., Class B | 1,525 | 18,224 | |||||
Nexstar Media Group, Inc., Class A@ | 900 | 75,321 | |||||
Omnicom Group, Inc. | 7,000 | 382,200 | |||||
Sirius XM Holdings, Inc. | 40,907 | 240,124 | |||||
TEGNA, Inc. | 3,300 | 36,762 | |||||
ViacomCBS, Inc. Class A. Class A | 1,116 | 28,570 | |||||
ViacomCBS, Inc. Class B@ | 2 | 47 | |||||
7,979,948 | |||||||
Metals & Mining — 0.2% | |||||||
Freeport-McMoRan, Inc. | 4,001 | 46,292 | |||||
Newmont Mining Corp. | 7,738 | 477,744 | |||||
Nucor Corp. | 6,200 | 256,742 | |||||
Reliance Steel & Aluminum Co. | 1,603 | 152,173 | |||||
Royal Gold, Inc. | 1,115 | 138,617 | |||||
Southern Copper Corp.@ | 2,789 | 110,918 | |||||
Steel Dynamics, Inc. | 2,387 | 62,277 | |||||
1,244,763 | |||||||
Multi-Utilities — 0.9% | |||||||
Ameren Corp. | 5,621 | 395,494 | |||||
Avista Corp. | 1,000 | 36,390 | |||||
Black Hills Corp. | 1,300 | 73,658 | |||||
Centerpoint Energy, Inc. | 6,700 | 125,089 | |||||
CMS Energy Corp. | 6,895 | 402,806 | |||||
Consolidated Edison, Inc. | 6,930 | 498,475 | |||||
Dominion Resources, Inc. | 18,576 | 1,508,000 | |||||
DTE Energy Co. | 3,556 | 382,270 | |||||
MDU Resources Group, Inc. | 4,722 | 104,734 | |||||
NiSource, Inc. | 5,791 | 131,687 | |||||
NorthWestern Corp. | 1,200 | 65,424 | |||||
Public Service Enterprise Group, Inc. | 10,358 | 509,199 | |||||
Sempra Energy | 2,843 | 333,285 | |||||
WEC Energy Group, Inc. | 6,993 | 612,936 | |||||
5,179,447 | |||||||
Multiline Retail — 0.5% | |||||||
Dollar General Corp. | 5,963 | 1,136,011 | |||||
Dollar Tree, Inc.* | 2,071 | 191,940 | |||||
Nordstrom, Inc.@ | 4,600 | 71,254 | |||||
Ollie’s Bargain Outlet Holdings, Inc.* | 742 | 72,456 | |||||
Target Corp. | 14,934 | 1,791,035 | |||||
3,262,696 | |||||||
Oil, Gas & Consumable Fuels — 0.8% | |||||||
Cheniere Energy, Inc.* | 5,400 | 260,928 | |||||
Chevron Corp. | 14,611 | 1,303,740 | |||||
Concho Resources, Inc. | 672 | 34,608 | |||||
ConocoPhillips | 7,178 | 301,620 | |||||
Diamondback Energy, Inc. | 154 | 6,440 | |||||
EOG Resources, Inc. | 1,352 | 68,492 | |||||
Exxon Mobil Corp. | 42,621 | 1,906,011 | |||||
Hess Corp. | 233 | 12,072 | |||||
HollyFrontier Corp. | 2,161 | 63,101 | |||||
Marathon Petroleum Corp. | 4,094 | 153,034 | |||||
Noble Energy, Inc. | 2,075 | 18,592 | |||||
Occidental Petroleum Corp. | 1 | 18 | |||||
ONEOK, Inc. | 5,143 | 170,850 | |||||
Phillips 66 | 2,336 | 167,958 | |||||
Pioneer Natural Resources Co. | 1,324 | 129,355 | |||||
Valero Energy Corp. | 6,213 | 365,449 | |||||
Williams Cos., Inc. (The) | 5,691 | 108,243 | |||||
WPX Energy, Inc.* | 1,734 | 11,063 | |||||
5,081,574 | |||||||
Paper & Forest Products — 0.0% | |||||||
Louisiana-Pacific Corp. | 629 | 16,134 | |||||
Personal Products — 0.3% | |||||||
Estee Lauder Companies, Inc. (The), Class A | 7,637 | 1,440,949 | |||||
Herbalife Nutriation Ltd.* | 2,876 | 129,363 | |||||
1,570,312 | |||||||
Pharmaceuticals — 4.7% | |||||||
Bristol-Myers Squibb Co. | 27,074 | 1,591,951 | |||||
Catalent, Inc.* | 4,134 | 303,022 | |||||
Elanco Animal Health, Inc.* | 4,517 | 96,890 | |||||
Eli Lilly & Co. | 24,387 | 4,003,858 | |||||
Horizon Therapeutics PLC* | 1,910 | 106,158 | |||||
Jazz Pharmaceuticals PLC* | 1,375 | 151,717 | |||||
Johnson & Johnson | 73,953 | 10,400,010 | |||||
Merck & Co., Inc. | 73,044 | 5,648,493 | |||||
Nektar Therapeutics* | 3,192 | 73,927 | |||||
Pfizer, Inc. | 118,569 | 3,877,206 | |||||
Zoetis, Inc. | 16,315 | 2,235,808 | |||||
28,489,040 |
The accompanying notes are an integral part of these financial statements.
38
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Professional Services — 0.4% | |||||||
ASGN, Inc.* | 677 | $ | 45,142 | ||||
CoreLogic, Inc. | 2,607 | 175,243 | |||||
CoStar Group, Inc.* | 438 | 311,274 | |||||
Equifax, Inc. | 1,816 | 312,134 | |||||
Exponent, Inc. | 1,658 | 134,182 | |||||
FTI Consulting, Inc.* | 662 | 75,832 | |||||
Manpowergroup, Inc. | 1,600 | 110,000 | |||||
Robert Half International, Inc. | 4,575 | 241,697 | |||||
TransUnion | 4,425 | 385,152 | |||||
TriNet Group, Inc.* | 865 | 52,713 | |||||
Verisk Analytics, Inc. | 3,790 | 645,058 | |||||
2,488,427 | |||||||
Real Estate Management & Development — 0.1% | |||||||
CBRE Group, Inc., Class A* | 7,707 | 348,510 | |||||
Jones Lang LaSalle, Inc. | 1,173 | 121,359 | |||||
469,869 | |||||||
Road & Rail — 1.3% | |||||||
AMERCO | 236 | 71,317 | |||||
CSX Corp. | 21,234 | 1,480,859 | |||||
JB Hunt Transport Services, Inc. | 2,703 | 325,279 | |||||
Kansas City Southern | 1,994 | 297,684 | |||||
Knight-Swift Transportation | |||||||
Holdings, Inc.@ | 2,249 | 93,806 | |||||
Landstar System, Inc. | 1,385 | 155,549 | |||||
Norfolk Southern Corp. | 5,769 | 1,012,863 | |||||
Old Dominion Freight Line, Inc. | 2,494 | 422,958 | |||||
Saia, Inc.* | 200 | 22,236 | |||||
Union Pacific Corp. | 21,578 | 3,648,193 | |||||
7,530,744 | |||||||
Semiconductors & Semiconductor Equipment — 5.6% | |||||||
Advanced Energy Industries, Inc.* | 400 | 27,116 | |||||
Advanced Micro Devices, Inc.* | 22,332 | 1,174,887 | |||||
Analog Devices, Inc. | 6,654 | 816,047 | |||||
Applied Materials, Inc. | 27,044 | 1,634,810 | |||||
Broadcom, Inc. | 9,221 | 2,910,240 | |||||
Brooks Automation, Inc. | 1,100 | 48,664 | |||||
Cabot Microelectronics Corp. | 836 | 116,655 | |||||
Cirrus Logic, Inc.* | 1,900 | 117,382 | |||||
Cree, Inc.* | 2,253 | 133,355 | |||||
Diodes, Inc.* | 1,118 | 56,683 | |||||
Enphase Energy, Inc.* | 1,883 | 89,574 | |||||
Entegris, Inc. | 3,537 | 208,860 | |||||
First Solar, Inc.*@ | 300 | 14,850 | |||||
Intel Corp. | 122,349 | 7,320,141 | |||||
Kla-Tencor Corp. | 4,685 | 911,139 | |||||
Lam Research Corp. | 4,493 | 1,453,306 | |||||
Lattice Semiconductor Corp.* | 1,742 | 49,455 | |||||
Marvell Technology Group Ltd. | 6,428 | 225,366 | |||||
Maxim Integrated Products, Inc. | 7,617 | 461,666 | |||||
Microchip Technology, Inc. | 4,698 | 494,746 | |||||
Micron Technology, Inc.* | 22,267 | 1,147,196 | |||||
MKS Instruments, Inc. | 1,252 | 141,777 | |||||
Monolithic Power Systems, Inc. | 706 | 167,322 | |||||
NVIDIA Corp. | 13,418 | 5,097,632 | |||||
ON Semiconductor Corp.* | 10,894 | 215,919 | |||||
Power Integrations, Inc. | 573 | 67,689 | |||||
Qorvo, Inc.* | 1,968 | 217,523 | |||||
QUALCOMM, Inc. | 27,407 | 2,499,792 | |||||
Semtech Corp.* | 600 | 31,332 | |||||
Silicon Laboratories, Inc.* | 600 | 60,162 | |||||
Skyworks Solutions, Inc. | 3,906 | 499,421 | |||||
SolarEdge Technologies, Inc.* | 622 | 86,321 | |||||
Teradyne, Inc. | 4,091 | 345,730 | |||||
Texas Instruments, Inc. | 32,461 | 4,121,573 | |||||
Universal Display Corp. | 786 | 117,601 | |||||
Xilinx, Inc. | 5,783 | 568,989 | |||||
33,650,921 | |||||||
Software — 8.5% | |||||||
ACI Worldwide, Inc.* | 2,645 | 71,389 | |||||
Adobe, Inc.* | 11,425 | 4,973,417 | |||||
Alteryx, Inc., Class A*@ | 675 | 110,889 | |||||
Anaplan, Inc.* | 700 | 31,717 | |||||
ANSYS, Inc.* | 1,606 | 468,518 | |||||
Appfolio, Inc., Class A* | 486 | 79,077 | |||||
Aspen Technology, Inc.* | 2,399 | 248,560 | |||||
Atlassian Corp. PLC, Class A* | 1,245 | 224,436 | |||||
Autodesk, Inc.* | 5,116 | 1,223,696 | |||||
Avalara, Inc.* | 354 | 47,114 | |||||
Blackbaud, Inc. | 1,688 | 96,351 | |||||
Cadence Design Systems, Inc.* | 6,999 | 671,624 | |||||
CDK Global, Inc. | 3,619 | 149,899 | |||||
Cerence, Inc.* | 550 | 22,462 | |||||
Ceridian HCM Holding, Inc.* | 995 | 78,874 | |||||
Citrix Systems, Inc. | 4,641 | 686,450 | |||||
Cloudera, Inc.* | 2,900 | 36,888 | |||||
Coupa Software, Inc.*@ | 835 | 231,328 | |||||
DocuSign, Inc.* | 505 | 86,966 | |||||
Dropbox, Inc., Class A* | 1,689 | 36,770 | |||||
Envestnet, Inc.* | 1,085 | 79,791 | |||||
Fair Isaac Corp.* | 1,050 | 438,942 | |||||
FireEye, Inc.* | 1,537 | 18,713 | |||||
Five9, Inc.* | 200 | 22,134 | |||||
Fortinet, Inc.* | 2,910 | 399,456 | |||||
Globant SA* | 394 | 59,041 | |||||
Guidewire Software, Inc.* | 801 | 88,791 | |||||
HubSpot, Inc.* | 534 | 119,803 | |||||
Intuit, Inc. | 8,226 | 2,436,459 | |||||
j2 Global, Inc. | 1,013 | 64,032 | |||||
LogMeIn, Inc. | 1 | 85 | |||||
Manhattan Associates, Inc.* | 2,518 | 237,196 | |||||
Microsoft Corp. | 134,801 | 27,433,351 | |||||
NortonLifeLock, Inc. | 188 | 3,728 | |||||
Nuance Communications, Inc.* | 4,400 | 111,342 | |||||
Oracle Corp. | 76,275 | 4,215,719 | |||||
Palo Alto Networks, Inc.* | 795 | 182,588 | |||||
Paycom Software, Inc.* | 1,495 | 463,046 | |||||
Paylocity Holding Corp.* | 668 | 97,454 | |||||
Pegasystems, Inc. | 255 | 25,798 | |||||
Proofpoint, Inc.* | 470 | 52,226 | |||||
PTC, Inc.* | 953 | 74,134 |
The accompanying notes are an integral part of these financial statements.
39
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Software (Continued) | |||||||
Qualys, Inc.* | 503 | $ | 52,322 | ||||
RealPage, Inc.* | 1,381 | 89,779 | |||||
RingCentral, Inc., Class A* | 628 | 178,986 | |||||
Salesforce.com, Inc.* | 7,732 | 1,448,436 | |||||
ServiceNow, Inc.* | 2,217 | 898,018 | |||||
Slack Technologies, Inc., Class A* | 1,899 | 59,040 | |||||
Splunk, Inc.* | 1,731 | 343,950 | |||||
SS&C Technologies Holdings, Inc. | 3,246 | 183,334 | |||||
Synopsys, Inc.* | 2,448 | 477,360 | |||||
Trade Desk, Inc. (The), Class A*@ | 483 | 196,339 | |||||
Tyler Technologies, Inc.* | 544 | 188,703 | |||||
Verint Systems, Inc.* | 1,038 | 46,897 | |||||
VMware, Inc., Class A*@ | 145 | 22,455 | |||||
Workday, Inc., Class A* | 972 | 182,114 | |||||
Xperi Holding Corp. | 626 | 9,240 | |||||
Zendesk, Inc.* | 1,651 | 146,163 | |||||
Zoom Video Communications, Inc., | |||||||
Class A* | 1,325 | 335,940 | |||||
51,059,330 | |||||||
Specialty Retail — 3.1% | |||||||
Aaron’s, Inc. | 1,150 | 52,210 | |||||
Advance Auto Parts, Inc. | 1,480 | 210,826 | |||||
AutoNation, Inc.* | 961 | 36,114 | |||||
AutoZone, Inc.* | 582 | 656,566 | |||||
Best Buy Co., Inc. | 8,277 | 722,334 | |||||
Burlington Stores, Inc.* | 2,432 | 478,934 | |||||
Carmax, Inc.* | 4,116 | 368,588 | |||||
Carvana Co.*@ | 614 | 73,803 | |||||
Dick’s Sporting Goods, Inc. | 1,695 | 69,936 | |||||
Five Below, Inc.* | 1,605 | 171,590 | |||||
Foot Locker, Inc. | 1,123 | 32,747 | |||||
Home Depot, Inc. (The) | 25,040 | 6,272,770 | |||||
Lowe’s Cos., Inc. | 26,311 | 3,555,142 | |||||
Murphy USA, Inc.* | 1,116 | 125,650 | |||||
O’Reilly Automotive, Inc.* | 2,598 | 1,095,499 | |||||
Penske Auto Group, Inc.@ | 1,318 | 51,020 | |||||
Ross Stores, Inc. | 12,328 | 1,050,839 | |||||
Tiffany & Co. | 3,102 | 378,258 | |||||
TJX Cos., Inc. | 42,014 | 2,124,228 | |||||
Tractor Supply Co. | 3,772 | 497,112 | |||||
Ulta Salon Cosmetics & | |||||||
Fragrance, Inc.* | 1,930 | 392,600 | |||||
Williams-Sonoma, Inc. | 2,400 | 196,824 | |||||
18,613,590 | |||||||
Textiles, Apparel & Luxury Goods — 1.1% | |||||||
Carter’s, Inc. | 1,668 | 134,608 | |||||
Columbia Sportswear Co. | 858 | 69,138 | |||||
Deckers Outdoor Corp.* | 645 | 126,671 | |||||
Hanesbrands, Inc.@ | 10,404 | 117,461 | |||||
Lululemon Athletica, Inc.* | 3,384 | 1,055,842 | |||||
NIKE, Inc., Class B | 40,118 | 3,933,570 | |||||
PVH Corp. | 760 | 36,518 | |||||
Ralph Lauren Corp. | 1,100 | 79,772 | |||||
Skechers U.S.A., Inc., Class A* | 1,800 | 56,484 | |||||
Tapestry, Inc. | 6,400 | 84,992 | |||||
Under Armour, Inc., Class A* | 2,760 | 26,882 | |||||
Under Armour, Inc., Class C* | 2,884 | 25,494 | |||||
VF Corp. | 9,707 | 591,545 | |||||
6,338,977 | |||||||
Thrifts & Mortgage Finance — 0.0% | |||||||
New York Community | |||||||
Bancorp, Inc. | 1,632 | 16,646 | |||||
TFS Financial Corp. | 1,093 | 15,641 | |||||
32,287 | |||||||
Tobacco — 0.8% | |||||||
Altria Group, Inc. | 61,247 | 2,403,945 | |||||
Philip Morris International, Inc. | 35,950 | 2,518,657 | |||||
4,922,602 | |||||||
Trading Companies & Distributors — 0.3% | |||||||
Fastenal Co. | 16,611 | 711,615 | |||||
GATX Corp. | 1,100 | 67,078 | |||||
HD Supply Holdings, Inc.* | 2,545 | 88,184 | |||||
MSC Industrial Direct Co., Class A | 1,400 | 101,934 | |||||
SiteOne Landscape Supply, Inc.* | 400 | 45,588 | |||||
United Rentals, Inc.* | 2,555 | 380,797 | |||||
Watsco, Inc. | 474 | 84,230 | |||||
WW Grainger, Inc. | 1,654 | 519,621 | |||||
1,999,047 | |||||||
Water Utilities — 0.1% | |||||||
American States Water Co. | 1,331 | 104,657 | |||||
American Water Works Co., Inc. | 4,061 | 522,488 | |||||
Essential Utilities, Inc. | 4,781 | 201,949 | |||||
829,094 | |||||||
Wireless Telecommunication Services — 0.2% | |||||||
Shenandoah | |||||||
Telecommunications Co. | 1,176 | 57,965 | |||||
T-Mobile US, Inc.* | 9,433 | 982,447 | |||||
United States Cellular Corp.* | 14 | 432 | |||||
1,040,844 | |||||||
TOTAL COMMON STOCKS | |||||||
(Identified Cost $156,116,417) | 571,293,649 |
The accompanying notes are an integral part of these financial statements.
40
SA U.S. Core Market Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
RIGHTS AND WARRANTS — 0.0% | |||||||
Wireless Telecommunication Services — 0.0% | |||||||
T-Mobile US, Inc.* | 9,433 | $ | 1,585 | ||||
TOTAL RIGHTS AND WARRANTS | |||||||
(Identified Cost $3,490) | 1,585 | ||||||
MUTUAL FUNDS — 4.1% | |||||||
Other — 4.1% | |||||||
DFA U.S. Micro Cap Portfolio | 1,449,528 | 24,830,410 | |||||
TOTAL MUTUAL FUNDS | |||||||
(Identified Cost $17,252,289) | 24,830,410 | ||||||
SHORT-TERM INVESTMENTS — 0.8% | |||||||
Investment Company — 0.8% | |||||||
State Street Institutional U.S. | |||||||
Government Money Market | |||||||
Fund 0.116% | 4,440,327 | 4,440,327 | |||||
Collateral For Securities On Loan — 0.0% | |||||||
State Street Navigator Securities | |||||||
Lending Government Money Market | |||||||
Portfolio, 0.130% | 174,278 | 174,278 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Identified Cost $4,614,605) | 4,614,605 | ||||||
Total Investments — 100.1% | |||||||
(Identified Cost $177,986,801) | 600,740,249 | ||||||
Liabilities, Less Cash and Other | |||||||
Assets — (0.1%) | (395,215 | ) | |||||
Net Assets — 100.0% | $ | 600,345,034 |
† | See Note 1 | ||
* | Non-income producing security | ||
@ | A portion or all of the security was held on loan. As of June 30, 2020, the fair value of the securities on loan was $2,369,467. |
Portfolio Sectors as of June 30, 2020
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
41
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
SHARES | VALUE† | ||||||
COMMON STOCKS — 99.8% | |||||||
Aerospace & Defense — 1.3% | |||||||
General Dynamics Corp. | 3,046 | $ | 455,255 | ||||
Howmet Aerospace, Inc. | 42,783 | 678,110 | |||||
L3Harris Technologies, Inc. | 554 | 93,997 | |||||
Raytheon Technologies Corp. | 54,564 | 3,362,234 | |||||
Textron, Inc. | 43,757 | 1,440,043 | |||||
6,029,639 | |||||||
Air Freight & Logistics — 0.8% | |||||||
FedEx Corp. | 19,292 | 2,705,124 | |||||
XPO Logistics, Inc.*@ | 15,841 | 1,223,718 | |||||
3,928,842 | |||||||
Airlines — 1.0% | |||||||
Alaska Air Group, Inc. | 964 | 34,955 | |||||
Delta Air Lines, Inc. | 65,959 | 1,850,150 | |||||
JetBlue Airways Corp.* | 42,326 | 461,353 | |||||
Southwest Airlines Co. | 37,272 | 1,273,957 | |||||
United Continental Holdings, Inc.* | 38,241 | 1,323,521 | |||||
4,943,936 | |||||||
Auto Components — 0.6% | |||||||
Autoliv, Inc. | 9,173 | 591,750 | |||||
BorgWarner, Inc. | 24,241 | 855,707 | |||||
Gentex Corp. | 25,695 | 662,160 | |||||
Goodyear Tire & Rubber Co. (The) | 2,391 | 21,388 | |||||
Lear Corp. | 6,743 | 735,122 | |||||
Veoneer, Inc.*@ | 5,087 | 54,380 | |||||
2,920,507 | |||||||
Automobiles — 1.0% | |||||||
Ford Motor Co. | 271,359 | 1,649,863 | |||||
General Motors Co. | 129,129 | 3,266,963 | |||||
4,916,826 | |||||||
Beverages — 0.3% | |||||||
Constellation Brands, Inc., Class A | 4,982 | 871,601 | |||||
Molson Coors Brewing Co., Class B | 15,458 | 531,137 | |||||
1,402,738 | |||||||
Biotechnology — 0.6% | |||||||
AbbVie, Inc. | 3,071 | 301,511 | |||||
Alexion Pharmaceuticals, Inc.* | 6,782 | 761,212 | |||||
Biogen, Inc.* | 4,810 | 1,286,915 | |||||
Regeneron Pharmaceuticals, Inc.* | 392 | 244,471 | |||||
United Therapeutics Corp.* | 683 | 82,643 | |||||
2,676,752 | |||||||
Building Products — 1.2% | |||||||
Carrier Global Corp. | 59,640 | 1,325,201 | |||||
Fortune Brands Home & Security, Inc. | 11,027 | 704,956 | |||||
Johnson Controls International PLC | 34,370 | 1,173,392 | |||||
Owens Corning | 14,154 | 789,227 | |||||
Trane Technologies PLC | 20,162 | 1,794,015 | |||||
5,786,791 | |||||||
Capital Markets — 2.9% | |||||||
Bank of New York Mellon Corp. (The) | 77,794 | 3,006,738 | |||||
Goldman Sachs Group, Inc. (The) | 24,466 | 4,834,971 | |||||
Morgan Stanley | 104,517 | 5,048,171 | |||||
Northern Trust Corp. | 370 | 29,356 | |||||
State Street Corp. | 10,112 | 642,618 | |||||
13,561,854 | |||||||
Chemicals — 2.9% | |||||||
Air Products & Chemicals, Inc. | 7,452 | 1,799,360 | |||||
Albemarle Corp. | 9,985 | 770,942 | |||||
Celanese Corp. | 4,202 | 362,801 | |||||
CF Industries Holdings, Inc. | 25,378 | 714,137 | |||||
Corteva, Inc. | 18,513 | 495,963 | |||||
Dow, Inc. | 31,294 | 1,275,543 | |||||
DuPont de Nemours, Inc. | 24,698 | 1,312,205 | |||||
Eastman Chemical Co. | 23,262 | 1,619,966 | |||||
FMC Corp. | 48 | 4,782 | |||||
Linde PLC | 16,893 | 3,583,174 | |||||
LyondellBasell Industries NV, Class A | 13,053 | 857,843 | |||||
PPG Industries, Inc. | 1,165 | 123,560 | |||||
Valvoline, Inc. | 20,825 | 402,547 | |||||
Westlake Chemical Corp. | 7,968 | 427,483 | |||||
13,750,306 | |||||||
Commercial Banks — 9.6% | |||||||
Bank of America Corp. | 305,515 | 7,255,981 | |||||
Citigroup, Inc. | 131,478 | 6,718,526 | |||||
Citizens Financial Group, Inc. | 18,613 | 469,792 | |||||
East West Bancorp, Inc. | 2,390 | 86,614 | |||||
Fifth Third Bancorp | 86,881 | 1,675,066 | |||||
Huntington Bancshares, Inc. | 122,871 | 1,110,140 | |||||
JPMorgan Chase & Co. | 129,086 | 12,141,829 | |||||
KeyCorp | 66,158 | 805,804 | |||||
M&T Bank Corp. | 3,071 | 319,292 | |||||
People's United Financial, Inc. | 5,834 | 67,499 | |||||
PNC Financial Services Group, | |||||||
Inc. (The) | 21,675 | 2,280,427 | |||||
Regions Financial Corp. | 133,653 | 1,486,221 | |||||
TCF Financial Corp. | 3,510 | 103,264 | |||||
Truist Financial Corp. | 75,284 | 2,826,914 | |||||
US Bancorp | 22,217 | 818,030 | |||||
Wells Fargo & Co. | 269,006 | 6,886,554 | |||||
Zions Bancorp NA | 20,193 | 686,562 | |||||
45,738,515 | |||||||
Commercial Services & Supplies — 0.6% | |||||||
Republic Services, Inc. | 36,633 | 3,005,738 | |||||
Communications Equipment — 0.2% | |||||||
Cisco Systems, Inc. | 940 | 43,841 | |||||
Juniper Networks, Inc. | 28,774 | 657,774 | |||||
701,615 |
The accompanying notes are an integral part of these financial statements.
42
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Computers & Peripherals — 1.3% | |||||||
Hewlett Packard Enterprise Co. | 168,468 | $ | 1,639,194 | ||||
HP, Inc. | 176,918 | 3,083,681 | |||||
Western Digital Corp. | 23,295 | 1,028,474 | |||||
Xerox Holdings Corp. | 34,600 | 529,034 | |||||
6,280,383 | |||||||
Construction & Engineering — 0.4% | |||||||
AECOM* | 11,462 | 430,742 | |||||
Jacobs Engineering Group, Inc. | 8,552 | 725,210 | |||||
Quanta Services, Inc. | 13,887 | 544,787 | |||||
1,700,739 | |||||||
Construction Materials — 0.5% | |||||||
Martin Marietta Materials, Inc. | 4,728 | 976,663 | |||||
Vulcan Materials Co. | 11,511 | 1,333,549 | |||||
2,310,212 | |||||||
Consumer Finance — 1.0% | |||||||
Ally Financial, Inc. | 66,748 | 1,323,613 | |||||
Capital One Financial Corp. | 43,571 | 2,727,109 | |||||
Santander Consumer USA | |||||||
Holdings, Inc. | 15,524 | 285,797 | |||||
Synchrony Financial | 25,544 | 566,055 | |||||
4,902,574 | |||||||
Containers & Packaging — 0.6% | |||||||
Amcor PLC | 7,600 | 77,596 | |||||
International Paper Co. | 44,343 | 1,561,317 | |||||
Packaging Corp. of America | 2,898 | 289,220 | |||||
Sonoco Products Co. | 611 | 31,949 | |||||
WestRock Co. | 24,453 | 691,042 | |||||
2,651,124 | |||||||
Distributors — 0.2% | |||||||
Genuine Parts Co. | 2,168 | 188,529 | |||||
LKQ Corp.* | 37,512 | 982,815 | |||||
1,171,344 | |||||||
Diversified Consumer Services — 0.0% | |||||||
Service Corp. International | 2,896 | 112,625 | |||||
Diversified Financial Services — 2.2% | |||||||
Berkshire Hathaway, Inc., Class B* | 56,483 | 10,082,780 | |||||
Jefferies Financial Group, Inc. | 6,993 | 108,741 | |||||
Voya Financial, Inc. | 4,101 | 191,312 | |||||
10,382,833 | |||||||
Diversified Telecommunication Services — 4.6% | |||||||
AT&T, Inc. | 610,761 | 18,463,305 | |||||
CenturyLink, Inc. | 139,832 | 1,402,515 | |||||
Verizon Communications, Inc. | 35,811 | 1,974,260 | |||||
21,840,080 | |||||||
Electric Utilities — 0.2% | |||||||
NRG Energy, Inc. | 22,148 | 721,139 | |||||
Electrical Equipment — 1.0% | |||||||
AMETEK, Inc. | 5,351 | 478,219 | |||||
Eaton Corp. PLC | 38,952 | 3,407,521 | |||||
Emerson Electric Co. | 8,842 | 548,469 | |||||
Sensata Technologies Holding PLC* | 14,040 | 522,709 | |||||
4,956,918 | |||||||
Electronic Equipment, Instruments & Components — 1.0% | |||||||
Arrow Electronics, Inc.* | 7,332 | 503,635 | |||||
Corning, Inc. | 84,494 | 2,188,395 | |||||
Flex Ltd.* | 31,420 | 322,055 | |||||
Jabil, Inc. | 496 | 15,912 | |||||
SYNNEX Corp. | 1,605 | 192,231 | |||||
TE Connectivity Ltd. | 20,879 | 1,702,682 | |||||
4,924,910 | |||||||
Energy Equipment & Services — 0.3% | |||||||
Baker Hughes Co. | 20,187 | 310,678 | |||||
Halliburton Co. | 11,311 | 146,816 | |||||
National Oilwell Varco, Inc. | 17,100 | 209,475 | |||||
Schlumberger Ltd. | 40,615 | 746,910 | |||||
TechnipFMC PLC | 2,113 | 14,453 | |||||
1,428,332 | |||||||
Entertainment — 1.4% | |||||||
Activision Blizzard, Inc. | 1,844 | 139,960 | |||||
Liberty Media Corp-Liberty Formula | |||||||
One, Class A* | 1,097 | 32,010 | |||||
Liberty Media Corp-Liberty Formula | |||||||
One, Class C* | 2,194 | 69,572 | |||||
Madison Square Garden | |||||||
Entertainment Corp.* | 443 | 33,225 | |||||
Walt Disney Co. (The) | 57,493 | 6,411,044 | |||||
6,685,811 | |||||||
Food & Staples Retailing — 2.3% | |||||||
Kroger Co. (The) | 62,007 | 2,098,937 | |||||
US Foods Holding Corp.* | 20,840 | 410,965 | |||||
Walgreens Boots Alliance, Inc. | 63,418 | 2,688,289 | |||||
Walmart, Inc. | 49,625 | 5,944,082 | |||||
11,142,273 | |||||||
Food Products — 2.4% | |||||||
Archer-Daniels-Midland Co. | 24,965 | 996,103 | |||||
Bunge Ltd. | 12,845 | 528,315 | |||||
Conagra Brands, Inc. | 19,827 | 697,316 | |||||
Ingredion, Inc. | 3,073 | 255,059 | |||||
J.M. Smucker Co. (The) | 18,272 | 1,933,360 | |||||
Kraft Heinz Co. (The) | 3,992 | 127,305 | |||||
Mondelez International, Inc., Class A | 68,798 | 3,517,642 | |||||
Post Holdings, Inc.* | 8,176 | 716,381 | |||||
Seaboard Corp. | 22 | 64,544 | |||||
Tyson Foods, Inc., Class A | 41,844 | 2,498,505 | |||||
11,334,530 |
The accompanying notes are an integral part of these financial statements.
43
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Health Care Equipment & Supplies — 3.3% | |||||||
Abbott Laboratories | 9,224 | $ | 843,350 | ||||
Becton Dickinson & Co. | 3,126 | 747,958 | |||||
Boston Scientific Corp.* | 7,514 | 263,817 | |||||
Danaher Corp. | 32,463 | 5,740,432 | |||||
Envista Holdings Corp.* | 14,141 | 298,234 | |||||
Medtronic PLC | 71,296 | 6,537,843 | |||||
STERIS plc | 3,637 | 558,061 | |||||
Zimmer Biomet Holdings, Inc. | 6,835 | 815,826 | |||||
15,805,521 | |||||||
Health Care Providers & Services — 7.9% | |||||||
Anthem, Inc. | 28,266 | 7,433,393 | |||||
Cardinal Health, Inc. | 20,452 | 1,067,390 | |||||
Centene Corp.* | 32,696 | 2,077,831 | |||||
CIGNA Corp. | 30,656 | 5,752,598 | |||||
CVS Health Corp. | 109,386 | 7,106,808 | |||||
DaVita, Inc.* | 30,386 | 2,404,748 | |||||
Henry Schein, Inc.* | 3,777 | 220,539 | |||||
Humana, Inc. | 9,747 | 3,779,399 | |||||
Laboratory Corp. of | |||||||
America Holdings* | 16,237 | 2,697,128 | |||||
McKesson Corp. | 11,138 | 1,708,792 | |||||
Quest Diagnostics, Inc. | 19,764 | 2,252,306 | |||||
Universal Health Services, Inc., | |||||||
Class B | 10,322 | 958,811 | |||||
37,459,743 | |||||||
Health Care Technology — 0.1% | |||||||
Change Healthcare, Inc.* | 22,121 | 247,755 | |||||
Hotels, Restaurants & Leisure — 0.8% | |||||||
Aramark | 24,025 | 542,244 | |||||
Carnival Corp.@ | 27,865 | 457,543 | |||||
Hyatt Hotels Corp., Class A@ | 3,874 | 194,824 | |||||
MGM Resorts International | 67,948 | 1,141,526 | |||||
Royal Caribbean Cruises Ltd.@ | 26,539 | 1,334,912 | |||||
3,671,049 | |||||||
Household Durables — 2.0% | |||||||
DR Horton, Inc. | 63,140 | 3,501,113 | |||||
Garmin Ltd. | 12,982 | 1,265,745 | |||||
Lennar Corp., Class A | 23,116 | 1,424,408 | |||||
Lennar Corp., B Shares | 573 | 26,410 | |||||
Mohawk Industries, Inc.* | 369 | 37,549 | |||||
PulteGroup, Inc. | 50,018 | 1,702,113 | |||||
Toll Brothers, Inc. | 4,225 | 137,693 | |||||
Whirlpool Corp. | 12,182 | 1,577,934 | |||||
9,672,965 | |||||||
Independent Power Producers & Energy Traders — 0.1% | |||||||
Vistra Energy Corp. | 25,467 | 474,196 | |||||
Industrial Conglomerates — 0.3% | |||||||
Carlisle Cos., Inc. | 6,915 | 827,518 | |||||
General Electric Co. | 63,080 | 430,836 | |||||
1,258,354 | |||||||
Insurance — 4.1% | |||||||
Aflac, Inc. | 32,730 | 1,179,262 | |||||
Alleghany Corp. | 855 | 418,215 | |||||
Allstate Corp. (The) | 16,678 | 1,617,599 | |||||
American Financial Group, Inc. | 6,623 | 420,295 | |||||
American International Group, Inc. | 41,993 | 1,309,342 | |||||
Arch Capital Group Ltd.* | 11,691 | 334,947 | |||||
Assurant, Inc. | 4,786 | 494,346 | |||||
Athene Holding Ltd., Class A* | 1,982 | 61,819 | |||||
Chubb Ltd. | 11,440 | 1,448,533 | |||||
Cincinnati Financial Corp. | 370 | 23,691 | |||||
CNA Financial Corp. | 4,467 | 143,614 | |||||
Everest Re Group Ltd. | 3,050 | 628,910 | |||||
Hartford Financial Services | |||||||
Group, Inc. | 49,258 | 1,898,896 | |||||
Lincoln National Corp. | 15,935 | 586,249 | |||||
Loews Corp. | 23,090 | 791,756 | |||||
Markel Corp.* | 116 | 107,088 | |||||
MetLife, Inc. | 37,755 | 1,378,813 | |||||
Old Republic International Corp. | 23,484 | 383,024 | |||||
Principal Financial Group, Inc. | 32,419 | 1,346,685 | |||||
Prudential Financial, Inc. | 16,392 | 998,273 | |||||
Reinsurance Group of America, Inc. | 5,167 | 405,299 | |||||
RenaissanceRe Holdings Ltd. | 2,534 | 433,390 | |||||
Travelers Companies, Inc. (The) | 23,169 | 2,642,424 | |||||
Unum Group | 19,221 | 318,876 | |||||
WR Berkley Corp. | 5,014 | 287,252 | |||||
19,658,598 | |||||||
IT Services — 1.8% | |||||||
Akamai Technologies, Inc.* | 1,638 | 175,413 | |||||
Amdocs Ltd. | 15,213 | 926,167 | |||||
Cognizant Technology Solutions Corp., | |||||||
Class A | 13,013 | 739,399 | |||||
DXC Technology Co. | 20,249 | 334,109 | |||||
Fidelity National Information | |||||||
Services, Inc. | 25,931 | 3,477,088 | |||||
Fiserv, Inc.* | 7,058 | 689,002 | |||||
Global Payments, Inc. | 3,897 | 661,009 | |||||
Leidos Holdings, Inc. | 16,200 | 1,517,454 | |||||
8,519,641 | |||||||
Life Sciences Tools & Services — 1.7% | |||||||
Bio-Rad Laboratories, Inc., Class A* | 172 | 77,656 | |||||
IQVIA Holdings, Inc.* | 4,807 | 682,017 | |||||
Thermo Fisher Scientific, Inc. | 19,813 | 7,179,043 | |||||
7,938,716 | |||||||
Machinery — 2.5% | |||||||
AGCO Corp. | 8,548 | 474,072 | |||||
Cummins, Inc. | 8,463 | 1,466,300 | |||||
Deere & Co. | 2,574 | 404,504 | |||||
Dover Corp. | 8,822 | 851,852 | |||||
Fortive Corp. | 2,739 | 185,321 | |||||
Ingersoll Rand, Inc.* | 14,939 | 420,085 | |||||
Oshkosh Corp. | 7,274 | 520,964 | |||||
Otis Worldwide Corp. | 25,885 | 1,471,821 | |||||
PACCAR, Inc. | 16,406 | 1,227,989 |
The accompanying notes are an integral part of these financial statements.
44
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Machinery (Continued) | |||||||
Parker-Hannifin Corp. | 3,737 | $ | 684,880 | ||||
Pentair PLC | 20,400 | 774,996 | |||||
Snap-On, Inc. | 6,351 | 879,677 | |||||
Stanley Black & Decker, Inc. | 14,985 | 2,088,609 | |||||
Wabtec Corp. | 5,333 | 307,021 | |||||
11,758,091 | |||||||
Media — 6.4% | |||||||
Charter Communications, Inc., | |||||||
Class A* | 20,137 | 10,270,676 | |||||
Comcast Corp., Class A | 404,143 | 15,753,494 | |||||
Discovery, Inc., Class A*@ | 21,200 | 447,320 | |||||
Discovery, Inc., Class C* | 35,235 | 678,626 | |||||
DISH Network Corp., Class A* | 12,654 | 436,690 | |||||
Fox Corp. Class A | 24,883 | 667,362 | |||||
Fox Corp. Class B | 8,600 | 230,824 | |||||
Interpublic Group of Cos., Inc. (The) | 13,320 | 228,571 | |||||
Liberty Broadband Corp., Class C* | 3,887 | 481,833 | |||||
Liberty SiriusXM Group, Class A* | 4,389 | 151,508 | |||||
Liberty SiriusXM Group, Class C* | 8,778 | 302,402 | |||||
News Corp., Class A | 8,320 | 98,675 | |||||
News Corp., Class B | 1,734 | 20,721 | |||||
ViacomCBS, Inc. Class B@ | 24,269 | 565,953 | |||||
30,334,655 | |||||||
Metals & Mining — 1.8% | |||||||
Arconic Corp.* | 10,695 | 148,981 | |||||
Freeport-McMoRan, Inc. | 116,560 | 1,348,599 | |||||
Newmont Mining Corp. | 46,812 | 2,890,173 | |||||
Nucor Corp. | 56,664 | 2,346,456 | |||||
Reliance Steel & Aluminum Co. | 10,063 | 955,281 | |||||
Royal Gold, Inc. | 1,245 | 154,778 | |||||
Steel Dynamics, Inc. | 33,820 | 882,364 | |||||
8,726,632 | |||||||
Multi-Utilities — 0.0% | |||||||
MDU Resources Group, Inc. | 5,121 | 113,584 | |||||
Multiline Retail — 0.7% | |||||||
Dollar Tree, Inc.* | 11,441 | 1,060,352 | |||||
Kohl's Corp. | 2,215 | 46,005 | |||||
Target Corp. | 19,247 | 2,308,293 | |||||
3,414,650 | |||||||
Oil, Gas & Consumable Fuels — 9.2% | |||||||
Cabot Oil & Gas Corp. | 7,836 | 134,623 | |||||
Chevron Corp. | 153,815 | 13,724,913 | |||||
Cimarex Energy Co. | 937 | 25,758 | |||||
Concho Resources, Inc. | 15,174 | 781,461 | |||||
ConocoPhillips | 93,494 | 3,928,618 | |||||
EOG Resources, Inc. | 11,117 | 563,187 | |||||
Exxon Mobil Corp. | 269,635 | 12,058,077 | |||||
Hess Corp. | 21,400 | 1,108,734 | |||||
HollyFrontier Corp. | 15,834 | 462,353 | |||||
Kinder Morgan, Inc. | 93,214 | 1,414,056 | |||||
Marathon Petroleum Corp. | 66,292 | 2,477,995 | |||||
Occidental Petroleum Corp. | 63,984 | 1,170,907 | |||||
Phillips 66 | 25,426 | 1,828,129 | |||||
Pioneer Natural Resources Co. | 11,504 | 1,123,941 | |||||
Valero Energy Corp. | 50,851 | 2,991,056 | |||||
Williams Cos., Inc. (The) | 12,515 | 238,035 | |||||
44,031,843 | |||||||
Personal Products — 0.0% | |||||||
Coty, Inc., Class A | 22,181 | 99,149 | |||||
Pharmaceuticals — 4.3% | |||||||
Bristol-Myers Squibb Co. | 39,860 | 2,343,768 | |||||
Jazz Pharmaceuticals plc* | 4,730 | 521,908 | |||||
Mylan NV* | 65,716 | 1,056,713 | |||||
Perrigo Co. PLC | 8,476 | 468,469 | |||||
Pfizer, Inc. | 496,652 | 16,240,520 | |||||
20,631,378 | |||||||
Professional Services — 0.2% | |||||||
Manpowergroup, Inc. | 8,693 | 597,644 | |||||
Nielsen Holdings PLC | 25,197 | 374,427 | |||||
972,071 | |||||||
Real Estate Management & Development — 0.3% | |||||||
CBRE Group, Inc., Class A* | 17,867 | 807,946 | |||||
Jones Lang LaSalle, Inc. | 5,491 | 568,099 | |||||
1,376,045 | |||||||
Road & Rail — 1.6% | |||||||
AMERCO | 2,003 | 605,287 | |||||
Kansas City Southern | 14,222 | 2,123,202 | |||||
Norfolk Southern Corp. | 26,830 | 4,710,543 | |||||
7,439,032 | |||||||
Semiconductors & Semiconductor Equipment — 6.9% | |||||||
Analog Devices, Inc. | 10,368 | 1,271,532 | |||||
Intel Corp. | 356,813 | 21,348,122 | |||||
Lam Research Corp. | 1,417 | 458,343 | |||||
Marvell Technology Group Ltd. | 18,929 | 663,651 | |||||
Microchip Technology, Inc. | 4,042 | 425,663 | |||||
Micron Technology, Inc.* | 105,818 | 5,451,743 | |||||
ON Semiconductor Corp.* | 41,142 | 815,434 | |||||
Qorvo, Inc.* | 11,125 | 1,229,646 | |||||
Skyworks Solutions, Inc. | 10,310 | 1,318,237 | |||||
32,982,371 | |||||||
Software — 0.1% | |||||||
NortonLifeLock, Inc. | 3,129 | 62,048 | |||||
SS&C Technologies Holdings, Inc. | 7,467 | 421,736 | |||||
483,784 | |||||||
Specialty Retail — 0.3% | |||||||
Advance Auto Parts, Inc. | 4,932 | 702,563 | |||||
Carmax, Inc.* | 8,119 | 727,057 | |||||
Tiffany & Co. | 911 | 111,087 | |||||
1,540,707 |
The accompanying notes are an integral part of these financial statements.
45
SA U.S. Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Textiles, Apparel & Luxury Goods — 0.2% | |||||||
PVH Corp. | 7,382 | $ | 354,705 | ||||
Ralph Lauren Corp. | 4,113 | 298,275 | |||||
Tapestry, Inc. | 12,722 | 168,948 | |||||
821,928 | |||||||
Thrifts & Mortgage Finance — 0.0% | |||||||
New York Community Bancorp, Inc. | 8,435 | 86,037 | |||||
Trading Companies & Distributors — 0.2% | |||||||
United Rentals, Inc.* | 5,460 | 813,758 | |||||
Wireless Telecommunication Services — 0.6% | |||||||
T-Mobile US, Inc.* | 27,470 | 2,861,001 | |||||
TOTAL COMMON STOCKS | |||||||
(Identified Cost $399,298,386) | 475,103,140 | ||||||
RIGHTS AND WARRANTS — 0.0% | |||||||
Wireless Telecommunication Services — 0.0% | |||||||
T-Mobile US, Inc.* | 27,470 | 4,615 | |||||
TOTAL RIGHTS AND WARRANTS | |||||||
(Identified Cost $10,164) | 4,615 | ||||||
SHORT-TERM INVESTMENTS — 0.3% | |||||||
Investment Company — 0.2% | |||||||
State Street Institutional U.S. | |||||||
Government Money Market | |||||||
Fund 0.116% | 1,271,066 | 1,271,066 | |||||
Collateral For Securities On Loan — 0.1% | |||||||
State Street Navigator Securities | |||||||
Lending Government Money Market | |||||||
Portfolio, 0.130% | 265,969 | 265,969 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Identified Cost $1,537,035) | 1,537,035 | ||||||
Total Investments — 100.1% | |||||||
(Identified Cost $400,845,585) | 476,644,790 | ||||||
Liabilities, Less Cash and Other | |||||||
Assets — (0.1%) | (322,482 | ) | |||||
Net Assets — 100.0% | $ | 476,322,308 |
† | See Note 1 | ||
* | Non-income producing security | ||
@ | A portion or all of the security was held on loan. As of June 30, 2020, the fair value of the securities on loan was $2,316,214. |
Portfolio Sectors as of June 30, 2020
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
46
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
SHARES | VALUE† | ||||||
COMMON STOCKS — 99.7% | |||||||
Aerospace & Defense — 1.5% | |||||||
AAR Corp. | 4,633 | $ | 95,764 | ||||
Aerojet Rocketdyne Holdings, Inc.* | 16,439 | 651,642 | |||||
Aerovironment, Inc.* | 3,622 | 288,420 | |||||
Astronics Corp.* | 4,622 | 48,808 | |||||
Astronics Corp. Class B* | 693 | 7,484 | |||||
Axon Enterprise, Inc.* | 9,386 | 921,048 | |||||
BWX Technologies, Inc. | 4,385 | 248,367 | |||||
CPI Aerostructures, Inc.* | 1,342 | 4,415 | |||||
Cubic Corp. | 4,100 | 196,923 | |||||
Curtiss-Wright Corp. | 2,920 | 260,698 | |||||
Ducommun, Inc.* | 2,355 | 82,119 | |||||
HEXCEL Corp. | 6,425 | 290,539 | |||||
Innovative Solutions & | |||||||
Support, Inc.* | 3,248 | 16,240 | |||||
Kaman Corp. | 3,434 | 142,854 | |||||
Kratos Defense & Security | |||||||
Solutions, Inc.* | 13,281 | 207,582 | |||||
Mercury Systems, Inc.* | 8,267 | 650,282 | |||||
Moog, Inc., Class A | 6,005 | 318,145 | |||||
National Presto Industries, Inc. | 972 | 84,943 | |||||
Park Aerospace Corp. | 3,167 | 35,280 | |||||
SIFCO Industries, Inc.* | 1,187 | 4,748 | |||||
Spirit Aerosystems Holdings, | |||||||
Inc., Class A | 6,971 | 166,886 | |||||
Textron, Inc. | 11,901 | 391,662 | |||||
Triumph Group, Inc. | 1,303 | 11,740 | |||||
Vectrus, Inc.* | 2,671 | 131,226 | |||||
5,257,815 | |||||||
Air Freight & Logistics — 0.5% | |||||||
Air Transport Services Group, Inc.* | 12,229 | 272,340 | |||||
Atlas Air Worldwide Holdings, Inc.* | 5,507 | 236,966 | |||||
Echo Global Logistics, Inc.* | 4,035 | 87,237 | |||||
Forward Air Corp. | 5,515 | 274,757 | |||||
HUB Group, Inc., Class A* | 6,511 | 311,617 | |||||
Radiant Logistics, Inc.* | 9,354 | 36,761 | |||||
XPO Logistics, Inc.*@ | 6,688 | 516,648 | |||||
1,736,326 | |||||||
Airlines — 0.5% | |||||||
Alaska Air Group, Inc. | 8,750 | 317,275 | |||||
Allegiant Travel Co. | 3,245 | 354,386 | |||||
American Airlines Group, Inc.@ | 18,300 | 239,181 | |||||
Hawaiian Holdings, Inc. | 9,213 | 129,351 | |||||
JetBlue Airways Corp.* | 21,174 | 230,797 | |||||
Skywest, Inc. | 10,165 | 331,582 | |||||
Spirit Airlines, Inc.*@ | 3,315 | 59,007 | |||||
1,661,579 | |||||||
Auto Components — 1.6% | |||||||
American Axle & Manufacturing | |||||||
Holdings, Inc.* | 22,774 | 173,082 | |||||
Autoliv, Inc. | 6,220 | 401,252 | |||||
BorgWarner, Inc. | 14,240 | 502,672 | |||||
Cooper Tire & Rubber Co. | 9,331 | 257,629 | |||||
Cooper-Standard Holdings, Inc.* | 3,482 | 46,137 | |||||
Dana, Inc. | 26,955 | 328,581 | |||||
Delphi Technologies PLC*@ | 2,052 | 29,159 | |||||
Dorman Products, Inc.* | 5,385 | 361,172 | |||||
Fox Factory Holding Corp.* | 7,375 | 609,249 | |||||
Gentex Corp. | 17,424 | 449,017 | |||||
Gentherm, Inc.* | 6,526 | 253,861 | |||||
Goodyear Tire & Rubber Co. (The) | 30,115 | 269,379 | |||||
Horizon Global Corp.* | 3,431 | 7,548 | |||||
LCI Industries | 4,945 | 568,576 | |||||
Lear Corp. | 4,555 | 496,586 | |||||
Modine Manufacturing Co.* | 11,514 | 63,557 | |||||
Motorcar Parts of America, Inc.* | 2,267 | 40,058 | |||||
Standard Motor Products, Inc. | 4,549 | 187,419 | |||||
Stoneridge, Inc.* | 5,532 | 114,291 | |||||
Strattec Security Corp. | 1,541 | 24,564 | |||||
Superior Industries International, Inc. | 3,031 | 5,153 | |||||
Tenneco, Inc. Class A*@ | 5,563 | 42,056 | |||||
Visteon Corp.* | 5,114 | 350,309 | |||||
5,581,307 | |||||||
Automobiles — 0.2% | |||||||
Harley-Davidson, Inc. | 10,877 | 258,546 | |||||
Thor Industries, Inc. | 875 | 93,214 | |||||
Winnebago Industries, Inc. | 6,582 | 438,493 | |||||
790,253 | |||||||
Beverages — 0.6% | |||||||
Boston Beer Co., Inc. (The), Class A* | 1,852 | 993,876 | |||||
Coca-Cola Consolidated, Inc. | 1,354 | 310,323 | |||||
Craft Brew Alliance, Inc.* | 4,918 | 75,688 | |||||
MGP Ingredients, Inc. | 3,063 | 112,427 | |||||
Molson Coors Brewing Co., Class B | 9,330 | 320,579 | |||||
National Beverage Corp.*@ | 4,756 | 290,211 | |||||
2,103,104 | |||||||
Biotechnology — 1.9% | |||||||
Acadia Pharmaceuticals, Inc.*@ | 8,765 | 424,840 | |||||
Achillion Pharmaceuticals, Inc.§* | 23,152 | 10,650 | |||||
Aduro Biotech, Inc.* | 1,186 | 2,740 | |||||
Adverum Biotechnologies, Inc.* | 8,282 | 172,928 | |||||
Agios Pharmaceuticals, Inc.*@ | 1,978 | 105,783 | |||||
Alkermes PLC* | 4,984 | 96,714 | |||||
Alnylam Pharmaceuticals, Inc.* | 403 | 59,688 | |||||
Anika Therapeutics, Inc.* | 1,795 | 67,725 | |||||
Applied Genetic Technologies | |||||||
Corp.*@ | 2,241 | 12,415 | |||||
Aravive, Inc.* | 1,937 | 22,547 | |||||
Ardelyx, Inc.* | 10,642 | 73,643 | |||||
BioSpecifics Technologies Corp.* | 1,701 | 104,237 | |||||
Bluebird Bio, Inc.* | 4,559 | 278,281 | |||||
Calithera Biosciences, Inc.* | 3,632 | 19,177 | |||||
Cellular Biomedicine Group, Inc.*@ | 2,000 | 29,940 | |||||
Chimerix, Inc.* | 13,027 | 40,384 | |||||
Concert Pharmaceuticals, Inc.* | 4,026 | 40,059 | |||||
Corvus Pharmaceuticals, Inc.*@ | 1,065 | 2,897 | |||||
Emergent BioSolutions, Inc.* | 9,016 | 712,985 | |||||
Enanta Pharmaceuticals, Inc.* | 3,246 | 162,982 | |||||
Exelixis, Inc.* | 21,779 | 517,033 | |||||
Five Prime Therapeutics, Inc.* | 4,603 | 28,078 | |||||
Immunomedics, Inc.* | 9,602 | 340,295 |
The accompanying notes are an integral part of these portfolio of investments.
47
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Biotechnology (Continued) | |||||||
Infinity Pharmaceuticals, Inc.* | 17,874 | $ | 16,169 | ||||
Ionis Pharmaceuticals, Inc.* | 8,368 | 493,377 | |||||
Karyopharm Therapeutics, Inc.*@ | 2,354 | 44,585 | |||||
Kindred Biosciences, Inc.* | 3,345 | 15,019 | |||||
Ligand Pharmaceuticals, Inc.*@ | 1,875 | 209,719 | |||||
Lineage Cell Therapeutics, Inc.*@ | 3,419 | 2,975 | |||||
MacroGenics, Inc.* | 2,337 | 65,249 | |||||
Madrigal Pharmaceuticals, Inc.* | 101 | 11,438 | |||||
MEI Pharma, Inc.* | 6,204 | 25,623 | |||||
Merrimack Pharmaceuticals, Inc. | 4,336 | 14,439 | |||||
Minerva Neurosciences, Inc.*@ | 5,077 | 18,328 | |||||
Myriad Genetics, Inc.* | 9,211 | 104,453 | |||||
Neoleukin Therapeutics, Inc.*@ | 1,970 | 32,702 | |||||
Neurocrine Biosciences, Inc.* | 7,422 | 905,484 | |||||
OPKO Health, Inc.*@ | 23,063 | 78,645 | |||||
PDL BioPharma, Inc.* | 18,262 | 53,142 | |||||
Pfenex, Inc.* | 2,903 | 24,240 | |||||
Retrophin, Inc.* | 8,973 | 183,139 | |||||
Sage Therapeutics, Inc.* | 3,009 | 125,114 | |||||
Sarepta Therapeutics, Inc.* | 4,098 | 657,073 | |||||
Spectrum Pharmaceuticals, Inc.* | 4,922 | 16,636 | |||||
Syndax Pharmaceuticals, Inc.* | 6,974 | 103,355 | |||||
United Therapeutics Corp.* | 1,004 | 121,484 | |||||
Verastem, Inc.*@ | 9,653 | 16,603 | |||||
6,665,012 | |||||||
Building Products — 2.6% | |||||||
A.O. Smith Corp. | 10,163 | 478,881 | |||||
AAON, Inc. | 11,897 | 645,888 | |||||
Advanced Drainage Systems, Inc. | 11,936 | 589,638 | |||||
American Woodmark Corp.* | 3,248 | 245,711 | |||||
Apogee Enterprises, Inc. | 5,443 | 125,407 | |||||
Armstrong Flooring, Inc.* | 5,675 | 16,968 | |||||
Armstrong World Industries, Inc. | 9,497 | 740,386 | |||||
Builders FirstSource, Inc.* | 23,094 | 478,046 | |||||
Cornerstone Building Brands, Inc.* | 3,775 | 22,876 | |||||
CSW Industrials, Inc. | 1,329 | 91,847 | |||||
Fortune Brands Home & | |||||||
Security, Inc. | 9,604 | 613,984 | |||||
Gibraltar Industries, Inc.* | 4,189 | 201,114 | |||||
Griffon Corp. | 9,303 | 172,292 | |||||
Insteel Industries, Inc. | 2,278 | 43,441 | |||||
Lennox International, Inc. | 1,823 | 424,741 | |||||
Masonite International Corp.* | 169 | 13,145 | |||||
Owens Corning | 7,572 | 422,215 | |||||
Patrick Industries, Inc. | 4,397 | 269,316 | |||||
PGT Innovations, Inc.* | 10,742 | 168,435 | |||||
Quanex Building Products Corp. | 3,883 | 53,896 | |||||
Simpson Manufacturing Co., Inc. | 9,021 | 761,012 | |||||
Trex Co., Inc.* | 15,148 | 1,970,300 | |||||
UFP Industries, Inc. | 13,969 | 691,605 | |||||
9,241,144 | |||||||
Capital Markets — 2.1% | |||||||
Affiliated Managers Group, Inc. | 2,857 | 213,018 | |||||
Ares Management Corp., Class A | 3,621 | 143,754 | |||||
Artisan Partners Asset Management, | |||||||
Inc., Class A | 10,977 | 356,753 | |||||
BGC Partners, Inc., Class A | 58,742 | 160,953 | |||||
Blucora, Inc.* | 10,400 | 118,768 | |||||
BrightSphere Investment Group PLC | 5,801 | 72,280 | |||||
Calamos Asset Management, | |||||||
Inc.§* | 5,037 | — | |||||
Cohen & Steers, Inc. | 7,453 | 507,177 | |||||
Cowen Group, Inc. Class A | 3,899 | 63,203 | |||||
Diamond Hill Investment Group, Inc. | 739 | 84,002 | |||||
Donnelley Financial Solutions, Inc.* | 7,095 | 59,598 | |||||
Eaton Vance Corp. | 6,683 | 257,964 | |||||
Evercore, Inc., Class A | 9,789 | 576,768 | |||||
Federated Investors, Inc. | 20,626 | 488,836 | |||||
Gain Capital Holdings, Inc.@ | 9,997 | 60,182 | |||||
GAMCO Investors, Inc., Class A | 1,700 | 22,627 | |||||
Greenhill & Co., Inc. | 3,087 | 30,839 | |||||
Houlihan Lokey, Inc. | 1,002 | 55,751 | |||||
Interactive Brokers Group, Inc., | |||||||
Class A | 11,667 | 487,331 | |||||
Invesco Ltd. | 27,257 | 293,285 | |||||
Janus Henderson Group PLC | 16,584 | 350,917 | |||||
Lazard Ltd., Class A | 7,639 | 218,705 | |||||
LPL Financial Holdings, Inc. | 6,530 | 511,952 | |||||
Manning & Napier, Inc.@ | 2,524 | 7,219 | |||||
Moelis & Co., Class A | 3,839 | 119,623 | |||||
Morningstar, Inc. | 3,198 | 450,822 | |||||
Oppenheimer Holdings, Inc., Class A | 1,743 | 37,980 | |||||
Piper Jaffray Cos. | 2,887 | 170,795 | |||||
PJT Partners, Inc., Class A | 597 | 30,650 | |||||
Pzena Investment Management, Inc., | |||||||
Class A | 4,481 | 24,377 | |||||
Raymond James Financial, Inc. | 177 | 12,183 | |||||
Safeguard Scientifics, Inc. | 2,580 | 18,060 | |||||
SEI Investments Co. | 2,881 | 158,397 | |||||
Silvercrest Asset Management Group, | |||||||
Inc., Class A | 759 | 9,647 | |||||
Stifel Financial Corp. | 12,616 | 598,377 | |||||
Stonex Group, Inc. | 3,859 | 212,245 | |||||
Virtu Financial, Inc., Class A | 5,099 | 120,336 | |||||
Virtus Investment Partners, Inc. | 1,373 | 159,666 | |||||
Waddell & Reed Financial, Inc., | |||||||
Class A@ | 3,742 | 58,038 | |||||
Westwood Holdings Group, Inc. | 1,610 | 25,358 | |||||
WisdomTree Investments, Inc. | 24,211 | 84,012 | |||||
7,432,448 | |||||||
Chemicals — 2.7% | |||||||
Advanced Emissions | |||||||
Solutions, Inc.@ | 2,266 | 10,990 | |||||
AdvanSix, Inc.* | 6,440 | 75,606 | |||||
AgroFresh Solutions, Inc.* | 3,359 | 10,178 | |||||
Albemarle Corp. | 8,394 | 648,101 | |||||
American Vanguard Corp. | 6,147 | 84,583 | |||||
Ashland Global Holdings, Inc. | 3,607 | 249,244 | |||||
Axalta Coating Systems Ltd.* | 18,164 | 409,598 | |||||
Balchem Corp. | 7,047 | 668,478 | |||||
Cabot Corp. | 9,527 | 352,975 |
The accompanying notes are an integral part of these portfolio of investments.
48
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Chemicals (Continued) | |||||||
CF Industries Holdings, Inc. | 10,240 | $ | 288,154 | ||||
Chase Corp. | 1,731 | 177,427 | |||||
Chemours Co. (The) | 10,027 | 153,914 | |||||
Core Molding Technologies, Inc.* | 1,500 | 6,180 | |||||
Eastman Chemical Co. | 7,279 | 506,910 | |||||
Element Solutions, Inc.* | 30,212 | 327,800 | |||||
Ferro Corp.* | 16,853 | 201,225 | |||||
Flotek Industries, Inc.* | 6,893 | 8,272 | |||||
FutureFuel Corp. | 9,573 | 114,397 | |||||
GCP Applied Technologies, Inc.* | 2,256 | 41,916 | |||||
H.B. Fuller Co. | 9,613 | 428,740 | |||||
Hawkins, Inc. | 2,398 | 102,107 | |||||
Huntsman Corp. | 13,650 | 245,290 | |||||
Ingevity Corp.* | 948 | 49,836 | |||||
Innospec, Inc. | 4,736 | 365,856 | |||||
Intrepid Potash, Inc.* | 15,892 | 15,733 | |||||
Koppers Holdings, Inc.* | 4,597 | 86,607 | |||||
Kraton Corp.* | 6,776 | 117,089 | |||||
Kronos Worldwide, Inc. | 10,857 | 113,021 | |||||
Minerals Technologies, Inc. | 6,456 | 302,980 | |||||
Mosaic Co. (The) | 23,505 | 294,048 | |||||
NewMarket Corp. | 570 | 228,274 | |||||
Northern Technologies | |||||||
International Corp. | 1,600 | 12,768 | |||||
Olin Corp. | 2,299 | 26,415 | |||||
PolyOne Corp. | 11,830 | 310,301 | |||||
Rayonier Advanced Materials, Inc. | 12,548 | 35,260 | |||||
RPM International, Inc. | 6,495 | 487,515 | |||||
Scotts Miracle-Gro Co. (The) | 3,752 | 504,531 | |||||
Sensient Technologies Corp. | 8,813 | 459,686 | |||||
Stepan Co. | 3,991 | 387,526 | |||||
Trecora Resources* | 5,488 | 34,410 | |||||
Tredegar Corp. | 5,653 | 87,056 | |||||
Trinseo SA | 6,991 | 154,921 | |||||
Tronox Holdings PLC Class A | 12,458 | 89,947 | |||||
Valvoline, Inc. | 3,829 | 74,015 | |||||
W.R. Grace & Co. | 4,369 | 221,989 | |||||
Westlake Chemical Corp. | 4,157 | 223,023 | |||||
9,794,892 | |||||||
Commercial Banks — 7.8% | |||||||
1st Source Corp. | 4,820 | 171,496 | |||||
Allegiance Bancshares, Inc. | 1,614 | 40,979 | |||||
American National Bankshares, Inc. | 1,508 | 37,760 | |||||
Ameris Bancorp | 9,958 | 234,909 | |||||
AmeriServ Financial, Inc. | 4,400 | 13,464 | |||||
Arrow Financial Corp. | 3,163 | 94,036 | |||||
Associated Banc-Corp. | 20,843 | 285,132 | |||||
Atlantic Capital Bancshares, Inc.* | 2,502 | 30,424 | |||||
Atlantic Union Bankshares Corp. | 9,916 | 229,655 | |||||
Banc of California, Inc. | 6,945 | 75,214 | |||||
Bancfirst Corp. | 6,141 | 249,140 | |||||
Bancorp, Inc. (The)* | 9,002 | 88,220 | |||||
BancorpSouth Bank | 13,791 | 313,607 | |||||
Bank of Hawaii Corp. | 9,012 | 553,427 | |||||
Bank of Marin Bancorp | 1,580 | 52,661 | |||||
Bank OZK | 3,630 | 85,196 | |||||
BankFinancial Corp. | 3,364 | 28,258 | |||||
BankUnited, Inc. | 3,750 | 75,937 | |||||
Bankwell Financial Group, Inc. | 326 | 5,183 | |||||
Banner Corp. | 4,653 | 176,814 | |||||
Bar Harbor Bankshares | 2,489 | 55,729 | |||||
BCB Bancorp, Inc. | 878 | 8,148 | |||||
Berkshire Hills Bancorp, Inc. | 5,886 | 64,864 | |||||
BOK Financial Corp. | 4,438 | 250,481 | |||||
Boston Private Financial | |||||||
Holdings, Inc. | 14,824 | 101,989 | |||||
Bridge Bancorp, Inc. | 2,156 | 49,243 | |||||
Brookline Bancorp, Inc. | 12,654 | 127,552 | |||||
Bryn Mawr Bank Corp. | 2,363 | 65,361 | |||||
C&F Financial Corp. | 962 | 31,987 | |||||
Cadence BanCorp | 6,063 | 53,718 | |||||
Camden National Corp. | 1,756 | 60,652 | |||||
Capital City Bank Group, Inc. | 1,890 | 39,595 | |||||
Cathay General Bancorp | 10,686 | 281,042 | |||||
Central Pacific Financial Corp. | 3,916 | 62,773 | |||||
Central Valley Community Bancorp | 2,688 | 41,368 | |||||
Century Bancorp, Inc., Class A | 462 | 35,907 | |||||
CIT Group, Inc. | 6,260 | 129,770 | |||||
Citizens & Northern Corp. | 852 | 17,594 | |||||
Citizens Community Bancorp, Inc. | 400 | 2,744 | |||||
Citizens Financial Group, Inc. | 1,087 | 27,436 | |||||
City Holding Co. | 3,198 | 208,414 | |||||
Civista Bancshares, Inc. | 270 | 4,158 | |||||
CNB Financial Corp. | 3,264 | 58,524 | |||||
Columbia Banking System, Inc. | 12,573 | 356,382 | |||||
Comerica, Inc. | 2,803 | 106,794 | |||||
Commerce Bancshares, Inc. | 8,130 | 483,491 | |||||
Community Bank System, Inc. | 8,597 | 490,201 | |||||
Community Trust Bancorp, Inc. | 2,206 | 72,269 | |||||
Connectone Bancorp, Inc. | 4,989 | 80,423 | |||||
Cullen/Frost Bankers, Inc. | 4,337 | 324,017 | |||||
Customers Bancorp, Inc.* | 5,348 | 64,283 | |||||
CVB Financial Corp. | 22,499 | 421,631 | |||||
Dime Community Bancshares, Inc. | 6,456 | 88,641 | |||||
Eagle Bancorp, Inc. | 6,328 | 207,242 | |||||
East West Bancorp, Inc. | 11,036 | 399,945 | |||||
Enterprise Bancorp, Inc. | 331 | 7,884 | |||||
Enterprise Financial Services Corp. | 3,286 | 102,260 | |||||
Equity Bancshares, Inc., Class A* | 2,190 | 38,194 | |||||
Farmers & Merchants Bancorp, Inc./ | |||||||
Archbold OH@ | 1,205 | 25,594 | |||||
Farmers National Banc Corp. | 3,991 | 47,333 | |||||
FB Financial Corp. | 630 | 15,605 | |||||
Financial Institutions, Inc. | 1,855 | 34,522 | |||||
First Bancorp | 25,861 | 144,563 | |||||
First Bancorp, Inc. | 2,600 | 56,420 | |||||
First Bancorp/Southern Pines NC | 3,300 | 82,764 | |||||
First Busey Corp. | 6,992 | 130,401 | |||||
First Business Financial | |||||||
Services, Inc. | 551 | 9,064 | |||||
First Citizens Bancshares, Inc., | |||||||
Class A | 551 | 223,166 | |||||
First Commonwealth Financial Corp. | 16,841 | 139,443 |
The accompanying notes are an integral part of these portfolio of investments.
49
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Commercial Banks (Continued) | |||||||
First Community Bancshares, Inc. | 3,404 | $ | 76,420 | ||||
First Financial Bancorp | 12,704 | 176,459 | |||||
First Financial Bankshares, Inc. | 21,891 | 632,431 | |||||
First Financial Corp. | 1,882 | 69,333 | |||||
First Financial Northwest, Inc. | 2,239 | 21,696 | |||||
First Foundation, Inc. | 4,921 | 80,409 | |||||
First Hawaiian, Inc. | 1,200 | 20,688 | |||||
First Horizon National Corp. | 19,448 | 193,702 | |||||
First Internet Bancorp | 1,284 | 21,340 | |||||
First Interstate Bancsystem, Inc., | |||||||
Class A | 6,668 | 206,441 | |||||
First Merchants Corp. | 6,709 | 184,967 | |||||
First Mid Bancshares, Inc. | 500 | 13,115 | |||||
First Midwest Bancorp, Inc. | 13,739 | 183,416 | |||||
First of Long Island Corp. (The) | 4,434 | 72,452 | |||||
Flushing Financial Corp. | 4,840 | 55,757 | |||||
FNB Corp. | 24,564 | 184,230 | |||||
Franklin Financial Network, Inc. | 2,740 | 70,555 | |||||
Fulton Financial Corp. | 20,805 | 219,077 | |||||
German American Bancorp, Inc. | 4,050 | 125,955 | |||||
Glacier Bancorp, Inc. | 16,259 | 573,780 | |||||
Great Southern Bancorp, Inc. | 2,813 | 113,533 | |||||
Great Western Bancorp, Inc. | 1,271 | 17,489 | |||||
Hancock Whiteny Corp. | 7,368 | 156,202 | |||||
Hanmi Financial Corp. | 3,586 | 34,820 | |||||
Harborone Bancorp, Inc.* | 7,533 | 64,332 | |||||
Heartland Financial USA, Inc. | 5,400 | 180,576 | |||||
Heritage Commerce Corp. | 9,426 | 70,742 | |||||
Heritage Financial Corp. | 5,733 | 114,660 | |||||
Hilltop Holdings, Inc. | 25,969 | 479,128 | |||||
Home Bancshares, Inc. | 14,737 | 226,655 | |||||
HomeTrust Bancshares, Inc. | 2,644 | 42,304 | |||||
Hope Bancorp, Inc. | 21,412 | 197,419 | |||||
Horizon Bancorp, Inc. | 5,096 | 54,476 | |||||
Howard Bancorp, Inc.* | 499 | 5,299 | |||||
Huntington Bancshares, Inc. | 54,252 | 490,167 | |||||
Iberiabank Corp. | 4,398 | 200,285 | |||||
Independent Bank Corp. | 5,646 | 378,790 | |||||
Independent Bank Group, Inc. | 2,477 | 100,368 | |||||
International Bancshares Corp. | 8,343 | 267,143 | |||||
Investors Bancorp, Inc. | 2,762 | 23,477 | |||||
Lakeland Bancorp, Inc. | 6,732 | 76,947 | |||||
Lakeland Financial Corp. | 5,055 | 235,512 | |||||
Live Oak Bancshares, Inc. | 500 | 7,255 | |||||
Macatawa Bank Corp. | 6,741 | 52,715 | |||||
Mercantile Bank Corp. | 3,005 | 67,913 | |||||
Midland States Bancorp, Inc. | 1,086 | 16,236 | |||||
MidWestOne Financial Group, Inc. | 613 | 12,260 | |||||
National Bank Holdings Corp., | |||||||
Class A | 3,824 | 103,248 | |||||
NBT Bancorp, Inc. | 7,712 | 237,221 | |||||
Nicolet Bankshares, Inc.* | 1,020 | 55,896 | |||||
Northeast Bank* | 2,190 | 38,434 | |||||
Northrim Bancorp, Inc. | 1,380 | 34,693 | |||||
OceanFirst Financial Corp. | 7,799 | 137,496 | |||||
OFG Bancorp | 8,569 | 114,568 | |||||
Old National Bancorp | 21,721 | 298,881 | |||||
Old Second Bancorp, Inc. | 2,244 | 17,458 | |||||
Pacific Mercantile Bancorp* | 2,500 | 9,150 | |||||
Pacific Premier Bancorp, Inc. | 10,374 | 224,908 | |||||
PacWest Bancorp | 6,913 | 136,255 | |||||
Park National Corp. | 2,148 | 151,176 | |||||
Peapack Gladstone Financial Corp. | 3,530 | 66,117 | |||||
Penns Woods Bancorp, Inc. | 1,738 | 39,470 | |||||
People’s United Financial, Inc. | 41,235 | 477,089 | |||||
People’s Utah Bancorp | 3,598 | 80,847 | |||||
Peoples Bancorp, Inc. | 3,095 | 65,862 | |||||
Pinnacle Financial Partners, Inc. | 3,114 | 130,757 | |||||
Popular, Inc. | 10,180 | 378,391 | |||||
Preferred Bank | 2,886 | 123,665 | |||||
Premier Financial Bancorp, Inc. | 1,726 | 22,127 | |||||
Prosperity Bancshares, Inc. | 9,198 | 546,177 | |||||
QCR Holdings, Inc. | 1,914 | 59,679 | |||||
Renasant Corp. | 6,735 | 167,701 | |||||
Republic Bancorp, Inc., Class A | 2,887 | 94,434 | |||||
Republic First Bancorp, Inc.* | 3,546 | 8,652 | |||||
S&T Bancorp, Inc. | 6,188 | 145,109 | |||||
Sandy Spring Bancorp, Inc. | 5,644 | 139,858 | |||||
Seacoast Banking Corp. of Florida* | 5,668 | 115,627 | |||||
Select Bancorp, Inc.* | 200 | 1,628 | |||||
ServisFirst Bancshares, Inc. | 6,378 | 228,077 | |||||
Sierra Bancorp | 2,800 | 52,864 | |||||
Signature Bank | 4,291 | 458,794 | |||||
Simmons First National Corp., Class A | 13,092 | 224,004 | |||||
South State Corp. | 10,037 | 478,363 | |||||
Southern First Bancshares, Inc.* | 1,759 | 48,742 | |||||
Southern National Bancorp of | |||||||
Virginia, Inc. | 3,875 | 37,549 | |||||
Southside Bancshares, Inc. | 4,400 | 121,968 | |||||
Sterling Bancorp | 34,367 | 402,781 | |||||
Stock Yards Bancorp, Inc. | 4,336 | 174,307 | |||||
Summit Financial Group, Inc. | 392 | 6,460 | |||||
SVB Financial Group* | 1,032 | 222,427 | |||||
Synovus Financial Corp. | 10,832 | 222,381 | |||||
TCF Financial Corp. | 32,127 | 945,176 | |||||
Texas Capital Bancshares, Inc.* | 3,548 | 109,527 | |||||
Tompkins Financial Corp. | 2,420 | 156,743 | |||||
TowneBank | 6,582 | 124,005 | |||||
Trico Bancshares | 3,645 | 110,990 | |||||
TriState Capital Holdings, Inc.* | 3,611 | 56,729 | |||||
Triumph Bancorp, Inc.* | 2,765 | 67,107 | |||||
Trustmark Corp. | 8,464 | 207,537 | |||||
UMB Financial Corp. | 8,323 | 429,051 | |||||
Umpqua Holdings Corp. | 9,156 | 97,420 | |||||
United Bankshares, Inc. | 16,053 | 444,026 | |||||
United Community Banks, Inc. | 10,212 | 205,465 | |||||
Univest Financial Corp | 3,363 | 54,279 | |||||
Valley National Bancorp | 66,763 | 522,087 | |||||
Veritex Holdings, Inc. | 3,570 | 63,189 | |||||
Washington Trust Bancorp, Inc. | 3,000 | 98,250 | |||||
Webster Financial Corp. | 3,323 | 95,071 | |||||
WesBanco, Inc. | 8,812 | 178,972 | |||||
West Bancorp, Inc. | 3,998 | 69,925 |
The accompanying notes are an integral part of these portfolio of investments.
50
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Commercial Banks (Continued) | |||||||
Westamerica Bancorp | 5,029 | $ | 288,765 | ||||
Western Alliance Bancorp | 5,446 | 206,240 | |||||
Wintrust Financial Corp. | 5,592 | 243,923 | |||||
Zions Bancorp NA | 11,502 | 391,068 | |||||
27,708,855 | |||||||
Commercial Services & Supplies — 2.6% | |||||||
ABM Industries, Inc. | 12,972 | 470,884 | |||||
ACCO Brands Corp. | 19,452 | 138,109 | |||||
ARC Document Solutions, Inc. | 5,486 | 5,486 | |||||
Brady Corp., Class A | 9,427 | 441,372 | |||||
Brink’s Co. (The) | 7,356 | 334,772 | |||||
Casella Waste Systems, Inc., | |||||||
Class A* | 9,857 | 513,747 | |||||
Ceco Environmental Corp.* | 4,211 | 27,750 | |||||
Cimpress PLC* | 5,704 | 435,443 | |||||
Clean Harbors, Inc.* | 12,448 | 746,631 | |||||
Covanta Holding Corp. | 25,646 | 245,945 | |||||
Deluxe Corp. | 7,326 | 172,454 | |||||
Ennis, Inc. | 5,800 | 105,212 | |||||
Harsco Corp.* | 14,561 | 196,719 | |||||
Healthcare Services Group, Inc. | 7,841 | 191,791 | |||||
Heritage-Crystal Clean, Inc.* | 3,229 | 56,378 | |||||
Herman Miller, Inc. | 12,375 | 292,174 | |||||
HNI Corp. | 7,981 | 243,979 | |||||
Iaa, Inc.* | 8,384 | 323,371 | |||||
Interface, Inc. | 12,507 | 101,807 | |||||
KAR Auction Services, Inc.@ | 5,924 | 81,514 | |||||
Kimball International, Inc., Class B | 7,180 | 83,001 | |||||
Knoll, Inc. | 10,471 | 127,641 | |||||
Matthews International Corp., | |||||||
Class A | 5,546 | 105,929 | |||||
Mcgrath Rentcorp | 4,689 | 253,253 | |||||
Mobile Mini, Inc. | 8,863 | 261,459 | |||||
MSA Safety, Inc. | 8,699 | 995,514 | |||||
NL Industries, Inc. | 7,891 | 26,908 | |||||
Pico Holdings, Inc.* | 2,830 | 23,857 | |||||
Pitney Bowes, Inc. | 4,177 | 10,860 | |||||
Quad/Graphics, Inc. | 4,591 | 14,921 | |||||
SP Plus Corp.* | 4,136 | 85,657 | |||||
Steelcase, Inc., Class A | 16,551 | 199,605 | |||||
Stericycle, Inc.* | 5,435 | 304,251 | |||||
Team, Inc.* | 5,503 | 30,652 | |||||
Tetra Tech, Inc. | 11,791 | 932,904 | |||||
UniFirst Corp. | 3,000 | 536,850 | |||||
US Ecology, Inc. | 4,572 | 154,899 | |||||
Viad Corp. | 2,833 | 53,884 | |||||
Virco Manufacturing Corp.* | 2,494 | 6,534 | |||||
VSE Corp. | 2,564 | 80,484 | |||||
9,414,601 | |||||||
Communications Equipment — 1.4% | |||||||
Acacia Communications, Inc.* | 545 | 36,619 | |||||
ADTRAN, Inc. | 9,651 | 105,485 | |||||
Applied Optoelectronics, Inc.* | 4,381 | 47,621 | |||||
Bk Technologies Corp. | 2,000 | 6,780 | |||||
CalAmp Corp.* | 5,414 | 43,366 | |||||
Ciena Corp.* | 27,004 | 1,462,537 | |||||
Clearfield, Inc.* | 3,231 | 45,105 | |||||
CommScope Holding Co., Inc.* | 3,352 | 27,922 | |||||
Communications Systems, Inc. | 1,418 | 7,189 | |||||
Comtech Telecommunications Corp. | 3,207 | 54,166 | |||||
Digi International, Inc.* | 3,397 | 39,575 | |||||
EMCORE Corp.* | 4,428 | 14,081 | |||||
F5 Networks, Inc.* | 3,585 | 500,036 | |||||
Harmonic, Inc.* | 10,330 | 49,067 | |||||
Infinera Corp.*@ | 22,351 | 132,318 | |||||
InterDigital, Inc. | 4,762 | 269,672 | |||||
Juniper Networks, Inc. | 20,091 | 459,280 | |||||
KVH Industries, Inc.* | 5,534 | 49,419 | |||||
Lantronix, Inc.* | 1,100 | 4,081 | |||||
Lumentum Holdings, Inc.* | 5,615 | 457,229 | |||||
NETGEAR, Inc.* | 4,009 | 103,793 | |||||
NetScout Systems, Inc.* | 10,959 | 280,112 | |||||
Network-1 Technologies, Inc. | 1,343 | 2,908 | |||||
Optical Cable Corp.* | 374 | 935 | |||||
PC-Tel, Inc. | 4,100 | 27,388 | |||||
Plantronics, Inc.@ | 745 | 10,937 | |||||
Ribbon Communications, Inc.* | 13,960 | 54,863 | |||||
Tessco Technologies, Inc. | 1,000 | 5,500 | |||||
Viasat, Inc.* | 4,646 | 178,267 | |||||
Viavi Solutions, Inc.* | 33,947 | 432,485 | |||||
4,908,736 | |||||||
Computers & Peripherals — 0.2% | |||||||
AstroNova, Inc. | 1,572 | 12,513 | |||||
Avid Technology, Inc.* | 11,059 | 80,399 | |||||
Intevac, Inc.* | 4,883 | 26,661 | |||||
Pure Storage, Inc., Class A* | 8,857 | 153,492 | |||||
Super Micro Computer, Inc.* | 1,663 | 47,213 | |||||
Transact Technologies, Inc. | 1,515 | 6,939 | |||||
Xerox Holdings Corp.* | 28,195 | 431,101 | |||||
758,318 | |||||||
Construction & Engineering — 1.2% | |||||||
AECOM* | 10,667 | 400,866 | |||||
Aegion Corp.* | 6,020 | 95,537 | |||||
Ameresco, Inc., Class A* | 6,298 | 174,958 | |||||
Arcosa, Inc. | 1,853 | 78,197 | |||||
Argan, Inc. | 1,886 | 89,359 | |||||
Comfort Systems USA, Inc. | 6,794 | 276,856 | |||||
Dycom Industries, Inc.* | 6,260 | 255,971 | |||||
EMCOR Group, Inc. | 9,013 | 596,120 | |||||
Fluor Corp. | 6,585 | 79,547 | |||||
Goldfield Corp. (The)* | 11,707 | 43,433 | |||||
Granite Construction, Inc.@ | 8,365 | 160,106 | |||||
Great Lakes Dredge & Dock Corp.* | 14,501 | 134,279 | |||||
IES Holdings, Inc.* | 4,932 | 114,274 | |||||
MasTec, Inc.* | 7,480 | 335,628 | |||||
MYR Group, Inc.* | 3,408 | 108,749 | |||||
Northwest Pipe Co.* | 1,211 | 30,360 | |||||
NV5 Global, Inc.* | 2,453 | 124,686 | |||||
Orion Marine Group, Inc.* | 3,431 | 10,773 | |||||
Primoris Services Corp. | 10,526 | 186,942 |
The accompanying notes are an integral part of these portfolio of investments.
51
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Construction & Engineering (Continued) | |||||||
Quanta Services, Inc. | 9,091 | $ | 356,640 | ||||
Sterling Construction Co., Inc.* | 5,413 | 56,674 | |||||
Tutor Perini Corp.*@ | 7,646 | 93,128 | |||||
Valmont Industries, Inc. | 4,290 | 487,430 | |||||
4,290,513 | |||||||
Construction Materials — 0.1% | |||||||
Eagle Materials, Inc. | 1,439 | 101,047 | |||||
Forterra, Inc.* | 1,512 | 16,874 | |||||
Summit Materials, Inc., Class A* | 5,300 | 85,224 | |||||
United States Lime & Minerals, Inc. | 1,398 | 118,047 | |||||
US Concrete, Inc.* | 3,055 | 75,764 | |||||
396,956 | |||||||
Consumer Finance — 1.2% | |||||||
Ally Financial, Inc. | 18,068 | 358,289 | |||||
Atlanticus Holdings Corp.* | 5,476 | 56,622 | |||||
Consumer Portfolio Services, Inc.* | 7,272 | 20,580 | |||||
Credit Acceptance Corp.*@ | 760 | 318,448 | |||||
Encore Capital Group, Inc.* | 6,224 | 212,736 | |||||
Enova International, Inc.* | 6,159 | 91,584 | |||||
Ezcorp, Inc., Class A* | 7,567 | 47,672 | |||||
FirstCash, Inc. | 9,294 | 627,159 | |||||
Green Dot Corp., Class A* | 9,784 | 480,199 | |||||
LendingClub Corp.* | 8,351 | 37,997 | |||||
LendingTree, Inc.*@ | 2,115 | 612,356 | |||||
Navient Corp. | 25,118 | 176,580 | |||||
Nelnet, Inc., Class A | 3,676 | 175,492 | |||||
OneMain Holdings, Inc. | 8,524 | 209,179 | |||||
PRA Group, Inc.* | 6,137 | 237,256 | |||||
Regional Management Corp.* | 2,592 | 45,904 | |||||
Santander Consumer USA | |||||||
Holdings, Inc. | 16,393 | 301,795 | |||||
SLM Corp. | 14,278 | 100,374 | |||||
World Acceptance Corp.*@ | 1,107 | 72,531 | |||||
4,182,753 | |||||||
Containers & Packaging — 1.0% | |||||||
AptarGroup, Inc. | 4,532 | 507,493 | |||||
Avery Dennison Corp. | 126 | 14,375 | |||||
Berry Plastics Group, Inc.* | 10,559 | 467,975 | |||||
Crown Holdings, Inc.* | 5,848 | 380,880 | |||||
Graphic Packaging Holding Co. | 8,918 | 124,763 | |||||
Greif, Inc., Class B | 1,193 | 49,903 | |||||
Greif, Inc., Class A | 5,187 | 178,485 | |||||
Myers Industries, Inc. | 6,712 | 97,659 | |||||
Packaging Corp. of America | 1,500 | 149,700 | |||||
Sealed Air Corp. | 12,255 | 402,577 | |||||
Silgan Holdings, Inc. | 16,218 | 525,301 | |||||
Sonoco Products Co. | 7,641 | 399,548 | |||||
UFP Technologies, Inc.* | 913 | 40,227 | |||||
WestRock Co. | 10,288 | 290,739 | |||||
3,629,625 | |||||||
Distributors — 0.4% | |||||||
Core-Mark Holding Co., Inc. | 8,353 | 208,449 | |||||
LKQ Corp.* | 16,731 | 438,352 | |||||
Pool Corp. | 3,189 | 866,993 | |||||
Weyco Group, Inc. | 1,489 | 32,148 | |||||
1,545,942 | |||||||
Diversified Consumer Services — 1.3% | |||||||
Adtalem Global Education, Inc.* | 8,240 | 256,676 | |||||
American Public Education, Inc.* | 2,524 | 74,710 | |||||
Bright Horizons Family | |||||||
Solutions, Inc.* | 3,373 | 395,316 | |||||
Carriage Services, Inc. | 3,469 | 62,858 | |||||
Chegg, Inc.* | 6,405 | 430,800 | |||||
Collectors Universe, Inc. | 1,790 | 61,361 | |||||
Frontdoor, Inc.* | 2,710 | 120,134 | |||||
Graham Holdings Co., Class B | 523 | 179,217 | |||||
Grand Canyon Education, Inc.* | 8,480 | 767,694 | |||||
H&R Block, Inc.@ | 13,196 | 188,439 | |||||
Houghton Mifflin Harcourt Co.* | 14,959 | 27,076 | |||||
K12, Inc.* | 8,196 | 223,259 | |||||
Laureate Education, Inc. Class A* | 2,699 | 26,896 | |||||
Perdoceo Education Corp.* | 12,403 | 197,580 | |||||
Regis Corp.* | 5,410 | 44,254 | |||||
Service Corp. International | 12,310 | 478,736 | |||||
ServiceMaster Global Holdings, Inc.* | 10,611 | 378,707 | |||||
Strategic Education, Inc. | 3,002 | 461,257 | |||||
Universal Technical Institute, Inc.* | 5,900 | 41,005 | |||||
WW International, Inc.* | 6,398 | 162,381 | |||||
Zovio, Inc.* | 3,315 | 10,144 | |||||
4,588,500 | |||||||
Diversified Financial Services — 0.4% | |||||||
A-Mark Precious Metals, Inc.* | 1,856 | 35,357 | |||||
Cannae Holdings, Inc.* | 4,237 | 174,141 | |||||
CCUR Holdings, Inc. | 1,362 | 4,358 | |||||
Equitable Holdings, Inc. | 23,205 | 447,624 | |||||
Jefferies Financial Group, Inc. | 24,499 | 380,959 | |||||
Marlin Business Services Corp. | 3,196 | 27,038 | |||||
On Deck Capital, Inc.* | 14,292 | 10,269 | |||||
Voya Financial, Inc. | 11,507 | 536,802 | |||||
1,616,548 | |||||||
Diversified Telecommunication Services — 0.6% | |||||||
Alaska Communications Systems | |||||||
Group, Inc. | 2,448 | 6,830 | |||||
ATN International, Inc. | 2,516 | 152,394 | |||||
Cincinnati Bell, Inc.* | 6,675 | 99,124 | |||||
Cogent Communications | |||||||
Holdings, Inc. | 11,353 | 878,268 | |||||
Consolidated Communications | |||||||
Holdings, Inc.* | 8,637 | 58,472 | |||||
GCI Liberty, Inc., Class A* | 8,984 | 638,942 | |||||
IDT Corp., Class B* | 6,820 | 44,534 | |||||
Orbcomm, Inc.* | 11,555 | 44,487 | |||||
Vonage Holdings Corp.* | 29,244 | 294,195 | |||||
2,217,246 | |||||||
Electric Utilities — 1.2% | |||||||
Allete, Inc. | 7,294 | 398,325 | |||||
El Paso Electric Co. | 9,131 | 611,777 | |||||
Genie Energy Ltd., Class B | 4,900 | 36,064 |
The accompanying notes are an integral part of these portfolio of investments.
52
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Electric Utilities (Continued) | |||||||
Hawaiian Electric Industries, Inc. | 8,115 | $ | 292,627 | ||||
IDACORP, Inc. | 3,214 | 280,807 | |||||
MGE Energy, Inc. | 7,061 | 455,505 | |||||
NRG Energy, Inc. | 14,764 | 480,716 | |||||
OGE Energy Corp. | 10,491 | 318,507 | |||||
Otter Tail Corp. | 7,365 | 285,689 | |||||
Pinnacle West Capital Corp. | 5,390 | 395,033 | |||||
PNM Resources, Inc. | 16,209 | 623,074 | |||||
Portland General Electric Co. | 6,399 | 267,542 | |||||
Spark Energy, Inc., Class A@ | 2,000 | 14,140 | |||||
4,459,806 | |||||||
Electrical Equipment — 1.5% | |||||||
Acuity Brands, Inc. | 2,065 | 197,703 | |||||
Allied Motion Technologies, Inc. | 2,312 | 81,614 | |||||
Atkore International Group, Inc.* | 9,186 | 251,237 | |||||
AZZ, Inc. | 5,198 | 178,395 | |||||
Encore Wire Corp. | 2,652 | 129,471 | |||||
EnerSys | 8,454 | 544,269 | |||||
Espey Manufacturing & | |||||||
Electronics Corp. | 565 | 9,786 | |||||
Generac Holdings, Inc.* | 14,198 | 1,731,162 | |||||
Hubbell, Inc. | 4,209 | 527,640 | |||||
LSI Industries, Inc. | 3,137 | 20,296 | |||||
nVent Electric PLC | 1,295 | 24,255 | |||||
Powell Industries, Inc. | 1,380 | 37,798 | |||||
Preformed Line Products Co. | 1,398 | 69,914 | |||||
Regal Beloit Corp. | 6,159 | 537,804 | |||||
Sensata Technologies Holding PLC* | 11,437 | 425,799 | |||||
Sunrun, Inc.* | 8,165 | 161,014 | |||||
Thermon Group Holdings, Inc.* | 4,877 | 71,058 | |||||
TPI Composites, Inc.* | 564 | 13,181 | |||||
Ultralife Corp.* | 3,600 | 25,236 | |||||
Vicor Corp.* | 5,666 | 407,669 | |||||
5,445,301 | |||||||
Electronic Equipment, Instruments & Components — 3.0% | |||||||
Arlo Technologies, Inc.* | 16,012 | 41,311 | |||||
Arrow Electronics, Inc.* | 10,507 | 721,726 | |||||
Avnet, Inc. | 13,159 | 366,939 | |||||
Badger Meter, Inc. | 5,392 | 339,265 | |||||
Bel Fuse, Inc., Class B | 3,168 | 33,993 | |||||
Belden, Inc. | 8,204 | 267,040 | |||||
Benchmark Electronics, Inc. | 4,604 | 99,446 | |||||
Cognex Corp. | 10,272 | 613,444 | |||||
Coherent, Inc.* | 520 | 68,110 | |||||
CTS Corp. | 5,957 | 119,378 | |||||
Daktronics, Inc. | 9,785 | 42,565 | |||||
Data I/O Corp.* | 4,458 | 15,023 | |||||
Dolby Laboratories, Inc., Class A | 974 | 64,157 | |||||
ePlus, Inc.* | 2,400 | 169,632 | |||||
Fabrinet* | 6,393 | 399,051 | |||||
FARO Technologies, Inc.* | 2,603 | 139,521 | |||||
Flex Ltd.* | 26,859 | 275,305 | |||||
FLIR Systems, Inc. | 6,022 | 244,313 | |||||
Frequency Electronics, Inc.* | 1,400 | 12,264 | |||||
IEC Electronics Corp.* | 800 | 7,704 | |||||
Insight Enterprises, Inc.* | 6,742 | 331,706 | |||||
IPG Photonics Corp.* | 2,033 | 326,073 | |||||
Itron, Inc.* | 8,406 | 556,897 | |||||
Jabil, Inc. | 4,847 | 155,492 | |||||
Key Tronic Corp.* | 1,700 | 8,925 | |||||
Kimball Electronics, Inc.* | 5,879 | 79,602 | |||||
Knowles Corp.* | 11,920 | 181,899 | |||||
Littelfuse, Inc. | 4,934 | 841,888 | |||||
Methode Electronics, Inc. | 7,349 | 229,730 | |||||
MTS Systems Corp. | 3,800 | 66,842 | |||||
NAPCO Security Technologies, Inc.* | 3,832 | 89,630 | |||||
National Instruments Corp. | 8,623 | 333,796 | |||||
Novanta, Inc.* | 4,922 | 525,522 | |||||
OSI Systems, Inc.* | 3,527 | 263,255 | |||||
PAR Technology Corp.* | 2,088 | 62,494 | |||||
PC Connection, Inc. | 5,173 | 239,820 | |||||
Perceptron, Inc.* | 1,100 | 3,641 | |||||
Plexus Corp.* | 5,438 | 383,705 | |||||
Richardson Electronics Ltd. | 2,700 | 10,908 | |||||
Rogers Corp.* | 2,366 | 294,804 | |||||
Sanmina Corp.* | 12,996 | 325,420 | |||||
Scansource, Inc.* | 3,425 | 82,508 | |||||
SYNNEX Corp. | 3,640 | 435,963 | |||||
Trimble, Inc.* | 1,137 | 49,107 | |||||
TTM Technologies, Inc.* | 16,102 | 190,970 | |||||
Vishay Intertechnology, Inc. | 32,577 | 497,451 | |||||
Vishay Precision Group, Inc.* | 1,694 | 41,639 | |||||
Wayside Technology Group, Inc. | 315 | 8,095 | |||||
10,657,969 | |||||||
Energy Equipment & Services — 0.4% | |||||||
Archrock, Inc. | 21,713 | 140,917 | |||||
Bristow Group, Inc.* | 1,138 | 15,852 | |||||
Core Laboratories NV | 2,189 | 44,480 | |||||
Dawson Geophysical Co.* | 2,775 | 3,996 | |||||
DMC Global, Inc. | 2,998 | 82,745 | |||||
Dril-Quip, Inc.* | 4,621 | 137,660 | |||||
Exterran Corp.* | 8,570 | 46,192 | |||||
Frank’s International NV* | 12,111 | 27,007 | |||||
Geospace Technologies Corp.* | 1,646 | 12,378 | |||||
Gulf Island Fabrication, Inc.* | 1,823 | 5,597 | |||||
Helix Energy Solutions Group, Inc.* | 17,953 | 62,297 | |||||
Helmerich & Payne, Inc. | 7,229 | 141,038 | |||||
ION Geophysical Corp.*@ | 1,706 | 3,992 | |||||
KLX Energy Services Holdings, Inc.* | 3,833 | 8,241 | |||||
Matrix Service Co.* | 4,086 | 39,716 | |||||
Mitcham Industries, Inc.* | 2,601 | 4,162 | |||||
Nabors Industries Ltd.@ | 1,017 | 37,649 | |||||
National Oilwell Varco, Inc. | 23,817 | 291,758 | |||||
Natural Gas Services Group, Inc.* | 3,685 | 23,105 | |||||
Newpark Resources, Inc.* | 20,693 | 46,145 | |||||
Oceaneering International, Inc.* | 11,720 | 74,891 | |||||
Oil States International, Inc.* | 7,268 | 34,523 | |||||
Patterson-UTI Energy, Inc. | 599 | 2,079 | |||||
SEACOR Holdings, Inc.* | 2,643 | 74,850 | |||||
SEACOR Marine Holdings, Inc.* | 5,046 | 12,867 | |||||
TechnipFMC PLC | 5,694 | 38,947 | |||||
Transocean Ltd.*@ | 46,000 | 84,180 |
The accompanying notes are an integral part of these portfolio of investments.
53
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Energy Equipment & Services (Continued) | |||||||
U.S. Silica Holdings, Inc.@ | 13,442 | $ | 48,526 | ||||
Valaris PLC*@ | 26,586 | 17,331 | |||||
1,563,121 | |||||||
Entertainment — 0.7% | |||||||
AMC Entertainment Holdings, Inc., | |||||||
Class A@ | 6,707 | 28,773 | |||||
Ballantyne Strong, Inc.* | 3,464 | 5,681 | |||||
Cinemark Holdings, Inc. | 1,868 | 21,575 | |||||
Gaia, Inc.* | 1,407 | 11,791 | |||||
Glu Mobile, Inc.* | 14,543 | 134,814 | |||||
IMAX Corp.* | 4,817 | 53,998 | |||||
Liberty Media Corp-Liberty Formula | |||||||
One, Class A* | 1,700 | 49,606 | |||||
Liberty Media Corp-Liberty Formula | |||||||
One, Class C* | 10,084 | 319,764 | |||||
Lions Gate Entertainment Corp., | |||||||
Class A* | 4,059 | 30,077 | |||||
Lions Gate Entertainment Corp., | |||||||
Class B* | 5,120 | 34,969 | |||||
Live Nation Entertainment, Inc.* | 5,609 | 248,647 | |||||
Madison Square Garden | |||||||
Entertainment Corp.* | 631 | 47,325 | |||||
Marcus Corp. (The) | 4,500 | 59,715 | |||||
Reading International, Inc., Class A* | 4,951 | 21,042 | |||||
World Wrestling Entertainment, Inc., | |||||||
Class A@ | 2,212 | 96,111 | |||||
Zynga, Inc., Class A* | 155,342 | 1,481,963 | |||||
2,645,851 | |||||||
Food & Staples Retailing — 0.6% | |||||||
Andersons, Inc. (The) | 5,758 | 79,230 | |||||
BJ’s Wholesale Club Holdings, Inc.* | 621 | 23,145 | |||||
Casey’s General Stores, Inc. | 2,566 | 383,668 | |||||
Chefs’ Warehouse Inc. (The)* | 6,038 | 81,996 | |||||
Ingles Markets, Inc., Class A | 2,846 | 122,577 | |||||
Natural Grocers by Vitamin | |||||||
Cottage, Inc. | 2,710 | 40,325 | |||||
Performance Food Group Co.* | 6,339 | 184,719 | |||||
PriceSmart, Inc. | 5,580 | 336,642 | |||||
SpartanNash Co. | 7,457 | 158,461 | |||||
Sprouts Farmers Market, Inc.* | 8,100 | 207,279 | |||||
United Natural Foods, Inc.* | 8,554 | 155,768 | |||||
US Foods Holding Corp.* | 9,874 | 194,715 | |||||
Village Super Market, Inc., Class A | 1,435 | 39,778 | |||||
Weis Markets, Inc. | 5,014 | 251,302 | |||||
2,259,605 | |||||||
Food Products — 2.0% | |||||||
B&G Foods, Inc.@ | 20,958 | 510,956 | |||||
Beyond Meat, Inc.* | 2,085 | 279,348 | |||||
Bunge Ltd. | 9,297 | 382,386 | |||||
Cal-Maine Foods, Inc.* | 6,372 | 283,427 | |||||
Calavo Growers, Inc. | 3,350 | 210,749 | |||||
Coffee Holding Co., Inc.* | 600 | 1,788 | |||||
Darling Ingredients, Inc.* | 37,935 | 933,960 | |||||
Dean Foods Co.* | 11,073 | 884 | |||||
Farmer Bros. Co.* | 3,098 | 22,739 | |||||
Flowers Foods, Inc. | 12,107 | 270,713 | |||||
Fresh Del Monte Produce, Inc. | 8,268 | 203,558 | |||||
Hostess Brands, Inc.* | 4,664 | 56,994 | |||||
Ingredion, Inc. | 4,253 | 352,999 | |||||
J&J Snack Foods Corp. | 4,245 | 539,667 | |||||
John B. Sanfilippo & Son, Inc. | 1,857 | 158,458 | |||||
Lamb Weston Holdings, Inc. | 8,392 | 536,501 | |||||
Lancaster Colony Corp. | 5,159 | 799,593 | |||||
Landec Corp.* | 3,872 | 30,821 | |||||
Lifeway Foods, Inc.* | 3,800 | 8,740 | |||||
Limoneira Co. | 2,072 | 30,023 | |||||
Pilgrim’s Pride Corp.* | 5,624 | 94,989 | |||||
Post Holdings, Inc.* | 5,411 | 474,112 | |||||
Rocky Mountain Chocolate | |||||||
Factory, Inc. | 1,260 | 5,355 | |||||
Sanderson Farms, Inc. | 3,884 | 450,117 | |||||
Seaboard Corp. | 20 | 58,676 | |||||
Seneca Foods Corp., Class A* | 1,383 | 46,759 | |||||
Tootsie Roll Industries, Inc.@ | 7,430 | 254,626 | |||||
TreeHouse Foods, Inc.* | 225 | 9,855 | |||||
7,008,793 | |||||||
Gas Utilities — 1.0% | |||||||
Chesapeake Utilities Corp. | 2,874 | 241,416 | |||||
National Fuel Gas Co. | 4,531 | 189,985 | |||||
New Jersey Resources Corp. | 16,755 | 547,051 | |||||
Northwest Natural Holding Co. | 5,404 | 301,489 | |||||
ONE Gas, Inc. | 9,334 | 719,184 | |||||
RGC Resources, Inc. | 600 | 14,502 | |||||
South Jersey Industries, Inc. | 14,522 | 362,905 | |||||
Southwest Gas Corp. | 4,554 | 314,454 | |||||
Spire, Inc. | 8,368 | 549,861 | |||||
UGI Corp. | 10,146 | 322,643 | |||||
3,563,490 | |||||||
Health Care Equipment & Supplies — 3.5% | |||||||
ABIOMED, Inc.* | 2,553 | 616,703 | |||||
Accuray, Inc.* | 14,711 | 29,863 | |||||
Angiodynamics, Inc.* | 4,628 | 47,067 | |||||
Apollo Endosurgery, Inc.* | 1,905 | 3,086 | |||||
Atrion Corp. | 322 | 205,117 | |||||
Avanos Medical, Inc.* | 6,331 | 186,068 | |||||
Cantel Medical Corp. | 5,856 | 259,011 | |||||
CONMED Corp. | 3,910 | 281,481 | |||||
CryoLife, Inc.* | 5,697 | 109,211 | |||||
Cutera, Inc.* | 1,969 | 23,963 | |||||
Dentsply Sirona, Inc. | 563 | 24,806 | |||||
Electromed, Inc.* | 2,929 | 45,077 | |||||
Fonar Corp.* | 1,982 | 42,355 | |||||
Globus Medical, Inc., Class A* | 12,552 | 598,856 | |||||
Haemonetics Corp.* | 12,126 | 1,086,005 | |||||
Heska Corp.*@ | 909 | 84,692 | |||||
Hill-Rom Holdings, Inc. | 5,319 | 583,920 | |||||
ICU Medical, Inc.* | 3,065 | 564,910 | |||||
Inogen, Inc.* | 2,668 | 94,767 | |||||
Integer Holdings Corp.* | 5,594 | 408,642 | |||||
Integra LifeSciences Holdings Corp.* | 13,029 | 612,233 |
The accompanying notes are an integral part of these portfolio of investments.
54
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Health Care Equipment & Supplies (Continued) | |||||||
IntriCon Corp.* | 1,000 | $ | 13,520 | ||||
Invacare Corp.@ | 4,558 | 29,034 | |||||
Iridex Corp.* | 671 | 1,423 | |||||
Lantheus Holdings, Inc.* | 8,245 | 117,904 | |||||
LeMaitre Vascular, Inc. | 3,866 | 102,062 | |||||
LivaNova PLC* | 5,780 | 278,191 | |||||
Masimo Corp.* | 4,143 | 944,563 | |||||
Meridian Bioscience, Inc.* | 10,411 | 242,472 | |||||
Merit Medical Systems, Inc.* | 9,348 | 426,736 | |||||
Mesa Laboratories, Inc. | 550 | 119,240 | |||||
Misonix, Inc.* | 2,200 | 29,854 | |||||
Natus Medical, Inc.* | 4,076 | 88,938 | |||||
Neogen Corp.* | 7,090 | 550,184 | |||||
Novocure Ltd.* | 7,372 | 437,160 | |||||
NuVasive, Inc.* | 9,715 | 540,737 | |||||
OraSure Technologies, Inc.* | 9,521 | 110,729 | |||||
Orthofix Medical, Inc.* | 2,339 | 74,848 | |||||
Penumbra, Inc.*@ | 2,535 | 453,309 | |||||
Quidel Corp.* | 7,203 | 1,611,599 | |||||
RTI Surgical Holdings Inc* | 15,534 | 49,398 | |||||
SeaSpine Holdings Corp.* | 2,964 | 31,033 | |||||
SurModics, Inc.* | 1,788 | 77,313 | |||||
Tandem Diabetes Care, Inc.* | 1,536 | 151,941 | |||||
Utah Medical Products, Inc. | 630 | 55,831 | |||||
Varex Imaging Corp.* | 2,200 | 33,330 | |||||
12,479,182 | |||||||
Health Care Providers & Services — 3.2% | |||||||
Acadia Healthcare Co., Inc.* | 4,406 | 110,679 | |||||
Addus HomeCare Corp.* | 1,863 | 172,439 | |||||
Amedisys, Inc.* | 7,540 | 1,496,992 | |||||
American Renal Associates | |||||||
Holdings, Inc.* | 3,424 | 22,324 | |||||
AMN Healthcare Services, Inc.* | 11,455 | 518,224 | |||||
BioTelemetry, Inc.* | 6,594 | 297,983 | |||||
Brookdale Senior Living, Inc.* | 15,683 | 46,265 | |||||
Chemed Corp. | 3,195 | 1,441,169 | |||||
Corvel Corp.* | 3,554 | 251,943 | |||||
Cross Country Healthcare, Inc.* | 7,903 | 48,682 | |||||
CynergisTek, Inc.* | 2,905 | 4,241 | |||||
DaVita, Inc.* | 10,027 | 793,537 | |||||
Digirad Corp.* | 210 | 588 | |||||
Encompass Health Corp. | 7,365 | 456,114 | |||||
Ensign Group, Inc. (The) | 10,536 | 440,932 | |||||
Enzo Biochem, Inc.* | 9,744 | 21,827 | |||||
Guardant Health, Inc.* | 5,181 | 420,335 | |||||
Henry Schein, Inc.* | 8,786 | 513,015 | |||||
LHC Group, Inc.* | 6,525 | 1,137,438 | |||||
Magellan Health, Inc.* | 2,949 | 215,218 | |||||
MEDNAX, Inc.* | 2,085 | 35,653 | |||||
Molina Healthcare, Inc.* | 3,919 | 697,504 | |||||
National Healthcare Corp. | 3,000 | 190,320 | |||||
National Research Corp. | 4,540 | 264,273 | |||||
Option Care Health, Inc.* | 2,335 | 32,410 | |||||
Owens & Minor, Inc. | 7,490 | 57,074 | |||||
Patterson Cos., Inc.@ | 6,194 | 136,268 | |||||
Pennant Group Inc. (The)* | 6,498 | 146,855 | |||||
Premier, Inc., Class A* | 1,300 | 44,564 | |||||
Providence Service Corp. (The)* | 1,567 | 123,652 | |||||
Psychemedics Corp. | 2,439 | 13,414 | |||||
RadNet, Inc.* | 9,462 | 150,162 | |||||
Select Medical Holdings Corp.* | 24,628 | 362,770 | |||||
Surgery Partners, Inc.* | 1,077 | 12,461 | |||||
Tenet Healthcare Corp.* | 16,691 | 302,274 | |||||
Triple-S Management Corp., | |||||||
Class B* | 3,473 | 66,056 | |||||
U.S. Physical Therapy, Inc. | 2,557 | 207,168 | |||||
Universal Health Services, Inc., | |||||||
Class B | 3,831 | 355,862 | |||||
11,608,685 | |||||||
Health Care Technology — 0.7% | |||||||
Allscripts Healthcare Solutions, Inc.* | 28,891 | 195,592 | |||||
Computer Programs & Systems, Inc. | 1,956 | 44,577 | |||||
Evolent Health, Inc., Class A* | 3,026 | 21,545 | |||||
HealthStream, Inc.* | 5,702 | 126,185 | |||||
HMS Holdings Corp.* | 14,126 | 457,541 | |||||
NextGen Healthcare, Inc.* | 12,327 | 135,351 | |||||
Omnicell, Inc.* | 6,877 | 485,654 | |||||
Simulations Plus, Inc. | 3,432 | 205,302 | |||||
Teladoc Health, Inc.* | 4,229 | 807,063 | |||||
2,478,810 | |||||||
Hotels, Restaurants & Leisure — 3.4% | |||||||
Aramark | 12,082 | 272,691 | |||||
BBQ Holdings, Inc.* | 2,602 | 8,522 | |||||
BBX Capital Corp. | 2,088 | 5,304 | |||||
Biglari Holdings, Inc., Class A* | 7 | 2,345 | |||||
Biglari Holdings, Inc., Class B* | 74 | 5,105 | |||||
BJ’s Restaurants, Inc. | 3,923 | 82,148 | |||||
Bloomin’ Brands, Inc. | 17,597 | 187,584 | |||||
Brinker International, Inc. | 7,784 | 186,816 | |||||
Caesars Entertainment Corp.*@ | 41,187 | 499,598 | |||||
Carrols Restaurant Group, Inc.* | 8,916 | 43,153 | |||||
Cheesecake Factory, Inc. (The)@ | 8,694 | 199,266 | |||||
Choice Hotels International, Inc. | 10,908 | 860,641 | |||||
Churchill Downs, Inc. | 4,317 | 574,809 | |||||
Chuy’s Holdings, Inc.* | 2,478 | 36,873 | |||||
Cracker Barrel Old Country | |||||||
Store, Inc. | 3,034 | 336,501 | |||||
Darden Restaurants, Inc. | 6,572 | 497,960 | |||||
Dave & Buster’s | |||||||
Entertainment, Inc.@ | 6,312 | 84,139 | |||||
Del Taco Restaurants, Inc.* | 8,344 | 49,480 | |||||
Denny’s Corp.* | 12,224 | 123,462 | |||||
DineEquity, Inc.@ | 1,127 | 47,447 | |||||
Dover Motorsports, Inc. | 4,000 | 6,200 | |||||
Dunkin’ Brands Group, Inc. | 5,619 | 366,527 | |||||
El Pollo Loco Holdings, Inc.* | 4,284 | 63,232 | |||||
Eldorado Resorts, Inc.*@ | 7,498 | 300,370 | |||||
Everi Holdings, Inc.* | 4,400 | 22,704 | |||||
Extended Stay America, Inc. | 8,000 | 89,520 | |||||
Fiesta Restaurant Group, Inc.* | 6,458 | 41,202 | |||||
Hilton Grand Vacations, Inc.* | 559 | 10,928 |
The accompanying notes are an integral part of these portfolio of investments.
55
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Hotels, Restaurants & Leisure (Continued) | |||||||
International Game | |||||||
Technology PLC@ | 969 | $ | 8,624 | ||||
Jack in the Box, Inc. | 4,634 | 343,333 | |||||
Lindblad Expeditions Holdings, Inc.* | 9,143 | 70,584 | |||||
Marriott Vacations Worldwide Corp. | 6,938 | 570,373 | |||||
Monarch Casino & Resort, Inc.* | 1,490 | 50,779 | |||||
Nathan’s Famous, Inc. | 1,394 | 78,399 | |||||
Norwegian Cruise Line | |||||||
Holdings Ltd.* | 8,584 | 141,035 | |||||
Papa John’s International, Inc. | 10,862 | 862,551 | |||||
Penn National Gaming, Inc.*@ | 11,868 | 362,449 | |||||
Planet Fitness, Inc. Class A* | 14,937 | 904,734 | |||||
Playa Hotels & Resorts NV* | 1,000 | 3,620 | |||||
Potbelly Corp.* | 6,131 | 13,979 | |||||
RCI Hospitality Holdings, Inc. | 2,209 | 30,617 | |||||
Red Lion Hotels Corp.* | 7,375 | 17,184 | |||||
Red Robin Gourmet Burgers, Inc.* | 2,379 | 24,266 | |||||
Ruth’s Hospitality Group, Inc. | 5,962 | 48,650 | |||||
Scientific Games Corp., Class A* | 900 | 13,914 | |||||
SeaWorld Entertainment, Inc.*@ | 3,757 | 55,641 | |||||
Shake Shack, Inc., Class A*@ | 2,567 | 136,000 | |||||
Six Flags Entertainment Corp. | 3,778 | 72,575 | |||||
Texas Roadhouse, Inc. | 15,862 | 833,865 | |||||
Vail Resorts, Inc. | 2,288 | 416,759 | |||||
Wendy’s Co. (The) | 45,056 | 981,320 | |||||
Wingstop, Inc. | 2,302 | 319,909 | |||||
Wyndham Destinations, Inc. | 3,425 | 96,516 | |||||
Wyndham Hotels & Resorts, Inc. | 6,210 | 264,670 | |||||
Wynn Resorts Ltd. | 6,427 | 478,747 | |||||
12,205,620 | |||||||
Household Durables — 2.6% | |||||||
Bassett Furniture Industries, Inc. | 2,600 | 19,110 | |||||
Beazer Homes USA, Inc.* | 1,643 | 16,545 | |||||
Cavco Industries, Inc.* | 1,208 | 232,963 | |||||
Century Communities, Inc.* | 4,472 | 137,111 | |||||
Ethan Allen Interiors, Inc. | 3,799 | 44,942 | |||||
Flexsteel Industries, Inc. | 1,493 | 18,857 | |||||
Green Brick Partners, Inc.* | 4,024 | 47,684 | |||||
Hamilton Beach Brands Holding Co., | |||||||
Class A | 2,000 | 23,800 | |||||
Helen of Troy Ltd.* | 5,601 | 1,056,125 | |||||
Hooker Furniture Corp. | 2,500 | 48,625 | |||||
Installed Building Products, Inc.* | 6,010 | 413,368 | |||||
iRobot Corp.* | 5,565 | 466,903 | |||||
KB Home | 16,865 | 517,418 | |||||
La-Z-Boy, Inc. | 8,399 | 227,277 | |||||
Leggett & Platt, Inc. | 9,073 | 318,916 | |||||
Lifetime Brands, Inc. | 3,200 | 21,504 | |||||
M.D.C. Holdings, Inc. | 12,404 | 442,823 | |||||
M/I Homes, Inc.* | 5,641 | 194,276 | |||||
Meritage Homes Corp.* | 10,314 | 785,102 | |||||
Mohawk Industries, Inc.* | 3,151 | 320,646 | |||||
New Home Co., Inc. (The)* | 3,433 | 11,535 | |||||
Newell Brands, Inc. | 30,430 | 483,228 | |||||
Orleans Homebuilders, Inc.@*§ | 4,953 | — | |||||
PulteGroup, Inc. | 15,583 | 530,289 | |||||
Skyline Champion Corp.* | 2,906 | 70,732 | |||||
Taylor Morrison Home Corp., | |||||||
Class A* | 13,906 | 268,247 | |||||
Tempur Sealy International, Inc.* | 6,494 | 467,243 | |||||
Toll Brothers, Inc. | 18,692 | 609,172 | |||||
TopBuild Corp.* | 4,720 | 536,994 | |||||
TRI Pointe Group, Inc.* | 17,727 | 260,410 | |||||
Universal Electronics, Inc.* | 2,258 | 105,720 | |||||
VOXX International Corp.* | 3,284 | 18,982 | |||||
Whirlpool Corp. | 3,187 | 412,812 | |||||
ZAGG, Inc.* | 6,699 | 21,035 | |||||
9,150,394 | |||||||
Household Products — 0.3% | |||||||
Central Garden & Pet Co.* | 1,647 | 59,276 | |||||
Central Garden & Pet Co., Class A* | 6,261 | 211,559 | |||||
Spectrum Brands Holdings, Inc. | 4,389 | 201,455 | |||||
WD-40 Co. | 2,614 | 518,356 | |||||
990,646 | |||||||
Independent Power Producers & Energy Traders — 0.5% | |||||||
AES Corp. (The) | 22,867 | 331,343 | |||||
Atlantica Yield plc | 1,800 | 52,380 | |||||
Clearway Energy, Inc., Class A | 6,260 | 131,272 | |||||
Clearway Energy, Inc., Class C | 11,658 | 268,833 | |||||
Ormat Technologies, Inc. | 8,775 | 557,125 | |||||
TerraForm Power, Inc., Class A | 2,936 | 54,140 | |||||
Vistra Energy Corp. | 13,094 | 243,810 | |||||
1,638,903 | |||||||
Industrial Conglomerates — 0.1% | |||||||
Carlisle Cos., Inc. | 3,012 | 360,446 | |||||
Raven Industries, Inc. | 6,554 | 140,977 | |||||
501,423 | |||||||
Insurance — 4.1% | |||||||
Alleghany Corp. | 674 | 329,680 | |||||
Ambac Financial Group, Inc.* | 6,709 | 96,073 | |||||
American Equity Investment Life | |||||||
Holding Co. | 11,817 | 291,998 | |||||
American Financial Group, Inc. | 4,116 | 261,201 | |||||
American National Insurance Co. | 1,527 | 110,051 | |||||
AMERISAFE, Inc. | 3,769 | 230,512 | |||||
Argo Group International | |||||||
Holdings Ltd. | 4,369 | 152,172 | |||||
Assurant, Inc. | 4,647 | 479,989 | |||||
Assured Guaranty Ltd. | 5,276 | 128,787 | |||||
Athene Holding Ltd., Class A* | 10,158 | 316,828 | |||||
Axis Capital Holdings Ltd. | 4,913 | 199,271 | |||||
Brighthouse Financial, Inc.* | 5,795 | 161,217 | |||||
Citizens, Inc.*@ | 10,192 | 61,050 | |||||
CNO Financial Group, Inc. | 45,733 | 712,063 | |||||
Crawford & Co., Class B | 4,945 | 34,763 | |||||
Crawford & Co., Class A | 8,228 | 64,919 | |||||
Donegal Group, Inc., Class A | 4,430 | 62,995 | |||||
eHealth, Inc.* | 4,939 | 485,207 | |||||
Employers Holdings, Inc. | 4,881 | 147,162 |
The accompanying notes are an integral part of these portfolio of investments.
56
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Insurance (Continued) | |||||||
Enstar Group Ltd.* | 1,353 | $ | 206,698 | ||||
Erie Indemnity Co., Class A | 1,297 | 248,894 | |||||
Everest Re Group Ltd. | 1,666 | 343,529 | |||||
FBL Financial Group, Inc., Class A | 3,610 | 129,563 | |||||
FedNat Holding Co. | 3,068 | 33,963 | |||||
Fidelity National Financial, Inc. | 14,619 | 448,219 | |||||
First American Financial Corp. | 8,052 | 386,657 | |||||
Genworth Financial, Inc., Class A* | 14,918 | 34,461 | |||||
Global Indemnity Ltd. | 2,287 | 54,751 | |||||
Globe Life, Inc. | 5,598 | 415,540 | |||||
Greenlight Capital Re Ltd., | |||||||
Class A*@ | 5,944 | 38,755 | |||||
Hallmark Financial Services, Inc.* | 4,500 | 15,705 | |||||
Hanover Insurance Group, Inc. (The) | 2,430 | 246,232 | |||||
HCI Group, Inc. | 1,239 | 57,217 | |||||
Heritage Insurance Holdings, Inc. | 3,869 | 50,645 | |||||
Horace Mann Educators Corp. | 7,120 | 261,518 | |||||
Independence Holding Co. | 2,460 | 75,251 | |||||
Investors Title Co. | 393 | 47,679 | |||||
James River Group Holdings Ltd. | 829 | 37,305 | |||||
Kemper Corp. | 14,882 | 1,079,243 | |||||
Kingstone Cos, Inc. | 2,759 | 12,195 | |||||
Kinsale Capital Group, Inc. | 400 | 62,084 | |||||
Lincoln National Corp. | 8,015 | 294,872 | |||||
Loews Corp. | 2,300 | 78,867 | |||||
Maiden Holdings Ltd.* | 18,753 | 23,254 | |||||
MBIA, Inc.* | 29,495 | 213,839 | |||||
Mercury General Corp. | 9,400 | 383,050 | |||||
National General Holdings Corp. | 17,357 | 375,085 | |||||
Old Republic International Corp. | 23,032 | 375,652 | |||||
Primerica, Inc. | 8,809 | 1,027,129 | |||||
ProAssurance Corp. | 7,119 | 103,012 | |||||
Protective Insurance Corp., Class B | 1,818 | 27,397 | |||||
Reinsurance Group of America, Inc. | 2,571 | 201,669 | |||||
RenaissanceRe Holdings Ltd. | 3,281 | 561,149 | |||||
RLI Corp. | 6,736 | 553,026 | |||||
Safety Insurance Group, Inc. | 2,958 | 225,577 | |||||
Selective Insurance Group, Inc. | 9,456 | 498,709 | |||||
State Auto Financial Corp. | 8,100 | 144,585 | |||||
Stewart Information Services Corp. | 4,518 | 146,880 | |||||
Third Point Reinsurance Ltd.* | 655 | 4,919 | |||||
Unico American Corp.* | 1,700 | 8,933 | |||||
United Fire Group, Inc. | 4,787 | 132,648 | |||||
United Insurance Holdings Corp. | 6,868 | 53,708 | |||||
Universal Insurance Holdings, Inc. | 5,965 | 105,879 | |||||
Unum Group | 16,633 | 275,941 | |||||
W. R. Berkley Corp. | 653 | 37,410 | |||||
White Mountains Insurance | |||||||
Group Ltd. | 28 | 24,863 | |||||
14,490,095 | |||||||
Interactive Media & Services — 0.4% | |||||||
ANGI Homeservices, Inc., | |||||||
Class A*@ | 2,836 | 34,457 | |||||
Cargurus, Inc.* | 2,133 | 54,072 | |||||
DHI Group, Inc.* | 8,881 | 18,650 | |||||
Liberty TripAdvisor Holdings, Inc., | |||||||
Class A* | 3,488 | 7,429 | |||||
Meet Group, Inc. (The)* | 17,611 | 109,893 | |||||
QuinStreet, Inc.* | 5,714 | 59,768 | |||||
Travelzoo, Inc.* | 2,482 | 13,999 | |||||
TripAdvisor, Inc. | 8,308 | 157,935 | |||||
Yelp, Inc.* | 812 | 18,782 | |||||
Zedge, Inc., Class B* | 2,411 | 3,568 | |||||
Zillow Group, Inc., Class A* | 4,757 | 273,432 | |||||
Zillow Group, Inc., Class C*@ | 9,300 | 535,773 | |||||
1,287,758 | |||||||
Internet & Catalog Retail — 0.8% | |||||||
1-800-Flowers.com, Inc., Class A* | 8,747 | 175,115 | |||||
Etsy, Inc.* | 9,627 | 1,022,676 | |||||
Groupon, Inc.*@ | 425 | 7,701 | |||||
GrubHub, Inc.* | 6,667 | 468,690 | |||||
Liquidity Services, Inc.* | 4,207 | 25,074 | |||||
PetMed Express, Inc. | 6,065 | 216,157 | |||||
Qurate Retail, Inc., Series A* | 12,485 | 118,607 | |||||
Rubicon Project, Inc. (The)*@ | 6,096 | 40,660 | |||||
Shutterstock, Inc. | 4,226 | 147,783 | |||||
Stamps.com, Inc.* | 2,543 | 467,124 | |||||
Wayfair, Inc., Class A*@ | 308 | 60,864 | |||||
2,750,451 | |||||||
IT Services — 2.3% | |||||||
Alithya Group, Inc., Class A* | 2,741 | 4,742 | |||||
Alliance Data Systems Corp. | 2,520 | 113,702 | |||||
Amdocs Ltd. | 2,300 | 140,024 | |||||
Booz Allen Hamilton Holding Corp. | 1,166 | 90,703 | |||||
CACI International, Inc., Class A* | 5,262 | 1,141,223 | |||||
Cardtronics plc, Class A* | 5,567 | 133,497 | |||||
Cass Information Systems, Inc. | 2,542 | 99,214 | |||||
Computer Task Group, Inc.* | 4,027 | 16,229 | |||||
Conduent, Inc.* | 3,934 | 9,402 | |||||
CSG Systems International, Inc. | 6,722 | 278,224 | |||||
DXC Technology Co. | 2,666 | 43,989 | |||||
Endurance International Group | |||||||
Holdings, Inc.* | 1,300 | 5,239 | |||||
Euronet Worldwide, Inc.* | 2,647 | 253,636 | |||||
ExlService Holdings, Inc.* | 6,315 | 400,371 | |||||
Genpact Ltd. | 14,441 | 527,385 | |||||
GTT Communications, Inc.* | 7,000 | 57,120 | |||||
Hackett Group, Inc. (The) | 5,445 | 73,725 | |||||
KBR, Inc. | 23,051 | 519,800 | |||||
Limelight Networks, Inc.* | 26,116 | 192,214 | |||||
Liveramp Holdings, Inc.* | 10,471 | 444,703 | |||||
ManTech International Corp., Class A, | |||||||
Class A | 4,762 | 326,149 | |||||
Maximus, Inc. | 3,256 | 229,385 | |||||
MoneyGram International, Inc.*@ | 131 | 421 | |||||
MongoDB, Inc.*@ | 2,881 | 652,086 | |||||
NIC, Inc. | 14,552 | 334,114 | |||||
Perficient, Inc.* | 6,104 | 218,401 | |||||
Perspecta, Inc. | 4,329 | 100,563 | |||||
PFSweb, Inc.* | 6,940 | 46,359 | |||||
PRGX Global, Inc.* | 4,649 | 21,850 |
The accompanying notes are an integral part of these portfolio of investments.
57
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
IT Services (Continued) | |||||||
Sabre Corp. | 19,391 | $ | 156,292 | ||||
Science Applications | |||||||
International Corp. | 2,899 | 225,194 | |||||
ServiceSource International, Inc.* | 10,651 | 16,829 | |||||
SYKES Enterprises, Inc.* | 8,532 | 235,995 | |||||
TTEC Holdings, Inc. | 10,800 | 502,848 | |||||
Virtusa Corp.* | 5,735 | 186,215 | |||||
WEX, Inc.* | 1,686 | 278,207 | |||||
8,076,050 | |||||||
Leisure Equipment & Products — 0.5% | |||||||
Brunswick Corp. | 4,070 | 260,521 | |||||
Callaway Golf Co. | 11,753 | 205,795 | |||||
Clarus Corp. | 1,904 | 22,048 | |||||
Escalade, Inc. | 1,950 | 27,222 | |||||
Johnson Outdoors, Inc., Class A | 1,000 | 91,020 | |||||
Malibu Boats, Inc., Class A* | 4,144 | 215,281 | |||||
Marine Products Corp. | 4,652 | 64,430 | |||||
MasterCraft Boat Holdings, Inc.* | 2,852 | 54,331 | |||||
Mattel, Inc.*@ | 16,916 | 163,578 | |||||
Nautilus, Inc.* | 7,268 | 67,374 | |||||
Polaris Industries, Inc. | 3,878 | 358,909 | |||||
Smith & Wesson Brands, Inc.* | 11,555 | 248,663 | |||||
Vista Outdoor, Inc.* | 4,965 | 71,744 | |||||
1,850,916 | |||||||
Life Sciences Tools & Services — 1.1% | |||||||
Bio-Techne Corp. | 2,944 | 777,422 | |||||
Bruker Corp. | 11,119 | 452,321 | |||||
Charles River Laboratories | |||||||
International, Inc.* | 3,705 | 645,967 | |||||
Harvard Bioscience, Inc.* | 10,123 | 31,381 | |||||
Luminex Corp. | 7,496 | 243,845 | |||||
NeoGenomics, Inc.* | 4,184 | 129,620 | |||||
PRA Health Sciences, Inc.* | 4,966 | 483,142 | |||||
Repligen Corp.* | 5,344 | 660,572 | |||||
Syneos Health, Inc.* | 7,267 | 423,303 | |||||
3,847,573 | |||||||
Machinery — 4.9% | |||||||
AGCO Corp. | 5,254 | 291,387 | |||||
Alamo Group, Inc. | 2,414 | 247,773 | |||||
Albany International Corp., Class A | 5,824 | 341,927 | |||||
Allison Transmission Holdings, Inc. | 8,374 | 307,996 | |||||
Altra Industrial Motion Corp. | 3,020 | 96,217 | |||||
Astec Industries, Inc. | 3,763 | 174,265 | |||||
Barnes Group, Inc. | 10,114 | 400,110 | |||||
Blue Bird Corp.* | 2,584 | 38,734 | |||||
Briggs & Stratton Corp.@ | 9,985 | 13,080 | |||||
Chart Industries, Inc.* | 4,731 | 229,406 | |||||
CIRCOR International, Inc.* | 2,600 | 66,248 | |||||
Columbus McKinnon Corp. | 4,421 | 147,882 | |||||
Commercial Vehicle Group, Inc.* | 3,758 | 10,861 | |||||
Crane Co. | 3,500 | 208,110 | |||||
Donaldson Co., Inc. | 9,298 | 432,543 | |||||
Douglas Dynamics, Inc. | 4,736 | 166,328 | |||||
Eastern Co. (The) | 1,272 | 22,731 | |||||
Enerpac Tool Group Corp. | 12,314 | 216,726 | |||||
EnPro Industries, Inc. | 2,882 | 142,054 | |||||
ESCO Technologies, Inc. | 3,251 | 274,807 | |||||
Federal Signal Corp. | 12,784 | 380,068 | |||||
Flowserve Corp. | 9,994 | 285,029 | |||||
Franklin Electric Co., Inc. | 9,295 | 488,173 | |||||
Gorman-Rupp Co. (The) | 5,655 | 175,757 | |||||
Graco, Inc. | 12,071 | 579,287 | |||||
Graham Corp. | 1,759 | 22,410 | |||||
Greenbrier Cos., Inc. (The) | 6,690 | 152,198 | |||||
Helios Technologies, Inc. | 5,762 | 214,635 | |||||
Hurco Cos., Inc. | 1,000 | 27,970 | |||||
Hyster-Yale Materials Handling, Inc. | 2,000 | 77,320 | |||||
ITT, Inc. | 5,814 | 341,514 | |||||
John Bean Technologies Corp. | 6,469 | 556,463 | |||||
Kadant, Inc. | 2,216 | 220,847 | |||||
Kennametal, Inc. | 14,622 | 419,798 | |||||
LB Foster Co., Class A* | 2,165 | 27,647 | |||||
Lincoln Electric Holdings, Inc. | 3,730 | 314,215 | |||||
Lindsay Corp. | 1,917 | 176,767 | |||||
Lydall, Inc.* | 3,767 | 51,081 | |||||
Manitex International, Inc.* | 1,300 | 6,461 | |||||
Manitowoc Co., Inc. (The)* | 3,607 | 39,244 | |||||
Meritor, Inc.* | 14,579 | 288,664 | |||||
Middleby Corp.* | 4,593 | 362,571 | |||||
Miller Industries, Inc. | 2,054 | 61,148 | |||||
Mueller Industries, Inc. | 10,675 | 283,742 | |||||
Mueller Water Products, Inc., | |||||||
Class A | 31,902 | 300,836 | |||||
Navistar International Corp.* | 6,372 | 179,690 | |||||
NN, Inc. | 6,764 | 32,061 | |||||
Nordson Corp. | 3,371 | 639,512 | |||||
Omega Flex, Inc. | 1,525 | 161,345 | |||||
Oshkosh Corp. | 4,679 | 335,110 | |||||
Park-Ohio Holdings Corp. | 2,956 | 49,040 | |||||
Pentair PLC | 12,478 | 474,039 | |||||
Perma-Pipe International | |||||||
Holdings, Inc.* | 1,900 | 10,678 | |||||
Proto Labs, Inc.* | 5,322 | 598,565 | |||||
RBC Bearings, Inc.* | 5,044 | 676,098 | |||||
Rexnord Corp. | 20,662 | 602,297 | |||||
Shyft Group, Inc. (The) | 7,102 | 119,598 | |||||
Snap-On, Inc. | 1,600 | 221,616 | |||||
SPX Corp.* | 6,967 | 286,692 | |||||
SPX FLOW, Inc.* | 4,940 | 184,954 | |||||
Standex International Corp. | 2,545 | 146,465 | |||||
Tennant Co. | 3,621 | 235,401 | |||||
Terex Corp. | 11,454 | 214,992 | |||||
Timken Co. (The) | 11,431 | 519,996 | |||||
Titan International, Inc. | 16,288 | 23,781 | |||||
Toro Co. (The) | 8,408 | 557,787 | |||||
Trimas Corp.* | 8,514 | 203,910 | |||||
Trinity Industries, Inc. | 5,561 | 118,394 | |||||
Wabash National Corp. | 10,633 | 112,922 | |||||
Watts Water Technologies, Inc., | |||||||
Class A | 6,032 | 488,592 | |||||
Welbilt, Inc.* | 28,893 | 175,958 | |||||
Woodward, Inc. | 4,897 | 379,762 | |||||
17,432,285 |
The accompanying notes are an integral part of these portfolio of investments.
58
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Marine — 0.2% | |||||||
Costamare, Inc. | 5,728 | $ | 31,848 | ||||
Eagle Bulk Shipping, Inc.* | 3,052 | 6,684 | |||||
Kirby Corp.* | 4,949 | 265,068 | |||||
Matson, Inc. | 8,420 | 245,022 | |||||
Scorpio Bulkers, Inc.@ | 420 | 6,426 | |||||
555,048 | |||||||
Media — 1.3% | |||||||
AH Belo Corp., Class A | 3,878 | 6,709 | |||||
AMC Networks, Inc., Class A* | 4,654 | 108,857 | |||||
Beasley Broadcast Group, Inc., | |||||||
Class A | 1,657 | 4,026 | |||||
Cable One, Inc. | 431 | 764,960 | |||||
Central European Media Enterprises | |||||||
Ltd., Class A* | 4,512 | 15,972 | |||||
Clear Channel Outdoor Holdings* | 3,398 | 3,534 | |||||
Entravision Communications Corp., | |||||||
Class A | 12,528 | 17,915 | |||||
EW Scripps Co. (The), Class A | 8,014 | 70,122 | |||||
Gannett Co., Inc.@ | 15,545 | 21,452 | |||||
Gray Television, Inc.* | 15,960 | 222,642 | |||||
Hemisphere Media Group, Inc.* | 2,950 | 28,998 | |||||
Interpublic Group of Cos., Inc. (The) | 14,814 | 254,208 | |||||
John Wiley & Sons, Inc., Class A | 10,578 | 412,542 | |||||
Meredith Corp.@ | 8,002 | 116,429 | |||||
MSG Networks, Inc., Class A*@ | 10,668 | 106,147 | |||||
National CineMedia, Inc. | 9,576 | 28,441 | |||||
New York Times Co. (The), Class A | 32,019 | 1,345,759 | |||||
News Corp., Class A | 28,653 | 339,825 | |||||
News Corp., Class B | 12,850 | 153,557 | |||||
Nexstar Media Group, Inc., | |||||||
Class A@ | 4,746 | 397,193 | |||||
Saga Communications, Inc., | |||||||
Class A | 1,116 | 28,570 | |||||
Scholastic Corp. | 3,986 | 119,341 | |||||
TechTarget, Inc.* | 4,551 | 136,667 | |||||
Tribune Publishing Co. | 4,438 | 44,336 | |||||
4,748,202 | |||||||
Metals & Mining — 1.4% | |||||||
Alcoa Corp.* | 21,882 | 245,954 | |||||
Allegheny Technologies, Inc.* | 21,731 | 221,439 | |||||
Ampco-Pittsburgh Corp.* | 1,498 | 4,599 | |||||
Carpenter Technology Corp. | 9,739 | 236,463 | |||||
Century Aluminum Co.* | 10,675 | 76,113 | |||||
Cleveland-Cliffs, Inc.@ | 36,942 | 203,920 | |||||
Coeur Mining, Inc.* | 19,749 | 100,325 | |||||
Commercial Metals Co. | 24,392 | 497,597 | |||||
Compass Minerals | |||||||
International, Inc. | 6,276 | 305,955 | |||||
Ferroglobe Representation & Warranty | |||||||
Insurance Trust*§~ | 24,025 | — | |||||
Friedman Industries, Inc. | 700 | 3,535 | |||||
Gold Resource Corp. | 16,351 | 67,203 | |||||
Haynes International, Inc. | 1,520 | 35,507 | |||||
Hecla Mining Co. | 34,978 | 114,378 | |||||
Kaiser Aluminum Corp. | 4,533 | 333,719 | |||||
Materion Corp. | 2,627 | 161,534 | |||||
McEwen Mining, Inc.*@ | 21,736 | 21,953 | |||||
Olympic Steel, Inc. | 1,900 | 22,325 | |||||
Reliance Steel & Aluminum Co. | 8,480 | 805,006 | |||||
Royal Gold, Inc. | 4,971 | 617,995 | |||||
Ryerson Holding Corp.* | 6,828 | 38,442 | |||||
Schnitzer Steel Industries, Inc., | |||||||
Class A | 3,716 | 65,550 | |||||
Steel Dynamics, Inc. | 16,505 | 430,615 | |||||
SunCoke Energy, Inc. | 14,843 | 43,935 | |||||
TimkenSteel Corp.* | 9,217 | 35,854 | |||||
United States Steel Corp. | 13,108 | 94,640 | |||||
Universal Stainless & Alloy | |||||||
Products, Inc.* | 1,092 | 9,391 | |||||
Worthington Industries, Inc. | 7,129 | 265,912 | |||||
5,059,859 | |||||||
Multi-Utilities — 0.7% | |||||||
Avista Corp. | 11,136 | 405,239 | |||||
Black Hills Corp. | 10,799 | 611,871 | |||||
Centerpoint Energy, Inc. | 28,302 | 528,398 | |||||
MDU Resources Group, Inc. | 12,786 | 283,594 | |||||
NiSource, Inc. | 5,883 | 133,779 | |||||
NorthWestern Corp. | 10,388 | 566,354 | |||||
Unitil Corp. | 3,202 | 143,514 | |||||
2,672,749 | |||||||
Multiline Retail — 0.4% | |||||||
Big Lots, Inc. | 8,437 | 354,354 | |||||
Dillard’s, Inc., Class A@ | 1,249 | 32,212 | |||||
Kohl’s Corp. | 12,490 | 259,417 | |||||
Macy’s, Inc.@ | 22,038 | 151,621 | |||||
Nordstrom, Inc.@ | 7,155 | 110,831 | |||||
Ollie’s Bargain Outlet Holdings, Inc.* | 4,252 | 415,208 | |||||
1,323,643 | |||||||
Oil, Gas & Consumable Fuels — 1.6% | |||||||
Adams Resources & Energy, Inc. | 900 | 24,093 | |||||
Apache Corp. | 11,482 | 155,007 | |||||
Arch Resources, Inc.@ | 3,080 | 87,503 | |||||
Ardmore Shipping Corp. | 1,612 | 6,996 | |||||
Bonanza Creek Energy, Inc.* | 1,752 | 25,965 | |||||
Cabot Oil & Gas Corp. | 23,549 | 404,572 | |||||
California Resources Corp.*@ | 1,945 | 2,373 | |||||
Cimarex Energy Co. | 7,087 | 194,822 | |||||
Clean Energy Fuels Corp.* | 22,203 | 49,291 | |||||
CNX Resources Corp.* | 19,013 | 164,462 | |||||
CONSOL Energy, Inc.* | 2,376 | 12,046 | |||||
Contango Oil & Gas Co.* | 3,109 | 7,120 | |||||
Continental Resources, Inc. | 827 | 14,497 | |||||
CVR Energy, Inc. | 3,184 | 64,030 | |||||
Delek US Holdings, Inc. | 13,065 | 227,462 | |||||
Denbury Resources, Inc.* | 32,490 | 8,970 | |||||
DHT Holdings, Inc. | 19,547 | 100,276 | |||||
Diamondback Energy, Inc. | 963 | 40,273 | |||||
Dorian LPG Ltd.* | 6,203 | 48,011 | |||||
Earthstone Energy, Inc. Class A*@ | 3,602 | 10,230 | |||||
EnLink Midstream LLC@* | 26,027 | 63,506 |
The accompanying notes are an integral part of these portfolio of investments.
59
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Oil, Gas & Consumable Fuels (Continued) | |||||||
EQT Corp. | 14,074 | $ | 167,481 | ||||
Equitrans Midstream Corp. | 4,100 | 34,071 | |||||
Evolution Petroleum Corp. | 8,084 | 22,635 | |||||
GasLog Ltd. | 10,419 | 29,277 | |||||
Goodrich Petroleum Corp.* | 401 | 2,887 | |||||
Green Plains, Inc. | 6,397 | 65,345 | |||||
Gulfport Energy Corp.*@ | 12,179 | 13,275 | |||||
HollyFrontier Corp. | 10,890 | 317,988 | |||||
International Seaways, Inc. | 4,383 | 71,618 | |||||
Kosmos Energy Ltd. | 63,708 | 105,755 | |||||
Marathon Oil Corp. | 22,346 | 136,757 | |||||
Matador Resources Co.* | 18,366 | 156,111 | |||||
Montage Resources Corp.* | 635 | 2,508 | |||||
Murphy Oil Corp.@ | 20,866 | 287,951 | |||||
NACCO Industries, Inc., Class A | 1,000 | 23,300 | |||||
Overseas Shipholding Group, Inc., | |||||||
Class A* | 11,837 | 22,017 | |||||
Panhandle Oil & Gas, Inc., Class A | 3,577 | 9,586 | |||||
Par Pacific Holdings, Inc.* | 4,135 | 37,174 | |||||
Parsley Energy, Inc., Class A | 37,235 | 397,670 | |||||
PBF Energy, Inc., Class A | 22,253 | 227,871 | |||||
PDC Energy, Inc.* | 19,140 | 238,102 | |||||
Peabody Energy Corp. | 15,042 | 43,321 | |||||
Penn Virginia Corp.* | 1,880 | 17,916 | |||||
Range Resources Corp. | 9,528 | 53,643 | |||||
Renewable Energy Group, Inc.* | 8,526 | 211,274 | |||||
Rex American Resources Corp.* | 788 | 54,664 | |||||
Ring Energy, Inc.* | 11,864 | 13,762 | |||||
Scorpio Tankers, Inc. | 4,277 | 54,788 | |||||
SFL Corp. Ltd. | 14,559 | 135,253 | |||||
SilverBow Resources, Inc.* | 1,024 | 3,287 | |||||
Southwestern Energy Co.* | 85,859 | 219,799 | |||||
Talos Energy, Inc.* | 4,465 | 41,078 | |||||
Targa Resources Corp. | 10,817 | 217,097 | |||||
Teekay Corp.* | 5,035 | 12,084 | |||||
W&T Offshore, Inc.*@ | 31,492 | 71,802 | |||||
World Fuel Services Corp. | 6,251 | 161,026 | |||||
WPX Energy, Inc.* | 37,576 | 239,735 | |||||
5,631,413 | |||||||
Paper & Forest Products — 0.5% | |||||||
Boise Cascade Co. | 8,316 | 312,765 | |||||
Clearwater Paper Corp.* | 3,870 | 139,823 | |||||
Domtar Corp. | 10,816 | 228,326 | |||||
Louisiana-Pacific Corp. | 15,920 | 408,348 | |||||
Mercer International, Inc. | 12,142 | 99,079 | |||||
Neenah Paper, Inc. | 3,300 | 163,218 | |||||
P. H. Glatfelter Co. | 8,848 | 142,010 | |||||
Resolute Forest Products, Inc.* | 8,572 | 18,087 | |||||
Schweitzer-Mauduit | |||||||
International, Inc. | 6,610 | 220,840 | |||||
Verso Corp. Class A | 5,404 | 64,632 | |||||
1,797,128 | |||||||
Personal Products — 0.6% | |||||||
Coty, Inc., Class A | 49,522 | 221,363 | |||||
Edgewell Personal Care Co.* | 5,042 | 157,109 | |||||
Herbalife Nutriation Ltd.* | 10,721 | 482,231 | |||||
Inter Parfums, Inc. | 5,184 | 249,610 | |||||
Medifast, Inc.@ | 2,306 | 320,004 | |||||
Natural Alternatives | |||||||
International, Inc.* | 1,000 | 6,880 | |||||
Natural Health Trends Corp. | 1,100 | 6,270 | |||||
Natures Sunshine Products, Inc.* | 1,700 | 15,317 | |||||
Nu Skin Enterprises, Inc., Class A | 8,973 | 343,038 | |||||
United-Guardian, Inc. | 600 | 8,869 | |||||
USANA Health Sciences, Inc.* | 4,094 | 300,622 | |||||
2,111,313 | |||||||
Pharmaceuticals — 1.2% | |||||||
AMAG Pharmaceuticals, Inc.* | 2,638 | 20,181 | |||||
Amphastar Pharmaceuticals, Inc.* | 6,170 | 138,578 | |||||
ANI Pharmaceuticals, Inc.* | 2,328 | 75,287 | |||||
Catalent, Inc.* | 9,068 | 664,684 | |||||
Corcept Therapeutics, Inc.* | 6,100 | 102,602 | |||||
Cumberland Pharmaceuticals, Inc.* | 5,912 | 19,687 | |||||
Elanco Animal Health, Inc.* | 14,773 | 316,881 | |||||
Endo International PLC* | 13,442 | 46,106 | |||||
Horizon Therapeutics PLC* | 10,834 | 602,154 | |||||
Innoviva, Inc.* | 9,199 | 128,602 | |||||
Intra-Cellular Therapies, Inc.* | 3,760 | 96,519 | |||||
Jazz Pharmaceuticals PLC* | 4,540 | 500,944 | |||||
Lannett Co., Inc.*@ | 4,608 | 33,454 | |||||
Mallinckrodt PLC*@ | 7,995 | 21,427 | |||||
Otonomy, Inc.* | 6,289 | 22,766 | |||||
Perrigo Co. PLC | 15,181 | 839,054 | |||||
Phibro Animal Health Corp., Class A | 3,593 | 94,388 | |||||
Prestige Consumer Healthcare Inc* | 8,116 | 304,837 | |||||
Supernus Pharmaceuticals, Inc.* | 9,800 | 232,750 | |||||
Taro Pharmaceutical Industries Ltd.* | 250 | 16,622 | |||||
Zogenix, Inc.* | 2,380 | 64,284 | |||||
Zynerba Pharmaceuticals, Inc.* | 1,626 | 5,480 | |||||
4,347,287 | |||||||
Professional Services — 2.0% | |||||||
Acacia Research Corp.* | 7,978 | 32,630 | |||||
ASGN, Inc.* | 10,462 | 697,606 | |||||
Barrett Business Services, Inc. | 1,622 | 86,177 | |||||
CBIZ, Inc.* | 6,994 | 167,646 | |||||
CoreLogic, Inc. | 4,731 | 318,018 | |||||
CRA International, Inc. | 1,646 | 65,017 | |||||
Exponent, Inc. | 11,502 | 930,857 | |||||
Forrester Research, Inc.* | 2,660 | 85,226 | |||||
Franklin Covey Co.* | 2,254 | 48,236 | |||||
FTI Consulting, Inc.* | 9,657 | 1,106,209 | |||||
GP Strategies Corp.* | 4,107 | 35,238 | |||||
Heidrick & Struggles | |||||||
International, Inc. | 4,281 | 92,555 | |||||
Hill International, Inc.* | 10,450 | 15,884 | |||||
Huron Consulting Group, Inc.* | 2,993 | 132,440 | |||||
ICF International, Inc. | 2,528 | 163,890 | |||||
Innerworkings, Inc.* | 11,271 | 14,878 |
The accompanying notes are an integral part of these portfolio of investments.
60
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Professional Services (Continued) | |||||||
Insperity, Inc. | 8,294 | $ | 536,871 | ||||
Kelly Services, Inc., Class A | 6,170 | 97,579 | |||||
Kforce, Inc. | 4,511 | 131,947 | |||||
Korn Ferry | 10,230 | 314,368 | |||||
Manpowergroup, Inc. | 3,981 | 273,694 | |||||
Mastech Digital, Inc.* | 2,122 | 55,023 | |||||
Mistras Group, Inc.* | 6,212 | 24,537 | |||||
Nielsen Holdings PLC | 26,133 | 388,336 | |||||
RCM Technologies, Inc.* | 2,995 | 4,013 | |||||
Resources Connection, Inc. | 7,377 | 88,303 | |||||
Robert Half International, Inc. | 9,008 | 475,893 | |||||
TriNet Group, Inc.* | 13,099 | 798,253 | |||||
TrueBlue, Inc.* | 5,626 | 85,909 | |||||
7,267,233 | |||||||
Real Estate Management & Development — 0.5% | |||||||
Altisource Portfolio Solutions SA* | 4,534 | 66,831 | |||||
CTO Realty Growth, Inc. | 1,010 | 39,895 | |||||
Forestar Group, Inc.* | 1,150 | 17,342 | |||||
Griffin Industrial Realty, Inc. | 420 | 22,751 | |||||
Howard Hughes Corp. (The)* | 2,754 | 143,070 | |||||
Jones Lang LaSalle, Inc. | 4,395 | 454,707 | |||||
Kennedy-Wilson Holdings, Inc. | 17,348 | 264,037 | |||||
Marcus & Millichap, Inc.* | 7,383 | 213,073 | |||||
Maui Land & Pineapple Co., Inc.* | 3,255 | 36,130 | |||||
Newmark Group, Inc., Class A | 27,250 | 132,435 | |||||
Rafael Holdings, Inc., Class B* | 3,410 | 49,002 | |||||
RE/MAX Holdings, Inc., Class A | 3,519 | 110,602 | |||||
Realogy Holdings Corp.@ | 5,347 | 39,621 | |||||
RMR Group, Inc. (The), Class A | 1,159 | 34,156 | |||||
St. Joe Co. (The)* | 3,249 | 63,096 | |||||
Stratus Properties, Inc.* | 313 | 6,201 | |||||
Tejon Ranch Co.* | 5,317 | 76,565 | |||||
1,769,514 | |||||||
Road & Rail — 1.1% | |||||||
AMERCO | 1,383 | 417,929 | |||||
ArcBest Corp. | 5,050 | 133,876 | |||||
Avis Budget Group, Inc.* | 14,120 | 323,207 | |||||
Covenant Transportation Group, Inc., | |||||||
Class A* | 3,731 | 53,838 | |||||
Heartland Express, Inc. | 16,521 | 343,967 | |||||
Knight-Swift Transportation | |||||||
Holdings, Inc.@ | 11,850 | 494,263 | |||||
Landstar System, Inc. | 3,248 | 364,783 | |||||
Marten Transport Ltd. | 11,619 | 292,334 | |||||
P.A.M. Transportation Services, Inc.* | 1,523 | 46,832 | |||||
Saia, Inc.* | 5,234 | 581,916 | |||||
Schneider National, Inc., Class B | 1,500 | 37,005 | |||||
Universal Truckload Services, Inc. | 3,300 | 57,354 | |||||
USA Truck, Inc.* | 2,154 | 16,694 | |||||
Werner Enterprises, Inc. | 13,955 | 607,461 | |||||
YRC Worldwide, Inc.* | 11,286 | 20,879 | |||||
3,792,338 | |||||||
Semiconductors & Semiconductor Equipment — 4.6% | |||||||
Advanced Energy Industries, Inc.* | 4,984 | 337,865 | |||||
Alpha & Omega | |||||||
Semiconductor Ltd.* | 3,966 | 43,150 | |||||
Ambarella, Inc.* | 1,829 | 83,768 | |||||
Amkor Technology, Inc.* | 48,825 | 601,036 | |||||
Amtech Systems, Inc.* | 2,822 | 13,743 | |||||
Axcelis Technologies, Inc.* | 5,302 | 147,661 | |||||
AXT, Inc.* | 10,752 | 51,180 | |||||
Brooks Automation, Inc. | 11,693 | 517,298 | |||||
Cabot Microelectronics Corp. | 6,595 | 920,266 | |||||
Ceva, Inc.* | 3,507 | 131,232 | |||||
Cirrus Logic, Inc.* | 7,387 | 456,369 | |||||
Cohu, Inc. | 6,473 | 112,242 | |||||
Cree, Inc.* | 17,703 | 1,047,841 | |||||
Cyberoptics Corp.* | 2,334 | 75,178 | |||||
Diodes, Inc.* | 10,097 | 511,918 | |||||
DSP Group, Inc.* | 3,919 | 62,234 | |||||
Enphase Energy, Inc.* | 5,015 | 238,564 | |||||
Entegris, Inc. | 27,952 | 1,650,566 | |||||
First Solar, Inc.*@ | 13,324 | 659,538 | |||||
FormFactor, Inc.* | 11,814 | 346,505 | |||||
GSI Technology, Inc.* | 6,914 | 49,643 | |||||
Impinj, Inc.* | 1,813 | 49,803 | |||||
Inphi Corp.* | 685 | 80,487 | |||||
Kulicke & Soffa Industries, Inc. | 9,513 | 198,156 | |||||
Lattice Semiconductor Corp.* | 28,018 | 795,431 | |||||
MACOM Technology Solutions | |||||||
Holdings, Inc., Class H*@ | 447 | 15,354 | |||||
Magnachip Semiconductor Corp.* | 4,588 | 47,256 | |||||
MaxLinear, Inc.* | 8,742 | 187,603 | |||||
MKS Instruments, Inc. | 9,485 | 1,074,081 | |||||
Monolithic Power Systems, Inc. | 2,989 | 708,393 | |||||
NeoPhotonics Corp.* | 5,402 | 47,970 | |||||
NVE Corp. | 837 | 51,752 | |||||
ON Semiconductor Corp.* | 18,138 | 359,495 | |||||
Onto Innovation, Inc.* | 10,345 | 352,144 | |||||
PDF Solutions, Inc.* | 5,438 | 106,367 | |||||
Photronics, Inc.* | 11,244 | 125,146 | |||||
Pixelworks, Inc.* | 6,964 | 22,494 | |||||
Power Integrations, Inc. | 6,728 | 794,779 | |||||
Rambus, Inc.* | 22,389 | 340,313 | |||||
Semtech Corp.* | 9,599 | 501,260 | |||||
Silicon Laboratories, Inc.* | 6,363 | 638,018 | |||||
SolarEdge Technologies, Inc.* | 1,953 | 271,037 | |||||
Synaptics, Inc.* | 5,996 | 360,479 | |||||
Teradyne, Inc. | 8,189 | 692,052 | |||||
Ultra Clean Holdings, Inc.* | 5,781 | 130,824 | |||||
Universal Display Corp. | 3,170 | 474,295 | |||||
Veeco Instruments, Inc.* | 6,421 | 86,619 | |||||
16,569,405 | |||||||
Software — 4.7% | |||||||
ACI Worldwide, Inc.* | 20,657 | 557,532 | |||||
Agilysys, Inc.* | 3,226 | 57,874 | |||||
Alteryx, Inc., Class A*@ | 3,151 | 517,646 | |||||
American Software, Inc., Class A | 6,398 | 100,832 |
The accompanying notes are an integral part of these portfolio of investments.
61
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Software (Continued) | |||||||
Anaplan, Inc.* | 6,144 | $ | 278,385 | ||||
Appfolio, Inc., Class A* | 4,264 | 693,795 | |||||
Aspen Technology, Inc.* | 5,207 | 539,497 | |||||
Asure Software, Inc.* | 4,622 | 29,719 | |||||
Avalara, Inc.* | 5,536 | 736,786 | |||||
Aware, Inc.* | 4,900 | 16,072 | |||||
Blackbaud, Inc. | 7,542 | 430,497 | |||||
Bottomline Technologies de, Inc.* | 3,996 | 202,877 | |||||
Bsquare Corp.* | 2,300 | 3,611 | |||||
CDK Global, Inc. | 8,754 | 362,591 | |||||
Ceridian HCM Holding, Inc.* | 5,411 | 428,930 | |||||
Coupa Software, Inc.* | 4,614 | 1,278,263 | |||||
Dropbox, Inc., Class A* | 11,120 | 242,082 | |||||
Ebix, Inc.@ | 2,155 | 48,186 | |||||
eGain Corp.* | 6,644 | 73,815 | |||||
Elastic NV* | 1,900 | 175,199 | |||||
Envestnet, Inc.* | 1,760 | 129,430 | |||||
Everbridge, Inc.* | 716 | 99,066 | |||||
Fair Isaac Corp.* | 412 | 172,233 | |||||
Five9, Inc.* | 3,204 | 354,587 | |||||
Globant SA* | 934 | 139,960 | |||||
GSE Systems, Inc.* | 2,896 | 2,925 | |||||
Guidewire Software, Inc.* | 4,856 | 538,288 | |||||
HubSpot, Inc.* | 3,318 | 744,393 | |||||
j2 Global, Inc. | 3,394 | 214,535 | |||||
LogMeIn, Inc. | 1,838 | 155,807 | |||||
Manhattan Associates, Inc.* | 4,150 | 390,930 | |||||
MicroStrategy, Inc., Class A* | 1,021 | 120,774 | |||||
New Relic, Inc.* | 3,973 | 273,740 | |||||
Nuance Communications, Inc.* | 5,332 | 134,926 | |||||
Nutanix, Inc., Class A* | 415 | 9,838 | |||||
OneSpan, Inc.* | 7,796 | 217,742 | |||||
Paylocity Holding Corp.* | 3,663 | 534,395 | |||||
Pegasystems, Inc. | 12,009 | 1,214,951 | |||||
Progress Software Corp. | 8,638 | 334,723 | |||||
Proofpoint, Inc.* | 4,384 | 487,150 | |||||
PTC, Inc.* | 6,767 | 526,405 | |||||
QAD, Inc., Class B | 960 | 28,800 | |||||
QAD, Inc., Class A | 1,972 | 81,404 | |||||
Qualys, Inc.* | 4,710 | 489,934 | |||||
RealPage, Inc.* | 6,552 | 425,946 | |||||
Rosetta Stone, Inc.* | 1,222 | 20,603 | |||||
Seachange International, Inc.* | 5,137 | 7,757 | |||||
Teradata Corp.* | 6,634 | 137,987 | |||||
Verint Systems, Inc.* | 10,249 | 463,050 | |||||
Xperi Holding Corp. | 21,265 | 313,871 | |||||
Zendesk, Inc.* | 7,392 | 654,414 | |||||
Zscaler, Inc.* | 6,198 | 678,681 | |||||
16,873,434 | |||||||
Specialty Retail — 2.8% | |||||||
Aaron’s, Inc. | 10,105 | 458,767 | |||||
Abercrombie & Fitch Co., Class A | 11,239 | 119,583 | |||||
Advance Auto Parts, Inc. | 4,458 | 635,042 | |||||
America’s Car-Mart, Inc.* | 822 | 72,229 | |||||
American Eagle Outfitters, Inc.@ | 35,849 | 390,754 | |||||
Asbury Automotive Group, Inc.* | 3,817 | 295,169 | |||||
AutoNation, Inc.* | 1,104 | 41,488 | |||||
Barnes & Noble Education, Inc.* | 5,686 | 9,098 | |||||
Bed Bath & Beyond, Inc.@ | 3,408 | 36,125 | |||||
Boot Barn Holdings, Inc.*@ | 5,243 | 113,039 | |||||
Buckle, Inc. (The)@ | 10,243 | 160,610 | |||||
Build-A-Bear Workshop, Inc.* | 5,546 | 12,090 | |||||
Caleres, Inc. | 6,546 | 54,594 | |||||
Cato Corp. (The), Class A | 3,965 | 32,434 | |||||
Chico’s FAS, Inc. | 15,662 | 21,613 | |||||
Children’s Place, Inc. (The)@ | 3,074 | 115,029 | |||||
Citi Trends, Inc. | 2,477 | 50,085 | |||||
Conn’s, Inc.* | 5,865 | 59,178 | |||||
Designer Brands, Inc., Class A@ | 13,304 | 90,068 | |||||
Dick’s Sporting Goods, Inc. | 10,466 | 431,827 | |||||
Express, Inc.*@ | 9,133 | 14,065 | |||||
Five Below, Inc.* | 10,803 | 1,154,949 | |||||
Floor & Decor Holdings, Inc., | |||||||
Class A* | 4,095 | 236,077 | |||||
Foot Locker, Inc. | 6,115 | 178,313 | |||||
GameStop Corp., Class A*@ | 8,506 | 36,916 | |||||
Gap, Inc. (The) | 25,256 | 318,731 | |||||
Genesco, Inc.* | 3,221 | 69,767 | |||||
Group 1 Automotive, Inc. | 2,384 | 157,272 | |||||
Guess?, Inc. | 12,802 | 123,795 | |||||
Haverty Furniture Cos., Inc. | 4,500 | 72,000 | |||||
Hibbett Sports, Inc.* | 3,220 | 67,427 | |||||
L Brands, Inc. | 18,756 | 280,777 | |||||
Lithia Motors, Inc. Class A | 5,254 | 795,088 | |||||
MarineMax, Inc.* | 3,415 | 76,462 | |||||
Monro, Inc. | 6,509 | 357,604 | |||||
Murphy USA, Inc.* | 6,893 | 776,083 | |||||
Office Depot, Inc. | 45,381 | 106,645 | |||||
Penske Auto Group, Inc.@ | 1,742 | 67,433 | |||||
Rent-A-Center, Inc. | 10,324 | 287,214 | |||||
RH* | 389 | 96,822 | |||||
Sally Beauty Holdings, Inc.* | 4,925 | 61,710 | |||||
Shoe Carnival, Inc. | 2,508 | 73,409 | |||||
Signet Jewelers Ltd.@ | 9,096 | 93,416 | |||||
Sleep Number Corp.* | 5,761 | 239,888 | |||||
Sonic Automotive, Inc., Class A@ | 5,089 | 162,390 | |||||
Sportsman’s Warehouse | |||||||
Holdings, Inc.* | 7,232 | 103,056 | |||||
Tandy Leather Factory, Inc.* | 3,611 | 12,061 | |||||
Tilly’s, Inc., Class A | 3,349 | 18,989 | |||||
TravelCenters of America, Inc.* | 1,344 | 20,697 | |||||
Urban Outfitters, Inc.* | 4,462 | 67,912 | |||||
Williams-Sonoma, Inc. | 4,597 | 377,000 | |||||
Winmark Corp. | 961 | 164,562 | |||||
Zumiez, Inc.* | 5,105 | 139,775 | |||||
10,007,127 | |||||||
Textiles, Apparel & Luxury Goods — 1.4% | |||||||
Capri Holdings Ltd.* | 8,732 | 136,481 | |||||
Carter’s, Inc. | 1,548 | 124,924 | |||||
Columbia Sportswear Co. | 5,106 | 411,441 | |||||
Crocs, Inc.* | 12,283 | 452,260 |
The accompanying notes are an integral part of these portfolio of investments.
62
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Textiles, Apparel & Luxury Goods (Continued) | |||||||
Culp, Inc. | 3,004 | $ | 25,864 | ||||
Deckers Outdoor Corp.* | 6,638 | 1,303,637 | |||||
Delta Apparel, Inc.* | 1,153 | 13,974 | |||||
Fossil Group, Inc.*@ | 2,477 | 11,518 | |||||
G-III Apparel Group Ltd.* | 9,938 | 132,076 | |||||
Hanesbrands, Inc.@ | 25,238 | 284,937 | |||||
Lakeland Industries, Inc.* | 1,669 | 37,436 | |||||
Movado Group, Inc. | 2,220 | 24,065 | |||||
Oxford Industries, Inc. | 3,287 | 144,661 | |||||
PVH Corp. | 5,039 | 242,124 | |||||
Ralph Lauren Corp. | 2,582 | 187,247 | |||||
Rocky Brands, Inc. | 1,000 | 20,560 | |||||
Skechers U.S.A., Inc., Class A* | 7,216 | 226,438 | |||||
Steven Madden Ltd. | 15,642 | 386,201 | |||||
Superior Group of Cos., Inc. | 2,200 | 29,480 | |||||
Tapestry, Inc. | 19,202 | 255,003 | |||||
Under Armour, Inc., Class A* | 11,819 | 115,117 | |||||
Under Armour, Inc., Class C* | 11,353 | 100,360 | |||||
Unifi, Inc.* | 3,026 | 38,975 | |||||
Vera Bradley, Inc.* | 6,960 | 30,902 | |||||
Wolverine World Wide, Inc. | 16,049 | 382,127 | |||||
5,117,808 | |||||||
Thrifts & Mortgage Finance — 1.2% | |||||||
Axos Financial, Inc.* | 11,636 | 256,923 | |||||
Capitol Federal Financial, Inc. | 17,891 | 196,980 | |||||
ESSA Bancorp, Inc. | 1,900 | 26,448 | |||||
Essent Group Ltd. | 5,259 | 190,744 | |||||
Federal Agricultural Mortgage Corp., | |||||||
Class C | 1,400 | 89,614 | |||||
Flagstar Bancorp, Inc. | 10,468 | 308,073 | |||||
FS Bancorp, Inc. | 481 | 18,552 | |||||
Hingham Institution for Savings | 348 | 58,387 | |||||
Home Bancorp, Inc. | 994 | 26,589 | |||||
HomeStreet, Inc. | 3,265 | 80,352 | |||||
Impac Mortgage Holdings, Inc.*@ | 301 | 509 | |||||
Kearny Financial Corp. | 14,490 | 118,528 | |||||
Meridian Bancorp, Inc. | 7,205 | 83,578 | |||||
Meta Financial Group, Inc. | 6,645 | 120,740 | |||||
MGIC Investment Corp. | 12,435 | 101,843 | |||||
Mr Cooper Group, Inc.* | 5,663 | 70,448 | |||||
New York Community Bancorp, Inc. | 31,398 | 320,259 | |||||
NMI Holdings, Inc., Class A* | 8,926 | 143,530 | |||||
Northfield Bancorp, Inc. | 8,395 | 96,710 | |||||
Northwest Bancshares, Inc. | 18,353 | 187,659 | |||||
Ocwen Financial Corp.* | 14,766 | 9,805 | |||||
PennyMac Financial Services, Inc. | 1,561 | 65,234 | |||||
Premier Financial Corp. | 6,413 | 113,318 | |||||
Provident Financial Holdings, Inc. | 1,124 | 15,073 | |||||
Provident Financial Services, Inc. | 11,488 | 166,002 | |||||
Radian Group, Inc. | 8,095 | 125,553 | |||||
Riverview Bancorp, Inc. | 5,418 | 30,612 | |||||
Southern Missouri Bancorp, Inc. | 686 | 16,670 | |||||
Territorial Bancorp, Inc. | 1,557 | 37,041 | |||||
Timberland Bancorp, Inc. | 2,163 | 39,388 | |||||
Trustco Bank Corp. NY | 14,183 | 89,778 | |||||
Walker & Dunlop, Inc. | 6,152 | 312,583 | |||||
Washington Federal, Inc. | 12,664 | 339,902 | |||||
Waterstone Financial, Inc. | 2,966 | 43,986 | |||||
Western New England Bancorp, Inc. | 6,806 | 39,407 | |||||
WSFS Financial Corp. | 8,721 | 250,293 | |||||
4,191,111 | |||||||
Tobacco — 0.1% | |||||||
Turning Point Brands, Inc. | 1,280 | 31,885 | |||||
Universal Corp. | 3,185 | 135,394 | |||||
Vector Group Ltd. | 30,775 | 309,597 | |||||
476,876 | |||||||
Trading Companies & Distributors — 1.4% | |||||||
Air Lease Corp. | 5,997 | 175,652 | |||||
Applied Industrial Technologies, Inc. | 7,530 | 469,797 | |||||
Beacon Roofing Supply, Inc.* | 12,878 | 339,593 | |||||
BMC Stock Holdings, Inc.* | 13,203 | 331,923 | |||||
CAI International, Inc.* | 3,151 | 52,496 | |||||
DXP Enterprises, Inc.* | 2,967 | 59,073 | |||||
GATX Corp. | 7,339 | 447,532 | |||||
GMS, Inc.* | 2,900 | 71,311 | |||||
H&E Equipment Services, Inc. | 7,929 | 146,528 | |||||
HD Supply Holdings, Inc.* | 12,884 | 446,431 | |||||
Herc Holdings, Inc.* | 5,162 | 158,628 | |||||
Huttig Building Products, Inc.*@ | 1,858 | 2,081 | |||||
Lawson Products, Inc.* | 1,071 | 34,550 | |||||
MRC Global, Inc.* | 16,111 | 95,216 | |||||
MSC Industrial Direct Co., Class A | 936 | 68,150 | |||||
NOW, Inc.* | 13,653 | 117,825 | |||||
Rush Enterprises, Inc., Class A | 5,838 | 242,044 | |||||
SiteOne Landscape Supply, Inc.* | 185 | 21,084 | |||||
Systemax, Inc. | 8,059 | 165,532 | |||||
Textainer Group Holdings Ltd.* | 6,922 | 56,622 | |||||
Titan Machinery, Inc.* | 4,710 | 51,151 | |||||
Triton International Ltd. | 13,664 | 413,199 | |||||
United Rentals, Inc.* | 2,779 | 414,182 | |||||
Univar, Inc.* | 1,143 | 19,271 | |||||
Veritiv Corp.* | 1,000 | 16,960 | |||||
Watsco, Inc. | 1,976 | 351,135 | |||||
WESCO International, Inc.* | 9,569 | 335,968 | |||||
Willis Lease Finance Corp.* | 900 | 21,852 | |||||
5,125,786 | |||||||
Water Utilities — 0.5% | |||||||
American States Water Co. | 7,417 | 583,199 | |||||
Artesian Resources Corp., Class A | 1,783 | 64,705 | |||||
California Water Service Group | 9,992 | 476,618 | |||||
Consolidated Water Co., Ltd. | 1,751 | 25,267 | |||||
Middlesex Water Co. | 3,305 | 222,030 | |||||
Pure Cycle Corp.* | 1,000 | 9,190 | |||||
SJW Corp. | 4,400 | 273,284 | |||||
York Water Co. | 2,247 | 107,766 | |||||
1,762,059 |
The accompanying notes are an integral part of these portfolio of investments.
63
SA U.S. Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Wireless Telecommunication Services — 0.3% | |||||||
Boingo Wireless, Inc.* | 9,496 | $ | 126,487 | ||||
Shenandoah Telecommunications Co. | 9,536 | 470,029 | |||||
Spok Holdings, Inc. | 3,861 | 36,100 | |||||
Telephone & Data Systems, Inc. | 18,553 | 368,834 | |||||
United States Cellular Corp.* | 2,957 | 91,283 | |||||
1,092,733 | |||||||
TOTAL COMMON STOCKS (Identified Cost $272,550,909) | 356,207,266 | ||||||
PREFERRED STOCKS — 0.0% | |||||||
Diversified Telecommunication Services — 0.0% | |||||||
GCI Liberty, Inc. 7.000%* | 1,225 | 32,107 | |||||
Trading Companies & Distributors — 0.0% | |||||||
WESCO International, Inc., (5-Yr. CMT + 10.325%), 10.625% ‡ | 4,390 | 116,423 | |||||
TOTAL PREFERRED STOCKS (Identified Cost $114,408) | 148,530 | ||||||
RIGHTS AND WARRANTS — 0.0% | |||||||
Capital Markets — 0.0% | |||||||
Newsstar Financial, Inc. CVR ¶~§* | 13,144 | 3,463 | |||||
Media — 0.0% | |||||||
Media General, Inc. CVR§¶~* | 3,965 | — | |||||
Pharmaceuticals — 0.0% | |||||||
Elanco Animal Health, Inc. CVR§¶* | 16,344 | — | |||||
FRD Acquisition Co. CVR ¶*§ | 656 | — | |||||
— | |||||||
TOTAL RIGHTS AND WARRANTS (Identified Cost $412) | 3,463 | ||||||
SHORT-TERM INVESTMENTS — 1.1% | |||||||
Investment Company — 0.2% | |||||||
State Street Institutional U.S. Government Money Market Fund 0.116% | 627,554 | 627,554 | |||||
Collateral For Securities On Loan — 0.9% | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio, 0.130% | 3,280,696 | 3,280,696 | |||||
TOTAL SHORT-TERM INVESTMENTS (Identified Cost $3,908,250) | 3,908,250 | ||||||
Total Investments — 100.8% (Identified Cost $276,573,979) | 360,267,509 | ||||||
Liabilities, Less Cash and Other Assets — (0.8%) | (2,875,733 | ) | |||||
Net Assets — 100.0% | $ | 357,391,776 |
† | See Note 1 | ||
* | Non-income producing security | ||
@ | A portion or all of the security was held on loan. As of June 30, 2020, the fair value of the securities on loan was $12,476,501. | ||
§ | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 | ||
¶ | Contingent value rights based on future performance. | ||
~ | Bankrupt/delisted security | ||
‡ | Floating rate or variable rate note. Rate shown is as of June 30, 2020. |
Key to abbreviations:
CVR — Contingent Value Rights
Portfolio Sectors as of June 30, 2020
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these portfolio of investments.
64
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
SHARES | VALUE† | ||||||
COMMON STOCKS — 98.0% | |||||||
Australia — 5.8% | |||||||
AMP Ltd.* | 276,963 | $ | 354,550 | ||||
Australia & New Zealand Banking Group Ltd. | 422,851 | 5,439,330 | |||||
Bank of Queensland Ltd.@ | 57,449 | 244,613 | |||||
Beach Energy Ltd.@ | 51,159 | 53,663 | |||||
Bendigo & Adelaide Bank Ltd.@ | 93,851 | 454,014 | |||||
BlueScope Steel Ltd. | 175,538 | 1,416,113 | |||||
Boral Ltd. | 186,148 | 486,866 | |||||
Challenger Ltd.@ | 21,253 | 64,680 | |||||
Crown Resorts Ltd. | 25,077 | 167,346 | |||||
Downer EDI Ltd. | 28,109 | 84,963 | |||||
Fortescue Metals Group Ltd. | 323,911 | 3,095,905 | |||||
Harvey Norman Holdings Ltd.@ | 136,089 | 332,459 | |||||
Incitec Pivot Ltd. | 234,863 | 303,898 | |||||
Lendlease Group | 43,821 | 374,080 | |||||
National Australia Bank Ltd. | 344,810 | 4,335,512 | |||||
Newcrest Mining Ltd. | 32,133 | 699,177 | |||||
Oil Search Ltd. | 243,573 | 532,845 | |||||
Origin Energy Ltd. | 203,601 | 820,550 | |||||
QBE Insurance Group Ltd. | 44,182 | 270,141 | |||||
Qube Holdings Ltd. | 58,872 | 118,226 | |||||
Santos Ltd. | 319,417 | 1,168,278 | |||||
South32 Ltd. | 911,766 | 1,283,588 | |||||
Star Entertainment Group Ltd. (The) | 47,660 | 93,408 | |||||
Suncorp Group Ltd. | 202,878 | 1,292,257 | |||||
TABCORP Holdings Ltd. | 208,042 | 485,266 | |||||
Westpac Banking Corp. | 474,678 | 5,879,978 | |||||
Woodside Petroleum Ltd. | 123,874 | 1,850,760 | |||||
WorleyParsons Ltd.@ | 30,039 | 180,765 | |||||
31,883,231 | |||||||
Austria — 0.1% | |||||||
Raiffeisen Bank International AG@ | 19,663 | 350,369 | |||||
Belgium — 1.2% | |||||||
Ageas | 28,366 | 1,005,154 | |||||
KBC Groep NV | 31,034 | 1,780,293 | |||||
Solvay SA | 16,274 | 1,302,906 | |||||
UCB SA | 19,005 | 2,201,402 | |||||
6,289,755 | |||||||
Canada — 8.2% | |||||||
Agnico Eagle Mines Ltd. | 5,328 | 341,312 | |||||
Alamos Gold, Inc., Class A | 19,905 | 186,709 | |||||
AltaGas Ltd.@ | 20,555 | 236,952 | |||||
Bank of Montreal@ | 79,335 | 4,208,722 | |||||
Bank of Montreal | 17,738 | 944,128 | |||||
Bank of Nova Scotia (The)@ | 85,590 | 3,529,731 | |||||
Bank of Nova Scotia (The) | 29,013 | 1,200,612 | |||||
Barrick Gold Corp. | 81,840 | 2,204,769 | |||||
Cameco Corp. | 37,046 | 379,721 | |||||
Canadian Imperial Bank of Commerce@ | 15,004 | 1,004,818 | |||||
Canadian Imperial Bank of Commerce | 44,533 | 2,976,521 | |||||
Canadian Natural Resources Ltd. | 237,398 | 4,137,847 | |||||
Cenovus Energy, Inc.@ | 104,410 | 487,595 | |||||
Fairfax Financial Holdings Ltd. | 4,173 | 1,289,247 | |||||
First Quantum Minerals Ltd. | 85,708 | 683,088 | |||||
Great-West Lifeco, Inc. | 16,173 | 283,528 | |||||
Husky Energy, Inc.@ | 67,475 | 221,669 | |||||
Ia Financial Corp., Inc. | 31,827 | 1,065,745 | |||||
Imperial Oil Ltd.@ | 36,955 | 593,128 | |||||
Kinross Gold Corp.* | 271,331 | 1,958,636 | |||||
Lundin Mining Corp. | 146,222 | 784,101 | |||||
Magna International, Inc. | 78,921 | 3,514,352 | |||||
Manulife Financial Corp.@ | 161,124 | 2,194,509 | |||||
Nutrien Ltd. | 63,650 | 2,043,165 | |||||
Nutrien Ltd. | 1,100 | 35,343 | |||||
Onex Corp. | 1,608 | 72,642 | |||||
Pembina Pipeline Corp.@ | 5,287 | 132,175 | |||||
SNC-Lavalin Group, Inc.@ | 7,445 | 125,637 | |||||
Sun Life Financial, Inc. | 21,544 | 791,742 | |||||
Suncor Energy, Inc. ¥ | 217,673 | 3,670,105 | |||||
Suncor Energy, Inc. | 31,230 | 526,538 | |||||
Teck Resources Ltd., Class B ¥ | 72,503 | 759,423 | |||||
Teck Resources Ltd., Class B | 94,542 | 985,128 | |||||
TMX Group Ltd.@ | 3,079 | 304,430 | |||||
Wheaton Precious Metals Corp. | 8,939 | 393,763 | |||||
Yamana Gold, Inc. | 73,800 | 402,948 | |||||
44,670,479 | |||||||
Denmark — 2.2% | |||||||
AP Moeller - Maersk A/S, Class A | 340 | 369,091 | |||||
AP Moeller - Maersk A/S, Class B | 212 | 247,016 | |||||
Carlsberg A/S, Class B | 15,445 | 2,041,325 | |||||
Danske Bank A/S* | 41,578 | 553,412 | |||||
DSV A/S | 14,852 | 1,813,366 | |||||
Genmab A/S* | 4,088 | 1,368,317 | |||||
GN Store Nord A/S | 1,709 | 91,061 | |||||
H Lundbeck A/S | 12,173 | 457,738 | |||||
Novozymes A/S, B Shares | 20,671 | 1,195,225 | |||||
Pandora A/S | 771 | 41,883 | |||||
Rockwool International A/S, B Shares | 1,147 | 310,421 | |||||
Tryg A/S | 7,068 | 204,607 | |||||
Vestas Wind Systems A/S | 30,064 | 3,061,474 | |||||
William Demant Holding A/S@* | 11,349 | 299,275 | |||||
12,054,211 | |||||||
Finland — 0.8% | |||||||
Fortum Oyj | 50,706 | 963,047 | |||||
Nokia Oyj, ADR@ | 56,113 | 246,897 | |||||
Nordea Bank Abp* | 259,177 | 1,790,207 | |||||
Stora Enso Oyj, R Shares | 92,956 | 1,110,155 | |||||
UPM-Kymmene Oyj | 5,135 | 148,383 | |||||
4,258,689 | |||||||
France — 10.2% | |||||||
Amundi SA*± | 3,901 | 305,479 | |||||
Arkema SA | 15,142 | 1,448,404 | |||||
Atos SE* | 12,284 | 1,047,501 | |||||
AXA SA@ | 161,385 | 3,374,653 | |||||
BNP Paribas SA* | 86,860 | 3,451,658 | |||||
Bollore SA | 149,075 | 468,290 |
The accompanying notes are an integral part of these financial statements.
65
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
France (Continued) | |||||||
Bouygues SA* | 55,128 | $ | 1,883,482 | ||||
Capgemini SE | 7,262 | 831,795 | |||||
Carrefour SA | 128,110 | 1,979,778 | |||||
Casino Guichard Perrachon SA | 388 | 14,342 | |||||
Cie de Saint-Gobain* | 101,314 | 3,648,131 | |||||
Cie Generale des Etablissements Michelin | 38,971 | 4,043,006 | |||||
CNP Assurances* | 26,215 | 301,889 | |||||
Credit Agricole SA* | 58,593 | 554,809 | |||||
Eiffage SA* | 5,148 | 470,799 | |||||
Electricite de France SA | 91,190 | 841,130 | |||||
Engie SA* | 153,978 | 1,902,936 | |||||
EssilorLuxottica SA* | 881 | 113,085 | |||||
Faurecia SE* | 4,636 | 181,101 | |||||
Iliad SA | 537 | 104,766 | |||||
Natixis SA* | 109,065 | 284,893 | |||||
Orange SA | 322,578 | 3,857,921 | |||||
Peugeot SA* | 170,171 | 2,768,389 | |||||
Publicis Groupe SA | 25,634 | 829,722 | |||||
Renault SA* | 35,071 | 889,703 | |||||
Sanofi | 17,489 | 1,781,171 | |||||
SCOR SE* | 16,613 | 455,419 | |||||
Societe Generale SA* | 115,065 | 1,913,277 | |||||
Total SA | 378,156 | 14,434,554 | |||||
Valeo SA@ | 37,542 | 985,288 | |||||
Vivendi SA | 14,883 | 381,909 | |||||
55,549,280 | |||||||
Germany — 6.6% | |||||||
Allianz SE | 24,094 | 4,920,170 | |||||
BASF SE | 63,855 | 3,578,444 | |||||
Bayer AG | 8,044 | 594,573 | |||||
Bayerische Motoren Werke AG | 62,360 | 3,980,891 | |||||
Commerzbank AG* | 136,883 | 610,077 | |||||
Continental AG* | 15,550 | 1,522,722 | |||||
Covestro AG*± | 5,523 | 210,042 | |||||
Daimler AG | 167,003 | 6,781,807 | |||||
Deutsche Bank AG | 177,432 | 1,689,153 | |||||
Deutsche Bank AG* | 46,122 | 438,588 | |||||
Deutsche Lufthansa AG@* | 45,128 | 453,371 | |||||
Evonik Industries AG | 18,004 | 457,343 | |||||
Hapag-Lloyd AG± | 3,372 | 196,620 | |||||
HeidelbergCement AG | 25,898 | 1,383,243 | |||||
METRO AG | 13,398 | 126,683 | |||||
Muenchener Rueckversicherungs AG | 12,421 | 3,229,184 | |||||
RWE AG | 52,553 | 1,836,836 | |||||
Talanx AG* | 13,218 | 491,252 | |||||
Telefonica Deutschland Holding AG | 207,880 | 613,544 | |||||
Uniper SE | 51,777 | 1,669,520 | |||||
Volkswagen AG | 6,709 | 1,080,132 | |||||
35,864,195 | |||||||
Hong Kong — 2.9% | |||||||
Bank of East Asia Ltd. (The) | 36,400 | 83,128 | |||||
Cathay Pacific Airways Ltd.@ | 231,000 | 223,534 | |||||
CK Asset Holdings Ltd. | 305,000 | 1,818,076 | |||||
CK Hutchison Holdings Ltd. | 387,124 | 2,487,424 | |||||
CK Infrastructure Holdings Ltd. | 5,000 | 25,740 | |||||
Hang Lung Properties Ltd. | 239,000 | 566,162 | |||||
Henderson Land Development Co., Ltd. | 133,684 | 507,104 | |||||
Hongkong Land Holdings Ltd. | 101,200 | 417,956 | |||||
Kerry Properties Ltd. | 145,000 | 374,169 | |||||
Melco International Development Ltd. | 32,000 | 61,932 | |||||
MTR Corp. Ltd. | 123,449 | 639,504 | |||||
New World Development Co., Ltd. | 231,859 | 1,100,885 | |||||
NWS Holdings Ltd. | 230,715 | 199,146 | |||||
Sino Land Co., Ltd. | 400,061 | 503,270 | |||||
SJM Holdings Ltd. | 433,000 | 480,459 | |||||
Sun Hung Kai Properties Ltd. | 185,677 | 2,370,523 | |||||
Swire Pacific Ltd., Series A | 65,000 | 344,688 | |||||
Swire Pacific Ltd., Series B | 127,500 | 121,570 | |||||
Tsim Sha Tsui Properties | 32,907 | 101,050 | |||||
WH Group Ltd.± | 1,079,000 | 924,400 | |||||
Wharf Holdings Ltd. (The)@ | 171,000 | 347,714 | |||||
Wheelock & Co., Ltd.▲ | 231,000 | 1,930,141 | |||||
Xinyi Glass Holdings Ltd. | 106,000 | 129,927 | |||||
15,758,502 | |||||||
Ireland — 0.5% | |||||||
CRH plc, ADR | 47,384 | 1,625,745 | |||||
Flutter Entertainment plc* | 3,025 | 397,130 | |||||
Paddy Power Betfair plc@* | 7,007 | 921,066 | |||||
2,943,941 | |||||||
Israel — 0.4% | |||||||
Bank Hapoalim B.M. | 138,244 | 821,335 | |||||
Bank Leumi Le-Israel | 81,999 | 409,764 | |||||
Isracard Ltd. | 6,835 | 15,512 | |||||
Israel Discount Bank Ltd., Series A | 172,805 | 523,809 | |||||
Teva Pharmaceutical Industries Ltd., ADR* | 47,500 | 585,675 | |||||
2,356,095 | |||||||
Italy — 1.1% | |||||||
Eni SpA | 115,191 | 1,098,751 | |||||
Intesa Sanpaolo SpA* | 988,903 | 1,892,754 | |||||
Mediobanca SpA | 39,607 | 284,345 | |||||
Telecom Italia SpA@ | 2,860,918 | 1,124,020 | |||||
UniCredit SpA* | 163,283 | 1,502,075 | |||||
5,901,945 | |||||||
Japan — 23.6% | |||||||
AEON Financial Service Co. Ltd. | 5,400 | 58,764 | |||||
AGC, Inc. | 48,500 | 1,376,731 | |||||
Air Water, Inc. | 4,900 | 69,024 | |||||
Aisin Seiki Co., Ltd. | 22,500 | 654,318 | |||||
Alfresa Holdings Corp. | 7,700 | 160,525 | |||||
Alps Alpine Co. Ltd. | 27,500 | 351,470 | |||||
Amada Holdings Co., Ltd. | 37,100 | 302,710 | |||||
Aozora Bank Ltd.@ | 14,700 | 255,404 | |||||
Asahi Kasei Corp. | 53,400 | 433,036 | |||||
Bank of Kyoto Ltd. (The) | 8,000 | 283,028 |
The accompanying notes are an integral part of these financial statements.
66
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Japan (Continued) | |||||||
Bridgestone Corp.@ | 35,400 | $ | 1,137,324 | ||||
Brother Industries Ltd. | 5,100 | 91,727 | |||||
Canon Marketing Japan, Inc. | 12,000 | 243,945 | |||||
Chiba Bank Ltd. (The) | 79,000 | 371,679 | |||||
Chugoku Bank Ltd. (The) | 19,700 | 182,085 | |||||
Coca-Cola West Co., Ltd.@ | 20,975 | 379,580 | |||||
Concordia Financial Group Ltd. | 111,200 | 355,304 | |||||
Credit Saison Co., Ltd. | 23,900 | 272,700 | |||||
Dai Nippon Printing Co., Ltd. | 30,000 | 685,992 | |||||
Dai-ichi Life Holdings, Inc. (The) | 72,700 | 863,849 | |||||
Daicel Corp. | 52,000 | 401,167 | |||||
Daido Steel Co., Ltd. | 200 | 6,122 | |||||
Daio Paper Corp.@ | 12,400 | 165,372 | |||||
Daiwa House Industry Co., Ltd. | 7,100 | 167,152 | |||||
Daiwa Securities Group, Inc. | 214,000 | 891,278 | |||||
Denka Co., Ltd. | 16,200 | 395,642 | |||||
Denso Corp. | 45,800 | 1,783,644 | |||||
Dentsu, Inc.@ | 24,200 | 572,642 | |||||
DIC Corp.@ | 16,000 | 400,241 | |||||
Dowa Holdings Co., Ltd. | 9,600 | 290,734 | |||||
Ebara Corp. | 16,800 | 392,869 | |||||
FUJIFILM Holdings Corp. | 26,100 | 1,114,341 | |||||
Fukuoka Financial Group, Inc. | 18,000 | 283,566 | |||||
Fukuyama Transporting Co., Ltd.@ | 4,300 | 150,336 | |||||
Fuyo General Lease Co., Ltd. | 800 | 44,381 | |||||
Glory Ltd. | 5,100 | 115,721 | |||||
Hachijuni Bank Ltd. (The) | 48,000 | 181,820 | |||||
Hankyu Hanshin Holdings, Inc. | 44,300 | 1,495,471 | |||||
Haseko Corp. | 22,300 | 280,467 | |||||
Heiwa Corp. | 14,000 | 233,647 | |||||
Hino Motors Ltd. | 25,900 | 174,626 | |||||
Hitachi Capital Corp. | 9,900 | 217,667 | |||||
Hitachi Ltd. | 116,700 | 3,677,982 | |||||
Hitachi Metals Ltd. | 26,500 | 314,883 | |||||
Honda Motor Co., Ltd. | 260,600 | 6,650,459 | |||||
Ibiden Co., Ltd. | 17,800 | 518,463 | |||||
Idemitsu Kosan Co., Ltd. | 32,600 | 690,495 | |||||
IHI Corp. | 7,700 | 111,105 | |||||
Iida Group Holdings Co., Ltd. | 36,900 | 564,222 | |||||
Inpex Corp. | 144,500 | 892,494 | |||||
Isetan Mitsukoshi Holdings Ltd. | 26,300 | 150,529 | |||||
Isuzu Motors Ltd. | 67,000 | 603,946 | |||||
ITOCHU Corp. | 77,600 | 1,668,427 | |||||
Itoham Yonekyu Holdings, Inc. | 22,300 | 134,037 | |||||
Iyo Bank Ltd. (The)@ | 19,600 | 119,442 | |||||
J. Front Retailing Co., Ltd. | 51,400 | 341,794 | |||||
Japan Post Holdings Co., Ltd. | 71,600 | 508,411 | |||||
JFE Holdings, Inc. | 91,300 | 652,777 | |||||
JGC Corp. | 16,300 | 171,190 | |||||
JSR Corp. | 33,300 | 641,482 | |||||
JTEKT Corp. | 49,700 | 385,264 | |||||
JX Holdings, Inc. | 363,600 | 1,286,364 | |||||
K's Holdings Corp. | 32,000 | 435,064 | |||||
Kajima Corp. | 54,000 | 642,149 | |||||
Kamigumi Co., Ltd. | 15,700 | 307,384 | |||||
Kandenko Co., Ltd. | 16,400 | 139,280 | |||||
Kaneka Corp. | 16,000 | 414,911 | |||||
Kawasaki Heavy Industries Ltd. | 32,800 | 470,850 | |||||
Kokuyo Co., Ltd. | 11,900 | 143,494 | |||||
Komatsu Ltd. | 66,800 | 1,363,221 | |||||
Konica Minolta, Inc. | 109,400 | 376,909 | |||||
Kuraray Co., Ltd. | 76,400 | 796,018 | |||||
Kurita Water Industries Ltd. | 3,100 | 85,873 | |||||
Kyushu Financial Group, Inc. | 44,870 | 189,079 | |||||
Lintec Corp. | 4,200 | 99,501 | |||||
LIXIL Group Corp. | 45,500 | 634,619 | |||||
Mabuchi Motor Co., Ltd. | 5,100 | 162,010 | |||||
Maeda Corp. | 7,100 | 53,986 | |||||
Maeda Road Construction Co., Ltd. | 4,100 | 77,159 | |||||
Marubeni Corp. | 203,100 | 916,983 | |||||
Mazda Motor Corp. | 99,800 | 597,090 | |||||
Mebuki Financial Group, Inc. | 83,070 | 192,336 | |||||
Medipal Holdings Corp. | 25,300 | 486,435 | |||||
Mitsubishi Chemical Holdings Corp. | 185,800 | 1,079,610 | |||||
Mitsubishi Corp. | 121,400 | 2,552,239 | |||||
Mitsubishi Gas Chemical Co., Inc. | 36,300 | 547,988 | |||||
Mitsubishi Heavy Industries Ltd. | 42,400 | 998,594 | |||||
Mitsubishi Logistics Corp. | 2,500 | 64,344 | |||||
Mitsubishi Materials Corp. | 21,600 | 455,105 | |||||
Mitsubishi Motors Corp. | 126,800 | 312,376 | |||||
Mitsubishi UFJ Financial Group, Inc. | 206,400 | 805,911 | |||||
Mitsubishi UFJ Financial Group, Inc., ADR | 584,899 | 2,298,653 | |||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 110,200 | 520,509 | |||||
Mitsui Chemicals, Inc. | 47,200 | 982,250 | |||||
Mitsui Fudosan Co., Ltd. | 43,800 | 774,588 | |||||
Mitsui OSK Lines Ltd. | 24,600 | 434,701 | |||||
Mizuho Financial Group, Inc. | 1,166,400 | 1,428,091 | |||||
MS&AD Insurance Group Holdings, Inc. | 43,428 | 1,190,927 | |||||
Nagase & Co., Ltd. | 10,200 | 126,868 | |||||
NEC Corp. | 47,700 | 2,283,945 | |||||
NGK Insulators Ltd. | 22,300 | 307,316 | |||||
NGK Spark Plug Co., Ltd. | 10,600 | 151,576 | |||||
NH Foods Ltd. | 15,533 | 622,183 | |||||
NHK Spring Co., Ltd. | 42,200 | 272,800 | |||||
Nikon Corp. | 50,800 | 424,372 | |||||
Nippo Corp. | 11,000 | 277,305 | |||||
Nippon Electric Glass Co., Ltd.@ | 11,500 | 179,463 | |||||
Nippon Express Co., Ltd. | 21,600 | 1,116,258 | |||||
Nippon Kayaku Co., Ltd. | 11,700 | 121,903 | |||||
Nippon Paper Industries Co., Ltd. | 16,500 | 230,442 | |||||
Nippon Shokubai Co., Ltd. | 4,600 | 240,278 | |||||
Nippon Steel Sumitomo Metal Corp. | 76,327 | 716,438 | |||||
Nippon Yusen KK | 32,300 | 453,501 | |||||
Nipro Corp. | 14,600 | 160,908 | |||||
Nissan Motor Co., Ltd. | 310,600 | 1,148,335 | |||||
Nitto Denko Corp. | 1,300 | 73,443 | |||||
NOK Corp. | 19,900 | 245,674 | |||||
Nomura Holdings, Inc. | 175,700 | 784,975 | |||||
Nomura Real Estate Holdings, Inc. | 23,700 | 438,990 | |||||
NSK Ltd. | 84,600 | 626,028 |
The accompanying notes are an integral part of these financial statements.
67
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Japan (Continued) | |||||||
Obayashi Corp. | 113,200 | $ | 1,056,778 | ||||
Oji Holdings Corp. | 226,000 | 1,048,632 | |||||
Panasonic Corp. | 128,500 | 1,118,209 | |||||
Rengo Co., Ltd. | 35,400 | 287,855 | |||||
Resona Holdings, Inc. | 246,400 | 839,323 | |||||
Ricoh Co., Ltd. | 118,700 | 845,384 | |||||
Rohm Co., Ltd. | 9,500 | 628,201 | |||||
Sawai Pharmaceutical Co., Ltd. | 3,200 | 164,186 | |||||
Seiko Epson Corp. | 8,700 | 99,348 | |||||
Seino Holdings Co., Ltd. | 20,400 | 266,395 | |||||
Sekisui Chemical Co., Ltd. | 16,000 | 228,497 | |||||
Sekisui House Ltd. | 81,800 | 1,554,939 | |||||
Shimizu Corp. | 68,400 | 560,630 | |||||
Shinsei Bank Ltd.@ | 18,500 | 222,394 | |||||
Shizuoka Bank Ltd. (The) | 58,000 | 372,253 | |||||
Showa Denko KK@ | 14,000 | 313,258 | |||||
SoftBank Group Corp. | 81,200 | 4,098,541 | |||||
Sojitz Corp. | 179,100 | 389,799 | |||||
Sompo Holdings, Inc. | 37,143 | 1,275,194 | |||||
Subaru Corp. | 39,300 | 815,846 | |||||
Sumitomo Chemical Co., Ltd. | 471,000 | 1,404,603 | |||||
Sumitomo Corp. | 102,000 | 1,166,187 | |||||
Sumitomo Electric Industries Ltd. | 181,800 | 2,086,975 | |||||
Sumitomo Forestry Co., Ltd. | 33,800 | 423,537 | |||||
Sumitomo Heavy Industries Ltd. | 26,000 | 564,668 | |||||
Sumitomo Metal Mining Co., Ltd. | 31,000 | 863,894 | |||||
Sumitomo Mitsui Financial Group, Inc. | 172,700 | 4,849,515 | |||||
Sumitomo Mitsui Trust Holdings, Inc. | 24,900 | 697,592 | |||||
Sumitomo Realty & Development Co., Ltd. | 17,600 | 482,971 | |||||
Sumitomo Rubber Industries Ltd.@ | 42,800 | 420,964 | |||||
Suzuken Co., Ltd. | 1,100 | 40,954 | |||||
Suzuki Motor Corp. | 19,500 | 660,445 | |||||
T&D Holdings, Inc. | 88,400 | 754,030 | |||||
Taiheiyo Cement Corp. | 25,000 | 576,985 | |||||
Takashimaya Co., Ltd.@ | 23,500 | 195,879 | |||||
Takeda Pharmaceutical Co. Ltd. | 44,373 | 1,581,360 | |||||
TDK Corp. | 9,000 | 890,206 | |||||
Teijin Ltd. | 53,199 | 844,483 | |||||
THK Co., Ltd. | 8,300 | 204,781 | |||||
Toda Corp. | 28,000 | 180,227 | |||||
Toho Holdings Co., Ltd. | 8,800 | 163,571 | |||||
Tokai Carbon Co. Ltd.@ | 21,300 | 199,438 | |||||
Tokio Marine Holdings, Inc. | 20,400 | 887,605 | |||||
Tokyo Tatemono Co., Ltd.@ | 37,600 | 430,411 | |||||
Tokyu Fudosan Holdings Corp. | 132,300 | 617,543 | |||||
Toray Industries, Inc. | 166,100 | 780,697 | |||||
Tosoh Corp. | 58,300 | 793,711 | |||||
Toyo Seikan Group Holdings Ltd. | 30,500 | 343,487 | |||||
Toyoda Gosei Co., Ltd. | 15,300 | 317,690 | |||||
Toyota Motor Corp. | 131,890 | 8,259,691 | |||||
Toyota Motor Corp., ADR@ | 40,897 | 5,137,890 | |||||
Toyota Tsusho Corp. | 46,800 | 1,182,840 | |||||
TS Tech Co., Ltd. | 7,000 | 191,702 | |||||
Ube Industries Ltd. | 24,700 | 423,657 | |||||
Wacoal Holdings Corp. | 1,700 | 31,379 | |||||
Yamada Denki Co., Ltd. | 93,100 | 461,297 | |||||
Yamaha Motor Co., Ltd. | 37,200 | 581,557 | |||||
Yokohama Rubber Co., Ltd. (The)@ | 27,600 | 387,001 | |||||
Zeon Corp. | 28,500 | 261,574 | |||||
128,933,764 | |||||||
Luxembourg — 0.1% | |||||||
SES SA | 60,528 | 413,459 | |||||
Netherlands — 4.6% | |||||||
ABN AMRO Group NV± | 42,957 | 369,978 | |||||
Aegon NV | 149,127 | 444,495 | |||||
Akzo Nobel NV | 2,244 | 201,035 | |||||
ArcelorMittal@* | 53,718 | 576,394 | |||||
ArcelorMittal*= | 1,708 | 17,980 | |||||
Fiat Chrysler Automobiles NV* | 202,005 | 2,029,863 | |||||
Fiat Chrysler Automobiles NV@* | 52,894 | 541,635 | |||||
Heineken NV | 18,388 | 1,695,270 | |||||
ING Groep NV | 386,479 | 2,691,227 | |||||
Koninklijke Ahold Delhaize NV | 237,160 | 6,464,057 | |||||
Koninklijke DSM NV | 38,309 | 5,302,546 | |||||
Koninklijke Philips NV* | 22,433 | 1,050,762 | |||||
Koninklijke Philips NV* | 18,483 | 862,189 | |||||
Koninklijke Vopak NV | 10,435 | 551,953 | |||||
NN Group NV | 46,074 | 1,547,747 | |||||
Randstad Holding NV | 16,773 | 747,371 | |||||
25,094,502 | |||||||
New Zealand — 0.2% | |||||||
Auckland International Airport Ltd. | 143,857 | 609,899 | |||||
EBOS Group Ltd. | 14,412 | 200,974 | |||||
Fletcher Building Ltd. | 104,034 | 248,393 | |||||
Ryman Healthcare Ltd. | 16,629 | 140,357 | |||||
1,199,623 | |||||||
Norway — 0.8% | |||||||
DNB ASA | 140,787 | 1,859,072 | |||||
Norsk Hydro ASA* | 174,914 | 482,841 | |||||
SpareBank 1 SR-Bank ASA* | 25,719 | 186,775 | |||||
Statoil ASA | 43,535 | 617,842 | |||||
Storebrand ASA* | 56,200 | 289,663 | |||||
Subsea 7 SA* | 28,831 | 181,518 | |||||
Yara International ASA | 14,514 | 503,491 | |||||
4,121,202 | |||||||
Portugal — 0.1% | |||||||
Banco Espirito Santo SA*§ | 414,564 | — | |||||
EDP Renovaveis SA | 32,371 | 447,336 | |||||
447,336 | |||||||
Singapore — 1.0% | |||||||
BOC Aviation Ltd.± | 47,800 | 305,284 | |||||
CapitaLand Ltd.* | 430,800 | 902,652 | |||||
City Developments Ltd. | 103,600 | 625,942 | |||||
Frasers Centrepoint Ltd. | 23,300 | 21,066 | |||||
Keppel Corp. Ltd.@ | 379,500 | 1,623,005 | |||||
Olam International Ltd. | 82,000 | 81,788 | |||||
Oversea-Chinese Banking Corp. Ltd. | 83,765 | 540,962 |
The accompanying notes are an integral part of these financial statements.
68
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Singapore (Continued) | |||||||
Singapore Airlines Ltd. | 397,349 | $ | 1,063,513 | ||||
United Industrial Corp. Ltd. | 63,243 | 99,838 | |||||
UOL Group Ltd. | 47,218 | 230,059 | |||||
Wilmar International Ltd. | 83,700 | 245,647 | |||||
5,739,756 | |||||||
Spain — 1.3% | |||||||
Banco Bilbao Vizcaya | |||||||
Argentaria SA | 530,653 | 1,826,721 | |||||
Banco Bilbao Vizcaya Argentaria | |||||||
SA, ADR@ | 125,867 | 427,948 | |||||
Banco de Sabadell SA | 238,503 | 82,826 | |||||
Banco Santander SA* | 1,672,553 | 4,086,130 | |||||
CaixaBank SA | 63,253 | 135,058 | |||||
Naturgy Energy Group SA@ | 14,411 | 268,200 | |||||
Repsol SA@ | 44,164 | 386,328 | |||||
7,213,211 | |||||||
Sweden — 2.7% | |||||||
BillerudKorsnas AB | 26,684 | 382,153 | |||||
Boliden AB | 68,429 | 1,556,840 | |||||
Dometic Group AB@*± | 22,074 | 197,899 | |||||
Getinge AB, B Shares@ | 21,260 | 394,481 | |||||
Holmen AB* | 16,178 | 515,990 | |||||
Husqvarna AB, Class B | 21,106 | 172,822 | |||||
ICA Gruppen AB@ | 15,599 | 739,589 | |||||
Intrum AB@ | 10,769 | 197,624 | |||||
Millicom International Cellular SA | 12,736 | 333,223 | |||||
Peab AB* | 3,201 | 26,314 | |||||
SKF AB | 68,707 | 1,276,708 | |||||
SSAB AB, A Shares* | 32,802 | 90,293 | |||||
SSAB AB, B Shares* | 185,078 | 1,602,863 | |||||
SSAB AB, Series B* | 71,560 | 189,686 | |||||
Svenska Cellulosa AB, Series A* | 244 | 2,844 | |||||
Svenska Cellulosa AB, Series B* | 83,778 | 996,180 | |||||
Svenska Handelsbanken AB, | |||||||
A Shares* | 96,474 | 915,645 | |||||
Svenska Handelsbanken AB, | |||||||
B Shares* | 1,918 | 19,142 | |||||
Swedbank AB, A Shares* | 62,395 | 799,507 | |||||
Tele2 AB, B Shares | 8,541 | 113,245 | |||||
Telia Co. AB | 343,398 | 1,282,463 | |||||
Trelleborg AB* | 39,848 | 580,089 | |||||
Volvo AB, Series A* | 21,144 | 324,936 | |||||
Volvo AB, Series B* | 134,294 | 2,102,712 | |||||
14,813,248 | |||||||
Switzerland — 10.8% | |||||||
ABB Ltd. | 144,630 | 3,256,064 | |||||
Adecco Group SA | 36,654 | 1,720,024 | |||||
Alcon, Inc.*µ | 31,115 | 1,785,225 | |||||
Alcon, Inc.@* | 3,914 | 224,350 | |||||
Baloise Holding AG | 9,202 | 1,380,130 | |||||
Banque Cantonale Vaudoise | 1,730 | 168,170 | |||||
Chocoladefabriken Lindt & | |||||||
Spruengli AG | 1 | 85,915 | |||||
Cie Financiere Richemont SA | 62,281 | 3,973,047 | |||||
Clariant AG@* | 5,547 | 108,955 | |||||
Credit Suisse Group AG | 129,912 | 1,343,477 | |||||
Helvetia Holding AG | 2,160 | 201,421 | |||||
Julius Baer Group Ltd. | 38,000 | 1,590,269 | |||||
LafargeHolcim Ltd. | 56,614 | 2,480,392 | |||||
Lonza Group AG | 9,923 | 5,238,783 | |||||
Novartis AG | 155,578 | 13,533,948 | |||||
Novartis AG, ADR | 19,570 | 1,709,244 | |||||
Swatch Group AG (The)µ | 9,394 | 367,451 | |||||
Swatch Group AG (The)@µ | 2,673 | 533,500 | |||||
Swiss Life Holding AG | 4,192 | 1,553,002 | |||||
Swiss Prime Site AG | 1,574 | 145,530 | |||||
Swiss Re AG | 27,273 | 2,103,082 | |||||
Swisscom AG | 4,128 | 2,160,616 | |||||
UBS Group AG | 364,408 | 4,194,279 | |||||
Vifor Pharma AG | 3,119 | 469,274 | |||||
Zurich Insurance Group AG | 23,631 | 8,335,511 | |||||
58,661,659 | |||||||
United Kingdom — 12.7% | |||||||
Anglo American PLC | 157,388 | 3,645,696 | |||||
Antofagasta PLC | 11,948 | 138,810 | |||||
Aviva PLC | 824,208 | 2,794,213 | |||||
Barclays PLC, ADR@ | 347,640 | 1,967,642 | |||||
Barratt Developments PLC | 217,526 | 1,336,632 | |||||
BP PLC | 350,960 | 1,335,935 | |||||
BP PLC, ADR@ | 347,274 | 8,098,430 | |||||
British American Tobacco PLC | 179,302 | 6,897,367 | |||||
British American Tobacco PLC, | |||||||
ADR@ | 2,004 | 77,795 | |||||
BT Group PLC | 346,294 | 489,381 | |||||
Carnival PLC | 7,715 | 94,239 | |||||
Coca-Cola European Partners | |||||||
PLC@ | 7,976 | 301,987 | |||||
Glencore PLC | 1,526,564 | 3,238,740 | |||||
GVC Holdings PLC | 14,764 | 135,486 | |||||
HSBC Holdings PLC | 119,297 | 559,650 | |||||
HSBC Holdings PLC, ADR@ | 217,366 | 5,071,149 | |||||
Investec PLC | 102,451 | 205,020 | |||||
J Sainsbury PLC | 422,622 | 1,092,902 | |||||
Kingfisher PLC | 420,977 | 1,151,765 | |||||
Lloyds Banking Group PLC | 8,493,662 | 3,281,013 | |||||
Lloyds Banking Group PLC, ADR@ | 376,801 | 565,202 | |||||
M&G PLC | 193,217 | 401,140 | |||||
Melrose Industries PLC | 351,390 | 496,365 | |||||
Ninety One PLC* | 51,225 | 130,754 | |||||
Pearson PLC@ | 17,918 | 127,840 | |||||
Phoenix Group Holdings PLC | 42,251 | 337,155 | |||||
Royal Bank of Scotland Group PLC | 105,541 | 159,024 | |||||
Royal Bank of Scotland Group PLC, | |||||||
ADR@ | 162,939 | 496,964 | |||||
Royal Dutch Shell PLC, ADR, | |||||||
Class A@ | 182,057 | 5,951,443 | |||||
Royal Dutch Shell PLC, ADR, | |||||||
Class B | 234,561 | 7,142,382 | |||||
Standard Chartered PLC | 186,070 | 1,014,692 | |||||
Standard Life Aberdeen PLC | 101,450 | 336,391 | |||||
Tesco PLC | 28,781 | 81,346 | |||||
Vodafone Group PLC | 4,677,355 | 7,468,356 |
The accompanying notes are an integral part of these financial statements.
69
SA International Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
United Kingdom (Continued) | |||||||
Whitbread PLC* | 5,727 | 157,680 | |||||
WM Morrison Supermarkets PLC | 445,248 | 1,051,278 | |||||
WPP PLC | 166,889 | 1,304,446 | |||||
WPP PLC, ADR@ | 8,470 | 331,431 | |||||
69,467,741 | |||||||
United States — 0.1% | |||||||
Ovintiv, Inc.@ | 19,844 | 189,510 | |||||
Ovintiv, Inc.@ | 18,556 | 176,457 | |||||
365,967 | |||||||
TOTAL COMMON STOCKS | |||||||
(Identified Cost $611,302,156) | 534,352,160 | ||||||
PREFERRED STOCKS — 1.3% | |||||||
Germany — 1.2% | |||||||
Bayerische Motoren Werke | |||||||
AG, 6.210% | 11,127 | 539,801 | |||||
Porsche Automobil Holding | |||||||
SE, 3.200% | 17,284 | 993,454 | |||||
Volkswagen AG, 2.680% | 35,751 | 5,420,031 | |||||
6,953,286 | |||||||
Italy — 0.1% | |||||||
Telecom Italia SpA, 8.060% | 711,381 | 275,737 | |||||
TOTAL PREFERRED STOCKS | |||||||
(Identified Cost $10,696,107) | 7,229,023 | ||||||
RIGHTS AND WARRANTS — 0.0% | |||||||
Spain — 0.0% | |||||||
Repsol SA Right@* | 44,164 | 21,500 | |||||
TOTAL RIGHTS AND WARRANTS | |||||||
(Identified Cost $24,585) | 21,500 | ||||||
SHORT-TERM INVESTMENTS — 3.1% | |||||||
Investment Company — 0.1% | |||||||
State Street Institutional U.S. | |||||||
Government Money Market | |||||||
Fund 0.116% | 294,775 | 294,775 | |||||
Collateral For Securities On Loan — 3.0% | |||||||
State Street Navigator Securities | |||||||
Lending Government Money Market | |||||||
Portfolio, 0.130% | 16,787,310 | 16,787,310 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Identified Cost $17,082,085) | 17,082,085 | ||||||
Total Investments — 102.4% | |||||||
(Identified Cost $639,104,933) | 558,684,768 | ||||||
Liabilities, Less Cash and Other | |||||||
Assets — (2.4%) | (13,208,348 | ) | |||||
Net Assets — 100.0% | $ | 545,476,420 |
† | See Note 1 | ||
* | Non-income producing security | ||
@ | A portion or all of the security was held on loan. As of June 30, 2020, the fair value of the securities on loan was $54,588,665. | ||
▲ | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 | ||
§ | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund's Board of Trustees. See Note 1 | ||
¥ | Traded on the Canada, Toronto Stock Exchange. | ||
± | 144A Securities. Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities have been deemed by the Fund to be liquid and at June 30, 2020 amounted to $2,509,702 or 0.46% of the net assets of the Fund. | ||
= | Traded on the France, Euronext Paris Exchange. | ||
µ | Traded on the Switzerland, Swiss Exchange. |
Key to abbreviations:
ADR — American Depository Receipt
Ten largest industry holdings as of June 30, 2020
(As a percentage of net assets) (Unaudited)
Industry | Percentage | ||||
Commercial Banks | 16.4% | ||||
Oil, Gas & Consumable Fuels | 10.5% | ||||
Automobiles | 9.1% | ||||
Insurance | 8.4% | ||||
Metals & Mining | 5.2% | ||||
Chemicals | 5.2% | ||||
Pharmaceuticals | 4.2% | ||||
Auto Components | 3.4% | ||||
Real Estate Management & Development | 2.9% | ||||
Capital Markets | 2.3% |
Country Weightings as of June 30, 2020
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
70
SA International Small Company Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
SHARES | VALUE† | ||||||
MUTUAL FUNDS — 100.2% | |||||||
Other — 100.2% | |||||||
DFA International Small | |||||||
Company Portfolio£ | 17,116,135 | $ | 272,488,867 | ||||
TOTAL MUTUAL FUNDS | |||||||
(Identified Cost $200,738,704) | 272,488,867 | ||||||
Total Investments — 100.2% | |||||||
(Identified Cost $200,738,704) | 272,488,867 | ||||||
Liabilities, Less Cash and Other | |||||||
Assets — (0.2%) | (430,320 | ) | |||||
Net Assets — 100.0% | $ | 272,058,547 |
† | See Note 1 | ||
£ | Please refer to the Portfolio of Investments of the DFA International Small Company Portfolio included elsewhere in this report. |
The accompanying notes are an integral part of these financial statements.
71
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
SHARES | VALUE† | ||||||
COMMON STOCKS — 97.7% | |||||||
Brazil — 4.4% | |||||||
Banco Bradesco SA | 35,883 | $ | 125,107 | ||||
Banco Bradesco SA, ADR | 112,711 | 429,429 | |||||
Banco do Brasil SA | 61,544 | 363,848 | |||||
Banco Santander Brasil SA | 29,897 | 154,045 | |||||
Banco Santander Brasil SA, ADR@ | 200 | 1,044 | |||||
Camil Alimentos SA | 17,192 | 35,471 | |||||
Cia Brasileira de Distribuicao | 3,300 | 43,073 | |||||
Cogna Educacao | 134,331 | 163,279 | |||||
Embraer SA, ADR* | 18,374 | 109,877 | |||||
Enauta Participacoes SA | 13,118 | 24,943 | |||||
Ez Tec Empreendimentos e | |||||||
Participacoes SA | 11,543 | 84,692 | |||||
Gerdau SA, ADR@ | 102,151 | 302,367 | |||||
International Meal Co., | |||||||
Alimentacao SA* | 12,167 | 8,949 | |||||
Iochpe Maxion SA | 16,997 | 42,257 | |||||
JBS SA | 22,851 | 88,873 | |||||
JHSF Participacoes SA | 20,831 | 27,197 | |||||
Petroleo Brasileiro SA | 387,748 | 1,592,889 | |||||
Restoque Comercio e Confeccoes | |||||||
de Roupas SA* | 1,622 | 2,058 | |||||
SLC Agricola SA | 15,358 | 66,650 | |||||
Tupy SA | 9,747 | 34,234 | |||||
Usinas Siderurgicas de Minas | |||||||
Gerais SA | 9,100 | 13,538 | |||||
Vale SA | 363,589 | 3,738,787 | |||||
7,452,607 | |||||||
Canada — 0.0% | |||||||
Atlas Corp. | 6,910 | 52,516 | |||||
Chile — 0.7% | |||||||
Besalco SA | 22,668 | 11,538 | |||||
CAP SA* | 1,549 | 10,032 | |||||
Cencosud SA | 141,787 | 198,509 | |||||
Empresas CMPC SA | 64,837 | 128,821 | |||||
Empresas COPEC SA | 25,401 | 170,391 | |||||
Enel Americas SA | 1,544,476 | 233,157 | |||||
Enel Chile SA, ADR | 10,993 | 41,444 | |||||
Enersis Americas SA, ADR | 14,495 | 108,857 | |||||
ENTEL Chile SA | 13,467 | 86,894 | |||||
Grupo Security SA | 60,409 | 10,811 | |||||
Inversiones Aguas Metropolitanas SA | 40,036 | 34,460 | |||||
Itau CorpBanca | 8,900,248 | 24,044 | |||||
Latam Airlines Group SA, ADR*@ | 13,696 | 18,490 | |||||
Masisa SA* | 174,355 | 3,326 | |||||
PAZ Corp. SA | 9,073 | 6,826 | |||||
Ripley Corp. SA | 104,950 | 34,115 | |||||
Salfacorp SA | 43,600 | 22,879 | |||||
Sigdo Koppers SA | 27,803 | 27,282 | |||||
SMU SA | 147,411 | 27,234 | |||||
Sociedad Matriz SAAM SA | 550,961 | 35,886 | |||||
Socovesa SA | 38,881 | 11,016 | |||||
SONDA SA | 26,216 | 17,235 | |||||
1,263,247 | |||||||
China — 29.1% | |||||||
361 Degrees International Ltd. | 71,000 | 9,161 | |||||
Agile Group Holdings Ltd. | 131,091 | 154,255 | |||||
Agricultural Bank of China Ltd., | |||||||
H Shares | 1,888,000 | 760,023 | |||||
Air China Ltd., Class H | 182,000 | 108,489 | |||||
Ajisen China Holdings Ltd. | 37,000 | 5,108 | |||||
Aluminum Corp. of China Ltd., | |||||||
H Shares* | 290,000 | 54,255 | |||||
Angang Steel Co., Ltd., H Shares@ | 142,999 | 34,871 | |||||
Anhui Conch Cement Co., Ltd., | |||||||
H Shares | 11,500 | 77,453 | |||||
Anton Oilfield Services Group | 226,000 | 13,413 | |||||
Apex International Co., Ltd. | 15,000 | 35,130 | |||||
Asia Cement China Holdings Corp. | 40,000 | 39,223 | |||||
AviChina Industry & Technology Co., | |||||||
Ltd. H Shares | 254,000 | 115,030 | |||||
BAIC Motor Corp., Ltd., H Shares± | 145,000 | 62,673 | |||||
Baidu, Inc. ADR* | 14,367 | 1,722,460 | |||||
Bank of China Ltd., H Shares | 5,805,902 | 2,149,918 | |||||
Bank of Chongqing Co., Ltd., | |||||||
H Shares | 46,500 | 23,279 | |||||
Bank of Communications Co., Ltd., | |||||||
H Shares | 565,400 | 348,702 | |||||
BBMG Corp., H Shares | 184,000 | 35,848 | |||||
Beijing Capital International Airport Co., | |||||||
Ltd., H Shares | 174,000 | 108,883 | |||||
Beijing Capital Land Ltd., H Shares | 150,000 | 28,256 | |||||
Beijing Enterprises Clean Energy | |||||||
Group Ltd.* | 260,000 | 1,409 | |||||
Beijing Enterprises Holdings Ltd. | 46,000 | 153,719 | |||||
Beijing Enterprises Water Group Ltd. | 448,000 | 174,564 | |||||
Beijing North Star Co., Ltd., Class H | 100,000 | 21,934 | |||||
Brilliance China Automotive | |||||||
Holdings Ltd. | 178,000 | 159,386 | |||||
BYD Electronic International Co., | |||||||
Ltd.@ | 61,500 | 140,766 | |||||
C C Land Holdings Ltd. | 106,500 | 24,322 | |||||
CAR, Inc.* | 44,000 | 13,228 | |||||
Central China Real Estate Ltd. | 56,000 | 26,084 | |||||
CGN Meiya Power Holdings Co., | |||||||
Ltd.* | 152,000 | 29,221 | |||||
Chaowei Power Holdings Ltd. | 71,000 | 31,330 | |||||
China Aircraft Leasing Group | |||||||
Holdings Ltd. | 16,000 | 12,985 | |||||
China Aoyuan Group Ltd. | 103,000 | 124,522 | |||||
China BlueChemical Ltd., H Shares | 192,000 | 28,489 | |||||
China Cinda Asset Management | |||||||
Co., Ltd., Class H | 561,000 | 110,021 | |||||
China Citic Bank Corp., Ltd., | |||||||
H Shares | 709,000 | 309,196 | |||||
China Coal Energy Co., Ltd., | |||||||
H Shares | 158,000 | 35,879 | |||||
China Communication Services Corp., | |||||||
Ltd., H Shares | 157,600 | 98,011 | |||||
China Communications Construction | |||||||
Co., Ltd., H Shares | 279,000 | 157,310 | |||||
China Conch Venture Holdings Ltd. | 43,000 | 181,421 | |||||
China Construction Bank Corp., | |||||||
H Shares | 8,362,810 | 6,765,347 |
The accompanying notes are an integral part of these financial statements.
72
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
China (Continued) | |||||||
China COSCO Holdings Co., Ltd., | |||||||
H Shares* | 168,000 | $ | 48,338 | ||||
China Development Bank Financial | |||||||
Leasing Co., Ltd., H Shares± | 128,000 | 17,176 | |||||
China Dongxiang Group Co., Ltd | 218,000 | 19,408 | |||||
China Eastern Airlines Corp. Ltd.*@ | 403 | 7,302 | |||||
China Eastern Airlines Corp., Ltd., | |||||||
H Shares* | 142,000 | 50,567 | |||||
China Energy Engineering Corp., Ltd., | |||||||
H Shares | 152,000 | 14,317 | |||||
China Everbright Bank Co., Ltd., | |||||||
H Shares | 241,000 | 90,486 | |||||
China Everbright Greentech Ltd.± | 32,000 | 12,593 | |||||
China Everbright Ltd. | 88,000 | 127,393 | |||||
China Evergrande Group@ | 200,000 | 516,096 | |||||
China Foods Ltd. | 46,000 | 17,449 | |||||
China Galaxy Securities Co., Ltd., | |||||||
H Shares@ | 176,000 | 95,147 | |||||
China Harmony New Energy Auto | |||||||
Holding Ltd.@ | 62,000 | 30,798 | |||||
China High Speed Transmission | |||||||
Equipment Group Co., Ltd. | 23,000 | 13,354 | |||||
China Hongqiao Group Ltd. | 162,500 | 72,124 | |||||
China Huarong Asset Management Co., | |||||||
Ltd. Class H± | 681,000 | 68,535 | |||||
China Huiyuan Juice Group Ltd.*§ | 84,500 | — | |||||
China International Capital Corp., Ltd., | |||||||
H Shares*@± | 84,000 | 164,955 | |||||
China International Marine Containers | |||||||
Group Co., Ltd., Class H | 49,640 | 40,350 | |||||
China Jinmao Holdings Group Ltd. | 334,000 | 234,862 | |||||
China Lesso Group Holdings Ltd. | 81,000 | 105,345 | |||||
China Lilang Ltd. | 31,000 | 16,639 | |||||
China Lumena New Materials | |||||||
Corp.*@§~ | 5,599 | — | |||||
China Machinery Engineering Corp., | |||||||
Class H | 57,000 | 15,003 | |||||
China Maple Leaf Educational | |||||||
Systems Ltd.@ | 160,000 | 48,719 | |||||
China Merchants Bank Co., Ltd., | |||||||
H Shares | 13,500 | 62,096 | |||||
China Merchants Land Ltd. | 118,000 | 18,118 | |||||
China Merchants Port Holdings | |||||||
Co., Ltd. | 134,421 | 158,867 | |||||
China Merchants Securities Co. Ltd. | |||||||
H Shares± | 8,200 | 9,183 | |||||
China Minsheng Banking Corp., Ltd., | |||||||
H Shares | 567,380 | 389,454 | |||||
China Mobile Ltd. | 641,500 | 4,328,811 | |||||
China Mobile Ltd. ADR | 17,270 | 580,963 | |||||
China Molybdenum Co., Ltd., | |||||||
H Shares | 21,000 | 6,855 | |||||
China National Building Material Co., | |||||||
Ltd., H Shares | 440,850 | 469,262 | |||||
China Oil & Gas Group Ltd. | 200,000 | 6,271 | |||||
China Oilfield Services Ltd., | |||||||
H Shares | 180,000 | 161,641 | |||||
China Oriental Group Co., Ltd. | 122,000 | 33,213 | |||||
China Overseas Grand Oceans | |||||||
Group Ltd. | 131,500 | 74,144 | |||||
China Overseas Land & | |||||||
Investment Ltd. | 414,000 | 1,252,603 | |||||
China Pacific Insurance Group Co. Ltd. | |||||||
H Shares | 61,800 | 165,055 | |||||
China Petroleum & Chemical Corp., | |||||||
H Shares | 2,634,400 | 1,097,879 | |||||
China Railway Construction Corp., Ltd., | |||||||
H Shares | 204,500 | 160,687 | |||||
China Railway Group Ltd., H Shares | 326,000 | 167,406 | |||||
China Railway Signal & Communication | |||||||
Corp. Ltd. H Shares± | 77,000 | 33,083 | |||||
China Reinsurance Group Corp., | |||||||
H Shares | 323,000 | 32,923 | |||||
China Resources Cement | |||||||
Holdings Ltd. | 238,000 | 291,416 | |||||
China Resources Land Ltd. | 366,000 | 1,385,988 | |||||
China Resources Medical Holdings | |||||||
Co., Ltd. | 52,500 | 29,940 | |||||
China Resources Pharmaceutical | |||||||
Group Ltd.± | 134,500 | 77,571 | |||||
China Sanjiang Fine | |||||||
Chemicals Co., Ltd. | 44,000 | 11,922 | |||||
China SCE Group Holdings Ltd. | 170,000 | 73,698 | |||||
China Shanshui Cement Group Ltd.* | 53,000 | 13,813 | |||||
China Shenhua Energy Co., Ltd. | 358,000 | 559,830 | |||||
China Shineway Pharmaceutical | |||||||
Group Ltd. | 36,000 | 23,735 | |||||
China South City Holdings Ltd. | 308,000 | 31,394 | |||||
China Southern Airlines Co., Ltd., | |||||||
H Shares*@ | 170,000 | 75,234 | |||||
China State Construction International | |||||||
Holdings Ltd. | 204,000 | 118,970 | |||||
China Taiping Insurance | |||||||
Holdings Co., Ltd. | 137,800 | 220,821 | |||||
China Tianrui Group | |||||||
Cement Co., Ltd.* | 11,000 | 11,340 | |||||
China Traditional Chinese Medicine | |||||||
Holdings Co., Ltd. | 228,000 | 110,021 | |||||
China Travel International Investment | |||||||
Hong Kong Ltd. | 180,000 | 25,547 | |||||
China Unicom Hong Kong Ltd. | 92,000 | 49,736 | |||||
China Unicom Hong Kong Ltd., | |||||||
ADR@ | 60,196 | 328,068 | |||||
China Vanke Co., Ltd., Class H | 126,700 | 400,510 | |||||
China Yongda Automobiles Services | |||||||
Holdings Ltd.* | 72,000 | 86,487 | |||||
China Yurun Food Group Ltd.* | 23,000 | 1,454 | |||||
China ZhengTong Auto Services | |||||||
Holdings Ltd.@ | 74,500 | 10,670 | |||||
China Zhongwang Holdings Ltd. | 154,000 | 29,010 | |||||
Chinasoft International Ltd.* | 72,000 | 39,388 | |||||
Chongqing Rural Commercial | |||||||
Bank Co., Ltd., H Shares | 226,000 | 88,936 | |||||
CIFI Holdings Group Co., Ltd.@ | 252,071 | 196,440 | |||||
CIMC Enric Holdings Ltd. | 74,000 | 29,312 | |||||
CITIC Ltd. | 593,000 | 557,002 | |||||
Citic Resources Holdings Ltd.* | 150,000 | 4,838 | |||||
CITIC Securities Co., Ltd., Class H | 23,000 | 43,504 | |||||
CNOOC Ltd. | 1,926,000 | 2,142,071 |
The accompanying notes are an integral part of these financial statements.
73
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
China (Continued) | |||||||
CNOOC Ltd. Spon ADR | 1,769 | $ | 199,614 | ||||
Cogobuy Group*± | 40,000 | 6,916 | |||||
Concord New Energy Group Ltd. | 420,000 | 17,612 | |||||
Consun Pharmaceutical Group Ltd. | 23,000 | 9,496 | |||||
COSCO SHIPPING Development Co., | |||||||
Ltd., H Shares | 324,200 | 30,954 | |||||
COSCO SHIPPING Energy | |||||||
Transportation Co., Ltd., H Shares | 86,000 | 38,392 | |||||
COSCO SHIPPING Ports Ltd. | 84,383 | 45,292 | |||||
Country Garden Holdings Co., Ltd. | 816,000 | 1,002,299 | |||||
CP Pokphand Co., Ltd. | 262,000 | 22,649 | |||||
CPMC Holdings Ltd.@ | 53,000 | 20,036 | |||||
CSR Corp., Ltd. - Class H | 303,000 | 127,838 | |||||
CT Environmental Group Ltd.*@§ | 98,000 | 806 | |||||
Digital China Holdings Ltd. | 26,000 | 16,807 | |||||
Dongfang Electric Corp. Ltd. H Shares | 29,800 | 15,572 | |||||
Dongfeng Motor Group Co., Ltd., | |||||||
H Shares | 184,000 | 109,918 | |||||
Dongyue Group Ltd. | 82,000 | 33,327 | |||||
Everbright Securities Co., Ltd., | |||||||
Class H± | 16,000 | 11,561 | |||||
Fang Holdings Ltd.* | 570 | 6,462 | |||||
Fantasia Holdings Group Co., Ltd.* | 142,500 | 26,660 | |||||
Far East Horizon Ltd. | 200,000 | 169,796 | |||||
Fosun International Ltd. | 196,500 | 249,983 | |||||
Fufeng Group Ltd. | 153,000 | 48,759 | |||||
GCL-Poly Energy Holdings Ltd.*@ | 1,105,000 | 31,223 | |||||
Gemdale Properties & Investment | |||||||
Corp., Ltd. | 442,000 | 81,551 | |||||
General Interface Solution Holding Ltd. | 30,000 | 114,389 | |||||
GF Securities Co., Ltd., Class H | 75,800 | 81,174 | |||||
GOME Retail Holdings Ltd.*@ | 570,000 | 94,871 | |||||
Grand Baoxin Auto Group Ltd.* | 23,000 | 3,472 | |||||
Great Wall Motor Co., Ltd., H Shares | 259,000 | 161,739 | |||||
Greatview Aseptic Packaging Co. Ltd. | 25,000 | 8,838 | |||||
Greenland Hong Kong Holdings Ltd. | 112,000 | 39,595 | |||||
Greentown China Holdings Ltd. | 48,000 | 47,935 | |||||
Guangshen Railway Co., Ltd., ADR@ | 2,674 | 24,360 | |||||
Guangzhou Automobile Group | |||||||
Co., Ltd., H Shares | 188,000 | 135,594 | |||||
Guangzhou R&F Properties Co., Ltd., | |||||||
H Shares | 144,800 | 168,518 | |||||
Guorui Properties Ltd. | 63,000 | 9,429 | |||||
Guotai Junan Securities Co., Ltd.± | 29,000 | 40,111 | |||||
Haitian International Holdings Ltd. | 23,000 | 46,709 | |||||
Haitong Securities Co., Ltd., Class H | 169,600 | 136,984 | |||||
Harbin Electric Co., Ltd., H Shares* | 54,000 | 21,041 | |||||
HC Group, Inc.* | 70,500 | 11,643 | |||||
Hengdeli Holdings Ltd. | 184,000 | 7,834 | |||||
Hi Sun Technology China Ltd.* | 72,000 | 8,082 | |||||
Honghua Group Ltd.* | 125,000 | 3,903 | |||||
Hopson Development Holdings Ltd. | 58,000 | 60,316 | |||||
Hua Han Health Industry | |||||||
Holdings Ltd.*§ | 640,000 | — | |||||
Hua Hong Semiconductor Ltd.*@± | 43,000 | 149,242 | |||||
Huatai Securities Co., Ltd., Class H± | 58,600 | 93,300 | |||||
Industrial & Commercial Bank of | |||||||
China Ltd., H Shares | 5,753,000 | 3,488,691 | |||||
Jiangxi Copper Co., Ltd., H Shares | 82,000 | 82,630 | |||||
Jiayuan International Group Ltd. | 48,000 | 19,818 | |||||
JinkoSolar Holding Co., Ltd. ADR*@ | 4,223 | 74,789 | |||||
Joy City Property Ltd. | 226,000 | 14,580 | |||||
JOYY, Inc.* | 3,947 | 349,507 | |||||
Ju Teng International Holdings Ltd. | 56,000 | 20,448 | |||||
Kaisa Group Holdings Ltd. | 270,000 | 101,722 | |||||
Kasen International Holdings Ltd.* | 35,000 | 4,380 | |||||
Kingboard Chemical Holdings Ltd. | 71,500 | 185,427 | |||||
Kingboard Laminates Holdings Ltd. | 103,000 | 103,525 | |||||
Kunlun Energy Co., Ltd. | 378,000 | 244,831 | |||||
KWG Property Holding Ltd. | 130,000 | 218,386 | |||||
Lee & Man Paper Manufacturing Ltd. | 104,000 | 55,821 | |||||
Legend Holdings Corp., H Shares± | 23,300 | 27,207 | |||||
Lenovo Group Ltd. | 488,000 | 270,114 | |||||
Logan Group Co., Ltd. | 33,000 | 58,417 | |||||
Longfor Properties Co., Ltd.± | 40,500 | 192,559 | |||||
Lonking Holdings Ltd. | 158,000 | 47,907 | |||||
Luye Pharma Group Ltd.± | 102,500 | 62,685 | |||||
LVGEM China Real Estate | |||||||
Investment Co. Ltd. | 12,000 | 3,638 | |||||
Maoye International Holdings Ltd. | 82,000 | 3,915 | |||||
Metallurgical Corp., of China Ltd., | |||||||
H Shares | 139,000 | 22,059 | |||||
Mingfa Group | |||||||
International Co., Ltd.*§ | 91,000 | — | |||||
Minth Group Ltd. | 72,000 | 204,838 | |||||
MMG Ltd.* | 128,000 | 26,424 | |||||
Momo, Inc. | 2,363 | 41,305 | |||||
New China Life Insurance Co. Ltd. | |||||||
H Shares | 10,300 | 34,486 | |||||
Nexteer Automotive Group Ltd. | 69,000 | 47,362 | |||||
Nine Dragons Paper Holdings Ltd. | 173,000 | 156,471 | |||||
Orient Securities Co., Ltd., Class H± | 52,400 | 28,936 | |||||
Panda Green Energy Group Ltd.* | 310,000 | 5,400 | |||||
PAX Global Technology Ltd. | 52,000 | 22,610 | |||||
PetroChina Co., Ltd., H Shares | 2,160,000 | 716,238 | |||||
PICC Property & Casualty Co., Ltd., | |||||||
H Shares | 436,000 | 359,466 | |||||
Poly Property Group Co., Ltd. | 186,000 | 55,916 | |||||
Postal Savings Bank of China Co., Ltd., | |||||||
Class H± | 597,000 | 342,771 | |||||
Pou Sheng International | |||||||
Holdings Ltd.* | 111,000 | 25,493 | |||||
Powerlong Real Estate Holdings Ltd. | 143,000 | 80,075 | |||||
Qingling Motors Co., Ltd.,Class H | 84,000 | 15,282 | |||||
Qudian, Inc.*@ | 3,805 | 6,469 | |||||
Red Star Macalline Group Corp., Ltd., | |||||||
H Shares@± | 35,701 | 19,991 | |||||
Ronshine China Holdings Ltd.* | 43,500 | 38,278 | |||||
Sany Heavy Equipment International | |||||||
Holdings Co. Ltd. | 61,000 | 28,255 | |||||
Seazen Group Ltd.* | 152,000 | 131,986 | |||||
Semiconductor Manufacturing | |||||||
International Corp.*@ | 203,800 | 709,967 |
The accompanying notes are an integral part of these financial statements.
74
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
China (Continued) | |||||||
Shandong Chenming Paper | |||||||
Holdings Ltd., H Shares | 35,250 | $ | 12,644 | ||||
Shanghai Electric Group Co., Ltd., | |||||||
H Shares* | 166,000 | 47,120 | |||||
Shanghai Industrial Holdings Ltd. | 45,000 | 69,208 | |||||
Shanghai Industrial Urban | |||||||
Development Group Ltd. | 265,000 | 30,430 | |||||
Shanghai Jin Jiang International Hotels | |||||||
Group Co., Ltd., H Shares | 148,000 | 26,161 | |||||
Shanghai Pharmaceuticals Holding Co., | |||||||
Ltd., Class H | 52,300 | 87,858 | |||||
Shenzhen International Holdings Ltd. | 99,337 | 158,160 | |||||
Shenzhen Investment Ltd. | 323,060 | 102,122 | |||||
Shimao Property Holdings Ltd. | 128,500 | 543,810 | |||||
Shoucheng Holdings Ltd. | 134,400 | 26,531 | |||||
Shougang Fushan Resources | |||||||
Group Ltd. | 176,000 | 36,787 | |||||
Shui On Land Ltd. | 280,000 | 46,965 | |||||
Sihuan Pharmaceutical Holdings | |||||||
Group Ltd. | 328,000 | 31,317 | |||||
SINA Corp.* | 6,470 | 232,338 | |||||
Sino-Ocean Land Holdings Ltd. | 293,712 | 70,486 | |||||
Sinofert Holdings Ltd.* | 244,000 | 21,722 | |||||
Sinopec Engineering Group Co., Ltd., | |||||||
H Shares | 111,000 | 47,261 | |||||
Sinopec Kantons Holdings Ltd. | 90,000 | 34,488 | |||||
Sinopec Shanghai Petrochemical Co., | |||||||
Ltd.,Class H | 248,000 | 59,516 | |||||
Sinopharm Group Co. Ltd. H Shares | 130,400 | 333,802 | |||||
Sinotrans Ltd., H Shares | 145,000 | 29,372 | |||||
Sinotruk Hong Kong Ltd. | 67,000 | 173,324 | |||||
Skyworth Digital Holdings Ltd.*@ | 158,477 | 44,371 | |||||
SOHO China Ltd.* | 153,500 | 53,870 | |||||
Sunac China Holdings Ltd. | 114,000 | 477,298 | |||||
TCL Electronics Holdings Ltd. | 38,667 | 18,908 | |||||
Texhong Textile Group Ltd. | 18,000 | 14,399 | |||||
Tiangong International Co., Ltd. | 42,000 | 13,548 | |||||
Tianjin Port Development | |||||||
Holdings Ltd. | 180,000 | 12,541 | |||||
Tianneng Power International Ltd.@ | 74,000 | 126,031 | |||||
Tomson Group Ltd. | 24,000 | 5,264 | |||||
Tongda Group Holdings Ltd. | 340,000 | 20,179 | |||||
Trip.com Group Ltd. ADR* | 33,372 | 865,002 | |||||
Truly International Holdings Ltd.* | 120,000 | 12,541 | |||||
Universal Medical Financial & Technical | |||||||
Advisory Services Co., Ltd.± | 75,500 | 45,589 | |||||
Wasion Group Holdings Ltd. | 48,000 | 15,359 | |||||
West China Cement Ltd. | 198,000 | 36,021 | |||||
Xiamen International Port Co., Ltd., | |||||||
Class H | 94,000 | 7,641 | |||||
Xingda International Holdings Ltd. | 79,862 | 15,353 | |||||
Xinjiang Goldwind Science & | |||||||
Technology Co. Ltd. H Shares | 30,200 | 25,873 | |||||
Xinyuan Real Estate Co. Ltd. | 4,102 | 8,983 | |||||
Xtep International Holdings Ltd. | 97,578 | 32,482 | |||||
Yanzhou Coal Mining Co., Ltd., | |||||||
H Shares | 186,000 | 138,951 | |||||
Yiren Digital Ltd.*@ | 4,296 | 17,743 | |||||
YuanShengTai Dairy Farm Ltd.* | 226,000 | 13,559 | |||||
Yuexiu Property Co., Ltd. | 675,033 | 120,192 | |||||
Yuzhou Properties Co., Ltd. | 167,819 | 72,536 | |||||
Zhong An Group Ltd. | 89,000 | 2,526 | |||||
Zhuzhou CRRC Times Electric Co., | |||||||
Ltd., Class H | 40,200 | 102,179 | |||||
Zoomlion Heavy Industry Science & | |||||||
Technology Co., Ltd., H Shares* | 85,800 | 66,089 | |||||
49,739,837 | |||||||
Colombia — 0.2% | |||||||
Cementos Argos SA | 31,937 | 28,895 | |||||
Constructora Conconcreto SA* | 52,618 | 5,041 | |||||
Corp. Financiera Colombiana SA* | 7,729 | 57,134 | |||||
Grupo Argos SA | 29,921 | 78,823 | |||||
Grupo de Inversiones | |||||||
Suramericana SA | 22,033 | 109,285 | |||||
Grupo Nutresa SA | 3,353 | 18,648 | |||||
297,826 | |||||||
Czech Republic — 0.2% | |||||||
CEZ, AS | 14,199 | 302,855 | |||||
Greece — 0.2% | |||||||
Alpha Bank AE* | 81,255 | 60,434 | |||||
Bank of Greece | 859 | 12,199 | |||||
Ellaktor SA* | 12,186 | 14,649 | |||||
Eurobank Ergasias SA* | 125,060 | 57,326 | |||||
Hellenic Petroleum SA | 3,804 | 25,429 | |||||
Marfin Investment Group | |||||||
Holdings SA* | 45,244 | 3,060 | |||||
Mytilineos Holdings SA | 10,643 | 87,050 | |||||
National Bank of Greece SA* | 66,811 | 93,678 | |||||
Piraeus Bank SA* | 30,732 | 54,208 | |||||
408,033 | |||||||
Hungary — 0.3% | |||||||
MOL Hungarian Oil & Gas PLC* | 48,906 | 288,299 | |||||
Richter Gedeon Nyrt | 7,991 | 165,304 | |||||
453,603 | |||||||
India — 12.5% | |||||||
ACC Ltd. | 4,759 | 84,145 | |||||
Adani Enterprises Ltd. | 12,586 | 26,038 | |||||
Adani Gas Ltd. | 14,303 | 28,983 | |||||
Adani Ports & Special Economic | |||||||
Zone Ltd. | 15,271 | 70,000 | |||||
Adani Transmissions Ltd.* | 27,809 | 95,761 | |||||
Aditya Birla Capital Ltd.* | 44,000 | 36,947 | |||||
Ambuja Cements Ltd. | 41,841 | 107,396 | |||||
Apollo Tyres Ltd. | 37,992 | 54,343 | |||||
Arvind Fashions Ltd.* | 2,690 | 5,998 | |||||
Arvind Ltd. | 13,452 | 5,773 | |||||
Ashok Leyland Ltd. | 76,389 | 47,652 | |||||
Aurobindo Pharma Ltd. | 25,561 | 260,912 | |||||
Axis Bank Ltd. | 92,879 | 501,030 |
The accompanying notes are an integral part of these financial statements.
75
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
India (Continued) | |||||||
Axis Bank Ltd. GDR | 1,352 | $ | 36,166 | ||||
Bajaj Holdings & Investment Ltd. | 4,097 | 138,200 | |||||
Balrampur Chini Mills Ltd. | 15,439 | 27,605 | |||||
Bank of Baroda* | 66,538 | 42,917 | |||||
Bharat Electronics Ltd. | 74,073 | 86,725 | |||||
Bharat Heavy Electricals Ltd. | 96,730 | 45,993 | |||||
Bharti Airtel Ltd.* | 182,504 | 1,354,209 | |||||
Birla Corp., Ltd. | 3,237 | 24,909 | |||||
Brigade Enterprises Ltd. | 9,561 | 17,361 | |||||
Cadila Healthcare Ltd. | 21,220 | 99,350 | |||||
Canara Bank* | 19,961 | 26,609 | |||||
Ceat Ltd. | 3,536 | 42,624 | |||||
Chambal Fertilizers and | |||||||
Chemicals Ltd. | 14,403 | 27,059 | |||||
Cipla Ltd. | 40,427 | 343,050 | |||||
City Union Bank Ltd. | 13,518 | 21,735 | |||||
Cochin Shipyard Ltd.± | 3,997 | 15,826 | |||||
Container Corp. Of India Ltd. | 7,508 | 41,565 | |||||
Cyient Ltd. | 7,451 | 27,237 | |||||
Dalmia Bharat Ltd.* | 939 | 8,457 | |||||
DCB Bank Ltd.* | 19,962 | 20,067 | |||||
DCM Shriram Ltd. | 4,319 | 18,133 | |||||
Dilip Buildcon Ltd.± | 2,860 | 10,339 | |||||
Dishman Carbogen Amcis Ltd. | 5,292 | 8,537 | |||||
DLF Ltd. | 37,826 | 74,496 | |||||
Dr Reddy 's Laboratories Ltd., ADR | 10,396 | 551,092 | |||||
eClerx Services Ltd. | 1,042 | 6,157 | |||||
Edelweiss Financial Services Ltd. | 37,825 | 31,461 | |||||
EID Parry India Ltd.* | 7,288 | 26,665 | |||||
Escorts Ltd. | 8,038 | 111,036 | |||||
Exide Industries Ltd. | 21,360 | 41,954 | |||||
Federal Bank Ltd. | 191,290 | 129,336 | |||||
Finolex Cables Ltd. | 3,726 | 14,064 | |||||
Finolex Industries Ltd. | 1,266 | 8,354 | |||||
Firstsource Solutions Ltd. | 20,730 | 9,774 | |||||
Fortis Healthcare Ltd.* | 29,585 | 47,686 | |||||
GAIL India Ltd. | 177,980 | 239,613 | |||||
GAIL India Ltd., GDR | 552 | 4,383 | |||||
Gateway Distriparks Ltd. | 5,474 | 6,068 | |||||
General Insurance Corp. of India± | 7,543 | 14,960 | |||||
Glenmark Pharmaceuticals Ltd. | 12,966 | 77,097 | |||||
Godfrey Phillips India Ltd. | 794 | 10,653 | |||||
Granules India Ltd. | 17,305 | 46,584 | |||||
Grasim Industries Ltd. | 23,232 | 189,862 | |||||
Great Eastern Shipping Co., | |||||||
Ltd. (The) | 4,320 | 12,187 | |||||
Gujarat Alkalies & Chemicals Ltd. | 2,551 | 11,254 | |||||
Gujarat Narmada Valley Fertilizers & | |||||||
Chemicals Ltd. | 4,596 | 9,338 | |||||
Gujarat Pipavav Port Ltd. | 19,498 | 19,678 | |||||
Gujarat State Petronet Ltd. | 17,561 | 51,285 | |||||
Himachal Futuristic | |||||||
Communications Ltd. | 69,784 | 14,603 | |||||
Hindalco Industries Ltd. | 170,691 | 333,114 | |||||
ICICI Bank Ltd. | 15,316 | 71,404 | |||||
ICICI Bank Ltd., ADR | 93,780 | 871,216 | |||||
Idea Cellular Ltd.* | 856,414 | 120,232 | |||||
IDFC Bank Ltd.* | 81,058 | 27,591 | |||||
IDFC Ltd. | 78,818 | 19,260 | |||||
IFCI Ltd.* | 68,818 | 6,881 | |||||
IIFL Holdings Ltd. | 25,376 | 24,871 | |||||
IIFL Securities Ltd. | 25,376 | 14,519 | |||||
IIFL Wealth Management Ltd. | 3,625 | 49,211 | |||||
India Cements Ltd. (The) | 31,361 | 53,041 | |||||
Indiabulls Housing Finance Ltd. | 31,451 | 86,642 | |||||
Indiabulls Real Estate Ltd.* | 29,702 | 19,551 | |||||
Indiabulls Ventures Ltd. | 9,410 | 14,706 | |||||
Indian Bank* | 2,394 | 1,971 | |||||
Inox Fluorochemicals Ltd.* | 4,451 | 21,340 | |||||
J Kumar Infraprojects Ltd. | 2,087 | 2,644 | |||||
Jagran Prakashan Ltd. | 8,773 | 4,601 | |||||
Jammu & Kashmir Bank Ltd. (The)* | 24,690 | 5,919 | |||||
Jindal Saw Ltd. | 14,261 | 10,927 | |||||
Jindal Steel & Power Ltd.* | 46,366 | 99,175 | |||||
JK Cement Ltd. | 1,001 | 18,110 | |||||
JM Financial Ltd. | 26,872 | 24,984 | |||||
JSW Energy Ltd. | 46,779 | 29,088 | |||||
JSW Steel Ltd. | 128,898 | 322,827 | |||||
Jubilant Life Sciences Ltd. | 9,690 | 84,318 | |||||
Kalpataru Power Transmission Ltd. | 5,415 | 15,498 | |||||
Karnataka Bank Ltd. (The) | 28,407 | 15,689 | |||||
Karur Vysya Bank Ltd. (The) | 50,658 | 22,610 | |||||
Kaveri Seed Co., Ltd. | 2,043 | 15,559 | |||||
KEC International Ltd. | 2,756 | 9,799 | |||||
KPIT Engineering Ltd.* | 21,169 | 17,677 | |||||
KPIT Technologies Ltd.* | 21,169 | 25,093 | |||||
KPR Mill Ltd. | 1,232 | 7,915 | |||||
KRBL Ltd. | 2,340 | 7,624 | |||||
L&T Finance Holdings Ltd. | 64,219 | 56,178 | |||||
Larsen & Toubro Ltd. | 24,741 | 309,657 | |||||
Larsen & Toubro Ltd. GDR | 19,704 | 245,118 | |||||
Laurus Labs Ltd.#± | 2,957 | 20,400 | |||||
LIC Housing Finance Ltd. | 20,180 | 70,827 | |||||
Lupin Ltd. | 31,166 | 375,625 | |||||
Maharashtra Scooters Ltd. | 198 | 6,569 | |||||
Mahindra & Mahindra Financial | |||||||
Services Ltd. | 38,086 | 84,592 | |||||
Mahindra & Mahindra Ltd. | 85,460 | 577,987 | |||||
Mahindra & Mahindra Ltd., GDR | 7,923 | 52,450 | |||||
Mahindra CIE Automotive Ltd.* | 6,907 | 10,703 | |||||
Manappuram Finance Ltd. | 30,034 | 60,304 | |||||
Mphasis Ltd. | 11,356 | 130,700 | |||||
MRF Ltd. | 116 | 103,089 | |||||
Muthoot Finance Ltd. | 11,793 | 170,248 | |||||
Natco Pharma Ltd. | 2,947 | 24,590 | |||||
National Aluminium Co., Ltd. | 66,123 | 27,980 | |||||
Nava Bharat Ventures Ltd. | 7,718 | 5,203 | |||||
NCC Ltd. | 58,777 | 22,653 | |||||
Oberoi Realty Ltd. | 8,568 | 41,334 | |||||
PC Jeweller Ltd.* | 7,610 | 1,678 | |||||
Persistent Systems Ltd. | 5,293 | 44,585 | |||||
Petronet LNG Ltd. | 18,380 | 63,317 |
The accompanying notes are an integral part of these financial statements.
76
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
India (Continued) | |||||||
Piramal Enterprises Ltd. | 9,868 | $ | 178,007 | ||||
PNB Housing Finance Ltd.± | 4,224 | 11,628 | |||||
PNC Infratech Ltd. | 4,201 | 7,968 | |||||
Power Finance Corp. Ltd. | 75,664 | 84,780 | |||||
Prestige Estates Projects Ltd. | 14,610 | 40,635 | |||||
PTC India Ltd. | 28,037 | 18,102 | |||||
Punjab National Bank* | 189,708 | 87,437 | |||||
Quess Corp., Ltd.*± | 2,433 | 11,786 | |||||
Rain Industries Ltd. | 7,350 | 7,384 | |||||
Rajesh Exports Ltd. | 7,411 | 45,686 | |||||
Rashtriya Chemicals & Fertilizers Ltd. | 7,262 | 4,458 | |||||
Raymond Ltd. | 3,276 | 12,040 | |||||
RBL Bank Ltd.#± | 23,980 | 55,215 | |||||
Redington India Ltd. | 28,950 | 33,722 | |||||
Reliance Industries Ltd. | 303,193 | 6,856,640 | |||||
Reliance Industries Ltd., GDR#± | 10,496 | 484,915 | |||||
Repco Home Finance Ltd. | 3,632 | 5,910 | |||||
Rural Electrification Corp. Ltd. | 101,826 | 145,719 | |||||
Sadbhav Engineering Ltd. | 4,946 | 2,964 | |||||
Shilpa Medicare Ltd. | 1,821 | 11,637 | |||||
Shipping Corp. of India Ltd.* | 14,166 | 10,694 | |||||
Shriram City Union Finance Ltd. | 2,635 | 23,278 | |||||
Shriram Transport Finance Co., Ltd. | 12,076 | 110,518 | |||||
Sobha Ltd. | 6,105 | 18,371 | |||||
Somany Home Innovation Ltd.* | 2,665 | 2,750 | |||||
South Indian Bank Ltd. (The) | 112,022 | 11,943 | |||||
SRF Ltd. | 2,051 | 97,981 | |||||
State Bank of India* | 62,809 | 148,946 | |||||
State Bank of India Ltd., GDR* | 2,800 | 65,940 | |||||
Steel Authority of India Ltd. | 89,762 | 36,260 | |||||
Sterlite Technologies Ltd. | 6,042 | 8,762 | |||||
Strides Shasun Ltd. | 5,470 | 29,696 | |||||
Sun Pharmaceutical Industries Ltd. | 38,050 | 238,317 | |||||
Sun TV Network Ltd. | 3,649 | 19,477 | |||||
Sunteck Realty Ltd. | 5,951 | 14,999 | |||||
Tata Chemicals Ltd. | 10,372 | 42,784 | |||||
Tata Global Beverages Ltd. | 36,420 | 187,156 | |||||
Tata Motors Ltd.*@ | 5,579 | 36,654 | |||||
Tata Motors Ltd.* | 190,099 | 248,627 | |||||
Tata Steel Ltd. | 55,068 | 238,677 | |||||
Thomas Cook India Ltd. | 3,507 | 1,236 | |||||
TI Financial Holdings Ltd.* | 2,985 | 11,947 | |||||
Time Technoplast Ltd. | 13,782 | 6,799 | |||||
Tube Investments of India Ltd. | 2,032 | 11,949 | |||||
TV18 Broadcast Ltd.* | 55,772 | 24,930 | |||||
Uflex Ltd. | 3,166 | 8,774 | |||||
Union Bank of India* | 36,541 | 15,390 | |||||
UPL Ltd. | 6,239 | 35,267 | |||||
Vedanta Ltd. | 158,002 | 222,447 | |||||
Vedanta Ltd., ADR | 11,569 | 64,902 | |||||
Welspun Corp., Ltd. | 11,246 | 11,990 | |||||
Welspun India Ltd. | 31,519 | 15,529 | |||||
Wipro Ltd. | 138,808 | 403,902 | |||||
Wockhardt Ltd.* | 4,111 | 15,259 | |||||
Yes Bank Ltd. | 193,770 | 65,699 | |||||
Zee Entertainment Enterprises Ltd. | 51,165 | 116,081 | |||||
Zensar Technologies Ltd. | 5,610 | 9,228 | |||||
21,290,477 | |||||||
Indonesia — 2.1% | |||||||
Adaro Energy Tbk PT | 2,082,800 | 145,074 | |||||
Adhi Karya Persero Tbk PT | 265,600 | 11,342 | |||||
AKR Corporindo Tbk PT | 184,700 | 32,841 | |||||
Alam Sutera Realty Tbk PT* | 1,503,200 | 13,575 | |||||
Aneka Tambang Tbk PT | 812,316 | 34,403 | |||||
Astra Agro Lestari Tbk PT | 61,744 | 35,551 | |||||
Astra International Tbk PT | 1,609,400 | 540,785 | |||||
Astra Otoparts Tbk PT | 19,600 | 1,214 | |||||
Bank Bukopin Tbk PT* | 428,300 | 5,547 | |||||
Bank Danamon Indonesia Tbk PT | 242,673 | 45,698 | |||||
Bank Mandiri Tbk PT | 1,711,300 | 592,995 | |||||
Bank Maybank Indonesia Tbk PT | 568,800 | 6,411 | |||||
Bank Negara Indonesia Persero | |||||||
Tbk PT | 781,966 | 250,711 | |||||
Bank Pan Indonesia Tbk PT* | 626,700 | 35,755 | |||||
Bank Pembangunan Daerah Jawa | |||||||
Barat Dan Banten Tbk PT | 445,200 | 23,686 | |||||
Bank Pembangunan Daerah Jawa | |||||||
Timur Tbk PT | 69,000 | 2,415 | |||||
Bank Tabungan Negara Tbk PT | 405,590 | 35,349 | |||||
Barito Pacific Tbk PT* | 704,500 | 57,208 | |||||
BFI Finance Indonesia Tbk PT | 564,800 | 11,150 | |||||
BISI International Tbk PT | 94,000 | 5,429 | |||||
Bukit Asam Tbk PT | 339,600 | 48,022 | |||||
Bumi Serpong Damai Tbk PT* | 850,400 | 44,053 | |||||
Ciputra Development Tbk PT | 1,431,877 | 61,144 | |||||
Delta Dunia Makmur Tbk PT* | 589,400 | 5,611 | |||||
Eagle High Plantations Tbk PT* | 1,380,100 | 8,598 | |||||
Erajaya Swasembada Tbk PT | 208,500 | 18,318 | |||||
Gajah Tunggal Tbk PT* | 177,100 | 4,761 | |||||
Garuda Indonesia Persero Tbk PT* | 400,470 | 6,896 | |||||
Global Mediacom Tbk PT* | 1,084,300 | 14,042 | |||||
Hanson International Tbk PT*§ | 5,335,700 | 14,194 | |||||
Indah Kiat Pulp & Paper Corp., | |||||||
Tbk PT | 365,500 | 152,878 | |||||
Indika Energy Tbk PT | 305,700 | 14,338 | |||||
Indo Tambangraya Megah Tbk PT | 52,800 | 26,243 | |||||
Indofood Sukses Makmur Tbk PT | 589,800 | 269,405 | |||||
Japfa Comfeed Indonesia Tbk PT | 567,600 | 47,085 | |||||
Krakatau Steel Persero Tbk PT* | 255,200 | 4,931 | |||||
Lippo Cikarang Tbk PT* | 40 | 2 | |||||
Lippo Karawaci Tbk PT* | 5,497,772 | 65,812 | |||||
Medco Energi Internasional Tbk PT* | 891,466 | 28,207 | |||||
Media Nusantara Citra Tbk PT | 629,000 | 39,849 | |||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 98,000 | 35,331 | |||||
Pakuwon Jati Tbk PT | 295,800 | 8,614 | |||||
Panin Financial Tbk PT* | 1,598,900 | 20,595 | |||||
Pembangunan Perumahan Persero | |||||||
Tbk PT | 442,900 | 26,974 | |||||
Ramayana Lestari Sentosa Tbk PT | 70,400 | 2,932 | |||||
Salim Ivomas Pratama Tbk PT* | 482,300 | 8,576 | |||||
Semen Indonesia Persero Tbk PT | 203,700 | 137,250 |
The accompanying notes are an integral part of these financial statements.
77
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Indonesia (Continued) | |||||||
Sri Rejeki Isman Tbk PT | 996,900 | $ | 13,120 | ||||
Surya Semesta Internusa Tbk PT | 393,100 | 10,732 | |||||
Tiga Pilar Sejahtera Food Tbk PT*§ | 168,600 | — | |||||
Timah Tbk PT | 396,682 | 16,523 | |||||
Tunas Baru Lampung Tbk PT | 317,700 | 12,343 | |||||
United Tractors Tbk PT | 249,500 | 289,060 | |||||
Vale Indonesia Tbk PT* | 218,900 | 42,906 | |||||
Waskita Beton Precast Tbk PT | 1,138,000 | 15,614 | |||||
Waskita Karya Persero Tbk PT | 606,100 | 30,125 | |||||
Wijaya Karya Persero Tbk PT | 459,200 | 38,575 | |||||
XL Axiata Tbk PT | 526,000 | 101,996 | |||||
3,572,794 | |||||||
Korea — 14.3% | |||||||
AK Holdings, Inc. | 449 | 6,962 | |||||
Asia Cement Co., Ltd. | 309 | 13,923 | |||||
Asia Paper Manufacturing Co. Ltd. | 567 | 14,094 | |||||
BGF Co., Ltd. | 4,970 | 17,519 | |||||
BNK Financial Group, Inc. | 32,629 | 135,632 | |||||
Capro Corp.* | 3,814 | 8,054 | |||||
CJ CheilJedang Corp. | 1,213 | 328,751 | |||||
CJ Corp. | 2,399 | 172,119 | |||||
CJ Hellovision Co., Ltd. | 4,225 | 14,015 | |||||
Dae Han Flour Mills Co., Ltd. | 157 | 21,536 | |||||
Daelim Industrial Co., Ltd. | 4,243 | 290,310 | |||||
Daesang Corp. | 3,420 | 73,498 | |||||
Daewoo Engineering & Construction | |||||||
Co., Ltd.* | 30,049 | 85,687 | |||||
Daewoo Shipbuilding & Marine | |||||||
Engineering Co., Ltd.* | 5,100 | 114,690 | |||||
Daishin Securities Co., Ltd. | 5,898 | 47,366 | |||||
Daou Technology, Inc. | 3,137 | 51,899 | |||||
DGB Financial Group, Inc. | 21,295 | 90,466 | |||||
Dongbu Insurance Co., Ltd. | 7,581 | 270,064 | |||||
Dongkuk Steel Mill Co., Ltd.* | 7,956 | 35,056 | |||||
Dongwon Development Co., Ltd. | 7,412 | 20,242 | |||||
Dongwon Industries Co., Ltd. | 221 | 36,838 | |||||
Doosan Bobcat, Inc. | 5,872 | 128,390 | |||||
Doosan Corp. | 930 | 29,380 | |||||
Doosan Fuel Cell Co. Ltd.* | 3,111 | 83,798 | |||||
Doosan Heavy Industries & | |||||||
Construction Co., Ltd.* | 21,002 | 84,420 | |||||
Doosan Infracore Co., Ltd.* | 21,468 | 129,395 | |||||
Doosan Solus Co. Ltd.* | 1,715 | 47,764 | |||||
DTR Automotive Corp.* | 652 | 13,389 | |||||
E-Mart Co., Ltd. | 1,723 | 151,122 | |||||
Easy Bio Inc/New* | 206 | 8,906 | |||||
Easy Bio, Inc. | 5,023 | 20,963 | |||||
Eugene Investment & | |||||||
Securities Co., Ltd. | 8,694 | 20,563 | |||||
GS Engineering & | |||||||
Construction Corp. | 8,640 | 176,341 | |||||
GS Holdings Corp. | 8,793 | 264,993 | |||||
GS Home Shopping, Inc. | 400 | 36,314 | |||||
Halla Holdings Corp. | 1,447 | 32,119 | |||||
Hana Financial Group, Inc. | 35,558 | 798,159 | |||||
Handsome Co., Ltd. | 1,970 | 57,322 | |||||
Hanil Cement Co., Ltd. | 233 | 15,806 | |||||
Hanil Holdings Co Ltd. | 191 | 7,288 | |||||
Hanjin Transportation Co., Ltd. | 953 | 34,900 | |||||
Hankook Tire Co., Ltd. | 11,469 | 235,034 | |||||
Hansol Paper Co., Ltd. | 2,232 | 25,886 | |||||
Hansol Technics Co., Ltd.* | 1,664 | 9,670 | |||||
Hanwha Chem Corp. | 13,551 | 216,866 | |||||
Hanwha Corp. | 4,987 | 91,834 | |||||
Hanwha General Insurance Co., Ltd.* | 8,055 | 17,311 | |||||
Hanwha Investment & | |||||||
Securities Co., Ltd.* | 18,065 | 24,781 | |||||
Hanwha Life Insurance Co., Ltd. | 43,053 | 48,678 | |||||
Hanwha Techwin Co., Ltd.* | 4,682 | 95,754 | |||||
Harim Holdings Co., Ltd. | 3,907 | 21,925 | |||||
HDC Hyundai Development Co.- | |||||||
Engineering & Construction | 2,554 | 44,801 | |||||
Heungkuk Fire & Marine | |||||||
Insurance Co., Ltd.* | 7,083 | 13,131 | |||||
Humax Co., Ltd.* | 1,390 | 3,530 | |||||
Hy-Lok Corp. | 918 | 9,883 | |||||
Hyosung Chemical Corp. | 104 | 9,078 | |||||
Hyosung Corp. | 1,324 | 69,125 | |||||
Hyosung Heavy Industries Corp.* | 306 | 7,352 | |||||
Hyundai Construction | |||||||
Equipment Co., Ltd.* | 1,558 | 28,366 | |||||
Hyundai Department | |||||||
Store Co., Ltd. | 1,286 | 60,192 | |||||
Hyundai Development Co. | 4,642 | 32,687 | |||||
Hyundai Electric & Energy | |||||||
System Co., Ltd.* | 1,980 | 13,037 | |||||
Hyundai Engineering & | |||||||
Construction Co., Ltd. | 8,487 | 233,192 | |||||
Hyundai Glovis Co., Ltd. | 614 | 51,811 | |||||
Hyundai Greenfood Co., Ltd. | 5,396 | 34,677 | |||||
Hyundai Heavy Industries Co., Ltd.* | 3,315 | 240,870 | |||||
Hyundai Home Shopping | |||||||
Network Corp. | 716 | 38,096 | |||||
Hyundai Hy Communications | |||||||
& Networks Co., Ltd. | 3,997 | 14,255 | |||||
Hyundai Livart Furniture Co. Ltd. | 1,625 | 22,899 | |||||
Hyundai Marine & Fire | |||||||
Insurance Co., Ltd. | 10,174 | 193,694 | |||||
Hyundai Mipo Dockyard Co., Ltd. | 2,135 | 55,556 | |||||
Hyundai Mobis Co., Ltd. | 4,472 | 713,825 | |||||
Hyundai Motor Co. | 12,099 | 982,726 | |||||
Hyundai Motor Securities Co., Ltd. | 1,658 | 11,413 | |||||
Hyundai Robotics Co., Ltd. | 1,002 | 204,923 | |||||
Hyundai Steel Co. | 7,556 | 128,776 | |||||
Hyundai Wia Corp. | 1,952 | 56,068 | |||||
Industrial Bank of Korea | 29,722 | 199,654 | |||||
Interpark Holdings Corp. | 7,348 | 14,020 | |||||
INTOPS Co., Ltd. | 1,491 | 13,697 | |||||
IS Dongseo Co., Ltd. | 1,670 | 39,083 | |||||
JB Financial Group Co., Ltd. | 23,079 | 90,946 | |||||
KB Financial Group, Inc., ADR@ | 42,573 | 1,184,381 | |||||
KCC Corp. | 473 | 52,300 | |||||
KCC Glass Corp.* | 444 | 12,052 |
The accompanying notes are an integral part of these financial statements.
78
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Korea (Continued) | |||||||
Kia Motors Corp. | 28,427 | $ | 757,439 | ||||
KISWIRE Ltd. | 933 | 11,829 | |||||
KIWOOM Securities Co., Ltd. | 1,630 | 118,166 | |||||
Kolon Corp. | 985 | 14,576 | |||||
Kolon Industries, Inc. | 2,613 | 69,732 | |||||
Korea Asset In Trust Co., Ltd. | 5,452 | 12,714 | |||||
Korea Electric Terminal Co., Ltd. | 682 | 18,087 | |||||
Korea Investment Holdings Co., Ltd. | 6,241 | 230,889 | |||||
Korea Line Corp.* | 2,642 | 37,779 | |||||
Korea Petrochemical Ind Co., Ltd. | 506 | 47,535 | |||||
Korea Real Estate Investment & Trust Co., Ltd. | 23,805 | 33,644 | |||||
Korea Zinc Co., Ltd. | 678 | 188,827 | |||||
Korean Air Lines Co., Ltd.* | 7,810 | 112,652 | |||||
Korean Reinsurance Co. | 11,454 | 70,085 | |||||
KT Skylife Co., Ltd. | 3,507 | 23,121 | |||||
Kukdo Chemical Co., Ltd. | 393 | 11,207 | |||||
Kumho Petrochemical Co. Ltd. | 2,140 | 132,544 | |||||
Kumho Tire Co., Inc.* | 7,034 | 17,631 | |||||
Kwang Dong Pharmaceutical Co., Ltd. | 5,019 | 29,333 | |||||
Kyobo Securities Co., Ltd. | 2,156 | 11,113 | |||||
LF Corp. | 3,054 | 31,356 | |||||
LG Corp. | 8,379 | 495,976 | |||||
LG Display Co., Ltd.* | 12,166 | 114,797 | |||||
LG Display Co., Ltd., ADR*@ | 45,517 | 219,847 | |||||
LG Electronics, Inc. | 16,817 | 883,597 | |||||
LG Hausys Ltd. | 907 | 48,485 | |||||
LG International Corp. | 4,279 | 55,317 | |||||
LG Uplus Corp. | 15,900 | 161,267 | |||||
Lotte Chemical Corp. | 1,605 | 222,833 | |||||
Lotte Chilsung Beverage Co., Ltd. | 470 | 39,855 | |||||
Lotte Confectionery Co., Ltd. | 72 | 6,315 | |||||
Lotte Corp. | 2,459 | 64,600 | |||||
LOTTE Fine Chemicals Co., Ltd. | 2,950 | 84,489 | |||||
Lotte Food Co., Ltd. | 34 | 9,893 | |||||
LOTTE Himart Co., Ltd. | 1,461 | 46,763 | |||||
Lotte Shopping Co., Ltd. | 1,539 | 101,717 | |||||
LS Corp. | 2,558 | 74,006 | |||||
Lumens Co., Ltd.* | 5,701 | 7,891 | |||||
Meritz Financial Group, Inc. | 6,335 | 49,507 | |||||
Meritz Fire & Marine Insurance Co., Ltd. | 6,331 | 66,581 | |||||
Meritz Securities Co., Ltd. | 51,373 | 129,410 | |||||
Mirae Asset Daewoo Co., Ltd. | 41,677 | 231,106 | |||||
Moorim P&P Co., Ltd. | 2,365 | 5,672 | |||||
Muhak Co., Ltd.* | 2,076 | 9,130 | |||||
Namyang Dairy Products Co., Ltd. | 41 | 9,663 | |||||
Nexen Corp. | 2,630 | 8,494 | |||||
Nexen Tire Corp. | 5,151 | 22,825 | |||||
NH Investment & Securities Co., Ltd. | 11,602 | 79,768 | |||||
NHN Entertainment Corp.* | 1,188 | 81,679 | |||||
Nong Shim Co., Ltd. | 255 | 77,485 | |||||
Nong Shim Holdings Co., Ltd. | 185 | 12,750 | |||||
NS Shopping Co., Ltd. | 1,784 | 19,207 | |||||
OCI Co., Ltd.* | 2,344 | 72,102 | |||||
Orion Holdings Corp. | 2,572 | 28,439 | |||||
Pan Ocean Co., Ltd.* | 32,472 | 103,124 | |||||
Poongsan Corp. | 2,993 | 54,368 | |||||
POSCO | 984 | 142,342 | |||||
Posco Daewoo Corp. | 7,508 | 87,074 | |||||
POSCO, ADR | 34,365 | 1,272,880 | |||||
S&T Dynamics Co., Ltd.* | 2,008 | 8,464 | |||||
S&T Motiv Co., Ltd.* | 1,086 | 34,218 | |||||
Sajo Industries Co., Ltd. | 327 | 7,041 | |||||
Samsung C&T Corp. | 5,494 | 529,828 | |||||
Samsung Card Co., Ltd. | 3,768 | 85,676 | |||||
Samsung Electronics Co., Ltd. | 22,336 | 980,455 | |||||
Samsung Electronics Co., Ltd., GDR | 384 | 423,552 | |||||
Samsung Fire & Marine Insurance Co., Ltd. | 4,298 | 628,880 | |||||
Samsung Heavy Industries Co., Ltd.* | 37,996 | 187,950 | |||||
Samsung Life Insurance Co., Ltd. | 6,112 | 227,133 | |||||
Samsung Securities Co., Ltd. | 5,835 | 127,823 | |||||
Samyang Corp. | 427 | 14,146 | |||||
Samyang Holdings Corp. | 578 | 27,390 | |||||
Sangsangin Co., Ltd. | 4,957 | 25,303 | |||||
SeAH Besteel Corp. | 1,570 | 13,248 | |||||
SeAH Steel Corp. | 210 | 8,502 | |||||
SeAH Steel Holdings Corp. | 235 | 6,584 | |||||
Sebang Co., Ltd. | 1,306 | 11,129 | |||||
Sebang Global Battery Co., Ltd. | 944 | 23,897 | |||||
Seohan Co., Ltd. | 5,607 | 4,377 | |||||
Shinhan Financial Group Co., Ltd. | 24,135 | 576,864 | |||||
Shinhan Financial Group Co., Ltd., ADR@ | 28,236 | 679,358 | |||||
Shinsegae Co., Ltd. | 1,093 | 200,363 | |||||
Shinyoung Securities Co., Ltd. | 511 | 18,098 | |||||
Sindoh Co., Ltd. | 964 | 19,515 | |||||
SK Chemicals Co., Ltd. | 1,366 | 145,929 | |||||
SK Discovery Co Ltd. | 1,596 | 51,813 | |||||
SK Gas Co., Ltd. | 364 | 22,424 | |||||
SK Holdings Co., Ltd. | 3,700 | 895,124 | |||||
SK Innovation Co., Ltd. | 4,792 | 521,887 | |||||
SK Networks Co., Ltd. | 21,566 | 85,074 | |||||
SK Securities Co., Ltd. | 36,346 | 26,470 | |||||
SL Corp.▲ | 2,487 | 28,533 | |||||
Songwon Industrial Co. Ltd. | 1,925 | 20,565 | |||||
Sung Kwang Bend Co., Ltd. | 2,941 | 16,797 | |||||
Sungwoo Hitech Co., Ltd. | 7,756 | 17,764 | |||||
Sunjin Co., Ltd. | 941 | 7,635 | |||||
Taekwang Industrial Co., Ltd. | 61 | 35,296 | |||||
Taewoong Co., Ltd.* | 2,152 | 11,611 | |||||
Taeyoung Engineering & Construction Co., Ltd. | 6,376 | 82,692 | |||||
Tongyang Life Insurance Co., Ltd. | 6,487 | 15,667 | |||||
Tongyang, Inc. | 18,180 | 17,910 | |||||
Unid Co., Ltd. | 1,035 | 36,096 | |||||
Wonik Holdings Co., Ltd.* | 5,077 | 19,078 | |||||
Woori Financial Group, Inc. | 57,755 | 423,013 | |||||
Woori Financial Spon ADR*@ | 1,524 | 33,787 | |||||
Young Poong Corp. | 46 | 17,687 | |||||
Youngone Corp. | 3,259 | 68,819 | |||||
Youngone Holdings Co., Ltd. | 787 | 25,288 | |||||
Yuanta Securities Korea Co., Ltd.* | 15,682 | 34,028 | |||||
24,370,182 |
The accompanying notes are an integral part of these financial statements.
79
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Malaysia — 2.1% | |||||||
Aeon Co. M Bhd | 64,400 | $ | 15,179 | ||||
AirAsia Bhd | 239,300 | 48,865 | |||||
Alliance Financial Group Berhad | 118,600 | 60,338 | |||||
AMMB Holdings Berhad | 220,887 | 160,317 | |||||
Batu Kawan Berhad | 18,200 | 61,587 | |||||
Berjaya Corp. Berhad* | 455,775 | 20,209 | |||||
Berjaya Land Berhad* | 215,200 | 8,538 | |||||
Boustead Holdings Berhad* | 62,239 | 8,788 | |||||
Boustead Plantations Bhd | 55,720 | 4,616 | |||||
Bumi Armada Bhd* | 442,100 | 23,730 | |||||
Cahya Mata Sarawak Bhd | 68,100 | 24,793 | |||||
CIMB Group Holdings Bhd | 538,205 | 447,143 | |||||
DRB-Hicom Berhad | 119,100 | 47,529 | |||||
Eco World Development Group Bhd* | 176,300 | 17,075 | |||||
Ekovest Bhd | 165,800 | 19,734 | |||||
Felda Global Ventures Holdings Bhd | 111,800 | 25,961 | |||||
Gamuda Berhad | 145,185 | 123,331 | |||||
Genting Bhd | 217,700 | 208,301 | |||||
Genting Malaysia Bhd | 237,300 | 140,109 | |||||
HAP Seng Consolidated Berhad | 24,400 | 50,110 | |||||
Hengyuan Refining Co. Bhd* | 9,900 | 8,017 | |||||
Hong Leong Bank Bhd | 14,300 | 46,988 | |||||
Hong Leong Financial Group Berhad | 29,521 | 90,251 | |||||
IJM Corp. Berhad | 250,560 | 105,837 | |||||
IOI Properties Group Bhd | 50,050 | 11,447 | |||||
Jaya Tiasa Holdings Bhd* | 54,200 | 6,135 | |||||
KNM Group Bhd* | 258,360 | 12,662 | |||||
Lotte Chemical Titan Holding Bhd± | 36,200 | 15,038 | |||||
Mah Sing Group Bhd | 205,885 | 25,465 | |||||
Malayan Banking Bhd | 262,119 | 459,396 | |||||
Malaysia Airports Holdings Bhd | 12,900 | 16,407 | |||||
Malaysia Building Society Bhd | 187,868 | 27,183 | |||||
Malaysian Resources Corp. Bhd | 133,300 | 14,621 | |||||
Matrix Concepts Holdings Bhd | 42,800 | 18,079 | |||||
MISC Berhad | 94,320 | 168,609 | |||||
MKH Bhd | 36,950 | 9,658 | |||||
MMC Corp. Berhad | 61,400 | 10,460 | |||||
Muhibbah Engineering M Bhd | 47,400 | 10,343 | |||||
Multi-Purpose Holdings Bhd | 86,100 | 44,205 | |||||
Oriental Holdings Berhad | 25,760 | 34,026 | |||||
OSK Holdings Berhad | 74,455 | 13,987 | |||||
Pos Malaysia Berhad | 53,800 | 11,677 | |||||
PPB Group Berhad | 37,500 | 155,601 | |||||
RHB Capital Berhad | 177,571 | 198,498 | |||||
Sapura Energy Bhd* | 662,200 | 14,681 | |||||
Sarawak Oil Palms Bhd | 20,500 | 14,257 | |||||
Sime Darby Bhd | 293,600 | 147,314 | |||||
Sime Darby Property Bhd | 308,000 | 48,877 | |||||
SP Setia Bhd Group | 143,480 | 28,294 | |||||
Sunway Bhd | 96,197 | 30,756 | |||||
Ta Ann Holdings Bhd | 60 | 33 | |||||
TA Enterprise Bhd | 140,200 | 16,523 | |||||
Time dotCom Bhd | 9,380 | 23,817 | |||||
UEM Sunrise Bhd* | 225,600 | 22,902 | |||||
United Malacca Bhd | 14,600 | 16,014 | |||||
UOA Development Bhd | 11,800 | 5,095 | |||||
VS Industry Bhd | 134,600 | 30,470 | |||||
Wah Seong Corp. Bhd | 3,590 | 419 | |||||
WCT Holdings Bhd* | 113,654 | 12,731 | |||||
YTL Corp. Berhad | 587,645 | 113,826 | |||||
3,556,852 | |||||||
Mexico — 2.4% | |||||||
ALEATICA SAB de CV | 17,691 | 15,386 | |||||
Alfa SAB de CV, Class A | 382,911 | 215,075 | |||||
Alpek SA de CV | 61,784 | 47,041 | |||||
Arca Continental SAB de CV | 27,420 | 120,372 | |||||
Banco del Bajio SA± | 69,070 | 59,140 | |||||
Cemex SAB de CV | 1,015,756 | 286,371 | |||||
Coca-Cola Femsa SAB de CV | 24,353 | 106,293 | |||||
Consorcio ARA SAB de CV | 72,788 | 7,981 | |||||
Corp. Actinver SAB de CV | 15,700 | 6,284 | |||||
Credito Real SAB de CV SOFOM ER* | 28,241 | 14,720 | |||||
El Puerto de Liverpool SAB de CV, Series C | 16,147 | 39,692 | |||||
Genomma Lab Internacional SAB de CV, Series B* | 14,843 | 15,279 | |||||
Gentera SAB de CV | 125,754 | 61,114 | |||||
Grupo Aeromexico SAB de CV* | 36,839 | 9,328 | |||||
Grupo Carso SAB de CV, Series A | 34,434 | 66,712 | |||||
Grupo Cementos de Chihuahua SAB de CV | 9,847 | 41,681 | |||||
Grupo Comercial Chedraui SA de CV | 46,964 | 55,516 | |||||
Grupo Elektra SAB de CV | 1,966 | 107,775 | |||||
Grupo Financiero Banorte SAB de CV | 250,883 | 868,095 | |||||
Grupo Financiero Inbursa SA | 164,187 | 114,080 | |||||
Grupo Hotelero Santa Fe SAB de CV* | 22,600 | 4,041 | |||||
Grupo Mexico SAB de CV, Series B | 360,772 | 838,183 | |||||
Grupo Rotoplas SAB de CV* | 26,069 | 16,559 | |||||
Grupo Sanborns SAB de CV | 49,041 | 42,673 | |||||
Grupo Simec SAB de CV, Series B | 4,376 | 9,306 | |||||
Grupo Televisa SAB* | 219,964 | 230,927 | |||||
Hoteles City Express SAB de CV* | 17,476 | 5,657 | |||||
Industrias Bachoco SAB de CV, ADR@ | 1,239 | 43,576 | |||||
Industrias Bachoco SAB de CV, Series B | 5,634 | 16,428 | |||||
Industrias CH SAB de CV, Series B | 23,916 | 89,642 | |||||
Industrias Penoles SAB de CV | 12,051 | 123,784 | |||||
La Comer SAB de CV | 37,216 | 52,364 | |||||
Minera Frisco SAB de CV, Class A1* | 59,337 | 8,261 | |||||
Minera Frisco SAB de CV, Class A2* | 34,967 | 3,043 | |||||
Nemak SAB de CV± | 78,001 | 16,290 | |||||
Orbia Advance Corp. SAB de CV | 119,127 | 176,064 | |||||
Organizacion Soriana SAB de CV, Class B | 92,061 | 72,096 | |||||
Promotora y Operadora de Infraestructura SAB de CV* | 11,073 | 79,967 |
The accompanying notes are an integral part of these financial statements.
80
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Mexico (Continued) | |||||||
Promotora y Operadora de | |||||||
Infraestructura SAB de CV* | 1,600 | $ | 7,648 | ||||
Unifin Financiera SAB de | |||||||
CV SOFOM ENR* | 6,817 | 5,104 | |||||
Vitro SAB de CV, Series A* | 11,941 | 12,983 | |||||
4,112,531 | |||||||
Philippines — 1.0% | |||||||
Alliance Global Group, Inc.* | 400,400 | 54,646 | |||||
Altus San Nicolas Corp.* | 6,799 | 5,677 | |||||
Ayala Corp. | 11,770 | 183,548 | |||||
Bank of the Philippine Islands | 96,829 | 139,923 | |||||
BDO Unibank, Inc. | 40,857 | 80,361 | |||||
Belle Corp. | 176,000 | 4,981 | |||||
Cebu Air, Inc. | 23,560 | 18,725 | |||||
CEMEX Holdings Philippines, Inc.*± | 324,537 | 6,709 | |||||
China Banking Corp. | 118,276 | 49,850 | |||||
Cosco Capital, Inc. | 257,000 | 26,100 | |||||
DMCI Holdings, Inc. | 385,900 | 31,755 | |||||
East West Banking Corp.* | 27,450 | 4,044 | |||||
Emperador, Inc. | 147,300 | 24,390 | |||||
Filinvest Land, Inc. | 1,435,000 | 28,513 | |||||
First Philippine Holdings Corp. | 33,750 | 41,455 | |||||
GT Capital Holdings, Inc. | 4,442 | 40,493 | |||||
JG Summit Holdings, Inc. | 219,200 | 285,301 | |||||
LT Group, Inc. | 170,000 | 27,295 | |||||
Megaworld Corp. | 1,004,700 | 61,502 | |||||
Metropolitan Bank & Trust | 120,747 | 89,667 | |||||
Nickel Asia Corp. | 253,000 | 9,191 | |||||
Pilipinas Shell Petroleum Corp.* | 50,340 | 18,146 | |||||
Premium Leisure Corp. | 846,000 | 5,348 | |||||
Puregold Price Club, Inc. | 33,600 | 31,257 | |||||
Rizal Commercial Banking Corp. | 47,790 | 16,267 | |||||
Robinsons Land Corp. | 353,155 | 123,897 | |||||
Robinsons Retail Holdings, Inc. | 43,490 | 56,735 | |||||
San Miguel Corp. | 67,120 | 134,711 | |||||
Security Bank Corp. | 23,180 | 47,918 | |||||
Top Frontier Investment Holdings, Inc.* | 8,630 | 22,517 | |||||
Union Bank of the Philippines | 24,340 | 26,624 | |||||
Vista Land & Lifescapes, Inc. | 694,200 | 51,412 | |||||
1,748,958 | |||||||
Poland — 0.9% | |||||||
Alior Bank SA* | 7,579 | 30,938 | |||||
Amica SA | 306 | 9,482 | |||||
Bank Millennium SA* | 35,359 | 27,009 | |||||
Ciech SA* | 1,973 | 15,933 | |||||
Echo Investment SA | 1,732 | 1,642 | |||||
Enea SA* | 32,379 | 58,599 | |||||
Grupa Azoty SA* | 6,701 | 51,914 | |||||
Grupa Lotos SA | 3,925 | 59,525 | |||||
Jastrzebska Spolka Weglowa SA | 2,892 | 13,669 | |||||
Kernel Holding SA | 6,315 | 66,561 | |||||
KGHM Polska Miedz SA* | 12,926 | 296,988 | |||||
LC Corp. SA* | 26,490 | 12,990 | |||||
Lubelski Wegiel Bogdanka SA | 963 | 5,367 | |||||
mBank SA* | 910 | 52,903 | |||||
PGE SA* | 46,452 | 80,710 | |||||
PKP Cargo SA | 3,933 | 13,619 | |||||
Polski Koncern Naftowy Orlen SA | 31,651 | 500,969 | |||||
Powszechna Kasa Oszczednosci Bank Polski SA | 19,559 | 113,311 | |||||
Tauron Polska Energia SA* | 90,633 | 54,156 | |||||
1,466,285 | |||||||
Russia — 1.8% | |||||||
Gazprom PAO, ADR | 173,171 | 934,431 | |||||
Lukoil PJSC, ADR | 21,929 | 1,628,447 | |||||
Rosneft Oil Co. PJSC, GDR | 68,285 | 343,337 | |||||
RusHydro PJSC, ADR | 61,905 | 60,667 | |||||
VTB Bank PJSC | 92,145 | 86,478 | |||||
3,053,360 | |||||||
Singapore — 0.0% | |||||||
Grindrod Shipping Holdings Ltd.* | 905 | 2,505 | |||||
South Africa — 4.3% | |||||||
Absa Group Ltd. | 57,953 | 284,881 | |||||
Advtech Ltd. | 40,887 | 16,965 | |||||
Aeci Ltd. | 13,500 | 60,138 | |||||
African Oxygen Ltd. | 8,358 | 8,424 | |||||
African Rainbow Minerals Ltd. | 9,314 | 90,792 | |||||
Alexander Forbes Group Holdings Ltd. | 100,385 | 27,595 | |||||
Allied Electronics Corp., Ltd., Class A | 12,228 | 14,305 | |||||
AngloGold Ashanti Ltd., ADR | 25,725 | 758,630 | |||||
ArcelorMittal South Africa Ltd.* | 23,974 | 857 | |||||
Aspen Pharmacare Holdings Ltd.* | 23,728 | 196,237 | |||||
Astral Foods Ltd. | 5,245 | 44,130 | |||||
Barloworld Ltd.@ | 29,420 | 116,985 | |||||
Bidvest Group Ltd. (The) | 7,758 | 63,504 | |||||
Blue Label Telecoms Ltd.* | 17,959 | 2,701 | |||||
Caxton & CTP Publishers & Printers Ltd. | 18,814 | 4,456 | |||||
DataTec Ltd. | 37,153 | 56,739 | |||||
Discovery Ltd. | 28,218 | 170,015 | |||||
Exxaro Resources Ltd. | 16,359 | 122,972 | |||||
FirstRand Ltd. | 67,549 | 148,158 | |||||
Gold Fields Ltd., ADR | 103,058 | 968,745 | |||||
Grindrod Ltd. | 63,691 | 11,268 | |||||
Harmony Gold Mining Co., Ltd., ADR* | 7,390 | 30,816 | |||||
Hudaco Industries Ltd. | 4,134 | 17,391 | |||||
Impala Platinum Holdings Ltd. | 59,730 | 399,290 | |||||
Imperial Holdings Ltd. | 19,398 | 43,966 | |||||
Investec Ltd. | 21,334 | 42,453 | |||||
KAP Industrial Holdings Ltd. | 227,015 | 32,576 | |||||
Kumba Iron Ore Ltd. | 663 | 17,694 | |||||
Lewis Group Ltd. | 3,337 | 2,479 | |||||
Liberty Holdings Ltd. | 17,853 | 67,986 | |||||
Life Healthcare Group Holdings Ltd. | 128,351 | 124,782 | |||||
Long4Life Ltd.* | 66,407 | 11,864 | |||||
Metair Investments Ltd.* | 23,331 | 24,269 |
The accompanying notes are an integral part of these financial statements.
81
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
South Africa (Continued) | |||||||
Momentum Metropolitan Holdings | 140,194 | $ | 142,274 | ||||
Motus Holdings Ltd.* | 16,843 | 29,721 | |||||
Mpact Ltd. | 15,365 | 9,297 | |||||
MTN Group Ltd. | 230,792 | 702,650 | |||||
Murray & Roberts Holdings Ltd. | 24,454 | 7,046 | |||||
Nampak Ltd.* | 66,852 | 4,970 | |||||
Nedbank Group Ltd. | 34,722 | 203,200 | |||||
Ninety One Ltd.* | 10,667 | 26,894 | |||||
Oceana Group Ltd. | 7,336 | 30,147 | |||||
Old Mutual Ltd. | 316,504 | 219,606 | |||||
Omnia Holdings Ltd.* | 19,513 | 31,329 | |||||
Peregrine Holdings Ltd. | 23,191 | 26,262 | |||||
PPC Ltd.* | 147,503 | 8,500 | |||||
Raubex Group Ltd. | 16,897 | 21,549 | |||||
Reunert Ltd. | 23,002 | 45,255 | |||||
Rhodes Food Group Pty Ltd.@ | 12,062 | 10,218 | |||||
Royal Bafokeng Platinum Ltd.* | 7,872 | 15,746 | |||||
Sanlam Ltd. | 15,040 | 51,085 | |||||
Sappi Ltd.* | 65,485 | 102,308 | |||||
Sasol Ltd.*@ | 25,120 | 191,377 | |||||
Sasol Ltd., ADR*@ | 12,512 | 96,468 | |||||
Sibanye Stillwater Ltd.* | 220,792 | 479,692 | |||||
Standard Bank Group Ltd. | 113,119 | 681,224 | |||||
Super Group Ltd.* | 51,499 | 47,485 | |||||
Telkom SA SOC Ltd. | 42,867 | 73,197 | |||||
Tiger Brands Ltd. | 4,706 | 48,382 | |||||
Tongaat Hulett Ltd.* | 15,539 | 4,880 | |||||
Truworths International Ltd. | 31,969 | 62,658 | |||||
Tsogo Sun Gaming Ltd. | 31,971 | 8,107 | |||||
Wilson Bayly Holmes-Ovcon Ltd. | 6,827 | 39,736 | |||||
7,405,326 | |||||||
Spain — 0.0% | |||||||
CEMEX Latam Holdings SA* | 13,000 | 5,258 | |||||
Taiwan — 17.5% | |||||||
Ability Enterprise Co., Ltd. | 25,195 | 10,418 | |||||
Acer, Inc. | 187,884 | 113,987 | |||||
Alpha Networks, Inc. | 27,200 | 25,260 | |||||
Ambassador Hotel (The) | 20,000 | 19,861 | |||||
AmTRAN Technology Co., Ltd.* | 99,360 | 27,042 | |||||
Ardentec Corp. | 39,092 | 42,133 | |||||
Asia Cement Corp. | 253,269 | 374,266 | |||||
Asia Pacific Telecom Co., Ltd.* | 125,842 | 33,652 | |||||
Asia Polymer Corp. | 29,508 | 19,152 | |||||
Asia Vital Components Co., Ltd. | 36,000 | 50,941 | |||||
Asustek Computer, Inc. | 56,000 | 409,971 | |||||
AU Optronics Corp. | 780,000 | 244,803 | |||||
Capital Securities Corp. | 256,437 | 89,957 | |||||
Career Technology MFG. Co., Ltd. | 20,000 | 20,743 | |||||
Casetek Holdings Ltd. | 23,751 | 52,969 | |||||
Catcher Technology Co., Ltd. | 78,000 | 586,894 | |||||
Cathay Financial Holding Co., Ltd. | 735,166 | 1,042,780 | |||||
Cathay Real Estate Development Co., Ltd. | 70,000 | 47,095 | |||||
Chang Hwa Commercial Bank Ltd. | 424,578 | 278,452 | |||||
Cheng Loong Corp. | 82,000 | 64,756 | |||||
Cheng Uei Precision Industry Co., Ltd. | 44,543 | 60,237 | |||||
Chia Hsin Cement Corp. | 22,000 | 13,161 | |||||
Chilisin Electronics Corp. | 19,380 | 59,116 | |||||
Chin-Poon Industrial Co., Ltd. | 55,000 | 49,306 | |||||
China Airlines Ltd. | 337,111 | 93,691 | |||||
China Bills Finance Corp. | 110,000 | 57,229 | |||||
China Chemical & Pharmaceutical Co., Ltd. | 19,000 | 16,325 | |||||
China Development Financial Holding Corp. | 1,061,468 | 340,337 | |||||
China General Plastics Corp. | 26,000 | 16,699 | |||||
China Life Insurance Co., Ltd.* | 283,585 | 209,533 | |||||
China Manmade Fibers Corp. | 173,595 | 39,185 | |||||
China Metal Products | 31,000 | 29,157 | |||||
China Motor Corp. | 22,478 | 27,960 | |||||
China Petrochemical Development Corp. | 347,550 | 97,535 | |||||
China Steel Corp. | 1,646,800 | 1,155,375 | |||||
China Synthetic Rubber Corp. | 96,604 | 65,975 | |||||
Chipbond Technology Corp. | 42,000 | 91,532 | |||||
ChipMOS TECHNOLOGIES, Inc. | 28,897 | 33,104 | |||||
Chun Yuan Steel | 30,000 | 10,117 | |||||
Chung Hung Steel Corp. | 105,000 | 29,324 | |||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 28,000 | 26,240 | |||||
Clevo Co. | 53,000 | 53,261 | |||||
CMC Magnetics Corp.* | 93,595 | 23,348 | |||||
Compal Electronics, Inc. | 490,000 | 319,697 | |||||
Compeq Manufacturing Co., Ltd. | 109,000 | 176,221 | |||||
Continental Holdings Corp. | 42,000 | 18,363 | |||||
Coretronic Corp. | 64,800 | 69,842 | |||||
CTBC Financial Holding Co., Ltd. | 1,963,280 | 1,354,124 | |||||
CyberTAN Technology, Inc. | 37,000 | 20,441 | |||||
Darfon Electronics Corp. | 17,000 | 21,809 | |||||
Darwin Precisions Corp. | 55,000 | 19,760 | |||||
Depo Auto Parts Ind Co., Ltd. | 12,000 | 20,743 | |||||
E Ink Holdings, Inc. | 61,000 | 83,940 | |||||
E.Sun Financial Holding Co., Ltd. | 1,045,937 | 985,512 | |||||
Elitegroup Computer Systems Co., Ltd.* | 35,877 | 14,409 | |||||
Entie Commercial Bank Co., Ltd. | 68,000 | 32,842 | |||||
Epistar Corp. | 54,828 | 68,478 | |||||
Eva Airways Corp. | 381,478 | 144,810 | |||||
Everest Textile Co., Ltd.* | 45,444 | 16,173 | |||||
Evergreen International Storage & Transport Corp. | 54,000 | 24,983 | |||||
Evergreen Marine Corp., Taiwan Ltd.* | 287,459 | 104,736 | |||||
Everlight Chemical Industrial Corp. | 56,000 | 27,996 | |||||
Everlight Electronics Co., Ltd. | 51,000 | 53,499 | |||||
Far Eastern Department Stores Ltd. | 134,220 | 113,274 | |||||
Far Eastern International Bank | 290,961 | 109,464 | |||||
Far Eastern New Century Corp. | 359,338 | 339,797 | |||||
Farglory Land Development Co., Ltd. | 26,721 | 42,838 | |||||
First Financial Holding Co., Ltd. | 948,577 | 728,203 |
The accompanying notes are an integral part of these financial statements.
82
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Taiwan (Continued) | |||||||
First Steamship Co., Ltd. | 36,000 | $ | 12,202 | ||||
FocalTech Systems Co., Ltd. | 26,000 | 28,375 | |||||
Formosa Advanced Technologies Co., Ltd. | 20,000 | 25,928 | |||||
Formosa Chemicals & Fibre Corp. | 177,000 | 454,131 | |||||
Formosa Taffeta Co., Ltd. | 71,000 | 87,593 | |||||
Formosan Rubber Group, Inc. | 20,080 | 12,318 | |||||
Formosan Union Chemical | 48,179 | 21,718 | |||||
Foxconn Technology Co., Ltd. | 79,127 | 151,525 | |||||
Fubon Financial Holding Co., Ltd. | 817,211 | 1,215,935 | |||||
Fulltech Fiber Glass Corp. | 31,310 | 11,567 | |||||
Gemtek Technology Corp.* | 47,000 | 38,391 | |||||
Getac Technology Corp. | 9,000 | 13,254 | |||||
Giantplus Technology Co., Ltd.* | 37,000 | 11,725 | |||||
Gigastorage Corp.* | 61,294 | 18,240 | |||||
Gloria Material Technology Corp. | 50,392 | 26,986 | |||||
Gold Circuit Electronics Ltd.* | 45,000 | 51,246 | |||||
Goldsun Building Materials Co., Ltd. | 96,953 | 49,619 | |||||
Grand Pacific Petrochemical* | 102,000 | 50,128 | |||||
Great Wall Enterprise Co., Ltd. | 56,155 | 81,174 | |||||
Hannstar Board Corp. | 38,929 | 51,194 | |||||
HannStar Display Corp. | 109,770 | 24,109 | |||||
HannsTouch Solution, Inc.* | 32,279 | 10,995 | |||||
Hey Song Corp. | 18,750 | 20,971 | |||||
Highwealth Construction Corp. | 9,000 | 13,284 | |||||
Hiroca Holdings Ltd. | 8,000 | 15,076 | |||||
Ho Tung Chemical Corp. | 108,688 | 26,892 | |||||
Hon Hai Precision Industry Co., Ltd. | 817,068 | 2,389,906 | |||||
Hong Pu Real Estate Development Co., Ltd. | 20,000 | 16,031 | |||||
HTC Corp. | 69,000 | 77,525 | |||||
Hua Nan Financial Holdings Co., Ltd. | 738,209 | 500,404 | |||||
Hung Sheng Construction Co., Ltd. | 63,360 | 38,440 | |||||
IEI Integration Corp. | 8,000 | 11,876 | |||||
Innolux Corp. | 607,757 | 162,730 | |||||
Inventec Co., Ltd. | 261,282 | 222,277 | |||||
Jih Sun Financial Holdings Co., Ltd. | 127,258 | 41,536 | |||||
Kindom Construction Corp. | 42,000 | 44,200 | |||||
King Yuan Electronics Co., Ltd. | 127,100 | 147,974 | |||||
King's Town Bank Co., Ltd. | 98,000 | 119,243 | |||||
Kinpo Electronics | 138,000 | 50,748 | |||||
Kinsus Interconnect Technology Corp. | 31,000 | 73,863 | |||||
L&K Engineering Co., Ltd. | 16,000 | 14,723 | |||||
Lealea Enterprise Co., Ltd. | — | — | |||||
Lextar Electronics Corp. | 40,000 | 27,250 | |||||
Lien Hwa Industrial Corp. | 11,505 | 16,572 | |||||
Lingsen Precision Industries Ltd. | 41,000 | 14,313 | |||||
Lite-On Semiconductor Corp. | 21,000 | 29,289 | |||||
Lite-On Technology Corp. | 274,874 | 431,347 | |||||
Long Chen Paper Co., Ltd. | 86,249 | 41,656 | |||||
Macronix International | 119,171 | 125,211 | |||||
MediaTek, Inc. | 11,000 | 215,865 | |||||
Mega Financial Holding Co., Ltd. | 902,850 | 945,553 | |||||
Mercuries & Associates Holdings Ltd. | 38,495 | 34,575 | |||||
Mercuries Life Insurance Co., Ltd.* | 137,105 | 46,469 | |||||
MIN AIK Technology Co., Ltd.* | 25,600 | 11,930 | |||||
Mitac Holdings Corp. | 24,676 | 27,098 | |||||
Motech Industries, Inc.* | 36,775 | 9,149 | |||||
Nan Ya Plastics Corp. | 40,000 | 87,580 | |||||
Nan Ya Printed Circuit Board Corp.* | 2,200 | 5,913 | |||||
Nanya Technology Corp. | 140,000 | 289,447 | |||||
Neo Solar Power Corp.* | 8,214 | 1,821 | |||||
O-Bank Co., Ltd.* | 84,000 | 20,527 | |||||
OptoTech Corp. | 49,063 | 34,089 | |||||
Orient Semiconductor Electronics Ltd.* | 42,485 | 17,135 | |||||
Oriental Union Chemical Corp. | 16,000 | 9,110 | |||||
Pan Jit International, Inc. | 21,600 | 20,718 | |||||
Pan-International Industrial Corp. | 34,380 | 21,149 | |||||
Pegatron Corp. | 288,249 | 625,258 | |||||
POU Chen Corp. | 169,133 | 165,095 | |||||
Powertech Technology, Inc. | 23,000 | 83,411 | |||||
President Securities Corp. | 109,122 | 50,484 | |||||
Prince Housing & Development Corp. | 77,970 | 26,691 | |||||
Qisda Corp. | 187,400 | 112,105 | |||||
Radium Life Tech Co., Ltd. | 101,477 | 35,426 | |||||
Rich Development Co., Ltd. | 19,978 | 6,839 | |||||
Ritek Corp.* | 87,399 | 15,522 | |||||
Ruentex Development Co., Ltd. | 50,949 | 88,241 | |||||
Ruentex Industries Ltd. | 41,400 | 99,345 | |||||
Sampo Corp. | 10,600 | 7,742 | |||||
San Fang Chemical Industry Co., Ltd. | 13,000 | 9,473 | |||||
Sanyang Industry Co., Ltd. | 41,573 | 29,872 | |||||
Sesoda Corp. | 23,100 | 21,022 | |||||
Shihlin Electric & Engineering Corp. | 26,000 | 40,184 | |||||
Shin Kong Financial Holding Co.,Ltd. | 1,101,983 | 321,207 | |||||
Shin Zu Shing Co., Ltd. | 16,000 | 80,801 | |||||
Shinkong Insurance Co., Ltd. | 30,000 | 36,300 | |||||
Shinkong Synthetic Fibers Corp. | 186,151 | 70,979 | |||||
Sigurd Microelectronics Corp. | 54,694 | 75,262 | |||||
Sincere Navigation Corp. | 27,810 | 14,280 | |||||
Sinon Corp. | 64,000 | 39,370 | |||||
SinoPac Financial Holdings Co., Ltd. | 1,166,094 | 428,820 | |||||
Sirtec International Co., Ltd. | 12,000 | 11,998 | |||||
Supreme Electronics Co., Ltd. | 39,000 | 39,325 | |||||
Synnex Technology International Corp. | 138,300 | 195,231 | |||||
Ta Ya Electric Wire & Cable | 47,840 | 17,593 | |||||
Taichung Commercial Bank Co., Ltd. | 303,744 | 119,935 | |||||
Taiflex Scientific Co., Ltd. | 25,740 | 42,748 | |||||
Tainan Spinning Co., Ltd. | 142,427 | 54,790 | |||||
Taishin Financial Holding Co., Ltd. | 1,055,874 | 477,755 | |||||
Taiwan Business Bank | 491,823 | 180,030 | |||||
Taiwan Cement Corp. | 697,095 | 1,010,043 | |||||
Taiwan Cooperative Financial Holding Co., Ltd. | 559,973 | 393,819 | |||||
Taiwan Fertilizer Co., Ltd. | 78,000 | 131,522 | |||||
Taiwan FU Hsing Industrial Co., Ltd. | 21,000 | 27,830 | |||||
Taiwan Glass Industrial Corp. | 169,321 | 57,388 |
The accompanying notes are an integral part of these financial statements.
83
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Taiwan (Continued) | |||||||
Taiwan Hon Chuan | |||||||
Enterprise Co., Ltd. | 36,925 | $ | 68,708 | ||||
Taiwan PCB Techvest Co., Ltd. | 28,000 | 33,120 | |||||
Taiwan Shin Kong Security Co., Ltd. | 10,000 | 12,557 | |||||
Taiwan Surface Mounting | |||||||
Technology Co., Ltd. | 21,518 | 94,811 | |||||
Tatung Co., Ltd.* | 115,000 | 81,852 | |||||
Teco Electric & Machinery Co., Ltd. | 173,000 | 158,608 | |||||
Thye Ming Industrial Co., Ltd. | 10,000 | 10,270 | |||||
Ton Yi Industrial Corp. | 120,000 | 37,215 | |||||
Tong Yang Industry Co., Ltd. | 41,921 | 51,860 | |||||
TPK Holding Co., Ltd.* | 46,000 | 72,419 | |||||
Tripod Technology Corp. | 25,000 | 111,000 | |||||
TSRC Corp. | 26,000 | 15,113 | |||||
Tung Ho Steel Enterprise Corp. | 119,000 | 90,346 | |||||
TYC Brother Industrial Co., Ltd. | 21,000 | 17,224 | |||||
U-Ming Marine Transport Corp. | 47,000 | 49,860 | |||||
Unimicron Technology Corp. | 133,000 | 225,840 | |||||
Union Bank of Taiwan* | 162,661 | 61,471 | |||||
Unitech Printed Circuit Board Corp. | 67,320 | 58,639 | |||||
United Microelectronics Corp. | 1,344,513 | 724,559 | |||||
Universal Cement Corp. | 46,836 | 28,574 | |||||
Unizyx Holding Corp.* | 35,000 | 22,064 | |||||
UPC Technology Corp. | 80,916 | 27,425 | |||||
USI Corp. | 77,130 | 32,154 | |||||
Wah Lee Industrial Corp. | 25,000 | 47,959 | |||||
Walsin Lihwa Corp. | 248,000 | 122,300 | |||||
Wan Hai Lines Ltd. | 60,650 | 33,815 | |||||
Waterland Financial | |||||||
Holdings Co., Ltd. | 280,723 | 111,796 | |||||
Weikeng Industrial Co., Ltd. | 32,945 | 17,140 | |||||
Winbond Electronics Corp. | 349,893 | 158,317 | |||||
Wisdom Marine Lines Co., Ltd. | 31,280 | 26,292 | |||||
Wistron Corp. | 348,431 | 422,777 | |||||
WPG Holdings Ltd. | 174,400 | 232,005 | |||||
WT Microelectronics Co., Ltd. | 31,265 | 41,910 | |||||
Yang Ming Marine Transport Corp.* | 145,100 | 31,966 | |||||
YC Co., Ltd. | 21,396 | 8,195 | |||||
YC INOX Co., Ltd. | 50,000 | 42,197 | |||||
YFY, Inc. | 150,385 | 70,339 | |||||
Yieh Phui Enterprise Co., Ltd. | 116,525 | 34,004 | |||||
Youngtek Electronics Corp. | 12,000 | 26,640 | |||||
Yuanta Financial Holding Co., Ltd. | 1,181,815 | 698,967 | |||||
Yulon Motor Co., Ltd. | 123,272 | 90,038 | |||||
Zhen Ding Technology Holding Ltd. | 62,000 | 270,027 | |||||
Zinwell Corp. | 24,000 | 16,391 | |||||
29,817,151 | |||||||
Thailand — 3.0% | |||||||
Ananda Development PCL | 180,700 | 9,588 | |||||
AP Thailand PCL | 324,700 | 61,983 | |||||
Asia Aviation PCL* | 299,900 | 19,309 | |||||
Asia Plus Group Holdings PCL | 122,900 | 6,680 | |||||
Bangchak Corp. PCL | 112,900 | 76,710 | |||||
Bangkok Bank PCL, NVDR | 29,900 | 103,512 | |||||
Bangkok Insurance PCL | 2,100 | 18,957 | |||||
Bangkok Land PCL | 1,039,700 | 34,312 | |||||
Bangkok Life Assurance PCL | 57,200 | 28,686 | |||||
Banpu PCL | 487,750 | 96,264 | |||||
Cal-Comp Electronics Thailand PCL | 244,200 | 11,614 | |||||
Charoen Pokphand Foods PCL | 403,000 | 413,985 | |||||
Esso Thailand PCL | 105,200 | 23,826 | |||||
GFPT PCL | 88,200 | 37,098 | |||||
Hana Microelectronics PCL | 63,900 | 57,372 | |||||
Indorama Ventures PCL | 173,100 | 155,416 | |||||
IRPC PCL | 911,900 | 77,301 | |||||
Italian-Thai Development PCL | 563,700 | 20,792 | |||||
Kasikornbank PCL, NVDR | 142,800 | 430,837 | |||||
Khon Kaen Sugar Industry PCL | 135,600 | 8,775 | |||||
Kiatnakin Bank PCL | 32,300 | 41,802 | |||||
Krung Thai Bank PCL | 329,575 | 109,832 | |||||
Lanna Resources PCL | 2,500 | 582 | |||||
LH Financial Group PCL | 653,200 | 21,557 | |||||
LPN Development PCL | 151,700 | 21,989 | |||||
Polyplex Thailand PCL | 40,600 | 21,806 | |||||
Power Solution Technologies PCL, | |||||||
Class F | 224,400 | 13,286 | |||||
Precious Shipping PCL* | 87,600 | 15,447 | |||||
Property Perfect PCL | 952,490 | 12,943 | |||||
Pruksa Holding PCL | 88,800 | 33,040 | |||||
PTT Exploration & Production PCL | 161,300 | 478,825 | |||||
PTT Global Chemical PCL | 153,928 | 230,338 | |||||
PTT PCL | 1,067,700 | 1,304,074 | |||||
Quality Houses PCL | 625,100 | 45,304 | |||||
Sansiri PCL | 1,106,700 | 27,213 | |||||
SC Asset Corp. PCL | 188,600 | 13,302 | |||||
Sena Development PCL | 109,300 | 8,912 | |||||
Siam Commercial Bank PCL | 90,200 | 212,313 | |||||
Singha Estate PCL | 433,700 | 22,171 | |||||
Somboon Advance Technology PCL | 55,800 | 19,318 | |||||
Sri Trang Agro-Industry PCL* | 101,000 | 89,048 | |||||
Star Petroleum Refining PCL | 180,700 | 38,879 | |||||
Supalai PCL | 169,900 | 92,350 | |||||
Super Energy Corp. PCL | 1,958,200 | 59,555 | |||||
Thai Oil PCL | 89,600 | 128,279 | |||||
Thai Stanley Electric PCL | 3,100 | 17,001 | |||||
Thaicom PCL | 48,300 | 7,345 | |||||
Thanachart Capital PCL | 33,100 | 38,018 | |||||
Thitikorn PCL | 10,500 | 2,531 | |||||
Thoresen Thai Agencies PCL | 166,348 | 17,007 | |||||
TMB Bank PCL | 1,521,854 | 51,701 | |||||
TPI Polene PCL | 676,600 | 26,050 | |||||
True Corp. PCL | 1,350,600 | 148,574 | |||||
Unique Engineering & | |||||||
Construction PCL | 54,500 | 9,169 | |||||
Vinythai PCL | 42,500 | 30,389 | |||||
5,102,967 | |||||||
Turkey — 0.7% | |||||||
Akbank TAS* | 269,661 | 239,226 | |||||
Anadolu Efes Biracilik Ve Malt | |||||||
Sanayii AS | 6,445 | 20,049 | |||||
Enka Insaat ve Sanayi AS | 87,637 | 78,769 |
The accompanying notes are an integral part of these financial statements.
84
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Turkey (Continued) | |||||||
Eregli Demir ve Celik | |||||||
Fabrikalari TAS | 20,847 | $ | 26,099 | ||||
Kardemir Karabuk Demir Celik Sanayi | |||||||
ve Ticaret AS, Class D | 69,898 | 33,146 | |||||
Trakya Cam Sanayi AS | 76,578 | 40,113 | |||||
Turk Hava Yollari* | 81,666 | 149,188 | |||||
Turkiye Garanti Bankasi AS* | 259,027 | 319,744 | |||||
Turkiye Halk Bankasi AS* | 66,222 | 61,937 | |||||
Turkiye Is Bankasi* | 138,232 | 112,546 | |||||
Turkiye Sinai Kalkinma Bankasi AS* | 190,047 | 35,772 | |||||
Turkiye Vakiflar Bankasi TAO* | 80,351 | 62,489 | |||||
Yapi ve Kredi Bankasi AS* | 194,984 | 69,419 | |||||
1,248,497 | |||||||
United States — 0.0% | |||||||
Textainer Group Holdings Ltd.* | 4,015 | 32,843 | |||||
32,843 | |||||||
TOTAL COMMON STOCKS | |||||||
(Identified Cost $194,677,332) | 166,756,510 | ||||||
PREFERRED STOCKS — 1.2% | |||||||
Brazil — 1.2% | |||||||
Banco ABC Brasil SA, 5.170% | 10,815 | 28,002 | |||||
Banco Bradesco SA, 4.600% | 24,310 | 92,535 | |||||
Banco do Estado do Rio Grande do Sul | |||||||
SA, PF B, 5.820% | 24,408 | 60,817 | |||||
Cia Ferro Ligas da Bahia, 6.910% | 4,895 | 17,193 | |||||
Gerdau SA, 1.360% | 11,700 | 34,445 | |||||
Marcopolo SA, 1.350% | 2,983 | 1,607 | |||||
Petroleo Brasileiro SA, 3.090% | 448,917 | 1,778,960 | |||||
Petroleo Brasileiro SA, ADR, | |||||||
3.140%@ | 5,564 | 44,345 | |||||
2,057,904 | |||||||
Colombia — 0.0% | |||||||
Grupo Argos SA, 2.620% | 12,517 | 25,480 | |||||
Grupo de Inversiones Suramericana | |||||||
SA, 1.910% | 8,046 | 33,828 | |||||
59,308 | |||||||
TOTAL PREFERRED STOCKS | |||||||
(Identified Cost $2,555,998) | 2,117,212 | ||||||
RIGHTS AND WARRANTS — 0.0% | |||||||
Hong Kong — 0.0% | |||||||
Greentown China Holdings Rights*▲ | 905 | — | |||||
Legend Holdings CP Rights*§ | 1,461 | — | |||||
— | |||||||
India — 0.0% | |||||||
Arvind Fashions Ltd.*▲ | 1,832 | 425 | |||||
Korea — 0.0% | |||||||
Korean Air Lines Co. Ltd.* | 5,167 | 7,410 | |||||
TOTAL RIGHTS AND WARRANTS | |||||||
(Identified Cost $31,934) | 7,835 | ||||||
SHORT-TERM INVESTMENTS — 1.9% | |||||||
Investment Company — 0.1% | |||||||
State Street Institutional U.S. | |||||||
Government Money Market | |||||||
Fund 0.116% | 166,445 | 166,445 | |||||
Collateral For Securities On Loan — 1.8% | |||||||
State Street Navigator Securities | |||||||
Lending Government Money Market | |||||||
Portfolio, 0.130% | 3,073,005 | 3,073,005 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Identified Cost $3,239,450) | 3,239,450 | ||||||
Total Investments — 100.8% | |||||||
(Identified Cost $200,504,714) | 172,121,007 | ||||||
Liabilities, Less Cash and Other | |||||||
Assets — (0.8%) | (1,402,437 | ) | |||||
Net Assets — 100.0% | $ | 170,718,570 |
† | See Note 1 | ||
@ | A portion or all of the security was held on loan. As of June 30, 2020, the fair value of the securities on loan was $4,945,710. | ||
* | Non-income producing 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 June 30, 2020 amounted to $2,188,882 or 1.28% of the net assets of the Fund. | ||
▲ | Fair valued security. Security is valued using significant observable inputs other than quoted prices as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 | ||
§ | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 | ||
~ | Bankrupt/delisted security |
Key to abbreviations:
ADR — American Depository Receipt
GDR — Global Depository Receipt
NVDR — Non-Voting Depository Receipt
The accompanying notes are an integral part of these financial statements.
85
SA Emerging Markets Value Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
Ten largest industry holdings as of June 30, 2020
(As a percentage of net assets) (Unaudited)
Industry | Percentage | ||||
Commercial Banks | 21.7% | ||||
Oil, Gas & Consumable Fuels | 13.8% | ||||
Metals & Mining | 7.9% | ||||
Real Estate Management & Development | 5.5% | ||||
Wireless Telecommunication Services | 4.3% | ||||
Insurance | 3.7% | ||||
Electronic Equipment, Instruments & Components | 3.7% | ||||
Computers & Peripherals | 3.1% | ||||
Industrial Conglomerates | 3.1% | ||||
Chemicals | 2.5% |
Country Weightings as of June 30, 2020
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements
86
SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
SHARES | VALUE† | ||||||
COMMON STOCKS — 99.2% | |||||||
Real Estate Investment Trusts (REITs) — 99.2% | |||||||
Acadia Realty Trust | 14,734 | $ | 191,247 | ||||
Agree Realty Corp. | 6,983 | 458,853 | |||||
Alexander's, Inc. | 403 | 97,083 | |||||
Alexandria Real Estate Equities, Inc. | 20,149 | 3,269,175 | |||||
American Assets Trust, Inc. | 7,620 | 212,141 | |||||
American Campus Communities, Inc. | 22,353 | 781,461 | |||||
American Finance Trust, Inc. | 7,964 | 63,194 | |||||
American Homes 4 Rent., Class A | 43,420 | 1,167,998 | |||||
American Tower Corp. | 62,020 | 16,034,651 | |||||
Apartment Investment & | |||||||
Management Co., Class A | 24,304 | 914,803 | |||||
Apple Hospitality REIT, Inc. | 37,683 | 364,018 | |||||
AvalonBay Communities, Inc. | 22,508 | 3,480,637 | |||||
Bluerock Residential Growth REIT, Inc. | 3,300 | 26,664 | |||||
Boston Properties, Inc. | 23,733 | 2,144,988 | |||||
Braemar Hotels & Resorts, Inc. | 7,756 | 22,182 | |||||
Brandywine Realty Trust | 30,935 | 336,882 | |||||
Brixmor Property Group, Inc. | 49,795 | 638,372 | |||||
Brookfield Property REIT, Inc., Class A | 12,277 | 122,279 | |||||
BRT Apartments Corp. | 400 | 4,328 | |||||
Camden Property Trust | 15,710 | 1,433,066 | |||||
CareTrust REIT, Inc. | 13,678 | 234,714 | |||||
Chatham Lodging Trust | 8,341 | 51,047 | |||||
City Office REIT, Inc. | 5,176 | 52,071 | |||||
Clipper Realty, Inc. | 1,167 | 9,453 | |||||
Columbia Property Trust, Inc. | 20,505 | 269,436 | |||||
Community Healthcare Trust, Inc. | 3,480 | 142,332 | |||||
CoreSite Realty Corp. | 6,276 | 759,773 | |||||
Corporate Office Properties Trust | 19,635 | 497,551 | |||||
Cousins Properties, Inc. | 24,914 | 743,185 | |||||
Crown Castle International Corp. | 66,097 | 11,061,333 | |||||
CubeSmart | 31,170 | 841,278 | |||||
CyrusOne, Inc. | 18,344 | 1,334,526 | |||||
DiamondRock Hospitality Co. | 38,224 | 211,379 | |||||
Digital Realty Trust, Inc. | 43,369 | 6,163,169 | |||||
Diversified Healthcare Trust | 17,738 | 78,491 | |||||
Douglas Emmett, Inc. | 27,924 | 856,150 | |||||
Duke Realty Corp. | 58,670 | 2,076,331 | |||||
Easterly Government Properties, Inc. | 12,305 | 284,492 | |||||
EastGroup Properties, Inc. | 6,498 | 770,728 | |||||
Empire State Realty Trust, Inc., Class A | 25,972 | 181,804 | |||||
EPR Properties | 13,058 | 432,612 | |||||
Equinix, Inc. | 10,592 | 7,438,762 | |||||
Equity Commonwealth | 21,023 | 676,941 | |||||
Equity LifeStyle Properties, Inc. | 27,071 | 1,691,396 | |||||
Equity Residential | 60,234 | 3,542,964 | |||||
Essential Properties Realty Trust, Inc. | 11,991 | 177,946 | |||||
Essex Property Trust, Inc. | 10,505 | 2,407,431 | |||||
Extra Space Storage, Inc. | 20,453 | 1,889,244 | |||||
Federal Realty Investment Trust | 11,889 | 1,013,062 | |||||
First Industrial Realty Trust, Inc. | 21,463 | 825,038 | |||||
Four Corners Property Trust, Inc. | 10,646 | 259,762 | |||||
Franklin Street Properties Corp. | 22,915 | 116,637 | |||||
Front Yard Residential Corp. | 1,000 | 8,700 | |||||
Gaming & Leisure Properties, Inc. | 33,975 | 1,175,535 | |||||
Getty Realty Corp. | 6,637 | 196,986 | |||||
Gladstone Commercial Corp. | 5,964 | 111,825 | |||||
Global Medical REIT, Inc. | 5,127 | 58,089 | |||||
Global Net Lease, Inc. | 11,391 | 190,571 | |||||
Global Self Storage, Inc. | 2,195 | 8,604 | |||||
Healthcare Realty Trust, Inc. | 22,669 | 663,975 | |||||
Healthcare Trust of | |||||||
America, Inc., Class A | 35,039 | 929,234 | |||||
Healthpeak Properties, Inc. | 83,836 | 2,310,520 | |||||
Hersha Hospitality Trust | 6,188 | 35,643 | |||||
Highwoods Properties, Inc. | 17,570 | 655,888 | |||||
Host Hotels & Resorts, Inc. | 111,865 | 1,207,023 | |||||
Hudson Pacific Properties, Inc. | 25,808 | 649,329 | |||||
Independence Realty Trust, Inc. | 13,010 | 149,485 | |||||
Industrial Logistics Properties Trust | 8,397 | 172,558 | |||||
Investors Real Estate Trust | 1,935 | 136,398 | |||||
Invitation Homes, Inc. | 87,395 | 2,405,984 | |||||
Iron Mountain, Inc.@ | 45,530 | 1,188,333 | |||||
JBG SMITH Properties | 20,330 | 601,158 | |||||
Kilroy Realty Corp. | 16,421 | 963,913 | |||||
Kimco Realty Corp. | 71,056 | 912,359 | |||||
Kite Realty Group Trust | 14,857 | 171,450 | |||||
Lamar Advertising Co., Class A | 13,906 | 928,365 | |||||
Lexington Realty Trust | 37,085 | 391,247 | |||||
Life Storage, Inc. | 7,472 | 709,466 | |||||
LTC Properties, Inc. | 6,971 | 262,598 | |||||
Macerich Co. (The)@ | 7,316 | 65,624 | |||||
Mack-Cali Realty Corp. | 15,758 | 240,940 | |||||
Medical Properties Trust, Inc. | 82,366 | 1,548,481 | |||||
MGM Growth Properties LLC, Class A | 18,871 | 513,480 | |||||
Mid-America Apartment | |||||||
Communities, Inc. | 18,428 | 2,113,139 | |||||
Monmouth Real Estate | |||||||
Investment Corp. | 14,037 | 203,396 | |||||
National Health Investors, Inc. | 7,578 | 460,136 | |||||
National Retail Properties, Inc. | 27,512 | 976,126 | |||||
National Storage Affiliates Trust | 8,583 | 245,989 | |||||
NexPoint Residential Trust, Inc. | 2,800 | 98,980 | |||||
Office Properties Income Trust | 8,380 | 217,629 | |||||
Omega Healthcare Investors, Inc. | 35,948 | 1,068,734 | |||||
One Liberty Properties, Inc. | 2,871 | 50,587 | |||||
Outfront Media, Inc. | 23,791 | 337,118 | |||||
Paramount Group, Inc. | 32,574 | 251,146 | |||||
Park Hotels & Resorts, Inc. | 29,569 | 292,437 | |||||
Pebblebrook Hotel Trust | 18,984 | 259,321 | |||||
Physicians Realty Trust | 30,813 | 539,844 | |||||
Piedmont Office Realty | |||||||
Trust, Inc., Class A | 22,147 | 367,862 | |||||
Plymouth Industrial REIT, Inc. | 804 | 10,291 | |||||
Prologis, Inc. | 117,179 | 10,936,316 | |||||
PS Business Parks, Inc. | 3,640 | 481,936 | |||||
Public Storage | 25,565 | 4,905,668 | |||||
QTS Realty Trust, Inc., Class A | 9,320 | 597,319 | |||||
Realty Income Corp. | 55,424 | 3,297,728 | |||||
Regency Centers Corp. | 26,832 | 1,231,320 | |||||
Retail Opportunity Investments Corp. | 22,076 | 250,121 | |||||
Retail Properties of | |||||||
America, Inc., Class A | 37,649 | 275,591 | |||||
Retail Value, Inc. | 3,764 | 46,523 |
The accompanying notes are an integral part of these financial statements.
87
SA Real Estate Securities Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020 (Continued)
SHARES | VALUE† | ||||||
COMMON STOCKS (Continued) | |||||||
Real Estate Investment Trusts (REITs) (Continued) | |||||||
Rexford Industrial Realty, Inc. | 18,869 | $ | 781,743 | ||||
RLJ Lodging Trust | 29,174 | 275,403 | |||||
RPT Realty | 14,849 | 103,349 | |||||
Ryman Hospitality Properties | 8,389 | 290,259 | |||||
Sabra Healthcare REIT, Inc. | 31,913 | 460,505 | |||||
Saul Centers, Inc. | 3,089 | 99,682 | |||||
SBA Communications Corp. | 18,041 | 5,374,775 | |||||
Service Properties Trust | 15,100 | 107,059 | |||||
Simon Property Group, Inc. | 49,122 | 3,358,962 | |||||
SITE Centers Corp. | 13,863 | 112,290 | |||||
SL Green Realty Corp. | 12,630 | 622,533 | |||||
Sotherly Hotels, Inc. | 3,111 | 7,809 | |||||
Spirit MTA REIT*§ | 9,141 | 5,262 | |||||
Spirit Realty Capital, Inc. | 16,070 | 560,200 | |||||
STAG Industrial, Inc. | 21,962 | 643,926 | |||||
STORE Capital Corp. | 35,598 | 847,588 | |||||
Summit Hotel Properties, Inc. | 21,227 | 125,876 | |||||
Sun Communities, Inc. | 15,433 | 2,093,949 | |||||
Sunstone Hotel Investors, Inc. | 40,540 | 330,401 | |||||
Tanger Factory Outlet Centers, Inc.@ | 11,102 | 79,157 | |||||
Terreno Realty Corp. | 11,490 | 604,834 | |||||
UDR, Inc. | 47,560 | 1,777,793 | |||||
UMH Properties, Inc. | 5,369 | 69,421 | |||||
Uniti Group, Inc. | 27,583 | 257,901 | |||||
Universal Health Realty Income Trust | 2,176 | 172,970 | |||||
Urban Edge Properties | 22,808 | 270,731 | |||||
Urstadt Biddle Properties, Inc. | 1,000 | 10,051 | |||||
Urstadt Biddle Properties, Inc., Class A | 6,307 | 74,927 | |||||
Ventas, Inc. | 58,112 | 2,128,061 | |||||
VEREIT, Inc. | 170,759 | 1,097,980 | |||||
Vornado Realty Trust | 26,648 | 1,018,220 | |||||
Washington REIT | 14,041 | 311,710 | |||||
Weingarten Realty Investors | 21,441 | 405,878 | |||||
Welltower, Inc. | 65,266 | 3,377,515 | |||||
Whitestone REIT@ | 7,118 | 51,748 | |||||
WP Carey, Inc. | 27,809 | 1,881,279 | |||||
Xenia Hotels & Resorts, Inc. | 18,403 | 171,700 | |||||
157,897,525 | |||||||
TOTAL COMMON STOCKS | |||||||
(Identified Cost $102,633,067) | 157,897,525 | ||||||
SHORT-TERM INVESTMENTS — 0.5% | |||||||
Investment Company — 0.4% | |||||||
State Street Institutional U.S. Government | |||||||
Money Market Fund 0.116% | 662,015 | 662,015 | |||||
Collateral For Securities On Loan — 0.1% | |||||||
State Street Navigator Securities | |||||||
Lending Government Money | |||||||
Market Portfolio 0.130% | 91,851 | 91,851 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Identified Cost $753,866) | 753,866 | ||||||
Total Investments — 99.7% | |||||||
(Identified Cost $103,386,933) | 158,651,391 | ||||||
Cash and Other Assets, | |||||||
Less Liabilities — 0.3% | 498,500 | ||||||
Net Assets — 100.0% | $ | 159,149,891 |
† | See Note 1 | ||
@ | A portion or all of the security was held on loan. As of June 30, 2020, the fair value of the securities on loan was $1,365,300. | ||
* | Non-income producing security | ||
§ | Fair valued security. Security is valued using significant unobservable inputs as determined pursuant to procedures approved by the Fund’s Board of Trustees. See Note 1 |
Key to abbreviations:
REIT — Real Estate Investment Trust
Portfolio Sectors as of June 30, 2020
(As a percentage of long-term investments) (Unaudited)
The accompanying notes are an integral part of these financial statements.
88
SA Worldwide Moderate Growth Fund
PORTFOLIO OF INVESTMENTS — AS OF JUNE 30, 2020
SHARES | VALUE† | ||||||
MUTUAL FUNDS — 100.0% | |||||||
Other — 100.0% | |||||||
SA Emerging Markets Value Fund€ | 428,777 | $ | 3,318,734 | ||||
SA Global Fixed Income Fund€ | 487,063 | 4,568,648 | |||||
SA International Value Fund€ | 660,530 | 5,733,397 | |||||
SA Real Estate Securities Fund€ | 167,903 | 1,843,581 | |||||
SA U.S. Core Market Fund€ | 158,194 | 3,682,769 | |||||
SA U.S. Fixed Income Fund€ | 299,625 | 3,044,192 | |||||
SA U.S. Small Company Fund€ | 156,489 | 3,402,067 | |||||
SA U.S. Value Fund€ | 347,116 | 4,873,508 | |||||
30,466,896 | |||||||
TOTAL MUTUAL FUNDS (Identified Cost $32,720,831) | 30,466,896 | ||||||
Total Investments — 100.0% (Identified Cost $32,720,831) | 30,466,896 | ||||||
Liabilities, Less Cash and Other Assets — 0.0% | (2,816 | ) | |||||
Net Assets — 100.0% | $ | 30,464,080 |
† | See Note 1 | ||
€ | SA Worldwide Moderate Growth Fund invests substantially all of its assets in the Select Class shares of the affiliated Underlying SA Funds. |
The accompanying notes are an integral part of these financial statements.
89
STATEMENTS OF ASSETS AND LIABILITIES — JUNE 30, 2020
SA | SA | |||||||||
U.S. Fixed | Global Fixed | |||||||||
Income Fund | Income Fund | |||||||||
ASSETS | ||||||||||
Investments in unaffiliated securities, at value(1) | $ | 538,369,540 | $ | 709,494,708 | ||||||
Cash | — | — | ||||||||
Foreign currency, at value | — | 130,906 | ||||||||
Receivable for investments sold | — | — | ||||||||
Dividends and interest receivable | 1,195,042 | 1,769,634 | ||||||||
Receivable for fund shares sold | 653,240 | 1,092,518 | ||||||||
Unrealized appreciation on forward foreign currency exchange contracts (Note 1) | — | 1,345,920 | ||||||||
Receivable from the Adviser (Note 2) | — | — | ||||||||
Receivable for tax reclaims | — | — | ||||||||
Prepaid expenses | 27,260 | 30,024 | ||||||||
Other assets | — | — | ||||||||
Total Assets | 540,245,082 | 713,863,710 | ||||||||
LIABILITIES | ||||||||||
Payable for investments purchased | — | 1,038,156 | ||||||||
Payable for fund shares redeemed | 597,131 | 647,759 | ||||||||
Due to custodian bank | — | — | ||||||||
Collateral for securities on loan (Note 1) | — | 3,994,320 | ||||||||
Unrealized depreciation on forward foreign currency exchange contracts (Note 1) | — | 13,955,924 | ||||||||
Advisory fee payable (Note 2) | 66,433 | 142,184 | ||||||||
Sub-Advisory fee payable (Note 2) | 13,278 | 17,062 | ||||||||
Administration fee payable (Note 2) | 44,259 | 56,874 | ||||||||
Sub-Administration fee payable (Note 2) | 8,958 | 11,508 | ||||||||
Custody and accounting fees payable | 15,747 | 31,210 | ||||||||
Trustees’ fees payable (Note 2) | 8,331 | 8,331 | ||||||||
Shareholder servicing fee payable (Note 2) | 35,424 | 45,019 | ||||||||
Transfer agent fee payable | 8,798 | 9,609 | ||||||||
Professional fees payable | 27,764 | 29,201 | ||||||||
Accrued expenses and other liabilities | 27,388 | 30,054 | ||||||||
Total Liabilities | 853,511 | 20,017,211 | ||||||||
NET ASSETS | $ | 539,391,571 | $ | 693,846,499 | ||||||
NET ASSETS CONSIST OF: | ||||||||||
Paid-in capital | $ | 541,098,544 | $ | 711,074,516 | ||||||
Total distributable earnings (loss)(2) | (1,706,973 | ) | (17,228,017 | ) | ||||||
NET ASSETS | $ | 539,391,571 | $ | 693,846,499 |
The accompanying notes are an integral part of these financial statements.
90
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 | |||||||||||||||||
$ | 600,740,249 | $ | 476,644,790 | $ | 360,267,509 | $ | 558,684,768 | $ | 272,488,867 | $ | 172,121,007 | $ | 158,651,391 | ||||||||||
120,821 | 10,686 | 654,491 | 11,949 | — | — | 875 | |||||||||||||||||
— | — | — | 1,800,885 | — | 544,201 | — | |||||||||||||||||
27,788 | — | 95,914 | 13,654 | 124,000 | 545,531 | 107,535 | |||||||||||||||||
427,414 | 508,643 | 227,750 | 984,130 | — | 1,190,404 | 538,748 | |||||||||||||||||
407,756 | 528,653 | 449,166 | 713,761 | 288,657 | 295,989 | 199,894 | |||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | 15,799 | 1,141 | |||||||||||||||||
— | — | — | 1,904,834 | — | 2,068 | — | |||||||||||||||||
28,268 | 28,195 | 27,746 | 28,852 | 25,779 | 24,474 | 24,013 | |||||||||||||||||
654 | — | — | — | — | — | — | |||||||||||||||||
601,752,950 | 477,720,967 | 361,722,576 | 564,142,833 | 272,927,303 | 174,739,473 | 159,523,597 | |||||||||||||||||
— | 122,125 | — | 397,549 | — | 408,505 | — | |||||||||||||||||
821,346 | 643,824 | 720,329 | 982,380 | 573,316 | 201,777 | 129,152 | |||||||||||||||||
— | — | — | — | 123,428 | — | — | |||||||||||||||||
174,278 | 265,969 | 3,280,696 | 16,787,310 | — | 3,073,005 | 91,851 | |||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||
197,885 | 161,520 | 118,984 | 206,976 | 59,004 | 63,970 | 46,608 | |||||||||||||||||
14,841 | 40,380 | 74,365 | 91,989 | — | 63,970 | 13,316 | |||||||||||||||||
49,471 | 40,380 | 29,746 | 45,995 | 22,649 | 14,215 | 13,317 | |||||||||||||||||
9,562 | 8,548 | 5,777 | 9,338 | 4,489 | 2,990 | 2,862 | |||||||||||||||||
19,474 | 13,884 | 16,597 | 28,636 | 5,300 | 51,392 | 7,973 | |||||||||||||||||
8,331 | 8,331 | 8,331 | 8,331 | 8,331 | 8,331 | 8,331 | |||||||||||||||||
43,362 | 32,906 | 24,165 | 36,658 | 18,240 | 10,817 | 10,726 | |||||||||||||||||
10,764 | 10,549 | 10,510 | 10,714 | 10,224 | 9,346 | 9,567 | |||||||||||||||||
24,701 | 24,701 | 18,511 | 27,201 | 24,765 | 33,292 | 26,928 | |||||||||||||||||
33,901 | 25,542 | 22,789 | 33,336 | 19,010 | 79,293 | 13,075 | |||||||||||||||||
1,407,916 | 1,398,659 | 4,330,800 | 18,666,413 | 868,756 | 4,020,903 | 373,706 | |||||||||||||||||
$ | 600,345,034 | $ | 476,322,308 | $ | 357,391,776 | $ | 545,476,420 | $ | 272,058,547 | $ | 170,718,570 | $ | 159,149,891 | ||||||||||
$ | 160,685,601 | $ | 406,393,296 | $ | 272,024,563 | $ | 672,896,947 | $ | 227,148,335 | $ | 213,609,956 | $ | 103,579,882 | ||||||||||
439,659,433 | 69,929,012 | 85,367,213 | (127,420,527 | ) | 44,910,212 | (42,891,386 | ) | 55,570,009 | |||||||||||||||
$ | 600,345,034 | $ | 476,322,308 | $ | 357,391,776 | $ | 545,476,420 | $ | 272,058,547 | $ | 170,718,570 | $ | 159,149,891 |
The accompanying notes are an integral part of these financial statements.
91
STATEMENTS OF ASSETS AND LIABILITIES — JUNE 30, 2020 (Continued)
SA U.S. Fixed Income Fund | SA Global Fixed Income Fund | ||||||
INVESTOR CLASS SHARES | |||||||
Net Assets | $ | 80,439,782 | $ | 100,566,774 | |||
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized) | 7,911,075 | 10,674,987 | |||||
Net asset value per share | $ | 10.17 | $ | 9.42 | |||
SELECT CLASS SHARES | |||||||
Net Assets | $ | 458,951,789 | $ | 593,279,725 | |||
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized) | 45,153,601 | 63,228,574 | |||||
Net asset value per share | $ | 10.16 | $ | 9.38 | |||
Identified cost of unaffiliated investments | $ | 536,490,401 | $ | 715,543,683 | |||
Cost of foreign currency | $ | — | $ | 130,688 | |||
(1) Including securities on loan, at value (see Note 1) | N/A | $ | 4,150,153 | ||||
(2) Net of deferred capital gain country tax of: | $ | — | $ | — |
The accompanying notes are an integral part of these financial statements.
92
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 | �� | ||||||||||||||
$ | 112,428,869 | $ | 74,570,994 | $ | 55,701,190 | $ | 80,664,134 | $ | 41,203,020 | $ | 22,077,729 | $ | 24,097,433 | ||||||||
4,810,465 | 5,290,067 | 2,558,584 | 9,259,393 | 2,379,273 | 2,850,333 | 2,187,025 | |||||||||||||||
$ | 23.37 | $ | 14.10 | $ | 21.77 | $ | 8.71 | $ | 17.32 | $ | 7.75 | $ | 11.02 | ||||||||
$ | 487,916,165 | $ | 401,751,314 | $ | 301,690,586 | $ | 464,812,286 | $ | 230,855,527 | $ | 148,640,841 | $ | 135,052,458 | ||||||||
20,962,787 | 28,608,071 | 13,876,938 | 53,540,584 | 13,391,438 | 19,198,518 | 12,294,745 | |||||||||||||||
$ | 23.28 | $ | 14.04 | $ | 21.74 | $ | 8.68 | $ | 17.24 | $ | 7.74 | $ | 10.98 | ||||||||
$ | 177,986,801 | $ | 400,845,585 | $ | 276,573,979 | $ | 639,104,933 | $ | 200,738,704 | $ | 200,504,714 | $ | 103,386,933 | ||||||||
$ | — | $ | — | $ | — | $ | 1,804,124 | $ | — | $ | 544,873 | $ | — | ||||||||
$ | 2,369,467 | $ | 2,316,214 | $ | 12,476,501 | $ | 54,588,665 | N/A | $ | 4,945,710 | $ | 1,365,300 | |||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 62,017 | $ | — |
The accompanying notes are an integral part of these financial statements.
93
STATEMENTS OF ASSETS AND LIABILITIES — JUNE 30, 2020 (Continued)
SA | |||||
Worldwide | |||||
Moderate | |||||
Growth Fund | |||||
ASSETS | |||||
Investments in affiliated securities, at value | $ | 30,466,896 | |||
Receivable for investments sold | 4,811 | ||||
Receivable for fund shares sold | 1,654 | ||||
Receivable from the Adviser (Note 2) | 13,564 | ||||
Prepaid expenses | 21,945 | ||||
Total Assets | 30,508,870 | ||||
LIABILITIES | |||||
Payable for fund shares redeemed | 178 | ||||
Sub-Administration fee payable (Note 2) | 570 | ||||
Custody and accounting fees payable | 4,799 | ||||
Trustees' fees payable (Note 2) | 8,331 | ||||
Transfer agent fee payable | 500 | ||||
Professional fees payable | 24,265 | ||||
Accrued expenses and other liabilities | 6,147 | ||||
Total Liabilities | 44,790 | ||||
NET ASSETS | $ | 30,464,080 | |||
NET ASSETS CONSIST OF: | |||||
Paid-in capital | $ | 32,366,290 | |||
Total distributable earnings (loss) | (1,902,210 | ) | |||
NET ASSETS | $ | 30,464,080 | |||
Shares of beneficial interest outstanding ($0.01 par value, unlimited shares authorized) | 3,192,415 | ||||
Net asset value per share | $ | 9.54 | |||
Identified cost of affiliated investments | $ | 32,720,831 |
The accompanying notes are an integral part of these financial statements.
94
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STATEMENTS OF OPERATIONS — YEAR ENDED JUNE 30, 2020
SA U.S. | SA Global | SA U.S. | ||||||||||||
Fixed Income | Fixed Income | Core Market | ||||||||||||
Fund | Fund | Fund | ||||||||||||
INVESTMENT INCOME | ||||||||||||||
Income: | ||||||||||||||
Unaffiliated dividends | $ | — | $ | — | $ | 12,197,175 | ||||||||
Affiliated dividends | — | — | — | |||||||||||
Interest(1) | 11,292,646 | 5,601,605 | 28,519 | |||||||||||
Other income | 1,000 | — | 24,875 | |||||||||||
Taxes withheld | — | (3,455 | ) | (305 | ) | |||||||||
Total Income | 11,293,646 | 5,598,150 | 12,250,264 | |||||||||||
Expenses: | ||||||||||||||
Advisory fees (Note 2) | 896,499 | 1,921,804 | 2,642,023 | |||||||||||
Shareholder Servicing fees (Note 2) | ||||||||||||||
Investor Class | 246,444 | 308,139 | 340,874 | |||||||||||
Select Class | 249,544 | 322,733 | 262,078 | |||||||||||
Administration fees (Note 2) | 597,666 | 768,722 | 660,506 | |||||||||||
Sub-Advisory fees (Note 2) | 179,300 | 230,617 | 190,034 | |||||||||||
Sub-Administration fees (Note 2) | 110,331 | 141,920 | 120,776 | |||||||||||
Trustees’ fees and expenses (Note 2) | 32,286 | 32,286 | 32,286 | |||||||||||
Custody and accounting fees | 97,022 | 168,950 | 110,698 | |||||||||||
Transfer agent fees | 97,847 | 103,064 | 115,305 | |||||||||||
Professional fees* | 67,360 | 68,919 | 64,423 | |||||||||||
Registration fees | 45,755 | 46,391 | 45,876 | |||||||||||
Other expenses** | 86,474 | 100,697 | 107,897 | |||||||||||
Total expenses before waivers and reimbursements: | 2,706,528 | 4,214,242 | 4,692,776 | |||||||||||
Less: Fee waiver by the Adviser (Note 2) | — | — | — | |||||||||||
Net expenses | 2,706,528 | 4,214,242 | 4,692,776 | |||||||||||
Net investment income | 8,587,118 | 1,383,908 | 7,557,488 | |||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||
Realized gain (loss) on: | ||||||||||||||
Investments(2) | 659,156 | (10,908,620 | ) | 50,661,749 | ||||||||||
Investments in affiliates | — | — | — | |||||||||||
Forward Foreign Currency Exchange Contracts | — | 31,309,417 | — | |||||||||||
Foreign currency transactions | — | 38,967 | — | |||||||||||
Capital gain distributions from underlying funds | — | — | 611,297 | |||||||||||
Increase (decrease) in unrealized appreciation (depreciation) on: | ||||||||||||||
Investments(3) | 342,424 | (5,197,038 | ) | (18,767,616 | ) | |||||||||
Investments in affiliates | — | — | — | |||||||||||
Forward Foreign Currency Exchange Contracts | — | (4,445,195 | ) | — | ||||||||||
Foreign currency transactions | — | 11,661 | — | |||||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions and translation | 1,001,580 | 10,809,192 | 32,505,430 | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 9,588,698 | $ | 12,193,100 | $ | 40,062,918 | ||||||||
(1) | Interest income includes security lending income of: | $ | — | $ | 3,871 | $ | 13,169 | |||||||
(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. |
The accompanying notes are an integral part of these financial statements.
96
SA U.S. | SA U.S. | SA | SA International | SA | SA | SA Worldwide | |||||||||||||||||||||||
Value | Small Company | International | Small Company | Emerging Markets | Real Estate | Moderate | |||||||||||||||||||||||
Fund | Fund | Value Fund | Fund | Value Fund | Securities Fund | Growth Fund | |||||||||||||||||||||||
$ | 15,097,606 | $ | 5,851,176 | $ | 20,863,702 | $ | 7,226,629 | $ | 7,595,670 | $ | 5,180,361 | $ | — | ||||||||||||||||
— | — | — | — | — | — | 816,155 | |||||||||||||||||||||||
22,825 | 149,709 | 237,898 | — | 53,600 | 21,126 | — | |||||||||||||||||||||||
11,055 | 67,664 | 22,192 | — | 2,747 | 572 | — | |||||||||||||||||||||||
— | (3,194 | ) | (1,872,999 | ) | — | (1,029,330 | ) | (743 | ) | — | |||||||||||||||||||
15,131,486 | 6,065,355 | 19,250,793 | 7,226,629 | 6,622,687 | 5,201,316 | 816,155 | |||||||||||||||||||||||
2,266,834 | 1,587,299 | 2,807,782 | 759,159 | 881,568 | 644,536 | — | |||||||||||||||||||||||
252,314 | 176,256 | 256,768 | 133,616 | 73,166 | 80,588 | N/A | |||||||||||||||||||||||
232,891 | 163,161 | 260,622 | 125,109 | 83,319 | 75,959 | N/A | |||||||||||||||||||||||
566,708 | 396,825 | 623,952 | 303,664 | 195,904 | 184,153 | — | |||||||||||||||||||||||
566,708 | 992,062 | 1,247,903 | — | 909,790 | 184,153 | — | |||||||||||||||||||||||
104,694 | 72,819 | 114,606 | 55,969 | 36,203 | 34,340 | 6,725 | |||||||||||||||||||||||
32,286 | 32,286 | 32,286 | 32,286 | 32,286 | 32,286 | 32,286 | |||||||||||||||||||||||
75,594 | 95,328 | 147,771 | 29,389 | 264,851 | 43,287 | 26,140 | |||||||||||||||||||||||
112,867 | 112,035 | 115,182 | 109,815 | 100,114 | 102,388 | 4,970 | |||||||||||||||||||||||
64,423 | 64,420 | 66,919 | 64,360 | 84,025 | 66,645 | 63,858 | |||||||||||||||||||||||
44,370 | 40,693 | 45,207 | 39,149 | 37,518 | 35,928 | 25,966 | |||||||||||||||||||||||
82,888 | 76,565 | 105,275 | 64,160 | 64,411 | 42,880 | 28,033 | |||||||||||||||||||||||
4,402,577 | 3,809,749 | 5,824,273 | 1,716,676 | 2,763,155 | 1,527,143 | 187,978 | |||||||||||||||||||||||
— | — | — | — | (462,686 | ) | (81,524 | ) | (187,978 | ) | ||||||||||||||||||||
4,402,577 | 3,809,749 | 5,824,273 | 1,716,676 | 2,300,469 | 1,445,619 | — | |||||||||||||||||||||||
10,728,909 | 2,255,606 | 13,426,520 | 5,509,953 | 4,322,218 | 3,755,697 | 816,155 | |||||||||||||||||||||||
(5,144,102 | ) | 3,292,073 | (27,389,358 | ) | (3,777,899 | ) | (13,283,429 | ) | 2,066,537 | — | |||||||||||||||||||
— | — | — | — | — | — | (26,477 | ) | ||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | (159,878 | ) | — | (136,470 | ) | — | — | |||||||||||||||||||||
— | — | — | 7,161,197 | — | — | 917,991 | |||||||||||||||||||||||
(81,542,513 | ) | (48,379,710 | ) | (99,950,393 | ) | (31,780,465 | ) | (34,181,111 | ) | (18,859,844 | ) | — | |||||||||||||||||
— | — | — | — | — | — | (4,256,602 | ) | ||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | (1,368 | ) | — | (37,051 | ) | — | — | |||||||||||||||||||||
(86,686,615 | ) | (45,087,637 | ) | (127,500,997 | ) | (28,397,167 | ) | (47,638,061 | ) | (16,793,307 | ) | (3,365,088 | ) | ||||||||||||||||
$ | (75,957,706 | ) | $ | (42,832,031 | ) | $ | (114,074,477 | ) | $ | (22,887,214 | ) | $ | (43,315,843 | ) | $ | (13,037,610 | ) | $ | (2,548,933 | ) | |||||||||
$ | 5,211 | $ | 136,068 | $ | 227,283 | $ | — | $ | 48,826 | $ | 13,646 | $ | — | ||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | 16,250 | $ | — | $ | — | ||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | (98,825 | ) | $ | — | $ | — | |||||||||||||||
The accompanying notes are an integral part of these financial statements.
97
STATEMENTS OF CHANGES IN NET ASSETS
SA U.S. Fixed Income Fund | |||||||||
Year Ended | Year Ended | ||||||||
June 30, 2020 | June 30, 2019 | ||||||||
INCREASE (DECREASE) IN NET ASSETS | |||||||||
Operations: | |||||||||
Net investment income | $ | 8,587,118 | $ | 13,283,234 | |||||
Net realized gain (loss) on investments and foreign currency transactions | 659,156 | (855,979 | ) | ||||||
Net increase (decrease) in unrealized appreciation (depreciation) | 342,424 | 4,480,087 | |||||||
Net increase (decrease) in net assets from operations | 9,588,698 | 16,907,342 | |||||||
Distributions to shareholders: | |||||||||
Investor Class | (1,325,810 | ) | (2,511,526 | ) | |||||
Select Class | (7,519,379 | ) | (11,512,193 | ) | |||||
Total distributions to shareholders | (8,845,189 | ) | (14,023,719 | ) | |||||
Capital share transactions | |||||||||
Proceeds from sale of shares | |||||||||
Investor Class | 12,071,114 | 18,311,675 | |||||||
Select Class | 82,796,867 | 95,929,848 | |||||||
94,867,981 | 114,241,523 | ||||||||
Value of distributions reinvested | |||||||||
Investor Class | 1,307,312 | 2,438,362 | |||||||
Select Class | 7,379,380 | 11,351,961 | |||||||
8,686,692 | 13,790,323 | ||||||||
Cost of shares redeemed | |||||||||
Investor Class | (37,021,259 | ) | (30,582,475 | ) | |||||
Select Class | (157,782,049 | ) | (90,269,305 | ) | |||||
(194,803,308 | ) | (120,851,780 | ) | ||||||
Tax-free interclass conversion | |||||||||
Investor Class | (9,430,941 | ) | (24,761,930 | ) | |||||
Select Class | 9,430,941 | 24,761,930 | |||||||
— | — | ||||||||
Total capital share transactions | (91,248,635 | ) | 7,180,066 | ||||||
Total increase (decrease) in net assets | (90,505,126 | ) | 10,063,689 | ||||||
NET ASSETS | |||||||||
Beginning of year | $ | 629,896,697 | $ | 619,833,008 | |||||
End of year | $ | 539,391,571 | $ | 629,896,697 | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||
Shares sold by subscription | |||||||||
Investor Class | 1,188,116 | 1,808,111 | |||||||
Select Class | 8,156,361 | 9,476,826 |
The accompanying notes are an integral part of these financial statements.
98
SA Global Fixed Income Fund | SA U.S. Core Market Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||
$ | 1,383,908 | $ | 5,104,178 | $ | 7,557,488 | $ | 9,306,635 | |||||||||
20,439,764 | 27,044,427 | 51,273,046 | 64,895,853 | |||||||||||||
(9,630,572 | ) | (2,047,196 | ) | (18,767,616 | ) | (4,897,507 | ) | |||||||||
12,193,100 | 30,101,409 | 40,062,918 | 69,304,981 | |||||||||||||
(4,148,976 | ) | (5,005,633 | ) | (16,802,237 | ) | (9,676,209 | ) | |||||||||
(23,851,052 | ) | (23,876,553 | ) | (65,886,578 | ) | (35,979,252 | ) | |||||||||
(28,000,028 | ) | (28,882,186 | ) | (82,688,815 | ) | (45,655,461 | ) | |||||||||
20,881,450 | 19,878,542 | 8,125,897 | 18,248,004 | |||||||||||||
147,764,376 | 105,172,117 | 63,057,750 | 79,927,235 | |||||||||||||
168,645,826 | 125,050,659 | 71,183,647 | 98,175,239 | |||||||||||||
4,095,942 | 4,877,774 | 15,971,544 | 9,216,579 | |||||||||||||
23,507,692 | 23,628,223 | 65,017,485 | 33,943,036 | |||||||||||||
27,603,634 | 28,505,997 | 80,989,029 | 43,159,615 | |||||||||||||
(44,611,309 | ) | (35,427,647 | ) | (58,504,238 | ) | (42,938,278 | ) | |||||||||
(193,298,631 | ) | (107,487,662 | ) | (206,000,192 | ) | (161,697,779 | ) | |||||||||
(237,909,940 | ) | (142,915,309 | ) | (264,504,430 | ) | (204,636,057 | ) | |||||||||
(11,372,926 | ) | (26,483,597 | ) | (9,010,402 | ) | (31,121,043 | ) | |||||||||
11,372,926 | 26,483,597 | 9,010,402 | 31,121,043 | |||||||||||||
— | — | — | — | |||||||||||||
(41,660,480 | ) | 10,641,347 | (112,331,754 | ) | (63,301,203 | ) | ||||||||||
(57,467,408 | ) | 11,860,570 | (154,957,651 | ) | (39,651,683 | ) | ||||||||||
$ | 751,313,907 | $ | 739,453,337 | $ | 755,302,685 | $ | 794,954,368 | |||||||||
$ | 693,846,499 | $ | 751,313,907 | $ | 600,345,034 | $ | 755,302,685 | |||||||||
2,173,001 | 2,077,971 | 340,329 | 758,562 | |||||||||||||
15,451,976 | 11,025,703 | 2,728,044 | 3,360,925 |
The accompanying notes are an integral part of these financial statements.
99
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA U.S. Fixed Income Fund | |||||||
Year Ended | Year Ended | ||||||
June 30, 2020 | June 30, 2019 | ||||||
Shares issued for distributions reinvested | |||||||
Investor Class | 128,916 | 241,383 | |||||
Select Class | 728,143 | 1,124,755 | |||||
Shares redeemed | |||||||
Investor Class | (3,646,934 | ) | (3,019,041 | ) | |||
Select Class | (15,555,449 | ) | (8,917,437 | ) | |||
Tax-free interclass conversion | |||||||
Investor Class | (928,091 | ) | (2,445,369 | ) | |||
Select Class | 928,920 | 2,446,874 | |||||
Net increase (decrease) in fund shares | (9,000,018 | ) | 716,102 |
The accompanying notes are an integral part of these financial statements.
100
SA Global Fixed Income Fund | SA U.S. Core Market Fund | |||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||
430,854 | 511,693 | 664,374 | 447,624 | |||||||||
2,485,743 | 2,489,034 | 2,719,259 | 1,655,758 | |||||||||
(4,653,088 | ) | (3,702,879 | ) | (2,467,312 | ) | (1,792,141 | ) | |||||
(20,257,790 | ) | (11,276,940 | ) | (8,752,171 | ) | (6,749,392 | ) | |||||
(1,183,519 | ) | (2,769,820 | ) | (415,754 | ) | (1,243,195 | ) | |||||
1,188,290 | 2,778,342 | 417,360 | 1,243,061 | |||||||||
(4,364,533 | ) | 1,133,104 | (4,765,871 | ) | (2,318,798 | ) |
The accompanying notes are an integral part of these financial statements.
101
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA U.S. Value Fund | |||||||||
Year Ended | Year Ended | ||||||||
June 30, 2020 | June 30, 2019 | ||||||||
INCREASE (DECREASE) IN NET ASSETS | |||||||||
Operations: | |||||||||
Net investment income | $ | 10,728,909 | $ | 10,060,054 | |||||
Net realized gain (loss) on investments and foreign currency transactions | (5,144,102 | ) | 30,531,694 | ||||||
Net increase (decrease) in unrealized appreciation (depreciation) | (81,542,513 | ) | (26,224,913 | ) | |||||
Net increase (decrease) in net assets from operations | (75,957,706 | ) | 14,366,835 | ||||||
Distributions to shareholders: | |||||||||
Investor Class | (5,623,754 | ) | (10,387,101 | ) | |||||
Select Class | (27,287,842 | ) | (39,249,863 | ) | |||||
Total distributions to shareholders | (32,911,596 | ) | (49,636,964 | ) | |||||
Capital share transactions | |||||||||
Proceeds from sale of shares | |||||||||
Investor Class | 13,384,483 | 14,774,588 | |||||||
Select Class | 106,667,979 | 73,308,742 | |||||||
120,052,462 | 88,083,330 | ||||||||
Value of distributions reinvested | |||||||||
Investor Class | 5,494,859 | 10,033,363 | |||||||
Select Class | 25,473,417 | 37,015,592 | |||||||
30,968,276 | 47,048,955 | ||||||||
Cost of shares redeemed | |||||||||
Investor Class | (34,730,745 | ) | (28,823,661 | ) | |||||
Select Class | (124,074,322 | ) | (79,444,054 | ) | |||||
(158,805,067 | ) | (108,267,715 | ) | ||||||
Tax-free interclass conversion | |||||||||
Investor Class | (7,478,716 | ) | (24,080,571 | ) | |||||
Select Class | 7,478,716 | 24,080,571 | |||||||
— | — | ||||||||
Total capital share transactions | (7,784,329 | ) | 26,864,570 | ||||||
Total increase (decrease) in net assets | (116,653,631 | ) | (8,405,559 | ) | |||||
NET ASSETS | |||||||||
Beginning of year | $ | 592,975,939 | $ | 601,381,498 | |||||
End of year | $ | 476,322,308 | $ | 592,975,939 | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||
Shares sold by subscription | |||||||||
Investor Class | 862,159 | 841,853 | |||||||
Select Class | 7,069,084 | 4,257,717 |
The accompanying notes are an integral part of these financial statements.
102
SA U.S. Small Company Fund | SA International Value Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||
$ | 2,255,606 | $ | 2,081,191 | $ | 13,426,520 | $ | 20,812,263 | |||||||||
3,292,073 | 19,601,388 | (27,549,236 | ) | (26,818,688 | ) | |||||||||||
(48,379,710 | ) | (38,126,825 | ) | (99,951,761 | ) | (36,504,671 | ) | |||||||||
(42,832,031 | ) | (16,444,246 | ) | (114,074,477 | ) | (42,511,096 | ) | |||||||||
(3,409,041 | ) | (2,474,953 | ) | (4,103,404 | ) | (2,413,501 | ) | |||||||||
(16,655,015 | ) | (10,022,966 | ) | (22,391,509 | ) | (12,985,834 | ) | |||||||||
(20,064,056 | ) | (12,497,919 | ) | (26,494,913 | ) | (15,399,335 | ) | |||||||||
12,040,529 | 10,466,049 | 16,696,723 | 18,817,975 | |||||||||||||
90,783,911 | 50,923,567 | 116,243,270 | 95,474,252 | |||||||||||||
102,824,440 | 61,389,616 | 132,939,993 | 114,292,227 | |||||||||||||
3,321,886 | 2,390,101 | 4,025,053 | 2,328,986 | |||||||||||||
15,495,388 | 9,461,556 | 21,118,863 | 12,256,937 | |||||||||||||
18,817,274 | 11,851,657 | 25,143,916 | 14,585,923 | |||||||||||||
(24,034,625 | ) | (20,113,433 | ) | (33,515,415 | ) | (29,631,782 | ) | |||||||||
(88,558,580 | ) | (57,952,707 | ) | (131,201,984 | ) | (83,941,904 | ) | |||||||||
(112,593,205 | ) | (78,066,140 | ) | (164,717,399 | ) | (113,573,686 | ) | |||||||||
(4,997,884 | ) | (17,580,369 | ) | (7,790,925 | ) | (29,167,039 | ) | |||||||||
4,997,884 | 17,580,369 | 7,790,925 | 29,167,039 | |||||||||||||
— | — | — | — | |||||||||||||
9,048,509 | (4,824,867 | ) | (6,633,490 | ) | 15,304,464 | |||||||||||
(53,847,578 | ) | (33,767,032 | ) | (147,202,880 | ) | (42,605,967 | ) | |||||||||
$ | 411,239,354 | $ | 445,006,386 | $ | 692,679,300 | $ | 735,285,267 | |||||||||
$ | 357,391,776 | $ | 411,239,354 | $ | 545,476,420 | $ | 692,679,300 | |||||||||
530,838 | 406,073 | 1,876,884 | 1,694,758 | |||||||||||||
4,130,316 | 2,011,980 | 13,134,152 | 8,662,206 |
The accompanying notes are an integral part of these financial statements.
103
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA U.S. Value Fund | |||||||
Year Ended | Year Ended | ||||||
June 30, 2020 | June 30, 2019 | ||||||
Shares issued for distributions reinvested | |||||||
Investor Class | 310,620 | 678,388 | |||||
Select Class | 1,446,531 | 2,512,939 | |||||
Shares redeemed | |||||||
Investor Class | (2,214,345 | ) | (1,665,204 | ) | |||
Select Class | (8,287,743 | ) | (4,594,239 | ) | |||
Tax-free interclass conversion | |||||||
Investor Class | (526,768 | ) | (1,299,305 | ) | |||
Select Class | 528,755 | 1,299,001 | |||||
Net increase (decrease) in fund shares | (811,707 | ) | 2,031,150 |
The accompanying notes are an integral part of these financial statements.
104
SA U.S. Small Company Fund | SA International Value Fund | |||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||
128,955 | 110,143 | 363,272 | 232,898 | |||||||||
602,933 | 437,023 | 1,914,675 | 1,230,616 | |||||||||
(1,063,077 | ) | (785,670 | ) | (3,476,298 | ) | (2,685,365 | ) | |||||
(4,059,771 | ) | (2,256,172 | ) | (14,374,582 | ) | (7,658,728 | ) | |||||
(246,057 | ) | (651,802 | ) | (893,333 | ) | (2,566,124 | ) | |||||
246,413 | 651,011 | 896,375 | 2,564,186 | |||||||||
270,550 | (77,414 | ) | (558,855 | ) | 1,474,447 |
The accompanying notes are an integral part of these financial statements.
105
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA International Small Company Fund | |||||||||
Year Ended | Year Ended | ||||||||
June 30, 2020 | June 30, 2019 | ||||||||
INCREASE (DECREASE) IN NET ASSETS | |||||||||
Operations: | |||||||||
Net investment income | $ | 5,509,953 | $ | 5,949,597 | |||||
Net realized gain (loss) on investments and foreign currency transactions | 3,383,298 | 11,671,830 | |||||||
Net increase (decrease) in unrealized appreciation (depreciation) | (31,780,465 | ) | (45,853,769 | ) | |||||
Net increase (decrease) in net assets from operations | (22,887,214 | ) | (28,232,342 | ) | |||||
Distributions to shareholders: | |||||||||
Investor Class | (3,310,038 | ) | (3,954,534 | ) | |||||
Select Class | (16,168,256 | ) | (15,924,470 | ) | |||||
Total distributions to shareholders | (19,478,294 | ) | (19,879,004 | ) | |||||
Capital share transactions | |||||||||
Proceeds from sale of shares | |||||||||
Investor Class | 4,956,614 | 8,482,092 | |||||||
Select Class | 38,036,789 | 43,517,772 | |||||||
42,993,403 | 51,999,864 | ||||||||
Value of distributions reinvested | |||||||||
Investor Class | 3,235,712 | 3,813,704 | |||||||
Select Class | 15,954,808 | 15,789,268 | |||||||
19,190,520 | 19,602,972 | ||||||||
Cost of shares redeemed | |||||||||
Investor Class | (17,749,929 | ) | (15,013,199 | ) | |||||
Select Class | (54,607,570 | ) | (38,928,367 | ) | |||||
(72,357,499 | ) | (53,941,566 | ) | ||||||
Tax-free interclass conversion | |||||||||
Investor Class | (3,920,462 | ) | (14,034,512 | ) | |||||
Select Class | 3,920,462 | 14,034,512 | |||||||
— | — | ||||||||
Total capital share transactions | (10,173,576 | ) | 17,661,270 | ||||||
Total increase (decrease) in net assets | (52,539,084 | ) | (30,450,076 | ) | |||||
NET ASSETS | |||||||||
Beginning of year | $ | 324,597,631 | $ | 355,047,707 | |||||
End of year | $ | 272,058,547 | $ | 324,597,631 | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||
Shares sold by subscription | |||||||||
Investor Class | 266,159 | 416,466 | |||||||
Select Class | 2,143,493 | 2,169,376 |
The accompanying notes are an integral part of these financial statements.
106
SA Emerging Markets Value Fund | SA Real Estate Securities Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||
$ | 4,322,218 | $ | 3,951,776 | $ | 3,755,697 | $ | 4,510,684 | |||||||||
(13,419,899 | ) | 1,724,592 | 2,066,537 | 5,464,020 | ||||||||||||
(34,218,162 | ) | (3,349,320 | ) | (18,859,844 | ) | 14,099,330 | ||||||||||
(43,315,843 | ) | 2,327,048 | (13,037,610 | ) | 24,074,034 | |||||||||||
(713,402 | ) | (685,828 | ) | (1,423,502 | ) | (1,360,083 | ) | |||||||||
(4,453,559 | ) | (3,414,178 | ) | (7,112,402 | ) | (5,993,355 | ) | |||||||||
(5,166,961 | ) | (4,100,006 | ) | (8,535,904 | ) | (7,353,438 | ) | |||||||||
4,976,831 | 5,837,011 | 2,960,123 | 4,472,974 | |||||||||||||
43,876,587 | 30,581,981 | 25,548,122 | 21,219,196 | |||||||||||||
48,853,418 | 36,418,992 | 28,508,245 | 25,692,170 | |||||||||||||
702,205 | 667,208 | 1,402,951 | 1,322,185 | |||||||||||||
4,137,606 | 3,177,559 | 7,014,151 | 5,654,080 | |||||||||||||
4,839,811 | 3,844,767 | 8,417,102 | 6,976,265 | |||||||||||||
(10,220,751 | ) | (9,068,092 | ) | (10,870,757 | ) | (8,883,587 | ) | |||||||||
(41,080,546 | ) | (26,044,011 | ) | (34,929,458 | ) | (36,469,819 | ) | |||||||||
(51,301,297 | ) | (35,112,103 | ) | (45,800,215 | ) | (45,353,406 | ) | |||||||||
(2,830,219 | ) | (9,334,441 | ) | (2,627,760 | ) | (8,386,548 | ) | |||||||||
2,830,219 | 9,334,441 | 2,627,760 | 8,386,548 | |||||||||||||
— | — | — | — | |||||||||||||
2,391,932 | 5,151,656 | (8,874,868 | ) | (12,684,971 | ) | |||||||||||
(46,090,872 | ) | 3,378,698 | (30,448,382 | ) | 4,035,625 | |||||||||||
$ | 216,809,442 | $ | 213,430,744 | $ | 189,598,273 | $ | 185,562,648 | |||||||||
$ | 170,718,570 | $ | 216,809,442 | $ | 159,149,891 | $ | 189,598,273 | |||||||||
592,694 | 598,985 | 241,020 | 386,526 | |||||||||||||
5,294,978 | 3,144,221 | 2,143,463 | 1,831,223 |
The accompanying notes are an integral part of these financial statements.
107
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA International Small Company Fund | |||||||
Year Ended | Year Ended | ||||||
June 30, 2020 | June 30, 2019 | ||||||
Shares issued for distributions reinvested | |||||||
Investor Class | 159,552 | 219,304 | |||||
Select Class | 791,017 | 912,674 | |||||
Shares redeemed | |||||||
Investor Class | (989,404 | ) | (743,950 | ) | |||
Select Class | (3,092,356 | ) | (1,948,349 | ) | |||
Tax-free interclass conversion | |||||||
Investor Class | (242,521 | ) | (655,909 | ) | |||
Select Class | 243,578 | 655,708 | |||||
Net increase (decrease) in fund shares | (720,482 | ) | 1,025,320 |
The accompanying notes are an integral part of these financial statements.
108
SA Emerging Markets Value Fund | SA Real Estate Securities Fund | |||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||
72,095 | 72,444 | 112,146 | 124,382 | |||||||||
425,680 | 345,762 | 562,934 | 533,907 | |||||||||
(1,210,793 | ) | (932,919 | ) | (903,052 | ) | (758,733 | ) | |||||
(5,153,190 | ) | (2,684,764 | ) | (2,958,229 | ) | (3,099,795 | ) | |||||
(361,496 | ) | (955,001 | ) | (234,761 | ) | (719,667 | ) | |||||
361,701 | 954,214 | 235,455 | 719,420 | |||||||||
21,669 | 542,942 | (801,024 | ) | (982,737 | ) |
The accompanying notes are an integral part of these financial statements.
109
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
SA Worldwide Moderate Growth Fund | |||||||||
Year Ended | Year Ended | ||||||||
June 30, 2020 | June 30, 2019 | ||||||||
INCREASE (DECREASE) IN NET ASSETS | |||||||||
Operations: | |||||||||
Net investment income | $ | 816,155 | $ | 756,839 | |||||
Net realized gain on investments and foreign currency transactions | 891,514 | 670,514 | |||||||
Net decrease in unrealized appreciation (depreciation) | (4,256,602 | ) | (452,604 | ) | |||||
Net increase (decrease) in net assets from operations | (2,548,933 | ) | 974,749 | ||||||
Distributions to shareholders | (1,858,952 | ) | (2,134,551 | ) | |||||
Capital share transactions | |||||||||
Proceeds from sale of shares | 6,857,356 | 11,458,404 | |||||||
Value of distributions reinvested | 1,851,726 | 2,125,762 | |||||||
Cost of shares redeemed | (12,046,911 | ) | (9,959,625 | ) | |||||
Total capital share transactions | (3,337,829 | ) | 3,624,541 | ||||||
Total increase (decrease) in net assets | (7,745,714 | ) | 2,464,739 | ||||||
NET ASSETS | |||||||||
Beginning of year | $ | 38,209,794 | $ | 35,745,055 | |||||
End of year | $ | 30,464,080 | $ | 38,209,794 | |||||
CAPITAL SHARE TRANSACTIONS | |||||||||
Shares sold by subscription | 688,179 | 1,057,019 | |||||||
Shares issued for distributions reinvested | 170,666 | 218,925 | |||||||
Shares redeemed | (1,194,954 | ) | (913,986 | ) | |||||
Net increase (decrease) in fund shares | (336,109 | ) | 361,958 |
The accompanying notes are an integral part of these financial statements.
110
FINANCIAL HIGHLIGHTS
SA U.S. Fixed Income Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.16 | $ | 10.11 | $ | 10.18 | $ | 10.22 | $ | 10.20 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.13 | (1) | (0.20 | ) | (0.05 | ) | 0.06 | 0.03 | |||||||||||||
Net realized and unrealized gain (loss) on investments | 0.01 | 0.46 | 0.07 | (0.05 | ) | 0.03 | |||||||||||||||
Total from investment operations | 0.14 | 0.26 | 0.02 | 0.01 | 0.06 | ||||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.13 | ) | (0.21 | ) | (0.09 | ) | (0.05 | ) | (0.03 | ) | |||||||||||
Capital gains | — | — | — | — | (0.01 | ) | |||||||||||||||
Total distributions | (0.13 | ) | (0.21 | ) | (0.09 | ) | (0.05 | ) | (0.04 | ) | |||||||||||
Net asset value, end of period | $ | 10.17 | $ | 10.16 | $ | 10.11 | $ | 10.18 | $ | 10.22 | |||||||||||
Total return | 1.42 | % | 2.58 | % | 0.17 | % | 0.10 | % | 0.53 | % | |||||||||||
Net assets, end of period (000s) | $ | 80,440 | $ | 113,430 | $ | 147,431 | $ | 606,640 | $ | 615,114 | |||||||||||
Ratio of net expenses to average net assets | 0.63 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | |||||||||||
Ratio of gross expenses to average net assets | 0.63 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | |||||||||||
Ratio of net investment income to average net assets | 1.28 | % | 1.92 | % | 0.94 | % | 0.56 | % | 0.31 | % | |||||||||||
Portfolio turnover rate | 49 | % | 88 | % | 107 | % | 115 | % | 140 | % |
(1) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
111
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Fixed Income Fund | |||||||||||||
Year Ended | Year Ended | Period Ended | |||||||||||
Select Class | June 30, 2020 | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 10.15 | $ | 10.10 | $ | 10.18 | |||||||
Income from investment operations: | |||||||||||||
Net investment income (loss) | 0.15 | (5) | (0.25 | ) | (0.10 | ) | |||||||
Net realized and unrealized gain (loss) on investments | 0.01 | 0.53 | 0.13 | ||||||||||
Total from investment operations | 0.16 | 0.28 | 0.03 | ||||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.15 | ) | (0.23 | ) | (0.11 | ) | |||||||
Capital gains | — | — | — | ||||||||||
Total distributions | (0.15 | ) | (0.23 | ) | (0.11 | ) | |||||||
Net asset value, end of period | $ | 10.16 | $ | 10.15 | $ | 10.10 | |||||||
Total return | 1.60 | % | 2.83 | % | 0.33 | %(2) | |||||||
Net assets, end of period (000s) | $ | 458,952 | $ | 516,466 | $ | 472,402 | |||||||
Ratio of net expenses to average net assets | 0.42 | % | 0.41 | % | 0.43 | %(3) | |||||||
Ratio of gross expenses to average net assets | 0.42 | % | 0.41 | % | 0.43 | %(3)(4) | |||||||
Ratio of net investment income to average net assets | 1.47 | % | 2.17 | % | 1.55 | %(3) | |||||||
Portfolio turnover rate | 49 | % | 88 | % | 107 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
112
FINANCIAL HIGHLIGHTS (Continued)
SA Global Fixed Income Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Net asset value, beginning of period | $ | 9.63 | $ | 9.59 | $ | 9.63 | $ | 9.79 | $ | 9.63 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.00 | (1)(2) | (0.09 | ) | 0.20 | 0.09 | 0.06 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.14 | 0.46 | (0.20 | ) | (0.13 | ) | 0.17 | ||||||||||||||
Total from investment operations | 0.14 | 0.37 | — | (0.04 | ) | 0.23 | |||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.35 | ) | (0.33 | ) | (0.04 | ) | (0.10 | ) | (0.06 | ) | |||||||||||
Capital gains | — | — | (0.00 | )(1) | (0.02 | ) | (0.01 | ) | |||||||||||||
Total distributions | (0.35 | ) | (0.33 | ) | (0.04 | ) | (0.12 | ) | (0.07 | ) | |||||||||||
Net asset value, end of period | $ | 9.42 | $ | 9.63 | $ | 9.59 | $ | 9.63 | $ | 9.79 | |||||||||||
Total return | 1.46 | % | 3.90 | % | 0.04 | % | (0.33 | )% | 2.32 | % | |||||||||||
Net assets, end of period (000s) | $ | 100,567 | $ | 133,954 | $ | 170,558 | $ | 721,120 | $ | 732,949 | |||||||||||
Ratio of net expenses to average net assets | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | |||||||||||
Ratio of gross expenses to average net assets | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.73 | % | |||||||||||
Ratio of net investment income to average net assets | 0.01 | % | 0.53 | % | 1.02 | % | 1.06 | % | 0.91 | % | |||||||||||
Portfolio turnover rate | 58 | % | 75 | % | 46 | % | 41 | % | 42 | % |
(1) | Amount rounds to less than $0.005 per share. | |
(2) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
113
FINANCIAL HIGHLIGHTS (Continued)
SA Global Fixed Income Fund | |||||||||||||
Year Ended | Year Ended | Period Ended | |||||||||||
Select Class | June 30, 2020 | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 9.59 | $ | 9.59 | $ | 9.62 | |||||||
Income from investment operations: | |||||||||||||
Net investment income (loss) | 0.02 | (5) | (0.29 | ) | (0.02 | ) | |||||||
Net realized and unrealized gain (loss) on investments | 0.14 | 0.68 | 0.04 | ||||||||||
Total from investment operations | 0.16 | 0.39 | 0.02 | ||||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.37 | ) | (0.39 | ) | (0.05 | ) | |||||||
Capital gains | — | — | — | ||||||||||
Total distributions | (0.37 | ) | (0.39 | ) | (0.05 | ) | |||||||
Net asset value, end of period | $ | 9.38 | $ | 9.59 | $ | 9.59 | |||||||
Total return | 1.66 | % | 4.12 | % | 0.25 | %(2) | |||||||
Net assets, end of period (000s) | $ | 593,280 | $ | 617,360 | $ | 568,896 | |||||||
Ratio of net expenses to average net assets | 0.51 | % | 0.51 | % | 0.52 | %(3) | |||||||
Ratio of gross expenses to average net assets | 0.51 | % | 0.51 | % | 0.54 | %(3)(4) | |||||||
Ratio of net investment income to average net assets | 0.21 | % | 0.73 | % | 1.12 | %(3) | |||||||
Portfolio turnover rate | 58 | % | 75 | % | 46 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
114
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Core Market Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Net asset value, beginning of period | $ | 24.79 | $ | 24.18 | $ | 21.71 | $ | 19.56 | $ | 19.47 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.23 | (2) | 0.01 | (0.02 | ) | 0.22 | 0.21 | ||||||||||||||
Net realized and unrealized gain on investments | 1.43 | 1.95 | 3.45 | 3.16 | 0.05 | ||||||||||||||||
Total from investment operations | 1.66 | 1.96 | 3.43 | 3.38 | 0.26 | ||||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.26 | ) | (0.17 | ) | (0.22 | ) | (0.26 | ) | (0.17 | ) | |||||||||||
Capital gains | (2.82 | ) | (1.18 | ) | (0.74 | ) | (0.97 | ) | — | ||||||||||||
Total distributions | (3.08 | ) | (1.35 | ) | (0.96 | ) | (1.23 | ) | (0.17 | ) | |||||||||||
Net asset value, end of period | $ | 23.37 | $ | 24.79 | $ | 24.18 | $ | 21.71 | $ | 19.56 | |||||||||||
Total return | 6.31 | % | 9.30 | % | 15.91 | % | 17.81 | % | 1.31 | % | |||||||||||
Net assets, end of period (000s) | $ | 112,429 | $ | 165,849 | $ | 205,989 | $ | 731,679 | $ | 668,601 | |||||||||||
Ratio of net expenses to average net assets | 0.88 | % | 0.88 | % | 0.90 | % | 0.93 | % | 0.98 | % | |||||||||||
Ratio of gross expenses to average net assets | 0.88 | % | 0.88 | % | 0.90 | %(1) | 0.93 | % | 0.98 | % | |||||||||||
Ratio of net investment income to average net assets | 0.98 | % | 1.02 | % | 0.90 | % | 1.06 | % | 1.09 | % | |||||||||||
Portfolio turnover rate | 3 | % | 4 | % | 6 | % | 8 | % | 11 | % |
(1) | Gross expenses before waivers of expenses. | |
(2) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
115
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Core Market Fund | |||||||||||||
Year Ended | Year Ended | Period Ended | |||||||||||
Select Class | June 30, 2020 | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 24.71 | $ | 24.20 | $ | 21.74 | |||||||
Income from investment operations: | |||||||||||||
Net investment income (loss) | 0.28 | (5) | (0.28 | ) | (0.20 | ) | |||||||
Net realized and unrealized gain (loss) on investments | 1.43 | 2.26 | 3.65 | ||||||||||
Total from investment operations | 1.71 | 1.98 | 3.45 | ||||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.32 | ) | (0.29 | ) | (0.25 | ) | |||||||
Capital gains | (2.82 | ) | (1.18 | ) | (0.74 | ) | |||||||
Total distributions | (3.14 | ) | (1.47 | ) | (0.99 | ) | |||||||
Net asset value, end of period | $ | 23.28 | $ | 24.71 | $ | 24.20 | |||||||
Total return | 6.56 | % | 9.51 | % | 15.99 | %(2) | |||||||
Net assets, end of period (000s) | $ | 487,916 | $ | 589,454 | $ | 588,965 | |||||||
Ratio of net expenses to average net assets | 0.67 | % | 0.66 | % | 0.67 | %(3) | |||||||
Ratio of gross expenses to average net assets | 0.67 | % | 0.66 | % | 0.68 | %(3)(4) | |||||||
Ratio of net investment income to average net assets | 1.19 | % | 1.24 | % | 1.12 | % | |||||||
Portfolio turnover rate | 3 | % | 4 | % | 6 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
116
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Value Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Net asset value, beginning of period | $ | 17.13 | $ | 18.39 | $ | 18.51 | $ | 16.11 | $ | 17.45 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.28 | (2) | (0.03 | ) | (0.00 | )(1) | 0.22 | 0.24 | |||||||||||||
Net realized and unrealized gain (loss) on investments | (2.39 | ) | 0.24 | 1.83 | 3.07 | (0.52 | ) | ||||||||||||||
Total from investment operations | (2.11 | ) | 0.21 | 1.83 | 3.29 | (0.28 | ) | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.26 | ) | (0.19 | ) | (0.24 | ) | (0.25 | ) | (0.22 | ) | |||||||||||
Capital gains | (0.66 | ) | (1.28 | ) | (1.71 | ) | (0.64 | ) | (0.84 | ) | |||||||||||
Total distributions | (0.92 | ) | (1.47 | ) | (1.95 | ) | (0.89 | ) | (1.06 | ) | |||||||||||
Net asset value, end of period | $ | 14.10 | $ | 17.13 | $ | 18.39 | $ | 18.51 | $ | 16.11 | |||||||||||
Total return | (13.42 | )% | 2.43 | % | 9.59 | % | 20.67 | % | (1.35 | )% | |||||||||||
Net assets, end of period (000s) | $ | 74,571 | $ | 117,485 | $ | 152,688 | $ | 572,841 | $ | 519,215 | |||||||||||
Ratio of net expenses to average net assets | 0.95 | % | 0.96 | % | 0.97 | % | 1.00 | % | 1.05 | % | |||||||||||
Ratio of gross expenses to average net assets | 0.95 | % | 0.96 | % | 0.97 | % | 1.00 | % | 1.05 | % | |||||||||||
Ratio of net investment income to average net assets | 1.71 | % | 1.53 | % | 1.41 | % | 1.29 | % | 1.55 | % | |||||||||||
Portfolio turnover rate | 10 | % | 11 | % | 19 | % | 16 | % | 21 | % |
(1) | Amount rounds to less than $0.005 per share. | |
(2) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
117
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Value Fund | |||||||||||||
Year Ended | Year Ended | Period Ended | |||||||||||
Select Class | June 30, 2020 | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 17.07 | $ | 18.41 | $ | 18.62 | |||||||
Income from investment operations: | |||||||||||||
Net investment income (loss) | 0.31 | (5) | (0.28 | ) | (0.23 | ) | |||||||
Net realized and unrealized gain (loss) on investments | (2.38 | ) | 0.51 | 1.99 | |||||||||
Total from investment operations | (2.07 | ) | 0.23 | 1.76 | |||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.30 | ) | (0.29 | ) | (0.26 | ) | |||||||
Capital gains | (0.66 | ) | (1.28 | ) | (1.71 | ) | |||||||
Total distributions | (0.96 | ) | (1.57 | ) | (1.97 | ) | |||||||
Net asset value, end of period | $ | 14.04 | $ | 17.07 | $ | 18.41 | |||||||
Total return | (13.26 | )% | 2.63 | % | 9.20 | %(2) | |||||||
Net assets, end of period (000s) | $ | 401,751 | $ | 475,491 | $ | 448,694 | |||||||
Ratio of net expenses to average net assets | 0.74 | % | 0.74 | % | 0.75 | %(3) | |||||||
Ratio of gross expenses to average net assets | 0.74 | % | 0.74 | % | 0.76 | %(3)(4) | |||||||
Ratio of net investment income to average net assets | 1.93 | % | 1.76 | % | 1.46 | %(3) | |||||||
Portfolio turnover rate | 10 | % | 11 | % | 19 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
118
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Small Company Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Net asset value, beginning of period | $ | 25.46 | $ | 27.37 | $ | 25.76 | $ | 22.40 | $ | 25.64 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.09 | (2) | 0.07 | (0.06 | ) | 0.05 | 0.09 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.62 | ) | (1.27 | ) | 3.75 | 4.62 | (1.48 | ) | |||||||||||||
Total from investment operations | (2.53 | ) | (1.20 | ) | 3.69 | 4.67 | (1.39 | ) | |||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.07 | ) | — | (0.05 | ) | (0.08 | ) | (0.09 | ) | ||||||||||||
Capital gains | (1.09 | ) | (0.71 | ) | (2.03 | ) | (1.23 | ) | (1.76 | ) | |||||||||||
Total distributions | (1.16 | ) | (0.71 | ) | (2.08 | ) | (1.31 | ) | (1.85 | ) | |||||||||||
Net asset value, end of period | $ | 21.77 | $ | 25.46 | $ | 27.37 | $ | 25.76 | $ | 22.40 | |||||||||||
Total return | (10.66 | )% | (3.94 | )% | 14.64 | % | 20.90 | % | (5.23 | )% | |||||||||||
Net assets, end of period (000s) | $ | 55,701 | $ | 81,679 | $ | 113,007 | $ | 402,770 | $ | 366,164 | |||||||||||
Ratio of net expenses to average net assets | 1.14 | % | 1.15 | % | 1.17 | % | 1.20 | % | 1.20 | % | |||||||||||
Ratio of gross expenses to average net assets | 1.14 | % | 1.15 | % | 1.21 | %(1) | 1.27 | %(1) | 1.28 | %(1) | |||||||||||
Ratio of net investment income to average net assets | 0.38 | % | 0.31 | % | 0.26 | % | 0.26 | % | 0.42 | % | |||||||||||
Portfolio turnover rate | 14 | % | 12 | % | 16 | % | 12 | % | 12 | % |
(1) | Gross expenses before waivers of expenses. | |
(2) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
119
FINANCIAL HIGHLIGHTS (Continued)
SA U.S. Small Company Fund | |||||||||||||
Year Ended | Year Ended | Period Ended | |||||||||||
Select Class | June 30, 2020 | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 25.43 | $ | 27.41 | $ | 25.96 | |||||||
Income from investment operations: | |||||||||||||
Net investment income (loss) | 0.14 | (5) | (0.08 | ) | (0.06 | ) | |||||||
Net realized and unrealized gain (loss) on investments | (2.61 | ) | (1.08 | ) | 3.62 | ||||||||
Total from investment operations | (2.47 | ) | (1.16 | ) | 3.56 | ||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.13 | ) | (0.11 | ) | (0.08 | ) | |||||||
Capital gains | (1.09 | ) | (0.71 | ) | (2.03 | ) | |||||||
Total distributions | (1.22 | ) | (0.82 | ) | (2.11 | ) | |||||||
Net asset value, end of period | $ | 21.74 | $ | 25.43 | $ | 27.41 | |||||||
Total return | (10.45 | )% | (3.73 | )% | 14.05 | %(2) | |||||||
Net assets, end of period (000s) | $ | 301,691 | $ | 329,561 | $ | 331,999 | |||||||
Ratio of net expenses to average net assets | 0.92 | % | 0.92 | % | 0.93 | %(3) | |||||||
Ratio of gross expenses to average net assets | 0.92 | % | 0.92 | % | 0.95 | %(3)(4) | |||||||
Ratio of net investment income to average net assets | 0.61 | % | 0.56 | % | 0.48 | %(3) | |||||||
Portfolio turnover rate | 14 | % | 12 | % | 16 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
120
FINANCIAL HIGHLIGHTS (Continued)
SA International Value Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Net asset value, beginning of period | $ | 10.96 | $ | 11.87 | $ | 11.20 | $ | 9.16 | $ | 11.34 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.19 | (2) | 0.13 | 0.15 | 0.27 | 0.25 | |||||||||||||||
Net realized and unrealized gain (loss) on investments | (2.03 | ) | (0.85 | ) | 0.83 | 2.07 | (2.24 | ) | |||||||||||||
Total from investment operations | (1.84 | ) | (0.72 | ) | 0.98 | 2.34 | (1.99 | ) | |||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.41 | ) | (0.19 | ) | (0.31 | ) | (0.30 | ) | (0.19 | ) | |||||||||||
Capital gains | — | — | — | — | — | ||||||||||||||||
Total distributions | (0.41 | ) | (0.19 | ) | (0.31 | ) | (0.30 | ) | (0.19 | ) | |||||||||||
Net asset value, end of period | $ | 8.71 | $ | 10.96 | $ | 11.87 | $ | 11.20 | $ | 9.16 | |||||||||||
Total return | (17.62 | )% | (5.88 | )% | 8.61 | % | 25.81 | % | (17.66 | )% | |||||||||||
Net assets, end of period (000s) | $ | 80,664 | $ | 124,822 | $ | 174,610 | $ | 714,939 | $ | 602,565 | |||||||||||
Ratio of net expenses to average net assets | 1.11 | % | 1.12 | % | 1.12 | % | 1.13 | %(1) | 1.16 | % | |||||||||||
Ratio of gross expenses to average net assets | 1.11 | % | 1.12 | % | 1.12 | % | 1.13 | %(1) | 1.16 | % | |||||||||||
Ratio of net investment income to average net assets | 1.92 | % | 2.67 | % | 1.86 | % | 2.51 | % | 2.51 | % | |||||||||||
Portfolio turnover rate | 13 | % | 19 | % | 21 | % | 17 | % | 21 | % |
(1) | 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. | |
(2) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
121
FINANCIAL HIGHLIGHTS (Continued)
SA International Value Fund | |||||||||||||
Year Ended | Year Ended | Period Ended | |||||||||||
Select Class | June 30, 2020 | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 10.93 | $ | 11.89 | $ | 11.28 | |||||||
Income from investment operations: | |||||||||||||
Net investment income (loss) | 0.22 | (5) | (0.19 | ) | (0.21 | ) | |||||||
Net realized and unrealized gain (loss) on investments | (2.04 | ) | (0.51 | ) | 1.14 | ||||||||
Total from investment operations | (1.82 | ) | (0.70 | ) | 0.93 | ||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.43 | ) | (0.26 | ) | (0.32 | ) | |||||||
Capital gains | — | — | — | ||||||||||
Total distributions | (0.43 | ) | (0.26 | ) | (0.32 | ) | |||||||
Net asset value, end of period | $ | 8.68 | $ | 10.93 | $ | 11.89 | |||||||
Total return | (17.46 | )% | (5.66 | )% | 8.16 | %(2) | |||||||
Net assets, end of period (000s) | $ | 464,812 | $ | 567,858 | $ | 560,676 | |||||||
Ratio of net expenses to average net assets | 0.90 | % | 0.90 | % | 0.90 | %(3) | |||||||
Ratio of gross expenses to average net assets | 0.90 | % | 0.90 | % | 0.92 | %(3)(4) | |||||||
Ratio of net investment income to average net assets | 2.20 | % | 3.08 | % | 4.25 | %(3) | |||||||
Portfolio turnover rate | 13 | % | 19 | % | 21 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
122
FINANCIAL HIGHLIGHTS (Continued)
SA International Small Company Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.75 | $ | 22.94 | $ | 22.09 | $ | 18.72 | $ | 20.43 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.31 | (7) | (0.21 | ) | (0.60 | ) | 0.18 | 0.42 | |||||||||||||
Net realized and unrealized gain (loss) on investments | (1.57 | ) | (1.80 | ) | 2.46 | 3.97 | (1.40 | ) | |||||||||||||
Total from investment operations | (1.26 | ) | (2.01 | ) | 1.86 | 4.15 | (0.98 | ) | |||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.35 | ) | (0.29 | ) | (0.43 | ) | (0.36 | ) | (0.19 | ) | |||||||||||
Capital gains | (0.82 | ) | (0.89 | ) | (0.58 | ) | (0.42 | ) | (0.54 | ) | |||||||||||
Total distributions | (1.17 | ) | (1.18 | ) | (1.01 | ) | (0.78 | ) | (0.73 | ) | |||||||||||
Net asset value, end of period | $ | 17.32 | $ | 19.75 | $ | 22.94 | $ | 22.09 | $ | 18.72 | |||||||||||
Total return | (7.26 | )% | (8.05 | )% | 8.35 | % | 22.87 | % | (4.81 | )% | |||||||||||
Net assets, end of period (000s) | $ | 41,203 | $ | 62,905 | $ | 90,584 | $ | 355,959 | $ | 307,502 | |||||||||||
Ratio of net expenses to average net assets† | 0.75 | % | 0.75 | % | 0.86 | % | 0.96 | %(1) | 1.04 | % | |||||||||||
Ratio of gross expenses to average net assets† | 0.75 | % | 0.76 | %(2) | 0.86 | % | 0.96 | %(1) | 1.04 | % | |||||||||||
Ratio of net investment income to average net assets†(6) | 1.63 | % | 1.58 | % | 1.27 | % | 0.64 | % | 2.15 | % | |||||||||||
Ratio of expenses to average net assets for | |||||||||||||||||||||
the DFA Portfolio (unaudited)(3)† | 0.53 | % | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | |||||||||||
Ratio of expenses to average net assets for the DFA Portfolio(4)† | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.54 | % | |||||||||||
Portfolio turnover rate(5) | 6 | % | 6 | % | 6 | % | 0 | % | 0 | % |
† | 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) | 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. | |
(2) | Gross expenses before waivers of expenses. | |
(3) | The DFA Portfolio expense ratios are as of April 30, 2020, 2019, 2018, 2017 and 2016, respectively and are unaudited. | |
(4) | The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2019, 2018, 2017, 2016, 2015 , respectively. | |
(5) | The SA International Small Company Fund invests substantially all of its assets in the DFA Portfolio. Please refer to the financial statements of the DFA Portfolio included elsewhere in this report. | |
(6) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
(7) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
123
FINANCIAL HIGHLIGHTS (Continued)
SA International Small Company Fund | |||||||||||||
Year Ended | Year Ended | Period Ended | |||||||||||
Select Class | June 30, 2020 | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 19.67 | $ | 22.96 | $ | 22.01 | |||||||
Income from investment operations: | |||||||||||||
Net investment income (loss) | 0.34 | (9) | (0.40 | ) | (0.41 | ) | |||||||
Net realized and unrealized gain (loss) on investments | (1.55 | ) | (1.58 | ) | 2.40 | ||||||||
Total from investment operations | (1.21 | ) | (1.98 | ) | 1.99 | ||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.41 | ) | (0.42 | ) | (0.46 | ) | |||||||
Capital gains | (0.81 | ) | (0.89 | ) | (0.58 | ) | |||||||
Total distributions | (1.22 | ) | (1.31 | ) | (1.04 | ) | |||||||
Net asset value, end of period | $ | 17.24 | $ | 19.67 | $ | 22.96 | |||||||
Total return | (7.06 | )% | (7.81 | )% | 8.98 | %(2) | |||||||
Net assets, end of period (000s) | $ | 230,856 | $ | 261,693 | $ | 264,464 | |||||||
Ratio of net expenses to average net assets† | 0.53 | % | 0.52 | % | 0.54 | % | |||||||
Ratio of gross expenses to average net assets† | 0.53 | % | 0.52 | % | 0.57 | %(3)(4) | |||||||
Ratio of net investment income to average net assets†(8) | 1.85 | % | 1.91 | % | 0.98 | %(3) | |||||||
Ratio of expenses to average net assets for the DFA Portfolio (unaudited)†(5) | 0.53 | % | 0.53 | % | 0.53 | % | |||||||
Ratio of expenses to average net assets for the DFA Portfolio†(6) | 0.54 | % | 0.53 | % | 0.53 | % | |||||||
Portfolio turnover rate(7) | 6 | % | 6 | % | 6 | % |
† | 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) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | The DFA Portfolio expense ratios are as of April 30, 2020, 2019 and 2018, respectively and are unaudited. | |
(6) | The DFA Portfolio expense ratios are for the fiscal years ended October 31, 2019, 2018 and 2017, respectively. | |
(7) | The SA International Small Company Fund invests substantially all of its assets in the DFA Portfolio. Please refer to the financial statements of the DFA Portfolio included elsewhere in this report. | |
(8) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
(9) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
124
FINANCIAL HIGHLIGHTS (Continued)
SA Emerging Markets Value Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Net asset value, beginning of period | $ | 9.85 | $ | 9.93 | $ | 9.56 | $ | 7.78 | $ | 9.05 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.18 | (2) | (0.12 | ) | (0.11 | ) | 0.09 | 0.11 | |||||||||||||
Net realized and unrealized gain (loss) on investments | (2.07 | ) | 0.20 | 0.62 | 1.79 | (1.29 | ) | ||||||||||||||
Total from investment operations | (1.89 | ) | 0.08 | 0.51 | 1.88 | (1.18 | ) | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.21 | ) | (0.16 | ) | (0.14 | ) | (0.10 | ) | (0.09 | ) | |||||||||||
Capital gains | — | — | — | — | — | ||||||||||||||||
Total distributions | (0.21 | ) | (0.16 | ) | (0.14 | ) | (0.10 | ) | (0.09 | ) | |||||||||||
Net asset value, end of period | $ | 7.75 | $ | 9.85 | $ | 9.93 | $ | 9.56 | $ | 7.78 | |||||||||||
Total return | (19.60 | )% | 0.97 | % | 5.23 | % | 24.42 | % | (12.95 | )% | |||||||||||
Net assets, end of period (000s) | $ | 22,078 | $ | 37,001 | $ | 49,384 | $ | 204,553 | $ | 166,788 | |||||||||||
Ratio of net expenses to average net assets | 1.35 | % | 1.35 | % | 1.38 | % | 1.40 | % | 1.40 | % | |||||||||||
Ratio of gross expenses to average net assets(1) | 1.61 | % | 1.62 | % | 1.61 | % | 1.66 | % | 1.72 | % | |||||||||||
Ratio of net investment income to average net assets | 2.06 | % | 1.78 | % | 1.26 | % | 0.93 | % | 1.52 | % | |||||||||||
Portfolio turnover rate | 22 | % | 12 | % | 18 | % | 21 | % | 13 | % |
(1) | Gross expenses before waivers of expenses. | |
(2) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
125
FINANCIAL HIGHLIGHTS (Continued)
SA Emerging Markets Value Fund | |||||||||||||
Year Ended | Year Ended | Period Ended | |||||||||||
Select Class | June 30, 2020 | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 9.84 | $ | 9.94 | $ | 9.61 | |||||||
Income from investment operations: | |||||||||||||
Net investment income (loss) | 0.19 | (5) | (0.20 | ) | (0.11 | ) | |||||||
Net realized and unrealized gain (loss) on investments | (2.06 | ) | 0.30 | 0.59 | |||||||||
Total from investment operations | (1.87 | ) | 0.10 | 0.48 | |||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.23 | ) | (0.20 | ) | (0.15 | ) | |||||||
Capital gains | — | — | — | ||||||||||
Total distributions | (0.23 | ) | (0.20 | ) | (0.15 | ) | |||||||
Net asset value, end of period | $ | 7.74 | $ | 9.84 | $ | 9.94 | |||||||
Total return | (19.45 | )% | 1.10 | % | 4.87 | %(2) | |||||||
Net assets, end of period (000s) | $ | 148,641 | $ | 179,808 | $ | 164,047 | |||||||
Ratio of net expenses to average net assets | 1.14 | % | 1.15 | % | 1.16 | %(3) | |||||||
Ratio of gross expenses to average net assets(4) | 1.37 | % | 1.37 | % | 1.41 | %(3) | |||||||
Ratio of net investment income to average net assets | 2.23 | % | 1.88 | % | 1.74 | %(3) | |||||||
Portfolio turnover rate | 22 | % | 12 | % | 18 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Gross expenses before waivers of expenses. | |
(5) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
126
FINANCIAL HIGHLIGHTS (Continued)
SA Real Estate Securities Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
Investor Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Net asset value, beginning of period | $ | 12.43 | $ | 11.40 | $ | 11.38 | $ | 12.17 | $ | 10.03 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.22 | (2) | (0.34 | ) | 0.14 | 0.21 | 0.26 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | (1.08 | ) | 1.79 | 0.21 | (0.59 | ) | 2.07 | ||||||||||||||
Total from investment operations | (0.86 | ) | 1.45 | 0.35 | (0.38 | ) | 2.33 | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.15 | ) | (0.35 | ) | (0.14 | ) | (0.35 | ) | (0.19 | ) | |||||||||||
Capital gains | (0.40 | ) | (0.07 | ) | (0.19 | ) | (0.06 | ) | — | ||||||||||||
Total distributions | (0.55 | ) | (0.42 | ) | (0.33 | ) | (0.41 | ) | (0.19 | ) | |||||||||||
Net asset value, end of period | $ | 11.02 | $ | 12.43 | $ | 11.40 | $ | 11.38 | $ | 12.17 | |||||||||||
Total return | (7.47 | )% | 13.32 | % | 3.14 | % | (2.98 | )% | 23.56 | % | |||||||||||
Net assets, end of period (000s) | $ | 24,097 | $ | 36,944 | $ | 44,916 | $ | 172,150 | $ | 186,216 | |||||||||||
Ratio of net expenses to average net assets | 0.95 | % | 0.95 | % | 0.98 | % | 1.00 | % | 1.00 | % | |||||||||||
Ratio of gross expenses to average net assets(1) | 1.02 | % | 1.04 | % | 1.04 | % | 1.05 | % | 1.06 | % | |||||||||||
Ratio of net investment income to average net assets | 1.82 | % | 2.28 | % | 2.27 | % | 1.53 | % | 2.43 | % | |||||||||||
Portfolio turnover rate | 3 | % | 6 | % | 6 | % | 7 | % | 7 | % |
(1) | Gross expenses before waivers of expenses. | |
(2) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
127
FINANCIAL HIGHLIGHTS (Continued)
SA Real Estate Securities Fund | |||||||||||||
Year Ended | Year Ended | Period Ended | |||||||||||
Select Class | June 30, 2020 | June 30, 2019 | June 30, 2018(1) | ||||||||||
Net asset value, beginning of period | $ | 12.40 | $ | 11.41 | $ | 11.53 | |||||||
Income from investment operations: | |||||||||||||
Net investment income (loss) | 0.25 | (5) | (0.53 | ) | (0.09 | ) | |||||||
Net realized and unrealized gain (loss) on investments | (1.09 | ) | 2.00 | 0.32 | |||||||||
Total from investment operations | (0.84 | ) | 1.47 | 0.23 | |||||||||
Less distributions from: | |||||||||||||
Net investment income | (0.18 | ) | (0.41 | ) | (0.16 | ) | |||||||
Capital gains | (0.40 | ) | (0.07 | ) | (0.19 | ) | |||||||
Total distributions | (0.58 | ) | (0.48 | ) | (0.35 | ) | |||||||
Net asset value, end of period | $ | 10.98 | $ | 12.40 | $ | 11.41 | |||||||
Total return | (7.35 | )% | 13.54 | % | 2.03 | %(2) | |||||||
Net assets, end of period (000s) | $ | 135,052 | $ | 152,655 | $ | 140,647 | |||||||
Ratio of net expenses to average net assets | 0.75 | % | 0.75 | % | 0.76 | %(4) | |||||||
Ratio of gross expenses to average net assets(3) | 0.79 | % | 0.78 | % | 0.85 | %(4) | |||||||
Ratio of net investment income to average net assets | 2.09 | % | 2.42 | % | 3.10 | %(4) | |||||||
Portfolio turnover rate | 3 | % | 6 | % | 6 | % |
(1) | For the period from July 3, 2017 (commencement of class operations) to June 30, 2018. | |
(2) | Periods less than one year are not annualized. | |
(3) | Annualized for periods less than one year. | |
(4) | Amount rounds to less than $(0.005) per share | |
(5) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
128
FINANCIAL HIGHLIGHTS (Continued)
SA Worldwide Moderate Growth Fund | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016‡ | |||||||||||||||||
Net asset value, beginning of period | $ | 10.83 | $ | 11.29 | $ | 10.73 | $ | 9.51 | $ | 10.00 | |||||||||||
Income from investment operations: | |||||||||||||||||||||
Net investment income (loss) | 0.24 | (6) | (0.18 | ) | (0.15 | ) | 0.14 | 0.10 | |||||||||||||
Net realized and unrealized gain (loss) on investments | (0.97 | ) | 0.39 | 1.03 | 1.27 | (0.49 | ) | ||||||||||||||
Total from investment operations | (0.73 | ) | 0.21 | 0.88 | 1.41 | (0.39 | ) | ||||||||||||||
Less distributions from: | |||||||||||||||||||||
Net investment income | (0.25 | ) | (0.21 | ) | (0.15 | ) | (0.14 | ) | (0.10 | ) | |||||||||||
Capital gains | (0.31 | ) | (0.46 | ) | (0.17 | ) | (0.05 | ) | — | ||||||||||||
Total distributions | (0.56 | ) | (0.67 | ) | (0.32 | ) | (0.19 | ) | (0.10 | ) | |||||||||||
Net asset value, end of period | $ | 9.54 | $ | 10.83 | $ | 11.29 | $ | 10.73 | $ | 9.51 | |||||||||||
Total return | (7.33 | )% | 2.53 | % | 8.11 | % | 15.04 | % | (3.89 | )%(1) | |||||||||||
Net assets, end of period (000s) | $ | 30,464 | $ | 38,210 | $ | 35,745 | $ | 27,422 | $ | 11,662 | |||||||||||
Ratio of net expenses to average net assets(5) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %(2) | |||||||||||
Ratio of gross expenses to average net assets(3)(5) | 0.54 | % | 0.51 | % | 0.60 | % | 0.61 | % | 2.72 | %(2) | |||||||||||
Ratio of net investment income to average net assets(4)(5) | 2.36 | % | 2.07 | % | 1.09 | % | 1.32 | % | 1.11 | %(2) | |||||||||||
Portfolio turnover rate | 23 | % | 14 | % | 20 | % | 11 | % | 5 | % |
‡ | 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. | |
(4) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. | |
(5) | These ratios exclude the impact of the underlying affiliated funds as represented in the Portfolio of Investments. | |
(6) | Calculated based on average shares outstanding during the year. |
The accompanying notes are an integral part of these financial statements.
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1. Organization and Significant Accounting Policies
SA Funds — Investment Trust (the “Trust”) is a Delaware statutory trust that was organized on June 16, 1998. The Agreement and Declaration of Trust permits the Trust to offer separate portfolios (“Funds”) of shares of beneficial interest and different classes of shares of each Fund. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), and currently offers the following ten Funds, each of which (with the exception of the SA Worldwide Moderate Growth Fund) is a diversified mutual fund as defined in the 1940 Act. Each Fund represents a distinct portfolio with its own investment objective. Refer to the Prospectus for each Fund’s investment objective:
SA U.S. Fixed Income Fund
SA Global Fixed Income Fund
SA U.S. Core Market Fund
SA U.S. Value Fund
SA U.S. Small Company Fund
SA International Value Fund
SA International Small Company Fund
SA Emerging Markets Value Fund
SA Real Estate Securities Fund
SA Worldwide Moderate Growth Fund
The SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, and SA International Small Company Fund commenced investment operations on August 5, 1999, the SA Global Fixed Income Fund, commenced operations on July 29, 1999, the SA U.S. Fixed Income Fund, SA Emerging Markets Value Fund, and SA Real Estate Securities Fund, commenced operations on April 2, 2007, and the SA Worldwide Moderate Growth Fund, commenced operations on July 1, 2015.
Each SA Fund, with the exception of the SA Worldwide Moderate Growth Fund, offers Investor Class shares and Select Class shares. The SA Worldwide Moderate Growth Fund offers only a single share class.
Select Class shares are available to investors that invest through Buckingham Strategic Partners, LLC (the “Adviser” or “Buckingham”) or Buckingham Strategist Program and certain registered investment companies at the discretion of the Adviser. In addition, Select Class shares are available to certain Turn-Key Asset Management Program participants who invest through a unified managed account program sponsored by the Adviser and who invest at least $500,000 in a model portfolio that includes one or more of the Funds; or investors who are clients of investment advisors whose clients invest in aggregate at least $20 million in the Funds and other accounts managed by the Adviser. The Adviser may automatically convert Investor Class shares to Select Class shares when investment level thresholds are achieved. The minimum initial purchase amount of Select Class shares is generally $100,000 in aggregate across all of the SA Funds with no minimum for subsequent investments. In the Adviser’s discretion, the minimum initial purchase amount may be applied across all assets of the investor under administration with the investment advisor or may be reduced.
The SA International Small Company Fund invests substantially all of its assets in the International Small Company Portfolio (the “DFA Portfolio”), a series of DFA Investment Dimensions Group Inc., a separate registered investment company. The DFA Portfolio has the same investment objective as SA International Small Company Fund and invests its assets in The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series and The Canadian Small Company Series, each a series of The DFA Investment Trust Company (each a “Series”),
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an open-end management investment company. As of June 30, 2020, the SA International Small Company Fund held approximately 2.70% of the DFA Portfolio. The SA International Small Company Fund adheres closely to the accounting for a fund-of-funds investments under the AICPA Audit and Accounting Guide for Investment Companies. The performance of the SA International Small Company Fund is directly affected by the performance of the DFA Portfolio. 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 the SA International Small Company Fund.
The SA Worldwide Moderate Growth Fund invests substantially all of its assets in the Select Class shares of the Underlying SA Funds managed by the Adviser comprising various asset categories and strategies. The Adviser has established an asset allocation target for the SA Worldwide Moderate Growth Fund. This target is the approximate percentage of the SA Worldwide Moderate Growth Fund’s assets that will be invested in equity investments and fixed income investments. Under normal market conditions, the SA Worldwide Moderate Growth 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 the SA Worldwide Moderate Growth Fund.
Use of Estimates — The Funds are investment companies that follow the accounting and reporting guidance of applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Codification Financial Services – Investment Companies Topic 946.
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
The following summarizes the significant accounting policies of the Funds:
Security Valuation — Domestic equity securities listed on an exchange or stock market for which market quotations are readily available are valued according to the official closing price, if any, or at their last reported sale price on the exchange or stock market where the security is primarily traded, or in the absence of such reported prices, at the mean between the most recent quoted bid and asked prices. Domestic equity securities traded on the over-the-counter markets are valued at the mean between the most recent quoted bid and asked prices in the absence of an official closing price or last reported sale price.
Foreign equity securities traded on a foreign exchange or over-the-counter markets are generally valued at the most recent quoted bid price in the absence of an official closing price or last reported sale price. Foreign securities quoted in foreign currencies are translated into U.S. dollars using prevailing exchange rates.
Fixed income investments are generally valued based on prices received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.
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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.
Fair Value Measurement — The Board has adopted procedures to fair value securities and other assets of each Fund when market prices are not readily available or do not accurately reflect their current market value. The Board has designated the responsibility for applying these fair valuation methods to the Pricing Committee (or its designee). For example, a Fund may fair value an asset when it is delisted or trading is halted or suspended; when it has not been traded for an extended period of time; when its primary pricing source is unavailable or other data calls the primary source’s reliability into question; or when its primary trading market is closed during regular U.S. market hours. Each Fund makes fair valuation determinations in accordance with the Trust’s Procedures for Valuing Securities and Assets, as amended. The Pricing Committee (or its designee) may consider various factors, including unobservable market inputs when arriving at fair value. The Pricing Committee (or its designee) may use, but is not limited to, techniques such as review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book value, and other relevant information when determining fair value. The Pricing Committee regularly reviews these inputs and assumptions when reviewing fair valuations of investments held by the Funds. Fair value pricing involves subjective judgement and it is possible that the fair value determined for an asset is materially different than the value that could be realized upon the sale of that asset. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Funds value their investments based on a three-level hierarchy of inputs that establishes classification of fair value measurements for disclosure purposes. If inputs used to measure a financial instrument fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. The three-level hierarchy of inputs is summarized in the three broad levels below.
Level 1 – unadjusted quoted prices in active markets for identical investments.
Level 2 – significant observable inputs other than quoted prices within Level 1 (including quoted prices for similar investments, interest rates, yield curves, foreign exchange rates, put or call provisions, credit risk and default rates for similar securities).
Level 3 – significant unobservable inputs to the extent that observable inputs are not available (including the Pricing Committee’s own assumptions used to determine the fair value of investments).
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The tables below provide a summary of the inputs as of June 30, 2020, in valuing each Fund’s investments:
Investments in Securities | ||||||||||||||||||||
Unadjusted | ||||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||||
Active Markets | Other | Significant | ||||||||||||||||||
for Identical | Observable | Unobservable | Total Balance | |||||||||||||||||
Investments | Inputs | Inputs | as of | |||||||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | June 30, 2020 | ||||||||||||||||
SA U.S. Fixed Income Fund | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Yankee Corporate Bonds And Notes | $ | — | $ | 27,975,018 | $ | — | $ | 27,975,018 | ||||||||||||
Corporate Bonds and Notes | — | 172,244,700 | — | 172,244,700 | ||||||||||||||||
U.S. Government & Agency Obligations | — | 114,180,358 | — | 114,180,358 | ||||||||||||||||
Short-Term Investments | 3,277,757 | 220,691,707 | — | 223,969,464 | ||||||||||||||||
Total Investments | $ | 3,277,757 | $ | 535,091,783 | $ | — | $ | 538,369,540 | ||||||||||||
SA Global Fixed Income Fund | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Bonds and Notes | $ | — | $ | 637,194,957 | $ | — | $ | 637,194,957 | ||||||||||||
Short-Term Investments | 18,340,855 | 53,958,896 | — | 72,299,751 | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||
Forward Foreign Currency Contracts | — | 1,345,920 | — | 1,345,920 | ||||||||||||||||
Total Investments | $ | 18,340,855 | $ | 692,499,773 | $ | — | $ | 710,840,628 | ||||||||||||
Liabilities | ||||||||||||||||||||
Other Financial Instruments | ||||||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (13,955,924 | ) | $ | — | $ | (13,955,924 | ) | ||||||||||
SA U.S. Core Market Fund | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Common Stocks | $ | 571,293,649 | $ | — | $ | — | $ | 571,293,649 | ||||||||||||
Rights And Warrants | 1,585 | — | — | 1,585 | ||||||||||||||||
Mutual Funds | 24,830,410 | — | — | 24,830,410 | ||||||||||||||||
Short-Term Investments | 4,614,605 | — | — | 4,614,605 | ||||||||||||||||
Total Investments | $ | 600,740,249 | $ | — | $ | — | $ | 600,740,249 | ||||||||||||
SA U.S. Value Fund | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Common Stocks | $ | 475,103,140 | $ | — | $ | — | $ | 475,103,140 | ||||||||||||
Rights And Warrants | 4,615 | — | — | 4,615 | ||||||||||||||||
Short-Term Investments | 1,537,035 | — | — | 1,537,035 | ||||||||||||||||
Total Investments | $ | 476,644,790 | $ | — | $ | — | $ | 476,644,790 | ||||||||||||
SA U.S. Small Company Fund | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Common Stocks | $ | 356,196,616 | $ | — | $ | 10,650 | † | $ | 356,207,266 | |||||||||||
Preferred Stocks | 148,530 | — | — | 148,530 | ||||||||||||||||
Rights And Warrants | — | — | 3,463 | † | 3,463 | |||||||||||||||
Short-Term Investments | 3,908,250 | — | — | 3,908,250 | ||||||||||||||||
Total Investments | $ | 360,253,396 | $ | — | $ | 14,113 | $ | 360,267,509 |
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Investments in Securities | ||||||||||||||||
Unadjusted | ||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||
Active Markets | Other | Significant | ||||||||||||||
for Identical | Observable | Unobservable | Total Balance | |||||||||||||
Investments | Inputs | Inputs | as of | |||||||||||||
Description | (Level 1) | (Level 2) | (Level 3) | June 30, 2020 | ||||||||||||
SA International Value Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 532,422,019 | $ | 1,930,141 | $ | 0 | † | $ | 534,352,160 | |||||||
Preferred Stocks | 7,229,023 | — | — | 7,229,023 | ||||||||||||
Rights And Warrants | 21,500 | — | — | 21,500 | ||||||||||||
Short-Term Investments | 17,082,085 | — | — | 17,082,085 | ||||||||||||
Total Investments | $ | 556,754,627 | $ | 1,930,141 | $ | 0 | $ | 558,684,768 | ||||||||
SA International Small Company Fund | ||||||||||||||||
Assets | ||||||||||||||||
Mutual Funds | $ | 272,488,867 | $ | — | $ | — | $ | 272,488,867 | ||||||||
Total Investments | $ | 272,488,867 | $ | — | $ | — | $ | 272,488,867 | ||||||||
SA Emerging Markets Value Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 166,712,977 | $ | 28,533 | $ | 15,000 | † | $ | 166,756,510 | |||||||
Preferred Stocks | 2,117,212 | — | — | 2,117,212 | ||||||||||||
Rights and Warrants | 7,410 | 425 | † | 0 | † | 7,835 | ||||||||||
Short-Term Investments | 3,239,450 | — | — | 3,239,450 | ||||||||||||
Total Investments | $ | 172,077,049 | $ | 28,958 | $ | 15,000 | $ | 172,121,007 | ||||||||
SA Real Estate Securities Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 157,892,263 | $ | — | $ | 5,262 | $ | 157,897,525 | ||||||||
Short-Term Investments | 753,866 | — | — | 753,866 | ||||||||||||
Total Investments | $ | 158,646,129 | $ | — | $ | 5,262 | $ | 158,651,391 | ||||||||
SA Worldwide Moderate Growth Fund | ||||||||||||||||
Assets | ||||||||||||||||
Mutual Funds | $ | 30,466,896 | $ | — | $ | — | $ | 30,466,896 | ||||||||
Total Investments | $ | 30,466,896 | $ | — | $ | — | $ | 30,466,896 |
† | Contains securities with a market value of zero. |
Transfers between investment valuation levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.
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Securities Lending – The Funds may lend any of their securities held by State Street Bank and Trust Company (“State Street”) as custodian to certain qualified broker-dealers, banks and other institutions, except those securities which the Adviser or Dimensional Fund Advisor LP (the “Sub-Adviser”) specifically identifies as not being available. Any gain or loss in the fair price of the securities loaned that might occur and any interest or dividends declared during the term of the loan would accrue to the account of the Funds. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Risks may also arise to the extent that the value of the collateral decreases below the value of the securities loaned.
Upon entering into a securities lending transaction, a Fund maintains cash or other securities as collateral in an amount equal to or exceeding 100% of the current fair value of the loaned securities with respect to securities of the U.S. government or its agencies or instrumentalities, a loan of sovereign debt issued by non-U.S. governments, or a loan of non-U.S. corporate debt, 102% of the current fair value of the loaned securities with respect to other U.S. securities and 105% of the current fair value of the loaned securities with respect to foreign equity securities. The fair value of the loaned security is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral is returned by the Fund, on the next business day. Any cash received as collateral is generally invested by State Street, acting in its capacity as securities lending agent (the “Agent”), in the State Street Navigator Securities Lending Government Money Market Portfolio, which is a money market fund registered under the 1940 Act. A portion of the income received on the collateral is rebated to the borrower of the securities, and the remainder is split between the Agent and each respective Fund.
As of June 30, 2020, 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 | Value of Cash | Non-Cash | Calculated | |||||||||||
of Securities | Collateral | Collateral* | Mark) | |||||||||||
SA Global Fixed Income Fund | $ | 4,150,153 | $ | 3,994,320 | $ | — | $ | 3,994,320 | ||||||
SA U.S. Core Market Fund | $ | 2,369,467 | $ | 174,278 | $ | 2,265,943 | $ | 2,440,221 | ||||||
SA U.S. Value Fund | $ | 2,316,214 | $ | 265,969 | $ | 2,115,387 | $ | 2,381,356 | ||||||
SA U.S. Small Company Fund | $ | 12,476,501 | $ | 3,280,696 | $ | 9,530,444 | $ | 12,811,140 | ||||||
SA International Value Fund | $ | 54,588,665 | $ | 16,787,310 | $ | 40,660,548 | $ | 57,447,858 | ||||||
SA Emerging Markets Value Fund | $ | 4,945,710 | $ | 3,073,005 | $ | 2,230,087 | $ | 5,303,092 | ||||||
SA Real Estate Securities Fund | $ | 1,365,300 | $ | 91,851 | $ | 1,303,859 | $ | 1,395,710 |
* | The Funds cannot repledge or resell this collateral. The non-cash collateral is comprised of U.S. government securities. |
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The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing. Non-cash collateral is not reflected in the table because the Funds cannot repledge or resell this collateral.
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||
As of June 30, 2020 | |||||||||||||||||||||
Overnight and | Between | ||||||||||||||||||||
Securities Lending Transaction(1) | Continuous | <30 days | 30 & 90 days | >90 days | Total | ||||||||||||||||
SA Global Fixed Income Fund | |||||||||||||||||||||
Government Money Market | $ | 3,994,320 | $ — | $ — | $ — | $ | 3,994,320 | ||||||||||||||
Total Borrowings | $ | 3,994,320 | $ — | $ — | $ — | $ | 3,994,320 | ||||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,994,320 | |||||||||||||||||||
SA U.S. Core Market Fund | |||||||||||||||||||||
Government Money Market | $ | 174,278 | $ — | $ — | $ — | $ | 174,278 | ||||||||||||||
Total Borrowings | $ | 174,278 | $ — | $ — | $ — | $ | 174,278 | ||||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 174,278 | |||||||||||||||||||
SA U.S. Value Fund | |||||||||||||||||||||
Government Money Market | $ | 265,969 | $ — | $ — | $ — | $ | 265,969 | ||||||||||||||
Total Borrowings | $ | 265,969 | $ — | $ — | $ — | $ | 265,969 | ||||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 265,969 | |||||||||||||||||||
SA U.S. Small Company Fund | |||||||||||||||||||||
Government Money Market | $ | 3,280,696 | $ — | $ — | $ — | $ | 3,280,696 | ||||||||||||||
Total Borrowings | $ | 3,280,696 | $ — | $ — | $ — | $ | 3,280,696 | ||||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,280,696 | |||||||||||||||||||
SA International Value Fund | |||||||||||||||||||||
Government Money Market | $ | 16,787,310 | $ — | $ — | $ — | $ | 16,787,310 | ||||||||||||||
Total Borrowings | $ | 16,787,310 | $ — | $ — | $ — | $ | 16,787,310 | ||||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 16,787,310 | |||||||||||||||||||
SA Emerging Markets Value Fund | |||||||||||||||||||||
Government Money Market | $ | 3,073,005 | $ — | $ — | $ — | $ | 3,073,005 | ||||||||||||||
Total Borrowings | $ | 3,073,005 | $ — | $ — | $ — | $ | 3,073,005 | ||||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,073,005 | |||||||||||||||||||
SA Real Estate Securities Fund | |||||||||||||||||||||
Government Money Market | $ | 91,851 | $ — | $ — | $ — | $ | 91,851 | ||||||||||||||
Total Borrowings | $ | 91,851 | $ — | $ — | $ — | $ | 91,851 | ||||||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 91,851 |
(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. |
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Foreign Currency Translation and Foreign Investments — The books and records of the Funds are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign currency exchange rates prevailing at the end of the period. Purchases and sales of investment securities are translated at contractual currency exchange rates established at the time of the trade. Income and expenses are translated at prevailing exchange rates on the respective dates of such transactions.
The results of operations resulting from changes in foreign exchange rates on investments are not reported separately from fluctuations arising from changes in market prices of securities held. All such fluctuations are included with net realized and unrealized gain or loss on investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.
Investing in foreign securities may involve certain sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. Investments in foreign securities are subject to fluctuations in currency exchange rates, which may negatively affect the value of a Fund’s portfolio. Additional risks may include exposure to less developed or less efficient trading markets; social, political or economic instability; nationalization of assets, currency controls or redenomination; changes in tax policy; high transaction costs; settlement, custodial or other operation risks; and less stringent accounting, auditing, financial reporting, and legal standards and practices. As a result, foreign securities can fluctuate more widely in price, and may also be less liquid, than comparable U.S. securities.
Forward Foreign Currency Exchange Contracts — Each Fund that may invest in foreign securities may enter into forward foreign currency exchange contracts. A forward foreign currency exchange contract is an agreement between two parties to buy or sell currency at a set price on a future date. By entering into a forward contract for the purchase or sale for a fixed amount of dollars of the amount of foreign currency involved in an underlying security transaction, a Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and the applicable foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received.
The market value of a contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the 4:00 PM Eastern Time pricing for the forward currency exchange rate, and the change in market value is recorded as unrealized appreciation (depreciation) on foreign currency and forward currency transactions in a fund’s statement of assets and liabilities. When the contract is closed, a realized gain or loss is recognized, which is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, and recorded as realized gain (loss) on foreign currency and forward currency transactions in a fund’s statement of operations.
Forward foreign currency exchange contracts may involve risks from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
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NOTES TO FINANCIAL STATEMENTS — JUNE 30, 2020 (Continued)
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.
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, disclose the amounts related to the SA Global Fixed Income Fund’s use of derivative instruments and hedging activities at June 30, 2020, on a gross basis:
Gain or (Loss) on Derivatives | |||||||||||||||||||
Recognized in Income | |||||||||||||||||||
Asset Derivative | Liability Derivative | Realized | Change in | ||||||||||||||||
Risk Type | Fair Value(1) | Fair Value(2) | Gain(3) | Depreciation(4) | |||||||||||||||
Foreign currency | $ | 1,345,920 | $ | 13,955,924 | $ | 31,309,417 | $ | (4,445,195 | ) |
(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. | |
(3) | Statement of Operations location: Realized gain (loss) on: Forward Foreign Currency Exchange Contracts. | |
(4) | Statement of Operations location: Increase (decrease) in unrealized appreciation (depreciation) on: Forward Foreign Currency Exchange Contracts. |
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Forward Foreign Currency Exchange Contracts Assets and Collateral Held by Counterparty as of June 30, 2020:
Gross Amount of | ||||||||||||||
Assets Presented | Financial | |||||||||||||
in Statements of | Instruments | Collateral | ||||||||||||
Counterparty | Assets & Liabilities | Available for Offset | Received | Net Amount | ||||||||||
Bank of America N.A. | $ | 159,007 | — | — | $ | 159,007 | ||||||||
Citibank N.A. | $ | 200,592 | — | — | $ | 200,592 | ||||||||
HSBC Bank | $ | 79,666 | — | — | $ | 79,666 | ||||||||
State Street Bank and Trust Co. | $ | 906,655 | $ | (906,655 | ) | — | — |
Forward Foreign Currency Exchange Contracts Liabilities and Collateral Pledged as of June 30, 2020:
Gross Amounts of | ||||||||||||||
Liabilities Presented | Financial | |||||||||||||
in Statements of | Instruments | Collateral | ||||||||||||
Counterparty | Assets & Liabilities | Available for Offset | Pledged | Net Amount | ||||||||||
State Street Bank and Trust Co. | $ | 13,955,924 | $ | (906,655 | ) | — | $ | 13,049,269 |
For the fiscal year ended June 30, 2020, the average monthly principal amount of Forward Foreign Currency Exchange Contracts was $761,469,785.
Investment Transactions, Income and Expenses — Investments in securities are accounted for as of trade date (the date the buy or sell is executed). Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis and includes amortization of discounts and premiums based on the effective interest method. Gains and losses are determined on the identified cost basis, which is the same for U.S. federal income tax purposes.
The Funds characterize distributions received from mutual fund investments on the Statements of Operations using the same characterization as the distribution received.
Investment income and realized and unrealized gains(losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
Expenses directly attributable to a specific Fund are charged to the respective Fund. Class specific expenses are charged directly to that share class. Expenses that cannot be attributed to a particular Fund are apportioned among the Funds evenly or based on relative net assets. Expenses are allocated daily to each class of shares based on the relative proportion of net assets of each class.
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.
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Foreign Taxes — Each Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, or capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by each Fund and are disclosed in its Statement of Operations. Foreign taxes payable as of June 30, 2020, 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, 2020, and for all open tax years, each Fund has determined that no liability for unrecognized tax benefits is required in each Fund’s financial statements related to uncertain tax positions taken on a tax return (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitation.
The 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 (2016-2018), or expected to be taken in the Funds’ 2019 tax returns.
As of June 30, 2020, for U.S. federal income tax purposes, the Funds have realized capital losses which may be carried forward indefinitely to offset future next realized gains as follows:
Unlimited Short-Term | Unlimited Long-Term | ||||||||
Losses | Losses | ||||||||
SA U.S. Fixed Income Fund | $ | 2,528,865 | $ | 1,297,038 | |||||
SA Global Fixed Income Fund | — | 5,749,767 | |||||||
SA International Value Fund | 2,247,991 | 51,850,661 | |||||||
SA Emerging Markets Value Fund | 108,550 | 14,245,706 |
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The federal income tax character of distributions paid to shareholders during the fiscal years ended June 30, 2020 and 2019 were as follows:
2020 | 2019 | ||||||||||||
Ordinary | Long-Term | Ordinary | Long-Term | ||||||||||
Income | Capital Gain | Income | Capital Gain | ||||||||||
SA U.S. Fixed Income Fund | $ | 8,845,189 | $ | — | $ | 14,023,719 | $ | — | |||||
SA Global Fixed Income Fund | 28,000,028 | — | 28,882,186 | — | |||||||||
SA U.S. Core Market Fund | 8,272,727 | 74,416,088 | 8,375,592 | 37,279,869 | |||||||||
SA U.S. Value Fund | 10,266,428 | 22,645,168 | 8,591,839 | 41,045,125 | |||||||||
SA U.S. Small Company Fund | 2,855,323 | 17,208,733 | 1,581,417 | 10,916,502 | |||||||||
SA International Value Fund | 26,494,913 | — | 15,399,335 | — | |||||||||
SA International Small Company Fund | 6,270,116 | 13,208,178 | 6,090,934 | 13,788,070 | |||||||||
SA Emerging Markets Value Fund | 5,166,961 | — | 4,100,006 | — | |||||||||
SA Real Estate Securities Fund | 2,610,058 | 5,925,846 | 6,299,482 | 1,053,956 | |||||||||
SA Worldwide Moderate Growth Fund | 824,381 | 1,034,571 | 662,898 | 1,471,653 |
As of June 30, 2020, the components of distributable earnings on a federal income tax basis were:
Undistributed | Unrealized | Post October | |||||||||||||||||
Undistributed | Long-Term | Appreciation/ | Capital/ Late Year | Capital Loss | |||||||||||||||
Ordinary Income | Capital Gains | (Depreciation) | Ordinary Loss | Carryforward | |||||||||||||||
SA U.S. Fixed Income Fund | $ | 245,714 | $ | — | $ | 1,873,216 | $ | — | $ | (3,825,903 | ) | ||||||||
SA Global Fixed Income Fund | — | — | (8,360,278 | ) | (3,117,972 | ) | (5,749,767 | ) | |||||||||||
SA U.S. Core Market Fund | 3,509,907 | 13,301,590 | 422,847,936 | — | — | ||||||||||||||
SA U.S. Value Fund | 5,183,809 | — | 76,403,448 | (11,658,245 | ) | — | |||||||||||||
SA U.S. Small Company Fund | 1,114,570 | — | 84,617,991 | (365,348 | ) | — | |||||||||||||
SA International Value Fund | 7,682,600 | — | (81,004,475 | ) | — | (54,098,652 | ) | ||||||||||||
SA International Small | |||||||||||||||||||
Company Fund | — | 2,724,211 | 42,186,001 | — | — | ||||||||||||||
SA Emerging Markets Value Fund | 490,328 | — | (29,027,458 | ) | — | (14,354,256 | ) | ||||||||||||
SA Real Estate Securities Fund | 1,368,112 | 532,843 | 53,669,054 | — | — | ||||||||||||||
SA Worldwide Moderate | |||||||||||||||||||
Growth Fund | 116,761 | 775,172 | (2,794,143 | ) | — | — |
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NOTES TO FINANCIAL STATEMENTS — JUNE 30, 2020 (Continued)
During the fiscal year ended June 30, 2020, the SA U.S. Fixed Income Fund and the SA Global Fixed Income Fund utilized $655,942 and $1,064,032 of capital loss carryforward, respectively.
At June 30, 2020, the aggregate cost of investment securities, aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities as computed on a federal income tax basis for each fund were as follows:
Net Unrealized | |||||||||||||||
Unrealized | Unrealized | Appreciation | |||||||||||||
Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
SA U.S. Fixed Income Fund | $ | 536,496,324 | $ | 1,900,711 | $ | (27,495 | ) | $ | 1,873,216 | ||||||
SA Global Fixed Income Fund | 717,693,105 | 2,181,173 | (10,563,829 | ) | (8,382,656 | ) | |||||||||
SA U.S. Core Market Fund | 177,892,313 | 422,869,562 | (21,626 | ) | 422,847,936 | ||||||||||
SA U.S. Value Fund | 400,241,342 | 137,119,367 | (60,715,919 | ) | 76,403,448 | ||||||||||
SA U.S. Small Company Fund | 275,649,518 | 136,377,194 | (51,759,203 | ) | 84,617,991 | ||||||||||
SA International Value Fund | 639,710,142 | 56,605,219 | (137,630,593 | ) | (81,025,374 | ) | |||||||||
SA International Small Company Fund | 230,302,866 | 42,186,001 | — | 42,186,001 | |||||||||||
SA Emerging Markets Value Fund | 201,056,801 | 22,576,636 | (51,512,430 | ) | (28,935,794 | ) | |||||||||
SA Real Estate Securities Fund | 104,982,337 | 63,241,119 | (9,572,065 | ) | 53,669,054 | ||||||||||
SA Worldwide Moderate Growth Fund | 33,261,040 | 520,733 | (3,314,877 | ) | (2,794,144 | ) |
Distributions to Shareholders — Each Fund, excluding the SA Global Fixed Income Fund and the SA U.S. Fixed Income Fund, declares and pays dividends from its net investment income, if any, annually. The SA Global Fixed Income Fund and the SA U.S. Fixed Income Fund declare and pay dividends from net investment income, if any, quarterly. All of the Funds declare and pay distributions from net realized capital gains, if any, at least annually.
The SA Real Estate Securities Fund characterizes distributions received from REIT 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. Temporary book and tax basis differences may include wash sales, passive foreign investment companies, non-REIT return of capital, foreign currency transactions, premium amortization, and straddle losses
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NOTES TO FINANCIAL STATEMENTS — JUNE 30, 2020 (Continued)
that will reverse in a subsequent period. During any particular year, a Fund’s net realized gains from investment transactions in excess of available capital loss carry forwards will be taxable to a Fund if not distributed and, therefore, will be distributed to shareholders annually.
At June 30, 2020, as a result of permanent book-to-tax differences, the following reclassifications were made on the Statements of Assets and Liabilities. These differences primarily relate to the utilization of tax-equalization and to the tax treatment of corporate action adjustments:
Paid in | Total distributable | ||||||||
Capital | earnings (loss) | ||||||||
SA U.S. Core Market Fund | $ | 7,360,825 | $ | (7,360,825 | ) | ||||
SA International Value Fund | (58,953 | ) | 58,953 | ||||||
SA International Small Company Fund | 355,143 | (355,143 | ) | ||||||
SA Real Estate Securities Fund | 398,967 | (398,967 | ) | ||||||
SA Worldwide Moderate Growth Fund | 182,584 | (182,584 | ) |
2. Agreements and Transactions with Affiliates
The Trust has an Investment Advisory and Administrative Services Agreement with the Adviser (the “Investment Advisory Agreement”) under which the Adviser manages the investments of, and provides administrative services to, each Fund.
For the advisory services provided to the Funds under the Advisory Agreement, 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 | 0.40 | % | |||
SA U.S. Value Fund | 0.40 | % | |||
SA U.S. Small Company Fund | 0.40 | % | |||
SA International Value Fund | 0.45 | % | |||
SA International Small Company Fund | 0.25 | % | |||
SA Emerging Markets Value Fund | 0.45 | % | |||
SA Real Estate Securities Fund | 0.35 | % | |||
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.
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The Trust and the Adviser have jointly entered into an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) with the Sub-Adviser. For the sub-advisory services provided to the Funds under the Sub-Advisory Agreement, the Sub-Adviser is entitled to a fee from each Fund computed daily and payable monthly at an annual rate based on each Fund’s average daily net assets as follows:
Sub-Advisory | |||||||
Fees | |||||||
SA U.S. Fixed Income Fund | 0.03 | % | |||||
SA Global Fixed Income Fund | 0.03 | % | |||||
SA U.S. Core Market Fund | 0.03 | %* | |||||
SA U.S. Value Fund | 0.10 | % | |||||
SA U.S. Small Company Fund | 0.25 | % | |||||
SA International Value Fund | 0.20 | % | |||||
SA Emerging Markets Value Fund | 0.45 | %** | |||||
SA Real Estate Securities Fund | 0.10 | % |
* The Sub-Adviser will not receive any sub-advisory fee for its sub-advisory services to the SA U.S. Core Market Fund with respect to any assets of the SA U.S. Core Market Fund invested in the U.S. Micro Cap Portfolio of the DFA Investment Dimensions Group Inc. For its management services, the Sub-Adviser receives an investment advisory fee from the U.S. Micro Cap Portfolio.
** Effective March 1, 2020, the Sub-Advisory Agreement was amended to reflect a lowering of the sub-advisory fee from 0.47% to 0.45%.
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% and 0.05% of the average daily net assets of each Fund’s Investor Class and Select Class shares, respectively. 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 that: (1) each Fund’s Investor Class shares’ 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; (2) each Fund’s Select Class shares’ total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) are 0.20% lower than the Investor Class shares’ total annual operating expense ratio after fee waiver and/or expense reimbursement and will not 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
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NOTES TO FINANCIAL STATEMENTS — JUNE 30, 2020 (Continued)
fund fees and expenses and extraordinary expenses and any other expenses related to Investments in Other Assets) do not exceed the total annual acquired fund fees and expenses related to the Fund’s investments in the Underlying SA Funds, any other 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. The expense limitations for the Funds are as follows:
Expense Limitation | |||||||||||
Investor Class | Select Class | ||||||||||
SA U.S. Fixed Income Fund | 0.65 | % | 0.45 | % | |||||||
SA Global Fixed Income Fund | 0.75 | % | 0.55 | % | |||||||
SA U.S. Core Market Fund | 0.90 | % | 0.70 | % | |||||||
SA U.S. Value Fund | 1.00 | % | 0.80 | % | |||||||
SA U.S. Small Company Fund | 1.15 | % | 0.95 | % | |||||||
SA International Value Fund | 1.15 | % | 0.95 | % | |||||||
SA International Small Company Fund | 0.75 | % | 0.55 | % | |||||||
SA Emerging Markets Value Fund | 1.33 | %* | 1.13 | %* | |||||||
SA Real Estate Securities Fund | 0.95 | % | 0.75 | % |
* Beginning on March 1, 2020, the Adviser voluntarily waived an additional 0.02% of its advisory fees. Prior to that date, the expense limitations for the Investor Class and Select Class were 1.35% and 1.15%, respectively.
Trustees’ Fees and Expenses — For their services as Trustees, the Trustees of the Trust received an annual retainer fee of $100,800, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. The Chairman of the Board receives an annual supplemental compensation of $10,080 per year. Effective January 1, 2020, the Trustees of the Trust receive an annual retainer fee of $107,500, as well as reimbursement for expenses incurred in connection with each meeting of the Board and its Committees. Also effective January 1, 2020, the Chairman of the Board receives an annual supplemental compensation of $10,750 per year.
Sub-Administration Fees — State Street serves as sub-administrator for the Trust, pursuant to a Sub-Administration Agreement with the Trust and the Adviser. State Street receives a fee that is calculated daily and paid monthly at an annual rate based on the aggregate average daily net assets of the Trust as follows: 0.02% 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 the SA International Small Company Fund and the 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.
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3. Purchases and Sales of Securities
Excluding short-term investments, each Fund’s purchases and sales of securities for the fiscal year ended June 30, 2020 were as follows:
Purchases | Sales | |||||||||||||
U.S. | U.S. | |||||||||||||
Government | Other | Government | Other | |||||||||||
SA U.S. Fixed Income Fund | $ | 35,020,237 | $ | 110,050,292 | $ | 32,236,785 | $ | 187,603,324 | ||||||
SA Global Fixed Income Fund | 128,943,278 | 236,805,473 | 115,014,076 | 348,241,449 | ||||||||||
SA U.S. Core Market Fund | — | 19,231,386 | — | 178,617,666 | ||||||||||
SA U.S. Value Fund | — | 55,760,784 | — | 84,105,133 | ||||||||||
SA U.S. Small Company Fund | — | 55,966,178 | — | 62,754,389 | ||||||||||
SA International Value Fund | — | 80,839,351 | — | 97,133,021 | ||||||||||
SA International Small Company Fund | — | 18,473,826 | — | 34,895,000 | ||||||||||
SA Emerging Markets Value Fund | — | 44,036,427 | — | 42,641,308 | ||||||||||
SA Real Estate Securities Fund | — | 6,026,432 | — | 17,705,272 | ||||||||||
SA Worldwide Moderate Growth Fund | — | 8,027,715 | — | 11,493,149 |
4. Affiliated Ownership
The SA Worldwide Moderate Growth Fund invests in Underlying Securities and other Investment Companies, certain of which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies (the “Affiliated Underlying Funds”). A summary of the transactions with each Affiliated Underlying Fund during the fiscal year ended June 30, 2020 follows:
Net | ||||||||||||||||||||||||||||||||||||||||
Realized | Dividend | |||||||||||||||||||||||||||||||||||||||
Gain (Loss) | Ending | Income | Capital Gain | |||||||||||||||||||||||||||||||||||||
Beginning | on Sales of | Change in | Value | Shares | from | Distributions | ||||||||||||||||||||||||||||||||||
Value | Affiliated | Unrealized | as of | as of | Affiliated | from Affiliated | ||||||||||||||||||||||||||||||||||
Affiliated Investment | as of | Purchases | Proceeds | Investment | Appreciation/ | June 30, | June 30, | Investment | Investment | |||||||||||||||||||||||||||||||
Companies | June 30, 2019 | at Cost | from Sales | Companies | Depreciation | 2020 | 2020 | Companies | Companies | |||||||||||||||||||||||||||||||
SA Emerging Markets | ||||||||||||||||||||||||||||||||||||||||
Value Fund | $ | 3,821,594 | $ | 897,392 | $ | (527,491 | ) | $ | (79,933 | ) | $ | (792,828 | ) | $ | 3,318,734 | 428,777 | $ | 96,855 | $ | — | ||||||||||||||||||||
SA Global Fixed | ||||||||||||||||||||||||||||||||||||||||
Income Fund | 4,928,589 | 1,530,985 | (1,785,086 | ) | (15,838 | ) | (90,002 | ) | 4,568,648 | 487,063 | 191,337 | — | ||||||||||||||||||||||||||||
SA International | ||||||||||||||||||||||||||||||||||||||||
Value Fund | 7,276,809 | 956,270 | (1,107,417 | ) | (206,741 | ) | (1,185,524 | ) | 5,733,397 | 660,530 | 269,847 | — | ||||||||||||||||||||||||||||
SA Real Estate | ||||||||||||||||||||||||||||||||||||||||
Securities Fund | 1,861,300 | 866,212 | (706,272 | ) | 83,262 | (260,921 | ) | 1,843,581 | 167,903 | 31,057 | 68,470 | |||||||||||||||||||||||||||||
SA U.S. Core | ||||||||||||||||||||||||||||||||||||||||
Market Fund | 6,892,333 | 657,152 | (3,639,206 | ) | 370,689 | (598,199 | ) | 3,682,769 | 158,194 | 54,475 | 470,182 | |||||||||||||||||||||||||||||
SA U.S. Fixed | ||||||||||||||||||||||||||||||||||||||||
Income Fund | 4,546,809 | 389,620 | (1,893,937 | ) | (7,469 | ) | 9,169 | 3,044,192 | 299,625 | 53,406 | — | |||||||||||||||||||||||||||||
SA U.S. Small | ||||||||||||||||||||||||||||||||||||||||
Company Fund | 3,488,341 | 1,262,284 | (807,450 | ) | (80,130 | ) | (460,978 | ) | 3,402,067 | 156,489 | 20,458 | 167,161 | ||||||||||||||||||||||||||||
SA U.S. Value Fund | 5,399,631 | 1,467,802 | (1,026,290 | ) | (90,317 | ) | (877,318 | ) | 4,873,508 | 347,116 | 98,720 | 212,178 | ||||||||||||||||||||||||||||
Totals | $ | 38,215,406 | $ | 8,027,717 | $ | (11,493,149 | ) | $ | (26,477 | ) | $ | (4,256,601 | ) | $ | 30,466,896 | $ | 816,155 | $ | 917,991 |
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NOTES TO FINANCIAL STATEMENTS — JUNE 30, 2020 (Continued)
5. Recent Accounting Pronouncements
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Fund’s adoption of ASU 2017-08 disclosure requirements are reflected within these financial statements prepared as of June 30, 2020 and management has concluded that the change in accounting principle does not materially impact the financial statement amounts.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The amendments in the ASU impact disclosure requirements for fair value measurement. It is anticipated that this change will enhance the effectiveness of disclosures in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted and can include the entire standard or certain provisions that exclude or amend disclosures. For the year ended June 30, 2020, the Funds have chosen to adopt certain provisions of the standard which eliminated the disclosures of transfers between level 1 and level 2 portfolio investments and the policy for the timing of transfers between levels of the fair value hierarchy. Management has evaluated that the full adoption of this ASU will not have a material impact on the Funds’ financial statements.
6. Consideration related to COVID-19 Pandemic
Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.
7. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there were no subsequent events that require recognition or disclosure in the financial statements.
147
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of
SA Funds – Investment Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of SA Funds – Investment Trust, comprising SA U.S. Fixed Income Fund, SA Global Fixed Income Fund, SA U.S. Core Market Fund, SA U.S. Value Fund, SA U.S. Small Company Fund, SA International Value Fund, SA International Small Company Fund, SA Emerging Markets Value Fund, SA Real Estate Securities Fund and SA Worldwide Moderate Growth Fund (the “Funds”) as of June 30, 2020, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of June 30, 2020, the results of their operations, the changes in their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
The Funds’ financial statements and financial highlights for the years ended June 30, 2019, and prior, were audited by other auditors whose report dated August 27, 2019, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020, by correspondence with the custodian, transfer agent and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2020.
COHEN & COMPANY, LTD.
Cleveland, Ohio
August 31, 2020
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SA FUNDS
ADDITIONAL INFORMATION (Unaudited)
Proxy Voting Policies and Procedures
The Sub-Adviser is responsible for exercising the voting rights associated with the securities purchased and/or held by the Funds. A description of the policies and procedures that are used by the Sub-Adviser to vote proxies relating to the Funds’ portfolio securities is available without charge, upon request, by calling (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.
Schedules of Portfolio Holdings
The Trust files the complete schedules of portfolio holdings for each Fund monthly on Form N-PORT with every third month made available to the public on the SEC’s website at www.sec.gov no later than 60 days after the relevant period. The Trust’s Form N-PORT may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and 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-PORT is also available without charge, upon request, by calling 1-844-366-0905.
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SA FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
Additional Information
This report is prepared for the general information of shareholders and is not an offer of shares of the SA Funds. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.
More information about the SA Funds is available without charge, upon request, please mail, visit the Funds’ website or call:
SA Funds – Investment Trust
c/o Buckingham Strategic Partners, LLC
10 Almaden Blvd.
15th Floor
San Jose, California 95113
Toll-free: 1-844-366-0905
Website: http://www.sa-funds.com
Trustees and Officers’ Information
Information regarding the Trustees and executive officers of the Trust is listed below. The Board is responsible for managing the business and affairs of the Trust. The Board’s role in management of the Trust is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust have the responsibility for the day-to-day management of the Funds. The Board’s oversight role does not make the Board a guarantor of the Funds’ investments or activities. The Trustees are experienced executives who meet periodically throughout the year to oversee each Fund’s activities, review contractual arrangements with companies that provide services to each Fund, and review each Fund’s performance. The Board is comprised entirely of Trustees who are not “interested persons” of the Trust, as such term is defined under the 1940 Act (the “Independent Trustees”).
Officers of the Trust listed in the table below whose names are marked with an asterisk (*) are interested persons of the Trust (as defined by the 1940 Act) by virtue of, among other considerations, their relationships with the Adviser or its affiliated entities. Each Trustee and executive officer of the Trust oversees all Funds of the Trust.
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ADDITIONAL INFORMATION (Unaudited) (Continued)
Independent Trustees:
Number of | ||||||||
Position(s) | Portfolios in | |||||||
Held with | Principal | Fund Complex | Other | |||||
Name, Address, (1) | Trust and Length of | Occupation(s) | Overseen by | Trusteeships/ | ||||
and Year of Birth | Time Served (2) | During Past 5 Years | Trustee | Directorships Held | ||||
Bryan W. Brown Year of Birth: 1945 | Trustee (since April 1999) Chairman (since December 2004) | Self-Employed Management Consultant (financial and technological systems) (since 1992). | 10 | Director/Officer, Kilohana Martial Arts Association (since June 2018). | ||||
Charles M. Roame Year of Birth: 1965 | Trustee (since June 2012) | Managing Partner, Tiburon Strategic Advisors & Tiburon Partners Fund (investor in, and advisor to, FinTech and financial services firms) (since April 1998). | 10 | Director, Edelman Financial Engines (provider of financial planning & investment advisory services) (since January 2014). Director, FacetWealth (provider of financial planning services) (since February 2018). Director, Lefteris Acquisition Corporation (special purpose acquisition company) (since August 2020) | ||||
Harold M. Shefrin Year of Birth: 1948 | Trustee (since April 1999) | Faculty member, Santa Clara University (since 1978). | 10 | Trustee, Litman Gregory Funds Trust (6 portfolios) (since February 2005). |
(1) | The address of each Trustee is: Buckingham Strategic Partners, LLC, 10 Almaden Blvd., 15th Floor, San Jose, CA 95113. | |
(2) | Each Trustee serves for the lifetime of the Trust or until he dies, resigns, or is removed. |
The Funds’ Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-844-366-0905. It is also available on the Funds’ website at: http://sa-funds.com.
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ADDITIONAL INFORMATION (Unaudited) (Continued)
Officers of the Trust
Position(s) | ||||
Held with | ||||
Name, Address(1) | Trust and Length of | |||
and Year of Birth | Time Served(2) | Principal Occupation(s) During Past 5 Years | ||
Alexander B. Potts* Year of Birth: 1967 | President and Chief Executive Officer (since January 2009). | Chairman, Advisor Services, Buckingham Strategic Partners, LLC (since December 2018); President and Chief Executive Officer, LWI Financial Inc., Loring Ward Securities Inc. and Loring Ward Group Inc. (2009 -2018); President and Chief Executive Officer, Loring Ward Holdings Inc. (2008 - 2018); President and Chief Executive Officer, Loring Ward Group Inc. (2009 – 2016); President and Chief Executive Officer, The Wealth Management Alliance LLC (2013-2018). | ||
Michael Clinton* | Chief Financial and Accounting Officer and Treasurer (since March 2009). | President, Advisor Services, Buckingham Strategic Partners, LLC (since December 2018); Chief Financial Officer and Treasurer, LWI Financial Inc. and Loring Ward Securities Inc. (2009 - 2018); Chief Financial Officer and Treasurer, Loring Ward Holdings, Inc. (2009 - 2018); Chief Financial Officer and Treasurer, Chief Operating Officer, Loring Ward Group Inc. (2009 – 2016); Chief Operating Officer, Loring Ward Holdings, Inc. (2009 – 2016); Chief Financial Officer and Treasurer, The Wealth Management Alliance LLC (2013-2018). | ||
Salvatore Papa* Year of Birth: 1977 | Vice President, Chief Compliance Officer and Anti-Money Laundering Compliance Officer (since January 2019). | General Counsel and Chief Compliance Officer for Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (since 2015). Partner and Director for Ascendant Compliance Management, Inc. (2007 – 2015). | ||
Marcy Tsagarakis* | Secretary (since June 2006). | Vice President, Fund Administration, Buckingham Strategic Partners, LLC (since December 2018); Vice President, Fund Administration, LWI Financial Inc. (2005-2018). |
(1) | The address of each officer is: Buckingham Strategic Partners, LLC, 10 Almaden Blvd., 15th Floor, San Jose, CA 95113. | |
(2) | The Trust’s officers are appointed annually by the Board. |
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SA FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
Board Approval of Investment Advisory and Investment Sub-Advisory Agreements
At a meeting held on June 4, 2020, the Board, consisting solely of Independent Trustees, considered the renewal for a one-year term of (1) the Investment Advisory Agreements by and between the Trust, with respect to the Funds, and the Adviser; and (2) the Sub-Advisory Agreement by and among the Trust, with respect to the Funds, except with respect to the SA Worldwide Moderate Growth Fund, the Adviser and DFA (collectively, the “Advisory Agreements”).
The Board discussed the role of the Funds as asset allocation tools and as a means by which smaller retail-level investors could access the investment services offered by DFA. The Board also discussed the role of the Adviser in monitoring the Funds’ effectiveness in this regard and the value added by the Adviser in ensuring that the Funds provided the type of comprehensive asset allocation investment program that shareholders were expecting to receive at reasonable cost levels. The Board also discussed asset growth and economies of scale, which, together with past reductions of the Adviser’s management fees and contractual fee waiver/expense reimbursement arrangements, have resulted in fee and/or expense reductions in recent years.
Factors Considered in Approving the Advisory Agreements
In approving the renewal of the Advisory Agreements, the Board was advised by counsel to the Independent Trustees and took into account information prepared specifically in connection with its review of the Advisory Agreements at the Meeting and the telephonic meeting of the Board on May 15, 2020 (the “May 15 Telephonic Meeting”), as well as information provided in response to the Board’s supplemental request following the May 15 Telephonic Meeting and information furnished to the Board throughout the year. The Board also considered the items discussed with representatives of the Trust, the Adviser and the Sub-Adviser during the May 15 Telephonic Meeting. In their deliberations, the Board considered the factors discussed below, among others. The Independent Trustees did not identify any particular piece of information that was all-important or controlling, and each Trustee may have attributed different weights to the various factors:
The nature, extent and quality of the services provided and to be provided by the Adviser and the Sub-Adviser. The Board considered the experience and qualifications of the personnel at the Adviser and the Sub-Adviser who are responsible for providing services to the Funds and the compensation structures of the Adviser and the Sub-Adviser. The Board noted the oversight role of the Adviser over the Sub-Adviser relating to portfolio construction and management, and compliance with the Funds’ investment objectives and policies, the Trust’s compliance policies and procedures, and applicable laws and regulations, as well as the Adviser’s role in implementing the Board’s directives relating to the Funds. The Board also noted that the Adviser has extensive experience offering asset allocation and risk diversification through investment portfolios such as the Funds. The Board further noted the Sub-Adviser’s experience and expertise in constructing portfolios that reflect diverse asset classes and risk levels, as well as the extensive industry experience of the Sub-Adviser’s personnel.
The Board then considered the resources, policies and procedures, and infrastructure of the Adviser and the Sub-Adviser devoted to ensuring compliance with applicable laws and regulations, as well as the Adviser’s and the Sub-Adviser’s commitment to those programs. The Board considered the information received regarding the Adviser’s and the Sub-Adviser’s respective compliance programs and compliance reports received during the prior year. The Board noted that there are currently no known pending regulatory issues with the SEC or other regulatory agencies involving the Adviser or Sub-Adviser.
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SA FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
The Board noted that the Adviser continues to provide portfolio management and reporting services, asset-class allocation, shareholder servicing and, if requested, administrative services support to investors and their financial representatives to enhance the effectiveness of the Funds as asset allocation vehicles. The Board further noted the additional resources available to the Funds as a result of the merger of LWI Financial Inc. with BAM Advisor Services, LLC in 2018.
The investment performance of the Funds achieved by the Adviser and the Sub-Adviser. The Board reviewed the short-term and longer-term performance of each of the Funds on both an absolute basis and relative to each Fund’s benchmark index, a peer group of funds based on investment style, and comparable funds managed by the Sub-Adviser. The Board noted that it received Fund performance information on a quarterly basis throughout the year. As part of its review, the Board also reviewed a report prepared by an independent consulting firm, Broadridge Financial Solutions, Inc. (“Broadridge”), which included comparisons of the performance of each Fund to certain funds determined by Broadridge to be comparable based on investment style (the “Broadridge Peer Group”) and the Fund’s benchmark index. The Board noted that the Broadridge Peer Group, which is used for both performance and expense comparisons, was determined for each Fund based on investment style, share class characteristics (to reflect similar expense structures) and asset size (to reflect similar economies of scale), as applicable. The Board examined the performance of each of the Funds for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2019. The Board noted that the performance information provided by Broadridge related specifically to the Investor Class shares of each Fund, because the Investor Class shares have a longer performance history than the Select Class shares, which commenced operations on July 3, 2017.
In assessing performance, the Board took into consideration that each Fund is intended to provide exposure to a particular asset class. For this reason, the Board viewed fidelity to asset class characteristics as highly important to its evaluation of the Funds. The Board noted that it looks for Fund performance to track the appropriate benchmark index(es) as closely as possible, given certain practical constraints imposed by the 1940 Act and each Fund’s investment restrictions, size and similar factors. Because the Funds are primarily asset allocation tools, the Board emphasized each Fund’s performance against its asset class benchmark index(es) and its general adherence to asset class representation, with the exception of the SA Worldwide Moderate Growth Fund (which invests in other Funds managed by the Adviser (the “Underlying Funds”) comprising various asset classes and strategies).
For the SA U.S. Fixed Income Fund, it was noted that the Fund’s net total return performance was in the 4th (bottom) quartile of its Broadridge Peer Group for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2019. It was also noted that the Fund’s performance trailed that of its benchmark, the BofA Merrill Lynch 1-3 Year U.S. Corporate/Government Bond Index, for each of those periods. The Board also took into consideration the Fund’s relatively higher credit quality and shorter duration as a substantial cause of its underperformance relative to its Broadridge Peer Group and benchmark.
For the SA Global Fixed Income Fund, it was noted that the Fund’s net total return performance was in the 4th quartile of its Broadridge Peer Group for the 1-year, 3-year, 5-year and 10-year periods ended December 31, 2019. It was also noted that the Fund’s performance exceeded that of its benchmark, the Citigroup World Government Bond 1-5 Year (Hedged) Index, for each of those periods. The Board took into consideration the Fund’s relatively higher credit quality, shorter duration and focus on developed markets as a substantial cause of its underperformance relative to its Broadridge Peer Group.
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SA FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
For the SA U.S. Core Market Fund, it was noted that the Fund’s net total return performance was in the 2nd quartile of its Broadridge Peer Group for the 1-year period and the 1st quartile for the 3-year, 5-year and 10-year periods ended December 31, 2019. It was also noted that the Fund’s performance exceeded that of its benchmark, the Russell 3000 Index, for each of the 1-year, 3-year, 5-year and 10-year periods.
For the SA U.S. Value Fund, it was noted that the Fund’s net total return performance was in the 2nd quartile among its Broadridge Peer Group for the 1-year period ended December 31, 2019, the 3rd quartile for the 3-year period and the 1st quartile for the 5-year and 10-year periods ended the same date. It was also noted that the Fund’s performance exceeded that of its benchmark, the Russell 1000 Value Index, for each of the 3-year, 5-year and 10-year periods.
For the SA U.S. Small Company Fund, it was noted that the Fund’s net total return performance was in the 3rd quartile of its Broadridge Peer Group for the 1-year period ended December 31, 2019 and the 2nd quartile for the 3-year, 5-year and 10-year periods ended the same date. It was also noted that the Fund’s performance exceeded that of its benchmark, the Russell 2000 Index, for the 10-year period.
For the SA Real Estate Securities Fund, it was noted that the Fund’s net total return performance was in the 3rd quartile of its Broadridge Peer Group for the 1-year period ended December 31, 2019 and the 2nd quartile for the 3-year, 5-year and 10-year periods ended the same date. It was also noted that the Fund’s performance outperformed that of its benchmark, the Dow Jones U.S. Select REIT Index, for each of the 1-year, 3-year, 5-year and 10-year periods.
For the SA International Value Fund, it was noted that the Fund’s net total return performance was in the 4th quartile of its Broadridge Peer Group for the 1-year period ended December 31, 2019 and the 3rd quartile for the 3-year, 5-year and 10-year periods ended the same date. It was also noted that the Fund’s performance exceeded that of its benchmark, the MSCI World Ex. U.S. Value Index (net div.), for each of the 3-year, 5-year and 10-year periods.
For the SA International Small Company Fund, it was noted that the Fund invests substantially all of its assets in the International Small Company Portfolio of DFA Investment Dimensions Group Inc. It was noted that the Fund’s net total return performance was in the 3rd quartile of its Broadridge Peer Group for the 1-year, 3-year and 10-year periods ended December 31, 2019, and the 2nd quartile for the 5-year period ended the same date. It was also noted that the Fund’s performance exceeded that of its benchmark, the MSCI World Ex. U.S. Small Cap Index (net div.), for 10-year period.
For the SA Emerging Markets Value Fund, it was noted that the Fund’s net total return performance was in the 4th quartile of its Broadridge Peer Group for the 1-year and 3-year periods ended December 31, 2019, and the 3rd quartile for the 5-year and 10-year periods ended the same date. It was also noted that the Fund’s performance exceeded that of its benchmark, the MSCI Emerging Markets Value Index (net div.), for each of the 3-year, 5-year and 10-year periods.
For the SA Worldwide Moderate Growth Fund, it was noted that due to the Fund’s inception on July 1, 2015, the Broadridge report included only performance for the 1-year and 3-year periods ended December 31, 2019. For each of those periods, the Board noted that the Fund performed in the 4th quartile of its Broadridge Peer Group and the Fund’s performance trailed that of its benchmark, the Morningstar Moderate Target Risk Index, for the same periods.
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ADDITIONAL INFORMATION (Unaudited) (Continued)
The extent to which the Adviser and the Sub-Adviser realize economies of scale as the Trust grows larger and whether fee levels reflect these economies of scale for the benefit of Fund shareholders. The Board evaluated any apparent or anticipated economies of scale in relation to the services the Adviser provides to each Fund. The Board considered the Funds’ net flows and asset levels, and noted that the Funds are designed to work together as a set of asset allocation choices and that economies of scale (and other factors) are most appropriately assessed on a Trust-level and not on a Fund-by-Fund basis. The Board also noted that although the Funds do not have advisory fee breakpoints, the Adviser has contractually agreed to waive a portion of its advisory fees and/or reimburse each of the Funds for certain expenses so that each Fund does not exceed its operating expense limitation and has taken other steps to reduce Fund operating expenses.
In considering potential economies of scale, the Board noted that the Adviser is still subsidizing certain operations of the Trust through the expense limitation arrangements and that the Adviser has recouped only a portion of the amounts previously waived under these expense limitation arrangements. It was further noted that in recent years the management fees payable to the Adviser were reduced on a majority of the Funds, with additional reductions in management fees and operating expense limits for a majority of Funds applicable as of January 1, 2018. The Board concluded that any economies of scale generated at current asset levels were being effectively shared with Fund shareholders.
Total expenses of the Funds and competitiveness of fees to be paid to the Adviser and the Sub-Adviser. The Board considered the gross management fee rates charged by the Adviser and the Sub-Adviser, as well as the effective management fee rates after taking into consideration the Funds’ expense limitation arrangements with the Adviser.
In considering the management fees and the total fees and expenses of each Fund, the Board reviewed a comparison of each Fund’s effective advisory fee and overall expense ratio to its respective Broadridge Peer Group. The Board considered the median of the contractual management fees and overall expense ratios of each peer group.
It was noted that each Fund’s net expense ratio, a figure which includes all of the Fund’s operating expenses, excluding any dividend, interest or borrowing expenses, minus any expense waivers or other reimbursements, was below the median expense ratio of its respective Broadridge Peer Group.
The Board noted the reduction in 2018 of annual advisory fees from 45 bps to 40 bps for each of the SA U.S. Core Market Fund, SA U.S. Value Fund and SA U.S. Small Company Fund; from 50 bps to 45 bps for the SA International Value Fund and SA Emerging Markets Value Fund; and from 50 bps to 25 bps for the SA International Small Company Fund, in addition to prior reductions in recent years. The Board further noted the implementation, for each share class, of annual operating expense limitations (as a percentage of average daily net assets) until October 28, 2021 for all Funds except the SA Worldwide Moderate Growth Fund. The Board further noted that for the SA Worldwide Moderate Growth Fund, the Adviser has contractually agreed until July 1, 2025 to reimburse expenses so that the Fund’s annual operating expenses do not exceed the total annual acquired fund fees and expenses related to the Underlying Funds in which it invests.
In assessing the fees charged by the Sub-Adviser, the Board noted that the fees ranged from 0 to 47 bps annually, with most of them at or below 15 bps annually, except for the SA International Value Fund (20 bps annually), the SA U.S. Small Company Fund (25 bps annually) and the SA Emerging Markets Value Fund (47 bps annually). The Board took into consideration that these fees were negotiated fees that reflected an arm’s-length negotiation between the Adviser and the Sub-Adviser, and determined that the fees were reasonable in light of the services provided to each Fund. The Board also noted the previous reduction in fees payable pursuant to the Sub-Advisory Agreement for most Funds.
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ADDITIONAL INFORMATION (Unaudited) (Continued)
The profits to be realized by the Adviser, the Sub-Adviser and their respective affiliates, from their relationship with the Trust. The Board considered other benefits derived by the Adviser from its relationship with the Funds, including amounts received by the Adviser for the provision of certain shareholder and administrative services to the Funds. It was noted that the Adviser does not receive any soft dollar benefits from the Funds. The Board also considered the profitability rates of the Sub-Adviser and noted that the Sub-Adviser has previously advised that it is no longer accruing soft-dollar credits and has wound down the remaining aspects of its soft-dollar program.
The Board reviewed information provided by the Adviser and the Sub-Adviser regarding their financial stability and the profitability attributable to their respective agreements with the Funds. The Board discussed the fact that the Funds were designed to operate in an integrated manner as a set of asset allocation vehicles and, for that reason, profitability of the Adviser on a Fund-by-Fund basis was not as relevant to the Board’s determinations as overall profitability of the Adviser at the Trust level. The Board also noted the difficulty of making comparisons of profitability because of differing business mixes and types of funds managed, the fact that publicly traded advisory firms for which data are available are typically much bigger than the Adviser, and the lack of an industry standard for methodology used to calculate profitability.
After such review, the Board determined that the profitability rates of the Adviser and the Sub-Adviser, with respect to the Investment Advisory Agreement and the Sub-Advisory Agreement, were not unreasonable in consideration of the services each provides to the Funds.
The Board also considered the climate in the financial services industry; the risks assumed by the Adviser and the Sub-Adviser in complying with investment restrictions, expense limitations and tax laws; the entrepreneurial risks undertaken by the Adviser in sponsoring the Trust and adding Funds to the Trust; the volatility of the financial markets and, thus, of management fee income; and the compensation of the Adviser and the Sub-Adviser and the need to provide sufficient incentives to their respective owners and employees in light of the foregoing considerations.
Conclusions. In approving the Advisory Agreements, the Board concluded that the terms of the Advisory Agreements are fair and reasonable and that approval of the Advisory Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that the Adviser and the Sub-Adviser could be expected to provide a high level of service to each Fund; the performance of each Fund over time and in some cases for more recent periods, or, in the case of underperforming Funds, that it retained confidence in the Adviser’s and the Sub-Adviser’s capabilities to manage the Funds consistently with their respective specified investment objective and strategies; that each Fund’s fee structure appeared to the Board to be reasonable given the nature and quality of services provided; and that the benefits accruing to the Adviser and the Sub-Adviser by virtue of their relationship to the Funds were reasonable in comparison with the benefits accruing to each Fund. After this review and discussion, the Board concluded that the renewal of the Advisory Agreements for a one-year term was in the best interests of each Fund and its shareholders.
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SA FUNDS
ANNUAL REPORT OF LIQUIDITY RISK MANAGEMENT PROGRAM ADMINISTRATOR
Rule 22e-4 of the 1940 Act (the “Liquidity Rule”) requires that the Adviser in its role as Liquidity Risk Management Program Administrator (the “Program Administrator”) for the Trust periodically, but no less than annually, review and provide the Board a written report that assesses the adequacy of the Liquidity Program and the effectiveness of its implementation including, if applicable, the operation of the Highly Liquid Investment Minimum (the “HLIM”) for each Fund and any material changes to the Liquidity Program.
The assessment for the period covered June 1, 2019, the date of adoption of the Liquidity Program, through May 1, 2020 (the “Review Period”). The Program Administrator re-evaluated the data and analysis that supported the Program Administrator’s original conclusions regarding each Fund’s liquidity risk. The Program Administrator used updated data to review each Fund’s: (i) investment strategy and the liquidity of its portfolio investments; (ii) short-term and long-term cash flow projections; (iii) holdings of cash and cash equivalents; and (iv) borrowing arrangements and other funding sources. The Program Administrator also evaluated the operation and management of the Liquidity Program including the performance of the third-party service provider ICE Data Pricing & Reference Data, LLC (“ICE”).
Liquidity Risk Assessment Factors
1.) Investment Strategy and Liquidity of Portfolio Investments
The Program Administrator re-evaluated each Fund’s investment objective, portfolio concentration, derivative usage and known or identifiable risks to liquidity. Derivatives usage remained limited to the use of forward foreign currency exchange contracts to hedge against certain foreign currencies back to the U.S. dollar. This activity is in line with each Fund’s investment objective. No Fund employed borrowing for investment purposes. The Program Administrator reasonably expects these trends to continue and remains confident that each Fund operates an investment strategy that is appropriate for an open-end fund.
2.) Cash Flow Projections
The Program Administrator examined data for the Review Period and continues to believe that gross redemption activity, shareholder ownership concentration and the length of the Funds’ operating history and redemption patterns are the best predictors of cash flow trends. The Program Administrator also used the highest rolling 36-month average gross redemption percentage for each Fund to determine reasonably anticipated trade size (“RATS”). RATS is used to determine the necessary pro-rata portion of a Fund’s portfolio that the Adviser could choose to sell for liquidity purposes. After considering various factors including market volatility and the Funds’ performance, the Program Administrator believes that the rolling 36-month average gross redemption percentage continues to be a sound and reasonable indicator for RATS for the Funds.
With respect to shareholder ownership concentration, the Program Administrator is not aware of any shareholder that has a material ownership stake in the Funds, other than PFG, and therefore believes that there is no need to factor shareholder ownership concentration when determining what percentage should be used to estimate the RATS of each Fund. The Program Administrator reasonably believes that the Funds are more likely than not to receive sufficient advanced notice of large redemptions to allow the Funds to employ the Liquidity Program in order to manage and mitigate ramifications of any large redemptions. For omnibus accounts, the Program Administrator does not have information available to assess whether or not there are any underlying investors who may meet this criterion.
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ANNUAL REPORT OF LIQUIDITY RISK MANAGEMENT PROGRAM ADMINISTRATOR (Continued)
3.) Holdings of Cash and Cash Equivalents
Cash and cash equivalents held by each Fund in conjunction with the extremely liquid nature of each Fund’s holdings serve to minimize liquidity risk and position each Fund to be able to meet redemptions. The Program Administrator believes that the Funds’ average cash and cash equivalents held and the highly liquid nature of most other investments in each Fund demonstrates that even in reasonably expected stressed conditions, such as those that capital markets are currently under with COVID-19, the Funds will be aptly able to meet shareholder redemptions without issue.
4.) Borrowing Arrangements and Other Funding Sources
Each Fund has the option to overdraw the U.S. dollar cash account at the custodian if its cash position is not sufficient to meet redemptions. The Funds utilized this option periodically during the Review Period, typically for a short period of time per occurrence (one or two days). There were no other uses of credit facilities or other borrowing arrangement to supplement its cash as a tool to meet investor redemptions.
5.) In-Kind Redemptions
During the Review Period, the Funds did not deem it necessary to meet redemptions by paying out securities or other portfolio investments other than cash as it was not in the best interests of shareholders.
Discussion of the Operation and Management of the Liquidity Program
1.) Classification Reviews, Challenges and Overrides
ICE provides daily liquidity classifications. A daily review of liquidity classifications by the Program Administrator takes place and is documented, and further discussion between ICE and the Program Administrator will take place if there are any questions based on daily results. During the Review Period there was limited need for manual intervention in the classification process. The Program Administrator believes that the review process is operating adequately and effectively and no changes are warranted.
The Program Administrator concluded that the factors used to establish the initial and updated RATS remain the most relevant variables. The Program Administrator re-evaluated gross historical redemption percentages during the Review Period, shareholder concentration, cash positions and investment strategy. During the Review Period, the Program Administrator made adjustments to increase the RATS as necessary. There were no changes to RATS as a result of other factors.
2.) Highly Liquid Investment Minimum
Each Fund operated as a Primarily Highly Liquid Fund during the Review Period. The Program Administrator noted that, as long as a Fund's portfolio is classified as a Primary Highly Liquid Fund under the relevant procedures in the Liquidity Program and consistent with the Liquidity Rule, the Fund is not required to establish and monitor a HLIM. The Program Administrator determined that a HLIM is not necessary. The Program Administrator reasonably expects that the composition of each Fund will remain stable and consistent and that each Fund will continue to operate as a Primarily Highly Liquid Fund.
159
SA FUNDS
ANNUAL REPORT OF LIQUIDITY RISK MANAGEMENT PROGRAM ADMINISTRATOR (Continued)
3.) Illiquid Investment Monitoring
With the exception of temporary illiquidity events due to an extended foreign market holiday that was communicated to the Board, the Funds did not breach the 15% illiquid investment limit pursuant to the Liquidity Rule during the Review Period. The percentage of illiquid securities held by the Funds during the Review Period was de minimis. The Program Administrator reasonably believes that the policies and reviews it has established prior to the adoption of the Liquidity Program sufficiently protect against a prospective violation of this limit. Such policies and reviews include independent liquidity classifications being received from ICE as well as review and comparison of liquidity classification reports received from DFA.
Conclusion
Following the Program Administrator’s evaluation of the operation and management of the Liquidity Program, it determined that the Liquidity Program continues to function effectively in all material aspects. Existing controls and safeguards were appropriately designed to enable the Program Administrator to maintain compliance with the Liquidity Rule. The Program Administrator recommends no further changes to the Liquidity Program.
160
SA FUNDS
TAX INFORMATION NOTICE (Unaudited)
For federal income tax purposes, the following information is furnished with respect to the distributions of the Funds for the fiscal year ended June 30, 2020:
Foreign Tax Credits – For the fiscal year ended June 30, 2020, the following Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders, all of which represents taxes withheld.
Foreign | Foreign | |||||||
Tax Credit | Source Income | |||||||
SA International Value Fund | $ | 1,314,454 | $ | 20,856,502 | ||||
SA International Small Company Fund | 489,513 | 5,655,027 | ||||||
SA Emerging Markets Value Fund | 784,186 | 7,595,287 | ||||||
SA Worldwide Moderate Growth Fund | 30,386 | 392,163 |
Capital Gain Distributions – On December 19, 2019, the following Funds declared long-term capital gain distribution.
SA U.S. Core Market Fund | $ | 74,416,088 | |||
SA U.S. Value Fund | 22,645,168 | ||||
SA U.S. Small Company Fund | 17,208,733 | ||||
SA International Small Company Fund | 13,208,733 | ||||
SA Real Estate Securities Fund | 5,925,845 |
On December 27, 2019, the SA Worldwide Moderate Growth Fund declared long-term capital gain distribution of $1,034,571.
Corporate Dividends Received Deduction – The following Funds paid distributions from ordinary income that qualify for the corporate dividends received deduction. The percentage that qualifies is noted below:
SA U.S. Core Market Fund | 100 | % | |||
SA U.S. Value Fund | 100 | % | |||
SA U.S. Small Company Fund | 100 | % | |||
SA Worldwide Moderate Growth Fund | 21.23 | % |
Qualified Dividend Income – For the fiscal year ended June 30, 2020 certain dividends paid by one or more of the Funds may be designated as qualified dividend income and subject to a maximum federal income tax rate of 15% for individual shareholders (20% for individuals with taxable income exceeding $425,800 or $479,000 if married filing jointly). Complete information will be reported in conjunction with your 2020 Form 1099-DIV.
161
SA FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
Understanding Your Fund’s Expense
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, January 1, 2020 through June 30, 2020. Expenses paid during the period in the table below are equal to the annualized net expense ratio of the Funds’ each class of shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (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 actual performance of the Funds’ each class of shares 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 | |||||||||||||||||||||||||||||||||||||||
Investor Class | Select Class | ||||||||||||||||||||||||||||||||||||||
Beginning | Ending | Annual | Expenses | Beginning | Ending | Annual | Expenses | ||||||||||||||||||||||||||||||||
Account | Account | Expense | Paid During | Account | Account | Expense | Paid During | ||||||||||||||||||||||||||||||||
Value | Value | Ratio | Period | Value | Value | Ratio | Period | ||||||||||||||||||||||||||||||||
SA U.S. Fixed Income Fund | $ | 1,000 | $ | 1,007.00 | 0.62 | $ | 3.09 | $ | 1,000 | $ | 1,006.60 | 0.41 | $ | 2.05 | |||||||||||||||||||||||||
SA Global Fixed Income Fund | 1,000 | 1,006.80 | 0.72 | 3.59 | 1,000 | 1,007.50 | 0.51 | 2.55 | |||||||||||||||||||||||||||||||
SA U.S. Core Market Fund | 1,000 | 964.90 | 0.87 | 4.25 | 1,000 | 966.40 | 0.66 | 3.23 | |||||||||||||||||||||||||||||||
SA U.S. Value Fund | 1,000 | 789.90 | 0.95 | 4.23 | 1,000 | 790.50 | 0.74 | 3.29 | |||||||||||||||||||||||||||||||
SA U.S. Small Company Fund | 1,000 | 844.10 | 1.14 | 5.23 | 1,000 | 844.90 | 0.92 | 4.22 | |||||||||||||||||||||||||||||||
SA International Value Fund | 1,000 | 784.70 | 1.11 | 4.93 | 1,000 | 785.50 | 0.90 | 4.00 | |||||||||||||||||||||||||||||||
SA International Small Company Fund | 1,000 | 842.00 | 0.75 | 3.43 | 1,000 | 842.60 | 0.53 | 2.43 | |||||||||||||||||||||||||||||||
SA Emerging Markets Value Fund | 1,000 | 793.20 | 1.34 | 5.97 | 1,000 | 793.00 | 1.14 | 5.08 | |||||||||||||||||||||||||||||||
SA Real Estate Securities Fund | 1,000 | 864.30 | 0.95 | 4.40 | 1,000 | 864.60 | 0.75 | 3.48 |
Actual Expenses | ||||||||||||||||||||
Beginning | Ending | Annual | Expenses | |||||||||||||||||
Account | Account | Expense | Paid During | |||||||||||||||||
Value | Value | Ratio | Period | |||||||||||||||||
SA Worldwide Moderate Growth Fund | $ | 1,000 | $ | 880.10 | 0.00 | $ | 0.00 |
162
SA FUNDS
ADDITIONAL INFORMATION (Unaudited) (Continued)
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on actual expense ratio of the Funds’ each class of shares and an assumed rate of return of 5% per year before expenses, which is not actual return of the Funds’ each class of shares. 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 | |||||||||||||||||||||||||||||||||||||||
Investor Class | Select Class | ||||||||||||||||||||||||||||||||||||||
Beginning | Ending | Annual | Expenses | Beginning | Ending | Annual | Expenses | ||||||||||||||||||||||||||||||||
Account | Account | Expense | Paid During | Account | Account | Expense | Paid During | ||||||||||||||||||||||||||||||||
Value | Value | Ratio | Period | Value | Value | Ratio | Period | ||||||||||||||||||||||||||||||||
SA U.S. Fixed Income Fund | $ | 1,000 | $ | 1,021.78 | 0.62 | $ | 3.12 | $ | 1,000 | $ | 1,022.82 | 0.41 | $ | 2.06 | |||||||||||||||||||||||||
SA Global Fixed Income Fund | 1,000 | 1,021.28 | 0.72 | 3.62 | 1,000 | 1,022.33 | 0.51 | 2.56 | |||||||||||||||||||||||||||||||
SA U.S. Core Market Fund | 1,000 | 1,020.54 | 0.87 | 4.37 | 1,000 | 1,021.58 | 0.66 | 3.32 | |||||||||||||||||||||||||||||||
SA U.S. Value Fund | 1,000 | 1,020.14 | 0.95 | 4.77 | 1,000 | 1,021.18 | 0.74 | 3.72 | |||||||||||||||||||||||||||||||
SA U.S. Small Company Fund | 1,000 | 1,019.19 | 1.14 | 5.72 | 1,000 | 1,020.29 | 0.92 | 4.62 | |||||||||||||||||||||||||||||||
SA International Value Fund | 1,000 | 1,019.34 | 1.11 | 5.57 | 1,000 | 1,020.39 | 0.90 | 4.52 | |||||||||||||||||||||||||||||||
SA International Small Company Fund | 1,000 | 1,021.13 | 0.75 | 3.77 | 1,000 | 1,022.23 | 0.53 | 2.66 | |||||||||||||||||||||||||||||||
SA Emerging Markets Value Fund | 1,000 | 1,018.20 | 1.34 | 6.72 | 1,000 | 1,019.19 | 1.14 | 5.72 | |||||||||||||||||||||||||||||||
SA Real Estate Securities Fund | 1,000 | 1,020.14 | 0.95 | 4.77 | 1,000 | 1,021.13 | 0.75 | 3.77 |
Hypothetical Expenses | ||||||||||||||||||||
Beginning | Ending | Annual | Expenses | |||||||||||||||||
Account | Account | Expense | Paid During | |||||||||||||||||
Value | Value | Ratio | Period | |||||||||||||||||
SA Worldwide Moderate Growth Fund | $ | 1,000 | $ | 1,024.86 | 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. 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.
163
Selected Financial Statements of DFA Investment Dimensions Group Inc.
International Small Company Portfolio
TABLE OF CONTENTS
Page | ||
Definitions of Abbreviations and Footnotes | 165 | |
Disclosure of Fund Expenses — October 31, 2019 (Unaudited) | 166 | |
Disclosure of Portfolio Holdings — October 31, 2019 (Unaudited) | 167 | |
Schedule of Investments — June 30, 2020 (Unaudited) | 168 | |
Schedule of Investments — October 31, 2019 | 169 | |
Statement of Assets and Liabilities — June 30, 2020 (Unaudited) | 170 | |
Statement of Assets and Liabilities — October 31, 2019 | 171 | |
Statement of Operations — October 31, 2019 | 172 | |
Statement of Changes in Net Assets | 173 | |
Financial Highlights | 174 | |
Notes to Financial Statements — October 31, 2019 | 175 | |
Report of Independent Registered Public Accounting Firm | 182 |
164
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 | |||
P.L.C. | Public Limited Company | ||
SA | Special Assessment | ||
ST | Special Tax | ||
Investment Footnotes | |||
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | ||
‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | ||
# | Total or Partial Securities on Loan. | ||
* | Non-Income Producing Securities. | ||
@ | Security purchased with cash collateral received from Securities on Loan. | ||
§ | Affiliated Fund. | ||
† | See Note B to Financial Statements. | ||
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) and/or Underlying 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 |
165
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
DISCLOSURE OF FUND EXPENSES
(Unaudited)
The following Expense Table is shown so that you can understand the impact of fees on your investment. All mutual funds have operating expenses. As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports, among others. Operating expenses and legal and audit services, which are deducted from a fund’s gross income, directly reduce the investment return of the fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs, in dollars, of investing in the fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The Expense Table below 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, 2019 | ||||||||||||||
EXPENSE TABLE | ||||||||||||||
Beginning | Ending | Expenses | ||||||||||||
Account | Account | Annualized | Paid | |||||||||||
Value | Value | Expense | During | |||||||||||
05/01/19 | 10/31/19 | Ratio(1) | Period(1) | |||||||||||
International Small Company Portfolio(2) | ||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,014.50 | 0.54% | $ | 2.74 | |||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,022.48 | 0.54% | $ | 2.75 |
1 | Expenses are equal to the fund’s annualized expense ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by the number of days in the year (365) to reflect the six-month period. |
2 | 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 Underlying Funds (Affiliated Investment Companies). |
166
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 as an exhibit to their reports on Form N-PORT. For DFA Investment Dimensions Group Inc., this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. DFA Investment Dimensions Group Inc. filed its most recent Form N-PORT with the SEC on June 24, 2020. They are available upon request, without charge, by calling collect: (512) 306-7400; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http://www.sec.gov.
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; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746; or by visiting the SEC’s website at http://www.sec.gov.
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 used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this 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 in 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% |
167
INTERNATIONAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 2020
(Unaudited)
Value† | ||||
AFFILIATED INVESTMENT COMPANIES — (100.0%) | ||||
Investment in The Continental Small Company Series | ||||
of The DFA Investment Trust Company | $ | 4,127,597,354 | ||
Investment in The Japanese Small Company Series | ||||
of The DFA Investment Trust Company | 2,541,062,675 | |||
Investment in The United Kingdom Small Company Series | ||||
of The DFA Investment Trust Company | 1,477,793,414 | |||
Investment in The Asia Pacific Small Company Series | ||||
of The DFA Investment Trust Company | 1,064,795,882 | |||
Investment in The Canadian Small Company Series | ||||
of The DFA Investment Trust Company | 870,063,978 | |||
TOTAL INVESTMENTS IN AFFILIATED | ||||
INVESTMENT COMPANIES (Cost $10,503,378,602) | $ | 10,081,313,303 | ||
TOTAL INVESTMENTS — (100.0%) (Cost $10,503,378,602)^ | $ | 10,081,313,303 |
^ | The cost for federal income tax purposes is $10,503, 378,602. |
As of June 30, 2020, International Small Company Portfolio had entered into the following outstanding futures contracts:
Unrealized | ||||||||||||||||
Number of | Expiration | Notional | Market | Appreciation | ||||||||||||
Description | Contracts | Date | Value | Value | (Depreciation) | |||||||||||
Long Position Contracts: | ||||||||||||||||
S&P 500® Emini Index | 580 | 09/18/20 | $ | 89,611,600 | $ | 89,615,800 | $ | 4,200 | ||||||||
Total Futures Contracts | $ | 89,611,600 | $ | 89,615,800 | $ | 4,200 |
Summary of the Portfolio’s investments as of June 30, 2019, based on their valuation inputs, is as follows (See Security Valuation Note):
Investments in Securities (Market Value) | ||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||
Affiliated Investment Companies | $ | 10,081,313,303 | — | — | $ | 10,081,313,303 | ||||
Futures Contracts** | 4,200 | — | — | 4,200 | ||||||
TOTAL | $ | 10,081,317,503 | — | — | $ | 10,081,317,503 |
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
168
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
SCHEDULE OF INVESTMENTS
October 31, 2019
Value† | ||||
AFFILIATED INVESTMENT COMPANIES — (100.0%) | ||||
Investment in The Continental Small Company Series | ||||
of The DFA Investment Trust Company | $ | 4,902,033,708 | ||
Investment in The Japanese Small Company Series | ||||
of The DFA Investment Trust Company | 3,104,231,823 | |||
Investment in The United Kingdom Small Company Series | ||||
of The DFA Investment Trust Company | 2,205,859,880 | |||
Investment in The Asia Pacific Small Company Series | ||||
of The DFA Investment Trust Company | 1,299,382,680 | |||
Investment in The Canadian Small Company Series | ||||
of The DFA Investment Trust Company | 1,121,067,005 | |||
TOTAL INVESTMENTS IN AFFILIATED INVESTMENT COMPANIES | $ | 12,632,575,096 |
As of October 31, 2019, International Small Company Portfolio had entered into the following outstanding futures contracts:
Unrealized | ||||||||||||||
Number of | Expiration | Notional | Market | Appreciation | ||||||||||
Description | Contracts | Date | Value | Value | (Depreciation) | |||||||||
Long Position Contracts: | ||||||||||||||
S&P 500® Emini Index | 705 | 12/20/19 | $ | 105,711,748 | $ | 107,011,950 | $ | 1,300,202 | ||||||
Total Futures Contracts | $ | 105,711,748 | $ | 107,011,950 | $ | 1,300,202 |
Summary of the Portfolio’s Master Fund’s investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | |||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||
Affiliated Investment Companies | $ | 12,632,575,096 | — | — | $ | 12,632,575,096 | |||||
Futures Contracts** | 1,300,202 | — | — | 1,300,202 | |||||||
TOTAL | $ | 12,633,875,298 | — | — | $ | 12,633,875,298 |
** | Valued at the unrealized appreciation/(depreciation) on the investment. |
See accompanying Notes to Financial Statements.
169
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2020
(Unaudited)
(Amounts in thousands, except share and per share amounts)
ASSETS: | |||||
Investments in Affiliated Investment Companies at Value | $ | 10,081,313 | |||
Cash | 93,616 | ||||
Receivables: | |||||
Fund Shares Sold | 11,571 | ||||
Futures Margin Variation | 5 | ||||
Prepaid Expenses and Other Assets | 99 | ||||
Total Assets | 10,186,604 | ||||
LIABILITIES: | |||||
Payables: | |||||
Fund Shares Redeemed | 12,538 | ||||
Due to Advisor | 3,236 | ||||
Accrued Expenses and Other Liabilities | 879 | ||||
Total Liabilities | 16,653 | ||||
NET ASSETS | $ | 10,169,951 | |||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: | |||||
Institutional Class Shares — based on net assets of $10,169,951 | |||||
and shares outstanding of 638,672,061 | $ | 15.92 | |||
NUMBER OF SHARES AUTHORIZED | 3,000,000,000 | ||||
NET ASSETS CONSIST OF: | |||||
Paid-In Capital | $ | 10,854,082 | |||
Total Distributable Earnings (Loss) | (684,131 | ) | |||
NET ASSETS | $ | 10,169,951 |
See accompanying Notes to Financial Statements.
170
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2019
(Amounts in thousands, except share and per share amounts)
ASSETS: | ||||
Investments in Affiliated Investment Companies at Value | $ | 12,632,575 | ||
Segregated Cash for Futures Contracts | 4,441 | |||
Cash | 119,937 | |||
Receivables: | ||||
Fund Shares Sold | 3,815 | |||
Prepaid Expenses and Other Assets | 60 | |||
Total Assets | 12,760,828 | |||
LIABILITIES: | ||||
Payables: | ||||
Fund Shares Redeemed | 5,279 | |||
Due to Advisor | 4,205 | |||
Futures Margin Variation | 424 | |||
Accrued Expenses and Other Liabilities | 810 | |||
Total Liabilities | 10,718 | |||
NET ASSETS | $ | 12,750,110 | ||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE: | ||||
Institutional Class Shares — based on net assets of $12,750,110 and shares outstanding of 700,276,371 | $ | 18.21 | ||
NUMBER OF SHARES AUTHORIZED | 3,000,000,000 | |||
NET ASSETS CONSIST OF: | ||||
Paid-In Capital | $ | 11,684,308 | ||
Total Distributable Earnings (Loss) | 1,065,802 | |||
NET ASSETS | $ | 12,750,110 |
See accompanying Notes to Financial Statements.
171
DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO*
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2019
(Amounts in thousands)
Investment Income | |||||
Net Investment Income Allocated from Affiliated Investment Companies: | |||||
Dividends (Net of Foreign Taxes Withheld of $31,127) | $ | 335,908 | |||
Income from Securities Lending | 30,195 | ||||
Expenses Allocated from Affiliated Investment Companies | (14,583 | ) | |||
Total Investment Income | 351,520 | ||||
Fund Expenses | |||||
Investment Management Fees | 49,136 | ||||
Accounting & Transfer Agent Fees | 1,336 | ||||
Custodian Fees | 8 | ||||
Filing Fees | 215 | ||||
Shareholders’ Reports | 558 | ||||
Directors’/Trustees’ Fees & Expenses | 73 | ||||
Professional Fees | 72 | ||||
Other | 85 | ||||
Total Fund Expenses | 51,483 | ||||
Net Expenses | 51,483 | ||||
Net Investment Income (Loss) | 300,037 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net Realized Gain (Loss) on: | |||||
Transactions Allocated from Affiliated Investment Company** | 313,315 | ||||
Futures | (626 | ) | |||
Change in Unrealized Appreciation (Depreciation) of: | |||||
Transactions Allocated from Affiliated Investment Company | 135,389 | ||||
Futures | 7,881 | ||||
Net Realized and Unrealized Gain (Loss) | 455,959 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 755,996 |
* | Investment Income and Realized and Unrealized Gain (Loss) were allocated from the Portfolio’s Underlying Funds (Affiliated Investment Companies). |
** | Net of foreign capital gain taxes withheld of $0. |
See accompanying Notes to Financial Statements.
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DFA INVESTMENT DIMENSIONS GROUP INC.
INTERNATIONAL SMALL COMPANY PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
Year | Year | ||||||||
Ended | Ended | ||||||||
Oct. 31, | Oct. 31, | ||||||||
2019 | 2018 | ||||||||
Increase (Decrease) in Net Assets | |||||||||
Operations: | |||||||||
Net Investment Income (Loss) | $ | 300,037 | $ | 305,199 | |||||
Net Realized Gain (Loss) on: | |||||||||
Transactions Allocated from Affiliated Investment Company*,** | 313,315 | 549,889 | |||||||
Futures | (626 | ) | 17,382 | ||||||
Change in Unrealized Appreciation (Depreciation) of: | |||||||||
Transactions Allocated from Affiliated Investment Company | 135,389 | (2,214,609 | ) | ||||||
Futures | 7,881 | (9,491 | ) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 755,996 | (1,351,630 | ) | ||||||
Distributions From:^ | |||||||||
Institutional Class Shares | (857,472 | ) | (711,038 | ) | |||||
Total Distributions | (857,472 | ) | (711,038 | ) | |||||
Capital Share Transactions (1): | |||||||||
Shares Issued | 2,921,274 | 2,606,895 | |||||||
Shares Issued in Lieu of Cash Distributions | 824,335 | 680,889 | |||||||
Shares Redeemed | (3,550,227 | ) | (2,059,202 | ) | |||||
Net Increase from Capital Share Transactions | 195,382 | 1,228,582 | |||||||
Total Increase (Decrease) in Net Assets | 93,906 | (834,086 | ) | ||||||
Net Assets | |||||||||
Beginning of Year | 12,656,204 | 13,490,290 | |||||||
End of Year | $ | 12,750,110 | $ | 12,656,204 | |||||
(1) Shares Issued and Redeemed: | |||||||||
Shares Issued | 170,065 | 124,547 | |||||||
Shares Issued in Lieu of Cash Distributions | 51,059 | 33,057 | |||||||
Shares Redeemed | (206,414 | ) | (98,779 | ) | |||||
Net Increase (Decrease) from Shares Issued and Redeemed | 14,710 | 58,825 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2018 of $0, $0 and $0, respectively. |
^ | Distributions from net investment income and net realized capital gains are combined for the years/period ended October 31, 2018 and October 31, 2019, respectively. Comparable prior year information has been revised to reflect current year presentation, if applicable. See Note E in the Notes to Financial Statements for more information regarding distributions and see Note O in the Notes to Financial Statements for more information regarding recently issued accounting standards. |
See accompanying Notes to Financial Statements.
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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, | |||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||
Net Asset Value, Beginning of Year | $ | 18.46 | $ | 21.52 | $ | 17.78 | $ | 17.78 | $ | 18.24 | |||||||||||
Income from Investment Operations | |||||||||||||||||||||
Net Investment Income (Loss) (A) | 0.43 | 0.46 | 0.41 | 0.43 | 0.41 | ||||||||||||||||
Net Gains (Losses) on Securities | |||||||||||||||||||||
(Realized and Unrealized) | 0.58 | (2.41 | ) | 4.13 | 0.48 | 0.12 | |||||||||||||||
Total from Investment Operations | 1.01 | (1.95 | ) | 4.54 | 0.91 | 0.53 | |||||||||||||||
Less Distributions | |||||||||||||||||||||
Net Investment Income | (0.44 | ) | (0.44 | ) | (0.34 | ) | (0.51 | ) | (0.42 | ) | |||||||||||
Net Realized Gains | (0.82 | ) | (0.67 | ) | (0.46 | ) | (0.40 | ) | (0.57 | ) | |||||||||||
Total Distributions | (1.26 | ) | (1.11 | ) | (0.80 | ) | (0.91 | ) | (0.99 | ) | |||||||||||
Net Asset Value, End of Year | $ | 18.21 | $ | 18.46 | $ | 21.52 | $ | 17.78 | $ | 17.78 | |||||||||||
Total Return | 6.44 | % | (9.54 | )% | 26.54 | % | 5.43 | % | 3.30 | % | |||||||||||
Net Assets, End of Year (thousands) | $ | 12,750,110 | $ | 12,656,204 | $ | 13,490,290 | $ | 10,387,361 | $ | 9,323,492 | |||||||||||
Ratio of Expenses to Average | |||||||||||||||||||||
Net Assets*(B) | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.54 | % | |||||||||||
Ratio of Expenses to Average Net Assets | |||||||||||||||||||||
(Excluding Fees (Waived), (Expenses | |||||||||||||||||||||
Reimbursed), and/or Previously Waived | |||||||||||||||||||||
Fees Recovered by Advisor)(B) | 0.54 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.54 | % | |||||||||||
Ratio of Net Investment Income to Average | |||||||||||||||||||||
Net Assets | 2.44 | % | 2.18 | % | 2.14 | % | 2.47 | % | 2.30 | % | |||||||||||
* The Ratio of Expenses to Average Net | |||||||||||||||||||||
Assets is inclusive of acquired fund fees | |||||||||||||||||||||
and expenses incurred by the Portfolio | |||||||||||||||||||||
indirectly as a result of Portfolio’s | |||||||||||||||||||||
investment in Underlying Funds | |||||||||||||||||||||
as follows | 0.12 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.12 | % |
See page 1 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
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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 one hundred and five operational portfolios, of which one, the International Small Company Portfolio (the “Portfolio”), is included in this report.
The International Small Company Portfolio invests in five series (“Underlying Funds”) within The DFA Investment Trust Company (“DFAITC”).
At October 31, 2019, the Portfolio was the owner of record of the following approximate percentages of the total outstanding shares of the following Underlying Funds as detailed below:
Percentage | |||||
Ownership | |||||
Fund of Funds | Underlying Funds | at 10/31/19 | |||
International Small Company Portfolio | The Continental Small Company Series | 87% | |||
The Japanese Small Company Series | 83% | ||||
The United Kingdom Small Company Series | 97% | ||||
The Asia Pacific Small Company Series | 79% | ||||
The Canadian Small Company Series | 97% |
The financial statements of the Portfolio’s Underlying 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, the 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 uses a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels described below:
● Level 1 - inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies, and futures contracts)
● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
● Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)
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.
Shares held by the International Small Company Portfolio in other investment companies (such as the Underlying Funds) are valued at their respective daily net asset values as reported by their administrator.
The Portfolio’s investments in the Underlying Funds reflect its proportionate interest in the net assets of such corresponding Underlying Fund. These valuations are classified as Level 1 in the hierarchy.
Futures contracts held by the Portfolio are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy.
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A summary of the inputs used to value the Portfolio’s investments by each major security type, industry and/or country is disclosed previously in this note. A valuation hierarchy table has been included at the end of the Summary Schedule of Portfolio Holdings/Schedule of Investments. The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
2. Deferred Compensation Plan: Each eligible Director of the Fund may elect to participate 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: the 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.
The Directors may receive their distributions of proceeds by 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 in the Notice. The date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Director ceases to be a member of the Board of Directors of the Fund; and (ii) five years following the effective date of the Director’s first deferral election. If a Director who elects to defer fees fails to designate in the Notice a time or date as of which payment of the Director’s deferred fee account shall commence, payment of such amount shall commence as of the first business day of January following the year in which the Director ceases to be a member of the Board (unless the Director files an amended Notice selecting a different distribution date). As of October 31, 2019, 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 accounted for on the basis of identified cost. 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 received distributions 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, using the effective interest method. Expenses directly attributable to a Portfolio are directly charged. Common expenses of the Fund or the Portfolio are allocated using methods approved by the Board, generally based on average net assets.
The Portfolio recognizes its pro-rata share of net investment income and realized and unrealized gains/losses on a daily basis from its Underlying Funds 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. Additionally, 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, 2019, the 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 the Expense
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Limitation Amount, the Advisor retains the right to recover fees previously waived and/or expenses previously assumed to the extent that the expense ratio following such recovery would be less than the Expense Limitation Amount that was in place when such prior year fees were waived and/or expenses assumed, and less than the current Expense Limitation Amount in place for the Portfolio. The Fund, on behalf of the Portfolio, is also not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of recovery. 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.
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, 2019, the total related amounts paid by the Fund to the CCO were $312 (in thousands). The total related amounts paid the Portfolio are included in Other Expenses on the Statement of Operations.
D. Deferred Compensation:
At October 31, 2019, the total liability for deferred compensation to Directors was $348 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 that these differences are permanent, they are charged or credited to paid-in capital or distributable earnings as appropriate, in the period that the differences arise. Accordingly, the permanent differences as of October 31, 2019, 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 accounts. These reclassifications had no effect on net assets or net asset value per share.
The tax character of dividends and distributions declared and paid during the years ended October 31, 2018 and October 31, 2019 were as follows (amounts in thousands):
Net Investment | |||||||||||||
Income and | |||||||||||||
Short-Term | Long-Term | Tax Exempt | |||||||||||
Capital Gain | Capital Gains | Income | Total | ||||||||||
International Small Company Portfolio | |||||||||||||
2018 | $ | 335,310 | $ | 375,728 | — | $ | 711,038 | ||||||
2019 | 339,853 | 517,619 | — | 857,472 |
As of October 31, 2019, 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 use of accumulated earnings and profits distributed to shareholders upon redemption of shares (amounts in thousands):
Net Investment | ||||||
Income and | Long-Term | |||||
Short-Term | Capital | |||||
Capital Gains | Gains | Total | ||||
International Small Company Portfolio | $(34,708) | $(23,004) | $(57,712) |
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At October 31, 2019, 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 | $172,408 | $278,416 | — | $615,587 | $1,066,411 |
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. As of October 31, 2019, the Portfolio did not have any capital loss carryforwards available to offset future realized capital gains.
As of October 31, 2019, 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 | $12,017,254 | $615,322 | — | $615,322 |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts, net mark-to-market gain/loss on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.
ASC 740 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 position 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 Underlying 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
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broker, in an amount equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Portfolio as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Portfolio records a realized gain or loss, which is presented in the 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. The Portfolio entering into stock index futures is subject to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
Securities have been segregated as collateral for open futures contracts.
The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2019 was as follows (amounts in thousands):
Futures** | ||
International Small Company Portfolio | $74,137 |
** | Average Notional Value of contracts |
The following is a summary of the Portfolio’s derivative instrument holdings categorized by primary risk exposure as of October 31, 2019 (amounts in thousands):
Asset Derivatives Value | ||||
Total Value at | Equity | |||
October 31, 2019 | Contracts*,(1) | |||
International Small Company Portfolio | $1,300 | $1,300 |
(1) | Presented on Statements of Assets and Liabilities as Receivables: Futures Margin Variation. | |
* | 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 realized and change in unrealized gains and losses from the Portfolio’s derivative instrument holdings categorized by primary risk exposure for the year ended October 31, 2019 (amounts in thousands):
Realized Gain (Loss) | ||||
on Derivatives | ||||
Equity | ||||
Total | Contracts(1) | |||
International Small Company Portfolio | $(626) | $(626) | ||
Change in Unrealized Appreciation | ||||
(Depreciation) on Derivatives | ||||
Equity | ||||
Total | Contracts(2) | |||
International Small Company Portfolio | $7,881 | $7,881 |
(1) | Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures. | |
(2) | Presented on Statements of Operations as Change in Unrealized Appreciation (Depreciation) of: Futures. |
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G. Line of Credit and Interfund Lending Program:
The Fund, together with other Dimensional-advised portfolios, has entered into a $500 million uncommitted, unsecured discretionary line of credit effective April 8, 2020, with its domestic custodian bank. A line of credit with similar terms was in effect through April 8, 2020. 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 April 7, 2021.
The Fund, together with other Dimensional-advised portfolios, has also entered into an additional $700 million unsecured line of credit with its international custodian bank effective January 2, 2020. A line of credit with similar terms was in effect through January 2, 2020. 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 $700 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 1, 2021.
For the year ended October 31, 2019, borrowings by the following Portfolio under the lines of credit were as follows (amounts in thousands, except percentages and days):
Maximum | ||||||||||||
Weighted | Weighted | Amount | Outstanding | |||||||||
Average | Average | Number of | Interest | Borrowed | Borrowings | |||||||
Interest | Loan | Days | Expense | During | as of | |||||||
Rate | Balance | Outstanding* | Incurred | the Period | 10/31/2019 | |||||||
International Small Company Portfolio | 1.58% | 1,004 | 2 | — | 2,008 | — |
* | Number of Days Outstanding represents the total of single or consecutive days during the year ended October 31, 2019, that the Portfolio’s available line of credit was used. |
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 day’s notice.
The Portfolio did not use the interfund lending program during the year ended October 31, 2019.
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 that 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.
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I. Recently Issued Accounting Standards:
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Fund’s adoption of ASU 2017-08 disclosure requirements are reflected within these financial statements prepared as of October 31, 2019 and management has concluded that the change in accounting principle does not materially impact the financial statement amounts.
In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements” (“ASU 2018-13”). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. ASU 2018-13 does not change fair value measurements already required or permitted by existing standards. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Portfolio’s early adoption of all of the ASU 2018-13 disclosure requirements are reflected within these financial statements prepared as of October 31, 2019.
In March 2020, the FASB issued ASU 2020-04 which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.
J. Other:
As of October 31, 2019, the following number of shareholders held the following approximate percentages of the 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 | Outstanding Shares | ||||
International Small Company Portfolio – Institutional Class Shares | 3 | 65% |
K. 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.
The continued worldwide spread of novel coronavirus (or COVID-19) and its impact on international business operations, supply chains, travel, commodity prices, consumer confidence and business forecasts, and the associated impact on domestic and international equity markets and fixed income yields, has caused uncertainty for the global economy and financial markets. While it is too early to predict the impact of COVID-19 related factors, during a time of increased uncertainty and volatility, the performance of the Portfolio may be adversely affected in the near term and, potentially, beyond.
181
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of DFA Investment Dimensions Group Inc. and
Shareholders of International Small Company Portfolio
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, 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, 2019, the related statement of operations for the year then ended October 31, 2019, the statement of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2019, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period ended October 31, 2019 and the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, brokers and the transfer agent of the investee funds; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 20, 2019
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
182
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, 2019 (Unaudited) | 184 | |
Disclosure of Portfolio Holdings — October 31, 2019 (Unaudited) | 186 | |
Summary Schedules of Portfolio Holdings – June 30, 2020 (Unaudited) | 187 | |
The Japanese Small Company Series | 187 | |
The Asia Pacific Small Company Series | 191 | |
The United Kingdom Small Company Series | 194 | |
The Continental Small Company Series | 197 | |
The Canadian Small Company Series | 201 | |
Summary Schedules of Portfolio Holdings – October 31, 2019 | 205 | |
The Japanese Small Company Series | 205 | |
The Asia Pacific Small Company Series | 208 | |
The United Kingdom Small Company Series | 211 | |
The Continental Small Company Series | 214 | |
The Canadian Small Company Series | 218 | |
Statement of Assets and Liabilities – June 30, 2020 (Unaudited) | 222 | |
Statement of Assets and Liabilities — October 31, 2019 | 223 | |
Statement of Operations — October 31, 2019 | 224 | |
Statement of Changes in Net Assets | 225 | |
Financial Highlights | 228 | |
Notes to Financial Statements — October 31, 2019 | 230 | |
Report of Independent Registered Public Accounting Firm | 241 | |
Fund Management — October 31, 2019 | 242 | |
Voting Proxies on Fund Portfolio Securities | 250 |
183
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, 2019
EXPENSE TABLES
Beginning | Ending | Expenses | ||||||||||||
Account | Account | Annualized | Paid | |||||||||||
Value | Value | Expense | During | |||||||||||
05/01/19 | 10/31/19 | Ratio(1) | Period(1) | |||||||||||
The Japanese Small Company Series | ||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,059.70 | 0.12% | $ | 0.62 | |||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.60 | 0.12% | $ | 0.61 | |||||||
The Asia Pacific Small Company Series | ||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 958.90 | 0.13% | $ | 0.64 | |||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.55 | 0.13% | $ | 0.66 | |||||||
The United Kingdom Small Company Series | ||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,010.30 | 0.12% | $ | 0.61 | |||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.60 | 0.12% | $ | 0.61 |
184
Beginning | Ending | Expenses | ||||||||||||
Account | Account | Annualized | Paid | |||||||||||
Value | Value | Expense | During | |||||||||||
05/01/19 | 10/31/19 | Ratio(1) | Period(1) | |||||||||||
The Continental Small Company Series | ||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,010.50 | 0.13% | $ | 0.66 | |||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.55 | 0.13% | $ | 0.66 | |||||||
The Canadian Small Company Series | ||||||||||||||
Actual Fund Return | $ | 1,000.00 | $ | 1,016.00 | 0.12% | $ | 0.61 | |||||||
Hypothetical 5% Annual Return | $ | 1,000.00 | $ | 1,024.60 | 0.12% | $ | 0.61 |
(1) | Expenses are equal to the fund’s annualized expense ratio for the six-month period, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by the number of days in the year (365) to reflect the six-month period. |
185
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 as an exhibit to their reports on Form N-PORT. For The DFA Investment Trust Company, this would be for the fiscal quarters ending January 31 and July 31. Such Form N-PORT filing must be made within 60 days of the end of the quarter. The DFA Investment Trust Company filed its most recent Form N-PORT with the SEC on June 18, 2020. They are available upon request, without charge, by calling collect: (512) 306-7400; 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.
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; by mailing a request to Dimensional Fund Advisors LP, 6300 Bee Cave Road, Building One, Austin, TX 78746, or by visiting the SEC’s website at http://www.sec.gov.
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 reports to shareholders, whether or not a Schedule of Investments is used. The following table, which presents portfolio holdings as a percentage of total investments before short-term investments and collateral for loaned securities, is provided in compliance with this requirement. The categories shown below represent broad industry sectors. Each industry sector consists of one or more specific industry classifications.
SERIES | |||||||||||
The Japanese Small Company Series | The Asia Pacific Small Company Series | The United Kingdom Small Company Series | |||||||||
Communication Services | 2.7% | Communication Services | 8.8% | Communication Services | 4.7% | ||||||
Consumer Discretionary | 18.4% | Consumer Discretionary | 19.3% | Consumer Discretionary | 21.8% | ||||||
Consumer Staples | 7.2% | Consumer Staples | 6.5% | Consumer Staples | 5.2% | ||||||
Energy | 1.4% | Energy | 2.4% | Energy | 3.8% | ||||||
Financials | 8.3% | Financials | 12.0% | Financials | 13.8% | ||||||
Health Care | 4.6% | Health Care | 5.4% | Health Care | 3.2% | ||||||
Industrials | 30.5% | Industrials | 13.5% | Industrials | 28.9% | ||||||
Information Technology | 13.2% | Information Technology | 8.4% | Information Technology | 6.5% | ||||||
Materials | 10.3% | Materials | 13.4% | Materials | 5.6% | ||||||
Real Estate | 2.2% | Real Estate | 7.4% | Real Estate | 4.4% | ||||||
Utilities | 1.2% | Utilities | 2.9% | Utilities | 2.1% | ||||||
100.0% | 100.0% | 100.0% | |||||||||
DISCLOSURE OF PORTFOLIO HOLDINGS CONTINUED | |||||||||||
The Continental Small Company Series | The Canadian Small Company Series | ||||||||||
Communication Services | 7.0% | Communication Services | 2.3% | ||||||||
Consumer Discretionary | 9.6% | Consumer Discretionary | 5.5% | ||||||||
Consumer Staples | 4.8% | Consumer Staples | 4.6% | ||||||||
Energy | 3.5% | Energy | 14.9% | ||||||||
Financials | 13.0% | Financials | 10.6% | ||||||||
Health Care | 6.8% | Health Care | 1.8% | ||||||||
Industrials | 25.1% | Industrials | 11.5% | ||||||||
Information Technology | 10.8% | Information Technology | 4.0% | ||||||||
Materials | 7.2% | Materials | 33.2% | ||||||||
Real Estate | 7.5% | Real Estate | 4.7% | ||||||||
Utilities | 4.7% | Utilities | 6.9% | ||||||||
100.0% | 100.0% |
186
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (97.5%) | |||||||||
COMMUNICATION SERVICES — (2.8%) | |||||||||
Kadokawa Corp. | 334,416 | $ | 6,871,778 | 0.2% | |||||
Other Securities | 78,868,468 | 2.7% | |||||||
TOTAL COMMUNICATION SERVICES | 85,740,246 | 2.9% | |||||||
CONSUMER DISCRETIONARY — (16.7%) | |||||||||
DCM Holdings Co., Ltd. | 713,300 | 8,179,003 | 0.3% | ||||||
Keihin Corp. | 340,100 | 7,962,442 | 0.3% | ||||||
Shimachu Co., Ltd. | 259,400 | 7,209,454 | 0.3% | ||||||
Showa Corp. | 399,000 | 8,246,911 | 0.3% | ||||||
Other Securities | 480,556,663 | 15.8% | |||||||
TOTAL CONSUMER DISCRETIONARY | 512,154,473 | 17.0% | |||||||
CONSUMER STAPLES — (7.8%) | |||||||||
cocokara fine, Inc. | 134,660 | 7,279,224 | 0.2% | ||||||
Milbon Co., Ltd. | 154,752 | 7,397,046 | 0.3% | ||||||
Morinaga Milk Industry Co., Ltd. | 179,200 | 7,978,557 | 0.3% | ||||||
Nippon Suisan Kaisha, Ltd. | 1,794,300 | 7,810,083 | 0.3% | ||||||
Other Securities | 209,641,793 | 6.9% | |||||||
TOTAL CONSUMER STAPLES | 240,106,703 | 8.0% | |||||||
ENERGY — (1.2%) | |||||||||
# | Iwatani Corp. | 244,000 | 8,533,982 | 0.3% | |||||
Other Securities | 27,132,455 | 0.9% | |||||||
TOTAL ENERGY | 35,666,437 | 1.2% | |||||||
FINANCIALS — (8.4%) | |||||||||
Fuyo General Lease Co., Ltd. | 130,300 | 7,260,187 | 0.2% | ||||||
Hokuhoku Financial Group, Inc. | 872,900 | 7,250,762 | 0.2% | ||||||
Jafco Co., Ltd. | 214,900 | 7,267,280 | 0.2% | ||||||
Kiyo Bank, Ltd. (The) | 449,190 | 6,839,137 | 0.2% | ||||||
Shiga Bank, Ltd. (The) | 314,600 | 7,006,726 | 0.2% | ||||||
Other Securities | 220,669,662 | 7.5% | |||||||
TOTAL FINANCIALS | 256,293,754 | 8.5% | |||||||
HEALTH CARE — (4.7%) | |||||||||
Jeol, Ltd. | 254,400 | 7,066,338 | 0.2% | ||||||
Menicon Co., Ltd. | 179,200 | 8,857,211 | 0.3% | ||||||
Miraca Holdings, Inc. | 354,500 | 8,373,704 | 0.3% | ||||||
Other Securities | 119,899,853 | 4.0% | |||||||
TOTAL HEALTH CARE | 144,197,106 | 4.8% |
187
The Japanese Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
INDUSTRIALS — (29.0%) | |||||||||
BayCurrent Consulting, Inc. | 90,500 | $ | 7,567,014 | 0.3% | |||||
Daiseki Co., Ltd. | 256,863 | 6,885,763 | 0.2% | ||||||
# | DMG Mori Co., Ltd. | 673,200 | 8,225,884 | 0.3% | |||||
Duskin Co., Ltd. | 322,300 | 8,211,745 | 0.3% | ||||||
# | Fuji Corp. | 444,300 | 7,806,021 | 0.3% | |||||
Furukawa Electric Co., Ltd. | 394,400 | 9,578,052 | 0.3% | ||||||
GS Yuasa Corp. | 390,883 | 6,942,007 | 0.2% | ||||||
Hazama Ando Corp. | 1,320,000 | 7,656,878 | 0.3% | ||||||
Inaba Denki Sangyo Co., Ltd. | 369,900 | 8,248,199 | 0.3% | ||||||
Maeda Corp. | 930,800 | 7,124,068 | 0.2% | ||||||
Meitec Corp. | 182,500 | 8,829,557 | 0.3% | ||||||
Mirait Holdings Corp. | 524,835 | 7,861,430 | 0.3% | ||||||
Nichias Corp. | 421,400 | 8,806,902 | 0.3% | ||||||
Nikkon Holdings Co., Ltd. | 385,300 | 7,660,329 | 0.3% | ||||||
Nishimatsu Construction Co., Ltd. | 368,200 | 7,348,964 | 0.3% | ||||||
# | Nisshinbo Holdings, Inc. | 990,480 | 7,205,652 | 0.2% | |||||
Penta-Ocean Construction Co., Ltd. | 1,716,400 | 9,269,244 | 0.3% | ||||||
Ushio, Inc. | 777,700 | 10,389,984 | 0.4% | ||||||
Other Securities | 743,943,458 | 24.4% | |||||||
TOTAL INDUSTRIALS | 889,561,151 | 29.5% | |||||||
INFORMATION TECHNOLOGY — (12.8%) | |||||||||
Daiwabo Holdings Co., Ltd. | 120,400 | 7,901,822 | 0.3% | ||||||
NSD Co., Ltd. | 537,960 | 9,195,882 | 0.3% | ||||||
Tokyo Seimitsu Co., Ltd. | 261,000 | 8,372,176 | 0.3% | ||||||
# | Ulvac, Inc. | 264,700 | 7,684,703 | 0.3% | |||||
Other Securities | 359,094,362 | 11.8% | |||||||
TOTAL INFORMATION TECHNOLOGY | 392,248,945 | 13.0% | |||||||
MATERIALS — (10.6%) | |||||||||
ADEKA Corp. | 630,600 | 8,382,153 | 0.3% | ||||||
Mitsui Mining & Smelting Co., Ltd. | 395,000 | 8,094,492 | 0.3% | ||||||
Nippon Light Metal Holdings Co., Ltd. | 3,894,800 | 6,822,909 | 0.2% | ||||||
Sumitomo Osaka Cement Co., Ltd. | 265,199 | 9,344,299 | 0.3% | ||||||
Toagosei Co., Ltd. | 793,800 | 7,796,767 | 0.3% | ||||||
Tokuyama Corp. | 405,798 | 9,601,383 | 0.3% | ||||||
Toyobo Co., Ltd. | 571,300 | 7,959,845 | 0.3% | ||||||
Other Securities | 265,202,573 | 8.7% | |||||||
TOTAL MATERIALS | 323,204,421 | 10.7% | |||||||
REAL ESTATE — (1.9%) | |||||||||
Heiwa Real Estate Co., Ltd. | 236,600 | 6,778,557 | 0.2% | ||||||
#Kenedix, Inc. | 1,442,000 | 7,126,691 | 0.2% | ||||||
Other Securities | 45,482,937 | 1.6% | |||||||
TOTAL REAL ESTATE | 59,388,185 | 2.0% |
188
The Japanese Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
UTILITIES — (1.6%) | |||||||||
Nippon Gas Co., Ltd. | 210,300 | $ | 9,042,261 | 0.3% | |||||
Other Securities | 39,215,493 | 1.3% | |||||||
TOTAL UTILITIES | 48,257,754 | 1.6% | |||||||
TOTAL COMMON STOCKS | |||||||||
(Cost $2,855,738,783) | 2,986,819,175 | 99.2% | |||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (2.5%) | |||||||||
@§ | The DFA Short Term Investment Fund | 6,579,397 | 76,130,208 | 2.5% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $2,931,848,272)^ | $ | 3,062,949,383 | 101.7% |
^ | The cost for federal income tax purposes is $2,931,848,272. |
See accompanying Notes to Financial Statements.
189
The Japanese Small Company Series
continued
Summary of the Series’ investments as of June 30, 2020, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in | ||||||||||||
Securities | ||||||||||||
(Market Value) | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | ||||||||||||
Communication Services | — | $ | 85,740,246 | — | $ | 85,740,246 | ||||||
Consumer Discretionary | — | 512,154,473 | — | 512,154,473 | ||||||||
Consumer Staples | — | 240,106,703 | — | 240,106,703 | ||||||||
Energy | — | 35,666,437 | — | 35,666,437 | ||||||||
Financials | — | 256,293,754 | — | 256,293,754 | ||||||||
Health Care | — | 144,197,106 | — | 144,197,106 | ||||||||
Industrials | — | 889,561,151 | — | 889,561,151 | ||||||||
Information Technology | — | 392,248,945 | — | 392,248,945 | ||||||||
Materials | — | 323,204,421 | — | 323,204,421 | ||||||||
Real Estate | $ | 330,288 | 59,057,897 | — | 59,388,185 | |||||||
Utilities | — | 48,257,754 | — | 48,257,754 | ||||||||
Securities Lending Collateral | — | 76,130,208 | — | 76,130,208 | ||||||||
TOTAL | $ | 330,288 | $ | 3,062,619,095 | — | $ | 3,062,949,383 |
See accompanying Notes to Financial Statements.
190
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (97.3%) | ||||||||||
AUSTRALIA — (55.3%) | ||||||||||
Ansell, Ltd. | 700,311 | $ | 17,801,874 | 1.3 | % | |||||
# | Bank of Queensland, Ltd. | 2,104,987 | 9,045,024 | 0.6 | % | |||||
Bapcor, Ltd. | 2,252,217 | 9,288,657 | 0.7 | % | ||||||
Breville Group, Ltd. | 821,653 | 12,987,855 | 0.9 | % | ||||||
Carsales.com, Ltd. | 1,241,587 | 15,369,380 | 1.1 | % | ||||||
Cleanaway Waste Management, Ltd. | 8,259,761 | 12,681,824 | 0.9 | % | ||||||
CSR, Ltd. | 3,273,096 | 8,424,384 | 0.6 | % | ||||||
Elders, Ltd. | 1,232,076 | 8,052,821 | 0.6 | % | ||||||
Healius, Ltd. | 4,144,191 | 8,756,246 | 0.6 | % | ||||||
IGO, Ltd. | 3,070,006 | 10,475,064 | 0.7 | % | ||||||
Iluka Resources, Ltd. | 1,293,222 | 7,725,747 | 0.6 | % | ||||||
# | InvoCare, Ltd. | 1,035,492 | 7,530,126 | 0.5 | % | |||||
IOOF Holdings, Ltd. | 2,149,859 | 7,387,169 | 0.5 | % | ||||||
IRESS, Ltd. | 1,225,060 | 9,363,863 | 0.7 | % | ||||||
# | JB Hi-Fi, Ltd. | 505,510 | 15,124,578 | 1.1 | % | |||||
# | Metcash, Ltd. | 7,963,936 | 15,026,135 | 1.1 | % | |||||
# | Mineral Resources, Ltd. | 1,127,789 | 16,699,796 | 1.2 | % | |||||
* | NEXTDC, Ltd. | 2,176,341 | 14,969,375 | 1.1 | % | |||||
nib holdings, Ltd. | 3,098,293 | 9,887,809 | 0.7 | % | ||||||
Nine Entertainment Co. Holdings, Ltd. | 9,297,395 | 8,966,188 | 0.6 | % | ||||||
Omni Bridgeway, Ltd. | 2,357,576 | 7,783,594 | 0.6 | % | ||||||
Orora, Ltd. | 6,339,374 | 11,208,438 | 0.8 | % | ||||||
OZ Minerals, Ltd. | 2,218,981 | 17,049,661 | 1.2 | % | ||||||
Pendal Group, Ltd. | 1,950,282 | 8,159,432 | 0.6 | % | ||||||
# | Perpetual, Ltd. | 350,481 | 7,247,936 | 0.5 | % | |||||
* | Perseus Mining, Ltd. | 9,066,296 | 8,389,683 | 0.6 | % | |||||
Premier Investments, Ltd. | 622,552 | 7,506,870 | 0.5 | % | ||||||
Regis Resources, Ltd. | 3,188,786 | 11,668,715 | 0.8 | % | ||||||
* | Resolute Mining, Ltd. | 9,170,450 | 7,351,036 | 0.5 | % | |||||
* | Saracen Mineral Holdings, Ltd. | 6,862,422 | 26,136,505 | 1.9 | % | |||||
* | Silver Lake Resources, Ltd. | 7,807,789 | 11,695,920 | 0.8 | % | |||||
Spark Infrastructure Group | 11,180,077 | 16,697,996 | 1.2 | % | ||||||
St Barbara, Ltd. | 5,157,916 | 11,417,576 | 0.8 | % | ||||||
Steadfast Group, Ltd. | 5,683,479 | 13,316,653 | 0.9 | % | ||||||
Technology One, Ltd. | 1,748,272 | 10,714,003 | 0.8 | % | ||||||
* | Vocus Group, Ltd. | 4,091,642 | 8,407,812 | 0.6 | % | |||||
Other Securities | 383,644,650 | 27.2 | % | |||||||
TOTAL AUSTRALIA | 793,960,395 | 56.4 | % | |||||||
CHINA — (0.9%) | ||||||||||
Other Securities | 13,661,776 | 1.0 | % |
191
The Asia Pacific Small Company Series
CONTINUED
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
HONG KONG — (20.9%) | ||||||||||
# | HKBN, Ltd. | 4,226,500 | $ | 7,411,431 | 0.5 | % | ||||
Luk Fook Holdings International, Ltd. | 3,704,000 | 8,052,744 | 0.6 | % | ||||||
Man Wah Holdings, Ltd. | 14,769,200 | 14,223,951 | 1.0 | % | ||||||
VTech Holdings, Ltd. | 1,438,200 | 8,663,965 | 0.6 | % | ||||||
Other Securities | 262,441,834 | 18.7 | % | |||||||
TOTAL HONG KONG | 300,793,925 | 21.4 | % | |||||||
JAPAN — (0.0%) | ||||||||||
Other Security | 450,115 | 0.0 | % | |||||||
NEW ZEALAND — (6.6%) | ||||||||||
Chorus, Ltd. | 3,219,258 | 15,594,265 | 1.1 | % | ||||||
Infratil, Ltd. | 4,368,506 | 13,326,950 | 1.0 | % | ||||||
Mainfreight, Ltd. | 316,713 | 8,085,312 | 0.6 | % | ||||||
SKYCITY Entertainment Group, Ltd. | 5,101,527 | 7,934,263 | 0.6 | % | ||||||
Other Securities | 49,446,959 | 3.4 | % | |||||||
TOTAL NEW ZEALAND | 94,387,749 | 6.7 | % | |||||||
SINGAPORE — (13.3%) | ||||||||||
# | IGG, Inc. | 9,421,000 | 7,747,995 | 0.6 | % | |||||
Keppel Infrastructure Trust | 19,465,946 | 7,574,231 | 0.5 | % | ||||||
Sembcorp Industries, Ltd. | 7,106,600 | 8,995,943 | 0.6 | % | ||||||
# | Singapore Press Holdings, Ltd. | 7,633,400 | 6,994,136 | 0.5 | % | |||||
Venture Corp., Ltd. | 829,700 | 9,696,450 | 0.7 | % | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 15,845,500 | 10,667,082 | 0.8 | % | ||||||
Other Securities | 138,864,169 | 9.8 | % | |||||||
TOTAL SINGAPORE | 190,540,006 | 13.5 | % | |||||||
UNITED STATES — (0.3%) | ||||||||||
Other Securities | 4,509,745 | 0.3 | % | |||||||
TOTAL COMMON STOCKS | 1,398,303,711 | 99.3 | % | |||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||||
SINGAPORE — (0.0%) | ||||||||||
Other Securities | 1,791 | 0.0 | % | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||||
(Cost $1,616,742,648) | 1,398,305,502 | |||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (2.7%) | ||||||||||
@§ | The DFA Short Term Investment Fund | 3,313,324 | 38,338,471 | 2.7 | % | |||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $1,655,074,487)^ | $ | 1,436,643,973 | 102.0 | % |
^ | The cost for federal income tax purposes is $1,655,074,487. |
See accompanying Notes to Financial Statements.
192
The Asia Pacific Small Company Series
CONTINUED
Summary of the Series’ investments as of June 30, 2020, 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 | $ | 2,542 | $ | 793,957,853 | — | $ | 793,960,395 | |||||
China | — | 13,661,776 | — | 13,661,776 | ||||||||
Hong Kong | 24,050 | 300,769,875 | — | 300,793,925 | ||||||||
Japan | — | 450,115 | — | 450,115 | ||||||||
New Zealand | — | 94,387,749 | — | 94,387,749 | ||||||||
Singapore | — | 190,540,006 | — | 190,540,006 | ||||||||
United States | 2,799 | 4,506,946 | — | 4,509,745 | ||||||||
Rights/Warrants | ||||||||||||
Singapore | — | 1,791 | — | 1,791 | ||||||||
Securities Lending Collateral | — | 38,338,471 | — | 38,338,471 | ||||||||
TOTAL | $ | 29,391 | $ | 1,436,614,582 | — | $ | 1,436,643,973 |
See accompanying Notes to Financial Statements.
193
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (97.5%) | ||||||||||
COMMUNICATION SERVICES — (2.4%) | ||||||||||
Other Securities | $ | 36,551,500 | 2.4 | % | ||||||
CONSUMER DISCRETIONARY — (18.5%) | ||||||||||
B&M European Value Retail SA | 2,733,407 | 13,454,936 | 0.9 | % | ||||||
Bellway P.L.C. | 533,292 | 16,796,690 | 1.1 | % | ||||||
Countryside Properties P.L.C. | 2,676,835 | 10,961,439 | 0.7 | % | ||||||
Domino’s Pizza Group P.L.C. | 3,598,386 | 13,812,170 | 0.9 | % | ||||||
Games Workshop Group P.L.C. | 205,563 | 20,425,881 | 1.4 | % | ||||||
Greggs P.L.C. | 617,131 | 12,377,220 | 0.8 | % | ||||||
Inchcape P.L.C. | 2,472,981 | 15,028,805 | 1.0 | % | ||||||
Moneysupermarket.com Group P.L.C. | 3,466,544 | 13,905,685 | 0.9 | % | ||||||
Vistry Group P.L.C. | 1,436,468 | 12,652,827 | 0.9 | % | ||||||
Other Securities | 153,842,073 | 10.3 | % | |||||||
TOTAL CONSUMER DISCRETIONARY | 283,257,726 | 18.9 | % | |||||||
CONSUMER STAPLES — (6.5%) | ||||||||||
Britvic P.L.C. | 1,585,438 | 15,098,086 | 1.0 | % | ||||||
Cranswick P.L.C. | 379,748 | 17,010,461 | 1.1 | % | ||||||
Fevertree Drinks P.L.C. | 610,255 | 15,469,636 | 1.0 | % | ||||||
Tate & Lyle P.L.C. | 2,642,463 | 21,844,515 | 1.5 | % | ||||||
Other Securities | 29,477,642 | 2.0 | % | |||||||
TOTAL CONSUMER STAPLES | 98,900,340 | 6.6 | % | |||||||
ENERGY — (2.3%) | ||||||||||
Other Securities | 35,872,765 | 2.4 | % | |||||||
FINANCIALS — (15.3%) | ||||||||||
# | Ashmore Group P.L.C. | 2,121,975 | 10,956,740 | 0.7 | % | |||||
Beazley P.L.C. | 2,964,842 | 15,030,722 | 1.0 | % | ||||||
Close Brothers Group P.L.C. | 1,010,082 | 13,828,596 | 0.9 | % | ||||||
IG Group Holdings P.L.C. | 2,561,656 | 25,867,873 | 1.7 | % | ||||||
Intermediate Capital Group P.L.C. | 751,019 | 11,981,617 | 0.8 | % | ||||||
Lancashire Holdings, Ltd. | 1,430,682 | 14,346,595 | 1.0 | % | ||||||
Man Group PLC | 10,433,201 | 16,891,095 | 1.1 | % | ||||||
Quilter P.L.C. | 10,292,590 | 17,713,003 | 1.2 | % | ||||||
TP ICAP P.L.C. | 3,733,089 | 16,213,455 | 1.1 | % | ||||||
Other Securities | 90,795,216 | 6.1 | % | |||||||
TOTAL FINANCIALS | 233,624,912 | 15.6 | % | |||||||
HEALTH CARE — (3.5%) | ||||||||||
Other Securities | 53,945,058 | 3.6 | % | |||||||
INDUSTRIALS — (29.1%) | ||||||||||
Babcock International Group P.L.C. | 3,043,024 | 11,662,509 | 0.8 | % | ||||||
Balfour Beatty P.L.C. | 4,805,553 | 15,471,230 | 1.0 | % | ||||||
Diploma P.L.C. | 780,435 | 17,349,626 | 1.2 | % | ||||||
Electrocomponents P.L.C. | 2,748,853 | 22,882,461 | 1.5 | % | ||||||
G4S P.L.C. | 9,287,044 | 13,138,424 | 0.9 | % | ||||||
Grafton Group P.L.C. | 1,587,551 | 12,982,066 | 0.9 | % | ||||||
Hays P.L.C. | 9,080,700 | 13,446,617 | 0.9 | % |
194
The United Kingdom Small Company Series
CONTINUED
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
INDUSTRIALS — (Continued) | ||||||||||
HomeServe P.L.C. | 795,514 | $ | 12,861,059 | 0.9 | % | |||||
Howden Joinery Group P.L.C. | 3,077,405 | 21,068,444 | 1.4 | % | ||||||
IMI P.L.C. | 1,745,630 | 19,915,425 | 1.3 | % | ||||||
John Laing Group P.L.C. | 2,506,978 | 10,859,520 | 0.7 | % | ||||||
QinetiQ Group P.L.C. | 3,964,771 | 14,604,014 | 1.0 | % | ||||||
Rotork P.L.C. | 5,397,898 | 18,682,151 | 1.2 | % | ||||||
Royal Mail P.L.C. | 5,277,907 | 11,895,432 | 0.8 | % | ||||||
Signature Aviation P.L.C. | 5,602,723 | 16,016,945 | 1.1 | % | ||||||
Travis Perkins P.L.C. | 1,545,039 | 21,540,919 | 1.4 | % | ||||||
Ultra Electronics Holdings P.L.C. | 591,619 | 14,589,505 | 1.0 | % | ||||||
Weir Group P.L.C (The) . | 831,751 | 10,930,260 | 0.7 | % | ||||||
Other Securities | 164,762,611 | 11.0 | % | |||||||
TOTAL INDUSTRIALS | 444,659,218 | 29.7 | % | |||||||
INFORMATION TECHNOLOGY — (6.9%) | ||||||||||
Computacenter P.L.C. | 542,204 | 10,989,139 | 0.7 | % | ||||||
Softcat P.L.C. | 810,023 | 10,955,667 | 0.7 | % | ||||||
Spectris P.L.C. | 668,518 | 20,879,533 | 1.4 | % | ||||||
Spirent Communications P.L.C. | 4,124,361 | 12,339,599 | 0.8 | % | ||||||
Other Securities | 50,659,991 | 3.5 | % | |||||||
TOTAL INFORMATION TECHNOLOGY | 105,823,929 | 7.1 | % | |||||||
MATERIALS — (7.0%) | ||||||||||
Centamin P.L.C. | 8,142,932 | 18,587,665 | 1.2 | % | ||||||
Marshalls P.L.C. | 1,450,097 | 11,054,993 | 0.7 | % | ||||||
Victrex P.L.C. | 608,813 | 14,717,566 | 1.0 | % | ||||||
Other Securities | 63,262,829 | 4.3 | % | |||||||
TOTAL MATERIALS | 107,623,053 | 7.2 | % | |||||||
REAL ESTATE — (4.1%) | ||||||||||
Grainger P.L.C. | 4,445,647 | 15,775,038 | 1.1 | % | ||||||
# | IWG P.L.C. | 4,261,590 | 14,009,068 | 0.9 | % | |||||
St. Modwen Properties P.L.C. | 2,718,738 | 11,677,775 | 0.8 | % | ||||||
Other Securities | 20,971,226 | 1.4 | % | |||||||
TOTAL REAL ESTATE | 62,433,107 | 4.2 | % | |||||||
UTILITIES — (1.9%) | ||||||||||
Other Securities | 29,345,466 | 2.0 | % | |||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $1,787,748,694) | 1,492,037,074 | 99.7 | % | |||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (2.5%) | ||||||||||
@§ | The DFA Short Term Investment Fund | 3,307,680 | 38,273,168 | 2.6 | % | |||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $1,826,013,611)^ | $ | 1,530,310,242 | 102.3 | % |
^ | The cost for federal income tax purposes is $1,826,013,611. |
195
The United Kingdom Small Company Series
continued
Summary of the Series’ investments as of June 30, 2020, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in | ||||||||||||
Securities | ||||||||||||
(Market Value) | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | ||||||||||||
Communication Services | — | $ | 36,551,500 | — | $ | 36,551,500 | ||||||
Consumer Discretionary | $ | 444,302 | 282,813,424 | — | 283,257,726 | |||||||
Consumer Staples | — | 98,900,340 | — | 98,900,340 | ||||||||
Energy | — | 35,872,765 | — | 35,872,765 | ||||||||
Financials | — | 233,624,912 | — | 233,624,912 | ||||||||
Health Care | — | 53,945,058 | — | 53,945,058 | ||||||||
Industrials | — | 444,659,218 | — | 444,659,218 | ||||||||
Information Technology | — | 105,823,929 | — | 105,823,929 | ||||||||
Materials | — | 107,623,053 | — | 107,623,053 | ||||||||
Real Estate | — | 62,433,107 | — | 62,433,107 | ||||||||
Utilities | — | 29,345,466 | — | 29,345,466 | ||||||||
Securities Lending Collateral | — | 38,273,168 | — | 38,273,168 | ||||||||
TOTAL | $ | 444,302 | $ | 1,529,865,940 | — | $ | 1,530,310,242 |
See accompanying Notes to Financial Statements.
196
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (92.2%) | ||||||||||
AUSTRIA — (3.3%) | ||||||||||
* | ANDRITZ AG | 487,426 | $ | 17,771,974 | 0.4 | % | ||||
CA Immobilien Anlagen AG | 498,198 | 16,656,959 | 0.4 | % | ||||||
Other Securities | 129,225,093 | 2.7 | % | |||||||
TOTAL AUSTRIA | 163,654,026 | 3.5 | % | |||||||
BELGIUM — (3.3%) | ||||||||||
* | Ackermans & van Haaren NV | 169,457 | 22,188,344 | 0.5 | % | |||||
Other Securities | 141,456,857 | 3.0 | % | |||||||
TOTAL BELGIUM | 163,645,201 | 3.5 | % | |||||||
DENMARK — (5.2%) | ||||||||||
Pandora A.S. | 509,474 | 27,824,654 | 0.6 | % | ||||||
* | Royal Unibrew A.S. | 347,808 | 28,993,921 | 0.6 | % | |||||
SimCorp A.S. | 282,473 | 30,550,107 | 0.7 | % | ||||||
Topdanmark A.S. | 467,367 | 19,359,152 | 0.4 | % | ||||||
Other Securities | 152,926,037 | 3.3 | % | |||||||
TOTAL DENMARK | 259,653,871 | 5.6 | % | |||||||
FINLAND — (5.9%) | ||||||||||
* | Huhtamaki Oyj | 689,459 | 27,275,575 | 0.6 | % | |||||
Kesko Oyj, Class B | 1,236,708 | 21,169,156 | 0.5 | % | ||||||
Metso Oyj | 667,333 | 21,930,936 | 0.5 | % | ||||||
# | Nokian Renkaat Oyj | 883,124 | 19,412,293 | 0.4 | % | |||||
Orion Oyj, Class B | 515,971 | 25,021,671 | 0.5 | % | ||||||
Valmet Oyj | 947,069 | 24,822,479 | 0.5 | % | ||||||
Other Securities | 155,550,771 | 3.3 | % | |||||||
TOTAL FINLAND | 295,182,881 | 6.3 | % | |||||||
FRANCE — (9.8%) | ||||||||||
* | Ingenico Group SA | 410,247 | 65,916,000 | 1.4 | % | |||||
Rexel SA | 2,202,448 | 25,242,556 | 0.6 | % | ||||||
# | Rubis SCA | 510,543 | 24,614,113 | 0.5 | % | |||||
Other Securities | 370,301,346 | 7.9 | % | |||||||
TOTAL FRANCE | 486,074,015 | 10.4 | % | |||||||
GERMANY — (14.3%) | ||||||||||
Aurubis AG | 296,684 | 18,340,657 | 0.4 | % | ||||||
Bechtle AG | 105,584 | 18,713,781 | 0.4 | % | ||||||
#* | CTS Eventim AG & Co. KGaA | 416,756 | 17,402,066 | 0.4 | % | |||||
GEA Group AG | 847,030 | 26,883,248 | 0.6 | % | ||||||
Gerresheimer AG | 254,880 | 23,554,837 | 0.5 | % | ||||||
Grand City Properties SA | 809,750 | 18,728,088 | 0.4 | % | ||||||
Lanxess AG | 602,345 | 31,852,919 | 0.7 | % | ||||||
#* | OSRAM Licht AG | 602,174 | 27,598,920 | 0.6 | % | |||||
Rheinmetall AG | 315,288 | 27,397,653 | 0.6 | % | ||||||
TAG Immobilien AG | 954,559 | 22,798,666 | 0.5 | % | ||||||
Other Securities | 478,720,910 | 10.2 | % | |||||||
TOTAL GERMANY | 711,991,745 | 15.3 | % |
197
The Continental Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
IRELAND — (0.6%) | ||||||||||
Other Securities | $ | 26,880,662 | 0.6 | % | ||||||
ISRAEL — (2.9%) | ||||||||||
Other Securities | 142,620,192 | 3.1 | % | |||||||
ITALY — (9.1%) | ||||||||||
Hera SpA | 4,939,246 | 18,545,623 | 0.4 | % | ||||||
Italgas SpA | 3,480,238 | 20,253,709 | 0.4 | % | ||||||
Prysmian SpA | 721,027 | 16,726,617 | 0.4 | % | ||||||
#* | Unione di Banche Italiane SpA | 7,777,728 | 25,529,881 | 0.6 | % | |||||
Other Securities | 372,403,579 | 7.9 | % | |||||||
TOTAL ITALY | 453,459,409 | 9.7 | % | |||||||
NETHERLANDS — (7.0%) | ||||||||||
Aalberts NV | 720,308 | 23,619,490 | 0.5 | % | ||||||
ASM International NV | 172,034 | 26,484,044 | 0.6 | % | ||||||
ASR Nederland NV | 873,857 | 26,886,259 | 0.6 | % | ||||||
BE Semiconductor Industries NV | 550,104 | 24,391,448 | 0.5 | % | ||||||
Euronext NV | 311,958 | 31,399,875 | 0.7 | % | ||||||
# | IMCD NV | 357,089 | 33,673,279 | 0.7 | % | |||||
SBM Offshore NV | 1,334,375 | 19,662,695 | 0.4 | % | ||||||
* | Signify NV | 780,137 | 20,057,303 | 0.4 | % | |||||
Other Securities | 143,030,137 | 3.1 | % | |||||||
TOTAL NETHERLANDS | 349,204,530 | 7.5 | % | |||||||
NORWAY — (2.2%) | ||||||||||
Other Securities | 110,579,262 | 2.4 | % | |||||||
PORTUGAL — (0.8%) | ||||||||||
Other Securities | 40,878,132 | 0.9 | % | |||||||
SPAIN — (5.3%) | ||||||||||
# | Acciona SA | 173,951 | 17,112,487 | 0.4 | % | |||||
Viscofan SA | 280,336 | 18,325,648 | 0.4 | % | ||||||
Other Securities | 229,366,665 | 4.9 | % | |||||||
TOTAL SPAIN | 264,804,800 | 5.7 | % | |||||||
SWEDEN — (7.8%) | ||||||||||
Other Securities | 387,405,993 | 8.3 | % | |||||||
SWITZERLAND — (14.0%) | ||||||||||
Allreal Holding AG | 114,189 | 22,636,602 | 0.5 | % | ||||||
* | ams AG | 1,516,165 | 22,603,822 | 0.5 | % | |||||
Belimo Holding AG | 3,028 | 22,409,383 | 0.5 | % | ||||||
Cembra Money Bank AG | 187,433 | 18,322,175 | 0.4 | % | ||||||
Georg Fischer AG | 31,555 | 27,203,581 | 0.6 | % | ||||||
Helvetia Holding AG | 216,663 | 20,294,788 | 0.4 | % | ||||||
PSP Swiss Property AG | 331,480 | 37,336,501 | 0.8 | % | ||||||
Sunrise Communications Group AG | 271,523 | 24,151,079 | 0.5 | % | ||||||
VAT Group AG | 205,035 | 37,659,370 | 0.8 | % | ||||||
Other Securities | 464,130,608 | 10.0 | % | |||||||
TOTAL SWITZERLAND | 696,747,909 | 15.0 | % |
198
The Continental Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
UNITED ARAB EMIRATES— (0.0%) | ||||||||||
Other Security | $ | 66,018 | 0.0 | % | ||||||
UNITED KINGDOM — (0.7%) | ||||||||||
* | Dialog Semiconductor P.L.C. | 601,965 | 27,514,995 | 0.6 | % | |||||
Other Security | 5,072,215 | 0.1 | % | |||||||
TOTAL UNITED KINGDOM | 32,587,210 | 0.7 | % | |||||||
TOTAL COMMON STOCKS | 4,585,435,856 | 98.5 | % | |||||||
PREFERRED STOCKS — (0.7%) | ||||||||||
GERMANY — (0.7%) | ||||||||||
Other Securities | 34,669,881 | 0.8 | % | |||||||
RIGHTS/WARRANTS — (0.1%) | ||||||||||
SWITZERLAND — (0.0%) | ||||||||||
Other Security | 30,230 | 0.0 | % | |||||||
FINLAND — (0.1%) | ||||||||||
Other Security | 1,989,851 | 0.0 | % | |||||||
TOTAL RIGHTS/WARRANTS | 2,020,081 | 0.0 | % | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||||
(Cost $4,607,588,086) | 4,622,125,818 | |||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (7.0%) | ||||||||||
@§ | The DFA Short Term Investment Fund | 30,197,652 | 349,417,036 | 7.5 | % | |||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $4,956,946,879)^ | $ | 4,971,542,854 | 106.8 | % |
^ | The cost for federal income tax purposes is $4,956,946,879. |
199
The Continental Small Company Series
continued
Summary of the Series’ investments as of June 30, 2020, 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 | — | $ | 163,654,026 | — | $ | 163,654,026 | ||||||
Belgium | — | 163,645,201 | — | 163,645,201 | ||||||||
Denmark | $ | 1,021,951 | 258,631,920 | — | 259,653,871 | |||||||
Finland | — | 295,182,881 | — | 295,182,881 | ||||||||
France | — | 486,074,015 | — | 486,074,015 | ||||||||
Germany | 14,075,228 | 697,916,517 | — | 711,991,745 | ||||||||
Ireland | — | 26,880,662 | — | 26,880,662 | ||||||||
Israel | 572,425 | 142,047,767 | — | 142,620,192 | ||||||||
Italy | — | 453,459,409 | — | 453,459,409 | ||||||||
Netherlands | — | 349,204,530 | — | 349,204,530 | ||||||||
Norway | — | 110,579,262 | — | 110,579,262 | ||||||||
Portugal | — | 40,878,132 | — | 40,878,132 | ||||||||
Spain | 137,655 | 264,667,145 | — | 264,804,800 | ||||||||
Sweden | 7,967,811 | 379,438,182 | — | 387,405,993 | ||||||||
Switzerland | 1,452,713 | 695,295,196 | — | 696,747,909 | ||||||||
United Arab Emirates | — | 66,018 | — | 66,018 | ||||||||
United Kingdom | — | 32,587,210 | — | 32,587,210 | ||||||||
Preferred Stocks | ||||||||||||
Germany | — | 34,669,881 | — | 34,669,881 | ||||||||
Rights/Warrants | ||||||||||||
Finland | — | 1,989,851 | — | 1,989,851 | ||||||||
Switzerland | — | 30,230 | — | 30,230 | ||||||||
Securities Lending Collateral | — | 349,417,036 | — | 349,417,036 | ||||||||
TOTAL | $ | 25,227,783 | $ | 4,946,315,071 | — | $ | 4,971,542,854 |
See accompanying Notes to Financial Statements.
200
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (87.2%) | ||||||||||
COMMUNICATION SERVICES — (0.9%) | ||||||||||
Other Securities | $ | 9,614,663 | 1.1 | % | ||||||
CONSUMER DISCRETIONARY — (4.8%) | ||||||||||
#* | Great Canadian Gaming Corp. | 428,062 | 8,522,773 | 0.9 | % | |||||
Other Securities | 40,088,605 | 4.5 | % | |||||||
TOTAL CONSUMER DISCRETIONARY | 48,611,378 | 5.4 | % | |||||||
CONSUMER STAPLES — (5.4%) | ||||||||||
# | Jamieson Wellness, Inc. | 275,646 | 7,224,134 | 0.8 | % | |||||
# | Maple Leaf Foods, Inc. | 354,493 | 7,444,457 | 0.8 | % | |||||
# | North West Co., Inc. (The) | 319,480 | 6,984,507 | 0.8 | % | |||||
# | Premium Brands Holdings Corp. | 182,482 | 11,640,352 | 1.3 | % | |||||
Primo Water Corp. | 96,682 | 1,329,378 | 0.2 | % | ||||||
Primo Water Corp. | 813,424 | 11,162,411 | 1.3 | % | ||||||
Other Securities | 9,841,927 | 1.0 | % | |||||||
TOTAL CONSUMER STAPLES | 55,627,166 | 6.2 | % | |||||||
ENERGY — (10.2%) | ||||||||||
ARC Resources, Ltd. | 2,215,726 | 7,442,332 | 0.8 | % | ||||||
Gibson Energy, Inc. | 940,791 | 14,642,688 | 1.6 | % | ||||||
#* | MEG Energy Corp. | 2,543,536 | 7,063,296 | 0.8 | % | |||||
* | Parex Resources, Inc. | 786,291 | 9,475,339 | 1.1 | % | |||||
Tourmaline Oil Corp. | 1,058,147 | 9,251,771 | 1.0 | % | ||||||
Other Securities | 55,958,257 | 6.3 | % | |||||||
TOTAL ENERGY | 103,833,683 | 11.6 | % | |||||||
FINANCIALS — (7.6%) | ||||||||||
Canadian Western Bank | 456,902 | 7,959,437 | 0.9 | % | ||||||
ECN Capital Corp. | 2,488,693 | 7,075,983 | 0.8 | % | ||||||
Element Fleet Management Corp. | 1,128,513 | 8,420,622 | 0.9 | % | ||||||
# | Laurentian Bank of Canada | 412,090 | 8,681,330 | 1.0 | % | |||||
Other Securities | 45,709,894 | 5.1 | % | |||||||
TOTAL FINANCIALS | 77,847,266 | 8.7 | % | |||||||
HEALTH CARE — (1.1%) | ||||||||||
Other Securities | 11,221,599 | 1.2 | % | |||||||
INDUSTRIALS — (10.7%) | ||||||||||
Finning International, Inc. | 885,513 | 12,073,398 | 1.4 | % | ||||||
Morneau Shepell, Inc. | 401,948 | 9,382,537 | 1.1 | % | ||||||
Richelieu Hardware, Ltd. | 361,973 | 7,700,192 | 0.9 | % | ||||||
# | Stantec, Inc. | 489,094 | 15,098,652 | 1.7 | % | |||||
TFI International, Inc. | 481,820 | 17,102,906 | 1.9 | % | ||||||
Other Securities | 47,727,602 | 5.2 | % | |||||||
TOTAL INDUSTRIALS | 109,085,287 | 12.2 | % |
201
The Canadian Small Company Series
CONTINUED
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
INFORMATION TECHNOLOGY — (5.9%) | ||||||||||
#* | BlackBerry, Ltd. | 869,494 | $ | 4,239,872 | 0.5 | % | ||||
#* | BlackBerry, Ltd. | 1,540,551 | 7,533,294 | 0.8 | % | |||||
# | Enghouse Systems, Ltd. | 263,395 | 14,066,100 | 1.6 | % | |||||
#* | Kinaxis, Inc. | 141,544 | 20,232,785 | 2.3 | % | |||||
Other Securities | 14,222,834 | 1.5 | % | |||||||
TOTAL INFORMATION TECHNOLOGY | 60,294,885 | 6.7 | % | |||||||
MATERIALS — (30.4%) | ||||||||||
#* | Alacer Gold Corp. | 2,084,220 | 14,323,639 | 1.6 | % | |||||
Alamos Gold, Inc., Class A | 2,137,711 | 19,934,749 | 2.2 | % | ||||||
# | Centerra Gold, Inc. | 1,348,651 | 15,050,137 | 1.7 | % | |||||
# | Dundee Precious Metals, Inc. | 1,156,904 | 7,618,387 | 0.8 | % | |||||
#* | Eldorado Gold Corp. | 738,003 | 7,115,834 | 0.8 | % | |||||
#* | Endeavour Mining Corp. | 391,356 | 9,469,676 | 1.1 | % | |||||
#* | First Majestic Silver Corp. | 713,181 | 7,091,888 | 0.8 | % | |||||
#* | IAMGOLD Corp. | 2,447,564 | 9,717,420 | 1.1 | % | |||||
#* | IAMGOLD Corp. | 599,837 | 2,369,356 | 0.3 | % | |||||
* | Ivanhoe Mines, Ltd., Class A | 3,084,210 | 8,746,471 | 1.0 | % | |||||
#* | OceanaGold Corp. | 3,806,514 | 8,860,183 | 1.0 | % | |||||
# | Osisko Gold Royalties, Ltd. | 772,174 | 7,712,645 | 0.9 | % | |||||
Pan American Silver Corp. | 390,905 | 11,871,692 | 1.3 | % | ||||||
#* | Sandstorm Gold, Ltd. | 1,058,655 | 10,160,780 | 1.1 | % | |||||
* | SEMAFO, Inc. | 1,996,759 | 6,809,807 | 0.8 | % | |||||
#* | SSR Mining, Inc. | 711,103 | 15,153,366 | 1.7 | % | |||||
* | Wesdome Gold Mines Ltd. | 825,773 | 7,134,883 | 0.8 | % | |||||
# | West Fraser Timber Co., Ltd. | 290,209 | 10,200,923 | 1.1 | % | |||||
Yamana Gold, Inc. | 3,304,447 | 17,963,184 | 2.0 | % | ||||||
Other Securities | 112,899,160 | 12.5 | % | |||||||
TOTAL MATERIALS | 310,204,180 | 34.6 | % | |||||||
REAL ESTATE — (3.9%) | ||||||||||
Altus Group, Ltd. | 261,893 | 7,868,750 | 0.9 | % | ||||||
Colliers International Group, Inc. | 165,544 | 9,499,026 | 1.1 | % | ||||||
Colliers International Group, Inc. | 4,163 | 238,582 | 0.0 | % | ||||||
*Real Matters, Inc. | 334,320 | 6,520,915 | 0.7 | % | ||||||
Tricon Capital Group, Inc. | 1,022,259 | 6,889,857 | 0.8 | % | ||||||
Other Securities | 8,292,723 | 0.9 | % | |||||||
TOTAL REAL ESTATE | 39,309,853 | 4.4 | % | |||||||
UTILITIES — (6.3%) | ||||||||||
#Boralex, Inc., Class A | 549,954 | 12,517,368 | 1.4 | % | ||||||
#Capital Power Corp. | 771,649 | 15,903,608 | 1.8 | % | ||||||
Innergex Renewable Energy, Inc. | 800,557 | 11,262,991 | 1.3 | % | ||||||
TransAlta Corp. | 1,784,708 | 10,582,572 | 1.2 | % | ||||||
TransAlta Corp. | 16,789 | 99,559 | 0.0 | % | ||||||
TransAlta Renewables, Inc. | 614,934 | 6,608,638 | 0.7 | % | ||||||
Other Securities | 7,821,715 | 0.8 | % | |||||||
TOTAL UTILITIES | 64,796,451 | 7.2 | % | |||||||
TOTAL COMMON STOCKS | 890,446,411 | 99.3 | % |
202
The Canadian Small Company Series
CONTINUED
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
RIGHTS/WARRANTS — (0.1%) | ||||||||||
ENERGY — (0.0%) | ||||||||||
Other Security | $ | 55 | 0.0 | % | ||||||
MATERIALS — (0.1%) | ||||||||||
Other Security | 1,287,222 | 0.1 | % | |||||||
TOTAL RIGHTS/WARRANTS | 1,287,277 | 0.1 | % | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||||
(Cost $1,042,830,088) | 891,733,688 | |||||||||
Value† | ||||||||||
SECURITIES LENDING COLLATERAL — (12.7%) | ||||||||||
@§ | The DFA Short Term Investment Fund | 11,224,864 | 129,882,903 | 14.5 | % | |||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $1,172,690,165)^ | $ | 1,021,616,591 | 113.9 | % |
^ | The cost for federal income tax purposes is $1,172,690,165. |
203
The Canadian Small Company Series
CONTINUED
Summary of the Series' investments as of June 30, 2020, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in | ||||||||||||
Securities | ||||||||||||
(Market Value) | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | ||||||||||||
Communication Services | $ | 9,614,663 | — | — | $ | 9,614,663 | ||||||
Consumer Discretionary | 46,231,151 | $ | 2,380,227 | — | 48,611,378 | |||||||
Consumer Staples | 55,627,166 | — | — | 55,627,166 | ||||||||
Energy | 103,833,546 | 137 | — | 103,833,683 | ||||||||
Financials | 77,847,266 | — | — | 77,847,266 | ||||||||
Health Care | 11,221,599 | — | — | 11,221,599 | ||||||||
Industrials | 109,085,287 | — | — | 109,085,287 | ||||||||
Information Technology | 60,294,885 | — | — | 60,294,885 | ||||||||
Materials | 310,194,432 | 9,748 | — | 310,204,180 | ||||||||
Real Estate | 39,309,853 | — | — | 39,309,853 | ||||||||
Utilities | 64,796,451 | — | — | 64,796,451 | ||||||||
Rights/Warrants | ||||||||||||
Energy | — | 55 | — | 55 | ||||||||
Materials | — | 1,287,222 | — | 1,287,222 | ||||||||
Securities Lending Collateral | — | 129,882,903 | — | 129,882,903 | ||||||||
TOTAL | $ | 888,056,299 | $ | 133,560,292 | — | $ | 1,021,616,591 |
See accompanying Notes to Financial Statements.
204
THE JAPANESE SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (97.6%) | ||||||||||
COMMUNICATION SERVICES — (2.6%) | ||||||||||
Other Securities | $ | 100,852,769 | 2.7 | % | ||||||
CONSUMER DISCRETIONARY — (18.0%) | ||||||||||
Autobacs Seven Co., Ltd. | 555,300 | 9,166,960 | 0.3 | % | ||||||
# | Fujitsu General, Ltd. | 512,500 | 9,251,020 | 0.3 | % | |||||
Showa Corp. | 399,000 | 8,336,955 | 0.2 | % | ||||||
Other Securities | 657,574,356 | 17.5 | % | |||||||
TOTAL CONSUMER DISCRETIONARY | 684,329,291 | 18.3 | % | |||||||
CONSUMER STAPLES — (7.1%) | ||||||||||
Milbon Co., Ltd. | 170,552 | 9,341,344 | 0.3 | % | ||||||
Morinaga Milk Industry Co., Ltd. | 250,300 | 9,731,214 | 0.3 | % | ||||||
Other Securities | 250,052,565 | 6.6 | % | |||||||
TOTAL CONSUMER STAPLES | 269,125,123 | 7.2 | % | |||||||
ENERGY — (1.3%) | ||||||||||
Iwatani Corp. | 294,300 | 10,205,404 | 0.3 | % | ||||||
Other Securities | 40,052,153 | 1.0 | % | |||||||
TOTAL ENERGY | 50,257,557 | 1.3 | % | |||||||
FINANCIALS — (8.1%) | ||||||||||
Fuyo General Lease Co., Ltd. | 150,600 | 9,815,904 | 0.3 | % | ||||||
Hokuhoku Financial Group, Inc. | 923,400 | 9,032,551 | 0.2 | % | ||||||
Jafco Co., Ltd. | 241,100 | 9,056,167 | 0.2 | % | ||||||
Other Securities | 279,431,248 | 7.5 | % | |||||||
TOTAL FINANCIALS | 307,335,870 | 8.2 | % | |||||||
HEALTH CARE — (4.5%) | ||||||||||
Miraca Holdings, Inc. | 472,500 | 11,152,044 | 0.3 | % | ||||||
Other Securities | 160,281,465 | 4.3 | % | |||||||
TOTAL HEALTH CARE | 171,433,509 | 4.6 | % | |||||||
INDUSTRIALS — (29.7%) | ||||||||||
Daiseki Co., Ltd. | 305,263 | 8,867,639 | 0.2 | % | ||||||
# | DMG Mori Co., Ltd. | 701,300 | 11,354,168 | 0.3 | % | |||||
Duskin Co., Ltd. | 346,300 | 9,201,820 | 0.3 | % | ||||||
Fujikura, Ltd. | 1,953,600 | 9,064,834 | 0.3 | % | ||||||
Glory, Ltd. | 299,055 | 8,804,941 | 0.2 | % | ||||||
Hanwa Co., Ltd. | 285,000 | 8,303,047 | 0.2 | % | ||||||
Hazama Ando Corp. | 1,528,900 | 11,846,070 | 0.3 | % | ||||||
Inaba Denki Sangyo Co., Ltd. | 201,800 | 9,270,433 | 0.3 | % | ||||||
Japan Steel Works, Ltd. (The) | 421,200 | 8,875,711 | 0.2 | % | ||||||
* | Kawasaki Kisen Kaisha, Ltd. | 632,300 | 9,408,578 | 0.3 | % | |||||
Kumagai Gumi Co., Ltd. | 303,400 | 9,353,855 | 0.3 | % | ||||||
Maeda Corp. | 930,800 | 8,638,586 | 0.2 | % | ||||||
Makino Milling Machine Co., Ltd. | 177,900 | 8,845,037 | 0.2 | % | ||||||
Meitec Corp. | 216,400 | 11,280,995 | 0.3 | % | ||||||
Mirait Holdings Corp. | 586,235 | 9,413,178 | 0.3 | % |
205
The Japanese Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
INDUSTRIALS — (Continued) | |||||||||
Nichias Corp. | 480,100 | $ | 10,128,253 | 0.3% | |||||
Nikkon Holdings Co., Ltd. | 385,300 | 9,365,788 | 0.3% | ||||||
Nishimatsu Construction Co., Ltd. | 398,600 | 8,299,205 | 0.2% | ||||||
NTN Corp. | 3,034,100 | 9,407,385 | 0.3% | ||||||
Outsourcing, Inc. | 822,100 | 8,849,066 | 0.2% | ||||||
Penta-Ocean Construction Co., Ltd. | 1,716,400 | 10,529,135 | 0.3% | ||||||
Shinmaywa Industries, Ltd. | 707,200 | 8,712,038 | 0.2% | ||||||
SMS Co., Ltd. | 398,300 | 9,765,014 | 0.3% | ||||||
Ushio, Inc. | 973,200 | 14,544,315 | 0.4% | ||||||
Other Securities | 900,111,597 | 23.8% | |||||||
TOTAL INDUSTRIALS | 1,132,240,688 | 30.2% | |||||||
INFORMATION TECHNOLOGY — (12.9%) | |||||||||
NSD Co., Ltd. | 293,480 | 9,046,407 | 0.2% | ||||||
Oki Electric Industry Co., Ltd. | 699,800 | 9,391,632 | 0.3% | ||||||
Tokyo Seimitsu Co., Ltd. | 315,100 | 10,120,723 | 0.3% | ||||||
Topcon Corp. | 862,100 | 11,887,112 | 0.3% | ||||||
Ulvac, Inc. | 237,200 | 10,377,361 | 0.3% | ||||||
Other Securities | 438,718,873 | 11.7% | |||||||
TOTAL INFORMATION TECHNOLOGY | 489,542,108 | 13.1% | |||||||
MATERIALS — (10.1%) | |||||||||
ADEKA Corp. | 665,700 | 9,526,870 | 0.3% | ||||||
Kureha Corp. | 141,650 | 9,053,385 | 0.2% | ||||||
Mitsui Mining & Smelting Co., Ltd. | 484,900 | 13,551,811 | 0.4% | ||||||
Nippon Light Metal Holdings Co., Ltd. | 4,755,800 | 9,250,215 | 0.3% | ||||||
Sumitomo Osaka Cement Co., Ltd. | 238,699 | 10,419,680 | 0.3% | ||||||
Toagosei Co., Ltd. | 871,100 | 9,655,071 | 0.3% | ||||||
Tokuyama Corp. | 414,298 | 11,067,550 | 0.3% | ||||||
Tokyo Ohka Kogyo Co., Ltd. | 242,500 | 9,603,821 | 0.3% | ||||||
Toyobo Co., Ltd. | 715,200 | 9,667,381 | 0.3% | ||||||
Other Securities | 292,639,320 | 7.5% | |||||||
TOTAL MATERIALS | 384,435,104 | 10.2% | |||||||
REAL ESTATE — (2.1%) | |||||||||
Kenedix, Inc. | 1,600,900 | 8,713,937 | 0.2% | ||||||
# | Unizo Holdings Co., Ltd. | 211,100 | 9,736,461 | 0.3% | |||||
Other Securities | 61,699,038 | 1.6% | |||||||
TOTAL REAL ESTATE | 80,149,436 | 2.1% | |||||||
UTILITIES — (1.2%) | |||||||||
Other Securities | 45,413,941 | 1.2% | |||||||
TOTAL COMMON STOCKS | |||||||||
(Cost $3,300,844,445) | 3,715,115,396 | 99.1% | |||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (2.4%) | |||||||||
@§ | The DFA Short Term Investment Fund | 7,882,015 | 91,202,795 | 2.5% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $3,392,036,762) | $ | 3,806,318,191 | 101.6% |
206
The Japanese Small Company Series
continued
Summary of the Series’ investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in | ||||||||||||
Securities | ||||||||||||
(Market Value) | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | ||||||||||||
Communication Services | — | $ | 100,852,769 | — | $ | 100,852,769 | ||||||
Consumer Discretionary | $ | 2,914,557 | 681,414,734 | — | 684,329,291 | |||||||
Consumer Staples | — | 269,125,123 | — | 269,125,123 | ||||||||
Energy | — | 50,257,557 | — | 50,257,557 | ||||||||
Financials | — | 307,335,870 | — | 307,335,870 | ||||||||
Health Care | — | 171,433,509 | — | 171,433,509 | ||||||||
Industrials | — | 1,132,240,688 | — | 1,132,240,688 | ||||||||
Information Technology | — | 489,542,108 | — | 489,542,108 | ||||||||
Materials | — | 384,435,104 | — | 384,435,104 | ||||||||
Real Estate | — | 80,149,436 | — | 80,149,436 | ||||||||
Utilities | — | 45,413,941 | — | 45,413,941 | ||||||||
Securities Lending Collateral | — | 91,202,795 | — | 91,202,795 | ||||||||
TOTAL | $ | 2,914,557 | $ | 3,803,403,634 | — | $ | 3,806,318,191 |
See accompanying Notes to Financial Statements.
207
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (97.1%) | |||||||||
AUSTRALIA — (52.9%) | |||||||||
ALS, Ltd. | 1,937,440 | $ | 10,775,238 | 0.7% | |||||
Altium, Ltd. | 596,319 | 13,200,823 | 0.8% | ||||||
Ansell, Ltd. | 897,943 | 17,075,979 | 1.0% | ||||||
Appen, Ltd. | 556,409 | 8,359,545 | 0.5% | ||||||
# | Bapcor, Ltd. | 1,866,075 | 9,198,821 | 0.6% | |||||
Breville Group, Ltd. | 834,341 | 8,836,168 | 0.5% | ||||||
carsales.com, Ltd. | 1,661,566 | 17,806,162 | 1.1% | ||||||
Cleanaway Waste Management, Ltd. | 10,062,156 | 12,788,931 | 0.8% | ||||||
# | Credit Corp. Group, Ltd. | 553,754 | 11,961,519 | 0.7% | |||||
CSR, Ltd. | 3,957,955 | 11,313,522 | 0.7% | ||||||
GrainCorp, Ltd., Class A | 1,833,496 | 9,136,956 | 0.6% | ||||||
Independence Group NL | 3,324,011 | 14,557,711 | 0.9% | ||||||
# | InvoCare, Ltd. | 1,006,913 | 9,100,772 | 0.6% | |||||
# | IOOF Holdings, Ltd. | 2,296,344 | 11,677,647 | 0.7% | |||||
IRESS, Ltd. | 1,095,248 | 9,618,441 | 0.6% | ||||||
# | JB Hi-Fi, Ltd. | 861,985 | 22,028,595 | 1.3% | |||||
* | Lynas Corp., Ltd. | 5,145,389 | 8,809,881 | 0.5% | |||||
# | Metcash, Ltd. | 7,553,452 | 14,683,218 | 0.9% | |||||
# | Mineral Resources, Ltd. | 1,210,928 | 11,910,590 | 0.7% | |||||
#* | NEXTDC, Ltd. | 1,959,517 | 8,659,622 | 0.5% | |||||
nib holdings, Ltd. | 3,390,280 | 16,388,762 | 1.0% | ||||||
# | Nine Entertainment Co. Holdings, Ltd. | 11,957,501 | 15,172,093 | 0.9% | |||||
#* | Nufarm, Ltd. | 2,065,056 | 8,427,098 | 0.5% | |||||
Orora, Ltd. | 7,303,221 | 15,566,511 | 1.0% | ||||||
OZ Minerals, Ltd. | 2,477,965 | 17,289,828 | 1.1% | ||||||
Pendal Group, Ltd. | 1,938,181 | 9,569,992 | 0.6% | ||||||
# | Perpetual, Ltd. | 356,633 | 8,841,267 | 0.5% | |||||
Premier Investments, Ltd. | 829,371 | 10,991,808 | 0.7% | ||||||
Regis Resources, Ltd. | 3,442,546 | 11,666,993 | 0.7% | ||||||
* | Saracen Mineral Holdings, Ltd. | 5,717,531 | 14,793,622 | 0.9% | |||||
Sims Metal Management, Ltd. | 1,382,214 | 8,895,865 | 0.5% | ||||||
Spark Infrastructure Group | 9,526,664 | 13,285,174 | 0.8% | ||||||
St Barbara, Ltd. | 5,006,626 | 9,658,812 | 0.6% | ||||||
Steadfast Group, Ltd. | 5,956,128 | 14,750,048 | 0.9% | ||||||
Technology One, Ltd. | 1,891,632 | 9,609,521 | 0.6% | ||||||
* | Vocus Group, Ltd. | 4,120,793 | 9,447,578 | 0.6% | |||||
Other Securities | 453,786,509 | 27.6% | |||||||
TOTAL AUSTRALIA | 889,641,622 | 54.2% | |||||||
CHINA — (0.1%) | |||||||||
Other Securities | 877,015 | 0.0% |
208
The Asia Pacific Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
HONG KONG — (24.2%) | |||||||||
Cafe de Coral Holdings, Ltd. | 3,476,000 | $ | 9,484,602 | 0.6% | |||||
HKBN, Ltd. | 5,339,000 | 9,528,487 | 0.6% | ||||||
# | Luk Fook Holdings International, Ltd. | 3,963,000 | 10,526,170 | 0.7% | |||||
# | Man Wah Holdings, Ltd. | 17,293,600 | 11,778,606 | 0.7% | |||||
VTech Holdings, Ltd. | 1,359,100 | 11,916,338 | 0.7% | ||||||
Other Securities | 352,926,496 | 21.4% | |||||||
TOTAL HONG KONG | 406,160,699 | 24.7% | |||||||
NEW ZEALAND — (6.3%) | |||||||||
Chorus, Ltd. | 3,243,921 | 11,029,769 | 0.7% | ||||||
Infratil, Ltd. | 4,611,834 | 14,572,102 | 0.9% | ||||||
Mainfreight, Ltd. | 402,884 | 10,378,721 | 0.6% | ||||||
SKYCITY Entertainment Group, Ltd. | 4,793,322 | 12,008,879 | 0.7% | ||||||
Other Securities | 58,498,299 | 3.6% | |||||||
TOTAL NEW ZEALAND | 106,487,770 | 6.5% | |||||||
SINGAPORE — (13.6%) | |||||||||
# | Sembcorp Industries, Ltd. | 6,073,600 | 10,196,907 | 0.6% | |||||
# | Singapore Post, Ltd. | 12,563,600 | 8,858,074 | 0.5% | |||||
# | Singapore Press Holdings, Ltd. | 6,521,000 | 10,612,235 | 0.7% | |||||
Venture Corp., Ltd. | 1,125,100 | 13,050,734 | 0.8% | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 18,491,700 | 12,945,807 | 0.8% | ||||||
Other Securities | 172,482,497 | 10.5% | |||||||
TOTAL SINGAPORE | 228,146,254 | 13.9% | |||||||
TOTAL COMMON STOCKS | 1,631,313,360 | 99.3% | |||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||
Other Securities | 2,976 | 0.0% | |||||||
TOTAL INVESTMENT SECURITIES | |||||||||
(Cost $1,736,491,472) | 1,631,316,336 | ||||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (2.9%) | |||||||||
@§ | The DFA Short Term Investment Fund | 4,221,581 | 48,847,919 | 3.0% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $1,785,334,426) | $ | 1,680,164,255 | 102.3% |
209
The Asia Pacific Small Company Series
continued
Summary of the Series’ investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in | |||||||||||||
Securities | |||||||||||||
(Market Value) | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Common Stocks | |||||||||||||
Australia | $ | 439,275 | $ | 889,202,347 | — | $ | 889,641,622 | ||||||
China | — | 877,015 | — | 877,015 | |||||||||
Hong Kong | 460,908 | 405,699,791 | — | 406,160,699 | |||||||||
New Zealand | — | 106,487,770 | — | 106,487,770 | |||||||||
Singapore | 11,864 | 228,134,390 | — | 228,146,254 | |||||||||
Rights/Warrants | |||||||||||||
Australia | — | 2,976 | — | 2,976 | |||||||||
Securities Lending Collateral | — | 48,847,919 | — | 48,847,919 | |||||||||
TOTAL | $ | 912,047 | $ | 1,679,252,208 | — | $ | 1,680,164,255 |
See accompanying Notes to Financial Statements.
210
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (99.2%) | ||||||||||
COMMUNICATION SERVICES — (4.7%) | ||||||||||
Entertainment One, Ltd. | 2,630,507 | $ | 18,997,490 | 0.8 | % | |||||
Inmarsat P.L.C. | 2,400,987 | 17,128,455 | 0.8 | % | ||||||
Other Securities | 69,081,559 | 3.0 | % | |||||||
TOTAL COMMUNICATION SERVICES | 105,207,504 | 4.6 | % | |||||||
CONSUMER DISCRETIONARY — (21.6%) | ||||||||||
B&M European Value Retail SA | 5,453,680 | 26,163,411 | 1.2 | % | ||||||
Bellway P.L.C. | 785,920 | 32,167,252 | 1.4 | % | ||||||
* | Boohoo Group P.L.C. | 4,528,022 | 15,478,500 | 0.7 | % | |||||
Bovis Homes Group P.L.C. | 1,284,142 | 19,457,559 | 0.9 | % | ||||||
Greggs P.L.C. | 734,900 | 16,903,572 | 0.7 | % | ||||||
Inchcape P.L.C. | 2,923,312 | 24,440,490 | 1.1 | % | ||||||
JD Sports Fashion P.L.C. | 1,736,308 | 17,271,954 | 0.8 | % | ||||||
Merlin Entertainments P.L.C. | 4,495,638 | 26,485,860 | 1.2 | % | ||||||
Moneysupermarket.com Group P.L.C. | 3,912,801 | 17,410,624 | 0.8 | % | ||||||
SSP Group P.L.C. | 3,025,801 | 24,951,150 | 1.1 | % | ||||||
WH Smith P.L.C. | 741,725 | 21,018,611 | 0.9 | % | ||||||
Other Securities | 245,393,384 | 10.6 | % | |||||||
TOTAL CONSUMER DISCRETIONARY | 487,142,367 | 21.4 | % | |||||||
CONSUMER STAPLES — (5.2%) | ||||||||||
Britvic P.L.C. | 1,845,637 | 23,586,871 | 1.1 | % | ||||||
Fevertree Drinks P.L.C. | 631,057 | 15,205,992 | 0.7 | % | ||||||
Tate & Lyle P.L.C. | 3,470,820 | 30,273,503 | 1.3 | % | ||||||
Other Securities | 48,295,503 | 2.1 | % | |||||||
TOTAL CONSUMER STAPLES | 117,361,869 | 5.2 | % | |||||||
ENERGY — (3.8%) | ||||||||||
John Wood Group P.L.C. | 3,647,826 | 16,016,209 | 0.7 | % | ||||||
Tullow Oil P.L.C. | 9,865,717 | 26,364,357 | 1.2 | % | ||||||
Other Securities | 43,225,104 | 1.9 | % | |||||||
TOTAL ENERGY | 85,605,670 | 3.8 | % | |||||||
FINANCIALS — (13.6%) | ||||||||||
Beazley P.L.C. | 2,966,841 | 22,548,944 | 1.0 | % | ||||||
Close Brothers Group P.L.C. | 1,042,864 | 18,699,833 | 0.8 | % | ||||||
IG Group Holdings P.L.C. | 2,610,897 | 21,480,945 | 0.9 | % | ||||||
Intermediate Capital Group P.L.C. | 1,866,605 | 35,924,136 | 1.6 | % | ||||||
Man Group P.L.C. | 11,167,689 | 20,785,020 | 0.9 | % | ||||||
Quilter P.L.C. | 9,786,100 | 17,363,535 | 0.8 | % | ||||||
TP ICAP P.L.C. | 3,608,881 | 16,046,822 | 0.7 | % | ||||||
Other Securities | 154,748,420 | 6.8 | % | |||||||
TOTAL FINANCIALS | 307,597,655 | 13.5 | % | |||||||
HEALTH CARE — (3.1%) | ||||||||||
ConvaTec Group P.L.C. | 7,978,950 | 20,384,000 | 0.9 | % | ||||||
Other Securities | 50,367,254 | 2.2 | % | |||||||
TOTAL HEALTH CARE | 70,751,254 | 3.1 | % |
211
The United Kingdom Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
INDUSTRIALS — (28.7%) | ||||||||||
Aggreko P.L.C. | 1,647,699 | $ | 16,892,274 | 0.7 | % | |||||
Babcock International Group P.L.C. | 3,197,831 | 22,967,450 | 1.0 | % | ||||||
BBA Aviation P.L.C. | 7,301,568 | 28,725,347 | 1.3 | % | ||||||
Cobham P.L.C. | 16,545,169 | 33,842,830 | 1.5 | % | ||||||
Diploma P.L.C. | 793,073 | 16,418,068 | 0.7 | % | ||||||
G4S P.L.C. | 9,906,519 | 26,568,687 | 1.2 | % | ||||||
Grafton Group P.L.C. | 1,638,906 | 16,595,963 | 0.7 | % | ||||||
Hays P.L.C. | 10,246,441 | 20,852,201 | 0.9 | % | ||||||
HomeServe P.L.C. | 1,762,201 | 26,469,025 | 1.2 | % | ||||||
Howden Joinery Group P.L.C. | 4,476,142 | 33,500,704 | 1.5 | % | ||||||
IMI P.L.C. | 1,911,037 | 24,851,430 | 1.1 | % | ||||||
Meggitt P.L.C. | 2,528,732 | 20,460,802 | 0.9 | % | ||||||
National Express Group P.L.C. | 3,061,395 | 17,712,519 | 0.8 | % | ||||||
QinetiQ Group P.L.C. | 3,964,771 | 16,162,957 | 0.7 | % | ||||||
Rotork P.L.C. | 5,871,491 | 22,929,186 | 1.0 | % | ||||||
Travis Perkins P.L.C. | 1,726,015 | 32,059,239 | 1.4 | % | ||||||
Ultra Electronics Holdings P.L.C. | 646,972 | 16,341,114 | 0.7 | % | ||||||
Other Securities | 253,872,435 | 11.1 | % | |||||||
TOTAL INDUSTRIALS | 647,222,231 | 28.4 | % | |||||||
INFORMATION TECHNOLOGY — (6.5%) | ||||||||||
Electrocomponents P.L.C. | 3,231,445 | 28,511,406 | 1.3 | % | ||||||
Spectris P.L.C. | 827,935 | 25,667,336 | 1.1 | % | ||||||
Other Securities | 92,305,157 | 4.0 | % | |||||||
TOTAL INFORMATION TECHNOLOGY | 146,483,899 | 6.4 | % | |||||||
MATERIALS — (5.5%) | ||||||||||
Victrex P.L.C. | 629,414 | 17,880,697 | 0.8 | % | ||||||
Other Securities | 106,253,523 | 4.6 | % | |||||||
TOTAL MATERIALS | 124,134,220 | 5.4 | % | |||||||
REAL ESTATE — (4.4%) | ||||||||||
Capital & Counties Properties P.L.C. | 4,962,871 | 16,403,005 | 0.7 | % | ||||||
IWG P.L.C. | 4,354,218 | 21,689,498 | 1.0 | % | ||||||
St. Modwen Properties P.L.C. | 2,832,022 | 16,530,842 | 0.7 | % | ||||||
Other Securities | 43,243,787 | 1.9 | % | |||||||
TOTAL REAL ESTATE | 97,867,132 | 4.3 | % | |||||||
UTILITIES — (2.1%) | ||||||||||
Pennon Group P.L.C. | 2,929,675 | 34,062,254 | 1.5 | % | ||||||
Other Securities | 12,972,658 | 0.6 | % | |||||||
TOTAL UTILITIES | 47,034,912 | 2.1 | % | |||||||
TOTAL COMMON STOCKS | 2,236,408,713 | 98.2 | % | |||||||
PREFERRED STOCKS — (0.0%) | ||||||||||
CONSUMER STAPLES — (0.0%) | ||||||||||
Other Security | 13,207 | 0.0 | % | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||||
(Cost $2,084,250,199) | 2,236,421,920 | |||||||||
SECURITIES LENDING COLLATERAL — (0.8%) | ||||||||||
@§ | The DFA Short Term Investment Fund | 1,625,922 | 18,813,540 | 0.8 | % | |||||
TOTAL INVESTMENTS—(100.0%) | ||||||||||
(Cost $2,103,060,882) | $ | 2,255,235,460 | 99.0 | % |
212
The United Kingdom Small Company Series
continued
Summary of the Series’ investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in | |||||||||||
Securities | |||||||||||
(Market Value) | |||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||
Common Stocks | |||||||||||
Communication Services | — | $ | 105,207,504 | — | $ | 105,207,504 | |||||
Consumer Discretionary | — | 487,142,367 | — | 487,142,367 | |||||||
Consumer Staples | — | 117,361,869 | — | 117,361,869 | |||||||
Energy | — | 85,605,670 | — | 85,605,670 | |||||||
Financials | — | 307,597,655 | — | 307,597,655 | |||||||
Health Care | — | 70,751,254 | — | 70,751,254 | |||||||
Industrials | — | 647,222,231 | — | 647,222,231 | |||||||
Information Technology | — | 146,483,899 | — | 146,483,899 | |||||||
Materials | — | 124,134,220 | — | 124,134,220 | |||||||
Real Estate | — | 97,867,132 | — | 97,867,132 | |||||||
Utilities | — | 47,034,912 | — | 47,034,912 | |||||||
Preferred Stocks | |||||||||||
Consumer Staples | — | 13,207 | — | 13,207 | |||||||
Securities Lending Collateral | — | 18,813,540 | — | 18,813,540 | |||||||
TOTAL | — | $ | 2,255,235,460 | — | $ | 2,255,235,460 |
See accompanying Notes to Financial Statements.
213
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
COMMON STOCKS — (91.0%) | ||||||||||
AUSTRIA — (3.1%) | ||||||||||
# | ANDRITZ AG | 510,397 | $ | 22,950,629 | 0.4 | % | ||||
Other Securities | 167,851,812 | 3.0 | % | |||||||
TOTAL AUSTRIA | 190,802,441 | 3.4 | % | |||||||
BELGIUM — (4.4%) | ||||||||||
Ackermans & van Haaren NV | 174,099 | 26,688,658 | 0.5 | % | ||||||
* | Galapagos NV | 220,186 | 40,539,939 | 0.7 | % | |||||
Other Securities | 201,242,099 | 3.6 | % | |||||||
TOTAL BELGIUM | 268,470,696 | 4.8 | % | |||||||
DENMARK — (4.4%) | ||||||||||
Royal Unibrew A.S. | 364,385 | 29,893,850 | 0.5 | % | ||||||
SimCorp A.S. | 294,845 | 26,382,068 | 0.5 | % | ||||||
Topdanmark A.S. | 475,380 | 21,291,486 | 0.4 | % | ||||||
Other Securities | 191,284,392 | 3.4 | % | |||||||
TOTAL DENMARK | 268,851,796 | 4.8 | % | |||||||
FINLAND — (5.7%) | ||||||||||
Huhtamaki Oyj | 768,251 | 35,574,237 | 0.6 | % | ||||||
Kesko Oyj, Class B | 421,805 | 28,104,043 | 0.5 | % | ||||||
# | Metso Oyj | 667,333 | 25,263,083 | 0.4 | % | |||||
Nokian Renkaat Oyj | 883,124 | 25,238,923 | 0.4 | % | ||||||
# | Orion Oyj, Class B | 748,676 | 33,214,713 | 0.6 | % | |||||
Valmet Oyj | 956,184 | 21,399,886 | 0.4 | % | ||||||
Other Securities | 175,351,457 | 3.2 | % | |||||||
TOTAL FINLAND | 344,146,342 | 6.1 | % | |||||||
FRANCE — (10.6%) | ||||||||||
Altran Technologies SA | 1,693,540 | 26,925,558 | 0.5 | % | ||||||
Elis SA | 1,112,804 | 21,275,159 | 0.4 | % | ||||||
Euronext NV | 373,020 | 30,092,307 | 0.5 | % | ||||||
Eutelsat Communications SA | 1,279,751 | 24,276,769 | 0.4 | % | ||||||
Ingenico Group SA | 424,498 | 45,392,020 | 0.8 | % | ||||||
Rexel SA | 2,320,855 | 28,772,809 | 0.5 | % | ||||||
Rubis SCA | 608,177 | 35,266,736 | 0.6 | % | ||||||
Other Securities | 436,977,009 | 7.9 | % | |||||||
TOTAL FRANCE | 648,978,367 | 11.6 | % | |||||||
GERMANY — (15.4%) | ||||||||||
# | Bechtle AG | 225,300 | 24,398,771 | 0.4 | % | |||||
CTS Eventim AG & Co. KGaA | 442,453 | 26,797,580 | 0.5 | % | ||||||
* | Dialog Semiconductor P.L.C. | 621,432 | 27,952,191 | 0.5 | % | |||||
Freenet AG | 981,903 | 21,805,853 | 0.4 | % | ||||||
# | GEA Group AG | 890,332 | 27,192,379 | 0.5 | % | |||||
Gerresheimer AG | 262,222 | 21,146,921 | 0.4 | % | ||||||
# | K+S AG | 1,567,865 | 22,263,660 | 0.4 | % | |||||
Lanxess AG | 628,306 | 40,826,813 | 0.7 | % |
214
The Continental Small Company Series
continued
Percentage | ||||||||||
Shares | Value» | of Net Assets‡ | ||||||||
GERMANY — (Continued) | ||||||||||
# | OSRAM Licht AG | 602,174 | $ | 26,956,108 | 0.5 | % | ||||
Rheinmetall AG | 339,164 | 40,905,414 | 0.7 | % | ||||||
TAG Immobilien AG | 1,024,715 | 24,902,336 | 0.5 | % | ||||||
TLG Immobilien AG | 722,981 | 21,202,568 | 0.4 | % | ||||||
Other Securities | 613,715,934 | 10.8 | % | |||||||
TOTAL GERMANY | 940,066,528 | 16.7 | % | |||||||
IRELAND — (0.5%) | ||||||||||
Other Securities | 32,095,239 | 0.6 | % | |||||||
ISRAEL — (3.0%) | ||||||||||
Other Securities | 184,044,089 | 3.3 | % | |||||||
ITALY — (9.7%) | ||||||||||
#* | Banco BPM SpA | 12,626,497 | 28,742,468 | 0.5 | % | |||||
Hera SpA | 6,455,969 | 27,655,462 | 0.5 | % | ||||||
Italgas SpA | 3,818,401 | 24,581,718 | 0.4 | % | ||||||
#* | Saipem SpA | 5,057,693 | 22,957,059 | 0.4 | % | |||||
# | Unione di Banche Italiane SpA | 7,724,232 | 23,530,091 | 0.4 | % | |||||
Other Securities | 462,560,883 | 8.3 | % | |||||||
TOTAL ITALY | 590,027,681 | 10.5 | % | |||||||
NETHERLANDS — (6.4%) | ||||||||||
Aalberts NV | 728,381 | 29,352,137 | 0.5 | % | ||||||
#* | Altice Europe NV | 4,683,910 | 26,800,426 | 0.5 | % | |||||
ASM International NV | 331,781 | 33,450,744 | 0.6 | % | ||||||
ASR Nederland NV | 688,282 | 25,231,450 | 0.5 | % | ||||||
BE Semiconductor Industries NV | 589,568 | 21,856,942 | 0.4 | % | ||||||
IMCD NV | 357,303 | 27,899,685 | 0.5 | % | ||||||
SBM Offshore NV | 1,376,758 | 23,742,884 | 0.4 | % | ||||||
Other Securities | 200,756,381 | 3.5 | % | |||||||
TOTAL NETHERLANDS | 389,090,649 | 6.9 | % | |||||||
NORWAY — (2.3%) | ||||||||||
Other Securities | 138,761,156 | 2.5 | % | |||||||
PORTUGAL — (1.0%) | ||||||||||
Other Securities | 62,779,176 | 1.1 | % | |||||||
SPAIN — (6.0%) | ||||||||||
# | Cellnex Telecom SA | 684,045 | 29,515,742 | 0.5 | % | |||||
Enagas SA | 945,913 | 23,406,228 | 0.4 | % | ||||||
Other Securities | 310,162,882 | 5.6 | % | |||||||
TOTAL SPAIN | 363,084,852 | 6.5 | % | |||||||
SWEDEN — (7.2%) | ||||||||||
Other Securities | 441,605,487 | 7.9 | % |
215
The Continental Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
SWITZERLAND — (11.3%) | |||||||||
Cembra Money Bank AG | 214,769 | $ | 22,775,270 | 0.4% | |||||
# | Georg Fischer AG | 31,450 | 30,036,368 | 0.5% | |||||
Helvetia Holding AG | 216,663 | 30,434,052 | 0.5% | ||||||
PSP Swiss Property AG | 325,433 | 43,075,928 | 0.8% | ||||||
VAT Group AG | 199,273 | 29,299,419 | 0.5% | ||||||
Other Securities | 534,051,612 | 9.6% | |||||||
TOTAL SWITZERLAND | 689,672,649 | 12.3% | |||||||
UNITED KINGDOM — (0.0%) | |||||||||
Other Security | 1,167,097 | 0.0% | |||||||
TOTAL COMMON STOCKS | 5,553,644,245 | 99.0% | |||||||
PREFERRED STOCKS — (0.6%) | |||||||||
GERMANY — (0.6%) | |||||||||
Other Securities | 33,843,637 | 0.6% | |||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||
Other Securities | 873,861 | 0.0% | |||||||
TOTAL INVESTMENT SECURITIES | |||||||||
(Cost $4,988,017,993) | 5,588,361,743 | ||||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (8.4%) | |||||||||
@§ | The DFA Short Term Investment Fund | 44,497,991 | 514,886,250 | 9.2% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $5,502,845,113) | $ | 6,103,247,993 | 108.8% |
216
The Continental Small Company Series
continued
Summary of the Series’ investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in | |||||||||||||
Securities | |||||||||||||
(Market Value) | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Common Stocks | |||||||||||||
Austria | — | $ | 190,802,441 | — | $ | 190,802,441 | |||||||
Belgium | $ | 9,150,257 | 259,320,439 | — | 268,470,696 | ||||||||
Denmark | — | 268,851,796 | — | 268,851,796 | |||||||||
Finland | — | 344,146,342 | — | 344,146,342 | |||||||||
France | — | 648,978,367 | — | 648,978,367 | |||||||||
Germany | 1,207,475 | 938,859,053 | — | 940,066,528 | |||||||||
Ireland | — | 32,095,239 | — | 32,095,239 | |||||||||
Israel | 799,434 | 183,244,655 | — | 184,044,089 | |||||||||
Italy | 2,432,465 | 587,595,216 | — | 590,027,681 | |||||||||
Netherlands | — | 389,090,649 | — | 389,090,649 | |||||||||
Norway | — | 138,761,156 | — | 138,761,156 | |||||||||
Portugal | — | 62,779,176 | — | 62,779,176 | |||||||||
Spain | — | 363,084,852 | — | 363,084,852 | |||||||||
Sweden | — | 441,605,487 | — | 441,605,487 | |||||||||
Switzerland | — | 689,672,649 | — | 689,672,649 | |||||||||
United Kingdom | — | 1,167,097 | — | 1,167,097 | |||||||||
Preferred Stocks | |||||||||||||
Germany | — | 33,843,637 | — | 33,843,637 | |||||||||
Rights/Warrants | |||||||||||||
Italy | — | 379,240 | — | 379,240 | |||||||||
Norway | — | 16,603 | — | 16,603 | |||||||||
Spain | — | 477,143 | — | 477,143 | |||||||||
Sweden | — | 875 | — | 875 | |||||||||
Securities Lending Collateral | — | 514,886,250 | — | 514,886,250 | |||||||||
TOTAL | $ | 13,589,631 | $ | 6,089,658,362 | — | $ | 6,103,247,993 |
See accompanying Notes to Financial Statements.
217
THE CANADIAN SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
October 31, 2019
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
COMMON STOCKS — (86.3%) | |||||||||
COMMUNICATION SERVICES — (2.0%) | |||||||||
Cogeco Communications, Inc. | 95,472 | $ | 8,252,591 | 0.7% | |||||
Other Securities | 18,350,341 | 1.6% | |||||||
TOTAL COMMUNICATION SERVICES | 26,602,932 | 2.3% | |||||||
CONSUMER DISCRETIONARY — (4.8%) | |||||||||
* | Great Canadian Gaming Corp. | 418,284 | 13,230,363 | 1.1% | |||||
Linamar Corp. | 322,683 | 10,522,538 | 0.9% | ||||||
Other Securities | 39,534,125 | 3.5% | |||||||
TOTAL CONSUMER DISCRETIONARY | 63,287,026 | 5.5% | |||||||
CONSUMER STAPLES — (4.0%) | |||||||||
Cott Corp. | 96,682 | 1,242,364 | 0.1% | ||||||
Cott Corp. | 909,370 | 11,682,135 | 1.0% | ||||||
# | Premium Brands Holdings Corp. | 186,219 | 12,284,997 | 1.1% | |||||
Other Securities | 27,482,578 | 2.4% | |||||||
TOTAL CONSUMER STAPLES | 52,692,074 | 4.6% | |||||||
ENERGY — (12.8%) | |||||||||
Crescent Point Energy Corp. | 2,146,838 | 7,840,172 | 0.7% | ||||||
# | Enerplus Corp. | 1,624,918 | 9,807,986 | 0.9% | |||||
Gibson Energy, Inc. | 855,146 | 14,907,108 | 1.3% | ||||||
* | Parex Resources, Inc. | 1,044,698 | 14,158,271 | 1.2% | |||||
# | Whitecap Resources, Inc. | 2,833,976 | 7,896,661 | 0.7% | |||||
Other Securities | 115,545,912 | 10.0% | |||||||
TOTAL ENERGY | 170,156,110 | 14.8% | |||||||
FINANCIALS — (9.2%) | |||||||||
# | Canadian Western Bank | 643,831 | 16,302,304 | 1.4% | |||||
ECN Capital Corp. | 2,446,608 | 8,080,438 | 0.7% | ||||||
Element Fleet Management Corp. | 2,450,611 | 20,838,845 | 1.8% | ||||||
# | Genworth MI Canada, Inc. | 281,680 | 11,377,554 | 1.0% | |||||
#* | Home Capital Group, Inc. | 541,770 | 11,151,306 | 1.0% | |||||
# | Laurentian Bank of Canada | 326,390 | 11,225,774 | 1.0% | |||||
Other Securities | 42,556,392 | 3.7% | |||||||
TOTAL FINANCIALS | 121,532,613 | 10.6% | |||||||
HEALTH CARE — (1.5%) | |||||||||
Other Securities | 20,377,182 | 1.8% | |||||||
INDUSTRIALS — (9.9%) | |||||||||
Morneau Shepell, Inc. | 346,211 | 8,335,245 | 0.7% | ||||||
# | Stantec, Inc. | 625,036 | 13,334,987 | 1.2% | |||||
TFI International, Inc. | 556,989 | 17,748,712 | 1.6% | ||||||
Other Securities | 91,974,002 | 8.0% | |||||||
TOTAL INDUSTRIALS | 131,392,946 | 11.5% |
218
The Canadian Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
INFORMATION TECHNOLOGY — (3.5%) | |||||||||
* | Descartes Systems Group, Inc. (The) | 333,561 | $ | 12,979,273 | 1.1% | ||||
* | Kinaxis, Inc. | 145,074 | 9,264,425 | 0.8% | |||||
Other Securities | 24,038,252 | 2.1% | |||||||
TOTAL INFORMATION TECHNOLOGY | 46,281,950 | 4.0% | |||||||
MATERIALS — (28.6%) | |||||||||
* | Alacer Gold Corp. | 2,184,997 | 10,816,324 | 0.9% | |||||
Alamos Gold, Inc., Class A | 2,957,288 | 16,098,817 | 1.4% | ||||||
* | B2Gold Corp. | 5,382,692 | 18,921,770 | 1.6% | |||||
* | Centerra Gold, Inc. | 1,682,253 | 14,343,409 | 1.3% | |||||
* | Detour Gold Corp. | 1,259,316 | 20,910,516 | 1.8% | |||||
#* | Eldorado Gold Corp. | 1,158,414 | 9,753,860 | 0.9% | |||||
#* | Endeavour Mining Corp. | 502,056 | 9,091,206 | 0.8% | |||||
#* | First Majestic Silver Corp. | 977,531 | 10,449,958 | 0.9% | |||||
* | IAMGOLD Corp. | 3,346,046 | 12,575,300 | 1.1% | |||||
* | Ivanhoe Mines, Ltd., Class A | 3,744,528 | 9,296,642 | 0.8% | |||||
OceanaGold Corp. | 4,416,629 | 10,596,422 | 0.9% | ||||||
Osisko Gold Royalties, Ltd. | 963,845 | 9,484,046 | 0.8% | ||||||
Pan American Silver Corp. | 1,378,389 | 23,410,948 | 2.0% | ||||||
* | Pretium Resources, Inc. | 794,788 | 8,007,620 | 0.7% | |||||
#* | Sandstorm Gold, Ltd. | 1,264,677 | 9,025,863 | 0.8% | |||||
* | SSR Mining, Inc. | 859,605 | 12,713,617 | 1.1% | |||||
Stella-Jones, Inc. | 332,002 | 9,205,613 | 0.8% | ||||||
* | Torex Gold Resources, Inc. | 632,604 | 9,255,394 | 0.8% | |||||
Yamana Gold, Inc. | 6,883,874 | 25,139,651 | 2.2% | ||||||
Other Securities | 130,973,674 | 11.5% | |||||||
TOTAL MATERIALS | 380,070,650 | 33.1% | |||||||
REAL ESTATE — (4.1%) | |||||||||
Colliers International Group, Inc. | 224,919 | 15,070,307 | 1.3% | ||||||
FirstService Corp. | 1,234 | 107,741 | 0.0% | ||||||
FirstService Corp. | 153,669 | 13,412,640 | 1.2% | ||||||
# | Tricon Capital Group, Inc. | 1,029,132 | 8,329,320 | 0.7% | |||||
Other Securities | 17,246,869 | 1.5% | |||||||
TOTAL REAL ESTATE | 54,166,877 | 4.7% | |||||||
UTILITIES — (5.9%) | |||||||||
# | Boralex, Inc., Class A | 485,312 | 8,032,649 | 0.7% | |||||
Capital Power Corp. | 724,420 | 17,363,859 | 1.5% | ||||||
Innergex Renewable Energy, Inc. | 740,781 | 9,246,404 | 0.8% | ||||||
Northland Power, Inc. | 513,208 | 10,247,795 | 0.9% | ||||||
# | Superior Plus Corp. | 1,170,310 | 10,564,867 | 0.9% | |||||
TransAlta Corp. | 2,047,057 | 12,091,795 | 1.1% | ||||||
# | TransAlta Renewables, Inc. | 779,039 | 8,387,194 | 0.7% | |||||
Other Securities | 2,618,233 | 0.2% | |||||||
TOTAL UTILITIES | 78,552,796 | 6.8% | |||||||
TOTAL COMMON STOCKS | 1,145,113,156 | 99.7% |
219
The Canadian Small Company Series
continued
Percentage | |||||||||
Shares | Value» | of Net Assets‡ | |||||||
RIGHTS/WARRANTS — (0.0%) | |||||||||
Other Securities | $ | 525,727 | 0.0% | ||||||
TOTAL INVESTMENT SECURITIES | |||||||||
(Cost $1,363,796,012) | 1,145,638,883 | ||||||||
Value† | |||||||||
SECURITIES LENDING COLLATERAL — (13.7%) | |||||||||
@§ | The DFA Short Term Investment Fund | 15,667,770 | 181,291,764 | 15.8% | |||||
TOTAL INVESTMENTS—(100.0%) | |||||||||
(Cost $1,545,068,154) | $ | 1,326,930,647 | 115.5% |
220
The Canadian Small Company Series
continued
Summary of the Series’ investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in | ||||||||||||
Securities | ||||||||||||
(Market Value) | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | ||||||||||||
Communication Services | $ | 26,602,932 | — | — | $ | 26,602,932 | ||||||
Consumer Discretionary | 63,280,149 | $ | 6,877 | — | 63,287,026 | |||||||
Consumer Staples | 52,692,074 | — | — | 52,692,074 | ||||||||
Energy | 169,654,103 | 502,007 | — | 170,156,110 | ||||||||
Financials | 121,532,613 | — | — | 121,532,613 | ||||||||
Health Care | 20,377,182 | — | — | 20,377,182 | ||||||||
Industrials | 131,392,946 | — | — | 131,392,946 | ||||||||
Information Technology | 46,281,950 | — | — | 46,281,950 | ||||||||
Materials | 380,070,161 | 489 | — | 380,070,650 | ||||||||
Real Estate | 54,166,877 | — | — | 54,166,877 | ||||||||
Utilities | 78,552,796 | — | — | 78,552,796 | ||||||||
Rights/Warrants | ||||||||||||
Communication Services | — | 50,475 | — | 50,475 | ||||||||
Energy | — | 76 | — | 76 | ||||||||
Materials | — | 475,176 | — | 475,176 | ||||||||
Securities Lending Collateral | — | 181,291,764 | — | 181,291,764 | ||||||||
TOTAL | $ | 1,144,603,783 | $ | 182,326,864 | — | $ | 1,326,930,647 |
See accompanying Notes to Financial Statements.
221
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2020
(Unaudited)
(Amounts in thousands)
The | ||||||||||||||||
The | The | United | The | The | ||||||||||||
Japanese | Asia | Kingdom | Continental | Canadian | ||||||||||||
Small | Pacific Small | Small | Small | Small | ||||||||||||
Company | Company | Company | Company | Company | ||||||||||||
Series* | Series* | Series* | Series* | Series* | ||||||||||||
ASSETS: | ||||||||||||||||
Investment Securities at Value (including $157,875, $134,293, $35,668,$342,207 and $157,825 of securities on loan, respectively) | $ | 2,986,819 | $ | 1,398,306 | $ | 1,492,037 | $ | 4,622,126 | $ | 891,734 | ||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $$76,109, $38,332, $38,265, $349,359 and $129,860, respectively) | 76,130 | 38,338 | 38,273 | 349,417 | 129,883 | |||||||||||
Foreign Currencies at Value | 20,341 | 3,039 | 251 | 378 | 736 | |||||||||||
Cash | 407 | 1,192 | 2,192 | 2,763 | 100 | |||||||||||
Receivables: | ||||||||||||||||
Investment Securities Sold | 1,495 | 2,793 | 1,485 | 11,925 | 2,064 | |||||||||||
Dividends, Interest and Tax Reclaims | 4,077 | 2,861 | 2,033 | 20,770 | 1,912 | |||||||||||
Securities Lending Income | 273 | 358 | 91 | 1,699 | 161 | |||||||||||
Futures Margin Variation | 17 | — | — | — | — | |||||||||||
Total Assets | 3,089,559 | 1,446,887 | 1,536,362 | 5,009,078 | 1,026,590 | |||||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Upon Return of Securities Loaned | 76,159 | 38,334 | 38,271 | 349,444 | 129,862 | |||||||||||
Investment Securities Purchased | — | 2 | 1,218 | 1,979 | — | |||||||||||
Due to Advisor | 255 | 116 | 127 | 390 | 72 | |||||||||||
Unrealized Loss on Foreign Currency Contracts | — | 1 | 5 | 18 | — | |||||||||||
Accrued Expenses and Other Liabilities | 371 | 199 | 184 | 501 | 101 | |||||||||||
Total Liabilities | 76,785 | 38,652 | 39,805 | 352,332 | 130,035 | |||||||||||
NET ASSETS | $ | 3,012,774 | $ | 1,408,235 | $ | 1,496,557 | $ | 4,656,746 | $ | 896,555 | ||||||
Investments at Cost | $ | 2,855,739 | $ | 1,616,743 | $ | 1,787,749 | $ | 4,607,588 | $ | 1,042,830 | ||||||
Foreign Currencies at Cost | $ | 20,430 | $ | 3,039 | $ | 250 | $ | 381 | $ | 735 |
* | See Note J in the Notes to Financial Statements for additional securities lending collateral. |
See accompanying Notes to Financial Statements.
222
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2019
(Amounts in thousands)
The | ||||||||||||||||
The | The | United | The | The | ||||||||||||
Japanese | Asia | Kingdom | Continental | Canadian | ||||||||||||
Small | Pacific Small | Small | Small | Small | ||||||||||||
Company | Company | Company | Company | Company | ||||||||||||
Series* | Series* | Series* | Series* | Series* | ||||||||||||
ASSETS: | ||||||||||||||||
Investment Securities at Value (including $191,793, $231,554, $17,450, $527,896 and $215,322 of securities on loan, respectively) | $ | 3,715,115 | $ | 1,631,316 | $ | 2,236,422 | $ | 5,588,362 | $ | 1,145,639 | ||||||
Collateral from Securities on Loan Invested in Affiliate at Value (including cost of $91,192, $48,843, $18,811, $527,896 and $215,322) | 91,203 | 48,848 | 18,814 | 514,886 | 181,292 | |||||||||||
Foreign Currencies at Value | 2,283 | 6,498 | 6,006 | 10,125 | 741 | |||||||||||
Cash | 4,341 | — | 312 | 3,377 | 810 | |||||||||||
Receivables: | ||||||||||||||||
Investment Securities Sold | 2,309 | 2,994 | 31,768 | 4,167 | 899 | |||||||||||
Dividends and Interest | 26,307 | 1,251 | 6,901 | 12,045 | 843 | |||||||||||
Securities Lending Income | 580 | 409 | 50 | 1,327 | 232 | |||||||||||
Total Assets | 3,842,138 | 1,691,316 | 2,300,273 | 6,134,289 | 1,330,456 | |||||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Due to Custodian | — | 2 | — | — | — | |||||||||||
Upon Return of Securities Loaned | 91,233 | 48,834 | 18,814 | 514,881 | 181,271 | |||||||||||
Investment Securities Purchased | 2,089 | 327 | 3,656 | 10,962 | 384 | |||||||||||
Due to Advisor | 308 | 137 | 187 | 461 | 97 | |||||||||||
Line of Credit | — | 10 | — | — | — | |||||||||||
�� Unrealized Loss on Foreign Currency Contracts | — | — | — | 14 | — | |||||||||||
Accrued Expenses and Other Liabilities | 331 | 163 | 165 | 476 | 89 | |||||||||||
Total Liabilities | 93,961 | 49,473 | 22,822 | 526,794 | 181,841 | |||||||||||
NET ASSETS | $ | 3,748,177 | $ | 1,641,843 | $ | 2,277,451 | $ | 5,607,495 | $ | 1,148,615 | ||||||
Investments at Cost | $ | 3,300,844 | $ | 1,736,491 | $ | 2,084,250 | $ | 4,988,018 | $ | 1,363,796 | ||||||
Foreign Currencies at Cost | $ | 2,272 | $ | 6,486 | $ | 5,978 | $ | 10,108 | $ | 744 |
* | See Note J in the Notes to Financial Statements for additional securities lending collateral. |
See accompanying Notes to Financial Statements.
223
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2019
(Amounts in thousands)
The | The | The United | The | The | ||||||||||||||||||
Japanese | Asia Pacific | Kingdom | Continental | Canadian | ||||||||||||||||||
Small | Small | Small | Small | Small | ||||||||||||||||||
Company | Company | Company | Company | Company | ||||||||||||||||||
Series# | Series# | Series# | Series# | Series# | ||||||||||||||||||
Investment Income | ||||||||||||||||||||||
Dividends (Net of Foreign Taxes Withheld of $8,503, $912, $223, $21,820 and $4,102 respectively) | $ | 76,667 | $ | 64,269 | $ | 78,292 | $ | 138,372 | $ | 23,553 | ||||||||||||
Non Cash Income | ||||||||||||||||||||||
Income from Securities Lending | 9,223 | 6,043 | 460 | 15,048 | 4,211 | |||||||||||||||||
Total Investment Income | 85,890 | 70,312 | 78,752 | 153,420 | 27,764 | |||||||||||||||||
Expenses | ||||||||||||||||||||||
Investment Management Fees | 3,519 | 1,659 | 2,223 | 5,366 | 1,118 | |||||||||||||||||
Accounting & Transfer Agent Fees | 174 | 100 | 121 | 253 | 71 | |||||||||||||||||
Custodian Fees | 478 | 267 | 127 | 798 | 76 | |||||||||||||||||
Shareholders’ Reports | 12 | 12 | 12 | 13 | 12 | |||||||||||||||||
Directors’/Trustees’ Fees & Expenses | 22 | 10 | 12 | 32 | 6 | |||||||||||||||||
Professional Fees | 59 | 28 | 36 | 164 | 17 | |||||||||||||||||
Other | 100 | 54 | 63 | 164 | 28 | |||||||||||||||||
Total Expenses | 4,364 | 2,130 | 2,594 | 6,790 | 1,328 | |||||||||||||||||
Fees Paid Indirectly (Note C) | (77 | ) | (33 | ) | (94 | ) | (276 | ) | (46 | ) | ||||||||||||
Net Expenses | 4,287 | 2,097 | 2,500 | 6,514 | 1,282 | |||||||||||||||||
Net Investment Income (Loss) | 81,603 | 68,215 | 76,252 | 146,906 | 26,482 | |||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||||||||||||
Investment Securities Sold** | 63,546 | 28,597 | 45,398 | 271,616 | (81,417 | ) | ||||||||||||||||
Affiliated Investment Companies Shares Sold | — | 3 | 2 | 7 | (6 | ) | ||||||||||||||||
Futures | — | (97 | ) | — | — | — | ||||||||||||||||
Foreign Currency Transactions | 893 | (572 | ) | (1,016 | ) | (101 | ) | 172 | ||||||||||||||
Change in Unrealized Appreciation (Depreciation) of: | ||||||||||||||||||||||
Investment Securities and Foreign Currency | 2,479 | (10,141 | ) | 105,943 | 20,336 | 60,948 | ||||||||||||||||
Affiliated Investment Companies Shares | 10 | 4 | 1 | 46 | 16 | |||||||||||||||||
Translation of Foreign Currency | ||||||||||||||||||||||
Denominated Amounts | 9 | 16 | 552 | 63 | 6 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) | 66,937 | 17,810 | 150,880 | 291,967 | (20,281 | ) | ||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 148,540 | $ | 86,025 | $ | 227,132 | $ | 438,873 | $ | 6,201 |
** | Net of foreign capital gain taxes withheld of $0, $0, $0, $0 and $0, respectively. |
# | Portion of income is from investment in affiliated fund. |
See accompanying Notes to Financial Statements.
224
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, | ||||||||
2019 | 2018 | ||||||||
Increase (Decrease) in Net Assets | |||||||||
Operations: | |||||||||
Net Investment Income (Loss) | $ | 81,603 | $ | 80,378 | |||||
Net Realized Gain (Loss) on: | |||||||||
Investment Securities Sold*,** | 63,546 | 229,342 | |||||||
Affiliated Investment Companies Shares Sold | — | (137 | ) | ||||||
Foreign Currency Transactions | 893 | (2,149 | ) | ||||||
Change in Unrealized Appreciation (Depreciation) of: | |||||||||
Investment Securities and Foreign Currency | 2,479 | (628,895 | ) | ||||||
Affiliated Investment Companies Shares | 10 | 71 | |||||||
Translation of Foreign Currency-Denominated Amounts | 9 | 280 | |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 148,540 | (321,110 | ) | ||||||
Transactions in Interest: | |||||||||
Contributions | 105,276 | 364,251 | |||||||
Withdrawals | (339,736 | ) | (198,093 | ) | |||||
Net Increase (Decrease) from Transactions in Interest | (234,460 | ) | 166,158 | ||||||
Total Increase (Decrease) in Net Assets | (85,920 | ) | (154,952 | ) | |||||
Net Assets | |||||||||
Beginning of Year | 3,834,097 | 3,989,049 | |||||||
End of Year | $ | 3,748,177 | $ | 3,834,097 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
225
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Asia Pacific Small | The United Kingdom Small | ||||||||||||||||||
Company Series | Company Series | ||||||||||||||||||
Year | Year | Year | Year | ||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||
Oct 31, | Oct 31, | Oct 31, | Oct 31, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Increase (Decrease) in Net Assets | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net Investment Income (Loss) | $ | 68,215 | $ | 76,219 | $ | 76,252 | $ | 76,805 | |||||||||||
Net Realized Gain (Loss) on: | |||||||||||||||||||
Investment Securities Sold*,** | 28,597 | (55,523 | ) | 45,398 | 85,120 | ||||||||||||||
Affiliated Investment Companies Shares Sold | 3 | (60 | ) | 2 | (9 | ) | |||||||||||||
Futures | (97 | ) | (134 | ) | — | — | |||||||||||||
Foreign Currency Transactions | (572 | ) | (898 | ) | (1,016 | ) | (1,153 | ) | |||||||||||
Change in Unrealized Appreciation (Depreciation) of: | |||||||||||||||||||
Investment Securities and Foreign Currency | (10,141 | ) | (175,750 | ) | 105,943 | (373,044 | ) | ||||||||||||
Affiliated Investment Companies Shares | 4 | 42 | 1 | — | |||||||||||||||
Translation of Foreign Currency-Denominated Amounts | 16 | (7 | ) | 552 | (181 | ) | |||||||||||||
Net Increase (Decrease) in Net Assets Resulting | |||||||||||||||||||
from Operations | 86,025 | (156,111 | ) | 227,132 | (212,462 | ) | |||||||||||||
Transactions in Interest: | |||||||||||||||||||
Contributions | 84,771 | 199,024 | 92,887 | 120,516 | |||||||||||||||
Withdrawals | (259,324 | ) | (128,247 | ) | (231,393 | ) | (49,141 | ) | |||||||||||
Net Increase (Decrease) from Transactions in Interest | (174,553 | ) | 70,777 | (138,506 | ) | 71,375 | |||||||||||||
Total Increase (Decrease) in Net Assets | (88,528 | ) | (85,334 | ) | 88,626 | (141,087 | ) | ||||||||||||
Net Assets | |||||||||||||||||||
Beginning of Year | 1,730,371 | 1,815,705 | $ | 2,188,825 | 2,329,912 | ||||||||||||||
End of Year | $ | 1,641,843 | $ | 1,730,371 | $ | 2,277,451 | $ | 2,188,825 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. | |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
226
THE DFA INVESTMENT TRUST COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in thousands)
The Continental Small | The Canadian Small | ||||||||||||||||||
Company Series | Company Series | ||||||||||||||||||
Year | Year | Year | Year | ||||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||||
Oct 31, | Oct 31, | Oct 31, | Oct 31, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||
Increase (Decrease) in Net Assets | |||||||||||||||||||
Operations: | |||||||||||||||||||
Net Investment Income (Loss) | $ | 146,906 | $ | 152,247 | $ | 26,482 | $ | 25,307 | |||||||||||
Net Realized Gain (Loss) on: | |||||||||||||||||||
Investment Securities Sold*,** | 271,616 | 319,242 | (81,417 | ) | 27,505 | ||||||||||||||
Affiliated Investment Companies Shares Sold | 7 | (101 | ) | (6 | ) | (19 | ) | ||||||||||||
Futures | — | 161 | — | — | |||||||||||||||
Foreign Currency Transactions | (101 | ) | (2,498 | ) | 172 | 120 | |||||||||||||
Change in Unrealized Appreciation (Depreciation) of: | |||||||||||||||||||
Investment Securities and Foreign Currency | 20,336 | (1,131,028 | ) | 60,948 | (185,376 | ) | |||||||||||||
Affiliated Investment Companies Shares | 46 | 78 | 16 | (3 | ) | ||||||||||||||
Translation of Foreign Currency-Denominated Amounts | 63 | (371 | ) | 6 | 6 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting | |||||||||||||||||||
from Operations | 438,873 | (662,270 | ) | 6,201 | (132,460 | ) | |||||||||||||
Transactions in Interest: | |||||||||||||||||||
Contributions | 223,410 | 480,253 | 99,460 | 136,490 | |||||||||||||||
Withdrawals | (477,048 | ) | (146,782 | ) | (103,857 | ) | (47,441 | ) | |||||||||||
Net Increase (Decrease) from Transactions in Interest | (253,638 | ) | 333,471 | (4,397 | ) | 89,049 | |||||||||||||
Total Increase (Decrease) in Net Assets | 185,235 | (328,799 | ) | 1,804 | (43,411 | ) | |||||||||||||
Net Assets | |||||||||||||||||||
Beginning of Year | 5,422,260 | 5,751,059 | 1,146,811 | 1,190,222 | |||||||||||||||
End of Year | $ | 5,607,495 | $ | 5,422,260 | $ | 1,148,615 | $ | 1,146,811 |
* | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. | |
** | Net of foreign capital gain taxes withheld for the fiscal year ended October 31, 2019 of $0, $0 and $0, respectively. |
See accompanying Notes to Financial Statements.
227
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
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, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||
Total Return | 4.47 | % | (7.46 | %) | 27.10 | % | 14.53 | % | 9.04 | % | 5.27 | % | (8.14 | %) | 16.21 | % | 16.69 | % | (11.83 | %) | ||||||||||||||||||||||
Net Assets, End of Year (thousands) | $ | 3,748,177 | $ | 3,834,097 | $ | 3,989,049 | $ | 3,132,594 | $ | 2,631,688 | $ | 1,641,843 | $ | 1,730,371 | $ | 1,815,705 | $ | 1,555,736 | $ | 1,228,274 | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||||||||
Net Assets | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||||||||
Net Assets (Excluding Fees | ||||||||||||||||||||||||||||||||||||||||||
Paid Indirectly) | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||||||||||||||||||||
Average Net Assets | 2.32 | % | 1.90 | % | 1.90 | % | 1.99 | % | 1.69 | % | 4.11 | % | 3.96 | % | 3.82 | % | 4.00 | % | 4.17 | % | ||||||||||||||||||||||
Portfolio Turnover Rate | 12 | % | 17 | % | 13 | % | 10 | % | 6 | % | 18 | % | 18 | % | 14 | % | 10 | % | 7 | % | ||||||||||||||||||||||
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, | |||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||
Total Return | 10.67 | % | (8.90 | %) | 29.87 | % | (15.82 | %) | 9.95 | % | 8.43 | % | (10.78 | %) | 34.27 | % | 6.10 | % | 9.81 | % | ||||||||||||||||||||||
Net Assets, End of Year (thousands) | $ | 2,277,451 | $ | 2,188,825 | $ | 2,329,912 | $ | 1,683,465 | $ | 2,084,113 | $ | 5,607,495 | $ | 5,422,260 | $ | 5,751,059 | $ | 4,147,925 | $ | 3,653,743 | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||||||||
Net Assets | 0.11 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||||
Ratio of Expenses to Average | ||||||||||||||||||||||||||||||||||||||||||
Net Assets (Excluding Fees | ||||||||||||||||||||||||||||||||||||||||||
Paid Indirectly) | 0.12 | % | 0.11 | % | 0.12 | % | 0.12 | % | 0.11 | % | 0.13 | % | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | ||||||||||||||||||||||
Ratio of Net Investment Income to | ||||||||||||||||||||||||||||||||||||||||||
Average Net Assets | 3.43 | % | 3.23 | % | 3.40 | % | 4.36 | % | 3.44 | % | 2.74 | % | 2.51 | % | 2.33 | % | 2.49 | % | 2.44 | % | ||||||||||||||||||||||
Portfolio Turnover Rate | 18 | % | 14 | % | 9 | % | 15 | % | 10 | % | 17 | % | 15 | % | 13 | % | 9 | % | 14 | % |
See page 1 - 2 for the Definitions of Abbreviations and Footnotes.
See accompanying Notes to Financial Statements.
228
THE DFA INVESTMENT TRUST COMPANY
FINANCIAL HIGHLIGHTS
(for a share outstanding throughout each period)
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, | |||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||
Total Return | 1.00 | % | (10.44 | %) | 12.10 | % | 20.77 | % | (25.00 | %) | |||||||||||
Net Assets, End of Year (thousands) | $ | 1,148,615 | $ | 1,146,811 | $ | 1,190,222 | $ | 933,264 | $ | 623,132 | |||||||||||
Ratio of Expenses to Average Net Assets | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | |||||||||||
Ratio of Expenses to Average Net Assets | |||||||||||||||||||||
(Excluding Fees Paid Indirectly) | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | |||||||||||
Ratio of Net Investment Income to Average Net Assets | 2.37 | % | 2.11 | % | 2.14 | % | 2.52 | % | 2.73 | % | |||||||||||
Portfolio Turnover Rate | 12 | % | 14 | % | 22 | % | 8 | % | 18 | % |
See page 1 - 2 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, 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 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 the Financial Accounting Standards Board (“FASB”) Accounting Standards Certification (“ASC”) Topic 946, “Financial Services-Investment Companies.”
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, the 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 use a fair value hierarchy which prioritizes the inputs-to-valuation techniques used to measure fair value into three broad levels described below:
● Level 1 - inputs are quoted prices in active markets for identical securities (including equity securities, open-end investment companies, and futures contracts)
● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
● Level 3 - significant unobservable inputs (including the Series’ own assumptions in determining the fair value of investments)
Securities held by the Series, including over-the-counter securities, are valued at the last quoted sale price of the day. International equity securities are subject to a fair value factor, as described later in this note. Securities held by the Series that are listed on Nasdaq are valued at the Nasdaq Official Closing Price (“NOCP”). If there is no last reported sale price or NOCP for the day, the Series value the securities within the range of the most recent quoted bid and ask prices. Price information on listed securities is taken from the exchange where the security is primarily traded. Generally, securities issued by open-end management investment companies are valued using their respective net asset values or public offering prices, as appropriate, for purchase orders placed at the close of the New York Stock Exchange (NYSE). These securities are generally categorized as Level 1 in the hierarchy.
Securities for which no market quotations are readily available (including restricted securities), or for which market quotations have become unreliable, are valued in good faith at fair value in accordance with 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 of the Series is calculated. When fair value pricing is used, the prices of securities used by the Series may differ from the quoted or published prices for the same securities on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.
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The Series will also apply a fair value price in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the NYSE. For example, trading in the Japanese securities markets is completed each day at the close of the Tokyo Stock Exchange (normally, 2:00 a.m. ET), which is fourteen hours before the close of the NYSE (normally, 4:00 p.m. ET) and the time that the net asset values of the Series are computed. Due to the time differences between the closings of the relevant foreign securities exchanges and the time the Series price their shares at the close of the NYSE, the Series will fair value their foreign investments when it is determined that the market quotations for the foreign investments are either unreliable or not readily available. The fair value prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Series’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Series has determined that movements in relevant indices or other appropriate market indicators, after the close of the Tokyo Stock Exchange or the London Stock Exchange, demonstrate that market quotations may be unreliable. Fair valuation of portfolio securities may occur on a daily basis. The fair value pricing by the Series uses data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Series uses fair value pricing, the values assigned to the Series’ foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges. These securities are generally categorized as Level 2 in the hierarchy.
Futures contracts held by the Series are valued using the settlement price established each day on the exchange on which they are traded. These valuations are generally categorized as Level 1 in the hierarchy.
Over-the-counter derivative contracts, which include forward currency contracts, do not require material subjectivity as pricing inputs are observed from quoted markets and are categorized as Level 2 in the hierarchy.
A summary of the inputs used to value the Series’ investments by each major security type, industry and/or country is disclosed previously in this note. Valuation hierarchy tables have been included at the end of the Summary Schedules of Portfolio Holdings. The methodology or inputs used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
2. Foreign Currency Translation: Securities and other assets and liabilities of the Series, whose values are initially expressed in foreign currencies are translated to U.S. dollars using the mean between the most recent bid and ask prices for the U.S. dollar as quoted by generally recognized reliable sources. To facilitate the translation, the Series enter into foreign currency contracts. A foreign currency contract is a spot agreement between two parties to buy and sell currencies at current market exchange rates, for settlement generally within two business days. 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 Series do not isolate the effect of foreign currency rate fluctuations 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 of securities transactions, and the difference between amounts of interest, dividends and any foreign withholding taxes recorded on the books of the Series and the U.S. dollar equivalent amounts actually received or paid.
3. Deferred Compensation Plan: Each eligible Trustee of the Trust may elect to participate in the Fee Deferral Plan for Independent Directors and Trustees (the “Plan”). Under the Plan, effective January 1, 2002, such Trustees may defer payment of all or a portion of their total fees earned as a Trustee. These deferred amounts may be treated as though such amounts had been invested in shares of the following funds: U.S. Large Cap Value Portfolio; U.S. Core Equity 1 Portfolio; U.S. Core Equity 2 Portfolio; U.S. Vector Equity Portfolio; U.S. Micro Cap Portfolio; DFA International Value Portfolio; International Core Equity Portfolio; Emerging Markets Portfolio; Emerging Markets Core Equity Portfolio; and/or DFA Two-Year Global Fixed Income Portfolio. Contributions made under the Plan and the change in unrealized appreciation (depreciation) and income are included in Directors’/Trustees’ Fees & Expenses.
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The Trustees may receive their distributions of proceeds by 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. The date may not be sooner than the earlier of: (i) the first business day of January following the year in which such Trustee ceases to be a member of the Board of Trustees of the Trust; 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, 2019, 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 accounted for on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions received on securities and 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 received distributions 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, using 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 Series 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. Additionally, 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, 2019, 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:
Additionally, 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, 2019, expenses reduced were as follows (amounts in thousands):
Fees Paid | |||||
Indirectly | |||||
The Japanese Small Company Series | $ | 77 | |||
The Asia Pacific Small Company Series | 33 | ||||
The United Kingdom Small Company Series | 94 | ||||
The Continental Small Company Series | 276 | ||||
The Canadian Small Company Series | 46 |
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, 2019, the total related amounts paid by the Trust to the CCO were $73 (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, 2019, 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 | $ | 101 | ||
The Asia Pacific Small Company Series | 51 | |||
The United Kingdom Small Company Series | 66 | |||
The Continental Small Company Series | 133 | |||
The Canadian Small Company Series | 32 |
E. Purchases and Sales of Securities:
For the year ended October 31, 2019, the Series’ transactions related to investment securities, other than short-term securities, in-kind redemptions and U.S. government securities (amounts in thousands), were as follows:
Purchases | Sales | ||||||
The Japanese Small Company Series | $ | 413,924 | $ | 566,085 | |||
The Asia Pacific Small Company Series | 303,278 | 331,966 | |||||
The United Kingdom Small Company Series | 414,490 | 399,311 | |||||
The Continental Small Company Series | 886,698 | 964,242 | |||||
The Canadian Small Company Series | 172,997 | 133,503 |
There were no purchases or sales of long-term U.S. government securities.
233
For the year ended October 31, 2019, transactions related to Affiliated Investment Companies, excluding in-kind redemptions, are presented below.
The amounts presented below may differ from the respective amounts presented in the corresponding Schedule of Investments/Summary Schedule of Portfolio Holdings, Statement of Assets and Liabilities or Statement of Operations due to rounding. The amounts are as follows(amounts in thousands):
Net | Change in | Balance | Shares | ||||||||||||||||||||||||||||
Balance | Realized | Unrealized | at | as of | |||||||||||||||||||||||||||
at | Purchases | Proceeds | Gain/(Loss) | Appreciation/ | October | October | Dividend | Capital Gain | |||||||||||||||||||||||
10/31/18 | at Cost | from Sales | on Sales | Depreciation | 31, 2019 | 31, 2019 | Income | Distributions | |||||||||||||||||||||||
The Japanese Small Company Series | |||||||||||||||||||||||||||||||
The DFA Short Term | |||||||||||||||||||||||||||||||
Investment Fund | $ | 218,283 | $ | 566,951 | $ | 694,041 | — | $ | 10 | $ | 91,203 | 7,882 | $ | 3,328 | — | ||||||||||||||||
Total | $ | 218,283 | $ | 566,951 | $ | 694,041 | — | $ | 10 | $ | 91,203 | 7,882 | $ | 3,328 | — | ||||||||||||||||
The Asia Pacific Small Company | |||||||||||||||||||||||||||||||
The DFA Short Term | |||||||||||||||||||||||||||||||
Investment Fund | $ | 102,269 | $ | 215,000 | $ | 268,428 | $ | 3 | $ | 4 | $ | 48,848 | 4222 | $ | 2,167 | — | |||||||||||||||
Total | $ | 102,269 | $ | 215,000 | $ | 268,428 | $ | 3 | $ | 4 | $ | 48,848 | 4222 | $ | 2,167 | — | |||||||||||||||
The United Kingdom Small Company Series | |||||||||||||||||||||||||||||||
The DFA Short Term | |||||||||||||||||||||||||||||||
Investment Fund | $ | 25,540 | $ | 222,126 | $ | 228,855 | $ | 2 | $ | 1 | $ | 18,814 | 1,626 | $ | 729 | — | |||||||||||||||
Total | $ | 25,540 | $ | 222,126 | $ | 228,855 | $ | 2 | $ | 1 | $ | 18,814 | 1,626 | $ | 729 | — | |||||||||||||||
The Continental Small Company Series | |||||||||||||||||||||||||||||||
The DFA Short Term | |||||||||||||||||||||||||||||||
Investment Fund | $ | 589,645 | $ | 1,524,995 | $ | 1,599,808 | $ | 7 | $ | 47 | $ | 514,886 | 44,498 | $ | 11,828 | — | |||||||||||||||
Total | $ | 589,645 | $ | 1,524,995 | $ | 1,599,808 | $ | 7 | $ | 47 | $ | 514,886 | 44,498 | $ | 11,828 | — | |||||||||||||||
The Canadian Small Company | |||||||||||||||||||||||||||||||
The DFA Short Term | |||||||||||||||||||||||||||||||
Investment Fund | $ | 154,044 | $ | 912,955 | $ | 885,717 | $ | (6 | ) | $ | 16 | $ | 181,292 | $ | 15,668 | $ | 3,714 | — | |||||||||||||
Total | $ | 154,044 | $ | 912,955 | $ | 885,717 | $ | (6 | ) | $ | 16 | $ | 181,292 | $ | 15,668 | $ | 3,714 | — |
234
F. Federal Income Taxes:
No provision for federal income taxes is required since the Series are treated as partnerships for federal income tax purposes. Any net investment income and realized and unrealized gains and losses have been deemed to have been “passed down” to their respective partners.
At October 31, 2019, 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 | $ | 3,458,783 | $ | 730,459 | $ | (382,924 | ) | $ | 347,535 | ||||||
The Asia Pacific Small Company Series | 1,819,346 | 298,364 | (437,545 | ) | (139,181 | ) | |||||||||
The United Kingdom Small Company Series | 2,134,598 | 452,850 | (332,212 | ) | 120,638 | ||||||||||
The Continental Small Company Series | 5,549,045 | 1,377,133 | (822,930 | ) | 554,203 | ||||||||||
The Canadian Small Company Series | 1,567,974 | 205,101 | (446,144 | ) | (241,043 | ) |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts, net mark-to-market gain/loss on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.
ASC 740 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.
Series that have significant exposure to certain countries, such as The United Kingdom Small Company Series that concentrates investments in the United Kingdom, can be expected to be impacted by the political and economic conditions within such countries. For example, there is continuing uncertainty around the future of the euro and the European Union (EU) following the United Kingdom’s (UK) exit from the EU (referred to as Brexit). Brexit may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK. While it is not possible to determine the precise impact these events may have on the Series, during this period and beyond, the impact on the UK, EU countries, other countries or parties that transact with the UK and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of the Series’ investments.
235
Derivative Financial Instruments:
Summarized below are the specific types of derivative instruments used by the Series.
2. Futures Contracts: The Series listed below 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, a Series deposits cash or pledges U.S. Government securities to a broker, in an amount equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Series as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Series records a realized gain or loss, which is presented in the Statements of Operations as a net realized gain or loss on futures, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Risks may arise upon entrance into futures contracts from potential imperfect price correlations between the futures contracts and the underlying securities, from the possibility of an illiquid secondary market for these instruments and from the possibility that the Series could lose more than the initial margin requirements. Entering into stock index futures subjects the Series to equity price risk from those futures contracts. Counterparty credit risk related to exchange-traded futures is minimal because the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.
The average volume (based on the open positions at each fiscal month-end) of derivative activity for the year ended October 31, 2019 was as follows (amounts in thousands):
Futures** | |||
The Asia Pacific Small Company Series | $698 |
** | Average Notional Value of contracts |
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 for the year ended October 31, 2019 (amounts in thousands):
Realized Gain (Loss) on | |||||||||
Derivatives | |||||||||
Total | Equity Contracts(1) | ||||||||
The Asia Pacific Small Company Series | $ | (97 | ) | $ | (97 | )* |
(1) | Presented on Statements of Operations as Net Realized Gain (Loss) on: Futures. | |
* | As of October 31, 2019, there were no futures contracts outstanding. During the year ended October 31, 2019, the Series had limited activity in futures contracts. |
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 April 8, 2020 with its domestic custodian bank. A line of credit with similar terms was in effect through April 8, 2020. 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 April 7, 2021.
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The Trust, together with other Dimensional-advised portfolios, has also entered into an additional $700 million unsecured line of credit with its international custodian bank effective January 2, 2020. A line of credit with similar terms was in effect through January 2, 2020. 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 $700 million in the aggregate. Each portfolio is individually, and not jointly, liable for its particular advances under the line of credit. Borrowings under the line of credit are charged interest at rates agreed upon by the parties at the time of borrowing. There is no commitment fee on the unused portion of the line of credit. The agreement for the discretionary line of credit may be terminated by either party at any time. The line of credit agreement expires on January 1, 2021.
For the year ended October 31, 2019, borrowings by the following Series under the lines of credit were as follows (amounts in thousands, except percentages and days):
Weighted | Weighted | Number | Interest | Maximum Amount | Outstanding | |||||||||||||||||||
Average | Average | of Days | Expense | Borrowed During | Borrowings as | |||||||||||||||||||
Interest Rate | Loan Balance | Outstanding* | Incurred | the Period | of 10/31/2019 | |||||||||||||||||||
The Japanese Small Company Series | 2.96 | % | $ | 1,452 | 28 | $ | 3 | $ | 4,590 | — | ||||||||||||||
The Asia Pacific Small Company Series | 2.84 | % | 2,280 | 29 | 6 | 32,447 | $ | 10 | ||||||||||||||||
The United Kingdom | ||||||||||||||||||||||||
Small Company Series | 3.01 | % | 409 | 15 | — | 2,481 | — | |||||||||||||||||
The Continental Small Company Series | 2.70 | % | 2,327 | 10 | 2 | 16,411 | — | |||||||||||||||||
The Canadian Small Company Series | 2.15 | % | 333 | 4 | — | 443 | — |
* | Number of Days Outstanding represents the total single or consecutive days during the year ended October 31, 2019, that each Series’ available line of credit was used. |
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, 2019.
I. Affiliated Trades:
Cross trades for the year ended October 31, 2019, 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 a common investment advisor (or affiliated investment advisors), common Trustees and/or common Officers. At its regularly scheduled meetings, the CCO certifies to the Board that the 17a-7 transactions entered into by the Series complied with the Rule 17a-7 Procedures adopted by the Board of Trustees of the Trust.
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For the year ended October 31, 2019, cross trades by the Series under Rule 17a-7 were as follows (amounts in thousands):
Realized | |||||||||||||
Portfolio | Purchases | Sales | Gain (Loss) | ||||||||||
The Japanese Small Company Series | $ | 77,611 | $ | 45,808 | $ | 2,930 | |||||||
The Asia Pacific Small Company Series | 19,544 | 52,066 | 7,392 | ||||||||||
The United Kingdom Small Company Series | 125 | 34,943 | (47,534 | ) | |||||||||
The Continental Small Company Series | 48,163 | 30,355 | 5,452 | ||||||||||
The Canadian Small Company Series | 28,285 | 3,871 | 12 |
J. Securities Lending:
As of October 31, 2019, each Series had securities on loan to brokers/dealers, for which each such Series received cash collateral. The Series also received non-cash collateral consisting of short-and/or long-term U.S. Treasuries and U.S. government agency securities as follows (amounts in thousands):
Non-Cash | |||||
Market Value | |||||
The Japanese Small Company Series | $ | 112,829 | |||
The Asia Pacific Small Company Series | 197,335 | ||||
The Continental Small Company Series | 43,921 | ||||
The Canadian Small Company Series | 45,992 |
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, cash collateral being maintained by the borrower is insufficient to cover the value of loaned securities and 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 with securities on loan or, at the option of the lending agent, to replace the securities. In the event of the bankruptcy of the borrower, the Series with securities on loan could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.
Subject to their stated investment policies, each Series with securities on loan 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. Income received from the Money Market Series is netted with fees for securities lending and collateral investment expenses and with other payments to and from borrowers of securities. The 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 or unaffiliated money market funds that are registered or unregistered. For purposes of this paragraph, agencies include both agency debentures and agency mortgage-backed securities. Additionally, 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 for taxation at qualified dividend income rates.
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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, 2019:
Remaining Contractual Maturity of the Agreements | |||||||||||||||
As of October 31, 2019 | |||||||||||||||
Overnight and | <30 | Between | >90 | ||||||||||||
Continuous | days | 30 & 90 days | days | Total | |||||||||||
Securities Lending Transactions | |||||||||||||||
The Japanese Small Company Series | |||||||||||||||
Common Stocks | $ | 91,233 | — | — | — | $ | 91,233 | ||||||||
The Asia Pacific Small Company Series | |||||||||||||||
Common Stocks | 48,834 | — | — | — | 48,834 | ||||||||||
The United Kingdom Small Company Series | |||||||||||||||
Common Stocks | 18,814 | — | — | — | 18,814 | ||||||||||
The Continental Small Company Series | |||||||||||||||
Common Stocks, Rights/Warrants | 514,881 | — | — | — | 514,881 | ||||||||||
The Canadian Small Company Series | |||||||||||||||
Common Stocks, Rights/Warrants | 181,271 | — | — | — | 181,271 |
K. Indemnitees; Contractual Obligations:
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 Trust.
In the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties that 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. Recently Issued Accounting Standards:
In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-08 which changes the amortization period for a callable debt security from the maturity date to the earliest call date. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Trust’s adoption of ASU 2017-08 disclosure requirements are reflected within these financial statements prepared as of October 31, 2019 and management has concluded that the change in accounting principle does not materially impact the financial statement amounts.
In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurements” (“ASU 2018-13”). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. ASU 2018-13 does not change fair value measurements already required or permitted by existing standards. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Series’ early adoption of all of the ASU 2018-13 disclosure requirements are reflected within these financial statements prepared as of October 31, 2019.
In March 2020, the FASB issued ASU 2020-04 which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.
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M. Other:
The Series and the Trust are subject to claims and suits that arise from time to time in the ordinary course of business (for example, in The Tribune Company Bankruptcy, certain creditors have filed actions against all shareholders of The Tribune Company who tendered shares when The Tribune Company went private in 2007 in a leveraged buy-out transaction, seeking the return of proceeds received by the shareholders). Although management currently believes that resolving claims against the Series and the Trust, individually or in aggregate, will not have a material adverse impact on the Series and the Trust financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.
N. 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.
The continued worldwide spread of novel coronavirus (or COVID-19) and its impact on international business operations, supply chains, travel, commodity prices, consumer confidence and business forecasts, and the associated impact on domestic and international equity markets and fixed income yields, has caused uncertainty for the global economy and financial markets. While it is too early to predict the impact of COVID-19 related factors, during a time of increased uncertainty and volatility, the performance of the Series may be adversely affected in the near term and, potentially, beyond.
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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 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
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the summary schedules of portfolio holdings, 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 (five of the series constituting The DFA Investment Trust Company, hereafter collectively referred to as the “Series”) as of October 31, 2019, the related statements of operations for the year ended October 31, 2019, the statements of changes in net assets for each of the two years in the period ended October 31, 2019, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Series as of October 31, 2019, 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 ended October 31, 2019, and each of the financial highlights for each of the five years in the period ended October 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019 by correspondence with the custodian, brokers and the transfer agent of the investee fund; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 20, 2019
We have served as the auditor of one or more investment companies in Dimensional Fund Advisors L.P. investment company group since 1981.
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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, Abbie J. Smith and Ingrid M. Werner. 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 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, 2019.
Each Board’s Nominating Committee is composed of George M. Constantinides, Roger G. Ibbotson, Myron S. Scholes, Edward P. Lazear, Abbie J. Smith, Douglas W. Diamond, Darrell Duffie and Ingrid M. Werner. 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 disinterested Board members and 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 met one time during the fiscal year ended October 31, 2019.
Each Board’s Strategy Committee is composed of Gerard K. O’Reilly, Douglas W. Diamond, Edward P. Lazear, Myron S. Scholes and Darrell Duffie. 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 (i) reviews the design of possible new series of the Fund, (ii) reviews performance of existing portfolios of the Funds and discusses and recommends possible enhancements to the portfolios’ investment strategies, (iii) reviews proposals by the Advisor to modify or enhance the investment strategies or policies of each portfolio, and (iv) considers issues relating to investment services for each portfolio of the Fund. There were three Strategy Committee meetings held during the fiscal year ended October 31, 2019.
Certain biographical information for each disinterested Trustee/Director and 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, TX 78746. Prospectuses are also available at http://us.dimensional.com.
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Disinterested Directors
Name, Address and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years | Portfolios within the DFA Fund Complex2 Overseen | Other Directorships of Public Companies Held During Past 5 Years |
George M. Constantinides University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 1947 | Director | Since 1983 | Leo Melamed Professor of Finance, University of Chicago Booth School of Business (since 1978). | 128 portfolios in 4 investment companies | None |
Douglas W. Diamond c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1953 | Director | Since 2017 | Merton H. Miller Distinguished Service Professor of Finance, University of Chicago Booth School of Business (since 1988). Visiting Scholar, Federal Reserve Bank of Richmond (since 1990). Formerly, Fischer Black Visiting Professor of Financial Economics, Alfred P. Sloan School of Management, Massachusetts Institute of Technology (2015 to 2016). | 128 portfolios in 4 investment companies | None |
Darrell Duffie c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1954 | Director | Since March 2019 | Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University (since 1984). | 128 portfolios in 4 investment companies | Formerly, Director, Moody’s Corporation (financial information and information technology) (2008-April 2018). |
Roger G. Ibbotson Yale School of Management P.O. Box 208200 New Haven, CT 06520-8200 1943 | Director | Since 1981 | Professor in Practice Emeritus of Finance, Yale School of Management (since 1984). Chairman and Partner, Zebra Capital Management, LLC (hedge fund and asset manager) (since 2001). Formerly, Consultant to Morningstar, Inc. (2006-2016). | 128 portfolios in 4 investment companies | None |
Edward P. Lazear Stanford University Graduate School of Business Knight Management Center, E346 Stanford, CA 94305 1948 | Director | Since 2010 | Distinguished Visiting Fellow, Becker Friedman Institute for Research in Economics, University of Chicago (since 2015). Morris Arnold Cox Senior Fellow, Hoover Institution (since 2002). Davies Family Professor of Economics, Graduate School of Business, Stanford University (since 1995). Cornerstone Research (expert testimony and economic and financial analysis) (since 2009). | 128 portfolios in 4 investment companies | None |
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Name, Address and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years | Portfolios within the DFA Fund Complex2 Overseen | Other Directorships of Public Companies Held During Past 5 Years |
Myron S. Scholes c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1941 | Director | Since 1981 | Chief Investment Strategist, Janus Henderson Investors (since 2014). Frank E. Buck Professor of Finance, Emeritus, Graduate School of Business, Stanford University (since 1981). | 128 portfolios in 4 investment companies | Formerly, Adviser, Kuapay, Inc. (2013-2014). Formerly, Director, American Century Fund Complex (registered investment companies) (43 Portfolios) (1980-2014). |
Abbie J. Smith University of Chicago Booth School of Business 5807 S. Woodlawn Avenue Chicago, IL 60637 1953 | Director | Since 2000 | Boris and Irene Stern Distinguished Service Professor of Accounting, University of Chicago Booth School of Business (since 1980). | 128 portfolios in 4 investment companies | Director (since 2000) and formerly, Lead Director (2014-2017), HNI Corporation (office furniture); Director, Ryder System Inc. (transportation, logistics and supply-chain management) (since 2003); and Trustee, UBS Funds (3 investment companies within the fund complex) (19 portfolios) (since 2009). |
Ingrid M. Werner c/o Dimensional Fund Advisors LP 6300 Bee Cave Road, Building One Austin, TX 78746 1961 | Director | Since March 2019 | Martin and Andrew Murrer Professor of Finance, Fisher College of Business, The Ohio State University (since 1998). Adjunct Member, the Prize Committee for the Swedish Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (annual award for significant scientific research contribution) (since January 2018). President, Western Finance Association (global association of academic researchers and practitioners in finance) (since June 2018). Director, American Finance Association (global association of academic researchers and practitioners in finance) (since January 2019). Member, Economic Advisory Committee, FINRA (since 2017). Chairman, Scientific Advisory Board, Swedish House of Finance (institute supporting academic research in finance) (since 2014). Member, Scientific Board, Danish Finance Institute (institute supporting academic research in finance) (since 2017). Member, Academic Board, Mistra Financial Systems (organization funding academic research on environment, governance and climate/sustainability in finance) (since 2016). Fellow, Center for Analytical Finance (academic research) (since 2015). Associate Editor, Journal of Finance (since 2016). | 128 portfolios in 4 investment companies | Director, Fourth Swedish AP Fund (pension fund asset management) (since 2017). |
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Interested Director
The following interested Director is described as such because he is deemed to be an “interested person,” as that term is defined under the 1940 Act, due to his position with the Advisor.
Name, Address and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years | Portfolios within the DFA Fund Complex2 Overseen | Other Directorships of Public Companies Held During Past 5 Years |
David G. Booth 6300 Bee Cave Road, Building One Austin, TX 78746 1946 | Chairman and Director | Since 1981 | Chairman, Director/Trustee, and formerly, President and Co-Chief Executive Officer (each until March 2017) of Dimensional Emerging Markets Value Fund (“DEM”), DFAIDG, Dimensional Investment Group Inc. (“DIG”) and The DFA Investment Trust Company (“DFAITC”). Executive Chairman, and formerly, President and Co-Chief Executive Officer (each until February 2017) of Dimensional Holdings Inc., Dimensional Fund Advisors LP, Dimensional Investment LLC and DFA Securities LLC (collectively with DEM, DFAIDG, DIG and DFAITC, the “DFA Entities”). Formerly, Chairman and Director (2009-2018) and Co-Chief Executive Officer (2010 – June 2017) of Dimensional Fund Advisors Canada ULC. Trustee, University of Chicago (since 2002). Trustee, University of Kansas Endowment Association (since 2005). Formerly, Director of Dimensional Fund Advisors Ltd. (2002 – July 2017), DFA Australia Limited (1994 – July 2017), Dimensional Advisors Ltd. (2012 – July 2017), Dimensional Funds plc (2006 – July 2017) and Dimensional Funds II plc (2006 – July 2017). Formerly, Director and President of Dimensional Japan Ltd. (2012 – April 2017). Formerly, President, Dimensional SmartNest (US) LLC (2009-2014); and Limited Partner, VSC Investors, LLC (2007-2015). Formerly, Chairman, Director, President and Co-Chief Executive Officer of Dimensional Cayman Commodity Fund I Ltd. (2010-September 2017). | 128 portfolios in 4 investment companies | None |
1 | Each Director holds office for an indefinite term until his or her successor is elected and qualified. | |
2 | Each Director is a director or trustee of each of the four registered investment companies within the DFA Fund Complex, which include: DFAIDG; DIG; DFAITC; and DEM. Each disinterested Director also serves on the Independent Review Committee of the Dimensional Funds, mutual funds registered in the provinces of Canada and managed by the Advisor’s affiliate, Dimensional Fund Advisors Canada ULC. |
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Officers
Below is the name, year of birth, information regarding positions with the Fund and the principal occupation for each officer of the Fund as of October 31, 2019. The address of each officer is 6300 Bee Cave Road, Building One, Austin, TX 78746. Each of the officers listed below held 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 |
Valerie A. Brown 1967 | Vice President and Assistant Secretary | Since 2001 | Vice President and Assistant Secretary of ●all the DFA Entities (since 2001) ●DFA Australia Limited (since 2002) ●Dimensional Fund Advisors Ltd. (since 2002) ●Dimensional Cayman Commodity Fund I Ltd. (since 2010) ●Dimensional Fund Advisors Pte. Ltd. (since 2012) ●Dimensional Hong Kong Limited (since 2012) Director, Vice President and Assistant Secretary (since 2003) of ●Dimensional Fund Advisors Canada ULC |
Ryan P. Buechner 1982 | Vice President and Assistant Secretary | Since September 2019 | Vice President and Assistant Secretary of ●DFAIDG, DIG, DFAITC and DEM (since September 2019) Vice President (since January 2018) of ●Dimensional Holdings Inc. ●Dimensional Fund Advisors LP ●Dimensional Investment LLC ●DFA Securities LLC |
David P. Butler 1964 | Co-Chief Executive Officer | Since 2017 | Co-Chief Executive Officer (since 2017) of ●all the DFA entities Director (since 2017) of ●Dimensional Holdings Inc. ●Dimensional Fund Advisors Canada ULC ●Dimensional Japan Ltd. ●Dimensional Advisors Ltd. ●Dimensional Fund Advisors Ltd. ●DFA Australia Limited Director and Co-Chief Executive Officer (since 2017) of ●Dimensional Cayman Commodity Fund I Ltd. Head of Global Financial Advisor Services (since 2007) for ●Dimensional Fund Advisors LP Formerly, Vice President (2007 – 2017) of ●all the DFA Entities |
Stephen A. Clark 1972 | Executive Vice President | Since 2017 | Executive Vice President (since 2017) of ●all the DFA entities Director and Vice President (since 2016) of ●Dimensional Japan Ltd. President and Director (since 2016) of ●Dimensional Fund Advisors Canada ULC Vice President (since 2008) and Director (since 2016) of ●DFA Australia Limited Director (since 2016) of ●Dimensional Advisors Ltd. ●Dimensional Fund Advisors Pte. Ltd. ●Dimensional Hong Kong Limited Vice President (since 2016) of ●Dimensional Fund Advisors Pte. Ltd. Formerly, Vice President (2004 – 2017) of ●all the DFA Entities Formerly, Vice President (2010 – 2016) of ●Dimensional Fund Advisors Canada ULC Formerly, Head of Institutional, North America (2012 – 2013) and Head of Global Institutional Services (2014-2018) for ●Dimensional Fund Advisors LP |
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Name and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years |
Christopher S. Crossan 1965 | Vice President and Global Chief Compliance Officer | Since 2004 | Vice President and Global Chief Compliance Officer (since 2004) of ●all the DFA Entities ●DFA Australia Limited ●Dimensional Fund Advisors Ltd. Chief Compliance Officer (since 2006) and Chief Privacy Officer (since 2015) of ●Dimensional Fund Advisors Canada ULC Chief Compliance Officer of ●Dimensional Fund Advisors Pte. Ltd. (since 2012) ●Dimensional Japan Ltd. (since 2017) Formerly, Vice President and Global Chief Compliance Officer (2010 – 2014) for ●Dimensional SmartNest (US) LLC |
Gregory K. Hinkle 1958 | Vice President, Chief Financial Officer, and Treasurer | Vice President since 2015 and Chief Financial Officer and Treasurer since 2016 | Vice President, Chief Financial Officer, and Treasurer (since 2016) of ●all the DFA Entities ●Dimensional Advisors Ltd. ●Dimensional Fund Advisors Ltd. ●Dimensional Hong Kong Limited ●Dimensional Cayman Commodity Fund I Ltd. ●Dimensional Fund Advisors Canada ULC ●Dimensional Fund Advisors Pte. Ltd. ●DFA Australia Limited Director (since 2016) for ●Dimensional Funds plc ●Dimensional Funds II plc Formerly, interim Chief Financial Officer and interim Treasurer (2016) of ●all the DFA Entities ●Dimensional Fund Advisors LP ●Dimensional Fund Advisors Ltd. ●DFA Australia Limited ●Dimensional Advisors Ltd. ●Dimensional Fund Advisors Pte. Ltd. ●Dimensional Hong Kong Limited ●Dimensional Cayman Commodity Fund I Ltd. ●Dimensional Fund Advisors Canada ULC Formerly, Controller (2015 – 2016) of ●all the DFA Entities ●Dimensional Fund Advisors LP Formerly, Vice President (2008 – 2015) of ●T. Rowe Price Group, Inc. Formerly, Director of Investment Treasury and Treasurer (2008 – 2015) of ●the T. Rowe Price Funds |
Jeff J. Jeon 1973 | Vice President | Since 2004 | Vice President (since 2004) and Assistant Secretary (2017-2019) of ●all the DFA Entities Vice President and Assistant Secretary (since 2010) of ●Dimensional Cayman Commodity Fund I Ltd. |
Joy Lopez 1971 | Vice President and Assistant Treasurer | Vice President since 2015 and Assistant Treasurer since 2017 | Vice President (since 2015) of ●all the DFA Entities Assistant Treasurer (since 2017) of ●the DFA Fund Complex Formerly, Senior Tax Manager (2013 – 2015) for ●Dimensional Fund Advisors LP |
Kenneth M. Manell 1972 | Vice President | Since 2010 | Vice President (since 2010) of ●all the DFA Entities ●Dimensional Cayman Commodity Fund I Ltd. |
247
Name and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years |
Catherine L. Newell 1964 | President and General Counsel | President since 2017 and General Counsel since 2001 | President (since 2017) of ●the DFA Fund Complex General Counsel (since 2001) of ●All the DFA Entities Executive Vice President (since 2017) and Secretary (since 2000) of ●Dimensional Fund Advisors LP ●Dimensional Holdings Inc. ●DFA Securities LLC ●Dimensional Investment LLC Director (since 2002), Vice President (since 1997) and Secretary (since 2002) of ●DFA Australia Limited ●Dimensional Fund Advisors Ltd. Vice President and Secretary of ●Dimensional Fund Advisors Canada ULC (since 2003) ●Dimensional Cayman Commodity Fund I Ltd. (since 2010) ●Dimensional Japan Ltd. (since 2012) ●Dimensional Advisors Ltd (since 2012) ●Dimensional Fund Advisors Pte. Ltd. (since 2012) Director of ●Dimensional Funds plc (since 2002) ●Dimensional Funds II plc (since 2006) ●Director of Dimensional Japan Ltd. (since 2012) ●Dimensional Advisors Ltd. (since 2012) ●Dimensional Fund Advisors Pte. Ltd. (since 2012) ●Dimensional Hong Kong Limited (since 2012) Formerly, Vice President and Secretary (2010 – 2014) of ●Dimensional SmartNest (US) LLC Formerly, Vice President (1997 – 2017) and Secretary (2000 – 2017) of ●the DFA Fund Complex Formerly, Vice President of ●Dimensional Fund Advisors LP (1997 – 2017) ●Dimensional Holdings Inc. (2006 – 2017) ●DFA Securities LLC (1997 – 2017) ●Dimensional Investment LLC (2009 – 2017) |
Selwyn Notelovitz 1961 | Vice President and Deputy Chief Compliance Officer | Since 2013 | Vice President and Deputy Chief Compliance Officer of ●the DFA Fund Complex (since 2013) ●Dimensional Fund Advisors LP (since 2012) |
Carolyn L. O 1974 | Vice President and Secretary | Vice President since 2010 and Secretary since 2017 | Vice President (since 2010) and Secretary (since 2017) of ●the DFA Fund Complex Vice President (since 2010) and Assistant Secretary (since 2016) of ●Dimensional Fund Advisors LP ●Dimensional Holdings Inc. ●Dimensional Investment LLC Vice President of ●DFA Securities LLC (since 2010) ●Dimensional Cayman Commodity Fund I Ltd. (since 2010) ●Dimensional Fund Advisors Canada ULC (since 2016) |
248
Name and Year of Birth | Position | Term of Office1 and Length of Service | Principal Occupation During Past 5 Years |
Gerard K. O’Reilly 1976 | Co-Chief Executive Officer and Chief Investment Officer | Co-Chief Executive Officer and Chief Investment Officer since 2017 | Co-Chief Executive Officer and Chief Investment Officer (since 2017) of ●all the DFA Entities ●Dimensional Fund Advisors Canada ULC Director, Chief Investment Officer and Vice President (since 2017) of ●DFA Australia Limited Chief Investment Officer (since 2017) and Vice President (since 2016) of ●Dimensional Japan Ltd. Director, Co-Chief Executive Officer and Chief Investment Officer (since 2017) of ●Dimensional Cayman Commodity Fund I Ltd. Director of ●Dimensional Funds plc (since 2014) ●Dimensional Fund II plc (since 2014) ●Dimensional Holdings Inc. (since 2017) Formerly, Co-Chief Investment Officer of ●Dimensional Japan Ltd. (2016 – 2017) ●DFA Australia Limited (2014 – 2017) Formerly, Executive Vice President (2017) and Co-Chief Investment Officer (2014 – 2017) of ●all the DFA Entities Formerly, Vice President (2007 – 2017) of ●all the DFA Entities Formerly, Vice President and Co-Chief Investment Officer (2014 – 2017) of ●Dimensional Fund Advisors Canada ULC Formerly, Director (2017 – 2018) of ●Dimensional Fund Advisors Pte. Ltd. |
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. |
249
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.
250
Distributor for the SA Funds:
Foreside Financial Services, LLC
Three Canal Plaza, Suite 100,
Portland, ME 04101
www.foreside.com
This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds objectives and policies, experience of its management, and other information.
Item 2. Code of Ethics.
(a) As of the end of the period covered by this Form N-CSR, the registrant has adopted a code of ethics, as defined in Item 2(b) of Form N-CSR, that applies to the registrant’s chief executive officer and chief financial and accounting officer.
(c) During the period, the registrant’s code of ethics was revised to modify certain defined terms and make other non-material changes.
(d) The registrant has not granted any waivers from any provisions of its code of ethics during the period covered by this Form N-CSR.
(e) Not applicable.
(f) A copy of the registrant’s code of ethics is filed as Exhibit 13(a)(1) to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
(a)(1) The registrant’s Board of Trustees (the “Board”) has determined that the registrant has three members serving on the registrant’s Audit Committee that possess the attributes identified in Form N-CSR to qualify as an “audit committee financial expert.”
(a)(2) The audit committee financial experts are Bryan W. Brown, Harold M. Shefrin and Charles M. Roame. Each has been deemed to be “independent” as that term is defined in Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Beginning with the fiscal year June 30, 2020, Cohen & Co. (“Cohen”) serves as the independent registered public accounting firm for the registrant. For the fiscal year ended June 30, 2019, the firm of PricewaterhouseCoopers LLP (“PwC”) served as the independent registered public accounting firm for the registrant.
(a) Audit Fees.
For the fiscal years ended June 30, 2020 and June 30, 2019, the aggregate fees billed for professional services rendered by Cohen and PwC for the audit of the registrant’s annual financial statements or for services that are normally provided by Cohen and PwC in connection with statutory and regulatory filings or engagements were $182,500 and $280,100, respectively.
(b) Audit-Related Fees.
For the fiscal years ended June 30, 2020 and June 30, 2019, the aggregate fees billed for assurance and related services rendered by Cohen and PwC that are reasonably related to the performance of the audit or review of the registrant’s financial statements and that are not reported under Audit Fees above were $6,000 and $2,000, respectively. Services for which fees in the Audit-Related Fees category were billed include Cohen’s and PwC’s reasonable out-of-pocket expenses and ticket charges for booking travel related to conducting the audit.
For the twelve month periods ended June 30, 2020 and June 30, 2019, aggregate Audit-Related Fees billed by Cohen and PwC that were required to be approved by the registrant’s Audit Committee for audit-related services rendered to the registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant (the “Affiliated Service Providers”) that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.
(c) Tax Fees.
For the fiscal years ended June 30, 2020 and June 30, 2019, the aggregate fees billed for tax compliance, tax advice and tax planning by Cohen and PwC were $39,500 and $64,400, respectively. Services for which fees in the Tax Fees category are billed include Cohen and PwC’s review of the registrant’s U.S. federal income tax returns and the required state corporate income tax returns, as well as Cohen and PwC’s review of excise tax distribution calculations.
For the twelve month periods ended June 30, 2020 and June 30, 2019, the aggregate Tax Fees billed Cohen and PwC that were required to be approved by the registrant’s Audit Committee for tax compliance, tax advice and tax planning services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.
(d) All Other Fees.
For the fiscal years ended June 30, 2020 and June 30, 2019, the aggregate fees billed by Cohen and PwC to the registrant for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were $17,195 and $13,990, respectively. Services for which fees in this category were billed for fiscal years ended June 30, 2020 and June 30, 2019 relate only to PwC serving as a required tax consultant in India for SA Emerging Markets Value Fund. No fees in this category were billed by Cohen.
For the twelve month periods ended June 30, 2020 and June 30, 2019, the aggregate fees in this category billed by Cohen and PwC that were required to be approved by the registrant’s Audit Committee for services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the registrant were $0 and $0, respectively.
(e)(1) Audit Committee’s Pre-Approval Policies and Procedures.
The registrant’s Audit Committee has the sole authority to pre-approve all audit and non-audit services to be provided by Cohen to the registrant, subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)B of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Pre-approval of audit and non-audit services is not required if the engagement to render the services is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. The Audit Committee has not established such policies and procedures.
(e)(2) Percentage of Services.
None of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant’s Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) For the fiscal years ended June 30, 2020 and June 30, 2019, aggregate non-audit fees billed by Cohen and PwC for services rendered to the registrant were $39,500 and $64,400, respectively.
For the twelve month periods ended June 30, 2020 and June 30, 2019, aggregate non-audit fees billed by Cohen and PwC for services rendered to the Affiliated Service Providers were $0 and $0, respectively.
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the registrant.
Item 6. Schedule of Investments.
(a)
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 | |||
P.L.C. | Public Limited Company | ||
SA | Special Assessment | ||
ST | Special Tax | ||
Investment Footnotes | |||
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | ||
‡ | Calculated as a percentage of total net assets. Percentages shown parenthetically next to the category headings have been calculated as a percentage of total investments. “Other Securities” are those securities that are not among the top 50 holdings in unaffiliated issuers of the Fund or do not represent more than 1.0% of the net assets of the Fund. Some of the individual securities within this category may include Total or Partial Securities on Loan and/or Non-Income Producing Securities. | ||
# | Total or Partial Securities on Loan. | ||
* | Non-Income Producing Securities. | ||
@ | Security purchased with cash collateral received from Securities on Loan. | ||
§ | Affiliated Fund. | ||
† | See Note B to Financial Statements. | ||
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) and/or Underlying 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
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Shares | Value» | |||||||
COMMON STOCKS — (97.5%) | ||||||||
COMMUNICATION SERVICES — (2.8%) | ||||||||
Adways, Inc. | 22,400 | $ | 70,708 | |||||
# | Aeria, Inc. | 15,800 | 73,544 | |||||
Akatsuki, Inc. | 30,200 | 1,077,275 | ||||||
#* | AlphaPolis Co., Ltd. | 10,700 | 234,955 | |||||
Amuse, Inc. | 7,400 | 151,727 | ||||||
# | AOI TYO Holdings, Inc. | 147,231 | 604,050 | |||||
Asahi Broadcasting Group Holdings Corp. | 63,800 | 454,680 | ||||||
# | Asahi Net, Inc. | 102,300 | 1,268,077 | |||||
Ateam, Inc. | 77,600 | 621,785 | ||||||
#* | Atrae, Inc. | 33,000 | 967,063 | |||||
Avex, Inc. | 244,400 | 1,933,419 | ||||||
* | Bengo4.com, Inc. | 20,500 | 1,959,754 | |||||
* | Broadmedia Corp. | 55,200 | 65,006 | |||||
Ceres, Inc. | 24,900 | 274,083 | ||||||
Daiichikosho Co., Ltd. | 32,600 | 975,349 | ||||||
DeNA Co., Ltd. | 36,900 | 460,707 | ||||||
Dip Corp. | 197,100 | 4,003,713 | ||||||
* | Drecom Co., Ltd. | 13,400 | 80,082 | |||||
* | eBook Initiative Japan Co., Ltd. | 14,200 | 410,672 | |||||
Extreme Co., Ltd. | 17,300 | 256,753 | ||||||
# | Faith, Inc. | 58,110 | 360,002 | |||||
FAN Communications, Inc. | 328,900 | 1,366,863 | ||||||
Fibergate, Inc. | 3,000 | 42,352 | ||||||
Freebit Co., Ltd. | 55,300 | 370,762 | ||||||
#* | GA Technologies Co., Ltd. | 800 | 51,248 | |||||
Gakken Holdings Co., Ltd. | 133,000 | 1,790,165 | ||||||
# | Gree, Inc. | 874,000 | 3,756,767 | |||||
GungHo Online Entertainment, Inc. | 132,800 | 2,374,370 | ||||||
Gurunavi, Inc. | 187,900 | 1,291,688 | ||||||
# | Imagica Group, Inc. | 118,100 | 438,011 | |||||
Intage Holdings, Inc. | 226,700 | 1,857,884 | ||||||
Internet Initiative Japan, Inc. | 178,300 | 6,100,545 | ||||||
ITmedia, Inc. | 30,000 | 459,280 | ||||||
* | Itokuro, Inc. | 54,600 | 671,282 | |||||
Kadokawa Corp. | 334,416 | 6,871,778 | ||||||
Kamakura Shinsho, Ltd. | 61,100 | 640,489 | ||||||
* | KLab, Inc. | 141,900 | 964,228 | |||||
LIFULL Co., Ltd. | 327,500 | 1,291,444 | ||||||
Macromill, Inc. | 261,900 | 1,809,139 | ||||||
# | MarkLines Co., Ltd. | 67,000 | 1,396,130 | |||||
Marvelous, Inc. | 226,600 | 1,476,420 | ||||||
# | Members Co., Ltd. | 45,500 | 611,216 | |||||
Mixi, Inc. | 245,000 | 4,333,323 | ||||||
* | Mobile Factory, Inc. | 10,500 | 106,041 | |||||
MTI, Ltd. | 155,800 | 924,492 | ||||||
Okinawa Cellular Telephone Co. | 84,000 | 3,215,613 | ||||||
* | PR Times, Inc. | 600 | 15,977 | |||||
Proto Corp. | 162,500 | 1,516,098 | ||||||
#* | Shobunsha Holdings, Inc. | 223,100 | 828,428 | |||||
SKY Perfect JSAT Holdings, Inc. | 923,100 | 3,431,434 | ||||||
SoldOut, Inc. | 6,300 | 153,423 | ||||||
* | Synchro Food Co., Ltd. | 47,900 | 150,058 | |||||
Toei Animation Co., Ltd. | 21,200 | 993,657 | ||||||
Toei Co., Ltd. | 11,400 | 1,526,386 |
1
The Japanese Small Company Series
continued
Shares | Value» | |||||||
COMMUNICATION SERVICES — (Continued) | ||||||||
Tohokushinsha Film Corp. | 90,500 | $ | 519,343 | |||||
# | Tokyu Recreation Co., Ltd. | 19,600 | 854,710 | |||||
# | Tow Co., Ltd. | 272,000 | 954,864 | |||||
TV Asahi Holdings Corp. | 27,900 | 406,489 | ||||||
Tv Tokyo Holdings Corp. | 93,500 | 2,061,149 | ||||||
# | Usen-Next Holdings Co., Ltd. | 52,500 | 616,167 | |||||
ValueCommerce Co., Ltd. | 113,500 | 3,052,081 | ||||||
# | V-Cube, Inc. | 80,700 | 980,177 | |||||
* | Vector, Inc. | 192,300 | 1,563,887 | |||||
#* | Vision, Inc. | 121,300 | 764,981 | |||||
Wowow, Inc. | 41,300 | 928,490 | ||||||
# | Zenrin Co., Ltd. | 233,550 | 2,638,423 | |||||
ZIGExN Co., Ltd. | 403,500 | 1,269,090 | ||||||
TOTAL COMMUNICATION SERVICES | 85,740,246 | |||||||
CONSUMER DISCRETIONARY — (16.7%) | ||||||||
Adastria Co., Ltd. | 165,140 | 2,625,697 | ||||||
#* | Adventure, Inc. | 8,800 | 349,537 | |||||
Aeon Fantasy Co., Ltd. | 48,932 | 700,085 | ||||||
Ahresty Corp. | 158,000 | 524,409 | ||||||
* | Aigan Co., Ltd. | 60,800 | 126,251 | |||||
Ainavo Holdings Co., Ltd. | 5,600 | 43,285 | ||||||
Aisan Industry Co., Ltd. | 231,400 | 1,136,961 | ||||||
* | Akebono Brake Industry Co., Ltd. | 225,300 | 359,881 | |||||
# | Alleanza Holdings Co., Ltd. | 88,400 | 846,626 | |||||
# | Alpen Co., Ltd. | 116,700 | 1,815,257 | |||||
# | Alpha Corp. | 48,100 | 420,789 | |||||
Amiyaki Tei Co., Ltd. | 28,800 | 847,802 | ||||||
AOKI Holdings, Inc. | 260,400 | 1,512,668 | ||||||
Aoyama Trading Co., Ltd. | 289,500 | 1,975,871 | ||||||
Arata Corp. | 91,700 | 4,119,834 | ||||||
Arcland Sakamoto Co., Ltd. | 185,600 | 3,253,997 | ||||||
# | Arcland Service Holdings Co., Ltd. | 77,100 | 1,368,159 | |||||
Asahi Co., Ltd. | 102,000 | 1,411,119 | ||||||
Asante, Inc. | 49,700 | 676,057 | ||||||
Ashimori Industry Co., Ltd. | 30,899 | 290,859 | ||||||
# | Asics Corp. | 10,400 | 118,903 | |||||
ASKUL Corp. | 77,300 | 2,482,869 | ||||||
# | Asti Corp. | 19,400 | 225,861 | |||||
# | Atom Corp. | 688,400 | 5,236,744 | |||||
Atsugi Co., Ltd. | 106,100 | 602,282 | ||||||
* | Aucfan Co., Ltd. | 3,100 | 27,818 | |||||
* | Aucnet, Inc. | 28,200 | 264,230 | |||||
Autobacs Seven Co., Ltd. | 514,600 | 6,502,296 | ||||||
Avantia Co., Ltd. | 74,800 | 603,251 | ||||||
Baroque Japan, Ltd. | 91,600 | 569,320 | ||||||
* | Beaglee, Inc. | 35,300 | 620,635 | |||||
Beauty Garage, Inc. | 18,600 | 310,833 | ||||||
Beenos, Inc. | 7,100 | 68,090 | ||||||
Belluna Co., Ltd. | 350,500 | 1,981,079 | ||||||
Bic Camera, Inc. | 330,600 | 3,512,151 | ||||||
# | Bookoff Group Holdings, Ltd. | 68,800 | 536,504 | |||||
# | BRONCO BILLY Co., Ltd. | 68,200 | 1,532,538 | |||||
Can Do Co., Ltd. | 66,700 | 1,287,854 | ||||||
Central Automotive Products, Ltd. | 82,500 | 1,618,785 | ||||||
Central Sports Co., Ltd. | 45,800 | 958,135 | ||||||
# | Chikaranomoto Holdings Co., Ltd. | 35,400 | 228,993 | |||||
CHIMNEY Co., Ltd. | 36,800 | 495,980 | ||||||
Chiyoda Co., Ltd. | 123,100 | 1,348,505 |
2
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
Chofu Seisakusho Co., Ltd. | 134,000 | $ | 2,813,387 | |||||
* | Choushimaru Co., Ltd. | 7,600 | 77,151 | |||||
Chuo Spring Co., Ltd. | 19,500 | 507,818 | ||||||
Cleanup Corp. | 142,100 | 755,820 | ||||||
# | Colowide Co., Ltd. | 351,400 | 4,796,868 | |||||
Corona Corp. | 102,800 | 985,689 | ||||||
Create Restaurants Holdings, Inc. | 587,100 | 3,872,364 | ||||||
* | Curves Holdings Co., Ltd. | 253,600 | 1,390,655 | |||||
Daido Metal Co., Ltd. | 278,500 | 1,415,289 | ||||||
Daidoh, Ltd. | 105,400 | 212,670 | ||||||
Daikoku Denki Co., Ltd. | 57,800 | 688,862 | ||||||
Daikyonishikawa Corp. | 268,300 | 1,207,049 | ||||||
Dainichi Co., Ltd. | 68,900 | 442,170 | ||||||
DCM Holdings Co., Ltd. | 713,300 | 8,179,003 | ||||||
DD Holdings Co., Ltd. | 58,200 | 496,567 | ||||||
* | Descente, Ltd. | 182,100 | 2,522,110 | |||||
Doshisha Co., Ltd. | 161,800 | 2,449,107 | ||||||
Doutor Nichires Holdings Co., Ltd. | 189,786 | 3,069,471 | ||||||
Dynic Corp. | 38,300 | 262,033 | ||||||
Eagle Industry Co., Ltd. | 182,900 | 1,228,308 | ||||||
# | EAT&Co, Ltd. | 33,000 | 546,148 | |||||
# | EDION Corp. | 541,600 | 5,500,910 | |||||
Enigmo, Inc. | 147,600 | 1,822,896 | ||||||
ES-Con Japan, Ltd. | 179,200 | 1,364,671 | ||||||
Eslead Corp. | 52,100 | 656,561 | ||||||
ESTELLE Holdings Co., Ltd. | 12,600 | 72,097 | ||||||
Exedy Corp. | 189,100 | 2,822,911 | ||||||
FCC Co., Ltd. | 237,200 | 4,078,161 | ||||||
Felissimo Corp. | 17,800 | 179,051 | ||||||
Fields Corp. | 119,200 | 370,723 | ||||||
Fine Sinter Co., Ltd. | 10,300 | 162,066 | ||||||
First Juken Co., Ltd. | 42,500 | 368,252 | ||||||
# | First-corp, Inc. | 45,300 | 229,977 | |||||
# | FJ Next Co., Ltd. | 113,300 | 903,458 | |||||
Foster Electric Co., Ltd. | 140,700 | 1,377,141 | ||||||
France Bed Holdings Co., Ltd. | 153,900 | 1,208,303 | ||||||
F-Tech, Inc. | 100,000 | 466,773 | ||||||
Fuji Co., Ltd. | 127,700 | 2,222,315 | ||||||
Fuji Corp. | 38,000 | 707,331 | ||||||
Fuji Corp., Ltd. | 177,600 | 886,716 | ||||||
# | Fuji Kyuko Co., Ltd. | 60,900 | 1,904,799 | |||||
Fujibo Holdings, Inc. | 67,500 | 2,045,942 | ||||||
Fujikura Composites, Inc. | 131,300 | 451,094 | ||||||
# | Fujio Food System Co., Ltd. | 100,600 | 1,337,455 | |||||
Fujishoji Co., Ltd. | 55,100 | 349,705 | ||||||
# | Fujita Kanko, Inc. | 44,200 | 698,812 | |||||
Fujitsu General, Ltd. | 151,200 | 3,106,367 | ||||||
FuKoKu Co., Ltd. | 67,200 | 426,630 | ||||||
* | Funai Electric Co., Ltd. | 135,600 | 632,517 | |||||
# | Furukawa Battery Co., Ltd. (The) | 101,100 | 1,239,715 | |||||
Furyu Corp. | 100,400 | 965,581 | ||||||
Futaba Industrial Co., Ltd. | 378,700 | 1,591,951 | ||||||
# | Gakkyusha Co., Ltd. | 50,900 | 510,915 | |||||
Genki Sushi Co., Ltd. | 37,200 | 799,112 | ||||||
Geo Holdings Corp. | 222,600 | 2,797,293 | ||||||
# | Gfoot Co., Ltd. | 87,000 | 416,681 | |||||
GLOBERIDE, Inc. | 56,099 | 1,053,419 | ||||||
#* | Gokurakuyu Holdings Co., Ltd. | 82,500 | 290,302 | |||||
# | Golf Digest Online, Inc. | 61,600 | 303,819 |
3
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
# | Greens Co., Ltd. | 32,000 | $ | 142,470 | ||||
GSI Creos Corp. | 31,592 | 369,469 | ||||||
G-Tekt Corp. | 147,400 | 1,430,274 | ||||||
Gunze, Ltd. | 110,800 | 4,117,612 | ||||||
H2O Retailing Corp. | 380,400 | 2,544,991 | ||||||
Hagihara Industries, Inc. | 84,800 | 1,123,749 | ||||||
# | Hakuyosha Co., Ltd. | 12,900 | 344,413 | |||||
# | Hamee Corp. | 36,100 | 564,041 | |||||
Handsman Co., Ltd. | 39,600 | 533,360 | ||||||
Happinet Corp. | 106,900 | 1,117,726 | ||||||
Harada Industry Co., Ltd. | 23,300 | 185,963 | ||||||
Hard Off Corp. Co., Ltd. | 67,300 | 443,963 | ||||||
Haruyama Holdings, Inc. | 54,800 | 387,951 | ||||||
Heian Ceremony Service Co., Ltd. | 8,300 | 65,306 | ||||||
Heiwa Corp. | 33,800 | 565,313 | ||||||
Hiday Hidaka Corp. | 160,265 | 2,499,867 | ||||||
HI-LEX Corp. | 115,600 | 1,279,484 | ||||||
# | Himaraya Co., Ltd. | 32,100 | 250,887 | |||||
# | Hinokiya Group Co., Ltd. | 42,000 | 642,043 | |||||
* | Hiramatsu, Inc. | 75,200 | 125,567 | |||||
# | HIS Co., Ltd. | 173,400 | 2,584,531 | |||||
H-One Co., Ltd. | 138,800 | 714,623 | ||||||
Honeys Holdings Co., Ltd. | 147,340 | 1,567,178 | ||||||
Hoosiers Holdings | 294,400 | 1,452,811 | ||||||
# | Hotland Co., Ltd. | 41,100 | 443,271 | |||||
# | House Do Co., Ltd. | 28,700 | 244,991 | |||||
# | HUB Co., Ltd. | 27,300 | 178,109 | |||||
I K K, Inc. | 56,900 | 312,128 | ||||||
# | IBJ, Inc. | 86,800 | 602,307 | |||||
Ichibanya Co., Ltd. | 101,858 | 4,488,800 | ||||||
Ichikoh Industries, Ltd. | 162,000 | 740,377 | ||||||
IDOM, Inc. | 399,100 | 1,839,356 | ||||||
IJTT Co., Ltd. | 163,680 | 676,423 | ||||||
Imasen Electric Industrial | 118,700 | 814,015 | ||||||
Izuhakone Railway Co., Ltd. | 300 | 0 | ||||||
Janome Sewing Machine Co., Ltd. | 104,900 | 444,766 | ||||||
# | Japan Best Rescue System Co., Ltd. | 114,400 | 888,871 | |||||
Japan Wool Textile Co., Ltd. (The) | 360,200 | 3,577,196 | ||||||
# | JFLA Holdings, Inc. | 106,300 | 359,900 | |||||
JINS Holdings, Inc. | 84,200 | 5,129,750 | ||||||
# | Joban Kosan Co., Ltd. | 46,199 | 613,156 | |||||
Joshin Denki Co., Ltd. | 117,600 | 2,363,798 | ||||||
Joyful Honda Co., Ltd. | 15,000 | 197,975 | ||||||
JP-Holdings, Inc. | 339,700 | 869,349 | ||||||
JVCKenwood Corp. | 747,400 | 1,136,449 | ||||||
* | Kappa Create Co., Ltd. | 79,600 | 1,085,131 | |||||
Kasai Kogyo Co., Ltd. | 177,900 | 753,219 | ||||||
Kawai Musical Instruments Manufacturing Co., Ltd. | 34,000 | 878,755 | ||||||
Keihin Corp. | 340,100 | 7,962,442 | ||||||
Keiyo Co., Ltd. | 259,500 | 1,780,048 | ||||||
KFC Holdings Japan, Ltd. | 69,400 | 1,929,134 | ||||||
King Co., Ltd. | 54,100 | 251,605 | ||||||
Kintetsu Department Store Co., Ltd. | 53,900 | 1,518,261 | ||||||
Ki-Star Real Estate Co., Ltd. | 50,600 | 805,609 | ||||||
#* | KNT-CT Holdings Co., Ltd. | 57,800 | 534,666 | |||||
Kohnan Shoji Co., Ltd. | 152,700 | 4,814,218 | ||||||
Kojima Co., Ltd. | 189,400 | 971,092 | ||||||
Komatsu Matere Co., Ltd. | 214,100 | 1,469,331 | ||||||
KOMEDA Holdings Co., Ltd. | 327,900 | 5,564,381 |
4
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
Komehyo Co., Ltd. | 50,000 | $ | 364,921 | |||||
Komeri Co., Ltd. | 210,400 | 5,396,300 | ||||||
Konaka Co., Ltd. | 168,606 | 497,233 | ||||||
Koshidaka Holdings Co., Ltd. | 188,000 | 730,333 | ||||||
Kourakuen Holdings Corp. | 72,000 | 1,037,650 | ||||||
KU Holdings Co., Ltd. | 118,500 | 917,807 | ||||||
Kura Sushi, Inc. | 66,900 | 3,261,624 | ||||||
Kurabo Industries, Ltd. | 125,400 | 2,639,803 | ||||||
Kushikatsu Tanaka Holdings Co. | 8,000 | 126,736 | ||||||
* | KYB Corp. | 144,700 | 2,713,155 | |||||
Kyoritsu Maintenance Co., Ltd. | 156,262 | 5,345,819 | ||||||
* | Laox Co., Ltd. | 104,500 | 179,241 | |||||
LEC, Inc. | 156,800 | 2,360,549 | ||||||
* | Litalico, Inc. | 42,200 | 946,149 | |||||
LIXIL VIVA Corp. | 157,200 | 3,797,373 | ||||||
Look Holdings, Inc. | 24,200 | 173,326 | ||||||
Mamiya-Op Co., Ltd. | 31,100 | 210,862 | ||||||
Mars Group Holdings Corp. | 87,100 | 1,313,383 | ||||||
# | Maruzen CHI Holdings Co., Ltd. | 106,300 | 390,901 | |||||
Matsuyafoods Holdings Co., Ltd. | 61,200 | 2,076,179 | ||||||
Media Do Co., Ltd. | 32,700 | 1,340,111 | ||||||
Meiko Network Japan Co., Ltd. | 134,900 | 1,069,052 | ||||||
Meiwa Estate Co., Ltd. | 78,000 | 299,638 | ||||||
Mikuni Corp. | 160,200 | 407,253 | ||||||
* | Mitsuba Corp. | 219,790 | 948,056 | |||||
Mizuno Corp. | 121,300 | 2,337,271 | ||||||
# | Monogatari Corp. (The) | 33,400 | 2,608,545 | |||||
Morito Co., Ltd. | 105,900 | 651,453 | ||||||
MrMax Holdings, Ltd. | 158,200 | 890,599 | ||||||
Murakami Corp. | 30,200 | 714,921 | ||||||
Musashi Seimitsu Industry Co., Ltd. | 328,000 | 2,944,495 | ||||||
Nafco Co., Ltd. | 50,300 | 666,244 | ||||||
Nagase Brothers, Inc. | 200 | 10,765 | ||||||
Nagawa Co., Ltd. | 44,300 | 3,215,002 | ||||||
# | Nakayamafuku Co., Ltd. | 74,400 | 338,703 | |||||
# | New Art Holdings Co., Ltd. | 8,934 | 54,642 | |||||
# | Nextage Co., Ltd. | 193,700 | 1,560,699 | |||||
NHK Spring Co., Ltd. | 398,400 | 2,591,058 | ||||||
Nichirin Co., Ltd. | 62,260 | 781,144 | ||||||
Nihon House Holdings Co., Ltd. | 283,600 | 723,937 | ||||||
Nihon Plast Co., Ltd. | 117,500 | 511,016 | ||||||
Nihon Tokushu Toryo Co., Ltd. | 80,800 | 743,494 | ||||||
Nikki Co., Ltd. | 2,100 | 34,919 | ||||||
Nippon Felt Co., Ltd. | 84,000 | 368,404 | ||||||
Nippon Piston Ring Co., Ltd. | 46,000 | 516,152 | ||||||
Nippon Seiki Co., Ltd. | 343,900 | 4,044,289 | ||||||
Nishikawa Rubber Co., Ltd. | 32,400 | 425,485 | ||||||
# | Nishimatsuya Chain Co., Ltd. | 344,100 | 3,550,338 | |||||
Nissan Shatai Co., Ltd. | 509,800 | 4,400,152 | ||||||
Nissan Tokyo Sales Holdings Co., Ltd. | 171,800 | 408,520 | ||||||
Nissin Kogyo Co., Ltd. | 316,900 | 6,445,583 | ||||||
Nittan Valve Co., Ltd. | 93,500 | 191,142 | ||||||
Nojima Corp. | 217,600 | 5,506,836 | ||||||
Ohashi Technica, Inc. | 71,700 | 1,019,097 | ||||||
Ohsho Food Service Corp. | 88,700 | 4,948,511 | ||||||
* | Oisix ra daichi, Inc. | 63,300 | 1,239,858 | |||||
Onward Holdings Co., Ltd. | 656,600 | 1,940,544 | ||||||
# | Ootoya Holdings Co., Ltd. | 40,200 | 820,304 | |||||
#* | Open Door, Inc. | 53,800 | 653,242 |
5
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
# | Ozu Corp. | 19,000 | $ | 300,764 | ||||
Pacific Industrial Co., Ltd. | 325,000 | 2,865,878 | ||||||
PAL GROUP Holdings Co., Ltd. | 146,800 | 1,770,818 | ||||||
# | PAPYLESS Co., Ltd. | 34,600 | 774,107 | |||||
Paris Miki Holdings, Inc. | 167,000 | 472,856 | ||||||
# | PC Depot Corp. | 209,781 | 1,485,364 | |||||
People Co., Ltd. | 19,600 | 147,488 | ||||||
#* | Pepper Food Service Co., Ltd. | 59,000 | 292,693 | |||||
# | PIA Corp. | 30,600 | 968,216 | |||||
Piolax, Inc. | 207,700 | 3,107,051 | ||||||
Plenus Co., Ltd. | 51,100 | 848,405 | ||||||
Press Kogyo Co., Ltd. | 636,000 | 1,728,242 | ||||||
Pressance Corp. | 241,700 | 2,664,919 | ||||||
* | QB Net Holdings Co., Ltd. | 5,000 | 96,301 | |||||
# | Raccoon Holdings, Inc. | 90,200 | 793,174 | |||||
Regal Corp. | 1,500 | 31,412 | ||||||
Renaissance, Inc. | 87,900 | 818,793 | ||||||
Resorttrust, Inc. | 439,700 | 5,706,649 | ||||||
Rhythm Watch Co., Ltd. | 52,000 | 295,515 | ||||||
# | Riberesute Corp. | 49,800 | 343,778 | |||||
# | Ride On Express Holdings Co., Ltd. | 52,900 | 1,282,187 | |||||
#* | Right On Co., Ltd. | 103,825 | 582,372 | |||||
Riken Corp. | 60,100 | 1,668,583 | ||||||
# | Ringer Hut Co., Ltd. | 137,700 | 2,994,090 | |||||
Riso Kyoiku Co., Ltd. | 626,300 | 1,892,390 | ||||||
# | Round One Corp. | 455,500 | 3,293,991 | |||||
# | Royal Holdings Co., Ltd. | 179,100 | 3,119,527 | |||||
* | Royal Hotel, Ltd. (The) | 2,100 | 26,362 | |||||
Sac's Bar Holdings, Inc. | 136,450 | 763,600 | ||||||
Saizeriya Co., Ltd. | 201,200 | 3,899,018 | ||||||
Sakai Ovex Co., Ltd. | 32,199 | 675,090 | ||||||
San Holdings, Inc. | 62,200 | 704,409 | ||||||
#* | Sanden Holdings Corp. | 104,200 | 333,871 | |||||
Sanei Architecture Planning Co., Ltd. | 62,600 | 755,613 | ||||||
Sangetsu Corp. | 318,650 | 4,512,174 | ||||||
Sankyo Seiko Co., Ltd. | 252,500 | 1,039,371 | ||||||
# | Sanoh Industrial Co., Ltd. | 157,800 | 989,347 | |||||
Sanyei Corp. | 4,300 | 110,034 | ||||||
Sanyo Electric Railway Co., Ltd. | 121,198 | 2,472,290 | ||||||
Sanyo Shokai, Ltd. | 77,299 | 512,201 | ||||||
Scroll Corp. | 198,700 | 806,086 | ||||||
Seiko Holdings Corp. | 170,282 | 2,715,001 | ||||||
Seiren Co., Ltd. | 349,400 | 4,415,267 | ||||||
* | Senshukai Co., Ltd. | 193,500 | 622,213 | |||||
SFP Holdings Co., Ltd. | 61,800 | 894,708 | ||||||
#* | Shidax Corp. | 143,400 | 321,750 | |||||
Shikibo, Ltd. | 65,500 | 605,750 | ||||||
Shimachu Co., Ltd. | 259,400 | 7,209,454 | ||||||
Shimojima Co., Ltd. | 46,100 | 501,153 | ||||||
Shoei Co., Ltd. | 165,100 | 4,136,125 | ||||||
Showa Corp. | 399,000 | 8,246,911 | ||||||
* | Silver Life Co., Ltd. | 2,000 | 43,473 | |||||
# | Snow Peak, Inc. | 65,500 | 673,863 | |||||
SNT Corp. | 223,900 | 493,965 | ||||||
Soft99 Corp. | 83,400 | 646,543 | ||||||
Sotoh Co., Ltd. | 47,400 | 421,225 | ||||||
Space Value Holdings Co., Ltd. | 230,700 | 751,155 | ||||||
SPK Corp. | 45,400 | 605,999 | ||||||
#* | SRS Holdings Co., Ltd. | 132,600 | 1,116,446 |
6
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
St Marc Holdings Co., Ltd. | 110,700 | $ | 1,707,895 | |||||
Step Co., Ltd. | 62,400 | 875,375 | ||||||
Studio Alice Co., Ltd. | 62,400 | 911,787 | ||||||
Suminoe Textile Co., Ltd. | 34,700 | 666,487 | ||||||
Sumitomo Riko Co., Ltd. | 272,200 | 1,580,775 | ||||||
Suncall Corp. | 132,600 | 541,299 | ||||||
Syuppin Co., Ltd. | 124,400 | 837,707 | ||||||
T RAD Co., Ltd. | 47,200 | 582,435 | ||||||
# | Tachikawa Corp. | 69,800 | 842,258 | |||||
Tachi-S Co., Ltd. | 202,840 | 1,636,908 | ||||||
Taiho Kogyo Co., Ltd. | 115,900 | 569,941 | ||||||
# | Takashimaya Co., Ltd. | 567,200 | 4,749,443 | |||||
Take And Give Needs Co., Ltd. | 65,910 | 383,958 | ||||||
Takihyo Co., Ltd. | 34,800 | 600,209 | ||||||
# | Tama Home Co., Ltd. | 91,000 | 1,040,514 | |||||
Tamron Co., Ltd. | 114,800 | 1,985,787 | ||||||
Tbk Co., Ltd. | 155,300 | 645,041 | ||||||
# | Tear Corp. | 60,900 | 288,788 | |||||
Temairazu, Inc. | 5,400 | 225,258 | ||||||
Tenpos Holdings Co., Ltd. | 27,600 | 504,032 | ||||||
T-Gaia Corp. | 141,900 | 2,682,059 | ||||||
Tigers Polymer Corp. | 86,100 | 395,415 | ||||||
Toa Corp. | 171,700 | 1,159,715 | ||||||
Toabo Corp. | 45,799 | 211,386 | ||||||
Tokai Rika Co., Ltd. | 318,600 | 4,635,665 | ||||||
Token Corp. | 50,150 | 3,271,771 | ||||||
* | Tokyo Base Co., Ltd. | 109,300 | 360,694 | |||||
# | Tokyo Dome Corp. | 537,700 | 3,864,103 | |||||
Tokyo Individualized Educational Institute, Inc. | 78,300 | 376,291 | ||||||
Tokyo Radiator Manufacturing Co., Ltd. | 24,300 | 126,276 | ||||||
Tokyotokeiba Co., Ltd. | 76,000 | 2,532,741 | ||||||
Tomy Co., Ltd. | 590,693 | 4,670,030 | ||||||
Topre Corp. | 231,100 | 2,590,462 | ||||||
# | Toridoll Holdings Corp. | 303,400 | 3,413,669 | |||||
# | Torikizoku Co., Ltd. | 27,900 | 391,139 | |||||
Tosho Co., Ltd. | 110,400 | 1,312,994 | ||||||
Toyo Tire Corp. | 445,400 | 6,010,777 | ||||||
TPR Co., Ltd. | 157,300 | 1,962,442 | ||||||
Treasure Factory Co., Ltd. | 10,300 | 74,176 | ||||||
TS Tech Co., Ltd. | 127,093 | 3,503,418 | ||||||
TSI Holdings Co., Ltd. | 413,695 | 1,778,217 | ||||||
Tsukada Global Holdings, Inc. | 95,600 | 265,649 | ||||||
Tsukamoto Corp. Co., Ltd. | 19,000 | 199,834 | ||||||
Tsutsumi Jewelry Co., Ltd. | 47,800 | 832,181 | ||||||
#* | Umenohana Co., Ltd. | 22,200 | 270,712 | |||||
Unipres Corp. | 280,400 | 2,459,172 | ||||||
United Arrows, Ltd. | 146,600 | 2,489,510 | ||||||
* | Unitika, Ltd. | 265,600 | 880,364 | |||||
* | Universal Entertainment Corp. | 43,800 | 855,132 | |||||
* | VIA Holdings, Inc. | 150,600 | 589,055 | |||||
# | Village Vanguard Co., Ltd. | 35,500 | 323,716 | |||||
#* | Visionary Holdings Co., Ltd. | 50,109 | 160,798 | |||||
VT Holdings Co., Ltd. | 563,100 | 1,842,411 | ||||||
Wacoal Holdings Corp. | 297,800 | 5,520,564 | ||||||
Waseda Academy Co., Ltd. | 30,400 | 274,808 | ||||||
WATAMI Co., Ltd. | 150,400 | 1,328,124 | ||||||
Watts Co., Ltd. | 52,100 | 456,924 | ||||||
# | Weds Co., Ltd. | 14,500 | 68,838 | |||||
World Co., Ltd. | 13,100 | 200,097 |
7
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
Xebio Holdings Co., Ltd. | 179,400 | $ | 1,397,734 | |||||
Yachiyo Industry Co., Ltd. | 54,900 | 254,531 | ||||||
Yagi & Co., Ltd. | 18,600 | 286,362 | ||||||
Yamato International, Inc. | 100,500 | 372,713 | ||||||
Yasunaga Corp. | 54,500 | 543,035 | ||||||
Yellow Hat, Ltd. | 235,600 | 3,245,302 | ||||||
Yomiuri Land Co., Ltd. | 28,200 | 930,458 | ||||||
Yondoshi Holdings, Inc. | 107,320 | 1,769,666 | ||||||
Yorozu Corp. | 139,500 | 1,376,037 | ||||||
Yoshinoya Holdings Co., Ltd. | 293,700 | 6,069,916 | ||||||
Yossix Co., Ltd. | 22,600 | 415,540 | ||||||
Yutaka Giken Co., Ltd. | 8,700 | 136,873 | ||||||
TOTAL CONSUMER DISCRETIONARY | 512,154,473 | |||||||
CONSUMER STAPLES — (7.8%) | ||||||||
Aeon Hokkaido Corp. | 225,300 | 1,744,691 | ||||||
# | AFC-HD AMS Life Science Co., Ltd. | 48,300 | 308,446 | |||||
Albis Co., Ltd. | 38,700 | 786,520 | ||||||
Arcs Co., Ltd. | 283,700 | 5,716,532 | ||||||
Artnature, Inc. | 127,900 | 728,975 | ||||||
Axial Retailing, Inc. | 112,200 | 4,491,570 | ||||||
Belc Co., Ltd. | 73,500 | 5,033,467 | ||||||
# | Bourbon Corp. | 50,700 | 854,344 | |||||
Bull-Dog Sauce Co., Ltd. | 3,000 | 31,972 | ||||||
Cawachi, Ltd. | 55,400 | 1,430,910 | ||||||
# | C'BON COSMETICS Co., Ltd. | 10,800 | 202,360 | |||||
Chubu Shiryo Co., Ltd. | 157,900 | 2,393,172 | ||||||
Chuo Gyorui Co., Ltd. | 9,800 | 237,949 | ||||||
cocokara fine, Inc. | 134,660 | 7,279,224 | ||||||
Como Co., Ltd. | 2,600 | 57,974 | ||||||
Cota Co., Ltd. | 92,642 | 1,018,952 | ||||||
Create SD Holdings Co., Ltd. | 136,600 | 4,261,797 | ||||||
Daikokutenbussan Co., Ltd. | 38,800 | 1,740,735 | ||||||
Delica Foods Holdings Co., Ltd. | 66,700 | 380,896 | ||||||
# | DyDo Group Holdings, Inc. | 58,800 | 2,662,422 | |||||
Earth Corp. | 34,700 | 2,646,250 | ||||||
Ebara Foods Industry, Inc. | 27,900 | 562,498 | ||||||
Eco's Co., Ltd. | 48,500 | 863,538 | ||||||
Ensuiko Sugar Refining Co., Ltd. | 86,200 | 163,046 | ||||||
Feed One Co., Ltd. | 792,440 | 1,483,660 | ||||||
* | First Baking Co., Ltd. | 12,000 | 107,885 | |||||
Fujicco Co., Ltd. | 132,200 | 2,457,508 | ||||||
Fujiya Co., Ltd. | 67,800 | 1,401,625 | ||||||
G-7 Holdings, Inc. | 74,800 | 1,632,433 | ||||||
Genky DrugStores Co., Ltd. | 53,900 | 1,785,423 | ||||||
# | HABA Laboratories, Inc. | 16,100 | 755,441 | |||||
Hagoromo Foods Corp. | 19,000 | 505,649 | ||||||
Halows Co., Ltd. | 55,900 | 1,749,625 | ||||||
Hayashikane Sangyo Co., Ltd. | 29,400 | 156,801 | ||||||
Heiwado Co., Ltd. | 210,100 | 3,680,564 | ||||||
Hokkaido Coca-Cola Bottling Co., Ltd. | 18,699 | 678,954 | ||||||
Hokuto Corp. | 156,600 | 2,947,323 | ||||||
# | Ichimasa Kamaboko Co., Ltd. | 37,500 | 349,747 | |||||
Imuraya Group Co., Ltd. | 60,500 | 1,280,573 | ||||||
Inageya Co., Ltd. | 30,900 | 485,379 | ||||||
Itochu-Shokuhin Co., Ltd. | 36,700 | 1,744,578 | ||||||
Itoham Yonekyu Holdings, Inc. | 366,500 | 2,208,776 | ||||||
Iwatsuka Confectionery Co., Ltd. | 7,700 | 267,540 | ||||||
# | JM Holdings Co., Ltd. | 71,100 | 1,989,290 |
8
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
J-Oil Mills, Inc. | 68,400 | $ | 2,528,237 | |||||
# | Kadoya Sesame Mills, Inc. | 15,600 | 541,690 | |||||
Kakiyasu Honten Co., Ltd. | 56,900 | 1,364,796 | ||||||
Kameda Seika Co., Ltd. | 88,300 | 4,251,873 | ||||||
# | Kaneko Seeds Co., Ltd. | 41,300 | 547,438 | |||||
Kansai Super Market, Ltd. | 89,900 | 911,601 | ||||||
Kato Sangyo Co., Ltd. | 167,900 | 5,502,205 | ||||||
Kenko Mayonnaise Co., Ltd. | 80,700 | 1,447,833 | ||||||
Key Coffee, Inc. | 4,900 | 103,983 | ||||||
Kirindo Holdings Co., Ltd. | 45,900 | 1,039,516 | ||||||
# | Kitanotatsujin Corp. | 258,100 | 1,237,423 | |||||
Kotobuki Spirits Co., Ltd. | 68,000 | 2,799,649 | ||||||
Kyokuyo Co., Ltd. | 64,299 | 1,619,939 | ||||||
Lacto Japan Co., Ltd. | 30,600 | 1,050,435 | ||||||
Life Corp. | 112,400 | 3,612,177 | ||||||
Marudai Food Co., Ltd. | 141,000 | 2,486,306 | ||||||
Maruha Nichiro Corp. | 197,607 | 4,047,135 | ||||||
Maxvalu Tokai Co., Ltd. | 45,200 | 1,039,036 | ||||||
# | Medical System Network Co., Ltd. | 164,200 | 756,631 | |||||
Megmilk Snow Brand Co., Ltd. | 277,400 | 6,461,210 | ||||||
Meito Sangyo Co., Ltd. | 64,800 | 791,306 | ||||||
Milbon Co., Ltd. | 154,752 | 7,397,046 | ||||||
Ministop Co., Ltd. | 98,700 | 1,383,834 | ||||||
Mitsubishi Shokuhin Co., Ltd. | 106,600 | 2,723,356 | ||||||
Mitsui Sugar Co., Ltd. | 110,870 | 2,034,817 | ||||||
Miyoshi Oil & Fat Co., Ltd. | 50,600 | 542,375 | ||||||
Morinaga Milk Industry Co., Ltd. | 179,200 | 7,978,557 | ||||||
# | Morozoff, Ltd. | 19,500 | 1,043,974 | |||||
Nagatanien Holdings Co., Ltd. | 76,900 | 1,541,313 | ||||||
Nakamuraya Co., Ltd. | 28,700 | 1,070,866 | ||||||
Natori Co., Ltd. | 67,800 | 1,114,412 | ||||||
Nichimo Co., Ltd. | 17,000 | 301,326 | ||||||
Nihon Chouzai Co., Ltd. | 80,420 | 1,189,461 | ||||||
# | Niitaka Co., Ltd. | 2,860 | 149,078 | |||||
Nippon Beet Sugar Manufacturing Co., Ltd. | 70,900 | 1,236,497 | ||||||
Nippon Flour Mills Co., Ltd. | 388,300 | 5,829,229 | ||||||
Nippon Suisan Kaisha, Ltd. | 1,794,300 | 7,810,083 | ||||||
Nishimoto Co., Ltd. | 13,300 | 262,956 | ||||||
Nisshin Oillio Group, Ltd. (The) | 178,600 | 5,589,406 | ||||||
Nissin Sugar Co., Ltd. | 108,400 | 1,870,752 | ||||||
Nitto Fuji Flour Milling Co., Ltd. | 8,100 | 482,846 | ||||||
Noevir Holdings Co., Ltd. | 52,200 | 2,231,680 | ||||||
Oenon Holdings, Inc. | 350,400 | 1,313,901 | ||||||
OIE Sangyo Co., Ltd. | 22,000 | 303,045 | ||||||
Okuwa Co., Ltd. | 163,400 | 2,509,669 | ||||||
Olympic Group Corp. | 52,200 | 406,558 | ||||||
# | OUG Holdings, Inc. | 19,800 | 496,463 | |||||
Pickles Corp. | 23,800 | 568,654 | ||||||
Prima Meat Packers, Ltd. | 195,900 | 5,261,214 | ||||||
Qol Holdings Co., Ltd. | 165,300 | 1,737,628 | ||||||
Retail Partners Co., Ltd. | 107,600 | 1,695,319 | ||||||
Riken Vitamin Co., Ltd. | 152,900 | 3,232,004 | ||||||
Rock Field Co., Ltd. | 94,800 | 1,144,839 | ||||||
Rokko Butter Co., Ltd. | 82,400 | 1,175,406 | ||||||
S Foods, Inc. | 116,762 | 2,852,539 | ||||||
# | S&B Foods, Inc. | 42,798 | 1,568,717 | |||||
# | Sagami Rubber Industries Co., Ltd. | 58,600 | 878,656 | |||||
San-A Co., Ltd. | 114,500 | 4,389,218 | ||||||
Sapporo Holdings, Ltd. | 314,800 | 5,919,792 |
9
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
Sato Foods Co., Ltd. | 800 | $ | 29,008 | |||||
Satudora Holdings Co., Ltd. | 1,300 | 23,862 | ||||||
Shinobu Foods Products Co., Ltd. | 1,600 | 8,842 | ||||||
# | Shoei Foods Corp. | 71,900 | 2,804,293 | |||||
# | Showa Sangyo Co., Ltd. | 127,500 | 3,906,628 | |||||
# | Soiken Holdings, Inc. | 24,200 | 119,408 | |||||
ST Corp. | 13,800 | 219,855 | ||||||
# | Starzen Co., Ltd. | 45,700 | 1,799,118 | |||||
Takara Holdings, Inc. | 83,600 | 748,209 | ||||||
# | Toho Co., Ltd. | 49,900 | 875,367 | |||||
Tohto Suisan Co., Ltd. | 14,799 | 442,974 | ||||||
Torigoe Co., Ltd. (The) | 94,500 | 778,957 | ||||||
Toyo Sugar Refining Co., Ltd. | 15,700 | 179,621 | ||||||
Transaction Co., Ltd. | 89,700 | 902,426 | ||||||
United Super Markets Holdings, Inc. | 390,500 | 4,119,499 | ||||||
Valor Holdings Co., Ltd. | 260,900 | 5,101,990 | ||||||
Warabeya Nichiyo Holdings Co., Ltd. | 84,860 | 1,337,421 | ||||||
Watahan & Co., Ltd. | 48,700 | 862,668 | ||||||
Yaizu Suisankagaku Industry Co., Ltd. | 62,100 | 533,004 | ||||||
YAKUODO Holdings Co., Ltd. | 70,500 | 1,722,679 | ||||||
Yamami Co. | 1,200 | 26,164 | ||||||
YA-MAN, Ltd. | 149,500 | 1,482,337 | ||||||
Yamatane Corp. | 63,700 | 705,750 | ||||||
Yamaya Corp. | 25,600 | 541,204 | ||||||
Yamazawa Co., Ltd. | 11,800 | 189,859 | ||||||
Yokohama Reito Co., Ltd. | 328,000 | 2,718,901 | ||||||
Yomeishu Seizo Co., Ltd. | 49,900 | 853,476 | ||||||
# | Yuasa Funashoku Co., Ltd. | 14,300 | 367,528 | |||||
Yutaka Foods Corp. | 3,900 | 60,736 | ||||||
TOTAL CONSUMER STAPLES | 240,106,703 | |||||||
ENERGY — (1.2%) | ||||||||
BP Castrol K.K. | 48,700 | 529,013 | ||||||
Cosmo Energy Holdings Co., Ltd. | 344,800 | 5,066,032 | ||||||
Fuji Kosan Co., Ltd. | 33,100 | 136,103 | ||||||
* | Fuji Oil Co., Ltd. | 355,100 | 567,866 | |||||
Itochu Enex Co., Ltd. | 374,600 | 3,043,896 | ||||||
# | Iwatani Corp. | 244,000 | 8,533,982 | |||||
Japan Oil Transportation Co., Ltd. | 16,500 | 492,780 | ||||||
Japan Petroleum Exploration Co., Ltd. | 234,700 | 3,970,075 | ||||||
Mitsuuroko Group Holdings Co., Ltd. | 207,300 | 2,226,220 | ||||||
# | Modec, Inc. | 128,800 | 1,844,320 | |||||
Nippon Coke & Engineering Co., Ltd. | 978,100 | 610,295 | ||||||
Sala Corp. | 336,900 | 1,775,119 | ||||||
San-Ai Oil Co., Ltd. | 400,100 | 3,617,466 | ||||||
Sinanen Holdings Co., Ltd. | 52,000 | 1,320,292 | ||||||
Toa Oil Co., Ltd. | 47,000 | 889,079 | ||||||
Toyo Kanetsu K.K. | 53,100 | 1,043,899 | ||||||
TOTAL ENERGY | 35,666,437 | |||||||
FINANCIALS — (8.4%) | ||||||||
77 Bank, Ltd. (The) | 412,152 | 6,146,722 | ||||||
# | Advance Create Co., Ltd. | 32,800 | 640,291 | |||||
Aichi Bank, Ltd. (The) | 62,800 | 1,624,413 | ||||||
#* | Aiful Corp. | 1,614,500 | 3,568,146 | |||||
Aizawa Securities Co., Ltd. | 239,700 | 1,522,595 | ||||||
Akatsuki Corp. | 118,100 | 289,668 | ||||||
Akita Bank, Ltd. (The) | 112,740 | 1,518,880 |
10
The Japanese Small Company Series
continued
Shares | Value» | |||||||
FINANCIALS — (Continued) | ||||||||
Aomori Bank, Ltd. (The) | 130,200 | $ | 2,713,080 | |||||
Asax Co., Ltd. | 9,300 | 57,447 | ||||||
Awa Bank, Ltd. (The) | 250,800 | 5,650,474 | ||||||
Bank of Iwate, Ltd. (The) | 108,800 | 2,636,803 | ||||||
# | Bank of Kochi, Ltd. (The) | 54,300 | 333,420 | |||||
# | Bank of Nagoya, Ltd. (The) | 76,330 | 1,641,300 | |||||
Bank of Okinawa, Ltd. (The) | 155,060 | 4,470,542 | ||||||
Bank of Saga, Ltd. (The) | 96,500 | 1,051,681 | ||||||
Bank of the Ryukyus, Ltd. | 237,880 | 2,119,012 | ||||||
# | Bank of Toyama, Ltd. (The) | 14,500 | 314,345 | |||||
# | Casa, Inc. | 3,200 | 33,776 | |||||
Chiba Kogyo Bank, Ltd. (The) | 403,000 | 879,205 | ||||||
Chugoku Bank, Ltd. (The) | 545,500 | 5,061,297 | ||||||
Chukyo Bank, Ltd. (The) | 72,800 | 1,451,938 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 279,400 | 5,668,665 | ||||||
Daito Bank, Ltd. (The) | 65,900 | 384,160 | ||||||
eGuarantee, Inc. | 187,500 | 4,450,203 | ||||||
Ehime Bank, Ltd. (The) | 228,000 | 2,468,139 | ||||||
# | Entrust, Inc. | 28,900 | 200,133 | |||||
FIDEA Holdings Co., Ltd. | 1,258,300 | 1,179,438 | ||||||
# | Financial Products Group Co., Ltd. | 301,800 | 1,672,231 | |||||
First Bank of Toyama, Ltd. (The) | 294,300 | 732,910 | ||||||
#* | First Brothers Co., Ltd. | 31,900 | 221,973 | |||||
Fukui Bank, Ltd. (The) | 156,800 | 2,441,496 | ||||||
Fukushima Bank, Ltd. (The) | 169,100 | 268,354 | ||||||
Fuyo General Lease Co., Ltd. | 130,300 | 7,260,187 | ||||||
# | GCA Corp. | 118,000 | 679,284 | |||||
# | GMO Financial Holdings, Inc. | 252,300 | 1,488,386 | |||||
Gunma Bank, Ltd. (The) | 1,764,540 | 5,617,809 | ||||||
Hachijuni Bank, Ltd. (The) | 631,300 | 2,402,903 | ||||||
# | Hirose Tusyo, Inc. | 20,800 | 361,528 | |||||
Hiroshima Bank, Ltd. (The) | 1,286,900 | 6,087,450 | ||||||
Hokkoku Bank, Ltd. (The) | 159,200 | 4,233,201 | ||||||
Hokuhoku Financial Group, Inc. | 872,900 | 7,250,762 | ||||||
Hyakugo Bank, Ltd. (The) | 1,540,709 | 4,702,120 | ||||||
Hyakujushi Bank, Ltd. (The) | 161,000 | 2,909,090 | ||||||
Ichiyoshi Securities Co., Ltd. | 262,900 | 1,113,719 | ||||||
IwaiCosmo Holdings, Inc. | 127,900 | 1,306,855 | ||||||
Iyo Bank, Ltd. (The) | 891,118 | 5,454,663 | ||||||
# | J Trust Co., Ltd. | 458,400 | 1,308,053 | |||||
Jaccs Co., Ltd. | 152,900 | 2,504,513 | ||||||
Jafco Co., Ltd. | 214,900 | 7,267,280 | ||||||
* | Japan Asia Investment Co., Ltd. | 93,300 | 198,638 | |||||
# | Japan Investment Adviser Co., Ltd. | 70,300 | 673,286 | |||||
Japan Securities Finance Co., Ltd. | 719,100 | 3,417,234 | ||||||
Jimoto Holdings, Inc. | 1,028,500 | 909,064 | ||||||
Juroku Bank, Ltd. (The) | 207,200 | 3,776,091 | ||||||
# | Kansai Mirai Financial Group, Inc. | 256,067 | 964,086 | |||||
Keiyo Bank, Ltd. (The) | 737,900 | 3,563,562 | ||||||
Kita-Nippon Bank, Ltd. (The) | 53,006 | 957,428 | ||||||
Kiyo Bank, Ltd. (The) | 449,190 | 6,839,137 | ||||||
Kyokuto Securities Co., Ltd. | 160,400 | 761,572 | ||||||
Kyushu Financial Group, Inc. | 1,234,627 | 5,228,463 | ||||||
# | Kyushu Leasing Service Co., Ltd. | 34,000 | 162,067 | |||||
* | M&A Capital Partners Co., Ltd. | 82,500 | 3,066,728 | |||||
# | Marusan Securities Co., Ltd. | 396,400 | 1,508,399 | |||||
Mercuria Investment Co., Ltd. | 70,500 | 387,074 | ||||||
# | Michinoku Bank, Ltd. (The) | 304,798 | 3,197,701 | |||||
# | Mito Securities Co., Ltd. | 401,800 | 736,487 |
11
The Japanese Small Company Series
continued
Shares | Value» | |||||||
FINANCIALS — (Continued) | ||||||||
Miyazaki Bank, Ltd. (The) | 110,900 | $ | 2,457,752 | |||||
Mizuho Leasing Co., Ltd. | 192,300 | 4,238,744 | ||||||
Monex Group, Inc. | 1,070,900 | 2,174,387 | ||||||
# | Money Partners Group Co., Ltd. | 149,100 | 275,311 | |||||
# | Morningstar Japan KK | 11,800 | 43,564 | |||||
Musashino Bank, Ltd. (The) | 211,200 | 3,027,751 | ||||||
Nagano Bank, Ltd. (The) | 57,299 | 624,637 | ||||||
Nanto Bank, Ltd. (The) | 199,500 | 3,884,196 | ||||||
NEC Capital Solutions, Ltd. | 63,500 | 1,170,279 | ||||||
# | NFC Holdings, Inc. | 4,200 | 86,867 | |||||
Nishi-Nippon Financial Holdings, Inc. | 903,200 | 6,104,488 | ||||||
North Pacific Bank, Ltd. | 1,873,200 | 3,621,322 | ||||||
#* | OAK Capital Corp. | 319,800 | 337,440 | |||||
Ogaki Kyoritsu Bank, Ltd. (The) | 256,300 | 5,420,823 | ||||||
Oita Bank, Ltd. (The) | 94,099 | 2,081,844 | ||||||
Okasan Securities Group, Inc. | 1,147,800 | 3,473,114 | ||||||
Premium Group Co., Ltd. | 2,000 | 35,160 | ||||||
Ricoh Leasing Co., Ltd. | 98,600 | 2,721,158 | ||||||
San ju San Financial Group, Inc. | 126,510 | 1,554,369 | ||||||
San-In Godo Bank, Ltd. (The) | 1,005,900 | 5,076,979 | ||||||
# | Sawada Holdings Co., Ltd. | 152,200 | 1,285,545 | |||||
Senshu Ikeda Holdings, Inc. | 1,638,200 | 2,444,433 | ||||||
Shiga Bank, Ltd. (The) | 314,600 | 7,006,726 | ||||||
Shikoku Bank, Ltd. (The) | 374,100 | 2,733,020 | ||||||
Shimizu Bank, Ltd. (The) | 54,600 | 901,920 | ||||||
Sparx Group Co., Ltd. | 621,600 | 1,251,000 | ||||||
Strike Co., Ltd. | 47,700 | 2,142,496 | ||||||
Suruga Bank, Ltd. | 202,600 | 712,115 | ||||||
Taiko Bank, Ltd. (The) | 41,800 | 600,222 | ||||||
Tochigi Bank, Ltd. (The) | 696,900 | 1,055,102 | ||||||
Toho Bank, Ltd. (The) | 1,318,300 | 2,735,834 | ||||||
Tohoku Bank, Ltd. (The) | 67,200 | 604,849 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 1,358,100 | 3,010,531 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 202,438 | 2,074,333 | ||||||
Tomato Bank, Ltd. | 54,500 | 518,182 | ||||||
TOMONY Holdings, Inc. | 963,950 | 3,100,239 | ||||||
Tottori Bank, Ltd. (The) | 62,200 | 708,306 | ||||||
Towa Bank, Ltd. (The) | 184,000 | 1,193,897 | ||||||
Toyo Securities Co., Ltd. | 473,100 | 518,585 | ||||||
#* | Traders Holdings Co., Ltd. | 68,600 | 55,098 | |||||
Tsukuba Bank, Ltd. | 402,600 | 659,016 | ||||||
Yamagata Bank, Ltd. (The) | 187,200 | 2,313,490 | ||||||
Yamaguchi Financial Group, Inc. | 1,098,572 | 6,750,917 | ||||||
Yamanashi Chuo Bank, Ltd. (The) | 227,400 | 1,800,156 | ||||||
TOTAL FINANCIALS | 256,293,754 | |||||||
HEALTH CARE — (4.7%) | ||||||||
# | Advantage Risk Management Co., Ltd. | 38,800 | 283,159 | |||||
As One Corp. | 30,968 | 3,381,277 | ||||||
ASKA Pharmaceutical Co., Ltd. | 167,300 | 1,887,663 | ||||||
Biofermin Pharmaceutical Co., Ltd. | 28,700 | 634,958 | ||||||
BML, Inc. | 168,900 | 4,399,201 | ||||||
Carenet, Inc. | 25,600 | 337,984 | ||||||
# | Charm Care Corp. KK | 57,500 | 451,710 | |||||
CMIC Holdings Co., Ltd. | 71,500 | 945,755 | ||||||
Create Medic Co., Ltd. | 38,700 | 353,101 | ||||||
Daiken Medical Co., Ltd. | 113,900 | 636,198 | ||||||
Daito Pharmaceutical Co., Ltd. | 77,380 | 2,867,933 | ||||||
# | Dvx, Inc. | 45,900 | 361,273 |
12
The Japanese Small Company Series
continued
Shares | Value» | |||||||
HEALTH CARE — (Continued) | ||||||||
Eiken Chemical Co., Ltd. | 208,600 | $ | 3,339,095 | |||||
Elan Corp. | 86,100 | 1,517,562 | ||||||
EM Systems Co., Ltd. | 246,500 | 2,251,200 | ||||||
EPS Holdings, Inc. | 211,600 | 2,031,734 | ||||||
FALCO HOLDINGS Co., Ltd. | 58,400 | 845,917 | ||||||
FINDEX, Inc. | 94,500 | 899,669 | ||||||
Fuji Pharma Co., Ltd. | 101,600 | 1,098,229 | ||||||
Fukuda Denshi Co., Ltd. | 57,200 | 3,840,088 | ||||||
Fuso Pharmaceutical Industries, Ltd. | 46,100 | 1,071,989 | ||||||
Hogy Medical Co., Ltd. | 84,200 | 2,599,186 | ||||||
# | I'rom Group Co., Ltd. | 31,800 | 852,983 | |||||
Iwaki & Co., Ltd. | 167,800 | 787,233 | ||||||
* | Japan Animal Referral Medical Center Co., Ltd. | 9,600 | 187,507 | |||||
Japan Lifeline Co., Ltd. | 407,500 | 5,402,097 | ||||||
# | Japan Medical Dynamic Marketing, Inc. | 103,600 | 1,569,058 | |||||
Jeol, Ltd. | 254,400 | 7,066,338 | ||||||
JMS Co., Ltd. | 96,557 | 723,577 | ||||||
Kanamic Network Co., Ltd. | 106,000 | 924,867 | ||||||
Kawasumi Laboratories, Inc. | 92,980 | 748,588 | ||||||
Kissei Pharmaceutical Co., Ltd. | 185,500 | 4,686,519 | ||||||
# | KYORIN Holdings, Inc. | 269,500 | 5,519,162 | |||||
Linical Co., Ltd. | 76,900 | 604,130 | ||||||
#* | Medical Data Vision Co., Ltd. | 152,500 | 1,745,285 | |||||
# | Medius Holdings Co., Ltd. | 67,100 | 552,694 | |||||
* | MedPeer, Inc. | 31,500 | 815,364 | |||||
Menicon Co., Ltd. | 179,200 | 8,857,211 | ||||||
Miraca Holdings, Inc. | 354,500 | 8,373,704 | ||||||
Mizuho Medy Co., Ltd. | 22,400 | 288,747 | ||||||
Mochida Pharmaceutical Co., Ltd. | 1,298 | 48,368 | ||||||
# | N Field Co., Ltd. | 43,100 | 220,166 | |||||
Nakanishi, Inc. | 166,000 | 2,169,875 | ||||||
NichiiGakkan Co., Ltd. | 249,800 | 3,864,636 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. | 332,350 | 4,030,178 | ||||||
Nippon Chemiphar Co., Ltd. | 16,100 | 395,918 | ||||||
Nipro Corp. | 546,500 | 6,056,659 | ||||||
Nissui Pharmaceutical Co., Ltd. | 79,200 | 857,206 | ||||||
Paramount Bed Holdings Co., Ltd. | 141,300 | 5,773,075 | ||||||
Rion Co., Ltd. | 58,000 | 1,181,874 | ||||||
# | Seed Co., Ltd. | 74,200 | 507,098 | |||||
Seikagaku Corp. | 257,300 | 2,703,096 | ||||||
Shin Nippon Biomedical Laboratories, Ltd. | 41,600 | 250,635 | ||||||
Shofu, Inc. | 69,200 | 965,946 | ||||||
Software Service, Inc. | 21,000 | 2,195,322 | ||||||
Solasto Corp. | 332,500 | 3,313,052 | ||||||
St-Care Holding Corp. | 87,200 | 333,831 | ||||||
Taiko Pharmaceutical Co., Ltd. | 52,300 | 1,263,324 | ||||||
Techno Medica Co., Ltd. | 13,800 | 230,102 | ||||||
Toho Holdings Co., Ltd. | 292,000 | 5,457,349 | ||||||
Tokai Corp. | 148,900 | 3,286,588 | ||||||
Torii Pharmaceutical Co., Ltd. | 107,300 | 3,083,455 | ||||||
Towa Pharmaceutical Co., Ltd. | 183,000 | 3,389,439 | ||||||
Tsukui Corp. | 361,400 | 1,698,381 | ||||||
# | Uchiyama Holdings Co., Ltd. | 26,400 | 79,891 | |||||
# | UNIMAT Retirement Community Co., Ltd. | 27,300 | 270,763 | |||||
Value HR Co., Ltd. | 46,400 | 611,160 | ||||||
Vital KSK Holdings, Inc. | 301,500 | 2,894,476 | ||||||
* | Wakamoto Pharmaceutical Co., Ltd. | 112,300 | 289,870 | |||||
WIN-Partners Co., Ltd. | 114,800 | 1,035,428 | ||||||
TOTAL HEALTH CARE | 144,197,106 |
13
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (29.0%) | ||||||||
A&A Material Corp. | 26,000 | $ | 259,194 | |||||
# | Abist Co., Ltd. | 19,600 | 486,033 | |||||
Advan Co., Ltd. | 171,500 | 2,137,866 | ||||||
Advanex, Inc. | 19,999 | 249,359 | ||||||
Aeon Delight Co., Ltd. | 90,100 | 2,511,891 | ||||||
Aichi Corp. | 241,800 | 1,671,146 | ||||||
Aida Engineering, Ltd. | 347,900 | 2,354,133 | ||||||
Ajis Co., Ltd. | 31,200 | 744,104 | ||||||
Alconix Corp. | 156,000 | 1,685,687 | ||||||
Alinco, Inc. | 91,100 | 788,110 | ||||||
Alps Logistics Co., Ltd. | 111,600 | 796,601 | ||||||
Altech Co., Ltd. | 10,900 | 23,389 | ||||||
# | Altech Corp. | 116,370 | 2,058,048 | |||||
Anest Iwata Corp. | 217,900 | 1,697,177 | ||||||
* | Arrk Corp. | 532,000 | 564,824 | |||||
Asahi Diamond Industrial Co., Ltd. | 367,300 | 1,673,154 | ||||||
Asahi Kogyosha Co., Ltd. | 28,800 | 880,233 | ||||||
Asanuma Corp. | 44,000 | 1,689,750 | ||||||
# | Asukanet Co., Ltd. | 56,500 | 815,918 | |||||
Bando Chemical Industries, Ltd. | 245,300 | 1,492,842 | ||||||
BayCurrent Consulting, Inc. | 90,500 | 7,567,014 | ||||||
Bell System24 Holdings, Inc. | 235,600 | 3,065,930 | ||||||
# | BeNEXT Group, Inc. | 122,100 | 1,073,322 | |||||
Br Holdings Corp. | 191,600 | 1,112,843 | ||||||
Bunka Shutter Co., Ltd. | 391,000 | 2,707,883 | ||||||
Canare Electric Co., Ltd. | 20,300 | 327,123 | ||||||
Career Design Center Co., Ltd. | 23,900 | 208,392 | ||||||
Central Glass Co., Ltd. | 237,500 | 4,039,652 | ||||||
Central Security Patrols Co., Ltd. | 57,500 | 2,283,724 | ||||||
# | Chilled & Frozen Logistics Holdings Co., Ltd., Class H | 109,900 | 1,612,265 | |||||
Chiyoda Integre Co., Ltd. | 73,200 | 1,126,980 | ||||||
Chodai Co., Ltd. | 3,900 | 39,342 | ||||||
Chori Co., Ltd. | 80,000 | 1,368,137 | ||||||
Chudenko Corp. | 213,700 | 4,593,998 | ||||||
Chugai Ro Co., Ltd. | 37,400 | 531,657 | ||||||
Chuo Warehouse Co., Ltd. | 21,000 | 192,290 | ||||||
# | CMC Corp. | 14,600 | 285,946 | |||||
Comany, Inc. | 4,700 | 54,996 | ||||||
Cosel Co., Ltd. | 169,900 | 1,483,788 | ||||||
Creek & River Co., Ltd. | 57,400 | 568,762 | ||||||
CTI Engineering Co., Ltd. | 72,000 | 1,142,789 | ||||||
CTS Co., Ltd. | 176,900 | 1,470,191 | ||||||
Dai-Dan Co., Ltd. | 103,100 | 2,699,013 | ||||||
# | Daido Kogyo Co., Ltd. | 50,400 | 313,289 | |||||
Daihatsu Diesel Manufacturing Co., Ltd. | 126,300 | 508,393 | ||||||
Daihen Corp. | 135,100 | 4,836,071 | ||||||
Daiho Corp. | 110,800 | 2,499,544 | ||||||
Dai-Ichi Cutter Kogyo K.K. | 22,000 | 495,200 | ||||||
Daiichi Jitsugyo Co., Ltd. | 58,500 | 1,985,755 | ||||||
Daiichi Kensetsu Corp. | 31,000 | 510,089 | ||||||
Daiki Axis Co., Ltd. | 41,900 | 312,723 | ||||||
Daiohs Corp. | 22,100 | 208,809 | ||||||
Daiseki Co., Ltd. | 256,863 | 6,885,763 | ||||||
Daiseki Eco. Solution Co., Ltd. | 11,759 | 109,445 | ||||||
Daisue Construction Co., Ltd. | 52,900 | 404,159 | ||||||
Daiwa Industries, Ltd. | 228,400 | 1,922,091 | ||||||
Denyo Co., Ltd. | 115,100 | 2,044,523 | ||||||
# | DMG Mori Co., Ltd. | 673,200 | 8,225,884 | |||||
DMW Corp. | 4,800 | 120,688 |
14
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Duskin Co., Ltd. | 322,300 | $ | 8,211,745 | |||||
# | Ebara Jitsugyo Co., Ltd. | 39,900 | 1,053,941 | |||||
Eidai Co., Ltd. | 198,200 | 578,463 | ||||||
Endo Lighting Corp. | 29,600 | 169,637 | ||||||
# | en-japan, Inc. | 56,700 | 1,411,354 | |||||
Enshu, Ltd. | 32,099 | 273,159 | ||||||
EPCO Co., Ltd. | 20,200 | 217,440 | ||||||
ERI Holdings Co., Ltd. | 1,500 | 9,075 | ||||||
Escrow Agent Japan, Inc. | 136,700 | 250,130 | ||||||
F&M Co., Ltd. | 41,700 | 438,705 | ||||||
* | FDK Corp. | 47,198 | 378,988 | |||||
# | Freund Corp. | 75,600 | 457,639 | |||||
Fudo Tetra Corp. | 109,680 | 1,447,538 | ||||||
# | Fuji Corp. | 444,300 | 7,806,021 | |||||
# | Fuji Die Co., Ltd. | 57,500 | 350,087 | |||||
Fuji Furukawa Engineering & Construction Co., Ltd. | 1,200 | 21,146 | ||||||
Fujikura, Ltd. | 1,624,900 | 4,703,833 | ||||||
Fujimak Corp. | 12,600 | 79,103 | ||||||
Fujisash Co., Ltd. | 662,800 | 518,313 | ||||||
Fujitec Co., Ltd. | 308,000 | 5,667,358 | ||||||
Fukuda Corp. | 64,700 | 2,934,352 | ||||||
Fukushima Galilei Co., Ltd. | 88,700 | 2,816,842 | ||||||
Fukuvi Chemical Industry Co., Ltd. | 10,600 | 47,172 | ||||||
Fukuyama Transporting Co., Ltd. | 71,557 | 2,507,418 | ||||||
FULLCAST Holdings Co., Ltd. | 137,200 | 1,830,248 | ||||||
Funai Soken Holdings, Inc. | 263,570 | 5,963,587 | ||||||
Furukawa Co., Ltd. | 208,900 | 2,129,463 | ||||||
Furukawa Electric Co., Ltd. | 394,400 | 9,578,052 | ||||||
Furusato Industries, Ltd. | 66,000 | 858,573 | ||||||
Futaba Corp. | 244,200 | 2,235,481 | ||||||
Gecoss Corp. | 97,500 | 839,482 | ||||||
Giken, Ltd. | 82,700 | 3,899,155 | ||||||
Glory, Ltd. | 278,555 | 6,353,964 | ||||||
Grace Technology, Inc. | 54,300 | 3,223,527 | ||||||
GS Yuasa Corp. | 390,883 | 6,942,007 | ||||||
Hamakyorex Co., Ltd. | 115,600 | 3,335,206 | ||||||
Hanwa Co., Ltd. | 240,600 | 4,416,808 | ||||||
Hashimoto Sogyo Holdings Co., Ltd. | 4,070 | 78,909 | ||||||
Hazama Ando Corp. | 1,320,000 | 7,656,878 | ||||||
Helios Techno Holding Co., Ltd. | 131,100 | 406,600 | ||||||
Hibiya Engineering, Ltd. | 133,100 | 2,310,085 | ||||||
Hirakawa Hewtech Corp. | 79,900 | 789,732 | ||||||
# | Hirano Tecseed Co., Ltd. | 65,400 | 801,819 | |||||
Hisaka Works, Ltd. | 149,900 | 1,037,636 | ||||||
Hitachi Zosen Corp. | 1,127,479 | 4,124,465 | ||||||
Hito Communications Holdings, Inc. | 43,900 | 425,584 | ||||||
Hokuetsu Industries Co., Ltd. | 148,500 | 1,424,100 | ||||||
Hokuriku Electrical Construction Co., Ltd. | 81,500 | 697,450 | ||||||
Hosokawa Micron Corp. | 46,200 | 2,446,964 | ||||||
Howa Machinery, Ltd. | 62,700 | 458,534 | ||||||
# | Ichikawa Co., Ltd. | 1,000 | 11,801 | |||||
# | Ichiken Co., Ltd. | 34,600 | 485,855 | |||||
Ichinen Holdings Co., Ltd. | 143,900 | 1,602,873 | ||||||
Idec Corp. | 205,600 | 3,289,895 | ||||||
# | Ihara Science Corp. | 52,200 | 699,007 | |||||
IHI Corp. | 22,600 | 327,898 | ||||||
Iino Kaiun Kaisha, Ltd. | 576,900 | 1,824,053 | ||||||
Inaba Denki Sangyo Co., Ltd. | 369,900 | 8,248,199 | ||||||
# | Inaba Seisakusho Co., Ltd. | 62,800 | 810,100 |
15
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Inabata & Co., Ltd. | 306,200 | $ | 3,711,353 | |||||
# | Insource Co., Ltd. | 56,375 | 1,387,198 | |||||
Inui Global Logistics Co., Ltd. | 99,680 | 770,781 | ||||||
IR Japan Holdings, Ltd. | 55,800 | 5,880,414 | ||||||
Iseki & Co., Ltd. | 126,200 | 1,301,798 | ||||||
Ishii Iron Works Co., Ltd. | 11,000 | 254,298 | ||||||
Isolite Insulating Products Co., Ltd. | 48,000 | 195,029 | ||||||
Itoki Corp. | 228,600 | 727,029 | ||||||
# | Iwaki Co., Ltd. | 41,000 | 408,238 | |||||
Iwasaki Electric Co., Ltd. | 35,800 | 644,942 | ||||||
JAC Recruitment Co., Ltd. | 100,900 | 1,076,076 | ||||||
Jalux, Inc. | 40,100 | 663,972 | ||||||
Jamco Corp. | 73,100 | 524,809 | ||||||
# | Japan Asia Group, Ltd. | 180,800 | 508,353 | |||||
Japan Elevator Service Holdings Co., Ltd. | 143,400 | 4,638,927 | ||||||
Japan Foundation Engineering Co., Ltd. | 134,500 | 511,274 | ||||||
Japan Pulp & Paper Co., Ltd. | 79,100 | 2,892,197 | ||||||
Japan Steel Works, Ltd. (The) | 408,900 | 5,845,618 | ||||||
Japan Transcity Corp. | 253,900 | 1,189,295 | ||||||
JK Holdings Co., Ltd. | 107,540 | 781,464 | ||||||
Juki Corp. | 185,300 | 954,583 | ||||||
Kamei Corp. | 156,200 | 1,478,967 | ||||||
Kanaden Corp. | 120,600 | 1,446,284 | ||||||
Kanagawa Chuo Kotsu Co., Ltd. | 42,800 | 1,634,576 | ||||||
Kanamoto Co., Ltd. | 216,000 | 4,731,263 | ||||||
Kandenko Co., Ltd. | 400,000 | 3,399,902 | ||||||
Kanematsu Corp. | 557,425 | 6,697,217 | ||||||
Katakura Industries Co., Ltd. | 168,000 | 1,787,161 | ||||||
Kato Works Co., Ltd. | 63,300 | 716,990 | ||||||
KAWADA TECHNOLOGIES, Inc. | 36,100 | 1,626,936 | ||||||
Kawagishi Bridge Works Co., Ltd. | 8,700 | 182,507 | ||||||
Kawanishi Warehouse Co., Ltd. | 1,700 | 16,241 | ||||||
Kawasaki Kinkai Kisen Kaisha, Ltd. | 7,899 | 191,923 | ||||||
#* | Kawasaki Kisen Kaisha, Ltd. | 504,700 | 4,788,687 | |||||
Kawata Manufacturing Co., Ltd. | 28,600 | 191,896 | ||||||
Keihin Co., Ltd. | 24,900 | 299,533 | ||||||
KFC, Ltd. | 8,700 | 172,884 | ||||||
Kimura Chemical Plants Co., Ltd. | 110,800 | 435,931 | ||||||
Kimura Unity Co., Ltd. | 23,500 | 223,747 | ||||||
King Jim Co., Ltd. | 43,500 | 352,114 | ||||||
#* | Kinki Sharyo Co., Ltd. (The) | 21,999 | 254,120 | |||||
Kintetsu World Express, Inc. | 251,400 | 4,341,371 | ||||||
Kitagawa Corp. | 56,900 | 845,046 | ||||||
Kitano Construction Corp. | 26,272 | 653,694 | ||||||
Kito Corp. | 136,900 | 1,716,907 | ||||||
Kitz Corp. | 525,000 | 3,358,004 | ||||||
#* | Kobe Electric Railway Co., Ltd. | 37,299 | 1,302,254 | |||||
# | Kobelco Eco-Solutions Co., Ltd. | 21,399 | 374,511 | |||||
Koike Sanso Kogyo Co., Ltd. | 14,500 | 284,556 | ||||||
Kokusai Co., Ltd. | 51,600 | 368,742 | ||||||
Kokuyo Co., Ltd. | 314,825 | 3,817,141 | ||||||
KOMAIHALTEC, Inc. | 23,100 | 314,515 | ||||||
Komatsu Wall Industry Co., Ltd. | 50,100 | 835,832 | ||||||
Komori Corp. | 351,200 | 2,300,657 | ||||||
Kondotec, Inc. | 125,700 | 1,349,730 | ||||||
Konoike Transport Co., Ltd. | 186,100 | 2,013,501 | ||||||
#* | Kosaido Co., Ltd. | 212,900 | 1,539,141 | |||||
Kozo Keikaku Engineering, Inc. | 20,700 | 509,346 | ||||||
KRS Corp. | 38,800 | 572,752 |
16
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Kumagai Gumi Co., Ltd. | 247,900 | $ | 5,953,891 | |||||
Kyodo Printing Co., Ltd. | 51,300 | 1,355,060 | ||||||
# | Kyokuto Boeki Kaisha, Ltd. | 42,200 | 522,203 | |||||
Kyokuto Kaihatsu Kogyo Co., Ltd. | 210,200 | 2,564,671 | ||||||
Kyoritsu Printing Co., Ltd. | 199,200 | 255,054 | ||||||
Kyudenko Corp. | 13,300 | 392,586 | ||||||
# | Like Co., Ltd. | 63,200 | 856,998 | |||||
# | Link And Motivation, Inc. | 210,200 | 762,139 | |||||
Lonseal Corp. | 13,900 | 247,071 | ||||||
Maeda Corp. | 930,800 | 7,124,068 | ||||||
# | Maeda Kosen Co., Ltd. | 124,200 | 2,842,308 | |||||
Maeda Road Construction Co., Ltd. | 99,200 | 1,870,801 | ||||||
Maezawa Industries, Inc. | 25,300 | 85,874 | ||||||
Maezawa Kasei Industries Co., Ltd. | 87,300 | 795,050 | ||||||
Maezawa Kyuso Industries Co., Ltd. | 66,900 | 1,246,299 | ||||||
Makino Milling Machine Co., Ltd. | 154,200 | 4,745,455 | ||||||
Marufuji Sheet Piling Co., Ltd. | 11,800 | 222,970 | ||||||
Maruka Corp. | 38,800 | 702,792 | ||||||
Marumae Co., Ltd. | 28,300 | 274,921 | ||||||
# | Maruwa Unyu Kikan Co., Ltd. | 130,100 | 3,667,869 | |||||
# | Maruyama Manufacturing Co., Inc. | 21,700 | 229,554 | |||||
Maruzen Co., Ltd. | 65,800 | 1,083,500 | ||||||
Maruzen Showa Unyu Co., Ltd. | 80,000 | 2,488,718 | ||||||
Matching Service Japan Co., Ltd. | 52,000 | 382,774 | ||||||
Matsuda Sangyo Co., Ltd. | 96,982 | 1,208,867 | ||||||
# | Matsui Construction Co., Ltd. | 128,100 | 764,539 | |||||
Max Co., Ltd. | 174,200 | 2,468,076 | ||||||
Meidensha Corp. | 240,410 | 3,908,477 | ||||||
Meiji Electric Industries Co., Ltd. | 53,800 | 705,131 | ||||||
Meiji Shipping Co., Ltd. | 111,000 | 329,989 | ||||||
Meisei Industrial Co., Ltd. | 274,600 | 2,042,293 | ||||||
Meitec Corp. | 182,500 | 8,829,557 | ||||||
# | Meiwa Corp. | 155,700 | 690,240 | |||||
# | Mesco, Inc. | 29,800 | 227,716 | |||||
METAWATER Co., Ltd. | 80,900 | 3,726,540 | ||||||
Mie Kotsu Group Holdings, Inc. | 361,900 | 1,585,934 | ||||||
Mirait Holdings Corp. | 524,835 | 7,861,430 | ||||||
Mitani Corp. | 73,800 | 4,549,673 | ||||||
# | Mitani Sangyo Co., Ltd. | 145,000 | 460,066 | |||||
Mitsubishi Kakoki Kaisha, Ltd. | 44,100 | 718,898 | ||||||
Mitsubishi Logisnext Co., Ltd. | 190,300 | 1,686,560 | ||||||
# | Mitsubishi Pencil Co., Ltd. | 89,700 | 1,125,291 | |||||
Mitsuboshi Belting, Ltd. | 164,700 | 2,580,035 | ||||||
* | Mitsui E&S Holdings Co., Ltd. | 503,500 | 1,943,555 | |||||
Mitsui Matsushima Holdings Co., Ltd. | 65,700 | 516,776 | ||||||
Mitsui-Soko Holdings Co., Ltd. | 142,600 | 1,977,652 | ||||||
Mitsumura Printing Co., Ltd. | 9,300 | 132,347 | ||||||
Miyaji Engineering Group, Inc. | 40,217 | 629,392 | ||||||
Mori-Gumi Co., Ltd. | 69,500 | 174,119 | ||||||
Morita Holdings Corp. | 217,300 | 3,793,204 | ||||||
Musashi Co., Ltd. | 5,000 | 91,910 | ||||||
NAC Co., Ltd. | 73,300 | 607,105 | ||||||
# | Nachi-Fujikoshi Corp. | 94,900 | 2,993,681 | |||||
Nadex Co., Ltd. | 40,600 | 254,868 | ||||||
Nagase & Co., Ltd. | 418,400 | 5,233,817 | ||||||
# | Naigai Trans Line, Ltd. | 40,500 | 364,580 | |||||
Nakabayashi Co., Ltd. | 113,400 | 613,903 | ||||||
Nakakita Seisakusho Co., Ltd. | 3,700 | 78,920 | ||||||
Nakamoto Packs Co., Ltd. | 33,300 | 474,566 |
17
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Nakanishi Manufacturing Co., Ltd. | 5,700 | $ | 49,968 | |||||
Nakano Corp. | 110,600 | 391,122 | ||||||
Namura Shipbuilding Co., Ltd. | 357,128 | 521,822 | ||||||
Narasaki Sangyo Co., Ltd. | 25,400 | 440,232 | ||||||
Nexyz Group Corp. | 53,800 | 511,710 | ||||||
* | Nice Corp. | 45,300 | 334,918 | |||||
Nichias Corp. | 421,400 | 8,806,902 | ||||||
Nichiban Co., Ltd. | 68,300 | 925,899 | ||||||
Nichiden Corp. | 101,100 | 2,211,384 | ||||||
Nichiha Corp. | 177,180 | 3,785,148 | ||||||
Nichireki Co., Ltd. | 171,800 | 2,564,616 | ||||||
Nihon Dengi Co., Ltd. | 30,200 | 889,888 | ||||||
Nihon Flush Co., Ltd. | 127,900 | 1,598,124 | ||||||
Nikkato Corp. | 53,000 | 347,035 | ||||||
# | Nikkiso Co., Ltd. | 332,400 | 3,176,759 | |||||
Nikko Co., Ltd. | 164,000 | 976,084 | ||||||
Nikkon Holdings Co., Ltd. | 385,300 | 7,660,329 | ||||||
Nippi, Inc. | 11,900 | 390,286 | ||||||
Nippon Air Conditioning Services Co., Ltd. | 196,400 | 1,323,249 | ||||||
Nippon Aqua Co., Ltd. | 27,600 | 151,939 | ||||||
# | Nippon Carbon Co., Ltd. | 60,400 | 1,937,278 | |||||
Nippon Concept Corp. | 37,000 | 427,787 | ||||||
Nippon Densetsu Kogyo Co., Ltd. | 248,400 | 5,498,944 | ||||||
Nippon Dry-Chemical Co., Ltd. | 4,300 | 67,873 | ||||||
Nippon Filcon Co., Ltd. | 15,700 | 74,790 | ||||||
Nippon Hume Corp. | 143,100 | 1,019,494 | ||||||
Nippon Kanzai Co., Ltd. | 8,300 | 151,813 | ||||||
# | Nippon Koei Co., Ltd. | 82,500 | 2,308,159 | |||||
Nippon Parking Development Co., Ltd., Class C | 1,388,300 | 1,797,605 | ||||||
Nippon Rietec Co., Ltd. | 12,600 | 292,570 | ||||||
Nippon Road Co., Ltd. (The) | 47,100 | 3,170,710 | ||||||
Nippon Seisen Co., Ltd. | 22,100 | 717,576 | ||||||
* | Nippon Sharyo, Ltd. | 48,299 | 1,128,864 | |||||
* | Nippon Sheet Glass Co., Ltd. | 612,900 | 2,140,172 | |||||
Nippon Steel Trading Corp. | 102,360 | 3,234,784 | ||||||
Nippon Thompson Co., Ltd. | 382,500 | 1,206,499 | ||||||
Nippon Tungsten Co., Ltd. | 6,699 | 109,953 | ||||||
Nishimatsu Construction Co., Ltd. | 368,200 | 7,348,964 | ||||||
Nishi-Nippon Railroad Co., Ltd. | 163,700 | 4,441,922 | ||||||
Nishio Rent All Co., Ltd. | 123,800 | 2,558,306 | ||||||
Nissei ASB Machine Co., Ltd. | 52,500 | 1,563,697 | ||||||
# | Nissei Corp. | 38,900 | 412,952 | |||||
# | Nissei Plastic Industrial Co., Ltd. | 141,000 | 1,075,686 | |||||
# | Nisshinbo Holdings, Inc. | 990,480 | 7,205,652 | |||||
Nissin Corp. | 100,200 | 1,414,677 | ||||||
Nissin Electric Co., Ltd. | 352,400 | 3,442,048 | ||||||
Nitta Corp. | 145,300 | 3,162,841 | ||||||
Nitto Boseki Co., Ltd. | 7,600 | 379,190 | ||||||
Nitto Kogyo Corp. | 179,800 | 3,230,545 | ||||||
Nitto Kohki Co., Ltd. | 72,000 | 1,190,689 | ||||||
Nitto Seiko Co., Ltd. | 187,500 | 800,048 | ||||||
Nittoc Construction Co., Ltd. | 135,300 | 946,772 | ||||||
# | NJS Co., Ltd. | 38,100 | 616,148 | |||||
nms Holdings Co. | 44,200 | 109,709 | ||||||
Noda Corp. | 145,500 | 853,649 | ||||||
Nomura Co., Ltd. | 550,100 | 4,595,924 | ||||||
Noritake Co., Ltd. | 64,200 | 2,098,107 | ||||||
Noritsu Koki Co., Ltd. | 123,900 | 1,735,282 | ||||||
# | Noritz Corp. | 206,500 | 2,515,471 |
18
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
NS Tool Co., Ltd. | 58,300 | $ | 1,473,302 | |||||
NS United Kaiun Kaisha, Ltd. | 61,800 | 855,037 | ||||||
NTN Corp. | 2,972,200 | 5,970,064 | ||||||
Obara Group, Inc. | 79,900 | 2,437,426 | ||||||
# | Ochi Holdings Co., Ltd. | 8,900 | 123,827 | |||||
Odawara Engineering Co., Ltd. | 4,900 | 83,176 | ||||||
Ohba Co., Ltd. | 76,500 | 437,665 | ||||||
Ohmoto Gumi Co., Ltd. | 4,100 | 172,482 | ||||||
Oiles Corp. | 164,570 | 2,131,883 | ||||||
# | Okabe Co., Ltd. | 260,700 | 1,968,550 | |||||
# | Okada Aiyon Corp. | 42,800 | 377,952 | |||||
Okamoto Machine Tool Works, Ltd. | 21,699 | 427,161 | ||||||
Okamura Corp. | 410,300 | 2,850,637 | ||||||
* | OKK Corp. | 28,700 | 111,466 | |||||
OKUMA Corp. | 137,100 | 5,896,096 | ||||||
Okumura Corp. | 213,980 | 4,932,854 | ||||||
Onoken Co., Ltd. | 115,000 | 1,310,269 | ||||||
Organo Corp. | 43,900 | 2,375,044 | ||||||
# | Oriental Consultants Holdings Co., Ltd. | 6,100 | 114,377 | |||||
Origin Co., Ltd. | 27,600 | 390,224 | ||||||
# | OSG Corp. | 396,200 | 6,078,421 | |||||
OSJB Holdings Corp. | 864,400 | 1,857,546 | ||||||
Outsourcing, Inc. | 770,900 | 4,914,237 | ||||||
# | Oyo Corp. | 145,200 | 1,897,801 | |||||
Paraca, Inc. | 35,900 | 546,497 | ||||||
Parker Corp. | 34,000 | 136,715 | ||||||
Pasco Corp. | 11,200 | 154,812 | ||||||
# | Pasona Group, Inc. | 133,000 | 1,477,147 | |||||
Pegasus Sewing Machine Manufacturing Co., Ltd. | 150,600 | 449,027 | ||||||
Penta-Ocean Construction Co., Ltd. | 1,716,400 | 9,269,244 | ||||||
Phil Co., Inc. | 10,900 | 250,458 | ||||||
Pilot Corp. | 71,400 | 2,172,144 | ||||||
Prestige International, Inc. | 699,900 | 5,273,504 | ||||||
Pronexus, Inc. | 114,500 | 1,296,676 | ||||||
PS Mitsubishi Construction Co., Ltd. | 216,100 | 1,050,407 | ||||||
Punch Industry Co., Ltd. | 107,900 | 418,101 | ||||||
Quick Co., Ltd. | 77,900 | 837,139 | ||||||
Raito Kogyo Co., Ltd. | 307,400 | 4,075,006 | ||||||
Raiznext Corp. | 330,500 | 3,735,184 | ||||||
# | Rasa Corp. | 63,200 | 534,650 | |||||
Relia, Inc. | 252,900 | 2,355,327 | ||||||
Rheon Automatic Machinery Co., Ltd. | 122,800 | 1,413,638 | ||||||
Rix Corp. | 17,300 | 261,473 | ||||||
#* | Rozetta Corp. | 22,800 | 769,579 | |||||
Ryobi, Ltd. | 165,240 | 1,854,085 | ||||||
S LINE Co., Ltd. | 23,800 | 220,161 | ||||||
Sakai Heavy Industries, Ltd. | 24,500 | 477,533 | ||||||
Sakai Moving Service Co., Ltd. | 83,100 | 4,240,092 | ||||||
#* | Sanix, Inc. | 146,200 | 387,724 | |||||
Sanki Engineering Co., Ltd. | 305,100 | 3,497,415 | ||||||
Sanko Gosei, Ltd. | 121,900 | 326,982 | ||||||
Sanko Metal Industrial Co., Ltd. | 17,700 | 349,325 | ||||||
Sankyo Tateyama, Inc. | 197,500 | 1,760,703 | ||||||
Sanoyas Holdings Corp. | 159,500 | 246,039 | ||||||
# | Sansei Technologies, Inc. | 80,600 | 505,393 | |||||
Sansha Electric Manufacturing Co., Ltd. | 66,700 | 344,386 | ||||||
Sanwa Holdings Corp. | 113,400 | 1,019,079 | ||||||
Sanyo Denki Co., Ltd. | 44,100 | 1,993,124 | ||||||
Sanyo Engineering & Construction, Inc. | 60,200 | 333,241 |
19
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Sanyo Industries, Ltd. | 9,900 | $ | 174,822 | |||||
Sanyo Trading Co., Ltd. | 140,000 | 1,312,331 | ||||||
Sata Construction Co., Ltd. | 91,299 | 360,326 | ||||||
Sato Holdings Corp. | 188,000 | 4,088,404 | ||||||
# | Sato Shoji Corp. | 91,700 | 746,958 | |||||
Sawafuji Electric Co., Ltd. | 1,900 | 28,901 | ||||||
SBS Holdings, Inc. | 126,200 | 2,605,256 | ||||||
# | SEC Carbon, Ltd. | 10,900 | 674,729 | |||||
# | Secom Joshinetsu Co., Ltd. | 30,800 | 991,909 | |||||
Seibu Electric & Machinery Co., Ltd. | 10,300 | 102,050 | ||||||
Seika Corp. | 66,700 | 767,640 | ||||||
Seikitokyu Kogyo Co., Ltd. | 205,030 | 1,442,891 | ||||||
Sekisui Jushi Corp. | 219,100 | 4,408,165 | ||||||
Senko Group Holdings Co., Ltd. | 793,500 | 5,897,954 | ||||||
Senshu Electric Co., Ltd. | 51,200 | 1,347,270 | ||||||
Shibaura Machine Co., Ltd. | 147,500 | 2,961,945 | ||||||
Shibusawa Warehouse Co., Ltd. (The) | 61,600 | 1,188,208 | ||||||
Shibuya Corp. | 97,900 | 2,555,289 | ||||||
Shima Seiki Manufacturing, Ltd. | 185,700 | 2,656,123 | ||||||
Shin Nippon Air Technologies Co., Ltd. | 97,380 | 2,145,601 | ||||||
# | Shin-Keisei Electric Railway Co., Ltd. | 43,599 | 916,776 | |||||
Shinki Bus Co., Ltd. | 1,900 | 56,279 | ||||||
Shinmaywa Industries, Ltd. | 556,400 | 5,228,454 | ||||||
Shinnihon Corp. | 183,600 | 1,434,902 | ||||||
Shinsho Corp. | 35,200 | 647,412 | ||||||
Shinwa Co., Ltd. | 66,200 | 1,208,399 | ||||||
#* | Shoko Co., Ltd. | 37,300 | 218,228 | |||||
# | SIGMAXYZ, Inc. | 98,000 | 1,489,261 | |||||
Sinfonia Technology Co., Ltd. | 154,200 | 1,473,088 | ||||||
Sinko Industries, Ltd. | 129,100 | 1,744,950 | ||||||
Sintokogio, Ltd. | 291,700 | 2,144,894 | ||||||
SMS Co., Ltd. | 165,100 | 3,715,331 | ||||||
Soda Nikka Co., Ltd. | 120,800 | 572,272 | ||||||
# | Sodick Co., Ltd. | 211,200 | 1,565,739 | |||||
# | Space Co., Ltd. | 95,062 | 855,719 | |||||
S-Pool, Inc. | 301,000 | 2,067,649 | ||||||
# | Star Micronics Co., Ltd. | 246,100 | 2,751,578 | |||||
# | Subaru Enterprise Co., Ltd. | 6,300 | 484,344 | |||||
# | Sugimoto & Co., Ltd. | 66,900 | 1,155,423 | |||||
Sumiseki Holdings, Inc. | 396,900 | 469,198 | ||||||
Sumitomo Densetsu Co., Ltd. | 117,700 | 2,614,915 | ||||||
Sumitomo Mitsui Construction Co., Ltd. | 1,025,240 | 4,470,780 | ||||||
* | Sumitomo Precision Products Co., Ltd. | 18,184 | 373,846 | |||||
Sumitomo Warehouse Co., Ltd. (The) | 418,300 | 5,050,211 | ||||||
Suzumo Machinery Co., Ltd. | 2,200 | 35,276 | ||||||
SWCC Showa Holdings Co., Ltd. | 98,700 | 1,055,648 | ||||||
# | Tacmina Corp. | 14,700 | 204,879 | |||||
# | Tadano, Ltd. | 672,300 | 5,617,683 | |||||
Taihei Dengyo Kaisha, Ltd. | 103,800 | 2,220,103 | ||||||
Taiheiyo Kouhatsu, Inc. | 44,200 | 254,431 | ||||||
Taikisha, Ltd. | 173,800 | 4,817,152 | ||||||
Taisei Oncho Co., Ltd. | 14,200 | 262,996 | ||||||
Takadakiko Co., Ltd. | 7,500 | 165,054 | ||||||
Takamatsu Construction Group Co., Ltd. | 107,800 | 2,414,137 | ||||||
# | Takamatsu Machinery Co., Ltd. | 41,800 | 246,263 | |||||
Takamiya Co., Ltd. | 128,600 | 646,307 | ||||||
Takano Co., Ltd. | 60,200 | 388,103 | ||||||
Takaoka Toko Co., Ltd. | 59,620 | 563,272 | ||||||
Takara Printing Co., Ltd. | 22,155 | 374,303 |
20
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Takara Standard Co., Ltd. | 250,300 | $ | 3,550,051 | |||||
Takasago Thermal Engineering Co., Ltd. | 323,700 | 4,760,892 | ||||||
Takashima & Co., Ltd. | 25,200 | 413,271 | ||||||
Takeei Corp. | 149,600 | 1,492,430 | ||||||
Takeuchi Manufacturing Co., Ltd. | 230,900 | 3,852,296 | ||||||
# | Takigami Steel Construction Co., Ltd. (The) | 5,300 | 237,776 | |||||
Takisawa Machine Tool Co., Ltd. | 41,700 | 390,474 | ||||||
Takuma Co., Ltd. | 74,700 | 1,030,209 | ||||||
Tanabe Consulting Co., Ltd. | 1,200 | 14,207 | ||||||
# | Tanabe Engineering Corp. | 39,500 | 261,433 | |||||
Tanseisha Co., Ltd. | 243,549 | 1,701,871 | ||||||
Tatsuta Electric Wire and Cable Co., Ltd. | 290,500 | 1,548,989 | ||||||
TECHNO ASSOCIE Co., Ltd. | 52,700 | 435,230 | ||||||
# | Techno Ryowa, Ltd. | 68,690 | 573,051 | |||||
# | Techno Smart Corp. | 49,500 | 337,181 | |||||
TechnoPro Holdings, Inc. | 21,900 | 1,264,278 | ||||||
Teikoku Electric Manufacturing Co., Ltd. | 112,700 | 1,301,688 | ||||||
Teikoku Sen-I Co., Ltd. | 108,500 | 2,306,340 | ||||||
Tekken Corp. | 85,600 | 1,643,418 | ||||||
Tenox Corp. | 22,500 | 184,703 | ||||||
Teraoka Seisakusho Co., Ltd. | 76,000 | 274,148 | ||||||
Terasaki Electric Co., Ltd. | 24,400 | 237,073 | ||||||
Toa Corp. | 112,500 | 1,633,077 | ||||||
TOA ROAD Corp. | 27,300 | 828,396 | ||||||
Toba, Inc. | 9,800 | 254,257 | ||||||
Tobishima Corp. | 135,870 | 1,323,844 | ||||||
Tocalo Co., Ltd. | 415,300 | 4,485,918 | ||||||
Toda Corp. | 344,000 | 2,225,332 | ||||||
Toenec Corp. | 56,200 | 1,948,530 | ||||||
Togami Electric Manufacturing Co., Ltd. | 17,800 | 250,516 | ||||||
TOKAI Holdings Corp. | 700,200 | 6,475,777 | ||||||
Tokai Lease Co., Ltd. | 18,800 | 235,826 | ||||||
Tokyo Energy & Systems, Inc. | 157,600 | 1,151,059 | ||||||
Tokyo Keiki, Inc. | 69,022 | 630,909 | ||||||
Tokyo Sangyo Co., Ltd. | 133,000 | 634,884 | ||||||
Tokyu Construction Co., Ltd. | 561,400 | 2,916,690 | ||||||
Toli Corp. | 289,200 | 729,082 | ||||||
# | Tomoe Corp. | 158,900 | 501,835 | |||||
Tomoe Engineering Co., Ltd. | 54,600 | 934,953 | ||||||
Tonami Holdings Co., Ltd. | 37,500 | 1,970,684 | ||||||
Toppan Forms Co., Ltd. | 331,600 | 3,293,065 | ||||||
Torishima Pump Manufacturing Co., Ltd. | 132,900 | 993,137 | ||||||
TORQ, Inc. | 7,900 | 21,910 | ||||||
Totech Corp. | 52,300 | 1,060,629 | ||||||
Totetsu Kogyo Co., Ltd. | 169,700 | 4,283,908 | ||||||
Totoku Electric Co., Ltd. | 17,700 | 355,292 | ||||||
Toyo Construction Co., Ltd. | 524,200 | 1,955,825 | ||||||
Toyo Denki Seizo K.K. | 35,450 | 381,932 | ||||||
* | Toyo Engineering Corp. | 221,078 | 713,997 | |||||
Toyo Logistics Co., Ltd. | 85,100 | 261,973 | ||||||
Toyo Machinery & Metal Co., Ltd. | 106,100 | 407,930 | ||||||
Toyo Tanso Co., Ltd. | 75,600 | 1,192,224 | ||||||
Toyo Wharf & Warehouse Co., Ltd. | 38,000 | 482,528 | ||||||
Trancom Co., Ltd. | 52,400 | 3,370,025 | ||||||
# | Trinity Industrial Corp. | 36,000 | 242,215 | |||||
# | Trusco Nakayama Corp. | 171,500 | 4,450,956 | |||||
# | Tsubaki Nakashima Co., Ltd. | 302,100 | 2,372,706 | |||||
Tsubakimoto Chain Co. | 185,340 | 4,518,290 | ||||||
Tsubakimoto Kogyo Co., Ltd. | 28,800 | 1,036,962 |
21
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
* | Tsudakoma Corp. | 25,198 | $ | 203,607 | ||||
Tsugami Corp. | 296,700 | 2,488,931 | ||||||
Tsukishima Kikai Co., Ltd. | 196,600 | 2,143,011 | ||||||
Tsurumi Manufacturing Co., Ltd. | 133,300 | 2,285,146 | ||||||
Uchida Yoko Co., Ltd. | 53,500 | 3,131,243 | ||||||
# | Ueki Corp. | 31,900 | 746,724 | |||||
# | Union Tool Co. | 45,500 | 1,112,053 | |||||
Ushio, Inc. | 777,700 | 10,389,984 | ||||||
#* | UT Group Co., Ltd. | 178,800 | 4,114,420 | |||||
Utoc Corp. | 102,200 | 487,105 | ||||||
Waida Manufacturing Co., Ltd. | 5,100 | 45,615 | ||||||
Wakachiku Construction Co., Ltd. | 82,000 | 882,759 | ||||||
Wakita & Co., Ltd. | 263,900 | 2,272,767 | ||||||
WDB Holdings Co., Ltd. | 64,300 | 1,589,462 | ||||||
Weathernews, Inc. | 38,200 | 1,250,767 | ||||||
Will Group, Inc. | 103,600 | 657,352 | ||||||
World Holdings Co., Ltd. | 39,600 | 629,677 | ||||||
Yahagi Construction Co., Ltd. | 183,400 | 1,340,146 | ||||||
YAMABIKO Corp. | 231,528 | 1,933,383 | ||||||
YAMADA Consulting Group Co., Ltd. | 75,600 | 944,089 | ||||||
# | Yamashina Corp. | 224,200 | 143,730 | |||||
Yamato Corp. | 112,300 | 708,781 | ||||||
Yamaura Corp. | 9,900 | 77,019 | ||||||
Yamazen Corp. | 421,900 | 3,563,081 | ||||||
Yasuda Logistics Corp. | 104,500 | 907,444 | ||||||
Yokogawa Bridge Holdings Corp. | 213,800 | 4,448,890 | ||||||
Yondenko Corp. | 27,360 | 669,100 | ||||||
Yuasa Trading Co., Ltd. | 119,100 | 3,219,600 | ||||||
Yuken Kogyo Co., Ltd. | 23,200 | 311,986 | ||||||
# | Yumeshin Holdings Co., Ltd. | 304,600 | 1,673,342 | |||||
Yurtec Corp. | 267,200 | 1,626,964 | ||||||
Zaoh Co., Ltd. | 23,400 | 311,846 | ||||||
# | Zenitaka Corp. (The) | 19,200 | 726,906 | |||||
Zuiko Corp. | 22,600 | 1,046,110 | ||||||
TOTAL INDUSTRIALS | 889,561,151 | |||||||
INFORMATION TECHNOLOGY — (12.8%) | ||||||||
A&D Co., Ltd. | 126,900 | 818,120 | ||||||
Access Co., Ltd. | 87,800 | 808,628 | ||||||
# | Ad-sol Nissin Corp. | 43,000 | 939,510 | |||||
AGS Corp. | 11,600 | 90,492 | ||||||
# | Ai Holdings Corp. | 264,200 | 3,820,999 | |||||
Aichi Tokei Denki Co., Ltd. | 18,900 | 785,929 | ||||||
Aiphone Co., Ltd. | 67,900 | 991,974 | ||||||
Alpha Systems, Inc. | 48,920 | 1,690,847 | ||||||
Amano Corp. | 115,900 | 2,411,429 | ||||||
AOI Electronics Co., Ltd. | 30,100 | 667,496 | ||||||
Argo Graphics, Inc. | 110,800 | 3,470,414 | ||||||
Arisawa Manufacturing Co., Ltd. | 217,300 | 1,618,782 | ||||||
* | Artiza Networks, Inc. | 3,800 | 69,783 | |||||
ArtSpark Holdings, Inc. | 33,700 | 259,887 | ||||||
Asahi Intelligence Service Co., Ltd. | 1,300 | 14,455 | ||||||
# | Avant Corp. | 100,300 | 969,092 | |||||
Axell Corp. | 44,900 | 311,796 | ||||||
Azia Co., Ltd. | 14,300 | 187,389 | ||||||
* | BrainPad, Inc. | 7,200 | 308,209 | |||||
# | Broadleaf Co., Ltd. | 606,400 | 2,975,675 | |||||
# | Business Brain Showa-Ota, Inc. | 29,000 | 341,361 | |||||
# | CAC Holdings Corp. | 75,200 | 836,527 |
22
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||
Canon Electronics, Inc. | 134,700 | $ | 2,018,996 | |||||
CDS Co., Ltd. | 15,300 | 176,355 | ||||||
* | Change, Inc. | 12,500 | 873,997 | |||||
Chino Corp. | 46,300 | 597,381 | ||||||
Citizen Watch Co., Ltd. | 1,889,600 | 6,159,716 | ||||||
CMK Corp. | 314,400 | 1,217,056 | ||||||
Computer Engineering & Consulting, Ltd. | 164,800 | 2,612,433 | ||||||
# | Computer Institute of Japan, Ltd. | 96,300 | 735,873 | |||||
Comture Corp. | 138,200 | 3,603,615 | ||||||
CONEXIO Corp. | 112,800 | 1,493,235 | ||||||
Core Corp. | 45,800 | 508,279 | ||||||
Cresco, Ltd. | 83,000 | 1,097,828 | ||||||
# | Cube System, Inc. | 60,600 | 598,231 | |||||
Cyber Com Co., Ltd. | 10,600 | 183,134 | ||||||
# | Cybernet Systems Co., Ltd. | 57,700 | 359,412 | |||||
Cybozu, Inc. | 115,500 | 3,624,798 | ||||||
# | Dai-ichi Seiko Co., Ltd. | 38,100 | 769,297 | |||||
# | Daiko Denshi Tsushin, Ltd. | 37,200 | 229,260 | |||||
Daishinku Corp. | 43,999 | 874,477 | ||||||
Daitron Co., Ltd. | 58,200 | 900,863 | ||||||
Daiwabo Holdings Co., Ltd. | 120,400 | 7,901,822 | ||||||
# | Densan System Co., Ltd. | 42,700 | 1,528,773 | |||||
Dexerials Corp. | 391,900 | 3,089,413 | ||||||
Digital Arts, Inc. | 75,600 | 6,147,774 | ||||||
Digital Garage, Inc. | 145,900 | 4,673,908 | ||||||
# | Digital Hearts Holdings Co., Ltd. | 90,400 | 715,096 | |||||
Digital Information Technologies Corp. | 40,000 | 532,115 | ||||||
DKK Co., Ltd. | 64,800 | 1,567,314 | ||||||
DKK-Toa Corp. | 28,300 | 222,736 | ||||||
Double Standard, Inc. | 14,000 | 652,681 | ||||||
DTS Corp. | 283,200 | 5,843,795 | ||||||
Ebase Co., Ltd. | 59,600 | 762,327 | ||||||
E-Guardian, Inc. | 51,100 | 1,362,507 | ||||||
Eizo Corp. | 113,200 | 4,253,943 | ||||||
Elecom Co., Ltd. | 113,200 | 5,545,340 | ||||||
Elematec Corp. | 122,942 | 1,002,183 | ||||||
Enomoto Co., Ltd. | 30,200 | 294,295 | ||||||
Enplas Corp. | 65,400 | 1,447,313 | ||||||
ESPEC Corp. | 133,800 | 2,222,580 | ||||||
Fenwal Controls of Japan, Ltd. | 20,500 | 278,915 | ||||||
# | Ferrotec Holdings Corp. | 264,900 | 1,606,918 | |||||
#* | FFRI Security, Inc. | 22,500 | 507,997 | |||||
Fixstars Corp. | 97,100 | 1,163,041 | ||||||
Focus Systems Corp. | 28,400 | 226,035 | ||||||
# | Forval Corp. | 52,700 | 506,306 | |||||
FTGroup Co., Ltd. | 58,200 | 701,683 | ||||||
# | Fuji Soft, Inc. | 100,200 | 3,976,997 | |||||
Fujitsu Frontech, Ltd. | 82,700 | 832,574 | ||||||
Fukui Computer Holdings, Inc. | 53,500 | 1,359,092 | ||||||
Furuno Electric Co., Ltd. | 161,100 | 1,458,699 | ||||||
# | Furuya Metal Co., Ltd. | 7,600 | 442,629 | |||||
Future Corp. | 143,400 | 2,295,568 | ||||||
Future Innovation Group, Inc. | 11,900 | 31,783 | ||||||
GL Sciences, Inc. | 46,700 | 789,678 | ||||||
# | Glosel Co., Ltd. | 113,200 | 456,054 | |||||
# | GMO Cloud K.K. | 19,300 | 1,807,825 | |||||
# | GMO Pepabo, Inc. | 7,300 | 226,287 | |||||
Hagiwara Electric Holdings Co., Ltd. | 50,200 | 950,264 | ||||||
Hakuto Co., Ltd. | 91,300 | 834,968 |
23
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||
Hibino Corp. | 26,900 | $ | 293,793 | |||||
# | Hioki EE Corp. | 68,000 | 1,819,486 | |||||
Hochiki Corp. | 99,200 | 1,128,923 | ||||||
# | Hokuriku Electric Industry Co., Ltd. | 48,200 | 393,222 | |||||
Honda Tsushin Kogyo Co., Ltd. | 110,400 | 448,169 | ||||||
Hosiden Corp. | 350,700 | 3,084,073 | ||||||
Icom, Inc. | 68,200 | 1,960,979 | ||||||
ID Holdings Corp. | 52,100 | 683,889 | ||||||
Ikegami Tsushinki Co., Ltd. | 40,799 | 328,279 | ||||||
Ines Corp. | 128,700 | 1,629,932 | ||||||
# | I-Net Corp. | 78,190 | 1,093,057 | |||||
Infocom Corp. | 154,600 | 4,239,709 | ||||||
Infomart Corp. | 557,800 | 3,860,458 | ||||||
Information Services International-Dentsu, Ltd. | 80,700 | 3,753,384 | ||||||
Innotech Corp. | 107,500 | 940,024 | ||||||
# | Intelligent Wave, Inc. | 36,600 | 281,221 | |||||
Inter Action Corp. | 27,600 | 505,020 | ||||||
# | I-O Data Device, Inc. | 50,700 | 499,963 | |||||
Iriso Electronics Co., Ltd. | 140,900 | 4,636,611 | ||||||
# | ISB Corp. | 10,800 | 220,272 | |||||
Itfor, Inc. | 164,700 | 1,167,559 | ||||||
* | Iwatsu Electric Co., Ltd. | 62,200 | 488,379 | |||||
Japan Aviation Electronics Industry, Ltd. | 317,000 | 4,289,884 | ||||||
Japan Cash Machine Co., Ltd. | 145,900 | 798,325 | ||||||
#* | Japan Display, Inc. | 3,483,900 | 1,598,289 | |||||
Japan Electronic Materials Corp. | 51,800 | 534,021 | ||||||
Japan Material Co., Ltd. | 417,100 | 6,579,118 | ||||||
Jastec Co., Ltd. | 68,200 | 834,360 | ||||||
# | JBCC Holdings, Inc. | 98,000 | 1,362,210 | |||||
JFE Systems, Inc. | 3,100 | 88,682 | ||||||
#* | JIG-SAW, Inc. | 17,300 | 791,743 | |||||
Kaga Electronics Co., Ltd. | 110,700 | 2,013,855 | ||||||
Kanematsu Electronics, Ltd. | 81,200 | 2,892,091 | ||||||
KEL Corp. | 27,900 | 221,187 | ||||||
Koa Corp. | 172,100 | 1,609,097 | ||||||
Konica Minolta, Inc. | 141,600 | 492,432 | ||||||
KSK Co., Ltd. | 3,000 | 54,765 | ||||||
Kyoden Co., Ltd. | 116,100 | 324,861 | ||||||
Kyosan Electric Manufacturing Co., Ltd. | 276,000 | 1,372,947 | ||||||
Kyowa Electronic Instruments Co., Ltd. | 129,800 | 520,868 | ||||||
# | LAC Co., Ltd. | 100,100 | 1,084,640 | |||||
Lecip Holdings Corp. | 10,900 | 54,074 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 333,150 | 4,828,555 | ||||||
# | Marubun Corp. | 112,200 | 608,689 | |||||
Maruwa Co., Ltd. | 59,500 | 4,503,329 | ||||||
Maxell Holdings, Ltd. | 322,200 | 3,011,671 | ||||||
MCJ Co., Ltd. | 443,000 | 3,540,196 | ||||||
Megachips Corp. | 112,800 | 2,184,138 | ||||||
# | Meiko Electronics Co., Ltd. | 139,600 | 1,790,169 | |||||
Melco Holdings, Inc. | 18,600 | 520,137 | ||||||
* | Metaps, Inc. | 12,800 | 90,789 | |||||
Micronics Japan Co., Ltd. | 59,900 | 632,960 | ||||||
Mimaki Engineering Co., Ltd. | 133,300 | 458,597 | ||||||
Mimasu Semiconductor Industry Co., Ltd. | 114,581 | 2,479,343 | ||||||
Miraial Co., Ltd. | 39,500 | 376,029 | ||||||
# | Miroku Jyoho Service Co., Ltd. | 120,000 | 2,526,378 | |||||
Mitachi Co., Ltd. | 17,900 | 102,249 | ||||||
Mitsubishi Research Institute, Inc. | 53,500 | 2,140,478 | ||||||
Mitsui High-Tec, Inc. | 140,100 | 2,090,583 |
24
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||
# | m-up Holdings, Inc. | 4,800 | $ | 108,399 | ||||
Mutoh Holdings Co., Ltd. | 14,600 | 208,247 | ||||||
# | Nagano Keiki Co., Ltd. | 85,300 | 774,599 | |||||
Nakayo, Inc. | 73,300 | 1,012,573 | ||||||
NF Corp. | 25,900 | 439,580 | ||||||
Nichicon Corp. | 331,400 | 2,313,119 | ||||||
* | Nihon Dempa Kogyo Co., Ltd. | 121,600 | 382,968 | |||||
Nihon Denkei Co., Ltd. | 31,800 | 333,768 | ||||||
* | Nippon Chemi-Con Corp. | 83,600 | 1,407,054 | |||||
# | Nippon Computer Dynamics Co., Ltd. | 38,600 | 209,848 | |||||
# | Nippon Electric Glass Co., Ltd. | 431,236 | 6,773,973 | |||||
# | Nippon Information Development Co., Ltd. | 12,600 | 175,474 | |||||
# | Nippon Kodoshi Corp. | 55,400 | 502,332 | |||||
Nippon Signal Co., Ltd. | 327,000 | 3,442,428 | ||||||
Nippon Systemware Co., Ltd. | 54,000 | 1,063,650 | ||||||
Nissha Co., Ltd. | 232,800 | 2,192,874 | ||||||
Nohmi Bosai, Ltd. | 149,900 | 2,912,621 | ||||||
NSD Co., Ltd. | 537,960 | 9,195,882 | ||||||
Ohara, Inc. | 35,900 | 360,038 | ||||||
* | Okaya Electric Industries Co., Ltd. | 77,800 | 235,076 | |||||
Oki Electric Industry Co., Ltd. | 575,300 | 5,558,001 | ||||||
# | ONO Sokki Co., Ltd. | 32,200 | 153,784 | |||||
Optex Group Co., Ltd. | 191,620 | 2,184,134 | ||||||
* | Optim Corp. | 9,800 | 316,131 | |||||
Optorun Co., Ltd. | 34,600 | 810,963 | ||||||
Oro Co., Ltd. | 18,400 | 444,979 | ||||||
Osaki Electric Co., Ltd. | 295,800 | 1,383,190 | ||||||
Oval Corp. | 35,600 | 75,577 | ||||||
Paltek Corp. | 38,500 | 195,617 | ||||||
PCA Corp. | 2,300 | 96,014 | ||||||
PCI Holdings, Inc. | 30,800 | 335,392 | ||||||
Poletowin Pitcrew Holdings, Inc. | 204,700 | 1,711,451 | ||||||
Pro-Ship, Inc. | 41,700 | 523,641 | ||||||
Rakus Co., Ltd. | 230,400 | 4,072,317 | ||||||
RECOMM Co., Ltd. | 298,400 | 336,346 | ||||||
Restar Holdings Corp. | 133,000 | 2,588,177 | ||||||
Riken Keiki Co., Ltd. | 100,300 | 2,220,859 | ||||||
Riso Kagaku Corp. | 134,600 | 1,860,840 | ||||||
Roland DG Corp. | 87,300 | 1,003,655 | ||||||
Rorze Corp. | 54,400 | 2,716,795 | ||||||
RS Technologies Co., Ltd. | 20,100 | 648,545 | ||||||
Ryoden Corp. | 100,400 | 1,365,754 | ||||||
Ryosan Co., Ltd. | 155,400 | 3,203,285 | ||||||
Ryoyo Electro Corp. | 110,600 | 2,999,128 | ||||||
Saison Information Systems Co., Ltd. | 24,800 | 476,472 | ||||||
Sakura Internet, Inc. | 145,400 | 862,133 | ||||||
Sanken Electric Co., Ltd. | 160,500 | 3,160,476 | ||||||
Sanshin Electronics Co., Ltd. | 134,600 | 1,922,861 | ||||||
Satori Electric Co., Ltd. | 80,880 | 624,445 | ||||||
* | Saxa Holdings, Inc. | 32,600 | 511,740 | |||||
# | SB Technology Corp. | 61,300 | 2,112,181 | |||||
# | Scala, Inc. | 83,700 | 531,065 | |||||
# | Seikoh Giken Co., Ltd. | 22,300 | 432,680 | |||||
* | SEMITEC Corp. | 5,500 | 128,489 | |||||
# | Shibaura Electronics Co., Ltd. | 53,400 | 1,013,494 | |||||
Shibaura Mechatronics Corp. | 24,100 | 638,888 | ||||||
Shindengen Electric Manufacturing Co., Ltd. | 48,500 | 969,677 | ||||||
Shinko Electric Industries Co., Ltd. | 300,500 | 4,079,273 | ||||||
Shinko Shoji Co., Ltd. | 284,900 | 2,219,255 |
25
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||
Shizuki Electric Co., Inc. | 127,100 | $ | 690,875 | |||||
Showa Shinku Co., Ltd. | 25,400 | 332,465 | ||||||
Sigma Koki Co., Ltd. | 27,000 | 273,508 | ||||||
# | Siix Corp. | 207,100 | 1,906,176 | |||||
SK-Electronics Co., Ltd. | 47,300 | 487,599 | ||||||
SMK Corp. | 34,099 | 823,708 | ||||||
Softbrain Co., Ltd. | 94,400 | 374,603 | ||||||
Softcreate Holdings Corp. | 54,100 | 1,133,333 | ||||||
# | Soliton Systems K.K. | 36,600 | 497,657 | |||||
Soshin Electric Co., Ltd. | 58,400 | 221,887 | ||||||
# | Sourcenext Corp. | 364,000 | 942,611 | |||||
SRA Holdings | 73,200 | 1,625,494 | ||||||
Sumida Corp. | 183,749 | 1,313,144 | ||||||
Sun-Wa Technos Corp. | 82,000 | 694,551 | ||||||
Suzuden Corp. | 1,200 | 13,241 | ||||||
# | Suzuki Co., Ltd. | 67,100 | 444,670 | |||||
System Information Co., Ltd. | 54,800 | 799,021 | ||||||
System Research Co., Ltd. | 27,200 | 526,307 | ||||||
Systems Engineering Consultants Co., Ltd. | 900 | 25,593 | ||||||
# | Systemsoft Corp. | 156,000 | 138,111 | |||||
Systena Corp. | 475,500 | 6,315,756 | ||||||
Tachibana Eletech Co., Ltd. | 112,560 | 1,814,170 | ||||||
Takachiho Koheki Co., Ltd. | 38,500 | 333,850 | ||||||
# | TAKEBISHI Corp. | 53,100 | 735,851 | |||||
# | Tamagawa Holdings Co., Ltd. | 3,100 | 68,978 | |||||
Tamura Corp. | 499,200 | 2,117,185 | ||||||
TDC Soft, Inc. | 104,600 | 972,530 | ||||||
TechMatrix Corp. | 233,600 | 4,077,173 | ||||||
Techno Horizon Holdings Co., Ltd. | 56,700 | 449,386 | ||||||
Teikoku Tsushin Kogyo Co., Ltd. | 52,700 | 586,538 | ||||||
# | Terilogy Co., Ltd. | 15,600 | 82,260 | |||||
# | TESEC Corp. | 19,400 | 155,059 | |||||
TKC Corp. | 103,200 | 5,471,184 | ||||||
Toho System Science Co., Ltd. | 2,700 | 24,671 | ||||||
Tokyo Electron Device, Ltd. | 45,600 | 1,520,885 | ||||||
Tokyo Seimitsu Co., Ltd. | 261,000 | 8,372,176 | ||||||
Tomen Devices Corp. | 15,300 | 527,103 | ||||||
Topcon Corp. | 747,600 | 6,047,035 | ||||||
Torex Semiconductor, Ltd. | 45,500 | 569,328 | ||||||
Toshiba TEC Corp. | 69,500 | 2,664,783 | ||||||
Toukei Computer Co., Ltd. | 5,010 | 203,939 | ||||||
Towa Corp. | 134,700 | 1,464,676 | ||||||
Toyo Corp. | 153,100 | 1,410,620 | ||||||
Transcosmos, Inc. | 10,000 | 232,357 | ||||||
Tri Chemical Laboratories, Inc. | 31,400 | 3,385,125 | ||||||
# | Tsuzuki Denki Co., Ltd. | 42,800 | 709,450 | |||||
Ubicom Holdings, Inc. | 12,500 | 268,776 | ||||||
# | Ulvac, Inc. | 264,700 | 7,684,703 | |||||
#* | UMC Electronics Co., Ltd. | 52,700 | 211,668 | |||||
* | Uniden Holdings Corp. | 41,500 | 706,335 | |||||
# | UNITED, Inc. | 24,200 | 260,005 | |||||
# | V Technology Co., Ltd. | 59,800 | 2,043,668 | |||||
VINX Corp. | 11,500 | 140,761 | ||||||
Wacom Co., Ltd. | 975,900 | 4,985,077 | ||||||
* | Wellnet Corp. | 3,800 | 24,800 | |||||
YAC Holdings Co., Ltd. | 62,600 | 353,987 | ||||||
Yamaichi Electronics Co., Ltd. | 144,700 | 1,895,991 | ||||||
Yashima Denki Co., Ltd. | 126,100 | 1,104,774 |
26
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INFORMATION TECHNOLOGY — (Continued) | ||||||||
Yokowo Co., Ltd. | 101,000 | $ | 2,359,172 | |||||
TOTAL INFORMATION TECHNOLOGY | 392,248,945 | |||||||
MATERIALS — (10.6%) | ||||||||
Achilles Corp. | 93,500 | 1,688,145 | ||||||
ADEKA Corp. | 630,600 | 8,382,153 | ||||||
Agro-Kanesho Co., Ltd. | 1,300 | 16,578 | ||||||
Aichi Steel Corp. | 71,200 | 2,025,307 | ||||||
Arakawa Chemical Industries, Ltd. | 114,100 | 1,314,131 | ||||||
Araya Industrial Co., Ltd. | 25,200 | 268,398 | ||||||
Asahi Holdings, Inc. | 250,950 | 6,680,562 | ||||||
Asahi Printing Co., Ltd. | 25,700 | 209,264 | ||||||
Asahi Yukizai Corp. | 92,200 | 1,227,725 | ||||||
Asahipen Corp. | 2,100 | 32,606 | ||||||
Asia Pile Holdings Corp. | 214,800 | 945,193 | ||||||
C Uyemura & Co., Ltd. | 35,900 | 2,170,558 | ||||||
Carlit Holdings Co., Ltd. | 136,800 | 643,718 | ||||||
Chuetsu Pulp & Paper Co., Ltd. | 49,900 | 719,971 | ||||||
* | Chugai Mining Co., Ltd. | 652,700 | 115,725 | |||||
Chugoku Marine Paints, Ltd. | 427,000 | 3,179,704 | ||||||
CI Takiron Corp. | 291,200 | 1,895,674 | ||||||
# | CK-San-Etsu Co., Ltd. | 21,200 | 664,089 | |||||
Dai Nippon Toryo Co., Ltd. | 139,900 | 1,224,022 | ||||||
Daido Steel Co., Ltd. | 155,000 | 4,758,889 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co., Ltd. | 129,300 | 950,996 | ||||||
Daiken Corp. | 79,800 | 1,344,001 | ||||||
Daiki Aluminium Industry Co., Ltd. | 194,700 | 1,029,343 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | 87,000 | 1,888,181 | ||||||
# | Daio Paper Corp. | 69,400 | 927,246 | |||||
# | DKS Co., Ltd. | 50,900 | 2,458,629 | |||||
Dowa Holdings Co., Ltd. | 114,005 | 3,460,348 | ||||||
Dynapac Co., Ltd. | 8,500 | 109,147 | ||||||
Fuji Seal International, Inc. | 191,300 | 3,722,877 | ||||||
Fujikura Kasei Co., Ltd. | 176,500 | 851,685 | ||||||
Fujimori Kogyo Co., Ltd. | 109,100 | 3,803,070 | ||||||
Fuso Chemical Co., Ltd. | 124,700 | 4,552,861 | ||||||
Geostr Corp. | 101,900 | 297,947 | ||||||
Godo Steel, Ltd. | 60,000 | 1,022,997 | ||||||
Gun-Ei Chemical Industry Co., Ltd. | 31,600 | 765,786 | ||||||
Hakudo Co., Ltd. | 47,200 | 604,826 | ||||||
Harima Chemicals Group, Inc. | 99,400 | 910,132 | ||||||
Hodogaya Chemical Co., Ltd. | 44,900 | 1,827,835 | ||||||
Hokkan Holdings, Ltd. | 56,100 | 949,055 | ||||||
Hokko Chemical Industry Co., Ltd. | 123,600 | 706,884 | ||||||
Hokuetsu Corp. | 835,499 | 2,958,201 | ||||||
Honshu Chemical Industry Co., Ltd. | 28,200 | 299,557 | ||||||
Ise Chemicals Corp. | 13,900 | 401,707 | ||||||
# | Ishihara Chemical Co., Ltd. | 35,500 | 661,399 | |||||
Ishihara Sangyo Kaisha, Ltd. | 222,050 | 1,463,898 | ||||||
Ishizuka Glass Co., Ltd. | 12,900 | 233,440 | ||||||
JCU Corp. | 148,200 | 4,641,263 | ||||||
JSP Corp. | 88,900 | 1,203,054 | ||||||
Kaneka Corp. | 173,700 | 4,520,740 | ||||||
Kanto Denka Kogyo Co., Ltd. | 288,900 | 2,299,301 | ||||||
Katakura & Co-op Agri Corp. | 21,500 | 251,144 | ||||||
# | KeePer Technical Laboratory Co., Ltd. | 49,500 | 681,681 | |||||
# | KH Neochem Co., Ltd. | 234,500 | 4,443,570 | |||||
Kimoto Co., Ltd. | 230,500 | 331,882 | ||||||
Koatsu Gas Kogyo Co., Ltd. | 210,093 | 1,439,697 |
27
The Japanese Small Company Series
continued
Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
* | Kobe Steel, Ltd. | 1,878,500 | $ | 6,508,943 | ||||
# | Kohsoku Corp. | 71,300 | 969,553 | |||||
Konishi Co., Ltd. | 238,200 | 3,331,783 | ||||||
# | Konoshima Chemical Co., Ltd. | 31,600 | 222,944 | |||||
Krosaki Harima Corp. | 33,300 | 1,126,343 | ||||||
Kumiai Chemical Industry Co., Ltd. | 296,287 | 2,769,664 | ||||||
Kunimine Industries Co., Ltd. | 40,400 | 363,114 | ||||||
Kureha Corp. | 114,350 | 5,027,631 | ||||||
Kurimoto, Ltd. | 61,800 | 996,380 | ||||||
Kuriyama Holdings Corp. | 78,000 | 425,645 | ||||||
Kyoei Steel, Ltd. | 146,100 | 1,762,740 | ||||||
Kyowa Leather Cloth Co., Ltd. | 89,900 | 563,664 | ||||||
Lintec Corp. | 265,600 | 6,330,159 | ||||||
MEC Co., Ltd. | 103,700 | 2,029,241 | ||||||
Mitani Sekisan Co., Ltd. | 71,500 | 3,625,253 | ||||||
Mitsubishi Paper Mills, Ltd. | 343,400 | 1,085,249 | ||||||
* | Mitsubishi Steel Manufacturing Co., Ltd. | 53,500 | 334,396 | |||||
Mitsui Mining & Smelting Co., Ltd. | 395,000 | 8,094,492 | ||||||
# | Molitec Steel Co., Ltd. | 83,100 | 239,314 | |||||
# | MORESCO Corp. | 39,800 | 370,121 | |||||
Mory Industries, Inc. | 36,000 | 842,489 | ||||||
Nakayama Steel Works, Ltd. | 173,200 | 583,723 | ||||||
Neturen Co., Ltd. | 229,200 | 1,166,753 | ||||||
New Japan Chemical Co., Ltd. | 200,600 | 310,179 | ||||||
# | Nicca Chemical Co., Ltd. | 45,700 | 391,486 | |||||
# | Nichia Steel Works, Ltd. | 138,600 | 353,045 | |||||
# | Nihon Kagaku Sangyo Co., Ltd. | 84,700 | 756,657 | |||||
Nihon Nohyaku Co., Ltd. | 243,500 | 1,059,866 | ||||||
Nihon Parkerizing Co., Ltd. | 517,500 | 5,198,285 | ||||||
Nihon Yamamura Glass Co., Ltd. | 86,400 | 677,121 | ||||||
Nippon Carbide Industries Co., Inc. | 46,200 | 533,680 | ||||||
Nippon Chemical Industrial Co., Ltd. | 42,600 | 911,576 | ||||||
Nippon Concrete Industries Co., Ltd. | 306,600 | 771,891 | ||||||
#* | Nippon Denko Co., Ltd. | 779,814 | 1,228,180 | |||||
# | Nippon Fine Chemical Co., Ltd. | 81,500 | 1,118,628 | |||||
Nippon Kayaku Co., Ltd. | 199,400 | 2,085,989 | ||||||
#* | Nippon Kinzoku Co., Ltd. | 27,000 | 153,080 | |||||
* | Nippon Koshuha Steel Co., Ltd. | 26,799 | 92,740 | |||||
Nippon Light Metal Holdings Co., Ltd. | 3,894,800 | 6,822,909 | ||||||
Nippon Paper Industries Co., Ltd. | 450,400 | 6,317,190 | ||||||
Nippon Pillar Packing Co., Ltd. | 140,500 | 1,808,706 | ||||||
Nippon Soda Co., Ltd. | 169,100 | 4,434,099 | ||||||
Nippon Yakin Kogyo Co., Ltd. | 102,749 | 1,531,027 | ||||||
Nitta Gelatin, Inc. | 93,100 | 572,469 | ||||||
Nittetsu Mining Co., Ltd. | 38,400 | 1,566,775 | ||||||
# | Nozawa Corp. | 51,600 | 294,158 | |||||
Oat Agrio Co., Ltd. | 18,000 | 183,108 | ||||||
Okamoto Industries, Inc. | 76,500 | 2,821,743 | ||||||
Okura Industrial Co., Ltd. | 56,100 | 842,632 | ||||||
Osaka Organic Chemical Industry, Ltd. | 100,800 | 2,398,853 | ||||||
Osaka Soda Co., Ltd. | 95,599 | 2,114,972 | ||||||
Osaka Steel Co., Ltd. | 92,600 | 1,040,544 | ||||||
# | OSAKA Titanium Technologies Co., Ltd. | 127,500 | 1,109,626 | |||||
Pacific Metals Co., Ltd. | 105,399 | 1,511,835 | ||||||
# | Pack Corp. (The) | 94,000 | 2,731,906 | |||||
# | Rasa Industries, Ltd. | 49,700 | 709,517 | |||||
Riken Technos Corp. | 244,600 | 964,915 | ||||||
Sakai Chemical Industry Co., Ltd. | 107,300 | 2,030,759 | ||||||
Sakata INX Corp. | 289,100 | 2,762,434 |
28
The Japanese Small Company Series
continued
Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
Sanyo Chemical Industries, Ltd. | 94,900 | $ | 4,089,577 | |||||
Sanyo Special Steel Co., Ltd. | 133,860 | 1,103,441 | ||||||
Seiko PMC Corp. | 67,900 | 438,101 | ||||||
Sekisui Kasei Co., Ltd. | 160,200 | 861,770 | ||||||
Shikoku Chemicals Corp. | 252,700 | 2,554,581 | ||||||
# | Shinagawa Refractories Co., Ltd. | 37,800 | 774,537 | |||||
Shin-Etsu Polymer Co., Ltd. | 303,500 | 2,485,767 | ||||||
SK Kaken Co., Ltd. | 1,100 | 377,728 | ||||||
Soken Chemical & Engineering Co., Ltd. | 50,300 | 576,752 | ||||||
Stella Chemifa Corp. | 69,700 | 1,571,133 | ||||||
Sumitomo Bakelite Co., Ltd. | 163,900 | 4,629,003 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 265,199 | 9,344,299 | ||||||
Sumitomo Seika Chemicals Co., Ltd. | 60,800 | 1,980,564 | ||||||
T Hasegawa Co., Ltd. | 204,200 | 4,570,980 | ||||||
T&K Toka Co., Ltd. | 141,900 | 1,078,943 | ||||||
Taisei Lamick Co., Ltd. | 42,800 | 1,102,152 | ||||||
Taiyo Holdings Co., Ltd. | 135,400 | 6,252,636 | ||||||
Takasago International Corp. | 94,900 | 1,897,021 | ||||||
# | Takemoto Yohki Co., Ltd. | 35,000 | 229,649 | |||||
Taoka Chemical Co., Ltd. | 4,700 | 520,351 | ||||||
Tayca Corp. | 119,400 | 1,535,004 | ||||||
Tenma Corp. | 120,300 | 1,855,533 | ||||||
Titan Kogyo, Ltd. | 5,100 | 84,146 | ||||||
Toagosei Co., Ltd. | 793,800 | 7,796,767 | ||||||
* | Toda Kogyo Corp. | 21,500 | 387,123 | |||||
Toho Acetylene Co., Ltd. | 12,700 | 148,409 | ||||||
Toho Chemical Industry Co., Ltd. | 47,000 | 209,951 | ||||||
Toho Titanium Co., Ltd. | 220,900 | 1,338,495 | ||||||
* | Toho Zinc Co., Ltd. | 89,899 | 1,287,215 | |||||
Tohoku Steel Co., Ltd. | 16,300 | 216,084 | ||||||
Tokushu Tokai Paper Co., Ltd. | 66,658 | 2,864,497 | ||||||
Tokuyama Corp. | 405,798 | 9,601,383 | ||||||
# | Tokyo Ohka Kogyo Co., Ltd. | 35,900 | 1,800,394 | |||||
Tokyo Printing Ink Manufacturing Co., Ltd. | 10,200 | 186,326 | ||||||
* | Tokyo Rope Manufacturing Co., Ltd. | 101,700 | 537,250 | |||||
Tokyo Steel Manufacturing Co., Ltd. | 677,200 | 3,899,939 | ||||||
Tokyo Tekko Co., Ltd. | 64,100 | 904,345 | ||||||
* | Tomoegawa Co., Ltd. | 33,600 | 285,120 | |||||
Tomoku Co., Ltd. | 72,500 | 1,188,663 | ||||||
Topy Industries, Ltd. | 98,200 | 1,115,687 | ||||||
# | Toyo Gosei Co., Ltd. | 32,800 | 2,398,930 | |||||
Toyo Ink SC Holdings Co., Ltd. | 242,300 | 4,593,783 | ||||||
Toyobo Co., Ltd. | 571,300 | 7,959,845 | ||||||
# | TYK Corp. | 159,900 | 448,471 | |||||
UACJ Corp. | 211,841 | 3,816,167 | ||||||
Ube Industries, Ltd. | 167,500 | 2,886,787 | ||||||
Valqua, Ltd. | 111,999 | 2,013,953 | ||||||
Vertex Corp. | 45,998 | 769,396 | ||||||
Wavelock Holdings Co., Ltd. | 30,900 | 246,598 | ||||||
Wood One Co., Ltd. | 47,500 | 514,621 | ||||||
#* | W-Scope Corp. | 18,600 | 137,534 | |||||
Yamato Kogyo Co., Ltd. | 217,100 | 4,439,664 | ||||||
Yodogawa Steel Works, Ltd. | 144,500 | 2,518,551 | ||||||
# | Yotai Refractories Co., Ltd. | 118,000 | 791,647 | |||||
Yushiro Chemical Industry Co., Ltd. | 67,000 | 828,192 | ||||||
TOTAL MATERIALS | 323,204,421 | |||||||
REAL ESTATE — (1.9%) | ||||||||
# | AD Works Group Co., Ltd. | 194,879 | 330,288 |
29
The Japanese Small Company Series
continued
Shares | Value» | |||||||
REAL ESTATE — (Continued) | ||||||||
Airport Facilities Co., Ltd. | 148,670 | $ | 584,264 | |||||
# | Anabuki Kosan, Inc. | 12,900 | 190,441 | |||||
# | Aoyama Zaisan Networks Co., Ltd. | 43,700 | 611,670 | |||||
Apaman Co., Ltd. | 71,700 | 389,747 | ||||||
Arealink Co., Ltd. | 29,600 | 243,483 | ||||||
B-Lot Co., Ltd. | 40,000 | 247,052 | ||||||
# | Cosmos Initia Co., Ltd. | 97,700 | 362,701 | |||||
Daibiru Corp. | 335,400 | 3,073,480 | ||||||
Dear Life Co., Ltd. | 132,800 | 621,455 | ||||||
Goldcrest Co., Ltd. | 111,870 | 1,535,352 | ||||||
Good Com Asset Co., Ltd. | 10,300 | 160,186 | ||||||
# | Grandy House Corp. | 99,000 | 345,871 | |||||
Heiwa Real Estate Co., Ltd. | 236,600 | 6,778,557 | ||||||
Ichigo, Inc. | 1,187,800 | 2,994,941 | ||||||
* | Japan Asset Marketing Co., Ltd. | 1,348,600 | 1,323,779 | |||||
# | Japan Corporate Housing Service, Inc. | 11,700 | 121,393 | |||||
# | Japan Property Management Center Co., Ltd. | 83,400 | 916,913 | |||||
JSB Co., Ltd. | 7,400 | 185,439 | ||||||
Keihanshin Building Co., Ltd. | 249,600 | 3,217,745 | ||||||
# | Kenedix, Inc. | 1,442,000 | 7,126,691 | |||||
#* | Leopalace21 Corp. | 1,132,200 | 2,220,418 | |||||
* | Miyakoshi Holdings, Inc. | 800 | 6,332 | |||||
Mugen Estate Co., Ltd. | 64,200 | 310,437 | ||||||
# | Nippon Commercial Development Co., Ltd. | 82,300 | 1,165,687 | |||||
Nisshin Group Holdings Co., Ltd. | 213,600 | 721,867 | ||||||
Prospect Co., Ltd. | 3,044,700 | 1,215,334 | ||||||
Raysum Co., Ltd. | 104,200 | 919,187 | ||||||
SAMTY Co., Ltd. | 145,350 | 1,851,690 | ||||||
Sankyo Frontier Co., Ltd. | 23,100 | 719,602 | ||||||
# | Sansei Landic Co., Ltd. | 29,100 | 228,600 | |||||
# | Shinoken Group Co., Ltd. | 112,600 | 910,700 | |||||
Star Mica Holdings Co., Ltd. | 92,100 | 1,152,989 | ||||||
Starts Corp., Inc. | 242,400 | 4,975,687 | ||||||
Sun Frontier Fudousan Co., Ltd. | 210,000 | 1,672,901 | ||||||
Takara Leben Co., Ltd. | 585,400 | 1,962,916 | ||||||
TOC Co., Ltd. | 358,850 | 2,271,683 | ||||||
# | Tokyo Rakutenchi Co., Ltd. | 19,000 | 769,182 | |||||
Tokyo Theatres Co., Inc. | 52,999 | 602,680 | ||||||
Tosei Corp. | 244,100 | 2,582,144 | ||||||
Urbanet Corp. Co., Ltd. | 81,400 | 221,629 | ||||||
Yasuragi Co., Ltd. | 65,300 | 1,519,208 | ||||||
Yoshicon Co., Ltd. | 3,100 | 25,864 | ||||||
TOTAL REAL ESTATE | 59,388,185 | |||||||
UTILITIES — (1.6%) | ||||||||
EF-ON, Inc. | 88,520 | 489,171 | ||||||
eRex Co., Ltd. | 160,200 | 2,110,913 | ||||||
Hiroshima Gas Co., Ltd. | 326,000 | 1,091,068 | ||||||
Hokkaido Electric Power Co., Inc. | 1,211,300 | 4,645,794 | ||||||
Hokkaido Gas Co., Ltd. | 99,200 | 1,465,408 | ||||||
Hokuriku Electric Power Co. | 911,200 | 5,797,438 | ||||||
# | Hokuriku Gas Co., Ltd. | 10,100 | 290,696 | |||||
# | K&O Energy Group, Inc. | 102,400 | 1,446,376 | |||||
Nippon Gas Co., Ltd. | 210,300 | 9,042,261 | ||||||
Okinawa Electric Power Co., Inc. (The) | 354,017 | 5,895,924 | ||||||
#* | RENOVA, Inc. | 147,600 | 1,289,907 | |||||
# | Saibu Gas Co., Ltd. | 237,500 | 5,931,748 | |||||
Shikoku Electric Power Co., Inc. | 370,000 | 2,722,526 | ||||||
Shizuoka Gas Co., Ltd. | 364,000 | 3,336,130 |
30
The Japanese Small Company Series
continued
Shares | Value» | |||||||
UTILITIES — (Continued) | ||||||||
# | Toell Co., Ltd. | 57,500 | $ | 385,644 | ||||
West Holdings Corp. | 114,310 | 2,316,750 | ||||||
TOTAL UTILITIES | 48,257,754 | |||||||
TOTAL COMMON STOCKS | ||||||||
Cost ($2,855,738,783) | 2,986,819,175 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (2.5%) | ||||||||
@§ | The DFA Short Term Investment Fund | 6,579,397 | 76,130,208 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $2,931,848,272) | $ | 3,062,949,383 |
ST Special Tax | ||
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
# | Total or Partial Securities on Loan. | |
* | Non-Income Producing Securities. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of June 30, 2020, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Common Stocks | |||||||||||||
Communication Services | — | $ | 85,740,246 | — | $ | 85,740,246 | |||||||
Consumer Discretionary | — | 512,154,473 | — | 512,154,473 | |||||||||
Consumer Staples | — | 240,106,703 | — | 240,106,703 | |||||||||
Energy | — | 35,666,437 | — | 35,666,437 | |||||||||
Financials | — | 256,293,754 | — | 256,293,754 | |||||||||
Health Care | — | 144,197,106 | — | 144,197,106 | |||||||||
Industrials | — | 889,561,151 | — | 889,561,151 | |||||||||
Information Technology | — | 392,248,945 | — | 392,248,945 | |||||||||
Materials | — | 323,204,421 | — | 323,204,421 | |||||||||
Real Estate | $ | 330,288 | 59,057,897 | — | 59,388,185 | ||||||||
Utilities | — | 48,257,754 | — | 48,257,754 | |||||||||
Securities Lending Collateral | — | 76,130,208 | — | 76,130,208 | |||||||||
TOTAL | $ | 330,288 | $ | 3,062,619,095 | — | $ | 3,062,949,383 |
31
THE ASIA PACIFIC SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Shares | Value» | |||||||
COMMON STOCKS — (97.3%) | ||||||||
AUSTRALIA — (55.3%) | ||||||||
* | 3P Learning, Ltd. | 93,233 | $ | 55,724 | ||||
A2B Australia, Ltd. | 267,268 | 150,036 | ||||||
Accent Group, Ltd. | 2,095,327 | 2,046,052 | ||||||
Adairs, Ltd. | 643,521 | 1,034,645 | ||||||
# | Adbri, Ltd. | 2,564,728 | 5,689,561 | |||||
* | Advance NanoTek, Ltd. | 4,230 | 12,487 | |||||
* | Ainsworth Game Technology, Ltd. | 424,317 | 121,164 | |||||
#* | Alkane Resources, Ltd. | 2,214,509 | 1,882,077 | |||||
Alliance Aviation Services, Ltd. | 104,215 | 219,613 | ||||||
ALS, Ltd. | 1,381,741 | 6,309,365 | ||||||
Altium, Ltd. | 171,850 | 3,893,656 | ||||||
#* | Altura Mining, Ltd. | 1,171,741 | 49,880 | |||||
AMA Group, Ltd. | 2,283,100 | 957,419 | ||||||
#* | Amaysim Australia, Ltd. | 1,875,509 | 765,849 | |||||
Ansell, Ltd. | 700,311 | 17,801,874 | ||||||
# | AP Eagers, Ltd. | 775,292 | 3,659,369 | |||||
APN Property Group, Ltd. | 58,003 | 21,768 | ||||||
Appen, Ltd. | 41,643 | 988,741 | ||||||
* | Arafura Resources, Ltd. | 1,409,526 | 55,802 | |||||
ARB Corp., Ltd. | 527,030 | 6,589,832 | ||||||
#* | Ardent Leisure Group, Ltd. | 3,544,964 | 974,731 | |||||
Asaleo Care, Ltd. | 1,167,762 | 820,636 | ||||||
# | AUB Group, Ltd. | 478,705 | 4,873,148 | |||||
Aurelia Metals, Ltd. | 3,920,282 | 1,382,055 | ||||||
Austal, Ltd. | 2,278,005 | 5,134,718 | ||||||
* | Australian Agricultural Co., Ltd. | 3,439,805 | 2,449,444 | |||||
Australian Ethical Investment, Ltd. | 22,322 | 103,699 | ||||||
Australian Finance Group, Ltd. | 1,604,223 | 1,928,439 | ||||||
Australian Pharmaceutical Industries, Ltd. | 2,800,624 | 2,218,654 | ||||||
Australian Vintage, Ltd. | 4,317,004 | 1,226,600 | ||||||
# | Auswide Bank, Ltd. | 106,144 | 356,206 | |||||
AVJennings, Ltd. | 7,058,528 | 2,279,529 | ||||||
* | AVZ Minerals, Ltd. | 1,847,793 | 67,308 | |||||
* | Axsesstoday, Ltd. | 20,251 | 4,258 | |||||
Baby Bunting Group, Ltd. | 364,553 | 817,660 | ||||||
# | Bank of Queensland, Ltd. | 2,104,987 | 9,045,024 | |||||
Bapcor, Ltd. | 2,252,217 | 9,288,657 | ||||||
* | Base Resources, Ltd. | 393,323 | 49,157 | |||||
Beach Energy, Ltd. | 323,968 | 346,102 | ||||||
# | Bega Cheese, Ltd. | 1,535,076 | 4,744,654 | |||||
Bell Financial Group, Ltd. | 122,493 | 100,270 | ||||||
# | Bendigo & Adelaide Bank, Ltd. | 977,851 | 4,775,502 | |||||
* | Berkeley Energia, Ltd. | 27,600 | 8,587 | |||||
Bingo Industries, Ltd. | 841,528 | 1,261,873 | ||||||
# | Blackmores, Ltd. | 97,147 | 5,254,313 | |||||
Bravura Solutions, Ltd. | 1,621,807 | 5,111,086 | ||||||
Breville Group, Ltd. | 821,653 | 12,987,855 | ||||||
Brickworks, Ltd. | 501,379 | 5,518,029 | ||||||
BWX, Ltd. | 536,568 | 1,309,498 | ||||||
#* | Byron Energy, Ltd. | 89,192 | 8,695 | |||||
#* | Cann Group, Ltd. | 71,385 | 39,270 | |||||
# | Capitol Health, Ltd. | 3,495,372 | 598,791 | |||||
#* | Cardno, Ltd. | 1,127,842 | 186,156 | |||||
#* | Carnarvon Petroleum, Ltd. | 3,381,086 | 460,038 | |||||
Carsales.com, Ltd. | 1,241,587 | 15,369,380 |
32
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
#* | Cash Converters International, Ltd. | 3,582,331 | $ | 437,134 | ||||
* | Catapult Group International, Ltd. | 401,552 | 315,650 | |||||
CDS Technologies, Ltd. | 13,276 | 0 | ||||||
Cedar Woods Properties, Ltd. | 417,849 | 1,524,135 | ||||||
Centrebet Litigation | 81,336 | 0 | ||||||
Centrebet Litigation Claim | 81,336 | 0 | ||||||
# | Challenger, Ltd. | 541,382 | 1,676,533 | |||||
#* | Champion Iron, Ltd. | 204,512 | 410,085 | |||||
Citadel Group, Ltd. (The) | 129,670 | 286,339 | ||||||
# | City Chic Collective, Ltd. | 166,193 | 335,420 | |||||
Class, Ltd. | 386,717 | 357,767 | ||||||
Clean Seas Seafood, Ltd. | 87,730 | 33,803 | ||||||
* | Clean TeQ Holdings, Ltd. | 86,928 | 8,492 | |||||
Cleanaway Waste Management, Ltd. | 8,259,761 | 12,681,824 | ||||||
# | Clinuvel Pharmaceuticals, Ltd. | 108,279 | 1,930,509 | |||||
# | Clover Corp., Ltd. | 365,203 | 542,199 | |||||
Codan, Ltd. | 670,501 | 3,317,800 | ||||||
# | Collection House, Ltd. | 2,084,920 | 1,170,898 | |||||
Collins Foods, Ltd. | 745,683 | 4,913,992 | ||||||
#* | Cooper Energy, Ltd. | 11,837,413 | 3,097,203 | |||||
# | Corporate Travel Management, Ltd. | 520,840 | 3,546,526 | |||||
# | Costa Group Holdings, Ltd. | 2,640,354 | 5,331,937 | |||||
Credit Corp. Group, Ltd. | 495,925 | 5,437,892 | ||||||
CSR, Ltd. | 3,273,096 | 8,424,384 | ||||||
* | CuDeco, Ltd. | 387,893 | 11,805 | |||||
* | Dacian Gold, Ltd. | 687,075 | 213,105 | |||||
Data#3, Ltd. | 962,073 | 3,044,641 | ||||||
Decmil Group, Ltd. | 4,787,692 | 188,436 | ||||||
Dicker Data, Ltd. | 231,853 | 1,118,764 | ||||||
Domain Holdings Australia, Ltd. | 1,576,647 | 3,678,223 | ||||||
Downer EDI, Ltd. | 1,522,862 | 4,661,442 | ||||||
DWS, Ltd. | 514,109 | 288,792 | ||||||
#* | Eclipx Group, Ltd. | 2,750,087 | 2,412,229 | |||||
Elanor Investor Group | 58,263 | 45,146 | ||||||
Elders, Ltd. | 1,232,076 | 8,052,821 | ||||||
#* | Electro Optic Systems Holdings, Ltd. | 550,311 | 1,809,556 | |||||
#* | Emeco Holdings, Ltd. | 976,666 | 679,658 | |||||
#* | EML Payments, Ltd. | 1,313,870 | 3,089,764 | |||||
#* | Energy World Corp., Ltd. | 87,518 | 3,694 | |||||
Enero Group, Ltd. | 10,609 | 10,339 | ||||||
EQT Holdings, Ltd. | 95,702 | 1,639,412 | ||||||
Estia Health, Ltd. | 1,663,088 | 1,777,263 | ||||||
Euroz, Ltd. | 108,281 | 76,567 | ||||||
EVENT Hospitality and Entertainment, Ltd. | 546,035 | 3,189,997 | ||||||
#* | FAR, Ltd. | 12,771,552 | 97,611 | |||||
Finbar Group, Ltd. | 203,868 | 99,126 | ||||||
* | Fleetwood Corp., Ltd. | 347,465 | 383,716 | |||||
# | FlexiGroup, Ltd. | 2,196,712 | 1,744,855 | |||||
Flight Centre Travel Group, Ltd. | 52,732 | 412,212 | ||||||
# | Freedom Foods Group, Ltd. | 362,595 | 753,183 | |||||
G8 Education, Ltd. | 5,105,803 | 3,151,408 | ||||||
#* | Galaxy Resources, Ltd. | 2,565,745 | 1,395,899 | |||||
Genworth Mortgage Insurance Australia, Ltd. | 1,475,089 | 2,121,566 | ||||||
* | GetSwift, Ltd. | 28,980 | 13,683 | |||||
* | Gold Road Resources, Ltd. | 3,183,092 | 3,741,029 | |||||
GR Engineering Services, Ltd. | 55,230 | 27,697 | ||||||
#* | GrainCorp, Ltd., Class A | 1,547,172 | 4,417,876 | |||||
# | Grange Resources, Ltd. | 449,866 | 75,643 | |||||
* | Greenland Minerals, Ltd. | 1,692,337 | 153,627 |
33
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
GTN, Ltd. | 15,394 | $ | 4,403 | |||||
GUD Holdings, Ltd. | 789,679 | 6,314,801 | ||||||
# | GWA Group, Ltd. | 1,782,472 | 3,447,430 | |||||
Hansen Technologies, Ltd. | 1,293,047 | 2,614,693 | ||||||
Healius, Ltd. | 4,144,191 | 8,756,246 | ||||||
# | Helloworld Travel, Ltd. | 40,876 | 65,373 | |||||
* | Highfield Resources, Ltd. | 160,730 | 47,319 | |||||
* | Horizon Oil, Ltd. | 714,889 | 30,683 | |||||
# | HT&E, Ltd. | 1,730,638 | 1,435,537 | |||||
# | HUB24, Ltd. | 270,391 | 1,758,889 | |||||
* | IDM International, Ltd. | 958 | 0 | |||||
IGO, Ltd. | 3,070,006 | 10,475,064 | ||||||
Iluka Resources, Ltd. | 1,293,222 | 7,725,747 | ||||||
* | Image Resources NL | 332,933 | 35,019 | |||||
Imdex, Ltd. | 2,381,029 | 1,852,288 | ||||||
* | Immutep, Ltd. | 140,912 | 15,154 | |||||
* | ImpediMed, Ltd. | 417,437 | 17,967 | |||||
# | Infigen Energy | 6,695,697 | 4,357,442 | |||||
Infomedia, Ltd. | 2,776,535 | 3,312,570 | ||||||
# | Inghams Group, Ltd. | 2,191,759 | 4,874,049 | |||||
* | Intega Group, Ltd. | 1,127,842 | 181,329 | |||||
Integral Diagnostics, Ltd. | 304,532 | 826,198 | ||||||
# | Integrated Research, Ltd. | 611,969 | 1,633,414 | |||||
# | InvoCare, Ltd. | 1,035,492 | 7,530,126 | |||||
* | ioneer, Ltd. | 330,187 | 30,093 | |||||
IOOF Holdings, Ltd. | 2,149,859 | 7,387,169 | ||||||
IPH, Ltd. | 1,243,670 | 6,468,344 | ||||||
IRESS, Ltd. | 1,225,060 | 9,363,863 | ||||||
* | iSelect, Ltd. | 96,851 | 13,828 | |||||
* | iSentia Group, Ltd. | 28,502 | 2,909 | |||||
IVE Group, Ltd. | 578,489 | 326,568 | ||||||
Japara Healthcare, Ltd. | 1,815,991 | 618,347 | ||||||
# | JB Hi-Fi, Ltd. | 505,510 | 15,124,578 | |||||
Johns Lyng Group, Ltd. | 198,508 | 325,130 | ||||||
# | Jumbo Interactive, Ltd. | 208,843 | 1,396,679 | |||||
# | Jupiter Mines, Ltd. | 4,784,049 | 929,279 | |||||
K&S Corp., Ltd. | 194,192 | 171,434 | ||||||
#* | Karoon Energy, Ltd. | 3,390,788 | 1,436,623 | |||||
* | Kingsgate Consolidated, Ltd. | 1,825,067 | 506,759 | |||||
Kogan.com, Ltd. | 290,516 | 2,982,276 | ||||||
Lednium Technology Pty, Ltd. | 195,019 | 0 | ||||||
Lifestyle Communities, Ltd. | 132,875 | 869,337 | ||||||
Link Administration Holdings, Ltd. | 640,723 | 1,832,942 | ||||||
# | Lovisa Holdings, Ltd. | 122,612 | 511,284 | |||||
#* | Lynas Corp., Ltd. | 4,844,493 | 6,574,003 | |||||
MACA, Ltd. | 1,272,720 | 764,485 | ||||||
Macmahon Holdings, Ltd. | 5,344,671 | 944,485 | ||||||
* | MaxiTRANS Industries, Ltd. | 396,171 | 31,575 | |||||
* | Mayne Pharma Group, Ltd. | 10,077,132 | 2,699,556 | |||||
McMillan Shakespeare, Ltd. | 490,350 | 3,099,831 | ||||||
McPherson's, Ltd. | 568,858 | 1,097,922 | ||||||
* | Medusa Mining, Ltd. | 475,938 | 229,212 | |||||
#* | Mesoblast, Ltd. | 630,272 | 1,449,689 | |||||
#* | Metals X, Ltd. | 4,002,773 | 219,391 | |||||
# | Metcash, Ltd. | 7,963,936 | 15,026,135 | |||||
Michael Hill International, Ltd. | 1,490,263 | 338,641 | ||||||
Michael Hill International, Ltd. | 94,305 | 20,674 | ||||||
* | Millennium Minerals, Ltd. | 1,065,474 | 14,044 | |||||
* | Mincor Resources NL | 50,402 | 27,431 |
34
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
Mincor Resources NL | 4,722 | $ | 2,542 | |||||
# | Mineral Resources, Ltd. | 1,127,789 | 16,699,796 | |||||
#* | MMA Offshore, Ltd. | 4,757,868 | 215,424 | |||||
# | MNF Group, Ltd. | 194,514 | 759,354 | |||||
Moelis Australia, Ltd. | 72,907 | 176,830 | ||||||
Monadelphous Group, Ltd. | 566,488 | 4,273,362 | ||||||
Monash IVF Group, Ltd. | 1,738,681 | 642,089 | ||||||
# | Money3 Corp., Ltd. | 926,438 | 1,005,420 | |||||
* | Morning Star Gold NL | 332,749 | 0 | |||||
Mortgage Choice, Ltd. | 814,098 | 367,495 | ||||||
Mosaic Brands, Ltd. | 5,993 | 2,999 | ||||||
#* | Motorcycle Holdings, Ltd. | 19,615 | 25,097 | |||||
Mount Gibson Iron, Ltd. | 3,605,253 | 1,536,694 | ||||||
#* | Myanmar Metals, Ltd. | 494,858 | 21,554 | |||||
#* | Myer Holdings, Ltd. | 3,707,181 | 481,211 | |||||
MyState, Ltd. | 534,849 | 1,453,575 | ||||||
Navigator Global Investments, Ltd. | 997,653 | 820,919 | ||||||
#* | nearmap, Ltd. | 1,327,876 | 2,099,748 | |||||
# | Neometals, Ltd. | 626,513 | 69,705 | |||||
Netwealth Group, Ltd. | 365,621 | 2,282,178 | ||||||
New Energy Solar, Ltd. | 196,155 | 156,554 | ||||||
# | New Hope Corp., Ltd. | 2,234,532 | 2,130,968 | |||||
* | NEXTDC, Ltd. | 2,176,341 | 14,969,375 | |||||
nib holdings, Ltd. | 3,098,293 | 9,887,809 | ||||||
# | Nick Scali, Ltd. | 400,543 | 1,800,544 | |||||
Nine Entertainment Co. Holdings, Ltd. | 9,297,395 | 8,966,188 | ||||||
NRW Holdings, Ltd. | 2,939,598 | 3,853,490 | ||||||
* | Nufarm, Ltd. | 1,868,539 | 5,308,551 | |||||
# | OFX Group, Ltd. | 1,813,799 | 1,762,587 | |||||
OM Holdings, Ltd. | 342,290 | 81,615 | ||||||
Omni Bridgeway, Ltd. | 2,357,576 | 7,783,594 | ||||||
#* | Onevue Holdings, Ltd. | 857,257 | 219,602 | |||||
oOh!media, Ltd. | 3,082,993 | 1,976,344 | ||||||
#* | Orocobre, Ltd. | 141,073 | 228,960 | |||||
Orora, Ltd. | 6,339,374 | 11,208,438 | ||||||
# | Over the Wire Holdings, Ltd. | 14,661 | 35,320 | |||||
OZ Minerals, Ltd. | 2,218,981 | 17,049,661 | ||||||
# | Pacific Current Group, Ltd. | 248,331 | 942,561 | |||||
# | Pacific Smiles Group, Ltd. | 262,416 | 285,782 | |||||
#* | Pact Group Holdings, Ltd. | 1,518,087 | 2,317,449 | |||||
#* | Paladin Energy, Ltd. | 1,235,586 | 86,736 | |||||
* | Panoramic Resources, Ltd. | 12,524,208 | 713,001 | |||||
#* | Pantoro, Ltd. | 632,837 | 118,015 | |||||
Peet, Ltd. | 928,220 | 623,219 | ||||||
Pendal Group, Ltd. | 1,950,282 | 8,159,432 | ||||||
People Infrastructure, Ltd. | 39,313 | 54,697 | ||||||
Perenti Global, Ltd. | 4,835,224 | 3,925,745 | ||||||
# | Perpetual, Ltd. | 350,481 | 7,247,936 | |||||
* | Perseus Mining, Ltd. | 9,066,296 | 8,389,683 | |||||
# | Platinum Asset Management, Ltd. | 2,013,396 | 5,238,544 | |||||
* | Pluton Resources, Ltd. | 20,710 | 0 | |||||
* | Poseidon Nickel, Ltd. | 643,832 | 12,572 | |||||
#* | Praemium, Ltd. | 1,152,591 | 290,658 | |||||
Premier Investments, Ltd. | 622,552 | 7,506,870 | ||||||
Pro Medicus, Ltd. | 300,101 | 5,526,148 | ||||||
Propel Funeral Partners, Ltd. | 15,509 | 32,287 | ||||||
PWR Holdings, Ltd. | 169,474 | 532,217 | ||||||
* | Quickstep Holdings, Ltd. | 134,452 | 7,854 | |||||
Ramelius Resources, Ltd. | 4,758,357 | 6,678,966 |
35
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
Reckon, Ltd. | 446,073 | $ | 206,384 | |||||
#* | Red 5, Ltd. | 2,446,021 | 342,693 | |||||
Redcape Hotel Group | 111,772 | 63,505 | ||||||
# | Regis Healthcare, Ltd. | 1,192,651 | 1,165,485 | |||||
Regis Resources, Ltd. | 3,188,786 | 11,668,715 | ||||||
#* | Reject Shop, Ltd. (The) | 109,654 | 536,558 | |||||
Reliance Worldwide Corp., Ltd. | 2,602,124 | 5,347,105 | ||||||
Resimac Group, Ltd. | 11,841 | 8,346 | ||||||
* | Resolute Mining, Ltd. | 9,170,450 | 7,351,036 | |||||
* | Retail Food Group, Ltd. | 499,083 | 24,265 | |||||
# | Rhipe, Ltd. | 298,914 | 411,800 | |||||
# | Ridley Corp., Ltd. | 1,862,695 | 934,262 | |||||
* | RPMGlobal Holdings, Ltd. | 192,851 | 141,239 | |||||
RXP Services, Ltd. | 70,213 | 12,146 | ||||||
Salmat, Ltd. | 667,137 | 310,614 | ||||||
Sandfire Resources, Ltd. | 1,249,475 | 4,433,895 | ||||||
* | Saracen Mineral Holdings, Ltd. | 6,862,422 | 26,136,505 | |||||
# | SeaLink Travel Group, Ltd. | 390,161 | 1,199,350 | |||||
Select Harvests, Ltd. | 697,602 | 3,049,313 | ||||||
* | Senex Energy, Ltd. | 9,572,408 | 1,518,371 | |||||
# | Servcorp, Ltd. | 366,667 | 589,862 | |||||
Service Stream, Ltd. | 2,572,185 | 3,414,464 | ||||||
#* | Seven West Media, Ltd. | 5,378,078 | 343,896 | |||||
SG Fleet Group, Ltd. | 393,656 | 436,936 | ||||||
Sigma Healthcare, Ltd. | 6,192,917 | 2,681,772 | ||||||
* | Silver Lake Resources, Ltd. | 7,807,789 | 11,695,920 | |||||
#* | Silver Mines, Ltd. | 318,112 | 23,494 | |||||
Sims, Ltd. | 1,162,937 | 6,463,504 | ||||||
SmartGroup Corp., Ltd. | 674,100 | 2,858,322 | ||||||
Southern Cross Media Group, Ltd. | 13,206,930 | 1,616,295 | ||||||
Spark Infrastructure Group | 11,180,077 | 16,697,996 | ||||||
#* | SpeedCast International, Ltd. | 1,707,915 | 698,340 | |||||
SRG Global, Ltd. | 330,321 | 48,477 | ||||||
St Barbara, Ltd. | 5,157,916 | 11,417,576 | ||||||
Stanmore Coal, Ltd. | 46,807 | 25,417 | ||||||
Star Entertainment Grp, Ltd. (The) | 1,419,985 | 2,821,406 | ||||||
Steadfast Group, Ltd. | 5,683,479 | 13,316,653 | ||||||
#* | Strike Energy, Ltd. | 2,846,114 | 419,091 | |||||
Sunland Group, Ltd. | 1,211,896 | 967,262 | ||||||
# | Super Retail Group, Ltd. | 1,139,326 | 6,410,231 | |||||
#* | Superloop, Ltd. | 689,422 | 474,805 | |||||
#* | Syrah Resources, Ltd. | 2,327,569 | 454,133 | |||||
Tassal Group, Ltd. | 1,531,815 | 3,667,755 | ||||||
Technology One, Ltd. | 1,748,272 | 10,714,003 | ||||||
* | Thorn Group, Ltd. | 744,756 | 43,749 | |||||
* | Tiger Resources, Ltd. | 9,447,997 | 1,773 | |||||
Tribune Resources, Ltd. | 14,725 | 74,143 | ||||||
* | Troy Resources, Ltd. | 372,547 | 21,621 | |||||
#* | United Malt Grp, Ltd. | 1,771,214 | 5,057,906 | |||||
Village Roadshow, Ltd. | 942,069 | 1,416,057 | ||||||
Virgin Australia Holdings, Ltd. | 7,648,897 | 0 | ||||||
#* | Virgin Australia Holdings, Ltd. | 11,131,924 | 660,664 | |||||
Virtus Health, Ltd. | 572,516 | 1,126,172 | ||||||
Vita Group, Ltd. | 450,191 | 301,720 | ||||||
Viva Energy Group, Ltd. | 2,728,810 | 3,479,308 | ||||||
* | Vocus Group, Ltd. | 4,091,642 | 8,407,812 | |||||
#* | Wagners Holding Co., Ltd. | 122,838 | 94,797 | |||||
# | Webjet, Ltd. | 2,056,935 | 4,809,203 | |||||
# | Western Areas, Ltd. | 1,961,504 | 3,606,882 |
36
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
#* | Westgold Resources, Ltd. | 2,414,524 | $ | 3,545,064 | ||||
Whitehaven Coal, Ltd. | 4,887,743 | 4,887,412 | ||||||
WPP AUNZ, Ltd. | 1,788,160 | 348,451 | ||||||
TOTAL AUSTRALIA | 793,960,395 | |||||||
CHINA — (0.9%) | ||||||||
APT Satellite Holdings, Ltd. | 80,500 | 20,836 | ||||||
* | China Boton Group Co., Ltd. | 751,028 | 123,633 | |||||
* | China Display Optoelectronics Technology Holdings, Ltd. | 6,384,000 | 368,829 | |||||
CITIC Telecom International Holdings, Ltd. | 13,794,125 | 4,394,635 | ||||||
K Wah International Holdings, Ltd. | 1,360,000 | 589,032 | ||||||
KWG Group Holdings, Ltd. | 100,000 | 169,906 | ||||||
* | Leyou Technologies Holdings, Ltd. | 2,990,000 | 987,142 | |||||
SITC International Holdings Co., Ltd. | 6,142,000 | 6,576,485 | ||||||
TK Group Holdings, Ltd. | 1,482,000 | 431,278 | ||||||
TOTAL CHINA | 13,661,776 | |||||||
HONG KONG — (20.9%) | ||||||||
Aeon Credit Service Asia Co., Ltd. | 986,000 | 696,013 | ||||||
Aeon Stores Hong Kong Co., Ltd. | 248,000 | 56,931 | ||||||
Allied Group, Ltd. | 655,200 | 3,895,969 | ||||||
Allied Properties HK, Ltd. | 12,947,857 | 3,165,238 | ||||||
# | APAC Resources, Ltd. | 3,766,513 | 408,281 | |||||
* | Apollo Future Mobility Group, Ltd. | 8,436,000 | 528,615 | |||||
* | Applied Development Holdings, Ltd. | 14,125,000 | 288,931 | |||||
* | Arts Optical International Hldgs, Ltd. | 694,000 | 82,426 | |||||
# | Asia Financial Holdings, Ltd. | 2,404,908 | 1,088,196 | |||||
Asia Standard Hotel Group, Ltd. | 16,351,654 | 466,560 | ||||||
Asia Standard International Group, Ltd. | 13,222,917 | 1,544,325 | ||||||
Asiasec Properties, Ltd. | 1,737,000 | 285,428 | ||||||
Associated International Hotels, Ltd. | 952,000 | 1,817,503 | ||||||
Automated Systems Holdings, Ltd. | 340,400 | 36,034 | ||||||
Bel Global Resources Holdings, Ltd. | 2,576,000 | 0 | ||||||
* | Best Food Holding Co., Ltd. | 996,000 | 110,326 | |||||
BOCOM International Holdings Co., Ltd. | 817,000 | 102,549 | ||||||
BOE Varitronix, Ltd. | 3,807,293 | 1,217,257 | ||||||
# | Bright Smart Securities & Commodities Group, Ltd. | 5,788,000 | 1,144,273 | |||||
* | Brightoil Petroleum Holdings, Ltd. | 9,034,000 | 327,884 | |||||
Build King Holdings, Ltd. | 440,000 | 46,282 | ||||||
* | Burwill Holdings, Ltd. | 37,300,960 | 64,009 | |||||
Cafe de Coral Holdings, Ltd. | 3,090,000 | 6,423,322 | ||||||
#* | Camsing International Holding, Ltd. | 3,238,000 | 90,867 | |||||
Century City International Holdings, Ltd. | 7,111,460 | 368,627 | ||||||
CGN Mining Co., Ltd. | 5,195,000 | 202,154 | ||||||
Chen Hsong Holdings | 1,296,000 | 303,091 | ||||||
Cheuk Nang Holdings, Ltd. | 753,768 | 346,383 | ||||||
# | Chevalier International Holdings, Ltd. | 820,989 | 1,093,336 | |||||
* | China Baoli Technologies Holdings, Ltd. | 1,147,500 | 2,621 | |||||
#* | China Best Group Holding, Ltd. | 4,250,000 | 59,374 | |||||
#* | China Energy Development Holdings, Ltd. | 61,178,000 | 1,344,519 | |||||
China Motor Bus Co., Ltd. | 67,800 | 816,489 | ||||||
China New Higher Education Group, Ltd. | 619,000 | 412,557 | ||||||
* | China Solar Energy Holdings, Ltd. | 1,669,500 | 7,270 | |||||
# | China Star Entertainment, Ltd. | 11,410,000 | 2,510,358 | |||||
#* | China Strategic Holdings, Ltd. | 80,821,250 | 293,232 | |||||
* | China Tonghai International Financial, Ltd. | 1,300,000 | 50,734 | |||||
Chinese Estates Holdings, Ltd. | 3,459,000 | 2,305,475 | ||||||
* | Chinlink International Holdings, Ltd. | 944,800 | 79,632 |
37
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
Chinney Investments, Ltd. | 1,180,000 | $ | 255,910 | |||||
Chong Hing Bank, Ltd. | 234,000 | 287,967 | ||||||
Chow Sang Sang Holdings International, Ltd. | 2,417,000 | 2,570,644 | ||||||
Chuang's China Investments, Ltd. | 8,811,407 | 422,852 | ||||||
Chuang's Consortium International, Ltd. | 7,519,043 | 1,050,294 | ||||||
# | CK Life Sciences Intl Holdings, Inc. | 21,790,000 | 2,624,752 | |||||
CMBC Capital Holdings, Ltd. | 4,940,000 | 105,006 | ||||||
CNQC International Holdings, Ltd. | 4,627,500 | 408,951 | ||||||
CNT Group, Ltd. | 7,979,264 | 373,220 | ||||||
Convenience Retail Asia, Ltd. | 664,000 | 314,550 | ||||||
#* | Convoy Global Holdings, Ltd. | 38,622,000 | 155,973 | |||||
#* | Cosmopolitan International Holdings, Ltd. | 880,000 | 149,185 | |||||
# | Cowell e Holdings, Inc. | 4,444,000 | 1,598,650 | |||||
* | Crocodile Garments | 801,000 | 36,259 | |||||
Cross-Harbour Holdings, Ltd. (The) | 1,596,645 | 2,265,929 | ||||||
CSI Properties, Ltd. | 47,866,383 | 1,505,995 | ||||||
* | CST Group, Ltd. | 144,064,000 | 406,569 | |||||
* | CW Group Holdings, Ltd. | 1,361,500 | 7,606 | |||||
Dah Sing Banking Group, Ltd. | 3,977,516 | 3,649,962 | ||||||
Dah Sing Financial Holdings, Ltd. | 1,509,744 | 4,250,132 | ||||||
Dickson Concepts International, Ltd. | 1,620,500 | 943,588 | ||||||
* | Digital Domain Holdings, Ltd. | 2,310,000 | 14,066 | |||||
* | Dingyi Group Investment, Ltd. | 6,285,000 | 30,801 | |||||
# | Dynamic Holdings, Ltd. | 78,000 | 118,939 | |||||
Eagle Nice International Holdings, Ltd. | 2,194,000 | 762,427 | ||||||
EcoGreen International Group, Ltd. | 1,994,640 | 307,003 | ||||||
* | eForce Holdings, Ltd. | 8,784,000 | 142,895 | |||||
* | Emperor Capital Group, Ltd. | 32,721,000 | 565,526 | |||||
Emperor Entertainment Hotel, Ltd. | 5,165,000 | 696,666 | ||||||
# | Emperor International Holdings, Ltd. | 10,584,753 | 1,769,633 | |||||
Emperor Watch & Jewellery, Ltd. | 35,970,000 | 567,992 | ||||||
* | Energy International Investments Holdings, Ltd. | 1,960,000 | 17,759 | |||||
#* | ENM Holdings, Ltd. | 16,260,000 | 1,351,696 | |||||
* | Esprit Holdings, Ltd. | 17,302,750 | 1,890,138 | |||||
* | Eternity Investment, Ltd. | 820,000 | 15,648 | |||||
Ezcom Holdings, Ltd. | 72,576 | 0 | ||||||
# | Fairwood Holdings, Ltd. | 826,100 | 1,851,379 | |||||
Far East Consortium International, Ltd. | 11,349,130 | 3,720,766 | ||||||
* | Far East Holdings International, Ltd. | 606,000 | 8,497 | |||||
#* | FIH Mobile, Ltd. | 33,510,000 | 3,612,461 | |||||
First Pacific Co., Ltd. | 16,870,000 | 3,236,687 | ||||||
* | First Shanghai Investments, Ltd. | 6,672,000 | 312,330 | |||||
Fountain SET Holdings, Ltd. | 6,594,000 | 825,797 | ||||||
Four Seas Mercantile Holdings, Ltd. | 610,000 | 205,406 | ||||||
* | Freeman Fintech Corp, Ltd. | 13,680,000 | 119,141 | |||||
GDH Guangnan Holdings, Ltd. | 2,363,600 | 193,535 | ||||||
* | Genting Hong Kong, Ltd. | 483,000 | 35,681 | |||||
Get Nice Financial Group, Ltd. | 2,438,600 | 204,659 | ||||||
Get Nice Holdings, Ltd. | 59,028,000 | 1,014,150 | ||||||
Giordano International, Ltd. | 12,290,000 | 1,868,874 | ||||||
Glorious Sun Enterprises, Ltd. | 4,616,000 | 507,223 | ||||||
* | Glory Sun Land Group, Ltd. | 3,081,000 | 181,284 | |||||
Gold Peak Industries Holdings, Ltd. | 3,029,642 | 250,792 | ||||||
Golden Resources Development International, Ltd. | 4,082,500 | 296,397 | ||||||
#* | Gold-Finance Holdings, Ltd. | 9,580,000 | 16,687 | |||||
* | Good Resources Holdings, Ltd. | 9,720,000 | 90,127 | |||||
* | Goodbaby International Holdings, Ltd. | 7,131,000 | 804,836 | |||||
* | GR Properties, Ltd. | 3,822,000 | 725,302 | |||||
Great Eagle Holdings, Ltd. | 1,068,349 | 2,696,852 |
38
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
#* | Great Harvest Maeta Group Holdings, Ltd. | 1,237,500 | $ | 159,677 | ||||
* | Greater Bay Area Investments Group Holdings, Ltd. | 18,640,000 | 24,050 | |||||
* | Greentech Technology International, Ltd. | 8,860,000 | 115,202 | |||||
* | G-Resources Group, Ltd. | 248,784,600 | 1,223,749 | |||||
# | Guotai Junan International Holdings, Ltd. | 31,755,797 | 4,167,296 | |||||
# | Haitong International Securities Group, Ltd. | 21,115,400 | 5,068,001 | |||||
Hang Lung Group, Ltd. | 2,192,000 | 5,129,699 | ||||||
Hanison Construction Holdings, Ltd. | 2,713,649 | 367,737 | ||||||
* | Hao Tian Development Group, Ltd. | 19,412,400 | 580,849 | |||||
# | Harbour Centre Development, Ltd. | 935,500 | 1,001,392 | |||||
# | HKBN, Ltd. | 4,226,500 | 7,411,431 | |||||
* | HKBridge Financial Holdings, Ltd. | 103,000 | 6,673 | |||||
HKR International, Ltd. | 7,149,369 | 3,203,820 | ||||||
Hon Kwok Land Investment Co., Ltd. | 388,800 | 127,883 | ||||||
Hong Kong Ferry Holdings Co., Ltd. | 1,007,300 | 763,374 | ||||||
#* | Hong Kong Finance Investment Holding Group, Ltd. | 9,182,000 | 890,127 | |||||
Hong Kong Shanghai Alliance Holdings, Ltd. | 262,002 | 9,677 | ||||||
# | Hongkong & Shanghai Hotels, Ltd. (The) | 3,648,489 | 3,307,563 | |||||
Hongkong Chinese, Ltd. | 5,038,000 | 482,747 | ||||||
Hop Hing Group Holdings, Ltd. | 13,596,000 | 105,396 | ||||||
Hsin Chong Group Holdings, Ltd. | 10,243,403 | 346,932 | ||||||
Hung Hing Printing Group, Ltd. | 3,040,000 | 393,656 | ||||||
Hutchison Telecommunications Hong Kong Holdings, Ltd. | 13,438,000 | 2,142,519 | ||||||
Hypebeast, Ltd. | 447,500 | 48,009 | ||||||
Hysan Development Co., Ltd. | 911,000 | 2,940,923 | ||||||
* | I-CABLE Communications, Ltd. | 4,080,000 | 35,757 | |||||
* | Imagi International Holdings, Ltd. | 2,388,984 | 220,217 | |||||
International Housewares Retail Co., Ltd. | 2,042,000 | 491,505 | ||||||
IPE Group, Ltd. | 3,345,000 | 295,216 | ||||||
* | IRC, Ltd. | 37,862,266 | 417,474 | |||||
IT, Ltd. | 5,174,532 | 759,692 | ||||||
# | ITC Properties Group, Ltd. | 6,476,100 | 778,101 | |||||
Jacobson Pharma Corp., Ltd. | 3,616,000 | 640,822 | ||||||
Johnson Electric Holdings, Ltd. | 2,863,992 | 5,093,657 | ||||||
* | Kader Holdings Co., Ltd. | 578,000 | 45,900 | |||||
Kam Hing International Holdings, Ltd. | 1,822,000 | 93,054 | ||||||
Karrie International Holdings, Ltd. | 2,440,000 | 332,105 | ||||||
# | Keck Seng Investments | 912,600 | 400,930 | |||||
Kerry Logistics Network, Ltd. | 3,771,500 | 5,027,930 | ||||||
Kerry Properties, Ltd. | 352,500 | 915,665 | ||||||
Kingmaker Footwear Holdings, Ltd. | 2,386,955 | 194,358 | ||||||
Kowloon Development Co., Ltd. | 3,133,000 | 3,418,095 | ||||||
Kwoon Chung Bus Holdings, Ltd. | 44,000 | 13,079 | ||||||
# | Lai Sun Development Co., Ltd. | 1,976,896 | 2,076,508 | |||||
Lai Sun Garment International, Ltd. | 665,530 | 687,453 | ||||||
Lam Soon Hong Kong, Ltd. | 317,310 | 484,491 | ||||||
* | Landing International Development, Ltd. | 6,360,400 | 206,042 | |||||
Landsea Green Group Co., Ltd. | 3,016,000 | 265,282 | ||||||
Langham Hospitality Investments and Langham Hospitality Investments, Ltd. | 2,532,500 | 395,837 | ||||||
#* | Lerthai Group, Ltd. | 40,000 | 25,336 | |||||
Lifestyle International Holdings, Ltd. | 3,713,000 | 3,064,247 | ||||||
Lippo China Resources, Ltd. | 21,162,000 | 424,163 | ||||||
Lippo, Ltd. | 1,161,700 | 345,865 | ||||||
Liu Chong Hing Investment, Ltd. | 1,511,200 | 1,389,116 | ||||||
L'Occitane International SA | 2,278,500 | 3,841,200 | ||||||
Luk Fook Holdings International, Ltd. | 3,704,000 | 8,052,744 | ||||||
Luks Group Vietnam Holdings Co., Ltd. | 514,913 | 80,774 | ||||||
Lung Kee Bermuda Holdings | 1,521,875 | 405,208 |
39
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
* | Macau Legend Development, Ltd. | 19,573,000 | $ | 2,661,653 | ||||
Magnificent Hotel Investment, Ltd. | 13,170,000 | 198,203 | ||||||
Man Wah Holdings, Ltd. | 14,769,200 | 14,223,951 | ||||||
Mason Group Holdings, Ltd. | 111,713,399 | 362,793 | ||||||
Master Glory Group, Ltd. | 972,981 | 6,126 | ||||||
Matrix Holdings, Ltd. | 1,067,414 | 408,835 | ||||||
Melbourne Enterprises, Ltd. | 39,500 | 876,317 | ||||||
Melco International Development, Ltd. | 2,371,000 | 4,622,734 | ||||||
* | Midland Holdings, Ltd. | 4,053,897 | 420,110 | |||||
Ming Fai International Holdings, Ltd. | 2,064,000 | 189,864 | ||||||
Miramar Hotel & Investment | 1,144,000 | 2,040,876 | ||||||
Modern Dental Group, Ltd. | 2,865,000 | 560,559 | ||||||
# | Nameson Holdings, Ltd. | 7,744,000 | 401,047 | |||||
Nanyang Holdings, Ltd. | 133,500 | 724,512 | ||||||
National Electronics Hldgs | 2,668,600 | 358,089 | ||||||
* | National United Resources Holdings, Ltd. | 18,280,000 | 62,738 | |||||
* | Neo-Neon Holdings, Ltd. | 2,625,500 | 175,768 | |||||
New Century Group Hong Kong, Ltd. | 10,039,464 | 137,455 | ||||||
#* | NewOcean Energy Holdings, Ltd. | 9,822,000 | 927,644 | |||||
* | Nimble Holdings Co., Ltd. | 912,000 | 39,958 | |||||
# | NOVA Group Holdings, Ltd. | 165,000 | 3,144 | |||||
NWS Holdings, Ltd. | 188,000 | 163,532 | ||||||
# | OP Financial, Ltd. | 8,336,000 | 950,558 | |||||
Oriental Watch Holdings | 3,590,800 | 919,959 | ||||||
# | Oshidori International Holdings, Ltd. | 20,024,400 | 2,492,205 | |||||
Pacific Andes International Holdings, Ltd. | 19,435,067 | 68,708 | ||||||
Pacific Basin Shipping, Ltd. | 35,877,000 | 5,274,491 | ||||||
Pacific Textiles Holdings, Ltd. | 8,566,000 | 4,152,107 | ||||||
Pak Fah Yeow International, Ltd. | 5,000 | 1,460 | ||||||
Paliburg Holdings, Ltd. | 3,180,830 | 819,529 | ||||||
# | Paradise Entertainment, Ltd. | 3,672,000 | 370,003 | |||||
* | PC Partner Group, Ltd. | 2,362,000 | 316,189 | |||||
PCCW, Ltd. | 1,280,000 | 731,857 | ||||||
#* | Peace Mark Holdings, Ltd. | 2,479,870 | 0 | |||||
* | Pegasus International Holdings, Ltd. | 100,000 | 9,553 | |||||
Perfect Shape Medical, Ltd. | 3,452,000 | 1,240,714 | ||||||
# | Pico Far East Holdings, Ltd. | 5,924,000 | 904,786 | |||||
Playmates Holdings, Ltd. | 7,082,000 | 795,584 | ||||||
* | Playmates Toys, Ltd. | 3,612,000 | 116,859 | |||||
Plover Bay Technologies, Ltd. | 2,032,000 | 260,633 | ||||||
# | Pokfulam Development Co., Ltd. | 234,000 | 376,072 | |||||
Polytec Asset Holdings, Ltd. | 13,613,026 | 1,358,341 | ||||||
* | PT International Development Co., Ltd. | 8,345,150 | 349,854 | |||||
Public Financial Holdings, Ltd. | 3,160,000 | 870,808 | ||||||
* | PYI Corp., Ltd. | 29,369,973 | 257,143 | |||||
PYXIS Group, Ltd. | 1,936,000 | 0 | ||||||
Rare Earth Magnesium Technology Group Holdings, Ltd. | 12,860,000 | 286,127 | ||||||
# | Regal Hotels International Holdings, Ltd. | 2,953,800 | 1,168,617 | |||||
# | Regina Miracle International Holdings, Ltd. | 2,346,000 | 669,965 | |||||
# | Sa Sa International Holdings, Ltd. | 11,432,747 | 1,939,375 | |||||
Safety Godown Co., Ltd. | 400,000 | 533,558 | ||||||
SAS Dragon Holdings, Ltd. | 2,182,000 | 639,625 | ||||||
# | SEA Holdings, Ltd. | 1,711,523 | 1,253,592 | |||||
Shangri-La Asia, Ltd. | 1,612,000 | 1,392,919 | ||||||
Shenwan Hongyuan HK, Ltd. | 4,506,250 | 514,011 | ||||||
Shun Ho Property Investments, Ltd. | 1,254,757 | 280,875 | ||||||
Shun Tak Holdings, Ltd. | 11,755,419 | 4,401,408 | ||||||
* | Sincere Watch Hong Kong, Ltd. | 4,450,000 | 42,172 | |||||
Sing Pao Media Enterprises | 250,511 | 0 |
40
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
Sing Tao News Corp., Ltd. | 1,974,000 | $ | 357,918 | |||||
Singamas Container Holdings, Ltd. | 12,802,000 | 843,348 | ||||||
SIS International Holdings | 34,000 | 7,222 | ||||||
Sitoy Group Holdings, Ltd. | 2,247,000 | 137,067 | ||||||
SmarTone Telecommunications Holdings, Ltd. | 3,727,481 | 2,001,404 | ||||||
* | SOCAM Development, Ltd. | 1,372,170 | 297,317 | |||||
* | Solomon Systech International, Ltd. | 11,998,000 | 323,637 | |||||
Soundwill Holdings, Ltd. | 690,500 | 615,363 | ||||||
* | South China Holdings Co., Ltd. | 17,774,502 | 295,274 | |||||
Stella International Holdings, Ltd. | 2,604,500 | 2,671,201 | ||||||
* | Success Universe Group, Ltd. | 6,716,000 | 133,755 | |||||
#* | Summit Ascent Holdings, Ltd. | 7,740,000 | 573,662 | |||||
Sun Hung Kai & Co., Ltd. | 5,271,429 | 2,074,946 | ||||||
SUNeVision Holdings, Ltd. | 2,029,000 | 1,597,553 | ||||||
* | Synergy Group Holdings International, Ltd. | 230,000 | 6,772 | |||||
# | TAI Cheung Holdings, Ltd. | 2,327,000 | 1,482,638 | |||||
Tai Sang Land Development, Ltd. | 798,910 | 423,029 | ||||||
* | Talent Property Group, Ltd. | 4,305,000 | 16,076 | |||||
# | Tan Chong International, Ltd. | 1,176,000 | 293,201 | |||||
# | Tao Heung Holdings, Ltd. | 1,802,000 | 233,368 | |||||
Television Broadcasts, Ltd. | 2,926,700 | 3,411,148 | ||||||
* | Termbray Industries International Holdings, Ltd. | 1,314,900 | 46,540 | |||||
Texwinca Holdings, Ltd. | 6,964,000 | 1,030,555 | ||||||
* | Theme International Holdings, Ltd. | 5,990,000 | 62,806 | |||||
Tian Teck Land, Ltd. | 1,024,000 | 746,792 | ||||||
#* | TOM Group, Ltd. | 1,146,000 | 173,370 | |||||
# | Town Health International Medical Group, Ltd. | 5,606,115 | 93,309 | |||||
Tradelink Electronic Commerce, Ltd. | 6,206,000 | 722,799 | ||||||
Transport International Holdings, Ltd. | 1,590,602 | 3,091,419 | ||||||
* | Trinity, Ltd. | 850,000 | 13,125 | |||||
Tsui Wah Holdings, Ltd. | 1,322,000 | 53,929 | ||||||
Union Medical Healthcare, Ltd. | 1,377,097 | 704,369 | ||||||
United Laboratories International Holdings, Ltd. (The) | 6,644,000 | 5,753,795 | ||||||
* | Universal Technologies Holdings, Ltd. | 1,730,000 | 32,295 | |||||
* | Up Energy Development Group, Ltd. | 3,929,000 | 12,268 | |||||
* | Value Convergence Holdings, Ltd. | 4,844,000 | 147,826 | |||||
# | Value Partners Group, Ltd. | 4,836,000 | 2,465,261 | |||||
# | Valuetronics Holdings, Ltd. | 3,079,850 | 1,224,987 | |||||
Vanke Overseas Investment Holding Co., Ltd. | 49,000 | 17,841 | ||||||
Vantage International Holdings, Ltd. | 1,976,000 | 127,476 | ||||||
Vedan International Holdings, Ltd. | 3,576,000 | 345,742 | ||||||
# | Vitasoy International Holdings, Ltd. | 1,341,000 | 5,154,407 | |||||
# | VPower Group International Holdings, Ltd. | 779,000 | 425,907 | |||||
# | VSTECS Holdings, Ltd. | 6,665,600 | 3,602,936 | |||||
VTech Holdings, Ltd. | 1,438,200 | 8,663,965 | ||||||
Wai Kee Holdings, Ltd. | 7,038,738 | 3,476,257 | ||||||
Wang On Group, Ltd. | 40,100,000 | 383,776 | ||||||
Win Hanverky Holdings, Ltd. | 808,000 | 31,514 | ||||||
Wing On Co. International, Ltd. | 759,000 | 1,711,508 | ||||||
Wing Tai Properties, Ltd. | 2,187,331 | 1,119,455 | ||||||
Wonderful Sky Financial Group Holdings, Ltd. | 1,386,000 | 124,868 | ||||||
Xinyi Glass Holdings, Ltd. | 3,274,000 | 4,040,516 | ||||||
YGM Trading, Ltd. | 447,000 | 162,076 | ||||||
# | YT Realty Group, Ltd. | 3,450,008 | 933,557 | |||||
Yue Yuen Industrial Holdings, Ltd. | 802,500 | 1,223,225 | ||||||
#* | Yunfeng Financial Group, Ltd. | 280,000 | 117,906 | |||||
Zensun Enterprises, Ltd. | 1,740,000 | 79,036 | ||||||
#* | Zhaobangji Properties Holdings, Ltd. | 784,000 | 121,726 | |||||
TOTAL HONG KONG | 300,793,925 |
41
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
JAPAN — (0.0%) | ||||||||
Honma Golf, Ltd. | 1,060,000 | $ | 450,115 | |||||
NEW ZEALAND — (6.6%) | ||||||||
Abano Healthcare Group, Ltd. | 68,521 | 134,568 | ||||||
Air New Zealand, Ltd. | 218,896 | 187,732 | ||||||
# | Arvida Group, Ltd. | 751,791 | 707,393 | |||||
Briscoe Group, Ltd. | 5,431 | 11,050 | ||||||
* | CBL Corp., Ltd. | 47,180 | 18,097 | |||||
Chorus, Ltd. | 3,219,258 | 15,594,265 | ||||||
Colonial Motor Co., Ltd. (The) | 144,588 | 640,718 | ||||||
#* | Comvita, Ltd. | 52,637 | 86,748 | |||||
Fletcher Building, Ltd. | 135,080 | 325,061 | ||||||
Freightways, Ltd. | 984,862 | 4,598,578 | ||||||
Genesis Energy, Ltd. | 1,941,867 | 3,813,725 | ||||||
# | Gentrack Group, Ltd. | 71,302 | 65,301 | |||||
# | Hallenstein Glasson Holdings, Ltd. | 326,057 | 747,941 | |||||
Heartland Group Holdings, Ltd. | 1,963,362 | 1,567,119 | ||||||
Infratil, Ltd. | 4,368,506 | 13,326,950 | ||||||
# | Investore Property, Ltd. | 551,549 | 656,842 | |||||
Kathmandu Holdings, Ltd. | 2,598,560 | 1,913,228 | ||||||
Mainfreight, Ltd. | 316,713 | 8,085,312 | ||||||
Metlifecare, Ltd. | 1,045,171 | 3,499,787 | ||||||
Millennium & Copthorne Hotels New Zealand, Ltd. | 386,829 | 455,081 | ||||||
NEW Zealand King Salmon Investments, Ltd. | 51,906 | 63,088 | ||||||
New Zealand Refining Co., Ltd. (The) | 965,490 | 459,005 | ||||||
#* | NZME, Ltd. | 945,851 | 172,331 | |||||
NZX, Ltd. | 1,414,768 | 1,283,442 | ||||||
Oceania Healthcare, Ltd. | 629,369 | 368,150 | ||||||
* | Pacific Edge, Ltd. | 546,889 | 97,279 | |||||
PGG Wrightson, Ltd. | 120,785 | 210,558 | ||||||
# | Port of Tauranga, Ltd. | 285,462 | 1,429,508 | |||||
* | Pushpay Holdings, Ltd. | 815,501 | 4,656,915 | |||||
* | Restaurant Brands New Zealand, Ltd. | 171,783 | 1,313,960 | |||||
* | Richina Pacific Ltd. | 274,180 | 0 | |||||
Sanford, Ltd. | 394,135 | 1,600,877 | ||||||
Scales Corp., Ltd. | 462,215 | 1,465,533 | ||||||
Scott Technology, Ltd. | 47,518 | 50,856 | ||||||
* | Serko, Ltd. | 49,653 | 106,379 | |||||
# | Skellerup Holdings, Ltd. | 806,301 | 1,119,601 | |||||
* | SKY Network Television, Ltd. | 2,821,003 | 274,288 | |||||
SKYCITY Entertainment Group, Ltd. | 5,101,527 | 7,934,263 | ||||||
Steel & Tube Holdings, Ltd. | 575,667 | 234,564 | ||||||
Summerset Group Holdings, Ltd. | 1,369,259 | 5,737,711 | ||||||
* | Synlait Milk, Ltd. | 375,719 | 1,728,313 | |||||
# | Tourism Holdings, Ltd. | 712,961 | 917,668 | |||||
* | TOWER, Ltd. | 2,581,956 | 1,045,564 | |||||
# | Trustpower, Ltd. | 252,846 | 1,137,765 | |||||
Turners Automotive Group, Ltd. | 50,113 | 68,410 | ||||||
Vector, Ltd. | 167,421 | 389,669 | ||||||
Vista Group International, Ltd. | 458,004 | 431,767 | ||||||
Warehouse Group, Ltd. (The) | 360,516 | 481,753 | ||||||
# | Z Energy, Ltd. | 1,809,064 | 3,173,036 | |||||
TOTAL NEW ZEALAND | 94,387,749 | |||||||
SINGAPORE — (13.3%) | ||||||||
* | Abterra, Ltd. | 230,320 | 1,206 | |||||
Accordia Golf Trust | 5,267,200 | 2,601,220 | ||||||
AEM Holdings, Ltd. | 1,492,200 | 3,396,966 | ||||||
# | Amara Holdings, Ltd. | 974,800 | 247,887 |
42
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
SINGAPORE — (Continued) | ||||||||
Ascendas India Trust | 5,731,200 | $ | 5,557,438 | |||||
Avarga, Ltd. | 3,076,900 | 347,346 | ||||||
#* | Banyan Tree Holdings, Ltd. | 1,214,100 | 215,483 | |||||
# | Best World International, Ltd. | 2,911,550 | 528,157 | |||||
#* | Bonvests Holdings, Ltd. | 950,000 | 595,780 | |||||
# | Boustead Singapore, Ltd. | 2,320,982 | 1,043,729 | |||||
# | Bukit Sembawang Estates, Ltd. | 1,248,703 | 3,465,715 | |||||
Bund Center Investment, Ltd. | 659,825 | 230,598 | ||||||
# | Centurion Corp., Ltd. | 1,405,100 | 364,055 | |||||
China Aviation Oil Singapore Corp., Ltd. | 2,708,399 | 1,956,435 | ||||||
# | China Sunsine Chemical Holdings, Ltd. | 3,917,000 | 990,122 | |||||
# | Chip Eng Seng Corp., Ltd. | 3,894,900 | 1,617,851 | |||||
Chuan Hup Holdings, Ltd. | 3,937,600 | 554,900 | ||||||
Civmec, Ltd. | 162,700 | 39,185 | ||||||
ComfortDelGro Corp., Ltd. | 2,033,300 | 2,136,812 | ||||||
#* | COSCO Shipping International Singapore Co., Ltd. | 8,272,600 | 1,230,407 | |||||
#* | Creative Technology, Ltd. | 440,200 | 953,137 | |||||
# | CSE Global, Ltd. | 2,713,000 | 783,272 | |||||
Del Monte Pacific, Ltd. | 2,449,764 | 181,361 | ||||||
# | Delfi, Ltd. | 885,400 | 469,329 | |||||
* | DMX Technologies Group, Ltd. | 2,096,000 | 0 | |||||
Elec & Eltek International Co., Ltd. | 184,100 | 422,638 | ||||||
#* | Ezion Holdings, Ltd. | 37,245,878 | 216,484 | |||||
#* | Ezra Holdings, Ltd. | 12,568,855 | 18,579 | |||||
# | Far East Orchard, Ltd. | 1,249,303 | 944,490 | |||||
# | First Resources, Ltd. | 5,615,400 | 5,641,337 | |||||
# | First Sponsor Group, Ltd. | 484,728 | 399,725 | |||||
# | Food Empire Holdings, Ltd. | 1,473,700 | 565,889 | |||||
# | Fragrance Group, Ltd. | 6,077,000 | 502,595 | |||||
# | Fraser and Neave, Ltd. | 162,900 | 162,121 | |||||
# | Frencken Group, Ltd. | 2,124,300 | 1,353,860 | |||||
Fu Yu Corp., Ltd. | 3,824,600 | 664,494 | ||||||
* | Gallant Venture, Ltd. | 5,262,600 | 427,624 | |||||
Geo Energy Resources, Ltd. | 3,837,000 | 315,933 | ||||||
# | GK Goh Holdings, Ltd. | 1,484,065 | 807,254 | |||||
# | GL, Ltd. | 3,605,600 | 1,554,892 | |||||
Golden Agri-Resources, Ltd. | 38,086,600 | 4,075,889 | ||||||
Golden Energy & Resources, Ltd. | 603,700 | 69,593 | ||||||
GP Industries, Ltd. | 2,406,509 | 1,001,744 | ||||||
GuocoLand, Ltd. | 1,932,314 | 2,034,676 | ||||||
#* | Halcyon Agri Corp., Ltd. | 1,760,948 | 275,628 | |||||
Hanwell Holdings, Ltd. | 1,820,619 | 253,605 | ||||||
Haw Par Corp., Ltd. | 368,400 | 2,605,467 | ||||||
# | Hiap Hoe, Ltd. | 498,000 | 231,486 | |||||
# | Hi-P International, Ltd. | 1,001,600 | 769,608 | |||||
# | Ho Bee Land, Ltd. | 1,656,200 | 2,512,675 | |||||
Hong Fok Corp., Ltd. | 3,566,294 | 1,824,803 | ||||||
Hong Fok Land, Ltd. | 1,210,000 | 0 | ||||||
Hong Leong Asia, Ltd. | 2,110,900 | 754,582 | ||||||
# | Hong Leong Finance, Ltd. | 1,002,000 | 1,798,467 | |||||
Hotel Grand Central, Ltd. | 1,660,083 | 1,159,025 | ||||||
# | Hour Glass, Ltd. (The) | 1,879,432 | 933,839 | |||||
HRnetgroup, Ltd. | 44,100 | 15,721 | ||||||
Hutchison Port Holdings Trust | 25,256,400 | 2,433,909 | ||||||
Hwa Hong Corp., Ltd. | 2,123,500 | 452,182 | ||||||
#* | Hyflux, Ltd. | 3,707,700 | 48,664 | |||||
# | iFAST Corp., Ltd. | 956,000 | 971,167 | |||||
# | IGG, Inc. | 9,421,000 | 7,747,995 | |||||
Indofood Agri Resources, Ltd. | 3,647,200 | 795,004 |
43
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
SINGAPORE — (Continued) | ||||||||
Japfa, Ltd. | 3,244,210 | $ | 1,604,559 | |||||
# | Jurong Technologies Industrial Corp., Ltd. | 2,227,680 | 0 | |||||
#* | k1 Ventures, Ltd. | 1,005,220 | 0 | |||||
Keppel Infrastructure Trust | 19,465,946 | 7,574,231 | ||||||
# | KSH Holdings, Ltd. | 1,278,300 | 308,919 | |||||
# | Lian Beng Group, Ltd. | 2,957,600 | 896,219 | |||||
# | Low Keng Huat Singapore, Ltd. | 949,800 | 262,122 | |||||
Lum Chang Holdings, Ltd. | 1,102,130 | 265,306 | ||||||
Mandarin Oriental International, Ltd. | 1,574,400 | 2,385,350 | ||||||
Metro Holdings, Ltd. | 3,069,792 | 1,644,204 | ||||||
Mewah International, Inc. | 89,000 | 13,030 | ||||||
Micro-Mechanics Holdings, Ltd. | 19,300 | 24,594 | ||||||
#* | Midas Holdings, Ltd. | 9,643,353 | 249,111 | |||||
#* | mm2 Asia, Ltd. | 3,521,000 | 499,817 | |||||
Nera Telecommunications, Ltd. | 951,000 | 123,479 | ||||||
NetLink NBN Trust | 7,798,200 | 5,447,129 | ||||||
# | NSL, Ltd. | 409,900 | 219,615 | |||||
OUE, Ltd. | 2,207,800 | 1,892,390 | ||||||
# | Oxley Holdings, Ltd. | 7,491,097 | 1,275,432 | |||||
# | Pan-United Corp., Ltd. | 2,435,750 | 535,377 | |||||
# | Penguin International, Ltd. | 1,129,132 | 389,529 | |||||
# | Perennial Real Estate Holdings, Ltd. | 167,100 | 113,231 | |||||
Q&M Dental Group Singapore, Ltd. | 2,102,100 | 640,810 | ||||||
# | QAF, Ltd. | 1,665,280 | 936,985 | |||||
* | Raffles Education Corp., Ltd. | 5,429,723 | 451,268 | |||||
Raffles Medical Group, Ltd. | 7,631,795 | 5,053,868 | ||||||
# | Riverstone Holdings, Ltd. | 1,431,300 | 2,699,767 | |||||
# | Roxy-Pacific Holdings, Ltd. | 505,740 | 128,604 | |||||
# | SBS Transit, Ltd. | 855,500 | 1,837,777 | |||||
Sembcorp Industries, Ltd. | 7,106,600 | 8,995,943 | ||||||
#* | Sembcorp Marine, Ltd. | 1,925,500 | 592,933 | |||||
Sheng Siong Group, Ltd. | 5,499,100 | 6,534,498 | ||||||
* | SHS Holdings, Ltd. | 2,175,300 | 253,834 | |||||
# | SIA Engineering Co., Ltd. | 2,031,100 | 2,895,035 | |||||
# | SIIC Environment Holdings, Ltd. | 5,890,920 | 872,123 | |||||
# | Sinarmas Land, Ltd. | 7,118,700 | 899,114 | |||||
# | Sing Holdings, Ltd. | 1,579,500 | 398,798 | |||||
Sing Investments & Finance, Ltd. | 350,675 | 303,212 | ||||||
# | Singapore Post, Ltd. | 12,106,600 | 6,730,743 | |||||
# | Singapore Press Holdings, Ltd. | 7,633,400 | 6,994,136 | |||||
Singapore Reinsurance Corp., Ltd. | 1,514,530 | 326,735 | ||||||
Singapore Shipping Corp., Ltd. | 1,640,700 | 300,629 | ||||||
# | Stamford Land Corp., Ltd. | 3,297,700 | 819,979 | |||||
# | StarHub, Ltd. | 5,997,300 | 5,618,806 | |||||
Straco Corp., Ltd. | 130,000 | 47,696 | ||||||
Straits Trading Co., Ltd. | 11,800 | 13,580 | ||||||
# | Sunningdale Tech, Ltd. | 1,295,460 | 928,585 | |||||
* | SunVic Chemical Holdings, Ltd. | 526,945 | 1,550 | |||||
#* | Swiber Holdings, Ltd. | 2,895,250 | 42,382 | |||||
# | Tuan Sing Holdings, Ltd. | 5,503,116 | 1,114,365 | |||||
# | UMS Holdings, Ltd. | 2,839,175 | 1,845,007 | |||||
United Industrial Corp., Ltd. | 119,269 | 189,014 | ||||||
United Overseas Insurance, Ltd. | 181,850 | 886,150 | ||||||
UOB-Kay Hian Holdings, Ltd. | 2,318,060 | 1,937,250 | ||||||
Venture Corp., Ltd. | 829,700 | 9,696,450 | ||||||
Vicom, Ltd. | 568,400 | 921,826 | ||||||
# | Wee Hur Holdings, Ltd. | 2,769,000 | 386,293 | |||||
# | Wing Tai Holdings, Ltd. | 4,165,367 | 5,366,975 | |||||
Yangzijiang Shipbuilding Holdings Ltd. | 15,845,500 | 10,667,082 |
44
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
SINGAPORE — (Continued) | ||||||||
Yeo Hiap Seng, Ltd. | 223,731 | $ | 134,967 | |||||
* | Yongnam Holdings, Ltd. | 1,175,475 | 79,558 | |||||
TOTAL SINGAPORE | 190,540,006 | |||||||
UNITED STATES — (0.3%) | ||||||||
* | Samsonite International SA | 4,418,400 | 4,506,946 | |||||
#* | Sundance Energy, Inc. | 972 | 2,799 | |||||
TOTAL UNITED STATES | 4,509,745 | |||||||
TOTAL COMMON STOCKS | 1,398,303,711 | |||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||
SINGAPORE — (0.0%) | ||||||||
* | Banyan Tree Holdings, Ltd. Warrants 07/14/20 | 72,846 | 0 | |||||
#* | Ezion Holdings, Ltd. Warrants 04/16/23 | 5,659,201 | 0 | |||||
* | First Sponsor Group, Ltd. Warrants 05/30/24 | 48,473 | 1,791 | |||||
TOTAL SINGAPORE | 1,791 | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $1,616,742,648) | 1,398,305,502 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (2.7%) | ||||||||
@§ | The DFA Short Term Investment Fund | 3,313,324 | 38,338,471 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $1,655,074,487) | $ | 1,436,643,973 |
SA Special Assessment | ||
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
* | Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of June 30, 2020, 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 | $ | 2,542 | $ | 793,957,853 | — | $ | 793,960,395 | |||||
China | — | 13,661,776 | — | 13,661,776 | ||||||||
Hong Kong | 24,050 | 300,769,875 | — | 300,793,925 | ||||||||
Japan | — | 450,115 | — | 450,115 | ||||||||
New Zealand | — | 94,387,749 | — | 94,387,749 | ||||||||
Singapore | — | 190,540,006 | — | 190,540,006 | ||||||||
United States | 2,799 | 4,506,946 | — | 4,509,745 | ||||||||
Rights/Warrants | ||||||||||||
Singapore | — | 1,791 | — | 1,791 | ||||||||
Securities Lending Collateral | — | 38,338,471 | — | 38,338,471 | ||||||||
TOTAL | $ | 29,391 | $ | 1,436,614,582 | — | $ | 1,436,643,973 |
45
THE UNITED KINGDOM SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Shares | Value» | |||||||
COMMON STOCKS — (97.5%) | ||||||||
COMMUNICATION SERVICES — (2.4%) | ||||||||
4imprint Group P.L.C. | 151,995 | $ | 4,633,930 | |||||
Ascential P.L.C. | 566,257 | 2,031,372 | ||||||
Bloomsbury Publishing P.L.C. | 238,221 | 589,241 | ||||||
Centaur Media P.L.C. | 531,249 | 157,996 | ||||||
Cineworld Group P.L.C. | 4,284,252 | 3,216,195 | ||||||
Daily Mail & General Trust P.L.C., Class A | 1,028,577 | 8,787,003 | ||||||
Euromoney Institutional Investor P.L.C. | 666,105 | 6,497,215 | ||||||
* | Frontier Developments P.L.C. | 13,843 | 317,098 | |||||
Future P.L.C. | 30,182 | 476,381 | ||||||
Gamma Communications P.L.C. | 61,290 | 980,700 | ||||||
# | Hyve Group P.L.C. | 1,406,911 | 1,733,890 | |||||
Kin & Carta P.L.C. | 865,292 | 659,400 | ||||||
Next Fifteen Communications Group P.L.C. | 14,014 | 61,720 | ||||||
Reach P.L.C. | 1,977,231 | 1,897,614 | ||||||
STV Group P.L.C. | 4,868 | 14,109 | ||||||
# | TalkTalk Telecom Group P.L.C. | 4,234,555 | 4,497,636 | |||||
TOTAL COMMUNICATION SERVICES | 36,551,500 | |||||||
CONSUMER DISCRETIONARY — (18.5%) | ||||||||
888 Holdings P.L.C. | 1,839,698 | 3,978,938 | ||||||
AA P.L.C. | 3,702,353 | 1,046,956 | ||||||
#* | ASOS P.L.C. | 196,305 | 8,343,438 | |||||
B&M European Value Retail SA | 2,733,407 | 13,454,936 | ||||||
Bellway P.L.C. | 533,292 | 16,796,690 | ||||||
* | Boohoo Group P.L.C. | 1,127,097 | 5,771,774 | |||||
Card Factory P.L.C. | 1,437,670 | 897,911 | ||||||
Coats Group P.L.C. | 1,995,752 | 1,389,079 | ||||||
Countryside Properties P.L.C. | 2,676,835 | 10,961,439 | ||||||
Crest Nicholson Holdings P.L.C. | 1,909,331 | 4,667,379 | ||||||
De La Rue P.L.C. | 199,975 | 49,558 | ||||||
#* | Debenhams P.L.C. | 6,862,458 | 0 | |||||
# | DFS Furniture P.L.C. | 1,185,558 | 2,433,545 | |||||
# | Dignity P.L.C. | 199,780 | 611,980 | |||||
Dixons Carphone P.L.C. | 5,371,390 | 5,969,710 | ||||||
Domino's Pizza Group P.L.C. | 3,598,386 | 13,812,170 | ||||||
Dunelm Group P.L.C. | 685,419 | 10,097,873 | ||||||
* | Frasers Group P.L.C. | 1,417,210 | 5,370,142 | |||||
Fuller Smith & Turner P.L.C., Class A | 142,476 | 1,355,410 | ||||||
Games Workshop Group P.L.C. | 205,563 | 20,425,881 | ||||||
* | Gamesys Group P.L.C. | 401,119 | 4,256,314 | |||||
GoCo Group P.L.C. | 1,974,958 | 2,362,487 | ||||||
Greggs P.L.C. | 617,131 | 12,377,220 | ||||||
Gym Group P.L.C. (The) | 780,185 | 1,472,651 | ||||||
Halfords Group P.L.C. | 1,028,345 | 1,942,382 | ||||||
Headlam Group P.L.C. | 489,448 | 1,717,460 | ||||||
Henry Boot P.L.C. | 511,690 | 1,603,320 | ||||||
# | Hollywood Bowl Group P.L.C. | 228,840 | 443,020 | |||||
Hostelworld Group P.L.C. | 238,318 | 189,031 | ||||||
Inchcape P.L.C. | 2,472,981 | 15,028,805 | ||||||
J D Wetherspoon P.L.C. | 481,563 | 5,991,110 | ||||||
Joules Group P.L.C. | 3,586 | 4,902 | ||||||
Lookers P.L.C. | 1,317,719 | 344,080 | ||||||
Marks & Spencer Group P.L.C. | 6,191,388 | 7,592,296 |
46
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
Marston's P.L.C. | 4,835,134 | $ | 3,199,897 | |||||
McCarthy & Stone P.L.C. | 2,635,358 | 2,332,273 | ||||||
* | Mitchells & Butlers P.L.C. | 1,558,365 | 3,628,845 | |||||
MJ Gleeson P.L.C. | 222,626 | 1,812,627 | ||||||
Moneysupermarket.com Group P.L.C. | 3,466,544 | 13,905,685 | ||||||
Motorpoint group P.L.C. | 48,046 | 152,617 | ||||||
# | N Brown Group P.L.C. | 1,105,077 | 481,414 | |||||
On the Beach Group P.L.C. | 818,546 | 2,982,072 | ||||||
#* | Pendragon P.L.C. | 5,138,173 | 569,764 | |||||
Pets at Home Group P.L.C. | 3,218,903 | 9,523,165 | ||||||
Photo-Me International P.L.C. | 1,599,011 | 1,086,659 | ||||||
Playtech P.L.C. | 1,945,007 | 6,795,883 | ||||||
PPHE Hotel Group, Ltd. | 5,924 | 80,250 | ||||||
Rank Group P.L.C. | 956,436 | 1,735,838 | ||||||
Redrow P.L.C. | 1,433,942 | 7,647,313 | ||||||
Restaurant Group P.L.C. (The) | 369,088 | 258,652 | ||||||
SIG P.L.C. | 1,044,503 | 394,744 | ||||||
* | Sportech P.L.C. | 408,363 | 94,330 | |||||
SSP Group P.L.C. | 2,958,081 | 9,427,153 | ||||||
* | Studio Retail Group P.L.C. | 246,067 | 677,114 | |||||
Superdry P.L.C. | 233,482 | 411,025 | ||||||
# | Ted Baker P.L.C. | 227,429 | 237,444 | |||||
TEN Entertainment Group P.L.C. | 5,930 | 12,506 | ||||||
#* | Thomas Cook Group P.L.C. | 6,366,734 | 0 | |||||
TI Fluid Systems P.L.C. | 61,520 | 141,387 | ||||||
Topps Tiles P.L.C. | 840,804 | 461,335 | ||||||
# | TUI AG | 155,118 | 735,075 | |||||
Vertu Motors P.L.C. | 740,242 | 224,543 | ||||||
Vistry Group P.L.C. | 1,436,468 | 12,652,827 | ||||||
Vitec Group P.L.C. (The) | 207,102 | 1,743,090 | ||||||
Vivo Energy P.L.C. | 92,052 | 91,719 | ||||||
WH Smith P.L.C. | 704,933 | 9,597,208 | ||||||
William Hill P.L.C. | 5,240,138 | 7,403,385 | ||||||
TOTAL CONSUMER DISCRETIONARY | 283,257,726 | |||||||
CONSUMER STAPLES — (6.5%) | ||||||||
A.G. Barr P.L.C. | 724,463 | 4,054,337 | ||||||
Anglo-Eastern Plantations P.L.C. | 118,624 | 727,447 | ||||||
Bakkavor Group P.L.C. | 53,586 | 46,862 | ||||||
Britvic P.L.C. | 1,585,438 | 15,098,086 | ||||||
C&C Group P.L.C. | 280,966 | 800,911 | ||||||
Carr's Group P.L.C. | 349,511 | 473,963 | ||||||
Cranswick P.L.C. | 379,748 | 17,010,461 | ||||||
Devro P.L.C. | 1,069,098 | 1,992,979 | ||||||
Fevertree Drinks P.L.C. | 610,255 | 15,469,636 | ||||||
Greencore Group P.L.C. | 3,458,542 | 5,380,195 | ||||||
Hilton Food Group P.L.C. | 274,384 | 4,293,159 | ||||||
McBride P.L.C. | 603,682 | 467,106 | ||||||
McColl's Retail Group P.L.C. | 60,390 | 31,336 | ||||||
# | Naked Wines P.L.C. | 221,368 | 1,212,531 | |||||
Nichols P.L.C. | 2,884 | 47,225 | ||||||
* | Premier Foods P.L.C. | 3,124,833 | 2,693,935 | |||||
PZ Cussons P.L.C. | 1,740,868 | 3,985,868 | ||||||
Stock Spirits Group P.L.C. | 1,129,699 | 3,269,788 | ||||||
Tate & Lyle P.L.C. | 2,642,463 | 21,844,515 | ||||||
TOTAL CONSUMER STAPLES | 98,900,340 |
47
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
ENERGY — (2.3%) | ||||||||
#* | Afren P.L.C. | 5,446,344 | $ | 0 | ||||
Anglo Pacific Group P.L.C. | 1,057,752 | 1,759,929 | ||||||
* | Cairn Energy P.L.C. | 3,709,495 | 5,398,341 | |||||
Diversified Gas & Oil P.L.C. | 221,789 | 262,979 | ||||||
#* | EnQuest P.L.C. | 11,735,227 | 2,128,472 | |||||
# | Genel Energy P.L.C. | 757,979 | 1,217,462 | |||||
Gulf Keystone Petroleum, Ltd. | 1,358,998 | 1,502,655 | ||||||
Hunting P.L.C. | 1,070,269 | 2,799,982 | ||||||
#* | Hurricane Energy P.L.C. | 2,320,500 | 167,143 | |||||
John Wood Group P.L.C. | 3,752,826 | 8,998,459 | ||||||
* | Lamprell P.L.C. | 1,148,964 | 283,697 | |||||
# | Petrofac, Ltd. | 1,621,404 | 3,586,116 | |||||
* | Pharos Energy P.L.C. | 1,412,115 | 309,806 | |||||
#* | Premier Oil P.L.C. | 5,688,587 | 3,733,403 | |||||
* | Rockhopper Exploration P.L.C. | 351,659 | 33,427 | |||||
#* | Savannah Energy P.L.C. | 806,911 | 74,065 | |||||
# | Tullow Oil P.L.C. | 9,130,911 | 3,616,829 | |||||
TOTAL ENERGY | 35,872,765 | |||||||
FINANCIALS — (15.3%) | ||||||||
AJ Bell P.L.C. | 3,154 | 15,155 | ||||||
Allied Minds P.L.C. | 148,232 | 60,363 | ||||||
Arrow Global Group P.L.C. | 1,076,580 | 1,186,554 | ||||||
# | Ashmore Group P.L.C. | 2,121,975 | 10,956,740 | |||||
* | Bank of Georgia Group P.L.C. | 253,010 | 3,373,733 | |||||
Beazley P.L.C. | 2,964,842 | 15,030,722 | ||||||
Brewin Dolphin Holdings P.L.C. | 2,161,067 | 6,964,564 | ||||||
# | Burford Capital, Ltd. | 659,396 | 3,812,491 | |||||
Charles Stanley Group P.L.C. | 122,025 | 398,942 | ||||||
Chesnara P.L.C. | 832,360 | 3,004,900 | ||||||
City of London Investment Group P.L.C. | 5,500 | 26,072 | ||||||
Close Brothers Group P.L.C. | 1,010,082 | 13,828,596 | ||||||
CMC Markets P.L.C. | 727,392 | 2,420,845 | ||||||
* | Georgia Capital P.L.C. | 39,517 | 226,097 | |||||
Hansard Global P.L.C. | 4,887 | 2,000 | ||||||
Hastings Group Holdings P.L.C. | 2,055,325 | 4,907,662 | ||||||
Hiscox, Ltd. | 900,172 | 8,786,331 | ||||||
IG Group Holdings P.L.C. | 2,561,656 | 25,867,873 | ||||||
Impax Asset Management Group P.L.C. | 2,655 | 11,202 | ||||||
IntegraFin Holdings P.L.C. | 6,386 | 36,208 | ||||||
Intermediate Capital Group P.L.C. | 751,019 | 11,981,617 | ||||||
International Personal Finance P.L.C. | 992,760 | 642,970 | ||||||
Investec P.L.C. | 51,352 | 103,042 | ||||||
* | IP Group P.L.C. | 3,795,401 | 3,020,300 | |||||
Jupiter Fund Management P.L.C. | 3,029,637 | 9,606,433 | ||||||
* | Just Group P.L.C. | 6,064,402 | 3,954,914 | |||||
Lancashire Holdings, Ltd. | 1,430,682 | 14,346,595 | ||||||
Liontrust Asset Management P.L.C. | 42,739 | 689,280 | ||||||
Man Group P.L.C. | 10,433,201 | 16,891,095 | ||||||
#* | Metro Bank P.L.C. | 97,643 | 126,624 | |||||
Non-Standard Finance P.L.C. | 215,168 | 17,899 | ||||||
Numis Corp. P.L.C. | 252,760 | 992,816 | ||||||
OneSavings Bank P.L.C. | 1,201,179 | 3,948,615 | ||||||
Paragon Banking Group P.L.C. | 1,989,236 | 8,640,946 | ||||||
Plus500, Ltd. | 533,955 | 8,709,181 | ||||||
Polar Capital Holdings P.L.C. | 57,714 | 360,261 | ||||||
Provident Financial P.L.C. | 1,131,912 | 2,474,999 | ||||||
Quilter P.L.C. | 10,292,590 | 17,713,003 | ||||||
Rathbone Brothers P.L.C. | 314,207 | 5,534,763 |
48
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
FINANCIALS — (Continued) | ||||||||
River & Mercantile Group P.L.C. | 10,512 | $ | 24,402 | |||||
S&U P.L.C. | 22,618 | 449,895 | ||||||
Sabre Insurance Group P.L.C. | 64,922 | 213,154 | ||||||
Saga P.L.C. | 5,782,113 | 1,110,287 | ||||||
Sanne Group P.L.C. | 20,968 | 163,486 | ||||||
* | TBC Bank Group P.L.C. | 8,583 | 94,782 | |||||
TP ICAP P.L.C. | 3,733,089 | 16,213,455 | ||||||
#* | Virgin Money UK P.L.C. | 4,121,071 | 4,683,048 | |||||
* | Waterloo Investment Holdings Ltd. | 4,000 | 0 | |||||
TOTAL FINANCIALS | 233,624,912 | |||||||
HEALTH CARE — (3.5%) | ||||||||
Advanced Medical Solutions Group P.L.C. | 104,886 | 309,292 | ||||||
Alliance Pharma P.L.C. | 1,480,659 | 1,361,960 | ||||||
CareTech Holdings P.L.C. | 244,788 | 1,315,224 | ||||||
#* | Circassia Group P.L.C. | 451,976 | 137,565 | |||||
Clinigen Group P.L.C. | 168,737 | 1,691,089 | ||||||
ConvaTec Group P.L.C. | 3,599,793 | 8,693,842 | ||||||
CVS Group P.L.C. | 366,703 | 4,687,649 | ||||||
EMIS Group P.L.C. | 273,584 | 3,649,976 | ||||||
Genus P.L.C. | 75,274 | 3,295,143 | ||||||
* | Horizon Discovery Group P.L.C. | 80,462 | 97,601 | |||||
* | Indivior P.L.C. | 3,144,193 | 3,216,787 | |||||
Integrated Diagnostics Holdings P.L.C. | 330,094 | 1,261,149 | ||||||
Mediclinic International P.L.C. | 2,438,263 | 8,009,967 | ||||||
* | PureTech Health P.L.C. | 29,238 | 96,681 | |||||
Spire Healthcare Group P.L.C. | 1,503,267 | 1,590,411 | ||||||
UDG Healthcare P.L.C. | 1,067,968 | 9,492,247 | ||||||
Vectura Group P.L.C. | 4,206,706 | 5,038,475 | ||||||
TOTAL HEALTH CARE | 53,945,058 | |||||||
INDUSTRIALS — (29.1%) | ||||||||
Aggreko P.L.C. | 1,607,992 | 8,843,080 | ||||||
# | Air Partner P.L.C. | 253,425 | 267,306 | |||||
Avon Rubber P.L.C. | 210,277 | 8,319,046 | ||||||
Babcock International Group P.L.C. | 3,043,024 | 11,662,509 | ||||||
Balfour Beatty P.L.C. | 4,805,553 | 15,471,230 | ||||||
# | Begbies Traynor Group P.L.C. | 44,955 | 54,319 | |||||
Biffa P.L.C. | 1,059,665 | 2,647,760 | ||||||
Bodycote P.L.C. | 1,288,277 | 9,988,334 | ||||||
# | Braemar Shipping Services P.L.C. | 144,282 | 215,881 | |||||
Chemring Group P.L.C. | 1,806,230 | 5,381,068 | ||||||
Clarkson P.L.C. | 191,276 | 5,326,609 | ||||||
Clipper Logistics P.L.C. | 198,686 | 722,582 | ||||||
# | Costain Group P.L.C. | 451,268 | 399,082 | |||||
Dart Group P.L.C. | 403,306 | 4,190,448 | ||||||
# | De La Rue P.L.C. | 457,085 | 734,952 | |||||
* | Dialight P.L.C. | 108,089 | 446,467 | |||||
Diploma P.L.C. | 780,435 | 17,349,626 | ||||||
easyJet P.L.C. | 3,701 | 31,245 | ||||||
Electrocomponents P.L.C. | 2,748,853 | 22,882,461 | ||||||
* | Firstgroup P.L.C. | 8,748,302 | 5,481,194 | |||||
G4S P.L.C. | 9,287,044 | 13,138,424 | ||||||
Galliford Try Holdings P.L.C. | 822,827 | 1,203,049 | ||||||
Go-Ahead Group P.L.C. (The) | 292,830 | 3,037,606 | ||||||
Goodwin P.L.C. | 383 | 14,746 | ||||||
Grafton Group P.L.C. | 1,587,551 | 12,982,066 | ||||||
Hays P.L.C. | 9,080,700 | 13,446,617 |
49
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
HomeServe P.L.C. | 795,514 | $ | 12,861,059 | |||||
Howden Joinery Group P.L.C. | 3,077,405 | 21,068,444 | ||||||
IMI P.L.C. | 1,745,630 | 19,915,425 | ||||||
* | Industrial and Commercial Holding Group, Ltd. | 5,000 | 0 | |||||
#* | Interserve P.L.C. | 629,566 | 0 | |||||
James Fisher & Sons P.L.C. | 316,172 | 5,363,275 | ||||||
James Halstead P.L.C. | 4,536 | 29,232 | ||||||
John Laing Group P.L.C. | 2,506,978 | 10,859,520 | ||||||
# | John Menzies P.L.C. | 484,759 | 745,109 | |||||
Johnson Service Group P.L.C. | 189,295 | 270,921 | ||||||
Keller Group P.L.C. | 487,477 | 3,818,402 | ||||||
#* | Kier Group P.L.C. | 929,137 | 1,122,254 | |||||
Luceco P.L.C. | 249,615 | 291,683 | ||||||
Mears Group P.L.C. | 763,170 | 1,504,552 | ||||||
Meggitt P.L.C. | 2,539,317 | 9,249,103 | ||||||
# | Mitie Group P.L.C. | 2,316,723 | 2,392,996 | |||||
Morgan Advanced Materials P.L.C. | 1,910,633 | 5,714,538 | ||||||
Morgan Sindall Group P.L.C. | 236,931 | 3,608,610 | ||||||
National Express Group P.L.C. | 3,195,780 | 7,438,346 | ||||||
Norcros P.L.C. | 127,011 | 240,933 | ||||||
Pagegroup P.L.C. | 2,063,842 | 9,691,391 | ||||||
PayPoint P.L.C. | 433,302 | 3,217,265 | ||||||
Polypipe Group P.L.C. | 1,453,505 | 7,774,662 | ||||||
Porvair P.L.C. | 18,060 | 124,845 | ||||||
QinetiQ Group P.L.C. | 3,964,771 | 14,604,014 | ||||||
Redde Northgate P.L.C. | 1,996,988 | 4,105,840 | ||||||
Renew Holdings P.L.C. | 23,297 | 128,444 | ||||||
Renewi P.L.C. | 6,380,479 | 2,071,236 | ||||||
Ricardo P.L.C. | 308,257 | 1,597,713 | ||||||
Robert Walters P.L.C. | 392,744 | 1,952,762 | ||||||
Rotork P.L.C. | 5,397,898 | 18,682,151 | ||||||
Royal Mail P.L.C. | 5,277,907 | 11,895,432 | ||||||
RPS Group P.L.C. | 978,642 | 590,595 | ||||||
RWS Holdings P.L.C. | 7,642 | 56,760 | ||||||
Senior P.L.C. | 2,965,158 | 2,561,805 | ||||||
* | Serco Group P.L.C. | 974,696 | 1,845,238 | |||||
Severfield P.L.C. | 1,090,941 | 826,201 | ||||||
SIG P.L.C. | 4,178,014 | 1,586,082 | ||||||
Signature Aviation P.L.C. | 5,602,723 | 16,016,945 | ||||||
Speedy Hire P.L.C. | 3,123,066 | 2,207,156 | ||||||
* | Staffline Group P.L.C. | 3,354 | 1,551 | |||||
Stagecoach Group P.L.C. | 2,951,727 | 2,186,548 | ||||||
SThree P.L.C. | 779,372 | 2,600,753 | ||||||
# | Stobart Group, Ltd. | 2,003,589 | 851,650 | |||||
T Clarke P.L.C. | 155,457 | 191,680 | ||||||
Travis Perkins P.L.C. | 1,545,039 | 21,540,919 | ||||||
Trifast P.L.C. | 524,611 | 737,636 | ||||||
Tyman P.L.C. | 921,860 | 2,157,782 | ||||||
Ultra Electronics Holdings P.L.C. | 591,619 | 14,589,505 | ||||||
Vesuvius P.L.C. | 1,469,375 | 7,050,171 | ||||||
# | Volex P.L.C. | 341,719 | 646,407 | |||||
Volution Group P.L.C. | 383,473 | 886,996 | ||||||
Vp P.L.C. | 156,511 | 1,478,987 | ||||||
Weir Group P.L.C (The) | 831,751 | 10,930,260 | ||||||
Wilmington P.L.C. | 334,384 | 512,077 | ||||||
Wincanton P.L.C. | 636,980 | 1,474,093 | ||||||
XP Power, Ltd. | 103,342 | 4,553,557 | ||||||
TOTAL INDUSTRIALS | 444,659,218 |
50
The United Kingdom Small Company Series
continued
Shares | Value» | ||||||
INFORMATION TECHNOLOGY — (6.9%) | |||||||
* | Capita P.L.C. | 7,698,025 | $ | 4,211,018 | |||
Computacenter P.L.C. | 542,204 | 10,989,139 | |||||
DiscoverIE Group P.L.C. | 469,191 | 2,978,014 | |||||
Equiniti Group P.L.C. | 2,320,229 | 4,191,260 | |||||
FDM Group Holdings P.L.C. | 376,531 | 4,231,631 | |||||
First Derivatives P.L.C. | 10,491 | 331,967 | |||||
* | IDOX P.L.C. | 79,223 | 49,523 | ||||
# | iomart Group P.L.C. | 182,629 | 791,994 | ||||
#* | IQE P.L.C. | 333,707 | 208,717 | ||||
Kainos Group P.L.C. | 377,423 | 3,502,622 | |||||
Learning Technologies Group P.L.C. | 70,904 | 108,230 | |||||
Micro Focus International P.L.C. | 470,229 | 2,508,696 | |||||
NCC Group P.L.C. | 1,623,101 | 3,593,258 | |||||
Oxford Instruments P.L.C. | 363,272 | 6,455,932 | |||||
Renishaw P.L.C. | 152,379 | 7,579,596 | |||||
RM P.L.C. | 351,353 | 1,032,958 | |||||
* | SDL P.L.C. | 486,073 | 3,025,982 | ||||
Smart Metering Systems P.L.C. | 424,453 | 3,116,145 | |||||
Softcat P.L.C. | 810,023 | 10,955,667 | |||||
Spectris P.L.C. | 668,518 | 20,879,533 | |||||
Spirent Communications P.L.C. | 4,124,361 | 12,339,599 | |||||
# | Strix Group P.L.C. | 181,909 | 433,559 | ||||
* | Telit Communications P.L.C. | 82,391 | 112,244 | ||||
TT Electronics P.L.C. | 1,009,240 | 2,058,269 | |||||
* | Xaar P.L.C. | 197,087 | 138,376 | ||||
TOTAL INFORMATION TECHNOLOGY | 105,823,929 | ||||||
MATERIALS — (7.0%) | |||||||
Castings P.L.C. | 165,113 | 755,059 | |||||
Centamin P.L.C. | 8,142,932 | 18,587,665 | |||||
Central Asia Metals P.L.C. | 476,272 | 866,894 | |||||
Elementis P.L.C. | 3,404,080 | 2,717,196 | |||||
Essentra P.L.C. | 1,613,831 | 5,834,241 | |||||
Ferrexpo P.L.C. | 1,920,094 | 4,123,607 | |||||
Forterra P.L.C. | 1,374,279 | 3,423,058 | |||||
* | Gem Diamonds, Ltd. | 646,134 | 209,162 | ||||
Highland Gold Mining, Ltd. | 1,979,947 | 5,730,347 | |||||
Hill & Smith Holdings P.L.C. | 530,996 | 8,184,352 | |||||
Hochschild Mining P.L.C. | 1,698,439 | 4,104,219 | |||||
Ibstock P.L.C. | 2,582,634 | 5,746,209 | |||||
# | KAZ Minerals P.L.C. | 1,557,504 | 9,595,541 | ||||
Marshalls P.L.C. | 1,450,097 | 11,054,993 | |||||
Pan African Resources P.L.C. | 82,045 | 17,793 | |||||
* | Petra Diamonds, Ltd. | 2,524,730 | 57,153 | ||||
#* | Petropavlovsk P.L.C. | 838,033 | 259,615 | ||||
Rhi Magnesita NV | 96,867 | 2,956,347 | |||||
Scapa Group P.L.C. | 271,605 | 332,888 | |||||
* | SolGold P.L.C. | 386,507 | 100,540 | ||||
Synthomer P.L.C. | 2,272,816 | 7,833,767 | |||||
Victrex P.L.C. | 608,813 | 14,717,566 | |||||
# | Zotefoams P.L.C. | 95,899 | 414,841 | ||||
TOTAL MATERIALS | 107,623,053 | ||||||
REAL ESTATE — (4.1%) | |||||||
Capital & Counties Properties P.L.C. | 263,736 | 478,272 | |||||
CLS Holdings P.L.C. | 684,455 | 1,574,113 | |||||
* | Foxtons Group P.L.C. | 1,172,165 | 558,990 | ||||
Grainger P.L.C. | 4,445,647 | 15,775,038 |
51
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
REAL ESTATE — (Continued) | ||||||||
Harworth Group P.L.C. | 30,680 | $ | 39,038 | |||||
Helical P.L.C. | 776,089 | 2,988,594 | ||||||
# | IWG P.L.C. | 4,261,590 | 14,009,068 | |||||
LSL Property Services P.L.C. | 410,800 | 1,014,093 | ||||||
#* | Purplebricks Group P.L.C. | 65,365 | 35,288 | |||||
* | Raven Property Group, Ltd. | 930,062 | 386,110 | |||||
Savills P.L.C. | 1,018,529 | 10,387,973 | ||||||
St. Modwen Properties P.L.C. | 2,718,738 | 11,677,775 | ||||||
U & I Group P.L.C. | 679,043 | 661,763 | ||||||
Urban & Civic P.L.C. | 645,644 | 1,866,591 | ||||||
# | Watkin Jones P.L.C. | 521,040 | 980,401 | |||||
TOTAL REAL ESTATE | 62,433,107 | |||||||
UTILITIES — (1.9%) | ||||||||
Centrica P.L.C. | 10,976,765 | 5,215,601 | ||||||
ContourGlobal P.L.C. | 6,119 | 14,380 | ||||||
Drax Group P.L.C. | 2,326,717 | 7,425,572 | ||||||
Pennon Group P.L.C. | 660,805 | 9,150,632 | ||||||
Telecom Plus P.L.C. | 425,895 | 7,539,281 | ||||||
TOTAL UTILITIES | 29,345,466 | |||||||
TOTAL COMMON STOCKS | ||||||||
Cost ($1,787,748,694) | 1,492,037,074 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (2.5%) | ||||||||
@§ | The DFA Short Term Investment Fund | 3,307,680 | 38,273,168 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $1,826,013,611) | $ | 1,530,310,242 |
P.L.C. | Public Limited Company | |
SA | Special Assessment | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
* | Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of June 30, 2020, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Common Stocks | |||||||||||||
Communication Services | — | $ | 36,551,500 | — | $ | 36,551,500 | |||||||
Consumer Discretionary | $ | 444,302 | 282,813,424 | — | 283,257,726 | ||||||||
Consumer Staples | — | 98,900,340 | — | 98,900,340 | |||||||||
Energy | — | 35,872,765 | — | 35,872,765 | |||||||||
Financials | — | 233,624,912 | — | 233,624,912 | |||||||||
Health Care | — | 53,945,058 | — | 53,945,058 | |||||||||
Industrials | — | 444,659,218 | — | 444,659,218 | |||||||||
Information Technology | — | 105,823,929 | — | 105,823,929 | |||||||||
Materials | — | 107,623,053 | — | 107,623,053 | |||||||||
Real Estate | — | 62,433,107 | — | 62,433,107 | |||||||||
Utilities | — | 29,345,466 | — | 29,345,466 | |||||||||
Securities Lending Collateral | — | 38,273,168 | — | 38,273,168 | |||||||||
TOTAL | $ | 444,302 | $ | 1,529,865,940 | — | $ | 1,530,310,242 |
52
THE CONTINENTAL SMALL COMPANY SERIES
SUMMARY SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Shares | Value» | |||||||
COMMON STOCKS — (92.2%) | ||||||||
AUSTRIA — (3.3%) | ||||||||
Agrana Beteiligungs AG | 83,141 | $ | 1,713,783 | |||||
* | ANDRITZ AG | 487,426 | 17,771,974 | |||||
Atrium European Real Estate, Ltd. | 968,162 | 2,985,985 | ||||||
# | Austria Technologie & Systemtechnik AG | 181,572 | 3,278,008 | |||||
CA Immobilien Anlagen AG | 498,198 | 16,656,959 | ||||||
# | DO & CO AG | 47,356 | 2,433,688 | |||||
EVN AG | 235,387 | 3,978,324 | ||||||
# | FACC AG | 171,232 | 1,243,747 | |||||
#* | Flughafen Wien AG | 30,811 | 876,025 | |||||
IMMOFINANZ AG | 673,661 | 11,515,256 | ||||||
Josef Manner & Co. AG | 870 | 102,685 | ||||||
Kapsch TrafficCom AG | 36,036 | 695,238 | ||||||
#* | Lenzing AG | 92,289 | 4,287,525 | |||||
Mayr Melnhof Karton AG | 56,619 | 8,741,669 | ||||||
Oberbank AG | 34,439 | 3,240,993 | ||||||
# | Oesterreichische Post AG | 242,639 | 8,033,454 | |||||
* | Palfinger AG | 99,022 | 2,186,827 | |||||
# | POLYTEC Holding AG | 105,679 | 588,001 | |||||
#* | Porr AG | 74,767 | 1,240,441 | |||||
# | Rosenbauer International AG | 21,100 | 777,573 | |||||
S IMMO AG | 365,438 | 6,552,577 | ||||||
#* | S&T AG | 337,476 | 8,683,054 | |||||
# | Schoeller-Bleckmann Oilfield Equipment AG | 73,866 | 1,952,773 | |||||
#* | Semperit AG Holding | 69,672 | 844,877 | |||||
Strabag SE | 111,253 | 2,873,135 | ||||||
* | Telekom Austria AG | 1,099,338 | 7,594,061 | |||||
UBM Development AG | 21,002 | 732,096 | ||||||
UNIQA Insurance Group AG | 1,094,990 | 7,366,060 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 278,008 | 6,233,653 | ||||||
# | voestalpine AG | 628,989 | 13,583,251 | |||||
Wienerberger AG | 617,965 | 13,508,061 | ||||||
* | Zumtobel Group AG | 191,194 | 1,382,273 | |||||
TOTAL AUSTRIA | 163,654,026 | |||||||
BELGIUM — (3.3%) | ||||||||
* | Ackermans & van Haaren NV | 169,457 | 22,188,344 | |||||
* | AGFA-Gevaert NV | 1,322,775 | 5,529,050 | |||||
Atenor | 22,537 | 1,426,508 | ||||||
Banque Nationale de Belgique | 87 | 193,869 | ||||||
Barco NV | 65,948 | 11,645,536 | ||||||
Bekaert SA | 250,965 | 4,933,888 | ||||||
#* | Biocartis NV | 227,423 | 1,186,998 | |||||
* | bpost SA | 618,441 | 4,180,090 | |||||
#* | Celyad SA | 42,190 | 465,396 | |||||
Cie d'Entreprises CFE | 49,587 | 3,399,728 | ||||||
Co.Br.Ha Societe Commerciale de Brasserie SA | 35 | 114,148 | ||||||
Deceuninck NV | 435,935 | 664,396 | ||||||
D'ieteren SA | 195,103 | 10,819,306 | ||||||
Econocom Group SA | 727,792 | 1,474,914 | ||||||
Elia Group SA | 140,113 | 15,243,028 | ||||||
Euronav NV | 1,353,879 | 10,930,902 | ||||||
EVS Broadcast Equipment SA | 69,287 | 1,281,881 | ||||||
#* | Exmar NV | 145,690 | 363,454 | |||||
Fagron | 280,259 | 5,890,487 | ||||||
Gimv NV | 100,219 | 5,773,009 |
53
The Continental Small Company Series
continued
Shares | Value» | |||||||
BELGIUM — (Continued) | ||||||||
Immobel SA | 22,042 | $ | 1,457,878 | |||||
# | Ion Beam Applications | 125,553 | 1,082,379 | |||||
# | Jensen-Group NV | 20,961 | 521,524 | |||||
#* | Kinepolis Group NV | 93,950 | 4,256,096 | |||||
# | Lotus Bakeries NV | 1,741 | 5,542,391 | |||||
#* | MDxHealth | 239,516 | 191,300 | |||||
Melexis NV | 111,148 | 8,454,837 | ||||||
#* | Ontex Group NV | 484,468 | 7,121,323 | |||||
Orange Belgium SA | 200,145 | 3,265,359 | ||||||
#* | Oxurion NV | 128,049 | 430,281 | |||||
# | Picanol | 26,948 | 1,575,884 | |||||
Recticel SA | 272,024 | 2,420,104 | ||||||
Resilux | 5,788 | 824,772 | ||||||
* | Roularta Media Group NV | 19,318 | 268,788 | |||||
* | Sioen Industries NV | 56,609 | 1,082,817 | |||||
Sipef NV | 36,491 | 1,803,444 | ||||||
Telenet Group Holding NV | 156,890 | 6,464,361 | ||||||
TER Beke SA | 3,565 | 406,857 | ||||||
* | Tessenderlo Group SA | 213,566 | 6,364,930 | |||||
Van de Velde NV | 38,938 | 914,607 | ||||||
* | Viohalco SA | 561,644 | 1,490,337 | |||||
TOTAL BELGIUM | 163,645,201 | |||||||
DENMARK — (5.2%) | ||||||||
* | Agat Ejendomme A.S. | 3,697 | 1,289 | |||||
#* | ALK-Abello A.S. | 43,541 | 11,655,363 | |||||
* | Alm Brand A.S. | 556,674 | 5,211,299 | |||||
#* | Bang & Olufsen A.S. | 501,338 | 1,021,951 | |||||
#* | Bang & Olufsen A.S. | 243,322 | 498,607 | |||||
* | BankNordik P/F | 10,800 | 164,801 | |||||
* | Bavarian Nordic A.S. | 284,799 | 7,806,556 | |||||
* | Brodrene Hartmann A.S. | 16,148 | 859,692 | |||||
* | Columbus A.S. | 430,058 | 486,223 | |||||
D/S Norden A.S. | 212,406 | 2,865,808 | ||||||
#* | DFDS A.S. | 306,367 | 9,508,895 | |||||
Djurslands Bank A.S. | 8,970 | 318,687 | ||||||
* | Drilling Co. of 1972 A.S. (The) | 65,213 | 1,382,736 | |||||
* | FLSmidth & Co. A.S. | 250,483 | 7,285,782 | |||||
Fluegger Group A.S. | 4,198 | 207,577 | ||||||
* | GronlandsBANKEN A.S. | 1,125 | 88,338 | |||||
#* | H+H International A.S., Class B | 111,938 | 1,801,625 | |||||
* | Harboes Bryggeri A.S., Class B | 15,880 | 132,550 | |||||
* | ISS A.S. | 467,064 | 7,416,269 | |||||
#* | Jeudan A.S. | 38,740 | 1,473,251 | |||||
* | Jyske Bank A.S. | 495,225 | 14,572,314 | |||||
Lan & Spar Bank | 4,981 | 330,937 | ||||||
Matas A.S. | 220,989 | 1,960,837 | ||||||
#* | Netcompany Group A.S. | 555 | 36,476 | |||||
* | Nilfisk Holding A.S. | 194,485 | 2,688,203 | |||||
#* | NKT A.S. | 202,178 | 4,534,748 | |||||
NNIT A.S. | 69,757 | 1,233,149 | ||||||
Pandora A.S. | 509,474 | 27,824,654 | ||||||
* | Parken Sport & Entertainment A.S. | 35,365 | 411,038 | |||||
Per Aarsleff Holding A.S. | 140,513 | 5,063,705 | ||||||
Ringkjoebing Landbobank A.S. | 197,323 | 13,979,571 | ||||||
#* | Roblon A.S., Class B | 973 | 26,494 | |||||
Rockwool International A.S., Class A | 792 | 193,455 | ||||||
Rockwool International A.S., Class B | 21,221 | 5,775,384 | ||||||
* | Royal Unibrew A.S. | 347,808 | 28,993,921 |
54
The Continental Small Company Series
continued
Shares | Value» | |||||||
DENMARK — (Continued) | ||||||||
RTX A.S. | 56,813 | $ | 1,835,054 | |||||
Scandinavian Tobacco Group A.S., Class A | 388,052 | 5,730,231 | ||||||
Schouw & Co., A.S. | 90,676 | 7,244,030 | ||||||
SimCorp A.S. | 282,473 | 30,550,107 | ||||||
# | Solar A.S., Class B | 38,054 | 1,482,411 | |||||
* | Spar Nord Bank A.S. | 596,853 | 4,756,831 | |||||
* | Sydbank A.S. | 502,266 | 9,318,727 | |||||
#* | Tivoli A.S. | 9,878 | 1,046,872 | |||||
Topdanmark A.S. | 467,367 | 19,359,152 | ||||||
# | TORM P.L.C. | 189,104 | 1,305,348 | |||||
# | United International Enterprises, Ltd. | 10,336 | 2,039,611 | |||||
* | Vestjysk Bank A.S. | 1,931,528 | 834,536 | |||||
* | Zealand Pharma A.S. | 183,481 | 6,338,776 | |||||
TOTAL DENMARK | 259,653,871 | |||||||
FINLAND — (5.9%) | ||||||||
Ahlstrom-Munksjo Oyj | 196,599 | 2,950,579 | ||||||
* | Aktia Bank Oyj | 316,378 | 3,139,848 | |||||
#* | Alandsbanken Abp, Class B | 21,354 | 405,099 | |||||
Alma Media Oyj | 129,772 | 1,001,102 | ||||||
Altia Oyj | 7,929 | 71,154 | ||||||
Apetit Oyj | 19,668 | 189,026 | ||||||
Asiakastieto Group Oyj | 1,406 | 58,188 | ||||||
Aspo Oyj | 103,690 | 683,975 | ||||||
Atria Oyj | 85,658 | 838,675 | ||||||
#* | BasWare Oyj | 51,269 | 1,722,835 | |||||
#* | Bittium Oyj | 204,447 | 1,431,417 | |||||
# | Cargotec Oyj, Class B | 287,941 | 6,723,183 | |||||
* | Caverion Oyj | 685,849 | 4,648,651 | |||||
# | Citycon Oyj | 493,497 | 3,440,860 | |||||
Digia Oyj | 69,731 | 401,817 | ||||||
#* | Finnair Oyj | 454,133 | 404,253 | |||||
# | Fiskars Oyj Abp | 212,834 | 2,453,810 | |||||
* | F-Secure Oyj | 647,558 | 2,092,048 | |||||
* | Glaston Oyj ABP | 9,217 | 7,100 | |||||
* | HKScan Oyj, Class A | 247,021 | 559,714 | |||||
* | Huhtamaki Oyj | 689,459 | 27,275,575 | |||||
Ilkka-Yhtyma Oyj | 61,167 | 209,014 | ||||||
Kemira Oyj | 725,739 | 9,369,489 | ||||||
Kesko Oyj, Class A | 212,220 | 3,440,654 | ||||||
Kesko Oyj, Class B | 1,236,708 | 21,169,156 | ||||||
Konecranes Oyj | 473,271 | 10,739,443 | ||||||
Lassila & Tikanoja Oyj | 210,288 | 3,100,162 | ||||||
#* | Lehto Group Oyj | 129,587 | 228,082 | |||||
# | Metsa Board Oyj | 1,399,923 | 9,502,627 | |||||
Metso Oyj | 667,333 | 21,930,936 | ||||||
# | Nokian Renkaat Oyj | 883,124 | 19,412,293 | |||||
Olvi Oyj, Class A | 95,688 | 4,534,756 | ||||||
Oriola Oyj, Class A | 6,054 | 13,944 | ||||||
Oriola Oyj, Class B | 914,957 | 2,060,095 | ||||||
Orion Oyj, Class A | 143,951 | 6,973,916 | ||||||
Orion Oyj, Class B | 515,971 | 25,021,671 | ||||||
#* | Outokumpu Oyj | 2,417,350 | 6,921,955 | |||||
Outotec Oyj | 1,103,759 | 6,120,445 | ||||||
* | Pihlajalinna Oyj | 77,064 | 1,217,555 | |||||
# | Ponsse Oyj | 73,654 | 2,101,797 | |||||
* | QT Group Oyj | 56,327 | 1,714,243 | |||||
Raisio Oyj, Class V | 926,190 | 3,170,858 | ||||||
Rapala VMC Oyj | 113,078 | 332,771 |
55
The Continental Small Company Series
continued
Shares | Value» | |||||||
FINLAND — (Continued) | ||||||||
Raute Oyj, Class A | 2,644 | $ | 56,898 | |||||
# | Revenio Group Oyj | 131,150 | 4,160,290 | |||||
Sanoma Oyj | 748,006 | 7,585,106 | ||||||
* | Stockmann Oyj Abp, Class A | 8,030 | 13,774 | |||||
* | Stockmann Oyj Abp, Class B | 67,915 | 75,851 | |||||
* | Teleste Oyj | 52,966 | 259,788 | |||||
* | Terveystalo Oyj | 4,520 | 44,508 | |||||
* | TietoEVRY Oyj | 395,814 | 10,835,246 | |||||
# | Tikkurila Oyj | 245,413 | 3,417,162 | |||||
Tokmanni Group Corp. | 342,463 | 5,080,612 | ||||||
Uponor Oyj | 368,915 | 4,996,117 | ||||||
Vaisala Oyj, Class A | 120,241 | 4,508,654 | ||||||
Valmet Oyj | 947,069 | 24,822,479 | ||||||
* | Viking Line Abp | 7,869 | 145,829 | |||||
# | Wartsila Oyj Abp | 247,209 | 2,050,614 | |||||
YIT Oyj | 1,345,770 | 7,345,182 | ||||||
TOTAL FINLAND | 295,182,881 | |||||||
FRANCE — (9.8%) | ||||||||
ABC arbitrage | 99,407 | 764,703 | ||||||
Actia Group | 27,743 | 69,946 | ||||||
#* | Air France-KLM | 1,251,427 | 5,684,075 | |||||
Akka Technologies | 81,120 | 2,623,915 | ||||||
# | AKWEL | 61,489 | 998,246 | |||||
Albioma SA | 189,410 | 7,829,796 | ||||||
Altamir | 136,094 | 2,327,149 | ||||||
* | Alten SA | 164,730 | 14,233,923 | |||||
#* | Amplitude Surgical SAS | 19,526 | 34,084 | |||||
Assystem SA | 61,967 | 1,547,187 | ||||||
Aubay | 41,374 | 1,304,556 | ||||||
Axway Software SA | 38,973 | 780,948 | ||||||
* | Bastide le Confort Medical | 18,680 | 728,611 | |||||
Beneteau SA | 236,902 | 1,694,745 | ||||||
Bigben Interactive | 94,289 | 1,193,681 | ||||||
Boiron SA | 39,840 | 1,643,758 | ||||||
Bonduelle SCA | 93,424 | 2,251,127 | ||||||
#* | Bourbon Corp. | 28,851 | 0 | |||||
Burelle SA | 1,134 | 686,883 | ||||||
# | Casino Guichard Perrachon SA | 271,603 | 10,062,409 | |||||
#* | Catering International Services | 14,124 | 157,519 | |||||
* | Cegedim SA | 32,518 | 1,056,184 | |||||
* | CGG SA | 4,579,186 | 5,057,922 | |||||
# | Chargeurs SA | 123,053 | 1,861,497 | |||||
Cie des Alpes | 68,915 | 1,373,710 | ||||||
Cie Plastic Omnium SA | 387,480 | 7,938,076 | ||||||
* | Coface SA | 675,388 | 4,456,537 | |||||
Derichebourg SA | 674,728 | 1,943,938 | ||||||
# | Devoteam SA | 34,374 | 2,834,189 | |||||
Electricite de Strasbourg SA | 21,351 | 2,566,607 | ||||||
# | Elior Group SA | 704,303 | 4,029,410 | |||||
* | Elis SA | 1,122,246 | 13,166,457 | |||||
#* | Eramet | 50,163 | 1,809,172 | |||||
* | Erytech Pharma SA | 3,609 | 30,977 | |||||
* | Esso SA Francaise | 17,383 | 288,282 | |||||
# | Etablissements Maurel et Prom SA | 294,902 | 586,034 | |||||
#* | Europcar Mobility Group | 650,431 | 1,553,415 | |||||
# | Eutelsat Communications SA | 1,257,038 | 11,628,004 | |||||
* | Exel Industries, Class A | 10,459 | 445,614 | |||||
* | Faurecia SE | 185,672 | 7,294,789 |
56
The Continental Small Company Series
continued
Shares | Value» | |||||||
FRANCE — (Continued) | ||||||||
Fleury Michon SA | 5,703 | $ | 147,884 | |||||
* | Fnac Darty S.A. | 124,919 | 5,188,088 | |||||
* | Gaumont SA | 11,360 | 1,373,400 | |||||
Gaztransport Et Technigaz SA | 130,815 | 10,038,481 | ||||||
# | GEA | 2,433 | 246,100 | |||||
Gevelot SA | 441 | 69,784 | ||||||
GL Events | 64,356 | 895,029 | ||||||
* | Groupe Crit | 23,123 | 1,367,633 | |||||
Groupe Gorge | 4,320 | 71,716 | ||||||
Groupe Open | 30,206 | 330,801 | ||||||
* | Groupe SFPI | 29,940 | 42,137 | |||||
Guerbet | 38,504 | 1,455,522 | ||||||
# | Haulotte Group SA | 73,020 | 413,817 | |||||
* | HERIGE SADCS | 3,519 | 87,771 | |||||
HEXAOM | 15,908 | 597,699 | ||||||
* | ID Logistics Group | 14,640 | 2,841,783 | |||||
Iliad SA | 50,948 | 9,945,560 | ||||||
# | Imerys SA | 208,694 | 7,165,756 | |||||
* | Ingenico Group SA | 410,247 | 65,916,000 | |||||
#* | Innate Pharma SA | 15,558 | 97,421 | |||||
IPSOS | 248,613 | 6,267,540 | ||||||
Jacquet Metal Service SA | 87,314 | 1,150,127 | ||||||
#* | JCDecaux SA | 95,199 | 1,778,348 | |||||
Kaufman & Broad SA | 123,481 | 4,274,412 | ||||||
#* | Korian SA | 369,269 | 13,553,332 | |||||
#* | Lagardere SCA | 606,564 | 8,665,640 | |||||
* | Lanson-BCC | 7,027 | 149,784 | |||||
Laurent-Perrier | 13,890 | 1,201,647 | ||||||
* | Le Belier | 10,566 | 417,183 | |||||
Lectra | 166,120 | 3,009,010 | ||||||
Linedata Services | 14,505 | 451,917 | ||||||
* | LISI | 114,546 | 2,393,349 | |||||
LNA Sante SA | 33,206 | 1,770,691 | ||||||
Maisons du Monde SA | 283,561 | 3,743,684 | ||||||
#* | Manitou BF SA | 66,010 | 1,289,531 | |||||
Manutan International | 15,102 | 875,814 | ||||||
Mersen SA | 122,716 | 2,944,423 | ||||||
* | METabolic EXplorer SA | 150,147 | 249,734 | |||||
* | Metropole Television SA | 246,120 | 2,784,019 | |||||
* | Nexans SA | 218,300 | 10,156,678 | |||||
# | Nexity SA | 302,767 | 9,848,293 | |||||
#* | Nicox | 145,865 | 668,297 | |||||
NRJ Group | 81,965 | 506,229 | ||||||
Oeneo SA | 128,172 | 1,595,713 | ||||||
* | OL Groupe SA | 10,735 | 27,528 | |||||
#* | Onxeo SA | 246,319 | 210,181 | |||||
#* | Onxeo SA | 48,958 | 41,564 | |||||
#* | Pierre & Vacances SA | 29,600 | 534,669 | |||||
* | Plastivaloire | 50,406 | 211,145 | |||||
Quadient | 278,144 | 4,065,124 | ||||||
Rallye SA | 143,723 | 1,138,287 | ||||||
#* | Recylex SA | 102,008 | 211,792 | |||||
Rexel SA | 2,202,448 | 25,242,556 | ||||||
# | Robertet SA | 2,749 | 2,884,624 | |||||
* | Rothschild & Co. | 108,962 | 2,644,074 | |||||
# | Rubis SCA | 510,543 | 24,614,113 | |||||
Samse SA | 8,068 | 1,178,136 | ||||||
* | Savencia SA | 33,976 | 2,063,225 | |||||
* | SCOR SE | 10,160 | 280,601 |
57
The Continental Small Company Series
continued
Shares | Value» | |||||||
FRANCE — (Continued) | ||||||||
Seche Environnement SA | 18,630 | $ | 685,174 | |||||
SES SA | 898,721 | 6,140,857 | ||||||
# | Societe BIC SA | 174,701 | 8,895,589 | |||||
* | Societe des Bains de Mer et du Cercle des Etrangers a Monaco | 56,875 | 3,319,447 | |||||
Societe Marseillaise du Tunnel Prado-Carenage SA | 5,211 | 106,704 | ||||||
Societe pour l'Informatique Industrielle | 41,811 | 966,725 | ||||||
* | SOITEC | 131,953 | 14,699,115 | |||||
#* | Solocal Group | 4,209,627 | 760,979 | |||||
Somfy SA | 97,175 | 9,824,521 | ||||||
Sopra Steria Group | 109,236 | 13,513,554 | ||||||
SPIE SA | 840,293 | 12,626,329 | ||||||
#* | SRP Groupe SA | 44,561 | 42,753 | |||||
* | Stef SA | 26,545 | 2,159,239 | |||||
* | Sword Group | 33,570 | 1,078,111 | |||||
Synergie SA | 67,143 | 1,709,977 | ||||||
* | Tarkett SA | 220,978 | 2,580,634 | |||||
#* | Technicolor SA | 75,592 | 234,905 | |||||
* | Television Francaise 1 | 499,312 | 2,709,276 | |||||
TFF Group | 8,999 | 261,190 | ||||||
# | Thermador Groupe | 37,127 | 2,180,162 | |||||
Total Gabon | 3,766 | 437,787 | ||||||
Trigano SA | 53,337 | 5,612,665 | ||||||
Union Financiere de France BQE SA | 18,515 | 327,117 | ||||||
#* | Vallourec SA | 49,247 | 2,076,973 | |||||
* | Valneva SE | 69,195 | 336,469 | |||||
Vetoquinol SA | 16,496 | 1,136,357 | ||||||
Vicat SA | 126,485 | 3,888,853 | ||||||
VIEL & Cie SA | 162,802 | 931,862 | ||||||
Vilmorin & Cie SA | 35,656 | 1,886,427 | ||||||
* | Virbac SA | 21,378 | 4,685,961 | |||||
# | Vranken-Pommery Monopole SA | 22,058 | 326,224 | |||||
XPO Logistics Europe SADIR | 33 | 8,608 | ||||||
TOTAL FRANCE | 486,074,015 | |||||||
GERMANY — (14.3%) | ||||||||
1&1 Drillisch AG | 188,764 | 4,917,416 | ||||||
7C Solarparken AG | 20,272 | 82,258 | ||||||
* | Aareal Bank AG | 462,545 | 9,036,449 | |||||
* | Adler Modemaerkte AG | 36,908 | 105,234 | |||||
* | ADO Properties SA | 318,622 | 8,690,592 | |||||
* | ADVA Optical Networking SE | 357,523 | 2,369,234 | |||||
* | AIXTRON SE | 522,802 | 6,304,473 | |||||
All for One Group AG | 4,222 | 218,636 | ||||||
# | Allgeier SE | 45,266 | 1,694,620 | |||||
* | Amadeus Fire AG | 30,798 | 3,823,005 | |||||
Atoss Software AG | 4,770 | 554,584 | ||||||
Aurubis AG | 296,684 | 18,340,657 | ||||||
Basler AG | 31,331 | 2,103,996 | ||||||
* | Bauer AG | 80,110 | 874,868 | |||||
# | BayWa AG | 105,190 | 3,400,809 | |||||
BayWa AG | 124 | 4,128 | ||||||
Bechtle AG | 105,584 | 18,713,781 | ||||||
# | Bertrandt AG | 41,433 | 1,636,247 | |||||
bet-at-home.com AG | 20,016 | 868,512 | ||||||
* | Bijou Brigitte AG | 22,688 | 728,981 | |||||
Bilfinger SE | 217,502 | 4,166,399 | ||||||
# | Borussia Dortmund GmbH & Co. KGaA | 567,421 | 3,678,384 | |||||
CANCOM SE | 203,056 | 10,824,629 | ||||||
* | CECONOMY AG | 1,081,753 | 3,774,359 |
58
The Continental Small Company Series
continued
Shares | Value» | |||||||
GERMANY — (Continued) | ||||||||
CENIT AG | 53,174 | $ | 571,832 | |||||
* | Centrotec SE | 19,284 | 302,443 | |||||
Cewe Stiftung & Co. KGAA | 43,389 | 4,797,895 | ||||||
* | comdirect bank AG | 193,071 | 2,952,598 | |||||
* | Commerzbank AG | 795,537 | 3,545,597 | |||||
CompuGroup Medical SE & Co KgaA | 178,844 | 14,075,228 | ||||||
#* | Corestate Capital Holding SA | 77,099 | 1,567,693 | |||||
CropEnergies AG | 174,859 | 1,759,677 | ||||||
#* | CTS Eventim AG & Co. KGaA | 416,756 | 17,402,066 | |||||
Data Modul AG Produktion Und Vertrieb Von Elektronischen Systemen | 11,455 | 595,512 | ||||||
Deutsche Beteiligungs AG | 95,431 | 3,240,493 | ||||||
#* | Deutsche EuroShop AG | 358,182 | 5,061,807 | |||||
* | Deutsche Pfandbriefbank AG | 1,030,684 | 7,541,373 | |||||
* | Deutz AG | 1,023,677 | 4,817,184 | |||||
* | DIC Asset AG | 422,113 | 5,671,026 | |||||
DMG Mori AG | 15,692 | 715,249 | ||||||
# | Dr Hoenle AG | 35,520 | 1,927,439 | |||||
Draegerwerk AG & Co. KGaA | 19,652 | 1,319,415 | ||||||
# | Duerr AG | 387,318 | 10,110,196 | |||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 26,179 | 4,384,379 | ||||||
#* | EDAG Engineering Group AG | 51,353 | 375,367 | |||||
Elmos Semiconductor AG | 30,787 | 749,706 | ||||||
#* | ElringKlinger AG | 204,148 | 1,220,283 | |||||
Energiekontor AG | 2,066 | 52,267 | ||||||
#* | Evotec SE | 10,103 | 275,754 | |||||
* | Ferratum Oyj | 62,003 | 260,698 | |||||
Fielmann AG | 116,805 | 7,880,453 | ||||||
# | First Sensor AG | 44,242 | 1,930,944 | |||||
FORTEC Elektronik AG | 372 | 7,469 | ||||||
* | Francotyp-Postalia Holding AG, Class A | 55,619 | 200,355 | |||||
#* | Fraport AG Frankfurt Airport Services Worldwide | 65,395 | 2,864,621 | |||||
Freenet AG | 1,025,255 | 16,464,461 | ||||||
Fuchs Petrolub SE | 99,423 | 3,348,223 | ||||||
GEA Group AG | 847,030 | 26,883,248 | ||||||
Gerresheimer AG | 254,880 | 23,554,837 | ||||||
Gesco AG | 56,186 | 964,424 | ||||||
GFT Technologies SE | 123,639 | 1,502,942 | ||||||
Grand City Properties SA | 809,750 | 18,728,088 | ||||||
* | H&R GmbH & Co. KGaA | 70,149 | 452,627 | |||||
Hamburger Hafen und Logistik AG | 182,626 | 3,101,432 | ||||||
Hapag-Lloyd AG | 36,994 | 2,165,746 | ||||||
Hawesko Holding AG | 52 | 2,037 | ||||||
#* | Heidelberger Druckmaschinen AG | 1,943,736 | 1,255,583 | |||||
Hella GmbH & Co KGaA | 244,119 | 10,028,116 | ||||||
* | Highlight Communications AG | 98,406 | 432,698 | |||||
HolidayCheck Group AG | 232,156 | 384,497 | ||||||
Hornbach Baumarkt AG | 48,810 | 1,573,547 | ||||||
Hornbach Holding AG & Co. KGaA | 39,996 | 3,316,038 | ||||||
Hugo Boss AG | 457,342 | 13,860,126 | ||||||
* | Hypoport SE | 2,176 | 967,959 | |||||
Indus Holding AG | 133,724 | 4,515,646 | ||||||
IVU Traffic Technologies AG | 50,314 | 870,579 | ||||||
Jenoptik AG | 383,317 | 8,955,028 | ||||||
* | JOST Werke AG | 1,343 | 45,360 | |||||
# | K+S AG | 1,407,594 | 8,922,199 | |||||
* | Kampa AG | 7,101 | 0 | |||||
* | Kloeckner & Co. SE | 556,735 | 3,051,311 | |||||
* | Koenig & Bauer AG | 93,517 | 2,094,607 | |||||
Krones AG | 112,705 | 7,238,394 |
59
The Continental Small Company Series
continued
Shares | Value» | |||||||
GERMANY — (Continued) | ||||||||
KSB SE & Co. KGaA | 3,466 | $ | 925,367 | |||||
KWS Saat SE & Co., KGaA | 80,774 | 6,057,014 | ||||||
Lanxess AG | 602,345 | 31,852,919 | ||||||
Leifheit AG | 60,321 | 1,676,871 | ||||||
#* | Leoni AG | 240,260 | 1,805,344 | |||||
LPKF Laser & Electronics AG | 88,339 | 1,917,000 | ||||||
#* | Manz AG | 30,876 | 610,685 | |||||
Mediclin AG | 88,966 | 396,756 | ||||||
#* | Medigene AG | 102,662 | 573,891 | |||||
METRO AG | 553,216 | 5,250,123 | ||||||
MLP SE | 415,870 | 2,553,758 | ||||||
New Work SE | 20,200 | 6,230,229 | ||||||
Nexus AG | 87,391 | 3,841,630 | ||||||
#* | Nordex SE | 508,398 | 5,078,902 | |||||
Norma Group SE | 235,465 | 6,302,703 | ||||||
#* | OHB SE | 38,414 | 1,807,238 | |||||
#* | OSRAM Licht AG | 602,174 | 27,598,920 | |||||
Paragon GmbH & Co. KGaA | 4,353 | 43,720 | ||||||
Patrizia AG | 349,841 | 8,485,835 | ||||||
Pfeiffer Vacuum Technology AG | 49,195 | 9,084,190 | ||||||
PNE AG | 493,007 | 2,767,669 | ||||||
* | Progress-Werk Oberkirch AG | 8,558 | 168,816 | |||||
#* | ProSiebenSat.1 Media SE | 1,254,182 | 14,987,724 | |||||
PSI Software AG | 50,278 | 1,130,165 | ||||||
# | QSC AG | 724,521 | 1,091,213 | |||||
* | R Stahl AG | 14,952 | 346,137 | |||||
Rheinmetall AG | 315,288 | 27,397,653 | ||||||
RHOEN-KLINIKUM AG | 232,537 | 4,745,168 | ||||||
RIB Software SE | 292,708 | 9,535,784 | ||||||
* | Rocket Internet SE | 470,297 | 10,132,720 | |||||
* | SAF-Holland SE | 347,626 | 2,051,623 | |||||
* | Salzgitter AG | 288,354 | 4,057,450 | |||||
* | Schaltbau Holding AG | 32,728 | 935,508 | |||||
Schloss Wachenheim AG | 8,017 | 131,979 | ||||||
Secunet Security Networks AG | 6,248 | 1,448,472 | ||||||
#* | SGL Carbon SE | 293,218 | 1,068,106 | |||||
#* | Shop Apotheke Europe NV | 24,816 | 2,968,572 | |||||
Siltronic AG | 148,532 | 15,231,048 | ||||||
Sixt Leasing SE | 65,947 | 1,339,919 | ||||||
* | Sixt SE | 95,154 | 7,305,804 | |||||
#* | SMA Solar Technology AG | 87,177 | 2,703,974 | |||||
#* | SMT Scharf AG | 22,763 | 222,497 | |||||
Softing AG | 17,320 | 100,723 | ||||||
Software AG | 359,622 | 14,525,212 | ||||||
Stabilus SA | 170,155 | 8,930,641 | ||||||
STRATEC SE | 24,591 | 2,409,523 | ||||||
# | Stroeer SE & Co. KGaA | 200,696 | 13,543,358 | |||||
Suedzucker AG | 549,899 | 8,678,805 | ||||||
#* | SUESS MicroTec SE | 134,313 | 2,182,212 | |||||
Surteco Group SE | 46,502 | 1,045,880 | ||||||
Syzygy AG | 2,030 | 12,547 | ||||||
TAG Immobilien AG | 954,559 | 22,798,666 | ||||||
Takkt AG | 205,056 | 2,099,896 | ||||||
#* | Technotrans SE | 45,769 | 849,947 | |||||
#* | Tele Columbus AG | 296,432 | 1,031,682 | |||||
Traffic Systems SE | 35,766 | 1,351,594 | ||||||
VERBIO Vereinigte BioEnergie AG | 151,277 | 1,583,811 | ||||||
* | Vossloh AG | 68,973 | 3,025,146 | |||||
Wacker Chemie AG | 56,738 | 3,901,239 |
60
The Continental Small Company Series
continued
Shares | Value» | |||||||
GERMANY — (Continued) | ||||||||
# | Wacker Neuson SE | 217,489 | $ | 3,292,928 | ||||
* | Washtec AG | 76,788 | 3,164,476 | |||||
Wuestenrot & Wuerttembergische AG | 112,263 | 1,913,017 | ||||||
Zeal Network SE | 53,361 | 1,920,323 | ||||||
TOTAL GERMANY | 711,991,745 | |||||||
GREECE — (0.0%) | ||||||||
* | Alfa Alfa Energy SA | 3,810 | 0 | |||||
* | Babis Vovos International Construction SA | 21,073 | 0 | |||||
* | Elektroniki Athinon SA | 7,497 | 0 | |||||
* | Neorion Holdings SA | 14,991 | 0 | |||||
TOTAL GREECE | 0 | |||||||
IRELAND — (0.6%) | ||||||||
* | AIB Group P.L.C. | 10,102 | 12,755 | |||||
* | Bank of Ireland Group P.L.C. | 3,513,945 | 7,240,552 | |||||
C&C Group P.L.C. | 848,523 | 2,418,766 | ||||||
Cairn Homes P.L.C. | 1,502,798 | 1,464,823 | ||||||
#* | Datalex P.L.C. | 107,125 | 20,677 | |||||
* | FBD Holdings P.L.C. | 125,459 | 952,146 | |||||
* | FBD Holdings P.L.C. | 17,353 | 132,078 | |||||
Glanbia P.L.C. | 305,011 | 3,466,101 | ||||||
Glanbia P.L.C. | 700,613 | 7,759,407 | ||||||
Irish Continental Group P.L.C. | 583,096 | 2,333,699 | ||||||
Irish Continental Group P.L.C. | 234,200 | 947,952 | ||||||
* | Permanent TSB Group Holdings P.L.C. | 229,967 | 131,706 | |||||
TOTAL IRELAND | 26,880,662 | |||||||
ISRAEL — (2.9%) | ||||||||
# | Adgar Investment and Development, Ltd. | 39,391 | 44,760 | |||||
* | Afcon Holdings, Ltd. | 3,064 | 81,002 | |||||
* | AFI Properties, Ltd. | 99,961 | 2,337,223 | |||||
Africa Israel Residences, Ltd. | 2,237 | 55,824 | ||||||
#* | Airport City, Ltd. | 281,774 | 3,034,939 | |||||
* | Allot, Ltd. | 188,324 | 1,997,556 | |||||
Alrov Properties and Lodgings, Ltd. | 49,397 | 1,187,329 | ||||||
# | Arad, Ltd. | 18,409 | 304,224 | |||||
#* | Arko Holdings, Ltd. | 1,571,096 | 331,971 | |||||
# | Ashtrom Group, Ltd. | 122,471 | 1,299,936 | |||||
Ashtrom Properties, Ltd. | 219,123 | 745,491 | ||||||
# | Atreyu Capital Markets, Ltd. | 2,154 | 34,072 | |||||
# | AudioCodes, Ltd. | 180,960 | 5,822,136 | |||||
* | Avgol Industries 1953, Ltd. | 468,925 | 484,335 | |||||
* | Azorim-Investment Development & Construction Co., Ltd. | 493,160 | 895,846 | |||||
Bayside Land Corp. | 6,600 | 3,442,894 | ||||||
#* | Bet Shemesh Engines Holdings 1997, Ltd. | 21,702 | 369,846 | |||||
# | Big Shopping Centers, Ltd. | 32,885 | 2,292,246 | |||||
Blue Square Real Estate, Ltd. | 36,427 | 1,269,364 | ||||||
* | Bonus Biogroup, Ltd. | 613,036 | 69,764 | |||||
* | Brack Capital Properties NV | 18,347 | 1,199,068 | |||||
#* | Brainsway, Ltd. | 54,222 | 159,092 | |||||
# | Camtek, Ltd. | 113,800 | 1,412,057 | |||||
Carasso Motors, Ltd. | 118,785 | 347,527 | ||||||
#* | Cellcom Israel, Ltd. | 488,140 | 1,932,858 | |||||
#* | Ceragon Networks, Ltd. | 266,244 | 572,425 | |||||
* | Clal Insurance Enterprises Holdings, Ltd. | 301,040 | 2,528,264 | |||||
#* | Compugen, Ltd. | 199,256 | 2,949,231 | |||||
# | Danel Adir Yeoshua, Ltd. | 21,864 | 2,048,736 |
61
The Continental Small Company Series
continued
Shares | Value» | |||||||
ISRAEL — (Continued) | ||||||||
Delek Automotive Systems, Ltd. | 223,263 | $ | 1,018,345 | |||||
Delek Group, Ltd. | 323 | 7,769 | ||||||
Delta-Galil Industries, Ltd. | 70,358 | 806,599 | ||||||
#* | Dor Alon Energy in Israel 1988, Ltd. | 13,423 | 222,601 | |||||
Duniec Brothers, Ltd. | 304 | 7,639 | ||||||
#* | El Al Israel Airlines | 1,449,354 | 241,941 | |||||
# | Electra Consumer Products 1970, Ltd. | 53,953 | 1,254,762 | |||||
* | Electra Real Estate, Ltd. | 23,236 | 110,350 | |||||
Electra, Ltd. | 12,413 | 5,293,707 | ||||||
* | Energix-Renewable Energies, Ltd. | 436,536 | 1,645,508 | |||||
#* | Enlight Renewable Energy, Ltd. | 2,163,770 | 3,318,248 | |||||
#* | Equital, Ltd. | 115,838 | 2,126,497 | |||||
First International Bank Of Israel, Ltd. | 1 | 17 | ||||||
FMS Enterprises Migun, Ltd. | 19,186 | 466,184 | ||||||
# | Formula Systems 1985, Ltd. | 62,881 | 4,900,872 | |||||
# | Fox Wizel, Ltd. | 57,376 | 2,114,829 | |||||
* | Gilat Satellite Networks, Ltd. | 225,761 | 1,464,782 | |||||
#* | Hadera Paper, Ltd. | 24,531 | 756,641 | |||||
#* | Hamlet Israel-Canada, Ltd. | 32,585 | 520,202 | |||||
Harel Insurance Investments & Financial Services, Ltd. | 838,296 | 4,557,920 | ||||||
#* | Hilan, Ltd. | 100,860 | 4,082,856 | |||||
# | IDI Insurance Co., Ltd. | 44,734 | 1,045,060 | |||||
* | IES Holdings, Ltd. | 322 | 14,563 | |||||
Inrom Construction Industries, Ltd. | 357,290 | 1,174,452 | ||||||
# | Israel Canada T.R, Ltd. | 131,507 | 146,449 | |||||
Israel Land Development - Urban Renewal, Ltd. | 37,207 | 246,140 | ||||||
Isras Investment Co., Ltd. | 5,465 | 744,175 | ||||||
#* | Issta Lines, Ltd. | 12,135 | 110,578 | |||||
* | Kamada, Ltd. | 212,977 | 1,622,940 | |||||
Kenon Holdings, Ltd. | 124,381 | 2,460,550 | ||||||
Kerur Holdings, Ltd. | 31,762 | 867,725 | ||||||
* | Klil Industries, Ltd. | 5,696 | 373,286 | |||||
# | Magic Software Enterprises, Ltd. | 133,913 | 1,523,631 | |||||
Malam - Team, Ltd. | 276 | 55,235 | ||||||
Matrix IT, Ltd. | 232,691 | 4,972,475 | ||||||
# | Maytronics, Ltd. | 285,819 | 3,247,462 | |||||
#* | Mediterranean Towers, Ltd. | 373,415 | 785,314 | |||||
# | Mega Or Holdings, Ltd. | 81,523 | 1,822,147 | |||||
#* | Mehadrin, Ltd. | 3,072 | 103,562 | |||||
Meitav Dash Investments, Ltd. | 116,200 | 317,190 | ||||||
Melisron, Ltd. | 1 | 37 | ||||||
Menora Mivtachim Holdings, Ltd. | 181,682 | 1,826,538 | ||||||
# | Migdal Insurance & Financial Holdings, Ltd. | 2,542,729 | 1,326,752 | |||||
Minrav Holdings, Ltd. | 263 | 33,672 | ||||||
#* | Mivne Real Estate KD, Ltd. | 721,862 | 1,308,201 | |||||
#* | Mivtach Shamir Holdings, Ltd. | 24,697 | 397,207 | |||||
#* | Naphtha Israel Petroleum Corp., Ltd. | 244,337 | 799,339 | |||||
#* | Nawi Brothers, Ltd. | 116,369 | 478,871 | |||||
# | Neto ME Holdings, Ltd. | 9,545 | 349,111 | |||||
* | Nova Measuring Instruments, Ltd. | 183,116 | 8,821,751 | |||||
# | NR Spuntech Industries, Ltd. | 76,176 | 193,259 | |||||
Oil Refineries, Ltd. | 9,609,294 | 1,794,206 | ||||||
# | One Software Technologies, Ltd. | 1,946 | 139,335 | |||||
# | OPC Energy, Ltd. | 50,409 | 412,269 | |||||
#* | Partner Communications Co., Ltd. | 806,477 | 3,584,309 | |||||
Paz Oil Co., Ltd. | 60,870 | 4,892,328 | ||||||
* | Perion Network, Ltd. | 25,242 | 132,696 | |||||
* | Phoenix Holdings, Ltd. (The) | 571,475 | 2,122,167 | |||||
Plasson Industries, Ltd. | 20,585 | 716,401 |
62
The Continental Small Company Series
continued
Shares | Value» | |||||||
ISRAEL — (Continued) | ||||||||
* | Pluristem Therapeutics, Inc. | 3,536 | $ | 30,179 | ||||
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. | 51,193 | 2,839,357 | ||||||
Scope Metals Group, Ltd. | 47,147 | 706,119 | ||||||
* | Shapir Engineering and Industry, Ltd. | 152,951 | 930,884 | |||||
Shikun & Binui, Ltd. | 1,300,563 | 4,652,909 | ||||||
# | Shufersal, Ltd. | 652,404 | 4,262,159 | |||||
Summit Real Estate Holdings, Ltd. | 213,301 | 1,954,842 | ||||||
* | Suny Cellular Communication, Ltd. | 473,129 | 117,688 | |||||
# | Tadiran Holdings, Ltd. | 15,407 | 761,132 | |||||
Union Bank of Israel | 199,952 | 957,608 | ||||||
# | YH Dimri Construction & Development, Ltd. | 10,575 | 277,647 | |||||
TOTAL ISRAEL | 142,620,192 | |||||||
ITALY — (9.1%) | ||||||||
#* | A.S. Roma SpA | 431,620 | 222,094 | |||||
A2A SpA | 10,326,675 | 14,678,695 | ||||||
ACEA SpA | 380,144 | 7,309,280 | ||||||
#* | Aeffe SpA | 255,006 | 277,276 | |||||
* | Amplifon SpA | 327,182 | 8,740,667 | |||||
Anima Holding SpA | 2,118,887 | 9,152,156 | ||||||
# | Aquafil SpA | 77,554 | 341,750 | |||||
* | Arnoldo Mondadori Editore SpA | 1,122,511 | 1,215,315 | |||||
Ascopiave SpA | 447,763 | 1,886,605 | ||||||
#* | Autogrill SpA | 898,125 | 4,742,026 | |||||
* | Autostrade Meridionali SpA | 3,917 | 97,867 | |||||
* | Avio SpA | 104,775 | 1,804,930 | |||||
Azimut Holding SpA | 760,464 | 13,052,313 | ||||||
* | B&C Speakers SpA | 19,155 | 235,825 | |||||
#* | Banca Carige SpA | 148,414,098 | 46,688 | |||||
* | Banca Farmafactoring SpA | 754,049 | 4,296,421 | |||||
Banca Generali SpA | 362,225 | 10,891,618 | ||||||
* | Banca IFIS SpA | 163,757 | 1,582,089 | |||||
#* | Banca Monte dei Paschi di Siena SpA | 213,039 | 379,649 | |||||
* | Banca Popolare di Sondrio SCPA | 3,178,350 | 6,025,466 | |||||
#* | Banca Profilo SpA | 1,814,636 | 406,988 | |||||
Banca Sistema SpA | 379,814 | 624,084 | ||||||
#* | Banco BPM SpA | 10,585,804 | 15,855,562 | |||||
#* | Banco di Desio e della Brianza SpA | 238,796 | 581,854 | |||||
BasicNet SpA | 169,875 | 769,592 | ||||||
BE SpA | 533,191 | 646,859 | ||||||
* | Biesse SpA | 101,093 | 1,283,619 | |||||
#* | BPER Banca | 2,681,002 | 6,702,243 | |||||
* | Brunello Cucinelli SpA | 250,422 | 7,460,039 | |||||
Buzzi Unicem SpA | 4,665 | 58,168 | ||||||
Buzzi Unicem SpA | 630,912 | 13,632,556 | ||||||
* | Cairo Communication SpA | 539,529 | 888,897 | |||||
Carel Industries SpA | 1,744 | 32,064 | ||||||
#* | Carraro SpA | 156,075 | 260,377 | |||||
Cembre SpA | 3,547 | 67,830 | ||||||
Cementir Holding NV | 333,699 | 2,382,767 | ||||||
* | Cerved Group SpA | 1,357,497 | 9,763,850 | |||||
* | CIR SpA-Compagnie Industriali | 5,326,857 | 2,493,438 | |||||
Credito Emiliano SpA | 599,354 | 2,969,153 | ||||||
* | Credito Valtellinese SpA | 481,189 | 2,856,420 | |||||
#* | d'Amico International Shipping SA | 2,439,453 | 233,389 | |||||
Danieli & C Officine Meccaniche SpA | 27,670 | 226,781 | ||||||
Danieli & C Officine Meccaniche SpA | 102,606 | 1,315,256 | ||||||
Datalogic SpA | 125,257 | 1,555,181 | ||||||
* | De' Longhi SpA | 387,895 | 10,174,123 |
63
The Continental Small Company Series
continued
Shares | Value» | |||||||
ITALY — (Continued) | ||||||||
DeA Capital SpA | 736,902 | $ | 1,054,231 | |||||
* | doValue SpA | 1,874 | 16,951 | |||||
#* | El.En. SpA | 7,065 | 179,164 | |||||
* | Elica SpA | 192,920 | 585,697 | |||||
* | Emak SpA | 388,913 | 296,298 | |||||
Enav SpA | 1,323,458 | 5,978,430 | ||||||
ERG SpA | 407,695 | 8,809,681 | ||||||
* | Esprinet SpA | 221,349 | 940,088 | |||||
#* | Eurotech SpA | 216,751 | 1,359,523 | |||||
Falck Renewables SpA | 886,280 | 5,437,199 | ||||||
Fiera Milano SpA | 107,924 | 368,451 | ||||||
# | Fila SpA | 142,640 | 1,409,448 | |||||
#* | Fincantieri SpA | 3,504,948 | 2,421,606 | |||||
#* | Finmatica SpA | 5,960 | 0 | |||||
FNM SpA | 1,412,345 | 709,257 | ||||||
#* | Freni Brembo SpA | 1,117,739 | 10,381,419 | |||||
#* | Gefran SpA | 37,987 | 216,008 | |||||
#* | Geox SpA | 577,144 | 468,533 | |||||
Gruppo MutuiOnline SpA | 164,315 | 3,503,527 | ||||||
* | Guala Closures SpA | 56,729 | 393,771 | |||||
Hera SpA | 4,939,246 | 18,545,623 | ||||||
# | Illimity Bank SpA | 162,620 | 1,345,030 | |||||
#* | IMA Industria Macchine Automatiche SpA | 126,942 | 7,642,287 | |||||
* | IMMSI SpA | 1,204,850 | 528,678 | |||||
#* | Intek Group SpA | 1,946,001 | 572,412 | |||||
Interpump Group SpA | 438,213 | 13,064,826 | ||||||
Iren SpA | 4,407,993 | 10,946,162 | ||||||
Italgas SpA | 3,480,238 | 20,253,709 | ||||||
Italmobiliare SpA | 76,176 | 2,492,019 | ||||||
IVS Group SA | 58,424 | 357,048 | ||||||
#* | Juventus Football Club SpA | 2,997,765 | 3,114,217 | |||||
La Doria SpA | 87,297 | 1,114,684 | ||||||
Leonardo SpA | 600,493 | 4,003,089 | ||||||
LU-VE SpA | 5,064 | 70,110 | ||||||
#* | Maire Tecnimont SpA | 1,041,321 | 2,029,141 | |||||
#* | Mariella Burani Fashion Group S.p.A. | 22,744 | 0 | |||||
#* | MARR SpA | 228,828 | 3,442,664 | |||||
Massimo Zanetti Beverage Group SpA | 65,668 | 343,794 | ||||||
#* | Mediaset SpA | 3,709,525 | 6,604,341 | |||||
#* | Mondo TV SpA | 38,811 | 85,085 | |||||
Openjobmetis SpA agenzia per il lavoro | 63,025 | 432,440 | ||||||
#* | OVS SpA | 1,355,616 | 1,479,678 | |||||
Piaggio & C SpA | 1,243,896 | 3,015,000 | ||||||
#* | Pirelli & C SpA | 2,304,139 | 9,802,583 | |||||
# | Prima Industrie SpA | 37,646 | 550,713 | |||||
Prysmian SpA | 721,027 | 16,726,617 | ||||||
RAI Way SpA | 552,918 | 3,636,883 | ||||||
Reno de Medici SpA | 1,173,753 | 938,068 | ||||||
Reply SpA | 147,531 | 11,972,067 | ||||||
Retelit SpA | 769,328 | 1,525,450 | ||||||
* | Richard-Ginori 1735 SpA | 8,489 | 0 | |||||
#* | Rizzoli Corriere Della Sera Mediagroup SpA | 1,063,177 | 739,740 | |||||
Sabaf SpA | 49,948 | 619,593 | ||||||
SAES Getters SpA | 27,092 | 731,266 | ||||||
#* | Safilo Group SpA | 233,748 | 186,169 | |||||
Saipem SpA | 4,506,646 | 11,307,662 | ||||||
# | Salini Impregilo SpA | 1,282,257 | 2,017,302 | |||||
#* | Salvatore Ferragamo SpA | 361,379 | 4,900,478 | |||||
* | Saras SpA | 4,214,258 | 3,322,057 |
64
The Continental Small Company Series
continued
Shares | Value» | |||||||
ITALY — (Continued) | ||||||||
# | Servizi Italia SpA | 62,874 | $ | 164,055 | ||||
Sesa SpA | 49,781 | 3,020,856 | ||||||
# | Societa Cattolica di Assicurazioni SC | 1,217,456 | 7,007,448 | |||||
#* | Sogefi SpA | 332,859 | 328,793 | |||||
SOL SpA | 161,642 | 1,911,504 | ||||||
# | Tamburi Investment Partners SpA | 827,805 | 5,411,525 | |||||
#* | Technogym SpA | 631,612 | 5,286,152 | |||||
* | Tinexta S.p.A. | 122,766 | 1,651,455 | |||||
#* | Tod's SpA | 67,887 | 2,022,440 | |||||
* | TXT e-solutions SpA | 43,931 | 375,153 | |||||
* | Unieuro SpA | 66,937 | 564,380 | |||||
#* | Unione di Banche Italiane SpA | 7,777,728 | 25,529,881 | |||||
* | Unipol Gruppo SpA | 3,109,522 | 12,147,292 | |||||
Zignago Vetro SpA | 189,132 | 2,830,688 | ||||||
TOTAL ITALY | 453,459,409 | |||||||
NETHERLANDS — (7.0%) | ||||||||
Aalberts NV | 720,308 | 23,619,490 | ||||||
* | Accell Group NV | 145,492 | 3,617,773 | |||||
AFC Ajax NV | 13,955 | 239,980 | ||||||
* | Altice Europe NV | 3,929,414 | 15,197,124 | |||||
#* | Altice Europe NV, Class B | 143,350 | 550,841 | |||||
AMG Advanced Metallurgical Group NV | 184,488 | 3,288,970 | ||||||
Amsterdam Commodities NV | 119,479 | 2,617,309 | ||||||
# | APERAM SA | 379,216 | 10,631,078 | |||||
#* | Arcadis NV | 528,120 | 9,573,106 | |||||
ASM International NV | 172,034 | 26,484,044 | ||||||
ASR Nederland NV | 873,857 | 26,886,259 | ||||||
* | Atag Group NV | 4,630 | 0 | |||||
* | Basic-Fit NV | 181,929 | 4,814,482 | |||||
BE Semiconductor Industries NV | 550,104 | 24,391,448 | ||||||
* | Beter Bed Holding NV | 16,974 | 35,072 | |||||
* | Boskalis Westminster | 620,160 | 12,246,165 | |||||
#* | Brunel International NV | 155,477 | 1,116,584 | |||||
Corbion NV | 416,939 | 15,024,617 | ||||||
Euronext NV | 311,958 | 31,399,875 | ||||||
Flow Traders | 223,910 | 8,011,409 | ||||||
ForFarmers NV | 214,677 | 1,314,191 | ||||||
#* | Fugro NV | 585,349 | 2,319,221 | |||||
* | GrandVision NV | 173,216 | 4,934,978 | |||||
#* | Heijmans NV | 157,571 | 1,188,796 | |||||
* | Hunter Douglas NV | 25,053 | 1,337,863 | |||||
# | IMCD NV | 357,089 | 33,673,279 | |||||
# | Intertrust NV | 466,539 | 7,955,197 | |||||
#* | Kendrion NV | 104,808 | 1,392,412 | |||||
* | Koninklijke BAM Groep NV | 1,855,013 | 3,367,405 | |||||
* | Lucas Bols NV | 20,321 | 189,551 | |||||
* | Nederland Apparatenfabriek | 33,400 | 1,541,515 | |||||
#* | OCI NV | 327,478 | 3,439,972 | |||||
* | Ordina NV | 625,125 | 1,283,990 | |||||
# | PostNL NV | 3,372,376 | 7,272,836 | |||||
SBM Offshore NV | 1,334,375 | 19,662,695 | ||||||
#* | SIF Holding NV | 34,182 | 399,300 | |||||
* | Signify NV | 780,137 | 20,057,303 | |||||
# | Sligro Food Group NV | 166,461 | 2,575,459 | |||||
#* | SNS NV | 705,718 | 0 | |||||
# | TKH Group NV | 267,721 | 10,546,337 | |||||
* | TomTom NV | 492,125 | 3,892,861 |
65
The Continental Small Company Series
continued
Shares | Value» | |||||||
NETHERLANDS — (Continued) | ||||||||
Van Lanschot Kempen NV | 76,871 | $ | 1,113,743 | |||||
TOTAL NETHERLANDS | 349,204,530 | |||||||
NORWAY — (2.2%) | ||||||||
ABG Sundal Collier Holding ASA | 2,499,556 | 1,095,801 | ||||||
AF Gruppen ASA | 68,590 | 1,231,683 | ||||||
* | Akastor ASA | 1,059,224 | 536,807 | |||||
#* | Aker Solutions ASA | 1,078,114 | 952,357 | |||||
American Shipping Co. ASA | 216,951 | 580,700 | ||||||
* | Archer, Ltd. | 436,546 | 99,358 | |||||
Arendals Fossekompani A.S. | 90 | 24,843 | ||||||
Atea ASA | 529,509 | 5,124,717 | ||||||
Austevoll Seafood ASA | 437,677 | 3,634,852 | ||||||
# | Avance Gas Holding, Ltd. | 393,737 | 737,413 | |||||
#* | Axactor SE | 848,544 | 536,029 | |||||
#* | B2Holding ASA | 1,521,728 | 596,532 | |||||
# | Bonheur ASA | 146,347 | 3,597,995 | |||||
Borregaard ASA | 743,872 | 7,929,822 | ||||||
#* | BW Energy, Ltd. | 158,035 | 286,205 | |||||
BW LPG, Ltd. | 685,466 | 2,158,337 | ||||||
BW Offshore, Ltd. | 774,469 | 2,591,994 | ||||||
# | DNO ASA | 3,438,430 | 2,121,608 | |||||
Europris ASA | 1,186,781 | 5,753,328 | ||||||
# | FLEX LNG, Ltd. | 204,822 | 950,025 | |||||
# | Frontline, Ltd. | 457,298 | 3,184,192 | |||||
Grieg Seafood ASA | 369,858 | 3,802,080 | ||||||
#* | Hexagon Composites ASA | 640,597 | 2,693,986 | |||||
# | Hoegh LNG Holdings, Ltd. | 255,808 | 298,042 | |||||
#* | IDEX ASA | 506,708 | 78,774 | |||||
# | Itera ASA | 10,713 | 12,943 | |||||
#* | Kongsberg Automotive ASA | 2,171,519 | 79,002 | |||||
#* | Kvaerner ASA | 1,490,947 | 969,431 | |||||
Magnora ASA | 14,637 | 11,568 | ||||||
* | NEL ASA | 5,881,645 | 11,714,535 | |||||
* | Nordic Nanovector ASA | 328,770 | 736,058 | |||||
#* | Nordic Semiconductor ASA | 1,018,555 | 7,806,489 | |||||
# | Norway Royal Salmon ASA | 93,418 | 2,448,375 | |||||
* | Norwegian Finans Holding ASA | 671,029 | 4,631,882 | |||||
Norwegian Property ASA | 43,744 | 55,685 | ||||||
# | Ocean Yield ASA | 427,818 | 967,683 | |||||
#* | Odfjell Drilling, Ltd. | 683,725 | 783,406 | |||||
* | Odfjell SE, Class A | 137,586 | 313,273 | |||||
#* | Olav Thon Eiendomsselskap ASA | 118,760 | 1,735,977 | |||||
* | Otello Corp. ASA | 587,281 | 735,798 | |||||
#* | PGS ASA | 2,380,755 | 977,524 | |||||
* | PhotoCure ASA | 115,295 | 839,104 | |||||
#* | Protector Forsikring ASA | 438,078 | 1,686,705 | |||||
#* | REC Silicon ASA | 1,473,908 | 437,512 | |||||
* | Sbanken ASA | 486,979 | 3,188,972 | |||||
Scatec Solar ASA | 227,808 | 3,723,335 | ||||||
Selvaag Bolig ASA | 313,829 | 1,862,842 | ||||||
Solon Eiendom ASA | 56,855 | 181,063 | ||||||
# | Stolt-Nielsen, Ltd. | 188,366 | 1,720,655 | |||||
* | Subsea 7 SA | 91,166 | 581,357 | |||||
TGS NOPEC Geophysical Co. ASA | 12,586 | 185,665 | ||||||
Treasure ASA | 314,079 | 360,480 | ||||||
* | Veidekke ASA | 717,317 | 8,709,593 | |||||
#* | Wallenius Wilhelmsen ASA | 334,602 | 439,897 | |||||
Wilh Wilhelmsen Holding ASA, Class A | 68,304 | 838,596 |
66
The Continental Small Company Series
continued
Shares | Value» | |||||||
NORWAY — (Continued) | ||||||||
#* | XXL ASA | 631,471 | $ | 1,246,377 | ||||
TOTAL NORWAY | 110,579,262 | |||||||
PORTUGAL — (0.8%) | ||||||||
# | Altri SGPS SA | 541,780 | 2,608,985 | |||||
#* | Banco Comercial Portugues SA, Class R | 61,133,213 | 7,344,013 | |||||
* | Banco Espirito Santo SA | 4,777,921 | 0 | |||||
* | CTT-Correios de Portugal SA | 882,504 | 2,092,868 | |||||
# | Ibersol SGPS SA | 36,721 | 214,885 | |||||
#* | Mota-Engil SGPS SA | 641,747 | 823,484 | |||||
# | Navigator Co. SA (The) | 1,838,891 | 4,475,275 | |||||
NOS SGPS SA | 1,828,612 | 7,987,098 | ||||||
Novabase SGPS SA | 72,649 | 253,815 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 3,010,364 | 8,214,579 | ||||||
Semapa-Sociedade de Investimento e Gestao | 173,756 | 1,580,418 | ||||||
* | Sonae Capital SGPS SA | 765,843 | 437,038 | |||||
Sonae SGPS SA | 6,699,002 | 4,845,674 | ||||||
TOTAL PORTUGAL | 40,878,132 | |||||||
SPAIN — (5.3%) | ||||||||
# | Acciona SA | 173,951 | 17,112,487 | |||||
Acerinox SA | 1,153,704 | 9,379,864 | ||||||
#* | Adveo Group International SA | 84,445 | 8,624 | |||||
Alantra Partners SA | 70,405 | 865,374 | ||||||
Almirall SA | 415,709 | 5,487,116 | ||||||
* | Amper SA | 5,396,257 | 979,301 | |||||
Applus Services SA | 911,014 | 7,018,238 | ||||||
# | Atresmedia Corp. de Medios de Comunicacion SA | 545,239 | 1,425,107 | |||||
* | Azkoyen SA | 67,253 | 399,916 | |||||
Banco de Sabadell SA | 24,460,882 | 8,594,133 | ||||||
# | Bankia SA | 4,998,517 | 5,344,031 | |||||
Bankinter SA | 3,364,750 | 16,127,650 | ||||||
#* | Caja de Ahorros del Mediterraneo | 116,412 | 0 | |||||
Cia de Distribucion Integral Logista Holdings SA | 336,921 | 6,311,903 | ||||||
# | CIE Automotive SA | 424,373 | 7,471,121 | |||||
Construcciones y Auxiliar de Ferrocarriles SA | 129,621 | 4,714,132 | ||||||
* | Distribuidora Internacional de Alimentacion SA | 207,031 | 25,905 | |||||
Ebro Foods SA | 531,944 | 11,035,602 | ||||||
#* | eDreams ODIGEO SA | 424,956 | 1,182,458 | |||||
Elecnor SA | 200,108 | 2,131,707 | ||||||
# | Enagas SA | 611,296 | 14,954,460 | |||||
# | Ence Energia y Celulosa SA | 988,129 | 3,246,274 | |||||
Ercros SA | 772,089 | 1,561,418 | ||||||
Euskaltel SA | 548,865 | 4,867,795 | ||||||
Faes Farma SA | 2,012,534 | 8,205,437 | ||||||
* | Fluidra SA | 324,873 | 4,311,361 | |||||
Fomento de Construcciones y Contratas | 14,569 | 137,655 | ||||||
Fomento de Construcciones y Contratas SA | 335,082 | 3,170,079 | ||||||
Gestamp Automocion SA | 5,183 | 13,127 | ||||||
* | Global Dominion Access SA | 695,411 | 2,230,054 | |||||
Grupo Catalana Occidente SA | 254,842 | 5,901,320 | ||||||
#* | Grupo Empresarial San Jose SA | 151,317 | 809,291 | |||||
#* | Grupo Ezentis SA | 1,629,459 | 609,133 | |||||
Iberpapel Gestion SA | 47,911 | 1,048,610 | ||||||
#* | Indra Sistemas SA | 856,710 | 6,784,359 | |||||
Laboratorios Farmaceuticos Rovi SA | 72,954 | 2,074,513 | ||||||
Liberbank SA | 13,690,046 | 2,274,122 | ||||||
* | Masmovil Ibercom SA | 410,017 | 10,506,054 |
67
The Continental Small Company Series
continued
Shares | Value» | |||||||
SPAIN — (Continued) | ||||||||
* | Mediaset Espana Comunicacion SA | 1,072,499 | $ | 3,977,975 | ||||
Melia Hotels International SA | 792,923 | 3,384,414 | ||||||
Miquel y Costas & Miquel SA | 142,923 | 2,051,124 | ||||||
* | Neinor Homes SA | 17,930 | 184,570 | |||||
#* | Obrascon Huarte Lain SA | 905,725 | 648,459 | |||||
# | Pharma Mar SA | 1,314,720 | 11,357,676 | |||||
Prim SA | 39,523 | 425,099 | ||||||
* | Promotora de Informaciones SA, Class A | 2,256,157 | 1,272,810 | |||||
Prosegur Cia de Seguridad SA | 1,771,040 | 4,131,054 | ||||||
* | Quabit Inmobiliaria SA | 731,270 | 316,740 | |||||
* | Realia Business SA | 1,772,639 | 1,363,921 | |||||
Renta 4 Banco SA | 442 | 2,930 | ||||||
Sacyr S.A. | 3,062,890 | 6,381,058 | ||||||
#* | Solaria Energia y Medio Ambiente SA | 395,783 | 5,038,718 | |||||
* | Talgo SA | 615,814 | 2,934,685 | |||||
#* | Tecnicas Reunidas SA | 195,397 | 2,990,971 | |||||
Tubacex SA | 772,793 | 1,171,220 | ||||||
* | Unicaja Banco SA | 2,473,035 | 1,264,374 | |||||
Vidrala SA | 117,537 | 11,208,096 | ||||||
Viscofan SA | 280,336 | 18,325,648 | ||||||
* | Vocento SA | 352,577 | 292,714 | |||||
Zardoya Otis SA | 1,131,276 | 7,760,813 | ||||||
TOTAL SPAIN | 264,804,800 | |||||||
SWEDEN — (7.8%) | ||||||||
AcadeMedia AB | 398,138 | 2,705,562 | ||||||
* | Adapteo Oyj | 280,480 | 2,394,225 | |||||
#* | AddLife AB, Class B | 219,382 | 2,319,339 | |||||
* | AddNode Group AB | 84,058 | 1,612,643 | |||||
AddTech AB, Class B | 366,607 | 14,827,398 | ||||||
* | AF POYRY AB | 640,379 | 13,846,981 | |||||
# | Alimak Group AB | 253,043 | 2,743,514 | |||||
* | Ambea AB | 7,111 | 36,336 | |||||
* | Arise AB | 36,861 | 147,101 | |||||
Arjo AB, Class B | 898,834 | 5,018,586 | ||||||
Atrium Ljungberg AB, Class B | 244,368 | 3,452,211 | ||||||
* | Attendo AB | 680,729 | 2,678,267 | |||||
Avanza Bank Holding AB | 687,653 | 9,797,796 | ||||||
* | BE Group AB | 16,297 | 48,025 | |||||
Beijer Alma AB | 284,490 | 2,927,879 | ||||||
* | Beijer Electronics Group AB | 93,898 | 399,701 | |||||
Beijer Ref AB | 225,136 | 6,827,552 | ||||||
Bergman & Beving AB | 193,579 | 1,498,578 | ||||||
Besqab AB | 21,962 | 255,087 | ||||||
Betsson AB | 977,562 | 6,815,343 | ||||||
* | Bilia AB, Class A | 659,191 | 5,341,394 | |||||
BillerudKorsnas AB | 650,987 | 9,343,532 | ||||||
BioGaia AB, Class B | 122,544 | 6,744,059 | ||||||
* | Biotage AB | 456,538 | 6,835,979 | |||||
* | Bjorn Borg AB | 13,009 | 19,726 | |||||
Bonava AB, Class B | 458,773 | 2,479,466 | ||||||
* | Bravida Holding AB | 955,458 | 9,133,436 | |||||
* | Bufab AB | 216,961 | 2,290,913 | |||||
#* | Bulten AB | 119,933 | 690,261 | |||||
Bure Equity AB | 449,636 | 9,813,033 | ||||||
#* | Byggmax Group AB | 356,302 | 1,685,802 | |||||
Catena AB | 152,830 | 6,043,234 | ||||||
* | Cavotec SA | 79,682 | 159,047 | |||||
Clas Ohlson AB, Class B | 148,783 | 1,667,485 |
68
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWEDEN — (Continued) | ||||||||
* | Cloetta AB, Class B | 1,667,143 | $ | 4,260,560 | ||||
* | Collector AB | 134,446 | 196,072 | |||||
* | Coor Service Management Holding AB | 265,642 | 1,756,730 | |||||
Corem Property Group AB, Class B | 163,626 | 311,343 | ||||||
Dios Fastigheter AB | 868,442 | 5,817,204 | ||||||
* | Dometic Group AB | 1,097,547 | 9,918,443 | |||||
* | Doro AB | 155,569 | 588,367 | |||||
* | Duni AB | 220,953 | 2,316,177 | |||||
Dustin Group AB | 449,101 | 2,452,186 | ||||||
Eastnine AB | 126,421 | 1,589,813 | ||||||
* | Elanders AB, Class B | 54,920 | 309,187 | |||||
#* | Eltel AB | 201,453 | 438,845 | |||||
* | Enea AB | 96,899 | 1,751,725 | |||||
#* | eWork Group AB | 32,666 | 216,818 | |||||
* | Fagerhult AB | 293,570 | 1,088,979 | |||||
#* | Fingerprint Cards AB, Class B | 634,700 | 1,159,687 | |||||
* | Granges AB | 546,114 | 4,353,927 | |||||
* | Gunnebo AB | 247,275 | 485,235 | |||||
* | Haldex AB | 276,371 | 1,124,028 | |||||
Heba Fastighets AB, Class B | 133,938 | 1,242,129 | ||||||
* | Hexpol AB | 147,016 | 1,097,018 | |||||
* | HIQ International AB | 168,305 | 787,818 | |||||
#* | HMS Networks AB | 115,458 | 2,163,315 | |||||
#* | Hoist Finance AB | 515,550 | 1,392,463 | |||||
* | Humana AB | 81,076 | 413,221 | |||||
* | Inwido AB | 412,437 | 2,877,761 | |||||
JM AB | 525,001 | 11,881,144 | ||||||
# | Kindred Group P.L.C. | 1,200,537 | 7,247,727 | |||||
# | Klovern AB, Class B | 3,984,878 | 6,338,569 | |||||
* | KNOW IT AB | 201,771 | 3,355,846 | |||||
Kungsleden AB | 1,454,309 | 10,884,441 | ||||||
Lagercrantz Group AB, Class B | 465,779 | 7,221,175 | ||||||
Lindab International AB | 603,188 | 7,109,880 | ||||||
* | Loomis AB | 256,870 | 6,136,299 | |||||
* | Medivir AB, Class B | 160,562 | 255,153 | |||||
* | Mekonomen AB | 309,713 | 2,214,841 | |||||
* | Modern Times Group MTG AB, Class B | 337,189 | 3,675,273 | |||||
Momentum Group AB, Class B | 184,982 | 2,374,980 | ||||||
Mycronic AB | 441,388 | 8,368,165 | ||||||
NCC AB, Class B | 112,716 | 1,832,317 | ||||||
* | Nederman Holding AB | 29,566 | 357,881 | |||||
* | Net Insight AB, Class B | 1,129,868 | 309,442 | |||||
* | New Wave Group AB, Class B | 435,702 | 1,464,523 | |||||
* | Nobia AB | 860,489 | 4,098,652 | |||||
* | Nobina AB | 739,814 | 4,433,556 | |||||
* | Nolato AB, Class B | 159,009 | 10,752,546 | |||||
* | Nordic Entertainment Group AB, Class B | 51,345 | 1,579,103 | |||||
* | Nordic Waterproofing Holding A.S. | 62,463 | 684,677 | |||||
NP3 Fastigheter AB | 152,387 | 1,444,774 | ||||||
* | Nyfosa AB | 1,252,852 | 8,598,636 | |||||
* | OEM International AB, Class B | 46,319 | 1,193,547 | |||||
* | Pandox AB | 23,104 | 268,181 | |||||
* | Peab AB, Class B | 676,819 | 5,594,589 | |||||
Platzer Fastigheter Holding AB, Class B | 249,458 | 2,138,812 | ||||||
# | Pricer AB, Class B | 892,974 | 2,358,733 | |||||
* | Proact IT Group AB | 61,281 | 1,154,787 | |||||
* | Qliro Group AB | 801,155 | 558,792 | |||||
* | Ratos AB, Class B | 1,503,826 | 4,043,968 | |||||
#* | RaySearch Laboratories AB | 163,313 | 1,530,780 |
69
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWEDEN — (Continued) | ||||||||
* | Recipharm AB | 148,662 | $ | 1,831,512 | ||||
#* | Recipharm AB, Class B | 371,662 | 4,609,957 | |||||
Resurs Holding AB | 622,116 | 2,566,320 | ||||||
Rottneros AB | 672,020 | 623,071 | ||||||
Sagax AB, Class B | 40,858 | 552,324 | ||||||
Samhallsbyggnadsbolaget i Norden AB | 1,742,034 | 4,475,844 | ||||||
#* | SAS AB | 1,844,722 | 1,543,560 | |||||
* | Scandi Standard AB | 399,701 | 2,768,468 | |||||
Sectra AB, Class B | 111,168 | 6,334,824 | ||||||
* | Semcon AB | 118,592 | 635,567 | |||||
* | Sensys Gatso Group AB | 2,274,070 | 314,840 | |||||
# | SkiStar AB | 314,278 | 3,220,934 | |||||
Sweco AB, Class B | 1 | 33 | ||||||
Systemair AB | 84,050 | 1,463,260 | ||||||
Thule Group AB | 583,154 | 14,807,192 | ||||||
Troax Group AB | 210,818 | 3,309,320 | ||||||
* | VBG Group AB, Class B | 26,108 | 392,444 | |||||
Wihlborgs Fastigheter AB | 838,096 | 13,786,192 | ||||||
TOTAL SWEDEN | 387,405,993 | |||||||
SWITZERLAND — (14.0%) | ||||||||
Allreal Holding AG | 114,189 | 22,636,602 | ||||||
ALSO Holding AG | 43,335 | 10,645,021 | ||||||
* | ams AG | 1,516,165 | 22,603,822 | |||||
* | APG SGA SA | 8,640 | 1,614,085 | |||||
#* | Arbonia AG | 340,972 | 3,533,073 | |||||
#* | Aryzta AG | 6,545,222 | 2,960,717 | |||||
* | Ascom Holding AG | 235,917 | 2,180,746 | |||||
#* | Autoneum Holding AG | 21,144 | 2,069,451 | |||||
Bachem Holding AG, Class B | 3,642 | 961,823 | ||||||
Banque Cantonale de Geneve | 9,327 | 1,798,809 | ||||||
Banque Cantonale du Jura SA | 4,071 | 240,494 | ||||||
Banque Cantonale Vaudoise | 75,290 | 7,331,928 | ||||||
Belimo Holding AG | 3,028 | 22,409,383 | ||||||
Bell Food Group AG | 14,116 | 3,579,840 | ||||||
Bellevue Group AG | 56,426 | 1,314,193 | ||||||
Berner Kantonalbank AG | 28,789 | 6,984,462 | ||||||
BKW AG | 153,128 | 13,747,981 | ||||||
# | Bobst Group SA | 64,411 | 3,814,390 | |||||
Bossard Holding AG, Class A | 43,180 | 6,618,650 | ||||||
Bucher Industries AG | 54,197 | 15,654,857 | ||||||
Burckhardt Compression Holding AG | 541 | 132,543 | ||||||
Burkhalter Holding AG | 28,978 | 1,868,889 | ||||||
* | Calida Holding AG | 32,749 | 997,967 | |||||
# | Carlo Gavazzi Holding AG | 2,982 | 567,353 | |||||
Cembra Money Bank AG | 187,433 | 18,322,175 | ||||||
Cicor Technologies, Ltd. | 14,897 | 642,209 | ||||||
Cie Financiere Tradition SA | 10,661 | 1,185,404 | ||||||
#* | Clariant AG | 205,780 | 4,049,930 | |||||
Coltene Holding AG | 25,850 | 1,949,340 | ||||||
Conzzeta AG | 9,547 | 8,558,551 | ||||||
Daetwyler Holding AG | 30,267 | 5,934,398 | ||||||
DKSH Holding AG | 223,126 | 14,375,528 | ||||||
dormakaba Holding AG | 24,237 | 13,235,994 | ||||||
#* | Dottikon Es Holding AG | 143 | 127,314 | |||||
#* | Dufry AG | 276,747 | 8,289,547 | |||||
EFG International AG | 657,243 | 4,688,098 | ||||||
Emmi AG | 15,057 | 13,178,843 | ||||||
Energiedienst Holding AG | 82,382 | 2,622,508 |
70
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWITZERLAND — (Continued) | ||||||||
#* | Evolva Holding SA | 3,349,123 | $ | 816,741 | ||||
#* | Feintool International Holding AG | 16,000 | 816,392 | |||||
#* | Fenix Outdoor International AG | 19,372 | 1,747,741 | |||||
* | Flughafen Zurich AG | 126,351 | 16,502,353 | |||||
Forbo Holding AG | 8,613 | 12,503,446 | ||||||
Galenica AG | 18,858 | 1,352,029 | ||||||
* | GAM Holding AG | 1,273,935 | 2,958,916 | |||||
Georg Fischer AG | 31,555 | 27,203,581 | ||||||
Gurit Holding AG | 3,022 | 4,426,638 | ||||||
Helvetia Holding AG | 216,663 | 20,294,788 | ||||||
* | Hiag Immobilien Holding AG | 19,720 | 1,926,832 | |||||
#* | HOCHDORF Holding AG | 7,010 | 452,826 | |||||
Huber & Suhner AG | 94,378 | 6,636,750 | ||||||
Hypothekarbank Lenzburg AG | 6 | 27,160 | ||||||
Implenia AG | 126,765 | 4,713,379 | ||||||
#* | Ina Invest Holding AG | 25,353 | 561,943 | |||||
Inficon Holding AG | 14,600 | 11,425,035 | ||||||
Interroll Holding AG | 4,787 | 9,684,452 | ||||||
Intershop Holding AG | 10,318 | 6,175,890 | ||||||
Investis Holding SA | 3,516 | 323,563 | ||||||
* | Jungfraubahn Holding AG | 16,485 | 2,150,194 | |||||
Kardex AG | 47,374 | 8,711,945 | ||||||
#* | Komax Holding AG | 25,771 | 4,195,458 | |||||
# | Kudelski SA | 233,259 | 848,579 | |||||
* | Landis & Gyr Group AG | 8,689 | 562,875 | |||||
#* | Lastminute.com NV | 23,689 | 572,747 | |||||
LEM Holding SA | 3,808 | 5,638,158 | ||||||
Liechtensteinische Landesbank AG | 62,748 | 3,854,599 | ||||||
#* | Luzerner Kantonalbank AG | 19,960 | 8,284,695 | |||||
* | MCH Group AG | 3,800 | 72,363 | |||||
* | Meier Tobler Group AG | 22,913 | 245,993 | |||||
Metall Zug AG | 1,082 | 1,618,273 | ||||||
#* | Meyer Burger Technology AG | 814,920 | 243,788 | |||||
* | Mikron Holding AG | 8,692 | 47,890 | |||||
Mobilezone Holding AG | 279,877 | 2,444,880 | ||||||
* | Mobimo Holding AG | 55,872 | 16,212,162 | |||||
#* | Newron Pharmaceuticals SpA | 20,064 | 36,322 | |||||
OC Oerlikon Corp. AG | 1,609,083 | 13,199,644 | ||||||
#* | Orascom Development Holding AG | 93,520 | 868,338 | |||||
# | Orell Fuessli Holding AG | 5,028 | 473,062 | |||||
Orior AG | 37,151 | 3,055,827 | ||||||
Phoenix Mecano AG | 4,407 | 1,773,769 | ||||||
Plazza AG, Class A | 7,247 | 2,104,066 | ||||||
PSP Swiss Property AG | 331,480 | 37,336,501 | ||||||
Rieter Holding AG | 21,561 | 1,993,565 | ||||||
Romande Energie Holding SA | 2,625 | 2,829,483 | ||||||
# | Schaffner Holding AG | 3,363 | 685,332 | |||||
#* | Schmolz + Bickenbach AG | 3,310,891 | 682,296 | |||||
Schweiter Technologies AG | 6,895 | 8,546,527 | ||||||
SFS Group AG | 126,103 | 11,884,058 | ||||||
* | Siegfried Holding AG | 30,001 | 13,652,616 | |||||
SIG Combibloc Group AG | 160,186 | 2,606,495 | ||||||
St Galler Kantonalbank AG | 16,726 | 7,488,530 | ||||||
Sulzer AG | 136,230 | 10,925,534 | ||||||
Sunrise Communications Group AG | 271,523 | 24,151,079 | ||||||
Swiss Prime Site AG | 10,169 | 943,330 | ||||||
Swissquote Group Holding SA | 77,115 | 6,608,804 | ||||||
Thurgauer Kantonalbank | 3,152 | 353,798 | ||||||
* | Tornos Holding AG | 26,632 | 135,626 |
71
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWITZERLAND — (Continued) | ||||||||
TX Group AG | 16,740 | $ | 1,243,593 | |||||
* | u-blox Holding AG | 51,624 | 3,540,798 | |||||
Valiant Holding AG | 105,977 | 9,888,930 | ||||||
* | Valora Holding AG | 27,553 | 5,292,982 | |||||
VAT Group AG | 205,035 | 37,659,370 | ||||||
Vaudoise Assurances Holding SA | 6,628 | 3,122,809 | ||||||
* | Vetropack Holding AG | 64,600 | 3,575,706 | |||||
* | Von Roll Holding AG | 378,198 | 347,211 | |||||
Vontobel Holding AG | 226,317 | 15,936,630 | ||||||
VP Bank AG | 23,617 | 3,075,790 | ||||||
VZ Holding AG | 90,005 | 6,754,419 | ||||||
#* | V-ZUG Holding AG | 10,820 | 890,770 | |||||
Walliser Kantonalbank | 18,991 | 2,063,744 | ||||||
Warteck Invest AG | 27 | 59,373 | ||||||
# | Ypsomed Holding AG | 7,378 | 1,047,898 | |||||
Zehnder Group AG | 81,744 | 3,218,608 | ||||||
Zug Estates Holding AG, Class B | 1,178 | 2,499,720 | ||||||
Zuger Kantonalbank AG | 697 | 4,512,984 | ||||||
TOTAL SWITZERLAND | 696,747,909 | |||||||
UNITED ARAB EMIRATES — (0.0%) | ||||||||
#* | Borr Drilling Ltd. | 58,749 | 66,018 | |||||
UNITED KINGDOM — (0.7%) | ||||||||
* | Concentric AB | 357,171 | 5,072,215 | |||||
* | Dialog Semiconductor P.L.C. | 601,965 | 27,514,995 | |||||
TOTAL UNITED KINGDOM | 32,587,210 | |||||||
TOTAL COMMON STOCKS | 4,585,435,856 | |||||||
PREFERRED STOCKS — (0.7%) | ||||||||
GERMANY — (0.7%) | ||||||||
Biotest AG | 100,615 | 2,296,667 | ||||||
Draegerwerk AG & Co. KGaA | 58,910 | 4,820,718 | ||||||
# | Fuchs Petrolub SE | 265,955 | 10,689,739 | |||||
Jungheinrich AG | 366,703 | 8,621,880 | ||||||
Sixt SE | 116,451 | 6,065,070 | ||||||
STO SE & Co. KGaA | 13,545 | 1,537,851 | ||||||
* | Villeroy & Boch AG | 50,436 | 637,956 | |||||
TOTAL GERMANY | 34,669,881 | |||||||
RIGHTS/WARRANTS — (0.1%) | ||||||||
AUSTRIA — (0.0%) | ||||||||
* | Intercell AG Rights 05/16/13 | 254,689 | 0 | |||||
FINLAND — (0.1%) | ||||||||
#* | Finnair Oyj | 454,133 | 1,989,851 | |||||
SWITZERLAND — (0.0%) | ||||||||
#* | Meier Tobler Group AG | 22,913 | 30,230 | |||||
TOTAL RIGHTS/WARRANTS | 2,020,081 | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $4,607,588,086) | 4,622,125,818 |
72
The Continental Small Company Series
continued
Shares | Value† | |||||||
SECURITIES LENDING COLLATERAL — (7.0%) | ||||||||
@§ | The DFA Short Term Investment Fund | 30,197,652 | $ | 349,417,036 | ||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $4,956,946,879) | $ | 4,971,542,854 |
P.L.C. | Public Limited Company |
SA | Special Assessment |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. |
* | Non-Income Producing Securities. |
# | Total or Partial Securities on Loan. |
† | See Note B to Financial Statements. |
@ | Security purchased with cash proceeds from Securities on Loan. |
§ | Affiliated Fund. |
Summary of the Series' investments as of June 30, 2020, 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 | — | $ | 163,654,026 | — | $ | 163,654,026 | ||||||
Belgium | — | 163,645,201 | — | 163,645,201 | ||||||||
Denmark | $ | 1,021,951 | 258,631,920 | — | 259,653,871 | |||||||
Finland | — | 295,182,881 | — | 295,182,881 | ||||||||
France | — | 486,074,015 | — | 486,074,015 | ||||||||
Germany | 14,075,228 | 697,916,517 | — | 711,991,745 | ||||||||
Ireland | — | 26,880,662 | — | 26,880,662 | ||||||||
Israel | 572,425 | 142,047,767 | — | 142,620,192 | ||||||||
Italy | — | 453,459,409 | — | 453,459,409 | ||||||||
Netherlands | — | 349,204,530 | — | 349,204,530 | ||||||||
Norway | — | 110,579,262 | — | 110,579,262 | ||||||||
Portugal | — | 40,878,132 | — | 40,878,132 | ||||||||
Spain | 137,655 | 264,667,145 | — | 264,804,800 | ||||||||
Sweden | 7,967,811 | 379,438,182 | — | 387,405,993 | ||||||||
Switzerland | 1,452,713 | 695,295,196 | — | 696,747,909 | ||||||||
United Arab Emirates | — | 66,018 | — | 66,018 | ||||||||
United Kingdom | — | 32,587,210 | — | 32,587,210 | ||||||||
Preferred Stocks | ||||||||||||
Germany | — | 34,669,881 | — | 34,669,881 | ||||||||
Rights/Warrants | ||||||||||||
Finland | — | 1,989,851 | — | 1,989,851 | ||||||||
Switzerland | — | 30,230 | — | 30,230 | ||||||||
Securities Lending Collateral | — | 349,417,036 | — | 349,417,036 | ||||||||
TOTAL | $ | 25,227,783 | $ | 4,946,315,071 | — | $ | 4,971,542,854 |
73
THE CANADIAN SMALL COMPANY SERIES SUMMARY
SCHEDULE OF PORTFOLIO HOLDINGS
June 30, 2020
(Unaudited)
Shares | Value» | |||||||
COMMON STOCKS — (87.2%) | ||||||||
COMMUNICATION SERVICES — (0.9%) | ||||||||
#* | Aimia, Inc. | 805,975 | $ | 1,763,219 | ||||
# | Cineplex, Inc. | 388,838 | 2,302,782 | |||||
Cogeco, Inc. | 26,819 | 1,600,527 | ||||||
Corus Entertainment, Inc., Class B | 1,096,950 | 2,310,899 | ||||||
* | Glacier Media, Inc. | 31,495 | 5,336 | |||||
Mediagrif Interactive Technologies, Inc. | 21,970 | 94,185 | ||||||
* | TeraGo, Inc. | 2,400 | 10,519 | |||||
#* | WildBrain, Ltd. | 862,263 | 825,679 | |||||
# | Yellow Pages, Ltd. | 105,820 | 701,517 | |||||
TOTAL COMMUNICATION SERVICES | 9,614,663 | |||||||
CONSUMER DISCRETIONARY — (4.8%) | ||||||||
* | Aritzia, Inc. | 427,638 | 5,988,066 | |||||
# | AutoCanada, Inc. | 141,673 | 1,116,604 | |||||
BMTC Group, Inc. | 20,581 | 117,489 | ||||||
BRP, Inc. | 119,011 | 5,075,675 | ||||||
#* | Canada Goose Holdings, Inc. | 99,519 | 2,305,855 | |||||
Dorel Industries, Inc., Class B | 180,697 | 722,735 | ||||||
Exco Technologies, Ltd. | 164,124 | 809,981 | ||||||
Gamehost, Inc. | 83,699 | 383,168 | ||||||
# | Gildan Activewear, Inc. | 14,900 | 230,801 | |||||
#* | Great Canadian Gaming Corp. | 428,062 | 8,522,773 | |||||
* | Intertain Group, Ltd. (The) | 70,628 | 598,069 | |||||
Leon's Furniture, Ltd. | 171,679 | 1,686,946 | ||||||
Linamar Corp. | 216,634 | 5,856,267 | ||||||
Martinrea International, Inc. | 518,668 | 3,927,451 | ||||||
# | MTY Food Group, Inc. | 78,515 | 1,407,663 | |||||
# | Park Lawn Corp. | 119,471 | 1,972,996 | |||||
# | Pizza Pizza Royalty Corp. | 156,674 | 962,479 | |||||
#* | Points International, Ltd. | 50,316 | 455,498 | |||||
* | Points International, Ltd. | 11,831 | 107,780 | |||||
Pollard Banknote, Ltd. | 25,700 | 323,711 | ||||||
# | Recipe Unlimited Corp. | 76,777 | 524,251 | |||||
Reitmans Canada, Ltd., Class A | 125,155 | 6,914 | ||||||
Sleep Country Canada Holdings, Inc. | 158,535 | 1,876,589 | ||||||
#* | Spin Master Corp. | 102,740 | 1,856,373 | |||||
Uni-Select, Inc. | 325,782 | 1,768,572 | ||||||
* | Zenith Capital Corp. | 111,820 | 6,672 | |||||
TOTAL CONSUMER DISCRETIONARY | 48,611,378 | |||||||
CONSUMER STAPLES — (5.4%) | ||||||||
#* | Alcanna, Inc. | 190,611 | 494,218 | |||||
Andrew Peller, Ltd., Class A | 168,200 | 1,090,277 | ||||||
# | Clearwater Seafoods, Inc. | 104,195 | 392,190 | |||||
Corby Spirit and Wine, Ltd. | 87,267 | 1,044,556 | ||||||
# | High Liner Foods, Inc. | 89,880 | 383,989 | |||||
# | Jamieson Wellness, Inc. | 275,646 | 7,224,134 | |||||
KP Tissue, Inc. | 45,700 | 362,880 | ||||||
Lassonde Industries, Inc., Class A | 17,800 | 2,032,394 | ||||||
# | Maple Leaf Foods, Inc. | 354,493 | 7,444,457 | |||||
* | Mav Beauty Brands, Inc. | 7,000 | 12,529 | |||||
North West Co., Inc. (The) | 319,480 | 6,984,507 |
74
The Canadian Small Company Series
continued
Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
# | Premium Brands Holdings Corp. | 182,482 | $ | 11,640,352 | ||||
Primo Water Corp. | 96,682 | 1,329,378 | ||||||
Primo Water Corp. | 813,424 | 11,162,411 | ||||||
# | Rogers Sugar, Inc. | 712,254 | 2,455,325 | |||||
#* | SunOpta, Inc. | 291,540 | 1,372,231 | |||||
#* | Village Farms International, Inc. | 21,817 | 104,135 | |||||
* | Village Farms International, Inc. | 20,293 | 97,203 | |||||
TOTAL CONSUMER STAPLES | 55,627,166 | |||||||
ENERGY — (10.2%) | ||||||||
#* | Advantage Oil & Gas, Ltd. | 1,010,286 | 1,235,323 | |||||
#* | Africa Oil Corp. | 1,333,299 | 1,050,847 | |||||
ARC Resources, Ltd. | 2,215,726 | 7,442,332 | ||||||
#* | Athabasca Oil Corp. | 2,942,410 | 390,125 | |||||
#* | Baytex Energy Corp. | 2,263,234 | 1,150,288 | |||||
# | Birchcliff Energy, Ltd. | 1,541,326 | 1,294,278 | |||||
#* | Bonavista Energy Corp. | 1,461,400 | 53,823 | |||||
#* | Calfrac Well Services, Ltd. | 26,910 | 3,568 | |||||
Cameco Corp. | 12,658 | 129,745 | ||||||
# | Canacol Energy, Ltd. | 960,726 | 2,717,435 | |||||
# | Cardinal Energy, Ltd. | 599,998 | 234,236 | |||||
# | CES Energy Solutions Corp. | 1,351,503 | 1,075,150 | |||||
Computer Modelling Group, Ltd. | 464,145 | 1,623,961 | ||||||
# | Crescent Point Energy Corp. | 2,348,538 | 3,805,822 | |||||
#* | Crew Energy, Inc. | 873,876 | 196,326 | |||||
#* | Denison Mines Corp. | 3,163,415 | 1,118,473 | |||||
# | Enerflex, Ltd. | 430,978 | 1,631,723 | |||||
#* | Energy Fuels, Inc. | 347,960 | 522,862 | |||||
# | Enerplus Corp. | 1,046,075 | 2,943,434 | |||||
# | Ensign Energy Services, Inc. | 617,495 | 473,037 | |||||
#* | Essential Energy Services Trust | 266,437 | 30,420 | |||||
#* | Fission Uranium Corp. | 1,962,000 | 346,847 | |||||
# | Freehold Royalties, Ltd. | 447,473 | 1,160,213 | |||||
# | Frontera Energy Corp. | 244,929 | 613,405 | |||||
* | GASFRAC Energy Services, Inc. | 91,560 | 137 | |||||
* | Gear Energy, Ltd. | 886,356 | 133,841 | |||||
Gibson Energy, Inc. | 940,791 | 14,642,688 | ||||||
#* | Gran Tierra Energy, Inc. | 2,206,411 | 747,605 | |||||
High Arctic Energy Services, Inc. | 115,900 | 57,199 | ||||||
#* | Kelt Exploration, Ltd. | 1,021,865 | 1,053,780 | |||||
* | Lightstream Resources, Ltd. | 687,816 | 0 | |||||
* | Manitok Energy, Inc. | 2,187 | 0 | |||||
#* | MEG Energy Corp. | 2,543,536 | 7,063,296 | |||||
North American Construction Group, Ltd. | 118,644 | 743,710 | ||||||
North American Construction Group, Ltd. | 9,342 | 58,481 | ||||||
#* | NuVista Energy, Ltd. | 1,212,978 | 687,974 | |||||
#* | Obsidian Energy, Ltd. | 108,531 | 45,568 | |||||
#* | Painted Pony Energy, Ltd. | 752,149 | 260,393 | |||||
#* | Paramount Resources, Ltd., Class A | 332,422 | 389,328 | |||||
* | Parex Resources, Inc. | 786,291 | 9,475,339 | |||||
Pason Systems, Inc. | 379,526 | 2,074,310 | ||||||
# | Peyto Exploration & Development Corp. | 1,226,280 | 1,616,854 | |||||
* | PHX Energy Services Corp. | 90,928 | 87,070 | |||||
Pinnacle Renewable Energy, Inc. | 40,506 | 130,385 | ||||||
# | PrairieSky Royalty, Ltd. | 1,029,307 | 6,505,196 | |||||
#* | Precision Drilling Corp. | 1,607,629 | 1,219,695 | |||||
* | Pulse Seismic, Inc. | 256,332 | 194,477 | |||||
#* | Questerre Energy Corp., Class A | 797,460 | 67,552 | |||||
Secure Energy Services, Inc. | 798,486 | 982,227 |
75
The Canadian Small Company Series
continued
Shares | Value» | |||||||
ENERGY — (Continued) | ||||||||
* | Seven Generations Energy, Ltd., Class A | 1,135,906 | $ | 2,535,206 | ||||
# | ShawCor, Ltd. | 320,715 | 640,202 | |||||
* | Storm Resources, Ltd. | 5,600 | 5,981 | |||||
# | Surge Energy, Inc. | 1,634,247 | 403,265 | |||||
#* | Tamarack Valley Energy, Ltd. | 1,599,540 | 1,048,608 | |||||
TerraVest Industries, Inc. | 3,700 | 41,290 | ||||||
* | Tervita Corp. | 70,398 | 197,566 | |||||
# | Tidewater Midstream and Infrastructure, Ltd. | 1,197,800 | 723,480 | |||||
# | TORC Oil & Gas, Ltd. | 924,765 | 1,158,000 | |||||
Total Energy Services, Inc. | 232,063 | 358,966 | ||||||
* | Touchstone Exploration, Inc. | 51,500 | 33,762 | |||||
Tourmaline Oil Corp. | 1,058,147 | 9,251,771 | ||||||
TransGlobe Energy Corp. | 498,445 | 275,364 | ||||||
#* | Trican Well Service, Ltd. | 1,761,505 | 1,063,962 | |||||
# | Vermilion Energy, Inc. | 524,924 | 2,335,401 | |||||
Vermilion Energy, Inc. | 33,463 | 149,245 | ||||||
# | Whitecap Resources, Inc. | 2,403,239 | 3,947,571 | |||||
#* | Yangarra Resources, Ltd. | 376,971 | 183,265 | |||||
TOTAL ENERGY | 103,833,683 | |||||||
FINANCIALS — (7.6%) | ||||||||
AGF Management, Ltd., Class B | 571,547 | 2,113,410 | ||||||
# | Alaris Royalty Corp. | 173,725 | 1,657,144 | |||||
# | Canaccord Genuity Group, Inc. | 444,384 | 2,261,854 | |||||
Canadian Western Bank | 456,902 | 7,959,437 | ||||||
# | Chesswood Group, Ltd. | 56,542 | 164,928 | |||||
# | CI Financial Corp. | 379,201 | 4,823,808 | |||||
Clairvest Group, Inc. | 1,900 | 64,938 | ||||||
* | Echelon Financial Holdings, Inc. | 15,650 | 66,054 | |||||
ECN Capital Corp. | 2,488,693 | 7,075,983 | ||||||
E-L Financial Corp., Ltd. | 7,178 | 3,571,684 | ||||||
Element Fleet Management Corp. | 1,128,513 | 8,420,622 | ||||||
# | Equitable Group, Inc. | 53,142 | 2,794,496 | |||||
# | Fiera Capital Corp. | 302,075 | 2,113,813 | |||||
Firm Capital Mortgage Investment Corp. | 185,919 | 1,542,021 | ||||||
First National Financial Corp. | 53,893 | 1,121,051 | ||||||
# | Genworth MI Canada, Inc. | 234,684 | 5,740,907 | |||||
# | GMP Capital, Inc. | 427,687 | 412,692 | |||||
# | goeasy, Ltd. | 39,839 | 1,604,594 | |||||
GoldMoney, Inc. | 125,000 | 240,314 | ||||||
Guardian Capital Group, Ltd., Class A | 88,614 | 1,354,405 | ||||||
#* | Home Capital Group, Inc. | 292,917 | 4,354,055 | |||||
* | Kingsway Financial Services, Inc. | 13,070 | 29,243 | |||||
# | Laurentian Bank of Canada | 412,090 | 8,681,330 | |||||
# | Sprott, Inc. | 140,658 | 5,055,014 | |||||
Timbercreek Financial Corp. | 506,740 | 3,206,318 | ||||||
* | Trisura Group, Ltd. | 31,411 | 1,417,151 | |||||
TOTAL FINANCIALS | 77,847,266 | |||||||
HEALTH CARE — (1.1%) | ||||||||
#* | CRH Medical Corp. | 412,171 | 862,232 | |||||
#* | Cronos Group, Inc. | 206,397 | 1,240,446 | |||||
# | Extendicare, Inc. | 498,639 | 2,060,522 | |||||
HLS Therapeutics, Inc. | 3,900 | 52,255 | ||||||
* | Knight Therapeutics, Inc. | 808,695 | 4,181,673 | |||||
# | Medical Facilities Corp. | 304,589 | 973,715 | |||||
# | Sienna Senior Living, Inc. | 271,631 | 1,850,756 | |||||
TOTAL HEALTH CARE | 11,221,599 |
76
The Canadian Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (10.7%) | ||||||||
Aecon Group, Inc. | 259,061 | $ | 2,816,544 | |||||
# | AG Growth International, Inc. | 136,123 | 2,739,305 | |||||
Algoma Central Corp. | 48,800 | 361,615 | ||||||
#* | ATS Automation Tooling Systems, Inc. | 437,554 | 6,162,369 | |||||
# | Badger Daylighting, Ltd. | 140,856 | 3,083,559 | |||||
# | Bird Construction, Inc. | 255,438 | 1,119,517 | |||||
#* | Black Diamond Group, Ltd. | 330,892 | 375,349 | |||||
Calian Group, Ltd. | 39,603 | 1,599,464 | ||||||
CanWel Building Materials Group, Ltd. | 337,453 | 1,101,147 | ||||||
# | Cargojet, Inc. | 9,284 | 1,094,166 | |||||
Cervus Equipment Corp. | 47,197 | 225,973 | ||||||
#* | DIRTT Environmental Solutions | 273,168 | 329,991 | |||||
# | Exchange Income Corp. | 56,748 | 1,118,156 | |||||
Finning International, Inc. | 885,513 | 12,073,398 | ||||||
#* | GDI Integrated Facility Services, Inc. | 11,700 | 280,004 | |||||
Hardwoods Distribution, Inc. | 14,902 | 180,238 | ||||||
* | Heroux-Devtek, Inc. | 239,845 | 1,798,484 | |||||
# | Horizon North Logistics, Inc. | 908,944 | 408,409 | |||||
* | IBI Group, Inc. | 113,900 | 389,287 | |||||
K-Bro Linen, Inc. | 57,753 | 1,125,197 | ||||||
Magellan Aerospace Corp. | 112,778 | 599,777 | ||||||
Morneau Shepell, Inc. | 401,948 | 9,382,537 | ||||||
Mullen Group, Ltd. | 376,027 | 2,013,639 | ||||||
# | NFI Group, Inc. | 317,312 | 3,891,606 | |||||
* | Patriot One Technologies, Inc. | 104,500 | 81,592 | |||||
Richelieu Hardware, Ltd. | 361,973 | 7,700,192 | ||||||
Rocky Mountain Dealerships, Inc. | 113,474 | 347,710 | ||||||
# | Russel Metals, Inc. | 339,623 | 4,057,664 | |||||
# | Savaria Corp. | 184,973 | 1,697,675 | |||||
# | SNC-Lavalin Group, Inc. | 109,100 | 1,841,103 | |||||
# | Stantec, Inc. | 489,094 | 15,098,652 | |||||
TFI International, Inc. | 481,820 | 17,102,906 | ||||||
# | Transcontinental, Inc., Class A | 343,604 | 3,821,759 | |||||
Wajax Corp. | 90,980 | 562,929 | ||||||
# | Westshore Terminals Investment Corp. | 203,386 | 2,503,374 | |||||
TOTAL INDUSTRIALS | 109,085,287 | |||||||
INFORMATION TECHNOLOGY — (5.9%) | ||||||||
# | Absolute Software Corp. | 303,292 | 3,085,196 | |||||
#* | BlackBerry, Ltd. | 869,494 | 4,239,872 | |||||
#* | BlackBerry, Ltd. | 1,540,551 | 7,533,294 | |||||
* | Celestica, Inc. | 36,408 | 248,667 | |||||
* | Celestica, Inc. | 575,408 | 3,950,208 | |||||
* | Descartes Systems Group, Inc. (The) | 19,744 | 1,042,319 | |||||
# | Enghouse Systems, Ltd. | 263,395 | 14,066,100 | |||||
Evertz Technologies, Ltd. | 159,651 | 1,319,449 | ||||||
* | EXFO, Inc. | 60,487 | 173,317 | |||||
#* | Kinaxis, Inc. | 141,544 | 20,232,785 | |||||
* | Photon Control, Inc. | 447,494 | 586,726 | |||||
Pivot Technology Solutions, Inc. | 27,500 | 35,449 | ||||||
Quarterhill, Inc. | 1,017,776 | 1,566,847 | ||||||
#* | Sierra Wireless, Inc. | 241,452 | 2,168,017 | |||||
Vecima Networks, Inc. | 6,059 | 46,639 | ||||||
TOTAL INFORMATION TECHNOLOGY | 60,294,885 | |||||||
MATERIALS — (30.4%) | ||||||||
#* | 5N Plus, Inc. | 556,129 | 659,522 | |||||
# | Acadian Timber Corp. | 73,740 | 788,675 |
77
The Canadian Small Company Series
continued
Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
# | AirBoss of America Corp. | 103,062 | $ | 1,385,446 | ||||
#* | Alacer Gold Corp. | 2,084,220 | 14,323,639 | |||||
Alamos Gold, Inc., Class A | 2,137,711 | 19,934,749 | ||||||
#* | Alio Gold, Inc. | 204,318 | 257,355 | |||||
# | Altius Minerals Corp. | 190,340 | 1,365,580 | |||||
#* | Americas Gold & Silver Corp. | 86,596 | 225,804 | |||||
* | Amerigo Resources, Ltd. | 18,200 | 4,893 | |||||
#* | Argonaut Gold, Inc. | 1,812,297 | 3,417,413 | |||||
B2Gold Corp. | 348,457 | 1,981,503 | ||||||
Caledonia Mining Corp. P.L.C. | 540 | 9,353 | ||||||
* | Canfor Corp. | 372,233 | 3,227,153 | |||||
# | Canfor Pulp Products, Inc. | 160,575 | 638,704 | |||||
#* | Capstone Mining Corp. | 2,781,355 | 1,700,445 | |||||
Cascades, Inc. | 472,362 | 5,146,018 | ||||||
# | Centerra Gold, Inc. | 1,348,651 | 15,050,137 | |||||
#* | China Gold International Resources Corp., Ltd. | 1,660,600 | 905,159 | |||||
#* | Copper Mountain Mining Corp. | 972,155 | 451,133 | |||||
# | Dundee Precious Metals, Inc. | 1,156,904 | 7,618,387 | |||||
#* | Eldorado Gold Corp. | 738,003 | 7,115,834 | |||||
* | Eldorado Gold Corp. | 74,100 | 718,770 | |||||
#* | Endeavour Mining Corp. | 391,356 | 9,469,676 | |||||
#* | Endeavour Silver Corp. | 555,055 | 1,259,259 | |||||
* | Equinox Gold Corp. | 39,464 | 441,264 | |||||
#* | Equinox Gold Corp. | 11,912 | 133,653 | |||||
* | ERO Copper Corp. | 98,067 | 1,420,874 | |||||
* | Excellon Resources, Inc. | 14,400 | 8,804 | |||||
#* | First Majestic Silver Corp. | 713,181 | 7,091,888 | |||||
#* | First Majestic Silver Corp. | 42,564 | 423,512 | |||||
#* | First Mining Gold Corp. | 749,400 | 234,602 | |||||
#* | Fortuna Silver Mines, Inc. | 913,292 | 4,641,805 | |||||
* | Fortuna Silver Mines, Inc. | 437,641 | 2,227,593 | |||||
#* | Galiano Gold, Inc. | 949,993 | 1,259,566 | |||||
* | GoGold Resources, Inc. | 40,000 | 29,464 | |||||
* | Gold Standard Ventures Corp. | 10,700 | 8,906 | |||||
#* | Golden Star Resources, Ltd. | 437,309 | 1,272,371 | |||||
#* | Guyana Goldfields, Inc. | 979,918 | 1,255,935 | |||||
* | Hanfeng Evergreen, Inc. | 45,837 | 0 | |||||
# | Hudbay Minerals, Inc. | 1,348,349 | 4,081,994 | |||||
#* | IAMGOLD Corp. | 2,447,564 | 9,717,420 | |||||
#* | IAMGOLD Corp. | 599,837 | 2,369,356 | |||||
#* | Imperial Metals Corp. | 346,592 | 510,595 | |||||
* | Interfor Corp. | 357,791 | 3,014,974 | |||||
* | International Tower Hill Mines, Ltd. | 13,001 | 23,271 | |||||
# | Intertape Polymer Group, Inc. | 267,454 | 2,360,120 | |||||
* | IPL Plastics, Inc. | 20,248 | 81,135 | |||||
* | Ivanhoe Mines, Ltd., Class A | 3,084,210 | 8,746,471 | |||||
# | Labrador Iron Ore Royalty Corp. | 291,059 | 5,203,301 | |||||
* | Largo Resources, Ltd. | 573,711 | 354,977 | |||||
# | Lucara Diamond Corp. | 2,030,773 | 927,430 | |||||
#* | Lundin Gold, Inc. | 147,709 | 1,386,132 | |||||
* | Major Drilling Group International, Inc. | 515,244 | 1,628,165 | |||||
* | Mandalay Resources Corp. | 464 | 649 | |||||
* | Marathon Gold Corp. | 147,500 | 215,122 | |||||
# | Methanex Corp. | 140,382 | 2,533,411 | |||||
Methanex Corp. | 44,780 | 809,622 | ||||||
* | Minco Base Metals Corp. | 2,780 | 0 | |||||
* | Mountain Province Diamonds, Inc. | 102,431 | 23,012 | |||||
* | New Gold, Inc. | 4,039,058 | 5,474,268 | |||||
Norbord, Inc. | 184,183 | 4,204,356 |
78
The Canadian Small Company Series
continued
Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
#* | Northern Dynasty Minerals, Ltd. | 76,877 | $ | 109,857 | ||||
#* | OceanaGold Corp. | 3,806,514 | 8,860,183 | |||||
* | Orbite Technologies, Inc. | 73,500 | 0 | |||||
#* | Orla Mining, Ltd. | 9,900 | 27,857 | |||||
# | Osisko Gold Royalties, Ltd. | 772,174 | 7,712,645 | |||||
#* | Osisko Mining, Inc. | 486,477 | 1,372,427 | |||||
Pan American Silver Corp. | 390,905 | 11,871,692 | ||||||
* | PolyMet Mining Corp. | 642,081 | 269,583 | |||||
#* | Premier Gold Mines, Ltd. | 998,349 | 1,625,185 | |||||
#* | Pretium Resources, Inc. | 293,903 | 2,468,785 | |||||
* | Pretium Resources, Inc. | 455,178 | 3,808,797 | |||||
#* | Roxgold, Inc. | 1,208,860 | 1,362,372 | |||||
#* | Sabina Gold & Silver Corp. | 1,473,619 | 2,116,645 | |||||
#* | Sandstorm Gold, Ltd. | 1,058,655 | 10,160,780 | |||||
#* | Seabridge Gold, Inc. | 66,295 | 1,164,167 | |||||
* | SEMAFO, Inc. | 1,996,759 | 6,809,807 | |||||
#* | SSR Mining, Inc. | 711,103 | 15,153,366 | |||||
# | Stelco Holdings, Inc. | 37,984 | 214,038 | |||||
# | Stella-Jones, Inc. | 242,402 | 6,095,760 | |||||
* | Stornoway Diamond Corp. | 208,109 | 395 | |||||
# | Supremex, Inc. | 91 | 77 | |||||
#* | Taseko Mines, Ltd. | 1,439,326 | 710,333 | |||||
#* | Teranga Gold Corp. | 646,498 | 5,857,339 | |||||
#* | TMAC Resources, Inc. | 42,213 | 50,372 | |||||
* | Torex Gold Resources, Inc. | 411,414 | 6,482,134 | |||||
#* | Trevali Mining Corp. | 2,935,789 | 194,624 | |||||
#* | Turquoise Hill Resources, Ltd. | 2,248,334 | 1,656,109 | |||||
* | Wesdome Gold Mines Ltd. | 825,773 | 7,134,883 | |||||
# | West Fraser Timber Co., Ltd. | 290,209 | 10,200,923 | |||||
# | Western Forest Products, Inc. | 2,326,467 | 1,593,705 | |||||
Winpak, Ltd. | 175,797 | 5,385,531 | ||||||
Yamana Gold, Inc. | 3,304,447 | 17,963,184 | ||||||
TOTAL MATERIALS | 310,204,180 | |||||||
REAL ESTATE — (3.9%) | ||||||||
Altus Group, Ltd. | 261,893 | 7,868,750 | ||||||
Bridgemarq Real Estate Services | 53,069 | 459,311 | ||||||
Colliers International Group, Inc. | 165,544 | 9,499,026 | ||||||
Colliers International Group, Inc. | 4,163 | 238,582 | ||||||
DREAM Unlimited Corp., Class A | 492,374 | 3,249,610 | ||||||
Information Services Corp. | 17,674 | 193,456 | ||||||
# | Invesque, Inc. | 191,266 | 476,252 | |||||
* | Mainstreet Equity Corp. | 31,349 | 1,556,597 | |||||
Melcor Developments, Ltd. | 55,340 | 306,946 | ||||||
Morguard Corp. | 21,882 | 2,050,551 | ||||||
* | Real Matters, Inc. | 334,320 | 6,520,915 | |||||
Tricon Capital Group, Inc. | 1,022,259 | 6,889,857 | ||||||
TOTAL REAL ESTATE | 39,309,853 | |||||||
UTILITIES — (6.3%) | ||||||||
# | Boralex, Inc., Class A | 549,954 | 12,517,368 | |||||
# | Capital Power Corp. | 771,649 | 15,903,608 | |||||
Innergex Renewable Energy, Inc. | 800,557 | 11,262,991 | ||||||
# | Just Energy Group, Inc. | 138,308 | 70,295 | |||||
* | Maxim Power Corp. | 92,234 | 151,504 | |||||
Polaris Infrastructure, Inc. | 115,463 | 1,228,113 | ||||||
# | Superior Plus Corp. | 777,910 | 6,371,803 | |||||
TransAlta Corp. | 1,784,708 | 10,582,572 |
79
The Canadian Small Company Series
continued
Shares | Value» | |||||||
UTILITIES — (Continued) | ||||||||
TransAlta Corp. | 16,789 | $ | 99,559 | |||||
TransAlta Renewables, Inc. | 614,934 | 6,608,638 | ||||||
TOTAL UTILITIES | 64,796,451 | |||||||
TOTAL COMMON STOCKS | 890,446,411 | |||||||
RIGHTS/WARRANTS — (0.1%) | ||||||||
ENERGY — (0.0%) | ||||||||
#* | Tervita Corp. Warrants 07/19/20 | 9,964 | 55 | |||||
MATERIALS — (0.1%) | ||||||||
* | Pan American Silver Corp. Rights 02/22/29 | 1,876,416 | 1,287,222 | |||||
TOTAL RIGHTS/WARRANTS | 1,287,277 | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $1,042,830,088) | 891,733,688 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (12.7%) | ||||||||
@§ | The DFA Short Term Investment Fund | 11,224,864 | 129,882,903 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
�� (Cost $1,172,690,165) | $ | 1,021,616,591 |
P.L.C. | Public Limited Company | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
# | Total or Partial Securities on Loan. | |
* | Non-Income Producing Securities. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of June 30, 2020, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | |||||||||||||||
Communication Services | $ | 9,614,663 | — | — | $ | 9,614,663 | |||||||||
Consumer Discretionary | 46,231,151 | $ | 2,380,227 | — | 48,611,378 | ||||||||||
Consumer Staples | 55,627,166 | — | — | 55,627,166 | |||||||||||
Energy | 103,833,546 | 137 | — | 103,833,683 | |||||||||||
Financials | 77,847,266 | — | — | 77,847,266 | |||||||||||
Health Care | 11,221,599 | — | — | 11,221,599 | |||||||||||
Industrials | 109,085,287 | — | — | 109,085,287 | |||||||||||
Information Technology | 60,294,885 | — | — | 60,294,885 | |||||||||||
Materials | 310,194,432 | 9,748 | — | 310,204,180 | |||||||||||
Real Estate | 39,309,853 | — | — | 39,309,853 | |||||||||||
Utilities | 64,796,451 | — | — | 64,796,451 | |||||||||||
Rights/Warrants | |||||||||||||||
Energy | — | 55 | — | 55 | |||||||||||
Materials | — | 1,287,222 | — | 1,287,222 | |||||||||||
Securities Lending Collateral | — | 129,882,903 | — | 129,882,903 | |||||||||||
TOTAL | $ | 888,056,299 | $ | 133,560,292 | — | $ | 1,021,616,591 |
80
THE JAPANESE SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (97.6%) | ||||||||
COMMUNICATION SERVICES — (2.6%) | ||||||||
Adways, Inc. | 18,400 | $ | 51,478 | |||||
# | Aeria, Inc. | 15,800 | 147,999 | |||||
# | Akatsuki, Inc. | 30,200 | 1,683,013 | |||||
#* | ALBERT, Inc. | 2,000 | 165,176 | |||||
#* | AlphaPolis Co., Ltd. | 13,800 | 265,923 | |||||
AOI TYO Holdings, Inc. | 166,231 | 989,051 | ||||||
Asahi Broadcasting Group Holdings Corp. | 72,200 | 495,229 | ||||||
Asahi Net, Inc. | 102,300 | 633,335 | ||||||
Ateam, Inc. | 94,800 | 925,761 | ||||||
* | Atrae, Inc. | 41,000 | 1,207,803 | |||||
Avex, Inc. | 286,800 | 3,489,171 | ||||||
#* | Bengo4.com, Inc. | 36,300 | 1,680,716 | |||||
* | Broadmedia Corp. | 39,100 | 29,004 | |||||
Broccoli Co., Ltd. | 5,300 | 62,905 | ||||||
#* | CareerIndex, Inc. | 25,100 | 106,936 | |||||
# | Ceres, Inc. | 24,900 | 288,958 | |||||
* | COOKPAD, Inc. | 228,500 | 687,837 | |||||
# | Dip Corp. | 253,900 | 6,891,938 | |||||
* | Drecom Co., Ltd. | 4,700 | 32,343 | |||||
#* | eBook Initiative Japan Co., Ltd. | 11,700 | 184,543 | |||||
# | Extreme Co., Ltd. | 17,300 | 319,290 | |||||
F@N Communications, Inc. | 371,200 | 1,792,304 | ||||||
Faith, Inc. | 60,910 | 438,637 | ||||||
# | Freebit Co., Ltd. | 69,000 | 553,406 | |||||
Full Speed, Inc. | 41,900 | 189,222 | ||||||
Gakken Holdings Co., Ltd. | 38,900 | 2,133,280 | ||||||
Gree, Inc. | 982,000 | 4,662,546 | ||||||
Gurunavi, Inc. | 219,500 | 1,929,036 | ||||||
Imagica Group, Inc. | 118,100 | 616,410 | ||||||
Intage Holdings, Inc. | 263,400 | 2,346,443 | ||||||
Internet Initiative Japan, Inc. | 194,900 | 4,621,457 | ||||||
ITmedia, Inc. | 20,400 | 135,655 | ||||||
#* | Itokuro, Inc. | 55,700 | 915,962 | |||||
#* | Kadokawa Dwango | 449,516 | 6,425,410 | |||||
# | Kamakura Shinsho, Ltd. | 61,100 | 840,122 | |||||
#* | KLab, Inc. | 141,900 | 1,262,790 | |||||
* | LIFULL Co., Ltd. | 462,800 | 2,812,749 | |||||
Macromill, Inc. | 261,900 | 2,332,595 | ||||||
MarkLines Co., Ltd. | 70,900 | 1,387,825 | ||||||
Marvelous, Inc. | 255,000 | 1,799,782 | ||||||
# | Members Co., Ltd. | 45,500 | 808,082 | |||||
Mixi, Inc. | 219,400 | 4,239,671 | ||||||
* | Mobile Factory, Inc. | 24,600 | 321,758 | |||||
MTI, Ltd. | 192,600 | 1,249,225 | ||||||
#* | Mynet, Inc. | 17,800 | 91,614 | |||||
Okinawa Cellular Telephone Co. | 86,400 | 2,952,726 | ||||||
#* | PR Times, Inc. | 600 | 14,413 | |||||
Proto Corp. | 183,600 | 1,986,800 | ||||||
#* | Shobunsha Publications, Inc. | 252,700 | 950,959 | |||||
SKY Perfect JSAT Holdings, Inc. | 1,132,900 | 4,678,874 | ||||||
# | SoldOut, Inc. | 6,300 | 81,945 | |||||
#* | Synchro Food Co., Ltd. | 47,900 | 219,171 | |||||
Toei Animation Co., Ltd. | 54,100 | 2,523,831 | ||||||
Toei Co., Ltd. | 26,000 | 3,600,326 | ||||||
Tohokushinsha Film Corp. | 90,500 | 541,349 | ||||||
# | Tow Co., Ltd. | 138,400 | 986,930 |
81
The Japanese Small Company Series
continued
Shares | Value» | |||||||
COMMUNICATION SERVICES — (Continued) | ||||||||
TV Asahi Holdings Corp. | 3,500 | $ | 54,666 | |||||
Tv Tokyo Holdings Corp. | 103,500 | 2,154,492 | ||||||
# | Usen-Next Holdings Co., Ltd. | 97,100 | 923,654 | |||||
ValueCommerce Co., Ltd. | 113,500 | 1,746,226 | ||||||
#* | V-Cube, Inc. | 112,200 | 467,793 | |||||
* | Vector, Inc. | 206,200 | 1,938,765 | |||||
* | Vision, Inc. | 128,400 | 1,883,010 | |||||
Wowow, Inc. | 45,800 | 1,101,619 | ||||||
#* | Zappallas, Inc. | 55,900 | 211,039 | |||||
# | Zenrin Co., Ltd. | 287,150 | 5,200,440 | |||||
ZIGExN Co., Ltd. | 445,600 | 2,389,351 | ||||||
TOTAL COMMUNICATION SERVICES | 100,852,769 | |||||||
CONSUMER DISCRETIONARY — (18.0%) | ||||||||
Adastria Co., Ltd. | 156,440 | 3,847,633 | ||||||
# | Adventure, Inc. | 8,800 | 225,075 | |||||
Aeon Fantasy Co., Ltd. | 65,032 | 1,770,789 | ||||||
* | AGORA Hospitality Group Co., Ltd. | 341,200 | 107,140 | |||||
Ahresty Corp. | 158,000 | 802,379 | ||||||
Aigan Co., Ltd. | 86,100 | 204,565 | ||||||
Ainavo Holdings Co., Ltd. | 5,600 | 49,124 | ||||||
Aisan Industry Co., Ltd. | 273,500 | 2,261,239 | ||||||
#* | Akebono Brake Industry Co., Ltd. | 396,600 | 756,980 | |||||
# | Alleanza Holdings Co., Ltd. | 99,000 | 747,685 | |||||
Alpen Co., Ltd. | 133,200 | 2,117,495 | ||||||
Alpha Corp. | 52,600 | 633,778 | ||||||
Amiyaki Tei Co., Ltd. | 32,000 | 1,015,856 | ||||||
AOKI Holdings, Inc. | 287,400 | 2,923,979 | ||||||
Aoyama Trading Co., Ltd. | 343,700 | 6,047,259 | ||||||
Arata Corp. | 102,100 | 3,827,662 | ||||||
Arcland Sakamoto Co., Ltd. | 228,600 | 2,696,614 | ||||||
Arcland Service Holdings Co., Ltd. | 110,400 | 1,961,823 | ||||||
Asahi Co., Ltd. | 114,000 | 1,264,340 | ||||||
Asante, Inc. | 49,700 | 959,945 | ||||||
Ashimori Industry Co., Ltd. | 30,899 | 426,010 | ||||||
ASKUL Corp. | 47,300 | 1,299,292 | ||||||
# | Asti Corp. | 20,800 | 347,250 | |||||
# | Atom Corp. | 738,900 | 6,818,472 | |||||
Atsugi Co., Ltd. | 127,300 | 965,474 | ||||||
* | Aucfan Co., Ltd. | 3,100 | 22,423 | |||||
Aucnet, Inc. | 22,400 | 307,650 | ||||||
Autobacs Seven Co., Ltd. | 555,300 | 9,166,960 | ||||||
Baroque Japan, Ltd. | 96,500 | 833,222 | ||||||
* | Beaglee, Inc. | 35,400 | 325,218 | |||||
Beauty Garage, Inc. | 18,600 | 285,738 | ||||||
Belluna Co., Ltd. | 383,700 | 2,508,445 | ||||||
Bic Camera, Inc. | 181,000 | 1,976,172 | ||||||
# | Bookoff Group Holdings, Ltd. | 68,800 | 741,583 | |||||
# | BRONCO BILLY Co., Ltd. | 86,800 | 2,170,521 | |||||
# | Can Do Co., Ltd. | 71,000 | 1,049,436 | |||||
Central Automotive Products, Ltd. | 85,400 | 1,671,348 | ||||||
Central Sports Co., Ltd. | 52,100 | 1,573,979 | ||||||
# | Chikaranomoto Holdings Co., Ltd. | 35,400 | 275,443 | |||||
CHIMNEY Co., Ltd. | 37,900 | 847,118 | ||||||
Chiyoda Co., Ltd. | 124,200 | 1,840,500 | ||||||
Chofu Seisakusho Co., Ltd. | 143,500 | 3,321,919 | ||||||
Choushimaru Co., Ltd. | 6,300 | 79,021 | ||||||
Chuo Spring Co., Ltd. | 20,000 | 540,835 | ||||||
Cleanup Corp. | 149,800 | 802,113 |
82
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
Coco's Japan Co., Ltd. | 57,700 | $ | 721,143 | |||||
Colowide Co., Ltd. | 338,700 | 6,567,581 | ||||||
Corona Corp. | 105,500 | 1,130,807 | ||||||
Create Restaurants Holdings, Inc. | 346,200 | 5,944,994 | ||||||
Cross Plus, Inc. | 9,800 | 57,379 | ||||||
Daido Metal Co., Ltd. | 312,200 | 1,980,451 | ||||||
# | Daidoh, Ltd. | 101,300 | 266,226 | |||||
Daikoku Denki Co., Ltd. | 62,000 | 878,182 | ||||||
Daikyonishikawa Corp. | 274,100 | 2,105,795 | ||||||
Dainichi Co., Ltd. | 68,900 | 439,653 | ||||||
# | DCM Holdings Co., Ltd. | 824,900 | 8,165,844 | |||||
DD Holdings Co., Ltd. | 60,400 | 894,478 | ||||||
Descente, Ltd. | 182,100 | 2,334,129 | ||||||
Doshisha Co., Ltd. | 176,500 | 2,797,044 | ||||||
Doutor Nichires Holdings Co., Ltd. | 213,186 | 4,268,925 | ||||||
# | Dynic Corp. | 42,200 | 304,363 | |||||
Eagle Industry Co., Ltd. | 202,100 | 2,029,614 | ||||||
# | EAT&Co, Ltd. | 33,000 | 542,664 | |||||
# | EDION Corp. | 552,600 | 5,491,813 | |||||
#* | Enigmo, Inc. | 183,400 | 1,615,546 | |||||
ES-Con Japan, Ltd. | 200,400 | 1,630,044 | ||||||
ESCRIT, Inc. | 47,100 | 363,522 | ||||||
Eslead Corp. | 59,800 | 1,121,334 | ||||||
ESTELLE Holdings Co., Ltd. | 12,600 | 75,854 | ||||||
Exedy Corp. | 225,100 | 5,302,153 | ||||||
FCC Co., Ltd. | 286,300 | 5,923,643 | ||||||
Felissimo Corp. | 21,200 | 205,294 | ||||||
Fields Corp. | 119,200 | 597,344 | ||||||
Fine Sinter Co., Ltd. | 10,300 | 193,376 | ||||||
# | First Juken Co., Ltd. | 51,200 | 633,448 | |||||
# | First-corp, Inc. | 45,300 | 293,858 | |||||
# | FJ Next Co., Ltd. | 116,100 | 1,206,326 | |||||
Foster Electric Co., Ltd. | 151,200 | 2,703,198 | ||||||
France Bed Holdings Co., Ltd. | 153,900 | 1,440,566 | ||||||
F-Tech, Inc. | 104,800 | 743,089 | ||||||
Fuji Co., Ltd. | 148,400 | 2,670,113 | ||||||
# | Fuji Corp. | 40,200 | 820,133 | |||||
Fuji Corp., Ltd. | 200,800 | 1,328,651 | ||||||
# | Fuji Kyuko Co., Ltd. | 48,200 | 1,925,714 | |||||
Fujibo Holdings, Inc. | 77,700 | 2,440,905 | ||||||
Fujikura Composites, Inc. | 145,600 | 598,333 | ||||||
# | Fujio Food System Co., Ltd. | 58,100 | 1,662,844 | |||||
Fujishoji Co., Ltd. | 55,100 | 483,653 | ||||||
Fujita Kanko, Inc. | 59,200 | 1,581,038 | ||||||
# | Fujitsu General, Ltd. | 512,500 | 9,251,020 | |||||
FuKoKu Co., Ltd. | 67,200 | 450,806 | ||||||
* | Funai Electric Co., Ltd. | 139,000 | 766,220 | |||||
# | Furukawa Battery Co., Ltd. (The) | 101,100 | 625,320 | |||||
Furyu Corp. | 100,400 | 905,769 | ||||||
Futaba Industrial Co., Ltd. | 448,000 | 3,167,482 | ||||||
# | Gakkyusha Co., Ltd. | 50,900 | 601,563 | |||||
# | Genki Sushi Co., Ltd. | 38,000 | 975,169 | |||||
Geo Holdings Corp. | 245,000 | 3,053,197 | ||||||
# | Gfoot Co., Ltd. | 98,100 | 562,016 | |||||
GLOBERIDE, Inc. | 63,399 | 1,617,876 | ||||||
# | Gokurakuyu Holdings Co., Ltd. | 82,500 | 405,086 | |||||
# | Golf Digest Online, Inc. | 72,900 | 473,092 | |||||
Greens Co., Ltd. | 32,000 | 397,159 | ||||||
GSI Creos Corp. | 31,592 | 326,311 |
83
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
G-Tekt Corp. | 147,400 | $ | 2,541,220 | |||||
Gunze, Ltd. | 122,200 | 5,317,109 | ||||||
H2O Retailing Corp. | 289,200 | 3,279,970 | ||||||
# | Hagihara Industries, Inc. | 99,300 | 1,492,009 | |||||
# | Hakuyosha Co., Ltd. | 13,600 | 368,559 | |||||
# | Hamee Corp. | 36,100 | 415,297 | |||||
# | Handsman Co., Ltd. | 40,600 | 466,501 | |||||
Happinet Corp. | 123,800 | 1,561,943 | ||||||
# | Harada Industry Co., Ltd. | 65,600 | 556,726 | |||||
Hard Off Corp. Co., Ltd. | 69,200 | 503,342 | ||||||
Haruyama Holdings, Inc. | 59,700 | 456,826 | ||||||
Heian Ceremony Service Co., Ltd. | 8,300 | 66,728 | ||||||
Hiday Hidaka Corp. | 182,765 | 3,573,782 | ||||||
# | HI-LEX Corp. | 122,100 | 1,908,980 | |||||
Himaraya Co., Ltd. | 35,900 | 282,682 | ||||||
Hinokiya Group Co., Ltd. | 49,000 | 940,608 | ||||||
Hiramatsu, Inc. | 170,200 | 500,143 | ||||||
# | HIS Co., Ltd. | 118,700 | 3,080,357 | |||||
H-One Co., Ltd. | 144,500 | 976,075 | ||||||
Honeys Holdings Co., Ltd. | 183,340 | 2,308,166 | ||||||
Hoosiers Holdings | 368,500 | 2,297,582 | ||||||
#* | Hotland Co., Ltd. | 66,900 | 745,520 | |||||
# | House Do Co., Ltd. | 28,700 | 486,258 | |||||
# | HUB Co., Ltd. | 36,400 | 353,830 | |||||
# | I K K, Inc. | 67,800 | 442,399 | |||||
IBJ, Inc. | 69,100 | 627,937 | ||||||
Ichibanya Co., Ltd. | 119,558 | 5,589,826 | ||||||
Ichikoh Industries, Ltd. | 162,000 | 1,288,491 | ||||||
IDOM, Inc. | 449,900 | 1,902,366 | ||||||
IJTT Co., Ltd. | 170,180 | 844,493 | ||||||
Imasen Electric Industrial | 128,100 | 1,108,652 | ||||||
#* | Istyle, Inc. | 307,900 | 2,114,091 | |||||
Izuhakone Railway Co., Ltd. | 300 | 0 | ||||||
Janome Sewing Machine Co., Ltd. | 104,900 | 400,822 | ||||||
# | Japan Best Rescue System Co., Ltd. | 114,400 | 1,171,538 | |||||
Japan Wool Textile Co., Ltd. (The) | 378,600 | 3,721,827 | ||||||
# | JFLA Holdings, Inc. | 106,300 | 395,432 | |||||
JINS Holdings, Inc. | 110,400 | 6,897,574 | ||||||
# | Joban Kosan Co., Ltd. | 46,199 | 748,786 | |||||
Joshin Denki Co., Ltd. | 133,200 | 2,670,839 | ||||||
Joyful Honda Co., Ltd. | 9,000 | 114,370 | ||||||
JP-Holdings, Inc. | 356,800 | 946,216 | ||||||
JVCKenwood Corp. | 747,400 | 2,178,456 | ||||||
Kappa Create Co., Ltd. | 74,600 | 963,161 | ||||||
Kasai Kogyo Co., Ltd. | 204,200 | 1,652,708 | ||||||
Kawai Musical Instruments Manufacturing Co., Ltd. | 38,500 | 1,086,785 | ||||||
Keihin Corp. | 340,100 | 8,085,072 | ||||||
Keiyo Co., Ltd. | 286,400 | 1,397,941 | ||||||
KFC Holdings Japan, Ltd. | 69,400 | 1,485,898 | ||||||
King Co., Ltd. | 54,100 | 288,206 | ||||||
Kintetsu Department Store Co., Ltd. | 61,900 | 1,973,277 | ||||||
Ki-Star Real Estate Co., Ltd. | 50,600 | 908,419 | ||||||
* | KNT-CT Holdings Co., Ltd. | 78,700 | 1,107,244 | |||||
Kohnan Shoji Co., Ltd. | 171,100 | 3,973,354 | ||||||
Kojima Co., Ltd. | 251,600 | 991,180 | ||||||
Komatsu Matere Co., Ltd. | 231,000 | 1,792,804 | ||||||
KOMEDA Holdings Co., Ltd. | 388,500 | 7,551,040 | ||||||
Komehyo Co., Ltd. | 53,500 | 542,250 | ||||||
Komeri Co., Ltd. | 245,500 | 5,261,138 |
84
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
# | Konaka Co., Ltd. | 173,606 | $ | 675,697 | ||||
Koshidaka Holdings Co., Ltd. | 265,600 | 3,856,776 | ||||||
Kourakuen Holdings Corp. | 82,400 | 1,536,612 | ||||||
KU Holdings Co., Ltd. | 127,700 | 1,033,348 | ||||||
Kura Sushi, Inc. | 83,700 | 3,521,230 | ||||||
Kurabo Industries, Ltd. | 126,500 | 2,896,400 | ||||||
Kushikatsu Tanaka Holdings Co. | 17,800 | 391,082 | ||||||
* | KYB Corp. | 181,600 | 5,799,552 | |||||
Kyoritsu Maintenance Co., Ltd. | 96,262 | 4,258,234 | ||||||
# | Kyoto Kimono Yuzen Co., Ltd. | 29,100 | 94,511 | |||||
* | Laox Co., Ltd. | 153,800 | 386,316 | |||||
LEC, Inc. | 184,500 | 1,857,229 | ||||||
#* | LIKE Kids, Inc. | 43,600 | 366,027 | |||||
* | Litalico, Inc. | 42,200 | 886,842 | |||||
LIXIL VIVA Corp. | 176,800 | 3,056,909 | ||||||
Look Holdings, Inc. | 36,700 | 382,440 | ||||||
Mamiya-Op Co., Ltd. | 32,700 | 301,928 | ||||||
Mars Group Holdings Corp. | 96,500 | 1,785,213 | ||||||
Maruzen CHI Holdings Co., Ltd. | 122,900 | 428,121 | ||||||
# | Matsuya Co., Ltd. | 165,400 | 1,279,490 | |||||
Matsuyafoods Holdings Co., Ltd. | 73,300 | 2,755,571 | ||||||
Media Do Holdings Co., Ltd. | 37,400 | 1,167,939 | ||||||
# | Meiko Network Japan Co., Ltd. | 170,600 | 1,515,549 | |||||
Meiwa Estate Co., Ltd. | 92,300 | 492,205 | ||||||
Mikuni Corp. | 174,900 | 582,643 | ||||||
Misawa Homes Co., Ltd. | 138,000 | 1,480,050 | ||||||
Mitsuba Corp. | 219,790 | 1,386,984 | ||||||
Mizuno Corp. | 147,900 | 3,868,392 | ||||||
Monogatari Corp. (The) | 41,200 | 3,558,213 | ||||||
Morito Co., Ltd. | 115,800 | 859,562 | ||||||
MRK Holdings, Inc. | 15,300 | 25,035 | ||||||
# | MrMax Holdings, Ltd. | 179,000 | 793,928 | |||||
Murakami Corp. | 30,200 | 706,243 | ||||||
Musashi Seimitsu Industry Co., Ltd. | 380,200 | 5,281,530 | ||||||
Nafco Co., Ltd. | 50,300 | 602,890 | ||||||
Nagase Brothers, Inc. | 200 | 9,821 | ||||||
Nagawa Co., Ltd. | 50,100 | 3,050,667 | ||||||
Nakayamafuku Co., Ltd. | 74,400 | 386,779 | ||||||
New Art Holdings Co., Ltd. | 5,634 | 41,752 | ||||||
Nextage Co., Ltd. | 217,100 | 2,154,131 | ||||||
NHK Spring Co., Ltd. | 398,400 | 3,254,610 | ||||||
Nichirin Co., Ltd. | 69,660 | 1,106,227 | ||||||
# | Nihon House Holdings Co., Ltd. | 357,500 | 1,673,035 | |||||
Nihon Plast Co., Ltd. | 122,500 | 843,223 | ||||||
Nihon Tokushu Toryo Co., Ltd. | 87,400 | 955,964 | ||||||
Nikki Co., Ltd. | 2,100 | 44,397 | ||||||
Nippon Felt Co., Ltd. | 84,000 | 387,144 | ||||||
# | Nippon Piston Ring Co., Ltd. | 46,000 | 583,294 | |||||
Nippon Seiki Co., Ltd. | 357,100 | 5,521,266 | ||||||
Nishikawa Rubber Co., Ltd. | 31,700 | 510,879 | ||||||
Nishimatsuya Chain Co., Ltd. | 389,800 | 3,468,851 | ||||||
Nissan Shatai Co., Ltd. | 530,700 | 4,890,639 | ||||||
Nissan Tokyo Sales Holdings Co., Ltd. | 178,000 | 495,917 | ||||||
Nissin Kogyo Co., Ltd. | 316,900 | 6,489,785 | ||||||
Nittan Valve Co., Ltd. | 93,500 | 241,188 | ||||||
Nojima Corp. | 228,900 | 4,060,516 | ||||||
Ohashi Technica, Inc. | 73,600 | 1,018,534 | ||||||
Ohsho Food Service Corp. | 108,000 | 6,526,014 | ||||||
#* | Oisix ra daichi, Inc. | 63,300 | 816,413 |
85
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
Onward Holdings Co., Ltd. | 838,200 | $ | 4,845,765 | |||||
Ootoya Holdings Co., Ltd. | 40,200 | 850,516 | ||||||
* | Open Door, Inc. | 69,400 | 1,327,571 | |||||
Ozu Corp. | 24,400 | 419,524 | ||||||
Pacific Industrial Co., Ltd. | 372,500 | 5,082,855 | ||||||
PAL GROUP Holdings Co., Ltd. | 83,600 | 2,643,063 | ||||||
# | PAPYLESS Co., Ltd. | 34,600 | 658,568 | |||||
Parco Co., Ltd. | 187,800 | 2,263,158 | ||||||
Paris Miki Holdings, Inc. | 180,100 | 476,422 | ||||||
PC Depot Corp. | 223,881 | 994,699 | ||||||
People Co., Ltd. | 19,600 | 241,928 | ||||||
Pepper Food Service Co., Ltd. | 70,600 | 1,071,712 | ||||||
# | PIA Corp. | 35,500 | 1,523,397 | |||||
Piolax, Inc. | 225,200 | 4,404,250 | ||||||
Plenus Co., Ltd. | 151,700 | 2,634,237 | ||||||
Press Kogyo Co., Ltd. | 636,000 | 2,697,579 | ||||||
Pressance Corp. | 281,800 | 4,604,989 | ||||||
Raccoon Holdings, Inc. | 90,200 | 570,408 | ||||||
Regal Corp. | 1,500 | 36,469 | ||||||
Renaissance, Inc. | 93,100 | 1,442,204 | ||||||
#* | Renown, Inc. | 345,000 | 362,728 | |||||
Resol Holdings Co., Ltd. | 10,399 | 386,984 | ||||||
Resorttrust, Inc. | 415,300 | 6,627,412 | ||||||
Rhythm Watch Co., Ltd. | 53,800 | 504,241 | ||||||
Riberesute Corp. | 60,400 | 488,103 | ||||||
Ride On Express Holdings Co., Ltd. | 54,600 | 686,994 | ||||||
# | Right On Co., Ltd. | 143,325 | 754,028 | |||||
Riken Corp. | 69,100 | 2,563,821 | ||||||
# | Ringer Hut Co., Ltd. | 178,600 | 4,005,722 | |||||
Riso Kyoiku Co., Ltd. | 723,600 | 2,778,028 | ||||||
Round One Corp. | 525,500 | 6,776,104 | ||||||
# | Royal Holdings Co., Ltd. | 227,100 | 5,735,265 | |||||
* | Royal Hotel, Ltd. (The) | 2,100 | 32,478 | |||||
Sac's Bar Holdings, Inc. | 138,350 | 1,140,595 | ||||||
Saizeriya Co., Ltd. | 233,900 | 5,310,498 | ||||||
Sakai Ovex Co., Ltd. | 32,199 | 555,127 | ||||||
San Holdings, Inc. | 62,200 | 647,911 | ||||||
* | Sanden Holdings Corp. | 97,400 | 634,289 | |||||
Sanei Architecture Planning Co., Ltd. | 80,900 | 1,156,268 | ||||||
Sangetsu Corp. | 349,650 | 6,610,765 | ||||||
Sankyo Seiko Co., Ltd. | 252,500 | 1,316,452 | ||||||
# | Sanoh Industrial Co., Ltd. | 193,000 | 2,414,346 | |||||
Sanyei Corp. | 4,300 | 128,334 | ||||||
# | Sanyo Electric Railway Co., Ltd. | 127,298 | 2,553,089 | |||||
Sanyo Housing Nagoya Co., Ltd. | 79,600 | 701,281 | ||||||
Sanyo Shokai, Ltd. | 102,099 | 1,357,117 | ||||||
Scroll Corp. | 206,200 | 646,018 | ||||||
# | Seiko Holdings Corp. | 217,781 | 5,347,835 | |||||
Seiren Co., Ltd. | 380,600 | 4,692,112 | ||||||
#* | Senshukai Co., Ltd. | 230,700 | 649,802 | |||||
Seria Co., Ltd. | 65,300 | 1,641,371 | ||||||
SFP Holdings Co., Ltd. | 67,100 | 1,376,325 | ||||||
#* | Shidax Corp. | 143,400 | 352,224 | |||||
Shikibo, Ltd. | 65,500 | 567,222 | ||||||
Shimachu Co., Ltd. | 290,000 | 7,866,625 | ||||||
Shimojima Co., Ltd. | 46,100 | 514,231 | ||||||
Shoei Co., Ltd. | 92,700 | 4,035,207 | ||||||
Showa Corp. | 399,000 | 8,336,955 | ||||||
Snow Peak, Inc. | 62,700 | 620,885 |
86
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
SNT Corp. | 237,700 | $ | 949,494 | |||||
Soft99 Corp. | 83,400 | 772,469 | ||||||
# | Sotoh Co., Ltd. | 47,400 | 435,458 | |||||
Space Value Holdings Co., Ltd. | 239,300 | 1,146,171 | ||||||
SPK Corp. | 22,700 | 593,490 | ||||||
SRS Holdings Co., Ltd. | 127,600 | 1,233,043 | ||||||
St Marc Holdings Co., Ltd. | 125,700 | 2,804,011 | ||||||
Starts Corp., Inc. | 267,400 | 6,896,285 | ||||||
Step Co., Ltd. | 64,000 | 840,251 | ||||||
Studio Alice Co., Ltd. | 65,900 | 1,179,969 | ||||||
#* | Studio Atao Co., Ltd. | 1,000 | 5,737 | |||||
# | Suminoe Textile Co., Ltd. | 39,900 | 1,101,185 | |||||
Sumitomo Riko Co., Ltd. | 293,300 | 2,552,077 | ||||||
Suncall Corp. | 132,600 | 595,464 | ||||||
Sushiro Global Holdings, Ltd. | 55,600 | 3,822,662 | ||||||
# | Syuppin Co., Ltd. | 124,400 | 1,076,163 | |||||
T RAD Co., Ltd. | 49,000 | 956,920 | ||||||
Tachikawa Corp. | 75,300 | 987,512 | ||||||
Tachi-S Co., Ltd. | 226,340 | 3,006,142 | ||||||
Taiho Kogyo Co., Ltd. | 120,900 | 967,028 | ||||||
Takashimaya Co., Ltd. | 198,300 | 2,301,870 | ||||||
# | Take And Give Needs Co., Ltd. | 65,910 | 765,235 | |||||
# | Takihyo Co., Ltd. | 36,800 | 646,507 | |||||
# | Tama Home Co., Ltd. | 135,200 | 2,361,187 | |||||
Tamron Co., Ltd. | 137,300 | 2,998,224 | ||||||
# | Tbk Co., Ltd. | 163,200 | 682,932 | |||||
# | Tear Corp. | 60,900 | 337,705 | |||||
# | Temairazu, Inc. | 9,100 | 387,498 | |||||
Tenpos Holdings Co., Ltd. | 33,300 | 673,894 | ||||||
T-Gaia Corp. | 160,300 | 3,855,128 | ||||||
Tigers Polymer Corp. | 87,800 | 510,659 | ||||||
#* | TKP Corp. | 9,900 | 434,449 | |||||
Toa Corp. | 187,600 | 2,155,691 | ||||||
Toabo Corp. | 52,099 | 267,001 | ||||||
Tokai Rika Co., Ltd. | 300,400 | 5,797,803 | ||||||
Token Corp. | 51,850 | 3,325,179 | ||||||
* | Tokyo Base Co., Ltd. | 109,300 | 740,898 | |||||
Tokyo Dome Corp. | 691,400 | 6,097,931 | ||||||
Tokyo Individualized Educational Institute, Inc. | 98,900 | 721,399 | ||||||
# | Tokyo Radiator Manufacturing Co., Ltd. | 24,300 | 215,865 | |||||
Tokyotokeiba Co., Ltd. | 92,300 | 2,914,557 | ||||||
# | Tokyu Recreation Co., Ltd. | 20,700 | 965,284 | |||||
Tomy Co., Ltd. | 685,193 | 7,430,421 | ||||||
Topre Corp. | 263,500 | 4,572,427 | ||||||
Toridoll Holdings Corp. | 178,500 | 4,076,589 | ||||||
# | Torikizoku Co., Ltd. | 42,500 | 785,198 | |||||
Tosho Co., Ltd. | 124,000 | 2,532,402 | ||||||
# | Toyo Tire Corp. | 264,600 | 3,690,709 | |||||
TPR Co., Ltd. | 171,400 | 3,068,412 | ||||||
Treasure Factory Co., Ltd. | 6,500 | 70,975 | ||||||
TS Tech Co., Ltd. | 68,700 | 2,200,286 | ||||||
TSI Holdings Co., Ltd. | 513,195 | 2,680,402 | ||||||
Tsukada Global Holdings, Inc. | 112,500 | 631,973 | ||||||
Tsukamoto Corp. Co., Ltd. | 19,000 | 193,565 | ||||||
Tsutsumi Jewelry Co., Ltd. | 57,100 | 1,037,641 | ||||||
#* | Umenohana Co., Ltd. | 22,200 | 520,050 | |||||
Unipres Corp. | 314,000 | 5,135,685 | ||||||
United Arrows, Ltd. | 177,600 | 5,429,082 | ||||||
#* | Unitika, Ltd. | 484,900 | 1,507,146 |
87
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
#* | VIA Holdings, Inc. | 155,400 | $ | 963,927 | ||||
# | Village Vanguard Co., Ltd. | 38,600 | 395,753 | |||||
#* | Visionary Holdings Co., Ltd. | 50,110 | 173,730 | |||||
VT Holdings Co., Ltd. | 611,700 | 2,733,557 | ||||||
Wacoal Holdings Corp. | 286,500 | 7,532,489 | ||||||
Waseda Academy Co., Ltd. | 27,000 | 220,735 | ||||||
WATAMI Co., Ltd. | 177,900 | 2,320,340 | ||||||
Watts Co., Ltd. | 59,800 | 339,217 | ||||||
# | Weds Co., Ltd. | 14,500 | 79,810 | |||||
Xebio Holdings Co., Ltd. | 202,000 | 2,263,699 | ||||||
Yachiyo Industry Co., Ltd. | 54,900 | 331,012 | ||||||
Yagi & Co., Ltd. | 18,600 | 275,287 | ||||||
Yamato International, Inc. | 119,800 | 430,868 | ||||||
# | Yasunaga Corp. | 54,500 | 688,881 | |||||
Yellow Hat, Ltd. | 261,800 | 4,262,219 | ||||||
# | Yomiuri Land Co., Ltd. | 31,800 | 1,362,501 | |||||
# | Yondoshi Holdings, Inc. | 132,420 | 3,224,333 | |||||
Yorozu Corp. | 150,500 | 1,923,370 | ||||||
Yoshinoya Holdings Co., Ltd. | 163,200 | 3,794,939 | ||||||
Yossix Co., Ltd. | 22,600 | 627,229 | ||||||
# | Yume No Machi Souzou Iinkai Co., Ltd. | 123,400 | 1,134,774 | |||||
Yutaka Giken Co., Ltd. | 8,700 | 150,133 | ||||||
Zojirushi Corp. | 209,300 | 3,211,798 | ||||||
TOTAL CONSUMER DISCRETIONARY | 684,329,291 | |||||||
CONSUMER STAPLES — (7.1%) | ||||||||
Aeon Hokkaido Corp. | 256,300 | 1,879,381 | ||||||
AFC-HD AMS Life Science Co., Ltd. | 53,100 | 320,941 | ||||||
Ain Holdings, Inc. | 27,000 | 1,544,916 | ||||||
Albis Co., Ltd. | 38,700 | 804,718 | ||||||
Arcs Co., Ltd. | 332,000 | 6,662,205 | ||||||
Artnature, Inc. | 130,100 | 864,206 | ||||||
Axial Retailing, Inc. | 121,300 | 4,689,410 | ||||||
Belc Co., Ltd. | 82,600 | 3,972,775 | ||||||
# | Bourbon Corp. | 50,700 | 790,256 | |||||
Bull-Dog Sauce Co., Ltd. | 3,000 | 30,848 | ||||||
Cawachi, Ltd. | 64,800 | 1,321,915 | ||||||
# | C'BON COSMETICS Co., Ltd. | 10,800 | 253,183 | |||||
Chubu Shiryo Co., Ltd. | 175,100 | 2,043,550 | ||||||
Chuo Gyorui Co., Ltd. | 9,800 | 244,903 | ||||||
cocokara fine, Inc. | 149,160 | 8,224,476 | ||||||
# | Como Co., Ltd. | 2,600 | 57,071 | |||||
# | Cota Co., Ltd. | 84,221 | 1,041,120 | |||||
Create SD Holdings Co., Ltd. | 191,800 | 4,752,089 | ||||||
Daikokutenbussan Co., Ltd. | 46,500 | 1,450,770 | ||||||
Delica Foods Holdings Co., Ltd. | 64,200 | 410,046 | ||||||
DyDo Group Holdings, Inc. | 73,000 | 3,043,200 | ||||||
Earth Corp. | 15,300 | 807,564 | ||||||
Ebara Foods Industry, Inc. | 27,900 | 559,134 | ||||||
Eco's Co., Ltd. | 54,000 | 821,500 | ||||||
Ensuiko Sugar Refining Co., Ltd. | 86,200 | 169,333 | ||||||
Feed One Co., Ltd. | 975,940 | 1,528,138 | ||||||
* | First Baking Co., Ltd. | 12,000 | 107,600 | |||||
Fujicco Co., Ltd. | 152,300 | 2,773,749 | ||||||
Fujiya Co., Ltd. | 77,000 | 1,493,528 | ||||||
G-7 Holdings, Inc. | 44,800 | 1,571,728 | ||||||
# | Genky DrugStores Co., Ltd. | 56,700 | 1,268,982 | |||||
# | HABA Laboratories, Inc. | 16,100 | 1,162,927 | |||||
# | Hagoromo Foods Corp. | 19,500 | 468,778 |
88
The Japanese Small Company Series
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Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
Halows Co., Ltd. | 59,300 | $ | 1,453,756 | |||||
Hayashikane Sangyo Co., Ltd. | 29,400 | 197,858 | ||||||
Heiwado Co., Ltd. | 235,500 | 4,362,913 | ||||||
Hokkaido Coca-Cola Bottling Co., Ltd. | 18,699 | 666,148 | ||||||
Hokuto Corp. | 189,700 | 3,413,253 | ||||||
# | Ichimasa Kamaboko Co., Ltd. | 41,800 | 417,358 | |||||
# | Imuraya Group Co., Ltd. | 60,500 | 1,148,023 | |||||
Inageya Co., Ltd. | 121,100 | 1,623,689 | ||||||
Itochu-Shokuhin Co., Ltd. | 36,700 | 1,771,499 | ||||||
Itoham Yonekyu Holdings, Inc. | 156,300 | 1,007,436 | ||||||
Iwatsuka Confectionery Co., Ltd. | 6,900 | 246,834 | ||||||
Japan Meat Co., Ltd. | 77,800 | 1,591,380 | ||||||
J-Oil Mills, Inc. | 75,900 | 3,191,487 | ||||||
Kadoya Sesame Mills, Inc. | 15,600 | 570,262 | ||||||
Kakiyasu Honten Co., Ltd. | 65,000 | 1,291,716 | ||||||
Kameda Seika Co., Ltd. | 93,700 | 4,214,724 | ||||||
# | Kaneko Seeds Co., Ltd. | 43,900 | 617,006 | |||||
# | Kanemi Co., Ltd. | 5,400 | 150,245 | |||||
Kansai Super Market, Ltd. | 89,900 | 870,889 | ||||||
Kato Sangyo Co., Ltd. | 188,500 | 5,983,543 | ||||||
Kenko Mayonnaise Co., Ltd. | 93,700 | 2,211,759 | ||||||
Key Coffee, Inc. | 109,400 | 2,357,804 | ||||||
Kirindo Holdings Co., Ltd. | 50,800 | 1,016,905 | ||||||
# | Kitanotatsujin Corp. | 378,400 | 2,153,939 | |||||
Kotobuki Spirits Co., Ltd. | 108,000 | 7,431,833 | ||||||
Kyokuyo Co., Ltd. | 70,399 | 1,884,864 | ||||||
# | Lacto Japan Co., Ltd. | 33,800 | 1,099,534 | |||||
Life Corp. | 152,800 | 3,507,174 | ||||||
Mandom Corp. | 5,900 | 163,500 | ||||||
Marudai Food Co., Ltd. | 157,300 | 3,388,449 | ||||||
Maruha Nichiro Corp. | 175,507 | 4,558,319 | ||||||
Maxvalu Nishinihon Co., Ltd. | 2,100 | 33,015 | ||||||
Maxvalu Tokai Co., Ltd. | 49,300 | 1,008,155 | ||||||
Medical System Network Co., Ltd. | 169,200 | 843,921 | ||||||
Megmilk Snow Brand Co., Ltd. | 227,500 | 5,471,698 | ||||||
# | Meito Sangyo Co., Ltd. | 67,200 | 809,155 | |||||
Milbon Co., Ltd. | 170,552 | 9,341,344 | ||||||
Ministop Co., Ltd. | 118,900 | 1,599,475 | ||||||
Mitsubishi Shokuhin Co., Ltd. | 119,600 | 3,032,687 | ||||||
Mitsui Sugar Co., Ltd. | 126,370 | 2,747,800 | ||||||
Miyoshi Oil & Fat Co., Ltd. | 50,600 | 583,257 | ||||||
Morinaga Milk Industry Co., Ltd. | 250,300 | 9,731,214 | ||||||
Morozoff, Ltd. | 20,800 | 992,088 | ||||||
Nagatanien Holdings Co., Ltd. | 83,000 | 1,649,397 | ||||||
Nakamuraya Co., Ltd. | 28,200 | 1,242,270 | ||||||
Natori Co., Ltd. | 68,500 | 1,073,121 | ||||||
# | Nichimo Co., Ltd. | 17,000 | 297,354 | |||||
Nihon Chouzai Co., Ltd. | 52,760 | 1,921,109 | ||||||
Niitaka Co., Ltd. | 2,860 | 46,179 | ||||||
Nippon Beet Sugar Manufacturing Co., Ltd. | 71,600 | 1,403,643 | ||||||
Nippon Flour Mills Co., Ltd. | 425,300 | 6,830,068 | ||||||
Nippon Suisan Kaisha, Ltd. | 908,100 | 5,200,732 | ||||||
Nishimoto Co., Ltd. | 8,700 | 280,506 | ||||||
Nisshin Oillio Group, Ltd. (The) | 201,900 | 7,069,874 | ||||||
Nissin Sugar Co., Ltd. | 117,300 | 2,167,418 | ||||||
Nitto Fuji Flour Milling Co., Ltd. | 8,100 | 474,335 | ||||||
Noevir Holdings Co., Ltd. | 28,000 | 1,511,395 | ||||||
Oenon Holdings, Inc. | 444,900 | 1,639,620 | ||||||
# | OIE Sangyo Co., Ltd. | 22,000 | 266,134 |
89
The Japanese Small Company Series
continued
Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
Okuwa Co., Ltd. | 180,900 | $ | 2,274,771 | |||||
# | Olympic Group Corp. | 62,300 | 352,536 | |||||
OUG Holdings, Inc. | 19,800 | 521,780 | ||||||
Pickles Corp. | 30,100 | 735,361 | ||||||
# | Plant Co., Ltd. | 29,100 | 193,716 | |||||
Prima Meat Packers, Ltd. | 228,000 | 5,634,267 | ||||||
Qol Holdings Co., Ltd. | 165,300 | 2,314,319 | ||||||
Retail Partners Co., Ltd. | 111,200 | 916,262 | ||||||
Riken Vitamin Co., Ltd. | 80,200 | 2,860,068 | ||||||
# | Rock Field Co., Ltd. | 151,400 | 2,061,052 | |||||
Rokko Butter Co., Ltd. | 98,200 | 1,647,618 | ||||||
S Foods, Inc. | 136,562 | 3,679,314 | ||||||
# | S&B Foods, Inc. | 42,798 | 1,616,674 | |||||
# | Sagami Rubber Industries Co., Ltd. | 63,300 | 859,923 | |||||
San-A Co., Ltd. | 145,400 | 6,884,997 | ||||||
Sapporo Holdings, Ltd. | 324,600 | 8,163,072 | ||||||
Sato Foods Co., Ltd. | 800 | 27,391 | ||||||
Satudora Holdings Co., Ltd. | 1,300 | 21,343 | ||||||
Shinobu Foods Products Co., Ltd. | 1,600 | 10,055 | ||||||
# | Shoei Foods Corp. | 83,600 | 2,455,523 | |||||
# | Showa Sangyo Co., Ltd. | 145,400 | 4,222,789 | |||||
Sogo Medical Holdings Co., Ltd. | 131,900 | 2,284,072 | ||||||
ST Corp. | 9,300 | 141,372 | ||||||
Starzen Co., Ltd. | 54,400 | 2,293,034 | ||||||
# | Toho Co., Ltd. | 55,000 | 887,197 | |||||
# | Tohto Suisan Co., Ltd. | 18,099 | 441,825 | |||||
# | Torigoe Co., Ltd. (The) | 106,700 | 920,161 | |||||
Toyo Sugar Refining Co., Ltd. | 15,700 | 161,333 | ||||||
Transaction Co., Ltd. | 92,400 | 814,575 | ||||||
# | United Super Markets Holdings, Inc. | 449,500 | 4,043,134 | |||||
Valor Holdings Co., Ltd. | 283,500 | 4,837,160 | ||||||
Warabeya Nichiyo Holdings Co., Ltd. | 102,960 | 1,812,573 | ||||||
# | Watahan & Co., Ltd. | 48,700 | 929,136 | |||||
# | Yaizu Suisankagaku Industry Co., Ltd. | 62,100 | 592,492 | |||||
YAKUODO Holdings Co., Ltd. | 81,300 | 1,960,082 | ||||||
Yamami Co. | 1,200 | 22,465 | ||||||
# | YA-MAN, Ltd. | 201,100 | 1,300,839 | |||||
Yamatane Corp. | 67,600 | 883,859 | ||||||
Yamaya Corp. | 28,500 | 554,374 | ||||||
Yamazawa Co., Ltd. | 11,000 | 168,368 | ||||||
Yaoko Co., Ltd. | 12,800 | 597,008 | ||||||
Yokohama Reito Co., Ltd. | 359,400 | 3,565,182 | ||||||
# | Yomeishu Seizo Co., Ltd. | 52,300 | 951,297 | |||||
# | Yuasa Funashoku Co., Ltd. | 14,300 | 485,007 | |||||
Yutaka Foods Corp. | 3,900 | 59,744 | ||||||
TOTAL CONSUMER STAPLES | 269,125,123 | |||||||
ENERGY — (1.3%) | ||||||||
BP Castrol K.K. | 53,500 | 740,663 | ||||||
Cosmo Energy Holdings Co., Ltd. | 328,600 | 7,026,906 | ||||||
# | Fuji Kosan Co., Ltd. | 33,100 | 212,819 | |||||
Fuji Oil Co., Ltd. | 506,100 | 1,199,122 | ||||||
Itochu Enex Co., Ltd. | 377,700 | 3,156,050 | ||||||
Iwatani Corp. | 294,300 | 10,205,404 | ||||||
Japan Oil Transportation Co., Ltd. | 16,600 | 432,367 | ||||||
Japan Petroleum Exploration Co., Ltd. | 288,200 | 7,368,589 | ||||||
Mitsuuroko Group Holdings Co., Ltd. | 212,900 | 2,292,940 | ||||||
Modec, Inc. | 128,800 | 3,533,019 | ||||||
Nippon Coke & Engineering Co., Ltd. | 762,100 | 610,796 |
90
The Japanese Small Company Series
continued
Shares | Value» | |||||||
ENERGY — (Continued) | ||||||||
Raiznext Corp. | 361,500 | $ | 3,672,652 | |||||
Sala Corp. | 356,800 | 2,140,459 | ||||||
San-Ai Oil Co., Ltd. | 403,700 | 4,226,434 | ||||||
Sinanen Holdings Co., Ltd. | 58,500 | 1,066,756 | ||||||
Toa Oil Co., Ltd. | 51,700 | 1,186,089 | ||||||
Toyo Kanetsu K.K. | 63,200 | 1,186,492 | ||||||
TOTAL ENERGY | 50,257,557 | |||||||
FINANCIALS — (8.1%) | ||||||||
77 Bank, Ltd. (The) | 471,152 | 7,422,610 | ||||||
# | Advance Create Co., Ltd. | 41,800 | 746,180 | |||||
Aichi Bank, Ltd. (The) | 72,200 | 2,536,035 | ||||||
#* | Aiful Corp. | 2,585,800 | 6,020,665 | |||||
Aizawa Securities Co., Ltd. | 273,600 | 1,879,615 | ||||||
Akatsuki Corp. | 112,400 | 350,101 | ||||||
Akita Bank, Ltd. (The) | 116,540 | 2,377,870 | ||||||
Anicom Holdings, Inc. | 49,900 | 1,834,429 | ||||||
Aomori Bank, Ltd. (The) | 142,900 | 3,821,941 | ||||||
# | Asax Co., Ltd. | 9,300 | 54,148 | |||||
Awa Bank, Ltd. (The) | 259,300 | 6,175,118 | ||||||
Bank of Iwate, Ltd. (The) | 119,900 | 3,125,151 | ||||||
# | Bank of Kochi, Ltd. (The) | 54,300 | 416,107 | |||||
Bank of Nagoya, Ltd. (The) | 96,830 | 2,859,013 | ||||||
Bank of Okinawa, Ltd. (The) | 166,360 | 5,680,717 | ||||||
Bank of Saga, Ltd. (The) | 113,500 | 1,686,983 | ||||||
Bank of the Ryukyus, Ltd. | 237,880 | 2,587,647 | ||||||
# | Bank of Toyama, Ltd. (The) | 14,500 | 356,451 | |||||
Chiba Kogyo Bank, Ltd. (The) | 408,600 | 1,194,130 | ||||||
Chugoku Bank, Ltd. (The) | 391,400 | 3,824,711 | ||||||
# | Chukyo Bank, Ltd. (The) | 81,500 | 1,652,648 | |||||
Daishi Hokuetsu Financial Group, Inc. | 293,700 | 7,442,957 | ||||||
Daito Bank, Ltd. (The) | 67,600 | 372,678 | ||||||
DSB Co., Ltd. | 61,300 | 334,416 | ||||||
eGuarantee, Inc. | 222,100 | 3,113,445 | ||||||
Ehime Bank, Ltd. (The) | 245,200 | 2,591,825 | ||||||
Entrust, Inc. | 21,000 | 144,208 | ||||||
FIDEA Holdings Co., Ltd. | 1,258,300 | 1,518,704 | ||||||
# | Financial Products Group Co., Ltd. | 281,200 | 2,849,968 | |||||
# | First Bank of Toyama, Ltd. (The) | 294,300 | 908,791 | |||||
# | First Brothers Co., Ltd. | 43,700 | 491,487 | |||||
Fukui Bank, Ltd. (The) | 173,300 | 2,463,176 | ||||||
# | Fukushima Bank, Ltd. (The) | 204,100 | 422,824 | |||||
Fuyo General Lease Co., Ltd. | 150,600 | 9,815,904 | ||||||
GCA Corp. | 145,500 | 1,163,509 | ||||||
# | GMO Financial Holdings, Inc. | 274,500 | 1,512,582 | |||||
Gunma Bank, Ltd. (The) | 1,728,540 | 5,816,785 | ||||||
# | Hachijuni Bank, Ltd. (The) | 118,100 | 508,025 | |||||
# | Hirose Tusyo, Inc. | 20,800 | 341,083 | |||||
Hiroshima Bank, Ltd. (The) | 1,270,500 | 6,476,180 | ||||||
Hokkoku Bank, Ltd. (The) | 175,200 | 4,923,918 | ||||||
Hokuhoku Financial Group, Inc. | 923,400 | 9,032,551 | ||||||
Hyakugo Bank, Ltd. (The) | 1,680,509 | 5,409,243 | ||||||
Hyakujushi Bank, Ltd. (The) | 168,100 | 3,493,424 | ||||||
Ichiyoshi Securities Co., Ltd. | 303,300 | 1,957,842 | ||||||
IwaiCosmo Holdings, Inc. | 148,600 | 1,609,173 | ||||||
Iyo Bank, Ltd. (The) | 526,200 | 2,780,308 | ||||||
# | J Trust Co., Ltd. | 505,700 | 1,817,060 | |||||
Jaccs Co., Ltd. | 181,100 | 4,087,602 | ||||||
Jafco Co., Ltd. | 241,100 | 9,056,167 |
91
The Japanese Small Company Series
continued
Shares | Value» | |||||||
FINANCIALS — (Continued) | ||||||||
#* | Japan Asia Investment Co., Ltd. | 127,300 | $ | 357,821 | ||||
Japan Investment Adviser Co., Ltd. | 75,600 | 1,416,479 | ||||||
Japan Securities Finance Co., Ltd. | 828,500 | 3,986,290 | ||||||
Jimoto Holdings, Inc. | 1,028,500 | 985,039 | ||||||
Juroku Bank, Ltd. (The) | 234,500 | 5,366,387 | ||||||
Keiyo Bank, Ltd. (The) | 786,200 | 4,930,565 | ||||||
Kita-Nippon Bank, Ltd. (The) | 53,706 | 947,142 | ||||||
Kiyo Bank, Ltd. (The) | 479,690 | 7,401,223 | ||||||
# | Kosei Securities Co., Ltd. (The) | 33,999 | 198,354 | |||||
Kyokuto Securities Co., Ltd. | 190,900 | 1,425,409 | ||||||
Kyushu Financial Group, Inc. | 967,827 | 3,906,515 | ||||||
Kyushu Leasing Service Co., Ltd. | 34,000 | 191,282 | ||||||
* | M&A Capital Partners Co., Ltd. | 38,400 | 2,559,629 | |||||
# | Marusan Securities Co., Ltd. | 404,100 | 1,948,689 | |||||
# | Mercuria Investment Co., Ltd. | 82,500 | 589,152 | |||||
# | Michinoku Bank, Ltd. (The) | 325,398 | 5,188,461 | |||||
# | Mito Securities Co., Ltd. | 424,800 | 932,642 | |||||
Miyazaki Bank, Ltd. (The) | 125,900 | 3,221,914 | ||||||
Mizuho Leasing Co., Ltd. | 217,200 | 6,117,499 | ||||||
# | Monex Group, Inc. | 1,353,000 | 3,305,173 | |||||
Money Partners Group Co., Ltd. | 149,100 | 355,465 | ||||||
Morningstar Japan KK | 3,300 | 11,702 | ||||||
Musashino Bank, Ltd. (The) | 243,000 | 4,236,521 | ||||||
# | Nagano Bank, Ltd. (The) | 58,399 | 881,506 | |||||
Nanto Bank, Ltd. (The) | 213,500 | 5,413,830 | ||||||
NEC Capital Solutions, Ltd. | 72,000 | 1,525,740 | ||||||
NFC Holdings, Inc. | 4,200 | 88,202 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 878,000 | 6,506,174 | ||||||
North Pacific Bank, Ltd. | 2,218,700 | 4,770,709 | ||||||
# | OAK Capital Corp. | 354,100 | 436,900 | |||||
Ogaki Kyoritsu Bank, Ltd. (The) | 287,300 | 6,929,668 | ||||||
Oita Bank, Ltd. (The) | 94,099 | 2,600,887 | ||||||
Okasan Securities Group, Inc. | 1,326,600 | 4,684,482 | ||||||
Orient Corp. | 512,000 | 747,993 | ||||||
Ricoh Leasing Co., Ltd. | 110,300 | 3,716,945 | ||||||
San ju San Financial Group, Inc. | 126,510 | 1,960,374 | ||||||
San-In Godo Bank, Ltd. (The) | 1,033,700 | 6,063,318 | ||||||
Sawada Holdings Co., Ltd. | 150,600 | 1,283,350 | ||||||
Senshu Ikeda Holdings, Inc. | 1,953,300 | 3,503,190 | ||||||
# | Shiga Bank, Ltd. (The) | 338,200 | 8,150,281 | |||||
Shikoku Bank, Ltd. (The) | 408,400 | 3,892,682 | ||||||
Shimane Bank, Ltd. (The) | 29,800 | 191,712 | ||||||
Shimizu Bank, Ltd. (The) | 54,600 | 985,577 | ||||||
Sparx Group Co., Ltd. | 720,300 | 1,771,848 | ||||||
Strike Co., Ltd. | 46,000 | 1,648,215 | ||||||
Taiko Bank, Ltd. (The) | 41,800 | 672,832 | ||||||
Tochigi Bank, Ltd. (The) | 813,600 | 1,708,373 | ||||||
Toho Bank, Ltd. (The) | 1,414,800 | 3,463,253 | ||||||
Tohoku Bank, Ltd. (The) | 70,400 | 651,258 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 1,635,800 | 4,265,423 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 234,538 | 3,303,284 | ||||||
# | Tomato Bank, Ltd. | 54,500 | 537,622 | |||||
TOMONY Holdings, Inc. | 974,950 | 3,394,593 | ||||||
# | Tottori Bank, Ltd. (The) | 67,800 | 889,871 | |||||
Towa Bank, Ltd. (The) | 184,000 | 1,562,328 | ||||||
# | Toyo Securities Co., Ltd. | 526,700 | 838,715 | |||||
* | Traders Holdings Co., Ltd. | 68,600 | 42,781 | |||||
Tsukuba Bank, Ltd. | 402,600 | 802,062 | ||||||
Yamagata Bank, Ltd. (The) | 203,500 | 2,871,502 |
92
The Japanese Small Company Series
continued
Shares | Value» | |||||||
FINANCIALS — (Continued) | ||||||||
Yamaguchi Financial Group, Inc. | 493,000 | $ | 3,459,035 | |||||
Yamanashi Chuo Bank, Ltd. (The) | 248,700 | 2,481,897 | ||||||
TOTAL FINANCIALS | 307,335,870 | |||||||
HEALTH CARE — (4.5%) | ||||||||
Advantage Risk Management Co., Ltd. | 38,800 | 366,887 | ||||||
As One Corp. | 42,468 | 3,551,101 | ||||||
ASKA Pharmaceutical Co., Ltd. | 181,500 | 2,135,681 | ||||||
Biofermin Pharmaceutical Co., Ltd. | 28,700 | 598,056 | ||||||
BML, Inc. | 202,200 | 5,931,323 | ||||||
Carenet, Inc. | 25,600 | 157,613 | ||||||
Charm Care Corp. KK | 38,200 | 774,856 | ||||||
CMIC Holdings Co., Ltd. | 86,100 | 1,442,418 | ||||||
Create Medic Co., Ltd. | 44,100 | 430,289 | ||||||
Daiken Medical Co., Ltd. | 118,800 | 583,802 | ||||||
Daito Pharmaceutical Co., Ltd. | 87,580 | 2,637,271 | ||||||
# | Dvx, Inc. | 47,300 | 418,272 | |||||
Eiken Chemical Co., Ltd. | 239,400 | 3,863,260 | ||||||
# | Elan Corp. | 109,700 | 1,739,438 | |||||
# | EM Systems Co., Ltd. | 139,300 | 2,636,635 | |||||
EPS Holdings, Inc. | 256,900 | 3,132,582 | ||||||
FALCO HOLDINGS Co., Ltd. | 67,300 | 1,051,142 | ||||||
FINDEX, Inc. | 119,200 | 1,115,678 | ||||||
Fuji Pharma Co., Ltd. | 120,400 | 1,589,300 | ||||||
Fukuda Denshi Co., Ltd. | 56,900 | 3,673,677 | ||||||
Fuso Pharmaceutical Industries, Ltd. | 48,000 | 976,140 | ||||||
Hogy Medical Co., Ltd. | 155,200 | 5,179,040 | ||||||
# | I'rom Group Co., Ltd. | 31,800 | 453,954 | |||||
Iwaki & Co., Ltd. | 196,300 | 828,507 | ||||||
* | Japan Animal Referral Medical Center Co., Ltd. | 13,900 | 313,531 | |||||
# | Japan Lifeline Co., Ltd. | 467,700 | 7,209,610 | |||||
Japan Medical Dynamic Marketing, Inc. | 116,700 | 2,023,130 | ||||||
JCR Pharmaceuticals Co., Ltd. | 20,300 | 1,564,293 | ||||||
Jeol, Ltd. | 266,300 | 7,057,704 | ||||||
JMS Co., Ltd. | 96,557 | 601,321 | ||||||
Kanamic Network Co., Ltd. | 123,600 | 704,569 | ||||||
Kawasumi Laboratories, Inc. | 94,480 | 762,754 | ||||||
Kissei Pharmaceutical Co., Ltd. | 209,800 | 5,404,953 | ||||||
KYORIN Holdings, Inc. | 274,000 | 4,799,381 | ||||||
# | Linical Co., Ltd. | 86,800 | 801,019 | |||||
* | Medical Data Vision Co., Ltd. | 152,500 | 1,591,802 | |||||
# | Medius Holdings Co., Ltd. | 75,300 | 558,735 | |||||
#* | MedPeer, Inc. | 40,000 | 460,257 | |||||
Menicon Co., Ltd. | 197,600 | 6,991,893 | ||||||
Miraca Holdings, Inc. | 472,500 | 11,152,044 | ||||||
# | Mizuho Medy Co., Ltd. | 26,200 | 688,452 | |||||
Mochida Pharmaceutical Co., Ltd. | 52,398 | 2,091,092 | ||||||
N Field Co., Ltd. | 64,600 | 378,882 | ||||||
Nakanishi, Inc. | 199,300 | 3,322,772 | ||||||
NichiiGakkan Co., Ltd. | 289,200 | 4,903,231 | ||||||
Nichi-iko Pharmaceutical Co., Ltd. | 366,450 | 4,293,694 | ||||||
Nikkiso Co., Ltd. | 425,700 | 4,599,160 | ||||||
Nippon Chemiphar Co., Ltd. | 17,100 | 499,456 | ||||||
Nipro Corp. | 340,300 | 3,990,211 | ||||||
Nissui Pharmaceutical Co., Ltd. | 94,200 | 1,164,569 | ||||||
Paramount Bed Holdings Co., Ltd. | 149,800 | 5,727,901 | ||||||
Rion Co., Ltd. | 65,300 | 1,556,835 | ||||||
# | Seed Co., Ltd. | 94,700 | 752,822 | |||||
Seikagaku Corp. | 257,300 | 2,929,763 |
93
The Japanese Small Company Series
continued
Shares | Value» | |||||||
HEALTH CARE — (Continued) | ||||||||
Shin Nippon Biomedical Laboratories, Ltd. | 143,000 | $ | 857,434 | |||||
Ship Healthcare Holdings, Inc. | 48,400 | 2,062,891 | ||||||
Shofu, Inc. | 69,200 | 1,090,393 | ||||||
Software Service, Inc. | 24,900 | 2,684,435 | ||||||
Solasto Corp. | 350,700 | 3,991,560 | ||||||
St-Care Holding Corp. | 95,300 | 461,776 | ||||||
Techno Medica Co., Ltd. | 22,200 | 461,284 | ||||||
Toho Holdings Co., Ltd. | 170,200 | 4,316,683 | ||||||
Tokai Corp. | 160,800 | 3,742,327 | ||||||
Torii Pharmaceutical Co., Ltd. | 141,900 | 3,786,626 | ||||||
Towa Pharmaceutical Co., Ltd. | 216,000 | 5,538,836 | ||||||
Tsukui Corp. | 422,300 | 1,740,179 | ||||||
Uchiyama Holdings Co., Ltd. | 26,400 | 127,765 | ||||||
# | UNIMAT Retirement Community Co., Ltd. | 27,300 | 396,261 | |||||
Value HR Co., Ltd. | 23,200 | 702,261 | ||||||
Vital KSK Holdings, Inc. | 329,400 | 3,363,331 | ||||||
#* | Wakamoto Pharmaceutical Co., Ltd. | 112,300 | 288,368 | |||||
WIN-Partners Co., Ltd. | 126,800 | 1,658,341 | ||||||
TOTAL HEALTH CARE | 171,433,509 | |||||||
INDUSTRIALS — (29.7%) | ||||||||
A&A Material Corp. | 26,000 | 270,483 | ||||||
Abist Co., Ltd. | 22,400 | 550,049 | ||||||
Advan Co., Ltd. | 176,800 | 1,993,541 | ||||||
Advanex, Inc. | 22,099 | 341,942 | ||||||
Aeon Delight Co., Ltd. | 98,700 | 3,437,262 | ||||||
Aica Kogyo Co., Ltd. | 28,500 | 905,091 | ||||||
Aichi Corp. | 266,400 | 1,702,033 | ||||||
Aida Engineering, Ltd. | 353,300 | 3,007,299 | ||||||
Airtech Japan, Ltd. | 22,000 | 136,160 | ||||||
AIT Corp. | 43,400 | 370,393 | ||||||
Ajis Co., Ltd. | 31,200 | 867,124 | ||||||
# | Alconix Corp. | 169,400 | 2,140,523 | |||||
# | Alinco, Inc. | 100,400 | 1,131,834 | |||||
Alps Logistics Co., Ltd. | 111,600 | 774,765 | ||||||
Altech Co., Ltd. | 10,900 | 24,082 | ||||||
Altech Corp. | 139,670 | 2,091,031 | ||||||
Anest Iwata Corp. | 248,900 | 2,366,195 | ||||||
#* | Arrk Corp. | 606,500 | 529,892 | |||||
Asahi Diamond Industrial Co., Ltd. | 374,300 | 2,328,592 | ||||||
Asahi Kogyosha Co., Ltd. | 30,100 | 911,374 | ||||||
Asanuma Corp. | 52,300 | 1,967,583 | ||||||
# | Asukanet Co., Ltd. | 66,800 | 860,549 | |||||
Bando Chemical Industries, Ltd. | 261,100 | 2,216,188 | ||||||
BayCurrent Consulting, Inc. | 102,900 | 5,187,779 | ||||||
Bell System24 Holdings, Inc. | 269,500 | 4,401,916 | ||||||
# | Br Holdings Corp. | 194,000 | 891,793 | |||||
Bunka Shutter Co., Ltd. | 430,700 | 3,738,484 | ||||||
Canare Electric Co., Ltd. | 23,500 | 412,568 | ||||||
Career Design Center Co., Ltd. | 33,900 | 446,771 | ||||||
Central Glass Co., Ltd. | 238,300 | 5,743,865 | ||||||
Central Security Patrols Co., Ltd. | 57,500 | 3,370,507 | ||||||
# | Chilled & Frozen Logistics Holdings Co., Ltd., Class H | 109,900 | 1,441,517 | |||||
Chiyoda Integre Co., Ltd. | 78,300 | 1,755,068 | ||||||
Chodai Co., Ltd. | 3,900 | 47,456 | ||||||
Chori Co., Ltd. | 82,100 | 1,438,066 | ||||||
Chudenko Corp. | 236,200 | 5,445,172 | ||||||
Chugai Ro Co., Ltd. | 44,900 | 695,494 | ||||||
# | Chuo Warehouse Co., Ltd. | 21,000 | 241,915 |
94
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
# | CKD Corp. | 398,200 | $ | 5,590,335 | ||||
CMC Corp. | 14,600 | 270,788 | ||||||
Comany, Inc. | 4,700 | 58,749 | ||||||
# | Cosel Co., Ltd. | 177,800 | 1,951,190 | |||||
Creek & River Co., Ltd. | 73,400 | 775,154 | ||||||
CTI Engineering Co., Ltd. | 83,400 | 1,404,032 | ||||||
CTS Co., Ltd. | 197,400 | 1,431,464 | ||||||
Dai-Dan Co., Ltd. | 114,900 | 2,661,693 | ||||||
Daido Kogyo Co., Ltd. | 50,400 | 408,708 | ||||||
Daihatsu Diesel Manufacturing Co., Ltd. | 126,300 | 718,025 | ||||||
Daihen Corp. | 160,000 | 5,014,405 | ||||||
Daiho Corp. | 132,300 | 3,737,828 | ||||||
Dai-Ichi Cutter Kogyo K.K. | 26,300 | 453,170 | ||||||
Daiichi Jitsugyo Co., Ltd. | 66,200 | 2,136,870 | ||||||
Daiichi Kensetsu Corp. | 31,000 | 492,283 | ||||||
# | Daiki Axis Co., Ltd. | 51,700 | 454,134 | |||||
* | Daikokuya Holdings Co., Ltd. | 138,700 | 39,894 | |||||
Daiohs Corp. | 21,100 | 259,386 | ||||||
Daiseki Co., Ltd. | 305,263 | 8,867,639 | ||||||
Daiseki Eco. Solution Co., Ltd. | 48,859 | 404,019 | ||||||
Daisue Construction Co., Ltd. | 59,100 | 534,153 | ||||||
Daiwa Industries, Ltd. | 241,900 | 2,713,683 | ||||||
Denyo Co., Ltd. | 124,600 | 2,185,990 | ||||||
# | DMG Mori Co., Ltd. | 701,300 | 11,354,168 | |||||
DMW Corp. | 4,800 | 95,133 | ||||||
Duskin Co., Ltd. | 346,300 | 9,201,820 | ||||||
Ebara Jitsugyo Co., Ltd. | 44,400 | 885,265 | ||||||
Eidai Co., Ltd. | 214,300 | 697,336 | ||||||
Endo Lighting Corp. | 29,600 | 186,526 | ||||||
# | en-japan, Inc. | 85,400 | 3,614,620 | |||||
# | Enshu, Ltd. | 36,099 | 399,059 | |||||
EPCO Co., Ltd. | 28,000 | 360,456 | ||||||
ERI Holdings Co., Ltd. | 1,500 | 11,107 | ||||||
# | Escrow Agent Japan, Inc. | 178,800 | 378,670 | |||||
F&M Co., Ltd. | 41,700 | 502,137 | ||||||
* | FDK Corp. | 47,198 | 344,861 | |||||
# | Freund Corp. | 83,900 | 582,736 | |||||
Fudo Tetra Corp. | 126,080 | 1,766,262 | ||||||
# | Fuji Corp. | 484,400 | 8,043,583 | |||||
Fuji Die Co., Ltd. | 61,100 | 374,205 | ||||||
Fuji Furukawa Engineering & Construction Co., Ltd. | 1,200 | 21,860 | ||||||
Fujikura, Ltd. | 1,953,600 | 9,064,834 | ||||||
# | Fujimak Corp. | 12,600 | 93,762 | |||||
Fujisash Co., Ltd. | 677,400 | 535,594 | ||||||
Fujitec Co., Ltd. | 527,900 | 7,679,545 | ||||||
Fukuda Corp. | 75,000 | 3,238,430 | ||||||
Fukushima Industries Corp. | 97,600 | 3,062,060 | ||||||
Fukuvi Chemical Industry Co., Ltd. | 10,600 | 55,308 | ||||||
Fukuyama Transporting Co., Ltd. | 60,757 | 2,179,326 | ||||||
FULLCAST Holdings Co., Ltd. | 145,500 | 3,029,869 | ||||||
Funai Soken Holdings, Inc. | 308,470 | 7,432,239 | ||||||
Furukawa Co., Ltd. | 239,700 | 3,433,750 | ||||||
Furukawa Electric Co., Ltd. | 197,900 | 5,531,567 | ||||||
Furusato Industries, Ltd. | 66,800 | 1,016,769 | ||||||
Futaba Corp. | 268,000 | 3,447,100 | ||||||
G Three Holdings Corp. | 2,520 | 5,569 | ||||||
Gecoss Corp. | 100,700 | 878,629 | ||||||
Giken, Ltd. | 93,600 | 3,477,743 | ||||||
Glory, Ltd. | 299,055 | 8,804,941 |
95
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
# | Grace Technology, Inc. | 54,300 | $ | 1,534,704 | ||||
GS Yuasa Corp. | 357,299 | 6,513,656 | ||||||
Hamakyorex Co., Ltd. | 132,900 | 4,534,630 | ||||||
Hanwa Co., Ltd. | 285,000 | 8,303,047 | ||||||
# | Hashimoto Sogyo Holdings Co., Ltd. | 4,070 | 64,315 | |||||
Hazama Ando Corp. | 1,528,900 | 11,846,070 | ||||||
# | Helios Techno Holdings Co., Ltd. | 154,600 | 880,288 | |||||
Hibiya Engineering, Ltd. | 144,700 | 2,612,285 | ||||||
# | Hirakawa Hewtech Corp. | 81,000 | 886,771 | |||||
Hirano Tecseed Co., Ltd. | 70,400 | 1,018,411 | ||||||
Hirata Corp. | 35,900 | 2,518,573 | ||||||
Hisaka Works, Ltd. | 163,300 | 1,409,536 | ||||||
Hitachi Zosen Corp. | 1,274,979 | 4,308,266 | ||||||
Hito Communications Holdings, Inc. | 50,900 | 780,790 | ||||||
Hoden Seimitsu Kako Kenkyusho Co., Ltd. | 30,300 | 240,532 | ||||||
Hokuetsu Industries Co., Ltd. | 162,700 | 1,913,826 | ||||||
# | Hokuriku Electrical Construction Co., Ltd. | 81,500 | 741,645 | |||||
Hosokawa Micron Corp. | 55,000 | 1,999,807 | ||||||
Howa Machinery, Ltd. | 62,700 | 430,576 | ||||||
HyAS&Co, Inc. | 30,100 | 92,906 | ||||||
# | Ichikawa Co., Ltd. | 1,000 | 14,708 | |||||
Ichiken Co., Ltd. | 35,400 | 562,335 | ||||||
Ichinen Holdings Co., Ltd. | 157,800 | 1,913,835 | ||||||
# | Idec Corp. | 230,200 | 4,675,964 | |||||
Ihara Science Corp. | 52,200 | 708,648 | ||||||
Iino Kaiun Kaisha, Ltd. | 650,500 | 2,184,356 | ||||||
Inaba Denki Sangyo Co., Ltd. | 201,800 | 9,270,433 | ||||||
Inaba Seisakusho Co., Ltd. | 68,100 | 921,360 | ||||||
Inabata & Co., Ltd. | 337,600 | 4,419,831 | ||||||
Insource Co., Ltd. | 56,375 | 1,506,442 | ||||||
# | Inui Global Logistics Co., Ltd. | 146,080 | 1,579,318 | |||||
# | IR Japan Holdings, Ltd. | 61,000 | 2,011,050 | |||||
Iseki & Co., Ltd. | 147,800 | 2,247,881 | ||||||
# | Ishii Iron Works Co., Ltd. | 11,000 | 260,419 | |||||
Isolite Insulating Products Co., Ltd. | 48,000 | 240,377 | ||||||
Itoki Corp. | 252,700 | 1,157,228 | ||||||
Iwaki Co., Ltd. | 41,000 | 394,107 | ||||||
Iwasaki Electric Co., Ltd. | 35,800 | 466,321 | ||||||
JAC Recruitment Co., Ltd. | 109,400 | 2,063,243 | ||||||
Jalux, Inc. | 46,000 | 1,069,442 | ||||||
Jamco Corp. | 73,100 | 993,713 | ||||||
# | Japan Asia Group, Ltd. | 189,000 | 637,978 | |||||
Japan Elevator Service Holdings Co., Ltd. | 143,400 | 3,878,584 | ||||||
Japan Foundation Engineering Co., Ltd. | 134,500 | 493,946 | ||||||
Japan Pulp & Paper Co., Ltd. | 84,400 | 3,248,614 | ||||||
Japan Steel Works, Ltd. (The) | 421,200 | 8,875,711 | ||||||
Japan Transcity Corp. | 271,200 | 1,392,272 | ||||||
JK Holdings Co., Ltd. | 111,140 | 588,995 | ||||||
#* | JMC Corp. | 6,800 | 101,818 | |||||
Juki Corp. | 239,600 | 2,161,189 | ||||||
Kamei Corp. | 172,600 | 1,970,553 | ||||||
Kanaden Corp. | 135,500 | 1,660,303 | ||||||
Kanagawa Chuo Kotsu Co., Ltd. | 42,800 | 1,542,159 | ||||||
# | Kanamoto Co., Ltd. | 247,000 | 6,603,322 | |||||
Kandenko Co., Ltd. | 341,300 | 3,227,115 | ||||||
Kanematsu Corp. | 644,825 | 7,855,795 | ||||||
Katakura Industries Co., Ltd. | 184,700 | 2,380,493 | ||||||
Kato Works Co., Ltd. | 61,100 | 1,155,690 | ||||||
KAWADA TECHNOLOGIES, Inc. | 47,300 | 3,117,690 |
96
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Kawagishi Bridge Works Co., Ltd. | 11,700 | $ | 258,816 | |||||
Kawanishi Warehouse Co., Ltd. | 1,700 | 17,737 | ||||||
Kawasaki Kinkai Kisen Kaisha, Ltd. | 9,599 | 257,230 | ||||||
* | Kawasaki Kisen Kaisha, Ltd. | 632,300 | 9,408,578 | |||||
# | Kawata Manufacturing Co., Ltd. | 28,600 | 291,924 | |||||
Keihin Co., Ltd. | 24,900 | 298,225 | ||||||
KFC, Ltd. | 8,700 | 157,020 | ||||||
Kimura Chemical Plants Co., Ltd. | 110,800 | 460,621 | ||||||
Kimura Unity Co., Ltd. | 23,500 | 240,362 | ||||||
King Jim Co., Ltd. | 105,700 | 857,709 | ||||||
#* | Kinki Sharyo Co., Ltd. (The) | 26,999 | 395,681 | |||||
Kintetsu World Express, Inc. | 293,300 | 4,743,336 | ||||||
Kitagawa Corp. | 57,700 | 1,113,389 | ||||||
Kitano Construction Corp. | 26,972 | 706,463 | ||||||
Kito Corp. | 160,700 | 2,445,397 | ||||||
Kitz Corp. | 623,900 | 4,251,842 | ||||||
Kobayashi Metals, Ltd. | 7,900 | 22,991 | ||||||
#* | Kobe Electric Railway Co., Ltd. | 37,299 | 1,357,918 | |||||
# | Kobelco Eco-Solutions Co., Ltd. | 21,399 | 336,991 | |||||
Koike Sanso Kogyo Co., Ltd. | 14,500 | 286,738 | ||||||
Kokusai Co., Ltd. | 51,600 | 341,077 | ||||||
Kokuyo Co., Ltd. | 274,725 | 4,031,425 | ||||||
KOMAIHALTEC, Inc. | 24,900 | 400,288 | ||||||
Komatsu Wall Industry Co., Ltd. | 53,500 | 1,116,887 | ||||||
Komori Corp. | 396,800 | 4,225,209 | ||||||
Kondotec, Inc. | 129,900 | 1,172,762 | ||||||
Konoike Transport Co., Ltd. | 202,500 | 3,086,553 | ||||||
* | Kosaido Co., Ltd. | 212,900 | 1,425,371 | |||||
Kozo Keikaku Engineering, Inc. | 20,700 | 500,192 | ||||||
# | KRS Corp. | 47,400 | 841,573 | |||||
Kumagai Gumi Co., Ltd. | 303,400 | 9,353,855 | ||||||
Kyodo Printing Co., Ltd. | 52,500 | 1,330,295 | ||||||
# | Kyokuto Boeki Kaisha, Ltd. | 45,000 | 823,293 | |||||
Kyokuto Kaihatsu Kogyo Co., Ltd. | 237,800 | 3,186,981 | ||||||
Kyoritsu Printing Co., Ltd. | 199,200 | 297,383 | ||||||
# | Like Co., Ltd. | 63,200 | 1,032,305 | |||||
# | Link And Motivation, Inc. | 210,200 | 1,126,522 | |||||
Lonseal Corp. | 13,900 | 213,804 | ||||||
Maeda Corp. | 930,800 | 8,638,586 | ||||||
# | Maeda Kosen Co., Ltd. | 139,500 | 2,330,404 | |||||
Maeda Road Construction Co., Ltd. | 245,700 | 5,285,824 | ||||||
Maezawa Industries, Inc. | 25,300 | 90,195 | ||||||
Maezawa Kasei Industries Co., Ltd. | 95,100 | 1,041,646 | ||||||
Maezawa Kyuso Industries Co., Ltd. | 74,400 | 1,473,228 | ||||||
Makino Milling Machine Co., Ltd. | 177,900 | 8,845,037 | ||||||
Marufuji Sheet Piling Co., Ltd. | 11,800 | 242,361 | ||||||
Maruka Corp. | 43,700 | 955,722 | ||||||
Marumae Co., Ltd. | 28,300 | 279,981 | ||||||
# | Maruwa Unyu Kikan Co., Ltd. | 149,400 | 3,284,328 | |||||
Maruyama Manufacturing Co., Inc. | 27,900 | 326,422 | ||||||
Maruzen Co., Ltd. | 67,300 | 1,193,727 | ||||||
Maruzen Showa Unyu Co., Ltd. | 80,000 | 2,248,442 | ||||||
# | Matching Service Japan Co., Ltd. | 52,000 | 640,940 | |||||
Matsuda Sangyo Co., Ltd. | 100,082 | 1,504,025 | ||||||
# | Matsui Construction Co., Ltd. | 146,300 | 1,142,777 | |||||
Max Co., Ltd. | 206,800 | 3,793,986 | ||||||
Meidensha Corp. | 277,110 | 5,316,525 | ||||||
Meiji Electric Industries Co., Ltd. | 54,800 | 755,237 | ||||||
Meiji Shipping Co., Ltd. | 111,000 | 355,858 |
97
The Japanese Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Meisei Industrial Co., Ltd. | 297,400 | $ | 2,363,355 | |||||
Meitec Corp. | 216,400 | 11,280,995 | ||||||
# | Meiwa Corp. | 170,200 | 910,383 | |||||
# | Mesco, Inc. | 29,800 | 253,516 | |||||
METAWATER Co., Ltd. | 82,500 | 3,232,958 | ||||||
Mie Kotsu Group Holdings, Inc. | 391,400 | 2,169,864 | ||||||
Mirait Holdings Corp. | 586,235 | 9,413,178 | ||||||
Mitani Corp. | 73,800 | 3,707,725 | ||||||
Mitani Sangyo Co., Ltd. | 145,000 | 445,826 | ||||||
Mitsubishi Kakoki Kaisha, Ltd. | 44,100 | 792,066 | ||||||
Mitsubishi Logisnext Co., Ltd. | 219,200 | 2,358,518 | ||||||
Mitsubishi Pencil Co., Ltd. | 83,600 | 1,320,052 | ||||||
Mitsuboshi Belting, Ltd. | 167,300 | 3,147,913 | ||||||
* | Mitsui E&S Holdings Co., Ltd. | 653,400 | 6,613,504 | |||||
Mitsui Matsushima Holdings Co., Ltd. | 65,700 | 783,413 | ||||||
Mitsui-Soko Holdings Co., Ltd. | 173,600 | 2,814,865 | ||||||
Mitsumura Printing Co., Ltd. | 9,300 | 158,088 | ||||||
Miyaji Engineering Group, Inc. | 41,517 | 791,745 | ||||||
Mori-Gumi Co., Ltd. | 69,500 | 203,035 | ||||||
Morita Holdings Corp. | 224,500 | 3,761,518 | ||||||
# | Musashi Co., Ltd. | 5,000 | 94,198 | |||||
# | NAC Co., Ltd. | 76,500 | 733,205 | |||||
Nachi-Fujikoshi Corp. | 113,200 | 5,417,029 | ||||||
Nadex Co., Ltd. | 40,600 | 341,869 | ||||||
Nagase & Co., Ltd. | 278,900 | 4,217,258 | ||||||
Naigai Trans Line, Ltd. | 44,400 | 625,643 | ||||||
Nakabayashi Co., Ltd. | 113,400 | 567,716 | ||||||
Nakakita Seisakusho Co., Ltd. | 3,700 | 94,893 | ||||||
# | Nakamoto Packs Co., Ltd. | 38,500 | 534,213 | |||||
Nakanishi Manufacturing Co., Ltd. | 5,700 | 53,412 | ||||||
Nakano Corp. | 110,600 | 506,819 | ||||||
Nakano Refrigerators Co., Ltd. | 200 | 12,952 | ||||||
Namura Shipbuilding Co., Ltd. | 420,428 | 1,173,790 | ||||||
Narasaki Sangyo Co., Ltd. | 25,400 | 449,075 | ||||||
# | Nexyz Group Corp. | 58,000 | 1,170,674 | |||||
#* | Nice Holdings, Inc. | 50,900 | 427,572 | |||||
Nichias Corp. | 480,100 | 10,128,253 | ||||||
# | Nichiban Co., Ltd. | 85,900 | 1,461,422 | |||||
Nichiden Corp. | 101,100 | 1,906,631 | ||||||
Nichiha Corp. | 213,280 | 6,132,709 | ||||||
Nichireki Co., Ltd. | 193,700 | 2,299,116 | ||||||
# | Nihon Dengi Co., Ltd. | 30,200 | 804,968 | |||||
Nihon Flush Co., Ltd. | 65,800 | 1,487,262 | ||||||
Nikkato Corp. | 53,000 | 397,526 | ||||||
Nikko Co., Ltd. | 180,500 | 1,107,266 | ||||||
Nikkon Holdings Co., Ltd. | 385,300 | 9,365,788 | ||||||
Nippi, Inc. | 11,900 | 430,444 | ||||||
# | Nippon Air Conditioning Services Co., Ltd. | 205,900 | 1,380,347 | |||||
Nippon Aqua Co., Ltd. | 9,900 | 61,281 | ||||||
# | Nippon Carbon Co., Ltd. | 74,000 | 2,839,191 | |||||
Nippon Concept Corp. | 43,000 | 579,579 | ||||||
Nippon Densetsu Kogyo Co., Ltd. | 274,900 | 5,950,676 | ||||||
Nippon Dry-Chemical Co., Ltd. | 4,300 | 52,222 | ||||||
# | Nippon Filcon Co., Ltd. | 15,700 | 76,657 | |||||
Nippon Hume Corp. | 167,400 | 1,263,432 | ||||||
Nippon Kanzai Co., Ltd. | 77,200 | 1,358,966 | ||||||
Nippon Koei Co., Ltd. | 85,900 | 2,657,448 | ||||||
Nippon Parking Development Co., Ltd., Class C | 1,557,400 | 2,365,939 | ||||||
Nippon Rietec Co., Ltd. | 9,300 | 108,130 |
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The Japanese Small Company Series
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INDUSTRIALS — (Continued) | ||||||||
Nippon Road Co., Ltd. (The) | 51,100 | $ | 3,122,298 | |||||
Nippon Seisen Co., Ltd. | 24,300 | 619,468 | ||||||
#* | Nippon Sharyo, Ltd. | 54,899 | 1,397,473 | |||||
Nippon Sheet Glass Co., Ltd. | 772,500 | 4,839,961 | ||||||
Nippon Steel Trading Corp. | 117,460 | 4,917,786 | ||||||
Nippon Thompson Co., Ltd. | 402,900 | 1,799,208 | ||||||
Nippon Tungsten Co., Ltd. | 6,699 | 126,630 | ||||||
Nishimatsu Construction Co., Ltd. | 398,600 | 8,299,205 | ||||||
Nishi-Nippon Railroad Co., Ltd. | 185,600 | 4,306,364 | ||||||
Nishio Rent All Co., Ltd. | 138,000 | 3,707,391 | ||||||
# | Nissei ASB Machine Co., Ltd. | 63,900 | 2,291,193 | |||||
# | Nissei Corp. | 38,900 | 444,698 | |||||
Nissei Plastic Industrial Co., Ltd. | 169,000 | 1,744,647 | ||||||
Nisshinbo Holdings, Inc. | 990,480 | 8,246,510 | ||||||
Nissin Corp. | 109,100 | 1,726,852 | ||||||
Nissin Electric Co., Ltd. | 384,200 | 4,497,741 | ||||||
Nitta Corp. | 160,700 | 4,687,062 | ||||||
Nitto Boseki Co., Ltd. | 140,800 | 4,292,337 | ||||||
Nitto Kogyo Corp. | 195,500 | 4,107,493 | ||||||
Nitto Kohki Co., Ltd. | 80,100 | 1,727,745 | ||||||
Nitto Seiko Co., Ltd. | 201,200 | 1,131,260 | ||||||
Nittoc Construction Co., Ltd. | 170,600 | 1,124,706 | ||||||
NJS Co., Ltd. | 42,800 | 662,324 | ||||||
# | nms Holdings Co. | 44,200 | 165,129 | |||||
Noda Corp. | 145,800 | 1,057,792 | ||||||
Nomura Co., Ltd. | 637,600 | 7,869,152 | ||||||
Noritake Co., Ltd. | 74,500 | 3,422,649 | ||||||
Noritsu Koki Co., Ltd. | 154,700 | 2,232,278 | ||||||
Noritz Corp. | 221,400 | 2,736,926 | ||||||
# | NS Tool Co., Ltd. | 61,700 | 1,202,961 | |||||
NS United Kaiun Kaisha, Ltd. | 67,800 | 1,535,317 | ||||||
NTN Corp. | 3,034,100 | 9,407,385 | ||||||
Obara Group, Inc. | 90,600 | 3,377,563 | ||||||
Ochi Holdings Co., Ltd. | 8,900 | 117,788 | ||||||
# | Odawara Engineering Co., Ltd. | 6,500 | 157,912 | |||||
Odelic Co., Ltd. | 27,800 | 1,022,155 | ||||||
# | Ohba Co., Ltd. | 89,000 | 632,064 | |||||
Ohmoto Gumi Co., Ltd. | 4,100 | 184,109 | ||||||
Oiles Corp. | 177,470 | 2,698,720 | ||||||
Okabe Co., Ltd. | 291,100 | 2,464,657 | ||||||
Okada Aiyon Corp. | 42,800 | 531,754 | ||||||
# | Okamoto Machine Tool Works, Ltd. | 21,699 | 558,709 | |||||
Okamura Corp. | 475,200 | 4,765,544 | ||||||
# | OKK Corp. | 28,700 | 197,118 | |||||
OKUMA Corp. | 105,400 | 6,297,670 | ||||||
Okumura Corp. | 247,480 | 7,010,010 | ||||||
Onoken Co., Ltd. | 128,700 | 1,687,656 | ||||||
Organo Corp. | 53,300 | 2,914,263 | ||||||
Oriental Consultants Holdings Co., Ltd. | 6,100 | 114,177 | ||||||
Origin Co., Ltd. | 27,600 | 383,760 | ||||||
OSG Corp. | 243,700 | 5,212,619 | ||||||
OSJB Holdings Corp. | 1,041,700 | 2,536,145 | ||||||
Outsourcing, Inc. | 822,100 | 8,849,066 | ||||||
Oyo Corp. | 167,200 | 1,915,552 | ||||||
Paraca, Inc. | 37,900 | 702,605 | ||||||
Parker Corp. | 34,000 | 152,690 | ||||||
* | Pasco Corp. | 7,800 | 82,138 | |||||
# | Pasona Group, Inc. | 134,900 | 1,925,662 | |||||
Pegasus Sewing Machine Manufacturing Co., Ltd. | 150,600 | 753,105 |
99
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INDUSTRIALS — (Continued) | ||||||||
Penta-Ocean Construction Co., Ltd. | 1,716,400 | $ | 10,529,135 | |||||
#* | Phil Co., Inc. | 10,900 | 373,847 | |||||
Pilot Corp. | 32,800 | 1,330,290 | ||||||
Prestige International, Inc. | 800,200 | 6,623,049 | ||||||
Pronexus, Inc. | 124,000 | 1,455,001 | ||||||
PS Mitsubishi Construction Co., Ltd. | 244,400 | 1,748,516 | ||||||
Punch Industry Co., Ltd. | 107,900 | 536,982 | ||||||
Quick Co., Ltd. | 77,900 | 1,102,665 | ||||||
Raito Kogyo Co., Ltd. | 315,200 | 5,009,443 | ||||||
# | Rasa Corp. | 63,200 | 504,850 | |||||
Relia, Inc. | 252,900 | 3,301,928 | ||||||
Rheon Automatic Machinery Co., Ltd. | 152,100 | 2,312,551 | ||||||
Rix Corp. | 17,300 | 253,079 | ||||||
#* | Rozetta Corp. | 22,800 | 766,871 | |||||
Ryobi, Ltd. | 181,040 | 3,369,548 | ||||||
S LINE Co., Ltd. | 23,800 | 213,757 | ||||||
Sakai Heavy Industries, Ltd. | 24,500 | 707,247 | ||||||
Sakai Moving Service Co., Ltd. | 86,600 | 5,170,369 | ||||||
#* | Sanix, Inc. | 146,200 | 518,437 | |||||
Sanki Engineering Co., Ltd. | 337,700 | 4,113,079 | ||||||
Sanko Gosei, Ltd. | 139,300 | 548,598 | ||||||
Sanko Metal Industrial Co., Ltd. | 17,700 | 429,435 | ||||||
Sankyo Tateyama, Inc. | 212,200 | 2,311,809 | ||||||
Sanoyas Holdings Corp. | 159,500 | 290,564 | ||||||
# | Sansei Technologies, Inc. | 88,000 | 753,144 | |||||
# | Sansha Electric Manufacturing Co., Ltd. | 66,700 | 473,575 | |||||
Sanyo Denki Co., Ltd. | 44,100 | 2,058,853 | ||||||
Sanyo Engineering & Construction, Inc. | 78,500 | 532,127 | ||||||
Sanyo Industries, Ltd. | 9,900 | 183,351 | ||||||
Sanyo Trading Co., Ltd. | 80,000 | 1,592,695 | ||||||
# | Sata Construction Co., Ltd. | 91,299 | 367,419 | |||||
Sato Holdings Corp. | 214,300 | 6,308,228 | ||||||
# | Sato Shoji Corp. | 93,000 | 782,231 | |||||
Sawafuji Electric Co., Ltd. | 1,900 | 32,738 | ||||||
SBS Holdings, Inc. | 152,500 | 2,506,369 | ||||||
# | SEC Carbon, Ltd. | 10,900 | 837,331 | |||||
# | Secom Joshinetsu Co., Ltd. | 33,600 | 1,098,916 | |||||
# | Seibu Electric & Machinery Co., Ltd. | 10,300 | 95,544 | |||||
Seika Corp. | 67,000 | 850,455 | ||||||
Seikitokyu Kogyo Co., Ltd. | 211,530 | 1,516,656 | ||||||
Sekisui Jushi Corp. | 223,200 | 4,570,486 | ||||||
Senko Group Holdings Co., Ltd. | 900,100 | 7,240,023 | ||||||
# | Senshu Electric Co., Ltd. | 54,700 | 1,433,645 | |||||
Shibusawa Warehouse Co., Ltd. (The) | 62,200 | 1,208,535 | ||||||
Shibuya Corp. | 100,800 | 2,749,705 | ||||||
Shima Seiki Manufacturing, Ltd. | 212,300 | 5,076,025 | ||||||
Shin Nippon Air Technologies Co., Ltd. | 116,680 | 2,318,211 | ||||||
# | Shin-Keisei Electric Railway Co., Ltd. | 42,999 | 873,517 | |||||
Shinki Bus Co., Ltd. | 1,900 | 66,935 | ||||||
Shinmaywa Industries, Ltd. | 707,200 | 8,712,038 | ||||||
Shinnihon Corp. | 208,700 | 1,639,382 | ||||||
Shinsho Corp. | 36,300 | 859,505 | ||||||
Shinwa Co., Ltd. | 70,100 | 1,588,909 | ||||||
#* | Shoko Co., Ltd. | 44,400 | 265,830 | |||||
# | Showa Aircraft Industry Co., Ltd. | 48,937 | 633,573 | |||||
# | SIGMAXYZ, Inc. | 138,400 | 1,883,704 | |||||
Sinfonia Technology Co., Ltd. | 173,200 | 2,127,391 | ||||||
Sinko Industries, Ltd. | 151,700 | 2,569,159 | ||||||
Sintokogio, Ltd. | 328,700 | 3,170,798 |
100
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INDUSTRIALS — (Continued) | ||||||||
SMS Co., Ltd. | 398,300 | $ | 9,765,014 | |||||
# | Soda Nikka Co., Ltd. | 126,500 | 786,823 | |||||
Sodick Co., Ltd. | 214,900 | 1,858,640 | ||||||
Space Co., Ltd. | 100,062 | 1,159,287 | ||||||
# | S-Pool, Inc. | 301,000 | 1,809,735 | |||||
Star Micronics Co., Ltd. | 276,300 | 4,238,809 | ||||||
Subaru Enterprise Co., Ltd. | 8,500 | 569,218 | ||||||
# | Sugimoto & Co., Ltd. | 70,500 | 1,322,545 | |||||
Sumiseki Holdings, Inc. | 476,200 | 608,890 | ||||||
Sumitomo Densetsu Co., Ltd. | 129,500 | 2,704,293 | ||||||
Sumitomo Mitsui Construction Co., Ltd. | 1,421,640 | 8,068,021 | ||||||
* | Sumitomo Precision Products Co., Ltd. | 21,584 | 705,978 | |||||
Sumitomo Warehouse Co., Ltd. (The) | 473,900 | 6,422,546 | ||||||
Suzumo Machinery Co., Ltd. | 2,200 | 28,777 | ||||||
SWCC Showa Holdings Co., Ltd. | 98,700 | 856,782 | ||||||
# | Tacmina Corp. | 14,700 | 223,746 | |||||
# | Tadano, Ltd. | 825,100 | 7,478,907 | |||||
Taihei Dengyo Kaisha, Ltd. | 122,900 | 2,899,713 | ||||||
Taiheiyo Kouhatsu, Inc. | 44,200 | 340,404 | ||||||
Taikisha, Ltd. | 184,900 | 5,981,182 | ||||||
Taisei Oncho Co., Ltd. | 14,200 | 253,129 | ||||||
Takadakiko Co., Ltd. | 7,500 | 180,101 | ||||||
# | Takagi Seiko Corp. | 2,300 | 67,073 | |||||
Takamatsu Construction Group Co., Ltd. | 107,800 | 2,594,020 | ||||||
# | Takamatsu Machinery Co., Ltd. | 41,800 | 334,411 | |||||
Takamiya Co., Ltd. | 128,600 | 837,279 | ||||||
Takano Co., Ltd. | 61,800 | 462,388 | ||||||
Takaoka Toko Co., Ltd. | 59,620 | 676,464 | ||||||
Takara Printing Co., Ltd. | 22,155 | 357,257 | ||||||
Takara Standard Co., Ltd. | 267,900 | 4,698,491 | ||||||
Takasago Thermal Engineering Co., Ltd. | 350,100 | 6,333,768 | ||||||
Takashima & Co., Ltd. | 26,600 | 428,458 | ||||||
Takeei Corp. | 162,900 | 1,891,561 | ||||||
Takeuchi Manufacturing Co., Ltd. | 294,700 | 4,605,075 | ||||||
# | Takigami Steel Construction Co., Ltd. (The) | 5,300 | 241,899 | |||||
Takisawa Machine Tool Co., Ltd. | 45,100 | 560,936 | ||||||
Takuma Co., Ltd. | 303,000 | 3,605,673 | ||||||
Tanabe Consulting Co., Ltd. | 1,200 | 13,798 | ||||||
# | Tanabe Engineering Corp. | 39,500 | 282,670 | |||||
Tanseisha Co., Ltd. | 317,149 | 3,334,056 | ||||||
Tatsuta Electric Wire and Cable Co., Ltd. | 317,600 | 1,741,642 | ||||||
TECHNO ASSOCIE Co., Ltd. | 56,800 | 504,596 | ||||||
Techno Ryowa, Ltd. | 71,390 | 525,267 | ||||||
Techno Smart Corp. | 49,500 | 500,952 | ||||||
TechnoPro Holdings, Inc. | 7,200 | 442,842 | ||||||
Teikoku Electric Manufacturing Co., Ltd. | 134,500 | 1,569,488 | ||||||
Teikoku Sen-I Co., Ltd. | 118,600 | 2,182,270 | ||||||
Tekken Corp. | 99,000 | 2,654,245 | ||||||
Tenox Corp. | 22,500 | 176,058 | ||||||
Teraoka Seisakusho Co., Ltd. | 76,000 | 351,245 | ||||||
Terasaki Electric Co., Ltd. | 24,400 | 209,802 | ||||||
Toa Corp. | 117,000 | 1,574,043 | ||||||
TOA ROAD Corp. | 27,300 | 903,544 | ||||||
Toba, Inc. | 9,800 | 269,496 | ||||||
Tobishima Corp. | 151,070 | 2,025,890 | ||||||
Tocalo Co., Ltd. | 474,700 | 4,679,912 | ||||||
Toda Corp. | 543,200 | 3,393,122 | ||||||
Toenec Corp. | 58,600 | 1,911,646 | ||||||
# | Togami Electric Manufacturing Co., Ltd. | 17,800 | 291,447 |
101
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INDUSTRIALS — (Continued) | ||||||||
TOKAI Holdings Corp. | 743,300 | $ | 7,289,876 | |||||
Tokai Lease Co., Ltd. | 19,300 | 294,120 | ||||||
Tokyo Energy & Systems, Inc. | 184,200 | 1,717,636 | ||||||
# | Tokyo Keiki, Inc. | 69,022 | 607,494 | |||||
Tokyo Sangyo Co., Ltd. | 146,700 | 764,707 | ||||||
Tokyu Construction Co., Ltd. | 661,700 | 5,240,922 | ||||||
Toli Corp. | 289,200 | 780,509 | ||||||
Tomoe Corp. | 162,200 | 630,275 | ||||||
# | Tomoe Engineering Co., Ltd. | 59,500 | 1,295,034 | |||||
Tonami Holdings Co., Ltd. | 40,900 | 1,887,464 | ||||||
Toppan Forms Co., Ltd. | 366,900 | 3,667,473 | ||||||
Torishima Pump Manufacturing Co., Ltd. | 143,800 | 1,369,319 | ||||||
Toshiba Machine Co., Ltd. | 157,000 | 3,513,239 | ||||||
Toshiba Plant Systems & Services Corp. | 188,250 | 3,678,177 | ||||||
Totech Corp. | 57,000 | 1,240,580 | ||||||
Totetsu Kogyo Co., Ltd. | 193,200 | 6,023,184 | ||||||
Totoku Electric Co., Ltd. | 17,700 | 357,617 | ||||||
Toyo Construction Co., Ltd. | 602,300 | 2,830,085 | ||||||
Toyo Denki Seizo K.K. | 41,250 | 596,427 | ||||||
#* | Toyo Engineering Corp. | 221,078 | 1,408,169 | |||||
# | Toyo Logistics Co., Ltd. | 85,100 | 255,048 | |||||
Toyo Machinery & Metal Co., Ltd. | 109,300 | 588,832 | ||||||
Toyo Tanso Co., Ltd. | 88,000 | 2,079,221 | ||||||
# | Toyo Wharf & Warehouse Co., Ltd. | 41,300 | 542,227 | |||||
Trancom Co., Ltd. | 56,800 | 3,748,531 | ||||||
# | Trinity Industrial Corp. | 36,000 | 255,395 | |||||
# | Trusco Nakayama Corp. | 154,100 | 3,725,971 | |||||
Trust Tech, Inc. | 158,000 | 2,002,613 | ||||||
Tsubaki Nakashima Co., Ltd. | 336,200 | 5,722,858 | ||||||
Tsubakimoto Chain Co. | 208,840 | 7,135,204 | ||||||
# | Tsubakimoto Kogyo Co., Ltd. | 28,800 | 1,182,155 | |||||
Tsudakoma Corp. | 31,998 | 369,276 | ||||||
# | Tsugami Corp. | 336,300 | 3,107,018 | |||||
Tsukishima Kikai Co., Ltd. | 210,100 | 3,236,258 | ||||||
Tsurumi Manufacturing Co., Ltd. | 141,900 | 2,797,313 | ||||||
Uchida Yoko Co., Ltd. | 69,900 | 2,746,805 | ||||||
# | Ueki Corp. | 34,800 | 846,317 | |||||
Union Tool Co. | 52,300 | 1,666,762 | ||||||
Ushio, Inc. | 973,200 | 14,544,315 | ||||||
# | UT Group Co., Ltd. | 204,000 | 5,067,274 | |||||
Utoc Corp. | 102,200 | 527,634 | ||||||
Waida Manufacturing Co., Ltd. | 4,300 | 57,275 | ||||||
Wakachiku Construction Co., Ltd. | 99,200 | 1,507,474 | ||||||
Wakita & Co., Ltd. | 294,800 | 2,979,839 | ||||||
WDB Holdings Co., Ltd. | 65,900 | 1,675,036 | ||||||
Weathernews, Inc. | 40,600 | 1,282,088 | ||||||
Will Group, Inc. | 105,800 | 969,354 | ||||||
# | World Holdings Co., Ltd. | 46,600 | 780,555 | |||||
Yahagi Construction Co., Ltd. | 200,200 | 1,420,533 | ||||||
YAMABIKO Corp. | 259,528 | 2,946,196 | ||||||
# | YAMADA Consulting Group Co., Ltd. | 78,800 | 1,420,619 | |||||
# | Yamashina Corp. | 224,200 | 144,887 | |||||
# | Yamato Corp. | 124,100 | 840,536 | |||||
# | Yamaura Corp. | 47,100 | 380,323 | |||||
Yamazen Corp. | 465,300 | 4,296,031 | ||||||
Yasuda Logistics Corp. | 122,200 | 1,094,852 | ||||||
Yokogawa Bridge Holdings Corp. | 239,000 | 4,375,369 | ||||||
Yondenko Corp. | 27,360 | 700,257 | ||||||
Yuasa Trading Co., Ltd. | 128,600 | 3,989,533 |
102
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INDUSTRIALS — (Continued) | ||||||||
Yuken Kogyo Co., Ltd. | 24,000 | $ | 381,523 | |||||
# | Yumeshin Holdings Co., Ltd. | 362,700 | 3,232,078 | |||||
Yurtec Corp. | 277,500 | 1,715,872 | ||||||
Zaoh Co., Ltd. | 23,400 | 320,058 | ||||||
# | Zenitaka Corp. (The) | 19,600 | 771,578 | |||||
Zuiko Corp. | 29,000 | 896,218 | ||||||
TOTAL INDUSTRIALS | 1,132,240,688 | |||||||
INFORMATION TECHNOLOGY — (12.9%) | ||||||||
A&D Co., Ltd. | 141,000 | 1,089,616 | ||||||
Access Co., Ltd. | 208,000 | 1,955,383 | ||||||
Ad-sol Nissin Corp. | 43,000 | 954,940 | ||||||
# | Adtec Plasma Technology Co., Ltd. | 30,700 | 311,549 | |||||
AGS Corp. | 11,600 | 86,085 | ||||||
Ai Holdings Corp. | 304,600 | 5,520,455 | ||||||
Aichi Tokei Denki Co., Ltd. | 18,900 | 716,163 | ||||||
Aiphone Co., Ltd. | 74,900 | 1,292,968 | ||||||
Alpha Systems, Inc. | 60,520 | 1,565,668 | ||||||
Amano Corp. | 199,700 | 5,904,468 | ||||||
AOI Electronics Co., Ltd. | 31,400 | 688,112 | ||||||
Argo Graphics, Inc. | 122,200 | 3,377,558 | ||||||
# | Arisawa Manufacturing Co., Ltd. | 223,500 | 2,229,931 | |||||
ArtSpark Holdings, Inc. | 48,100 | 282,685 | ||||||
Asahi Intelligence Service Co., Ltd. | 1,300 | 14,053 | ||||||
Aval Data Corp. | 26,000 | 441,506 | ||||||
Avant Corp. | 57,900 | 1,267,303 | ||||||
* | Axell Corp. | 44,900 | 263,260 | |||||
Azia Co., Ltd. | 14,300 | 166,820 | ||||||
#* | BrainPad, Inc. | 7,200 | 378,098 | |||||
Broadleaf Co., Ltd. | 722,700 | 4,060,352 | ||||||
Business Brain Showa-Ota, Inc. | 13,300 | 339,477 | ||||||
CAC Holdings Corp. | 96,400 | 1,230,190 | ||||||
Canon Electronics, Inc. | 147,700 | 2,765,200 | ||||||
Capital Asset Planning, Inc. | 13,200 | 157,088 | ||||||
CDS Co., Ltd. | 18,800 | 245,079 | ||||||
Chino Corp. | 47,400 | 630,160 | ||||||
Citizen Watch Co., Ltd. | 1,362,700 | 7,244,868 | ||||||
CMK Corp. | 395,200 | 2,394,210 | ||||||
Computer Engineering & Consulting, Ltd. | 177,000 | 3,213,872 | ||||||
Computer Institute of Japan, Ltd. | 105,000 | 896,693 | ||||||
Comture Corp. | 165,000 | 3,136,304 | ||||||
CONEXIO Corp. | 128,600 | 1,778,413 | ||||||
# | Core Corp. | 45,800 | 603,467 | |||||
Cresco, Ltd. | 41,500 | 1,320,018 | ||||||
* | CRI Middleware Co., Ltd. | 8,500 | 141,135 | |||||
# | Cube System, Inc. | 60,600 | 441,972 | |||||
Cyber Com Co., Ltd. | 15,800 | 277,389 | ||||||
Cybernet Systems Co., Ltd. | 55,000 | 359,456 | ||||||
Cybozu, Inc. | 147,700 | 1,513,763 | ||||||
# | Dai-ichi Seiko Co., Ltd. | 82,700 | 2,051,241 | |||||
# | Daiko Denshi Tsushin, Ltd. | 37,200 | 286,151 | |||||
Daishinku Corp. | 64,099 | 640,341 | ||||||
Daitron Co., Ltd. | 54,400 | 736,247 | ||||||
Daiwabo Holdings Co., Ltd. | 140,700 | 6,148,041 | ||||||
* | DDS, Inc. | 6,800 | 20,944 | |||||
Denki Kogyo Co., Ltd. | 76,700 | 2,357,386 | ||||||
Densan System Co., Ltd. | 52,000 | 1,419,894 | ||||||
Dexerials Corp. | 469,900 | 4,147,994 | ||||||
Digital Arts, Inc. | 88,000 | 5,167,155 |
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The Japanese Small Company Series
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INFORMATION TECHNOLOGY — (Continued) | ||||||||
Digital Garage, Inc. | 80,700 | $ | 2,641,691 | |||||
# | Digital Hearts Holdings Co., Ltd. | 109,300 | 904,388 | |||||
# | Digital Information Technologies Corp. | 54,900 | 836,268 | |||||
# | DKK-Toa Corp. | 28,300 | 219,327 | |||||
Double Standard, Inc. | 14,000 | 679,754 | ||||||
DTS Corp. | 332,400 | 7,039,701 | ||||||
Ebase Co., Ltd. | 29,800 | 324,944 | ||||||
#* | E-Guardian, Inc. | 74,000 | 1,174,517 | |||||
Eizo Corp. | 132,900 | 4,942,734 | ||||||
Elecom Co., Ltd. | 141,200 | 5,482,959 | ||||||
Elematec Corp. | 122,942 | 1,182,628 | ||||||
# | Enomoto Co., Ltd. | 30,200 | 326,740 | |||||
Enplas Corp. | 65,800 | 2,111,263 | ||||||
ESPEC Corp. | 166,000 | 2,997,298 | ||||||
Excel Co., Ltd. | 56,000 | 647,766 | ||||||
Fenwal Controls of Japan, Ltd. | 21,600 | 276,743 | ||||||
Ferrotec Holdings Corp. | 264,900 | 2,627,281 | ||||||
#* | FFRI, Inc. | 20,500 | 534,358 | |||||
# | Fixstars Corp. | 115,700 | 1,733,766 | |||||
Focus Systems Corp. | 22,500 | 184,661 | ||||||
# | Forval Corp. | 53,900 | 500,421 | |||||
# | Fronteo, Inc. | 118,100 | 346,282 | |||||
FTGroup Co., Ltd. | 67,000 | 882,632 | ||||||
Fuji Soft, Inc. | 42,500 | 1,851,340 | ||||||
Fujitsu Frontech, Ltd. | 88,800 | 786,134 | ||||||
Fukui Computer Holdings, Inc. | 53,500 | 1,430,103 | ||||||
Furuno Electric Co., Ltd. | 197,800 | 2,044,496 | ||||||
# | Furuya Metal Co., Ltd. | 7,600 | 343,079 | |||||
Future Corp. | 150,800 | 2,461,476 | ||||||
Future Innovation Group, Inc. | 11,900 | 35,481 | ||||||
# | Geomatec Co., Ltd. | 29,900 | 200,983 | |||||
GL Sciences, Inc. | 46,700 | 639,260 | ||||||
# | Glosel Co., Ltd. | 118,700 | 484,479 | |||||
# | GMO Cloud K.K. | 19,300 | 480,920 | |||||
GMO internet, Inc. | 202,300 | 3,399,616 | ||||||
GMO Pepabo, Inc. | 7,300 | 158,334 | ||||||
#* | Gunosy, Inc. | 44,800 | 734,903 | |||||
Hagiwara Electric Holdings Co., Ltd. | 51,100 | 1,368,459 | ||||||
Hakuto Co., Ltd. | 100,600 | 1,201,992 | ||||||
Hibino Corp. | 26,900 | 590,694 | ||||||
Hioki EE Corp. | 70,900 | 2,482,660 | ||||||
Hochiki Corp. | 123,600 | 1,726,277 | ||||||
# | Hokuriku Electric Industry Co., Ltd. | 48,200 | 516,797 | |||||
Honda Tsushin Kogyo Co., Ltd. | 113,800 | 551,811 | ||||||
Hosiden Corp. | 423,800 | 4,452,073 | ||||||
Ibiden Co., Ltd. | 6,978 | 161,127 | ||||||
Icom, Inc. | 79,000 | 1,788,023 | ||||||
ID Holdings Corp. | 52,100 | 649,110 | ||||||
Ikegami Tsushinki Co., Ltd. | 40,799 | 429,502 | ||||||
Ines Corp. | 166,100 | 1,868,757 | ||||||
I-Net Corp. | 80,390 | 1,034,459 | ||||||
Infocom Corp. | 188,000 | 3,922,121 | ||||||
Infomart Corp. | 456,500 | 6,872,905 | ||||||
Information Services International-Dentsu, Ltd. | 90,700 | 3,149,309 | ||||||
Innotech Corp. | 116,200 | 1,015,323 | ||||||
# | Intelligent Wave, Inc. | 36,600 | 256,146 | |||||
# | Inter Action Corp. | 27,600 | 562,444 | |||||
I-O Data Device, Inc. | 57,800 | 489,804 | ||||||
Iriso Electronics Co., Ltd. | 157,000 | 7,762,458 |
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INFORMATION TECHNOLOGY — (Continued) | ||||||||
# | ISB Corp. | 15,300 | $ | 230,093 | ||||
Itfor, Inc. | 164,700 | 1,347,447 | ||||||
Iwatsu Electric Co., Ltd. | 68,500 | 511,161 | ||||||
Japan Aviation Electronics Industry, Ltd. | 382,900 | 7,132,970 | ||||||
Japan Cash Machine Co., Ltd. | 154,800 | 1,384,088 | ||||||
#* | Japan Display, Inc. | 3,483,900 | 2,035,533 | |||||
# | Japan Electronic Materials Corp. | 51,800 | 342,444 | |||||
Japan Material Co., Ltd. | 486,600 | 6,811,134 | ||||||
Jastec Co., Ltd. | 85,300 | 905,791 | ||||||
JBCC Holdings, Inc. | 117,800 | 1,962,448 | ||||||
JFE Systems, Inc. | 2,100 | 59,602 | ||||||
* | JIG-SAW, Inc. | 26,700 | 1,101,266 | |||||
Justsystems Corp. | 44,500 | 1,829,679 | ||||||
Kaga Electronics Co., Ltd. | 133,600 | 2,589,667 | ||||||
Kanematsu Electronics, Ltd. | 89,400 | 2,784,330 | ||||||
KEL Corp. | 27,900 | 215,656 | ||||||
Koa Corp. | 172,100 | 2,162,689 | ||||||
KSK Co., Ltd. | 3,000 | 50,676 | ||||||
# | Kyoden Co., Ltd. | 116,100 | 332,363 | |||||
Kyosan Electric Manufacturing Co., Ltd. | 319,900 | 1,500,929 | ||||||
Kyowa Electronic Instruments Co., Ltd. | 146,000 | 585,391 | ||||||
# | LAC Co., Ltd. | 100,100 | 1,200,563 | |||||
Lecip Holdings Corp. | 6,800 | 41,815 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 389,750 | 6,606,563 | ||||||
Mamezou Holdings Co., Ltd. | 129,000 | 2,114,713 | ||||||
Marubun Corp. | 112,200 | 638,417 | ||||||
Maruwa Co., Ltd. | 70,000 | 4,561,451 | ||||||
Maxell Holdings, Ltd. | 396,400 | 5,471,030 | ||||||
MCJ Co., Ltd. | 543,600 | 3,587,532 | ||||||
Megachips Corp. | 112,800 | 2,135,201 | ||||||
# | Meiko Electronics Co., Ltd. | 179,500 | 2,943,901 | |||||
Melco Holdings, Inc. | 14,300 | 384,520 | ||||||
#* | Metaps, Inc. | 12,800 | 112,713 | |||||
# | Micronics Japan Co., Ltd. | 223,800 | 2,093,755 | |||||
Mimaki Engineering Co., Ltd. | 136,300 | 683,431 | ||||||
Mimasu Semiconductor Industry Co., Ltd. | 122,681 | 2,396,304 | ||||||
Miraial Co., Ltd. | 48,800 | 664,247 | ||||||
Miroku Jyoho Service Co., Ltd. | 140,300 | 3,698,013 | ||||||
# | Mitachi Co., Ltd. | 17,900 | 123,307 | |||||
Mitsubishi Research Institute, Inc. | 56,200 | 1,989,971 | ||||||
Mitsui High-Tec, Inc. | 137,200 | 2,359,225 | ||||||
Mutoh Holdings Co., Ltd. | 14,600 | 242,828 | ||||||
Nagano Keiki Co., Ltd. | 96,400 | 662,741 | ||||||
Nakayo, Inc. | 77,100 | 1,197,699 | ||||||
NEC Networks & System Integration Corp. | 176,700 | 5,577,360 | ||||||
# | Neos Corp. | 8,600 | 62,427 | |||||
# | NF Corp. | 23,700 | 532,325 | |||||
Nichicon Corp. | 397,800 | 3,914,584 | ||||||
#* | Nihon Dempa Kogyo Co., Ltd. | 121,600 | 513,073 | |||||
Nihon Denkei Co., Ltd. | 31,800 | 379,427 | ||||||
# | Nippon Chemi-Con Corp. | 83,600 | 1,381,850 | |||||
# | Nippon Computer Dynamics Co., Ltd. | 38,600 | 287,783 | |||||
Nippon Electric Glass Co., Ltd. | 17,436 | 392,773 | ||||||
# | Nippon Information Development Co., Ltd. | 12,600 | 150,678 | |||||
# | Nippon Kodoshi Corp. | 56,200 | 735,197 | |||||
Nippon Signal Co., Ltd. | 372,300 | 4,290,231 | ||||||
Nippon Systemware Co., Ltd. | 56,800 | 1,375,290 | ||||||
Nissha Co., Ltd. | 253,600 | 2,641,164 | ||||||
Nohmi Bosai, Ltd. | 167,400 | 3,484,897 |
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INFORMATION TECHNOLOGY — (Continued) | ||||||||
NSD Co., Ltd. | 293,480 | $ | 9,046,407 | |||||
NuFlare Technology, Inc. | 35,800 | 2,667,202 | ||||||
# | Ohara, Inc. | 35,900 | 493,595 | |||||
# | Ohizumi Manufacturing Co., Ltd. | 27,100 | 188,138 | |||||
#* | Okaya Electric Industries Co., Ltd. | 77,800 | 283,910 | |||||
Oki Electric Industry Co., Ltd. | 699,800 | 9,391,632 | ||||||
# | ONO Sokki Co., Ltd. | 37,400 | 179,252 | |||||
Optex Group Co., Ltd. | 271,520 | 4,160,003 | ||||||
# | Oro Co., Ltd. | 15,800 | 412,515 | |||||
Osaki Electric Co., Ltd. | 324,800 | 2,248,864 | ||||||
Oval Corp. | 35,600 | 81,386 | ||||||
Paltek Corp. | 38,500 | 189,011 | ||||||
# | PCA Corp. | 2,300 | 81,082 | |||||
PCI Holdings, Inc. | 15,400 | 305,102 | ||||||
Poletowin Pitcrew Holdings, Inc. | 226,000 | 2,188,086 | ||||||
# | Pro-Ship, Inc. | 41,700 | 496,841 | |||||
Rakus Co., Ltd. | 260,600 | 3,910,137 | ||||||
# | RECOMM Co., Ltd. | 404,200 | 496,980 | |||||
* | Remixpoint, Inc. | 22,000 | 40,432 | |||||
Restar Holdings Corp. | 161,100 | 2,737,617 | ||||||
Riken Keiki Co., Ltd. | 113,500 | 2,228,961 | ||||||
Riso Kagaku Corp. | 177,600 | 2,918,009 | ||||||
Roland DG Corp. | 105,700 | 2,077,087 | ||||||
Rorze Corp. | 77,400 | 2,628,366 | ||||||
# | RS Technologies Co., Ltd. | 27,300 | 1,113,947 | |||||
Ryoden Corp. | 110,600 | 1,674,192 | ||||||
Ryosan Co., Ltd. | 187,200 | 4,860,198 | ||||||
Ryoyo Electro Corp. | 168,200 | 2,985,092 | ||||||
# | Saison Information Systems Co., Ltd. | 24,800 | 477,564 | |||||
Sakura Internet, Inc. | 155,700 | 916,045 | ||||||
Samco, Inc. | 14,700 | 144,289 | ||||||
Sanken Electric Co., Ltd. | 193,200 | 4,535,115 | ||||||
Sanshin Electronics Co., Ltd. | 150,100 | 2,141,710 | ||||||
# | Satori Electric Co., Ltd. | 90,380 | 769,293 | |||||
Saxa Holdings, Inc. | 32,600 | 558,346 | ||||||
# | SB Technology Corp. | 74,000 | 1,419,368 | |||||
Scala, Inc. | 120,700 | 1,001,889 | ||||||
Seikoh Giken Co., Ltd. | 19,900 | 638,832 | ||||||
SEMITEC Corp. | 5,500 | 165,200 | ||||||
# | Shibaura Electronics Co., Ltd. | 58,000 | 1,721,498 | |||||
Shibaura Mechatronics Corp. | 31,800 | 1,057,796 | ||||||
#* | SHIFT, Inc. | 41,800 | 2,384,317 | |||||
Shindengen Electric Manufacturing Co., Ltd. | 54,800 | 1,862,401 | ||||||
Shinko Electric Industries Co., Ltd. | 566,300 | 5,526,749 | ||||||
Shinko Shoji Co., Ltd. | 314,200 | 2,693,475 | ||||||
Shizuki Electric Co., Inc. | 127,100 | 697,986 | ||||||
# | Showa Shinku Co., Ltd. | 25,400 | 341,648 | |||||
Sigma Koki Co., Ltd. | 31,600 | 386,568 | ||||||
# | Siix Corp. | 242,700 | 3,679,741 | |||||
# | SK-Electronics Co., Ltd. | 64,100 | 1,300,835 | |||||
SMK Corp. | 37,099 | 1,070,268 | ||||||
Softbrain Co., Ltd. | 111,300 | 572,930 | ||||||
Softcreate Holdings Corp. | 58,200 | 1,015,916 | ||||||
Soliton Systems K.K. | 51,700 | 465,567 | ||||||
# | Soshin Electric Co., Ltd. | 58,400 | 251,342 | |||||
Sourcenext Corp. | 364,000 | 1,628,304 | ||||||
SRA Holdings | 75,600 | 1,833,039 | ||||||
# | Sumida Corp. | 206,049 | 2,302,483 | |||||
Sun-Wa Technos Corp. | 82,000 | 801,520 |
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INFORMATION TECHNOLOGY — (Continued) | ||||||||
Suzuki Co., Ltd. | 77,300 | $ | 560,868 | |||||
# | System Information Co., Ltd. | 54,800 | 495,026 | |||||
System Research Co., Ltd. | 27,200 | 493,451 | ||||||
Systemsoft Corp. | 255,800 | 277,530 | ||||||
Systena Corp. | 564,200 | 8,107,168 | ||||||
Tachibana Eletech Co., Ltd. | 129,360 | 2,165,082 | ||||||
# | Takachiho Koheki Co., Ltd. | 38,500 | 404,929 | |||||
# | TAKEBISHI Corp. | 53,100 | 703,093 | |||||
Tamura Corp. | 651,300 | 3,730,084 | ||||||
# | Tazmo Co., Ltd. | 39,500 | 469,658 | |||||
# | TDC Soft, Inc. | 111,300 | 918,035 | |||||
TechMatrix Corp. | 116,800 | 2,614,636 | ||||||
Techno Horizon Holdings Co., Ltd. | 56,700 | 234,497 | ||||||
Tecnos Japan, Inc. | 112,200 | 560,010 | ||||||
Teikoku Tsushin Kogyo Co., Ltd. | 53,800 | 600,291 | ||||||
* | Terilogy Co., Ltd. | 8,800 | 60,160 | |||||
TESEC Corp. | 19,400 | 205,899 | ||||||
TKC Corp. | 119,000 | 5,012,990 | ||||||
Tokyo Electron Device, Ltd. | 45,600 | 872,329 | ||||||
Tokyo Seimitsu Co., Ltd. | 315,100 | 10,120,723 | ||||||
# | Tomen Devices Corp. | 15,300 | 374,444 | |||||
Topcon Corp. | 862,100 | 11,887,112 | ||||||
# | Torex Semiconductor, Ltd. | 45,500 | 608,765 | |||||
Toshiba TEC Corp. | 211,100 | 7,613,433 | ||||||
Toukei Computer Co., Ltd. | 23,210 | 709,161 | ||||||
Towa Corp. | 171,400 | 1,685,585 | ||||||
Toyo Corp. | 165,500 | 1,705,064 | ||||||
Tri Chemical Laboratories, Inc. | 39,400 | 2,572,516 | ||||||
# | Tsuzuki Denki Co., Ltd. | 42,800 | 477,972 | |||||
Ubicom Holdings, Inc. | 12,500 | 163,553 | ||||||
Ulvac, Inc. | 237,200 | 10,377,361 | ||||||
# | UMC Electronics Co., Ltd. | 52,700 | 232,367 | |||||
Uniden Holdings Corp. | 44,000 | 798,349 | ||||||
UNIRITA, Inc. | 8,100 | 130,839 | ||||||
UNITED, Inc. | 24,200 | 265,886 | ||||||
# | V Technology Co., Ltd. | 77,200 | 4,592,945 | |||||
# | VINX Corp. | 11,500 | 122,002 | |||||
Wacom Co., Ltd. | 1,124,700 | 4,186,178 | ||||||
YAC Holdings Co., Ltd. | 87,500 | 677,425 | ||||||
#* | Yamaha Motor Robotics Holdings Co., Ltd. | 88,400 | 491,495 | |||||
# | Yamaichi Electronics Co., Ltd. | 153,400 | 2,073,550 | |||||
# | Yashima Denki Co., Ltd. | 131,200 | 1,077,891 | |||||
Yokowo Co., Ltd. | 105,200 | 3,031,021 | ||||||
Zuken, Inc. | 113,200 | 2,398,203 | ||||||
TOTAL INFORMATION TECHNOLOGY | 489,542,108 | |||||||
MATERIALS — (10.1%) | ||||||||
Achilles Corp. | 109,000 | 1,770,869 | ||||||
ADEKA Corp. | 665,700 | 9,526,870 | ||||||
Aichi Steel Corp. | 81,700 | 2,658,976 | ||||||
Arakawa Chemical Industries, Ltd. | 132,600 | 1,942,621 | ||||||
# | Araya Industrial Co., Ltd. | 26,500 | 393,009 | |||||
Asahi Holdings, Inc. | 299,850 | 6,980,615 | ||||||
Asahi Printing Co., Ltd. | 25,700 | 249,585 | ||||||
Asahi Yukizai Corp. | 98,600 | 1,391,132 | ||||||
Asahipen Corp. | 2,100 | 32,989 | ||||||
Asia Pile Holdings Corp. | 220,000 | 1,189,375 | ||||||
C Uyemura & Co., Ltd. | 35,900 | 2,222,157 | ||||||
Carlit Holdings Co., Ltd. | 139,400 | 808,018 |
107
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MATERIALS — (Continued) | ||||||||
Chuetsu Pulp & Paper Co., Ltd. | 49,900 | $ | 765,762 | |||||
* | Chugai Mining Co., Ltd. | 652,700 | 127,283 | |||||
Chugoku Marine Paints, Ltd. | 478,100 | 4,622,448 | ||||||
CI Takiron Corp. | 324,200 | 1,952,725 | ||||||
# | CK-San-Etsu Co., Ltd. | 21,200 | 575,751 | |||||
Dai Nippon Toryo Co., Ltd. | 145,500 | 1,473,984 | ||||||
Daido Steel Co., Ltd. | 80,900 | 3,530,315 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co., Ltd. | 130,800 | 1,022,769 | ||||||
Daiken Corp. | 93,900 | 1,691,066 | ||||||
Daiki Aluminium Industry Co., Ltd. | 202,100 | 1,350,056 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co., Ltd. | 93,400 | 2,810,752 | ||||||
Daio Paper Corp. | 290,600 | 3,873,614 | ||||||
DKS Co., Ltd. | 68,800 | 2,233,227 | ||||||
Dowa Holdings Co., Ltd. | 92,500 | 3,193,486 | ||||||
Dynapac Co., Ltd. | 8,500 | 114,534 | ||||||
Fuji Seal International, Inc. | 106,400 | 2,642,944 | ||||||
Fujikura Kasei Co., Ltd. | 184,200 | 959,033 | ||||||
Fujimi, Inc. | 1,100 | 28,673 | ||||||
Fujimori Kogyo Co., Ltd. | 120,900 | 4,274,555 | ||||||
Fuso Chemical Co., Ltd. | 142,200 | 3,670,167 | ||||||
Geostr Corp. | 111,400 | 428,320 | ||||||
Godo Steel, Ltd. | 67,700 | 1,463,099 | ||||||
Gun-Ei Chemical Industry Co., Ltd. | 31,600 | 737,936 | ||||||
Hakudo Co., Ltd. | 48,200 | 612,562 | ||||||
Harima Chemicals Group, Inc. | 106,100 | 1,182,968 | ||||||
Hodogaya Chemical Co., Ltd. | 44,900 | 1,691,081 | ||||||
Hokkan Holdings, Ltd. | 56,100 | 904,582 | ||||||
Hokko Chemical Industry Co., Ltd. | 139,100 | 769,423 | ||||||
Hokuetsu Corp. | 1,042,799 | 5,310,764 | ||||||
Honshu Chemical Industry Co., Ltd. | 28,200 | 322,058 | ||||||
Ise Chemicals Corp. | 14,800 | 443,335 | ||||||
# | Ishihara Chemical Co., Ltd. | 35,500 | 574,513 | |||||
Ishihara Sangyo Kaisha, Ltd. | 222,050 | 2,292,423 | ||||||
Ishizuka Glass Co., Ltd. | 16,100 | 320,229 | ||||||
JCU Corp. | 181,800 | 4,454,876 | ||||||
JSP Corp. | 102,700 | 1,903,607 | ||||||
Kaneka Corp. | 20,900 | 695,731 | ||||||
Kanto Denka Kogyo Co., Ltd. | 335,900 | 2,969,865 | ||||||
Katakura & Co-op Agri Corp. | 21,500 | 241,950 | ||||||
KeePer Technical Laboratory Co., Ltd. | 51,000 | 723,133 | ||||||
KH Neochem Co., Ltd. | 234,500 | 5,710,529 | ||||||
Kimoto Co., Ltd. | 247,400 | 387,476 | ||||||
Koatsu Gas Kogyo Co., Ltd. | 225,193 | 1,782,310 | ||||||
Kobe Steel, Ltd. | 1,250,100 | 6,721,190 | ||||||
Kohsoku Corp. | 72,200 | 862,573 | ||||||
Konishi Co., Ltd. | 260,700 | 3,679,929 | ||||||
Konoshima Chemical Co., Ltd. | 39,000 | 315,800 | ||||||
Krosaki Harima Corp. | 41,200 | 2,207,560 | ||||||
Kumiai Chemical Industry Co., Ltd. | 564,787 | 5,222,990 | ||||||
# | Kunimine Industries Co., Ltd. | 40,400 | 382,597 | |||||
Kureha Corp. | 141,650 | 9,053,385 | ||||||
Kurimoto, Ltd. | 67,900 | 1,103,587 | ||||||
Kuriyama Holdings Corp. | 92,800 | 709,363 | ||||||
Kyoei Steel, Ltd. | 161,600 | 2,942,838 | ||||||
Kyowa Leather Cloth Co., Ltd. | 91,900 | 671,659 | ||||||
Lintec Corp. | 210,600 | 4,423,190 | ||||||
MEC Co., Ltd. | 131,000 | 2,195,875 | ||||||
Mitani Sekisan Co., Ltd. | 73,600 | 2,441,523 | ||||||
Mitsubishi Paper Mills, Ltd. | 405,600 | 1,846,849 |
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MATERIALS — (Continued) | ||||||||
Mitsubishi Steel Manufacturing Co., Ltd. | 53,500 | $ | 569,961 | |||||
Mitsui Mining & Smelting Co., Ltd. | 484,900 | 13,551,811 | ||||||
Molitec Steel Co., Ltd. | 83,100 | 356,195 | ||||||
MORESCO Corp. | 47,800 | 591,730 | ||||||
Mory Industries, Inc. | 39,300 | 837,046 | ||||||
Nakayama Steel Works, Ltd. | 220,200 | 941,717 | ||||||
Neturen Co., Ltd. | 261,200 | 2,299,949 | ||||||
#* | New Japan Chemical Co., Ltd. | 200,600 | 373,994 | |||||
Nicca Chemical Co., Ltd. | 49,300 | 405,647 | ||||||
# | Nichia Steel Works, Ltd. | 138,600 | 427,764 | |||||
# | Nihon Kagaku Sangyo Co., Ltd. | 90,200 | 908,237 | |||||
Nihon Nohyaku Co., Ltd. | 243,500 | 1,279,407 | ||||||
Nihon Parkerizing Co., Ltd. | 505,500 | 5,926,974 | ||||||
Nihon Yamamura Glass Co., Ltd. | 110,400 | 1,319,912 | ||||||
Nippon Carbide Industries Co., Inc. | 49,300 | 664,805 | ||||||
# | Nippon Chemical Industrial Co., Ltd. | 42,600 | 1,253,522 | |||||
Nippon Concrete Industries Co., Ltd. | 306,600 | 882,148 | ||||||
# | Nippon Denko Co., Ltd. | 1,018,114 | 1,764,621 | |||||
Nippon Fine Chemical Co., Ltd. | 81,500 | 950,320 | ||||||
Nippon Kayaku Co., Ltd. | 70,700 | 859,237 | ||||||
Nippon Kinzoku Co., Ltd. | 27,000 | 217,120 | ||||||
Nippon Koshuha Steel Co., Ltd. | 26,799 | 112,135 | ||||||
Nippon Light Metal Holdings Co., Ltd. | 4,755,800 | 9,250,215 | ||||||
Nippon Paper Industries Co., Ltd. | 177,600 | 3,061,398 | ||||||
Nippon Pillar Packing Co., Ltd. | 157,500 | 2,121,710 | ||||||
Nippon Soda Co., Ltd. | 193,300 | 5,148,638 | ||||||
# | Nippon Yakin Kogyo Co., Ltd. | 124,049 | 2,723,049 | |||||
Nitta Gelatin, Inc. | 100,500 | 657,577 | ||||||
Nittetsu Mining Co., Ltd. | 43,700 | 1,833,055 | ||||||
Nozawa Corp. | 52,500 | 330,430 | ||||||
Oat Agrio Co., Ltd. | 18,000 | 292,493 | ||||||
Okamoto Industries, Inc. | 82,600 | 3,189,981 | ||||||
Okura Industrial Co., Ltd. | 61,800 | 1,137,303 | ||||||
Osaka Organic Chemical Industry, Ltd. | 100,800 | 1,123,855 | ||||||
Osaka Soda Co., Ltd. | 108,599 | 3,074,272 | ||||||
Osaka Steel Co., Ltd. | 94,200 | 1,289,081 | ||||||
OSAKA Titanium Technologies Co., Ltd. | 155,500 | 2,434,380 | ||||||
# | Pacific Metals Co., Ltd. | 126,799 | 3,031,819 | |||||
Pack Corp. (The) | 96,200 | 3,389,865 | ||||||
# | Rasa Industries, Ltd. | 49,700 | 679,462 | |||||
Rengo Co., Ltd. | 124,600 | 903,479 | ||||||
Riken Technos Corp. | 255,000 | 1,207,255 | ||||||
Sakai Chemical Industry Co., Ltd. | 112,100 | 2,796,922 | ||||||
Sakata INX Corp. | 311,800 | 3,524,301 | ||||||
Sanyo Chemical Industries, Ltd. | 96,300 | 4,594,597 | ||||||
# | Sanyo Special Steel Co., Ltd. | 147,060 | 1,862,482 | |||||
Seiko PMC Corp. | 78,600 | 612,343 | ||||||
Sekisui Plastics Co., Ltd. | 179,100 | 1,320,235 | ||||||
Shikoku Chemicals Corp. | 260,000 | 3,051,923 | ||||||
Shinagawa Refractories Co., Ltd. | 44,300 | 1,191,603 | ||||||
Shin-Etsu Polymer Co., Ltd. | 336,500 | 2,883,365 | ||||||
SK Kaken Co., Ltd. | 1,600 | 692,522 | ||||||
Soken Chemical & Engineering Co., Ltd. | 48,900 | 556,618 | ||||||
Stella Chemifa Corp. | 82,400 | 2,397,448 | ||||||
Sumitomo Bakelite Co., Ltd. | 90,600 | 3,756,761 | ||||||
Sumitomo Osaka Cement Co., Ltd. | 238,699 | 10,419,680 | ||||||
Sumitomo Seika Chemicals Co., Ltd. | 70,900 | 2,256,854 | ||||||
# | T Hasegawa Co., Ltd. | 204,200 | 3,805,622 | |||||
# | T&K Toka Co., Ltd. | 146,900 | 1,407,801 |
109
The Japanese Small Company Series
continued
Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
Taisei Lamick Co., Ltd. | 43,900 | $ | 1,194,962 | |||||
Taiyo Holdings Co., Ltd. | 140,400 | 5,088,162 | ||||||
Takasago International Corp. | 104,000 | 2,610,011 | ||||||
Takemoto Yohki Co., Ltd. | 46,900 | 446,952 | ||||||
# | Taoka Chemical Co., Ltd. | 1,600 | 124,025 | |||||
# | Tayca Corp. | 139,300 | 2,747,938 | |||||
Tenma Corp. | 129,800 | 2,372,540 | ||||||
# | Titan Kogyo, Ltd. | 5,100 | 118,190 | |||||
Toagosei Co., Ltd. | 871,100 | 9,655,071 | ||||||
# | Toda Kogyo Corp. | 24,800 | 514,137 | |||||
Toho Acetylene Co., Ltd. | 12,700 | 161,990 | ||||||
Toho Chemical Industry Co., Ltd. | 47,000 | 219,685 | ||||||
# | Toho Titanium Co., Ltd. | 242,500 | 1,996,896 | |||||
Toho Zinc Co., Ltd. | 122,699 | 2,489,874 | ||||||
Tohoku Steel Co., Ltd. | 16,300 | 215,635 | ||||||
Tokushu Tokai Paper Co., Ltd. | 71,058 | 2,671,741 | ||||||
Tokuyama Corp. | 414,298 | 11,067,550 | ||||||
Tokyo Ohka Kogyo Co., Ltd. | 242,500 | 9,603,821 | ||||||
Tokyo Printing Ink Manufacturing Co., Ltd. | 10,200 | 227,328 | ||||||
Tokyo Rope Manufacturing Co., Ltd. | 101,700 | 1,077,588 | ||||||
Tokyo Steel Manufacturing Co., Ltd. | 842,500 | 6,782,726 | ||||||
Tokyo Tekko Co., Ltd. | 74,900 | 1,095,674 | ||||||
Tomoegawa Co., Ltd. | 33,600 | 299,577 | ||||||
Tomoku Co., Ltd. | 81,500 | 1,306,002 | ||||||
Topy Industries, Ltd. | 114,200 | 2,334,533 | ||||||
# | Toyo Gosei Co., Ltd. | 32,800 | 930,685 | |||||
Toyo Ink SC Holdings Co., Ltd. | 277,600 | 6,765,692 | ||||||
Toyobo Co., Ltd. | 715,200 | 9,667,381 | ||||||
# | TYK Corp. | 183,700 | 541,011 | |||||
UACJ Corp. | 211,841 | 3,880,515 | ||||||
Ube Industries, Ltd. | 67,500 | 1,445,253 | ||||||
Ultrafabrics Holdings Co., Ltd. | 2,400 | 27,256 | ||||||
Valqua, Ltd. | 126,199 | 2,811,789 | ||||||
# | Vertex Corp. | 45,998 | 725,724 | |||||
Wavelock Holdings Co., Ltd. | 30,900 | 251,862 | ||||||
Wood One Co., Ltd. | 48,500 | 514,115 | ||||||
Yamato Kogyo Co., Ltd. | 171,600 | 4,451,591 | ||||||
Yodogawa Steel Works, Ltd. | 154,200 | 2,911,600 | ||||||
Yoshicon Co., Ltd. | 3,100 | 33,521 | ||||||
# | Yotai Refractories Co., Ltd. | 118,000 | 794,272 | |||||
Yushiro Chemical Industry Co., Ltd. | 73,800 | 972,545 | ||||||
TOTAL MATERIALS | 384,435,104 | |||||||
REAL ESTATE — (2.1%) | ||||||||
# | AD Works Co., Ltd. | 1,948,800 | 538,670 | |||||
Airport Facilities Co., Ltd. | 148,670 | 764,053 | ||||||
Anabuki Kosan, Inc. | 6,000 | 157,994 | ||||||
# | Aoyama Zaisan Networks Co., Ltd. | 52,600 | 791,762 | |||||
# | Apaman Co., Ltd. | 77,800 | 651,895 | |||||
Arealink Co., Ltd. | 29,600 | 319,627 | ||||||
B-Lot Co., Ltd. | 16,500 | 316,657 | ||||||
Cosmos Initia Co., Ltd. | 99,600 | 699,949 | ||||||
CRE, Inc. | 22,400 | 214,043 | ||||||
Daibiru Corp. | 358,100 | 3,976,013 | ||||||
# | Dear Life Co., Ltd. | 145,300 | 693,705 | |||||
Goldcrest Co., Ltd. | 139,170 | 2,874,822 | ||||||
# | Good Com Asset Co., Ltd. | 10,300 | 166,681 | |||||
Grandy House Corp. | 121,300 | 552,643 | ||||||
Heiwa Real Estate Co., Ltd. | 236,600 | 5,706,539 |
110
The Japanese Small Company Series
continued
Shares | Value» | |||||||
REAL ESTATE — (Continued) | ||||||||
Ichigo, Inc. | 970,800 | $ | 3,866,594 | |||||
Intellex Co., Ltd. | 30,000 | 208,748 | ||||||
* | Japan Asset Marketing Co., Ltd. | 1,648,500 | 1,249,392 | |||||
Japan Corporate Housing Service, Inc. | 10,500 | 101,132 | ||||||
Japan Property Management Center Co., Ltd. | 83,400 | 1,132,740 | ||||||
JSB Co., Ltd. | 2,300 | 112,791 | ||||||
Kabuki-Za Co., Ltd. | 6,500 | 348,542 | ||||||
Keihanshin Building Co., Ltd. | 291,800 | 3,649,336 | ||||||
Kenedix, Inc. | 1,600,900 | 8,713,937 | ||||||
Land Business Co., Ltd. | 14,800 | 103,372 | ||||||
* | LAND Co., Ltd. | 1,819,600 | 169,211 | |||||
#* | Leopalace21 Corp. | 2,072,900 | 5,655,851 | |||||
Mugen Estate Co., Ltd. | 83,200 | 517,192 | ||||||
# | Nippon Commercial Development Co., Ltd. | 85,500 | 1,220,060 | |||||
Nisshin Fudosan Co. | 237,700 | 1,107,871 | ||||||
#* | Prospect Co., Ltd. | 3,669,000 | 815,335 | |||||
Raysum Co., Ltd. | 105,400 | 1,112,713 | ||||||
SAMTY Co., Ltd. | 122,900 | 2,315,606 | ||||||
Sankyo Frontier Co., Ltd. | 23,100 | 762,725 | ||||||
Sansei Landic Co., Ltd. | 40,600 | 361,208 | ||||||
Shinoken Group Co., Ltd. | 142,500 | 1,466,695 | ||||||
Star Mica Holdings Co., Ltd. | 95,400 | 1,725,932 | ||||||
Sun Frontier Fudousan Co., Ltd. | 249,400 | 3,034,445 | ||||||
Takara Leben Co., Ltd. | 667,100 | 2,839,997 | ||||||
* | Tateru, Inc. | 112,500 | 224,264 | |||||
TOC Co., Ltd. | 401,550 | 2,916,438 | ||||||
Tokyo Rakutenchi Co., Ltd. | 21,100 | 1,137,360 | ||||||
# | Tokyo Theatres Co., Inc. | 55,299 | 713,750 | |||||
Tosei Corp. | 313,200 | 3,950,633 | ||||||
# | Unizo Holdings Co., Ltd. | 211,100 | 9,736,461 | |||||
Urbanet Corp. Co., Ltd. | 120,100 | 454,052 | ||||||
TOTAL REAL ESTATE | 80,149,436 | |||||||
UTILITIES — (1.2%) | ||||||||
EF-ON, Inc. | 104,520 | 703,412 | ||||||
eRex Co., Ltd. | 249,500 | 3,394,948 | ||||||
Hiroshima Gas Co., Ltd. | 337,400 | 1,129,426 | ||||||
Hokkaido Electric Power Co., Inc. | 1,332,300 | 6,992,697 | ||||||
Hokkaido Gas Co., Ltd. | 103,200 | 1,550,051 | ||||||
* | Hokuriku Electric Power Co. | 766,600 | 5,463,753 | |||||
Hokuriku Gas Co., Ltd. | 10,100 | 278,170 | ||||||
K&O Energy Group, Inc. | 110,200 | 1,659,072 | ||||||
Nippon Gas Co., Ltd. | 191,200 | 5,412,010 | ||||||
# | Okinawa Electric Power Co., Inc. (The) | 358,321 | 5,937,280 | |||||
#* | RENOVA, Inc. | 186,500 | 1,655,471 | |||||
Saibu Gas Co., Ltd. | 247,900 | 5,721,162 | ||||||
Shizuoka Gas Co., Ltd. | 403,600 | 3,489,260 | ||||||
# | Toell Co., Ltd. | 61,200 | 436,536 | |||||
# | West Holdings Corp. | 107,700 | 1,590,693 | |||||
TOTAL UTILITIES | 45,413,941 | |||||||
TOTAL COMMON STOCKS | ||||||||
Cost ($3,300,844,445) | 3,715,115,396 |
111
The Japanese Small Company Series
continued
Shares | Value† | |||||||
SECURITIES LENDING COLLATERAL — (2.4%) | ||||||||
@§ | DFA Short Term Investment Fund | 7,882,015 | $ | 91,202,795 | ||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $3,392,036,762) | $ | 3,806,318,191 |
ST | Special Tax | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
# | Total or Partial Securities on Loan. | |
* | Non-Income Producing Securities. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Common Stocks | |||||||||||||
Communication Services | — | $ | 100,852,769 | — | $ | 100,852,769 | |||||||
Consumer Discretionary | $ | 2,914,557 | 681,414,734 | — | 684,329,291 | ||||||||
Consumer Staples | — | 269,125,123 | — | 269,125,123 | |||||||||
Energy | — | 50,257,557 | — | 50,257,557 | |||||||||
Financials | — | 307,335,870 | — | 307,335,870 | |||||||||
Health Care | — | 171,433,509 | — | 171,433,509 | |||||||||
Industrials | — | 1,132,240,688 | — | 1,132,240,688 | |||||||||
Information Technology | — | 489,542,108 | — | 489,542,108 | |||||||||
Materials | — | 384,435,104 | — | 384,435,104 | |||||||||
Real Estate | — | 80,149,436 | — | 80,149,436 | |||||||||
Utilities | — | 45,413,941 | — | 45,413,941 | |||||||||
Securities Lending Collateral | — | 91,202,795 | — | 91,202,795 | |||||||||
TOTAL | $ | 2,914,557 | $ | 3,803,403,634 | — | $ | 3,806,318,191 |
See accompanying Notes to Financial Statements.
112
THE ASIA PACIFIC SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (97.1%) | ||||||||
AUSTRALIA — (52.9%) | ||||||||
* | 3P Learning, Ltd. | 93,233 | $ | 60,268 | ||||
* | 88 Energy, Ltd. | 604,262 | 5,372 | |||||
# | A2B Australia, Ltd. | 241,263 | 264,177 | |||||
Accent Group, Ltd. | 2,023,672 | 2,105,639 | ||||||
# | Adairs, Ltd. | 569,354 | 694,828 | |||||
Adelaide Brighton, Ltd. | 2,667,604 | 5,665,821 | ||||||
#* | Advance NanoTek, Ltd. | 4,230 | 15,165 | |||||
# | Ainsworth Game Technology, Ltd. | 400,919 | 220,703 | |||||
#* | Alkane Resources, Ltd. | 1,540,048 | 758,441 | |||||
# | Alliance Aviation Services, Ltd. | 101,515 | 175,820 | |||||
ALS, Ltd. | 1,937,440 | 10,775,238 | ||||||
Altium, Ltd. | 596,319 | 13,200,823 | ||||||
#* | Altura Mining, Ltd. | 1,015,510 | 39,823 | |||||
AMA Group, Ltd. | 2,254,833 | 2,135,770 | ||||||
#* | Amaysim Australia, Ltd. | 1,875,508 | 502,708 | |||||
Ansell, Ltd. | 897,943 | 17,075,979 | ||||||
AP Eagers, Ltd. | 750,941 | 6,344,299 | ||||||
APN Property Group, Ltd. | 26,661 | 9,922 | ||||||
Appen, Ltd. | 556,409 | 8,359,545 | ||||||
* | Arafura Resources, Ltd. | 502,091 | 32,184 | |||||
# | ARB Corp., Ltd. | 590,623 | 7,370,788 | |||||
#* | Ardent Leisure Group, Ltd. | 4,016,599 | 3,324,842 | |||||
# | ARQ Group, Ltd. | 982,475 | 287,347 | |||||
* | Asaleo Care, Ltd. | 864,100 | 569,636 | |||||
AUB Group, Ltd. | 452,803 | 3,856,190 | ||||||
Aurelia Metals, Ltd. | 3,199,548 | 1,035,088 | ||||||
Austal, Ltd. | 2,140,525 | 6,162,797 | ||||||
#* | Australian Agricultural Co., Ltd. | 3,411,177 | 2,316,300 | |||||
Australian Finance Group, Ltd. | 767,736 | 1,426,897 | ||||||
Australian Pharmaceutical Industries, Ltd. | 3,189,340 | 2,914,132 | ||||||
# | Australian Vintage, Ltd. | 4,317,004 | 1,520,612 | |||||
Auswide Bank, Ltd. | 106,144 | 403,658 | ||||||
Aveo Group | 3,145,497 | 4,642,681 | ||||||
AVJennings, Ltd. | 7,058,528 | 2,905,109 | ||||||
* | AVZ Minerals, Ltd. | 1,295,314 | 40,159 | |||||
* | Axsesstoday, Ltd. | 20,251 | 4,254 | |||||
Baby Bunting Group, Ltd. | 318,497 | 866,743 | ||||||
# | Bank of Queensland, Ltd. | 1,198,529 | 7,480,087 | |||||
# | Bapcor, Ltd. | 1,866,075 | 9,198,821 | |||||
* | Base Resources, Ltd. | 393,323 | 64,844 | |||||
Beach Energy, Ltd. | 332,595 | 523,165 | ||||||
# | Bega Cheese, Ltd. | 1,470,334 | 3,625,712 | |||||
# | Bell Financial Group, Ltd. | 122,493 | 84,324 | |||||
#* | Bellamy's Australia, Ltd. | 670,621 | 5,913,230 | |||||
#* | Berkeley Energia, Ltd. | 27,600 | 5,781 | |||||
# | Bingo Industries, Ltd. | 979,741 | 1,620,459 | |||||
# | Blackmores, Ltd. | 97,395 | 5,798,996 | |||||
Bravura Solutions, Ltd. | 1,415,005 | 3,980,789 | ||||||
Breville Group, Ltd. | 834,341 | 8,836,168 | ||||||
Brickworks, Ltd. | 491,321 | 6,132,742 | ||||||
#* | Bubs Australia, Ltd. | 114,559 | 89,013 | |||||
#* | Buru Energy, Ltd. | 678,801 | 103,241 | |||||
# | BWX, Ltd. | 386,111 | 1,043,009 | |||||
#* | Byron Energy, Ltd. | 41,456 | 9,258 | |||||
* | Cann Group, Ltd. | 71,385 | 49,606 | |||||
# | Capitol Health, Ltd. | 3,495,372 | 577,185 | |||||
#* | Cardno, Ltd. | 1,127,842 | 403,957 |
113
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
#* | Carnarvon Petroleum, Ltd. | 3,381,086 | $ | 883,175 | ||||
carsales.com, Ltd. | 1,661,566 | 17,806,162 | ||||||
#* | Cash Converters International, Ltd. | 3,582,331 | 592,633 | |||||
* | Catapult Group International, Ltd. | 384,667 | 373,111 | |||||
CDS Technologies, Ltd. | 13,276 | 0 | ||||||
Cedar Woods Properties, Ltd. | 426,933 | 2,086,594 | ||||||
Centuria Capital Group | 146,499 | 221,140 | ||||||
* | Champion Iron, Ltd. | 41,342 | 60,743 | |||||
# | Citadel Group, Ltd. (The) | 83,353 | 204,072 | |||||
City Chic Collective, Ltd. | 153,239 | 293,761 | ||||||
# | Class, Ltd. | 386,717 | 522,844 | |||||
# | Clean Seas Seafood, Ltd. | 87,730 | 48,956 | |||||
#* | Clean TeQ Holdings, Ltd. | 86,928 | 14,344 | |||||
Cleanaway Waste Management, Ltd. | 10,062,156 | 12,788,931 | ||||||
# | Clinuvel Pharmaceuticals, Ltd. | 69,877 | 1,472,651 | |||||
# | Clover Corp., Ltd. | 365,203 | 777,826 | |||||
Codan, Ltd. | 659,052 | 2,811,509 | ||||||
# | Collection House, Ltd. | 2,180,326 | 1,831,179 | |||||
Collins Foods, Ltd. | 820,761 | 5,788,340 | ||||||
#* | Cooper Energy, Ltd. | 13,527,811 | 5,170,718 | |||||
# | Corporate Travel Management, Ltd. | 548,400 | 6,662,051 | |||||
# | Costa Group Holdings, Ltd. | 2,112,283 | 4,154,214 | |||||
Costa Group Holdings, Ltd. | 197,790 | 388,588 | ||||||
# | Credit Corp. Group, Ltd. | 553,754 | 11,961,519 | |||||
* | CSG, Ltd. | 1,608,459 | 340,624 | |||||
CSR, Ltd. | 3,957,955 | 11,313,522 | ||||||
* | CuDeco, Ltd. | 387,893 | 11,792 | |||||
#* | Dacian Gold, Ltd. | 275,576 | 278,651 | |||||
# | Data#3, Ltd. | 926,712 | 2,196,947 | |||||
Decmil Group, Ltd. | 920,710 | 543,433 | ||||||
Dicker Data, Ltd. | 204,202 | 986,654 | ||||||
# | Domain Holdings Australia, Ltd. | 1,952,507 | 4,260,393 | |||||
# | Domino's Pizza Enterprises, Ltd. | 205,372 | 7,225,345 | |||||
Downer EDI, Ltd. | 710,927 | 3,954,213 | ||||||
DWS, Ltd. | 514,109 | 378,020 | ||||||
# | Eclipx Group, Ltd. | 2,757,791 | 2,982,995 | |||||
Elders, Ltd. | 1,177,990 | 4,795,125 | ||||||
#* | Electro Optic Systems Holdings, Ltd. | 456,109 | 2,206,208 | |||||
#* | Emeco Holdings, Ltd. | 848,810 | 1,044,814 | |||||
* | EML Payments, Ltd. | 436,776 | 1,202,488 | |||||
#* | Energy World Corp., Ltd. | 87,518 | 5,588 | |||||
Enero Group, Ltd. | 10,609 | 15,688 | ||||||
# | EQT Holdings, Ltd. | 93,813 | 1,987,115 | |||||
ERM Power, Ltd. | 1,112,209 | 1,844,673 | ||||||
Estia Health, Ltd. | 1,631,369 | 3,159,787 | ||||||
Euroz, Ltd. | 106,429 | 76,429 | ||||||
EVENT Hospitality and Entertainment, Ltd. | 546,035 | 4,937,481 | ||||||
#* | FAR, Ltd. | 8,256,005 | 295,815 | |||||
#* | FBR, Ltd. | 490,881 | 20,361 | |||||
# | Finbar Group, Ltd. | 203,868 | 120,177 | |||||
* | Fleetwood Corp., Ltd. | 347,465 | 535,650 | |||||
FlexiGroup, Ltd. | 2,103,926 | 2,826,576 | ||||||
# | Freedom Foods Group, Ltd. | 165,035 | 609,284 | |||||
# | G8 Education, Ltd. | 3,059,923 | 5,431,360 | |||||
#* | Galaxy Resources, Ltd. | 2,700,784 | 1,736,225 | |||||
GBST Holdings, Ltd. | 178,479 | 473,683 | ||||||
# | Genworth Mortgage Insurance Australia, Ltd. | 1,921,522 | 5,166,797 | |||||
#* | GetSwift, Ltd. | 28,980 | 12,503 | |||||
* | Gold Road Resources, Ltd. | 3,764,891 | 2,954,170 |
114
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
GR Engineering Services, Ltd. | 55,230 | $ | 29,806 | |||||
GrainCorp, Ltd., Class A | 1,833,496 | 9,136,956 | ||||||
# | Grange Resources, Ltd. | 449,866 | 65,067 | |||||
* | Greenland Minerals, Ltd. | 871,479 | 59,998 | |||||
GTN, Ltd. | 15,394 | 7,958 | ||||||
GUD Holdings, Ltd. | 951,434 | 7,095,253 | ||||||
# | GWA Group, Ltd. | 1,988,370 | 3,988,315 | |||||
Hansen Technologies, Ltd. | 1,384,222 | 3,239,112 | ||||||
Healius, Ltd. | 3,824,203 | 8,129,283 | ||||||
# | Helloworld Travel, Ltd. | 37,164 | 115,302 | |||||
* | Highfield Resources, Ltd. | 160,730 | 73,365 | |||||
* | Horizon Oil, Ltd. | 714,889 | 68,682 | |||||
# | HT&E, Ltd. | 1,774,958 | 2,014,769 | |||||
# | HUB24, Ltd. | 107,667 | 913,970 | |||||
* | IDM International, Ltd. | 958 | 0 | |||||
IDP Education, Ltd. | 441,679 | 5,413,689 | ||||||
Iluka Resources, Ltd. | 907,706 | 5,875,441 | ||||||
#* | Image Resources NL | 243,336 | 45,161 | |||||
Imdex, Ltd. | 2,201,682 | 2,410,839 | ||||||
#* | IMF Bentham, Ltd. | 2,465,699 | 5,784,966 | |||||
* | Immutep, Ltd. | 1,409,121 | 27,095 | |||||
#* | ImpediMed, Ltd. | 417,437 | 40,178 | |||||
Independence Group NL | 3,324,011 | 14,557,711 | ||||||
# | Infigen Energy | 5,839,242 | 2,568,146 | |||||
Infomedia, Ltd. | 2,889,035 | 4,557,762 | ||||||
# | Inghams Group, Ltd. | 1,907,337 | 4,083,445 | |||||
* | Intega Group, Ltd. | 1,127,842 | 439,275 | |||||
# | Integral Diagnostics, Ltd. | 131,177 | 326,973 | |||||
# | Integrated Research, Ltd. | 584,940 | 1,192,372 | |||||
# | InvoCare, Ltd. | 1,006,913 | 9,100,772 | |||||
* | ioneer, Ltd. | 290,821 | 50,825 | |||||
# | IOOF Holdings, Ltd. | 2,296,344 | 11,677,647 | |||||
IPH, Ltd. | 1,150,892 | 6,402,045 | ||||||
IRESS, Ltd. | 1,095,248 | 9,618,441 | ||||||
#* | iSelect, Ltd. | 96,851 | 37,111 | |||||
* | iSentia Group, Ltd. | 1,014,066 | 275,711 | |||||
IVE Group, Ltd. | 566,720 | 785,011 | ||||||
# | Japara Healthcare, Ltd. | 1,727,720 | 1,331,938 | |||||
# | JB Hi-Fi, Ltd. | 861,985 | 22,028,595 | |||||
Johns Lyng Group, Ltd. | 27,303 | 34,765 | ||||||
# | Jumbo Interactive, Ltd. | 208,843 | 3,192,770 | |||||
Jupiter Mines, Ltd. | 3,282,574 | 755,683 | ||||||
# | K&S Corp., Ltd. | 197,087 | 224,067 | |||||
#* | Karoon Energy, Ltd. | 1,898,553 | 1,265,276 | |||||
Karoon Energy, Ltd. | 2,343,626 | 1,567,111 | ||||||
* | Kingsgate Consolidated, Ltd. | 1,797,365 | 520,412 | |||||
# | Kogan.com, Ltd. | 229,522 | 1,070,315 | |||||
Lednium Technology Pty, Ltd. | 195,019 | 0 | ||||||
# | Lifestyle Communities, Ltd. | 96,718 | 566,570 | |||||
Link Administration Holdings, Ltd. | 271,150 | 1,045,608 | ||||||
# | Lovisa Holdings, Ltd. | 104,858 | 972,499 | |||||
* | Lynas Corp., Ltd. | 5,145,389 | 8,809,881 | |||||
MACA, Ltd. | 993,931 | 651,921 | ||||||
Macmahon Holdings, Ltd. | 4,762,508 | 705,537 | ||||||
MaxiTRANS Industries, Ltd. | 823,085 | 121,377 | ||||||
#* | Mayne Pharma Group, Ltd. | 9,984,203 | 3,535,831 | |||||
McMillan Shakespeare, Ltd. | 490,350 | 5,424,237 | ||||||
McPherson's, Ltd. | 483,762 | 769,348 | ||||||
* | Medusa Mining, Ltd. | 397,124 | 206,995 |
115
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
#* | Mesoblast, Ltd. | 630,272 | $ | 773,755 | ||||
#* | Metals X, Ltd. | 4,002,773 | 467,394 | |||||
# | Metcash, Ltd. | 7,553,452 | 14,683,218 | |||||
# | Michael Hill International, Ltd. | 1,490,263 | 668,328 | |||||
Michael Hill International, Ltd. | 94,305 | 43,849 | ||||||
Midway, Ltd. | 3,757 | 4,842 | ||||||
* | Millennium Minerals, Ltd. | 1,328,072 | 53,183 | |||||
* | Mincor Resources NL | 91,808 | 39,214 | |||||
# | Mineral Resources, Ltd. | 1,210,928 | 11,910,590 | |||||
#* | MMA Offshore, Ltd. | 4,729,196 | 627,645 | |||||
# | MNF Group, Ltd. | 194,514 | 710,633 | |||||
Moelis Australia, Ltd. | 39,458 | 116,225 | ||||||
Monadelphous Group, Ltd. | 726,646 | 7,690,934 | ||||||
# | Monash IVF Group, Ltd. | 968,439 | 683,803 | |||||
Money3 Corp., Ltd. | 836,419 | 1,236,263 | ||||||
* | Morning Star Gold NL | 332,749 | 0 | |||||
# | Mortgage Choice, Ltd. | 793,228 | 778,300 | |||||
Motorcycle Holdings, Ltd. | 19,615 | 31,424 | ||||||
# | Mount Gibson Iron, Ltd. | 4,535,796 | 2,367,548 | |||||
* | Myanmar Metals, Ltd. | 640,930 | 21,187 | |||||
#* | Myer Holdings, Ltd. | 3,518,631 | 1,318,602 | |||||
# | MyState, Ltd. | 488,761 | 1,596,472 | |||||
Navigator Global Investments, Ltd. | 997,653 | 1,688,474 | ||||||
# | Neometals, Ltd. | 626,513 | 86,307 | |||||
# | Netwealth Group, Ltd. | 234,158 | 1,420,313 | |||||
* | Neuren Pharmaceuticals, Ltd. | 8,077 | 12,771 | |||||
# | New Hope Corp., Ltd. | 1,735,687 | 2,541,797 | |||||
#* | NEXTDC, Ltd. | 1,959,517 | 8,659,622 | |||||
nib holdings, Ltd. | 3,390,280 | 16,388,762 | ||||||
# | Nick Scali, Ltd. | 386,496 | 1,635,718 | |||||
# | Nine Entertainment Co. Holdings, Ltd. | 11,957,501 | 15,172,093 | |||||
Noni B, Ltd. | 5,993 | 10,289 | ||||||
NRW Holdings, Ltd. | 2,635,318 | 4,098,137 | ||||||
#* | Nufarm, Ltd. | 2,065,056 | 8,427,098 | |||||
OFX Group, Ltd. | 1,851,367 | 1,783,819 | ||||||
OM Holdings, Ltd. | 342,290 | 115,420 | ||||||
* | OneMarket, Ltd. | 79,255 | 53,325 | |||||
#* | Onevue Holdings, Ltd. | 857,257 | 224,322 | |||||
# | oOh!media, Ltd. | 1,283,632 | 2,439,571 | |||||
#* | Orocobre, Ltd. | 23,186 | 41,759 | |||||
Orora, Ltd. | 7,303,221 | 15,566,511 | ||||||
* | Otto Energy, Ltd. | 922,182 | 27,323 | |||||
Ovato, Ltd. | 2,029,910 | 73,481 | ||||||
# | Over the Wire Holdings, Ltd. | 14,661 | 47,591 | |||||
OZ Minerals, Ltd. | 2,477,965 | 17,289,828 | ||||||
# | Pacific Current Group, Ltd. | 229,399 | 1,111,661 | |||||
Pacific Energy, Ltd. | 33,400 | 24,632 | ||||||
Pacific Smiles Group, Ltd. | 256,946 | 301,621 | ||||||
#* | Pact Group Holdings, Ltd. | 1,868,221 | 3,118,963 | |||||
#* | Paladin Energy, Ltd. | 663,067 | 37,826 | |||||
* | Panoramic Resources, Ltd. | 3,829,216 | 854,503 | |||||
#* | Pantoro, Ltd. | 632,837 | 71,537 | |||||
# | Paragon Care, Ltd. | 557,992 | 167,597 | |||||
Peet, Ltd. | 899,317 | 744,715 | ||||||
Pendal Group, Ltd. | 1,938,181 | 9,569,992 | ||||||
People Infrastructure, Ltd. | 27,721 | 64,905 | ||||||
Perenti Global, Ltd. | 4,308,699 | 6,787,490 | ||||||
# | Perpetual, Ltd. | 356,633 | 8,841,267 | |||||
* | Perseus Mining, Ltd. | 7,021,209 | 4,160,418 |
116
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
# | Pioneer Credit, Ltd. | 166,590 | $ | 282,503 | ||||
# | Platinum Asset Management, Ltd. | 2,439,424 | 6,966,410 | |||||
* | Pluton Resources, Ltd. | 20,710 | 0 | |||||
* | Poseidon Nickel, Ltd. | 643,832 | 22,953 | |||||
#* | Praemium, Ltd. | 1,152,591 | 502,849 | |||||
Premier Investments, Ltd. | 829,371 | 10,991,808 | ||||||
* | Prime Media Group, Ltd. | 62,765 | 8,854 | |||||
Pro Medicus, Ltd. | 293,000 | 5,376,821 | ||||||
Propel Funeral Partners, Ltd. | 4,902 | 10,668 | ||||||
PWR Holdings, Ltd. | 162,512 | 532,110 | ||||||
QMS Media, Ltd. | 504,219 | 425,350 | ||||||
Qube Holdings, Ltd. | 712,870 | 1,598,327 | ||||||
* | Quickstep Holdings, Ltd. | 134,452 | 13,920 | |||||
* | Quintis, Ltd. | 2,130,129 | 0 | |||||
Ramelius Resources, Ltd. | 3,772,255 | 3,248,921 | ||||||
# | Reckon, Ltd. | 446,073 | 233,686 | |||||
* | Red 5, Ltd. | 682,020 | 129,896 | |||||
#* | Red River Resources, Ltd. | 614,980 | 63,522 | |||||
* | Redbubble, Ltd. | 49,962 | 66,254 | |||||
# | Regis Healthcare, Ltd. | 1,371,158 | 3,047,668 | |||||
Regis Resources, Ltd. | 3,442,546 | 11,666,993 | ||||||
Reject Shop, Ltd. (The) | 107,368 | 181,412 | ||||||
# | Reliance Worldwide Corp., Ltd. | 1,710,013 | 4,975,912 | |||||
#* | Resolute Mining, Ltd. | 7,171,665 | 6,007,744 | |||||
# | Rhipe, Ltd. | 234,103 | 460,040 | |||||
Ridley Corp., Ltd. | 1,847,357 | 1,385,769 | ||||||
* | RPMGlobal Holdings, Ltd. | 167,362 | 96,777 | |||||
# | RXP Services, Ltd. | 364,327 | 127,889 | |||||
Salmat, Ltd. | 645,788 | 228,975 | ||||||
Sandfire Resources NL | 1,293,091 | 5,164,492 | ||||||
* | Saracen Mineral Holdings, Ltd. | 5,717,531 | 14,793,622 | |||||
# | SeaLink Travel Group, Ltd. | 266,244 | 940,715 | |||||
Select Harvests, Ltd. | 651,572 | 3,235,739 | ||||||
* | Senex Energy, Ltd. | 12,495,492 | 3,092,239 | |||||
# | Servcorp, Ltd. | 353,503 | 1,074,270 | |||||
Service Stream, Ltd. | 2,572,185 | 4,571,569 | ||||||
Seven Group Holdings, Ltd. | 16,287 | 210,514 | ||||||
* | Seven West Media, Ltd. | 5,378,078 | 1,476,908 | |||||
SG Fleet Group, Ltd. | 393,656 | 655,671 | ||||||
#* | Sheffield Resources, Ltd. | 142,244 | 36,885 | |||||
Sigma Healthcare, Ltd. | 4,757,142 | 1,906,035 | ||||||
#* | Silver Lake Resources, Ltd. | 6,105,612 | 4,887,673 | |||||
Sims Metal Management, Ltd. | 1,382,214 | 8,895,865 | ||||||
SmartGroup Corp., Ltd. | 639,298 | 5,031,379 | ||||||
Southern Cross Media Group, Ltd. | 3,928,938 | 2,219,136 | ||||||
Spark Infrastructure Group | 9,526,664 | 13,285,174 | ||||||
# | SpeedCast International, Ltd. | 1,977,399 | 1,356,667 | |||||
SRG Global, Ltd. | 330,321 | 90,852 | ||||||
St Barbara, Ltd. | 5,006,626 | 9,658,812 | ||||||
Stanmore Coal, Ltd. | 45,430 | 31,933 | ||||||
Star Entertainment Grp, Ltd. (The) | 459,571 | 1,490,153 | ||||||
Steadfast Group, Ltd. | 5,956,128 | 14,750,048 | ||||||
#* | Strike Energy, Ltd. | 2,846,114 | 470,872 | |||||
* | Sundance Energy Australia, Ltd. | 2,937,895 | 262,584 | |||||
Sunland Group, Ltd. | 1,211,896 | 1,342,794 | ||||||
# | Super Retail Group, Ltd. | 1,087,081 | 7,141,605 | |||||
#* | Superloop, Ltd. | 640,720 | 483,134 | |||||
Superloop, Ltd. | 48,702 | 27,530 | ||||||
#* | Syrah Resources, Ltd. | 2,327,569 | 641,964 |
117
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
AUSTRALIA — (Continued) | ||||||||
Tassal Group, Ltd. | 1,672,259 | $ | 4,774,746 | |||||
Technology One, Ltd. | 1,891,632 | 9,609,521 | ||||||
* | Thorn Group, Ltd. | 744,756 | 138,531 | |||||
* | Tiger Resources, Ltd. | 9,447,997 | 3,543 | |||||
Tribune Resources, Ltd. | 3,093 | 18,130 | ||||||
* | Troy Resources, Ltd. | 372,547 | 28,250 | |||||
Village Roadshow, Ltd. | 968,676 | 2,137,670 | ||||||
* | Virgin Australia Holdings, Ltd. | 11,131,924 | 1,150,209 | |||||
Virtus Health, Ltd. | 579,205 | 1,640,032 | ||||||
Vita Group, Ltd. | 435,517 | 364,920 | ||||||
* | Vocus Group, Ltd. | 4,120,793 | 9,447,578 | |||||
# | Wagners Holding Co., Ltd. | 89,947 | 118,613 | |||||
# | Webjet, Ltd. | 925,822 | 7,216,707 | |||||
# | Webster, Ltd. | 78,767 | 105,362 | |||||
#* | West African Resources, Ltd. | 110,509 | 35,077 | |||||
# | Western Areas, Ltd. | 2,166,063 | 4,774,299 | |||||
#* | Westgold Resources, Ltd. | 2,155,175 | 3,503,474 | |||||
# | Whitehaven Coal, Ltd. | 2,234,388 | 5,081,863 | |||||
WPP AUNZ, Ltd. | 1,744,557 | 642,385 | ||||||
TOTAL AUSTRALIA | 889,641,622 | |||||||
CHINA — (0.1%) | ||||||||
APT Satellite Holdings, Ltd. | 838,500 | 320,848 | ||||||
China Flavors & Fragrances Co., Ltd. | 1,101,028 | 242,894 | ||||||
* | China Medical & HealthCare Group, Ltd. | 10,166,800 | 212,575 | |||||
KWG Group Holdings, Ltd. | 100,000 | 100,698 | ||||||
TOTAL CHINA | 877,015 | |||||||
HONG KONG — (24.2%) | ||||||||
Aeon Credit Service Asia Co., Ltd. | 910,000 | 736,593 | ||||||
Aeon Stores Hong Kong Co., Ltd. | 248,000 | 103,888 | ||||||
# | Agritrade Resources, Ltd. | 25,785,000 | 2,205,750 | |||||
Allied Group, Ltd. | 661,200 | 3,381,447 | ||||||
Allied Properties HK, Ltd. | 12,947,857 | 2,541,468 | ||||||
# | APAC Resources, Ltd. | 3,766,513 | 427,569 | |||||
* | Applied Development Holdings, Ltd. | 14,125,000 | 358,120 | |||||
* | Arts Optical International Hldgs, Ltd. | 730,000 | 134,781 | |||||
Asia Financial Holdings, Ltd. | 2,404,908 | 1,281,089 | ||||||
Asia Standard Hotel Group, Ltd. | 23,931,654 | 869,464 | ||||||
Asia Standard International Group, Ltd. | 13,222,917 | 2,156,161 | ||||||
# | Asiasec Properties, Ltd. | 1,674,000 | 340,946 | |||||
ASM Pacific Technology, Ltd. | 285,400 | 3,984,992 | ||||||
Associated International Hotels, Ltd. | 952,000 | 2,430,767 | ||||||
* | Auto Italia Holdings | 1,900,000 | 15,501 | |||||
* | Automated Systems Holdings, Ltd. | 404,400 | 49,516 | |||||
Bel Global Resources Holdings, Ltd. | 2,576,000 | 0 | ||||||
* | Best Food Holding Co., Ltd. | 996,000 | 140,516 | |||||
BOCOM International Holdings Co., Ltd. | 438,000 | 70,880 | ||||||
# | BOE Varitronix, Ltd. | 3,728,293 | 1,042,661 | |||||
* | Bonjour Holdings, Ltd. | 5,383,000 | 66,138 | |||||
# | Bright Smart Securities & Commodities Group, Ltd. | 6,758,000 | 1,117,468 | |||||
* | Brightoil Petroleum Holdings, Ltd. | 9,034,000 | 1,729,337 | |||||
* | Brockman Mining, Ltd. | 19,714,814 | 308,794 | |||||
Build King Holdings, Ltd. | 440,000 | 50,492 | ||||||
* | Burwill Holdings, Ltd. | 37,300,960 | 337,977 | |||||
Cafe de Coral Holdings, Ltd. | 3,476,000 | 9,484,602 | ||||||
# | Camsing International Holding, Ltd. | 3,238,000 | 479,339 | |||||
Century City International Holdings, Ltd. | 7,111,460 | 516,444 |
118
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
CGN Mining Co., Ltd. | 5,195,000 | $ | 195,172 | |||||
Chen Hsong Holdings | 1,296,000 | 443,071 | ||||||
Cheuk Nang Holdings, Ltd. | 693,120 | 337,245 | ||||||
Chevalier International Holdings, Ltd. | 820,989 | 1,163,033 | ||||||
* | China Baoli Technologies Holdings, Ltd. | 1,147,500 | 14,498 | |||||
* | China Best Group Holding, Ltd. | 4,250,000 | 107,104 | |||||
China Cloud Copper Co., Ltd. | 665,200 | 11,483 | ||||||
* | China Display Optoelectronics Technology Holdings, Ltd. | 6,752,000 | 480,446 | |||||
* | China Energy Development Holdings, Ltd. | 61,178,000 | 1,479,540 | |||||
#* | China Ludao Technology Co., Ltd. | 580,000 | 68,826 | |||||
China Motor Bus Co., Ltd. | 65,400 | 850,922 | ||||||
China New Higher Education Group, Ltd. | 619,000 | 251,137 | ||||||
#* | China Shandong Hi-Speed Financial Group, Ltd. | 12,624,000 | 375,214 | |||||
* | China Solar Energy Holdings, Ltd. | 1,669,500 | 7,191 | |||||
# | China Star Entertainment, Ltd. | 11,710,000 | 1,251,917 | |||||
#* | China Strategic Holdings, Ltd. | 80,821,250 | 370,773 | |||||
* | China Tonghai International Financial, Ltd. | 1,300,000 | 74,491 | |||||
Chinese Estates Holdings, Ltd. | 3,333,500 | 2,422,108 | ||||||
* | Chinlink International Holdings, Ltd. | 944,800 | 107,089 | |||||
Chinney Investments, Ltd. | 1,180,000 | 354,210 | ||||||
Chong Hing Bank, Ltd. | 219,000 | 376,784 | ||||||
Chow Sang Sang Holdings International, Ltd. | 2,579,000 | 3,009,546 | ||||||
Chuang's China Investments, Ltd. | 8,811,407 | 533,173 | ||||||
Chuang's Consortium International, Ltd. | 7,519,043 | 1,466,146 | ||||||
CITIC Telecom International Holdings, Ltd. | 14,540,125 | 5,519,152 | ||||||
# | CK Life Sciences Intl Holdings, Inc. | 23,922,000 | 1,081,479 | |||||
CNQC International Holdings, Ltd. | 4,920,000 | 741,023 | ||||||
CNT Group, Ltd. | 8,303,264 | 412,659 | ||||||
* | Common Splendor International Health Industry Group, Ltd. | 6,328,000 | 451,844 | |||||
Convenience Retail Asia, Ltd. | 250,000 | 120,226 | ||||||
#* | Convoy Global Holdings, Ltd. | 38,622,000 | 154,272 | |||||
#* | Cosmopolitan International Holdings, Ltd. | 5,084,000 | 700,841 | |||||
# | Cowell e Holdings, Inc. | 5,499,000 | 859,311 | |||||
Crocodile Garments | 2,196,000 | 151,519 | ||||||
Cross-Harbour Holdings, Ltd. (The) | 1,589,645 | 2,369,845 | ||||||
CSI Properties, Ltd. | 47,776,383 | 1,704,657 | ||||||
* | CST Group, Ltd. | 144,064,000 | 458,761 | |||||
* | CW Group Holdings, Ltd. | 1,361,500 | 7,523 | |||||
Dah Sing Banking Group, Ltd. | 4,102,716 | 5,303,970 | ||||||
Dah Sing Financial Holdings, Ltd. | 1,766,144 | 6,571,947 | ||||||
Dickson Concepts International, Ltd. | 1,581,000 | 770,249 | ||||||
* | Digital Domain Holdings, Ltd. | 3,450,000 | 38,637 | |||||
#* | Dingyi Group Investment, Ltd. | 6,285,000 | 183,533 | |||||
# | Dynamic Holdings, Ltd. | 70,000 | 99,760 | |||||
Eagle Nice International Holdings, Ltd. | 2,252,000 | 889,766 | ||||||
EcoGreen International Group, Ltd. | 1,994,640 | 361,086 | ||||||
* | eForce Holdings, Ltd. | 8,784,000 | 148,001 | |||||
Emperor Capital Group, Ltd. | 32,721,000 | 924,884 | ||||||
Emperor Entertainment Hotel, Ltd. | 5,165,000 | 1,053,312 | ||||||
# | Emperor International Holdings, Ltd. | 10,372,753 | 2,312,438 | |||||
Emperor Watch & Jewellery, Ltd. | 35,970,000 | 778,767 | ||||||
* | Energy International Investments Holdings, Ltd. | 1,960,000 | 45,787 | |||||
* | ENM Holdings, Ltd. | 16,812,000 | 1,670,146 | |||||
#* | EPI Holdings, Ltd. | 1,005,000 | 13,179 | |||||
#* | Esprit Holdings, Ltd. | 18,240,650 | 3,487,248 | |||||
* | Eternity Investment, Ltd. | 820,000 | 16,370 | |||||
Ezcom Holdings, Ltd. | 72,576 | 0 | ||||||
Fairwood Holdings, Ltd. | 953,600 | 2,511,120 | ||||||
Far East Consortium International, Ltd. | 10,979,130 | 4,644,234 |
119
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
* | Far East Holdings International, Ltd. | 1,911,000 | $ | 47,167 | ||||
#* | FIH Mobile, Ltd. | 35,087,000 | 4,996,571 | |||||
First Pacific Co., Ltd. | 16,084,000 | 6,153,142 | ||||||
* | First Shanghai Investments, Ltd. | 7,496,000 | 357,482 | |||||
Fountain SET Holdings, Ltd. | 6,836,000 | 1,098,689 | ||||||
Four Seas Mercantile Holdings, Ltd. | 610,000 | 238,664 | ||||||
* | Freeman Fintech Corp, Ltd. | 17,658,000 | 339,529 | |||||
Genting Hong Kong, Ltd. | 483,000 | 52,893 | ||||||
Get Nice Financial Group, Ltd. | 2,438,600 | 242,238 | ||||||
Get Nice Holdings, Ltd. | 57,756,000 | 1,730,111 | ||||||
Giordano International, Ltd. | 13,514,000 | 4,289,898 | ||||||
# | Global Brands Group Holding, Ltd. | 7,256,599 | 499,514 | |||||
Glorious Sun Enterprises, Ltd. | 4,616,000 | 488,520 | ||||||
* | Glory Sun Land Group, Ltd. | 3,081,000 | 334,210 | |||||
Gold Peak Industries Holdings, Ltd. | 3,029,642 | 301,531 | ||||||
Golden Resources Development International, Ltd. | 3,926,500 | 295,050 | ||||||
#* | Gold-Finance Holdings, Ltd. | 9,580,000 | 66,019 | |||||
* | Good Resources Holdings, Ltd. | 9,720,000 | 154,428 | |||||
* | Goodbaby International Holdings, Ltd. | 7,261,000 | 1,056,999 | |||||
* | GR Properties, Ltd. | 2,890,000 | 483,429 | |||||
Great Eagle Holdings, Ltd. | 909,349 | 3,072,732 | ||||||
#* | Great Harvest Maeta Group Holdings, Ltd. | 1,687,500 | 320,748 | |||||
* | Greater Bay Area Investments Group Holdings, Ltd. | 18,640,000 | 23,788 | |||||
* | Greentech Technology International, Ltd. | 6,240,000 | 43,737 | |||||
* | G-Resources Group, Ltd. | 245,577,600 | 1,533,334 | |||||
Guangnan Holdings, Ltd. | 2,363,600 | 247,427 | ||||||
# | Guotai Junan International Holdings, Ltd. | 36,748,797 | 6,170,376 | |||||
# | Haitong International Securities Group, Ltd. | 23,025,400 | 6,676,192 | |||||
Hang Lung Group, Ltd. | 1,292,000 | 3,235,987 | ||||||
Hanison Construction Holdings, Ltd. | 2,693,649 | 384,938 | ||||||
* | Hao Tian Development Group, Ltd. | 19,412,400 | 517,442 | |||||
# | Harbour Centre Development, Ltd. | 935,500 | 1,513,052 | |||||
HKBN, Ltd. | 5,339,000 | 9,528,487 | ||||||
* | HKBridge Financial Holdings, Ltd. | 103,000 | 5,188 | |||||
# | HKR International, Ltd. | 7,133,369 | 2,964,110 | |||||
Hon Kwok Land Investment Co., Ltd. | 388,800 | 162,643 | ||||||
* | Hong Kong Education International Investments, Ltd. | 92,000 | 9,366 | |||||
# | Hong Kong Ferry Holdings Co., Ltd. | 939,300 | 854,386 | |||||
#* | Hong Kong Finance Investment Holding Group, Ltd. | 8,974,000 | 961,612 | |||||
Hong Kong Shanghai Alliance Holdings, Ltd. | 398,002 | 25,251 | ||||||
#* | Hong Kong Television Network, Ltd. | 1,650,751 | 619,990 | |||||
Hongkong & Shanghai Hotels, Ltd. (The) | 3,679,845 | 4,143,630 | ||||||
Hongkong Chinese, Ltd. | 5,038,000 | 577,896 | ||||||
Honma Golf, Ltd. | 1,126,500 | 1,012,651 | ||||||
Hop Hing Group Holdings, Ltd. | 13,596,000 | 183,806 | ||||||
#* | Hsin Chong Group Holdings, Ltd. | 10,243,403 | 457,531 | |||||
Hung Hing Printing Group, Ltd. | 3,040,000 | 391,246 | ||||||
Hutchison Telecommunications Hong Kong Holdings, Ltd. | 14,724,000 | 2,663,477 | ||||||
Hysan Development Co., Ltd. | 401,000 | 1,580,439 | ||||||
#* | I-CABLE Communications, Ltd. | 4,080,000 | 36,385 | |||||
IGG, Inc. | 12,055,000 | 7,877,782 | ||||||
* | Imagi International Holdings, Ltd. | 2,388,984 | 390,094 | |||||
International Housewares Retail Co., Ltd. | 2,091,000 | 487,743 | ||||||
* | IPE Group, Ltd. | 3,345,000 | 330,340 | |||||
* | IRC, Ltd. | 36,632,266 | 544,214 | |||||
IT, Ltd. | 5,248,532 | 1,404,070 | ||||||
# | ITC Properties Group, Ltd. | 6,476,100 | 1,213,261 | |||||
# | Jacobson Pharma Corp., Ltd. | 3,092,000 | 464,823 | |||||
Johnson Electric Holdings, Ltd. | 2,830,992 | 5,169,653 |
120
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
Kader Holdings Co., Ltd. | 788,000 | $ | 88,214 | |||||
Kam Hing International Holdings, Ltd. | 1,830,000 | 118,730 | ||||||
Karrie International Holdings, Ltd. | 2,352,000 | 332,428 | ||||||
Keck Seng Investments | 912,600 | 514,735 | ||||||
Kerry Logistics Network, Ltd. | 3,723,500 | 5,941,005 | ||||||
Kingmaker Footwear Holdings, Ltd. | 2,436,955 | 332,134 | ||||||
Kowloon Development Co., Ltd. | 3,062,000 | 3,857,716 | ||||||
* | Kwan On Holdings, Ltd. | 2,340,000 | 131,411 | |||||
Kwoon Chung Bus Holdings, Ltd. | 44,000 | 17,786 | ||||||
# | Lai Sun Development Co., Ltd. | 2,049,008 | 2,452,763 | |||||
Lai Sun Garment International, Ltd. | 677,602 | 726,685 | ||||||
Lam Soon Hong Kong, Ltd. | 317,310 | 566,827 | ||||||
* | Landing International Development, Ltd. | 5,622,400 | 637,176 | |||||
Landsea Green Group Co., Ltd. | 3,016,000 | 326,876 | ||||||
Langham Hospitality Investments and Langham Hospitality Investments, | ||||||||
Ltd. | 1,993,500 | 564,365 | ||||||
#* | Lerthai Group, Ltd. | 40,000 | 17,596 | |||||
#* | Leyou Technologies Holdings, Ltd. | 1,930,000 | 638,672 | |||||
Li & Fung, Ltd. | 23,678,000 | 2,589,443 | ||||||
Lifestyle International Holdings, Ltd. | 3,764,500 | 3,962,580 | ||||||
Lippo China Resources, Ltd. | 21,162,000 | 474,771 | ||||||
Lippo, Ltd. | 1,161,700 | 386,792 | ||||||
Liu Chong Hing Investment, Ltd. | 1,451,200 | 1,989,961 | ||||||
L'Occitane International SA | 2,326,250 | 5,237,064 | ||||||
# | Luk Fook Holdings International, Ltd. | 3,963,000 | 10,526,170 | |||||
Luks Group Vietnam Holdings Co., Ltd. | 514,913 | 112,717 | ||||||
Lung Kee Bermuda Holdings | 1,577,875 | 522,959 | ||||||
* | Macau Legend Development, Ltd. | 20,001,000 | 2,192,678 | |||||
Magnificent Hotel Investment, Ltd. | 13,170,000 | 285,616 | ||||||
* | Magnus Concordia Group, Ltd. | 8,740,000 | 131,489 | |||||
# | Man Wah Holdings, Ltd. | 17,293,600 | 11,778,606 | |||||
# | Mason Group Holdings, Ltd. | 107,693,399 | 1,084,431 | |||||
Master Glory Group, Ltd. | 972,981 | 32,284 | ||||||
Matrix Holdings, Ltd. | 1,067,414 | 459,888 | ||||||
* | Maxnerva Technology Services, Ltd. | 982,000 | 62,703 | |||||
Melbourne Enterprises, Ltd. | 39,500 | 1,033,348 | ||||||
Melco International Development, Ltd. | 1,416,000 | 3,752,889 | ||||||
* | Midland Holdings, Ltd. | 3,801,897 | 590,393 | |||||
Ming Fai International Holdings, Ltd. | 2,148,000 | 227,337 | ||||||
Miramar Hotel & Investment | 1,138,000 | 2,229,907 | ||||||
Modern Dental Group, Ltd. | 2,733,000 | 602,383 | ||||||
# | Mongolian Mining Corp. | 2,342,650 | 217,585 | |||||
Nameson Holdings, Ltd. | 7,900,000 | 612,955 | ||||||
Nanyang Holdings, Ltd. | 133,500 | 889,639 | ||||||
National Electronics Hldgs | 2,668,600 | 400,403 | ||||||
* | National United Resources Holdings, Ltd. | 18,280,000 | 62,053 | |||||
* | Neo-Neon Holdings, Ltd. | 2,625,500 | 180,744 | |||||
New Century Group Hong Kong, Ltd. | 13,351,464 | 212,703 | ||||||
#* | NewOcean Energy Holdings, Ltd. | 10,548,000 | 1,708,273 | |||||
* | Nimble Holdings Co., Ltd. | 912,000 | 83,585 | |||||
NOVA Group Holdings, Ltd. | 660,000 | 159,073 | ||||||
# | OP Financial, Ltd. | 8,336,000 | 1,690,249 | |||||
* | Orange Sky Golden Harvest Entertainment Holdings, Ltd. | 309,706 | 12,018 | |||||
Oriental Watch Holdings | 3,702,800 | 849,788 | ||||||
# | Oshidori International Holdings, Ltd. | 18,446,400 | 2,230,852 | |||||
Pacific Andes International Holdings, Ltd. | 19,435,067 | 67,959 | ||||||
# | Pacific Basin Shipping, Ltd. | 34,024,000 | 7,877,822 | |||||
Pacific Textiles Holdings, Ltd. | 8,706,000 | 6,332,679 | ||||||
Pak Fah Yeow International, Ltd. | 5,000 | 1,721 |
121
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
Paliburg Holdings, Ltd. | 3,180,830 | $ | 1,053,973 | |||||
# | Paradise Entertainment, Ltd. | 3,688,000 | 413,552 | |||||
PC Partner Group, Ltd. | 2,406,000 | 761,457 | ||||||
# | PCCW, Ltd. | 4,531,000 | 2,691,028 | |||||
# | Peace Mark Holdings, Ltd. | 2,479,870 | 0 | |||||
* | Pegasus International Holdings, Ltd. | 100,000 | 8,991 | |||||
Perfect Shape Medical, Ltd. | 3,948,000 | 1,428,464 | ||||||
# | Pico Far East Holdings, Ltd. | 5,924,000 | 2,020,515 | |||||
Playmates Holdings, Ltd. | 7,082,000 | 938,520 | ||||||
* | Playmates Toys, Ltd. | 6,288,000 | 390,758 | |||||
Plover Bay Technologies, Ltd. | 2,192,000 | 309,314 | ||||||
# | Pokfulam Development Co., Ltd. | 234,000 | 437,182 | |||||
Polytec Asset Holdings, Ltd. | 13,613,026 | 1,683,391 | ||||||
* | PT International Development Co., Ltd. | 7,427,150 | 397,941 | |||||
Public Financial Holdings, Ltd. | 3,124,000 | 1,211,088 | ||||||
* | PYI Corp., Ltd. | 30,759,973 | 313,894 | |||||
PYXIS Group, Ltd. | 1,936,000 | 0 | ||||||
Rare Earth Magnesium Technology Group Holdings, Ltd. | 11,610,000 | 473,290 | ||||||
* | Realord Group Holdings, Ltd. | 602,000 | 374,900 | |||||
Regal Hotels International Holdings, Ltd. | 3,075,800 | 1,742,223 | ||||||
* | Regent Pacific Group, Ltd. | 9,510,000 | 164,312 | |||||
# | Regina Miracle International Holdings, Ltd. | 2,346,000 | 1,539,254 | |||||
# | Sa Sa International Holdings, Ltd. | 15,292,747 | 3,660,810 | |||||
Safety Godown Co., Ltd. | 400,000 | 648,026 | ||||||
Samsonite International SA | 3,352,200 | 6,825,621 | ||||||
SAS Dragon Holdings, Ltd. | 2,182,000 | 687,056 | ||||||
# | SEA Holdings, Ltd. | 1,683,523 | 1,724,165 | |||||
# | Shangri-La Asia, Ltd. | 1,024,000 | 1,051,046 | |||||
Shenwan Hongyuan HK, Ltd. | 4,506,250 | 664,860 | ||||||
Shun Ho Property Investments, Ltd. | 1,254,757 | 385,570 | ||||||
Shun Tak Holdings, Ltd. | 13,453,419 | 5,515,784 | ||||||
* | Silver Base Group Holdings, Ltd. | 962,515 | 21,195 | |||||
* | Sincere Watch Hong Kong, Ltd. | 4,450,000 | 83,468 | |||||
Sing Pao Media Enterprises | 250,511 | 0 | ||||||
Sing Tao News Corp., Ltd. | 1,974,000 | 307,776 | ||||||
Singamas Container Holdings, Ltd. | 13,214,000 | 1,483,423 | ||||||
SIS International Holdings | 34,000 | 14,704 | ||||||
SITC International Holdings Co., Ltd. | 5,541,000 | 6,101,185 | ||||||
# | Sitoy Group Holdings, Ltd. | 2,487,000 | 401,796 | |||||
SmarTone Telecommunications Holdings, Ltd. | 4,244,481 | 3,683,854 | ||||||
* | SOCAM Development, Ltd. | 1,448,170 | 456,869 | |||||
* | Solomon Systech International, Ltd. | 11,998,000 | 244,782 | |||||
Soundwill Holdings, Ltd. | 672,000 | 826,434 | ||||||
* | South China Holdings Co., Ltd. | 17,774,503 | 390,824 | |||||
Stella International Holdings, Ltd. | 2,499,500 | 4,187,312 | ||||||
* | Success Universe Group, Ltd. | 6,716,000 | 205,835 | |||||
# * | Summit Ascent Holdings, Ltd. | 8,202,000 | 1,274,186 | |||||
Sun Hing Vision Group Holdings, Ltd. | 358,000 | 105,042 | ||||||
Sun Hung Kai & Co., Ltd. | 5,413,429 | 2,339,951 | ||||||
SUNeVision Holdings, Ltd. | 2,065,000 | 1,529,717 | ||||||
* | Synergy Group Holdings International, Ltd. | 652,000 | 32,513 | |||||
TAI Cheung Holdings, Ltd. | 2,273,000 | 1,825,583 | ||||||
Tai Sang Land Development, Ltd. | 798,910 | 466,697 | ||||||
# | Tai United Holdings, Ltd. | 670,000 | 16,749 | |||||
* | Talent Property Group, Ltd. | 12,090,000 | 50,172 | |||||
# | Tan Chong International, Ltd. | 1,176,000 | 316,569 | |||||
# | Tao Heung Holdings, Ltd. | 1,784,000 | 291,032 | |||||
# | Television Broadcasts, Ltd. | 2,967,600 | 4,894,988 | |||||
* | Termbray Industries International Holdings, Ltd. | 1,422,900 | 70,854 |
122
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
HONG KONG — (Continued) | ||||||||
Tern Properties Co., Ltd. | 7,200 | $ | 3,790 | |||||
Texwinca Holdings, Ltd. | 7,392,000 | 1,677,166 | ||||||
* | Theme International Holdings, Ltd. | 5,990,000 | 90,200 | |||||
Tian Teck Land, Ltd. | 1,024,000 | 954,154 | ||||||
TK Group Holdings, Ltd. | 1,426,000 | 671,219 | ||||||
#* | TOM Group, Ltd. | 1,146,000 | 181,913 | |||||
# | Town Health International Medical Group, Ltd. | 5,606,115 | 492,219 | |||||
Tradelink Electronic Commerce, Ltd. | 6,090,000 | 893,475 | ||||||
Transport International Holdings, Ltd. | 1,510,264 | 3,987,230 | ||||||
#* | Trinity, Ltd. | 8,046,000 | 245,927 | |||||
Tsui Wah Holdings, Ltd. | 4,630,000 | 280,201 | ||||||
Union Medical Healthcare, Ltd. | 1,884,097 | 1,392,525 | ||||||
# | United Laboratories International Holdings, Ltd. (The) | 7,578,000 | 4,350,737 | |||||
* | Universal Technologies Holdings, Ltd. | 1,730,000 | 40,083 | |||||
* | Up Energy Development Group, Ltd. | 3,929,000 | 12,134 | |||||
* | Value Convergence Holdings, Ltd. | 8,372,000 | 501,528 | |||||
# | Value Partners Group, Ltd. | 5,534,000 | 2,913,217 | |||||
Vanke Property Overseas, Ltd. | 49,000 | 27,165 | ||||||
Vantage International Holdings, Ltd. | 3,160,000 | 247,805 | ||||||
Vedan International Holdings, Ltd. | 3,576,000 | 356,412 | ||||||
Victory City International Holdings, Ltd. | 5,630,349 | 258,110 | ||||||
Vitasoy International Holdings, Ltd. | 205,000 | 833,593 | ||||||
# | VPower Group International Holdings, Ltd. | 1,330,000 | 408,893 | |||||
VSTECS Holdings, Ltd. | 7,319,600 | 3,730,135 | ||||||
VTech Holdings, Ltd. | 1,359,100 | 11,916,338 | ||||||
Wai Kee Holdings, Ltd. | 7,126,738 | 4,340,714 | ||||||
Wang On Group, Ltd. | 40,100,000 | 429,241 | ||||||
#* | We Solutions, Ltd. | 8,436,000 | 510,325 | |||||
Win Hanverky Holdings, Ltd. | 3,310,000 | 232,130 | ||||||
Winfull Group Holdings, Ltd. | 6,520,000 | 63,991 | ||||||
Wing On Co. International, Ltd. | 759,000 | 2,196,380 | ||||||
Wing Tai Properties, Ltd. | 2,165,331 | 1,352,165 | ||||||
Wonderful Sky Financial Group Holdings, Ltd. | 1,386,000 | 128,956 | ||||||
Xinyi Glass Holdings, Ltd. | 4,854,000 | 5,457,541 | ||||||
YGM Trading, Ltd. | 447,000 | 314,815 | ||||||
# | YT Realty Group, Ltd. | 3,450,008 | 981,890 | |||||
YTO Express Holdings, Ltd. | 144,000 | 30,273 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 521,500 | 1,469,685 | ||||||
#* | Yunfeng Financial Group, Ltd. | 280,000 | 124,114 | |||||
Zhaobangji Properties Holdings, Ltd. | 480,000 | 102,910 | ||||||
TOTAL HONG KONG | 406,160,699 | |||||||
NEW ZEALAND — (6.3%) | ||||||||
Abano Healthcare Group, Ltd. | 68,156 | 203,666 | ||||||
Air New Zealand, Ltd. | 98,269 | 177,902 | ||||||
Arvida Group, Ltd. | 665,672 | 644,109 | ||||||
Briscoe Group, Ltd. | 5,431 | 12,704 | ||||||
* | CBL Corp., Ltd. | 47,180 | 17,980 | |||||
Chorus, Ltd. | 3,243,921 | 11,029,769 | ||||||
Colonial Motor Co., Ltd. (The) | 144,588 | 833,774 | ||||||
Comvita, Ltd. | 31,904 | 61,430 | ||||||
EBOS Group, Ltd. | 299,341 | 4,727,915 | ||||||
Freightways, Ltd. | 1,010,276 | 4,984,280 | ||||||
Genesis Energy, Ltd. | 2,048,768 | 4,303,966 | ||||||
# | Gentrack Group, Ltd. | 71,302 | 233,098 | |||||
Hallenstein Glasson Holdings, Ltd. | 321,607 | 1,274,638 | ||||||
Heartland Group Holdings, Ltd. | 1,845,548 | 1,938,173 | ||||||
Infratil, Ltd. | 4,611,834 | 14,572,102 | ||||||
Investore Property, Ltd. | 345,645 | 427,615 |
123
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
NEW ZEALAND — (Continued) | ||||||||
Kathmandu Holdings, Ltd. | 1,082,838 | $ | 2,177,789 | |||||
Mainfreight, Ltd. | 402,884 | 10,378,721 | ||||||
Metlifecare, Ltd. | 996,780 | 3,079,410 | ||||||
* | Metro Performance Glass, Ltd. | 76,447 | 16,195 | |||||
# | Millennium & Copthorne Hotels New Zealand, Ltd. | 395,725 | 654,483 | |||||
NEW Zealand King Salmon Investments, Ltd. | 51,906 | 76,012 | ||||||
New Zealand Refining Co., Ltd. (The) | 937,527 | 1,231,207 | ||||||
NZME, Ltd. | 16,366 | 4,083 | ||||||
# | NZME, Ltd. | 945,851 | 241,521 | |||||
NZX, Ltd. | 1,342,292 | 1,109,858 | ||||||
Oceania Healthcare, Ltd. | 617,287 | 407,599 | ||||||
* | Pacific Edge, Ltd. | 442,720 | 55,602 | |||||
PGG Wrightson, Ltd. | 113,002 | 178,108 | ||||||
Port of Tauranga, Ltd. | 451,094 | 1,933,365 | ||||||
* | Pushpay Holdings, Ltd. | 811,987 | 1,635,258 | |||||
* | Restaurant Brands New Zealand, Ltd. | 166,935 | 1,275,144 | |||||
Richina Pacific Ltd. | 274,180 | 0 | ||||||
Sanford, Ltd. | 399,789 | 1,819,764 | ||||||
Scales Corp., Ltd. | 418,225 | 1,400,871 | ||||||
Scott Technology, Ltd. | 46,619 | 70,849 | ||||||
* | Serko, Ltd. | 42,804 | 128,921 | |||||
# | Skellerup Holdings, Ltd. | 820,132 | 1,208,507 | |||||
SKY Network Television, Ltd. | 704,517 | 407,152 | ||||||
SKYCITY Entertainment Group, Ltd. | 4,793,322 | 12,008,879 | ||||||
# | Steel & Tube Holdings, Ltd. | 550,416 | 317,468 | |||||
Summerset Group Holdings, Ltd. | 1,346,152 | 5,673,213 | ||||||
* | Synlait Milk, Ltd. | 363,392 | 2,188,934 | |||||
Tourism Holdings, Ltd. | 685,560 | 1,559,301 | ||||||
* | TOWER, Ltd. | 2,581,956 | 1,126,097 | |||||
# | Trustpower, Ltd. | 252,846 | 1,368,539 | |||||
Turners Automotive Group, Ltd. | 39,994 | 64,858 | ||||||
Vector, Ltd. | 554,550 | 1,264,531 | ||||||
Vista Group International, Ltd. | 318,371 | 795,597 | ||||||
Warehouse Group, Ltd. (The) | 353,864 | 603,677 | ||||||
Z Energy, Ltd. | 1,334,648 | 4,583,136 | ||||||
TOTAL NEW ZEALAND | 106,487,770 | |||||||
SINGAPORE — (13.6%) | ||||||||
* | Abterra, Ltd. | 230,320 | 1,236 | |||||
Accordia Golf Trust | 5,200,000 | 2,196,552 | ||||||
AEM Holdings, Ltd. | 2,846,000 | 3,126,617 | ||||||
Amara Holdings, Ltd. | 974,800 | 322,695 | ||||||
# | Ascendas India Trust | 5,382,600 | 6,444,263 | |||||
Avarga, Ltd. | 3,076,900 | 384,046 | ||||||
Baker Technology, Ltd. | 247,280 | 66,236 | ||||||
# | Banyan Tree Holdings, Ltd. | 1,214,100 | 396,919 | |||||
# | Best World International, Ltd. | 2,911,550 | 2,163,679 | |||||
# | Bonvests Holdings, Ltd. | 950,000 | 817,578 | |||||
# | Boustead Singapore, Ltd. | 2,320,982 | 1,328,962 | |||||
# | BreadTalk Group, Ltd. | 2,193,600 | 861,763 | |||||
# | Bukit Sembawang Estates, Ltd. | 1,226,003 | 4,376,345 | |||||
# | Bund Center Investment, Ltd. | 659,825 | 271,166 | |||||
# | Centurion Corp., Ltd. | 1,405,100 | 443,741 | |||||
# | China Aviation Oil Singapore Corp., Ltd. | 2,825,899 | 2,530,686 | |||||
# | China Sunsine Chemical Holdings, Ltd. | 2,052,100 | 1,716,567 | |||||
# | Chip Eng Seng Corp., Ltd. | 4,170,900 | 1,886,346 | |||||
Chuan Hup Holdings, Ltd. | 3,937,600 | 765,769 | ||||||
# | CITIC Envirotech, Ltd. | 4,140,800 | 1,048,892 | |||||
Civmec, Ltd. | 162,700 | 42,968 |
124
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
SINGAPORE — (Continued) | ||||||||
ComfortDelGro Corp., Ltd. | 436,800 | $ | 737,616 | |||||
#* | COSCO Shipping International Singapore Co., Ltd. | 8,909,700 | 1,894,977 | |||||
#* | Creative Technology, Ltd. | 444,950 | 1,014,937 | |||||
# | CSE Global, Ltd. | 4,237,900 | 1,635,422 | |||||
Del Monte Pacific, Ltd. | 2,449,764 | 235,643 | ||||||
Delfi, Ltd. | 788,500 | 574,662 | ||||||
DMX Technologies Group, Ltd. | 2,096,000 | 0 | ||||||
Duty Free International, Ltd. | 720,700 | 83,331 | ||||||
* | Dyna-Mac Holdings, Ltd. | 1,833,000 | 124,851 | |||||
Elec & Eltek International Co., Ltd. | 184,100 | 276,262 | ||||||
#* | Ezion Holdings, Ltd. | 37,245,878 | 440,780 | |||||
#* | Ezra Holdings, Ltd. | 12,568,855 | 95,445 | |||||
Far East Orchard, Ltd. | 1,236,903 | 1,062,830 | ||||||
# | First Resources, Ltd. | 5,677,400 | 6,375,193 | |||||
First Sponsor Group, Ltd. | 484,728 | 463,018 | ||||||
# | Food Empire Holdings, Ltd. | 1,484,200 | 588,812 | |||||
# | Fragrance Group, Ltd. | 6,077,000 | 562,361 | |||||
Fraser and Neave, Ltd. | 102,300 | 128,573 | ||||||
Frasers Property, Ltd. | 158,200 | 213,995 | ||||||
# | Frencken Group, Ltd. | 2,536,200 | 1,282,835 | |||||
# | Fu Yu Corp., Ltd. | 3,717,300 | 613,947 | |||||
* | Gallant Venture, Ltd. | 5,118,600 | 436,348 | |||||
# | Geo Energy Resources, Ltd. | 3,932,300 | 418,877 | |||||
# | GK Goh Holdings, Ltd. | 1,484,065 | 888,891 | |||||
# | GL, Ltd. | 3,624,400 | 2,105,709 | |||||
# | Golden Agri-Resources, Ltd. | 32,687,400 | 4,906,414 | |||||
# | Golden Energy & Resources, Ltd. | 603,700 | 73,157 | |||||
GP Industries, Ltd. | 2,540,709 | 1,086,853 | ||||||
GuocoLand, Ltd. | 1,888,314 | 2,786,869 | ||||||
#* | Halcyon Agri Corp., Ltd. | 1,760,948 | 588,318 | |||||
# | Hanwell Holdings, Ltd. | 1,888,219 | 318,172 | |||||
Haw Par Corp., Ltd. | 351,700 | 3,463,104 | ||||||
# | Health Management International, Ltd. | 1,950,830 | 1,039,091 | |||||
# | Hiap Hoe, Ltd. | 498,000 | 279,949 | |||||
# | Hi-P International, Ltd. | 1,561,200 | 1,644,501 | |||||
Ho Bee Land, Ltd. | 1,667,800 | 2,866,700 | ||||||
Hong Fok Corp., Ltd. | 3,595,394 | 2,151,887 | ||||||
* | Hong Leong Asia, Ltd. | 2,010,000 | 921,948 | |||||
# | Hong Leong Finance, Ltd. | 974,800 | 1,883,250 | |||||
Hotel Grand Central, Ltd. | 1,660,083 | 1,609,328 | ||||||
# | Hour Glass, Ltd. (The) | 1,879,432 | 1,112,770 | |||||
Hutchison Port Holdings Trust | 24,100,500 | 3,733,192 | ||||||
Hwa Hong Corp., Ltd. | 2,123,500 | 492,054 | ||||||
#* | Hyflux, Ltd. | 3,707,700 | 74,154 | |||||
# | iFAST Corp., Ltd. | 976,200 | 724,312 | |||||
Indofood Agri Resources, Ltd. | 3,647,200 | 858,637 | ||||||
# | Japfa, Ltd. | 4,289,300 | 1,544,255 | |||||
# | Jurong Technologies Industrial Corp., Ltd. | 2,227,680 | 0 | |||||
# | k1 Ventures, Ltd. | 1,005,220 | 0 | |||||
Keppel Infrastructure Trust | 18,539,046 | 7,295,591 | ||||||
Koh Brothers Group, Ltd. | 1,342,100 | 197,097 | ||||||
# | KSH Holdings, Ltd. | 1,278,300 | 435,754 | |||||
# | Lian Beng Group, Ltd. | 2,906,700 | 1,079,826 | |||||
# | Low Keng Huat Singapore, Ltd. | 912,900 | 278,893 | |||||
Lum Chang Holdings, Ltd. | 1,102,130 | 287,439 | ||||||
# | Mandarin Oriental International, Ltd. | 1,574,400 | 2,593,548 | |||||
Metro Holdings, Ltd. | 3,069,792 | 2,096,850 | ||||||
Mewah International, Inc. | 89,000 | 15,518 | ||||||
#* | Midas Holdings, Ltd. | 9,643,353 | 255,181 |
125
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
SINGAPORE — (Continued) | ||||||||
* | mm2 Asia, Ltd. | 3,521,000 | $ | 581,653 | ||||
Nera Telecommunications, Ltd. | 1,143,400 | 227,069 | ||||||
NetLink NBN Trust | 7,199,400 | 4,918,501 | ||||||
New Toyo International Holdings, Ltd. | 491,800 | 52,901 | ||||||
NSL, Ltd. | 409,900 | 292,270 | ||||||
# | OUE, Ltd. | 2,345,500 | 2,498,314 | |||||
# | Oxley Holdings, Ltd. | 7,303,479 | 1,822,308 | |||||
#* | Pacc Offshore Services Holdings, Ltd. | 1,132,900 | 105,758 | |||||
# | Pan-United Corp., Ltd. | 2,435,750 | 581,535 | |||||
# | Penguin International, Ltd. | 911,632 | 445,765 | |||||
Perennial Real Estate Holdings, Ltd. | 167,100 | 66,904 | ||||||
# | Q&M Dental Group Singapore, Ltd. | 2,356,900 | 901,100 | |||||
QAF, Ltd. | 1,669,280 | 912,989 | ||||||
#* | Raffles Education Corp., Ltd. | 5,429,723 | 318,791 | |||||
# | Raffles Medical Group, Ltd. | 7,919,795 | 5,879,900 | |||||
# | Riverstone Holdings, Ltd. | 1,431,300 | 1,024,747 | |||||
# | Roxy-Pacific Holdings, Ltd. | 505,740 | 141,321 | |||||
SATS, Ltd. | 38,600 | 143,147 | ||||||
# | SBS Transit, Ltd. | 898,200 | 2,672,907 | |||||
# | Sembcorp Industries, Ltd. | 6,073,600 | 10,196,907 | |||||
#* | Sembcorp Marine, Ltd. | 1,925,500 | 1,934,862 | |||||
Sheng Siong Group, Ltd. | 5,894,100 | 5,066,309 | ||||||
* | SHS Holdings, Ltd. | 2,175,300 | 273,618 | |||||
SIA Engineering Co., Ltd. | 1,937,600 | 3,799,025 | ||||||
# | SIIC Environment Holdings, Ltd. | 5,707,420 | 946,216 | |||||
# | Sinarmas Land, Ltd. | 7,016,600 | 1,158,867 | |||||
# | Sing Holdings, Ltd. | 1,668,000 | 471,661 | |||||
# | Sing Investments & Finance, Ltd. | 350,675 | 365,466 | |||||
# | Singapore Post, Ltd. | 12,563,600 | 8,858,074 | |||||
# | Singapore Press Holdings, Ltd. | 6,521,000 | 10,612,235 | |||||
Singapore Reinsurance Corp., Ltd. | 1,514,530 | 317,030 | ||||||
Singapore Shipping Corp., Ltd. | 1,640,700 | 349,294 | ||||||
Stamford Land Corp., Ltd. | 3,297,700 | 1,187,422 | ||||||
# | StarHub, Ltd. | 6,928,600 | 6,620,639 | |||||
Straco Corp., Ltd. | 130,000 | 70,217 | ||||||
# | Sunningdale Tech, Ltd. | 1,257,860 | 1,108,900 | |||||
* | SunVic Chemical Holdings, Ltd. | 526,945 | 3,215 | |||||
#* | Swiber Holdings, Ltd. | 2,895,250 | 43,414 | |||||
# | Thomson Medical Group, Ltd. | 4,294,500 | 182,813 | |||||
# | Tuan Sing Holdings, Ltd. | 5,235,056 | 1,287,325 | |||||
# | UMS Holdings, Ltd. | 3,740,975 | 2,204,806 | |||||
United Engineers, Ltd. | 3,318,328 | 6,465,963 | ||||||
United Industrial Corp., Ltd. | 87,769 | 186,988 | ||||||
# | United Overseas Insurance, Ltd. | 181,850 | 945,120 | |||||
UOB-Kay Hian Holdings, Ltd. | 2,244,810 | 2,011,894 | ||||||
# | Valuetronics Holdings, Ltd. | 3,726,750 | 1,844,821 | |||||
Venture Corp., Ltd. | 1,125,100 | 13,050,734 | ||||||
Vibrant Group, Ltd. | 358,003 | 33,604 | ||||||
Vicom, Ltd. | 139,900 | 778,123 | ||||||
Wee Hur Holdings, Ltd. | 2,769,000 | 426,912 | ||||||
# | Wing Tai Holdings, Ltd. | 4,154,567 | 6,196,002 | |||||
Yangzijiang Shipbuilding Holdings Ltd. | 18,491,700 | 12,945,807 | ||||||
Yeo Hiap Seng, Ltd. | 223,731 | 146,222 | ||||||
#* | Yongnam Holdings, Ltd. | 2,817,300 | 313,052 | |||||
Zhongmin Baihui Retail Group, Ltd. | 26,900 | 11,864 | ||||||
TOTAL SINGAPORE | 228,146,254 | |||||||
TOTAL COMMON STOCKS | 1,631,313,360 |
126
The Asia Pacific Small Company Series
continued
Shares | Value» | |||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||
AUSTRALIA — (0.0%) | ||||||||
* | Altura Mining, Ltd. Rights 11/15/19 | 156,232 | $ | 0 | ||||
* | Clean Seas Seafood Ltd. Rights 11/11/19 | 14,621 | 0 | |||||
* | Karoon Energy, Ltd. Rights 11/19/19 | 1,079,536 | 0 | |||||
* | Wagners Holdings Co., Ltd. Rights 11/15/19 | 14,391 | 2,976 | |||||
TOTAL AUSTRALIA | 2,976 | |||||||
SINGAPORE — (0.0%) | ||||||||
#* | Ezion Holdings, Ltd. Warrants 04/16/23 | 5,659,201 | 0 | |||||
* | First Sponsor Group, Ltd. Warrants 05/30/24 | 48,473 | 0 | |||||
TOTAL SINGAPORE | 0 | |||||||
TOTAL RIGHTS/WARRANTS | 2,976 | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $1,736,491,472) | 1,631,316,336 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (2.9%) | ||||||||
@§ | DFA Short Term Investment Fund | 4,221,581 | 48,847,919 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $1,785,334,426) | $ | 1,680,164,255 |
SA | Special Assessment | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
* | Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Common Stocks | |||||||||||||
Australia | $ | 439,275 | $ | 889,202,347 | — | $ | 889,641,622 | ||||||
China | — | 877,015 | — | 877,015 | |||||||||
Hong Kong | 460,908 | 405,699,791 | — | 406,160,699 | |||||||||
New Zealand | — | 106,487,770 | — | 106,487,770 | |||||||||
Singapore | 11,864 | 228,134,390 | — | 228,146,254 | |||||||||
Rights/Warrants | |||||||||||||
Australia | — | 2,976 | — | 2,976 | |||||||||
Securities Lending Collateral | — | 48,847,919 | — | 48,847,919 | |||||||||
TOTAL | $ | 912,047 | $ | 1,679,252,208 | — | $ | 1,680,164,255 |
See accompanying Notes to Financial Statements.
127
THE UNITED KINGDOM SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (99.2%) | ||||||||
COMMUNICATION SERVICES — (4.7%) | ||||||||
4imprint Group P.L.C. | 141,409 | $ | 5,441,622 | |||||
Ascential P.L.C. | 552,285 | 2,502,419 | ||||||
Auto Trader Group P.L.C. | 841,345 | 6,130,283 | ||||||
Bloomsbury Publishing P.L.C. | 211,097 | 682,658 | ||||||
Centaur Media P.L.C. | 537,905 | 225,667 | ||||||
Cineworld Group P.L.C. | 2,546,139 | 7,336,874 | ||||||
Daily Mail & General Trust P.L.C., Class A | 1,014,493 | 11,552,361 | ||||||
Entertainment One, Ltd. | 2,630,507 | 18,997,490 | ||||||
Euromoney Institutional Investor P.L.C. | 676,549 | 12,366,205 | ||||||
* | Frontier Developments PLC | 7,940 | 112,366 | |||||
Future P.L.C. | 58,536 | 1,148,623 | ||||||
Gamma Communications P.L.C. | 33,412 | 515,640 | ||||||
Huntsworth P.L.C. | 1,144,773 | 1,332,279 | ||||||
Hyve Group P.L.C. | 4,389,055 | 4,431,753 | ||||||
Inmarsat P.L.C. | 2,400,987 | 17,128,455 | ||||||
Kin & Carta P.L.C. | 850,242 | 1,047,604 | ||||||
Reach P.L.C. | 1,696,354 | 2,165,922 | ||||||
Rightmove P.L.C. | 808,813 | 6,278,156 | ||||||
STV Group P.L.C. | 4,868 | 24,861 | ||||||
TalkTalk Telecom Group P.L.C. | 3,989,703 | 5,786,266 | ||||||
TOTAL COMMUNICATION SERVICES | 105,207,504 | |||||||
CONSUMER DISCRETIONARY — (21.6%) | ||||||||
888 Holdings P.L.C. | 1,710,669 | 3,979,919 | ||||||
AA P.L.C. | 3,904,659 | 2,226,533 | ||||||
#* | ASOS P.L.C. | 209,420 | 9,626,825 | |||||
B&M European Value Retail SA | 5,453,680 | 26,163,411 | ||||||
BCA Marketplace P.L.C. | 2,529,197 | 7,732,609 | ||||||
Bellway P.L.C. | 785,920 | 32,167,252 | ||||||
* | Boohoo Group P.L.C. | 4,528,022 | 15,478,500 | |||||
Bovis Homes Group P.L.C. | 1,284,142 | 19,457,559 | ||||||
Card Factory P.L.C. | 1,393,096 | 3,056,715 | ||||||
* | Carpetright P.L.C. | 406,341 | 24,622 | |||||
Coats Group PLC | 800,742 | 739,092 | ||||||
* | Connect Group P.L.C. | 426,960 | 168,774 | |||||
Countryside Properties P.L.C. | 2,643,763 | 12,100,338 | ||||||
Crest Nicholson Holdings P.L.C. | 1,622,001 | 8,173,228 | ||||||
# | Debenhams P.L.C. | 6,862,458 | 0 | |||||
DFS Furniture P.L.C. | 1,137,917 | 3,446,537 | ||||||
Dignity P.L.C. | 197,940 | 1,416,536 | ||||||
Dixons Carphone P.L.C. | 3,819,612 | 6,495,496 | ||||||
Domino's Pizza Group P.L.C. | 3,791,459 | 14,049,819 | ||||||
Dunelm Group P.L.C. | 757,667 | 7,758,690 | ||||||
* | EI Group P.L.C. | 3,907,228 | 14,269,820 | |||||
Findel P.L.C. | 246,067 | 614,767 | ||||||
Fuller Smith & Turner P.L.C., Class A | 141,619 | 1,911,177 | ||||||
Games Workshop Group P.L.C. | 225,279 | 13,044,531 | ||||||
* | Gamesys Group P.L.C. | 410,917 | 4,306,065 | |||||
GoCo Group P.L.C. | 1,997,435 | 2,505,852 | ||||||
Greggs P.L.C. | 734,900 | 16,903,572 | ||||||
GVC Holdings P.L.C. | 957,913 | 11,051,197 | ||||||
Gym Group P.L.C. (The) | 753,396 | 2,550,606 | ||||||
Halfords Group P.L.C. | 872,874 | 1,791,546 | ||||||
Headlam Group P.L.C. | 480,270 | 2,997,489 | ||||||
Henry Boot P.L.C. | 504,773 | 1,639,421 |
128
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
CONSUMER DISCRETIONARY — (Continued) | ||||||||
Hollywood Bowl Group P.L.C. | 190,749 | $ | 588,107 | |||||
Hostelworld Group P.L.C. | 238,318 | 360,580 | ||||||
Inchcape P.L.C. | 2,923,312 | 24,440,490 | ||||||
J D Wetherspoon P.L.C. | 522,819 | 9,903,123 | ||||||
JD Sports Fashion P.L.C. | 1,736,308 | 17,271,954 | ||||||
Joules Group P.L.C. | 3,586 | 12,880 | ||||||
Lookers P.L.C. | 1,263,921 | 812,713 | ||||||
Marks & Spencer Group P.L.C. | 428,406 | 1,009,235 | ||||||
Marston's P.L.C. | 4,827,070 | 7,713,531 | ||||||
McCarthy & Stone P.L.C. | 2,544,695 | 4,819,768 | ||||||
Merlin Entertainments P.L.C. | 4,495,638 | 26,485,860 | ||||||
* | Mitchells & Butlers P.L.C. | 1,648,281 | 9,093,319 | |||||
MJ Gleeson P.L.C. | 214,478 | 2,225,173 | ||||||
Moneysupermarket.com Group P.L.C. | 3,912,801 | 17,410,624 | ||||||
* | Mothercare P.L.C. | 495,275 | 71,885 | |||||
# | Motorpoint group P.L.C. | 48,046 | 152,753 | |||||
N Brown Group P.L.C. | 1,162,453 | 1,879,717 | ||||||
On the Beach Group P.L.C. | 791,071 | 4,600,694 | ||||||
Pendragon P.L.C. | 5,047,329 | 942,625 | ||||||
Pets at Home Group P.L.C. | 3,004,957 | 8,003,463 | ||||||
Photo-Me International P.L.C. | 1,603,784 | 1,906,015 | ||||||
Playtech P.L.C. | 1,925,961 | 9,802,864 | ||||||
PPHE Hotel Group, Ltd. | 2,822 | 67,403 | ||||||
Rank Group P.L.C. | 893,694 | 2,823,225 | ||||||
Redrow P.L.C. | 1,792,774 | 13,976,154 | ||||||
Restaurant Group P.L.C. (The) | 2,722,780 | 4,794,565 | ||||||
Revolution Bars Group P.L.C. | 17,764 | 15,098 | ||||||
* | Sportech P.L.C. | 408,363 | 171,946 | |||||
* | Sports Direct International P.L.C. | 1,524,618 | 6,100,635 | |||||
SSP Group P.L.C. | 3,025,801 | 24,951,150 | ||||||
Superdry P.L.C. | 204,054 | 1,083,527 | ||||||
Ted Baker P.L.C. | 144,728 | 762,322 | ||||||
# | Thomas Cook Group P.L.C. | 6,366,734 | 0 | |||||
Topps Tiles P.L.C. | 777,729 | 759,008 | ||||||
Vertu Motors P.L.C. | 477,512 | 255,360 | ||||||
Vitec Group P.L.C. (The) | 204,113 | 3,318,979 | ||||||
WH Smith P.L.C. | 741,725 | 21,018,611 | ||||||
William Hill P.L.C. | 3,784,314 | 9,688,513 | ||||||
TOTAL CONSUMER DISCRETIONARY | 487,142,367 | |||||||
CONSUMER STAPLES — (5.2%) | ||||||||
A.G. Barr P.L.C. | 736,792 | 5,297,734 | ||||||
Anglo-Eastern Plantations P.L.C. | 109,840 | 654,938 | ||||||
Britvic P.L.C. | 1,845,637 | 23,586,871 | ||||||
Carr's Group P.L.C. | 349,511 | 634,409 | ||||||
Cranswick P.L.C. | 374,923 | 15,072,368 | ||||||
Devro P.L.C. | 1,068,398 | 2,219,230 | ||||||
Fevertree Drinks P.L.C. | 631,057 | 15,205,992 | ||||||
Greencore Group P.L.C. | 3,639,673 | 10,942,715 | ||||||
Hilton Food Group P.L.C. | 250,502 | 3,307,563 | ||||||
McBride P.L.C. | 566,412 | 521,691 | ||||||
McColl's Retail Group P.L.C. | 60,390 | 35,708 | ||||||
# | Naked Wines P.L.C. | 221,368 | 737,571 | |||||
Nichols P.L.C. | 2,884 | 56,066 | ||||||
* | Premier Foods P.L.C. | 2,584,290 | 1,082,290 | |||||
PZ Cussons P.L.C. | 1,779,842 | 4,645,406 | ||||||
* | REA Holdings P.L.C. | 50,639 | 111,928 | |||||
Stock Spirits Group P.L.C. | 1,122,290 | 2,975,886 |
129
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
CONSUMER STAPLES — (Continued) | ||||||||
Tate & Lyle P.L.C. | 3,470,820 | $ | 30,273,503 | |||||
TOTAL CONSUMER STAPLES | 117,361,869 | |||||||
ENERGY — (3.8%) | ||||||||
# | Afren P.L.C. | 5,446,344 | 0 | |||||
* | Amerisur Resources P.L.C. | 1,006,443 | 249,511 | |||||
Anglo Pacific Group P.L.C. | 1,004,327 | 2,486,950 | ||||||
* | Cairn Energy P.L.C. | 3,258,371 | 7,528,599 | |||||
Diversified Gas & Oil P.L.C. | 56,189 | 77,899 | ||||||
* | EnQuest P.L.C. | 11,306,645 | 2,606,589 | |||||
# | Genel Energy P.L.C. | 641,959 | 1,587,706 | |||||
Gulf Keystone Petroleum, Ltd. | 1,460,605 | 3,885,830 | ||||||
* | Gulf Marine Services P.L.C. | 125,859 | 13,479 | |||||
Hunting P.L.C. | 1,246,189 | 6,368,385 | ||||||
#* | Hurricane Energy P.L.C. | 2,379,211 | 1,308,801 | |||||
John Wood Group P.L.C. | 3,647,826 | 16,016,209 | ||||||
* | Lamprell P.L.C. | 1,198,927 | 686,345 | |||||
#* | Pantheon Resources P.L.C. | 379,233 | 79,786 | |||||
Petrofac, Ltd. | 1,771,577 | 8,841,700 | ||||||
Pharos Energy P.L.C. | 1,412,115 | 1,068,075 | ||||||
* | Premier Oil P.L.C. | 5,901,446 | 6,341,231 | |||||
* | Rockhopper Exploration P.L.C. | 351,659 | 79,867 | |||||
* | Savannah Petroleum P.L.C. | 28,000 | 8,572 | |||||
* | Serica Energy P.L.C. | 3,327 | 5,779 | |||||
Tullow Oil P.L.C. | 9,865,717 | 26,364,357 | ||||||
TOTAL ENERGY | 85,605,670 | |||||||
FINANCIALS — (13.6%) | ||||||||
# | Arrow Global Group P.L.C. | 1,085,860 | 3,342,094 | |||||
Ashmore Group P.L.C. | 2,047,403 | 12,349,257 | ||||||
Bank of Georgia Group P.L.C. | 227,416 | 3,838,363 | ||||||
Beazley P.L.C. | 2,966,841 | 22,548,944 | ||||||
Brewin Dolphin Holdings P.L.C. | 2,061,688 | 8,887,682 | ||||||
Burford Capital, Ltd. | 563,216 | 6,412,307 | ||||||
Charles Stanley Group P.L.C. | 122,025 | 422,536 | ||||||
Charles Taylor P.L.C. | 235,351 | 974,725 | ||||||
Chesnara P.L.C. | 790,923 | 2,659,358 | ||||||
City of London Investment Group P.L.C. | 5,500 | 30,339 | ||||||
Close Brothers Group P.L.C. | 1,042,864 | 18,699,833 | ||||||
CMC Markets P.L.C. | 707,163 | 1,190,873 | ||||||
* | Georgia Capital P.L.C. | 72,415 | 913,620 | |||||
Hansard Global P.L.C. | 16,468 | 8,445 | ||||||
Hastings Group Holdings P.L.C. | 2,138,646 | 5,036,899 | ||||||
Hiscox, Ltd. | 588,685 | 11,368,042 | ||||||
IG Group Holdings P.L.C. | 2,610,897 | 21,480,945 | ||||||
Intermediate Capital Group P.L.C. | 1,866,605 | 35,924,136 | ||||||
International Personal Finance P.L.C. | 850,221 | 1,463,786 | ||||||
* | IP Group P.L.C. | 3,314,400 | 2,406,348 | |||||
Jupiter Fund Management P.L.C. | 2,909,220 | 12,916,407 | ||||||
* | Just Group P.L.C. | 4,666,764 | 3,680,604 | |||||
Lancashire Holdings, Ltd. | 1,487,212 | 13,733,247 | ||||||
Liontrust Asset Management P.L.C. | 20,793 | 219,771 | ||||||
Man Group P.L.C. | 11,167,689 | 20,785,020 | ||||||
#* | Metro Bank P.L.C. | 97,643 | 256,839 | |||||
Non-Standard Finance P.L.C. | 215,168 | 99,888 | ||||||
Numis Corp. P.L.C. | 237,318 | 708,654 | ||||||
OneSavings Bank P.L.C. | 1,447,032 | 6,750,047 | ||||||
Paragon Banking Group P.L.C. | 2,055,529 | 13,399,315 |
130
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
FINANCIALS — (Continued) | ||||||||
Phoenix Group Holdings P.L.C. | 1,305,330 | $ | 11,923,058 | |||||
Plus500, Ltd. | 153,058 | 1,586,839 | ||||||
Polar Capital Holdings P.L.C. | 28,174 | 183,767 | ||||||
Provident Financial P.L.C. | 1,032,098 | 5,893,288 | ||||||
Quilter P.L.C. | 9,786,100 | 17,363,535 | ||||||
Rathbone Brothers P.L.C. | 321,541 | 8,652,527 | ||||||
River & Mercantile Group P.L.C. | 10,512 | 33,526 | ||||||
# | S&U P.L.C. | 22,618 | 620,223 | |||||
Saga P.L.C. | 4,271,090 | 2,596,999 | ||||||
Sanne Group P.L.C. | 25,819 | 176,513 | ||||||
TP ICAP P.L.C. | 3,608,881 | 16,046,822 | ||||||
Virgin Money UK P.L.C. | 5,626,789 | 10,012,114 | ||||||
Waterloo Investment Holdings, Ltd. | 4,000 | 120 | ||||||
TOTAL FINANCIALS | 307,597,655 | |||||||
HEALTH CARE — (3.1%) | ||||||||
Advanced Medical Solutions Group PLC | 109,204 | 345,606 | ||||||
# | Alizyme P.L.C. | 660,805 | 0 | |||||
Alliance Pharma P.L.C. | 1,346,980 | 1,287,906 | ||||||
CareTech Holdings P.L.C. | 244,788 | 1,259,219 | ||||||
#* | Circassia Pharmaceuticals P.L.C. | 516,889 | 113,655 | |||||
* | Clinigen Healthcare, Ltd. | 17,229 | 185,431 | |||||
Consort Medical P.L.C. | 293,388 | 2,772,795 | ||||||
ConvaTec Group P.L.C. | 7,978,950 | 20,384,000 | ||||||
CVS Group P.L.C. | 305,454 | 3,824,584 | ||||||
EMIS Group P.L.C. | 253,844 | 3,537,999 | ||||||
Genus P.L.C. | 108,791 | 4,087,414 | ||||||
Hikma Pharmaceuticals P.L.C. | 78,748 | 2,050,817 | ||||||
* | Horizon Discovery Group P.L.C. | 16,856 | 35,848 | |||||
* | Indivior P.L.C. | 3,065,440 | 1,552,892 | |||||
Integrated Diagnostics Holdings P.L.C. | 330,094 | 1,560,801 | ||||||
# | Mediclinic International P.L.C. | 2,261,693 | 10,725,355 | |||||
* | Oxford Biomedica PLC | 62,738 | 452,612 | |||||
Spire Healthcare Group P.L.C. | 1,257,374 | 1,903,132 | ||||||
UDG Healthcare P.L.C. | 1,023,880 | 10,263,640 | ||||||
Vectura Group P.L.C. | 3,857,232 | 4,407,548 | ||||||
TOTAL HEALTH CARE | 70,751,254 | |||||||
INDUSTRIALS — (28.7%) | ||||||||
Aggreko P.L.C. | 1,647,699 | 16,892,274 | ||||||
Air Partner P.L.C. | 253,425 | 303,017 | ||||||
Avon Rubber P.L.C. | 202,741 | 4,661,684 | ||||||
Babcock International Group P.L.C. | 3,197,831 | 22,967,450 | ||||||
Balfour Beatty P.L.C. | 4,259,420 | 12,412,045 | ||||||
BBA Aviation P.L.C. | 7,301,568 | 28,725,347 | ||||||
Biffa P.L.C. | 959,336 | 3,164,127 | ||||||
Bodycote P.L.C. | 1,398,538 | 12,967,139 | ||||||
Braemar Shipping Services P.L.C. | 144,282 | 373,155 | ||||||
* | Capita P.L.C. | 5,102,462 | 10,321,391 | |||||
Chemring Group P.L.C. | 1,773,455 | 4,613,399 | ||||||
Clarkson P.L.C. | 189,183 | 6,929,771 | ||||||
Clipper Logistics P.L.C. | 194,719 | 555,093 | ||||||
Cobham P.L.C. | 16,545,169 | 33,842,830 | ||||||
Costain Group P.L.C. | 430,652 | 929,448 | ||||||
Dart Group P.L.C. | 382,912 | 6,271,798 | ||||||
De La Rue P.L.C. | 453,560 | 924,040 | ||||||
#* | Dialight P.L.C. | 108,089 | 441,703 | |||||
Diploma P.L.C. | 793,073 | 16,418,068 |
131
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
easyJet P.L.C. | 9,661 | $ | 154,982 | |||||
* | Firstgroup P.L.C. | 8,339,333 | 13,948,910 | |||||
G4S P.L.C. | 9,906,519 | 26,568,687 | ||||||
Galliford Try P.L.C. | 549,039 | 5,211,079 | ||||||
Go-Ahead Group P.L.C. (The) | 340,040 | 9,000,235 | ||||||
Goodwin P.L.C. | 383 | 16,248 | ||||||
Grafton Group P.L.C. | 1,638,906 | 16,595,963 | ||||||
Hays P.L.C. | 10,246,441 | 20,852,201 | ||||||
HomeServe P.L.C. | 1,762,201 | 26,469,025 | ||||||
Howden Joinery Group P.L.C. | 4,476,142 | 33,500,704 | ||||||
IMI P.L.C. | 1,911,037 | 24,851,430 | ||||||
# | Interserve P.L.C. | 629,566 | 0 | |||||
James Fisher & Sons P.L.C. | 313,486 | 7,882,240 | ||||||
James Halstead P.L.C. | 1,873 | 12,300 | ||||||
John Laing Group P.L.C. | 2,320,645 | 10,988,873 | ||||||
John Menzies P.L.C. | 480,761 | 2,533,322 | ||||||
Johnson Service Group P.L.C. | 80,228 | 184,977 | ||||||
Keller Group P.L.C. | 492,044 | 3,305,957 | ||||||
# | Kier Group P.L.C. | 929,137 | 1,366,586 | |||||
Luceco P.L.C. | 155,902 | 199,691 | ||||||
Mears Group P.L.C. | 763,170 | 2,516,445 | ||||||
Meggitt P.L.C. | 2,528,732 | 20,460,802 | ||||||
Mitie Group P.L.C. | 2,403,558 | 4,923,083 | ||||||
Morgan Advanced Materials P.L.C. | 1,912,614 | 5,836,551 | ||||||
Morgan Sindall Group P.L.C. | 227,463 | 3,774,746 | ||||||
National Express Group P.L.C. | 3,061,395 | 17,712,519 | ||||||
Norcros P.L.C. | 116,690 | 356,255 | ||||||
Northgate P.L.C. | 1,892,764 | 8,448,349 | ||||||
Pagegroup P.L.C. | 2,346,683 | 13,520,983 | ||||||
PayPoint P.L.C. | 425,574 | 5,044,902 | ||||||
Polypipe Group P.L.C. | 1,512,324 | 8,869,312 | ||||||
Porvair P.L.C. | 15,572 | 120,688 | ||||||
QinetiQ Group P.L.C. | 3,964,771 | 16,162,957 | ||||||
Redde P.L.C. | 289,119 | 419,701 | ||||||
Renew Holdings P.L.C. | 5,295 | 26,288 | ||||||
Renewi P.L.C. | 4,633,868 | 1,775,312 | ||||||
#* | Renold P.L.C. | 193,435 | 57,660 | |||||
Ricardo P.L.C. | 308,171 | 2,546,739 | ||||||
Robert Walters P.L.C. | 399,595 | 2,743,878 | ||||||
Rotork P.L.C. | 5,871,491 | 22,929,186 | ||||||
Royal Mail P.L.C. | 4,209,687 | 11,519,595 | ||||||
RPS Group P.L.C. | 916,505 | 1,672,705 | ||||||
Senior P.L.C. | 3,244,009 | 7,762,990 | ||||||
* | Serco Group P.L.C. | 758,599 | 1,533,476 | |||||
Severfield P.L.C. | 1,090,941 | 1,090,780 | ||||||
SIG P.L.C. | 4,563,465 | 6,653,116 | ||||||
Speedy Hire P.L.C. | 3,047,280 | 2,127,201 | ||||||
* | Staffline Group P.L.C. | 3,354 | 4,324 | |||||
Stagecoach Group P.L.C. | 3,009,333 | 5,345,995 | ||||||
SThree P.L.C. | 720,673 | 2,660,664 | ||||||
# | Stobart Group, Ltd. | 1,767,874 | 2,730,622 | |||||
T Clarke P.L.C. | 147,457 | 191,363 | ||||||
Travis Perkins P.L.C. | 1,726,015 | 32,059,239 | ||||||
Trifast P.L.C. | 524,611 | 1,096,019 | ||||||
Tyman P.L.C. | 873,306 | 2,400,693 | ||||||
Ultra Electronics Holdings P.L.C. | 646,972 | 16,341,114 | ||||||
Vesuvius P.L.C. | 1,658,142 | 8,579,889 | ||||||
* | Volex P.L.C. | 307,047 | 385,744 | |||||
Volution Group P.L.C. | 347,623 | 898,810 |
132
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
INDUSTRIALS — (Continued) | ||||||||
Vp P.L.C. | 159,998 | $ | 1,777,629 | |||||
Weir Group P.L.C (The) | 373,145 | 6,517,733 | ||||||
Wilmington P.L.C. | 334,384 | 957,336 | ||||||
Wincanton P.L.C. | 617,226 | 1,999,745 | ||||||
* | Wizz Air Holdings P.L.C. | 38,273 | 1,895,299 | |||||
XP Power, Ltd. | 100,079 | 3,416,605 | ||||||
TOTAL INDUSTRIALS | 647,222,231 | |||||||
INFORMATION TECHNOLOGY — (6.5%) | ||||||||
AVEVA Group P.L.C. | 114,311 | 6,193,908 | ||||||
Computacenter P.L.C. | 537,590 | 9,513,363 | ||||||
DiscoverIE Group P.L.C. | 463,871 | 2,715,529 | ||||||
Electrocomponents P.L.C. | 3,231,445 | 28,511,406 | ||||||
Equiniti Group P.L.C. | 2,352,303 | 6,571,583 | ||||||
FDM Group Holdings P.L.C. | 334,364 | 3,124,905 | ||||||
FIRST DERIVATIVES PLC | 3,972 | 117,416 | ||||||
# | iomart Group P.L.C. | 145,653 | 694,980 | |||||
#* | IQE P.L.C. | 333,707 | 322,621 | |||||
Kainos Group P.L.C. | 322,838 | 2,129,750 | ||||||
Micro Focus International P.L.C. | 277,989 | 3,815,456 | ||||||
NCC Group P.L.C. | 1,614,476 | 3,922,331 | ||||||
Oxford Instruments P.L.C. | 356,949 | 6,000,380 | ||||||
Renishaw P.L.C. | 239,862 | 11,791,054 | ||||||
RM P.L.C. | 336,909 | 1,266,467 | ||||||
SDL P.L.C. | 477,370 | 3,267,021 | ||||||
# | Smart Metering Systems P.L.C. | 424,453 | 2,606,681 | |||||
Softcat P.L.C. | 787,090 | 9,592,589 | ||||||
Sophos Group P.L.C. | 594,314 | 4,371,545 | ||||||
Spectris P.L.C. | 827,935 | 25,667,336 | ||||||
Spirent Communications P.L.C. | 4,124,361 | 10,615,467 | ||||||
# | Strix Group P.L.C. | 181,909 | 410,118 | |||||
#* | Telit Communications P.L.C. | 82,391 | 174,655 | |||||
TT Electronics P.L.C. | 993,507 | 2,985,797 | ||||||
* | Xaar P.L.C. | 165,171 | 101,541 | |||||
TOTAL INFORMATION TECHNOLOGY | 146,483,899 | |||||||
MATERIALS — (5.5%) | ||||||||
Barrick Gold Corp. | 130,600 | 2,200,325 | ||||||
* | Carclo P.L.C. | 113,594 | 15,744 | |||||
Castings P.L.C. | 163,566 | 798,969 | ||||||
Centamin P.L.C. | 9,300,643 | 14,068,645 | ||||||
Central Asia Metals P.L.C. | 420,679 | 1,143,831 | ||||||
Elementis P.L.C. | 3,143,309 | 6,048,958 | ||||||
Essentra P.L.C. | 1,464,917 | 7,227,160 | ||||||
Ferrexpo P.L.C. | 2,362,974 | 3,872,064 | ||||||
Forterra P.L.C. | 1,263,307 | 4,371,251 | ||||||
* | Gem Diamonds, Ltd. | 679,902 | 550,495 | |||||
Highland Gold Mining, Ltd. | 1,736,567 | 4,591,801 | ||||||
Hill & Smith Holdings P.L.C. | 538,705 | 9,136,816 | ||||||
Hochschild Mining P.L.C. | 1,579,067 | 4,105,590 | ||||||
Ibstock P.L.C. | 2,816,402 | 8,800,778 | ||||||
KAZ Minerals P.L.C. | 1,775,954 | 10,853,407 | ||||||
# | Low & Bonar P.L.C. | 2,377,348 | 438,773 | |||||
Marshalls P.L.C. | 1,492,403 | 13,723,316 | ||||||
#* | Petra Diamonds, Ltd. | 5,639,982 | 621,690 | |||||
* | Petropavlovsk P.L.C. | 838,033 | 109,262 | |||||
Rhi Magnesita NV | 84,590 | 3,812,363 | ||||||
# | Scapa Group P.L.C. | 215,838 | 623,982 |
133
The United Kingdom Small Company Series
continued
Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
#* | Sirius Minerals P.L.C. | 1,683,489 | $ | 62,713 | ||||
Synthomer P.L.C. | 2,412,584 | 8,710,275 | ||||||
Victrex P.L.C. | 629,414 | 17,880,697 | ||||||
Zotefoams P.L.C. | 93,671 | 365,315 | ||||||
TOTAL MATERIALS | 124,134,220 | |||||||
REAL ESTATE — (4.4%) | ||||||||
Capital & Counties Properties P.L.C. | 4,962,871 | 16,403,005 | ||||||
CLS Holdings P.L.C. | 636,982 | 2,089,174 | ||||||
* | Countrywide P.L.C. | 1,699,141 | 96,918 | |||||
Daejan Holdings P.L.C. | 49,680 | 3,128,122 | ||||||
* | Foxtons Group P.L.C. | 1,145,927 | 971,275 | |||||
Grainger P.L.C. | 4,384,967 | 14,581,496 | ||||||
Harworth Group P.L.C. | 30,680 | 49,248 | ||||||
Helical P.L.C. | 705,604 | 3,577,883 | ||||||
IWG P.L.C. | 4,354,218 | 21,689,498 | ||||||
LSL Property Services P.L.C. | 404,839 | 1,258,428 | ||||||
* | Purplebricks Group P.L.C. | 65,365 | 95,624 | |||||
* | Raven Property Group, Ltd. | 952,767 | 501,955 | |||||
Savills P.L.C. | 1,042,497 | 12,384,802 | ||||||
St. Modwen Properties P.L.C. | 2,832,022 | 16,530,842 | ||||||
U & I Group P.L.C. | 480,429 | 862,396 | ||||||
Urban & Civic P.L.C. | 543,320 | 2,322,401 | ||||||
# | Watkin Jones P.L.C. | 435,040 | 1,324,065 | |||||
TOTAL REAL ESTATE | 97,867,132 | |||||||
UNKNOWN G1 — (0.0%) | ||||||||
Industrial and Commercial Holding Group, Ltd. | 5,000 | 0 | ||||||
UTILITIES — (2.1%) | ||||||||
Drax Group P.L.C. | 1,698,929 | 6,531,360 | ||||||
Pennon Group P.L.C. | 2,929,675 | 34,062,254 | ||||||
Telecom Plus P.L.C. | 412,883 | 6,441,298 | ||||||
TOTAL UTILITIES | 47,034,912 | |||||||
TOTAL COMMON STOCKS | 2,236,408,713 | |||||||
PREFERRED STOCKS — (0.0%) | ||||||||
CONSUMER STAPLES — (0.0%) | ||||||||
Mcbride P.L.C. | 10,195,416 | 13,207 | ||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $2,084,250,199) | 2,236,421,920 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (0.8%) | ||||||||
@§ | DFA Short Term Investment Fund | 1,625,922 | 18,813,540 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $2,103,060,882) | $ | 2,255,235,460 |
P.L.C. | Public Limited Company | |
SA | Special Assessment | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
* | Non-Income Producing Securities. | |
# | Total or Partial Securities on Loan. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
134
The United Kingdom Small Company Series
continued
Summary of the Series' investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | |||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||
Common Stocks | |||||||||||
Communication Services | — | $ | 105,207,504 | — | $ | 105,207,504 | |||||
Consumer Discretionary | — | 487,142,367 | — | 487,142,367 | |||||||
Consumer Staples | — | 117,361,869 | — | 117,361,869 | |||||||
Energy | — | 85,605,670 | — | 85,605,670 | |||||||
Financials | — | 307,597,655 | — | 307,597,655 | |||||||
Health Care | — | 70,751,254 | — | 70,751,254 | |||||||
Industrials | — | 647,222,231 | — | 647,222,231 | |||||||
Information Technology | — | 146,483,899 | — | 146,483,899 | |||||||
Materials | — | 124,134,220 | — | 124,134,220 | |||||||
Real Estate | — | 97,867,132 | — | 97,867,132 | |||||||
Utilities | — | 47,034,912 | — | 47,034,912 | |||||||
Preferred Stocks | |||||||||||
Consumer Staples | — | 13,207 | — | 13,207 | |||||||
Securities Lending Collateral | — | 18,813,540 | — | 18,813,540 | |||||||
TOTAL | — | $ | 2,255,235,460 | — | $ | 2,255,235,460 |
See accompanying Notes to Financial Statements.
135
THE CONTINENTAL SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (91.0%) | ||||||||
AUSTRIA — (3.1%) | ||||||||
Agrana Beteiligungs AG | 83,446 | $ | 1,610,308 | |||||
# | ANDRITZ AG | 510,397 | 22,950,629 | |||||
# | Atrium European Real Estate, Ltd. | 968,162 | 3,865,125 | |||||
# | Austria Technologie & Systemtechnik AG | 182,880 | 3,403,168 | |||||
CA Immobilien Anlagen AG | 496,800 | 19,143,151 | ||||||
DO & CO AG | 52,537 | 4,887,866 | ||||||
EVN AG | 230,431 | 4,217,719 | ||||||
# | FACC AG | 174,996 | 2,285,207 | |||||
Flughafen Wien AG | 31,155 | 1,277,711 | ||||||
IMMOFINANZ AG | 669,588 | 19,251,080 | ||||||
Josef Manner & Co. AG | 870 | 92,399 | ||||||
Kapsch TrafficCom AG | 36,036 | 1,136,097 | ||||||
# | Lenzing AG | 92,686 | 9,762,867 | |||||
Mayr Melnhof Karton AG | 56,819 | 6,980,925 | ||||||
# | Oberbank AG | 37,094 | 3,963,679 | |||||
# | Oesterreichische Post AG | 242,864 | 8,950,677 | |||||
Palfinger AG | 98,045 | 2,800,751 | ||||||
# | POLYTEC Holding AG | 105,679 | 962,062 | |||||
# | Porr AG | 75,463 | 1,787,148 | |||||
# | Rosenbauer International AG | 20,385 | 864,701 | |||||
S IMMO AG | 363,879 | 9,215,815 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 76,257 | 4,358,632 | ||||||
* | Semperit AG Holding | 69,672 | 948,296 | |||||
Strabag SE | 111,162 | 3,691,521 | ||||||
Telekom Austria AG | 1,098,493 | 8,511,571 | ||||||
UBM Development AG | 19,698 | 980,643 | ||||||
UNIQA Insurance Group AG | 958,393 | 9,216,628 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 268,962 | 7,295,975 | ||||||
# | Voestalpine AG | 326,923 | 8,203,368 | |||||
Wienerberger AG | 617,965 | 16,737,941 | ||||||
* | Zumtobel Group AG | 182,287 | 1,448,781 | |||||
TOTAL AUSTRIA | 190,802,441 | |||||||
BELGIUM — (4.4%) | ||||||||
Ackermans & van Haaren NV | 174,099 | 26,688,658 | ||||||
* | AGFA-Gevaert NV | 1,452,124 | 6,626,158 | |||||
* | Argenx SE | 160,335 | 19,523,844 | |||||
* | Argenx SE | 12,041 | 1,461,110 | |||||
Atenor | 18,030 | 1,505,159 | ||||||
Banque Nationale de Belgique | 87 | 217,389 | ||||||
Barco NV | 74,142 | 16,146,974 | ||||||
Bekaert SA | 253,902 | 7,085,825 | ||||||
#* | Biocartis NV | 231,370 | 1,660,927 | |||||
# | bpost SA | 600,057 | 6,857,604 | |||||
#* | Celyad SA | 42,190 | 376,938 | |||||
Cie d'Entreprises CFE | 48,396 | 4,665,181 | ||||||
Co.Br.Ha Societe Commerciale de Brasserie SA | 111 | 472,770 | ||||||
Deceuninck NV | 435,935 | 908,088 | ||||||
D'ieteren SA | 202,237 | 12,772,980 | ||||||
Econocom Group SA | 727,792 | 1,897,798 | ||||||
# | Elia System Operator SA | 221,440 | 19,099,771 | |||||
# | Euronav NV | 1,282,924 | 14,468,197 | |||||
EVS Broadcast Equipment SA | 67,811 | 1,665,792 | ||||||
#* | Exmar NV | 148,882 | 930,263 | |||||
Fagron | 282,720 | 5,368,276 | ||||||
* | Galapagos NV | 41,834 | 7,689,147 | |||||
* | Galapagos NV | 220,186 | 40,539,939 |
136
The Continental Small Company Series
continued
Shares | Value» | |||||||
BELGIUM — (Continued) | ||||||||
Gimv NV | 94,395 | $ | 5,668,549 | |||||
Immobel SA | 19,445 | 1,474,538 | ||||||
#* | Ion Beam Applications | 126,538 | 2,021,604 | |||||
Jensen-Group NV | 20,645 | 787,190 | ||||||
Kinepolis Group NV | 98,670 | 6,563,711 | ||||||
# | Lotus Bakeries NV | 1,729 | 4,877,602 | |||||
#* | MDxHealth | 239,516 | 268,629 | |||||
# | Melexis NV | 111,148 | 7,799,237 | |||||
#* | Nyrstar NV | 84,985 | 18,392 | |||||
# | Ontex Group NV | 504,176 | 9,146,052 | |||||
Orange Belgium SA | 176,101 | 3,877,526 | ||||||
#* | Oxurion NV | 128,049 | 371,489 | |||||
# | Picanol | 28,690 | 2,229,604 | |||||
Recticel SA | 270,323 | 2,365,499 | ||||||
# | Resilux | 5,788 | 867,903 | |||||
Roularta Media Group NV | 19,318 | 270,271 | ||||||
# | Sioen Industries NV | 53,303 | 1,320,223 | |||||
# | Sipef NV | 36,491 | 1,851,371 | |||||
* | Telenet Group Holding NV | 145,031 | 7,125,516 | |||||
TER Beke SA | 3,565 | 424,142 | ||||||
* | Tessenderlo Group SA | 214,654 | 7,101,601 | |||||
Van de Velde NV | 38,465 | 1,038,524 | ||||||
* | Viohalco SA | 583,796 | 2,372,735 | |||||
TOTAL BELGIUM | 268,470,696 | |||||||
DENMARK — (4.4%) | ||||||||
* | Agat Ejendomme A.S. | 307,965 | 164,463 | |||||
* | ALK-Abello A.S. | 43,768 | 9,401,319 | |||||
Alm Brand A.S. | 563,835 | 4,592,796 | ||||||
# | Ambu A.S., Class B | 730,304 | 11,480,122 | |||||
#* | Bang & Olufsen A.S. | 256,627 | 1,492,719 | |||||
BankNordik P/F | 10,800 | 175,809 | ||||||
#* | Bavarian Nordic A.S. | 185,816 | 4,375,411 | |||||
Brodrene Hartmann A.S. | 16,148 | 643,614 | ||||||
Columbus A.S. | 430,058 | 572,933 | ||||||
D/S Norden A.S. | 217,180 | 3,176,843 | ||||||
DFDS A.S. | 306,367 | 12,067,855 | ||||||
Djurslands Bank A.S. | 8,970 | 326,728 | ||||||
* | Drilling Co. of 1972 A.S. | 31,531 | 1,779,874 | |||||
FLSmidth & Co. A.S. | 296,273 | 10,619,430 | ||||||
Fluegger Group A.S. | 4,198 | 184,248 | ||||||
GronlandsBANKEN A.S. | 1,125 | 90,742 | ||||||
* | H+H International A.S., Class B | 112,329 | 1,746,755 | |||||
* | Harboes Bryggeri A.S., Class B | 17,239 | 169,870 | |||||
ISS A.S. | 557,079 | 14,585,007 | ||||||
# | Jeudan A.S. | 7,748 | 1,295,744 | |||||
* | Jyske Bank A.S. | 500,030 | 16,633,568 | |||||
Lan & Spar Bank | 4,981 | 332,391 | ||||||
Matas A.S. | 188,168 | 1,442,333 | ||||||
* | Nilfisk Holding A.S. | 198,988 | 3,363,674 | |||||
* | NKT A.S. | 206,194 | 3,617,485 | |||||
# | NNIT A.S. | 71,616 | 1,024,570 | |||||
Pandora A.S. | 384,667 | 18,927,936 | ||||||
Parken Sport & Entertainment A.S. | 37,197 | 561,446 | ||||||
Per Aarsleff Holding A.S. | 140,513 | 4,385,289 | ||||||
Ringkjoebing Landbobank A.S. | 197,894 | 13,664,755 | ||||||
# | Roblon A.S., Class B | 973 | 23,399 | |||||
Rockwool International A.S., Class A | 993 | 186,898 | ||||||
Rockwool International A.S., Class B | 42,036 | 8,261,678 |
137
The Continental Small Company Series
continued
Shares | Value» | |||||||
DENMARK — (Continued) | ||||||||
Royal Unibrew A.S. | 364,385 | $ | 29,893,850 | |||||
RTX A.S. | 57,507 | 1,335,283 | ||||||
Scandinavian Tobacco Group A.S., Class A | 311,373 | 3,679,440 | ||||||
Schouw & Co., A.S. | 90,380 | 6,485,465 | ||||||
SimCorp A.S. | 294,845 | 26,382,068 | ||||||
Solar A.S., Class B | 37,386 | 1,569,527 | ||||||
Spar Nord Bank A.S. | 596,914 | 5,831,011 | ||||||
Sydbank A.S. | 505,787 | 9,921,698 | ||||||
Tivoli A.S. | 9,878 | 1,011,299 | ||||||
Topdanmark A.S. | 475,380 | 21,291,486 | ||||||
* | TORM P.L.C. | 152,978 | 1,460,054 | |||||
United International Enterprises | 10,336 | 1,958,604 | ||||||
#* | Veloxis Pharmaceuticals A.S. | 120,013 | 73,257 | |||||
#* | Vestjysk Bank A.S. | 1,891,040 | 1,046,819 | |||||
#* | Zealand Pharma A.S. | 185,786 | 5,544,231 | |||||
TOTAL DENMARK | 268,851,796 | |||||||
FINLAND — (5.7%) | ||||||||
#* | Afarak Group Oyj | 170,187 | 108,303 | |||||
# | Ahlstrom-Munksjo Oyj | 178,910 | 2,683,037 | |||||
Aktia Bank Oyj | 303,076 | 2,951,943 | ||||||
Alandsbanken Abp, Class B | 21,354 | 387,049 | ||||||
Alma Media Oyj | 129,772 | 1,025,904 | ||||||
Apetit Oyj | 19,668 | 170,606 | ||||||
Asiakastieto Group Oyj | 1,406 | 45,630 | ||||||
Aspo Oyj | 99,050 | 906,038 | ||||||
Atria Oyj | 85,658 | 812,014 | ||||||
#* | BasWare Oyj | 56,551 | 1,269,819 | |||||
# | Bittium Oyj | 204,447 | 1,382,508 | |||||
Cargotec Oyj, Class B | 290,554 | 10,193,412 | ||||||
# | Caverion Oyj | 696,383 | 5,206,303 | |||||
# | Citycon Oyj | 528,288 | 5,536,188 | |||||
Cramo Oyj | 277,432 | 2,943,442 | ||||||
Digia Oyj | 69,731 | 297,996 | ||||||
Finnair Oyj | 506,870 | 3,310,173 | ||||||
# | Fiskars Oyj Abp | 217,953 | 2,922,079 | |||||
* | F-Secure Oyj | 673,598 | 2,153,102 | |||||
Glaston Oyj ABP | 9,217 | 11,318 | ||||||
#* | HKScan Oyj, Class A | 257,744 | 512,043 | |||||
Huhtamaki Oyj | 768,251 | 35,574,237 | ||||||
Ilkka-Yhtyma Oyj | 61,503 | 259,580 | ||||||
Kemira Oyj | 763,866 | 12,408,772 | ||||||
Kesko Oyj, Class A | 51,573 | 3,177,621 | ||||||
Kesko Oyj, Class B | 421,805 | 28,104,043 | ||||||
Konecranes Oyj | 482,920 | 14,913,719 | ||||||
Lassila & Tikanoja Oyj | 212,849 | 3,434,642 | ||||||
# | Lehto Group Oyj | 129,587 | 293,884 | |||||
# | Metsa Board Oyj | 1,431,405 | 9,485,516 | |||||
# | Metso Oyj | 667,333 | 25,263,083 | |||||
Nokian Renkaat Oyj | 883,124 | 25,238,923 | ||||||
Olvi Oyj, Class A | 95,680 | 4,064,382 | ||||||
Oriola Oyj, Class A | 6,054 | 13,847 | ||||||
Oriola Oyj, Class B | 914,957 | 2,104,673 | ||||||
Orion Oyj, Class A | 143,951 | 6,332,272 | ||||||
# | Orion Oyj, Class B | 748,676 | 33,214,713 | |||||
# | Outokumpu Oyj | 2,921,503 | 8,301,162 | |||||
* | Outotec Oyj | 1,362,821 | 8,783,637 | |||||
Pihlajalinna Oyj | 77,064 | 916,459 | ||||||
# | Ponsse Oyj | 75,627 | 2,359,102 |
138
The Continental Small Company Series
continued
Shares | Value» | |||||||
FINLAND — (Continued) | ||||||||
#* | QT Group Oyj | 55,899 | $ | 954,056 | ||||
Raisio Oyj, Class V | 829,230 | 2,893,177 | ||||||
Rapala VMC Oyj | 113,078 | 349,449 | ||||||
# | Raute Oyj, Class A | 2,644 | 69,369 | |||||
Revenio Group Oyj | 132,191 | 3,901,818 | ||||||
Sanoma Oyj | 749,458 | 7,841,440 | ||||||
* | SRV Group Oyj | 66,041 | 96,482 | |||||
* | Stockmann Oyj Abp, Class A | 49,045 | 135,737 | |||||
#* | Stockmann Oyj Abp, Class B | 189,838 | 457,031 | |||||
Teleste Oyj | 52,966 | 344,002 | ||||||
Tieto Oyj | 389,139 | 11,075,978 | ||||||
# | Tikkurila Oyj | 250,691 | 4,001,383 | |||||
Tokmanni Group Corp. | 344,720 | 4,413,746 | ||||||
Uponor Oyj | 368,773 | 4,823,950 | ||||||
Vaisala Oyj, Class A | 118,863 | 3,562,501 | ||||||
Valmet Oyj | 956,184 | 21,399,886 | ||||||
Viking Line Abp | 7,869 | 159,699 | ||||||
# | YIT Oyj | 1,430,763 | 8,593,464 | |||||
TOTAL FINLAND | 344,146,342 | |||||||
FRANCE — (10.6%) | ||||||||
ABC arbitrage | 95,172 | 711,081 | ||||||
Actia Group | 51,304 | 228,984 | ||||||
#* | Adocia | 3,561 | 35,939 | |||||
* | Air France-KLM | 1,450,296 | 17,288,207 | |||||
# | Akka Technologies | 80,089 | 5,169,317 | |||||
AKWEL | 58,127 | 1,154,299 | ||||||
Albioma SA | 188,895 | 4,902,895 | ||||||
Altamir | 136,094 | 2,527,806 | ||||||
Alten SA | 177,766 | 19,554,610 | ||||||
Altran Technologies SA | 1,693,540 | 26,925,558 | ||||||
#* | Amplitude Surgical SAS | 19,526 | 34,030 | |||||
Assystem SA | 62,252 | 2,312,032 | ||||||
Aubay | 41,397 | 1,441,887 | ||||||
Axway Software SA | 38,973 | 465,404 | ||||||
# | Bastide le Confort Medical | 19,001 | 814,307 | |||||
# | Beneteau SA | 241,400 | 2,254,547 | |||||
Bigben Interactive | 93,677 | 1,426,547 | ||||||
# | Boiron SA | 40,254 | 1,429,673 | |||||
Bonduelle SCA | 93,600 | 2,432,685 | ||||||
* | Bourbon Corp. | 28,851 | 118,252 | |||||
Burelle SA | 1,054 | 955,151 | ||||||
# | Casino Guichard Perrachon SA | 271,603 | 14,662,377 | |||||
# | Catering International Services | 14,124 | 196,169 | |||||
* | Cegedim SA | 31,774 | 983,288 | |||||
* | CGG SA | 4,389,424 | 10,232,490 | |||||
# | Chargeurs SA | 135,124 | 2,295,457 | |||||
Cie des Alpes | 67,699 | 2,027,084 | ||||||
Cie Plastic Omnium SA | 379,804 | 10,374,909 | ||||||
* | Coface SA | 676,344 | 7,394,275 | |||||
Derichebourg SA | 644,921 | 2,325,003 | ||||||
# | Devoteam SA | 37,273 | 3,166,402 | |||||
# | Electricite de Strasbourg SA | 21,353 | 2,584,780 | |||||
# | Elior Group SA | 858,106 | 11,113,019 | |||||
Elis SA | 1,112,804 | 21,275,159 | ||||||
Eramet | 65,268 | 3,270,334 | ||||||
#* | Erytech Pharma SA | 3,609 | 15,939 | |||||
* | Esso SA Francaise | 17,215 | 420,784 | |||||
# | Etablissements Maurel et Prom SA | 250,401 | 736,314 |
139
The Continental Small Company Series
continued
Shares | Value» | |||||||
FRANCE — (Continued) | ||||||||
Euronext NV | 373,020 | $ | 30,092,307 | |||||
# | Europcar Mobility Group | 662,189 | 2,431,900 | |||||
Eutelsat Communications SA | 1,279,751 | 24,276,769 | ||||||
Exel Industries, Class A | 10,459 | 456,237 | ||||||
Faurecia SE | 113,499 | 5,296,787 | ||||||
Fleury Michon SA | 6,124 | 205,003 | ||||||
* | Fnac Darty S.A. | 127,014 | 7,352,193 | |||||
Gaumont SA | 11,360 | 1,597,607 | ||||||
Gaztransport Et Technigaz SA | 126,899 | 11,578,065 | ||||||
# | GEA | 2,433 | 303,910 | |||||
Gevelot SA | 3,466 | 750,347 | ||||||
GL Events | 64,765 | 1,699,016 | ||||||
Groupe Crit | 23,123 | 1,721,862 | ||||||
Groupe Gorge | 23,816 | 399,227 | ||||||
# | Groupe Open | 30,206 | 375,194 | |||||
Groupe SFPI | 29,940 | 56,436 | ||||||
Guerbet | 38,731 | 2,170,370 | ||||||
# | Haulotte Group SA | 75,426 | 412,401 | |||||
# | HERIGE SADCS | 4,147 | 134,482 | |||||
HEXAOM | 15,908 | 598,218 | ||||||
* | ID Logistics Group | 14,585 | 2,788,390 | |||||
# | Iliad SA | 48,891 | 5,066,838 | |||||
# | Imerys SA | 208,694 | 8,061,570 | |||||
Ingenico Group SA | 424,498 | 45,392,020 | ||||||
#* | Innate Pharma SA | 15,558 | 94,006 | |||||
IPSOS | 245,937 | 7,411,293 | ||||||
Jacquet Metal Service SA | 84,944 | 1,445,642 | ||||||
# | JCDecaux SA | 25,268 | 690,713 | |||||
Kaufman & Broad SA | 124,014 | 4,731,053 | ||||||
Korian SA | 380,676 | 16,143,306 | ||||||
Lagardere SCA | 778,374 | 17,393,202 | ||||||
* | Lanson-BCC | 8,795 | 241,123 | |||||
* | Latecoere SACA | 458,502 | 1,965,551 | |||||
Laurent-Perrier | 13,775 | 1,366,401 | ||||||
Le Belier | 10,566 | 303,876 | ||||||
Lectra | 165,142 | 3,866,571 | ||||||
Linedata Services | 14,505 | 417,450 | ||||||
LISI | 114,054 | 4,009,002 | ||||||
LNA Sante SA | 37,021 | 1,954,312 | ||||||
Maisons du Monde SA | 283,561 | 3,924,048 | ||||||
Manitou BF SA | 66,476 | 1,358,383 | ||||||
Manutan International | 15,102 | 1,046,786 | ||||||
Mersen SA | 125,596 | 4,088,987 | ||||||
#* | METabolic EXplorer SA | 156,395 | 225,755 | |||||
Metropole Television SA | 285,999 | 5,031,421 | ||||||
* | Mr Bricolage SA | 29,965 | 84,211 | |||||
Nexans SA | 221,611 | 9,017,821 | ||||||
Nexity SA | 298,976 | 15,474,466 | ||||||
#* | Nicox | 145,865 | 728,886 | |||||
NRJ Group | 81,965 | 561,309 | ||||||
Oeneo SA | 137,066 | 1,556,943 | ||||||
* | OL Groupe SA | 10,735 | 37,248 | |||||
* | Onxeo SA | 246,319 | 145,721 | |||||
#* | Onxeo SA | 48,958 | 28,888 | |||||
#* | Pierre & Vacances SA | 29,600 | 489,890 | |||||
# | Plastivaloire | 52,074 | 352,297 | |||||
PSB Industries SA | 8,805 | 199,428 | ||||||
Quadient | 287,438 | 6,155,847 | ||||||
# | Rallye SA | 156,235 | 1,455,301 |
140
The Continental Small Company Series
continued
Shares | Value» | |||||||
FRANCE — (Continued) | ||||||||
#* | Recylex SA | 102,008 | $ | 408,117 | ||||
Rexel SA | 2,320,855 | 28,772,809 | ||||||
# | Robertet SA | 2,749 | 2,483,757 | |||||
Rothschild & Co. | 99,703 | 2,804,066 | ||||||
Rubis SCA | 608,177 | 35,266,736 | ||||||
# | Samse SA | 8,068 | 1,566,467 | |||||
Savencia SA | 33,888 | 2,250,242 | ||||||
Seche Environnement SA | 16,034 | 608,095 | ||||||
Societe BIC SA | 180,119 | 12,509,884 | ||||||
#* | Societe des Bains de Mer et du Cercle des Etrangers a Monaco | 59,027 | 3,571,434 | |||||
Societe Marseillaise du Tunnel Prado-Carenage SA | 5,211 | 102,676 | ||||||
Societe pour l'Informatique Industrielle | 41,811 | 1,110,068 | ||||||
* | SOITEC | 128,068 | 14,126,076 | |||||
#* | Solocal Group | 4,233,535 | 3,313,486 | |||||
# | Somfy SA | 102,507 | 9,490,559 | |||||
Sopra Steria Group | 104,887 | 14,397,958 | ||||||
SPIE SA | 852,935 | 18,001,576 | ||||||
#* | SRP Groupe SA | 55,158 | 67,223 | |||||
Stef SA | 27,648 | 2,686,113 | ||||||
Sword Group | 37,883 | 1,293,317 | ||||||
# | Synergie SA | 69,728 | 1,979,953 | |||||
# | Tarkett SA | 221,856 | 3,612,781 | |||||
#* | Technicolor SA | 2,040,996 | 1,707,681 | |||||
# | Television Francaise 1 | 615,411 | 5,164,390 | |||||
# | TFF Group | 12,398 | 492,094 | |||||
# | Thermador Groupe | 37,127 | 2,296,613 | |||||
Total Gabon | 3,171 | 460,042 | ||||||
Trigano SA | 55,119 | 4,971,071 | ||||||
# | Union Financiere de France BQE SA | 18,317 | 421,415 | |||||
#* | Vallourec SA | 2,261,226 | 5,492,516 | |||||
* | Valneva SE | 61,086 | 171,022 | |||||
Vetoquinol SA | 19,343 | 1,260,531 | ||||||
Vicat SA | 121,901 | 5,169,149 | ||||||
VIEL & Cie SA | 162,802 | 869,718 | ||||||
Vilmorin & Cie SA | 35,320 | 1,931,603 | ||||||
* | Virbac SA | 21,012 | 5,124,082 | |||||
Vranken-Pommery Monopole SA | 22,338 | 540,802 | ||||||
XPO Logistics Europe SADIR | 33 | 10,965 | ||||||
TOTAL FRANCE | 648,978,367 | |||||||
GERMANY — (15.4%) | ||||||||
# | 1&1 Drillisch AG | 88,600 | 2,372,957 | |||||
7C Solarparken AG | 12,773 | 49,305 | ||||||
Aareal Bank AG | 455,580 | 15,294,593 | ||||||
* | Adler Modemaerkte AG | 47,849 | 181,770 | |||||
#* | ADLER Real Estate AG | 245,889 | 2,834,438 | |||||
ADO Properties SA | 220,260 | 8,983,862 | ||||||
#* | ADVA Optical Networking SE | 364,431 | 2,571,526 | |||||
#* | AIXTRON SE | 549,541 | 5,024,054 | |||||
All for One Group AG | 4,222 | 212,897 | ||||||
# | Allgeier SE | 46,014 | 1,214,247 | |||||
# | Amadeus Fire AG | 41,125 | 5,180,553 | |||||
Atoss Software AG | 2,385 | 358,663 | ||||||
# | Aurubis AG | 300,477 | 14,773,413 | |||||
* | Axel Springer SE | 11,260 | 788,096 | |||||
# | Basler AG | 31,956 | 1,644,692 | |||||
Bauer AG | 82,351 | 1,311,160 | ||||||
BayWa AG | 106,449 | 3,114,073 | ||||||
BayWa AG | 124 | 4,149 |
141
The Continental Small Company Series
continued
Shares | Value» | |||||||
GERMANY — (Continued) | ||||||||
# | Bechtle AG | 225,300 | $ | 24,398,771 | ||||
Bertrandt AG | 42,139 | 2,104,702 | ||||||
bet-at-home.com AG | 21,796 | 1,160,466 | ||||||
# | Bijou Brigitte AG | 22,217 | 1,130,360 | |||||
# | Bilfinger SE | 240,674 | 8,033,813 | |||||
Borussia Dortmund GmbH & Co. KGaA | 602,892 | 5,701,968 | ||||||
CANCOM SE | 243,244 | 13,009,141 | ||||||
* | CECONOMY AG | 1,156,067 | 5,817,573 | |||||
CENIT AG | 53,174 | 721,280 | ||||||
CENTROTEC Sustainable AG | 14,855 | 261,012 | ||||||
Cewe Stiftung & Co. KGAA | 43,060 | 4,141,440 | ||||||
comdirect bank AG | 217,781 | 3,283,529 | ||||||
CompuGroup Medical SE | 182,337 | 11,681,898 | ||||||
# | Corestate Capital Holding SA | 77,099 | 2,875,137 | |||||
CropEnergies AG | 155,852 | 1,215,592 | ||||||
CTS Eventim AG & Co. KGaA | 442,453 | 26,797,580 | ||||||
# | Data Modul AG Produktion Und Vertrieb Von Elektronischen Systemen | 11,455 | 623,111 | |||||
* | DEAG Deutsche Entertainment AG | 28,157 | 132,767 | |||||
Deutsche Beteiligungs AG | 96,185 | 3,905,466 | ||||||
# | Deutsche EuroShop AG | 394,656 | 11,811,918 | |||||
Deutsche Pfandbriefbank AG | 1,033,260 | 14,120,856 | ||||||
Deutz AG | 1,027,597 | 5,717,207 | ||||||
* | Dialog Semiconductor P.L.C. | 621,432 | 27,952,191 | |||||
DIC Asset AG | 435,337 | 6,072,411 | ||||||
DMG Mori AG | 15,692 | 743,433 | ||||||
# | Dr Hoenle AG | 35,751 | 1,856,285 | |||||
Draegerwerk AG & Co. KGaA | 18,322 | 767,484 | ||||||
# | Duerr AG | 410,542 | 12,112,451 | |||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 32,518 | 5,699,560 | ||||||
# | EDAG Engineering Group AG | 52,516 | 650,807 | |||||
# | Elmos Semiconductor AG | 92,807 | 2,601,178 | |||||
#* | ElringKlinger AG | 204,148 | 1,509,168 | |||||
Energiekontor AG | 2,066 | 45,122 | ||||||
#* | Evotec SE | 543,848 | 12,457,202 | |||||
# | Ferratum Oyj | 64,645 | 590,558 | |||||
Fielmann AG | 153,639 | 11,848,901 | ||||||
First Sensor AG | 44,242 | 1,718,991 | ||||||
FORTEC Elektronik AG | 372 | 8,291 | ||||||
# | Francotyp-Postalia Holding AG, Class A | 55,619 | 221,762 | |||||
Freenet AG | 981,903 | 21,805,853 | ||||||
FRIWO AG | 513 | 11,473 | ||||||
# | Fuchs Petrolub SE | 91,370 | 3,680,216 | |||||
# | GEA Group AG | 890,332 | 27,192,379 | |||||
Gerresheimer AG | 262,222 | 21,146,921 | ||||||
Gesco AG | 56,186 | 1,185,895 | ||||||
# | GFT Technologies SE | 123,639 | 1,087,605 | |||||
Grand City Properties SA | 806,380 | 18,878,443 | ||||||
# | GRENKE AG | 24,428 | 2,310,102 | |||||
* | H&R GmbH & Co. KGaA | 70,149 | 428,285 | |||||
Hamburger Hafen und Logistik AG | 182,979 | 4,740,431 | ||||||
# | Hapag-Lloyd AG | 60,729 | 4,411,661 | |||||
Hawesko Holding AG | 52 | 1,938 | ||||||
#* | Heidelberger Druckmaschinen AG | 1,982,859 | 2,573,212 | |||||
Hella GmbH & Co KGaA | 244,384 | 11,887,773 | ||||||
Highlight Communications AG | 98,406 | 453,332 | ||||||
HolidayCheck Group AG | 222,207 | 606,656 | ||||||
Hornbach Baumarkt AG | 42,848 | 909,840 | ||||||
Hornbach Holding AG & Co. KGaA | 31,349 | 1,894,362 | ||||||
Hugo Boss AG | 488,688 | 20,604,306 |
142
The Continental Small Company Series
continued
Shares | Value» | |||||||
GERMANY — (Continued) | ||||||||
* | Hypoport AG | 310 | $ | 96,075 | ||||
Indus Holding AG | 133,474 | 5,086,815 | ||||||
# | Isra Vision AG | 115,594 | 5,467,458 | |||||
IVU Traffic Technologies AG | 50,314 | 615,381 | ||||||
Jenoptik AG | 391,123 | 11,630,075 | ||||||
# | K+S AG | 1,567,865 | 22,263,660 | |||||
Kampa AG | 7,101 | 0 | ||||||
KION Group AG | 43,790 | 2,913,687 | ||||||
# | Kloeckner & Co. SE | 575,851 | 3,319,481 | |||||
# | Koenig & Bauer AG | 95,477 | 3,155,197 | |||||
# | Krones AG | 114,135 | 7,456,690 | |||||
KSB SE & Co. KGaA | 3,466 | 1,104,015 | ||||||
KWS Saat SE & Co., KGaA | 80,955 | 5,442,014 | ||||||
Lanxess AG | 628,306 | 40,826,813 | ||||||
# | Leifheit AG | 60,321 | 1,436,330 | |||||
#* | Leoni AG | 245,460 | 2,907,640 | |||||
* | LPKF Laser & Electronics AG | 79,814 | 1,237,770 | |||||
#* | Manz AG | 30,876 | 660,494 | |||||
# | MasterFlex SE | 21,291 | 126,929 | |||||
# | Mediclin AG | 88,966 | 549,549 | |||||
#* | Medigene AG | 104,479 | 666,053 | |||||
METRO AG | 359,027 | 5,862,692 | ||||||
MLP SE | 415,171 | 2,120,554 | ||||||
Nemetschek SE | 364,417 | 18,593,427 | ||||||
New Work SE | 20,306 | 6,396,806 | ||||||
# | Nexus AG | 87,089 | 3,083,176 | |||||
#* | Nordex SE | 508,398 | 6,637,531 | |||||
Norma Group SE | 237,761 | 8,728,230 | ||||||
# | OHB SE | 38,414 | 1,522,862 | |||||
# | OSRAM Licht AG | 602,174 | 26,956,108 | |||||
# | Paragon GmbH & Co. KGaA | 14,660 | 190,253 | |||||
Patrizia AG | 358,404 | 7,363,953 | ||||||
# | Pfeiffer Vacuum Technology AG | 53,444 | 8,370,209 | |||||
PNE AG | 493,007 | 2,187,517 | ||||||
Progress-Werk Oberkirch AG | 8,558 | 232,770 | ||||||
ProSiebenSat.1 Media SE | 1,109,960 | 16,390,463 | ||||||
# | PSI Software AG | 50,278 | 1,068,623 | |||||
* | QIAGEN NV | 60,013 | 1,805,134 | |||||
# | QSC AG | 724,521 | 1,000,218 | |||||
* | R Stahl AG | 14,952 | 444,143 | |||||
Rheinmetall AG | 339,164 | 40,905,414 | ||||||
RHOEN-KLINIKUM AG | 233,180 | 4,802,869 | ||||||
RIB Software SE | 292,708 | 7,605,880 | ||||||
* | Rocket Internet SE | 497,217 | 13,203,777 | |||||
# | S&T AG | 316,569 | 6,751,178 | |||||
SAF-Holland SA | 362,112 | 2,556,621 | ||||||
Salzgitter AG | 310,376 | 5,628,062 | ||||||
#* | Schaltbau Holding AG | 32,728 | 1,110,466 | |||||
Schloss Wachenheim AG | 8,017 | 150,971 | ||||||
Scout24 AG | 271,406 | 16,823,467 | ||||||
# | Secunet Security Networks AG | 6,248 | 809,762 | |||||
#* | Senvion SA | 31,747 | 2,408 | |||||
#* | SGL Carbon SE | 293,218 | 1,362,821 | |||||
#* | Shop Apotheke Europe NV | 24,816 | 1,082,414 | |||||
# | Siltronic AG | 153,046 | 14,576,002 | |||||
# | Sixt Leasing SE | 64,806 | 808,415 | |||||
Sixt SE | 96,696 | 9,456,028 | ||||||
#* | SLM Solutions Group AG | 9,386 | 168,459 | |||||
* | SMA Solar Technology AG | 87,177 | 2,725,791 |
143
The Continental Small Company Series
continued
Shares | Value» | |||||||
GERMANY — (Continued) | ||||||||
#* | SMT Scharf AG | 22,763 | $ | 234,750 | ||||
Softing AG | 26,963 | 233,256 | ||||||
Software AG | 395,714 | 12,588,055 | ||||||
Stabilus SA | 170,155 | 9,552,787 | ||||||
STRATEC SE | 24,452 | 1,847,259 | ||||||
# | Stroeer SE & Co. KGaA | 216,062 | 17,407,761 | |||||
Suedzucker AG | 584,233 | 8,407,585 | ||||||
#* | SUESS MicroTec SE | 137,494 | 1,519,426 | |||||
Surteco Group SE | 46,502 | 1,020,272 | ||||||
Syzygy AG | 2,030 | 17,598 | ||||||
TAG Immobilien AG | 1,024,715 | 24,902,336 | ||||||
Takkt AG | 203,963 | 2,425,869 | ||||||
# | Technotrans SE | 47,270 | 895,167 | |||||
#* | Tele Columbus AG | 296,432 | 697,726 | |||||
TLG Immobilien AG | 722,981 | 21,202,568 | ||||||
Traffic Systems SE | 35,766 | 878,384 | ||||||
VERBIO Vereinigte BioEnergie AG | 151,277 | 1,524,392 | ||||||
Vossloh AG | 68,437 | 2,802,451 | ||||||
# | Wacker Chemie AG | 89,853 | 7,039,208 | |||||
# | Wacker Neuson SE | 220,998 | 3,773,117 | |||||
Washtec AG | 76,707 | 3,854,709 | ||||||
Wuestenrot & Wuerttembergische AG | 115,343 | 2,360,264 | ||||||
Zeal Network SE | 53,863 | 1,207,475 | ||||||
TOTAL GERMANY | 940,066,528 | |||||||
GREECE — (0.0%) | ||||||||
Alfa Alfa Energy SA | 3,810 | 0 | ||||||
* | Babis Vovos International Construction SA | 21,073 | 0 | |||||
Elektroniki Athinon SA | 7,497 | 0 | ||||||
* | Neorion Holdings SA | 14,991 | 0 | |||||
TOTAL GREECE | 0 | |||||||
IRELAND — (0.5%) | ||||||||
Bank of Ireland Group P.L.C. | 1,322,638 | 6,375,162 | ||||||
C&C Group P.L.C. | 1,526,948 | 7,517,676 | ||||||
Cairn Homes P.L.C. | 1,141,494 | 1,477,228 | ||||||
* | Datalex P.L.C. | 107,125 | 82,080 | |||||
FBD Holdings P.L.C. | 125,459 | 1,244,835 | ||||||
FBD Holdings P.L.C. | 9,798 | 96,878 | ||||||
Flutter Entertainment P.L.C. | 1,546 | 159,775 | ||||||
Glanbia P.L.C. | 285,853 | 3,188,041 | ||||||
Glanbia P.L.C. | 700,613 | 7,828,606 | ||||||
Irish Continental Group P.L.C. | 575,727 | 2,753,227 | ||||||
Irish Continental Group P.L.C. | 234,200 | 1,153,174 | ||||||
* | Permanent TSB Group Holdings P.L.C. | 165,531 | 218,557 | |||||
TOTAL IRELAND | 32,095,239 | |||||||
ISRAEL — (3.0%) | ||||||||
Adgar Investment and Development, Ltd. | 19,117 | 46,443 | ||||||
* | ADO Group, Ltd. | 99,315 | 2,802,711 | |||||
Afcon Holdings, Ltd. | 1,840 | 95,661 | ||||||
* | AFI Properties, Ltd. | 98,160 | 3,501,079 | |||||
Africa Israel Residences, Ltd. | 2,237 | 61,291 | ||||||
#* | Airport City, Ltd. | 435,460 | 8,222,769 | |||||
* | Albaad Massuot Yitzhak, Ltd. | 2,660 | 18,221 | |||||
* | Allot, Ltd. | 189,732 | 1,473,302 | |||||
Alony Hetz Properties & Investments, Ltd. | 339,929 | 4,907,374 | ||||||
Alrov Properties and Lodgings, Ltd. | 49,177 | 2,134,880 |
144
The Continental Small Company Series
continued
Shares | Value» | |||||||
ISRAEL — (Continued) | ||||||||
Amot Investments, Ltd. | 453,393 | $ | 3,191,558 | |||||
# | Arad, Ltd. | 16,809 | 252,807 | |||||
#* | Arko Holdings, Ltd. | 1,440,389 | 599,934 | |||||
Ashtrom Group, Ltd. | 91,547 | 1,029,996 | ||||||
Ashtrom Properties, Ltd. | 202,423 | 1,345,350 | ||||||
AudioCodes, Ltd. | 178,789 | 3,772,400 | ||||||
#* | Avgol Industries 1953, Ltd. | 468,925 | 425,566 | |||||
* | Azorim-Investment Development & Construction Co., Ltd. | 434,861 | 806,484 | |||||
Bayside Land Corp. | 6,361 | 4,268,832 | ||||||
# | Bet Shemesh Engines Holdings 1997, Ltd. | 18,991 | 777,862 | |||||
Big Shopping Centers, Ltd. | 32,218 | 2,915,045 | ||||||
Blue Square Real Estate, Ltd. | 36,269 | 1,849,459 | ||||||
* | Bonus Biogroup, Ltd. | 613,036 | 81,136 | |||||
* | Brack Capital Properties NV | 17,815 | 2,029,986 | |||||
# | Brainsway, Ltd. | 54,222 | 233,474 | |||||
Camtek, Ltd. | 116,162 | 1,250,841 | ||||||
Carasso Motors, Ltd. | 94,524 | 438,610 | ||||||
* | Cellcom Israel, Ltd. | 379,471 | 969,158 | |||||
#* | Ceragon Networks, Ltd. | 266,244 | 793,407 | |||||
* | Clal Biotechnology Industries, Ltd. | 182,384 | 83,967 | |||||
* | Clal Insurance Enterprises Holdings, Ltd. | 223,643 | 3,449,807 | |||||
Cohen Development & Industrial Buildings, Ltd. | 3,184 | 69,155 | ||||||
#* | Compugen, Ltd. | 197,189 | 959,121 | |||||
# | Danel Adir Yeoshua, Ltd. | 22,019 | 1,609,277 | |||||
Delek Automotive Systems, Ltd. | 222,032 | 863,187 | ||||||
Delta-Galil Industries, Ltd. | 71,758 | 1,818,777 | ||||||
Dor Alon Energy in Israel 1988, Ltd. | 10,182 | 207,503 | ||||||
* | El Al Israel Airlines | 1,110,380 | 428,238 | |||||
Electra Consumer Products 1970, Ltd. | 46,445 | 783,669 | ||||||
* | Electra Real Estate, Ltd. | 16,980 | 119,160 | |||||
Electra, Ltd. | 12,544 | 4,440,188 | ||||||
* | Energix-Renewable Energies, Ltd. | 885,288 | 2,295,955 | |||||
#* | Enlight Renewable Energy, Ltd. | 2,163,770 | 2,564,365 | |||||
* | Equital, Ltd. | 110,847 | 3,212,883 | |||||
* | Evogene, Ltd. | 79,189 | 122,818 | |||||
* | First International Bank Of Israel, Ltd. | 36,746 | 1,008,799 | |||||
FMS Enterprises Migun, Ltd. | 19,186 | 710,454 | ||||||
#* | Foresight Autonomous Holdings, Ltd. | 172,589 | 48,597 | |||||
Formula Systems 1985, Ltd. | 62,881 | 4,189,417 | ||||||
Fox Wizel, Ltd. | 57,530 | 2,226,216 | ||||||
Gilat Satellite Networks, Ltd. | 225,761 | 1,831,523 | ||||||
# | Hadera Paper, Ltd. | 24,531 | 1,179,750 | |||||
#* | Hamlet Israel-Canada, Ltd. | 32,722 | 638,226 | |||||
Harel Insurance Investments & Financial Services, Ltd. | 757,790 | 6,060,335 | ||||||
Hilan, Ltd. | 98,707 | 4,365,248 | ||||||
# | IDI Insurance Co., Ltd. | 44,710 | 1,597,702 | |||||
IES Holdings, Ltd. | 1 | 73 | ||||||
* | Industrial Buildings Corp., Ltd. | 1,009,017 | 2,239,180 | |||||
# | Inrom Construction Industries, Ltd. | 359,992 | 1,353,766 | |||||
#* | Intercure, Ltd. | 52,127 | 69,933 | |||||
Israel Canada T.R, Ltd. | 76,478 | 143,107 | ||||||
Israel Land Development - Urban Renewal, Ltd. | 31,316 | 325,958 | ||||||
# | Isras Investment Co., Ltd. | 5,159 | 1,131,603 | |||||
Issta Lines, Ltd. | 11,573 | 227,413 | ||||||
#* | Kamada, Ltd. | 204,692 | 1,070,569 | |||||
Kenon Holdings, Ltd. | 110,996 | 2,430,689 | ||||||
Kerur Holdings, Ltd. | 31,380 | 863,747 | ||||||
# | Klil Industries, Ltd. | 5,696 | 478,197 | |||||
Magic Software Enterprises, Ltd. | 133,292 | 1,262,039 |
145
The Continental Small Company Series
continued
Shares | Value» | |||||||
ISRAEL — (Continued) | ||||||||
Matrix IT, Ltd. | 238,821 | $ | 4,389,394 | |||||
# | Maytronics, Ltd. | 283,393 | 2,486,154 | |||||
Mediterranean Towers, Ltd. | 326,956 | 935,426 | ||||||
# | Mega Or Holdings, Ltd. | 81,523 | 1,937,851 | |||||
#* | Mehadrin, Ltd. | 3,072 | 118,750 | |||||
Meitav Dash Investments, Ltd. | 100,871 | 409,589 | ||||||
Melisron, Ltd. | 48,502 | 2,940,899 | ||||||
Menora Mivtachim Holdings, Ltd. | 183,483 | 2,942,839 | ||||||
Migdal Insurance & Financial Holding, Ltd. | 2,546,207 | 2,642,936 | ||||||
Minrav Holdings, Ltd. | 263 | 38,521 | ||||||
Mivtach Shamir Holdings, Ltd. | 24,053 | 470,448 | ||||||
Municipal Bank, Ltd. | 1,031 | 221,514 | ||||||
Naphtha Israel Petroleum Corp., Ltd. | 244,337 | 1,369,236 | ||||||
* | Nawi Brothers, Ltd. | 107,829 | 685,806 | |||||
Neto ME Holdings, Ltd. | 8,982 | 765,584 | ||||||
* | Nova Measuring Instruments, Ltd. | 182,733 | 6,134,559 | |||||
# | NR Spuntech Industries, Ltd. | 76,176 | 131,990 | |||||
Oil Refineries, Ltd. | 9,073,048 | 4,658,322 | ||||||
One Software Technologies, Ltd. | 1,451 | 102,078 | ||||||
# | OPC Energy, Ltd. | 37,641 | 303,902 | |||||
* | Partner Communications Co., Ltd. | 816,972 | 3,682,638 | |||||
# | Paz Oil Co., Ltd. | 56,718 | 8,696,982 | |||||
* | Perion Network, Ltd. | 12,378 | 66,219 | |||||
Phoenix Holdings, Ltd. (The) | 571,475 | 3,485,891 | ||||||
Plasson Industries, Ltd. | 20,585 | 960,072 | ||||||
Pluristem Therapeutics, Inc. | 17,233 | 5,730 | ||||||
* | Pluristem Therapeutics, Inc. | 1,813 | 6,027 | |||||
# | Rami Levy Chain Stores Hashikma Marketing 2006, Ltd. | 50,072 | 2,798,997 | |||||
#* | Redhill Biopharma, Ltd. | 613,939 | 413,917 | |||||
# | Scope Metals Group, Ltd. | 47,147 | 1,145,799 | |||||
Shapir Engineering and Industry, Ltd. | 593,025 | 2,939,666 | ||||||
# | Shikun & Binui, Ltd. | 1,337,236 | 5,306,626 | |||||
# | Shufersal, Ltd. | 702,742 | 4,751,970 | |||||
Summit Real Estate Holdings, Ltd. | 202,039 | 2,582,629 | ||||||
* | Suny Cellular Communication, Ltd. | 473,129 | 236,348 | |||||
Tadiran Holdings, Ltd. | 14,981 | 524,892 | ||||||
* | Tower Semiconductor, Ltd. | 131,252 | 2,900,959 | |||||
* | Union Bank of Israel | 199,952 | 970,705 | |||||
YH Dimri Construction & Development, Ltd. | 3,893 | 105,977 | ||||||
TOTAL ISRAEL | 184,044,089 | |||||||
ITALY — (9.7%) | ||||||||
#* | A.S. Roma SpA | 856,401 | 479,988 | |||||
A2A SpA | 10,193,924 | 20,464,068 | ||||||
ACEA SpA | 407,737 | 8,114,741 | ||||||
#* | Aeffe SpA | 310,503 | 530,473 | |||||
Amplifon SpA | 702,969 | 17,678,490 | ||||||
Anima Holding SpA | 1,876,634 | 8,146,595 | ||||||
# | Aquafil SpA | 83,289 | 650,583 | |||||
* | Arnoldo Mondadori Editore SpA | 1,200,844 | 2,680,322 | |||||
Ascopiave SpA | 574,531 | 2,389,402 | ||||||
Autogrill SpA | 976,190 | 9,651,368 | ||||||
Autostrade Meridionali SpA | 3,917 | 131,607 | ||||||
Avio SpA | 90,389 | 1,234,549 | ||||||
Azimut Holding SpA | 925,979 | 19,041,483 | ||||||
B&C Speakers SpA | 18,289 | 255,083 | ||||||
#* | Banca Carige SpA | 148,414,098 | 99,316 | |||||
Banca Farmafactoring SpA | 752,190 | 4,558,254 | ||||||
# | Banca Finnat Euramerica SpA | 616,149 | 185,517 |
146
The Continental Small Company Series
continued
Shares | Value» | |||||||
ITALY — (Continued) | ||||||||
Banca Generali SpA | 431,373 | $ | 14,082,798 | |||||
Banca IFIS SpA | 166,228 | 2,820,111 | ||||||
#* | Banca Monte dei Paschi di Siena SpA | 213,039 | 343,323 | |||||
Banca Popolare di Sondrio SCPA | 3,145,191 | 6,290,087 | ||||||
# | Banca Profilo SpA | 1,814,636 | 321,918 | |||||
Banca Sistema SpA | 338,669 | 608,916 | ||||||
#* | Banco BPM SpA | 12,626,497 | 28,742,468 | |||||
# | Banco di Desio e della Brianza SpA | 238,796 | 541,001 | |||||
BasicNet SpA | 169,891 | 912,718 | ||||||
BE | 564,587 | 682,782 | ||||||
Biesse SpA | 88,272 | 1,105,608 | ||||||
BPER Banca | 3,576,937 | 16,002,455 | ||||||
# | Brunello Cucinelli SpA | 251,092 | 7,870,161 | |||||
Buzzi Unicem SpA | 632,779 | 15,268,082 | ||||||
Cairo Communication SpA | 546,490 | 1,405,716 | ||||||
# | Carraro SpA | 162,374 | 337,819 | |||||
Cembre SpA | 10,902 | 259,579 | ||||||
Cementir Holding NV | 361,631 | 2,432,465 | ||||||
Cerved Group SpA | 1,380,566 | 13,436,335 | ||||||
CIR-Compagnie Industriali Riunite SpA | 2,650,178 | 2,730,163 | ||||||
Credito Emiliano SpA | 583,283 | 3,373,520 | ||||||
#* | Credito Valtellinese SpA | 49,592,616 | 3,378,097 | |||||
#* | d'Amico International Shipping SA | 2,577,810 | 378,475 | |||||
# | Danieli & C Officine Meccaniche SpA | 101,008 | 1,745,341 | |||||
Datalogic SpA | 126,734 | 1,961,994 | ||||||
De' Longhi SpA | 416,772 | 7,676,856 | ||||||
DeA Capital SpA | 778,374 | 1,186,983 | ||||||
DiaSorin SpA | 83,904 | 9,460,254 | ||||||
doValue SpA | 82,498 | 975,729 | ||||||
El.En. SpA | 34,312 | 973,350 | ||||||
#* | Elica SpA | 150,740 | 403,531 | |||||
Emak SpA | 388,913 | 368,174 | ||||||
Enav SpA | 1,348,216 | 7,851,352 | ||||||
ERG SpA | 420,457 | 8,899,684 | ||||||
Esprinet SpA | 235,490 | 978,279 | ||||||
#* | Eurotech SpA | 276,627 | 2,711,974 | |||||
* | Expert System SpA | 45,395 | 149,330 | |||||
#* | Exprivia SpA | 109,673 | 99,236 | |||||
Falck Renewables SpA | 988,254 | 4,404,833 | ||||||
Fiera Milano SpA | 182,588 | 892,803 | ||||||
# | Fila SpA | 141,852 | 2,437,002 | |||||
#* | Fincantieri SpA | 3,883,790 | 4,098,325 | |||||
# | FinecoBank Banca Fineco SpA | 135,509 | 1,527,638 | |||||
FNM SpA | 1,333,873 | 875,725 | ||||||
# | Freni Brembo SpA | 1,149,779 | 12,232,960 | |||||
* | GEDI Gruppo Editoriale SpA | 927,122 | 291,275 | |||||
# | Gefran SpA | 37,987 | 292,159 | |||||
Geox SpA | 604,392 | 842,528 | ||||||
# | Gima TT SpA | 59,692 | 462,224 | |||||
Gruppo MutuiOnline SpA | 169,566 | 3,366,870 | ||||||
* | Guala Closures SpA | 27,660 | 200,551 | |||||
Hera SpA | 6,455,969 | 27,655,462 | ||||||
# | Illimity Bank SpA | 61,470 | 598,067 | |||||
# | IMA Industria Macchine Automatiche SpA | 129,592 | 8,823,710 | |||||
* | IMMSI SpA | 1,338,219 | 845,235 | |||||
* | Intek Group SpA | 1,988,916 | 643,136 | |||||
Interpump Group SpA | 569,177 | 15,603,014 | ||||||
Iren SpA | 5,087,546 | 15,794,083 | ||||||
Italgas SpA | 3,818,401 | 24,581,718 |
147
The Continental Small Company Series
continued
Shares | Value» | |||||||
ITALY — (Continued) | ||||||||
Italmobiliare SpA | 66,013 | $ | 1,765,923 | |||||
IVS Group SA | 56,191 | 609,599 | ||||||
#* | Juventus Football Club SpA | 3,178,690 | 4,984,416 | |||||
La Doria SpA | 80,464 | 793,099 | ||||||
# | Maire Tecnimont SpA | 1,175,046 | 3,078,963 | |||||
MARR SpA | 234,377 | 4,925,576 | ||||||
Massimo Zanetti Beverage Group SpA | 65,668 | 420,258 | ||||||
#* | Mediaset SpA | 3,820,606 | 11,426,519 | |||||
# | Openjobmetis SpA agenzia per il lavoro | 63,025 | 523,660 | |||||
#* | OVS SpA | 1,309,356 | 2,612,760 | |||||
Piaggio & C SpA | 1,557,750 | 4,902,338 | ||||||
# | Pirelli & C SpA | 880,923 | 5,092,516 | |||||
# | Prima Industrie SpA | 32,468 | 479,275 | |||||
# | Prysmian SpA | 442,254 | 10,230,350 | |||||
RAI Way SpA | 549,510 | 3,389,036 | ||||||
# | Reno de Medici SpA | 1,282,618 | 1,066,974 | |||||
Reply SpA | 150,466 | 9,805,317 | ||||||
Retelit SpA | 812,002 | 1,518,385 | ||||||
Richard-Ginori 1735 SpA | 8,489 | 0 | ||||||
# | Rizzoli Corriere Della Sera Mediagroup SpA | 1,132,439 | 1,163,220 | |||||
Sabaf SpA | 49,948 | 668,309 | ||||||
SAES Getters SpA | 26,758 | 754,936 | ||||||
* | Safilo Group SpA | 233,748 | 249,300 | |||||
#* | Saipem SpA | 5,057,693 | 22,957,059 | |||||
#* | Salini Impregilo SpA | 1,282,257 | 2,610,663 | |||||
Salvatore Ferragamo SpA | 377,547 | 7,061,246 | ||||||
Saras SpA | 4,486,402 | 8,615,746 | ||||||
Servizi Italia SpA | 62,874 | 191,509 | ||||||
Sesa SpA | 55,676 | 2,478,093 | ||||||
Societa Cattolica di Assicurazioni SC | 1,232,188 | 10,748,637 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 338,188 | 5,848,235 | ||||||
#* | Sogefi SpA | 332,859 | 520,917 | |||||
# | SOL SpA | 171,736 | 2,010,767 | |||||
Tamburi Investment Partners SpA | 805,238 | 5,760,180 | ||||||
# | Technogym SpA | 667,996 | 7,369,809 | |||||
* | Tinexta S.p.A. | 139,927 | 2,058,677 | |||||
# | Tod's SpA | 73,658 | 3,490,792 | |||||
#* | TREVI - Finanziaria Industriale SpA | 114,680 | 32,089 | |||||
# | TXT e-solutions SpA | 40,719 | 383,684 | |||||
Unieuro SpA | 67,560 | 978,536 | ||||||
# | Unione di Banche Italiane SpA | 7,724,232 | 23,530,091 | |||||
Unipol Gruppo SpA | 3,250,383 | 18,140,593 | ||||||
UnipolSai Assicurazioni SpA | 348,889 | 973,734 | ||||||
Zignago Vetro SpA | 200,088 | 2,278,074 | ||||||
TOTAL ITALY | 590,027,681 | |||||||
NETHERLANDS — (6.4%) | ||||||||
Aalberts NV | 728,381 | 29,352,137 | ||||||
Accell Group NV | 157,310 | 3,907,613 | ||||||
* | AFC Ajax NV | 13,955 | 298,086 | |||||
#* | Altice Europe NV | 4,683,910 | 26,800,426 | |||||
* | Altice Europe NV, Class B | 159,363 | 915,885 | |||||
# | AMG Advanced Metallurgical Group NV | 184,488 | 4,539,063 | |||||
Amsterdam Commodities NV | 119,553 | 2,575,420 | ||||||
APERAM SA | 390,560 | 10,006,930 | ||||||
Arcadis NV | 538,893 | 10,653,936 | ||||||
ASM International NV | 331,781 | 33,450,744 | ||||||
ASR Nederland NV | 688,282 | 25,231,450 | ||||||
Atag Group NV | 4,630 | 0 |
148
The Continental Small Company Series
continued
Shares | Value» | |||||||
NETHERLANDS — (Continued) | ||||||||
* | Basic-Fit NV | 181,080 | $ | 5,538,327 | ||||
BE Semiconductor Industries NV | 589,568 | 21,856,942 | ||||||
#* | Beter Bed Holding NV | 22,883 | 56,621 | |||||
# | Boskalis Westminster | 653,419 | 14,382,444 | |||||
# | Brunel International NV | 158,072 | 1,463,819 | |||||
Corbion NV | 418,361 | 12,086,154 | ||||||
Flow Traders | 226,049 | 5,323,538 | ||||||
ForFarmers NV | 217,117 | 1,317,265 | ||||||
#* | Fugro NV | 597,586 | 5,416,950 | |||||
GrandVision NV | 173,216 | 5,295,229 | ||||||
#* | Heijmans NV | 163,686 | 1,325,494 | |||||
Hunter Douglas NV | 24,041 | 1,540,031 | ||||||
IMCD NV | 357,303 | 27,899,685 | ||||||
# | Intertrust NV | 464,189 | 8,836,472 | |||||
# | Kendrion NV | 107,439 | 2,282,547 | |||||
# | Koninklijke BAM Groep NV | 1,955,582 | 4,964,917 | |||||
# | Koninklijke Vopak NV | 232,211 | 12,756,663 | |||||
* | Lucas Bols NV | 20,321 | 322,818 | |||||
Nederland Apparatenfabriek | 33,193 | 1,782,175 | ||||||
* | OCI NV | 327,478 | 7,363,135 | |||||
Ordina NV | 673,792 | 1,376,659 | ||||||
# | PostNL NV | 3,398,256 | 7,807,912 | |||||
SBM Offshore NV | 1,376,758 | 23,742,884 | ||||||
# | SIF Holding NV | 35,317 | 509,142 | |||||
Signify NV | 712,323 | 20,871,103 | ||||||
# | Sligro Food Group NV | 166,919 | 4,248,554 | |||||
# | SNS NV | 705,718 | 0 | |||||
* | Takeaway.com NV | 233,901 | 19,078,929 | |||||
TKH Group NV | 272,075 | 13,947,250 | ||||||
TomTom NV | 545,686 | 6,179,638 | ||||||
Van Lanschot Kempen NV | 77,449 | 1,785,662 | ||||||
TOTAL NETHERLANDS | 389,090,649 | |||||||
NORWAY — (2.3%) | ||||||||
ABG Sundal Collier Holding ASA | 2,436,095 | 900,420 | ||||||
AF Gruppen ASA | 68,590 | 1,319,986 | ||||||
* | Akastor ASA | 1,077,318 | 1,221,652 | |||||
* | Aker Solutions ASA | 1,116,886 | 2,578,737 | |||||
American Shipping Co. ASA | 208,951 | 815,465 | ||||||
#* | Archer, Ltd. | 745,010 | 281,942 | |||||
Arendals Fossekompani A.S. | 90 | 22,106 | ||||||
Atea ASA | 530,643 | 6,704,897 | ||||||
Austevoll Seafood ASA | 310,041 | 3,130,818 | ||||||
* | Avance Gas Holding, Ltd. | 414,113 | 1,891,682 | |||||
#* | Axactor SE | 856,868 | 1,660,378 | |||||
# | B2Holding ASA | 1,157,660 | 1,025,184 | |||||
Bonheur ASA | 142,873 | 2,822,452 | ||||||
Borregaard ASA | 743,872 | 7,167,161 | ||||||
BW LPG, Ltd. | 735,889 | 5,153,714 | ||||||
* | BW Offshore, Ltd. | 837,993 | 6,400,237 | |||||
Data Respons ASA | 24,347 | 96,627 | ||||||
# | DNO ASA | 4,227,991 | 5,137,951 | |||||
#* | DOF ASA | 264,493 | 39,836 | |||||
Europris ASA | 1,202,990 | 3,264,762 | ||||||
#* | FLEX LNG, Ltd. | 160,293 | 1,486,399 | |||||
* | Frontline, Ltd. | 584,049 | 6,144,047 | |||||
#* | Funcom NV | 448,602 | 655,039 | |||||
Grieg Seafood ASA | 375,532 | 4,605,388 | ||||||
#* | Hexagon Composites ASA | 655,884 | 2,216,733 |
149
The Continental Small Company Series
continued
Shares | Value» | |||||||
NORWAY — (Continued) | ||||||||
Hoegh LNG Holdings, Ltd. | 261,647 | $ | 1,011,151 | |||||
#* | IDEX ASA | 506,708 | 31,837 | |||||
Itera ASA | 10,713 | 10,714 | ||||||
* | Kongsberg Automotive ASA | 2,171,519 | 1,131,222 | |||||
Kongsberg Gruppen ASA | 79,924 | 1,180,749 | ||||||
# | Kvaerner ASA | 1,605,790 | 2,038,016 | |||||
Magnora ASA | 138,602 | 98,009 | ||||||
#* | NEL ASA | 8,250,620 | 7,153,622 | |||||
#* | Nordic Nanovector ASA | 328,770 | 739,549 | |||||
#* | Nordic Semiconductor ASA | 1,023,022 | 5,826,881 | |||||
# | Norway Royal Salmon ASA | 93,756 | 2,215,677 | |||||
#* | Norwegian Air Shuttle ASA | 490,935 | 2,386,790 | |||||
* | Norwegian Finans Holding ASA | 654,515 | 6,321,395 | |||||
# | Norwegian Property ASA | 43,744 | 62,809 | |||||
# | Ocean Yield ASA | 349,992 | 1,957,071 | |||||
* | Odfjell Drilling, Ltd. | 654,039 | 1,897,101 | |||||
* | Odfjell SE, Class A | 137,586 | 432,710 | |||||
Olav Thon Eiendomsselskap ASA | 116,521 | 1,851,736 | ||||||
* | Otello Corp. ASA | 587,281 | 986,305 | |||||
#* | Panoro Energy ASA | 336,949 | 915,790 | |||||
* | PGS ASA | 2,204,670 | 3,731,355 | |||||
#* | PhotoCure ASA | 106,211 | 678,697 | |||||
* | Prosafe SE | 319,687 | 250,522 | |||||
#* | Protector Forsikring ASA | 442,424 | 2,232,151 | |||||
* | Q-Free ASA | 179,836 | 130,201 | |||||
#* | REC Silicon ASA | 1,551,847 | 520,176 | |||||
Sbanken ASA | 479,365 | 3,405,773 | ||||||
# | Scatec Solar ASA | 570,555 | 6,347,297 | |||||
Selvaag Bolig ASA | 298,532 | 1,646,939 | ||||||
# | Solon Eiendom ASA | 56,855 | 207,573 | |||||
Stolt-Nielsen, Ltd. | 189,009 | 2,327,666 | ||||||
TGS NOPEC Geophysical Co. ASA | 69,467 | 1,804,153 | ||||||
Treasure ASA | 314,079 | 465,491 | ||||||
Veidekke ASA | 713,127 | 7,733,003 | ||||||
# | Wallenius Wilhelmsen ASA | 227,598 | 496,473 | |||||
Wilh Wilhelmsen Holding ASA, Class A | 68,304 | 1,061,381 | ||||||
#* | XXL ASA | 355,913 | 729,558 | |||||
TOTAL NORWAY | 138,761,156 | |||||||
PORTUGAL — (1.0%) | ||||||||
Altri SGPS SA | 569,324 | 3,475,233 | ||||||
Banco Comercial Portugues SA, Class R | 64,683,272 | 14,668,477 | ||||||
Banco Espirito Santo SA | 4,777,921 | 0 | ||||||
# | CTT-Correios de Portugal SA | 1,106,710 | 3,538,222 | |||||
# | Ibersol SGPS SA | 36,721 | 307,333 | |||||
# | Mota-Engil SGPS SA | 798,468 | 1,768,736 | |||||
Navigator Co. SA (The) | 2,044,995 | 7,379,804 | ||||||
NOS SGPS SA | 2,046,029 | 12,164,149 | ||||||
Novabase SGPS SA | 72,649 | 203,968 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 3,152,817 | 9,358,221 | ||||||
Semapa-Sociedade de Investimento e Gestao | 174,523 | 2,403,557 | ||||||
Sonae Capital SGPS SA | 789,547 | 622,239 | ||||||
Sonae SGPS SA | 6,828,206 | 6,889,237 | ||||||
TOTAL PORTUGAL | 62,779,176 | |||||||
SPAIN — (6.0%) | ||||||||
Acciona SA | 190,411 | 19,836,689 | ||||||
Acerinox SA | 1,257,724 | 11,791,597 |
150
The Continental Small Company Series
continued
Shares | Value» | |||||||
SPAIN — (Continued) | ||||||||
#* | Adveo Group International SA | 84,445 | $ | 8,561 | ||||
Alantra Partners SA | 69,717 | 1,185,124 | ||||||
# | Almirall SA | 478,628 | 8,989,625 | |||||
#* | Amper SA | 6,171,198 | 1,798,238 | |||||
Applus Services SA | 915,222 | 11,059,916 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 609,294 | 2,549,947 | ||||||
Azkoyen SA | 67,253 | 514,568 | ||||||
Banco de Sabadell SA | 9,595,372 | 10,547,514 | ||||||
Bankia SA | 1,000,773 | 1,909,294 | ||||||
Bankinter SA | 1,851,705 | 12,824,712 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 501,422 | 13,909,053 | ||||||
#* | Caja de Ahorros del Mediterraneo | 116,412 | 0 | |||||
Cellnex Telecom S.A. | 198,576 | 8,562,098 | ||||||
# | Cellnex Telecom SA | 684,045 | 29,515,742 | |||||
Cia de Distribucion Integral Logista Holdings SA | 363,381 | 7,619,010 | ||||||
CIE Automotive SA | 504,560 | 12,567,242 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 129,944 | 5,835,368 | ||||||
#* | Deoleo SA | 1,879,523 | 100,284 | |||||
#* | Distribuidora Internacional de Alimentacion SA | 18,821 | 3,675 | |||||
Ebro Foods SA | 533,238 | 11,706,106 | ||||||
#* | eDreams ODIGEO SA | 410,996 | 1,888,312 | |||||
Elecnor SA | 200,108 | 2,310,610 | ||||||
Enagas SA | 945,913 | 23,406,228 | ||||||
# | Ence Energia y Celulosa SA | 1,139,858 | 4,501,137 | |||||
Ercros SA | 793,840 | 2,023,618 | ||||||
Euskaltel SA | 530,684 | 4,942,113 | ||||||
Faes Farma SA | 2,028,081 | 11,654,515 | ||||||
* | Fluidra SA | 357,448 | 4,460,692 | |||||
Fomento de Construcciones y Contratas SA | 330,043 | 3,993,663 | ||||||
* | Global Dominion Access SA | 710,368 | 2,982,214 | |||||
Grupo Catalana Occidente SA | 248,935 | 8,721,249 | ||||||
#* | Grupo Empresarial San Jose SA | 153,495 | 1,188,138 | |||||
#* | Grupo Ezentis SA | 1,683,706 | 957,605 | |||||
Iberpapel Gestion SA | 47,911 | 1,318,636 | ||||||
#* | Indra Sistemas SA | 859,495 | 8,302,813 | |||||
Laboratorios Farmaceuticos Rovi SA | 72,954 | 1,780,179 | ||||||
Liberbank SA | 13,599,029 | 4,356,582 | ||||||
* | Masmovil Ibercom SA | 397,063 | 9,193,442 | |||||
Mediaset Espana Comunicacion SA | 1,072,499 | 6,562,470 | ||||||
Melia Hotels International SA | 793,796 | 6,472,756 | ||||||
# | Miquel y Costas & Miquel SA | 145,855 | 2,451,232 | |||||
#* | Obrascon Huarte Lain SA | 926,681 | 1,068,383 | |||||
#* | Pharma Mar SA | 1,334,762 | 2,842,868 | |||||
Prim SA | 39,523 | 473,609 | ||||||
* | Promotora de Informaciones SA, Class A | 2,378,213 | 3,533,053 | |||||
Prosegur Cia de Seguridad SA | 1,802,082 | 6,993,269 | ||||||
#* | Quabit Inmobiliaria SA | 822,731 | 720,202 | |||||
* | Realia Business SA | 1,782,137 | 1,758,419 | |||||
Renta 4 Banco SA | 442 | 3,251 | ||||||
Sacyr S.A. | 3,190,457 | 9,077,387 | ||||||
#* | Solaria Energia y Medio Ambiente SA | 395,783 | 3,064,788 | |||||
* | Talgo SA | 644,045 | 4,025,575 | |||||
* | Tecnicas Reunidas SA | 202,691 | 5,102,110 | |||||
Tubacex SA | 799,622 | 2,373,166 | ||||||
# | Unicaja Banco SA | 1,933,461 | 1,750,914 | |||||
# | Vidrala SA | 110,672 | 9,620,602 | |||||
# | Viscofan SA | 281,337 | 15,257,811 | |||||
Vocento SA | 352,577 | 477,808 |
151
The Continental Small Company Series
continued
Shares | Value» | |||||||
SPAIN — (Continued) | ||||||||
Zardoya Otis SA | 1,139,409 | $ | 8,639,070 | |||||
TOTAL SPAIN | 363,084,852 | |||||||
SWEDEN — (7.2%) | ||||||||
* | AcadeMedia AB | 363,816 | 1,842,150 | |||||
* | Adapteo Oyj | 277,432 | 3,037,326 | |||||
AddLife AB, Class B | 85,418 | 1,914,007 | ||||||
AddNode Group AB | 84,058 | 1,499,940 | ||||||
AddTech AB, Class B | 383,287 | 10,666,255 | ||||||
AF POYRY AB | 691,852 | 14,728,185 | ||||||
Alimak Group AB | 255,129 | 3,364,057 | ||||||
* | Arise AB | 36,861 | 103,086 | |||||
Arjo AB, Class B | 699,340 | 2,884,306 | ||||||
Atrium Ljungberg AB, Class B | 248,215 | 4,942,652 | ||||||
# | Attendo AB | 668,745 | 3,414,681 | |||||
# | Avanza Bank Holding AB | 813,250 | 6,938,367 | |||||
BE Group AB | 27,710 | 107,920 | ||||||
Beijer Alma AB | 284,395 | 3,657,334 | ||||||
# | Beijer Electronics Group AB | 91,696 | 476,495 | |||||
Beijer Ref AB | 449,196 | 12,127,056 | ||||||
Bergman & Beving AB | 193,579 | 1,693,601 | ||||||
Besqab AB | 21,962 | 328,120 | ||||||
# | Betsson AB | 985,787 | 4,855,584 | |||||
Bilia AB, Class A | 664,671 | 6,670,201 | ||||||
# | BillerudKorsnas AB | 446,332 | 5,368,068 | |||||
BioGaia AB, Class B | 122,939 | 4,684,206 | ||||||
Biotage AB | 460,673 | 4,758,816 | ||||||
Bjorn Borg AB | 99,769 | 225,640 | ||||||
Bonava AB, Class B | 461,683 | 4,452,743 | ||||||
Bravida Holding AB | 947,317 | 8,729,138 | ||||||
Bufab AB | 216,910 | 2,365,824 | ||||||
# | Bulten AB | 119,933 | 736,251 | |||||
Bure Equity AB | 451,708 | 6,981,992 | ||||||
#* | Byggmax Group AB | 388,681 | 1,090,912 | |||||
Catena AB | 151,646 | 5,554,738 | ||||||
* | Cavotec SA | 79,682 | 116,509 | |||||
Clas Ohlson AB, Class B | 148,783 | 1,431,598 | ||||||
Cloetta AB, Class B | 1,704,263 | 5,786,880 | ||||||
* | Collector AB | 144,838 | 705,176 | |||||
Concentric AB | 372,059 | 4,974,435 | ||||||
Coor Service Management Holding AB | 263,417 | 2,251,611 | ||||||
Corem Property Group AB, Class B | 163,626 | 364,705 | ||||||
Dios Fastigheter AB | 859,999 | 7,164,452 | ||||||
Dometic Group AB | 1,028,220 | 9,546,229 | ||||||
* | Doro AB | 155,569 | 676,870 | |||||
Duni AB | 218,979 | 2,937,005 | ||||||
# | Dustin Group AB | 452,450 | 3,607,132 | |||||
Eastnine AB | 126,421 | 1,548,212 | ||||||
Elanders AB, Class B | 54,920 | 472,852 | ||||||
#* | Eltel AB | 201,453 | 435,217 | |||||
* | Enea AB | 93,905 | 1,586,028 | |||||
eWork Group AB | 32,666 | 233,463 | ||||||
# | Fagerhult AB | 295,890 | 1,755,609 | |||||
Fenix Outdoor International AG | 19,372 | 1,810,749 | ||||||
#* | Fingerprint Cards AB, Class B | 634,700 | 1,180,694 | |||||
Granges AB | 548,678 | 5,341,005 | ||||||
Gunnebo AB | 242,183 | 607,132 | ||||||
Haldex AB | 263,231 | 1,325,304 | ||||||
# | Heba Fastighets AB, Class B | 133,938 | 1,097,356 |
152
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWEDEN — (Continued) | ||||||||
* | Hembla AB | 152,541 | $ | 3,401,932 | ||||
Hemfosa Fastigheter AB | 1,375,665 | 14,176,231 | ||||||
# | Hexpol AB | 158,720 | 1,416,127 | |||||
HIQ International AB | 166,331 | 824,299 | ||||||
# | HMS Networks AB | 130,365 | 1,675,643 | |||||
* | Hoist Finance AB | 445,011 | 2,442,242 | |||||
Humana AB | 76,769 | 460,967 | ||||||
Inwido AB | 431,589 | 2,875,814 | ||||||
JM AB | 535,651 | 13,721,617 | ||||||
Kindred Group P.L.C. | 1,200,537 | 8,710,344 | ||||||
Klovern AB, Class B | 4,192,728 | 7,323,505 | ||||||
KNOW IT AB | 205,187 | 4,038,980 | ||||||
Kungsleden AB | 1,454,460 | 13,217,068 | ||||||
Lagercrantz Group AB, Class B | 467,176 | 6,010,766 | ||||||
Lindab International AB | 605,276 | 6,770,228 | ||||||
Loomis AB, Class B | 352,992 | 13,667,646 | ||||||
#* | Medivir AB, Class B | 169,635 | 409,848 | |||||
#* | Mekonomen AB | 282,646 | 2,407,601 | |||||
* | Modern Times Group MTG AB, Class B | 219,094 | 2,031,810 | |||||
Momentum Group AB, Class B | 180,501 | 1,940,566 | ||||||
# | Mycronic AB | 476,989 | 7,939,567 | |||||
Nederman Holding AB | 29,566 | 364,898 | ||||||
#* | Net Insight AB, Class B | 1,129,868 | 206,445 | |||||
NetEnt AB | 1,474,929 | 4,172,286 | ||||||
New Wave Group AB, Class B | 440,390 | 2,562,286 | ||||||
Nobia AB | 871,514 | 5,564,615 | ||||||
Nobina AB | 738,622 | 4,678,794 | ||||||
Nolato AB, Class B | 176,156 | 9,869,979 | ||||||
Nordic Entertainment Group AB, Class B | 46,218 | 1,313,765 | ||||||
Nordic Waterproofing Holding A.S. | 57,361 | 559,345 | ||||||
# | NP3 Fastigheter AB | 149,604 | 1,544,442 | |||||
* | Nyfosa AB | 1,248,769 | 8,345,212 | |||||
OEM International AB, Class B | 46,319 | 979,140 | ||||||
Opus Group AB | 1,440,504 | 779,417 | ||||||
Peab AB | 1,002,857 | 8,456,543 | ||||||
Platzer Fastigheter Holding AB, Class B | 249,458 | 2,498,179 | ||||||
Pricer AB, Class B | 884,404 | 1,322,078 | ||||||
Proact IT Group AB | 62,004 | 980,288 | ||||||
#* | Qliro Group AB | 857,613 | 765,480 | |||||
Ratos AB, Class B | 1,479,999 | 3,819,540 | ||||||
* | RaySearch Laboratories AB | 165,675 | 2,659,482 | |||||
# | Recipharm AB, Class B | 339,783 | 4,838,790 | |||||
Resurs Holding AB | 612,798 | 3,608,847 | ||||||
Rottneros AB | 704,234 | 789,220 | ||||||
Sagax AB, Class B | 312,484 | 3,599,277 | ||||||
* | SAS AB | 2,103,222 | 3,288,520 | |||||
Scandi Standard AB | 401,353 | 2,953,855 | ||||||
Scandic Hotels Group AB | 368,627 | 3,546,924 | ||||||
Sectra AB, Class B | 111,485 | 3,712,115 | ||||||
Semcon AB | 115,027 | 709,895 | ||||||
#* | Sensys Gatso Group AB | 2,274,070 | 333,259 | |||||
SkiStar AB | 330,885 | 3,970,796 | ||||||
Sweco AB, Class B | 180,253 | 6,342,130 | ||||||
Systemair AB | 84,050 | 1,209,354 | ||||||
Thule Group AB | 724,255 | 14,748,679 | ||||||
Troax Group AB | 213,368 | 2,378,900 | ||||||
VBG Group AB, Class B | 26,108 | 382,769 | ||||||
# | Vitrolife AB | 311,726 | 4,863,718 |
153
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWEDEN — (Continued) | ||||||||
Wihlborgs Fastigheter AB | 1,075,165 | $ | 16,267,550 | |||||
TOTAL SWEDEN | 441,605,487 | |||||||
SWITZERLAND — (11.3%) | ||||||||
Allreal Holding AG | 106,251 | 20,702,912 | ||||||
ALSO Holding AG | 42,929 | 6,390,563 | ||||||
* | ams AG | 367,779 | 16,525,284 | |||||
APG SGA SA | 8,652 | 2,555,037 | ||||||
Arbonia AG | 328,378 | 4,123,715 | ||||||
* | Aryzta AG | 6,132,124 | 4,843,943 | |||||
Ascom Holding AG | 237,470 | 2,354,731 | ||||||
# | Autoneum Holding AG | 20,419 | 2,290,637 | |||||
Bachem Holding AG, Class B | 3,642 | 555,974 | ||||||
Banque Cantonale de Geneve | 9,270 | 1,856,531 | ||||||
Banque Cantonale du Jura SA | 4,071 | 228,984 | ||||||
Banque Cantonale Vaudoise | 5,327 | 4,177,018 | ||||||
Belimo Holding AG | 3,005 | 18,848,900 | ||||||
# | Bell Food Group AG | 13,284 | 3,649,214 | |||||
Bellevue Group AG | 55,759 | 1,270,814 | ||||||
# | Berner Kantonalbank AG | 28,587 | 6,303,655 | |||||
BFW Liegenschaften AG | 2,894 | 128,147 | ||||||
BKW AG | 148,207 | 10,939,002 | ||||||
# | Bobst Group SA | 64,387 | 3,381,864 | |||||
Bossard Holding AG, Class A | 42,891 | 6,811,689 | ||||||
Bucher Industries AG | 54,491 | 16,866,167 | ||||||
Burckhardt Compression Holding AG | 1,741 | 414,901 | ||||||
# | Burkhalter Holding AG | 29,107 | 2,303,965 | |||||
# | Calida Holding AG | 30,552 | 1,006,498 | |||||
# | Carlo Gavazzi Holding AG | 2,860 | 768,403 | |||||
Cembra Money Bank AG | 214,769 | 22,775,270 | ||||||
Cham Group AG | 1,932 | 839,358 | ||||||
Cicor Technologies, Ltd. | 14,897 | 700,776 | ||||||
Cie Financiere Tradition SA | 10,452 | 1,091,228 | ||||||
Clariant AG | 40,276 | 826,163 | ||||||
Coltene Holding AG | 25,919 | 2,122,114 | ||||||
Conzzeta AG | 9,352 | 8,153,408 | ||||||
Daetwyler Holding AG | 49,826 | 8,587,031 | ||||||
DKSH Holding AG | 183,816 | 8,740,633 | ||||||
dormakaba Holding AG | 24,489 | 15,686,970 | ||||||
* | Dottikon Es Holding AG | 143 | 66,955 | |||||
Dufry AG | 176,578 | 15,357,987 | ||||||
# | EFG International AG | 638,081 | 4,032,120 | |||||
Emmi AG | 15,428 | 13,066,011 | ||||||
# | Energiedienst Holding AG | 78,061 | 2,492,561 | |||||
#* | Evolva Holding SA | 3,349,123 | 546,825 | |||||
# | Feintool International Holding AG | 14,850 | 892,942 | |||||
Flughafen Zurich AG | 98,913 | 17,823,343 | ||||||
Forbo Holding AG | 8,638 | 13,764,569 | ||||||
* | GAM Holding AG | 1,349,428 | 4,504,667 | |||||
# | Georg Fischer AG | 31,450 | 30,036,368 | |||||
Gurit Holding AG | 3,022 | 4,316,430 | ||||||
Helvetia Holding AG | 216,663 | 30,434,052 | ||||||
Hiag Immobilien Holding AG | 19,582 | 2,095,764 | ||||||
#* | HOCHDORF Holding AG | 7,010 | 584,983 | |||||
Huber & Suhner AG | 93,238 | 6,211,777 | ||||||
Hypothekarbank Lenzburg AG | 6 | 27,250 | ||||||
# | Implenia AG | 117,251 | 4,468,451 | |||||
Inficon Holding AG | 14,476 | 10,385,223 | ||||||
# | Interroll Holding AG | 4,844 | 10,022,899 |
154
The Continental Small Company Series
continued
Shares | Value» | |||||||
SWITZERLAND — (Continued) | ||||||||
Intershop Holding AG | 10,271 | $ | 5,649,451 | |||||
Investis Holding SA | 1,787 | 139,355 | ||||||
Jungfraubahn Holding AG | 14,200 | 2,215,489 | ||||||
Kardex AG | 48,000 | 6,975,321 | ||||||
# | Komax Holding AG | 30,538 | 6,498,408 | |||||
# | Kudelski SA | 235,411 | 1,368,376 | |||||
* | Lastminute.com NV | 22,924 | 950,665 | |||||
LEM Holding SA | 3,811 | 4,508,756 | ||||||
Liechtensteinische Landesbank AG | 60,743 | 4,010,961 | ||||||
Logitech International SA | 5,414 | 222,229 | ||||||
Luzerner Kantonalbank AG | 19,418 | 8,116,914 | ||||||
* | MCH Group AG | 3,800 | 105,943 | |||||
#* | Meier Tobler Group AG | 22,913 | 322,939 | |||||
Metall Zug AG | 1,041 | 2,089,692 | ||||||
#* | Meyer Burger Technology AG | 814,920 | 344,165 | |||||
Mikron Holding AG | 8,692 | 59,751 | ||||||
Mobilezone Holding AG | 264,374 | 2,874,166 | ||||||
Mobimo Holding AG | 52,630 | 14,842,517 | ||||||
#* | Newron Pharmaceuticals SpA | 27,456 | 186,732 | |||||
OC Oerlikon Corp. AG | 1,632,781 | 16,755,847 | ||||||
* | Orascom Development Holding AG | 94,819 | 1,424,158 | |||||
# | Orell Fuessli Holding AG | 5,028 | 492,148 | |||||
Orior AG | 36,650 | 3,221,880 | ||||||
# | Phoenix Mecano AG | 4,259 | 1,896,097 | |||||
Plazza AG, Class A | 7,210 | 1,893,490 | ||||||
PSP Swiss Property AG | 325,433 | 43,075,928 | ||||||
Rieter Holding AG | 20,590 | 2,806,650 | ||||||
Romande Energie Holding SA | 2,625 | 3,138,815 | ||||||
# | Schaffner Holding AG | 3,363 | 718,531 | |||||
#* | Schmolz + Bickenbach AG | 3,372,134 | 893,378 | |||||
Schweiter Technologies AG | 6,791 | 6,979,407 | ||||||
SFS Group AG | 122,248 | 10,829,779 | ||||||
Siegfried Holding AG | 29,216 | 11,909,334 | ||||||
St Galler Kantonalbank AG | 15,840 | 6,934,432 | ||||||
Sulzer AG | 134,486 | 13,600,880 | ||||||
# | Sunrise Communications Group AG | 266,460 | 20,732,022 | |||||
Swiss Prime Site AG | 10,169 | 1,048,137 | ||||||
Swissquote Group Holding SA | 71,935 | 3,138,213 | ||||||
Tamedia AG | 16,516 | 1,550,542 | ||||||
Thurgauer Kantonalbank | 3,152 | 338,712 | ||||||
Tornos Holding AG | 26,632 | 180,825 | ||||||
# | u-blox Holding AG | 48,136 | 3,901,782 | |||||
Valiant Holding AG | 106,613 | 10,828,693 | ||||||
Valora Holding AG | 27,786 | 7,957,837 | ||||||
VAT Group AG | 199,273 | 29,299,419 | ||||||
Vaudoise Assurances Holding SA | 6,538 | 3,621,212 | ||||||
Vetropack Holding AG | 1,292 | 3,507,642 | ||||||
#* | Von Roll Holding AG | 378,198 | 346,353 | |||||
Vontobel Holding AG | 193,304 | 11,270,312 | ||||||
VP Bank AG | 23,160 | 3,613,106 | ||||||
VZ Holding AG | 17,627 | 4,924,350 | ||||||
# | Walliser Kantonalbank | 18,991 | 2,175,472 | |||||
Warteck Invest AG | 22 | 45,490 | ||||||
# | Ypsomed Holding AG | 21,974 | 3,260,085 | |||||
Zehnder Group AG | 77,067 | 3,368,831 | ||||||
Zug Estates Holding AG, Class B | 1,149 | 2,341,966 | ||||||
Zuger Kantonalbank AG | 691 | 4,216,388 | ||||||
TOTAL SWITZERLAND | 689,672,649 |
155
The Continental Small Company Series
continued
Shares | Value» | |||||||
UNITED KINGDOM — (0.0%) | ||||||||
Rhi Magnesita NV | 25,850 | $ | 1,167,097 | |||||
TOTAL COMMON STOCKS | 5,553,644,245 | |||||||
PREFERRED STOCKS — (0.6%) | ||||||||
GERMANY — (0.6%) | ||||||||
Biotest AG | 100,615 | 2,445,386 | ||||||
Draegerwerk AG & Co. KGaA | 58,871 | 3,450,450 | ||||||
# | Fuchs Petrolub SE | 197,006 | 8,393,280 | |||||
Jungheinrich AG | 369,052 | 9,362,907 | ||||||
# | Sixt SE | 117,444 | 7,945,985 | |||||
STO SE & Co. KGaA | 13,302 | 1,455,278 | ||||||
Villeroy & Boch AG | 50,436 | 790,351 | ||||||
TOTAL GERMANY | 33,843,637 | |||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||
AUSTRIA — (0.0%) | ||||||||
* | Intercell AG Rights 05/16/13 | 254,689 | 0 | |||||
ITALY — (0.0%) | ||||||||
* | Mediaset SpA Rights 11/06/19 | 3,820,606 | 379,240 | |||||
NORWAY — (0.0%) | ||||||||
* | XXL ASA Rights 10/25/19 | 39,151 | 16,603 | |||||
SPAIN — (0.0%) | ||||||||
* | Distribuidora Internacional de Alimentacion SA Rights 11/13/19 | 188,210 | 3,778 | |||||
#* | Vidrala S.A. Rights 11/11/19 | 110,672 | 473,365 | |||||
TOTAL SPAIN | 477,143 | |||||||
SWEDEN — (0.0%) | ||||||||
* | Anoto Group AB Warrants 04/30/21 | 24,130 | 875 | |||||
TOTAL RIGHTS/WARRANTS | 873,861 | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $4,988,017,993) | 5,588,361,743 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (8.4%) | ||||||||
@§ | DFA Short Term Investment Fund | 44,497,991 | 514,886,250 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $5,502,845,113) | $ | 6,103,247,993 |
P.L.C. | Public Limited Company | |
SA | Special Assessment | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
# | Total or Partial Securities on Loan. | |
* | Non-Income Producing Securities. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
156
The Continental Small Company Series
continued
Summary of the Series' investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | ||||||||||||
Austria | — | $ | 190,802,441 | — | $ | 190,802,441 | ||||||
Belgium | $ | 9,150,257 | 259,320,439 | — | 268,470,696 | |||||||
Denmark | — | 268,851,796 | — | 268,851,796 | ||||||||
Finland | — | 344,146,342 | — | 344,146,342 | ||||||||
France | — | 648,978,367 | — | 648,978,367 | ||||||||
Germany | 1,207,475 | 938,859,053 | — | 940,066,528 | ||||||||
Ireland | — | 32,095,239 | — | 32,095,239 | ||||||||
Israel | 799,434 | 183,244,655 | — | 184,044,089 | ||||||||
Italy | 2,432,465 | 587,595,216 | — | 590,027,681 | ||||||||
Netherlands | — | 389,090,649 | — | 389,090,649 | ||||||||
Norway | — | 138,761,156 | — | 138,761,156 | ||||||||
Portugal | — | 62,779,176 | — | 62,779,176 | ||||||||
Spain | — | 363,084,852 | — | 363,084,852 | ||||||||
Sweden | — | 441,605,487 | — | 441,605,487 | ||||||||
Switzerland | — | 689,672,649 | — | 689,672,649 | ||||||||
United Kingdom | — | 1,167,097 | — | 1,167,097 | ||||||||
Preferred Stocks | ||||||||||||
Germany | — | 33,843,637 | — | 33,843,637 | ||||||||
Rights/Warrants | ||||||||||||
Italy | — | 379,240 | — | 379,240 | ||||||||
Norway | — | 16,603 | — | 16,603 | ||||||||
Spain | — | 477,143 | — | 477,143 | ||||||||
Sweden | — | 875 | — | 875 | ||||||||
Securities Lending Collateral | — | 514,886,250 | — | 514,886,250 | ||||||||
TOTAL | $ | 13,589,631 | $ | 6,089,658,362 | — | $ | 6,103,247,993 |
See accompanying Notes to Financial Statements.
157
THE CANADIAN SMALL COMPANY SERIES
SCHEDULE OF INVESTMENTS
October 31, 2019
Shares | Value» | |||||||
COMMON STOCKS — (86.3%) | ||||||||
COMMUNICATION SERVICES — (2.0%) | ||||||||
#* | Aimia, Inc. | 1,049,417 | $ | 2,908,186 | ||||
# | Cineplex, Inc. | 401,438 | 6,842,520 | |||||
Cogeco Communications, Inc. | 95,472 | 8,252,591 | ||||||
Cogeco, Inc. | 37,500 | 2,902,115 | ||||||
# | Corus Entertainment, Inc., Class B | 939,428 | 3,609,070 | |||||
#* | DHX Media, Ltd. | 782,135 | 1,128,279 | |||||
* | Glacier Media, Inc. | 171,625 | 88,608 | |||||
Mediagrif Interactive Technologies, Inc. | 30,070 | 158,443 | ||||||
* | TeraGo, Inc. | 2,400 | 16,545 | |||||
#* | Yellow Pages, Ltd. | 105,820 | 696,575 | |||||
TOTAL COMMUNICATION SERVICES | 26,602,932 | |||||||
CONSUMER DISCRETIONARY — (4.8%) | ||||||||
* | Aritzia, Inc. | 479,053 | 6,826,987 | |||||
# | AutoCanada, Inc. | 178,738 | 1,125,000 | |||||
# | BMTC Group, Inc. | 20,581 | 187,981 | |||||
BRP, Inc. | 75,242 | 3,375,636 | ||||||
Dorel Industries, Inc., Class B | 212,497 | 805,072 | ||||||
Gamehost, Inc. | 76,973 | 474,543 | ||||||
* | Great Canadian Gaming Corp. | 418,284 | 13,230,363 | |||||
* | Indigo Books & Music, Inc. | 12,232 | 37,520 | |||||
* | Intertain Group, Ltd. (The) | 70,628 | 696,574 | |||||
Leon's Furniture, Ltd. | 164,175 | 1,963,219 | ||||||
Linamar Corp. | 322,683 | 10,522,538 | ||||||
Martinrea International, Inc. | 647,360 | 5,278,754 | ||||||
# | MTY Food Group, Inc. | 135,304 | 5,405,606 | |||||
Park Lawn Corp. | 59,100 | 1,323,704 | ||||||
Pizza Pizza Royalty Corp. | 161,012 | 1,146,680 | ||||||
#* | Points International, Ltd. | 47,459 | 517,433 | |||||
Pollard Banknote, Ltd. | 25,700 | 400,008 | ||||||
* | Real Matters, Inc. | 56,000 | 470,245 | |||||
# | Recipe Unlimited Corp. | 106,377 | 1,910,925 | |||||
Reitmans Canada, Ltd., Class A | 269,312 | 400,768 | ||||||
#* | Roots Corp. | 5,800 | 8,587 | |||||
# | Sleep Country Canada Holdings, Inc. | 245,348 | 4,088,823 | |||||
#* | Spin Master Corp. | 21,700 | 613,881 | |||||
Uni-Select, Inc. | 305,382 | 2,469,302 | ||||||
Zenith Capital Corp. | 111,820 | 6,877 | ||||||
TOTAL CONSUMER DISCRETIONARY | 63,287,026 | |||||||
CONSUMER STAPLES — (4.0%) | ||||||||
# | Alcanna, Inc. | 215,711 | 740,273 | |||||
Andrew Peller, Ltd., Class A | 172,200 | 1,708,795 | ||||||
# | Clearwater Seafoods, Inc. | 104,195 | 415,324 | |||||
Corby Spirit and Wine, Ltd. | 83,467 | 1,013,949 | ||||||
Cott Corp. | 96,682 | 1,242,364 | ||||||
Cott Corp. | 909,370 | 11,682,135 | ||||||
# | High Liner Foods, Inc. | 120,134 | 848,262 | |||||
# | Jamieson Wellness, Inc. | 187,895 | 3,389,557 | |||||
KP Tissue, Inc. | 33,800 | 220,184 | ||||||
Lassonde Industries, Inc., Class A | 17,200 | 2,282,320 | ||||||
Maple Leaf Foods, Inc. | 345,805 | 6,030,780 | ||||||
* | Mav Beauty Brands, Inc. | 7,000 | 31,463 | |||||
# | North West Co., Inc. (The) | 350,436 | 7,497,750 | |||||
# | Premium Brands Holdings Corp. | 186,219 | 12,284,997 |
158
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CONSUMER STAPLES — (Continued) | ||||||||
# | Rogers Sugar, Inc. | 669,336 | $ | 2,759,467 | ||||
#* | SunOpta, Inc. | 286,840 | 544,454 | |||||
TOTAL CONSUMER STAPLES | 52,692,074 | |||||||
ENERGY — (12.8%) | ||||||||
#* | Advantage Oil & Gas, Ltd. | 1,242,942 | 1,793,022 | |||||
#* | Africa Oil Corp. | 1,333,299 | 1,174,267 | |||||
# | AKITA Drilling, Ltd., Class A | 71,362 | 62,308 | |||||
# | ARC Resources, Ltd. | 1,704,614 | 7,221,734 | |||||
#* | Athabasca Oil Corp. | 3,664,410 | 1,126,783 | |||||
#* | Baytex Energy Corp. | 3,287,875 | 3,669,559 | |||||
Birchcliff Energy, Ltd. | 1,785,429 | 2,724,708 | ||||||
# | Bonavista Energy Corp. | 1,749,900 | 651,014 | |||||
# | Bonterra Energy Corp. | 179,118 | 440,621 | |||||
#* | Calfrac Well Services, Ltd. | 797,615 | 678,254 | |||||
* | Canacol Energy, Ltd. | 921,342 | 3,392,686 | |||||
# | Cardinal Energy, Ltd. | 763,603 | 1,113,140 | |||||
# | CES Energy Solutions Corp. | 1,549,897 | 2,071,079 | |||||
Computer Modelling Group, Ltd. | 480,583 | 2,557,806 | ||||||
Crescent Point Energy Corp. | 2,146,838 | 7,840,172 | ||||||
* | Crew Energy, Inc. | 1,141,376 | 415,960 | |||||
#* | Delphi Energy Corp. | 348,069 | 15,856 | |||||
#* | Denison Mines Corp. | 3,394,735 | 1,572,233 | |||||
Enerflex, Ltd. | 661,336 | 5,181,829 | ||||||
#* | Energy Fuels, Inc. | 347,960 | 694,810 | |||||
# | Enerplus Corp. | 1,624,918 | 9,807,986 | |||||
Ensign Energy Services, Inc. | 996,560 | 2,027,774 | ||||||
* | Epsilon Energy, Ltd. | 150,301 | 502,007 | |||||
#* | Essential Energy Services Trust | 1,034,741 | 223,902 | |||||
#* | Fission Uranium Corp. | 1,962,000 | 431,995 | |||||
# | Freehold Royalties, Ltd. | 712,794 | 3,501,463 | |||||
Frontera Energy Corp. | 211,980 | 1,699,574 | ||||||
* | GASFRAC Energy Services, Inc. | 91,560 | 0 | |||||
* | Gear Energy, Ltd. | 901,000 | 266,791 | |||||
Gibson Energy, Inc. | 855,146 | 14,907,108 | ||||||
#* | Gran Tierra Energy, Inc. | 2,888,144 | 3,069,928 | |||||
# | High Arctic Energy Services, Inc. | 136,900 | 234,905 | |||||
* | International Petroleum Corp. | 68,816 | 233,550 | |||||
#* | Kelt Exploration, Ltd. | 974,740 | 2,131,388 | |||||
Kinder Morgan Canada, Ltd. | 38,600 | 410,295 | ||||||
* | Lightstream Resources, Ltd. | 687,816 | 0 | |||||
* | MEG Energy Corp. | 1,549,736 | 5,953,735 | |||||
North American Construction Group, Ltd. | 214,334 | 2,480,032 | ||||||
* | NuVista Energy, Ltd. | 1,091,726 | 1,566,595 | |||||
#* | Obsidian Energy, Ltd. | 538,649 | 323,083 | |||||
#* | Painted Pony Energy, Ltd. | 782,649 | 362,475 | |||||
#* | Paramount Resources, Ltd., Class A | 409,113 | 1,596,570 | |||||
* | Parex Resources, Inc. | 1,044,698 | 14,158,271 | |||||
Pason Systems, Inc. | 486,401 | 5,221,859 | ||||||
#* | Pengrowth Energy Corp. | 3,196,369 | 485,365 | |||||
# | Peyto Exploration & Development Corp. | 1,155,732 | 2,307,779 | |||||
* | PHX Energy Services Corp. | 285,274 | 521,988 | |||||
Pinnacle Renewable Energy, Inc. | 16,100 | 88,378 | ||||||
# | PrairieSky Royalty, Ltd. | 461,804 | 4,508,997 | |||||
* | Precision Drilling Corp. | 2,116,935 | 2,250,178 | |||||
* | Pulse Seismic, Inc. | 308,039 | 563,643 | |||||
#* | Questerre Energy Corp., Class A | 797,460 | 115,039 | |||||
# | Secure Energy Services, Inc. | 1,108,215 | 3,567,559 | |||||
#* | Seven Generations Energy, Ltd., Class A | 872,018 | 4,886,108 |
159
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Shares | Value» | |||||||
ENERGY — (Continued) | ||||||||
ShawCor, Ltd. | 495,943 | $ | 4,992,942 | |||||
#* | STEP Energy Services, Ltd. | 24,196 | 20,759 | |||||
* | Storm Resources, Ltd. | 5,600 | 5,102 | |||||
* | Strad, Inc. | 17,174 | 21,254 | |||||
# | Surge Energy, Inc. | 2,014,064 | 1,467,999 | |||||
* | Tamarack Valley Energy, Ltd. | 1,457,940 | 1,881,784 | |||||
#* | Tervita Corp. | 70,398 | 374,143 | |||||
# | Tidewater Midstream and Infrastructure, Ltd. | 1,159,300 | 827,380 | |||||
TORC Oil & Gas, Ltd. | 1,100,490 | 2,807,415 | ||||||
Total Energy Services, Inc. | 287,079 | 1,224,953 | ||||||
Tourmaline Oil Corp. | 781,000 | 6,700,554 | ||||||
TransGlobe Energy Corp. | 498,445 | 571,446 | ||||||
#* | Trican Well Service, Ltd. | 2,310,767 | 1,508,815 | |||||
# | Vermilion Energy, Inc. | 354,211 | 4,679,426 | |||||
# | Whitecap Resources, Inc. | 2,833,976 | 7,896,661 | |||||
* | Yangarra Resources, Ltd. | 479,471 | 371,316 | |||||
TOTAL ENERGY | 170,156,110 | |||||||
FINANCIALS — (9.2%) | ||||||||
AGF Management, Ltd., Class B | 514,335 | 2,268,838 | ||||||
# | Alaris Royalty Corp. | 353,745 | 5,258,771 | |||||
Canaccord Genuity Group, Inc. | 404,697 | 1,646,933 | ||||||
# | Canadian Western Bank | 643,831 | 16,302,304 | |||||
# | Chesswood Group, Ltd. | 77,342 | 643,000 | |||||
Clairvest Group, Inc. | 1,900 | 73,383 | ||||||
Echelon Financial Holdings, Inc. | 15,650 | 70,105 | ||||||
ECN Capital Corp. | 2,446,608 | 8,080,438 | ||||||
E-L Financial Corp., Ltd. | 6,978 | 3,899,383 | ||||||
Element Fleet Management Corp. | 2,450,611 | 20,838,845 | ||||||
# | Equitable Group, Inc. | 77,602 | 6,676,683 | |||||
Fiera Capital Corp. | 331,137 | 2,639,844 | ||||||
Firm Capital Mortgage Investment Corp. | 165,218 | 1,783,767 | ||||||
First National Financial Corp. | 94,437 | 3,075,243 | ||||||
# | Genworth MI Canada, Inc. | 281,680 | 11,377,554 | |||||
GMP Capital, Inc. | 403,287 | 695,059 | ||||||
# | goeasy, Ltd. | 62,639 | 2,863,959 | |||||
GoldMoney, Inc. | 125,000 | 196,454 | ||||||
Guardian Capital Group, Ltd., Class A | 87,214 | 1,725,607 | ||||||
#* | Home Capital Group, Inc. | 541,770 | 11,151,306 | |||||
Kingsway Financial Services, Inc. | 13,070 | 29,277 | ||||||
# | Laurentian Bank of Canada | 326,390 | 11,225,774 | |||||
# | Sprott, Inc. | 1,412,088 | 3,259,241 | |||||
# | Timbercreek Financial Corp. | 521,704 | 3,826,331 | |||||
TMX Group, Ltd. | 13,634 | 1,191,254 | ||||||
* | Trisura Group, Ltd. | 30,611 | 733,260 | |||||
TOTAL FINANCIALS | 121,532,613 | |||||||
HEALTH CARE — (1.5%) | ||||||||
#* | CRH Medical Corp. | 507,691 | 1,526,427 | |||||
# | Extendicare, Inc. | 722,930 | 4,890,522 | |||||
* | Knight Therapeutics, Inc. | 906,725 | 5,769,004 | |||||
# | Medical Facilities Corp. | 256,216 | 1,521,228 | |||||
# | Sienna Senior Living, Inc. | 462,615 | 6,670,001 | |||||
TOTAL HEALTH CARE | 20,377,182 | |||||||
INDUSTRIALS — (9.9%) | ||||||||
Aecon Group, Inc. | 501,802 | 6,934,019 | ||||||
# | AG Growth International, Inc. | 118,358 | 3,847,915 |
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INDUSTRIALS — (Continued) | ||||||||
Algoma Central Corp. | 43,100 | $ | 430,313 | |||||
* | ATS Automation Tooling Systems, Inc. | 552,999 | 7,507,116 | |||||
# | Badger Daylighting, Ltd. | 197,681 | 5,856,437 | |||||
# | Bird Construction, Inc. | 291,744 | 1,362,255 | |||||
* | Black Diamond Group, Ltd. | 330,892 | 429,599 | |||||
* | Bombardier, Inc., Class A | 8,161 | 10,595 | |||||
* | Bombardier, Inc., Class B | 1,104,300 | 1,391,799 | |||||
Calian Group, Ltd. | 34,555 | 929,267 | ||||||
# | CanWel Building Materials Group, Ltd. | 465,422 | 1,600,760 | |||||
# | Cargojet, Inc. | 16,249 | 1,213,956 | |||||
Cervus Equipment Corp. | 45,297 | 283,730 | ||||||
#* | DIRTT Environmental Solutions | 224,868 | 1,020,963 | |||||
# | Exchange Income Corp. | 69,084 | 2,046,137 | |||||
Exco Technologies, Ltd. | 192,548 | 1,116,898 | ||||||
Finning International, Inc. | 333,631 | 5,681,682 | ||||||
* | GDI Integrated Facility Services, Inc. | 1,500 | 33,278 | |||||
* | Heroux-Devtek, Inc. | 223,854 | 2,848,526 | |||||
# | Horizon North Logistics, Inc. | 1,094,944 | 806,389 | |||||
* | IBI Group, Inc. | 105,300 | 396,544 | |||||
# | K-Bro Linen, Inc. | 71,953 | 1,977,601 | |||||
Magellan Aerospace Corp. | 109,476 | 1,334,891 | ||||||
Morneau Shepell, Inc. | 346,211 | 8,335,245 | ||||||
# | Mullen Group, Ltd. | 745,070 | 4,638,656 | |||||
# | NFI Group, Inc. | 330,420 | 7,267,685 | |||||
Richelieu Hardware, Ltd. | 323,200 | 6,635,280 | ||||||
Rocky Mountain Dealerships, Inc. | 120,855 | 594,594 | ||||||
Russel Metals, Inc. | 426,796 | 7,005,793 | ||||||
# | Savaria Corp. | 146,100 | 1,503,041 | |||||
# | SNC-Lavalin Group, Inc. | 88,900 | 1,607,098 | |||||
# | Stantec, Inc. | 625,036 | 13,334,987 | |||||
# | Stuart Olson, Inc. | 168,559 | 341,700 | |||||
TFI International, Inc. | 556,989 | 17,748,712 | ||||||
Transcontinental, Inc., Class A | 528,784 | 6,038,199 | ||||||
Wajax Corp. | 153,366 | 1,781,565 | ||||||
# | Westshore Terminals Investment Corp. | 317,149 | 5,499,721 | |||||
TOTAL INDUSTRIALS | 131,392,946 | |||||||
INFORMATION TECHNOLOGY — (3.5%) | ||||||||
Absolute Software Corp. | 288,588 | 1,700,283 | ||||||
* | BlackBerry, Ltd. | 57,900 | 304,205 | |||||
#* | BlackBerry, Ltd. | 227,628 | 1,197,323 | |||||
* | Celestica, Inc. | 36,408 | 262,866 | |||||
* | Celestica, Inc. | 789,256 | 5,716,728 | |||||
* | Descartes Systems Group, Inc. (The) | 333,561 | 12,979,273 | |||||
Enghouse Systems, Ltd. | 251,614 | 7,330,065 | ||||||
Evertz Technologies, Ltd. | 186,653 | 2,536,701 | ||||||
#* | EXFO, Inc. | 60,487 | 246,614 | |||||
* | Kinaxis, Inc. | 145,074 | 9,264,425 | |||||
* | Photon Control, Inc. | 325,194 | 259,247 | |||||
Pivot Technology Solutions, Inc. | 27,500 | 29,440 | ||||||
# | Quarterhill, Inc. | 951,176 | 1,198,810 | |||||
#* | Sierra Wireless, Inc. | 291,224 | 3,212,728 | |||||
Vecima Networks, Inc. | 6,059 | 43,242 | ||||||
TOTAL INFORMATION TECHNOLOGY | 46,281,950 | |||||||
MATERIALS — (28.6%) | ||||||||
#* | 5N Plus, Inc. | 548,929 | 916,896 | |||||
Acadian Timber Corp. | 69,938 | 868,185 |
161
The Canadian Small Company Series
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Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
AirBoss of America Corp. | 98,662 | $ | 590,279 | |||||
* | Alacer Gold Corp. | 2,184,997 | 10,816,324 | |||||
Alamos Gold, Inc., Class A | 2,957,288 | 16,098,817 | ||||||
#* | Alio Gold, Inc. | 204,318 | 124,102 | |||||
Altius Minerals Corp. | 257,186 | 2,056,160 | ||||||
#* | Americas Gold & Silver Corp. | 162,412 | 508,039 | |||||
#* | Amerigo Resources, Ltd. | 479,200 | 269,234 | |||||
* | Argonaut Gold, Inc. | 1,141,697 | 1,863,677 | |||||
#* | Asanko Gold, Inc. | 949,993 | 851,106 | |||||
* | B2Gold Corp. | 5,382,692 | 18,921,770 | |||||
Caledonia Mining Corp. P.L.C. | 540 | 4,551 | ||||||
* | Canfor Corp. | 344,233 | 4,160,800 | |||||
Canfor Pulp Products, Inc. | 220,215 | 1,447,925 | ||||||
#* | Capstone Mining Corp. | 3,001,355 | 1,139,380 | |||||
Cascades, Inc. | 563,270 | 5,332,911 | ||||||
* | Centerra Gold, Inc. | 1,682,253 | 14,343,409 | |||||
#* | China Gold International Resources Corp., Ltd. | 1,668,100 | 1,329,819 | |||||
#* | Continental Gold, Inc. | 939,248 | 2,995,096 | |||||
#* | Copper Mountain Mining Corp. | 972,155 | 494,529 | |||||
* | Detour Gold Corp. | 1,259,316 | 20,910,516 | |||||
* | Dundee Precious Metals, Inc. | 1,388,522 | 4,838,901 | |||||
#* | Eldorado Gold Corp. | 1,158,414 | 9,753,860 | |||||
#* | Endeavour Mining Corp. | 502,056 | 9,091,206 | |||||
#* | Endeavour Silver Corp. | 746,544 | 1,853,465 | |||||
* | ERO Copper Corp. | 36,600 | 457,396 | |||||
* | Excellon Resources, Inc. | 14,400 | 11,261 | |||||
#* | First Majestic Silver Corp. | 977,531 | 10,449,958 | |||||
#* | First Mining Gold Corp. | 749,400 | 128,020 | |||||
#* | Fortuna Silver Mines, Inc. | 1,152,121 | 3,673,911 | |||||
* | Gold Standard Ventures Corp. | 10,700 | 8,124 | |||||
#* | Golden Star Resources, Ltd. | 463,313 | 1,561,848 | |||||
#* | Great Panther Mining, Ltd. | 47,150 | 25,775 | |||||
#* | Guyana Goldfields, Inc. | 979,918 | 394,318 | |||||
* | Hanfeng Evergreen, Inc. | 45,837 | 0 | |||||
Hudbay Minerals, Inc. | 1,922,188 | 6,975,976 | ||||||
* | IAMGOLD Corp. | 3,346,046 | 12,575,300 | |||||
#* | Imperial Metals Corp. | 346,592 | 478,929 | |||||
* | Interfor Corp. | 483,839 | 5,767,423 | |||||
* | International Tower Hill Mines, Ltd. | 13,001 | 7,206 | |||||
Intertape Polymer Group, Inc. | 416,437 | 5,362,365 | ||||||
#* | IPL Plastics, Inc. | 7,900 | 53,142 | |||||
* | Ivanhoe Mines, Ltd., Class A | 3,744,528 | 9,296,642 | |||||
Labrador Iron Ore Royalty Corp. | 400,256 | 6,779,828 | ||||||
#* | Largo Resources, Ltd. | 522,593 | 523,744 | |||||
#* | Leagold Mining Corp. | 135,426 | 267,335 | |||||
# | Lucara Diamond Corp. | 2,181,549 | 1,788,834 | |||||
* | Lundin Gold, Inc. | 151,909 | 911,154 | |||||
* | Major Drilling Group International, Inc. | 605,112 | 2,563,606 | |||||
* | Mandalay Resources Corp. | 464 | 282 | |||||
#* | Marathon Gold Corp. | 147,500 | 182,541 | |||||
Methanex Corp. | 71,087 | 2,693,761 | ||||||
# | Mountain Province Diamonds, Inc. | 102,431 | 98,768 | |||||
* | New Gold, Inc. | 4,348,961 | 4,523,633 | |||||
Norbord, Inc. | 250,961 | 7,244,355 | ||||||
* | Northern Dynasty Minerals, Ltd. | 76,877 | 44,944 | |||||
OceanaGold Corp. | 4,416,629 | 10,596,422 | ||||||
* | Orbite Technologies, Inc. | 73,500 | 73 | |||||
* | Orla Mining, Ltd. | 9,900 | 12,553 | |||||
Osisko Gold Royalties, Ltd. | 963,845 | 9,484,046 |
162
The Canadian Small Company Series
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Shares | Value» | |||||||
MATERIALS — (Continued) | ||||||||
#* | Osisko Mining, Inc. | 486,477 | $ | 1,030,499 | ||||
Pan American Silver Corp. | 1,378,389 | 23,410,948 | ||||||
#* | PolyMet Mining Corp. | 642,081 | 194,998 | |||||
#* | Premier Gold Mines, Ltd. | 1,039,349 | 1,783,410 | |||||
#* | Pretium Resources, Inc. | 293,903 | 2,974,298 | |||||
* | Pretium Resources, Inc. | 794,788 | 8,007,620 | |||||
* | Roxgold, Inc. | 1,208,860 | 890,285 | |||||
* | Sabina Gold & Silver Corp. | 1,690,021 | 2,283,986 | |||||
#* | Sandstorm Gold, Ltd. | 1,264,677 | 9,025,863 | |||||
#* | Seabridge Gold, Inc. | 68,095 | 877,361 | |||||
* | SEMAFO, Inc. | 2,376,290 | 7,667,780 | |||||
* | SSR Mining, Inc. | 859,605 | 12,713,617 | |||||
Stelco Holdings, Inc. | 24,600 | 191,443 | ||||||
Stella-Jones, Inc. | 332,002 | 9,205,613 | ||||||
* | Stornoway Diamond Corp. | 208,109 | 416 | |||||
Supremex, Inc. | 91 | 168 | ||||||
#* | Tanzanian Gold Corp. | 207,891 | 167,310 | |||||
#* | Taseko Mines, Ltd. | 1,417,826 | 559,767 | |||||
* | Teranga Gold Corp. | 655,298 | 2,651,839 | |||||
#* | TMAC Resources, Inc. | 93,713 | 289,585 | |||||
* | Torex Gold Resources, Inc. | 632,604 | 9,255,394 | |||||
#* | Trevali Mining Corp. | 3,825,789 | 595,465 | |||||
#* | Turquoise Hill Resources, Ltd. | 1,827,680 | 749,334 | |||||
#* | Wesdome Gold Mines Ltd. | 948,829 | 5,799,160 | |||||
West Fraser Timber Co., Ltd. | 168,300 | 7,781,846 | ||||||
# | Western Forest Products, Inc. | 3,049,303 | 3,009,714 | |||||
Winpak, Ltd. | 205,835 | 7,288,850 | ||||||
Yamana Gold, Inc. | 6,883,874 | 25,139,651 | ||||||
TOTAL MATERIALS | 380,070,650 | |||||||
REAL ESTATE — (4.1%) | ||||||||
Altus Group, Ltd. | 218,853 | 6,064,941 | ||||||
Bridgemarq Real Estate Services | 43,669 | 492,358 | ||||||
Colliers International Group, Inc. | 224,919 | 15,070,307 | ||||||
DREAM Unlimited Corp., Class A | 455,185 | 3,487,067 | ||||||
FirstService Corp. | 1,234 | 107,741 | ||||||
FirstService Corp. | 153,669 | 13,412,640 | ||||||
* | Genesis Land Development Corp. | 76,842 | 141,771 | |||||
Information Services Corp. | 14,174 | 174,014 | ||||||
# | Invesque, Inc. | 203,166 | 1,468,890 | |||||
* | Mainstreet Equity Corp. | 30,149 | 1,478,036 | |||||
Melcor Developments, Ltd. | 54,040 | 512,869 | ||||||
Morguard Corp. | 22,568 | 3,426,923 | ||||||
# | Tricon Capital Group, Inc. | 1,029,132 | 8,329,320 | |||||
TOTAL REAL ESTATE | 54,166,877 | |||||||
UTILITIES — (5.9%) | ||||||||
# | Boralex, Inc., Class A | 485,312 | 8,032,649 | |||||
Capital Power Corp. | 724,420 | 17,363,859 | ||||||
Innergex Renewable Energy, Inc. | 740,781 | 9,246,404 | ||||||
# | Just Energy Group, Inc. | 654,141 | 1,514,790 | |||||
* | Maxim Power Corp. | 92,234 | 112,045 | |||||
Northland Power, Inc. | 513,208 | 10,247,795 | ||||||
Polaris Infrastructure, Inc. | 98,922 | 991,398 | ||||||
# | Superior Plus Corp. | 1,170,310 | 10,564,867 | |||||
TransAlta Corp. | 2,047,057 | 12,091,795 |
163
The Canadian Small Company Series
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Shares | Value» | |||||||
UTILITIES — (Continued) | ||||||||
# | TransAlta Renewables, Inc. | 779,039 | $ | 8,387,194 | ||||
TOTAL UTILITIES | 78,552,796 | |||||||
TOTAL COMMON STOCKS | 1,145,113,156 | |||||||
RIGHTS/WARRANTS — (0.0%) | ||||||||
COMMUNICATION SERVICES — (0.0%) | ||||||||
#* | DHX Media, Ltd. Rights 11/15/19 | 782,135 | 50,475 | |||||
ENERGY — (0.0%) | ||||||||
#* | Tervita Corp. Warrants 07/19/20 | 9,964 | 76 | |||||
MATERIALS — (0.0%) | ||||||||
* | Pan American Silver Corp. Rights 02/22/29 | 1,876,416 | 475,176 | |||||
TOTAL RIGHTS/WARRANTS | 525,727 | |||||||
TOTAL INVESTMENT SECURITIES | ||||||||
(Cost $1,363,796,012) | 1,145,638,883 | |||||||
Value† | ||||||||
SECURITIES LENDING COLLATERAL — (13.7%) | ||||||||
@§ | DFA Short Term Investment Fund | 15,667,770 | 181,291,764 | |||||
TOTAL INVESTMENTS — (100.0%) | ||||||||
(Cost $1,545,068,154) | $ | 1,326,930,647 |
P.L.C. | Public Limited Company | |
» | Securities that have generally been fair value factored. See Note B to Financial Statements. | |
# | Total or Partial Securities on Loan. | |
* | Non-Income Producing Securities. | |
† | See Note B to Financial Statements. | |
@ | Security purchased with cash proceeds from Securities on Loan. | |
§ | Affiliated Fund. |
Summary of the Series' investments as of October 31, 2019, based on their valuation inputs, is as follows (see Security Valuation Note):
Investments in Securities (Market Value) | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Common Stocks | |||||||||||||
Communication Services | $ | 26,602,932 | — | — | $ | 26,602,932 | |||||||
Consumer Discretionary | 63,280,149 | $ | 6,877 | — | 63,287,026 | ||||||||
Consumer Staples | 52,692,074 | — | — | 52,692,074 | |||||||||
Energy | 169,654,103 | 502,007 | — | 170,156,110 | |||||||||
Financials | 121,532,613 | — | — | 121,532,613 | |||||||||
Health Care | 20,377,182 | — | — | 20,377,182 | |||||||||
Industrials | 131,392,946 | — | — | 131,392,946 | |||||||||
Information Technology | 46,281,950 | — | — | 46,281,950 | |||||||||
Materials | 380,070,161 | 489 | — | 380,070,650 | |||||||||
Real Estate | 54,166,877 | — | — | 54,166,877 | |||||||||
Utilities | 78,552,796 | — | — | 78,552,796 | |||||||||
Rights/Warrants | |||||||||||||
Communication Services | — | 50,475 | — | 50,475 | |||||||||
Energy | — | 76 | — | 76 |
164
The Canadian Small Company Series
continued
Investments in Securities (Market Value) | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
Materials | — | $ | 475,176 | — | $ | 475,176 | |||||||
Securities Lending Collateral | — | 181,291,764 | — | 181,291,764 | |||||||||
TOTAL | $ | 1,144,603,783 | $ | 182,326,864 | — | $ | 1,326,930,647 |
See accompanying Notes to Financial Statements.
165
(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-PORT is accumulated and communicated to the registrant’s management to allow timely decisions regarding required disclosure.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to the registrant.
Item 13. Exhibits.
(a)(1) Code of Ethics referred to in Item 2 is filed herewith.
(a)(3) Not applicable.
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: | September 10, 2020 |
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 Officer | |
Date: | September 10, 2020 |
By: | /s/Michael Clinton |
Michael Clinton | |
Treasurer and Chief Financial and Accounting Officer | |
Date: | September 10, 2020 |